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Invesco Annual Report to Shareholders
October 31, 2023
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ICLO | Invesco AAA CLO Floating Rate Note ETF | |||
PSR | Invesco Active U.S. Real Estate ETF | |||
IHYF | Invesco High Yield Bond Factor ETF | |||
HIYS | Invesco High Yield Select ETF | |||
PHDG | Invesco S&P 500® Downside Hedged ETF | |||
ISDB | Invesco Short Duration Bond ETF | |||
GTO | Invesco Total Return Bond ETF | |||
GSY | Invesco Ultra Short Duration ETF | |||
VRIG | Invesco Variable Rate Investment Grade ETF |
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Domestic Equity
At the start of the fiscal year, US equity markets rebounded, despite mixed data on the economy and corporate earnings. However, the US Federal Reserve’s (the Fed’s) message that rate hikes would continue until data showed inflation meaningfully declining, sent markets lower in December 2022. As energy prices declined, the rate of inflation slowed modestly in the fourth quarter of 2022. Corporate earnings generally met expectations, though companies provided cautious future guidance. With inflation still at multi-decade highs and little evidence of a slowing economy, the Fed raised its target rate by 0.75% in November and by 0.50% in December.1
US equities managed to deliver gains in the first quarter of 2023 despite significant volatility and a banking crisis. A January rally gave way to a February selloff as higher-than-expected inflation, a tight labor market and solid economic growth indicated that the Fed’s monetary policy would remain tight for the foreseeable future, raising the risk of a deeper than expected recession. In March, the failure of two US regional banks, Silicon Valley Bank and Signature Bank, prompted steep losses in the banking sector. The subsequent takeover of Credit Suisse and ongoing fear that bank troubles would spread sent investors to safe-haven assets, sparking a bond rally, particularly among securities at the short end of the yield curve. With instability in the banking sector, the Fed raised the federal funds rate by only 0.25% in February 2023 and again in March.1 The Fed’s actions to stabilize the banking system in March sent markets higher, so equities were surprisingly resilient despite the turmoil.
The US economy and equity markets remained resilient in the second quarter of 2023, as milder inflation data and better-than-expected corporate earnings supported equities, with most major indexes posting gains for the quarter and with some big tech names providing optimistic future guidance. Following the March banking crisis, markets stabilized in April, as corporate earnings season got underway, with many companies surprising consensus earnings and revenue estimates. Facing persistently strong employment data, the Fed raised the federal funds rate by 0.25% at its May meeting,1 but left rates unchanged at its June meeting, giving investors the long-awaited “pause” in rate hikes, which sent equities broadly higher.
Equity markets declined in the third quarter and into October 2023 as a resilient US economy complicated the Fed’s efforts to tame inflation. While inflation has slowed from its peak, the Consumer Price Index (CPI) rose by 0.2% in July, and the 12-month headline inflation rate rose to 3.2% from 3% in June.2 Due to the persistence of inflation, the Fed raised the federal funds rate in July by 0.25% again. The CPI data released in September was higher-than-expected and the overall US labor market remained tight with unemployment
near historic lows. At the same time, wages rose and consumers continued to spend, pushing the third quarter year-over-year Gross Domestic Product (GDP) to 4.9%, far above expectations.2 Despite the higher-than-expected GDP for the third quarter of 2023, the Fed held interest rates steady at its September and October meetings, but left open the possibility of another rate hike before the end of the calendar year.1
Despite higher rates and increased market volatility, US stocks for the fiscal year had positive returns of 10.69%, as measured by the S&P 500 Index.3
1 |
Source: US Federal Reserve |
2 |
Source: US Bureau of Labor Statistics |
3 |
Source: Lipper Inc. |
Fixed Income
The beginning of the fiscal year was headlined by the US Federal Reserve (the Fed) continuing its rapid tightening of monetary policy in an effort to combat inflation via higher interest rates, while simultaneously engineering a soft landing so as to not push the economy into a recession. The Fed aggressively raised its federal funds rate at the beginning of the fiscal year: a 0.75% hike in November 2022, its largest hike since 1994, a 0.50% hike in December and a 0.25% hike in January, to a target federal funds rate of 4.50% to 4.75%.1
A January 2023 rally gave way to a February selloff as higher-than-expected inflation, a tight labor market and solid economic growth indicated that the Fed’s monetary policy would remain tight for the foreseeable future, raising the risk of a deeper than expected recession. In March, significant volatility plagued fixed income markets as the failure of two US regional banks, Silicon Valley Bank and Signature Bank, prompted steep losses in the banking sector. The subsequent takeover of Credit Suisse and ongoing fear that bank troubles would spread pushed overall corporate spread premiums wider over the fiscal year. However, issues did not seem to be systemic, as policymakers responded swiftly which calmed markets. The Fed, aiming to further stabilize markets, continued course with its hawkish policy and announced two 0.25% hikes in March and May, resulting in a target federal funds rate of 5.00% to 5.25%.1 Markets stabilized due to milder inflation data and better-than-expected corporate earnings.
Through the second quarter of 2023, global economic growth remained resilient but bifurcated as emerging markets and Asian economies showed robust growth while developed western economies had sluggish yet positive growth. US labor markets maintained momentum with unemployment still at historic lows despite a slight uptick at the end of May. Inflation generally eased in developed economies, largely driven by moderation in the goods component of inflation. However, core
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The Market Environment–(continued)
inflation remained more stubborn and led developed country central banks to continue tightening, showcased by another 0.25% hike by the Fed in July, increasing the target rate from 5.25% to 5.50%, its highest level since June 2006.1 While rates remained elevated across all maturities on the yield curve, the two-year Treasury rates increased from 3.45% to 4.85% during the fiscal year, while 10-year Treasury rates increased from 3.53% to 4.48%.2 At the end of the fiscal year, the yield curve remained inverted. Additionally, in August, US debt was downgraded by the Fitch credit rating agency from AAA to AA† on the premise of expected fiscal deterioration over the next three years.3 Despite the higher-than-expected Gross Domestic Product for the third quarter, the Fed held interest rates steady at its September and October 2023 meetings, but left open the possibility of another rate hike before the end of the calendar year.1 As of the end of the fiscal year, we believe markets have priced in that the Fed is near the end or has finished its interest rate hiking cycle, with the expectation that the US is likely to avoid a substantial broad-based recession. We anticipate economic activity will remain relatively resilient. In the US, we believe rate hikes are ending and inflation will continue to fall significantly, albeit imperfectly. As we enter 2024, we expect a more positive growth outlook to unfold as the US economy recovers.
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Source: Federal Reserve of Economic Data |
2 |
Source: US Department of the Treasury |
3 |
Source: Fitch Ratings |
† |
A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. Not Rated indicates the debtor was not rated and should not be interpreted as indicating low quality. For more information on S&P Global Ratings’ rating methodology, please visit spglobal.com and select ‘Understanding Credit Ratings’ under ‘AboutRatings’ on the homepage. For more information on Moody’s rating methodology, please visit ratings.moodys.com and select ‘RatingMethodologies’ on the homepage. |
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ICLO | Management’s Discussion of Fund Performance | |
Invesco AAA CLO Floating Rate Note ETF (ICLO) |
The Invesco AAA CLO Floating Rate Note ETF (the “Fund”) is an actively managed exchange-traded fund (“ETF”) whose investment objective is to seek current income and capital preservation. The Fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in floating rate note securities issued by collateralized loan obligations (“CLOs”) that are rated AAA (or equivalent by a nationally recognized statistical rating organization (“NRSRO”)) at the time of purchase. The Fund may invest in CLO securities of any maturity. A CLO is a trust that issues fixed- or floating-rate debt securities that are collateralized by a pool of loans, which may include domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. The underlying loans in a CLO are selected by the CLO’s manager. The Fund may purchase CLO securities both in the primary markets (e.g. purchased directly from the issuer) and secondary markets.
The Fund may invest in CLO securities that are unrated, in which case the Fund’s sub-adviser, Invesco Senior Secured Management, Inc. (the “Sub-Adviser”), may internally assign ratings to certain of those securities, after assessing their credit quality, in categories similar to those of NRSROs. In such instances, unrated CLO securities will be counted toward the 80% investment strategy if determined to be equivalent to an AAA rating by the Sub-Adviser.
The Fund may invest up to 15% of its net assets in below AAA- rated CLO securities with a minimum rating of AA at the time of purchase, or if unrated, determined to be of comparable credit quality by the Sub-Adviser. The Fund will not invest in CLO securities that have a rating that is below AA (or equivalent by an NRSRO) at the time of purchase.
The Fund may invest up to 20% of its net assets in CLO securities that are denominated in foreign currencies.
The Fund will primarily invest in CLOs whose underlying loan collateral is almost entirely comprised of broadly syndicated loans (i.e., loans with offering sizes that are typically greater than $250 million). The Fund may, however, invest up to 15% of its net assets in “middle-market CLOs,” which are CLOs whose underlying loan collateral is substantially comprised of middle market loans (i.e., loans with offering sizes generally below $250 million).
The Fund will limit its investment in fixed-rate CLO securities to a maximum of 15% of its net assets at the time of purchase.
In selecting securities for the Fund’s portfolio, the Sub-Adviser utilizes a combination of “top-down”, macroeconomic-driven investment approach and a fundamental “bottom-up” approach, which leverages the Sub-Adviser’s experience as a frequent CLO issuer and manager as well as experience in the loan market in managing various retail and institutional loan funds.
During the fiscal period from the Fund’s inception (December 9, 2022, the first day of trading on the exchange) through October 31, 2023, on a market price basis, the Fund returned 7.25%. On a net asset value (“NAV”) basis, the Fund returned 7.51%. During the same time period, the JP Morgan CLOIE AAA Total Return Index (USD) (the “Benchmark Index”) returned 7.49%. The majority of the Fund’s outperformance, on an NAV basis, relative to the Benchmark Index can be attributed to the Fund’s security selection.
Positions that contributed most significantly to the Fund’s absolute return included Rad CLO 5 Ltd., 7.36% coupon, due 07/24/2032 (portfolio average weight of 5.97%) and Cedar Funding XI CLO Ltd., 6.72% coupon, due 05/29/2032 (portfolio average weight of 5.12%). Positions that detracted most significantly from the Fund’s absolute return included Elmwood CLO IX Ltd., 6.75% coupon; due 04/22/2035 (no longer held at fiscal year-end) and Eaton Vance CLO Ltd., 6.76% coupon; 04/15/2031 (no longer held at fiscal year-end).
Duration Breakdown (% of the Fund’s Net Assets) as of October 31, 2023 |
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Maturing in 6-10 Years | 49.76 | |||
Maturing in 11-15 Years | 48.83 | |||
Money Market Funds Plus Other Assets Less Liabilities | 1.41 | |||
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2023 |
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Security | ||||
Rad CLO 5 Ltd., Series 2019-5A, Class BR, 7.36%, 07/24/2032 | 5.95 | |||
Palmer Square CLO Ltd., Series 2015-1A, Class A1A4, 6.77%, 05/21/2034 | 5.38 | |||
Elmwood CLO IX Ltd., Series 2021-2A, Class A, 6.81%, 07/20/2034 | 4.92 | |||
AGL CLO 14 Ltd., Series 2021-14A, Class A, 6.82%, 12/02/2034 | 4.49 | |||
Signal Peak CLO 1 Ltd., Series 2014-1A, Class AR3, 6.82%, 04/17/2034 | 4.49 | |||
Aimco CLO 14 Ltd., Series 2021-14A, Class A, 6.67%, 04/20/2034 | 4.48 | |||
Regatta XX Funding Ltd., Series 2021-2A, Class A, 6.82%, 10/15/2034 | 4.04 | |||
Madison Park Funding XXXVII Ltd., Series 2019-37A, Class AR, 6.73%, 07/15/2033 | 4.02 | |||
Buckhorn Park CLO Ltd., Series 2019-1A, Class AR, 6.78%, 07/18/2034 | 3.97 | |||
RR 1 LLC, Series 2017-1A, Class A1AB, 6.81%, 07/15/2035 | 3.93 | |||
Total | 45.67 |
* |
Excluding money market fund holdings. |
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Invesco AAA CLO Floating Rate Note ETF (ICLO) (continued)
Growth of a $10,000 Investment Since Inception
Fund Performance History as of October 31, 2023
Fund Inception | ||||
Index | Cumulative | |||
JP Morgan CLOIE AAA Total Return Index (USD) | 7.49 | % | ||
Fund | ||||
NAV Return | 7.51 | |||
Market Price Return | 7.25 |
Fund Inception: December 9, 2022
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, as supplemented to date, the Fund’s expense ratio of 0.26% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. Effective June 28, 2023, Invesco Capital Management LLC (the “Adviser”) has agreed to waive 100% of its management fee for the Fund through December 31, 2023. 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:
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Cumulative Inception returns for the Fund and indexes are based on the inception date of the Fund. |
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PSR | Management’s Discussion of Fund Performance | |
Invesco Active U.S. Real Estate ETF (PSR) |
The Invesco Active U.S. Real Estate ETF (the “Fund”) is an actively managed exchange-traded fund (“ETF”) whose investment objective is to achieve high total return through growth of capital and current income. The Fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its assets in securities of companies that are principally engaged in the U.S. real estate industry and included within the FTSE NAREIT All Equity REITs Index (the “Benchmark Index”). The Fund considers a company to be principally engaged in the U.S. real estate industry if it: (i) derives 50% of its revenues or profits from the ownership, leasing, management, construction, financing or sale of U.S. real estate; or (ii) has at least 50% of the value of its assets invested in U.S. real estate. The Fund plans to invest principally in equity real estate investment trusts (“REITs”). Equity REITs pool investors’ funds for investments primarily in real estate properties or real estate-related loans (such as mortgages). The Fund also may invest in real estate operating companies (“REOCs”), as well as securities of other companies principally engaged in the U.S. real estate industry. REOCs are similar to REITs, except that REOCs reinvest their earnings into the business, rather than distributing them to unitholders like REITs.
The Fund structures and selects its investments primarily from a universe of securities that are included within the Benchamrk Index at the time of purchase. In constructing the portfolio, Invesco Advisers, Inc., the Fund’s sub-adviser (the “Sub Adviser”), analyzes quantitative and statistical metrics to identify attractively priced securities.
As part of the Fund’s investment process to implement its investment strategy in pursuit of its investment objective, the Sub-Adviser may also consider both qualitative and quantitative environmental, social and governance (“ESG”) factors it believes to be material to understanding an issuer’s fundamentals, assess whether any ESG factors pose a material financial risk or opportunity to the issuer and determine whether such risks are appropriately reflected in the issuer’s valuation. This analysis may involve the use of third-party research as well as proprietary research. Consideration of ESG factors is just one component of the Sub-Adviser’s assessment of issuers eligible for investment and not necessarily determinative to an investment decision. Therefore, the Sub- Adviser may still invest in securities of issuers that may be viewed as having a high ESG risk profile. The ESG factors considered by the Sub-Adviser may change over time, one or more factors may not be relevant with respect to all issuers eligible for investment and ESG considerations may not be applied to all issuers or investments in the Fund.
For the fiscal year ended October 31, 2023, on a market price basis, the Fund returned (9.55)%. On a net asset value (“NAV”) basis, the Fund returned (9.59)%. During the same time period, the Benchmark Index returned (7.89)%.
Relative to the Benchmark Index, the Fund was most overweight in the telecom tower REITs sub-industry and most underweight in the office REITs sub-industry during the fiscal year ended October 31, 2023. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s security selection in the industrial REITs and health care REITs sub-industries, respectively.
For the fiscal year ended October 31, 2023, the data center REITs sub-industry contributed most significantly to the Fund’s return, followed by the diversified real estate activities sub- industry. During the period, telecom tower REITs detracted most from the Fund’s return, followed by the self-storage REITs sub-industry.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2023, included Digital Realty Trust, Inc., a data center REITs company (portfolio average weight of 4.54%), and Equinix, Inc., a data center REITs company (portfolio average weight of 4.53%). Positions that detracted most significantly from the Fund’s return included Crown Castle Inc., a specialized REITs company (portfolio average weight of 5.22%), and Industrial Logistics Properties Trust, an industrial REITs company (no longer held at fiscal year-end).
Property Type and Sub-Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2023 |
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Infrastructure REITs | 14.70 | |||
Industrial | 14.19 | |||
Data Centers | 10.58 | |||
Apartments | 9.20 | |||
Health Care | 8.54 | |||
Shopping Centers | 7.95 | |||
Self Storage | 7.07 | |||
Free Standing | 5.56 | |||
Gaming REITs | 4.07 | |||
Manufactured Homes | 3.84 | |||
Office | 3.38 | |||
Timber REITs | 2.94 | |||
Lodging Resorts | 2.60 | |||
Single Family Homes | 2.33 | |||
Diversified | 1.25 | |||
Specialty | 0.95 | |||
Regional Malls | 0.81 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.04 |
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Invesco Active U.S. Real Estate ETF (PSR) (continued)
Top Ten Fund Holdings* (% of the Fund’s Net
Assets) as of October 31, 2023 |
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Security | ||||
Digital Realty Trust, Inc. | 5.34 | |||
Equinix, Inc. | 5.24 | |||
American Tower Corp. | 5.12 | |||
SBA Communications Corp., Class A | 4.93 | |||
Crown Castle, Inc. | 4.65 | |||
EastGroup Properties, Inc. | 2.12 | |||
STAG Industrial, Inc. | 2.07 | |||
Terreno Realty Corp. | 2.06 | |||
Gaming and Leisure Properties, Inc. | 2.05 | |||
Americold Realty Trust, Inc. | 2.05 | |||
Total | 35.63 |
* |
Excluding money market fund holdings. |
Growth of a $10,000 Investment
Fund Performance History as of October 31, 2023
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 | ||||||||||||||||||||||||||||||||||||||
FTSE Nareit All Equity REITs Index | (7.89 | )% | 2.76 | % | 8.51 | % | 2.69 | % | 14.22 | % | 5.38 | % | 68.91 | % | 12.62 | % | 491.02 | % | ||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||||||||||
NAV Return | (9.59 | ) | 2.10 | 6.43 | 2.24 | 11.72 | 5.08 | 64.07 | 11.90 | 436.93 | ||||||||||||||||||||||||||||||
Market Price Return | (9.55 | ) | 2.14 | 6.57 | 2.29 | 12.00 | 5.08 | 64.12 | 11.96 | 440.77 |
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Invesco Active U.S. Real Estate ETF (PSR) (continued)
Fund Inception: November 20, 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 0.35% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.
Performance results for the 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:
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Average Annualized and Cumulative Inception returns for the Fund and index are based on the inception date of the Fund. |
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IHYF | Management’s Discussion of Fund Performance | |
Invesco High Yield Bond Factor ETF (IHYF) |
The Invesco High Yield Bond Factor ETF (the “Fund”) is an actively managed exchange-traded fund (“ETF”) which seeks to provide total return. The Fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in high-yield, below-investment grade, fixed-income securities (also referred to as “junk” bonds), and in derivatives and other instruments that have economic characteristics similar to such securities.
Invesco Advisers, Inc., the Fund’s sub-adviser, selects securities for the Fund’s portfolio by utilizing a factor-based strategy that involves systematically targeting securities exhibiting quantifiable issuer characteristics (or “factors”) that the Sub-Adviser believes will have higher returns than other fixed income securities with comparable characteristics over market cycles. Securities no longer exhibiting these factors will typically be sold. In practice, this means the Fund may have higher allocations to: value bonds (bonds that have high spreads relative to other securities of similar credit quality and/or sector); low volatility bonds (bonds that have lower levels of price volatility); and high carry bonds (bonds with higher absolute yield or spread). The portfolio managers expect to include additional factors or modify the factors used to build the Fund’s portfolio as they deem appropriate.
For the fiscal year ended October 31, 2023, on a market price basis, the Fund returned 6.50%. On a net asset value (“NAV”) basis, the Fund returned 6.47%. During the same time period, the Bloomberg U.S. Corporate High Yield 2% Issuer Cap Index (the “Benchmark Index”) returned 6.23%.
The Fund’s outperformance relative to the Benchmark Index during the fiscal year ended October 31, 2023, was driven largely by the Fund’s allocation to the utilities sector. Security selection in and allocation to the information technology and industrials sectors, as well as allocation to the consumer discretionary sector, contributed to the Fund’s return during the period. The communications services sector detracted from the Fund’s return during the period.
Positions that contributed most significantly to the Fund’s absolute return for the fiscal year ended October 31, 2023 included the EnfraGen Energia Sur, S.A., 5.38% coupon, due 12/30/2030 (portfolio average weight of 0.42%) and the Markit CDX North America High Yield Index Credit Default Swap Agreement (portfolio average weight of 0.03%). Positions that detracted most significantly from the Fund’s absolute return included CSC Holdings LLC, 4.63% coupon; due 12/01/2030 (portfolio average weight of 0.26%) and QVC, Inc., 4.75% coupon; due 02/15/2027 (portfolio average weight of 0.20%).
Security Type
Breakdown (% of the Fund’s Net Assets) as of October 31, 2023 |
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U.S. Dollar Denominated Bonds & Notes | 97.63 | |||
U.S. Treasury Securities | 0.24 | |||
Money Market Funds Plus Other Assets Less Liabilities | 2.13 | |||
Top Ten Fund
Holdings* (% of the Fund’s Net Assets) as of October 31, 2023 |
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Security | ||||
TransDigm, Inc., 6.25%, 03/15/2026 | 1.35 | |||
Uber Technologies, Inc., 8.00%, 11/01/2026 |
0.73 | |||
AECOM, 5.13%, 03/15/2027 | 0.68 | |||
Neptune Bidco US, Inc., 9.29%, 04/15/2029 |
0.65 | |||
Nexstar Media, Inc., 5.63%, 07/15/2027 | 0.65 | |||
MPT Operating Partnership L.P./MPT Finance Corp., 5.00%, 10/15/2027 | 0.64 | |||
CCO Holdings LLC/CCO Holdings Capital Corp., 5.13%, 05/01/2027 | 0.63 | |||
Allied Universal Holdco
LLC/Allied Universal Finance Corp., 6.63%, 07/15/2026 |
0.58 | |||
Delta Air Lines, Inc., 7.38%, 01/15/2026 | 0.58 | |||
Summit Midstream Holdings
LLC/Summit Midstream Finance Corp., 9.00%, 10/15/2026 |
0.55 | |||
Total | 7.04 |
* |
Excluding money market fund holdings. |
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Invesco High Yield Bond Factor ETF (IHYF) (continued)
Growth of a $10,000 Investment Since Inception
Fund Performance History as of October 31, 2023
1 Year | Fund Inception | |||||||||||||||
Index | Average Annualized |
Cumulative | ||||||||||||||
Bloomberg U.S. Corporate High Yield 2% Issuer Cap Index | 6.23 | % | (0.24 | )% | (0.68 | )% | ||||||||||
Fund | ||||||||||||||||
NAV Return | 6.47 | (0.67 | ) | (1.94 | ) | |||||||||||
Market Price Return | 6.50 | (0.68 | ) | (1.96 | ) |
Fund Inception: December 2, 2020
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 0.39% 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 Indexes and Fund Performance History:
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Average Annualized and Cumulative Inception returns for the Fund and index are based on the inception date of the Fund. |
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HIYS | Management’s Discussion of Fund Performance | |
Invesco High Yield Select ETF (HIYS) |
The Invesco High Yield Select ETF (the “Fund”) is an actively managed exchange-traded fund (“ETF”) which seeks to provide current income. The Fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its net assets (plus any borrowings for investment purposes) in relatively higher quality below investment grade fixed-income securities (commonly referred to as “high yield securities” or “junk bonds” with more speculative characteristics than investment grade securities), as well as in derivatives and other instruments that have economic characteristics similar to such securities. The Fund considers such higher quality securities as those rated between B- and BB+ (or the equivalent) by a nationally recognized statistical rating organization (“NRSRO”) or, if unrated, deemed to be of comparable quality by Invesco Advisers, Inc. (the “Sub-Adviser”). By comparison, investment grade securities are: (i) securities rated at least BBB- (or the equivalent) by a NRSRO, or (ii) unrated securities determined by the Sub-Adviser to be of comparable quality. If two or more NRSROs have assigned different ratings to a security, the Sub-Adviser uses the highest rating assigned. Up to 10% of the Fund’s net assets may be securities rated below B- (or the equivalent) in the event that a security selected by the Fund experiences a rating downgrade.
The Sub-Adviser selects securities for the Fund’s portfolio using a bottom-up evaluation process based on a fundamental analysis, a quantitative analysis, and a relative value assessment. The fundamental analysis considers the competitive landscape, risks to an issuer’s business model, as well as the overall competence of the management team. The quantitative analysis focuses on the quality of an issuer’s assets, its balance sheet, and the ability to generate free cash flow going forward. The relative value assessment compares pricing to comparable issuers and securities and assesses a security’s relative liquidity. The Sub-Adviser supplements its bottom-up fundamental analysis with an ongoing top-down analysis of sector and macro-economic trends, such as changes in interest rates.
The portfolio managers attempt to control the Fund’s risk by limiting its investment in any one security to 5% of the Fund’s net assets, and by diversifying the portfolio’s holdings over a number of different industries.
Decisions to purchase or sell securities are determined by the relative value considerations of the portfolio managers that factor in economic and credit-related fundamentals, market supply and demand, market dislocations and situation-specific opportunities. The purchase or sale of securities may be related to a decision to alter the Fund’s macro risk exposure (such as duration, yield curve positioning and sector exposure), a need to limit or reduce the Fund’s exposure to a particular security, issuer or industry, a change in an issuer’s credit quality, or general liquidity needs of the Fund. The credit research process utilized by the Sub-Adviser to implement the Fund’s investment strategy in pursuit of the
Fund’s investment objective considers factors that may include, but are not limited to, an issuer’s operations, capital structure and environmental, social and governance (“ESG”) considerations. Credit quality analysis for certain issuers therefore may consider whether any ESG factors pose a material financial risk or opportunity to an issuer. The Sub- Adviser may determine that ESG considerations are not material to certain issuers or types of investments held by the Fund. In addition, not all issuers or Fund investments may undergo a credit quality analysis that considers ESG factors, and not all investments held by the Fund will rate strongly on ESG criteria.
During the fiscal period from the Fund’s inception (December 9, 2022, the first day of trading on the exchange) through October 31, 2023, on a market price basis, the Fund returned 2.61%. On a net asset value (“NAV”) basis, the Fund returned 2.41%. During the same time period, the Bloomberg US Corporate High Yield Ba/B 2% Issuer Cap Total Return Index (the “Benchmark Index”) returned 2.73%.
The Fund’s underperformance relative to the Benchmark Index during the period was primarily driven by the Fund’s security selection in the consumer discretionary and consumer staples sectors, as well as exposure to the industrials sector.
Positions that contributed most significantly to the Fund’s return for the fiscal period ended October 31, 2023, included the Carnival Holdings Bermuda Ltd., 10.38% coupon, due 05/01/2028 (portfolio average weight of 1.65%), and Aethon United BR L.P./Aethon United Finance Corp., 8.25% coupon, due 02/15/2026 (portfolio average weight of 1.64%). Positions that detracted most significantly from the Fund’s return included Level 3 Financing, Inc., 3.75% coupon; due 07/15/2029 (portfolio average weight of 0.34%), and Bausch Health Cos., Inc., 4.88% coupon; due 06/01/2028 (portfolio average weight of 0.25%).
Security Type Breakdown (% of the Fund’s Net Assets) as of October 31, 2023 |
||||
U.S. Dollar Denominated Bonds & Notes | 88.80 | |||
Non-U.S. Dollar Denominated Bonds & Notes | 5.63 | |||
Asset-Backed Securities | 1.04 | |||
Preferred Stocks | 0.50 | |||
Money Market Funds Plus Other Assets Less Liabilities | 4.03 |
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12 |
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Invesco High Yield Select ETF (HIYS) (continued)
Top Ten Fund Holdings* (% of the
Fund’s Net Assets) as of October 31, 2023 |
||||
Security | ||||
GTCR W-2 Merger Sub LLC, 7.50%, 01/15/2031 | 2.05 | |||
Iliad Holding S.A.S., 6.50%, 10/15/2026 | 1.94 | |||
Allison Transmission, Inc., 3.75%, 01/30/2031 | 1.94 | |||
Altice France S.A., 8.13%, 02/01/2027 | 1.76 | |||
Carnival Holdings Bermuda Ltd., 10.38%, 05/01/2028 | 1.68 | |||
Service Properties Trust, 5.50%, 12/15/2027 | 1.66 | |||
Melco Resorts Finance Ltd., 5.38%, 12/04/2029 | 1.66 | |||
Aethon United BR L.P./Aethon United Finance Corp., 8.25%, 02/15/2026 | 1.62 | |||
Tenet Healthcare Corp., 4.88%, 01/01/2026 | 1.55 | |||
Fortress Transportation and Infrastructure Investors LLC, 5.50%, 05/01/2028 | 1.54 | |||
Total | 17.40 |
* |
Excluding money market fund holdings. |
Growth of a $10,000 Investment Since Inception
Fund Performance History as of October 31, 2023
Fund Inception | ||||
Index | Cumulative | |||
Bloomberg US Corporate High Yield Ba/B 2% Issuer Cap Total Return Index (USD) | 2.73 | % | ||
Fund | ||||
NAV Return | 2.41 | |||
Market Price Return | 2.61 |
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Invesco High Yield Select ETF (HIYS) (continued)
Fund Inception: December 9, 2022
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 0.48% 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 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 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:
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Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Fund. |
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PHDG | Management’s Discussion of Fund Performance | |
Invesco S&P 500® Downside Hedged ETF (PHDG) |
The Invesco S&P 500® Downside Hedged ETF (the “Fund”) is an actively managed exchange-traded fund (“ETF”) that seeks to achieve positive total returns in rising or falling markets that are not directly correlated to broad equity or fixed income market returns. The Fund seeks to achieve its investment objective by allocating its assets generally among the components of the S&P 500® Dynamic VEQTOR Index (the “Benchmark Index”). The Benchmark Index is composed of up to three types of components: (i) an equity component, represented by the S&P 500® Index; (ii) a volatility hedge component, represented by the S&P 500® VIX Short-Term Futures Index (“VIX Futures Index”); and (iii) cash.
The Benchmark Index is designed to measure the performance of the broad equity markets with an implied volatility hedge. “Implied volatility” is a measure of the expected volatility of the S&P 500® Index that is reflected in the value of the Chicago Board Options Exchange (“CBOE”) Volatility Index (“VIX Index”). Known as the “fear gauge” of the broader U.S. equities market, the VIX Index measures market volatility in large capitalization U.S. stocks and is calculated based on the prices of certain put and call options on the S&P 500® Index.
The VIX Futures Index is designed to measure the returns from long positions in futures contracts on the VIX Index. The Benchmark Index’s allocation to the VIX Futures Index is designed to serve as a volatility hedge, as volatility historically tends to correlate negatively to the performance of the U.S. equity markets (i.e., rapid declines in the performance of U.S. equity markets generally are associated with high volatility in such markets).
Accordingly, pursuant to its methodology, the Benchmark Index allocates a greater portion of its weight to its equity component (the S&P 500® Index) during periods of low volatility, and a greater portion of its weight to its volatility hedge component (the VIX Futures Index) during periods of increased volatility.
Under normal circumstances, the Fund will invest its portfolio in a combination of assets that are similar, but not necessarily identical, to that of the Benchmark Index. The Fund’s portfolio is composed of: (i) an equity sleeve, consisting of the component securities of the S&P 500® Index, (ii) a volatility hedge sleeve, consisting of VIX Index-Related Instruments (defined below), which include futures contracts on the VIX Index, (iii) futures contracts that reference the S&P 500® Index (“S&P 500 Futures”); and (iv) various liquid investments, including short-term U.S. Treasury Securities, money market instruments, cash and cash equivalents. With respect to its equity sleeve, the Fund utilizes a “passive” investment strategy that seeks to track the performance of the S&P 500® Index as closely as possible. To do so, the Fund employs a “full replication” methodology; “full replication” means that the Fund generally invests the portion of its portfolio allocated to its equity sleeve in all of the component securities of the S&P 500® Index in proportion to their weightings
in the S&P 500® Index. Although the Fund employs a passive strategy with respect to its equity sleeve, Invesco Capital Management LLC (the “Adviser”), the Fund’s investment adviser, will actively manage the Fund’s investments in VIX Index-Related Instruments, S&P 500 Futures, short-term instruments and cash, as well as the Fund’s allocation of its assets among the equity and volatility hedge sleeves. Such allocations may not correspond to the Benchmark Index’s allocations.
Instead, the Adviser will seek to obtain returns for the Fund that exceed the Benchmark Index by providing the Fund with equity or volatility hedge sleeve allocations that are higher or lower than those of the Benchmark Index at any time given the market conditions at that time.
In addition to its investments in futures contracts on the VIX Index, the Fund may invest in U.S.-listed exchange-traded funds (“ETFs”) and exchange-traded notes (“ETNs”) that provide exposure to the VIX Index (such ETFs and ETNs, along with futures contracts on the VIX Index, are collectively the “VIX Index-Related Instruments”). The Fund may invest in the short- term instruments and cash to provide liquidity or to protect the Fund during periods of heightened volatility when the Adviser believes that it is in the best interest of the Fund to do so.
For the fiscal year ended October 31, 2023, on a market price basis, the Fund returned (9.19)%. On a net asset value (“NAV”) basis, the Fund returned (9.09)%. During the same time period, the Benchmark Index returned (8.45)%. The Fund’s underperformance on a NAV basis, relative to the Benchmark Index, was primarily due to fees and transaction costs incurred by the Fund during the fiscal year.
During this same time period, the S&P 500® Index returned 10.14% and the U.S. 3-Month Treasury Bill Index (the “T-Bill 3-Month Index”) returned 4.88% (these indexes, collectively with the Benchmark Index, are referred to as the “Indexes”). The Indexes were selected for their recognition in the marketplace.
The S&P 500® Index was selected because its performance comparison is a useful measure for investors as a broad representation of the equity market. The T-Bill 3-Month Index was selected because its performance comparison is a useful measure for investors as a broad representation of the short-term U.S. fixed income market.
The Fund’s performance, on a NAV basis, differed from the return of the S&P 500® Index during the period primarily because of the Fund’s consistent allocation to VIX futures, which generally have an inverse correlation to the S&P 500® Index. The Fund’s performance, on a NAV basis, differed from the return of the T-Bill 3-Month Index during the period primarily because of the Fund’s consistent allocation to VIX Futures, which underperformed the short-term U.S. fixed income market during the fiscal year.
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Invesco S&P 500® Downside Hedged ETF (PHDG) (continued)
For the fiscal year ended October 31, 2023, the information technology sector contributed most significantly to the Fund’s
return, followed by the communication services sector. The Fund’s VIX futures allocations and exposure to the financials sector were the largest detractors from the Fund’s return.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2023, included Nvidia Corp. (portfolio average weight of 1.64%) and Microsoft Corp. (portfolio average weight of 4.62%). The positions that detracted most significantly from the Fund’s return were the CBOE VIX (CBF) Jun 23, a VIX futures contract (portfolio average weight of 0.71%), and CBOE VIX (CBF) Jul 23, a VIX futures contract (portfolio average weight of 0.52%).
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2023 |
||||
Information Technology | 23.95 | |||
Health Care | 11.22 | |||
Financials | 10.89 | |||
Consumer Discretionary | 9.01 | |||
Communication Services | 7.44 | |||
Industrials | 7.11 | |||
Consumer Staples | 5.66 | |||
Energy | 3.87 | |||
Sector Types Each Less Than 3% | 6.22 | |||
Money Market Funds Plus Other Assets Less Liabilities | 14.63 |
Top Ten Fund
Holdings* (% of the Fund’s Net Assets) as of October 31, 2023 |
||||
Security | ||||
Microsoft Corp. | 6.10 | |||
Apple, Inc. | 6.10 | |||
Amazon.com, Inc. | 2.94 | |||
NVIDIA Corp. | 2.45 | |||
Alphabet, Inc., Class A | 1.79 | |||
Meta Platforms, Inc., Class A | 1.63 | |||
Alphabet, Inc., Class C | 1.54 | |||
Berkshire Hathaway, Inc., Class B | 1.51 | |||
Tesla, Inc. | 1.35 | |||
UnitedHealth Group, Inc. | 1.21 | |||
Total | 26.62 |
* |
Excluding money market fund holdings. |
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Invesco S&P 500® Downside Hedged ETF (PHDG) (continued)
Growth of a $10,000 Investment
Fund Performance History as of October 31, 2023
1 Year | 3 Years Average Annualized |
3 Years Cumulative |
5 Years Average Annualized |
5 Years Cumulative |
10 Years Average Annualized |
10 Years Cumulative |
Fund Inception | |||||||||||||||||||||||||||||||||
Index | Average Annualized |
Cumulative | ||||||||||||||||||||||||||||||||||||||
S&P 500® Dynamic VEQTOR Index | (8.45 | )% | 0.48 | % | 1.45 | % | 4.02 | % | 21.76 | % | 3.96 | % | 47.39 | % | 4.59 | % | 63.04 | % | ||||||||||||||||||||||
S&P 500® Index | 10.14 | 10.36 | 34.41 | 11.01 | 68.59 | 11.18 | 188.47 | 12.61 | 265.10 | |||||||||||||||||||||||||||||||
U.S. 3 Month Treasury Bill Index | 4.88 | 2.06 | 6.31 | 1.79 | 9.29 | 1.18 | 12.45 | 1.09 | 12.51 | |||||||||||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||||||||||
NAV Return | (9.09 | ) | (0.13 | ) | (0.40 | ) | 3.61 | 19.38 | 3.41 | 39.84 | 3.94 | 52.41 | ||||||||||||||||||||||||||||
Market Price Return | (9.19 | ) | (0.18 | ) | (0.55 | ) | 3.66 | 19.71 | 3.39 | 39.52 | 3.94 | 52.44 |
Fund Inception: December 6, 2012
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 fees and/or pay certain Fund expenses through August 31, 2025. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.44% (0.39% after fee waiver) includes the unitary management fee of 0.39% 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 indexes 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 indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
- |
Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Fund. |
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ISDB | Management’s Discussion of Fund Performance | |
Invesco Short Duration Bond ETF (ISDB) |
The Invesco Short Duration Bond ETF (the “Fund”) is an actively managed exchange-traded fund (“ETF”) whose investment objective is to seek total return, comprised of income and capital appreciation. The Fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in fixed-income securities, and in derivatives and other instruments that have economic characteristics similar to such securities.
The fixed-income investments in which the Fund may invest include corporate bonds, government bonds, including U.S. Treasury and agency securities, and mortgage-backed and asset- backed securities, including collateralized mortgage obligations (“CMOs”), collateralized loan obligations (“CLOs”) and collateralized debt obligations (“CDOs”). The Fund will attempt to maintain a dollar-weighted average portfolio maturity and duration between one and three years.
During the fiscal period from the Fund’s inception (December 9, 2022, the first day of trading on the exchange) through October 31, 2023, on a market price basis, the Fund returned 2.39%. On a net asset value (“NAV”) basis, the Fund returned 2.47%. During the same time period, the Bloomberg US Government and Credit 1-3 Year Index (the “Benchmark Index”) returned 2.27%.
The Fund’s outformance relative to the Benchmark Index during the period was driven largely by the Fund’s allocation to the financials sector, as well as the Fund’s allocation to the energy and information technology sectors, respectively.
Positions that contributed most significantly to the Fund’s absolute return for the fiscal period ended October 31, 2023, included the Sasol Financing USA LLC, 5.88% coupon, due 03/27/2024 (portfolio average weight of 2.03%), and NatWest Group PLC, 7.47% coupon, due 11/10/2026 (portfolio average weight of 2.15%). Positions that detracted most significantly from the Fund’s absolute return included Ford Motor Credit Co. LLC, 8.28% coupon; due 03/06/2026 (portfolio average weight of 2.07%), and OPEC Fund for International Development, 4.50% coupon; due 01/26/2026 (no longer held at fiscal year-end).
Security Type
Breakdown (% of the Fund’s Net Assets) as of October 31, 2023 |
||||
U.S. Dollar Denominated Bonds & Notes | 88.82 | |||
Asset-Backed Securities | 6.94 | |||
U.S. Treasury Securities | 2.14 | |||
Preferred Stocks | 0.80 | |||
Agency Credit Risk Transfer Notes | 0.74 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.56 | |||
Top Ten Fund
Holdings* (% of the Fund’s Net Assets) as of October 31, 2023 |
||||
Security | ||||
Morgan Stanley Bank N.A., 5.88%, 10/30/2026 | 2.56 | |||
NatWest Group PLC, 7.47%, 11/10/2026 | 2.08 | |||
Barclays PLC, 7.33%, 11/02/2026 | 2.07 | |||
Ford Motor Credit Co. LLC, 8.30%, 03/06/2026 | 2.07 | |||
UBS AG, 5.80%, 09/11/2025 | 2.04 | |||
Sasol Financing USA LLC, 5.88%, 03/27/2024 | 2.03 | |||
Serbia International Bond, 6.25%, 05/26/2028 | 2.00 | |||
Energy Transfer L.P., 4.50%, 04/15/2024 | 1.96 | |||
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 6.50%, 07/15/2025 | 1.53 | |||
Mercedes-Benz Finance North America LLC, 5.38%, 08/01/2025 | 1.53 | |||
Total | 19.87 |
* |
Excluding money market fund holdings. |
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Invesco Short Duration Bond ETF (ISDB) (continued)
Growth of a $10,000 Investment Since Inception
Fund Performance History as of October 31, 2023
Fund Inception | ||||
Index | Cumulative | |||
Bloomberg US Government and Credit 1-3 Year Index | 2.27 | % | ||
Fund | ||||
NAV Return | 2.47 | |||
Market Price Return | 2.39 |
Fund Inception: December 9, 2022
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, as supplemented to date, the Fund’s expense ratio of 0.35% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ ETFs to find the most recent month-end performance numbers.
Performance results for the 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:
- |
Cumulative Inception returns for the Fund and index are based on the inception date of the Fund. |
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GTO | Management’s Discussion of Fund Performance | |
Invesco Total Return Bond ETF (GTO) |
The Invesco Total Return Bond ETF (the “Fund”) is an actively managed exchange-traded fund (“ETF”) whose investment objective is to seek maximum total return, comprised of income and capital appreciation. The Fund will normally invest in a portfolio of fixed income instruments of varying maturities and of any credit quality. The Fund will normally invest at least 80% of its net assets (plus any borrowings for investment purposes) in fixed income instruments, which may be represented by certain derivative instruments as discussed below, and also may include ETFs and closed-end funds (“CEFs”) that invest substantially all of their assets in fixed income instruments (including ETFs and CEFs affiliated with the Fund). The fixed income instruments in which the Fund will invest include corporate debt securities of U.S. and non-U.S. issuers, including corporate bonds, and other similar instruments, such as Treasury securities, collateralized loan obligations (“CLOs”), mortgage-backed securities (“MBS”) and asset-backed securities (“ABS”), issued by various U.S. and non-U.S. public- or private-sector entities, and municipal securities, which are debt securities issued by states or local governments and their agencies, authorities and other government sponsored enterprises.
For the fiscal year ended October 31, 2023, on a market price basis, the Fund returned 1.90%. On a net asset value (“NAV”) basis, the Fund returned 1.69%. During this same time period, the Bloomberg U.S. Aggregate Bond Index (the “Benchmark Index”) returned 0.36%.
The Fund’s outperformance relative to the Benchmark Index during the period was primarily due to the Fund’s allocation to the utilities sector and security selection in the communication services sector.
For the fiscal year ended October 31, 2023, from an industry perspective, exposure to electric utilities was the largest contributor to the Fund’s return, followed by oil, gas & consumable fuels. No industries detracted from the Fund’s performance during the period.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2023, included BX Trust, 6.30% coupon; due 10/15/2036 (portfolio average weight of 0.94%), and BX Commercial Mortgage Trust, 7.10% coupon; due 09/15/2036 (portfolio average weight of 0.81%). Positions that detracted most significantly from the Fund’s return included U.S. Treasury Bonds, 3.63% coupon; due 05/15/2053 (portfolio average weight of 5.35%), and U.S. Treasury Notes, 3.88% coupon; due 8/15/2033 (portfolio average weight of 4.41%).
Asset
Group (% of the Fund’s Net Assets) as of October 31, 2023 |
||||
U.S. Dollar Denominated Bonds & Notes | 51.75 | |||
U.S. Government Sponsored Agency Mortgage-Backed Securities | 20.82 | |||
Asset-Backed Securities | 16.95 | |||
U.S. Treasury Securities | 15.69 | |||
Agency Credit Risk Transfer Notes | 0.66 | |||
Preferred Stocks | 0.46 | |||
U.S. Government Sponsored Agency Securities | 0.24 | |||
Municipal Obligations | 0.19 | |||
Exchange-Traded Funds | 0.05 | |||
Non-U.S. Dollar Denominated Bonds & Notes | 0.05 | |||
Common Stocks & Other Equity Interests | 0.00 | |||
Options Purchased | 0.04 | |||
Money Market Funds Plus Other Assets Less Liabilities | (6.90) | |||
Top Ten Fund
Holdings* (% of the Fund’s Net Assets) as of October 31, 2023 |
||||
Security | ||||
U.S. Treasury Bonds, 3.63%, 05/15/2053 | 5.04 | |||
U.S. Treasury Notes, 4.88%, 10/31/2028 | 5.03 | |||
U.S. Treasury Notes, 3.88%, 08/15/2033 | 4.20 | |||
Uniform Mortgage-Backed Securities, TBA, 5.00%, 11/01/2053 | 3.86 | |||
Uniform Mortgage-Backed Securities, TBA, 5.50%, 11/01/2053 | 2.80 | |||
Government National Mortgage Association, TBA, 4.50%, 11/01/2053 | 1.84 | |||
Uniform Mortgage-Backed Securities, TBA, 3.50%, 11/01/2053 | 1.80 | |||
Government National Mortgage Association, TBA, 5.50%, 11/01/2053 | 1.52 | |||
Uniform Mortgage-Backed Securities, TBA, 2.50%, 11/01/2053 | 1.31 | |||
BX Trust, Series 2021-LGCY, Class B, 6.30%, 10/15/2036 | 0.95 | |||
Total | 28.35 |
* |
Excluding money market fund holdings. |
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Invesco Total Return Bond ETF (GTO) (continued)
Growth of a $10,000 Investment Since Inception
Fund Performance History as of October 31, 2023
1 Year | 3 Years Average Annualized |
3 Years Cumulative |
5 Years Average Annualized |
5 Years Cumulative |
Fund Inception | |||||||||||||||||||||||||||
Index | Average Annualized |
Cumulative | ||||||||||||||||||||||||||||||
Bloomberg U.S. Aggregate Bond Index | 0.36 | % | (5.57 | )% | (15.79 | )% | (0.06 | )% | (0.28 | )% | 0.17 | % | 1.32 | % | ||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||
NAV Return | 1.69 | (5.48 | ) | (15.55 | ) | 0.62 | 3.15 | 1.70 | 13.93 | |||||||||||||||||||||||
Market Price Return | 1.90 | (5.46 | ) | (15.49 | ) | 0.62 | 3.14 | 1.71 | 13.98 |
Guggenheim Total Return Bond ETF (the “Predecessor Fund”) Inception: February 10, 2016
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, as supplemented to date, the Fund’s net expense ratio of 0.25% is expressed as a unitary management fee of 0.50%, to cover operating expenses and expenses incurred in connection with managing the portfolio, and a waiver of 0.25%. Effective June 28, 2023, Invesco Capital Management LLC (the “Adviser”) has agreed to waive a portion of its unitary management fee for the Fund through August 31, 2025 such that after giving effect to such waiver, the net unitary management fee will be 0.25%. 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 the index are based on the inception date of the Predecessor Fund. |
- |
Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Fund returns shown are blended returns of the Predecessor Fund and the Fund. |
|
21 |
|
GSY | Management’s Discussion of Fund Performance | |
Invesco Ultra Short Duration ETF (GSY) |
The Invesco Ultra Short Duration ETF (the “Fund”) is an actively managed exchange-traded fund (“ETF”) whose investment objective is to seek maximum current income, consistent with preservation of capital and daily liquidity. The Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in fixed income securities and in ETFs and closed-end funds that invest substantially all of their assets in fixed income securities. The Fund uses a low duration strategy to seek to outperform the ICE BofA US Treasury Bill Index (the “Benchmark Index”) in addition to providing returns in excess of those available in U.S. Treasury bills, government repurchase agreements, and money market funds, while seeking to provide preservation of capital and daily liquidity.
The Fund expects, under normal circumstances, to hold a diversified portfolio of fixed income instruments of varying maturities, but that have an average duration of less than one year.
The Fund is primarily invested in corporate bonds, commercial paper and asset-backed securities. The Fund’s high allocation to floating rate securities reduces interest rate risk while commercial paper helps the Fund manage its liquidity needs. The Fund’s focus on high-quality short maturity holdings helps the Fund manage credit risk. The Fund continues to maintain an average effective duration below one year. The portfolio management team believes the Fund is well positioned for interest rate volatility and broader financial market sell-offs overall and relative to other conservative ultra-short fixed income funds. The Fund’s significant holdings in high quality investment grade assets and money market securities continue to help reduce drawdown risks, while preserving capital and maintaining a competitive yield.
For the fiscal year ended October 31, 2023, on a market price basis, the Fund returned 5.42%. On a net asset value (“NAV”) basis, the Fund returned 5.40%. During the same time period, the Benchmark Index returned 4.83%.
The Fund’s outperformance relative to the Benchmark Index during the year was primarily due to the Fund maintaining an overweight position in short maturity investment grade credit securities.
Allocation to banks and insurance industries were positive contributors to the Fund’s performance relative to the Benchmark Index during the fiscal year ended October 31, 2023. Additionally, the Fund’s performance during the period was positively impacted by its overweight allocation to the capital markets, automobiles, and oil, gas & consumable fuels industries. No industries detracted from the Fund’s performance during the period.
Positions that contributed most significantly to the Fund’s return during the fiscal year ended October 31, 2023, included Golub Capital Partners CLO, 7.10% coupon (portfolio average weight of 0.57%), and Golub Capital Partners CLO, 7.33 % coupon,
(portfolio average weight of 0.52%). Positions that detracted most significantly from the Fund’s return included Capital One Financial Corp., 6.02% coupon (portfolio average weight of 0.37%), and OBX Trust, 1.10% coupon (portfolio average weight of 0.35%).
Security Type
Breakdown (% of the Fund’s Net Assets) as of October 31, 2023 |
||||
U.S. Dollar Denominated Bonds & Notes | 48.55 | |||
Commercial Paper | 28.79 | |||
Asset-Backed Securities | 17.66 | |||
Non-U.S. Dollar Denominated Bonds & Notes | 2.50 | |||
Certificates of Deposit | 1.27 | |||
Variable Rate Senior Loan Interests | 0.07 | |||
Exchange-Traded Funds | 0.05 | |||
Money Market Funds Plus Other Assets Less Liabilities | 1.11 | |||
Top Ten Fund
Holdings* (% of the Fund’s Net Assets) as of October 31, 2023 |
||||
Security | ||||
Japan Treasury Discount Bill, Series 1185, 0.00%, 01/09/2024 | 2.50 | |||
Harley-Davidson Financial Services, Inc., 0.00%, 11/06/2023 | 1.28 | |||
Mercedes-Benz Finance North America LLC, 6.29%, 03/30/2025 | 1.07 | |||
Conagra Brands, Inc., 0.00%, 11/08/2023 | 1.06 | |||
Canadian Natural Resources Ltd., 3.80%, 04/15/2024 | 1.01 | |||
Global Payments, Inc., 0.00%, 11/20/2023 | 0.92 | |||
Cigna Group (The), 5.69%, 03/15/2026 | 0.92 | |||
Jackson National Life Global Funding, 5.50%, 01/09/2026 | 0.86 | |||
Swedbank AB, 6.73%, 06/15/2026 | 0.80 | |||
Bank of Nova Scotia (The), 6.44%, 06/12/2025 | 0.80 | |||
Total | 11.22 |
* |
Excluding money market fund holdings. |
|
22 |
|
Invesco Ultra Short Duration ETF (GSY) (continued)
Growth of a $10,000 Investment
Fund Performance History as of October 31, 2023
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 | ||||||||||||||||||||||||||||||||||||||
ICE BofA US Treasury Bill Index | 4.83 | % | 1.82 | % | 5.55 | % | 1.78 | % | 9.24 | % | 1.17 | % | 12.34 | % | 0.92 | % | 15.49 | % | ||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||||||||||
NAV Return | 5.40 | 1.50 | 4.58 | 1.95 | 10.12 | 1.74 | 18.84 | 1.38 | 24.13 | |||||||||||||||||||||||||||||||
Market Price Return | 5.42 | 1.50 | 4.56 | 1.94 | 10.08 | 1.74 | 18.82 | 1.38 | 24.13 |
Guggenheim Ultra Short Duration ETF (the “Predecessor Fund”) Inception: February 12, 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 total annual operating expense ratio was indicated as 0.22%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. 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 the index are based on the inception date of the Predecessor Fund. |
- |
Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Fund returns shown are blended returns of the Predecessor Fund and the Fund. |
|
23 |
|
VRIG | Management’s Discussion of Fund Performance | |
Invesco Variable Rate Investment Grade ETF (VRIG) |
The Invesco Variable Rate Investment Grade ETF (the “Fund”) is an actively managed exchange-traded fund (“ETF”) whose investment objectives are seeking to generate current income while maintaining low portfolio duration as a primary objective and capital appreciation as a secondary objective. The Fund seeks to achieve its investment objectives by investing, under normal market conditions, at least 80% of its net assets (plus any borrowings for investment purposes) in a portfolio of investment-grade, variable rate or floating rate debt securities that are denominated in U.S. dollars and are issued by U.S. private sector entities or U.S. government agencies and instrumentalities.
Invesco Advisers, Inc., the sub-adviser to the Fund, selects the following types of securities for the Fund: (i) floating rate non- agency commercial mortgage-backed securities (“MBS”); variable rate non-agency residential MBS; variable rate agency MBS and floating rate non-agency asset-backed securities (“ABS”) (including floating rate non-agency commercial real estate collateralized loan obligations (“CLOs”)); (ii) floating rate corporate debt securities (comprised of corporate notes, bonds, debentures or privately issued securities offered pursuant to Rule 144A (“Rule 144A”) of the Securities Act of 1933, as amended (“Securities Act”)); (iii) floating rate government sponsored enterprise (“GSE”) credit risk transfers; (iv) floating rate U.S. Government securities (including floating rate agency debt securities); (v) variable rate preferred stock; and (vi) affiliated ETFs that invest primarily in any or all of the foregoing securities (collectively, “Variable Rate Instruments”), to the extent permitted by the Investment Company Act of 1940.
During the fiscal year ended October 31, 2023, on a market price basis, the Fund returned 7.46%. On a net asset value (“NAV”) basis, the Fund returned 7.32%. During the same time period, the Bloomberg US Floating Rate Note Index (the “Benchmark Index”) returned 6.58%.
The Fund’s outperformance relative to the Benchmark Index during the fiscal year ended October 31, 2023, was driven largely by its security selection in the consumer staples sector, as well as overweight allocation within the health care sector.
The Fund’s allocation to the consumer discretionary sector was also a contributor for the period. No sectors detracted from the Fund’s relative performance for the period.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2023, included U.S. Treasury Floating Rate Note, 5.52% coupon, due 07/31/2025 (portfolio average weight of 23.91%), and Freddie Mac, 8.22% coupon, due 04/25/2042 (portfolio average weight of 0.63%). Positions that detracted most significantly from the Fund’s return were BBCMS Mortgage Trust, 6.76% coupon, due 11/15/2034 (portfolio average weight of 0.26%) and COMM Mortgage Trust, 6.68% coupon, due 06/15/2034 (portfolio average weight of 0.39%).
Security Type
Breakdown (% of the Fund’s Net Assets) as of October 31, 2023 |
||||
U.S. Dollar Denominated Bonds & Notes | 38.77 | |||
U.S. Treasury Securities | 24.03 | |||
Agency Credit Risk Transfer Notes | 16.99 | |||
Asset-Backed Securities | 16.41 | |||
U.S. Government Sponsored Agency Mortgage-Backed Securities | 2.63 | |||
Certificate of Deposit | 0.52 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.65 | |||
Top Ten Fund
Holdings* (% of the Fund’s Net Assets) as of October 31, 2023 |
||||
Security | ||||
U.S. Treasury Floating Rate Notes, 5.52%, 07/31/2025 | 24.03 | |||
GA Global Funding Trust, 6.72%, 04/11/2025 | 0.75 | |||
Charles Schwab Corp. (The), 5.85%, 03/18/2024 | 0.75 | |||
CenterPoint Energy, Inc., 5.99%, 05/13/2024 | 0.74 | |||
Freddie Mac, Series 2021-DNA6, Class M2, STACR®, 6.82%, 10/25/2041 | 0.72 | |||
BPCE S.A., 7.34%, 10/19/2027 | 0.65 | |||
Athene Global Funding, 6.05%, 05/24/2024 | 0.65 | |||
Fannie Mae Connecticut Avenue Securities, Series 2023-R01, Class 1M1, 7.72%, 12/25/2042 | 0.64 | |||
Freddie Mac, Series 2022-DNA3, Class M1B, STACR®, 8.22%, 04/25/2042 | 0.63 | |||
NextEra Energy Capital Holdings, Inc., 6.38%, 03/21/2024 | 0.63 | |||
Total | 30.19 |
* |
Excluding money market fund holdings. |
|
24 |
|
Invesco Variable Rate Investment Grade ETF (VRIG) (continued)
Growth of a $10,000 Investment Since Inception
Fund Performance History as of October 31, 2023
1 Year | 3 Years Average Annualized |
3 Years Cumulative |
5 Years Average Annualized |
5 Years Cumulative |
Fund Inception | |||||||||||||||||||||||||||
Index | Average Annualized |
Cumulative | ||||||||||||||||||||||||||||||
Bloomberg US Floating Rate Note Index | 6.58 | % | 2.53 | % | 7.79 | % | 2.50 | % | 13.16 | % | 2.45 | % | 18.80 | % | ||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||
NAV Return | 7.32 | 2.78 | 8.56 | 2.60 | 13.68 | 2.59 | 19.92 | |||||||||||||||||||||||||
Market Price Return | 7.46 | 2.81 | 8.65 | 2.62 | 13.79 | 2.57 | 19.78 |
Fund Inception: September 22, 2016
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 0.30% 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 Benchmark Indexes 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 Benchmark 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. |
|
25 |
|
Invesco AAA CLO Floating Rate Note ETF (ICLO)
October 31, 2023
Principal Amount |
Value | |||||||
Asset-Backed Securities-98.59% |
||||||||
ABPCI Direct Lending Fund IX LLC (Cayman Islands), Series 2020-9A, Class A1R, 7.05% (3 mo. Term SOFR + 1.66%), 11/18/2031(a)(b) |
$ | 500,000 | $ | 494,572 | ||||
AGL CLO 14 Ltd. (Cayman Islands), Series 2021-14A, Class A, 6.82% (3 mo. Term SOFR + 1.41%), 12/02/2034(a)(b) |
1,500,000 | 1,488,654 | ||||||
Aimco CLO 14 Ltd. (Cayman Islands), Series 2021-14A, Class A, 6.67% (3 mo. Term SOFR + 1.25%), 04/20/2034(a)(b) |
1,500,000 | 1,482,936 | ||||||
Benefit Street Partners CLO XI (Cayman Islands), Series 2017-11A, Class A2R, 7.16% (3 mo. Term SOFR + 1.76%), 04/15/2029(a)(b) |
1,000,000 | 990,299 | ||||||
Buckhorn Park CLO Ltd. (Cayman Islands), Series 2019-1A, Class AR, 6.78% (3 mo. Term SOFR + 1.38%), 07/18/2034(a)(b) |
1,325,000 | 1,316,096 | ||||||
Carlyle Global Market Strategies CLO Ltd. (Cayman Islands) |
||||||||
Series 2013-1A, Class A1RR, 6.58% (3 mo. Term SOFR +
1.21%), |
613,977 | 611,288 | ||||||
Series 2014-2RA, Class A2, 6.95% (3 mo. Term SOFR + 1.59%), 05/15/2031(a)(b) |
1,000,000 | 983,029 | ||||||
CBAM Ltd. (Cayman Islands), Series 2017-1A, Class A1, 6.93% (3 mo. Term SOFR + 1.51%), 07/20/2030(a)(b) |
226,495 | 225,972 | ||||||
Cedar Funding IV CLO Ltd. (Cayman Islands), Series 2014-4A, Class ARR, 6.83% (3 mo. Term SOFR + 1.42%), 07/23/2034(a)(b) |
1,000,000 | 990,387 | ||||||
Cedar Funding XI CLO Ltd. (Cayman Islands), Series 2019-11A, Class A1R, 6.72% (3 mo. Term SOFR + 1.31%), 05/29/2032(a)(b) |
1,000,000 | 994,865 | ||||||
CIFC Funding 2013-II Ltd. (Cayman Islands), Series 2013-2A, Class A2L2, 7.16% (3 mo. Term SOFR + 1.76%), 10/18/2030(a)(b) |
500,000 | 494,187 | ||||||
Elmwood CLO IX Ltd. (Cayman Islands), Series 2021-2A, Class A, 6.81% (3 mo. Term SOFR + 1.39%), 07/20/2034(a)(b) |
1,640,000 | 1,631,182 | ||||||
GoldenTree Loan Management US CLO 1 Ltd. (Cayman Islands), Series 2017-1A, Class A1R2, 6.70% (3 mo. Term SOFR + 1.28%), 04/20/2034(a)(b) |
900,000 | 890,457 | ||||||
Golub Capital Partners CLO 25(M) Ltd. (Cayman Islands), Series 2015-25A, Class AR, 7.01% (3 mo. Term SOFR + 1.64%), 05/05/2030(a)(b) |
1,113,975 | 1,111,473 | ||||||
Golub Capital Partners CLO 40(B) Ltd. (Cayman Islands), Series 2019-40A, Class AR, 6.73% (3 mo. Term SOFR + 1.35%), 01/25/2032(a)(b) |
345,000 | 340,702 | ||||||
Golub Capital Partners CLO 45(M) Ltd. (Cayman Islands), Series 2019-45A, Class A, 7.40% (3 mo. Term SOFR + 1.98%), 10/20/2031(a)(b) |
1,250,000 | 1,244,070 | ||||||
Golub Capital Partners CLO 47(M) Ltd. (Cayman Islands), Series 2020-47A, Class A1, 7.33% (3 mo. Term SOFR + 1.94%), 05/05/2032(a)(b) |
1,150,000 | 1,144,172 |
Principal Amount |
Value | |||||||
Madison Park Funding XXVI Ltd. (Cayman Islands), Series
2017-26A, Class BR, 7.25% (3 mo. Term SOFR + 1.86%), |
$ | 550,000 | $ | 544,942 | ||||
Madison Park Funding XXXVII Ltd. (Cayman Islands), Series
2019-37A, Class AR, 6.73% (3 mo. Term SOFR + 1.33%), |
1,340,000 | 1,331,821 | ||||||
Mariner CLO LLC (Cayman Islands), Series 2016-3A, Class BR2, 7.17% (3 mo. Term SOFR + 1.76%), 07/23/2029(a)(b) |
1,000,000 | 994,813 | ||||||
Neuberger Berman CLO XV (Cayman Islands), Series 2013-15A, Class A1R2, 6.58% (3 mo. Term SOFR + 1.18%), 10/15/2029(a)(b) |
900,520 | 896,189 | ||||||
Owl Rock CLO IV Ltd. (Cayman Islands), Series 2020-4A, Class A1R, 7.24% (3 mo. Term SOFR + 1.86%), 08/20/2033(a)(b) |
750,000 | 738,653 | ||||||
Palmer Square CLO Ltd. (Cayman Islands), Series 2015-1A, Class A1A4, 6.77% (3 mo. Term SOFR + 1.39%), 05/21/2034(a)(b) |
1,795,000 | 1,782,241 | ||||||
Rad CLO 5 Ltd. (Cayman Islands), Series 2019- 5A, Class BR, 7.36% (3 mo. Term SOFR + 1.96%), 07/24/2032(a)(b) |
2,000,000 | 1,969,694 | ||||||
Regatta XX Funding Ltd. (Cayman Islands), Series 2021-2A, Class A, 6.82% (3 mo. Term SOFR + 1.42%), 10/15/2034(a)(b) |
1,345,000 | 1,337,814 | ||||||
Regatta XXII Funding Ltd. (Cayman Islands), Series 2022-2A, Class A, 6.96% (3 mo. Term SOFR + 1.54%), 07/20/2035(a)(b) |
1,000,000 | 995,504 | ||||||
RR 1 LLC, Series 2017-1A, Class A1AB, 6.81% (3 mo. Term SOFR + 1.41%), 07/15/2035(a)(b) |
1,310,000 | 1,301,942 | ||||||
Signal Peak CLO 1 Ltd., Series 2014-1A, Class AR3, 6.82% (3 mo. Term SOFR + 1.42%), 04/17/2034(a)(b) |
1,500,000 | 1,486,066 | ||||||
Sixth Street CLO XIX Ltd. (Cayman Islands), Series 2021-19A, Class A, 6.78% (3 mo. Term SOFR + 1.36%), 07/20/2034(a)(b) |
1,000,000 | 991,105 | ||||||
Symphony CLO XIX Ltd. (Cayman Islands), Series 2018-19A, Class B, 7.01% (3 mo. Term SOFR + 1.61%), 04/16/2031(a)(b) |
900,000 | 877,387 | ||||||
Symphony CLO XVI Ltd. (Cayman Islands), Series 2015-16A, Class AR, 6.81% (3 mo. Term SOFR + 1.41%), 10/15/2031(a)(b) |
500,000 | 497,591 | ||||||
Symphony CLO XXXII Ltd. (Cayman Islands), Series 2022-32A, Class B, 7.26% (3 mo. Term SOFR + 1.85%), 04/23/2035(a)(b) |
500,000 | 485,300 | ||||||
|
|
|||||||
Total Asset-Backed Securities |
32,665,403 | |||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
26 | ||||
|
| |||
Invesco AAA CLO Floating Rate Note ETF (ICLO)–(continued)
October 31, 2023
Shares | Value | |||||||
Money Market Funds-0.90% |
||||||||
Invesco Government & Agency Portfolio,
Institutional Class, 5.27%(c)(d) |
296,033 | $ | 296,033 | |||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES-99.49% |
|
32,961,436 | ||||||
OTHER ASSETS LESS LIABILITIES-0.51% |
170,597 | |||||||
|
|
|||||||
NET ASSETS-100.00% |
$ | 33,132,033 | ||||||
|
|
Investment Abbreviations:
BR -Bearer Shares
SOFR-Secured Overnight Financing Rate
Notes to Schedule of Investments:
(a) |
Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2023 was $32,665,403, which represented 98.59% of the Fund’s Net Assets. |
(b) |
Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on October 31, 2023. |
(c) |
Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the period ended October 31, 2023. |
Value October 31, 2022 |
Purchases at Cost |
Proceeds from Sales |
Change
in Unrealized Appreciation |
Realized Gain |
Value October 31, 2023 |
Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: |
|||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class |
$- | $5,247,950 | $(4,951,917) | $- | $- | $296,033 | $9,147 |
(d) |
The rate shown is the 7-day SEC standardized yield as of October 31, 2023. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
27 | ||||
|
| |||
Invesco Active U.S. Real Estate ETF (PSR)
October 31, 2023
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.96%(a) |
| |||||||
Apartments -9.20% |
| |||||||
Apartment Income REIT Corp. |
33,945 | $ | 991,533 | |||||
AvalonBay Communities, Inc.(b) |
5,947 | 985,656 | ||||||
Camden Property Trust(b) |
10,879 | 923,409 | ||||||
Elme Communities(b) |
74,269 | 947,672 | ||||||
Equity Residential |
17,430 | 964,402 | ||||||
Essex Property Trust, Inc.(b) |
4,765 | 1,019,329 | ||||||
Mid-America Apartment Communities, Inc. |
7,979 | 942,719 | ||||||
UDR, Inc. |
28,854 | 917,846 | ||||||
|
|
|||||||
7,692,566 | ||||||||
|
|
|||||||
Data Centers -10.58% |
| |||||||
Digital Realty Trust, Inc. |
35,851 | 4,458,431 | ||||||
Equinix, Inc. |
6,002 | 4,379,299 | ||||||
|
|
|||||||
8,837,730 | ||||||||
|
|
|||||||
Diversified -1.25% |
| |||||||
American Assets Trust, Inc. |
28,862 | 512,301 | ||||||
W.P. Carey, Inc.(b) |
9,865 | 529,257 | ||||||
|
|
|||||||
1,041,558 | ||||||||
|
|
|||||||
Free Standing -5.56% |
| |||||||
Agree Realty Corp. |
12,219 | 683,531 | ||||||
Essential Properties Realty Trust, Inc.(b) |
30,954 | 679,440 | ||||||
Four Corners Property Trust, Inc. |
30,231 | 643,920 | ||||||
NETSTREIT Corp.(b) |
44,446 | 633,355 | ||||||
NNN REIT, Inc. |
18,678 | 678,572 | ||||||
Realty Income Corp. |
13,102 | 620,773 | ||||||
Spirit Realty Capital, Inc. |
19,604 | 705,548 | ||||||
|
|
|||||||
4,645,139 | ||||||||
|
|
|||||||
Gaming REITs-4.07% |
| |||||||
Gaming and Leisure Properties, Inc. |
37,809 | 1,716,150 | ||||||
VICI Properties, Inc. |
60,434 | 1,686,109 | ||||||
|
|
|||||||
3,402,259 | ||||||||
|
|
|||||||
Health Care-8.54% |
| |||||||
CareTrust REIT, Inc.(b) |
49,349 | 1,061,990 | ||||||
Healthcare Realty Trust, Inc.(b) |
71,922 | 1,032,081 | ||||||
Healthpeak Properties, Inc. |
60,154 | 935,395 | ||||||
Omega Healthcare Investors, Inc. |
31,122 | 1,030,138 | ||||||
Physicians Realty Trust(b) |
91,037 | 988,662 | ||||||
Ventas, Inc.(b) |
24,671 | 1,047,530 | ||||||
Welltower, Inc.(b) |
12,413 | 1,037,851 | ||||||
|
|
|||||||
7,133,647 | ||||||||
|
|
|||||||
Industrial-14.19% |
| |||||||
Americold Realty Trust, Inc.(b) |
65,329 | 1,712,926 | ||||||
EastGroup Properties, Inc.(b) |
10,831 | 1,768,161 | ||||||
First Industrial Realty Trust, Inc. |
39,757 | 1,681,721 | ||||||
Prologis, Inc. |
16,361 | 1,648,371 | ||||||
Rexford Industrial Realty, Inc. |
36,882 | 1,594,778 | ||||||
STAG Industrial, Inc. |
52,150 | 1,732,423 | ||||||
Terreno Realty Corp.(b) |
32,282 | 1,719,985 | ||||||
|
|
|||||||
11,858,365 | ||||||||
|
|
|||||||
Infrastructure REITs-14.70% |
| |||||||
American Tower Corp. |
24,025 | 4,281,015 |
Shares | Value | |||||||
Infrastructure REITs-(continued) |
| |||||||
Crown Castle, Inc. |
41,836 | $ | 3,889,911 | |||||
SBA Communications Corp., Class A |
19,735 | 4,117,313 | ||||||
|
|
|||||||
12,288,239 | ||||||||
|
|
|||||||
Lodging Resorts-2.60% |
| |||||||
Apple Hospitality REIT, Inc. |
20,502 | 321,472 | ||||||
DiamondRock Hospitality Co.(b) |
39,710 | 306,958 | ||||||
Host Hotels & Resorts, Inc. |
19,979 | 309,275 | ||||||
Pebblebrook Hotel Trust(b) |
24,087 | 287,358 | ||||||
RLJ Lodging Trust(b) |
32,973 | 309,946 | ||||||
Ryman Hospitality Properties, Inc. |
3,785 | 323,996 | ||||||
Sunstone Hotel Investors, Inc.(b) |
33,880 | 315,084 | ||||||
|
|
|||||||
2,174,089 | ||||||||
|
|
|||||||
Manufactured Homes-3.84% |
| |||||||
Equity LifeStyle Properties, Inc. |
16,343 | 1,075,370 | ||||||
Sun Communities, Inc. |
9,959 | 1,107,839 | ||||||
UMH Properties, Inc. |
74,215 | 1,024,909 | ||||||
|
|
|||||||
3,208,118 | ||||||||
|
|
|||||||
Office-3.38% |
| |||||||
Alexandria Real Estate Equities, Inc.(b) |
5,993 | 558,128 | ||||||
Boston Properties, Inc.(b) |
10,480 | 561,413 | ||||||
Cousins Properties, Inc. |
30,498 | 544,999 | ||||||
Empire State Realty Trust, Inc., Class A(b) |
73,986 | 598,547 | ||||||
Kilroy Realty Corp. |
19,534 | 558,282 | ||||||
|
|
|||||||
2,821,369 | ||||||||
|
|
|||||||
Regional Malls-0.81% |
| |||||||
Simon Property Group, Inc. |
6,137 | 674,395 | ||||||
|
|
|||||||
Self Storage-7.07% |
||||||||
CubeSmart(b) |
43,481 | 1,482,267 | ||||||
Extra Space Storage, Inc. |
13,896 | 1,439,487 | ||||||
National Storage Affiliates Trust |
53,590 | 1,528,387 | ||||||
Public Storage |
6,114 | 1,459,473 | ||||||
|
|
|||||||
5,909,614 | ||||||||
|
|
|||||||
Shopping Centers-7.95% |
| |||||||
Acadia Realty Trust(b) |
46,095 | 660,080 | ||||||
Alexander & Baldwin, Inc. |
40,436 | 638,889 | ||||||
Brixmor Property Group, Inc. |
32,148 | 668,357 | ||||||
Federal Realty Investment Trust |
7,378 | 672,800 | ||||||
Kimco Realty Corp. |
38,229 | 685,828 | ||||||
Phillips Edison & Co., Inc.(b) |
19,211 | 678,341 | ||||||
Regency Centers Corp.(b) |
11,155 | 672,200 | ||||||
Retail Opportunity Investments Corp.(b) |
55,213 | 648,201 | ||||||
SITE Centers Corp.(b) |
54,305 | 633,196 | ||||||
Urban Edge Properties |
43,509 | 690,053 | ||||||
|
|
|||||||
6,647,945 | ||||||||
|
|
|||||||
Single Family Homes-2.33% |
| |||||||
American Homes 4 Rent, Class A |
30,189 | 988,388 | ||||||
Invitation Homes, Inc. |
32,177 | 955,335 | ||||||
|
|
|||||||
1,943,723 | ||||||||
|
|
|||||||
Specialty-0.95% |
| |||||||
Lamar Advertising Co., Class A(b) |
4,618 | 379,923 | ||||||
Outfront Media, Inc. |
42,319 | 413,033 | ||||||
|
|
|||||||
792,956 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
28 | ||||
|
| |||
Invesco Active U.S. Real Estate ETF (PSR)–(continued)
October 31, 2023
Shares | Value | |||||||
Timber REITs-2.94% |
||||||||
PotlatchDeltic Corp. |
19,193 | $ | 822,420 | |||||
Rayonier, Inc. |
31,998 | 807,629 | ||||||
Weyerhaeuser Co.(b) |
28,740 | 824,551 | ||||||
|
|
|||||||
2,454,600 | ||||||||
|
|
|||||||
Total Common Stocks & Other Equity
Interests |
83,526,312 | |||||||
|
|
|||||||
Money Market Funds-0.01% |
||||||||
Invesco Government & Agency Portfolio,
Institutional Class, 5.27%(c)(d) |
6,835 | 6,835 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES |
83,533,147 | |||||||
|
|
Shares | Value | |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-14.90% |
|
|||||||
Invesco Private Government Fund, 5.32%(c)(d)(e) |
3,486,152 | $ | 3,486,152 | |||||
Invesco Private Prime Fund, |
8,967,520 | 8,968,417 | ||||||
|
|
|||||||
Total Investments Purchased with Cash Collateral from
Securities on Loan |
12,454,569 | |||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES-114.87% |
|
95,987,716 | ||||||
OTHER ASSETS LESS LIABILITIES-(14.87)% |
|
(12,427,312 | ) | |||||
|
|
|||||||
NET ASSETS-100.00%. |
$ | 83,560,404 | ||||||
|
|
Investment Abbreviations:
REIT-Real Estate Investment Trust
Notes to Schedule of Investments:
(a) |
Property type classifications used in this report are generally according to FTSE National Association of Real Estate Investment Trusts (“NAREIT”) Equity REITs Index, which is exclusively owned by NAREIT. |
(b) |
All or a portion of this security was out on loan at October 31, 2023. |
(c) |
Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended October 31, 2023. |
Value |
Purchases |
Proceeds |
Change
in |
Realized |
Value |
Dividend |
||||||||||||||||||||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: |
||||||||||||||||||||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class |
$ | - | $ | 2,704,528 | $ | (2,697,693 | ) | $ | - | $ | - | $ | 6,835 | $ | 1,352 | |||||||||||||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: |
||||||||||||||||||||||||||||||||||||||||||||||||||||
Invesco Private Government Fund |
1,689,902 | 62,145,031 | (60,348,781 | ) | - | ` | - | 3,486,152 | 153,432 | * | ||||||||||||||||||||||||||||||||||||||||||
Invesco Private Prime Fund |
4,344,289 | 133,709,996 | (129,086,976 | ) | (737 | ) | 1,845 | 8,968,417 | 414,065 | * | ||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||
Total |
$ | 6,034,191 | $ | 198,559,555 | $ | (192,133,450 | ) | $ | (737 | ) | $ | 1,845 | $ | 12,461,404 | $ | 568,849 | ||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(d) |
The rate shown is the 7-day SEC standardized yield as of October 31, 2023. |
(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 2M. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
29 | ||||
|
| |||
Invesco High Yield Bond Factor ETF (IHYF)
October 31, 2023
Schedule of Investments(a)
Principal Amount |
Value | |||||||
U.S. Dollar Denominated Bonds & Notes-97.63% |
| |||||||
Advertising-0.54% |
||||||||
Advantage Sales & Marketing, Inc., 6.50%, 11/15/2028(b) |
$ | 126,000 | $ | 102,872 | ||||
Belo Corp., 7.25%, 09/15/2027 |
130,000 | 124,010 | ||||||
|
|
|||||||
226,882 | ||||||||
|
|
|||||||
Aerospace & Defense-2.69% |
||||||||
Bombardier, Inc. (Canada), 7.50%, 02/01/2029(b)(c) |
217,000 | 201,224 | ||||||
Howmet Aerospace, Inc. |
||||||||
5.13%, 10/01/2024 |
35,000 | 34,624 | ||||||
6.88%, 05/01/2025 |
115,000 | 115,528 | ||||||
5.95%, 02/01/2037 |
80,000 | 73,182 | ||||||
Spirit AeroSystems, Inc. |
||||||||
7.50%, 04/15/2025(b) |
70,000 | 69,906 | ||||||
9.38%, 11/30/2029(b) |
62,000 | 63,747 | ||||||
TransDigm, Inc., 6.25%, 03/15/2026(b)(c) |
574,000 | 561,317 | ||||||
|
|
|||||||
1,119,528 | ||||||||
|
|
|||||||
Agricultural & Farm Machinery-0.14% |
||||||||
Titan International, Inc., 7.00%, 04/30/2028 |
65,000 | 59,456 | ||||||
|
|
|||||||
Air Freight & Logistics-0.41% |
||||||||
Rand Parent LLC, 8.50%, 02/15/2030(b) |
188,000 | 171,858 | ||||||
|
|
|||||||
Alternative Carriers-0.59% |
||||||||
Lumen Technologies, Inc., 4.00%, 02/15/2027(b) |
144,000 | 97,331 | ||||||
Qwest Corp., 7.25%, 09/15/2025 |
77,000 | 73,830 | ||||||
Zayo Group Holdings, Inc., 4.00%, 03/01/2027(b) |
100,000 | 75,381 | ||||||
|
|
|||||||
246,542 | ||||||||
|
|
|||||||
Aluminum-0.19% |
||||||||
Kaiser Aluminum Corp., 4.50%, 06/01/2031(b) |
106,000 | 78,461 | ||||||
|
|
|||||||
Apparel Retail-0.80% |
||||||||
Foot Locker, Inc., 4.00%, 10/01/2029(b) |
67,000 | 49,330 | ||||||
Gap, Inc. (The) |
||||||||
3.63%, 10/01/2029(b) |
161,000 | 123,177 | ||||||
3.88%, 10/01/2031(b) |
159,000 | 114,358 | ||||||
Victoria’s Secret & Co., 4.63%, 07/15/2029(b) |
62,000 | 45,652 | ||||||
|
|
|||||||
332,517 | ||||||||
|
|
|||||||
Apparel, Accessories & Luxury Goods-0.83% |
| |||||||
G-III Apparel Group Ltd., 7.88%, 08/15/2025(b) |
88,000 | 87,285 | ||||||
Hanesbrands, Inc., 4.88%, 05/15/2026(b)(c) |
161,000 | 148,102 | ||||||
Under Armour, Inc., 3.25%, 06/15/2026 |
122,000 | 111,226 | ||||||
|
|
|||||||
346,613 | ||||||||
|
|
|||||||
Application Software-0.76% |
||||||||
Cloud Software Group, Inc. |
||||||||
6.50%, 03/31/2029(b) |
100,000 | 87,891 | ||||||
9.00%, 09/30/2029(b) |
100,000 | 85,250 | ||||||
Open Text Holdings, Inc. (Canada) |
||||||||
4.13%, 02/15/2030(b) |
103,000 | 85,475 | ||||||
4.13%, 12/01/2031(b) |
76,000 | 59,785 | ||||||
|
|
|||||||
318,401 | ||||||||
|
|
Principal Amount |
Value | |||||||
Asset Management & Custody Banks-0.13% |
| |||||||
Brightsphere Investment Group, Inc., 4.80%, 07/27/2026 |
$ | 58,000 | $ | 52,718 | ||||
|
|
|||||||
Automobile Manufacturers-2.61% |
||||||||
Ford Motor Credit Co. LLC |
||||||||
5.13%, 06/16/2025 |
200,000 | 194,786 | ||||||
4.13%, 08/04/2025 |
200,000 | 190,829 | ||||||
3.38%, 11/13/2025 |
200,000 | 186,831 | ||||||
6.80%, 05/12/2028 |
200,000 | 199,622 | ||||||
Jaguar Land Rover Automotive PLC (United Kingdom), 7.75%, 10/15/2025(b) |
200,000 | 200,355 | ||||||
PM General Purchaser LLC, 9.50%, 10/01/2028(b) |
123,000 | 115,740 | ||||||
|
|
|||||||
1,088,163 | ||||||||
|
|
|||||||
Automotive Parts & Equipment-1.50% |
||||||||
Clarios Global L.P./Clarios US Finance Co., 8.50%, 05/15/2027(b) |
37,000 | 36,499 | ||||||
Dana, Inc., 4.25%, 09/01/2030 |
84,000 | 66,595 | ||||||
IHO Verwaltungs GmbH (Germany), 7.13% PIK Rate, 6.38% Cash Rate, 05/15/2029(b)(d) |
200,000 | 174,487 | ||||||
Tenneco, Inc., 8.00%, 11/17/2028(b) |
200,000 | 160,710 | ||||||
ZF North America Capital, Inc. (Germany), 4.75%, 04/29/2025(b) |
192,000 | 185,453 | ||||||
|
|
|||||||
623,744 | ||||||||
|
|
|||||||
Automotive Retail-0.09% |
||||||||
Sonic Automotive, Inc., 4.63%, 11/15/2029(b) |
45,000 | 37,521 | ||||||
|
|
|||||||
Broadcasting-2.18% |
||||||||
AMC Networks, Inc., 4.75%, 08/01/2025 |
72,000 | 65,649 | ||||||
iHeartCommunications, Inc. |
||||||||
6.38%, 05/01/2026 |
72,000 | 58,760 | ||||||
8.38%, 05/01/2027(c) |
45,000 | 27,628 | ||||||
5.25%, 08/15/2027(b) |
100,000 | 73,380 | ||||||
Liberty Interactive LLC, 8.25%, 02/01/2030 |
79,000 | 20,343 | ||||||
Paramount Global, 6.38%, 03/30/2062(c)(e) |
298,000 | 219,587 | ||||||
TEGNA, Inc. |
||||||||
4.75%, 03/15/2026(b) |
150,000 | 140,133 | ||||||
4.63%, 03/15/2028 |
155,000 | 134,269 | ||||||
Univision Communications, Inc., 5.13%, 02/15/2025(b) |
51,000 | 49,852 | ||||||
Urban One, Inc., 7.38%, 02/01/2028(b) |
67,000 | 55,152 | ||||||
Videotron Ltd. (Canada), 5.13%, 04/15/2027(b) |
69,000 | 64,284 | ||||||
|
|
|||||||
909,037 | ||||||||
|
|
|||||||
Broadline Retail-2.68% |
||||||||
GrubHub Holdings, Inc., 5.50%, 07/01/2027(b) |
90,000 | 66,286 | ||||||
Kohl’s Corp. |
||||||||
4.63%, 05/01/2031 |
90,000 | 61,641 | ||||||
5.55%, 07/17/2045(c) |
100,000 | 58,110 | ||||||
Macy’s Retail Holdings LLC |
||||||||
5.88%, 04/01/2029(b) |
242,000 | 213,595 | ||||||
6.13%, 03/15/2032(b) |
93,000 | 76,911 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
30 | ||||
|
| |||
Invesco High Yield Bond Factor ETF (IHYF)–(continued)
October 31, 2023
Principal Amount |
Value | |||||||
Broadline Retail-(continued) |
| |||||||
Nordstrom, Inc. |
||||||||
4.00%, 03/15/2027 |
$ | 99,000 | $ | 87,505 | ||||
6.95%, 03/15/2028 |
124,000 | 116,837 | ||||||
4.38%, 04/01/2030 |
79,000 | 61,415 | ||||||
4.25%, 08/01/2031 |
96,000 | 70,436 | ||||||
QVC, Inc. |
||||||||
4.75%, 02/15/2027 |
125,000 | 71,203 | ||||||
5.45%, 08/15/2034 |
68,000 | 28,851 | ||||||
Rakuten Group, Inc. (Japan), 10.25%, 11/30/2024(b) |
200,000 | 202,503 | ||||||
|
|
|||||||
1,115,293 | ||||||||
|
|
|||||||
Building Products-2.28% |
| |||||||
Builders FirstSource, Inc., 4.25%, 02/01/2032(b) |
194,000 | 154,628 | ||||||
Cornerstone Building Brands, Inc., 6.13%, 01/15/2029(b) |
89,000 | 65,151 | ||||||
JELD-WEN, Inc. |
||||||||
4.63%, 12/15/2025(b) |
41,000 | 38,795 | ||||||
4.88%, 12/15/2027(b)(c) |
167,000 | 141,728 | ||||||
Masonite International Corp. |
||||||||
5.38%, 02/01/2028(b) |
100,000 | 92,206 | ||||||
3.50%, 02/15/2030(b) |
90,000 | 71,371 | ||||||
Standard Industries, Inc. |
||||||||
5.00%, 02/15/2027(b) |
89,000 | 82,364 | ||||||
4.75%, 01/15/2028(b) |
80,000 | 71,685 | ||||||
4.38%, 07/15/2030(b) |
208,000 | 170,140 | ||||||
3.38%, 01/15/2031(b) |
81,000 | 61,390 | ||||||
|
|
|||||||
949,458 | ||||||||
|
|
|||||||
Cable & Satellite-4.76% |
| |||||||
Altice Financing S.A. (Luxembourg), 5.75%, 08/15/2029(b) |
200,000 | 154,880 | ||||||
CCO Holdings LLC/CCO Holdings Capital Corp. |
||||||||
5.50%, 05/01/2026(b) |
88,000 | 84,010 | ||||||
5.13%, 05/01/2027(b) |
285,000 | 262,658 | ||||||
CSC Holdings LLC |
||||||||
5.25%, 06/01/2024 |
69,000 | 64,578 | ||||||
6.50%, 02/01/2029(b) |
200,000 | 158,417 | ||||||
4.63%, 12/01/2030(b) |
200,000 | 101,567 | ||||||
DIRECTV Financing LLC/DIRECTV Financing Co-Obligor, Inc., 5.88%, 08/15/2027(b)(c) |
240,000 | 210,521 | ||||||
DISH DBS Corp. |
||||||||
7.75%, 07/01/2026 |
184,000 | 123,517 | ||||||
5.25%, 12/01/2026(b) |
159,000 | 128,556 | ||||||
DISH Network Corp., 11.75%, 11/15/2027(b) |
137,000 | 135,820 | ||||||
LCPR Senior Secured Financing DAC |
||||||||
6.75%, 10/15/2027(b) |
200,000 | 181,204 | ||||||
5.13%, 07/15/2029(b) |
200,000 | 156,004 | ||||||
Radiate Holdco LLC/Radiate Finance, Inc., 6.50%, 09/15/2028(b) |
40,000 | 19,842 | ||||||
Sirius XM Radio, Inc., 3.13%, 09/01/2026(b) |
53,000 | 47,585 | ||||||
VZ Secured Financing B.V. (Netherlands), 5.00%, 01/15/2032(b) |
200,000 | 151,886 | ||||||
|
|
|||||||
1,981,045 | ||||||||
|
|
|||||||
Casinos & Gaming-3.71% |
| |||||||
Affinity Interactive, 6.88%, 12/15/2027(b) |
187,000 | 152,583 |
Principal Amount |
Value | |||||||
Casinos & Gaming-(continued) |
| |||||||
Caesars Entertainment, Inc. |
||||||||
6.25%, 07/01/2025(b) |
$ | 182,000 | $ | 179,212 | ||||
4.63%, 10/15/2029(b) |
45,000 | 37,028 | ||||||
Caesars Resort Collection LLC/CRC Finco, Inc., 5.75%, 07/01/2025(b) |
118,000 | 116,256 | ||||||
Churchill Downs, Inc., 5.50%, 04/01/2027(b) |
100,000 | 93,883 | ||||||
Las Vegas Sands Corp., 2.90%, 06/25/2025 |
200,000 | 187,924 | ||||||
Melco Resorts Finance Ltd. (Hong Kong) |
||||||||
5.25%, 04/26/2026(b) |
200,000 | 183,138 | ||||||
5.38%, 12/04/2029(b) |
200,000 | 159,211 | ||||||
MGM Resorts International |
||||||||
6.75%, 05/01/2025 |
36,000 | 35,837 | ||||||
4.63%, 09/01/2026 |
200,000 | 186,035 | ||||||
Mohegan Tribal Gaming Authority, 8.00%, 02/01/2026(b) |
61,000 | 56,114 | ||||||
Premier Entertainment Sub LLC/Premier |
||||||||
Entertainment Finance Corp., 5.88%, 09/01/2031(b)(c) |
234,000 | 159,120 | ||||||
|
|
|||||||
1,546,341 | ||||||||
|
|
|||||||
Coal & Consumable Fuels-0.24% |
| |||||||
Enviva Partners L.P./Enviva Partners Finance Corp., 6.50%, 01/15/2026(b) |
140,000 | 98,503 | ||||||
|
|
|||||||
Commercial & Residential Mortgage Finance-0.30% |
| |||||||
NMI Holdings, Inc., 7.38%, 06/01/2025(b) |
81,000 | 81,193 | ||||||
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 2.88%, 10/15/2026(b) |
49,000 | 42,714 | ||||||
|
|
|||||||
123,907 | ||||||||
|
|
|||||||
Commodity Chemicals-0.27% |
| |||||||
Methanex Corp. (Canada), 5.25%, 12/15/2029 |
127,000 | 112,436 | ||||||
|
|
|||||||
Communications Equipment-1.07% |
| |||||||
CommScope Technologies LLC, 6.00%, 06/15/2025(b) |
40,000 | 24,060 | ||||||
Hughes Satellite Systems Corp. |
||||||||
5.25%, 08/01/2026 |
200,000 | 180,060 | ||||||
6.63%, 08/01/2026 |
79,000 | 67,033 | ||||||
Viasat, Inc., 5.63%, 04/15/2027(b) |
200,000 | 174,782 | ||||||
|
|
|||||||
445,935 | ||||||||
|
|
|||||||
Construction & Engineering-0.86% |
| |||||||
AECOM, 5.13%, 03/15/2027 |
298,000 | 281,685 | ||||||
Brookfield Residential Properties, Inc./ Brookfield Residential US LLC (Canada), 6.25%, 09/15/2027(b) |
88,000 | 76,646 | ||||||
|
|
|||||||
358,331 | ||||||||
|
|
|||||||
Construction Machinery & Heavy Transportation Equipment-0.33% |
| |||||||
Manitowoc Co., Inc. (The), 9.00%, 04/01/2026(b)(c) |
40,000 | 39,249 | ||||||
Trinity Industries, Inc., 4.55%, 10/01/2024 |
100,000 | 97,094 | ||||||
|
|
|||||||
136,343 | ||||||||
|
|
|||||||
Construction Materials-0.33% |
| |||||||
Camelot Return Merger Sub, Inc., 8.75%, 08/01/2028(b) |
70,000 | 65,432 | ||||||
Eco Material Technologies, Inc., 7.88%, 01/31/2027(b) |
78,000 | 73,941 | ||||||
|
|
|||||||
139,373 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
31 | ||||
|
| |||
Invesco High Yield Bond Factor ETF (IHYF)–(continued)
October 31, 2023
Principal Amount |
Value | |||||||
Consumer Finance-3.76% |
| |||||||
Ally Financial, Inc., 5.75%, 11/20/2025(c) |
$ | 92,000 | $ | 85,862 | ||||
ASG Finance Designated Activity Co. (Cyprus), 7.88%, 12/03/2024(b) |
200,000 | 193,750 | ||||||
Credit Acceptance Corp., 5.13%, 12/31/2024(b) |
80,000 | 77,608 | ||||||
Navient Corp. |
||||||||
6.75%, 06/25/2025 |
200,000 | 195,279 | ||||||
5.00%, 03/15/2027(c) |
116,000 | 102,003 | ||||||
9.38%, 07/25/2030 |
46,000 | 43,401 | ||||||
5.63%, 08/01/2033 |
62,000 | 42,037 | ||||||
OneMain Finance Corp. |
||||||||
6.88%, 03/15/2025 |
72,000 | 71,113 | ||||||
7.13%, 03/15/2026 |
140,000 | 136,141 | ||||||
9.00%, 01/15/2029 |
138,000 | 134,432 | ||||||
4.00%, 09/15/2030 |
130,000 | 95,245 | ||||||
PRA Group, Inc. |
||||||||
7.38%, 09/01/2025(b) |
140,000 | 131,043 | ||||||
8.38%, 02/01/2028(b) |
92,000 | 75,843 | ||||||
Synchrony Financial, 7.25%, 02/02/2033 |
215,000 | 182,440 | ||||||
|
|
|||||||
1,566,197 | ||||||||
|
|
|||||||
Distributors-0.57% |
| |||||||
Evergreen Acqco 1 L.P./TVI, Inc., 9.75%, 04/26/2028(b) |
58,000 | 58,578 | ||||||
Performance Food Group, Inc., 6.88%, 05/01/2025(b) |
180,000 | 179,274 | ||||||
|
|
|||||||
237,852 | ||||||||
|
|
|||||||
Diversified Banks-0.21% |
| |||||||
Freedom Mortgage Corp. |
||||||||
7.63%, 05/01/2026(b) |
50,000 | 46,061 | ||||||
6.63%, 01/15/2027(b) |
50,000 | 43,321 | ||||||
|
|
|||||||
89,382 | ||||||||
|
|
|||||||
Diversified Chemicals-1.10% |
| |||||||
Chemours Co. (The) |
||||||||
5.38%, 05/15/2027 |
68,000 | 61,498 | ||||||
5.75%, 11/15/2028(b) |
160,000 | 135,466 | ||||||
4.63%, 11/15/2029(b) |
54,000 | 41,764 | ||||||
INEOS Finance PLC (Luxembourg), 6.75%, 05/15/2028(b) |
200,000 | 186,988 | ||||||
Trinseo Materials Operating S.C.A./Trinseo Materials Finance, Inc., 5.13%, 04/01/2029(b) |
78,000 | 32,912 | ||||||
|
|
|||||||
458,628 | ||||||||
|
|
|||||||
Diversified Financial Services-3.22% |
| |||||||
AG Issuer LLC, 6.25%, 03/01/2028(b) |
92,000 | 84,853 | ||||||
Albion Financing 1 S.a.r.l./Aggreko Holdings, Inc. (Luxembourg), 6.13%, 10/15/2026(b) |
200,000 | 185,231 | ||||||
Albion Financing 2 S.a.r.l. (Luxembourg), 8.75%, 04/15/2027(b) |
200,000 | 183,698 | ||||||
Midcap Financial Issuer Trust, 5.63%, 01/15/2030(b) |
209,000 | 161,063 | ||||||
Resorts World Las Vegas LLC/RWLV Capital, Inc. |
||||||||
4.63%, 04/16/2029(b) |
200,000 | 153,810 | ||||||
4.63%, 04/06/2031(b) |
200,000 | 141,219 | ||||||
Scientific Games Holdings L.P./Scientific Games US FinCo,
Inc., 6.63%, |
163,000 | 140,329 |
Principal Amount |
Value | |||||||
Diversified Financial Services-(continued) |
| |||||||
United Wholesale Mortgage LLC |
||||||||
5.50%, 11/15/2025(b) |
$ | 121,000 | $ | 115,157 | ||||
5.75%, 06/15/2027(b) |
47,000 | 42,814 | ||||||
5.50%, 04/15/2029(b) |
85,000 | 71,282 | ||||||
VistaJet Malta Finance PLC/Vista Management Holding, Inc. (Switzerland), 6.38%, 02/01/2030(b) |
91,000 | 60,785 | ||||||
|
|
|||||||
1,340,241 | ||||||||
|
|
|||||||
Diversified Metals & Mining-0.54% |
| |||||||
Mineral Resources Ltd. (Australia) |
||||||||
8.13%, 05/01/2027(b) |
86,000 | 83,750 | ||||||
8.50%, 05/01/2030(b) |
148,000 | 141,875 | ||||||
|
|
|||||||
225,625 | ||||||||
|
|
|||||||
Diversified Real Estate Activities-0.12% |
| |||||||
Five Point Operating Co. L.P./Five Point Capital Corp., 7.88%, 11/15/2025(b) |
51,000 | 47,944 | ||||||
|
|
|||||||
Diversified REITs-0.17% |
||||||||
HAT Holdings I LLC/HAT Holdings II LLC, 3.38%, 06/15/2026(b) |
82,000 | 72,269 | ||||||
|
|
|||||||
Diversified Support Services-1.35% |
||||||||
MPH Acquisition Holdings LLC |
||||||||
5.50%, 09/01/2028(b) |
81,000 | 68,943 | ||||||
5.75%, 11/01/2028(b) |
87,000 | 64,945 | ||||||
Neptune Bidco US, Inc., 9.29%, 04/15/2029(b) |
307,000 | 271,231 | ||||||
Prime Security Services Borrower LLC/Prime Finance, Inc. |
||||||||
5.25%, 04/15/2024(b) |
39,000 | 38,790 | ||||||
5.75%, 04/15/2026(b) |
120,000 | 116,531 | ||||||
|
|
|||||||
560,440 | ||||||||
|
|
|||||||
Education Services-0.27% |
| |||||||
Grand Canyon University, 4.13%, 10/01/2024 |
118,000 | 112,537 | ||||||
|
|
|||||||
Electric Utilities-1.64% |
||||||||
Drax Finco PLC (United Kingdom), 6.63%, 11/01/2025(b) |
200,000 | 192,671 | ||||||
Edison International, 8.13%, 06/15/2053(e) |
70,000 | 67,672 | ||||||
Midland Cogeneration Venture L.P., 6.00%, 03/15/2025(b) |
43,042 | 42,504 | ||||||
NRG Energy, Inc. |
||||||||
5.25%, 06/15/2029(b) |
83,000 | 73,323 | ||||||
3.63%, 02/15/2031(b) |
87,000 | 65,761 | ||||||
3.88%, 02/15/2032(b) |
144,000 | 107,230 | ||||||
Vistra Operations Co. LLC |
||||||||
5.63%, 02/15/2027(b) |
63,000 | 59,342 | ||||||
5.00%, 07/31/2027(b) |
80,000 | 73,256 | ||||||
|
|
|||||||
681,759 | ||||||||
|
|
|||||||
Electrical Components & Equipment-0.27% |
| |||||||
WESCO Distribution, Inc., 7.13%, 06/15/2025(b) |
114,000 | 114,045 | ||||||
|
|
|||||||
Electronic Components-0.67% |
||||||||
Imola Merger Corp., 4.75%, 05/15/2029(b) |
160,000 | 139,625 | ||||||
Likewize Corp., 9.75%, 10/15/2025(b) |
141,000 | 140,170 | ||||||
|
|
|||||||
279,795 | ||||||||
|
|
|||||||
Environmental & Facilities Services-0.15% |
||||||||
Enviri Corp., 5.75%, 07/31/2027(b) |
73,000 | 61,777 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
32 | ||||
|
| |||
Invesco High Yield Bond Factor ETF (IHYF)–(continued)
October 31, 2023
Principal Amount |
Value | |||||||
Financial Exchanges & Data-0.33% |
| |||||||
Coinbase Global, Inc., 3.38%, 10/01/2028(b) |
$ | 189,000 | $ | 138,946 | ||||
|
|
|||||||
Food Distributors-0.62% |
| |||||||
C&S Group Enterprises LLC, 5.00%, 12/15/2028(b) |
224,000 | 173,515 | ||||||
United Natural Foods, Inc., 6.75%, 10/15/2028(b) |
107,000 | 84,296 | ||||||
|
|
|||||||
257,811 | ||||||||
|
|
|||||||
Food Retail-0.29% |
| |||||||
Albertson’s Cos., Inc./Safeway, Inc./New Albertson’s L.P./Albertson’s LLC, 4.63%, 01/15/2027(b) |
128,000 | 120,087 | ||||||
|
|
|||||||
Footwear-0.63% |
||||||||
Abercrombie & Fitch Management Co., 8.75%, 07/15/2025(b) |
147,000 | 149,025 | ||||||
Wolverine World Wide, Inc., 4.00%, 08/15/2029(b) |
154,000 | 114,988 | ||||||
|
|
|||||||
264,013 | ||||||||
|
|
|||||||
Gas Utilities-0.41% |
| |||||||
AmeriGas Partners L.P./AmeriGas Finance Corp. |
||||||||
5.88%, 08/20/2026. |
60,000 | 56,307 | ||||||
9.38%, 06/01/2028(b) |
50,000 | 49,458 | ||||||
Ferrellgas L.P./Ferrellgas Finance Corp., 5.88%, 04/01/2029(b) |
75,000 | 66,251 | ||||||
|
|
|||||||
172,016 | ||||||||
|
|
|||||||
Health Care Distributors-0.23% |
| |||||||
Owens & Minor, Inc., 6.63%, 04/01/2030(b) |
110,000 | 96,248 | ||||||
|
|
|||||||
Health Care Equipment-0.23% |
||||||||
Varex Imaging Corp., 7.88%, 10/15/2027(b) |
96,000 | 94,205 | ||||||
|
|
|||||||
Health Care Facilities-0.64% |
||||||||
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc., 9.75%, 12/01/2026(b) |
76,000 | 71,137 | ||||||
Tenet Healthcare Corp., 4.88%, 01/01/2026(c) |
204,000 | 195,702 | ||||||
|
|
|||||||
266,839 | ||||||||
|
|
|||||||
Health Care REITs-0.86% |
| |||||||
MPT Operating Partnership L.P./MPT Finance Corp. |
||||||||
5.00%, 10/15/2027(c) |
348,000 | 269,181 | ||||||
4.63%, 08/01/2029. |
131,000 | 90,948 | ||||||
|
|
|||||||
360,129 | ||||||||
|
|
|||||||
Health Care Services-2.03% |
| |||||||
Community Health Systems, Inc. |
||||||||
8.00%, 03/15/2026(b) |
126,000 | 115,344 | ||||||
5.63%, 03/15/2027(b) |
180,000 | 146,381 | ||||||
6.00%, 01/15/2029(b) |
160,000 | 121,371 | ||||||
6.88%, 04/15/2029(b) |
102,000 | 42,223 | ||||||
6.13%, 04/01/2030(b) |
84,000 | 32,638 | ||||||
5.25%, 05/15/2030(b) |
83,000 | 59,020 | ||||||
Global Medical Response, Inc., 6.50%, 10/01/2025(b) |
10,000 | 6,368 | ||||||
ModivCare, Inc., 5.88%, 11/15/2025(b) |
97,000 | 91,768 |
Principal Amount |
Value | |||||||
Health Care Services-(continued) |
| |||||||
Prime Healthcare Services, Inc., 7.25%, 11/01/2025(b) |
$ | 75,000 | $ | 68,330 | ||||
US Acute Care Solutions LLC, 6.38%, 03/01/2026(b) |
192,000 | 163,535 | ||||||
|
|
|||||||
846,978 | ||||||||
|
|
|||||||
Health Care Technology-0.27% |
||||||||
athenahealth Group, Inc., 6.50%, 02/15/2030(b) |
135,000 | 110,440 | ||||||
|
|
|||||||
Home Furnishings-0.35% |
||||||||
Tempur Sealy International, Inc. |
||||||||
4.00%, 04/15/2029(b) |
100,000 | 82,184 | ||||||
3.88%, 10/15/2031(b) |
87,000 | 65,265 | ||||||
|
|
|||||||
147,449 | ||||||||
|
|
|||||||
Home Improvement Retail-0.26% |
| |||||||
Specialty Building Products Holdings LLC/SBP Finance Corp., 6.38%, 09/30/2026(b) |
117,000 | 108,962 | ||||||
|
|
|||||||
Homebuilding-1.14% |
| |||||||
LGI Homes, Inc., 4.00%, 07/15/2029(b) |
202,000 | 154,782 | ||||||
New Home Co., Inc. (The), 7.25%, 10/15/2025(b) |
80,000 | 73,176 | ||||||
Shea Homes L.P./Shea Homes Funding Corp., 4.75%, 02/15/2028 |
78,000 | 68,652 | ||||||
Taylor Morrison Communities, Inc., 5.75%, 01/15/2028(b) |
80,000 | 72,709 | ||||||
Tri Pointe Homes, Inc., 5.25%, 06/01/2027 |
118,000 | 106,930 | ||||||
|
|
|||||||
476,249 | ||||||||
|
|
|||||||
Hotel & Resort REITs-0.65% |
| |||||||
Service Properties Trust |
||||||||
4.50%, 03/15/2025 |
19,000 | 17,762 | ||||||
4.75%, 10/01/2026 |
150,000 | 127,675 | ||||||
4.95%, 02/15/2027(c) |
149,000 | 124,196 | ||||||
|
|
|||||||
269,633 | ||||||||
|
|
|||||||
Hotels, Resorts & Cruise Lines-0.58% |
| |||||||
Six Flags Theme Parks, Inc., 7.00%, 07/01/2025(b) |
66,000 | 65,607 | ||||||
Travel + Leisure Co., Series J, 6.00%, 04/01/2027 |
188,000 | 175,780 | ||||||
|
|
|||||||
241,387 | ||||||||
|
|
|||||||
Housewares & Specialties-0.80% |
| |||||||
Newell Brands, Inc. |
||||||||
4.88%, 06/01/2025 |
100,000 | 96,056 | ||||||
5.20%, 04/01/2026 |
183,000 | 172,947 | ||||||
6.38%, 09/15/2027 |
70,000 | 65,775 | ||||||
|
|
|||||||
334,778 | ||||||||
|
|
|||||||
Independent Power Producers & Energy Traders-0.43% |
| |||||||
EnfraGen Energia Sur S.A./EnfraGen Spain S.A./Prime Energia S.p.A. (Colombia), 5.38%, 12/30/2030(b) |
270,000 | 179,944 | ||||||
|
|
|||||||
Industrial Conglomerates-0.78% |
| |||||||
Icahn Enterprises L.P./Icahn Enterprises Finance Corp. |
||||||||
6.25%, 05/15/2026 |
159,000 | 145,465 | ||||||
4.38%, 02/01/2029(c) |
230,000 | 177,371 | ||||||
|
|
|||||||
322,836 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
33 | ||||
|
| |||
Invesco High Yield Bond Factor ETF (IHYF)–(continued)
October 31, 2023
Principal Amount |
Value | |||||||
Industrial Machinery & Supplies & Components-0.28% |
| |||||||
CD&R Smokey Buyer, Inc., 6.75%, 07/15/2025(b) |
$ | 57,000 | $ | 54,531 | ||||
JPW Industries Holding Corp., 9.00%, 10/01/2024(b) |
65,000 | 63,741 | ||||||
|
|
|||||||
118,272 | ||||||||
|
|
|||||||
Insurance Brokers-0.40% |
| |||||||
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 6.75%, 10/15/2027(b) |
80,000 | 73,130 | ||||||
HUB International Ltd., 7.00%, 05/01/2026(b) |
98,000 | 95,485 | ||||||
|
|
|||||||
168,615 | ||||||||
|
|
|||||||
Integrated Telecommunication Services-3.38% |
| |||||||
Altice France S.A. (France) |
||||||||
5.50%, 01/15/2028(b) |
200,000 | 148,793 | ||||||
5.13%, 07/15/2029(b) |
200,000 | 137,069 | ||||||
CommScope, Inc. |
||||||||
6.00%, 03/01/2026(b) |
100,000 | 84,133 | ||||||
4.75%, 09/01/2029(b) |
100,000 | 68,393 | ||||||
Connect Finco S.a.r.l./Connect US Finco LLC (United Kingdom), 6.75%, 10/01/2026(b) |
200,000 | 186,657 | ||||||
Consolidated Communications, Inc., 6.50%, 10/01/2028(b) |
53,000 | 41,976 | ||||||
Frontier North, Inc., Series G, 6.73%, 02/15/2028 |
154,000 | 140,949 | ||||||
Level 3 Financing, Inc. |
||||||||
3.40%, 03/01/2027(b) |
90,000 | 83,406 | ||||||
3.88%, 11/15/2029(b) |
160,000 | 142,720 | ||||||
10.50%, 05/15/2030(b) |
67,000 | 67,112 | ||||||
Telecom Italia S.p.A. (Italy), 5.30%, 05/30/2024(b) |
200,000 | 196,279 | ||||||
Windstream Escrow LLC/Windstream Escrow Finance Corp., 7.75%, 08/15/2028(b) |
140,000 | 111,149 | ||||||
|
|
|||||||
1,408,636 | ||||||||
|
|
|||||||
Interactive Media & Services-1.14% |
| |||||||
Cumulus Media New Holdings, Inc., 6.75%, 07/01/2026(b) |
37,000 | 26,489 | ||||||
Diamond Sports Group LLC/Diamond Sports Finance Co., 5.38%, 08/15/2026(b) |
101,000 | 1,167 | ||||||
Millennium Escrow Corp., 6.63%, 08/01/2026(b) |
72,000 | 53,534 | ||||||
Nexstar Media, Inc., 5.63%, 07/15/2027(b)(c) |
300,000 | 270,210 | ||||||
Scripps Escrow II, Inc., 5.38%, 01/15/2031(b) |
160,000 | 99,474 | ||||||
TripAdvisor, Inc., 7.00%, 07/15/2025(b) |
24,000 | 23,783 | ||||||
|
|
|||||||
474,657 | ||||||||
|
|
|||||||
Internet Services & Infrastructure-0.09% |
| |||||||
Cogent Communications Group, Inc., 3.50%, 05/01/2026(b) |
43,000 | 38,969 | ||||||
|
|
|||||||
Investment Banking & Brokerage-0.31% |
| |||||||
NFP Corp., 6.88%, 08/15/2028(b) |
119,000 | 101,775 | ||||||
StoneX Group, Inc., 8.63%, 06/15/2025(b) |
26,000 | 26,111 | ||||||
|
|
|||||||
127,886 | ||||||||
|
|
|||||||
IT Consulting & Other Services-0.09% |
| |||||||
Unisys Corp., 6.88%, 11/01/2027(b) |
49,000 | 35,950 | ||||||
|
|
Principal Amount |
Value | |||||||
Leisure Facilities-0.90% |
| |||||||
Cedar Fair L.P./Canada’s Wonderland Co./Magnum Management Corp., 5.50%, 05/01/2025(b) |
$ | 48,000 | $ | 47,090 | ||||
Life Time, Inc., 5.75%, 01/15/2026(b) |
116,000 | 112,446 | ||||||
NCL Corp. Ltd., 5.88%, 03/15/2026(b) |
161,000 | 144,641 | ||||||
Vail Resorts, Inc., 6.25%, 05/15/2025(b) |
70,000 | 69,628 | ||||||
|
|
|||||||
373,805 | ||||||||
|
|
|||||||
Leisure Products-0.32% |
| |||||||
Vista Outdoor, Inc., 4.50%, 03/15/2029(b) |
142,000 | 132,263 | ||||||
|
|
|||||||
Life Sciences Tools & Services-0.17% |
| |||||||
Fortrea Holdings, Inc., 7.50%, 07/01/2030(b) |
75,000 | 72,469 | ||||||
|
|
|||||||
Marine Transportation-0.15% |
||||||||
Seaspan Corp. (Hong Kong), 5.50%, 08/01/2029(b) |
81,000 | 62,223 | ||||||
|
|
|||||||
Metal, Glass & Plastic Containers-1.75% |
||||||||
Ardagh Metal Packaging Finance USA LLC/ Ardagh Metal Packaging Finance PLC, 6.00%, 06/15/2027(b) |
200,000 | 189,251 | ||||||
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. |
||||||||
5.25%, 04/30/2025(b) |
200,000 | 192,834 | ||||||
4.13%, 08/15/2026(b) |
200,000 | 176,704 | ||||||
Ball Corp. |
||||||||
5.25%, 07/01/2025 |
60,000 | 59,135 | ||||||
4.88%, 03/15/2026 |
73,000 | 70,188 | ||||||
Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC (Canada), 6.00%, 09/15/2028(b) |
49,000 | 40,280 | ||||||
|
|
|||||||
728,392 | ||||||||
|
|
|||||||
Mortgage REITs-0.19% |
||||||||
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 5.25%, 10/01/2025(b) |
82,000 | 78,035 | ||||||
|
|
|||||||
Movies & Entertainment-1.02% |
||||||||
Cinemark USA, Inc. |
||||||||
8.75%, 05/01/2025(b) |
87,000 | 88,002 | ||||||
5.88%, 03/15/2026(b) |
117,000 | 111,215 | ||||||
Lions Gate Capital Holdings LLC, 5.50%, 04/15/2029(b) |
60,000 | 39,541 | ||||||
Live Nation Entertainment, Inc. |
||||||||
4.88%, 11/01/2024(b) |
114,000 | 111,678 | ||||||
6.50%, 05/15/2027(b) |
75,000 | 73,246 | ||||||
|
|
|||||||
423,682 | ||||||||
|
|
|||||||
Multi-Utilities-0.39% |
||||||||
Algonquin Power & Utilities Corp. (Canada), 4.75%, 01/18/2082(e) |
204,000 | 161,263 | ||||||
|
|
|||||||
Office REITs-0.43% |
||||||||
Office Properties Income Trust |
||||||||
4.50%, 02/01/2025 |
124,000 | 106,155 | ||||||
2.65%, 06/15/2026 |
57,000 | 37,532 | ||||||
2.40%, 02/01/2027 |
67,000 | 37,452 | ||||||
|
|
|||||||
181,139 | ||||||||
|
|
|||||||
Office Services & Supplies-1.14% |
||||||||
ACCO Brands Corp., 4.25%, 03/15/2029(b) |
171,000 | 142,133 | ||||||
Interface, Inc., 5.50%, 12/01/2028(b) |
180,000 | 151,492 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
34 | ||||
|
| |||
Invesco High Yield Bond Factor ETF (IHYF)–(continued)
October 31, 2023
Principal Amount |
Value | |||||||
Office Services & Supplies-(continued) |
||||||||
Pitney Bowes, Inc. |
||||||||
6.88%, 03/15/2027(b)(c) |
$ | 153,000 | $ | 126,790 | ||||
7.25%, 03/15/2029(b) |
75,000 | 56,327 | ||||||
|
|
|||||||
476,742 | ||||||||
|
|
|||||||
Oil & Gas Drilling-1.04% |
||||||||
Harvest Midstream I L.P., 7.50%, 09/01/2028(b) |
84,000 | 79,680 | ||||||
Nabors Industries, Inc., 7.38%, 05/15/2027(b) |
45,000 | 41,873 | ||||||
Rockies Express Pipeline LLC |
||||||||
3.60%, 05/15/2025(b) |
118,000 | 111,787 | ||||||
7.50%, 07/15/2038(b) |
62,000 | 57,379 | ||||||
6.88%, 04/15/2040(b) |
104,000 | 86,662 | ||||||
Valaris Ltd., 8.38%, 04/30/2030(b) |
56,000 | 55,000 | ||||||
|
|
|||||||
432,381 | ||||||||
|
|
|||||||
Oil & Gas Equipment & Services-0.54% |
||||||||
Enerflex Ltd. (Canada), 9.00%, 10/15/2027(b) |
150,000 | 136,652 | ||||||
USA Compression Partners L.P./USA Compression Finance Corp., 6.88%, 04/01/2026 |
90,000 | 87,493 | ||||||
|
|
|||||||
224,145 | ||||||||
|
|
|||||||
Oil & Gas Exploration & Production-4.33% |
| |||||||
Baytex Energy Corp. (Canada) |
||||||||
8.75%, 04/01/2027(b) |
63,000 | 63,560 | ||||||
8.50%, 04/30/2030(b) |
68,000 | 67,414 | ||||||
Civitas Resources, Inc., 8.75%, 07/01/2031(b) |
68,000 | 68,715 | ||||||
CNX Resources Corp., 7.38%, 01/15/2031(b) |
47,000 | 44,959 | ||||||
Comstock Resources, Inc. |
||||||||
6.75%, 03/01/2029(b) |
122,000 | 111,130 | ||||||
5.88%, 01/15/2030(b) |
141,000 | 120,703 | ||||||
Crescent Energy Finance LLC |
||||||||
7.25%, 05/01/2026(b) |
155,000 | 150,203 | ||||||
9.25%, 02/15/2028(b) |
160,000 | 161,303 | ||||||
CrownRock L.P./CrownRock Finance, Inc., |
||||||||
5.63%, 10/15/2025(b) |
63,000 | 62,030 | ||||||
Encino Acquisition Partners Holdings LLC, |
||||||||
8.50%, 05/01/2028(b) |
63,000 | 61,481 | ||||||
Hilcorp Energy I L.P./Hilcorp Finance Co. |
||||||||
6.25%, 11/01/2028(b) |
185,000 | 173,150 | ||||||
5.75%, 02/01/2029(b) |
55,000 | 49,575 | ||||||
6.00%, 04/15/2030(b) |
75,000 | 66,671 | ||||||
6.00%, 02/01/2031(b) |
58,000 | 51,024 | ||||||
Moss Creek Resources Holdings, Inc. |
||||||||
7.50%, 01/15/2026(b) |
57,000 | 54,491 | ||||||
10.50%, 05/15/2027(b) |
46,000 | 45,520 | ||||||
Murphy Oil Corp., 5.88%, 12/01/2042 |
90,000 | 69,248 | ||||||
Southwestern Energy Co., 5.70%, 01/23/2025 |
88,000 | 87,022 | ||||||
Strathcona Resources Ltd. (Canada), 6.88%, |
||||||||
08/01/2026(b) |
39,000 | 36,016 | ||||||
Vital Energy, Inc., 10.13%, 01/15/2028 |
100,000 | 100,353 | ||||||
WPX Energy, Inc., 5.25%, 09/15/2024 |
161,000 | 160,758 | ||||||
|
|
|||||||
1,805,326 | ||||||||
|
|
|||||||
Oil & Gas Refining & Marketing-1.30% |
||||||||
CVR Energy, Inc., 5.25%, 02/15/2025(b) |
105,000 | 103,094 | ||||||
EnLink Midstream Partners L.P. |
||||||||
4.15%, 06/01/2025 |
28,000 | 26,958 | ||||||
4.85%, 07/15/2026 |
118,000 | 111,037 |
Principal Amount |
Value | |||||||
Oil & Gas Refining & Marketing-(continued) |
| |||||||
NuStar Logistics L.P. |
||||||||
6.00%, 06/01/2026 |
$ | 70,000 | $ | 67,606 | ||||
5.63%, 04/28/2027 |
65,000 | 61,347 | ||||||
Parkland Corp. (Canada) |
||||||||
4.50%, 10/01/2029(b) |
51,000 | 43,915 | ||||||
4.63%, 05/01/2030(b) |
109,000 | 93,042 | ||||||
PBF Holding Co. LLC/PBF Finance Corp., |
||||||||
6.00%, 02/15/2028 |
36,000 | 33,138 | ||||||
|
|
|||||||
540,137 | ||||||||
|
|
|||||||
Oil & Gas Storage & Transportation-4.66% |
| |||||||
Blue Racer Midstream LLC/Blue Racer Finance Corp., 7.63%, 12/15/2025(b) |
54,000 | 54,126 | ||||||
Buckeye Partners L.P. |
||||||||
4.13%, 03/01/2025(b) |
110,000 | 104,871 | ||||||
3.95%, 12/01/2026 |
71,000 | 64,785 | ||||||
Crestwood Midstream Partners L.P./Crestwood Midstream Finance Corp., 5.63%, 05/01/2027(b) |
71,000 | 68,364 | ||||||
EQM Midstream Partners L.P. |
||||||||
4.00%, 08/01/2024 |
118,000 | 114,856 | ||||||
7.50%, 06/01/2027(b) |
63,000 | 62,459 | ||||||
5.50%, 07/15/2028 |
62,000 | 57,922 | ||||||
7.50%, 06/01/2030(b) |
37,000 | 36,341 | ||||||
4.75%, 01/15/2031(b) |
77,000 | 64,919 | ||||||
Hess Midstream Operations L.P., 5.63%, 02/15/2026(b) |
50,000 | 48,471 | ||||||
ITT Holdings LLC, 6.50%, 08/01/2029(b) |
92,000 | 77,034 | ||||||
New Fortress Energy, Inc. |
||||||||
6.75%, 09/15/2025(b) |
132,000 | 122,584 | ||||||
6.50%, 09/30/2026(b)(c) |
246,000 | 220,570 | ||||||
Northriver Midstream Finance L.P. (Canada), 5.63%, 02/15/2026(b) |
73,000 | 69,100 | ||||||
Summit Midstream Holdings LLC/Summit Midstream Finance Corp., 9.00%, 10/15/2026(b) |
239,000 | 229,676 | ||||||
Tallgrass Energy Partners L.P./Tallgrass Energy Finance Corp. |
||||||||
6.00%, 03/01/2027(b) |
51,000 | 46,712 | ||||||
5.50%, 01/15/2028(b) |
55,000 | 48,232 | ||||||
6.00%, 12/31/2030(b) |
138,000 | 116,315 | ||||||
Venture Global LNG, Inc. |
||||||||
8.13%, 06/01/2028(b) |
200,000 | 194,317 | ||||||
8.38%, 06/01/2031(b) |
146,000 | 139,430 | ||||||
|
|
|||||||
1,941,084 | ||||||||
|
|
|||||||
Other Specialized REITs-0.39% |
||||||||
Iron Mountain, Inc. |
||||||||
5.25%, 07/15/2030(b) |
80,000 | 69,563 | ||||||
4.50%, 02/15/2031(b) |
72,000 | 58,973 | ||||||
5.63%, 07/15/2032(b) |
39,000 | 33,361 | ||||||
|
|
|||||||
161,897 | ||||||||
|
|
|||||||
Other Specialty Retail-1.11% |
||||||||
Bath & Body Works, Inc. |
||||||||
9.38%, 07/01/2025(b) |
66,000 | 68,038 | ||||||
6.88%, 11/01/2035 |
106,000 | 93,647 | ||||||
LSF9 Atlantis Holdings LLC/Victra Finance |
||||||||
Corp., 7.75%, 02/15/2026(b) |
111,000 | 100,311 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
35 | ||||
|
| |||
Invesco High Yield Bond Factor ETF (IHYF)–(continued)
October 31, 2023
Principal Amount |
Value | |||||||
Other Specialty Retail-(continued) |
||||||||
Michaels Cos., Inc. (The), 5.25%, 05/01/2028(b) |
$ | 82,000 | $ | 59,491 | ||||
Staples, Inc., 7.50%, 04/15/2026(b) |
170,000 | 138,796 | ||||||
|
|
|||||||
460,283 | ||||||||
|
|
|||||||
Packaged Foods & Meats-0.05% |
||||||||
TreeHouse Foods, Inc., 4.00%, 09/01/2028 |
28,000 | 22,804 | ||||||
|
|
|||||||
Paper & Plastic Packaging Products & Materials-0.91% |
| |||||||
Berry Global, Inc., 4.50%, 02/15/2026(b) |
82,000 | 77,336 | ||||||
Crown Americas LLC/Crown Americas Capital Corp. VI, 4.75%, 02/01/2026 |
43,000 | 41,400 | ||||||
Mauser Packaging Solutions Holding Co., 7.88%, 08/15/2026(b) |
100,000 | 93,762 | ||||||
Sealed Air Corp. |
||||||||
5.00%, 04/15/2029(b) |
81,000 | 71,932 | ||||||
6.88%, 07/15/2033(b) |
101,000 | 94,832 | ||||||
|
|
|||||||
379,262 | ||||||||
|
|
|||||||
Paper Products-0.23% |
||||||||
Domtar Corp., 6.75%, 10/01/2028(b) |
116,000 | 94,536 | ||||||
|
|
|||||||
Passenger Airlines-2.18% |
||||||||
Air Canada (Canada), 3.88%, 08/15/2026(b) |
58,000 | 52,829 | ||||||
Allegiant Travel Co., 7.25%, 08/15/2027(b) |
135,000 | 122,313 | ||||||
American Airlines, Inc., 11.75%, 07/15/2025(b) |
127,000 | 134,716 | ||||||
American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.50%, 04/20/2026(b) |
200,000 | 194,687 | ||||||
Delta Air Lines, Inc., 7.38%, 01/15/2026 |
238,000 | 240,615 | ||||||
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd., 5.75%, 01/20/2026(b) |
102,000 | 75,485 | ||||||
United Airlines, Inc., 4.38%, 04/15/2026(b) |
94,000 | 87,289 | ||||||
|
|
|||||||
907,934 | ||||||||
|
|
|||||||
Passenger Ground Transportation-0.73% |
| |||||||
Uber Technologies, Inc., 8.00%, 11/01/2026(b) |
300,000 | 302,387 | ||||||
|
|
|||||||
Personal Care Products-0.44% |
||||||||
Coty, Inc., 5.00%, 04/15/2026(b) |
44,000 | 42,083 | ||||||
Herbalife Nutrition Ltd./HLF Financing, Inc., 7.88%, 09/01/2025(b) |
150,000 | 141,299 | ||||||
|
|
|||||||
183,382 | ||||||||
|
|
|||||||
Pharmaceuticals-2.57% |
||||||||
1375209 BC Ltd. (Canada), 9.00%, 01/30/2028(b) |
79,000 | 76,663 | ||||||
AdaptHealth LLC |
||||||||
4.63%, 08/01/2029(b) |
173,000 | 129,491 | ||||||
5.13%, 03/01/2030(b) |
200,000 | 151,700 | ||||||
Bausch Health Cos., Inc. |
||||||||
5.50%, 11/01/2025(b) |
137,000 | 118,269 | ||||||
6.13%, 02/01/2027(b) |
35,000 | 19,562 | ||||||
4.88%, 06/01/2028(b) |
127,000 | 63,493 | ||||||
Elanco Animal Health, Inc., 6.65%, 08/28/2028 |
61,000 | 58,408 | ||||||
Endo DAC/Endo Finance LLC/Endo Finco, Inc., 6.00%, 06/30/2028(b)(f)(g) |
36,000 | 2,745 | ||||||
HLF Financing S.a.r.l. LLC/Herbalife International, Inc., 4.88%, 06/01/2029(b) |
99,000 | 67,708 | ||||||
Jazz Securities DAC, 4.38%, 01/15/2029(b)(c) |
214,000 | 186,294 |
Principal Amount |
Value | |||||||
Pharmaceuticals-(continued) |
||||||||
Organon & Co./Organon Foreign Debt Co-Issuer B.V., 4.13%, 04/30/2028(b) |
$ | 200,000 | $ | 172,937 | ||||
P&L Development LLC/PLD Finance Corp., 7.75%, 11/15/2025(b) |
34,000 | 22,870 | ||||||
|
|
|||||||
1,070,140 | ||||||||
|
|
|||||||
Publishing-0.11% |
||||||||
Gannett Holdings LLC, 6.00%, 11/01/2026(b) |
52,000 | 43,941 | ||||||
|
|
|||||||
Real Estate Services-0.25% |
||||||||
Realogy Group LLC/Realogy Co-Issuer Corp. |
||||||||
5.75%, 01/15/2029(b) |
85,000 | 53,650 | ||||||
5.25%, 04/15/2030(b) |
80,000 | 49,895 | ||||||
|
|
|||||||
103,545 | ||||||||
|
|
|||||||
Reinsurance-0.28% |
||||||||
Global Atlantic Fin Co., 4.70%, 10/15/2051(b)(e) |
165,000 | 115,097 | ||||||
|
|
|||||||
Renewable Electricity-0.22% |
||||||||
Sunnova Energy Corp., 5.88%, 09/01/2026(b) |
115,000 | 93,254 | ||||||
|
|
|||||||
Research & Consulting Services-0.15% |
||||||||
CoreLogic, Inc., 4.50%, 05/01/2028(b) |
79,000 | 62,691 | ||||||
|
|
|||||||
Restaurants-0.12% |
||||||||
Sizzling Platter LLC/Sizzling Platter Finance Corp., 8.50%, 11/28/2025(b) |
52,000 | 51,871 | ||||||
|
|
|||||||
Retail REITs-0.67% |
||||||||
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC |
||||||||
5.75%, 05/15/2026(b) |
136,000 | 124,682 | ||||||
4.50%, 04/01/2027(b) |
83,000 | 69,334 | ||||||
Necessity Retail REIT, Inc. (The)/American Finance Operating Partner L.P., 4.50%, 09/30/2028(b) |
116,000 | 86,979 | ||||||
|
|
|||||||
280,995 | ||||||||
|
|
|||||||
Security & Alarm Services-0.90% |
||||||||
Allied Universal Holdco LLC/Allied Universal Finance Corp., 6.63%, 07/15/2026(b) |
258,000 | 241,830 | ||||||
CoreCivic, Inc., 4.75%, 10/15/2027 |
153,000 | 133,056 | ||||||
|
|
|||||||
374,886 | ||||||||
|
|
|||||||
Semiconductors-0.47% |
||||||||
ams-OSRAM AG (Austria), 7.00%, 07/31/2025(b) |
200,000 | 196,508 | ||||||
|
|
|||||||
Specialized Consumer Services-0.43% |
||||||||
Sotheby’s, 7.38%, 10/15/2027(b) |
200,000 | 178,829 | ||||||
|
|
|||||||
Specialty Chemicals-1.24% |
||||||||
Avient Corp., 5.75%, 05/15/2025(b) |
149,000 | 146,150 | ||||||
Olympus Water US Holding Corp., 9.75%, 11/15/2028(b) |
200,000 | 195,590 | ||||||
Rayonier A.M. Products, Inc., 7.63%, 01/15/2026(b) |
121,000 | 102,974 | ||||||
WR Grace Holdings LLC, 5.63%, 08/15/2029(b) |
90,000 | 69,836 | ||||||
|
|
|||||||
514,550 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
36 | ||||
|
| |||
Invesco High Yield Bond Factor ETF (IHYF)–(continued)
October 31, 2023
Principal Amount |
Value | |||||||
Steel-0.84% |
| |||||||
Cleveland-Cliffs, Inc. |
||||||||
6.75%, 03/15/2026(b) |
$ | 106,000 | $ | 105,509 | ||||
6.75%, 04/15/2030(b) |
64,000 | 59,420 | ||||||
Infrabuild Australia Pty. Ltd. (Australia), 12.00%, 10/01/2024(b) |
102,000 | 100,837 | ||||||
SunCoke Energy, Inc., 4.88%, 06/30/2029(b) |
100,000 | 83,819 | ||||||
|
|
|||||||
349,585 | ||||||||
|
|
|||||||
Systems Software-0.59% |
| |||||||
Gen Digital, Inc., 5.00%, 04/15/2025(b) |
53,000 | 51,367 | ||||||
McAfee Corp., 7.38%, 02/15/2030(b) |
69,000 | 55,260 | ||||||
Veritas US, Inc./Veritas Bermuda Ltd., 7.50%, 09/01/2025(b) |
171,000 | 140,122 | ||||||
|
|
|||||||
246,749 | ||||||||
|
|
|||||||
Technology Hardware, Storage & Peripherals-1.27% |
| |||||||
Seagate HDD Cayman |
||||||||
4.88%, 06/01/2027 |
65,000 | 61,114 | ||||||
4.09%, 06/01/2029 |
100,000 | 86,320 | ||||||
4.13%, 01/15/2031 |
32,000 | 25,479 | ||||||
9.63%, 12/01/2032(b) |
123,000 | 131,257 | ||||||
Xerox Corp., 6.75%, 12/15/2039 |
78,000 | 50,854 | ||||||
Xerox Holdings Corp. |
||||||||
5.00%, 08/15/2025(b)(c) |
117,000 | 107,755 | ||||||
5.50%, 08/15/2028(b) |
85,000 | 65,791 | ||||||
|
|
|||||||
528,570 | ||||||||
|
|
|||||||
Telecom Tower REITs-0.49% |
| |||||||
SBA Communications Corp., 3.88%, 02/15/2027(c) |
222,000 | 202,364 | ||||||
|
|
|||||||
Tires & Rubber-0.45% |
| |||||||
Goodyear Tire & Rubber Co. (The) |
||||||||
5.00%, 05/31/2026 |
48,000 | 45,450 | ||||||
4.88%, 03/15/2027 |
100,000 | 92,084 | ||||||
5.00%, 07/15/2029 |
58,000 | 49,969 | ||||||
|
|
|||||||
187,503 | ||||||||
|
|
|||||||
Tobacco-0.22% |
| |||||||
Vector Group Ltd., 5.75%, 02/01/2029(b) |
106,000 | 89,924 | ||||||
|
|
|||||||
Trading Companies & Distributors-0.35% |
||||||||
BlueLinx Holdings, Inc., 6.00%, 11/15/2029(b) |
85,000 | 71,626 | ||||||
Fortress Transportation and Infrastructure Investors LLC, 6.50%, 10/01/2025(b) |
74,000 | 73,343 | ||||||
|
|
|||||||
144,969 | ||||||||
|
|
|||||||
Investment Abbreviations: | ||||||||
PIK -Pay-in-Kind | ||||||||
REIT -Real Estate Investment Trust |
Principal Amount |
Value | |||||||
Transaction & Payment Processing Services-0.09% |
| |||||||
Block, Inc., 2.75%, 06/01/2026 |
$ | 43,000 | $ | 38,629 | ||||
|
|
|||||||
Total U.S. Dollar Denominated Bonds &
Notes |
|
40,669,003 | ||||||
|
|
|||||||
U.S. Treasury Securities-0.24% |
||||||||
U.S. Treasury Bills-0.24% |
| |||||||
4.79% - 5.40%, 04/18/2024(h)(i) |
102,000 | 99,453 | ||||||
|
|
|||||||
Shares | ||||||||
Money Market Funds-0.17% |
||||||||
Invesco Government & Agency Portfolio,
Institutional Class, 5.27%(j)(k) |
72,923 | 72,923 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES |
|
40,841,379 | ||||||
|
|
|||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-6.84% |
| |||||||
Invesco Private Government Fund, |
797,268 | 797,268 | ||||||
Invesco Private Prime Fund, 5.53%(j)(k)(l) |
2,050,503 | 2,050,708 | ||||||
|
|
|||||||
Total Investments Purchased with Cash Collateral from
Securities on Loan |
|
2,847,976 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES-104.88% |
|
43,689,355 | ||||||
OTHER ASSETS LESS LIABILITIES-(4.88)% |
|
(2,033,273 | ) | |||||
|
|
|||||||
NET ASSETS-100.00% |
|
$ | 41,656,082 | |||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
37 | ||||
|
| |||
Invesco High Yield Bond Factor ETF (IHYF)–(continued)
October 31, 2023
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) |
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, 2023 was $30,649,536, which represented 73.58% of the Fund’s Net Assets. |
(c) |
All or a portion of this security was out on loan at October 31, 2023. |
(d) |
All or a portion of this security is Pay-in-Kind. Pay-in-Kind securities pay interest income in the form of securities. |
(e) |
Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate. |
(f) |
The borrower has filed for protection in federal bankruptcy court. |
(g) |
Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The value of this security at October 31, 2023 represented less than 1% of the Fund’s Net Assets. |
(h) |
$99,453 was pledged as collateral to cover margin requirements for open futures contracts. See Note 2P. |
(i) |
Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund. |
(j) |
Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended October 31, 2023. |
Value October 31, 2022 |
Purchases at Cost |
Proceeds from Sales |
Change in Unrealized Appreciation |
Realized Gain |
Value October 31, 2023 |
Dividend Income |
||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class |
$ | 302,214 | $ | 9,494,881 | $ | (9,724,172 | ) | $ | - | $ | - | $ | 72,923 | $ | 14,429 | |||||||||||||||||||||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Invesco Private Government Fund |
745,329 | 7,679,976 | (7,628,037 | ) | - | - | 797,268 | 31,072 | * | |||||||||||||||||||||||||||||||||||||||||||||||||||
Invesco Private Prime Fund |
1,916,067 | 14,874,820 | (14,740,468 | ) | 90 | 199 | 2,050,708 | 83,565 | * | |||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||
Total |
$ | 2,963,610 | $ | 32,049,677 | $ | (32,092,677 | ) | $ | 90 | $ | 199 | $ | 2,920,899 | $ | 129,066 | |||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
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. |
(k) |
The rate shown is the 7-day SEC standardized yield as of October 31, 2023. |
(l) |
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 2M. |
Open Futures Contracts | ||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||
Long Futures Contracts |
Number of Contracts |
Expiration Month |
Notional Value |
Value | Unrealized Appreciation (Depreciation) |
|||||||||||||||||||||||
Interest Rate Risk |
||||||||||||||||||||||||||||
U.S. Treasury 10 Year Notes |
20 | December-2023 | $ | 2,123,437 | $ | (63,182 | ) | $ | (63,182 | ) | ||||||||||||||||||
U.S. Treasury 10 Year Ultra Notes |
3 | December-2023 | 326,484 | (17,803 | ) | (17,803 | ) | |||||||||||||||||||||
U.S. Treasury 5 Year Notes |
25 | December-2023 | 2,611,914 | (38,709 | ) | (38,709 | ) | |||||||||||||||||||||
U.S. Treasury Ultra Bonds |
1 | December-2023 | 112,563 | (15,187 | ) | (15,187 | ) | |||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||||||
Subtotal-Long Futures Contracts |
(134,881 | ) | (134,881 | ) | ||||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||||||
Short Futures Contracts |
||||||||||||||||||||||||||||
Interest Rate Risk |
||||||||||||||||||||||||||||
U.S. Treasury 2 Year Notes |
12 | December-2023 | (2,429,062 | ) | 7,663 | 7,663 | ||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||||||
Total Futures Contracts |
$ | (127,218 | ) | $ | (127,218 | ) | ||||||||||||||||||||||
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
38 | ||||
|
| |||
Invesco High Yield Bond Factor ETF (IHYF)–(continued)
October 31, 2023
Open Centrally Cleared Credit Default Swap Agreements(a) |
||||||||||||||||||||||||||||||||||||
Reference Entity |
Buy/Sell Protection |
(Pay)/ Receive Fixed Rate |
Payment Frequency |
Maturity Date | Implied Credit Spread(b) |
Notional Value |
Upfront Payments Paid (Received) |
Value | Unrealized Appreciation |
|||||||||||||||||||||||||||
Credit Risk |
||||||||||||||||||||||||||||||||||||
Markit CDX North America High Yield Index, Series 39, Version 2 |
Sell | 5.00% | Quarterly | 12/20/2027 | 4.740% | USD 423,720 | $1,483 | $5,529 | $4,046 |
(a) |
Centrally cleared swap agreements collateralized by $96,325 cash held with the broker. |
(b) |
Implied credit spreads represent the current level, as of October 31, 2023, at which protection could be bought or sold given the terms of the existing credit default swap agreement and serve as an indicator of the current status of the payment/performance risk of the credit default swap agreement. An implied credit spread that has widened or increased since entry into the initial agreement may indicate a deteriorating credit profile and increased risk of default for the reference entity. A declining or narrowing spread may indicate an improving credit profile or decreased risk of default for the reference entity. Alternatively, credit spreads may increase or decrease reflecting the general tolerance for risk in the credit markets generally. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
39 | ||||
|
| |||
Invesco High Yield Select ETF (HIYS)
October 31, 2023
Schedule of Investments(a)
Principal Amount |
Value | |||||||
U.S. Dollar Denominated Bonds & Notes-88.80% |
| |||||||
Advertising-0.99% |
||||||||
Clear Channel Outdoor Holdings, Inc., 5.13%, 08/15/2027(b)(c) |
$ 55,000 | $ 48,931 | ||||||
Lamar Media Corp., 3.63%, 01/15/2031(c) |
57,000 | 46,122 | ||||||
|
|
|||||||
95,053 | ||||||||
|
|
|||||||
Aerospace & Defense-1.21% |
||||||||
TransDigm, Inc. |
||||||||
6.25%, 03/15/2026(b) |
47,000 | 45,961 | ||||||
6.75%, 08/15/2028(b) |
72,000 | 70,001 | ||||||
|
|
|||||||
115,962 | ||||||||
|
|
|||||||
Aluminum-1.00% |
||||||||
Novelis Corp., 3.25%, 11/15/2026(b) |
108,000 | 96,258 | ||||||
|
|
|||||||
Apparel Retail-0.51% |
||||||||
Victoria’s Secret & Co., 4.63%, 07/15/2029(b)(c) |
67,000 | 49,333 | ||||||
|
|
|||||||
Application Software-0.51% |
||||||||
SS&C Technologies, Inc., 5.50%, 09/30/2027(b) |
52,000 | 48,842 | ||||||
|
|
|||||||
Automobile Manufacturers-3.37% |
||||||||
Allison Transmission, Inc. |
||||||||
4.75%, 10/01/2027(b) |
5,000 | 4,565 | ||||||
3.75%, 01/30/2031(b) |
235,000 | 186,485 | ||||||
Ford Motor Co. |
||||||||
4.35%, 12/08/2026(c) |
90,000 | 84,910 | ||||||
3.25%, 02/12/2032 |
35,000 | 26,444 | ||||||
4.75%, 01/15/2043 |
31,000 | 21,573 | ||||||
|
|
|||||||
323,977 | ||||||||
|
|
|||||||
Automotive Parts & Equipment-1.79% |
||||||||
Clarios Global L.P., 6.75%, 05/15/2025(b) |
100,000 | 99,303 | ||||||
NESCO Holdings II, Inc., 5.50%, 04/15/2029(b) |
85,000 | 72,971 | ||||||
|
|
|||||||
172,274 | ||||||||
|
|
|||||||
Automotive Retail-3.49% |
||||||||
Group 1 Automotive, Inc., 4.00%, 08/15/2028(b) |
112,000 | 96,524 | ||||||
LCM Investments Holdings II LLC |
||||||||
4.88%, 05/01/2029(b) |
109,000 | 91,460 | ||||||
8.25%, 08/01/2031(b) |
26,000 | 24,757 | ||||||
Lithia Motors, Inc. |
||||||||
4.63%, 12/15/2027(b) |
31,000 | 28,001 | ||||||
3.88%, 06/01/2029(b)(c) |
115,000 | 95,265 | ||||||
|
|
|||||||
336,007 | ||||||||
|
|
|||||||
Broadline Retail-0.47% |
||||||||
Macy’s Retail Holdings LLC, 5.88%, 03/15/2030(b) |
53,000 | 44,901 | ||||||
|
|
|||||||
Cable & Satellite-4.65% |
||||||||
CCO Holdings LLC/CCO Holdings Capital Corp. |
||||||||
5.50%, 05/01/2026(b) |
84,000 | 80,192 | ||||||
5.13%, 05/01/2027(b) |
118,000 | 108,750 | ||||||
4.75%, 03/01/2030(b) |
29,000 | 23,964 | ||||||
CSC Holdings LLC, 4.50%, 11/15/2031(b) |
203,000 | 134,265 |
Principal Amount |
Value | |||||||
Cable & Satellite-(continued) |
||||||||
DISH Network Corp., 11.75%, 11/15/2027(b) |
$ 77,000 | $ 76,337 | ||||||
Sirius XM Radio, Inc., 3.88%, 09/01/2031(b) |
31,000 | 23,374 | ||||||
|
|
|||||||
446,882 | ||||||||
|
|
|||||||
Casinos & Gaming-3.15% |
||||||||
Melco Resorts Finance Ltd. (Hong Kong), 5.38%, 12/04/2029(b) |
200,000 | 159,211 | ||||||
Studio City Finance Ltd. (Macau), 5.00%, 01/15/2029(b) |
200,000 | 143,750 | ||||||
|
|
|||||||
302,961 | ||||||||
|
|
|||||||
Commodity Chemicals-1.54% |
||||||||
Mativ Holdings, Inc., 6.88%, 10/01/2026(b) |
164,000 | 147,772 | ||||||
|
|
|||||||
Construction & Engineering-1.01% |
||||||||
Howard Midstream Energy Partners LLC |
||||||||
6.75%, 01/15/2027(b) |
63,000 | 59,597 | ||||||
8.88%, 07/15/2028(b) |
37,000 | 37,228 | ||||||
|
|
|||||||
96,825 | ||||||||
|
|
|||||||
Consumer Finance-1.71% |
||||||||
FirstCash, Inc., 5.63%, 01/01/2030(b) |
80,000 | 71,319 | ||||||
Navient Corp., 6.13%, 03/25/2024 |
50,000 | 49,799 | ||||||
OneMain Finance Corp., 6.13%, 03/15/2024 |
43,000 | 42,927 | ||||||
|
|
|||||||
164,045 | ||||||||
|
|
|||||||
Diversified Banks-1.51% |
||||||||
Citigroup, Inc. |
||||||||
3.88%(d)(e) |
45,000 | 37,841 | ||||||
7.38%(d)(e) |
10,000 | 9,563 | ||||||
JPMorgan Chase & Co., Series FF, 5.00%(d)(e) |
101,000 | 97,802 | ||||||
|
|
|||||||
145,206 | ||||||||
|
|
|||||||
Diversified Financial Services-1.73% |
||||||||
Jane Street Group/JSG Finance, Inc., 4.50%, 11/15/2029(b) |
56,000 | 47,783 | ||||||
Pactiv Evergreen Group Issuer, Inc./Pactiv Evergreen Group Issuer LLC, 4.00%, 10/15/2027(b) |
55,000 | 48,051 | ||||||
Scientific Games Holdings L.P./Scientific Games US FinCo, Inc., 6.63%, 03/01/2030(b) |
82,000 | 70,595 | ||||||
|
|
|||||||
166,429 | ||||||||
|
|
|||||||
Diversified Metals & Mining-1.02% |
||||||||
Hudbay Minerals, Inc. (Canada) |
||||||||
4.50%, 04/01/2026(b) |
22,000 | 20,499 | ||||||
6.13%, 04/01/2029(b) |
87,000 | 77,957 | ||||||
|
|
|||||||
98,456 | ||||||||
|
|
|||||||
Diversified Support Services-0.98% |
||||||||
Ritchie Bros. Holdings, Inc. (Canada), 6.75%, 03/15/2028(b) |
96,000 | 94,198 | ||||||
|
|
|||||||
Electric Utilities-1.44% |
||||||||
NRG Energy, Inc., 4.45%, 06/15/2029(b) |
50,000 | 43,249 | ||||||
Talen Energy Supply LLC, 8.63%, 06/01/2030(b) |
49,000 | 49,838 | ||||||
Vistra Operations Co. LLC, 4.38%, 05/01/2029(b) |
53,000 | 45,077 | ||||||
|
|
|||||||
138,164 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
40 | ||||
|
| |||
Invesco High Yield Select ETF (HIYS)–(continued)
October 31, 2023
Principal Amount |
Value | |||||||
Electrical Components & Equipment-0.95% |
| |||||||
EnerSys, 4.38%, 12/15/2027(b) |
$ 80,000 | $ 70,943 | ||||||
Sensata Technologies B.V., 5.00%, 10/01/2025(b) |
21,000 | 20,441 | ||||||
|
|
|||||||
91,384 | ||||||||
|
|
|||||||
Electronic Components-0.52% |
||||||||
Sensata Technologies, Inc., 3.75%, 02/15/2031(b) |
62,000 | 49,706 | ||||||
|
|
|||||||
Electronic Manufacturing Services-0.98% |
||||||||
Emerald Debt Merger Sub LLC, 6.63%, 12/15/2030(b) |
99,000 | 94,298 | ||||||
|
|
|||||||
Environmental & Facilities Services-0.48% |
| |||||||
GFL Environmental, Inc. (Canada), 4.38%, |
||||||||
08/15/2029(b) |
54,000 | 46,111 | ||||||
|
|
|||||||
Food Distributors-0.48% |
||||||||
United Natural Foods, Inc., 6.75%, 10/15/2028(b) |
59,000 | 46,481 | ||||||
|
|
|||||||
Gold-0.52% |
||||||||
New Gold, Inc. (Canada), 7.50%, 07/15/2027(b) |
53,000 | 49,783 | ||||||
|
|
|||||||
Health Care Facilities-2.07% |
||||||||
Encompass Health Corp., 4.50%, 02/01/2028 |
56,000 | 50,544 | ||||||
Tenet Healthcare Corp., 4.88%, 01/01/2026 |
155,000 | 148,695 | ||||||
|
|
|||||||
199,239 | ||||||||
|
|
|||||||
Health Care REITs-1.73% |
||||||||
CTR Partnership L.P./CareTrust Capital Corp., 3.88%, 06/30/2028(b) |
56,000 | 47,112 | ||||||
Diversified Healthcare Trust, 4.38%, 03/01/2031 |
43,000 | 29,635 | ||||||
MPT Operating Partnership L.P./MPT Finance Corp., 3.50%, 03/15/2031 |
147,000 | 89,289 | ||||||
|
|
|||||||
166,036 | ||||||||
|
|
|||||||
Health Care Services-2.68% |
||||||||
Catalent Pharma Solutions, Inc., 3.50%, 04/01/2030(b)(c) |
58,000 | 45,586 | ||||||
Community Health Systems, Inc., 4.75%, 02/15/2031(b) |
100,000 | 67,142 | ||||||
DaVita, Inc., 3.75%, 02/15/2031(b) |
64,000 | 46,059 | ||||||
Select Medical Corp., 6.25%, 08/15/2026(b) |
52,000 | 50,629 | ||||||
Star Parent, Inc., 9.00%, 10/01/2030(b) |
49,000 | 48,688 | ||||||
|
|
|||||||
258,104 | ||||||||
|
|
|||||||
Health Care Supplies-0.76% |
||||||||
Medline Borrower L.P., 3.88%, 04/01/2029(b) |
87,000 | 73,541 | ||||||
|
|
|||||||
Hotel & Resort REITs-1.96% |
||||||||
Service Properties Trust |
||||||||
5.50%, 12/15/2027 |
189,000 | 159,755 | ||||||
4.38%, 02/15/2030 |
41,000 | 28,325 | ||||||
|
|
|||||||
188,080 | ||||||||
|
|
|||||||
Hotels, Resorts & Cruise Lines-2.73% |
||||||||
Carnival Corp., 6.00%, 05/01/2029(b) |
29,000 | 24,523 | ||||||
IRB Holding Corp., 7.00%, 06/15/2025(b) |
97,000 | 96,364 | ||||||
Royal Caribbean Cruises Ltd., 8.25%, 01/15/2029(b) |
138,000 | 141,603 | ||||||
|
|
|||||||
262,490 | ||||||||
|
|
Principal Amount |
Value | |||||||
Household Products-0.49% |
||||||||
Prestige Brands, Inc., 3.75%, 04/01/2031(b) |
$ 59,000 | $ 46,920 | ||||||
|
|
|||||||
Independent Power Producers & Energy Traders-0.48% |
| |||||||
Clearway Energy Operating LLC, 4.75%, 03/15/2028(b) |
52,000 | 46,469 | ||||||
|
|
|||||||
Industrial Conglomerates-0.56% |
||||||||
Icahn Enterprises L.P./Icahn Enterprises Finance Corp., 4.38%, 02/01/2029 |
70,000 | 53,982 | ||||||
|
|
|||||||
Industrial Machinery & Supplies & Components-1.22% |
| |||||||
EnPro Industries, Inc., 5.75%, 10/15/2026(c) |
75,000 | 71,142 | ||||||
Roller Bearing Co. of America, Inc., 4.38%, 10/15/2029(b) |
55,000 | 46,709 | ||||||
|
|
|||||||
117,851 | ||||||||
|
|
|||||||
Integrated Telecommunication Services-4.46% |
| |||||||
Altice France S.A. (France), 8.13%, 02/01/2027(b) |
200,000 | 168,820 | ||||||
Iliad Holding S.A.S. (France), 6.50%, 10/15/2026(b) |
200,000 | 187,070 | ||||||
Level 3 Financing, Inc. |
||||||||
3.75%, 07/15/2029(b) |
84,000 | 42,807 | ||||||
10.50%, 05/15/2030(b) |
30,000 | 30,050 | ||||||
|
|
|||||||
428,747 | ||||||||
|
|
|||||||
Interactive Media & Services-1.07% |
||||||||
Match Group Holdings II LLC, 4.63%, 06/01/2028(b) |
115,000 | 103,382 | ||||||
|
|
|||||||
Investment Banking & Brokerage-2.56% |
| |||||||
Charles Schwab Corp. (The), Series G, |
51,000 | 48,682 | ||||||
GTCR W-2 Merger Sub LLC, 7.50%, 01/15/2031(b) |
200,000 | 197,650 | ||||||
|
|
|||||||
246,332 | ||||||||
|
|
|||||||
IT Consulting & Other Services-0.49% |
||||||||
Gartner, Inc., 3.75%, 10/01/2030(b) |
57,000 | 47,264 | ||||||
|
|
|||||||
Leisure Facilities-3.39% |
||||||||
Carnival Holdings Bermuda Ltd., 10.38%, 05/01/2028(b) |
151,000 | 161,130 | ||||||
NCL Corp. Ltd., 5.88%, 02/15/2027(b) |
102,000 | 93,990 | ||||||
Viking Ocean Cruises Ship VII Ltd., 5.63%, 02/15/2029(b) |
52,000 | 46,141 | ||||||
VOC Escrow Ltd., 5.00%, 02/15/2028(b) |
28,000 | 25,183 | ||||||
|
|
|||||||
326,444 | ||||||||
|
|
|||||||
Metal, Glass & Plastic Containers-0.50% |
||||||||
Ball Corp., 6.00%, 06/15/2029 |
50,000 | 48,004 | ||||||
|
|
|||||||
Mortgage REITs-0.50% |
||||||||
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 4.75%, 06/15/2029(b) |
60,000 | 48,331 | ||||||
|
|
|||||||
Oil & Gas Drilling-1.62% |
||||||||
Delek Logistics Partners L.P./Delek Logistics Finance Corp., 7.13%, 06/01/2028(b) |
79,000 | 71,970 | ||||||
Transocean, Inc., 8.75%, 02/15/2030(b) |
42,750 | 42,660 | ||||||
Valaris Ltd., 8.38%, 04/30/2030(b) |
42,000 | 41,250 | ||||||
|
|
|||||||
155,880 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
41 | ||||
|
| |||
Invesco High Yield Select ETF (HIYS)–(continued)
October 31, 2023
Principal Amount |
Value | |||||||
Oil & Gas Equipment & Services-0.92% |
| |||||||
Enerflex Ltd. (Canada), 9.00%, 10/15/2027(b) |
$ 44,000 | $ 40,084 | ||||||
Oceaneering International, Inc., 6.00%, 02/01/2028(b) |
53,000 | 48,686 | ||||||
|
|
|||||||
88,770 | ||||||||
|
|
|||||||
Oil & Gas Exploration & Production-6.41% |
| |||||||
Aethon United BR L.P./Aethon United Finance Corp., 8.25%, 02/15/2026(b) |
157,000 | 156,085 | ||||||
Hilcorp Energy I L.P./Hilcorp Finance Co. |
||||||||
6.00%, 04/15/2030(b) |
14,000 | 12,445 | ||||||
6.00%, 02/01/2031(b) |
64,000 | 56,302 | ||||||
Moss Creek Resources Holdings, Inc., 10.50%, 05/15/2027(b) |
50,000 | 49,478 | ||||||
Sitio Royalties Operating Partnership L.P./Sitio Finance Corp., 7.88%, 11/01/2028(b) |
51,000 | 50,358 | ||||||
SM Energy Co., 6.63%, 01/15/2027(c) |
51,000 | 49,609 | ||||||
Strathcona Resources Ltd. (Canada), 6.88%, 08/01/2026(b) |
130,000 | 120,053 | ||||||
Transocean Titan Financing Ltd., 8.38%, 02/01/2028(b) |
51,000 | 51,257 | ||||||
Vital Energy, Inc. |
||||||||
10.13%, 01/15/2028 |
60,000 | 60,212 | ||||||
9.75%, 10/15/2030 |
11,000 | 10,791 | ||||||
|
|
|||||||
616,590 | ||||||||
|
|
|||||||
Oil & Gas Refining & Marketing-0.50% |
| |||||||
PBF Holding Co. LLC/PBF Finance Corp., 7.88%, 09/15/2030(b) |
50,000 | 48,304 | ||||||
|
|
|||||||
Oil & Gas Storage & Transportation-3.27% |
| |||||||
Crestwood Midstream Partners L.P./Crestwood Midstream Finance Corp., 7.38%, 02/01/2031(b) |
20,000 | 20,180 | ||||||
Genesis Energy L.P./Genesis Energy Finance Corp., 7.75%, 02/01/2028 |
103,000 | 97,076 | ||||||
New Fortress Energy, Inc., 6.50%, 09/30/2026(b) |
54,000 | 48,418 | ||||||
Summit Midstream Holdings LLC/Summit |
||||||||
Midstream Finance Corp., 9.00%, 10/15/2026(b)(f) |
51,000 | 49,010 | ||||||
Venture Global LNG, Inc. |
||||||||
8.13%, 06/01/2028(b) |
49,000 | 47,608 | ||||||
9.50%, 02/01/2029(b) |
51,000 | 51,845 | ||||||
|
|
|||||||
314,137 | ||||||||
|
|
|||||||
Passenger Airlines-0.50% |
| |||||||
American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.50%, 04/20/2026(b) |
49,167 | 47,861 | ||||||
|
|
|||||||
Pharmaceuticals-0.51% |
| |||||||
Bausch Health Cos., Inc., 4.88%, 06/01/2028(b) |
99,000 | 49,495 | ||||||
|
|
|||||||
Real Estate Development-0.47% |
| |||||||
Cushman & Wakefield U.S. Borrower LLC, 8.88%, 09/01/2031(b) |
48,000 | 45,554 | ||||||
|
|
|||||||
Research & Consulting Services-0.50% |
||||||||
Dun & Bradstreet Corp. (The), 5.00%, 12/15/2029(b)(c) |
56,000 | 48,238 | ||||||
|
|
Principal Amount |
Value | |||||||
Restaurants-2.02% |
| |||||||
1011778 BC ULC/New Red Finance, Inc. (Canada), 3.50%, 02/15/2029(b) |
$114,000 | $ 97,597 | ||||||
Yum! Brands, Inc., 5.38%, 04/01/2032 |
107,000 | 96,300 | ||||||
|
|
|||||||
193,897 | ||||||||
|
|
|||||||
Retail REITs-0.97% |
| |||||||
NMG Holding Co., Inc./Neiman Marcus Group LLC, 7.13%, 04/01/2026(b) |
100,000 | 93,632 | ||||||
|
|
|||||||
Specialized Consumer Services-1.00% |
||||||||
Carriage Services, Inc., 4.25%, 05/15/2029(b) . |
117,000 | 95,820 | ||||||
|
|
|||||||
Systems Software-2.80% |
| |||||||
Black Knight InfoServ LLC, 3.63%, 09/01/2028(b) |
83,000 | 74,077 | ||||||
Camelot Finance S.A., 4.50%, 11/01/2026(b) |
159,000 | 147,157 | ||||||
CrowdStrike Holdings, Inc., 3.00%, 02/15/2029(c) |
57,000 | 47,700 | ||||||
|
|
|||||||
268,934 | ||||||||
|
|
|||||||
Telecom Tower REITs-1.13% |
| |||||||
SBA Communications Corp. |
||||||||
3.88%, 02/15/2027 |
16,000 | 14,585 | ||||||
3.13%, 02/01/2029 |
114,000 | 94,370 | ||||||
|
|
|||||||
108,955 | ||||||||
|
|
|||||||
Trading Companies & Distributors-1.54% |
| |||||||
Fortress Transportation and Infrastructure Investors LLC, 5.50%, 05/01/2028(b) |
163,000 | 148,412 | ||||||
|
|
|||||||
Wireless Telecommunication Services-0.98% |
| |||||||
Vodafone Group PLC (United Kingdom), 4.13%, 06/04/2081(d) |
124,000 | 93,968 | ||||||
|
|
|||||||
Total U.S. Dollar Denominated Bonds &
Notes |
|
8,540,971 | ||||||
|
|
|||||||
Non-U.S. Dollar Denominated Bonds & Notes-5.63%(g) |
| |||||||
Application Software-1.09% |
| |||||||
Boxer Parent Co., Inc., 6.50%, 10/02/2025(b) |
EUR100,000 | 104,655 | ||||||
|
|
|||||||
Automobile Manufacturers-1.52% |
| |||||||
Ford Motor Credit Co. LLC, 4.87%, 08/03/2027 |
EUR139,000 | 146,734 | ||||||
|
|
|||||||
Casinos & Gaming-1.02% |
| |||||||
Allwyn International A.S. (Czech Republic), 3.88%, 02/15/2027(b) |
EUR100,000 | 97,793 | ||||||
|
|
|||||||
Metal, Glass & Plastic Containers-1.09% |
| |||||||
OI European Group B.V., 6.25%, 05/15/2028(b) |
EUR100,000 | 104,782 | ||||||
|
|
|||||||
Wireless Telecommunication Services-0.91% |
| |||||||
VMED O2 UK Financing I PLC (United Kingdom), 3.25%, 01/31/2031(b) |
EUR100,000 | 87,795 | ||||||
|
|
|||||||
Total Non-U.S. Dollar Denominated Bonds &
Notes |
|
541,759 | ||||||
|
|
|||||||
Asset-Backed Securities-1.04% |
| |||||||
Hertz Vehicle Financing III LLC, Series 2023-3A, Class C, 7.26%,
02/25/2028(b) |
$100,000 | 99,663 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
42 | ||||
|
| |||
Invesco High Yield Select ETF (HIYS)–(continued)
October 31, 2023
Shares | Value | |||||||
Preferred Stocks-0.50% |
||||||||
Diversified Banks-0.50% |
||||||||
Bank of America Corp., Series Z, Pfd., 6.50%(c)(d) |
48,000 | $ 47,490 | ||||||
|
|
|||||||
Money Market Funds-1.48% |
||||||||
Invesco Government & Agency Portfolio,
Institutional Class, 5.27%(h)(i) |
142,401 | 142,401 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES |
9,372,284 | |||||||
|
|
Shares | Value | |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-6.14% |
||||||||
Invesco Private Government Fund, 5.32%(h)(i)(j) |
199,263 | $ 199,263 | ||||||
Invesco Private Prime |
391,351 | 391,390 | ||||||
|
|
|||||||
Total Investments Purchased with Cash Collateral from
Securities on Loan |
590,653 | |||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES-103.59% |
|
9,962,937 | ||||||
OTHER ASSETS LESS LIABILITIES-(3.59)% |
|
(344,911 | ) | |||||
|
|
|||||||
NET ASSETS-100.00% |
$ 9,618,026 | |||||||
|
|
Investment Abbreviations:
EUR |
-Euro |
Pfd. |
-Preferred |
REIT |
-Real Estate Investment Trust |
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) |
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, 2023 was $7,326,014, which represented 76.17% of the Fund’s Net Assets. |
(c) |
All or a portion of this security was out on loan at October 31, 2023. |
(d) |
Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate. |
(e) |
Perpetual bond with no specified maturity date. |
(f) |
Step coupon bond. The interest rate represents the coupon rate at which the bond will accrue at a specified future date. |
(g) |
Foreign denominated security. Principal amount is denominated in the currency indicated. |
(h) |
Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the period ended October 31, 2023. |
Value |
Purchases at Cost |
Proceeds from Sales |
Change in Unrealized Appreciation |
Realized Gain (Loss) |
Value October 31, 2023 |
Dividend Income |
||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | - | $ | 4,897,945 | $ | (4,755,544 | ) | $ | - | $ | - | $ | 142,401 | $ | 7,300 | |||||||||||||||||||||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Invesco Private Government Fund | - | 1,727,057 | (1,527,794 | ) | - | - | 199,263 | 2,231 | * | |||||||||||||||||||||||||||||||||||||||||||||||||||
Invesco Private Prime Fund | - | 2,102,458 | (1,711,060 | ) | 6 | (14 | ) | 391,390 | 5,730 | * | ||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | - | $ | 8,727,460 | $ | (7,994,398 | ) | $ | 6 | $ | (14 | ) | $ | 733,054 | $ | 15,261 | ||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
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. |
(i) |
The rate shown is the 7-day SEC standardized yield as of October 31, 2023. |
(j) |
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 2M. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
43 | ||||
|
| |||
Invesco High Yield Select ETF (HIYS)–(continued)
October 31, 2023
Open Forward Foreign Currency Contracts |
||||||||||||||||||||||||||||||||||||||||||||
Contract to | Unrealized | |||||||||||||||||||||||||||||||||||||||||||
Settlement Date |
Counterparty |
Deliver | Receive | Appreciation | ||||||||||||||||||||||||||||||||||||||||
Currency Risk |
||||||||||||||||||||||||||||||||||||||||||||
11/17/2023 |
Bank of America, N.A. | EUR | 80,000 | USD | 87,972 | $ | 3,351 | |||||||||||||||||||||||||||||||||||||
11/17/2023 |
Canadian Imperial Bank of Commerce | GBP | 63,000 | USD | 80,308 | 3,853 | ||||||||||||||||||||||||||||||||||||||
11/17/2023 |
Morgan Stanley Capital Services LLC | EUR | 10,000 | USD | 10,784 | 206 | ||||||||||||||||||||||||||||||||||||||
11/17/2023 |
Morgan Stanley Capital Services LLC | USD | 68,588 | EUR | 65,000 | 166 | ||||||||||||||||||||||||||||||||||||||
11/17/2023 |
RBC Capital Markets, LLC | USD | 83,605 | GBP | 69,000 | 132 | ||||||||||||||||||||||||||||||||||||||
11/17/2023 |
State Street Bank & Trust | EUR | 481,000 | USD | 529,613 | 20,828 | ||||||||||||||||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||||||||||||||||||
Total Forward Foreign Currency Contracts |
$ | 28,536 | ||||||||||||||||||||||||||||||||||||||||||
|
|
Abbreviations: |
EUR -Euro |
GBP -British Pound Sterling |
USD -U.S. Dollar |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
44 | ||||
|
| |||
Invesco S&P 500® Downside Hedged ETF (PHDG)
October 31, 2023
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-85.37% |
| |||||||
Communication Services-7.44% |
| |||||||
Alphabet, Inc., Class A(b) |
19,197 | $ 2,381,964 | ||||||
Alphabet, Inc., Class C(b) |
16,330 | 2,046,149 | ||||||
AT&T, Inc. |
23,132 | 356,234 | ||||||
Charter Communications, Inc., Class A(b)(c) |
329 | 132,521 | ||||||
Comcast Corp., Class A |
13,317 | 549,859 | ||||||
Electronic Arts, Inc. |
798 | 98,784 | ||||||
Fox Corp., Class A(c) |
821 | 24,950 | ||||||
Fox Corp., Class B |
427 | 11,918 | ||||||
Interpublic Group of Cos., Inc. (The) |
1,246 | 35,386 | ||||||
Live Nation Entertainment, Inc.(b) |
459 | 36,729 | ||||||
Match Group, Inc.(b) |
900 | 31,140 | ||||||
Meta Platforms, Inc., Class A(b) |
7,192 | 2,166,734 | ||||||
Netflix, Inc.(b) |
1,434 | 590,364 | ||||||
News Corp., Class A(c) |
1,233 | 25,498 | ||||||
News Corp., Class B(c) |
374 | 8,019 | ||||||
Omnicom Group, Inc. |
639 | 47,868 | ||||||
Paramount Global, Class B(c) |
1,560 | 16,973 | ||||||
Take-Two Interactive Software, Inc.(b) |
511 | 68,346 | ||||||
T-Mobile US, Inc.(b) |
1,675 | 240,966 | ||||||
Verizon Communications, Inc. |
13,603 | 477,873 | ||||||
Walt Disney Co. (The)(b) |
5,921 | 483,094 | ||||||
Warner Bros Discovery, Inc.(b) |
7,177 | 71,339 | ||||||
|
|
|||||||
9,902,708 | ||||||||
|
|
|||||||
Consumer Discretionary-9.01% |
||||||||
Airbnb, Inc., Class A(b) |
1,380 | 163,240 | ||||||
Amazon.com, Inc.(b) |
29,379 | 3,910,051 | ||||||
Aptiv PLC(b) |
915 | 79,788 | ||||||
AutoZone, Inc.(b) |
59 | 146,151 | ||||||
Bath & Body Works, Inc. |
741 | 21,971 | ||||||
Best Buy Co., Inc.(c) |
628 | 41,963 | ||||||
Booking Holdings, Inc.(b) |
115 | 320,799 | ||||||
BorgWarner, Inc. |
761 | 28,081 | ||||||
Caesars Entertainment, Inc.(b) |
697 | 27,803 | ||||||
CarMax, Inc.(b)(c) |
512 | 31,278 | ||||||
Carnival Corp.(b) |
3,259 | 37,348 | ||||||
Chipotle Mexican Grill, Inc.(b) |
89 | 172,856 | ||||||
D.R. Horton, Inc. |
985 | 102,834 | ||||||
Darden Restaurants, Inc.(c) |
391 | 56,902 | ||||||
Domino’s Pizza, Inc. |
114 | 38,645 | ||||||
eBay, Inc. |
1,722 | 67,554 | ||||||
Etsy, Inc.(b)(c) |
398 | 24,795 | ||||||
Expedia Group, Inc.(b) |
446 | 42,499 | ||||||
Ford Motor Co. |
12,721 | 124,030 | ||||||
Garmin Ltd. |
496 | 50,855 | ||||||
General Motors Co. |
4,452 | 125,546 | ||||||
Genuine Parts Co. |
454 | 58,503 | ||||||
Hasbro, Inc. |
422 | 19,053 | ||||||
Hilton Worldwide Holdings, Inc. |
846 | 128,194 | ||||||
Home Depot, Inc. (The) |
3,253 | 926,097 | ||||||
Las Vegas Sands Corp. |
1,064 | 50,498 | ||||||
Lennar Corp., Class A |
817 | 87,158 | ||||||
LKQ Corp. |
866 | 38,035 | ||||||
Lowe’s Cos., Inc. |
1,896 | 361,321 | ||||||
lululemon athletica, inc.(b) |
374 | 147,162 | ||||||
Marriott International, Inc., Class A |
811 | 152,922 | ||||||
McDonald’s Corp. |
2,358 | 618,197 |
Shares | Value | |||||||
Consumer Discretionary-(continued) |
||||||||
MGM Resorts International |
908 | $ 31,707 | ||||||
Mohawk Industries, Inc.(b) |
171 | 13,745 | ||||||
NIKE, Inc., Class B |
3,964 | 407,380 | ||||||
Norwegian Cruise Line Holdings Ltd.(b)(c) |
1,377 | 18,727 | ||||||
NVR, Inc.(b) |
11 | 59,539 | ||||||
O’Reilly Automotive, Inc., Class R(b) |
195 | 181,436 | ||||||
Pool Corp. |
126 | 39,787 | ||||||
PulteGroup, Inc. |
710 | 52,249 | ||||||
Ralph Lauren Corp.(c) |
131 | 14,741 | ||||||
Ross Stores, Inc. |
1,102 | 127,799 | ||||||
Royal Caribbean Cruises Ltd.(b) |
763 | 64,649 | ||||||
Starbucks Corp |
3,706 | 341,842 | ||||||
Tapestry, Inc. |
750 | 20,670 | ||||||
Tesla, Inc.(b) |
8,935 | 1,794,505 | ||||||
TJX Cos., Inc. (The) |
3,719 | 327,532 | ||||||
Tractor Supply Co.(c) |
352 | 67,781 | ||||||
Ulta Beauty, Inc.(b) |
161 | 61,391 | ||||||
VF Corp.(c) |
1,070 | 15,761 | ||||||
Whirlpool Corp. |
177 | 18,507 | ||||||
Wynn Resorts Ltd. |
313 | 27,475 | ||||||
Yum! Brands, Inc. |
907 | 109,620 | ||||||
|
|
|||||||
11,998,972 | ||||||||
|
|
|||||||
Consumer Staples-5.66% |
||||||||
Altria Group, Inc. |
5,742 | 230,656 | ||||||
Archer-Daniels-Midland Co. |
1,735 | 124,174 | ||||||
Brown-Forman Corp., Class B |
592 | 33,247 | ||||||
Bunge Ltd. |
487 | 51,612 | ||||||
Campbell Soup Co. |
637 | 25,741 | ||||||
Church & Dwight Co., Inc. |
796 | 72,388 | ||||||
Clorox Co. (The) |
401 | 47,198 | ||||||
Coca-Cola Co. (The) |
12,593 | 711,379 | ||||||
Colgate-Palmolive Co. |
2,675 | 200,946 | ||||||
Conagra Brands, Inc. |
1,546 | 42,299 | ||||||
Constellation Brands, Inc., Class A |
522 | 122,226 | ||||||
Costco Wholesale Corp. |
1,434 | 792,199 | ||||||
Dollar General Corp. |
710 | 84,518 | ||||||
Dollar Tree, Inc.(b) |
677 | 75,208 | ||||||
Estee Lauder Cos., Inc. (The), Class A(c) |
750 | 96,653 | ||||||
General Mills, Inc. |
1,893 | 123,499 | ||||||
Hershey Co. (The) |
485 | 90,865 | ||||||
Hormel Foods Corp.(c) |
937 | 30,499 | ||||||
JM Smucker Co. (The) |
330 | 37,567 | ||||||
Kellanova(c) |
853 | 43,051 | ||||||
Kenvue, Inc. |
5,576 | 103,714 | ||||||
Keurig Dr Pepper, Inc. |
3,255 | 98,724 | ||||||
Kimberly-Clark Corp. |
1,094 | 130,886 | ||||||
Kraft Heinz Co. (The) |
2,583 | 81,261 | ||||||
Kroger Co. (The) |
2,137 | 96,956 | ||||||
Lamb Weston Holdings, Inc. |
472 | 42,386 | ||||||
McCormick & Co., Inc. |
812 | 51,887 | ||||||
Molson Coors Beverage Co., Class B |
601 | 34,720 | ||||||
Mondelez International, Inc., Class A |
4,402 | 291,456 | ||||||
Monster Beverage Corp.(b) |
2,406 | 122,947 | ||||||
PepsiCo, Inc. |
4,454 | 727,249 | ||||||
Philip Morris International, Inc. |
5,023 | 447,851 | ||||||
Procter & Gamble Co. (The) |
7,627 | 1,144,279 | ||||||
Sysco Corp. |
1,634 | 108,645 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
45 | ||||
|
| |||
Invesco S&P 500® Downside Hedged ETF (PHDG)–(continued)
October 31, 2023
Shares | Value | |||||||
Consumer Staples-(continued) |
||||||||
Target Corp. |
1,493 | $ 165,409 | ||||||
Tyson Foods, Inc., Class A |
924 | 42,827 | ||||||
Walgreens Boots Alliance, Inc. |
2,318 | 48,863 | ||||||
Walmart, Inc. |
4,618 | 754,627 | ||||||
|
|
|||||||
7,530,612 | ||||||||
|
|
|||||||
Energy-3.87% |
||||||||
APA Corp. |
994 | 39,482 | ||||||
Baker Hughes Co., Class A |
3,267 | 112,450 | ||||||
Chevron Corp. |
5,741 | 836,636 | ||||||
ConocoPhillips |
3,875 | 460,350 | ||||||
Coterra Energy, Inc. |
2,451 | 67,402 | ||||||
Devon Energy Corp. |
2,073 | 96,540 | ||||||
Diamondback Energy, Inc. |
579 | 92,825 | ||||||
EOG Resources, Inc. |
1,884 | 237,855 | ||||||
EQT Corp. |
1,170 | 49,585 | ||||||
Exxon Mobil Corp. |
12,953 | 1,371,075 | ||||||
Halliburton Co. |
2,907 | 114,361 | ||||||
Hess Corp. |
894 | 129,094 | ||||||
Kinder Morgan, Inc. |
6,272 | 101,606 | ||||||
Marathon Oil Corp. |
1,960 | 53,528 | ||||||
Marathon Petroleum Corp. |
1,294 | 195,717 | ||||||
Occidental Petroleum Corp. |
2,147 | 132,706 | ||||||
ONEOK, Inc. |
1,885 | 122,902 | ||||||
Phillips 66 |
1,441 | 164,375 | ||||||
Pioneer Natural Resources Co. |
754 | 180,206 | ||||||
Schlumberger N.V |
4,598 | 255,925 | ||||||
Targa Resources Corp. |
724 | 60,534 | ||||||
Valero Energy Corp. |
1,143 | 145,161 | ||||||
Williams Cos., Inc. (The)(c) |
3,936 | 135,398 | ||||||
|
|
|||||||
5,155,713 | ||||||||
|
|
|||||||
Financials-10.89% |
||||||||
Aflac, Inc.(c) |
1,749 | 136,614 | ||||||
Allstate Corp. (The) |
846 | 108,398 | ||||||
American Express Co. |
1,883 | 274,975 | ||||||
American International Group, Inc. |
2,303 | 141,197 | ||||||
Ameriprise Financial, Inc. |
332 | 104,437 | ||||||
Aon PLC, Class A |
656 | 202,966 | ||||||
Arch Capital Group Ltd.(b) |
1,207 | 104,623 | ||||||
Arthur J. Gallagher & Co. |
697 | 164,137 | ||||||
Assurant, Inc. |
172 | 25,611 | ||||||
Bank of America Corp. |
22,369 | 589,199 | ||||||
Bank of New York Mellon Corp. (The) |
2,520 | 107,100 | ||||||
Berkshire Hathaway, Inc., Class B(b) |
5,901 | 2,014,188 | ||||||
BlackRock, Inc. |
454 | 277,975 | ||||||
Blackstone, Inc., Class A |
2,297 | 212,128 | ||||||
Brown & Brown, Inc. |
762 | 52,898 | ||||||
Capital One Financial Corp.(c) |
1,234 | 124,992 | ||||||
Cboe Global Markets, Inc. |
341 | 55,886 | ||||||
Charles Schwab Corp. (The) |
4,811 | 250,364 | ||||||
Chubb Ltd. |
1,329 | 285,230 | ||||||
Cincinnati Financial Corp. |
508 | 50,632 | ||||||
Citigroup, Inc. |
6,231 | 246,062 | ||||||
Citizens Financial Group, Inc. |
1,528 | 35,801 | ||||||
CME Group, Inc., Class A |
1,164 | 248,467 | ||||||
Comerica, Inc. |
426 | 16,784 | ||||||
Discover Financial Services |
809 | 66,403 | ||||||
Everest Group Ltd. |
140 | 55,387 | ||||||
FactSet Research Systems, Inc. |
123 | 53,122 | ||||||
Fidelity National Information Services, Inc. |
1,917 | 94,144 |
Shares | Value | |||||||
Financials-(continued) |
||||||||
Fifth Third Bancorp |
2,203 | $ 52,233 | ||||||
Fiserv, Inc.(b) |
1,973 | 224,429 | ||||||
FleetCor Technologies, Inc.(b) |
239 | 53,816 | ||||||
Franklin Resources, Inc.(c) |
920 | 20,967 | ||||||
Global Payments, Inc. |
841 | 89,331 | ||||||
Globe Life, Inc. |
281 | 32,697 | ||||||
Goldman Sachs Group, Inc. (The) |
1,067 | 323,952 | ||||||
Hartford Financial Services Group, Inc. (The) |
990 | 72,716 | ||||||
Huntington Bancshares, Inc. |
4,685 | 45,210 | ||||||
Intercontinental Exchange, Inc. |
1,852 | 198,979 | ||||||
Invesco Ltd.(d) |
1,452 | 18,832 | ||||||
Jack Henry & Associates, Inc. |
236 | 33,274 | ||||||
JPMorgan Chase & Co. |
9,403 | 1,307,581 | ||||||
KeyCorp. |
3,028 | 30,946 | ||||||
Loews Corp. |
598 | 38,278 | ||||||
M&T Bank Corp. |
537 | 60,547 | ||||||
MarketAxess Holdings, Inc. |
122 | 26,078 | ||||||
Marsh & McLennan Cos., Inc. |
1,598 | 303,061 | ||||||
Mastercard, Inc., Class A |
2,692 | 1,013,134 | ||||||
MetLife, Inc. |
2,044 | 122,660 | ||||||
Moody’s Corp. |
511 | 157,388 | ||||||
Morgan Stanley |
4,128 | 292,345 | ||||||
MSCI, Inc. |
256 | 120,717 | ||||||
Nasdaq, Inc. |
1,097 | 54,411 | ||||||
Northern Trust Corp. |
670 | 44,160 | ||||||
PayPal Holdings, Inc.(b) |
3,553 | 184,045 | ||||||
PNC Financial Services Group, Inc. (The) |
1,289 | 147,552 | ||||||
Principal Financial Group, Inc.(c) |
720 | 48,730 | ||||||
Progressive Corp. (The) |
1,894 | 299,422 | ||||||
Prudential Financial, Inc. |
1,175 | 107,442 | ||||||
Raymond James Financial, Inc. |
608 | 58,028 | ||||||
Regions Financial Corp.(c) |
3,036 | 44,113 | ||||||
S&P Global, Inc. |
1,053 | 367,823 | ||||||
State Street Corp. |
1,031 | 66,634 | ||||||
Synchrony Financial |
1,353 | 37,952 | ||||||
T. Rowe Price Group, Inc.(c) |
726 | 65,703 | ||||||
Travelers Cos., Inc. (The) |
741 | 124,073 | ||||||
Truist Financial Corp. |
4,310 | 122,232 | ||||||
U.S. Bancorp |
5,038 | 160,611 | ||||||
Visa, Inc., Class A |
5,199 | 1,222,285 | ||||||
W.R. Berkley Corp. |
658 | 44,362 | ||||||
Wells Fargo & Co. |
11,839 | 470,837 | ||||||
Willis Towers Watson PLC |
339 | 79,967 | ||||||
Zions Bancorporation N.A.(c) |
479 | 14,777 | ||||||
|
|
|||||||
14,504,050 | ||||||||
|
|
|||||||
Health Care-11.22% |
||||||||
Abbott Laboratories |
5,615 | 530,898 | ||||||
AbbVie, Inc. |
5,711 | 806,279 | ||||||
Agilent Technologies, Inc. |
956 | 98,822 | ||||||
Align Technology, Inc.(b) |
230 | 42,456 | ||||||
Amgen, Inc. |
1,731 | 442,617 | ||||||
Baxter International, Inc.(c) |
1,639 | 53,153 | ||||||
Becton, Dickinson and Co. |
939 | 237,360 | ||||||
Biogen, Inc.(b) |
469 | 111,406 | ||||||
Bio-Rad Laboratories, Inc., Class A(b) |
68 | 18,719 | ||||||
Bio-Techne Corp |
509 | 27,807 | ||||||
Boston Scientific Corp.(b) |
4,738 | 242,538 | ||||||
Bristol-Myers Squibb Co. |
6,760 | 348,343 | ||||||
Cardinal Health, Inc. |
824 | 74,984 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
46 | ||||
|
| |||
Invesco S&P 500® Downside Hedged ETF (PHDG)–(continued)
October 31, 2023
Shares | Value | |||||||
Health Care-(continued) |
||||||||
Catalent, Inc.(b)(c) |
583 | $ 20,049 | ||||||
Cencora, Inc. |
539 | 99,796 | ||||||
Centene Corp.(b)(c) |
1,752 | 120,853 | ||||||
Charles River Laboratories International, Inc.(b) |
166 | 27,948 | ||||||
Cigna Group (The) |
958 | 296,214 | ||||||
Cooper Cos., Inc. (The) |
160 | 49,880 | ||||||
CVS Health Corp. |
4,156 | 286,806 | ||||||
Danaher Corp. |
2,126 | 408,234 | ||||||
DaVita, Inc.(b) |
174 | 13,438 | ||||||
DENTSPLY SIRONA, Inc. |
685 | 20,831 | ||||||
DexCom, Inc.(b) |
1,255 | 111,482 | ||||||
Edwards Lifesciences Corp.(b)(c) |
1,967 | 125,337 | ||||||
Elevance Health, Inc. |
762 | 342,969 | ||||||
Eli Lilly and Co. |
2,580 | 1,429,139 | ||||||
GE HealthCare Technologies, Inc. |
1,266 | 84,278 | ||||||
Gilead Sciences, Inc.(c) |
4,032 | 316,673 | ||||||
HCA Healthcare, Inc. |
651 | 147,217 | ||||||
Henry Schein, Inc.(b) |
423 | 27,486 | ||||||
Hologic, Inc.(b) |
793 | 52,473 | ||||||
Humana, Inc. |
401 | 210,000 | ||||||
IDEXX Laboratories, Inc.(b) |
269 | 107,457 | ||||||
Illumina, Inc.(b) |
512 | 56,023 | ||||||
Incyte Corp.(b) |
602 | 32,466 | ||||||
Insulet Corp.(b)(c) |
226 | 29,961 | ||||||
Intuitive Surgical, Inc.(b) |
1,137 | 298,144 | ||||||
IQVIA Holdings, Inc.(b) |
593 | 107,232 | ||||||
Johnson & Johnson |
7,792 | 1,155,865 | ||||||
Laboratory Corp. of America Holdings |
287 | 57,322 | ||||||
McKesson Corp. |
436 | 198,537 | ||||||
Medtronic PLC |
4,307 | 303,902 | ||||||
Merck & Co., Inc. |
8,211 | 843,270 | ||||||
Mettler-Toledo International, Inc.(b)(c) |
71 | 69,949 | ||||||
Moderna, Inc.(b)(c) |
1,071 | 81,353 | ||||||
Molina Healthcare, Inc.(b) |
189 | 62,928 | ||||||
Pfizer, Inc. |
18,268 | 558,270 | ||||||
Quest Diagnostics, Inc. |
363 | 47,226 | ||||||
Regeneron Pharmaceuticals, Inc.(b) |
345 | 269,062 | ||||||
ResMed, Inc. |
475 | 67,079 | ||||||
Revvity, Inc. |
402 | 33,306 | ||||||
STERIS PLC |
319 | 66,984 | ||||||
Stryker Corp. |
1,094 | 295,621 | ||||||
Teleflex, Inc. |
152 | 28,082 | ||||||
Thermo Fisher Scientific, Inc. |
1,249 | 555,518 | ||||||
UnitedHealth Group, Inc. |
2,997 | 1,605,073 | ||||||
Universal Health Services, Inc., Class B |
201 | 25,304 | ||||||
Vertex Pharmaceuticals, Inc.(b) |
835 | 302,362 | ||||||
Viatris, Inc. |
3,881 | 34,541 | ||||||
Waters Corp.(b)(c) |
191 | 45,559 | ||||||
West Pharmaceutical Services, Inc. |
239 | 76,071 | ||||||
Zimmer Biomet Holdings, Inc. |
676 | 70,581 | ||||||
Zoetis, Inc. |
1,489 | 233,773 | ||||||
|
|
|||||||
14,945,306 | ||||||||
|
|
|||||||
Industrials-7.11% |
||||||||
3M Co. |
1,786 | 162,437 | ||||||
A.O. Smith Corp. |
403 | 28,113 | ||||||
Alaska Air Group, Inc.(b) |
412 | 13,032 | ||||||
Allegion PLC |
284 | 27,934 | ||||||
American Airlines Group, Inc.(b)(c) |
2,114 | 23,571 |
Shares | Value | |||||||
Industrials-(continued) |
||||||||
AMETEK, Inc. |
747 | $ 105,155 | ||||||
Automatic Data Processing, Inc. |
1,333 | 290,887 | ||||||
Axon Enterprise, Inc.(b) |
227 | 46,419 | ||||||
Boeing Co. (The)(b) |
1,835 | 342,815 | ||||||
Broadridge Financial Solutions, Inc. |
382 | 65,184 | ||||||
C.H. Robinson Worldwide, Inc. |
377 | 30,850 | ||||||
Carrier Global Corp. |
2,710 | 129,159 | ||||||
Caterpillar, Inc. |
1,651 | 373,209 | ||||||
Ceridian HCM Holding, Inc.(b)(c) |
504 | 32,261 | ||||||
Cintas Corp. |
280 | 141,994 | ||||||
Copart, Inc.(b) |
2,812 | 122,378 | ||||||
CSX Corp.(c) |
6,492 | 193,786 | ||||||
Cummins, Inc. |
458 | 99,065 | ||||||
Deere & Co. |
882 | 322,247 | ||||||
Delta Air Lines, Inc. |
2,082 | 65,062 | ||||||
Dover Corp.(c) |
453 | 58,867 | ||||||
Eaton Corp. PLC |
1,291 | 268,412 | ||||||
Emerson Electric Co. |
1,849 | 164,506 | ||||||
Equifax, Inc. |
397 | 67,319 | ||||||
Expeditors International of Washington, Inc. |
479 | 52,331 | ||||||
Fastenal Co. |
1,849 | 107,871 | ||||||
FedEx Corp. |
749 | 179,835 | ||||||
Fortive Corp.(c) |
1,139 | 74,354 | ||||||
Generac Holdings, Inc.(b)(c) |
201 | 16,898 | ||||||
General Dynamics Corp. |
733 | 176,880 | ||||||
General Electric Co. |
3,522 | 382,595 | ||||||
Honeywell International, Inc. |
2,148 | 393,642 | ||||||
Howmet Aerospace, Inc. |
1,267 | 55,875 | ||||||
Hubbell, Inc. |
174 | 46,997 | ||||||
Huntington Ingalls Industries, Inc. |
129 | 28,357 | ||||||
IDEX Corp. |
245 | 46,895 | ||||||
Illinois Tool Works, Inc.(c) |
890 | 199,467 | ||||||
Ingersoll Rand, Inc. |
1,309 | 79,430 | ||||||
J.B. Hunt Transport Services, Inc. |
264 | 45,374 | ||||||
Jacobs Solutions, Inc.(c) |
407 | 54,253 | ||||||
Johnson Controls International PLC |
2,201 | 107,893 | ||||||
L3Harris Technologies, Inc. |
612 | 109,799 | ||||||
Leidos Holdings, Inc. |
444 | 44,009 | ||||||
Lockheed Martin Corp. |
725 | 329,614 | ||||||
Masco Corp. |
728 | 37,922 | ||||||
Nordson Corp. |
175 | 37,203 | ||||||
Norfolk Southern Corp. |
735 | 140,231 | ||||||
Northrop Grumman Corp. |
460 | 216,858 | ||||||
Old Dominion Freight Line, Inc. |
290 | 109,231 | ||||||
Otis Worldwide Corp. |
1,332 | 102,844 | ||||||
PACCAR, Inc. |
1,692 | 139,641 | ||||||
Parker-Hannifin Corp. |
415 | 153,098 | ||||||
Paychex, Inc. |
1,038 | 115,270 | ||||||
Paycom Software, Inc. |
159 | 38,950 | ||||||
Pentair PLC |
534 | 31,036 | ||||||
Quanta Services, Inc. |
470 | 78,546 | ||||||
Republic Services, Inc.(c) |
665 | 98,746 | ||||||
Robert Half, Inc. |
346 | 25,870 | ||||||
Rockwell Automation, Inc. |
372 | 97,765 | ||||||
Rollins, Inc. |
909 | 34,187 | ||||||
RTX Corp. |
4,710 | 383,347 | ||||||
Snap-on, Inc. |
171 | 44,108 | ||||||
Southwest Airlines Co.(c) |
1,927 | 42,837 | ||||||
Stanley Black & Decker, Inc. |
496 | 42,185 | ||||||
Textron, Inc. |
641 | 48,716 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
47 | ||||
|
| |||
Invesco S&P 500® Downside Hedged ETF (PHDG)–(continued)
October 31, 2023
Shares | Value | |||||||
Industrials-(continued) |
||||||||
Trane Technologies PLC |
739 | $ 140,639 | ||||||
TransDigm Group, Inc.(b) |
179 | 148,228 | ||||||
Union Pacific Corp. |
1,972 | 409,407 | ||||||
United Airlines Holdings, Inc.(b) |
1,061 | 37,146 | ||||||
United Parcel Service, Inc., Class B |
2,340 | 330,525 | ||||||
United Rentals, Inc. |
221 | 89,786 | ||||||
Veralto Corp.(b) |
709 | 48,921 | ||||||
Verisk Analytics, Inc. |
469 | 106,632 | ||||||
W.W. Grainger, Inc. |
144 | 105,095 | ||||||
Wabtec Corp. |
580 | 61,492 | ||||||
Waste Management, Inc. |
1,193 | 196,046 | ||||||
Xylem, Inc. |
779 | 72,868 | ||||||
|
|
|||||||
9,472,407 | ||||||||
|
|
|||||||
Information Technology-23.95% |
||||||||
Accenture PLC, Class A |
2,041 | 606,361 | ||||||
Adobe, Inc.(b) |
1,475 | 784,788 | ||||||
Advanced Micro Devices, Inc.(b) |
5,228 | 514,958 | ||||||
Akamai Technologies, Inc.(b) |
492 | 50,838 | ||||||
Amphenol Corp., Class A |
1,930 | 155,462 | ||||||
Analog Devices, Inc. |
1,622 | 255,189 | ||||||
ANSYS, Inc.(b) |
281 | 78,191 | ||||||
Apple, Inc. |
47,552 | 8,120,455 | ||||||
Applied Materials, Inc. |
2,717 | 359,595 | ||||||
Arista Networks, Inc.(b) |
811 | 162,500 | ||||||
Autodesk, Inc.(b) |
692 | 136,760 | ||||||
Broadcom, Inc. |
1,335 | 1,123,229 | ||||||
Cadence Design Systems, Inc.(b) |
879 | 210,828 | ||||||
CDW Corp. |
434 | 86,974 | ||||||
Cisco Systems, Inc. |
13,186 | 687,386 | ||||||
Cognizant Technology Solutions Corp., Class A |
1,634 | 105,344 | ||||||
Corning, Inc. |
2,484 | 66,472 | ||||||
Enphase Energy, Inc.(b)(c) |
441 | 35,095 | ||||||
EPAM Systems, Inc.(b) |
188 | 40,903 | ||||||
F5, Inc.(b) |
192 | 29,105 | ||||||
Fair Isaac Corp.(b) |
80 | 67,670 | ||||||
First Solar, Inc.(b) |
346 | 49,288 | ||||||
Fortinet, Inc.(b) |
2,109 | 120,572 | ||||||
Gartner, Inc.(b) |
255 | 84,670 | ||||||
Gen Digital, Inc.(c) |
1,821 | 30,338 | ||||||
Hewlett Packard Enterprise Co. |
4,179 | 64,273 | ||||||
HP, Inc. |
2,807 | 73,908 | ||||||
Intel Corp. |
13,551 | 494,612 | ||||||
International Business Machines Corp.(c) |
2,948 | 426,399 | ||||||
Intuit, Inc. |
906 | 448,425 | ||||||
Juniper Networks, Inc. |
1,040 | 27,997 | ||||||
Keysight Technologies, Inc.(b) |
577 | 70,423 | ||||||
KLA Corp. |
442 | 207,607 | ||||||
Lam Research Corp. |
431 | 253,523 | ||||||
Microchip Technology, Inc. |
1,761 | 125,542 | ||||||
Micron Technology, Inc. |
3,544 | 236,987 | ||||||
Microsoft Corp. |
24,040 | 8,128,164 | ||||||
Monolithic Power Systems, Inc. |
155 | 68,470 | ||||||
Motorola Solutions, Inc. |
540 | 150,368 | ||||||
NetApp, Inc. |
682 | 49,636 | ||||||
NVIDIA Corp. |
7,992 | 3,259,138 | ||||||
NXP Semiconductors N.V. (China) |
834 | 143,807 | ||||||
ON Semiconductor Corp.(b) |
1,396 | 87,445 | ||||||
Oracle Corp. |
5,094 | 526,720 |
Shares | Value | |||||||
Information Technology-(continued) |
||||||||
Palo Alto Networks, Inc.(b) |
990 | $ 240,590 | ||||||
PTC, Inc.(b) |
385 | 54,062 | ||||||
Qorvo, Inc.(b) |
317 | 27,712 | ||||||
QUALCOMM, Inc. |
3,611 | 393,563 | ||||||
Roper Technologies, Inc. |
345 | 168,557 | ||||||
Salesforce, Inc.(b) |
3,152 | 633,016 | ||||||
Seagate Technology Holdings PLC |
624 | 42,588 | ||||||
ServiceNow, Inc.(b) |
660 | 384,021 | ||||||
Skyworks Solutions, Inc. |
516 | 44,758 | ||||||
SolarEdge Technologies, Inc.(b)(c) |
183 | 13,899 | ||||||
Synopsys, Inc.(b) |
492 | 230,964 | ||||||
TE Connectivity Ltd. |
1,016 | 119,736 | ||||||
Teledyne Technologies, Inc.(b) |
152 | 56,938 | ||||||
Teradyne, Inc.(c) |
498 | 41,468 | ||||||
Texas Instruments, Inc. |
2,938 | 417,225 | ||||||
Trimble, Inc.(b) |
803 | 37,845 | ||||||
Tyler Technologies, Inc.(b) |
136 | 50,714 | ||||||
VeriSign, Inc.(b) |
290 | 57,901 | ||||||
Western Digital Corp.(b) |
1,035 | 41,555 | ||||||
Zebra Technologies Corp., Class A(b) |
166 | 34,765 | ||||||
|
|
|||||||
31,898,292 | ||||||||
|
|
|||||||
Materials-2.07% |
||||||||
Air Products and Chemicals, Inc. |
719 | 203,074 | ||||||
Albemarle Corp.(c) |
380 | 48,176 | ||||||
Amcor PLC |
4,761 | 42,325 | ||||||
Avery Dennison Corp. |
261 | 45,432 | ||||||
Ball Corp. |
1,019 | 49,065 | ||||||
Celanese Corp.(c) |
324 | 37,101 | ||||||
CF Industries Holdings, Inc. |
624 | 49,783 | ||||||
Corteva, Inc. |
2,297 | 110,578 | ||||||
Dow, Inc. |
2,275 | 109,973 | ||||||
DuPont de Nemours, Inc. |
1,485 | 108,227 | ||||||
Eastman Chemical Co. |
384 | 28,696 | ||||||
Ecolab, Inc. |
821 | 137,714 | ||||||
FMC Corp. |
404 | 21,493 | ||||||
Freeport-McMoRan, Inc. |
4,639 | 156,705 | ||||||
International Flavors & Fragrances, Inc.(c) |
826 | 56,457 | ||||||
International Paper Co. |
1,120 | 37,778 | ||||||
Linde PLC |
1,579 | 603,431 | ||||||
LyondellBasell Industries N.V., Class A |
829 | 74,809 | ||||||
Martin Marietta Materials, Inc. |
200 | 81,788 | ||||||
Mosaic Co. (The) |
1,075 | 34,916 | ||||||
Newmont Corp.(c) |
2,571 | 96,335 | ||||||
Nucor Corp. |
805 | 118,971 | ||||||
Packaging Corp. of America |
291 | 44,538 | ||||||
PPG Industries, Inc. |
762 | 93,551 | ||||||
Sealed Air Corp. |
467 | 14,379 | ||||||
Sherwin-Williams Co. (The) |
765 | 182,231 | ||||||
Steel Dynamics, Inc. |
504 | 53,681 | ||||||
Vulcan Materials Co. |
430 | 84,491 | ||||||
WestRock Co. |
829 | 29,786 | ||||||
|
|
|||||||
2,755,484 | ||||||||
|
|
|||||||
Real Estate-2.01% |
||||||||
Alexandria Real Estate Equities, Inc. |
504 | 46,938 | ||||||
American Tower Corp.(c) |
1,508 | 268,711 | ||||||
AvalonBay Communities, Inc.(c) |
460 | 76,240 | ||||||
Boston Properties, Inc.(c) |
467 | 25,017 | ||||||
Camden Property Trust(c) |
345 | 29,284 | ||||||
CBRE Group, Inc., Class A(b) |
1,003 | 69,548 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
48 | ||||
|
| |||
Invesco S&P 500® Downside Hedged ETF (PHDG)–(continued)
October 31, 2023
Shares | Value | |||||||
Real Estate-(continued) |
||||||||
CoStar Group, Inc.(b) |
1,321 | $ | 96,975 | |||||
Crown Castle, Inc. |
1,403 | 130,451 | ||||||
Digital Realty Trust, Inc.(c) |
979 | 121,748 | ||||||
Equinix, Inc. |
303 | 221,081 | ||||||
Equity Residential(c) |
1,116 | 61,748 | ||||||
Essex Property Trust, Inc. |
208 | 44,495 | ||||||
Extra Space Storage, Inc.(c) |
684 | 70,856 | ||||||
Federal Realty Investment Trust |
237 | 21,612 | ||||||
Healthpeak Properties, Inc. |
1,770 | 27,523 | ||||||
Host Hotels & Resorts, Inc. |
2,303 | 35,650 | ||||||
Invitation Homes, Inc. |
1,861 | 55,253 | ||||||
Iron Mountain, Inc. |
944 | 55,762 | ||||||
Kimco Realty Corp. |
2,006 | 35,988 | ||||||
Mid-America Apartment Communities, Inc. |
378 | 44,661 | ||||||
Prologis, Inc. |
2,989 | 301,142 | ||||||
Public Storage |
512 | 122,220 | ||||||
Realty Income Corp. |
2,293 | 108,642 | ||||||
Regency Centers Corp.(c) |
532 | 32,058 | ||||||
SBA Communications Corp., Class A |
351 | 73,229 | ||||||
Simon Property Group, Inc.(c) |
1,059 | 116,373 | ||||||
UDR, Inc. |
981 | 31,206 | ||||||
Ventas, Inc. |
1,302 | 55,283 | ||||||
VICI Properties, Inc. |
3,279 | 91,484 | ||||||
Welltower, Inc.(c) |
1,678 | 140,298 | ||||||
Weyerhaeuser Co. |
2,364 | 67,823 | ||||||
|
|
|||||||
2,679,299 | ||||||||
|
|
|||||||
Utilities-2.14% |
||||||||
AES Corp. (The) |
2,167 | 32,288 | ||||||
Alliant Energy Corp. |
818 | 39,910 | ||||||
Ameren Corp. |
850 | 64,353 | ||||||
American Electric Power Co., Inc. |
1,667 | 125,925 | ||||||
American Water Works Co., Inc. |
630 | 74,119 | ||||||
Atmos Energy Corp.(c) |
480 | 51,677 | ||||||
CenterPoint Energy, Inc. |
2,042 | 54,889 | ||||||
CMS Energy Corp. |
944 | 51,297 | ||||||
Consolidated Edison, Inc. |
1,116 | 97,974 | ||||||
Constellation Energy Corp. |
1,041 | 117,550 | ||||||
Dominion Energy, Inc.(c) |
2,708 | 109,187 | ||||||
DTE Energy Co. |
667 | 64,285 | ||||||
Duke Energy Corp. |
2,494 | 221,692 | ||||||
Edison International |
1,240 | 78,194 | ||||||
Entergy Corp. |
684 | 65,384 | ||||||
Evergy, Inc. |
743 | 36,511 |
Shares | Value | |||||||
Utilities-(continued) |
||||||||
Eversource Energy |
1,130 | $ | 60,783 | |||||
Exelon Corp. |
3,220 | 125,387 | ||||||
FirstEnergy Corp. |
1,670 | 59,452 | ||||||
NextEra Energy, Inc. |
6,548 | 381,748 | ||||||
NiSource, Inc. |
1,337 | 33,639 | ||||||
NRG Energy, Inc. |
741 | 31,404 | ||||||
PG&E Corp.(b) |
6,767 | 110,302 | ||||||
Pinnacle West Capital Corp. |
367 | 27,224 | ||||||
PPL Corp. |
2,385 | 58,599 | ||||||
Public Service Enterprise Group, Inc. |
1,615 | 99,565 | ||||||
Sempra(c) |
2,036 | 142,581 | ||||||
Southern Co. (The) |
3,529 | 237,502 | ||||||
WEC Energy Group, Inc. |
1,021 | 83,099 | ||||||
Xcel Energy, Inc. |
1,785 | 105,797 | ||||||
|
|
|||||||
2,842,317 | ||||||||
|
|
|||||||
Total Common Stocks & Other Equity
Interests |
|
113,685,160 | ||||||
|
|
|||||||
Money Market Funds-7.61% |
|
|||||||
Invesco Premier U.S. Government Money Portfolio,
Institutional Class, 5.26%(d)(e) |
10,129,502 | 10,129,502 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES |
|
123,814,662 | ||||||
|
|
|||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-3.21% |
||||||||
Invesco Private Government Fund, |
1,195,929 | 1,195,929 | ||||||
Invesco Private Prime Fund, 5.53%(d)(e)(f) |
3,074,937 | 3,075,244 | ||||||
|
|
|||||||
Total Investments Purchased with Cash Collateral from
Securities on Loan |
|
4,271,173 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES-96.19% |
|
128,085,835 | ||||||
OTHER ASSETS LESS LIABILITIES-3.81% |
|
5,077,549 | ||||||
|
|
|||||||
NET ASSETS-100.00%. |
|
$ | 133,163,384 | |||||
|
|
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) |
Non-income producing security. |
(c) |
All or a portion of this security was out on loan at October 31, 2023. |
(d) |
Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended October 31, 2023. |
Change in | ||||||||||||||
Unrealized | Realized | |||||||||||||
Value | Purchases | Proceeds | Appreciation | Gain | Value | Dividend | ||||||||
October 31, 2022 | at Cost | from Sales | (Depreciation) | (Loss) | October 31, 2023 | Income | ||||||||
Invesco Ltd. |
$ 40,950 | $ 466,346 | $ (471,122) | $1,954 | $(19,296) | $ 18,832 | $ 857 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
49 | ||||
|
| |||
Invesco S&P 500® Downside Hedged ETF (PHDG)–(continued)
October 31, 2023
Value |
Purchases |
Proceeds |
Change
in |
Realized |
Value |
Dividend |
||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class |
$ | 56,456,197 | $ | 420,817,493 | $ | (477,273,690 | ) | $ | - | $ | - | $ | - | $ | 384,369 | |||||||||||||||||||||||||||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class |
- | 1,700,622,029 | (1,690,492,527 | ) | - | - | 10,129,502 | 1,157,500 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Invesco Private Government Fund |
1,372,606 | 53,619,949 | (53,796,626 | ) | - | - | 1,195,929 | 76,026 | * | |||||||||||||||||||||||||||||||||||||||||||||||||||
Invesco Private Prime Fund |
3,328,929 | 115,532,241 | (115,786,667 | ) | (196 | ) | 937 | 3,075,244 | 199,772 | * | ||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||
Total |
$ | 61,198,682 | $ | 2,291,058,058 | $ | (2,337,820,632 | ) | $ | 1,758 | $ | (18,359 | ) | $ | 14,419,507 | $ | 1,818,524 | ||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
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. |
(e) |
The rate shown is the 7-day SEC standardized yield as of October 31, 2023. |
(f) |
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 2M. |
Open Futures Contracts(a) | ||||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||
Long Futures Contracts |
Number of Contracts |
Expiration Month |
Notional Value |
Value | Unrealized Appreciation (Depreciation) |
|||||||||||||||||||||||||||||||||||
Equity Risk |
||||||||||||||||||||||||||||||||||||||||
CBOE Volatility Index |
215 | November-2023 | $ | 3,897,262 | $ | (520,971 | ) | $ | (520,971 | ) | ||||||||||||||||||||||||||||||
CBOE Volatility Index |
506 | December-2023 | 9,411,904 | (809,524 | ) | (809,524 | ) | |||||||||||||||||||||||||||||||||
E-Mini S&P 500 Index |
29 | December-2023 | 6,107,762 | 78,415 | 78,415 | |||||||||||||||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||||||||||||||||||
Total Futures Contracts |
$ | (1,252,080 | ) | $ | (1,252,080 | ) | ||||||||||||||||||||||||||||||||||
|
|
|
|
(a) |
Futures contracts collateralized by $12,010,116 cash held with Merrill Lynch International, the futures commission merchant. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
50 | ||||
|
| |||
Invesco Short Duration Bond ETF (ISDB)
October 31, 2023
Schedule of Investments(a)
Principal Amount |
Value | |||||||
U.S. Dollar Denominated Bonds & Notes-88.82% |
| |||||||
Aerospace & Defense-0.64% |
||||||||
L3Harris Technologies, Inc., |
$ | 34,000 | $ | 33,405 | ||||
RTX Corp., 5.00%, 02/27/2026 |
18,000 | 17,694 | ||||||
TransDigm, Inc., 6.75%, 08/15/2028(b) |
12,000 | 11,667 | ||||||
|
|
|||||||
62,766 | ||||||||
|
|
|||||||
Agricultural & Farm Machinery-1.10% |
||||||||
CNH Industrial Capital LLC, |
46,000 | 45,666 | ||||||
John Deere Capital Corp., 5.30%, 09/08/2025 |
62,000 | 61,922 | ||||||
|
|
|||||||
107,588 | ||||||||
|
|
|||||||
Application Software-1.17% |
||||||||
Intuit, Inc. |
||||||||
5.25%, 09/15/2026(c) |
51,000 | 50,864 | ||||||
5.13%, 09/15/2028(c) |
65,000 | 63,996 | ||||||
|
|
|||||||
114,860 | ||||||||
|
|
|||||||
Automobile Manufacturers-5.46% |
||||||||
Ford Motor Credit Co. LLC, 8.30% (SOFR + 2.95%), 03/06/2026(d) |
200,000 | 201,778 | ||||||
Hyundai Capital America |
||||||||
5.80%, 06/26/2025(b) |
40,000 | 39,777 | ||||||
5.50%, 03/30/2026(b) |
11,000 | 10,823 | ||||||
5.65%, 06/26/2026(b) |
31,000 | 30,604 | ||||||
Mercedes-Benz Finance North America LLC (Germany) |
||||||||
6.29% (SOFR + 0.93%), 03/30/2025(b)(d) |
100,000 | 100,666 | ||||||
5.38%, 08/01/2025(b) |
150,000 | 149,497 | ||||||
|
|
|||||||
533,145 | ||||||||
|
|
|||||||
Automotive Parts & Equipment-0.61% |
||||||||
American Honda Finance Corp., |
59,000 | 59,198 | ||||||
|
|
|||||||
Automotive Retail-0.90% |
||||||||
Advance Auto Parts, Inc., 5.90%, 03/09/2026 |
30,000 | 29,137 | ||||||
Asbury Automotive Group, Inc., |
50,000 | 44,362 | ||||||
AutoZone, Inc., 5.05%, 07/15/2026 |
15,000 | 14,750 | ||||||
|
|
|||||||
88,249 | ||||||||
|
|
|||||||
Biotechnology-0.80% |
||||||||
Amgen, Inc., 5.25%, 03/02/2025 |
79,000 | 78,385 | ||||||
|
|
|||||||
Cable & Satellite-0.97% |
||||||||
CCO Holdings LLC/CCO Holdings Capital Corp., 5.50%, 05/01/2026(b) |
99,000 | 94,512 | ||||||
|
|
|||||||
Cargo Ground Transportation-1.36% |
||||||||
Penske Truck Leasing Co. L.P./PTL Finance Corp. |
||||||||
3.95%, 03/10/2025(b) |
48,000 | 46,490 | ||||||
5.75%, 05/24/2026(b) |
32,000 | 31,488 | ||||||
4.40%, 07/01/2027(b) |
46,000 | 42,826 | ||||||
6.05%, 08/01/2028(b) |
12,000 | 11,779 | ||||||
|
|
|||||||
132,583 | ||||||||
|
|
|||||||
Construction Machinery & Heavy Transportation Equipment-0.49% |
| |||||||
Caterpillar Financial Services Corp., |
48,000 | 47,741 | ||||||
|
|
|||||||
Construction Materials-0.39% |
||||||||
Vulcan Materials Co., 5.80%, 03/01/2026 |
38,000 | 37,685 | ||||||
|
|
Principal Amount |
Value | |||||||
Consumer Finance-2.08% |
||||||||
Capital One Financial Corp. |
||||||||
3.30%, 10/30/2024 |
$ | 95,000 | $ | 92,119 | ||||
6.69% (SOFR + 1.35%), 05/09/2025(d) |
48,000 | 47,729 | ||||||
7.15%, 10/29/2027(e) |
10,000 | 10,004 | ||||||
6.31%, 06/08/2029(e) |
17,000 | 16,283 | ||||||
General Motors Financial Co., Inc., |
38,000 | 37,199 | ||||||
|
|
|||||||
203,334 | ||||||||
|
|
|||||||
Distributors-0.26% |
||||||||
Genuine Parts Co., 6.50%, 11/01/2028 |
25,000 | 25,009 | ||||||
|
|
|||||||
Diversified Banks-17.34% |
||||||||
Bank of America Corp. |
||||||||
5.82%, 09/15/2029(e) |
29,000 | 28,245 | ||||||
Series U, 8.81% (3 mo. Term SOFR + 3.40%)(d)(f) |
49,000 | 49,025 | ||||||
Bank of America N.A. |
||||||||
5.65%, 08/18/2025 |
68,000 | 67,820 | ||||||
5.53%, 08/18/2026 |
68,000 | 67,495 | ||||||
Bank of
Montreal (Canada), 5.92%, 09/25/2025 . |
67,000 | 66,853 | ||||||
Barclays PLC
(United Kingdom), 7.33%, 11/02/2026(e) |
200,000 | 202,369 | ||||||
Citigroup, Inc., 5.61%, 09/29/2026(e) |
96,000 | 94,802 | ||||||
Discover Bank, 2.45%, 09/12/2024 |
100,000 | 96,207 | ||||||
Fifth Third Bancorp |
||||||||
2.38%, 01/28/2025 |
38,000 | 36,102 | ||||||
6.34%, 07/27/2029(e) |
4,000 | 3,876 | ||||||
JPMorgan Chase & Co. |
||||||||
6.07%, 10/22/2027(e) |
37,000 | 36,932 | ||||||
6.09%, 10/23/2029(e) |
23,000 | 22,870 | ||||||
Series CC, 8.22% (3 mo. Term SOFR + 2.84%)(c)(d)(f) |
96,000 | 95,922 | ||||||
KeyCorp, 3.88%, 05/23/2025(e) |
38,000 | 36,380 | ||||||
Manufacturers & Traders Trust Co., |
100,000 | 94,467 | ||||||
NatWest Group PLC (United Kingdom), |
200,000 | 203,570 | ||||||
PNC Financial Services Group, Inc. (The) |
||||||||
5.67%, 10/28/2025(e) |
46,000 | 45,544 | ||||||
5.81%, 06/12/2026(e) |
30,000 | 29,611 | ||||||
6.62%, 10/20/2027(e) |
25,000 | 25,069 | ||||||
U.S. Bancorp, 6.79%, 10/26/2027(e) |
70,000 | 70,542 | ||||||
UBS AG (Switzerland), 5.80%, 09/11/2025 |
200,000 | 198,989 | ||||||
Wells Fargo & Co. |
||||||||
5.57%, 07/25/2029(e) |
16,000 | 15,433 | ||||||
6.30%, 10/23/2029(e) |
16,000 | 15,872 | ||||||
7.63%(e)(f) |
16,000 | 16,061 | ||||||
Wells Fargo Bank N.A. |
||||||||
5.55%, 08/01/2025 |
47,000 | 46,847 | ||||||
5.45%, 08/07/2026 |
28,000 | 27,745 | ||||||
|
|
|||||||
1,694,648 | ||||||||
|
|
|||||||
Diversified Chemicals-2.03% |
||||||||
Sasol Financing USA LLC (South Africa), 5.88%, 03/27/2024 |
200,000 | 198,247 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
51 | ||||
|
| |||
Invesco Short Duration Bond ETF (ISDB)–(continued)
October 31, 2023
Principal Amount |
Value | |||||||
Diversified Financial Services-3.04% |
||||||||
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland) |
||||||||
6.50%, 07/15/2025 |
$ | 150,000 | $ | 149,706 | ||||
6.10%, 01/15/2027 |
150,000 | 147,602 | ||||||
|
|
|||||||
297,308 | ||||||||
|
|
|||||||
Diversified Metals & Mining-0.61% |
||||||||
BHP Billiton Finance (USA) Ltd. (Australia), 5.25%, 09/08/2026 |
60,000 | 59,506 | ||||||
|
|
|||||||
Diversified REITs-0.47% |
||||||||
VICI Properties L.P./VICI Note Co., Inc., 5.63%, 05/01/2024(b) |
46,000 | 45,729 | ||||||
|
|
|||||||
Diversified Support Services-0.03% |
||||||||
Ritchie Bros. Holdings, Inc. (Canada), 6.75%, 03/15/2028(b) |
3,000 | 2,944 | ||||||
|
|
|||||||
Electric Utilities-4.03% |
||||||||
Duke Energy Corp., 5.00%, 12/08/2025 |
95,000 | 93,499 | ||||||
National Rural Utilities Cooperative Finance Corp. |
||||||||
5.45%, 10/30/2025 |
46,000 | 45,940 | ||||||
4.45%, 03/13/2026 |
46,000 | 44,846 | ||||||
5.60%, 11/13/2026 |
26,000 | 26,000 | ||||||
NextEra Energy Capital Holdings, Inc. |
||||||||
6.05%, 03/01/2025 |
55,000 | 54,985 | ||||||
5.75%, 09/01/2025 |
64,000 | 63,723 | ||||||
Pennsylvania Electric Co., 5.15%, 03/30/2026(b) |
17,000 | 16,630 | ||||||
Wisconsin Public Service Corp., 5.35%, 11/10/2025 |
48,000 | 47,873 | ||||||
|
|
|||||||
393,496 | ||||||||
|
|
|||||||
Electrical Components & Equipment-0.82% |
|
|||||||
Regal Rexnord Corp., 6.05%, 02/15/2026(b) |
82,000 | 80,677 | ||||||
|
|
|||||||
Environmental & Facilities Services-0.88% |
||||||||
Veralto Corp. |
||||||||
5.50%, 09/18/2026(b) |
66,000 | 65,360 | ||||||
5.35%, 09/18/2028(b) |
21,000 | 20,328 | ||||||
|
|
|||||||
85,688 | ||||||||
|
|
|||||||
Financial Exchanges & Data-0.18% |
||||||||
Nasdaq, Inc., 5.65%, 06/28/2025 |
18,000 | 17,940 | ||||||
|
|
|||||||
Health Care Services-1.04% |
||||||||
Cigna Group (The), 5.69%, 03/15/2026 |
102,000 | 101,644 | ||||||
|
|
|||||||
Hotels, Resorts & Cruise Lines-0.46% |
||||||||
Hyatt Hotels Corp., 5.38%, 04/23/2025 |
46,000 | 45,423 | ||||||
|
|
|||||||
Industrial Machinery & Supplies & Components-0.09% |
| |||||||
Nordson Corp., 5.60%, 09/15/2028 |
9,000 | 8,839 | ||||||
|
|
|||||||
Integrated Oil & Gas-1.43% |
||||||||
BP Capital Markets PLC (United Kingdom), 4.38%(e)(f) |
48,000 | 45,691 | ||||||
Occidental Petroleum Corp., 5.50%, 12/01/2025 |
46,000 | 45,445 | ||||||
Petroleos Mexicanos (Mexico), 6.88%, 10/16/2025 |
51,000 | 49,002 | ||||||
|
|
|||||||
140,138 | ||||||||
|
|
|||||||
Integrated Telecommunication Services-0.96% |
| |||||||
AT&T, Inc., 5.54%, 02/20/2026 |
95,000 | 94,253 | ||||||
|
|
Principal Amount |
Value | |||||||
Investment Banking & Brokerage-0.76% |
||||||||
Charles Schwab Corp. (The), 5.88%, 08/24/2026(c) |
$ | 67,000 | $ | 66,559 | ||||
Morgan Stanley, 5.45%, 07/20/2029(e) |
8,000 | 7,696 | ||||||
|
|
|||||||
74,255 | ||||||||
|
|
|||||||
Life & Health Insurance-2.78% |
||||||||
Corebridge Global Funding |
||||||||
6.66% (SOFR + 1.30%), 09/25/2026(b)(d) |
27,000 | 27,011 | ||||||
5.90%, 09/19/2028(b) |
13,000 | 12,850 | ||||||
Pacific Life Global Funding II |
||||||||
6.41% (SOFR + 1.05%), 07/28/2026(b)(d) |
39,000 | 38,982 | ||||||
5.50%, 08/28/2026(b) |
44,000 | 43,710 | ||||||
Protective Life Global Funding, 5.37%, 01/06/2026(b) |
150,000 | 148,699 | ||||||
|
|
|||||||
271,252 | ||||||||
|
|
|||||||
Managed Health Care-0.87% |
||||||||
Elevance Health, Inc., 5.35%, 10/15/2025 |
48,000 | 47,643 | ||||||
Humana, Inc., 5.70%, 03/13/2026 |
38,000 | 37,776 | ||||||
|
|
|||||||
85,419 | ||||||||
|
|
|||||||
Movies & Entertainment-1.47% |
||||||||
Warnermedia Holdings, Inc., 6.41%, 03/15/2026 |
144,000 | 143,733 | ||||||
|
|
|||||||
Multi-Family Residential REITs-0.72% |
||||||||
Camden Property Trust, 5.85%, 11/03/2026 |
70,000 | 70,051 | ||||||
|
|
|||||||
Office REITs-1.88% |
||||||||
Brandywine Operating Partnership L.P., 4.10%, 10/01/2024 |
100,000 | 96,185 | ||||||
Piedmont Operating Partnership L.P., 9.25%, 07/20/2028 |
88,000 | 87,708 | ||||||
|
|
|||||||
183,893 | ||||||||
|
|
|||||||
Oil & Gas Equipment & Services-0.46% |
||||||||
Enerflex Ltd. (Canada), 9.00%, 10/15/2027(b) |
49,000 | 44,640 | ||||||
|
|
|||||||
Oil & Gas Exploration & Production-1.27% |
||||||||
Civitas Resources, Inc., 8.38%, 07/01/2028(b) |
54,000 | 54,400 | ||||||
Pioneer Natural Resources Co., 5.10%, 03/29/2026 |
20,000 | 19,784 | ||||||
Transocean Titan Financing Ltd., 8.38%, 02/01/2028(b) |
50,000 | 50,252 | ||||||
|
|
|||||||
124,436 | ||||||||
|
|
|||||||
Oil & Gas Storage & Transportation-7.33% |
||||||||
Columbia Pipelines Holding Co. LLC, 6.06%, 08/15/2026(b) |
5,000 | 4,994 | ||||||
Enbridge, Inc. (Canada), 5.97%, 03/08/2026 |
117,000 | 116,217 | ||||||
Energy Transfer L.P. |
||||||||
4.50%, 04/15/2024 |
193,000 | 191,527 | ||||||
6.05%, 12/01/2026 |
91,000 | 90,906 | ||||||
Genesis Energy L.P./Genesis Energy Finance Corp., 6.25%, 05/15/2026 |
50,000 | 47,702 | ||||||
Kinder Morgan, Inc., 5.63%, 11/15/2023(b) |
95,000 | 94,967 | ||||||
MPLX L.P., 4.88%, 12/01/2024 |
95,000 | 93,742 | ||||||
ONEOK, Inc. |
||||||||
5.85%, 01/15/2026 |
46,000 | 45,966 | ||||||
5.55%, 11/01/2026 |
6,000 | 5,930 | ||||||
Williams Cos., Inc. (The), 5.40%, 03/02/2026 |
25,000 | 24,722 | ||||||
|
|
|||||||
716,673 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
52 | ||||
|
| |||
Invesco Short Duration Bond ETF (ISDB)–(continued)
October 31, 2023
Principal Amount |
Value | |||||||
Packaged Foods & Meats-0.47% |
| |||||||
General Mills, Inc., 5.24%, 11/18/2025 |
$ | 46,000 | $ | 45,522 | ||||
|
|
|||||||
Paper & Plastic Packaging Products & Materials-0.49% |
| |||||||
Cascades, Inc./Cascades USA, Inc. (Canada), 5.13%, 01/15/2026(b) |
50,000 | 47,543 | ||||||
|
|
|||||||
Passenger Airlines-0.68% |
||||||||
Delta Air Lines, Inc./SkyMiles IP Ltd., 4.50%, 10/20/2025(b) |
68,000 | 66,109 | ||||||
|
|
|||||||
Personal Care Products-0.28% |
| |||||||
Kenvue, Inc. |
||||||||
5.50%, 03/22/2025 |
20,000 | 19,973 | ||||||
5.35%, 03/22/2026 |
7,000 | 6,977 | ||||||
|
|
|||||||
26,950 | ||||||||
|
|
|||||||
Pharmaceuticals-0.47% |
| |||||||
Zoetis, Inc., 5.40%, 11/14/2025 |
46,000 | 45,677 | ||||||
|
|
|||||||
Regional Banks-4.18% |
||||||||
Morgan Stanley Bank N.A., 5.88%, 10/30/2026 |
250,000 | 249,857 | ||||||
Synovus Financial Corp., 5.20%, 08/11/2025 |
48,000 | 45,203 | ||||||
Truist Financial Corp. |
||||||||
5.75% (SOFR + 0.40%), 06/09/2025(d) |
95,000 | 92,997 | ||||||
6.05%, 06/08/2027(e) |
17,000 | 16,656 | ||||||
7.16%, 10/30/2029(e) |
4,000 | 4,025 | ||||||
|
|
|||||||
408,738 | ||||||||
|
|
|||||||
Retail REITs-1.32% |
| |||||||
Realty Income Corp. |
||||||||
4.60%, 02/06/2024 |
95,000 | 94,598 | ||||||
5.05%, 01/13/2026 |
35,000 | 34,384 | ||||||
|
|
|||||||
128,982 | ||||||||
|
|
|||||||
Self-Storage REITs-0.19% |
| |||||||
Public Storage Operating Co., 5.13%, 01/15/2029(c) |
19,000 | 18,527 | ||||||
|
|
|||||||
Sovereign Debt-3.31% |
| |||||||
Romanian Government International Bond (Romania), 6.63%, 02/17/2028(b) |
128,000 | 128,367 | ||||||
Serbia International Bond (Serbia), 6.25%, 05/26/2028(b) |
200,000 | 195,140 | ||||||
|
|
|||||||
323,507 | ||||||||
|
|
|||||||
Specialized Finance-0.45% |
| |||||||
Blackstone Private Credit Fund, 1.75%, 09/15/2024(c) |
46,000 | 44,006 | ||||||
|
|
|||||||
Systems Software-1.47% |
| |||||||
Oracle Corp., 5.80%, 11/10/2025 |
144,000 | 144,001 | ||||||
|
|
|||||||
Technology Distributors-0.54% |
||||||||
Arrow Electronics, Inc., 6.13%, 03/01/2026 |
53,000 | 52,624 | ||||||
|
|
|||||||
Technology Hardware, Storage & Peripherals-2.44% |
| |||||||
Hewlett Packard Enterprise Co. |
||||||||
5.90%, 10/01/2024 |
144,000 | 143,764 | ||||||
6.10%, 04/01/2026 |
95,000 | 94,910 | ||||||
|
|
|||||||
238,674 | ||||||||
|
|
|||||||
Telecom Tower REITs-0.47% |
| |||||||
SBA Communications Corp., |
50,000 | 45,577 | ||||||
|
|
Principal Amount |
Value | |||||||
Tobacco-2.16% |
| |||||||
Philip Morris International, Inc. |
||||||||
5.13%, 11/15/2024 |
$ | 95,000 | $ | 94,372 | ||||
4.88%, 02/13/2026 |
102,000 | 100,210 | ||||||
5.25%, 09/07/2028 |
17,000 | 16,552 | ||||||
|
|
|||||||
211,134 | ||||||||
|
|
|||||||
Trading Companies & Distributors-0.45% |
| |||||||
Air Lease Corp., 3.38%, 07/01/2025 |
46,000 | 43,677 | ||||||
|
|
|||||||
Transaction & Payment Processing Services-0.94% |
| |||||||
Block, Inc., 2.75%, 06/01/2026 |
50,000 | 44,918 | ||||||
Fidelity National Information Services, Inc., 4.50%, 07/15/2025 |
48,000 | 46,889 | ||||||
|
|
|||||||
91,807 | ||||||||
|
|
|||||||
Wireless Telecommunication Services-1.33% |
| |||||||
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC, 4.74%, 03/20/2025(b) |
75,000 | 74,162 | ||||||
T-Mobile USA, Inc. |
||||||||
3.50%, 04/15/2025 |
46,000 | 44,453 | ||||||
4.95%, 03/15/2028(c) |
12,000 | 11,551 | ||||||
|
|
|||||||
130,166 | ||||||||
|
|
|||||||
Total U.S. Dollar Denominated Bonds &
Notes |
|
8,679,108 | ||||||
|
|
|||||||
Asset-Backed Securities-6.94% |
| |||||||
Avis Budget Rental Car Funding |
||||||||
Series 2022-3A, Class A, 4.62%, 02/20/2027(b) |
100,000 | 96,701 | ||||||
Series 2023-2A, Class A, 5.20%, 10/20/2027(b) |
100,000 | 97,251 | ||||||
Series 2023-4A, Class A, 5.49%, 06/20/2029(b) |
100,000 | 96,572 | ||||||
Eaton Vance CLO Ltd., Series 2019-1A, Class AR, 6.76% (3 mo. Term SOFR + 1.36%), 04/15/2031(b)(d) |
100,000 | 99,580 | ||||||
Frontier Issuer LLC, Series 2023-1, Class A2, 6.60%, 08/20/2053(b) |
25,000 | 23,782 | ||||||
OBX Trust, Series 2023-NQM1, Class A1, 6.12%, 11/25/2062(b)(g) |
89,657 | 88,405 | ||||||
Qdoba Funding LLC, Series 2023-1A, Class A2, 8.50%, 09/14/2053(b) |
29,000 | 28,337 | ||||||
TierPoint Issuer LLC, Series 2023-1A, Class A2, 6.00%, 06/25/2053(b) |
28,000 | 26,436 | ||||||
UBS Commercial Mortgage Trust, Series 2017- C6, Class AS, 3.93%, 12/15/2050(g) |
50,000 | 43,299 | ||||||
Verus Securitization Trust, Series 2021-R3, Class A1, 1.02%, 04/25/2064(b)(g) |
88,216 | 77,405 | ||||||
|
|
|||||||
Total Asset-Backed Securities |
|
677,768 | ||||||
|
|
|||||||
U.S. Treasury Securities-2.14% |
| |||||||
U.S. Treasury Bills-0.27% |
| |||||||
4.79%–5.34%, 04/18/2024(h)(i) |
27,000 | 26,326 | ||||||
|
|
|||||||
U.S. Treasury Notes-1.87% |
||||||||
5.00%, 10/31/2025 |
51,800 | 51,739 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
53 | ||||
|
| |||
Invesco Short Duration Bond ETF (ISDB)–(continued)
October 31, 2023
Principal Amount |
Value | |||||||
U.S. Treasury Notes-(continued) |
||||||||
4.63%, 10/15/2026 |
$ | 121,600 | $ | 120,702 | ||||
4.88%, 10/31/2028 |
10,000 | 10,022 | ||||||
|
|
|||||||
182,463 | ||||||||
|
|
|||||||
Total U.S. Treasury Securities |
208,789 | |||||||
|
|
|||||||
Shares | ||||||||
Preferred Stocks-0.80% |
||||||||
Diversified Financial Services-0.29% |
||||||||
Apollo Global Management, Inc., |
1,100 | 28,776 | ||||||
|
|
|||||||
Investment Banking & Brokerage-0.51% |
||||||||
Goldman Sachs Group, Inc. (The), Series P, Pfd., 8.50% (3 mo. Term SOFR + 3.14%)(d) |
50,000 | 49,790 | ||||||
|
|
|||||||
Total Preferred Stocks |
78,566 | |||||||
|
|
|||||||
Principal Amount |
||||||||
Agency Credit Risk Transfer Notes-0.74% |
| |||||||
Fannie Mae Connecticut Avenue Securities, Series 2023-R02, Class 1M1, 7.62% (30 Day Average SOFR + 2.30%), 01/25/2043(b)(d)(j) |
$ | 26,709 | 27,077 | |||||
Freddie Mac, Series 2023-DNA1, Class M1, STACR® , 7.42% (30 Day Average SOFR + 2.10%), 03/25/2043(b)(d)(k) |
44,819 | 45,167 | ||||||
|
|
|||||||
Total Agency Credit Risk Transfer Notes |
72,244 | |||||||
|
|
Shares | Value | |||||||
Money Market Funds-1.91% |
||||||||
Invesco Government & Agency Portfolio,
Institutional Class, 5.27%(l)(m) |
186,143 | $ | 186,143 | |||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES |
|
9,902,618 | ||||||
|
|
|||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-3.59% |
||||||||
Invesco Private Government Fund, 5.32%(l)(m)(n) |
98,240 | 98,240 | ||||||
Invesco Private Prime Fund, 5.53%(l)(m)(n) |
252,690 | 252,715 | ||||||
|
|
|||||||
Total Investments Purchased with Cash Collateral from
Securities on Loan |
|
350,955 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES-104.94% |
|
10,253,573 | ||||||
OTHER ASSETS LESS LIABILITIES-(4.94)% |
|
(482,309 | ) | |||||
|
|
|||||||
NET ASSETS-100.00% |
|
$ | 9,771,264 | |||||
|
|
Investment Abbreviations:
CLO |
-Collateralized Loan Obligation |
Pfd. |
-Preferred |
REIT |
-Real Estate Investment Trust |
SOFR |
-Secured Overnight Financing Rate |
STACR® |
-Structured Agency Credit Risk |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
54 | ||||
|
| |||
Invesco Short Duration Bond ETF (ISDB)–(continued)
October 31, 2023
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) |
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, 2023 was $2,540,336, which represented 26.00% of the Fund’s Net Assets. |
(c) |
All or a portion of this security was out on loan at October 31, 2023. |
(d) |
Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on October 31, 2023. |
(e) |
Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate. |
(f) |
Perpetual bond with no specified maturity date. |
(g) |
Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on October 31, 2023. |
(h) |
$26,326 was pledged as collateral to cover margin requirements for open futures contracts. See Note 1 P. |
(i) |
Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund. |
(j) |
CAS notes are bonds issued by Fannie Mae. The amount of periodic principal and ultimate principal paid by Fannie Mae is determined by the performance of a large and diverse reference pool. |
(k) |
Principal payments are determined by the delinquency and principal payment experience on the STACR® reference pool. Freddie Mac transfers credit risk from the mortgages in the reference pool to credit investors who invest in the STACR® debt notes. |
(l) |
Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the period ended October 31, 2023. |
Value October 31, 2022 |
Purchases at Cost |
Proceeds from Sales |
Change in Unrealized Appreciation (Depreciation) |
Realized Gain |
Value October 31, 2023 |
Dividend Income |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: |
` | ` | ` | ` | ` | ` | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class |
$- | $ | 6,679,567 | $ | (6,493,424 | ) | $ | - | $ | - | $ | 186,143 | $ | 6,173 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Invesco Private Government Fund |
- | 1,293,465 | (1,195,225 | ) | - | - | 98,240 | 1,887 | * | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Invesco Private Prime Fund |
- | 2,313,500 | (2,060,777 | ) | (12 | ) | 4 | 252,715 | 4,829 | * | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total |
$- | $ | 10,286,532 | $ | (9,749,426 | ) | $ | (12 | ) | $ | 4 | $ | 537,098 | $ | 12,889 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
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. |
(m) |
The rate shown is the 7-day SEC standardized yield as of October 31, 2023. |
(n) |
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 2M. |
Open Futures Contracts | ||||||||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||
Long Futures Contracts |
Number of Contracts |
Expiration Month |
Notional Value |
Value | Unrealized Appreciation (Depreciation) |
|||||||||||||||||||||||||||||||||||||||
Interest Rate Risk |
||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury 2 Year Notes |
18 | December-2023 | $ | 3,643,594 | $ | (15,505 | ) | $ | (15,505 | ) | ||||||||||||||||||||||||||||||||||
Short Futures Contracts |
||||||||||||||||||||||||||||||||||||||||||||
Interest Rate Risk |
||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury 5 Year Notes |
11 | December-2023 | (1,149,242 | ) | 16,812 | 16,812 | ||||||||||||||||||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||
Total Futures Contracts |
$ | 1,307 | $ | 1,307 | ||||||||||||||||||||||||||||||||||||||||
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
55 | ||||
|
| |||
Invesco Total Return Bond ETF (GTO)
October 31, 2023
Schedule of Investments(a)
Principal Amount |
Value | |||||||
U.S. Dollar Denominated Bonds & Notes-51.75% |
| |||||||
Aerospace & Defense-0.34% |
| |||||||
L3Harris Technologies, Inc. |
||||||||
5.40%, 07/31/2033 |
$ | 436,000 | $ | 407,653 | ||||
5.60%, 07/31/2053(b) |
856,000 | 757,242 | ||||||
Lockheed Martin Corp. |
||||||||
5.10%, 11/15/2027 |
308,000 | 304,583 | ||||||
5.90%, 11/15/2063 |
225,000 | 215,284 | ||||||
RTX Corp., 5.15%, 02/27/2033(b) |
1,034,000 | 954,382 | ||||||
TransDigm, Inc., 6.75%, 08/15/2028(c) |
876,000 | 851,676 | ||||||
|
|
|||||||
3,490,820 | ||||||||
|
|
|||||||
Agricultural & Farm Machinery-0.14% |
| |||||||
John Deere Capital Corp., 4.70%, 06/10/2030 |
1,558,000 | 1,467,342 | ||||||
|
|
|||||||
Air Freight & Logistics-0.13% |
| |||||||
United Parcel Service, Inc., 5.05%, 03/03/2053(b) |
1,548,000 | 1,330,561 | ||||||
|
|
|||||||
Application Software-0.26% |
| |||||||
Intuit, Inc. |
||||||||
5.20%, 09/15/2033 |
1,715,000 | 1,632,134 | ||||||
5.50%, 09/15/2053 |
1,104,000 | 1,005,183 | ||||||
|
|
|||||||
2,637,317 | ||||||||
|
|
|||||||
Asset Management & Custody Banks-0.41% |
| |||||||
Ameriprise Financial, Inc., |
1,231,000 | 1,136,916 | ||||||
Bank of New York Mellon Corp. (The) |
||||||||
5.83%, 10/25/2033(d) |
327,000 | 313,338 | ||||||
Series I, 3.75%(d)(e) |
246,000 | 191,020 | ||||||
Series J, 4.97%, 04/26/2034(d) |
746,000 | 669,722 | ||||||
Blackstone Secured Lending Fund, 2.13%, 02/15/2027 |
771,000 | 651,612 | ||||||
Northern Trust Corp., 6.13%, 11/02/2032(b) |
376,000 | 362,598 | ||||||
State Street Corp., 5.16%, 05/18/2034(b)(d) |
954,000 | 863,150 | ||||||
|
|
|||||||
4,188,356 | ||||||||
|
|
|||||||
Automobile Manufacturers-1.27% |
| |||||||
Ford Motor Credit Co. LLC |
||||||||
6.95%, 06/10/2026 |
2,034,000 | 2,041,343 | ||||||
7.35%, 11/04/2027(b) |
1,305,000 | 1,324,148 | ||||||
6.80%, 05/12/2028(b) |
2,608,000 | 2,603,077 | ||||||
7.35%, 03/06/2030 |
962,000 | 967,245 | ||||||
7.20%, 06/10/2030 |
1,079,000 | 1,079,432 | ||||||
Hyundai Capital America |
||||||||
5.88%, 04/07/2025(c) |
18,000 | 17,939 | ||||||
5.65%, 06/26/2026(c) |
1,188,000 | 1,172,841 | ||||||
5.60%, 03/30/2028(c) |
932,000 | 902,980 | ||||||
5.80%, 04/01/2030(c) |
179,000 | 171,013 | ||||||
Mercedes-Benz Finance North America LLC (Germany), 5.10%, 08/03/2028(c) |
1,724,000 | 1,672,275 | ||||||
Toyota Motor Credit Corp., |
976,000 | 961,065 | ||||||
|
|
|||||||
12,913,358 | ||||||||
|
|
Principal Amount |
Value | |||||||
Automotive Parts & Equipment-0.50% |
| |||||||
ERAC USA Finance LLC |
||||||||
4.90%, 05/01/2033(c) |
$ | 1,217,000 | $ | 1,108,395 | ||||
5.40%, 05/01/2053(c) |
1,271,000 | 1,099,083 | ||||||
Nemak S.A.B. de C.V.(Mexico), |
150,000 | 111,098 | ||||||
ZF North America Capital, Inc. (Germany) |
||||||||
6.88%, 04/14/2028(c) |
1,088,000 | 1,055,526 | ||||||
7.13%, 04/14/2030(c) |
1,809,000 | 1,757,080 | ||||||
|
|
|||||||
5,131,182 | ||||||||
|
|
|||||||
Automotive Retail-0.14% |
| |||||||
Advance Auto Parts, Inc., 5.95%, 03/09/2028(b) |
443,000 | 414,488 | ||||||
AutoZone, Inc., 5.20%, 08/01/2033 |
1,133,000 | 1,028,290 | ||||||
|
|
|||||||
1,442,778 | ||||||||
|
|
|||||||
Biotechnology-0.89% |
| |||||||
Amgen, Inc. |
||||||||
5.25%, 03/02/2025 |
660,000 | 654,865 | ||||||
5.15%, 03/02/2028(b) |
883,000 | 862,141 | ||||||
5.25%, 03/02/2030 |
401,000 | 385,107 | ||||||
5.25%, 03/02/2033 |
911,000 | 850,039 | ||||||
5.60%, 03/02/2043 |
793,000 | 707,718 | ||||||
5.65%, 03/02/2053 |
1,442,000 | 1,269,295 | ||||||
Gilead Sciences, Inc. |
||||||||
5.25%, 10/15/2033 |
2,895,000 | 2,743,912 | ||||||
5.55%, 10/15/2053 |
1,789,000 | 1,617,341 | ||||||
|
|
|||||||
9,090,418 | ||||||||
|
|
|||||||
Building Products-0.15% |
| |||||||
HP Communities LLC |
||||||||
5.78%, 03/15/2046(c) |
150,000 | 124,134 | ||||||
5.86%, 09/15/2053(c) |
100,000 | 75,186 | ||||||
Lennox International, Inc., |
1,413,000 | 1,378,921 | ||||||
|
|
|||||||
1,578,241 | ||||||||
|
|
|||||||
Cable & Satellite-0.32% |
| |||||||
CCO Holdings LLC/CCO Holdings Capital Corp. |
||||||||
6.38%, 09/01/2029(b)(c) |
1,604,000 | 1,469,517 | ||||||
7.38%, 03/01/2031(c) |
942,000 | 890,799 | ||||||
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 5.05%, 03/30/2029 |
18,000 | 16,654 | ||||||
Comcast Corp., 5.50%, 11/15/2032(b) . |
583,000 | 561,829 | ||||||
Cox Communications, Inc., 5.70%, 06/15/2033(c) |
366,000 | 344,371 | ||||||
|
|
|||||||
3,283,170 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
56 | ||||
|
| |||
Invesco Total Return Bond ETF (GTO)–(continued)
October 31, 2023
Principal Amount |
Value | |||||||
Cargo Ground Transportation-0.57% |
| |||||||
Penske Truck Leasing Co. L.P./PTL Finance Corp. |
||||||||
5.75%, 05/24/2026(c) |
$ | 323,000 | $ | 317,831 | ||||
5.70%, 02/01/2028(c) |
368,000 | 355,711 | ||||||
5.55%, 05/01/2028(c) |
813,000 | 783,255 | ||||||
6.05%, 08/01/2028(c) |
1,237,000 | 1,214,258 | ||||||
6.20%, 06/15/2030(c) |
332,000 | 324,063 | ||||||
Ryder System, Inc., 6.60%, 12/01/2033 |
2,796,000 | 2,778,255 | ||||||
|
|
|||||||
5,773,373 | ||||||||
|
|
|||||||
Casinos & Gaming-0.02% |
| |||||||
MGM China Holdings Ltd. (Macau), |
218,000 | 214,502 | ||||||
|
|
|||||||
Commercial & Residential Mortgage Finance-0.54% |
| |||||||
Aviation Capital Group LLC |
||||||||
6.25%, 04/15/2028(c) |
612,000 | 592,226 | ||||||
6.75%, 10/25/2028(c) |
2,188,000 | 2,157,378 | ||||||
6.38%, 07/15/2030(c) |
1,137,000 | 1,075,792 | ||||||
Nationwide Building Society (United Kingdom), 6.56%, 10/18/2027(c)(d) |
1,650,000 | 1,647,979 | ||||||
|
|
|||||||
5,473,375 | ||||||||
|
|
|||||||
Construction Machinery & Heavy Transportation Equipment-0.31% |
| |||||||
Daimler Trucks Finance North America LLC (Germany), 3.65%, 04/07/2027(c) |
766,000 | 711,644 | ||||||
SMBC Aviation Capital Finance DAC (Ireland), 5.70%, 07/25/2033(b)(c) |
2,695,000 | 2,430,874 | ||||||
|
|
|||||||
3,142,518 | ||||||||
|
|
|||||||
Consumer Finance-0.77% |
| |||||||
Capital One Financial Corp. |
||||||||
7.15%, 10/29/2027(d) |
1,453,000 | 1,453,571 | ||||||
6.31%, 06/08/2029(d) |
1,097,000 | 1,050,726 | ||||||
7.62%, 10/30/2031(d) |
1,693,000 | 1,692,803 | ||||||
6.38%, 06/08/2034(d) |
985,000 | 898,743 | ||||||
Discover Financial Services, 7.96%, 11/02/2034(d) |
2,605,000 | 2,589,497 | ||||||
General Motors Financial Co., Inc., 5.40%, 04/06/2026 |
195,000 | 190,889 | ||||||
|
|
|||||||
7,876,229 | ||||||||
|
|
|||||||
Consumer Staples Merchandise Retail-0.06% |
| |||||||
Dollar General Corp., 5.50%, 11/01/2052 |
283,000 | 226,466 | ||||||
Target Corp., 4.80%, 01/15/2053(b) |
458,000 | 372,810 | ||||||
|
|
|||||||
599,276 | ||||||||
|
|
|||||||
Copper-0.04% |
| |||||||
PT Freeport Indonesia (Indonesia), 5.32%, 04/14/2032(c) |
444,000 | 396,753 | ||||||
|
|
|||||||
Data Processing & Outsourced Services-0.39% |
| |||||||
Concentrix Corp., 6.85%, 08/02/2033 . |
4,343,000 | 3,925,174 | ||||||
|
|
|||||||
Distillers & Vintners-0.02% |
| |||||||
Constellation Brands, Inc., 4.90%, 05/01/2033(b) |
225,000 | 203,321 | ||||||
|
|
Principal Amount |
Value | |||||||
Distributors-0.73% |
||||||||
Genuine Parts Co. |
||||||||
6.50%, 11/01/2028 |
$ | 3,590,000 | $ | 3,591,231 | ||||
6.88%, 11/01/2033 |
3,799,000 | 3,790,975 | ||||||
|
|
|||||||
7,382,206 | ||||||||
|
|
|||||||
Diversified Banks-11.94% |
||||||||
Africa Finance Corp. (Supranational), 4.38%, 04/17/2026(c) |
280,000 | 259,054 | ||||||
Australia and New Zealand Banking Group Ltd. (Australia) |
||||||||
6.74%, 12/08/2032(c) |
1,217,000 | 1,182,002 | ||||||
6.75%(c)(d)(e) |
1,036,000 | 1,005,992 | ||||||
Banco Bilbao Vizcaya Argentaria S.A. (Spain), 9.38%(d)(e) |
2,540,000 | 2,455,548 | ||||||
Banco Santander S.A. (Spain) |
||||||||
6.53%, 11/07/2027(d) |
2,200,000 | 2,204,460 | ||||||
6.61%, 11/07/2028 |
1,600,000 | 1,602,526 | ||||||
6.94%, 11/07/2033 |
2,600,000 | 2,609,807 | ||||||
Bank of America Corp. |
||||||||
6.42% (SOFR + 1.05%), 02/04/2028(b)(f) |
428,000 | 423,416 | ||||||
4.95%, 07/22/2028(d) |
310,000 | 294,715 | ||||||
5.20%, 04/25/2029(d) |
2,670,000 | 2,539,346 | ||||||
5.82%, 09/15/2029(d) |
2,933,000 | 2,856,666 | ||||||
5.02%, 07/22/2033(b)(d) |
427,000 | 381,932 | ||||||
5.29%, 04/25/2034(d) |
3,060,000 | 2,764,951 | ||||||
5.87%, 09/15/2034(d) |
2,224,000 | 2,095,152 | ||||||
Bank of Montreal (Canada), 5.30%, 06/05/2026 |
800,000 | 787,333 | ||||||
Bank of Nova Scotia (The) (Canada), 8.63%, 10/27/2082(d) |
1,259,000 | 1,234,758 | ||||||
Barclays PLC (United Kingdom) |
||||||||
6.69%, 09/13/2034(d) |
1,701,000 | 1,609,575 | ||||||
8.00%(b)(d)(e) |
1,692,000 | 1,500,804 | ||||||
BNP Paribas S.A. (France), 8.50%(c)(d)(e) |
1,132,000 | 1,087,500 | ||||||
Citigroup, Inc. |
||||||||
3.98%, 03/20/2030(d) |
33,000 | 29,205 | ||||||
6.17%, 05/25/2034(d) |
1,975,000 | 1,836,790 | ||||||
3.88%(b)(d)(e) |
1,432,000 | 1,204,191 | ||||||
7.38%(b)(d)(e) |
3,073,000 | 2,938,647 | ||||||
7.63%(b)(d)(e) |
3,135,000 | 3,026,664 | ||||||
Series P, 5.95%(d)(e) |
330,000 | 314,160 | ||||||
Cooperatieve Rabobank U.A. (Netherlands), 3.65%, 04/06/2028(b)(c)(d) |
652,000 | 594,762 | ||||||
Corp. Andina de Fomento (Supranational), 1.25%, 10/26/2024 |
2,769,000 | 2,638,569 | ||||||
Credit Suisse AG (Switzerland), 3.63%, 09/09/2024 |
734,000 | 715,486 | ||||||
Federation des caisses Desjardins du Quebec (Canada) |
||||||||
5.28%, 01/23/2026(c)(d) |
446,000 | 439,430 | ||||||
4.55%, 08/23/2027(b)(c) |
1,174,000 | 1,114,004 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
57 | ||||
|
| |||
Invesco Total Return Bond ETF (GTO)–(continued)
October 31, 2023
Principal Amount |
Value | |||||||
Diversified Banks-(continued) |
||||||||
Fifth Third Bancorp |
||||||||
2.38%, 01/28/2025 |
$ | 370,000 | $ | 351,523 | ||||
1.71%, 11/01/2027(d) |
392,000 | 334,223 | ||||||
6.34%, 07/27/2029(b)(d) |
308,000 | 298,432 | ||||||
4.77%, 07/28/2030(d) |
902,000 | 799,746 | ||||||
HSBC Holdings PLC (United Kingdom) |
||||||||
5.21%, 08/11/2028(d) |
1,056,000 | 1,007,554 | ||||||
8.11%, 11/03/2033(d) |
1,085,000 | 1,123,278 | ||||||
6.33%, 03/09/2044(d) |
1,481,000 | 1,373,902 | ||||||
JPMorgan Chase & Co. |
||||||||
4.85%, 07/25/2028(d) |
330,000 | 315,443 | ||||||
5.30%, 07/24/2029(d) |
1,680,000 | 1,618,016 | ||||||
6.09%, 10/23/2029(b)(d) |
2,298,000 | 2,285,015 | ||||||
3.70%, 05/06/2030(d) |
30,000 | 26,331 | ||||||
5.72%, 09/14/2033(d) |
806,000 | 755,049 | ||||||
5.35%, 06/01/2034(d) |
3,080,000 | 2,841,798 | ||||||
6.25%, 10/23/2034(d) |
3,542,000 | 3,495,637 | ||||||
KeyBank N.A. |
||||||||
3.30%, 06/01/2025 |
590,000 | 547,406 | ||||||
4.15%, 08/08/2025 |
330,000 | 307,007 | ||||||
5.85%, 11/15/2027(b) |
571,000 | 529,009 | ||||||
KeyCorp |
||||||||
3.88%, 05/23/2025(d) |
576,000 | 551,451 | ||||||
2.55%, 10/01/2029(b) |
369,000 | 275,800 | ||||||
Manufacturers & Traders Trust Co. |
||||||||
2.90%, 02/06/2025 |
1,255,000 | 1,190,300 | ||||||
4.70%, 01/27/2028 |
1,298,000 | 1,176,646 | ||||||
Mitsubishi UFJ Financial Group, Inc. (Japan) |
||||||||
5.02%, 07/20/2028(b)(d) |
1,079,000 | 1,033,838 | ||||||
5.24%, 04/19/2029(b)(d) |
718,000 | 691,022 | ||||||
1.80%, 07/20/2033(d) |
1,002,000 | 916,090 | ||||||
5.41%, 04/19/2034(b)(d) |
742,000 | 689,933 | ||||||
8.20%(b)(d)(e) |
2,947,000 | 3,000,523 | ||||||
Mizuho Financial Group, Inc. (Japan) |
||||||||
5.78%, 07/06/2029(b)(d) |
970,000 | 947,684 | ||||||
5.75%, 07/06/2034(d) |
1,941,000 | 1,805,546 | ||||||
Multibank, Inc. (Panama), 7.75%, 02/03/2028(c) |
1,152,000 | 1,130,400 | ||||||
National Securities Clearing Corp. |
||||||||
5.10%, 11/21/2027(b)(c) |
1,359,000 | 1,332,854 | ||||||
5.00%, 05/30/2028(c) |
810,000 | 786,792 | ||||||
PNC Financial Services Group, Inc. (The) |
||||||||
6.62%, 10/20/2027(d) |
2,413,000 | 2,419,626 | ||||||
5.58%, 06/12/2029(d) |
1,835,000 | 1,757,556 | ||||||
6.04%, 10/28/2033(d) |
412,000 | 388,158 | ||||||
5.07%, 01/24/2034(b)(d) |
566,000 | 498,283 | ||||||
6.88%, 10/20/2034(d) |
1,998,000 | 1,997,627 | ||||||
Series V, 6.20%(d)(e) |
651,000 | 580,813 | ||||||
Series W, 6.25%(d)(e) |
1,092,000 | 901,447 | ||||||
Royal Bank of Canada (Canada) |
||||||||
6.07% (SOFR + 0.71%), 01/21/2027(f) |
407,000 | 402,435 | ||||||
5.00%, 02/01/2033(b) |
697,000 | 630,473 |
Principal Amount |
Value | |||||||
Diversified Banks-(continued) |
| |||||||
Standard Chartered PLC (United Kingdom) |
||||||||
6.19%, 07/06/2027(b)(c)(d) |
$ | 923,000 | $ | 915,109 | ||||
6.75%, 02/08/2028(c)(d) |
2,122,000 | 2,121,151 | ||||||
7.02%, 02/08/2030(c)(d) |
2,491,000 | 2,489,904 | ||||||
2.68%, 06/29/2032(c)(d) |
810,000 | 602,586 | ||||||
4.30%(c)(d)(e) |
1,362,000 | 956,493 | ||||||
7.75%(b)(c)(d)(e) |
2,112,000 | 2,031,622 | ||||||
Sumitomo Mitsui Financial Group, Inc. (Japan) |
||||||||
5.81%, 09/14/2033 |
2,176,000 | 2,061,027 | ||||||
6.18%, 07/13/2043(b) |
517,000 | 484,293 | ||||||
Sumitomo Mitsui Trust Bank Ltd. (Japan) |
||||||||
5.65%, 03/09/2026(c) |
755,000 | 749,354 | ||||||
5.65%, 09/14/2026(b)(c) |
958,000 | 951,081 | ||||||
5.55%, 09/14/2028(c) |
1,712,000 | 1,687,370 | ||||||
Synovus Bank, 5.63%, 02/15/2028 |
1,230,000 | 1,092,880 | ||||||
Toronto-Dominion Bank (The) (Canada), |
||||||||
8.13%, 10/31/2082(b)(d) |
1,111,000 | 1,092,738 | ||||||
U.S. Bancorp |
||||||||
5.78%, 06/12/2029(d) |
1,410,000 | 1,356,221 | ||||||
4.97%, 07/22/2033(d) |
270,000 | 226,073 | ||||||
5.85%, 10/21/2033(d) |
544,000 | 500,009 | ||||||
4.84%, 02/01/2034(b)(d) |
1,187,000 | 1,014,649 | ||||||
5.84%, 06/12/2034(b)(d) |
1,404,000 | 1,293,793 | ||||||
UBS AG (Switzerland), 5.65%, 09/11/2028 |
1,280,000 | 1,253,188 | ||||||
Wells Fargo & Co. |
||||||||
4.81%, 07/25/2028(d) |
191,000 | 180,752 | ||||||
5.57%, 07/25/2029(d) |
1,157,000 | 1,115,981 | ||||||
6.30%, 10/23/2029(d) |
1,579,000 | 1,566,341 | ||||||
4.90%, 07/25/2033(d) |
188,000 | 165,314 | ||||||
5.39%, 04/24/2034(d) |
625,000 | 566,071 | ||||||
5.56%, 07/25/2034(d) |
3,046,000 | 2,789,481 | ||||||
6.49%, 10/23/2034(d) |
4,131,000 | 4,060,698 | ||||||
7.63%(b)(d)(e) |
1,210,000 | 1,214,594 | ||||||
|
|
|||||||
121,400,884 | ||||||||
|
|
|||||||
Diversified Capital Markets-0.23% |
| |||||||
Credit Suisse Group AG (Switzerland) |
||||||||
4.50%(c)(d)(e)(g) |
332,000 | 36,520 | ||||||
5.25%(c)(d)(e)(g) |
271,000 | 29,810 | ||||||
UBS Group AG (Switzerland) |
||||||||
5.71%, 01/12/2027(b)(c)(d) |
491,000 | 483,099 | ||||||
6.30%, 09/22/2034(c)(d) |
1,885,000 | 1,786,210 | ||||||
|
|
|||||||
2,335,639 | ||||||||
|
|
|||||||
Diversified Chemicals-0.60% |
| |||||||
Braskem Netherlands Finance B.V. (Brazil), 8.50%, 01/12/2031(c) |
985,000 | 923,388 | ||||||
Sasol Financing USA LLC (South Africa) |
||||||||
4.38%, 09/18/2026 |
1,557,000 | 1,367,364 | ||||||
8.75%, 05/03/2029(c) |
1,625,000 | 1,545,245 | ||||||
5.50%, 03/18/2031 |
2,973,000 | 2,281,283 | ||||||
|
|
|||||||
6,117,280 | ||||||||
|
|
|||||||
Diversified Financial Services-0.81% |
| |||||||
AMC East Communities LLC, |
183,721 | 152,144 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
58 | ||||
|
| |||
Invesco Total Return Bond ETF (GTO)–(continued)
October 31, 2023
Principal Amount |
Value | |||||||
Diversified Financial Services-(continued) |
| |||||||
Corebridge Financial, Inc., 6.05%, 09/15/2033(c) |
$ | 1,569,000 | $ | 1,473,911 | ||||
Gabon Blue Bond Master Trust, Series 2, 6.10%, 08/01/2038(c) |
2,782,000 | 2,643,298 | ||||||
Mid-Atlantic Military Family Communities LLC, 5.30%, 08/01/2050(c) |
216,475 | 163,384 | ||||||
OPEC Fund for International Development (The) (Supranational), 4.50%, 01/26/2026(c) |
1,730,000 | 1,689,263 | ||||||
Pacific Beacon LLC |
||||||||
5.38%, 07/15/2026(c) |
44,163 | 43,743 | ||||||
5.51%, 07/15/2036(c) |
500,000 | 447,518 | ||||||
Pershing Square Holdings Ltd., 3.25%, 10/01/2031(c) |
2,300,000 | 1,654,452 | ||||||
|
|
|||||||
8,267,713 | ||||||||
|
|
|||||||
Diversified Metals & Mining-0.74% |
| |||||||
BHP Billiton Finance (USA) Ltd. (Australia) |
||||||||
5.10%, 09/08/2028(b) |
2,108,000 | 2,056,213 | ||||||
5.25%, 09/08/2030(b) |
1,511,000 | 1,454,349 | ||||||
5.25%, 09/08/2033(b) |
2,702,000 | 2,541,260 | ||||||
5.50%, 09/08/2053 |
958,000 | 872,068 | ||||||
Corp. Nacional del Cobre de Chile (Chile), 5.13%, 02/02/2033(c) |
674,000 | 596,403 | ||||||
|
|
|||||||
7,520,293 | ||||||||
|
|
|||||||
Diversified REITs-0.10% |
| |||||||
Atlantic Marine Corps Communities LLC, 5.34%, 12/01/2050(c) |
91,631 | 74,238 | ||||||
Fort Moore Family Communities LLC, 5.81%, 01/15/2051(c) |
200,000 | 162,182 | ||||||
Trust Fibra Uno (Mexico), |
880,000 | 738,389 | ||||||
|
|
|||||||
974,809 | ||||||||
|
|
|||||||
Diversified Support Services-0.11% |
| |||||||
Ritchie Bros. Holdings, Inc. (Canada) |
||||||||
6.75%, 03/15/2028(c) |
253,000 | 248,251 | ||||||
7.75%, 03/15/2031(b)(c) |
911,000 | 914,416 | ||||||
|
|
|||||||
1,162,667 | ||||||||
|
|
|||||||
Drug Retail-0.12% |
| |||||||
CK Hutchison International (23) Ltd. (United Kingdom), 4.88%, 04/21/2033(c) |
1,368,000 | 1,247,877 | ||||||
|
|
|||||||
Electric Utilities-2.39% |
| |||||||
Alexander Funding Trust II, 7.47%, 07/31/2028(b)(c) |
1,673,000 | 1,661,881 | ||||||
American Electric Power Co., Inc., 5.75%, 11/01/2027 |
297,000 | 295,229 | ||||||
CenterPoint Energy Houston Electric LLC |
||||||||
5.20%, 10/01/2028 |
825,000 | 807,093 | ||||||
Series AJ, 4.85%, 10/01/2052 |
304,000 | 248,978 | ||||||
Constellation Energy Generation LLC |
||||||||
6.13%, 01/15/2034 |
1,056,000 | 1,021,715 | ||||||
6.50%, 10/01/2053 |
548,000 | 515,366 |
Principal Amount |
Value | |||||||
Electric Utilities-(continued) |
||||||||
Dominion Energy South Carolina, Inc., 6.25%, 10/15/2053 |
$ | 700,000 | $ | 681,957 | ||||
Duke Energy Carolinas LLC, 5.35%, 01/15/2053(b) |
485,000 | 416,319 | ||||||
Duke Energy Corp., 5.00%, 08/15/2052 |
389,000 | 302,423 | ||||||
Duke Energy Indiana LLC, 5.40%, 04/01/2053 |
655,000 | 562,450 | ||||||
Electricite de France S.A. (France) |
||||||||
5.70%, 05/23/2028(c) |
336,000 | 328,993 | ||||||
9.13%(c)(d)(e) |
685,000 | 704,775 | ||||||
Enel Finance International N.V. (Italy), 6.80%, 10/14/2025(c) |
1,072,000 | 1,084,534 | ||||||
Evergy Metro, Inc., 4.95%, 04/15/2033 |
334,000 | 305,135 | ||||||
Exelon Corp., 5.60%, 03/15/2053 |
556,000 | 477,659 | ||||||
Florida Power & Light Co., |
364,000 | 333,849 | ||||||
Georgia Power Co., 4.95%, 05/17/2033 |
1,018,000 | 929,805 | ||||||
Mercury Chile Holdco LLC (Chile), |
4,464,000 | 4,015,829 | ||||||
Metropolitan Edison Co., 5.20%, 04/01/2028(c) |
185,000 | 178,601 | ||||||
MidAmerican Energy Co. |
||||||||
5.35%, 01/15/2034(b) |
429,000 | 412,761 | ||||||
5.85%, 09/15/2054 |
844,000 | 791,445 | ||||||
National Rural Utilities Cooperative Finance Corp. |
||||||||
5.80%, 01/15/2033(b) |
218,000 | 210,991 | ||||||
7.13%, 09/15/2053(b)(d) |
1,041,000 | 1,034,704 | ||||||
NextEra Energy Capital Holdings, Inc., 6.05%, 03/01/2025 |
564,000 | 563,845 | ||||||
Oklahoma Gas and Electric Co., |
325,000 | 286,269 | ||||||
Public Service Co. of Colorado, |
505,000 | 422,860 | ||||||
Public Service Co. of New Hampshire, 5.35%, 10/01/2033 |
585,000 | 558,436 | ||||||
Public Service Electric and Gas Co., 5.13%, 03/15/2053(b) |
319,000 | 274,448 | ||||||
San Diego Gas & Electric Co., 5.35%, 04/01/2053 |
1,178,000 | 1,008,984 | ||||||
Sierra Pacific Power Co., 5.90%, 03/15/2054(c) |
535,000 | 483,182 | ||||||
Southern Co. (The), 5.70%, 10/15/2032 |
239,000 | 229,175 | ||||||
Southwestern Electric Power Co., 5.30%, 04/01/2033 |
443,000 | 408,444 | ||||||
Virginia Electric and Power Co., 5.00%, 04/01/2033(b) |
482,000 | 439,532 | ||||||
Vistra Operations Co. LLC |
||||||||
7.75%, 10/15/2031(c) |
1,089,000 | 1,052,437 | ||||||
6.95%, 10/15/2033(c) |
1,324,000 | 1,262,562 | ||||||
|
|
|||||||
24,312,666 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
59 | ||||
|
| |||
Invesco Total Return Bond ETF (GTO)–(continued)
October 31, 2023
Principal Amount |
Value | |||||||
Electrical Components & Equipment-0.43% |
| |||||||
Regal Rexnord Corp. |
||||||||
6.05%, 04/15/2028(c) |
$ | 749,000 | $ | 716,791 | ||||
6.30%, 02/15/2030(c) |
289,000 | 272,052 | ||||||
6.40%, 04/15/2033(c) |
1,212,000 | 1,112,295 | ||||||
Sensata Technologies B.V. |
||||||||
4.00%, 04/15/2029(c) |
2,179,000 | 1,854,824 | ||||||
5.88%, 09/01/2030(b)(c) |
411,000 | 375,855 | ||||||
|
|
|||||||
4,331,817 | ||||||||
|
|
|||||||
Electronic Manufacturing Services-0.24% |
| |||||||
Emerald Debt Merger Sub LLC, 6.63%, 12/15/2030(c) |
2,620,000 | 2,495,550 | ||||||
|
|
|||||||
Environmental & Facilities Services-0.81% |
| |||||||
Clean Harbors, Inc., |
639,000 | 608,125 | ||||||
Republic Services, Inc. |
||||||||
4.88%, 04/01/2029 |
162,000 | 155,447 | ||||||
5.00%, 04/01/2034 |
297,000 | 272,602 | ||||||
Veralto Corp. |
||||||||
5.50%, 09/18/2026(c) |
3,935,000 | 3,896,876 | ||||||
5.35%, 09/18/2028(c) |
1,956,000 | 1,893,405 | ||||||
5.45%, 09/18/2033(c) |
1,482,000 | 1,385,628 | ||||||
|
|
|||||||
8,212,083 | ||||||||
|
|
|||||||
Financial Exchanges & Data-0.23% |
| |||||||
Intercontinental Exchange, Inc. |
||||||||
4.95%, 06/15/2052 |
246,000 | 202,456 | ||||||
5.20%, 06/15/2062 |
587,000 | 486,107 | ||||||
Nasdaq, Inc. |
||||||||
5.35%, 06/28/2028 |
340,000 | 331,265 | ||||||
5.55%, 02/15/2034(b) |
622,000 | 577,257 | ||||||
5.95%, 08/15/2053(b) |
257,000 | 229,544 | ||||||
6.10%, 06/28/2063 |
596,000 | 527,556 | ||||||
|
|
|||||||
2,354,185 | ||||||||
|
|
|||||||
Gas Utilities-0.23% |
| |||||||
Atmos Energy Corp. |
||||||||
5.90%, 11/15/2033(b) |
773,000 | 762,212 | ||||||
6.20%, 11/15/2053(b) |
600,000 | 582,980 | ||||||
Piedmont Natural Gas Co., Inc., 5.40%, 06/15/2033 |
749,000 | 696,085 | ||||||
Southwest Gas Corp., 5.45%, 03/23/2028 |
315,000 | 307,771 | ||||||
|
|
|||||||
2,349,048 | ||||||||
|
|
|||||||
Health Care Facilities-0.09% |
| |||||||
UPMC |
||||||||
5.04%, 05/15/2033 |
787,000 | 731,052 | ||||||
5.38%, 05/15/2043 |
262,000 | 231,039 | ||||||
|
|
|||||||
962,091 | ||||||||
|
|
|||||||
Health Care Services-0.67% |
| |||||||
CVS Health Corp. |
||||||||
5.00%, 01/30/2029(b) |
947,000 | 906,775 | ||||||
5.25%, 01/30/2031(b) |
223,000 | 209,980 | ||||||
5.30%, 06/01/2033(b) |
1,123,000 | 1,037,684 | ||||||
5.88%, 06/01/2053(b) |
409,000 | 358,008 | ||||||
6.00%, 06/01/2063 |
429,000 | 372,012 | ||||||
HCA, Inc., 5.90%, 06/01/2053(b) |
1,121,000 | 948,498 |
Principal Amount |
Value | |||||||
Health Care Services-(continued) |
| |||||||
Piedmont Healthcare, Inc. |
||||||||
2.86%, 01/01/2052 |
$ | 1,431,000 | $ | 786,213 | ||||
Series 2032, 2.04%, 01/01/2032 |
463,000 | 346,856 | ||||||
Series 2042, 2.72%, 01/01/2042 |
669,000 | 414,580 | ||||||
Quest Diagnostics, Inc., 6.40%, 11/30/2033 |
1,421,000 | 1,418,284 | ||||||
|
|
|||||||
6,798,890 | ||||||||
|
|
|||||||
Highways & Railtracks-0.03% |
| |||||||
TransJamaican Highway Ltd. (Jamaica), 5.75%, 10/10/2036(c) |
360,174 | 297,819 | ||||||
|
|
|||||||
Home Improvement Retail-0.28% |
||||||||
Lowe’s Cos., Inc. |
||||||||
5.00%, 04/15/2033(b) |
495,000 | 450,557 | ||||||
5.15%, 07/01/2033(b) |
862,000 | 789,368 | ||||||
5.75%, 07/01/2053 |
261,000 | 229,181 | ||||||
5.80%, 09/15/2062 |
100,000 | 84,797 | ||||||
5.85%, 04/01/2063 |
1,504,000 | 1,284,231 | ||||||
|
|
|||||||
2,838,134 | ||||||||
|
|
|||||||
Hotels, Resorts & Cruise Lines-0.25% |
| |||||||
Carnival Corp., 7.00%, 08/15/2029(c) |
448,000 | 439,699 | ||||||
Marriott International, Inc. |
||||||||
5.55%, 10/15/2028(b) |
1,532,000 | 1,493,650 | ||||||
4.90%, 04/15/2029(b) |
684,000 | 641,761 | ||||||
|
|
|||||||
2,575,110 | ||||||||
|
|
|||||||
Independent Power Producers & Energy Traders-0.15% |
| |||||||
EnfraGen Energia Sur S.A./EnfraGen Spain S.A./Prime Energia S.p.A. (Colombia), 5.38%, 12/30/2030(c) |
1,137,000 | 757,765 | ||||||
Vistra Corp., 7.00%(c)(d)(e) |
796,000 | 725,383 | ||||||
|
|
|||||||
1,483,148 | ||||||||
|
|
|||||||
Industrial Conglomerates-0.03% |
| |||||||
Bidvest Group UK PLC (The) (South Africa), 3.63%, 09/23/2026(c) |
329,000 | 293,319 | ||||||
|
|
|||||||
Industrial Machinery & Supplies & Components-0.37% |
| |||||||
Ingersoll Rand, Inc. |
||||||||
5.40%, 08/14/2028(b) |
279,000 | 271,991 | ||||||
5.70%, 08/14/2033(b) |
1,583,000 | 1,496,477 | ||||||
Nordson Corp. |
||||||||
5.60%, 09/15/2028 |
423,000 | 415,451 | ||||||
5.80%, 09/15/2033 |
760,000 | 723,889 | ||||||
nVent Finance S.a.r.l. (United Kingdom), 5.65%, 05/15/2033 |
983,000 | 893,017 | ||||||
|
|
|||||||
3,800,825 | ||||||||
|
|
|||||||
Industrial REITs-0.27% |
| |||||||
Prologis L.P. |
||||||||
4.88%, 06/15/2028 |
732,000 | 704,570 | ||||||
5.13%, 01/15/2034 |
706,000 | 646,955 | ||||||
5.25%, 06/15/2053 |
1,637,000 | 1,378,110 | ||||||
|
|
|||||||
2,729,635 | ||||||||
|
|
|||||||
Insurance Brokers-0.48% |
| |||||||
Arthur J. Gallagher & Co. |
||||||||
6.50%, 02/15/2034 |
1,046,000 | 1,039,330 | ||||||
6.75%, 02/15/2054 |
1,123,000 | 1,105,564 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
60 | ||||
|
| |||
Invesco Total Return Bond ETF (GTO)–(continued)
October 31, 2023
Principal Amount |
Value | |||||||
Insurance Brokers-(continued) |
||||||||
Marsh & McLennan Cos., Inc. |
||||||||
5.40%, 09/15/2033(b) |
$ | 1,413,000 | $ | 1,343,993 | ||||
5.45%, 03/15/2053 |
299,000 | 263,843 | ||||||
5.70%, 09/15/2053 |
1,261,000 | 1,159,326 | ||||||
|
|
|||||||
4,912,056 | ||||||||
|
|
|||||||
Integrated Oil & Gas-0.67% |
||||||||
BP Capital Markets America, Inc., 4.81%, 02/13/2033 |
285,000 | 260,537 | ||||||
Ecopetrol S.A. (Colombia), 8.88%, 01/13/2033 |
2,530,000 | 2,431,398 | ||||||
Occidental Petroleum Corp., 4.63%, 06/15/2045 |
751,000 | 530,713 | ||||||
Petroleos Mexicanos (Mexico) |
||||||||
8.75%, 06/02/2029(b) |
2,074,000 | 1,835,643 | ||||||
6.70%, 02/16/2032 |
1,323,000 | 976,335 | ||||||
10.00%, 02/07/2033(b)(c) |
915,000 | 809,686 | ||||||
|
|
|||||||
6,844,312 | ||||||||
|
|
|||||||
Integrated Telecommunication Services-0.49% |
|
|||||||
AT&T, Inc. |
||||||||
6.85% (3 mo. Term SOFR + 1.44%), 06/12/2024(f) |
6,000 | 6,030 | ||||||
5.40%, 02/15/2034(b) |
1,336,000 | 1,228,026 | ||||||
3.55%, 09/15/2055 |
10,000 | 5,818 | ||||||
British Telecommunications PLC (United Kingdom), 4.25%, 11/23/2081(c)(d) |
1,870,000 | 1,635,260 | ||||||
IHS Holding Ltd. (Nigeria) |
||||||||
5.63%, 11/29/2026(c) |
771,000 | 623,774 | ||||||
6.25%, 11/29/2028(c) |
586,000 | 433,517 | ||||||
Level 3 Financing, Inc., 3.75%, 07/15/2029(c) |
846,000 | 431,122 | ||||||
Sitios Latinoamerica S.A.B. de C.V. (Brazil), 5.38%, 04/04/2032(c) |
789,000 | 664,743 | ||||||
Verizon Communications, Inc., 3.88%, 02/08/2029 |
12,000 | 10,898 | ||||||
|
|
|||||||
5,039,188 | ||||||||
|
|
|||||||
Interactive Media & Services-0.10% |
||||||||
Meta Platforms, Inc., 5.75%, 05/15/2063 |
1,140,000 | 1,023,522 | ||||||
|
|
|||||||
Investment Banking & Brokerage-2.03% |
||||||||
Charles Schwab Corp. (The) |
||||||||
5.64%, 05/19/2029(d) |
994,000 | 957,167 | ||||||
5.85%, 05/19/2034(d) |
993,000 | 911,242 | ||||||
6.14%, 08/24/2034(b)(d) |
2,588,000 | 2,425,414 | ||||||
Series K, 5.00%(d)(e) |
242,000 | 191,734 | ||||||
Goldman Sachs Group, Inc. (The) |
||||||||
6.14% (SOFR + 0.79%), 12/09/2026(f) |
158,000 | 156,210 | ||||||
Series V, 4.13%(d)(e) |
746,000 | 591,999 | ||||||
Series W, 7.50%(d)(e) |
4,809,000 | 4,728,463 | ||||||
GTCR W-2 Merger Sub LLC, 7.50%, 01/15/2031(c) |
970,000 | 958,603 |
Principal Amount |
Value | |||||||
Investment Banking & Brokerage-(continued) |
| |||||||
Morgan Stanley |
||||||||
5.12%, 02/01/2029(d) |
$ | 342,000 | $ | 325,712 | ||||
5.16%, 04/20/2029(d) |
2,693,000 | 2,562,876 | ||||||
5.45%, 07/20/2029(b)(d) |
619,000 | 595,477 | ||||||
6.41%, 11/01/2029(d) |
2,007,000 | 2,007,346 | ||||||
5.25%, 04/21/2034(d) |
3,011,000 | 2,714,066 | ||||||
5.42%, 07/21/2034(d) |
1,342,000 | 1,225,277 | ||||||
5.95%, 01/19/2038(d) |
275,000 | 249,491 | ||||||
|
|
|||||||
20,601,077 | ||||||||
|
|
|||||||
Leisure Products-0.04% |
| |||||||
Brunswick Corp., 5.10%, 04/01/2052 |
573,000 | 374,950 | ||||||
|
|
|||||||
Life & Health Insurance-1.29% |
| |||||||
Corebridge Global Funding, 5.90%, 09/19/2028(c) |
1,192,000 | 1,178,260 | ||||||
Delaware Life Global Funding |
||||||||
Series 21-1, 2.66%, 06/29/2026(c) |
4,125,000 | 3,670,216 | ||||||
Series 22-1, 3.31%, 03/10/2025(c) |
2,375,000 | 2,236,464 | ||||||
F&G Annuities & Life, Inc., 7.40%, 01/13/2028 |
659,000 | 651,480 | ||||||
MAG Mutual Holding Co., 4.75%, 04/30/2041(c)(h) |
3,179,000 | 2,488,553 | ||||||
MetLife, Inc. |
||||||||
9.25%, 04/08/2038(c) |
350,000 | 379,584 | ||||||
5.25%, 01/15/2054 |
870,000 | 728,496 | ||||||
Pacific Life Global Funding II, 6.16% (SOFR + 0.80%), 03/30/2025(c)(f) |
1,187,000 | 1,187,902 | ||||||
Penn Mutual Life Insurance Co. (The), 3.80%, 04/29/2061(c) |
26,000 | 14,735 | ||||||
Principal Financial Group, Inc., 5.38%, 03/15/2033 |
614,000 | 574,257 | ||||||
|
|
|||||||
13,109,947 | ||||||||
|
|
|||||||
Managed Health Care-0.39% |
| |||||||
Kaiser Foundation Hospitals |
||||||||
Series 2021, 2.81%, 06/01/2041 |
1,265,000 | 814,010 | ||||||
Series 2021, 3.00%, 06/01/2051 |
1,116,000 | 656,060 | ||||||
UnitedHealth Group, Inc. |
||||||||
5.25%, 02/15/2028 |
425,000 | 422,353 | ||||||
5.30%, 02/15/2030 |
721,000 | 707,965 | ||||||
5.35%, 02/15/2033 |
621,000 | 597,146 | ||||||
5.05%, 04/15/2053 |
473,000 | 398,195 | ||||||
5.20%, 04/15/2063 |
392,000 | 327,878 | ||||||
|
|
|||||||
3,923,607 | ||||||||
|
|
|||||||
Marine Transportation-0.10% |
| |||||||
A.P. Moller - Maersk A/S (Denmark), 5.88%, 09/14/2033(c) |
1,025,000 | 972,662 | ||||||
|
|
|||||||
Movies & Entertainment-0.09% |
||||||||
Warnermedia Holdings, Inc. |
||||||||
5.05%, 03/15/2042 |
479,000 | 355,051 | ||||||
5.14%, 03/15/2052 |
346,000 | 245,019 | ||||||
5.39%, 03/15/2062 |
520,000 | 364,449 | ||||||
|
|
|||||||
964,519 | ||||||||
|
|
|||||||
Multi-line Insurance-0.10% |
| |||||||
Metropolitan Life Global Funding I, |
1,125,000 | 1,030,483 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
61 | ||||
|
| |||
Invesco Total Return Bond ETF (GTO)–(continued)
October 31, 2023
Principal Amount |
Value | |||||||
Multi-Utilities-0.78% |
||||||||
Ameren Illinois Co., 4.95%, 06/01/2033(b) |
$ | 578,000 | $ | 532,791 | ||||
Black Hills Corp., 6.15%, 05/15/2034 . |
2,585,000 | 2,437,699 | ||||||
Dominion Energy, Inc., 5.38%, 11/15/2032(b) |
719,000 | 666,302 | ||||||
NiSource, Inc., 5.25%, 03/30/2028 |
216,000 | 209,834 | ||||||
Public Service Enterprise Group, Inc. |
||||||||
5.88%, 10/15/2028 |
2,335,000 | 2,312,091 | ||||||
6.13%, 10/15/2033 |
1,459,000 | 1,424,849 | ||||||
WEC Energy Group, Inc., 5.15%, 10/01/2027(b) |
314,000 | 306,517 | ||||||
|
|
|||||||
7,890,083 | ||||||||
|
|
|||||||
Office REITs-0.66% |
||||||||
Brandywine Operating Partnership L.P., 7.80%, 03/15/2028(b) |
660,000 | 595,424 | ||||||
Office Properties Income Trust, 4.25%, 05/15/2024 |
602,000 | 563,988 | ||||||
Piedmont Operating Partnership L.P., 9.25%, 07/20/2028(b) |
5,612,000 | 5,593,401 | ||||||
|
|
|||||||
6,752,813 | ||||||||
|
|
|||||||
Oil & Gas Drilling-0.20% |
||||||||
Patterson-UTI Energy, Inc., 7.15%, 10/01/2033 |
797,000 | 777,987 | ||||||
Valaris Ltd., 8.38%, 04/30/2030(c) |
1,234,000 | 1,211,967 | ||||||
|
|
|||||||
1,989,954 | ||||||||
|
|
|||||||
Oil & Gas Equipment & Services-0.11% |
||||||||
Enerflex Ltd. (Canada), 9.00%, 10/15/2027(c) |
651,000 | 593,071 | ||||||
Petrofac Ltd. (United Kingdom), 9.75%, 11/15/2026(c) |
734,000 | 500,254 | ||||||
|
|
|||||||
1,093,325 | ||||||||
|
|
|||||||
Oil & Gas Exploration & Production-0.95% |
| |||||||
Apache Corp., 7.75%, 12/15/2029 |
418,000 | 430,901 | ||||||
Baytex Energy Corp. (Canada), 8.50%, 04/30/2030(c) |
854,000 | 846,640 | ||||||
Civitas Resources, Inc. |
||||||||
8.38%, 07/01/2028(c) |
959,000 | 966,107 | ||||||
8.63%, 11/01/2030(c) |
414,000 | 421,819 | ||||||
8.75%, 07/01/2031(b)(c) |
993,000 | 1,003,443 | ||||||
ConocoPhillips Co. |
||||||||
5.55%, 03/15/2054 |
1,287,000 | 1,151,521 | ||||||
5.70%, 09/15/2063 |
1,096,000 | 978,952 | ||||||
Murphy Oil Corp., 6.38%, 07/15/2028(b) |
592,000 | 573,936 | ||||||
Rockcliff Energy II LLC, 5.50%, 10/15/2029(c) |
1,058,000 | 956,086 | ||||||
Southwestern Energy Co., 5.38%, 03/15/2030 |
584,000 | 536,248 | ||||||
Transocean Titan Financing Ltd., 8.38%, 02/01/2028(c) |
740,000 | 743,730 | ||||||
Uzbekneftegaz JSC (Uzbekistan), 4.75%, 11/16/2028(c) |
1,278,000 | 1,008,028 | ||||||
|
|
|||||||
9,617,411 | ||||||||
|
|
Principal Amount |
Value | |||||||
Oil & Gas Refining & Marketing-0.27% |
| |||||||
Cosan Luxembourg S.A. (Brazil), |
$ | 1,975,000 | $ | 1,929,228 | ||||
Phillips 66 Co., 5.30%, 06/30/2033 |
852,000 | 794,610 | ||||||
|
|
|||||||
2,723,838 | ||||||||
|
|
|||||||
Oil & Gas Storage & Transportation-2.72% |
| |||||||
Cheniere Energy Partners L.P., 5.95%, 06/30/2033(c) |
700,000 | 655,501 | ||||||
Columbia Pipelines Holding Co. LLC, 6.06%, 08/15/2026(c) |
388,000 | 387,566 | ||||||
Enbridge, Inc. (Canada) |
||||||||
5.98% (SOFR + 0.63%), 02/16/2024(f) |
562,000 | 562,394 | ||||||
5.70%, 03/08/2033 |
781,000 | 730,625 | ||||||
7.38%, 01/15/2083(d) |
495,000 | 459,164 | ||||||
7.63%, 01/15/2083(d) |
441,000 | 395,551 | ||||||
8.50%, 01/15/2084(d) |
1,248,000 | 1,196,174 | ||||||
Series NC5, 8.25%, 01/15/2084(d) |
1,973,000 | 1,891,970 | ||||||
Energy Transfer L.P. |
||||||||
6.05%, 12/01/2026(b) |
1,224,000 | 1,222,742 | ||||||
5.50%, 06/01/2027 |
205,000 | 200,018 | ||||||
6.10%, 12/01/2028(b) |
748,000 | 739,275 | ||||||
6.40%, 12/01/2030 |
548,000 | 542,617 | ||||||
6.55%, 12/01/2033 |
1,012,000 | 999,537 | ||||||
5.80%, 06/15/2038 |
4,000 | 3,505 | ||||||
6.00%, 06/15/2048 |
4,000 | 3,404 | ||||||
Genesis Energy L.P./Genesis Energy Finance Corp., 8.88%, 04/15/2030(b) |
460,000 | 445,064 | ||||||
GreenSaif Pipelines Bidco S.a.r.l. (Saudi Arabia) |
||||||||
6.13%, 02/23/2038(c) |
770,000 | 715,589 | ||||||
6.51%, 02/23/2042(c) |
970,000 | 901,468 | ||||||
Kinder Morgan, Inc. |
||||||||
7.80%, 08/01/2031 |
167,000 | 176,727 | ||||||
4.80%, 02/01/2033 |
281,000 | 245,887 | ||||||
5.20%, 06/01/2033 |
762,000 | 687,018 | ||||||
5.45%, 08/01/2052(b) |
589,000 | 476,529 | ||||||
MPLX L.P. |
||||||||
5.00%, 03/01/2033 |
477,000 | 422,622 | ||||||
4.95%, 03/14/2052 |
298,000 | 221,073 | ||||||
ONEOK, Inc. |
||||||||
5.65%, 11/01/2028 |
489,000 | 477,394 | ||||||
5.80%, 11/01/2030(b) |
804,000 | 774,221 | ||||||
6.05%, 09/01/2033(b) |
1,684,000 | 1,614,700 | ||||||
6.63%, 09/01/2053(b) |
1,846,000 | 1,726,756 | ||||||
Southern Co. Gas Capital Corp., 5.75%, 09/15/2033(b) |
1,114,000 | 1,061,043 | ||||||
Targa Resources Corp., 6.25%, 07/01/2052 |
241,000 | 210,830 | ||||||
TMS Issuer S.a.r.l. (Saudi Arabia), 5.78%, 08/23/2032(b)(c) |
400,000 | 388,920 | ||||||
Venture Global LNG, Inc. |
||||||||
9.50%, 02/01/2029(c) |
1,414,000 | 1,437,423 | ||||||
9.88%, 02/01/2032(c) |
1,450,000 | 1,471,190 | ||||||
Western Midstream Operating L.P., |
||||||||
6.15%, 04/01/2033(b) |
899,000 | 851,105 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
62 | ||||
|
| |||
Invesco Total Return Bond ETF (GTO)–(continued)
October 31, 2023
Principal Amount |
Value | |||||||
Oil & Gas Storage & Transportation-(continued) |
| |||||||
Williams Cos., Inc. (The) |
||||||||
5.30%, 08/15/2028 |
$ | 2,674,000 | $ | 2,578,319 | ||||
5.65%, 03/15/2033 |
800,000 | 755,194 | ||||||
|
|
|||||||
27,629,115 | ||||||||
|
|
|||||||
Other Specialty Retail-0.03% |
||||||||
Tractor Supply Co., 5.25%, 05/15/2033 |
332,000 | 304,081 | ||||||
|
|
|||||||
Packaged Foods & Meats-0.94% |
||||||||
Bimbo Bakeries USA, Inc. (Mexico) |
||||||||
6.05%, 01/15/2029(c) |
1,519,000 | 1,519,521 | ||||||
6.40%, 01/15/2034(c) |
1,280,000 | 1,281,631 | ||||||
General Mills, Inc., 5.50%, 10/17/2028 |
1,495,000 | 1,468,736 | ||||||
J. M. Smucker Co. (The) |
||||||||
5.90%, 11/15/2028(b) |
885,000 | 878,401 | ||||||
6.20%, 11/15/2033 |
806,000 | 783,807 | ||||||
6.50%, 11/15/2043 |
532,000 | 505,289 | ||||||
6.50%, 11/15/2053(b) |
638,000 | 602,053 | ||||||
McCormick & Co., Inc., 4.95%, 04/15/2033(b) |
318,000 | 286,798 | ||||||
Minerva Luxembourg S.A. (Brazil) |
||||||||
4.38%, 03/18/2031(c) |
1,124,000 | 872,841 | ||||||
8.88%, 09/13/2033(b)(c) |
1,370,000 | 1,346,984 | ||||||
|
|
|||||||
9,546,061 | ||||||||
|
|
|||||||
Paper & Plastic Packaging Products & Materials-0.01% |
| |||||||
Berry Global, Inc., 4.88%, 07/15/2026(c) |
137,000 | 130,879 | ||||||
|
|
|||||||
Passenger Airlines-0.53% |
||||||||
American Airlines Pass-Through Trust |
||||||||
Series 2021-1, Class A, 2.88%, 07/11/2034 |
388,961 | 314,287 | ||||||
Series 2021-1, Class B, 3.95%, 07/11/2030 |
2,130,310 | 1,832,730 | ||||||
British Airways Pass-Through Trust (United Kingdom), Series 2021-1, Class A, 2.90%, 03/15/2035(c) |
816,764 | 674,938 | ||||||
Delta Air Lines, Inc./SkyMiles IP Ltd. |
||||||||
4.50%, 10/20/2025(c) |
288,157 | 280,145 | ||||||
4.75%, 10/20/2028(c) |
223,333 | 210,024 | ||||||
United Airlines Pass-Through Trust |
||||||||
5.80%, 07/15/2037 |
2,052,000 | 1,930,242 | ||||||
Series 2020-1, Class A, 5.88%, 10/15/2027 |
111,281 | 109,693 | ||||||
|
|
|||||||
5,352,059 | ||||||||
|
|
|||||||
Personal Care Products-0.30% |
||||||||
Kenvue, Inc. |
||||||||
5.05%, 03/22/2028 |
429,000 | 421,171 | ||||||
5.00%, 03/22/2030 |
799,000 | 769,219 | ||||||
4.90%, 03/22/2033 |
1,213,000 | 1,137,398 | ||||||
5.10%, 03/22/2043 |
417,000 | 369,175 | ||||||
5.20%, 03/22/2063 |
403,000 | 342,468 | ||||||
|
|
|||||||
3,039,431 | ||||||||
|
|
Principal Amount |
Value | |||||||
Pharmaceuticals-1.17% |
| |||||||
Bristol-Myers Squibb Co. |
||||||||
5.75%, 02/01/2031 |
$ | 1,515,000 | $ | 1,507,126 | ||||
5.90%, 11/15/2033 |
1,221,000 | 1,214,547 | ||||||
6.25%, 11/15/2053 |
1,216,000 | 1,205,809 | ||||||
6.40%, 11/15/2063 |
1,958,000 | 1,944,023 | ||||||
Merck & Co., Inc. |
||||||||
4.30%, 05/17/2030 |
2,175,000 | 2,017,365 | ||||||
4.90%, 05/17/2044 |
1,770,000 | 1,531,659 | ||||||
5.00%, 05/17/2053 |
476,000 | 406,854 | ||||||
5.15%, 05/17/2063 |
299,000 | 255,026 | ||||||
Pfizer Investment Enterprises Pte. Ltd., 5.30%, 05/19/2053 |
2,069,000 | 1,811,629 | ||||||
|
|
|||||||
11,894,038 | ||||||||
|
|
|||||||
Property & Casualty Insurance-0.04% |
| |||||||
Travelers Cos., Inc. (The), 5.45%, 05/25/2053 |
452,000 | 406,670 | ||||||
|
|
|||||||
Rail Transportation-0.30% |
||||||||
Canadian Pacific Railway Co. (Canada), |
||||||||
6.13%, 09/15/2115 |
199,000 | 179,334 | ||||||
CSX Corp., 6.15%, 05/01/2037 |
519,000 | 518,085 | ||||||
Norfolk Southern Corp. |
||||||||
5.05%, 08/01/2030 |
1,067,000 | 1,009,268 | ||||||
5.35%, 08/01/2054 |
974,000 | 832,081 | ||||||
Union Pacific Corp., 5.15%, 01/20/2063 |
567,000 | 468,783 | ||||||
|
|
|||||||
3,007,551 | ||||||||
|
|
|||||||
Real Estate Development-0.02% |
| |||||||
Agile Group Holdings Ltd. (China) |
||||||||
5.75%, 01/02/2025(c) |
208,000 | 24,024 | ||||||
5.50%, 04/21/2025(c) |
874,000 | 90,887 | ||||||
Logan Group Co. Ltd. (China) |
||||||||
4.25%, 07/12/2025(c)(g) |
725,000 | 47,125 | ||||||
4.50%, 01/13/2028(c)(g) |
250,000 | 18,000 | ||||||
Sino-Ocean Land Treasure Finance I Ltd. (China), 6.00%, 07/30/2024(c)(g) |
530,000 | 29,171 | ||||||
|
|
|||||||
209,207 | ||||||||
|
|
|||||||
Regional Banks-1.59% |
| |||||||
Citizens Financial Group, Inc. |
||||||||
5.64%, 05/21/2037(d) |
388,000 | 310,272 | ||||||
Series G, 4.00%(d)(e) |
1,481,000 | 1,012,069 | ||||||
Huntington Bancshares, Inc., 6.21%, 08/21/2029(d) |
3,001,000 | 2,885,686 | ||||||
M&T Bank Corp., 5.05%, 01/27/2034(d) |
519,000 | 434,664 | ||||||
Morgan Stanley Bank N.A. |
||||||||
4.75%, 04/21/2026 |
1,048,000 | 1,021,043 | ||||||
5.88%, 10/30/2026 |
2,731,000 | 2,729,440 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
63 | ||||
|
| |||
Invesco Total Return Bond ETF (GTO)–(continued)
October 31, 2023
Principal Amount |
Value | |||||||
Regional Banks-(continued) |
||||||||
Truist Financial Corp. |
||||||||
6.05%, 06/08/2027(b)(d) |
$ | 1,014,000 | $ | 993,505 | ||||
4.87%, 01/26/2029(d) |
559,000 | 516,145 | ||||||
7.16%, 10/30/2029(d) |
3,816,000 | 3,839,529 | ||||||
4.92%, 07/28/2033(d) |
733,000 | 598,898 | ||||||
6.12%, 10/28/2033(d) |
406,000 | 376,154 | ||||||
5.12%, 01/26/2034(d) |
531,000 | 455,819 | ||||||
5.87%, 06/08/2034(d) |
1,089,000 | 991,114 | ||||||
|
|
|||||||
16,164,338 | ||||||||
|
|
|||||||
Reinsurance-0.38% |
||||||||
Global Atlantic Fin Co., 4.70%, 10/15/2051(c)(d) |
1,648,000 | 1,149,575 | ||||||
RenaissanceRe Holdings Ltd. (Bermuda), 5.75%, 06/05/2033 |
2,915,000 | 2,683,586 | ||||||
|
|
|||||||
3,833,161 | ||||||||
|
|
|||||||
Restaurants-1.06% |
||||||||
Arcos Dorados B.V. (Brazil), 6.13%, 05/27/2029(c) |
1,363,000 | 1,271,679 | ||||||
McDonald’s Corp. |
||||||||
4.80%, 08/14/2028 |
4,431,000 | 4,275,353 | ||||||
4.95%, 08/14/2033(b) |
3,154,000 | 2,927,622 | ||||||
5.15%, 09/09/2052 |
501,000 | 422,699 | ||||||
5.45%, 08/14/2053(b) |
2,157,000 | 1,902,901 | ||||||
|
|
|||||||
10,800,254 | ||||||||
|
|
|||||||
Retail REITs-0.08% |
||||||||
NNN REIT, Inc., 5.60%, 10/15/2033 |
581,000 | 535,911 | ||||||
Realty Income Corp. |
||||||||
2.20%, 06/15/2028 |
12,000 | 10,128 | ||||||
5.63%, 10/13/2032 |
283,000 | 267,247 | ||||||
|
|
|||||||
813,286 | ||||||||
|
|
|||||||
Self-Storage REITs-0.24% |
||||||||
Extra Space Storage L.P., 5.70%, 04/01/2028 |
307,000 | 299,331 | ||||||
Public Storage Operating Co. |
||||||||
5.13%, 01/15/2029(b) |
236,000 | 230,124 | ||||||
5.10%, 08/01/2033 |
1,349,000 | 1,250,925 | ||||||
5.35%, 08/01/2053 |
809,000 | 697,154 | ||||||
|
|
|||||||
2,477,534 | ||||||||
|
|
|||||||
Semiconductors-0.13% |
||||||||
Foundry JV Holdco LLC, 5.88%, 01/25/2034(c) |
1,373,000 | 1,275,124 | ||||||
Micron Technology, Inc., 4.98%, 02/06/2026 |
4,000 | 3,899 | ||||||
|
|
|||||||
1,279,023 | ||||||||
|
|
|||||||
Single-Family Residential REITs-0.28% |
||||||||
American Homes 4 Rent L.P., 2.38%, 07/15/2031 |
8,000 | 5,959 | ||||||
Invitation Homes Operating Partnership L.P., 5.45%, 08/15/2030 |
3,088,000 | 2,880,884 | ||||||
|
|
|||||||
2,886,843 | ||||||||
|
|
|||||||
Sovereign Debt-1.24% |
||||||||
Colombia Government International Bond (Colombia) |
||||||||
8.00%, 04/20/2033(b) |
939,000 | 918,574 | ||||||
7.50%, 02/02/2034(b) |
650,000 | 609,822 |
Principal Amount |
Value | |||||||
Sovereign Debt-(continued) |
||||||||
Ghana Government International Bond (Ghana), 7.75%, 04/07/2029(c) |
$ | 1,119,000 | $ | 481,271 | ||||
Mexico Government International Bond (Mexico) |
||||||||
6.35%, 02/09/2035(b) |
620,000 | 594,246 | ||||||
6.34%, 05/04/2053(b) |
3,341,000 | 2,929,129 | ||||||
Panama Government International Bond (Panama), 6.85%, 03/28/2054 |
520,000 | 449,665 | ||||||
Paraguay Government International Bond (Paraguay), 5.40%, 03/30/2050(c) |
1,200,000 | 901,308 | ||||||
Perusahaan Penerbit SBSN Indonesia III (Indonesia), 3.55%, 06/09/2051(c) |
1,886,000 | 1,228,803 | ||||||
Qatar Government International Bond (Qatar), 3.38%, 03/14/2024(c) |
200,000 | 198,179 | ||||||
Republic of Uzbekistan International Bond (Uzbekistan), 7.85%, 10/12/2028(c) |
1,213,000 | 1,211,083 | ||||||
Romanian Government International Bond (Romania) |
||||||||
6.63%, 02/17/2028(c) |
932,000 | 934,672 | ||||||
7.13%, 01/17/2033(c) |
1,258,000 | 1,254,563 | ||||||
Trinidad & Tobago Government International Bond (Trinidad), 5.95%, 01/14/2031(c) |
885,000 | 854,246 | ||||||
|
|
|||||||
12,565,561 | ||||||||
|
|
|||||||
Specialty Chemicals-0.11% |
||||||||
Braskem Idesa S.A.P.I. (Mexico) |
||||||||
7.45%, 11/15/2029(c) |
289,000 | 183,069 | ||||||
6.99%, 02/20/2032(b)(c) |
1,647,000 | 973,562 | ||||||
|
|
|||||||
1,156,631 | ||||||||
|
|
|||||||
Steel-0.14% |
||||||||
POSCO (South Korea) |
||||||||
5.63%, 01/17/2026(c) |
774,000 | 768,612 | ||||||
5.75%, 01/17/2028(b)(c) |
639,000 | 629,390 | ||||||
|
|
|||||||
1,398,002 | ||||||||
|
|
|||||||
Systems Software-0.20% |
||||||||
Oracle Corp. |
||||||||
6.25%, 11/09/2032 |
445,000 | 441,022 | ||||||
4.90%, 02/06/2033(b) |
800,000 | 718,758 | ||||||
6.90%, 11/09/2052 |
529,000 | 521,662 | ||||||
5.55%, 02/06/2053 |
436,000 | 362,527 | ||||||
|
|
|||||||
2,043,969 | ||||||||
|
|
|||||||
Technology Hardware, Storage & Peripherals-0.04% |
| |||||||
Leidos, Inc., 5.75%, 03/15/2033 |
493,000 | 458,518 | ||||||
|
|
|||||||
Telecom Tower REITs-0.11% |
||||||||
SBA Communications Corp., 3.88%, 02/15/2027 |
1,190,000 | 1,084,745 | ||||||
|
|
|||||||
Tobacco-1.05% |
||||||||
B.A.T Capital Corp. (United Kingdom) |
||||||||
7.08%, 08/02/2043 |
684,000 | 623,971 | ||||||
7.08%, 08/02/2053 |
461,000 | 411,724 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
64 | ||||
|
| |||
Invesco Total Return Bond ETF (GTO)–(continued)
October 31, 2023
Principal Amount |
Value | |||||||
Tobacco-(continued) |
||||||||
Philip Morris International, Inc. |
||||||||
4.88%, 02/15/2028 |
$ | 1,993,000 | $ | 1,915,942 | ||||
5.25%, 09/07/2028 |
1,674,000 | 1,629,859 | ||||||
5.13%, 02/15/2030 |
2,208,000 | 2,080,804 | ||||||
5.75%, 11/17/2032 |
138,000 | 131,932 | ||||||
5.38%, 02/15/2033(b) |
2,466,000 | 2,279,359 | ||||||
5.63%, 09/07/2033 |
1,684,000 | 1,581,882 | ||||||
|
|
|||||||
10,655,473 | ||||||||
|
|
|||||||
Trading Companies & Distributors-0.26% |
| |||||||
Avolon Holdings Funding Ltd. (Ireland), 6.38%, 05/04/2028(c) |
1,039,000 | 1,005,106 | ||||||
Triton Container International Ltd. (Bermuda) |
||||||||
2.05%, 04/15/2026(b)(c) |
287,000 | 255,190 | ||||||
3.15%, 06/15/2031(c) |
1,842,000 | 1,343,434 | ||||||
|
|
|||||||
2,603,730 | ||||||||
|
|
|||||||
Transaction & Payment Processing Services-0.43% |
| |||||||
Fiserv, Inc. |
||||||||
5.38%, 08/21/2028 |
1,903,000 | 1,862,033 | ||||||
5.63%, 08/21/2033 |
1,453,000 | 1,363,546 | ||||||
Mastercard, Inc., 4.85%, 03/09/2033(b) |
1,197,000 | 1,126,823 | ||||||
|
|
|||||||
4,352,402 | ||||||||
|
|
|||||||
Wireless Telecommunication Services-0.48% |
| |||||||
T-Mobile USA, Inc. |
||||||||
5.05%, 07/15/2033 |
660,000 | 596,689 | ||||||
5.75%, 01/15/2034 |
1,699,000 | 1,612,556 | ||||||
5.65%, 01/15/2053 |
959,000 | 829,454 | ||||||
6.00%, 06/15/2054 |
546,000 | 496,076 | ||||||
Vodafone Group PLC (United Kingdom) |
||||||||
4.13%, 06/04/2081(d) |
882,000 | 668,385 | ||||||
5.13%, 06/04/2081(d) |
1,011,000 | 644,179 | ||||||
|
|
|||||||
4,847,339 | ||||||||
|
|
|||||||
Total U.S. Dollar Denominated Bonds &
Notes |
|
526,205,400 | ||||||
|
|
|||||||
U.S. Government Sponsored Agency Mortgage-Backed Securities-20.82% |
| |||||||
Collateralized Mortgage Obligations-0.42% |
| |||||||
Freddie Mac Military Housing Bonds Resecuritization Trust Ctfs., Series 2015-R1, Class B1, 5.25%, 11/25/2055(c)(i) |
905,532 | 785,901 | ||||||
Freddie Mac Multifamily Structured |
||||||||
Series 2014-K037, Class X1, IO, |
4,255,819 | 2,235 | ||||||
Series 2015-K042, Class X1, IO, |
4,048,776 | 32,422 | ||||||
Series 2017-K066, Class AM, |
250,000 | 232,075 | ||||||
Series 2017-KGX1, Class AFX, |
1,000,000 | 914,176 | ||||||
Series 2018-K074, Class AM, |
1,000,000 | 929,444 |
Principal Amount |
Value | |||||||
Collateralized Mortgage Obligations-(continued) |
| |||||||
Series 2018-K154, Class A3, |
$ | 1,000,000 | $ | 849,095 | ||||
Series K038, Class X1, IO, |
3,671,303 | 7,038 | ||||||
Seasoned Credit Risk Transfer Trust |
||||||||
Series 2017-3, Class HT, |
261,680 | 217,932 | ||||||
Series 2017-4, Class HT, |
394,879 | 340,909 | ||||||
|
|
|||||||
4,311,227 | ||||||||
|
|
|||||||
Federal Home Loan Mortgage Corp. (FHLMC)-2.16% |
| |||||||
0.00%, 12/14/2029(l) |
150,000 | 109,542 | ||||||
3.55%, 10/01/2033 |
462,029 | 391,270 | ||||||
3.00%, 10/01/2034 |
230,837 | 208,057 | ||||||
4.00%, 11/01/2048 to 07/01/2049 |
256,297 | 225,947 | ||||||
3.50%, 08/01/2049 |
1,687,927 | 1,436,260 | ||||||
6.00%, 06/01/2053 to 08/01/2053 |
13,671,946 | 13,347,859 | ||||||
5.50%, 07/01/2053 |
6,560,919 | 6,240,400 | ||||||
|
|
|||||||
21,959,335 | ||||||||
|
|
|||||||
Federal National Mortgage Association (FNMA)-1.48% |
| |||||||
2.82%, 10/01/2029 |
482,630 | 421,433 | ||||||
2.90%, 11/01/2029 |
492,004 | 428,461 | ||||||
3.08%, 10/01/2032 |
750,000 | 628,186 | ||||||
3.31%, 01/01/2033 |
987,615 | 842,924 | ||||||
2.50%, 10/01/2034 to 12/01/2034 |
2,149,200 | 1,917,765 | ||||||
3.50%, 05/01/2047 to 06/01/2047 |
1,608,504 | 1,382,127 | ||||||
4.00%, 11/01/2047 |
71,691 | 63,418 | ||||||
3.00%, 09/01/2049 to 10/01/2049 |
2,971,815 | 2,422,446 | ||||||
5.50%, 09/01/2053 |
7,362,337 | 6,994,640 | ||||||
|
|
|||||||
15,101,400 | ||||||||
|
|
|||||||
Government National Mortgage Association (GNMA)-4.29% |
| |||||||
4.00%, 07/20/2049 |
42,861 | 38,446 | ||||||
TBA, 2.00%, 11/01/2053(m) |
6,645,000 | 5,124,697 | ||||||
TBA, 2.50%, 11/01/2053(m) |
5,400,000 | 4,301,438 | ||||||
TBA, 4.50%, 11/01/2053(m) |
20,713,000 | 18,715,811 | ||||||
TBA, 5.50%, 11/01/2053(m) |
16,111,000 | 15,407,402 | ||||||
|
|
|||||||
43,587,794 | ||||||||
|
|
|||||||
Uniform Mortgage-Backed Securities-12.47% |
| |||||||
TBA, 1.50%, 11/01/2038(m) |
8,760,000 | 7,207,838 | ||||||
TBA, 2.00%, 11/01/2038(m) |
4,687,000 | 3,970,035 | ||||||
TBA, 2.50%, 11/01/2053(m) |
17,400,000 | 13,350,422 | ||||||
TBA, 3.50%, 11/01/2053(m) |
22,000,000 | 18,321,303 | ||||||
TBA, 4.00%, 11/01/2053(m) |
9,249,000 | 7,990,269 | ||||||
TBA, 4.50%, 11/01/2053(m) |
9,249,000 | 8,258,922 | ||||||
TBA, 5.00%, 11/01/2053(m) |
42,563,000 | 39,241,091 | ||||||
TBA, 5.50%, 11/01/2053(m) |
30,000,000 | 28,455,469 | ||||||
|
|
|||||||
126,795,349 | ||||||||
|
|
|||||||
Total U.S. Government Sponsored Agency Mortgage-Backed
Securities |
|
211,755,105 | ||||||
|
|
|||||||
Asset-Backed Securities-16.95% |
| |||||||
AMSR Trust, Series 2021-SFR3, Class B, 1.73%, 10/17/2038(c) |
4,460,000 | 3,876,231 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
65 | ||||
|
| |||
Invesco Total Return Bond ETF (GTO)–(continued)
October 31, 2023
Principal Amount |
Value | |||||||
Angel Oak Mortgage Trust |
||||||||
Series 2020-1, Class A1, 2.47%, 12/25/2059(c)(i) |
$ | 67,602 | $ | 62,610 | ||||
Series 2020-3, Class A1, 1.69%, 04/25/2065(c)(i) |
222,065 | 201,637 | ||||||
Series 2020-5, Class A1, 1.37%, 05/25/2065(c)(i) |
259,795 | 234,000 | ||||||
Series 2021-3, Class A1, 1.07%, 05/25/2066(c)(i) |
1,111,811 | 907,467 | ||||||
Series 2022-1, Class A1, 2.88%, 12/25/2066(c)(k) |
2,589,829 | 2,181,158 | ||||||
Series 2023-6, Class A1, 6.50%, 12/25/2067(c)(k) |
888,813 | 878,660 | ||||||
Avis Budget Rental Car Funding (AESOP) LLC |
||||||||
Series 2023-1A, Class A, 5.25%, 04/20/2029(c) |
718,000 | 687,584 | ||||||
Series 2023-4A, Class A, 5.49%, 06/20/2029(c) |
2,738,000 | 2,644,146 | ||||||
Bain Capital Credit CLO Ltd. (Cayman Islands), Series 2017-2A, Class AR2, 6.82% (3 mo. Term SOFR + 1.44%), 07/25/2034(c)(f) |
3,000,000 | 2,973,576 | ||||||
Bayview MSR Opportunity Master Fund Trust |
||||||||
Series 2021-4, Class A3, 3.00%, 10/25/2051(c)(i) |
1,692,895 | 1,303,149 | ||||||
Series 2021-4, Class A4, 2.50%, 10/25/2051(c)(i) |
1,692,895 | 1,245,313 | ||||||
Series 2021-4, Class A8, 2.50%, 10/25/2051(c)(i) |
1,570,194 | 1,297,142 | ||||||
Series 2021-5, Class A1, 3.00%, 11/25/2051(c)(i) |
1,884,938 | 1,450,978 | ||||||
Series 2021-5, Class A2, 2.50%, 11/25/2051(c)(i) |
2,300,049 | 1,691,943 | ||||||
Bear Stearns Asset Backed Securities I Trust, Series 2006-HE9, Class 2A, 5.72% (1 mo. Term SOFR + 0.39%), 11/25/2036(f) |
114,909 | 111,177 | ||||||
Benchmark Mortgage Trust |
||||||||
Series 2018-B3, Class C, 4.53%, 04/10/2051(i) |
2,500,000 | 1,762,272 | ||||||
Series 2019-B14, Class C, 3.77%, 12/15/2062(i) |
930,000 | 620,771 | ||||||
Series 2019-B15, Class B, 3.56%, 12/15/2072 |
2,000,000 | 1,449,922 | ||||||
BRAVO Residential Funding Trust |
||||||||
Series 2021-NQM2, Class A1, 0.97%, 03/25/2060(c)(i) |
318,610 | 292,923 | ||||||
Series 2021-NQM2, Class A2, 1.28%, 03/25/2060(c)(i) |
1,046,296 | 951,312 | ||||||
BX Commercial Mortgage Trust |
||||||||
Series 2021-VOLT, Class C, 6.55% (1 mo. Term SOFR +
1.21%), |
3,005,000 | 2,891,749 | ||||||
Series 2021-VOLT, Class D, 7.10% (1 mo. Term SOFR +
1.76%), |
8,799,000 | 8,418,403 |
Principal Amount |
Value | |||||||
BX Trust |
||||||||
Series 2021-LGCY, Class B, 6.30% (1 mo. Term SOFR + 0.97%), 10/15/2036(c)(f) |
$ | 10,000,000 | $ | 9,674,172 | ||||
Series 2022-LBA6, Class A, 6.33% (1 mo. Term SOFR + 1.00%), 01/15/2039(c)(f) |
2,085,000 | 2,036,753 | ||||||
Series 2022-LBA6, Class B, 6.63% (1 mo. Term SOFR + 1.30%), 01/15/2039(c)(f) |
1,285,000 | 1,252,368 | ||||||
Series 2022-LBA6, Class C, 6.93% (1 mo. Term SOFR + 1.60%), 01/15/2039(c)(f) |
690,000 | 670,915 | ||||||
Chase Home Lending Mortgage Trust, Series 2019-ATR2, Class A3, 3.50%, 07/25/2049(c)(i) |
84,005 | 70,253 | ||||||
CIFC Funding Ltd. (Cayman Islands) |
||||||||
Series 2014-5A, Class A1R2, 6.86% (3 mo. Term SOFR + 1.46%), 10/17/2031(c)(f) |
1,281,000 | 1,279,492 | ||||||
Series 2016-1A, Class ARR, 6.68% (3 mo. Term SOFR + 1.34%), 10/21/2031(c)(f) |
957,000 | 949,998 | ||||||
Citigroup Commercial Mortgage Trust, Series 2014-GC23, Class B, 4.18%, 07/10/2047(i) |
184,000 | 172,780 | ||||||
Citigroup Mortgage Loan Trust, Series 2021-INV3, Class A3, 2.50%, 05/25/2051(c)(i) |
1,726,138 | 1,271,917 | ||||||
COLT Mortgage Loan Trust |
||||||||
Series 2020-2, Class A1, 1.85%, 03/25/2065(c)(i) |
4,471 | 4,441 | ||||||
Series 2022-1, Class A1, 2.28%, 12/27/2066(c)(i) |
1,456,128 | 1,219,950 | ||||||
Series 2022-2, Class A1, 2.99%, 02/25/2067(c)(k) |
1,538,996 | 1,316,355 | ||||||
Credit Suisse Mortgage Capital Ctfs., Series 2020-SPT1, Class A1, 1.62%, 04/25/2065(c)(k) |
14,859 | 14,759 | ||||||
Credit Suisse Mortgage Capital Trust |
||||||||
Series 2021-NQM1, Class A1, 0.81%, 05/25/2065(c)(i) |
476,043 | 394,680 | ||||||
Series 2021-NQM2, Class A1, 1.18%, 02/25/2066(c)(i) |
254,059 | 209,383 | ||||||
Series 2022-ATH1, Class A1A, 2.87%, 01/25/2067(c)(i) |
1,976,958 | 1,796,542 | ||||||
Series 2022-ATH1, Class A1B, 3.35%, 01/25/2067(c)(i) |
1,160,000 | 936,437 | ||||||
CSAIL Commercial Mortgage Trust, Series 2020-C19, Class A3, 2.56%, 03/15/2053 |
1,459,000 | 1,160,031 | ||||||
Domino’s Pizza Master Issuer LLC, Series 2019-1A, Class A2, 3.67%, 10/25/2049(c) |
1,925,000 | 1,645,202 | ||||||
Dryden 93 CLO Ltd. (Cayman Islands), Series 2021-93A, Class A1A, 6.74% (3 mo. Term SOFR + 1.34%), 01/15/2034(c)(f) |
532,495 | 527,852 | ||||||
DT Auto Owner Trust, Series 2019-3A, Class D, 2.96%, 04/15/2025(c) |
40,148 | 40,092 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
66 | ||||
|
| |||
Invesco Total Return Bond ETF (GTO)–(continued)
October 31, 2023
Principal Amount |
Value | |||||||
Ellington Financial Mortgage Trust |
||||||||
Series 2019-2, Class A1, 2.74%, 11/25/2059(c)(i) |
$ | 181,018 | $ | 166,553 | ||||
Series 2020-1, Class A1, 2.01%, 05/25/2065(c)(i) |
24,974 | 23,963 | ||||||
Series 2021-1, Class A1, 0.80%, 02/25/2066(c)(i) |
255,248 | 206,363 | ||||||
Series 2022-1, Class A1, 2.21%, 01/25/2067(c)(i) |
1,373,840 | 1,101,507 | ||||||
Extended Stay America Trust, Series 2021-ESH, Class B, 6.83% (1 mo. Term SOFR + 1.49%), 07/15/2038(c)(f) |
658,408 | 646,910 | ||||||
Flagstar Mortgage Trust |
||||||||
Series 2021-11IN, Class A6, 3.70%, 11/25/2051(c)(i) |
2,833,092 | 2,333,057 | ||||||
Series 2021-8INV, Class A6, 2.50%, 09/25/2051(c)(i) |
1,024,771 | 840,919 | ||||||
Frontier Issuer LLC, Series 2023-1, Class A2, 6.60%, 08/20/2053(c) |
2,515,295 | 2,392,700 | ||||||
GCAT Trust, Series 2019-NQM3, Class A1, 2.69%, 11/25/2059(c)(i) |
262,732 | 242,218 | ||||||
GoldenTree Loan Management US CLO 1 Ltd. (Cayman Islands), Series 2021-9A, Class A, 6.75% (3 mo. Term SOFR + 1.33%), 01/20/2033(c)(f) |
4,000,000 | 3,983,040 | ||||||
GoldenTree Loan Management US CLO 2 Ltd. (Cayman Islands), Series 2017-2A, Class AR, 6.59% (3 mo. Term SOFR + 1.17%), 11/20/2030(c)(f) |
2,020,352 | 2,014,097 | ||||||
GoldenTree Loan Management US CLO 5 Ltd. (Cayman Islands), Series 2019-5A, Class AR, 6.75% (3 mo. Term SOFR + 1.33%), 10/20/2032(c)(f) |
5,000,000 | 4,971,025 | ||||||
Golub Capital Partners CLO 40(B) Ltd. (Cayman Islands), Series 2019-40A, Class AR, 6.73% (3 mo. Term SOFR + 1.35%), 01/25/2032(c)(f) |
8,000,000 | 7,900,344 | ||||||
GS Mortgage Securities Trust |
||||||||
Series 2020-GC45, Class A5, 2.91%, 02/13/2053 |
1,560,000 | 1,283,406 | ||||||
Series 2020-GC47, Class A5, 2.38%, 05/12/2053 |
1,530,000 | 1,208,514 | ||||||
GS Mortgage-Backed Securities Trust, Series 2021-INV1, Class A6, 2.50%, 12/25/2051(c)(i) |
3,905,650 | 3,225,759 | ||||||
Hertz Vehicle Financing III L.P. |
||||||||
Series 2021-2A, Class A, 1.68%, 12/27/2027(c) |
539,000 | 472,379 | ||||||
Series 2021-2A, Class B, 2.12%, 12/27/2027(c) |
286,000 | 250,888 | ||||||
Hertz Vehicle Financing LLC, Series 2021-1A, Class B, 1.56%, 12/26/2025(c) |
175,000 | 166,608 | ||||||
HPEFS Equipment Trust, Series 2023- 2A, Class A2, 6.04%, 01/21/2031(c) . |
750,000 | 749,889 |
Principal Amount |
Value | |||||||
IP Lending III Ltd. (Cayman Islands), Series 2022-3A, Class SNR, 3.38%, 11/02/2026(c)(h) |
$ | 235,840 | $ | 202,044 | ||||
IP Lending VII Ltd. (Bermuda), Series 2022-7A, Class SNR, 8.00%, 10/11/2027(c)(h) |
2,746,000 | 2,746,000 | ||||||
JP Morgan Mortgage Trust, Series 2021-LTV2, Class A1, 2.52%, 05/25/2052(c)(i) |
2,293,311 | 1,737,535 | ||||||
JPMDB Commercial Mortgage Securities Trust, Series 2020-COR7, Class C, 3.72%, 05/13/2053(i) |
2,908,000 | 1,598,583 | ||||||
KKR CLO 30 Ltd. (Cayman Islands), Series 30A, Class A1R, 6.68% (3 mo. Term SOFR + 1.28%), 10/17/2031(c)(f) |
5,000,000 | 4,978,535 | ||||||
Life Mortgage Trust |
||||||||
Series 2021-BMR, Class B, 6.33% (1 mo. Term SOFR + 0.99%), 03/15/2038(c)(f) |
1,213,968 | 1,181,908 | ||||||
Series 2021-BMR, Class C, 6.55% (1 mo. Term SOFR + 1.21%), 03/15/2038(c)(f) |
491,485 | 474,937 | ||||||
Med Trust, Series 2021-MDLN, Class A, 6.40% (1 mo. Term SOFR + 1.06%), 11/15/2038(c)(f) |
1,353,504 | 1,315,555 | ||||||
Mello Mortgage Capital Acceptance Trust |
||||||||
Series 2021-INV2, Class A4, 2.50%, 08/25/2051(c)(i) |
1,022,638 | 843,558 | ||||||
Series 2021-INV3, Class A4, 2.50%, 10/25/2051(c)(i) |
1,069,424 | 880,113 | ||||||
MFA Trust, Series 2021-INV2, Class A1, 1.91%, 11/25/2056(c)(i) |
4,083,790 | 3,320,507 | ||||||
MHP Commercial Mortgage Trust, Series 2021-STOR, Class B, 6.35% (1 mo. Term SOFR + 1.01%), 07/15/2038(c)(f) |
615,000 | 598,818 | ||||||
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C25, Class B, 4.52%, 10/15/2048(i) |
1,032,000 | 950,322 | ||||||
Morgan Stanley Capital I Trust, Series 2019-L3, Class AS, 3.49%, 11/15/2052 |
1,580,000 | 1,293,219 | ||||||
Neuberger Berman Loan Advisers CLO 40 Ltd. (Cayman Islands), Series 2021-40A, Class A, 6.72% (3 mo. Term SOFR + 1.32%), 04/16/2033(c)(f) |
1,023,000 | 1,018,479 | ||||||
New Residential Mortgage Loan Trust |
||||||||
Series 2019-NQM4, Class A1, 2.49%, 09/25/2059(c)(i) |
140,911 | 127,573 | ||||||
Series 2020-NQM1, Class A1, 2.46%, 01/26/2060(c)(i) |
483,964 | 429,056 | ||||||
Series 2022-NQM2, Class A1, 3.08%, 03/27/2062(c)(i) |
1,444,542 | 1,245,582 | ||||||
OBX Trust |
||||||||
Series 2022-NQM1, Class A1, 2.31%, 11/25/2061(c)(i) |
1,689,696 | 1,382,418 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
67 | ||||
|
| |||
Invesco Total Return Bond ETF (GTO)–(continued)
October 31, 2023
Principal Amount |
Value | |||||||
Series 2022-NQM2, Class A1, 2.95%, 01/25/2062(c)(i) |
$ | 2,221,692 | $ | 1,877,211 | ||||
Series 2022-NQM2, Class A1A, 2.78%, 01/25/2062(c)(k) |
1,396,844 | 1,233,714 | ||||||
Series 2022-NQM2, Class A1B, 3.38%, 01/25/2062(c)(k) |
1,415,000 | 1,076,674 | ||||||
Oceanview Mortgage Trust, Series 2021-3, Class A5, 2.50%, 07/25/2051(c)(i) |
1,126,706 | 937,144 | ||||||
OCP CLO Ltd. (Cayman Islands) |
||||||||
Series 2017-13A, Class A1AR, 6.62% (3 mo. Term SOFR +
1.22%), |
2,912,113 | 2,895,650 | ||||||
Series 2020-8RA, Class A1, 6.88% (3 mo. Term SOFR +
1.48%), |
1,730,000 | 1,724,621 | ||||||
Octagon Investment Partners 31 Ltd. (Cayman Islands), Series 2017-1A, Class AR, 6.73% (3 mo. Term SOFR + 1.31%), 07/20/2030(c)(f) |
3,226,601 | 3,213,682 | ||||||
Octagon Investment Partners 49 Ltd. (Cayman Islands), Series 2020-5A, Class A1, 6.88% (3 mo. Term SOFR + 1.48%), 01/15/2033(c)(f) |
3,000,000 | 2,994,366 | ||||||
One Bryant Park Trust, Series 2019- OBP, Class A, 2.52%, 09/15/2054(c) |
457,000 | 358,910 | ||||||
Onslow Bay Mortgage Loan Trust, Series 2021-NQM4, Class A1, 1.96%, 10/25/2061(c)(i) |
1,857,366 | 1,442,658 | ||||||
PPM CLO 3 Ltd. (United Kingdom), Series 2019-3A, Class AR, 6.75% (3 mo. Term SOFR + 1.35%), 04/17/2034(c)(f) |
250,000 | 245,559 | ||||||
Qdoba Funding LLC, Series 2023-1A, Class A2, 8.50%, 09/14/2053(c) |
2,928,000 | 2,861,017 | ||||||
Race Point VIII CLO Ltd. (Cayman Islands), Series 2013-8A, Class AR2, 6.68% (3 mo. Term SOFR + 1.30%), 02/20/2030(c)(f) |
528,454 | 526,164 | ||||||
Residential Mortgage Loan Trust |
||||||||
Series 2019-3, Class A1, 2.63%, 09/25/2059(c)(i) |
9,753 | 9,464 | ||||||
Series 2020-1, Class A1, 2.38%, 01/26/2060(c)(i) |
39,482 | 37,503 | ||||||
SG Residential Mortgage Trust, Series 2022-1, Class A1, 3.17%, 03/27/2062(c)(i) |
2,576,817 | 2,205,818 | ||||||
Sonic Capital LLC |
||||||||
Series 2020-1A, Class A2I, 3.85%, 01/20/2050(c) |
1,576,447 | 1,433,047 | ||||||
Series 2021-1A, Class A2I, 2.19%, 08/20/2051(c) |
1,801,667 | 1,450,372 | ||||||
Series 2021-1A, Class A2II, 2.64%, 08/20/2051(c) |
1,840,834 | 1,352,503 | ||||||
STAR Trust, Series 2021-1, Class A1, 1.22%, 05/25/2065(c)(i) |
877,916 | 760,412 | ||||||
Starwood Mortgage Residential Trust |
||||||||
Series 2020-1, Class A1, 2.28%, 02/25/2050(c)(i) |
12,744 | 11,828 |
Principal Amount |
Value | |||||||
Series 2020-INV1, Class A1, 1.03%, 11/25/2055(c)(i) |
$ | 553,605 | $ | 486,011 | ||||
Series 2021-6, Class A1, 1.92%, 11/25/2066(c)(i) |
2,395,464 | 1,858,818 | ||||||
Series 2022-1, Class A1, 2.45%, 12/25/2066(c)(i) |
1,812,900 | 1,485,039 | ||||||
Store Master Funding I-VII, Series 2016-1A, Class A2, 4.32%, 10/20/2046(c) |
435,948 | 396,409 | ||||||
Taco Bell Funding LLC, Series 2016-1A, Class A23, 4.97%, 05/25/2046(c) |
140,625 | 135,482 | ||||||
Textainer Marine Containers VII Ltd. (China), Series 2021-2A, Class A, 2.23%, 04/20/2046(c) |
1,288,000 | 1,098,325 | ||||||
TierPoint Issuer LLC, Series 2023-1A, Class A2, 6.00%, 06/25/2053(c) |
2,865,000 | 2,704,976 | ||||||
Tricon American Homes Trust, Series 2020-SFR2, Class A, 1.48%, 11/17/2039(c) |
991,396 | 833,078 | ||||||
Verus Securitization Trust |
||||||||
Series 2020-INV1, Class A1, 0.33%, 03/25/2060(c)(i) |
18,616 | 18,287 | ||||||
Series 2021-1, Class A1B, 1.32%, 01/25/2066(c)(i) |
922,575 | 765,307 | ||||||
Series 2021-2, Class A1, 1.03%, 02/25/2066(c)(i) |
1,243,721 | 1,025,381 | ||||||
Series 2021-7, Class A1, 1.83%, 10/25/2066(c)(i) |
1,800,091 | 1,486,516 | ||||||
Series 2021-R1, Class A1, 0.82%, 10/25/2063(c)(i) |
733,976 | 654,488 | ||||||
Series 2022-1, Class A1, 2.72%, 01/25/2067(c)(k) |
1,414,356 | 1,201,193 | ||||||
Visio Trust, Series 2020-1R, Class A1, 1.31%, 11/25/2055(c) |
191,590 | 169,128 | ||||||
Wells Fargo Commercial Mortgage Trust, Series 2016-NXS5, Class XA, IO, 1.40%, 01/15/2059(j) |
1,297,298 | 32,126 | ||||||
Wendy’s Funding LLC, Series 2019-1A, Class A2II, 4.08%, 06/15/2049(c) |
451,250 | 395,961 | ||||||
WFRBS Commercial Mortgage Trust, Series 2014-C23, Class B, 4.39%, 10/15/2057(i) |
307,000 | 281,484 | ||||||
Zaxby’s Funding LLC, Series 2021-1A, Class A2, 3.24%, 07/30/2051(c) |
4,203,250 | 3,447,418 | ||||||
|
|
|||||||
Total Asset-Backed Securities |
172,407,120 | |||||||
|
|
|||||||
U.S. Treasury Securities-15.69% |
| |||||||
U.S. Treasury Bills-0.43%(n) |
||||||||
4.79%–4.83%, 04/18/2024(o) |
4,487,000 | 4,374,934 | ||||||
|
|
|||||||
U.S. Treasury Bonds-5.32% |
||||||||
4.38%, 08/15/2043 |
3,091,800 | 2,757,982 | ||||||
3.63%, 05/15/2053 |
65,777,300 | 51,285,739 | ||||||
|
|
|||||||
54,043,721 | ||||||||
|
|
|||||||
U.S. Treasury Notes-9.94% |
||||||||
5.00%, 10/31/2025 |
5,922,000 | 5,915,060 | ||||||
4.63%, 10/15/2026 |
402,000 | 399,032 | ||||||
4.88%, 10/31/2028 |
51,076,500 | 51,188,230 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
68 | ||||
|
| |||
Invesco Total Return Bond ETF (GTO)–(continued)
October 31, 2023
Principal Amount |
Value | |||||||
U.S. Treasury Notes-(continued) |
||||||||
4.88%, 10/31/2030 |
$ | 911,500 | $ | 909,791 | ||||
3.88%, 08/15/2033 |
46,376,100 | 42,691,374 | ||||||
|
|
|||||||
101,103,487 | ||||||||
|
|
|||||||
Total U.S. Treasury Securities |
|
159,522,142 | ||||||
|
|
|||||||
Agency Credit Risk Transfer Notes-0.66% |
| |||||||
Fannie Mae Connecticut Avenue Securities |
||||||||
Series 2022-R03, Class 1M1, 7.42% (30 Day Average SOFR + 2.10%), 03/25/2042(c)(f)(p)(q) |
1,966,488 | 1,985,432 | ||||||
Series 2022-R04, Class 1M1, 7.32% (30 Day Average SOFR + 2.00%), 03/25/2042(c)(f)(p)(q) |
970,259 | 975,688 | ||||||
Series 2023-R02, Class 1M1, 7.62% (30 Day Average SOFR + 2.30%), 01/25/2043(c)(f)(p)(q) |
641,016 | 649,833 | ||||||
Freddie Mac |
||||||||
Series 2020-DNA5, Class M2, STACR® , 8.12% (30 Day Average SOFR + 2.80%), 10/25/2050(c)(f)(q)(r) |
262,255 | 265,802 | ||||||
Series 2022-DNA3, Class M1A, STACR® , 7.32% (30 Day Average SOFR + 2.00%), 04/25/2042(c)(f)(q)(r) |
1,371,272 | 1,384,214 | ||||||
Series 2022-HQA3, Class M1, STACR® , 7.62% (30 Day Average SOFR + 2.30%), 08/25/2042(c)(f)(q)(r) |
868,674 | 880,273 | ||||||
Series 2023-DNA1, Class M1, |
||||||||
STACR® , 7.42% (30 Day Average SOFR + 2.10%), 03/25/2043(c)(f)(q)(r) |
551,268 | 555,558 | ||||||
|
|
|||||||
Total Agency Credit Risk Transfer Notes |
|
6,696,800 | ||||||
|
|
|||||||
Shares | ||||||||
Preferred Stocks-0.46% |
||||||||
Diversified Banks-0.17% |
||||||||
Citigroup, Inc. |
||||||||
Series U, Pfd., 5.00%(d) |
1,196,000 | 1,134,899 | ||||||
Series W, Pfd., 4.00%(d) |
691,000 | 595,008 | ||||||
|
|
|||||||
1,729,907 | ||||||||
|
|
|||||||
Diversified Financial Services-0.29% |
||||||||
Apollo Global Management, Inc., Pfd., 7.63%(d) |
111,250 | 2,910,300 | ||||||
|
|
|||||||
Life & Health Insurance-0.00% |
||||||||
MetLife, Inc., Series G, Pfd., 3.85%(d) |
23,000 | 20,969 | ||||||
|
|
|||||||
Total Preferred Stocks |
4,661,176 | |||||||
|
|
Principal Amount |
Value | |||||||
U.S. Government Sponsored Agency Securities-0.24% |
| |||||||
Fannie Mae STRIPS |
||||||||
0.00%, 05/15/2029(l) |
$ 450,000 | $ | 337,510 | |||||
0.00%, 01/15/2030(l) |
1,300,000 | 939,135 | ||||||
0.00%, 05/15/2030(l) |
850,000 | 602,917 | ||||||
Freddie Mac STRIPS, 0.00%, 09/15/2030(l) |
350,000 | 248,124 | ||||||
Tennessee Valley Authority |
||||||||
5.38%, 04/01/2056 |
100,000 | 93,398 | ||||||
4.25%, 09/15/2065 |
250,000 | 189,592 | ||||||
|
|
|||||||
Total U.S. Government Sponsored Agency Securities |
|
2,410,676 | ||||||
|
|
|||||||
Municipal Obligations-0.19% |
| |||||||
California (State of) Health Facilities Financing Authority (Social Bonds) |
||||||||
Series 2022, RB, 4.19%, 06/01/2037 |
735,000 | 622,212 | ||||||
Series 2022, RB, 4.35%, 06/01/2041 |
590,000 | 482,411 | ||||||
Illinois (State of), Series 2010-1, GO Bonds, (INS - AGM), 6.63%, 02/01/2035(s) |
184,615 | 186,522 | ||||||
Los Angeles (City of), CA Department of Water & Power, Series 2010, RB, 6.57%, 07/01/2045 |
255,000 | 272,394 | ||||||
Texas (State of) Transportation Commission (Central Texas Turnpike System), Series 2020 C, Ref. RB, 3.03%, 08/15/2041 |
580,000 | 382,032 | ||||||
|
|
|||||||
Total Municipal Obligations(t) |
1,945,571 | |||||||
|
|
|||||||
Shares | ||||||||
Exchange-Traded Funds-0.05% |
| |||||||
Invesco High Yield Select ETF(b)(u) |
10,000 | 241,800 | ||||||
Invesco Short Duration Bond ETF(b)(u) |
12,000 | 293,280 | ||||||
|
|
|||||||
Total Exchange-Traded Funds |
535,080 | |||||||
|
|
|||||||
Principal Amount |
||||||||
Non-U.S. Dollar Denominated Bonds & Notes-0.05%(v) |
| |||||||
Investment Banking & Brokerage-0.04% |
| |||||||
GTCR W-2 Merger Sub LLC/GTCR W Dutch Finance Sub B.V. (Netherlands), 8.50%, 01/15/2031(c) |
GBP 375,000 | 457,888 | ||||||
|
|
|||||||
Sovereign Debt-0.01% |
||||||||
Ukraine Government International Bond (Ukraine), 4.38%, 01/27/2032(c)(g) |
|
EUR 309,000 |
|
75,284 | ||||
|
|
|||||||
Total Non-U.S. Dollar Denominated Bonds &
Notes |
|
533,172 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
69 | ||||
|
| |||
Invesco Total Return Bond ETF (GTO)–(continued)
October 31, 2023
Shares | Value | |||||||
Common Stocks & Other Equity Interests-0.00% |
| |||||||
Agricultural Products & Services-0.00% |
| |||||||
Locus Agriculture Solutions, Inc., Wts.,expiring
12/31/2032(h)(w) |
14 | $ | 0 | |||||
|
|
|||||||
Options Purchased-0.04% |
|
|||||||
(Cost $387,186)† |
|
394,200 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES |
|
1,087,066,442 | ||||||
|
|
|||||||
Investments Purchased with Cash Collateral from Securities on Loan |
|
|||||||
Money Market Funds-8.78% |
|
|||||||
Invesco Private Government Fund, 5.32%(u)(x)(y) |
24,387,300 | 24,387,300 |
Shares | Value | |||||||
Money Market Funds-(continued) |
| |||||||
Invesco Private Prime Fund, 5.53%(u)(x)(y) |
64,895,182 | $ | 64,901,672 | |||||
|
|
|||||||
Total Investments Purchased with Cash Collateral from
Securities on Loan |
|
89,288,972 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES-115.68% |
|
1,176,355,414 | ||||||
OTHER ASSETS LESS LIABILITIES-(15.68)% |
|
(159,471,246 | ) | |||||
|
|
|||||||
NET ASSETS-100.00% |
|
$ | 1,016,884,168 | |||||
|
|
Investment Abbreviations:
AGM |
-Assured Guaranty Municipal Corp. |
CLO |
-Collateralized Loan Obligation |
Ctfs. |
-Certificates |
ETF |
-Exchange-Traded Fund |
EUR |
-Euro |
GBP |
-British Pound Sterling |
GO |
-General Obligation |
INS |
-Insurer |
IO |
-Interest Only |
Pfd. |
-Preferred |
RB |
-Revenue Bonds |
Ref. |
-Refunding |
REIT |
-Real Estate Investment Trust |
SOFR |
-Secured Overnight Financing Rate |
STACR® |
-Structured Agency Credit Risk |
STRIPS |
-Separately Traded Registered Interest and Principal Security |
TBA |
-To Be Announced |
Wts. |
-Warrants |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
70 | ||||
|
| |||
Invesco Total Return Bond ETF (GTO)–(continued)
October 31, 2023
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) |
All or a portion of this security was out on loan at October 31, 2023. |
(c) |
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, 2023 was $317,232,576, which represented 31.20% of the Fund’s Net Assets. |
(d) |
Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate. |
(e) |
Perpetual bond with no specified maturity date. |
(f) |
Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on October 31, 2023. |
(g) |
Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at October 31, 2023 was $235,910, which represented less than 1% of the Fund’s Net Assets. |
(h) |
Security valued using significant unobservable inputs (Level 3). See Note 5. |
(i) |
Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on October 31, 2023. |
(j) |
Interest only security. Principal amount shown is the notional principal and does not reflect the maturity value of the security. Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on October 31, 2023. |
(k) |
Step coupon bond. The interest rate represents the coupon rate at which the bond will accrue at a specified future date. |
(l) |
Denotes a zero coupon security issued at a substantial discount from its value at maturity. |
(m) |
Security purchased on a forward commitment basis. This security is subject to dollar roll transactions. See Note 2J. |
(n) |
Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund. |
(o) |
$4,374,934 was pledged as collateral to cover margin requirements for open futures contracts. See Note 2P. |
(p) |
CAS notes are bonds issued by Fannie Mae. The amount of periodic principal and ultimate principal paid by Fannie Mae is determined by the performance of a large and diverse reference pool. |
(q) |
Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on October 31, 2023. |
(r) |
Principal payments are determined by the delinquency and principal payment experience on the STACR® reference pool. Freddie Mac transfers credit risk from the mortgages in the reference pool to credit investors who invest in the STACR® debt notes. |
(s) |
Principal and/or interest payments are secured by the bond insurance company listed. |
(t) |
Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligations but may be called upon to satisfy the issuer’s obligations. No concentration of any single entity was greater than 5% each. |
(u) |
Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended October 31, 2023. |
Value October 31, 2022 |
Purchases at Cost |
Proceeds from Sales |
Change
in Unrealized Appreciation (Depreciation) |
Realized Gain |
Value October 31, 2023 |
Dividend Income | |||||||||||||||||||||||||||||
Invesco High Yield Select ETF |
$ | - | $ | 249,153 | $ | - | $ | (7,353 | ) | $ | - | $ | 241,800 | $ | 9,198 | ||||||||||||||||||||
Invesco Short Duration Bond ETF |
- | 298,782 | - | (5,502 | ) | - | 293,280 | 8,579 | |||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: |
|||||||||||||||||||||||||||||||||||
Invesco Private Government Fund |
23,693,081 | 213,633,833 | (212,939,614 | ) | - | - | 24,387,300 | 1,056,384 | * | ||||||||||||||||||||||||||
Invesco Private Prime Fund |
59,702,935 | 438,558,714 | (433,376,490 | ) | 3,821 | 12,692 | 64,901,672 | 2,876,027 | * | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Total |
$ | 83,396,016 | $ | 652,740,482 | $ | (646,316,104 | ) | $ | (9,034 | ) | $ | 12,692 | $ | 89,824,052 | $ | 3,950,188 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
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. |
(v) |
Foreign denominated security. Principal amount is denominated in the currency indicated. |
(w) |
Non-income producing security. |
(x) |
The rate shown is the 7-day SEC standardized yield as of October 31, 2023. |
(y) |
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 2M. |
† |
The table below details options purchased. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
71 | ||||
|
| |||
Invesco Total Return Bond ETF (GTO)–(continued)
October 31, 2023
Open Exchange-Traded Index Options Purchased |
||||||||||||||||||||||||
Description |
Type of Contract |
Expiration Date | Number of Contracts |
Exercise Price | Notional Value* |
Value | ||||||||||||||||||
Equity Risk |
||||||||||||||||||||||||
S&P 500 Index |
Call | 03/15/2024 | 30 | $4,320 | $12,960,000 | $394,200 |
* |
Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier. |
Open Exchange-Traded Index Options Written |
||||||||||||||||||||||||
Description |
Type
of Contract |
Expiration Date |
Number of Contracts |
Exercise Price |
Notional Value* |
Value | ||||||||||||||||||
Equity Risk |
||||||||||||||||||||||||
S&P 500 Index |
Call | 03/15/2024 | 30 | $4,600 | $ | (13,800,000 | ) | $ | (89,100 | ) |
* |
Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier. |
Open Futures Contracts | ||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||
Long Futures Contracts |
Number of Contracts |
Expiration Month |
Notional Value |
Value | Unrealized Appreciation (Depreciation) | |||||||||||||||||||||||||||||||||||||
Interest Rate Risk |
||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury 10 Year Notes |
453 | December-2023 | $ | 48,095,859 | $ | (1,554,247 | ) | $ | (1,554,247 | ) | ||||||||||||||||||||||||||||||||
U.S. Treasury Long Bonds |
213 | December-2023 | 23,310,187 | (2,305,203 | ) | (2,305,203 | ) | |||||||||||||||||||||||||||||||||||
U.S. Treasury Ultra Bonds |
5 | December-2023 | 562,813 | (75,937 | ) | (75,937 | ) | |||||||||||||||||||||||||||||||||||
U.S. Treasury 2 Year Notes |
886 | December-2023 | 179,345,782 | (983,613 | ) | (983,613 | ) | |||||||||||||||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||||||||||||||||||||
Subtotal–Long Futures Contracts |
(4,919,000 | ) | (4,919,000 | ) | ||||||||||||||||||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||||||||||||||||||||
Short Futures Contracts |
||||||||||||||||||||||||||||||||||||||||||
Interest Rate Risk |
||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury 5 Year Notes |
740 | December-2023 | (77,312,656 | ) | 680,754 | 680,754 | ||||||||||||||||||||||||||||||||||||
U.S. Treasury 10 Year Ultra Notes |
885 | December-2023 | (96,312,891 | ) | 5,871,781 | 5,871,781 | ||||||||||||||||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||||||||||||||||||||
Subtotal–Short Futures Contracts |
6,552,535 | 6,552,535 | ||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||||||||||||||||||||
Total Futures Contracts |
$ | 1,633,535 | $ | 1,633,535 | ||||||||||||||||||||||||||||||||||||||
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
72 | ||||
|
| |||
Invesco Ultra Short Duration ETF (GSY)
October 31, 2023
Schedule of Investments(a)
Principal Amount |
Value | |||||||
U.S. Dollar Denominated Bonds & Notes-48.55% |
| |||||||
Agricultural & Farm Machinery-0.46% |
|
|||||||
John Deere Capital Corp., 5.86% (SOFR + 0.50%), 07/03/2025(b)(c) |
$ | 8,737,000 | $ | 8,756,239 | ||||
|
|
|||||||
Asset Management & Custody Banks-1.14% |
|
|||||||
Ares Capital Corp. |
|
|||||||
4.20%, 06/10/2024 |
10,000,000 | 9,832,819 | ||||||
7.00%, 01/15/2027 |
4,285,000 | 4,270,826 | ||||||
Blue Owl Capital Corp., 5.25%, 04/15/2024 |
7,400,000 | 7,342,616 | ||||||
|
|
|||||||
21,446,261 | ||||||||
|
|
|||||||
Automobile Manufacturers-2.19% |
|
|||||||
Mercedes-Benz Finance North America LLC (Germany) |
||||||||
5.50%, 11/27/2024(d) |
11,250,000 | 11,221,403 | ||||||
6.29% (SOFR + 0.93%), 03/30/2025(b)(c)(d) |
20,000,000 | 20,133,227 | ||||||
Volkswagen Group of America Finance LLC (Germany), 5.80%, 09/12/2025(d) |
10,000,000 | 9,956,859 | ||||||
|
|
|||||||
41,311,489 | ||||||||
|
|
|||||||
Automotive Parts & Equipment-0.53% |
|
|||||||
American Honda Finance Corp., 6.14% (SOFR + 0.78%), 04/23/2025(c) |
10,000,000 | 10,002,770 | ||||||
|
|
|||||||
Biotechnology-0.63% |
|
|||||||
Gilead Sciences, Inc., 3.70%, 04/01/2024 |
12,000,000 | 11,891,656 | ||||||
|
|
|||||||
Construction Materials-0.42% |
|
|||||||
Vulcan Materials Co., 5.80%, 03/01/2026 |
8,000,000 | 7,933,734 | ||||||
|
|
|||||||
Consumer Finance-2.27% |
|
|||||||
American Express Co., 2.25%, 03/04/2025 |
12,500,000 | 11,891,546 | ||||||
Capital One Financial Corp. |
|
|||||||
6.04% (SOFR + 0.69%), 12/06/2024(c) |
7,000,000 | 6,919,513 | ||||||
4.17%, 05/09/2025(e) |
9,600,000 | 9,406,593 | ||||||
General Motors Financial Co., Inc., 6.11% (SOFR + 0.76%), 03/08/2024(c) |
14,628,000 | 14,615,999 | ||||||
|
|
|||||||
42,833,651 | ||||||||
|
|
|||||||
Diversified Banks-12.58% |
|
|||||||
Bank of America Corp., 3.46%, 03/15/2025(e) |
8,050,000 | 7,954,934 | ||||||
Bank of America N.A., 5.53%, 08/18/2026 |
12,000,000 | 11,910,809 | ||||||
Bank of Montreal (Canada), 6.31% (SOFR + 0.95%), 09/25/2025(c) |
5,000,000 | 5,008,602 | ||||||
Bank of Nova Scotia (The) (Canada), 6.44% (SOFR + 1.09%), 06/12/2025(c) |
15,000,000 | 15,047,437 | ||||||
Barclays PLC (United Kingdom), 6.50%, 09/13/2027(e) |
12,000,000 | 11,891,194 |
Principal Amount |
Value | |||||||
Diversified Banks-(continued) |
|
|||||||
BPCE S.A. (France) |
|
|||||||
5.15%, 07/21/2024(d) |
$ | 5,040,000 | $ | 4,967,359 | ||||
6.32% (SOFR + 0.96%), 09/25/2025(c)(d) |
9,500,000 | 9,508,174 | ||||||
Canadian Imperial Bank of Commerce (Canada), 6.58% (SOFR + 1.22%), 10/02/2026(c) |
10,000,000 | 10,004,984 | ||||||
Citibank N.A., 6.16% (SOFR + 0.81%), 09/29/2025(c) |
9,524,000 | 9,529,912 | ||||||
Citigroup, Inc., 0.98%, 05/01/2025(e) |
12,000,000 | 11,649,118 | ||||||
Fifth Third Bancorp, 3.65%, 01/25/2024 |
5,993,000 | 5,950,480 | ||||||
JPMorgan Chase & Co., 4.08%, 04/26/2026(e) |
13,000,000 | 12,603,546 | ||||||
KeyBank N.A., 5.67% (SOFR + 0.32%), 06/14/2024(c) |
8,109,000 | 7,930,370 | ||||||
Lloyds Banking Group PLC (United Kingdom) |
|
|||||||
4.45%, 05/08/2025 |
11,290,000 | 10,969,151 | ||||||
6.93% (SOFR + 1.56%), 08/07/2027(c) |
9,474,000 | 9,491,959 | ||||||
Manufacturers & Traders Trust Co., 2.90%, 02/06/2025 |
11,588,000 | 10,990,595 | ||||||
Mitsubishi UFJ Financial Group, Inc. (Japan) |
|
|||||||
2.19%, 02/25/2025 |
6,461,000 | 6,140,806 | ||||||
0.95%, 07/19/2025(b)(e) |
9,000,000 | 8,657,591 | ||||||
National Securities Clearing Corp., 5.15%, 05/30/2025(d) |
2,365,000 | 2,348,555 | ||||||
Sumitomo Mitsui Financial Group, Inc. (Japan), 0.51%, 01/12/2024 |
1,364,000 | 1,349,458 | ||||||
Swedbank AB (Sweden) |
|
|||||||
6.73% (SOFR + 1.38%), 06/15/2026(c)(d) |
15,000,000 | 15,143,799 | ||||||
6.14%, 09/12/2026(d) |
4,065,000 | 4,026,986 | ||||||
Toronto-Dominion Bank (The) (Canada) |
|
|||||||
6.44% (SOFR + 1.08%), 07/17/2026(b)(c) |
12,500,000 | 12,513,069 | ||||||
7.00%, 10/20/2026(e) |
9,800,000 | 9,800,198 | ||||||
Wells Fargo & Co., 6.68% (SOFR + 1.32%), 04/25/2026(b)(c) |
12,000,000 | 12,064,065 | ||||||
Wells Fargo Bank N.A., 6.17% (SOFR + 0.80%), 08/01/2025(c) |
10,000,000 | 10,009,340 | ||||||
|
|
|||||||
237,462,491 | ||||||||
|
|
|||||||
Diversified Capital Markets-0.83% |
|
|||||||
Macquarie Group Ltd. (Australia) |
|
|||||||
1.20%, 10/14/2025(d)(e) |
7,143,000 | 6,796,177 | ||||||
6.07% (SOFR + 0.71%), 10/14/2025(c)(d) |
9,000,000 | 8,945,060 | ||||||
|
|
|||||||
15,741,237 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
73 | ||||
|
| |||
Invesco Ultra Short Duration ETF (GSY)–(continued)
October 31, 2023
Principal Amount |
Value | |||||||
Diversified Financial Services-0.66% |
|
|||||||
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland), 4.88%, 01/16/2024 |
$ | 12,500,000 | $ | 12,461,502 | ||||
|
|
|||||||
Diversified Metals & Mining-0.78% |
|
|||||||
BHP Billiton Finance (USA) Ltd. (Australia), 5.25%, 09/08/2026 |
14,815,000 | 14,693,075 | ||||||
|
|
|||||||
Electric Utilities-0.60% |
|
|||||||
American Electric Power Co., Inc., Series M, 0.75%, 11/01/2023 |
3,797,000 | 3,797,000 | ||||||
NextEra Energy Capital Holdings, Inc., 6.05%, 03/01/2025 |
7,600,000 | 7,597,906 | ||||||
|
|
|||||||
11,394,906 | ||||||||
|
|
|||||||
Health Care Equipment-0.52% |
|
|||||||
Boston Scientific Corp., 3.45%, 03/01/2024 |
10,000,000 | 9,912,409 | ||||||
|
|
|||||||
Health Care Services-0.92% |
|
|||||||
Cigna Group (The), 5.69%, 03/15/2026 |
17,370,000 | 17,309,298 | ||||||
|
|
|||||||
Investment Banking & Brokerage-3.04% |
|
|||||||
Charles Schwab Corp. (The) |
|
|||||||
5.85% (SOFR + 0.50%), 03/18/2024(c) |
12,379,000 | 12,363,723 | ||||||
5.86% (SOFR + 0.52%), 05/13/2026(b)(c) |
5,251,000 | 5,142,721 | ||||||
Goldman Sachs Group, Inc. (The) |
|
|||||||
5.85% (SOFR + 0.49%), 10/21/2024(b)(c) |
6,538,000 | 6,523,207 | ||||||
5.70%, 11/01/2024 |
4,165,000 | 4,150,110 | ||||||
6.41% (SOFR + 1.07%), 08/10/2026(c) |
10,000,000 | 9,979,910 | ||||||
Morgan Stanley |
|
|||||||
5.99% (SOFR + 0.63%), 01/24/2025(c) |
7,228,000 | 7,211,292 | ||||||
3.62%, 04/17/2025(e) |
12,230,000 | 12,072,947 | ||||||
|
|
|||||||
57,443,910 | ||||||||
|
|
|||||||
IT Consulting & Other Services-0.52% |
|
|||||||
International Business Machines Corp., 3.00%, 05/15/2024 |
10,000,000 | 9,855,312 | ||||||
|
|
|||||||
Leisure Products-0.72% |
|
|||||||
Hasbro, Inc., 3.00%, 11/19/2024 |
14,000,000 | 13,554,951 | ||||||
|
|
|||||||
Life & Health Insurance-8.25% |
|
|||||||
Athene Global Funding |
|
|||||||
0.95%, 01/08/2024(d) |
5,000,000 | 4,948,463 | ||||||
2.51%, 03/08/2024(d) |
10,173,000 | 10,034,143 | ||||||
6.05% (SOFR + 0.70%), 05/24/2024(c)(d) |
9,750,000 | 9,716,831 | ||||||
Brighthouse Financial Global Funding, 6.12% (SOFR + 0.76%), 04/12/2024(c)(d) |
13,508,000 | 13,460,225 | ||||||
Corebridge Global Funding |
|
|||||||
5.75%, 07/02/2026(d) |
6,336,000 | 6,251,069 | ||||||
6.66% (SOFR + 1.30%), 09/25/2026(c)(d) |
10,000,000 | 10,004,033 |
Principal Amount |
Value | |||||||
Life & Health Insurance-(continued) |
|
|||||||
GA Global Funding Trust |
|
|||||||
1.00%, 04/08/2024(d) |
$ | 6,000,000 | $ | 5,840,067 | ||||
0.80%, 09/13/2024(b)(d) |
10,909,000 | 10,351,092 | ||||||
5.85% (SOFR + 0.50%), 09/13/2024(c)(d) |
6,000,000 | 5,931,616 | ||||||
Jackson National Life Global Funding |
|
|||||||
6.51% (SOFR + 1.15%), 06/28/2024(c)(d) |
10,000,000 | 10,019,240 | ||||||
5.50%, 01/09/2026(d) |
16,667,000 | 16,323,556 | ||||||
Met Tower Global Funding, 5.40%, 06/20/2026(d) |
12,000,000 | 11,882,741 | ||||||
MetLife, Inc., 3.60%, 04/10/2024 |
12,000,000 | 11,878,438 | ||||||
Pacific Life Global Funding II |
|
|||||||
5.97% (SOFR + 0.62%), 06/04/2026(c)(d) |
6,420,000 | 6,372,246 | ||||||
6.41% (SOFR + 1.05%), 07/28/2026(c)(d) |
12,500,000 | 12,494,335 | ||||||
Protective Life Global Funding, 5.37%, 01/06/2026(b)(d) |
10,339,000 | 10,249,305 | ||||||
|
|
|||||||
155,757,400 | ||||||||
|
|
|||||||
Managed Health Care-0.42% |
|
|||||||
Humana, Inc., 5.70%, 03/13/2026 . |
7,921,000 | 7,874,240 | ||||||
|
|
|||||||
Multi-line Insurance-0.37% |
|
|||||||
New York Life Global Funding, 6.02% (SOFR + 0.65%), 05/02/2025(c)(d) |
7,000,000 | 6,996,861 | ||||||
|
|
|||||||
Multi-Utilities-0.12% |
|
|||||||
CenterPoint Energy, Inc., 5.99% (SOFR + 0.65%), 05/13/2024(c) |
2,316,000 | 2,315,379 | ||||||
|
|
|||||||
Office REITs-0.61% |
|
|||||||
Boston Properties L.P., 3.80%, 02/01/2024 |
11,577,000 | 11,494,752 | ||||||
|
|
|||||||
Oil & Gas Exploration & Production-1.24% |
|
|||||||
Canadian Natural Resources Ltd. (Canada), 3.80%, 04/15/2024 |
19,343,000 | 19,139,294 | ||||||
Pioneer Natural Resources Co., 5.10%, 03/29/2026 |
4,314,000 | 4,267,424 | ||||||
|
|
|||||||
23,406,718 | ||||||||
|
|
|||||||
Oil & Gas Storage & Transportation-1.52% |
|
|||||||
Enbridge, Inc. (Canada) |
|
|||||||
5.98% (SOFR + 0.63%), 02/16/2024(c) |
4,606,000 | 4,609,225 | ||||||
5.97%, 03/08/2026 |
12,226,000 | 12,144,139 | ||||||
Kinder Morgan, Inc., 5.63%, 11/15/2023(d) |
12,000,000 | 11,995,838 | ||||||
|
|
|||||||
28,749,202 | ||||||||
|
|
|||||||
Paper Products-0.66% |
|
|||||||
Georgia-Pacific LLC, 3.60%, 03/01/2025(d) |
12,750,000 | 12,390,019 | ||||||
|
|
|||||||
Pharmaceuticals-0.66% |
|
|||||||
Bristol-Myers Squibb Co., 0.54%, 11/13/2023 |
12,500,000 | 12,480,450 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
74 | ||||
|
| |||
Invesco Ultra Short Duration ETF (GSY)–(continued)
October 31, 2023
Principal Amount |
Value | |||||||
Regional Banks-1.07% |
|
|||||||
Huntington Bancshares, Inc., |
$ | 5,105,000 | $ | 4,945,804 | ||||
Morgan Stanley Bank N.A., 6.14% (SOFR + 0.78%), 07/16/2025(c) |
10,135,000 | 10,138,229 | ||||||
Santander Holdings USA, Inc., |
5,186,000 | 5,083,370 | ||||||
|
|
|||||||
20,167,403 | ||||||||
|
|
|||||||
Research & Consulting Services-0.72% |
|
|||||||
Verisk Analytics, Inc., 4.00%, 06/15/2025 |
14,000,000 | 13,567,043 | ||||||
|
|
|||||||
Restaurants-0.33% |
|
|||||||
Starbucks Corp., 5.76% (SOFR + 0.42%), 02/14/2024(b)(c) |
6,318,000 | 6,318,106 | ||||||
|
|
|||||||
Retail REITs-0.19% |
|
|||||||
Realty Income Corp., 5.05%, 01/13/2026 |
3,687,000 | 3,622,136 | ||||||
|
|
|||||||
Specialized Finance-0.64% |
|
|||||||
Blackstone Private Credit Fund, 2.70%, 01/15/2025 |
12,645,000 | 12,002,916 | ||||||
|
|
|||||||
Specialty Chemicals-0.23% |
|
|||||||
Sherwin-Williams Co. (The), 3.45%, 08/01/2025 |
4,500,000 | 4,315,106 | ||||||
|
|
|||||||
Systems Software-0.51% |
|
|||||||
VMware, Inc., 1.00%, 08/15/2024 . |
10,000,000 | 9,605,997 | ||||||
|
|
|||||||
Technology Distributors-1.07% |
|
|||||||
Arrow Electronics, Inc. |
|
|||||||
4.00%, 04/01/2025 |
9,120,000 | 8,811,872 | ||||||
6.13%, 03/01/2026 |
11,494,000 | 11,412,449 | ||||||
|
|
|||||||
20,224,321 | ||||||||
|
|
|||||||
Telecom Tower REITs-0.68% |
|
|||||||
American Tower Corp., 4.00%, 06/01/2025 |
13,261,000 | 12,824,565 | ||||||
|
|
|||||||
Trading Companies & Distributors-0.45% |
|
|||||||
Air Lease Corp., 4.25%, 02/01/2024 |
8,514,000 | 8,469,754 | ||||||
|
|
|||||||
Total U.S. Dollar Denominated Bonds &
Notes |
|
916,587,259 | ||||||
|
|
|||||||
Asset-Backed Securities-17.66% |
|
|||||||
ABPCI Direct Lending Fund CLO II LLC (Cayman Islands), Series 2017-1A, Class A1R, 7.28% (3 mo. Term SOFR + 1.86%), 04/20/2032(c)(d) |
2,000,000 | 1,986,352 | ||||||
Amur Equipment Finance Receivables XII LLC, Series 2023- 1A, Class A2, 6.09%, 12/20/2029(d) |
14,970,000 | 14,944,566 | ||||||
Angel Oak Mortgage Trust |
|
|||||||
Series 2020-1, Class A1, 2.47%, 12/25/2059(d)(f) |
1,129,021 | 1,045,663 | ||||||
Series 2020-5, Class A1, 1.37%, 05/25/2065(d)(f) |
1,951,588 | 1,757,814 |
Principal Amount |
Value | |||||||
Atrium XIII (Cayman Islands), Series 13A, Class A1, 6.85% (3 mo. Term SOFR + 1.44%), 11/21/2030(c)(d) |
$ | 2,898,486 | $ | 2,895,573 | ||||
AUF Funding LLC, Series 2022-1A, Class A1LN, 7.92% (3 mo. Term SOFR + 2.50%), 01/20/2031(c)(d) |
11,951,669 | 11,966,431 | ||||||
Avis Budget Rental Car Funding (AESOP) LLC, Series 2019-2A, Class A, 3.35%, 09/22/2025(d) |
9,000,000 | 8,817,775 | ||||||
Bear Stearns Asset Backed Securities I Trust, Series 2006- HE9, Class 2A, 5.72% (1 mo. Term SOFR + 0.39%), 11/25/2036(c) |
689,456 | 667,062 | ||||||
BINOM Securitization Trust, Series 2021-INV1, Class A1, 2.03%, 06/25/2056(d)(f) |
3,869,159 | 3,197,755 | ||||||
BRAVO Residential Funding Trust, Series 2021-NQM2, Class A1, 0.97%, 03/25/2060(d)(f) |
2,375,307 | 2,183,809 | ||||||
CBAM Ltd. (Cayman Islands), Series 2018-5A, Class A, 6.68% (3 mo. Term SOFR + 1.28%), 04/17/2031(c)(d) |
5,951,622 | 5,917,257 | ||||||
Chesapeake Funding II LLC (Canada) |
||||||||
Series 2023-1A, Class A2, 6.57% (30 Day Average SOFR + 1.25%), 05/15/2035(c)(d) |
11,310,450 | 11,330,535 | ||||||
Series 2023-2A, Class A2, 6.42% (30 Day Average SOFR + 1.10%), 10/15/2035(c)(d) |
11,938,749 | 11,936,294 | ||||||
CIT Mortgage Loan Trust, Series 2007-1, Class 1A, 6.79% (1 mo. Term SOFR + 1.46%), 10/25/2037(c)(d) |
34,516 | 34,494 | ||||||
Citizens Auto Receivables Trust, Series 2023-2, Class A2B, 6.05% (30 Day Average SOFR + 0.73%), 10/15/2026(c)(d) |
5,000,000 | 4,994,363 | ||||||
COLT Mortgage Loan Trust |
||||||||
Series 2020-2R, Class A1, 1.33%, 10/26/2065(d)(f) |
1,826,757 | 1,595,211 | ||||||
Series 2021-4, Class A1, 1.40%, 10/25/2066(d)(f) |
11,790,503 | 8,978,575 | ||||||
CSMC Trust, Series 2014-2R, Class 27A1, 3.62% (1 mo. Term SOFR + 0.31%), 02/27/2046(c)(d) |
11,390 | 11,330 | ||||||
CWABS, Inc. Asset-Backed Ctfs. Trust, Series 2004-4, Class M1, 6.16% (1 mo. Term SOFR + 0.83%), 07/25/2034(c) |
503,028 | 495,863 | ||||||
Deephaven Residential Mortgage Trust, Series 2021-2, Class A1, 0.90%, 04/25/2066(d)(f) |
5,004,891 | 4,043,059 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
75 | ||||
|
| |||
Invesco Ultra Short Duration ETF (GSY)–(continued)
October 31, 2023
Principal Amount |
Value | |||||||
Dryden 30 Senior Loan Fund (Cayman Islands), Series 2013- 30A, Class AR, 6.45% (3 mo. Term SOFR + 1.08%), 11/15/2028(c)(d) |
$ | 9,500,609 | $ | 9,471,993 | ||||
Ellington Financial Mortgage Trust |
||||||||
Series 2019-2, Class A1, 2.74%, 11/25/2059(d)(f) |
1,303,999 | 1,199,797 | ||||||
Series 2020-2, Class A1, 1.18%, 10/25/2065(d)(f) |
306,818 | 269,040 | ||||||
Enterprise Fleet Financing LLC, |
7,490,000 | 7,488,716 | ||||||
FS KKR MM CLO 1 LLC, Series 2019-1A, Class A1R, 7.51% (3 mo. Term SOFR + 2.11%), 01/15/2031(c)(d) |
8,749,989 | 8,740,005 | ||||||
GM Financial Automobile Leasing Trust, Series 2023-2, Class A2B, 6.14% (30 Day Average SOFR + 0.82%), 10/20/2025(c) |
2,192,367 | 2,195,602 | ||||||
GMF Floorplan Owner Revolving Trust, Series 2023-1, Class A2, 6.47% (30 Day Average SOFR + 1.15%), 06/15/2028(c)(d) |
15,000,000 | 15,046,080 | ||||||
GoldenTree Loan Management US CLO 2 Ltd. (Cayman Islands), Series 2017-2A, Class AR, 6.59% (3 mo. Term SOFR + 1.17%), 11/20/2030(c)(d) |
8,553,564 | 8,527,082 | ||||||
GoldenTree Loan Opportunities IX Ltd. (Cayman Islands), Series 2014-9A, Class AR2, 6.76% (3 mo. Term SOFR + 1.37%), 10/29/2029(c)(d) |
4,240,662 | 4,237,278 | ||||||
Golub Capital Partners CLO 34(M) Ltd. (Cayman Islands), Series 2017-34A, Class AR2, 7.10% (3 mo. Term SOFR + 1.71%), 03/14/2031(c)(d) |
12,967,705 | 12,853,345 | ||||||
Golub Capital Partners CLO 36(M) Ltd. (Cayman Islands), Series 2018-36A, Class A, 6.95% (3 mo. Term SOFR + 1.56%), 02/05/2031(c)(d) |
4,539,053 | 4,513,253 | ||||||
Golub Capital Partners CLO 45(M) Ltd. (Cayman Islands), Series 2019-45A, Class A, 7.40% (3 mo. Term SOFR + 1.98%), 10/20/2031(c)(d) |
5,000,000 | 4,976,280 | ||||||
Golub Capital Partners CLO 47(M) Ltd. (Cayman Islands), Series 2020-47A, Class A1, 7.33% (3 mo. Term SOFR + 1.94%), 05/05/2032(c)(d) |
10,000,000 | 9,949,320 | ||||||
GS Mortgage-Backed Securities Trust, Series 2020-NQM1, Class A1, 1.38%, 09/27/2060(d)(f) |
1,710,566 | 1,531,004 |
Principal Amount |
Value | |||||||
HSI Asset Securitization Corp. Trust, Series 2006-OPT2, Class M2, 6.02% (1 mo. Term SOFR + 0.70%), 01/25/2036(c) |
$ | 666,990 | $ | 647,400 | ||||
Hyundai Auto Lease Securitization Trust, Series 2023-B, Class A2B, 6.07% (30 Day Average SOFR + 0.75%), 09/15/2025(c)(d) |
3,174,053 | 3,178,447 | ||||||
KKR CLO 21 Ltd. (Cayman Islands), Series A, 6.66% (3 mo. Term SOFR + 1.26%), 04/15/2031(c)(d) |
1,901,864 | 1,891,990 | ||||||
Morgan Stanley Residential Mortgage Loan Trust, Series 2023-NQM1, Class A1, 7.28%, 09/25/2068(d)(g) |
8,000,000 | 8,025,982 | ||||||
Nationstar Home Equity Loan Trust, Series 2007-B, Class 1AV1, 5.66% (1 mo. Term SOFR + 0.33%), 04/25/2037(c) |
301,728 | 298,617 | ||||||
Navient Private Education Refi Loan Trust |
||||||||
Series 2020-FA, Class A, 1.22%, 07/15/2069(d) |
1,867,506 | 1,657,256 | ||||||
Series 2021-FA, Class A, 1.11%, 02/18/2070(d) |
3,572,413 | 2,951,267 | ||||||
Neuberger Berman CLO XIV Ltd. (Cayman Islands), Series 2013- 14A, Class AR2, 6.68% (3 mo. Term SOFR + 1.29%), 01/28/2030(c)(d) |
8,318,030 | 8,294,007 | ||||||
Neuberger Berman Loan Advisers CLO 25 Ltd. (Cayman Islands), Series 2017-25A, Class AR, 6.59% (3 mo. Term SOFR + 1.19%), 10/18/2029(c)(d) |
9,394,239 | 9,349,541 | ||||||
New Residential Mortgage Loan Trust |
||||||||
Series 2017-5A, Class A1, 6.94% (1 mo. Term SOFR + 1.61%), 06/25/2057(c)(d) |
276,452 | 274,313 | ||||||
Series 2019-NQM4, Class A1, 2.49%, 09/25/2059(d)(f) |
1,690,926 | 1,530,872 | ||||||
Series 2020-NQM1, Class A1, 2.46%, 01/26/2060(d)(f) |
1,159,497 | 1,027,946 | ||||||
OBX Trust |
||||||||
Series 2018-EXP1, Class 2A1, 6.29% (1 mo. Term SOFR + 0.96%), 04/25/2048(c)(d) |
90,669 | 89,931 | ||||||
Series 2021-NQM2, Class A1, 1.10%, 05/25/2061(d)(f) |
8,857,133 | 6,481,506 | ||||||
OCP CLO Ltd. (Cayman Islands), Series 2014-7A, Class A1RR, 6.80% (3 mo. Term SOFR + 1.38%), 07/20/2029(c)(d) |
4,246,324 | 4,230,035 | ||||||
Octagon Investment Partners XVII Ltd. (Cayman Islands), Series 2013-1A, Class A1R2, 6.64% (3 mo. Term SOFR + 1.26%), 01/25/2031(c)(d) |
4,510,856 | 4,488,861 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
76 | ||||
|
| |||
Invesco Ultra Short Duration ETF (GSY)–(continued)
October 31, 2023
Principal Amount |
Value | |||||||
Race Point VIII CLO Ltd. (Cayman Islands), Series 2013-8A, Class AR2, 6.68% (3 mo. Term SOFR + 1.30%), 02/20/2030(c)(d) |
$ | 7,759,971 | $ | 7,726,347 | ||||
Residential Mortgage Loan Trust |
||||||||
Series 2019-3, Class A1, 2.63%, 09/25/2059(d)(f) |
606,372 | 588,460 | ||||||
Series 2020-1, Class A1, 2.38%, 01/26/2060(d)(f) |
835,378 | 793,525 | ||||||
SBNA Auto Lease Trust, |
12,000,000 | 12,011,154 | ||||||
Starwood Mortgage Residential Trust |
||||||||
Series 2020-1, Class A1, 2.28%, 02/25/2050(d)(f) |
210,621 | 195,482 | ||||||
Series 2020-INV1, Class A1, 1.03%, 11/25/2055(d)(f) |
2,770,454 | 2,432,187 | ||||||
Series 2021-2, Class A1, 0.94%, 05/25/2065(d)(f) |
2,701,069 | 2,376,340 | ||||||
Series 2021-4, Class A1, 1.16%, 08/25/2056(d)(f) |
8,534,420 | 6,777,159 | ||||||
Stratus CLO Ltd. (Cayman Islands), Series 2021-2A, Class A, 6.58% (3 mo. Term SOFR + 1.16%), 12/28/2029(c)(d) |
8,438,363 | 8,400,981 | ||||||
TRK Trust, Series 2021-INV1, |
6,175,482 | 5,157,149 | ||||||
Verus Securitization Trust |
||||||||
Series 2020-1, Class A1, 2.42%, 01/25/2060(d)(g) |
1,278,029 | 1,200,489 | ||||||
Series 2020-5, Class A1, 1.22%, 05/25/2065(d)(g) |
2,690,877 | 2,444,285 | ||||||
Series 2021-4, Class A1, 0.94%, 07/25/2066(d)(f) |
9,857,612 | 7,514,317 | ||||||
Series 2022-INV2, Class A1, 6.79%, 10/25/2067(d)(g) |
7,750,439 | 7,709,200 | ||||||
Series 2023-7, Class A1, 7.07%, 10/25/2068(d)(g) |
10,000,000 | 9,999,441 | ||||||
Series 2023-INV2, Class A1, 6.44%, 08/25/2068(d)(g) |
8,670,685 | 8,600,704 | ||||||
Visio Trust, Series 2020-1R, |
2,381,192 | 2,102,022 | ||||||
World Omni Automobile Lease Securitization Trust, Series 2023- A, Class A2B, 6.08% (30 Day Average SOFR + 0.76%), 11/17/2025(c) |
3,061,460 | 3,065,512 | ||||||
|
|
|||||||
Total Asset-Backed Securities |
|
333,311,301 | ||||||
|
|
|||||||
Non-U.S. Dollar Denominated Bonds & Notes-2.50% |
| |||||||
Sovereign Debt-2.50% |
| |||||||
Japan Treasury Discount Bill (Japan), Series 1185, 0.00%,
01/09/2024(h)(i) |
JPY | 7,150,000,000 | 47,229,418 | |||||
|
|
Principal Amount |
Value | |||||||
Variable Rate Senior Loan Interests-0.07%(j)(k) |
| |||||||
Aerospace & Defense-0.07% |
|
|||||||
Fly Funding II S.a.r.l. (India), Term Loan B, 7.38% (3 mo.
SOFR + 1.75%), 08/09/2025(c) |
$ | 1,338,674 | $ | 1,276,760 | ||||
|
|
|||||||
Shares | ||||||||
Exchange-Traded Funds-0.05% |
| |||||||
Invesco AAA CLO Floating Rate Note ETF(b)(l) |
39,000 | 994,305 | ||||||
|
|
|||||||
Principal Amount |
||||||||
Commercial Paper-28.79%(m) |
||||||||
3M Co., 5.07%, 02/05/2024(d) |
$ | 14,475,000 | 14,264,519 | |||||
AES Corp. (The) |
||||||||
6.07%, 11/02/2023 |
14,000,000 | 13,995,319 | ||||||
6.25%, 11/07/2023 |
10,000,000 | 9,988,285 | ||||||
6.26%, 11/14/2023 |
10,000,000 | 9,975,862 | ||||||
Arrow Electronics, Inc., |
13,500,000 | 13,462,668 | ||||||
AT&T, Inc. |
||||||||
5.38%, 11/21/2023(d) |
10,000,000 | 9,968,628 | ||||||
5.42%, 12/19/2023(d) |
15,000,000 | 14,887,443 | ||||||
5.60%, 03/19/2024(d) |
10,000,000 | 9,776,972 | ||||||
AutoNation, Inc. |
||||||||
5.96%, 11/02/2023(d) |
5,000,000 | 4,998,416 | ||||||
5.97%, 11/15/2023(d) |
9,000,000 | 8,978,314 | ||||||
Barclays Capital, Inc. |
||||||||
5.74%, 12/21/2023 |
7,500,000 | 7,442,345 | ||||||
5.13%, 02/01/2024 |
8,000,000 | 7,885,126 | ||||||
6.14%, 07/24/2024 |
15,000,000 | 14,366,209 | ||||||
Bayer Corp. |
||||||||
6.31%, 07/16/2024(d) |
15,000,000 | 14,353,040 | ||||||
6.30%, 07/24/2024(d) |
10,000,000 | 9,555,371 | ||||||
6.15%, 08/12/2024(d) |
10,000,000 | 9,524,790 | ||||||
Brookfield Infrastructure Holdings Canada, Inc. |
||||||||
5.94%, 11/07/2023 |
7,000,000 | 6,992,616 | ||||||
5.96%, 11/21/2023 |
11,000,000 | 10,964,426 | ||||||
6.06%, 12/05/2023 |
10,000,000 | 9,945,604 | ||||||
6.06%, 12/06/2023 |
15,000,000 | 14,916,045 | ||||||
Conagra Brands, Inc. |
||||||||
5.77%, 11/08/2023(d) |
20,000,000 | 19,974,712 | ||||||
5.76%, 11/10/2023(d) |
12,500,000 | 12,480,211 | ||||||
Crown Castle, Inc. |
||||||||
6.04%, 11/02/2023(d) |
10,000,000 | 9,996,832 | ||||||
6.03%, 11/07/2023(d) |
15,000,000 | 14,983,244 | ||||||
5.96%, 11/14/2023(d) |
9,000,000 | 8,979,785 | ||||||
General Motors Financial Co., Inc., 5.73%, 12/08/2023(d) |
4,500,000 | 4,472,746 | ||||||
Glencore Funding LLC, 5.90%, 11/16/2023(d) |
12,000,000 | 11,970,348 | ||||||
Global Payments, Inc. |
||||||||
5.96%, 11/01/2023 |
6,000,000 | 5,999,005 | ||||||
5.98%, 11/06/2023 |
8,200,000 | 8,191,824 | ||||||
6.06%, 11/20/2023 |
17,500,000 | 17,440,986 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
77 | ||||
|
| |||
Invesco Ultra Short Duration ETF (GSY)–(continued)
October 31, 2023
Principal Amount |
Value | |||||||
Harley-Davidson Financial Services, Inc. |
||||||||
5.82%, 11/02/2023(d) |
$ | 3,300,000 | $ | 3,298,988 | ||||
6.06%, 11/06/2023(d) |
24,200,000 | 24,177,721 | ||||||
5.97%, 11/13/2023(d) |
5,000,000 | 4,989,936 | ||||||
HSBC USA, Inc. |
||||||||
5.64%, 01/12/2024(d) |
10,000,000 | 9,887,005 | ||||||
6.40%, 08/01/2024(d) |
15,000,000 | 14,314,582 | ||||||
Humana, Inc., 5.47%, 11/01/2023(d) |
13,300,000 | 13,297,932 | ||||||
Jabil, Inc., 6.03%, 11/01/2023(d) |
2,500,000 | 2,499,579 | ||||||
Mitsubishi HC Finance America LLC, 5.63%, 11/20/2023 |
14,200,000 | 14,156,243 | ||||||
National Fuel Gas Co. |
||||||||
6.08%, 11/17/2023 |
14,000,000 | 13,963,762 | ||||||
6.04%, 11/21/2023 |
4,950,000 | 4,934,107 | ||||||
6.05%, 11/27/2023 |
9,500,000 | 9,460,542 | ||||||
Nutrien Financial US LLC, |
15,000,000 | 14,933,574 | ||||||
Oglethorpe Power Corp., |
11,000,000 | 10,994,992 | ||||||
Oracle Corp. |
||||||||
5.52%, 11/17/2023(d) |
8,036,000 | 8,015,215 | ||||||
5.63%, 12/01/2023(d) |
4,306,000 | 4,285,566 | ||||||
UBS AG |
||||||||
6.13%, 07/24/2024(d) |
14,750,000 | 14,128,960 | ||||||
6.13%, 08/21/2024(d) |
10,000,000 | 9,524,190 | ||||||
VW Credit, Inc., 5.65%, 11/21/2023(d) |
12,000,000 | 11,961,472 | ||||||
WGL Holdings, Inc. |
||||||||
6.02%, 11/02/2023(d) |
6,000,000 | 5,998,180 | ||||||
5.95%, 11/03/2023(d) |
13,000,000 | 12,994,081 | ||||||
6.08%, 11/07/2023(d) |
5,000,000 | 4,994,677 | ||||||
|
|
|||||||
Total Commercial Paper |
543,542,995 | |||||||
|
|
Principal Amount |
Value | |||||||
Certificates of Deposit-1.27% |
| |||||||
Diversified Banks-1.27% |
| |||||||
Natixis S.A., 6.00%, 07/26/2024 |
$ | 12,000,000 | $ | 12,000,984 | ||||
Standard Chartered Bank, |
12,000,000 | 11,999,906 | ||||||
|
|
|||||||
24,000,890 | ||||||||
|
|
|||||||
Total Certificates of Deposit |
|
24,000,890 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES |
|
1,866,942,928 | ||||||
|
|
|||||||
Shares | ||||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-1.38% |
|
|||||||
Invesco Private Government Fund, 5.32%(l)(n)(o) |
7,266,577 | 7,266,577 | ||||||
Invesco Private Prime Fund, |
18,689,406 | 18,691,275 | ||||||
|
|
|||||||
Total Investments Purchased with Cash Collateral from
Securities on Loan |
|
25,957,852 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES-100.27% |
|
1,892,900,780 | ||||||
OTHER ASSETS LESS LIABILITIES-(0.27)% |
|
(5,180,742 | ) | |||||
|
|
|||||||
NET ASSETS-100.00% |
|
$ | 1,887,720,038 | |||||
|
|
Investment Abbreviations:
CLO |
-Collateralized Loan Obligation |
Ctfs. |
-Certificates |
ETF |
-Exchange-Traded Fund |
JPY |
-Japanese Yen |
REIT |
-Real Estate Investment Trust |
SOFR |
-Secured Overnight Financing Rate |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
78 | ||||
|
| |||
Invesco Ultra Short Duration ETF (GSY)–(continued)
October 31, 2023
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) |
All or a portion of this security was out on loan at October 31, 2023. |
(c) |
Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on October 31, 2023. |
(d) |
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, 2023 was $957,175,213, which represented 50.71% of the Fund’s Net Assets. |
(e) |
Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate. |
(f) |
Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on October 31, 2023. |
(g) |
Step coupon bond. The interest rate represents the coupon rate at which the bond will accrue at a specified future date. |
(h) |
Foreign denominated security. Principal amount is denominated in the currency indicated. |
(i) |
Denotes a zero coupon security issued at a substantial discount from its value at maturity. |
(j) |
Variable rate senior loan interests often require prepayments from excess cash flow or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with any accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, it is anticipated that the variable rate senior loan interests will have an expected average life of three to five years. |
(k) |
Variable rate senior loan interests are, at present, not readily marketable, not registered under the 1933 Act and may be subject to contractual and legal restrictions on sale. Variable rate senior loan interests in the Fund’s portfolio generally have variable rates which adjust to a base, such as the Secured Overnight Financing Rate (“SOFR”), on set dates, typically every 30 days, but not greater than one year, and/or have interest rates that float at margin above a widely recognized base lending rate such as the Prime Rate of a designated U.S. bank. |
(l) |
Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended October 31, 2023. |
Value October 31, 2022 |
Purchases at Cost |
Proceeds from Sales |
Change
in Unrealized Appreciation (Depreciation) |
Realized Gain (Loss) |
Value October 31, 2023 |
Dividend Income | |||||||||||||||||||||||||||||||||||||||||||||||||
Invesco AAA CLO Floating Rate Note ETF |
$ | - | $ | 996,840 | $ | - | $ | (2,535 | ) | $ | - | $ | 994,305 | $ | 40,628 | ||||||||||||||||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
Invesco Private Government Fund |
546,142 | 65,252,636 | (58,532,201 | ) | - | - | 7,266,577 | 105,290 | * | ||||||||||||||||||||||||||||||||||||||||||||||
Invesco Private Prime Fund |
1,404,000 | 137,450,752 | (120,159,383 | ) | (1,415 | ) | (2,679 | ) | 18,691,275 | 283,072 | * | ||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||
Total |
$1,950,142 | $203,700,228 | $(178,691,584) | $(3,950) | $(2,679) | $26,952,157 | $428,990 | ||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
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. |
(m) |
Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund. |
(n) |
The rate shown is the 7-day SEC standardized yield as of October 31, 2023. |
(o) |
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 2M. |
Open Forward Foreign Currency Contracts | ||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||
Contract to |
Unrealized | |||||||||||||||||||||||||||
Settlement Date |
Counterparty |
Deliver |
Receive |
Appreciation | ||||||||||||||||||||||||
Currency Risk |
||||||||||||||||||||||||||||
1/9/2024 |
CIBC World Markets Inc. | JPY | 7,150,000,000 | USD | 48,794,879 | $ | 1,005,945 | |||||||||||||||||||||
|
|
Abbreviations:
JPY -Japanese Yen
USD -U.S. Dollar
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
79 | ||||
|
| |||
Invesco Variable Rate Investment Grade ETF (VRIG)
October 31, 2023
Schedule of Investments(a)
Principal Amount |
Value | |||||||
U.S. Dollar Denominated Bonds & Notes-38.77% |
| |||||||
Agricultural & Farm Machinery-0.09% |
| |||||||
John Deere Capital Corp., 5.91% (SOFR + 0.56%), 03/07/2025(b)(c) |
$ | 678,000 | $ | 679,727 | ||||
|
|
|||||||
Automobile Manufacturers-2.59% |
| |||||||
BMW US Capital LLC (Germany), 6.20% (SOFR + 0.84%), 04/01/2025(c)(d) |
897,000 | 900,776 | ||||||
Ford Motor Credit Co. LLC, 8.30% (SOFR + 2.95%), 03/06/2026(c) |
3,988,000 | 4,023,442 | ||||||
Hyundai Capital America |
| |||||||
6.52% (SOFR + 1.15%), 08/04/2025(c)(d) |
3,000,000 | 3,001,146 | ||||||
6.68% (SOFR + 1.32%), 11/03/2025(c)(d) |
2,699,000 | 2,701,519 | ||||||
Mercedes-Benz Finance North America LLC (Germany), 6.29% (SOFR + 0.93%), 03/30/2025(c)(d) |
2,000,000 | 2,013,323 | ||||||
Toyota Motor Credit Corp. |
| |||||||
5.61% (SOFR + 0.26%), 06/18/2024(c) |
3,000,000 | 2,997,407 | ||||||
5.92% (SOFR + 0.56%), 01/10/2025(b)(c) |
2,500,000 | 2,500,915 | ||||||
Volkswagen Group of America Finance LLC (Germany), 6.30% (SOFR + 0.95%), 06/07/2024(c)(d) |
1,667,000 | 1,670,293 | ||||||
|
|
|||||||
19,808,821 | ||||||||
|
|
|||||||
Commercial & Residential Mortgage Finance-0.51% |
| |||||||
Nationwide Building Society (United Kingdom), 6.64% (SOFR + 1.29%), 02/16/2028(c)(d) |
4,000,000 | 3,889,820 | ||||||
|
|
|||||||
Construction Machinery & Heavy Transportation Equipment-0.85% |
||||||||
Daimler Trucks Finance North America LLC (Germany) |
||||||||
6.36% (SOFR + 1.00%), 04/05/2024(c)(d) |
3,500,000 | 3,504,329 | ||||||
6.10% (SOFR + 0.75%), 12/13/2024(c)(d) |
3,000,000 | 2,996,589 | ||||||
|
|
|||||||
6,500,918 | ||||||||
|
|
|||||||
Consumer Finance-2.75% |
| |||||||
American Express Co. |
| |||||||
5.57% (SOFR + 0.23%), 11/03/2023(b)(c) |
2,500,000 | 2,499,993 | ||||||
6.72% (SOFR + 1.35%), 10/30/2026(c) |
4,000,000 | 4,007,198 | ||||||
6.33% (SOFR + 0.97%), 07/28/2027(c) |
2,500,000 | 2,475,016 | ||||||
Capital One Financial Corp. |
| |||||||
6.04% (SOFR + 0.69%), 12/06/2024(c) |
3,000,000 | 2,965,506 | ||||||
6.69% (SOFR + 1.35%), 05/09/2025(b)(c) |
3,499,000 | 3,479,252 | ||||||
General Motors Financial Co., Inc. |
| |||||||
6.11% (SOFR + 0.76%), 03/08/2024(c) |
1,154,000 | 1,153,053 | ||||||
6.66% (SOFR + 1.30%), 04/07/2025(c) |
2,500,000 | 2,504,040 | ||||||
6.39% (SOFR + 1.04%), 02/26/2027(c) |
2,000,000 | 1,968,227 | ||||||
|
|
|||||||
21,052,285 | ||||||||
|
|
Principal Amount |
Value | |||||||
Diversified Banks-18.09% |
| |||||||
ABN AMRO Bank N.V. (Netherlands), 7.13% (SOFR + 1.78%), 09/18/2027(b)(c)(d) |
$ | 4,000,000 | $ | 4,003,606 | ||||
Banco Santander S.A. (Spain), 6.59% (SOFR + 1.24%), 05/24/2024(c) |
2,600,000 | 2,610,881 | ||||||
Bank of America Corp. |
| |||||||
6.46% (SOFR + 1.10%), 04/25/2025(c) |
3,500,000 | 3,505,629 | ||||||
6.40% (3 mo. Term SOFR + 1.03%), 02/05/2026(c) |
1,042,000 | 1,041,932 | ||||||
6.43% (3 mo. Term SOFR + 1.02%), 09/15/2026(c) |
2,696,000 | 2,644,632 | ||||||
6.33% (SOFR + 0.97%), 07/22/2027(b)(c) |
3,500,000 | 3,462,345 | ||||||
6.42% (SOFR + 1.05%), 02/04/2028(b)(c) |
1,685,000 | 1,666,954 | ||||||
Bank of Montreal (Canada), 6.68% (SOFR + 1.33%), 06/05/2026(c) |
2,429,000 | 2,440,345 | ||||||
Bank of Nova Scotia (The) (Canada) |
| |||||||
5.90% (SOFR + 0.55%), 03/02/2026(c) |
2,500,000 | 2,476,601 | ||||||
5.25%, 06/12/2028 |
2,500,000 | 2,396,944 | ||||||
Banque Federative du Credit Mutuel S.A. (France), 6.76% (SOFR + 1.40%), 07/13/2026(c)(d) |
4,200,000 | 4,212,194 | ||||||
Barclays PLC (United Kingdom), 7.23% (SOFR + 1.88%), 09/13/2027(c) |
2,500,000 | 2,504,834 | ||||||
BPCE S.A. (France), 7.34% (SOFR + 1.98%), 10/19/2027(c)(d) |
5,000,000 | 4,999,340 | ||||||
Canadian Imperial Bank of Commerce (Canada), 6.58% (SOFR + 1.22%), 10/02/2026(b)(c) |
3,000,000 | 3,001,495 | ||||||
Citigroup, Inc. |
| |||||||
6.04% (SOFR + 0.67%), 05/01/2025(c) |
2,500,000 | 2,492,165 | ||||||
6.72% (SOFR + 1.37%), 05/24/2025(c) |
3,000,000 | 3,008,487 | ||||||
6.91% (3 mo. Term SOFR + 1.51%), 07/01/2026(c) |
1,882,000 | 1,891,100 | ||||||
Commonwealth Bank of Australia (Australia), 5.87% (SOFR + 0.52%), 06/15/2026(c)(d) |
3,000,000 | 2,990,716 | ||||||
HSBC Holdings PLC (United Kingdom) |
| |||||||
6.78% (SOFR + 1.43%), 03/10/2026(c) |
4,500,000 | 4,512,311 | ||||||
7.05% (3 mo. Term SOFR + 1.64%), 09/12/2026(c) |
3,000,000 | 3,012,431 | ||||||
6.91% (SOFR + 1.57%), 08/14/2027(c) |
2,500,000 | 2,508,883 | ||||||
Huntington National Bank (The), 6.54% (SOFR + 1.19%), 05/16/2025(b)(c) |
3,300,000 | 3,216,023 | ||||||
ING Groep N.V. (Netherlands) |
| |||||||
7.00% (SOFR + 1.64%), 03/28/2026(c) |
3,500,000 | 3,522,400 | ||||||
6.37% (SOFR + 1.01%), 04/01/2027(c) |
4,214,000 | 4,152,681 | ||||||
6.91% (SOFR + 1.56%), 09/11/2027(c) |
3,500,000 | 3,505,881 | ||||||
JPMorgan Chase & Co. |
| |||||||
5.89% (SOFR + 0.54%), 06/01/2025(b)(c) |
4,000,000 | 3,984,704 | ||||||
5.95% (SOFR + 0.60%), 12/10/2025(c) |
3,000,000 | 2,985,985 | ||||||
6.68% (SOFR + 1.32%), 04/26/2026(b)(c) |
2,400,000 | 2,414,703 | ||||||
6.53% (SOFR + 1.18%), 02/24/2028(c) |
3,500,000 | 3,478,910 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
80 | ||||
|
| |||
Invesco Variable Rate Investment Grade ETF (VRIG)–(continued)
October 31, 2023
Principal Amount |
Value | |||||||
Diversified Banks-(continued) |
|
|||||||
KeyBank N.A. |
|
|||||||
5.67% (SOFR + 0.32%), 06/14/2024(c) |
$ | 2,500,000 | $ | 2,444,928 | ||||
5.67% (SOFR + 0.32%), 06/14/2024(b)(c) |
1,351,000 | 1,318,163 | ||||||
Lloyds Banking Group PLC (United Kingdom), 6.93% (SOFR + 1.56%), 08/07/2027(c) |
3,158,000 | 3,163,986 | ||||||
Mitsubishi UFJ Financial Group, Inc. (Japan) |
|
|||||||
7.01% (SOFR + 1.65%), 07/18/2025(b)(c) |
2,500,000 | 2,513,507 | ||||||
6.28% (SOFR + 0.94%), 02/20/2026(c) |
3,500,000 | 3,501,961 | ||||||
NatWest Markets PLC (United Kingdom), 5.87% (SOFR + 0.53%), 08/12/2024(c)(d) |
571,000 | 569,928 | ||||||
Royal Bank of Canada (Canada) |
|
|||||||
6.20% (SOFR + 0.84%), 04/14/2025(b)(c) |
4,000,000 | 4,000,412 | ||||||
6.44% (SOFR + 1.08%), 07/20/2026(b)(c) |
3,000,000 | 3,004,385 | ||||||
Societe Generale S.A. (France), 6.41% (SOFR + 1.05%), 01/21/2026(c)(d) |
4,500,000 | 4,475,726 | ||||||
Standard Chartered PLC (United Kingdom) |
|
|||||||
7.10% (SOFR + 1.74%), 03/30/2026(b)(c)(d) |
3,108,000 | 3,123,062 | ||||||
7.29% (SOFR + 1.93%), 07/06/2027(c)(d) |
4,000,000 | 4,017,254 | ||||||
7.40% (SOFR + 2.03%), 02/08/2028(c)(d) |
4,000,000 | 4,000,000 | ||||||
Sumitomo Mitsui Financial Group, Inc. (Japan), 6.79% (SOFR + 1.43%), 01/13/2026(c) |
2,000,000 | 2,018,959 | ||||||
Svenska Handelsbanken AB (Sweden), 6.60% (SOFR + 1.25%), 06/15/2026(b)(c)(d) |
1,275,000 | 1,285,523 | ||||||
Swedbank AB (Sweden), 6.27% (SOFR + 0.91%), 04/04/2025(c)(d) |
4,615,000 | 4,621,470 | ||||||
Truist Bank, 5.56% (SOFR + 0.20%), 01/17/2024(c) |
3,000,000 | 2,995,262 | ||||||
USB Realty Corp., 6.80% (3 mo. Term SOFR + 1.41%)(c)(d)(e) |
1,100,000 | 797,278 | ||||||
Wells Fargo & Co., 6.68% (SOFR + 1.32%), 04/25/2026(c) |
2,000,000 | 2,010,678 | ||||||
|
|
|||||||
138,507,594 | ||||||||
|
|
|||||||
Diversified Capital Markets-0.20% |
|
|||||||
Deutsche Bank AG (Germany), 6.56% (SOFR + 1.22%), 11/16/2027(c) |
1,550,000 | 1,488,500 | ||||||
|
|
|||||||
Electric Utilities-0.63% |
|
|||||||
NextEra Energy Capital Holdings, Inc., 6.38% (SOFR + 1.02%), 03/21/2024(b)(c) |
4,850,000 | 4,851,019 | ||||||
|
|
|||||||
Health Care Equipment-0.39% |
|
|||||||
Baxter International, Inc., 5.61% (SOFR + 0.26%), 12/01/2023(c) |
3,000,000 | 2,998,905 | ||||||
|
|
|||||||
Health Care Services-0.28% |
|
|||||||
Roche Holdings, Inc., 5.59% (SOFR + 0.24%), 03/05/2024(c)(d) |
2,161,000 | 2,161,530 | ||||||
|
|
Principal Amount |
Value | |||||||
Industrial Conglomerates-0.32% |
|
|||||||
General Electric Co., 6.01% (3 mo. Term SOFR + 0.64%), 05/05/2026(c) |
$ | 2,481,000 | $ | 2,472,068 | ||||
|
|
|||||||
Integrated Telecommunication Services-0.65% |
|
|||||||
AT&T, Inc., 6.85% (3 mo. Term SOFR + 1.44%), 06/12/2024(b)(c) |
3,832,000 | 3,851,387 | ||||||
Verizon Communications, Inc., 6.15% (SOFR + 0.79%), 03/20/2026(c) |
1,116,000 | 1,122,121 | ||||||
|
|
|||||||
4,973,508 | ||||||||
|
|
|||||||
Investment Banking & Brokerage-2.70% |
|
|||||||
Charles Schwab Corp. (The) |
|
|||||||
5.85% (SOFR + 0.50%), 03/18/2024(c) |
5,767,000 | 5,759,883 | ||||||
5.86% (SOFR + 0.52%), 05/13/2026(c) |
4,303,000 | 4,214,269 | ||||||
6.40% (SOFR + 1.05%), 03/03/2027(b)(c) |
4,000,000 | 3,948,097 | ||||||
Goldman Sachs Group, Inc. (The) |
|
|||||||
6.06% (SOFR + 0.70%), 01/24/2025(c) |
2,535,000 | 2,529,096 | ||||||
7.40% (3 mo. Term SOFR + 2.01%), 10/28/2027(c) |
1,220,000 | 1,245,761 | ||||||
Morgan Stanley, 6.53% (SOFR + 1.17%), 04/17/2025(c) |
3,000,000 | 3,005,241 | ||||||
|
|
|||||||
20,702,347 | ||||||||
|
|
|||||||
Life & Health Insurance-4.90% |
|
|||||||
Athene Global Funding |
|
|||||||
6.05% (SOFR + 0.70%), 05/24/2024(c)(d) |
5,000,000 | 4,982,990 | ||||||
6.07% (SOFR + 0.72%), 01/07/2025(c)(d) |
3,500,000 | 3,450,082 | ||||||
Brighthouse Financial Global Funding, 6.12% (SOFR + 0.76%), 04/12/2024(c)(d) |
2,500,000 | 2,491,158 | ||||||
Corebridge Global Funding, 6.66% (SOFR + 1.30%), 09/25/2026(c)(d) |
4,000,000 | 4,001,613 | ||||||
GA Global Funding Trust |
|
|||||||
5.85% (SOFR + 0.50%), 09/13/2024(c)(d) |
4,000,000 | 3,954,411 | ||||||
6.72% (SOFR + 1.36%), 04/11/2025(c)(d) |
5,820,000 | 5,778,215 | ||||||
Jackson National Life Global Funding, 6.51% (SOFR + 1.15%), 06/28/2024(c)(d) |
4,205,000 | 4,213,090 | ||||||
Pacific Life Global Funding II |
|
|||||||
5.97% (SOFR + 0.62%), 06/04/2026(c)(d) |
4,222,000 | 4,190,595 | ||||||
6.41% (SOFR + 1.05%), 07/28/2026(c)(d) |
2,040,000 | 2,039,076 | ||||||
Protective Life Global Funding, 6.34% (SOFR + 0.98%), 03/28/2025(c)(d) |
2,425,000 | 2,434,062 | ||||||
|
|
|||||||
37,535,292 | ||||||||
|
|
|||||||
Multi-line Insurance-0.88% |
|
|||||||
Metropolitan Life Global Funding I, 5.68% (SOFR + 0.32%), 01/07/2024(c)(d) |
2,750,000 | 2,750,251 | ||||||
New York Life Global Funding, 5.83% (SOFR + 0.48%), 06/09/2026(c)(d) |
4,000,000 | 3,962,764 | ||||||
|
|
|||||||
6,713,015 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
81 | ||||
|
| |||
Invesco Variable Rate Investment Grade ETF (VRIG)–(continued)
October 31, 2023
Principal Amount |
Value | |||||||
Multi-Utilities-0.74% |
||||||||
CenterPoint Energy, Inc., 5.99% (SOFR + 0.65%), 05/13/2024(c) |
$ | 5,689,000 | $ | 5,687,475 | ||||
|
|
|||||||
Oil & Gas Storage & Transportation-0.15% |
| |||||||
Enbridge, Inc. (Canada), 5.98% (SOFR + 0.63%), 02/16/2024(c) |
1,152,000 | 1,152,807 | ||||||
|
|
|||||||
Pharmaceuticals-0.54% |
||||||||
Bayer US Finance II LLC (Germany), 6.68% (3 mo. Term SOFR + 1.27%), 12/15/2023(c)(d) |
4,105,000 | 4,105,768 | ||||||
|
|
|||||||
Regional Banks-1.12% |
||||||||
Morgan Stanley Bank N.A., 6.53% (SOFR + 1.17%), 10/30/2026(c) |
4,000,000 | 4,006,603 | ||||||
Truist Financial Corp., 5.75% (SOFR + 0.40%), 06/09/2025(b)(c) |
4,702,000 | 4,602,852 | ||||||
|
|
|||||||
8,609,455 | ||||||||
|
|
|||||||
Wireless Telecommunication Services-0.39% |
|
|||||||
Vodafone Group PLC (United Kingdom), 6.65% (3 mo. Term SOFR + 1.25%), 01/16/2024(c) |
2,940,000 | 2,943,644 | ||||||
|
|
|||||||
Total U.S. Dollar Denominated Bonds &
Notes |
296,834,498 | |||||||
|
|
|||||||
U.S. Treasury Securities-24.03% |
| |||||||
U.S. Treasury Floating Rate Notes-24.03% |
| |||||||
5.52% (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.13%), 07/31/2025(c) (Cost $183,966,773) |
184,000,000 | 183,985,186 | ||||||
|
|
|||||||
Agency Credit Risk Transfer Notes-16.99% |
||||||||
Fannie Mae Connecticut Avenue Securities |
||||||||
Series 2019-R01, Class 2M2, 7.89% (30 Day Average SOFR + 2.56%), 07/25/2031(c)(d)(f) |
292,742 | 293,167 | ||||||
Series 2021-R01, Class 1M1, 6.07% (30 Day Average SOFR + 0.75%), 10/25/2041(c)(d)(f) |
345,965 | 345,130 | ||||||
Series 2021-R03, Class 1M1, 6.17% (30 Day Average SOFR + 0.85%), 12/25/2041(c)(d)(f) |
2,550,287 | 2,535,924 | ||||||
Series 2022-R01, Class 1M1, 6.32% (30 Day Average SOFR + 1.00%), 12/25/2041(c)(d)(f) |
1,011,056 | 1,004,635 | ||||||
Series 2022-R01, Class 1M2, 7.22% (30 Day Average SOFR + 1.90%), 12/25/2041(c)(d)(f) |
1,000,000 | 986,751 | ||||||
Series 2022-R02, Class 2M1, 6.52% (30 Day Average SOFR + 1.20%), 01/25/2042(c)(d)(f) |
2,077,940 | 2,071,621 | ||||||
Series 2022-R02, Class 2M2, 8.32% (30 Day Average SOFR + 3.00%), 01/25/2042(c)(d)(f) |
4,000,000 | 4,005,304 | ||||||
Series 2022-R03, Class 1M1, 7.42% (30 Day Average SOFR + 2.10%), 03/25/2042(c)(d)(f) |
1,427,450 | 1,441,202 |
Principal Amount |
Value | |||||||
Series 2022-R04, Class 1M1, 7.32% (30 Day Average SOFR + 2.00%), 03/25/2042(c)(d)(f) |
$ | 2,009,821 | $ | 2,021,069 | ||||
Series 2022-R04, Class 1M2, 8.42% (30 Day Average SOFR + 3.10%), 03/25/2042(c)(d)(f) |
3,400,000 | 3,468,433 | ||||||
Series 2022-R05, Class 2M1, 7.22% (30 Day Average SOFR + 1.90%), 04/25/2042(c)(d)(f) |
2,256,993 | 2,260,813 | ||||||
Series 2022-R05, Class 2M2, 8.32% (30 Day Average SOFR + 3.00%), 04/25/2042(c)(d)(f) |
1,750,000 | 1,767,648 | ||||||
Series 2022-R06, Class 1M1, 8.07% (30 Day Average SOFR + 2.75%), 05/25/2042(c)(d)(f) |
1,177,943 | 1,205,559 | ||||||
Series 2022-R07, Class 1M1, 8.27% (30 Day Average SOFR + 2.95%), 06/25/2042(c)(d)(f) |
2,969,287 | 3,038,327 | ||||||
Series 2022-R08, Class 1M1, 7.87% (30 Day Average SOFR + 2.55%), 07/25/2042(c)(d)(f) |
2,574,221 | 2,619,209 | ||||||
Series 2023-R01, Class 1M1, 7.72% (30 Day Average SOFR + 2.40%), 12/25/2042(c)(d)(f) |
4,875,754 | 4,936,926 | ||||||
Series 2023-R01, Class 1M2, 9.07% (30 Day Average SOFR + 3.75%), 12/25/2042(c)(d)(f) |
1,225,000 | 1,288,098 | ||||||
Series 2023-R02, Class 1M1, 7.62% (30 Day Average SOFR + 2.30%), 01/25/2043(c)(d)(f) |
547,534 | 555,066 | ||||||
Series 2023-R02, Class 1M2, 8.67% (30 Day Average SOFR + 3.35%), 01/25/2043(c)(d)(f) |
700,000 | 719,754 | ||||||
Series 2023-R03, Class 2M1, 7.82% (30 Day Average SOFR + 2.50%), 04/25/2043(c)(d)(f) |
4,424,188 | 4,478,845 | ||||||
Series 2023-R04, Class 1M1, 7.62% (30 Day Average SOFR + 2.30%), 05/25/2043(c)(d)(f) |
4,159,337 | 4,218,069 | ||||||
Series 2023-R04, Class 1M2, 8.87% (30 Day Average SOFR + 3.55%), 05/25/2043(c)(d)(f) |
4,000,000 | 3,563,645 | ||||||
Series 2023-R05, Class 1M1, 7.22% (30 Day Average SOFR + 1.90%), 06/25/2043(c)(d)(f) |
1,474,562 | 1,481,513 | ||||||
Series 2023-R05, Class 1M2, 8.42% (30 Day Average SOFR + 3.10%), 06/25/2043(c)(d)(f) |
1,100,000 | 1,124,490 | ||||||
Series 2023-R06, Class 1M1, 7.02% (30 Day Average SOFR + 1.70%), 07/25/2043(c)(d)(f) |
1,981,063 | 1,982,569 | ||||||
Series 2023-R06, Class 1M2, 8.02% (30 Day Average SOFR + 2.70%), 07/25/2043(c)(d)(f) |
1,365,000 | 1,379,422 | ||||||
Series 2023-R07, Class 2M2, 8.57% (30 Day Average SOFR + 3.25%), 09/25/2043(c)(d)(f) |
2,500,000 | 2,538,313 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
82 | ||||
|
| |||
Invesco Variable Rate Investment Grade ETF (VRIG)–(continued)
October 31, 2023
Principal Amount |
Value | |||||||
Freddie Mac |
||||||||
Series 2020-DNA1, Class M2, STACR®, 7.14% (30 Day Average SOFR + 1.81%), 01/25/2050(c)(d)(g) |
$ | 281,946 | $ | 282,323 | ||||
Series 2020-DNA5, Class M2, STACR®, 8.12% (30 Day Average SOFR + 2.80%), 10/25/2050(c)(d)(g) |
812,934 | 823,928 | ||||||
Series 2021-DNA2, Class M2, STACR®, 7.62% (30 Day Average SOFR + 2.30%), 08/25/2033(c)(d)(g) |
4,365,942 | 4,386,884 | ||||||
Series 2021-DNA3, Class M1, STACR®, 6.07% (30 Day Average SOFR + 0.75%), 10/25/2033(c)(d)(g) |
591,559 | 589,991 | ||||||
Series 2021-DNA3, Class M2, STACR®, 7.42% (30 Day Average SOFR + 2.10%), 10/25/2033(c)(d)(g) |
3,125,000 | 3,134,557 | ||||||
Series 2021-DNA5, Class M2, STACR®, 6.97% (30 Day Average SOFR + 1.65%), 01/25/2034(c)(d)(g) |
2,735,167 | 2,737,191 | ||||||
Series 2021-DNA6, Class M2, STACR®, 6.82% (30 Day Average SOFR + 1.50%), 10/25/2041(c)(d)(g) |
5,571,181 | 5,493,528 | ||||||
Series 2021-HQA3, Class M1, STACR®, 6.17% (30 Day Average SOFR + 0.85%), 09/25/2041(c)(d)(g) |
2,212,603 | 2,183,533 | ||||||
Series 2022-DNA2, Class M1A, STACR®, 6.62% (30 Day Average SOFR + 1.30%), 02/25/2042(c)(d)(g) |
1,740,303 | 1,740,157 | ||||||
Series 2022-DNA2, Class M1B, STACR®, 7.72% (30 Day Average SOFR + 2.40%), 02/25/2042(c)(d)(g) |
4,250,000 | 4,266,017 | ||||||
Series 2022-DNA3, Class M1A, STACR®, 7.32% (30 Day Average SOFR + 2.00%), 04/25/2042(c)(d)(g) |
2,749,349 | 2,775,298 | ||||||
Series 2022-DNA3, Class M1B, STACR®, 8.22% (30 Day Average SOFR + 2.90%), 04/25/2042(c)(d)(g) |
4,730,000 | 4,828,649 | ||||||
Series 2022-DNA4, Class M1A, STACR®, 7.52% (30 Day Average SOFR + 2.20%), 05/25/2042(c)(d)(g) |
2,120,073 | 2,148,099 | ||||||
Series 2022-DNA4, Class M1B, STACR®, 8.67% (30 Day Average SOFR + 3.35%), 05/25/2042(c)(d)(g) |
1,500,000 | 1,551,805 | ||||||
Series 2022-DNA5, Class M1A, STACR®, 8.27% (30 Day Average SOFR + 2.95%), 06/25/2042(c)(d)(g) |
1,639,153 | 1,680,425 | ||||||
Series 2022-DNA6, Class M1, STACR®, 9.02% (30 Day Average SOFR + 3.70%), 09/25/2042(c)(d)(g) |
2,750,000 | 2,887,827 | ||||||
Series 2022-HQA1, Class M1A, STACR®, 7.42% (30 Day Average SOFR + 2.10%), 03/25/2042(c)(d)(g) |
2,497,402 | 2,488,183 | ||||||
Series 2022-HQA1, Class M1B, STACR®, 8.82% (30 Day Average SOFR + 3.50%), 03/25/2042(c)(d)(g) |
3,000,000 | 3,089,721 | ||||||
Series 2022-HQA2, Class M1, STACR®, 9.32% (30 Day Average SOFR + 4.00%), 07/25/2042(c)(d)(g) |
4,000,000 | 4,193,447 |
Principal Amount |
Value | |||||||
Series 2022-HQA2, Class M1A, STACR®, 7.97% (30 Day Average SOFR + 2.65%), 07/25/2042(c)(d)(g) |
$ | 1,452,863 | $ | 1,478,928 | ||||
Series 2022-HQA3, Class M1, STACR®, 7.62% (30 Day Average SOFR + 2.30%), 08/25/2042(c)(d)(g) |
1,550,900 | 1,571,609 | ||||||
Series 2022-HQA3, Class M1, STACR®, 8.87% (30 Day Average SOFR + 3.55%), 08/25/2042(c)(d)(g) |
3,130,000 | 3,231,162 | ||||||
Series 2023-DNA1, Class M1, STACR®, 7.42% (30 Day Average SOFR + 2.10%), 03/25/2043(c)(d)(g) |
2,445,297 | 2,464,328 | ||||||
Series 2023-DNA1, Class M1, STACR®, 8.42% (30 Day Average SOFR + 3.10%), 03/25/2043(c)(d)(g) |
2,775,000 | 2,854,312 | ||||||
Series 2023-DNA2, Class M1, STACR®, 7.42% (30 Day Average SOFR + 2.10%), 04/25/2043(c)(d)(g) |
2,472,227 | 2,495,175 | ||||||
Series 2023-HQA1, Class M1, STACR®, 7.32% (30 Day Average SOFR + 2.00%), 05/25/2043(c)(d)(g) |
581,893 | 584,394 | ||||||
Series 2023-HQA1, Class M1, STACR®, 8.82% (30 Day Average SOFR + 3.50%), 05/25/2043(c)(d)(g) |
4,123,425 | 4,251,715 | ||||||
Series 2023-HQA2, Class M1, STACR®, 8.67% (30 Day Average SOFR + 3.35%), 06/25/2043(c)(d)(g) |
2,500,000 | 2,561,440 | ||||||
|
|
|||||||
Total Agency Credit Risk Transfer Notes |
|
130,106,128 | ||||||
|
|
|||||||
Asset-Backed Securities-16.41% |
|
|||||||
Adjustable Rate Mortgage Trust, Series 2004-2, Class 6A1, 0.71%, 02/25/2035(h) |
45,586 | 44,628 | ||||||
Avis Budget Rental Car Funding (AESOP) LLC |
||||||||
Series 2019-2A, Class C, 4.24%, 09/22/2025(d) |
4,250,000 | 4,166,402 | ||||||
Series 2020-2A, Class C, 4.25%, 02/20/2027(d) |
1,300,000 | 1,217,499 | ||||||
BAMLL Commercial Mortgage Securities Trust, Series 2019-RLJ, Class B, 6.73% (1 mo. Term SOFR + 1.40%), 04/15/2036(c)(d) |
4,000,000 | 3,963,595 | ||||||
BBCMS Mortgage Trust, Series 2019- BWAY, Class B, 6.76% (1 mo. Term SOFR + 1.42%), 11/15/2034(c)(d) |
3,250,000 | 1,950,000 | ||||||
Bear Stearns Adjustable Rate Mortgage Trust |
||||||||
Series 2003-7, Class 6A, 5.61%, 10/25/2033(h) |
103,021 | 95,541 | ||||||
Series 2003-8, Class 4A1, 5.18%, 01/25/2034(h) |
111,162 | 106,156 | ||||||
BX Commercial Mortgage Trust |
||||||||
Series 2020-VKNG, Class A, 6.38% (1 mo. Term SOFR + 1.04%), 10/15/2037(c)(d) |
1,192,676 | 1,179,726 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
83 | ||||
|
| |||
Invesco Variable Rate Investment Grade ETF (VRIG)–(continued)
October 31, 2023
Principal Amount |
Value | |||||||
Series 2021-ACNT, Class B, 6.70% (1 mo. Term SOFR + 1.36%), 11/15/2038(c)(d) |
$ | 4,000,000 | $ | 3,915,557 | ||||
Series 2021-VINO, Class B, 6.30% (1 mo. Term SOFR + 0.97%), 05/15/2038(c)(d) |
1,776,197 | 1,731,520 | ||||||
Series 2021-VOLT, Class B, 6.40% (1 mo. Term SOFR + 1.06%), 09/15/2036(c)(d) |
3,252,772 | 3,147,465 | ||||||
Series 2021-VOLT, Class D, 7.10% (1 mo. Term SOFR + 1.76%), 09/15/2036(c)(d) |
1,250,000 | 1,195,932 | ||||||
BX Trust |
||||||||
Series 2021-LGCY, Class B, 6.30% (1 mo. Term SOFR + 0.97%), 10/15/2036(c)(d) |
3,630,000 | 3,511,724 | ||||||
Series 2022-IND, Class C, 7.63% (1 mo. Term SOFR + 2.29%), 04/15/2037(c)(d) |
2,807,478 | 2,752,004 | ||||||
Series 2022-LBA6, Class B, 6.63% (1 mo. Term SOFR + 1.30%), 01/15/2039(c)(d) |
1,000,000 | 974,606 | ||||||
Cold Storage Trust, Series 2020-ICE5, Class A, 6.35% (1 mo. Term SOFR + 1.01%), 11/15/2037(c)(d) |
2,457,476 | 2,431,941 | ||||||
COMM Mortgage Trust, Series 2019-521F, Class C, 6.78% (1 mo. Term SOFR + 1.45%), 06/15/2034(c)(d) |
4,000,000 | 2,993,001 | ||||||
Commonbond Student Loan Trust |
||||||||
Series 2017-BGS, Class A2, 6.09% (1 mo. Term SOFR + 0.76%), 09/25/2042(c)(d) |
234,067 | 228,276 | ||||||
Series 2018-AGS, Class A2, 5.94% (1 mo. Term SOFR + 0.61%), 02/25/2044(c)(d) |
414,341 | 404,114 | ||||||
CPS Auto Receivables Trust, Series 2023-D, Class C, 7.17%, 01/15/2030(d) |
4,000,000 | 4,004,095 | ||||||
DBCG Mortgage Trust, Series 2017-BBG, Class C, 8.50% (PRIME), 06/15/2034(c)(d) |
3,750,000 | 3,664,382 | ||||||
Edsouth Indenture No. 9 LLC, Series 2015- 1, Class A, 6.24% (30 Day Average SOFR + 0.91%), 10/25/2056(c)(d) |
343,642 | 338,459 | ||||||
Ford Credit Floorplan Master Owner Trust, Series 2023-1, Class A2, 6.57% (30 Day Average SOFR + 1.25%), 05/15/2028(c)(d) |
2,500,000 | 2,520,505 | ||||||
GMF Floorplan Owner Revolving Trust, Series 2023-1, Class A2, 6.47% (30 Day Average SOFR + 1.15%), 06/15/2028(c)(d) |
4,000,000 | 4,012,288 | ||||||
Great Wolf Trust |
||||||||
Series 2019-WOLF, Class A, 6.48% (1 mo. Term SOFR + 1.15%), 12/15/2036(c)(d) |
2,500,000 | 2,487,317 | ||||||
Series 2019-WOLF, Class B, 6.78% (1 mo. Term SOFR + 1.45%), 12/15/2036(c)(d) |
3,384,000 | 3,345,855 |
Principal Amount |
Value | |||||||
GS Mortgage Securities Corp. Trust |
||||||||
Series 2018-TWR, Class A, 6.53% (1 mo. Term SOFR + 1.20%), 07/15/2031(c)(d) |
$ | 3,000,000 | $ | 2,522,625 | ||||
Series 2021-ROSS, Class A, 6.60% (1 mo. Term SOFR + 1.26%), 05/15/2026(c)(d) |
2,500,000 | 2,220,373 | ||||||
Hertz Vehicle Financing LLC |
||||||||
Series 2021-1A, Class B, 1.56%, 12/26/2025(d) |
1,350,000 | 1,285,262 | ||||||
Series 2021-1A, Class C, 2.05%, 12/26/2025(d) |
4,000,000 | 3,807,558 | ||||||
Home Equity Asset Trust, Series 2004-5, Class M2, 6.38% (1 mo. Term SOFR + 1.06%), 11/25/2034(c) |
594,646 | 589,325 | ||||||
HPEFS Equipment Trust, Series 2023-2A, Class D, 6.97%, 07/21/2031(d) |
1,500,000 | 1,501,078 | ||||||
Invitation Homes Trust, Series 2018-SFR4, Class C, 6.85% (1 mo. Term SOFR + 1.51%), 01/17/2038(c)(d) |
2,999,862 | 2,965,777 | ||||||
J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2018-PHH, Class B, 6.84% (1 mo. Term SOFR + 1.51%), 06/15/2035(c)(d) |
2,385,000 | 1,980,316 | ||||||
JP Morgan Mortgage Trust |
||||||||
Series 2019-6, Class A11, 6.33% (1 mo. Term SOFR + 1.01%), 12/25/2049(c)(d) |
65,268 | 62,322 | ||||||
Series 2019-INV2, Class A1, 6.33% (1 mo. Term SOFR + 1.01%), 02/25/2050(c)(d) |
196,228 | 186,088 | ||||||
Series 2019-INV3, Class A11, 6.00% (1 mo. Term SOFR + 1.11%), 05/25/2050(c)(d) |
85,026 | 80,203 | ||||||
Series 2019-LTV3, Class A1, 6.28% (1 mo. Term SOFR + 0.96%), 03/25/2050(c)(d) |
29,831 | 29,586 | ||||||
Series 2020-8, Class A11, 6.22% (30 Day Average SOFR + 0.90%), 03/25/2051(c)(d) |
209,218 | 195,897 | ||||||
Series 2020-LTV1, Class A11, 6.00% (1 mo. Term SOFR + 1.11%), 06/25/2050(c)(d) |
12,836 | 12,648 | ||||||
Series 2021-1, Class A11, 5.97% (30 Day Average SOFR + 0.65%), 06/25/2051(c)(d) |
621,997 | 570,228 | ||||||
Med Trust, Series 2021-MDLN, Class B, 6.90% (1 mo. Term SOFR + 1.56%), 11/15/2038(c)(d) |
2,985,671 | 2,897,357 | ||||||
Mello Mortgage Capital Acceptance Trust, Series 2021-INV2, Class A1, 5.00% (30 Day Average SOFR + 0.95%), 08/25/2051(c)(d) |
2,959,181 | 2,672,318 | ||||||
Merchants Fleet Funding LLC, Series 2023- 1A, Class A, 7.21%, 05/20/2036(d) |
2,500,000 | 2,503,562 | ||||||
Merrill Lynch Mortgage Investors Trust |
||||||||
Series 2003-F, Class A1, 6.08% (1 mo. Term SOFR + 0.75%), 10/25/2028(c) |
55,462 | 51,499 | ||||||
Series 2005-A2, Class A5, 4.14%, 02/25/2035(h) |
42,577 | 38,725 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
84 | ||||
|
| |||
Invesco Variable Rate Investment Grade ETF (VRIG)–(continued)
October 31, 2023
Principal Amount |
Value | |||||||
MHC Commercial Mortgage Trust, Series 2021-MHC, Class B, 6.55% (1 mo. Term SOFR + 1.22%), 04/15/2038(c)(d) |
$ | 2,306,227 | $ | 2,266,057 | ||||
MHP Commercial Mortgage Trust, Series 2021-STOR, Class B, 6.35% (1 mo. Term SOFR + 1.01%), 07/15/2038(c)(d) |
2,500,000 | 2,434,220 | ||||||
Nelnet Student Loan Trust, Series 2021-A, Class A2, 6.48% (1 mo. Term SOFR + 1.14%), 04/20/2062(c)(d) |
2,680,000 | 2,626,963 | ||||||
OBX Trust |
||||||||
Series 2018-EXP1, Class 2A1, 6.29% (1 mo. Term SOFR + 0.96%), 04/25/2048(c)(d) |
94,887 | 94,114 | ||||||
Series 2018-EXP2, Class 2A2, 6.39% (1 mo. Term SOFR + 1.06%), 07/25/2058(c)(d) |
228,888 | 222,765 | ||||||
Series 2019-EXP1, Class 2A1B, 6.00% (1 mo. Term SOFR + 1.06%), 01/25/2059(c)(d) |
1,199,031 | 1,175,253 | ||||||
Series 2019-EXP1, Class 2A2, 6.00% (1 mo. Term SOFR + 1.26%), 01/25/2059(c)(d) |
119,904 | 118,205 | ||||||
Series 2019-EXP2, Class 2A2, 5.80% (1 mo. Term SOFR + 1.31%), 06/25/2059(c)(d) |
203,639 | 192,874 | ||||||
Series 2019-INV2, Class A11, 6.38% (1 mo. Term SOFR + 1.06%), 05/27/2049(c)(d) |
3,088,716 | 2,980,555 | ||||||
Series 2020-EXP1, Class 2A2, 6.39% (1 mo. Term SOFR + 1.06%), 02/25/2060(c)(d) |
315,128 | 286,606 | ||||||
Series 2020-EXP3, Class 2A2, 6.64% (1 mo. Term SOFR + 1.31%), 01/25/2060(c)(d) |
409,663 | 400,007 | ||||||
Series 2020-INV1, Class A11, 6.00% (1 mo. Term SOFR + 1.01%), 12/25/2049(c)(d) |
199,747 | 185,792 | ||||||
OneMain Financial Issuance Trust, Series 2023-2A, Class A2, 6.82% (30 Day Average SOFR + 1.50%), 09/15/2036(c)(d) |
4,000,000 | 3,970,337 | ||||||
RLGH Trust, Series 2021-TROT, Class B, 6.61% (1 mo. Term SOFR + 1.28%), 04/15/2036(c)(d) |
3,000,000 | 2,906,573 | ||||||
SMB Private Education Loan Trust |
||||||||
Series 2019-B, Class A2B, 6.45% (1 mo. Term SOFR + 1.11%), 06/15/2037(c)(d) |
1,856,338 | 1,839,199 | ||||||
Series 2020-A, Class A2B, 6.28% (1 mo. Term SOFR + 0.94%), 09/15/2037(c)(d) |
1,118,571 | 1,103,778 | ||||||
Series 2021-A, Class A2A2, 6.18% (1 mo. Term SOFR + 0.84%), 01/15/2053(c)(d) |
3,218,014 | 3,155,379 | ||||||
Series 2022-B, Class A1B, 6.77% (30 Day Average SOFR + 1.45%), 02/16/2055(c)(d) |
2,436,298 | 2,419,330 |
Principal Amount |
Value | |||||||
Series 2022-C, Class A1B, 7.17% (30 Day Average SOFR + 1.85%), 05/16/2050(c)(d) |
$ | 2,307,796 | $ | 2,316,396 | ||||
Series 2023-C, Class A1B, 6.76% (30 Day Average SOFR + 1.55%), 11/15/2052(c)(d) |
1,932,888 | 1,935,447 | ||||||
SMRT, Series 2022-MINI, Class B, 6.69% (1 mo. Term SOFR + 1.35%), 01/15/2039(c)(d) |
4,655,000 | 4,511,571 | ||||||
Tesla Auto Lease Trust, Series 2023-A, Class B, 6.41%, 07/20/2027(d) |
3,500,000 | 3,483,568 | ||||||
WaMu Mortgage Pass-Through Ctfs. Trust, Series 2004-AR3, Class A2, 4.52%, 06/25/2034(h) |
47,585 | 42,471 | ||||||
Wells Fargo Commercial Mortgage Trust, Series 2016-NXS5, Class A6FL, 7.00% (1 mo. Term SOFR + 1.66%), 01/15/2059(c)(d) |
2,500,000 | 2,470,123 | ||||||
|
|
|||||||
Total Asset-Backed Securities |
125,692,918 | |||||||
|
|
|||||||
U.S. Government Sponsored Agency Mortgage-Backed Securities-2.63% |
| |||||||
Collateralized Mortgage Obligations-1.62% |
| |||||||
Fannie Mae REMICs |
||||||||
5.74% (30 Day Average SOFR + 0.41%), 04/25/2035(c) |
908,668 | 902,818 | ||||||
5.04% (30 Day Average SOFR + 0.43%), 01/25/2045(c) |
569,812 | 549,823 | ||||||
5.94% (30 Day Average SOFR + 0.61%), 05/25/2046(c) |
217,902 | 208,581 | ||||||
5.26% (30 Day Average SOFR + 0.41%), 09/25/2047(c) |
566,866 | 547,858 | ||||||
5.50% (30 Day Average SOFR + 0.43%), 12/25/2047(c) |
205,318 | 198,939 | ||||||
Freddie Mac Multifamily Structured Credit Risk, Series 2021-MN2, Class M1, 7.12% (30 Day Average SOFR + 1.80%), 07/25/2041(c)(d) |
3,430,585 | 3,224,325 | ||||||
Freddie Mac Multifamily Structured Pass-Through Ctfs. |
||||||||
Series KF35, Class A, 5.78% (30 Day Average SOFR + 0.46%), 08/25/2024(c) |
72,840 | 72,715 | ||||||
Series KF35, Class A, 5.82% (30 Day Average SOFR + 0.50%), 10/25/2025(c) |
973,983 | 969,327 | ||||||
Series KF81, Class AS, 5.72% (30 Day Average SOFR + 0.40%), 06/25/2027(c) |
1,218,926 | 1,208,674 | ||||||
Series Q008, Class A, 5.82% (30 Day Average SOFR + 0.50%), 10/25/2045(c) |
453,057 | 450,976 | ||||||
Freddie Mac REMICs |
||||||||
4.90% (30 Day Average SOFR + 0.46%), 09/15/2038(c) |
563,289 | 534,388 | ||||||
5.01% (30 Day Average SOFR + 0.56%), 09/15/2040(c) |
462,414 | 442,412 | ||||||
5.94% (30 Day Average SOFR + 0.61%), 06/15/2041(c) |
151,193 | 146,143 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
85 | ||||
|
| |||
Invesco Variable Rate Investment Grade ETF (VRIG)–(continued)
October 31, 2023
Principal Amount |
Value | |||||||
Collateralized Mortgage Obligations-(continued) |
| |||||||
4.95% (30 Day Average SOFR + 0.43%), 08/15/2043(c) |
$ | 565,868 | $ | 529,215 | ||||
5.79% (30 Day Average SOFR + 0.46%), 01/15/2048(c) |
2,552,913 | 2,411,429 | ||||||
|
|
|||||||
12,397,623 | ||||||||
|
|
|||||||
Federal Home Loan Mortgage Corp. (FHLMC)-0.49% |
| |||||||
ARM, 4.33% (1 yr. Refinitiv USD IBOR Consumer Cash Fallbacks + 1.57%), 06/01/2037(c) |
192,809 | 189,985 | ||||||
ARM, 5.28% (1 yr. Refinitiv USD IBOR Consumer Cash Fallbacks + 1.74%), 11/01/2038(c) |
235,348 | 237,815 | ||||||
ARM, 5.02% (1 yr. Refinitiv USD IBOR Consumer Cash Fallbacks + 1.73%), 03/01/2043(c) |
218,746 | 221,045 | ||||||
ARM, 3.38% (1 yr. U.S. Treasury Yield Curve Rate + 2.17%), 11/01/2048(c) |
3,151,041 | 3,057,211 | ||||||
|
|
|||||||
3,706,056 | ||||||||
|
|
|||||||
Federal National Mortgage Association (FNMA)-0.52% |
| |||||||
ARM, 4.02% (1 yr. Refinitiv USD IBOR Consumer Cash Fallbacks + 1.64%), 02/01/2035(c) |
45,167 | 44,528 | ||||||
ARM, 5.80% (1 yr. U.S. Treasury Yield Curve Rate + 2.36%), 07/01/2035(c) |
558,242 | 571,996 | ||||||
ARM, 7.04% (6 mo. Refinitiv USD IBOR Consumer Cash Fallbacks + 1.57%), 07/01/2035(c) |
35,200 | 35,547 | ||||||
ARM, 5.97% (1 yr. Refinitiv USD IBOR Consumer Cash Fallbacks + 1.72%), 10/01/2036(c) |
126,046 | 125,262 | ||||||
ARM, 4.53% (1 yr. Refinitiv USD IBOR Consumer Cash Fallbacks + 1.78%), 03/01/2037(c) |
185,829 | 183,808 | ||||||
ARM, 4.88% (1 yr. Refinitiv USD IBOR Consumer Cash Fallbacks + 1.50%), 11/01/2037(c) |
89,885 | 89,105 | ||||||
ARM, 3.07% (1 yr. Refinitiv USD IBOR Consumer Cash Fallbacks + 1.58%), 04/01/2045(c) |
3,012,797 | 2,960,964 | ||||||
|
|
|||||||
4,011,210 | ||||||||
|
|
|||||||
Total U.S. Government Sponsored Agency Mortgage- Backed
Securities |
|
20,114,889 | ||||||
|
|
Principal Amount |
Value | |||||||
Certificate of Deposit-0.52% |
| |||||||
Diversified Banks-0.52% |
| |||||||
Wells Fargo Bank N.A., 6.00% (SOFR + 0.60%), 08/14/2024(c) |
$ | 4,000,000 | $ | 4,003,531 | ||||
|
|
|||||||
Shares | ||||||||
Money Market Funds-0.46% |
| |||||||
Invesco Government & Agency Portfolio,
Institutional Class, 5.27%(i)(j) |
3,549,222 | 3,549,222 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES |
|
764,286,372 | ||||||
|
|
|||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-2.39% |
| |||||||
Invesco Private Government Fund, 5.32%(i)(j)(k) |
5,111,416 | 5,111,416 | ||||||
Invesco Private Prime Fund, 5.53%(i)(j)(k) |
13,145,670 | 13,146,985 | ||||||
|
|
|||||||
Total Investments Purchased with Cash Collateral from
Securities on Loan |
|
18,258,401 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES-102.20% |
|
782,544,773 | ||||||
OTHER ASSETS LESS LIABILITIES-(2.20)% |
|
(16,836,048 | ) | |||||
|
|
|||||||
NET ASSETS-100.00%. |
|
$ | 765,708,725 | |||||
|
|
Investment Abbreviations: | ||
ARM | -Adjustable Rate Mortgage | |
Ctfs. | -Certificates | |
IBOR | -Interbank Offered Rate | |
REMICs | -Real Estate Mortgage Investment Conduits | |
SOFR | -Secured Overnight Financing Rate | |
STACR® | -Structured Agency Credit Risk | |
USD | -U.S. Dollar |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
86 | ||||
|
| |||
Invesco Variable Rate Investment Grade ETF (VRIG)–(continued)
October 31, 2023
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) |
All or a portion of this security was out on loan at October 31, 2023. |
(c) |
Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on October 31, 2023. |
(d) |
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, 2023 was $368,344,523, which represented 48.11% of the Fund’s Net Assets. |
(e) |
Perpetual bond with no specified maturity date. |
(f) |
CAS notes are bonds issued by Fannie Mae. The amount of periodic principal and ultimate principal paid by Fannie Mae is determined by the performance of a large and diverse reference pool. |
(g) |
Principal payments are determined by the delinquency and principal payment experience on the STACR® reference pool. Freddie Mac transfers credit risk from the mortgages in the reference pool to credit investors who invest in the STACR® debt notes. |
(h) |
Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on October 31, 2023. |
(i) |
Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended October 31, 2023. |
Change in | |||||||||||||||||||||||||||||||||||
Unrealized | |||||||||||||||||||||||||||||||||||
Value | Purchases | Proceeds | Appreciation | Realized | Value | Dividend | |||||||||||||||||||||||||||||
October 31, 2022 |
at Cost |
from Sales |
(Depreciation) |
Gain |
October 31, 2023 |
Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: |
|||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class |
$ | 1,075,009 | $ | 310,334,584 | $ | (307,860,371 | ) | $ | - | $ | - | $ | 3,549,222 | $ | 283,445 | ||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: |
|||||||||||||||||||||||||||||||||||
Invesco Private Government Fund |
5,473,023 | 66,645,484 | (67,007,091 | ) | - | - | 5,111,416 | 248,244 | * | ||||||||||||||||||||||||||
Invesco Private Prime Fund |
14,069,884 | 154,496,549 | (155,418,921 | ) | (1,083 | ) | 556 | 13,146,985 | 664,495 | * | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Total |
$ | 20,617,916 | $ | 531,476,617 | $ | (530,286,383 | ) | $ | (1,083 | ) | $ | 556 | $ | 21,807,623 | $ | 1,196,184 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
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. |
(j) |
The rate shown is the 7-day SEC standardized yield as of October 31, 2023. |
(k) |
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 2M. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
87 | ||||
|
| |||
Statements of Assets and Liabilities
October 31, 2023
Invesco AAA CLO Floating Rate Note ETF (ICLO) |
Invesco Active U.S. Real Estate ETF (PSR) |
Invesco High Yield Bond Factor ETF (IHYF) | |||||||||||||
Assets: |
|||||||||||||||
Unaffiliated investments in securities, at value(a) |
$ | 32,665,403 | $ | 83,526,312 | $ | 40,768,456 | |||||||||
Affiliated investments in securities, at value |
296,033 | 12,461,404 | 2,920,899 | ||||||||||||
Other investments: |
|||||||||||||||
Unrealized appreciation on forward foreign currency contracts outstanding |
- | - | - | ||||||||||||
Cash |
- | - | 801 | ||||||||||||
Foreign currencies, at value |
- | - | 26 | ||||||||||||
Deposits with brokers: |
|||||||||||||||
Cash collateral-futures contracts |
- | - | - | ||||||||||||
Cash collateral-centrally cleared swap agreements |
- | - | 96,325 | ||||||||||||
Receivable for: |
|||||||||||||||
Dividends and interest |
170,582 | 52,296 | 721,815 | ||||||||||||
Variation margin on futures contracts |
- | - | 110 | ||||||||||||
Variation margin on centrally cleared swap agreements |
- | - | 5,529 | ||||||||||||
Securities lending |
- | 1,565 | 856 | ||||||||||||
Investments sold. |
- | - | - | ||||||||||||
Expenses absorbed |
15 | - | - | ||||||||||||
Investments matured, at value |
- | - | 2,943 | ||||||||||||
Other assets |
- | - | - | ||||||||||||
|
|
|
|
|
|
||||||||||
Total assets |
33,132,033 | 96,041,577 | 44,517,760 | ||||||||||||
|
|
|
|
|
|
||||||||||
Liabilities: |
|||||||||||||||
Other investments: |
|||||||||||||||
Unrealized depreciation on futures contracts |
- | - | - | ||||||||||||
Payable for: |
|||||||||||||||
Variation margin on futures contracts |
- | - | - | ||||||||||||
Investments purchased |
- | - | - | ||||||||||||
Collateral upon return of securities loaned |
- | 12,455,230 | 2,847,933 | ||||||||||||
Fund shares repurchased |
- | - | - | ||||||||||||
Accrued unitary management fees |
- | 25,943 | 13,745 | ||||||||||||
|
|
|
|
|
|
||||||||||
Total liabilities |
- | 12,481,173 | 2,861,678 | ||||||||||||
|
|
|
|
|
|
||||||||||
Net Assets |
$ | 33,132,033 | $ | 83,560,404 | $ | 41,656,082 | |||||||||
|
|
|
|
|
|
||||||||||
Net assets consist of: |
|||||||||||||||
Shares of beneficial interest |
$ | 32,537,540 | $ | 117,957,356 | $ | 49,027,445 | |||||||||
Distributable earnings (loss) |
594,493 | (34,396,952 | ) | (7,371,363 | ) | ||||||||||
|
|
|
|
|
|
||||||||||
Net Assets |
$ | 33,132,033 | $ | 83,560,404 | $ | 41,656,082 | |||||||||
|
|
|
|
|
|
||||||||||
Shares outstanding (unlimited amount authorized, $0.01 par value) |
1,300,001 | 1,090,000 | 2,000,001 | ||||||||||||
Net asset value |
$ | 25.49 | $ | 76.66 | $ | 20.83 | |||||||||
|
|
|
|
|
|
||||||||||
Market price |
$ | 25.50 | $ | 76.72 | $ | 20.90 | |||||||||
|
|
|
|
|
|
||||||||||
Unaffiliated investments in securities, at cost. |
$ | 32,293,143 | $ | 104,081,193 | $ | 43,632,711 | |||||||||
|
|
|
|
|
|
||||||||||
Affiliated investments in securities, at cost |
$ | 296,033 | $ | 12,462,065 | $ | 2,920,856 | |||||||||
|
|
|
|
|
|
||||||||||
Foreign currencies, at cost |
$ | - | $ | - | $ | 26 | |||||||||
|
|
|
|
|
|
||||||||||
Investments matured, at cost |
$ | - | $ | - | $ | 89,338 | |||||||||
|
|
|
|
|
|
||||||||||
(a) Includes securities on loan with an aggregate value of: |
$ | - | $ | 12,284,587 | $ | 2,754,681 | |||||||||
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
88 | ||||
|
| |||
Invesco High Yield Select ETF (HIYS) |
Invesco S&P 500® Downside Hedged ETF (PHDG) |
Invesco Short Duration Bond ETF (ISDB) |
||||||||||||||||||||||||||||||||||||||||
$ | 9,229,883 | $ | 113,666,328 | $ | 9,716,475 | |||||||||||||||||||||||||||||||||||||
733,054 | 14,419,507 | 537,098 | ||||||||||||||||||||||||||||||||||||||||
28,536 | - | - | ||||||||||||||||||||||||||||||||||||||||
- | - | - | ||||||||||||||||||||||||||||||||||||||||
69,335 | - | - | ||||||||||||||||||||||||||||||||||||||||
- | 12,010,116 | - | ||||||||||||||||||||||||||||||||||||||||
- | - | - | ||||||||||||||||||||||||||||||||||||||||
157,981 | 198,337 | 108,982 | ||||||||||||||||||||||||||||||||||||||||
- | - | - | ||||||||||||||||||||||||||||||||||||||||
- | - | - | ||||||||||||||||||||||||||||||||||||||||
409 | 399 | 619 | ||||||||||||||||||||||||||||||||||||||||
- | - | 550,454 | ||||||||||||||||||||||||||||||||||||||||
- | - | - | ||||||||||||||||||||||||||||||||||||||||
- | - | - | ||||||||||||||||||||||||||||||||||||||||
- | 25 | - | ||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
10,219,198 | 140,294,712 | 10,913,628 | ||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
- | 1,252,080 | - | ||||||||||||||||||||||||||||||||||||||||
- | - | 1,532 | ||||||||||||||||||||||||||||||||||||||||
6,604 | - | 786,957 | ||||||||||||||||||||||||||||||||||||||||
590,647 | 4,271,174 | 350,967 | ||||||||||||||||||||||||||||||||||||||||
- | 1,567,262 | - | ||||||||||||||||||||||||||||||||||||||||
3,921 | 40,812 | 2,908 | ||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
601,172 | 7,131,328 | 1,142,364 | ||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
$ | 9,618,026 | $ | 133,163,384 | $ | 9,771,264 | |||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
$ | 9,998,310 | $ | 236,252,168 | $ | 9,998,898 | |||||||||||||||||||||||||||||||||||||
(380,284 | ) | (103,088,784 | ) | (227,634 | ) | |||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
$ | 9,618,026 | $ | 133,163,384 | $ | 9,771,264 | |||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
400,001 | 4,250,000 | 400,001 | ||||||||||||||||||||||||||||||||||||||||
$ | 24.05 | $ | 31.33 | $ | 24.43 | |||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
$ | 24.18 | $ | 31.35 | $ | 24.44 | |||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
$ | 9,556,098 | $ | 112,139,671 | $ | 9,805,164 | |||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
$ | 733,048 | $ | 14,419,416 | $ | 537,110 | |||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
$ | 69,366 | $ | - | $ | - | |||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
$ | - | $ | - | $ | - | |||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
$ | 572,142 | $ | 4,230,079 | $ | 338,908 | |||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
89 | ||||
|
| |||
Statements of Assets and Liabilities–(continued)
October 31, 2023
Invesco Total Return Bond ETF (GTO) |
Invesco Ultra Short Duration ETF (GSY) |
Invesco Variable Rate Investment Grade ETF (VRIG) |
||||||||||||||||||||||||||||||||||||||||||
Assets: |
||||||||||||||||||||||||||||||||||||||||||||
Unaffiliated investments in securities, at value(a) |
$ | 1,086,531,362 | $ | 1,865,948,623 | $ | 760,737,150 | ||||||||||||||||||||||||||||||||||||||
Affiliated investments in securities, at value |
89,824,052 | 26,952,157 | 21,807,623 | |||||||||||||||||||||||||||||||||||||||||
Other investments: |
||||||||||||||||||||||||||||||||||||||||||||
Unrealized appreciation on forward foreign currency contracts outstanding |
- | 1,005,945 | - | |||||||||||||||||||||||||||||||||||||||||
Cash |
108,726,212 | 2,085,856 | 4,200,549 | |||||||||||||||||||||||||||||||||||||||||
Foreign currencies, at value |
155,923 | 143 | - | |||||||||||||||||||||||||||||||||||||||||
Cash collateral-TBAs |
858,000 | - | - | |||||||||||||||||||||||||||||||||||||||||
Receivable for: |
||||||||||||||||||||||||||||||||||||||||||||
Dividends and interest |
8,894,990 | 9,492,134 | 2,964,418 | |||||||||||||||||||||||||||||||||||||||||
Securities lending |
16,686 | 7,448 | 8,742 | |||||||||||||||||||||||||||||||||||||||||
Investments sold |
104,492,990 | 8,883,920 | 643,019 | |||||||||||||||||||||||||||||||||||||||||
Fund shares sold |
- | - | 11,205,783 | |||||||||||||||||||||||||||||||||||||||||
Investments matured, at value |
29,208 | - | - | |||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||
Total assets |
1,399,529,423 | 1,914,376,226 | 801,567,284 | |||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||
Liabilities: |
||||||||||||||||||||||||||||||||||||||||||||
Other investments: |
||||||||||||||||||||||||||||||||||||||||||||
Open written options, at value. |
89,100 | - | - | |||||||||||||||||||||||||||||||||||||||||
Due to broker |
2,013 | - | - | |||||||||||||||||||||||||||||||||||||||||
Payable for: |
||||||||||||||||||||||||||||||||||||||||||||
Variation margin on futures contracts |
27,123 | - | - | |||||||||||||||||||||||||||||||||||||||||
Investments purchased |
120,546,585 | - | 17,413,013 | |||||||||||||||||||||||||||||||||||||||||
Investments purchased - TBA |
172,476,647 | - | - | |||||||||||||||||||||||||||||||||||||||||
Collateral upon return of securities loaned |
89,285,786 | 25,959,267 | 18,258,863 | |||||||||||||||||||||||||||||||||||||||||
Accrued unitary management fees |
207,666 | - | 186,683 | |||||||||||||||||||||||||||||||||||||||||
Accrued advisory fees |
- | 311,701 | - | |||||||||||||||||||||||||||||||||||||||||
Accrued trustees’ and officer’s fees |
- | 30,549 | - | |||||||||||||||||||||||||||||||||||||||||
Accrued expenses |
- | 354,671 | - | |||||||||||||||||||||||||||||||||||||||||
Other payables |
10,335 | - | - | |||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||
Total liabilities |
382,645,255 | 26,656,188 | 35,858,559 | |||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||
Net Assets |
$ | 1,016,884,168 | $ | 1,887,720,038 | $ | 765,708,725 | ||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||
Net assets consist of: |
||||||||||||||||||||||||||||||||||||||||||||
Shares of beneficial interest |
$ | 1,270,704,786 | $ | 1,924,679,131 | $ | 774,432,341 | ||||||||||||||||||||||||||||||||||||||
Distributable earnings (loss) |
(253,820,618 | ) | (36,959,093 | ) | (8,723,616 | ) | ||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||
Net Assets. |
$ | 1,016,884,168 | $ | 1,887,720,038 | $ | 765,708,725 | ||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||
Shares outstanding (unlimited amount authorized, $0.01 par value) |
23,300,000 | 38,000,000 | 30,750,001 | |||||||||||||||||||||||||||||||||||||||||
Net asset value |
$ | 43.64 | $ | 49.68 | $ | 24.90 | ||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||
Market price |
$ | 43.67 | $ | 49.68 | $ | 24.92 | ||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||
Unaffiliated investments in securities, at cost |
$ | 1,165,296,579 | $ | 1,886,502,897 | $ | 765,249,230 | ||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||
Affiliated investments in securities, at cost |
$ | 89,833,721 | $ | 26,956,107 | $ | 21,808,085 | ||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||
Foreign currencies, at cost |
$ | 156,047 | $ | 155 | $ | - | ||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||
Investments matured, at cost |
$ | 748,467 | $ | - | $ | - | ||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||
Premium received on written options. |
$ | 93,846 | $ | - | $ | - | ||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||
(a) Includes securities on loan with an aggregate value of: |
$ | 85,750,744 | $ | 25,127,471 | $ | 17,761,070 | ||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
90 | ||||
|
| |||
(This Page Intentionally Left Blank)
91 | ||||
|
| |||
For the year ended October 31, 2023
Invesco AAA CLO Floating Rate Note ETF (ICLO)(a) |
Invesco Active U.S. Real Estate ETF (PSR) |
Invesco High Yield Bond Factor ETF (IHYF) |
Invesco High Yield Select ETF (HIYS)(a) |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment income: |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unaffiliated interest income |
$ | 1,899,715 | $ | - | $ | 2,586,774 | $ | 656,763 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Unaffiliated dividend income |
- | 3,677,042 | 4 | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Affiliated dividend income |
9,147 | 1,352 | 14,429 | 7,300 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities lending income, net. |
- | 16,970 | 14,131 | 1,779 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign withholding tax |
- | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||
Total investment income |
1,908,862 | 3,695,364 | 2,615,338 | 665,842 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||
Expenses: |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unitary management fees |
74,696 | 405,607 | 139,074 | 42,654 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Advisory fees |
- | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting & administration fees |
- | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Custodian & transfer agent fees |
- | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trustees’ and officer’s fees |
- | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tax expenses |
4,004 | - | - | 1,715 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other expenses |
- | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||
Total expenses |
78,700 | 405,607 | 139,074 | 44,369 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||
Less: Waivers. |
(30,007 | ) | (36 | ) | (291 | ) | (146 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||
Net expenses |
48,693 | 405,571 | 138,783 | 44,223 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income. |
1,860,169 | 3,289,793 | 2,476,555 | 621,619 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||
Realized and unrealized gain (loss) from: |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net realized gain (loss) from: |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unaffiliated investment securities |
117,488 | (12,256,378 | ) | (1,714,587 | ) | (88,476 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Affiliated investment securities |
- | 1,845 | 199 | (14 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
In-kind redemptions |
- | 2,784,680 | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currencies |
- | - | - | 8,400 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Forward foreign currency contracts |
- | - | - | (12,335 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Futures contracts |
- | - | (217,001 | ) | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Swap agreements |
- | - | 60,586 | 4,929 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Written options |
- | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||
Net realized gain (loss) |
117,488 | (9,469,853 | ) | (1,870,803 | ) | (87,496 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in net unrealized appreciation (depreciation) of: |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unaffiliated investment securities |
372,260 | (3,138,619 | ) | 1,276,863 | (326,215 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Affiliated investment securities |
- | (737 | ) | 90 | 6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currencies |
- | - | - | (111 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Forward foreign currency contracts |
- | - | - | 28,536 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Futures contracts |
- | - | 98,591 | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Swap agreements |
- | - | (9,543 | ) | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Written options |
- | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in net unrealized appreciation (depreciation) |
372,260 | (3,139,356 | ) | 1,366,001 | (297,784 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) |
489,748 | (12,609,209 | ) | (504,802 | ) | (385,280 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
$ | 2,349,917 | $ | (9,319,416 | ) | $ | 1,971,753 | $ | 236,339 | |||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
(a) |
For the period December 7, 2022 (commencement of investment operations) through October 31, 2023. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
92 | ||||
|
| |||
Invesco | Invesco | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
S&P 500® | Invesco | Variable Rate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Downside Hedged | Short Duration | Invesco Total Return | Invesco Ultra Short | Investment Grade | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ETF (PHDG) | Bond ETF (ISDB)(a) | Bond ETF (GTO) | Duration ETF (GSY) | ETF (VRIG) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 896,214 | $ | 488,247 | $ | 41,878,070 | $ | 87,266,021 | $ | 35,458,956 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2,468,229 | 6 | 19,110 | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1,542,726 | 6,173 | 17,777 | 40,628 | 283,445 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12,131 | 3,436 | 218,491 | 44,031 | 200,699 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(509 | ) | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4,918,791 | 497,862 | 42,133,448 | 87,350,680 | 35,943,100 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
798,330 | 31,117 | 4,604,614 | - | 1,784,618 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
- | - | - | 3,943,189 | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
- | - | - | 174,540 | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
- | - | - | 27,902 | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
- | - | - | 40,618 | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(25 | ) | 1,127 | - | 5,953 | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
- | - | - | 358,793 | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
798,305 | 32,244 | 4,604,614 | 4,550,995 | 1,784,618 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(52,687 | ) | (126 | ) | (853,751 | ) | (969 | ) | (5,733 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
745,618 | 32,118 | 3,750,863 | 4,550,026 | 1,778,885 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4,173,173 | 465,744 | 38,382,585 | 82,800,654 | 34,164,215 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1,903,567 | ) | (99,990 | ) | (83,091,230 | ) | (4,864,419 | ) | 650,332 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(18,359 | ) | 4 | 12,692 | (2,679 | ) | 556 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6,619 | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
- | - | (48,868 | ) | (61,597 | ) | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
- | - | - | (4,857,628 | ) | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(24,676,776 | ) | (44,716 | ) | 2,519,948 | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
- | - | (740,960 | ) | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
- | - | (146,366 | ) | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(26,592,083 | ) | (144,702 | ) | (81,494,784 | ) | (9,786,323 | ) | 650,888 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(2,482,502 | ) | (88,689 | ) | 43,385,117 | 31,997,884 | 6,415,127 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1,758 | (12 | ) | (9,034 | ) | (3,950 | ) | (1,083 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
- | - | 12,357 | 4 | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
- | - | - | (713,568 | ) | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2,535,766 | 1,307 | 431,515 | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
- | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
- | - | 4,746 | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
55,022 | (87,394 | ) | 43,824,701 | 31,280,370 | 6,414,044 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
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|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(26,537,061 | ) | (232,096 | ) | (37,670,083 | ) | 21,494,047 | 7,064,932 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | (22,363,888 | ) | $ | 233,648 | $ | 712,502 | $ | 104,294,701 | $ | 41,229,147 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
93 | ||||
|
| |||
Statements of Changes in Net Assets
For the years ended October 31, 2023 and 2022
Invesco
AAA CLO Floating Rate Note ETF (ICLO) |
Invesco Active U.S. Real Estate ETF (PSR) | ||||||||||||||
2023(a) | 2023 | 2022 | |||||||||||||
Operations: |
|||||||||||||||
Net investment income |
$ | 1,860,169 | $ | 3,289,793 | $ | 2,264,090 | |||||||||
Net realized gain (loss) |
117,488 | (9,469,853 | ) | 6,256,667 | |||||||||||
Change in net unrealized appreciation (depreciation) |
372,260 | (3,139,356 | ) | (35,989,852 | ) | ||||||||||
|
|
|
|
|
|
||||||||||
Net increase (decrease) in net assets resulting from operations |
2,349,917 | (9,319,416 | ) | (27,469,095 | ) | ||||||||||
|
|
|
|
|
|
||||||||||
Distributions to Shareholders from: |
|||||||||||||||
Distributable earnings |
(1,759,428 | ) | (3,575,378 | ) | (3,208,010 | ) | |||||||||
Return of capital. |
- | - | - | ||||||||||||
|
|
|
|
|
|
||||||||||
Total distributions to shareholders. |
(1,759,428 | ) | (3,575,378 | ) | (3,208,010 | ) | |||||||||
|
|
|
|
|
|
||||||||||
Shareholder Transactions: |
|||||||||||||||
Proceeds from shares sold |
32,541,544 | 35,253,387 | 63,317,998 | ||||||||||||
Value of shares repurchased |
- | (51,568,124 | ) | (49,964,637 | ) | ||||||||||
|
|
|
|
|
|
||||||||||
Net increase (decrease) in net assets resulting from share transactions |
32,541,544 | (16,314,737 | ) | 13,353,361 | |||||||||||
|
|
|
|
|
|
||||||||||
Net increase (decrease) in net assets |
33,132,033 | (29,209,531 | ) | (17,323,744 | ) | ||||||||||
|
|
|
|
|
|
||||||||||
Net assets: |
|||||||||||||||
Beginning of period |
- | 112,769,935 | 130,093,679 | ||||||||||||
|
|
|
|
|
|
||||||||||
End of period |
$ | 33,132,033 | $ | 83,560,404 | $ | 112,769,935 | |||||||||
|
|
|
|
|
|
||||||||||
Changes in Shares Outstanding: |
|||||||||||||||
Shares sold |
1,300,001 | 390,000 | 610,000 | ||||||||||||
Shares repurchased |
- | (590,000 | ) | (500,000 | ) | ||||||||||
Shares outstanding, beginning of period. |
- | 1,290,000 | 1,180,000 | ||||||||||||
|
|
|
|
|
|
||||||||||
Shares outstanding, end of period |
1,300,001 | 1,090,000 | 1,290,000 | ||||||||||||
|
|
|
|
|
|
(a) |
For the period December 7, 2022 (commencement of investment operations) through October 31, 2023. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
94 | ||||
|
| |||
Invesco High Yield |
Invesco High Yield Select | Invesco S&P 500® Downside | Invesco Short Duration | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bond Factor ETF (IHYF) | ETF (HIYS) | Hedged ETF (PHDG) | Bond ETF (ISDB) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023(a) | 2023 | 2022 | 2023(a) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 2,476,555 | $ | 1,854,661 | $ | 621,619 | $ | 4,173,173 | $ | 2,651,911 | $ | 465,744 | |||||||||||||||||||||||||||||||||||||||||||||||||||
(1,870,803 | ) | (2,471,095 | ) | (87,496 | ) | (26,592,083 | ) | (17,224,587 | ) | (144,702 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||
1,366,001 | (4,589,166 | ) | (297,784 | ) | 55,022 | (7,614,203 | ) | (87,394 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
1,971,753 | (5,205,600 | ) | 236,339 | (22,363,888 | ) | (22,186,879 | ) | 233,648 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
(2,508,973 | ) | (2,033,283 | ) | (618,338 | ) | (4,335,806 | ) | (2,159,005 | ) | (462,409 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||
- | (166,039 | ) | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
(2,508,973 | ) | (2,199,322 | ) | (618,338 | ) | (4,335,806 | ) | (2,159,005 | ) | (462,409 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
12,834,918 | 1,004,724 | 10,000,025 | 35,304,385 | 273,519,437 | 10,000,025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(4,661,806 | ) | (1,070,889 | ) | - | (155,137,732 | ) | (219,854,579 | ) | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
8,173,112 | (66,165 | ) | 10,000,025 | (119,833,347 | ) | 53,664,858 | 10,000,025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
7,635,892 | (7,471,087 | ) | 9,618,026 | (146,533,041 | ) | 29,318,974 | 9,771,264 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
34,020,190 | 41,491,277 | - | 279,696,425 | 250,377,451 | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 41,656,082 | $ | 34,020,190 | $ | 9,618,026 | $ | 133,163,384 | $ | 279,696,425 | $ | 9,771,264 | |||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
600,000 | 40,000 | 400,001 | 1,050,000 | 7,450,000 | 400,001 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(220,000 | ) | (50,000 | ) | - | (4,750,000 | ) | (6,300,000 | ) | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||
1,620,001 | 1,630,001 | - | 7,950,000 | 6,800,000 | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||
2,000,001 | 1,620,001 | 400,001 | 4,250,000 | 7,950,000 | 400,001 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
95 | ||||
|
| |||
Statements of Changes in Net Assets–(continued)
For the years ended October 31, 2023 and 2022
Invesco Total Return Bond ETF (GTO) |
Invesco Ultra Short Duration ETF (GSY) | ||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||
Operations: |
|||||||||||||||||||||||||
Net investment income |
$ | 38,382,585 | $ | 26,400,819 | $ | 82,800,654 | $ | 29,011,217 | |||||||||||||||||
Net realized gain (loss) |
(81,494,784 | ) | (92,696,371 | ) | (9,786,323 | ) | (6,534,132 | ) | |||||||||||||||||
Change in net unrealized appreciation (depreciation) |
43,824,701 | (127,722,297 | ) | 31,280,370 | (52,625,158 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
712,502 | (194,017,849 | ) | 104,294,701 | (30,148,073 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||||||
Distributions to Shareholders from: |
|||||||||||||||||||||||||
Distributable earnings |
(38,397,413 | ) | (27,071,935 | ) | (85,996,333 | ) | (26,604,416 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||||||
Shareholder Transactions: |
|||||||||||||||||||||||||
Proceeds from shares sold |
469,168,498 | 339,347,967 | 302,353,318 | 184,509,896 | |||||||||||||||||||||
Value of shares repurchased |
(152,712,859 | ) | (376,751,352 | ) | (540,955,781 | ) | (961,961,493 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||||||
Net increase (decrease) in net assets resulting from share transactions |
316,455,639 | (37,403,385 | ) | (238,602,463 | ) | (777,451,597 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||||||
Net increase (decrease) in net assets |
278,770,728 | (258,493,169 | ) | (220,304,095 | ) | (834,204,086 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||||||
Net assets: |
|||||||||||||||||||||||||
Beginning of period |
738,113,440 | 996,606,609 | 2,108,024,133 | 2,942,228,219 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||||||
End of period |
$ | 1,016,884,168 | $ | 738,113,440 | $ | 1,887,720,038 | $ | 2,108,024,133 | |||||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||||||
Changes in Shares Outstanding: |
|||||||||||||||||||||||||
Shares sold |
10,100,000 | 6,450,000 | 6,100,000 | 3,700,000 | |||||||||||||||||||||
Shares repurchased |
(3,300,000 | ) | (7,550,000 | ) | (10,900,000 | ) | (19,300,000 | ) | |||||||||||||||||
Shares outstanding, beginning of period |
16,500,000 | 17,600,000 | 42,800,000 | 58,400,000 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||||||
Shares outstanding, end of period. |
23,300,000 | 16,500,000 | 38,000,000 | 42,800,000 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
96 | ||||
|
| |||
Invesco Variable Rate Investment | ||||||||||
Grade ETF (VRIG) | ||||||||||
2023 | 2022 | |||||||||
$ | 34,164,215 | $ | 10,172,469 | |||||||
650,888 | 416,182 | |||||||||
6,414,044 | (13,412,704 | ) | ||||||||
|
|
|
|
|||||||
41,229,147 | (2,824,053 | ) | ||||||||
|
|
|
|
|||||||
(34,352,354 | ) | (9,861,832 | ) | |||||||
|
|
|
|
|||||||
351,163,457 | 244,635,632 | |||||||||
(163,658,106 | ) | (132,275,441 | ) | |||||||
|
|
|
|
|||||||
|
187,505,351 |
|
112,360,191 | |||||||
|
|
|
|
|||||||
194,382,144 | 99,674,306 | |||||||||
|
|
|
|
|||||||
571,326,581 | 471,652,275 | |||||||||
|
|
|
|
|||||||
$ | 765,708,725 | $ | 571,326,581 | |||||||
|
|
|
|
|||||||
14,100,000 | 9,800,000 | |||||||||
(6,600,000 | ) | (5,350,000 | ) | |||||||
23,250,001 | 18,800,001 | |||||||||
|
|
|
|
|||||||
30,750,001 | 23,250,001 | |||||||||
|
|
|
|
97 | ||||
|
| |||
Invesco AAA CLO Floating Rate Note ETF (ICLO)
For the Period | |||||
December 7, 2022(a) | |||||
Through | |||||
October 31, | |||||
2023 | |||||
Per Share Operating Performance: |
|||||
Net asset value at beginning of period |
$ | 25.00 | |||
|
|
||||
Net investment income(b) |
1.48 | ||||
Net realized and unrealized gain on investments |
0.38 | ||||
|
|
||||
Total from investment operations |
1.86 | ||||
|
|
||||
Distributions to shareholders from: |
|||||
Net investment income |
(1.37 | ) | |||
|
|
||||
Net asset value at end of period |
$ | 25.49 | |||
|
|
||||
Market price at end of period(c) |
$ | 25.50 | |||
|
|
||||
Net Asset Value Total Return(d) |
7.60 | %(e) | |||
Market Price Total Return(d) |
7.63 | %(e) | |||
Ratios/Supplemental Data: |
|||||
Net assets at end of period (000’s omitted) |
$ | 33,132 | |||
Ratio to average net assets of: |
|||||
Expenses, after Waivers |
0.17 | %(f) | |||
Expenses, prior to Waivers |
0.27 | %(f) | |||
Net investment income |
6.44 | %(f) | |||
Portfolio turnover rate(g) |
88 | % |
(a) |
Commencement of investment operations. |
(b) |
Based on average shares outstanding. |
(c) |
The mean between the last bid and ask prices. |
(d) |
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. |
(e) |
The net asset value total return from Fund Inception (December 9, 2022, the first day of trading on the exchange) to October 31, 2023 was 7.51%. The market price total return from Fund Inception to October 31, 2023 was 7.25%. |
(f) |
Annualized. |
(g) |
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.
98 | ||||
|
| |||
Financial Highlights–(continued)
Invesco Active U.S. Real Estate ETF (PSR)
Years Ended October 31, | |||||||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | |||||||||||||||||||||
Per Share Operating Performance: |
|||||||||||||||||||||||||
Net asset value at beginning of year |
$ | 87.42 | $ | 110.25 | $ | 78.27 | $ | 97.24 | $ | 79.45 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Net investment income(a) |
2.47 | 1.83 | 1.59 | 2.11 | 2.16 | ||||||||||||||||||||
Net realized and unrealized gain (loss) on investments |
(10.61 | ) | (22.07 | ) | 32.99 | (18.34 | ) | 18.01 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Total from investment operations. |
(8.14 | ) | (20.24 | ) | 34.58 | (16.23 | ) | 20.17 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Distributions to shareholders from: |
|||||||||||||||||||||||||
Net investment income |
(2.62 | ) | (2.59 | ) | (2.60 | ) | (2.74 | ) | (2.38 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Net asset value at end of year |
$ | 76.66 | $ | 87.42 | $ | 110.25 | $ | 78.27 | $ | 97.24 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Market price at end of year(b) |
$ | 76.72 | $ | 87.45 | $ | 110.26 | $ | 78.23 | $ | 97.13 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Net Asset Value Total Return(c) |
(9.59 | )% | (18.66 | )% | 44.71 | % | (16.56 | )% | 25.82 | % | |||||||||||||||
Market Price Total Return(c) |
(9.55 | )% | (18.65 | )% | 44.82 | % | (16.52 | )% | 25.90 | % | |||||||||||||||
Ratios/Supplemental Data: |
|||||||||||||||||||||||||
Net assets at end of year (000’s omitted) |
$ | 83,560 | $ | 112,770 | $ | 130,094 | $ | 78,270 | $ | 121,552 | |||||||||||||||
Ratio to average net assets of: |
|||||||||||||||||||||||||
Expenses |
0.35 | % | 0.35 | % | 0.35 | % | 0.35 | % | 0.35 | % | |||||||||||||||
Net investment income |
2.84 | % | 1.77 | % | 1.61 | % | 2.46 | % | 2.40 | % | |||||||||||||||
Portfolio turnover rate(d) |
51 | % | 68 | % | 83 | % | 51 | % | 30 | % |
(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.
99 | ||||
|
| |||
Financial Highlights–(continued)
Invesco High Yield Bond Factor ETF (IHYF)
For the Period | ||||||||||||||||||||
November 30, 2020(a) | ||||||||||||||||||||
Through | ||||||||||||||||||||
Years Ended October 31, | October 31, | |||||||||||||||||||
2023 | 2022 |
2021 | ||||||||||||||||||
Per Share Operating Performance: |
||||||||||||||||||||
Net asset value at beginning of period |
$ | 21.00 | $ | 25.45 | $ | 25.00 | ||||||||||||||
|
|
|
|
|
|
|||||||||||||||
Net investment income(b) |
1.48 | 1.12 | 0.97 | |||||||||||||||||
Net realized and unrealized gain (loss) on investments |
(0.15 | ) | (4.14 | ) | 0.43 | |||||||||||||||
|
|
|
|
|
|
|||||||||||||||
Total from investment operations. |
1.33 | (3.02 | ) | 1.40 | ||||||||||||||||
|
|
|
|
|
|
|||||||||||||||
Distributions to shareholders from: |
||||||||||||||||||||
Net investment income |
(1.50 | ) | (1.22 | ) | (0.95 | ) | ||||||||||||||
Net realized gains |
- | (0.11 | ) | - | ||||||||||||||||
Return of capital |
- | (0.10 | ) | - | ||||||||||||||||
|
|
|
|
|
|
|||||||||||||||
Total distributions |
(1.50 | ) | (1.43 | ) | (0.95 | ) | ||||||||||||||
|
|
|
|
|
|
|||||||||||||||
Net asset value at end of period |
$ | 20.83 | $ | 21.00 | $ | 25.45 | ||||||||||||||
|
|
|
|
|
|
|||||||||||||||
Market price at end of period(c) |
$ | 20.90 | $ | 21.05 | $ | 25.51 | ||||||||||||||
|
|
|
|
|
|
|||||||||||||||
Net Asset Value Total Return(d) |
6.47 | % | (12.57 | )% | 5.65 | %(e) | ||||||||||||||
Market Price Total Return(d) |
6.50 | % | (12.59 | )% | 5.88 | %(e) | ||||||||||||||
Ratios/Supplemental Data: |
||||||||||||||||||||
Net assets at end of period (000’s omitted) |
$ | 41,656 | $ | 34,020 | $ | 41,491 | ||||||||||||||
Ratio to average net assets of: |
||||||||||||||||||||
Expenses |
0.39 | % | 0.39 | % | 0.40 | %(f) | ||||||||||||||
Net investment income |
6.94 | % | 4.82 | % | 4.14 | %(f) | ||||||||||||||
Portfolio turnover rate(g) |
53 | % | 71 | % | 49 | % |
(a) |
Commencement of investment operations. |
(b) |
Based on average shares outstanding. |
(c) |
The mean between the last bid and ask prices. |
(d) |
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. |
(e) |
The net asset value total return from Fund Inception (December 2, 2020, the first day of trading on the exchange) to October 31, 2021 was 5.39%. The market price total return from Fund Inception to October 31, 2021 was 5.30%. |
(f) |
Annualized. |
(g) |
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.
100 | ||||
|
| |||
Financial Highlights–(continued)
Invesco High Yield Select ETF (HIYS)
For the Period | |||||
December 7, 2022(a) | |||||
Through | |||||
October 31, | |||||
2023 | |||||
Per Share Operating Performance: |
|||||
Net asset value at beginning of period |
$ | 25.00 | |||
|
|
||||
Net investment income(b) |
1.56 | ||||
Net realized and unrealized gain (loss) on investments |
(0.96 | ) | |||
|
|
||||
Total from investment operations |
0.60 | ||||
|
|
||||
Distributions to shareholders from: |
|||||
Net investment income |
(1.55 | ) | |||
|
|
||||
Net asset value at end of period |
$ | 24.05 | |||
|
|
||||
Market price at end of period(c) |
$ | 24.18 | |||
|
|
||||
Net Asset Value Total Return(d) |
2.41 | %(e) | |||
Market Price Total Return(d) |
2.94 | %(e) | |||
Ratios/Supplemental Data: |
|||||
Net assets at end of period (000’s omitted) |
$ | 9,618 | |||
Ratio to average net assets of: |
|||||
Expenses, after Waivers |
0.49 | %(f) | |||
Expenses, prior to Waivers |
0.50 | %(f) | |||
Net investment income |
6.95 | %(f) | |||
Portfolio turnover rate(g) |
103 | % |
(a) |
Commencement of investment operations. |
(b) |
Based on average shares outstanding. |
(c) |
The mean between the last bid and ask prices. |
(d) |
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. |
(e) |
The net asset value total return from Fund Inception (December 9, 2022, the first day of trading on the exchange) to October 31, 2023 was 2.45%. The market price total return from Fund Inception to October 31, 2023 was 2.61%. |
(f) |
Annualized. |
(g) |
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.
101 | ||||
|
| |||
Financial Highlights–(continued)
Invesco S&P 500® Downside Hedged ETF (PHDG)
Years Ended October 31, | |||||||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | |||||||||||||||||||||
Per Share Operating Performance: |
|||||||||||||||||||||||||
Net asset value at beginning of year |
$ | 35.18 | $ | 36.82 | $ | 32.51 | $ | 26.72 | $ | 27.92 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Net investment income(a) |
0.67 | 0.30 | 0.18 | 0.21 | 0.46 | ||||||||||||||||||||
Net realized and unrealized gain (loss) on investments |
(3.85 | ) | (1.69 | ) | 4.31 | 5.94 | (1.21 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Total from investment operations |
(3.18 | ) | (1.39 | ) | 4.49 | 6.15 | (0.75 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Distributions to shareholders from: |
|||||||||||||||||||||||||
Net investment income |
(0.67 | ) | (0.25 | ) | (0.18 | ) | (0.36 | ) | (0.45 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Net asset value at end of year. |
$ | 31.33 | $ | 35.18 | $ | 36.82 | $ | 32.51 | $ | 26.72 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Market price at end of year(b) |
$ | 31.35 | $ | 35.24 | $ | 36.78 | $ | 32.58 | $ | 26.65 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Net Asset Value Total Return(c) |
(9.09 | )% | (3.78 | )% | 13.86 | % | 23.19 | % | (2.71 | )% | |||||||||||||||
Market Price Total Return(c) |
(9.19 | )% | (3.51 | )% | 13.49 | % | 23.78 | % | (2.75 | )% | |||||||||||||||
Ratios/Supplemental Data: |
|||||||||||||||||||||||||
Net assets at end of year (000’s omitted) |
$ | 133,163 | $ | 279,696 | $ | 250,377 | $ | 143,042 | $ | 20,037 | |||||||||||||||
Ratio to average net assets of: |
|||||||||||||||||||||||||
Expenses, after Waivers(d) |
0.36 | % | 0.38 | % | 0.38 | % | 0.34 | % | 0.36 | %(e) | |||||||||||||||
Expenses, prior to Waivers(d) |
0.39 | % | 0.39 | % | 0.39 | % | 0.39 | % | 0.40 | %(e) | |||||||||||||||
Net investment income |
2.04 | % | 0.84 | % | 0.52 | % | 0.68 | % | 1.66 | %(e) | |||||||||||||||
Portfolio turnover rate(f) |
1,213 | % | 1,189 | % | 597 | % | 1,172 | % | 608 | % |
(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) |
In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Fund invests. Estimated investment companies’ expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Fund invests in. The effect of the estimated investment companies’ expenses that the Fund bears indirectly is included in the Fund’s total return. |
(e) |
Ratios include non-recurring costs associated with a proxy statement of 0.01%. |
(f) |
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.
102 | ||||
|
| |||
Financial Highlights–(continued)
Invesco Short Duration Bond ETF (ISDB)
For the Period | |||||
December 7, 2022(a) | |||||
Through | |||||
October 31, | |||||
2023 | |||||
Per Share Operating Performance: |
|||||
Net asset value at beginning of period |
$ | 25.00 | |||
|
|
||||
Net investment income(b) |
1.17 | ||||
Net realized and unrealized gain (loss) on investments |
(0.58 | ) | |||
|
|
||||
Total from investment operations |
0.59 | ||||
|
|
||||
Distributions to shareholders from: |
|||||
Net investment income |
(1.16 | ) | |||
|
|
||||
Net asset value at end of period |
$ | 24.43 | |||
|
|
||||
Market price at end of period(c) |
$ | 24.44 | |||
|
|
||||
Net Asset Value Total Return(d) |
2.39 | %(e) | |||
Market Price Total Return(d) |
2.43 | %(e) | |||
Ratios/Supplemental Data: |
|||||
Net assets at end of period (000’s omitted) |
$ | 9,771 | |||
Ratio to average net assets of: |
|||||
Expenses. |
0.36 | %(f) | |||
Net investment income |
5.21 | %(f) | |||
Portfolio turnover rate(g) |
314 | % |
(a) |
Commencement of investment operations. |
(b) |
Based on average shares outstanding. |
(c) |
The mean between the last bid and ask prices. |
(d) |
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. |
(e) |
The net asset value total return from Fund Inception (December 9, 2022, the first day of trading on the exchange) to October 31, 2023 was 2.47%. The market price total return from Fund Inception to October 31, 2023 was 2.39%. |
(f) |
Annualized. |
(g) |
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.
103 | ||||
|
| |||
Financial Highlights–(continued)
Invesco Total Return Bond ETF (GTO)
Years Ended October 31, | |||||||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | |||||||||||||||||||||
Per Share Operating Performance: |
|||||||||||||||||||||||||
Net asset value at beginning of year |
$ | 44.73 | $ | 56.63 | $ | 57.57 | $ | 54.39 | $ | 50.89 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Net investment income(a) |
1.93 | 1.43 | 1.11 | 1.26 | 1.44 | ||||||||||||||||||||
Net realized and unrealized gain (loss) on investments |
(1.10 | ) | (11.85 | ) | 0.08 | 3.47 | 4.57 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Total from investment operations |
0.83 | (10.42 | ) | 1.19 | 4.73 | 6.01 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Distributions to shareholders from: |
|||||||||||||||||||||||||
Net investment income |
(1.92 | ) | (1.48 | ) | (1.04 | ) | (1.29 | ) | (1.55 | ) | |||||||||||||||
Net realized gains |
- | - | (1.09 | ) | (0.26 | ) | (0.96 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Total distributions |
(1.92 | ) | (1.48 | ) | (2.13 | ) | (1.55 | ) | (2.51 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Net asset value at end of year. |
$ | 43.64 | $ | 44.73 | $ | 56.63 | $ | 57.57 | $ | 54.39 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Market price at end of year(b) |
$ | 43.67 | $ | 44.67 | $ | 56.67 | $ | 57.57 | $ | 54.43 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Net Asset Value Total Return(c) |
1.69 | % | (18.65 | )% | 2.06 | % | 8.85 | % | 12.22 | % | |||||||||||||||
Market Price Total Return(c) |
1.90 | % | (18.81 | )% | 2.14 | % | 8.77 | % | 12.20 | % | |||||||||||||||
Ratios/Supplemental Data: |
|||||||||||||||||||||||||
Net assets at end of year (000’s omitted) |
$ | 1,016,884 | $ | 738,113 | $ | 996,607 | $ | 463,457 | $ | 176,783 | |||||||||||||||
Ratio to average net assets of: |
|||||||||||||||||||||||||
Expenses, after Waivers |
0.41 | % | 0.50 | % | 0.50 | % | 0.50 | % | 0.50 | %(d) | |||||||||||||||
Expenses, prior to Waivers |
0.50 | % | 0.50 | % | 0.50 | % | 0.50 | % | 0.50 | %(d) | |||||||||||||||
Net investment income |
4.17 | % | 2.79 | % | 1.96 | % | 2.25 | % | 2.75 | % | |||||||||||||||
Portfolio turnover rate(e) |
496 | % | 361 | % | 475 | % | 434 | % | 511 | % |
(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) |
In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Fund invests. Estimated investment companies’ expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Fund invests in. The effect of the estimated investment companies’ expenses that the Fund bears indirectly is included in the Fund’s total return. |
(e) |
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.
104 | ||||
|
| |||
Financial Highlights–(continued)
Invesco Ultra Short Duration ETF (GSY)
Years Ended October 31, | |||||||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | |||||||||||||||||||||
Per Share Operating Performance: |
|||||||||||||||||||||||||
Net asset value at beginning of year |
$ | 49.25 | $ | 50.38 | $ | 50.53 | $ | 50.42 | $ | 50.20 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Net investment income(a) |
2.09 | 0.58 | 0.32 | 0.84 | 1.38 | ||||||||||||||||||||
Net realized and unrealized gain (loss) on investments |
0.52 | (1.15 | ) | (0.14 | ) | 0.17 | 0.24 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Total from investment operations. |
2.61 | (0.57 | ) | 0.18 | 1.01 | 1.62 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Distributions to shareholders from: |
|||||||||||||||||||||||||
Net investment income |
(2.18 | ) | (0.56 | ) | (0.33 | ) | (0.88 | ) | (1.39 | ) | |||||||||||||||
Net realized gains |
- | - | - | (0.02 | ) | (0.01 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Total distributions |
(2.18 | ) | (0.56 | ) | (0.33 | ) | (0.90 | ) | (1.40 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Net asset value at end of year |
$ | 49.68 | $ | 49.25 | $ | 50.38 | $ | 50.53 | $ | 50.42 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Market price at end of year(b) |
$ | 49.68 | $ | 49.24 | $ | 50.38 | $ | 50.54 | $ | 50.42 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Net Asset Value Total Return(c) |
5.40 | % | (1.13 | )% | 0.36 | % | 2.01 | % | 3.25 | % | |||||||||||||||
Market Price Total Return(c) |
5.42 | % | (1.15 | )% | 0.34 | % | 2.04 | % | 3.20 | % | |||||||||||||||
Ratios/Supplemental Data: |
|||||||||||||||||||||||||
Net assets at end of year (000’s omitted) |
$ | 1,887,720 | $ | 2,108,024 | $ | 2,942,228 | $ | 3,011,607 | $ | 2,621,784 | |||||||||||||||
Ratio to average net assets of: |
|||||||||||||||||||||||||
Expenses |
0.23 | % | 0.22 | % | 0.22 | % | 0.22 | % | 0.23 | % | |||||||||||||||
Net investment income |
4.20 | % | 1.16 | % | 0.63 | % | 1.68 | % | 2.77 | % | |||||||||||||||
Portfolio turnover rate(d) |
93 | % | 28 | % | 57 | % | 53 | % | 30 | % |
(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.
105 | ||||
|
| |||
Financial Highlights–(continued)
Invesco Variable Rate Investment Grade ETF (VRIG)
Years Ended October 31, | |||||||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | |||||||||||||||||||||
Per Share Operating Performance: |
|||||||||||||||||||||||||
Net asset value at beginning of year |
$ | 24.57 | $ | 25.09 | $ | 24.89 | $ | 24.94 | $ | 25.02 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Net investment income(a) |
1.43 | 0.43 | 0.19 | 0.40 | 0.75 | ||||||||||||||||||||
Net realized and unrealized gain (loss) on investments |
0.33 | (0.54 | ) | 0.21 | 0.02 | (0.03 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Total from investment operations |
1.76 | (0.11 | ) | 0.40 | 0.42 | 0.72 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Distributions to shareholders from: |
|||||||||||||||||||||||||
Net investment income |
(1.43 | ) | (0.41 | ) | (0.20 | ) | (0.44 | ) | (0.80 | ) | |||||||||||||||
Return of capital. |
- | - | - | (0.03 | ) | - | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Total distributions. |
(1.43 | ) | (0.41 | ) | (0.20 | ) | (0.47 | ) | (0.80 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Net asset value at end of year |
$ | 24.90 | $ | 24.57 | $ | 25.09 | $ | 24.89 | $ | 24.94 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Market price at end of year(b) |
$ | 24.92 | $ | 24.56 | $ | 25.10 | $ | 24.89 | $ | 24.95 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Net Asset Value Total Return(c) |
7.32 | % | (0.45 | )% | 1.62 | % | 1.75 | % | 2.92 | % | |||||||||||||||
Market Price Total Return(c) |
7.46 | % | (0.53 | )% | 1.66 | % | 1.72 | % | 2.96 | % | |||||||||||||||
Ratios/Supplemental Data: |
|||||||||||||||||||||||||
Net assets at end of year (000’s omitted) |
$ | 765,709 | $ | 571,327 | $ | 471,652 | $ | 453,021 | $ | 391,527 | |||||||||||||||
Ratio to average net assets of: |
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Expenses, after Waivers |
0.30 | % | 0.30 | % | 0.30 | % | 0.29 | % | 0.30 | % | |||||||||||||||
Expenses, prior to Waivers |
0.30 | % | 0.30 | % | 0.30 | % | 0.30 | % | 0.30 | % | |||||||||||||||
Net investment income |
5.74 | % | 1.75 | % | 0.77 | % | 1.64 | % | 3.00 | % | |||||||||||||||
Portfolio turnover rate(d) |
91 | % | 101 | % | 93 | % | 99 | % | 62 | % |
(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.
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Invesco Actively Managed Exchange-Traded Fund Trust
October 31, 2023
NOTE 1–Organization
Invesco Actively Managed Exchange-Traded Fund Trust (the “Trust”) was organized as a Delaware statutory 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 the following portfolios:
Full Name |
Short Name | |
Invesco AAA CLO Floating Rate Note ETF (ICLO) | “AAA CLO Floating Rate Note ETF” | |
Invesco Active U.S. Real Estate ETF (PSR) | “Active U.S. Real Estate ETF” | |
Invesco High Yield Bond Factor ETF (IHYF) | “High Yield Bond Factor ETF” | |
Invesco High Yield Select ETF (HIYS) | “High Yield Select ETF” | |
Invesco S&P 500® Downside Hedged ETF (PHDG) | “S&P 500® Downside Hedged ETF” | |
Invesco Short Duration Bond ETF (ISDB) | “Short Duration Bond ETF” | |
Invesco Total Return Bond ETF (GTO) | “Total Return Bond ETF” | |
Invesco Ultra Short Duration ETF (GSY) | “Ultra Short Duration ETF” | |
Invesco Variable Rate Investment Grade ETF (VRIG) | “Variable Rate Investment Grade ETF” |
Each portfolio (each, a “Fund”, and collectively, the “Funds”) represents a separate series of the Trust. The shares of the Funds are referred to herein as “Shares” or “Fund’s Shares.” Each Fund’s Shares are listed and traded on the following exchanges:
Fund |
Exchange | |
AAA CLO Floating Rate Note ETF | Cboe BZX Exchange, Inc. | |
Active U.S. Real Estate ETF | NYSE Arca, Inc. | |
High Yield Bond Factor ETF | The Nasdaq Stock Market LLC | |
High Yield Select ETF | Cboe BZX Exchange, Inc. | |
S&P 500® Downside Hedged ETF | NYSE Arca, Inc. | |
Short Duration Bond ETF | Cboe BZX Exchange, Inc. | |
Total Return Bond ETF | NYSE Arca, Inc. | |
Ultra Short Duration ETF | NYSE Arca, Inc. | |
Variable Rate Investment Grade ETF | The Nasdaq Stock Market LLC |
The market price of each Share may differ to some degree from a Fund’s net asset value (“NAV”). Unlike conventional mutual funds, each 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 of each fund (except for Active U.S. Real Estate ETF and S&P 500® Downside Hedged ETF) are issued and redeemed principally in exchange for the deposit or delivery of cash. Creation Units of Active U.S. Real Estate ETF are issued and redeemed principally in exchange for the deposit or delivery of a basket of securities (“Deposit Securities”). Creation Units of S&P 500® Downside Hedged ETF are issued and redeemed partially in exchange for the deposit or delivery of cash and partially in exchange for Deposit Securities. Except when aggregated in Creation Units by authorized participants (“APs”), the Shares are not individually redeemable securities of the Funds.
The investment objective of each Fund is listed below.
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Fund |
Investment Objective | |
AAA CLO Floating Rate Note ETF | To seek current income and capital preservation. | |
Active U.S. Real Estate ETF | To seek to achieve high total return through growth of capital and current income. | |
High Yield Bond Factor ETF | To seek total return. | |
High Yield Select ETF | To seek current income. | |
S&P 500® Downside Hedged ETF | To seek to achieve positive total returns in rising or falling markets that are not directly correlated to broad equity or fixed income market returns. | |
Short Duration Bond ETF | To seek total return, comprised of income and capital appreciation. | |
Total Return Bond ETF | To seek maximum total return, comprised of income and capital appreciation. | |
Ultra Short Duration ETF | To seek maximum current income, consistent with preservation of capital and daily liquidity. | |
Variable Rate Investment Grade ETF | To seek to generate current income while maintaining low portfolio duration as a primary objective and capital appreciation as a secondary objective. |
NOTE 2–Significant Accounting Policies
The following is a summary of the significant accounting policies followed by the Funds in preparation of their financial statements.
Each 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 is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded or, lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter (“OTC”) market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.
Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day NAV per share.
Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.
Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices 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 a 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, and their value may be adjusted accordingly. 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. Invesco Capital Management LLC (the “Adviser”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the New York Stock Exchange (“NYSE”), closing market quotations may become not representative of market value in the Adviser’s judgment (“unreliable”). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair 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 in accordance with Board-approved policies and related Adviser procedures (“Valuation Procedures”). 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 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
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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.
Swap agreements are fair valued using an evaluated quote, if available, provided by an independent pricing service. Evaluated quotes provided by the pricing service are valued based on a model which may include end-of-day net present values, spreads, ratings, industry, company performance and returns of referenced assets. Centrally cleared swap agreements are valued at the daily settlement price determined by the relevant exchange or clearinghouse.
Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.
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 mean between the last bid and ask prices may be used to value debt obligations, including corporate loans, and unlisted equity securities.
Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer-specific events, market trends, bid/ask 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.
Each 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, significant governmental actions 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.
The price a Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued 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. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, a Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.
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. Dividend income from REITs is recorded based on the income included in the distributions received from the REIT investments using published REIT classifications, including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts. Realized gains, dividends and interest received by a 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 Funds may periodically participate in litigation related to a Fund’s investments. As such, the Funds may receive proceeds from litigation settlements. Any proceeds received are included in the Statements 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 Statements of Operations and the Statements 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 a Fund’s NAV and, accordingly, they reduce a Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per
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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 each Fund and the Adviser.
C. |
Country Determination - For the purposes of presentation in the Schedules 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 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, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider, 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 the United States of America, unless otherwise noted. |
D. |
Dividends and Distributions to Shareholders - Each Fund (except Active U.S. Real Estate ETF and S&P 500® Downside Hedged ETF) declares and pays dividends from net investment income, if any, to its shareholders monthly and records such dividends on the ex-dividend date. Active U.S. Real Estate ETF and S&P 500® Downside Hedged ETF each declares and pays dividends from net investment income, if any, to its shareholders quarterly and records such dividends on the ex-dividend date. Generally, each 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. |
Federal Income Taxes - Each 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 Funds 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. |
Each Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each 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 Funds file U.S. federal tax returns and tax returns in certain other jurisdictions. Generally, a Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
F. |
Expenses - Each Fund (except for Ultra Short Duration ETF) has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser pays for substantially all expenses of the Funds, including payments to the Affiliated Sub-Advisers (as defined below) for each Fund (except S&P 500® Downside Hedged ETF), and for each Fund, the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest (including, for AAA CLO Floating Rate Note ETF, interest expenses associated with the line of credit), 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 the Adviser (an “Interested Trustee”), or (iii) any other matters that directly benefit the Adviser). For AAA CLO Floating Rate Note ETF, the Adviser also pays out of the unitary management fee the set-up fees and commitment fees associated with the line of credit. |
Ultra Short Duration ETF is responsible for all of its own expenses, including, but not limited to, the investment advisory fees, costs of transfer agency, custody, fund administration, legal, audit and other services, interest, taxes, acquired fund fees and expense, if any, brokerage commissions and other expenses connected with executions of portfolio transactions, any distribution fees or expenses, litigation expenses, fees payable to the Trust’s Board members and officers who are not “interested persons” (as defined in the 1940 Act) of the Trust or the Adviser (the “Independent Trustees”), expenses incurred in connection with the Board members’ services, including travel expenses and legal fees of counsel for the Independent Trustees, acquired fund fees and expenses, if any, and extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser).
Expenses of the Trust that are directly identifiable to a specific Fund, including expenses that are excluded from a Fund’s unitary management fee, are applied to that Fund. Expenses of the Trust that are not readily identifiable to a specific Fund, including expenses that are excluded from a Fund’s unitary management fee, are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of each Fund.
To the extent a 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
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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 Funds monitor 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 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. |
Commercial Mortgage-Backed Securities - Certain Funds may invest in both single and multi-issuer Commercial Mortgage-Backed Securities (“CMBS”). This includes both investment grade and non-investment grade CMBS as well as other non-rated CMBS. A CMBS is a type of mortgage-backed security that is secured by one or more mortgage loans on interests in commercial real estate property. CMBS differ from conventional debt securities because principal is paid back over the life of the security rather than at maturity. Investments in CMBS are subject to the various risks which relate to the pool of underlying assets in which the CMBS represents an interest. Securities backed by commercial real estate assets are subject to securities market risks as well as risks similar to those of direct ownership of commercial real estate loans. Risks include the ability of a borrower to meet its obligations on the loan which could lead to default or foreclosure of the property. Such actions may impact the amount of proceeds ultimately derived from the loan, and the timing of receipt of such proceeds. |
Management estimates future expected cash flows at the time of purchase based on the anticipated repayment dates on the CMBS. Subsequent changes in expected cash flow projection may result in a prospective change in the timing or character of income recognized on these securities, or the amortized cost of these securities. Each Fund amortizes premiums and/or accretes discounts based on the projected cash flows. Realized and unrealized gains and losses on CMBS are included in the Statements of Operations as Net realized gain (loss) from investment securities and Change in net unrealized appreciation (depreciation) of investment securities, respectively.
J. |
Securities Purchased on a When-Issued and Delayed Delivery Basis - The Funds may purchase and sell interests in corporate loans and corporate debt securities and other portfolio securities on a when issued and delayed delivery basis, with payment and delivery scheduled for a future date. No income accrues to the Fund on such interests or securities in connection with such transactions prior to the date the Fund actually takes delivery of such interests or securities. These transactions are subject to market fluctuations and are subject to the risk that the value of the interests or securities at delivery may be more or less than the trade date purchase price. Although the Fund will generally purchase these securities with the intention of acquiring such securities, it may sell such securities prior to the settlement date. |
K. |
Repurchase Agreements - The Funds may enter into repurchase agreements. Collateral on repurchase agreements, including each Fund’s pro-rata interest in joint repurchase agreements, is taken into possession by such Funds upon entering into the repurchase agreement. Collateral consisting of U.S. Government Securities and U.S. Government Sponsored Agency Securities is marked to market daily to ensure its market value is typically at least 102% of the sales price of the repurchase agreement. Collateral consisting of non-government securities is marked to market daily to ensure its market value is typically at least 105% of the sales price of the repurchase agreement. The investments in some repurchase agreements, pursuant to procedures approved by the Board of Trustees, are through participation with other mutual funds, private accounts and certain non-registered investment companies managed by the investment advisor or its affiliates (“Joint repurchase agreements”). The principal amount of the repurchase agreement is equal to the value at period-end. If the seller of a repurchase agreement fails to repurchase the security in accordance with the terms of the agreement, the Funds might incur expenses in enforcing their rights, and could experience losses, including a decline in the value of the collateral and loss of income. |
L. |
Structured Securities - Certain Funds may invest in structured securities. Structured securities are a type of derivative security whose value is determined by reference to changes in the value of underlying securities, currencies, interest rates, commodities, indices or other financial indicators (“reference instruments”). Most structured securities are fixed-income securities that have maturities of three years or less. Structured securities may be positively or negatively indexed (i.e., their principal value or interest rates may increase or decrease if the underlying reference instrument appreciates) and may have return characteristics similar to direct investments in the underlying reference instrument. |
Structured securities may entail a greater degree of market risk than other types of debt securities because the investor bears the risk of the reference instruments. In addition to the credit risk of structured securities and the normal risks of price changes in response to changes in interest rates, the principal amount of structured notes or indexed securities may decrease as a result of changes in the value of the underlying reference instruments. Changes in the daily value of structured securities
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are recorded as unrealized gains (losses) in the Statements of Operations. When the structured securities mature or are sold, the Fund recognizes a realized gain (loss) on the Statements of Operations.
M. |
Securities Lending - Each Fund may participate in securities lending and may loan portfolio securities having a market value up to one-third of each Fund’s total assets. Such loans are secured by cash collateral equal to no less than 102% (105% for international securities) of the market value of the loaned securities determined daily by the securities lending provider. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, “affiliated money market funds”) and is shown as such on the Schedules of Investments. Each Fund bears the risk of loss with respect to the investment of collateral. It is the policy of these Funds to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, each Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to each Fund if, and to the extent that, the market value of the securities loaned were to increase, and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or each Fund. Upon termination, the borrower will return to each Fund the securities loaned and each Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. Each Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to each Fund. Some of these losses may be indemnified by the lending agent. Each Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. For Funds that participated in securities lending, dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Securities lending income on the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities. |
Invesco Advisers, Inc. (“Invesco”), an affiliate of the Adviser, serves as an affiliated securities lending agent for each Fund participating in the securities lending program. The Bank of New York Mellon (“BNYM”) also serves as a securities lending agent. To the extent a Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the fiscal year ended October 31, 2023, Active U.S. Real Estate ETF, S&P 500® Downside Hedged ETF, Total Return Bond ETF and Ultra Short Duration ETF had affiliated securities lending transactions with Invesco. Fees paid to Invesco for securities lending agent services, which are included in Securities lending income on the Statements of Operations, were incurred by each applicable Fund as listed below:
Amount |
||||
Active U.S. Real Estate ETF | $1,310 | |||
S&P 500® Downside Hedged ETF | 982 | |||
Total Return Bond ETF | 802 | |||
Ultra Short Duration ETF | 586 |
N. |
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. Each 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 Statements 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, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on a 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. |
Each 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 a Fund invests.
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O. |
Forward Foreign Currency Contracts - Certain Funds may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis at the rate prevailing in the currency exchange market at the time or through forward foreign currency contracts to manage or minimize currency or exchange rate risk. |
A Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to “lock in” the U.S. dollar price of that security, or the Fund may enter into forward foreign currency contracts that do not provide for physical exchange of the two currencies on the settlement date, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement based upon an agreed upon notional amount (non-deliverable forwards).
A forward foreign currency contract is an obligation between two parties (“Counterparties”) to purchase or sell a specific currency for an agreed-upon price at a future date. The use of forward foreign currency contracts for hedging does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Statements of Operations. The primary risks associated with forward foreign currency contracts include failure of the Counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statements of Assets and Liabilities.
P. |
Futures Contracts - Certain Funds may enter into futures contracts to simulate full investment in securities or manage exposure to equity and market price movements and/or currency risks and provide exposure to markets and indexes. |
A futures contract is an agreement between Counterparties to purchase or sell a specified underlying security or index for a specified price at a future date. Certain Funds will only enter into futures contracts that are traded on a U.S. exchange and that are standardized as to maturity date and underlying instrument or asset. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant broker. During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. These amounts are reflected as a receivable or payable on the Statements of Assets and Liabilities. When the contracts are closed or expire, each Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund’s basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the Statements of Operations.
The primary risks associated with futures contracts are market risk, leverage risk and the absence of a liquid secondary market. If a Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and may be required to continue to maintain the margin deposits on the futures contracts until the position expired or matured. As futures contracts approach expiration, they may be replaced by similar contracts that have a later expiration. This process is referred to as “rolling.” If the market for these contracts is in “contango,” meaning that the prices of futures contracts in the nearer months are lower than the price of contracts in the distant months, the sale of the near-term month contract would be at a lower price than the longer-term contract, resulting in a cost to “roll” the futures contract. The actual realization of a potential roll cost will depend on the difference in price of the near and distant contracts. The contracts included in the VIX Index historically have traded in “contango” markets, resulting in a roll cost, which could adversely affect the value of Shares of the S&P 500® Downside Hedged ETF. Futures have minimal Counterparty risk since the exchange’s clearinghouse, as Counterparty to all exchange-traded futures contracts, guarantees the futures against default. Risks may exceed amounts recognized in the Statements of Assets and Liabilities.
Q. |
Call Options Purchased and Written - Certain Funds may write call options and/or buy call options. A covered call option gives the purchaser of such option the right to buy, and the writer the obligation to sell, the underlying security or foreign currency at the stated exercise price during the option period. An uncovered call option exists without the ownership of the underlying security. Options written by the Fund normally will have expiration dates between three and nine months from the date written. The exercise price of a call option may be below, equal to, or above the current market value of the underlying security at the time the option is written. |
When the Fund writes a covered call option, an amount equal to the premium received by the Fund is recorded as an asset and an equivalent liability in the Statements of Assets and Liabilities. The amount of the liability is subsequently “marked-to-market” to reflect the current market value of the option written. If a written covered call option expires on the stipulated expiration date, or if the Fund enters into a closing purchase transaction, the Fund realizes a gain (or a loss if the closing purchase transaction exceeds the premium received when the option was written) without regard to any unrealized gain or loss on the underlying security, and the liability related to such option is extinguished. If a written covered call option is exercised, the Fund realizes a gain or a loss from the sale of the underlying security and the proceeds of the sale are increased by the premium originally received. Realized and unrealized gains and losses on call options written are included in the Statements of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Option contracts written. A risk in writing a covered call option is that the Fund gives up the opportunity for profit if the market price of the
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security increases and the option is exercised. The risk in writing an uncovered call option is that the Fund may incur significant losses if the value of the written security exceeds the exercise price of the option.
When the Fund buys a call option, an amount equal to the premium paid by the Fund is recorded as an investment on the Statements of Assets and Liabilities. The amount of the investment is subsequently “marked-to-market” to reflect the current value of the option purchased. Realized and unrealized gains and losses on call options purchased are included in the Statements of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Investment securities. A risk in buying an option is that the Fund pays a premium whether or not the option is exercised. In addition, there can be no assurance that a liquid secondary market will exist for any option purchased.
R. |
Put Options Purchased and Written - Certain Funds may purchase and write put options including options on securities indexes, or foreign currency and/or futures contracts. By purchasing a put option, the Fund obtains the right (but not the obligation) to sell the option’s underlying instrument at a fixed strike price. In return for this right, the Fund pays an option premium. The option’s underlying instrument may be a security, securities index, or a futures contract. |
Put options may be used by the Fund to hedge securities it owns by locking in a minimum price at which the Fund can sell. If security prices fall, the put option could be exercised to offset all or a portion of the Fund’s resulting losses. At the same time, because the maximum the Fund has at risk is the cost of the option, purchasing put options does not eliminate the potential for the Fund to profit from an increase in the value of the underlying portfolio securities. The Fund may write put options to earn additional income in the form of option premiums if it expects the price of the underlying instrument to remain stable or rise during the option period so that the option will not be exercised. The risk in this strategy is that the price of the underlying portfolio securities may decline by an amount greater than the premium received. Put options written are reported as a liability in the Statements of Assets and Liabilities. Realized and unrealized gains and losses on put options purchased and put options written are included in the Statements of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Investment securities and Option contracts written, respectively.
A risk in buying an option is that the Fund pays a premium whether or not the option is exercised. In addition, there can be no assurance that a liquid secondary market will exist for any option purchased.
S. |
Swap Agreements - Certain Funds may enter into various swap transactions, including interest rate, total return, index, currency exchange rate and credit default swap contracts (“CDS”) for investment purposes or to manage interest rate, currency or credit risk. Such transactions are agreements between Counterparties. These agreements may contain, among other conditions, events of default and termination events, and various covenants and representations such as provisions that require each Fund to maintain a pre-determined level of net assets, and/or provide limits regarding the decline of each Fund’s NAV over specific periods of time. If each Fund were to trigger such provisions and have open derivative positions at that time, the Counterparty may be able to terminate such agreement and request immediate payment in an amount equal to the net liability positions, if any. |
Interest rate, total return, index and currency exchange rate swap agreements are two-party contracts entered into primarily to exchange the returns (or differentials in rates of returns) earned or realized on particular predetermined investments or instruments. The gross returns to be exchanged or “swapped” between the parties are calculated with respect to a notional amount, i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate or return of an underlying asset, in a particular foreign currency, or in a “basket” of securities representing a particular index.
In a centrally cleared swap, the Fund’s ultimate Counterparty is a central clearinghouse. The Fund initially will enter into centrally cleared swaps through an executing broker. When a fund enters into a centrally cleared swap, it must deliver to the central Counterparty (via the futures commission merchant (“FCM”)) an amount referred to as “initial margin.” Initial margin requirements are determined by the central Counterparty, but an FCM may require additional initial margin above the amount required by the central Counterparty. Initial margin deposits required upon entering into centrally cleared swaps are satisfied by cash or securities as collateral at the FCM. Securities deposited as initial margin are designated on the Schedule of Investments and cash deposited is recorded on the Statements of Assets and Liabilities. During the term of a cleared swap agreement, a “variation margin” amount may be required to be paid by the Fund or may be received by the Fund, based on the daily change in price of the underlying reference instrument subject to the swap agreement and is recorded as a receivable or payable for variation margin in the Statements of Assets and Liabilities until the centrally cleared swap is terminated at which time a realized gain or loss is recorded.
Changes in the value of swap agreements are recognized as unrealized gains (losses) in the Statements of Operations by “marking to market” on a daily basis to reflect the value of the swap agreement at the end of each trading day. Payments received or paid at the beginning of the agreement are reflected as such on the Statements of Assets and Liabilities and may be referred to as upfront payments. The Fund accrues for the fixed payment stream and amortizes upfront payments, if any, on swap agreements on a daily basis with the net amount, recorded as a component of realized gain (loss) on the Statements of Operations. A liquidation payment received or made at the termination of a swap agreement is recorded as realized gain (loss) on the Statements of Operations. Cash held as collateral is recorded as deposits with brokers on the Statements of Assets and Liabilities. Entering into these agreements involves, to varying degrees, lack of liquidity and elements of credit, market, and counterparty risk in excess of amounts recognized on the Statements of Assets and Liabilities. Such risks involve the possibility that a swap is difficult to sell or liquidate, the Counterparty does not honor its obligations under the agreement and unfavorable interest rates and market fluctuations, which could result in the Fund accruing additional expenses. It is
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possible that developments in the swaps market, including potential government regulation, could adversely affect the Fund’s ability to terminate existing swap agreements or to realize amounts to be received under such agreements. Additionally, an International Swaps and Derivatives Association Master Agreement (“ISDA Master Agreement”) includes credit related contingent features which allow Counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event that, for example, the Fund’s net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA Master Agreements, which would cause the Fund to accelerate payment of any net liability owed to the Counterparty.
T. |
Other Risks |
Agency Debt Risk. Certain Funds may invest in debt issued by government agencies, including the Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“Freddie Mac”). Instruments issued by government agencies generally are backed only by the general creditworthiness and reputation of the government agency issuing the instrument and are not backed by the full faith and credit of the U.S. Government. As a result, there is uncertainty as to the current status of many obligations of Fannie Mae, Freddie Mac and other agencies that are placed under conservatorship of the federal government.
AP Concentration Risk. Only APs may engage in creation or redemption transactions directly with each Fund. Each 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 each 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 each 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 a Fund’s NAV and to face trading halts and/or delisting. Investments in non-U.S. securities, which may have lower trading volumes or could experience extended market closures or trading halts, may increase the risk that APs may not be able to effectively create or redeem Creation Units or the risk that the Shares may be halted and/or delisted.
Call Risk. If interest rates fall, it is possible that issuers of callable securities with high interest coupons will “call” (or prepay) their bonds before their maturity date. If an issuer exercises such a call during a period of declining interest rates, a Fund may have to replace such called security with a lower yielding security. If that were to happen, such Fund’s net investment income could fall.
Cash Transaction Risk. Most exchange-traded funds (“ETFs”) generally make in-kind redemptions to avoid being taxed at the fund level on gains on the distributed portfolio securities. However, unlike most ETFs, certain Funds currently intend to effect creations and redemptions principally for cash, rather than principally in-kind, because of the nature of the Fund’s investments. As such, each Fund may be required to sell portfolio securities to obtain the cash needed to distribute redemption proceeds. Therefore, a 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 each 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 each Fund and conventional ETFs.
Collateralized Loan Obligations (“CLOs”) and Collateralized Debt Obligations (“CDOs”) Risk. Certain Funds may invest in CLOs and CDOs. CLOs bear many of the same risks as other forms of asset-backed securities (“ABS”), including interest rate risk, credit risk and default risk. As they are backed by pools of loans, CLOs also bear similar risks to investing in loans directly. CLOs issue classes or “tranches’’ that vary in risk and yield. CLOs may experience substantial losses attributable to loan defaults. Losses caused by defaults on underlying assets are borne first by the holders of subordinate tranches. Each Fund’s investment in CLOs may decrease in market value when the CLO experiences loan defaults or credit impairment, the disappearance of a subordinate tranche, or market anticipation of defaults and investor aversion to CLO securities as a class.
Commercial Paper Risk. Certain Funds may invest in commercial paper. The value of the Fund’s investment in commercial paper, which is an unsecured promissory note that generally has a maturity date between one and 270 days and is issued by a U.S. or foreign entity, is susceptible to changes in the issuer’s financial condition or credit quality. Investments in commercial paper are usually discounted from their value at maturity. Commercial paper can be fixed-rate or variable rate and can be adversely affected by changes in interest rates.
Commodity Pool Risk. S&P 500® Downside Hedged ETF’s investments in futures contracts have caused it to be deemed a commodity pool, thereby subjecting it to regulation under the Commodity Exchange Act and Commodity Futures Trading Commission (“CFTC”) rules. The Adviser is registered as a commodity pool operator (“CPO”) and as a commodity trading advisor (“CTA”), and will manage the Fund in accordance with CFTC rules, as well as the rules that apply to registered investment companies. Registration as a CPO or CTA subjects the Adviser to additional laws, regulations and enforcement policies, which could increase compliance costs and may affect the operations and financial performance of the Fund. Registration as a commodity pool may have negative effects on the ability of the Fund to engage in its planned investment program. Additionally, the Fund’s positions in futures contracts may have to be liquidated at disadvantageous times or prices to prevent the Fund from exceeding any applicable position limits established by the CFTC. Such actions may subject the Fund to substantial losses.
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Currency Risk. Because each Fund’s NAV is determined in U.S. dollars, a 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 a 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 a Fund. As a result, investors have the potential for losses regardless of the length of time they intend to hold Shares.
Emerging Markets Investment Risk. For certain Funds, investments in the securities of issuers in emerging market countries involve risks often not associated with investments in the securities of issuers in developed countries. Securities in emerging markets may be subject to greater price fluctuations than securities in more developed markets. Companies in emerging market countries generally may be subject to less stringent regulatory, disclosure, financial reporting, accounting, auditing and recordkeeping standards than companies in more developed countries. In addition, information about such companies may be less available and reliable. Emerging markets usually are subject to greater market volatility, political, social and economic instability, uncertainty regarding the existence of trading markets and more governmental limitations on foreign investment than are more developed markets. Securities law in many emerging market countries is relatively new and unsettled. Therefore, laws regarding foreign investment in emerging market securities, securities regulation, title to securities, and shareholder rights may change quickly and unpredictably, and the ability to bring and enforce actions, or to obtain information needed to pursue or enforce such actions, may be limited. In addition, the enforcement of systems of taxation at federal, regional and local levels in emerging market countries may be inconsistent and subject to sudden change. Investments in emerging market securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information.
Environmental, Social and Governance (ESG) Considerations Risk. The ESG considerations assessed as part of a credit research process to implement certain Funds’ investment strategies in pursuit of their investment objectives may vary across types of eligible investments and issuers, and not every ESG factor may be identified or evaluated for every investment. The incorporation of ESG factors as part of a credit analysis may affect a Fund’s exposure to certain issuers or industries and may not work as intended. Information used to evaluate such factors may not be readily available, complete or accurate, and may vary across providers and issuers. There is no guarantee that the incorporation of ESG considerations will be additive to a Fund’s performance.
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 each 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.
Fixed-Income Securities Risk. Fixed-income securities are subject to interest rate risk and credit risk. Interest rate risk refers to fluctuations in the value of a fixed-income security resulting from changes in the general level of interest rates. When the general level of interest rates goes up, the prices of most fixed-income securities go down. When the general level of interest rates goes down, the prices of most fixed-income securities go up. Fixed-income securities with longer maturities typically are more sensitive to changes in interest rates, making them more volatile than securities with shorter maturities. Credit risk refers to the possibility that the issuer of a security will be unable and/or unwilling to make timely interest payments and/or repay the principal on its debt. Debt instruments are subject to varying degrees of credit risk, which may be reflected in credit ratings. There is a possibility that the credit rating of a fixed-income security may be downgraded after purchase, which may occur quickly and without advance warning following sudden market downturns or unexpected developments involving an issuer, and which may adversely affect the liquidity and value of the security.
Foreign Fixed-Income Investment Risk. For certain Funds, investments in fixed-income securities of non-U.S. issuers are subject to the same risks as other debt securities, notably credit risk, market risk, interest rate risk and liquidity risk, while also facing risks beyond those associated with investments in U.S. securities. For example, foreign securities may have relatively low market liquidity, greater market volatility, decreased publicly available information, and less reliable financial information about issuers, and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice, including recordkeeping standards, comparable to those applicable to domestic issuers. Foreign securities also are subject to the risks of expropriation, nationalization, political instability or other adverse political or economic developments and the difficulty of enforcing obligations in other countries. Investments in foreign securities also may be subject to dividend withholding or confiscatory taxes, currency blockage and/or transfer restrictions and higher transactional costs.
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Foreign Investment Risk. Investments in the securities of non-U.S. issuers involve risks beyond those associated with investments in U.S. securities. Foreign securities may have relatively low market liquidity, greater market volatility, decreased publicly available information and less reliable financial information about issuers and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice, including recordkeeping standards, comparable to those applicable to domestic issuers. Foreign securities are also subject to the risks of expropriation, nationalization, political instability or other adverse political or economic developments and the difficulty of enforcing obligations in other countries. Investments in foreign securities also may be subject to dividend withholding or confiscatory taxes, currency blockage and/or transfer restrictions and higher transactional costs. If a Fund invests in securities denominated in foreign currencies, fluctuations in the value of the U.S. dollar relative to the values of other currencies may adversely affect investments in foreign securities and may negatively impact the Fund’s returns. From time to time, certain companies in which the Funds invest may operate in, or have dealings with, countries subject to sanctions or embargoes imposed by the U.S. Government and the United Nations and/or in countries the U.S. Government identified as state sponsors of terrorism. One or more of these companies may be subject to constraints under U.S. law or regulations that could negatively affect the company’s performance. Additionally, one or more of these companies could suffer damage to its reputation if the market identifies it as a company that invests or deals with countries that the U.S. Government identifies as state sponsors of terrorism or subjects to sanctions.
High Yield Securities (Junk Bond) Risk. Compared to higher quality debt securities, high yield debt securities (commonly referred to as “junk bonds”) involve a greater risk of default or price changes due to changes in the credit quality of the issuer because they are generally unsecured and may be subordinated to other creditors’ claims. They are considered speculative with respect to the issuer’s capacity to pay interest and repay principal. High yield debt securities often are issued by smaller, less creditworthy companies or by highly leveraged (indebted) firms, which generally are less able than more financially stable firms to make scheduled payments of interest and principal. The values of junk bonds often fluctuate more in response to company, political, regulatory or economic developments than higher quality bonds, and their values can decline significantly over short periods of time or during periods of economic difficulty when the bonds could be difficult to value or sell at a fair price.
Industry Concentration Risk. Certain Funds are concentrated to a significant degree in securities of issuers operating in a single industry or industry group. By concentrating their investments in an industry or industry group, such Funds may face more risks than if they were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which some Funds invest, may include, but are not limited to, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand in a particular industry; competition for resources, adverse labor relations, political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in an industry. In addition, at times, such industry or industry group may be out of favor and underperform other industries or the market as a whole.
Interest Rate Risk. Interest rate risk refers to the risk that bond prices generally fall as interest rates rise; conversely, bond prices generally rise as interest rates fall. Specific bonds differ in their sensitivity to changes in interest rates depending on their individual characteristics, including duration. “Duration risk” is related to interest rate risk; it refers to the risks associated with the sensitivity of a bond’s price to a one percent change in interest rates. Bonds with longer durations (i.e., a greater length of time until they reach maturity) face greater duration risk, meaning that they tend to exhibit greater volatility and are more sensitive to changes in interest rates than bonds with shorter durations.
Leverage Risk. Leverage occurs when a Fund’s market exposure exceeds amounts invested. A Fund’s exposure to derivatives and other investment techniques can create a leveraging effect on the portfolio. This leverage will vary over time and may at times be significant. Engaging in transactions using leverage or those having a leveraging effect subjects a Fund to certain risks. Leverage can magnify the effect of any gains or losses, causing a Fund to be more volatile than if it had not used leverage. A Fund may have a substantial cash position due to margin and collateral requirements related to a Fund’s use of derivatives. Such margin and collateral requirements may limit a Fund’s ability to take advantage of other investment opportunities, and a Fund also may have to sell or liquidate a portion of its assets at inopportune times to satisfy these requirements. This may negatively affect a Fund’s ability to achieve its investment objective. In addition, a Fund’s assets that are used as collateral to secure these transactions may decrease in value while the positions are outstanding, which may force a Fund to use its other assets to increase collateral. The use of leverage is considered to be a speculative investment practice and may result in the loss of a substantial amount of a Fund’s assets. There is no assurance that a leveraging strategy will be successful.
Liquidity Risk. Liquidity risk exists when a particular investment is difficult to purchase or sell. If a Fund invests in illiquid securities or current portfolio securities become illiquid, it may reduce the returns of the Fund because the Fund may be unable to sell the illiquid securities at an advantageous time or price.
Management Risk. The Funds are subject to management risk because they are actively managed portfolios. In managing a Fund’s portfolio securities, the Adviser or a sub-adviser (as applicable and as set forth below) applies investment techniques and risk analyses in making investment decisions, but there can be no guarantee that these will produce the desired results.
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Market Risk. The Funds’ holdings 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 holdings in a Fund’s portfolio. Additionally, natural or environmental disasters, widespread disease or other public health issues, war, military conflict, acts of terrorism, economic crisis or other events could result in increased premiums or discounts to each Fund’s NAV.
Mortgage-Backed and Asset-Backed Securities Risk. For certain Funds, investments in mortgage- and asset-backed securities are subject to call (prepayment) risk, reinvestment risk and extension risk. In addition, these securities are susceptible to an unexpectedly high rate of defaults on the mortgages held by a mortgage pool, which may adversely affect their value. The risk of such defaults depends on the quality of the mortgages underlying such security, the credit quality of its issuer or guarantor, and the nature and structure of its credit support. For example, the risk of default generally is higher in the case of mortgage pools that include subprime mortgages, which are loans made to borrowers with weakened credit histories or with lower capacity to make timely mortgage payments.
Non-Diversified Fund Risk. Because AAA CLO Floating Rate Note ETF, High Yield Select ETF and Short Duration Bond ETF are non-diversified and can invest a greater portion of their assets in securities of individual issuers than can 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 a Fund’s volatility and cause the performance of a relatively small number of issuers to have a greater impact on a Fund’s performance.
Portfolio Turnover Risk. Certain Funds may engage in frequent trading of their respective portfolio securities, which may result in a high portfolio turnover rate. A portfolio turnover rate of 200%, for example, is equivalent to a Fund buying and selling all of its securities two times during the course of a year. A high portfolio turnover rate (such as 100% or more) could result in high brokerage costs for a Fund. While a high portfolio turnover rate may increase a fund’s transaction costs it may also generate a greater amount of taxable capital gain distributions to the fund’s shareholders. Funds that engage in To-Be-Announced (“TBA”) transactions are also subject to portfolio turnover risk.
REIT Risk. REITs are pooled investment vehicles that trade like stocks and invest substantially all of their assets in real estate and may qualify for special tax considerations. REITs are subject to certain risks inherent in the direct ownership of real estate, including without limitation, a possible lack of mortgage funds and associated interest rate risks, overbuilding, property vacancies, increases in property taxes and operating expenses, changes in zoning laws, losses due to environmental damages and changes in neighborhood values and appeal to purchasers. Further, failure of a company to qualify as a REIT under federal tax law may have adverse consequences to the REIT’s shareholders. In addition, REITs may have expenses, including advisory and administration expenses, and REIT shareholders will incur a proportionate share of the underlying expenses.
Risk of Investing in Loans. Investments in loans, including loan syndicates and other direct lending opportunities, involve special types of risks, including credit risk, interest rate risk, counterparty risk and prepayment risk. Loans may offer a fixed or floating interest rate. Loans are often generally below investment grade and may be unrated. A Fund’s investments in loans can be difficult to value accurately and may be more susceptible to liquidity risk than fixed-income instruments of similar credit quality and/or maturity. A Fund is also subject to the risk that the value of the collateral for the loan may be insufficient to cover the borrower’s obligations should the borrower fail to make payments or become insolvent. Participations in loans may subject the Fund to the credit risk of both the borrower and the issuer of the participation and may make enforcement of loan covenants more difficult for the Fund as legal action may have to go through the issuer of the participations. Transactions in loans are often subject to long settlement periods, thus potentially limiting the ability of a Fund to invest sale proceeds in other investments and to use proceeds to meet its current redemption obligations. Thus, to the extent a Fund effects redemptions in cash, the Fund is subject to the risk of selling other investments or taking other actions necessary to raise cash to meet its redemption obligations.
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.
TBA Transactions Risk. TBA purchase commitments involve a risk of loss if the value of the securities to be purchased declines prior to the settlement date or if the counterparty may not deliver the securities as promised. Selling a TBA involves a risk of loss if the value of the securities to be sold goes up prior to the settlement date. TBA transactions involve counterparty risk. Default or bankruptcy of a counterparty to a TBA transaction would expose a Fund to potential loss and could affect the Fund’s returns.
U.S. Government Obligations Risk. Certain Funds may invest in U.S. Government obligations issued or guaranteed by the U. S. Government, its agencies and instrumentalities, including bills, notes and bonds issued by the U.S. Treasury. U. S. Government securities include securities that are issued or guaranteed by the U.S. Treasury, by various agencies of the U. S. Government, or by various instrumentalities which have been established or sponsored by the U.S. Government.
U. S. Treasury securities are backed by the “full faith and credit” of the United States. Securities issued or guaranteed by federal agencies and U.S. Government-sponsored instrumentalities may or may not be backed by the full faith and credit of the United States. In the case of those U.S. Government securities not backed by the full faith and credit of the United States, the investor must look principally to the agency or instrumentality issuing or guaranteeing the security for ultimate
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repayment, and may not be able to assert a claim against the United States itself in the event that the agency or instrumentality does not meet its commitment. The U.S. Government, its agencies and instrumentalities do not guarantee the market value of their securities, and consequently, the value of such securities may fluctuate. Additionally, policy changes by the U.S. Government or its regulatory agencies and other governmental actions and political events within the United States, changes to the monetary policy by the Federal Reserve or other regulatory actions, the U.S. Government’s inability at times to agree on a long-term budget and deficit reduction plan or other legislation aimed at addressing financial or economic conditions, the threat of a federal government shutdown, and threats not to increase or suspend the federal government’s debt limit, may affect investor and consumer confidence; increase volatility in the financial markets, perhaps suddenly and to a significant degree; reduce prices of U.S. Treasury securities and/or increase the costs of various kinds of debt; result in higher interest rates; and even raise concerns about the U.S. Government’s credit rating and ability to service its debt. If a U.S. Government-sponsored entity is negatively impacted by legislative or regulatory action, is unable to meet its obligations, or its creditworthiness declines, the performance of a Fund that holds securities of that entity will be adversely impacted.
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 a 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 fluctuations 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 a Fund could sell a portfolio security for the value established for it at any time, and it is possible that a Fund would incur a loss because a security is sold at a discount to its established value.
NOTE 3–Investment Advisory Agreements and Other Agreements
The Trust has entered into Investment Advisory Agreements with the Adviser on behalf of each Fund, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Funds’ investments, managing the Funds’ business affairs, providing certain clerical, bookkeeping and other administrative services, and for each Fund (except S&P 500® Downside Hedged ETF), oversight of Invesco, Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the “Affiliated Sub-Advisers”).
Pursuant to an Investment Advisory Agreement, each Fund (except Ultra Short Duration ETF) accrues daily and pays monthly to the Adviser an annual unitary management fee. Out of the unitary management fee, the Adviser pays for substantially all expenses of the Funds, including payments to the Affiliated Sub-Advisers for each Fund (except S&P 500® Downside Hedged ETF), and for each Fund the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest (including, for AAA CLO Floating Rate Note ETF, interest expenses associated with the line of credit), 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 an Interested Trustee, or (iii) any other matters that directly benefit the Adviser). For AAA CLO Floating Rate Note ETF, the Adviser also pays out of the unitary management fee the set-up fees and commitment fees associated with the line of credit. The unitary management fee is paid by each Fund to the Adviser at the following annual rates:
Unitary Management
Fees | ||
AAA CLO Floating Rate Note ETF(a) | 0.26% | |
Active U.S. Real Estate ETF | 0.35% | |
High Yield Bond Factor ETF | 0.39% | |
High Yield Select ETF | 0.48% | |
S&P 500® Downside Hedged ETF | 0.39% | |
Short Duration Bond ETF | 0.35% | |
Total Return Bond ETF(b) | 0.50% | |
Variable Rate Investment Grade ETF | 0.30% |
(a) |
Effective June 28, 2023, the Adviser has agreed to waive 100% of its management fee for the Fund through December 31, 2023. |
(b) |
Effective June 28, 2023, the Adviser has agreed to waive a portion of its unitary management fee for the Fund through August 31, 2025. After giving effect to such waiver, the net unitary management fee will be 0.25%. The Adviser may not terminate the agreement prior to August 31, 2025. |
Pursuant to another Investment Advisory Agreement, Ultra Short Duration ETF accrues daily and pays monthly to the Adviser an annual management fee equal to 0.20% of the Fund’s average daily net assets. Ultra Short Duration ETF is responsible for all of its own expenses, including its management fee, costs of transfer agency, custody, fund administration, legal, audit and other services, interest, taxes, Acquired Fund Fees and Expenses, if any, brokerage commissions and other expenses connected with executions of portfolio transactions, any distribution fees or expenses, litigation expenses, fees payable to the Trust’s Independent
119 | ||||
|
| |||
Trustees and officers, expenses incurred in connection with the Board members’ services, including travel expenses and legal fees of counsel for the Independent Trustees and extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser).
The Adviser has entered into an Investment Sub-Advisory Agreement with the Affiliated Sub-Advisers for each Fund (except S&P 500® Downside Hedged ETF). The sub-advisory fee for these Funds is paid by the Adviser to the Affiliated Sub-Advisers at 40% of the Adviser’s compensation of the sub-advised assets of each Fund.
The Adviser has contractually agreed to waive fees and/or pay Fund expenses for Ultra Short Duration ETF to the extent necessary to prevent the operating expenses of the Fund (excluding interest expenses, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses, if any, and extraordinary expenses) from exceeding 0.27% of the Fund’s average daily net assets per year (the “Expense Cap”), through at least August 31, 2025.
Further, the Adviser has contractually agreed to waive the management fee payable by each Fund (except for Total Return Bond ETF and Ultra Short Duration ETF) 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 (collectively, “Underlying Affiliated Investments”) or (ii) the management fee available to be waived. For Total Return Bond ETF and Ultra Short Duration ETF, the Adviser has contractually agreed to waive a portion of the management fee payable and/or reimburse Fund expenses in an amount equal to 100% of the net advisory fees earned by the Adviser or an affiliate of the Adviser that are attributable to the Fund’s Underlying Affiliated Investments. These waivers do not apply to a Fund’s investment of cash collateral received for securities lending. These waivers (except for Total Return Bond ETF and Ultra Short Duration ETF) are in place through at least August 31, 2025, and there is no guarantee that the Adviser will extend them past that date. This agreement is not subject to recapture by the Adviser.
For the fiscal year ended October 31, 2023, the Adviser waived fees for each Fund in the following amounts:
AAA CLO Floating Rate Note ETF* | $ | 30,007 | ||
Active U.S. Real Estate ETF | 36 | |||
High Yield Bond Factor ETF | 291 | |||
High Yield Select ETF* | 146 | |||
S&P 500® Downside Hedged ETF | 52,687 | |||
Short Duration Bond ETF* | 126 | |||
Total Return Bond ETF | 853,751 | |||
Ultra Short Duration ETF | 969 | |||
Variable Rate Investment Grade ETF | 5,733 |
* |
For the period December 7, 2022 (commencement of investment operations) through October 31, 2023. |
The fees waived and/or expenses borne by the Adviser for Ultra Short Duration ETF pursuant to the Expense Cap are subject to recapture by the Adviser up to three years from the date the fees were waived or the expenses were incurred, but no recapture payment will be made by the Fund if it would result in the Fund exceeding (i) the Expense Cap or (ii) the expense cap in effect at the time the fees and/or expenses subject to recapture were waived and/or borne by the Adviser.
There are no amounts available for potential recapture by the Adviser as of October 31, 2023.
The Trust has entered into a Distribution Agreement with Invesco Distributors, Inc. (the “Distributor”), which serves as the distributor of Creation Units for each Fund. The Distributor does not maintain a secondary market in the Shares. The Funds are not charged any fees pursuant to the Distribution Agreement. The Distributor is an affiliate of the Adviser.
The Trust has entered into service agreements whereby BNYM, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for each Fund.
For the fiscal year ended October 31, 2023, the following Funds incurred brokerage commissions with Invesco Capital Markets, Inc. (“ICMI”), an affiliate of the Adviser and Distributor, for portfolio transactions executed on behalf of the Funds, as listed below:
Active U.S. Real Estate ETF | $ | 21,357 | ||
S&P 500® Downside Hedged ETF | 249,553 |
Portfolio transactions with ICMI that have not settled at period-end, if any, are shown in the Statements of Assets and Liabilities under the receivable caption Investments sold - affiliated broker and/or payable caption Investments purchased - affiliated broker.
NOTE 4–Security Transactions with Affiliated Funds
Each Fund is permitted to purchase securities from or sell securities to certain other affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by each Invesco ETF from or to another fund that is or could be considered an “affiliated person” by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers is
120 | ||||
|
| |||
made in reliance on Rule 17a-7 of the 1940 Act and, to the extent applicable, related SEC staff positions. Each such transaction is effected at the security’s “current market price”, as provided for in these procedures and Rule 17a-7.
For the fiscal year ended October 31, 2023, the following Fund engaged in transactions with affiliates as listed below:
Securities Purchases | Securities Sales | Net Realized Gains (Losses) | ||||
S&P 500® Downside Hedged ETF | $68,252 | $970 | $(38) |
NOTE 5–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. 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 Adviser’s 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, 2023. 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 | ||||||||||||||||||||||||||||||||
AAA CLO Floating Rate Note ETF |
|||||||||||||||||||||||||||||||||||
Investments in Securities |
|||||||||||||||||||||||||||||||||||
Asset-Backed Securities |
$ | - | $ | 32,665,403 | $ | - | $ | 32,665,403 | |||||||||||||||||||||||||||
Money Market Funds |
296,033 | - | - | 296,033 | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
Total Investments |
$ | 296,033 | $ | 32,665,403 | $ | - | $ | 32,961,436 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
Active U.S. Real Estate ETF |
|||||||||||||||||||||||||||||||||||
Investments in Securities |
|||||||||||||||||||||||||||||||||||
Common Stocks & Other Equity Interests |
$ | 83,526,312 | $ | - | $ | - | $ | 83,526,312 | |||||||||||||||||||||||||||
Money Market Funds |
6,835 | 12,454,569 | - | 12,461,404 | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
Total Investments |
$ | 83,533,147 | $ | 12,454,569 | $ | - | $ | 95,987,716 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
High Yield Bond Factor ETF |
|||||||||||||||||||||||||||||||||||
Investments in Securities |
|||||||||||||||||||||||||||||||||||
U.S. Dollar Denominated Bonds & Notes |
$ | - | $ | 40,669,003 | $ | - | $ | 40,669,003 | |||||||||||||||||||||||||||
U.S. Treasury Securities |
- | 99,453 | - | 99,453 | |||||||||||||||||||||||||||||||
Money Market Funds |
72,923 | 2,847,976 | - | 2,920,899 | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
Total Investments in Securities |
72,923 | 43,616,432 | - | 43,689,355 | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
Other Investments - Assets* |
|||||||||||||||||||||||||||||||||||
Futures Contracts |
7,663 | - | - | 7,663 | |||||||||||||||||||||||||||||||
Investments Matured |
- | - | 2,943 | 2,943 | |||||||||||||||||||||||||||||||
Swap Agreements |
- | 4,046 | - | 4,046 | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
7,663 | 4,046 | 2,943 | 14,652 | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
Other Investments - Liabilities* |
|||||||||||||||||||||||||||||||||||
Futures Contracts |
(134,881 | ) | - | - | (134,881 | ) | |||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
Total Other Investments |
(127,218 | ) | 4,046 | 2,943 | (120,229 | ) | |||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
Total Investments |
$ | (54,295 | ) | $ | 43,620,478 | $ | 2,943 | $ | 43,569,126 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
121 | ||||
|
| |||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||||||||||
High Yield Select ETF |
|||||||||||||||||||||||||||||||||||
Investments in Securities |
|||||||||||||||||||||||||||||||||||
U.S. Dollar Denominated Bonds & Notes |
$ | - | $ | 8,540,971 | $ | - | $ | 8,540,971 | |||||||||||||||||||||||||||
Non-U.S. Dollar Denominated Bonds & Notes |
- | 541,759 | - | 541,759 | |||||||||||||||||||||||||||||||
Asset-Backed Securities |
- | 99,663 | - | 99,663 | |||||||||||||||||||||||||||||||
Preferred Stocks |
- | 47,490 | - | 47,490 | |||||||||||||||||||||||||||||||
Money Market Funds |
142,401 | 590,653 | - | 733,054 | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
Total Investments in Securities |
142,401 | 9,820,536 | - | 9,962,937 | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
Other Investments - Assets* |
|||||||||||||||||||||||||||||||||||
Forward Foreign Currency Contracts |
- | 28,536 | - | 28,536 | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
Total Investments |
$ | 142,401 | $ | 9,849,072 | $ | - | $ | 9,991,473 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
S&P 500® Downside Hedged ETF |
|||||||||||||||||||||||||||||||||||
Investments in Securities |
|||||||||||||||||||||||||||||||||||
Common Stocks & Other Equity Interests |
$ | 113,685,160 | $ | - | $ | - | $ | 113,685,160 | |||||||||||||||||||||||||||
Money Market Funds |
10,129,502 | 4,271,173 | - | 14,400,675 | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
Total Investments in Securities |
123,814,662 | 4,271,173 | - | 128,085,835 | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
Other Investments - Assets* |
|||||||||||||||||||||||||||||||||||
Futures Contracts |
78,415 | - | - | 78,415 | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
Other Investments - Liabilities* |
|||||||||||||||||||||||||||||||||||
Futures Contracts |
(1,330,495 | ) | - | - | (1,330,495 | ) | |||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
Total Other Investments |
(1,252,080 | ) | - | - | (1,252,080 | ) | |||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
Total Investments |
$ | 122,562,582 | $ | 4,271,173 | $ | - | $ | 126,833,755 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
Short Duration Bond ETF |
|||||||||||||||||||||||||||||||||||
Investments in Securities |
|||||||||||||||||||||||||||||||||||
U.S. Dollar Denominated Bonds & Notes |
$ | - | $ | 8,679,108 | $ | - | $ | 8,679,108 | |||||||||||||||||||||||||||
Asset-Backed Securities |
- | 677,768 | - | 677,768 | |||||||||||||||||||||||||||||||
U.S. Treasury Securities |
- | 208,789 | - | 208,789 | |||||||||||||||||||||||||||||||
Preferred Stocks |
28,776 | 49,790 | - | 78,566 | |||||||||||||||||||||||||||||||
Agency Credit Risk Transfer Notes |
- | 72,244 | - | 72,244 | |||||||||||||||||||||||||||||||
Money Market Funds |
186,143 | 350,955 | - | 537,098 | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
Total Investments in Securities |
214,919 | 10,038,654 | - | 10,253,573 | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
Other Investments - Assets* |
|||||||||||||||||||||||||||||||||||
Futures Contracts |
16,812 | - | - | 16,812 | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
Other Investments - Liabilities* |
|||||||||||||||||||||||||||||||||||
Futures Contracts |
(15,505 | ) | - | - | (15,505 | ) | |||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
Total Other Investments |
1,307 | - | - | 1,307 | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
Total Investments |
$ | 216,226 | $ | 10,038,654 | $ | - | $ | 10,254,880 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
122 | ||||
|
| |||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||||||||||
Total Return Bond ETF |
|||||||||||||||||||||||||||||||||||
Investments in Securities |
|||||||||||||||||||||||||||||||||||
U.S. Dollar Denominated Bonds & Notes |
$ | - | $ | 523,716,847 | $ | 2,488,553 | $ | 526,205,400 | |||||||||||||||||||||||||||
U.S. Government Sponsored Agency Mortgage-Backed Securities |
- | 211,755,105 | - | 211,755,105 | |||||||||||||||||||||||||||||||
Asset-Backed Securities |
- | 169,459,076 | 2,948,044 | 172,407,120 | |||||||||||||||||||||||||||||||
U.S. Treasury Securities |
- | 159,522,142 | - | 159,522,142 | |||||||||||||||||||||||||||||||
Agency Credit Risk Transfer Notes |
- | 6,696,800 | - | 6,696,800 | |||||||||||||||||||||||||||||||
Preferred Stocks |
2,910,300 | 1,750,876 | - | 4,661,176 | |||||||||||||||||||||||||||||||
U.S. Government Sponsored Agency Securities |
- | 2,410,676 | - | 2,410,676 | |||||||||||||||||||||||||||||||
Municipal Obligations |
- | 1,945,571 | - | 1,945,571 | |||||||||||||||||||||||||||||||
Exchange-Traded Funds |
535,080 | - | - | 535,080 | |||||||||||||||||||||||||||||||
Non-U.S. Dollar Denominated Bonds & Notes |
- | 533,172 | - | 533,172 | |||||||||||||||||||||||||||||||
Common Stocks & Other Equity Interests |
- | - | 0 | 0 | |||||||||||||||||||||||||||||||
Options Purchased |
394,200 | - | - | 394,200 | |||||||||||||||||||||||||||||||
Money Market Funds |
- | 89,288,972 | - | 89,288,972 | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
Total Investments in Securities |
3,839,580 | 1,167,079,237 | 5,436,597 | 1,176,355,414 | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
Other Investments - Assets* |
|||||||||||||||||||||||||||||||||||
Futures Contracts |
6,552,535 | - | - | 6,552,535 | |||||||||||||||||||||||||||||||
Investments Matured |
- | 29,208 | - | 29,208 | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
6,552,535 | 29,208 | - | 6,581,743 | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
Other Investments - Liabilities* |
|||||||||||||||||||||||||||||||||||
Futures Contracts |
(4,919,000 | ) | - | - | (4,919,000 | ) | |||||||||||||||||||||||||||||
Options Written |
(89,100 | ) | - | - | (89,100 | ) | |||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
(5,008,100 | ) | - | - | (5,008,100 | ) | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
Total Other Investments |
1,544,435 | 29,208 | - | 1,573,643 | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
Total Investments |
$ | 5,384,015 | $ | 1,167,108,445 | $ | 5,436,597 | $ | 1,177,929,057 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
Ultra Short Duration ETF |
|||||||||||||||||||||||||||||||||||
Investments in Securities |
|||||||||||||||||||||||||||||||||||
U.S. Dollar Denominated Bonds & Notes |
$ | - | $ | 916,587,259 | $ | - | $ | 916,587,259 | |||||||||||||||||||||||||||
Commercial Paper |
- | 543,542,995 | - | 543,542,995 | |||||||||||||||||||||||||||||||
Asset-Backed Securities |
- | 333,311,301 | - | 333,311,301 | |||||||||||||||||||||||||||||||
Non-U.S. Dollar Denominated Bonds & Notes |
- | 47,229,418 | - | 47,229,418 | |||||||||||||||||||||||||||||||
Certificates of Deposit |
- | 24,000,890 | - | 24,000,890 | |||||||||||||||||||||||||||||||
Variable Rate Senior Loan Interests |
- | 1,276,760 | - | 1,276,760 | |||||||||||||||||||||||||||||||
Exchange-Traded Funds |
994,305 | - | - | 994,305 | |||||||||||||||||||||||||||||||
Money Market Funds |
- | 25,957,852 | - | 25,957,852 | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
Total Investments in Securities |
994,305 | 1,891,906,475 | - | 1,892,900,780 | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
Other Investments - Assets* |
|||||||||||||||||||||||||||||||||||
Forward Foreign Currency Contracts |
- | 1,005,945 | - | 1,005,945 | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
Total Investments |
$ | 994,305 | $ | 1,892,912,420 | $ | - | $ | 1,893,906,725 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
Variable Rate Investment Grade ETF |
|||||||||||||||||||||||||||||||||||
Investments in Securities |
|||||||||||||||||||||||||||||||||||
U.S. Dollar Denominated Bonds & Notes |
$ | - | $ | 296,834,498 | $ | - | $ | 296,834,498 | |||||||||||||||||||||||||||
U.S. Treasury Securities |
- | 183,985,186 | - | 183,985,186 | |||||||||||||||||||||||||||||||
Agency Credit Risk Transfer Notes |
- | 130,106,128 | - | 130,106,128 | |||||||||||||||||||||||||||||||
Asset-Backed Securities |
- | 125,692,918 | - | 125,692,918 | |||||||||||||||||||||||||||||||
U.S. Government Sponsored Agency Mortgage-Backed Securities |
- | 20,114,889 | - | 20,114,889 | |||||||||||||||||||||||||||||||
Certificate of Deposit |
- | 4,003,531 | - | 4,003,531 | |||||||||||||||||||||||||||||||
Money Market Funds |
3,549,222 | 18,258,401 | - | 21,807,623 | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
Total Investments |
$ | 3,549,222 | $ | 778,995,551 | $ | - | $ | 782,544,773 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
* |
Forward foreign currency contracts, futures contracts and swap agreements are valued at unrealized appreciation (depreciation). Investments matured and options written are shown at value. |
123 | ||||
|
| |||
NOTE 6–Derivative Investments
The Funds may enter into an ISDA Master Agreement under which a Fund may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions and close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.
For financial reporting purposes, the Funds do not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statements of Assets and Liabilities.
Value of Derivative Investments at Period-End
The table below summarizes the value of each Fund’s derivative investments, detailed by primary risk exposure, held as of October 31, 2023:
Derivative Assets |
Value | |||||||||||||||||||||||||||||||||||||||
High
Yield Bond Factor ETF |
High Yield Select ETF |
S&P
500® Downside Hedged ETF |
Short Duration Bond ETF |
Total Return Bond ETF | Ultra Short Duration ETF |
|||||||||||||||||||||||||||||||||||
Credit Risk |
Interest Rate Risk |
Total | Currency Risk |
Equity Risk |
Interest
Rate Risk |
Equity Risk |
Interest Rate Risk |
Total | Currency Risk |
|||||||||||||||||||||||||||||||
Unrealized appreciation on forward foreign currency contracts outstanding | $ | - | $ | - | $ | - | $ | 28,536 | $ | - | $ | - | $ | - | $ | - $ | - | $ | 1,005,945 | |||||||||||||||||||||
Unrealized appreciation on futures contracts - Exchange-Traded(a) | - | 7,663 | 7,663 | - | 78,415 | 16,812 | - | 6,552,535 | $ | 6,552,535 | $ | - | ||||||||||||||||||||||||||||
Unrealized appreciation on swap agreements - Centrally Cleared | 4,046 | - | 4,046 | - | - | - | - | - | $ | - | $ | - | ||||||||||||||||||||||||||||
Purchased options, at value - Exchange- Traded | - | - | - | - | - | - | 394,200 | - | $ | 394,200 | $ | - | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Total Derivative Assets | 4,046 | 7,663 | 11,709 | 28,536 | 78,415 | 16,812 | 394,200 | 6,552,535 | 6,946,735 | 1,005,945 | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Derivatives not subject to master netting agreements | (4,046 | ) | (7,663 | ) | (11,709 | ) | - | (78,415 | ) | (16,812 | ) | (394,200 | ) | (6,552,535 | ) | (6,946,735 | ) | - | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Total Derivative Assets subject to master netting agreements | $ | - | $ | - | $ | - | $ | 28,536 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 1,005,945 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
124 | ||||
|
| |||
Derivative Liabilities |
Value | |||||||||||||||||||||||||||||||||||||||
High
Yield Bond Factor ETF |
High Yield Select ETF |
S&P
500® Downside Hedged ETF |
Short Duration Bond ETF |
Total Return Bond ETF | Ultra Short Duration ETF |
|||||||||||||||||||||||||||||||||||
Credit Risk |
Interest Rate Risk |
Total | Currency Risk |
Equity Risk |
Interest
Rate Risk |
Equity Risk |
Interest Rate Risk |
Total | Currency Risk |
|||||||||||||||||||||||||||||||
Unrealized depreciation on futures contracts - Exchange- Traded(a) | $ | - | $ | (134,881 | ) | $ | (134,881 | ) | $ | - | $ | (1,330,495 | ) | $ | (15,505 | ) | $ | - | $ | (4,919,000 | ) | $ | (4,919,000 | ) | $ | - | ||||||||||||||
Options written, at value - Exchange- Traded | - | - | - | - | - | - | (89,100 | ) | - | $ | (89,100 | ) | $ | - | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Total Derivative Liabilities | - | (134,881 | ) | (134,881 | ) | - | (1,330,495 | ) | (15,505 | ) | (89,100 | ) | (4,919,000 | ) | (5,008,100 | ) | - | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Derivatives not subject to master netting agreements | - | 134,881 | 134,881 | - | 1,330,495 | 15,505 | 89,100 | 4,919,000 | 5,008,100 | - | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Total Derivative Liabilities subject to master netting agreements | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Except for Total Return Bond ETF, values are disclosed on the Statements of Assets and Liabilities under the caption Unrealized appreciation on futures contracts and Unrealized depreciation on futures contracts. For Total Return Bond ETF, values include cumulative appreciation (depreciation) on futures contracts. Only current day’s variation margin is reported within the Statements of Assets and Liabilities. |
Offsetting Assets and Liabilities
The table below reflects the Funds’ exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of October 31, 2023:
High Yield Select ETF
Financial Derivative Assets |
Financial Derivative Liabilities |
Collateral (Received)/Pledged |
||||||||||||||||||||||||||||
Counterparty |
Forward
foreign currency contracts |
Forward
foreign currency contracts |
Net Value of Derivatives |
Non-Cash | Cash | Net Amount | ||||||||||||||||||||||||
Bank of America, N.A. |
$ | 3,351 | $ | - | $ | 3,351 | $ | - | $ | - | $ | 3,351 | ||||||||||||||||||
Canadian Imperial Bank of Commerce |
3,853 | - | 3,853 | - | - | 3,853 | ||||||||||||||||||||||||
Morgan Stanley Capital Services LLC |
372 | - | 372 | - | - | 372 | ||||||||||||||||||||||||
RBC Capital Markets, LLC |
132 | - | 132 | - | - | 132 | ||||||||||||||||||||||||
State Street Bank & Trust |
20,828 | - | 20,828 | - | - | 20,828 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total |
$ | 28,536 | $ | - | $ | 28,536 | $ | - | $ | - | $ | 28,536 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Ultra Short Duration ETF
Financial Derivative Assets |
Financial Derivative Liabilities |
Collateral (Received)/Pledged |
||||||||||||||||||||||||||||
Counterparty |
Forward
foreign currency contracts |
Forward
foreign currency contracts |
Net Value of Derivatives |
Non-Cash | Cash | Net Amount | ||||||||||||||||||||||||
CIBC World Markets Inc. |
$1,005,945 | $- | $1,005,945 | $- | $- | $1,005,945 |
125 | ||||
|
| |||
Effect of Derivative Investments for the Fiscal Year Ended October 31, 2023
The table below summarizes each Fund’s gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:
Location of Gain (Loss) on Statements of Operations | ||||||||||||||||||||||||||||
High
Yield Bond Factor ETF |
High
Yield Select ETF |
S&P
500® Downside Hedged ETF |
||||||||||||||||||||||||||
Credit Risk |
Interest Rate Risk |
Total | Credit Risk |
Currency Risk |
Total | Equity Risk |
||||||||||||||||||||||
Realized Gain (Loss): |
||||||||||||||||||||||||||||
Forward foreign currency contracts |
$ | - | $ | - | $ | - | $ | - | $ | (12,335 | ) | $ | (12,335 | ) | $ | - | ||||||||||||
Futures contracts |
- | (217,001 | ) | (217,001 | ) | - | - | - | (24,676,776 | ) | ||||||||||||||||||
Options purchased(a) |
- | - | - | - | - | - | - | |||||||||||||||||||||
Options written |
- | - | - | - | - | - | - | |||||||||||||||||||||
Swap agreements |
60,586 | - | 60,586 | 4,929 | - | 4,929 | - | |||||||||||||||||||||
Change in Net Unrealized Appreciation (Depreciation): |
||||||||||||||||||||||||||||
Forward foreign currency contracts |
- | - | - | - | 28,536 | 28,536 | - | |||||||||||||||||||||
Futures contracts |
- | 98,591 | 98,591 | - | - | - | 2,535,766 | |||||||||||||||||||||
Options purchased(a) |
- | - | - | - | - | - | - | |||||||||||||||||||||
Options written |
- | - | - | - | - | - | - | |||||||||||||||||||||
Swap agreements |
(9,543 | ) | - | (9,543 | ) | - | - | - | - | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total |
$ | 51,043 | $ | (118,410 | ) | $ | (67,367 | ) | $ | 4,929 | $ | 16,201 | $ | 21,130 | $ | (22,141,010 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Location of Gain (Loss) on Statements of Operations | ||||||||||||||||||||||||
Short Duration Bond ETF |
Total Return Bond ETF | Ultra
Short Duration ETF |
||||||||||||||||||||||
Interest Rate Risk |
Credit Risk |
Equity Risk |
Interest Rate Risk |
Total | Currency Risk |
|||||||||||||||||||
Realized Gain (Loss): |
||||||||||||||||||||||||
Forward foreign currency contracts |
$ | - | $ | - | $ | - | $ | - | $ | - | $ | (4,857,628 | ) | |||||||||||
Futures contracts |
(44,716 | ) | - | - | 2,519,948 | 2,519,948 | - | |||||||||||||||||
Options purchased(a) |
- | - | 67,031 | - | 67,031 | - | ||||||||||||||||||
Options written |
- | - | (146,366 | ) | - | (146,366 | ) | - | ||||||||||||||||
Swap agreements |
- | (740,960 | ) | - | - | (740,960 | ) | - | ||||||||||||||||
Change in Net Unrealized Appreciation (Depreciation): |
||||||||||||||||||||||||
Forward foreign currency contracts |
- | - | - | - | - | (713,568 | ) | |||||||||||||||||
Futures contracts |
1,307 | - | - | 431,515 | 431,515 | - | ||||||||||||||||||
Options purchased(a) |
- | - | 340,615 | - | 340,615 | - | ||||||||||||||||||
Options written |
- | - | 4,746 | - | 4,746 | - | ||||||||||||||||||
Swap agreements |
- | - | - | - | - | - | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total |
$ | (43,409 | ) | $ | (740,960 | ) | $ | 266,026 | $ | 2,951,463 | $ | 2,476,529 | $ | (5,571,196 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Options purchased are included in the net realized gain (loss) from investment securities and the change in net unrealized appreciation (depreciation) of investment securities. |
The table below summarizes the average notional value of derivatives held during the period.
Average Notional Value | ||||||||||||||||||||||||||||||
High Yield Bond Factor ETF |
High Yield Select ETF |
S&P 500® Downside Hedged ETF |
Short Duration Bond ETF |
Total Return Bond ETF(a) | Ultra Short Duration ETF | |||||||||||||||||||||||||
Forward foreign currency contracts |
$ | - | $ | 683,200 | $ | - | $ | - | $ | - | $ | 17,949,196 | ||||||||||||||||||
Futures contracts |
6,620,559 | - | 38,343,180 | 3,493,925 | 293,619,040 | - | ||||||||||||||||||||||||
Options purchased |
- | - | - | - | 17,661,877 | - | ||||||||||||||||||||||||
Options written |
- | - | - | - | 6,737,500 | - | ||||||||||||||||||||||||
Swap agreements |
669,843 | 45,455 | - | - | 26,085,263 | - |
(a) |
For Total Return Bond ETF, the amount listed for swap agreements represents the daily average notional value. |
126 | ||||
|
| |||
NOTE 7–Distributions to Shareholders and Tax Components of Net Assets
Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2023 and 2022:
2023 | 2022 | ||||||||||||||
Ordinary Income* |
Ordinary Income* |
Return of Capital | |||||||||||||
AAA CLO Floating Rate Note ETF** |
$ | 1,759,428 | $ | - | $ | - | |||||||||
Active U.S. Real Estate ETF |
3,575,378 | 3,208,010 | - | ||||||||||||
High Yield Bond Factor ETF |
2,508,973 | 2,033,283 | 166,039 | ||||||||||||
High Yield Select ETF** |
618,338 | - | - | ||||||||||||
S&P 500® Downside Hedged ETF |
4,335,806 | 2,159,005 | - | ||||||||||||
Short Duration Bond ETF** |
462,409 | - | - | ||||||||||||
Total Return Bond ETF |
38,397,413 | 27,071,935 | - | ||||||||||||
Ultra Short Duration ETF |
85,996,333 | 26,604,416 | - | ||||||||||||
Variable Rate Investment Grade ETF |
34,352,354 | 9,861,832 | - |
* |
Includes short-term capital gain distributions, if any. |
** |
For the period December 7, 2022 (commencement of investment operations) through October 31, 2023. |
Tax Components of Net Assets at Fiscal Year-End:
Undistributed Ordinary Income |
Temporary Book/Tax Differences |
Net Unrealized Appreciation (Depreciation)- Investments |
Net Unrealized Appreciation (Depreciation)- Other Investments |
Net Unrealized (Depreciation)- Foreign Currencies |
Capital Loss Carryforwards |
Shares of Beneficial Interest |
Total Net Assets |
|||||||||||||||||||||||||||||||||||||||||||||||||
AAA CLO Floating Rate Note ETF |
$ | 222,233 | $ | - | $ | 372,260 | $ | - | $ | - | $ | - | $ | 32,537,540 | $ | 33,132,033 | ||||||||||||||||||||||||||||||||||||||||
Active U.S. Real Estate ETF |
- | - | (24,031,750 | ) | - | - | (10,365,202 | ) | 117,957,356 | 83,560,404 | ||||||||||||||||||||||||||||||||||||||||||||||
High Yield Bond Factor ETF |
- | - | (2,865,310 | ) | (123,172 | ) | - | (4,382,881 | ) | 49,027,445 | 41,656,082 | |||||||||||||||||||||||||||||||||||||||||||||
High Yield Select ETF |
24,309 | - | (355,604 | ) | 28,536 | (111 | ) | (77,414 | ) | 9,998,310 | 9,618,026 | |||||||||||||||||||||||||||||||||||||||||||||
S&P 500® Downside Hedged ETF |
359,580 | - | 1,252,080 | (1,252,095 | ) | - | (103,448,349 | ) | 236,252,168 | 133,163,384 | ||||||||||||||||||||||||||||||||||||||||||||||
Short Duration Bond ETF |
5,108 | - | (90,535 | ) | 1,307 | - | (143,514 | ) | 9,998,898 | 9,771,264 | ||||||||||||||||||||||||||||||||||||||||||||||
Total Return Bond ETF |
- | 89,415 | (83,673,958 | ) | 1,638,281 | (2,106 | ) | (171,872,250 | ) | 1,270,704,786 | 1,016,884,168 | |||||||||||||||||||||||||||||||||||||||||||||
Ultra Short Duration ETF |
6,638,559 | (28,245 | ) | (21,564,169 | ) | 1,005,945 | (12 | ) | (23,011,171 | ) | 1,924,679,131 | 1,887,720,038 | ||||||||||||||||||||||||||||||||||||||||||||
Variable Rate Investment Grade ETF |
763,062 | - | (4,721,123 | ) | - | - | (4,765,555 | ) | 774,432,341 | 765,708,725 |
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 Funds 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 Funds have capital loss carryforwards as of October 31, 2023, as follows:
No expiration | ||||||||||||
Short-Term | Long-Term | Total | ||||||||||
AAA CLO Floating Rate Note ETF |
$ | - | $ | - | $ | - | ||||||
Active U.S. Real Estate ETF |
7,707,287 | 2,657,915 | 10,365,202 | |||||||||
High Yield Bond Factor ETF |
1,036,653 | 3,346,228 | 4,382,881 | |||||||||
High Yield Select ETF |
77,414 | - | 77,414 | |||||||||
S&P 500® Downside Hedged ETF |
15,779,736 | 87,668,613 | 103,448,349 | |||||||||
Short Duration Bond ETF |
117,468 | 26,046 | 143,514 | |||||||||
Total Return Bond ETF |
99,076,024 | 72,796,226 | 171,872,250 |
127 | ||||
|
| |||
No expiration | ||||||||||||
Short-Term | Long-Term | Total | ||||||||||
Ultra Short Duration ETF |
$ | 11,842,270 | $ | 11,168,901 | $ | 23,011,171 | ||||||
Variable Rate Investment Grade ETF |
1,053,288 | 3,712,267 | 4,765,555 |
NOTE 8–Investment Transactions
For the fiscal year ended October 31, 2023, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Government obligations, money market funds and in-kind transactions, if any) were as follows:
Purchases | Sales | |||||||
AAA CLO Floating Rate Note ETF* |
$ | 55,177,594 | $ | 25,634,760 | ||||
Active U.S. Real Estate ETF |
59,131,323 | 58,426,424 | ||||||
High Yield Bond Factor ETF |
26,310,369 | 18,291,602 | ||||||
High Yield Select ETF* |
18,472,680 | 9,004,264 | ||||||
S&P 500® Downside Hedged ETF |
2,030,301,173 | 2,101,890,699 | ||||||
Short Duration Bond ETF* |
15,756,805 | 6,196,916 | ||||||
Total Return Bond ETF |
3,266,820,129 | 3,163,550,851 | ||||||
Ultra Short Duration ETF |
975,102,852 | 956,655,268 | ||||||
Variable Rate Investment Grade ETF |
249,006,436 | 177,524,363 |
* |
For the period December 7, 2022 (commencement of investment operations) through October 31, 2023. |
For the fiscal year ended October 31, 2023, in-kind transactions associated with creations and redemptions were as follows:
In-kind Purchases |
In-kind Sales |
|||||||
AAA CLO Floating Rate Note ETF* |
$ | 2,583,272 | $ | - | ||||
Active U.S. Real Estate ETF |
35,102,236 | 51,384,833 | ||||||
High Yield Bond Factor ETF |
- | - | ||||||
High Yield Select ETF* |
- | - | ||||||
S&P 500® Downside Hedged ETF |
- | 1,412,346 | ||||||
Short Duration Bond ETF* |
- | - | ||||||
Total Return Bond ETF |
- | - | ||||||
Ultra Short Duration ETF |
- | - | ||||||
Variable Rate Investment Grade ETF |
- | - |
* |
For the period December 7, 2022 (commencement of investment operations) through October 31, 2023. |
Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.
As of October 31, 2023, 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:
Gross Unrealized Appreciation |
Gross Unrealized (Depreciation) |
Net Unrealized Appreciation (Depreciation) |
Cost | |||||||||||||
AAA CLO Floating Rate Note ETF |
$ | 389,689 | $ | (17,429 | ) | $ | 372,260 | $ | 32,589,176 | |||||||
Active U.S. Real Estate ETF |
635,199 | (24,666,949 | ) | (24,031,750 | ) | 120,019,466 | ||||||||||
High Yield Bond Factor ETF |
271,320 | (3,259,802 | ) | (2,988,482 | ) | 46,557,608 | ||||||||||
High Yield Select ETF |
42,229 | (369,297 | ) | (327,068 | ) | 10,318,541 | ||||||||||
S&P 500® Downside Hedged ETF |
2,185,589 | (2,185,589 | ) | - | 126,833,755 | |||||||||||
Short Duration Bond ETF |
30,050 | (119,278 | ) | (89,228 | ) | 10,344,108 | ||||||||||
Total Return Bond ETF |
7,402,248 | (89,437,925 | ) | (82,035,677 | ) | 1,259,964,734 | ||||||||||
Ultra Short Duration ETF |
2,268,927 | (22,827,151 | ) | (20,558,224 | ) | 1,914,464,949 | ||||||||||
Variable Rate Investment Grade ETF |
1,851,966 | (6,573,089 | ) | (4,721,123 | ) | 787,265,896 |
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NOTE 9–Reclassification of Permanent Differences
Primarily as a result of differing book/tax treatment of in-kind transactions, taxable overdistributions, distribution redesignations, derivative instruments, paydowns, foreign currency transactions, REITs, excise taxes, defaulted bonds and low-rated debt securities, amounts were reclassified between undistributed net investment income (loss), undistributed net realized gain (loss) and Shares of beneficial interest. These reclassifications had no effect on the net assets of each Fund. For the fiscal year ended October 31, 2023, the reclassifications were as follows:
Undistributed
Net Investment Income (Loss) |
Undistributed
Net Realized Gain (Loss) |
Shares of Beneficial Interest | |||||||||||||
AAA CLO Floating Rate Note ETF |
$ | 121,492 | $ | (117,488 | ) | $ | (4,004 | ) | |||||||
Active U.S. Real Estate ETF |
285,585 | 1,687,293 | (1,972,878 | ) | |||||||||||
High Yield Bond Factor ETF |
34,896 | (14,615 | ) | (20,281 | ) | ||||||||||
High Yield Select ETF |
(7,508 | ) | 9,223 | (1,715 | ) | ||||||||||
S&P 500® Downside Hedged ETF |
- | - | - | ||||||||||||
Short Duration Bond ETF |
1,336 | (209 | ) | (1,127 | ) | ||||||||||
Total Return Bond ETF |
(178,325 | ) | 681,858 | (503,533 | ) | ||||||||||
Ultra Short Duration ETF |
6,019,487 | (6,013,534 | ) | (5,953 | ) | ||||||||||
Variable Rate Investment Grade ETF |
388,459 | (388,459 | ) | - |
NOTE 10–Trustees’ and Officer’s Fees
Trustees’ and Officer’s Fees include amounts accrued by the Funds to pay remuneration to the Independent Trustees and an Officer of the Trust. The Adviser, as a result of each Fund’s unitary management fee (except for Ultra Short Duration ETF), pays for such compensation for each Fund. The Interested Trustee 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 Funds. The Deferral Fees payable to a Participating Trustee are valued as of the date such Deferral Fees would have been paid to the 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 Funds.
NOTE 11–Borrowing
Effective April 11, 2023, AAA CLO Floating Rate Note ETF is a party to a committed line of credit facility with a syndicate administered by State Street Bank and Trust Company, which will expire on April 9, 2024. The Fund currently participates in this line of credit with another Invesco ETF on a several and not joint basis. The Fund may borrow up to the lesser of (1) $300,000,000, (2) a 20% asset coverage percentage or (3) the limits set by its prospectus for borrowings. The Adviser, on behalf of the Fund, pays an upfront fee of 0.10% on the commitment amount and a commitment fee of 0.15% on the amount of the commitment that has not been utilized. In case of borrowings from the line of credit, the Fund pays the associated interest expenses.
During the period April 11, 2023 through October 31, 2023, there were no borrowings from the line of credit.
NOTE 12–Capital
Shares are issued and redeemed by each Fund only in Creation Units consisting of a specified number of Shares as set forth in each Fund’s prospectus. Only APs are permitted to purchase or redeem Creation Units from the Funds. For each Fund (except for Active U.S. Real Estate ETF and S&P 500® Downside Hedged ETF), Creation Units are issued and redeemed principally in exchange for the deposit or delivery of cash. For Active U.S. Real Estate ETF, such transactions are principally permitted in exchange for Deposit Securities, with a balancing cash component to equate the transaction to the NAV per Share of the Fund on the transaction date. For S&P 500® Downside Hedged ETF, Creation Units are issued and redeemed partially in exchange for the deposit or delivery of cash and partially in exchange for Deposit Securities. However, for all Funds, 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 AP or as a result of other market circumstances.
To the extent that the Funds permit transactions in exchange for Deposit Securities, each 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 AP, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the AP to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the AP’s delivery and maintenance of collateral consisting of cash in the form of U.S. dollars in
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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 Funds for creations and redemptions, which are treated as increases in capital.
Transactions in each Fund’s Shares are disclosed in detail in the Statements of Changes in Net Assets.
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Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Invesco Actively Managed Exchange-Traded Fund Trust and Shareholders of each of the nine Funds listed in the table below
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (nine of the funds constituting Invesco Actively Managed Exchange-Traded Fund Trust, hereafter collectively referred to as the “Funds”) as of October 31, 2023, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2023, the results of each of their operations and the changes in each of their net assets for the periods indicated in the table below, and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.
Fund Name |
||
Invesco AAA CLO Floating Rate Note ETF (1) |
||
Invesco Active U.S. Real Estate ETF (2) |
||
Invesco High Yield Bond Factor ETF (2) |
||
Invesco High Yield Select ETF (1) |
||
Invesco S&P 500® Downside Hedged ETF (2) |
||
Invesco Short Duration Bond ETF (1) |
||
Invesco Total Return Bond ETF (2) |
||
Invesco Ultra Short Duration ETF (2) |
||
Invesco Variable Rate Investment Grade ETF (2) |
(1) Statements of operations and of changes in net assets for the period December 7, 2022 (commencement of investment operations) through October 31, 2023
(2) Statement of operations for the year ended October 31, 2023 and statement of changes in net assets for each of the two years in the period ended October 31, 2023
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ 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 Funds 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, 2023 by correspondence with the custodian, transfer agent, and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/ PricewaterhouseCoopers LLP
Chicago, Illinois
December 21, 2023
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Report of Independent Registered Public Accounting Firm –(continued)
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.
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Calculating your ongoing Fund expenses
Example
As a shareholder of a Fund of the Invesco Actively Managed Exchange-Traded Fund Trust (excluding Invesco Ultra Short Duration ETF), you incur a unitary management fee. As a shareholder of the Invesco Ultra Short Duration ETF, you incur advisory fees and other Fund expenses. In addition to the advisory fee or unitary management fee, a shareholder may pay distribution fees, if any, brokerage expenses, taxes, interest (including, for Invesco AAA CLO Floating Rate Note ETF, interest expenses associated with the line of credit), 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 an Interested Trustee, or (iii) any other matters that directly benefit the Adviser). The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds 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, 2023 through October 31, 2023.
In addition to the fees and expenses which the Invesco S&P 500® Downside Hedged ETF (the “Portfolio”) bears directly, the Portfolio indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Portfolio invests. The amount of fees and expenses incurred indirectly by the Portfolio will vary because the investment companies have varied expenses and fee levels and the Portfolio may own different proportions of the investment companies at different times. Estimated investment companies’ expenses are not expenses that are incurred directly by the Portfolio. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Portfolio invests in. The effect of the estimated investment companies’ expenses that the Portfolio bears indirectly is included in the Portfolio’s total return.
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 each 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 Funds 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 transaction 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, expenses shown in the table do not include the expenses of the underlying funds, which are borne indirectly by a Fund. If transaction costs and indirect expenses were included, your costs would have been higher.
Beginning Account Value May 1, 2023 |
Ending Account Value October 31, 2023 |
Annualized Expense Ratio Based on the Six-Month Period |
Expenses Paid During the Six-Month Period(1) | |||||||||||||||||
Invesco AAA CLO Floating Rate Note ETF (ICLO) |
||||||||||||||||||||
Actual |
$1,000.00 | $1,043.30 | 0.08 | % | $0.41 | |||||||||||||||
Hypothetical (5% return before expenses) |
1,000.00 | 1,024.80 | 0.08 | 0.41 |
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Calculating your ongoing Fund expenses–(continued)
Beginning Account Value May 1, 2023 |
Ending Account Value October 31, 2023 |
Annualized Expense Ratio Based on the Six-Month Period |
Expenses Paid During the Six-Month Period(1) | |||||||||||||||||
Invesco Active U.S. Real Estate ETF (PSR) |
||||||||||||||||||||
Actual |
$1,000.00 | $ 896.20 | 0.35 | % | $1.67 | |||||||||||||||
Hypothetical (5% return before expenses) |
1,000.00 | 1,023.44 | 0.35 | 1.79 | ||||||||||||||||
Invesco High Yield Bond Factor ETF (IHYF) |
||||||||||||||||||||
Actual |
1,000.00 | 1,003.40 | 0.39 | 1.97 | ||||||||||||||||
Hypothetical (5% return before expenses) |
1,000.00 | 1,023.24 | 0.39 | 1.99 | ||||||||||||||||
Invesco High Yield Select ETF (HIYS) |
||||||||||||||||||||
Actual |
1,000.00 | 999.40 | 0.48 | 2.42 | ||||||||||||||||
Hypothetical (5% return before expenses) |
1,000.00 | 1,022.79 | 0.48 | 2.45 | ||||||||||||||||
Invesco S&P 500® Downside Hedged ETF (PHDG) |
||||||||||||||||||||
Actual |
1,000.00 | 960.90 | 0.36 | 1.78 | ||||||||||||||||
Hypothetical (5% return before expenses) |
1,000.00 | 1,023.39 | 0.36 | 1.84 | ||||||||||||||||
Invesco Short Duration Bond ETF (ISDB) |
||||||||||||||||||||
Actual |
1,000.00 | 1,008.80 | 0.35 | 1.77 | ||||||||||||||||
Hypothetical (5% return before expenses) |
1,000.00 | 1,023.44 | 0.35 | 1.79 | ||||||||||||||||
Invesco Total Return Bond ETF (GTO) |
||||||||||||||||||||
Actual |
1,000.00 | 942.00 | 0.33 | 1.62 | ||||||||||||||||
Hypothetical (5% return before expenses) |
1,000.00 | 1,023.54 | 0.33 | 1.68 | ||||||||||||||||
Invesco Ultra Short Duration ETF (GSY) |
||||||||||||||||||||
Actual |
1,000.00 | 1,024.40 | 0.24 | 1.22 | ||||||||||||||||
Hypothetical (5% return before expenses) |
1,000.00 | 1,024.00 | 0.24 | 1.22 | ||||||||||||||||
Invesco Variable Rate Investment Grade ETF (VRIG) |
||||||||||||||||||||
Actual |
1,000.00 | 1,034.10 | 0.30 | 1.54 | ||||||||||||||||
Hypothetical (5% return before expenses) |
1,000.00 | 1,023.69 | 0.30 | 1.53 |
(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, 2023. 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. |
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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.
Each Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended October 31, 2023:
Qualified Business Income* |
Qualified Dividend Income* |
Corporate Dividends Received Deduction* |
U.S. Treasury Obligations* |
Business Interest Income* |
Qualified Interest Income* |
Qualified Short Term Gains | |||||||||||||||||||||||||||||
Invesco AAA CLO Floating Rate Note ETF |
0 | % | 0 | % | 0 | % | 0 | % | 94 | % | 3 | % | $ | 117,488 | |||||||||||||||||||||
Invesco Active U.S. Real Estate ETF |
89 | % | 1 | % | 0 | % | 0 | % | 0 | % | 0 | % | - | ||||||||||||||||||||||
Invesco High Yield Bond Factor ETF |
0 | % | 0 | % | 0 | % | 0 | % | 100 | % | 84 | % | - | ||||||||||||||||||||||
Invesco High Yield Select ETF |
0 | % | 1 | % | 1 | % | 0 | % | 96 | % | 74 | % | - | ||||||||||||||||||||||
Invesco S&P 500® Downside Hedged ETF |
0 | % | 0 | % | 0 | % | 0 | % | 0 | % | 0 | % | - | ||||||||||||||||||||||
Invesco Short Duration Bond ETF |
0 | % | 3 | % | 3 | % | 8 | % | 96 | % | 77 | % | - | ||||||||||||||||||||||
Invesco Total Return Bond ETF |
0 | % | 3 | % | 2 | % | 16 | % | 97 | % | 78 | % | - | ||||||||||||||||||||||
Invesco Ultra Short Duration ETF |
0 | % | 0 | % | 0 | % | 1 | % | 94 | % | 75 | % | - | ||||||||||||||||||||||
Invesco Variable Rate Investment Grade ETF |
0 | % | 0 | % | 0 | % | 17 | % | 98 | % | 85 | % | - |
* |
The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year. |
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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 November 28, 2023
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 Chair of the Board; Chair of the Nominating and Governance Committee and Trustee | Vice Chair since 2018; Chair 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). | 213 | Chair (since 2021) and member (since 2017) of the Joint Investment Committee, Mission Aviation Fellowship and MAF Foundation; Trustee, 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 | Formerly, Assistant Professor of Business, Trinity Christian College (2010-2016); 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. | 213 | 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. |
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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, 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, Director, The Boeing Company (2009-2021); Trustee, MITRE Corporation (federally funded research development) (2008-2020); Director, THL Credit, Inc. (alternative credit investment manager) (2016-2020); Chair (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). | 213 | 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. |
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Trustees and Officers–(continued)
Name, Address and Year
of Birth of Independent Trustees |
Position(s) with Trust |
Term of and Length of |
Principal Occupation(s) During the Past 5 Years |
Number of in Fund |
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). | 213 | Trustee Emerita (2017-Present), Trustee (2000-2017) and Chair (2010-2017), Newberry Library; Trustee, Chikaming Open Lands (2014-Present); Member (2002- Present), Rockefeller Trust Committee; formerly, Trustee, Mather LifeWays (2001-2021); 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. |
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Trustees and Officers–(continued)
Name, Address and Year
of Birth of Independent Trustees |
Position(s) with Trust |
Term of and Length of |
Principal Occupation(s) During the Past 5 Years |
Number of in
Fund |
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 |
Chair of the Audit Committee and Trustee | Chair of the Audit Committee and Trustee since 2008 | Formerly, Managing Director of Finance (2020-2021) and Senior Director of Finance (2015-2020), By The Hand Club for Kids (not-for-profit); 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). | 213 | 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 |
Chair of the Investment Oversight Committee and Trustee | Chair 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). | 213 | 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. |
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Trustees and Officers–(continued)
Name, Address and Year
of Birth of Independent Trustees |
Position(s) with Trust |
Term of and Length of |
Principal Occupation(s) During the Past 5 Years |
Number of in
Fund |
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. | 213 | Board Director, Horizon Blue Cross Blue Shield of New Jersey (2012- Present); Governing Council Member (2016-Present) and Chair of Education Committee (2017-2021), Independent Directors Council (IDC); Council Member, New York-Presbyterian Hospital’s Leadership Council on Children’s and Women’s Health (2012-Present); formerly, Advisory Board Director, The Alberleen Group LLC (2012-2021); 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. |
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Trustees and Officers–(continued)
Name, Address and Year
of Birth of Independent Trustees |
Position(s) with Trust |
Term of and Length of |
Principal Occupation(s) During the Past 5 Years |
Number of in
Fund |
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. | 213 | 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 |
Chair of the Board and Trustee | Chair since 2012; Trustee since 2008 | Chair, President and Chief Executive Officer, McHenry Bancorp Inc. and McHenry Savings Bank (subsidiary) (2018-Present); formerly, Chair 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); Chair, 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). | 213 | Director, Penfield Children’s Center (2004-Present); Board Chair, 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. |
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Trustees and Officers–(continued)
The executive officers of the Trust, their term of office and length of time served, and their principal business occupations during at least the past five years are shown below:
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 | |||
Brian Hartigan–1978 Invesco Capital Management LLC 3500 Lacey Road Suite 700 Downers Grove, IL 60515 |
President and Principal Executive Officer | Since 2023 | 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 (2023-Present); Managing Director and Global Head of ETFs, Indexed Strategies, SMAs and Model Portfolios, Chief Executive Officer and Principal Executive Officer, Invesco Capital Management LLC (2023-Present); Chief Executive Officer, Manager and Principal Executive Officer, Invesco Specialized Products, LLC (2023-Present); Director, Co-Chief Executive Officer and Co-President, Invesco Capital Markets, Inc. (2020-Present); Manager and President, Invesco Investment Advisers LLC (2020-Present); formerly, Global Head of ETF Investments and Indexed Strategy (2020-2023); Global Head of ETF Investments (2017-2020); Head of Investments-PowerShares (2015-2017) and Executive Director, Product Development, Invesco Capital Markets, Inc. (2010-2015). | |||
Adrien Deberghes–1967 Invesco Capital Management LLC 11 Greenway Plaza 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 (2020-Present) and Senior Vice President (2023-Present), The Invesco Funds; formerly, Vice President, The Invesco Funds (2020-2023); Senior Vice President and Treasurer, Fidelity Investments (2008-2020). | |||
Kelli Gallegos–1970 Invesco Capital Management LLC 11 Greenway Plaza 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. |
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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 (2020-Present) and Secretary (2022-Present), Invesco Indexing LLC; 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); Vice President, Invesco Advisers, Inc. (2020-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). | |||
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). |
* |
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. |
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Trustees and Officers–(continued)
Name, Address and Year of Birth of Executive Officers |
Position(s) with Trust |
Length of Time Served* |
Principal Occupation(s) During the Past 5 Years | |||
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.
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Proxy Voting Policies and Procedures
A description of the Trust’s proxy voting policies and procedures that the Funds use 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 each 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 Funds 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 each 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.
©2023 Invesco Capital Management LLC | ||||
3500 Lacey Road, Suite 700 | ||||
Downers Grove, IL 60515 | P-PS-AR-10 | invesco.com/ETFs |