LOGO               

Invesco Annual Report to Shareholders

 

October 31, 2023

    

  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


 

Table of Contents

 

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

Invesco AAA CLO Floating Rate Note ETF (ICLO)

     26  

Invesco Active U.S. Real Estate ETF (PSR)

     28  

Invesco High Yield Bond Factor ETF (IHYF)

     30  

Invesco High Yield Select ETF (HIYS)

     40  

Invesco S&P 500® Downside Hedged ETF (PHDG)

     45  

Invesco Short Duration Bond ETF (ISDB)

     51  

Invesco Total Return Bond ETF (GTO)

     56  

Invesco Ultra Short Duration ETF (GSY)

     73  

Invesco Variable Rate Investment Grade ETF (VRIG)

     80  
Statements of Assets and Liabilities      88  
Statements of Operations      92  
Statements of Changes in Net Assets      94  
Financial Highlights      98  
Notes to Financial Statements      107  
Report of Independent Registered Public Accounting Firm      131  
Fund Expenses      133  
Tax Information      135  
Trustees and Officers      136  

 

    2    

 

 

 

 


 

The Market Environment

 

 

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

 

    3    

 

 

 

 


 

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.

 

1 

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.

 

    4    

 

 

 

 


 

 

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
 
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
 
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.

 

 

  5  

 


 

Invesco AAA CLO Floating Rate Note ETF (ICLO) (continued)

 

Growth of a $10,000 Investment Since Inception

 

LOGO

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:

 

-

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

 

 

  6  

 


 

 

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
 
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  

 

 

  7  

 


 

Invesco Active U.S. Real Estate ETF (PSR) (continued)

 

Top Ten Fund Holdings* (% of the Fund’s Net Assets)
as of October 31, 2023
 
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

 

LOGO

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  

 

 

  8  

 


 

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:

 

-

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

 

 

  9  

 


 

 

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
 
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
 
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.

 

 

  10  

 


 

Invesco High Yield Bond Factor ETF (IHYF) (continued)

 

Growth of a $10,000 Investment Since Inception

 

LOGO

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:

 

-

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

 

 

  11  

 


 

 

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  

 

 

  12  

 


 

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

 

LOGO

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  

 

 

  13  

 


 

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:

 

-

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

 

 

  14  

 


 

 

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.

 

 

  15  

 


 

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.

 

 

  16  

 


 

Invesco S&P 500® Downside Hedged ETF (PHDG) (continued)

 

Growth of a $10,000 Investment

 

LOGO

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.

 

 

  17  

 


 

 

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.

 

 

  18  

 


 

Invesco Short Duration Bond ETF (ISDB) (continued)

 

Growth of a $10,000 Investment Since Inception

 

LOGO

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.

 

 

  19  

 


 

 

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.

 

 

  20  

 


 

Invesco Total Return Bond ETF (GTO) (continued)

 

Growth of a $10,000 Investment Since Inception

 

LOGO

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

 

LOGO

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

 

LOGO

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

Schedule of Investments

 

     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%),
08/14/2030(a)(b)

     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%),
07/29/2030(a)(b)

   $    550,000      $      544,942  

Madison Park Funding XXXVII Ltd. (Cayman Islands), Series 2019-37A, Class AR, 6.73% (3 mo. Term SOFR + 1.33%),
07/15/2033(a)(b)

     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
(Cost $32,293,143)

        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)
(Cost $296,033)

     296,033      $ 296,033  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES-99.49%
(Cost $32,589,176)

 

     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
(Cost $104,081,193)

        83,526,312  
     

 

 

 

Money Market Funds-0.01%

     

Invesco Government & Agency Portfolio, Institutional Class, 5.27%(c)(d)
(Cost $6,835)

     6,835        6,835  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.97%
(Cost $104,088,028)

        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,
5.53%(c)(d)(e)

     8,967,520        8,968,417  
     

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $12,455,230)

        12,454,569  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES-114.87%
(Cost $116,543,258)

 

     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
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

             $ -       $ 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%,
03/01/2030(b)(c)

     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
(Cost $43,532,972)

 

     40,669,003  
     

 

 

 

U.S. Treasury Securities-0.24%

     

U.S. Treasury Bills-0.24%

 

4.79% - 5.40%, 04/18/2024(h)(i)
(Cost $99,739)

     102,000        99,453  
     

 

 

 
     Shares       

Money Market Funds-0.17%

     

Invesco Government & Agency Portfolio, Institutional Class, 5.27%(j)(k)
(Cost $72,923)

     72,923        72,923  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-98.04%
(Cost $43,705,634)

 

     40,841,379  
     

 

 

 
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-6.84%

 

Invesco Private Government Fund,
5.32%(j)(k)(l)

     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
(Cost $2,847,933)

 

     2,847,976  
  

 

 

 

TOTAL INVESTMENTS IN SECURITIES-104.88%
(Cost $46,553,567)

 

     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,
5.38%(c)(d)(e)

     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
(Cost $8,850,169)

 

     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
(Cost $558,100)

 

     541,759  
     

 

 

 

Asset-Backed Securities-1.04%

 

Hertz Vehicle Financing III LLC, Series 2023-3A, Class C, 7.26%, 02/25/2028(b)
(Cost $99,996)

     $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)
(Cost $47,833)

     48,000        $     47,490  
     

 

 

 

Money Market Funds-1.48%

     

Invesco Government & Agency Portfolio, Institutional Class, 5.27%(h)(i)
(Cost $142,401)

     142,401        142,401  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-97.45%
(Cost $9,698,499)

        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
Fund, 5.53%(h)(i)(j)

     391,351        391,390  
     

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $590,647)

        590,653  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES-103.59%
(Cost $10,289,146)

 

     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
October 31, 2022

    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
(Cost $112,158,411)

 

     113,685,160  
     

 

 

 

Money Market Funds-7.61%

 

  

Invesco Premier U.S. Government Money Portfolio, Institutional Class, 5.26%(d)(e)
(Cost $10,129,502)

     10,129,502        10,129,502  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-92.98%
(Cost $122,287,913)

 

     123,814,662  
     

 

 

 
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-3.21%

     

Invesco Private Government Fund,
5.32%(d)(e)(f)

     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
(Cost $4,271,174)

 

     4,271,173  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES-96.19%
(Cost $126,559,087)

 

     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
October 31, 2022

   

Purchases
at Cost

   

Proceeds
from Sales

   

Change  in
Unrealized
Appreciation
(Depreciation)

   

Realized
Gain
(Loss)

   

Value
October 31, 2023

   

Dividend
Income

 

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.,
5.40%, 01/15/2027

   $ 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,
5.45%, 10/14/2025

     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.,
5.80%, 10/03/2025

     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.,
4.50%, 03/01/2028

     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.,
5.15%, 08/11/2025

     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.,
5.40%, 04/06/2026

     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.,
4.65%, 01/27/2026

     100,000        94,467  

NatWest Group PLC (United Kingdom),
7.47%, 11/10/2026(e)

     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.,
3.88%, 02/15/2027

     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
(Cost $8,760,852)

 

     8,679,108  
     

 

 

 

Asset-Backed Securities-6.94%

 

Avis Budget Rental Car Funding
(AESOP) LLC

     

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
(Cost $687,813)

 

     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
(Cost $208,871)

        208,789  
     

 

 

 
     Shares       

Preferred Stocks-0.80%

     

Diversified Financial Services-0.29%

     

Apollo Global Management, Inc.,
Pfd., 7.63%(e)

     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
(Cost $76,100)

        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
(Cost $71,528)

        72,244  
     

 

 

 
       Shares            Value        

Money Market Funds-1.91%

     

Invesco Government & Agency Portfolio, Institutional Class, 5.27%(l)(m)
(Cost $186,143)

     186,143      $ 186,143  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-101.35%
(Cost $9,991,307)

 

     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
(Cost $350,967)

 

     350,955  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES-104.94%
(Cost $10,342,274)

 

     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.,
5.15%, 05/15/2033

     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.,
5.25%, 09/11/2028(b)

     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),
3.63%, 06/28/2031(c)

     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.,
5.50%, 09/15/2028

     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),
5.38%, 05/15/2024(c)

     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,
6.01%, 01/15/2053(c)

     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),
4.87%, 01/15/2030(c)

     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.,
4.80%, 05/15/2033

     364,000        333,849  

Georgia Power Co., 4.95%, 05/17/2033

     1,018,000        929,805  

Mercury Chile Holdco LLC (Chile),
6.50%, 01/24/2027(c)

     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.,
5.60%, 04/01/2053

     325,000        286,269  

Public Service Co. of Colorado,
5.25%, 04/01/2053

     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.,
6.38%, 02/01/2031(b)(c)

     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,
5.15%, 03/28/2033(c)

     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),
7.50%, 06/27/2030(c)

   $ 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
(Cost $568,641,441)

 

     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
Pass-Through Ctfs.

     

Series 2014-K037, Class X1, IO,
0.95%, 01/25/2024(j)

     4,255,819        2,235  

Series 2015-K042, Class X1, IO,
1.01%, 12/25/2024(j)

     4,048,776        32,422  

Series 2017-K066, Class AM,
3.20%, 06/25/2027

     250,000        232,075  

Series 2017-KGX1, Class AFX,
3.00%, 10/25/2027

     1,000,000        914,176  

Series 2018-K074, Class AM,
3.60%, 02/25/2028

     1,000,000        929,444  
     Principal
    Amount    
         Value        

Collateralized Mortgage Obligations-(continued)

 

Series 2018-K154, Class A3,
3.46%, 11/25/2032

   $ 1,000,000      $ 849,095  

Series K038, Class X1, IO,
1.07%, 03/25/2024(j)

     3,671,303        7,038  

Seasoned Credit Risk Transfer Trust

     

Series 2017-3, Class HT,
3.25%, 07/25/2056(k)

     261,680        217,932  

Series 2017-4, Class HT,
3.25%, 06/25/2057(k)

     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
(Cost $217,447,258)

 

     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%),
09/15/2036(c)(f)

     3,005,000        2,891,749  

Series 2021-VOLT, Class D, 7.10% (1 mo. Term SOFR + 1.76%),
09/15/2036(c)(f)

     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%),
07/15/2030(c)(f)

     2,912,113        2,895,650  

Series 2020-8RA, Class A1, 6.88% (3 mo. Term SOFR + 1.48%),
01/17/2032(c)(f)

     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
(Cost $194,991,418)

        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
(Cost $166,773,094)

 

     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
(Cost $6,631,644)

 

     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
(Cost $4,697,084)

        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
(Cost $2,481,882)

 

     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)
(Cost $2,438,376)

        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
(Cost $547,935)

        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
(Cost $807,196)

 

     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)
(Cost $0)

     14     $ 0  
    

 

 

 

Options Purchased-0.04%

 

 

(Cost $387,186)

 

    394,200  
 

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-106.90%
(Cost $1,165,844,514)

 

    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
(Cost $89,285,786)

 

     89,288,972  
  

 

 

 

TOTAL INVESTMENTS IN SECURITIES-115.68%
(Cost $1,255,130,300)

 

     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.,
2.63%, 08/06/2024

       $ 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.,
3.50%, 06/07/2024

     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
(Cost $920,492,541)

 

        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,
Series 2023-3, Class A2,
6.40%, 03/20/2030(d)

     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,
Series 2023-A, Class A3, 6.51%, 04/20/2027(d)

       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,
Class A1, 1.15%, 07/25/2056(d)(f)

     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,
Class A1, 1.31%, 11/25/2055(d).

     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
(Cost $349,193,095)

 

        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)
(Cost $48,027,429)

   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)
(Cost $1,335,625)

       $ 1,338,674      $ 1,276,760  
     

 

 

 
     Shares         

Exchange-Traded Funds-0.05%

 

Invesco AAA CLO Floating Rate Note ETF(b)(l)
(Cost $996,840)

     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.,
5.85%, 11/17/2023(d)

     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,
5.73%, 11/28/2023(d)

     15,000,000        14,933,574  

Oglethorpe Power Corp.,
5.56%, 11/03/2023(d)

     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
(Cost $543,454,207)

        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,
6.00%, 08/30/2024

       12,000,000        11,999,906  
     

 

 

 
        24,000,890  
     

 

 

 

Total Certificates of Deposit
(Cost $24,000,000)

 

     24,000,890  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-98.89%
(Cost $1,887,499,737)

 

     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,
5.53%(l)(n)(o)

     18,689,406        18,691,275  
     

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $25,959,267)

 

     25,957,852  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES-100.27%
(Cost $1,913,459,004)

 

     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
(Cost $297,435,554)

        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
(Cost $129,070,695)

 

     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
(Cost $130,086,111)

        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
(Cost $20,690,097)

 

     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)
(Cost $4,000,000)

   $ 4,000,000      $ 4,003,531  
     

 

 

 
     Shares         

Money Market Funds-0.46%

 

Invesco Government & Agency Portfolio, Institutional Class, 5.27%(i)(j)
(Cost $3,549,222)

     3,549,222        3,549,222  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.81%
(Cost $768,798,452)

 

     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
(Cost $18,258,863)

 

     18,258,401  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES-102.20%
(Cost $787,057,315)

 

     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    

 

 

 

 


 

Statements of Operations

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    
  

 

 

           

 

 

           

 

 

           

 

 

           

 

 

   
     (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    

 

 

 

 


 

Financial Highlights

 

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:

                    

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.

 

    106    

 

 

 

 


 

Notes to Financial Statements

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.

 

    107    

 

 

 

 


 

 

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

 

    108    

 

 

 

 


 

 

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

 

    109    

 

 

 

 


 

 

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

 

    110    

 

 

 

 


 

 

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

 

    111    

 

 

 

 


 

 

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.

 

    112    

 

 

 

 


 

 

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

 

    113    

 

 

 

 


 

 

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

 

    114    

 

 

 

 


 

 

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.

 

    115    

 

 

 

 


 

 

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.

 

    116    

 

 

 

 


 

 

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.

 

    117    

 

 

 

 


 

 

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

 

    118    

 

 

 

 


 

 

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
(as a % of average daily net assets)

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  

 

    128    

 

 

 

 


 

 

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

 

    129    

 

 

 

 


 

 

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.

 

    130    

 

 

 

 


 

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

 

    131    

 

 

 

 


 

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.

 

    132    

 

 

 

 


 

 

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

 

    133    

 

 

 

 


 

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.

 

    134    

 

 

 

 


 

 

Tax Information

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

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

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.

 

    135    

 

 

 

 


 

Trustees and Officers

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

As of 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.

 

    136    

 

 

 

 


 

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.

 

    137    

 

 

 

 


 

Trustees and Officers–(continued)

    

    

    

    

 

Name, Address and Year of
Birth of Independent Trustees
 

Position(s)
Held

with Trust

 

Term of
Office

and

Length of
Time
Served*

 

Principal

Occupation(s) During

the Past 5 Years

 

Number of
Portfolios

in Fund
Complex**
Overseen by
Independent
Trustees

 

Other

Directorships

Held by

Independent

Trustees During

the Past 5 Years

Victoria J. Herget–1951

c/o Invesco Capital

Management LLC

3500 Lacey Road

Suite 700

Downers Grove, IL 60515

  Trustee   Since 2019   Formerly, Managing Director (1993-2001), Principal (1985-1993), Vice President (1978-1985) and Assistant Vice President (1973-1978), Zurich Scudder Investments (investment adviser) (and its predecessor firms).   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.

 

    138    

 

 

 

 


 

Trustees and Officers–(continued)

    

    

    

    

 

Name, Address and Year of
Birth of Independent Trustees
 

Position(s)
Held

with Trust

 

Term of
Office

and

Length of
Time
Served*

 

Principal

Occupation(s) During

the Past 5 Years

 

Number of
Portfolios

in Fund
Complex**
Overseen by
Independent
Trustees

 

Other

Directorships

Held by

Independent

Trustees During

the Past 5 Years

Marc M. Kole–1960

c/o Invesco Capital

Management LLC

3500 Lacey Road

Suite 700

Downers Grove, IL 60515

  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.

 

    139    

 

 

 

 


 

Trustees and Officers–(continued)

    

    

    

    

 

Name, Address and Year of
Birth of Independent Trustees
 

Position(s)
Held

with Trust

 

Term of
Office

and

Length of
Time
Served*

 

Principal

Occupation(s) During

the Past 5 Years

 

Number of
Portfolios

in Fund
Complex**
Overseen by
Independent
Trustees

 

Other

Directorships

Held by

Independent

Trustees During

the Past 5 Years

Joanne Pace–1958

c/o Invesco Capital

Management LLC

3500 Lacey Road

Suite 700

Downers Grove, IL 60515

  Trustee   Since 2019   Formerly, Senior Advisor, SECOR Asset Management, LP (2010-2011); Managing Director and Chief Operating Officer, Morgan Stanley Investment Management (2006-2010); Partner and Chief Operating Officer, FrontPoint Partners, LLC (alternative investments) (2005-2006); Managing Director (2003-2005), Global Head of Human Resources and member of Executive Board and Operating Committee (2004-2005), Global Head of Operations and Product Control (2003-2004), Credit Suisse (investment banking); Managing Director (1997-2003), Controller and Principal Accounting Officer (1999-2003), Chief Financial Officer (temporary assignment) for the Oversight Committee, Long Term Capital Management (1998-1999), Morgan Stanley.   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.

 

    140    

 

 

 

 


 

Trustees and Officers–(continued)

    

    

    

    

 

Name, Address and Year of
Birth of Independent Trustees
 

Position(s)
Held

with Trust

 

Term of
Office

and

Length of
Time
Served*

 

Principal

Occupation(s) During

the Past 5 Years

 

Number of
Portfolios

in Fund
Complex**
Overseen by
Independent
Trustees

 

Other

Directorships

Held by

Independent

Trustees During

the Past 5 Years

Gary R. Wicker–1961

c/o Invesco Capital

Management LLC

3500 Lacey Road

Suite 700

Downers Grove, IL 60515

  Trustee   Since 2013   Senior Vice President of Global Finance and Chief Financial Officer, RBC Ministries (publishing company) (2013-Present); formerly, Executive Vice President and Chief Financial Officer, Zondervan Publishing (a division of Harper Collins/NewsCorp) (2007-2012); Senior Vice President and Group Controller (2005- 2006), Senior Vice President and Chief Financial Officer (2003-2004), Chief Financial Officer (2001-2003), Vice President, Finance and Controller (1999-2001) and Assistant Controller (1997-1999), divisions of The Thomson Corporation (information services provider); Senior Audit Manager (1994-1997), PricewaterhouseCoopers LLP.   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.

 

    141    

 

 

 

 


 

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.

 

    142    

 

 

 

 


 

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.

 

    143    

 

 

 

 


 

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

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.

 

    144    

 

 

 

 


 

 

(This Page Intentionally Left Blank)

 

 

 


 

 

(This Page Intentionally Left Blank)

 

 

 


 

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