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Invesco Annual Report to Shareholders

  October 31, 2022
  PBTP   Invesco PureBetaSM 0-5 Yr US TIPS ETF
  PBDM   Invesco PureBetaSM FTSE Developed ex-North America ETF
  PBEE   Invesco PureBetaSM FTSE Emerging Markets ETF


 

Table of Contents

 

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

Invesco PureBetaSM 0-5 Yr US TIPS ETF (PBTP)

     11  

Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM)

     13  

Invesco PureBetaSM FTSE Emerging Markets ETF (PBEE)

     28  
Statements of Assets and Liabilities      39  
Statements of Operations      40  
Statements of Changes in Net Assets      41  
Financial Highlights      42  
Notes to Financial Statements      45  
Report of Independent Registered Public Accounting Firm      56  
Fund Expenses      57  
Tax Information      59  
Trustees and Officers      60  

 

 

 

  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.

Global Equity

At the beginning of the fiscal year ended October 31, 2022, developed global equity markets were mostly positive, despite rising inflation and the emergence of Omicron, a new COVID-19 variant. Pandemic-related supply chain disruptions and labor shortages intensified at the end of 2021, resulting in broadly higher costs for companies and consumers. Emerging market equities declined due in part to COVID-19 concerns and China’s ongoing regulatory tightening in the private education and technology sectors and slowing economic growth.

Global equity markets declined in the first half of 2022 amid volatility sparked by Russia’s invasion of Ukraine, rising commodity prices, rampant global inflation and central banks shifting toward tighter monetary policy. Russia’s invasion exacerbated inflationary pressures, disrupting already strained supply chains, and increasing shortages of oil, gas and raw materials, with the price of oil rising sharply.

Inflation headwinds continued into the third quarter of 2022. The US Federal Reserve (the Fed), the European Central Bank and the Bank of England all raised interest rates. In contrast, the People’s Bank of China lowered its policy rate and the Bank of Japan kept rates the same. Emerging market equities, hampered by the strong US dollar, underperformed developed market equities.

During October 2022, developed market equities rebounded and were in positive territory. Developed market equities outperformed emerging market equities, which declined primarily driven by weakness in China as Chinese markets reacted to the reappointment of President Xi and his authority, with no signs of the country’s zero-COVID-19 policy being relaxed. Despite the rebound in October for developed market equities, at the end of the fiscal year, trailing one-year returns for developed market equities and emerging market equities were both in negative territory.

 

 

  3  

 


 

The Market Environment (continued)

 

 

 

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 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  

 


 

 

PBTP    Management’s Discussion of Fund Performance
   Invesco PureBetaSM 0-5 Yr US TIPS ETF (PBTP)

 

As an index fund, the Invesco PureBetaSM 0-5 Yr US TIPS ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the ICE BofA 0-5 Year US Inflation-Linked Treasury IndexSM (the “Index”). The Fund generally will invest at least 80% of its total assets in the components that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, ICE Data Indices, LLC (the “Index Provider”) compiles, maintains and calculates the Index, which is designed to measure the performance of the shorter maturity subset of the U.S. Treasury Inflation-Protected Securities (“TIPS”) market, represented by TIPS with a remaining maturity of at least one month and less than five years. TIPS are U.S. dollar-denominated, U.S. government debt securities that are publicly offered for sale in the United States. TIPS are “inflation-linked”, meaning that their principal and interest payments are tied to inflation (as measured by the Consumer Price Index). TIPS are issued by the U.S. Treasury, and their payments are supported by the full faith and credit of the United States.

To qualify for inclusion in the Index, securities must have: (i) at least one month but less than five years remaining term to final maturity; (ii) at least 18 months to maturity when issued; (iii) a minimum amount outstanding of $1 billion; and (iv) meet certain additional inclusion criteria detailed below. Original issue zero coupon bonds may be included in the Index, and the amounts outstanding of qualifying coupon securities are not reduced by any portions that have been stripped. Index constituents are market capitalization- weighted. The Fund generally invests in all of the securities comprising its Index in proportion to their weightings in the Index.

During the fiscal year ended October 31, 2022, on a market price basis, the Fund returned (2.78)%. On a net asset value (“NAV”) basis, the Fund returned (2.79)%. During the same time period, the Index returned (2.67)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses as well as trading costs incurred by the Fund during the period.

For the fiscal year ended October 31, 2022, bonds with maturities of less than 1 year contributed most significantly to the Fund’s return, followed by bonds with maturities of 1 year. Bonds with maturities of 3 & 4 years detracted from the Fund’s return.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2022, included Treasury CPI Note, 0.63% coupon, due 04/15/2023 (portfolio average weight of 6.00%) and Treasury CPI Note, 0.13% coupon, due 01/15/2023 (portfolio average weight of 5.60%). Positions that detracted from the Fund’s return included Treasury CPI Note, 0.38% coupon, due 01/15/2027 (portfolio average weight of

4.80%) and Treasury CPI Note, 0.13% coupon, due 10/15/2026 (portfolio average weight of 4.20%).

 

Duration Breakdown
(% of the Fund’s Net Assets)
as of October 31, 2022
 
Maturing in 0-5 Years      99.86  
Money Market Funds Plus Other Assets Less Liabilities      0.14  
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of October 31, 2022
 
Security   
U.S. Treasury Inflation—Indexed Notes, 0.63%, 04/15/2023      5.97  
U.S. Treasury Inflation—Indexed Notes, 0.13%, 01/15/2023      5.59  
U.S. Treasury Inflation—Indexed Notes, 0.38%, 07/15/2023      5.55  
U.S. Treasury Inflation—Indexed Notes, 0.63%, 01/15/2024      5.45  
U.S. Treasury Inflation—Indexed Notes, 0.63%, 01/15/2026      5.43  
U.S. Treasury Inflation—Indexed Notes, 0.13%, 07/15/2024      5.35  
U.S. Treasury Inflation—Indexed Notes, 0.25%, 01/15/2025      5.28  
U.S. Treasury Inflation—Indexed Notes, 0.38%, 07/15/2025      5.28  
U.S. Treasury Inflation—Indexed Notes, 0.38%, 01/15/2027      4.79  
U.S. Treasury Inflation—Indexed Notes, 2.38%, 01/15/2025      4.77  
Total      53.46  

 

*

Excluding money market fund holdings.

 

 

  5  

 


 

Invesco PureBetaSM 0-5 Yr US TIPS ETF (PBTP) (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  
ICE BofA 0-5 Year US Inflation-Linked Treasury IndexSM     (2.67 )%      2.69     8.27     2.53     13.29       2.49     13.39
Fund                
NAV Return     (2.79     2.58       7.93       2.41       12.66         2.38       12.78  
Market Price Return     (2.78     2.59       7.97       2.43       12.73         2.40       12.88  

 

Fund Inception: September 22, 2017

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.07% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

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

Notes Regarding Index and Fund Performance History:

 

-

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

 

 

  6  

 


 

 

PBDM    Management’s Discussion of Fund Performance
   Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM)

 

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

Strictly in accordance with its guidelines and mandated procedures, FTSE International Limited (the “Index Provider”) compiles, maintains and calculates the Index, which is designed to measure the performance of the large- and mid-capitalization segments of equity markets of countries around the world that are classified as developed markets within the country classification definition of the Index Provider, excluding the United States and Canada. The Index Provider defines the large- and mid-capitalization segments as approximately the top 90% of the eligible universe. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

During the fiscal year ended October 31, 2022, on a market price basis, the Fund returned (23.80)%. On a net asset value (“NAV”) basis, the Fund returned (23.71)%. During the same time period, the Index returned (23.81)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the advantageous dividend tax treatment utilized by the Fund, which was partially offset by fees and operating expenses incurred during the period.

For the fiscal year ended October 31, 2022, the energy sector contributed most significantly to the Fund’s return. The industrials sector detracted most significantly from the Fund’s return, followed by the consumer discretionary and information technology sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2022, included Shell PLC, an energy company (portfolio average weight of 1.06%), and BP PLC, an energy company (portfolio average weight of 0.57%). Positions that detracted most significantly from the Fund’s return included ASML Holding N.V., an information technology company (portfolio average weight of 1.37%), and Samsung Electronics Co. Ltd., an information technology company (portfolio average weight of 1.46%).

Sector Breakdown
(% of the Fund’s Net Assets)
as of October 31, 2022
 
Financials      16.88  
Industrials      15.59  
Health Care      12.76  
Consumer Discretionary      10.84  
Consumer Staples      10.11  
Information Technology      9.69  
Materials      7.99  
Energy      4.78  
Communication Services      4.57  
Utilities      3.27  
Real Estate      3.06  
Money Market Funds Plus Other Assets Less Liabilities      0.46  
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of October 31, 2022
 
Security   
Nestle S.A.      2.02  
Roche Holding AG      1.59  
Shell PLC      1.39  
Samsung Electronics Co. Ltd.      1.36  
ASML Holding N.V.      1.31  
AstraZeneca PLC      1.20  
Novo Nordisk A/S, Class B      1.17  
Toyota Motor Corp.      1.16  
Novartis AG      1.14  
LVMH Moet Hennessy Louis Vuitton SE      1.08  
Total      13.42  

 

*

Excluding money market fund holdings.

 

 

  7  

 


 

Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM) (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  
FTSE Developed ex North America Index (Net)     (23.81 )%      (1.24 )%      (3.66 )%      (0.31 )%      (1.52 )%        0.06     0.31
Fund                
NAV Return     (23.71     (1.14     (3.37     (0.31     (1.52       0.05       0.26  
Market Price Return     (23.80     (1.11     (3.30     (0.40     (1.97       0.02       0.11  

 

Fund Inception: September 22, 2017

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.07% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the

redemption or sale of Fund Shares. See invesco.com/ ETFs to find the most recent month-end performance numbers.

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

Notes Regarding Index and Fund Performance History:

 

-

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

 

-

Net returns reflect reinvested dividends net of withholding taxes.

 

 

  8  

 


 

 

PBEE    Management’s Discussion of Fund Performance
   Invesco PureBetaSM FTSE Emerging Markets ETF (PBEE)

 

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

Strictly in accordance with its guidelines and mandated procedures, FTSE International Limited (the “Index Provider”) compiles, maintains and calculates the Index, which is designed to measure the performance of the large- and mid-capitalization segments of equity markets of countries around the world that are classified as emerging markets within the country classification definition of the Index Provider. The Index Provider defines the large- and mid-capitalization segments as approximately the top 90% of the eligible universe. 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.

During the fiscal year ended October 31, 2022, on a market price basis, the Fund returned (28.09)%. On a net asset value (“NAV”) basis, the Fund returned (28.46)%. During the same time period, the Index returned (28.39)%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the impact of the fees and expenses that the Fund incurred during the period.

For the fiscal year ended October 31, 2022, no sector contributed positively to the Fund’s return. The consumer discretionary sector detracted most significantly from the Fund’s return, followed by the information technology and communication services sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2022, included Petroleo Brasileiro S.A., Preference Shares, an energy company (portfolio average weight of 0.47%), and Petroleo Brasileiro S.A., an energy company (portfolio average weight of 0.43%). Positions that detracted most significantly from the Fund’s return included Taiwan Semiconductor Manufacturing Co. Ltd., an information technology company (portfolio average weight of 7.01%) and Tencent Holdings Ltd., a communication services company (portfolio average weight of 4.53%).

Sector Breakdown
(% of the Fund’s Net Assets)
as of October 31, 2022
 
Financials      22.14  
Information Technology      13.61  
Consumer Discretionary      11.48  
Exchange-Traded Funds      9.42  
Communication Services      8.25  
Materials      8.12  
Industrials      6.62  
Consumer Staples      6.19  
Energy      5.24  
Health Care      3.82  
Sector Types Each Less Than 3%      4.97  
Money Market Funds Plus Other Assets Less Liabilities      0.14  
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of October 31, 2022
 
Security   
Taiwan Semiconductor Manufacturing Co. Ltd.      5.48  
Invesco India ETF      4.99  
iShares MSCI India ETF      4.44  
Tencent Holdings Ltd.      3.06  
Alibaba Group Holding Ltd.      2.25  
Reliance Industries Ltd., GDR      1.55  
Meituan, B Shares      1.26  
Axis Bank Ltd., GDR      1.16  
Larsen & Toubro Ltd., GDR      1.07  
Infosys Ltd., ADR      1.06  
Total      26.32  

 

*

Excluding money market fund holdings.

 

 

  9  

 


 

Invesco PureBetaSM FTSE Emerging Markets ETF (PBEE) (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  
FTSE Emerging Index (Net)     (28.39 )%      (3.40 )%      (9.87 )%      (1.82 )%      (8.78 )%        (1.67 )%      (8.26 )% 
Fund                
NAV Return     (28.46     (3.56     (10.32     (2.11     (10.11       (1.87     (9.17
Market Price Return     (28.09     (3.43     (9.95     (2.16     (10.35       (2.19     (10.70

 

Fund Inception: September 22, 2017

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. The adviser has contractually agreed to waive a portion of its management fee through August 31, 2024. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.20% (0.16% after fee waiver) includes the unitary management fee of 0.14% and acquired fund fees and expenses of 0.06%. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay

on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

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

Notes Regarding Index and Fund Performance History:

 

-

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

 

-

Net returns reflect reinvested dividends net of withholding taxes.

 

 

  10  

 


 

Invesco PureBetaSM 0-5 Yr US TIPS ETF (PBTP)

October 31, 2022

 

Schedule of Investments

 

     Principal
  Amount  
     Value  
U.S. Treasury Securities-99.86%

 

  
U.S. Treasury Inflation — Indexed Notes-99.86%(a)

 

0.13%, 01/15/2023

   $ 6,823,066      $ 6,803,215  

0.63%, 04/15/2023

     7,304,397        7,258,215  

0.38%, 07/15/2023

     6,806,568        6,750,406  

0.63%, 01/15/2024

     6,747,197        6,636,170  

0.50%, 04/15/2024

     4,898,517        4,794,920  

0.13%, 07/15/2024

     6,682,143        6,509,663  

0.13%, 10/15/2024

     5,280,666        5,123,443  

0.25% - 2.38%, 01/15/2025

     12,386,032        12,221,264  

0.13%, 04/15/2025

     5,323,366        5,104,029  

0.38%, 07/15/2025

     6,644,451        6,419,709  

0.13%, 10/15/2025

     5,098,058        4,873,855  

0.63% - 2.00%, 01/15/2026

     10,715,004        10,489,562  

0.13%, 04/15/2026

     5,881,716        5,547,422  

0.13%, 07/15/2026

     5,946,352        5,619,447  

0.13%, 10/15/2026

     5,418,816        5,099,281  

0.38% - 2.38%, 01/15/2027

     9,288,331        9,026,676  

0.13%, 04/15/2027(b)

     5,395,850        5,032,371  

0.38%, 07/15/2027

     5,789,564        5,465,639  

1.63%, 10/15/2027

     2,694,488        2,698,504  
     

 

 

 

Total U.S. Treasury Securities
(Cost $129,779,238)

        121,473,791  
     

 

 

 
     Shares         
Money Market Funds-0.05%      

Invesco Government & Agency Portfolio, Institutional Class, 3.07%(c)(d)
(Cost $59,418)

     59,418        59,418  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.91%
(Cost $129,838,656)

 

     121,533,209  
     

 

 

 
         
Shares
     Value  
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-3.03%

 

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

     1,031,059      $ 1,031,059  

Invesco Private Prime Fund, 3.28%(c)(d)(e)

     2,651,295        2,651,295  
     

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $3,682,354)

        3,682,354  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES-102.94%
(Cost $133,521,010)

 

     125,215,563  

OTHER ASSETS LESS LIABILITIES-(2.94)%

 

     (3,580,140
     

 

 

 

NET ASSETS-100.00%

 

   $ 121,635,423  
     

 

 

 

 

Notes to Schedule of Investments:

(a) 

Principal amount of security and interest payments are adjusted for inflation. See Note 2I.

(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
  Realized
Gain
(Loss)
  Value
October 31, 2022
  Dividend
Income
Investments in Affiliated Money Market Funds:                                                                        
Invesco Government & Agency Portfolio, Institutional Class         $ 60,551         $ 6,229,923     $ (6,231,056 )     $ -     $ -         $ 59,418         $ 1,730
Investments Purchased with Cash Collateral from Securities on Loan:                                            
Invesco Private Government Fund           1,543,304           32,965,139       (33,477,384 )       -       -           1,031,059           5,592 *
Invesco Private Prime Fund           3,601,042           59,309,355       (60,256,966 )       -       (2,136 )           2,651,295           15,802 *
       

 

 

         

 

 

     

 

 

     

 

 

     

 

 

         

 

 

         

 

 

 

Total

        $ 5,204,897         $ 98,504,417     $ (99,965,406 )     $ -     $ (2,136 )         $ 3,741,772         $ 23,124
       

 

 

         

 

 

     

 

 

     

 

 

     

 

 

         

 

 

         

 

 

 

 

*

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

 

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

 

 

 

 

  11  

 

 

 


 

Invesco PureBetaSM 0-5 Yr US TIPS ETF (PBTP)–(continued)

October 31, 2022

 

(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 2J.

 

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

 

 

 

 

  12  

 

 

 


 

Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM)

October 31, 2022

Schedule of Investments

 

      Shares     Value  
Common Stocks & Other Equity Interests-99.54%

 

Australia-8.73%    

Adbri Ltd.

    2,452      $ 2,469  

AGL Energy Ltd.

    3,528       15,363  

Allkem Ltd.(a)

           3,098              28,606  

ALS Ltd.

    2,575       18,837  

Altium Ltd.

    584       13,223  

Alumina Ltd.

    13,530       11,680  

AMP Ltd.(a)

    17,524       14,119  

Ampol Ltd.

    1,278       22,253  

Ansell Ltd.

    690       12,456  

APA Group

    6,333       42,562  

Aristocrat Leisure Ltd.

    3,590       85,099  

ASX Ltd.

    1,039       44,979  

Atlas Arteria Ltd.

    5,145       21,681  

Aurizon Holdings Ltd.

    9,472       21,926  

Australia & New Zealand Banking Group Ltd.

    16,545       270,417  

Bank of Queensland Ltd.(b)

    3,432       16,152  

Beach Energy Ltd.

    9,465       9,623  

Bendigo & Adelaide Bank Ltd.(b)

    2,960       17,054  

BHP Group Ltd.

    27,015       645,384  

BlueScope Steel Ltd.

    2,527       25,418  

Boral Ltd.(b)

    2,158       3,974  

Brambles Ltd.

    7,451       55,650  

carsales.com Ltd.

    1,796       23,337  

Challenger Ltd.

    3,596       16,142  

Charter Hall Group

    2,529       20,926  

Cleanaway Waste Management Ltd.

    11,080       19,130  

Cochlear Ltd.

    343       43,803  

Coles Group Ltd.

    6,805       71,059  

Commonwealth Bank of Australia

    9,169       613,751  

CSL Ltd.

    2,583       463,269  

CSR Ltd.

    2,603       7,707  

Deterra Royalties Ltd.

    2,269       5,934  

Dexus

    5,773       28,646  

Domain Holdings Australia Ltd.

    1,241       2,650  

Domino’s Pizza Enterprises Ltd.

    324       13,208  

Downer EDI Ltd.

    3,696       10,612  

EBOS Group Ltd.

    847       18,452  

Endeavour Group Ltd.

    6,805       31,113  

Evolution Mining Ltd.

    8,988       11,955  

Flight Centre Travel Group Ltd.(a)(b)

    769       8,187  

Fortescue Metals Group Ltd.

    8,531       80,191  

Glencore PLC

    70,271       404,128  

Goodman Group

    9,836       106,924  

GPT Group (The)

    10,281       28,335  

Harvey Norman Holdings Ltd.

    3,178       8,454  

IDP Education Ltd.(b)

    972       18,391  

IGO Ltd.

    3,333       32,587  

Iluka Resources Ltd.(b)

    2,249       12,440  

Incitec Pivot Ltd.

    10,407       24,955  

Insignia Financial Ltd.

    3,412       6,873  

Insurance Australia Group Ltd.

    13,039       40,855  

James Hardie Industries PLC, CDI

    2,382       51,788  

JB Hi-Fi Ltd.(b)

    606       16,628  

Lendlease Corp. Ltd.(b)

    3,689       20,499  

Lottery Corp. Ltd. (The)(a)

    11,920       32,699  

Lynas Rare Earths Ltd.(a)

    4,821       25,680  

Macquarie Group Ltd.

    1,868       202,467  
      Shares     Value  
Australia-(continued)    

Magellan Financial Group Ltd.(b)

    748     $ 4,750  

Medibank Pvt. Ltd.

         14,782               26,561  

Metcash Ltd.(b)

    5,181       13,583  

Mineral Resources Ltd.

    897       41,946  

Mirvac Group

    21,111       27,944  

National Australia Bank Ltd.

    17,054       353,546  

Newcrest Mining Ltd.

    4,788       53,120  

NEXTDC Ltd.(a)

    2,430       12,928  

Northern Star Resources Ltd.

    6,101       34,097  

Nufarm Ltd.

    2,038       7,259  

Orica Ltd.

    2,411       21,399  

Origin Energy Ltd.

    9,424       33,566  

Orora Ltd.

    4,652       9,013  

OZ Minerals Ltd.

    1,742       26,923  

Perpetual Ltd.(b)

    301       4,793  

Pilbara Minerals Ltd.(a)

    14,101       45,896  

Platinum Asset Management Ltd.

    2,813       3,220  

Pro Medicus Ltd.(b)

    217       7,746  

Qantas Airways Ltd.(a)

    4,460       16,655  

QBE Insurance Group Ltd.

    7,906       61,879  

Qube Holdings Ltd.

    8,928       15,528  

Ramsay Health Care Ltd.

    937       35,093  

REA Group Ltd.

    270       20,993  

Reece Ltd.

    1,146       11,381  

Rio Tinto Ltd.

    1,992       112,348  

Rio Tinto PLC

    5,854       305,794  

Santos Ltd.

    16,478       81,134  

Scentre Group

    27,832       51,612  

SEEK Ltd.

    1,870       25,817  

Seven Group Holdings Ltd.(b)

    720       8,444  

Shopping Centres Australasia Property Group

    5,951       10,351  

Sierra Rutile Holdings Ltd.(a)(b)

    2,249       302  

Sonic Healthcare Ltd.

    2,563       53,707  

South32 Ltd.

    25,031       57,622  

Star Entertainment Group Ltd. (The)(a)

    4,599       8,646  

Stockland

    12,801       29,468  

Suncorp Group Ltd.

    6,773       49,417  

Tabcorp Holdings Ltd.(b)

    11,157       6,885  

Telstra Group Ltd.(a)

    22,070       55,322  

TPG Telecom Ltd.(b)

    1,968       6,166  

Transurban Group

    16,522       140,092  

Treasury Wine Estates Ltd.

    3,874       32,080  

Vicinity Ltd.

    20,218       25,146  

Washington H Soul Pattinson & Co. Ltd.

    1,428       25,513  

Wesfarmers Ltd.

    6,080       176,742  

Westpac Banking Corp.

    18,746       289,010  

Whitehaven Coal Ltd.

    4,294       24,795  

WiseTech Global Ltd.

    845       31,426  

Woodside Energy Group Ltd.

    10,150       233,525  

Woolworths Group Ltd.

    6,535       137,984  

Worley Ltd.

    2,003       18,277  
   

 

 

 
      6,810,144  
   

 

 

 
Austria-0.25%    

ANDRITZ AG

    361       16,791  

Erste Group Bank AG

    1,761       43,442  

Mondi PLC

    2,599       43,763  

OMV AG

    761       35,080  

 

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

 

 

 

 

  13  

 

 

 


 

Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM)–(continued)

October 31, 2022

 

      Shares     Value  
Austria-(continued)    

Raiffeisen Bank International AG

    693      $ 9,637  

Telekom Austria AG

              733                4,260  

Verbund AG

    354       27,728  

voestalpine AG

    616       13,382  
   

 

 

 
      194,083  
   

 

 

 
Belgium-0.78%    

Ackermans & van Haaren N.V.

    120       16,735  

Ageas S.A./N.V.

    985       34,103  

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

    4,651       232,599  

D’Ieteren Group

    123       20,460  

Elia Group S.A./N.V.

    202       25,535  

Etablissements Franz Colruyt N.V.

    267       6,436  

Groupe Bruxelles Lambert S.A.

    545       40,183  

KBC Group N.V.

    1,473       73,811  

Proximus SADP

    750       7,865  

Sofina S.A.(b)

    82       16,006  

Solvay S.A., Class A

    361       32,554  

UCB S.A.

    648       48,879  

Umicore S.A.(b)

    1,098       36,192  

Warehouses De Pauw C.V.A.

    755       19,386  
   

 

 

 
      610,744  
   

 

 

 
Brazil-0.05%    

Yara International ASA

    872       38,916  
   

 

 

 
Burkina Faso-0.02%    

Endeavour Mining PLC

    985       17,193  
Cambodia-0.01%    

NagaCorp Ltd.(a)

    8,755       3,993  
   

 

 

 
Chile-0.03%    

Antofagasta PLC(b)

    1,857       25,133  
   

 

 

 
China-0.59%    

AAC Technologies Holdings, Inc.(a)

    3,807       6,974  

BOC Hong Kong Holdings Ltd.

    19,114       59,413  

Budweiser Brewing Co. APAC Ltd.(c)

    8,998       18,936  

China Travel International Investment Hong Kong Ltd.(a)

    13,198       2,051  

Chow Tai Fook Jewellery Group Ltd.

    9,309       15,938  

ESR Group Ltd.(c)

    10,802       18,439  

HUTCHMED China Ltd.(a)

    2,500       4,204  

Kerry Logistics Network Ltd.

    1,263       2,005  

Lenovo Group Ltd.

    39,428       31,543  

MMG Ltd.(a)

    13,057       2,578  

Nexteer Automotive Group Ltd.(b)

    4,389       2,376  

Prosus N.V.

    4,574       199,092  

Shangri-La Asia Ltd.(a)

    6,527       3,609  

SITC International Holdings Co. Ltd.

    6,545       10,722  

Want Want China Holdings Ltd.

    23,387       15,373  

Wharf Holdings Ltd. (The)

    6,614       18,916  

Wilmar International Ltd.

    11,302       30,989  

Xinyi Glass Holdings Ltd.

    10,912       14,040  
   

 

 

 
      457,198  
   

 

 

 
Denmark-2.41%    

AP Moller - Maersk A/S, Class A

    15       30,030  

AP Moller - Maersk A/S, Class B

    28       58,583  

Carlsberg A/S, Class B

    498       58,708  

Chr. Hansen Holding A/S

    551       30,606  

Coloplast A/S, Class B(b)

    714       79,622  

Danske Bank A/S(b)

    3,534       57,050  
      Shares     Value  
Denmark-(continued)    

Demant A/S(a)

    544      $ 14,870  

DSV A/S

           1,005            136,089  

Genmab A/S(a)

    352       135,705  

GN Store Nord A/S

    686       14,590  

H Lundbeck A/S

    1,280       4,787  

H Lundbeck A/S, Class A(a)

    320       1,087  

Novo Nordisk A/S, Class B

    8,396       912,993  

Novozymes A/S, Class B

    1,064       55,894  

Orsted A/S(c)

    1,010       83,320  

Pandora A/S

    476       25,094  

ROCKWOOL A/S, Class B(b)

    34       6,771  

Royal Unibrew A/S

    253       14,453  

SimCorp A/S

    213       12,725  

Tryg A/S

    1,933       41,842  

Vestas Wind Systems A/S

    5,411       106,603  
   

 

 

 
      1,881,422  
   

 

 

 
Finland-1.25%    

Elisa OYJ

    769       37,174  

Fortum OYJ

    2,314       32,579  

Huhtamaki OYJ

    498       17,891  

Kesko OYJ, Class B

    1,445       28,135  

Kojamo OYJ(b)

    1,045       13,602  

Kone OYJ, Class B

    2,106       86,277  

Metso Outotec OYJ(b)

    3,248       24,661  

Neste OYJ

    2,231       97,770  

Nokia OYJ(b)

    30,208       134,561  

Nordea Bank Abp

    19,273       184,313  

Orion OYJ, Class B

    556       25,580  

Sampo OYJ, Class A

    2,636       120,573  

Stora Enso OYJ, Class R

    3,079       40,139  

UPM-Kymmene OYJ

    2,858       95,786  

Valmet OYJ(b)

    940       21,396  

Wartsila OYJ Abp

    2,613       17,820  
   

 

 

 
      978,257  
   

 

 

 
France-9.89%    

Accor S.A.(a)

    980       23,479  

Adevinta ASA, Class B(a)

    1,488       10,190  

Aeroports de Paris(a)(b)

    152       20,589  

Air Liquide S.A.

    2,749       359,456  

Airbus SE

    3,000       324,911  

ALD S.A.(c)

    432       4,611  

Alstom S.A.(b)

    1,582       32,616  

Amundi S.A.(c)

    305       14,403  

Arkema S.A.

    348       27,557  

AXA S.A.

    9,946       245,754  

BioMerieux

    231       20,443  

BNP Paribas S.A.

    5,753       270,056  

Bollore SE

    5,298       26,522  

Bouygues S.A.

    1,141       32,568  

Bureau Veritas S.A.

    1,521       37,687  

Capgemini SE

    861       141,474  

Carrefour S.A.(b)

    3,172       51,054  

Cie de L’Odet SE

    2       2,392  

Cie de Saint-Gobain

    2,462       100,739  

Cie Generale des Etablissements Michelin S.C.A.

    3,752       95,711  

Covivio

    268       14,356  

Credit Agricole S.A.

    6,494       58,959  

Danone S.A.

    3,273       162,844  

Dassault Aviation S.A.

    124       18,432  

 

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

 

 

 

 

  14  

 

 

 


 

Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM)–(continued)

October 31, 2022

 

      Shares     Value  
France-(continued)    

Dassault Systemes SE

    3,569      $ 119,756  

Edenred

           1,337              68,661  

Eiffage S.A.

    397       35,918  

Electricite de France S.A.

    3,366       39,755  

ENGIE S.A.

    8,894       115,629  

EssilorLuxottica S.A.

    1,598       253,254  

Eurazeo SE

    260       14,853  

Euroapi S.A.(a)

    257       4,497  

Faurecia SE(a)

    833       12,448  

Gecina S.A.

    276       24,619  

Getlink SE

    2,441       38,673  

Hermes International

    166       215,009  

ICADE

    174       6,477  

Ipsen S.A.

    180       18,502  

JCDecaux S.A.(a)

    389       4,910  

Kering S.A.

    392       179,653  

Klepierre S.A.

    972       19,550  

La Francaise des Jeux SAEM(c)

    467       15,232  

Legrand S.A.

    1,433       109,254  

L’Oreal S.A.

    1,322       415,629  

LVMH Moet Hennessy Louis Vuitton SE

    1,337       844,391  

Neoen S.A.(c)

    234       8,169  

Orange S.A.

    10,282       97,872  

Pernod Ricard S.A.(b)

    1,099       193,017  

Publicis Groupe S.A.

    1,226       68,753  

Remy Cointreau S.A.

    131       20,081  

Renault S.A.(a)

    1,030       31,731  

Rexel S.A.

    1,288       23,048  

Safran S.A.

    1,874       208,777  

Sanofi

    5,847       504,670  

Sartorius Stedim Biotech

    128       40,635  

Schneider Electric SE

    2,859       362,424  

SCOR SE

    839       12,625  

SEB S.A.(b)

    161       10,486  

Societe Generale S.A.

    4,086       93,792  

Sodexo S.A.

    467       41,420  

SOITEC(a)

    133       17,082  

Somfy S.A.

    42       4,475  

Teleperformance

    311       83,391  

Thales S.A.

    538       68,407  

TotalEnergies SE(b)

    12,698       691,509  

Ubisoft Entertainment S.A.(a)

    504       13,833  

Unibail-Rodamco-Westfield(a)(b)

    550       26,027  

Valeo

    1,288       21,246  

Veolia Environnement S.A.

    3,352       74,840  

Vinci S.A.

    2,672       246,077  

Vivendi SE

    3,762       30,801  

Wendel SE

    144       11,286  

Worldline S.A.(a)(c)

    1,303       57,076  
   

 

 

 
      7,717,023  
   

 

 

 
Germany-7.08%    

1&1 AG

    247       3,257  

adidas AG

    901       88,142  

Allianz SE

    2,191       394,550  

Aroundtown S.A.(b)

    6,113       12,132  

BASF SE

    4,925       221,161  

Bayer AG

    5,291       278,307  

Bayerische Motoren Werke AG

    1,722       135,338  
      Shares     Value  
Germany-(continued)    

Bayerische Motoren Werke AG, Preference Shares

    309      $ 22,813  

Bechtle AG

              432              14,944  

Beiersdorf AG

    535       51,386  

Brenntag SE

    830       50,401  

Carl Zeiss Meditec AG, BR

    196       23,740  

Commerzbank AG(a)

    5,579       44,641  

Continental AG

    580       30,084  

Covestro AG(c)

    966       32,882  

CTS Eventim AG& Co. KGaA(a)

    315       15,050  

Daimler Truck Holding AG(a)

    2,250       60,042  

Deutsche Bank AG

    10,959       104,631  

Deutsche Boerse AG

    989       160,942  

Deutsche Lufthansa AG(a)

    3,207       22,007  

Deutsche Post AG

    5,206       184,770  

Deutsche Telekom AG

    18,212       344,949  

Deutsche Wohnen SE

    244       4,924  

DWS Group GmbH & Co. KGaA(c)

    180       4,875  

E.ON SE

    11,939       100,016  

Evonik Industries AG

    1,024       18,880  

Evotec SE(a)

    826       15,768  

Fielmann AG

    130       4,145  

Fraport AG Frankfurt Airport Services Worldwide(a)

    180       6,945  

Fresenius Medical Care AG& Co. KGaA

    1,089       30,115  

Fresenius SE & Co. KGaA

    2,188       50,387  

Fuchs Petrolub SE

    180       4,341  

Fuchs Petrolub SE, Preference Shares

    373       10,691  

GEA Group AG

    888       31,069  

Hannover Rueck SE

    322       52,447  

HeidelbergCement AG

    776       35,779  

Hella GmbH & Co. KGaA

    123       9,610  

HelloFresh SE(a)

    877       17,561  

Henkel AG& Co. KGaA(b)

    540       31,729  

Henkel AG& Co. KGaA, Preference Shares

    907       57,175  

HOCHTIEF AG

    103       5,477  

Infineon Technologies AG

    6,994       170,325  

KION Group AG

    420       9,327  

Knorr-Bremse AG

    355       15,985  

LANXESS AG

    457       15,470  

LEG Immobilien SE

    391       25,552  

Mercedes-Benz Group AG

    4,524       262,018  

Merck KGaA

    693       113,013  

METRO AG(a)

    702       5,363  

MTU Aero Engines AG

    286       51,234  

Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Class R

    754       199,271  

Nemetschek SE

    288       13,765  

Puma SE

    534       23,650  

Rational AG

    26       14,673  

Rheinmetall AG

    231       37,557  

RWE AG

    3,379       130,212  

SAP SE

    5,955       574,849  

Sartorius AG

    13       3,835  

Sartorius AG, Preference Shares

    132       46,588  

Scout24 SE(c)

    403       20,664  

Siemens AG

    4,053       443,200  

Siemens Energy AG(b)

    2,299       26,846  

Siemens Healthineers AG(c)

    1,487       68,458  

Sixt SE

    70       6,573  

 

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

 

 

 

 

  15  

 

 

 


 

Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM)–(continued)

October 31, 2022

 

      Shares     Value  
Germany-(continued)    

Sixt SE, Preference Shares

    88      $ 5,132  

SUSE S.A.(a)

    193       3,414  

Symrise AG

              701              71,604  

Talanx AG

    285       10,709  

Telefonica Deutschland Holding AG

    4,822       10,513  

thyssenkrupp AG(a)

    2,600       13,702  

Traton SE

    268       3,345  

TUI AG(a)(b)

    6,517       9,889  

Uniper SE(b)

    469       1,405  

United Internet AG

    576       10,774  

Vantage Towers AG

    496       13,962  

Varta AG(b)

    72       1,933  

Volkswagen AG

    154       26,332  

Volkswagen AG, Preference Shares

    1,081       138,188  

Vonovia SE

    4,277       94,689  

Wacker Chemie AG

    81       9,439  

Zalando SE(a)(c)

    1,169       26,955  
   

 

 

 
      5,518,516  
   

 

 

 
Hong Kong-2.22%    

AIA Group Ltd.

    64,186       486,106  

ASMPT Ltd.

    1,741       9,581  

Bank of East Asia Ltd. (The)

    5,166       4,949  

Cafe de Coral Holdings Ltd.

    2,159       2,519  

Cathay Pacific Airways Ltd.(a)

    5,377       4,877  

Champion REIT

    10,931       3,272  

CK Asset Holdings Ltd.

    10,388       57,433  

CK Hutchison Holdings Ltd.

    14,205       70,574  

CK Infrastructure Holdings Ltd.

    3,296       15,662  

CLP Holdings Ltd.

    8,739       58,669  

Dah Sing Banking Group Ltd.

    2,174       1,296  

Dah Sing Financial Holdings Ltd.

    869       1,720  

DFI Retail Group Holdings Ltd.

    1,640       3,674  

Guotai Junan International Holdings Ltd.

    14,111       1,007  

Haitong International Securities Group
Ltd.(a)

    15,475       1,124  

Hang Lung Group Ltd.

    4,416       5,727  

Hang Lung Properties Ltd.

    9,912       12,463  

Hang Seng Bank Ltd.

    3,926       55,265  

Henderson Land Development Co. Ltd.

    6,584       16,121  

Hong Kong & China Gas Co. Ltd. (The)

    57,892       44,692  

Hong Kong Exchanges & Clearing Ltd.

    6,826       181,740  

Hongkong Land Holdings Ltd.

    5,954       22,923  

Huabao International Holdings Ltd.

    5,425       2,502  

Hutchison Port Holdings Trust, Class U

    27,069       4,412  

Hutchison Telecommunications Hong Kong Holdings Ltd.

    6,614       876  

Hysan Development Co. Ltd.

    3,296       7,188  

Jardine Matheson Holdings Ltd.

    1,015       46,710  

Johnson Electric Holdings Ltd., Class H

    1,662       1,713  

Kerry Properties Ltd.

    3,284       5,196  

Link REIT

    11,336       67,006  

Man Wah Holdings Ltd.

    8,101       4,520  

Melco International Development Ltd.(a)

    4,380       2,288  

MTR Corp. Ltd.

    7,647       33,657  

New World Development Co. Ltd.

    7,656       15,663  

NWS Holdings Ltd.

    7,665       5,439  

Orient Overseas International Ltd.

    700       10,228  

PCCW Ltd.

    21,985       8,402  

Power Assets Holdings Ltd.

    7,123       34,073  

Prudential PLC

    14,790       138,067  
      Shares     Value  
Hong Kong-(continued)    

Sino Land Co. Ltd.

    19,416     $ 20,752  

Sun Hung Kai Properties Ltd.

           7,598              81,741  

Swire Pacific Ltd., Class A

    2,740       18,133  

Swire Pacific Ltd., Class B

    5,440       5,606  

Swire Properties Ltd.

    5,703       10,956  

Techtronic Industries Co. Ltd.

    7,062       66,888  

United Energy Group Ltd.

    39,446       3,819  

Vitasoy International Holdings Ltd.(a)(b)

    4,362       7,446  

VTech Holdings Ltd.

    875       4,654  

WH Group Ltd.

    41,789       21,135  

Wharf Real Estate Investment Co. Ltd.

    8,738       34,452  

Yue Yuen Industrial Holdings Ltd.

    3,844       3,908  
   

 

 

 
      1,728,824  
   

 

 

 
Indonesia-0.01%    

First Pacific Co. Ltd.

    13,111       3,474  

Golden Agri-Resources Ltd.

    34,090       6,986  
   

 

 

 
      10,460  
   

 

 

 
Ireland-0.63%    

AIB Group PLC

    4,878        14,126  

Bank of Ireland Group PLC

    4,896       35,305  

CRH PLC

    4,115       148,246  

Flutter Entertainment PLC(a)(b)

    939       125,194  

Glanbia PLC(b)

    1,008       11,646  

Kerry Group PLC, Class A

    826       71,841  

Kingspan Group PLC

    810       40,909  

Smurfit Kappa Group PLC

    1,391       46,028  
   

 

 

 
      493,295  
   

 

 

 
Israel-0.82%    

AFI Properties Ltd.

    89       2,681  

Airport City Ltd.(a)

    396       6,588  

Alony Hetz Properties & Investments Ltd.

    576       6,792  

Amot Investments Ltd.

    756       4,597  

Ashtrom Group Ltd.

    215       4,701  

Azrieli Group Ltd.

    216       16,086  

Bank Hapoalim BM

    7,168       69,450  

Bank Leumi Le-Israel BM

    8,295       79,544  

Bezeq The Israeli Telecommunication Corp. Ltd.

    11,482       20,416  

Big Shopping Centers Ltd.

    72       8,113  

Delek Group Ltd.(a)

    42       6,451  

Elbit Systems Ltd.

    143       29,059  

Elco Ltd.

    51       2,956  

Electra Ltd.

    10       5,846  

Energix-Renewable Energies Ltd.

    1,008       3,540  

Enlight Renewable Energy Ltd.(a)

    4,951       10,079  

Fattal Holdings 1998 Ltd.(a)

    44       4,494  

First International Bank of Israel Ltd. (The)

    288       12,495  

Fox Wizel Ltd.

    37       4,531  

Gav-Yam Lands Corp. Ltd.

    539       4,594  

Harel Insurance Investments & Financial Services Ltd.

    612       5,919  

ICL Group Ltd.

    3,895       35,326  

Israel Corp. Ltd. (The)

    20       8,700  

Israel Discount Bank Ltd., Class A

    6,567       37,542  

Maytronics Ltd.

    251       2,720  

Melisron Ltd.

    108       8,052  

Mivne Real Estate KD Ltd.

    3,787       11,836  

Mizrahi Tefahot Bank Ltd.

    720       27,352  

Nice Ltd.(a)

    362       68,893  

 

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

 

 

 

 

  16  

 

 

 


 

Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM)–(continued)

October 31, 2022

 

      Shares     Value  
Israel-(continued)    

Nova Ltd.(a)

    145     $ 10,691  

OPC Energy Ltd.(a)

    396        4,894  

Paz Oil Co. Ltd.(a)

    84       10,079  

Phoenix Holdings Ltd. (The)

              684                7,445  

Sapiens International Corp. N.V.

    144       2,843  

Shapir Engineering and Industry Ltd.

    612       5,064  

Shikun & Binui Ltd.(a)(b)

    1,149       4,582  

Shufersal Ltd.

    612       4,196  

Strauss Group Ltd.

    216       5,430  

Teva Pharmaceutical Industries Ltd.(a)(b)

    5,417       48,668  

Tower Semiconductor Ltd.(a)

    576       24,745  
   

 

 

 
      637,990  
   

 

 

 
Italy-1.99%    

A2A S.p.A.

    8,114       8,998  

Amplifon S.p.A.(b)

    684       16,995  

Assicurazioni Generali S.p.A.(b)

    7,402       111,126  

Atlantia S.p.A.

    2,878       64,228  

Banca Mediolanum S.p.A.

    1,289       9,657  

Buzzi Unicem S.p.A.

    499       8,283  

Coca-Cola HBC AG(a)

    1,046       22,912  

Davide Campari-Milano N.V.

    2,650       23,818  

De’ Longhi S.p.A.(b)

    378       6,527  

DiaSorin S.p.A.(b)

    121       15,822  

Enel S.p.A.

    41,815       186,761  

Eni S.p.A.(b)

    13,085       171,408  

Ferrari N.V.

    648       127,770  

FinecoBank Banca Fineco S.p.A.

    3,272       44,110  

Hera S.p.A.

    4,215       10,048  

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

    1,888       16,667  

Interpump Group S.p.A.

    431       16,690  

Intesa Sanpaolo S.p.A.(b)

    89,339       170,327  

Italgas S.p.A.

    2,626       13,535  

Leonardo S.p.A.

    2,145       17,240  

Mediobanca Banca di Credito Finanziario S.p.A.(b)

    3,480       31,547  

Moncler S.p.A.

    1,093       47,197  

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

    3,981       34,507  

Pirelli & C. S.p.A.(c)

    2,624       9,902  

Poste Italiane S.p.A.(c)

    2,447       21,331  

PRADA S.p.A.

    2,743       12,492  

Prysmian S.p.A.

    1,413       46,072  

Recordati Industria Chimica e Farmaceutica S.p.A.

    519       19,508  

Reply S.p.A.

    121       13,167  

Snam S.p.A.

    11,949       53,168  

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

    57,554       11,269  

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

    32,353       6,187  

Terna Rete Elettrica Nazionale S.p.A.

    7,559       50,115  

UniCredit S.p.A.

    10,530       130,591  

UnipolSai Assicurazioni S.p.A.

    2,282       5,147  
   

 

 

 
      1,555,122  
   

 

 

 
Japan-22.87%    

ABC-Mart, Inc.

    144       6,423  

Acom Co. Ltd.

    2,010       4,395  

Activia Properties, Inc.

    4       11,855  

Advance Residence Investment Corp.

    7       16,295  

Advantest Corp.

    1,052       55,631  

Aeon Co. Ltd.

    3,761       70,255  

AEON Financial Service Co. Ltd.

    648       6,348  
      Shares     Value  
Japan-(continued)    

Aeon Mall Co. Ltd.

    684     $ 7,441  

AEON REIT Investment Corp.

    9       9,688  

AGC, Inc.

    1,008        31,637  

Aica Kogyo Co. Ltd.

              288                6,200  

Ain Holdings, Inc.

    144       6,055  

Air Water, Inc.

    964       10,786  

Aisin Corp.

    936       24,024  

Ajinomoto Co., Inc.

    2,576       70,988  

Alfresa Holdings Corp.

    910       10,475  

Alps Alpine Co. Ltd.

    1,079       9,292  

Amada Co. Ltd.

    1,702       11,989  

Amano Corp.

    360       6,169  

ANA Holdings, Inc.(a)

    842       16,377  

Anritsu Corp.(b)

    756       7,624  

Aozora Bank Ltd.

    648       11,148  

Ariake Japan Co. Ltd.

    108       3,742  

As One Corp.

    144       6,162  

Asahi Group Holdings Ltd.

    2,575       72,138  

Asahi Intecc Co. Ltd.

    1,044       17,799  

Asahi Kasei Corp.

    6,588       42,307  

Asics Corp.

    935       14,368  

ASKUL Corp.

    216       2,260  

Astellas Pharma, Inc.

    9,858       135,731  

Azbil Corp.

    720       19,594  

AZ-COM MARUWA Holdings, Inc.

    251       2,390  

Bandai Namco Holdings, Inc.

    1,078       71,381  

Bank of Kyoto Ltd. (The)

    396       14,280  

BayCurrent Consulting, Inc.

    720       20,297  

Benefit One, Inc.

    324       4,499  

Benesse Holdings, Inc.

    396       5,845  

Bic Camera, Inc.

    766       5,963  

BIPROGY, Inc.

    360       7,787  

Bridgestone Corp.

    3,118       112,482  

Brother Industries Ltd.

    1,293       22,018  

Calbee, Inc.

    432       8,676  

Canon Marketing Japan, Inc.

    252       5,324  

Canon, Inc.(b)

    5,257       111,552  

Capcom Co. Ltd.

    1,008       28,110  

Casio Computer Co. Ltd.

    1,151       10,020  

Central Japan Railway Co.

    1,006       116,854  

Chiba Bank Ltd. (The)

    3,224       17,635  

Chubu Electric Power Co., Inc.

    3,726       30,357  

Chugai Pharmaceutical Co. Ltd.

    3,473       80,613  

Chugin Financial Group, Inc.

    874       5,269  

Chugoku Electric Power Co., Inc. (The)

    1,604       7,532  

Coca-Cola Bottlers Japan Holdings, Inc.

    730       6,601  

COMSYS Holdings Corp.

    611       10,030  

Concordia Financial Group Ltd.

    5,988       18,250  

Cosmo Energy Holdings Co. Ltd.

    400       10,294  

Cosmos Pharmaceutical Corp.

    113       10,948  

Credit Saison Co. Ltd.

    802       8,579  

CyberAgent, Inc.

    2,099       17,285  

Dai Nippon Printing Co. Ltd.(b)

    1,389       27,876  

Daicel Corp.

    1,416       8,079  

Daido Steel Co. Ltd.

    216       5,609  

Daifuku Co. Ltd.

    538       24,686  

Dai-ichi Life Holdings, Inc.

    5,217       82,747  

Daiichi Sankyo Co. Ltd.

    10,104       324,054  

Daiichikosho Co. Ltd.

    216       6,205  

Daikin Industries Ltd.

    1,451       218,526  

 

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

 

 

 

 

  17  

 

 

 


 

Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM)–(continued)

October 31, 2022

 

      Shares     Value  
Japan-(continued)    

Daio Paper Corp.

    431      $ 3,184  

Daito Trust Construction Co. Ltd.

    359       35,529  

Daiwa House Industry Co. Ltd.

           3,403              68,960  

Daiwa House REIT Investment Corp.

    11       22,202  

Daiwa Office Investment Corp.

    1       4,723  

Daiwa Securities Group, Inc.

    7,810       30,476  

Daiwa Securities Living Investments Corp.

    11       8,540  

DeNA Co. Ltd.

    469       6,125  

Denka Co. Ltd.

    468       10,847  

Denso Corp.

    2,394       119,028  

Dentsu Group, Inc.

    1,085       33,834  

Descente Ltd.

    195       4,697  

DIC Corp.

    468       7,865  

Disco Corp.

    144       34,587  

DMG Mori Co. Ltd.

    576       6,685  

Dowa Holdings Co. Ltd.

    252       8,028  

East Japan Railway Co

    1,983       107,265  

Ebara Corp.

    504       16,429  

Eisai Co. Ltd.

    1,451       87,606  

Electric Power Development Co. Ltd.

    838       11,659  

ENEOS Holdings, Inc.

    15,606       51,427  

EXEO Group, Inc.

    504       7,389  

Ezaki Glico Co. Ltd.

    288       6,481  

Fancl Corp.

    360       6,833  

FANUC Corp.

    1,043       137,747  

Fast Retailing Co. Ltd.

    276       154,104  

Food & Life Cos. Ltd.

    576       9,723  

FP Corp.

    251       5,986  

Frontier Real Estate Investment Corp.

    3       10,596  

Fuji Electric Co. Ltd.

    648       25,112  

Fuji Kyuko Co. Ltd.

    98       3,033  

Fuji Media Holdings, Inc.

    252       1,755  

Fuji Oil Holdings, Inc.

    252       3,969  

FUJIFILM Holdings Corp.

    1,944       89,186  

Fujitsu General Ltd.

    324       7,411  

Fujitsu Ltd.

    992       114,293  

Fukuoka Financial Group, Inc.

    828       14,060  

Furukawa Electric Co. Ltd.

    360       5,561  

Fuyo General Lease Co. Ltd.

    108       6,002  

GLP J-Reit

    23       23,846  

GMO Internet Group, Inc.

    324       5,604  

GMO Payment Gateway, Inc.

    216       15,593  

GOLDWIN, Inc.

    181       9,474  

GS Yuasa Corp.

    432       6,589  

GungHo Online Entertainment, Inc.

    180       2,668  

H.U. Group Holdings, Inc.

    288       5,367  

Hachijuni Bank Ltd. (The)

    2,385       7,606  

Hakuhodo DY Holdings, Inc.

    1,294       10,935  

Hamamatsu Photonics K.K.

    684       31,017  

Hankyu Hanshin Holdings, Inc.

    1,186       35,229  

Haseko Corp.

    1,415       14,585  

Heiwa Corp.

    288       4,650  

Hikari Tsushin, Inc.

    108       13,057  

Hino Motors Ltd.

    1,460       6,070  

Hirogin Holdings, Inc.

    1,604       6,615  

Hirose Electric Co. Ltd.

    180       23,385  

Hisamitsu Pharmaceutical Co., Inc.

    396       9,778  

Hitachi Construction Machinery Co. Ltd.

    612       11,998  

Hitachi Ltd.

    4,959       225,538  

Hitachi Metals Ltd.(a)

    1,041       15,212  
      Shares     Value  
Japan-(continued)    

Hitachi Transport System Ltd.

    179      $ 10,706  

Honda Motor Co. Ltd.

           9,080            206,054  

Horiba Ltd.

    216       8,894  

Hoshizaki Corp.

    576       16,528  

House Foods Group, Inc.

    396       7,415  

Hoya Corp.

    1,905       177,831  

Hulic Co. Ltd.

    2,261       16,429  

Ibiden Co. Ltd.

    576       19,493  

Idemitsu Kosan Co. Ltd.

    1,272       27,813  

IHI Corp.

    684       15,278  

Iida Group Holdings Co. Ltd.

    792       11,009  

Industrial & Infrastructure Fund Investment Corp.

    10       10,563  

Information Services International-Dentsu Ltd.

    109       3,340  

INFRONEER Holdings, Inc.

    1,339       9,297  

Inpex Corp.

    5,298       54,108  

Internet Initiative Japan, Inc.

    576       9,060  

Isetan Mitsukoshi Holdings Ltd.

    1,821       16,172  

Isuzu Motors Ltd.

    2,791       32,748  

Ito En Ltd.

    289       10,208  

ITOCHU Corp.(b)

    7,140       184,895  

Itochu Techno-Solutions Corp.

    538       12,488  

Itoham Yonekyu Holdings, Inc.

    756       3,382  

Iwatani Corp.

    253       9,328  

Iyogin Holdings, Inc.

    1,496       7,015  

Izumi Co. Ltd.

    216       4,358  

J. Front Retailing Co. Ltd.

    1,319       10,667  

Japan Airlines Co. Ltd.(a)

    794       14,824  

Japan Airport Terminal Co. Ltd.(a)

    252       10,817  

Japan Aviation Electronics Industry Ltd.

    252       3,932  

Japan Exchange Group, Inc.

    2,792       36,695  

Japan Hotel REIT Investment Corp.

    25       13,170  

Japan Logistics Fund, Inc.

    5       10,714  

Japan Metropolitan Fund Investment Corp.

    36       26,521  

Japan Post Bank Co. Ltd.

    2,143       14,274  

Japan Post Holdings Co. Ltd.

    11,604       78,039  

Japan Post Insurance Co. Ltd.(b)

    1,079       15,949  

Japan Prime Realty Investment Corp.

    5       13,574  

Japan Real Estate Investment Corp.

    7       29,340  

Japan Steel Works Ltd. (The)

    292       6,041  

Japan Tobacco, Inc.

    6,390       105,930  

JCR Pharmaceuticals Co. Ltd.

    288       4,292  

Jeol Ltd.

    217       7,971  

JFE Holdings, Inc.

    2,719       24,934  

JGC Holdings Corp.

    1,139       13,732  

JMDC, Inc.

    100       3,559  

JSR Corp.

    972       18,533  

JTEKT Corp.

    1,211       8,555  

JustSystems Corp.

    180       3,803  

Kadokawa Corp.

    531       9,546  

Kagome Co. Ltd.

    432       8,644  

Kajima Corp.

    2,323       21,896  

Kakaku.com, Inc.

    718       12,178  

Kaken Pharmaceutical Co. Ltd.

    180       4,608  

Kamigumi Co. Ltd.

    476       9,057  

Kandenko Co. Ltd.

    576       3,240  

Kaneka Corp.

    324       8,044  

Kansai Electric Power Co., Inc. (The)

    3,883       29,442  

Kansai Paint Co. Ltd.

    944       12,321  

Kao Corp.

    2,429       91,352  

 

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

 

 

 

 

  18  

 

 

 


 

Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM)–(continued)

October 31, 2022

 

      Shares     Value  
Japan-(continued)    

Katitas Co. Ltd.

    292      $ 6,552  

Kawasaki Heavy Industries Ltd.

              828              14,072  

Kawasaki Kisen Kaisha Ltd.(b)

    1,299       19,760  

KDDI Corp.

    8,810       260,504  

Keihan Holdings Co. Ltd.

    540       13,896  

Keikyu Corp.

    1,319       13,551  

Keio Corp.

    646       22,687  

Keisei Electric Railway Co. Ltd.(b)

    755       20,064  

Kenedix Office Investment Corp.

    4       9,110  

Kewpie Corp.

    575       9,087  

Keyence Corp.

    1,072       406,197  

Kikkoman Corp.

    1,006       54,688  

Kinden Corp.

    682       6,947  

Kintetsu Group Holdings Co. Ltd.

    1,008       34,112  

Kirin Holdings Co. Ltd.

    3,998       58,893  

Kobayashi Pharmaceutical Co. Ltd.(b)

    324       17,221  

Kobe Bussan Co. Ltd.(b)

    737       16,041  

Kobe Steel Ltd.

    1,737       7,129  

Koei Tecmo Holdings Co. Ltd.

    862       13,037  

Koito Manufacturing Co. Ltd.

    1,224       17,409  

Kokuyo Co. Ltd.

    468       5,812  

Komatsu Ltd.

    4,925       94,368  

Konami Group Corp.

    504       22,142  

Konica Minolta, Inc.

    2,442       7,443  

Kose Corp.

    144       14,406  

Kotobuki Spirits Co. Ltd.

    108       5,544  

K’s Holdings Corp.

    838       6,574  

Kubota Corp.

    5,760       80,470  

Kuraray Co. Ltd.

    1,883       12,960  

Kurita Water Industries Ltd.

    610       22,408  

Kusuri no Aoki Holdings Co. Ltd.

    72       3,478  

Kyocera Corp.

    1,601       80,150  

Kyowa Kirin Co. Ltd.

    1,365       32,188  

Kyudenko Corp.

    216       4,592  

Kyushu Electric Power Co., Inc.

    2,478       12,287  

Kyushu Financial Group, Inc.

    1,949       4,930  

Kyushu Railway Co.

    802       16,781  

LaSalle Logiport REIT

    10       10,677  

Lasertec Corp.

    431       61,735  

Lawson, Inc.

    252       8,053  

Lintec Corp.

    288       4,325  

Lion Corp.

    1,279       12,942  

Lixil Corp.

    1,350       20,445  

M3, Inc.

    2,275       68,050  

Mabuchi Motor Co. Ltd.

    288       7,828  

Makita Corp.

    1,343       24,577  

Mani, Inc.

    324       4,730  

Marubeni Corp.

    8,398       73,621  

Marui Group Co. Ltd.

    1,016       16,774  

Maruichi Steel Tube Ltd.

    360       6,808  

Matsui Securities Co. Ltd.

    576       3,069  

MatsukiyoCocokara & Co.

    626       22,827  

Mazda Motor Corp.

    3,042       20,528  

Mebuki Financial Group, Inc.

    5,007       9,735  

Medipal Holdings Corp.

    791       9,819  

MEIJI Holdings Co. Ltd.

    720       29,646  

Menicon Co. Ltd.

    253       4,335  

MINEBEA MITSUMI, Inc.

    2,143       31,777  

MISUMI Group, Inc.

    1,523       32,584  

Mitsubishi Chemical Group Corp.

    6,782       30,667  
      Shares     Value  
Japan-(continued)    

Mitsubishi Corp.

    6,321      $ 171,426  

Mitsubishi Electric Corp.

         10,445              92,057  

Mitsubishi Estate Co. Ltd.

    6,046       76,188  

Mitsubishi Gas Chemical Co., Inc.

    972       12,373  

Mitsubishi HC Capital, Inc.

    3,376       14,491  

Mitsubishi Heavy Industries Ltd.

    1,496       51,532  

Mitsubishi Logistics Corp.

    325       7,139  

Mitsubishi Materials Corp.

    622       8,144  

Mitsubishi Motors Corp.(a)

    3,351       11,273  

Mitsubishi UFJ Financial Group, Inc.(b)

    64,460       303,359  

Mitsui & Co. Ltd.

    8,343       184,839  

Mitsui Chemicals, Inc.

    970       17,979  

Mitsui Fudosan Co. Ltd.

    4,860       93,172  

Mitsui Fudosan Logistics Park, Inc.

    3       9,951  

Mitsui High-Tec, Inc.

    163       8,444  

Mitsui Mining & Smelting Co. Ltd.

    324       6,561  

Mitsui OSK Lines Ltd.(b)

    1,835       36,432  

Miura Co. Ltd.

    539       11,006  

Mizuho Financial Group, Inc.

    13,596       146,905  

Money Forward, Inc.(a)

    224       6,390  

MonotaRO Co. Ltd.

    1,211       18,478  

Mori Hills REIT Investment Corp.

    8       8,757  

Morinaga & Co. Ltd.

    216       5,406  

Morinaga Milk Industry Co. Ltd.

    216       6,133  

MS&AD Insurance Group Holdings, Inc.

    2,458       65,173  

Murata Manufacturing Co. Ltd.

    3,089       151,712  

Nabtesco Corp.

    612       13,032  

Nagase & Co. Ltd.

    512       6,986  

Nagoya Railroad Co. Ltd.

    1,044       16,000  

Nankai Electric Railway Co. Ltd.

    612       12,394  

NEC Corp.

    1,450       48,046  

NEC Networks & System Integration Corp.

    396       4,247  

NET One Systems Co. Ltd.

    468       9,635  

Nexon Co. Ltd.

    2,143       36,001  

NGK Insulators Ltd.

    1,401       16,373  

NGK Spark Plug Co. Ltd.

    1,079       19,673  

NH Foods Ltd.

    539       12,855  

NHK Spring Co. Ltd.

    838       4,646  

Nichirei Corp.

    514       8,002  

Nidec Corp.

    2,429       134,626  

Nifco, Inc.

    433       10,065  

Nihon Kohden Corp.

    396       8,885  

Nihon M&A Center Holdings, Inc.

    1,416       16,033  

Nikon Corp.

    1,674       16,207  

Nintendo Co. Ltd.

    5,760       235,229  

Nippon Accommodations Fund, Inc.

    2       8,518  

Nippon Building Fund, Inc.

    8       35,577  

Nippon Electric Glass Co. Ltd.

    371       6,435  

Nippon Express Holdings, Inc.

    361       18,143  

Nippon Kayaku Co. Ltd.

    874       6,950  

Nippon Paint Holdings Co. Ltd.(b)

    5,446       34,808  

Nippon Prologis REIT, Inc.

    12       25,149  

Nippon Sanso Holdings Corp.

    790       12,607  

Nippon Shinyaku Co. Ltd.

    288       15,966  

Nippon Shokubai Co. Ltd.

    180       6,467  

Nippon Steel Corp.

    4,385       60,257  

Nippon Telegraph & Telephone Corp.

    6,344       174,739  

Nippon Television Holdings, Inc.

    144       1,075  

Nippon Yusen K.K.(b)

    2,592       47,067  

Nipro Corp.

    586       4,424  

 

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

 

 

 

 

  19  

 

 

 


 

Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM)–(continued)

October 31, 2022

 

      Shares     Value  
Japan-(continued)    

Nishi-Nippon Railroad Co. Ltd.

    432      $ 8,484  

Nissan Chemical Corp.

    720       32,455  

Nissan Motor Co. Ltd.

         10,388              33,155  

Nisshin Seifun Group, Inc.

    1,401       15,157  

Nissin Foods Holdings Co. Ltd.

    361       23,389  

Nitori Holdings Co. Ltd.

    396       36,061  

Nitto Denko Corp.

    792       41,722  

Noevir Holdings Co. Ltd.

    72       2,664  

NOF Corp.

    360       12,401  

NOK Corp.

    648       5,301  

Nomura Holdings, Inc.

    16,038       51,987  

Nomura Real Estate Holdings, Inc.

    611       13,833  

Nomura Real Estate Master Fund, Inc.

    24       27,369  

Nomura Research Institute Ltd.

    2,115       47,028  

NS Solutions Corp.

    180       4,148  

NSK Ltd.

    2,323       12,284  

NTT Data Corp.

    3,365       48,833  

Obayashi Corp.(b)

    3,582       23,015  

OBIC Business Consultants Co. Ltd.

    169       4,866  

Obic Co. Ltd.

    360       54,181  

Odakyu Electric Railway Co. Ltd.

    1,604       19,090  

Oji Holdings Corp.

    4,744       16,469  

OKUMA Corp.

    145       4,868  

Olympus Corp.

    6,690       141,330  

Omron Corp.

    1,008       47,174  

Ono Pharmaceutical Co. Ltd.

    2,252       52,969  

Open House Group Co. Ltd.

    360       12,837  

Orient Corp.

    302       2,448  

Oriental Land Co. Ltd.

    1,008       135,295  

ORIX Corp.

    6,382       93,818  

ORIX JREIT, Inc.

    14       18,791  

Osaka Gas Co. Ltd.

    2,071       30,681  

OSG Corp.

    396       5,043  

Otsuka Corp.

    574       18,131  

Otsuka Holdings Co. Ltd.

    2,215       71,024  

Paltac Corp.

    180       5,123  

Pan Pacific International Holdings Corp.

    2,120       34,816  

Panasonic Holdings Corp.

    11,405       81,681  

Park24 Co. Ltd.(a)

    712       9,509  

Penta-Ocean Construction Co. Ltd.

    1,532       7,627  

PeptiDream, Inc.(a)

    468       5,142  

Persol Holdings Co. Ltd.

    900       18,081  

Pigeon Corp.

    612       8,021  

Pola Orbis Holdings, Inc.

    432       4,781  

Rakus Co. Ltd.

    538       6,019  

Rakuten Group, Inc.

    4,349       19,487  

Recruit Holdings Co. Ltd.

    7,375       227,747  

Relo Group, Inc.

    576       8,146  

Renesas Electronics Corp.(a)

    6,473       54,285  

Rengo Co. Ltd.

    1,090       6,050  

RENOVA, Inc.(a)

    251       5,522  

Resona Holdings, Inc.

    11,622       43,764  

Resorttrust, Inc.

    360       5,546  

Ricoh Co. Ltd.

    3,243       23,782  

Rinnai Corp.

    181       12,348  

Rohm Co. Ltd.

    433       30,501  

Rohto Pharmaceutical Co. Ltd.

    540       16,803  

Ryohin Keikaku Co. Ltd.

    1,308       12,329  

Sankyo Co. Ltd.

    251       8,300  

Sankyu, Inc.

    288       8,613  
      Shares     Value  
Japan-(continued)    

Sanrio Co. Ltd.

    300      $ 8,003  

Santen Pharmaceutical Co. Ltd.

    1,954       13,383  

Sanwa Holdings Corp.

           1,018                8,780  

Sapporo Holdings Ltd.

    360       7,944  

Sawai Group Holdings Co. Ltd.

    216       6,227  

SBI Holdings, Inc.

    1,308       23,655  

SCREEN Holdings Co. Ltd.

    216       11,902  

SCSK Corp.

    684       10,110  

Secom Co. Ltd.

    1,044       59,640  

Sega Sammy Holdings, Inc.

    818       10,484  

Seibu Holdings, Inc.

    1,115       9,992  

Seiko Epson Corp.

    1,487       20,269  

Seino Holdings Co. Ltd.

    730       5,619  

Sekisui Chemical Co. Ltd.

    1,785       22,337  

Sekisui House Ltd.

    3,042       50,654  

Sekisui House REIT, Inc.

    23       12,395  

Seven & i Holdings Co. Ltd.

    4,133       154,437  

Seven Bank Ltd.

    3,434       6,192  

SG Holdings Co. Ltd.

    2,314       30,701  

Sharp Corp.(b)

    1,045       6,264  

SHIFT, Inc.(a)

    71       11,135  

Shikoku Electric Power Co., Inc.

    864       4,162  

Shimadzu Corp.

    1,411       37,260  

Shimamura Co. Ltd.

    108       8,741  

Shimano, Inc.

    431       66,911  

Shimizu Corp.

    2,863       14,312  

Shin-Etsu Chemical Co. Ltd.

    2,071       216,526  

Shinko Electric Industries Co. Ltd.

    360       8,683  

Shinsei Bank Ltd.

    352       5,234  

Shionogi & Co. Ltd.

    1,487       68,930  

Ship Healthcare Holdings, Inc.

    432       8,286  

Shiseido Co. Ltd.

    2,043       70,856  

Shizuoka Financial Group, Inc.

    2,647       16,705  

SHO-BOND Holdings Co. Ltd.

    252       10,919  

Shochiku Co. Ltd.(a)

    37       2,940  

Showa Denko K.K.

    1,004       14,671  

Skylark Holdings Co. Ltd.(a)

    1,179       12,588  

SMC Corp.

    310       125,389  

SMS Co. Ltd.

    252       5,798  

SoftBank Corp.

    14,730       145,234  

SoftBank Group Corp.

    5,602       241,214  

Sohgo Security Services Co. Ltd.

    360       8,986  

Sojitz Corp.

    1,287       18,997  

Sompo Holdings, Inc.

    1,713       71,374  

Sony Group Corp.

    6,596       443,239  

Sotetsu Holdings, Inc.

    432       6,548  

Square Enix Holdings Co. Ltd.

    432       19,299  

Stanley Electric Co. Ltd.

    791       13,453  

Subaru Corp.

    3,224       50,225  

Sugi Holdings Co. Ltd.

    180       7,230  

SUMCO Corp.

    1,828       23,232  

Sumitomo Bakelite Co. Ltd.

    180       4,880  

Sumitomo Chemical Co. Ltd.

    8,075       27,218  

Sumitomo Corp.

    6,039       77,014  

Sumitomo Electric Industries Ltd.

    4,026       42,092  

Sumitomo Forestry Co. Ltd.

    756       11,851  

Sumitomo Heavy Industries Ltd.

    648       12,307  

Sumitomo Metal Mining Co. Ltd.

    1,293       36,380  

Sumitomo Mitsui Financial Group, Inc.

    6,937       194,760  

Sumitomo Mitsui Trust Holdings, Inc.

    1,891       54,414  

 

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

 

 

 

 

  20  

 

 

 


 

Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM)–(continued)

October 31, 2022

 

      Shares     Value  
Japan-(continued)    

Sumitomo Pharma Co. Ltd.

    936      $ 6,530  

Sumitomo Realty & Development Co. Ltd.

           2,072