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Invesco Annual Report to Shareholders

 

October 31, 2021

    

PCY     Invesco Emerging Markets Sovereign Debt ETF

 

PGHY  Invesco Global Short Term High Yield Bond ETF

 

PICB    Invesco International Corporate Bond ETF


 

Table of Contents

 

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

Invesco Emerging Markets Sovereign Debt ETF (PCY)

     12  

Invesco Global Short Term High Yield Bond ETF (PGHY)

     15  

Invesco International Corporate Bond ETF (PICB)

     24  
Statements of Assets and Liabilities      33  
Statements of Operations      34  
Statements of Changes in Net Assets      36  
Financial Highlights      38  
Notes to Financial Statements      41  
Report of Independent Registered Public Accounting Firm      51  
Fund Expenses      52  
Tax Information      53  
Trustees and Officers      54  

 

 

  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.

Fixed Income

Fixed income markets posted positive gains in the third quarter of 2020 primarily due to the Federal Reserve’s (Fed) continued accommodative pledge to keep interest rates low through 2023, extending central bank support of many fixed income asset classes. Additionally, the Fed announced a revised framework for interest rate policy by changing the way its inflation targets operate, aiming for lower volatility within interest rates. Corporate credit spreads in the US and globally rallied early in the quarter, however, US markets wobbled late in the quarter amid a resurgence in European COVID-19 cases, as well as questions over refreshed fiscal stimulus measures. Central banks across developed nations in Europe and Asia have taken accommodative stances to keeping interest rate low. Uncertainty regarding the 2020 US presidential election and concerns of smooth transitions of power dampened markets towards the end of the quarter. The unemployment rate fell to 7.9%,1 its lowest since the beginning of the COVID-19 pandemic.

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

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

 

 

  3  

 


 

The Market Environment (continued)

 

 

 

Fixed income markets settled down in the second quarter of 2021, posting gains and rebounding from negative performance experienced during the early part of the year due to a sharply rising interest rate environment. Globally, corporate credit markets rallied as economic activity continued to rebound. Yet global corporate credit spreads took a step back at the beginning of the third quarter of 2021, while credit stress from key emerging market country issuers stirred fear of possible global contagion. Despite higher volatility stemming from inflation concerns and potential for rising interest rates, investors remained optimistic about the strength of the economic recovery after the Bureau of Economic Analysis reported that US GDP grew at a 6.4% annualized rate for the first quarter of 2021.3 As the US COVID-19 vaccination rate neared the 50% threshold, consumers resumed pre-pandemic activities in the third quarter, and economically sensitive areas, such as the consumer discretionary and technology sectors, began to recover. With an inconsistent global vaccine rollout and the threat of COVID-19 variants on the rise, investors remained cautiously optimistic and expected corporate balance sheets to continue to recover meaningfully in 2021.

 

1 

Source: US Bureau of Labor Statistics

2 

Source: US Department of the Treasury

3 

Source: US Bureau of Economic Analysis

 

 

  4  

 


 

 

PCY    Management’s Discussion of Fund Performance
   Invesco Emerging Markets Sovereign Debt ETF (PCY)

 

As an index fund, the Invesco Emerging Markets Sovereign Debt ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the DBIQ Emerging Market USD Liquid Balanced Index (the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, Deutsche Bank Securities Inc. (“DB” or the “Index Provider”) compiles and maintains the Underlying Index, which measures potential returns of a theoretical portfolio of U.S. dollar-denominated government bonds from emerging market countries. The Index is composed of one to three securities from each of the countries set forth below that (i) are denominated in U.S. dollars, (ii) are sovereign bonds, (iii) have at least three years to maturity at the time of rebalancing, (iv) have an outstanding float of at least $500 million or greater, and (v) have a fixed coupon. The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes 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 4.38%. On a net asset value (“NAV”) basis, the Fund returned 4.17%. During the same time period, the Index returned 4.85%. During the fiscal year, the Fund mostly 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, as well as trading costs incurred by the Fund during the period.

During this same time period, the JP Morgan Emerging Market Bond Global Index (the “Benchmark Index”) returned 4.06%. The Benchmark Index is an unmanaged index weighted by country, which limits weights of countries with higher debt outstanding,

reallocating this excess to countries with lower debt outstanding, based on the average performance of approximately 800 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 U.S. dollar-denominated bond market in emerging market countries.

Relative to the Benchmark Index, the Fund was most overweight in the country of Paraguay and most underweight in the country of China 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 the Fund’s higher allocation to the country of Angola, followed by security selection in the country of Oman.

For the fiscal year ended October 31, 2021, the country of Angola contributed most significantly to the Fund’s return, followed by the country of Costa Rica and the country of Oman, respectively. The country of Colombia detracted most significantly from the Fund’s return, followed by the country of Brazil and the country of Belarus, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2021, included Angolan Government International Bond, 9.38% coupon, due 05/08/2048 (portfolio average weight of 1.00%), and Angolan Government International Bond, 8.25% coupon, due 05/09/2028 (portfolio average weight of 1.00%). Positions that detracted most significantly from the Fund’s return during this period included Republic of Belarus International Bond, 6.38% coupon, due 02/24/2031 (portfolio average weight of 1.40%) and El Salvador Government International Bond, 8.63% coupon, due 02/28/2029 (portfolio average weight of 0.70%).

 

 

  5  

 


 

Invesco Emerging Markets Sovereign Debt ETF (PCY) (continued)

 

Country Breakdown
(% of the Fund’s Net Assets)
as of October 31, 2021
 
Saudi Arabia      2.96  
China      2.93  
Mexico      2.92  
Russia      2.91  
Sri Lanka      2.89  
South Africa      2.88  
Oman      2.87  
Peru      2.85  
Qatar      2.84  
Romania      2.83  
Kazakhstan      2.82  
Angola      2.81  
Philippines      2.81  
Indonesia      2.79  
Dominican Republic      2.79  
Chile      2.77  
Costa Rica      2.75  
Ukraine      2.75  
Paraguay      2.75  
United Arab Emirates      2.75  
Panama      2.74  
Pakistan      2.70  
Guatemala      2.69  
Colombia      2.69  
Kenya      2.66  
Jordan      2.65  
Morocco      2.65  
Nigeria      2.62  
Brazil      2.61  
Bahrain      2.59  
Egypt      2.57  
Belarus      2.55  
Turkey      2.54  
El Salvador      2.17  
Kuwait      1.46  
Poland      1.40  
Hungary      1.38  
Mongolia      1.34  
Money Market Funds Plus Other Assets Less Liabilities      1.32  
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of October 31, 2021
 
Security   
Kuwait International Government Bond, 3.50%, 03/20/2027      1.46  
Republic of Belarus International Bond, 6.38%, 02/24/2031      1.43  
Republic of Poland Government International Bond, 3.25%, 04/06/2026      1.40  
Chile Government International Bond, 3.86%, 06/21/2047      1.40  
Hungary Government International Bond, 7.63%, 03/29/2041      1.38  
Chile Government International Bond, 3.13%, 01/21/2026      1.37  
Kenya Government International Bond, 7.25%, 02/28/2028      1.36  
Kenya Government International Bond, 8.25%, 02/28/2048      1.30  
Saudi Government International Bond, 5.00%, 04/17/2049      1.01  
Peruvian Government International Bond, 3.55%, 03/10/2051      1.01  
Total      13.12  

 

*

Excluding money market fund holdings.

 

 

  6  

 


 

Invesco Emerging Markets Sovereign Debt ETF (PCY) (continued)

 

Growth of a $10,000 Investment

 

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

   

10 Years

Average
Annualized

   

10 Years

Cumulative

          Fund Inception  
Index         Average
Annualized
    Cumulative  
DBIQ Emerging Market USD Liquid Balanced Index     4.85     6.46     20.67     3.38     18.07     5.57     71.95       6.69     148.56
JP Morgan Emerging Market Bond Global Index     4.06       6.45       20.64       3.89       21.01       5.02       63.21         6.07       128.86  
Fund                    
NAV Return     4.17       5.69       18.05       2.69       14.20       4.71       58.52         5.73       118.76  
Market Price Return     4.38       5.75       18.27       2.76       14.56       4.70       58.23         5.67       117.11  

 

Fund Inception: October 11, 2007

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 0.50% 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 are based upon a hypothetical investment in their respective constituent securities. The returns for 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.

 

 

  7  

 


 

 

PGHY    Management’s Discussion of Fund Performance
   Invesco Global Short Term High Yield Bond ETF (PGHY)

 

As an index fund, the Invesco Global Short Term High Yield Bond ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the DB Global Short Maturity High Yield Bond Index (the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, Deutsche Bank Securities Inc. (“DB” or the “Index Provider”) compiles and maintains the Index, which is composed of U.S. and foreign short-term bonds that are rated below investment grade. The Index is composed of bonds issued by corporations, as well as sovereign, sub-sovereign or quasi-government entities, that (i) are denominated in U.S. dollars; (ii) are rated below “investment grade” (i.e., have a “composite rating” from DB of no greater than “BB+”); (iii) have not been marked as defaulted by any rating agency; (iv) have three years or less to maturity; (v) have a minimum amount outstanding of at least $250 million; and (vi) have a fixed coupon.

Eligible bonds must be rated by at least one of S&P Global Ratings, Moody’s Investors Service, Inc., or Fitch Ratings Inc. DB converts all available ratings for each bond into a numerical score, and then calculates an average score for each bond from those available ratings that corresponds to DB’s “composite rating” system. The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes 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 5.42%. On a net asset value (“NAV”) basis, the Fund returned 5.33%. During the same time period, the Index returned 6.54%. The Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the Fund’s utilization of a sampling methodology. It was also due to fees and operating expenses as well as trading costs incurred by the Fund during the period.

During this same time period, ICE BofA 0-5 Year U.S. High Yield Constrained Index (the “Benchmark Index”) returned 11.36%. The Benchmark Index is an unmanaged index weighted by market capitalization and based on the average performance of approximately 950 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 U.S. dollar-denominated short-term high yield corporate bond market.

Relative to the Benchmark Index, the Fund was most overweight in the financials sector and most underweight in the communication services 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 the Fund’s underweight holdings in the energy sector.

For the fiscal year ended October 31, 2021, the energy sector contributed most significantly to the Fund’s return, followed by the Industrials and the consumer discretionary sectors, respectively.

The real estate sector detracted most significantly from the Fund’s return.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2021, included Guitar Center Escrow Issuer Inc., 9.50% coupon, due 10/15/2021, (no longer held at fiscal year-end) and Navios Maritime Holdings, Inc./Navios Maritime Finance II US, Inc. 7.38% coupon, due 01/15/2022, (portfolio average weight of 0.40%). Positions that detracted most significantly from the Fund’s return included CFLD Cayman Investment Ltd., 9.00% coupon, due 07/31/2021, (no longer held at fiscal year-end) and Scenery Journey Ltd., 13.75% coupon, due 11/06/2023, (portfolio average weight of 0.10%).

 

Sector Breakdown
(% of the Fund’s Net Assets) as of
October 31, 2021
 
Financials      24.62  
Consumer Discretionary      11.59  
Sovereign Debt      10.64  
Energy      10.39  
Materials      8.07  
Real Estate      7.33  
Industrials      7.03  
Communication Services      5.42  
Utilities      3.89  
Sector Types Each Less Than 3%      7.10  
Money Market Funds Plus Other Assets Less Liabilities      3.92  
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of October 31, 2021
 
Security   
Exela Intermediate LLC/Exela Finance, Inc., 10.00%, 07/15/2023      0.53  
Athabasca Oil Corp., 9.88%, 02/24/2022      0.47  
Easy Tactic Ltd., 5.75%, 01/13/2022      0.42  
Navios Maritime Holdings, Inc./Navios Maritime Finance II US, Inc., 7.38%, 01/15/2022      0.41  
Credit Bank of Moscow Via CBOM Finance PLC, 5.88%, 11/07/2021      0.38  
FS Energy and Power Fund, 7.50%, 08/15/2023      0.38  
Zoomlion HK SPV Co. Ltd., 6.13%, 12/20/2022      0.35  
Alpha Star Holding III Ltd., 6.25%, 04/20/2022      0.34  
Petroleos Mexicanos, 4.88%, 01/18/2024      0.34  
Navient Corp., 5.50%, 01/25/2023      0.33  
Total      3.95  

 

*

Excluding money market fund holdings.

 

 

  8  

 


 

Invesco Global Short Term High Yield Bond ETF (PGHY) (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  
DB Global Short Maturity High Yield Bond Index     6.54     3.30     10.23     3.58     19.24       4.82     48.22
ICE BofA 0-5 Year U.S. High Yield Constrained Index     11.36       5.42       17.17       5.50       30.69         5.08       51.33  
Fund                
NAV Return     5.33       3.06       9.47       3.19       16.99         3.71       35.56  
Market Price Return     5.42       3.28       10.17       3.16       16.82         3.76       36.10  

 

Fund Inception: June 20, 2013

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.35% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the indexes are based upon a hypothetical investment in their respective constituent securities. The returns for 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.

 

 

  9  

 


 

 

PICB    Management’s Discussion of Fund Performance
   Invesco International Corporate Bond ETF (PICB)

 

As an index fund, the Invesco International Corporate Bond ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P International Corporate Bond Index® (the “Index”). The Fund generally will invest at least 80% of its total assets in investment grade corporate bonds that comprise the Index.

S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) measures the performance of investment grade corporate bonds issued in the following currencies of Group of Ten (“G10”) countries, excluding the U.S. Dollar (USD): Australian Dollar (AUD), British Pound (GBP), Canadian Dollar (CAD), Euro (EUR), Japanese Yen (JPY), New Zealand Dollar (NZD), Norwegian Krone (NOK), Swedish Krona (SEK) and Swiss Franc (SFR). The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes 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 1.69%. On a net asset value (“NAV”) basis, the Fund returned 1.73%. During the same time period, the Index returned 1.82%. The Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses incurred by the Fund during the period, which were partially offset by positive effects of the Fund’s sampling methodology.

During this same time period, the Bloomberg Pan-European Aggregate Index (the “Benchmark Index”) returned (2.08)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 8,300 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-based representation of the non-U.S. dollar corporate bond market.

Relative to the Benchmark Index, the Fund was most overweight in the financials sector and most underweight in the real estate 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 the Fund’s overweight in 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 utilities and the communication services, respectively. The consumer discretionary sector detracted most significantly from the Fund’s return.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2021, included Scottish Widows Ltd., 7.00% coupon, due 06/16/2043, (portfolio average weight of 0.30 %), and Heathrow Funding Ltd., 4.63% coupon, due 10/31/2046, (portfolio average weight of 0.30%). Positions that detracted most significantly from the

Fund’s return included NTT Finance Corp., Series 16, 0.18% coupon, due 12/19/2025, (portfolio average weight of 0.7%), and NTT Finance Corp., Series 18, 0.38% coupon, due 09/20/2030, (portfolio average weight of 0.70%).

 

Sector Breakdown
(% of the Fund’s Net Assets)
as of October 31, 2021
 
Financials      43.29  
Utilities      10.56  
Communication Services      9.31  
Energy      7.10  
Industrials      6.36  
Consumer Discretionary      6.33  
Consumer Staples      5.60  
Health Care      5.44  
Sector Types Each Less Than 3%      4.70  
Money Market Funds Plus Other Assets Less Liabilities      1.31  
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of October 31, 2021
 
Security   
NTT Finance Corp., Series 18, 0.38%, 09/20/2030      0.72  
NTT Finance Corp., Series 16, 0.18%, 12/19/2025      0.72  
Enel Finance International N.V., 5.75%, 09/14/2040      0.59  
T.H.F.C. (Funding No.3) PLC, 5.20%, 10/11/2043      0.51  
Bank of Montreal, 3.19%, 03/01/2028      0.49  
Western Power Distribution West Midlands PLC, 5.75%, 04/16/2032      0.48  
Lloyds Bank PLC, 6.50%, 09/17/2040      0.47  
ENGIE S.A., 5.00%, 10/01/2060      0.47  
GlaxoSmithKline Capital PLC, 5.25%, 12/19/2033      0.46  
University of Oxford, 2.54%, 12/08/2117      0.45  
Total      5.36  

 

*

Excluding money market fund holdings.

 

 

  10  

 


 

Invesco International Corporate Bond ETF (PICB) (continued)

 

Growth of a $10,000 Investment

 

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

   

10 Years

Average
Annualized

   

10 Years

Cumulative

          Fund Inception  
Index         Average
Annualized
    Cumulative  
S&P International Corporate Bond Index® (Net)     1.82     5.10     16.08     3.85     20.79     2.01     22.07       3.37     45.95
Bloomberg Pan-European Aggregate Index     (2.08     3.75       11.67       2.90       15.38       1.81       19.65         3.12       41.94  
Fund                    
NAV Return     1.73       5.11       16.12       3.89       21.02       2.19       24.23         3.44       47.04  
Market Price Return     1.69       5.20       16.42       3.98       21.53       2.30       25.54         3.39       46.21  

 

Fund Inception: June 3, 2010

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 0.50% 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 are based upon a hypothetical investment in their respective constituent securities. The returns for 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  

 


 

Invesco Emerging Markets Sovereign Debt ETF (PCY)

October 31, 2021

Schedule of Investments

 

     Principal
Amount
     Value  

U.S. Dollar Denominated Bonds & Notes-98.68%

 

Angola-2.81%

     

Angolan Government International Bond

     

8.25%, 05/09/2028(a)

   $ 24,730,000      $      24,915,970  

9.38%, 05/08/2048(a)

     26,006,000        25,900,676  

9.13%, 11/26/2049(a)

     26,365,000        25,819,033  
     

 

 

 
        76,635,679  
     

 

 

 

Bahrain-2.59%

     

Bahrain Government International Bond

     

6.00%, 09/19/2044(a)

     25,256,000        23,456,131  

7.50%, 09/20/2047(a)

     22,332,000        23,177,221  

6.25%, 01/25/2051(a)

     25,700,000        24,027,213  
     

 

 

 
        70,660,565  
     

 

 

 

Belarus-2.55%

     

Republic of Belarus International Bond

     

7.63%, 06/29/2027(a)

     23,135,000        22,575,133  

6.20%, 02/28/2030(a)

     8,920,000        7,770,881  

6.38%, 02/24/2031(a)

     44,770,000        38,986,835  
     

 

 

 
        69,332,849  
     

 

 

 

Brazil-2.61%

     

Brazilian Government International Bond

     

5.63%, 01/07/2041

     23,969,000        23,537,798  

5.63%, 02/21/2047(b)

     24,593,000        23,717,243  

4.75%, 01/14/2050

     27,818,000        23,831,402  
     

 

 

 
        71,086,443  
     

 

 

 

Chile-2.77%

     

Chile Government International Bond

     

3.13%, 01/21/2026(b)

     35,222,000        37,388,153  

3.86%, 06/21/2047(b)

     35,094,000        38,191,747  
     

 

 

 
        75,579,900  
     

 

 

 

China-2.93%

     

China Government International Bond

     

2.75%, 12/03/2039(a)

     25,110,000        26,349,351  

4.00%, 10/19/2048(a)(b)

     20,350,000        26,613,950  

2.25%, 10/21/2050(a)(b)

     27,570,000        26,888,080  
     

 

 

 
        79,851,381  
     

 

 

 

Colombia-2.69%

     

Colombia Government International Bond

     

7.38%, 09/18/2037

     18,674,000        23,191,054  

6.13%, 01/18/2041

     22,144,000        24,597,002  

5.63%, 02/26/2044

     23,985,000        25,353,104  
     

 

 

 
        73,141,160  
     

 

 

 

Costa Rica-2.75%

     

Costa Rica Government International Bond

     

5.63%, 04/30/2043(a)(b)

     27,854,000        24,873,622  

7.00%, 04/04/2044(a)

     24,738,000        24,781,292  

7.16%, 03/12/2045(a)(b)

     25,061,000        25,386,793  
     

 

 

 
        75,041,707  
     

 

 

 

Dominican Republic-2.79%

     

Dominican Republic International Bond

     

7.45%, 04/30/2044(a)

     21,045,000        25,143,724  
     Principal
Amount
     Value  

Dominican Republic-(continued)

     

6.85%, 01/27/2045(a)

   $ 22,445,000      $      25,026,175  

6.50%, 02/15/2048(a)

     24,003,000        25,719,455  
     

 

 

 
        75,889,354  
     

 

 

 

Egypt-2.57%

     

Egypt Government International Bond

     

8.50%, 01/31/2047(a)

     25,892,000        23,997,638  

7.90%, 02/21/2048(a)

     26,632,000        23,518,613  

8.70%, 03/01/2049(a)

     23,995,000        22,446,842  
     

 

 

 
        69,963,093  
     

 

 

 

El Salvador-2.17%

     

El Salvador Government International Bond

     

5.88%, 01/30/2025(a)

     24,970,000        19,976,000  

8.63%, 02/28/2029(a)

     23,974,000        19,239,135  

9.50%, 07/15/2052(a)

     24,200,000        20,025,500  
     

 

 

 
        59,240,635  
     

 

 

 

Guatemala-2.69%

     

Guatemala Government Bond

     

4.50%, 05/03/2026(a)

     21,820,000        23,303,760  

4.38%, 06/05/2027(a)

     23,450,000        25,079,775  

4.88%, 02/13/2028(a)

     22,730,000        24,809,795  
     

 

 

 
        73,193,330  
     

 

 

 

Hungary-1.38%

     

Hungary Government International Bond,
7.63%, 03/29/2041

     22,737,000        37,542,652  
     

 

 

 

Indonesia-2.79%

     

Indonesia Government International Bond

     

6.63%, 02/17/2037(a)

     18,627,000        25,563,666  

7.75%, 01/17/2038(a)

     16,878,000        25,287,379  

6.75%, 01/15/2044(a)(b)

     17,334,000        25,106,175  
     

 

 

 
        75,957,220  
     

 

 

 

Jordan-2.65%

     

Jordan Government International Bond

     

5.75%, 01/31/2027(a)

     23,135,000        24,804,283  

5.85%, 07/07/2030(a)(b)

     23,350,000        24,168,417  

7.38%, 10/10/2047(a)

     22,291,000        23,122,945  
     

 

 

 
        72,095,645  
     

 

 

 

Kazakhstan-2.82%

     

Kazakhstan Government International Bond

     

5.13%, 07/21/2025(a)

     23,323,000        26,537,889  

4.88%, 10/14/2044(a)

     20,391,000        25,033,113  

6.50%, 07/21/2045(a)

     17,559,000        25,345,714  
     

 

 

 
        76,916,716  
     

 

 

 

Kenya-2.66%

     

Kenya Government International Bond

     

7.25%, 02/28/2028(a)

     34,212,000        36,972,395  

8.25%, 02/28/2048(a)(b)

     34,001,000        35,489,496  
     

 

 

 
        72,461,891  
     

 

 

 

Kuwait-1.46%

     

Kuwait International Government Bond, 3.50%, 03/20/2027(a)

     36,410,000        39,901,282  
     

 

 

 

 

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

 

    12    

 

 

 

 


 

Invesco Emerging Markets Sovereign Debt ETF (PCY)–(continued)

October 31, 2021

 

 

     Principal
Amount
     Value  

Mexico-2.92%

     

Mexico Government International Bond

     

4.60%, 01/23/2046

   $ 25,331,750      $      27,131,571  

5.75%, 10/12/2110

     22,166,000        25,690,394  

Series A, 6.05%, 01/11/2040

     21,431,000        26,742,245  
     

 

 

 
        79,564,210  
     

 

 

 

Mongolia-1.34%

     

Mongolia Government International Bond

     

5.13%, 04/07/2026(a)(b)

     12,275,000        12,761,756  

3.50%, 07/07/2027(a)(b)

     12,290,000        11,868,204  

4.45%, 07/07/2031(a)

     12,300,000        11,895,560  
     

 

 

 
        36,525,520  
     

 

 

 

Morocco-2.65%

     

Morocco Government International Bond

     

3.00%, 12/15/2032(a)

     25,544,000        24,309,969  

5.50%, 12/11/2042(a)

     21,420,000        23,792,951  

4.00%, 12/15/2050(a)

     26,560,000        23,969,470  
     

 

 

 
        72,072,390  
     

 

 

 

Nigeria-2.62%

     

Nigeria Government International Bond

     

7.70%, 02/23/2038(a)

     25,060,000        24,255,925  

7.63%, 11/28/2047(a)

     25,089,000        23,510,400  

9.25%, 01/21/2049(a)

     22,170,000        23,652,508  
     

 

 

 
        71,418,833  
     

 

 

 

Oman-2.87%

     

Oman Government International Bond

     

6.50%, 03/08/2047(a)

     25,795,000        25,547,832  

6.75%, 01/17/2048(a)

     25,965,000        26,333,833  

7.00%, 01/25/2051(a)(b)

     25,103,000        26,257,186  
     

 

 

 
        78,138,851  
     

 

 

 

Pakistan-2.70%

     

Pakistan Government International Bond

     

6.88%, 12/05/2027(a)

     23,828,000        24,410,976  

7.38%, 04/08/2031(a)(b)

     24,135,000        24,559,462  

8.88%, 04/08/2051(a)

     24,280,000        24,487,643  
     

 

 

 
        73,458,081  
     

 

 

 

Panama-2.74%

     

Panama Government International Bond

     

8.88%, 09/30/2027

     17,752,500        24,132,305  

3.88%, 03/17/2028

     23,255,000        25,273,650  

3.16%, 01/23/2030

     24,270,000        25,126,974  
     

 

 

 
        74,532,929  
     

 

 

 

Paraguay-2.75%

     

Paraguay Government International Bond

     

5.00%, 04/15/2026(a)

     22,756,000        25,287,605  

6.10%, 08/11/2044(a)

     20,812,000        25,161,916  

5.60%, 03/13/2048(a)

     21,358,000        24,476,482  
     

 

 

 
        74,926,003  
     

 

 

 

Peru-2.85%

     

Peruvian Government International Bond

     

8.75%, 11/21/2033

     15,976,500        24,833,712  

5.63%, 11/18/2050(b)

     18,431,000        25,308,528  

3.55%, 03/10/2051(b)

     27,267,000        27,556,848  
     

 

 

 
        77,699,088  
     

 

 

 
     Principal
Amount
     Value  

Philippines-2.81%

     

Philippine Government International Bond

     

3.95%, 01/20/2040

   $ 22,907,000      $      25,429,650  

3.70%, 03/01/2041

     23,742,000        25,600,910  

3.70%, 02/02/2042

     23,705,000        25,558,203  
     

 

 

 
        76,588,763  
     

 

 

 

Poland-1.40%

     

Republic of Poland Government International Bond, 3.25%, 04/06/2026.

     35,574,000        38,260,548  
     

 

 

 

Qatar-2.84%

     

Qatar Government International Bond

     

4.63%, 06/02/2046(a)

     20,720,000        25,886,118  

5.10%, 04/23/2048(a)

     19,391,000        25,781,808  

4.82%, 03/14/2049(a)

     20,012,000        25,795,488  
     

 

 

 
        77,463,414  
     

 

 

 

Romania-2.83%

     

Romanian Government International Bond

     

6.13%, 01/22/2044(a)(b)

     19,252,000        25,139,801  

5.13%, 06/15/2048(a)

     21,804,000        25,728,720  

4.00%, 02/14/2051(a)(b)

     25,850,000        26,124,010  
     

 

 

 
        76,992,531  
     

 

 

 

Russia-2.91%

     

Russian Foreign Bond - Eurobond

     

5.63%, 04/04/2042(a)

     20,200,000        26,272,726  

5.88%, 09/16/2043(a)

     18,800,000        25,555,084  

5.25%, 06/23/2047(a)

     21,500,000        27,440,444  
     

 

 

 
        79,268,254  
     

 

 

 

Saudi Arabia-2.96%

     

Saudi Government International Bond

     

4.50%, 10/26/2046(a)

     22,324,000        25,804,088  

4.63%, 10/04/2047(a)

     23,015,000        27,143,960  

5.00%, 04/17/2049(a)

     22,100,000        27,604,425  
     

 

 

 
        80,552,473  
     

 

 

 

South Africa-2.88%

     

Republic of South Africa Government International Bond

     

6.25%, 03/08/2041

     24,250,000        25,406,992  

5.38%, 07/24/2044

     28,487,000        26,922,181  

6.30%, 06/22/2048

     25,339,000        26,099,803  
     

 

 

 
        78,428,976  
     

 

 

 

Sri Lanka-2.89%

     

Sri Lanka Government International Bond

     

6.13%, 06/03/2025(a)(b)

     38,775,000        25,397,625  

6.85%, 11/03/2025(a)

     40,360,000        26,118,974  

6.83%, 07/18/2026(a)

     42,636,000        27,287,040  
     

 

 

 
        78,803,639  
     

 

 

 

Turkey-2.54%

     

Turkey Government International Bond

     

8.00%, 02/14/2034

     21,766,000        23,453,518  

6.88%, 03/17/2036

     23,660,000        22,966,809  

7.25%, 03/05/2038

     22,740,000        22,739,955  
     

 

 

 
        69,160,282  
     

 

 

 

Ukraine-2.75%

     

Ukraine Government International Bond

     

7.75%, 09/01/2027(a)

     22,644,000        24,453,210  

 

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

 

    13    

 

 

 

 


 

Invesco Emerging Markets Sovereign Debt ETF (PCY)–(continued)

October 31, 2021

    

 

     Principal
Amount
     Value  

Ukraine-(continued)

     

9.75%, 11/01/2028(a)

   $ 22,032,000      $ 25,615,593  

7.30%, 03/15/2033(a)

     24,400,000        24,910,204  
     

 

 

 
        74,979,007  
     

 

 

 

United Arab Emirates-2.75%

     

Emirate of Dubai Government International Bond, 5.25%, 01/30/2043(a)

     22,381,000        25,709,167  

Finance Department Government of Sharjah

     

4.00%, 07/28/2050(a)

     26,820,000        24,273,012  

4.38%, 03/10/2051(a)

     26,180,000        24,814,870  
     

 

 

 
        74,797,049  
     

 

 

 

Total U.S. Dollar Denominated Bonds & Notes
(Cost $2,786,665,823)

 

     2,688,122,343  
     

 

 

 
     Shares         

Money Market Funds-0.07%

     

Invesco Government & Agency Portfolio, Institutional Class, 0.03%(c)(d)
(Cost $1,814,291)

     1,814,291        1,814,291  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES

     

(excluding investments purchased with cash collateral from securities on loan)-98.75%
(Cost $2,788,480,114)

        2,689,936,634  
     

 

 

 
     Shares      Value  

Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-2.32%

     

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

     18,930,470      $ 18,930,470  

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

     44,153,436        44,171,098  
     

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $63,101,567)

 

     63,101,568  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES-101.07%
(Cost $2,851,581,681)

 

     2,753,038,202  

OTHER ASSETS LESS LIABILITIES-(1.07)%

 

     (29,122,699
     

 

 

 

NET ASSETS-100.00%

      $ 2,723,915,503  
     

 

 

 

 

Notes to Schedule of Investments:

(a) 

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2021 was $1,936,537,392, which represented 71.09% of the Fund’s Net Assets.

(b) 

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

(c) 

Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended October 31, 2021.

 

     Value
October 31, 2020
   Purchases
at Cost
   Proceeds
from Sales
  Change in
Unrealized
Appreciation
   Realized
Gain
   Value
October 31, 2021
   Dividend
Income
Investments in Affiliated Money Market Funds:                                  
Invesco Government & Agency Portfolio, Institutional Class      $ 660,305      $ 332,854,769      $ (331,700,783 )     $ -      $ -      $ 1,814,291      $ 2,644
Investments Purchased with Cash Collateral from Securities on Loan:                                  
Invesco Private Government Fund        -        200,953,554        (182,023,084 )       -        -        18,930,470        3,087 *
Invesco Private Prime Fund        -        351,195,981        (307,024,884 )       1        -        44,171,098        43,896 *
    

 

 

      

 

 

      

 

 

     

 

 

      

 

 

      

 

 

      

 

 

 
Total      $ 660,305      $ 885,004,304      $ (820,748,751 )     $ 1      $ -      $ 64,915,859      $ 49,627
    

 

 

      

 

 

      

 

 

     

 

 

      

 

 

      

 

 

      

 

 

 

 

*

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

 

(d) 

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

(e) 

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

 

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

 

    14    

 

 

 

 


 

Invesco Global Short Term High Yield Bond ETF (PGHY)

October 31, 2021

Schedule of Investments

 

       Principal  
Amount
  Value  

U.S. Dollar Denominated Bonds & Notes-95.73%

 

Argentina-2.41%

    

AES Argentina Generacion S.A., 7.75%, 02/02/2024(a)

   $      850,000       $        742,471  

Agua y Saneamientos Argentinos S.A.,
6.63%, 02/01/2023(a)

     450,000       256,725  

Arcor S.A.I.C., 6.00%, 07/06/2023(a)

     350,000       341,565  

Capex S.A., 6.88%, 05/15/2024(a)

     300,000       285,467  

Cia General de Combustibles S.A., 9.50%, 11/07/2021(a)

     525,000       527,075  

Generacion Mediterranea S.A./Generacion
Frias S.A./Central Termica Roca S.A.,
9.63%, 07/27/2023(a)

     771,000       642,393  

Genneia S.A., 8.75%, 01/20/2022(a)

     650,000       645,086  

IRSA Propiedades Comerciales S.A.,
8.75%, 03/23/2023(a)

     565,000       544,759  

Pampa Energia S.A., 7.38%, 07/21/2023(a)

     675,000       648,368  

Provincia de Cordoba, 5.00%, 12/10/2025(a)(b)

     661,221       505,900  

Tecpetrol S.A., 4.88%, 12/12/2022(a)

     553,000       553,055  
    

 

 

 
       5,692,864  
    

 

 

 

Australia-0.34%

    

FMG Resources August 2006 Pty. Ltd.,
5.13%, 05/15/2024(a)

     200,000       213,440  

North Queensland Export Terminal Pty. Ltd.,
4.45%, 12/15/2022(a)(c)

     600,000       580,496  
    

 

 

 
       793,936  
    

 

 

 

Azerbaijan-0.33%

    

Republic of Azerbaijan International Bond,
4.75%, 03/18/2024(a)

     200,000       214,800  

State Oil Co. of the Azerbaijan Republic,
4.75%, 03/13/2023(a)

     550,000       572,891  
    

 

 

 
       787,691  
    

 

 

 

Bahrain-0.53%

    

Bahrain Government International Bond

    

6.13%, 07/05/2022(a)

     500,000       515,470  

6.13%, 08/01/2023(a)

     500,000       529,908  

BBK BSC, 5.50%, 07/09/2024(a)

     200,000       207,925  
    

 

 

 
       1,253,303  
    

 

 

 

Belarus-0.35%

    

Development Bank of the Republic of Belarus JSC, 6.75%, 05/02/2024(a)

     400,000       376,000  

Republic of Belarus International Bond,
6.88%, 02/28/2023(a)(c)

     450,000       455,697  
    

 

 

 
       831,697  
    

 

 

 

Belgium-0.09%

    

Barry Callebaut Services N.V., 5.50%, 06/15/2023(a)

     200,000       214,236  
    

 

 

 

Bolivia-0.48%

    

Bolivian Government International Bond

    

4.88%, 10/29/2022(a)(c)

     700,000       712,968  

5.95%, 08/22/2023(a)(c)

     400,000       418,462  
    

 

 

 
       1,131,430  
    

 

 

 
       Principal  
Amount
  Value  

Brazil-5.22%

    

Banco Bradesco S.A., 2.85%, 01/27/2023(a)

   $      700,000       $        707,182  

Banco BTG Pactual S.A., 5.50%, 01/31/2023(a)

     500,000       519,380  

Banco do Estado do Rio Grande do Sul S.A., 7.38%, 02/02/2022(a)

     700,000       707,122  

Banco Nacional de Desenvolvimento Economico e Social

    

5.75%, 09/26/2023(a)

     500,000       541,595  

4.75%, 05/09/2024(a)

     250,000       269,149  

Banco Safra S.A., 4.13%, 02/08/2023(a)

     600,000       614,250  

Banco Votorantim S.A., 4.00%, 09/24/2022(a)

     500,000       510,688  

Braskem Finance Ltd., 6.45%, 02/03/2024(c)

     700,000       765,625  

Brazilian Government International Bond, 2.63%, 01/05/2023

     500,000       510,070  

BRF S.A., 4.75%, 05/22/2024(a)

     200,000       208,752  

Caixa Economica Federal, 3.50%, 11/07/2022(a)

     750,000       764,070  

Cielo USA, Inc., 3.75%, 11/16/2022(a)

     612,000       619,650  

Embraer Overseas Ltd., 5.70%, 09/16/2023(a)

     625,000       659,631  

Embraer S.A., 5.15%, 06/15/2022

     600,000       612,042  

Gerdau Trade, Inc., 4.75%, 04/15/2023(a)

     500,000       523,725  

GTL Trade Finance, Inc./Gerdau Holdings, Inc., 5.89%, 04/29/2024(a)

     248,000       268,460  

InterCement Financial Operations B.V., 5.75%, 07/17/2024(a)

     200,000       186,101  

Itau Unibanco Holding S.A.

    

6.20%, 12/21/2021(a)

     700,000       703,045  

5.65%, 03/19/2022(a)

     600,000       609,450  

5.50%, 08/06/2022(a)

     700,000       719,390  

2.90%, 01/24/2023(a)

     400,000       405,380  

5.13%, 05/13/2023(a)

     600,000       629,388  

Petrobras Global Finance B.V., 6.25%, 03/17/2024

     250,000       273,563  
    

 

 

 
       12,327,708  
    

 

 

 

Canada-2.07%

    

Athabasca Oil Corp., 9.88%, 02/24/2022(a)

     1,100,000       1,102,145  

Cenovus Energy, Inc., 3.80%, 09/15/2023(c)

     600,000       627,071  

Cooke Omega Investments, Inc./Alpha

    

VesselCo. Holdings, Inc., 8.50%, 12/15/2022(a)

     500,000       510,175  

Gateway Casinos & Entertainment Ltd.,
8.25%, 03/01/2024(a)

     260,000       268,042  

Mountain Province Diamonds, Inc., 8.00%, 12/15/2022(a)

     725,000       652,246  

Quebecor Media, Inc., 5.75%, 01/15/2023

     500,000       526,875  

Rockpoint Gas Storage Canada Ltd., 7.00%, 03/31/2023(a)

     600,000       603,321  

TransAlta Corp., 4.50%, 11/15/2022(c)

     600,000       612,750  
    

 

 

 
       4,902,625  
    

 

 

 

 

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

 

    15    

 

 

 

 


 

Invesco Global Short Term High Yield Bond ETF (PGHY)–(continued)

October 31, 2021

 

       Principal  
Amount
  Value  

China-6.02%

    

China Grand Automotive Services Ltd., 8.63%, 04/08/2022(a)

   $      450,000       $        395,540  

China South City Holdings Ltd.

    

11.50%, 02/12/2022(a)

     700,000       407,916  

10.88%, 06/26/2022(a)

     700,000       343,875  

7.25%, 11/20/2022(a)

     400,000       183,438  

Chongqing Hechuan City Construction Investment Group Co. Ltd., 6.30%, 07/18/2022(a)

     200,000       200,120  

Easy Tactic Ltd.

    

5.75%, 01/13/2022(a)(c)

     1,200,000       984,932  

9.13%, 07/28/2022(a)

     600,000       414,580  

8.13%, 02/27/2023(a)

     900,000       564,787  

11.75%, 08/02/2023(a)(c)

     750,000       482,803  

Fortune Star (BVI) Ltd.

    

5.95%, 01/29/2023(a)

     400,000       402,984  

6.75%, 07/02/2023(a)

     500,000       498,515  

6.85%, 07/02/2024(a)

     200,000       205,485  

Fujian Zhanglong Group Co. Ltd., 5.88%, 08/26/2022(a)

     450,000       465,000  

Gemstones International Ltd., 12.00%, 03/10/2023(a)

     300,000       217,491  

Guangxi Liuzhou Dongcheng Investment Development Group Co. Ltd., 7.00%, 09/30/2022(a)

     600,000       564,155  

Hejun Shunze Investment Co. Ltd.

    

11.00%, 06/04/2022(a)

     500,000       129,115  

10.40%, 03/09/2023(a)

     500,000       118,886  

Hong Kong Red Star Macalline Universal Home Furnishings Ltd., 3.38%, 09/21/2022(a)

     600,000       539,764  

Huai An Traffic Holding Group Co. Ltd., 6.00%, 09/19/2022(a)

     240,000       243,587  

Kunming Municipal Urban Construction Investment & Development Co. Ltd., 5.80%, 10/17/2022(a)

     600,000       576,142  

New Metro Global Ltd.

    

7.50%, 12/16/2021(a)

     500,000       488,027  

6.50%, 05/20/2022(a)

     350,000       333,417  

RongXingDa Development (BVI) Ltd.

    

8.95%, 01/18/2022(a)

     500,000       279,300  

8.00%, 04/24/2022(a)

     615,000       284,438  

Scenery Journey Ltd.

    

11.50%, 10/24/2022(a)

     700,000       139,999  

13.00%, 11/06/2022(a)

     500,000       102,500  

12.00%, 10/24/2023(a)

     400,000       78,387  

13.75%, 11/06/2023(a)

     750,000       164,991  

Wanda Properties International Co. Ltd., 7.25%, 01/29/2024(a)(c)

     500,000       476,825  

Wanda Properties Overseas Ltd.

    

6.95%, 12/05/2022(a)

     700,000       671,481  

6.88%, 07/23/2023(a)

     500,000       476,444  

Yancoal International Resources Development Co. Ltd., 6.00%, 11/29/2021(a)

     600,000       601,982  

Yango Justice International Ltd., 9.25%, 04/15/2023(a)

     500,000       130,031  
       Principal  
Amount
  Value  

China-(continued)

    

Yanlord Land HK Co. Ltd.

    

6.75%, 04/23/2023(a)

   $      500,000       $        503,642  

6.80%, 02/27/2024(a)

     300,000       304,463  

Zhangzhou Jiulongjiang Group Co. Ltd., 5.60%, 09/10/2022(a)

     400,000       414,149  

Zoomlion HK SPV Co. Ltd., 6.13%, 12/20/2022(a)

     817,000       838,896  
    

 

 

 
       14,228,087  
    

 

 

 

Colombia-1.61%

    

Banco Davivienda S.A., 5.88%, 07/09/2022(a)

     700,000       717,682  

Banco de Bogota S.A., 5.38%, 02/19/2023(a)

     477,000       496,390  

Banco GNB Sudameris S.A., 7.50%, 07/30/2022(a)

     575,000       594,671  

Bancolombia S.A., 5.13%, 09/11/2022(c)

     550,000       565,867  

Ecopetrol S.A., 5.88%, 09/18/2023(c)

     200,000       215,070  

Gilex Holding S.a.r.l., 8.50%, 05/02/2023(a)

     640,000       649,619  

Grupo Aval Ltd., 4.75%, 09/26/2022(a)

     545,000       558,489  
    

 

 

 
       3,797,788  
    

 

 

 

Costa Rica-0.76%

    

Banco Nacional de Costa Rica, 6.25%, 11/01/2023(a)

     550,000       587,868  

Costa Rica Government International Bond, 4.25%, 01/26/2023(a)

     700,000       716,100  

Instituto Costarricense de Electricidad, 6.95%, 11/10/2021(a)

     490,000       491,107  
    

 

 

 
       1,795,075  
    

 

 

 

Croatia-0.77%

    

Croatia Government International Bond

    

5.50%, 04/04/2023(a)

     600,000       639,746  

6.00%, 01/26/2024(a)

     500,000       554,976  

Hrvatska Elektroprivreda, 5.88%, 10/23/2022(a)

     600,000       627,206  
    

 

 

 
       1,821,928  
    

 

 

 

Dominican Republic-0.56%

    

Banco de Reservas de la Republica Dominicana, 7.00%, 02/01/2023(a)

     550,000       575,657  

Dominican Republic International Bond, 6.60%, 01/28/2024(a)

     683,000       747,892  
    

 

 

 
       1,323,549  
    

 

 

 

Egypt-1.01%

    

Egypt Government International Bond

    

6.13%, 01/31/2022(a)

     600,000       604,770  

5.58%, 02/21/2023(a)

     600,000       616,257  

4.55%, 11/20/2023(a)

     684,000       695,310  

6.20%, 03/01/2024(a)

     250,000       261,582  

5.75%, 05/29/2024(a)

     200,000       207,030  
    

 

 

 
       2,384,949  
    

 

 

 

El Salvador-0.27%

    

AES El Salvador Trust II, 6.75%, 03/28/2023(a)

     700,000       650,097  
    

 

 

 

Finland-0.21%

    

Nokia OYJ, 3.38%, 06/12/2022

     485,000       492,275  
    

 

 

 

 

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

 

    16    

 

 

 

 


 

Invesco Global Short Term High Yield Bond ETF (PGHY)–(continued)

October 31, 2021

 

       Principal  
Amount
  Value  

Georgia-0.34%

    

Bank of Georgia JSC, 6.00%, 07/26/2023(a)

   $      500,000       $        532,360  

TBC Bank JSC, 5.75%, 06/19/2024(a)

     250,000       267,031  
    

 

 

 
       799,391  
    

 

 

 

Germany-0.56%

    

Commerzbank AG, 8.13%, 09/19/2023(a)

     509,000       570,468  

ZF North America Capital, Inc., 4.50%, 04/29/2022(a)

     750,000       762,188  
    

 

 

 
       1,332,656  
    

 

 

 

Ghana-0.10%

    

Ghana Government International Bond, 7.88%, 08/07/2023(a)

     230,000       230,731  
    

 

 

 

Greece-0.41%

    

Navios Maritime Holdings, Inc./Navios Maritime Finance II US, Inc., 7.38%, 01/15/2022(a)

     1,000,000       980,440  
    

 

 

 

Guatemala-0.51%

    

Guatemala Government Bond, 5.75%, 06/06/2022(a)

     560,000       573,860  

Industrial Senior Trust, 5.50%, 11/01/2022(a)

     625,000       642,975  
    

 

 

 
       1,216,835  
    

 

 

 

India-3.97%

    

ABJA Investment Co. Pte. Ltd.

    

4.45%, 07/24/2023(a)

     450,000       467,100  

5.95%, 07/31/2024(a)

     300,000       328,131  

Axis Bank Ltd., 3.00%, 08/08/2022(a)

     653,000       661,701  

Delhi International Airport Ltd., 6.13%, 02/03/2022(a)(c)

     700,000       702,973  

GMR Hyderabad International Airport Ltd., 5.38%, 04/10/2024(a)

     100,000       103,020  

Greenko Investment Co., 4.88%, 08/16/2023(a)

     600,000       606,375  

IIFL Finance Ltd., 5.88%, 04/20/2023(a)

     612,000       595,162  

India Green Energy Holdings, 5.38%, 04/29/2024(a)

     250,000       259,458  

India Toll Roads, 5.50%, 08/19/2024(a)

     250,000       247,515  

JSW Steel Ltd.

    

5.25%, 04/13/2022(a)

     600,000       608,946  

5.95%, 04/18/2024(a)

     250,000       265,164  

Manappuram Finance Ltd., 5.90%, 01/13/2023(a)

     500,000       513,788  

Muthoot Finance Ltd.

    

6.13%, 10/31/2022(a)(c)

     700,000       719,687  

4.40%, 09/02/2023(a)(c)

     600,000       611,775  

ReNew Power Pvt Ltd., 6.45%, 09/27/2022(a)

     600,000       613,950  

Shriram Transport Finance Co. Ltd.

    

5.70%, 02/27/2022(a)

     600,000       605,225  

5.95%, 10/24/2022(a)

     565,000       575,311  

5.10%, 07/16/2023(a)

     600,000       610,815  

4.40%, 03/13/2024(a)

     278,000       279,460  
    

 

 

 
       9,375,556  
    

 

 

 

Indonesia-1.40%

    

Alam Synergy Pte. Ltd., 6.63%, 04/24/2022(a)

     400,000       380,040  
       Principal  
Amount
  Value  

Indonesia-(continued)

    

Global Prime Capital Pte. Ltd., 5.50%, 10/18/2023(a)

   $      400,000       $        405,420  

Jababeka International B.V., 6.50%, 10/05/2023(a)

     700,000       667,598  

PT ABM Investama Tbk, 7.13%, 08/01/2022(a)

     248,000       246,887  

PT Saka Energi Indonesia, 4.45%, 05/05/2024(a)

     450,000       437,688  

SSMS Plantation Holdings Pte. Ltd., 7.75%, 01/23/2023(a)

     800,000       588,876  

TBLA International Pte. Ltd., 7.00%, 01/24/2023(a)

     600,000       584,286  
    

 

 

 
       3,310,795  
    

 

 

 

Israel-1.39%

    

Energean Israel Finance Ltd., 4.50%, 03/30/2024(a)

     250,000       255,500  

Leviathan Bond Ltd., 5.75%, 06/30/2023(a) .

     507,202       527,617  

Teva Pharmaceutical Finance Co. B.V. 2.95%, 12/18/2022(c)

     550,000       554,812  

Series 2, 3.65%, 11/10/2021

     560,000       560,314  

Teva Pharmaceutical Finance IV B.V., 3.65%, 11/10/2021

     610,000       611,607  

Teva Pharmaceutical Finance Netherlands III B.V.

    

2.80%, 07/21/2023(c)

     500,000       504,275  

6.00%, 04/15/2024(c)

     250,000       262,500  
    

 

 

 
       3,276,625  
    

 

 

 

Italy-0.50%

    

UniCredit S.p.A.

    

6.57%, 01/14/2022(a)

     600,000       606,773  

7.83%, 12/04/2023(a)

     500,000       567,501  
    

 

 

 
       1,174,274  
    

 

 

 

Jamaica-0.13%

    

Digicel International Finance Ltd./Digicel international Holdings Ltd., 8.75%, 05/25/2024(a)

     300,000       311,625  
    

 

 

 

Japan-0.41%

    

SoftBank Group Corp.

    

5.38%, 07/30/2022(a)

     635,000       647,525  

5.50%, 04/20/2023(a)

     300,000       311,621  
    

 

 

 
       959,146  
    

 

 

 

Kenya-0.09%

    

Kenya Government International Bond, 6.88%, 06/24/2024(a)

     200,000       216,086  
    

 

 

 

Kuwait-0.30%

    

Kuwait Projects Co. SPC Ltd., 5.00%, 03/15/2023(a)

     700,000       701,842  
    

 

 

 

Luxembourg-0.09%

    

ArcelorMittal S.A., 3.60%, 07/16/2024

     200,000       211,198  
    

 

 

 

Malaysia-0.03%

    

SD International Sukuk Ltd., 6.30%, 05/09/2022(a)

     200,000       64,585  
    

 

 

 

Mexico-2.38%

    

Alpha Holding S.A. de C.V., 10.00%, 12/19/2022(a)(d)

     650,000       91,000  

 

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

 

    17    

 

 

 

 


 

Invesco Global Short Term High Yield Bond ETF (PGHY)–(continued)

October 31, 2021

 

       Principal  
Amount
  Value  

Mexico-(continued)

    

BBVA Bancomer S.A., 6.75%, 09/30/2022(a)

   $      606,000       $        635,542  

Credito Real, S.A.B. de C.V., SOFOM, E.R., 7.25%, 07/20/2023(a)(c)

     300,000       288,537  

Grupo Kaltex S.A. de C.V., 8.88%, 04/11/2022(a)

     450,000       422,604  

Grupo Posadas S.A.B. de C.V., 7.88%, 06/30/2022(a)(d)

     400,000       330,504  

Metalsa S.A. de C.V., 4.90%, 04/24/2023(a)

     505,000       527,149  

Petroleos Mexicanos

    

4.88%, 01/24/2022

     420,000       422,806  

5.38%, 03/13/2022(c)

     420,000       425,515  

3.50%, 01/30/2023

     584,000       590,862  

4.63%, 09/21/2023

     585,000       603,281  

4.88%, 01/18/2024(c)

     771,000       798,548  

Unifin Financiera S.A.B. de C.V., 7.25%, 09/27/2023(a)(c)

     500,000       488,020  
    

 

 

 
       5,624,368  
    

 

 

 

Mongolia-1.13%

    

Development Bank of Mongolia LLC, 7.25%, 10/23/2023(a)(c)

     600,000       637,183  

Mongolia Government International Bond

    

5.13%, 12/05/2022(a)

     526,000       543,359  

5.63%, 05/01/2023(a)

     500,000       523,436  

8.75%, 03/09/2024(a)

     200,000       225,019  

Mongolian Mortgage Corp. Hfc LLC, 8.85%, 02/08/2024(a)

     750,000       739,549  
    

 

 

 
       2,668,546  
    

 

 

 

Morocco-0.35%

    

Morocco Government International Bond, 4.25%, 12/11/2022(a)

     600,000       619,806  

OCP S.A., 5.63%, 04/25/2024(a)

     200,000       216,428  
    

 

 

 
       836,234  
    

 

 

 

Namibia-0.25%

    

Namibia International Bonds, 5.50%, 11/03/2021(a)(c)

     600,000       600,734  
    

 

 

 

Nigeria-1.05%

    

Fidelity Bank PLC, 10.50%, 10/16/2022(a)

     500,000       527,459  

Nigeria Government International Bond

    

5.63%, 06/27/2022

     700,000       710,706  

6.38%, 07/12/2023(a)

     600,000       625,650  

United Bank for Africa PLC, 7.75%, 06/08/2022(a)

     600,000       612,986  
    

 

 

 
       2,476,801  
    

 

 

 

Oman-1.05%

    

Bank Muscat SAOG, 4.88%, 03/14/2023(a)

     600,000       618,230  

Oman Government International Bond

    

3.88%, 03/08/2022(a)

     500,000       503,801  

4.13%, 01/17/2023(a)

     700,000       716,464  

Oztel Holdings SPC Ltd., 5.63%, 10/24/2023(a)

     608,000       635,606  
    

 

 

 
       2,474,101  
    

 

 

 
       Principal  
Amount
  Value  

Pakistan-0.39%

    

Pakistan Government International Bond, 8.25%, 04/15/2024(a)

   $      200,000       $        214,153  

Third Pakistan International Sukuk Co. Ltd. (The), 5.63%, 12/05/2022(a)

     700,000       718,125  
    

 

 

 
       932,278  
    

 

 

 

Panama-0.51%

    

Banistmo S.A., 3.65%, 09/19/2022(a)

     550,000       558,255  

Multibank, Inc., 4.38%, 11/09/2022(a)

     625,000       636,719  
    

 

 

 
       1,194,974  
    

 

 

 

Paraguay-0.26%

    

Paraguay Government International Bond, 4.63%, 01/25/2023(a)

     590,000       612,721  
    

 

 

 

Peru-0.30%

    

Volcan Cia Minera S.A.A., Class B, 5.38%, 02/02/2022(a)

     700,000       702,625  
    

 

 

 

Puerto Rico-0.23%

    

Popular, Inc., 6.13%, 09/14/2023

     500,000       534,482  
    

 

 

 

Russia-3.31%

    

Borets Finance DAC, 6.50%, 04/07/2022(a)

     200,000       203,700  

Credit Bank of Moscow Via CBOM Finance PLC

    

5.88%, 11/07/2021(a)

     900,000       901,345  

5.55%, 02/14/2023(a)

     500,000       516,669  

Eurochem Finance DAC, 5.50%, 03/13/2024(a)

     300,000       323,063  

Evraz PLC, 5.25%, 04/02/2024(a)

     300,000       320,853  

Global Ports Finance PLC, 6.50%, 09/22/2023(a)

     600,000       655,553  

GTLK Europe DAC, 5.13%, 05/31/2024(a)

     200,000       211,320  

Mobile Telesystems OJSC Via MTS International Funding DAC, 5.00%, 05/30/2023(a)

     650,000       684,125  

O1 Properties Finance PLC, 0.50%, 09/27/2028(a)

     500,000       61,195  

Petropavlovsk 2016 Ltd., 8.13%, 11/14/2022(a)

     300,000       308,532  

Polyus Finance PLC

    

4.70%, 03/28/2022(a)

     600,000       609,172  

5.25%, 02/07/2023(a)

     200,000       210,090  

4.70%, 01/29/2024(a)

     500,000       531,158  

Rusal Capital DAC

    

5.13%, 02/02/2022(a)

     400,000       403,132  

4.85%, 02/01/2023(a)

     600,000       612,540  

Sberbank of Russia Via SB Capital S.A., 5.13%, 10/29/2022(a)

     735,000       760,496  

VTB Bank OJSC Via VTB Capital S.A., 6.95%, 10/17/2022(a)

     500,000       520,446  
    

 

 

 
       7,833,389  
    

 

 

 

Saudi Arabia-0.17%

    

Dar Al-Arkan Sukuk Co. Ltd., 6.88%, 04/10/2022(a)

     400,000       407,800  
    

 

 

 

South Africa-1.90%

    

Eskom Holdings SOC Ltd., 6.75%, 08/06/2023(a)

     650,000       672,474  

Gold Fields Orogen Holding (BVI) Ltd., 5.13%, 05/15/2024(a)

     300,000       321,645  

 

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

 

    18    

 

 

 

 


 

Invesco Global Short Term High Yield Bond ETF (PGHY)–(continued)

October 31, 2021

 

       Principal  
Amount
  Value  

South Africa-(continued)

    

MTN Mauritius Investments Ltd., 5.37%, 02/13/2022(a)

   $      600,000       $        608,329  

Republic of South Africa Government International Bond

    

5.88%, 05/30/2022

     500,000       514,752  

4.67%, 01/17/2024

     600,000       638,877  

Sasol Financing International Ltd., 4.50%, 11/14/2022(c)

     637,000       651,600  

Sasol Financing USA LLC, 5.88%, 03/27/2024

     450,000       476,212  

Transnet SOC Ltd., 4.00%, 07/26/2022(a)

     600,000       607,097  
    

 

 

 
       4,490,986  
    

 

 

 

South Korea-0.26%

    

SK Innovation Co. Ltd., 4.13%, 07/13/2023(a)(c)

     600,000       625,227  
    

 

 

 

Spain-0.19%

    

Codere Finance 2 (Luxembourg) S.A., 7.13%

    

PIK Rate, 4.50% Cash Rate, 11.63%, 11/01/2023(a)(e)

     724,938       438,587  
    

 

 

 

Sri Lanka-0.61%

    

Sri Lanka Government International Bond

    

5.75%, 01/18/2022(a)(c)

     520,000       489,096  

5.88%, 07/25/2022(a)(c)

     500,000       423,190  

5.75%, 04/18/2023(a)

     400,000       276,252  

6.85%, 03/14/2024(a)

     400,000       263,000  
    

 

 

 
       1,451,538  
    

 

 

 

Supranational-0.31%

    

Eastern & Southern African Trade & Development Bank (The), 5.38%, 03/14/2022(a)

     715,000       722,031  
    

 

 

 

Sweden-0.59%

    

Stena AB, 7.00%, 02/01/2024(a)

     600,000       623,748  

Telefonaktiebolaget LM Ericsson, 4.13%, 05/15/2022

     750,000       765,000  
    

 

 

 
       1,388,748  
    

 

 

 

Trinidad-0.26%

    

Trinidad & Tobago Government International Bond, 4.38%, 01/16/2024(a)

     600,000       623,193  
    

 

 

 

Turkey-8.97%

    

Akbank T.A.S., 5.00%, 10/24/2022(a)

     670,000       684,648  

Arcelik A.S., 5.00%, 04/03/2023(a)

     700,000       720,439  

Hazine Mustesarligi Varlik Kiralama A.S.

    

5.80%, 02/21/2022(a)

     700,000       708,572  

5.00%, 04/06/2023(a)

     700,000       712,425  

KOC Holding A.S., 5.25%, 03/15/2023(a)

     700,000       715,732  

KT Kira Sertifikalari Varlik Kiralama A.S., 5.14%, 11/02/2021(a)

     700,000       700,000  

Petkim Petrokimya Holding A.S., 5.88%, 01/26/2023(a)

     700,000       711,763  

QNB Finansbank A.S., 4.88%, 05/19/2022(a)

     600,000       608,802  

Roenesans Gayrimenkul Yatirim A.S., 7.25%, 04/26/2023(a)

     750,000       746,480  

T.C. Ziraat Bankasi A.S., 5.13%, 05/03/2022(a)

     600,000       607,777  
       Principal  
Amount
  Value  

Turkey-(continued)

    

TC Ziraat Bankasi A.S., 5.13%, 09/29/2023(a)

   $      700,000       $        708,778  

Turk Telekomunikasyon A.S., 4.88%, 06/19/2024(a)

     200,000       204,667  

Turkey Government International Bond

    

5.13%, 03/25/2022

     600,000       606,923  

6.25%, 09/26/2022

     650,000       669,736  

3.25%, 03/23/2023

     600,000       596,362  

7.25%, 12/23/2023

     700,000       741,495  

5.75%, 03/22/2024

     400,000       407,972  

6.35%, 08/10/2024

     200,000       206,210  

Turkiye Garanti Bankasi A.S.

    

5.25%, 09/13/2022(a)

     550,000       563,641  

5.88%, 03/16/2023(a)

     500,000       518,270  

Turkiye Ihracat Kredi Bankasi A.S.

    

4.25%, 09/18/2022(a)

     650,000       658,365  

5.38%, 10/24/2023(a)

     750,000       762,686  

8.25%, 01/24/2024(a)

     600,000       638,880  

6.13%, 05/03/2024(a)

     400,000       407,279  

Turkiye Is Bankasi A.S.

    

5.50%, 04/21/2022(a)

     600,000       607,794  

6.00%, 10/24/2022(a)

     700,000       715,977  

6.13%, 04/25/2024(a)

     300,000       308,097  

Turkiye Sinai Kalkinma Bankasi A.S., 5.50%, 01/16/2023(a)

     500,000       511,158  

Turkiye Vakiflar Bankasi T.A.O.

    

5.63%, 05/30/2022(a)

     600,000       611,847  

6.00%, 11/01/2022(a)

     400,000       408,586  

5.75%, 01/30/2023(a)

     750,000       767,443  

8.13%, 03/28/2024(a)

     400,000       427,112  

Yapi ve Kredi Bankasi A.S.

    

5.75%, 02/24/2022(a)

     700,000       707,420  

5.50%, 12/06/2022(a)

     700,000       713,327  

6.10%, 03/16/2023(a)

     600,000       618,975  

5.85%, 06/21/2024(a)

     200,000       204,170  
    

 

 

 
       21,209,808  
    

 

 

 

Ukraine-1.75%

    

Kernel Holding S.A., 8.75%, 01/31/2022(a)

     700,000       710,469  

Metinvest B.V., 7.75%, 04/23/2023(a)

     540,000       572,508  

MHP SE, 7.75%, 05/10/2024(a)

     350,000       378,527  

NAK Naftogaz Ukraine via Kondor Finance PLC, 7.38%, 07/19/2022(a)

     600,000       609,000  

Ukraine Government International Bond

    

7.75%, 09/01/2022(a)

     500,000       519,313  

7.75%, 09/01/2023(a)

     700,000       747,101  

8.99%, 02/01/2024(a)

     550,000       602,338  
    

 

 

 
       4,139,256  
    

 

 

 

United Arab Emirates-0.63%

    

Alpha Star Holding III Ltd., 6.25%, 04/20/2022(a)

     800,000       814,888  

Alpha Star Holding V Ltd., 6.63%, 04/18/2023(a)

     654,000       670,566  
    

 

 

 
       1,485,454  
    

 

 

 

 

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

 

    19    

 

 

 

 


 

Invesco Global Short Term High Yield Bond ETF (PGHY)–(continued)

October 31, 2021

 

       Principal  
Amount
  Value  

United Kingdom-0.45%

    

Jaguar Land Rover Automotive PLC, 5.63%, 02/01/2023(a)

   $      550,000       $        553,933  

Modulaire Global Finance PLC, 8.00%, 02/15/2023(a)

     500,000       510,135  
    

 

 

 
       1,064,068  
    

 

 

 

United States-34.42%

    

24 Hour Fitness Worldwide, Inc., 8.00%, 06/01/2022(a)(d)(f)(g)

     150,000       0  

ADT Security Corp. (The), 4.13%, 06/15/2023

     550,000       573,227  

Advanced Micro Devices, Inc., 7.50%, 08/15/2022

     510,000       536,775  

Ahern Rentals, Inc., 7.38%, 05/15/2023(a)

     500,000       480,000  

Albertson’s Cos., Inc./Safeway, Inc./New Albertson’s L.P./Albertson’s LLC, 3.50%, 02/15/2023(a)

     700,000       713,125  

American Airlines Group, Inc., 5.00%, 06/01/2022(a)

     515,000       516,931  

AmeriGas Partners L.P./AmeriGas Finance Corp., 5.63%, 05/20/2024

     300,000       324,375  

Apex Tool Group LLC/BC Mountain Finance, Inc., 9.00%, 02/15/2023(a)

     600,000       601,695  

Avient Corp., 5.25%, 03/15/2023

     700,000       734,125  

Ball Corp., 4.00%, 11/15/2023

     700,000       735,000  

Bed Bath & Beyond, Inc., 3.75%, 08/01/2024

     200,000       203,750  

Bonanza Creek Energy, Inc., 7.50%, 04/30/2026

     64,201       64,500  

Brinker International, Inc., 3.88%, 05/15/2023(c)

     700,000       721,175  

Calumet Specialty Products Partners L.P./Calumet Finance Corp.

    

7.63%, 01/15/2022

     314,000       314,173  

7.75%, 04/15/2023

     500,000       496,893  

Carpenter Technology Corp., 4.45%, 03/01/2023(c)

     650,000       675,001  

CF Industries, Inc., 3.45%, 06/01/2023(c)

     432,000       448,498  

Cheniere Corpus Christi Holdings LLC, 7.00%, 06/30/2024

     200,000       223,995  

Cincinnati Bell, Inc., 7.00%, 07/15/2024(a)

     122,000       124,288  

CIT Group, Inc.

    

5.00%, 08/15/2022

     520,000       536,900  

5.00%, 08/01/2023

     600,000       637,500  

4.75%, 02/16/2024

     700,000       744,625  

Cleaver-Brooks, Inc., 7.88%, 03/01/2023(a) .

     500,000       493,268  

Cogent Communications Group, Inc., 5.38%, 03/01/2022(a)

     359,000       360,795  

Commercial Metals Co., 4.88%, 05/15/2023

     574,000       596,386  

Continental Resources, Inc.

    

4.50%, 04/15/2023

     500,000       520,585  

3.80%, 06/01/2024

     200,000       210,250  

CoreCivic, Inc., 4.63%, 05/01/2023(c)

     463,000       471,681  

CSC Holdings LLC

    

6.75%, 11/15/2021

     614,000       615,535  

5.88%, 09/15/2022

     625,000       645,312  

5.25%, 06/01/2024

     200,000       210,750  
       Principal  
Amount
  Value  

United States-(continued)

    

CSI Compressco L.P./CSI Compressco Finance, Inc., 7.25%, 08/15/2022

   $      200,000       $        198,212  

DCP Midstream Operating L.P.

    

4.95%, 04/01/2022

     550,000       553,652  

3.88%, 03/15/2023

     700,000       722,750  

Delta Air Lines, Inc.

    

3.63%, 03/15/2022

     600,000       604,593  

3.80%, 04/19/2023

     500,000       518,478  

Diebold Nixdorf, Inc., 8.50%, 04/15/2024(c)

     430,000       430,043  

DISH DBS Corp.

    

5.88%, 07/15/2022(c)

     602,000       617,802  

5.00%, 03/15/2023

     601,000       622,786  

Diversified Healthcare Trust, 4.75%, 05/01/2024

     444,000       458,430  

Encompass Health Corp., 5.13%, 03/15/2023

     239,000       239,847  

EnerSys, 5.00%, 04/30/2023(a)

     300,000       311,964  

EnLink Midstream Partners L.P., 4.40%, 04/01/2024

     200,000       209,250  

EQM Midstream Partners L.P.

    

4.75%, 07/15/2023

     589,000       620,724  

4.00%, 08/01/2024

     200,000       207,750  

EQT Corp., 3.00%, 10/01/2022(c)

     593,000       599,814  

Exela Intermediate LLC/Exela Finance, Inc., 10.00%, 07/15/2023(a)

     1,500,000       1,258,650  

Ford Motor Co., 8.50%, 04/21/2023

     560,000       614,740  

Ford Motor Credit Co. LLC

    

5.60%, 01/07/2022

     500,000       504,225  

3.55%, 10/07/2022

     400,000       406,476  

3.35%, 11/01/2022

     500,000       508,125  

3.09%, 01/09/2023

     650,000       661,732  

4.14%, 02/15/2023

     650,000       668,362  

3.37%, 11/17/2023

     650,000       667,875  

5.58%, 03/18/2024

     200,000       215,250  

Freeport-McMoRan, Inc.

    

3.55%, 03/01/2022

     533,000       534,639  

3.88%, 03/15/2023

     500,000       515,625  

Fresh Market, Inc. (The), 9.75%, 05/01/2023(a)

     597,000       614,164  

FS Energy and Power Fund, 7.50%, 08/15/2023(a)

     864,000       899,731  

Genesis Energy L.P./Genesis Energy Finance Corp., 5.63%, 06/15/2024

     200,000       199,500  

Genworth Holdings, Inc.

    

4.90%, 08/15/2023

     715,000       731,981  

4.80%, 02/15/2024(c)

     670,000       685,852  

GEO Group, Inc. (The), 5.13%, 04/01/2023(c)

     623,000       602,042  

Goodman Networks, Inc., 8.00%, 05/11/2022(h)

     98,659       40,943  

Graphic Packaging International LLC

    

4.88%, 11/15/2022

     624,000       642,505  

4.13%, 08/15/2024

     200,000       211,615  

Hanesbrands, Inc., 4.63%, 05/15/2024(a)

     250,000       260,938  

HCA, Inc.

    

4.75%, 05/01/2023

     500,000       528,679  

5.88%, 05/01/2023

     605,000       647,350  

Icahn Enterprises L.P./Icahn Enterprises Finance Corp., 6.75%, 02/01/2024

     225,000       228,656  

 

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

 

    20    

 

 

 

 


 

Invesco Global Short Term High Yield Bond ETF (PGHY)–(continued)

October 31, 2021

 

       Principal  
Amount
  Value

United States-(continued)

        

Jacobs Entertainment, Inc., 7.88%, 02/01/2024(a)

     $      80,000        $        82,500

KB Home

        

7.50%, 09/15/2022

       617,000       650,164

7.63%, 05/15/2023

       500,000       531,875

Kraft Heinz Foods Co. (The), 3.50%, 06/06/2022(c)

       598,000       606,265

Lennar Corp.

        

4.75%, 11/15/2022

       535,000       551,719

4.88%, 12/15/2023

       500,000       536,675

Lumen Technologies, Inc.

        

Series T, 5.80%, 03/15/2022

       735,000       743,960

Series W, 6.75%, 12/01/2023

       700,000       769,132

Series Y, 7.50%, 04/01/2024

       200,000       219,750

Macy’s Retail Holdings LLC, 2.88%, 02/15/2023

       700,000       707,875

Mattel, Inc., 3.15%, 03/15/2023

       700,000       717,745

Mauser Packaging Solutions Holding Co., 5.50%, 04/15/2024(a)

       300,000       301,350

MDC Holdings, Inc., 5.50%, 01/15/2024

       500,000       537,550

MGM Growth Properties Operating Partnership L.P./MGP Finance Co-Issuer, Inc., 5.63%, 05/01/2024

       275,000       298,677

MGM Resorts International

        

7.75%, 03/15/2022

       594,000       608,107

6.00%, 03/15/2023

       536,000       566,268

Midas Intermediate Holdco II LLC/Midas Intermediate Holdco II Finance, Inc., 7.88%, 10/01/2022(a)

       500,000       497,983

Molina Healthcare, Inc., 5.38%, 11/15/2022

       650,000       668,687

Navient Corp.

        

6.50%, 06/15/2022

       651,000       670,530

5.50%, 01/25/2023

       750,000       785,107

7.25%, 09/25/2023

       598,000       651,820

6.13%, 03/25/2024

       300,000       321,375

Netflix, Inc.

        

5.50%, 02/15/2022

       500,000       507,500

5.75%, 03/01/2024

       131,000       144,428

Newell Brands, Inc., 4.00%, 06/15/2022

       600,000       607,641

Newmark Group, Inc., 6.13%, 11/15/2023

       536,000       579,550

NGL Energy Partners L.P./NGL Energy Finance Corp., 7.50%, 11/01/2023

       626,000       601,918

Northwest Acquisitions ULC/Dominion Finco, Inc., 7.13%, 11/01/2022(a)(d)

       500,000       650

NortonLifeLock, Inc., 3.95%, 06/15/2022

       536,000       541,628

NuStar Logistics L.P., 4.75%, 02/01/2022

       662,000       662,000

Occidental Petroleum Corp.

        

3.13%, 02/15/2022

       548,000       548,081

2.70%, 08/15/2022(c)

       500,000       507,590

2.70%, 02/15/2023(c)

       484,000       490,021

6.95%, 07/01/2024

       200,000       225,250

2.90%, 08/15/2024

       200,000       203,990

OneMain Finance Corp.

        

6.13%, 05/15/2022

       600,000       614,250

5.63%, 03/15/2023

       500,000       526,485

8.25%, 10/01/2023

       575,000       639,998

6.13%, 03/15/2024(c)

       350,000       372,750
       Principal  
Amount
  Value

United States-(continued)

        

Ovintiv Exploration, Inc., 5.63%, 07/01/2024

     $      200,000        $        220,256

Owens-Brockway Glass Container, Inc., 5.88%, 08/15/2023(a)

       500,000       526,875

PBF Logistics L.P./PBF Logistics Finance Corp., 6.88%, 05/15/2023

       783,000       760,179

Peabody Energy Corp., 6.00%, 03/31/2022(a)

       200,000       198,862

Pitney Bowes, Inc., 4.63%, 03/15/2024

       250,000       263,723

Prime Security Services Borrower LLC/Prime Finance, Inc., 5.25%, 04/15/2024(a)

       300,000       319,500

Pyxus Holdings, Inc., 10.00%, 08/24/2024(c)

       510,625       449,120

QEP Resources, Inc., 5.38%, 10/01/2022

       600,000       620,958

QVC, Inc.

        

4.38%, 03/15/2023

       585,000       607,669

4.85%, 04/01/2024

       250,000       268,425

Qwest Corp., 6.75%, 12/01/2021

       600,000       602,697

Range Resources Corp.

        

5.00%, 08/15/2022

       600,000       610,326

5.00%, 03/15/2023

       500,000       514,590

Rayonier AM Products, Inc., 5.50%, 06/01/2024(a)

       200,000       198,750