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Invesco Semi-Annual Report to Shareholders

 

April 30, 2022

 

  CQQQ   Invesco China Technology ETF
  PIZ   Invesco DWA Developed Markets Momentum ETF
  PIE   Invesco DWA Emerging Markets Momentum ETF
  PXF   Invesco FTSE RAFI Developed Markets ex-U.S. ETF
  PDN   Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF
  PXH   Invesco FTSE RAFI Emerging Markets ETF
  PBD   Invesco Global Clean Energy ETF
  PIO   Invesco Global Water ETF
  IPKW   Invesco International BuyBack AchieversTM ETF
  CUT   Invesco MSCI Global Timber ETF
  GBLD   Invesco MSCI Green Building ETF
  CGW   Invesco S&P Global Water Index ETF
  IDHQ   Invesco S&P International Developed Quality ETF

 

 

Table of Contents

 

Liquidity Risk Management Program      3  
Schedules of Investments   

Invesco China Technology ETF (CQQQ)

      4  

Invesco DWA Developed Markets Momentum ETF (PIZ)

      8  

Invesco DWA Emerging Markets Momentum ETF (PIE)

      11  

Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)

      14  

Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)

      25  

Invesco FTSE RAFI Emerging Markets ETF (PXH)

      41  

Invesco Global Clean Energy ETF (PBD)

      47  

Invesco Global Water ETF (PIO)

      50  

Invesco International BuyBack AchieversTM ETF (IPKW)

      52  

Invesco MSCI Global Timber ETF (CUT)

      54  

Invesco MSCI Green Building ETF (GBLD)

      57  

Invesco S&P Global Water Index ETF (CGW)

      60  

Invesco S&P International Developed Quality ETF (IDHQ)

      62  
Statements of Assets and Liabilities      66  
Statements of Operations      70  
Statements of Changes in Net Assets      72  
Financial Highlights      77  
Notes to Financial Statements      90  
Fund Expenses      105  
Approval of Investment Advisory and Sub-Advisory Contracts      107  

 

 

 

 

   2  

 

 

 

 

Liquidity Risk Management Program

 

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), the Funds have adopted and implemented a liquidity risk management program (the “Program”). The Program is reasonably designed to assess and manage the Funds’ liquidity risk, which is the risk that the Funds could not meet redemption requests without significant dilution of remaining investors’ interests in the Funds. The Board of Trustees of the Funds (the “Board”) has appointed Invesco Capital Management LLC (“Invesco”), the Funds’ investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco and its affiliates.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Funds’ liquidity risk that takes into account, as relevant to the Funds’ liquidity risk: (1) each Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Funds during both normal and reasonably foreseeable stressed conditions; (3) each Fund’s holdings of cash and cash equivalents and any borrowing arrangements; (4) the relationship between the Funds’ portfolio liquidity and the way in which, and the prices and spreads at which, Fund shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants; and (5) the effect of the composition of baskets on the overall liquidity of each Fund’s portfolio. The Liquidity Rule also requires the classification of each Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. Each Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid,” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, a Fund may not acquire an investment if, immediately after the acquisition, over 15% of such Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of such Fund’s assets.

At a meeting held on March 15, 2022, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2021 through December 31, 2021 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the coronavirus pandemic on the Funds and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

The Report stated, in relevant part, that during the Program Reporting Period:

 

  ●  

The Program, as adopted and implemented, remained reasonably designed to assess and manage the Funds’ liquidity risk and was operated effectively to achieve that goal;

 

  ●  

Each Fund’s investment strategy remained appropriate for an open-end fund;

 

  ●  

Each Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

 

  ●  

The Funds did not breach the 15% limit on Illiquid Investments; and

 

  ●  

The Funds primarily held Highly Liquid Investments and therefore have not adopted an HLIM.

 

 

 

 

   3  

 

 

 

 

Invesco China Technology ETF (CQQQ)

April 30, 2022

(Unaudited)

Schedule of Investments(a)

 

      Shares        Value  
Common Stocks & Other Equity Interests-99.81%

 

Capital Markets-0.36%     

Hithink RoyalFlush Information Network Co. Ltd., A Shares (China)

     282,200      $ 3,485,739  
    

 

 

  
Diversified Financial Services-0.00%

 

Zhengqi Holdings Co. Ltd., Rts., TBA (China)(b)(c)

     122,862        0  
    

 

 

  
Electrical Equipment-1.24%     

East Group Co. Ltd., A Shares (China)

     1,084,400        1,045,420  

Hongfa Technology Co. Ltd., A Shares (China)

     390,964        2,832,766  

Qingdao TGOOD Electric Co. Ltd., A Shares (China)

     546,318        1,136,955  

Sieyuan Electric Co. Ltd., A Shares (China)

     400,620        1,815,144  

Suzhou Anjie Technology Co. Ltd., A Shares (China)

     360,800        706,491  

Suzhou Maxwell Technologies Co. Ltd., A Shares (China)

     90,833        4,555,689  
    

 

 

  
            12,092,465  
    

 

 

  
Electronic Equipment, Instruments & Components-12.27%

 

Avary Holding Shenzhen Co. Ltd., A Shares (China)

     433,356        1,928,448  

Beijing Yuanliu Hongyuan Electronic Technology Co. Ltd., A Shares (China)

     108,486        1,924,409  

BOE Technology Group Co. Ltd., A Shares (China)

     19,742,874        11,317,870  

BOE Technology Group Co. Ltd., B Shares (China)

     6,938,379        3,286,555  

Chaozhou Three-Circle Group Co. Ltd., A Shares (China)

     1,006,090        4,350,247  

China Zhenhua Group Science & Technology Co. Ltd., A Shares (China)

     270,259        4,305,660  

Guangzhou Shiyuan Electronic Technology Co. Ltd., A Shares (China)

     124,860        1,447,616  

Hengdian Group DMEGC Magnetics Co. Ltd., A Shares (China)

     854,000        1,968,694  

Leyard Optoelectronic Co. Ltd., A Shares (China)

     1,335,000        1,197,203  

Lingyi iTech Guangdong Co., A Shares (China)(b)

     3,705,300        2,392,425  

Maxscend Microelectronics Co. Ltd., A Shares (China)

     156,329        4,360,877  

OFILM Group Co. Ltd., A Shares (China)(b)

    1,712,573        1,440,360  

Raytron Technology Co. Ltd., A Shares (China)

     233,616        1,262,630  

Shanghai Friendess Electronic Technology Corp. Ltd., A Shares (China)

     48,073        1,791,697  

Shengyi Technology Co. Ltd., A Shares (China)

     1,202,919        3,028,723  

Shennan Circuits Co. Ltd., A Shares (China)

     92,764        1,327,831  

Shenzhen Everwin Precision Technology Co. Ltd., A Shares (China)

     630,480        733,388  

Shenzhen Huaqiang Industry Co. Ltd., A Shares (China)

     509,875        864,031  

Shenzhen Kaifa Technology Co. Ltd., A Shares (China)

     819,317        1,203,517  
      Shares        Value  
Electronic Equipment, Instruments & Components-(continued)

 

Shenzhen Kinwong Electronic Co. Ltd., A Shares (China)

     188,220      $ 584,298  

Sunny Optical Technology Group Co. Ltd. (China)

     3,766,151        55,107,524  

Tianma Microelectronics Co. Ltd., A Shares (China)

     1,211,627        1,669,722  

Unisplendour Corp. Ltd., A Shares (China) .

     697,158        1,782,122  

Universal Scientific Industrial Shanghai Co. Ltd., A Shares (China)

     437,500        795,407  

Westone Information Industry, Inc., A Shares (China)

     444,300        2,124,012  

Wuhan Guide Infrared Co. Ltd., A Shares (China)

     1,231,850        2,867,544  

WUS Printed Circuit Kunshan Co. Ltd., A Shares (China)

     995,810        1,944,327  

Zhejiang Crystal-Optech Co. Ltd., A Shares (China)

     730,070        1,034,370  

Zhuzhou Hongda Electronics Corp. Ltd., A Shares (China)

     209,300        1,594,004  
    

 

 

  
            119,635,511  
    

 

 

  
Entertainment-6.68%     

Bilibili, Inc., Z Shares (China)(b)(d)

     1,880,320        46,069,181  

Hangzhou Shunwang Technology Co. Ltd., A Shares (China)

     364,500        548,271  

Tencent Music Entertainment Group, ADR (China)(b)

     4,359,256        18,526,838  
    

 

 

  
       65,144,290  
    

 

 

  
Health Care Technology-0.14%     

Winning Health Technology Group Co. Ltd., A Shares (China)

     1,122,829        1,344,011  
    

 

 

  
Household Durables-0.48%     

TCL Technology Group Corp., A Shares (China)

     7,365,900        4,642,356  
    

 

 

  
Interactive Media & Services-31.55%

 

Autohome, Inc., ADR (China)

     456,568        13,272,432  

Baidu, Inc., A Shares (China)(b)(d)

     5,162,700        81,053,258  

Hello Group, Inc., ADR (China)(d)

     1,118,804        5,952,037  

JOYY, Inc., ADR (China)(d)

     396,334        15,682,936  

Kuaishou Technology (China)(b)(e)

     8,590,375        70,588,436  

Tencent Holdings Ltd. (China)

     2,307,383        108,240,402  

Weibo Corp., ADR (China)(b)(d)

     519,078        12,011,465  

Zhihu, Inc., ADR (China)(b)(d)

     412,484        639,350  
    

 

 

  
       307,440,316  
    

 

 

  
Internet & Direct Marketing Retail-13.23%

 

China Ruyi Holdings Ltd.
(China)(b)(d)

     17,386,707        4,200,183  

Dada Nexus Ltd., ADR
(China)(b)(d)

     475,950        3,631,499  

Meituan, B Shares
(China)(b)(e)

     5,641,152        121,094,729  
    

 

 

  
       128,926,411  
    

 

 

  
IT Services-4.82%     

Beijing Sinnet Technology Co. Ltd., A Shares (China)

     943,700        1,375,895  

Beijing Ultrapower Software Co. Ltd., A Shares (China)(b)

     1,029,500        582,825  

China TransInfo Technology Co. Ltd., A Shares (China)

     533,671        688,508  

 

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

 

 

 

 

   4  

 

 

 

 

Invesco China Technology ETF (CQQQ)–(continued)

April 30, 2022

(Unaudited)

 

      Shares        Value  
IT Services-(continued)     

DHC Software Co. Ltd., A Shares (China)

     1,682,800      $ 1,468,713  

Digital China Information Service Co. Ltd., A Shares (China)

     311,000        492,900  

GDS Holdings Ltd., A Shares (China)(b)(d)

     6,900,400        27,463,310  

Kingsoft Cloud Holdings Ltd., ADR (China)(b)(d)

     750,098        2,715,355  

Taiji Computer Corp. Ltd., A Shares (China)

     304,273        787,093  

TravelSky Technology Ltd., H Shares (China)

     6,993,892        10,471,008  

Wangsu Science & Technology Co. Ltd., A Shares (China)

     1,287,745        929,096  
    

 

 

  
       46,974,703  
    

 

 

  
Machinery-0.41%     

Han’s Laser Technology Industry Group Co. Ltd., A Shares (China)

     400,100        1,673,974  

Wuxi Shangji Automation Co. Ltd., A Shares (China)

     129,600        2,376,124  
    

 

 

  
       4,050,098  
    

 

 

  
Media-2.06%     

China Literature Ltd. (China)(b)(d)(e)

     2,993,853        12,614,232  

Focus Media Information Technology Co. Ltd., A Shares (China)

     7,581,819        6,647,446  

People.cn Co. Ltd., A Shares (China)

     580,500        805,500  
    

 

 

  
       20,067,178  
    

 

 

  
Semiconductors & Semiconductor Equipment-14.72%

 

Advanced Micro-Fabrication Equipment, Inc., A Shares (China)(b)

     322,910        5,080,577  

All Winner Technology Co. Ltd., A Shares (China)

     282,953        770,001  

Amlogic Shanghai Co. Ltd., A Shares (China)(b)

     215,639        3,521,768  

China Resources Microelectronics Ltd., A Shares (China)

     506,943        3,694,235  

Gigadevice Semiconductor Beijing, Inc., A Shares (China)

     348,664        6,490,332  

Goke Microelectronics Co. Ltd., A Shares (China)

     95,600        905,003  

Hangzhou Chang Chuan Technology Co. Ltd., A Shares (China)

     317,302        1,503,434  

Hangzhou Lion Electronics Co. Ltd., A Shares (China)

     128,612        1,001,019  

Hangzhou Silan Microelectronics Co. Ltd., A Shares (China)

     743,400        4,663,237  

Hua Hong Semiconductor Ltd.
(China)(b)(d)(e)

     3,676,109        14,292,025  

Ingenic Semiconductor Co. Ltd., A Shares (China)

     204,100        2,270,635  

JCET Group Co. Ltd., A Shares (China)

     934,200        3,033,309  

LONGi Green Energy Technology Co. Ltd., A Shares (China)

     2,841,704        28,758,702  

Montage Technology Co. Ltd., A Shares (China)

     593,768        5,181,684  

National Silicon Industry Group Co. Ltd., A Shares (China)(b)

     895,508        2,795,580  

NAURA Technology Group Co. Ltd., A Shares (China)

     275,957        9,834,734  
    Shares      Value  
Semiconductors & Semiconductor Equipment-(continued)

 

Rockchip Electronics Co. Ltd., A Shares (China)

     79,608      $ 820,180  

SG Micro Corp., A Shares (China)

     123,175        5,148,186  

Shenzhen Goodix Technology Co. Ltd., A Shares (China)

     94,400        804,783  

Shenzhen SC New Energy Technology Corp., A Shares (China)

     163,018        1,448,206  

StarPower Semiconductor Ltd., A Shares (China)

     80,000        4,114,413  

Tianjin Zhonghuan Semiconductor Co. Ltd., A Shares (China)

     1,696,625        9,915,894  

Tianshui Huatian Technology Co. Ltd., A Shares (China)

     1,682,300        2,164,765  

TongFu Microelectronics Co. Ltd., A Shares (China)

     697,700        1,387,057  

Unigroup Guoxin Microelectronics Co. Ltd., A Shares (China)

     318,600        8,798,873  

Will Semiconductor Co. Ltd., A Shares (China)

     318,559        7,147,056  

Yangzhou Yangjie Electronic Technology Co. Ltd., A Shares (China)

     269,045        2,774,219  

Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., A Shares (China)

     675,000        5,112,572  
    

 

 

  
       143,432,479  
    

 

 

  
Software-10.12%

 

Beijing E-Hualu Information Technology Co. Ltd., A Shares (China)

     349,600        771,139  

Beijing Kingsoft Office Software, Inc., A Shares (China)

     241,976        6,883,603  

Beijing Orient National Communication Science & Technology Co. Ltd., A Shares (China)(b)

     607,800        752,100  

Beijing Shiji Information Technology Co. Ltd., A Shares (China)

     787,252        2,124,879  

Hundsun Technologies, Inc., A Shares (China)

     767,335        4,395,678  

Iflytek Co. Ltd., A Shares (China)

     1,220,450        6,782,704  

Kingdee International Software Group Co. Ltd. (China)(b)(d)

     19,260,164        39,217,672  

Longshine Technology Group Co. Ltd., A Shares (China)

     545,844        1,728,898  

Ming Yuan Cloud Group Holdings Ltd. (China)(d)

     4,216,956        5,534,322  

Newland Digital Technology Co. Ltd., A Shares (China)

     541,800        963,544  

NSFOCUS Technologies Group Co. Ltd., A Shares (China)

     389,100        535,695  

Sangfor Technologies, Inc., A Shares (China)

     77,014        1,034,052  

Shanghai 2345 Network Holding Group Co. Ltd., A Shares (China)(b)

     1,745,300        516,552  

Shanghai Baosight Software Co. Ltd., A Shares (China)

     360,841        2,580,462  

Shanghai Baosight Software Co. Ltd., B Shares (China)

     2,908,884        10,657,668  

Shenzhen Infogem Technologies Co. Ltd., A Shares (China)

     371,000        495,579  

Shenzhen Kingdom Sci-Tech Co. Ltd., A Shares (China)

     494,300        693,748  

 

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

 

 

 

 

   5  

 

 

 

 

Invesco China Technology ETF (CQQQ)–(continued)

April 30, 2022

(Unaudited)

 

      Shares        Value  
Software-(continued)

 

Sinosoft Co. Ltd., A Shares (China)

     111,320      $ 353,478  

Thunder Software Technology Co. Ltd., A Shares (China)

     198,387        2,788,830  

Topsec Technologies Group, Inc., A Shares (China)

     617,900        855,862  

Tuya, Inc., ADR (China)(b)(d)

     1,515,158        3,757,592  

Yonyou Network Technology Co. Ltd., A Shares (China)

     1,804,204        5,175,450  
    

 

 

  
       98,599,507  
    

 

 

  
Technology Hardware, Storage & Peripherals-1.46%

 

China Greatwall Technology Group Co. Ltd., A Shares (China)

     1,693,446        2,303,884  

Inspur Electronic Information Industry Co. Ltd., A Shares (China)

     763,158        2,837,230  

Legend Holdings Corp., H Shares (China)(d)(e)

     3,869,476        4,548,771  

Ninestar Corp., A Shares (China)

     740,750        4,539,200  
    

 

 

  
       14,229,085  
    

 

 

  
Trading Companies & Distributors-0.27%

 

Beijing United Information Technology Co. Ltd., A Shares (China)

     180,576        2,617,333  
    

 

 

  

Total Common Stocks & Other Equity Interests
(Cost $1,282,338,557)

 

      972,681,482  
    

 

 

  
      Shares        Value  
Money Market Funds-0.17%     

Invesco Government & Agency Portfolio, Institutional Class,
0.35%(f)(g)
(Cost $1,636,193)

     1,636,193      $ 1,636,193  
    

 

 

  

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.98%
(Cost $1,283,974,750)

 

      974,317,675  
    

 

 

  
Investments Purchased with Cash Collateral from Securities on Loan

 

   
Money Market Funds-3.95%     

Invesco Private Government Fund, 0.40%(f)(g)(h)

     11,643,698        11,643,698  

Invesco Private Prime Fund,
0.35%(f)(g)(h)

     26,912,471        26,912,471  
    

 

 

  

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $38,553,922)

 

      38,556,169  
    

 

 

  

TOTAL INVESTMENTS IN SECURITIES-103.93%
(Cost $1,322,528,672)

 

      1,012,873,844  

OTHER ASSETS LESS LIABILITIES-(3.93)%

 

      (38,333,315 ) 
    

 

 

  

NET ASSETS-100.00%

      $ 974,540,529  
    

 

 

  

 

Investment Abbreviations:

ADR-American Depositary Receipt

Rts.- Rights

TBA-To Be Announced

Notes to Schedule of Investments:

(a) 

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

(b) 

Non-income producing security.

(c) 

Security valued using significant unobservable inputs (Level 3). See Note 4.

(d) 

All or a portion of this security was out on loan at April 30, 2022.

(e) 

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2022 was $223,138,193, which represented 22.90% of the Fund’s Net Assets.

(f) 

Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2022.

 

    

Value
October 31, 2021

    Purchases
at Cost		    Proceeds
from Sales		   

Change in
Unrealized
Appreciation

   

Realized
Gain

(Loss)

   

Value
April 30, 2022

   

Dividend
Income

Investments in Affiliated

Money Market Funds:

                                   

Invesco Government & Agency

Portfolio, Institutional Class

      $ -      $ 91,397,265      $ (89,761,072 )      $ -      $ -      $ 1,636,193      $ 1,045
Investments Purchased with Cash Collateral from Securities on Loan:                                   
Invesco Private Government Fund        86,683,578        113,196,234        (188,236,114 )        -        -        11,643,698        13,326 *
Invesco Private Prime Fund        202,261,685        209,028,205        (384,316,834 )        2,245        (62,830 )        26,912,471        60,366 *
    

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

  
Total      $ 288,945,263      $ 413,621,704      $ (662,314,020 )      $ 2,245      $ (62,830 )      $ 40,192,362      $ 74,737
    

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

  

 

*

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

 

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

 

 

 

 

   6  

 

 

 

 

Invesco China Technology ETF (CQQQ)–(continued)

April 30, 2022

(Unaudited)

 

(g) 

The rate shown is the 7-day SEC standardized yield as of April 30, 2022.

(h) 

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

 

This Fund has holdings greater than 10% of net assets in the following country:      

China

     99.81 % 

Portfolio Composition

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

as of April 30, 2022

 

Interactive Media & Services

     31.55    

Semiconductors & Semiconductor Equipment

     14.72                             

Internet & Direct Marketing Retail

     13.23    

Electronic Equipment, Instruments & Components

     12.27    

Software

     10.12    

Entertainment

     6.68    

IT Services

     4.82    

Industry Types Each Less Than 3%

     6.42    
Money Market Funds Plus Other Assets Less Liabilities     0.19    

 

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

 

 

 

 

   7  

 

 

 

 

Invesco DWA Developed Markets Momentum ETF (PIZ)

April 30, 2022

(Unaudited)

 

Schedule of Investments

 

        Shares          Value  
Common Stocks & Other Equity Interests-99.45%

 

Australia-7.20%     

Allkem Ltd.(a)

     143,967      $ 1,199,959  

BHP Group Ltd.

     26,259        887,708  

EBOS Group Ltd.

     33,708        921,519  

Fortescue Metals Group Ltd.

     121,078        1,846,206  

Glencore PLC

     139,428        858,123  

IGO Ltd.

     97,713        905,783  

Lynas Rare Earths Ltd.(a)

     253,587        1,603,625  

Macquarie Group Ltd.

     8,154        1,175,263  

OZ Minerals Ltd.

     50,244        877,115  

Wesfarmers Ltd.

     26,557        921,277  

WiseTech Global Ltd.

     26,494        821,662  
    

 

 

  
       12,018,240  
    

 

 

  
Belgium-1.42%     

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

     7,027        1,119,801  

Warehouses De Pauw C.V.A

     32,363        1,242,101  
    

 

 

  
       2,361,902  
    

 

 

  
Canada-29.55%     

ARC Resources Ltd.(b)

     87,513        1,219,519  

Cameco Corp.

     32,046        831,709  

Canadian Apartment Properties REIT

     64,230        2,528,894  

Canadian National Railway Co.

     31,183        3,686,184  

Canadian Natural Resources Ltd.

     21,999        1,368,601  

Canadian Pacific Railway Ltd.

     17,903        1,316,337  

Cenovus Energy, Inc.

     102,199        1,899,164  

Constellation Software, Inc.

     2,931        4,636,830  

Dollarama, Inc.

     46,871        2,619,246  

Emera, Inc.(b)

     20,093        975,211  

Imperial Oil Ltd.

     22,932        1,160,551  

Intact Financial Corp.

     7,072        994,468  

Lithium Americas Corp.(a)

     74,576        1,889,418  

Metro, Inc.

     25,511        1,409,438  

Northland Power, Inc.

     103,369        3,135,727  

Royal Bank of Canada

     25,945        2,633,984  

Teck Resources Ltd., Class B

     27,368        1,085,255  

TFI International, Inc.

     11,775        952,098  

TMX Group Ltd.

     8,990        919,997  

Toromont Industries Ltd.

     47,600        4,211,951  

Toronto-Dominion Bank (The)

     43,389        3,150,163  

Tourmaline Oil Corp.

     35,564        1,841,019  

West Fraser Timber Co. Ltd.

     10,962        968,444  

Whitecap Resources, Inc.

     341,599        2,814,473  

WSP Global, Inc.

     9,117        1,068,745  
    

 

 

  
       49,317,426  
    

 

 

  
Chile-0.47%     

Antofagasta PLC(b)

     40,774        782,987  
    

 

 

  
Denmark-3.41%     

AP Moller - Maersk A/S, Class B

     282        809,146  

Novo Nordisk A/S, Class B

     42,657        4,878,696  
    

 

 

  
       5,687,842  
    

 

 

  
Finland-2.80%     

Sampo OYJ, Class A

     76,971        3,709,040  

Stora Enso OYJ, Class R

     49,119        961,314  
    

 

 

  
       4,670,354  
    

 

 

  
        Shares          Value  
France-9.15%     

Alten S.A

     8,001      $ 1,071,601  

Legrand S.A.

     9,555        843,441  

L’Oreal S.A.(b)

     2,599        945,518  

LVMH Moet Hennessy Louis Vuitton SE(b)

     4,298        2,750,272  

Pernod Ricard S.A.

     11,142        2,295,640  

Remy Cointreau S.A.

     5,135        1,016,885  

Teleperformance

     8,437        3,016,575  

Vinci S.A.

     25,713        2,480,898  

Vivendi SE(b)

     74,446        853,643  
    

 

 

  
       15,274,473  
    

 

 

  
Germany-0.70%     

K+S AG

     34,550        1,171,350  
    

 

 

  
Israel-3.51%     

Bank Leumi Le-Israel BM

     84,628        886,980  

ICL Group Ltd.

     81,849        906,758  

Israel Discount Bank Ltd., Class A

     161,654        953,957  

Mizrahi Tefahot Bank Ltd.

     84,280        3,115,964  
    

 

 

  
       5,863,659  
    

 

 

  
Italy-0.60%     

Terna Rete Elettrica Nazionale S.p.A

     123,820        1,008,554  
    

 

 

  
Japan-6.35%     

Bandai Namco Holdings, Inc.

     17,188        1,171,642  

Fujitsu Ltd.

     6,300        892,152  

ITOCHU Corp.

     32,300        978,737  

Kawasaki Kisen Kaisha Ltd.

     24,000        1,246,226  

Mitsui OSK Lines Ltd.

     38,400        895,344  

Nippon Yusen K.K

     17,800        1,279,378  

Nissan Chemical Corp.

     18,700        992,603  

Sony Group Corp.

     15,240        1,312,074  

Tokyo Electron Ltd.

     4,302        1,827,997  
    

 

 

  
       10,596,153  
    

 

 

  
Luxembourg-0.48%     

ArcelorMittal S.A.

     27,460        801,596  
    

 

 

  
Netherlands-4.08%     

ASM International N.V

     13,244        3,954,892  

Koninklijke Ahold Delhaize N.V.(b)

     60,938        1,800,116  

Wolters Kluwer N.V.

     10,454        1,057,425  
    

 

 

  
       6,812,433  
    

 

 

  
New Zealand-3.04%     

Mainfreight Ltd.(b)

     96,944        5,076,619  
    

 

 

  
Norway-0.56%     

Aker BP ASA

     26,106        941,704  
    

 

 

  
Singapore-0.68%     

Oversea-Chinese Banking Corp. Ltd.

     127,700        1,133,987  
    

 

 

  
South Korea-4.94%     

Ecopro BM Co. Ltd.

     5,226        1,906,567  

HMM Co. Ltd.

     88,068        1,962,201  

Kakao Corp.

     13,532        943,241  

L&F Co. Ltd.(a)

     15,890        2,656,140  

LG Innotek Co. Ltd.

     2,854        776,149  
    

 

 

  
       8,244,298  
    

 

 

  
Spain-0.52%     

Ferrovial S.A

     33,815        863,342  
    

 

 

  

 

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

 

 

 

 

   8  

 

 

 

 

Invesco DWA Developed Markets Momentum ETF (PIZ)–(continued)

April 30, 2022

(Unaudited)

 

        Shares          Value  
Sweden-6.98%     

Assa Abloy AB, Class B

     41,654      $ 1,053,648  

Beijer Ref AB(b)

     123,244        2,009,423  

Fabege AB

     90,521        1,094,745  

Investor AB, Class B(b)

     92,649        1,784,688  

Nibe Industrier AB, Class B

     381,122        3,739,549  

Svenska Cellulosa AB S.C.A., Class B

     101,556        1,974,401  
    

 

 

  
       11,656,454  
    

 

 

  
Switzerland-5.77%     

Belimo Holding AG

     8,344        4,130,626  

Roche Holding AG

     2,483        921,610  

Sonova Holding AG, Class A

     9,396        3,390,420  

Swiss Life Holding AG

     2,019        1,180,618  
    

 

 

  
       9,623,274  
    

 

 

  
United Kingdom-4.81%     

3i Group PLC

     63,977        1,042,315  

AstraZeneca PLC

     8,140        1,079,656  

Diageo PLC

     33,554        1,660,193  

Drax Group PLC

     113,070        1,136,971  

RELX PLC

     29,807        888,819  

Segro PLC

     78,127        1,305,411  

UNITE Group PLC (The)

     64,233        908,041  
    

 

 

  
       8,021,406  
    

 

 

  
United States-2.43%     

Ferguson PLC

     12,444        1,566,923  

Nestle S.A

     11,769        1,522,730  

Waste Connections, Inc.

     6,985        968,625  
    

 

 

  
       4,058,278  
    

 

 

  

Total Common Stocks & Other Equity Interests
(Cost $177,840,745)

        165,986,331  
    

 

 

  
        Shares          Value  
Money Market Funds-0.09%     

Invesco Government & Agency Portfolio, Institutional Class,
0.35%(c)(d)
(Cost $146,531)

     146,531      $ 146,531  
    

 

 

  

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.54%
(Cost $177,987,276)

 

      166,132,862  
    

 

 

  
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-8.33%     

Invesco Private Government Fund, 0.40%(c)(d)(e)

     4,169,978        4,169,978  

Invesco Private Prime Fund,
0.35%(c)(d)(e)

     9,726,341        9,726,341  
    

 

 

  

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $13,896,319)

 

      13,896,319  
    

 

 

  

TOTAL INVESTMENTS IN SECURITIES-107.87%
(Cost $191,883,595)

 

      180,029,181  

OTHER ASSETS LESS LIABILITIES-(7.87)%

 

      (13,134,466 ) 
    

 

 

  

NET ASSETS-100.00%

      $ 166,894,715  
    

 

 

  

 

Investment Abbreviations:

REIT - Real Estate Investment Trust

Notes to Schedule of Investments:

(a) 

Non-income producing security.

(b) 

All or a portion of this security was out on loan at April 30, 2022.

(c) 

Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2022.

 

    

Value
October 31, 2021

    Purchases
at Cost		    Proceeds
from Sales		   

Change in
Unrealized
Appreciation

   

Realized
Gain
(Loss)

   

Value
April 30, 2022

   

Dividend
Income

Investments in Affiliated Money Market Funds:                                   
Invesco Government & Agency Portfolio, Institutional Class      $ -      $ 7,896,487      $ (7,749,956 )      $ -      $ -      $ 146,531      $ 42
Investments Purchased with Cash Collateral from Securities on Loan:                                   
Invesco Private Government Fund        2,574,626        18,167,271        (16,571,919 )        -        -        4,169,978        1,699 *
Invesco Private Prime Fund        6,007,460        33,067,184        (29,346,454 )        -        (1,849 )        9,726,341        4,660 *
    

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

  
Total      $ 8,582,086      $ 59,130,942      $ (53,668,329 )      $ -      $ (1,849 )      $ 14,042,850      $ 6,401
    

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

  

 

*

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

 

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

 

 

 

 

   9  

 

 

 

 

Invesco DWA Developed Markets Momentum ETF (PIZ)–(continued)

April 30, 2022

(Unaudited)

 

(d) 

The rate shown is the 7-day SEC standardized yield as of April 30, 2022.

(e) 

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

 

Portfolio Composition

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

as of April 30, 2022

 

Industrials

     28.75    

Financials

     13.59                             

Materials

     11.81    

Information Technology

     9.97    

Energy

     7.24    

Health Care

     6.71    

Consumer Staples

     6.38    

Consumer Discretionary

     5.26    

Utilities

     4.42    

Real Estate

     4.24    

Communication Services

     1.08    
Money Market Funds Plus Other Assets Less Liabilities     0.55    

 

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

 

 

 

 

   10  

 

 

 

 

Invesco DWA Emerging Markets Momentum ETF (PIE)

April 30, 2022

(Unaudited)

 

Schedule of Investments

 

        Shares        Value
Common Stocks & Other Equity Interests-98.88%

 

Brazil-1.95%         

Braskem S.A., Class A, Preference Shares

       120,300      $       977,034

Petro Rio S.A.(a)

       544,500        2,935,695
        

 

 

  
           3,912,729
        

 

 

  
China-3.56%         

C&D International Investment Group Ltd.

       914,000        2,220,015

China Longyuan Power Group Corp. Ltd., H

         

Shares

       586,065        1,136,986

China Merchants Bank Co. Ltd., H Shares

       197,778        1,190,663

China State Construction International Holdings Ltd.

       858,000        1,103,991

Yankuang Energy Group Co. Ltd., H Shares

       534,000        1,505,137
        

 

 

  
           7,156,792
        

 

 

  
Indonesia-6.50%         

PT Adaro Energy Tbk

       5,912,704        1,356,318

PT BFI Finance Indonesia Tbk

       17,015,567        1,508,243

PT Indo Tambangraya Megah Tbk

       695,111        1,361,741

PT Matahari Department Store Tbk

       5,584,322        2,234,191

PT Merdeka Copper Gold Tbk(a)

       10,986,851        4,016,714

PT Tower Bersama Infrastructure Tbk

       5,926,535        1,228,474

PT Vale Indonesia Tbk

       2,717,438        1,368,373
        

 

 

  
           13,074,054
        

 

 

  
Malaysia-3.97%         

D&O Green Technologies Bhd.

       2,168,200        1,907,813

Frontken Corp. Bhd.

       7,861,000        4,869,344

Malaysian Pacific Industries Bhd.

       168,700        1,198,351
        

 

 

  
           7,975,508
        

 

 

  
Mexico-3.25%         

Alsea S.A.B. de C.V.(a)

       471,396        1,033,174

Banco del Bajio S.A.(b)(c)

       483,525        1,193,857

Gentera S.A.B. de C.V.(a)(c)

       1,590,273        1,235,065

Grupo Mexico S.A.B. de C.V., Class B

       194,686        911,209

Qualitas Controladora S.A.B. de C.V

       216,786        1,168,457

Regional S.A.B. de C.V.

       165,902        1,000,932
        

 

 

  
           6,542,694
        

 

 

  
Philippines-0.53%         

Semirara Mining & Power Corp.

       2,041,292        1,068,157

South Africa-11.96%

         

Capitec Bank Holdings Ltd.(c)

       7,643        1,064,907

Impala Platinum Holdings Ltd.

       290,970        3,793,625

Investec Ltd.

       197,837        1,199,168

Motus Holdings Ltd.

       200,014        1,438,495

MTN Group Ltd.

       137,393        1,456,258

Nedbank Group Ltd.

       72,852        1,014,644

Northam Platinum Holdings Ltd.(a)

       120,814        1,434,215

PSG Group Ltd.(a)

       181,351        1,084,480

Sasol Ltd.(a)

       160,753        3,930,462

Sibanye Stillwater Ltd.

       622,251        2,145,979

Thungela Resources Ltd.(a)(c)

       246,769        4,199,866

Transaction Capital Ltd.

       396,613        1,266,604
        

 

 

  
           24,028,703
        

 

 

  
Taiwan-57.70%         

Asia Vital Components Co. Ltd.

       422,000        1,462,162

ASMedia Technology, Inc.

       33,319        1,566,859
        Shares        Value
Taiwan-(continued)         

Chailease Holding Co. Ltd.

       194,250      $ 1,541,195

China Airlines Ltd.(a)

       1,285,000        1,174,726

China Development Financial Holding Corp.

       1,767,000        1,064,831

E.Sun Financial Holding Co. Ltd.

       1,991,000        2,280,508

Elan Microelectronics Corp.

       205,000        1,037,264

Elite Material Co. Ltd.

       479,000        3,520,329

Elite Semiconductor Microelectronics

         

Technology, Inc.

       312,000        1,281,822

Eternal Materials Co. Ltd.

       893,000        1,146,028

Eva Airways Corp.(a)

       1,044,000        1,220,542

Evergreen International Storage & Transport Corp.

       868,000        1,046,475

Faraday Technology Corp.

       270,000        2,311,707

Feng Hsin Steel Co. Ltd.

       341,000        958,738

First Financial Holding Co. Ltd.

       1,187,000        1,115,617

Gigabyte Technology Co. Ltd.

       355,000        1,266,504

Goldsun Building Materials Co. Ltd.

       1,240,000        1,216,073

Great Wall Enterprise Co. Ltd.

       705,130        1,258,237

Greatek Electronics, Inc.

       563,000        1,312,828

IBF Financial Holdings Co. Ltd.

       2,072,000        1,125,540

Kings Town Bank Co. Ltd.

       1,223,000        1,612,131

Lien Hwa Industrial Holdings Corp.

       1,372,900        2,605,296

Lite-On Technology Corp.

       645,000        1,413,115

Lotes Co. Ltd.

       98,000        2,411,122

MediaTek, Inc.

       39,000        1,068,633

Mega Financial Holding Co. Ltd.

       903,000        1,267,010

Micro-Star International Co. Ltd.

       826,000        3,346,139

Novatek Microelectronics Corp.

       88,000        1,169,838

Nuvoton Technology Corp.

       243,000        1,165,452

Pan Jit International, Inc.

       528,000        1,324,484

Qisda Corp.

       1,573,000        1,674,355

Realtek Semiconductor Corp.

       140,000        1,906,552

Ruentex Development Co. Ltd.

       553,000        1,447,635

Shiny Chemical Industrial Co. Ltd.

       723,000        5,026,882

Sinbon Electronics Co. Ltd.

       727,000        6,373,586

SinoPac Financial Holdings Co. Ltd.

       1,847,000        1,135,233

Supreme Electronics Co. Ltd.

       871,000        1,347,548

Taishin Financial Holding Co. Ltd.

       1,718,000        1,125,231

Taiwan Mask Corp.

       1,131,000        2,787,927

Taiwan Semiconductor Manufacturing Co. Ltd.

       203,680        3,717,658

Topco Scientific Co. Ltd.

       843,000        4,766,087

Tripod Technology Corp.

       257,000        1,074,742

Unimicron Technology Corp.

       598,000        4,182,096

Union Bank of Taiwan(a)

       2,070,000        1,130,321

United Integrated Services Co. Ltd.

       415,000        2,510,237

Voltronic Power Technology Corp.

       90,000        3,906,857

Wah Lee Industrial Corp.

       410,000        1,436,322

Walsin Lihwa Corp.(a)

       1,331,000        2,004,171

Winbond Electronics Corp.

       934,000        837,792

Wisdom Marine Lines Co. Ltd.

       448,000        1,386,648

Wiwynn Corp.

       101,000        3,458,656

WPG Holdings Ltd.

       718,000        1,319,057

WT Microelectronics Co. Ltd.

       847,000        2,043,282

Yang Ming Marine Transport Corp.(a)

       1,211,000        5,045,953

YFY, Inc.

       1,054,000        1,111,429

 

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

 

 

 

 

   11  

 

 

 

 

Invesco DWA Emerging Markets Momentum ETF (PIE)–(continued)

April 30, 2022

(Unaudited)

 

        Shares        Value
Taiwan-(continued)         

Yieh Phui Enterprise Co. Ltd.(a)

       1,266,000      $ 900,785

Yulon Finance Corp

       772,000        6,005,569
        

 

 

  
           115,953,816
        

 

 

  
Thailand-9.46%         

Com7 PCL, NVDR

       4,231,617        5,111,401

Energy Absolute PCL, NVDR

       1,287,926        3,294,347

Jay Mart PCL, NVDR

       1,861,143        3,378,942

JMT Network Services PCL, NVDR

       957,194        2,416,501

Singer Thailand PCL, NVDR

       2,255,979        3,766,420

Thonburi Healthcare Group PCL, NVDR

       584,341        1,048,019
        

 

 

  
           19,015,630
        

 

 

  

Total Common Stocks & Other Equity Interests
(Cost $199,804,369)

 

        198,728,083
        

 

 

  
Exchange-Traded Funds-0.97%

 

India-0.97%         

iShares MSCI India ETF(c)
(Cost $2,035,409)

       44,487        1,941,413
        

 

 

  

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.85%
(Cost $201,839,778)

 

        200,669,496
        

 

 

  
        Shares        Value
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-1.89%

 

Invesco Private Government Fund, 0.40%(d)(e)(f)

       1,132,435      $ 1,132,435

Invesco Private Prime Fund,
0.35%(d)(e)(f)

       2,655,727        2,655,727
        

 

 

  

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $3,788,162)

 

        3,788,162
        

 

 

  

TOTAL INVESTMENTS IN SECURITIES-101.74%
(Cost $205,627,940)

 

        204,457,658

OTHER ASSETS LESS LIABILITIES-(1.74)%

 

        (3,487,753 )
        

 

 

  

NET ASSETS-100.00%

          $ 200,969,905
        

 

 

  

 

Investment Abbreviations:

ETF-Exchange-Traded Fund

NVDR-Non-Voting Depositary Receipt

Notes to Schedule of Investments:

(a) 

Non-income producing security.

(b) 

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The value of this security at April 30, 2022 represented less than 1% of the Fund’s Net Assets.

(c) 

All or a portion of this security was out on loan at April 30, 2022.

(d) 

Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2022.

 

     Value
October 31, 2021		    Purchases
at Cost		    Proceeds
from Sales		    Change in
Unrealized
Appreciation		    Realized
Gain
(Loss)		    Value
April 30, 2022		    Dividend
Income
Investments in Affiliated Money Market Funds:                                   
Invesco Government & Agency Portfolio, Institutional Class      $ 121,401      $ 14,034,634      $ (14,156,035 )      $ -      $ -      $ -      $ 96
Investments Purchased with Cash Collateral from Securities on Loan:                                   

Invesco Private Government Fund

        3,409,998        22,160,977        (24,438,540 )        -        -        1,132,435        1,409 *

Invesco Private Prime Fund

        7,956,662        41,586,682        (46,883,937 )        -        (3,680 )        2,655,727        4,615 *
    

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

  

Total

      $ 11,488,061      $ 77,782,293      $ (85,478,512 )      $ -      $ (3,680 )      $ 3,788,162      $ 6,120
    

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

  

 

 

*

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

 

(e) 

The rate shown is the 7-day SEC standardized yield as of April 30, 2022.

(f) 

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

 

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

 

 

 

 

   12  

 

 

 

 

Invesco DWA Emerging Markets Momentum ETF (PIE)–(continued)

April 30, 2022

(Unaudited)

 

 

Portfolio Composition

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

as of April 30, 2022

 

Information Technology

     34.37     

Financials

     17.29     

Materials

     14.40     

Industrials

     12.08     

Consumer Discretionary

     6.76                              

Energy

     6.18     

Sector Types Each Less Than 3%

     8.77     
Money Market Funds Plus Other Assets Less Liabilities     0.15     

 

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

 

 

 

 

   13  

 

 

 

 

Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)

April 30, 2022

(Unaudited)

 

Schedule of Investments

 

        Shares        Value  
Common Stocks & Other Equity Interests-99.30%

 

Australia-6.32%     

AGL Energy Ltd.

     114,458      $ 701,215  

AMP Ltd.(a)

     313,190        253,678  

Ampol Ltd.

     14,864        349,724  

APA Group

     57,810        466,582  

Aristocrat Leisure Ltd.

     14,943        347,401  

ASX Ltd.

     5,188        313,628  

Aurizon Holdings Ltd.

     159,245        454,148  

Australia & New Zealand Banking Group Ltd.

     117,040        2,234,417  

Bank of Queensland Ltd.

     51,065        289,538  

Bendigo & Adelaide Bank Ltd.

     33,420        249,417  

BHP Group Ltd.

     324,083        10,955,905  

BlueScope Steel Ltd.

     43,702        623,148  

Brambles Ltd.

     103,946        772,040  

Coles Group Ltd.

     62,396        821,866  

Commonwealth Bank of Australia

     54,380        3,962,520  

Computershare Ltd.

     19,598        345,521  

Crown Resorts Ltd.(a)

     34,082        311,111  

CSL Ltd.

     7,889        1,501,730  

Dexus

     60,581        474,786  

Endeavour Group Ltd.

     65,969        364,670  

Evolution Mining Ltd.

     79,598        224,735  

Fortescue Metals Group Ltd.

     103,931        1,584,747  

Glencore PLC

     1,259,254        7,750,200  

Goodman Group

     39,422        659,515  

GPT Group (The)

     113,798        407,224  

GPT Group (The)(b)

     231,466        0  

Incitec Pivot Ltd.

     157,286        428,188  

Insurance Australia Group Ltd.

     160,190        511,025  

JB Hi-Fi Ltd.

     7,634        284,232  

Lendlease Corp. Ltd.

     31,688        272,253  

Macquarie Group Ltd.

     14,492        2,088,780  

Medibank Pvt Ltd.

     159,158        358,469  

Metcash Ltd.

     81,092        273,364  

Mirvac Group

     255,195        434,543  

National Australia Bank Ltd.

     107,052        2,450,685  

Newcrest Mining Ltd.

     47,024        886,670  

Orica Ltd.

     22,912        264,280  

Origin Energy Ltd.

     129,814        623,678  

Qantas Airways Ltd.(a)(c)

     84,711        328,622  

QBE Insurance Group Ltd.

     76,286        657,200  

Ramsay Health Care Ltd.

     10,133        575,719  

Rio Tinto Ltd.

     30,861        2,460,373  

Rio Tinto PLC

     88,400        6,260,656  

Santos Ltd.

     113,347        636,665  

Scentre Group

     273,994        574,101  

Sonic Healthcare Ltd.

     22,850        589,401  

South32 Ltd.

     309,582        1,037,725  

Stockland

     160,162        464,048  

Suncorp Group Ltd.

     63,600        512,932  

Tabcorp Holdings Ltd.

     116,739        446,484  

Telstra Corp. Ltd.

     465,858        1,327,634  

Transurban Group

     110,573        1,111,723  

Treasury Wine Estates Ltd.

     31,396        246,633  

Vicinity Centres

     260,831        341,981  

Wesfarmers Ltd.

     45,641        1,583,312  

Westpac Banking Corp.

     170,359        2,854,576  
        Shares        Value  
Australia-(continued)     

Whitehaven Coal Ltd.

     109,635      $ 378,969  

Woodside Petroleum Ltd.

     69,762        1,525,051  

Woolworths Group Ltd.

     59,471        1,615,657  

Worley Ltd.

     32,714        320,724  
    

 

 

  
       71,145,819  
    

 

 

  
Austria-0.36%     

ams-OSRAM AG(a)(c)

     14,318        175,965  

ANDRITZ AG

     5,727        242,934  

BAWAG Group AG(d)

     7,523        356,803  

Erste Group Bank AG

     31,170        962,889  

Mondi PLC(c)

     41,011        758,000  

OMV AG

     16,504        842,650  

Raiffeisen Bank International AG(c)

     18,343        206,058  

voestalpine AG

     10,004        260,881  

Wienerberger AG

     7,487        209,293  
    

 

 

  
       4,015,473  
    

 

 

  
Belgium-0.99%     

Ageas S.A./N.V

     20,268        971,700  

Anheuser-Busch InBev S.A./N.V.(c)

     75,391        4,346,682  

Cofinimmo S.A.(c)

     1,699        227,673  

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

     1,682        268,038  

Etablissements Franz Colruyt N.V.

     6,937        255,166  

Euronav N.V.(c)

     22,178        259,937  

Groupe Bruxelles Lambert S.A

     5,541        523,572  

KBC Group N.V

     21,500        1,464,391  

Proximus SADP(c)

     22,541        393,090  

Sofina S.A

     701        215,352  

Solvay S.A., Class A

     6,628        626,411  

Telenet Group Holding N.V.

     6,508        193,496  

UCB S.A

     6,093        693,386  

Umicore S.A.(c)

     17,215        664,602  
    

 

 

  
       11,103,496  
    

 

 

  
Brazil-0.12%     

Wheaton Precious Metals Corp.

     9,822        442,511  

Yara International ASA

     17,011        870,981  
    

 

 

  
       1,313,492  
    

 

 

  
Canada-10.12%     

Agnico Eagle Mines Ltd.

     16,205        948,171  

Air Canada(a)

     19,890        350,162  

Algonquin Power & Utilities Corp.

     35,962        523,370  

Alimentation Couche-Tard, Inc.

     47,949        2,145,615  

Allied Properties REIT

     8,720        284,719  

AltaGas Ltd.

     24,433        561,669  

ARC Resources Ltd.

     25,403        353,998  

Atco Ltd., Class I

     9,351        334,881  

B2Gold Corp.

     52,842        225,335  

Bank of Montreal(c)

     41,030        4,372,831  

Bank of Nova Scotia (The)

     95,716        6,092,482  

Barrick Gold Corp.

     90,313        2,024,543  

BCE, Inc.

     24,861        1,328,591  

Bombardier, Inc., Class B(a)

     312,324        307,913  

Brookfield Asset Management, Inc., Class A

     78,414        3,931,590  

CAE, Inc.(a)

     10,557        252,350  

Cameco Corp.

     13,196        342,484  

 

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

 

 

 

 

   14  

 

 

 

 

Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)–(continued)

April 30, 2022

(Unaudited)

 

        Shares        Value  
Canada-(continued)     

Canadian Apartment Properties REIT

     10,305      $ 405,733  

Canadian Imperial Bank of Commerce

     30,867        3,430,016  

Canadian National Railway Co.

     17,303        2,045,411  

Canadian Natural Resources Ltd.

     60,274        3,749,764  

Canadian Pacific Railway Ltd.

     14,461        1,063,261  

Canadian Tire Corp. Ltd., Class A

     4,632        641,315  

Canadian Utilities Ltd., Class A

     11,881        359,019  

Capital Power Corp.

     9,204        304,051  

CCL Industries, Inc., Class B(c)

     6,322        277,059  

Cenovus Energy, Inc.

     45,585        847,106  

CGI, Inc., Class A(a)

     9,982        800,091  

CI Financial Corp.

     19,353        253,639  

Constellation Software, Inc.

     183        289,505  

Crescent Point Energy Corp.

     43,491        302,860  

Dollarama, Inc.

     4,562        254,934  

Element Fleet Management Corp.

     24,788        222,463  

Emera, Inc.(c)

     20,138        977,395  

Empire Co. Ltd., Class A

     14,103        468,206  

Enbridge, Inc.

     154,385        6,771,897  

Fairfax Financial Holdings Ltd.

     2,549        1,407,819  

Finning International, Inc.

     12,248        346,342  

First Capital REIT

     17,846        239,054  

Fortis, Inc.(c)

     34,813        1,702,719  

Franco-Nevada Corp.

     2,869        436,125  

George Weston Ltd.

     5,903        738,169  

Gibson Energy, Inc.

     11,946        228,629  

Gildan Activewear, Inc.

     6,833        232,730  

Great-West Lifeco, Inc.

     28,848        799,948  

H&R REIT

     37,425        374,235  

Hydro One Ltd.(d)

     22,718        617,344  

iA Financial Corp., Inc.

     8,640        454,089  

IAMGOLD Corp.(a)

     74,754        212,321  

IGM Financial, Inc.

     6,568        209,212  

Imperial Oil Ltd.

     13,249        670,510  

Intact Financial Corp.

     4,821        677,931  

Keyera Corp.

     19,477        485,687  

Kinross Gold Corp.

     133,620        678,529  

Linamar Corp.

     5,397        214,858  

Loblaw Cos. Ltd.

     12,243        1,125,680  

Magna International, Inc.

     29,589        1,792,403  

Manulife Financial Corp.(c)

     219,628        4,316,776  

MEG Energy Corp.(a)

     21,988        332,044  

Methanex Corp.

     5,034        253,620  

Metro, Inc.

     13,397        740,161  

National Bank of Canada

     19,074        1,339,008  

Northland Power, Inc.

     10,384        315,001  

Nutrien Ltd.

     31,643        3,125,552  

Onex Corp.

     5,385        325,236  

Open Text Corp.

     11,162        449,345  

Parkland Corp.

     15,969        455,936  

Pembina Pipeline Corp.

     40,081        1,524,461  

Power Corp. of Canada

     56,221        1,662,810  

Quebecor, Inc., Class B

     11,951        282,680  

Restaurant Brands International, Inc.

     10,174        584,226  

RioCan REIT

     25,789        484,282  

Rogers Communications, Inc., Class B

     25,626        1,403,159  

Royal Bank of Canada

     83,536        8,480,729  

Saputo, Inc.

     18,529        398,111  

Shaw Communications, Inc., Class B

     27,859        833,993  

Shopify, Inc., Class A(a)

     467        200,798  
        Shares        Value  
Canada-(continued)     

SmartCentres REIT

     10,235      $ 250,580  

SNC-Lavalin Group, Inc.

     14,178        316,940  

SSR Mining, Inc.

     12,368        273,479  

Stantec, Inc.

     4,227        195,036  

Sun Life Financial, Inc.(c)

     47,568        2,378,679  

Suncor Energy, Inc.

     146,661        5,299,327  

TC Energy Corp.

     66,161        3,517,578  

Teck Resources Ltd., Class B

     33,176        1,315,566  

TELUS Corp.

     27,907        701,796  

TFI International, Inc.

     2,824        228,342  

Thomson Reuters Corp.

     5,593        562,079  

TMX Group Ltd.

     2,475        253,281  

Toronto-Dominion Bank (The)

     105,127        7,632,514  

Tourmaline Oil Corp.

     10,228        529,466  

Vermilion Energy, Inc.

     17,161        336,090  

West Fraser Timber Co. Ltd.

     3,359        296,753  

WSP Global, Inc.

     3,955        463,627  

Yamana Gold, Inc.

     63,258        350,925  
    

 

 

  
       113,898,749  
    

 

 

  
Chile-0.06%     

Antofagasta PLC(c)

     20,213        388,152  

Lundin Mining Corp.

     36,940        339,037  
    

 

 

  
       727,189  
    

 

 

  
China-0.23%     

AAC Technologies Holdings, Inc.

     87,797        203,254  

BOC Hong Kong Holdings Ltd.

     284,313        1,025,699  

Lenovo Group Ltd.

     695,172        674,385  

Tingyi Cayman Islands Holding Corp.

     93,092        169,079  

Wilmar International Ltd.

     87,669        280,907  

Xinyi Glass Holdings Ltd.

     96,128        212,457  
    

 

 

  
       2,565,781  
    

 

 

  
Denmark-1.10%     

AP Moller - Maersk A/S, Class A

     213        597,801  

AP Moller - Maersk A/S, Class B

     282        809,146  

Carlsberg A/S, Class B

     4,921        622,868  

Chr. Hansen Holding A/S

     3,145        245,079  

Coloplast A/S, Class B

     3,101        418,673  

Danske Bank A/S

     79,605        1,206,792  

DSV A/S

     4,063        663,671  

Genmab A/S(a)

     712        251,157  

ISS A/S(a)(c)

     20,383        332,736  

Jyske Bank A/S(a)

     5,403        296,564  

Novo Nordisk A/S, Class B

     33,349        3,814,136  

Novozymes A/S, Class B

     5,179        359,829  

Orsted A/S(c)(d)

     7,986        898,005  

Pandora A/S

     4,960        430,194  

Tryg A/S

     11,370        269,503  

Vestas Wind Systems A/S

     44,077        1,133,959  
    

 

 

  
       12,350,113  
    

 

 

  
Finland-1.31%     

Elisa OYJ

     7,745        452,674  

Fortum OYJ

     44,426        730,664  

Huhtamaki OYJ

     6,282        235,465  

Kesko OYJ, Class B

     18,881        476,387  

Kone OYJ, Class B

     19,795        949,859  

Neste OYJ

     21,185        910,724  

Nokia OYJ(a)

     368,926        1,877,396  

 

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

 

 

 

 

   15  

 

 

 

 

Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)–(continued)

April 30, 2022

(Unaudited)

 

        Shares        Value  
Finland-(continued)     

Nokian Renkaat OYJ

     13,602      $ 182,936  

Nordea Bank Abp

     401,482        3,985,489  

Orion OYJ, Class B

     4,769        186,579  

Outokumpu OYJ(c)

     50,987        248,074  

Sampo OYJ, Class A

     36,156        1,742,267  

Stora Enso OYJ, Class R

     43,782        856,863  

UPM-Kymmene OYJ(c)

     38,729        1,330,316  

Valmet OYJ

     7,867        210,556  

Wartsila OYJ Abp

     43,001        343,293  
    

 

 

  
       14,719,542  
    

 

 

  
France-9.49%     

Accor S.A.(a)

     8,793        285,784  

Aeroports de Paris(a)(c)

     1,448        204,719  

Air France-KLM(a)(c)

     141,929        579,206  

Air Liquide S.A.

     21,323        3,681,267  

Airbus SE(c)

     21,127        2,297,510  

Alstom S.A.(c)

     29,153        634,639  

Amundi S.A.(d)

     4,393        262,102  

Arkema S.A

     5,493        619,942  

Atos SE

     22,173        536,459  

AXA S.A.(c)

     198,782        5,262,887  

BNP Paribas S.A

     129,744        6,654,079  

Bollore SE

     43,117        200,225  

Bouygues S.A.(c)

     35,958        1,235,458  

Bureau Veritas S.A.

     12,583        360,578  

Capgemini SE

     5,927        1,205,711  

Carrefour S.A.

     110,491        2,342,216  

CGG S.A.(a)

     258,327        298,514  

Cie de Saint-Gobain

     46,354        2,697,500  

Cie Generale des Etablissements Michelin S.C.A.

     16,295        2,014,460  

CNP Assurances(c)

     19,734        434,480  

Covivio

     3,509        247,937  

Credit Agricole S.A

     185,513        1,991,186  

Danone S.A.(c)

     48,335        2,905,778  

Dassault Systemes SE

     7,755        344,979  

Edenred

     7,675        384,708  

Eiffage S.A

     8,837        866,879  

Electricite de France S.A

     159,980        1,446,595  

Elis S.A.(a)

     15,121        215,205  

ENGIE S.A.(c)

     201,397        2,365,774  

EssilorLuxottica S.A

     9,845        1,670,172  

Eurazeo SE(c)

     3,495        267,591  

Eutelsat Communications S.A

     22,875        254,296  

Faurecia SE(c)

     23,131        498,339  

Gecina S.A

     4,031        451,609  

Getlink SE

     17,242        314,953  

Hermes International

     324        398,651  

Kering S.A

     2,027        1,076,648  

Klepierre S.A.(c)

     20,975        498,098  

Legrand S.A.

     10,431        920,768  

L’Oreal S.A.(c)

     5,530        2,011,818  

LVMH Moet Hennessy Louis Vuitton SE(c)

     5,165        3,305,061  

Orange S.A.

     293,914        3,500,567  

Orpea S.A.(c)

     7,884        279,877  

Pernod Ricard S.A.

     6,850        1,411,339  

Publicis Groupe S.A.

     17,847        1,068,288  

Renault S.A.(a)(c)

     55,498        1,345,083  

Rexel S.A

     30,900        634,071  
        Shares        Value  
France-(continued)     

Rubis S.C.A

     10,121      $ 269,107  

Safran S.A

     16,003        1,703,160  

Sanofi(c)

     81,069        8,532,598  

Schneider Electric SE

     23,083        3,287,575  

SCOR SE

     20,340        571,791  

SEB S.A

     1,983        237,745  

Societe Generale S.A.

     146,565        3,482,268  

Sodexo S.A.

     8,993        674,306  

SPIE S.A.

     10,948        256,959  

Technip Energies N.V.(a)

     20,144        244,557  

Teleperformance

     1,444        516,289  

Thales S.A

     7,165        917,842  

TotalEnergies SE

     315,267        15,533,711  

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

     5,360        242,010  

Unibail-Rodamco-Westfield(a)(c)

     15,486        1,097,063  

Valeo(c)

     39,519        712,635  

Veolia Environnement S.A

     54,204        1,562,296  

Vinci S.A.

     37,233        3,592,397  

Vivendi SE(c)

     29,018        332,738  

Worldline S.A.(a)(d)

     12,861        504,094  
    

 

 

  
       106,755,147  
    

 

 

  
Germany-8.94%     

Aareal Bank AG

     8,003        272,488  

adidas AG

     7,225        1,471,576  

Allianz SE

     40,459        9,227,899  

Aroundtown S.A

     105,493        533,969  

Aurubis AG

     3,826        440,556  

BASF SE

     105,427        5,606,612  

Bayer AG

     96,131        6,336,255  

Bayerische Motoren Werke AG

     44,547        3,689,567  

Bayerische Motoren Werke AG, Preference Shares

     7,847        584,854  

Beiersdorf AG

     3,418        345,510  

Brenntag SE

     10,122        789,547  

Commerzbank AG(a)

     181,956        1,205,858  

Continental AG(a)

     17,376        1,210,200  

Covestro AG(d)

     22,511        980,554  

Daimler Truck Holding AG(a)

     45,921        1,240,786  

Deutsche Bank AG(a)

     291,464        2,976,520  

Deutsche Boerse AG

     6,280        1,101,090  

Deutsche Lufthansa AG(a)(c)

     108,858        821,449  

Deutsche Post AG

     76,864        3,318,109  

Deutsche Telekom AG

     349,047        6,429,323  

E.ON SE

     200,807        2,103,585  

Evonik Industries AG

     20,951        554,026  

Freenet AG

     14,575        402,086  

Fresenius Medical Care AG & Co. KGaA

     20,970        1,314,950  

Fresenius SE & Co. KGaA

     50,916        1,815,528  

GEA Group AG

     9,154        359,618  

Hannover Rueck SE

     3,743        587,958  

HeidelbergCement AG

     20,954        1,221,546  

Henkel AG & Co. KGaA

     8,099        517,769  

Henkel AG & Co. KGaA, Preference Shares

     13,962        903,785  

HOCHTIEF AG

     3,799        231,501  

HUGO BOSS AG

     3,585        203,698  

Infineon Technologies AG

     36,560        1,058,719  

K+S AG

     14,393        487,967  

KION Group AG

     5,289        298,279  

Knorr-Bremse AG

     3,722        268,339  

 

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

 

 

 

 

   16  

 

 

 

 

Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)–(continued)

April 30, 2022

(Unaudited)

 

        Shares        Value  
Germany-(continued)     

LANXESS AG

     10,569      $ 415,569  

LEG Immobilien SE

     4,385        451,493  

Mercedes-Benz Group AG

     105,528        7,470,028  

Merck KGaA

     3,872        718,045  

MTU Aero Engines AG

     2,028        410,138  

Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Class R

     12,449        2,978,921  

Porsche Automobil Holding SE, Preference Shares

     8,367        702,081  

ProSiebenSat.1 Media SE

     26,374        306,473  

Puma SE

     2,330        173,734  

Rheinmetall AG

     4,547        1,027,773  

RWE AG

     49,233        2,056,240  

Salzgitter AG(a)

     7,286        306,071  

SAP SE

     42,378        4,370,996  

Siemens AG

     45,723        5,681,176  

Siemens Energy AG

     69,708        1,349,633  

Siemens Healthineers AG(d)

     7,963        430,613  

Symrise AG

     3,594        430,145  

TAG Immobilien AG

     9,550        192,025  

Telefonica Deutschland Holding AG

     121,225        366,906  

thyssenkrupp AG(a)

     109,592        853,232  

TUI AG(a)(c)

     188,155        528,741  

Uniper SE

     9,530        246,516  

United Internet AG

     8,579        278,119  

Volkswagen AG

     5,565        1,228,171  

Volkswagen AG, Preference Shares

     31,354        4,926,475  

Vonovia SE

     41,062        1,641,923  

Zalando SE(a)(d)

     5,660        224,489  
    

 

 

  
       100,677,802  
    

 

 

  
Hong Kong-1.02%     

AIA Group Ltd.

     414,931        4,054,280  

CK Asset Holdings Ltd.

     93,159        630,741  

CK Hutchison Holdings Ltd.

     89,070        623,642  

CLP Holdings Ltd.

     52,770        513,750  

Hang Seng Bank Ltd.

     26,595        469,651  

Henderson Land Development Co. Ltd.(c)

     54,118        218,219  

Hong Kong & China Gas Co. Ltd. (The)

     281,112        309,745  

Hong Kong Exchanges & Clearing Ltd.

     15,416        653,866  

Hongkong Land Holdings Ltd.

     41,286        192,201  

Jardine Matheson Holdings Ltd.

     4,669        246,735  

Link REIT

     104,104        897,739  

MTR Corp. Ltd.

     53,817        285,655  

New World Development Co. Ltd.

     66,140        252,941  

Power Assets Holdings Ltd.

     37,446        251,625  

Sun Hung Kai Properties Ltd.

     76,749        884,335  

Techtronic Industries Co. Ltd.

     25,642        342,374  

WH Group Ltd.

     548,811        377,780  

Wharf Real Estate Investment Co. Ltd.

     56,213        263,635  
    

 

 

  
       11,468,914  
    

 

 

  
Ireland-0.45%     

Bank of Ireland Group PLC(a)

     98,421        594,795  

CRH PLC

     60,405        2,389,843  

Flutter Entertainment PLC(a)

     5,172        518,811  

Kerry Group PLC, Class A

     4,958        547,721  

Kingspan Group PLC

     3,398        311,486  

Smurfit Kappa Group PLC

     17,156        719,207  
    

 

 

  
       5,081,863  
    

 

 

  
        Shares        Value  
Israel-0.34%     

Bank Hapoalim BM

     68,381      $ 632,606  

Bank Leumi Le-Israel BM

     77,045        807,503  

Bezeq The Israeli Telecommunication Corp.
Ltd.(a)

     149,196        236,553  

ICL Group Ltd.

     32,727        362,564  

Israel Discount Bank Ltd., Class A

     60,402        356,446  

Mizrahi Tefahot Bank Ltd.

     6,610        244,382  

Teva Pharmaceutical Industries Ltd.(a)(c)

     132,975        1,169,426  
    

 

 

  
       3,809,480  
    

 

 

  
Italy-2.92%     

A2A S.p.A.(c)

     213,764        364,388  

AMCO - Asset Management Co. S.p.A.,
Class B(b)(c)

     1,480        0  

Assicurazioni Generali S.p.A.(c)

     149,240        2,816,477  

Atlantia S.p.A.(a)

     48,402        1,149,045  

Azimut Holding S.p.A.

     9,348        196,799  

Banco BPM S.p.A.(c)

     233,557        727,487  

BPER Banca(c)

     180,213        297,082  

Coca-Cola HBC AG

     12,534        253,023  

Enel S.p.A.

     987,238        6,380,582  

Eni S.p.A.

     391,643        5,495,541  

Ferrari N.V.

     1,706        359,848  

FinecoBank Banca Fineco S.p.A.

     15,861        218,508  

Hera S.p.A.(c)

     86,406        321,410  

Intesa Sanpaolo S.p.A.(c)

     2,197,892        4,420,051  

Italgas S.p.A.(c)

     44,691        288,518  

Leonardo S.p.A.(a)

     93,143        965,318  

Mediobanca Banca di Credito Finanziario S.p.A.

     66,004        656,272  

Moncler S.p.A.

     3,554        184,595  

Pirelli & C S.p.A.(c)(d)

     46,301        227,056  

Poste Italiane S.p.A.(d)

     55,162        535,554  

Prysmian S.p.A.

     19,605        635,609  

Saipem S.p.A.(a)(c)

     206,624        233,697  

Snam S.p.A.

     168,775        926,190  

Telecom Italia S.p.A.(c)

     3,140,193        910,389  

Telecom Italia S.p.A., RSP

     1,732,767        477,716  

Terna Rete Elettrica Nazionale S.p.A.(c)

     86,287        702,836  

UniCredit S.p.A.(c)

     306,056        2,791,288  

Unipol Gruppo S.p.A.

     67,963        367,443  
    

 

 

  
       32,902,722  
    

 

 

  
Japan-18.66%     

Advantest Corp.

     4,240        292,404  

Aeon Co. Ltd.

     48,646        925,157  

AGC, Inc.

     22,214        835,697  

Aisin Corp.

     15,375        447,062  

Ajinomoto Co., Inc.

     25,406        662,381  

Alps Alpine Co. Ltd.

     42,611        375,631  

Amada Co. Ltd.

     27,471        214,155  

ANA Holdings, Inc.(a)

     16,528        311,925  

Aozora Bank Ltd.

     13,177        263,815  

Asahi Group Holdings Ltd.

     31,348        1,172,396  

Asahi Kasei Corp.

     73,372        604,812  

Astellas Pharma, Inc.

     73,859        1,127,610  

Bandai Namco Holdings, Inc.

     9,149        623,653  

Bridgestone Corp.

     30,410        1,114,888  

Brother Industries Ltd.

     13,857        241,274  

Canon, Inc.

     89,536        2,060,780  

Casio Computer Co. Ltd.

     20,842        214,261  

 

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

 

 

 

 

   17  

 

 

 

 

Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)–(continued)

April 30, 2022

(Unaudited)

 

        Shares        Value  
Japan-(continued)     

Central Japan Railway Co.

     12,321      $ 1,557,096  

Chiba Bank Ltd. (The)

     43,104        248,187  

Chubu Electric Power Co., Inc.

     39,370        398,684  

Chugai Pharmaceutical Co. Ltd.

     14,021        421,481  

COMSYS Holdings Corp.

     10,538        219,688  

Concordia Financial Group Ltd.

     66,986        244,037  

Credit Saison Co. Ltd.

     18,714        210,193  

Dai Nippon Printing Co. Ltd.

     13,439        281,304  

Daifuku Co. Ltd.

     3,470        214,547  

Dai-ichi Life Holdings, Inc.

     80,913        1,626,566  

Daiichi Sankyo Co. Ltd.

     54,588        1,374,391  

Daikin Industries Ltd.

     9,883        1,522,136  

Daito Trust Construction Co. Ltd.

     4,700        453,120  

Daiwa House Industry Co. Ltd.

     29,225        707,055  

Daiwa House REIT Investment Corp.

     96        233,405  

Daiwa Securities Group, Inc.

     121,891        597,358  

Denso Corp.

     33,469        2,045,863  

Dentsu Group, Inc.

     13,909        503,551  

Disco Corp.

     844        208,369  

Dowa Holdings Co. Ltd.

     5,866        250,831  

East Japan Railway Co.

     28,802        1,512,365  

Ebara Corp.

     7,066        326,923  

Eisai Co. Ltd.

     16,476        718,813  

Electric Power Development Co. Ltd.

     17,739        244,671  

ENEOS Holdings, Inc.

     330,893        1,161,858  

FANUC Corp.

     8,391        1,299,952  

Fast Retailing Co. Ltd.

     1,432        657,299  

Fuji Electric Co. Ltd.

     9,431        416,135  

FUJIFILM Holdings Corp.

     21,295        1,178,983  

Fujitsu Ltd.

     11,884        1,682,910  

Fukuoka Financial Group, Inc.

     12,850        234,950  

GLP J-Reit

     148        199,113  

Hankyu Hanshin Holdings, Inc.

     10,241        270,791  

Hino Motors Ltd.

     34,082        176,601  

Hirose Electric Co. Ltd.

     1,536        195,927  

Hitachi Construction Machinery Co. Ltd.

     11,783        267,468  

Hitachi Ltd.

     74,209        3,461,379  

Hitachi Metals Ltd.(a)

     14,273        223,415  

Honda Motor Co. Ltd.

     100,959        2,655,343  

Hoya Corp.

     6,440        642,677  

Hulic Co. Ltd.

     30,166        254,878  

Ibiden Co. Ltd.

     4,654        176,615  

Idemitsu Kosan Co. Ltd.

     21,761        571,906  

IHI Corp.

     23,160        525,094  

Iida Group Holdings Co. Ltd.

     13,123        210,479  

Inpex Corp.

     132,340        1,564,872  

Isetan Mitsukoshi Holdings Ltd.(c)

     47,381        351,235  

Isuzu Motors Ltd.

     46,506        542,486  

ITOCHU Corp.

     57,562        1,744,211  

J. Front Retailing Co. Ltd.

     35,915        269,036