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Invesco Annual Report to Shareholders

October 31, 2021

 

 

PBTP     Invesco PureBetaSM 0-5 Yr US TIPS ETF

PBDM    Invesco PureBetaSM FTSE Developed ex-North America ETF

PBEE     Invesco PureBetaSM FTSE Emerging Markets ETF

 

 

 

 


 

Table of Contents

 

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

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

     11  

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

     13  

Invesco PureBetaSM FTSE Emerging Markets ETF (PBEE)

     28  
Statements of Assets and Liabilities      39  
Statements of Operations      40  
Statements of Changes in Net Assets      41  
Financial Highlights      42  
Notes to Financial Statements      45  
Report of Independent Registered Public Accounting Firm      55  
Fund Expenses      56  
Tax Information      58  
Trustees and Officers      59  

 

 

 

  2  

 


 

The Market Environment

 

 

 

Domestic Equity

US equity markets posted gains in the fourth quarter of 2020, as positive news on coronavirus (“COVID-19”) vaccines and strong corporate earnings outweighed investor concerns about the political disagreement over a fiscal stimulus package and sharply rising COVID-19 infections nationwide. Cyclical sectors like energy and financials led the way, while real estate and consumer staples lagged. Market leadership also shifted during the quarter with value stocks outperforming growth for the first time since the fourth quarter of 2016. While the US economy rebounded significantly since the pandemic began, the recovery appeared to slow in the fourth quarter with employment gains and gross domestic product (GDP) growth down from the third quarter of 2020. However, stocks were buoyed by the US Federal Reserve’s (the Fed’s) pledge to maintain its accommodative stance and asset purchases, “until substantial further progress has been made” toward employment and inflation targets.

US political unrest and rising COVID-19 infection rates marked the start of the first quarter of 2021. Additionally, retail investors bid up select stocks like GameStop and AMC Theaters, ultimately causing a sharp selloff in late January. Corporate earnings generally beat expectations, but market volatility rose during the quarter as investors worried about rising bond yields and inflation. Despite the Fed’s commitment to an accommodative policy, the 10-year US Treasury yield rose from 0.92% at year-end to 1.74%1 at the end of March 2021. Approval of a third COVID-19 vaccine boosted investors’ optimism for faster economic recovery. Although March saw increased volatility with consecutive down days in the US stock market, stocks continued to hit all-time highs through April 2021.

The US stock market once again hit new highs in the second quarter of 2021, despite higher volatility stemming from inflation concerns and the potential for rising interest rates. Investors remained optimistic about the strength of the economic recovery after the Bureau of Economic Analysis reported that the US GDP grew at a 6.4% annualized rate for the first quarter of 2021. 2 Corporate earnings also remained strong as the majority of S&P 500 companies beat Wall Street earnings forecasts. US equity markets continued to move higher in July despite inflation concerns and increasing COVID-19 infection rates due to the rapidly spreading Delta variant. Despite the Consumer Price Index (CPI) increasing in June through September 2021,3 the Fed declined to raise interest rates at its September Federal Open Market Committee (FOMC) meeting. The US stock market saw continued volatility in August 2021 and a selloff through most of September due to increasing concerns of inflation due to a spike in oil prices and supply chain shortages causing rising costs. In October 2021, investor sentiment improved as many S&P 500 index companies met or exceeded earnings expectations and the index hit new record highs. For the fiscal year, the S&P 500 Index returned 42.91%.4

 

1 

Source: US Department of the Treasury

2 

Source: US Bureau of Economic Analysis

3 

Source: US Bureau of Labor Statistics, July 13, 2021

4 

Source: Lipper Inc.

Global Equity

At the beginning of the fiscal year, global equity markets posted gains as good news about 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.

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.

Fixed Income

Fixed income markets posted positive gains in the third quarter of 2020 primarily due to the Federal Reserve’s (Fed) continued accommodative pledge to keep interest rates low through 2023, extending central bank support of many fixed income asset classes. Additionally, the Fed announced a revised framework for interest rate policy by changing the way its inflation targets operate, aiming for lower volatility within interest rates. Corporate credit spreads in the US and globally rallied early in the quarter, however, US markets wobbled late in the quarter amid a

 

 

  3  

 


 

The Market Environment (continued)

 

 

 

resurgence in European COVID-19 cases, as well as questions over refreshed fiscal stimulus measures. Central banks across developed nations in Europe and Asia have taken accommodative stances to keeping interest rate low. Uncertainty regarding the 2020 US presidential election and concerns of smooth transitions of power dampened markets towards the end of the quarter. The unemployment rate fell to 7.9%,1 its lowest since the beginning of the COVID-19 pandemic.

US corporate markets posted gains in the fourth quarter of 2020, as positive news on COVID-19 vaccines and strong corporate earnings outweighed investor concerns about political disagreement over a fiscal stimulus package and sharply rising COVID-19 infections nationwide. Global corporate markets were also buoyed by similar factors and ultra-accommodative central bank policies. Bonds were buoyed by the Fed’s pledge to maintain its accommodative stance and asset purchases, “until substantial further progress has been made” toward employment and inflation targets. Corporate issuance of investment grade credit slowed in the quarter, concluding a year of record issuance. US interest rate moves subtly affected fixed income valuations during the quarter. The two-year Treasury yield fell from 0.14% to 0.13%, while the 10-year yield saw an increase of 25 basis points, rising from 0.68% to 0.93% (a basis point is one one-hundredth of a percentage point).2 The yield curve, as measured by the yield differential between 2- and 10-year Treasuries, steepened modestly during the quarter. Cyclical sectors like energy and financials led the way, while real estate and consumer staples lagged.

In the first quarter of 2021, rising 10-year US Treasury yields increased significantly to 1.74%,2 their highest level since January 2020, reflecting higher inflation expectations. Largely a result of economic optimism, government bond yields rose globally during the first quarter of 2021, as investors began to price in higher levels of economic growth and inflation moving towards a post-pandemic world. On the fiscal front, another stimulus package was signed into law and COVID-19 vaccine approvals and administration ramped up. 30-year Treasury yields moved higher by 0.77% to end the quarter at 2.41%. Importantly, short-term rates, which are closely tied to Fed policy, were quite steady. Two-year US Treasury yields moved up just 0.04% to 0.16%.2

Fixed income markets settled down in the second quarter of 2021, posting gains and rebounding from negative performance experienced during the early part of the year due to a sharply rising interest rate environment. Globally, corporate credit markets rallied as economic activity continued to rebound. Yet global corporate credit spreads took a step back at the beginning of the third quarter of 2021, while credit stress from key emerging market country issuers stirred fear of possible global contagion. Despite higher volatility stemming from inflation concerns and potential for rising interest rates, investors remained optimistic about the strength of the economic recovery after the

Bureau of Economic Analysis reported that US GDP grew at a 6.4% annualized rate for the first quarter of 2021.3 As the US COVID-19 vaccination rate neared the 50% threshold, consumers resumed pre-pandemic activities in the third quarter, and economically sensitive areas, such as the consumer discretionary and technology sectors, began to recover. With an inconsistent global vaccine rollout and the threat of COVID-19 variants on the rise, investors remained cautiously optimistic and expected corporate balance sheets to continue to recover meaningfully in 2021.

 

1 

Source: US Bureau of Labor Statistics

2 

Source: US Department of the Treasury

3 

Source: US Bureau of Economic Analysis

 

 

  4  

 


 

 

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

 

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

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

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

During the fiscal year ended October 31, 2021, on a market price basis, the Fund returned 6.50%. On a net asset value (“NAV”) basis, the Fund returned 6.46%. During the same time period, the Index returned 6.55%. 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 incurred by the Fund.

For the fiscal year ended October 31, 2021, bonds with maturities between 2 and 3 years contributed most significantly to the Fund’s return, followed by bonds with maturities between 3 and 4 years. No maturities detracted from the Fund’s return.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2021, included Treasury CPI Note, 0.375% coupon, due 07/15/2025 (portfolio average weight of 5.70%) and Treasury CPI Note, 0.63% coupon, due 04/15/2023 (portfolio average weight of 5.9%). No positions detracted from the Fund’s return.

Duration Breakdown (% of the Fund’s Net Assets)
as of October 31, 2021
 
Maturing in 0-5 Years      99.88  
Money Market Funds Plus Other Assets Less Liabilities      0.12  
Top Ten Fund Holdings* (% of the Fund’s Net Assets)
as of October 31, 2021
 
Security   
U.S. Treasury Inflation—Indexed Notes, 0.63%, 04/15/2023      5.94  
U.S. Treasury Inflation—Indexed Notes, 0.63%, 01/15/2026      5.91  
U.S. Treasury Inflation—Indexed Notes, 0.38%, 07/15/2025      5.65  
U.S. Treasury Inflation—Indexed Notes, 0.63%, 01/15/2024      5.61  
U.S. Treasury Inflation—Indexed Notes, 0.25%, 01/15/2025      5.57  
U.S. Treasury Inflation—Indexed Notes, 0.13%, 04/15/2022      5.56  
U.S. Treasury Inflation—Indexed Notes, 0.38%, 07/15/2023      5.56  
U.S. Treasury Inflation—Indexed Notes, 0.13%, 07/15/2024      5.52  
U.S. Treasury Inflation—Indexed Notes, 0.13%, 01/15/2023      5.51  
U.S. Treasury Inflation—Indexed Notes, 0.13%, 01/15/2022      5.49  
Total      56.32  

 

*

Excluding money market fund holdings.

 

 

  5  

 


 

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

 

Growth of a $10,000 Investment Since Inception

 

LOGO

Fund Performance History as of October 31, 2021

 

    1 Year     3 Years
Average
Annualized
    3 Years
Cumulative
          Fund Inception  
Index         Average
Annualized
    Cumulative  
ICE BofA 0-5 Year US Inflation-Linked Treasury IndexSM     6.55     5.04     15.91       3.79     16.50
Fund            
NAV Return     6.46       4.92       15.49         3.68       16.02  
Market Price Return     6.50       4.94       15.58         3.70       16.10  

 

Fund Inception: September 22, 2017

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

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

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

Notes Regarding Index and Fund Performance History:

 

-

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

 

 

  6  

 


 

 

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

 

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

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

During the fiscal year ended October 31, 2021, on a market price basis, the Fund returned 33.09%. On a net asset value (“NAV”) basis, the Fund returned 33.78%. During the same time period, the Index returned 33.73%. 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 incurred by the Fund during the period, all of which were offset by revenue from securities lending.

For the fiscal year ended October 31, 2021, the financials sector contributed most significantly to the Fund’s return, followed by the industrials and consumer discretionary sectors, respectively. No sector detracted from the Fund’s return.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2021, included ASML Holding N.V., an information technology company (portfolio average weight of 1.34%), and LVMH Moet Hennessy Louis Vuitton SE, a consumer discretionary company (portfolio average weight of 0.94%). Positions that detracted most significantly from the Fund’s return included Nintendo Co. Ltd., a communication services company (portfolio average weight of 0.31%), and SoftBank Group Corp., a communications services company (portfolio average weight of 0.57%).

Sector Breakdown (% of the Fund’s Net Assets)
as of October 31, 2021
 
Financials      16.61  
Industrials      16.11  
Consumer Discretionary      12.54  
Health Care      11.71  
Information Technology      11.03  
Consumer Staples      9.48  
Materials      7.82  
Communication Services      4.68  
Utilities      3.29  
Energy      3.26  
Real Estate      3.19  
Money Market Funds Plus Other Assets Less Liabilities      0.28  
Top Ten Fund Holdings* (% of the Fund’s Net Assets)
as of October 31, 2021
 
Security   
Nestle S.A.      1.90  
ASML Holding N.V.      1.64  
Samsung Electronics Co. Ltd.      1.43  
Roche Holding AG      1.37  
Toyota Motor Corp.      1.10  
LVMH Moet Hennessy Louis Vuitton SE      0.99  
AstraZeneca PLC      0.98  
Novartis AG      0.89  
Novo Nordisk A/S, Class B      0.88  
SAP SE      0.82  
Total      12.00  

 

*

Excluding money market fund holdings.

 

 

  7  

 


 

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

 

Growth of a $10,000 Investment Since Inception

 

LOGO

Fund Performance History as of October 31, 2021

 

    1 Year     3 Years
Average
Annualized
    3 Years
Cumulative
          Fund Inception  
Index         Average
Annualized
    Cumulative  
FTSE Developed ex North America Index (Net)     33.73     11.81     39.77       6.93     31.66
Fund            
NAV Return     33.78       11.79       39.71         6.88       31.42  
Market Price Return     33.09       11.54       38.78         6.87       31.37  

 

Fund Inception: September 22, 2017

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

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

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

Notes Regarding Index and Fund Performance History:

 

-

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

 

-

Net returns reflect reinvested dividends net of withholding taxes.

 

 

  8  

 


 

 

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

 

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

Strictly in accordance with its guidelines and mandated procedures, FTSE International Limited (the “Index Provider”) compiles, maintains and calculates the Underlying Index, which is designed to measure the performance of the large- and mid-capitalization segments of equity markets of countries around the world that are classified as emerging markets within the country classification definition of the Index Provider. The Index Provider defines the large- and mid-capitalization segments as approximately the top 90% of the eligible universe. The Fund does not purchase all of the securities in the Underlying Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.

During the fiscal year ended October 31, 2021, on a market price basis, the Fund returned 15.61%. On a net asset value (“NAV”) basis, the Fund returned 17.02%. During the same time period, the Index returned 17.06%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the impact of the fees and expenses that the Fund incurred during the period, partially offset by revenue from securities lending.

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. The consumer discretionary sector detracted most significantly from the Fund’s return, followed by the communications services and real estate sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2021, included Taiwan Semiconductor Manufacturing Co. Ltd., an information technology company (portfolio average weight of 7.17%), and The Invesco India ETF (portfolio average weight of 4.73%). Positions that detracted most significantly from the Fund’s return included Alibaba Group Holding Ltd., a consumer discretionary company (portfolio average weight of 3.04%) and Tencent Holdings Ltd., a communications services company (portfolio average weight of 6.38%).

Sector Breakdown (% of the Fund’s Net Assets)
as of October 31, 2021
 
Financials      23.37  
Information Technology      15.08  
Consumer Discretionary      14.82  
Communication Services      10.22  
Materials      7.66  
Consumer Staples      5.63  
Energy      5.58  
Industrials      5.22  
Health Care      3.85  
Utilities      3.12  
Sector Types Each Less Than 3%      5.24  
Money Market Funds Plus Other Assets Less Liabilities      0.21  
Top Ten Fund Holdings* (% of the Fund’s Net Assets)
as of October 31, 2021
 
Security   
Taiwan Semiconductor Manufacturing Co. Ltd.      7.08  
Tencent Holdings Ltd.      5.17  
Invesco India ETF      4.56  
Alibaba Group Holding Ltd.      4.17  
iShares MSCI India ETF      2.78  
Meituan, B Shares      1.90  
GAIL (India) Ltd., GDR      1.25  
Reliance Industries Ltd., GDR      0.97  
China Construction Bank Corp., H Shares      0.87  
Infosys Ltd., ADR      0.80  
Total      29.55  

 

*

Excluding money market fund holdings.

 

 

  9  

 


 

Invesco PureBetaSM FTSE Emerging Markets ETF (PBEE) (continued)

 

Growth of a $10,000 Investment Since Inception

 

LOGO

Fund Performance History as of October 31, 2021

 

    1 Year     3 Years
Average
Annualized
    3 Years
Cumulative
          Fund Inception  
Index         Average
Annualized
    Cumulative  
FTSE Emerging Index (Net)     17.06     12.66     42.98       6.22     28.11
Fund            
NAV Return     17.02       12.30       41.62         5.99       26.97  
Market Price Return     15.61       12.05       40.69         5.42       24.18  

 

Fund Inception: September 22, 2017

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. The adviser has contractually agreed to waive a portion of its management fee through August 31, 2023. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.19% (0.16% after fee waiver) includes the unitary management fee of 0.14% and acquired fund fees and expenses of 0.05%. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder

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

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

Notes Regarding Index and Fund Performance History:

 

-

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

 

-

Net returns reflect reinvested dividends net of withholding taxes.

 

 

  10  

 


 

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

October 31, 2021

Schedule of Investments

 

     Principal
Amount
     Value  

U.S. Treasury Securities-99.88%

 

U.S. Treasury Inflation – Indexed Notes-99.88%(a)

 

0.13%, 01/15/2022

   $ 2,874,966      $ 2,901,361  

0.13%, 04/15/2022

     2,883,180        2,938,107  

0.13%, 07/15/2022(b)

     2,808,193        2,887,271  

0.13%, 01/15/2023

     2,804,278        2,912,259  

0.63%, 04/15/2023

     2,983,117        3,137,336  

0.38%, 07/15/2023

     2,774,956        2,937,082  

0.63%, 01/15/2024

     2,766,138        2,961,884  

0.50%, 04/15/2024

     2,015,679        2,162,232  

0.13%, 07/15/2024

     2,720,847        2,917,843  

0.13%, 10/15/2024

     2,162,715        2,324,430  

0.25% - 2.38%, 01/15/2025

     5,068,327        5,637,689  

0.13%, 04/15/2025

     2,173,591        2,343,073  

0.38%, 07/15/2025

     2,724,318        2,985,570  

0.13%, 10/15/2025

     2,084,727        2,266,293  

0.63% - 2.00%, 01/15/2026

     4,403,050        4,977,198  

0.13%, 04/15/2026(b)

     2,393,195        2,606,338  

0.13%, 07/15/2026

     2,426,704        2,660,017  

0.13%, 10/15/2026

     1,101,243        1,207,065  
     

 

 

 

Total U.S. Treasury Securities (Cost $52,317,559)

        52,763,048  
     

 

 

 
     Shares         

Money Market Funds-0.11%

     

Invesco Government & Agency Portfolio, Institutional Class, 0.03%(c)(d)
(Cost $60,551)

     60,551        60,551  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.99% (Cost $52,378,110)

        52,823,599  
     

 

 

 
     Shares      Value  

Investments Purchased with Cash Collateral from Securities on Loan

 

  

Money Market Funds-9.74%

     

Invesco Private Government Fund,
0.02%(c)(d)(e)

     1,543,304      $ 1,543,304  

Invesco Private Prime Fund, 0.11%(c)(d)(e)

     3,599,602        3,601,042  
     

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $5,144,346)

 

     5,144,346  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES-109.73%
(Cost $57,522,456)

 

     57,967,945  

OTHER ASSETS LESS LIABILITIES-(9.73)%

        (5,142,429
     

 

 

 

NET ASSETS-100.00%

      $ 52,825,516  
     

 

 

 

 

Notes to Schedule of Investments:

(a)

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

(b)

All or a portion of this security was out on loan at October 31, 2021.

(c)

Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended October 31, 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      $ 12,806      $ 1,135,474      $ (1,087,729 )     $ -      $ -      $ 60,551      $ 9
Investments Purchased with Cash Collateral from Securities on Loan:                                  
Invesco Private Government Fund        -        2,837,486        (1,294,182 )       -        -        1,543,304        6 *
Invesco Private Prime Fund        -        6,620,789        (3,019,747 )       -        -        3,601,042        71 *
    

 

 

      

 

 

      

 

 

     

 

 

      

 

 

      

 

 

      

 

 

 
Total      $ 12,806      $ 10,593,749      $ (5,401,658 )     $ -      $ -      $ 5,204,897      $ 86
    

 

 

      

 

 

      

 

 

     

 

 

      

 

 

      

 

 

      

 

 

 

 

*

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

 

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

 

    11    

 

 

 

 


 

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

October 31, 2021

    

 

(d) 

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

(e) 

The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J.

 

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

 

    12    

 

 

 

 


 

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

October 31, 2021

Schedule of Investments

 

     Shares      Value  

Common Stocks & Other Equity Interests-99.72%

 

Australia-7.63%

 

Adbri Ltd.

     1,701      $ 3,807  

Afterpay Ltd.(a)

     814        75,379  

AGL Energy Ltd.

     2,348        10,088  

ALS Ltd.

     1,797        17,830  

Altium Ltd.

     408        11,253  

Alumina Ltd.

     9,346        13,969  

AMP Ltd.(a)

     12,843        10,418  

Ampol Ltd.

     864        19,825  

Ansell Ltd.

     480        11,360  

APA Group

     4,409        27,155  

Appen Ltd.

     408        3,294  

Aristocrat Leisure Ltd.

     2,325        81,518  

ASX Ltd.

     696        43,400  

Atlas Arteria Ltd.

     3,524        16,411  

Aurizon Holdings Ltd.

     6,445        16,314  

AusNet Services Ltd.

     6,829        12,669  

Australia & New Zealand Banking Group Ltd.

     10,117        213,832  

Bank of Queensland Ltd.(b)

     2,347        15,513  

Beach Energy Ltd.

     6,613        6,929  

Bendigo & Adelaide Bank Ltd.

     1,965        13,652  

BHP Group Ltd.

     10,506        288,655  

BHP Group PLC

     7,394        196,119  

BlueScope Steel Ltd.

     1,869        28,946  

Boral Ltd.(a)

     1,462        7,006  

Brambles Ltd.

     5,295        39,930  

carsales.com Ltd.

     792        14,670  

Challenger Ltd.

     2,156        11,238  

Charter Hall Group

     1,725        22,454  

CIMIC Group Ltd.

     360        5,386  

Cleanaway Waste Management Ltd.

     5,057        10,179  

Cochlear Ltd.

     239        39,572  

Coles Group Ltd.

     4,624        59,529  

Commonwealth Bank of Australia

     6,134        482,287  

Computershare Ltd.

     1,965        27,688  

Crown Resorts Ltd.(a)(b)

     1,317        9,852  

CSL Ltd.

     1,626        366,985  

CSR Ltd.

     1,797        8,004  

Deterra Royalties Ltd.

     1,557        4,538  

Dexus

     3,930        32,086  

Domain Holdings Australia Ltd.

     840        3,609  

Domino’s Pizza Enterprises Ltd.

     216        21,977  

Downer EDI Ltd.

     2,228        10,543  

Endeavour Group Ltd.

     4,624        23,617  

Evolution Mining Ltd.

     5,966        16,266  

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

     528        7,928  

Fortescue Metals Group Ltd.

     5,799        60,674  

Glencore PLC

     48,214        241,392  

Goodman Group

     6,614        108,794  

GPT Group (The)

     6,974        27,029  

Harvey Norman Holdings Ltd.(b)

     2,228        8,300  

IDP Education Ltd.

     648        18,227  

IGO Ltd.

     2,299        16,646  

Iluka Resources Ltd.

     1,557        10,993  

Incitec Pivot Ltd.

     7,141        16,037  

Insurance Australia Group Ltd.

     8,650        31,186  

IOOF Holdings Ltd.

     2,324        7,122  

JB Hi-Fi Ltd.

     408        15,473  
     Shares      Value  

Australia-(continued)

     

Lendlease Corp. Ltd.

     2,468      $ 19,390  

Macquarie Group Ltd.

     1,197        177,862  

Magellan Financial Group Ltd.

     504        13,124  

Medibank Pvt Ltd.

     10,305        25,697  

Metcash Ltd.(b)

     3,522        10,767  

Mineral Resources Ltd.

     504        14,608  

Mirvac Group

     14,329        30,350  

National Australia Bank Ltd.

     11,776        253,939  

Newcrest Mining Ltd.

     2,972        55,561  

NEXTDC Ltd.(a)

     1,677        14,788  

Northern Star Resources Ltd.

     4,218        29,274  

Nufarm Ltd.(a)

     1,197        3,911  

Oil Search Ltd.

     7,741        24,943  

Orica Ltd.

     1,509        17,148  

Origin Energy Ltd.

     6,589        24,992  

Orora Ltd.

     3,187        7,899  

OZ Minerals Ltd.

     1,197        22,594  

Perpetual Ltd.

     168        4,752  

Platinum Asset Management Ltd.

     1,125        2,569  

Pro Medicus Ltd.(b)

     145        5,803  

Qantas Airways Ltd.(a)

     2,685        10,789  

QBE Insurance Group Ltd.

     5,417        48,133  

Qube Holdings Ltd.

     5,417        12,939  

Ramsay Health Care Ltd.

     647        34,221  

REA Group Ltd.(b)

     191        22,974  

Reece Ltd.

     982        14,670  

Rio Tinto Ltd.

     1,365        92,570  

Rio Tinto PLC

     3,954        247,177  

Santos Ltd.

     6,447        33,800  

Scentre Group

     18,931        42,942  

SEEK Ltd.

     1,293        31,757  

Seven Group Holdings Ltd.

     480        7,762  

Shopping Centres Australasia Property Group

     3,953        8,254  

Sonic Healthcare Ltd.

     1,748        52,556  

South32 Ltd.

     17,229        46,198  

Star Entertainment Group Ltd. (The)(a)

     3,092        8,500  

Stockland

     8,914        30,464  

Suncorp Group Ltd.

     4,697        41,347  

Sydney Airport(a)

     4,817        29,632  

Tabcorp Holdings Ltd.

     7,596        28,299  

Telstra Corp. Ltd.

     15,192        43,589  

TPG Telecom Ltd.

     1,365        6,920  

Transurban Group

     11,095        112,002  

Treasury Wine Estates Ltd.

     2,708        23,431  

Vicinity Centres(b)

     14,019        18,164  

Washington H Soul Pattinson & Co. Ltd.

     336        8,197  

Wesfarmers Ltd.

     4,122        177,248  

Westpac Banking Corp

     13,087        252,327  

Whitehaven Coal Ltd.(a)

     3,212        6,297  

WiseTech Global Ltd.

     312        11,970  

Woodside Petroleum Ltd.

     3,500        61,147  

Woolworths Group Ltd.

     4,218        120,643  

Worley Ltd.

     1,197        9,728  
     

 

 

 
        5,382,171  
     

 

 

 

Austria-0.30%

     

ams AG(a)(b)

     934        18,491  

ANDRITZ AG

     241        13,660  

 

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

 

    13    

 

 

 

 


 

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

October 31, 2021

 

 

     Shares      Value  

Austria-(continued)

     

Erste Group Bank AG

     1,031      $ 44,265  

Mondi PLC

     1,796        44,929  

OMV AG

     526        31,897  

Raiffeisen Bank International AG

     480        14,054  

Telekom Austria AG(a)

     504        4,363  

Verbund AG

     240        25,024  

voestalpine AG

     432        16,418  
     

 

 

 
        213,101  
     

 

 

 

Belgium-0.84%

     

Ackermans & van Haaren N.V.

     72        12,390  

Ageas S.A./N.V.

     648        31,571  

Anheuser-Busch InBev S.A./N.V.

     2,970        181,372  

D’Ieteren Group

     73        12,579  

Elia Group S.A./N.V.

     120        14,012  

Etablissements Franz Colruyt N.V.

     192        9,430  

Galapagos N.V.(a)

     168        8,905  

Groupe Bruxelles Lambert S.A.

     383        44,434  

KBC Group N.V.

     1,006        93,787  

Proximus SADP

     504        9,498  

Sofina S.A.

     49        21,684  

Solvay S.A., Class A

     241        28,671  

Telenet Group Holding N.V.

     168        6,039  

UCB S.A.

     432        51,543  

Umicore S.A.

     744        42,688  

Warehouses De Pauw C.V.A.

     504        22,980  
     

 

 

 
        591,583  
     

 

 

 

Bermuda-0.00%

     

Brightoil Petroleum Holdings Ltd.(a)(c)

     462        0  
     

 

 

 

Brazil-0.04%

     

Yara International ASA

     598        31,161  
     

 

 

 

Cambodia-0.01%

     

NagaCorp Ltd.

     4,692        4,313  
     

 

 

 

Chile-0.04%

     

Antofagasta PLC(b)

     1,271        24,836  
     

 

 

 

China-0.88%

     

AAC Technologies Holdings, Inc.(b)

     2,307        10,068  

BeiGene Ltd.(a)

     2,170        60,756  

BOC Hong Kong Holdings Ltd.

     13,114        41,640  

Budweiser Brewing Co. APAC Ltd.(b)(d)

     6,398        17,642  

China Travel International Investment Hong Kong
Ltd.(a)

     9,198        1,336  

Chow Tai Fook Jewellery Group Ltd.

     5,709        11,684  

ESR Cayman Ltd.(a)(d)

     6,402        20,780  

FIH Mobile Ltd.(a)

     11,371        1,769  

Kerry Logistics Network Ltd.(b)

     2,263        5,498  

Lee & Man Paper Manufacturing Ltd.

     5,642        4,236  

Lenovo Group Ltd.

     27,428        29,829  

MicroPort Scientific Corp.

     1,819        8,582  

Minth Group Ltd.

     2,329        9,311  

MMG Ltd.(a)

     9,057        4,191  

Nexteer Automotive Group Ltd.

     3,389        4,182  

Prosus N.V.

     3,144        277,282  

Shangri-La Asia Ltd.(a)

     4,527        3,690  

Shui On Land Ltd.

     13,144        1,943  

SITC International Holdings Co. Ltd.

     4,545        15,395  

Tingyi Cayman Islands Holding Corp.(b)

     6,889        12,894  

Towngas China Co. Ltd.

     3,488        2,399  
     Shares      Value  

China-(continued)

     

Uni-President China Holdings Ltd.

     4,548      $ 3,882  

Want Want China Holdings Ltd.(b)

     19,387        15,028  

Wharf Holdings Ltd. (The)(b)

     4,614        16,015  

Wilmar International Ltd.

     7,501        24,030  

Xinyi Glass Holdings Ltd.(b)

     6,912        19,503  
     

 

 

 
        623,565  
     

 

 

 

Denmark-2.41%

     

Ambu A/S, Class B(b)

     624        17,793  

AP Moller - Maersk A/S, Class A

     15        41,115  

AP Moller - Maersk A/S, Class B

     19        54,960  

Carlsberg A/S, Class B

     359        59,281  

Chr. Hansen Holding A/S

     382        30,425  

Coloplast A/S, Class B

     480        78,328  

Danske Bank A/S

     2,397        40,607  

Demant A/S(a)

     384        18,619  

DSV A/S

     718        167,036  

Genmab A/S(a)

     216        96,906  

GN Store Nord A/S

     478        29,037  

H Lundbeck A/S

     216        6,011  

Novo Nordisk A/S, Class B

     5,691        623,515  

Novozymes A/S, Class B

     719        52,927  

Orsted A/S(d)

     694        98,027  

Pandora A/S

     359        50,184  

Rockwool International A/S, Class B

     24        10,976  

Royal Unibrew A/S

     169        20,990  

SimCorp A/S

     144        17,414  

Tryg A/S

     1,149        27,267  

Vestas Wind Systems A/S

     3,689        159,706  
     

 

 

 
        1,701,124  
     

 

 

 

Finland-1.28%

     

Elisa OYJ

     528        31,883  

Fortum OYJ

     1,559        46,367  

Huhtamaki OYJ

     336        14,644  

Kesko OYJ, Class B(b)

     1,005        32,670  

Kojamo OYJ

     720        16,106  

Kone OYJ, Class B

     1,438        98,117  

Metso Outotec OYJ

     2,252        22,621  

Neste OYJ

     1,510        84,210  

Nokia OYJ(a)

     20,536        118,113  

Nokian Renkaat OYJ

     504        18,897  

Nordea Bank Abp

     12,941        158,356  

Orion OYJ, Class B(b)

     384        16,633  

Sampo OYJ, Class A

     1,845        98,216  

Stora Enso OYJ, Class R

     2,108        35,080  

UPM-Kymmene OYJ

     1,942        68,590  

Valmet OYJ

     480        19,497  

Wartsila OYJ Abp

     1,821        25,278  
     

 

 

 
        905,278  
     

 

 

 

France-9.55%

     

Accor S.A.(a)

     671        24,002  

Adevinta ASA, Class B(a)

     840        13,808  

Aeroports de Paris(a)(b)

     96        12,765  

Air Liquide S.A.

     1,657        276,589  

Airbus SE(a)

     2,014        257,776  

ALD S.A.(d)

     288        4,286  

Alstom S.A.

     1,078        38,399  

Amundi S.A.(d)

     216        19,260  

Arkema S.A.

     240        32,829  

 

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

 

    14    

 

 

 

 


 

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

October 31, 2021

 

 

     Shares      Value  

France-(continued)

     

Atos SE

     336      $ 17,490  

AXA S.A.

     7,021        204,426  

BioMerieux

     145        18,467  

BNP Paribas S.A.

     3,846        257,701  

Bollore S.A.

     3,689        21,388  

Bouygues S.A.

     768        31,107  

Bureau Veritas S.A.

     1,029        32,700  

Capgemini SE

     574        133,716  

Carrefour S.A.

     2,109        38,208  

Cie de Saint-Gobain

     1,726        118,966  

Cie Generale des Etablissements Michelin S.C.A.

     646        101,447  

Cie Plastic Omnium S.A.

     216        5,989  

CNP Assurances

     552        13,836  

Covivio

     191        16,533  

Credit Agricole S.A.

     4,505        67,983  

Danone S.A.

     2,182        142,291  

Dassault Aviation S.A.

     73        7,624  

Dassault Systemes SE

     2,420        141,092  

Edenred

     888        48,063  

Eiffage S.A.

     265        27,281  

Electricite de France S.A.

     1,917        28,241  

ENGIE S.A.

     6,040        85,947  

EssilorLuxottica S.A.

     1,048        216,970  

Eurazeo SE

     145        13,600  

Faurecia SE

     432        22,522  

Gecina S.A.

     191        26,756  

Getlink SE

     1,701        26,151  

Hermes International

     110        174,461  

ICADE

     120        9,415  

Imerys S.A.

     144        6,246  

Ipsen S.A.

     120        12,415  

JCDecaux S.A.(a)

     264        6,892  

Kering S.A.

     264        198,034  

Klepierre S.A.

     648        15,418  

La Francaise des Jeux SAEM(d)

     312        16,212  

Legrand S.A.

     960        104,697  

L’Oreal S.A.

     864        394,897  

LVMH Moet Hennessy Louis Vuitton SE

     894        700,619  

Neoen S.A.(a)(d)

     97        4,468  

Orange S.A.

     6,997        76,398  

Orpea S.A.

     168        17,537  

Pernod Ricard S.A.

     740        170,160  

Publicis Groupe S.A.

     792        53,104  

Remy Cointreau S.A.(b)

     95        19,195  

Renault S.A.(a)

     672        24,155  

Rexel S.A.

     1,125        22,341  

Rubis S.C.A.

     336        10,767  

Safran S.A.

     1,270        170,545  

Sanofi

     3,894        389,482  

Sartorius Stedim Biotech

     82        45,189  

Schneider Electric SE

     1,918        330,499  

SCOR SE

     576        19,397  

SEB S.A.

     119        18,633  

Societe Generale S.A.

     2,828        94,368  

Sodexo S.A.(a)

     312        30,329  

SOITEC(a)

     73        19,413  

Suez S.A.

     1,389        31,642  

Teleperformance

     215        89,845  

Thales S.A.

     360        33,187  

TotalEnergies SE

     8,677        435,498  
     Shares      Value  

France-(continued)

     

Ubisoft Entertainment S.A.(a)(b)

     336      $ 17,587  

Unibail-Rodamco-Westfield(a)

     502        35,908  

Valeo

     888        26,030  

Veolia Environnement S.A.

     2,228        72,787  

Vinci S.A.

     1,798        192,198  

Vivendi SE

     2,709        34,908  

Wendel SE

     96        12,787  

Worldline S.A.(a)(d)

     887        51,714  
     

 

 

 
        6,735,586  
     

 

 

 

Germany-7.99%

     

1&1 AG

     168        4,895  

adidas AG

     695        227,855  

Allianz SE

     1,487        346,145  

Aroundtown S.A.

     4,384        30,491  

Auto1 Group SE(a)(d)

     240        9,443  

BASF SE

     3,332        240,149  

Bayer AG

     3,496        196,907  

Bayerische Motoren Werke AG

     1,174        118,525  

Bayerische Motoren Werke AG, Preference

     

Shares

     216        18,398  

Bechtle AG

     288        21,597  

Beiersdorf AG

     360        38,286  

Brenntag SE

     574        54,629  

Carl Zeiss Meditec AG, BR

     121        24,358  

Commerzbank AG(a)

     3,905        28,542  

Continental AG(a)

     406        47,699  

Covestro AG(d)

     670        42,955  

CTS Eventim AG & Co. KGaA(a)

     216        15,713  

Daimler AG

     2,991        296,775  

Deutsche Bank AG(a)

     7,453        96,134  

Deutsche Boerse AG

     671        111,508  

Deutsche Lufthansa AG(a)

     2,181        14,417  

Deutsche Post AG

     3,483        215,723  

Deutsche Telekom AG

     11,499        213,954  

Deutsche Wohnen SE

     160        8,201  

DWS Group GmbH & Co. KGaA(d)

     120        5,197  

E.ON SE

     7,885        100,064  

Evonik Industries AG

     696        22,569  

Evotec SE(a)

     550        26,637  

Fielmann AG

     96        6,332  

Fraport AG Frankfurt Airport Services Worldwide(a)

     120        8,568  

Fresenius Medical Care AG & Co. KGaA

     742        49,340  

Fresenius SE & Co. KGaA

     1,485        67,478  

Fuchs Petrolub SE

     120        4,419  

Fuchs Petrolub SE, Preference Shares

     264        12,661  

GEA Group AG

     600        29,572  

Hannover Rueck SE

     216        39,495  

HeidelbergCement AG

     550        41,461  

Hella GmbH & Co. KGaA

     168        11,665  

HelloFresh SE(a)

     599        48,524  

Henkel AG & Co. KGaA

     360        30,038  

Henkel AG & Co. KGaA, Preference Shares

     647        57,938  

HOCHTIEF AG

     72        5,558  

Infineon Technologies AG

     4,745        221,815  

KION Group AG

     288        31,462  

Knorr-Bremse AG

     240        25,313  

LANXESS AG

     312        21,035  

LEG Immobilien SE

     264        39,304  

 

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

 

    15    

 

 

 

 


 

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

October 31, 2021

 

 

     Shares      Value  

Germany-(continued)

     

Merck KGaA

     455      $ 107,521  

METRO AG

     480        6,071  

MTU Aero Engines AG

     192        42,739  

Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Class R

     504        149,430  

Nemetschek SE

     192        22,041  

Porsche Automobil Holding SE, Preference Shares

     552        57,377  

ProSiebenSat.1 Media SE

     576        9,655  

Puma SE

     360        44,702  

Rational AG

     1        995  

Rheinmetall AG

     167        16,203  

RWE AG

     2,300        88,554  

SAP SE

     3,978        576,916  

Sartorius AG

     1        615  

Sartorius AG, Preference Shares

     84        54,476  

Scout24 SE(d)

     312        21,736  

Siemens AG

     2,688        436,368  

Siemens Energy AG(a)

     1,558        44,750  

Siemens Healthineers AG(d)

     1,007        66,961  

Symrise AG

     456        63,087  

Talanx AG

     192        9,243  

TeamViewer AG(a)(d)

     576        8,599  

Telefonica Deutschland Holding AG

     2,492        6,497  

thyssenkrupp AG(a)

     1,725        17,950  

Traton SE

     192        4,955  

TUI AG(a)(b)

     2,683        9,021  

Uniper SE

     313        13,840  

United Internet AG

     384        14,167  

Vantage Towers AG

     241        8,294  

Varta AG(b)

     48        7,388  

Vitesco Technologies Group AG(a)

     72        4,133  

Volkswagen AG

     119        38,670  

Volkswagen AG, Preference Shares

     670        150,280  

Vonovia SE

     2,062        125,183  

Wacker Chemie AG

     48        8,663  

Zalando SE(a)(d)

     791        74,677  
     

 

 

 
        5,641,501  
     

 

 

 

Hong Kong-2.41%

     

AIA Group Ltd.

     43,426        490,416  

ASM Pacific Technology Ltd.

     1,141        12,328  

Bank of East Asia Ltd. (The)

     4,566        7,513  

Cafe de Coral Holdings Ltd.

     2,159        3,941  

Cathay Pacific Airways Ltd.(a)

     3,377        3,113  

Champion REIT(b)

     7,931        4,170  

CK Asset Holdings Ltd.

     7,388        45,635  

CK Hutchison Holdings Ltd.

     9,705        65,311  

CK Infrastructure Holdings Ltd.

     2,296        13,843  

CLP Holdings Ltd.

     5,739        56,180  

Dah Sing Banking Group Ltd.

     1,374        1,318  

Dah Sing Financial Holdings Ltd.

     469        1,462  

Dairy Farm International Holdings Ltd.

     1,149        4,102  

Guotai Junan International Holdings Ltd.

     9,111        1,323  

Haitong International Securities Group Ltd.

     9,069        2,087  

Hang Lung Group Ltd.

     3,416        8,001  

Hang Lung Properties Ltd.

     6,912        16,047  

Hang Seng Bank Ltd.(b)

     2,626        49,961  

Henderson Land Development Co. Ltd.(b)

     4,584        19,210  

Hong Kong & China Gas Co. Ltd. (The)

     39,892        62,050  
     Shares      Value  

Hong Kong-(continued)

     

Hong Kong Exchanges & Clearing Ltd.

     4,526      $ 273,920  

Hongkong Land Holdings Ltd.

     4,217        23,236  

Huabao International Holdings Ltd.

     3,425        6,437  

Hutchison Port Holdings Trust, Class U

     18,738        4,029  

Hutchison Telecommunications Hong Kong Holdings Ltd.

     4,614        735  

Hysan Development Co. Ltd.

     2,296        7,984  

Jardine Matheson Holdings Ltd.

     744        43,100  

Johnson Electric Holdings Ltd., H Shares

     1,162        2,581  

Kerry Properties Ltd.

     2,284        6,445  

Lifestyle International Holdings Ltd.(a)

     1,713        898  

Link REIT

     7,536        66,844  

Man Wah Holdings Ltd.

     4,101        6,379  

Mapletree North Asia Commercial Trust(d)

     7,741        5,855  

Melco International Development Ltd.(a)(b)

     3,380        4,414  

MTR Corp. Ltd.

     5,147        28,054  

New World Development Co. Ltd.

     5,656        24,539  

NWS Holdings Ltd.

     5,665        5,637  

PCCW Ltd.

     15,985        8,240  

Power Assets Holdings Ltd.

     5,123        31,249  

Shun Tak Holdings Ltd.(a)

     6,883        1,885  

Sino Land Co. Ltd.(b)

     11,416        14,998  

Sun Hung Kai Properties Ltd.

     5,139        68,374  

Swire Pacific Ltd., Class A

     1,740        10,949  

Swire Pacific Ltd., Class B

     2,940        3,092  

Swire Properties Ltd.

     4,103        10,997  

Techtronic Industries Co. Ltd.

     4,562        93,890  

United Energy Group Ltd.

     27,446        2,434  

Vinda International Holdings Ltd.(b)

     1,117        3,080  

Vitasoy International Holdings Ltd.(b)

     2,362        5,684  

VTech Holdings Ltd.(b)

     575        4,424  

WH Group Ltd.

     30,789        21,610  

Wharf Real Estate Investment Co. Ltd.(b)

     5,738        32,382  

Yue Yuen Industrial Holdings Ltd.(a)

     2,844        6,062  
     

 

 

 
        1,698,448  
     

 

 

 

Indonesia-0.01%

     

First Pacific Co. Ltd.

     9,111        3,642  

Golden Agri-Resources Ltd.

     23,005        4,521  
     

 

 

 
        8,163  
     

 

 

 

Ireland-0.65%

     

AIB Group PLC(a)

     2,877        7,804  

CRH PLC

     2,853        137,111  

Flutter Entertainment PLC(a)

     600        113,457  

Glanbia PLC

     719        11,757  

Kerry Group PLC, Class A

     552        74,165  

Kingspan Group PLC

     551        63,535  

Smurfit Kappa Group PLC

     936        49,204  
     

 

 

 
        457,033  
     

 

 

 

Israel-0.59%

     

Airport City Ltd.(a)

     264        5,041  

Alony Hetz Properties & Investments Ltd.

     384        6,275  

Amot Investments Ltd.

     504        3,849  

Ashtrom Group Ltd.

     143        3,348  

Azrieli Group Ltd.

     144        13,475  

Bank Hapoalim BM

     4,314        42,500  

Bank Leumi Le-Israel BM

     5,271        50,375  

Bezeq The Israeli Telecommunication Corp. Ltd.(a)

     7,621        9,562  

 

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

 

    16    

 

 

 

 


 

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

October 31, 2021

 

 

     Shares      Value  

Israel-(continued)

     

Big Shopping Centers Ltd.

     25      $ 3,752  

Elbit Systems Ltd.

     95        14,987  

Electra Ltd.

     1        659  

Energix-Renewable Energies Ltd.

     672        3,161  

Enlight Renewable Energy Ltd.(a)

     3,284        8,114  

Fattal Holdings 1998 Ltd.(a)

     2        215  

First International Bank of Israel Ltd.

     192        7,700  

Gav-Yam Lands Corp. Ltd.

     359        4,278  

Gazit-Globe Ltd., (Acquired 09/19/2017 - 10/26/2021; Cost $2,490)(e)

     312        2,535  

Harel Insurance Investments & Financial Services Ltd.

     408        4,561  

ICL Group Ltd.

     2,588        22,176  

Israel Corp. Ltd. (The)(a)

     2        738  

Israel Discount Bank Ltd., Class A(a)

     4,361        26,358  

Maytronics Ltd.

     167        3,950  

Melisron Ltd.(a)(b)

     72        6,096  

Mivne Real Estate KD Ltd.

     2,516        9,181  

Mizrahi Tefahot Bank Ltd.

     480        17,471  

Nice Ltd.(a)

     214        60,346  

Nova Ltd.(a)

     97        10,294  

OPC Energy Ltd.(a)

     264        2,758  

Paz Oil Co. Ltd.(a)

     25        3,185  

Phoenix Holdings Ltd. (The)

     456        5,759  

Sapiens International Corp. N.V.

     96        3,321  

Shapir Engineering and Industry Ltd.

     408        3,342  

Shikun & Binui Ltd.(a)

     766        4,564  

Shufersal Ltd.

     408        3,381  

Strauss Group Ltd.

     144        4,239  

Teva Pharmaceutical Industries Ltd.(a)

     3,594        31,764  

Tower Semiconductor Ltd.(a)

     384        12,492  
     

 

 

 
        415,802  
     

 

 

 

Italy-2.06%

     

A2A S.p.A.

     5,774        12,148  

Amplifon S.p.A.

     456        23,193  

Assicurazioni Generali S.p.A.

     4,674        101,960  

Atlantia S.p.A.(a)

     1,821        35,203  

Banca Mediolanum S.p.A.

     936        9,430  

Buzzi Unicem S.p.A.

     360        8,403  

Davide Campari-Milano N.V.

     1,798        25,551  

De Longhi S.p.A.

     263        10,287  

DiaSorin S.p.A.

     73        16,503  

Enel S.p.A.

     27,684        231,822  

Eni S.p.A.

     9,106        130,712  

Ferrari N.V.

     423        100,351  

FinecoBank Banca Fineco S.p.A.(a)

     2,228        42,582  

Hera S.p.A.

     2,876        11,772  

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

     1,293        14,299  

Interpump Group S.p.A.

     288        21,247  

Intesa Sanpaolo S.p.A.

     60,532        172,150  

Italgas S.p.A.

     1,821        11,569  

Leonardo S.p.A.(a)

     1,461        10,716  

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

     2,539        30,308  

Moncler S.p.A.

     790        56,792  

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

     2,134        37,105  

Pirelli & C S.p.A.(d)

     1,749        10,752  

Poste Italiane S.p.A.(d)

     1,701        24,291  

PRADA S.p.A.

     1,943        12,189  
     Shares      Value  

Italy-(continued)

     

Prysmian S.p.A.

     959      $ 36,291  

Recordati Industria Chimica e Farmaceutica S.p.A.

     360        22,547  

Reply S.p.A.

     73        14,167  

Snam S.p.A.

     8,170        46,300  

Telecom Italia S.p.A.

     39,779        14,183  

Telecom Italia S.p.A., RSP

     22,572        8,581  

Terna Rete Elettrica Nazionale S.p.A.

     5,177        38,595  

UniCredit S.p.A.

     7,909        104,560  

UnipolSai Assicurazioni S.p.A.

     1,557        4,512  
     

 

 

 
        1,451,071  
     

 

 

 

Japan-22.89%

     

ABC-Mart, Inc.

     96        4,588  

Acom Co. Ltd.

     1,461        4,856  

Activia Properties, Inc.

     2        8,191  

Advance Residence Investment Corp.

     1        3,280  

Advantest Corp.

     718        58,750  

Aeon Co. Ltd.

     2,563        58,846  

AEON Financial Service Co. Ltd.

     432        5,463  

Aeon Mall Co. Ltd.

     456        6,647  

AEON REIT Investment Corp.

     1        1,351  

AGC, Inc.

     672        33,416  

Aica Kogyo Co. Ltd.

     192        5,868  

Ain Holdings, Inc.

     96        5,649  

Air Water, Inc.(b)

     576        8,800  

Aisin Corp.

     624        22,793  

Ajinomoto Co., Inc.

     1,774        52,991  

Alfresa Holdings Corp.

     672        9,430  

Alps Alpine Co. Ltd.

     720        7,009  

Amada Co. Ltd.

     1,126        11,080  

Amano Corp.

     240        5,912  

ANA Holdings, Inc.(a)

     432        10,051  

Anritsu Corp.(b)

     504        8,332  

Aozora Bank Ltd.

     432        9,873  

Ariake Japan Co. Ltd.

     72        4,673  

As One Corp.

     48        6,550  

Asahi Group Holdings Ltd.

     1,533        69,333  

Asahi Intecc Co. Ltd.

     696        18,306  

Asahi Kasei Corp.

     4,504        47,262  

Asics Corp.

     623        15,473  

ASKUL Corp.

     144        1,952  

Astellas Pharma, Inc.

     6,735        113,230  

Azbil Corp.

     480        20,417  

Bandai Namco Holdings, Inc.

     718        54,701  

Bank of Kyoto Ltd. (The)(b)

     264        11,854  

BayCurrent Consulting, Inc.

     48        19,743  

Benefit One, Inc.

     216        10,892  

Benesse Holdings, Inc.

     264        6,020  

Bic Camera, Inc.

     576        4,956  

Bridgestone Corp.

     2,086        91,819  

Brother Industries Ltd.

     862        16,616  

Calbee, Inc.

     288        7,413  

Canon Marketing Japan, Inc.

     168        3,318  

Canon, Inc.(b)

     3,619        81,187  

Capcom Co. Ltd.

     672        18,034  

Casio Computer Co. Ltd.

     768        10,817  

Central Japan Railway Co.

     670        99,303  

Chiba Bank Ltd. (The)

     2,206        13,659  

Chubu Electric Power Co., Inc.

     2,540        26,263  

 

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

 

    17    

 

 

 

 


 

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

October 31, 2021

 

 

     Shares      Value  

Japan-(continued)

     

Chugai Pharmaceutical Co. Ltd.

     2,371      $ 88,311  

Chugoku Bank Ltd. (The)

     648        4,694  

Chugoku Electric Power Co., Inc. (The)

     1,125        9,324  

Coca-Cola Bottlers Japan Holdings, Inc.

     552        7,571  

COMSYS Holdings Corp.

     407        10,066  

Concordia Financial Group Ltd.

     4,169        16,563  

Cosmo Energy Holdings Co. Ltd.

     240        4,911  

Cosmos Pharmaceutical Corp.

     48        7,312  

Credit Saison Co. Ltd.

     600        7,319  

CyberAgent, Inc.

     1,391        23,178  

Dai Nippon Printing Co. Ltd.

     982        24,200  

Daicel Corp.

     936        7,010  

Daido Steel Co. Ltd.

     144        5,512  

Daifuku Co. Ltd.

     358        32,809  

Dai-ichi Life Holdings, Inc.

     3,787        79,759  

Daiichi Sankyo Co. Ltd.

     6,853        172,309  

Daiichikosho Co. Ltd.

     144        5,216  

Daikin Industries Ltd.

     959        209,336  

Daio Paper Corp.

     287        5,031  

Daito Trust Construction Co. Ltd.

     239        29,596  

Daiwa House Industry Co. Ltd.

     2,325        76,484  

Daiwa House REIT Investment Corp.

     8        22,942  

Daiwa Office Investment Corp.

     1        6,446  

Daiwa Securities Group, Inc.

     5,441        30,477  

DeNA Co. Ltd.

     313        5,778  

Denka Co. Ltd.

     312        10,206  

Denso Corp.

     1,654        119,279  

Dentsu Group, Inc.

     790        28,891  

DIC Corp.

     312        8,250  

Disco Corp.

     96        25,763  

DMG Mori Co. Ltd.

     384        6,584  

Dowa Holdings Co. Ltd.

     168        6,991  

East Japan Railway Co

     1,317        81,867  

Ebara Corp.

     336        18,270  

Eisai Co. Ltd.

     959        67,511  

Elecom Co. Ltd.

     167        2,548  

Electric Power Development Co. Ltd.

     624        8,220  

ENEOS Holdings, Inc.

     10,879        43,850  

EXEO Group, Inc.

     336        7,744  

Ezaki Glico Co. Ltd.

     192        6,954  

Fancl Corp.

     240        7,241  

FANUC Corp.

     695        135,983  

Fast Retailing Co. Ltd.

     180        119,200  

Food & Life Cos. Ltd.

     384        16,586  

FP Corp.

     167        5,661  

Fuji Electric Co. Ltd.

     432        21,027  

Fuji Kyuko Co. Ltd.

     1        40  

Fuji Media Holdings, Inc.

     168        1,742  

Fuji Oil Holdings, Inc.

     168        3,938  

FUJIFILM Holdings Corp.

     1,293        99,800  

Fujitsu General Ltd.

     216        5,297  

Fujitsu Ltd.

     656        112,905  

Fukuoka Financial Group, Inc.

     552        9,910  

Fukuyama Transporting Co. Ltd.

     120        4,767  

Furukawa Electric Co. Ltd.

     240        5,235  

Fuyo General Lease Co. Ltd.

     72        4,666  

GLP J-REIT

     15        24,455  

GMO internet, Inc.

     216        5,939  

GMO Payment Gateway, Inc.

     144        18,236  

GOLDWIN, Inc.

     121        7,290  
     Shares      Value  

Japan-(continued)

     

GS Yuasa Corp.

     288      $ 6,249  

GungHo Online Entertainment, Inc.

     120        2,246  

H.U. Group Holdings, Inc.

     192        4,723  

Hachijuni Bank Ltd. (The)

     1,581        5,283  

Hakuhodo DY Holdings, Inc.

     863        14,062  

Hamamatsu Photonics K.K.

     456        26,954  

Hankyu Hanshin Holdings, Inc.

     791        24,453  

Haseko Corp.

     935        12,144  

Heiwa Corp.

     192        3,415  

Hikari Tsushin, Inc.

     72        11,082  

Hino Motors Ltd.

     1,029        9,710  

Hirogin Holdings, Inc.

     1,125        6,186  

Hirose Electric Co. Ltd.

     120        19,985  

Hisamitsu Pharmaceutical Co., Inc.

     264        8,960  

Hitachi Construction Machinery Co. Ltd.

     408        12,971  

Hitachi Ltd.

     3,356        192,898  

Hitachi Metals Ltd.(a)

     693        13,109  

Hitachi Transport System Ltd.

     119        4,675  

Honda Motor Co. Ltd.

     6,229        182,950  

Horiba Ltd.

     144        9,396  

Hoshizaki Corp.

     192        16,098  

House Foods Group, Inc.

     264        7,559  

Hoya Corp.

     1,295        189,948  

Hulic Co. Ltd.

     1,365        13,084  

Ibiden Co. Ltd.

     384        22,934  

Ichigo, Inc.

     768        2,290  

Idemitsu Kosan Co. Ltd.

     840        22,948  

IHI Corp.

     456        10,614  

Iida Group Holdings Co. Ltd.

     528        12,979  

Industrial & Infrastructure Fund Investment Corp.

     1        1,829  

Information Services International-Dentsu Ltd.

     73        2,545  

INFRONEER Holdings, Inc.

     504        4,173  

Inpex Corp.

     3,308        27,619  

Internet Initiative Japan, Inc.

     192        6,676  

IR Japan Holdings Ltd.

     25        2,304  

Isetan Mitsukoshi Holdings Ltd.

     1,270        9,244  

Isuzu Motors Ltd.

     1,917        25,706  

Ito En Ltd.

     193        12,830  

ITOCHU Corp.

     4,935        140,314  

Itochu Techno-Solutions Corp.

     358        11,271  

Itoham Yonekyu Holdings, Inc.

     504        3,063  

Iwatani Corp.

     169        9,930  

Iyo Bank Ltd. (The)

     1,053        5,144  

Izumi Co. Ltd.

     144        4,351  

J. Front Retailing Co. Ltd.

     936        8,627  

Japan Airlines Co. Ltd.(a)

     456        9,802  

Japan Airport Terminal Co. Ltd.(a)

     168        8,295  

Japan Aviation Electronics Industry Ltd.

     168        2,774  

Japan Exchange Group, Inc.

     1,918        45,307  

Japan Hotel REIT Investment Corp.

     2        1,207  

Japan Logistics Fund, Inc.

     3        8,959  

Japan Metropolitan Fund Investment Corp.

     24        21,995  

Japan Post Bank Co. Ltd.

     1,485        11,578  

Japan Post Holdings Co. Ltd.

     8,156        62,587  

Japan Post Insurance Co. Ltd.

     720        11,682  

Japan Prime Realty Investment Corp.

     3        10,984  

Japan Real Estate Investment Corp.

     4        24,486  

Japan Tobacco, Inc.

     4,313        84,558  

JCR Pharmaceuticals Co. Ltd.

     192        4,713  

Jeol Ltd.

     145        10,936  

 

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

 

    18    

 

 

 

 


 

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

October 31, 2021

 

 

     Shares      Value  

Japan-(continued)

     

JFE Holdings, Inc.

     1,869      $ 28,570  

JGC Holdings Corp.

     816        7,629  

JSR Corp.

     648        23,357  

JTEKT Corp.

     864        7,600  

JustSystems Corp.

     120        6,167  

Kadokawa Corp.

     145        7,668  

Kagome Co. Ltd.

     288        7,299  

Kajima Corp.

     1,605        19,706  

Kakaku.com, Inc.

     478        15,783  

Kaken Pharmaceutical Co. Ltd.

     120        4,725  

Kamigumi Co. Ltd.

     384        7,702  

Kandenko Co. Ltd.

     384        2,970  

Kaneka Corp.

     216        8,269  

Kansai Electric Power Co., Inc. (The)

     2,637        24,237  

Kansai Paint Co. Ltd.

     696        16,072  

Kao Corp.

     1,678        94,639  

Kawasaki Heavy Industries Ltd.

     552        11,163  

Kawasaki Kisen Kaisha Ltd.(a)

     289        13,889  

KDDI Corp.

     6,111        189,078  

Keihan Holdings Co. Ltd.

     360        9,434  

Keikyu Corp.

     936        10,524  

Keio Corp.

     430        21,646  

Keisei Electric Railway Co. Ltd.

     503        16,123  

Kenedix Office Investment Corp.

     1        6,323  

Kewpie Corp.

     383        8,381  

Keyence Corp.

     648        389,340  

Kikkoman Corp.

     670        54,763  

Kinden Corp.

     454        7,430  

Kintetsu Group Holdings Co. Ltd.(a)

     672        21,069  

Kirin Holdings Co. Ltd.(b)

     2,780        48,298  

Kobayashi Pharmaceutical Co. Ltd.(b)

     216        17,257  

Kobe Bussan Co. Ltd.

     167        5,734  

Kobe Steel Ltd.

     1,149        6,751  

Koei Tecmo Holdings Co. Ltd.

     287        13,290  

Koito Manufacturing Co. Ltd.

     408        23,043  

KOKUYO Co. Ltd.

     312        4,728  

Komatsu Ltd.

     3,331        86,660  

Konami Holdings Corp.

     336        18,446  

Konica Minolta, Inc.

     1,749        8,620  

Kose Corp.

     96        11,105  

Kotobuki Spirits Co. Ltd.

     72        4,799  

K’s Holdings Corp.

     624        6,425  

Kubota Corp.

     3,955        84,025  

Kuraray Co. Ltd.

     1,247        11,264  

Kurita Water Industries Ltd.

     406        19,940  

Kusuri no Aoki Holdings Co. Ltd.

     48        3,187  

Kyocera Corp.

     1,125        65,660  

Kyowa Kirin Co. Ltd.

     910        29,848  

Kyudenko Corp.

     144        4,559  

Kyushu Electric Power Co., Inc.

     1,773        12,486  

Kyushu Financial Group, Inc.

     1,485        4,988  

Kyushu Railway Co.

     600        13,397  

LaSalle Logiport REIT

     1        1,663  

Lasertec Corp.

     265        58,171  

Lawson, Inc.

     168        8,118  

Lintec Corp.

     192        4,280  

Lion Corp.

     911        15,140  

Lixil Corp.

     958        24,566  

M3, Inc.

     1,534        90,244  

Mabuchi Motor Co. Ltd.

     192        6,601  
     Shares      Value  

Japan-(continued)

     

Makita Corp.

     887      $ 40,941  

Mani, Inc.

     216        3,675  

Marubeni Corp.

     5,702        48,066  

Marui Group Co. Ltd.

     742        14,505  

Maruichi Steel Tube Ltd.

     240        5,441  

Maruwa Unyu Kikan Co. Ltd.

     167        2,332  

Matsui Securities Co. Ltd.

     384        2,751  

MatsukiyoCocokara & Co.

     288        12,705  

Mazda Motor Corp.(a)

     2,084        18,624  

Mebuki Financial Group, Inc.

     3,451        7,052  

Medipal Holdings Corp.

     527        9,498  

MEIJI Holdings Co. Ltd.

     480        30,267  

Menicon Co. Ltd.

     169        6,344  

MINEBEA MITSUMI, Inc.

     1,485        37,442  

MISUMI Group, Inc.

     1,007        42,037  

Mitsubishi Chemical Holdings Corp.

     4,626        38,245  

Mitsubishi Corp.

     4,360        138,113  

Mitsubishi Electric Corp.

     7,188        96,134  

Mitsubishi Estate Co. Ltd.

     4,145        62,816  

Mitsubishi Gas Chemical Co., Inc.

     648        13,031  

Mitsubishi HC Capital, Inc.

     2,371        11,852  

Mitsubishi Heavy Industries Ltd.

     1,053        26,864  

Mitsubishi Logistics Corp.

     217        6,052  

Mitsubishi Materials Corp.

     480        9,286  

Mitsubishi Motors Corp.(a)

     2,420        7,704  

Mitsubishi Shokuhin Co. Ltd.

     48        1,231  

Mitsubishi UFJ Financial Group, Inc.

     45,121        246,330  

Mitsui & Co. Ltd.

     5,799        131,822  

Mitsui Chemicals, Inc.

     646        19,149  

Mitsui Fudosan Co. Ltd.

     3,354        76,434  

Mitsui Fudosan Logistics Park, Inc.

     2        10,629  

Mitsui Mining & Smelting Co. Ltd.

     216        6,175  

Mitsui OSK Lines Ltd.

     408        25,620  

Miura Co. Ltd.

     359        13,743  

Mizuho Financial Group, Inc.

     9,227        121,786  

MonotaRO Co. Ltd.

     864        19,549  

Mori Hills REIT Investment Corp.

     1        1,354  

Morinaga & Co. Ltd.

     144        5,077  

Morinaga Milk Industry Co. Ltd.

     144        8,436  

MS&AD Insurance Group Holdings, Inc.

     1,630        52,692  

Murata Manufacturing Co. Ltd.

     2,062        156,479  

Nabtesco Corp.

     408        13,203  

Nagase & Co. Ltd.

     408        6,877  

Nagoya Railroad Co. Ltd.(a)

     696        11,463  

Nankai Electric Railway Co. Ltd.

     408        8,069  

NEC Corp.

     958        48,898  

NEC Networks & System Integration Corp.

     264        4,235  

NET One Systems Co. Ltd.

     312        10,193  

Nexon Co. Ltd.

     1,487        25,182  

NGK Insulators Ltd.

     934        15,498  

NGK Spark Plug Co. Ltd.

     720        11,442  

NH Foods Ltd.

     359        12,609  

NHK Spring Co. Ltd.

     624        4,690  

Nichirei Corp.

     408        9,947  

Nidec Corp.

     1,678        184,981  

Nifco, Inc.

     289        9,188  

Nihon Kohden Corp.

     264        8,393  

Nihon M&A Center Holdings, Inc.

     936        28,607  

Nihon Unisys Ltd.

     240        6,714  

Nikon Corp.

     1,174        12,860  

 

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

 

    19    

 

 

 

 


 

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

October 31, 2021

 

 

     Shares      Value  

Japan-(continued)

     

Nintendo Co. Ltd.

     384      $ 169,058  

Nippo Corp.

     192        6,777  

Nippon Accommodations Fund, Inc.

     2        11,138  

Nippon Building Fund, Inc.

     5        32,449  

Nippon Electric Glass Co. Ltd.

     312        7,941  

Nippon Express Co. Ltd.

     241        15,049  

Nippon Kayaku Co. Ltd.

     648        6,814  

Nippon Paint Holdings Co. Ltd.(b)

     2,901        31,014  

Nippon Prologis REIT, Inc.

     8        26,696  

Nippon Sanso Holdings Corp.(b)

     526        12,386  

Nippon Shinyaku Co. Ltd.

     192        15,340  

Nippon Shokubai Co. Ltd.

     120        6,251  

Nippon Steel Corp.

     2,971        52,085  

Nippon Telegraph & Telephone Corp.

     4,408        123,242  

Nippon Television Holdings, Inc.

     96        1,036  

Nippon Yusen K.K.

     576        41,321  

Nipro Corp.

     456        4,623  

Nishi-Nippon Railroad Co. Ltd.

     288        7,065  

Nissan Chemical Corp.

     480        26,647  

Nissan Motor Co. Ltd.(a)

     7,021        35,553  

Nisshin Seifun Group, Inc.

     934        14,736  

Nissin Foods Holdings Co. Ltd.

     241        18,409  

Nitori Holdings Co. Ltd.

     264        48,285  

Nitto Denko Corp.

     528        41,119  

Noevir Holdings Co. Ltd.

     48        2,341  

NOF Corp.

     240        12,018  

NOK Corp.

     432        4,978  

Nomura Holdings, Inc.

     11,094        53,512  

Nomura Real Estate Holdings, Inc.

     407        9,884  

Nomura Real Estate Master Fund, Inc.

     16        23,953  

Nomura Research Institute Ltd.

     935        37,228  

NS Solutions Corp.

     120        4,020  

NSK Ltd.

     1,605        10,768  

NTT Data Corp.

     2,299        46,030  

Obayashi Corp.

     2,444        20,534  

OBIC Business Consultants Co. Ltd.

     48        2,362  

Obic Co. Ltd.

     240        44,180  

Odakyu Electric Railway Co. Ltd.

     1,125        24,301  

Oji Holdings Corp.

     3,210        15,878  

OKUMA Corp.

     97        4,611  

Olympus Corp.

     3,713        80,121  

Omron Corp.

     672        64,062  

Ono Pharmaceutical Co. Ltd.

     1,558        32,595  

Open House Co. Ltd.

     240        15,197  

Oracle Corp.

     120        11,313  

Orient Corp.

     2,204        3,015  

Oriental Land Co. Ltd.

     672        105,728  

ORIX Corp.

     4,434        87,688  

ORIX JREIT, Inc.

     10        16,567  

Osaka Gas Co. Ltd.

     1,437        23,138  

OSG Corp.

     264        4,385  

Otsuka Corp.(b)

     382        18,761  

Otsuka Holdings Co. Ltd.(b)

     1,533        60,419  

Paltac Corp.

     120        5,304  

Pan Pacific International Holdings Corp.

     1,535        32,120  

Panasonic Corp.

     7,763        94,804  

Park24 Co. Ltd.(a)

     408        6,230  

Penta-Ocean Construction Co. Ltd.

     1,077        7,396  

PeptiDream, Inc.(a)

     312        7,533  

Persol Holdings Co. Ltd.

     600        16,049  
     Shares      Value  

Japan-(continued)

     

Pigeon Corp.

     408      $ 9,436  

Pola Orbis Holdings, Inc.

     288        6,138  

Rakus Co. Ltd.

     358        11,287  

Rakuten Group, Inc.

     2,947        32,307  

Recruit Holdings Co. Ltd.

     4,772        316,892  

Relo Group, Inc.

     384        7,938  

Renesas Electronics Corp.(a)

     3,498        43,010  

Rengo Co. Ltd.

     792        5,994  

RENOVA, Inc.(a)

     167        7,323  

Resona Holdings, Inc.

     7,909        29,687  

Resorttrust, Inc.

     240        4,241  

Ricoh Co. Ltd.

     2,348        22,775  

Rinnai Corp.

     121        12,373  

Rohm Co. Ltd.

     289        26,308  

Rohto Pharmaceutical Co. Ltd.

     360        10,971  

Ryohin Keikaku Co. Ltd.

     864        16,958  

Sankyo Co. Ltd.

     167        4,041  

Sankyu, Inc.

     192        8,638  

Sansan, Inc.(a)

     72        8,303  

Santen Pharmaceutical Co. Ltd.

     1,294        18,169  

Sanwa Holdings Corp.

     744        8,639  

Sapporo Holdings Ltd.

     240        5,199  

Sawai Group Holdings Co. Ltd.

     144        6,340  

SBI Holdings, Inc.

     864        22,292  

SCREEN Holdings Co. Ltd.

     144        13,349  

SCSK Corp.

     456        9,198  

Secom Co. Ltd.

     696        47,238  

Sega Sammy Holdings, Inc.

     744        10,531  

Seibu Holdings, Inc.(a)

     744        8,104  

Seiko Epson Corp.

     983        17,466  

Seino Holdings Co. Ltd.

     552        6,666  

Sekisui Chemical Co. Ltd.

     1,246        20,380  

Sekisui House Ltd.

     2,084        43,160  

Sekisui House Reit, Inc.(b)

     2        1,512  

Seven & i Holdings Co. Ltd.

     2,803        117,553  

Seven Bank Ltd.

     2,540        5,368  

SG Holdings Co. Ltd.

     1,534        38,342  

Sharp Corp.

     552        6,492  

SHIFT, Inc.(a)

     47        10,779  

Shikoku Electric Power Co., Inc.

     576        3,748