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Invesco Annual Report to Shareholders

 

October 31, 2021

    

IDLB  Invesco FTSE International Low Beta Equal Weight ETF

 

EELV   Invesco S&P Emerging Markets Low Volatility ETF

 

EEMO Invesco S&P Emerging Markets Momentum ETF

 

IDHD Invesco S&P International Developed High Dividend Low Volatility ETF

 

IDLV  Invesco S&P International Developed Low Volatility ETF

 

IDMO   Invesco S&P International Developed Momentum ETF


 

Table of Contents

 

The Market Environment      3  
Management’s Discussion of Fund Performance      4  
Schedules of Investments   

Invesco FTSE International Low Beta Equal Weight ETF (IDLB)

     16  

Invesco S&P Emerging Markets Low Volatility ETF (EELV)

     24  

Invesco S&P Emerging Markets Momentum ETF (EEMO)

     28  

Invesco S&P International Developed High Dividend Low Volatility ETF (IDHD)

     32  

Invesco S&P International Developed Low Volatility ETF (IDLV)

     34  

Invesco S&P International Developed Momentum ETF (IDMO)

     38  
Statements of Assets and Liabilities      42  
Statements of Operations      44  
Statements of Changes in Net Assets      46  
Financial Highlights      48  
Notes to Financial Statements      53  
Report of Independent Registered Public Accounting Firm      64  
Fund Expenses      65  
Tax Information      67  
Trustees and Officers      68  

 

 

 

  2  

 


 

The Market Environment

 

 

 

Domestic Equity

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

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

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

 

1 

Source: US Department of the Treasury

2 

Source: US Bureau of Economic Analysis

3 

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

4 

Source: Lipper Inc.

Global Equity

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

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

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

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

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

 

 

  3  

 


 

 

IDLB    Management’s Discussion of Fund Performance
   Invesco FTSE International Low Beta Equal Weight ETF (IDLB)

 

As an index fund, the Invesco FTSE International Low Beta Equal Weight ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the FTSE Developed ex-U.S. Low Beta Equal Weight Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, FTSE International Limited (the “Index Provider”) compiles, maintains and calculates the Index, which is designed to provide exposure to constituents of the FTSE Developed ex US Index (the “Developed ex US Index”) that exhibit low beta characteristics. The Developed ex US Index is designed to measure the performance of the international equity markets and consists of large and mid-capitalization companies from developed markets throughout the world, excluding the United States. Beta is a measure of relative risk and is the rate of change of a security’s price. The Index is equally weighted, meaning that the Index Provider assigns each component security the same weight in the Index. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended October 31, 2021, on a market price basis, the Fund returned 19.87%. On a net asset value (“NAV”) basis, the Fund returned 19.43%. During the same time period, the Index returned 20.35%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period as well as residual cash holdings due to the Fund’s small size.

During this same time period, the MSCI World ex USA Index (Net) (the “Benchmark Index”) returned 35.59%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 935 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the overall international equity market.

The performance of the Fund differed from the Benchmark Index in part because the Fund employs a beta driven stock selection and equal weighting methodology, whereas the Benchmark Index selects and weights stocks based on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the consumer staples sector and most underweight in the financials sector during the fiscal year ended October 31, 2021. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to its underweight allocation to and stock selection within the financials and information technology sectors as well as an overweight allocation to and under-performance in the consumer staples sector.

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

Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2021 included Evolution AB, a consumer discretionary company (portfolio average weight of 0.17%), and Phoenix Holdings Ltd., a financials company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return included TeamViewer AG, an information technology company (portfolio average weight of 0.06%), and Shin Poong Pharmaceutical Co. Ltd., a health care company (portfolio average weight of 0.07%).

 

Sector Breakdown (% of the Fund’s Net Assets)
as of October 31, 2021
 
Consumer Staples      14.79  
Industrials      13.85  
Financials      10.33  
Information Technology      10.19  
Health Care      9.71  
Materials      9.51  
Consumer Discretionary      8.16  
Communication Services      7.83  
Utilities      6.25  
Real Estate      5.78  
Energy      1.47  
Money Market Funds Plus Other Assets Less Liabilities      2.13  
Top Ten Fund Holdings* (% of the Fund’s Net Assets)
as of October 31, 2021
 
Security   
AusNet Services Ltd.      0.18  
Nippo Corp.      0.18  
Altium Ltd.      0.17  
RENOVA, Inc.      0.17  
Nippon Building Fund, Inc.      0.17  
Sapiens International Corp. N.V.      0.16  
Swedish Orphan Biovitrum AB, Class B      0.16  
Jardine Cycle & Carriage Ltd.      0.16  
Korea Gas Corp.      0.16  
Welcia Holdings Co. Ltd.      0.16  
Total      1.67  

 

*

Excluding money market fund holdings.

 

 

  4  

 


 

Invesco FTSE International Low Beta Equal Weight ETF (IDLB) (continued)

 

Growth of a $10,000 Investment Since Inception

 

LOGO

Fund Performance History as of October 31, 2021

 

   

1 Year

   

3 Years

Average
Annualized

   

3 Years

Cumulative

   

5 Years

Average
Annualized

   

5 Years

Cumulative

          Fund Inception  
Index         Average
Annualized
    Cumulative  
FTSE Developed ex-U.S. Low Beta Equal Weight Index (Net)     20.35     7.39     23.85     7.30     42.23       6.55     46.17
MSCI World ex USA Index (Net)     35.59       11.97       40.39       9.95       60.66         7.95       58.10  
Fund                
NAV Return     19.43       6.82       21.88       6.73       38.49         5.97       41.49  
Market Price Return     19.87       7.02       22.58       6.66       38.06         5.91       41.02  

 

Fund Inception: November 5, 2015

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 0.45% 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:

 

-

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

 

-

Net returns reflect reinvested dividends net of withholding taxes.

 

 

  5  

 


 

 

EELV    Management’s Discussion of Fund Performance
   Invesco S&P Emerging Markets Low Volatility ETF (EELV)

 

As an index fund, the Invesco S&P Emerging Markets Low Volatility ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P BMI Emerging Markets Low Volatility IndexTM (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index, which is designed to measure the performance of 200 of the least volatile stocks (over the trailing 12 months) included in the S&P Emerging Plus LargeMidCap Index. Volatility is a statistical measurement of the magnitude of up and down asset price fluctuations (increases or decreases in a stock’s price) over time. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended October 31, 2021, on a market price basis, the Fund returned 30.16%. On a net asset value (“NAV”) basis, the Fund returned 29.21%. During the same time period, the Index returned 30.22%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred, as well as trading costs around quarterly rebalances during the period that were higher than average given the relatively less liquid nature of many emerging markets securities.

During this same time period, the MSCI Emerging Markets IndexSM (Net) (the “Benchmark Index”) returned 16.96%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 1400 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of emerging equity markets overall.

The performance of the Fund differed from the Benchmark Index in part because the Fund employs a beta driven stock selection and an inverse volatility weighting methodology, whereas the Benchmark Index selects and weights stocks based on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the financials sector and most underweight in the consumer discretionary sector during the fiscal year ended October 31, 2021. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to its underweight allocation to and stock selection within the consumer discretionary sector as well as it’s overweight allocation to the financials sector.

For the fiscal year ended October 31, 2021, the financials sector contributed most significantly to the Fund’s return, followed by the

materials and information technology sectors, respectively. No sector detracted from the Fund’s performance.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2021 included Ruentex Industries. Ltd., a consumer discretionary company (portfolio average weight of 0.64%), and China Resources Power Holdings Co. Ltd., a utilities company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return included Guangzhou R&F Properties Co., Ltd. Class H, a real estate company (no longer held at fiscal year-end), and BIM Birlesik Magazalar A.S., a consumer staples company (portfolio average weight of 0.23%).

 

Sector Breakdown (% of the Fund’s Net Assets)
as of October 31, 2021
 
Financials      40.51  
Consumer Staples      13.50  
Communication Services      11.01  
Information Technology      7.52  
Materials      7.21  
Industrials      5.53  
Utilities      4.82  
Consumer Discretionary      3.85  
Sector Types Each Less Than 3%      5.99  
Money Market Funds Plus Other Assets Less Liabilities      0.06  
Top Ten Fund Holdings* (% of the Fund’s Net Assets)
as of October 31, 2021
 
Security   
Saudi Arabian Oil Co.      1.19  
Grupo Elektra S.A.B. de C.V.      1.09  
Chunghwa Telecom Co. Ltd.      0.98  
Far EasTone Telecommunications Co. Ltd.      0.90  
National Bank of Kuwait SAKP      0.89  
Masraf Al Rayan Q.S.C.      0.89  
Taiwan Mobile Co. Ltd.      0.86  
E.Sun Financial Holding Co. Ltd.      0.79  
First Financial Holding Co. Ltd.      0.78  
Taiwan Cooperative Financial Holding Co. Ltd.      0.77  
Total      9.14  

 

*

Excluding money market fund holdings.

 

 

  6  

 


 

Invesco S&P Emerging Markets Low Volatility ETF (EELV) (continued)

 

Growth of a $10,000 Investment Since Inception

 

LOGO

Fund Performance History as of October 31, 2021

 

   

1 Year

   

3 Years

Average
Annualized

   

3 Years

Cumulative

   

5 Years

Average
Annualized

   

5 Years

Cumulative

          Fund Inception  
Index         Average
Annualized
    Cumulative  
S&P BMI Emerging Markets Low Volatility Index (Net)     30.22     7.51     24.28     6.82     39.07       3.91     45.64
MSCI Emerging Markets Index (Net)     16.96       12.30       41.62       9.39       56.67         5.43       67.84  
Fund                
NAV Return     29.21       6.81       21.86       6.12       34.56         3.10       34.91  
Market Price Return     30.16       6.84       21.96       6.27       35.52         3.04       34.10  

 

Fund Inception: January 13, 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. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.30% includes the unitary management fee of 0.29% and acquired fund fees and expenses of 0.01%. 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.

 

-

Net returns reflect reinvested dividends net of withholding taxes.

 

 

  7  

 


 

 

EEMO    Management’s Discussion of Fund Performance
   Invesco S&P Emerging Markets Momentum ETF (EEMO)

 

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

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index, which is composed of constituents of the S&P Emerging Plus LargeMidCap (the “Emerging LargeMidCap Index”) that have the highest “momentum score.” In general, momentum is the tendency of an investment to exhibit persistence in its relative performance; a “momentum style” of investing emphasizes investing in securities that have had better recent performance compared to other securities. The momentum score for each security included in the Index is based on upward price movements of the security as compared to other eligible securities within the Emerging LargeMidCap Index.

In selecting constituent securities for the Index, the Index Provider first calculates the momentum score of each stock in the Emerging LargeMidCap Index by evaluating the percentage change in the stock’s price over the last 12 months, excluding the most recent month, and applying an adjustment based on the security’s volatility over that period. The Index Provider then ranks all the stocks in descending order by momentum score, selects the top 20% for inclusion in the Index and weights the selected securities based on a modified market capitalization-weighted strategy. While the Fund generally seeks to invest in all of the securities comprising the Index in proportion to their weightings in the Index, at times the composition of the Index may make such “full replication” impracticable. In such circumstances, the Fund will utilize a “sampling” methodology to seek to achieve its investment objective.

For the fiscal year ended October 31, 2021, on a market price basis, the Fund returned 8.44%. On a net asset value (“NAV”) basis, the Fund returned 9.66%. During the same time period, the Index returned 10.94%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and expenses that the Fund incurred during the period, trading costs around quarterly rebalances during the period, and Indian capital gains taxes incurred.

During this same time period, the MSCI Emerging Markets IndexSM (Net) (the “Benchmark Index”) returned 16.96%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 1400 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of emerging equity markets overall.

The performance of the Fund differed from the Benchmark Index in part because the Fund employs a beta driven stock selection and a momentum weighting methodology, whereas the Benchmark Index selects and weights stocks based on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the information technology sector and most underweight in the financials sector during the fiscal year ended October 31, 2021. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to its overweight allocation to the materials sector and underweight allocation to the energy sector, as well as to stock selection within both sectors.

For the fiscal year ended October 31, 2021, the information technology sector contributed most significantly to the Fund’s return, followed by the health care and financials sectors, respectively. The communication services sector detracted most significantly from the Fund’s return, followed by the materials sector.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2021 included Taiwan Semiconductor Manufacturing Co., Ltd., an information technology company (no longer held at fiscal year-end). and Samsung Electronics Co., Ltd., an information technology company. Positions that detracted most significantly from the Fund’s return included Tencent Holdings Ltd., a communication services company (no longer held at fiscal year-end), and Meituan Class B, a consumer discretionary company (no longer held at fiscal year-end).

 

Sector Breakdown (% of the Fund’s Net Assets)
as of October 31, 2021
 
Financials      23.11  
Materials      21.29  
Information Technology      16.24  
Consumer Discretionary      16.19  
Industrials      7.26  
Communication Services      4.07  
Health Care      3.73  
Energy      3.70  
Sector Types Each Less Than 3%      4.38  
Money Market Funds Plus Other Assets Less Liabilities      0.03  
Top Ten Fund Holdings* (% of the Fund’s Net Assets)
as of October 31, 2021
 
Security   
Infosys Ltd.      5.30  
Al Rajhi Bank      4.30  
NIO, Inc., ADR      3.68  
Gazprom PJSC      3.45  
Vale S.A.      3.27  
ICICI Bank Ltd.      3.25  
Samsung Electronics Co. Ltd., Preference Shares      2.52  
Wuxi Biologics Cayman, Inc.      2.28  
Kakao Corp.      2.22  
Li Ning Co. Ltd.      2.01  
Total      32.28  

 

*

Excluding money market fund holdings.

 

 

  8  

 


 

Invesco S&P Emerging Markets Momentum ETF (EEMO) (continued)

 

Growth of a $10,000 Investment Since Inception

 

LOGO

Fund Performance History as of October 31, 2021

 

   

1 Year

   

3 Years

Average
Annualized

   

3 Years

Cumulative

   

5 Years

Average
Annualized

   

5 Years

Cumulative

          Fund Inception  
Index         Average
Annualized
    Cumulative  
Blended—S&P Momentum Emerging Plus LargeMidCap Index (Net)     10.94     8.72     28.51     8.98     53.69       1.30     13.28
MSCI Emerging Markets Index (Net)     16.96       12.30       41.62       9.39       56.67         4.25       49.61  
Fund                
NAV Return     9.66       7.67       24.82       7.69       44.83         (0.02     (0.19
Market Price Return     8.44       7.43       23.98       7.53       43.74         (0.20     (1.94

 

Fund Inception: February 24, 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. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.31% includes the unitary management fee of 0.29% and acquired fund fees and expenses of 0.02%. 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.

 

-

The Blended-S&P Momentum Emerging Plus LargeMidCap Index is comprised of the performance of the S&P BMI Emerging Markets High Beta Index, the Fund’s underlying index from Fund inception through the conversion date, March 21, 2016, followed by the performance of the Index for the period March 21, 2016 through October 31, 2021.

 

-

Net returns reflect reinvested dividends net of withholding taxes.

 

 

  9  

 


LOGO

 

 

IDHD    Management’s Discussion of Fund Performance
   Invesco S&P International Developed High Dividend Low Volatility ETF (IDHD)

 

As an index fund, the Invesco S&P International Developed High Dividend Low Volatility ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P EPAC Ex-Korea Low Volatility High Dividend Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index, which is composed of 100 securities in the S&P EPAC Ex-Korea LargeMidCap (which is comprised of large and mid-cap equity securities, excluding those securities issued by companies in the United States and South Korea) that historically have provided high dividend yields with lower volatility. Volatility is a statistical measurement of the magnitude of up and down asset price fluctuations (increases or decreases in a stock’s price) over time.

The Index Provider begins by identifying the 300 securities with the highest dividend yields over the trailing 12 months, with no one country and no one sector allowed to contribute more than 20 securities and 25 securities, respectively. From those 300 securities, the 100 securities with the lowest volatility over the trailing 12 months are included in the Index.

The Index Provider weights each of the 100 constituent securities in the Index by its dividend yield, with the highest dividend-yielding securities receiving the highest weights. Each constituent security comprises between 0.05% and 3.0% of the weight of the Index, and no sector comprises more than 25% of the Index. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

During the fiscal year ended October 31, 2021, on a market price basis, the Fund returned 25.23%. On a net asset value (“NAV”) basis, the Fund returned 25.55%. During the same time period, the Index returned 25.84%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses incurred by the Fund.

During this same time period, the MSCI EAFE® Index (Net) (the “Benchmark Index”) returned 34.18%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 850 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the markets of economically developed countries outside the U.S.

The performance of the Fund differed from the Benchmark Index in part because the Fund employs a dividend driven stock selection and an inverse volatility weighting methodology, whereas the Benchmark Index selects and weights stocks based on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the utilities sector and most underweight in the consumer discretionary sector during the fiscal year ended October 31, 2021. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to its overweight allocation to the utilities sector, as well as stock selection within the financials sector.

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

Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2021 included Imperial Brands PLC, a consumer staples company (no longer held at fiscal year-end), and Naturgy Energy Group, S.A., a utilities company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return included AGL Energy Ltd., a utilities company (no longer held at fiscal year-end), Chugoku Electric Power Co., Inc., a utilities company (portfolio average weight of 0.66%).

 

Sector Breakdown (% of the Fund’s Net Assets)
as of October 31, 2021
 
Utilities      23.05  
Financials      19.70  
Real Estate      16.59  
Communication Services      13.72  
Consumer Staples      10.39  
Industrials      5.95  
Health Care      4.11  
Sector Types Each Less Than 3%      6.34  
Money Market Funds Plus Other Assets Less Liabilities      0.15  
Top Ten Fund Holdings* (% of the Fund’s Net Assets)
as of October 31, 2021
 
Security   
NN Group N.V.      2.19  
Endesa S.A.      1.93  
National Grid PLC      1.87  
Gjensidige Forsikring ASA      1.77  
BOC Hong Kong Holdings Ltd.      1.75  
UnipolSai Assicurazioni S.p.A.      1.69  
AusNet Services Ltd.      1.59  
Orange S.A.      1.49  
Red Electrica Corp. S.A.      1.49  
Ascendas REIT      1.48  
Total      17.25  

 

*

Excluding money market fund holdings.

 

 

  10  

 


 

Invesco S&P International Developed High Dividend Low Volatility ETF (IDHD) (continued)

 

Growth of a $10,000 Investment Since Inception

 

LOGO

Fund Performance History as of October 31, 2021

 

Index   1 Year    

3 Years

Average
Annualized

   

3 Years

Cumulative

          Fund Inception  
        Average
Annualized
    Cumulative  
S&P EPAC Ex-Korea Low Volatility High Dividend Index (Net)     25.84     6.05     19.27       6.43     35.85
MSCI EAFE® Index (Net)     34.18       11.54       38.77         10.41       62.66  
Fund            
NAV Return     25.55       6.04       19.23         6.36       35.41  
Market Price Return     25.23       5.88       18.70         6.45       35.97  

 

Fund Inception: December 1, 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 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.

 

-

Net returns reflect reinvested dividends net of withholding taxes.

 

 

  11  

 


 

 

IDLV    Management’s Discussion of Fund Performance
   Invesco S&P International Developed Low Volatility ETF (IDLV)

 

As an index fund, the Invesco S&P International Developed Low Volatility ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P BMI International Developed Low VolatilityTM Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index, which is designed to measure the performance of 200 of the least volatile stocks of the S&P Developed ex-U.S. & South Korea LargeMidCap. Volatility is a statistical measurement of the magnitude of up and down asset price fluctuations (increases or decreases in a stock’s price) over time. S&P DJI measures the realized volatility of the Index’s 200 constituents over the trailing 12 months and weights constituents so that the least volatile stocks receive the highest weights. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended October 31, 2021, on a market price basis, the Fund returned 18.31%. On a net asset value (“NAV”) basis, the Fund returned 18.34%. During the same time period, the Index returned 18.56%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and operating expenses incurred by the Fund during the period.

During this same time period, the MSCI EAFE® Index (Net) (the “Benchmark Index”) returned 34.18%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 850 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the markets of economically developed countries outside the U.S.

The performance of the Fund differed from the Benchmark Index in part because the Fund employs a beta driven stock selection and an inverse volatility weighting methodology, whereas the Benchmark Index selects and weights stocks based on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the consumer staples sector and most underweight in the consumer discretionary sector during the fiscal year ended October 31, 2021. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to its underweight allocation to and stock selection within the consumer staples, utilities, financials and consumer discretionary sectors.

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

Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2021 included Wm Morrison Supermarkets Plc, a consumer staples company (no longer held at fiscal year-end), and Kuehne & Nagel International AG, an industrials company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return included Chugoku Electric Power Co., Inc., a utilities company (portfolio average weight of 0.56%), and Nagoya Railroad Co., Ltd., an industrials company (no longer held at fiscal year-end).

 

Sector Breakdown (% of the Fund’s Net Assets)
as of October 31, 2021
 
Financials      22.44  
Consumer Staples      16.75  
Utilities      14.65  
Real Estate      11.26  
Industrials      11.25  
Communication Services      8.62  
Materials      4.67  
Health Care      4.15  
Sector Types Each Less Than 3%      5.90  
Money Market Funds Plus Other Assets Less Liabilities      0.31  
Top Ten Fund Holdings* (% of the Fund’s Net Assets)
as of October 31, 2021
 
Security   
HK Electric Investments & HK Electric Investments Ltd.      1.13  
Emera, Inc.      0.81  
Canadian Imperial Bank of Commerce      0.80  
Fortis, Inc.      0.79  
Nestle S.A.      0.77  
Royal Bank of Canada      0.76  
McDonald’s Holdings Co. Japan Ltd.      0.73  
CLP Holdings Ltd.      0.71  
National Bank of Canada      0.70  
BCE, Inc.      0.69  
Total      7.89  

 

*

Excluding money market fund holdings.

 

 

  12  

 


 

Invesco S&P International Developed Low Volatility ETF (IDLV) (continued)

 

Growth of a $10,000 Investment Since Inception

 

LOGO

Fund Performance History as of October 31, 2021

 

   

1 Year

   

3 Years

Average
Annualized

   

3 Years

Cumulative

   

5 Years

Average
Annualized

   

5 Years

Cumulative

          Fund Inception  
Index         Average
Annualized
    Cumulative  
S&P BMI International Developed Low Volatility Index (Net)     18.56     4.79     15.08     5.45     30.41       6.12     78.92
MSCI EAFE® Index (Net)     34.18       11.54       38.77       9.79       59.55         8.15       115.56  
Fund                
NAV Return     18.34       4.76       14.96       5.43       30.29         6.03       77.52  
Market Price Return     18.31       4.90       15.44       5.43       30.27         6.00       77.01  

 

Fund Inception: January 13, 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. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.25% 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:

 

-

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

 

-

Net returns reflect reinvested dividends net of withholding taxes.

 

 

  13  

 


 

 

IDMO    Management’s Discussion of Fund Performance
   Invesco S&P International Developed Momentum ETF (IDMO)

 

As an index fund, Invesco S&P International Developed Momentum ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P Momentum Developed ex-U.S. & South Korea LargeMidCap (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index, which is composed of constituents of the S&P Developed ex-U.S. &

South Korea LargeMidCap (the “Developed ex-U.S. & South Korea Index”) that have the highest “momentum score.” In general, momentum is the tendency of an investment to exhibit persistence in its relative performance; a “momentum style” of investing emphasizes investing in securities that have had better recent performance compared to other securities. The momentum score for each security included in the Index is based on upward price movements of the security as compared to other eligible securities within the Developed ex-U.S. & South Korea Index.

In selecting constituent securities for the Index, the Index Provider first calculates the momentum score of each stock in the Developed ex-U.S. & South Korea Index by evaluating the percentage change in the stock’s price over the last 12 months, excluding the most recent month, and applying an adjustment based on the security’s volatility over that period. The Index Provider then ranks all the stocks in descending order by momentum score, selects the top 20% for inclusion in the Index and weights the selected securities based on a modified market capitalization-weighted strategy. The Fund generally invests in all of the securities comprising the Index in proportion to their weighting in the Index.

For the fiscal year ended October 31, 2021, on a market price basis, the Fund returned 30.80%. On a net asset value (“NAV”) basis, the Fund returned 30.48%. During the same time period, the Index returned 30.34%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and expenses that the Fund incurred during the period, all of which were offset by dividend tax rate differences and beneficial market movements, as a large share redemption was settled in early November 2020.

During this same time period, the MSCI EAFE® Index (Net) (the “Benchmark Index”) returned 34.18%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 850 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the markets of economically developed countries outside the U.S.

The performance of the Fund differed from the Benchmark Index in part because the Fund employs a momentum driven stock

selection and weighting methodology, whereas the Benchmark Index selects and weights stocks based on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the information technology sector and most underweight in the financials sector during the fiscal year ended October 31, 2021. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to stock selection within the materials sector.

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

Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2021 included ASML Holding N.V., an information technology company (portfolio average weight of 6.74%), and Sea Ltd. (Singapore) Sponsored ADR, Cl. A, a communication services company (portfolio average weight of 2.86%). Positions that detracted most significantly from the Fund’s return included SoftBank Group Corp., a communication services company (no longer held at fiscal year-end), and Barrick Gold Corp., a materials company (no longer held at fiscal year-end).

 

Sector Breakdown (% of the Fund’s Net Assets)

as of October 31, 2021

 
Financials      28.61  
Consumer Discretionary      22.23  
Industrials      21.72  
Information Technology      12.93  
Materials      7.70  
Sector Types Each Less Than 3%      6.80  
Money Market Funds Plus Other Assets Less Liabilities      0.01  

 

Top Ten Fund Holdings* (% of the Fund’s Net Assets)
as of October 31, 2021
 
Security   
ASML Holding N.V.      8.68  
LVMH Moet Hennessy Louis Vuitton SE      4.99  
Toyota Motor Corp.      4.27  
Royal Bank of Canada      3.32  
Toronto-Dominion Bank (The)      2.61  
Commonwealth Bank of Australia      2.04  
Bank of Montreal      2.01  
Daimler AG      1.99  
Hermes International      1.76  
Bank of Nova Scotia (The)      1.74  
Total      33.41  

 

*

Excluding money market fund holdings.

 

 

  14  

 


 

Invesco S&P International Developed Momentum ETF (IDMO) (continued)

 

Growth of a $10,000 Investment Since Inception

 

LOGO

Fund Performance History as of October 31, 2021

 

   

1 Year

   

3 Years

Average
Annualized

   

3 Years

Cumulative

   

5 Years

Average
Annualized

   

5 Years

Cumulative

          Fund Inception  
Index         Average
Annualized
    Cumulative  
Blended—S&P Momentum Developed ex-US and South Korea LargeMidCap Index (Net)     30.34     17.13     60.70     12.55     80.61       6.82     89.45
MSCI EAFE® Index (Net)     34.18       11.54       38.77       9.79       59.55         7.05       93.41  
Fund                
NAV Return     30.48       16.94       59.90       12.28       78.46         6.46       83.38  
Market Price Return     30.80       17.12       60.66       12.38       79.23         6.39       82.23  

 

Fund Inception: February 24, 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. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.25% 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:

 

-

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

 

-

The Blended-S&P Momentum Developed ex-U.S. & South Korea LargeMidCap Index is comprised of the performance of the S&P BMI International Developed High Beta IndexTM, the Fund’s underlying index from Fund inception through the conversion date, March 21, 2016, followed by the performance of the Index for the period March 21, 2016 through October 31, 2021.

 

-

Net returns reflect reinvested dividends net of withholding taxes.

 

 

  15  

 


 

Invesco FTSE International Low Beta Equal Weight ETF (IDLB)

October 31, 2021

 

Schedule of Investments

 

         Shares        Value  

Common Stocks & Other Equity Interests-97.87%

 

Australia-5.52%

     

Altium Ltd.

     483      $ 13,321  

Ansell Ltd.

     378        8,946  

APA Group

     1,525        9,393  

Appen Ltd.

     1,319        10,650  

ASX Ltd.

     160        9,977  

Aurizon Holdings Ltd.

     3,666        9,279  

AusNet Services Ltd.

     7,515        13,942  

BHP Group Ltd.

     309        8,490  

BHP Group PLC

     333        8,833  

Brambles Ltd.

     1,145        8,635  

CIMIC Group Ltd.

     654        9,785  

Cochlear Ltd.

     60        9,934  

Coles Group Ltd.

     768        9,887  

CSL Ltd.

     45        10,156  

Domino’s Pizza Enterprises Ltd.

     95        9,666  

Evolution Mining Ltd.

     3,474        9,472  

Fortescue Metals Group Ltd.

     683        7,146  

Goodman Group

     605        9,952  

Harvey Norman Holdings Ltd.(a)

     2,597        9,675  

IGO Ltd.

     1,438        10,412  

Iluka Resources Ltd.

     1,389        9,807  

Medibank Pvt Ltd.

     3,892        9,705  

Metcash Ltd.(a)

     3,491        10,672  

Newcrest Mining Ltd.

     553        10,338  

Northern Star Resources Ltd.

     1,403        9,737  

Orora Ltd.

     4,051        10,041  

OZ Minerals Ltd.

     581        10,967  

Pro Medicus Ltd.(a)

     230        9,204  

Ramsay Health Care Ltd.

     209        11,055  

Reece Ltd.

     696        10,398  

Rio Tinto Ltd.

     127        8,613  

Rio Tinto PLC

     145        9,064  

Shopping Centres Australasia Property Group

     5,204        10,866  

Sonic Healthcare Ltd.

     321        9,651  

Telstra Corp. Ltd.

     3,572        10,249  

TPG Telecom Ltd.

     2,278        11,549  

Transurban Group

     1,026        10,357  

Treasury Wine Estates Ltd.

     1,120        9,691  

Washington H Soul Pattinson & Co. Ltd.

     402        9,807  

Wesfarmers Ltd.

     240        10,320  

WiseTech Global Ltd.

     299        11,472  

Woolworths Group Ltd.

     338        9,667  
     

 

 

 
            420,781  
     

 

 

 

Austria-0.79%

     

ANDRITZ AG

     179        10,146  

Mondi PLC

     369        9,231  

Raiffeisen Bank International AG

     418        12,238  

Telekom Austria AG(b)

     1,161        10,050  

Verbund AG

     93        9,697  

voestalpine AG

     229        8,703  
     

 

 

 
        60,065  
     

 

 

 

Belgium-1.40%

     

Ackermans & van Haaren N.V.

     56        9,637  

Ageas S.A./N.V.

     202        9,841  

Elia Group S.A./N.V.(a)

     79        9,225  

Etablissements Franz Colruyt N.V

     181        8,890  

    

 

         Shares          Value  

Belgium-(continued)

     

Groupe Bruxelles Lambert S.A.

     88      $ 10,209  

Proximus SADP

     515        9,706  

Sofina S.A.

     23        10,178  

Telenet Group Holding N.V.

     267        9,597  

UCB S.A.

     89        10,619  

Umicore S.A.

     157        9,008  

Warehouses De Pauw C.V.A.

     222        10,122  
     

 

 

 
            107,032  
     

 

 

 

Brazil-0.15%

     

Yara International ASA

     215        11,203  
     

 

 

 

Canada-4.10%

     

Agnico Eagle Mines Ltd.

     179        9,486  

Bank of Nova Scotia (The)

     172        11,259  

Barrick Gold Corp.

     517        9,472  

BCE, Inc.

     196        10,074  

Canadian Imperial Bank of Commerce

     93        11,267  

Canadian National Railway Co.

     84        11,146  

Canadian Pacific Railway Ltd.

     142        10,973  

Canadian Utilities Ltd., Class A(a)

     363        10,499  

Constellation Software, Inc.

     6        10,528  

Dollarama, Inc.

     225        10,154  

Enbridge, Inc.

     269        11,250  

Fortis, Inc.

     223        9,911  

Franco-Nevada Corp.

     71        10,115  

George Weston Ltd.

     95        10,248  

Great-West Lifeco, Inc.

     352        10,339  

Hydro One Ltd.(c)

     406        9,685  

Intact Financial Corp.

     75        10,039  

Loblaw Cos. Ltd.

     145        10,888  

Metro, Inc.

     201        10,097  

Nutrien Ltd.

     170        11,863  

Rogers Communications, Inc., Class B

     201        9,334  

Royal Bank of Canada(a)

     100        10,392  

Saputo, Inc.

     362        8,633  

Shaw Communications, Inc., Class B

     361        10,380  

Sun Life Financial, Inc.

     199        11,323  

TC Energy Corp.

     225        12,153  

TELUS Corp.

     443        10,146  

Thomson Reuters Corp.

     86        10,329  

Toronto-Dominion Bank (The)

     163        11,814  

Wheaton Precious Metals Corp.

     228        9,190  
     

 

 

 
        312,987  
     

 

 

 

Chile-0.13%

     

Antofagasta PLC(a)

     518        10,122  
     

 

 

 

China-1.85%

     

AAC Technologies Holdings, Inc.(a)

     2,000        8,729  

Budweiser Brewing Co. APAC Ltd.(a)(c)

     4,000        11,030  

ESR Cayman Ltd.(b)(c)

     3,400        11,036  

Kerry Logistics Network Ltd.(a)

     1,508        3,664  

Lee & Man Paper Manufacturing Ltd.

     12,000        9,009  

Lenovo Group Ltd.

     9,841        10,702  

Minth Group Ltd.

     2,626        10,498  

Prosus N.V.(b)

     111        9,790  

Shui On Land Ltd.

     62,500        9,240  

Tingyi Cayman Islands Holding Corp.(a)

     5,057        9,465  

Towngas China Co. Ltd.(b)

     14,717        10,121  

 

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

   
   

 

  16   

   
 


 

Invesco FTSE International Low Beta Equal Weight ETF (IDLB)—(continued)

October 31, 2021

 

           Shares          Value  

China-(continued)

     

Uni-President China Holdings Ltd.

     10,379      $ 8,859  

Want Want China Holdings Ltd.(a)

     15,132        11,730  

Wilmar International Ltd.

     3,313        10,613  

Xinyi Glass Holdings Ltd.(a)

     2,357        6,651  
     

 

 

 
        141,137  
     

 

 

 

Denmark-1.13%

     

Ambu A/S, Class B(a)

     314        8,954  

Chr. Hansen Holding A/S

     110        8,761  

Coloplast A/S, Class B

     58        9,465  

Danske Bank A/S

     604        10,232  

DSV A/S

     40        9,306  

Novo Nordisk A/S, Class B

     102        11,175  

Novozymes A/S, Class B

     128        9,422  

Orsted A/S(c)

     65        9,181  

Tryg A/S

     410        9,730  
     

 

 

 
            86,226  
     

 

 

 

Finland-1.23%

     

Elisa OYJ

     159        9,601  

Kesko OYJ, Class B

     248        8,062  

Kojamo OYJ

     410        9,171  

Kone OYJ, Class B

     124        8,461  

Nokian Renkaat OYJ

     269        10,086  

Orion OYJ, Class B

     252        10,916  

Stora Enso OYJ, Class R

     526        8,753  

UPM-Kymmene OYJ

     250        8,830  

Valmet OYJ

     250        10,155  

Wartsila OYJ Abp

     714        9,911  
     

 

 

 
        93,946  
     

 

 

 

France-4.11%

     

Air Liquide S.A.

     57        9,515  

Alstom S.A.

     239        8,513  

BioMerieux

     80        10,188  

Bollore S.A.

     1,792        10,390  

Bureau Veritas S.A.

     306        9,724  

Carrefour S.A.

     566        10,254  

Cie Generale des Etablissements Michelin S.C.A.

     63        9,893  

Danone S.A.

     140        9,130  

Dassault Systemes SE

     176        10,261  

Edenred

     187        10,121  

EssilorLuxottica S.A.

     52        10,766  

Gecina S.A.

     66        9,246  

Hermes International

     7        11,102  

Ipsen S.A.

     104        10,760  

Kering S.A.

     13        9,752  

La Francaise des Jeux SAEM(c)

     200        10,392  

Legrand S.A.

     89        9,706  

L’Oreal S.A.

     22        10,055  

LVMH Moet Hennessy Louis Vuitton SE

     14        10,972  

Orange S.A.

     935        10,209  

Orpea S.A.

     82        8,560  

Pernod Ricard S.A.

     47        10,807  

Remy Cointreau S.A.

     51        10,305  

Sanofi

     98        9,802  

Sartorius Stedim Biotech

     17        9,368  

Schneider Electric SE

     59        10,167  

SEB S.A.

     67        10,491  

SOITEC(b)

     44        11,701  

Suez S.A.

     441        10,046  
           Shares          Value  

France-(continued)

     

Teleperformance

     23      $ 9,611  

Ubisoft Entertainment S.A.(b)

     156        8,165  

Vivendi SE

     266        3,428  
     

 

 

 
        313,400  
     

 

 

 

Germany-4.90%

     

1&1 AG

     342        9,966  

adidas AG

     29        9,508  

Bechtle AG

     139        10,424  

Beiersdorf AG

     84        8,933  

Brenntag SE

     102        9,708  

Carl Zeiss Meditec AG, BR

     48        9,663  

Covestro AG(c)

     157        10,066  

Deutsche Boerse AG

     59        9,805  

Deutsche Post AG

     147        9,105  

Deutsche Wohnen SE

     31        1,589  

E.ON SE

     771        9,784  

Evonik Industries AG

     307        9,955  

Evotec SE(b)

     205        9,928  

Fielmann AG

     134        8,839  

Fresenius Medical Care AG & Co. KGaA

     132        8,777  

Fuchs Petrolub SE

     70        2,578  

Fuchs Petrolub SE, Preference Shares

     146        7,002  

Hannover Rueck SE

     58        10,605  

HelloFresh SE(b)

     98        7,939  

Henkel AG & Co. KGaA

     39        3,254  

Henkel AG & Co. KGaA, Preference Shares

     68        6,089  

KION Group AG

     96        10,487  

Knorr-Bremse AG

     85        8,965  

LEG Immobilien SE

     65        9,677  

Merck KGaA

     43        10,161  

METRO AG

     774        9,790  

Nemetschek SE

     107        12,284  

Puma SE

     87        10,803  

Rational AG

     9        8,953  

RWE AG

     258        9,933  

SAP SE

     68        9,862  

Sartorius AG

     1        614  

Sartorius AG, Preference Shares

     14        9,079  

Scout24 SE(c)

     120        8,360  

Siemens AG

     65        10,552  

Siemens Healthineers AG(c)

     145        9,642  

Symrise AG

     72        9,961  

TeamViewer AG(b)(c)

     302        4,508  

Telefonica Deutschland Holding AG

     3,596        9,376  

United Internet AG

     235        8,670  

Varta AG(a)

     68        10,466  

Vonovia SE

     154        9,349  

Zalando SE(b)(c)

     92        8,686  
     

 

 

 
            373,695  
     

 

 

 

Hong Kong-2.83%

     

CLP Holdings Ltd.

     1,093        10,700  

Dairy Farm International Holdings Ltd.

     2,839        10,135  

Haitong International Securities Group Ltd.

     34,742        7,994  

Hang Lung Properties Ltd.

     4,000        9,287  

Hang Seng Bank Ltd.

     535        10,179  

Hong Kong & China Gas Co. Ltd. (The)

     6,143        9,555  

Hong Kong Exchanges & Clearing Ltd.

     159        9,623  

Huabao International Holdings Ltd.

     5,000        9,397  

 

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

   
   

 

  17   

   
 


 

Invesco FTSE International Low Beta Equal Weight ETF (IDLB)—(continued)

October 31, 2021

 

           Shares          Value  

Hong Kong-(continued)

     

Hutchison Telecommunications Hong Kong Holdings Ltd.

     66,178      $ 10,549  

Jardine Matheson Holdings Ltd.

     200        11,586  

Kerry Properties Ltd.

     2,886        8,143  

Link REIT

     1,100        9,757  

Power Assets Holdings Ltd.

     1,804        11,004  

Shun Tak Holdings Ltd.(b)

     34,000        9,310  

Sino Land Co. Ltd.(a)

     6,997        9,193  

Sun Hung Kai Properties Ltd.

     660        8,781  

Swire Properties Ltd.

     3,600        9,649  

Techtronic Industries Co. Ltd.

     481        9,900  

United Energy Group Ltd.

     66,609        5,908  

Vinda International Holdings Ltd.

     3,338        9,204  

Vitasoy International Holdings Ltd.(a)

     3,986        9,592  

VTech Holdings Ltd.(a)

     1,093        8,409  

WH Group Ltd.

     11,803        8,284  
     

 

 

 
            216,139  
     

 

 

 

Ireland-0.50%

     

CRH PLC

     201        9,660  

Glanbia PLC

     581        9,500  

Kerry Group PLC, Class A

     70        9,405  

Smurfit Kappa Group PLC

     177        9,305  
     

 

 

 
        37,870  
     

 

 

 

Israel-2.18%

     

Bank Leumi Le-Israel BM

     1,240        11,851  

Bezeq The Israeli Telecommunication Corp. Ltd.(b)

     8,591        10,779  

Elbit Systems Ltd.

     70        11,043  

Electra Ltd.

     17        11,201  

Energix-Renewable Energies Ltd.

     2,502        11,770  

First International Bank of Israel Ltd.

     284        11,389  

Harel Insurance Investments & Financial Services Ltd.

     1,031        11,525  

Maytronics Ltd.

     440        10,406  

Nice Ltd.(b)

     35        9,870  

Nova Ltd.(b)

     103        10,930  

Sapiens International Corp. N.V.

     361        12,487  

Shapir Engineering and Industry Ltd.

     1,303        10,674  

Shufersal Ltd.

     1,247        10,334  

Strauss Group Ltd.

     358        10,539  

Tower Semiconductor Ltd.(b)

     354        11,516  
     

 

 

 
        166,314  
     

 

 

 

Italy-2.99%

     

A2A S.p.A.

     4,630        9,741  

Amplifon S.p.A.

     195        9,918  

Buzzi Unicem S.p.A.

     388        9,057  

Davide Campari-Milano N.V.

     724        10,289  

De Longhi S.p.A.

     223        8,723  

DiaSorin S.p.A.

     44        9,947  

Enel S.p.A.

     1,107        9,270  

Ferrari N.V.

     47        11,150  

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

     557        10,645  

Hera S.p.A.

     2,334        9,553  

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

     852        9,422  

Interpump Group S.p.A.

     145        10,697  

Italgas S.p.A.

     1,514        9,619  

Moncler S.p.A.

     157        11,286  

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

     481        8,363  

Pirelli & C S.p.A.(c)

     1,680        10,327  

           Shares          Value  

Italy-(continued)

     

Poste Italiane S.p.A.(c)

     749      $ 10,696  

PRADA S.p.A.

     1,700        10,665  

Recordati Industria Chimica e Farmaceutica S.p.A.

     155        9,708  

Reply S.p.A.

     50        9,704  

Snam S.p.A.

     1,713        9,708  

Terna Rete Elettrica Nazionale S.p.A.

     1,262        9,408  

UnipolSai Assicurazioni S.p.A.

     3,532        10,235  
     

 

 

 
            228,131  
     

 

 

 

Japan-32.86%

     

Acom Co. Ltd.(a)

     2,600        8,642  

Advance Residence Investment Corp.

     3        9,840  

Advantest Corp.

     123        10,064  

AEON REIT Investment Corp.

     8        10,805  

AGC, Inc.

     200        9,945  

Aica Kogyo Co. Ltd.

     282        8,619  

Ain Holdings, Inc.

     161        9,474  

Ajinomoto Co., Inc.

     318        9,499  

Alfresa Holdings Corp.

     593        8,321  

Amano Corp.

     450        11,086  

Anritsu Corp.

     553        9,142  

Ariake Japan Co. Ltd.

     169        10,968  

As One Corp.

     70        9,552  

Asahi Intecc Co. Ltd.

     359        9,442  

ASKUL Corp.

     630        8,542  

Astellas Pharma, Inc.

     636        10,693  

Azbil Corp.

     246        10,464  

Bandai Namco Holdings, Inc.

     148        11,275  

Benesse Holdings, Inc.

     431        9,828  

Bic Camera, Inc.

     1,100        9,464  

Bridgestone Corp.

     200        8,803  

Calbee, Inc.

     415        10,682  

Canon Marketing Japan, Inc.

     456        9,006  

Canon, Inc.

     405        9,086  

Capcom Co. Ltd.

     334        8,963  

Chubu Electric Power Co., Inc.

     815        8,427  

Chugoku Bank Ltd. (The)

     1,260        9,127  

Chugoku Electric Power Co., Inc. (The)(a)

     1,127        9,340  

COMSYS Holdings Corp.

     373        9,225  

Cosmos Pharmaceutical Corp.

     59        8,988  

CyberAgent, Inc.

     504        8,398  

Dai Nippon Printing Co. Ltd.

     447        11,016  

Daicel Corp.

     1,300        9,736  

Daifuku Co. Ltd.

     109        9,989  

Daio Paper Corp.

     500        8,766  

Daiwa House REIT Investment Corp.

     4        11,471  

Daiwa Securities Group, Inc.

     1,800        10,083  

DIC Corp.

     400        10,577  

Disco Corp.

     33        8,856  

Eisai Co. Ltd.

     125        8,800  

Elecom Co. Ltd.

     586        8,942  

Electric Power Development Co. Ltd.

     660        8,694  

ENEOS Holdings, Inc.

     2,600        10,480  

EXEO Group, Inc.

     388        8,942  

Ezaki Glico Co. Ltd.

     256        9,272  

FP Corp.

     255        8,644  

Fuji Oil Holdings, Inc.

     479        11,229  

FUJIFILM Holdings Corp.

     128        9,880  

Fujitsu General Ltd.

     379        9,293  

Fujitsu Ltd.

     57        9,810  

 

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

   
   

 

  18   

   
 


 

Invesco FTSE International Low Beta Equal Weight ETF (IDLB)—(continued)

October 31, 2021

 

         Shares        Value  

Japan-(continued)

     

Fukuyama Transporting Co. Ltd.

     253      $ 10,051  

Furukawa Electric Co. Ltd.

     500            10,906  

Fuyo General Lease Co. Ltd.

     155        10,046  

GLP J-REIT

     6        9,782  

GMO internet, Inc.

     372        10,228  

GMO Payment Gateway, Inc.

     77        9,751  

GOLDWIN, Inc.

     152        9,158  

GungHo Online Entertainment, Inc.(a)

     500        9,358  

H.U. Group Holdings, Inc.

     340        8,364  

Hachijuni Bank Ltd. (The)

     2,944        9,837  

Hamamatsu Photonics K.K.

     171        10,108  

Heiwa Corp.

     600        10,671  

Hirogin Holdings, Inc.

     1,800        9,898  

Hirose Electric Co. Ltd.

     68        11,325  

Hitachi Transport System Ltd.

     259        10,176  

Horiba Ltd.

     144        9,396  

House Foods Group, Inc.

     317        9,077  

Hoya Corp.

     64        9,387  

Hulic Co. Ltd.

     893        8,560  

Ibiden Co. Ltd.

     194        11,586  

Idemitsu Kosan Co. Ltd.

     400        10,927  

Industrial & Infrastructure Fund Investment Corp.

     5        9,143  

Information Services International-Dentsu Ltd.

     300        10,458  

Internet Initiative Japan, Inc.

     300        10,432  

Ito En Ltd.

     177        11,766  

Itochu Techno-Solutions Corp.

     325        10,232  

Itoham Yonekyu Holdings, Inc.

     1,533        9,317  

Iwatani Corp.

     200        11,752  

Iyo Bank Ltd. (The)

     1,954        9,545  

Izumi Co. Ltd.

     283        8,550  

Japan Aviation Electronics Industry Ltd.

     700        11,560  

Japan Exchange Group, Inc.

     473        11,173  

Japan Logistics Fund, Inc.

     3        8,959  

Japan Post Bank Co. Ltd.

     1,130        8,810  

Japan Post Holdings Co. Ltd.

     1,186        9,101  

Japan Real Estate Investment Corp.

     2        12,243  

Japan Tobacco, Inc.(a)

     486        9,528  

Jeol Ltd.

     153        11,540  

JustSystems Corp.

     182        9,353  

Kadokawa Corp.

     233        12,322  

Kagome Co. Ltd.

     426        10,797  

Kaken Pharmaceutical Co. Ltd.

     256        10,081  

Kamigumi Co. Ltd.

     441        8,845  

Kandenko Co. Ltd.

     1,160        8,973  

Kansai Electric Power Co., Inc. (The)

     1,018        9,356  

Kao Corp.

     155        8,742  

KDDI Corp.

     363        11,231  

Kewpie Corp.

     418        9,146  

Keyence Corp.

     17        10,214  

Kinden Corp.

     602        9,852  

Kirin Holdings Co. Ltd.

     600        10,424  

Kobayashi Pharmaceutical Co. Ltd.

     133        10,626  

Kobe Bussan Co. Ltd.(a)

     284        9,751  

Koei Tecmo Holdings Co. Ltd.

     227        10,511  

KOKUYO Co. Ltd.(a)

     577        8,744  

Kose Corp.

     100        11,568  

K’s Holdings Corp.

     900        9,266  

Kuraray Co. Ltd.(a)

     1,100        9,936  

Kusuri no Aoki Holdings Co. Ltd.

     134        8,896  

Kyocera Corp.

     170        9,922  
         Shares        Value  

Japan-(continued)

     

Kyudenko Corp.

     301      $ 9,530  

Kyushu Electric Power Co., Inc.

     1,300        9,155  

Kyushu Financial Group, Inc.

     2,620        8,800  

LaSalle Logiport REIT

     6        9,977  

Lawson, Inc.(a)

     222            10,728  

Lintec Corp.

     458        10,210  

Lion Corp.

     570        9,473  

M3, Inc.

     154        9,060  

Mani, Inc.

     481        8,184  

Maruichi Steel Tube Ltd.

     445        10,088  

Maruwa Unyu Kikan Co. Ltd.

     800        11,169  

Matsui Securities Co. Ltd.

     1,398        10,017  

Mebuki Financial Group, Inc.

     4,500        9,195  

Medipal Holdings Corp.

     517        9,318  

MEIJI Holdings Co. Ltd.

     161        10,152  

Menicon Co. Ltd.

     255        9,572  

MISUMI Group, Inc.

     233        9,727  

Mitsubishi Chemical Holdings Corp.

     1,200        9,921  

Mitsubishi Electric Corp.

     700        9,362  

Mitsubishi Materials Corp.

     500        9,673  

Mitsubishi Shokuhin Co. Ltd.

     382        9,799  

Mitsui Fudosan Logistics Park, Inc.

     2        10,629  

Miura Co. Ltd.

     199        7,618  

Mizuho Financial Group, Inc.

     700        9,239  

MonotaRO Co. Ltd.

     462        10,454  

Mori Hills REIT Investment Corp.

     7        9,479  

Morinaga & Co. Ltd.

     293        10,330  

Morinaga Milk Industry Co. Ltd.

     166        9,725  

Murata Manufacturing Co. Ltd.

     120        9,106  

Nagase & Co. Ltd.

     600        10,114  

Nankai Electric Railway Co. Ltd.

     463        9,156  

NEC Corp.

     188        9,596  

NEC Networks & System Integration Corp.

     534        8,566  

NET One Systems Co. Ltd.

     340        11,107  

Nexon Co. Ltd.

     501        8,484  

NH Foods Ltd.

     226        7,938  

Nichirei Corp.

     382        9,313  

Nidec Corp.

     81        8,929  

Nihon Kohden Corp.

     298        9,474  

Nihon M&A Center Holdings, Inc.

     378        11,553  

Nintendo Co. Ltd.

     22        9,686  

Nippo Corp.

     392        13,837  

Nippon Accommodations Fund, Inc.

     2        11,138  

Nippon Building Fund, Inc.

     2        12,980  

Nippon Kayaku Co. Ltd.

     900        9,464  

Nippon Prologis REIT, Inc.

     3        10,011  

Nippon Shinyaku Co. Ltd.

     128        10,227  

Nippon Telegraph & Telephone Corp.

     388        10,848  

Nippon Television Holdings, Inc.

     979        10,561  

Nipro Corp.

     900        9,124  

Nisshin Seifun Group, Inc.

     608        9,593  

Nissin Foods Holdings Co. Ltd.

     136        10,389  

Nitori Holdings Co. Ltd.(a)

     55        10,059  

Noevir Holdings Co. Ltd.

     199        9,703  

NOF Corp.

     198        9,915  

NOK Corp.

     800        9,219  

Nomura Holdings, Inc.

     2,108        10,168  

Nomura Real Estate Master Fund, Inc.

     7        10,479  

Nomura Research Institute Ltd.

     274        10,910  

NS Solutions Corp.

     336        11,256  

 

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

   
   

 

  19   

   
 


 

Invesco FTSE International Low Beta Equal Weight ETF (IDLB)—(continued)

October 31, 2021

 

         Shares        Value  

Japan-(continued)

     

OBIC Business Consultants Co. Ltd.

     213      $     10,480  

Obic Co. Ltd.

     61        11,229  

Oji Holdings Corp.

     1,890        9,348  

Ono Pharmaceutical Co. Ltd.

     421        8,808  

Oracle Corp.

     127        11,973  

Osaka Gas Co. Ltd.

     521        8,389  

Otsuka Corp.

     197        9,675  

Paltac Corp.

     244        10,785  

Pan Pacific International Holdings Corp.

     507        10,609  

Pigeon Corp.

     312        7,215  

Pola Orbis Holdings, Inc.

     500        10,656  

Rakus Co. Ltd.

     300        9,458  

Rengo Co. Ltd.(a)

     1,259        9,529  

RENOVA, Inc.(b)

     300        13,155  

Rohm Co. Ltd.

     100        9,103  

Rohto Pharmaceutical Co. Ltd.

     306        9,326  

Sankyo Co. Ltd.

     383        9,267  

Sansan, Inc.(b)

     100        11,533  

Santen Pharmaceutical Co. Ltd.

     692        9,716  

Secom Co. Ltd.

     121        8,212  

Sega Sammy Holdings, Inc.

     700        9,908  

Sekisui House Reit, Inc.

     12        9,072  

Seven & i Holdings Co. Ltd.

     261        10,946  

Seven Bank Ltd.

     4,400        9,300  

SG Holdings Co. Ltd.

     355        8,873  

Shimamura Co. Ltd.

     102        8,605  

Shimano, Inc.

     36        9,970  

Shinsei Bank Ltd.(a)

     748        12,366  

Ship Healthcare Holdings, Inc.

     417        10,924  

Shizuoka Bank Ltd. (The)(a)

     1,318        10,599  

SHO-BOND Holdings Co. Ltd.

     237        9,894  

Skylark Holdings Co. Ltd.(a)(b)

     700        9,472  

SMC Corp.

     17        10,129  

Softbank Corp.

     778        10,606  

SoftBank Group Corp.

     200        10,812  

Sohgo Security Services Co. Ltd.

     229        9,760  

Sojitz Corp.

     675        11,100  

Sompo Holdings, Inc.

     267        11,586  

Sony Group Corp.

     97        11,178  

Square Enix Holdings Co. Ltd.

     200        10,927  

Sugi Holdings Co. Ltd.

     142        10,162  

Sumitomo Electric Industries Ltd.

     800        10,570  

Sundrug Co. Ltd.

     273        7,985  

Suntory Beverage & Food Ltd.

     256        9,912  

Suzuken Co. Ltd.

     375        10,392  

Sysmex Corp.

     95        11,722  

Taisho Pharmaceutical Holdings Co. Ltd.

     166        8,881  

Taiyo Yuden Co. Ltd.

     200        10,086  

Takara Bio, Inc.

     379        9,845  

TDK Corp.

     300        10,866  

Terumo Corp.

     275        12,102  

TIS, Inc.

     385        10,450  

Toda Corp.

     1,415        8,898  

Toho Gas Co. Ltd.

     231        6,827  

Tohoku Electric Power Co., Inc.

     1,301        8,432  

Tokai Carbon Co. Ltd.

     700        9,135  

Tokio Marine Holdings, Inc.

     217        11,415  

Tokuyama Corp.

     500        8,546  

Tokyo Electric Power Co. Holdings, Inc.(b)

     3,900        10,774  

Tokyo Electron Ltd.

     25        11,587  

         Shares        Value  

Japan-(continued)

     

Tokyo Gas Co. Ltd.

     545      $ 9,459  

Tokyo Ohka Kogyo Co. Ltd.

     170        10,749  

Toshiba Corp.

     245        10,550  

Toshiba TEC Corp.

     247        9,683  

Tosoh Corp.

     500        8,415  

Toyo Suisan Kaisha Ltd.

     233        10,033  

Toyota Boshoku Corp.

     500        9,568  

Toyota Motor Corp.

     598        10,523  

Trend Micro, Inc.(a)

     211        11,899  

Tsumura & Co.

     304        9,438  

Tsuruha Holdings, Inc.

     80        9,858  

Ube Industries Ltd.

     500        9,296  

Unicharm Corp.

     260        10,471  

Welcia Holdings Co. Ltd.

     332        12,389  

Yakult Honsha Co. Ltd.

     207        10,420  

Yamaguchi Financial Group, Inc.

     1,683        9,387  

Yamato Holdings Co. Ltd.

     407        9,984  

Yamazaki Baking Co. Ltd.

     601        9,118  

Yaoko Co. Ltd.

     165        9,797  

Z Holdings Corp.

     1,600        9,907  

Zensho Holdings Co. Ltd.(a)

     400        9,219  

Zeon Corp.

     800        9,472  

ZOZO, Inc.

     281        8,983  
     

 

 

 
        2,506,632  
     

 

 

 

Jordan-0.12%

     

Hikma Pharmaceuticals PLC

     290        9,568  
     

 

 

 

Luxembourg-0.37%

     

Eurofins Scientific SE

     74        8,730  

L’Occitane International S.A.

     2,900        10,345  

RTL Group S.A.

     164        9,467  
     

 

 

 
        28,542  
     

 

 

 

Mexico-0.14%

     

Fresnillo PLC

     880        10,412  
     

 

 

 

Netherlands-1.80%

     

Adyen N.V.(b)(c)

     3        9,063  

ASML Holding N.V.

     12        9,728  

Euronext N.V.(c)

     90        10,144  

GrandVision N.V.(b)(c)

     305        10,024  

Heineken Holding N.V.

     109        10,116  

Heineken N.V.

     92        10,202  

IMCD N.V.

     51        11,335  

Koninklijke Ahold Delhaize N.V.

     304        9,896  

Koninklijke DSM N.V.

     49        10,720  

Koninklijke KPN N.V.

     3,182        9,519  

Koninklijke Philips N.V.

     220        10,368  

Koninklijke Vopak N.V.

     238        9,475  

Universal Music Group N.V.(a)

     266        7,731  

Wolters Kluwer N.V.

     89        9,336  
     

 

 

 
        137,657  
     

 

 

 

New Zealand-0.80%

     

a2 Milk Co. Ltd. (The)(a)(b)

     2,438        11,463  

Contact Energy Ltd.

     1,770        10,362  

Fisher & Paykel Healthcare Corp. Ltd.

     441        9,850  

Mainfreight Ltd.

     147        9,458  

Spark New Zealand Ltd.

     2,961        9,673  

Xero Ltd.(b)

     92        10,331  
     

 

 

 
        61,137  
     

 

 

 

 

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

   
   

 

  20   

   
 


 

Invesco FTSE International Low Beta Equal Weight ETF (IDLB)—(continued)

October 31, 2021

 

         Shares        Value  

Norway-0.83%

     

Gjensidige Forsikring ASA

     438      $ 10,878  

Orkla ASA

     1,143        11,101  

Salmar ASA

     152        11,554  

Schibsted ASA, Class A

     91        4,687  

Schibsted ASA, Class B

     114        5,140  

Telenor ASA

     581        9,159  

TOMRA Systems ASA

     170        10,956  
     

 

 

 
        63,475  
     

 

 

 

Poland-0.76%

     

CD Projekt S.A.(a)

     229        9,988  

Cyfrowy Polsat S.A.

     1,084        9,701  

Dino Polska S.A.(b)(c)

     120        10,728  

KGHM Polska Miedz S.A.

     223        8,581  

Polskie Gornictwo Naftowe i Gazownictwo S.A.

     6,257        9,442  

Powszechny Zaklad Ubezpieczen S.A.

     957        9,578  
     

 

 

 
        58,018  
     

 

 

 

Portugal-0.14%

     

Jeronimo Martins SGPS S.A.

     478        10,842  
     

 

 

 

Russia-0.12%

     

Polymetal International PLC

     514        9,547  
     

 

 

 

Singapore-2.75%

     

Ascendas REIT

     4,523        10,364  

CapitaLand Integrated Commercial Trust

     6,660        10,618  

Jardine Cycle & Carriage Ltd.

     745        12,431  

Kenon Holdings Ltd.

     259        10,370  

Keppel Corp. Ltd.

     2,600        10,373  

Keppel DC REIT

     5,522        9,787  

Keppel REIT

     12,845        10,764  

Mapletree Commercial Trust

     6,687        10,810  

Mapletree Industrial Trust

     4,757        9,701  

Mapletree Logistics Trust

     6,750        10,111  

NetLink NBN Trust(c)

     14,178        10,724  

Olam International Ltd.

     8,396        10,585  

Singapore Exchange Ltd.

     1,341        9,626  

Singapore Post Ltd.

     21,006        10,203  

Singapore Technologies Engineering Ltd.

     3,600        10,225  

Singapore Telecommunications Ltd.

     5,900        10,938  

StarHub Ltd.

     11,292        10,383  

UOL Group Ltd.

     1,974        10,584  

Venture Corp. Ltd.

     760        10,601  

Wing Tai Holdings Ltd.

     7,495        10,783  
     

 

 

 
        209,981  
     

 

 

 

South Korea-10.71%

     

Amorepacific Corp.

     52        8,077  

Amorepacific Corp., Preference Shares

     147        9,057  

Amorepacific Group

     205        8,701  

BGF retail Co. Ltd.

     66        9,122  

BNK Financial Group, Inc.

     1,504        11,326  

Celltrion Healthcare Co. Ltd.(b)

     97        6,715  

Celltrion Pharm, Inc.(b)

     70        6,787  

Celltrion, Inc.(b)

     41        7,035  

Cheil Worldwide, Inc.

     509        10,389  

CJ CheilJedang Corp.

     27        8,780  

CJ CheilJedang Corp., Preference Shares

     58        9,629  

CJ ENM Co. Ltd.

     77        11,624  

CJ Logistics Corp.(b)

     70        8,506  

Coway Co. Ltd.

     154        10,464  
         Shares        Value  

South Korea-(continued)

     

DB Insurance Co. Ltd.

     202      $     10,234  

DGB Financial Group, Inc.

     1,281        11,346  

DL Holdings Co. Ltd.

     163        9,164  

Dongsuh Cos., Inc.

     409        12,110  

E-MART, Inc.

     66        9,489  

Fila Holdings Corp.

     265        8,413  

Green Cross Corp.

     31        7,282  

GS Holdings Corp.

     281        10,160  

GS Retail Co. Ltd.

     346        9,534  

Hana Financial Group, Inc.

     263        10,128  

Hanmi Pharm Co. Ltd.

     38        8,585  

Hanwha Aerospace Co. Ltd.

     235        9,050  

Hanwha Corp., Preference Shares

     741        10,400  

Hanwha Solutions Corp.(b)

     299        10,452  

Hite Jinro Co. Ltd.

     349        10,393  

HMM Co. Ltd.(b)

     282        6,431  

Hyundai Department Store Co. Ltd.

     146        10,345  

Hyundai Doosan Infracore Co. Ltd.(b)

     964        8,662  

Hyundai Glovis Co. Ltd.

     62        8,887  

Hyundai Marine & Fire Insurance Co. Ltd.

     460        10,333  

Hyundai Mobis Co. Ltd.

     43        9,273  

Industrial Bank of Korea

     1,134        10,723  

Kakao Corp.

     77        8,270  

KB Financial Group, Inc.

     223        10,801  

KCC Corp.

     31        8,834  

KEPCO Plant Service & Engineering Co. Ltd.

     309        11,066  

Korea Aerospace Industries Ltd.

     365        9,542  

Korea Electric Power Corp.

     493        9,535  

Korea Gas Corp.(b)

     327        12,397  

Korea Investment Holdings Co. Ltd.

     125        9,306  

Korea Zinc Co. Ltd.

     23        10,570  

Korean Air Lines Co. Ltd.(b)

     381        9,928  

KT&G Corp.

     145        10,063  

Kumho Petrochemical Co. Ltd.

     62        9,126  

LG Household & Health Care Ltd.

     7        7,015  

LG Household & Health Care Ltd., Preference Shares

     2        1,025  

LG Innotek Co. Ltd.

     54        9,681  

LG Uplus Corp.

     820        10,070  

LOTTE Chemical Corp.

     48        9,222  

LOTTE Fine Chemical Co. Ltd.

     168        12,235  

Medy-Tox, Inc.(b)

     63        8,065  

Mirae Asset Securities Co. Ltd.

     1,083        8,045  

Mirae Asset Securities Co. Ltd., Second Pfd

     450        1,862  

NAVER Corp.

     27        9,404  

NCSoft Corp.

     19        10,195  

Netmarble Corp.(c)

     93        9,829  

NH Investment & Securities Co. Ltd.

     891        10,027  

NHN Corp.(b)

     167        11,433  

NongShim Co. Ltd.

     39        9,462  

Orion Corp.

     93        9,391  

Ottogi Corp.

     22        9,056  

Pearl Abyss Corp.(b)

     132        11,737  

POSCO

     35        8,866  

Posco International Corp.

     523        9,712  

S-1 Corp.

     145        10,336  

Samsung Biologics Co. Ltd.(b)(c)

     12        8,944  

Samsung C&T Corp.

     89        8,683  

Samsung Card Co. Ltd.

     343        10,053  

Samsung Engineering Co. Ltd.(b)

     499        10,590  

 

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

   
   

 

  21   

   
 


 

Invesco FTSE International Low Beta Equal Weight ETF (IDLB)—(continued)

October 31, 2021

 

         Shares        Value  

South Korea-(continued)

     

Samsung Fire & Marine Insurance Co. Ltd.

     49      $ 9,686  

Samsung Fire & Marine Insurance Co. Ltd.,

     

Preference Shares

     4        604  

Samsung SDS Co. Ltd.

     69        9,034  

Samsung Securities Co. Ltd.

     239        9,684  

Seegene, Inc.

     177        8,058  

Shin Poong Pharmaceutical Co. Ltd.

     165        7,314  

Shinhan Financial Group Co. Ltd.

     302        9,885  

Shinsegae, Inc.

     44        9,338  

SK Chemicals Co. Ltd.

     66        10,167  

SK Networks Co. Ltd.

     2,135        9,300  

SK Telecom Co. Ltd.(b)(d)

     38        9,874  

S-Oil Corp.

     128        11,228  

SSANGYONG C&E Co. Ltd.

     1,418        9,526  

Woori Financial Group, Inc.

     1,049        11,895  

Yuhan Corp.

     182        9,329  
     

 

 

 
            816,904  
     

 

 

 

Spain-1.19%

     

Acciona S.A.

     62        11,896  

Enagas S.A.

     443        9,948  

Endesa S.A.

     415        9,579  

Fluidra S.A.

     242        9,256  

Grifols S.A.

     413        9,461  

Iberdrola S.A.

     816        9,646  

Industria de Diseno Textil S.A.(a)

     290        10,484  

Mapfre S.A.

     4,687        9,929  

Red Electrica Corp. S.A.

     497        10,358  
     

 

 

 
        90,557  
     

 

 

 

Sweden-2.61%

     

Atlas Copco AB, Class A(a)

     99        6,361  

Atlas Copco AB, Class B(a)

     59        3,191  

Epiroc AB, Class A(a)

     304        7,564  

Epiroc AB, Class B

     184        3,910  

Essity AB, Class B

     319        10,318  

Evolution AB(c)

     60        9,705  

Getinge AB, Class B

     247        11,052  

Holmen AB, Class B

     202        8,956  

ICA Gruppen AB

     208        10,753  

Industrivarden AB, Class A

     289        9,530  

Investor AB, Class A

     96        2,219  

Investor AB, Class B

     328        7,558  

L E Lundbergforetagen AB, Class B

     158        9,099  

Nibe Industrier AB, Class B

     726        10,807  

Sagax AB, Class D

     2,524        9,625  

Sinch AB(b)(c)

     441        8,362  

Svenska Cellulosa AB S.C.A., Class A

     20        315  

Svenska Cellulosa AB S.C.A., Class B

     555        8,653  

Svenska Handelsbanken AB, Class B

     832        10,511  

Sweco AB, Class B

     576        9,168  

Swedish Match AB

     1,106        9,733  

Swedish Orphan Biovitrum AB, Class B(b)

     459        12,452  

Tele2 AB, Class B

     681        9,606  

Telefonaktiebolaget LM Ericsson, Class A

     10        110  

Telefonaktiebolaget LM Ericsson, Class B

     845        9,248  
     

 

 

 
        198,806  
     

 

 

 

Switzerland-2.84%

     

Alcon, Inc.

     123        10,185  

Banque Cantonale Vaudoise

     120        9,679  
         Shares        Value  

Switzerland-(continued)

     

Barry Callebaut AG

     4      $ 9,272  

BKW AG

     88        11,672  

Chocoladefabriken Lindt & Spruengli AG, PC

     1        11,808  

EMS-Chemie Holding AG

     9        8,938  

Givaudan S.A.

     2        9,431  

Logitech International S.A., Class R(a)

     98        8,175  

Lonza Group AG

     12        9,857  

Nestle S.A.

     81        10,710  

PSP Swiss Property AG

     76        9,515  

Roche Holding AG

     24        9,299  

Roche Holding AG, BR

     1        430  

Schindler Holding AG

     10        2,570  

Schindler Holding AG, PC

     22        5,735  

SGS S.A.

     3        8,891  

SIG Combibloc Group AG(b)

     337        8,822  

Sika AG

     28        9,499  

STMicroelectronics N.V.

     228        10,796  

Straumann Holding AG, Class R

     5        10,408  

Swatch Group AG (The)

     182        9,688  

Swisscom AG

     17        9,273  

Tecan Group AG, Class R

     17        10,419  

VAT Group AG(c)

     24        11,483  
     

 

 

 
            216,555  
     

 

 

 

Taiwan-0.13%

     

FIT Hon Teng Ltd.(a)(b)(c)

     49,000        9,826  
     

 

 

 

United Kingdom-5.37%

     

Admiral Group PLC

     209        8,222  

AstraZeneca PLC

     91        11,344  

Auto Trader Group PLC(c)

     1,156        9,596  

AVEVA Group PLC

     178        8,681  

B&M European Value Retail S.A.

     1,398        12,134  

British American Tobacco PLC

     275        9,599  

Bunzl PLC

     280        10,371  

ConvaTec Group PLC(c)

     3,234        9,478  

Croda International PLC

     81        10,501  

DCC PLC

     124        10,379  

Dechra Pharmaceuticals PLC

     142        9,966  

Derwent London PLC

     196        9,086  

Diageo PLC

     217        10,803  

Direct Line Insurance Group PLC

     2,394        9,595  

Experian PLC

     238        10,919  

GlaxoSmithKline PLC

     505        10,443  

Halma PLC

     244        9,907  

Hargreaves Lansdown PLC(a)

     490        10,324  

HomeServe PLC

     806        9,446  

Howden Joinery Group PLC

     776        9,784  

HSBC Holdings PLC

     1,995        12,073  

Imperial Brands PLC

     505        10,674  

Intertek Group PLC

     139        9,327  

Kingfisher PLC

     2,093        9,611  

London Stock Exchange Group PLC

     96        9,343  

National Grid PLC

     785        10,065  

Pearson PLC

     966        7,977  

Pennon Group PLC

     589        9,414  

RELX PLC

     354        10,986  

Renishaw PLC

     136        9,368  

Rentokil Initial PLC

     1,272        10,259  

Rightmove PLC

     1,031        9,771  

Sage Group PLC (The)

     995        9,695  

 

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

   
   

 

  22   

   
 


 

Invesco FTSE International Low Beta Equal Weight ETF (IDLB)—(continued)

October 31, 2021

 

         Shares        Value  

United Kingdom-(continued)

     

Segro PLC

     572      $ 10,134  

Severn Trent PLC

     264        9,908  

Spirax-Sarco Engineering PLC

     46        9,840  

SSE PLC

     450        10,138  

Tate & Lyle PLC

     1,040        9,241  

Tesco PLC

     3,014        11,151  

Unilever PLC

     184        9,867  

United Utilities Group PLC

     698        9,936  
     

 

 

 
        409,356