LOGO

                    

 

Invesco Annual Report to Shareholders

 

October 31, 2021

 

PIN       Invesco India ETF

 

Table of Contents

 

The Market Environment      3  
Management’s Discussion of Fund Performance      4  
Schedule of Investments      6  
Statement of Assets and Liabilities      9  
Statement of Operations      10  
Statement of Changes in Net Assets      11  
Financial Highlights      12  
Notes to Financial Statements      13  
Report of Independent Registered Public Accounting Firm      21  
Fund Expenses      22  
Tax Information      23  
Trustees and Officers      24  

 

 

   2  

 

 

The Market Environment

 

 

 

Global Equity

At the beginning of the fiscal year, global equity markets posted gains as good news about coronavirus (“COVID-19”) vaccines outweighed concerns about sharply rising infection rates and tightening social restrictions. In most global regions, equity market leadership shifted as value stocks outperformed growth stocks. Emerging market equities posted robust gains amplified by US dollar weakness.

Global equity markets ended the first quarter of 2021 in positive territory amid concerns about rising bond yields and inflation. The value-led equity rally continued in most regions, with value stocks outperforming growth stocks. The successful rollout of COVID-19 vaccinations in the US and UK benefited equity markets. However, even regions facing slower rollouts, including the Eurozone and Japan, performed well, driven by a rebound in global demand for goods.

During the second quarter of 2021, global equity markets were again bolstered by the continued acceleration of vaccination rollouts and easing of COVID-19-related restrictions in most developed markets. In a reversal from the first quarter, growth stocks outperformed value stocks in most regions. Emerging market equities were led by Brazil which benefited from global tailwinds, while regulatory concerns weighed on Chinese equities.

Developed global equity markets were flat in the third quarter of 2021 amid concerns about rising inflation, supply disruptions and the economic growth rate. Energy stocks and energy-driven markets performed well as global shortages pushed oil and gas prices higher. Emerging market equities declined during the quarter, primarily due to weak performance from Chinese equities, which were affected by significant regulatory changes in the private tutoring industry, increased regulation in the technology sector and the potential default of a large Chinese property developer.

After emerging from a difficult COVID-19 surge, India saw a strong rebound in GDP. The economy has seen a slight decrease in inflation from summer levels, though inflation remains elevated compared to pre-COVID-19 levels. In October 2021, the Reserve Bank of India maintained its accommodative stance with rates at 4%.

In October of 2021, global equity stocks were positive with the US market leading the way, and Chinese equities rebounded after their decline in the third quarter. Overall, developed market equities outperformed emerging market equities for the fiscal year.

 

 

   3  

 

 

 

PIN    Management’s Discussion of Fund Performance
   Invesco India ETF (PIN)

 

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

Strictly in accordance with its guidelines and mandated procedures, FTSE International Ltd. (the “Index Provider”) compiles, maintains, and calculates the Index, which is a modified market capitalization-weighted index of equity securities that are traded on the National Stock Exchange of India. The Index Provider screens each constituent of the Index to identify those securities that exhibit relatively high yield and high quality pursuant to the Index methodology. Eligible securities ranked in the top 90% based on a company’s trailing 12-month dividend yield are included in the Index. The Index Provider also calculates each security’s quality score by evaluating each security’s: (i) profitability, which is calculated using a company’s return on assets, change in asset turnover, and accruals; and (ii) leverage, which is calculated as the ratio of operating cash flow to total debt. Eligible securities ranked in the top 90% by quality are included in the Index. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended October 31, 2021, on a market price basis, the Fund returned 45.68%. On a net asset value (“NAV”) basis, the Fund returned 43.64%. During the same time period, the Index returned 53.35%. 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 the Fund incurred, along with India capital gains tax and the cost and settlement timing of converting currencies.

During this same time period, the MSCI India Index (Net) (the “Benchmark Index”) returned 50.21%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 101 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a representation of the Indian equity market.

The performance of the Fund differed from the Benchmark Index in part because the Index utilizes a quality and yield selection and weighting methodology, whereas the Benchmark Index utilizes a market capitalization weighting methodology.

Relative to the Benchmark Index, the Fund was most overweight in the information technology sector and most underweight in the financials sector during the fiscal year ended October 31, 2021. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to India capital gains tax and the cost and settlement timing of converting

currencies. On a security basis, the Fund’s securities outperformed the securities of the Benchmark Index, driven primarily by the Fund’s overweight allocation to the energy sector, as well as the Fund’s security selection within the utilities sector.

For the fiscal year ended October 31, 2021, the financials sector contributed most significantly to the Fund’s return, followed by the information technology and materials sectors, respectively. No sector detracted from performance during the period.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2021 included Infosys Ltd., an information technology company (portfolio average weight of 9.38%), and Housing Development Finance Corp. Ltd., a financials company (portfolio average weight of 8.22%). Positions that detracted most significantly from the Fund’s return included HDFC Life Insurance Co. Ltd., a financials company (portfolio average weight of 0.11%), and Laurus Labs Ltd., a health care company (portfolio average weight of 0.04%).

 

Sector Breakdown
(% of the Fund’s Net Assets)
as of October 31, 2021		  
Information Technology      18.90  
Financials      18.13  
Energy      13.80  
Materials      12.58  
Consumer Staples      8.04  
Consumer Discretionary      7.56  
Health Care      6.04  
Industrials      5.98  
Utilities      4.13  
Communication Services      4.06  
Real Estate      0.61  
Money Market Funds Plus Other Assets Less Liabilities      0.16  
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of October 31, 2021		  
Security   
Reliance Industries Ltd.      10.46  
Infosys Ltd.      8.63  
Housing Development Finance Corp. Ltd.      7.14  
Tata Consultancy Services Ltd.      5.04  
Hindustan Unilever Ltd.      3.05  
Bajaj Finance Ltd.      2.50  
Bharti Airtel Ltd.      2.25  
Asian Paints Ltd.      2.01  
ICICI Bank Ltd.      1.80  
HCL Technologies Ltd.      1.79  
Total      44.67  

 

*

Excluding money market fund holdings, if any.

 

 

   4  

 

 

Invesco India ETF (PIN) (continued)

 

Growth of a $10,000 Investment

 

 

LOGO

Fund Performance History as of October 31, 2021

 

    1 Year     3 Years
Average
Annualized		     3 Years
Cumulative		     5 Years
Average
Annualized		     5 Years
Cumulative		     10 Years
Average
Annualized		     10 Years
Cumulative		           Fund Inception  
Index   Average
Annualized		     Cumulative  
Blended—FTSE India Quality and Yield Select Index (Net)     53.35 %      22.59 %      84.25 %      15.43 %      104.91 %      9.06 %      138.13 %        5.59 %      110.22 % 
MSCI India Index (Net)     50.21       19.80       71.95       13.16       85.54       8.21       120.07         5.03       95.55  
Fund                    
NAV Return     43.64       18.46       66.22       12.46       79.87       6.91       95.15         3.50       59.98  
Market Price Return     45.68       18.87       67.95       12.55       80.61       7.03       97.35         3.35       56.80  

 

Fund Inception: March 5, 2008

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 0.78% 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 of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

 

-

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

 

-

Net returns reflect reinvested dividends net of withholding taxes.

 

-

The Blended-FTSE India Quality and Yield Select Index (Net) is comprised of the performance of the Indus India Index, the Fund’s previous underlying index, from Fund inception through the conversion date, June 21, 2019, followed by the performance of the Index, starting from the conversion date through October 31, 2021.

 

 

   5  

 

 

Invesco India ETF (PIN)

October 31, 2021

 

 

Schedule of Investments(a)

 

          Shares         Value  

Common Stocks & Other Equity Interests-99.83%(b)

 

Communication Services-4.06%

 

Bharti Airtel Ltd.(c)

    296,863     $ 2,717,036  

Indus Towers Ltd.

     162,833       590,390  

Info Edge India Ltd.

     9,911       804,110  

Sun TV Network Ltd.

     12,814       96,001  

Tata Communications Ltd.

     14,817       258,700  

Zee Entertainment Enterprises Ltd.,
(Acquired 06/21/2019 - 08/20/2021; Cost $428,521)(d)

    107,870       433,533  
   

 

 

  
      4,899,770  
   

 

 

  

Consumer Discretionary-7.56%

 

Bajaj Auto Ltd.

     9,033       447,209  

Balkrishna Industries Ltd.

     10,486       344,500  

Bata India Ltd.

     7,864       207,881  

Bosch Ltd.

     1,130       255,820  

Eicher Motors Ltd.

     17,420       578,051  

Exide Industries Ltd.

     59,702       137,851  

Hero MotoCorp Ltd.

     16,987       602,770  

Jubilant Foodworks Ltd.

     9,417       463,963  

Mahindra & Mahindra Ltd.

     119,424       1,410,242  

Maruti Suzuki India Ltd.

     17,206       1,719,285  

MRF Ltd.

     351       362,376  

Page Industries Ltd.

     746       374,947  

Rajesh Exports Ltd.

     17,652       150,457  

Titan Co. Ltd.

     54,125       1,722,856  

TVS Motor Co. Ltd.

     25,970       229,783  

Whirlpool of India Ltd.

     3,960       116,995  
   

 

 

  
      9,124,986  
   

 

 

  

Consumer Staples-8.04%

 

Britannia Industries Ltd.

     15,467       759,240  

Colgate-Palmolive (India) Ltd.

     17,264       355,649  

Dabur India Ltd.

     68,963       539,547  

Emami Ltd.

     27,325       193,859  

Gillette India Ltd.

     1,017       76,618  

Hindustan Unilever Ltd.

     115,297       3,684,808  

ITC Ltd.

     384,224       1,145,264  

Marico Ltd.

     67,325       511,088  

Nestle India Ltd.

     4,669       1,184,698  

Tata Consumer Products Ltd.

     78,567       849,345  

United Breweries Ltd.

     8,955       198,345  

Varun Beverages Ltd.

     17,559       199,165  
   

 

 

  
      9,697,626  
   

 

 

  

Energy-13.80%

 

Bharat Petroleum Corp. Ltd.

     132,440       738,772  

Coal India Ltd.

     245,840       539,900  

Hindustan Petroleum Corp. Ltd.

     90,126       373,593  

Indian Oil Corp. Ltd.

     355,388       607,254  

Oil & Natural Gas Corp. Ltd.

     392,697       781,658  

Oil India Ltd.

     43,107       129,555  

Petronet LNG Ltd.

     97,548       299,035  

Reliance Industries Ltd.

     372,869       12,629,183  

Reliance Industries Ltd., Rts., expiring 11/29/2021

     21,863       555,456  
   

 

 

  
        16,654,406  
   

 

 

  

 

          Shares         Value  

Financials-18.13%

 

Bajaj Finance Ltd.

     30,485     $ 3,012,705  

Bajaj Finserv Ltd.

     4,959       1,180,203  

Bajaj Holdings & Investment Ltd.

     3,474       224,066  

Bandhan Bank Ltd.(e)

    102,646       399,515  

Cholamandalam Investment and Finance Co. Ltd.

     52,158       428,200  

Federal Bank Ltd.

     202,250       263,207  

HDFC Asset Management Co. Ltd.(e)

    9,962       352,176  

HDFC Life Insurance Co. Ltd.(e)

    120,566       1,095,590  

Housing Development Finance Corp. Ltd.

     226,835       8,617,344  

ICICI Bank Ltd.

     202,472       2,168,669  

ICICI Lombard General Insurance Co. Ltd.(e)

    26,062       515,645  

Indiabulls Housing Finance Ltd.

     44,319       128,315  

LIC Housing Finance Ltd.

     39,178       212,865  

Mahindra & Mahindra Financial Services Ltd.

     76,912       184,368  

Muthoot Finance Ltd.

     12,523       245,464  

Nippon Life India Asset Management Ltd.(e)

    19,245       107,519  

Piramal Enterprises Ltd.

     16,401       569,853  

Power Finance Corp. Ltd.

     151,107       268,590  

REC Ltd.

     121,664       241,520  

SBI Life Insurance Co. Ltd.(e)

    54,603       835,329  

Shriram Transport Finance Co. Ltd.

     25,770       494,261  

Sundaram Finance Ltd.

     8,807       281,101  

Yes Bank Ltd.(c)

    316,551       54,110  
   

 

 

  
        21,880,615  
   

 

 

  

Health Care-6.04%

 

Alkem Laboratories Ltd.

     3,198       154,202  

Apollo Hospitals Enterprise Ltd.

     12,897       734,064  

Aurobindo Pharma Ltd.

     34,477       317,392  

Cadila Healthcare Ltd.

     31,956       214,573  

Cipla Ltd.

     66,449       803,134  

Divi’s Laboratories Ltd.

     16,574       1,139,919  

Dr. Reddy’s Laboratories Ltd.

     15,687       976,064  

GlaxoSmithKline Pharmaceuticals Ltd.

     5,508       110,625  

Glenmark Pharmaceuticals Ltd.

     19,603       131,915  

Ipca Laboratories Ltd.

     8,880       254,063  

Laurus Labs Ltd.(e)

    47,052       324,106  

Lupin Ltd.

     31,151       383,931  

Sun Pharmaceutical Industries Ltd.

     141,399       1,501,206  

Torrent Pharmaceuticals Ltd.

     6,329       241,762  
   

 

 

  
      7,286,956  
   

 

 

  

Industrials-5.98%

 

ABB India Ltd.

     6,615       187,272  

Adani Enterprises Ltd.

     34,216       650,495  

Adani Ports & Special Economic Zone Ltd.

     99,476       920,616  

Astral Ltd.

     11,565       337,407  

Bharat Electronics Ltd.

     141,750       391,566  

Container Corp. of India Ltd.

     35,710       312,410  

Cummins India Ltd.

     17,568       210,141  

Havells India Ltd.

     31,239       526,878  

Hindustan Aeronautics Ltd.(e)

    4,508       78,660  

Indian Railway Catering & Tourism Corp. Ltd.

     33,920       383,088  

L&T Technology Services Ltd.(e)

    3,279       206,905  

 

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

 

 

   6  

 

 

 

Invesco India ETF (PIN)–(continued)

October 31, 2021

 

 

          Shares         Value  

Industrials-(continued)

    

Larsen & Toubro Ltd.

     89,514     $ 2,111,876  

Polycab India Ltd.

     3,283       99,146  

Siemens Ltd.

     11,116       324,605  

Voltas Ltd.

     29,820       479,689  
   

 

 

  
      7,220,754  
   

 

 

  

Information Technology-18.90%

    

HCL Technologies Ltd.

     141,128       2,155,615  

Honeywell Automation India Ltd.

     287       160,724  

Infosys Ltd.

     467,661       10,415,713  

Larsen & Toubro Infotech Ltd.(e)

    5,779       515,710  

Mindtree Ltd.

     5,601       336,025  

Oracle Financial Services Software Ltd.

     2,969       175,429  

Tata Consultancy Services Ltd.

     134,175       6,088,214  

Tech Mahindra Ltd.

     78,414       1,547,572  

Wipro Ltd.

     163,990       1,416,383  
   

 

 

  
      22,811,385  
   

 

 

  

Materials-12.58%

    

Aarti Industries Ltd.

     24,400       314,151  

ACC Ltd.

     11,076       345,143  

Ambuja Cements Ltd.

     89,223       482,330  

Asian Paints Ltd.

     58,654       2,428,288  

Bayer CropScience Ltd.

     1,670       111,249  

Berger Paints India Ltd.

     30,319       300,229  

Castrol India Ltd.

     63,038       116,300  

Coromandel International Ltd.

     14,156       148,515  

Grasim Industries Ltd.

     49,840       1,145,542  

Hindalco Industries Ltd.

     183,441       1,126,399  

Hindustan Zinc Ltd.(c)

    30,201       125,573  

JSW Steel Ltd.

     129,977       1,161,494  

Kansai Nerolac Paints Ltd.

     16,823       122,452  

NMDC Ltd.

     98,091       187,520  

PI Industries Ltd.

     9,483       379,915  

Pidilite Industries Ltd.

     19,768       610,784  

Shree Cement Ltd.

     1,757       671,892  

SRF Ltd.

     18,370       519,420  

Steel Authority of India Ltd.

     128,935       198,186  

Tata Steel Ltd.

     103,771       1,823,654  

UltraTech Cement Ltd.

     14,883       1,517,701  

UPL Ltd.

     69,761       689,586  

Vedanta Ltd.

     159,702       648,352  
   

 

 

  
        15,174,675  
   

 

 

  

Investment Abbreviations:

REIT-Real Estate Investment Trust

Rts.-Rights

INR-Indian Rupee

          Shares           Value  

Real Estate-0.61%

    

DLF Ltd.

     77,268     $ 411,305  

Embassy Office Parks REIT

     69,053       322,426  
   

 

 

  
      733,731  
   

 

 

  

Utilities-4.13%

    

Adani Total Gas Ltd.

     36,047       692,935  

GAIL (India) Ltd.

     231,443       460,066  

Gujarat Gas Ltd.

     26,140       217,236  

Indraprastha Gas Ltd.

     45,522       288,094  

JSW Energy Ltd.

     49,728       231,535  

NHPC Ltd.

     296,876       121,714  

NTPC Ltd.

     576,313       1,020,922  

Power Grid Corp. of India Ltd.

     408,599       1,009,749  

Tata Power Co. Ltd. (The)

     263,244       753,369  

Torrent Power Ltd.

     28,109       187,672  
   

 

 

  
      4,983,292  
   

 

 

  

Total Common Stocks & Other Equity Interests
(Cost $88,801,806)

 

     120,468,196  
   

 

 

  
    Principal
Amount		        

Non-U.S. Dollar Denominated Bonds & Notes-0.01%(f)

 

Consumer Staples-0.01%

    

Britannia Industries Ltd.

    

8.00%, 08/28/2022

     INR   534,750       7,331  

Series N3, 5.50%, 06/03/2024

     INR   445,614       5,949  
   

 

 

  
      13,280  
   

 

 

  

Total Non-U.S. Dollar Denominated Bonds & Notes
(Cost $13,570)

 

     13,280  
   

 

 

  
    Shares        

Money Market Funds-3.17%

    

Invesco Government & Agency Portfolio, Institutional Class, 0.03%(g)(h)
(Cost $3,818,737)

     3,818,737       3,818,737  
   

 

 

  

TOTAL INVESTMENTS IN SECURITIES-103.01%
(Cost $92,634,113)

 

     124,300,213  

OTHER ASSETS LESS LIABILITIES-(3.01)%

 

     (3,630,027 ) 
   

 

 

  

NET ASSETS-100.00%

     $ 120,670,186  
   

 

 

  

 

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

 

 

   7  

 

 

 

Invesco India ETF (PIN)–(continued)

October 31, 2021

 

 

Notes to Schedule of Investments:

(a)

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

(b)

Country of issuer and/or credit risk exposure listed in Common Stocks & Other Equity Interests has been determined to be India unless otherwise noted.

(c)

Non-income producing security.

(d)

Restricted security. The value of this security at October 31, 2021 represented less than 1% of the Fund’s Net Assets.

(e)

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, 2021 was $4,431,155, which represented 3.67% of the Fund’s Net Assets.

(f)

Foreign denominated security. Principal amount is denominated in the currency indicated.

(g)

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, 2021.

 

   

Value

October 31, 2020

    

Purchases

    at Cost    

   

Proceeds

from Sales

    

Change in

Unrealized

Appreciation

     

Realized

    Gain    

     

Value

October 31, 2021

      Dividend
  Income  		  

Investments in Affiliated Money

Market Funds:

                 

Invesco Government & Agency

Portfolio, Institutional Class

     $-     $ 37,727,970     $ (33,909,233 )      $-        $-        $3,818,737        $597  

 

(h)

The rate shown is the 7-day SEC standardized yield as of October 31, 2021.

 

 

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

 

 

   8  

 

 

 

Statement of Assets and Liabilities

October 31, 2021

 

    

Invesco India ETF

            (PIN)           

  

Assets:

              

Unaffiliated investments in securities, at value

       $ 120,481,476     

Affiliated investments in securities, at value

         3,818,737     

Foreign currencies, at value

         894,700     

Receivable for:

         

Dividends and interest

         129,304     

Foreign tax reclaims

         292,282     
     

 

 

     

Total assets

         125,616,499     
     

 

 

     

Liabilities:

         

Accrued unitary management fees

         81,917     

Accrued tax expenses

         4,864,396     
     

 

 

     

Total liabilities

         4,946,313     
     

 

 

     

Net Assets

       $ 120,670,186     
     

 

 

     

Net assets consist of:

         

Shares of beneficial interest

       $ 91,802,103     

Distributable earnings

         28,868,083     
     

 

 

     

Net Assets

       $ 120,670,186     
     

 

 

     

Shares outstanding (unlimited amount authorized, $ 0.01 par value)

         4,310,000     

Net asset value

       $ 28.00     
     

 

 

     

Market price

       $ 28.08     
     

 

 

     

Unaffiliated investments in securities, at cost

       $ 88,815,376     
     

 

 

     

Affiliated investments in securities, at cost

       $ 3,818,737     
     

 

 

     

Foreign currencies, at cost

       $ 904,186     
     

 

 

     

 

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

 

 

   9  

 

 

 

Statement of Operations

For the year ended October 31, 2021

 

    

Invesco India ETF

            (PIN)           

  

Investment income:

   

    

     

Unaffiliated interest income

       $ 4,786    

Unaffiliated dividend income

         1,810,024    

Affiliated dividend income

         597    

Non-cash dividend income

         6,123    

Foreign withholding tax

         (422,083 )   
     

 

 

    

Total investment income

         1,399,447    
     

 

 

    

Expenses:

        

Unitary management fees

         884,990    

Tax expenses

         1,167    
     

 

 

    

Total expenses

         886,157    
     

 

 

    

Less: Waivers

         (582 )   
     

 

 

    

Net expenses

         885,575    
     

 

 

    

Net investment income

         513,872    
     

 

 

    

Realized and unrealized gain (loss) from:

        

Net realized gain (loss) from:

        

Unaffiliated investment securities (net of foreign taxes of $1,913,098)

         10,830,236    

Foreign currencies

         (515,269 )   
     

 

 

    

Net realized gain

         10,314,967    
     

 

 

    

Change in net unrealized appreciation (depreciation) of:

        

Unaffiliated investment securities (net of foreign taxes of $3,985,530)

         27,210,432    

Foreign currencies

         (4,010 )   
     

 

 

    

Change in net unrealized appreciation

         27,206,422    
     

 

 

    

Net realized and unrealized gain

         37,521,389    
     

 

 

    

Net increase in net assets resulting from operations

       $ 38,035,261    
     

 

 

    

 

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

 

 

   10  

 

 

 

Statement of Changes in Net Assets

For the years ended October 31, 2021 and 2020

 

     Invesco India ETF (PIN)  
               
     2021      2020  

Operations:

      

Net investment income

    $ 513,872      $ 582,465  

Net realized gain (loss)

      10,314,967        (1,924,296 ) 

Change in net unrealized appreciation (depreciation)

      27,206,422        (382,722 ) 
  

 

 

     

 

 

  

Net increase (decrease) in net assets resulting from operations

      38,035,261        (1,724,553 ) 
  

 

 

     

 

 

  

Distributions to Shareholders from:

      

Distributable earnings

      (1,131,311 )       (29,097,909 ) 

Return of capital

      -        (545,560 ) 
  

 

 

     

 

 

  

Total distributions to shareholders

      (1,131,311 )       (29,643,469 ) 
  

 

 

     

 

 

  

Shareholder Transactions:

      

Proceeds from shares sold

      18,424,869        21,353,512  

Value of shares repurchased

      (26,257,951 )       (31,201,178 ) 

Transaction fees

      108,528        140,612  
  

 

 

     

 

 

  

Net increase (decrease) in net assets resulting from share transactions

      (7,724,554 )       (9,707,054 ) 
  

 

 

     

 

 

  

Net increase (decrease) in net assets

      29,179,396        (41,075,076 ) 
  

 

 

     

 

 

  

Net assets:

      

Beginning of year

      91,490,790        132,565,866  
  

 

 

     

 

 

  

End of year

    $ 120,670,186      $ 91,490,790  
  

 

 

     

 

 

  

Changes in Shares Outstanding:

      

Shares sold

      740,000        1,100,000  

Shares repurchased

      (1,080,000 )       (1,700,000 ) 

Shares outstanding, beginning of year

      4,650,000        5,250,000  
  

 

 

     

 

 

  

Shares outstanding, end of year

      4,310,000        4,650,000  
  

 

 

     

 

 

  

 

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

 

 

   11  

 

 

 

Financial Highlights

Invesco India ETF (PIN)

 

     Years Ended October 31,  
  

 

 

  
     2021     2020     2019     2018     2017  

Per Share Operating Performance:

           

Net asset value at beginning of year

    $ 19.68     $ 25.25     $ 22.24     $ 25.58     $ 20.79  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income(a)

     0.11       0.11       0.24       0.28       0.27  

Net realized and unrealized gain (loss) on investments

      8.45       (0.06 )      3.02       (3.63 )      4.76  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total from investment operations

      8.56       0.05       3.26       (3.35 )      5.03  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Distributions to shareholders from:

           

Net investment income

      (0.26 )      (0.07 )      (0.28 )      -       (0.28 ) 

Net realized gains

      -       (5.48 )      -       -       -  

Return of capital

      -       (0.10 )      -       -       -  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total distributions

      (0.26 )      (5.65 )      (0.28 )      -       (0.28 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Transaction fees(a)

     0.02       0.03       0.03       0.01       0.04  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net asset value at end of year

    $ 28.00     $ 19.68     $ 25.25     $ 22.24     $ 25.58  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Market price at end of year(b)

   $ 28.08     $ 19.46     $ 25.12     $ 22.06     $ 25.62  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Asset Value Total Return(c)

     43.64 %      0.75 %      14.85 %      (13.06 )%      24.52 % 

Market Price Total Return(c)

     45.68 %      0.08 %      15.19 %      (13.90 )%      24.89 % 

Ratios/Supplemental Data:

           

Net assets at end of year (000’s omitted)

    $ 120,670     $ 91,491     $ 132,566     $ 200,175     $ 292,870  

Ratio to average net assets of:

           

Expenses

      0.78 %      0.78 %      0.85 %      0.82 %      0.79 % 

Net investment income

      0.45 %      0.60 %      0.98 %      1.12 %      1.22 % 

Portfolio turnover rate(d)

     36 %      42 %      160 %      27 %      27 % 

 

(a)

Based on average shares outstanding.

(b)

The mean between the last bid and ask prices.

(c)

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(d)

Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

 

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

 

 

   12  

 

 

 

Notes to Financial Statements

Invesco India Exchange-Traded Fund Trust

October 31, 2021

NOTE 1–Organization

Invesco India Exchange-Traded Fund Trust (the “Trust”) was organized as a Massachusetts business trust and is authorized to have multiple series of portfolios. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). This report includes Invesco India ETF (PIN) (the “Fund”). Prior to March 25, 2019, the Fund invested substantially all of its assets in Invesco Mauritius PIN, a wholly-owned subsidiary organized in Mauritius (the “Subsidiary”) to gain exposure to Indian equity securities. Effective March 25, 2019, the Subsidiary liquidated and ceased operations. For periods prior to March 25, 2019, the Financial Highlights report the operations of the Fund and the Subsidiary on a consolidated basis.

The Fund represents a separate series of the Trust. The shares of the Fund are referred to herein as “Shares” or “Fund’s Shares.” The Fund’s Shares are listed on NYSE Arca, Inc.

The market price of a Share may differ to some degree from the Fund’s net asset value (“NAV”). Unlike conventional mutual funds, the Fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a “Creation Unit.” Creation Units are issued and redeemed principally in exchange for the deposit or delivery of cash. Except when aggregated in Creation Units by Authorized Participants, Shares are not individually redeemable securities of the Fund.

The investment objective of the Fund is to seek to track the investment results (before fees and expenses) of the FTSE India Quality and Yield Select Index (the “Underlying Index”).

NOTE 2–Significant Accounting Policies

The following is a summary of the significant accounting policies followed by the Fund in preparation of its financial statements.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services–Investment Companies.

A.

Security Valuation - Securities, including restricted securities, are valued according to the following policies:

A security listed or traded on an exchange (except convertible securities) is generally valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded or, lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded, or at the final settlement price set by such exchange. Swaps and options not listed on an exchange are valued by an independent source. For purposes of determining NAV per Share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Investment companies are valued using such company’s NAV per share, unless the shares are exchange-traded, in which case they are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but the Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities’ (including foreign exchange contracts’) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the London world markets. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that Invesco Capital Management LLC (the “Adviser”) determines are significant and make the closing price unreliable, the Fund may fair

 

 

   13  

 

 

 

value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, the potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value exchange-traded equity securities. The mean between the last bid and asked prices may be used to value debt obligations, including corporate loans, and unlisted equity securities.

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith following procedures approved by the Board of Trustees. Issuer-specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors, including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

B.

Investment Transactions and Investment Income - Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest income is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Realized gains, dividends and interest received by the Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.

The Fund may periodically participate in litigation related to the Fund’s investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s NAV and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the Adviser.

C.

Country Determination - For the purposes of presentation in the Schedule of Investments, the Adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include whether the Fund’s Underlying Index has made a country determination and may include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be India, unless otherwise noted.

 

 

   14  

 

 

 

D.

Dividends and Distributions to Shareholders - The Fund declares and pays dividends from net investment income, if any, to its shareholders quarterly and records such dividends on the ex-dividend date. Generally, the Fund distributes net realized taxable capital gains, if any, annually in cash and records them on the ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America (“GAAP”). Distributions in excess of tax basis earnings and profits, if any, are reported in such Fund’s financial statements as a tax return of capital at fiscal year-end.

E.

Taxes - The Fund intends to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute substantially all of the Fund’s taxable earnings to its shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized gains) that is distributed to the shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements. Under the applicable foreign tax laws, a withholding tax may be imposed on interest, dividends and capital gains at various rates.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. These differences are primarily due to differing book and tax treatments for in-kind transactions, losses deferred due to wash sales and passive foreign investment company adjustments, if any.

The Fund files U.S. federal tax returns and tax returns in certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

The Fund is subject to a 15% short-term capital gains tax in India on the sale of shares of Indian resident companies. Additionally, the Fund is subject to a 10% long-term capital gains tax in India on the sale of shares of Indian resident companies purchased after April 1, 2018. Withholding tax rates on dividends and interest received from Indian resident companies vary from 20% to 25% for dividends and 5% to 40% for interest. Changes in the Indian tax law could reduce the return to the Fund on its investments and the return received by Fund shareholders.

F.

Expenses - The Fund has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Fund, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser).

To the extent the Fund invests in other investment companies, the expenses shown in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses of the investment companies in which it invests. The effects of such investment companies’ expenses are included in the realized and unrealized gain or loss on the investments in the investment companies.

G.

Accounting Estimates - The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements, including estimates and assumptions related to taxation. Actual results could differ from these estimates. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

H.

Indemnifications - Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Each Board member who is not an “interested person” (as defined in the 1940 Act) of the Trust (each, an “Independent Trustee”) is also indemnified against certain liabilities arising out of the performance of their duties to the Trust pursuant to an Indemnification Agreement between such trustee and the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

I.

Foreign Currency Translations - Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions,

 

 

   15  

 

 

 

  and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period-end, resulting from changes in exchange rates.

The Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Fund invests.

J.

Other Risks

Authorized Participant Concentration Risk. Only authorized participants (“APs”) may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities held by the Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to the Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished trading market for Fund Shares, and Shares may be more likely to trade at a premium or discount to the Fund’s NAV and to face trading halts and/or delisting. Investments in non-U.S. securities, which may have lower trading volumes, may increase this risk.

Cash Transaction Risk. Most exchange-traded funds (“ETFs”) generally make in-kind redemptions to avoid being taxed on gains on the distributed portfolio securities at the fund level. However, unlike most ETFs, the Fund currently intends to effect creations and redemptions principally for cash, rather than principally in-kind, because of the nature of the Fund’s investments. As such, the Fund may be required to sell portfolio securities to obtain the cash needed to distribute redemption proceeds. Therefore, the Fund may recognize a capital gain on these sales that might not have been incurred if the Fund had made a redemption in-kind. This may decrease the tax efficiency of the Fund compared to ETFs that utilize an in-kind redemption process and there may be a substantial difference in the after-tax rate of return between the Fund and conventional ETFs.

Currency Risk. Because the Fund’s NAV is determined in U.S. dollars, the Fund’s NAV could decline if the currency of a non-U.S. market in which the Fund invests depreciates against the U.S. dollar. Generally, an increase in the value of the U.S. dollar against a foreign currency will reduce the value of a security denominated in that foreign currency, thereby decreasing the Fund’s overall NAV. Exchange rates may be volatile and may change quickly and unpredictably in response to both global economic developments and economic conditions, causing an adverse impact on the Fund. As a result, investors have the potential for losses regardless of the length of time they intend to hold Shares.

Equity Risk. Equity risk is the risk that the value of equity securities, including common stocks, may fall due to both changes in general economic conditions that impact the market as a whole, as well as factors that directly relate to a specific company or its industry. Such general economic conditions include changes in interest rates, periods of market turbulence or instability, or general and prolonged periods of economic decline and cyclical change. It is possible that a drop in the stock market may depress the price of most or all of the common stocks that the Fund holds. In addition, equity risk includes the risk that investor sentiment toward one or more industries will become negative, resulting in those investors exiting their investments in those industries, which could cause a reduction in the value of companies in those industries more broadly. The value of a company’s common stock may fall solely because of factors, such as an increase in production costs that negatively impact other companies in the same region, industry or sector of the market. A company’s common stock also may decline significantly in price over a short period of time due to factors specific to that company, including decisions made by its management or lower demand for the company’s products or services. For example, an adverse event, such as an unfavorable earnings report or the failure to make anticipated dividend payments, may depress the value of common stock.

Index Risk. Unlike many investment companies, the Fund does not utilize an investing strategy that seeks returns in excess of its Underlying Index. Therefore, the Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its Underlying Index, even if that security generally is underperforming. Additionally, the Fund rebalances its portfolio in accordance with its Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to the Fund’s rebalance schedule.

Indian Securities Risk. Investment in Indian securities involves risks in addition to those associated with investments in securities of issuers in more developed countries, which may adversely affect the value of the Fund’s assets. Such heightened risks include, among others, political and legal uncertainty, greater government control over the economy, currency fluctuations or blockage and the risk of nationalization or expropriation of assets. In addition, religious and border disputes persist in India. Certain restrictions on foreign investment may decrease the liquidity of the Fund’s portfolio or inhibit the Fund’s ability to track the Underlying Index. The Fund’s investment in securities of issuers located or operating in India as well as its ability to track the Underlying Index may be limited or prevented at times, due to the limits on foreign ownership imposed by the Reserve Bank of India.

 

 

   16  

 

 

 

Market Risk. Securities in the Underlying Index are subject to market fluctuations. You should anticipate that the value of the Shares will decline, more or less, in correlation with any decline in value of the securities in the Underlying Index. Additionally, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or other events could result in increased premiums or discounts to the Fund’s NAV.

Non-Correlation Risk. The Fund’s return may not match the return of its Underlying Index for a number of reasons. For example, the Fund incurs operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of its Underlying Index. Because the Fund issues and redeems Creation Units principally for cash, the Fund will incur higher costs in buying and selling securities than if it issued and redeemed Creation Units in-kind. Additionally, the Fund’s use of a representative sampling approach may cause the Fund not to be as well-correlated with the return of its Underlying Index as would be the case if the Fund purchased all of the securities in its Underlying Index in the proportions represented in the Underlying Index. In addition, the performance of the Fund and its Underlying Index may vary due to asset valuation differences and differences between the Fund’s portfolio and its Underlying Index resulting from legal restrictions, costs or liquidity constraints.

Non-Diversified Fund Risk. Because the Fund is non-diversified and can invest a greater portion of its assets in securities of individual issuers than a diversified fund, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase the Fund’s volatility and cause the performance of a relatively small number of issuers to have a greater impact on the Fund’s performance.

Regulatory Risk. The Fund is registered as a foreign portfolio investor (“FPI”) with the Securities and Exchange Board of India (“SEBI”) in order to have the ability to make and dispose of investments in Indian securities. There can be no assurance that the Fund will qualify or continue to qualify as an FPI under the SEBI FPI Regulations, 2019, or that the Indian regulatory authorities will continue to grant such qualifications, and the loss of such qualifications could adversely impact the ability of the Fund to make and dispose of investments in India. Investments by FPIs in Indian securities are also subject to certain limits and restrictions under applicable law, and the application of such limits and restrictions could adversely impact the ability of the Fund to make investments in India.

Small- and Mid-Capitalization Company Risk. Investing in securities of small- and mid-capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. These companies’ securities may be more volatile and less liquid than those of more established companies. These securities may have returns that vary, sometimes significantly, from the overall securities market. Often small- and mid-capitalization companies and the industries in which they focus are still evolving and, as a result, they may be more sensitive to changing market conditions.

Valuation Risk. Financial information related to securities of non-U.S. issuers may be less reliable than information related to securities of U.S. issuers, which may make it difficult to obtain a current price for a non-U.S. security held by the Fund. In certain circumstances, market quotations may not be readily available for some Fund securities, and those securities may be fair valued. The value established for a security through fair valuation may be different from what would be produced if the security had been valued using market quotations. Fund securities that are valued using techniques other than market quotations, including “fair valued” securities, may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. In addition, there is no assurance that the Fund could sell a portfolio security for the value established for it at any time, and it is possible that the Fund would incur a loss because a security is sold at a discount to its established value.

COVID-19 Risk. The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations and supply chains, layoffs, lower consumer demand, and defaults, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally.

The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

NOTE 3–Investment Advisory Agreement and Other Agreements

The Trust has entered into an Investment Advisory Agreement with the Adviser on behalf of the Fund, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Fund’s investments, managing the Fund’s business affairs and providing certain clerical, bookkeeping and other administrative services.

Pursuant to the Investment Advisory Agreement, the Fund accrues daily and pays monthly to the Adviser an annual unitary management fee of 0.78% of the Fund’s average daily net assets. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Fund, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser).

 

 

   17  

 

 

 

Further, through at least August 31, 2023, the Adviser has contractually agreed to waive the management fee payable by the Fund in an amount equal to the lesser of: (i) 100% of the net advisory fees earned by the Adviser or an affiliate of the Adviser that are attributable to the Fund’s investments in money market funds that are managed by affiliates of the Adviser and other funds (including ETFs) managed by the Adviser or affiliates of the Adviser or (ii) the management fee available to be waived. These waivers do not apply to the Fund’s investment of cash collateral received for securities lending. There is no guarantee that the Adviser will extend the waiver of these fees past that date. This agreement is not subject to recapture by the Adviser.

For the fiscal year ended October 31, 2021, the Adviser waived fees of $582.

The Trust has entered into a Distribution Agreement with Invesco Distributors, Inc. (the “Distributor”), which serves as the distributor of Creation Units for the Fund. The Distributor does not maintain a secondary market in the Shares. The Fund is not charged any fees pursuant to the Distribution Agreement. The Distributor is an affiliate of the Adviser.

The Adviser has entered into a licensing agreement for the Fund with FTSE International Ltd. (the “Licensor”). The Underlying Index name trademark is owned by the Licensor. The trademark has been licensed to the Adviser for use by the Fund. The Fund is entitled to use the Underlying Index pursuant to the Trust’s sub-licensing agreement with the Adviser. The Fund is not sponsored, endorsed, sold or promoted by the Licensor, and the Licensor makes no representation regarding the advisability of investing in the Fund. The Fund is not a party to the licensing agreement.

The Trust has entered into service agreements whereby The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for the Fund.

NOTE 4–Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

Level 1 –   Prices are determined using quoted prices in an active market for identical assets.
Level 2 –   Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 –   Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of October 31, 2021. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

 

     Level 1    Level 2    Level 3    Total

Investments in Securities

                    

Common Stocks & Other Equity Interests

      $ 120,468,196      $ -      $ -      $ 120,468,196

Non-U.S. Dollar Denominated Bonds & Notes

        -        13,280        -        13,280

Money Market Funds

        3,818,737        -        -        3,818,737
    

 

 

       

 

 

       

 

 

       

 

 

  

Total Investments

      $ 124,286,933      $ 13,280      $ -      $ 124,300,213
    

 

 

       

 

 

       

 

 

       

 

 

  

NOTE 5–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2021 and 2020:

 

     2021     2020  

Ordinary income*

    $ -     $ 354,503  

Return of capital

      -       545,560  

Long-term capital gain

      1,131,311       28,743,406  

 

*

Includes short-term capital gain distributions, if any.

 

 

   18  

 

 

 

Tax Components of Net Assets at Fiscal Year-End:   

Undistributed ordinary income

    $ 728,625  

Undistributed long-term capital gains

      5,677,452  

Net unrealized appreciation – investments

      27,335,601  

Net unrealized appreciation (depreciation) – foreign currencies and foreign taxes

      (4,873,595 ) 

Shares of beneficial interest

      91,802,103  
  

 

 

  

Total net assets

    $ 120,670,186  
  

 

 

  

Capital loss carryforwards are calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforwards actually available for the Fund to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund does not have a capital loss carryforward as of October 31, 2021.

NOTE 6–Investment Transactions

For the fiscal year October 31, 2021, the cost of securities purchased and proceeds from sales of securities (other than short-term securities, U.S. Government obligations, money market funds and in-kind transactions, if any) were $40,314,169 and $55,461,241, respectively.

At October 31, 2021, the aggregate cost of investments, including any derivatives, on a tax basis includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

 

Aggregate unrealized appreciation of investments

    $ 33,736,120  

Aggregate unrealized (depreciation) of investments

      (6,400,519 ) 
  

 

 

  

Net unrealized appreciation of investments

    $ 27,335,601  
  

 

 

  

Cost of investments for tax purposes is $96,964,612.

NOTE 7–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of foreign capital gain taxes, net operating losses, distributions and foreign currency, undistributed net realized gain (loss) was decreased by $570,148 and undistributed net investment income was increased by $570,148. These reclassifications had no effect on the net assets of the Fund.

NOTE 8–Trustees’ and Officer’s Fees

Trustees’ and Officer’s Fees include amounts accrued by the Fund to pay remuneration to the Independent Trustees and an Officer of the Trust. The Adviser, as a result of the Fund’s unitary management fee, pays for such compensation for the Fund. The Trustee who is an “interested person” of the Trust does not receive any Trustees’ fees.

The Trust has adopted a deferred compensation plan (the “Plan”). Under the Plan, each Independent Trustee who has executed a Deferred Fee Agreement (a “Participating Trustee”) may defer receipt of all or a portion of their compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select Invesco ETFs. The Deferral Fees payable to a Participating Trustee are valued as of the date such Deferral Fees would have been paid to a Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected. Obligations under the Plan represent unsecured claims against the general assets of the Fund.

NOTE 9–Capital

Shares are issued and redeemed by the Fund only in Creation Units consisting of a specified number of Shares as set forth in the Fund’s prospectus. Only Authorized Participants are permitted to purchase or redeem Creation Units from the Fund. Such transactions are principally permitted in exchange for the deposit or delivery of cash. The Fund also reserves the right to permit or require Creation Units to be issued in exchange for the deposit or delivery of a basket of securities. However, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the Authorized Participant or as a result of other market circumstances.

To the extent that the Fund permits transactions in exchange for Deposit Securities, the Fund may issue Shares in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash at least equal to 105% of the market value of the missing Deposit Securities. In accordance with the Trust’s Participant Agreement, Creation Units will be issued to an Authorized Participant, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the Authorized Participant to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the Authorized Participant’s delivery and maintenance of

 

 

   19  

 

 

 

collateral consisting of cash in the form of U.S. dollars in immediately available funds having a value (marked-to-market daily) at least equal to 105%, which the Adviser may change from time to time, of the value of the missing Deposit Securities.

Certain transaction fees may be charged by the Fund for creations and redemptions, which are treated as increases in capital. Transactions in the Fund’s Shares are disclosed in detail in the Statement of Changes in Net Assets.

 

 

   20  

 

 

 

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Invesco India Exchange-Traded Fund Trust and Shareholders of Invesco India ETF

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco India ETF (constituting Invesco India Exchange-Traded Fund Trust, referred to hereafter as the “Fund”) as of October 31, 2021, the related statement of operations for the year ended October 31, 2021, the statement of changes in net assets for each of the two years in the period ended October 31, 2021, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2021 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2021, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2021 and the financial highlights for each of the five years in the period ended October 31, 2021, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2021 by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Chicago, Illinois

December 22, 2021

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

 

 

   21  

 

 

 

Calculating your ongoing Fund expenses

Example

As a shareholder of the Invesco India ETF (the “Fund”), you incur a unitary management fee. In addition to the unitary management fee, a shareholder may pay distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser). The expense example below is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period May 1, 2021 through October 31, 2021.

Actual Expenses

The first line in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During the Six-Month Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line in the following table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed annualized rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only, and do not reflect any transactional costs, such as sales charges and brokerage commissions. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

 

    

Beginning

Account Value

May 1, 2021

  

Ending

Account Value

October 31, 2021

  

Annualized

Expense Ratio

Based on the

Six-Month Period

  

Expenses Paid    

During the  

Six-Month Period(1)  

Invesco India ETF (PIN)

         

Actual

      $1,000.00          $1,174.90           0.78 %         $4.28      

Hypothetical (5% return before expenses)

      1,000.00       1,021.27       0.78       3.97  

 

(1)

Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the six-month period ended October 31, 2021. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 184/365. Expense ratios for the most recent six-month period may differ from expense ratios based on the annualized data in the Financial Highlights.

 

 

   22  

 

 

 

Tax Information

Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended October 31, 2021:

 

Business Interest Income*

      0%      

Qualified Business Income*

      0%      

Qualified Dividend Income*

      0%      

Corporate Dividends Received Deduction*

      0%      

U.S. Treasury Obligations*

      0%      

Long-Term Capital Gain Distributions

    $ 1,131,311      

 

*

The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

 

 

   23  

 

 

 

Trustees and Officers

The Independent Trustees of the Trust, their term of office and length of time served, their principal business occupations during at least the past five years, the number of portfolios in the Fund Complex (as defined below) overseen by each Independent Trustee and the other directorships, if any, held by each Independent Trustee are shown below:

As of October 31, 2021

 

Name, Address and Year of

Birth of Independent Trustees

   

Position(s)

Held

with Trust        

   

Term of

Office

and

Length of        

Time

Served*

   

Principal

Occupation(s) During

the Past 5 Years

     

Number of

Portfolios

in Fund

Complex**

Overseen by        

Independent

Trustees

   

Other

Directorships

Held by

Independent

Trustees During

the Past 5 Years        

Ronn R. Bagge–1958

c/o Invesco Capital

Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

    Vice Chairman of the Board; Chairman of the Nominating and Governance Committee and Trustee    Vice Chairman since 2018; Chairman of the Nominating and Governance Committee and Trustee since 2008    Founder and Principal, YQA Capital Management LLC (1998-Present); formerly, Owner/CEO of Electronic Dynamic Balancing Co., Inc. (high-speed rotating equipment service provider).      234    Trustee and Investment Oversight Committee member, Mission Aviation Fellowship (2017- Present).

Todd J. Barre–1957

c/o Invesco Capital

Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

    Trustee    Since 2010    Assistant Professor of Business, Trinity Christian College (2010-2016); formerly, Vice President and Senior Investment Strategist (2001-2008), Director of Open Architecture and Trading (2007-2008), Head of Fundamental Research (2004-2007) and Vice President and Senior Fixed Income Strategist (1994-2001), BMO Financial Group/Harris Private Bank.      234    None.

 

*

This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

**

Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

 

 

   24  

 

 

 

Trustees and Officers–(continued)

 

 

Name, Address and Year of

Birth of Independent Trustees

   

Position(s)

Held

with Trust        

   

Term of

Office

and

Length of        

Time

Served*

   

Principal

Occupation(s) During

the Past 5 Years

     

Number of

Portfolios

in Fund

Complex**

Overseen by    

Independent

Trustees

   

Other

Directorships

Held by

Independent

Trustees During

the Past 5 Years        

Edmund P. Giambastiani,

Jr.—1948

c/o Invesco Capital

Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

    Trustee    Since 2019    President, Giambastiani Group LLC (national security and energy consulting) (2007-Present); Director, The Boeing Company (2009-Present); Director, First Eagle Alternative Credit LLC (2020-Present); Advisory Board Member, Massachusetts Institute of Technology Lincoln Laboratory (federally funded research development) (2010-Present); Defense Advisory Board Member, Lawrence Livermore National Laboratory (2013-Present); formerly, Trustee, MITRE Corporation (federally funded research development) (2008-2020); Director, THL Credit, Inc. (alternative credit investment manager) (2016-2020); Chairman (2015-2016), Lead Director (2011-2015) and Director (2008-2011), Monster Worldwide, Inc. (career services); United States Navy, career nuclear submarine officer (1970-2007); Seventh Vice Chairman of the Joint Chiefs of Staff (2005-2007); first NATO Supreme Allied Commander Transformation (2003-2005); Commander, U.S. Joint Forces Command (2002-2005).      234    Trustee, U.S. Naval Academy Foundation Athletic & Scholarship Program (2010- Present); formerly, Trustee, certain funds of the Oppenheimer Funds complex (2013-2019); Advisory Board Member, Maxwell School of Citizenship and Public Affairs of Syracuse University (2012-2016).

 

*

This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

**

Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

 

 

 

   25  

 

 

 

Trustees and Officers–(continued)

 

 

Name, Address and Year of

Birth of Independent Trustees

   

Position(s)

Held

with Trust        

   

Term of

Office

and

Length of        

Time

Served*

   

Principal

Occupation(s) During

the Past 5 Years

     

Number of

Portfolios

in Fund

Complex**

Overseen by        

Independent

Trustees

   

Other

Directorships

Held by

Independent

Trustees During

the Past 5 Years        

Victoria J. Herget–1951

c/o Invesco Capital

Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

    Trustee    Since 2019    Formerly, Managing Director (1993-2001), Principal (1985-1993), Vice President (1978-1985) and Assistant Vice President (1973-1978), Zurich Scudder Investments (investment adviser) (and its predecessor firms).      234    Trustee (2000- Present) and Chair (2010-2017), Newberry Library; Trustee, Mather LifeWays (2001-Present); Trustee, Chikaming Open Lands (2014-Present); formerly, Trustee, certain funds in the Oppenheimer Funds complex (2012- 2019); Board Chair (2008-2015) and Director (2004- 2018), United Educators Insurance Company; Independent Director, First American Funds (2003-2011); Trustee (1992-2007), Chair of the Board of Trustees (1999-2007), Investment Committee Chair (1994-1999) and Investment Committee member (2007-2010), Wellesley College; Trustee, BoardSource (2006-2009); Trustee, Chicago City Day School (1994-2005).

 

*

This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

**

Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

 

 

 

   26  

 

 

 

Trustees and Officers–(continued)

 

 

Name, Address and Year of

Birth of Independent Trustees

   

Position(s)

Held

with Trust        

   

Term of

Office

and

Length of        

Time

Served*

   

Principal

Occupation(s) During

the Past 5 Years

     

Number of

Portfolios

in Fund

Complex**

Overseen by        

Independent

Trustees

   

Other

Directorships

Held by

Independent

Trustees During

the Past 5 Years        

Marc M. Kole–1960

c/o Invesco Capital

Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

    Chairman of the Audit Committee and Trustee    Chairman of the Audit Committee and Trustee since 2008    Managing Director of Finance (2020-Present) and Senior Director of Finance (2015-2020), By The Hand Club for Kids (not-for-profit); formerly, Chief Financial Officer, Hope Network (social services) (2008-2012); Assistant Vice President and Controller, Priority Health (health insurance) (2005-2008);Regional Chief Financial Officer, United Healthcare (2005); Chief Accounting Officer, Senior Vice President of Finance, Oxford Health Plans (2000-2004); Audit Partner, Arthur Andersen LLP (1996-2000).      234    Formerly, Treasurer (2018-2021), Finance Committee Member (2015-2021) and Audit Committee Member (2015), Thornapple Evangelical Covenant Church; Board and Finance Committee Member (2009-2017) and Treasurer (2010-2015, 2017), NorthPointe Christian Schools.

Yung Bong Lim–1964

c/o Invesco Capital

Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

    Chairman of the Investment Oversight Committee and Trustee    Chairman of the Investment Oversight Committee since 2014; Trustee since 2013    Managing Partner, RDG Funds LLC (real estate) (2008-Present); formerly, Managing Director, Citadel LLC (1999-2007).      234    Board Director, Beacon Power Services, Corp. (2019-Present); formerly, Advisory Board Member, Performance Trust Capital Partners, LLC (2008-2020).

 

*

This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

**

Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

 

 

 

   27  

 

 

 

Trustees and Officers–(continued)

 

 

Name, Address and Year of

Birth of Independent Trustees

   

Position(s)

Held

with Trust        

   

Term of

Office

and

Length of        

Time

Served*

   

Principal

Occupation(s) During

the Past 5 Years

     

Number of

Portfolios

in Fund

Complex**

Overseen by        

Independent

Trustees

   

Other

Directorships

Held by

Independent

Trustees During

the Past 5 Years        

Joanne Pace–1958

c/o Invesco Capital

Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

    Trustee    Since 2019    Formerly, Senior Advisor, SECOR Asset Management, LP (2010-2011); Managing Director and Chief Operating Officer, Morgan Stanley Investment Management (2006-2010); Partner and Chief Operating Officer, FrontPoint Partners, LLC (alternative investments) (2005-2006); Managing Director (2003-2005), Global Head of Human Resources and member of Executive Board and Operating Committee (2004-2005), Global Head of Operations and Product Control (2003-2004), Credit Suisse (investment banking); Managing Director (1997-2003), Controller and Principal Accounting Officer (1999-2003), Chief Financial Officer (temporary assignment) for the Oversight Committee, Long Term Capital Management (1998-1999), Morgan Stanley.      234    Board Director, Horizon Blue Cross Blue Shield of New Jersey (2012- Present); Advisory Board Director, The Alberleen Group LLC (2012-Present); Governing Council Member (2016- Present) and Chair of Education Committee (2017-Present), Independent Directors Council (IDC); Council Member, New York-Presbyterian Hospital’s Leadership Council on Children’s and Women’s Health (2012-Present); formerly, Board Member, 100 Women in Finance (2015-2020); Trustee, certain funds in the Oppenheimer Funds complex (2012-2019); Lead Independent Director and Chair of the Audit and Nominating Committee of The Global Chartist Fund, LLC, Oppenheimer Asset Management (2011-2012); Board Director, Managed Funds Association (2008-2010); Board Director (2007-2010) and Investment Committee Chair (2008-2010), Morgan
                 Stanley Foundation.

 

*

This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

**

Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

 

 

 

   28  

 

 

 

Trustees and Officers–(continued)

 

 

Name, Address and Year of
Birth of Independent Trustees    		   

Position(s)

Held

with Trust        

   

Term of

Office

and

Length of        

Time

Served*

   

Principal

Occupation(s) During

the Past 5 Years

     

Number of

Portfolios

in Fund

Complex**

Overseen by        

Independent

Trustees

   

Other

Directorships

Held by

Independent

Trustees During

the Past 5 Years        

Gary R. Wicker - 1961

c/o Invesco Capital

Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

    Trustee    Since 2013    Senior Vice President of Global Finance and Chief Financial Officer, RBC Ministries (publishing company) (2013-Present); formerly, Executive Vice President and Chief Financial Officer, Zondervan Publishing (a division of Harper Collins/NewsCorp) (2007-2012); Senior Vice President and Group Controller (2005- 2006), Senior Vice President and Chief Financial Officer (2003-2004), Chief Financial Officer (2001-2003), Vice President, Finance and Controller (1999-2001) and Assistant Controller (1997-1999), divisions of The Thomson Corporation (information services provider); Senior Audit Manager (1994-1997), PricewaterhouseCoopers LLP.      234    Board Member and Treasurer, Our Daily Bread Ministries Canada (2015- Present); Board and Finance Committee Member, West Michigan Youth For Christ (2010- Present).

Donald H. Wilson - 1959

c/o Invesco Capital

Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

    Chairman of the Board and Trustee    Chairman since 2012; Trustee since 2008    Chairman, President and Chief Executive Officer, McHenry Bancorp Inc. and McHenry Savings Bank (subsidiary) (2018-Present); formerly, Chairman and Chief Executive Officer, Stone Pillar Advisors, Ltd. (2010-2017); President and Chief Executive Officer, Stone Pillar Investments, Ltd. (advisory services to the financial sector) (2016-2018); Chairman, President and Chief Executive Officer, Community Financial Shares, Inc. and Community Bank–Wheaton/Glen Ellyn (subsidiary) (2013-2015); Chief Operating Officer, AMCORE Financial, Inc. (bank holding company) (2007-2009); Executive Vice President and Chief Financial Officer, AMCORE Financial, Inc. (2006-2007); Senior Vice President and Treasurer, Marshall & Ilsley Corp. (bank holding company) (1995-2006).      234    Director, Penfield Children’s Center (2004-Present); Board Chairman, Gracebridge Alliance, Inc. (2015-Present).

 

*

This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

**

Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

 

 

 

   29  

 

 

 

Trustees and Officers–(continued)

 

 

The Interested Trustee and the executive officers of the Trust, their term of office and length of time served, their principal business occupations during at least the past five years, the number of portfolios in the Fund Complex overseen by the Interested Trustee and the other directorships, if any, held by the Interested Trustee are shown below:

 

Name, Address and Year of Birth    

of Interested Trustee

   

Position(s)

Held

with Trust        

   

Term of

Office

and

Length of        

Time

Served*

   

Principal

Occupation(s) During

the Past 5 Years

     

Number of

Portfolios

in Fund

Complex**

Overseen by        

Interested

Trustee

   

Other

Directorships

Held by

Interested

Trustee During

the Past 5 Years        

Kevin M. Carome–1956

Invesco Ltd.

Two Peachtree Pointe

1555 Peachtree St., N.E.,

Suite 1800

Atlanta, GA 30309

    Trustee    Since 2010    Senior Managing Director, Secretary and General Counsel, Invesco Ltd. (2007-Present); Director, Invesco Advisers, Inc. (2009-Present); Director (2006-Present) and Executive Vice President (2008-Present), Invesco North American Holdings, Inc.; Executive Vice President (2008-Present), Invesco Investments (Bermuda) Ltd.; Manager, Horizon Flight Works LLC; and Executive Vice President (2014-Present), INVESCO Asset Management (Bermuda) Ltd.; formerly, Director and Secretary (2012-2020), Invesco Services (Bahamas) Private Limited; Director, Invesco Finance PLC (2011-2019); Director, INVESCO Asset Management (Bermuda) Ltd. (2014-2019); Director and Executive Vice President, Invesco Finance, Inc. (2011-2018); Director (2006-2018) and Executive Vice President (2008-2018), Invesco Group Services, Inc., Invesco Holding Company (US), Inc.; Director, Invesco Holding Company Limited (2007- 2019); Director and Chairman, INVESCO Funds Group, Inc., Senior Vice President, Secretary and General Counsel, Invesco Advisers, Inc. (2003-2006); Director, Invesco Investments (Bermuda) Ltd. (2008-2016); Senior Vice President and General Counsel, Liberty Financial Companies, Inc. (2000-2001); General Counsel of certain investment management subsidiaries of Liberty Financial Companies, Inc. (1998-2000); Associate General Counsel, Liberty Financial Companies, Inc. (1993-1998); Associate, Ropes & Gray LLP.      234    None

 

*

This is the date the Interested Trustee began serving the Trust. The Interested Trustee serves an indefinite term, until his successor is elected.

**

Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

 

 

 

   30  

 

 

 

Trustees and Officers–(continued)

 

 

Name, Address and Year of Birth    

of Executive Officers

   

Position(s)

Held

with Trust        

   

Length of        

Time

Served*

   

Principal

Occupation(s) During

the Past 5 Years

Anna Paglia–1974

Invesco Capital

Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

    President and Principal Executive Officer    Since 2020    President and Principal Executive Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange- Traded Self-Indexed Fund Trust (2020-Present); Managing Director and Global Head of ETFs and Indexed Strategies, Chief Executive Officer and Principal Executive Officer, Invesco Capital Management LLC (2020-Present); Chief Executive Officer, Manager and Principal Executive Officer, Invesco Specialized Products, LLC (2020-Present); Vice President, Invesco Indexing LLC (2020-Present); formerly, Secretary, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2011-2020), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2020) and Invesco Exchange-Traded Self-Indexed Fund Trust (2015-2020); Head of Legal (2010-2020) and Secretary (2015-2020), Invesco Capital Management LLC; Manager and Assistant Secretary, Invesco Indexing LLC (2017-2020); Head of Legal and Secretary, Invesco Specialized Products, LLC (2018-2020); Partner, K&L Gates LLP (formerly, Bell Boyd & Lloyd LLP) (2007-2010); and Associate Counsel at Barclays Global Investors Ltd. (2004-2006).

Adrien Deberghes–1967

Invesco Capital

Management LLC

11 Greenway Plaza, Suite 1000

Houston, TX 77046

    Vice President    Since 2020    Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange- Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2020-Present); Head of the Fund Office of the CFO, Fund Administration and Vice President, Invesco Advisers, Inc. (2020-Present); Principal Financial Officer, Treasurer and Vice President, The Invesco Funds (2020-Present); formerly, Senior Vice President and Treasurer, Fidelity Investments (2008-2020).

Kelli Gallegos–1970

Invesco Capital

Management LLC

11 Greenway Plaza, Suite 1000

Houston, TX 77046

    Vice President and Treasurer    Since 2018    Vice President, Invesco Advisers, Inc. (2020-Present); Principal Financial and Accounting Officer- Pooled Investments, Invesco Specialized Products, LLC (2018-Present); Vice President and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2018-Present); Principal Financial and Accounting Officer-Pooled Investments, Invesco Capital Management LLC (2018-Present); Vice President and Assistant Treasurer (2008-Present), The Invesco Funds; formerly, Principal Financial Officer (2016-2020) and Assistant Vice President (2008-2016), The Invesco Funds; Assistant Treasurer, Invesco Specialized Products, LLC (2018); Assistant Treasurer, Invesco Exchange- Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2012-2018), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2018) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-2018); and Assistant Treasurer, Invesco Capital Management LLC (2013-2018).

 

*

This is the date each Officer began serving the Trust in their current position. Each Officer serves an indefinite term, until his or her successor is elected.

 

 

 

   31  

 

 

 

Trustees and Officers–(continued)

 

 

Name, Address and Year of Birth    

of Executive Officers

   

Position(s)

Held

with Trust        

   

Length of        

Time

Served*

   

Principal

Occupation(s) During

the Past 5 Years

Adam Henkel–1980

Invesco Capital

Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

    Secretary    Since 2020    Head of Legal and Secretary, Invesco Capital Management LLC and Invesco Specialized Products, LLC (2020-present); Secretary, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange- Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2020-Present); Assistant Secretary, Invesco Capital Markets, Inc. (2020-Present); Assistant Secretary, the Invesco Funds (2014-Present); Manager and Assistant Secretary, Invesco Indexing LLC (2020-Present); Assistant Secretary, Invesco Investment Advisers LLC (2020-Present); formerly, Assistant Secretary of Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange- Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2020); Chief Compliance Officer of Invesco Capital Management LLC (2017); Chief Compliance Officer of Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2017); Senior Counsel, Invesco, Ltd. (2013-2020); Assistant Secretary, Invesco Specialized Products, LLC (2018-2020).

Peter Hubbard–1981

Invesco Capital

Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

    Vice President    Since 2009    Vice President, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2009-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Vice President and Director of Portfolio Management, Invesco Capital Management LLC (2010-Present); formerly, Vice President of Portfolio Management, Invesco Capital Management LLC (2008-2010); Portfolio Manager, Invesco Capital Management LLC (2007-2008); Research Analyst, Invesco Capital Management LLC (2005-2007); Research Analyst and Trader, Ritchie Capital, a hedge fund operator (2003-2005).

Michael McMaster–1962

Invesco Capital

Management LLC

11 Greenway Plaza, Suite 1000

Houston, TX 77046

    Chief Tax Officer    Since 2020    Vice President and Head of Global Fund Services Tax, Invesco Advisers, Inc. (2020-Present); Chief Tax Officer, Vice President and Assistant Treasurer, The Invesco Funds (2020-Present); Assistant Treasurer, Invesco Capital Management LLC (2020-Present); Chief Tax Officer and Assistant Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2020-Present); Assistant Treasurer, Invesco Specialized Products, LLC (2020-Present); formerly, Senior Vice President, Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS) (2007-2020).

 

*

This is the date each Officer began serving the Trust in their current position. Each Officer serves an indefinite term, until his or her successor is elected.

 

 

 

   32  

 

 

 

Trustees and Officers–(continued)

 

 

Name, Address and Year of Birth    

of Executive Officers

   

Position(s)

Held

with Trust        

   

Length of        

Time

Served*

   

Principal

Occupation(s) During

the Past 5 Years

Sheri Morris–1964

Invesco Capital

Management LLC

11 Greenway Plaza, Suite 1000

Houston, TX 77046

    Vice President    Since 2012    Head of Global Fund Services, Invesco Ltd. (2019-Present); Vice President, OppenheimerFunds, Inc. (2019-Present); President and Principal Executive Officer, The Invesco Funds (2016-Present); Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) (2020-Present) and Vice President, Invesco Exchange- Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2012-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); formerly, Treasurer (2008-2020), Vice President and Principal Financial Officer, The Invesco Funds (2008-2016); Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange- Traded Fund Trust (2011-2013); Vice President, Invesco Aim Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Treasurer, Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Vice President, Invesco Advisers, Inc. (2009-2020).

Rudolf E. Reitmann–1971

Invesco Capital

Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

    Vice President    Since 2013    Head of Global Exchange Traded Funds Services, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2013-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Head of Global Exchange Traded Funds Services, Invesco Capital Management LLC (2013-Present); Vice President, Invesco Capital Markets, Inc. (2018-Present).

Melanie Zimdars–1976

Invesco Capital Management

LLC

3500 Lacey Road,

Suite 700

Downers Grove, IL 60515

    Chief Compliance Officer    Since 2017    Chief Compliance Officer, Invesco Specialized Products, LLC (2018-Present); Chief Compliance Officer, Invesco Capital Management LLC (2017-Present); Chief Compliance Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange- Traded Self-Indexed Fund Trust (2017-Present); formerly, Vice President and Deputy Chief Compliance Officer, ALPS Holding, Inc. (2009-2017); Mutual Fund Treasurer/ Chief Financial Officer, Wasatch Advisors, Inc. (2005-2008); Compliance Officer, U.S. Bancorp Fund Services, LLC (2001-2005).

 

*

This is the date each Officer began serving the Trust in their current position. Each Officer serves an indefinite term, until his or her successor is elected.

Availability of Additional Information About the Trustees

The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request at (800) 983-0903.

 

 

 

   33  

 

 

 

 

 

(This Page Intentionally Left Blank)

Proxy Voting Policies and Procedures

A description of the Trust’s proxy voting policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available, without charge and upon request, by calling (800) 983-0903. This information is also available on the Securities and Exchange Commission’s (the “Commission”) website at www.sec.gov.

Information regarding how the Fund voted proxies for portfolio securities, if applicable, during the most recent 12-month period ended June 30, is available, without charge and upon request, by (i) calling (800) 983-0903; or (ii) accessing the Trust’s Form N-PX on the Commission’s website at www.sec.gov.

Quarterly Portfolios

The Trust files its complete schedule of portfolio holdings for the Fund with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Forms N-PORT are available on the Commission’s website at www.sec.gov.

Frequency Distribution of Discounts and Premiums

A table showing the number of days the market price of the Fund’s shares was greater than the Fund’s net asset value, and the number of days it was less than the Fund’s net asset value (i.e., premium or discount) for the most recently completed calendar year, and the calendar quarters since that year end (or the life of the Fund, if shorter) may be found at the Fund’s website at www.invesco.com/ETFs.

 

 

 

 

©2021 Invesco Capital Management LLC

3500 Lacey Road, Suite 700

        
Downers Grove, IL 60515      P-PIN-AR-1    invesco.com/ETFs