N-CSRS 1 d925142dncsrs.htm N-CSRS N-CSRS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number            811-21977                         

         Invesco Exchange-Traded Fund Trust II         

(Exact name of registrant as specified in charter)

3500 Lacey Road

                                     Downers Grove, IL 60515                                    

(Address of principal executive offices) (Zip code)

Anna Paglia

President

3500 Lacey Road

                                     Downers Grove, IL 60515                                    

(Name and address of agent for service)

Registrant’s telephone number, including area code:  800-983-0903

Date of fiscal year end:   October 31

Date of reporting period:   April 30, 2020

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

The Registrant’s semi- annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 is as follows:

LOGO           

 

Invesco Semi-Annual Report to Shareholders

 

April 30, 2020

 

PBTP  Invesco PureBetaSM 0-5 Yr US TIPS ETF

 

PBDM Invesco PureBetaSM FTSE Developed ex-North America ETF

 

PBEE  Invesco PureBetaSM FTSE Emerging Markets ETF

 

 

 

 

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. If you hold accounts through a financial intermediary, you may contact your financial intermediary to enroll in electronic delivery. Please note that not all financial intermediaries may offer this service.

You may elect to receive all future reports in paper free of charge. If you hold accounts through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds held with your financial intermediary.

LOGO

 

Table of Contents

 

Liquidity Risk Management Program      3  
Schedules of Investments   

Invesco PureBetaSM 0-5 Yr US TIPS ETF (PBTP)

      4  

Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM)

      5  

Invesco PureBetaSM FTSE Emerging Markets ETF (PBEE)

      20  
Statements of Assets and Liabilities      31  
Statements of Operations      32  
Statements of Changes in Net Assets      33  
Financial Highlights      34  
Notes to Financial Statements      37  
Fund Expenses      46  
Approval of Investment Advisory and Sub-Advisory Contracts      48  

 

 

 

   2  

 

 

 

Liquidity Risk Management Program

 

The Securities and Exchange Commission (“SEC”) has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”) in order to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders. The Funds have adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (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 12, 2020, 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 December 1, 2018 through December 31, 2019 (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 PureBetaSM 0-5 Yr US TIPS ETF (PBTP)

April 30, 2020

(Unaudited)

Schedule of Investments

 

    Principal
  Amount  		    Value
U.S. Treasury Securities-99.87%

 

U.S. Treasury Inflation – Indexed Notes-99.87%(a)

 

1.25%, 07/15/2020

     $ 448,500      $ 527,504

1.13%, 01/15/2021

       509,000        597,164

0.13%, 04/15/2021

       623,000        669,570

0.63%, 07/15/2021

       497,000        569,620

0.13%, 01/15/2022

       572,000        647,912

0.13%, 04/15/2022

       616,500        650,219

0.13%, 07/15/2022

       568,000        638,385

0.13%, 01/15/2023

       568,500        637,005

0.63%, 04/15/2023

       652,000        689,513

0.38%, 07/15/2023

       569,000        642,304

0.63%, 01/15/2024

       568,000        646,706

0.50%, 04/15/2024

       447,000        470,318

0.13%, 07/15/2024

       569,000        630,215

0.13%, 10/15/2024

       488,000        503,456

0.25% - 2.38%, 01/15/2025

       956,000        1,236,184

0.13%, 04/15/2025

       256,000        262,972
        

 

 

  

Total U.S. Treasury Securities
(Cost $9,975,477)

            10,019,047
        

 

 

  
      Shares      Value
Money Market Funds-7.27%

 

Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.21%(b)(c)
(Cost $729,562)

       729,562      $ 729,562
        

 

 

  

TOTAL INVESTMENTS IN SECURITIES-107.14%
(Cost $10,705,039)

 

        10,748,609
OTHER ASSETS LESS LIABILITIES-(7.14)%

 

        (715,847 )
        

 

 

  
NET ASSETS-100.00%          $ 10,032,762
        

 

 

  
 

Notes to Schedule of Investments:

(a) 

Principal amount of security and interest payments are adjusted for inflation. See Note 2J.

(b) 

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, 2020.

 

    Value
October 31, 2019		    Purchases
at Cost		    Proceeds
from Sales		    Change in
Unrealized
Appreciation		    Realized
Gain
(Loss)		    Value
April 30, 2020		    Dividend
Income

Investments in Affiliated Money Market Funds:

                                  

Invesco Premier U.S. Government Money Portfolio, Institutional Class

     $ 8,860      $ 796,532      $ (75,830 )      $ -      $ -      $ 729,562      $ 135

Investments Purchased with Cash Collateral from Securities on Loan:

                                  

Invesco Government & Agency Portfolio, Institutional Class*

       -        232,343        (232,343 )        -        -        -        115

Invesco Liquid Assets Portfolio, Institutional Class*

       -        77,330        (77,322 )        -        (8 )        -        44
   

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

  

Total

     $ 8,860      $ 1,106,205      $ (385,495 )      $ -      $ (8 )      $ 729,562      $ 294
   

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

  

 

*

At April 30, 2020, this security was no longer held.

 

(c)

The rate shown is the 7-day SEC standardized yield as of April 30, 2020.

  Portfolio Composition

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

  as of April 30, 2020

 

  Maturing in 0-5 Years             99.87                           
  Money Market Funds Plus Other Assets
  Less Liabilities		     0.13                          

 

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

 

 

 

 

   4  

 

 

 

 

Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM)

April 30, 2020

(Unaudited)

Schedule of Investments

 

      Shares      Value

Common Stocks & Other Equity Interests-99.69%

 

Australia-6.84%

 

Adelaide Brighton Ltd.(a)

       72      $ 129

Afterpay Ltd.(b)

       28        572

AGL Energy Ltd.

       98        1,088

ALS Ltd.

       80        357

Altium Ltd.

       17        380

Alumina Ltd.

       397        451

AMP Ltd.(b)

       516        483

Ansell Ltd.

       23        430

APA Group

       181               1,294

Aristocrat Leisure Ltd.

       101        1,686

ASX Ltd.

       30        1,602

Atlas Arteria Ltd.

       103        421

Aurizon Holdings Ltd.

       293        900

AusNet Services

       280        344

Australia & New Zealand Banking Group Ltd.

       435        4,813

Bank of Queensland Ltd.

       62        211

Beach Energy Ltd.

       271        270

Bendigo & Adelaide Bank Ltd.

       76        325

BHP Group Ltd.

       453        9,594

BHP Group PLC

       323        5,444

BlueScope Steel Ltd.

       83        557

Boral Ltd.

       185        366

Brambles Ltd.

       237        1,719

Caltex Australia Ltd.

       41        669

Challenger Ltd.

       91        295

Charter Hall Group

       72        361

CIMIC Group Ltd.

       15        242

Cleanaway Waste Management Ltd.

       208        255

Coca-Cola Amatil Ltd.

       84        477

Cochlear Ltd.

       9        1,087

Coles Group Ltd.

       184        1,868

Commonwealth Bank of Australia

       273        11,205

Computershare Ltd.

       77        614

Crown Resorts Ltd.

       56        363

CSL Ltd.

       70        14,181

CSR Ltd.

       80        195

Dexus

       168        1,007

Domain Holdings Australia Ltd.

       36        62

Domino’s Pizza Enterprises Ltd.(a)

       10        380

Downer EDI Ltd.

       94        257

Evolution Mining Ltd.

       161        539

Flight Centre Travel Group Ltd.

       9        65

Fortescue Metals Group Ltd.

       244        1,911

Goodman Group

       279        2,402

GPT Group (The)

       298        825

Harvey Norman Holdings Ltd.(a)

       84        153

IDP Education Ltd.

       20        195

Iluka Resources Ltd.

       66        332

Incitec Pivot Ltd.

       268        419

Insurance Australia Group Ltd.

       366        1,385

IOOF Holdings Ltd.

       58        164

JB Hi-Fi Ltd.(a)

       17        391

Lendlease Group

       89        720

Macquarie Group Ltd.

       48        3,226

Magellan Financial Group Ltd.

       20        668

Medibank Pvt Ltd.

       437        772

Metcash Ltd.

       154        251
      Shares      Value

Australia-(continued)

         

Mirvac Group

       588      $ 862

National Australia Bank Ltd.

       488        5,419

Newcrest Mining Ltd.

       119        2,146

Northern Star Resources Ltd.

       95        795

Nufarm Ltd.(b)

       49        169

Oil Search Ltd.

       204        407

Orica Ltd.

       60        704

Origin Energy Ltd.

       278        1,012

Orora Ltd.

       192        323

OZ Minerals Ltd.

       47        276

Perpetual Ltd.(a)

       7        138

Platinum Asset Management Ltd.(a)

       37        85

Qantas Airways Ltd.

       101        255

QBE Insurance Group Ltd.

       204             1,129

Qube Holdings Ltd.

       189        269

Qube Holdings Ltd., Rts., expiring
05/30/2020(b)

       29        4

Ramsay Health Care Ltd.(a)

       24        984

REA Group Ltd.(a)

         8        466

Rio Tinto Ltd.

       57        3,266

Rio Tinto PLC

       169        7,854

Santos Ltd.

       281        909

Scentre Group

       787        1,201

SEEK Ltd.

       55        627

Seven Group Holdings Ltd.(a)

       16        160

Shopping Centres Australasia Property Group

       118        172

Sonic Healthcare Ltd.

       71        1,264

South32 Ltd.

       788        1,024

Star Entertainment Group Ltd. (The)

       131        260

Stockland

       384        724

Suncorp Group Ltd.

       199        1,197

Sydney Airport

       175        722

Tabcorp Holdings Ltd.

       299        630

Telstra Corp. Ltd.

       661        1,320

TPG Telecom Ltd.(a)

       57        275

Transurban Group

       413        3,731

Treasury Wine Estates Ltd.

       109        724

Vicinity Centres

       481        469

Vocus Group Ltd.(b)

       95        191

Washington H Soul Pattinson & Co. Ltd.

       14        170

Wesfarmers Ltd.

       174        4,294

Westpac Banking Corp.

            555        5,915

Whitehaven Coal Ltd.

       108        129

WiseTech Global Ltd.

       12        146

Woodside Petroleum Ltd.

       144        2,116

Woolworths Group Ltd.

       194        4,541

Worley Ltd.

       50        295
        

 

 

  
              141,141
        

 

 

  

Austria-0.17%

         

ANDRITZ AG

       11        361

Erste Group Bank AG

       44        955

OMV AG

       22        720

Raiffeisen Bank International AG

       20        345

Telekom Austria AG

       22        155

Verbund AG

       10        453
 

 

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

 

 

 

 

   5  

 

 

 

 

Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM)–(continued)

April 30, 2020

(Unaudited)

 

      Shares      Value

Austria-(continued)

         

Vienna Insurance Group AGWiener Versicherung Gruppe

       6      $ 121

voestalpine AG

       18        373
        

 

 

  
                  3,483
        

 

 

  

Belgium-0.88%

         

Ackermans & van Haaren N.V.

       3        397

Ageas

       29        1,043

Anheuser-Busch InBev S.A./N.V.

            119        5,459

Colruyt S.A.

       8        479

Elia Group S.A./N.V.

       5        575

Galapagos N.V.(b)

       8        1,766

Groupe Bruxelles Lambert S.A.

       11        878

KBC Group N.V.(a)

       42        2,267

Proximus SADP

       22        469

Sofina S.A.

       2        471

Solvay S.A., Class A

       11        858

Telenet Group Holding N.V.

       8        334

UCB S.A.

       19        1,739

Umicore S.A.

       33        1,424
        

 

 

  
           18,159
        

 

 

  

Cambodia-0.01%

         

NagaCorp Ltd.

       230        272
        

 

 

  

Chile-0.03%

         

Antofagasta PLC

       55        564
        

 

 

  

China-0.46%

         

AAC Technologies Holdings, Inc.

       110        538

BOC Hong Kong Holdings Ltd.

       569        1,751

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

       181        494

China Mengniu Dairy Co. Ltd.(b)

       424        1,512

China Travel International Investment Hong Kong Ltd.

       398        56

FIH Mobile Ltd.(b)

       455        52

Kerry Logistics Network Ltd.

       87        119

Lenovo Group Ltd.

       1,138        619

Minth Group Ltd.

       109        262

MMG Ltd.(b)

       351        62

Nexteer Automotive Group Ltd.

       129        67

Semiconductor Manufacturing International Corp.(b)

       444        849

Shougang Fushan Resources Group Ltd.

       567        113

Shui On Land Ltd.

       546        96

SITC International Holdings Co. Ltd.

       181        180

Sun Art Retail Group Ltd.

       348        580

Tingyi Cayman Islands Holding Corp.

       295        522

Towngas China Co. Ltd.

       162        80

Uni-President China Holdings Ltd.

       182        183

Want Want China Holdings Ltd.

       874        627

Xinyi Glass Holdings Ltd.

       317        368

Xinyi Solar Holdings Ltd.

       495        312
        

 

 

  
           9,442
        

 

 

  

Denmark-2.05%

         

Ambu A/S, Class B

       26        815

AP Moller - Maersk A/S, Class A

       1        923

AP Moller - Maersk A/S, Class B

       1        994

Carlsberg A/S, Class B

       16        2,017

Chr. Hansen Holding A/S

       16        1,379

Coloplast A/S, Class B

       20        3,163
      Shares      Value

Denmark-(continued)

         

Danske Bank A/S(b)

       103      $ 1,222

Demant A/S(b)

       16        382

DSV Panalpina A/S

       31        3,198

Genmab A/S(b)

       9        2,164

GN Store Nord A/S

       21        960

H Lundbeck A/S

       9        328

ISS A/S(b)

       29        433

Novo Nordisk A/S, Class B

       254             16,197

Novozymes A/S, Class B

       31        1,518

Orsted A/S(c)

       28        2,830

Pandora A/S(a)

       15        533

Rockwool International A/S, Class B

       1        210

Tryg A/S

       19        503

Vestas Wind Systems A/S

       29        2,496
        

 

 

  
           42,265
        

 

 

  

Finland-1.16%

         

Elisa OYJ

       22        1,336

Fortum OYJ

       68        1,128

Huhtamaki OYJ(b)

       14        523

Kesko OYJ, Class B

       40        651

Kone OYJ, Class B

       60        3,636

Metso OYJ

       17        472

Neste OYJ

       64        2,266

Nokia OYJ

       859        3,128

Nokian Renkaat OYJ(a)

       21        449

Nordea Bank Abp

       494        3,164

Orion OYJ, Class B.

       16        813

Sampo OYJ, Class A

       76        2,517

Stora Enso OYJ, Class R

       86        1,017

UPM-Kymmene OYJ

       83        2,296

Wartsila OYJ Abp

       71        521
        

 

 

  
           23,917
        

 

 

  

France-9.10%

         

Accor S.A.(a)

       29        804

Adevinta ASA, Class B(b)

       35        290

Aeroports de Paris

       4        392

Air France-KLM(a)(b)

       34        173

Air Liquide S.A.(a)

       71        9,029

Airbus SE(b)

       85        5,389

ALD S.A.(c)

       13        127

Alstom S.A.

       28        1,146

Amundi S.A.(c)

       9        597

Arkema S.A.

       11        912

Atos SE

       15        1,069

AXA S.A.

       295        5,233

BioMerieux

       6        745

BNP Paribas S.A.

       166        5,214

Bollore S.A.

       155        411

Bouygues S.A.

       32        985

Bureau Veritas S.A.

       43        892

Capgemini SE

       24        2,254

Carrefour S.A.

       87        1,286

Casino Guichard Perrachon S.A.(a)

       9        337

Cie de Saint-Gobain

       76        2,015

Cie Generale des Etablissements Michelin S.C.A

       27        2,635

Cie Plastic Omnium S.A.

       9        171

CNP Assurances(b)

       25        258

Covivio.

       7        438

Credit Agricole S.A.

       174        1,388
 

 

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

 

 

 

 

   6  

 

 

 

 

Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM)–(continued)

April 30, 2020

(Unaudited)

 

      Shares      Value

France-(continued)

         

Danone S.A.

       92      $ 6,375

Dassault Systemes SE

       20        2,926

Edenred

       37        1,490

Eiffage S.A.

       11        900

Electricite de France S.A.

       76        605

Elis S.A.

       30        371

ENGIE S.A.

            252        2,734

EssilorLuxottica S.A.

       45               5,552

Eurazeo SE

       7        335

Eutelsat Communications S.A.

       27        303

Faurecia SE

       11        398

Gecina S.A.

       8        1,044

Getlink SE

       72        917

Hermes International

       5        3,657

ICADE

       5        384

Iliad S.A.

       2        298

Imerys S.A.

       6        188

Ingenico Group S.A.

       9        1,131

Ipsen S.A.

       5        371

JCDecaux S.A.

       11        228

Kering S.A.

       11        5,545

Klepierre S.A.

       29        586

Legrand S.A.

       41        2,763

L’Oreal S.A.

       37        10,752

LVMH Moet Hennessy Louis Vuitton SE

       38        14,669

Natixis S.A.

       133        315

Orange S.A.

       294        3,586

Orpea.

       8        889

Pernod Ricard S.A.

       32        4,875

Peugeot S.A.

       84        1,203

Publicis Groupe S.A.

       33        981

Remy Cointreau S.A.(a)

       4        446

Renault S.A.

       28        555

Rexel S.A.

       48        450

Rubis S.C.A

       14        628

Safran S.A.

       49        4,520

Sanofi(a)

       166        16,216

Sartorius Stedim Biotech.

       4        959

Schneider Electric SE(a)

       81        7,404

SCOR SE

       25        704

SEB S.A.

       4        481

Societe Generale S.A.

       119        1,859

Sodexo S.A.

       13        1,032

Suez

       58        655

Teleperformance

       9        2,016

Thales S.A.

       15        1,136

TOTAL S.A.

       367        13,205

Ubisoft Entertainment S.A.(b)

       13        967

Unibail-Rodamco-Westfield

       21        1,236

Valeo S.A.

       38        881

Veolia Environnement S.A.

       78        1,665

Vinci S.A.

       71        5,809

Vivendi S.A.

       124        2,676

Wendel SE

       4        342

Worldline S.A.(b)(c)

       21        1,426
        

 

 

  
           187,829
        

 

 

  

Germany-8.00%

         

1&1 Drillisch AG(a)

       7        163

adidas AG

       30        6,874
      Shares      Value

Germany-(continued)

         

Allianz SE

       64      $ 11,838

Aroundtown S.A.

       170        914

BASF SE

       142        7,261

Bayer AG

       151        9,947

Bayerische Motoren Werke AG

       50        2,960

Bayerische Motoren Werke AG, Preference Shares

       9        426

Bechtle AG

       4        579

Beiersdorf AG

       15        1,570

Brenntag AG

       24        1,083

Carl Zeiss Meditec AG, BR

       6        591

Commerzbank AG(a)

       165        610

Continental AG

       17        1,437

Covestro AG(c)

       26        874

CTS Eventim AG& Co. KGaA

       9        374

Daimler AG

       125        4,317

Delivery Hero SE(b)(c)

       22        1,855

Deutsche Bank AG

       314        2,331

Deutsche Boerse AG

       28        4,347

Deutsche Lufthansa AG(a)

       37        331

Deutsche Post AG

       150        4,461

Deutsche Telekom AG

       496        7,239

Deutsche Wohnen SE

       56        2,269

DWS Group GmbH & Co. KGaA(c)

       5        158

E.ON SE

       333        3,336

Evonik Industries AG

       26        640

Fielmann AG

       4        262

Fraport AG Frankfurt Airport Services Worldwide(a)

       6        263

Fresenius Medical Care AG& Co. KGaA

       32        2,512

Fresenius SE & Co. KGaA

       63        2,735

Fuchs Petrolub SE

       5        167

Fuchs Petrolub SE, Preference Shares

       11        427

GEA Group AG

       26        597

GRENKE AG(a)

       4        280

Hannover Rueck SE

       9        1,434

Hapag-Lloyd AG(c)

       4        575

HeidelbergCement AG

       23        1,093

Hella GmbH & Co. KGaA

       7        259

Henkel AG& Co. KGaA

       16        1,246

Henkel AG& Co. KGaA, Preference Shares

       27        2,397

HOCHTIEF AG

       3        236

HUGO BOSS AG

       10        278

Infineon Technologies AG

       192        3,564

KION Group AG.

       11        546

Knorr-Bremse AG

       7        651

LANXESS AG

       13        640

LEG Immobilien AG.

       10        1,148

Merck KGaA

       20        2,324

METRO AG

       26        226

MTU Aero Engines AG

       8        1,089

Muenchener Rueckversicherungs-Gesellschaft AG

       22        4,839

Nemetschek SE.

       8        504

OSRAM Licht AG

       9        374

Porsche Automobil Holding SE, Preference Shares

       24        1,210

ProSiebenSat.1 Media SE(a)

       32        321

Puma SE

       13        817

Rational AG

       1        483

Rheinmetall AG

       7        474

Rocket Internet SE(b)(c)

       10        211

RWE AG

       89        2,558
 

 

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

 

 

 

 

   7  

 

 

 

 

Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM)–(continued)

April 30, 2020

(Unaudited)

 

      Shares      Value

Germany-(continued)

         

SAP SE

       149      $ 17,779

Sartorius AG, Preference Shares

       5        1,406

Scout24 AG(c)

       17        1,112

Siemens AG

       116        10,759

Siemens Healthineers AG(c)

       21        925

Suedzucker AG

       12        159

Symrise AG

       19        1,921

Talanx AG

       6        214

TeamViewer AG(b)

       15        651

Telefonica Deutschland Holding AG

       106        301

thyssenkrupp AG(a)(b)

       74        493

Traton SE(b)

       7        105

TUI AG(a)

       69        275

Uniper SE

       31        832

United Internet AG

       18        620

Varta AG(b)

       2        166

Volkswagen AG(a)

       5        746

Volkswagen AG, Preference Shares

       28        3,932

Vonovia SE

       84        4,145

Wacker Chemie AG

       2        117

Wirecard AG(a)

       18        1,782

Zalando SE(b)(c)

       23        1,121
        

 

 

  
             165,086
        

 

 

  

Hong Kong-3.05%

         

AIA Group Ltd.

         1,859        17,254

ASM Pacific Technology Ltd.

       47        478

Bank of East Asia Ltd. (The)

       188        399

Brightoil Petroleum Holdings Ltd.(b)(d)

       462        0

Cafe de Coral Holdings Ltd.

       53        109

Cathay Pacific Airways Ltd.(a)

       125        148

Champion REIT

       309        183

Chow Tai Fook Jewellery Group Ltd.

       169        144

CK Asset Holdings Ltd.

       413        2,610

CK Hutchison Holdings Ltd.

       411        3,043

CK Infrastructure Holdings Ltd.

       98        584

CLP Holdings Ltd.

       253        2,702

Dah Sing Banking Group Ltd.

       58        57

Dah Sing Financial Holdings Ltd.

       23        76

Dairy Farm International Holdings Ltd.

       47        225

Guotai Junan International Holdings Ltd.

       369        49

Haitong International Securities Group Ltd.

       355        83

Hang Lung Group Ltd.

       138        313

Hang Lung Properties Ltd.

       321        688

Hang Seng Bank Ltd.

       110        1,937

Henderson Land Development Co. Ltd.

       205        838

Hong Kong & China Gas Co. Ltd. (The)

       1,513        2,705

Hong Kong Exchanges & Clearing Ltd.

       194        6,306

Hongkong Land Holdings Ltd.

       185        779

Huabao International Holdings Ltd.

       141        56

Hutchison Port Holdings Trust, Class U

       802        104

Hutchison Telecommunications Hong Kong Holdings Ltd.

       204        35

Hysan Development Co. Ltd.

       98        326

Jardine Matheson Holdings Ltd.

       33        1,451

Jardine Strategic Holdings Ltd.

       29        625

Johnson Electric Holdings Ltd.

       54        91

Kerry Properties Ltd.

       94        258

Li & Fung Ltd.

       917        138

Lifestyle International Holdings Ltd.

       71        68
      Shares      Value
Hong Kong-(continued)         

Link REIT

       318      $ 2,855

Mapletree North Asia Commercial Trust(c)

       318        213

Melco International Development Ltd.

       126        237

MTR Corp. Ltd.

       222               1,233

New World Development Co. Ltd.

       872        1,029

NWS Holdings Ltd.

       221        230

PCCW Ltd.

       659        404

Power Assets Holdings Ltd.

       207        1,384

Sa Sa International Holdings Ltd.(a)

       164        31

Shangri-La Asia Ltd.

       175        144

Shun Tak Holdings Ltd.

       293        103

Sino Land Co. Ltd.

       470        657

Sun Hung Kai Properties Ltd.

       218        2,992

Swire Pacific Ltd., Class A

       80        525

Swire Pacific Ltd., Class B

       146        160

Swire Properties Ltd.

       167        469

Techtronic Industries Co. Ltd.

       198        1,508

Television Broadcasts Ltd.

       46        64

United Energy Group Ltd.

       1,144        210

Vitasoy International Holdings Ltd.

       120        432

VTech Holdings Ltd.

       25        189

WH Group Ltd.(c)

       1,328        1,281

Wharf Holdings Ltd. (The)

       137        259

Wharf Real Estate Investment Co. Ltd.

       156        659

Wheelock & Co. Ltd.

       96        703

Yue Yuen Industrial Holdings Ltd.

       114        183
        

 

 

  
           63,016
        

 

 

  
Indonesia-0.01%         

First Pacific Co. Ltd.

       369        77

Golden Agri-Resources Ltd.

         1,011        112
        

 

 

  
           189
        

 

 

  
Ireland-0.53%         

AIB Group PLC(a)(b)

       120        164

Bank of Ireland Group PLC

       146        295

CRH PLC

       122        3,693

Flutter Entertainment PLC(a)

       12        1,476

Glanbia PLC.

       31        329

Kerry Group PLC, Class A

       22        2,523

Kingspan Group PLC

       24        1,222

Smurfit Kappa Group PLC

       38        1,202
        

 

 

  
           10,904
        

 

 

  
Israel-0.52%         

Airport City Ltd.(b)

       10        153

Alony Hetz Properties & Investments Ltd.

       16        194

Amot Investments Ltd.

       18        102

Azrieli Group Ltd.

       5        298

Bank Hapoalim BM

       163        1,056

Bank Leumi Le-Israel BM

       228        1,241

Bezeq The Israeli Telecommunication Corp. Ltd.(b) .

       324        233

Delek Group Ltd.

       1        46

Elbit Systems Ltd.

       4        547

Fattal Holdings 1998 Ltd.

       1        69

First International Bank of Israel Ltd.

       8        200

Gazit-Globe Ltd.

       15        111

Harel Insurance Investments & Financial Services Ltd.

       18        116

ICL Ltd.

       99        347

Israel Corp. Ltd. (The)(b)

       1        130
 

 

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

 

 

 

 

   8  

 

 

 

 

Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM)–(continued)

April 30, 2020

(Unaudited)

 

      Shares      Value

Israel-(continued)

         

Israel Discount Bank Ltd., Class A

       185      $ 606

Melisron Ltd.

       2        81

Migdal Insurance & Financial Holdings Ltd.

       87        56

Mivne Real Estate KD Ltd.(b)

       103        223

Mizrahi Tefahot Bank Ltd.

       20        413

Nice Ltd.(b)

       10        1,672

Oil Refineries Ltd.

       237        66

Paz Oil Co. Ltd.

       2        177

Phoenix Holdings Ltd. (The)

       20        106

Shapir Engineering and Industry Ltd.

       17        120

Shikun & Binui Ltd.

       28        117

Shufersal Ltd.

       17        110

Strauss Group Ltd.

       6        171

Teva Pharmaceutical Industries Ltd.(b)

       152        1,681

Tower Semiconductor Ltd.(b)

       15        295
        

 

 

  
           10,737
        

 

 

  

Italy-1.96%

         

A2A S.p.A

       245        333

Amplifon S.p.A

       18        412

Assicurazioni Generali S.p.A

       199        2,837

Atlantia S.p.A

       72        1,172

Banca Mediolanum S.p.A

       40        244

Banco BPM S.p.A.(a)(b)

       241        294

Buzzi Unicem S.p.A

       11        215

Buzzi Unicem S.p.A., RSP

       6        63

Davide Campari-Milano S.p.A

       90        697

DiaSorin S.p.A

       3        510

Enel S.p.A

         1,194               8,155

Eni S.p.A

       387        3,694

Ferrari N.V

       19        2,984

FinecoBank Banca Fineco S.p.A

       94        1,044

Hera S.p.A

       121        448

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

       37        391

Intesa Sanpaolo S.p.A

       2,320        3,616

Italgas S.p.A

       59        330

Leonardo S.p.A

       61        421

Mediaset S.p.A.(a)(b)

       55        112

Mediobanca Banca di Credito Finanziario S.p.A

       110        637

Moncler S.p.A

       28        1,052

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

       40        606

Pirelli & C S.p.A.(c)

       67        261

Poste Italiane S.p.A.(c)

       73        620

PRADA S.p.A

       81        262

Prysmian S.p.A

       40        752

Recordati S.p.A

       16        695

Saipem S.p.A.(b)

       91        233

Salvatore Ferragamo S.p.A

       10        124

Snam S.p.A

       352        1,576

Telecom Italia S.p.A.(a)

       1,600        634

Telecom Italia S.p.A., RSP

       957        381

Terna Rete Elettrica Nazionale S.p.A

       224        1,403

UniCredit S.p.A.(b)

       349        2,687

Unione di Banche Italiane S.p.A

       156        446

UnipolSai Assicurazioni S.p.A

       90        221
        

 

 

  
           40,562
        

 

 

  

Japan-25.71%

         

77 Bank Ltd. (The)

       11        149

ABC-Mart, Inc.

       4        206

Acom Co. Ltd.

       60        246
      Shares      Value

Japan-(continued)

         

Advantest Corp.

       31      $ 1,528

Aeon Co. Ltd.

       110        2,234

AEON Financial Service Co. Ltd.

       18        190

Aeon Mall Co. Ltd.

       19        243

AGC, Inc.

       28        707

Aica Kogyo Co. Ltd.

       8        235

Ain Holdings, Inc.

       4        226

Air Water, Inc.

       24        327

Aisin Seiki Co. Ltd.

       28        816

Ajinomoto Co., Inc.

       76        1,362

Alfresa Holdings Corp.

       28        565

Alps Alpine Co. Ltd.

       30        315

Amada Co. Ltd.

       52        478

Amano Corp.

       10        207

ANA Holdings, Inc.

       18        387

Anritsu Corp.(a)

       21        430

Aozora Bank Ltd.

       18        325

Ariake Japan Co. Ltd.

       3        175

Asahi Group Holdings Ltd.

       60        2,098

Asahi Intecc Co. Ltd.

       29        776

Asahi Kasei Corp.

       191        1,366

Asics Corp.

       28        270

ASKUL Corp.

       3        86

Astellas Pharma, Inc.

       290        4,845

Autobacs Seven Co. Ltd.

       10        118

Azbil Corp.

       20        532

Bandai Namco Holdings, Inc.

       30        1,524

Bank of Kyoto Ltd. (The)(a)

       11        382

Benefit One, Inc.

       10        178

Benesse Holdings, Inc.

       11        316

Bic Camera, Inc.

       24        225

Bridgestone Corp.

       90        2,843

Brother Industries Ltd.

       37        635

Calbee, Inc.

       12        366

Canon Marketing Japan, Inc.

       7        137

Canon, Inc.

       155        3,311

Capcom Co. Ltd.

       14        431

Casio Computer Co. Ltd.

       34        544

Central Japan Railway Co.

       28        4,453

Chiba Bank Ltd. (The)

       104        488

Chubu Electric Power Co., Inc.

       111        1,514

Chugai Pharmaceutical Co. Ltd.

       33        3,953

Chugoku Bank Ltd. (The)

       27        251

Chugoku Electric Power Co., Inc. (The)

       46        622

Citizen Watch Co. Ltd.

       43        154

Coca-Cola Bottlers Japan Holdings, Inc.(a)

       23        418

COMSYS Holdings Corp.

       18        505

Concordia Financial Group Ltd.

       171        531

Cosmo Energy Holdings Co. Ltd.

       10        153

Cosmos Pharmaceutical Corp.

       1        269

Credit Saison Co. Ltd.

       25        289

CyberAgent, Inc.

       15        637

Dai Nippon Printing Co. Ltd.

       47        1,007

Daicel Corp.

       47        385

Daido Steel Co. Ltd.

       6        202

Daifuku Co. Ltd.

       15        1,056

Dai-ichi Life Holdings, Inc.

       168        2,138

Daiichi Sankyo Co. Ltd.

       98        6,765

Daiichikosho Co. Ltd.

       7        213

Daikin Industries Ltd.

       41        5,370
 

 

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

 

 

 

 

   9  

 

 

 

 

Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM)–(continued)

April 30, 2020

(Unaudited)

 

      Shares      Value
Japan-(continued)         

Daishi Hokuetsu Financial Group, Inc.

       7      $ 154

Daito Trust Construction Co. Ltd.

       10        965

Daiwa House Industry Co. Ltd.

            101        2,604

Daiwa Securities Group, Inc.

       241        1,011

DeNA Co. Ltd.

       17        211

Denka Co. Ltd.

       14        340

Denso Corp.

       70        2,495

Dentsu Group, Inc.

       35        746

DIC Corp.

       13        307

Disco Corp.

       4        911

DMG Mori Co. Ltd.

       16        167

Dowa Holdings Co. Ltd.

       7        197

East Japan Railway Co.

       56        4,123

Ebara Corp.

       16        359

Eisai Co. Ltd.

       41        2,887

Electric Power Development Co. Ltd.

       26        525

Ezaki Glico Co. Ltd.

       8        352

FamilyMart Co. Ltd.

       36        617

Fancl Corp.

       10        243

FANUC Corp.

       30        5,002

Fast Retailing Co. Ltd.

       8        3,853

FP Corp.

       4        303

Fuji Electric Co. Ltd.

       18        437

Fuji Media Holdings, Inc.

       7        71

Fuji Oil Holdings, Inc.

       7        165

Fuji Seal International, Inc.

       7        123

FUJIFILM Holdings Corp.

       57        2,739

Fujikura Ltd.

       43        128

Fujitsu General Ltd.

       9        151

Fujitsu Ltd.

       30               2,956

Fukuoka Financial Group, Inc.

       23        333

Fukuyama Transporting Co. Ltd.

       5        175

Furukawa Electric Co. Ltd.

       10        191

Fuyo General Lease Co. Ltd.

       3        152

Glory Ltd.

       9        205

GMO internet, Inc.

       9        199

GMO Payment Gateway, Inc.

       6        541

GOLDWIN, Inc.

       6        327

GS Yuasa Corp.

       12        173

GungHo Online Entertainment, Inc.

       5        78

Gunma Bank Ltd. (The)

       68        220

H.I.S. Co. Ltd.

       5        67

H2O Retailing Corp.

       14        111

Hachijuni Bank Ltd. (The)

       65        234

Hakuhodo DY Holdings, Inc.

       38        427

Hamamatsu Photonics K.K

       21        929

Hankyu Hanshin Holdings, Inc.

       34        1,176

Haseko Corp.

       44        486

Heiwa Corp.

       8        136

Hikari Tsushin, Inc.

       3        589

Hino Motors Ltd.

       42        254

Hirose Electric Co. Ltd.

       5        555

Hiroshima Bank Ltd. (The)

       46        193

Hisamitsu Pharmaceutical Co., Inc.

       11        523

Hitachi Capital Corp.

       7        138

Hitachi Chemical Co. Ltd.

       4        172

Hitachi Construction Machinery Co. Ltd.

       17        405

Hitachi Ltd.

       142        4,304

Hitachi Metals Ltd.

       31        306

Hitachi Transport System Ltd.

       7        173
      Shares      Value
Japan-(continued)         

Hokuhoku Financial Group, Inc.

       20      $ 164

Hokuriku Electric Power Co.

       27        183

Honda Motor Co. Ltd.

       267               6,518

Horiba Ltd.

       6        323

Hoshizaki Corp.

       8        616

House Foods Group, Inc.

       12        379

Hoya Corp.

       57        5,259

Hulic Co. Ltd.

       56        561

Ibiden Co. Ltd.

       17        442

Ichigo, Inc.(a)

       32        84

Idemitsu Kosan Co. Ltd.

       37        855

IHI Corp.

       21        265

Iida Group Holdings Co. Ltd.

       22        296

INPEX Corp.

       145        937

Isetan Mitsukoshi Holdings Ltd.

       57        351

Isuzu Motors Ltd.

       79        609

Ito En Ltd.

         9        503

ITOCHU Corp.(a)

            209        4,153

Itochu Techno-Solutions Corp.

       16        494

Itoham Yonekyu Holdings, Inc.

       21        123

Iyo Bank Ltd. (The)

       43        232

Izumi Co. Ltd.

       6        178

J Front Retailing Co. Ltd.

       39        324

Japan Airlines Co. Ltd.

       19        345

Japan Airport Terminal Co. Ltd.

       7        290

Japan Aviation Electronics Industry Ltd.

       7        92

Japan Exchange Group, Inc.

       85        1,599

Japan Petroleum Exploration Co. Ltd.

       5        87

Japan Post Bank Co. Ltd.(a)

       65        607

Japan Post Holdings Co. Ltd.

       203        1,642

Japan Post Insurance Co. Ltd.

       30        388

Japan Steel Works Ltd. (The)

       10        125

Japan Tobacco, Inc.

       182        3,429

JCR Pharmaceuticals Co. Ltd.

       2        194

JFE Holdings, Inc.

       82        555

JGC Holdings Corp.

       34        335

JSR Corp.

       30        572

JTEKT Corp.

       36        268

Justsystems Corp.

       5        309

JXTG Holdings, Inc.

       433        1,550

Kagome Co. Ltd.

       12        308

Kajima Corp.

       72        761

Kakaku.com, Inc.

       21        432

Kaken Pharmaceutical Co. Ltd.

       5        276

Kamigumi Co. Ltd.

       16        285

Kandenko Co. Ltd.

       16        135

Kaneka Corp.

       9        235

Kansai Electric Power Co., Inc. (The)

       115        1,188

Kansai Mirai Financial Group, Inc.

       28        96

Kansai Paint Co. Ltd.

       31        597

Kao Corp.

       73        5,677

Kawasaki Heavy Industries Ltd.

       23        354

Kawasaki Kisen Kaisha Ltd.(b)

       13        131

KDDI Corp.

       260        7,559

Keihan Holdings Co. Ltd.

       15        680

Keikyu Corp.

       39        646

Keio Corp.

       18        1,027

Keisei Electric Railway Co. Ltd.

       22        671

Kewpie Corp.

       18        360

Keyence Corp.

       27        9,789
 

 

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

 

 

 

 

   10  

 

 

 

 

Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM)–(continued)

April 30, 2020

(Unaudited)

 

      Shares      Value
Japan-(continued)         

Kikkoman Corp.

       28      $        1,304

Kinden Corp.

       21        343

Kintetsu Group Holdings Co. Ltd.

       28        1,351

Kirin Holdings Co. Ltd.

            123        2,391

Kissei Pharmaceutical Co. Ltd.

       5        120

Kobayashi Pharmaceutical Co. Ltd.

       9        837

Kobe Bussan Co. Ltd.

       4        194

Kobe Steel Ltd.(b)

       47        160

Koei Tecmo Holdings Co. Ltd.

       9        240

Koito Manufacturing Co. Ltd.

       18        688

KOKUYO Co. Ltd.

       13        160

Komatsu Ltd.

       140        2,700

Konami Holdings Corp.

       15        478

Konica Minolta, Inc.

       72        283

Kose Corp.

       4        503

Kotobuki Spirits Co. Ltd.

       3        120

K’s Holdings Corp.

       26        287

Kubota Corp.

       170        2,141

Kuraray Co. Ltd.

       56        568

Kurita Water Industries Ltd.

       17        482

Kusuri no Aoki Holdings Co. Ltd.

       2        157

Kyocera Corp.

       47        2,540

Kyoritsu Maintenance Co. Ltd.

       4        99

Kyowa Exeo Corp.

       14        346

Kyowa Kirin Co. Ltd.

       40        942

Kyudenko Corp.

       6        169

Kyushu Electric Power Co., Inc.

       73        582

Kyushu Financial Group, Inc.

       61        259

Kyushu Railway Co.

       25        679

Lasertec Corp.

       12        809

Lawson, Inc.

       7        365

LINE Corp.(b)

       8        394

Lintec Corp.

       8        173

Lion Corp.

       40        842

LIXIL Group Corp.

       41        502

M3, Inc.

       64        2,328

Mabuchi Motor Co. Ltd.

       8        251

Maeda Corp.

       21        171

Maeda Road Construction Co. Ltd.

       9        169

Makita Corp.

       39        1,284

Mani, Inc.

       9        202

Marubeni Corp.

       248        1,215

Maruha Nichiro Corp.

       6        127

Marui Group Co. Ltd.

       33        547

Maruichi Steel Tube Ltd.

       10        228

Matsui Securities Co. Ltd.

       16        118

Matsumotokiyoshi Holdings Co. Ltd.

       12        416

Mazda Motor Corp.

       90        515

Mebuki Financial Group, Inc.

       161        342

Medipal Holdings Corp.

       25        490

Megmilk Snow Brand Co. Ltd.

       7        161

MEIJI Holdings Co. Ltd.

       21        1,467

MINEBEA MITSUMI, Inc.

       64        1,062

Miraca Holdings, Inc.

       8        202

MISUMI Group, Inc.

       44        1,064

Mitsubishi Chemical Holdings Corp.

       195        1,126

Mitsubishi Corp.

       183        3,936

Mitsubishi Electric Corp.

       303        3,798

Mitsubishi Estate Co. Ltd.

       181        2,983

Mitsubishi Gas Chemical Co., Inc.

       30        373
      Shares      Value
Japan-(continued)         
Mitsubishi Heavy Industries Ltd.       45      $        1,163
Mitsubishi Logistics Corp.       11        246
Mitsubishi Materials Corp.       20        414
Mitsubishi Motors Corp.       99        282
Mitsubishi Shokuhin Co. Ltd.       2        50
Mitsubishi UFJ Financial Group, Inc.         1,915        7,777
Mitsubishi UFJ Lease & Finance Co. Ltd.       69        335
Mitsui & Co. Ltd.       259        3,667
Mitsui Chemicals, Inc.       29        577
Mitsui Fudosan Co. Ltd.       144        2,691
Mitsui Mining & Smelting Co. Ltd.       9        173
Mitsui OSK Lines Ltd.       17        301
Miura Co. Ltd.       16        661
Mizuho Financial Group, Inc.       3,899        4,587
Mochida Pharmaceutical Co. Ltd.       4        157
MonotaRO Co. Ltd.       18        584
Morinaga & Co. Ltd.       6        249
Morinaga Milk Industry Co. Ltd.       6        235
MS&AD Insurance Group Holdings, Inc.       77        2,248
Murata Manufacturing Co. Ltd.       88        4,953
Nabtesco Corp.       18        524
Nagase & Co. Ltd.       17        207
Nagoya Railroad Co. Ltd.       29        839
Nankai Electric Railway Co. Ltd.       17        382
NEC Corp.       40        1,558
NET One Systems Co. Ltd.       13        378
Nexon Co. Ltd.       64        1,044
NGK Insulators Ltd.       42        559
NGK Spark Plug Co. Ltd.       30        455
NH Foods Ltd.       16        577
NHK Spring Co. Ltd.       26        173
Nichirei Corp.       17        427
Nidec Corp.       72        4,232
Nifco, Inc.       14        274
Nihon Kohden Corp.       12        433
Nihon M&A Center, Inc.       20        665
Nihon Unisys Ltd.       10        294
Nikon Corp.       55        518
Nintendo Co. Ltd.       16        6,681
Nippo Corp.       8        182
Nippon Electric Glass Co. Ltd.       13        193
Nippon Express Co. Ltd.       11        544
Nippon Kayaku Co. Ltd.       27        264
Nippon Paint Holdings Co. Ltd.(a)       24        1,394
Nippon Paper Industries Co. Ltd.       15        217
Nippon Shinyaku Co. Ltd.       8        566
Nippon Shokubai Co. Ltd.       5        239
Nippon Steel Corp.       127        1,083
Nippon Telegraph & Telephone Corp.       183        4,181
Nippon Television Holdings, Inc.       4        45
Nippon Yusen KK       25        334
Nipro Corp.       19        215
Nishi-Nippon Financial Holdings, Inc.       25        148
Nishi-Nippon Railroad Co. Ltd.       12        296
Nissan Chemical Corp.       21        813
Nissan Motor Co. Ltd.       296        1,024
Nissan Shatai Co. Ltd.       10        82
Nisshin Seifun Group, Inc.       41        645
Nisshinbo Holdings, Inc.       20        142
Nissin Foods Holdings Co. Ltd.       11        909
 

 

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

 

 

 

 

   11  

 

 

 

 

Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM)–(continued)

April 30, 2020

(Unaudited)

 

      Shares      Value
Japan-(continued)         

Nitori Holdings Co. Ltd.

       11      $        1,699

Nitto Denko Corp.

       24        1,214

Noevir Holdings Co. Ltd.

       2        95

NOF Corp.

       11        368

NOK Corp.

       18        212

Nomura Holdings, Inc.

            455        1,914

Nomura Real Estate Holdings, Inc.

       19        315

Nomura Research Institute Ltd.

       40        985

NS Solutions Corp.

       5        126

NSK Ltd.

       72        504

NTN Corp.

       67        130

NTT Data Corp.

       100        1,033

NTT DOCOMO, Inc.

       174        5,122

Obayashi Corp.

       107        953

OBIC Business Consultants Co. Ltd.

       2        90

Obic Co. Ltd.

       10        1,517

Odakyu Electric Railway Co. Ltd.

       48        1,065

Oji Holdings Corp.

       139        715

OKUMA Corp.

       5        193

Olympus Corp.

       152        2,453

Omron Corp.

       29        1,725

Ono Pharmaceutical Co. Ltd.

       67        1,623

Open House Co. Ltd.

       10        222

Oracle Corp. Japan

       5        520

Orient Corp.

       90        104

Oriental Land Co. Ltd.

       29        3,710

ORIX Corp.

       197        2,375

Osaka Gas Co. Ltd.

       62        1,159

OSG Corp.

       11        145

Otsuka Corp.

       16        725

Otsuka Holdings Co. Ltd.

       66        2,626

Paltac Corp.

       5        264

Pan Pacific International Holdings Corp.

       80        1,558

Panasonic Corp.

       326        2,521

Park24 Co. Ltd.

       17        275

Penta-Ocean Construction Co. Ltd.

       44        226

PeptiDream, Inc.(b)

       13        492

Persol Holdings Co. Ltd.

       27        318

Pigeon Corp.

       17        610

Pilot Corp.

       4        136

Pola Orbis Holdings, Inc.

       12        215

Rakuten, Inc.

       127        1,088

Recruit Holdings Co. Ltd.

       191        5,683

Relo Group, Inc.

       16        352

Renesas Electronics Corp.(b)

       110        597

Rengo Co. Ltd.

       33        262

Resona Holdings, Inc.

       347        1,094

Resorttrust, Inc.

       10        104

Ricoh Co. Ltd.

       108        747

Rinnai Corp.

       6        458

Rohm Co. Ltd.

       14        898

Rohto Pharmaceutical Co. Ltd.

       15        441

Ryohin Keikaku Co. Ltd.

       36        435

Sankyo Co. Ltd.

       8        222

Sankyu, Inc.

       8        312

Sanrio Co. Ltd.

       9        136

Santen Pharmaceutical Co. Ltd.

       57        1,015

Sanwa Holdings Corp.

       31        245

Sapporo Holdings Ltd.

       10        193

Sawai Pharmaceutical Co. Ltd.

       6        330
      Shares      Value

Japan-(continued)

         

SBI Holdings, Inc.

              36      $ 684

SCREEN Holdings Co. Ltd.

       6        295

SCSK Corp.

       7        318

Secom Co. Ltd.

       30        2,526

Sega Sammy Holdings, Inc.

       31        380

Seibu Holdings, Inc.

       34        412

Seiko Epson Corp.

       44        505

Seino Holdings Co. Ltd.

       23        277

Sekisui Chemical Co. Ltd.

       57        730

Sekisui House Ltd.

       89        1,547

Seven & i Holdings Co. Ltd.

       119        3,954

Seven Bank Ltd.

       104        284

SG Holdings Co. Ltd.

       33        923

Sharp Corp.(b)

       23        258

Shiga Bank Ltd. (The)

       8        190

Shikoku Electric Power Co., Inc.

       24        187

Shimadzu Corp.

       41        1,029

Shimamura Co. Ltd.

       3        191

Shimano, Inc.

       12        1,778

Shimizu Corp.

       90        704

Shin-Etsu Chemical Co. Ltd.

       62        6,966

Shinsei Bank Ltd.

       30        366

Shionogi & Co. Ltd.

       43        2,384

Ship Healthcare Holdings, Inc.

       6        274

Shiseido Co. Ltd.

       60        3,579

Shizuoka Bank Ltd. (The)

       83        508

SHO-BOND Holdings Co. Ltd.

       8        327

Shochiku Co. Ltd.

       2        220

Showa Denko K.K.

       23        511

SKY Perfect JSAT Holdings, Inc.

       19        72

Skylark Holdings Co. Ltd.

       30        449

SMC Corp.

       9        4,124

SMS Co. Ltd.

       7        155

Softbank Corp.

       247        3,382

SoftBank Group Corp.

       249        10,788

Sohgo Security Services Co. Ltd.

       10        483

Sojitz Corp.

       199        469

Sompo Holdings, Inc.

       53        1,735

Sony Corp.

       188             12,187

Sony Financial Holdings, Inc.

       24        464

Sotetsu Holdings, Inc.

       12        310

Square Enix Holdings Co. Ltd.

       12        494

Stanley Electric Co. Ltd.

       23        532

Subaru Corp.

       95        1,932

Sugi Holdings Co. Ltd.

       5        302

SUMCO Corp.

       34        493

Sumitomo Bakelite Co. Ltd.

       5        132

Sumitomo Chemical Co. Ltd.

       239        747

Sumitomo Corp.

       172        1,976

Sumitomo Dainippon Pharma Co. Ltd.

       26        364

Sumitomo Electric Industries Ltd.

       119        1,239

Sumitomo Forestry Co. Ltd.

       21        265

Sumitomo Heavy Industries Ltd.

       18        386

Sumitomo Metal Mining Co. Ltd.

       38        966

Sumitomo Mitsui Financial Group, Inc.

       200        5,319

Sumitomo Mitsui Trust Holdings, Inc.

       56        1,655

Sumitomo Osaka Cement Co. Ltd.

       5        166

Sumitomo Realty & Development Co. Ltd.

       62        1,689

Sumitomo Rubber Industries Ltd.

       28        276

Sundrug Co. Ltd.

       10        346
 

 

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

 

 

 

 

   12  

 

 

 

 

Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM)–(continued)

April 30, 2020

(Unaudited)

 

      Shares      Value
Japan-(continued)         
Suntory Beverage & Food Ltd.       20      $ 758
Sushiro Global Holdings Ltd.       16        251
Suzuken Co. Ltd.       12        467
Suzuki Motor Corp.       66               2,141
Sysmex Corp.       29        2,018
T&D Holdings, Inc.       84        738
Tadano Ltd.       18        139
Taiheiyo Cement Corp.       19        380
Taisei Corp.       31        981
Taisho Pharmaceutical Holdings Co. Ltd.       7        441
Taiyo Nippon Sanso Corp.       23        362
Taiyo Yuden Co. Ltd.       18        510
Takara Bio, Inc.       7        158
Takara Holdings, Inc.       28        209
Takashimaya Co. Ltd.       23        210
Takeda Pharmaceutical Co. Ltd.            233        8,461
TDK Corp.       19        1,667
TechnoPro Holdings, Inc.       6        348
Teijin Ltd.       28        452
Terumo Corp.       100        3,340
THK Co. Ltd.       18        439
TIS, Inc.       36        698
Tobu Railway Co. Ltd.       32        1,097
Toda Corp.       37        218
Toho Co. Ltd.       18        596
Toho Gas Co. Ltd.       14        689
Tohoku Electric Power Co., Inc.       75        710
Tokai Carbon Co. Ltd.       31        260
Tokai Rika Co. Ltd.       8        104
Tokio Marine Holdings, Inc.       102        4,851
Tokuyama Corp.       11        237
Tokyo Broadcasting System Holdings, Inc.       6        94
Tokyo Century Corp.       7        241
Tokyo Electric Power Co. Holdings, Inc.(b)       247        838
Tokyo Electron Ltd.       23        4,934
Tokyo Gas Co. Ltd.       66        1,455
Tokyo Tatemono Co. Ltd.       33        379
Tokyu Corp.       78        1,185
Tokyu Fudosan Holdings Corp.       94        470
Topcon Corp.       17        142
Toppan Printing Co. Ltd.       41        618
Toray Industries, Inc.       240        1,120
Toshiba Corp.       67        1,684
Toshiba TEC Corp.       4        132
Tosoh Corp.       45        559
TOTO Ltd.       23        815
Toyo Seikan Group Holdings Ltd.       25        257
Toyo Suisan Kaisha Ltd.       14        676
Toyo Tire Corp.       16        193
Toyobo Co. Ltd.       14        166
Toyoda Gosei Co. Ltd.       12        226
Toyota Boshoku Corp.       10        126
Toyota Industries Corp.       25        1,269
Toyota Motor Corp.       377        23,501
Toyota Tsusho Corp.       35        847
Trend Micro, Inc.       18        921
TS Tech Co. Ltd.       8        218
Tsumura & Co.       10        279
Tsuruha Holdings, Inc.       6        807
TV Asahi Holdings Corp.       3        45
      Shares      Value
Japan-(continued)         
Ube Industries Ltd.       17      $ 290
Ulvac, Inc.       8        224
Unicharm Corp.       61        2,253
Ushio, Inc.       19        203
USS Co. Ltd.       34        544
Wacoal Holdings Corp.       10        204
Welcia Holdings Co. Ltd.       8        581
West Japan Railway Co.       28        1,746
Yakult Honsha Co. Ltd.       19        1,114
Yamada Denki Co. Ltd.            116        555
Yamaguchi Financial Group, Inc.       36        196
Yamaha Corp.       24        983
Yamaha Motor Co. Ltd.       44        577
Yamato Holdings Co. Ltd.       56        989
Yamato Kogyo Co. Ltd.       6        120
Yamazaki Baking Co. Ltd.(a)       20        355
Yaoko Co. Ltd.       3        187
Yaskawa Electric Corp.       40        1,334
Yokogawa Electric Corp.       38        526
Yokohama Rubber Co. Ltd. (The)       17        221
Z Holdings Corp.       399        1,563
Zenkoku Hosho Co. Ltd.       8        237
Zensho Holdings Co. Ltd.       15        300
Zeon Corp.       23        205
ZOZO, Inc.       12        195
        

 

 

  
              530,830
        

 

 

  
Jordan-0.03%         
Hikma Pharmaceuticals PLC       22        658
        

 

 

  
Kazakhstan-0.01%         
KAZ Minerals PLC       37        193
        

 

 

  
Luxembourg-0.16%         
ArcelorMittal S.A.       95        1,041
Eurofins Scientific SE       2        1,106
L’Occitane International S.A.       72        110
RTL Group S.A.       6        200
SES S.A., FDR       56        374
Tenaris S.A.       74        518
        

 

 

  
           3,349
        

 

 

  
Macau-0.22%         
Galaxy Entertainment Group Ltd.       335        2,180
Macau Legend Development Ltd.(b)       265        32
MGM China Holdings Ltd.       118        148
Sands China Ltd.       380        1,564
SJM Holdings Ltd.       296        293
Wynn Macau Ltd.       231        405
        

 

 

  
           4,622
        

 

 

  
Malaysia-0.00%         
Wing Tai Holdings Ltd.       58        71
        

 

 

  
Mexico-0.01%         
Fresnillo PLC(a)       29        260
        

 

 

  
Netherlands-3.19%         
Aalberts N.V.       15        422
ABN AMRO Bank N.V., CVA(c)       64        491
Adyen N.V.(b)(c)       4        3,948
Aegon N.V.       277        713
Akzo Nobel N.V.       30        2,274
Altice Europe N.V.(b)       84        335
 

 

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

 

 

 

 

   13  

 

 

 

 

Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM)–(continued)

April 30, 2020

(Unaudited)

 

      Shares      Value

Netherlands-(continued)

         

argenx SE(b)

       7      $ 1,054

ASM International N.V.

       7        770

ASML Holding N.V.

       61        18,083

ASR Nederland N.V.

       22        592

Boskalis Westminster

       13        226

Euronext N.V.(c)

       9        755

EXOR N.V.

       16        874

GrandVision N.V.(c)

       8        212

Heineken Holding N.V

       16        1,246

Heineken N.V.(a)

       36        3,061

ING Groep N.V.

            606        3,324

Just Eat Takeaway.com N.V.(b)(c)

       17        1,734

Koninklijke Ahold Delhaize N.V.

       167        4,053

Koninklijke DSM N.V.

       27        3,305

Koninklijke KPN N.V.

       508        1,175

Koninklijke Philips N.V.

       137        5,960

Koninklijke Vopak N.V.

       10        576

NN Group N.V.

       52        1,504

OCI N.V.(b)

       15        182

Prosus N.V.(b)

       66        5,001

Randstad N.V.

       17        682

Signify N.V.(c)

       16        326

Wolters Kluwer N.V.

       41        3,014
        

 

 

  
                65,892
        

 

 

  

New Zealand-0.36%

         

a2 Milk Co. Ltd.(b)

       110        1,332

Air New Zealand Ltd.

       80        66

Auckland International Airport Ltd.

       147        552

Contact Energy Ltd.

       114        443

Fisher & Paykel Healthcare Corp. Ltd.

       89        1,504

Fletcher Building Ltd.

       130        297

Kiwi Property Group Ltd.

       225        134

Mercury NZ Ltd.

       108        304

Meridian Energy Ltd.

       195        540

Ryman Healthcare Ltd.

       65        486

SKYCITY Entertainment Group Ltd.

       106        174

Spark New Zealand Ltd.

       291        797

Xero Ltd.(b)

       14        729
        

 

 

  
           7,358
        

 

 

  

Norway-0.55%

         

Aker ASA, Class A(b)

       4        106

Aker BP ASA

       16        266

DNB ASA

       162        1,969

Equinor ASA

       153        2,148

Gjensidige Forsikring ASA

       26        460

Leroy Seafood Group ASA

       40        213

Mowi ASA

       64        1,099

Norsk Hydro ASA

       212        543

Orkla ASA

       123        1,116

Salmar ASA

       8        313

Schibsted ASA, Class A

       13        277

Schibsted ASA, Class B

       14        273

Telenor ASA

       102        1,570

Yara International ASA

       28        957
        

 

 

  
           11,310
        

 

 

  

Poland-0.24%

         

Bank Polska Kasa Opieki S.A.

       24        301

CD Projekt S.A.

       10        864
      Shares      Value

Poland-(continued)

         

Cyfrowy Polsat S.A.

       41      $ 253

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

       7        295

Grupa Lotos S.A

       15        226

KGHM Polska Miedz S.A.(b)

       21        390

mBank S.A.(b)

       2        106

PGE Polska Grupa Energetyczna S.A.(b)

       111        110

Polski Koncern Naftowy ORLEN S.A

       48        723

Polskie Gornictwo Naftowe i Gazownictwo S.A

            266        238

Powszechna Kasa Oszczednosci Bank Polski S.A.

       130        691

Powszechny Zaklad Ubezpieczen S.A.

       86        629

Santander Bank Polska S.A.

       5        197
        

 

 

  
                  5,023
        

 

 

  

Portugal-0.15%

         

EDP - Energias de Portugal S.A.

       360        1,518

Galp Energia SGPS S.A.

       82        944

Jeronimo Martins SGPS S.A.

       39        659
        

 

 

  
           3,121
        

 

 

  

Russia-0.06%

         

Evraz PLC

       85        284

Polymetal International PLC

       48        989
        

 

 

  
           1,273
        

 

 

  

Singapore-1.18%

         

Ascendas REIT

       451        952

Ascott Residence Trust

       272        173

BOC Aviation Ltd.(c)

       33        223

CapitaLand Commercial Trust

       374        428

CapitaLand Ltd.

       399        853

CapitaLand Mall Trust

       366        491

City Developments Ltd.

       74        418

ComfortDelGro Corp. Ltd.

       325        381

DBS Group Holdings Ltd.

       277        3,928

Frasers Property Ltd.

       55        48

Genting Singapore Ltd.

       916        511

Jardine Cycle & Carriage Ltd.

       16        229

Keppel Corp. Ltd.

       227        964

Keppel REIT.

       300        226

Mapletree Commercial Trust.

       291        405

Mapletree Industrial Trust

       201        364

Mapletree Logistics Trust

       367        469

Olam International Ltd.

       95        101

Oversea-Chinese Banking Corp. Ltd.

       519        3,333

SATS Ltd.

       100        233

Sembcorp Industries Ltd.

       144        166

Sembcorp Marine Ltd.(b)

       129        69

SIA Engineering Co. Ltd.

       37        49

Singapore Airlines Ltd.

       81        352

Singapore Exchange Ltd.

       130        891

Singapore Post Ltd.

       240        125

Singapore Press Holdings Ltd.

       253        273

Singapore Technologies Engineering Ltd.

       242        590

Singapore Telecommunications Ltd.

       1,142        2,296

StarHub Ltd.

       91        96

Suntec REIT

       299        297

United Overseas Bank Ltd.

       196        2,832

UOL Group Ltd.

       75        364

Venture Corp. Ltd.

       40        450

Wilmar International Ltd.

       308        781
        

 

 

  
           24,361
        

 

 

  
 

 

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

 

 

 

 

   14  

 

 

 

 

Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM)–(continued)

April 30, 2020

(Unaudited)

 

      Shares      Value
South Africa-0.18%         

Anglo American PLC

          192      $        3,427

Investec PLC

       101        209
        

 

 

  
           3,636
        

 

 

  
South Korea-4.48%         

Amorepacific Corp.

       5        726

Amorepacific Corp., Preference Shares

       2        103

Amorepacific Group

       4        191

BGF Co. Ltd.

       1        4

BGF retail Co. Ltd.

       1        130

BNK Financial Group, Inc.

       46        191

Celltrion Healthcare Co. Ltd.(b)

       8        555

Celltrion, Inc.(b)

       16        2,764

Cheil Worldwide, Inc.

       11        160

CJ CheilJedang Corp.

       1        224

CJ Corp.

       2        133

CJ ENM Co. Ltd.

       1        105

CJ Logistics Corp.(b)

       1        121

Coway Co. Ltd.

       9        454

Daelim Industrial Co. Ltd.

       4        289

Daewoo Engineering & Construction Co. Ltd.(b)

       28        82

Daewoo Shipbuilding & Marine Engineering Co. Ltd.(b)

       7        99

DB Insurance Co. Ltd.

       7        254

DGB Financial Group, Inc.

       24        104

Dongsuh Cos., Inc.

       5        71

Doosan Bobcat, Inc.

       4        77

Doosan Fuel Cell Co. Ltd.(b)

       3        18

Doosan Heavy Industries & Construction Co. Ltd.(b)

       10        33

Doosan Infracore Co. Ltd.(b)

       21        74

Doosan Solus Co. Ltd.(b)

       1        27

E-MART, Inc.

       3        295

Fila Holdings Corp.

       8        228

GS Engineering & Construction Corp.

       9        187

GS Holdings Corp.

       8        253

GS Retail Co. Ltd.

       4        125

Hana Financial Group, Inc.

       46        1,042

Hankook Tire & Technology Co. Ltd.

       12        209

Hanmi Pharm Co. Ltd.

       1        213

Hanmi Science Co. Ltd.

       2        47

Hanon Systems.

       25        187

Hanssem Co. Ltd.

       2        119

Hanwha Aerospace Co. Ltd.(b)

       6        132

Hanwha Corp.

       8        136

Hanwha Corp., Preference Shares

       3        28

Hanwha Life Insurance Co. Ltd.

       38        56

Hanwha Solutions Corp.

       13        155

HDC Holdings Co. Ltd.

       3        23

HDC Hyundai Development Co.-Engineering & Construction, Class E

       5        77

Helixmith Co. Ltd.(b)

       3        164

Hite Jinro Co. Ltd.

       5        133

HLB, Inc.(b)

       5        394

Hotel Shilla Co. Ltd.

       5        350

Hyundai Construction Equipment Co. Ltd.(b)

       2        30

Hyundai Department Store Co. Ltd.

       2        119

Hyundai Engineering & Construction Co. Ltd.

       11        316

Hyundai Glovis Co. Ltd.

       3        250

Hyundai Heavy Industries Holdings Co. Ltd.

       2        399
      Shares      Value
South Korea-(continued)         

Hyundai Marine & Fire Insurance Co. Ltd.

              10      $             214

Hyundai Mipo Dockyard Co. Ltd.

       3        76

Hyundai Mobis Co. Ltd.

       10        1,412

Hyundai Motor Co.

       22        1,690

Hyundai Motor Co., First Pfd

       3        140

Hyundai Motor Co., Second Pfd

       6        289

Hyundai Steel Co.

       12        213

Hyundai Wia Corp.

       2        54

Industrial Bank of Korea

       42        272

Kakao Corp.

       8        1,208

Kangwon Land, Inc.

       17        349

KB Financial Group, Inc.

       60        1,711

KEPCO Plant Service & Engineering Co. Ltd.

       3        80

Kia Motors Corp.

       41        998

Korea Aerospace Industries Ltd.

       10        211

Korea Electric Power Corp.(b)

       40        783

Korea Gas Corp.

       4        88

Korea Investment Holdings Co. Ltd.

       6        247

Korea Shipbuilding & Offshore Engineering Co. Ltd.(b)

       7        475

Korea Zinc Co. Ltd.

       2        634

Korean Air Lines Co. Ltd.(b)

       8        130

KT&G Corp.

       17        1,132

Kumho Petrochemical Co. Ltd.

       3        188

LG Chem Ltd.

       7        2,163

LG Chem Ltd., Preference Shares

       1        142

LG Corp.

       14        712

LG Display Co. Ltd.(b)

       35        317

LG Electronics, Inc.

       17        766

LG Electronics, Inc., Preference Shares

       3        52

LG Household & Health Care Ltd.

       1        1,137

LG Uplus Corp.

       31        340

Lotte Chemical Corp.

       2        354

Lotte Chilsung Beverage Co. Ltd.

       1        89

Lotte Corp.

       4        132

LOTTE Fine Chemical Co. Ltd.

       3        96

Lotte Shopping Co. Ltd.

       2        164

LS Corp.

       3        93

Mando Corp.

       5        97

Medy-Tox, Inc.

       1        95

Mirae Asset Daewoo Co. Ltd.

       58        267

Mirae Asset Daewoo Co. Ltd., Second Pfd

       22        56

NAVER Corp.

       20        3,242

NCSoft Corp.

       3        1,583

Netmarble Corp.(b)(c)

       3        235

NH Investment & Securities Co. Ltd.

       20        159

NHN Corp.(b)

       1        63

OCI Co. Ltd.(b)

       3        98

Orion Corp.

       3        305

Paradise Co. Ltd.

       7        90

POSCO.

       10        1,514

POSCO Chemical Co. Ltd.

       3        128

Posco International Corp.

       8        93

S-1 Corp.

       3        213

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

       2        954

Samsung C&T Corp.

       13        1,131

Samsung Card Co. Ltd.

       5        123

Samsung Electro-Mechanics Co. Ltd.

       9        838

Samsung Electronics Co. Ltd.

       722        29,628

Samsung Electronics Co. Ltd., Preference Shares

       126        4,369
 

 

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

 

 

 

 

   15  

 

 

 

 

Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM)–(continued)

April 30, 2020

(Unaudited)

 

      Shares      Value
South Korea-(continued)         
Samsung Engineering Co. Ltd.(b)              25      $           236
Samsung Fire & Marine Insurance Co. Ltd.       5        782
Samsung Heavy Industries Co. Ltd.(b)       62        218
Samsung Life Insurance Co. Ltd.       10        403
Samsung SDI Co. Ltd.       8        1,878
Samsung SDS Co. Ltd.       5        667
Samsung Securities Co. Ltd.       10        247
Shinhan Financial Group Co. Ltd.       70        1,755
Shinsegae, Inc.       1        217
SillaJen, Inc.(b)       8        83
SK Holdings Co. Ltd.       5        747
SK Hynix, Inc.       79        5,427
SK Innovation Co. Ltd.       9        726
SK Networks Co. Ltd.       24        106
SK Telecom Co. Ltd.       4        694
SKC Co. Ltd.       3        122
S-Oil Corp.       6        345
Ssangyong Cement Industrial Co. Ltd.       16        67
Woori Financial Group, Inc.       86        596
Yuhan Corp.       5        193
        

 

 

  
           92,597
        

 

 

  
Spain-2.28%         
Acciona S.A.       3        297

ACS Actividades de Construccion y Servicios S.A.

       37        923
Aena SME S.A.(c)       11        1,392
Amadeus IT Group S.A.       62        2,983
Banco Bilbao Vizcaya Argentaria S.A.       1,031        3,373
Banco de Sabadell S.A.       902        374
Banco Santander S.A.       2,514        5,610
Bankia S.A.       185        188
Bankinter S.A.       109        449
CaixaBank S.A.       550        989
Cellnex Telecom S.A.(b)(c)       42        2,199
EDP Renovaveis S.A.       24        294
Enagas S.A.       36        840
Endesa S.A.       50        1,109
Ferrovial S.A.       74        1,848
Grifols S.A.       52        1,769
Iberdrola S.A.       910        9,110
Industria de Diseno Textil S.A.       162        4,125
Inmobiliaria Colonial SOCIMI S.A.       47        453
Mapfre S.A.       157        287
Merlin Properties SOCIMI S.A.       53        491
Naturgy Energy Group S.A.       47        829
Red Electrica Corp. S.A.       68        1,196
Repsol S.A.       212        1,931
Siemens Gamesa Renewable Energy S.A       36        535
Telefonica S.A.       697        3,191
Zardoya Otis S.A.       28        195
        

 

 

  
           46,980
        

 

 

  
Sweden-2.68%         
Alfa Laval AB(b)       50        939
Assa Abloy AB, Class B       140        2,523
Atlas Copco AB, Class A       96        3,335
Atlas Copco AB, Class B       58        1,813
Boliden AB(a)       43        882
Castellum AB       42        737
Electrolux AB, Series B       35        483
Electrolux Professional AB, Class B(b)       35        80
      Shares      Value
Sweden-(continued)         
Elekta AB, Class B(a)       56      $ 518
Epiroc AB, Class A            100               1,005
Epiroc AB, Class B       60        595
EQT AB(b)       31        433
Essity AB, Class B       94        3,056
Fastighets AB Balder, Class B(b)       15        593
Hennes & Mauritz AB, Class B(a)       134        1,869
Hexagon AB, Class B(a)(b)       40        1,995
Hufvudstaden AB, Class A.       17        218
Husqvarna AB, Class B       59        357
ICA Gruppen AB(a)       12        524
Industrivarden AB, Class A(b)       33        685
Industrivarden AB, Class C(b)       27        559
Investment AB Latour, Class B(a)       19        285
Investor AB, Class A       21        1,045
Investor AB, Class B       70        3,520
Kinnevik AB, Class B       37        765
L E Lundbergforetagen AB, Class B       12        506
Lundin Energy AB       28        727
Nibe Industrier AB, Class B       46        861
Saab AB, Class B(a)(b)       14        325
Sandvik AB       165        2,556
Securitas AB, Class B(a)       51        603
Skandinaviska Enskilda Banken AB, Class A       227        1,867
Skandinaviska Enskilda Banken AB, Class C       3        27
Skanska AB, Class B(b)       56        1,073
SKF AB, Class B       60        956
Svenska Cellulosa AB S.C.A., Class A(b)       2        22
Svenska Cellulosa AB S.C.A., Class B(b)       94        1,013
Svenska Handelsbanken AB, Class A(b)       224        2,071
Svenska Handelsbanken AB, Class B(b)       9        90
Swedbank AB, Class A       153        1,807
Swedish Match AB       25        1,550
Swedish Orphan Biovitrum AB(b)       25        486
Tele2 AB, Class B       82        1,063
Telefonaktiebolaget LM Ericsson, Class A       6        57
Telefonaktiebolaget LM Ericsson, Class B       458        3,991
Telia Co. AB       400        1,382
Trelleborg AB, Class B(b)       39        502
Volvo AB, Class B       230        2,971
        

 

 

  
           55,320
        

 

 

  
Switzerland-9.59%         
ABB Ltd.       276        5,240
Adecco Group AG       24        1,052
Alcon, Inc.(b)       71        3,747
Baloise Holding AG       7        1,048
Cie Financiere Richemont S.A.       78        4,430
Clariant AG       33        611
Coca-Cola HBC AG       31        788
Credit Suisse Group AG       374        3,381
DKSH Holding AG       6        339
Dufry AG       4        130
EMS-Chemie Holding AG       1        648
Flughafen Zurich AG(b)       3        370
Geberit AG.       5        2,244
Georg Fischer AG       1        745
Givaudan S.A.       1        3,350
Glencore PLC(b)       1,690        3,136
Helvetia Holding AG       5        458
 

 

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

 

 

 

 

   16  

 

 

 

 

Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM)–(continued)

April 30, 2020

(Unaudited)

 

      Shares      Value
Switzerland-(continued)         

Julius Baer Group Ltd.

       34      $ 1,333

Kuehne + Nagel International AG

       8        1,144

LafargeHolcim Ltd.(b)

       78        3,236

Logitech International S.A.

       23        1,108

Lonza Group AG

       11        4,803

Nestle S.A.

       444        46,877

Novartis AG

       326        27,785

OC Oerlikon Corp. AG(a)

       30        225

Pargesa Holding S.A., BR

       6        427

Partners Group Holding AG

       3        2,362

PSP Swiss Property AG

       6        698

Roche Holding AG

       107        37,189

Roche Holding AG, BR

       4        1,392

Schindler Holding AG

       3        643

Schindler Holding AG, PC

       6        1,333

SGS S.A.

       1        2,264

Sika AG

       21        3,475

Sonova Holding AG

       8        1,445

STMicroelectronics N.V

       99        2,571

Straumann Holding AG

       2        1,518

Sulzer AG

       3        212

Swatch Group AG (The)

       7        273

Swatch Group AG (The), BR

       4        800

Swiss Life Holding AG

       5        1,771

Swiss Prime Site AG

       12        1,140

Swiss Re AG

       43        3,104

Swisscom AG

              4        2,080

Temenos AG

       9        1,171

UBS Group AG

       520        5,571

Vifor Pharma AG

       7        1,052

Zurich Insurance Group AG

       23        7,323
        

 

 

  
                198,042
        

 

 

  
Taiwan-0.00%         

FIT Hon Teng Ltd.(c)

       160        35
        

 

 

  
United Arab Emirates-0.00%         

NMC Health PLC(d)

       13        0
        

 

 

  
United Kingdom-13.46%         

3i Group PLC

       146        1,444

Admiral Group PLC

       32        940

Ashmore Group PLC

       61        292

Ashtead Group PLC

       71        1,948

Associated British Foods PLC

       55        1,313

AstraZeneca PLC

       202        21,204

Auto Trader Group PLC(c)

       139        804

Avast PLC(c)

       83        480

AVEVA Group PLC

       10        450

Aviva PLC

       610        1,860

B&M European Value Retail S.A.

       130        546

Babcock International Group PLC

       40        213

BAE Systems PLC

       490        3,142

Barclays PLC

       2,640        3,526

Barratt Developments PLC

       159        1,041

Bellway PLC

       20        672

Berkeley Group Holdings PLC

       18        950

BP PLC

       3,061        12,089

British American Tobacco PLC

       352        13,677

British Land Co. PLC (The)

       150        766

BT Group PLC

       1,341        1,963

Bunzl PLC

       53        1,155
      Shares        Value  
United Kingdom-(continued)     
Burberry Group PLC     64      $ 1,122  
Centrica PLC     887        446  
Cineworld Group PLC     154        127  
CNH Industrial N.V.(b)     152        951  
Compass Group PLC     243        4,095  
ConvaTec Group PLC(c)     208        557  
Croda International PLC     19        1,170  
DCC PLC     15        1,071  
Derwent London PLC     16        627  
Diageo PLC     353               12,245  
Direct Line Insurance Group PLC     218        749  
DS Smith PLC     196        771  
easyJet PLC(a)     30        228  
Experian PLC.     141        4,226  
Fiat Chrysler Automobiles N.V.(b)     173        1,519  
G4S PLC     246        339  
GlaxoSmithKline PLC     754        15,797  
GVC Holdings PLC     88        837  
Halma PLC     60        1,582  
Hargreaves Lansdown PLC(a)     42        763  
Hiscox Ltd.     43        381  
HomeServe PLC     42        591  
Howden Joinery Group PLC     95        629  
HSBC Holdings PLC     3,111        16,089  
IMI PLC     43        449  
Imperial Brands PLC     146        3,092  
Inchcape PLC     66        417  
Informa PLC     192        1,064  
InterContinental Hotels Group PLC     28        1,274  
Intermediate Capital Group PLC     43        612  

International Consolidated Airlines Group S.A.

     63        176  
Intertek Group PLC     25        1,498  
ITV PLC     591        570  
J Sainsbury PLC     256        640  
JD Sports Fashion PLC     56        374  
John Wood Group PLC     104        266  
Johnson Matthey PLC     30        754  
Kingfisher PLC     324        643  
Land Securities Group PLC     113        944  
Legal & General Group PLC     908        2,343  
Lloyds Banking Group PLC     10,616        4,317  
London Stock Exchange Group PLC     48        4,514  
M&G PLC     403        672  
Marks & Spencer Group PLC     304        353  
Meggitt PLC     123        433  
Melrose Industries PLC     739        930  
Micro Focus International PLC     53        322  
Mondi PLC     76        1,352  
National Grid PLC     535        6,302  
Next PLC     20        1,192  
Ninety One PLC(b)     50        107  
Ocado Group PLC(b)     68        1,376  
Pearson PLC(a)     121        702  
Pennon Group PLC     66        912  
Persimmon PLC     49        1,363  
Phoenix Group Holdings PLC     81        614  
Prudential PLC     403        5,736  
Quilter PLC(c)     286        445  
Reckitt Benckiser Group PLC     97        8,112  
RELX PLC     289        6,549  
 

 

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

 

 

 

 

   17  

 

 

 

 

Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM)–(continued)

April 30, 2020

(Unaudited)

 

      Shares      Value
United Kingdom-(continued)         
Renishaw PLC       5      $ 222
Rentokil Initial PLC       292        1,747
Rightmove PLC.       137        860
Rolls-Royce Holdings PLC       261        1,086
Royal Bank of Scotland Group PLC (The)       709        989
Royal Dutch Shell PLC, Class A       634             10,596
Royal Dutch Shell PLC, Class B       579        9,395
RSA Insurance Group PLC.       162        738
Sage Group PLC (The)       172        1,388
Schroders PLC       18        603
Segro PLC       168        1,758
Severn Trent PLC.       37        1,115
Smith & Nephew PLC       135        2,653
Smiths Group PLC       63        986
Spirax-Sarco Engineering PLC       11        1,211
SSE PLC       159        2,507
St James’s Place PLC       83        891
Standard Chartered PLC       404        2,077
Standard Life Aberdeen PLC(a)       364        1,015
Subsea 7 S.A.(b)       40        222
Tate & Lyle PLC       74        665
Taylor Wimpey PLC       515        955
TechnipFMC PLC       73        638
Tesco PLC       1,505        4,463
Travis Perkins PLC       40        524
Unilever N.V       210        10,484
Unilever PLC       167        8,641
United Utilities Group PLC       108        1,229
Virgin Money UK PLC(b)       188        181
Vodafone Group PLC       4,123        5,832
Weir Group PLC (The)       40        482

Investment Abbreviations:

BR-Bearer Shares

CDI-CREST Depository Interest

CVA-Dutch Certificates

FDR-Fiduciary Depositary Receipt

PC-Participation Certificate

Pfd.-Preferred

REIT-Real Estate Investment Trust

RSP-Registered Savings Plan Shares

Rts.-Rights

      Shares      Value
United Kingdom-(continued)         
Whitbread PLC(a)       21      $ 789
WM Morrison Supermarkets PLC(a)       342        789
WPP PLC       188        1,473
        

 

 

  
           278,010
        

 

 

  
United States-0.38%         
Amcor PLC, CDI       248        2,284
Carnival PLC       24        332
Ferguson PLC       35        2,532
James Hardie Industries PLC, CDI       70        1,027
QIAGEN N.V.(b)       35        1,457
Samsonite International S.A.(c)       203        172
Sims Ltd.       26        120
        

 

 

  
           7,924
        

 

 

  

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.69%
(Cost $2,470,688)

            2,058,431
        

 

 

  
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-3.27%

 

Invesco Private Government Fund,
0.01%(e)(f)(g)
(Cost $67,615)

       67,615        67,615
        

 

 

  

TOTAL INVESTMENTS IN SECURITIES-102.96%
(Cost $2,538,303)

 

        2,126,046
OTHER ASSETS LESS LIABILITIES-(2.96)%

 

        (61,135 )
        

 

 

  
NET ASSETS-100.00%          $ 2,064,911
        

 

 

  
 

 

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

 

 

 

 

   18  

 

 

 

 

Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM)–(continued)

April 30, 2020

(Unaudited)

 

Notes to Schedule of Investments:

(a) 

All or a portion of this security was out on loan at April 30, 2020.

(b) 

Non-income producing security.

(c)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2020 was $30,934, which represented 1.50% of the Fund’s Net Assets.

(d) 

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

(e) 

The rate shown is the 3-day SEC standardized yield as of April 30, 2020. The money market fund commenced operations on April 28, 2020.

(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 2K.

(g) 

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, 2020.

 

     Value
October 31, 2019		    Purchases
at Cost		    Proceeds
from Sales		    Change in
Unrealized
Appreciation
(Depreciation)		    Realized
Gain		    Value
April 30, 2020		    Dividend
Income

Investments in Affiliated Money Market Funds:

                                   

Invesco Premier U.S. Government Money Portfolio, Institutional Class*

      $ 4,955      $ 24,622      $ (29,577 )      $ -      $ -      $ -      $ 48

Investments Purchased with Cash Collateral from Securities on Loan:

                                   

Invesco Government & Agency Portfolio, Institutional Class*

        28,712        168,513        (197,225 )        -        -        -        157

Invesco Liquid Assets Portfolio, Institutional Class*

        9,571        35,680        (45,253 )        (1 )        3        -        59

Invesco Private Government Fund

        -        133,297        (65,682 )        -        -        67,615        -
    

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

  

Total

      $ 43,238      $ 362,112      $ (337,737 )      $ (1 )      $ 3      $ 67,615      $ 264
    

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

  

 

*

At April 30, 2020, this security was no longer held.

 Portfolio Composition

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

 as of April 30, 2020

Financials

    15.80

Industrials

    14.39

Health Care

    13.89

Consumer Staples

    11.66

Consumer Discretionary

    11.17

Information Technology

    9.44

Materials

    7.30

Communication Services

    5.45

Utilities

    3.85

Energy

    3.52

Real Estate

    3.22

Money Market Funds Plus Other Assets
Less Liabilities

    0.31

 

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

 

 

 

 

   19  

 

 

 

 

Invesco PureBetaSM FTSE Emerging Markets ETF (PBEE)

April 30, 2020

(Unaudited)

Schedule of Investments

 

      Shares      Value
Common Stocks & Other Equity Interests-92.09%

 

Bahrain-0.08%         
Ahli United Bank BSC       2,486      $      1,575
        

 

 

  
Brazil-5.78%         

Aliansce Sonae Shopping Centers S.A.(a)

       57        294

Alpargatas S.A., Preference Shares

       84        425

Ambev S.A.

       1,933        4,049

Atacadao S.A.

       123        454

Azul S.A., Preference Shares(a)

       87        280

B2W Cia Digital(a)

       88        1,191

B3 S.A. - Brasil, Bolsa, Balcao

       881        6,253

Banco Bradesco S.A.

       507        1,645

Banco Bradesco S.A., Preference Shares

       1,964        6,948

Banco BTG Pactual S.A.

       108        844

Banco do Brasil S.A.

       390        2,053

Banco do Estado do Rio Grande do Sul S.A., Class B, Preference Shares

       94        218

Banco Santander Brasil S.A.

       171        853

BB Seguridade Participacoes S.A.

       300        1,471

BR Malls Participacoes S.A.

       353        655

Bradespar S.A., Preference Shares

       96        530

Braskem S.A., Class A, Preference Shares

       99        387

BRF S.A.(a)

       248        888

CCR S.A.

       486        1,109

Centrais Eletricas Brasileiras S.A.

       215        963

Centrais Eletricas Brasileiras S.A., Class B, Preference Shares

       104        535

Cia Brasileira de Distribuicao

       70        856

Cia de Locacao das Americas

       97        238

Cia de Saneamento Basico do Estado de Sao Paulo

       152        1,125

Cia de Saneamento do Parana

       90        427

Cia de Transmissao de Energia Eletrica Paulista, Preference Shares

       87        312

Cia Energetica de Minas Gerais

       40        71

Cia Energetica de Minas Gerais, Preference Shares

       414        728

Cia Energetica de Sao Paulo, Class B, Preference Shares

       85        442

Cia Paranaense de Energia

       12        118

Cia Paranaense de Energia, Class B, Preference Shares

       46        462

Cia Siderurgica Nacional S.A.

       289        478

Cielo S.A.

       507        380

Cogna Educacao.

       629        644

Cosan Logistica S.A.(a)

       57        162

Cosan S.A.

       72        803

CPFL Energia S.A.

       87        467

CVC Brasil Operadora e Agencia de Viagens S.A.

       61        156

Cyrela Brazil Realty S.A. Empreendimentos e Participacoes

       114        335

Duratex S.A.

       121        218

EDP - Energias do Brasil S.A.

       131        411

Embraer S.A.(a)

       347        554

Energisa S.A.

       83        670

Eneva S.A.(a)

       33        219

ENGIE Brasil Energia S.A.

       76        549

Equatorial Energia S.A.

       382        1,293
      Shares      Value
Brazil-(continued)         

Fleury S.A.

       78      $ 329

Gerdau S.A., Preference Shares

       446        967

Gol Linhas Aereas Inteligentes S.A., Preference Shares(a)

       44        101

Grendene S.A.

       111        143

Guararapes Confeccoes S.A.

       38        90

Hapvida Participacoes e Investimentos S.A.(b)

       69        668

Hypera S.A.

       177        951

IRB Brasil Resseguros S.A.

       365        689

Itau Unibanco Holding S.A.

       228        927

Itau Unibanco Holding S.A., Preference Shares

       2,099             8,829

Itausa - Investimentos Itau S.A., Preference Shares

       1,943        3,230

Klabin S.A.

       253        832

Localiza Rent a Car S.A.

       253        1,598

Lojas Americanas S.A.

       102        383

Lojas Americanas S.A., Preference Shares

       335        1,540

Lojas Renner S.A.

       352        2,496

M Dias Branco S.A.

       36        213

Magazine Luiza S.A.

       282        2,589

Multiplan Empreendimentos Imobiliarios S.A.

       107        413

Natura & Co. Holding S.A.

       274        1,798

Neoenergia S.A.

       100        337

Notre Dame Intermedica Participacoes S.A.

       199        2,015

Odontoprev S.A.

       123        341

Petrobras Distribuidora S.A.

       305        1,100

Petroleo Brasileiro S.A.

       1,653        5,695

Petroleo Brasileiro S.A., Preference Shares

       2,093        6,979

Porto Seguro S.A.

       42        351

Qualicorp Consultoria e Corretora de Seguros S.A.

       106        508

Raia Drogasil S.A.

       101        1,955

Rumo S.A.(a)

       496        1,813

Sao Martinho S.A.

       83        293

Sul America S.A.

       101        835

Suzano S.A.(a)

       356        2,592

Telefonica Brasil S.A.

       13        111

Telefonica Brasil S.A., Preference Shares

       185        1,560

TIM Participacoes S.A.

       374        882

TOTVS S.A.

       69        754

Transmissora Alianca de Energia Eletrica S.A.

       97        493

Ultrapar Participacoes S.A.

       376        1,007

Usinas Siderurgicas de Minas Gerais S.A., Class A, Preference Shares

       220        195

Vale S.A.

       1,526        12,646

Via Varejo S.A.(a)

       204        346

WEG S.A.

       327        2,413

YDUQS Participacoes S.A., Class A

       120        673
        

 

 

  
               118,843
        

 

 

  
Chile-0.84%         

AES Gener S.A.

       1,563        230

Aguas Andinas S.A., Class A

       1,441        483

Banco de Chile

       21,184        1,865

Banco de Credito e Inversiones S.A.

       19        704

Banco Santander Chile

       28,512        1,223

Cencosud S.A.

       652        788

Cencosud Shopping S.A.(a)

       217        384
 

 

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

 

 

 

 

   20  

 

 

 

 

Invesco PureBetaSM FTSE Emerging Markets ETF (PBEE)–(continued)

April 30, 2020

(Unaudited)

 

      Shares      Value  
Chile-(continued)     

Cia Cervecerias Unidas S.A.

     68      $ 488  

Colbun S.A.

     3,671        538  

Embotelladora Andina S.A., Class B, Preference Shares

     100        238  

Empresa Nacional de Telecomunicaciones S.A.(a) .

     63        381  

Empresas CMPC S.A.

     529        1,139  

Empresas COPEC S.A.

     220        1,373  

Enel Americas S.A.

     16,751        2,745  

Enel Chile S.A.

     12,374        1,006  

Engie Energia Chile S.A.

     261        322  

Falabella S.A.

     341        930  

Itau CorpBanca Chile S.A.

     87,586        248  

Latam Airlines Group S.A.

     145        547  

Parque Arauco S.A.

     261        437  

Plaza S.A.

     123        177  

Sociedad Quimica y Minera de Chile S.A., Class B, Preference Shares

     44        1,045  
    

 

 

  
           17,291  
    

 

 

  
China-43.26%     

3SBio, Inc.(a)(b)

     545        552  

51job, Inc., ADR(a)

     12        719  

58.com, Inc., ADR(a)

     47        2,442  

Agile Group Holdings Ltd.

     623        689  

Agricultural Bank of China Ltd., A Shares

     13,000        6,334  

Agricultural Bank of China Ltd., H Shares

     13,702        5,686  

Air China Ltd., H Shares

     760        543  

Alibaba Group Holding Ltd., ADR(a)

     782        158,488  

Alibaba Health Information Technology Ltd.(a)

     1,705        4,095  

A-Living Services Co. Ltd., U Shares(b)

     148        809  

Aluminum Corp. of China Ltd., H Shares(a)

     1,758        372  

Angang Steel Co. Ltd., H Shares

     741        201  

Anhui Conch Cement Co. Ltd., A Shares

     100        835  

Anhui Conch Cement Co. Ltd., H Shares

     527        4,080  

Anhui Expressway Co. Ltd., H Shares

     162        84  

ANTA Sports Products Ltd.

     533        4,554  

Autohome,Inc.,ADR

     23        1,889  

AviChina Industry & Technology Co. Ltd., H Shares(c)

     1,085        423  

BAIC Motor Corp. Ltd., H Shares(b)

     943        416  

Baidu, Inc., ADR(a)

     122        12,313  

Bank of China Ltd., A Shares

     15,700        7,700  

Bank of China Ltd., H Shares

     33,923        12,828  

Bank of Communications Co. Ltd., A Shares

     1,100        802  

Bank of Communications Co. Ltd., H Shares

     3,243        2,028  

Bank of Shanghai Co. Ltd., A Shares

     700        804  

BBMG Corp., H Shares

     1,035        262  

Beijing Capital International Airport Co. Ltd., H Shares

     797        536  

Beijing Enterprises Holdings Ltd.

     229        814  

Beijing Enterprises Water Group Ltd.(a)

     2,423        922  

Beijing Jingneng Clean Energy Co. Ltd., H Shares.

     850        145  

Beijing North Star Co. Ltd., H Shares

     403        97  

Bilibili, Inc., ADR(a)

     25        685  

Bosideng International Holdings Ltd.

     1,015        275  

Brilliance China Automotive Holdings Ltd.

     1,230        1,114  

BYD Co. Ltd., H Shares

     308        1,894  

BYD Electronic International Co. Ltd.

     344        791  

CAR, Inc.(a)

     278        81  

Central China Securities Co. Ltd., H Shares(b)

     316        50  
      Shares      Value  
China-(continued)     

CGN Power Co. Ltd., H Shares(b)

     4,976      $      1,230  

China Aoyuan Group Ltd.

     549        628  

China Biologic Products Holdings, Inc.(a)

     12        1,251  

China BlueChemical Ltd., H Shares

     618        92  

China Cinda Asset Management Co. Ltd., H Shares

     3,904        749  

China CITIC Bank Corp. Ltd., H Shares

     4,151        2,022  

China Coal Energy Co. Ltd., H Shares

     967        255  

China Communications Construction Co. Ltd., H Shares

     1,974        1,302  

China Communications Services Corp. Ltd., H Shares

     1,111        776  

China Conch Venture Holdings Ltd.

     724        3,428  

China Construction Bank Corp., H Shares

     41,610        33,549  

China East Education Holdings Ltd.(a)(b)

     183        291  

China Eastern Airlines Corp. Ltd., H Shares(a)

     654        274  

China Everbright Bank Co. Ltd., H Shares

     1,382        585  

China Everbright International Ltd.

     1,606        919  

China Everbright Ltd.

     372        566  

China Evergrande Group(c)

     958        1,658  

China Foods Ltd.

     237        78  

China Galaxy Securities Co. Ltd., H Shares

     1,645        836  

China Gas Holdings Ltd.

     1,125        4,107  

China Hongqiao Group Ltd.

     1,145        568  

China Huarong Asset Management Co. Ltd., H Shares(b)

     4,857        543  

China International Capital Corp. Ltd.,
H Shares(b)(c)

     491        751  

China International Marine Containers Group Co. Ltd., H Shares.

     203        179  

China International Travel Service Corp. Ltd., A Shares

     100        1,269  

China Jinmao Holdings Group Ltd.

     2,599        1,801  

China Lesso Group Holdings Ltd.

     414        578  

China Life Insurance Co. Ltd.(a)

     1,193        805  

China Life Insurance Co. Ltd., H Shares

     3,317        6,994  

China Literature Ltd.(a)(b)

     101        448  

China Longyuan Power Group Corp. Ltd., H Shares

     1,505        739  

China Machinery Engineering Corp., H Shares

     324        87  

China Medical System Holdings Ltd.

     551        648  

China Merchants Bank Co. Ltd., A Shares

     2,000        9,803  

China Merchants Bank Co. Ltd., H Shares

     1,687        8,037  

China Merchants Port Holdings Co. Ltd.

     578        734  

China Merchants Securities Co. Ltd., H
Shares(b)

     407        450  

China Minsheng Banking Corp. Ltd., A Shares

     1,000        828  

China Minsheng Banking Corp. Ltd., H Shares

     2,841        2,103  

China Mobile Ltd.

     2,357        18,852  

China Molybdenum Co. Ltd., H Shares

     1,753        526  

China National Building Material Co. Ltd., H Shares

     1,722        2,151  

China Oilfield Services Ltd., H Shares

     807        622  

China Overseas Land & Investment Ltd.

     1,709        6,160  

China Pacific Insurance (Group) Co. Ltd., A Shares

     200        857  

China Pacific Insurance (Group) Co. Ltd., H Shares

     1,150        3,734  

China Petroleum & Chemical Corp., A Shares

     8,600        5,416  

China Petroleum & Chemical Corp., H Shares

     11,372        5,661  

China Power International Development Ltd.

     2,059        412  
 

 

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

 

 

 

 

   21  

 

 

 

 

Invesco PureBetaSM FTSE Emerging Markets ETF (PBEE)–(continued)

April 30, 2020

(Unaudited)

 

      Shares      Value  
China-(continued)     

China Railway Construction Corp. Ltd., H Shares

     841      $ 919  

China Railway Group Ltd., H Shares

     1,705        1,025  

China Railway Signal & Communication Corp. Ltd., H Shares(a)(b)

     699        345  

China Reinsurance Group Corp., H Shares

     2,977        349  

China Resources Beer Holdings Co. Ltd.

     701        3,321  

China Resources Cement Holdings Ltd.

     976        1,302  

China Resources Gas Group Ltd.

     357        2,000  

China Resources Land Ltd.

     1,227        4,930  

China Resources Pharmaceutical Group Ltd.(b)

     715        452  

China Resources Power Holdings Co. Ltd.

     838        990  

China Shenhua Energy Co. Ltd., H Shares

     1,515        2,677  

China South City Holdings Ltd.

     762        73  

China Southern Airlines Co. Ltd., H Shares

     687        346  

China State Construction Engineering Corp. Ltd., A Shares

     1,100        804  

China State Construction International Holdings Ltd.

     790        608  

China Taiping Insurance Holdings Co. Ltd.

     647        1,084  

China Telecom Corp. Ltd., H Shares

     6,187        2,119  

China Tower Corp. Ltd., H Shares(b)

     20,799        4,641  

China Traditional Chinese Medicine Holdings Co. Ltd.

     1,088        478  

China Unicom Hong Kong Ltd.

     2,636        1,694  

China United Network Communications Ltd., A Shares

     15,000             10,957  

China Vanke Co. Ltd., A Shares

     200        748  

China Vanke Co. Ltd., H Shares

     703        2,291  

China Yangtze Power Co. Ltd., A Shares

     3,500        8,645  

China Zhongwang Holdings Ltd.(c)

     604        145  

Chongqing Rural Commercial Bank Co. Ltd., H Shares

     1,042        454  

CIFI Holdings Group Co. Ltd.

     1,501        1,112  

CIMC Enric Holdings Ltd.

     335        157  

CITIC Ltd.

     2,188        2,238  

CITIC Securities Co. Ltd., A Shares

     200        661  

CITIC Securities Co. Ltd., H Shares

     1,016        1,948  

CNOOC Ltd.

     7,079        7,947  

COSCO SHIPPING Development Co. Ltd., H Shares

     1,631        166  

COSCO SHIPPING Energy Transportation Co. Ltd., H Shares

     577        377  

COSCO SHIPPING Holdings Co. Ltd., H Shares(a)

     1,114        321  

COSCO SHIPPING Ports Ltd.

     780        414  

Country Garden Holdings Co. Ltd.

     3,279        4,136  

Country Garden Services Holdings Co. Ltd.

     554        2,557  

CRRC Corp. Ltd., H Shares

     1,794        936  

CSC Financial Co. Ltd., H Shares(b)

     390        358  

CSPC Pharmaceutical Group Ltd.

     1,946        3,794  

CSSC Offshore and Marine Engineering Group Co. Ltd., H Shares(a)

     144        91  

Dali Foods Group Co. Ltd.(b)

     916        564  

Datang International Power Generation Co. Ltd., H Shares

     1,167        169  

Dongfang Electric Corp. Ltd., H Shares

     197        105  

Dongfeng Motor Group Co. Ltd., H Shares

     1,273        829  

East Money Information Co. Ltd., A Shares

     400        1,013  

ENN Energy Holdings Ltd.

     337        3,746  

Everbright Securities Co. Ltd.,
H Shares(b)

     134        82  

Far East Horizon Ltd.

     938        746  
      Shares      Value  
China-(continued)     

Foshan Haitian Flavouring & Food Co. Ltd.

     100      $ 1,725  

Fosun International Ltd.

     1,000        1,242  

Fuyao Glass Industry Group Co. Ltd., H Shares(b)

    214        463  

Ganfeng Lithium Co. Ltd.(b)

     64        207  

GDS Holdings Ltd., ADR(a)(c)

     21        1,204  

Geely Automobile Holdings Ltd.

     2,210        3,371  

Genscript Biotech Corp.(a)

     384        670  

GF Securities Co. Ltd., H Shares

     689        749  

GOME Retail Holdings Ltd.(a)

     4,903        567  

Great Wall Motor Co. Ltd., H Shares

     1,382        930  

Gree Electric Appliances, Inc. of Zhuhai, A Shares

     100        764  

Greentown China Holdings Ltd.

     339        359  

GSX Techedu, Inc., ADR(a)(c)

     19        752  

Guangdong Investment Ltd.

     1,301        2,681  

Guangshen Railway Co. Ltd., H Shares

     541        114  

Guangzhou Automobile Group Co. Ltd., H Shares

     1,381        1,223  

Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., H Shares

     106        279  

Guangzhou R&F Properties Co. Ltd., H Shares

     502        630  

Guotai Junan Securities Co. Ltd.,
H Shares(b)

     341        491  

Haidilao International Holding Ltd.(b)

     159        697  

Haier Electronics Group Co. Ltd.

     546               1,513  

Haitian International Holdings Ltd.

     256        460  

Haitong Securities Co. Ltd., A Shares

     400        720  

Haitong Securities Co. Ltd., H Shares

     1,520        1,379  

Hangzhou Hikvision Digital Technology Co. Ltd., A Shares

     200        906  

Hansoh Pharmaceutical Group Co. Ltd.(a)(b)

     418        1,615  

Health & Happiness H&H International Holdings Ltd.

     68        258  

Hengan International Group Co. Ltd.

     316        2,783  

HengTen Networks Group Ltd.(a)

     10,886        103  

Hopson Development Holdings Ltd.

     277        313  

Huadian Fuxin Energy Corp. Ltd., H Shares

     1,108        195  

Huadian Power International Corp. Ltd., H Shares

     720        249  

Huaneng Power International, Inc., H Shares

     1,885        710  

Huatai Securities Co. Ltd., H Shares(b)

     766        1,271  

Huazhu Group Ltd., ADR.

     51        1,837  

Industrial & Commercial Bank of China Ltd., A Shares

     4,400        3,201  

Industrial & Commercial Bank of China Ltd., H Shares

     34,827        23,379  

Industrial Bank Co. Ltd., A Shares

     600        1,395  

Inner Mongolia Yili Industrial Group Co. Ltd., A Shares

     200        816  

Innovent Biologics, Inc.(a)(b)

     523        2,578  

iQIYI, Inc., ADR(a)(c)

     102        1,731  

JD.com, Inc., ADR(a)

     350        15,085  

Jiangsu Expressway Co. Ltd., H Shares

     545        649  

Jiangsu Hengrui Medicine Co. Ltd., A Shares(a)

     100        1,303  

Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., A Shares

     100        1,378  

Jiangxi Bank Co. Ltd., H Shares(b)

     396        175  

Jiangxi Copper Co. Ltd., H Shares

     530        509  

Jiayuan International Group Ltd.

     585        244  

Jinxin Fertility Group Ltd.(a)(b)

     422        535  

JOYY, Inc., ADR(a)

     25        1,524  

Kingboard Holdings Ltd.

     315        772  

Kingdee International Software Group Co. Ltd.

     986        1,414  
 

 

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

 

 

 

 

   22  

 

 

 

 

Invesco PureBetaSM FTSE Emerging Markets ETF (PBEE)–(continued)

April 30, 2020

(Unaudited)

 

      Shares      Value
China-(continued)         

Kingsoft Corp. Ltd.(a)

       385      $ 1,312

Kunlun Energy Co. Ltd.

       1,267        825

KWG Group Holdings Ltd.

       558        807

Lee & Man Paper Manufacturing Ltd.

       641        388

Legend Holdings Corp., H Shares(b)(c)

       230        268

Li Ning Co. Ltd.

       799        2,501

Livzon Pharmaceutical Group, Inc., H Shares

       70        311

Logan Property Holdings Co. Ltd.

       452        711

Longfor Group Holdings Ltd.(b)

       725        3,593

Luxshare Precision Industry Co. Ltd., A Shares

       900        6,006

Luye Pharma Group Ltd.(b)

       684        332

Luzhou Laojiao Co. Ltd.

       100        1,103

Maanshan Iron & Steel Co. Ltd., H Shares

       373        121

Mango Excellent Media Co. Ltd., A Shares(a)

       500        3,282

Meitu, Inc.(a)(b)

       953        172

Meituan Dianping, B Shares(a)

       1,525             20,258

Metallurgical Corp. of China Ltd., H Shares

       1,253        218

Momo, Inc., ADR

       49        1,180

Muyuan Foodstuff Co. Ltd.

       100        1,782

NetEase, Inc., ADR.

       32        11,039

New China Life Insurance Co. Ltd., A Shares

       100        626

New China Life Insurance Co. Ltd., H Shares

       389        1,321

New Oriental Education & Technology Group, Inc., ADR(a)

       60        7,660

NIO, Inc., ADR(a)(c)

       340        1,159

Orient Securities Co. Ltd., H Shares(b)

       365        187

Peoples Insurance Co. Group of China Ltd. (The), H Shares

       3,656        1,177

PetroChina Co. Ltd., H Shares

       9,275        3,320

PICC Property & Casualty Co. Ltd., H Shares

       2,999        2,817

Pinduoduo, Inc., ADR(a)

       51        2,419

Ping An Bank Co. Ltd., A Shares

       700        1,360

Ping An Healthcare and Technology Co. Ltd.(a)(b)

      160        2,204

Ping An Insurance (Group) Co. of China Ltd., A Shares

       200        2,082

Ping An Insurance (Group) Co. of China Ltd., H Shares

       2,439        24,731

Poly Developments and Holdings Group Co. Ltd., A Shares

       600        1,359

Poly Property Group Co. Ltd.

       832        288

Postal Savings Bank of China Co. Ltd., H Shares(b)

       4,176        2,480

Qingdao Port International Co. Ltd., H Shares(b)

       460        247

Red Star Macalline Group Corp. Ltd., H Shares(b)

      211        133

SAIC Motor Corp. Ltd., A Shares

       200        525

Sany Heavy Industry Co. Ltd., A Shares

       400        1,089

Seazen Group Ltd.

       871        838

SF Holding Co. Ltd., A Shares

       100        662

Shandong Chenming Paper Holdings Ltd., H Shares

       280        108

Shandong Gold Mining Co. Ltd., H
Shares(b)

       155        458

Shandong Weigao Group Medical Polymer Co. Ltd., H Shares

       1,021        1,540

Shanghai Electric Group Co. Ltd., H Shares

       1,259        386

Shanghai Fosun Pharmaceutical Group Co. Ltd., H Shares

       242        920

Shanghai Industrial Holdings Ltd.

       203        340

Shanghai International Airport Co. Ltd., A Shares

       100        987

Shanghai Pharmaceuticals Holding Co. Ltd., H Shares

       358        631
      Shares      Value
China-(continued)         

Shanghai Pudong Development Bank Co. Ltd., A Shares

       1,000      $ 1,490

Shenwan Hongyuan Group Co. Ltd., H Shares(b)

       750        180

Shenzhen Expressway Co. Ltd., H Shares

       316        359

Shenzhen International Holdings Ltd.

       401        770

Shenzhen Investment Ltd.

       1,544        502

Shenzhou International Group Holdings Ltd.

       320        3,640

Shimao Property Holdings Ltd.

       594        2,382

Sichuan Expressway Co. Ltd., H Shares

       520        133

Sihuan Pharmaceutical Holdings Group Ltd.

       1,956        195

SINA Corp.(a)

       31        1,047

Sino Biopharmaceutical Ltd.

       2,841        4,184

Sino-Ocean Group Holding Ltd.

       1,296        339

Sinopec Engineering Group Co. Ltd., H Shares

       588        281

Sinopec Oilfield Service Corp., H Shares(a)

       1,220        87

Sinopec Shanghai Petrochemical Co. Ltd., H Shares

       1,558        422

Sinopharm Group Co. Ltd., H Shares

       558        1,504

Sinotrans Ltd., H Shares

       1,019        247

Sinotruk Hong Kong Ltd.

       295        591

SOHO China Ltd.

       834        391

Sunac China Holdings Ltd.

       1,090        4,716

Sunny Optical Technology Group Co. Ltd.

       291        4,032

TAL Education Group, ADR(a)

       148        8,020

Tencent Holdings Ltd.

       2,542           134,864

Tencent Music Entertainment Group,
ADR(a)

       53        605

Tianjin Capital Environmental Protection Group Co. Ltd., H Shares

       197        62

Times China Holdings Ltd.

       300        490

Times Neighborhood Holdings Ltd.(a)(b)

       191        162

Tongcheng-Elong Holdings Ltd.(a)(b)

       367        608

TravelSky Technology Ltd., H Shares

       416        722

Trip.com Group Ltd., ADR(a)

       204        5,255

Tsingtao Brewery Co. Ltd., H Shares

       168        1,017

Vipshop Holdings Ltd., ADR(a)

       181        2,883

Wanhua Chemical Group Co. Ltd., A Shares

       100        636

Weibo Corp., ADR(a)(c)

       25        938

Weichai Power Co. Ltd., H Shares

       866        1,485

Wuliangye Yibin Co. Ltd., A Shares

       100        1,888

WuXi AppTec Co. Ltd., H Shares(b)

       65        918

Wuxi Biologics Cayman, Inc.(a)(b)

       331        5,133

Xiaomi Corp., B Shares(a)(b)

       4,791        6,258

Xinhua Winshare Publishing and Media Co. Ltd., H Shares

       158        107

Xinjiang Goldwind Science & Technology Co. Ltd., H Shares

       320        313

Yangtze Optical Fibre and Cable Joint Stock Ltd. Co., H Shares(b)

       88        163

Yangzijiang Shipbuilding Holdings Ltd.

       1,116        778

Yanlord Land Group Ltd.

       381        286

Yanzhou Coal Mining Co. Ltd., H Shares

       870        657

Yihai International Holding Ltd.

       210        1,671

Yonyou Network Technology Co. Ltd., A Shares

       100        645

Yuexiu Property Co. Ltd.

       2,774        524

Yunnan Baiyao Group Co. Ltd., A Shares

       100        1,278

Zhaojin Mining Industry Co. Ltd., H Shares

       462        520

Zhejiang Expressway Co. Ltd., H Shares

       639        481

Zhengqi Financial Holding Corp., Rts.,
TBA(a)(d)

       15        0

ZhongAn Online P&C Insurance Co. Ltd., H Shares(a)(b)

       150        514
 

 

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

 

 

 

 

   23  

 

 

 

 

Invesco PureBetaSM FTSE Emerging Markets ETF (PBEE)–(continued)

April 30, 2020

(Unaudited)

 

      Shares      Value  
China-(continued)     

Zhongsheng Group Holdings Ltd.

     275      $ 1,095  

Zhuzhou CRRC Times Electric Co. Ltd., H Shares

     225        690  

Zijin Mining Group Co. Ltd., H Shares

     2,557        1,055  

Zoomlion Heavy Industry Science and Technology Co. Ltd., H Shares

     586        470  

ZTE Corp., A Shares(a)

     100        573  

ZTE Corp., H Shares(a)

     337        949  

ZTO Express Cayman, Inc., ADR

     179        5,327  
    

 

 

  
          889,481  
    

 

 

  

Colombia-0.32%

     

Bancolombia S.A.

     117        756  

Bancolombia S.A., Preference Shares

     191        1,261  

Cementos Argos S.A.

     241        239  

Corp.Financiera Colombiana S.A.(a)

     48        316  

Ecopetrol S.A.

     2,133        1,137  

Grupo Argos S.A.

     155        364  

Grupo Aval Acciones y Valores S.A., Preference Shares

     1,506        325  

Grupo de Inversiones Suramericana S.A.

     120        659  

Grupo de Inversiones Suramericana S.A., Preference Shares

     40        193  

Grupo Energia Bogota S.A. ESP

     841        481  

Interconexion Electrica S.A. ESP

     202        938  
    

 

 

  
       6,669  
    

 

 

  

Czech Republic-0.13%

     

CEZ A.S.

     72        1,345  

Komercni banka A.S.(a)

     31        658  

Moneta Money Bank A.S.(b)

     261        547  

O2 Czech Republic A.S.

     25        220  
    

 

 

  
       2,770  
    

 

 

  

Egypt-0.17%

     

Commercial International Bank Egypt S.A.E.

     590        2,396  

Eastern Co. S.A.E.

     435        335  

Egypt Kuwait Holding Co. S.A.E.

     345        345  

ElSewedy Electric Co.

     329        186  

Talaat Moustafa Group

     448        161  

Telecom Egypt Co.

     152        104  
    

 

 

  
       3,527  
    

 

 

  

Greece-0.25%

     

Alpha Bank A.E.(a)

     657        480  

Eurobank Ergasias Services and Holdings S.A.(a)

     1,054        425  

FF Group(a)(d)

     21        0  

Hellenic Petroleum S.A.

     34        225  

Hellenic Telecommunications Organization S.A.

     102        1,340  

JUMBO S.A.

     50        783  

Motor Oil Hellas Corinth Refineries S.A.

     29        426  

Mytilineos S.A.

     49        365  

National Bank of Greece S.A.(a)

     271        368  

OPAP S.A.

     84        754  
    

 

 

  
       5,166  
    

 

 

  

Hong Kong-0.09%

     

Alibaba Pictures Group Ltd.(a)

     5,836        780  

Kingboard Laminates Holdings Ltd.

     460        443  

Nine Dragons Paper Holdings Ltd.

     701        678  
    

 

 

  
       1,901  
    

 

 

  
      Shares      Value  
Hungary-0.28%     

Gedeon Richter PLC.

     62      $ 1,331  

Magyar Telekom Telecommunications PLC

     228        284  

MOL Hungarian Oil & Gas PLC

     186        1,184  

OTP Bank Nyrt

     103        3,063  
    

 

 

  
              5,862  
    

 

 

  

India-5.08%

     

Axis Bank Ltd., GDR(b)

     288        8,280  

Dr. Reddy’s Laboratories Ltd., ADR

     221        11,313  

GAIL (India) Ltd., GDR(b)

     670        4,757  

Infosys Ltd., ADR

     1,194        11,021  

Larsen & Toubro Ltd., GDR(b)(c)

     628        7,285  

Mahindra & Mahindra Ltd., GDR(b)

     2,006        9,659  

Reliance Industries Ltd., GDR(b)

     566        21,649  

State Bank of India, GDR(a)(b)

     179        4,502  

Tata Motors Ltd., ADR(a)(c)

     774        4,582  

Tata Steel Ltd., GDR(b)

     964        3,904  

Vedanta Ltd., ADR

     2,465        11,142  

Wipro Ltd., ADR

     1,917        6,307  
    

 

 

  
       104,401  
    

 

 

  

Indonesia-1.64%

     

PT Adaro Energy Tbk

     5,637        349  

PT Astra Agro Lestari Tbk

     228        93  

PT Astra International Tbk

     9,363        2,423  

PT Bank Central Asia Tbk

     4,191        7,283  

PT Bank Danamon Indonesia Tbk

     298        50  

PT Bank Mandiri (Persero) Tbk

     7,679        2,302  

PT Bank Negara Indonesia (Persero) Tbk

     3,372        929  

PT Bank Rakyat Indonesia (Persero) Tbk

     22,577        4,124  

PT Barito Pacific Tbk(a)

     8,646        838  

PT Bukit Asam Tbk

     1,940        245  

PT Bumi Serpong Damai Tbk(a)

     3,023        143  

PT Charoen Pokphand Indonesia Tbk

     3,187        986  

PT Gudang Garam Tbk

     228        694  

PT Hanjaya Mandala Sampoerna Tbk

     4,190        446  

PT Indah Kiat Pulp & Paper Corp. Tbk

     1,176        439  

PT Indocement Tunggal Prakarsa Tbk

     587        460  

PT Indofood CBP Sukses Makmur Tbk

     1,116        739  

PT Indofood Sukses Makmur Tbk

     2,085        915  

PT Jasa Marga (Persero) Tbk

     962        204  

PT Kalbe Farma Tbk

     8,203        794  

PT Matahari Department Store Tbk

     1,149        94  

PT Media Nusantara Citra Tbk

     2,860        175  

PT Perusahaan Gas Negara Tbk

     4,724        270  

PT Semen Indonesia (Persero) Tbk

     1,307        698  

PT Smartfren Telecom Tbk(a)

     18,132        130  

PT Surya Citra Media Tbk

     3,314        196  

PT Telekomunikasi Indonesia (Persero) Tbk

     19,905        4,683  

PT Tower Bersama Infrastructure Tbk

     4,249        339  

PT Unilever Indonesia Tbk

     2,595        1,435  

PT United Tractors Tbk

     674        739  

PT Vale Indonesia Tbk(a)

     1,163        201  

PT XL Axiata Tbk(a)

     1,270        216  
    

 

 

  
       33,632  
    

 

 

  

Isle of Man-0.01%

     

MAS Real Estate, Inc.

     182        107  
    

 

 

  

Kuwait-0.74%

     

Agility Public Warehousing Co. KSC

     407        846  

Boubyan Bank KSCP

     399        642  
 

 

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

 

 

 

 

   24  

 

 

 

 

Invesco PureBetaSM FTSE Emerging Markets ETF (PBEE)–(continued)

April 30, 2020

(Unaudited)

 

      Shares      Value
Kuwait-(continued)         

Boubyan Petrochemicals Co. KSCP

       169      $ 274

Burgan Bank SAK

       309        208

Gulf Bank KSCP

       772        539

Humansoft Holding Co. KSC(a)

       43        396

Kuwait Finance House KSCP

       1,754        3,361

Mabanee Co. S.A.K

       221        454

Mobile Telecommunications Co. KSC

       933        1,599

National Bank of Kuwait SAKP

       2,840        6,804
        

 

 

  
                15,123
        

 

 

  

Malaysia-2.41%

         

AirAsia Group Bhd..

       790        149

Alliance Bank Malaysia Bhd..

       488        220

AMMB Holdings Bhd.

       788        544

Astro Malaysia Holdings Bhd..

       775        170

Axiata Group Bhd..

       2,017        1,839

British American Tobacco Malaysia Bhd..

       74        217

CIMB Group Holdings Bhd.

       3,147        2,510

Dialog Group Bhd.

       2,193        1,687

DiGi.Com Bhd.

       1,584        1,704

FGV Holdings Bhd..(a)

       1,077        211

Fraser & Neave Holdings Bhd.

       52        384

Gamuda Bhd.

       895        666

Genting Bhd.

       981        945

Genting Malaysia Bhd.

       1,176        645

HAP Seng Consolidated Bhd.

       264        451

Hartalega Holdings Bhd.

       589        1,041

Hong Leong Bank Bhd.

       261        804

Hong Leong Financial Group Bhd.

       120        363

IHH Healthcare Bhd.

       1,300        1,579

IJM Corp. Bhd.

       1,476        568

IOI Corp. Bhd.

       1,356        1,280

IOI Properties Group Bhd.

       1,083        256

Kuala Lumpur Kepong Bhd.

       230        1,123

Malayan Banking Bhd.

       2,559        4,493

Malaysia Airports Holdings Bhd.

       360        438

Maxis Bhd.

       1,130        1,435

MISC Bhd.

       694        1,273

Nestle Malaysia Bhd.

       29        942

Petronas Chemicals Group Bhd.

       1,302        1,681

Petronas Dagangan Bhd.

       120        561

Petronas Gas Bhd.

       210        752

PPB Group Bhd.

       283        1,083

Press Metal Aluminium Holdings Bhd.

       797        726

Public Bank Bhd.

       1,334        5,063

QL Resources Bhd.

       366        685

RHB Bank Bhd.

       776        854

Sime Darby Bhd.

       1,679        778

Sime Darby Plantation Bhd.

       1,445        1,650

Sime Darby Property Bhd.

       1,849        279

Telekom Malaysia Bhd.

       417        389

Tenaga Nasional Bhd.

       1,762        5,007

Top Glove Corp. Bhd.

       656        1,105

UEM Sunrise Bhd..(a)

       919        91

Westports Holdings Bhd.

       555        463

YTL Corp. Bhd.

       2,413        427
        

 

 

  
           49,531
        

 

 

  

Mexico-2.17%

         

Alfa S.A.B. de C.V., Class A

       1,456        603

Alpek S.A.B. de C.V.

       184        89
      Shares      Value
Mexico-(continued)         

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

       195      $ 163

America Movil S.A.B. de C.V., Series L

       12,103        7,421

Arca Continental S.A.B. de C.V.

       183        714

Banco del Bajio S.A.(b)

       234        187

Banco Santander Mexico S.A. Institucion de

         

Banca Multiple Grupo Financiero Santander

       240        135

Becle S.A.B. de C.V.

       288        447

Cemex S.A.B. de C.V., Series CPO(e)

       6,878        1,465

Coca-Cola FEMSA S.A.B. de C.V., Series L

       215        877

Concentradora Fibra Danhos S.A. de C.V.

       131        102

El Puerto de Liverpool S.A.B. de C.V., Series C1

       104        265

Fibra Uno Administracion S.A. de C.V.

       1,353        1,123

Fomento Economico Mexicano, S.A.B. de C.V., Series CPO(f)

       906        5,927

GMexico Transportes S.A.B. de C.V.(b)

       224        209

Gruma S.A.B. de C.V., Class B

       98        942

Grupo Aeroportuario del Centro Norte S.A.B. de C.V.

       154        568

Grupo Aeroportuario del Pacifico S.A.B. de C.V., Class B

       156        987

Grupo Aeroportuario del Sureste S.A.B. de C.V., Class B

       58        588

Grupo Bimbo S.A.B. de C.V., Series A

       1,021        1,526

Grupo Carso S.A.B. de C.V., Series A1

       222        450

Grupo Elektra S.A.B. de C.V.

       28        1,629

Grupo Financiero Banorte S.A.B. de C.V., Class O

       1,301        3,601

Grupo Financiero Inbursa S.A.B. de C.V., Class O

       1,094        666

Grupo Lala S.A.B. de C.V.

       325        155

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

       1,629        3,517

Grupo Televisa S.A.B., Series CPO(g)

       1,014        1,091

Industrias Bachoco S.A.B. de C.V., Series B

       29        85

Industrias Penoles S.A.B. de C.V.

       58        453

Infraestructura Energetica Nova S.A.B. de C.V.

       246        772

Kimberly-Clark de Mexico S.A.B. de C.V., Class A

       329        470

Megacable Holdings S.A.B. de C.V., Series CPO(h)

      104        262

Orbia Advance Corp. S.A.B. de C.V.

       483        577

Promotora y Operadora de Infraestructura S.A.Bde C.V.

       78        549

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

       81        201

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

       676        450

Wal-Mart de Mexico S.A.B. de C.V., Series V

       2,214        5,390
        

 

 

  
                44,656
        

 

 

  

Pakistan-0.03%

         

Fauji Fertilizer Co. Ltd.

       373        258

Habib Bank Ltd.

       189        118

Oil & Gas Development Co. Ltd.

       153        100

Pakistan Petroleum Ltd.

       414        233
        

 

 

  
           709
        

 

 

  

Peru-0.04%

         

Cia de Minas Buenaventura S.A.A., ADR

       97        726
        

 

 

  

Philippines-1.02%

         

Aboitiz Power Corp.

       816        441

Alliance Global Group, Inc.(a)

       2,129        271

Ayala Corp.

       106        1,203

Ayala Land, Inc.

       3,229        1,974

Bank of the Philippine Islands

       839        961

BDO Unibank, Inc.

       896        1,779

Bloomberry Resorts Corp.

       1,322        145
 

 

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

 

 

 

 

   25  

 

 

 

 

Invesco PureBetaSM FTSE Emerging Markets ETF (PBEE)–(continued)

April 30, 2020

(Unaudited)

 

      Shares      Value
Philippines-(continued)         
DMCI Holdings, Inc.       1,649      $ 132
Energy Development Corp.(a)(d)       1,155        0
Globe Telecom, Inc.       10        429
GT Capital Holdings, Inc.       51        454
International Container Terminal Services, Inc.       375        662
JG Summit Holdings, Inc.       1,319        1,325
Jollibee Foods Corp.       187        528
LT Group, Inc.       1,106        168
Manila Electric Co.       101        506
Megaworld Corp.              5,931        300
Metro Pacific Investments Corp.       7,448        375
Metropolitan Bank & Trust Co.       830        638
PLDT, Inc.       49        1,241
San Miguel Corp.       185        354
San Miguel Food and Beverage, Inc.       339        395
Semirara Mining & Power Corp.       683        163
SM Investments Corp.       208        3,388
SM Prime Holdings, Inc.       4,067        2,427
Universal Robina Corp.       325        794
        

 

 

  
                21,053
        

 

 

  
Qatar-1.13%         
Barwa Real Estate Co.       848        666
Commercial Bank P.S.Q.C. (The)       882        969
Doha Bank Q.P.S.C.(a)       676        375
Ezdan Holding Group Q.S.C.(a)       692        141
Industries Qatar Q.S.C.       889        1,721
Masraf Al Rayan Q.S.C.       1,635        1,715

Mesaieed Petrochemical Holding Co. Q.P.S.C.

       1,928        953
Ooredoo Q.P.S.C.       368        647
Qatar Aluminum Manufacturing Co.       1,217        208
Qatar Electricity & Water Co. Q.S.C.       224        929
Qatar Fuel Co. Q.P.S.C.       217        954
Qatar Gas Transport Co. Ltd.       1,208        826
Qatar Insurance Co. (S.A.Q.)       712        393
Qatar International Islamic Bank Q.S.C.       330        727
Qatar Islamic Bank (S.A.Q)       515        2,185
Qatar National Bank Q.P.S.C.       1,975        9,346
United Development Co. Q.S.C.       772        224
Vodafone Qatar Q.S.C.       733        221
        

 

 

  
           23,200
        

 

 

  
Romania-0.03%         
NEPI Rockcastle PLC       158        673
        

 

 

  
Russia-3.70%         
Aeroflot PJSC       154        158
Alrosa PJSC       1,079        907
Bashneft PJSC, Preference Shares       10        186

Federal Grid Co. Unified Energy System PJSC

       120,000        298
Gazprom PJSC       4,654        11,958
Inter RAO UES PJSC       14,756        998
LUKOIL PJSC       181        11,813
Magnit PJSC       31        1,547
Magnitogorsk Iron & Steel Works PJSC       630        343
MMC Norilsk Nickel PJSC       23        6,369
Mobile TeleSystems PJSC       398        1,720
Moscow Exchange MICEX-RTS PJSC       608        988
Mosenergo PJSC       4,000        106
Novatek PJSC       463        6,471
Novolipetsk Steel PJSC       432        750
      Shares      Value
Russia-(continued)         
PhosAgro PJSC       17      $ 621
Polyus PJSC       11        1,801
Rosneft Oil Co. PJSC       532        2,415
Rosseti PJSC       14,000        243
Rostelecom PJSC(a)       420        466
RusHydro PJSC       55,600        474
RussNeft PJSC(a)       23        129
Sberbank of Russia PJSC              4,505        12,017
Severstal PJSC       78        938
Sistema PJSFC       1,400        274
Surgutneftegas PJSC       3,270        1,641
Surgutneftegas PJSC, Preference Shares       3,503        1,721
Tatneft PJSC       688        5,117
Tatneft PJSC, Preference Shares       70        487
Transneft PJSC, Preference Shares       1        1,841
Unipro PJSC       5,000        190
VTB Bank PJSC       2,232,852        1,054
        

 

 

  
                76,041
        

 

 

  
South Africa-4.31%         
Absa Group Ltd.       333        1,656
African Rainbow Minerals Ltd.       53        386
Anglo American Platinum Ltd.       26        1,383
AngloGold Ashanti Ltd.       177        4,387
Aspen Pharmacare Holdings Ltd.(a)       163        1,026
Assore Ltd.       10        171
AVI Ltd.       91        390
Barloworld Ltd.       101        368
Bid Corp. Ltd.       152        2,000
Bidvest Group Ltd. (The)       153        1,254
Capitec Bank Holdings Ltd.       24        1,179
Clicks Group Ltd.       112        1,407
Coronation Fund Managers Ltd.       138        272
Dis-Chem Pharmacies Ltd.(b)       206        246
Discovery Ltd.       173        914
Distell Group Holdings Ltd.       41        176
Exxaro Resources Ltd.       120        704
FirstRand Ltd.       1,430        3,151
Fortress REIT Ltd., Class A       547        296
Fortress REIT Ltd., Class B       432        55
Foschini Group Ltd. (The)       96        382
Gold Fields Ltd.       365        2,728
Growthpoint Properties Ltd.       1,295        982
Harmony Gold Mining Co. Ltd.(a)       218        794
Hyprop Investments Ltd.       133        138
Impala Platinum Holdings Ltd.       327        1,998
Investec Ltd.       115        240
Kumba Iron Ore Ltd.       27        519
Liberty Holdings Ltd.       62        238
Life Healthcare Group Holdings Ltd.       670        652
Momentum Metropolitan Holdings       372        354
Motus Holdings Ltd.(a)       84        134
Mr Price Group Ltd.       88        620
MTN Group Ltd.       694        1,837
MultiChoice Group(a)       189        898
Naspers Ltd., Class N       191        30,149
Nedbank Group Ltd.       183        1,068
Netcare Ltd.       705        595
Ninety One Ltd.(a)       57        121
Northam Platinum Ltd.(a)       154        750
 

 

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

 

 

 

 

   26  

 

 

 

 

Invesco PureBetaSM FTSE Emerging Markets ETF (PBEE)–(continued)

April 30, 2020

(Unaudited)

 

      Shares      Value
South Africa-(continued)         

Old Mutual Ltd.

       2,023      $ 1,478

Pepkor Holdings Ltd.(b)

       363        240

Pick n Pay Stores Ltd.

       130        407

PSG Group Ltd.

       79        684

Rand Merchant Investment Holdings Ltd.

       366        499

Redefine Properties Ltd.

       2,745        339

Remgro Ltd.

       238        1,775

Resilient REIT Ltd.

       119        227

Reunert Ltd.

       85        185

RMB Holdings Ltd.

       344        993

Sanlam Ltd.

       711        2,295

Santam Ltd.

       22        326

Sappi Ltd.(a)

       269        330

Sasol Ltd.(a)

       251        1,193

Shoprite Holdings Ltd.

       214        1,248

Sibanye Stillwater Ltd.(a)

       995        2,046

SPAR Group Ltd. (The)

       82        790

Standard Bank Group Ltd.

       551        3,064

Telkom S.A. SOC Ltd.

       154        173

Tiger Brands Ltd.

       79        777

Truworths International Ltd.

       216        347

Tsogo Sun Gaming Ltd.

       287        40

Vodacom Group Ltd.

       266        1,785

Vukile Property Fund Ltd.

       390        115

Woolworths Holdings Ltd.

       419        696
        

 

 

  
                88,670
        

 

 

  

Taiwan-14.25%

         

Accton Technology Corp.

       236        1,692

Acer, Inc.

              1,145        634

Advantech Co. Ltd.

       153        1,437

ASE Technology Holding Co. Ltd.

       1,508        3,323

Asia Cement Corp.

       972        1,415

Asustek Computer, Inc.

       316        2,132

AU Optronics Corp.

       3,691        963

Capital Securities Corp.

       1,241        404

Catcher Technology Co. Ltd.

       339        2,557

Cathay Financial Holding Co. Ltd.

       3,675        4,882

Chailease Holding Co. Ltd.

       544        2,044

Chang Hwa Commercial Bank Ltd.

       2,917        1,902

Cheng Shin Rubber Industry Co. Ltd.

       887        1,017

Chicony Electronics Co. Ltd.

       219        616

China Airlines Ltd.

       764        208

China Development Financial Holding Corp.

       6,337        1,901

China Motor Corp.

       149        158

China Steel Corp.

       5,603        3,725

Chunghwa Telecom Co. Ltd.

       1,657        6,083

Compal Electronics, Inc.

       1,687        1,072

CTBC Financial Holding Co. Ltd.

       7,798        5,166

Delta Electronics, Inc.

       932        4,323

E.Sun Financial Holding Co. Ltd.

       4,800        4,321

Eclat Textile Co. Ltd.

       96        946

Epistar Corp.

       501        639

Eternal Materials Co. Ltd.

       258        230

Eva Airways Corp.

       1,125        427

Evergreen Marine Corp. Taiwan Ltd.(a)

       1,192        438

Far Eastern International Bank

       609        215

Far Eastern New Century Corp.

       1,789        1,542

Far EasTone Telecommunications Co. Ltd.

       684        1,517

Feng TAY Enterprise Co. Ltd.

       155        873
      Shares      Value
Taiwan-(continued)         

First Financial Holding Co. Ltd.

       4,173      $ 3,044

Formosa Chemicals & Fibre Corp.

       1,466        3,679

Formosa Petrochemical Corp.

       619        1,840

Formosa Plastics Corp.

       2,203        6,405

Formosa Taffeta Co. Ltd.

       535        607

Foxconn Technology Co. Ltd.

       538        1,024

Fubon Financial Holding Co. Ltd.

       3,213        4,507

Giant Manufacturing Co. Ltd.

       125        729

Globalwafers Co. Ltd.

       102        1,294

Hon Hai Precision Industry Co. Ltd.

       5,309             13,518

Hotai Motor Co. Ltd.

       146        2,655

HTC Corp.

       379        378

Hua Nan Financial Holdings Co. Ltd.

       4,200        2,705

Innolux Corp.

       3,822        823

Inventec Corp.

       1,466        1,147

Largan Precision Co. Ltd.

       45        6,147

Lite-On Technology Corp.

       846        1,312

MediaTek, Inc.

       652        8,914

Mega Financial Holding Co. Ltd.

       4,848        4,852

Nan Ya Plastics Corp.

       2,550        5,566

Nanya Technology Corp.

       333        707

Novatek Microelectronics Corp.

       228        1,408

OBI Pharma, Inc.(a)

       70        207

Oriental Union Chemical Corp.

       423        236

Pegatron Corp.

       910        1,986

Pou Chen Corp.

       1,194        1,113

President Chain Store Corp.

       254        2,621

Quanta Computer, Inc.

       1,189        2,556

Realtek Semiconductor Corp.

       212        1,796

Shanghai Commercial & Savings Bank Ltd. (The)

       1,534        2,232

Shin Kong Financial Holding Co. Ltd.

              5,108        1,441

SinoPac Financial Holdings Co. Ltd.

       4,887        1,973

Synnex Technology International Corp.

       674        896

Taishin Financial Holding Co. Ltd.

       4,620        1,950

Taiwan Business Bank

       2,327        835

Taiwan Cement Corp.

       2,232        3,191

Taiwan Cooperative Financial Holding Co. Ltd.

       4,318        2,873

Taiwan Fertilizer Co. Ltd.

       387        595

Taiwan Glass Industry Corp.

       939        278

Taiwan High Speed Rail Corp.

       882        1,000

Taiwan Mobile Co. Ltd.

       732        2,632

Taiwan Secom Co. Ltd.

       70        206

Taiwan Semiconductor Manufacturing Co. Ltd.

       10,752        108,052

Teco Electric and Machinery Co. Ltd.

       664        595

TPK Holding Co. Ltd.(a)

       183        253

Transcend Information, Inc.

       77        182

U-Ming Marine Transport Corp.

       246        241

Unimicron Technology Corp.

       528        741

Uni-President Enterprises Corp.

       2,157        4,989

United Microelectronics Corp.

       4,671        2,423

Vanguard International Semiconductor Corp.

       365        845

Walsin Lihwa Corp.

       1,145        500

Walsin Technology Corp.

       207        1,465

Wan Hai Lines Ltd.

       423        236

Win Semiconductors Corp.

       180        1,610

Wistron Corp.

       1,188        1,104

Wiwynn Corp.

       38        967

Yageo Corp.

       169        2,195

Yuanta Financial Holding Co. Ltd.

       4,761        2,684

Yulon Motor Co. Ltd.

       502        288
 

 

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

 

 

 

 

   27  

 

 

 

 

Invesco PureBetaSM FTSE Emerging Markets ETF (PBEE)–(continued)

April 30, 2020

(Unaudited)

 

      Shares      Value
Taiwan-(continued)         

Yulon Nissan Motor Co. Ltd.

       14      $ 125

Zhen Ding Technology Holding Ltd.

       263        930
        

 

 

  
              293,105
        

 

 

  

Thailand-2.86%

         

Advanced Info Service PCL, NVDR

       480        2,918

Airports of Thailand PCL, NVDR

       1,825        3,482

Asset World Corp. PCL, NVDR

              3,300        556

B. Grimm Power PCL, NVDR

       338        463

Bangkok Bank PCL, Foreign Shares

       226        721

Bangkok Dusit Medical Services PCL, NVDR

       3,761        2,386

Bangkok Expressway & Metro PCL, NVDR

       3,756        1,078

Bangkok Life Assurance PCL, NVDR(a)

       300        142

Banpu PCL, NVDR

       2,056        366

Berli Jucker PCL, NVDR

       480        590

BTS Group Holdings PCL, NVDR

       3,738        1,318

Bumrungrad Hospital PCL, NVDR

       154        559

Central Pattana PCL, NVDR

       1,031        1,538

Charoen Pokphand Foods PCL, NVDR

       1,705        1,413

CP ALL PCL, NVDR

       2,263        4,927

Delta Electronics Thailand PCL, NVDR

       214        293

Digital Telecommunications Infrastructure Fund, Class F

       1,826        890

Electricity Generating PCL, NVDR

       126        1,095

Energy Absolute PCL, NVDR

       784        960

Global Power Synergy PCL, NVDR

       319        689

Gulf Energy Development PCL, NVDR

       1,825        2,169

Home Product Center PCL, NVDR

       2,654        1,116

Indorama Ventures PCL, NVDR

       842        740

Intouch Holdings PCL, NVDR

       982        1,613

IRPC PCL, NVDR

       4,823        396

Kasikornbank PCL, Foreign Shares

       504        1,332

Kasikornbank PCL, NVDR

       296        782

Krung Thai Bank PCL, NVDR

       2,916        976

Krungthai Card PCL, NVDR.

       616        639

Land & Houses PCL, NVDR

       3,106        700

Minor International PCL, NVDR

       1,681        1,089

Muangthai Capital PCL, NVDR(a)

       318        455

Osotspa PCL, NVDR.

       574        723

PTT Exploration & Production PCL, NVDR

       651        1,661

PTT Global Chemical PCL, NVDR

       959        1,109

PTT PCL, NVDR

       6,203        6,750

Ratch Group PCL, NVDR

       367        743

Siam Cement PCL (The), NVDR

       362        3,829

Siam City Cement PCL, NVDR

       42        153

Siam Commercial Bank PCL (The), NVDR

       1,103        2,300

Siam Makro PCL, NVDR

       170        187

Srisawad Corp. PCL, NVDR.

       255        417

Thai Oil PCL, NVDR

       482        605

Thai Union Group PCL, NVDR

       1,329        535

TMB Bank PCL, NVDR

       16,868        491

Total Access Communication PCL, NVDR

       317        410

True Corp. PCL, NVDR

       5,013        513
        

 

 

  
           58,817
        

 

 

  

Turkey-0.56%

         

Akbank T.A.S.(a)

       1,100        917

Anadolu Efes Biracilik ve Malt Sanayii A.S.

       81        213

Arcelik A.S.(a)

       99        232

Aselsan Elektronik Sanayi Ve Ticaret A.S.

       150        582

BIM Birlesik Magazalar A.S.

       179        1,418
      Shares      Value
Turkey-(continued)         

Coca-Cola Icecek A.S.

       38      $ 199

Enka Insaat ve Sanayi A.S.

       281        242

Eregli Demir ve Celik Fabrikalari TAS

       537        617

Ford Otomotiv Sanayi A.S.

       35        317

Haci Omer Sabanci Holding A.S.

       409        479

Iskenderun Demir ve Celik A.S.

       78        76

KOC Holding A.S.

       369        810

Koza Altin Isletmeleri A.S.(a)

       7        71

Petkim Petrokimya Holding A.S.(a)

       473        240

TAV Havalimanlari Holding A.S.

       85        221

Tekfen Holding A.S.

       88        178

Tofas Turk Otomobil Fabrikasi A.S.

       71        227

Tupras-Turkiye Petrol Rafinerileri A.S.(a)

       58        753

Turk Hava Yollari AO(a)

       264        398

Turk Telekomunikasyon A.S.(a)

       98        102

Turkcell Iletisim Hizmetleri A.S.

       422        840

Turkiye Garanti Bankasi A.S.(a)

       913               1,076

Turkiye Is Bankasi A.S., Class C(a)

       628        440

Turkiye Sise ve Cam Fabrikalari A.S.

       352        242

Turkiye Vakiflar Bankasi T.A.O., Class D(a)

       436        279

Yapi ve Kredi Bankasi A.S.(a)

       827        246
        

 

 

  
           11,415
        

 

 

  

United Arab Emirates-0.82%

         

Abu Dhabi Commercial Bank PJSC

       1,179        1,411

Abu Dhabi Islamic Bank PJSC

       404        393

Air Arabia PJSC

       1,017        316

Aldar Properties PJSC

       1,714        846

DAMAC Properties Dubai Co. PJSC(a)

       748        127

Dana Gas PJSC

       1,521        304

DP World PLC

       72        1,151

Dubai Financial Market PJSC

       719        143

Dubai Investments PJSC

       927        301

Dubai Islamic Bank PJSC

       805        801

Emaar Development PJSC

       356        221

Emaar Malls PJSC

       892        310

Emaar Properties PJSC

       1,561        1,148

Emirates Telecommunications Group Co. PJSC

       774        3,266

First Abu Dhabi Bank PJSC

       1,943        6,071
        

 

 

  
           16,809
        

 

 

  

United States-0.09%

         

JBS S.A.

       418        1,841
        

 

 

  

Total Common Stocks & Other Equity Interests
(Cost $2,204,580)

 

        1,893,594
        

 

 

  

Exchange-Traded Funds-7.75%

 

India-4.98%

         

Invesco India ETF(i)

       6,134        96,917

iShares MSCI India ETF

       200        5,410
        

 

 

  
           102,327
        

 

 

  

United States-2.77%

         

iShares MSCI Saudi Arabia ETF

       2,227        56,945
        

 

 

  

Total Exchange-Traded Funds
(Cost $205,785)

            159,272
        

 

 

  

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.84%
(Cost $2,410,365)

 

        2,052,866
        

 

 

  
 

 

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

 

 

 

 

   28  

 

 

 

 

Invesco PureBetaSM FTSE Emerging Markets ETF (PBEE)–(continued)

April 30, 2020

(Unaudited)

 

      Shares      Value
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-0.88%         

Invesco Private Government
Fund, 0.01%(i)(j)(k)
(Cost $18,134)

            18,134      $ 18,134
        

 

 

  

TOTAL INVESTMENTS IN SECURITIES-100.72%
(Cost $2,428,499)

 

        2,071,000
OTHER ASSETS LESS LIABILITIES-(0.72)%

 

        (14,777 )
        

 

 

  
NET ASSETS-100.00%          $ 2,056,223
        

 

 

  

 

 

 

Investment Abbreviations:

ADR-American Depositary Receipt

CPO-Certificates of Ordinary Participation

ETF-Exchange-Traded Fund

GDR-Global Depositary Receipt

NVDR-Non-Voting Depositary Receipt

REIT-Real Estate Investment Trust

Rts.-Rights

TBA-To Be Announced

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 aggregate value of these securities at April 30, 2020 was $106,157, which represented 5.16% of the Fund’s Net Assets.

(c) 

All or a portion of this security was out on loan at April 30, 2020.

(d) 

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

(e) 

Each CPO for Cemex S.A.B. de C.V. represents two Series A shares and one Series B share.

(f) 

Each CPO for Fomento Economico Mexicano, S.A.B. de C.V. represents one Series B share and four Series D shares.

(g) 

Each CPO for Grupo Televisa S.A.B. represents twenty-five Series A shares, twenty-two Series B shares, thirty-five Series D shares and thirty-five Series L shares.

(h) 

Each CPO for Megacable Holdings S.A.B. de C.V. represents two Series shares.

(i) 

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, 2020.

 

     Value
October 31, 2019		    Purchases
at Cost		    Proceeds
from Sales		    Change in
Unrealized
Appreciation
(Depreciation)		    Realized
Gain		    Value
April 30, 2020		    Dividend
Income

Invesco India ETF

      $ 100,300      $ 38,414      $ (27,883 )      $ (34,295 )      $ 20,381      $ 96,917      $ 933

Investments in Affiliated Money Market Funds:

                                   

Invesco Premier U.S. Government Money Portfolio, Institutional Class*

        5,726        64,285        (70,011 )        -        -        -        36

Investments Purchased with Cash Collateral from Securities on Loan:

                                   

Invesco Government & Agency Portfolio, Institutional Class*

        55,630        356,211        (411,841 )        -        -        -        175

Invesco Liquid Assets Portfolio, Institutional Class*

        18,251        84,158        (102,410 )        (1 )        2        -        67

Invesco Private Government Fund

        -        39,772        (21,638 )        -        -        18,134        -
    

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

  

Total

      $ 179,907      $ 582,840      $ (633,783 )      $ (34,296 )      $ 20,383      $ 115,051      $ 1,211
    

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

  

 

*

At April 30, 2020, this security was no longer held.

 

(j) 

The rate shown is the 3-day SEC standardized yield as of April 30, 2020. The money market fund commenced operations on April 28, 2020.

(k) 

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

 

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

 

 

 

 

   29  

 

 

 

 

Invesco PureBetaSM FTSE Emerging Markets ETF (PBEE)–(continued)

April 30, 2020

(Unaudited)

 

Portfolio Composition

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

as of April 30, 2020

 

Financials

     28.43                                  

Consumer Discretionary

     16.15     

Communication Services

     13.14     

Information Technology

     11.18     

Energy

     6.35     

Materials

     6.18     

Industrials

     4.61     

Consumer Staples

     4.37     

Utilities

     3.32     

Health Care

     3.14     

Real Estate

     2.97     

Money Market Funds Plus Other Assets Less Liabilities

     0.16     
 

 

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

 

 

 

 

   30  

 

 

 

 

Statements of Assets and Liabilities

April 30, 2020

(Unaudited)

 

    Invesco
PureBetaSM 0-5 Yr
US TIPS ETF
(PBTP)		    Invesco
PureBetaSM  FTSE
Developed ex-North
America ETF
(PBDM)		    Invesco
PureBetaSM  FTSE
Emerging Markets
ETF (PBEE)
Assets:              

Unaffiliated investments in securities, at value(a)

     $ 10,019,047      $ 2,058,431      $ 1,955,949

Affiliated investments in securities, at value

       729,562        67,615        115,051

Foreign currencies, at value

       -        592        1,732

Receivable for:

              

Dividends and interest

       12,431        8,568        2,054

Securities lending

       -42             18

Foreign tax reclaims

       -        487        -
   

 

 

       

 

 

       

 

 

  

Total assets

       10,761,040        2,135,735        2,074,804
   

 

 

       

 

 

       

 

 

  
Liabilities:              

Due to custodian

       -        2,588        278

Payable for:

              

Investments purchased

       727,757        509        -

Collateral upon return of securities loaned

       -        67,615        18,134

Accrued unitary management fees

       521        112        169
   

 

 

       

 

 

       

 

 

  

Total liabilities

       728,278        70,824        18,581
   

 

 

       

 

 

       

 

 

  
Net Assets     $ 10,032,762      $ 2,064,911      $ 2,056,223
   

 

 

       

 

 

       

 

 

  
Net assets consist of:              

Shares of beneficial interest

     $ 9,914,359      $ 2,500,025      $ 2,500,025

Distributable earnings (loss)

       118,403        (435,114 )        (443,802 )
   

 

 

       

 

 

       

 

 

  
Net Assets     $ 10,032,762      $ 2,064,911      $ 2,056,223
   

 

 

       

 

 

       

 

 

  

Shares outstanding (unlimited amount authorized, $0.01 par value)

       400,001        100,001        100,001

Net asset value

     $ 25.08      $ 20.65      $ 20.56
   

 

 

       

 

 

       

 

 

  

Market price

     $ 25.09      $ 20.56      $ 20.43
   

 

 

       

 

 

       

 

 

  

Unaffiliated investments in securities, at cost

     $ 9,975,477      $ 2,470,688      $ 2,279,128
   

 

 

       

 

 

       

 

 

  

Affiliated investments in securities, at cost

     $ 729,562      $ 67,615      $ 149,371
   

 

 

       

 

 

       

 

 

  

Foreign currencies, at cost

     $ -      $ 657        $ 1,694
   

 

 

       

 

 

       

 

 

  

(a) Includes securities on loan with an aggregate value of:

     $ -      $ 62,725      $ 17,415
   

 

 

       

 

 

       

 

 

  

 

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

 

 

 

 

   31  

 

 

 

 

Statements of Operations

For the six months ended April 30, 2020

(Unaudited)

 

    Invesco
PureBetaSM 0-5  Yr
US TIPS ETF
(PBTP)		    Invesco
PureBetaSM FTSE
Developed ex-North
America ETF
(PBDM)		    Invesco
PureBetaSM  FTSE
Emerging Markets
ETF (PBEE)
Investment income:              

Unaffiliated interest income

     $ 95,974      $ -      $ -

Unaffiliated dividend income

       -        31,578        19,034

Affiliated dividend income

       135        48        969

Securities lending income

       33        174        267

Foreign withholding tax

       -        (4,847 )        (1,489 )
   

 

 

       

 

 

       

 

 

  

Total investment income

       96,142        26,953        18,781
   

 

 

       

 

 

       

 

 

  
Expenses:              

Unitary management fees

       3,531        808        1,612
   

 

 

       

 

 

       

 

 

  

Less: Waivers

       (61 )        (6 )        (355 )
   

 

 

       

 

 

       

 

 

  

Net expenses

       3,470        802        1,257
   

 

 

       

 

 

       

 

 

  

Net investment income

       92,672        26,151        17,524
   

 

 

       

 

 

       

 

 

  
Realized and unrealized gain (loss) from:              

Net realized gain (loss) from:

              

Unaffiliated investment securities

       6,067        (5,019 )        (45,708 )

Affiliated investment securities

       (8 )        3        20,283

Unaffiliated in-kind redemptions

       26,719        -        -

Affiliated in-kind redemptions

       -        -        100

Foreign currencies

       -        (409 )        (329 )
   

 

 

       

 

 

       

 

 

  

Net realized gain (loss)

       32,778        (5,425 )        (25,654 )
   

 

 

       

 

 

       

 

 

  

Change in net unrealized appreciation (depreciation) of:

              

Unaffiliated investment securities

       7,345        (357,149 )        (246,582 )

Affiliated investment securities

       -        (1 )        (34,296 )

Foreign currencies

       -        113        (151 )
   

 

 

       

 

 

       

 

 

  

Change in net unrealized appreciation (depreciation)

       7,345        (357,037 )        (281,029 )
   

 

 

       

 

 

       

 

 

  

Net realized and unrealized gain (loss)

       40,123        (362,462 )        (306,683 )
   

 

 

       

 

 

       

 

 

  

Net increase (decrease) in net assets resulting from operations

     $ 132,795      $ (336,311 )      $ (289,159 )
   

 

 

       

 

 

       

 

 

  

 

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

 

 

 

 

   32  

 

 

 

 

Statements of Changes in Net Assets

For the six months ended April 30, 2020 and the year ended October 31, 2019

(Unaudited)

 

     Invesco
PureBetaSM 0-5 Yr
US TIPS ETF
(PBTP)		   Invesco
PureBetaSM FTSE
Developed ex-North
America ETF
(PBDM)		   Invesco
PureBetaSM FTSE
Emerging Markets
ETF (PBEE)
     Six Months Ended
April  30,
2020		   Year Ended
October 31,
2019		   Six Months Ended
April  30,
2020		   Year Ended
October  31,
2019		   Six Months Ended
April  30,
2020		   Year Ended
October  31,
2019
Operations:                         

Net investment income

      $ 92,672     $ 128,264     $ 26,151     $ 69,394     $ 17,524     $ 73,602

Net realized gain (loss)

        32,778       (9,433 )       (5,425 )       (12,087 )       (25,654 )       (38,649 )

Change in net unrealized appreciation (depreciation)

        7,345       90,771       (357,037 )       172,266       (281,029 )       244,976
    

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net increase (decrease) in net assets resulting from operations

        132,795       209,602       (336,311 )       229,573       (289,159 )       279,929
    

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  
Distributions to Shareholders from:                         

Distributable earnings

        (47,416 )       (116,574 )       (29,994 )       (78,552 )       (40,581 )       (59,836 )
    

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  
Shareholder Transactions:                         

Proceeds from shares sold

        3,740,954       4,933,735       -       -       -       -

Value of shares repurchased

        (1,260,355 )       -       -       -       -       -
    

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net increase in net assets resulting from share transactions

        2,480,599       4,933,735       -       -       -       -
    

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net increase (decrease) in net assets

        2,565,978       5,026,763       (366,305 )       151,021       (329,740 )       220,093
    

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  
Net assets:                         

Beginning of period

        7,466,784       2,440,021       2,431,216       2,280,195       2,385,963       2,165,870
    

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

End of period

      $ 10,032,762     $ 7,466,784     $ 2,064,911     $ 2,431,216     $ 2,056,223     $ 2,385,963
    

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  
Changes in Shares Outstanding:                         

Shares sold

        150,000       200,000       -       -       -       -

Shares repurchased

        (50,000 )       -       -       -       -       -

Shares outstanding, beginning of period

        300,001       100,001       100,001       100,001       100,001       100,001
    

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Shares outstanding, end of period

        400,001       300,001       100,001       100,001       100,001       100,001
    

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

 

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

 

 

 

 

   33  

 

 

 

 

Financial Highlights

 

Invesco PureBetaSM 0-5 Yr US TIPS ETF (PBTP)

 

   

Six Months Ended

April 30,

2020

   Years Ended October 31,   

For the Period

September 19, 2017(a)

Through

October 31,

    (Unaudited)   2019   2018    2017
Per Share Operating Performance:                 

Net asset value at beginning of period

     $ 24.89     $ 24.40     $ 24.99      $ 25.00

Net investment income(b)

       0.23       0.59       0.63        0.06

Net realized and unrealized gain (loss) on investments

       0.08       0.39       (0.55 )        (0.07 )

Total from investment operations

       0.31       0.98       0.08        (0.01 )

Distributions to shareholders from:

                 

Net investment income

       (0.12 )       (0.49 )       (0.67 )        -

Net asset value at end of period

     $ 25.08     $ 24.89     $ 24.40      $ 24.99

Market price at end of period(c)

     $ 25.09     $ 24.90     $ 24.40      $ 24.99
Net Asset Value Total Return(d)       1.25 %       4.04 %       0.33 %        (0.04 )%(e)
Market Price Total Return(d)       1.24 %       4.07 %       0.33 %        (0.04 )%(e)
Ratios/Supplemental Data:                 

Net assets at end of period (000’s omitted)

     $ 10,033     $ 7,467     $ 2,440      $ 2,499

Ratio to average net assets of:

                 

Expenses

       0.07 %(f)       0.20 %(g)       0.07 %        0.07 %(f)

Net investment income

       1.84 %(f)       2.39 %(g)       2.53 %        2.22 %(f)

Portfolio turnover rate(h)

       18 %       30 %       19 %        0 %

 

(a) 

Commencement of investment operations.

(b) 

Based on average shares outstanding.

(c) 

The mean between the last bid and ask prices.

(d) 

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(e) 

The net asset value total return from Fund Inception (September 22, 2017, the first day of trading on the Exchange) to October 31, 2017 was 0.12%. The market price total return from Fund Inception to October 31, 2017 was 0.12%.

(f) 

Annualized.

(g) 

Ratios include non-recurring costs associated with a proxy statement of 0.13%.

(h) 

Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

 

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

 

 

 

 

   34  

 

 

 

 

Financial Highlights–(continued)

 

Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM)

 

   

Six Months Ended

April 30,

2020

   Years Ended October 31,  

For the Period

September 19, 2017(a)

Through

October 31,

    (Unaudited)   2019   2018   2017
Per Share Operating Performance:                

Net asset value at beginning of period

       $24.31       $22.80       $25.37       $25.00

Net investment income(b)

       0.26       0.69       0.73       0.07

Net realized and unrealized gain (loss) on investments

       (3.62 )       1.61       (2.60 )       0.30

Total from investment operations

       (3.36 )       2.30       (1.87 )       0.37

Distributions to shareholders from:

                

Net investment income

       (0.30 )       (0.77 )       (0.70 )       -

Net realized gains

       -       (0.02 )       -       -

Total distributions

       (0.30 )       (0.79 )       (0.70 )       -

Net asset value at end of period

       $20.65       $24.31       $22.80       $25.37

Market price at end of period(c)

       $20.56       $24.35       $23.03       $25.54
Net Asset Value Total Return(d)       (13.71 )%       10.31 %       (7.60 )%       1.48 %(e)
Market Price Total Return(d)       (14.24 )%       9.37 %       (7.30 )%       2.16 %(e)
Ratios/Supplemental Data:                

Net assets at end of period (000’s omitted)

       $2,065       $2,431       $2,280       $2,537

Ratio to average net assets of:

                

Expenses

       0.07 %(f)       0.37 %(g)       0.07 %       0.07 %(f)

Net investment income

       2.27 %(f)       2.99 %(g)       2.89 %       2.38 %(f)

Portfolio turnover rate(h)

       1 %       4 %       7 %       2 %

 

(a) 

Commencement of investment operations.

(b) 

Based on average shares outstanding.

(c) 

The mean between the last bid and ask prices.

(d) 

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(e) 

The net asset value total return from Fund Inception (September 22, 2017, the first day of trading on the Exchange) to October 31, 2017 was 1.80%. The market price total return from Fund Inception to October 31, 2017 was 2.12%.

(f) 

Annualized.

(g) 

Ratios include non-recurring costs associated with a proxy statement of 0.30%.

(h) 

Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

 

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

 

 

 

 

   35  

 

 

 

 

Financial Highlights–(continued)

 

Invesco PureBetaSM FTSE Emerging Markets ETF (PBEE)

 

    Six Months Ended
April 30,
2020
(Unaudited)		  

 

Years Ended October 31,

   For the Period
September 19, 2017(a)
Through
October 31,
2017
    2019   2018
Per Share Operating Performance:                

Net asset value at beginning of period

     $ 23.86     $ 21.66     $ 25.07     $ 25.00

Net investment income(b)

       0.18       0.74 (c)        0.66       0.03

Net realized and unrealized gain (loss) on investments

       (3.07 )       2.06       (3.42 )       0.04

Total from investment operations

       (2.89 )       2.80       (2.76 )       0.07

Distributions to shareholders from:

                

Net investment income

       (0.41 )       (0.60 )       (0.65 )       -

Net asset value at end of period

     $ 20.56     $ 23.86     $ 21.66     $ 25.07

Market price at end of period(d)

     $ 20.43     $ 23.82     $ 21.75     $ 25.20
Net Asset Value Total Return(e)       (12.24 )%       13.02 %       (11.28 )%       0.28 %(f)
Market Price Total Return(e)       (12.65 )%       12.34 %       (11.38 )%       0.80 %(f)
Ratios/Supplemental Data:                

Net assets at end of period (000’s omitted)

     $ 2,056     $ 2,386     $ 2,166     $ 2,507

Ratio to average net assets of:

                

Expenses, after Waivers

       0.11 %(g)(h)       0.39 %(h)(i)       0.11 %       0.14 %(g)

Expenses, prior to Waivers

       0.14 %(g)(h)       0.43 %(h)(i)       0.14 %       0.14 %(g)

Net investment income

       1.52 %(g)       3.16 %(c)(i)       2.64 %       1.03 %(g)

Portfolio turnover rate(j)

       9 %       13 %       16 %       1 %

 

(a) 

Commencement of investment operations.

(b) 

Based on average shares outstanding.

(c) 

Net Investment income per share and the ratio of net investment income to average net assets include a non-cash taxable distribution received during the year. Net investment income per share and the ratio of net investment income to average net assets excluding the non-cash taxable distribution are $0.56 and 2.39%, respectively.

(d) 

The mean between the last bid and ask prices.

(e) 

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(f) 

The net asset value total return from Fund Inception (September 22, 2017, the first day of trading on the Exchange) to October 31, 2017 was 1.05%. The market price total return from Fund Inception to October 31, 2017 was (0.39)%.

(g) 

Annualized.

(h) 

In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Fund invests. Estimated investment companies’ expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Fund invests in. The effect of the estimated investment companies’ expenses that the Fund bears indirectly is included in the Fund’s total return.

(i) 

Ratios include non-recurring costs associated with a proxy statement of 0.29%.

(j) 

Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

 

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

 

 

 

 

   36  

 

 

 

 

Notes to Financial Statements

Invesco Exchange-Traded Fund Trust II

April 30, 2020

(Unaudited)

 

NOTE 1–Organization

Invesco Exchange-Traded Fund Trust II (the “Trust”) was organized as a Massachusetts business trust on October 10, 2006 and is authorized to have multiple series of portfolios. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). This report includes the following portfolios:

 

Full Name

   

Short Name

Invesco PureBetaSM 0-5 Yr US TIPS ETF (PBTP)    “PureBetaSM 0-5 Yr US TIPS ETF”
Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM)    “PureBetaSM FTSE Developed ex-North America ETF”
Invesco PureBetaSM FTSE Emerging Markets ETF (PBEE)    “PureBetaSM FTSE Emerging Markets ETF”

Each portfolio (each, a “Fund”, and collectively, the “Funds”) represents a separate series of the Trust. The shares of the Funds are referred to herein as “Shares” or “Fund’s Shares.” Each Fund’s Shares are listed and traded on Cboe BZX Exchange, Inc.

The market price of each Share may differ to some degree from a Fund’s net asset value (“NAV”). Unlike conventional mutual funds, each Fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a “Creation Unit.” Creation Units are issued and redeemed principally in exchange for the deposit or delivery of a basket of securities (“Deposit Securities”). Except when aggregated in Creation Units by Authorized Participants, the Shares are not individually redeemable securities of the Funds.

The investment objective of each Fund is to seek to track the investment results (before fees and expenses) of its respective index listed below (each, an “Underlying Index”):

 

Fund

   

Underlying Index

PureBetaSM 0-5 Yr US TIPS ETF    ICE BofAML 0-5 Year US Inflation-Linked Treasury IndexSM
PureBetaSM FTSE Developed ex-North America ETF    FTSE Developed ex North America Index
PureBetaSM FTSE Emerging Markets ETF    FTSE Emerging Index

NOTE 2–Significant Accounting Policies

The following is a summary of the significant accounting policies followed by the Funds in preparation of their financial statements.

Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services–Investment Companies.

A.

Security Valuation - Securities, including restricted securities, are valued according to the following policies:

A security listed or traded on an exchange (except convertible securities) is generally valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded or, lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded, or at the final settlement price set by such exchange. Swaps and options not listed on an exchange are valued by an independent source. For purposes of determining NAV per Share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Investment companies are valued using such company’s NAV per share, unless the shares are exchange-traded, in which case they are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a Fund may hold or transact in the same

 

 

 

 

   37  

 

 

 

 

 

securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities’ (including foreign exchange contracts’) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the London world markets. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that Invesco Capital Management LLC (the “Adviser”) determines are significant and make the closing price unreliable, a Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, the potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value exchange-traded equity securities. The mean between the last bid and asked prices may be used to value debt obligations, including corporate loans, and unlisted equity securities.

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith following procedures approved by the Board of Trustees. Issuer-specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

Each Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors, including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

B.

Other Risks

Authorized Participant Concentration Risk. Only Authorized Participants (“APs”) may engage in creation or redemption transactions directly with each Fund. Each Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities held by each Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to each Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished trading market for Shares, and Shares may be more likely to trade at a premium or discount to each Fund’s NAV and to face trading halts and/or delisting. Investments in non-U.S. securities, which may have lower trading volumes, may increase this risk.

Currency Risk. Because each Fund’s NAV is determined in U.S. dollars, a Fund’s NAV could decline if the currency of a non-U.S. market in which the Fund invests depreciates against the U.S. dollar. Generally, an increase in the value of the U.S. dollar against a foreign currency will reduce the value of a security denominated in that foreign currency, thereby decreasing a Fund’s overall NAV. Exchange rates may be volatile and may change quickly and unpredictably in response to both global economic developments and economic conditions, causing an adverse impact on the Fund. As a result, investors have the potential for losses regardless of the length of time they intend to hold Shares.

Emerging Markets Investment Risk. For certain Funds, investments in the securities of issuers in emerging market countries involve risks often not associated with investments in the securities of issuers in developed countries. Securities in emerging

 

 

 

 

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markets may be subject to greater price fluctuations than securities in more developed markets. Fluctuations in the value of the U.S. dollar relative to the values of other currencies may adversely affect investments in emerging market securities, and emerging market securities may have relatively low market liquidity, decreased publicly available information about issuers, and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice comparable to those applicable to domestic issuers. Emerging market securities also are subject to the risks of expropriation, nationalization or other adverse political or economic developments and the difficulty of enforcing obligations in other countries. Investments in emerging market securities also may be subject to dividend withholding or confiscatory taxes, currency blockage and/or transfer restrictions. Emerging markets usually are subject to greater market volatility, lower trading volume, political and economic instability, uncertainty regarding the existence of trading markets and more governmental limitations on foreign investment than are more developed markets. Securities law in many emerging market countries is relatively new and unsettled. Therefore, laws regarding foreign investment in emerging market securities, securities regulation, title to securities, and shareholder rights may change quickly and unpredictably. In addition, the enforcement of systems of taxation at federal, regional and local levels in emerging market countries may be inconsistent and subject to sudden change.

Equity Risk. Equity risk is the risk that the value of equity securities, including common stocks, may fall due to both changes in general economic conditions that impact the market as a whole, as well as factors that directly relate to a specific company or its industry. Such general economic conditions include changes in interest rates, periods of market turbulence or instability, or general and prolonged periods of economic decline and cyclical change. It is possible that a drop in the stock market may depress the price of most or all of the common stocks that each Fund holds. In addition, equity risk includes the risk that investor sentiment toward one or more industries will become negative, resulting in those investors exiting their investments in those industries, which could cause a reduction in the value of companies in those industries more broadly. The value of a company’s common stock may fall solely because of factors, such as an increase in production costs, that negatively impact other companies in the same region, industry or sector of the market. A company’s common stock also may decline significantly in price over a short period of time due to factors specific to that company, including decisions made by its management or lower demand for the company’s products or services. For example, an adverse event, such as an unfavorable earnings report or the failure to make anticipated dividend payments, may depress the value of common stock.

Fixed-Income Securities Risk. Fixed-income securities are subject to interest rate risk and credit risk. Interest rate risk refers to fluctuations in the value of a fixed-income security resulting from changes in the general level of interest rates. When the general level of interest rates goes up, the prices of most fixed-income securities go down. When the general level of interest rates goes down, the prices of most fixed-income securities go up. Fixed-income securities with longer maturities typically are more sensitive to changes in interest rates, making them more volatile than securities with shorter maturities. Credit risk refers to the possibility that the issuer of a security will be unable and/or unwilling to make timely interest payments and/or repay the principal on its debt. Debt instruments are subject to varying degrees of credit risk, which may be reflected in credit ratings. There is a possibility that the credit rating of a fixed-income security may be downgraded after purchase, which may adversely affect the value of the security.

Foreign Investment Risk. For certain Funds, investments in the securities of non-U.S. issuers involve risks beyond those associated with investments in U.S. securities. Foreign securities may have relatively low market liquidity, greater market volatility, decreased publicly available information and less reliable financial information about issuers, and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice comparable to those applicable to domestic issuers. Foreign securities also are subject to risk of expropriation, nationalization, political instability or other adverse political or economic developments and the difficulty of enforcing obligations in other countries. Investments in foreign securities also may be subject to dividend withholding or confiscatory taxes, currency blockage and/or transfer restrictions and higher transactional costs. If a Fund invests in securities denominated in foreign currencies, fluctuations in the value of the U.S. dollar relative to the values of other currencies may adversely affect investments in foreign securities and may negatively impact the Fund’s returns.

Geographic Concentration Risk. A natural or other disaster could occur in a country or geographic region in which a Fund invests, which could affect the economy or particular business operations of companies in that specific country or geographic region and adversely impact the Fund’s investments in the affected country or region.

Index Risk. Unlike many investment companies, each Fund does not utilize an investing strategy that seeks returns in excess of its Underlying Index. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its Underlying Index, even if that security generally is underperforming. Additionally, each Fund rebalances its portfolio in accordance with its Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to each Fund’s rebalance schedule.

Industry Concentration Risk. In following its methodology, each Fund’s Underlying Index from time to time may be concentrated to a significant degree in securities of issuers operating in a single industry or industry group. To the extent that each Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the corresponding Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, each Fund may face more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which each Fund invests, may include,

 

 

 

 

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but are not limited to, legislative or regulatory changes, adverse market conditions and/or increased competition within the industry or industry group. In addition, at times, such industry or industry group may be out of favor and underperform other industries, industry groups or the market as a whole.

Inflation-Linked Security Risk. For certain Funds, the value of inflation-linked securities generally will fluctuate in response to changes in real interest rates, generally decreasing when real interest rates rise and increasing when real interest rates fall. Real interest rates represent nominal (or stated) interest rates reduced by the expected impact of inflation. In addition, interest payments on inflation -indexed securities will generally vary up or down along with the rate of inflation.

Liquidity Risk. For certain Funds, liquidity risk exists when a particular investment is difficult to purchase or sell. If the Fund invests in illiquid securities or current portfolio securities become illiquid, it may reduce the returns of the Fund because the Fund may be unable to sell the illiquid securities at an advantageous time or price.

Market Risk. Securities in the Underlying Index are subject to market fluctuations. You should anticipate that the value of the Shares will decline more or less, in correlation with any decline in value of the securities in the Underlying Index. Additionally, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or other events could result in increased premiums or discounts to each Fund’s NAV.

Non-Correlation Risk. Each Fund’s return may not match the return of its corresponding Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of its corresponding Underlying Index. Additionally, a Fund’s use of a representative sampling approach may cause the Fund not to be as well-correlated with the return of its corresponding Underlying Index as would be the case if the Fund purchased all of the securities in its corresponding Underlying Index in the proportions represented in the Underlying Index. In addition, the performance of each Fund and its corresponding Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its corresponding Underlying Index resulting from legal restrictions, costs or liquidity constraints.

Non-Diversified Fund Risk. Each Fund is non-diversified and can invest a greater portion of its assets in securities of individual issuers than a diversified fund, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase a Fund’s volatility and cause the performance of a relatively small number of issuers to have a greater impact on a Fund’s performance.

Sampling Risk. Certain Funds’ use of a representative sampling approach may result in the Fund holding a smaller number of securities than are in its respective Underlying Index. As a result, an adverse development to an issuer of securities that the Fund holds could result in a greater decline in NAV than would be the case if the Fund held all of the securities in its Underlying Index. To the extent the assets in the Fund are smaller, these risks will be greater.

Small- and Mid-Capitalization Company Risk. Certain Funds invest in securities of small- and mid- capitalization companies, which involves greater risk than customarily is associated with investing in larger, more established companies. These companies’ securities may be more volatile and less liquid than those of more established companies. These securities may have returns that vary, sometimes significantly, from the overall securities market. Often small- and mid-capitalization companies and the industries in which they focus are still evolving and, as a result, they may be more sensitive to changing market conditions.

U.S. Government Obligation/Securities Risk. Certain Funds may invest in U.S. government obligations issued or guaranteed by the U.S. Government, its agencies and instrumentalities, including bills, notes and bonds issued by the U.S. Treasury. U.S. Government securities include securities that are issued or guaranteed by the United States Treasury, by various agencies of the U.S. Government, or by various instrumentalities which have been established or sponsored by the U.S. Government. U.S. Treasury securities are backed by the “full faith and credit” of the United States. Securities issued or guaranteed by federal agencies and U.S. Government-sponsored instrumentalities may or may not be backed by the full faith and credit of the United States. In the case of those U.S. Government securities not backed by the full faith and credit of the United States, the investor must look principally to the agency or instrumentality issuing or guaranteeing the security for ultimate repayment, and may not be able to assert a claim against the United States itself in the event that the agency or instrumentality does not meet its commitment. The U.S. Government, its agencies and instrumentalities do not guarantee the market value of their securities, and consequently, the value of such securities may fluctuate.

Valuation Risk. Financial information related to securities of non-U.S. issuers may be less reliable than information related to securities of U.S. issuers, which may make it difficult to obtain a current price for a non-U.S. security held by a Fund. In certain circumstances, market quotations may not be readily available for some Fund securities, and those securities may be fair valued. The value established for a security through fair valuation may be different from what would be produced if the security had been valued using market quotations. Fund securities that are valued using techniques other than market quotations, including “fair valued” securities, may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. In addition, there is no assurance that a Fund could sell a portfolio security for the value established for it at any time, and it is possible that a Fund would incur a loss because a security is sold at a discount to its established value.

C.

Investment Transactions and Investment Income - Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest

 

 

 

 

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  income is recorded on an accrual basis from settlement date. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.

The Funds may periodically participate in litigation related to each Fund’s investments. As such, the Funds may receive proceeds from litigation settlements. Any proceeds received are included in the Statements of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of each Fund’s NAV and, accordingly, they reduce each Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between each Fund and the Adviser.

D.

Country Determination - For the purposes of presentation in the Schedules of Investments, the Adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include whether each Fund’s Underlying Index has made a country determination and may include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

E.

Dividends and Distributions to Shareholders - Each Fund declares and pays dividends from net investment income, if any, to its shareholders quarterly and records such dividends on the ex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them on the ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America (“GAAP”). Distributions in excess of tax basis earnings and profits, if any, are reported in such Fund’s financial statements as a tax return of capital at fiscal year-end.

F.

Federal Income Taxes - Each Fund intends to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute substantially all of the Fund’s taxable earnings to its shareholders. As such, the Funds will not be subject to federal income taxes on otherwise taxable income (including net realized gains) that is distributed to the shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

Each Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. These differences are primarily due to differing book and tax treatments for in-kind transactions, losses deferred due to wash sales, and passive foreign investment company adjustments, if any.

The Funds file U.S. federal tax returns and tax returns in certain other jurisdictions. Generally, a Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

G.

Expenses - Each Fund has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Funds, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for advisory fees, distribution fees, if any, brokerage expenses, taxes, interest, litigation expenses, acquired fund fees and expenses, if any, and other extraordinary expenses.

Expenses of the Trust that are excluded from a Fund’s unitary management fee and are directly identifiable to a specific Fund are applied to that Fund. Expenses of the Trust that are excluded from a Fund’s unitary management fee and are not readily identifiable to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of each Fund.

To the extent a Fund invests in other investment companies, the expenses shown in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses of the investment companies in which it invests. The effects of such investment companies’ expenses are included in the realized and unrealized gain or loss on the investments in the investment companies.

 

 

 

 

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H.

Accounting Estimates - The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements, including estimates and assumptions related to taxation. Actual results could differ from these estimates. In addition, the Funds monitor for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

I.

Indemnifications - Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Each Board member who is not an “interested person” (as defined in the 1940 Act) of the Trust (each, an “Independent Trustee”) is also indemnified against certain liabilities arising out of the performance of their duties to the Trust pursuant to an Indemnification Agreement between such trustee and the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. However, based on experience, the Trust believes the risk of loss to be remote.

J.

Treasury Inflation-Protected Securities - PureBetaSM 0-5 Yr US TIPS ETF may invest in Treasury Inflation-Protected Securities (“TIPS”). TIPS are fixed income securities whose principal value is periodically adjusted to the rate of inflation. The principal value of TIPS will be adjusted upward or downward, and any increase or decrease in the principal amount of TIPS will be included as Treasury Inflation-Protected Securities inflation adjustment in the Statements of Operations, even though investors do not receive their principal until maturity.

K.

Securities Lending - Each Fund may participate in securities lending and may loan portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by cash collateral equal to no less than 102% (105% for international securities) of the market value of the loaned securities determined daily by the securities lending provider. Cash collateral received in connection with these loans is generally invested in an affiliated money market fund and is shown as such on the Schedules of Investments. Each Fund bears the risk of loss with respect to the investment of collateral. It is the policy of these Funds to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, each Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to each Fund if, and to the extent that, the market value of the securities loaned were to increase, and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or each Fund. Upon termination, the borrower will return to each Fund the securities loaned and each Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. Each Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to each Fund. Some of these losses may be indemnified by the lending agent. Each Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. For Funds that participated in securities lending, dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Securities lending income on the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities.

L.

Foreign Currency Translations - Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. Each Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statements of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on each Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period-end, resulting from changes in exchange rates.

Each Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which each Fund invests.

 

 

 

 

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NOTE 3–Investment Advisory Agreement and Other Agreements

The Trust has entered into an Investment Advisory Agreement with the Adviser on behalf of each Fund, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Fund’s investments, managing the Fund’s business affairs and providing certain clerical, bookkeeping and other administrative services.

Pursuant to the Investment Advisory Agreement, each Fund accrues daily and pays monthly to the Adviser an annual unitary management fee equal to a percentage of its average daily net assets. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Funds, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except for advisory fees, distribution fees, if any, brokerage expenses, taxes, interest, litigation expenses, acquired fund fees and expenses, if any, and other extraordinary expenses. The annual unitary management fee paid by each Fund to the Adviser is equal to a percentage of each Fund’s average daily net assets as follows:

 

     Unitary Management Fees
(as a % of average daily net  assets)
PureBetaSM 0-5 Yr US TIPS ETF        0.07 %
PureBetaSM FTSE Developed ex-North America ETF        0.07 %
PureBetaSM FTSE Emerging Markets ETF        0.14 %

Further, through at least August 31, 2022, the Adviser has contractually agreed to waive a portion of each Fund’s management fee in an amount equal to 100% of the net advisory fees an affiliate of the Adviser receives that are attributable to the Fund’s investments of otherwise uninvested cash in money market funds managed by that affiliate (excluding investments of cash collateral from securities lending). There is no guarantee that the Adviser will extend the waiver of these fees past that date.

For the six-month period ended April 30, 2020, the Adviser waived fees for each Fund in the following amounts:

 

PureBetaSM 0-5 Yr US TIPS ETF    $ 61  
PureBetaSM FTSE Developed ex-North America ETF      6  
PureBetaSM FTSE Emerging Markets ETF      355  

The Trust has entered into a Distribution Agreement with Invesco Distributors, Inc. (the “Distributor”), which serves as the distributor of Creation Units for each Fund. The Distributor does not maintain a secondary market in the Shares. The Funds are not charged any fees pursuant to the Distribution Agreement. The Distributor is an affiliate of the Adviser.

The Adviser has entered into a licensing agreement for each Fund with the following entities (each, a “Licensor”):

 

Fund

   Licensor
PureBetaSM 0-5 Yr US TIPS ETF   ICE Data Indices, LLC
PureBetaSM FTSE Developed ex-North America ETF   FTSE International Ltd.
PureBetaSM FTSE Emerging Markets ETF   FTSE International Ltd.

Each Underlying Index name trademark is owned by its respective Licensor. These trademarks have been licensed to the Adviser for use by the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust’s sub-licensing agreement with the Adviser. The Funds are not sponsored, endorsed, sold or promoted by the Licensors, and the Licensors make no representation regarding the advisability of investing in any of the Funds.

The Trust has entered into service agreements whereby The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for each Fund.

NOTE 4–Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

  Level 1 –

Prices are determined using quoted prices in an active market for identical assets.

  Level 2 –

Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

 

 

 

 

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  Level 3 –

Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect a Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of April 30, 2020. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

 

    Level 1    Level 2    Level 3    Total
PureBetaSM 0-5 Yr US TIPS ETF                   
Investments in Securities                   

U.S. Treasury Securities

     $ -      $ 10,019,047      $ -      $ 10,019,047

Money Market Funds

       729,562        -        -        729,562
   

 

 

       

 

 

       

 

 

       

 

 

  

Total Investments

     $ 729,562      $ 10,019,047      $ -      $ 10,748,609
   

 

 

       

 

 

       

 

 

       

 

 

  
PureBetaSM FTSE Developed ex-North America ETF                   
Investments in Securities                   

Common Stocks & Other Equity Interests

     $ 2,056,012      $ 2,419      $ 0      $ 2,058,431

Money Market Funds

       -        67,615        -        67,615
   

 

 

       

 

 

       

 

 

       

 

 

  

Total Investments

     $ 2,056,012      $ 70,034      $ 0      $ 2,126,046
   

 

 

       

 

 

       

 

 

       

 

 

  
PureBetaSM FTSE Emerging Markets ETF                   
Investments in Securities                   

Common Stocks & Other Equity Interests

     $ 782,795      $ 1,110,799      $ 0      $ 1,893,594

Exchange-Traded Funds

       159,272        -        -        159,272

Money Market Funds

       -        18,134        -        18,134
   

 

 

       

 

 

       

 

 

       

 

 

  

Total Investments

     $ 942,067      $ 1,128,933      $ 0      $ 2,071,000
   

 

 

       

 

 

       

 

 

       

 

 

  

NOTE 5–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with federal income tax regulations, which may differ from GAAP. Reclassifications are made to the Funds’ capital accounts to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Funds’ fiscal year-end.

Capital loss carryforwards are calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforwards actually available for the Funds to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Funds had capital loss carryforwards as of October 31, 2019, as follows:

 

    No expiration  
    Short-Term      Long-Term      Total*  

PureBetaSM 0-5 Yr US TIPS ETF

   $ 6,727      $ 9,793      $ 16,520  

PureBetaSM FTSE Developed ex-North America ETF

     -        10,933        10,933  

PureBetaSM FTSE Emerging Markets ETF

     7,067        47,950        55,017  

 

*

Capital loss carryforwards are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 6–Investment Transactions

For the six-month period ended April 30, 2020, the cost of securities purchased and proceeds from sales of securities (other than short-term securities, U.S. Treasury obligations, money market funds and in-kind transactions, if any) were as follows:

 

    Purchases      Sales  
PureBetaSM FTSE Developed ex-North America ETF   $ 20,429      $ 26,087  
PureBetaSM FTSE Emerging Markets ETF     196,183        201,200  

 

 

 

 

   44  

 

 

 

 

 

For the six-month period ended April 30, 2020, the cost of securities purchased and proceeds from sales of U.S. Treasury obligations (other than short-term securities, money market funds and in-kind transactions) for the PureBetaSM 0-5 Yr US TIPS ETF amounted to $2,324,820 and $1,690,604, respectively.

For the six-month period ended April 30, 2020, in-kind transactions associated with creations and redemptions for the PureBetaSM 0-5 Yr US TIPS ETF amounted to $3,090,236 and $1,261,098, respectively.

At April 30, 2020, the aggregate cost of investments, including any derivatives, on a tax basis includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

 

    Gross
Unrealized
Appreciation		    Gross
Unrealized
(Depreciation)		    Net
Unrealized
Appreciation
(Depreciation)		    Cost
PureBetaSM 0-5 Yr US TIPS ETF     $ 69,696      $ (26,126)        $ 43,570        $ 10,705,039
PureBetaSM FTSE Developed ex-North America ETF       193,301        (611,282)          (417,981)          2,544,027
PureBetaSM FTSE Emerging Markets ETF       200,191        (562,000)          (361,809)          2,432,809

NOTE 7–Trustees’ and Officer’s Fees

Trustees’ and Officer’s Fees include amounts accrued by the Funds to pay remuneration to the Independent Trustees and an Officer of the Trust. The Adviser, as a result of each Fund’s unitary management fee, pays for such compensation for the Funds. The Trustee who is an “interested person” of the Trust does not receive any Trustees’ fees.

The Trust has adopted a deferred compensation plan (the “Plan”). Under the Plan, each Independent Trustee who has executed a Deferred Fee Agreement (a “Participating Trustee”) may defer receipt of all or a portion of their compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select Invesco ETFs. The Deferral Fees payable to a Participating Trustee are valued as of the date such Deferral Fees would have been paid to a Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected. Obligations under the Plan represent unsecured claims against the general assets of the Funds.

NOTE 8–Capital

Shares are issued and redeemed by each Fund only in Creation Units of 50,000 Shares for PureBetaSM 0-5 Yr US TIPS ETF and 100,000 Shares for PureBetaSM FTSE Developed ex-North America ETF and PureBetaSM FTSE Emerging Markets ETF. Only Authorized Participants are permitted to purchase or redeem Creation Units from the Funds. Such transactions are principally permitted in exchange for Deposit Securities, with a balancing cash component to equate the transaction to the NAV per Share of a Fund of the Trust on the transaction date. However, for all Funds, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the Authorized Participant or as a result of other market circumstances.

To the extent that the Funds permit transactions in exchange for Deposit Securities, each Fund may issue Shares in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash at least equal to 105% of the market value of the missing Deposit Securities. In accordance with the Trust’s Participant Agreement, Creation Units will be issued to an Authorized Participant, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the Authorized Participant to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the Authorized Participant’s delivery and maintenance of collateral consisting of cash in the form of U.S. dollars in immediately available funds having a value (marked-to-market daily) at least equal to 105%, which the Adviser may change from time to time, of the value of the missing Deposit Securities.

Certain transaction fees may be charged by the Funds for creations and redemptions, which are treated as increases in capital.

Transactions in each Fund’s Shares are disclosed in detail in the Statements of Changes in Net Assets.

NOTE 9–Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the value of the Funds’ investments. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

The extent of the impact on the performance of the Funds and their investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.

 

 

 

 

   45  

 

 

 

 

Calculating your ongoing Fund expenses

 

 

Example

As a shareholder of a Fund of the Invesco Exchange-Traded Fund Trust II, you incur a unitary management fee. In addition to the unitary management fee, a shareholder may pay distribution fees, if any, brokerage expenses, taxes, interest, litigation expenses, acquired fund fees and expenses, if any, and other extraordinary expenses. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2019 through April 30, 2020.

In addition to the fees and expenses which the Invesco PureBetaSM FTSE Emerging Markets ETF (the “Portfolio”) bears directly, the Portfolio indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Portfolio invests. The amount of fees and expenses incurred indirectly by the Portfolio will vary because the investment companies have varied expenses and fee levels and the Portfolio may own different proportions of the investment companies at different times. Estimated investment companies’ expenses are not expenses that are incurred directly by the Portfolio. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Portfolio invests in. The effect of the estimated investment companies’ expenses that the Portfolio bears indirectly is included in the Portfolio’s total return.

Actual Expenses

The first line in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During the Six-Month Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line in the following table provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed annualized rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only, and do not reflect any transactional costs, such as sales charges and brokerage commissions. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, expenses shown in the table do not include the expenses of the underlying funds, which are borne indirectly by a Fund. If transaction costs and indirect expenses were included, your costs would have been higher.

 

    Beginning
Account Value
November 1, 2019		    Ending
Account Value
April 30, 2020		    Annualized
Expense Ratio
Based on the
Six-Month Period		    Expenses Paid
During the
Six-Month Period(1)
Invesco PureBetaSM 0-5 Yr US TIPS ETF (PBTP)                   

Actual

     $ 1,000.00      $ 1,012.50        0.07 %      $ 0.35

Hypothetical (5% return before expenses)

       1,000.00        1,024.52        0.07        0.35
Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM)                   

Actual

       1,000.00        862.90        0.07        0.32

Hypothetical (5% return before expenses)

       1,000.00        1,024.52        0.07        0.35

 

 

 

 

   46  

 

 

 

 

Calculating your ongoing Fund expenses–(continued)

 

 

    Beginning
Account Value
November 1, 2019		    Ending
Account Value
April 30, 2020		    Annualized
Expense Ratio
Based on the
Six-Month Period		    Expenses Paid
During the
Six-Month Period(1)
Invesco PureBetaSM FTSE Emerging Markets ETF (PBEE)                   

Actual

     $ 1,000.00      $ 877.60        0.11 %      $ 0.51

Hypothetical (5% return before expenses)

       1,000.00        1,024.32        0.11        0.55

 

(1) 

Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the six-month period ended April 30, 2020. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 182/366.

 

 

 

 

   47  

 

 

 

 

 

Approval of Investment Advisory and Sub-Advisory Contracts

At a meeting held on April 14, 2020, the Board of Trustees of the Invesco Exchange-Traded Fund Trust II (the “Trust”), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the “Adviser”) and the Trust for the following 71 series (each, a “Fund” and collectively, the “Funds”):

 

Invesco 1-30 Laddered Treasury ETF

Invesco California AMT-Free Municipal Bond ETF

Invesco CEF Income Composite ETF

Invesco China Technology ETF

Invesco DWA Developed Markets Momentum ETF

Invesco DWA Emerging Markets Momentum ETF

Invesco DWA SmallCap Momentum ETF

Invesco Emerging Markets Sovereign Debt ETF

Invesco FTSE International Low Beta Equal Weight ETF

Invesco FTSE RAFI Developed Markets ex-U.S. ETF

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

Invesco FTSE RAFI Emerging Markets ETF

Invesco Fundamental High Yield® Corporate Bond ETF

Invesco Fundamental Investment Grade Corporate Bond ETF

Invesco Global Clean Energy ETF

Invesco Global Short Term High Yield Bond ETF

Invesco Global Water ETF

Invesco International BuyBack AchieversTM ETF

Invesco International Corporate Bond ETF

Invesco KBW Bank ETF

Invesco KBW High Dividend Yield Financial ETF

Invesco KBW Premium Yield Equity REIT ETF

Invesco KBW Property & Casualty Insurance ETF

Invesco KBW Regional Banking ETF

Invesco National AMT-Free Municipal Bond ETF

Invesco New York AMT-Free Municipal Bond ETF

Invesco Preferred ETF

Invesco PureBetaSM 0-5 Yr US TIPS ETF

Invesco PureBetaSM FTSE Developed ex-North America ETF

Invesco PureBetaSM FTSE Emerging Markets ETF

Invesco PureBetaSM MSCI USA ETF

Invesco PureBetaSM MSCI USA Small Cap ETF

Invesco PureBetaSM US Aggregate Bond ETF

Invesco Russell 1000 Enhanced Equal Weight ETF

Invesco Russell 1000 Equal Weight ETF

Invesco Russell 1000 Low Beta Equal Weight ETF

 

Invesco S&P 500® Enhanced Value ETF

Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF

Invesco S&P 500® High Beta ETF

Invesco S&P 500® High Dividend Low Volatility ETF

Invesco S&P 500® Low Volatility ETF

Invesco S&P 500 Minimum Variance ETF

Invesco S&P 500® Momentum ETF

Invesco S&P 500 Revenue ETF

Invesco S&P Emerging Markets Low Volatility ETF

Invesco S&P Emerging Markets Momentum ETF

Invesco S&P International Developed High Dividend Low Volatility ETF

Invesco S&P International Developed Low Volatility ETF

Invesco S&P International Developed Momentum ETF

Invesco S&P International Developed Quality ETF

Invesco S&P MidCap 400 Revenue ETF

Invesco S&P MidCap Low Volatility ETF

Invesco S&P SmallCap 600 Revenue ETF

Invesco S&P SmallCap Consumer Discretionary ETF

Invesco S&P SmallCap Consumer Staples ETF

Invesco S&P SmallCap Energy ETF

Invesco S&P SmallCap Financials ETF

Invesco S&P SmallCap Health Care ETF

Invesco S&P SmallCap High Dividend Low Volatility ETF

Invesco S&P SmallCap Industrials ETF

Invesco S&P SmallCap Information Technology ETF

Invesco S&P SmallCap Low Volatility ETF

Invesco S&P SmallCap Materials ETF

Invesco S&P SmallCap Quality ETF

Invesco S&P SmallCap Utilities & Communication Services ETF

Invesco S&P Ultra Dividend Revenue ETF

Invesco Senior Loan ETF

Invesco Taxable Municipal Bond ETF

Invesco Treasury Collateral ETF

Invesco Variable Rate Preferred ETF

Invesco VRDO Tax-Free Weekly ETF

 

 

Also at the April 14, 2020 meeting, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Investment Sub-Advisory Agreement between the Adviser and the following seven affiliated sub-advisers for each of Invesco Senior Loan ETF and Invesco Treasury Collateral ETF (the “Sub-Advisory Agreement”): Invesco Advisers, Inc.; Invesco Asset Management Deutschland, GmbH; Invesco Asset Management Limited; Invesco Asset Management (Japan) Limited; Invesco Hong Kong Limited; Invesco Senior Secured Management, Inc.; and Invesco Canada Ltd. (each, a “Sub-Adviser” and collectively, the “Sub-Advisers”).

 

 

 

 

   48  

 

 

 

 

 

Approval of Investment Advisory and Sub-Advisory Contracts (continued)

Investment Advisory Agreement

The Trustees reviewed information from the Adviser describing: (i) the nature, extent and quality of services provided, (ii) the investment performance of each Fund and the Adviser, (iii) the fees paid by the Funds and comparisons to amounts paid by other comparable registered investment companies, (iv) the costs of services provided and estimated profits realized by the Adviser, (v) the extent to which economies of scale may be realized as a Fund grows and whether fee levels reflect any possible economies of scale for the benefit of Fund shareholders, and (vi) any further benefits realized by the Adviser or its affiliates from the Adviser’s relationship with the Funds.

Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions performed by the Adviser for the Funds, information describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. (“Invesco”), and the background and experience of the persons responsible for the day-to-day management of the Funds. The Trustees reviewed matters related to the Adviser’s execution and/or oversight of execution of portfolio transactions on behalf of the Funds. The Trustees also reviewed information on the performance of the Funds and their underlying indexes for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2019, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund’s performance and the performance of its underlying index, as well as the Adviser’s analysis of the tracking error and correlation between certain Funds and their underlying indexes. In reviewing the tracking error reports, the Trustees considered information provided by Invesco’s independent performance and risk management group with respect to general expected tracking error ranges. The Trustees also considered that certain Funds were created in connection with the purchases by Invesco of the exchange-traded funds businesses of Guggenheim Capital LLC on April 6, 2018 and Massachusetts Mutual Life Insurance Company (“Oppenheimer”) on May 24, 2019 (each, a “Transaction”), and that each such Fund’s performance prior to the closing of the applicable Transaction is that of its predecessor Guggenheim ETF or Oppenheimer ETF. The Trustees noted that, for each applicable period, the correlation for each Fund, other than the five-year and since-inception periods for Invesco Global Short Term High Yield Bond ETF and the one-year and ten-year periods for Invesco VRDO Tax-Free Weekly ETF, was within the targeted range set forth in the Trust’s registration statement. The Trustees reviewed the reasons provided by the Adviser for Invesco Global Short Term High Yield Bond ETF’s and Invesco VRDO Tax-Free Weekly ETF’s level of correlation to its underlying index, as well as the Adviser’s expectations for each Fund’s correlation going forward. The Trustees noted that, for each applicable period, the tracking error for all Funds was within the targeted range set forth in the Trust’s registration statement and concluded that each Fund’s correlation to its underlying index and the tracking error for each Fund were within an acceptable range given that Fund’s particular circumstances.

The Trustees considered the services provided by the Adviser in its oversight of the Funds’ administrator, custodian and transfer agent. They noted the significant amount of time, effort and resources that had been devoted to this oversight function.

Based on their review, the Trustees concluded that the nature, extent and quality of services provided by the Adviser to the Funds under the Investment Advisory Agreement were appropriate and reasonable.

Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser on each Fund’s net expense ratio and unitary advisory fee. The Trustees noted that the annual advisory fee charged to each Fund, as set forth below, is a unitary advisory fee and that the Adviser pays all other operating expenses of each Fund, including the fees payable to the Sub-Advisers for Invesco Senior Loan ETF and Invesco Treasury Collateral ETF, except that each Fund pays its brokerage expenses, taxes, interest (including, for Invesco Senior Loan ETF, interest expenses associated with its line of credit), litigation expenses and other extraordinary expenses (including acquired fund fees and expenses, if any).

 

  0.04%:    Invesco PureBetaTM MSCI USA ETF
  0.05%:    Invesco PureBetaTM US Aggregate Bond ETF
           0.06%:    Invesco PureBetaTM MSCI USA Small Cap ETF
  0.07%:    Invesco PureBetaTM 0-5 Yr US TIPS ETF, Invesco PureBetaTM FTSE Developed ex-North America ETF
  0.08%:    Invesco Treasury Collateral ETF
  0.10%:    Invesco S&P 500 Minimum Variance ETF
  0.13%:    Invesco S&P 500 Enhanced Value ETF, Invesco S&P 500 Momentum ETF

 

 

 

 

   49  

 

 

 

 

 

Approval of Investment Advisory and Sub-Advisory Contracts (continued)

 

   0.14%:    Invesco PureBetaTM FTSE Emerging Markets ETF
   0.20%:    Invesco Russell 1000 Equal Weight ETF
            0.22%:    Invesco Fundamental Investment Grade Corporate Bond ETF
   0.25%:    Invesco 1-30 Laddered Treasury ETF, Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF, Invesco S&P 500® High Beta ETF, Invesco S&P 500® Low Volatility ETF, Invesco S&P MidCap Low Volatility ETF, Invesco S&P SmallCap Low Volatility ETF, Invesco VRDO Tax-Free Weekly ETF
   0.28%:    Invesco California AMT-Free Municipal Bond ETF, Invesco National AMT-Free Municipal Bond ETF, Invesco New York AMT-Free Municipal Bond ETF, Invesco Taxable Municipal Bond ETF
   0.29%:    Invesco Russell 1000 Enhanced Equal Weight ETF, Invesco S&P International Developed Quality ETF, Invesco S&P SmallCap Consumer Discretionary ETF, Invesco S&P SmallCap Consumer Staples ETF, Invesco S&P SmallCap Energy ETF, Invesco S&P SmallCap Financials ETF, Invesco S&P SmallCap Health Care ETF, Invesco S&P SmallCap Industrials ETF, Invesco S&P SmallCap Information Technology ETF, Invesco S&P SmallCap Materials ETF, Invesco S&P SmallCap Quality ETF, Invesco S&P SmallCap Utilities & Communication Services ETF
   0.30%:    Invesco S&P 500® High Dividend Low Volatility ETF, Invesco S&P International Developed High Dividend Low Volatility ETF, Invesco S&P SmallCap High Dividend Low Volatility ETF
   0.35%:    Invesco Global Short Term High Yield Bond ETF, Invesco KBW Bank ETF, Invesco KBW High Dividend Yield Financial ETF, Invesco KBW Premium Yield Equity REIT ETF, Invesco KBW Property & Casualty Insurance ETF, Invesco KBW Regional Banking ETF, Invesco Russell 1000 Low Beta Equal Weight ETF, Invesco S&P International Developed Low Volatility ETF, Invesco S&P International Developed Momentum ETF
   0.39%:    Invesco S&P 500 Revenue ETF, Invesco S&P MidCap 400 Revenue ETF, Invesco S&P SmallCap 600 Revenue ETF, Invesco S&P Ultra Dividend Revenue ETF
   0.45%:    Invesco FTSE International Low Beta Equal Weight ETF, Invesco FTSE RAFI Developed Markets ex-U.S. ETF, Invesco S&P Emerging Markets Low Volatility ETF, Invesco S&P Emerging Markets Momentum ETF
   0.49%:    Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF, Invesco FTSE RAFI Emerging Markets ETF
   0.50%:    Invesco CEF Income Composite ETF, Invesco Emerging Markets Sovereign Debt ETF, Invesco Fundamental High Yield® Corporate Bond ETF, Invesco International Corporate Bond ETF, Invesco Preferred ETF, Invesco Variable Rate Preferred ETF
   0.55%:    Invesco International BuyBack AchieversTM ETF
   0.60%:    Invesco DWA SmallCap Momentum ETF
   0.65%:    Invesco Senior Loan ETF
   0.70%:    Invesco China Technology ETF
   0.75%:    Invesco Global Clean Energy ETF, Invesco Global Water ETF
   0.80%:    Invesco DWA Developed Markets Momentum ETF
   0.90%:    Invesco DWA Emerging Markets Momentum ETF

The Trustees considered that, effective May 1, 2020, the Adviser had agreed to reduce the unitary advisory fee for Invesco S&P Emerging Markets Low Volatility ETF and Invesco S&P Emerging Markets Momentum ETF from 0.45% to 0.29% of average daily net assets, and to reduce the unitary advisory fee for Invesco S&P International Developed Low Volatility ETF and Invesco S&P International Developed Momentum ETF from 0.35% to 0.25% of average daily net assets.

The Trustees compared each Fund’s net expense ratio to information compiled by the Adviser from Lipper Inc. databases on the net expense ratios of comparable exchange-traded funds (“ETFs”), open-end (non-ETF) index funds and open-end (non-ETF) actively-managed funds, as applicable. The Trustees noted that the net expense ratios for certain Funds were equal to or lower than the median net expense ratios of their ETF and open-end index peer funds as illustrated in the table below. The Trustees also noted that the net

 

 

 

 

   50  

 

 

 

 

Approval of Investment Advisory and Sub-Advisory Contracts (continued)

 

 

expense ratios for all of the Funds were lower than the median net expense ratios of their open-end actively-managed peer funds. The Trustees noted that a portion of each Fund’s operating expenses was attributable to a sub-license fee payable out of the unitary advisory fee charged to that Fund.

 

Invesco Fund

   Equal to/Lower
than ETF
Peer Median		  

Equal to/Lower

than Open-End

Index Fund

Peer Median*

  

Lower than

Open-End

Active Fund

Peer Median

Invesco 1-30 Laddered Treasury ETF       X
Invesco California AMT-Free Municipal Bond ETF     N/A   X
Invesco CEF Income Composite ETF   X   N/A   X
Invesco China Technology ETF     N/A   X
Invesco DWA Developed Markets Momentum ETF       X
Invesco DWA Emerging Markets Momentum ETF       X
Invesco DWA SmallCap Momentum ETF       X
Invesco Emerging Markets Sovereign Debt ETF       X
Invesco FTSE International Low Beta Equal Weight ETF   X     X   X
Invesco FTSE RAFI Developed Markets ex-U.S. ETF       X   X
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF   X     X   X
Invesco FTSE RAFI Emerging Markets ETF   X     X
Invesco Fundamental High Yield® Corporate Bond ETF       X   X
Invesco Fundamental Investment Grade Corporate Bond ETF       X
Invesco Global Clean Energy ETF     N/A   X
Invesco Global Short Term High Yield Bond ETF   X   N/A   X
Invesco Global Water ETF     N/A   X
Invesco International BuyBack AchieversTM ETF   X     X   X
Invesco International Corporate Bond ETF       X
Invesco KBW Bank ETF   X     X
Invesco KBW High Dividend Yield Financial ETF   X     X
Invesco KBW Premium Yield Equity REIT ETF   X     X
Invesco KBW Property & Casualty Insurance ETF   X     X
Invesco KBW Regional Banking ETF   X     X
Invesco National AMT-Free Municipal Bond ETF       X
Invesco New York AMT-Free Municipal Bond ETF     N/A   X
Invesco Preferred ETF     N/A   X
Invesco PureBetaTM 0-5 Yr US TIPS ETF       X
Invesco PureBetaTM FTSE Developed ex-North America ETF       X
Invesco PureBetaTM FTSE Emerging Markets ETF   X     X
Invesco PureBetaTM MSCI USA ETF   X     X   X
Invesco PureBetaTM MSCI USA Small Cap ETF   X     X   X
Invesco PureBetaTM US Aggregate Bond ETF   X     X   X
Invesco Russell 1000 Enhanced Equal Weight ETF   X     X   X
Invesco Russell 1000 Equal Weight ETF   X     X   X
Invesco Russell 1000 Low Beta Equal Weight ETF       X   X
Invesco S&P 500 Enhanced Value ETF   X     X   X
Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF   X     X   X
Invesco S&P 500 High Beta ETF   X     X   X

 

 

 

 

   51  

 

 

 

 

Approval of Investment Advisory and Sub-Advisory Contracts (continued)

 

 

Invesco Fund

   Equal to/Lower
than ETF
Peer Median		   

Equal to/Lower

than Open-End

Index Fund

Peer Median*

   

Lower than

Open-End

Active Fund

Peer Median

Invesco S&P 500® High Dividend Low Volatility ETF   X      X    X
Invesco S&P 500® Low Volatility ETF   X       X
Invesco S&P 500 Minimum Variance ETF   X      X    X
Invesco S&P 500 Momentum ETF        X    X
Invesco S&P 500 Revenue ETF        X    X
Invesco S&P Emerging Markets Low Volatility ETF   X      X    X
Invesco S&P Emerging Markets Momentum ETF   X       X
Invesco S&P International Developed High Dividend Low Volatility ETF   X       X
Invesco S&P International Developed Low Volatility ETF   X       X
Invesco S&P International Developed Momentum ETF         X
Invesco S&P International Developed Quality ETF   X       X
Invesco S&P MidCap 400 Revenue ETF         X
Invesco S&P MidCap Low Volatility ETF         X
Invesco S&P SmallCap 600 Revenue ETF        X    X
Invesco S&P SmallCap Consumer Discretionary ETF   X       X
Invesco S&P SmallCap Consumer Staples ETF   X       X
Invesco S&P SmallCap Energy ETF   X       X
Invesco S&P SmallCap Financials ETF   X       X
Invesco S&P SmallCap Health Care ETF   X       X
Invesco S&P SmallCap High Dividend Low Volatility ETF   X      X    X
Invesco S&P SmallCap Industrials ETF   X       X
Invesco S&P SmallCap Information Technology ETF   X      X    X
Invesco S&P SmallCap Low Volatility ETF   X      X    X
Invesco S&P SmallCap Materials ETF   X       X
Invesco S&P SmallCap Quality ETF   X       X
Invesco S&P SmallCap Utilities & Communication Services ETF   X    X    X
Invesco S&P Ultra Dividend Revenue ETF        X    X
Invesco Senior Loan ETF        X    X
Invesco Taxable Municipal Bond ETF      N/A    X
Invesco Treasury Collateral ETF   X       X
Invesco Variable Rate Preferred ETF        X    X
Invesco VRDO Tax-Free Weekly ETF      N/A    X

 

*

The information provided by the Adviser indicated that certain Funds did not have any comparable open-end index fund peers. Those Funds have been designated in this column with an “N/A” for not available.

In response to questions from the Independent Trustees, the Adviser provided supplemental information regarding each of Invesco 1-30 Laddered Treasury ETF, Invesco California AMT-Free Municipal Bond ETF, Invesco DWA Developed Markets Momentum ETF, Invesco Emerging Markets Sovereign Debt ETF, Invesco Global Clean Energy ETF, Invesco Global Water ETF, Invesco International Corporate Bond ETF, Invesco National AMT-Free Municipal Bond ETF, Invesco New York AMT-Free Municipal Bond ETF, Invesco Senior Loan ETF and Invesco VRDO Tax-Free Weekly ETF’s advisory fees and total expenses and the Lipper peer data. The Adviser explained its view that the advisory fees and total expenses for these Funds are competitive and generally in line with other comparable funds in the marketplace, particularly in light of the level and nature of services provided and the investment management style of the Adviser. The Trustees also considered the Adviser’s statements regarding its pricing philosophy and the differing pricing philosophy of certain of the peers.

 

 

 

 

   52  

 

 

 

 

Approval of Investment Advisory and Sub-Advisory Contracts (continued)

 

 

The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, including products that have investment strategies comparable to certain of the Funds. The Trustees considered the Adviser’s explanation of the differences between the services provided to the Funds and to the other investment products it advises, noting the Adviser’s statement that the management and oversight of the Funds requires substantially more labor and expense.

Based on all the information provided, the Board concluded that each Fund’s unitary advisory fee was reasonable and appropriate in light of the services provided, the nature of the indexes, the distinguishing factors of the Funds, and the administrative, operational and management oversight costs for the Adviser.

In conjunction with their review of the unitary advisory fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Funds. The Trustees reviewed information provided by the Adviser on its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund. The Trustees concluded that the overall and estimated profitability to the Adviser was not unreasonable.

Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of shareholders. The Trustees reviewed each Fund’s asset size and unitary advisory fee. The Trustees noted that any reduction in fixed costs associated with the management of the Funds would be enjoyed by the Adviser, but a unitary advisory fee provides a level of certainty in expenses for the Funds. The Trustees considered whether the unitary advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund, and concluded that the unitary advisory fee was reasonable and appropriate.

Fall-out Benefits. The Trustees considered that the Adviser identified no additional benefits it receives from its relationship with the Funds, and noted that the Adviser does not have any soft-dollar arrangements. The Trustees also considered benefits received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser’s relationship with the Funds, including brokerage fees and advisory fees for money market cash management vehicles. The Board concluded that the advisory fee was reasonable, taking into account any ancillary benefits received by affiliates of the Adviser.

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Investment Advisory Agreement for each Fund. No single factor was determinative in the Board’s analysis.

Investment Sub-Advisory Agreement

As noted above, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Sub-Advisory Agreement for each of Invesco Senior Loan ETF and Invesco Treasury Collateral ETF at a meeting held on April 14, 2020. The review process followed by the Board is described in detail above. In connection with the review of the Sub-Advisory Agreement, the Board considered the factors described below, among others.

Nature, Extent and Quality of Services. The Trustees considered the nature, extent and quality of services provided under the Sub-Advisory Agreement. The Board reviewed the qualifications and background of each Sub-Adviser, the services provided or to be provided by each Sub-Adviser, the investment approach of the Sub-Adviser whose investment personnel manage Invesco Senior Loan ETF’s and Invesco Treasury Collateral ETF’s assets, the experience and skills of the investment personnel responsible for the day-to-day management of the Funds, and the resources made available to such personnel.

Based on their review, the Trustees concluded that the nature, extent and quality of services provided by the Sub-Advisers to Invesco Senior Loan ETF and Invesco Treasury Collateral ETF under the Sub-Advisory Agreement were appropriate and reasonable.

Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser and the Sub-Advisers on the sub-advisory fee rates under the Sub-Advisory Agreement. The Trustees noted that the sub-advisory fees charged by the Sub-Advisers under the Sub-Advisory Agreement are consistent with the compensation structure used throughout Invesco when Invesco’s affiliates provide sub-advisory services for funds managed by other Invesco affiliates. The Board considered how the sub-advisory fees relate to the overall advisory fee for each of Invesco Senior Loan ETF and Invesco Treasury Collateral ETF and noted that the Adviser compensates the Sub-Advisers from its fee.

 

 

 

 

   53  

 

 

 

 

Approval of Investment Advisory and Sub-Advisory Contracts (continued)

 

 

The Trustees also reviewed the financial statements provided by Invesco Senior Secured Management, Inc., in connection with the March 12, 2020 Board meeting, and Invesco Advisers, Inc., in connection with the April 14, 2020 meeting, and noted the net income generated by each firm. The Trustees noted that the Adviser compensates the Sub-Advisers from its fee and that the Adviser provided profitability information with respect to Invesco Senior Loan ETF and Invesco Treasury Collateral ETF.

Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. As part of their review of the Investment Advisory Agreement for Invesco Senior Loan ETF and Invesco Treasury Collateral ETF, the Trustees considered the extent to which economies of scale may be realized as the Funds grow and whether fee levels reflect economies of scale for the benefit of shareholders. The Trustees considered whether the sub-advisory fee rates for Invesco Senior Loan ETF and Invesco Treasury Collateral ETF were reasonable in relation to the asset size of the Funds, and concluded that the flat sub-advisory fee rates were reasonable and appropriate.

Fall-out Benefits. The Trustees noted that Invesco Advisers, Inc. receives management fees from money market funds into which the Funds’ and other Invesco ETFs’ excess cash and securities lending collateral may be invested, and that the Adviser waives its fees on the excess cash invested under such arrangement in amounts equal to fees received by Invesco Advisers, Inc. on the Funds’ and other Invesco ETFs’ excess cash invested in the money market funds. The Trustees noted that the Sub-Advisers had not identified any further benefits that they derived from their relationships with Invesco Senior Loan ETF and Invesco Treasury Collateral ETF and that the Sub-Advisers do not have any soft-dollar arrangements with respect to the Funds. The Board concluded that the sub-advisory fee with respect to each Fund was reasonable, taking into account any ancillary benefits received by the Sub-Advisers.

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Sub-Advisory Agreement for Invesco Senior Loan ETF and Invesco Treasury Collateral ETF. No single factor was determinative in the Board’s analysis.

 

 

 

 

   54  

 

 

 

Proxy Voting Policies and Procedures

A description of the Trust’s proxy voting policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available, without charge and upon request, by calling (800) 983-0903. This information is also available on the Securities and Exchange Commission’s (the “Commission”) website at www.sec.gov.

Information regarding how each Fund voted proxies for portfolio securities, if applicable, during the most recent 12-month period ended June 30, is available, without charge and upon request, by (i) calling (800) 983-0903; or (ii) accessing the Trust’s Form N-PX on the Commission’s website at www.sec.gov.

Quarterly Portfolios

The Trust files its complete schedule of portfolio holdings for the Funds with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Forms N-PORT are available on the Commission’s website at www.sec.gov.

Frequency Distribution of Discounts and Premiums

A table showing the number of days the market price of each Fund’s shares was greater than the Fund’s net asset value, and the number of days it was less than the Fund’s net asset value (i.e., premium or discount) for the most recently completed calendar year, and the calendar quarters since that year end (or the life of the Fund, if shorter) may be found at the Fund’s website at www.invesco.com/ETFs.

 

 

 

 

 

 

 

©2020 Invesco Capital Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

      P-PBETA-SAR-1     

invesco.com/ETFs

LOGO   

 

Invesco Semi-Annual Report to Shareholders

 

April 30, 2020

 

   IDLB    Invesco FTSE International Low Beta Equal Weight ETF
   EELV    Invesco S&P Emerging Markets Low Volatility ETF
   EEMO    Invesco S&P Emerging Markets Momentum ETF
   IDHD    Invesco S&P International Developed High Dividend Low Volatility ETF
   IDLV    Invesco S&P International Developed Low Volatility ETF
   IDMO    Invesco S&P International Developed Momentum ETF

 

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. If you hold accounts through a financial intermediary, you may contact your financial intermediary to enroll in electronic delivery. Please note that not all financial intermediaries may offer this service.

You may elect to receive all future reports in paper free of charge. If you hold accounts through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds held with your financial intermediary.

 

LOGO

 

Table of Contents

 

Liquidity Risk Management Program      3  
Schedules of Investments   

Invesco FTSE International Low Beta Equal Weight ETF (IDLB)

      4  

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

      13  

Invesco S&P Emerging Markets Momentum ETF (EEMO)

      17  

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

      21  

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

      24  

Invesco S&P International Developed Momentum ETF (IDMO)

      28  
Statements of Assets and Liabilities      32  
Statements of Operations      34  
Statements of Changes in Net Assets      36  
Financial Highlights      38  
Notes to Financial Statements      44  
Fund Expenses      54  
Approval of Investment Advisory and Sub-Advisory Contracts      56  

 

 

   2  

 

 

Liquidity Risk Management Program

 

 

The Securities and Exchange Commission (“SEC”) has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”) in order to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders. The Funds have adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (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 12, 2020, 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 December 1, 2018 through December 31, 2019 (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 FTSE International Low Beta Equal Weight ETF (IDLB)

April 30, 2020

(Unaudited)

Schedule of Investments

 

        Shares       Value
Common Stocks & Other Equity Interests-99.15%

 

Australia-5.82%

        

AGL Energy Ltd.

       1,894     $ 20,825

APA Group

       3,199       22,629

Aurizon Holdings Ltd.

       7,393       22,442

AusNet Services

       20,693       25,304

Australia & New Zealand Banking Group Ltd.

       1,530       16,527

Bank of Queensland Ltd.

       4,985       16,747

Bendigo & Adelaide Bank Ltd.

       4,161       17,502

Challenger Ltd.

       4,107       12,973

Charter Hall Group

       2,954       14,593

Cleanaway Waste Management Ltd.

       15,496       18,674

Coca-Cola Amatil Ltd.

       3,071       17,229

Commonwealth Bank of Australia

       461       18,520

Computershare Ltd.

       2,577       20,150

Crown Resorts Ltd.

       3,711       23,877

CSL Ltd.

       117       23,300

Dexus

       2,884       17,034

Domino’s Pizza Enterprises Ltd.

       631       23,844

Evolution Mining Ltd.

       8,411       27,315

Goodman Group

       2,340       19,758

GPT Group (The)

       6,183       16,840

IDP Education Ltd.

       1,811       17,467

Incitec Pivot Ltd.

       13,096       20,136

Insurance Australia Group Ltd.

       5,393       20,080

JB Hi-Fi Ltd.

       1,010       22,832

Lendlease Group

       2,039       16,153

Medibank Pvt Ltd.

       12,952       22,895

National Australia Bank Ltd.

       1,527       16,589

Newcrest Mining Ltd.

       1,263       22,772

Northern Star Resources Ltd.

       2,519       20,287

Nufarm Ltd.(a)

       7,069       23,921

Orica Ltd.

       1,772       20,678

Orora Ltd.

       13,194       21,846

OZ Minerals Ltd.

       3,896       22,444

Qantas Airways Ltd.

       6,999       17,409

QBE Insurance Group Ltd.

       2,741       14,824

Scentre Group

       10,658       15,946

Shopping Centres Australasia Property Group

       11,791       16,997

Star Entertainment Group Ltd. (The)

       11,421       22,270

Stockland

       7,598       14,020

Sydney Airport

       4,663       19,059

TPG Telecom Ltd.

       4,712       22,333

Transurban Group

       2,315       20,786

Treasury Wine EstatesLtd

       3,424       22,753

Vicinity Centres

       16,059       15,395

Vocus Group Ltd.(a)

       10,722       21,069

Washington H Soul Pattinson & Co. Ltd.(b)

       1,798       21,758

Westpac Banking Corp.

       1,596       16,647

Whitehaven Coal Ltd.

       18,153       21,189

Woolworths Group Ltd.

       958       22,183
       

 

 

  
            968,821
       

 

 

  

Austria-0.46%

        

Erste Group Bank AG

       723       15,700

Telekom Austria AG

       2,992       21,039
        Shares       Value

Austria-(continued)

        

Verbund AG

       460     $ 20,839

Vienna Insurance Group AG Wiener Versicherung Gruppe

       944       19,004
       

 

 

  
          76,582
       

 

 

  

Belgium-1.71%

        

Ackermans & van Haaren N.V

       160       21,187

Ageas

       506       18,206

Colruyt S.A

       477       28,537

Elia Group S.A./N.V

       212       24,381

Galapagos N.V.(a)

       105       23,174

Groupe Bruxelles Lambert S.A

       249       19,877

KBC Group N.V

       345       18,622

Proximus SADP

       922       19,662

Sofina S.A

       97       22,842

Solvay S.A., Class A.

       259       20,210

Telenet Group Holding N.V

       589       24,567

UCB S.A

       231       21,137

Umicore S.A

       534       23,050
       

 

 

  
          285,452
       

 

 

  

Canada-3.77%

        

Agnico Eagle Mines Ltd.

       463       27,111

Alimentation Couche-Tard, Inc., Class B

       737       20,609

Bank of Nova Scotia (The)

       446       17,918

Barrick Gold Corp.

       1,144       29,511

BCE, Inc.

       492       19,939

Canadian Tire Corp. Ltd., Class A(b)

       239       16,806

Canadian Utilities Ltd., Class A(b)

       741       18,118

CGI, Inc., Class A(a)

       326       20,835

Enbridge, Inc.

       604       18,547

Fairfax Financial Holdings Ltd.

       55       14,945

Fortis, Inc.

       538       20,893

Franco-Nevada Corp.

       202       26,783

George Weston Ltd.

       294       20,900

Great-West Lifeco, Inc.

       1,023       16,881

Hydro One Ltd.(c)

       1,112       20,207

Imperial Oil Ltd.

       1,048       16,969

Intact Financial Corp.

       201       19,170

Inter Pipeline Ltd.

       1,617       13,551

Loblaw Cos. Ltd.

       437       21,552

Metro, Inc.

       567       23,379

Nutrien Ltd.

       575       20,579

Power Corp. of Canada

       1,056       16,924

Restaurant Brands International, Inc.

       410       20,043

RioCan REIT(b)

       1,201       13,749

Rogers Communications, Inc., Class B

       479       20,106

Royal Bank of Canada

       312       19,235

Saputo, Inc.

       842       21,218

Shaw Communications, Inc., Class B

       1,292       21,125

TELUS Corp.

       1,227       20,097

Thomson Reuters Corp.

       299       21,112

Wheaton Precious Metals Corp.

       771       29,359
       

 

 

  
          628,171
       

 

 

  

China-1.58%

        

China Mengniu Dairy Co. Ltd.(a)

       6,538       23,021

Kerry Logistics Network Ltd.

       15,965       21,634

Minth Group Ltd.

       6,680       15,698
 

 

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

 

  4  

 

  

 

 

 

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

April 30, 2020

(Unaudited)

    

 

        Shares       Value

China-(continued)

        

Semiconductor Manufacturing International Corp.(a)

       12,470     $ 23,684

Shougang Fushan Resources Group Ltd.

       118,477       23,477

SITC International Holdings Co. Ltd.

       20,299       19,904

Sun Art Retail Group Ltd.

       18,060       29,862

Tingyi Cayman Islands Holding Corp.

       13,072       23,135

Towngas China Co. Ltd.

       39,739       19,668

Uni-President China Holdings Ltd.

       21,629       21,466

Xinyi Glass Holdings Ltd.

       19,380       22,200

Xinyi Solar Holdings Ltd.

       29,353       18,732
       

 

 

  
          262,481
       

 

 

  

Denmark-1.55%

        

Carlsberg A/S, Class B

       173       21,810

Chr. Hansen Holding A/S

       312       26,882

Coloplast A/S, Class B

       173       27,357

Demant A/S(a)(b)

       731       17,468

Genmab A/S(a)

       100       24,043

GN Store Nord A/S

       424       19,380

Novozymes A/S, Class B(b)

       437       21,405

Orsted A/S(c)

       208       21,024

Pandora A/S(b)

       513       18,221

Rockwool International A/S, Class B

       94       19,737

Tryg A/S

       808       21,390

Vestas Wind Systems A/S

       226       19,452
       

 

 

  
          258,169
       

 

 

  

Finland-1.17%

        

Elisa OYJ.

       382       23,196

Fortum OYJ

       1,047       17,374

Huhtamaki OYJ(a)

       541       20,218

Kesko OYJ, Class B

       1,308       21,275

Kone OYJ, Class B

       403       24,418

Neste OYJ

       581       20,574

Nokia OYJ.

       6,207       22,400

Orion OYJ, Class B

       561       28,499

Wartsila OYJ Abp.

       2,283       16,764
       

 

 

  
          194,718
       

 

 

  

France-4.47%

        

Air Liquide S.A.(b)

       162       20,601

Alstom S.A

       460       18,823

BioMerieux

       251       31,148

Bollore S.A

       6,697       17,766

Bouygues S.A

       573       17,642

Carrefour S.A

       1,249       18,462

Covivio

       215       13,458

Danone S.A

       336       23,281

Edenred(b)

       437       17,600

Electricite de France S.A

       1,572       12,524

ENGIE S.A

       1,326       14,384

EssilorLuxottica S.A

       163       20,112

Eurazeo SE

       341       16,307

Eutelsat Communications S.A

       1,852       20,772

Gecina S.A

       124       16,176

Getlink SE

       1,407       17,923

ICADE

       220       16,904

Iliad S.A

       159       23,685

Ingenico Group S.A

       160       20,101

Klepierre S.A

       771       15,585

L’Oreal S.A

       80       23,247
        Shares       Value

France-(continued)

        

Natixis S.A

       6,133     $ 14,516

Orange S.A

       1,684       20,538

Orpea

       173       19,233

Pernod Ricard S.A

       142       21,635

Publicis Groupe S.A

       604       17,948

Remy Cointreau S.A.(b)

       216       24,084

Rubis S.C.A

       424       19,022

Sanofi

       235       22,957

Sartorius Stedim Biotech

       115       27,585

SCOR SE

       656       18,466

Sodexo S.A

       254       20,170

Suez.

       1,366       15,433

Teleperformance

       90       20,159

Thales S.A

       228       17,266

Veolia Environnement S.A

       742       15,836

Vinci S.A

       221       18,082

Vivendi S.A

       881       19,014

Wendel SE

       189       16,147
       

 

 

  
          744,592
       

 

 

  

Germany-4.04%

        

1&1 Drillisch AG

       1,040       24,195

adidas AG

       84       19,247

Allianz SE

       105       19,422

Aroundtown S.A

       2,671       14,364

Bechtle AG

       173       25,050

Beiersdorf AG

       214       22,403

Carl Zeiss Meditec AG, BR.

       212       20,887

Deutsche Boerse AG

       139       21,581

Deutsche Telekom AG

       1,404       20,491

Deutsche Wohnen SE

       562       22,776

DWS Group GmbH & Co. KGaA(c)

       631       19,974

E.ON SE.

       1,881       18,843

Fielmann AG

       328       21,466

Hannover Rueck SE

       127       20,240

Hapag-Lloyd AG(c)

       286       41,099

Henkel AG& Co. KGaA

       91       7,126

Henkel AG& Co. KGaA, Preference Shares

       160       14,255

LEG Immobilien AG

       185       21,244

Merck KGaA

       186       21,615

Muenchener Rueckversicherungs-Gesellschaft AG.

       89       19,574

Puma SE

       298       18,729

Rocket Internet SE(a)(c)

       1,051       22,137

RWE AG.

       621       17,848

Sartorius AG, Preference Shares

       95       26,721

Scout24 AG(c)

       351       22,952

Siemens Healthineers AG(c)

       548       24,129

Symrise AG

       228       23,133

Talanx AG

       506       18,057

Uniper SE

       742       19,911

United Internet AG.

       770       26,524

Vonovia SE

       398       19,639

Wirecard AG(b)

       177       17,526
       

 

 

  
          673,158
       

 

 

  

Hong Kong-4.45%

        

Bank of East Asia Ltd. (The)

       10,400       21,972

Cafe de Coral Holdings Ltd.

       10,255       21,234

CK Hutchison Holdings Ltd.

       2,616       18,971

CK Infrastructure Holdings Ltd.

       3,538       21,008

CLP Holdings Ltd.

       2,324       24,822
 

 

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

 

  5  

 

  

 

 

 

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

April 30, 2020

(Unaudited)

 

        Shares       Value

Hong Kong-(continued)

        

Dah Sing Banking Group Ltd.

       19,460     $ 19,078

Dairy Farm International Holdings Ltd.

       4,877       23,187

Guotai Junan International Holdings Ltd.

       139,439       18,264

Hang Lung Group Ltd.

       9,276       20,994

Hang Lung Properties Ltd.

       10,784       23,029

Hang Seng Bank Ltd.

       1,215       21,318

Hong Kong & China Gas Co. Ltd. (The)

       11,875       21,015

Hong Kong Exchanges & Clearing Ltd.

       700       22,440

Hongkong Land Holdings Ltd.

       4,715       19,810

Huabao International Holdings Ltd.

       56,428       22,011

Hutchison Port Holdings Trust, Class U

       165,514       21,250

Hysan Development Co. Ltd.

       6,928       23,145

Jardine Matheson Holdings Ltd.

       424       18,528

Jardine Strategic Holdings Ltd.

       884       19,050

Lifestyle International Holdings Ltd.

       24,742       23,635

Link REIT.

       2,490       22,086

Mapletree North Asia Commercial Trust(c)

       29,052       19,363

MTR Corp. Ltd.

       4,234       23,236

NWS Holdings Ltd.

       19,810       20,549

PCCW Ltd.

       39,313       24,029

Power Assets Holdings Ltd.

       3,449       22,770

Shangri-La Asia Ltd.

       25,378       20,837

Sino Land Co. Ltd.

       17,299       24,099

Swire Pacific Ltd., Class A

       1,879       12,075

Swire Pacific Ltd., Class B.

       3,266       3,562

Swire Properties Ltd.

       7,661       21,494

United Energy Group Ltd.

       127,362       23,250

Vitasoy International Holdings Ltd.

       6,016       21,341

VTech Holdings Ltd.

       2,827       21,255

Wharf Holdings Ltd. (The)

       10,784       20,147

Yue Yuen Industrial Holdings Ltd.

       10,068       15,814
       

 

 

  
          740,668
       

 

 

  

Indonesia-0.10%

        

Golden Agri-Resources Ltd.

       158,599       17,576
       

 

 

  

Ireland-0.40%

        

Flutter Entertainment PLC(b)

       218       26,810

Glanbia PLC

       1,936       20,527

Kerry Group PLC, Class A

       173       19,839
       

 

 

  
          67,176
       

 

 

  

Israel-3.08%

        

Airport City Ltd.(a)

       1,243       19,016

Alony Hetz Properties & Investments Ltd.

       1,462       17,767

Amot Investments Ltd.

       3,156       17,822

Azrieli Group Ltd.

       335       19,989

Bank Hapoalim BM

       3,106       20,043

Bank Leumi Le-Israel BM.

       3,726       20,278

Elbit Systems Ltd.

       159       21,737

Fattal Holdings 1998 Ltd.

       213       14,728

First International Bank of Israel Ltd.

       905       22,570

Gazit-Globe Ltd.

       2,115       15,721

Harel Insurance Investments & Financial Services Ltd.

       4,275       27,574

ICL Ltd.

       6,432       22,552

Israel Corp. Ltd. (The)(a)

       173       22,429

Israel Discount Bank Ltd., Class A

       5,688       18,633

Melisron Ltd.

       395       16,035

Mivne Real Estate KD Ltd.(a)

       8,511       18,413

Mizrahi Tefahot Bank Ltd.

       937       19,367
        Shares       Value

Israel-(continued)

        

Nice Ltd.(a)

       146     $ 24,170

Oil Refineries Ltd.

       70,210       19,553

Paz Oil Co. Ltd.

       216       18,987

Phoenix Holdings Ltd. (The)

       5,286       27,846

Shapir Engineering and Industry Ltd.

       3,364       23,687

Shikun & Binui Ltd.

       4,418       18,520

Shufersal Ltd.

       3,635       23,438

Strauss Group Ltd.

       784       22,317
       

 

 

  
          513,192
       

 

 

  

Italy-2.46%

        

A2A S.p.A

       12,847       17,484

Amplifon S.p.A

       859       19,673

Assicurazioni Generali S.p.A

       1,312       18,703

Atlantia S.p.A

       1,109       18,044

Buzzi Unicem S.p.A., RSP

       1,865       19,488

Davide Campari-Milano S.p.A

       2,743       21,241

DiaSorin S.p.A

       202       34,360

Enel S.p.A

       2,560       17,485

Eni S.p.A

       1,894       17,990

Hera S.p.A

       5,130       18,981

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

       2,144       22,673

Italgas S.p.A

       3,626       20,275

Mediaset S.p.A.(a)(b)

       10,743       21,827

Recordati S.p.A

       535       23,246

Salvatore Ferragamo S.p.A

       1,546       19,118

Snam S.p.A

       4,414       19,764

Telecom Italia S.p.A.(b)

       43,867       17,374

Terna Rete Elettrica Nazionale S.p.A

       3,295       20,644

Unione di Banche Italiane S.p.A

       5,956       17,020

UnipolSai Assicurazioni S.p.A

       9,820       24,136
       

 

 

  
          409,526
       

 

 

  

Japan-33.99%

        

ABC-Mart, Inc.

       445       22,818

Aeon Mall Co. Ltd.

       1,631       20,678

Ain Holdings, Inc.

       372       20,902

Air Water, Inc.

       1,776       24,030

Ajinomoto Co., Inc.

       1,360       24,240

Alfresa Holdings Corp.

       1,312       26,321

Amano Corp.

       989       20,333

ANA Holdings, Inc.

       833       17,781

Aozora Bank Ltd.

       980       17,561

Ariake Japan Co. Ltd.

       396       23,010

Asahi Group Holdings Ltd.

       621       21,547

Autobacs Seven Co. Ltd.

       1,801       21,220

Bandai Namco Holdings, Inc.

       451       22,755

Benesse Holdings, Inc.

       924       26,352

Bic Camera, Inc.

       2,602       24,234

Bridgestone Corp.

       709       22,253

Calbee, Inc.

       937       28,478

Canon Marketing Japan, Inc.

       1,063       20,685

Canon, Inc.

       951       20,164

Capcom Co. Ltd.

       797       24,380

Central Japan Railway Co.

       118       18,628

Chubu Electric Power Co., Inc.

       1,806       24,479

Chugai Pharmaceutical Co. Ltd.

       256       30,476

Chugoku Electric Power Co., Inc. (The)

       1,839       24,806

COMSYS Holdings Corp.

       924       25,715

Cosmos Pharmaceutical Corp.

       128       34,299

CyberAgent, Inc.

       625       26,370
 

 

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

 

  6  

 

  

 

 

 

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

April 30, 2020

(Unaudited)

    

 

        Shares       Value

Japan-(continued)

        

Daiichikosho Co. Ltd.

       548     $ 16,572

Daikin Industries Ltd.

       188       24,455

Daito Trust Construction Co. Ltd.

       237       22,737

Daiwa House Industry Co. Ltd.

       839       21,459

Daiwa Securities Group, Inc.

       5,488       22,838

East Japan Railway Co.

       307       22,479

Electric Power Development Co. Ltd.

       1,150       23,117

Ezaki Glico Co. Ltd.

       584       25,582

FamilyMart Co. Ltd.

       1,094       18,570

Fancl Corp.

       929       22,380

Fast Retailing Co. Ltd.

       36       17,183

FP Corp.

       412       31,047

Fuji Media Holdings, Inc.

       2,000       20,027

Fuji Oil Holdings, Inc.

       1,007       23,403

Fuji Seal International, Inc.

       1,287       22,500

FUJIFILM Holdings Corp.

       497       23,884

Fujitsu Ltd.

       242       23,660

Glory Ltd.

       895       20,265

GMO internet, Inc.

       1,395       30,587

GOLDWIN, Inc.

       403       21,816

H.I.S. Co. Ltd.

       1,311       17,530

Hankyu Hanshin Holdings, Inc.

       723       24,868

Heiwa Corp.

       1,215       20,597

Hikari Tsushin, Inc.

       105       20,455

Hiroshima Bank Ltd. (The)

       5,584       23,281

Hitachi Transport System Ltd.

       903       22,159

Hokuriku Electric Power Co.

       3,424       23,147

Honda Motor Co. Ltd.

       951       23,042

House Foods Group, Inc.

       761       23,967

Hoya Corp.

       285       26,138

Hulic Co. Ltd.

       2,118       20,962

Iida Group Holdings Co. Ltd.

       1,659       22,163

Isetan Mitsukoshi Holdings Ltd.

       3,668       22,393

Ito En Ltd.

       526       29,237

ITOCHU Corp.

       1,036       20,431

Itochu Techno-Solutions Corp.

       868       26,556

Itoham Yonekyu Holdings, Inc.

       4,182       24,374

Japan Airlines Co. Ltd.

       936       16,833

Japan Exchange Group, Inc.

       1,384       25,914

Japan Post Bank Co. Ltd.

       2,716       25,239

Japan Post Holdings Co. Ltd.

       2,775       22,310

Japan Post Insurance Co. Ltd.

       1,611       20,657

Japan Tobacco, Inc.

       1,158       21,723

Kagome Co. Ltd.

       1,071       27,365

Kakaku.com, Inc.

       1,090       22,223

Kaken Pharmaceutical Co. Ltd.

       480       26,329

Kamigumi Co. Ltd.

       1,269       22,420

Kandenko Co. Ltd.

       2,796       23,538

Kansai Electric Power Co., Inc. (The)

       2,162       22,231

Kansai Paint Co. Ltd.

       1,090       20,894

Kao Corp.

       341       26,396

KDDI Corp.

       816       23,597

Keihan Holdings Co. Ltd.

       590       26,623

Keio Corp.

       472       26,775

Keisei Electric Railway Co. Ltd.

       701       21,216

Kewpie Corp.

       1,285       25,593

Kinden Corp.

       1,597       25,933

Kintetsu Group Holdings Co. Ltd.

       526       25,261

Kobayashi Pharmaceutical Co. Ltd.

       313       28,966

Koei Tecmo Holdings Co. Ltd.

       923       24,464
        Shares       Value

Japan-(continued)

        

KOKUYO Co. Ltd.

       1,702     $ 20,871

Konami Holdings Corp.

       686       21,661

Konica Minolta, Inc.

       4,375       17,085

Kose Corp.

       201       25,101

K’s Holdings Corp.

       2,202       24,142

Kusuri no Aoki Holdings Co. Ltd.

       381       29,964

Kyocera Corp.

       381       20,437

Kyowa Kirin Co. Ltd.

       1,016       23,758

Kyudenko Corp.

       861       24,158

Kyushu Electric Power Co., Inc.

       3,154       25,041

Kyushu Railway Co.

       746       20,171

Lawson, Inc.

       438       22,729

Lintec Corp.

       1,118       24,093

Lion Corp.

       1,347       28,250

Maeda Road Construction Co. Ltd.

       537       9,999

Maruha Nichiro Corp.

       1,097       23,096

Maruichi Steel Tube Ltd.

       1,006       22,777

Matsui Securities Co. Ltd.

       2,940       21,572

Medipal Holdings Corp.

       1,308       25,457

Megmilk Snow Brand Co. Ltd.

       1,142       26,091

MEIJI Holdings Co. Ltd.

       417       29,019

Miraca Holdings, Inc.

       950       23,855

Mitsubishi Corp.

       941       20,116

Mitsubishi Estate Co. Ltd.

       1,316       21,493

Mitsubishi Heavy Industries Ltd.

       757       19,426

Mitsubishi Shokuhin Co. Ltd.

       950       23,887

Mitsubishi UFJ Financial Group, Inc.

       4,947       19,950

Mitsui & Co. Ltd.

       1,448       20,382

Mitsui Fudosan Co. Ltd.

       992       18,381

Mizuho Financial Group, Inc.

       17,880       20,894

Mochida Pharmaceutical Co. Ltd.

       700       27,350

Morinaga & Co. Ltd.

       570       23,455

Morinaga Milk Industry Co. Ltd.

       659       25,576

MS&AD Insurance Group Holdings, Inc.

       760       22,043

Nagoya Railroad Co. Ltd.

       923       26,588

Nankai Electric Railway Co. Ltd.

       1,062       23,771

NEC Corp.

       703       27,158

NET One Systems Co. Ltd.

       1,076       31,066

Nexon Co. Ltd.

       1,451       23,552

NH Foods Ltd.

       619       22,157

Nichirei Corp.

       940       23,517

Nihon Kohden Corp.

       756       27,145

Nihon Unisys Ltd.

       760       22,051

Nikon Corp.

       2,267       21,199

Nippo Corp.

       1,114       25,177

Nippon Express Co. Ltd.

       464       22,799

Nippon Kayaku Co. Ltd.

       2,172       21,093

Nippon Paint Holdings Co. Ltd.

       521       30,256

Nippon Paper Industries Co. Ltd.

       1,588       22,877

Nippon Telegraph & Telephone Corp.

       1,006       22,983

Nippon Television Holdings, Inc.

       1,974       22,152

Nishi-Nippon Railroad Co. Ltd.

       1,090       26,920

Nissan Chemical Corp.

       563       21,600

Nissan Shatai Co. Ltd.

       2,562       20,777

Nisshin Seifun Group, Inc.(b)

       1,419       22,187

Nissin Foods Holdings Co. Ltd.

       276       22,719

Nitori Holdings Co. Ltd.

       174       26,748

NOF Corp.

       743       24,701

Nomura Real Estate Holdings, Inc.

       1,007       16,529

Nomura Research Institute Ltd.

       1,076       26,272
 

 

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

 

  7  

 

  

 

 

 

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

April 30, 2020

(Unaudited)

    

 

        Shares       Value

Japan-(continued)

        

NS Solutions Corp.

       854     $ 21,404

NTT Data Corp.

       1,942       19,893

NTT DOCOMO, Inc.

       826       24,316

OBIC Business Consultants Co. Ltd.

       653       29,323

Obic Co. Ltd.

       201       30,207

Odakyu Electric Railway Co. Ltd.

       1,239       27,347

Olympus Corp.

       1,298       20,743

Open House Co. Ltd.

       909       19,985

Oracle Corp. Japan

       333       34,351

Oriental Land Co. Ltd.

       217       27,578

ORIX Corp.

       1,463       17,477

Osaka Gas Co. Ltd.

       1,488       27,689

OSG Corp.

       1,532       20,038

Otsuka Holdings Co. Ltd.

       667       26,343

Paltac Corp.

       546       28,630

Pan Pacific International Holdings Corp.

       1,368       26,489

Rengo Co. Ltd.

       3,305       26,075

Resona Holdings, Inc.

       6,537       20,447

Resorttrust, Inc.

       1,812       18,764

Ricoh Co. Ltd.

       2,492       17,107

Rinnai Corp.

       325       24,699

Rohm Co. Ltd.

       385       24,442

Sankyo Co. Ltd.

       686       18,953

Sankyu, Inc.

       570       22,065

Sanrio Co. Ltd.

       1,629       24,319

Sapporo Holdings Ltd.

       1,118       21,442

SCSK Corp.

       432       19,507

Secom Co. Ltd.

       271       22,690

Sega Sammy Holdings, Inc.

       1,728       21,049

Seibu Holdings, Inc.

       1,716       20,675

Sekisui House Ltd.

       1,165       20,122

Seven & i Holdings Co. Ltd.

       736       24,336

Seven Bank Ltd.

       9,064       24,606

SG Holdings Co. Ltd.

       1,214       33,820

Shiga Bank Ltd. (The)

       1,069       25,210

Shikoku Electric Power Co., Inc.

       3,082       23,858

Shimamura Co. Ltd.

       363       22,952

Shimano, Inc.

       174       25,676

Ship Healthcare Holdings, Inc.

       572       25,971

Shiseido Co. Ltd.

       362       21,430

Shizuoka Bank Ltd. (The)

       3,861       23,460

SHO-BOND Holdings Co. Ltd.

       632       25,691

SKY Perfect JSAT Holdings, Inc.

       5,559       21,048

Skylark Holdings Co. Ltd.

       1,520       22,771

Sohgo Security Services Co. Ltd.

       520       24,990

Sojitz Corp.

       8,198       19,150

Sompo Holdings, Inc.

       653       21,213

Sony Financial Holdings, Inc.

       1,212       23,242

Sotetsu Holdings, Inc.

       1,034       26,583

Subaru Corp.

       1,021       20,623

Sumitomo Corp.

       1,687       19,244

Sumitomo Dainippon Pharma Co. Ltd.

       1,613       22,412

Sumitomo Mitsui Financial Group, Inc.

       743       19,637

Sumitomo Mitsui Trust Holdings, Inc.

       743       21,786

Sumitomo Realty & Development Co. Ltd.

       770       20,810

Sundrug Co. Ltd.

       773       26,606

Suntory Beverage & Food Ltd.

       604       22,774

Sushiro Global Holdings Ltd.

       1,269       19,901

Suzuken Co. Ltd.

       716       27,691

Suzuki Motor Corp.

       603       19,421
        Shares       Value

Japan-(continued)

        

Sysmex Corp.

       396     $ 27,401

Taiyo Nippon Sanso Corp.

       1,269       19,827

Takara Bio, Inc.

       1,326       29,731

Takashimaya Co. Ltd.

       2,552       23,182

Teijin Ltd.

       1,326       21,258

TIS, Inc.

       1,187       22,833

Tobu Railway Co. Ltd.

       815       27,803

Toda Corp.

       3,933       23,008

Toho Co. Ltd.

       695       22,884

Toho Gas Co. Ltd.

       695       34,186

Tohoku Electric Power Co., Inc.

       2,708       25,545

Tokio Marine Holdings, Inc.

       452       21,380

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

       6,346       21,432

Tokyo Gas Co. Ltd.

       1,186       26,022

Tokyu Corp.

       1,558       23,526

Toray Industries, Inc.

       4,164       19,259

Toyo Seikan Group Holdings Ltd.

       1,436       14,664

Toyo Suisan Kaisha Ltd.

       590       28,368

Toyo Tire Corp.

       1,776       21,203

Toyota Motor Corp.

       353       21,864

Trend Micro, Inc.

       456       23,145

TV Asahi Holdings Corp.

       1,422       21,273

Unicharm Corp.

       782       28,750

USS Co. Ltd.

       1,521       24,194

Wacoal Holdings Corp.

       1,016       20,673

Welcia Holdings Co. Ltd.

       381       27,648

West Japan Railway Co.

       339       20,997

Yamada Denki Co. Ltd.

       4,848       23,087

Yamaguchi Financial Group, Inc.

       4,453       24,058

Yamato Holdings Co. Ltd.

       1,534       26,867

Yamazaki Baking Co. Ltd.

       1,408       25,004

Yaoko Co. Ltd.

       424       26,299

Yokogawa Electric Corp.

       1,484       20,342

Zenkoku Hosho Co. Ltd.

       659       19,348

Zensho Holdings Co. Ltd.

       1,243       24,829
       

 

 

  
          5,662,121
       

 

 

  

Jordan-0.17%

        

Hikma Pharmaceuticals PLC

       945       28,250
       

 

 

  

Luxembourg-0.34%

        

L’Occitane International S.A

       12,639       19,243

RTL Group S.A

       547       18,238

SES S.A., FDR.

       2,770       18,495
       

 

 

  
          55,976
       

 

 

  

Malaysia-0.12%

        

Wing Tai Holdings Ltd.

       16,658       20,357
       

 

 

  

Mexico-0.15%

        

Fresnillo PLC(b)

       2,783       24,987
       

 

 

  

Netherlands-1.40%

        

ABN AMRO Bank N.V., CVA(c)

       1,740       13,341

Adyen N.V.(a)(c)

       25       24,580

Euronext N.V.(c)

       268       22,485

GrandVision N.V.(c)

       764       20,251

Heineken Holding N.V

       257       20,014

Heineken N.V.(a)(b)

       228       19,384

Koninklijke Ahold Delhaize N.V

       923       22,403

Koninklijke KPN N.V

       9,183       21,243

Koninklijke Vopak N.V

       478       27,549
 

 

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

 

  8  

 

  

 

 

 

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

April 30, 2020

(Unaudited)

    

 

        Shares       Value

Netherlands-(continued)

        

NN Group N.V

       685     $ 19,815

Wolters Kluwer N.V

       298       21,908
       

 

 

  
          232,973
       

 

 

  

New Zealand-0.79%

        

Air New Zealand Ltd.

       17,667       14,483

Auckland International Airport Ltd.

       4,828       17,956

Contact Energy Ltd.

       5,537       21,122

Kiwi Property Group Ltd.

       26,214       15,289

Mercury NZ Ltd.

       7,785       21,805

SKYCITY Entertainment Group Ltd.

       11,639       19,101

Spark New Zealand Ltd.

       7,832       21,251
       

 

 

  
          131,007
       

 

 

  

Norway-0.85%

        

Gjensidige Forsikring ASA

       1,098       19,447

Leroy Seafood Group ASA

       3,578       19,053

Mowi ASA

       1,099       18,873

Orkla ASA

       2,545       23,095

Salmar ASA

       498       19,492

Telenor ASA

       1,360       20,927

Yara International ASA

       604       20,644
       

 

 

  
          141,531
       

 

 

  

Poland-0.93%

        

Bank Polska Kasa Opieki S.A

       963       12,088

CD Projekt S.A

       306       26,424

Cyfrowy Polsat S.A

       3,407       21,029

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

       586       24,707

Polskie Gornictwo Naftowe i Gazownictwo S.A

       28,004       25,109

Powszechna Kasa Oszczednosci Bank Polski S.A

       2,779       14,770

Powszechny Zaklad Ubezpieczen S.A

       2,472       18,075

Santander Bank Polska S.A

       328       12,910
       

 

 

  
          155,112
       

 

 

  

Portugal-0.23%

        

EDP - Energias de Portugal S.A

       4,488       18,926

Galp Energia SGPS S.A

       1,656       19,072
       

 

 

  
          37,998
       

 

 

  

Russia-0.17%

        

Polymetal International PLC

       1,411       28,806
       

 

 

  

Singapore-2.91%

        

Ascendas REIT

       9,771       20,393

Ascott Residence Trust

       27,090       17,122

BOC Aviation Ltd.(c)

       2,610       17,158

CapitaLand Commercial Trust

       15,998       18,100

CapitaLand Ltd.

       8,942       18,906

CapitaLand Mall Trust

       13,223       17,554

ComfortDelGro Corp. Ltd.

       16,504       19,169

Frasers Property Ltd.

       20,982       18,275

Keppel REIT

       26,412       19,681

Mapletree Commercial Trust

       14,498       19,952

Mapletree Industrial Trust.

       11,104       19,975

Mapletree Logistics Trust

       16,564       20,933

Olam International Ltd.

       18,588       19,683

Oversea-Chinese Banking Corp. Ltd.

       3,108       19,905

SATS Ltd.

       7,984       18,359

SIA Engineering Co. Ltd.

       13,501       17,743

Singapore Airlines Ltd.

       4,023       17,264

Singapore Exchange Ltd.

       3,608       24,665
        Shares       Value

Singapore-(continued)

        

Singapore Press Holdings Ltd.

       17,125     $ 18,369

Singapore Technologies Engineering Ltd.

       7,459       17,996

Singapore Telecommunications Ltd.

       10,929       21,786

StarHub Ltd.

       21,684       22,822

Suntec REIT

       18,478       18,157

Venture Corp. Ltd.

       1,893       21,242

Wilmar International Ltd.

       8,025       20,277
       

 

 

  
          485,486
       

 

 

  

South Korea-9.18%

        

BGF retail Co. Ltd.

       173       22,268

BNK Financial Group, Inc.

       4,581       18,844

Cheil Worldwide, Inc.

       1,394       20,047

CJ CheilJedang Corp.

       106       23,795

CJ CheilJedang Corp., Preference Shares

       254       23,291

CJ Corp.

       337       22,491

CJ ENM Co. Ltd.

       214       22,580

CJ Logistics Corp.(a)

       196       23,745

Daelim Industrial Co. Ltd.

       378       27,070

Daewoo Engineering & Construction Co. Ltd.(a)

       6,869       20,170

DB Insurance Co. Ltd.

       682       24,566

DGB Financial Group, Inc.

       5,271       22,897

Dongsuh Cos., Inc.

       1,754       24,904

Doosan Bobcat, Inc.

       971       18,826

E-MART, Inc.

       243       24,015

Fila Holdings Corp.

       724       20,797

GS Engineering & Construction Corp.

       1,033       21,564

GS Holdings Corp.

       682       21,434

GS Retail Co. Ltd.

       785       24,289

Hana Financial Group, Inc.

       904       20,588

Hanmi Pharm Co. Ltd.

       104       22,019

Hanmi Science Co. Ltd.

       889       20,682

Hanon Systems

       2,615       19,494

Hanwha Aerospace Co. Ltd.(a)

       977       21,345

Hanwha Corp., Preference Shares

       2,218       20,700

HDC Hyundai Development Co.-Engineering & Construction, Class E.

       1,617       25,119

Hyundai Department Store Co. Ltd.

       387       22,937

Hyundai Glovis Co. Ltd.

       225       18,819

Hyundai Marine & Fire Insurance Co. Ltd.

       1,324       28,251

Hyundai Mipo Dockyard Co. Ltd.

       752       19,085

Hyundai Motor Co.

       193       14,897

Hyundai Motor Co., First Pfd

       34       1,594

Hyundai Motor Co., Second Pfd

       50       2,414

Industrial Bank of Korea

       2,934       19,107

Kakao Corp.

       155       23,506

Kangwon Land, Inc.

       1,173       24,206

KB Financial Group, Inc.

       709       20,324

Korea Aerospace Industries Ltd.

       1,077       22,788

Korea Zinc Co. Ltd.

       66       20,970

KT&G Corp.

       340       22,680

Kumho Petrochemical Co. Ltd.

       448       28,182

LG Chem Ltd.

       64       19,883

LG Chem Ltd., Preference Shares

       9       1,281

LG Corp.

       407       20,534

LG Electronics, Inc.

       433       19,590

LG Electronics, Inc., Preference Shares

       69       1,205

LG Household & Health Care Ltd., Preference Shares

       34       20,301

LG Uplus Corp.

       2,108       23,174
 

 

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

 

  9  

 

  

 

 

 

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

April 30, 2020

(Unaudited)

    

 

        Shares       Value

South Korea-(continued)

        

Lotte Chemical Corp.

       150     $ 26,288

Medy-Tox, Inc.

       100       9,435

Mirae Asset Daewoo Co. Ltd., Second Pfd

       7,372       18,457

NAVER Corp.

       157       25,560

NCSoft Corp.

       37       19,398

Netmarble Corp.(a)(c)

       295       23,043

NH Investment & Securities Co. Ltd.

       2,654       21,206

NHN Corp.(a)

       366       22,851

NongShim Co. Ltd.

       103       24,980

Orion Corp.

       285       28,860

Ottogi Corp.

       53       23,706

POSCO Chemical Co. Ltd.

       467       19,955

S-1 Corp.

       322       22,762

Samsung Card Co. Ltd.

       820       20,053

Samsung Electronics Co. Ltd., Preference Shares.

       575       20,025

Samsung Engineering Co. Ltd.(a)

       1,937       18,395

Samsung Fire & Marine Insurance Co. Ltd.

       137       21,296

Samsung Fire & Marine Insurance Co. Ltd., Preference Shares

       10       1,067

Samsung Life Insurance Co. Ltd.

       490       19,594

Samsung SDI Co. Ltd.

       90       21,616

Samsung SDS Co. Ltd.

       155       20,753

Shinhan Financial Group Co. Ltd.

       835       20,764

SK Holdings Co. Ltd.

       141       21,165

SK Innovation Co. Ltd.

       242       19,639

SK Telecom Co. Ltd.

       126       21,781

Ssangyong Cement Industrial Co. Ltd.

       5,604       23,487

Woori Financial Group, Inc.

       2,879       20,033
       

 

 

  
          1,529,437
       

 

 

  

Spain-1.57%

        

Acciona S.A.(b)

       169       16,733

Amadeus IT Group S.A

       349       16,789

EDP Renovaveis S.A

       1,606       19,701

Enagas S.A

       880       20,521

Endesa S.A

       868       19,252

Ferrovial S.A

       749       18,705

Grifols S.A.(b)

       686       23,338

Iberdrola S.A

       1,882       18,841

Inmobiliaria Colonial SOCIMI S.A

       1,714       16,521

Mapfre S.A

       10,547       19,303

Merlin Properties SOCIMI S.A

       1,771       16,410

Naturgy Energy Group S.A

       982       17,328

Red Electrica Corp. S.A

       1,159       20,381

Telefonica S.A

       3,918       17,867
       

 

 

  
          261,690
       

 

 

  

Sweden-2.88%

        

Assa Abloy AB, Class B(b)

       1,031       18,583

Castellum AB

       936       16,430

Elekta AB, Class B(b)

       2,139       19,793

Epiroc AB, Class A

       1,304       13,100

Epiroc AB, Class B

       784       7,772

Essity AB, Class B

       725       23,567

Fastighets AB Balder, Class B(a)

       457       18,061

Hufvudstaden AB, Class A

       1,214       15,586

ICA Gruppen AB

       576       25,134

Industrivarden AB, Class A

       535       11,108

Industrivarden AB, Class C

       433       8,964

Investment AB Latour, Class B(b)

       1,449       21,749

Investor AB, Class A

       103       5,125
        Shares       Value

Sweden-(continued)

        

Investor AB, Class B

       343     $ 17,250

Kinnevik AB, Class B

       1,089       22,522

L E Lundbergforetagen AB, Class B

       524       22,114

Securitas AB, Class B(b)

       1,736       20,520

Skandinaviska Enskilda Banken AB, Class A

       2,377       19,552

Skandinaviska Enskilda Banken AB, Class C

       34       304

Skanska AB, Class B

       1,047       20,062

Svenska Handelsbanken AB, Class A

       2,212       20,451

Svenska Handelsbanken AB, Class B(a)

       51       508

Swedbank AB, Class A.

       1,475       17,421

Swedish Match AB

       370       22,941

Swedish Orphan Biovitrum AB(a)

       1,367       26,592

Tele2 AB, Class B.

       1,492       19,339

Telefonaktiebolaget LM Ericsson, Class A

       34       322

Telefonaktiebolaget LM Ericsson, Class B

       2,893       25,206

Telia Co. AB

       5,596       19,337
       

 

 

  
          479,413
       

 

 

  

Switzerland-2.44%

        

Banque Cantonale Vaudoise

       27       23,863

Barry Callebaut AG

       9       17,643

Chocoladefabriken Lindt & Spruengli AG, PC

       4       31,187

Coca-Cola HBC AG

       702       17,842

DKSH Holding AG.

       406       22,926

Flughafen Zurich AG(a)

       154       19,004

Geberit AG

       46       20,642

Givaudan S.A

       6       20,098

Helvetia Holding AG.

       173       15,836

Nestle S.A

       214       22,594

Novartis AG

       270       23,012

Pargesa Holding S.A., BR

       309       21,979

PSP Swiss Property AG

       149       17,321

Roche Holding AG

       63       21,896

Roche Holding AG, BR.

       4       1,392

Sika AG

       121       20,022

Sonova Holding AG

       95       17,156

Straumann Holding AG

       21       15,936

Swiss Prime Site AG

       184       17,482

Swisscom AG

       40       20,797

Zurich Insurance Group AG

       58       18,467
       

 

 

  
          407,095
       

 

 

  

United Arab Emirates-0.00%

        

NMC Health PLC(d)

       1,243       0
       

 

 

  

United Kingdom-5.61%

        

Admiral Group PLC

       840       24,687

AstraZeneca PLC

       244       25,613

Auto Trader Group PLC(c)

       3,516       20,343

Avast PLC(c)

       4,473       25,852

BAE Systems PLC

       2,989       19,168

Berkeley Group Holdings PLC

       416       21,949

BT Group PLC.

       13,098       19,173

Bunzl PLC

       922       20,090

Compass Group PLC

       1,104       18,604

ConvaTec Group PLC(c)

       9,807       26,274

Croda International PLC

       390       24,016

DCC PLC

       319       22,766

Derwent London PLC

       437       17,121

Diageo PLC

       646       22,408

Direct Line Insurance Group PLC

       5,642       19,392
 

 

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

 

  10  

 

  

 

 

 

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

April 30, 2020

(Unaudited)

    

 

        Shares       Value

United Kingdom-(continued)

        

Experian PLC

       645     $ 19,330

GlaxoSmithKline PLC

       1,103       23,109

Hiscox Ltd.

       1,484       13,151

HomeServe PLC

       1,493       20,998

Howden Joinery Group PLC

       2,834       18,774

HSBC Holdings PLC

       3,579       18,509

Imperial Brands PLC

       1,118       23,677

Intertek Group PLC

       339       20,311

J Sainsbury PLC.

       8,620       21,539

London Stock Exchange Group PLC

       229       21,537

Mondi PLC

       1,104       19,635

National Grid PLC.

       1,745       20,553

Pearson PLC(b)

       3,245       18,820

Pennon Group PLC

       1,550       21,428

RELX PLC

       951       21,550

Renishaw PLC.

       534       23,736

Rentokil Initial PLC.

       3,509       20,993

Rightmove PLC

       2,990       18,767

RSA Insurance Group PLC

       3,426       15,609

Sage Group PLC (The)

       2,604       21,021

Segro PLC.

       2,088       21,849

Severn Trent PLC

       688       20,741

Smith & Nephew PLC

       1,033       20,300

Smiths Group PLC

       1,172       18,338

SSE PLC

       1,118       17,627

Unilever N.V

       420       20,968

Unilever PLC.

       410       21,214
        Shares       Value

United Kingdom-(continued)

        

United Utilities Group PLC

       1,810     $ 20,598

Whitbread PLC(b)

       507       19,057

WM Morrison Supermarkets PLC(b)

       9,978       23,032
       

 

 

  
          934,227
       

 

 

  

United States-0.36%

        

Amcor PLC, CDI

       2,463       22,460

Ferguson PLC

       256       18,522

Waste Connections, Inc.

       228       19,659
       

 

 

  
          60,641
       

 

 

  

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.15% (Cost $18,590,056)

 

       16,517,389
       

 

 

  
Investments Purchased with Cash Collateral from Securities on Loan        

Money Market Funds-2.67%

        

Invesco Private Government Fund, 0.01%(e)(f)(g)
(Cost $444,346)

       444,346       444,346
       

 

 

  

TOTAL INVESTMENTS IN SECURITIES-101.82%
(Cost $19,034,402)

           16,961,735

OTHER ASSETS LESS LIABILITIES-(1.82)%

           (302,700 )
       

 

 

  

NET ASSETS-100.00%

         $ 16,659,035
       

 

 

  
 

 

Investment Abbreviations:

BR-Bearer Shares

CDI-CREST Depository Interest

CVA-Dutch Certificates

FDR-Fiduciary Depositary Receipt

PC-Participation Certificate

Pfd.-Preferred

REIT-Real Estate Investment Trust

RSP-Registered Savings Plan Shares

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, 2020.

(c)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2020 was $431,592, which represented 2.59% of the Fund’s Net Assets.

(d)

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

(e)

The rate shown is the 3-day SEC standardized yield as of April 30, 2020. The money market fund commenced operations on April 28, 2020.

(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.

(g)

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, 2020.

 

    Value
October 31, 2019		    Purchases
at Cost		    Proceeds
from Sales		   Change in
Unrealized
Appreciation
(Depreciation)		    Realized
Gain
(Loss)		    Value
April 30, 2020		    Dividend
Income
Investments in Affiliated Money Market Funds:                                 
Invesco Premier U.S. Government Money Portfolio, Institutional Class*     $     -      $     468,988      $       (468,988)     $     -      $     -      $     -      $     122

 

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

 

  11  

 

  

 

 

 

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

April 30, 2020

(Unaudited)

    

 

    Value
October 31, 2019		    Purchases
at Cost		    Proceeds
from Sales		   Change in
Unrealized
Appreciation
(Depreciation)		   Realized
Gain
(Loss)		   Value
April 30, 2020		    Dividend
Income
Investments Purchased with Cash Collateral from Securities on Loan:                               
Invesco Government & Agency Portfolio, Institutional Class*     $ 614,148      $ 3,888,844      $ (4,502,992 )     $ -     $ -     $ -      $ 4,268
Invesco Liquid Assets Portfolio, Institutional Class*       205,544        1,159,417        (1,364,871 )       (14 )       (76 )       -        1,624
Invesco Private Government Fund       -        970,397        (526,051 )       -       -       444,346        -
   

 

 

       

 

 

       

 

 

      

 

 

      

 

 

      

 

 

       

 

 

  
Total     $ 819,692      $ 6,487,646      $ (6,862,902 )     $ (14 )     $ (76 )     $ 444,346      $ 6,014
   

 

 

       

 

 

       

 

 

      

 

 

      

 

 

      

 

 

       

 

 

  

 

*

At April 30, 2020, this security was no longer held.

Portfolio Composition

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

as of April 30, 2020

Industrials

     15.32      

Consumer Staples

     14.99    

Financials

     13.68    

Consumer Discretionary

     9.70    

Communication Services

     8.39    

Materials

     7.60    

Real Estate

     7.31    

Health Care

     7.17    

Utilities

     7.01    

Information Technology

     6.14    

Energy

     1.84    
Money Market Funds Plus Other Assets Less Liabilities     0.85    

 

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

 

  12  

 

  

 

 

 

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

April 30, 2020

(Unaudited)

Schedule of Investments

 

        Shares         Value  
Common Stocks & Other Equity Interests-95.99%

 

Brazil-0.72%

    

Porto Seguro S.A

     94,800     $ 793,138  

Telefonica Brasil S.A., Preference Shares

     89,100       751,374  
   

 

 

  
      1,544,512  
   

 

 

  

China-24.35%

    

Agricultural Bank of China Ltd., H Shares

     3,137,243       1,301,938  

Bank of China Ltd., H Shares

     3,252,548       1,229,957  

Bank of Communications Co. Ltd., H Shares

     1,776,403       1,110,835  

Beijing Capital International Airport Co. Ltd., H Shares

     1,191,456       800,586  

Beijing Enterprises Holdings Ltd.

     308,678       1,096,968  

Beijing Enterprises Water Group Ltd.(a)

     2,455,734       934,787  

CGN Power Co. Ltd., H Shares(b)

     4,472,267       1,105,375  

China Biologic Products Holdings, Inc.(a)

     13,367       1,393,376  

China Cinda Asset Management Co. Ltd., H Shares

     4,802,286       921,769  

China CITIC Bank Corp. Ltd., H Shares

     2,412,754       1,175,393  

China Communications Construction Co. Ltd., H Shares

     1,408,202       928,889  

China Conch Venture Holdings Ltd.

     220,764       1,045,240  

China Construction Bank Corp., H Shares

     1,527,158       1,231,308  

China Everbright Bank Co. Ltd., H Shares

     2,488,702       1,052,525  

China Everbright International Ltd.

     1,711,546       979,355  

China Huishan Dairy Holdings Co. Ltd.(a)(c)

     5,020,205       0  

China Life Insurance Co. Ltd.(a)

     1,284,680       867,050  

China Life Insurance Co. Ltd., H Shares

     419,516       884,510  

China Mengniu Dairy Co. Ltd.(a)

     245,190       863,345  

China Merchants Bank Co. Ltd., H Shares

     189,038       900,585  

China Merchants Port Holdings Co. Ltd.

     890,932       1,132,047  

China Minsheng Banking Corp. Ltd., H Shares

     1,594,704       1,180,217  

China Mobile Ltd.

     121,861       974,700  

China Overseas Land & Investment Ltd.

     262,906       947,646  

China Petroleum & Chemical Corp., H Shares

     2,020,257       1,005,762  

China Railway Group Ltd., H Shares

     1,510,420       907,926  

China Resources Cement Holdings Ltd.

     691,020       922,084  

China Resources Gas Group Ltd.

     155,142       868,963  

China Shenhua Energy Co. Ltd., H Shares

     580,755       1,026,108  

China Telecom Corp. Ltd., H Shares

     2,927,550       1,002,788  

Chongqing Rural Commercial Bank Co. Ltd., H Shares

     2,544,122       1,109,350  

CITIC Ltd.

     988,745       1,011,539  

CRRC Corp. Ltd., H Shares

     1,738,855       906,781  

Dali Foods Group Co. Ltd.(b)

     1,459,656       898,122  

Guangdong Investment Ltd.

     448,590       924,380  

Hengan International Group Co. Ltd.

     102,958              906,816  

Huaneng Power International, Inc., H Shares

     2,425,459       913,573  

Industrial & Commercial Bank of China Ltd., H Shares

     1,784,269       1,197,777  

Jiangsu Expressway Co. Ltd., H Shares

     977,071       1,162,884  

Jiangxi Copper Co. Ltd., H Shares

     1,042,098       1,000,931  

Legend Holdings Corp., H Shares(b)(d)

     702,048       817,836  

Peoples Insurance Co. Group of China Ltd. (The), H Shares

     3,151,180       1,014,550  

PetroChina Co. Ltd., H Shares

     2,350,271       841,236  

Ping An Insurance (Group) Co. of China Ltd., H Shares.

     113,938       1,155,325  
        Shares         Value  

China-(continued)

    

Postal Savings Bank of China Co. Ltd., H Shares(b)

     1,979,262     $ 1,175,232  

Shanghai Pharmaceuticals Holding Co. Ltd., H Shares.

     503,404       887,021  

Sinopharm Group Co. Ltd., H Shares

     333,690       899,577  

Tencent Holdings Ltd.

     17,990       954,444  

Want Want China Holdings Ltd.

     1,180,928       832,924  

Xinyi Glass Holdings Ltd.

     786,886       901,396  

Yuexiu Property Co. Ltd.

     4,587,740       866,161  

Zhejiang Expressway Co. Ltd., H Shares

     1,300,646       978,125  

ZTO Express Cayman, Inc., ADR

     33,124       985,770  
   

 

 

  
      52,133,782  
   

 

 

  

Czech Republic-0.99%

    

CEZ A.S

     63,177       1,180,285  

Komercni banka A.S.(a)

     44,474       944,419  
   

 

 

  
          2,124,704  
   

 

 

  

Egypt-0.39%

    

Commercial International Bank Egypt S.A.E

     205,225       833,279  

India-0.87%

    

Dr. Reddy’s Laboratories Ltd., ADR

     17,574       899,613  

Wipro Ltd., ADR

     293,100       964,299  
   

 

 

  
      1,863,912  
   

 

 

  

Indonesia-0.40%

    

PT Bank Central Asia Tbk

     496,697       863,167  
   

 

 

  

Kuwait-0.43%

    

National Bank of Kuwait SAKP

     381,295       913,481  
   

 

 

  

Malaysia-10.17%

    

AMMB Holdings Bhd

     1,556,100       1,074,802  

CIMB Group Holdings Bhd

     1,055,795       842,166  

Dialog Group Bhd

     1,368,100       1,052,674  

DiGi.Com Bhd

     1,169,863       1,258,194  

Hartalega Holdings Bhd

     601,900       1,063,823  

Hong Leong Bank Bhd

     350,500       1,080,373  

IHH Healthcare Bhd

     826,547       1,003,918  

IOI Corp. Bhd

     1,386,700       1,309,303  

Kuala Lumpur Kepong Bhd

     239,678       1,170,520  

Malayan Banking Bhd

     874,792       1,535,775  

MISC Bhd

     627,700       1,151,757  

Nestle Malaysia Bhd

     85,700       2,782,676  

Petronas Gas Bhd

     322,000       1,153,209  

Public Bank Bhd

     284,624       1,080,276  

RHB Bank Bhd

     859,600       945,514  

Sime Darby Bhd

     2,246,900       1,040,525  

Tenaga Nasional Bhd

     406,572       1,155,355  

Top Glove Corp. Bhd

     635,000       1,069,740  
   

 

 

  
      21,770,600  
   

 

 

  

Mexico-4.37%

    

America Movil S.A.B. de C.V., Series L

     1,705,606       1,045,857  

Arca Continental S.A.B. de C.V

     322,601       1,257,751  

Coca-Cola FEMSA S.A.B. de C.V., Series L

     263,040       1,072,708  

Fomento Economico Mexicano, S.A.B. de C.V., Series CPO(e)

     180,198       1,178,893  

Gruma S.A.B. de C.V., Class B

     120,015       1,153,223  

Grupo Elektra S.A.B. de C.V.(d)

     26,262       1,527,707  
 

 

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

 

  13  

 

  

 

 

 

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

April 30, 2020

(Unaudited)

 

        Shares         Value  

Mexico-(continued)

    

Promotora y Operadora de Infraestructura S.A.B de C.V.(d)

     150,262     $ 1,056,630  

Wal-Mart de Mexico S.A.B. de C.V., Series V

     434,828       1,058,672  
   

 

 

  
      9,351,441  
   

 

 

  

Poland-0.42%

    

Powszechny Zaklad Ubezpieczen S.A

     122,032       892,295  
   

 

 

  

Qatar-2.30%

    

Industries Qatar Q.S.C

     530,695       1,027,575  

Masraf Al Rayan Q.S.C

     1,014,602       1,064,204  

Qatar Fuel Co. Q.P.S.C

     230,560       1,013,805  

Qatar Islamic Bank (S.A.Q)

     233,531       990,973  

Qatar National Bank Q.P.S.C

     174,505       825,795  
   

 

 

  
      4,922,352  
   

 

 

  

South Africa-1.24%

    

Remgro Ltd.

     122,114       910,951  

SPAR Group Ltd. (The)

     86,451       832,641  

Vodacom Group Ltd.

     137,165       920,309  
   

 

 

  
          2,663,901  
   

 

 

  

South Korea-7.73%

    

BNK Financial Group, Inc.

     212,872       875,635  

GS Holdings Corp.

     27,410       861,456  

GS Retail Co. Ltd.

     32,511       1,005,924  

Hanon Systems

     116,909       871,506  

Kangwon Land, Inc.

     43,363       894,847  

KEPCO Plant Service & Engineering Co. Ltd.

     31,996       847,533  

Korea Electric Power Corp.(a)

     48,604       954,162  

KT&G Corp.

     18,439       1,229,975  

LG Household & Health Care Ltd.

     861       973,856  

LG Uplus Corp.

     91,003       1,000,434  

NongShim Co. Ltd.

     3,907       947,531  

POSCO

     5,783       870,149  

S-1 Corp.

     15,114       1,068,380  

Samsung Electronics Co. Ltd.

     22,351       921,020  

Samsung SDS Co. Ltd.

     7,230       968,039  

SK Telecom Co. Ltd.

     7,844       1,355,933  

Yuhan Corp.

     23,716       914,279  
   

 

 

  
      16,560,659  
   

 

 

  

Taiwan-38.09%

    

Acer, Inc.

     1,819,000       1,006,487  

Advantech Co. Ltd.

     114,095       1,071,641  

Asia Cement Corp.

     730,000       1,062,768  

Asustek Computer, Inc.

     168,838       1,138,855  

Cathay Financial Holding Co. Ltd.

     1,185,000       1,574,181  

Chang Hwa Commercial Bank Ltd.

     1,953,776       1,273,866  

Cheng Shin Rubber Industry Co. Ltd.

     1,011,435       1,159,414  

Chicony Electronics Co. Ltd.

     359,000       1,009,369  

China Airlines Ltd.

     3,879,000       1,057,068  

China Development Financial Holding Corp.

     4,218,472       1,265,158  

China Petrochemical Development Corp.

     4,134,050       1,107,461  

China Steel Corp.

     2,382,140       1,583,875  

Chunghwa Telecom Co. Ltd.

     695,222       2,552,043  

Compal Electronics, Inc.

     2,331,000       1,481,504  

CTBC Financial Holding Co. Ltd.

     1,846,053       1,222,870  

Delta Electronics, Inc.

     206,000       955,514  

E.Sun Financial Holding Co. Ltd.

     1,160,822       1,045,083  

Eva Airways Corp.

     2,662,627       1,010,303  

Evergreen Marine Corp. Taiwan Ltd.(a)

     2,841,000       1,044,906  
        Shares         Value  

Taiwan-(continued)

    

Far Eastern New Century Corp.

     1,350,000     $ 1,163,885  

Far EasTone Telecommunications Co. Ltd.(a)

     758,993       1,683,374  

First Financial Holding Co. Ltd.

     1,729,384       1,261,574  

Formosa Chemicals & Fibre Corp.

     460,095       1,154,577  

Formosa Petrochemical Corp.

     371,000       1,102,944  

Formosa Plastics Corp.

     388,146       1,128,556  

Foxconn Technology Co. Ltd.

     561,000       1,067,997  

Fubon Financial Holding Co. Ltd.

     941,875       1,321,308  

Highwealth Construction Corp.

     804,000       1,160,975  

Hon Hai Precision Industry Co. Ltd.

     360,000       916,661  

Hua Nan Financial Holdings Co. Ltd.

     2,076,611       1,337,550  

International CSRC Investment Holdings Co.

     1,307,000       918,430  

Inventec Corp.

     1,326,000       1,037,448  

King Slide Works Co. Ltd.

     96,000       996,642  

Kings Town Bank Co. Ltd.

     1,001,000       1,055,737  

Lite-On Technology Corp.

     673,000       1,043,963  

Mega Financial Holding Co. Ltd.

     1,444,777       1,445,952  

Micro-Star International Co. Ltd.

     279,000       858,692  

Mitac Holdings Corp.

     943,000       953,139  

Nan Ya Plastics Corp.

     522,930       1,141,482  

Pou Chen Corp.

     1,051,000       979,526  

Poya International Co. Ltd.

     55,000       919,720  

President Chain Store Corp.

     146,000       1,506,371  

Qisda Corp.

     1,846,000       1,034,517  

Quanta Computer, Inc.

     498,000       1,070,360  

Ruentex Development Co. Ltd.

     666,000       982,839  

Ruentex Industries Ltd.

     514,000       1,171,982  

Shanghai Commercial & Savings Bank Ltd. (The)

     611,000       888,983  

Shin Kong Financial Holding Co. Ltd.

     3,513,000       990,848  

SinoPac Financial Holdings Co. Ltd.

     3,024,421       1,221,073  

Standard Foods Corp.

     461,000       1,034,949  

Synnex Technology International Corp.

     1,138,264       1,513,759  

TA Chen Stainless Pipe

     1,122,000       992,913  

Taichung Commercial Bank Co. Ltd.

     3,560,000       1,350,935  

Taishin Financial Holding Co. Ltd.

     3,125,384       1,318,964  

Taiwan Business Bank.

     3,172,204       1,137,950  

Taiwan Cement Corp.

     802,000       1,146,547  

Taiwan Cooperative Financial Holding Co. Ltd.

     2,001,321       1,331,560  

Taiwan Fertilizer Co. Ltd.

     897,000       1,379,136  

Taiwan High Speed Rail Corp.

     958,000       1,085,947  

Taiwan Mobile Co. Ltd.

     506,162       1,819,955  

Taiwan Semiconductor Manufacturing Co. Ltd.

     99,397       998,887  

Teco Electric and Machinery Co. Ltd.

     1,318,000       1,180,297  

Uni-President Enterprises Corp.

     558,181           1,291,096  

United Microelectronics Corp.

     1,877,000       973,571  

Vanguard International Semiconductor Corp.

     373,000       863,139  

Voltronic Power Technology Corp.

     39,000       925,555  

Walsin Lihwa Corp.

     2,148,000       938,562  

Wistron NeWeb Corp.

     428,000       878,515  

WPG Holdings Ltd.

     992,937       1,282,131  

Yuanta Financial Holding Co. Ltd.

     1,716,472       967,582  
   

 

 

  
      81,551,421  
   

 

 

  

Thailand-2.26%

    

Advanced Info Service PCL, NVDR

     157,029       954,764  

Bangkok Dusit Medical Services PCL, NVDR

     1,331,713       844,749  

CP ALL PCL, NVDR

     570,163       1,241,406  
 

 

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

 

  14  

 

  

 

 

 

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

April 30, 2020

(Unaudited)

    

 

        Shares         Value  

Thailand-(continued)

    

Intouch Holdings PCL, NVDR

     576,580     $ 946,978  

Land & Houses PCL, NVDR

     3,735,736       841,823  
   

 

 

  
      4,829,720  
   

 

 

  

Turkey-0.81%

    

BIM Birlesik Magazalar A.S

     107,564       851,802  

Petkim Petrokimya Holding A.S.(a)

     1,723,032       875,136  
   

 

 

  
      1,726,938  
   

 

 

  

United Arab Emirates-0.45%

    

Dubai Islamic Bank PJSC

     980,063       975,237  
   

 

 

  

Total Common Stocks & Other Equity Interests
(Cost $217,150,877)

 

     205,521,401  
   

 

 

  
Exchange-Traded Funds-3.99%

 

  

United States-3.99%

    

iShares MSCI Saudi Arabia ETF
(Cost $10,287,859)

     333,770       8,534,499  
   

 

 

  

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.98%
(Cost $227,438,736)

 

     214,055,900  
   

 

 

  
        Shares         Value  
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-0.45%

 

  

Invesco Private Government Fund, 0.01%(f)(g)(h)
(Cost $965,251)

     965,251     $ 965,251  
   

 

 

  

TOTAL INVESTMENTS IN SECURITIES-100.43%
(Cost $228,403,987)

 

     215,021,151  

OTHER ASSETS LESS LIABILITIES-(0.43)%

 

     (911,882 ) 
   

 

 

  

NET ASSETS-100.00%.

 

   $ 214,109,269  
   

 

 

  
 

 

Investment Abbreviations:

ADR-American Depositary Receipt

CPO-Certificates of Ordinary Participation

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 aggregate value of these securities at April 30, 2020 was $3,996,565, which represented 1.87% of the Fund’s Net Assets.

(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, 2020.

(e)

Each CPO for Fomento Economico Mexicano, S.A.B. de C.V. represents one Series B share and four Series D shares.

(f)

The rate shown is the 3-day SEC standardized yield as of April 30, 2020. The money market fund commenced operations on April 28, 2020.

(g)

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.

(h)

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, 2020.

 

    Value
October 31, 2019		    Purchases
at Cost		    Proceeds
from Sales		    Change in
Unrealized
Appreciation		    Realized
Gain
(Loss)		    Value
April 30, 2020		    Dividend
Income
Investments Purchased with Cash Collateral from Securities on Loan:                                  
Invesco Government & Agency Portfolio, Institutional Class*       $233,150      $ 3,767,571      $ (4,000,721 )        $-      $ -      $ -        $2,380
Invesco Liquid Assets Portfolio, Institutional Class*       78,343        1,286,667        (1,364,888 )        -        (122 )        -        1,005
Invesco Private Government Fund       -        1,914,631        (949,380 )        -        -        965,251        1
   

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

  
Total       $311,493      $ 6,968,869      $ (6,314,989 )        $-      $ (122 )      $ 965,251        $3,386
   

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

  

 

*

At April 30, 2020, this security was no longer held.

 

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

 

  15  

 

  

 

 

 

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

April 30, 2020

(Unaudited)

    

 

Portfolio Composition

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

as of April 30, 2020

 

Financials

     31.29      

Information Technology

     12.06    

Industrials

     11.87    

Consumer Staples

     11.85    

Communication Services

     8.06    

Materials

     7.15    

Utilities

     4.81    

Health Care

     4.20    

Consumer Discretionary

     3.23    

Energy

     3.22    

Real Estate

     2.24    
Money Market Funds Plus Other Assets Less Liabilities     0.02    

 

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

 

  16  

 

  

 

 

 

Invesco S&P Emerging Markets Momentum ETF (EEMO)

April 30, 2020

(Unaudited)

Schedule of Investments

 

        Shares         Value  
Common Stocks & Other Equity Interests-99.86%

 

Brazil-7.79%

    

B3 S.A. - Brasil, Bolsa, Balcao

     9,079     $ 64,437  

Banco BTG Pactual S.A.

     857       6,697  

BB Seguridade Participacoes S.A.

     2,987       14,650  

BRF S.A.(a)

     2,585       9,259  

Cia de Saneamento Basico do Estado de Sao Paulo.

     1,575       11,661  

Cosan S.A.

     923       10,288  

Energisa S.A.

     1,100       8,880  

ENGIE Brasil Energia S.A.

     863       6,237  

Equatorial Energia S.A.

     5,270       17,845  

Hapvida Participacoes e Investimentos S.A.(b)

     1,152       11,160  

Hypera S.A.

     1,600       8,595  

Localiza Rent a Car S.A.

     2,999       18,941  

Lojas Americanas S.A.

     900       3,380  

Lojas Americanas S.A., Preference Shares

     2,800       12,869  

Lojas Renner S.A.

     3,392       24,055  

Magazine Luiza S.A.

     4,959       45,529  

Multiplan Empreendimentos Imobiliarios S.A.

     945       3,647  

Natura & Co. Holding S.A.

     3,648       23,937  

Notre Dame Intermedica Participacoes S.A.

     3,190       32,299  

Raia Drogasil S.A.

     1,800       34,841  

Telefonica Brasil S.A., Preference Shares

     1,715       14,462  

TIM Participacoes S.A.

     3,800       8,957  

WEG S.A.

     5,476       40,403  
   

 

 

  
           433,029  
   

 

 

  

Chile-0.47%

    

Enel Americas S.A.

     160,041       26,228  
   

 

 

  

China-22.60%

    

Anhui Conch Cement Co. Ltd., H Shares

     4,581       35,469  

ANTA Sports Products Ltd.

     3,742       31,973  

Bosideng International Holdings Ltd.

     13,113       3,547  

China Aoyuan Group Ltd.

     7,064       8,083  

China Biologic Products Holdings, Inc.(a)

     123       12,822  

China Conch Venture Holdings Ltd.

     8,766       41,504  

China Jinmao Holdings Group Ltd.

     23,558       16,325  

China National Building Material Co. Ltd., H Shares

     17,110       21,369  

China Oilfield Services Ltd., H Shares

     5,849       4,508  

China Resources Cement Holdings Ltd.

     8,103       10,812  

Country Garden Services Holdings Co. Ltd.

     8,464       39,068  

Ganfeng Lithium Co. Ltd.(b)

     507       1,642  

GDS Holdings Ltd., ADR(a)(c)

     386       22,126  

Haidilao International Holding Ltd.(b)

     3,121       13,679  

JD.com, Inc., ADR(a)

     3,298       142,144  

Li Ning Co. Ltd.

     10,429       32,650  

Livzon Pharmaceutical Group, Inc., H Shares

     606       2,693  

Longfor Group Holdings Ltd.(b)

     7,838       38,846  

Meituan Dianping, B Shares(a)

     16,241       215,748  

NetEase, Inc., ADR

     282       97,279  

New Oriental Education & Technology Group, Inc., ADR(a)

     557       71,107  

Ping An Healthcare and Technology Co. Ltd.(a)(b)

     812       11,186  
        Shares         Value  

China-(continued)

    

Semiconductor Manufacturing International Corp.(a)

     16,234     $ 30,833  

Shandong Weigao Group Medical Polymer Co. Ltd., H Shares

     10,305       15,546  

Shanghai Baosight Software Co. Ltd., B Shares

     1,300       2,915  

Shimao Property Holdings Ltd.

     4,903       19,665  

Silergy Corp.

     379       15,066  

Sino Biopharmaceutical Ltd.

     32,675       48,116  

TAL Education Group, ADR(a)

     1,652       89,522  

Tingyi Cayman Islands Holding Corp.

     7,103       12,571  

Vipshop Holdings Ltd., ADR(a)

     1,753       27,925  

Weichai Power Co. Ltd., H Shares

     7,834       13,433  

WuXi AppTec Co. Ltd., H Shares(b)

     1,002       14,153  

Wuxi Biologics Cayman, Inc.(a)(b)

     2,324       36,041  

Xinyi Solar Holdings Ltd.

     15,633       9,976  

Yihai International Holding Ltd.

     2,642       21,026  

Zhongsheng Group Holdings Ltd.

     2,703       10,763  

Zoomlion Heavy Industry Science and Technology Co. Ltd., H Shares

     8,180       6,559  

ZTE Corp., H Shares(a)

     2,443       6,882  
   

 

 

  
        1,255,572  
   

 

 

  

Colombia-0.17%

    

Bancolombia S.A., Preference Shares

     1,473       9,726  
   

 

 

  

Egypt-0.40%

    

Commercial International Bank Egypt S.A.E

     5,429       22,043  
   

 

 

  

Greece-0.24%

    

Hellenic Telecommunications Organization S.A.

     898       11,799  

Public Power Corp. S.A.(a)

     489       1,420  
   

 

 

  
      13,219  
   

 

 

  

Hungary-0.37%

    

OTP Bank Nyrt.

     694       20,634  

India-9.96%

    

Alkem Laboratories Ltd.(a)

     173       5,908  

Apollo Hospitals Enterprise Ltd.

     452       8,271  

Asian Paints Ltd.

     1,163       27,055  

AU Small Finance Bank Ltd.(b)

     428       3,060  

Avenue Supermarts Ltd.(a)(b)

     544       17,018  

Bajaj Finance Ltd.

     1,009       30,602  

Bajaj Finserv Ltd.

     165       11,097  

Berger Paints India Ltd.

     1,743       11,724  

Bharti Airtel Ltd.(a)

     11,697       79,498  

Divi’s Laboratories Ltd.

     319       9,813  

HDFC Asset Management Co. Ltd.(b)

     210       6,971  

HDFC Life Insurance Co. Ltd.(a)(b)

     2,622       17,290  

Hindustan Unilever Ltd.

     3,057       88,959  

ICICI Bank Ltd.

     14,167       70,852  

ICICI Lombard General Insurance Co. Ltd.(b) .

     351       5,996  

ICICI Prudential Life Insurance Co. Ltd.(b)

     1,612       8,688  

Info Edge India Ltd.

     243       8,187  

Kotak Mahindra Bank Ltd.

     3,670       65,935  

Muthoot Finance Ltd.

     513       5,813  

Nestle India Ltd.

     138       32,828  

Pidilite Industries Ltd.

     538       10,885  

SBI Life Insurance Co. Ltd.(b)

     1,234       11,795  
 

 

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

 

  17  

 

  

 

 

 

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

April 30, 2020

(Unaudited)

 

        Shares         Value  

India-(continued)

    

Shree Cement Ltd.

     39     $ 10,184  

Siemens Ltd.

     324       4,891  
   

 

 

  
      553,320  
   

 

 

  

Indonesia-1.98%

    

PT Bank Central Asia Tbk

     39,796       69,158  

PT Bank Rakyat Indonesia (Persero) Tbk

     166,006       30,325  

PT Barito Pacific Tbk(a)

     108,578       10,521  
   

 

 

  
      110,004  
   

 

 

  

Kuwait-2.88%

    

Kuwait Finance House KSCP

     26,895       51,537  

Mabanee Co. S.A.K

     3,505       7,207  

Mobile Telecommunications Co. KSC

     10,894       18,668  

National Bank of Kuwait SAKP

     34,579       82,842  
   

 

 

  
           160,254  
   

 

 

  

Malaysia-0.53%

    

Carlsberg Brewery Malaysia Bhd., Class B

     600       3,824  

Hartalega Holdings Bhd

     6,500       11,488  

Top Glove Corp. Bhd

     5,300       8,929  

Yinson Holdings Bhd

     4,153       5,003  
   

 

 

  
      29,244  
   

 

 

  

Mexico-0.50%

    

Grupo Aeroportuario del Pacifico S.A.B. de C.V., Class B

     1,400       8,855  

Grupo Elektra S.A.B. de C.V

     330       19,197  
   

 

 

  
      28,052  
   

 

 

  

Poland-0.66%

    

CD Projekt S.A.

     304       26,251  

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

     162       6,830  

PLAY Communications S.A.(b)

     461       3,705  
   

 

 

  
      36,786  
   

 

 

  

Russia-8.39%

    

Gazprom PJSC

     48,596       124,860  

Inter RAO UES PJSC.

     145,000       9,804  

MMC Norilsk Nickel PJSC

     433       119,907  

Mobile TeleSystems PJSC, ADR

     2,213       18,965  

Polyus PJSC.

     176       28,822  

Sberbank of Russia PJSC

     39,463       105,263  

Sberbank of Russia PJSC, Preference Shares

     5,160       12,365  

Surgutneftegas PJSC

     39,500       19,825  

Tatneft PJSC, Preference Shares

     757       5,263  

VTB Bank PJSC

     18,870,000       8,906  

X5 Retail Group N.V., GDR(b)

     411       12,133  
   

 

 

  
      466,113  
   

 

 

  

South Africa-2.39%

    

Anglo American Platinum Ltd.

     192       10,209  

AngloGold Ashanti Ltd.

     1,313       32,545  

Clicks Group Ltd.

     1,022       12,839  

Gold Fields Ltd.

     3,423       25,587  

Impala Platinum Holdings Ltd.

     4,768       29,130  

Sibanye Stillwater Ltd.(a)

     10,877       22,364  
   

 

 

  
      132,674  
   

 

 

  

South Korea-14.06%

    

Hite Jinro Co. Ltd.

     170       4,545  

Kakao Corp.

     310       47,013  
        Shares         Value  

South Korea-(continued)

    

KMW Co. Ltd.(a)

     206     $ 10,258  

NAVER Corp.

     521       84,821  

NCSoft Corp.

     75       39,320  

Samsung Electronics Co. Ltd.

     11,529       475,077  

Samsung Electronics Co. Ltd., Preference Shares

     3,449       120,117  
   

 

 

  
           781,151  
   

 

 

  

Taiwan-24.32%

    

Accton Technology Corp.

     2,156       15,454  

Advantech Co. Ltd.

     1,842       17,301  

Asia Cement Corp.

     10,159       14,790  

Chang Hwa Commercial Bank Ltd.

     39,268       25,603  

Chicony Electronics Co. Ltd.

     2,638       7,417  

Compeq Manufacturing Co. Ltd.

     5,660       7,378  

CTBC Financial Holding Co. Ltd.

     79,210       52,471  

E.Sun Financial Holding Co. Ltd.

     86,828       78,171  

First Financial Holding Co. Ltd.

     52,845       38,550  

Genius Electronic Optical Co. Ltd.

     302       4,866  

Globalwafers Co. Ltd.

     789       10,009  

Hotai Motor Co. Ltd.

     2,466       44,844  

Hua Nan Financial Holdings Co. Ltd.

     53,904       34,720  

ITEQ Corp.

     1,296       6,211  

Macronix International

     7,411       8,856  

MediaTek, Inc.

     5,828       79,682  

Mega Financial Holding Co. Ltd.

     63,050       63,101  

Mitac Holdings Corp.

     3,677       3,717  

Nan Kang Rubber Tire Co. Ltd.

     2,300       3,091  

Nanya Technology Corp.

     4,250       9,028  

Pegatron Corp.

     8,131       17,746  

Powertech Technology, Inc.

     4,071       13,588  

Quanta Computer, Inc.

     10,016       21,528  

Realtek Semiconductor Corp.

     1,689       14,307  

Simplo Technology Co. Ltd.

     620       6,384  

Simplo Technology Co. Ltd., Rts., expiring 12/31/2020(a)(d)

     28       0  

Sino-American Silicon Products, Inc.

     2,565       7,517  

SinoPac Financial Holdings Co. Ltd.

     56,907       22,975  

Standard Foods Corp.

     2,253       5,058  

Taichung Commercial Bank Co. Ltd.

     15,958       6,056  

Taiwan Business Bank.

     20,320       7,289  

Taiwan Cement Corp.

     26,252       37,530  

Taiwan Cooperative Financial Holding Co. Ltd.

     49,794       33,130  

Taiwan Fertilizer Co. Ltd.

     2,525       3,882  

Taiwan Semiconductor Manufacturing Co. Ltd.

     49,917       501,639  

Teco Electric and Machinery Co. Ltd.

     11,867       10,627  

Unimicron Technology Corp.

     4,882       6,849  

United Microelectronics Corp.

     46,229       23,978  

Win Semiconductors Corp.

     1,477       13,213  

Wistron Corp.

     13,529       12,570  

Wiwynn Corp.

     510       12,982  

Yageo Corp.

     1,045       13,571  

Yuanta Financial Holding Co. Ltd.

     45,889       25,868  

Zhen Ding Technology Holding Ltd.

     2,114       7,479  
   

 

 

  
      1,351,026  
   

 

 

  

Thailand-1.23%

    

B. Grimm Power PCL, NVDR

     3,966       5,436  

Carabao Group PCL, NVDR

     1,129       2,712  
 

 

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

 

  18  

 

  

 

 

 

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

April 30, 2020

(Unaudited)

 

        Shares         Value  

Thailand-(continued)

    

CPN Retail Growth Leasehold REIT

     6,200     $ 5,662  

Gulf Energy Development PCL, NVDR

     28,515       33,892  

Krungthai Card PCL, NVDR

     3,071       3,185  

Muangthai Capital PCL, NVDR(a)

     2,102       3,009  

Osotspa PCL, NVDR

     4,835       6,091  

Srisawad Corp. PCL, NVDR

     2,938       4,808  

Tisco Financial Group PCL, NVDR

     1,608       3,606  
   

 

 

  
      68,401  
   

 

 

  

Turkey-0.21%

    

Coca-Cola Icecek A.S

     305       1,595  

Enerjisa Enerji AS(b)

     1,214       1,328  

Ford Otomotiv Sanayi A.S

     364       3,297  

Koza Altin Isletmeleri A.S.(a)

     204       2,069  

Tofas Turk Otomobil Fabrikasi A.S

     486       1,553  

Turk Telekomunikasyon A.S.(a)

     1,697       1,771  
   

 

 

  
      11,613  
   

 

 

  

United Arab Emirates-0.34%

    

Aldar Properties PJSC

     15,171       7,486  

Emirates NBD Bank PJSC

     4,924       11,426  
   

 

 

  
      18,912  
   

 

 

  

United States-0.37%

    

JBS S.A

     4,618       20,337  
   

 

 

  

Total Common Stocks & Other Equity Interests
(Cost $5,354,975)

       5,548,338  
   

 

 

  
Exchange-Traded Funds-0.05%

 

  

United States-0.05%

    

iShares MSCI Saudi Arabia ETF
(Cost $2,441)

     105       2,685  
   

 

 

  

Investment Abbreviations:

ADR-American Depositary Receipt

ETF-Exchange-Traded Fund

GDR-Global Depositary Receipt

INR-Indian Rupee

NVDR-Non-Voting Depositary Receipt

REIT-Real Estate Investment Trust

Rts.-Rights

    Principal
Amount		     Value  
Non-U.S. Dollar Denominated Bonds & Notes-0.01%

 

India-0.01%

 

Britannia Industries Ltd., 8.00%, 08/28/2022
(Cost $214)

     INR     15,360     $ 221  
   

 

 

  

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.92%
(Cost $5,357,630)

       5,551,244  
   

 

 

  
   

 

Shares

        
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-0.37%    

Invesco Private Government Fund, 0.01%(e)(f)(g)
(Cost $20,649)

     20,649       20,649  
   

 

 

  

TOTAL INVESTMENTS IN SECURITIES-100.29%
(Cost $5,378,279)

 

     5,571,893  

OTHER ASSETS LESS LIABILITIES-(0.29)%

 

     (15,842 ) 
   

 

 

  

NET ASSETS-100.00%

     $ 5,556,051  
   

 

 

  
 

 

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

 

  19  

 

  

 

 

 

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

April 30, 2020

(Unaudited)

    

 

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 aggregate value of these securities at April 30, 2020 was $221,521, which represented 3.99% of the Fund’s Net Assets.

(c)

All or a portion of this security was out on loan at April 30, 2020.

(d)

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

(e)

The rate shown is the 3-day SEC standardized yield as of April 30, 2020. The money market fund commenced operations on April 28, 2020.

(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.

(g)

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, 2020.

 

    Value
October 31, 2019		    Purchases
at Cost		    Proceeds
from Sales		    Change in
Unrealized
Appreciation
(Depreciation)		    Realized
Gain
(Loss)		    Value
April 30, 2020		    Dividend
Income
Investments in Affiliated Money Market Funds:                                  
Invesco Premier U.S. Government Money Portfolio, Institutional Class*     $     8,384      $    628,109      $    (636,493 )       $   -      $   -      $           -      $ 117
Investments Purchased with Cash Collateral from Securities on Loan:                                  
Invesco Government & Agency Portfolio, Institutional Class*       154,759        1,176,827        (1,331,586 )        -        -        -        268
Invesco Liquid Assets Portfolio, Institutional Class*       51,586        372,014        (423,589 )        (5 )        (6 )        -        101
Invesco Private Government Fund       -        40,517        (19,868 )        -        -        20,649        -
   

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

  
Total     $ 214,729      $ 2,217,467      $ (2,411,536 )       $ (5 )       $ (6 )       $ 20,649      $ 486
   

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

  

 

*

At April 30, 2020, this security was no longer held.

Portfolio Composition

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

as of April 30, 2020

Information Technology

     27.63      

Financials

     21.08    

Consumer Discretionary

     14.00    

Materials

     8.41    

Communication Services

     8.29    

Consumer Staples

     5.72    

Health Care

     4.28    

Industrials

     3.32    

Energy

     3.06    

Sector Types Each Less Than 3%

     4.13    
Money Market Funds Plus Other Assets Less Liabilities     0.08    

 

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

 

  20  

 

  

 

 

 

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

April 30, 2020

(Unaudited)

Schedule of Investments

 

        Shares         Value  
Common Stocks & Other Equity Interests-99.70%

 

Australia-16.43%

    

AGL Energy Ltd.

     14,819     $ 162,940  

APA Group

     19,694       139,311  

Aurizon Holdings Ltd.

     42,427       128,789  

AusNet Services

     170,314       208,266  

BHP Group Ltd.

     6,188       127,334  

Commonwealth Bank of Australia

     3,197       128,434  

Dexus

     17,343       102,437  

GPT Group (The)

     41,121       111,996  

Insurance Australia Group Ltd.

     26,805       99,802  

Macquarie Group Ltd.

     1,518       99,671  

National Australia Bank Ltd.

     13,121       142,543  

Scentre Group

     77,132       115,398  

Suncorp Group Ltd.

     20,900       125,240  

Tabcorp Holdings Ltd.

     52,904       109,882  

Transurban Group

     13,356       119,923  

Vicinity Centres

     128,037       122,746  

Wesfarmers Ltd.

     4,969       120,511  
   

 

 

  
        2,165,223  
   

 

 

  

Belgium-0.69%

    

Ageas

     2,513       90,419  
   

 

 

  

Finland-2.39%

    

Kesko OYJ, Class B

     7,920       128,820  

Sampo OYJ, Class A

     5,618       186,079  
   

 

 

  
      314,899  
   

 

 

  

France-4.49%

    

AXA S.A.

     6,762       119,954  

ENGIE S.A.

     10,881       118,035  

Orange S.A.

     12,983       158,343  

TOTAL S.A.

     2,636       94,845  

Veolia Environnement S.A.

     4,705       100,414  
   

 

 

  
      591,591  
   

 

 

  

Germany-3.02%

    

Allianz SE

     582       107,655  

Deutsche Telekom AG

     10,326       150,706  

E.ON SE

     14,012       140,367  
   

 

 

  
      398,728  
   

 

 

  

Hong Kong-7.16%

    

CK Hutchison Holdings Ltd.

     15,904       115,332  

CK Infrastructure Holdings Ltd.

     21,562       128,032  

CLP Holdings Ltd.

     12,610       134,683  

HK Electric Investments & HK Electric Investments Ltd.

     162,447       166,878  

HKT Trust & HKT Ltd.

     150,767       242,785  

Power Assets Holdings Ltd.

     23,622       155,949  
   

 

 

  
      943,659  
   

 

 

  

Israel-1.73%

    

Amot Investments Ltd.

     23,208       131,054  

Bank Leumi Le-Israel BM

     17,746       96,581  
   

 

 

  
      227,635  
   

 

 

  

Italy-5.67%

    

A2A S.p.A

     75,473       102,712  

Assicurazioni Generali S.p.A

     8,337       118,847  

Enel S.p.A

     16,765       114,510  
        Shares         Value  

Italy-(continued)

    

Eni S.p.A

     14,298     $ 135,808  

Snam S.p.A

     32,149       143,950  

Terna Rete Elettrica Nazionale S.p.A

     20,932       131,141  
   

 

 

  
      746,968  
   

 

 

  

Japan-18.26%

    

Bridgestone Corp.

     3,843       120,616  

Canon, Inc.

     6,631       140,598  

Daiwa House REIT Investment Corp.

     55       133,249  

Frontier Real Estate Investment Corp.

     38       106,953  

GLP J-REIT

     117       150,501  

Invincible Investment Corp.

     351       89,900  

Japan Hotel REIT Investment Corp.

     219       72,827  

Japan Post Bank Co. Ltd.

     17,379       161,499  

Japan Post Holdings Co. Ltd.

     17,965       144,429  

Japan Retail Fund Investment Corp.

     62       67,955  

Japan Tobacco, Inc.

     10,334       193,852  

Mitsubishi Corp.

     5,884       125,786  

Mitsubishi UFJ Financial Group, Inc.

     25,579       103,153  

Mizuho Financial Group, Inc.

     100,790       117,781  

Mori Trust Sogo Reit, Inc.

     75       83,353  

MS&AD Insurance Group Holdings, Inc.

     4,147       120,280  

NTT DOCOMO, Inc.

     4,792       141,069  

Sankyo Co. Ltd.

     4,204       116,148  

Seiko Epson Corp.

     8,767       99,747  

Sumitomo Mitsui Financial Group, Inc.

     4,415       116,686  
   

 

 

  
        2,406,382  
   

 

 

  

Netherlands-2.15%

    

Koninklijke Ahold Delhaize N.V

     6,530       158,495  

Koninklijke KPN N.V

     53,724       124,278  
   

 

 

  
      282,773  
   

 

 

  

Norway-1.97%

    

Gjensidige Forsikring ASA

     5,872       104,000  

Telenor ASA

     10,114       155,626  
   

 

 

  
      259,626  
   

 

 

  

Portugal-2.56%

    

EDP - Energias de Portugal S.A.

     37,842       159,576  

NOS, SGPS S.A.

     47,631       177,588  
   

 

 

  
      337,164  
   

 

 

  

Singapore-13.63%

    

Ascendas REIT

     73,760       153,946  

CapitaLand Commercial Trust

     96,191       108,832  

CapitaLand Mall Trust

     78,157       103,756  

ComfortDelGro Corp. Ltd.

     96,314       111,866  

DBS Group Holdings Ltd.

     10,128       142,211  

Genting Singapore Ltd.

     197,431       108,705  

Keppel REIT

     156,562       116,660  

Mapletree Commercial Trust

     80,329       110,549  

Mapletree Logistics Trust

     128,447       162,325  

Oversea-Chinese Banking Corp. Ltd.

     18,013       115,360  

SATS Ltd.

     36,028       82,846  

Singapore Technologies Engineering Ltd.

     43,955       106,049  

Singapore Telecommunications Ltd.

     75,614       150,728  
 

 

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

 

  21  

 

  

 

 

 

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

April 30, 2020

(Unaudited)

 

        Shares         Value  

Singapore-(continued)

    

Suntec REIT

     124,806     $ 122,636  

United Overseas Bank Ltd.

     6,965       99,679  
   

 

 

  
        1,796,148  
   

 

 

  

Spain-7.67%

    

Aena SME S.A.(a)

     765       96,778  

Endesa S.A.

     7,858       174,289  

Iberdrola S.A.

     12,921       129,353  

Naturgy Energy Group S.A.

     8,324       146,879  

Red Electrica Corp. S.A.

     9,747       171,402  

Repsol S.A.

     15,670       142,696  

Telefonica S.A.

     32,752       149,358  
   

 

 

  
      1,010,755  
   

 

 

  

Sweden-1.26%

    

Telia Co. AB

     48,256       166,746  
   

 

 

  

Switzerland-2.89%

    

Swiss Re AG

     1,553       112,088  

Swisscom AG

     277       144,018  

Zurich Insurance Group AG

     391       124,493  
   

 

 

  
      380,599  
   

 

 

  
        Shares         Value  

United Kingdom-7.73%

    

Admiral Group PLC

     6,327     $ 185,947  

BP PLC

     49,092       193,878  

GlaxoSmithKline PLC

     6,655       139,429  

HSBC Holdings PLC

     38,907       201,209  

National Grid PLC

     13,708       161,460  

Royal Dutch Shell PLC, Class A

     8,179       136,695  
   

 

 

  
      1,018,618  
   

 

 

  

Total Common Stocks & Other Equity Interests
(Cost $15,922,258)

 

     13,137,933  
   

 

 

  

TOTAL INVESTMENTS IN SECURITIES-99.70%
(Cost $15,922,258)

 

     13,137,933  

OTHER ASSETS LESS LIABILITIES-0.30%

 

     39,228  
   

 

 

  

NET ASSETS-100.00%

     $ 13,177,161  
   

 

 

  
 

Investment Abbreviations:

REIT-Real Estate Investment Trust

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 value of this security at April 30, 2020 represented less than 1% of the Fund’s Net Assets.

 

    Value
October 31, 2019		    Purchases
at Cost		    Proceeds
from Sales		    Change in
Unrealized
Appreciation		    Realized
Gain		    Value
April 30, 2020		    Dividend
Income
Investments in Affiliated Money Market Funds:                                  
Invesco Premier U.S. Government Money Portfolio, Institutional Class*     $ -      $ 456,841      $ (456,841 )      $ -      $ -      $ -      $ 137
Investments Purchased with Cash Collateral from Securities on Loan:                                  
Invesco Government & Agency Portfolio, Institutional Class*       10,160        2,121,550        (2,131,710 )        -        -        -        788
Invesco Liquid Assets Portfolio, Institutional Class*       3,536        522,755        (526,347 )        -        56        -        287
   

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

  

Total

     $ 13,696      $ 3,101,146      $ (3,114,898 )      $ -      $ 56      $ -      $ 1,212
   

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

  

 

*

At April 30, 2020, this security was no longer held.

 

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

 

  22  

 

  

 

 

 

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

April 30, 2020

(Unaudited)

 

Portfolio Composition

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

as of April 30, 2020

     

Financials

     24.03    

Utilities

     21.93    

Real Estate

     16.44    

Communication Services

     13.35    

Industrials

     6.74    

Energy

     5.34    

Consumer Discretionary

     4.36    

Consumer Staples

     3.65    

Sector Types Each Less Than 3%

     3.86    

Other Assets Less Liabilities

     0.30    

 

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

 

  23  

 

  

 

 

 

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

April 30, 2020

(Unaudited)

Schedule of Investments

 

        Shares          Value  
Common Stocks & Other Equity Interests-99.70%

 

Australia-2.54%

     

AGL Energy Ltd.

     360,090      $ 3,959,324  

ASX Ltd.

     71,044        3,744,161  

AusNet Services

     4,351,587        5,321,264  

Telstra Corp. Ltd.

     1,907,941        3,774,976  

Woolworths Group Ltd.

     162,161        3,754,932  
    

 

 

  
         20,554,657  
    

 

 

  

Austria-0.46%

     

UNIQA Insurance Group AG

     549,747        3,697,126  
    

 

 

  

Belgium-0.50%

     

Ackermans & van Haaren N.V

     30,707        4,066,275  
    

 

 

  

Canada-2.37%

     

CGI,Inc.,Class A(a)

     62,244        3,978,113  

Choice Properties REIT

     403,074        3,662,331  

Hydro One Ltd.(b)

     206,186        3,746,812  

Metro, Inc.

     101,783        4,196,776  

Thomson Reuters Corp.

     50,925        3,595,676  
    

 

 

  
       19,179,708  
    

 

 

  

China-0.49%

     

BOC Hong Kong Holdings Ltd.

     1,323,667        4,015,090  
    

 

 

  

Denmark-1.46%

     

Coloplast A/S, Class B

     25,982        4,108,656  

Novo Nordisk A/S, Class B

     63,997        4,080,946  

Tryg A/S

     137,999        3,653,281  
    

 

 

  
       11,842,883  
    

 

 

  

Finland-0.59%

     

Kone OYJ, Class B

     78,458        4,753,926  
    

 

 

  

France-3.92%

     

Air Liquide S.A.(c)

     28,350        3,605,108  

Danone S.A.

     61,607        4,268,667  

Hermes International

     5,376        3,932,228  

L’Oreal S.A.

     13,678        3,974,595  

Orange S.A.

     324,508        3,957,753  

Pernod Ricard S.A.

     28,210        4,297,969  

Sanofi(c)

     43,362        4,236,025  

Vivendi S.A.

     161,141        3,477,887  
    

 

 

  
       31,750,232  
    

 

 

  

Germany-4.25%

     

Beiersdorf AG

     45,521        4,765,537  

Deutsche Telekom AG

     311,139        4,541,033  

E.ON SE

     408,511        4,092,305  

Fresenius Medical Care AG& Co. KGaA

     57,646        4,524,588  

Henkel AG& Co. KGaA, Preference Shares

     48,296        4,302,739  

Merck KGaA

     36,706        4,265,652  

Symrise AG

     38,026        3,858,205  

Uniper SE

     153,515        4,119,551  
    

 

 

  
       34,469,610  
    

 

 

  

Hong Kong-8.40%

     

CK Hutchison Holdings Ltd.

     492,486        3,571,387  

CK Infrastructure Holdings Ltd.

     636,672        3,780,490  

CLP Holdings Ltd.

     463,821        4,953,902  

Hang Lung Properties Ltd.

     1,676,772        3,580,687  

Hang Seng Bank Ltd.

     233,424        4,095,544  

Henderson Land Development Co. Ltd.

     937,391        3,783,964  
        Shares          Value  

Hong Kong-(continued)

     

HK Electric Investments & HK Electric Investments Ltd.

     7,075,137      $ 7,268,130  

HKT Trust & HKT Ltd.

     2,910,528        4,686,927  

Hong Kong & China Gas Co. Ltd. (The)

     2,356,481        4,170,244  

Hong Kong Exchanges & Clearing Ltd.

     126,609        4,058,796  

Hongkong Land Holdings Ltd.

     840,047        3,529,425  

Link REIT

     477,863        4,238,494  

MTR Corp. Ltd.

     767,673        4,212,951  

Power Assets Holdings Ltd.

     726,228        4,794,437  

Sino Land Co. Ltd.

     2,752,668        3,834,760  

Sun Hung Kai Properties Ltd.

     259,460        3,510,933  
    

 

 

  
       68,071,071  
    

 

 

  

Israel-1.76%

     

Elbit Systems Ltd.

     33,805        4,621,416  

Shufersal Ltd.

     652,395        4,206,575  

Strauss Group Ltd.

     190,503        5,422,713  
    

 

 

  
         14,250,704  
    

 

 

  

Italy-0.94%

     

Assicurazioni Generali S.p.A

     265,085        3,778,873  

UnipolSai Assicurazioni S.p.A

     1,577,727        3,877,821  
    

 

 

  
       7,656,694  
    

 

 

  

Japan-43.04%

     

ABC-Mart, Inc.

     81,545        4,181,243  

Ajinomoto Co., Inc.

     211,864        3,776,219  

ANA Holdings, Inc.

     161,549        3,448,462  

Asahi Group Holdings Ltd.

     106,130        3,682,418  

Azbil Corp.

     144,459        3,821,165  

Bridgestone Corp.

     149,714        4,698,891  

Calbee, Inc.

     132,855        4,037,769  

Canon, Inc.

     185,371        3,930,438  

Central Japan Railway Co.

     23,315        3,680,673  

Chubu Electric Power Co., Inc.

     260,734        3,534,054  

Chugai Pharmaceutical Co. Ltd.

     27,610        3,286,873  

Chugoku Electric Power Co., Inc. (The)

     359,829        4,853,707  

COMSYS Holdings Corp.

     142,511        3,966,125  

Daito Trust Construction Co. Ltd.

     39,795        3,817,843  

Denso Corp.

     104,275        3,688,503  

East Japan Railway Co.

     62,198        4,554,204  

Electric Power Development Co. Ltd.

     185,820        3,735,374  

Ezaki Glico Co. Ltd.

     83,500        3,657,626  

Hankyu Hanshin Holdings, Inc.

     105,734        3,636,725  

Hirose Electric Co. Ltd.

     34,826        3,841,239  

House Foods Group, Inc.

     119,881        3,775,598  

ITOCHU Corp.

     221,282        4,363,871  

Japan Airlines Co. Ltd.

     205,471        3,695,230  

Japan Exchange Group, Inc.

     197,039        3,689,338  

Japan Post Bank Co. Ltd.(c)

     523,212        4,862,103  

Japan Post Holdings Co. Ltd.

     586,898        4,718,346  

Japan Tobacco, Inc.

     278,796        5,229,837  

Kamigumi Co. Ltd.

     210,305        3,715,611  

Kao Corp.

     46,530        3,601,829  

KDDI Corp.

     125,639        3,633,205  

Keihan Holdings Co. Ltd.

     85,431        3,854,887  

Keio Corp.

     59,889        3,397,286  

Keisei Electric Railway Co. Ltd.

     122,221        3,699,041  

Kewpie Corp.

     227,670        4,534,484  
 

 

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

 

  24  

 

  

 

 

 

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

April 30, 2020

(Unaudited)

 

        Shares          Value  

Japan-(continued)

     

Kinden Corp.

     234,790      $ 3,812,691  

Kyocera Corp.

     69,545        3,730,405  

Kyushu Electric Power Co., Inc.

     432,214        3,431,498  

Kyushu Railway Co.

     146,899        3,971,960  

McDonald’s Holdings Co. Japan Ltd.

     111,540        5,483,595  

MEIJI Holdings Co. Ltd.

     62,329        4,337,401  

Mitsubishi Chemical Holdings Corp.

     661,054        3,790,075  

Mitsubishi Corp.

     231,669        4,952,537  

Mitsubishi Heavy Industries Ltd.

     157,321        4,037,213  

Mitsubishi UFJ Financial Group, Inc.

     1,012,468        4,082,997  

Mitsui & Co. Ltd.

     278,095        3,914,529  

Mizuho Financial Group, Inc.

     3,711,048        4,336,646  

MS&AD Insurance Group Holdings, Inc.

     172,967        5,016,773  

Nagoya Railroad Co. Ltd.

     148,554        4,279,307  

Nankai Electric Railway Co. Ltd.

     178,404        3,993,268  

Nichirei Corp.

     141,734        3,545,843  

Nippon Paper Industries Co. Ltd.

     261,904        3,773,049  

Nippon Telegraph & Telephone Corp.

     188,629        4,309,353  

Nissin Foods Holdings Co. Ltd.

     44,575        3,669,134  

Nitori Holdings Co. Ltd.

     24,870        3,823,062  

NTT DOCOMO, Inc.

     161,580        4,756,664  

Odakyu Electric Railway Co. Ltd.

     168,066        3,709,537  

Osaka Gas Co. Ltd.

     201,430        3,748,202  

Resona Holdings, Inc.

     1,194,026        3,734,831  

Sankyo Co. Ltd.

     155,874        4,306,493  

Secom Co. Ltd.

     52,410        4,388,168  

Seibu Holdings, Inc.

     329,790        3,973,477  

Seino Holdings Co. Ltd.

     327,450        3,922,278  

Sekisui House Ltd.

     223,887        3,866,983  

Seven Bank Ltd.

     1,440,327        3,910,107  

Shionogi & Co. Ltd.

     71,111        3,915,959  

Shizuoka Bank Ltd. (The)

     668,855        4,064,128  

Softbank Corp.

     426,364        5,820,456  

Sojitz Corp.

     1,593,076        3,721,394  

Sony Financial Holdings, Inc.

     205,914        3,948,782  

Sotetsu Holdings, Inc.

     152,656        3,924,558  

Sugi Holdings Co. Ltd.

     63,891        3,848,481  

Sumitomo Corp.

     370,859        4,230,541  

Sumitomo Mitsui Financial Group, Inc.

     167,977        4,439,522  

Sumitomo Mitsui Trust Holdings, Inc.

     128,282        3,761,450  

Suntory Beverage & Food Ltd.

     99,495        3,751,530  

Takashimaya Co. Ltd.

     447,624        4,066,099  

Teijin Ltd.

     251,955        4,039,235  

Tobu Railway Co. Ltd.

     110,125        3,756,837  

Tohoku Electric Power Co., Inc.

     401,779        3,790,047  

Tokio Marine Holdings, Inc.

     89,480        4,232,537  

Tokyo Gas Co. Ltd.

     151,579        3,325,729  

Tokyu Corp.

     276,540        4,175,717  

Toyo Suisan Kaisha Ltd.

     71,696        3,447,278  

Toyota Industries Corp.

     76,180        3,846,173  

Toyota Motor Corp.

     65,769        4,073,611  

USS Co. Ltd.

     246,690        3,924,020  

West Japan Railway Co.

     58,120        3,599,785  
    

 

 

  
       348,912,162  
    

 

 

  

Netherlands-2.46%

     

Akzo Nobel N.V

     52,811        4,002,797  

Heineken Holding N.V

     54,330        4,230,993  

Koninklijke Ahold Delhaize N.V

     164,584        3,994,757  
        Shares          Value  

Netherlands-(continued)

     

Koninklijke DSM N.V

     30,665      $ 3,753,389  

Wolters Kluwer N.V

     53,901        3,962,614  
    

 

 

  
       19,944,550  
    

 

 

  

New Zealand-0.98%

     

Goodman Property Trust

     2,788,888        3,814,791  

Spark New Zealand Ltd.

     1,538,282        4,173,902  
    

 

 

  
       7,988,693  
    

 

 

  

Norway-1.43%

     

Gjensidige Forsikring ASA

     208,862        3,699,186  

Orkla ASA

     429,568        3,898,228  

Telenor ASA

     258,270        3,974,046  
    

 

 

  
       11,571,460  
    

 

 

  

Portugal-0.92%

     

Jeronimo Martins SGPS S.A.

     211,288        3,567,396  

NOS, SGPS S.A.

     1,049,672        3,913,598  
    

 

 

  
       7,480,994  
    

 

 

  

Singapore-8.98%

     

Ascendas REIT

     1,810,934        3,779,627  

CapitaLand Commercial Trust

     3,789,153        4,287,105  

CapitaLand Ltd.

     1,871,083        3,955,943  

CapitaLand Mall Trust.

     2,927,974        3,886,992  

ComfortDelGro Corp. Ltd.

     3,604,515        4,186,533  

DBS Group Holdings Ltd.

     306,978        4,310,403  

Keppel Corp. Ltd.

     972,492        4,101,757  

Keppel REIT

     5,286,221        3,938,942  

Oversea-Chinese Banking Corp. Ltd.

     740,352        4,741,420  

Singapore Airlines Ltd.

     863,217        3,704,418  

Singapore Exchange Ltd.

     594,128        4,061,553  

Singapore Press Holdings Ltd.

     3,487,855        3,741,264  

Singapore Technologies Engineering Ltd.

     1,575,396        3,800,917  

Singapore Telecommunications Ltd.

     2,131,510        4,248,926  

Suntec REIT

     3,945,254        3,876,649  

United Overseas Bank Ltd.

     301,025        4,308,090  

UOL Group Ltd.

     845,112        4,087,897  

Wilmar International Ltd.

     1,483,422        3,748,243  
    

 

 

  
       72,766,679  
    

 

 

  

Spain-0.47%

     

Red Electrica Corp. S.A.

     218,126        3,835,754  
    

 

 

  

Sweden-2.84%

     

Assa Abloy AB, Class B

     200,603        3,615,792  

Axfood AB

     176,562        3,745,561  

Essity AB, Class B

     125,521        4,080,281  

Investor AB, Class B

     80,872        4,067,115  

Swedish Match AB

     60,766        3,767,701  

Telia Co. AB

     1,086,692        3,755,002  
    

 

 

  
       23,031,452  
    

 

 

  

Switzerland-5.32%

     

Chocoladefabriken Lindt & Spruengli AG

     47        3,934,725  

Geberit AG

     9,404        4,219,937  

Givaudan S.A.

     1,378        4,615,940  

Kuehne + Nagel International AG

     26,731        3,823,462  

Nestle S.A.

     45,826        4,838,284  

Novartis AG

     48,677        4,148,754  

Roche Holding AG

     13,507        4,694,527  

Schindler Holding AG, PC

     20,142        4,476,464  
 

 

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

 

  25  

 

  

 

 

 

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

April 30, 2020

(Unaudited)

    

 

        Shares          Value  

Switzerland-(continued)

     

SGS S.A.

     1,792      $ 4,056,903  

Swisscom AG

     8,235        4,281,535  
    

 

 

  
       43,090,531  
    

 

 

  

United Kingdom-5.58%

     

Admiral Group PLC

     138,791        4,078,994  

AstraZeneca PLC

     38,760        4,068,621  

Croda International PLC

     74,818        4,607,228  

Diageo PLC

     109,262        3,789,986  

GlaxoSmithKline PLC

     214,126        4,486,161  

HSBC Holdings PLC

     807,861        4,177,883  

National Grid PLC

     323,263        3,807,551  

Reckitt Benckiser Group PLC

     48,505        4,056,354  

RELX PLC

     172,964        3,919,392  

Tesco PLC

     1,321,582        3,919,066  

Unilever N.V

     87,277        4,357,197  
    

 

 

  
       45,268,433  
    

 

 

  

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.70%
(Cost $835,776,693)

 

      808,198,684  
    

 

 

  
        Shares          Value  
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-1.65%

     

Invesco Private Government Fund, 0.01%(d)(e)(f)
(Cost $13,393,117)

     13,393,117      $ 13,393,117  
    

 

 

  

TOTAL INVESTMENTS IN SECURITIES-101.35%
(Cost $849,169,810)

 

      821,591,801  

OTHER ASSETS LESS LIABILITIES-(1.35)%

 

      (10,946,984 ) 
    

 

 

  

NET ASSETS-100.00%.

      $ 810,644,817  
    

 

 

  
 

Investment Abbreviations:

PC-Participation Certificate

REIT-Real Estate Investment Trust

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, 2020 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, 2020.

(d)

The rate shown is the 3-day SEC standardized yield as of April 30, 2020. The money market fund commenced operations on April 28, 2020.

(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.

(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, 2020.

 

    Value
October 31, 2019		    Purchases
at Cost		    Proceeds
from Sales		    Change in
Unrealized
Appreciation
(Depreciation)		    Realized
Gain
(Loss)		    Value
April 30, 2020		    Dividend
Income
Investments Purchased with Cash Collateral from Securities on Loan:                                  
Invesco Government & Agency Portfolio, Institutional Class*     $ 23,606,275      $ 199,343,992      $ (222,950,267 )      $ -      $ -      $ -      $ 154,060
Invesco Liquid Assets Portfolio, Institutional Class*       7,868,758        45,449,103        (53,314,324 )        (313 )        (3,224 )        -        58,330
Invesco Private Government Fund       -        30,586,555        (17,193,438 )        -        -        13,393,117        8
   

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

  

Total

     $ 31,475,033      $ 275,379,650      $ (293,458,029 )      $ (313 )      $ (3,224 )      $ 13,393,117      $ 212,398
   

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

  

 

*

At April 30, 2020, this security was no longer held.

 

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

 

  26  

 

  

 

 

 

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

April 30, 2020

(Unaudited)

    

 

Portfolio Composition

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

as of April 30, 2020

     

Industrials

     21.61    

Consumer Staples

     18.52    

Financials

     15.18    

Utilities

     9.90    

Communication Services

     8.27    

Real Estate

     7.60    

Consumer Discretionary

     6.15    

Health Care

     5.65    

Materials

     4.45    

Information Technology

     2.37    

Money Market Funds Plus Other Assets

    

Less Liabilities

     0.30    

 

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

 

  27  

 

  

 

 

 

Invesco S&P International Developed Momentum ETF (IDMO)

April 30, 2020

(Unaudited)

Schedule of Investments

 

      Shares       Value  
Common Stocks & Other Equity Interests-99.78%

 

Australia-10.61%

    

Aristocrat Leisure Ltd.

     431     $ 7,193  

Coca-Cola Amatil Ltd.

     447       2,540  

Coles Group Ltd.

     812       8,245  

Commonwealth Bank of Australia

     937       38,457  

CSL Ltd.

     489       99,067  

Fortescue Metals Group Ltd.

     1,422       11,135  

Goodman Group

     811       6,982  

Lendlease Group

     379       3,067  

Magellan Financial Group Ltd.

     115       3,841  

Mirvac Group

     2,129       3,122  

Northern Star Resources Ltd.

     411       3,442  

Orica Ltd.

     185       2,170  

QBE Insurance Group Ltd.

     631       3,491  

Sonic Healthcare Ltd.

     292       5,198  

Stockland

     1,916       3,613  

Telstra Corp. Ltd.

     1,943       3,880  

Transurban Group

     1,692       15,287  

Wesfarmers Ltd.

     755       18,630  

Woolworths Group Ltd.

     1,117       26,144  
   

 

 

  
             265,504  
   

 

 

  

Austria-0.07%

    

CA Immobilien Anlagen AG

     54       1,718  
   

 

 

  

Belgium-0.45%

    

Galapagos N.V.(a)

     51       11,256  
   

 

 

  

Canada-14.29%

    

Algonquin Power & Utilities Corp.

     571       7,934  

Atco Ltd., Class I

     46       1,295  

Barrick Gold Corp.

     1,331       34,335  

Brookfield Asset Management, Inc., Class A

     1,299       43,994  

CAE, Inc.(a)

     162       2,683  

Canadian Apartment Properties REIT

     42       1,448  

Canadian Pacific Railway Ltd.

     87       19,816  

Canadian Utilities Ltd., Class A(b)

     86       2,103  

CI Financial Corp.

     121       1,288  

Constellation Software, Inc.

     13       12,528  

Emera, Inc.(b)

     213       8,497  

Fortis, Inc.

     349       13,553  

Franco-Nevada Corp.

     162       21,479  

Genworth MI Canada, Inc.

     31       766  

Hydro One Ltd.(c)

     331       6,015  

iA Financial Corp., Inc.

     81       2,635  

Intact Financial Corp.

     151       14,402  

Kinross Gold Corp.(a)

     760       5,029  

National Bank of Canada

     259       10,469  

Shopify, Inc., Class A(a)

     114       72,455  

Sun Life Financial, Inc.

     392       13,465  

TC Energy Corp.

     725       33,438  

Thomson Reuters Corp.

     165       11,650  

TMX Group Ltd.

     39       3,386  

Wheaton Precious Metals Corp.

     253       9,634  

WSP Global, Inc.

     47       3,161  
   

 

 

  
         357,458  
   

 

 

  

China-0.23%

    

Alibaba Health Information Technology Ltd.(a)

     2,396       5,798  
   

 

 

  
      Shares        Value  

Denmark-4.43%

     

Coloplast A/S, Class B

     96      $ 15,181  

DSV Panalpina A/S

     108        11,141  

Genmab A/S(a)

     41        9,858  

Novo Nordisk A/S, Class B

     951        60,643  

Orsted A/S(c)

     138        13,949  
    

 

 

  
          110,772  
    

 

 

  

Finland-1.35%

     

Elisa OYJ

     150        9,109  

Kesko OYJ, Class B

     148        2,407  

Kone OYJ, Class B

     235        14,239  

Neste OYJ

     225        7,967  
    

 

 

  
       33,722  
    

 

 

  

France-7.37%

     

Air Liquide S.A.(b)

     324        41,201  

ENGIE S.A.

     1,013        10,989  

Hermes International

     17        12,434  

Legrand S.A.

     153        10,310  

LVMH Moet Hennessy Louis Vuitton SE

     146        56,362  

Sartorius Stedim Biotech

     23        5,517  

Schneider Electric SE(b)

     397        36,291  

Veolia Environnement S.A.(b)

     530        11,311  
    

 

 

  
       184,415  
    

 

 

  

Germany-3.50%

     

Beiersdorf AG

     54        5,653  

Deutsche Boerse AG

     135        20,960  

Hannover Rueck SE

     43        6,853  

Merck KGaA

     74        8,600  

MTU Aero Engines AG

     25        3,404  

Muenchener Rueckversicherungs-Gesellschaft AG

     77        16,935  

Puma SE

     52        3,268  

RWE AG

     489        14,054  

Sartorius AG, Preference Shares

     24        6,750  

Talanx AG

     34        1,213  
    

 

 

  
       87,690  
    

 

 

  

Ireland-0.87%

     

Flutter Entertainment PLC(b)

     47        5,750  

Kerry Group PLC, Class A

     94        10,780  

Kingspan Group PLC

     102        5,195  
    

 

 

  
       21,725  
    

 

 

  

Israel-0.68%

     

Airport City Ltd.(a)

     41        627  

Alony Hetz Properties & Investments Ltd.

     118        1,434  

Amot Investments Ltd.

     115        649  

Azrieli Group Ltd.

     21        1,253  

First International Bank of Israel Ltd.

     24        599  

Gazit-Globe Ltd.

     63        468  

Israel Discount Bank Ltd., Class A

     564        1,848  

Melisron Ltd.

     12        487  

Mizrahi Tefahot Bank Ltd.

     93        1,922  

Nice Ltd.(a)

     40        6,688  

Shapir Engineering and Industry Ltd.

     144        1,014  
    

 

 

  
       16,989  
    

 

 

  

Italy-3.02%

     

Amplifon S.p.A

     65        1,489  
 

 

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

 

  28  

 

  

 

 

 

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

April 30, 2020

(Unaudited)

 

      Shares        Value  

Italy-(continued)

     

Banca Mediolanum S.p.A

     151      $ 921  

Enel S.p.A

     7,398        50,530  

Ferrari N.V

     72        11,309  

Hera S.p.A

     590        2,183  

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

     122        1,290  

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

     227        3,437  

Poste Italiane S.p.A.(c)

     260        2,208  

Recordati S.p.A

     49        2,129  
    

 

 

  
       75,496  
    

 

 

  

Japan-13.14%

     

Advantest Corp.

     158        7,787  

Canon Marketing Japan, Inc.

     28        548  

Capcom Co. Ltd.

     43        1,325  

Casio Computer Co. Ltd.

     124        1,983  

Chugai Pharmaceutical Co. Ltd.

     214        25,635  

Daiichi Sankyo Co. Ltd.

     424        29,270  

Daikin Industries Ltd.

     155        20,300  

Disco Corp.

     17        3,871  

Fujitsu Ltd.

     154        15,172  

GLP J-REIT

     2        2,594  

Hitachi Metals Ltd.

     134        1,323  

Hoya Corp.

     268        24,726  

Hulic Co. Ltd.

     277        2,777  

Ibiden Co. Ltd.

     96        2,497  

ITOCHU Corp.

     1,174        23,330  

Japan Real Estate Investment Corp.

     1        5,461  

Kobe Bussan Co. Ltd.

     60        2,906  

Kyowa Kirin Co. Ltd.

     134        3,155  

M3, Inc.

     287        10,440  

Miura Co. Ltd.

     66        2,728  

Nippon Building Fund, Inc.

     1        6,013  

Nippon Prologis REIT, Inc.

     2        5,529  

Nomura Real Estate Master Fund, Inc.

     2        2,312  

Nomura Research Institute Ltd.

     338        8,325  

NTT DOCOMO, Inc.

     696        20,489  

Obic Co. Ltd.

     35        5,309  

Olympus Corp.

     991        15,991  

Open House Co. Ltd.

     33        733  

ORIX JREIT, Inc.

     2        2,426  

Sekisui House Ltd.

     498        8,655  

Sekisui House Reit, Inc.

     2        1,234  

Shin-Etsu Chemical Co. Ltd.

     240        26,966  

Taiyo Nippon Sanso Corp.

     102        1,604  

TIS, Inc.

     129        2,502  

Tokyo Electron Ltd.

     121        25,957  

Tsuruha Holdings, Inc.

     21        2,824  

Welcia Holdings Co. Ltd.

     42        3,048  

Workman Co. Ltd.

     15        964  
    

 

 

  
       328,709  
    

 

 

  

Netherlands-4.70%

     

ASML Holding N.V

     358        106,127  

GrandVision N.V.(c)

     56        1,484  

Wolters Kluwer N.V

     136        9,998  
    

 

 

  
       117,609  
    

 

 

  

New Zealand-0.89%

     

Fisher & Paykel Healthcare Corp. Ltd.

     625        10,561  

Meridian Energy Ltd.

     636        1,762  

Ryman Healthcare Ltd.

     297        2,219  
      Shares        Value  

New Zealand-(continued)

     

Spark New Zealand Ltd.

     1,227      $ 3,361  

Xero Ltd.(a)

     82        4,270  
    

 

 

  
       22,173  
    

 

 

  

Norway-0.39%

     

Entra ASA(c)

     93        1,174  

Gjensidige Forsikring ASA

     134        2,373  

Orkla ASA

     487        4,420  

TOMRA Systems ASA

     56        1,865  
    

 

 

  
       9,832  
    

 

 

  

Portugal-0.41%

     

EDP - Energias de Portugal S.A.

     1,891        7,974  

Jeronimo Martins SGPS S.A.

     132        2,229  
    

 

 

  
       10,203  
    

 

 

  

Singapore-0.64%

     

Ascendas REIT

     1,851        3,905  

Mapletree Commercial Trust.

     1,264        1,760  

Mapletree Logistics Trust

     2,694        3,445  

Singapore Technologies Engineering Ltd.

     782        1,905  

Wilmar International Ltd.

     1,929        4,892  
    

 

 

  
       15,907  
    

 

 

  

Spain-3.55%

     

Cellnex Telecom S.A.(a)(c)

     293        15,340  

Ferrovial S.A.

     353        8,815  

Grifols S.A.

     177        6,022  

Iberdrola S.A.

     5,849        58,555  
    

 

 

  
       88,732  
    

 

 

  

Sweden-3.74%

     

AAK AB

     90        1,479  

Assa Abloy AB, Class B

     442        7,967  

Atlas Copco AB, Class A

     416        14,451  

Atlas Copco AB, Class B

     215        6,720  

Beijer Ref AB

     64        1,329  

Castellum AB

     202        3,546  

Epiroc AB, Class B

     207        2,052  

Fabege AB.

     162        1,940  

Fastighets AB Balder, Class B(a)

     97        3,833  

Getinge AB, Class B

     144        2,773  

Hennes & Mauritz AB, Class B

     411        5,731  

Holmen AB, Class B

     71        2,075  

Hufvudstaden AB, Class A

     58        745  

Investment AB Latour, Class B(b)

     78        1,171  

Investor AB, Class B

     255        12,824  

L E Lundbergforetagen AB, Class B

     56        2,363  

Lifco AB, Class B

     27        1,289  

Nibe Industrier AB, Class B

     253        4,736  

Skanska AB, Class B

     240        4,599  

Swedish Match AB

     103        6,386  

Tele2 AB, Class B

     299        3,876  

Wallenstam AB, Class B

     170        1,763  
    

 

 

  
       93,648  
    

 

 

  

Switzerland-16.76%

     

Chocoladefabriken Lindt & Spruengli AG, PC

     17,797  

Geberit AG

     23        10,321  

Givaudan S.A.

     620,098  

Lonza Group AG

     55        24,014  

Nestle S.A.

     1,441        152,140  
 

 

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

 

  29  

 

  

 

 

 

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

April 30, 2020

(Unaudited)

 

      Shares       Value  

Switzerland-(continued)

    

Partners Group Holding AG

     10     $ 7,872  

Roche Holding AG

     369       128,250  

Roche Holding AG, BR

     15       5,219  

Sika AG

     79       13,072  

STMicroelectronics N.V

     495       12,855  

Swisscom AG

     17       8,839  

Zurich Insurance Group AG

     90       28,656  
   

 

 

  
        419,133  
   

 

 

  

Taiwan-0.38%

    

Sea Ltd., ADR(a)(b)

     170       9,449  
   

 

 

  

United Kingdom-6.74%

    

AVEVA Group PLC

     49       2,207  

BAE Systems PLC

     2,443       15,666  

Barratt Developments PLC

     599       3,921  

Clarivate Analytics PLC(a)

     190       4,366  

ConvaTec Group PLC(c)

     1,234       3,306  

Experian PLC

     647       19,390  

Halma PLC

     209       5,510  

JD Sports Fashion PLC

     320       2,137  

London Stock Exchange Group PLC

     297       27,932  

National Grid PLC

     2,347       27,644  

Persimmon PLC

     165       4,589  

Rentokil Initial PLC

     1,471       8,800  

Segro PLC

     752       7,869  

Severn Trent PLC

     149       4,492  

Smith & Nephew PLC

     484       9,512  

Spirax-Sarco Engineering PLC

     44       4,844  
      Shares       Value  

United Kingdom-(continued)

    

SSE PLC

     814     $ 12,834  

United Utilities Group PLC

     317       3,608  
   

 

 

  
      168,627  
   

 

 

  

United States-1.57%

    

Atlassian Corp. PLC, Class A(a)

     60       9,330  

Ferguson PLC

     146       10,563  

James Hardie Industries PLC, CDI

     424       6,224  

Waste Connections, Inc.

     153       13,192  
   

 

 

  
      39,309  
   

 

 

  

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.78%
(Cost $2,292,401)

 

     2,495,874  
   

 

 

  
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-4.11%

 

  

Invesco Private Government Fund, 0.01%(d)(e)(f)
(Cost $102,778)

     102,778       102,778  
   

 

 

  

TOTAL INVESTMENTS IN SECURITIES-103.89%
(Cost $2,395,179)

 

     2,598,652  

OTHER ASSETS LESS LIABILITIES-(3.89)%

 

     (97,418 ) 
   

 

 

  

NET ASSETS-100.00%

     $ 2,501,234  
   

 

 

  
 

 

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

 

  30  

 

  

 

 

 

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

April 30, 2020

(Unaudited)

    

 

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, 2020.

(c)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2020 was $48,203, which represented 1.93% of the Fund’s Net Assets.

(d)

The rate shown is the 3-day SEC standardized yield as of April 30, 2020. The money market fund commenced operations on April 28, 2020.

(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.

(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, 2020.

 

    Value
October 31, 2019		    Purchases
at Cost		    Proceeds
from Sales		    Change in
Unrealized
Appreciation		    Realized
Gain
(Loss)		    Value
April 30, 2020		    Dividend
Income
Investments Purchased with Cash Collateral from Securities on Loan:                                  
Invesco Government & Agency Portfolio, Institutional Class*     $   7,660      $ 216,817      $ (224,477 )       $ -      $   -      $             -      $ 130
Invesco Liquid Assets Portfolio, Institutional Class*       2,541        45,000        (47,535 )        -        (6 )        -        48
Invesco Private Government Fund       -        168,548        (65,770 )        -        -        102,778        -
   

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

  
Total     $ 10,201      $ 430,365      $ (337,782 )       $ -      $ (6 )       $ 102,778      $ 178
   

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

  

 

*

At April 30, 2020, this security was no longer held.

Portfolio Composition

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

as of April 30, 2020

Health Care

     21.29      

Industrials

     13.38    

Information Technology

     12.29    

Financials

     10.86    

Utilities

     10.36    

Consumer Staples

     9.75    

Materials

     7.98    

Consumer Discretionary

     5.78    

Real Estate

     3.35    

Communication Services

     3.08    

Energy

     1.66    
Money Market Funds Plus Other Assets Less Liabilities     0.22    

 

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

 

  31  

 

  

 

 

 

Statements of Assets and Liabilities

April 30, 2020

(Unaudited)

 

    Invesco FTSE
International Low
Beta Equal Weight
ETF (IDLB)		    Invesco S&P
Emerging
Markets
Low Volatility
ETF (EELV)		    Invesco
S&P
Emerging
Markets
Momentum
ETF
(EEMO)		    Invesco S&P
International
Developed High
Dividend Low
Volatility
ETF (IDHD)
Assets:                   

Unaffiliated investments in securities, at value(a)

    $ 16,517,389      $ 214,055,900      $ 5,551,244      $ 13,137,933

Affiliated investments in securities, at value

       444,346        965,251        20,649        -

Foreign currencies, at value

       -        80,954        13,472        149

Deposits with brokers:

                   

Cash segregated as collateral

       -        5,954,664        -        -

Receivable for:

                   

Dividends

       114,982        525,065        9,466        44,600

Securities lending

       784        2,320        44        267

Investments sold

       1,270,322        6,710,498        64,124        -

Fund shares sold

       -        11,558        -        342,065

Foreign tax reclaims

       182,339        41,715        -        11,525

Other assets

       -        13,359        -        -
   

 

 

       

 

 

       

 

 

       

 

 

  

Total assets

       18,530,162        228,361,284        5,658,999        13,536,539
   

 

 

       

 

 

       

 

 

       

 

 

  
Liabilities:                   

Due to custodian

       375,871        1,571,154        80,749        14,471

Due to foreign custodian

       2,583        -        -        -

Payable for:

                   

Investments purchased

       46        11,716        75        342,065

Collateral upon return of securities loaned

       444,346        965,251        20,649        -

Collateral upon receipt of securities in-kind

       -        5,954,664        -        -

Fund shares repurchased

       1,040,737        5,671,108        -        -

Accrued unitary management fees

       7,544        78,122        1,475        2,842
   

 

 

       

 

 

       

 

 

       

 

 

  

Total liabilities

       1,871,127        14,252,015        102,948        359,378
   

 

 

       

 

 

       

 

 

       

 

 

  
Net Assets     $ 16,659,035      $ 214,109,269      $ 5,556,051      $ 13,177,161
   

 

 

       

 

 

       

 

 

       

 

 

  
Net assets consist of:                   

Shares of beneficial interest

     $ 34,958,732      $ 359,614,843      $ 7,824,857      $ 16,902,868

Distributable earnings (loss)

       (18,299,697 )        (145,505,574 )        (2,268,806 )        (3,725,707 )
   

 

 

       

 

 

       

 

 

       

 

 

  
Net Assets     $ 16,659,035      $ 214,109,269      $ 5,556,051      $ 13,177,161
   

 

 

       

 

 

       

 

 

       

 

 

  

Shares outstanding (unlimited amount authorized, $0.01 par value)

       700,001        11,300,000        450,000        600,001

Net asset value

     $ 23.80      $ 18.95      $ 12.35      $ 21.96
   

 

 

       

 

 

       

 

 

       

 

 

  

Market price

     $ 23.57      $ 18.67      $ 12.25      $ 21.88
   

 

 

       

 

 

       

 

 

       

 

 

  

Unaffiliated investments in securities, at cost

     $ 18,590,056      $ 227,438,736      $ 5,357,630      $ 15,922,258
   

 

 

       

 

 

       

 

 

       

 

 

  

Affiliated investments in securities, at cost

     $ 444,346      $ 965,251      $ 20,649      $ -
   

 

 

       

 

 

       

 

 

       

 

 

  

Foreign currencies (due to foreign custodian), at cost

     $ (2,577 )      $ 79,626      $ 13,461      $ 147
   

 

 

       

 

 

       

 

 

       

 

 

  

(a) Includes securities on loan with an aggregate value of:

     $ 395,863      $ 920,975      $ 19,890      $ -
   

 

 

       

 

 

       

 

 

       

 

 

  

 

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

 

  32  

 

  

 

 

 


    

    

 

Invesco S&P
International
Developed Low
Volatility
ETF (IDLV)		    Invesco S&P
International
Developed
Momentum
ETF (IDMO)
             
  $ 808,198,684      $ 2,495,874
    13,393,117        102,778
    2,080,889        2,919
             
    -        -
             
    2,748,054        3,520
    22,883        13
    16,597,965        6,842
    -        -
    1,192,405        3,872
    -        -
 

 

 

       

 

 

  
    844,233,997        2,615,818
 

 

 

       

 

 

  
      
    1,582,087        6,285
    -          -
               
    12,649,723        4,921
    13,393,117        102,778
    -          -
    5,784,185        -
    180,068        600
 

 

 

       

 

 

  
    33,589,180        114,584
 

 

 

       

 

 

  
  $ 810,644,817      $ 2,501,234
 

 

 

       

 

 

  
  $ 1,033,924,067      $ 4,093,093
    (223,279,250 )        (1,591,859 )
 

 

 

       

 

 

  
  $ 810,644,817      $ 2,501,234
 

 

 

       

 

 

  
    30,100,000          100,000  
  $ 26.93      $ 25.01
 

 

 

       

 

 

  
  $ 26.78      $ 24.89
 

 

 

       

 

 

  
  $ 835,776,693      $ 2,292,401
 

 

 

       

 

 

  
  $ 13,393,117      $ 102,778
 

 

 

       

 

 

  
  $ 2,079,689      $ 2,896
 

 

 

       

 

 

  
  $ 7,400,802      $ 91,030
 

 

 

       

 

 

  

 

  33  

 

  

 

 

 

Statements of Operations

For the six months ended April 30, 2020

(Unaudited)

 

    Invesco FTSE
International Low
Beta Equal Weight
ETF (IDLB)		    Invesco S&P
Emerging
Markets
Low Volatility
ETF (EELV)		   Invesco S&P
Emerging
Markets
Momentum
ETF (EEMO)		   Invesco S&P
International
Developed High
Dividend Low
Volatility
ETF (IDHD)
Investment income:                 

Unaffiliated interest income

     $ -      $ -     $ 9     $ -

Unaffiliated dividend income

       402,022        4,234,376       71,499       274,810

Affiliated dividend income

       122        1,058       117       137

Securities lending income

       7,138        6,618       124       850

Foreign withholding tax

       (47,876 )        (375,589 )       (3,831 )       (32,575 )
   

 

 

       

 

 

      

 

 

      

 

 

  

Total investment income

       361,406        3,866,463       67,918       243,222
   

 

 

       

 

 

      

 

 

      

 

 

  
Expenses:                 

Unitary management fees

       77,106        691,966       13,023       20,232
   

 

 

       

 

 

      

 

 

      

 

 

  

Less: Waivers

       (16 )        (246,410 )       (4,655 )       (19 )
   

 

 

       

 

 

      

 

 

      

 

 

  

Net expenses

       77,090        445,556       8,368       20,213
   

 

 

       

 

 

      

 

 

      

 

 

  

Net investment income

       284,316        3,420,907       59,550       223,009
   

 

 

       

 

 

      

 

 

      

 

 

  
Realized and unrealized gain (loss) from:                 

Net realized gain (loss) from:

                 

Unaffiliated investment securities

       (2,967,392 )        (45,882,824 )(a)       (1,443,637 )(a)       (131,597 )

Affiliated investment securities

       (76 )        (122 )       (6 )       56

In-kind redemptions

       152,313        (6,767,938 )       -       128,359

Foreign currencies

       (2,233 )        (22,067 )       (2,022 )       (4,504 )
   

 

 

       

 

 

      

 

 

      

 

 

  

Net realized gain (loss)

       (2,817,388 )        (52,672,951 )       (1,445,665 )       (7,686 )
   

 

 

       

 

 

      

 

 

      

 

 

  

Change in net unrealized appreciation (depreciation) of:

                 

Unaffiliated investment securities

       (2,341,647 )        (13,995,902 )       (300,232 )(b)       (3,428,346 )

Affiliated investment securities

       (14 )        -       (5 )       -

Foreign currencies

       2,401        3,788       (190 )       290
   

 

 

       

 

 

      

 

 

      

 

 

  

Change in net unrealized appreciation (depreciation)

       (2,339,260 )        (13,992,114 )       (300,427 )       (3,428,056 )
   

 

 

       

 

 

      

 

 

      

 

 

  

Net realized and unrealized gain (loss)

       (5,156,648 )        (66,665,065 )       (1,746,092 )       (3,435,742 )
   

 

 

       

 

 

      

 

 

      

 

 

  

Net increase (decrease) in net assets resulting from operations

     $ (4,872,332 )      $ (63,244,158 )     $ (1,686,542 )     $ (3,212,733 )
   

 

 

       

 

 

      

 

 

      

 

 

  

(a) Net of foreign taxes of $13,359 and $2,941, respectively.

(b) Net of foreign taxes of $(1,533).

 

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

 

  34  

 

  

 

 

 


    

    

 

Invesco S&P
International
Developed
Low Volatility
ETF (IDLV)		    Invesco S&P
International
Developed
Momentum
ETF (IDMO)
             
  $ -      $ -
    15,256,408        37,866
    9,294        11
    105,008        59
    (1,823,123 )        (7,318 )
 

 

 

       

 

 

  
    13,547,587        30,618
 

 

 

       

 

 

  
             
    1,671,454        4,602
 

 

 

       

 

 

  
    (479,503 )        (1,317 )
 

 

 

       

 

 

  
    1,191,951        3,285
 

 

 

       

 

 

  
    12,355,636        27,333
 

 

 

       

 

 

  
             
    (111,368,211 )        (163,347 )
    (3,224 )        (6 )
    8,867,347        -
    (396,828 )        (664 )
 

 

 

       

 

 

  
    (102,900,916 )        (164,017 )
 

 

 

       

 

 

  
             
    (106,841,536 )        (16,461 )
    (313 )        -
    48,613        (14 )
 

 

 

       

 

 

  
    (106,793,236 )        (16,475 )
 

 

 

       

 

 

  
    (209,694,152 )        (180,492 )
 

 

 

       

 

 

  
  $ (197,338,516 )      $ (153,159 )
 

 

 

       

 

 

  

 

  35  

 

  

 

 

 

Statements of Changes in Net Assets

For the six months ended April 30, 2020 and the year ended October 31, 2019

(Unaudited)

 

    Invesco FTSE International
Low Beta Equal Weight
ETF (IDLB)		   Invesco S&P Emerging Markets
Low Volatility ETF (EELV)
    Six Months Ended
April 30,
2020		   Year Ended
October 31,
2019		   Six Months Ended
April 30,
2020		   Year Ended
October 31,
2019
Operations:                

Net investment income

     $ 284,316     $ 2,415,163     $ 3,420,907     $ 10,014,091

Net realized gain (loss)

       (2,817,388 )       1,941,655       (52,672,951 )       (7,722,334 )

Change in net unrealized appreciation (depreciation)

       (2,339,260 )       3,926,336       (13,992,114 )       12,756,268
   

 

 

      

 

 

      

 

 

      

 

 

  

Net increase (decrease) in net assets resulting from operations

       (4,872,332 )       8,283,154       (63,244,158 )       15,048,025
   

 

 

      

 

 

      

 

 

      

 

 

  
Distributions to Shareholders from:                

Distributable earnings

       (640,967 )       (2,663,090 )       (5,364,408 )       (14,807,076 )
   

 

 

      

 

 

      

 

 

      

 

 

  
Shareholder Transactions:                

Proceeds from shares sold

       12,658       38,328,349       29,874,938       92,611,360

Value of shares repurchased

       (31,455,683 )       (99,591,478 )       (83,054,284 )       (3,576,939 )

Transaction fees

       -       -       264,808       86,655
   

 

 

      

 

 

      

 

 

      

 

 

  

Net increase (decrease) in net assets resulting from share transactions

       (31,443,025 )       (61,263,129 )       (52,914,538 )       89,121,076
   

 

 

      

 

 

      

 

 

      

 

 

  

Net increase (decrease) in net assets

       (36,956,324 )       (55,643,065 )       (121,523,104 )       89,362,025
   

 

 

      

 

 

      

 

 

      

 

 

  
Net assets:                

Beginning of period

       53,615,359       109,258,424       335,632,373       246,270,348
   

 

 

      

 

 

      

 

 

      

 

 

  

End of period

     $ 16,659,035     $ 53,615,359     $ 214,109,269     $ 335,632,373
   

 

 

      

 

 

      

 

 

      

 

 

  
Changes in Shares Outstanding:                

Shares sold

       -       1,400,000       1,350,000       3,900,000

Shares repurchased

       (1,200,000 )       (3,550,000 )       (4,500,000 )       (150,000 )

Shares outstanding, beginning of period

       1,900,001       4,050,001       14,450,000       10,700,000
   

 

 

      

 

 

      

 

 

      

 

 

  

Shares outstanding, end of period

       700,001       1,900,001       11,300,000       14,450,000
   

 

 

      

 

 

      

 

 

      

 

 

  

 

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

 

  36  

 

  

 

 

 


    

    

 

Invesco S&P Emerging Markets
Momentum ETF (EEMO)		   Invesco S&P International
Developed High Dividend
Low Volatility ETF (IDHD)		   Invesco S&P International
Developed Low Volatility ETF
(IDLV)		   Invesco S&P International
Developed Momentum ETF
(IDMO)
Six Months Ended
April 30,
2020		   Year Ended
October 31,
2019		   Six Months Ended
April 30,
2020		   Year Ended
October 31,
2019		   Six Months Ended
April 30,
2020		   Year Ended
October 31,
2019		   Six Months Ended
April 30,
2020		   Year Ended
October 31,
2019
                                      
  $ 59,550     $ 203,116     $ 223,009     $ 454,113     $ 12,355,636     $ 25,935,348     $ 27,333     $ 60,984
    (1,445,665 )       (976,139 )       (7,686 )       (192,917 )       (102,900,916 )       (12,989,782 )       (164,017 )       (148,718 )
    (300,427 )       1,692,906       (3,428,056 )       1,100,346       (106,793,236 )       101,291,478       (16,475 )       361,473
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  
    (1,686,542 )       919,883       (3,212,733 )       1,361,542       (197,338,516 )       114,237,044       (153,159 )       273,739
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  
                                      
    (131,358 )       (1,227,256 )       (472,310 )       (462,652 )       (37,257,150 )       (27,200,949 )       (30,985 )       (74,476 )
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  
                                      
    1,432,120       -       6,387,340       10,898,206       201,460,892       436,062,565       -       -
    -       (6,681,594 )       (3,825,583 )       (2,734,982 )       (145,272,315 )       (71,976,046 )       -       -
    1,016       5,965       -       -       -       -       -       -
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  
    1,433,136       (6,675,629 )       2,561,757       8,163,224       56,188,577       364,086,519       -       -
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  
    (384,764 )       (6,983,002 )       (1,123,286 )       9,062,114       (178,407,089 )       451,122,614       (184,144 )       199,263
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  
                                      
    5,940,815       12,923,817       14,300,447       5,238,333       989,051,906       537,929,292       2,685,378       2,486,115
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  
  $ 5,556,051     $ 5,940,815     $ 13,177,161     $ 14,300,447     $ 810,644,817     $ 989,051,906     $ 2,501,234     $ 2,685,378
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  
                                      
    100,000       -       250,000       400,000       6,400,000       13,300,000       -       -
    -       (400,000 )       (150,000 )       (100,000 )       (4,900,000 )       (2,150,000 )       -       -
    350,000       750,000       500,001       200,001       28,600,000       17,450,000       100,000       100,000
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  
    450,000       350,000       600,001       500,001       30,100,000       28,600,000       100,000       100,000
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

 

  37  

 

  

 

 

 

Financial Highlights

 

Invesco FTSE International Low Beta Equal Weight ETF (IDLB)

 

   

Six Months Ended
April 30,

2020

   Years Ended October 31,  

For the Period
November 04, 2015(a)
Through

October 31,

    (Unaudited)   2019   2018   2017   2016

Per Share Operating Performance:

                    

Net asset value at beginning of period

     $ 28.22     $ 26.98     $ 29.47     $ 25.09     $ 24.92
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net investment income(b)

      0.22       0.68       0.67       0.64       0.54

Net realized and unrealized gain (loss) on investments

       (4.14 )       1.43       (2.30 )       4.45       0.03
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Total from investment operations

       (3.92 )       2.11       (1.63 )       5.09       0.57
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Distributions to shareholders from:

                    

Net investment income

       (0.50 )       (0.87 )       (0.86 )       (0.71 )       (0.40 )
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net asset value at end of period

     $ 23.80     $ 28.22     $ 26.98     $ 29.47     $ 25.09
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Market price at end of period(c)

    $ 23.57     $ 28.02     $ 26.86     $ 29.44     $ 25.20
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net Asset Value Total Return(d)

      (13.95 )%       7.94 %       (5.81 )%       20.63 %       2.33 %(e)

Market Price Total Return(d)

      (14.17 )%       7.65 %       (6.12 )%       19.98 %       2.77 %(e)

Ratios/Supplemental Data:

                    

Net assets at end of period (000’s omitted)

     $ 16,659     $ 53,615     $ 109,258     $ 134,104     $ 146,797

Ratio to average net assets of:

                    

Expenses

       0.45 %(f)       0.46 %(g)       0.45 %       0.45 %       0.45 %(f)

Net investment income

       1.66 %(f)       2.48 %(g)       2.23 %       2.38 %       2.22 %(f)

Portfolio turnover rate(h)

      14 %       53 %       50 %       39 %       59 %

 

(a) 

Commencement of investment operations.

(b) 

Based on average shares outstanding.

(c) 

The mean between the last bid and ask prices.

(d) 

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(e) 

The net asset value total return from Fund Inception (November 5, 2015, the first day of trading on the exchange) to October 31, 2016 was 2.17%. The market price total return from Fund Inception to October 31, 2016 was 2.16%.

(f)

Annualized.

(g) 

Ratios include non-recurring costs associated with a proxy statement of 0.01%.

(h) 

Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

 

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

 

  38  

 

  

 

 

 

Financial Highlights–(continued)

 

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

 

   

Six Months Ended
April 30,

2020

   Years Ended October 31,
    (Unaudited)   2019    `2018   2017    2016    2015

Per Share Operating Performance:

                           

Net asset value at beginning of period

     $ 23.23     $ 23.02      $ 24.59     $ 22.27      $ 22.31      $ 27.37
   

 

 

      

 

 

       

 

 

      

 

 

       

 

 

       

 

 

  

Net investment income(a)

      0.24       0.74        1.04       0.63        0.57        0.69

Net realized and unrealized gain (loss) on investments

       (4.17 )       0.58        (1.68 )       2.29        (0.14 )        (5.11 )
   

 

 

      

 

 

       

 

 

      

 

 

       

 

 

       

 

 

  

Total from investment operations.

       (3.93 )       1.32        (0.64 )       2.92        0.43        (4.42 )
   

 

 

      

 

 

       

 

 

      

 

 

       

 

 

       

 

 

  

Distributions to shareholders from:

                           

Net investment income

       (0.37 )       (1.12 )        (1.01 )       (0.61 )        (0.49 )        (0.66 )
   

 

 

      

 

 

       

 

 

      

 

 

       

 

 

       

 

 

  

Transaction fees(a)

      0.02       0.01        0.08       0.01        0.02        0.02
   

 

 

      

 

 

       

 

 

      

 

 

       

 

 

       

 

 

  

Net asset value at end of period

     $ 18.95     $ 23.23      $ 23.02     $ 24.59      $ 22.27      $ 22.31
   

 

 

      

 

 

       

 

 

      

 

 

       

 

 

       

 

 

  

Market price at end of period(b)

    $ 18.67     $ 23.12      $ 23.03     $ 24.63      $ 22.15      $ 22.13
   

 

 

      

 

 

       

 

 

      

 

 

       

 

 

       

 

 

  

Net Asset Value Total Return(c)

      (16.80 )%       5.87 %        (2.54 )%       13.30 %        2.12 %        (16.21 )%

Market Price Total Return(c)

      (17.64 )%       5.32 %        (2.60 )%       14.09 %        2.39 %        (16.48 )%

Ratios/Supplemental Data:

                           

Net assets at end of period (000’s omitted)

     $ 214,109     $ 335,632      $ 246,270     $ 277,832      $ 269,478      $ 176,244

Ratio to average net assets of:

                           

Expenses, after Waivers

       0.29 %(d)       0.29 %        0.29 %       0.29 %        0.29 %        0.29 %

Expenses, prior to Waivers.

       0.45 %(d)       0.45 %        0.45 %       0.45 %        0.45 %        0.45 %

Net investment income

       2.22 %(d)       3.14 %        4.12 %       2.74 %        2.60 %        2.78 %

Portfolio turnover rate(e)

      54 %       67 %        125 %       81 %        73 %        89 %

 

(a) 

Based on average shares outstanding.

(b) 

The mean between the last bid and ask prices.

(c) 

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(d)

Annualized.

(e) 

Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

 

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

 

  39  

 

  

 

 

 

Financial Highlights–(continued)

 

Invesco S&P Emerging Markets Momentum ETF (EEMO)

 

   

Six Months Ended
April 30,

2020

   Years Ended October 31,
    (Unaudited)   2019   2018   2017   2016    2015

Per Share Operating Performance:

                         

Net asset value at beginning of period

     $ 16.97     $ 17.23     $ 20.85     $ 15.87     $ 16.20      $ 21.70
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

       

 

 

  

Net investment income(a)

      0.16       0.40       0.27 (b)         0.40       0.22        0.52

Net realized and unrealized gain (loss) on investments

       (4.44 )       1.61       (3.03 )       4.70       (0.23 )        (5.69 )
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

       

 

 

  

Total from investment operations

       (4.28 )       2.01       (2.76 )       5.10       (0.01 )        (5.17 )
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

       

 

 

  

Distributions to shareholders from:

                         

Net investment income

       (0.34 )       (0.43 )       (0.14 )       (0.37 )       (0.32 )        (0.33 )

Net realized gains.

       -       (1.85 )       (0.76 )       -       -        -
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

       

 

 

  

Total distributions

       (0.34 )       (2.28 )       (0.90 )       (0.37 )       (0.32 )        (0.33 )
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

       

 

 

  

Transaction fees(a)

      0.00       0.01       0.04       0.25       -        -
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

       

 

 

  

Net asset value at end of period

     $ 12.35     $ 16.97     $ 17.23     $ 20.85     $ 15.87      $ 16.20
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

       

 

 

  

Market price at end of period(c)

    $ 12.25     $ 16.92     $ 17.18     $ 20.96     $ 15.84      $ 16.09
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

       

 

 

  

Net Asset Value Total Return(d)

      (24.96 )%       13.60 %       (13.66 )%       34.38 %       0.17 %        (24.15 )%

Market Price Total Return(d)

      (25.36 )%       13.66 %       (14.35 )%       35.37 %       0.69 %        (24.18 )%

Ratios/Supplemental Data:

                         

Net assets at end of period (000’s omitted)

     $ 5,556     $ 5,941     $ 12,924     $ 390,986     $ 1,587      $ 1,620

Ratio to average net assets of:

                         

Expenses, after Waivers

       0.29 %(e)(f)       0.36 %(f)(g)       0.27 %(f)       0.27 %(f)       0.28 %        0.29 %

Expenses, prior to Waivers

       0.45 %(e)(f)       0.53 %(f)(g)       0.45 %(f)       0.45 %(f)       0.45 %        0.45 %

Net investment income

       2.06 %(e)(f)       2.42 %(g)       1.26 %(b)       2.16 %       1.44 %        2.52 %

Portfolio turnover rate(h)

      115 %       114 %       140 %       111 %       182 %        134 %

 

(a) 

Based on average shares outstanding.

(b) 

Net Investment income per share and the ratio of net investment income to average net assets include a non-cash taxable distribution received during the year. Net investment income per share and the ratio of net investment income to average net assets excluding the non-cash taxable distribution are $0.17 and 0.83%, respectively.

(c) 

The mean between the last bid and ask prices.

(d) 

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(e)

Annualized.

(f) 

In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Fund invests. Estimated investment companies’ expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Fund invests in. The effect of the estimated investment companies’ expenses that the Fund bears indirectly is included in the Fund’s total return.

(g) 

Ratios include non-recurring costs associated with a proxy statement of 0.08%.

(h) 

Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. For the year ended October 31, 2016, the portfolio turnover calculation includes the value of securities purchased and sold in the effort to realign the Fund’s portfolio holdings due to the underlying index change.

 

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

 

  40  

 

  

 

 

 

Financial Highlights–(continued)

 

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

 

    

Six Months Ended
April 30,

2020

  

Years Ended October 31,

  

For the Period
November 29, 2016(a)
Through

October 31,

     (Unaudited)   2019   2018   2017

Per Share Operating Performance:

                 

Net asset value at beginning of period

      $ 28.60     $ 26.19     $ 28.39     $ 25.19
    

 

 

      

 

 

      

 

 

      

 

 

  

Net investment income(b)

       0.43       1.25       1.27       1.02

Net realized and unrealized gain (loss) on investments

        (6.15 )       2.41       (2.09 )       3.16
    

 

 

      

 

 

      

 

 

      

 

 

  

Total from investment operations

        (5.72 )       3.66       (0.82 )       4.18
    

 

 

      

 

 

      

 

 

      

 

 

  

Distributions to shareholders from:

                 

Net investment income

        (0.92 )       (1.25 )       (1.38 )       (0.98 )
    

 

 

      

 

 

      

 

 

      

 

 

  

Net asset value at end of period

      $ 21.96     $ 28.60     $ 26.19     $ 28.39
    

 

 

      

 

 

      

 

 

      

 

 

  

Market price at end of period(c)

     $ 21.88     $ 28.61     $ 26.41     $ 28.60
    

 

 

      

 

 

      

 

 

      

 

 

  

Net Asset Value Total Return(d)

       (20.33 )%       14.30 %       (3.11 )%       16.70 %(e)

Market Price Total Return(d)

       (20.64 )%       13.34 %       (3.06 )%       17.55 %(e)

Ratios/Supplemental Data:

                 

Net assets at end of period (000’s omitted)

      $ 13,177     $ 14,300     $ 5,238     $ 4,258

Ratio to average net assets of:

                 

Expenses

        0.30 %(f)       0.37 %(g)       0.30 %       0.30 %(f)

Net investment income

        3.31 %(f)       4.60 %(g)       4.51 %       4.00 %(f)

Portfolio turnover rate(h)

       27 %       58 %       65 %       72 %

 

(a) 

Commencement of investment operations.

(b) 

Based on average shares outstanding.

(c) 

The mean between the last bid and ask prices.

(d) 

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(e) 

The net asset value total return from Fund Inception (December 1, 2016, the first day of trading on the exchange) to October 31, 2017 was 17.22%. The market price total return from Fund Inception to October 31, 2017 was 18.16%.

(f)

Annualized.

(g) 

Ratios include non-recurring costs associated with a proxy statement of 0.07%.

(h) 

Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

 

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

 

  41  

 

  

 

 

 

Financial Highlights—(continued)

 

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

 

   

Six Months Ended
April 30,

2020

   Years Ended October 31,
    (Unaudited)   2019    2018   2017    2016    2015

Per Share Operating Performance:

                           

Net asset value at beginning of period

     $ 34.58     $ 30.83      $ 33.28     $ 29.32      $ 29.99      $ 31.75
   

 

 

      

 

 

       

 

 

      

 

 

       

 

 

       

 

 

  

Net investment income(a)

      0.41       1.15        1.08       1.00        0.99        1.02

Net realized and unrealized gain (loss) on investments

       (6.82 )       3.79        (2.22 )       4.04        (0.55 )        (1.86 )
   

 

 

      

 

 

       

 

 

      

 

 

       

 

 

       

 

 

  

Total from investment operations.

       (6.41 )       4.94        (1.14 )       5.04        0.44        (0.84 )
   

 

 

      

 

 

       

 

 

      

 

 

       

 

 

       

 

 

  

Distributions to shareholders from:

                           

Net investment income

       (1.24 )       (1.19 )        (1.31 )       (1.08 )        (1.11 )        (0.92 )
   

 

 

      

 

 

       

 

 

      

 

 

       

 

 

       

 

 

  

Net asset value at end of period

     $ 26.93     $ 34.58      $ 30.83     $ 33.28      $ 29.32      $ 29.99
   

 

 

      

 

 

       

 

 

      

 

 

       

 

 

       

 

 

  

Market price at end of period(b)

    $ 26.78     $ 34.57      $ 30.76     $ 33.29      $ 29.38      $ 29.90
   

 

 

      

 

 

       

 

 

      

 

 

       

 

 

       

 

 

  

Net Asset Value Total Return(c)

      (18.96 )%       16.33 %        (3.62 )%       17.59 %        1.56 %        (2.69 )%

Market Price Total Return(c)

      (19.39 )%       16.56 %        (3.87 )%       17.38 %        2.07 %        (3.78 )%

Ratios/Supplemental Data:

                           

Net assets at end of period (000’s omitted)

     $ 810,645     $ 989,052      $ 537,929     $ 569,124      $ 384,137      $ 313,428

Ratio to average net assets of:

                           

Expenses, after Waivers

       0.25 %(d)       0.25 %        0.25 %       0.25 %        0.25 %        0.25 %

Expenses, prior to Waivers.

       0.35 %(d)       0.35 %        0.35 %       0.35 %        0.35 %        0.35 %

Net investment income

       2.59 %(d)       3.51 %        3.26 %       3.19 %        3.33 %        3.32 %

Portfolio turnover rate(e)

      64 %       59 %        65 %       69 %        56 %        66 %

 

(a) 

Based on average shares outstanding.

(b) 

The mean between the last bid and ask prices.

(c) 

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(d)

Annualized.

(e) 

Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

 

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

 

  42  

 

  

 

 

 

Financial Highlights–(continued)

 

Invesco S&P International Developed Momentum ETF (IDMO)

 

   

Six Months Ended
April 30,

2020

   Years Ended October 31,
    (Unaudited)   2019   2018   2017    2016   2015

Per Share Operating Performance:

                         

Net asset value at beginning of period.

     $ 26.85     $ 24.86     $ 27.96     $ 23.57      $ 25.85     $ 27.75
   

 

 

      

 

 

      

 

 

      

 

 

       

 

 

      

 

 

  

Net investment income(a)

      0.27       0.61       0.61       0.71        0.51       0.69

Net realized and unrealized gain (loss) on investments

       (1.80 )       2.12       (3.04 )       4.49        (2.30 )       (2.13 )
   

 

 

      

 

 

      

 

 

      

 

 

       

 

 

      

 

 

  

Total from investment operations

       (1.53 )       2.73       (2.43 )       5.20        (1.79 )       (1.44 )
   

 

 

      

 

 

      

 

 

      

 

 

       

 

 

      

 

 

  

Distributions to shareholders from:

                         

Net investment income

       (0.31 )       (0.74 )       (0.67 )       (0.81 )        (0.49 )       (0.46 )
   

 

 

      

 

 

      

 

 

      

 

 

       

 

 

      

 

 

  

Net asset value at end of period

     $ 25.01     $ 26.85     $ 24.86     $ 27.96      $ 23.57     $ 25.85
   

 

 

      

 

 

      

 

 

      

 

 

       

 

 

      

 

 

  

Market price at end of period(b)

    $ 24.89     $ 26.79     $ 24.78     $ 27.80      $ 23.51     $ 25.74
   

 

 

      

 

 

      

 

 

      

 

 

       

 

 

      

 

 

  

Net Asset Value Total Return(c)

      (5.54 )%       11.30 %       (8.95 )%       22.57 %        (6.92 )%       (5.34 )%

Market Price Total Return(c)

      (5.78 )%       11.42 %       (8.70 )%       22.19 %        (6.77 )%       (6.99 )%

Ratios/Supplemental Data:

                         

Net assets at end of period (000’s omitted)

     $ 2,501     $ 2,685     $ 2,486     $ 2,796      $ 3,535     $ 3,877

Ratio to average net assets of:

                         

Expenses, after Waivers

       0.25 %(d)       0.53 %(e)       0.25 %       0.26 %        0.26 %       0.26 %

Expenses, prior to Waivers

       0.35 %(d)       0.63 %(e)       0.35 %       0.36 %        0.36 %       0.36 %

Net investment income

       2.08 %(d)       2.39 %(e)       2.21 %       2.87 %        2.13 %       2.42 %

Portfolio turnover rate(f)

      44 %       104 %       123 %       134 %        198 %       98 %

 

(a) 

Based on average shares outstanding.

(b) 

The mean between the last bid and ask prices.

(c) 

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(d)

Annualized.

(e) 

Ratios include non-recurring costs associated with a proxy statement of 0.27%.

(f) 

Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. For the year ended October 31, 2016, the portfolio turnover calculation includes the value of securities purchased and sold in the effort to realign the Fund’s portfolio holdings due to the underlying index change.

 

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

 

  43  

 

  

 

 

 

Notes to Financial Statements

Invesco Exchange-Traded Fund Trust II

April 30, 2020

(Unaudited)

 

NOTE 1–Organization

Invesco Exchange-Traded Fund Trust II (the “Trust”) was organized as a Massachusetts business trust on October 10, 2006 and is authorized to have multiple series of portfolios. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). This report includes the following portfolios:

 

Full Name

  

Short Name

Invesco FTSE International Low Beta Equal Weight ETF (IDLB)   “FTSE International Low Beta Equal Weight ETF”
Invesco S&P Emerging Markets Low Volatility ETF (EELV)   “S&P Emerging Markets Low Volatility ETF”
Invesco S&P Emerging Markets Momentum ETF (EEMO)   “S&P Emerging Markets Momentum ETF”
Invesco S&P International Developed High Dividend Low Volatility ETF (IDHD)   “S&P International Developed High Dividend Low Volatility ETF”
Invesco S&P International Developed Low Volatility ETF (IDLV)   “S&P International Developed Low Volatility ETF”
Invesco S&P International Developed Momentum ETF (IDMO)   “S&P International Developed Momentum ETF”

Each portfolio (each, a “Fund”, and collectively, the “Funds”) represents a separate series of the Trust. The shares of the Funds are referred to herein as “Shares” or “Fund’s Shares.” Each Fund’s Shares are listed and traded on NYSE Arca, Inc., except for Shares of FTSE International Low Beta Equal Weight ETF which are listed and traded on The Nasdaq Stock Market and Shares of S&P International Developed High Dividend Low Volatility ETF, which are listed and traded on Cboe BZX Exchange, Inc.

The market price of each Share may differ to some degree from a Fund’s net asset value (“NAV”). Unlike conventional mutual funds, each Fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a “Creation Unit.” Creation Units are issued and redeemed principally in exchange for the deposit or delivery of a basket of securities (“Deposit Securities”). Except when aggregated in Creation Units by Authorized Participants, the Shares are not individually redeemable securities of the Funds.

The investment objective of each Fund is to seek to track the investment results (before fees and expenses) of its respective index listed below (each, an “Underlying Index”).

 

Fund

  

Underlying Index

FTSE International Low Beta Equal Weight ETF   FTSE Developed ex-U.S. Low Beta Equal Weight Index
S&P Emerging Markets Low Volatility ETF   S&P BMI Emerging Markets Low Volatility IndexTM
S&P Emerging Markets Momentum ETF   S&P Momentum Emerging Plus LargeMidCap Index
S&P International Developed High Dividend Low Volatility ETF   S&P EPAC Ex-Korea Low Volatility High Dividend Index
S&P International Developed Low Volatility ETF   S&P BMI International Developed Low VolatilityTM Index
S&P International Developed Momentum ETF   S&P Momentum Developed ex-U.S. & South Korea LargeMidCap Index

NOTE 2–Significant Accounting Policies

The following is a summary of the significant accounting policies followed by the Funds in preparation of their financial statements.

Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services—Investment Companies.

A.

 Security Valuation - Securities, including restricted securities, are valued according to the following policies:

Securities, including restricted securities in a fund that are held as investments (the “Underlying Fund”), if any, of a Fund, are valued in accordance with the Underlying Fund’s valuation policy. The policies of Underlying Funds affiliated with the Funds as a result of having the same investment adviser are the same as those set forth below.

A security listed or traded on an exchange (except convertible securities) is generally valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded or, lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded, or at the final settlement price set by such exchange. Swaps and options not listed on an exchange are valued by an

 

  44  

 

  

 

 

 

 

independent source. For purposes of determining NAV per Share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Investment companies are valued using such company’s NAV per share, unless the shares are exchange-traded, in which case they are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities’ (including foreign exchange contracts’) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the London world markets. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that Invesco Capital Management LLC (the “Adviser”) determines are significant and make the closing price unreliable, a Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, the potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value exchange-traded equity securities. The mean between the last bid and asked prices may be used to value debt obligations, including corporate loans, and unlisted equity securities.

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith following procedures approved by the Board of Trustees. Issuer-specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

Each Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors, including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

B. 

Other Risks

Authorized Participant Concentration Risk. Only Authorized Participants (“APs”) may engage in creation or redemption transactions directly with each Fund. Each Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities held by each Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to each

 

  45  

 

  

 

 

 

 

Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished trading market for Shares, and Shares may be more likely to trade at a premium or discount to each Fund’s NAV and to face trading halts and/or delisting. Investments in non-U.S. securities, which may have lower trading volumes, may increase this risk.

Emerging Markets Investment Risk. For certain Funds, investments in the securities of issuers in emerging market countries involve risks often not associated with investments in the securities of issuers in developed countries. Securities in emerging markets may be subject to greater price fluctuations than securities in more developed markets. Fluctuations in the value of the U.S. dollar relative to the values of other currencies may adversely affect investments in emerging market securities, and emerging market securities may have relatively low market liquidity, decreased publicly available information about issuers, and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice comparable to those applicable to domestic issuers. Emerging market securities also are subject to the risks of expropriation, nationalization or other adverse political or economic developments and the difficulty of enforcing obligations in other countries. Investments in emerging market securities also may be subject to dividend withholding or confiscatory taxes, currency blockage and/or transfer restrictions. Emerging markets usually are subject to greater market volatility, lower trading volume, political and economic instability, uncertainty regarding the existence of trading markets and more governmental limitations on foreign investment than are more developed markets. Securities law in many emerging market countries is relatively new and unsettled. Therefore, laws regarding foreign investment in emerging market securities, securities regulation, title to securities, and shareholder rights may change quickly and unpredictably. In addition, the enforcement of systems of taxation at federal, regional and local levels in emerging market countries may be inconsistent and subject to sudden change.

Equity Risk. Equity risk is the risk that the value of equity securities, including common stocks, may fall due to both changes in general economic conditions that impact the market as a whole, as well as factors that directly relate to a specific company or its industry. Such general economic conditions include changes in interest rates, periods of market turbulence or instability, or general and prolonged periods of economic decline and cyclical change. It is possible that a drop in the stock market may depress the price of most or all of the common stocks that each Fund holds. In addition, equity risk includes the risk that investor sentiment toward one or more industries will become negative, resulting in those investors exiting their investments in those industries, which could cause a reduction in the value of companies in those industries more broadly. The value of a company’s common stock may fall solely because of factors, such as an increase in production costs, that negatively impact other companies in the same region, industry or sector of the market. A company’s common stock also may decline significantly in price over a short period of time due to factors specific to that company, including decisions made by its management or lower demand for the company’s products or services. For example, an adverse event, such as an unfavorable earnings report or the failure to make anticipated dividend payments, may depress the value of common stock.

Foreign Investment Risk. For certain Funds, investments in the securities of non-U.S. issuers involve risks beyond those associated with investments in U.S. securities. Foreign securities may have relatively low market liquidity, greater market volatility, decreased publicly available information and less reliable financial information about issuers, and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice comparable to those applicable to domestic issuers. Foreign securities also are subject to risk of expropriation, nationalization, political instability or other adverse political or economic developments and the difficulty of enforcing obligations in other countries. Investments in foreign securities also may be subject to dividend withholding or confiscatory taxes, currency blockage and/or transfer restrictions and higher transactional costs. If a Fund invests in securities denominated in foreign currencies, fluctuations in the value of the U.S. dollar relative to the values of other currencies may adversely affect investments in foreign securities and may negatively impact the Fund’s returns.

High Dividend Paying Securities Risk. Certain Funds invest in securities that pay high dividends. As a group, these securities can fall out of favor with the market, causing such companies to underperform companies that do not pay high dividends. Also, changes in the dividend policies of the companies in which a Fund invests and the capital resources available for such companies’ dividend payments may adversely affect a Fund.

Index Risk. Unlike many investment companies, each Fund does not utilize an investing strategy that seeks returns in excess of its Underlying Index. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its Underlying Index, even if that security generally is underperforming. Additionally, each Fund rebalances its portfolio in accordance with its Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to each Fund’s rebalance schedule.

Industry Concentration Risk. In following its methodology, each Fund’s Underlying Index from time to time may be concentrated to a significant degree in securities of issuers operating in a single industry or industry group. To the extent that each Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the corresponding Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, each Fund may face more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which each Fund invests, may include, but are not limited to, legislative or regulatory changes, adverse market conditions and/or increased competition within the

 

  46  

 

  

 

 

 

 

industry or industry group. In addition, at times, such industry or industry group may be out of favor and underperform other industries, industry groups or the market as a whole.

Market Risk. Securities in the Underlying Index are subject to market fluctuations. You should anticipate that the value of the Shares will decline more or less, in correlation with any decline in value of the securities in the Underlying Index. Additionally, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or other events could result in increased premiums or discounts to each Fund’s NAV.

Mid-Capitalization Company Risk. Investing in securities of mid-capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. These companies’ securities may be more volatile and less liquid than those of more established companies. These securities may have returns that vary, sometimes significantly, from the overall securities market. Mid-capitalization companies tend to have inexperienced management as well as limited product and market diversification and financial resources. Often mid-capitalization companies and the industries in which they focus are still evolving and, as a result, they may be more sensitive to changing market conditions.

Momentum Investing Risk. For certain Funds, the momentum style of investing is subject to the risk that the securities may be more volatile than the market as a whole, or that the returns on securities that have previously exhibited price momentum are less than returns on other styles of investing. Momentum can turn quickly, and stocks that previously exhibited high momentum may not experience continued positive momentum. In addition, there may be periods when the momentum style of investing is out of favor and therefore, the investment performance of a Fund may suffer.

Non-Correlation Risk. Each Fund’s return may not match the return of its corresponding Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of its corresponding Underlying Index. Additionally, a Fund’s use of a representative sampling approach may cause the Fund not to be as well-correlated with the return of its corresponding Underlying Index as would be the case if the Fund purchased all of the securities in its corresponding Underlying Index in the proportions represented in the Underlying Index. In addition, the performance of each Fund and its corresponding Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its corresponding Underlying Index resulting from legal restrictions, costs or liquidity constraints.

Portfolio Turnover Risk. Certain Funds may engage in frequent trading of their respective portfolio securities in connection with the rebalancing or adjustment of their respective Underlying Index. A portfolio turnover rate of 200%, for example, is equivalent to a Fund buying and selling all of its securities two times during the course of a year. A high portfolio turnover rate (such as 100% or more) could result in high brokerage costs for a Fund. While a high portfolio turnover rate can result in an increase in taxable capital gain distributions to a Fund’s shareholders, the Fund will seek to utilize the in-kind creation and redemption mechanism to minimize realization of capital gains to the extent possible.

Sampling Risk. Certain Funds’ use of a representative sampling approach may result in the Fund holding a smaller number of securities than are in its respective Underlying Index. As a result, an adverse development to an issuer of securities that the Fund holds could result in a greater decline in NAV than would be the case if the Fund held all of the securities in its Underlying Index. To the extent the assets in the Fund are smaller, these risks will be greater.

C. 

Investment Transactions and Investment Income - Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest income is recorded on an accrual basis from settlement date. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.

The Funds may periodically participate in litigation related to each Fund’s investments. As such, the Funds may receive proceeds from litigation settlements. Any proceeds received are included in the Statements of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of each Fund’s NAV and, accordingly, they reduce each Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between each Fund and the Adviser.

D. 

Country Determination - For the purposes of presentation in the Schedules of Investments, the Adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include whether each Fund’s Underlying Index has made a country determination and may include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total

 

  47  

 

  

 

 

 

 

 

revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

E. 

Dividends and Distributions to Shareholders - Each Fund declares and pays dividends from net investment income, if any, to its shareholders quarterly and records such dividends on the ex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them on the ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America (“GAAP”). Distributions in excess of tax basis earnings and profits, if any, are reported in such Fund’s financial statements as a tax return of capital at fiscal year-end.

F. 

Federal Income Taxes - Each Fund intends to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute substantially all of the Fund’s taxable earnings to its shareholders. As such, the Funds will not be subject to federal income taxes on otherwise taxable income (including net realized gains) that is distributed to the shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

Each Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. These differences are primarily due to differing book and tax treatments for in-kind transactions, losses deferred due to wash sales, and passive foreign investment company adjustments, if any.

The Funds file U.S. federal tax returns and tax returns in certain other jurisdictions. Generally, a Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

G. 

Expenses - Each Fund has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Funds, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for advisory fees, distribution fees, if any, brokerage expenses, taxes, interest, litigation expenses, acquired fund fees and expenses, if any, and other extraordinary expenses.

Expenses of the Trust that are excluded from a Fund’s unitary management fee and are directly identifiable to a specific Fund are applied to that Fund. Expenses of the Trust that are excluded from a Fund’s unitary management fee and are not readily identifiable to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of each Fund.

To the extent a Fund invests in other investment companies, the expenses shown in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses of the investment companies in which it invests. The effects of such investment companies’ expenses are included in the realized and unrealized gain or loss on the investments in the investment companies.

H. 

Accounting Estimates - The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements, including estimates and assumptions related to taxation. Actual results could differ from these estimates. In addition, the Funds monitor for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

I. 

Indemnifications - Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Each Board member who is not an “interested person” (as defined in the 1940 Act) of the Trust (each, an “Independent Trustee”) is also indemnified against certain liabilities arising out of the performance of their duties to the Trust pursuant to an Indemnification Agreement between such trustee and the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. However, based on experience, the Trust believes the risk of loss to be remote.

J. 

Securities Lending - Each Fund may participate in securities lending and may loan portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by cash collateral equal to no less than 102% (105% for international securities) of the market value of the loaned securities determined daily by the securities lending provider. Cash collateral received in connection with these loans is generally invested in an affiliated money market fund and is shown as such on the Schedules of Investments. Each Fund bears the risk of loss with respect to the investment of collateral. It is the policy of these Funds to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, each Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to each Fund if, and to the extent that, the market value of the securities loaned were to increase, and the

 

 

   48  

 

 

 

 

borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or each Fund. Upon termination, the borrower will return to each Fund the securities loaned and each Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. Each Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to each Fund. Some of these losses may be indemnified by the lending agent. Each Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. For Funds that participated in securities lending, dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Securities lending income on the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities.

K. 

Foreign Currency Translations - Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. Each Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statements of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on each Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period-end, resulting from changes in exchange rates.

Each Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which each Fund invests.

NOTE 3–Investment Advisory Agreement and Other Agreements

The Trust has entered into an Investment Advisory Agreement with the Adviser on behalf of each Fund, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Fund’s investments, managing the Fund’s business affairs and providing certain clerical, bookkeeping and other administrative services.

Pursuant to the Investment Advisory Agreement, each Fund accrues daily and pays monthly to the Adviser an annual unitary management fee equal to a percentage of its average daily net assets. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Funds, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except for advisory fees, distribution fees, if any, brokerage expenses, taxes, interest, litigation expenses, acquired fund fees and expenses, if any, and other extraordinary expenses. The annual unitary management fee paid by each Fund to the Adviser is equal to a percentage of each Fund’s average daily net assets as follows:

 

    Unitary Management Fees
    (as a % of average daily net assets)

FTSE International Low Beta Equal Weight ETF

       0.45 %

S&P Emerging Markets Low Volatility ETF

       0.45 %*

S&P Emerging Markets Momentum ETF

       0.45 %*

S&P International Developed High Dividend Low Volatility ETF

       0.30 %

S&P International Developed Low Volatility ETF

       0.35 %**

S&P International Developed Momentum ETF

       0.35 %**

 

*

Effective May 1, 2020 the Adviser contractually reduced the annual unitary management fee from 0.45% to 0.29% of its average daily net assets. Prior to May 1, 2020, the Adviser agreed to waive a portion of its annual unitary management fee, which resulted in a net annual unitary management fee of 0.29% of its average daily net assets.

**

Effective May 1, 2020 the Adviser contractually reduced the annual unitary management fee from 0.35% to 0.25% of its average daily net assets. Prior to May 1, 2020, the Adviser agreed to waive a portion of its annual unitary management fee, which resulted in a net annual unitary management fee of 0.25% of its average daily net assets.

Further, through at least August 31, 2022, the Adviser has contractually agreed to waive a portion of each Fund’s management fee in an amount equal to 100% of the net advisory fees an affiliate of the Adviser receives that are attributable to the Fund’s investments of otherwise uninvested cash in money market funds managed by that affiliate (excluding investments of cash collateral from securities lending). There is no guarantee that the Adviser will extend the waiver of these fees past that date.

 

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For the six-month period ended April 30, 2020, the Adviser waived fees for each Fund in the following amounts:

 

FTSE International Low Beta Equal Weight ETF

   $ 16  

S&P Emerging Markets Low Volatility ETF

     246,410  

S&P Emerging Markets Momentum ETF

     4,655  

S&P International Developed High Dividend Low Volatility ETF

     19  

S&P International Developed Low Volatility ETF

     479,503  

S&P International Developed Momentum ETF

     1,317  

The Trust has entered into a Distribution Agreement with Invesco Distributors, Inc. (the “Distributor”), which serves as the distributor of Creation Units for each Fund. The Distributor does not maintain a secondary market in the Shares. The Funds are not charged any fees pursuant to the Distribution Agreement. The Distributor is an affiliate of the Adviser.

The Adviser has entered into a licensing agreement for each Fund with the following entities (each, a “Licensor”):

 

Fund

   

Licensor

FTSE International Low Beta Equal Weight ETF    FTSE International Ltd.
S&P Emerging Markets Low Volatility ETF    S&P Dow Jones Indices LLC
S&P Emerging Markets Momentum ETF    S&P Dow Jones Indices LLC
S&P International Developed High Dividend Low Volatility ETF    S&P Dow Jones Indices LLC
S&P International Developed Low Volatility ETF    S&P Dow Jones Indices LLC
S&P International Developed Momentum ETF    S&P Dow Jones Indices LLC

Each Underlying Index name trademark is owned by its respective Licensor. These trademarks have been licensed to the Adviser for use by the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust’s sub-licensing agreement with the Adviser. The Funds are not sponsored, endorsed, sold or promoted by the Licensors, and the Licensors make no representation regarding the advisability of investing in any of the Funds.

The Trust has entered into service agreements whereby The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for each Fund.

NOTE 4–Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

Level 1 –

    Prices are determined using quoted prices in an active market for identical assets.

Level 2 –

    Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 –

    Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect a Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of April 30, 2020. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

 

    Level 1    Level 2    Level 3    Total

FTSE International Low Beta Equal Weight ETF

                   

Investments in Securities

                   

Common Stocks & Other Equity Interests

     $ 6,920,478      $ 9,596,911      $ 0      $ 16,517,389

Money Market Funds

       -        444,346        -        444,346
   

 

 

       

 

 

       

 

 

       

 

 

  

Total Investments

     $     6,920,478      $     10,041,257      $ 0      $     16,961,735
   

 

 

       

 

 

       

 

 

       

 

 

  

 

  50  

 

  

 

 

 

 

    Level 1      Level 2      Level 3      Total  
S&P Emerging Markets Low Volatility ETF           
Investments in Securities           

Common Stocks & Other Equity Interests

   $ 41,566,033      $ 163,955,368      $ 0      $ 205,521,401  

Exchange-Traded Fund

     8,534,499        -        -        8,534,499  

Money Market Funds

     -        965,251        -        965,251  
 

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments

   $ 50,100,532      $ 164,920,619      $ 0      $ 215,021,151  
 

 

 

     

 

 

     

 

 

     

 

 

  
S&P Emerging Markets Momentum ETF           
Investments in Securities           

Common Stocks & Other Equity Interests

   $ 1,830,465      $ 3,717,873      $ 0      $ 5,548,338  

Exchange-Traded Fund

     2,685        -        -        2,685  

Non-U.S. Dollar Denominated Bonds & Notes

     -        221        -        221  

Money Market Funds

     -        20,649        -        20,649  
 

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments

   $ 1,833,150      $ 3,738,743      $ 0      $ 5,571,893  
 

 

 

     

 

 

     

 

 

     

 

 

  
S&P International Developed High Dividend Low Volatility ETF           
Investments in Securities           

Common Stocks & Other Equity Interests

   $ 5,817,106      $ 7,320,827      $ -      $ 13,137,933  
 

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments

   $ 5,817,106      $ 7,320,827      $ -      $ 13,137,933  
 

 

 

     

 

 

     

 

 

     

 

 

  
S&P International Developed Low Volatility ETF           
Investments in Securities           

Common Stocks & Other Equity Interests

   $ 291,749,307      $ 516,449,377      $ -      $ 808,198,684  

Money Market Funds

     -        13,393,117        -        13,393,117  
 

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments

   $ 291,749,307      $ 529,842,494      $ -      $ 821,591,801  
 

 

 

     

 

 

     

 

 

     

 

 

  
S&P International Developed Momentum ETF           
Investments in Securities           

Common Stocks & Other Equity Interests

   $ 2,495,874      $ -      $ -      $ 2,495,874  

Money Market Funds

     -        102,778        -        102,778  
 

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments

   $ 2,495,874      $ 102,778      $ -      $ 2,598,652  
 

 

 

     

 

 

     

 

 

     

 

 

  

NOTE 5–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with federal income tax regulations, which may differ from GAAP. Reclassifications are made to the Funds’ capital accounts to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Funds’ fiscal year-end.

Capital loss carryforwards are calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforwards actually available for the Funds to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Funds had capital loss carryforwards as of October 31, 2019, as follows:

 

    No expiration         
    Short-Term      Long-Term      Total*  

FTSE International Low Beta Equal Weight ETF

   $ 6,801,019      $ 5,855,992      $ 12,657,011  

S&P Emerging Markets Low Volatility ETF

     49,719,397        25,074,679        74,794,076  

S&P Emerging Markets Momentum ETF

     880,846        60,134        940,980  

S&P International Developed High Dividend Low Volatility ETF

     348,037        237,939        585,976  

S&P International Developed Low Volatility ETF

     37,020,400        23,361,680        60,382,080  

S&P International Developed Momentum ETF

     1,213,905        412,669        1,626,574  

 

*

Capital loss carryforwards are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

 

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NOTE 6–Investment Transactions

For the six-month period ended April 30, 2020, the cost of securities purchased and proceeds from sales of securities (other than short-term securities, U.S. Treasury obligations, money market funds and in-kind transactions, if any) were as follows:

 

    Purchases      Sales  

FTSE International Low Beta Equal Weight ETF

   $ 4,780,093      $ 7,870,226  

S&P Emerging Markets Low Volatility ETF

     162,979,546        200,049,016  

S&P Emerging Markets Momentum ETF

     7,400,501        6,680,064  

S&P International Developed High Dividend Low Volatility ETF

     3,909,254        3,598,667  

S&P International Developed Low Volatility ETF

     598,505,271        623,887,876  

S&P International Developed Momentum ETF

     1,170,109        1,176,616  

For the six-month period ended April 30, 2020, in-kind transactions associated with creations and redemptions were as follows:

 

    Cost of      Value of  
    Securities      Securities  
    Received      Delivered  

FTSE International Low Beta Equal Weight ETF

   $ -      $ 28,596,963  

S&P Emerging Markets Low Volatility ETF

     11,744,566        29,721,536  

S&P Emerging Markets Momentum ETF

     639,962        -  

S&P International Developed High Dividend Low Volatility ETF

     6,376,830        4,382,522  

S&P International Developed Low Volatility ETF

     201,350,889        144,812,362  

S&P International Developed Momentum ETF

     -        -  

Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.

As of April 30, 2020, the aggregate cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

 

                  Net         
    Gross      Gross      Unrealized         
    Unrealized      Unrealized      Appreciation         
    Appreciation      (Depreciation)      (Depreciation)      Cost  

FTSE International Low Beta Equal Weight ETF

   $ 540,292      $ (3,282,082 )     $ (2,741,790 )     $ 19,703,525  

S&P Emerging Markets Low Volatility ETF

     12,530,788        (29,000,507 )       (16,469,719 )       231,490,870  

S&P Emerging Markets Momentum ETF

     358,970        (171,366 )       187,604        5,384,289  

S&P International Developed High Dividend Low Volatility ETF

     133,514        (3,269,645 )       (3,136,131 )       16,274,064  

S&P International Developed Low Volatility ETF

     24,321,322        (84,807,808 )       (60,486,486 )       882,078,287  

S&P International Developed Momentum ETF

     253,620        (57,588 )       196,032        2,402,620  

NOTE 7–Trustees’ and Officer’s Fees

Trustees’ and Officer’s Fees include amounts accrued by the Funds to pay remuneration to the Independent Trustees and an Officer of the Trust. The Adviser, as a result of each Fund’s unitary management fee, pays for such compensation for the Funds. The Trustee who is an “interested person” of the Trust does not receive any Trustees’ fees.

The Trust has adopted a deferred compensation plan (the “Plan”). Under the Plan, each Independent Trustee who has executed a Deferred Fee Agreement (a “Participating Trustee”) may defer receipt of all or a portion of their compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select Invesco ETFs. The Deferral Fees payable to a Participating Trustee are valued as of the date such Deferral Fees would have been paid to a Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected. Obligations under the Plan represent unsecured claims against the general assets of the Funds.

NOTE 8–Capital

Shares are issued and redeemed by each Fund only in Creation Units of 50,000 Shares. Only Authorized Participants are permitted to purchase or redeem Creation Units from the Funds. Such transactions are principally permitted in exchange for Deposit Securities, with a balancing cash component to equate the transaction to the NAV per Share of a Fund of the Trust on the transaction date. However, for all Funds, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the Authorized Participant or as a result of other market circumstances.

To the extent that the Funds permit transactions in exchange for Deposit Securities, each Fund may issue Shares in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash at

 

  52  

 

  

 

 

 

 

least equal to 105% of the market value of the missing Deposit Securities. In accordance with the Trust’s Participant Agreement, Creation Units will be issued to an Authorized Participant, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the Authorized Participant to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the Authorized Participant’s delivery and maintenance of collateral consisting of cash in the form of U.S. dollars in immediately available funds having a value (marked-to-market daily) at least equal to 105%, which the Adviser may change from time to time, of the value of the missing Deposit Securities.

Certain transaction fees may be charged by the Funds for creations and redemptions, which are treated as increases in capital.

Transactions in each Fund’s Shares are disclosed in detail in the Statements of Changes in Net Assets.

NOTE 9–Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the value of the Funds’ investments. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

The extent of the impact on the performance of the Funds and their investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.

 

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Calculating your ongoing Fund expenses

Example

As a shareholder of a Fund of the Invesco Exchange-Traded Fund Trust II, you incur a unitary management fee. In addition to the unitary management fee, a shareholder may pay distribution fees, if any, brokerage expenses, taxes, interest, litigation expenses, acquired fund fees and expenses, if any, and other extraordinary expenses. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2019 through April 30, 2020.

In addition to the fees and expenses which the Invesco S&P Emerging Markets Momentum ETF (the “Portfolio”) bears directly, the Portfolio indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Portfolio invests. The amount of fees and expenses incurred indirectly by the Portfolio will vary because the investment companies have varied expenses and fee levels and the Portfolio may own different proportions of the investment companies at different times. Estimated investment companies’ expenses are not expenses that are incurred directly by the Portfolio. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Portfolio invests in. The effect of the estimated investment companies’ expenses that the Portfolio bears indirectly is included in the Portfolio’s total return.

Actual Expenses

The first line in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During the Six-Month Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line in the following table provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed annualized rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only, and do not reflect any transactional costs, such as sales charges and brokerage commissions. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, expenses shown in the table do not include the expenses of the underlying funds, which are borne indirectly by a Fund. If transaction costs and indirect expenses were included, your costs would have been higher.

 

                  Annualized     
    Beginning      Ending      Expense Ratio    Expenses Paid
    Account Value      Account Value      Based on the    During the
    November 1, 2019      April 30, 2020      Six-Month Period    Six-Month Period(1)

Invesco FTSE International Low Beta Equal Weight ETF (IDLB)

                       

Actual

     $ 1,000.00        $ 860.50          0.45 %      $ 2.08

Hypothetical (5% return before expenses)

       1,000.00          1,022.63          0.45        2.26

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

                       

Actual

       1,000.00          832.00          0.29        1.32

Hypothetical (5% return before expenses)

       1,000.00          1,023.42          0.29        1.46

Invesco S&P Emerging Markets Momentum ETF (EEMO)

                       

Actual

       1,000.00          750.40          0.29        1.26

Hypothetical (5% return before expenses)

       1,000.00          1,023.42          0.29        1.46

 

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Calculating your ongoing Fund expenses–(continued)

 

              Annualized     
    Beginning    Ending    Expense Ratio    Expenses Paid
    Account Value    Account Value    Based on the    During the
    November 1, 2019    April 30, 2020    Six-Month Period    Six-Month Period(1)
Invesco S&P International Developed High Dividend Low Volatility ETF (IDHD)                   

Actual

     $ 1,000.00      $ 796.70        0.30 %      $ 1.34

Hypothetical (5% return before expenses)

       1,000.00        1,023.37        0.30        1.51

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

                   

Actual

       1,000.00        810.40        0.25        1.13

Hypothetical (5% return before expenses)

       1,000.00        1,023.62        0.25        1.26

Invesco S&P International Developed Momentum ETF (IDMO)

                   

Actual

       1,000.00        944.60        0.25        1.21

Hypothetical (5% return before expenses)

       1,000.00        1,023.62        0.25        1.26
                  

 

(1)

Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the six-month period ended April 30, 2020. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 182/366.

 

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Approval of Investment Advisory and Sub-Advisory Contracts

At a meeting held on April 14, 2020, the Board of Trustees of the Invesco Exchange-Traded Fund Trust II (the “Trust”), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the “Adviser”) and the Trust for the following 71 series (each, a “Fund” and collectively, the “Funds”):

 

Invesco 1-30 Laddered Treasury ETF

Invesco California AMT-Free Municipal Bond ETF

Invesco CEF Income Composite ETF

Invesco China Technology ETF

Invesco DWA Developed Markets Momentum ETF

Invesco DWA Emerging Markets Momentum ETF

Invesco DWA SmallCap Momentum ETF

Invesco Emerging Markets Sovereign Debt ETF

Invesco FTSE International Low Beta Equal Weight ETF

Invesco FTSE RAFI Developed Markets ex-U.S. ETF

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

Invesco FTSE RAFI Emerging Markets ETF

Invesco Fundamental High Yield® Corporate Bond ETF

Invesco Fundamental Investment Grade Corporate Bond ETF

Invesco Global Clean Energy ETF

Invesco Global Short Term High Yield Bond ETF

Invesco Global Water ETF

Invesco International BuyBack AchieversTM ETF

Invesco International Corporate Bond ETF

Invesco KBW Bank ETF

Invesco KBW High Dividend Yield Financial ETF

Invesco KBW Premium Yield Equity REIT ETF

Invesco KBW Property & Casualty Insurance ETF

Invesco KBW Regional Banking ETF

Invesco National AMT-Free Municipal Bond ETF

Invesco New York AMT-Free Municipal Bond ETF

Invesco Preferred ETF

Invesco PureBetaSM 0-5 Yr US TIPS ETF

Invesco PureBetaSM FTSE Developed ex-North America ETF

Invesco PureBetaSM FTSE Emerging Markets ETF

Invesco PureBetaSM MSCI USA ETF

Invesco PureBetaSM MSCI USA Small Cap ETF

Invesco PureBetaSM US Aggregate Bond ETF

Invesco Russell 1000 Enhanced Equal Weight ETF

Invesco Russell 1000 Equal Weight ETF

Invesco Russell 1000 Low Beta Equal Weight ETF

Invesco S&P 500® Enhanced Value ETF

Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF

Invesco S&P 500® High Beta ETF

Invesco S&P 500® High Dividend Low Volatility ETF

Invesco S&P 500® Low Volatility ETF

Invesco S&P 500 Minimum Variance ETF

Invesco S&P 500® Momentum ETF

Invesco S&P 500 Revenue ETF

Invesco S&P Emerging Markets Low Volatility ETF

Invesco S&P Emerging Markets Momentum ETF

Invesco S&P International Developed High Dividend Low Volatility ETF

Invesco S&P International Developed Low Volatility ETF

Invesco S&P International Developed Momentum ETF

Invesco S&P International Developed Quality ETF

Invesco S&P MidCap 400 Revenue ETF

Invesco S&P MidCap Low Volatility ETF

Invesco S&P SmallCap 600 Revenue ETF

Invesco S&P SmallCap Consumer Discretionary ETF

Invesco S&P SmallCap Consumer Staples ETF

Invesco S&P SmallCap Energy ETF

Invesco S&P SmallCap Financials ETF

Invesco S&P SmallCap Health Care ETF

Invesco S&P SmallCap High Dividend Low Volatility ETF

Invesco S&P SmallCap Industrials ETF

Invesco S&P SmallCap Information Technology ETF

Invesco S&P SmallCap Low Volatility ETF

Invesco S&P SmallCap Materials ETF

Invesco S&P SmallCap Quality ETF

Invesco S&P SmallCap Utilities & Communication Services ETF

Invesco S&P Ultra Dividend Revenue ETF

Invesco Senior Loan ETF

Invesco Taxable Municipal Bond ETF

Invesco Treasury Collateral ETF

Invesco Variable Rate Preferred ETF

Invesco VRDO Tax-Free Weekly ETF

 

 

Also at the April 14, 2020 meeting, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Investment Sub-Advisory Agreement between the Adviser and the following seven affiliated sub-advisers for each of Invesco Senior Loan ETF and Invesco Treasury Collateral ETF (the “Sub-Advisory Agreement”): Invesco Advisers, Inc.; Invesco Asset Management Deutschland, GmbH; Invesco Asset Management Limited; Invesco Asset Management (Japan) Limited; Invesco Hong Kong Limited; Invesco Senior Secured Management, Inc.; and Invesco Canada Ltd. (each, a “Sub-Adviser” and collectively, the “Sub-Advisers”).

 

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Approval of Investment Advisory and Sub-Advisory Contracts (continued)

Investment Advisory Agreement

The Trustees reviewed information from the Adviser describing: (i) the nature, extent and quality of services provided, (ii) the investment performance of each Fund and the Adviser, (iii) the fees paid by the Funds and comparisons to amounts paid by other comparable registered investment companies, (iv) the costs of services provided and estimated profits realized by the Adviser, (v) the extent to which economies of scale may be realized as a Fund grows and whether fee levels reflect any possible economies of scale for the benefit of Fund shareholders, and (vi) any further benefits realized by the Adviser or its affiliates from the Adviser’s relationship with the Funds.

Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions performed by the Adviser for the Funds, information describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. (“Invesco”), and the background and experience of the persons responsible for the day-to-day management of the Funds. The Trustees reviewed matters related to the Adviser’s execution and/or oversight of execution of portfolio transactions on behalf of the Funds. The Trustees also reviewed information on the performance of the Funds and their underlying indexes for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2019, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund’s performance and the performance of its underlying index, as well as the Adviser’s analysis of the tracking error and correlation between certain Funds and their underlying indexes. In reviewing the tracking error reports, the Trustees considered information provided by Invesco’s independent performance and risk management group with respect to general expected tracking error ranges. The Trustees also considered that certain Funds were created in connection with the purchases by Invesco of the exchange-traded funds businesses of Guggenheim Capital LLC on April 6, 2018 and Massachusetts Mutual Life Insurance Company (“Oppenheimer”) on May 24, 2019 (each, a “Transaction”), and that each such Fund’s performance prior to the closing of the applicable Transaction is that of its predecessor Guggenheim ETF or Oppenheimer ETF. The Trustees noted that, for each applicable period, the correlation for each Fund, other than the five-year and since-inception periods for Invesco Global Short Term High Yield Bond ETF and the one-year and ten-year periods for Invesco VRDO Tax-Free Weekly ETF, was within the targeted range set forth in the Trust’s registration statement. The Trustees reviewed the reasons provided by the Adviser for Invesco Global Short Term High Yield Bond ETF’s and Invesco VRDO Tax-Free Weekly ETF’s level of correlation to its underlying index, as well as the Adviser’s expectations for each Fund’s correlation going forward. The Trustees noted that, for each applicable period, the tracking error for all Funds was within the targeted range set forth in the Trust’s registration statement and concluded that each Fund’s correlation to its underlying index and the tracking error for each Fund were within an acceptable range given that Fund’s particular circumstances.

The Trustees considered the services provided by the Adviser in its oversight of the Funds’ administrator, custodian and transfer agent. They noted the significant amount of time, effort and resources that had been devoted to this oversight function.

Based on their review, the Trustees concluded that the nature, extent and quality of services provided by the Adviser to the Funds under the Investment Advisory Agreement were appropriate and reasonable.

Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser on each Fund’s net expense ratio and unitary advisory fee. The Trustees noted that the annual advisory fee charged to each Fund, as set forth below, is a unitary advisory fee and that the Adviser pays all other operating expenses of each Fund, including the fees payable to the Sub-Advisers for Invesco Senior Loan ETF and Invesco Treasury Collateral ETF, except that each Fund pays its brokerage expenses, taxes, interest (including, for Invesco Senior Loan ETF, interest expenses associated with its line of credit), litigation expenses and other extraordinary expenses (including acquired fund fees and expenses, if any).

 

                    0.04%:   

Invesco PureBetaTM MSCI USA ETF

   0.05%:   

Invesco PureBetaTM US Aggregate Bond ETF

   0.06%:   

Invesco PureBetaTM MSCI USA Small Cap ETF

   0.07%:   

Invesco PureBetaTM 0-5 Yr US TIPS ETF, Invesco PureBetaTM FTSE Developed ex-North America ETF

   0.08%:   

Invesco Treasury Collateral ETF

   0.10%:   

Invesco S&P 500 Minimum Variance ETF

   0.13%:   

Invesco S&P 500 Enhanced Value ETF, Invesco S&P 500 Momentum ETF

 

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Approval of Investment Advisory and Sub-Advisory Contracts (continued)

 

                    0.14%:   

Invesco PureBetaTM FTSE Emerging Markets ETF

   0.20%:   

Invesco Russell 1000 Equal Weight ETF

   0.22%:   

Invesco Fundamental Investment Grade Corporate Bond ETF

   0.25%:   

Invesco 1-30 Laddered Treasury ETF, Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF, Invesco S&P 500® High Beta ETF, Invesco S&P 500® Low Volatility ETF, Invesco S&P MidCap Low Volatility ETF, Invesco S&P SmallCap Low Volatility ETF, Invesco VRDO Tax-Free Weekly ETF

   0.28%:   

Invesco California AMT-Free Municipal Bond ETF, Invesco National AMT-Free Municipal Bond ETF, Invesco New York AMT-Free Municipal Bond ETF, Invesco Taxable Municipal Bond ETF

   0.29%:   

Invesco Russell 1000 Enhanced Equal Weight ETF, Invesco S&P International Developed Quality ETF, Invesco S&P SmallCap Consumer Discretionary ETF, Invesco S&P SmallCap Consumer Staples ETF, Invesco S&P SmallCap Energy ETF, Invesco S&P SmallCap Financials ETF, Invesco S&P SmallCap Health Care ETF, Invesco S&P SmallCap Industrials ETF, Invesco S&P SmallCap Information Technology ETF, Invesco S&P SmallCap Materials ETF, Invesco S&P SmallCap Quality ETF, Invesco S&P SmallCap Utilities & Communication Services ETF

   0.30%:   

Invesco S&P 500® High Dividend Low Volatility ETF, Invesco S&P International Developed High Dividend Low Volatility ETF, Invesco S&P SmallCap High Dividend Low Volatility ETF

   0.35%:   

Invesco Global Short Term High Yield Bond ETF, Invesco KBW Bank ETF, Invesco KBW High Dividend Yield Financial ETF, Invesco KBW Premium Yield Equity REIT ETF, Invesco KBW Property & Casualty Insurance ETF, Invesco KBW Regional Banking ETF, Invesco Russell 1000 Low Beta Equal Weight ETF, Invesco S&P International Developed Low Volatility ETF, Invesco S&P International Developed Momentum ETF

   0.39%:   

Invesco S&P 500 Revenue ETF, Invesco S&P MidCap 400 Revenue ETF, Invesco S&P SmallCap 600 Revenue ETF, Invesco S&P Ultra Dividend Revenue ETF

   0.45%:   

Invesco FTSE International Low Beta Equal Weight ETF, Invesco FTSE RAFI Developed Markets ex-U.S. ETF, Invesco S&P Emerging Markets Low Volatility ETF, Invesco S&P Emerging Markets Momentum ETF

   0.49%:   

Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF, Invesco FTSE RAFI Emerging Markets ETF

   0.50%:   

Invesco CEF Income Composite ETF, Invesco Emerging Markets Sovereign Debt ETF, Invesco Fundamental High Yield® Corporate Bond ETF, Invesco International Corporate Bond ETF, Invesco Preferred ETF, Invesco Variable Rate Preferred ETF

   0.55%:   

Invesco International BuyBack AchieversTM ETF

   0.60%:   

Invesco DWA SmallCap Momentum ETF

   0.65%:   

Invesco Senior Loan ETF

   0.70%:   

Invesco China Technology ETF

   0.75%:   

Invesco Global Clean Energy ETF, Invesco Global Water ETF

   0.80%:   

Invesco DWA Developed Markets Momentum ETF

   0.90%:   

Invesco DWA Emerging Markets Momentum ETF

The Trustees considered that, effective May 1, 2020, the Adviser had agreed to reduce the unitary advisory fee for Invesco S&P Emerging Markets Low Volatility ETF and Invesco S&P Emerging Markets Momentum ETF from 0.45% to 0.29% of average daily net assets, and to reduce the unitary advisory fee for Invesco S&P International Developed Low Volatility ETF and Invesco S&P International Developed Momentum ETF from 0.35% to 0.25% of average daily net assets.

The Trustees compared each Fund’s net expense ratio to information compiled by the Adviser from Lipper Inc. databases on the net expense ratios of comparable exchange-traded funds (“ETFs”), open-end (non-ETF) index funds and open-end (non-ETF) actively-managed funds, as applicable. The Trustees noted that the net expense ratios for certain Funds were equal to or lower than the median

 

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Approval of Investment Advisory and Sub-Advisory Contracts (continued)

net expense ratios of their ETF and open-end index peer funds as illustrated in the table below. The Trustees also noted that the net expense ratios for all of the Funds were lower than the median net expense ratios of their open-end actively-managed peer funds. The Trustees noted that a portion of each Fund’s operating expenses was attributable to a sub-license fee payable out of the unitary advisory fee charged to that Fund.

 

         Equal to/Lower    Lower
    Equal to/Lower    than Open-End    than Open-End
    than ETF Peer    Index Fund    Active Fund

Invesco Fund

   Median    Peer Median*    Peer Median

Invesco 1-30 Laddered Treasury ETF

         X

Invesco California AMT-Free Municipal Bond ETF

      N/A    X

Invesco CEF Income Composite ETF

   X    N/A    X

Invesco China Technology ETF

      N/A    X

Invesco DWA Developed Markets Momentum ETF

         X

Invesco DWA Emerging Markets Momentum ETF

         X

Invesco DWA SmallCap Momentum ETF

         X

Invesco Emerging Markets Sovereign Debt ETF

         X

Invesco FTSE International Low Beta Equal Weight ETF

   X    X    X

Invesco FTSE RAFI Developed Markets ex-U.S. ETF

      X    X

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

   X    X    X

Invesco FTSE RAFI Emerging Markets ETF

   X       X

Invesco Fundamental High Yield® Corporate Bond ETF

      X    X

Invesco Fundamental Investment Grade Corporate Bond ETF

         X

Invesco Global Clean Energy ETF

      N/A    X

Invesco Global Short Term High Yield Bond ETF

   X    N/A    X

Invesco Global Water ETF

      N/A    X

Invesco International BuyBack AchieversTM ETF

   X    X    X

Invesco International Corporate Bond ETF

         X

Invesco KBW Bank ETF

   X       X

Invesco KBW High Dividend Yield Financial ETF

   X       X

Invesco KBW Premium Yield Equity REIT ETF

   X       X

Invesco KBW Property & Casualty Insurance ETF

   X       X

Invesco KBW Regional Banking ETF

   X       X

Invesco National AMT-Free Municipal Bond ETF

         X

Invesco New York AMT-Free Municipal Bond ETF

      N/A    X

Invesco Preferred ETF

      N/A    X

Invesco PureBetaTM 0-5 Yr US TIPS ETF

         X

Invesco PureBetaTM FTSE Developed ex-North America ETF

         X

Invesco PureBetaTM FTSE Emerging Markets ETF

   X       X

Invesco PureBetaTM MSCI USA ETF

   X    X    X

Invesco PureBetaTM MSCI USA Small Cap ETF

   X    X    X

Invesco PureBetaTM US Aggregate Bond ETF

   X    X    X

Invesco Russell 1000 Enhanced Equal Weight ETF

   X    X    X

Invesco Russell 1000 Equal Weight ETF

   X    X    X

Invesco Russell 1000 Low Beta Equal Weight ETF

      X    X

Invesco S&P 500 Enhanced Value ETF

   X    X    X

Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF

   X    X    X

 

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Approval of Investment Advisory and Sub-Advisory Contracts (continued)

 

         Equal to/Lower    Lower
    Equal to/Lower    than Open-End    than Open-End
    than ETF Peer    Index Fund    Active Fund

Invesco Fund

   Median    Peer Median*    Peer Median

Invesco S&P 500 High Beta ETF

   X    X    X

Invesco S&P 500® High Dividend Low Volatility ETF

   X    X    X

Invesco S&P 500® Low Volatility ETF

   X       X

Invesco S&P 500 Minimum Variance ETF

   X    X    X

Invesco S&P 500 Momentum ETF

      X    X

Invesco S&P 500 Revenue ETF

      X    X

Invesco S&P Emerging Markets Low Volatility ETF

   X    X    X

Invesco S&P Emerging Markets Momentum ETF

   X       X

Invesco S&P International Developed High Dividend Low Volatility ETF

   X       X

Invesco S&P International Developed Low Volatility ETF

   X       X

Invesco S&P International Developed Momentum ETF

         X

Invesco S&P International Developed Quality ETF

   X       X

Invesco S&P MidCap 400 Revenue ETF

         X

Invesco S&P MidCap Low Volatility ETF

         X

Invesco S&P SmallCap 600 Revenue ETF

      X    X

Invesco S&P SmallCap Consumer Discretionary ETF

   X       X

Invesco S&P SmallCap Consumer Staples ETF

   X       X

Invesco S&P SmallCap Energy ETF

   X       X

Invesco S&P SmallCap Financials ETF

   X       X

Invesco S&P SmallCap Health Care ETF

   X       X

Invesco S&P SmallCap High Dividend Low Volatility ETF

   X    X    X

Invesco S&P SmallCap Industrials ETF

   X       X

Invesco S&P SmallCap Information Technology ETF

   X    X    X

Invesco S&P SmallCap Low Volatility ETF

   X    X    X

Invesco S&P SmallCap Materials ETF

   X       X

Invesco S&P SmallCap Quality ETF

   X       X

Invesco S&P SmallCap Utilities & Communication Services ETF

   X    X    X

Invesco S&P Ultra Dividend Revenue ETF

      X    X

Invesco Senior Loan ETF

      X    X

Invesco Taxable Municipal Bond ETF

      N/A    X

Invesco Treasury Collateral ETF

   X       X

Invesco Variable Rate Preferred ETF

      X    X

Invesco VRDO Tax-Free Weekly ETF

      N/A    X

 

*

The information provided by the Adviser indicated that certain Funds did not have any comparable open-end index fund peers. Those Funds have been designated in this column with an “N/A” for not available.

In response to questions from the Independent Trustees, the Adviser provided supplemental information regarding each of Invesco 1-30 Laddered Treasury ETF, Invesco California AMT-Free Municipal Bond ETF, Invesco DWA Developed Markets Momentum ETF, Invesco Emerging Markets Sovereign Debt ETF, Invesco Global Clean Energy ETF, Invesco Global Water ETF, Invesco International Corporate Bond ETF, Invesco National AMT-Free Municipal Bond ETF, Invesco New York AMT-Free Municipal Bond ETF, Invesco Senior Loan ETF and Invesco VRDO Tax-Free Weekly ETF’s advisory fees and total expenses and the Lipper peer data. The Adviser explained its view that the advisory fees and total expenses for these Funds are competitive and generally in line with other comparable funds in the marketplace, particularly in light of the level and nature of services provided and the investment management style of the Adviser. The Trustees also considered the Adviser’s statements regarding its pricing philosophy and the differing pricing philosophy of certain of the peers.

 

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Approval of Investment Advisory and Sub-Advisory Contracts (continued)

The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, including products that have investment strategies comparable to certain of the Funds. The Trustees considered the Adviser’s explanation of the differences between the services provided to the Funds and to the other investment products it advises, noting the Adviser’s statement that the management and oversight of the Funds requires substantially more labor and expense.

Based on all the information provided, the Board concluded that each Fund’s unitary advisory fee was reasonable and appropriate in light of the services provided, the nature of the indexes, the distinguishing factors of the Funds, and the administrative, operational and management oversight costs for the Adviser.

In conjunction with their review of the unitary advisory fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Funds. The Trustees reviewed information provided by the Adviser on its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund. The Trustees concluded that the overall and estimated profitability to the Adviser was not unreasonable.

Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of shareholders. The Trustees reviewed each Fund’s asset size and unitary advisory fee. The Trustees noted that any reduction in fixed costs associated with the management of the Funds would be enjoyed by the Adviser, but a unitary advisory fee provides a level of certainty in expenses for the Funds. The Trustees considered whether the unitary advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund, and concluded that the unitary advisory fee was reasonable and appropriate.

Fall-out Benefits. The Trustees considered that the Adviser identified no additional benefits it receives from its relationship with the Funds, and noted that the Adviser does not have any soft-dollar arrangements. The Trustees also considered benefits received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser’s relationship with the Funds, including brokerage fees and advisory fees for money market cash management vehicles. The Board concluded that the advisory fee was reasonable, taking into account any ancillary benefits received by affiliates of the Adviser.

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Investment Advisory Agreement for each Fund. No single factor was determinative in the Board’s analysis.

Investment Sub-Advisory Agreement

As noted above, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Sub-Advisory Agreement for each of Invesco Senior Loan ETF and Invesco Treasury Collateral ETF at a meeting held on April 14, 2020. The review process followed by the Board is described in detail above. In connection with the review of the Sub-Advisory Agreement, the Board considered the factors described below, among others.

Nature, Extent and Quality of Services. The Trustees considered the nature, extent and quality of services provided under the Sub-Advisory Agreement. The Board reviewed the qualifications and background of each Sub-Adviser, the services provided or to be provided by each Sub-Adviser, the investment approach of the Sub-Adviser whose investment personnel manage Invesco Senior Loan ETF’s and Invesco Treasury Collateral ETF’s assets, the experience and skills of the investment personnel responsible for the day-to-day management of the Funds, and the resources made available to such personnel.

Based on their review, the Trustees concluded that the nature, extent and quality of services provided by the Sub-Advisers to Invesco Senior Loan ETF and Invesco Treasury Collateral ETF under the Sub-Advisory Agreement were appropriate and reasonable.

Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser and the Sub-Advisers on the sub-advisory fee rates under the Sub-Advisory Agreement. The Trustees noted that the sub-advisory fees charged by the Sub-Advisers under the Sub-Advisory Agreement are consistent with the compensation structure used throughout Invesco when Invesco’s affiliates provide sub-advisory services for funds managed by other Invesco affiliates. The Board considered how the sub-advisory fees relate to the overall advisory fee for each of Invesco Senior Loan ETF and Invesco Treasury Collateral ETF and noted that the Adviser compensates the Sub-Advisers from its fee.

 

  61  

 

  

 

 

 

 

Approval of Investment Advisory and Sub-Advisory Contracts (continued)

The Trustees also reviewed the financial statements provided by Invesco Senior Secured Management, Inc., in connection with the March 12, 2020 Board meeting, and Invesco Advisers, Inc., in connection with the April 14, 2020 meeting, and noted the net income generated by each firm. The Trustees noted that the Adviser compensates the Sub-Advisers from its fee and that the Adviser provided profitability information with respect to Invesco Senior Loan ETF and Invesco Treasury Collateral ETF.

Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. As part of their review of the Investment Advisory Agreement for Invesco Senior Loan ETF and Invesco Treasury Collateral ETF, the Trustees considered the extent to which economies of scale may be realized as the Funds grow and whether fee levels reflect economies of scale for the benefit of shareholders. The Trustees considered whether the sub-advisory fee rates for Invesco Senior Loan ETF and Invesco Treasury Collateral ETF were reasonable in relation to the asset size of the Funds, and concluded that the flat sub-advisory fee rates were reasonable and appropriate.

Fall-out Benefits. The Trustees noted that Invesco Advisers, Inc. receives management fees from money market funds into which the Funds’ and other Invesco ETFs’ excess cash and securities lending collateral may be invested, and that the Adviser waives its fees on the excess cash invested under such arrangement in amounts equal to fees received by Invesco Advisers, Inc. on the Funds’ and other Invesco ETFs’ excess cash invested in the money market funds. The Trustees noted that the Sub-Advisers had not identified any further benefits that they derived from their relationships with Invesco Senior Loan ETF and Invesco Treasury Collateral ETF and that the Sub-Advisers do not have any soft-dollar arrangements with respect to the Funds. The Board concluded that the sub-advisory fee with respect to each Fund was reasonable, taking into account any ancillary benefits received by the Sub-Advisers.

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Sub-Advisory Agreement for Invesco Senior Loan ETF and Invesco Treasury Collateral ETF. No single factor was determinative in the Board’s analysis.

 

  62  

 

  

 

 

Proxy Voting Policies and Procedures

A description of the Trust’s proxy voting policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available, without charge and upon request, by calling (800) 983-0903. This information is also available on the Securities and Exchange Commission’s (the “Commission”) website at www.sec.gov.

Information regarding how each Fund voted proxies for portfolio securities, if applicable, during the most recent 12-month period ended June 30, is available, without charge and upon request, by (i) calling (800) 983-0903; or (ii) accessing the Trust’s Form N-PX on the Commission’s website at www.sec.gov.

Quarterly Portfolios

The Trust files its complete schedule of portfolio holdings for the Funds with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Forms N-PORT are available on the Commission’s website at www.sec.gov.

Frequency Distribution of Discounts and Premiums

A table showing the number of days the market price of each Fund’s shares was greater than the Fund’s net asset value, and the number of days it was less than the Fund’s net asset value (i.e., premium or discount) for the most recently completed calendar year, and the calendar quarters since that year end (or the life of the Fund, if shorter) may be found at the Fund’s website at www.invesco.com/ETFs.

 

 

 

 

 

 

©2020 Invesco Capital Management LLC

3500 Lacey Road, Suite 700

      
Downers Grove, IL 60515    P-PS-SAR-12                            invesco.com/ETFs   

LOGO           

 

Invesco Semi-Annual Report to Shareholders

 

April 30, 2020

 

  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
  CGW   Invesco S&P Global Water Index ETF
  IDHQ   Invesco S&P International Developed Quality ETF

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. If you hold accounts through a financial intermediary, you may contact your financial intermediary to enroll in electronic delivery. Please note that not all financial intermediaries may offer this service.

You may elect to receive all future reports in paper free of charge. If you hold accounts through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds held with your financial intermediary.

LOGO

 

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)

      48  

Invesco Global Water ETF (PIO)

      51  

Invesco International BuyBack AchieversTM ETF (IPKW)

      53  

Invesco MSCI Global Timber ETF (CUT)

      55  

Invesco S&P Global Water Index ETF (CGW)

      58  

Invesco S&P International Developed Quality ETF (IDHQ)

      60  
Statements of Assets and Liabilities      64  
Statements of Operations      66  
Statements of Changes in Net Assets      68  
Financial Highlights      72  
Notes to Financial Statements      84  
Fund Expenses      98  
Approval of Investment Advisory and Sub-Advisory Contracts      100  

 

 

 

 

   2  

 

 

 

 

Liquidity Risk Management Program

 

The Securities and Exchange Commission (“SEC”) has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”) in order to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders. The Funds have adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (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 12, 2020, 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 December 1, 2018 through December 31, 2019 (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, 2020

(Unaudited)

Schedule of Investments(a)

 

      Shares      Value  
Common Stocks & Other Equity Interests-99.94%

 

Capital Markets-0.65%     

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

     265,000      $ 4,397,113  
    

 

 

  
Diversified Financial Services-0.00%     

Zhengqi Financial Holding Corp., Rts., TBA (China)(b)(c)

     122,862        0  
    

 

 

  

Electrical Equipment-0.48%

     

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

     491,618        1,326,570  

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

     374,620        1,044,630  

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

     339,700        917,785  
    

 

 

  
       3,288,985  
    

 

 

  
Electronic Equipment, Instruments & Components-17.03%

 

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

     139,623        563,250  

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

     406,756        2,397,690  

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

     16,688,674        8,858,193  

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

     6,590,739        2,313,772  

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

     859,090        2,525,114  

Guangdong Ellington Electronics Technology Co. Ltd., A Shares (China)

     333,700        481,260  

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

     115,100        1,236,801  

Hangzhou Century Co. Ltd., A Shares (China)

     423,460        719,689  

Hangzhou Hikvision Digital Technology Co. Ltd., A Shares (China)

     4,607,305        20,863,728  

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

     810,000        1,175,213  

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

     1,253,200        975,914  

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

     3,363,700        4,404,906  

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

     241,757        5,190,380  

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

     1,336,973        2,826,543  

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

     1,121,798        5,138,216  

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

     60,360        1,987,250  

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

     448,400        1,233,776  

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

     124,743        886,001  

Sunny Optical Technology Group Co. Ltd. (China)

     2,593,473        35,936,110  

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

     1,009,400        2,021,698  

Tunghsu Optoelectronic Technology Co. Ltd., A Shares (China)

     2,700,900        1,060,385  

Unisplendour Corp. Ltd., A Shares (China)

     467,456        2,704,716  

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

     404,400        1,019,579  
      Shares      Value  
Electronic Equipment, Instruments & Components-(continued)

 

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

     413,200      $ 1,317,383  

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

     461,523        2,676,036  

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

     850,100        3,178,979  

Xiamen Meiya Pico Information Co. Ltd., A Shares (China)

     396,280        1,195,998  

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

     595,670        1,237,696  
    

 

 

  
       116,126,276  
    

 

 

  
Entertainment-8.76%     

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

     342,200        925,000  

NetEase, Inc., ADR (China)

     144,188        49,739,093  

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

     796,784        9,091,305  
    

 

 

  
       59,755,398  
    

 

 

  
Health Care Technology-0.43%     

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

     808,738        2,905,300  
    

 

 

  
Interactive Media & Services-36.82%

 

58.com, Inc., ADR (China)(b)

     517,016        26,858,981  

Autohome, Inc., ADR (China)

     346,810        28,490,442  

Baidu, Inc., ADR (China)(b)

     525,626        53,051,432  

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

     374,380        22,822,205  

Momo, Inc., ADR (China)

     719,855        17,334,108  

SINA Corp. (China)(b)

     422,730        14,275,592  

Tencent Holdings Ltd. (China)

     1,403,328        74,452,347  

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

     366,267        13,746,001  
    

 

 

  
       251,031,108  
    

 

 

  
Internet & Direct Marketing Retail-10.14%

 

Hangzhou Lianluo Interactive Information Technology Co. Ltd., A Shares (China)(b)

     1,073,100        314,987  

Meituan Dianping, B Shares (China)(b)

     5,179,586        68,806,483  
    

 

 

  
       69,121,470  
    

 

 

  
IT Services-6.36%     

Beijing Lanxum Technology Co. Ltd., A Shares (China)(b)

     428,000        1,016,757  

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

     966,500        710,520  

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

     470,971        1,530,610  

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

     1,535,500        2,949,677  

GDS Holdings Ltd., ADR (China)(b)

     376,356        21,572,726  

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

     204,000        1,113,616  

TravelSky Technology Ltd., H Shares (China)

     6,565,430        11,389,794  

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

     1,198,945        1,361,012  

Wonders Information Co. Ltd., A Shares (China)

     561,700        1,689,431  
    

 

 

  
       43,334,143  
    

 

 

  
 

 

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

 

 

 

 

   4  

 

 

 

 

Invesco China Technology ETF (CQQQ)–(continued)

April 30, 2020

(Unaudited)

 

      Shares      Value  
Machinery-0.29%     

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

     469,500      $ 2,009,108  
    

 

 

  
Media-1.71%     

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

     1,523,205        6,761,668  

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

     7,233,860        4,870,463  
    

 

 

  
       11,632,131  
    

 

 

  
Metals & Mining-0.12%     

Shenghe Resources Holding Co. Ltd., A Shares (China)

     865,109        827,071  
    

 

 

  
Pharmaceuticals-0.00%     

Anxin-China Holdings Ltd. (China)(b)(c)

     2,144,054        0  
    

 

 

  
Real Estate Management & Development-0.12%

 

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

     478,620        842,160  
    

 

 

  
Semiconductors & Semiconductor Equipment-4.64%

 

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

     157,988        6,196,284  

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

     1,858,932        8,084,467  

Sanan Optoelectronics Co. Ltd., A Shares (China)

     2,010,015        6,229,256  

SG Micro Corp., A Shares (China)

     51,100        2,285,555  

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

     88,500        2,949,798  

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

     1,372,625        3,283,919  

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

     299,100        2,600,146  
    

 

 

  
       31,629,425  
    

 

 

  
Software-10.10%     

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

     520,800        1,098,039  

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

     525,803        2,276,811  

Bluedon Information Security Technology Co. Ltd., A Shares (China)

     616,200        338,518  

China National Software & Service Co. Ltd., A Shares (China)

     243,700        2,844,996  

Glodon Co. Ltd., A Shares (China)

     555,125        4,061,564  

Hundsun Technologies, Inc., A Shares (China)

     395,867        5,735,713  

Iflytek Co. Ltd., A Shares (China)

     1,084,400        5,096,032  

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

     15,571,837        22,324,460  

Link Motion, Inc., ADR (China)(b)(c)

     367,331        0  

National Agricultural Holdings Ltd., ADR (Hong Kong)(b)(c)

     534,446        0  

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

     514,600        1,186,681  

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

     366,000        1,080,973  
      Shares      Value  
Software-(continued)     

Sangfor Technologies, Inc., A Shares (China)

     71,500      $ 1,935,308  

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

     1,653,100        688,198  

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

     254,993        1,825,809  

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

     2,094,110        4,695,868  

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

     348,200        683,327  

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

     420,600        1,000,722  

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

     177,400        1,552,493  

Venustech Group, Inc., A Shares (China)

     441,935        2,527,486  

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

     1,225,603        7,909,287  
    

 

 

  
       68,862,285  
    

 

 

  
Technology Hardware, Storage & Peripherals-2.29%

 

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

     1,447,046        2,416,313  

Dawning Information Industry Co. Ltd., A Shares (China)

     396,100        2,702,984  

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

     711,558        4,166,353  

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

    3,632,532        4,231,641  

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

     725,117        2,076,383  
    

 

 

  
       15,593,674  
    

 

 

  

Total Common Stocks & Other Equity Interests
(Cost $648,843,437)

 

      681,355,647  
    

 

 

  
Money Market Funds-0.11%

 

Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.21%(f)(g)
(Cost $768,360)

     768,360        768,360  
    

 

 

  

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-100.05%
(Cost $649,611,797)

 

      682,124,007  
    

 

 

  
Investments Purchased with Cash Collateral from Securities on Loan

 

   
Money Market Funds-1.34%

 

Invesco Private Government Fund, 0.01%(f)(h)(i)
(Cost $9,145,803)

     9,145,803        9,145,803  
    

 

 

  

TOTAL INVESTMENTS IN SECURITIES-101.39%
(Cost $658,757,600)

 

      691,269,810  

OTHER ASSETS LESS LIABILITIES-(1.39)%

 

      (9,491,421 ) 
    

 

 

  

NET ASSETS-100.00%

      $ 681,778,389  
    

 

 

  
 

Investment Abbreviations:

ADR-American Depositary Receipt

Rts. -Rights

TBA -To Be Announced

 

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

 

 

 

 

   5  

 

 

 

 

Invesco China Technology ETF (CQQQ)–(continued)

April 30, 2020

(Unaudited)

 

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 5.

(d) 

All or a portion of this security was out on loan at April 30, 2020.

(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, 2020 was $10,993,309, which represented 1.61% 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, 2020.

 

                    Change in               
                    Unrealized    Realized          
     Value    Purchases    Proceeds    Appreciation    Gain    Value    Dividend
     October 31, 2019    at Cost    from Sales    (Depreciation)    (Loss)    April 30, 2020    Income

Investments in Affiliated

Money Market Funds:

                                   
Invesco Premier U.S. Government Money Portfolio, Institutional Class      $ -      $ 6,470,532      $ (5,702,172 )      $ -      $ -      $ 768,360      $ 547
Investments Purchased with Cash Collateral from Securities on Loan:                                   
Invesco Government & Agency Portfolio, Institutional Class*        20,515,711        78,632,399        (99,148,110 )        -        -        -        89,943
Invesco Liquid Assets Portfolio, Institutional Class*        6,838,570        18,843,773        (25,681,509 )        (395 )        (439 )        -        33,931
Invesco Private Government Fund        -        17,734,237        (8,588,434 )        -        -        9,145,803        5
    

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

  
Total      $ 27,354,281      $ 121,680,941      $ (139,120,225 )      $ (395 )      $ (439 )      $ 9,914,163      $ 124,426
    

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

  

 

*

At April 30, 2020, this security was no longer held.

 

(g) 

The rate shown is the 7-day SEC standardized yield as of April 30, 2020.

(h) 

The rate shown is the 3-day SEC standardized yield as of April 30, 2020. The money market fund commenced operations on April 28, 2020.

(i) 

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 2K.

 

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

China

     99.94 % 

 

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

 

 

 

 

   6  

 

 

 

 

Invesco China Technology ETF (CQQQ)–(continued)

April 30, 2020

(Unaudited)

 

Portfolio Composition

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

as of April 30, 2020

 

Interactive Media & Services

     36.82    

Electronic Equipment, Instruments & Components

     17.03    

Internet & Direct Marketing Retail

     10.14                             

Software

     10.10    

Entertainment

     8.76    

IT Services

     6.36    

Semiconductors & Semiconductor Equipment

     4.64    

Industry Types Each Less Than 3%

     6.09    
Money Market Funds Plus Other Assets Less Liabilities     0.06    
 

 

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, 2020

(Unaudited)

 

Schedule of Investments

 

      Shares      Value
Common Stocks & Other Equity Interests-99.83%

 

Australia-3.57%

 

CSL Ltd.

       17,746      $     3,595,169

Evolution Mining Ltd.

       346,272        1,158,459
        

 

 

  
           4,753,628
        

 

 

  
Belgium-2.85%         

Ackermans & van Haaren N.V.

       4,928        652,574

Sofina S.A.

       3,591        845,643

Warehouses De Pauw C.V.A.

       83,811        2,294,954
        

 

 

  
           3,793,171
        

 

 

  
Canada-13.09%         

Alimentation Couche-Tard, Inc., Class B

       55,884        1,562,716

Canadian National Railway Co.

       28,697        2,378,280

Canadian Pacific Railway Ltd.

       3,163        720,434

Constellation Software, Inc.

       3,943        3,799,866

Dollarama, Inc.

       28,165        885,333

Metro, Inc.

       18,107        746,598

Open Text Corp.

       26,595        1,007,162

Royal Bank of Canada

       14,120        870,511

Shopify, Inc., Class A(a)

       6,029        3,831,873

Toromont Industries Ltd.

       34,754        1,636,424
        

 

 

  
           17,439,197
        

 

 

  
Denmark-4.95%         

Chr. Hansen Holding A/S

       8,746        753,548

Coloplast A/S, Class B

       9,239        1,461,006

GN Store Nord A/S

       37,578        1,717,609

Novo Nordisk A/S, Class B

       24,958        1,591,516

Novozymes A/S, Class B

       22,017        1,078,439
        

 

 

  
           6,602,118
        

 

 

  
Finland-4.08%         

Elisa OYJ

       24,835        1,508,066

Kone OYJ, Class B

       64,816        3,927,331
        

 

 

  
           5,435,397
        

 

 

  
France-6.87%         

Air Liquide S.A.(b)

       5,149        654,769

Dassault Systemes SE

       5,045        737,969

Hermes International

       3,772        2,758,996

Kering S.A.

       1,904        959,725

LVMH Moet Hennessy Louis Vuitton SE

       1,816        701,046

Pernod Ricard S.A.

       7,376        1,123,779

Rubis S.C.A.

       25,720        1,153,889

Teleperformance

       4,740        1,061,707
        

 

 

  
           9,151,880
        

 

 

  
Germany-1.10%         

Carl Zeiss Meditec AG, BR

       7,140        703,448

Symrise AG

       7,543        762,734
        

 

 

  
           1,466,182
        

 

 

  
Hong Kong-3.94%         

Link REIT

       99,624        894,417

Techtronic Industries Co. Ltd.

       126,847        966,199

Vitasoy International Holdings Ltd.(b)

       942,216        3,390,949
        

 

 

  
           5,251,565
        

 

 

  
Ireland-2.04%         

Kerry Group PLC, Class A

       6,578        754,351

 

 

 

      Shares      Value
Ireland-(continued)         

Kingspan Group PLC

       23,049      $ 1,173,919

Smurfit Kappa Group PLC

       25,402        796,289
        

 

 

  
           2,724,559
        

 

 

  
Israel-1.55%         

Nice Ltd.(a)

       12,339            2,062,958
        

 

 

  
Italy-0.54%         

Snam S.p.A.

       160,592        719,064
        

 

 

  
Japan-16.04%         

Asahi Intecc Co. Ltd.

       107,306        2,872,933

Chugai Pharmaceutical Co. Ltd.

       5,492        657,900

Daifuku Co. Ltd.

       12,380        871,758

Daiichi Sankyo Co. Ltd.

       10,424        719,596

Daikin Industries Ltd.

       5,216        683,126

Hoya Corp.

       7,916        730,343

Keyence Corp.

       2,637        956,062

Kobayashi Pharmaceutical Co. Ltd.

       6,520        606,058

Lion Corp.

       30,444        640,851

M3, Inc.

       87,172        3,171,077

Matsumotokiyoshi Holdings Co. Ltd.

       16,760        581,471

MINEBEA MITSUMI, Inc.

       47,699        791,303

MISUMI Group, Inc.

       32,960        797,069

Nexon Co. Ltd.

       62,379        1,017,337

Nomura Research Institute Ltd.

       28,956        713,238

Obic Co. Ltd.

       6,145        932,079

Oriental Land Co. Ltd.

       9,128        1,167,729

PeptiDream, Inc.(a)

       18,900        715,809

Shimadzu Corp.

       24,208        607,832

SMC Corp.

       1,580        723,991

Sohgo Security Services Co. Ltd.

       13,500        652,686

Sony Corp.

       11,920        772,707
        

 

 

  
           21,382,955
        

 

 

  
Luxembourg-0.92%         

Eurofins Scientific SE

       2,229        1,232,919
        

 

 

  
Netherlands-4.40%         

argenx SE(a)

       14,728        2,218,092

ASML Holding N.V.

       7,605        2,254,448

Koninklijke Ahold Delhaize N.V.

       28,931        702,209

Wolters Kluwer N.V.

       9,372        688,997
        

 

 

  
           5,863,746
        

 

 

  

New Zealand-3.52%

         

a2 Milk Co. Ltd.(a)

       305,971        3,705,532

Fisher & Paykel Healthcare Corp. Ltd.

       58,165        982,887
        

 

 

  
           4,688,419
        

 

 

  
Singapore-1.32%         

Singapore Exchange Ltd.

       256,932        1,761,308
        

 

 

  
Spain-0.51%         

Grifols S.A.(b)

       19,932        678,087
        

 

 

  
Sweden-4.42%         

Assa Abloy AB, Class B(b)

       36,950        666,010

Hexagon AB, Class B(a)(b)

       22,033        1,098,808

Investor AB, Class B

       16,473        828,440

Nibe Industrier AB, Class B

       74,289        1,390,751
 

 

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, 2020

(Unaudited)

 

      Shares      Value
Sweden-(continued)         

Svenska Cellulosa AB S.C.A.,
Class B(a)

       75,782      $ 816,616

Tele2 AB, Class B

       84,641        1,097,095
        

 

 

  
           5,897,720
        

 

 

  
Switzerland-16.14%         

Barry Callebaut AG

       803        1,574,135

EMS-Chemie Holding AG

       1,449        939,076

Geberit AG

       4,747        2,130,162

Givaudan S.A.

       384        1,286,300

Kuehne + Nagel International AG

       19,195        2,745,552

Logitech International S.A

       18,137        874,011

Lonza Group AG

       2,669        1,165,328

Nestle S.A.

       7,265        767,035

Novartis AG

       29,425        2,507,901

Partners Group Holding AG

       1,651        1,299,725

Schindler Holding AG, PC

       7,737        1,719,511

SGS S.A.

       709        1,605,103

Sika AG

       6,534        1,081,158

Sonova Holding AG

       6,643        1,199,684

Swiss Prime Site AG

       6,431        611,017
        

 

 

  
               21,505,698
        

 

 

  
United Kingdom-7.38%         

Croda International PLC

       42,242        2,601,226

Experian PLC

       26,714        800,610

Halma PLC

       38,990        1,027,863
    Shares    Value  
United Kingdom-(continued)     

Intertek Group PLC

     12,864      $ 770,736  

Rentokil Initial PLC

     138,847        830,664  

Spirax-Sarco Engineering PLC

     28,498        3,137,364  

Unilever N.V.

     13,310        664,486  
    

 

 

  
       9,832,949  
    

 

 

  
United States-0.60%     

Waste Connections, Inc.

     9,212        794,290  
    

 

 

  

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.83%
(Cost $119,349,562)

 

      133,037,810  
    

 

 

  
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-2.94%

 

Invesco Private Government Fund,
0.01%(c)(d)(e)
(Cost $3,914,536)

     3,914,536        3,914,536  
    

 

 

  

TOTAL INVESTMENTS IN SECURITIES-102.77%
(Cost $123,264,098)

 

      136,952,346  

OTHER ASSETS LESS LIABILITIES-(2.77)%

 

      (3,685,863 ) 
    

 

 

  

NET ASSETS-100.00%

      $ 133,266,483  
    

 

 

  
 

 

Investment Abbreviations:

BR-Bearer Shares

PC-Participation Certificate

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, 2020.

(c) 

The rate shown is the 3-day SEC standardized yield as of April 30, 2020. The money market fund commenced operations on April 28, 2020.

(d) 

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 2K.

(e) 

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, 2020.

 

    Value
October 31, 2019		    Purchases
at Cost		    Proceeds
from Sales		    Change in
Unrealized
Appreciation
(Depreciation)		    Realized
Gain
(Loss)		    Value
April 30, 2020		    Dividend
Income
Investments in Affiliated Money Market Funds:                                  

Invesco Premier U.S. Government

                                  
Money Portfolio, Institutional Class*     $ -      $ 1,798,070      $ (1,798,070 )      $ -      $ -      $ -      $ 285
Investments Purchased with Cash Collateral from Securities on Loan:                                  

Invesco Government & Agency

                                  

Portfolio, Institutional Class*

       5,208,612        30,794,022        (36,002,634 )        -        -        -        33,202

Invesco Liquid Assets Portfolio,

                                  

Institutional Class*

       1,736,204        7,292,953        (9,028,475 )        (74 )        (608 )        -        12,834

Invesco Private Government Fund

       -        7,907,892        (3,993,356 )        -        -        3,914,536        2
   

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

  

Total

     $ 6,944,816      $ 47,792,937      $ (50,822,535 )      $ (74 )      $ (608 )      $ 3,914,536      $ 46,323
   

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

  

* At April 30, 2020, this security was no longer held.

 

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, 2020

(Unaudited)

 

Portfolio Composition

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

as of April 30, 2020

 

Industrials

     25.27     

Health Care

     20.95     

Information Technology

     14.95     

Consumer Staples

     12.61                              

Materials

     8.94     

Consumer Discretionary

     5.44     

Financials

     4.70     

Sector Types Each Less Than 3%

     6.97     
Money Market Funds Plus Other Assets Less Liabilities     0.17     
 

 

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, 2020

(Unaudited)

 

Schedule of Investments

 

      Shares      Value  
Common Stocks & Other Equity Interests-100.17%

 

Brazil-1.86%     

Alpargatas S.A., Preference Shares

     122,200      $ 618,303  

B2W Cia Digital(a)

     77,400            1,047,337  

WEG S.A.

     76,300        562,951  
    

 

 

  
       2,228,591  
    

 

 

  
China-44.11%     

51job, Inc., ADR(a)

     11,088        664,615  

Agile Group Holdings Ltd.

     645,647        714,445  

Alibaba Group Holding Ltd., ADR(a)

     3,167        641,856  

Alibaba Health Information Technology Ltd.(a)

    668,418        1,605,554  

Anhui Conch Cement Co. Ltd., H Shares

     104,213        806,883  

ANTA Sports Products Ltd.

     385,360        3,292,619  

BYD Electronic International Co. Ltd.

     439,954        1,011,321  

China Aoyuan Group Ltd.

     522,349        597,727  

China Conch Venture Holdings Ltd.

     149,381        707,266  

China Jinmao Holdings Group Ltd.

     1,331,995        923,044  

China Mengniu Dairy Co. Ltd.(a)

     158,182        556,979  

China Merchants Bank Co. Ltd., H Shares

     172,350        821,083  

China National Building Material Co. Ltd., H Shares

     560,514        700,043  

China Overseas Grand Oceans Group Ltd.

     1,023,951        636,548  

China Resources Beer Holdings Co. Ltd.

     307,270        1,455,554  

China Resources Cement Holdings Ltd.

     1,001,726        1,336,684  

China Resources Gas Group Ltd.

     105,412        590,422  

China SCE Group Holdings Ltd.

     1,776,313        774,653  

China Vanke Co. Ltd., H Shares

     181,264        590,788  

Country Garden Services Holdings Co. Ltd.

     234,054        1,080,345  

ENN Energy Holdings Ltd.

     60,214        669,303  

Fu Shou Yuan International Group Ltd.

     633,612        572,489  

Greentown Service Group Co. Ltd.(b)

     836,660        1,094,919  

Huazhu Group Ltd., ADR

     52,301        1,883,359  

Kingdee International Software Group Co. Ltd.

     774,850        1,110,859  

Kingsoft Corp. Ltd.(a)

     193,324        658,919  

KWG Group Holdings Ltd.

     457,846        662,167  

Longfor Group Holdings Ltd.(b)

     280,840        1,391,860  

Meituan Dianping, B Shares(a)

     49,761        661,033  

MicroPort Scientific Corp.

     405,132        877,506  

New Oriental Education & Technology Group, Inc., ADR(a)

     19,411        2,478,008  

Ping An Insurance (Group) Co. of China Ltd., H Shares

     80,903        820,352  

Semiconductor Manufacturing International Corp.(a)

     345,006        655,255  

Shandong Weigao Group Medical Polymer Co. Ltd., H Shares

     488,416        736,837  

Shenzhen Expressway Co. Ltd., H Shares

     860,653        976,762  

Shenzhen International Holdings Ltd.

     552,456        1,060,983  

Sinotruk Hong Kong Ltd.

     671,935        1,345,861  

TAL Education Group, ADR(a)

     56,936        3,085,362  

Tencent Holdings Ltd.

     62,160        3,297,845  

Times China Holdings Ltd.

     972,769        1,588,058  

Vipshop Holdings Ltd., ADR(a)

     53,294        848,973  

Weichai Power Co. Ltd., H Shares

     449,252        770,356  

Wuxi Biologics Cayman, Inc.(a)(b)

     77,935        1,208,645  

Xinyi Solar Holdings Ltd.

     1,069,293        682,365  
      Shares      Value  
China-(continued)     

Yihai International Holding Ltd.

     431,018      $ 3,430,139  

Zoomlion Heavy Industry Science and Technology Co. Ltd., H Shares

     823,772        660,528  
    

 

 

  
           52,737,172  
    

 

 

  
Malaysia-6.85%     

Fraser & Neave Holdings Bhd

     91,900        678,350  

Hartalega Holdings Bhd

     1,938,100        3,425,479  

QL Resources Bhd

     993,100        1,859,347  

Sunway Bhd

     6,114,765        2,221,214  
    

 

 

  
       8,184,390  
    

 

 

  
Mexico-0.51%     

Grupo Elektra S.A.B. de C.V.(c)

     10,451        607,953  
    

 

 

  
Philippines-1.31%     

SM Investments Corp.

     96,474        1,571,535  
    

 

 

  
South Africa-4.85%     

AngloGold Ashanti Ltd.

     36,505        904,843  

Clicks Group Ltd.

     162,364        2,039,695  

Naspers Ltd., Class N

     18,076        2,853,242  
    

 

 

  
       5,797,780  
    

 

 

  
Taiwan-37.09%     

Accton Technology Corp.

     503,000        3,605,343  

Airtac International Group

     50,000        959,568  

Asia Cement Corp.

     419,000        610,000  

Chang Hwa Commercial Bank Ltd.

     956,000        623,314  

Cheng Loong Corp.

     1,249,000        880,589  

Chong Hong Construction Co. Ltd.

     261,000        714,269  

Chunghwa Telecom Co. Ltd.

     200,000        734,166  

CTBC Financial Holding Co. Ltd.

     1,000,000        662,424  

E.Sun Financial Holding Co. Ltd.

     1,712,553        1,541,804  

Far EasTone Telecommunications Co. Ltd.(a)

     280,000        621,013  

First Financial Holding Co. Ltd.

     897,000        654,355  

Getac Technology Corp.

     799,000        1,190,264  

Great Wall Enterprise Co. Ltd.

     545,700        751,755  

Hua Nan Financial Holdings Co. Ltd.

     900,000        579,692  

IBF Financial Holdings Co. Ltd.

     1,622,000        597,276  

ITEQ Corp.

     424,000        2,032,054  

King Yuan Electronics Co. Ltd.

     516,000        619,207  

Kings Town Bank Co. Ltd.

     1,238,000        1,305,697  

Largan Precision Co. Ltd.

     15,000        2,049,127  

Lien Hwa Industrial Holdings Corp.

     1,147,477        1,641,210  

Lite-On Technology Corp.

     492,000        763,194  

Mega Financial Holding Co. Ltd.

     728,000        728,592  

Micro-Star International Co. Ltd.

     781,000        2,403,722  

President Chain Store Corp.

     141,000        1,454,783  

Realtek Semiconductor Corp.

     136,000        1,151,992  

Sinbon Electronics Co. Ltd.

     727,000        3,508,082  

SinoPac Financial Holdings Co. Ltd.

     1,528,000        616,912  

Sunny Friend Environmental Technology Co. Ltd.

     210,000        1,811,492  

TA Chen Stainless Pipe

     713,000        630,969  

Taishin Financial Holding Co. Ltd.

     1,466,000        618,677  

Taiwan Cement Corp.

     519,000        741,968  

Taiwan Mobile Co. Ltd.(a)

     163,000        586,082  

Taiwan Semiconductor Manufacturing Co. Ltd.

     214,680        2,157,420  

Uni-President Enterprises Corp.

     728,000        1,683,895  
 

 

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, 2020

(Unaudited)

 

      Shares      Value  
Taiwan-(continued)     

Voltronic Power Technology Corp.

     85,600      $ 2,031,474  

WT Microelectronics Co. Ltd.

     842,000        1,075,662  
    

 

 

  
         44,338,043  
    

 

 

  
Thailand-2.64%     

B. Grimm Power PCL, NVDR

     552,154        756,770  

Carabao Group PCL, NVDR

     291,508        700,184  

Gulf Energy Development PCL, NVDR

     867,125        1,030,629  

Ratch Group PCL, NVDR

     331,881        672,150  
    

 

 

  
       3,159,733  
    

 

 

  
Turkey-0.42%     

BIM Birlesik Magazalar A.S.

     64,012        506,912  
    

 

 

  
United States-0.53%     

JBS S.A.

     142,400        627,125  
    

 

 

  

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-100.17%
(Cost $105,705,971)

 

      119,759,234  
    

 

 

  
      Shares      Value  
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-0.43%

 

Invesco Private Government Fund,
0.01%(d)(e)(f)
(Cost $511,084)

     511,084      $ 511,084  
    

 

 

  

TOTAL INVESTMENTS IN SECURITIES-100.60%
(Cost $106,217,055)

 

      120,270,318  

OTHER ASSETS LESS LIABILITIES-(0.60)%

 

      (720,691 ) 
    

 

 

  

NET ASSETS-100.00%

 

    $ 119,549,627  
    

 

 

  
 

Investment Abbreviations:

ADR-American Depositary Receipt

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 aggregate value of these securities at April 30, 2020 was $3,695,424, which represented 3.09% of the Fund’s Net Assets.

(c) 

All or a portion of this security was out on loan at April 30, 2020.

(d) 

The rate shown is the 3-day SEC standardized yield as of April 30, 2020. The money market fund commenced operations on April 28, 2020.

(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 2K.

(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, 2020.

 

    Value
October 31, 2019		    Purchases
at Cost		    Proceeds
from Sales		    Change in
Unrealized
Appreciation
(Depreciation)		    Realized
Gain		    Value
April 30, 2020		    Dividend
Income
Investments in Affiliated Money Market Funds:                                  
Invesco Premier U.S. Government Money Portfolio, Institutional Class*     $ -      $ 7,709,887      $ (7,709,887 )      $ -      $ -      $ -      $ 835
Investments Purchased with Cash Collateral from Securities on Loan:                                  
Invesco Government & Agency Portfolio, Institutional Class*       107,086        2,610,330        (2,717,416 )        -        -        -        938
Invesco Liquid Assets Portfolio, Institutional Class*       36,052        683,525        (719,634 )        (1 )        58        -        350
Invesco Private Government Fund       -        1,013,770        (502,686 )        -        -        511,084        -
   

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

  

Total

     $ 143,138      $ 12,017,512      $ (11,649,623 )      $ (1 )      $ 58      $ 511,084      $ 2,123
   

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

  

* At April 30, 2020, this security was no longer held.

 

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, 2020

(Unaudited)

 

Portfolio Composition

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

as of April 30, 2020

 

Information Technology

     20.64    

Consumer Discretionary

     15.03    

Consumer Staples

     14.55    

Industrials

     12.80    

Real Estate

     9.04                             

Financials

     8.52    
Health Care     6.57    

Materials

     5.54    
Communication Services     4.38    

Utilities

     3.10    
Money Market Funds Plus Other Assets Less Liabilities     (0.17 )   
 

 

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, 2020

(Unaudited)

Schedule of Investments

 

      Shares      Value  
Common Stocks & Other Equity Interests-99.51%

 

Australia-5.56%     

AGL Energy Ltd.

     68,581      $ 761,504  

AMP Ltd.(a)

     432,720        405,122  

APA Group

     79,997        571,924  

Aristocrat Leisure Ltd.

     12,924        215,680  

ASX Ltd.

     6,413        342,395  

Aurizon Holdings Ltd.

     194,320        596,668  

Australia & New Zealand Banking Group Ltd.

     224,871            2,488,070  

Bank of Queensland Ltd.(b)

     77,633        264,805  

Bendigo & Adelaide Bank Ltd.

     59,978        256,810  

BHP Group Ltd.

     304,967        6,459,063  

BHP Group PLC

     196,917        3,318,872  

BlueScope Steel Ltd.

     67,664        454,071  

Boral Ltd.

     148,641        293,892  

Brambles Ltd.

     96,554        700,410  

Caltex Australia Ltd.

     37,740        615,733  

Challenger Ltd.

     45,795        148,711  

CIMIC Group Ltd.

     13,862        223,619  

Coca-Cola Amatil Ltd.

     41,983        238,581  

Coles Group Ltd.

     106,270        1,079,108  

Commonwealth Bank of Australia

     104,943        4,307,191  

Computershare Ltd.

     26,967        215,041  

Crown Resorts Ltd.

     47,854        309,854  

CSL Ltd.

     5,713        1,157,399  

Dexus

     61,808        370,666  

Downer EDI Ltd.

     63,186        172,504  

Fortescue Metals Group Ltd.

     124,657        976,091  

Goodman Group

     57,835        497,919  

GPT Group (The)

     117,578        325,618  

GPT Group (The)(a)(c)

     231,466        0  

Incitec Pivot Ltd.

     209,880        328,406  

Insurance Australia Group Ltd.

     231,092        874,490  

JB Hi-Fi Ltd.(b)

     9,787        225,289  

Lendlease Group

     54,084        437,653  

Macquarie Group Ltd.

     22,491        1,511,654  

Medibank Pvt Ltd.

     250,878        443,474  

Metcash Ltd.

     202,012        329,321  

Mirvac Group

     298,987        438,473  

National Australia Bank Ltd.

     232,304        2,579,437  

Newcrest Mining Ltd.

     29,421        530,473  

Oil Search Ltd.

     111,258        222,164  

Orica Ltd.

     31,904        374,305  

Origin Energy Ltd.

     185,407        674,906  

Orora Ltd.

     128,844        216,790  

Qantas Airways Ltd.

     77,260        195,247  

QBE Insurance Group Ltd.

     121,438        671,821  

Ramsay Health Care Ltd.

     8,142        333,747  

Rio Tinto Ltd.

     38,902        2,228,805  

Rio Tinto PLC

     123,136        5,722,679  

Santos Ltd.

     86,778        280,659  

Scentre Group

     568,269        866,867  

Sonic Healthcare Ltd.

     27,359        487,026  

South32 Ltd.

     545,518        708,944  

Star Entertainment Group Ltd. (The)

     101,528        201,405  

Stockland

     233,917        441,059  

SunCorp Group Ltd.

     124,167        747,075  

TabCorp Holdings Ltd.

     180,558        380,640  
      Shares      Value  
Australia-(continued)     

Telstra Corp. Ltd.

     706,210      $ 1,410,185  

Transurban Group

     78,135        705,939  

Treasury Wine Estates Ltd.

     38,234        254,073  

Vicinity Centres

     351,562        342,950  

Wesfarmers Ltd.

     72,579        1,790,934  

Westpac Banking Corp.

     276,335        2,945,321  

Woodside Petroleum Ltd.

     105,548        1,551,346  

Woolworths Group Ltd.

     84,298        1,973,039  
    

 

 

  
           61,193,917  
    

 

 

  
Austria-0.29%     

ANDRITZ AG.

     9,972        327,670  

BAWAG Group AG(d)

     6,688        227,233  

Erste Group Bank AG

     33,447        726,279  

OMV AG

     23,932        783,760  

Raiffeisen Bank International AG

     20,856        359,329  

voestalpine AG

     27,894        577,286  

Wienerberger AG

     9,607        179,409  
    

 

 

  
       3,180,966  
    

 

 

  
Belgium-0.73%     

Ageas

     27,388        985,437  

Anheuser-Busch InBev S.A./N.V.

     66,820        3,065,111  

Colruyt S.A.

     5,547        331,851  

KBC Group N.V.

     25,142        1,357,074  

Proximus SADP

     19,685        419,792  

Solvay S.A., Class A

     9,926        774,517  

UCB S.A.

     5,533        506,277  

Umicore S.A.

     13,444        580,321  
    

 

 

  
       8,020,380  
    

 

 

  
Brazil-0.02%     

Yamana Gold, Inc.

     52,185        246,469  
    

 

 

  
Canada-7.30%     

Agnico Eagle Mines Ltd.

     8,215        481,030  

Air Canada(a)

     16,017        233,402  

Algonquin Power & Utilities Corp.

     20,377        283,146  

Alimentation Couche-Tard, Inc., Class B

     50,272        1,405,785  

AltaGas Ltd.

     29,407        352,304  

ARC Resources Ltd.(b)

     90,471        382,350  

Atco Ltd., Class I

     8,855        249,211  

Bank of Montreal(b)

     61,518        3,134,475  

Bank of Nova Scotia (The)

     123,309        4,953,844  

Barrick Gold Corp.

     47,095        1,214,885  

BCE, Inc.

     26,388        1,069,427  

Bombardier, Inc., Class B(a)

     398,645        140,636  

Brookfield Asset Management, Inc., Class A

     70,327        2,381,786  

CAE, Inc.(a)

     9,134        151,252  

Cameco Corp.

     37,795        376,603  

Canadian Apartment Properties REIT

     7,291        251,441  

Canadian Imperial Bank of Commerce

     45,346        2,692,781  

Canadian National Railway Co.

     26,495        2,195,788  

Canadian Natural Resources Ltd.

     107,073        1,796,949  

Canadian Pacific Railway Ltd.

     3,721        847,529  

Canadian Tire Corp. Ltd., Class A(b)

     6,417        451,239  

Canadian Utilities Ltd., Class A(b)

     9,626        235,357  

Capital Power Corp.

     9,574        185,697  

CCL Industries, Inc., Class B

     7,507        235,163  
 

 

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, 2020

(Unaudited)

 

    Shares    Value  
Canada-(continued)     

Celestica, Inc.(a)

     35,404      $ 221,506  

Cenovus Energy, Inc.

     141,516        514,530  

CGI,Inc.,ClassA(a)

     11,145        712,295  

CI Financial Corp.

     22,661        241,302  

Constellation Software, Inc.

     249        239,961  

Crescent Point Energy Corp.(b)

     271,600        379,354  

Emera, Inc.(b)

     16,762        668,694  

Empire Co. Ltd., Class A

     20,964        463,821  

Enbridge, Inc.

     123,508            3,792,517  

Fairfax Financial Holdings Ltd.

     2,509        681,772  

Finning International, Inc.

     17,820        226,703  

Fortis, Inc.

     27,766        1,078,295  

Franco-Nevada Corp.

     3,016        399,890  

George Weston Ltd.

     8,337        592,675  

Gibson Energy, Inc.

     15,507        221,393  

Gildan Activewear, Inc.

     11,308        158,106  

Great-West Lifeco, Inc.

     33,552        553,664  

H&R REIT

     34,809        247,105  

Husky Energy, Inc.

     93,922        302,265  

Hydro One Ltd.(d)

     25,456        462,586  

iA Financial Corp., Inc.

     10,913        355,058  

IGM Financial, Inc.

     8,524        180,919  

Imperial Oil Ltd.

     28,304        458,301  

Intact Financial Corp.

     6,519        621,744  

Inter Pipeline Ltd.(b)

     41,385        346,824  

Keyera Corp.

     15,938        236,956  

Kinross Gold Corp.(a)

     82,666        546,960  

Linamar Corp.

     8,978        216,152  

Loblaw Cos. Ltd.

     17,226        849,549  

Magna International, Inc.

     45,981        1,795,608  

Manulife Financial Corp.

     221,483        2,795,347  

MEG Energy Corp.(a)

     50,835        113,825  

Methanex Corp.

     10,476        166,913  

Metro, Inc.

     15,292        630,529  

National Bank of Canada

     25,288        1,022,116  

Nutrien Ltd.

     54,982        1,967,785  

Onex Corp.

     8,451        390,378  

Open Text Corp.

     8,730        330,608  

Parkland Fuel Corp.

     10,881        257,973  

Pembina Pipeline Corp.(b)

     30,016        689,809  

Power Corp. of Canada

     66,553        1,066,611  

Restaurant Brands International, Inc.

     5,639        275,667  

RioCan REIT(b)

     27,364        313,249  

Rogers Communications, Inc., Class B

     27,915        1,171,708  

Royal Bank of Canada

     108,333        6,678,826  

Saputo, Inc.

     13,702        345,275  

Seven Generations Energy Ltd., Class A(a)

     59,593        123,567  

Shaw Communications, Inc., Class B

     43,379        709,268  

SmartCentres REIT

     10,852        166,575  

SNC-Lavalin Group, Inc.(b)

     22,544        416,649  

Sun Life Financial, Inc.

     48,957        1,681,658  

Suncor Energy, Inc.

     159,190        2,844,664  

TC Energy Corp.

     51,641        2,381,743  

Teck Resources Ltd., Class B

     124,653        1,101,186  

TELUS Corp.

     33,994        556,797  

TFI International, Inc.

     7,101        197,342  

Thomson Reuters Corp.

     9,583        676,630  

Toronto-Dominion Bank (The)

     140,953        5,902,175  

Tourmaline Oil Corp.

     47,854        475,456  

TransAlta Corp.

     37,806        222,925  
    Shares    Value  
Canada-(continued)     

Vermilion Energy, Inc.

     26,867      $ 132,502  

West Fraser Timber Co. Ltd.

     6,412        178,841  

Wheaton Precious Metals Corp.

     11,530        439,052  

Whitecap Resources, Inc.

     77,520        102,136  

WSP Global, Inc.

     5,441        365,919  
    

 

 

  
           80,360,289  
    

 

 

  
Chile-0.06%     

Antofagasta PLC

     31,374        321,733  

Lundin Mining Corp.

     60,373        296,443  
    

 

 

  
       618,176  
    

 

 

  
China-0.25%     

AAC Technologies Holdings, Inc.

     40,162        196,605  

BOC Hong Kong Holdings Ltd.

     323,737        995,973  

China Mengniu Dairy Co. Ltd.(a)

     104,412        372,402  

Lenovo Group Ltd.

     1,106,648        602,405  

Semiconductor Manufacturing International Corp.(a)

     188,443        360,242  

Want Want China Holdings Ltd.

     346,638        248,609  
    

 

 

  
       2,776,236  
    

 

 

  
Denmark-0.96%     

AP Moller - Maersk A/S, Class A

     649        598,910  

AP Moller - Maersk A/S, Class B

     975        969,181  

Carlsberg A/S, Class B

     5,244        661,097  

Coloplast A/S, Class B(b)

     2,824        446,572  

Danske Bank A/S(a)

     114,969        1,363,966  

DSV Panalpina A/S

     4,479        462,063  

ISS A/S(a)(b)

     32,579        486,007  

Jyske Bank A/S(a)

     8,904        240,555  

Novo Nordisk A/S, Class B

     49,959        3,185,774  

Novozymes A/S, Class B(b)

     5,767        282,480  

Orsted A/S(d)

     6,388        645,680  

Pandora A/S(b)

     11,219        398,475  

Vestas Wind Systems A/S

     9,361        805,711  
    

 

 

  
       10,546,471  
    

 

 

  
Finland-1.31%     

Elisa OYJ

     6,838        415,227  

Fortum OYJ

     41,878        694,915  

Huhtamaki OYJ(a)

     5,960        222,735  

Kesko OYJ, Class B

     26,812        436,103  

Kone OYJ, Class B

     18,551        1,124,042  

Konecranes OYJ

     7,735        168,087  

Metso OYJ

     9,114        252,858  

Neste OYJ

     16,735        592,604  

Nokia OYJ

     631,506        2,299,172  

Nokian Renkaat OYJ(b)

     14,611        312,627  

Nordea Bank Abp

     491,029        3,144,657  

Orion OYJ, Class B

     5,855        297,434  

Outokumpu OYJ

     82,194        221,197  

Sampo OYJ, Class A

     48,671        1,612,074  

Stora Enso OYJ, Class R

     68,438        809,569  

UPM-Kymmene OYJ

     51,383        1,421,628  

Wartsila OYJ Abp

     47,649        349,881  
    

 

 

  
       14,374,810  
    

 

 

  
France-9.41%     

Accor S.A.

     13,599        377,141  

Aeroports de Paris

     1,502        147,076  

Air France-KLM(a)(b)

     103,068        524,602  
 

 

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, 2020

(Unaudited)

 

      Shares      Value  
France-(continued)     

Air Liquide S.A.(b)

     22,695      $     2,885,994  

Airbus SE(a)

     24,882        1,577,418  

Alstom S.A.

     8,437        345,245  

Amundi S.A.(d)

     3,685        244,592  

Arkema S.A.

     8,558        709,580  

Atos SE

     8,405        598,942  

AXA S.A.

     343,172        6,087,692  

BNP Paribas S.A.

     196,968        6,186,316  

Bollore S.A.

     81,161        215,305  

Bouygues S.A.

     36,199        1,114,527  

Bureau Veritas S.A.

     14,507        300,947  

Capgemini SE

     9,806        920,891  

Carrefour S.A.

     132,955        1,965,217  

Casino Guichard Perrachon S.A.(b)

     20,599        772,300  

Cie de Saint-Gobain

     85,153        2,258,020  

Cie Generale des Etablissements Michelin S.C.A.

     22,209        2,167,403  

CNP Assurances(a)

     26,268        271,170  

Covivio(b)

     3,444        215,582  

Credit Agricole S.A.

     189,778        1,513,664  

Danone S.A.

     40,070        2,776,397  

Dassault Systemes SE

     1,899        277,781  

Edenred

     6,097        245,552  

Eiffage S.A.

     8,834        722,788  

Electricite de France S.A.

     103,894        827,745  

Elior Group S.A.(d)

     17,910        118,387  

Elis S.A.

     18,740        231,943  

ENGIE S.A.

     296,747        3,219,067  

EssilorLuxottica S.A.

     11,819        1,458,294  

Eurazeo SE

     4,772        228,201  

Eutelsat Communications S.A.(b)

     32,728        367,073  

Faurecia SE

     13,841        501,191  

Gecina S.A.

     2,943        383,915  

Getlink SE

     17,936        228,475  

Hermes International

     581        424,967  

ICADE

     2,398        184,251  

Imerys S.A.

     6,072        190,342  

Ingenico Group S.A.

     2,253        283,046  

Kering S.A.

     2,039        1,027,772  

Klepierre S.A.

     20,306        410,461  

Lagardere S.C.A.

     19,548        316,882  

Legrand S.A.

     11,404        768,434  

L’Oreal S.A.

     7,701        2,237,780  

LVMH Moet Hennessy Louis Vuitton SE

     8,125        3,136,562  

Natixis S.A.

     187,538        443,892  

Orange S.A.

     324,444        3,956,972  

Orpea

     2,174        241,690  

Pernod Ricard S.A.

     9,018        1,373,948  

Peugeot S.A.

     127,919        1,831,934  

Publicis Groupe S.A.

     27,653        821,722  

Renault S.A.(a)

     103,638        2,055,297  

Rexel S.A.

     54,099        506,627  

Rubis S.C.A.

     6,058        271,783  

Safran S.A.

     12,844        1,184,810  

Sanofi(b)

     83,141        8,122,027  

Schneider Electric SE(b)

     31,508        2,880,264  

SCOR SE

     21,787        613,287  

SEB S.A.

     2,178        261,935  

Societe Generale S.A.

     214,534        3,350,801  

Sodexo S.A.

     8,270        656,714  
      Shares      Value  
France-(continued)     

SPIE S.A.

     15,099      $ 227,893  

Suez

     54,459        615,279  

Teleperformance

     1,604        359,278  

Thales S.A.

     6,592        499,206  

TOTAL S.A.

     375,596        13,514,169  

Unibail-Rodamco-Westfield(b)

     18,509        1,089,060  

Valeo S.A.

     53,481        1,240,091  

Veolia Environnement S.A.

     61,780        1,318,504  

Vinci S.A.

     33,839        2,768,670  

Vivendi S.A.

     67,315        1,452,852  
    

 

 

  
       103,625,635  
    

 

 

  
Germany-9.76%     

Aareal Bank AG

     10,967        179,221  

adidas AG

     6,026        1,380,778  

Allianz SE

     50,620        9,363,396  

Aroundtown S.A.

     47,607        256,027  

Aurubis AG

     9,276        485,038  

BASF SE

     136,335        6,971,364  

Bayer AG

     92,637        6,102,123  

Bayerische Motoren Werke AG

     85,517        5,062,688  

Bayerische Motoren Werke AG, Preference Shares

     14,675        694,698  

Beiersdorf AG

     3,079        322,337  

Brenntag AG

     16,685        752,750  

Commerzbank AG(b)

     318,066        1,175,426  

Continental AG

     19,431        1,643,030  

Covestro AG(d)

     30,545        1,026,428  

Daimler AG

     259,600        8,966,657  

Deutsche Bank AG(b)

     565,611        4,199,063  

Deutsche Boerse AG

     5,914        918,200  

Deutsche Lufthansa AG(a)(b)

     87,866        785,123  

Deutsche Pfandbriefbank AG(d)

     21,594        158,823  

Deutsche Post AG

     116,407        3,461,640  

Deutsche Telekom AG

     420,621        6,138,909  

Deutsche Wohnen SE

     20,580        834,027  

E.ON SE

     260,397        2,608,556  

Evonik Industries AG

     26,445        650,558  

Freenet AG

     20,066        380,334  

Fresenius Medical Care AG& Co. KGaA

     16,630        1,305,275  

Fresenius SE & Co. KGaA

     43,830        1,902,517  

Fuchs Petrolub SE

     2,143        71,590  

Fuchs Petrolub SE, Preference Shares

     4,320        167,786  

GEA Group AG

     16,315        374,909  

Hannover Rueck SE

     4,797        764,479  

HeidelbergCement AG

     23,450        1,114,206  

Hella GmbH & Co. KGaA

     6,007        222,386  

Henkel AG& Co. KGaA

     7,036        547,934  

Henkel AG& Co. KGaA, Preference Shares

     11,947        1,060,453  

HOCHTIEF AG

     3,152        247,709  

HUGO BOSS AG

     8,978        249,577  

Infineon Technologies AG

     48,926        908,327  

K+S AG(b)

     65,203        439,214  

KION Group AG

     6,822        338,562  

Knorr-Bremse AG

     3,012        279,957  

LANXESS AG

     10,465        515,346  

LEG Immobilien AG

     3,382        388,359  

Merck KGaA

     5,759        669,261  

METRO AG

     58,201        505,391  

MTU Aero Engines AG

     1,700        231,448  
 

 

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, 2020

(Unaudited)

 

      Shares      Value  
Germany-(continued)     

Muenchener Rueckversicherungs- Gesellschaft AG

     18,339      $ 4,033,410  

OSRAM Licht AG(a)

     7,226        299,965  

Porsche Automobil Holding SE, Preference Shares

     11,316        570,515  

ProSiebenSat.1 Media SE(b)

     48,233        483,180  

Rheinmetall AG

     4,516        305,785  

RWE AG

     70,073        2,013,945  

Salzgitter AG

     21,691        289,493  

SAP SE

     29,566        3,527,873  

Siemens AG

     78,666        7,296,271  

Siemens Healthineers AG(d)

     6,290        276,955  

Symrise AG

     3,642        368,272  

Talanx AG

     5,220        186,275  

Telefonica Deutschland Holding AG

     133,500        379,447  

thyssenkrupp AG(a)(b)

     142,781        950,839  

TUI AG(b)

     100,563        401,465  

Uniper SE

     24,155        648,196  

United Internet AG

     11,811        406,856  

Volkswagen AG(b)

     7,250        1,082,348  

Volkswagen AG, Preference Shares

     41,257        5,794,106  

Vonovia SE

     28,016        1,382,401  
    

 

 

  
         107,519,477  
    

 

 

  
Hong Kong-1.85%     

AIA Group Ltd.

     448,765        4,165,013  

CK Asset Holdings Ltd.

     193,369        1,222,221  

CK Hutchison Holdings Ltd.

     174,475        1,291,849  

CLP Holdings Ltd.

     109,065        1,164,883  

Hang Lung Properties Ltd.

     137,927        295,697  

Hang Seng Bank Ltd.

     54,887        966,426  

Henderson Land Development Co. Ltd.

     145,463        594,810  

Hong Kong & China Gas Co. Ltd. (The)

     347,410        621,115  

Hong Kong Exchanges & Clearing Ltd.

     22,730        738,868  

Hongkong Land Holdings Ltd.

     77,314        325,492  

Hysan Development Co. Ltd.

     77,780        258,854  

Jardine Matheson Holdings Ltd.

     8,891        390,848  

Jardine Strategic Holdings Ltd.

     9,066        195,372  

Link REIT

     141,209        1,267,764  

MTR Corp. Ltd.

     126,580        702,918  

New World Development Co. Ltd.

     582,504        687,522  

Power Assets Holdings Ltd.

     41,850        279,905  

Sino Land Co. Ltd.

     222,403        310,983  

Sun Hung Kai Properties Ltd.

     143,526        1,969,876  

Swire Pacific Ltd., Class A

     54,817        359,915  

Swire Pacific Ltd., Class B

     101,423        110,943  

Swire Properties Ltd.

     121,430        340,684  

Techtronic Industries Co. Ltd.

     39,572        301,422  

WH Group Ltd.(d)

     825,268        796,275  

Wharf Holdings Ltd. (The)(b)

     138,495        261,900  

Wharf Real Estate Investment Co. Ltd.(b)

     114,957        485,639  

Wheelock & Co. Ltd.

     41,292        302,272  
    

 

 

  
       20,409,466  
    

 

 

  
Ireland-0.41%     

AIB Group PLC(a)(b)

     134,823        184,589  

Bank of Ireland Group PLC

     159,854        322,687  

CRH PLC

     70,562        2,136,082  

Flutter Entertainment PLC(a)(b)

     3,838        472,004  

Kerry Group PLC, Class A

     4,058        465,363  
      Shares      Value  
Ireland-(continued)     

Kingspan Group PLC

     3,842      $ 195,679  

Smurfit Kappa Group PLC

     24,153        764,072  
    

 

 

  
           4,540,476  
    

 

 

  
Israel-0.27%     

Bank Hapoalim BM

     75,910        491,647  

Bank Leumi Le-Israel BM

     102,086        555,592  

ICL Ltd.

     67,964        238,302  

Israel Discount Bank Ltd., Class A

     87,109        285,352  

Teva Pharmaceutical Industries Ltd.(a)

     125,975        1,393,350  
    

 

 

  
       2,964,243  
    

 

 

  
Italy-2.77%     

A2A S.p.A.

     172,462        234,705  

Assicurazioni Generali S.p.A.

     200,097        2,852,448  

Atlantia S.p.A.

     49,747        809,418  

Banca Monte dei Paschi di Siena S.p.A.(a)(b) .

     131,353        160,272  

Banco BPM S.p.A.(a)(b)

     495,177        603,926  

BPER Banca(b)

     91,234        225,039  

Enel S.p.A.

     784,659        5,359,448  

Eni S.p.A.

     559,534        5,340,440  

Ferrari N.V.

     1,799        282,562  

FinecoBank Banca Fineco S.p.A.

     24,849        275,982  

Hera S.p.A.

     72,168        267,016  

Intesa Sanpaolo S.p.A.

     2,502,587        3,900,561  

Italgas S.p.A.

     38,794        216,917  

Leonardo S.p.A.

     55,064        379,601  

Mediobanca Banca di Credito Finanziario S.p.A.

     95,489        553,067  

Pirelli & C S.p.A.(d)

     64,055        249,347  

Poste Italiane S.p.A.(d)

     59,074        501,583  

Prysmian S.p.A.

     22,584        424,722  

Saipem S.p.A.(a)

     116,812        299,517  

Saras S.p.A.

     240,536        226,575  

Snam S.p.A.

     181,598        813,121  

Telecom Italia S.p.A.(a)(b)

     2,941,042        1,164,830  

Telecom Italia S.p.A., RSP

     1,647,179        655,630  

Terna Rete Elettrica Nazionale S.p.A.

     91,054        570,464  

UniCredit S.p.A.(a)

     392,469        3,021,565  

Unione di Banche Italiane S.p.A.

     183,922        525,582  

Unipol Gruppo S.p.A.

     82,856        285,325  

UnipolSai Assicurazioni S.p.A.(b)

     106,686        262,219  
    

 

 

  
       30,461,882  
    

 

 

  
Japan-21.40%     

Aeon Co. Ltd.

     62,903        1,277,354  

AEON Financial Service Co. Ltd.

     15,456        163,326  

AGC, Inc.

     30,189        761,959  

Air Water, Inc.

     21,425        291,717  

Aisin Seiki Co. Ltd.

     20,681        602,434  

Ajinomoto Co., Inc.

     40,812        731,246  

Alfresa Holdings Corp.

     20,409        411,863  

Alps Alpine Co. Ltd.

     28,031        294,373  

Amada Co. Ltd.

     38,016        349,462  

ANA Holdings, Inc.(a)

     16,541        355,925  

Aozora Bank Ltd.

     15,659        283,058  

Asahi Group Holdings Ltd.

     26,850        939,066  

Asahi Kasei Corp.

     126,903        907,849  

Astellas Pharma, Inc.

     102,982        1,720,460  

Bandai Namco Holdings, Inc.

     10,063        511,078  

Bridgestone Corp.

     77,426        2,445,832  
 

 

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, 2020

(Unaudited)

 

      Shares      Value  
Japan-(continued)     

Brother Industries Ltd.

     25,305      $ 434,469  

Canon, Inc.

     124,991            2,670,238  

Casio Computer Co. Ltd.

     13,356        213,576  

Central Japan Railway Co.

     10,408        1,655,099  

Chiba Bank Ltd. (The)

     79,324        372,382  

Chubu Electric Power Co., Inc.

     60,881        830,364  

Chugai Pharmaceutical Co. Ltd.

     2,967        355,424  

Chugoku Electric Power Co., Inc. (The)

     40,301        544,960  

Coca-Cola Bottlers Japan Holdings, Inc.(b)

     12,528        227,867  

Concordia Financial Group Ltd.

     95,385        296,141  

Credit Saison Co. Ltd.

     20,400        235,601  

Dai Nippon Printing Co. Ltd.

     34,919        747,786  

Daicel Corp.

     44,465        364,252  

Dai-ichi Life Holdings, Inc.

     149,498        1,902,715  

Daiichi Sankyo Co. Ltd.

     16,068        1,109,216  

Daikin Industries Ltd.

     11,889        1,557,072  

Daito Trust Construction Co. Ltd.

     7,372        711,107  

Daiwa House Industry Co. Ltd.

     58,065        1,497,304  

Daiwa Securities Group, Inc.

     206,994        867,968  

Denka Co. Ltd.

     11,187        271,894  

Denso Corp.

     49,269        1,756,333  

Dentsu Group, Inc.

     26,377        561,900  

DIC Corp.

     10,317        243,513  

East Japan Railway Co.

     31,850        2,344,930  

Ebara Corp.

     13,060        292,991  

Eisai Co. Ltd.

     9,520        670,366  

Electric Power Development Co. Ltd.

     15,662        316,360  

FamilyMart Co. Ltd.

     10,652        182,589  

FANUC Corp.

     10,249        1,708,885  

Fast Retailing Co. Ltd.(b)

     1,246        600,075  

Fuji Electric Co. Ltd.

     15,289        370,876  

FUJIFILM Holdings Corp.

     28,917        1,389,671  

Fujikura Ltd.

     83,713        249,726  

Fujitsu Ltd.

     18,152        1,788,295  

Fukuoka Financial Group, Inc.

     26,869        389,460  

Furukawa Electric Co. Ltd.

     16,610        317,180  

Hakuhodo DY Holdings, Inc.

     21,944        246,661  

Hankyu Hanshin Holdings, Inc.

     13,236        457,972  

Haseko Corp.

     39,382        435,307  

Hino Motors Ltd.

     51,445        310,782  

Hirose Electric Co. Ltd.

     2,116        234,880  

Hitachi Construction Machinery Co. Ltd.

     11,969        284,968  

Hitachi Ltd.

     107,124        3,246,728  

Hitachi Metals Ltd.

     21,489        212,207  

Honda Motor Co. Ltd.

     134,244        3,277,168  

Hoya Corp.

     8,620        795,295  

Idemitsu Kosan Co. Ltd.

     40,168        927,806  

IHI Corp.

     25,072        316,756  

Iida Group Holdings Co. Ltd.

     18,141        244,119  

INPEX Corp.

     146,707        948,139  

Isetan Mitsukoshi Holdings Ltd.

     64,944        399,618  

Isuzu Motors Ltd.

     80,880        623,911  

ITOCHU Corp.

     132,344        2,629,925  

J Front Retailing Co. Ltd.

     39,481        328,224  

Japan Airlines Co. Ltd.

     18,253        331,143  

Japan Exchange Group, Inc.

     24,512        461,197  

Japan Post Bank Co. Ltd.

     57,537        537,518  

Japan Post Holdings Co. Ltd.

     200,431        1,620,917  

Japan Post Insurance Co. Ltd.

     59,081        763,547  

Japan Tobacco, Inc.

     128,572        2,422,110  
      Shares      Value  
Japan-(continued)     

JFE Holdings, Inc.

     121,087      $ 819,816  

JGC Holdings Corp.

     26,026        256,524  

JSR Corp.

     17,232        328,735  

JTEKT Corp.

     31,301        232,998  

JXTG Holdings, Inc.

     457,479            1,637,230  

Kajima Corp.

     62,172        656,982  

Kaneka Corp.

     10,107        263,698  

Kansai Electric Power Co., Inc. (The)

     99,226        1,025,340  

Kao Corp.

     18,060        1,404,470  

Kawasaki Heavy Industries Ltd.

     29,375        451,606  

Kawasaki Kisen Kaisha Ltd.(a)

     27,429        276,252  

KDDI Corp.

     152,513        4,434,123  

Keikyu Corp.

     16,359        271,082  

Keio Corp.

     6,730        383,906  

Keisei Electric Railway Co. Ltd.

     7,092        216,205  

Kewpie Corp.

     12,868        257,155  

Keyence Corp.

     2,338        847,658  

Kikkoman Corp.

     5,778        269,083  

Kintetsu Group Holdings Co. Ltd.

     12,530        604,618  

Kirin Holdings Co. Ltd.

     70,463        1,369,592  

Kobe Steel Ltd.(a)

     171,386        584,990  

Koito Manufacturing Co. Ltd.

     10,641        406,992  

Komatsu Ltd.

     108,319        2,089,194  

Konica Minolta, Inc.

     110,999        437,000  

K’s Holdings Corp.

     23,440        259,093  

Kubota Corp.

     99,717        1,256,079  

Kuraray Co. Ltd.

     46,218        468,944  

Kyocera Corp.

     22,095        1,194,062  

Kyowa Kirin Co. Ltd.

     10,652        250,823  

Kyushu Electric Power Co., Inc.

     60,798        484,974  

Kyushu Railway Co.

     12,368        335,758  

Lawson, Inc.

     4,655        242,468  

LIXIL Group Corp.

     41,613        508,999  

Makita Corp.

     13,430        442,078  

Marubeni Corp.

     204,880        1,003,947  

Marui Group Co. Ltd.

     12,887        213,548  

Mazda Motor Corp.

     139,443        798,047  

Medipal Holdings Corp.

     19,735        386,451  

MEIJI Holdings Co. Ltd.

     11,145        778,540  

MINEBEA MITSUMI, Inc.

     26,454        438,859  

Mitsubishi Chemical Holdings Corp.

     178,052        1,028,001  

Mitsubishi Corp.

     156,796        3,372,430  

Mitsubishi Electric Corp.

     147,096        1,843,944  

Mitsubishi Estate Co. Ltd.

     67,288        1,109,039  

Mitsubishi Gas Chemical Co., Inc.

     24,608        305,831  

Mitsubishi Heavy Industries Ltd.

     39,245        1,014,201  

Mitsubishi Materials Corp.(b)

     17,214        356,723  

Mitsubishi Motors Corp.

     126,640        361,203  

Mitsubishi UFJ Financial Group, Inc.

     1,440,134        5,848,882  

Mitsubishi UFJ Lease & Finance Co. Ltd.

     41,092        199,437  

Mitsui & Co. Ltd.

     157,731        2,233,177  

Mitsui Chemicals, Inc.

     28,028        557,231  

Mitsui E&S Holdings Co. Ltd.(a)

     31,788        183,412  

Mitsui Fudosan Co. Ltd.

     70,910        1,324,900  

Mitsui Mining & Smelting Co. Ltd.

     10,494        201,175  

Mitsui OSK Lines Ltd.

     31,400        555,854  

Mizuho Financial Group, Inc.

     2,804,485        3,299,240  

MS&AD Insurance Group Holdings, Inc.

     39,501        1,153,244  

Murata Manufacturing Co. Ltd.

     26,557        1,494,801  

Nagoya Railroad Co. Ltd.(b)

     12,109        350,469  
 

 

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

 

 

 

 

   18  

 

 

 

 

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

April 30, 2020

(Unaudited)

 

      Shares      Value  
Japan-(continued)     

NEC Corp.

     30,677      $ 1,194,835  

NGK Insulators Ltd.

     25,163        335,083  

NGK Spark Plug Co. Ltd.

     24,200        367,068  

NH Foods Ltd.

     13,777        496,660  

Nidec Corp.

     14,514        853,182  

Nikon Corp.

     51,651        486,394  

Nintendo Co. Ltd.

     2,816            1,175,802  

Nippon Electric Glass Co. Ltd.

     18,127        268,680  

Nippon Express Co. Ltd.

     10,708        529,717  

Nippon Paint Holdings Co. Ltd.

     5,176        300,584  

Nippon Paper Industries Co. Ltd.

     15,615        226,190  

Nippon Steel Corp.

     143,494        1,223,661  

Nippon Suisan Kaisha Ltd.

     45,896        206,014  

Nippon Telegraph & Telephone Corp.

     152,206        3,477,246  

Nippon Yusen KK

     51,839        693,223  

Nissan Motor Co. Ltd.

     509,521        1,762,013  

Nisshin Seifun Group, Inc.

     19,959        313,939  

Nissin Foods Holdings Co. Ltd.

     3,060        252,961  

Nitori Holdings Co. Ltd.

     2,294        354,392  

Nitto Denko Corp.

     16,091        814,068  

Nomura Holdings, Inc.

     401,793        1,690,059  

Nomura Real Estate Holdings, Inc.

     13,763        228,064  

NSK Ltd.

     76,338        533,977  

NTN Corp.

     129,412        251,720  

NTT Data Corp.

     46,519        480,699  

NTT DOCOMO, Inc.

     94,732        2,788,763  

Obayashi Corp.

     78,190        696,095  

Odakyu Electric Railway Co. Ltd.

     19,246        427,089  

Oji Holdings Corp.

     105,889        544,620  

Olympus Corp.

     25,012        403,593  

Omron Corp.

     10,368        616,641  

Ono Pharmaceutical Co. Ltd.

     17,452        422,856  

Oriental Land Co. Ltd.

     3,143        402,078  

ORIX Corp.

     139,738        1,684,409  

Osaka Gas Co. Ltd.

     34,642        647,584  

Otsuka Holdings Co. Ltd.

     30,742        1,223,240  

Pan Pacific International Holdings Corp.

     19,012        370,159  

Panasonic Corp.

     244,492        1,890,363  

Rakuten, Inc.

     48,865        418,575  

Recruit Holdings Co. Ltd.

     27,440        816,515  

Renesas Electronics Corp.(a)

     53,048        287,725  

Resona Holdings, Inc.

     288,175        908,168  

Ricoh Co. Ltd.

     114,495        792,316  

Rohm Co. Ltd.

     6,585        422,435  

Santen Pharmaceutical Co. Ltd.

     15,914        283,352  

SBI Holdings, Inc.

     20,615        391,538  

Secom Co. Ltd.

     10,770        906,942  

Sega Sammy Holdings, Inc.

     16,275        199,528  

Seibu Holdings, Inc.

     21,088        255,379  

Seiko Epson Corp.

     36,781        422,035  

Seino Holdings Co. Ltd.

     19,970        240,533  

Sekisui Chemical Co. Ltd.

     30,965        396,709  

Sekisui House Ltd.

     63,129        1,097,164  

Seven & i Holdings Co. Ltd.

     73,699        2,448,708  

SG Holdings Co. Ltd.

     18,004        503,745  

Sharp Corp.(a)

     18,708        209,762  

Shimadzu Corp.

     10,852        272,480  

Shimano, Inc.

     2,911        431,199  

Shimizu Corp.

     73,291        572,977  

Shin-Etsu Chemical Co. Ltd.

     17,237        1,936,714  
      Shares      Value  
Japan-(continued)     

Shinsei Bank Ltd.

     24,739      $ 301,907  

Shionogi & Co. Ltd.

     10,482        581,173  

Shiseido Co. Ltd.

     9,939        592,799  

Shizuoka Bank Ltd. (The)

     53,062        324,520  

Showa Denko K.K

     24,451        543,051  

SMC Corp.

     1,890        866,040  

Softbank Corp.(b)

     137,321            1,880,001  

SoftBank Group Corp.

     143,303        6,208,658  

Sojitz Corp.

     177,729        418,831  

Sompo Holdings, Inc.

     30,867        1,010,282  

Sony Corp.

     71,650        4,644,670  

Sony Financial Holdings, Inc.

     15,016        290,111  

Stanley Electric Co. Ltd.

     11,911        275,679  

Subaru Corp.

     87,722        1,784,218  

SUMCO Corp.

     14,312        207,449  

Sumitomo Chemical Co. Ltd.

     257,109        803,052  

Sumitomo Corp.

     132,288        1,519,763  

Sumitomo Electric Industries Ltd.

     80,775        841,099  

Sumitomo Heavy Industries Ltd.

     19,345        414,994  

Sumitomo Metal Mining Co. Ltd.

     27,666        703,325  

Sumitomo Mitsui Financial Group, Inc.

     153,182        4,073,966  

Sumitomo Mitsui Trust Holdings, Inc.

     34,006        1,005,218  

Sumitomo Realty & Development Co. Ltd.

     26,201        713,860  

Sumitomo Rubber Industries Ltd.

     23,694        233,317  

Suntory Beverage & Food Ltd.

     9,958        377,610  

Suzuken Co. Ltd.

     10,399        404,543  

Suzuki Motor Corp.

     43,618        1,414,980  

Sysmex Corp.

     4,864        338,413  

T&D Holdings, Inc.

     88,646        778,404  

Taiheiyo Cement Corp.

     21,930        438,456  

Taisei Corp.

     25,395        803,872  

Takashimaya Co. Ltd.(b)

     38,232        349,303  

Takeda Pharmaceutical Co. Ltd.

     102,605        3,725,770  

TDK Corp.

     9,785        858,309  

Teijin Ltd.

     28,338        457,129  

Terumo Corp.

     17,942        599,325  

THK Co. Ltd.

     9,608        234,236  

TIS, Inc.

     11,836        229,559  

Tobu Railway Co. Ltd.

     15,885        544,429  

Tohoku Electric Power Co., Inc.

     45,740        433,297  

Tokio Marine Holdings, Inc.

     51,456        2,447,330  

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

     257,611        874,483  

Tokyo Electron Ltd.

     5,763        1,236,295  

Tokyo Gas Co. Ltd.

     41,461        914,247  

Tokyo Tatemono Co. Ltd.

     19,378        222,711  

Tokyu Corp.

     42,068        638,878  

Tokyu Fudosan Holdings Corp.

     74,676        373,607  

Toppan Printing Co. Ltd.

     42,387        638,966  

Toray Industries, Inc.

     210,547        982,690  

Toshiba Corp.

     64,431        1,618,984  

Tosoh Corp.

     37,448        465,408  

TOTO Ltd.

     9,372        332,163  

Toyo Seikan Group Holdings Ltd.

     16,268        167,495  

Toyo Suisan Kaisha Ltd.

     6,151        296,808  

Toyoda Gosei Co. Ltd.

     11,711        220,563  

Toyota Industries Corp.

     14,777        750,354  

Toyota Motor Corp.

     160,551        10,008,257  

Toyota Tsusho Corp.

     21,206        513,220  

Trend Micro, Inc.

     5,040        257,809  

Tsuruha Holdings, Inc.

     2,216        297,995  

 

 

 

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

 

 

 

 

   19  

 

 

 

 

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

April 30, 2020

(Unaudited)

 

      Shares      Value  
Japan-(continued)     

Ube Industries Ltd.

     18,118      $ 308,871  

Unicharm Corp.

     10,739        396,681  

West Japan Railway Co.

     16,560        1,032,454  

Yakult Honsha Co. Ltd.

     5,376        315,215  

Yamada Denki Co. Ltd.

     89,136        426,779  

Yamaha Corp.

     6,382        261,403  

Yamaha Motor Co. Ltd.

     48,907        641,666  

Yamato Holdings Co. Ltd.

     42,056        742,523  

Yamazaki Baking Co. Ltd.

     13,835        245,688  

Yaskawa Electric Corp.

     9,728        324,312  

Yokogawa Electric Corp.

     17,089        236,515  

Yokohama Rubber Co. Ltd. (The)

     16,632        216,347  

Z Holdings Corp.

     165,281        647,615  
    

 

 

  
       235,661,768  
    

 

 

  
Luxembourg-0.29%     

Aperam S.A.

     8,022        208,591  

ArcelorMittal S.A.

     184,876        2,025,352  

RTL Group S.A.

     6,387        212,948  

SES S.A., FDR

     63,114        421,409  

Tenaris S.A.

     53,809        376,843  
    

 

 

  
       3,245,143  
    

 

 

  
Macau-0.11%     

Galaxy Entertainment Group Ltd.

     78,097        508,232  

Sands China Ltd.

     161,044        662,677  
    

 

 

  
       1,170,909  
    

 

 

  
Netherlands-2.13%     

Aalberts N.V.

     6,096        171,598  

ABN AMRO Bank N.V., CVA(d)

     92,445        708,785  

Aegon N.V.

     492,504        1,267,683  

Akzo Nobel N.V.

     18,960        1,437,068  

Altice Europe N.V.(a)

     50,045        199,250  

Altice Europe N.V., Class B(a)

     3,320        13,273  

ASML Holding N.V.

     5,862        1,737,748  

ASR Nederland N.V.

     21,816        586,624  

Boskalis Westminster

     12,675        220,044  

Heineken Holding N.V.

     6,494        505,726  

Heineken N.V.(b)

     11,651        990,535  

ING Groep N.V.

     724,175        3,972,289  

Koninklijke Ahold Delhaize N.V.

     131,875        3,200,849  

Koninklijke BAM Groep N.V.(a)

     96,833        161,425  

Koninklijke DSM N.V.

     9,660        1,182,382  

Koninklijke KPN N.V.

     373,655        864,366  

Koninklijke Philips N.V.

     50,916        2,214,838  

NN Group N.V.

     57,136        1,652,766  

Prosus N.V.(a)

     5,269        399,247  

Randstad N.V.

     15,881        637,159  

SBM Offshore N.V.

     16,580        209,840  

Signify N.V.(d)

     19,399        395,526  

Wolters Kluwer N.V.

     9,551        702,156  
    

 

 

  
       23,431,177  
    

 

 

  
New Zealand-0.05%     

Fletcher Building Ltd.

     83,844        191,392  

Spark New Zealand Ltd.

     113,159        309,972  
    

 

 

  
       501,364  
    

 

 

  
Norway-0.76%     

DNB ASA

     97,709        1,187,475  

Equinor ASA

     182,052        2,555,431  
      Shares      Value  
Norway-(continued)     

Gjensidige Forsikring ASA

     11,801      $ 209,009  

Mowi ASA

     30,697        527,159  

Norsk Hydro ASA

     291,241        745,804  

Orkla ASA

     57,701        523,623  

Storebrand ASA

     64,142        322,607  

Telenor ASA

     81,319        1,251,270  

Yara International ASA

     30,200        1,032,223  
    

 

 

  
           8,354,601  
    

 

 

  
Poland-0.19%     

Bank Polska Kasa Opieki S.A.

     18,681        234,485  

KGHM Polska Miedz S.A.(a)

     19,133        355,664  

Polski Koncern Naftowy ORLEN S.A.

     35,576        535,726  

Powszechna Kasa Oszczednosci Bank Polski S.A.

     76,677        407,534  

Powszechny Zaklad Ubezpieczen S.A.

     77,709        568,207  
    

 

 

  
       2,101,616  
    

 

 

  
Portugal-0.23%     

Banco Comercial Portugues S.A., Class R

     1,290,308        144,154  

EDP - Energias de Portugal S.A.

     321,680        1,356,494  

Galp Energia SGPS S.A.

     59,761        688,272  

Jeronimo Martins SGPS S.A.

     19,731        333,139  
    

 

 

  
       2,522,059  
    

 

 

  
Russia-0.05%     

Evraz PLC

     70,769        236,729  

Polymetal International PLC

     15,030        309,491  
    

 

 

  
       546,220  
    

 

 

  
Singapore-0.81%     

Ascendas REIT

     144,475        304,817  

CapitaLand Ltd.

     223,360        477,597  

CapitaLand Mall Trust

     146,831        197,138  

City Developments Ltd.

     41,000        231,839  

ComfortDelGro Corp. Ltd.

     265,565        311,275  

DBS Group Holdings Ltd.

     136,967        1,942,077  

Genting Singapore Ltd.

     456,953        254,818  

Keppel Corp. Ltd.

     93,850        398,681  

Oversea-Chinese Banking Corp. Ltd.

     143,199        919,599  

Singapore Airlines Ltd.

     42,366        183,886  

Singapore Press Holdings Ltd.

     173,884        187,756  

Singapore Technologies Engineering Ltd.

     98,376        239,703  

Singapore Telecommunications Ltd.

     780,386        1,568,866  

United Overseas Bank Ltd.

     71,179        1,028,473  

Venture Corp. Ltd.

     21,304        239,872  

Wilmar International Ltd.

     168,632        427,659  
    

 

 

  
       8,914,056  
    

 

 

  
South Africa-0.19%     

Anglo American PLC

     105,896        1,890,311  

Investec PLC

     93,994        194,378  
    

 

 

  
       2,084,689  
    

 

 

  
South Korea-4.48%     

Amorepacific Corp.

     1,609        233,734  

Amorepacific Corp., Preference Shares

     508        26,099  

CJ CheilJedang Corp.

     1,080        241,536  

CJ CheilJedang Corp., Preference Shares

     204        18,668  

Coway Co. Ltd.

     4,837        243,746  

Daelim Industrial Co. Ltd.

     4,482        324,071  

DB Insurance Co. Ltd.

     6,590        238,786  
 

 

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

 

 

 

 

   20  

 

 

 

 

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

April 30, 2020

(Unaudited)

 

      Shares      Value  
South Korea-(continued)     

E-MART, Inc.

     6,768      $ 666,552  

GS Engineering & Construction Corp.

     11,155        231,623  

Hana Financial Group, Inc.

     32,160        728,480  

Hanwha Solutions Corp.

     18,517        221,119  

Hyundai Engineering & Construction Co. Ltd.

     17,589        505,966  

Hyundai Glovis Co. Ltd.

     2,702        225,084  

Hyundai Heavy Industries Holdings Co. Ltd.

     1,280        255,275  

Hyundai Mobis Co. Ltd.

     8,915        1,258,468  

Hyundai Motor Co.

     29,175        2,241,192  

Hyundai Motor Co., First Pfd

     4,952        231,252  

Hyundai Motor Co., Second Pfd

     7,849        377,489  

Hyundai Steel Co.

     17,140        303,848  

Industrial Bank of Korea

     55,839        362,040  

KB Financial Group, Inc.

     48,269        1,376,624  

Kia Motors Corp.

     37,817        920,246  

Korea Electric Power Corp.(a)

     45,680        894,143  

Korea Shipbuilding & Offshore Engineering Co. Ltd.(a)

     5,045        342,420  

Korea Zinc Co. Ltd.

     942        298,422  

Korean Air Lines Co. Ltd.(a)

     19,196        311,938  

KT&G Corp.

     11,205        745,804  

LG Chem Ltd.

     3,673            1,134,954  

LG Chem Ltd., Preference Shares

     657        93,014  

LG Corp.

     7,818        397,814  

LG Display Co. Ltd.(a)

     69,838        633,354  

LG Electronics, Inc.

     16,266        732,901  

LG Electronics, Inc., Preference Shares

     2,647        46,056  

LG Household & Health Care Ltd.

     271        308,265  

LG Household & Health Care Ltd., Preference Shares

     65        38,730  

LG Uplus Corp.

     37,490        410,761  

Lotte Chemical Corp.

     3,566        630,697  

Lotte Shopping Co. Ltd.

     3,350        274,390  

Mirae Asset Daewoo Co. Ltd.

     46,023        211,900  

Mirae Asset Daewoo Co. Ltd., Second Pfd

     16,216        40,924  

NAVER Corp.

     2,516        407,821  

POSCO

     10,006        1,515,127  

Samsung C&T Corp.

     7,013        610,101  

Samsung Electro-Mechanics Co. Ltd.

     3,467        322,955  

Samsung Electronics Co. Ltd.

       391,831        16,079,076  

Samsung Electronics Co. Ltd., Preference Shares

     67,465        2,339,362  

Samsung Fire & Marine Insurance Co. Ltd.

     3,709        579,888  

Samsung Fire & Marine Insurance Co. Ltd., Preference Shares

     339        36,308  

Samsung Heavy Industries Co. Ltd.(a)

     67,008        235,651  

Samsung Life Insurance Co. Ltd.

     7,371        297,030  

Samsung SDI Co. Ltd.

     2,013        472,500  

Samsung SDS Co. Ltd.

     1,740        232,057  

Shinhan Financial Group Co. Ltd.

     50,158        1,257,603  

SK Holdings Co. Ltd.

     6,645        992,564  

SK Hynix, Inc.

     38,625        2,653,299  

SK Innovation Co. Ltd.

     12,158        980,862  

SK Telecom Co. Ltd.

     3,866        671,065  

S-Oil Corp.

     7,213        414,387  

Woori Financial Group, Inc.

     73,303        507,758  
    

 

 

  
         49,383,799  
    

 

 

  
      Shares      Value  
Spain-3.23%     

Acciona S.A.

     2,480      $ 245,557  

Acerinox S.A.

     29,326        222,468  

ACS Actividades de Construccion y Servicios S.A.

     50,638        1,262,911  

Aena SME S.A.(d)

     4,144        524,246  

Amadeus IT Group S.A.

     13,461        647,549  

Banco Bilbao Vizcaya Argentaria S.A.

     1,275,669        4,173,556  

Banco de Sabadell S.A.

     1,464,643        606,557  

Banco Santander S.A.

     3,504,423        7,820,728  

Bankia S.A.(b)

     309,565        314,925  

Bankinter S.A.

     75,735        312,233  

CaixaBank S.A.

     463,498        833,085  

Enagas S.A.

     22,099        515,325  

Endesa S.A.

     49,931        1,107,461  

Ferrovial S.A.

     26,230        655,037  

Grifols S.A.(b)

     11,148        379,255  

Iberdrola S.A.

     466,848            4,673,634  

Industria de Diseno Textil S.A.

     48,183        1,227,015  

Mapfre S.A.

     201,582        368,945  

Merlin Properties SOCIMI S.A.

     21,698        201,059  

Naturgy Energy Group S.A.

     41,582        733,726  

Red Electrica Corp. S.A.

     34,051        598,788  

Repsol S.A.

     355,641        3,238,582  

Telefonica S.A.

     1,079,694        4,943,221  
    

 

 

  
         35,605,863  
    

 

 

  
Sweden-2.09%     

Alfa Laval AB(a)

     17,617        330,977  

Assa Abloy AB, Class B(b)

     36,065        650,058  

Atlas Copco AB, Class A(b)

     26,392        916,824  

Atlas Copco AB, Class B

     15,952        498,622  

BillerudKorsnas AB(b)

     19,740        249,701  

Boliden AB(b)

     30,941        634,520  

Castellum AB

     13,878        243,609  

Electrolux AB, Series B

     33,268        459,312  

Electrolux Professional AB, Class B(a)

     26,064        59,935  

Epiroc AB, Class A

     17,457        175,371  

Epiroc AB, Class B

     10,760        106,661  

Essity AB, Class B(a)

     36,105        1,173,656  

Hennes & Mauritz AB, Class B(b)

     88,882          1,239,427  

Hexagon AB, Class B(a)(b)

     8,662        431,983  

Husqvarna AB, Class B

     40,250        243,794  

ICA Gruppen AB(b)

     8,436        368,112  

NCC AB, Class A

     553        8,549  

NCC AB, Class B

     13,231        203,873  

Sandvik AB(a)

     68,807        1,065,863  

Securitas AB, Class B(b)

     37,229        440,053  

Skandinaviska Enskilda Banken AB,
Class A

     173,279        1,425,305  

Skandinaviska Enskilda Banken AB,
Class C

     2,452        21,941  

Skanska AB, Class B(a)

     40,169        769,681  

SKF AB, Class B

     42,654        679,297  

SSAB AB, Class A(a)(b)

     45,911        112,296  

SSAB AB, Class B(a)(b)

     114,243        268,788  

Svenska Cellulosa AB S.C.A.,
Class A(a)

     1,142        12,394  

Svenska Cellulosa AB S.C.A.,
Class B(a)

     32,134        346,272  

Svenska Handelsbanken AB,
Class A(a)

     169,741        1,569,294  

Svenska Handelsbanken AB,
Class B(a)(b)

     4,136        41,202  

Swedbank AB, Class A

     154,918        1,829,730  

Swedish Match AB

     7,443        461,492  

Tele2 AB, Class B

     39,088        506,649  
 

 

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

 

 

 

 

   21  

 

 

 

 

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

April 30, 2020

(Unaudited)

 

      Shares      Value  
Sweden-(continued)       

Telefonaktiebolaget LM Ericsson, Class A

     2,848      $ 26,972  

Telefonaktiebolaget LM Ericsson, Class B

     226,618        1,974,485  

Telia Co. AB

     369,959        1,278,372  

Trelleborg AB, Class B(a)

     23,821        306,811  

Volvo AB, Class B

     146,808        1,896,125  
    

 

 

  
         23,028,006  
    

 

 

  
Switzerland-6.64%     

ABB Ltd.

     133,541        2,535,501  

Adecco Group AG

     25,101        1,100,371  

Alcon, Inc.(a)

     26,224        1,384,086  

Baloise Holding AG

     4,964        743,199  

Barry Callebaut AG

     126        247,000  

Chocoladefabriken Lindt & Spruengli AG

     3        251,153  

Chocoladefabriken Lindt & Spruengli AG, PC

     30        233,902  

Cie Financiere Richemont S.A.

     31,906        1,812,244  

Clariant AG

     14,753        273,079  

Coca-Cola HBC AG

     10,474        266,209  

Credit Suisse Group AG

     305,681        2,763,687  

Dufry AG

     4,166        135,665  

Geberit AG

     1,125        504,831  

Georg Fischer AG

     355        264,645  

Givaudan S.A.

     299        1,001,572  

Glencore PLC(a)

     1,814,607        3,366,907  

Helvetia Holding AG

     2,476        226,653  

Julius Baer Group Ltd.

     15,571        610,482  

Kuehne + Nagel International AG

     4,013        573,999  

LafargeHolcim Ltd.(a)

     58,736        2,436,709  

Lonza Group AG

     1,656        723,036  

Nestle S.A.

     131,781        13,913,365  

Novartis AG

     89,788        7,652,656  

Partners Group Holding AG

     361        284,192  

PSP Swiss Property AG

     1,621        188,443  

Roche Holding AG

     29,245            10,164,467  

Roche Holding AG, BR

     1,113        387,241  

Schindler Holding AG

     843        180,802  

Schindler Holding AG, PC

     1,778        395,152  

SGS S.A.

     261        590,877  

Sika AG

     3,304        546,701  

Sonova Holding AG

     1,331        240,370  

STMicroelectronics N.V.

     23,092        599,689  

Sunrise Communications Group AG(a)(d)

     3,056        244,759  

Swatch Group AG (The)

     4,569        177,903  

Swatch Group AG (The), BR

     2,953        590,967  

Swiss Life Holding AG

     3,640        1,289,453  

Swiss Prime Site AG

     4,410        418,999  

Swiss Re AG

     36,692        2,648,256  

Swisscom AG

     2,094        1,088,711  

UBS Group AG

     461,161        4,940,584  

Vifor Pharma AG

     1,444        217,015  

Zurich Insurance Group AG

     15,226        4,847,899  
    

 

 

  
         73,063,431  
    

 

 

  
United Kingdom-15.49%     

3i Group PLC

     62,090        614,007  

Admiral Group PLC

     13,728        403,459  

Aggreko PLC

     26,117        151,207  

Ashtead Group PLC

     22,799        625,476  

Associated British Foods PLC

     24,451        583,671  

AstraZeneca PLC

     56,829        5,965,317  
      Shares      Value  
United Kingdom-(continued)     

Aviva PLC

     541,169      $ 1,650,536  

Babcock International Group PLC

     49,628        263,852  

BAE Systems PLC

     268,248        1,720,196  

Barclays PLC

     2,500,067        3,339,515  

Barratt Developments PLC

     86,941        569,151  

Beazley PLC

     35,950        179,568  

Bellway PLC

     8,990        301,972  

Berkeley Group Holdings PLC

     8,931        471,220  

BP PLC

     3,520,828        13,904,766  

British American Tobacco PLC

     236,030        9,171,159  

British Land Co. PLC (The)

     107,822        550,261  

BT Group PLC

     1,392,229        2,037,941  

Bunzl PLC

     26,707        581,941  

Burberry Group PLC

     22,339        391,665  

Capita PLC(a)

     204,854        100,722  

Centrica PLC

     1,389,551        699,332  

Close Brothers Group PLC

     14,298        196,760  

CNH Industrial N.V.(a)

     157,674        986,464  

Compass Group PLC

     103,268        1,740,236  

Croda International PLC

     5,230        322,059  

DCC PLC

     9,812        700,255  

Derwent London PLC

     5,037        197,337  

Diageo PLC

     96,215        3,337,423  

Direct Line Insurance Group PLC

     240,986        828,312  

Dixons Carphone PLC

     147,039        144,016  

DS Smith PLC

     136,807        538,220  

easyJet PLC(b)

     24,458        186,088  

Experian PLC

     23,431        702,220  

Fiat Chrysler Automobiles N.V.(a)

     454,427        3,989,834  

G4S PLC

     197,449        271,965  

GlaxoSmithKline PLC

     385,328        8,073,020  

GVC Holdings PLC

     25,776        245,145  

Hammerson PLC

     145,229        129,292  

Hays PLC

     133,879        183,222  

Hiscox Ltd.

     21,451        190,104  

HSBC Holdings PLC

     2,053,818            10,621,397  

IG Group Holdings PLC

     31,014        295,157  

IMI PLC

     22,599        235,881  

Imperial Brands PLC

     169,243        3,584,241  

Inchcape PLC

     47,528        300,647  

Informa PLC

     63,008        349,055  

InterContinental Hotels Group PLC

     10,640        484,221  

Intermediate Capital Group PLC

     13,840        196,916  

International Consolidated Airlines Group S.A.

     83,399        233,429  

Intertek Group PLC

     4,920        294,778  

ITV PLC

     504,151        486,472  

J Sainsbury PLC

     381,045        952,131  

John Wood Group PLC

     99,778        254,982  

Johnson Matthey PLC

     28,534        717,128  

Kingfisher PLC

     379,728        753,420  

Land Securities Group PLC

     73,348        612,466  

Legal & General Group PLC

     777,276        2,005,934  

Lloyds Banking Group PLC

       10,349,696        4,208,801  

London Stock Exchange Group PLC

     4,871        458,100  

M&G PLC

     469,467        783,135  

Man Group PLC

     141,411        237,944  

Marks & Spencer Group PLC(b)

     472,295        548,667  

Meggitt PLC

     58,155        204,877  

Micro Focus International PLC

     59,832        363,535  
 

 

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

 

 

 

 

   22  

 

 

 

 

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

April 30, 2020

(Unaudited)

 

      Shares      Value  
United Kingdom-(continued)     

Mondi PLC

     52,987      $ 942,376  

National Grid PLC

     408,000        4,805,625  

Next PLC

     8,920        531,734  

Ninety One PLC(a)

     47,554        101,790  

Pearson PLC(b)

     106,295        616,478  

Pennon Group PLC

     27,783        384,083  

Persimmon PLC

     24,289        675,545  

Phoenix Group Holdings PLC

     51,399        389,641  

Prudential PLC

     249,629        3,553,304  

Quilter PLC(d)

     160,254        249,133  

Reckitt Benckiser Group PLC

     34,715        2,903,130  

RELX PLC

     64,752        1,467,291  

Rentokil Initial PLC

     48,388        289,485  

Rolls-Royce Holdings PLC

     134,926        561,624  

Royal Bank of Scotland Group PLC (The)

     489,098        682,010  

Royal Dutch Shell PLC, Class A

     795,988            13,303,264  

Royal Dutch Shell PLC, Class B

     711,207        11,540,055  

Royal Mail PLC

     219,975        461,980  

RSA Insurance Group PLC

     106,063        483,223  

Sage Group PLC (The)

     43,006        347,172  

Schroders PLC

     7,604        254,553  

Segro PLC

     41,607        435,383  

Severn Trent PLC

     17,208        518,757  

Signature Aviation PLC

     76,951        189,999  

Smith & Nephew PLC

     32,226        633,300  

Smiths Group PLC

     27,201        425,616  

Spectris PLC

     6,387        214,860  

SSE PLC

     135,655        2,138,856  

St James’s Place PLC

     37,042        397,799  

Standard Chartered PLC

     344,358        1,770,001  

Standard Life Aberdeen PLC(b)

     300,660        838,495  

Subsea 7 S.A.(a)

     45,370        252,254  

Tate & Lyle PLC

     41,988        377,192  

Taylor Wimpey PLC

     305,128        565,956  

TechnipFMC PLC

     59,730        522,331  

Tesco PLC

     1,090,397        3,233,502  

Thomas Cook Group PLC(a)(b)(c)

     575,015        0  

Travis Perkins PLC

     28,150        369,095  

Unilever N.V.

     78,730        3,930,498  

Unilever PLC

     59,067        3,056,162  

Investment Abbreviations:

BR-Bearer Shares

CDI-CREST Depository Interest

CVA-Dutch Certificates

FDR-Fiduciary Depositary Receipt

PC-Participation Certificate

Pfd.-Preferred

REIT-Real Estate Investment Trust

RSP-Registered Savings Plan Shares

      Shares      Value  
United Kingdom-(continued)     

United Utilities Group PLC

     57,769      $ 657,406  

Vodafone Group PLC

     3,999,755        5,657,568  

Weir Group PLC (The)(b)

     22,495        270,859  

Whitbread PLC(b)

     13,839        520,184  

William Hill PLC

     107,222        154,314  

WM Morrison Supermarkets PLC(b)

     417,919        964,671  

WPP PLC

     193,632        1,517,205  
    

 

 

  
       170,577,979  
    

 

 

  
United States-0.38%     

Amcor PLC, CDI

     93,875        864,742  

Bausch Health Cos., Inc.(a)

     41,925        759,145  

Carnival PLC

     15,789        218,174  

Ferguson PLC

     16,606        1,201,462  

James Hardie Industries PLC, CDI

     16,183        237,540  

QIAGEN N.V.(a)

     7,141        297,218  

Samsonite International S.A.(d)

     134,450        113,597  

Waste Connections, Inc.

     5,912        509,753  
    

 

 

  
       4,201,631  
    

 

 

  
Zambia-0.04%     

First Quantum Minerals Ltd.

     80,662        493,630  
    

 

 

  

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.51%
(Cost $1,297,456,481)

 

      1,095,726,834  
    

 

 

  
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-3.55%

 

Invesco Private Government Fund,
0.01%(e)(f)(g)
(Cost $39,043,325)

     39,043,325        39,043,325  
    

 

 

  

TOTAL INVESTMENTS IN SECURITIES-103.06%
(Cost $1,336,499,806)

 

      1,134,770,159  

OTHER ASSETS LESS LIABILITIES-(3.06)%

 

      (33,709,290 ) 
    

 

 

  

NET ASSETS-100.00%

 

    $ 1,101,060,869  
    

 

 

  

 

 

 

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

 

 

 

 

   23  

 

 

 

 

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

April 30, 2020

(Unaudited)

 

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, 2020.

(c) 

Security valued using significant unobservable inputs (Level 3). See Note 5.

(d) 

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2020 was $6,943,935, which represented less than 1% of the Fund’s Net Assets.

(e) 

The rate shown is the 3-day SEC standardized yield as of April 30, 2020. The money market fund commenced operations on April 28, 2020.

(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 2K.

(g) 

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, 2020.

 

    Value
October 31, 2019		    Purchases
at Cost		    Proceeds
from Sales		    Change in
Unrealized
Appreciation
(Depreciation)		    Realized
Gain		    Value
April 30, 2020		    Dividend
Income
Investments in Affiliated Money Market Funds:                                  
Invesco Premier U.S. Government Money Portfolio, Institutional Class*     $ -      $ 16,628,906      $ (16,628,906 )      $ -      $ -      $ -      $ 6,081
Investments Purchased with Cash Collateral from Securities on Loan:                                  
Invesco Government & Agency Portfolio, Institutional Class*       18,667,145        157,012,950        (175,680,095 )        -        -        -        122,800
Invesco Liquid Assets Portfolio, Institutional Class*       6,222,382        37,725,638        (43,951,427 )        (284 )        3,691        -        46,410
Invesco Private Government Fund       -        78,203,175        (39,159,850 )        -        -        39,043,325        21
   

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

  

Total

     $ 24,889,527      $ 289,570,669      $ (275,420,278 )      $ (284 )      $ 3,691      $ 39,043,325      $ 175,312
   

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

  

* At April 30, 2020, this security was no longer held.

 

Portfolio Composition

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

as of April 30, 2020

  

Financials

     22.91                                 

Industrials

     12.65    

Consumer Discretionary

     10.88    

Consumer Staples

     9.08    

Materials

     8.94    

Energy

     8.37    

Health Care

     7.21    

Communication Services

     6.29    

Information Technology

     5.73    

Utilities

     4.80    

Real Estate

     2.65    
Money Market Funds Plus Other Assets Less Liabilities     0.49    

                     

  
 

 

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

 

 

 

 

   24  

 

 

 

 

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

April 30, 2020

(Unaudited)

Schedule of Investments

 

      Shares      Value  
Common Stocks & Other Equity Interests-99.46%

 

Australia-5.32%     

Abacus Property Group

     64,331      $        105,346  

Adelaide Brighton Ltd.(a)

     177,602        315,572  

ALS Ltd.

     49,620        217,908  

Alumina Ltd.

     151,584        168,791  

Ansell Ltd.

     21,974        405,222  

AP Eagers Ltd.

     35,251        116,410  

Atlas Arteria Ltd.

     31,083        124,455  

AusNet Services

     458,739        560,961  

Austal Ltd.

     45,336        99,730  

Australian Pharmaceutical Industries Ltd.

     105,235        79,894  

Bapcor Ltd.

     36,323        116,754  

Beach Energy Ltd.

     150,560        145,822  

Bega Cheese Ltd.(a)

     60,061        190,318  

Blackmores Ltd.

     2,512        124,287  

Breville Group Ltd.

     9,775        109,730  

Brickworks Ltd.

     9,493        84,031  

BWP Trust

     63,168        145,264  

carsales.com Ltd.

     17,203        156,464  

Charter Hall Group

     25,687        126,896  

Charter Hall Long Wale REIT

     22,520        65,553  

Charter Hall Retail REIT

     65,138        132,777  

Cleanaway Waste Management Ltd.

     159,904        192,697  

Cochlear Ltd.

     2,735        330,367  

Collins Foods Ltd.

     15,263        72,641  

Costa Group Holdings Ltd.

     64,040        120,599  

Cromwell Property Group(a)

     387,871        198,579  

CSR Ltd.

     159,477        387,114  

Domino’s Pizza Enterprises Ltd.

     3,783        142,949  

Eclipx Group Ltd.(b)

     150,138        69,557  

Elders Ltd.

     23,162        130,073  

Estia Health Ltd.

     66,642        64,000  

Evolution Mining Ltd.

     90,308        293,278  

FlexiGroup Ltd.

     83,437        48,463  

Flight Centre Travel Group Ltd.

     16,526        118,128  

G8 Education Ltd.(a)

     271,681        153,105  

Genworth Mortgage Insurance Australia Ltd.

     63,568        87,378  

GrainCorp.Ltd., Class A(b)

     75,712        174,477  

Growthpoint Properties Australia Ltd.

     37,532        74,962  

GUD Holdings Ltd.

     16,607        98,719  

GWA Group Ltd.

     47,230        84,044  

Harvey Norman Holdings Ltd.(a)

     146,045        264,596  

Healius Ltd.

     123,630        209,636  

IGO Ltd.

     48,898        148,986  

Iluka Resources Ltd.

     50,271        248,105  

Inghams Group Ltd.

     71,785        163,649  

InvoCare Ltd.

     16,438        110,633  

IOOF Holdings Ltd.

     110,933        306,400  

IRESS Ltd.

     22,956        167,848  

Link Administration Holdings Ltd.

     73,324        180,778  

Magellan Financial Group Ltd.

     4,243        140,141  

Mayne Pharma Group Ltd.(b)

     598,578        158,556  

McMillan Shakespeare Ltd.

     17,122        74,074  

Mineral Resources Ltd.

     25,062        270,120  

Monadelphous Group Ltd.

     24,997        183,674  

National Storage REIT

     72,510        81,858  

New Hope Corp. Ltd.

     89,256        89,156  

NEXTDC Ltd.(b)

     18,632        106,722  
      Shares      Value  
Australia-(continued)     

nib holdings Ltd.

     90,415      $        291,238  

Nine Entertainment Co. Holdings Ltd.

     206,692        188,287  

Northern Star Resources Ltd.

     25,554        205,804  

NRW Holdings Ltd.

     135,222        146,897  

Nufarm Ltd.(b)

     87,964        297,665  

OceanaGold Corp.

     169,752        259,098  

oOh!media Ltd.

     80,247        53,479  

OZ Minerals Ltd.

     72,783        419,291  

Pact Group Holdings Ltd.(b)

     66,425        82,311  

Pendal Group Ltd.

     50,555        179,671  

Perenti Global Ltd.

     144,921        85,314  

Perpetual Ltd.(a)

     10,249        200,994  

Perseus Mining Ltd.(b)

     122,868        75,362  

Platinum Asset Management Ltd.(a)

     47,256        106,075  

Premier Investments Ltd.

     11,741        117,090  

Qube Holdings Ltd.

     158,655        225,882  

Qube Holdings Ltd., Rts., expiring 05/30/2020(b)

     24,985        3,674  

REA Group Ltd.(a)

     1,879        107,036  

Regis Resources Ltd.

     57,546        164,942  

Resolute Mining Ltd.(b)

     120,547        72,060  

Sandfire Resources Ltd.

     51,999        150,440  

Saracen Mineral Holdings Ltd.(b)

     32,267        88,062  

SEEK Ltd.

     33,249        371,513  

Seven Group Holdings Ltd.(a)

     16,459        161,065  

Shopping Centres Australasia Property Group

     117,761        169,759  

Southern Cross Media Group Ltd.

     362,507        33,227  

St Barbara Ltd.

     70,486        115,592  

Steadfast Group Ltd.

     67,688        134,017  

Super Retail Group Ltd.

     45,614        186,976  

Sydney Airport

     84,750        346,396  

Tassal Group Ltd.

     45,999        112,740  

TPG Telecom Ltd.

     47,029        222,896  

United Malt Grp Ltd.(b)

     75,712        211,162  

Virgin Australia International Holdings Pty.
Ltd.(b)(c)

     112,977        0  

Viva Energy Group Ltd.(d)

     272,834        256,856  

Viva Energy REIT

     59,775        93,400  

Vocus Group Ltd.(b)

     99,831        196,172  

Washington H Soul Pattinson & Co. Ltd.(a)

     13,882        167,987  

Whitehaven Coal Ltd.

     324,875        379,205  

Worley Ltd.

     52,197        299,643  
    

 

 

  
       16,317,525  
    

 

 

  
Austria-0.61%     

ams AG(b)

     12,975        168,985  

CA Immobilien Anlagen AG

     7,770        247,229  

DO & CO AG

     1,035        51,694  

IMMOFINANZ AG(b)

     14,489        267,882  

Lenzing AG

     3,548        202,856  

Oesterreichische Post AG(a)

     6,566        247,396  

SIMMO AG

     5,237        97,284  

S&T AG(a)

     3,672        80,600  

Schoeller-Bleckmann Oilfield Equipment AG

     2,218        65,593  

UNIQA Insurance Group AG

     12,684        85,302  
 

 

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

 

 

 

 

   25  

 

 

 

 

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

April 30, 2020

(Unaudited)

 

      Shares      Value  
Austria-(continued)     

Verbund AG

     5,446      $        246,712  

Vienna Insurance Group AG Wiener Versicherung Gruppe

     5,165        103,980  
    

 

 

  
       1,865,513  
    

 

 

  
Belgium-1.58%     

Ackermans & van Haaren N.V.

     3,055        404,548  

Aedifica S.A.

     1,171        113,253  

AGFA-Gevaert N.V.(b)

     43,714        173,086  

Barco N.V.

     815        130,330  

Befimmo S.A.

     3,444        153,718  

Bekaert S.A.

     11,801        250,240  

bpost S.A.

     35,485        247,775  

Cie d’Entreprises CFE

     1,289        99,817  

Cofinimmo S.A.

     2,861        397,974  

D’ieteren S.A./N.V.

     6,562        327,744  

Elia Group S.A./N.V.

     3,713        427,019  

Euronav N.V.

     39,167        437,576  

Fagron

     4,444        100,173  

Galapagos N.V.(b)

     567        125,139  

Gimv N.V.

     1,765        96,854  

Melexis N.V.

     1,986        120,836  

Ontex Group N.V.

     25,868        471,748  

Orange Belgium S.A.

     5,823        96,817  

Retail Estates N.V.

     1,063        57,458  

Telenet Group Holding N.V.

     9,968        415,755  

Warehouses De Pauw C.V.A.

     7,500        205,369  
    

 

 

  
       4,853,229  
    

 

 

  
Cambodia-0.06%     

NagaCorp.Ltd.

     148,291        171,102  
    

 

 

  
Canada-5.77%     

Aecon Group, Inc.

     22,784        250,813  

Alamos Gold, Inc., Class A

     40,743        328,830  

Allied Properties REIT

     11,834        379,656  

Aphria, Inc.(a)(b)

     30,988        110,213  

Artis REIT

     32,836        206,621  

ATS Automation Tooling Systems, Inc.(b)

     10,769        160,106  

Aurora Cannabis, Inc.(a)(b)

     61,068        44,846  

B2Gold Corp.

     61,660        312,528  

Baytex Energy Corp.(b)

     460,129        147,419  

BlackBerry Ltd.(b)

     78,701        336,574  

Boardwalk REIT

     8,718        166,897  

Boyd Group Services, Inc.

     960        135,366  

BRP, Inc.

     3,205        96,130  

Canadian Western Bank

     18,701        296,615  

Canfor Corp.(b)

     36,762        256,734  

Canopy Growth Corp.(a)(b)

     15,681        250,634  

Cascades, Inc.

     14,702        147,449  

Centerra Gold, Inc.

     38,202        306,122  

Chartwell Retirement Residences(a)

     31,746        204,334  

Choice Properties REIT

     26,425        240,098  

Cineplex, Inc.

     13,923        166,801  

Cogeco Communications, Inc.

     1,815        134,477  

Colliers International Group, Inc.

     2,633        144,811  

Cominar REIT, Class U

     48,044        293,670  

Corus Entertainment, Inc., Class B

     103,934        237,209  

Descartes Systems Group, Inc. (The)(b)

     2,645        111,422  

Dollarama, Inc.

     15,077        473,928  

Dream Office REIT

     13,826        216,207  
      Shares      Value  
Canada-(continued)     

ECN Capital Corp.

     32,677      $        92,929  

Eldorado Gold Corp.(b)

     30,788        294,148  

Element Fleet Management Corp.

     42,841        316,770  

Enerflex Ltd.

     38,938        147,179  

Enerplus Corp.

     101,275        273,430  

First Capital REIT

     29,505        304,832  

FirstService Corp.

     1,447        125,380  

Genworth MI Canada, Inc.

     7,037        173,879  

Granite REIT

     5,759        263,705  

Great Canadian Gaming Corp.(b)

     5,582        108,951  

Home Capital Group, Inc.(b)

     13,335        178,862  

Hudbay Minerals, Inc.(a)

     134,998        330,461  

IAMGOLD Corp.(b)

     145,374        509,717  

Innergex Renewable Energy, Inc.

     12,509        168,234  

Ivanhoe Mines Ltd., Class A(b)

     46,068        96,849  

Kelt Exploration Ltd.(b)

     41,608        47,930  

Kirkland Lake Gold Ltd.

     6,465        267,825  

Laurentian Bank of Canada

     13,878        310,643  

Maple Leaf Foods, Inc.

     15,400        285,282  

Martinrea International, Inc.

     29,752        180,146  

Mullen Group Ltd.

     31,434        130,810  

NFI Group, Inc.

     14,338        164,341  

Norbord, Inc.

     13,886        225,743  

North West Co., Inc. (The)

     12,456        235,856  

Northland Power, Inc.

     14,239        306,216  

Northview Apartment REIT(a)

     6,616        167,669  

Osisko Gold Royalties Ltd.

     13,084        119,729  

Pan American Silver Corp.

     10,437        222,424  

Paramount Resources Ltd., Class A(a)(b)

     38,230        52,296  

Pason Systems, Inc.

     15,870        86,494  

PrairieSky Royalty Ltd.

     32,811        240,481  

Premium Brands Holdings Corp.

     3,111        188,011  

Pretium Resources, Inc.(b)

     17,467        133,680  

Quebecor, Inc., Class B

     13,738        299,794  

Ritchie Bros. Auctioneers, Inc.

     7,824        337,475  

Russel Metals, Inc.

     22,295        242,060  

Secure Energy Services, Inc.(b)

     66,192        59,570  

SEMAFO, Inc.(b)

     70,305        177,161  

ShawCor Ltd.

     20,064        29,469  

Shopify, Inc., Class A(b)

     494        313,973  

SSR Mining, Inc.(b)

     11,282        198,112  

Stantec, Inc.

     14,503        428,423  

Stars Group, Inc. (The)(b)

     17,756        496,393  

Stella-Jones, Inc.

     8,479        211,830  

Superior Plus Corp.(a)

     46,116        328,036  

TMX Group Ltd.

     6,030        523,530  

TORC Oil & Gas Ltd.(b)

     54,836        44,218  

Torex Gold Resources, Inc.(b)

     8,979        128,064  

Toromont Industries Ltd.

     7,328        345,046  

TransAlta Renewables, Inc.

     10,085        109,204  

Transcontinental, Inc., Class A

     23,960        217,528  

Westshore Terminals Investment Corp.(a)

     13,582        145,897  

Winpak Ltd.

     4,637        154,739  
    

 

 

  
       17,697,934  
    

 

 

  
China-1.28%     

Asia Cement China Holdings Corp.

     95,183        107,930  

Budweiser Brewing Co. APAC Ltd.(b)(d)

     79,648        214,153  

CapitaLand Retail China Trust

     136,703        129,374  
 

 

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

 

 

 

 

   26  

 

 

 

 

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

April 30, 2020

(Unaudited)

 

      Shares      Value  
China-(continued)     

China Harmony New Energy Auto Holding Ltd.

     269,395      $        135,422  

China Travel International Investment Hong Kong Ltd.

     822,747        116,285  

CITIC Telecom International Holdings Ltd.

     328,712        121,326  

FIH Mobile Ltd.(b)

     1,454,704        164,280  

Gemdale Properties & Investment Corp. Ltd.

     906,943        142,957  

Minth Group Ltd.

     115,191        270,707  

MMG Ltd.(b)

     1,378,716        240,183  

Nexteer Automotive Group Ltd.

     285,553        147,261  

Noble Group Ltd.(b)(c)

     760,360        10,938  

Road King Infrastructure Ltd.

     50,276        77,434  

Shui On Land Ltd.

     461,472        81,306  

SITC International Holdings Co. Ltd.

     136,341        133,688  

Sun Art Retail Group Ltd.

     353,675        584,792  

Tingyi Cayman Islands Holding Corp.

     294,132        520,551  

Uni-President China Holdings Ltd.

     156,792        155,607  

Xinyi Glass Holdings Ltd.

     351,776        402,967  

Xinyi Solar Holdings Ltd.

     241,930        154,387  
    

 

 

  
       3,911,548  
    

 

 

  
Colombia-0.08%     

Parex Resources, Inc.(b)

     21,494        236,148  
    

 

 

  
Denmark-1.48%     

Alm Brand A/S

     13,490        105,770  

Chr. Hansen Holding A/S

     5,824        501,791  

D/S Norden A/S(b)

     11,279        158,818  

Demant A/S(a)(b)

     6,746        161,205  

Dfds A/S(b)

     7,122        180,281  

Drilling Co. of 1972 A/S (The)(b)

     6,911        162,662  

FLSmidth & Co. A/S(b)

     15,720        413,967  

Genmab A/S(b)

     890        213,985  

GN Store Nord A/S

     5,525        252,536  

H Lundbeck A/S

     6,351        231,356  

NKT A/S(b)

     8,405        188,200  

Ringkjoebing Landbobank A/S

     2,952        184,645  

Rockwool International A/S, Class B

     834        175,111  

Royal Unibrew A/S(b)

     3,566        275,933  

Scandinavian Tobacco Group A/S(d)

     16,461        189,730  

Schouw & Co. A/S

     1,300        93,244  

SimCorp.A/S

     1,497        138,476  

Sydbank A/S

     13,803        229,623  

Topdanmark A/S

     5,954        240,410  

Tryg A/S

     16,780        444,221  
    

 

 

  
       4,541,964  
    

 

 

  
Egypt-0.13%     

Centamin PLC

     207,182        399,396  
    

 

 

  
Faroe Islands-0.05%     

Bakkafrost P/F

     3,065        151,907  
    

 

 

  
Finland-0.81%     

Cargotec OYJ, Class B

     16,014        349,575  

Citycon OYJ(a)

     11,739        77,532  

Finnair OYJ(b)

     15,789        62,984  

Kemira OYJ

     26,278        316,317  

Kojamo OYJ

     7,924        142,338  

Metsa Board OYJ(a)

     44,849        312,423  

Outotec OYJ

     22,942        95,739  

Sanoma OYJ

     10,879        98,424  

TietoEVRY OYJ

     13,659        332,726  
      Shares      Value  
Finland-(continued)     

Uponor OYJ

     8,765      $        98,499  

Valmet OYJ

     21,225        485,878  

YIT OYJ

     22,870        125,248  
    

 

 

  
       2,497,683  
    

 

 

  
France-2.81%     

Adevinta ASA, Class B(b)

     8,336        69,130  

Akka Technologies

     1,725        55,265  

Albioma S.A.

     3,829        127,075  

ALD S.A.(d)

     9,303        90,687  

Alten S.A.

     2,905        209,047  

Beneteau S.A.

     10,054        63,926  

BioMerieux

     2,156        267,554  

Carmila S.A.

     4,705        60,398  

CGG S.A.(b)

     170,537        214,808  

Cie Plastic Omnium S.A.

     19,499        370,762  

Coface S.A.(b)

     16,838        98,853  

Dassault Aviation S.A.

     322        262,752  

Derichebourg S.A.

     31,806        89,531  

Eramet(a)

     6,042        191,916  

Europcar Mobility Group(a)(d)

     104,295        194,313  

Fnac Darty S.A.(b)

     7,802        251,409  

Gaztransport Et Technigaz S.A.

     1,608        116,594  

Iliad S.A.

     3,504        521,959  

Ipsen S.A.

     4,040        299,795  

Ipsos

     6,316        121,755  

JCDecaux S.A.

     13,862        287,263  

Korian S.A.

     9,797        329,216  

Maisons du Monde S.A.(d)

     16,444        148,502  

Mercialys S.A.

     22,948        178,709  

Mersen S.A.

     4,160        91,357  

Metropole Television S.A.

     11,573        128,787  

Nexans S.A.

     11,053        393,456  

Nexity S.A.

     9,758        299,262  

Quadient

     6,095        84,116  

Rallye S.A.

     12,733        108,643  

Remy Cointreau S.A.(a)

     2,499        278,642  

Sartorius Stedim Biotech

     508        121,854  

SMCP S.A.(a)(b)(d)

     12,939        60,940  

Societe BIC S.A.

     8,597        430,136  

Sopra Steria Group

     2,599        307,727  

Tarkett S.A.

     10,527        104,233  

Television Francaise 1

     46,236        226,472  

Trigano S.A.

     1,545        113,972  

Ubisoft Entertainment S.A.(b)

     6,675        496,572  

Vallourec S.A.(a)(b)

     182,453        216,927  

Vicat S.A.

     2,478        69,482  

Virbac S.A.(b)

     393        77,482  

Worldline S.A.(b)(d)

     5,702        387,090  
    

 

 

  
       8,618,369  
    

 

 

  
Georgia-0.02%     

Bank of Georgia Group PLC

     5,887        73,959  
    

 

 

  
Germany-4.19%     

1&1 Drillisch AG(a)

     12,244        284,846  

ADO Properties S.A.(a)(d)

     5,814        163,023  

alstria office REIT-AG

     19,711        295,128  

Bechtle AG

     2,248        325,507  

Bilfinger SE(a)

     11,228        211,157  

CANCOM SE.

     3,176        161,828  
 

 

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

 

 

 

 

   27  

 

 

 

 

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

April 30, 2020

(Unaudited)

 

      Shares      Value  
Germany-(continued)     

Carl Zeiss Meditec AG, BR

     1,401      $        138,030  

CECONOMY AG(b)

     82,789        211,282  

CTS Eventim AG& Co. KGaA

     3,616        150,265  

Delivery Hero SE(b)(d)

     1,850        156,025  

Deutsche EuroShop AG

     13,540        195,168  

Deutz AG

     53,594        206,277  

DIC Asset AG

     7,460        98,705  

Draegerwerk AG& Co. KGaA, Preference Shares(a)

     2,967        247,956  

Duerr AG(a)

     16,816        392,684  

DWS Group GmbH & Co. KGaA(d)

     7,707        243,959  

ElringKlinger AG(b)

     12,652        68,942  

Encavis AG

     9,507        116,834  

Evotec SE(b)

     3,739        92,432  

Fielmann AG

     2,597        169,958  

Fraport AG Frankfurt Airport Services Worldwide(a)

     7,807        342,382  

Gerresheimer AG

     5,232        417,475  

Grand City Properties S.A.

     16,171        338,301  

GRENKE AG(a)

     1,678        117,626  

Hamburger Hafen und Logistik AG

     5,322        86,738  

Hapag-Lloyd AG(d)

     2,405        345,607  

Heidelberger Druckmaschinen AG(a)(b)

     108,143        76,992  

Hornbach Holding AG& Co. KGaA

     2,010        114,481  

Jenoptik AG

     6,812        140,569  

Jungheinrich AG, Preference Shares

     16,043        290,639  

Kloeckner & Co. SE

     57,933        236,683  

Koenig & Bauer AG

     6,371        131,050  

Krones AG

     4,681        282,247  

KWS Saat SE & Co. KGaA

     1,485        85,670  

Leoni AG(b)

     29,838        205,404  

Nordex SE(b)

     24,440        197,958  

Norma Group SE

     8,321        209,075  

PATRIZIA AG

     3,922        87,419  

Pfeiffer Vacuum Technology AG

     788        129,982  

Puma SE.

     4,704        295,638  

Rational AG

     177        85,457  

Rocket Internet SE(b)(d)

     10,576        222,758  

Sartorius AG, Preference Shares

     734        206,454  

Schaeffler AG, Preference Shares

     38,059        259,495  

Scout24 AG(d)

     4,800        313,869  

SGL Carbon SE(a)(b)

     21,386        66,173  

Siltronic AG

     3,341        286,824  

Sixt SE(a)

     2,495        168,475  

Sixt SE, Preference Shares

     3,179        146,765  

Software AG

     7,597        269,600  

Stabilus S.A.

     3,043        130,187  

Stroeer SE & Co. KGaA(a)

     2,153        136,421  

Suedzucker AG

     26,260        347,164  

TAG Immobilien AG

     16,850        368,193  

TLG Immobilien AG

     3,949        69,768  

Traton SE(b)

     16,785        253,046  

Vossloh AG

     2,016        76,180  

Wacker Chemie AG

     5,575        326,985  

Wacker Neuson SE

     11,049        136,994  

Washtec AG

     1,546        60,960  

Wirecard AG(a)

     3,206        317,442  
      Shares      Value  
Germany-(continued)     

Zalando SE(b)(d)

     8,576      $        417,908  

zooplus AG(b)

     1,051        130,081  
    

 

 

  
       12,859,141  
    

 

 

  
Ghana-0.09%     

Tullow Oil PLC(a)

     873,033        285,541  
    

 

 

  
Guernsey-0.03%     

Sirius Real Estate Ltd.

     115,404        102,623  
    

 

 

  
Hong Kong-2.22%     

ASM Pacific Technology Ltd.

     39,525        400,036  

Bank of East Asia Ltd. (The)

     92,589        195,610  

Brightoil Petroleum Holdings Ltd.(b)(c)

     160,687        0  

Cafe de Coral Holdings Ltd.

     76,893        159,217  

Cathay Pacific Airways Ltd.(a)

     223,384        264,810  

Champion REIT

     421,496        246,722  

Chow Sang Sang Holdings International Ltd.

     79,029        80,055  

Chow Tai Fook Jewellery Group Ltd.

     303,863        259,479  

CK Infrastructure Holdings Ltd.

     62,223        369,474  

Dah Sing Financial Holdings Ltd.

     26,836        88,272  

Dairy Farm International Holdings Ltd.

     61,437        292,094  

Fortune REIT

     201,711        186,149  

Guotai Junan International Holdings Ltd.

     769,994        100,856  

Haitong International Securities Group Ltd.

     936,018        218,761  

Hang Lung Group Ltd.

     94,864        214,702  

HKBN Ltd.

     62,204        106,672  

Johnson Electric Holdings Ltd.

     60,449        100,354  

Kerry Properties Ltd.

     149,510        403,853  

Li & Fung Ltd.

     1,741,514        261,715  

Luk Fook Holdings International Ltd.

     39,352        83,873  

Man Wah Holdings Ltd.

     256,816        147,286  

Mapletree North Asia Commercial Trust(d)

     417,840        278,492  

Melco International Development Ltd.

     170,554        312,675  

NWS Holdings Ltd.

     257,718        267,337  

Pacific Basin Shipping Ltd.

     678,990        84,082  

PCCW Ltd.

     501,220        306,352  

Sa Sa International Holdings Ltd.(a)

     482,122        89,694  

Shangri-La Asia Ltd.

     321,792        264,218  

Shun Tak Holdings Ltd.

     686,040        235,291  

Truly International Holdings Ltd.(b)

     818,940        90,848  

Value Partners Group Ltd.

     226,730        91,249  

Vitasoy International Holdings Ltd.

     49,073        174,078  

VTech Holdings Ltd.

     34,267        257,641  

Yue Yuen Industrial Holdings Ltd.

     119,626        187,902  
    

 

 

  
       6,819,849  
    

 

 

  
India-0.06%     

Rhi Magnesita N.V.

     5,451        167,903  
    

 

 

  
Indonesia-0.15%     

First Pacific Co. Ltd.

     363,941        75,583  

Golden Agri-Resources Ltd.

     3,429,077        380,007  
    

 

 

  
       455,590  
    

 

 

  
Ireland-0.43%     

C&C Group PLC

     52,844        129,977  

Cairn Homes PLC

     87,989        81,725  

Dalata Hotel Group PLC

     28,369        92,285  

Glanbia PLC

     35,294        374,205  

Greencore Group PLC

     119,423        274,456  
 

 

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

 

 

 

 

   28  

 

 

 

 

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

April 30, 2020

(Unaudited)

 

      Shares      Value  
Ireland-(continued)     

Hibernia REIT PLC

     110,948      $        143,395  

UDG Healthcare PLC

     28,600        226,549  
    

 

 

  
       1,322,592  
    

 

 

  
Israel-1.73%     

Airport City Ltd.(b)

     8,106        124,011  

Alony Hetz Properties & Investments Ltd.

     10,101        122,752  

Amot Investments Ltd.

     12,009        67,814  

Azrieli Group Ltd.

     3,458        206,330  

Bezeq The Israeli Telecommunication Corp. Ltd.(b)

     499,194        358,262  

Cellcom Israel Ltd.(b)

     30,656        113,760  

Clal Insurance Enterprises Holdings Ltd.(b)

     17,648        176,434  

Delek Group Ltd.

     2,972        137,002  

Elbit Systems Ltd.

     2,368        323,725  

First International Bank of Israel Ltd.

     10,251        255,647  

Gazit-Globe Ltd.

     16,757        124,559  

Harel Insurance Investments & Financial Services Ltd.

     40,466        261,005  

Israel Corp. Ltd. (The)(b)

     971        125,890  

Melisron Ltd.

     1,890        76,724  

Mivne Real Estate KD Ltd.(b)

     35,556        76,922  

Mizrahi Tefahot Bank Ltd.

     17,813        368,177  

Nice Ltd.(b)

     2,432        402,604  

Oil Refineries Ltd.

     529,001        147,321  

Partner Communications Co. Ltd.(b)

     24,730        108,656  

Paz Oil Co. Ltd.

     1,938        170,360  

Phoenix Holdings Ltd. (The)

     31,235        164,543  

Plus500 Ltd.

     32,989        520,342  

Reit 1 Ltd.

     18,268        91,579  

Shikun & Binui Ltd.

     28,201        118,218  

Shufersal Ltd.

     28,312        182,553  

Strauss Group Ltd.

     3,232        92,000  

Tower Semiconductor Ltd.(b)

     20,257        398,848  
    

 

 

  
       5,316,038  
    

 

 

  
Italy-2.59%     

ACEA S.p.A.

     9,380        156,677  

Amplifon S.p.A.

     5,018        114,926  

Anima Holding S.p.A.(d)

     64,943        229,614  

ASTM S.p.A.

     12,823        250,002  

Autogrill S.p.A.

     40,509        209,247  

Azimut Holding S.p.A.

     22,146        376,582  

Banca Farmafactoring S.p.A.(d)

     28,387        146,600  

Banca Generali S.p.A.

     8,464        210,072  

Banca IFIS S.p.A.

     13,707        133,994  

Banca Mediolanum S.p.A.

     54,633        333,306  

Banca Popolare di Sondrio SCPA

     61,071        96,791  

Buzzi Unicem S.p.A.

     12,681        248,414  

Buzzi Unicem S.p.A., RSP

     7,536        78,745  

Cairo Communication S.p.A.

     33,668        60,773  

Cerved Group S.p.A.

     27,659        188,283  

Danieli & C. Officine Meccaniche S.p.A.

     2,646        33,503  

Danieli & C. Officine Meccaniche S.p.A., RSP

     9,117        67,604  

Davide Campari-Milano S.p.A.(a)

     35,183        272,449  

De Longhi S.p.A.

     14,813        267,545  

DiaSorin S.p.A.

     1,061        180,476  

Enav S.p.A.(d)

     35,267        157,988  

ERG S.p.A.

     11,132        199,963  

Fincantieri S.p.A.(a)

     196,790        152,174  

Freni Brembo S.p.A.(a)

     27,183        231,192  
      Shares      Value  
Italy-(continued)     

IMA Industria Macchine Automatiche S.p.A.(a)

     2,781      $        189,463  

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

     17,243        182,347  

Interpump Group S.p.A.

     7,067        205,742  

Iren S.p.A.

     158,183        389,830  

Maire Tecnimont S.p.A.(a)(b)

     60,817        117,905  

Mediaset S.p.A.(a)(b)

     130,601        265,353  

Moncler S.p.A.

     9,134        343,153  

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

     7,516        113,811  

OVS S.p.A.(a)(b)(d)

     141,184        121,237  

Piaggio & C S.p.A.

     50,680        116,015  

PRADA S.p.A.

     71,065        230,089  

Recordati S.p.A.

     7,959        345,823  

Reply S.p.A.

     1,411        98,601  

Salini Impregilo S.p.A.(b)

     128,438        189,915  

Salvatore Ferragamo S.p.A.(a)

     12,067        149,220  

Societa Cattolica di Assicurazioni SC

     53,587        295,523  

Technogym S.p.A.(d)

     7,866        57,983  

Tods S.p.A.(a)

     4,552        139,303  
    

 

 

  
       7,948,233  
    

 

 

  
Ivory Coast-0.04%     

Endeavour Mining Corp.(b)

     6,914        124,745  
    

 

 

  
Japan-34.86%     

77 Bank Ltd. (The)

     15,618        209,283  

ABC-Mart, Inc.

     3,558        182,437  

Acom Co. Ltd.

     38,235        155,649  

Adastria Co. Ltd.

     8,517        120,342  

ADEKA Corp.

     19,200        243,030  

Advantest Corp.

     10,364        505,820  

Aeon Delight Co. Ltd.

     3,253        93,579  

Aeon Mall Co. Ltd.

     28,543        361,874  

Aica Kogyo Co. Ltd.

     9,141        266,342  

Aida Engineering Ltd.

     11,985        82,901  

Aiful Corp.(b)

     54,299        120,325  

Ain Holdings, Inc.(a)

     4,183        235,030  

Akebono Brake Industry Co. Ltd.(b)

     56,195        104,759  

Alpen Co. Ltd.

     6,389        98,646  

Amano Corp.

     10,220        210,115  

Anritsu Corp.(a)

     11,753        238,947  

AOKI Holdings, Inc.

     9,570        58,846  

Aoyama Trading Co. Ltd.

     36,006        307,670  

Arata Corp.

     4,313        179,092  

Arcs Co. Ltd.

     10,805        203,700  

Ariake Japan Co. Ltd.

     1,728        100,409  

Asahi Holdings, Inc.

     7,929        180,933  

Asahi Intecc Co. Ltd.

     4,141        110,272  

Asics Corp.

     44,571        426,358  

ASKUL Corp.

     3,764        106,878  

Autobacs Seven Co. Ltd.

     18,831        221,873  

Avex, Inc.

     13,744        104,856  

Awa Bank Ltd. (The)

     5,032        109,871  

Azbil Corp.

     17,659        467,108  

Bank of Kyoto Ltd. (The)(a)

     13,405        461,407  

Benesse Holdings, Inc.

     18,007        513,547  

Bic Camera, Inc.

     50,474        470,093  

BML, Inc.

     3,447        88,886  

Bunka Shutter Co. Ltd.

     13,015        95,537  

Calbee, Inc.

     10,355        314,712  

Canon Electronics, Inc.

     5,206        76,935  
 

 

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

 

 

 

 

   29  

 

 

 

 

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

April 30, 2020

(Unaudited)

 

      Shares      Value  
Japan-(continued)     

Canon Marketing Japan, Inc.

     10,883      $        211,777  

Capcom Co. Ltd.

     5,222        159,737  

Central Glass Co. Ltd.

     8,969        154,326  

Chiyoda Corp.(a)(b)

     57,878        131,685  

Chudenko Corp.(a)

     4,956        100,878  

Chugoku Bank Ltd. (The)

     20,678        191,171  

Chugoku Marine Paints Ltd.

     10,574        80,946  

Citizen Watch Co. Ltd.(a)

     130,568        463,065  

CKD Corp.

     9,123        153,900  

CMK Corp.(b)

     17,502        67,990  

cocokara fine, Inc.

     6,107        288,667  

Colowide Co. Ltd.

     8,199        113,881  

COMSYS Holdings Corp.

     21,523        598,992  

CONEXIO Corp.

     6,917        93,911  

Cosmo Energy Holdings Co. Ltd.

     30,239        457,127  

Cosmos Pharmaceutical Corp.

     1,101        295,025  

Create SD Holdings Co. Ltd.

     4,041        115,824  

CyberAgent, Inc.

     8,717        367,781  

Daibiru Corp.

     7,635        70,754  

Daido Metal Co. Ltd.

     14,300        71,673  

Daido Steel Co. Ltd.

     9,866        328,971  

Daifuku Co. Ltd.

     7,685        537,173  

Daihen Corp.

     4,516        129,726  

Daiho Corp.

     5,409        113,850  

Daiichikosho Co. Ltd.

     7,123        215,408  

Daio Paper Corp.

     17,634        243,068  

Daiseki Co. Ltd.

     4,875        108,133  

Daishi Hokuetsu Financial Group, Inc.

     5,390        117,386  

Daiwabo Holdings Co. Ltd.

     9,434        585,756  

DCM Holdings Co. Ltd.

     32,205        317,184  

DeNA Co. Ltd.

     23,216        286,208  

Descente Ltd.(b)

     7,383        98,834  

Dexerials Corp.

     14,519        95,772  

Disco Corp.

     2,181        491,647  

DMG Mori Co. Ltd.

     26,429        273,090  

Doutor Nichires Holdings Co. Ltd.

     6,248        95,595  

Dowa Holdings Co. Ltd.

     15,907        444,479  

DTS Corp.

     5,961        114,614  

Duskin Co. Ltd.

     7,014        182,204  

DyDo Group Holdings, Inc.(a)

     3,708        146,688  

Eagle Industry Co. Ltd.

     11,231        71,285  

Earth Corp.

     2,361        137,396  

EDION Corp.

     31,254        273,042  

Eizo Corp.

     3,930        118,705  

Exedy Corp.

     11,265        182,688  

Ezaki Glico Co. Ltd.

     9,733        426,343  

Fancl Corp.

     3,626        87,353  

FCC Co. Ltd.

     10,874        155,823  

Foster Electric Co. Ltd.

     8,638        94,396  

FP Corp.

     2,884        217,330  

Fuji Corp.(a)

     15,531        261,344  

Fuji Media Holdings, Inc.

     20,189        202,160  

Fuji Oil Holdings, Inc.(a)

     9,661        224,528  

Fuji Seal International, Inc.

     9,147        159,913  

Fuji Soft, Inc.

     4,225        149,805  

Fujitec Co. Ltd.

     13,482        194,033  

Fujitsu General Ltd.

     9,327        155,355  

Fukuyama Transporting Co. Ltd.

     3,052        106,885  

Furukawa Co. Ltd.

     7,491        77,243  

Futaba Industrial Co. Ltd.

     22,846        109,199  
      Shares      Value  
Japan-(continued)     

Fuyo General Lease Co. Ltd.

     2,776      $        139,350  

Geo Holdings Corp.

     14,840        195,649  

Glory Ltd.

     10,333        233,968  

GMO internet, Inc.(a)

     7,436        163,045  

Godo Steel Ltd.

     3,868        73,551  

Gree, Inc.

     24,037        95,163  

GS Yuasa Corp.

     25,092        358,898  

GungHo Online Entertainment, Inc.

     8,726        135,809  

Gunma Bank Ltd. (The)

     94,370        303,319  

Gunze Ltd.

     3,572        121,816  

H.I.S. Co. Ltd.

     10,826        144,761  

H2O Retailing Corp.(a)

     32,416        255,569  

Hachijuni Bank Ltd. (The)

     87,161        312,025  

Hamakyorex Co. Ltd.

     3,445        94,679  

Hamamatsu Photonics K.K

     8,484        373,005  

Hanwa Co. Ltd.

     13,942        223,872  

Hazama Ando Corp.

     64,589        406,032  

Heiwa Corp.

     13,892        235,497  

Heiwa Real Estate Co. Ltd.

     5,099        137,941  

Heiwado Co. Ltd.

     7,086        121,075  

Hikari Tsushin, Inc.

     1,994        388,446  

Hirata Corp.

     2,074        100,641  

Hiroshima Bank Ltd. (The)

     36,073        150,394  

Hisamitsu Pharmaceutical Co., Inc.

     9,185        432,965  

Hitachi Capital Corp.

     9,224        179,964  

Hitachi Chemical Co. Ltd.

     3,453        148,472  

Hitachi Transport System Ltd.

     11,034        270,767  

Hitachi Zosen Corp.

     89,373        298,576  

Hogy Medical Co. Ltd.

     3,658        114,213  

Hokkaido Electric Power Co., Inc.

     70,135        269,296  

Hokkoku Bank Ltd. (The)

     4,393        130,715  

Hokuetsu Corp.

     27,932        110,633  

Hokuhoku Financial Group, Inc.

     21,045        171,487  

Hokuriku Electric Power Co.

     57,788        390,654  

Hokuto Corp.

     4,933        88,594  

Horiba Ltd.

     6,232        332,663  

Hoshizaki Corp.

     4,542        348,054  

Hosiden Corp.

     19,396        167,244  

House Foods Group, Inc.

     12,164        383,100  

Hulic Co. Ltd.

     42,273        418,371  

Ibiden Co. Ltd.

     20,894        537,959  

Idec Corp.

     5,479        80,684  

IDOM Inc.

     19,876        80,454  

Inaba Denki Sangyo Co. Ltd.

     11,316        242,156  

Inabata & Co. Ltd.

     8,768        98,298  

Internet Initiative Japan, Inc.

     4,724        163,370  

IRISO Electronics Co. Ltd.

     2,724        76,250  

Ishihara Sangyo Kaisha Ltd.

     20,348        122,195  

Ito En Ltd.(a)

     7,537        418,938  

Itochu Enex Co. Ltd.

     10,398        77,387  

Itochu Techno-Solutions Corp.

     9,926        303,682  

Itoham Yonekyu Holdings, Inc.

     23,040        134,283  

Iwatani Corp.(a)

     8,058        276,186  

Iyo Bank Ltd. (The)

     36,960        198,604  

Izumi Co. Ltd.

     13,455        397,181  

Jaccs Co. Ltd.

     7,818        130,643  

Jafco Co. Ltd.

     6,145        199,080  

Japan Airport Terminal Co. Ltd.

     5,022        205,987  

Japan Aviation Electronics Industry Ltd.

     11,760        153,708  

Japan Display, Inc.(b)

     526,391        213,194  
 

 

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

 

 

 

 

   30  

 

 

 

 

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

April 30, 2020

(Unaudited)

 

      Shares      Value  
Japan-(continued)     

Japan Lifeline Co. Ltd.

     6,744      $        79,760  

Japan Petroleum Exploration Co. Ltd.

     13,096        226,925  

Japan Steel Works Ltd. (The)

     18,627        229,670  

Japan Wool Textile Co. Ltd. (The)

     10,958        96,623  

Jeol Ltd.

     3,449        102,557  

Juki Corp.

     14,874        82,126  

JVCKenwood Corp.

     128,010        205,466  

Kadokawa Corp.

     10,250        148,792  

Kaga Electronics Co. Ltd.

     6,967        127,098  

Kagome Co. Ltd.

     10,774        275,287  

Kakaku.com, Inc.

     5,913        120,552  

Kaken Pharmaceutical Co. Ltd.

     5,030        275,905  

Kamigumi Co. Ltd.

     21,969        388,142  

Kanamoto Co. Ltd.(a)

     10,341        201,721  

Kandenko Co. Ltd.

     34,294        288,707  

Kanematsu Corp.

     18,212        181,068  

Kansai Mirai Financial Group, Inc.

     20,561        69,718  

Kansai Paint Co. Ltd.

     22,372        428,835  

Kanto Denka Kogyo Co. Ltd.

     9,520        76,347  

Keihan Holdings Co. Ltd.

     12,412        560,064  

Keihin Corp.

     13,700        327,591  

Kenedix, Inc.

     21,726        99,054  

KH Neochem Co. Ltd.

     7,340        128,308  

Kinden Corp.

     27,238        442,310  

Kintetsu World Express, Inc.

     14,343        209,994  

Kissei Pharmaceutical Co. Ltd.

     5,572        132,581  

Kitz Corp.

     13,715        84,821  

Kiyo Bank Ltd. (The)

     7,964        118,452  

Kobayashi Pharmaceutical Co. Ltd.

     3,878        358,885  

Koei Tecmo Holdings Co. Ltd.

     4,513        119,618  

Kohnan Shoji Co. Ltd.

     7,780        181,904  

KOKUYO Co. Ltd.

     15,986        196,025  

Komeri Co. Ltd.

     10,555        206,002  

Konami Holdings Corp.(a)

     11,701        369,467  

Konoike Transport Co. Ltd.

     7,107        77,169  

Kose Corp.

     2,253        281,352  

Kumagai Gumi Co. Ltd.

     11,926        262,603  

Kumiai Chemical Industry Co. Ltd.(a)

     13,986        112,917  

Kureha Corp.

     5,165        209,953  

Kurita Water Industries Ltd.

     18,616        523,316  

Kusuri no Aoki Holdings Co. Ltd.

     1,784        140,304  

KYB Corp.(b)

     10,530        210,947  

Kyoei Steel Ltd.

     8,742        112,023  

KYORIN Holdings, Inc.

     8,983        188,506  

Kyoritsu Maintenance Co. Ltd.

     3,747        92,470  

Kyowa Exeo Corp.

     21,571        529,270  

Kyudenko Corp.

     10,667        299,294  

Kyushu Financial Group, Inc.

     81,581        344,218  

Leopalace21 Corp.(b)

     128,945        287,146  

LINE Corp.(b)

     1,884        93,262  

Lintec Corp.

     11,564        249,204  

Lion Corp.

     27,685        580,618  

LIXIL VIVA Corp.

     5,664        97,103  

M3, Inc.

     6,143        221,719  

Mabuchi Motor Co. Ltd.

     10,778        336,164  

Macnica Fuji Electronics Holdings, Inc.

     16,363        224,135  

Maeda Corp.

     45,411        367,439  

Maeda Road Construction Co. Ltd.

     6,297        117,254  

Makino Milling Machine Co. Ltd.

     7,610        218,945  

Mandom Corp.

     5,683        110,296  
      Shares      Value  
Japan-(continued)     

Maruha Nichiro Corp.

     19,440      $        409,285  

Maruichi Steel Tube Ltd.

     12,928        292,704  

Matsui Securities Co. Ltd.(a)

     16,047        117,744  

Matsumotokiyoshi Holdings Co. Ltd.

     14,535        504,277  

Max Co. Ltd.

     7,190        107,595  

Maxell Holdings Ltd.

     15,797        146,405  

MCJ Co. Ltd.

     14,373        95,721  

Mebuki Financial Group, Inc.

     234,647        495,538  

Megmilk Snow Brand Co. Ltd.

     13,212        301,853  

Meidensha Corp.

     15,069        235,317  

Meitec Corp.

     3,454        153,120  

Miraca Holdings, Inc.

     16,399        411,783  

Mirait Holdings Corp.

     19,681        256,989  

MISUMI Group, Inc.

     22,884        549,908  

Mitsubishi Logisnext Co. Ltd.

     14,899        140,588  

Mitsubishi Logistics Corp.

     14,708        326,047  

Mitsui-Soko Holdings Co. Ltd.

     7,560        103,081  

Miura Co. Ltd.

     6,159        253,112  

Mizuho Leasing Co. Ltd.

     5,292        102,543  

Mizuno Corp.

     4,565        79,727  

Mochida Pharmaceutical Co. Ltd.

     4,056        158,473  

Modec, Inc.

     7,204        103,129  

Monex Group, Inc.(a)

     52,049        102,691  

Morinaga & Co. Ltd.

     5,357        220,437  

Morinaga Milk Industry Co. Ltd.

     13,308        516,481  

MOS Food Services, Inc.

     3,149        79,651  

Musashi Seimitsu Industry Co. Ltd.

     15,590        127,609  

Nabtesco Corp.

     18,084        521,261  

Nachi-Fujikoshi Corp.

     5,541        161,659  

Nagase & Co. Ltd.

     13,328        161,374  

Nankai Electric Railway Co. Ltd.

     16,263        364,019  

Nanto Bank Ltd. (The)

     4,407        92,604  

NEC Networks & System Integration Corp.

     4,332        187,189  

NET One Systems Co. Ltd.

     10,119        292,152  

Nexon Co. Ltd.

     25,180        408,708  

NHK Spring Co. Ltd.

     40,047        264,569  

Nichias Corp.

     12,230        247,554  

Nichicon Corp.

     18,299        121,187  

Nichiha Corp.

     6,931        128,159  

NichiiGakkan Co. Ltd.

     12,372        125,579  

Nichi-iko Pharmaceutical Co. Ltd.

     16,633        216,501  

Nichirei Corp.

     20,946        524,018  

Nifco, Inc.

     16,697        324,384  

Nihon Kohden Corp.

     8,911        319,958  

Nihon M&A Center, Inc.

     2,703        89,197  

Nihon Parkerizing Co. Ltd.

     15,293        158,028  

Nihon Unisys Ltd.

     7,078        205,361  

Nikkiso Co. Ltd.

     18,658        146,611  

Nikkon Holdings Co. Ltd.

     9,109        177,783  

Nippo Corp.

     13,059        295,142  

Nippon Chemi-Con Corp.

     9,486        108,426  

Nippon Densetsu Kogyo Co. Ltd.

     5,190        102,747  

Nippon Flour Mills Co. Ltd.

     7,521        118,841  

Nippon Gas Co. Ltd.

     6,581        217,859  

Nippon Kayaku Co. Ltd.

     34,257        332,679  

Nippon Koei Co. Ltd.

     4,041        116,973  

Nippon Light Metal Holdings Co. Ltd.

     221,702        353,779  

Nippon Sheet Glass Co. Ltd.(b)

     64,110        205,959  

Nippon Shinyaku Co. Ltd.

     2,582        181,790  

Nippon Shokubai Co. Ltd.

     8,974        426,954  
 

 

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

 

 

 

 

   31  

 

 

 

 

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

April 30, 2020

(Unaudited)

 

      Shares      Value  
Japan-(continued)     

Nippon Signal Co. Ltd.

     12,087      $        113,181  

Nippon Soda Co. Ltd.

     5,642        145,330  

Nippon Steel Trading Corp.

     4,333        137,514  

Nippon Television Holdings, Inc.

     9,034        101,380  

Nippon Thompson Co. Ltd.

     26,692        93,314  

Nippon Yakin Kogyo Co. Ltd.(a)

     7,552        117,334  

Nipro Corp.

     36,847        414,178  

Nishimatsu Construction Co. Ltd.

     22,366        426,559  

Nishimatsuya Chain Co. Ltd.

     14,709        116,855  

Nishi-Nippon Financial Holdings, Inc.

     32,334        189,301  

Nishi-Nippon Railroad Co. Ltd.

     8,197        202,443  

Nishio Rent All Co. Ltd.

     5,972        123,895  

Nissan Chemical Corp.

     11,695        448,686  

Nissha Co. Ltd.

     18,640        136,520  

Nisshin Oillio Group Ltd. (The)

     6,060        200,328  

Nisshinbo Holdings, Inc.

     50,995        358,554  

Nissin Electric Co. Ltd.

     11,082        104,354  

Nissin Kogyo Co. Ltd.

     9,759        202,521  

Nitto Boseki Co. Ltd.(a)

     3,050        146,335  

Nitto Kogyo Corp.

     6,019        102,107  

NOF Corp.

     10,168        338,031  

Nojima Corp.

     7,948        138,628  

NOK Corp.

     24,865        289,676  

Nomura Co. Ltd.

     10,259        78,934  

Nomura Research Institute Ltd.

     21,292        519,880  

Noritake Co. Ltd.

     2,261        74,356  

North Pacific Bank Ltd.

     58,081        104,177  

NS Solutions Corp.

     4,667        116,971  

NSD Co. Ltd.

     6,234        89,453  

Obic Co. Ltd.

     2,396        360,078  

Ogaki Kyoritsu Bank Ltd. (The)

     5,248        107,401  

Okamura Corp.

     16,961        123,365  

Okasan Securities Group, Inc.

     26,654        80,969  

Oki Electric Industry Co. Ltd.(a)

     29,226        283,296  

Okinawa Electric Power Co., Inc. (The)

     8,829        162,734  

OKUMA Corp.

     7,425        283,187  

Okumura Corp.

     7,459        160,883  

Onward Holdings Co. Ltd.

     36,794        115,728  

Open House Co. Ltd.

     7,004        153,987  

Oracle Corp. Japan

     2,686        277,081  

Orient Corp.

     136,811        157,295  

Osaka Soda Co. Ltd.

     3,725        84,990  

OSG Corp.

     16,917        221,270  

Otsuka Corp.

     11,852        533,509  

Outsourcing, Inc.

     17,905        85,669  

Pacific Industrial Co. Ltd.

     11,016        93,626  

Paltac Corp.

     6,335        332,179  

Paramount Bed Holdings Co. Ltd.

     3,898        161,533  

Park24 Co. Ltd.

     15,934        254,308  

Pasona Group, Inc.

     8,701        86,973  

Penta-Ocean Construction Co. Ltd.

     96,076        490,194  

Persol Holdings Co. Ltd.

     34,212        399,977  

Pigeon Corp.

     7,430        264,976  

Pilot Corp.

     4,498        151,343  

Piolax, Inc.

     5,731        85,485  

Plenus Co. Ltd.

     4,984        82,419  

Pola Orbis Holdings, Inc.

     10,577        188,473  

Pressance Corp.

     9,866        102,160  

Prima Meat Packers Ltd.

     9,928        226,649  

Qol Holdings Co. Ltd.

     7,010        78,175  
      Shares      Value  
Japan-(continued)     

Raito Kogyo Co. Ltd.

     9,807      $        123,113  

Raiznext Corp.

     8,196        91,006  

Relia, Inc.

     7,090        75,443  

Relo Group, Inc.

     7,616        166,436  

Rengo Co. Ltd.

     75,187        593,200  

Resorttrust, Inc.

     15,495        160,460  

Restar Holdings Corp.(a)

     7,259        117,793  

Ricoh Leasing Co. Ltd.

     2,776        74,307  

Rinnai Corp.

     6,543        497,254  

Rohto Pharmaceutical Co. Ltd.

     9,196        268,713  

Round One Corp.

     16,403        135,019  

Royal Holdings Co. Ltd.(a)

     5,652        94,345  

Ryobi Ltd.

     7,078        83,947  

Ryohin Keikaku Co. Ltd.

     34,969        418,734  

Ryoyo Electro Corp.

     5,825        131,935  

S Foods, Inc.

     6,933        147,781  

Saizeriya Co. Ltd.

     5,093        102,589  

Sakata INX Corp.

     9,432        84,603  

Sakata Seed Corp.

     3,760        122,193  

SAMTY Co. Ltd.

     5,925        77,386  

San-A Co. Ltd.

     2,841        114,905  

Sanden Holdings Corp.(b)

     19,586        62,902  

Sangetsu Corp.

     8,576        128,502  

San-In Godo Bank Ltd. (The)

     18,819        99,013  

Sanken Electric Co. Ltd.

     7,469        157,872  

Sanki Engineering Co. Ltd.

     13,545        154,340  

Sankyo Co. Ltd.

     11,153        308,136  

Sankyu, Inc.

     11,605        449,239  

Sanoh Industrial Co. Ltd.

     9,966        64,937  

Sanrio Co. Ltd.(a)

     8,872        132,448  

Sanwa Holdings Corp.

     48,508        380,446  

Sanyo Chemical Industries Ltd.

     3,161        125,793  

Sanyo Denki Co. Ltd.

     2,281        100,792  

Sanyo Special Steel Co. Ltd.

     11,326        99,795  

Sapporo Holdings Ltd.

     24,310        466,238  

Sato Holdings Corp.

     5,113        106,030  

Sawai Pharmaceutical Co. Ltd.

     6,251        342,278  

SCREEN Holdings Co. Ltd.(a)

     7,165        348,426  

SCSK Corp.

     4,636        209,342  

Seiko Holdings Corp.

     11,905        199,132  

Seiren Co. Ltd.

     6,460        76,648  

Senko Group Holdings Co. Ltd.

     22,297        181,832  

Senshu Ikeda Holdings, Inc.

     62,248        97,169  

Seven Bank Ltd.

     122,119        331,521  

Shibuya Corp.

     3,807        94,235  

Shiga Bank Ltd. (The)

     6,066        143,054  

Shikoku Electric Power Co., Inc.

     52,825        408,930  

Shima Seiki Manufacturing Ltd.

     9,383        142,738  

Shimachu Co. Ltd.

     12,839        323,070  

Shimamura Co. Ltd.

     7,854        496,599  

Shinko Electric Industries Co. Ltd.

     13,060        164,414  

Shinmaywa Industries Ltd.

     18,838        192,519  

Ship Healthcare Holdings, Inc.

     7,791        353,737  

SHO-BOND Holdings Co. Ltd.

     3,523        143,209  

Shochiku Co. Ltd.

     1,074        117,492  

Shoei Foods Corp.

     2,703        98,739  

Showa Corp.

     11,423        240,610  

Siix Corp.

     12,842        105,602  

SKY Perfect JSAT Holdings, Inc.

     31,591        119,612  

Skylark Holdings Co. Ltd.(a)

     33,744        505,521  
 

 

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

 

 

 

 

   32  

 

 

 

 

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

April 30, 2020

(Unaudited)

 

      Shares      Value  
Japan-(continued)     

Sodick Co. Ltd.

     13,461      $          93,640  

Sohgo Security Services Co. Ltd.

     8,951        430,167  

Sotetsu Holdings, Inc.

     11,516        296,059  

Square Enix Holdings Co. Ltd.

     7,796        319,252  

Star Micronics Co. Ltd.

     7,536        83,985  

Starts Corp., Inc.

     5,631        109,725  

Sugi Holdings Co. Ltd.

     6,422        386,830  

Sumitomo Bakelite Co. Ltd.

     7,810        203,873  

Sumitomo Dainippon Pharma Co. Ltd.

     28,894        401,477  

Sumitomo Forestry Co. Ltd.

     33,220        415,724  

Sumitomo Mitsui Construction Co. Ltd.

     70,800        294,391  

Sumitomo Osaka Cement Co. Ltd.

     11,492        378,707  

Sumitomo Riko Co. Ltd.

     12,296        66,384  

Sumitomo Warehouse Co. Ltd. (The)

     11,462        132,219  

Sundrug Co. Ltd.

     13,422        461,965  

Suruga Bank Ltd.(a)

     110,363        384,521  

Sushiro Global Holdings Ltd.

     8,227        129,019  

SWCC Showa Holdings Co. Ltd.

     9,520        97,938  

Tadano Ltd.

     37,167        285,588  

Taikisha Ltd.

     4,764        140,557  

Taisho Pharmaceutical Holdings Co. Ltd.

     8,146        509,441  

Taiyo Holdings Co. Ltd.

     2,636        108,287  

Taiyo Nippon Sanso Corp.

     19,800        309,354  

Taiyo Yuden Co. Ltd.

     15,969        448,120  

Takara Holdings, Inc.(a)

     39,412        291,762  

Takara Leben Co. Ltd.

     25,367        84,218  

Takasago Thermal Engineering Co. Ltd.

     12,785        204,445  

Takeuchi Manufacturing Co. Ltd.

     7,857        113,880  

Takuma Co. Ltd.

     15,331        168,550  

Tamura Corp.

     22,282        91,976  

TechnoPro Holdings, Inc.

     2,529        144,153  

T-Gaia Corp.

     8,717        174,293  

TKC Corp.

     1,884        93,726  

Toa Corp.(a)

     9,168        121,493  

Toagosei Co. Ltd.

     14,965        137,093  

Tocalo Co. Ltd.

     8,628        85,709  

Toda Corp.

     39,477        230,939  

Toei Co. Ltd.

     1,121        139,993  

Toho Co. Ltd.

     13,689        450,728  

Toho Gas Co. Ltd.

     14,470        711,761  

Toho Holdings Co. Ltd.

     16,375        341,537  

Toho Zinc Co. Ltd.(b)

     10,880        134,782  

Tokai Carbon Co. Ltd.

     34,805        289,571  

TOKAI Holdings Corp.

     15,354        139,644  

Tokai Rika Co. Ltd.

     14,665        188,431  

Tokai Tokyo Financial Holdings, Inc.

     99,880        213,732  

Token Corp.(a)

     1,623        111,819  

Tokuyama Corp.

     20,483        436,305  

Tokyo Broadcasting System Holdings, Inc.

     10,150        158,890  

Tokyo Century Corp.

     8,871        302,808  

Tokyo Dome Corp.

     26,020        192,204  

Tokyo Ohka Kogyo Co. Ltd.

     5,818        250,383  

Tokyo Seimitsu Co. Ltd.

     6,721        219,195  

Tokyo Steel Manufacturing Co. Ltd.

     22,812        146,648  

Tokyu Construction Co. Ltd.

     33,556        175,400  

Tomy Co. Ltd.

     23,616        191,485  

Topcon Corp.

     21,512        177,915  

Toppan Forms Co. Ltd.

     13,506        119,295  

Topre Corp.

     12,465        146,165  

Toshiba Machine Co. Ltd.

     4,874        96,557  
      Shares      Value  
Japan-(continued)     

Toshiba TEC Corp.

     6,050      $        198,032  

Totetsu Kogyo Co. Ltd.

     3,110        81,053  

Towa Pharmaceutical Co. Ltd.

     5,248        108,110  

Toyo Construction Co. Ltd.

     29,441        119,001  

Toyo Engineering Corp.(b)

     18,339        64,872  

Toyo Ink SC Holdings Co. Ltd.

     6,083        116,479  

Toyo Tire Corp.

     32,065        382,817  

Toyobo Co. Ltd.

     30,688        360,875  

Toyota Boshoku Corp.

     26,679        333,213  

TPR Co. Ltd.

     5,721        67,132  

Trancom Co. Ltd.

     1,165        77,186  

Transcosmos, Inc.

     6,056        122,575  

Trusco Nakayama Corp.

     8,246        179,442  

TS Tech Co. Ltd.

     14,296        389,569  

Tsubaki Nakashima Co. Ltd.

     14,740        104,281  

Tsubakimoto Chain Co.

     5,843        137,289  

Tsumura & Co.

     13,341        372,278  

TV Asahi Holdings Corp.

     6,892        103,104  

UACJ Corp.

     13,086        213,193  

Uchida Yoko Co. Ltd.

     2,157        94,758  

Ulvac, Inc.

     11,723        325,287  

Unipres Corp.

     12,228        107,996  

United Arrows Ltd.

     7,010        110,452  

United Super Markets Holdings, Inc.

     10,531        103,377  

Unitika Ltd.(a)(b)

     55,813        168,476  

Unizo Holdings Co. Ltd.(b)

     599        33,497  

Ushio, Inc.

     25,152        267,362  

USS Co. Ltd.

     20,923        332,816  

Valor Holdings Co. Ltd.

     10,605        198,019  

Wacoal Holdings Corp.

     10,266        208,883  

Wacom Co. Ltd.

     29,571        103,638  

Welcia Holdings Co. Ltd.

     5,507        399,629  

World Co. Ltd.

     7,964        94,277  

Yamaguchi Financial Group, Inc.

     53,791        290,617  

Yamato Kogyo Co. Ltd.

     10,674        212,575  

Yaoko Co. Ltd.

     3,562        220,940  

Yellow Hat Ltd.

     7,729        107,648  

Yokogawa Bridge Holdings Corp.

     6,421        113,229  

Yokohama Reito Co. Ltd.

     10,792        91,578  

Yoshinoya Holdings Co. Ltd.

     8,775        183,977  

Yuasa Trading Co. Ltd.

     3,422        92,737  

Zenkoku Hosho Co. Ltd.

     4,854        142,513  

Zensho Holdings Co. Ltd.(a)

     15,516        309,928  

Zeon Corp.

     35,099        310,175  

ZERIA Pharmaceutical Co. Ltd.

     5,139        100,014  

Zojirushi Corp.(a)

     5,652        82,718  

ZOZO, Inc.

     5,645        91,075  
    

 

 

  
       106,965,291  
    

 

 

  
Jordan-0.15%     

Hikma Pharmaceuticals PLC

     14,844        443,747  
    

 

 

  
Kazakhstan-0.06%     

KAZ Minerals PLC(a)

     32,793        171,493  
    

 

 

  
Luxembourg-0.14%     

Eurofins Scientific SE

     793        438,629  
    

 

 

  
Macau-0.33%     

MGM China Holdings Ltd.

     124,927        155,491  
 

 

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

 

 

 

 

   33  

 

 

 

 

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

April 30, 2020

(Unaudited)

 

      Shares      Value  
Macau-(continued)     

SJM Holdings Ltd.

     420,250       $        405,812  

Wynn Macau Ltd.

     256,325        447,274  
    

 

 

  
       1,008,577  
    

 

 

  
Mexico-0.08%     

Fresnillo PLC

     26,498        237,907  
    

 

 

  
Mongolia-0.06%     

Turquoise Hill Resources Ltd.(b)

     384,760        188,370  
    

 

 

  
Netherlands-1.76%     

Adyen N.V.(b)(d)

     206        202,541  

AMG Advanced Metallurgical Group N.V.(a)

     7,057        118,842  

Arcadis N.V.

     15,771        245,118  

ASM International N.V.

     3,209        353,063  

BE Semiconductor Industries N.V.

     8,229        338,537  

Corbion N.V.

     4,334        154,991  

Eurocommercial Properties N.V., CVA

     11,035        122,558  

Euronext N.V.(d)

     4,557        382,332  

Flow Traders(d)

     6,783        225,854  

Fugro N.V., CVA(a)(b)

     29,832        111,095  

GrandVision N.V.(d)

     4,843        128,370  

IMCD N.V.

     4,131        365,232  

Intertrust N.V.(d)

     13,445        211,764  

Just Eat Takeaway.com N.V.(b)(d)

     2,143        218,625  

Koninklijke Vopak N.V.

     9,862        568,393  

NIBC Holding N.V.(d)

     11,208        84,091  

NSI N.V.

     1,653        66,446  

OCI N.V.(b)

     16,674        201,807  

PostNL N.V.

     321,881        553,161  

Sligro Food Group N.V.

     5,189        80,592  

TKH Group N.V., CVA

     7,629        268,229  

TomTom N.V.(b)

     13,671        107,812  

Vastned Retail N.V.

     3,746        68,766  

Wereldhave N.V.(a)

     23,663        207,345  
    

 

 

  
       5,385,564  
    

 

 

  
New Zealand-0.88%     

a2 Milk Co. Ltd.(b)

     10,691        128,008  

Air New Zealand Ltd.

     55,637        45,611  

Auckland International Airport Ltd.

     83,448        310,350  

Chorus Ltd.

     66,621        291,132  

Contact Energy Ltd.

     89,239        340,420  

EBOS Group Ltd.

     6,857        93,367  

Fisher & Paykel Healthcare Corp. Ltd.

     19,625        328,856  

Goodman Property Trust

     62,892        86,027  

Infratil Ltd.

     32,174        90,437  

Kiwi Property Group Ltd.

     92,277        53,821  

Mercury NZ Ltd.

     71,205        199,440  

Meridian Energy Ltd.

     123,024        337,649  

Metlifecare Ltd.

     23,252        59,476  

Ryman Healthcare Ltd.

     22,503        163,790  

SKYCITY Entertainment Group Ltd.

     54,939        90,160  

Z Energy Ltd.

     48,091        91,192  
    

 

 

  
       2,709,736  
    

 

 

  
Norway-1.10%     

Aker BP ASA

     14,160        235,687  

Aker Solutions ASA(a)(b)

     164,451        108,620  

Austevoll Seafood ASA

     24,576        192,264  

BW Offshore Ltd.(b)

     35,796        101,578  

DNO ASA(a)

     249,447        113,672  
      Shares      Value  
Norway-(continued)     

Elkem ASA(d)

     94,051      $        158,200  

Entra ASA(d)

     23,157        292,308  

Frontline Ltd.

     26,030        246,557  

Grieg Seafood ASA

     6,781        66,751  

Kongsberg Gruppen ASA

     7,959        102,646  

Leroy Seafood Group ASA

     46,369        246,919  

Norwegian Air Shuttle ASA(a)(b)

     26,103        13,073  

Norwegian Finans Holding ASA(b)

     20,321        109,265  

Ocean Yield ASA

     20,153        52,554  

PGS ASA(b)

     170,870        61,780  

Salmar ASA

     6,983        273,319  

Schibsted ASA, Class A

     4,990        106,152  

Schibsted ASA, Class B

     6,062        118,102  

SpareBank 1 SMN

     15,467        113,359  

SpareBank 1 SR-Bank ASA

     18,880        120,361  

TGS NOPEC Geophysical Co. ASA

     18,639        287,166  

TOMRA Systems ASA.

     5,388        179,467  

Veidekke ASA

     8,324        74,447  
    

 

 

  
       3,374,247  
    

 

 

  
Peru-0.02%     

Hochschild Mining PLC

     36,797        64,655  
    

 

 

  
Poland-0.82%     

Alior Bank S.A.(a)(b)

     39,610        144,144  

Bank Millennium S.A.(b)

     62,519        42,483  

CCC S.A.(a)

     6,034        75,506  

Cyfrowy Polsat S.A.

     28,852        178,080  

Grupa Lotos S.A.

     27,771        418,193  

Jastrzebska Spolka Weglowa S.A.(a)

     57,229        189,190  

KRUK S.A.

     2,619        49,393  

LPP S.A.

     81        127,139  

mBank S.A.(b)

     1,545        81,706  

Orange Polska S.A.(b)

     117,529        197,956  

PGE Polska Grupa Energetyczna S.A.(b)

     150,677        149,980  

PLAY Communications S.A.(d)

     26,361        211,848  

Polskie Gornictwo Naftowe i Gazownictwo S.A.

     438,324        393,006  

Santander Bank Polska S.A.

     4,541        178,738  

Tauron Polska Energia S.A.(b)

     280,303        76,690  
    

 

 

  
       2,514,052  
    

 

 

  
Portugal-0.39%     

Altri SGPS S.A.

     14,924        78,789  

CTT-Correios de Portugal S.A.

     76,589        180,359  

Mota-Engil SGPS S.A.

     72,357        91,140  

Navigator Co. S.A. (The)

     98,500        256,124  

NOS, SGPS S.A.

     72,170        269,079  

REN - Redes Energeticas Nacionais SGPS S.A.

     50,679        137,384  

Sonae SGPS S.A.

     251,528        197,257  
    

 

 

  
       1,210,132  
    

 

 

  
Singapore-1.84%     

AIMS APAC REIT

     100,662        81,383  

Ascendas India Trust

     79,475        71,274  

Ascott Residence Trust

     179,744        113,607  

BOC Aviation Ltd.(d)

     30,252        198,871  

BW LPG Ltd.(d)

     35,829        123,128  

CapitaLand Commercial Trust

     292,778        331,254  

CDL Hospitality Trusts

     145,264        99,932  

ESR-REIT

     294,087        69,736  
 

 

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

 

 

 

 

   34  

 

 

 

 

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

April 30, 2020

(Unaudited)

 

      Shares      Value  
Singapore-(continued)     

Ezion Holdings Ltd., Wts., expiring
04/16/2023(b)(c)

     177,436      $                   0  

Ezra Holdings Ltd.(b)(c)

     1,165,297        0  

First Resources Ltd.

     80,001        71,350  

Frasers Centrepoint Trust

     72,759        109,207  

Frasers Logistics & Industrial Trust(d)

     327,899        243,329  

IGG, Inc.

     186,957        118,034  

Jardine Cycle & Carriage Ltd.

     21,197        299,493  

Keppel DC REIT

     69,236        114,924  

Keppel Infrastructure Trust

     337,598        117,496  

Keppel REIT

     264,557        197,130  

Manulife US Real Estate Investment Trust(d)

     148,964        107,175  

Mapletree Commercial Trust

     214,813        295,627  

Mapletree Industrial Trust

     142,304        255,992  

Mapletree Logistics Trust

     246,122        311,038  

NetLink NBN Trust(d)

     338,216        239,082  

SATS Ltd.

     100,393        230,853  

Sembcorp Industries Ltd.

     231,868        265,958  

Sembcorp Marine Ltd.(b)

     235,157        123,879  

Singapore Exchange Ltd.

     70,377        481,108  

Singapore Post Ltd.

     176,037        90,574  

StarHub Ltd.

     118,332        124,541  

Suntec REIT

     328,414        322,703  

UOL Group Ltd.

     87,623        423,842  
    

 

 

  
       5,632,520  
    

 

 

  
South Korea-8.33%     

Amorepacific Group

     6,611        313,842  

Asiana Airlines, Inc.(b)

     103,348        353,696  

BGF retail Co. Ltd.

     1,594        205,172  

BNK Financial Group, Inc.

     63,037        259,299  

Celltrion Healthcare Co. Ltd.(b)

     2,248        155,588  

Celltrion, Inc.(b)

     2,851        490,694  

Cheil Worldwide, Inc.

     14,394        206,998  

CJ CGV Co. Ltd.(b)

     5,295        114,898  

CJ Corp.

     5,643        376,611  

CJ ENM Co. Ltd.

     2,441        257,554  

CJ Logistics Corp.(b)

     2,826        342,364  

Com2uSCorp.

     1,545        136,108  

Daeduck Electronics Co., Ltd.

     12,964        87,352  

Daesang Corp.

     6,919        124,794  

Daewoo Engineering & Construction Co.
Ltd.(b)

     71,058        208,651  

Daewoo Shipbuilding & Marine Engineering Co. Ltd.(b)

     10,883        154,016  

Daishin Securities Co. Ltd.

     9,609        78,748  

Daishin Securities Co. Ltd., Preference Shares

     6,239        43,932  

Daou Technology, Inc.

     7,322        98,969  

DB HiTek Co. Ltd.

     5,898        128,093  

DGB Financial Group, Inc.

     56,994        247,581  

Doosan Bobcat, Inc.

     8,452        163,868  

Doosan Co. Ltd.

     5,923        194,301  

Doosan Heavy Industries & Construction Co. Ltd.(b)

     80,304        260,451  

Doosan Infracore Co. Ltd.(b)

     71,462        253,363  

Fila Holdings Corp.

     6,381        183,292  

Green Cross Corp.

     1,170        143,357  

GS Holdings Corp.

     13,322        418,691  

GS Home Shopping, Inc.

     1,034        108,640  
      Shares      Value  
South Korea-(continued)     

GS Retail Co. Ltd.

     9,881      $        305,728  

Handsome Co. Ltd.

     4,715        93,877  

Hanjin Kal Corp.

     2,741        195,713  

Hanjin Transportation Co. Ltd.

     7,837        298,002  

Hankook Tire & Technology Co. Ltd.

     21,649        374,544  

Hanmi Pharm Co. Ltd.

     484        102,475  

Hanon Systems

     33,548        250,086  

Hanssem Co. Ltd.

     1,870        112,127  

Hanwha Aerospace Co. Ltd.(b)

     12,862        281,000  

Hanwha Corp.

     13,090        220,192  

Hanwha Corp., Preference Shares

     6,619        61,773  

Hanwha Life Insurance Co. Ltd.

     163,821        239,838  

HDC Holdings Co. Ltd.

     24,234        185,612  

HDC Hyundai Development Co.-Engineering & Construction, Class E

     8,700        135,151  

Hite Jinro Co. Ltd.

     7,565        202,246  

Hotel Shilla Co. Ltd.

     4,163        288,450  

HS Industries Co. Ltd.

     9,001        61,141  

Huchems Fine Chemical Corp.

     7,242        103,354  

Hyosung Corp.

     4,082        234,754  

Hyundai Construction Equipment Co. Ltd.(b)

     8,065        122,840  

Hyundai Department Store Co. Ltd.

     6,766        401,010  

Hyundai Electric & Energy System Co. Ltd.(b)

    19,951        135,806  

Hyundai Elevator Co. Ltd.

     3,445        173,556  

Hyundai Home Shopping Network Corp.

     1,774        104,172  

Hyundai Marine & Fire Insurance Co. Ltd.

     22,247        474,695  

Hyundai Merchant Marine Co. Ltd.(b)

     65,279        194,291  

Hyundai Mipo Dockyard Co. Ltd.

     6,531        165,753  

Hyundai Rotem Co. Ltd.(b)

     18,015        267,332  

Hyundai Wia Corp.

     11,072        300,178  

Innocean Worldwide, Inc.

     1,927        91,427  

IS Dongseo Co. Ltd.

     4,556        94,537  

JB Financial Group Co. Ltd.

     25,341        99,920  

Kakao Corp.

     2,327        352,897  

Kangwon Land, Inc.

     23,923        493,680  

KCC Corp.

     1,827        245,306  

KEPCO Plant Service & Engineering Co. Ltd.

     5,749        152,284  

KIWOOM Securities Co. Ltd.

     3,027        186,975  

Kolon Industries, Inc.

     8,405        213,736  

Korea Aerospace Industries Ltd.

     11,288        238,835  

Korea Gas Corp.

     19,260        428,031  

Korea Investment Holdings Co. Ltd.

     9,800        398,661  

Korea Line Corp.(b)

     6,524        97,661  

Korea Petrochemical Ind Co. Ltd.

     2,382        272,397  

Korean Reinsurance Co.

     30,461        210,641  

Kumho Petrochemical Co. Ltd.

     7,245        455,754  

Kumho Tire Co., Inc.(b)

     30,358        75,824  

LF Corp.

     8,758        95,127  

LG Innotek Co. Ltd.

     4,163        453,353  

LG International Corp.

     12,136        132,222  

LIG Nex1 Co. Ltd.

     4,798        102,024  

Lotte Chilsung Beverage Co. Ltd.

     1,134        101,818  

Lotte Corp.

     8,684        283,854  

LOTTE Fine Chemical Co. Ltd.

     5,917        187,690  

Lotte Himart Co. Ltd.

     7,251        161,360  

LS Corp.

     6,769        207,934  

LS Electric Co. Ltd.

     5,153        163,953  

Mando Corp.

     17,677        339,643  

Meritz Fire & Marine Insurance Co. Ltd.

     14,069        160,478  

Meritz Securities Co. Ltd.

     108,690        292,997  
 

 

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

 

 

 

 

   35  

 

 

 

 

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

April 30, 2020

(Unaudited)

 

      Shares      Value  
South Korea-(continued)     

NCSoft Corp.

     827      $        433,573  

Netmarble Corp.(b)(d)

     1,549         120,993  

NH Investment & Securities Co. Ltd.

     45,831        366,206  

NHN Corp.(b)

     2,224        138,857  

NongShim Co. Ltd.

     862        209,053  

OCI Co. Ltd.(b)

     10,043        330,926  

Orion Corp.

     2,859        289,513  

Ottogi Corp.

     238        106,455  

Pan Ocean Co. Ltd.(b)

     73,402        208,621  

Paradise Co. Ltd.

     7,484        96,177  

Partron Co. Ltd.

     10,675        70,829  

Poongsan Corp.

     8,771        153,190  

Posco International Corp.

     16,946        195,429  

S&T Motiv Co. Ltd.

     2,676        78,321  

S-1 Corp.

     3,230        228,323  

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

     249        119,099  

Samsung Card Co. Ltd.

     7,988        195,346  

Samsung Engineering Co. Ltd.(b)

     42,927        407,660  

Samsung Securities Co. Ltd.

     17,897        444,144  

Seoul Semiconductor Co. Ltd.

     8,730        95,022  

SFA Engineering Corp.

     3,721        107,188  

Shinsegae, Inc.

     2,372        518,470  

SK Chemicals Co. Ltd.

     2,820        179,830  

SK Discovery Co. Ltd.

     7,413        154,040  

SK Networks Co. Ltd.

     75,091        334,014  

SKC Co. Ltd.

     4,974        203,398  

Ssangyong Cement Industrial Co. Ltd.

     26,600        111,483  

Taeyoung Engineering & Construction Co. Ltd.

     15,081        179,085  

WONIK IPS Co. Ltd.(b)

     3,444        79,126  

Youngone Corp.

     9,312        205,734  

Yuhan Corp.

     5,632        217,120  
    

 

 

  
       25,564,863  
    

 

 

  
Spain-1.87%     

Almirall S.A.

     10,651        137,659  

Applus Services S.A.

     28,563        187,710  

Atresmedia Corp.de Medios de Comunicacion S.A.

     35,093        90,712  

Befesa S.A.(d)

     5,466        172,722  

Bolsas y Mercados Espanoles SHMSF S.A.

     9,048        329,814  

Cellnex Telecom S.A.(b)(d)

     3,796        198,741  

Cia de Distribucion Integral Logista Holdings S.A.

     16,571        295,123  

CIE Automotive S.A.

     9,573        167,660  

Construcciones y Auxiliar de Ferrocarriles S.A.

     2,955        101,144  

Distribuidora Internacional de Alimentacion S.A.(a)(b)

     966,309        138,650  

Ebro Foods S.A.

     6,175        131,516  

EDP Renovaveis S.A.

     15,665        192,168  

Ence Energia y Celulosa S.A.(a)

     38,081        122,211  

Faes Farma S.A.

     28,403        124,284  

Gestamp Automocion S.A.(d)

     118,077        298,100  

Global Dominion Access S.A.(b)(d)

     24,252        74,908  

Indra Sistemas S.A.(b)

     26,957        232,222  

Inmobiliaria Colonial SOCIMI S.A.

     33,059        318,644  

Lar Espana Real Estate Socimi S.A.

     13,638        55,942  

Liberbank S.A.

     402,819        80,741  

Masmovil Ibercom S.A.(b)

     6,885        130,009  
      Shares      Value  
Spain-(continued)     

Mediaset Espana Comunicacion S.A.

     64,327       $        230,677  

Melia Hotels International S.A.

     29,570        135,706  

Prosegur Cash S.A.(d)

     75,791        66,245  

Prosegur Cia de Seguridad S.A.

     67,261        147,931  

Sacyr S.A.

     152,868        285,312  

Siemens Gamesa Renewable Energy S.A.

     29,482        438,197  

Tecnicas Reunidas S.A.(b)

     14,157        216,776  

Unicaja Banco S.A.(d)

     210,829        114,075  

Viscofan S.A.

     5,999        384,058  

Zardoya Otis S.A.

     21,296        148,117  
    

 

 

  
       5,747,774  
    

 

 

  
Sweden-3.63%     

AAK AB

     16,489        270,872  

Addtech AB, Class B

     3,903        106,774  

AF Poyry AB, Class B(b)

     10,237        187,086  

Arjo AB, Class B

     29,330        145,941  

Atrium Ljungberg AB, Class B

     6,507        90,871  

Attendo AB(b)(d)

     21,928        83,427  

Avanza Bank Holding AB

     9,200        111,713  

Axfood AB

     21,841        463,332  

Beijer Ref AB

     3,589        74,520  

Betsson AB

     38,064        215,901  

Bilia AB, Class A

     19,734        133,046  

Bonava AB, Class B.

     29,135        142,167  

Bravida Holding AB(b)(d)

     30,446        248,750  

Bure Equity AB

     5,311        97,877  

Clas Ohlson AB, Class B

     11,523        100,929  

Cloetta AB, Class B(b)

     41,840        96,726  

Dios Fastigheter AB

     12,214        75,406  

Dometic Group AB(b)(d)

     55,102        370,874  

Elekta AB, Class B

     30,540        282,599  

Fabege AB

     25,420        304,373  

Fastighets AB Balder, Class B(b)

     7,291        288,140  

Getinge AB, Class B

     30,711        591,443  

Hexpol AB(b)

     44,709        326,144  

Holmen AB, Class B

     13,688        399,967  

Hufvudstaden AB, Class A

     6,575        84,416  

Indutrade AB(a)

     7,903        254,716  

Intrum AB(a)

     12,959        199,151  

Investment AB Latour, Class B(a)

     7,372        110,649  

JM AB

     15,461        287,068  

Klovern AB, Class B(a)

     65,893        89,389  

Klovern AB, Preference Shares

     2,171        67,016  

Kungsleden AB

     25,928        198,564  

Lifco AB, Class B

     2,642        126,106  

Lindab International AB

     9,626        88,995  

Loomis AB, Class B

     13,125        320,895  

Lundin Energy AB

     12,366        321,203  

Mekonomen AB(b)

     14,902        77,812  

Modern Times Group MTG AB, Class B(b)

     14,075        142,520  

Mycronic AB(a)

     6,882        115,696  

NetEnt AB

     39,606        137,870  

Nibe Industrier AB, Class B

     17,246        322,859  

Nobia AB

     36,265        136,190  

Nolato AB, Class B

     2,097        110,140  

Nordic Entertainment Group AB, Class B

     7,081        168,920  

Nyfosa AB(b)

     15,383        94,970  

Pandox AB(a)(b)

     11,731        123,949  

Peab AB, Class B

     49,745        381,216  
 

 

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

 

 

 

 

   36  

 

 

 

 

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

April 30, 2020

(Unaudited)

 

      Shares      Value  
Sweden-(continued)     

Ratos AB, Class B(b)

     87,846       $        209,740  

Resurs Holding AB(d)

     28,531        105,744  

Saab AB, Class B(a)(b)

     17,400        403,504  

SAS AB(a)(b)

     281,015        261,099  

Scandic Hotels Group AB(a)(d)

     19,243        87,869  

Sweco AB, Class B

     5,806        199,731  

Swedish Orphan Biovitrum AB(b)

     8,627        167,820  

Thule Group AB(d)

     10,535        197,925  

Wallenstam AB, Class B

     15,089        156,495  

Wihlborgs Fastigheter AB

     13,364        191,282  
    

 

 

  
       11,150,397  
    

 

 

  
Switzerland-3.74%     

Allreal Holding AG

     2,009        373,429  

ALSO Holding AG(b)

     1,053        216,895  

Aryzta AG(b)

     516,972        208,471  

Autoneum Holding AG(a)(b)

     1,796        158,265  

Banque Cantonale Vaudoise

     387        342,031  

Belimo Holding AG

     26        172,678  

BKW AG

     3,254        263,651  

Bobst Group S.A.(a)

     2,395        119,607  

Bucher Industries AG

     1,128        317,661  

Burckhardt Compression Holding AG

     536        108,849  

Cembra Money Bank AG

     3,218        305,913  

Conzzeta AG

     179        153,564  

Daetwyler Holding AG, BR

     952        162,949  

DKSH Holding AG

     9,130        515,552  

dormakaba Holding AG(b)

     445        222,512  

EFG International AG(b)

     16,923        105,380  

Emmi AG

     231        212,296  

EMS-Chemie Holding AG

     657        425,792  

Flughafen Zurich AG(b)

     2,620        323,309  

Forbo Holding AG

     113        151,502  

Galenica AG(d)

     7,252        518,832  

GAM Holding AG(a)(b)

     82,043        172,221  

Huber + Suhner AG

     2,592        166,238  

Implenia AG

     6,241        253,998  

Inficon Holding AG

     171        115,341  

IWG PLC

     82,019        246,222  

Komax Holding AG(b)

     528        76,644  

Landis+Gyr Group AG(b)

     3,445        232,724  

Logitech International S.A.

     11,631        560,491  

Mediclinic International PLC

     88,291        288,883  

Mobimo Holding AG(b)

     803        220,479  

OC Oerlikon Corp. AG(a)

     45,799        343,083  

Rieter Holding AG

     991        96,415  

Schweiter Technologies AG, BR

     162        160,296  

SFS Group AG

     2,426        192,416  

Siegfried Holding AG

     335        153,069  

SIG Combibloc Group AG(b)

     30,864        496,625  

St Galler Kantonalbank AG

     202        87,066  

Stadler Rail AG(b)

     3,566        155,845  

Straumann Holding AG.

     278        210,959  

Sulzer AG

     4,936        349,302  

Tecan Group AG, Class R

     589        190,037  

Temenos AG

     1,292        168,135  

u-blox Holding AG(b)

     1,314        91,966  

Valiant Holding AG

     1,783        172,361  

Valora Holding AG(b)

     1,048        187,199  

VAT Group AG(d)

     1,779        293,443  
      Shares      Value  
Switzerland-(continued)     

Vetropack Holding AG, BR

     37       $        109,258  

Vontobel Holding AG

     4,096        212,619  

Wizz Air Holdings PLC(b)(d)

     2,467        89,432  
    

 

 

  
       11,471,905  
    

 

 

  
Taiwan-0.02%     

FIT Hon Teng Ltd.(d)

     313,390        67,655  
    

 

 

  
Ukraine-0.06%     

Ferrexpo PLC

     111,971        191,514  
    

 

 

  
United Arab Emirates-0.03%     

Borr Drilling Ltd.(b)

     43,055        30,544  

Network International Holdings PLC(b)(d)

     11,728        61,392  

NMC Health PLC(b)(c)

     2,523        0  
    

 

 

  
       91,936  
    

 

 

  
United Kingdom-7.46%     

888 Holdings PLC

     60,288        109,808  

AG Barr PLC

     12,075        75,164  

Airtel Africa PLC(d)

     115,239        58,433  

Ascential PLC(d)

     34,342        109,593  

Ashmore Group PLC

     33,098        158,393  

Assura PLC

     222,273        213,918  

Auto Trader Group PLC(d)

     30,804        178,226  

Avast PLC(d)

     14,642        84,624  

AVEVA Group PLC

     2,617        117,844  

B&M European Value Retail S.A.

     118,147        495,955  

Balfour Beatty PLC

     151,778        496,992  

Big Yellow Group PLC

     15,276        206,557  

Bodycote PLC

     37,491        275,933  

Brewin Dolphin Holdings PLC

     39,330        135,928  

Britvic PLC

     41,929        387,399  

Cairn Energy PLC(b)

     82,312        116,283  

Capital & Counties Properties PLC

     106,792        224,010  

Card Factory PLC

     119,161        62,526  

Chemring Group PLC

     36,252        90,630  

Cineworld Group PLC

     245,440        202,655  

Coats Group PLC

     179,041        103,883  

Computacenter PLC

     14,254        261,779  

Concentric AB(b)

     5,999        68,176  

ConvaTec Group PLC(d)

     140,576        376,618  

Countryside Properties PLC(d)

     39,287        200,796  

Cranswick PLC

     6,128        287,385  

Crest Nicholson Holdings PLC

     70,634        228,794  

Daily Mail and General Trust PLC, Class A

     21,686        193,390  

Dechra Pharmaceuticals PLC

     4,408        154,013  

Dialog Semiconductor PLC(b)

     10,858        341,917  

Diploma PLC

     6,527        142,016  

Domino’s Pizza Group PLC

     46,524        201,987  

Drax Group PLC

     106,505        280,502  

Dunelm Group PLC

     11,933        138,551  

Electrocomponents PLC

     54,600        398,067  

Elementis PLC

     118,222        104,384  

Equiniti Group PLC(d)

     53,531        115,732  

Essentra PLC

     29,700        104,519  

Firstgroup PLC(b)

     187,934        158,468  

Frasers Group PLC(b)

     49,476        162,257  

Games Workshop Group PLC

     1,550        117,697  

Genus PLC

     3,827        164,704  

Go-Ahead Group PLC (The)

     8,069        136,179  

Grafton Group PLC

     42,610        341,288  
 

 

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

 

 

 

 

   37  

 

 

 

 

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

April 30, 2020

(Unaudited)

 

      Shares      Value  
United Kingdom-(continued)     

Grainger PLC

     52,428       $        176,700  

Great Portland Estates PLC

     38,299        326,952  

Greggs PLC

     9,375        216,637  

Halfords Group PLC

     48,027        65,206  

Halma PLC

     17,049        449,450  

Hargreaves Lansdown PLC

     14,484        263,171  

Hastings Group Holdings PLC(d)

     51,754        119,136  

Hill & Smith Holdings PLC

     6,866        99,941  

HomeServe PLC

     22,386        314,838  

Howden Joinery Group PLC

     53,587        354,993  

Hunting PLC

     44,858        103,205  

Ibstock PLC(d)

     59,724        151,871  

Indivior PLC(b)

     200,315        124,616  

Intu Properties PLC(a)(b)

     606,033        42,425  

J D Wetherspoon PLC

     8,694        103,630  

JD Sports Fashion PLC.

     19,712        131,629  

John Laing Group PLC(d)

     49,583        228,152  

Jupiter Fund Management PLC

     108,556        299,323  

Just Group PLC(b)

     161,618        113,854  

Lancashire Holdings Ltd.

     28,495        219,966  

LondonMetric Property PLC

     75,792        185,656  

Marshalls PLC

     14,797        118,984  

Marston’s PLC

     159,706        76,066  

McCarthy & Stone PLC(d)

     54,363        48,548  

Metro Bank PLC(a)(b)

     94,000        109,769  

Mitchells & Butlers PLC(b)

     33,943        75,952  

Moneysupermarket.com Group PLC

     59,496        238,344  

Morgan Advanced Materials PLC

     39,156        107,916  

National Express Group PLC

     54,454        187,649  

NewRiver REIT PLC

     66,393        56,193  

Ocado Group PLC(b)

     13,618        275,606  

OneSavings Bank PLC

     39,569        121,781  

PageGroup PLC

     68,193        323,417  

Paragon Banking Group PLC

     52,820        222,259  

Petrofac Ltd.

     98,703        245,139  

Pets at Home Group PLC

     86,513        280,010  

Picton Property Income Ltd. (The)

     72,051        62,254  

Playtech PLC

     84,984        250,192  

Polypipe Group PLC

     20,437        128,762  

Premier Oil PLC(a)(b)

     438,616        180,525  

Primary Health Properties PLC

     82,362        159,987  

Provident Financial PLC

     53,008        129,377  

PZ Cussons PLC.

     35,883        84,638  

QinetiQ Group PLC

     67,364        258,308  

Rank Group PLC

     24,015        49,314  

Rathbone Brothers PLC

     5,067        96,636  

Redde Northgate PLC

     34,629        78,448  

Redrow PLC

     32,697        190,210  

Renishaw PLC

     2,933        130,372  

Restaurant Group PLC (The)(a)

     104,911        71,392  

Rightmove PLC

     25,003        156,931  

Rotork PLC

     86,392        270,901  

Safestore Holdings PLC

     18,061        163,797  

Saga PLC

     268,006        54,899  

Savills PLC

     21,153        257,475  

Senior PLC

     79,919        65,524  

Serco Group PLC(b)

     175,351        284,879  
      Shares      Value  
United Kingdom-(continued)     

Shaftesbury PLC

     30,549       $        231,198  

SIG PLC

     132,287        40,046  

Softcat PLC

     7,487        106,714  

Spirax-Sarco Engineering PLC

     4,458        490,784  

Spirent Communications PLC

     44,470        135,182  

SSP Group PLC

     53,793        190,257  

St Modwen Properties PLC

     15,084        70,016  

Stagecoach Group PLC

     85,755        80,909  

Superdry PLC

     20,248        32,410  

Synthomer PLC

     67,139        240,169  

TalkTalk Telecom Group PLC

     103,027        107,406  

Telecom Plus PLC

     8,503        142,003  

TP ICAP PLC

     84,165        360,312  

Tritax Big Box REIT PLC

     184,935        281,321  

UK Commercial Property REIT Ltd.

     109,841        93,520  

Ultra Electronics Holdings PLC

     10,224        254,181  

UNITE Group PLC (The)

     18,967        209,455  

Vectura Group PLC

     79,490        85,225  

Vesuvius PLC.

     56,459        285,428  

Victrex PLC

     12,953        326,112  

Virgin Money UK PLC(b)

     215,628        207,033  

Vistry Group PLC

     27,521        280,486  

WH Smith PLC

     12,412        196,168  

Workspace Group PLC

     16,997        167,440  
    

 

 

  
       22,901,553  
    

 

 

  
United States-0.30%     

Alacer Gold Corp.(b)

     31,335        161,080  

Primo Water Corp.

     24,909        255,555  

Reliance Worldwide Corp. Ltd.

     93,835        166,677  

Sims Ltd.

     74,287        339,791  
    

 

 

  
       923,103  
    

 

 

  

Total Common Stocks & Other Equity Interests
(Cost $330,043,991)

 

      305,194,152  
    

 

 

  
Money Market Funds-0.04%

 

Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.21%(e)(f)
(Cost $117,680)

     117,680        117,680  
    

 

 

  

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral
from securities on loan)-99.50%
(Cost $330,161,671)

 

      305,311,832  
    

 

 

  
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-4.52%

 

Invesco Private Government Fund,
0.01%(e)(g)(h)
(Cost $13,887,017)

     13,887,017        13,887,017  
    

 

 

  

TOTAL INVESTMENTS IN SECURITIES-104.02%
(Cost $344,048,688)

 

      319,198,849  

OTHER ASSETS LESS LIABILITIES-(4.02)%

 

      (12,340,523 ) 
    

 

 

  

NET ASSETS-100.00%

      $ 306,858,326  
    

 

 

  
 

 

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

 

 

 

 

   38  

 

 

 

 

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

April 30, 2020

(Unaudited)

 

Investment Abbreviations:

BR-Bearer Shares

CVA-Dutch Certificates

REIT-Real Estate Investment Trust

RSP-Registered Savings Plan Shares

Rts.-Rights

Wts.-Warrants

Notes to Schedule of Investments:

(a) 

All or a portion of this security was out on loan at April 30, 2020.

(b) 

Non-income producing security.

(c) 

Security valued using significant unobservable inputs (Level 3). See Note 5.

(d) 

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2020 was $12,682,965, which represented 4.13% of the Fund’s Net Assets.

(e) 

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, 2020.

 

    Value
October 31, 2019		    Purchases
at Cost		    Proceeds
from Sales		    Change in
Unrealized
Appreciation
(Depreciation)		    Realized
Gain
(Loss)		    Value
April 30, 2020		    Dividend
Income
Investments in Affiliated Money Market Funds:                                  
Invesco Premier U.S. Government Money Portfolio, Institutional Class     $ 138,610      $ 9,313,546      $ (9,334,476 )      $ -      $ -      $ 117,680      $ 3,337
Investments Purchased with Cash Collateral from Securities on Loan:                                  
Invesco Government & Agency Portfolio, Institutional Class*       15,926,925        28,479,806        (44,406,731 )        -        -        -        87,107
Invesco Liquid Assets Portfolio, Institutional Class*       5,308,975        8,025,743        (13,334,050 )        (228 )        (440 )        -        33,407

Invesco Private Government Fund

       -        27,527,461        (13,640,444 )        -        -        13,887,017        7
   

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

  

Total

     $ 21,374,510      $ 73,346,556      $ (80,715,701 )      $ (228 )      $ (440 )      $ 14,004,697      $ 123,858
   

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

  

 

 

*

At April 30, 2020, this security was no longer held.

 

(f)

The rate shown is the 7-day SEC standardized yield as of April 30, 2020.

(g) 

The rate shown is the 3-day SEC standardized yield as of April 30, 2020. The money market fund commenced operations on April 28, 2020.

(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 2K.

 

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

 

 

 

 

   39  

 

 

 

 

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

April 30, 2020

(Unaudited)

 

Portfolio Composition

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

as of April 30, 2020

  

Industrials

     23.17    

Consumer Discretionary

     14.66                                 

Materials

     10.18    

Financials

     9.37    

Consumer Staples

     8.49    

Information Technology

     8.40    

Real Estate

     7.28    

Health Care

     6.18    

Communication Services

     5.55    

Energy

     3.44    

Utilities

     2.74    
Money Market Funds Plus Other Assets
Less Liabilities		     0.54    
 

 

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

 

 

 

 

   40  

 

 

 

 

Invesco FTSE RAFI Emerging Markets ETF (PXH)

April 30, 2020

(Unaudited)

Schedule of Investments

 

        Shares        Value  
Common Stocks & Other Equity Interests-97.59%

 

Brazil-8.06%     

Ambev S.A

     1,398,450       $        2,929,530  

B3 S.A. - Brasil, Bolsa, Balcao

     224,885        1,596,084  

Banco Bradesco S.A

     609,311        1,976,521  

Banco Bradesco S.A., Preference Shares

     2,309,736        8,170,884  

Banco BTG Pactual S.A

     57,100        446,184  

Banco do Brasil S.A

     733,258        3,860,465  

Banco Santander Brasil S.A

     232,200        1,158,147  

Braskem S.A., Class A, Preference Shares

     198,309        774,436  

BRF S.A.(a)

     313,900        1,124,364  

CCR S.A

     402,000        917,130  

Centrais Eletricas Brasileiras S.A

     196,310        879,411  

Centrais Eletricas Brasileiras S.A., Class B, Preference Shares

     93,000        478,289  

Cia Brasileira de Distribuicao

     105,179        1,286,637  

Cia de Saneamento Basico do Estado de Sao Paulo

     107,392        795,129  

Cia Energetica de Minas Gerais

     56,680        101,250  

Cia Energetica de Minas Gerais, Preference Shares

     659,723        1,160,210  

Cia Paranaense de Energia

     10,200        100,242  

Cia Paranaense de Energia, Class B, Preference Shares

     52,508        527,670  

Cia Siderurgica Nacional S.A

     392,382        649,464  

Cielo S.A

     1,197,722        898,297  

Cogna Educacao

     756,800        774,513  

Embraer S.A.(a)

     467,967        747,772  

Equatorial Energia S.A

     159,900        541,438  

Gerdau S.A., Preference Shares

     583,817        1,266,143  

IRB Brasil Resseguros S.A

     232,500        438,947  

Itau Unibanco Holding S.A

     317,000        1,288,308  

Itau Unibanco Holding S.A., Preference Shares

     2,938,375        12,359,706  

Klabin S.A

     229,800        756,052  

Lojas Americanas S.A

     37,110        139,369  

Lojas Americanas S.A., Preference Shares

     128,120        588,851  

Lojas Renner S.A

     88,246        625,822  

Marfrig Global Foods S.A.(a)

     313,300        743,127  

Metalurgica Gerdau S.A., Preference Shares

     1,198,800        1,140,491  

Petrobras Distribuidora S.A

     426,000        1,536,915  

Petroleo Brasileiro S.A

     1,306,762        4,502,080  

Petroleo Brasileiro S.A., Preference Shares

     2,092,647        6,977,681  

Suzano S.A

     142,768        1,039,382  

Telefonica Brasil S.A

     16,300        139,715  

Telefonica Brasil S.A., Preference Shares

     244,143        2,058,842  

TIM Participacoes S.A

     308,666        727,574  

Ultrapar Participacoes S.A

     899,692        2,409,904  

Vale S.A

     1,659,338        13,750,929  
    

 

 

  
       84,383,905  
    

 

 

  
Canada-0.08%     

Canadian Solar, Inc.(a)

     43,954        784,139  
    

 

 

  
        Shares        Value  
Chile-0.76%     

Banco de Chile

     19,419,438       $        1,709,715  

Banco Santander Chile

     33,526,253        1,437,751  

Enel Americas S.A

     13,585,690        2,226,443  

Enel Chile S.A

     11,140,470        906,062  

Falabella S.A

     347,016        946,441  

Latam Airlines Group S.A

     196,091        740,059  
    

 

 

  
       7,966,471  
    

 

 

  
China-42.56%     

Agile Group Holdings Ltd.

     831,987        920,641  

Agricultural Bank of China Ltd., A Shares

     7,695,400        3,749,290  

Agricultural Bank of China Ltd., H Shares

     23,543,718        9,770,506  

Air China Ltd., A Shares

     236,300        239,237  

Air China Ltd., H Shares

     965,070        689,016  

Alibaba Group Holding Ltd., ADR(a)

     103,072        20,889,602  

Aluminum Corp. of China Ltd., A Shares(a)

     988,000        394,638  

Aluminum Corp. of China Ltd., H Shares(a)

     4,276,385        905,575  

Anhui Conch Cement Co. Ltd., A Shares

     73,000        609,758  

Anhui Conch Cement Co. Ltd., H Shares

     307,392        2,380,025  

ANTA Sports Products Ltd.

     115,547        987,264  

Baidu, Inc., ADR(a)

     70,629        7,128,585  

Bank of China Ltd., A Shares

     3,887,700        1,906,659  

Bank of China Ltd., H Shares

     54,199,910        20,495,793  

Bank of Communications Co. Ltd., A Shares

     2,758,693        2,010,150  

Bank of Communications Co. Ltd., H Shares

     6,969,475        4,358,211  

Baoshan Iron & Steel Co. Ltd., A Shares

     1,298,000        885,149  

Beijing Enterprises Holdings Ltd.

     239,502        851,133  

Beijing Enterprises Water Group Ltd.

     2,236,538        851,349  

BYD Co. Ltd., A Shares

     28,500        241,226  

BYD Co. Ltd., H Shares

     141,203        868,104  

China CITIC Bank Corp. Ltd., A Shares

     655,301        478,975  

China CITIC Bank Corp. Ltd., H Shares

     8,563,900        4,171,974  

China Communications Construction Co. Ltd., A Shares

     426,000        479,346  

China Communications Construction Co. Ltd., H Shares

     4,955,379        3,268,705  

China Communications Services Corp. Ltd., H Shares

     1,559,024        1,089,140  

China Conch Venture Holdings Ltd.

     220,709        1,044,979  

China Construction Bank Corp., A Shares

     482,900        436,427  

China Construction Bank Corp., H Shares

     60,946,495        49,139,572  

China Everbright Bank Co. Ltd., A Shares

     2,469,100        1,290,969  

China Everbright Bank Co. Ltd., H Shares

     2,552,278        1,079,412  

China Everbright International Ltd.

     1,755,671        1,004,603  

China Evergrande Group(b)

     1,278,924        2,213,304  

China Gas Holdings Ltd.

     312,130        1,139,366  
 

 

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

 

 

 

 

   41  

 

 

 

 

Invesco FTSE RAFI Emerging Markets ETF (PXH)–(continued)

April 30, 2020

(Unaudited)

 

        Shares        Value  
China-(continued)     

China Jinmao Holdings Group Ltd.

     2,376,827       $        1,647,090  

China Life Insurance Co. Ltd., A Shares

     96,000        382,196  

China Life Insurance Co. Ltd., H Shares

     1,926,216        4,061,243  

China Longyuan Power Group Corp. Ltd., H Shares

     1,829,389        898,285  

China Merchants Bank Co. Ltd., A Shares

     571,100        2,799,297  

China Merchants Bank Co. Ltd., H Shares

     1,468,168        6,994,415  

China Merchants Port Holdings Co. Ltd.

     644,659        819,125  

China Minsheng Banking Corp. Ltd., A Shares

     2,427,545        2,009,742  

China Minsheng Banking Corp. Ltd., H Shares

     6,205,482        4,592,587  

China Mobile Ltd.

     3,439,348        27,509,485  

China National Building Material Co. Ltd., H Shares

     3,717,491        4,642,890  

China Overseas Land & Investment Ltd.

     1,974,407        7,116,762  

China Pacific Insurance (Group) Co. Ltd., A Shares

     193,900        831,276  

China Pacific Insurance (Group) Co. Ltd., H Shares

     1,028,549        3,339,881  

China Petroleum & Chemical Corp., A Shares

     2,712,800        1,708,361  

China Petroleum & Chemical Corp., H Shares

     27,963,625        13,921,375  

China Railway Construction Corp. Ltd., A Shares

     1,085,400        1,481,853  

China Railway Construction Corp. Ltd., H Shares

     2,247,466        2,454,780  

China Railway Group Ltd., H Shares

     4,409,826        2,650,782  

China Resources Land Ltd.

     1,117,361        4,489,188  

China Resources Power Holdings Co. Ltd.

     937,812        1,107,437  

China Shenhua Energy Co. Ltd., A Shares

     418,300        933,210  

China Shenhua Energy Co. Ltd., H Shares

     2,756,859        4,870,962  

China Southern Airlines Co. Ltd., A Shares

     463,701        350,393  

China Southern Airlines Co. Ltd., H Shares

     1,111,432        559,766  

China State Construction Engineering Corp. Ltd., A Shares

     3,463,137        2,531,639  

China Taiping Insurance Holdings Co. Ltd.

     1,045,355        1,750,592  

China Telecom Corp. Ltd., H Shares

     11,011,846        3,771,940  

China Tower Corp. Ltd., H Shares(c)

     9,274,463        2,069,283  

China Unicom Hong Kong Ltd.

     5,274,824        3,388,786  

China United Network Communications Ltd., A Shares

     1,453,100        1,061,392  

China Vanke Co. Ltd., A Shares

     304,100        1,137,855  

China Vanke Co. Ltd., H Shares

     650,376        2,119,748  

CIFI Holdings Group Co. Ltd.

     1,408,678        1,043,924  

CITIC Ltd.

     1,403,694        1,436,054  

CITIC Securities Co. Ltd., A Shares

     175,500        579,571  

CITIC Securities Co. Ltd., H Shares

     530,578        1,017,262  

CNOOC Ltd.

     9,515,770        10,682,034  

Country Garden Holdings Co. Ltd.

     3,547,063        4,473,670  

CRRC Corp. Ltd., A Shares

     878,354        762,963  
        Shares        Value  
China-(continued)     

CRRC Corp. Ltd., H Shares

     1,975,439       $        1,030,155  

CSPC Pharmaceutical Group Ltd.

     415,042        809,249  

Dongfeng Motor Group Co. Ltd., H Shares

     1,628,096        1,060,166  

ENN Energy Holdings Ltd.

     153,350        1,704,548  

Fosun International Ltd.

     1,478,500        1,835,571  

GCL-Poly Energy Holdings Ltd.(a)

     19,514,263        554,148  

Geely Automobile Holdings Ltd.

     1,206,850        1,840,878  

GF Securities Co. Ltd., A Shares

     155,700        297,779  

GF Securities Co. Ltd., H Shares

     531,262        577,713  

Great Wall Motor Co. Ltd., A Shares

     134,500        150,935  

Great Wall Motor Co. Ltd., H Shares

     1,715,392        1,153,786  

Guangdong Investment Ltd.

     669,719        1,380,046  

Guangzhou Automobile Group Co. Ltd., A Shares

     69,800        95,432  

Guangzhou Automobile Group Co. Ltd., H Shares

     890,678        788,500  

Guangzhou R&F Properties Co. Ltd., H Shares

     1,278,827        1,603,743  

Haier Electronics Group Co. Ltd.

     414,186        1,147,415  

Haitong Securities Co. Ltd., A Shares

     195,800        352,355  

Haitong Securities Co. Ltd., H Shares

     1,083,894        983,557  

Hengan International Group Co. Ltd.

     222,013        1,955,408  

Huadian Power International Corp. Ltd., A Shares

     643,709        331,513  

Huadian Power International Corp. Ltd., H Shares

     2,254,118        780,194  

Huaneng Power International, Inc., A Shares

     614,100        363,313  

Huaneng Power International, Inc., H Shares

     5,380,770        2,026,721  

Huatai Securities Co. Ltd., A Shares

     142,600        360,633  

Huatai Securities Co. Ltd., H Shares(c)

     451,212        748,880  

Huaxia Bank Co. Ltd., A Shares

     960,600        886,987  

Industrial & Commercial Bank of China Ltd., A Shares

     3,690,312        2,684,529  

Industrial & Commercial Bank of China Ltd., H Shares

     49,338,455        33,120,831  

Industrial Bank Co. Ltd., A Shares

     1,035,600        2,408,460  

JD.com, Inc., ADR(a)

     131,780        5,679,718  

Jiangxi Copper Co. Ltd., A Shares

     152,200        271,872  

Jiangxi Copper Co. Ltd., H Shares

     1,201,457        1,153,994  

Kunlun Energy Co. Ltd.

     2,241,801        1,460,344  

Kweichow Moutai Co. Ltd., A Shares

     6,000        1,061,718  

Longfor Group Holdings Ltd.(c)

     477,891        2,368,457  

Meituan Dianping, B Shares(a)

     169,150        2,247,017  

Metallurgical Corp. of China Ltd., A Shares

     1,345,300        483,612  

Metallurgical Corp. of China Ltd., H Shares

     3,420,246        595,604  

NetEase, Inc., ADR

     7,334        2,529,937  

New China Life Insurance Co. Ltd., A Shares

     55,400        346,546  

New China Life Insurance Co. Ltd., H Shares

     314,206        1,067,232  

Peoples Insurance Co. Group of China Ltd. (The), H Shares

     3,371,437        1,085,463  

PetroChina Co. Ltd., H Shares

     20,228,528        7,240,429  

PICC Property & Casualty Co. Ltd., H Shares

     3,210,903        3,015,997  
 

 

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

 

 

 

 

   42  

 

 

 

 

Invesco FTSE RAFI Emerging Markets ETF (PXH)–(continued)

April 30, 2020

(Unaudited)

 

        Shares        Value  
China-(continued)     

Ping An Bank Co. Ltd., A Shares

     601,300       $ 1,168,624  

Ping An Insurance (Group) Co. of China Ltd., A Shares

     208,800        2,173,857  

Ping An Insurance (Group) Co. of China Ltd., H Shares

     1,468,495        14,890,463  

Postal Savings Bank of China Co. Ltd., H Shares(c)

     4,229,604        2,511,423  

SAIC Motor Corp. Ltd., A Shares

     602,656        1,582,357  

Shanghai Pharmaceuticals Holding Co. Ltd., A Shares

     87,300        229,017  

Shanghai Pharmaceuticals Holding Co. Ltd., H Shares

     555,562        978,926  

Shanghai Pudong Development Bank Co. Ltd., A Shares

     1,585,452        2,362,794  

Shenzhou International Group Holdings Ltd.

     87,422        994,440  

Shimao Property Holdings Ltd.

     750,010        3,008,141  

Sino Biopharmaceutical Ltd.(b)

     677,800        998,114  

Sinopec Shanghai Petrochemical Co. Ltd., A Shares

     378,300        215,647  

Sinopec Shanghai Petrochemical Co. Ltd., H Shares

     3,102,982        839,513  

Sinopharm Group Co. Ltd., H Shares

     813,182        2,192,213  

Sunac China Holdings Ltd.

     464,806        2,011,159  

Tencent Holdings Ltd.

     291,442        15,462,202  

Trip.com Group Ltd., ADR(a)

     88,926        2,290,734  

Vipshop Holdings Ltd., ADR(a)

     128,011        2,039,215  

Weichai Power Co. Ltd., A Shares

     156,400        291,442  

Weichai Power Co. Ltd., H Shares

     700,519        1,201,216  

Xiaomi Corp., B Shares(a)(c)

     1,457,752        1,904,124  

Yangzijiang Shipbuilding Holdings Ltd.

     1,411,330        983,521  

Yanzhou Coal Mining Co. Ltd., A Shares

     78,200        90,651  

Yanzhou Coal Mining Co. Ltd., H Shares

     1,577,542        1,191,040  

Zijin Mining Group Co. Ltd., A Shares

     412,000        223,031  

Zijin Mining Group Co. Ltd., H Shares

     1,676,446        692,000  

ZTO Express Cayman, Inc., ADR

     39,502        1,175,579  
    

 

 

  
       445,310,605  
    

 

 

  
Hong Kong-0.09%     

Nine Dragons Paper Holdings Ltd.

     989,558        957,346  
    

 

 

  
India-7.42%     

Axis Bank Ltd.

     372,399        2,179,735  

Bharat Petroleum Corp. Ltd.

     671,964        3,294,553  

Bharti Airtel Ltd.(a)

     336,595        2,287,642  

Bharti Infratel Ltd.

     329,308        764,782  

Coal India Ltd.

     1,154,416        2,266,806  

GAIL (India) Ltd.

     602,841        761,386  

Grasim Industries Ltd.

     176,976        1,175,419  

HCL Technologies Ltd.

     228,174        1,641,691  

Hero MotoCorp.Ltd.

     39,922        1,148,328  

Hindalco Industries Ltd.

     840,588        1,447,299  

Hindustan Petroleum Corp. Ltd.

     747,226        2,184,438  

Hindustan Unilever Ltd.

     43,525        1,266,579  

Housing Development Finance Corp. Ltd.

     238,579        6,012,650  

Indiabulls Housing Finance Ltd.

     346,081        605,036  

Indian Oil Corp. Ltd.

     1,624,953        1,815,751  

Infosys Ltd.

     759,930        7,182,245  

ITC Ltd.

     689,201        1,648,546  

Jindal Steel & Power Ltd.(a)

     440,812        553,023  
        Shares        Value  
India-(continued)     

JSW Steel Ltd.

     533,679       $        1,266,062  

Larsen & Toubro Ltd.

     95,795        1,139,308  

Mahindra & Mahindra Ltd.

     269,772        1,309,544  

Maruti Suzuki India Ltd.

     21,453        1,521,436  

NTPC Ltd.

     1,458,257        1,834,015  

Oil & Natural Gas Corp. Ltd.

     1,928,369        2,039,208  

Power Finance Corp. Ltd.

     572,208        720,197  

REC Ltd.

     610,652        773,786  

Reliance Industries Ltd.

     641,891        12,454,656  

Shriram Transport Finance Co. Ltd.

     53,928        555,613  

State Bank of India(a)

     883,148        2,224,942  

Sun Pharmaceutical Industries Ltd.

     238,403        1,468,315  

Tata Consultancy Services Ltd.

     133,925        3,565,242  

Tata Motors Ltd.(a)

     1,621,936        1,996,115  

Tata Motors Ltd., Class A(a)

     629,707        331,263  

Tata Steel Ltd.

     295,183        1,164,384  

Tech Mahindra Ltd.

     92,716        669,994  

Vedanta Ltd.

     2,124,775        2,418,822  

Vodafone Idea Ltd.(a)

     17,606,006        984,689  

Wipro Ltd.

     325,066        822,023  

Yes Bank Ltd.

     409,658        150,941  
    

 

 

  
       77,646,464  
    

 

 

  
Indonesia-1.05%     

PT Astra International Tbk

     4,080,852        1,056,221  

PT Bank Central Asia Tbk

     979,825        1,702,755  

PT Bank Mandiri (Persero) Tbk

     5,365,750        1,608,823  

PT Bank Negara Indonesia (Persero) Tbk

     3,077,312        848,200  

PT Bank Rakyat Indonesia (Persero) Tbk

     12,354,907        2,256,936  

PT Telekomunikasi Indonesia (Persero) Tbk

     14,761,216        3,473,227  
    

 

 

  
       10,946,162  
    

 

 

  
Malaysia-0.74%     

CIMB Group Holdings Bhd

     1,100,000        877,427  

Malayan Banking Bhd

     1,074,700        1,886,731  

MISC Bhd

     682,800        1,252,859  

Public Bank Bhd

     555,800        2,109,510  

Tenaga Nasional Bhd

     553,100        1,571,743  
    

 

 

  
       7,698,270  
    

 

 

  
Mexico-2.67%     

America Movil S.A.B. de C.V., Series L(b)

     12,491,648        7,659,725  

Cemex S.A.B. de C.V., Series CPO(d)

     16,026,922        3,412,704  

Coca-Cola FEMSA S.A.B. de C.V., Series L

     214,139        873,284  

Fibra Uno Administracion S.A. de C.V

     1,276,701        1,060,075  

Fomento Economico Mexicano, S.A.B
.de C.V., Series CPO(b)(e)

     683,798        4,473,550  

Grupo Financiero Banorte S.A.B. de
C.V., Class O

     1,032,289        2,857,546  

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

     1,031,090        2,225,873  

Grupo Televisa S.A.B., Series CPO(b)(f)

     1,083,773        1,165,705  

Orbia Advance Corp. S.A.B. de C.V.(b)

     443,700        529,980  

Wal-Mart de Mexico S.A.B. de C.V.,
Series V

     1,510,799        3,678,329  
    

 

 

  
       27,936,771  
    

 

 

  
 

 

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

 

 

 

 

   43  

 

 

 

 

Invesco FTSE RAFI Emerging Markets ETF (PXH)–(continued)

April 30, 2020

(Unaudited)

 

        Shares        Value  
Romania-0.05%     

NEPI Rockcastle PLC

     119,362       $           508,105  
    

 

 

  
Russia-9.30%     

Aeroflot PJSC

     640,828        656,524  

Alrosa PJSC

     1,373,337        1,155,145  

Gazprom PJSC

     10,476,575        26,917,957  

Inter RAO UES PJSC

     16,174,366        1,093,620  

LUKOIL PJSC

     269,504        17,590,034  

Magnit PJSC

     79,512        3,967,603  

MMC Norilsk Nickel PJSC

     14,914        4,130,007  

Mobile TeleSystems PJSC

     634,582        2,742,608  

Moscow Exchange MICEX-RTS PJSC

     576,746        937,706  

Novatek PJSC

     194,011        2,711,573  

Novolipetsk Steel PJSC

     725,941        1,259,890  

Rosneft Oil Co. PJSC

     775,305        3,519,074  

Rosseti PJSC

     47,589,376        825,669  

RusHydro PJSC

     96,305,796        820,599  

Sberbank of Russia PJSC

     5,197,637        13,864,114  

Severstal PJSC.

     163,563        1,967,655  

Sistema PJSFC.

     4,675,728        913,663  

Surgutneftegas PJSC

     4,804,355        2,411,314  

Surgutneftegas PJSC, Preference Shares

     5,369,516        2,638,695  

Tatneft PJSC

     578,049        4,299,288  

Tatneft PJSC, Preference Shares

     55,860        388,345  

VTB Bank PJSC

     5,340,108,004        2,520,256  
    

 

 

  
       97,331,339  
    

 

 

  
South Africa-4.50%     

Absa Group Ltd.

     405,384        2,015,331  

AngloGold Ashanti Ltd.

     86,844        2,152,586  

Aspen Pharmacare Holdings Ltd.(a)

     211,412        1,331,211  

Bid Corp. Ltd.

     116,299        1,530,283  

Bidvest Group Ltd. (The)

     141,274        1,158,116  

Discovery Ltd.

     142,363        751,931  

Exxaro Resources Ltd.

     127,827        750,396  

FirstRand Ltd.

     1,415,842        3,120,018  

Foschini Group Ltd. (The)

     124,867        496,476  

Gold Fields Ltd.

     245,471        1,834,930  

Growthpoint Properties Ltd.

     1,146,412        869,563  

Impala Platinum Holdings Ltd.

     102,375        625,455  

Mr Price Group Ltd.

     93,923        661,326  

MTN Group Ltd.

     614,306        1,625,996  

MultiChoice Group(a)

     202,600        962,309  

Naspers Ltd., Class N

     27,901        4,404,089  

Nedbank Group Ltd.

     202,903        1,184,494  

Netcare Ltd.

     902,598        761,790  

Old Mutual Ltd.

     2,699,071        1,972,313  

Remgro Ltd.

     197,505        1,473,356  

Sanlam Ltd.

     680,092        2,195,255  

Sappi Ltd.(a)

     749,524        918,284  

Sasol Ltd.(a)

     376,398        1,788,428  

Shoprite Holdings Ltd.

     361,643        2,109,601  

Sibanye Stillwater Ltd.(a)

     421,951        867,567  

SPAR Group Ltd. (The)

     123,720        1,191,592  

Standard Bank Group Ltd.

     572,577        3,184,170  

Telkom S.A. SOC Ltd.

     557,258        625,683  

Tiger Brands Ltd.

     106,367        1,046,005  

Truworths International Ltd.

     334,602        537,294  
        Shares        Value  
South Africa-(continued)     

Vodacom Group Ltd.

     272,595      $        1,828,977  

Woolworths Holdings Ltd.

     636,172        1,056,188  
    

 

 

  
       47,031,013  
    

 

 

  
Taiwan-14.58%     

ASE Technology Holding Co. Ltd.

     1,491,000        3,285,801  

Asia Cement Corp.

     997,000        1,451,478  

Asustek Computer, Inc.

     210,738        1,421,482  

AU Optronics Corp.

     11,864,000        3,094,989  

Catcher Technology Co. Ltd.

     359,000        2,708,235  

Cathay Financial Holding Co. Ltd.

     2,468,440        3,279,131  

Chailease Holding Co. Ltd.

     330,902        1,243,384  

China Development Financial Holding Corp.

     3,488,000        1,046,083  

China Steel Corp.

     1,546,360        1,028,169  

Chunghwa Telecom Co. Ltd.

     1,416,000        5,197,898  

Compal Electronics, Inc.

     1,708,000        1,085,547  

CTBC Financial Holding Co. Ltd.

     4,326,838        2,866,203  

Delta Electronics, Inc.

     767,506        3,560,012  

E.Sun Financial Holding Co. Ltd.

     2,295,408        2,066,545  

Far Eastern New Century Corp.

     1,093,000        942,316  

Far EasTone Telecommunications Co.
Ltd.(a)

     502,000        1,113,388  

First Financial Holding Co. Ltd.

     1,901,614        1,387,214  

Formosa Chemicals & Fibre Corp.

     682,920        1,713,741  

Formosa Petrochemical Corp.

     507,000        1,507,257  

Formosa Plastics Corp.

     791,280        2,300,691  

Foxconn Technology Co. Ltd.

     484,000        921,409  

Fubon Financial Holding Co. Ltd.

     1,923,928        2,698,979  

Hon Hai Precision Industry Co. Ltd.

     5,900,064        15,023,221  

Hotai Motor Co. Ltd.

     55,000        1,000,178  

Innolux Corp.

     15,385,490        3,314,255  

Largan Precision Co. Ltd.

     13,000        1,775,910  

Lite-On Technology Corp.

     930,313        1,443,109  

MediaTek, Inc.

     445,091        6,085,430  

Mega Financial Holding Co. Ltd.

     2,529,080        2,531,137  

Micro-Star International Co. Ltd.

     320,000        984,880  

Nan Ya Plastics Corp.

     701,940        1,532,235  

Novatek Microelectronics Corp.

     176,000        1,086,915  

Pegatron Corp.

     1,055,106        2,302,836  

Powertech Technology, Inc.

     305,200        1,018,681  

President Chain Store Corp.

     131,000        1,351,607  

Quanta Computer, Inc.

     1,351,000        2,903,729  

Shanghai Commercial & Savings Bank Ltd. (The)

     674,000        980,646  

Shin Kong Financial Holding Co. Ltd.

     6,504,998        1,834,747  

SinoPac Financial Holdings Co. Ltd.

     2,657,000        1,072,732  

Taishin Financial Holding Co. Ltd.

     2,050,169        865,206  

Taiwan Cement Corp.

     2,022,324        2,891,135  

Taiwan Mobile Co. Ltd.(a)

     491,400        1,766,876  

Taiwan Semiconductor Manufacturing Co. Ltd.

     4,260,000        42,810,732  

Uni-President Enterprises Corp.

     1,299,941        3,006,819  

United Microelectronics Corp.

     7,286,000        3,779,134  

Wistron Corp.

     2,052,875        1,907,401  

Yageo Corp.

     98,000        1,272,716  

Yuanta Financial Holding Co. Ltd.

     2,213,671        1,247,855  

Zhen Ding Technology Holding Ltd.

     247,000        873,823  
    

 

 

  
       152,583,897  
    

 

 

  
 

 

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

 

 

 

 

   44  

 

 

 

 

Invesco FTSE RAFI Emerging Markets ETF (PXH)–(continued)

April 30, 2020

(Unaudited)

 

        Shares        Value  
Thailand-3.65%     

Advanced Info Service PCL, NVDR

     352,028       $        2,140,392  

Bangkok Bank PCL, Foreign Shares

     331,691        1,058,100  

Banpu PCL, NVDR

     5,035,927        895,318  

Charoen Pokphand Foods PCL, NVDR

     2,047,078        1,696,610  

CP ALL PCL, NVDR

     1,103,132        2,401,830  

Indorama Ventures PCL, NVDR

     1,090,928        959,005  

IRPC PCL, NVDR

     14,094,498        1,157,088  

Kasikornbank PCL, Foreign Shares

     362,061        956,630  

Kasikornbank PCL, NVDR

     184,812        488,307  

Krung Thai Bank PCL, NVDR

     4,766,107        1,595,384  

PTT Exploration & Production PCL, NVDR

     614,037        1,566,733  

PTT Global Chemical PCL, NVDR

     1,933,464        2,234,869  

PTT PCL, NVDR

     9,395,465        10,224,592  

Siam Cement PCL (The), NVDR

     491,825        5,202,539  

Siam Commercial Bank PCL (The), NVDR

     1,699,536        3,543,867  

Thai Oil PCL, NVDR

     1,123,704        1,409,386  

Thanachart Capital PCL, NVDR

     592,901        663,269  
    

 

 

  
       38,193,919  
    

 

 

  
Turkey-1.79%     

Akbank T.A.S.(a)

     2,279,948        1,900,317  

BIM Birlesik Magazalar A.S

     150,216        1,189,564  

Eregli Demir ve Celik Fabrikalari TAS

     1,383,123        1,589,632  

Haci Omer Sabanci Holding A.S

     1,336,108        1,563,683  

KOC Holding A.S

     635,484        1,394,710  

Tupras-Turkiye Petrol Rafinerileri A.S.(a)

     144,648        1,879,110  

Turk Hava Yollari AO(a)

     904,019        1,363,652  

Turkcell Iletisim Hizmetleri A.S

     1,108,928        2,207,808  

Turkiye Garanti Bankasi A.S.(a)

     1,687,855        1,988,805  

Turkiye Halk Bankasi A.S.(a)

     1,764,441        1,299,303  

Turkiye Is Bankasi A.S., Class C(a)

     2,021,539        1,415,531  

Turkiye Vakiflar Bankasi T.A.O.,
Class D(a)

     1,530,312        979,854  
    

 

 

  
       18,771,969  
    

 

 

  
        Shares        Value  
United States-0.29%     

JBS S.A

     683,682       $ 3,010,914  
    

 

 

  

Total Common Stocks & Other Equity Interests
(Cost $1,158,659,195)

 

      1,021,061,289  
    

 

 

  
Exchange-Traded Funds-2.40%

 

United States-1.65%     

iShares MSCI Saudi Arabia ETF

     674,900        17,257,193  
    

 

 

  
Ireland-0.75%     

Invesco MSCI Saudi Arabia UCITS ETF(a)(g)

     224,630        3,911,707  

iShares MSCI Saudi Arabia Capped UCITS ETF(a)

     1,074,318        3,967,456  
    

 

 

  
       7,879,163  
    

 

 

  

Total Exchange-Traded Funds
(Cost $22,382,551)

        25,136,356  
    

 

 

  

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.99%
(Cost $1,181,041,746)

 

      1,046,197,645  
    

 

 

  
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-0.14%

 

   

Invesco Private Government Fund,
0.01%(g)(h)(i)
(Cost $1,465,406)

     1,465,406        1,465,406  
    

 

 

  

TOTAL INVESTMENTS IN SECURITIES-100.13%
(Cost $1,182,507,152)

 

      1,047,663,051  

OTHER ASSETS LESS LIABILITIES-(0.13)%

 

      (1,324,575 ) 
    

 

 

  

NET ASSETS-100.00%

      $ 1,046,338,476  
    

 

 

  

 

 

Investment Abbreviations:

ADR-American Depositary Receipt

CPO-Certificates of Ordinary Participation

ETF-Exchange-Traded Fund

NVDR-Non-Voting Depositary Receipt

 

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

 

 

 

 

   45  

 

 

 

 

Invesco FTSE RAFI Emerging Markets ETF (PXH)–(continued)

April 30, 2020

(Unaudited)

 

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, 2020.

(c) 

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2020 was $9,602,167, which represented less than 1% of the Fund’s Net Assets.

(d) 

Each CPO for Cemex S.A.B. de C.V. represents two Series A shares and one Series B share.

(e) 

Each CPO for Fomento Economico Mexicano, S.A.B. de C.V. represents one Series B share and four Series D shares.

(f)

Each CPO for Grupo Televisa S.A.B. represents twenty-five Series A shares, twenty-two Series B shares, thirty-five Series D shares and thirty-five Series L shares.

(g) 

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, 2020.

 

    Value
October 31, 2019		    Purchases
at Cost		    Proceeds
from Sales		    Change in
Unrealized
Appreciation
(Depreciation)		    Realized
Gain		    Value
April 30, 2020		    Dividend
Income
Invesco MSCI Saudi Arabia UCITS ETF     $ -      $ 3,582,435      $ (132,614 )      $ 453,614      $ 8,272      $ 3,911,707      $ -
Investments in Affiliated Money Market Funds:                                  
Invesco Premier U.S. Government Money Portfolio, Institutional Class*       2,265,414        50,096,264        (52,361,678 )        -        -        -        15,156
Investments Purchased with Cash Collateral from Securities on Loan:                                  
Invesco Government & Agency Portfolio, Institutional Class*       1,898,097        5,400,868        (7,298,965 )        -        -        -        13,237
Invesco Liquid Assets Portfolio, Institutional Class*       632,699        1,480,882        (2,113,643 )        (35 )        97        -        5,035
Invesco Private Government Fund       -        2,862,447        (1,397,041 )        -        -        1,465,406        1
   

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

  
Total     $ 4,796,210      $ 63,422,896      $ (63,303,941 )      $ 453,579      $ 8,369      $ 5,377,113      $ 33,429
   

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

  

 

*

At April 30, 2020, this security was no longer held.

 

(h) 

The rate shown is the 3-day SEC standardized yield as of April 30, 2020. The money market fund commenced operations on April 28, 2020.

(i)

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 2K.

 

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

 

 

 

 

   46  

 

 

 

 

Invesco FTSE RAFI Emerging Markets ETF (PXH)–(continued)

April 30, 2020

(Unaudited)

 

Portfolio Composition

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

as of April 30, 2020

  

Financials

     34.29                                 

Energy

     15.16    

Information Technology

     11.54    

Communication Services

     9.87    

Materials

     8.16    

Consumer Discretionary

     6.14    

Consumer Staples

     4.17    

Industrials

     3.70    

Real Estate

     3.50    

Sector Types Each Less Than 3%

     3.46    
Money Market Funds Plus Other Assets Less Liabilities     0.01    
 

 

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

 

 

 

 

   47  

 

 

 

 

Invesco Global Clean Energy ETF (PBD)

April 30, 2020

(Unaudited)

Schedule of Investments

 

        Shares        Value  
Common Stocks & Other Equity Interests-100.04%

 

Austria-1.21%     

Verbund AG

     15,134       $      685,594  
    

 

 

  
Canada-6.74%     

Ballard Power Systems, Inc.(a)(b)

     66,228        674,701  

Boralex, Inc., Class A

     30,462        591,059  

Canadian Solar, Inc.(a)

     39,266        700,505  

Innergex Renewable Energy, Inc.

     44,112        593,263  

Northland Power, Inc.

     29,934        643,744  

TransAlta Renewables, Inc.

     57,937        627,361  
    

 

 

  
       3,830,633  
    

 

 

  
Chile-1.09%     

Sociedad Quimica y Minera de Chile S.A., ADR

     27,206        620,297  
    

 

 

  
China-7.31%     

BYD Co. Ltd., H Shares

     101,624        639,709  

Daqo New Energy Corp., ADR(a)

     9,883        515,201  

JinkoSolar Holding Co. Ltd., ADR(a)(b)

     42,062        665,421  

NIO, Inc., ADR(a)(b)

     176,832        602,997  

Xinjiang Goldwind Science & Technology Co. Ltd., H Shares

     634,036        622,394  

Xinyi Energy Holdings Ltd.

     2,019,138        570,396  

Xinyi Solar Holdings Ltd.

     854,901        538,149  
    

 

 

  
       4,154,267  
    

 

 

  
Denmark-3.16%     

Novozymes A/S, Class B(b)

     12,741        624,081  

Orsted A/S(c)

     6,019        608,383  

Vestas Wind Systems A/S.

     6,533        562,302  
    

 

 

  
       1,794,766  
    

 

 

  
Finland-0.95%     

Caverion OYJ

     94,770        540,806  
    

 

 

  
France-2.28%     

Albioma S.A

     19,693        653,563  

Neoen S.A.(a)(c)

     16,911        639,957  
    

 

 

  
       1,293,520  
    

 

 

  
Germany-5.62%     

CropEnergies AG

     71,697        566,985  

Encavis AG

     60,617        744,938  

Nordex SE(a)

     68,639        555,958  

SMA Solar Technology AG(a)

     21,197        674,224  

VERBIO Vereinigte BioEnergie AG

     71,478        651,371  
    

 

 

  
       3,193,476  
    

 

 

  
Guernsey-1.01%     

Renewables Infrastructure Group Ltd. (The)

     367,590        571,229  
    

 

 

  
Hong Kong-0.89%     

Canvest Environmental Protection Group Co.
Ltd.(c)

     1,156,981        507,425  
    

 

 

  
Ireland-0.91%     

Kingspan Group PLC

     10,192        519,093  
    

 

 

  
Italy-2.25%     

Falck Renewables S.p.A

     137,117        673,727  

Terna Rete Elettrica Nazionale S.p.A

     96,654        605,548  
    

 

 

  
       1,279,275  
    

 

 

  
        Shares        Value  
Japan-6.11%     

eRex Co. Ltd.

     48,398       $      680,247  

GS Yuasa Corp.

     41,501        599,607  

Meidensha Corp.

     40,205        633,144  

RENOVA, Inc.(a)

     71,514        730,956  

West Holdings Corp.

     49,455        828,297  
    

 

 

  
       3,472,251  
    

 

 

  
Netherlands-0.90%     

Signify N.V.(c)

     25,114        512,050  
    

 

 

  
New Zealand-4.07%     

Contact Energy Ltd.

     144,295        559,953  

Mercury NZ Ltd.

     212,476        598,412  

Meridian Energy Ltd.

     204,796        567,307  

Tilt Renewables Ltd.(a)

     297,170        586,685  
    

 

 

  
       2,312,357  
    

 

 

  
Norway-2.59%     

NEL ASA(a)

     654,318        808,330  

Scatec Solar ASA(c)

     45,468        666,033  
    

 

 

  
       1,474,363  
    

 

 

  
South Korea-3.19%     

CS Wind Corp.

     24,237        637,528  

Ecopro Co. Ltd.

     35,314        585,451  

Samsung SDI Co. Ltd.

     2,519        591,271  
    

 

 

  
       1,814,250  
    

 

 

  
Spain-6.85%     

Acciona S.A.(b)

     5,580        552,504  

Atlantica Yield PLC

     27,063        647,888  

Audax Renovables S.A.(a)(b)

     340,442        760,688  

EDP Renovaveis S.A

     47,289        580,111  

Siemens Gamesa Renewable Energy S.A

     38,606        573,810  

Solaria Energia y Medio Ambiente S.A.(a)

     76,516        779,833  
    

 

 

  
       3,894,834  
    

 

 

  
Sweden-3.97%     

Eolus Vind AB, Class B

     57,661        611,016  

Nibe Industrier AB, Class B

     42,277        791,460  

PowerCell Sweden AB(a)(b)

     32,944        851,325  
    

 

 

  
       2,253,801  
    

 

 

  
Switzerland-3.18%     

Credit Suisse Real Estate Fund Green Property

     3,626        555,650  

Gurit Holding AG, BR

     471        669,546  

Landis+Gyr Group AG(a)

     8,590        580,291  
    

 

 

  
       1,805,487  
    

 

 

  
Taiwan-5.83%     

Epistar Corp.

     580,131        749,148  

Everlight Electronics Co. Ltd.

     607,000        665,451  

Gigasolar Materials Corp.(a)

     184,000        571,742  

Lextar Electronics Corp.

     1,324,000        783,629  

Sino-American Silicon Products, Inc.

     182,000        545,330  
    

 

 

  
       3,315,300  
    

 

 

  
United Kingdom-2.83%     

GCP Infrastructure Investments Ltd.

     381,498        553,383  
 

 

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

 

 

 

 

   48  

 

 

 

 

Invesco Global Clean Energy ETF (PBD)–(continued)

April 30, 2020

(Unaudited)

 

        Shares        Value  
United Kingdom-(continued)     

Greencoat UK Wind PLC

     336,082      $ 573,136  

Ricardo PLC

     98,480        483,207  
    

 

 

  
       1,609,726  
    

 

 

  
United States-27.10%     

Ameresco, Inc., Class A(a)

     36,534        659,804  

Bloom Energy Corp., Class A(a)(b)

     97,906        750,939  

Cree, Inc.(a)

     17,476        753,740  

Enphase Energy, Inc.(a)(b)

     18,939        886,913  

First Solar, Inc.(a)

     16,483        725,417  

Hannon Armstrong Sustainable Infrastructure Capital, Inc.

     26,376        738,264  

Itron, Inc.(a)

     9,947        694,500  

Ormat Technologies, Inc.

     8,699        542,905  

Plug Power, Inc.(a)(b)

     188,365        788,308  

Renewable Energy Group, Inc.(a)

     24,850        616,529  

SolarEdge Technologies, Inc.(a)

     6,403        714,511  

Sunnova Energy International, Inc.(a)

     57,637        726,226  

SunPower Corp.(a)(b)

     115,787        851,034  

Sunrun, Inc.(a)

     54,783        768,605  

TerraForm Power, Inc., Class A

     43,288        749,748  

Tesla, Inc.(a)

     1,168        913,236  

TPI Composites, Inc.(a)

     46,172        809,395  
        Shares        Value  
United States-(continued)     

Universal Display Corp.

     4,358      $ 654,223  

Veeco Instruments, Inc.(a)

     66,313        724,801  

Vivint Solar, Inc.(a)(b)

     99,025        627,818  

Willdan Group, Inc.(a)

     27,905        707,671  
    

 

 

  
       15,404,587  
    

 

 

  

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral
from securities on loan)-100.04%
(Cost $46,114,262)

 

      56,859,387  
    

 

 

  
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-12.11%

 

Invesco Private Government Fund,
0.01%(d)(e)(f)
(Cost $6,885,105)

     6,885,105        6,885,105  
    

 

 

  

TOTAL INVESTMENTS IN SECURITIES-112.15%
(Cost $52,999,367)

 

      63,744,492  

OTHER ASSETS LESS LIABILITIES-(12.15)%

        (6,904,628 ) 
    

 

 

  

NET ASSETS-100.00%

      $ 56,839,864  
    

 

 

  
 

Investment Abbreviations:

ADR-American Depositary Receipt

BR-Bearer Shares

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, 2020.

(c) 

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2020 was $2,933,848, which represented 5.16% of the Fund’s Net Assets.

(d) 

The rate shown is the 3-day SEC standardized yield as of April 30, 2020. The money market fund commenced operations on April 28, 2020.

(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 2K.

(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, 2020.

 

    Value
October 31, 2019		    Purchases
at Cost		    Proceeds
from Sales		    Change in
Unrealized
Appreciation
(Depreciation)		    Realized
Gain
(Loss)		    Value
April 30, 2020		    Dividend
Income
Investments in Affiliated Money Market Funds:                                  
Invesco Premier U.S. Government Money Portfolio, Institutional Class*     $ -      $ 887,782      $ (887,782 )      $ -      $ -      $ -      $ 302

Investments Purchased with Cash

Collateral from Securities on Loan:

                                  
Invesco Government & Agency Portfolio, Institutional Class*       6,892,188        28,159,631        (35,051,819 )        -        -        -        41,314
Invesco Liquid Assets Portfolio, Institutional Class*       2,297,396        7,221,660        (9,518,549 )        (200 )        (307 )        -        15,859
Invesco Private Government Fund       -        13,044,172        (6,159,067 )        -        -        6,885,105        4
   

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

  
Total     $ 9,189,584      $ 49,313,245      $ (51,617,217 )      $ (200 )      $ (307 )      $ 6,885,105      $ 57,479
   

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

  

 

*

At April 30, 2020, this security was no longer held.

 

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

 

 

 

 

   49  

 

 

 

 

Invesco Global Clean Energy ETF (PBD)–(continued)

April 30, 2020

(Unaudited)

 

Portfolio Composition

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

as of April 30, 2020

  

Renewable Electricity

     26.43    

Semiconductors

     11.53                                     

Heavy Electrical Equipment

     9.35    

Semiconductor Equipment

     9.11    

Electrical Components & Equipment

     8.48    

Electric Utilities

     6.36    

Automobile Manufacturers

     3.80    

Oil & Gas Refining & Marketing

     3.22    

Sub-Industry Types Each Less Than 3%

     21.76    
Money Market Funds Plus Other Assets Less Liabilities     (0.04 )   

 

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

 

 

 

 

   50  

 

 

 

 

Invesco Global Water ETF (PIO)

April 30, 2020

(Unaudited)

Schedule of Investments

 

        Shares        Value  
Common Stocks & Other Equity Interests-100.03%

 

Brazil-2.43%     

Cia de Saneamento Basico do Estado de Sao Paulo

     592,541       $     4,387,166  
    

 

 

  
Canada-1.00%     

Stantec, Inc.

     61,245        1,809,196  
    

 

 

  
Cayman Islands-0.10%     

Consolidated Water Co. Ltd.

     12,184        183,004  
    

 

 

  
China-2.24%     

Beijing Enterprises Water Group Ltd.

     3,505,438        1,356,533  

China Everbright Water Ltd.

     156,120        22,735  

CT Environmental Group Ltd.(a)(b)

     2,561,890        56,179  

Guangdong Investment Ltd.

     1,249,489        2,598,149  
    

 

 

  
       4,033,596  
    

 

 

  
France-6.45%     

Suez

     363,868        4,110,987  

Veolia Environnement S.A.(c)

     352,227        7,517,200  
    

 

 

  
       11,628,187  
    

 

 

  
Hong Kong-0.20%     

China Water Affairs Group Ltd.

     462,844        350,461  
    

 

 

  
Italy-1.77%     

ACEA S.p.A

     26,821        448,000  

Hera S.p.A

     743,382        2,750,456  
    

 

 

  
       3,198,456  
    

 

 

  
Japan-4.94%     

Kurita Water Industries Ltd.

     87,335        2,474,635  

METAWATER Co. Ltd.

     9,872        396,966  

Miura Co. Ltd.

     49,218        2,034,353  

TOTO Ltd.

     112,722        3,995,104  
    

 

 

  
       8,901,058  
    

 

 

  
Netherlands-1.32%     

Aalberts N.V

     62,353        1,755,187  

Arcadis N.V

     40,492        629,339  
    

 

 

  
       2,384,526  
    

 

 

  
South Korea-3.80%     

Coway Co. Ltd.

     136,016        6,854,103  
    

 

 

  
Spain-0.88%     

Acciona S.A

     16,016        1,585,826  
    

 

 

  
Switzerland-7.76%     

Geberit AG

     31,186        13,994,360  
    

 

 

  
Thailand-0.19%     

TTW PCL, NVDR

     825,061        341,703  
    

 

 

  
United Kingdom-14.61%     

Halma PLC

     199,529        5,260,029  
        Shares        Value  
United Kingdom-(continued)     

HomeServe PLC

     119,550       $     1,681,358  

Pennon Group PLC

     259,228        3,583,672  

Polypipe Group PLC

     83,604        526,743  

Severn Trent PLC

     188,571        5,684,714  

Spirax-Sarco Engineering PLC

     34,224        3,767,743  

United Utilities Group PLC

     512,432        5,831,427  
    

 

 

  
       26,335,686  
    

 

 

  
United States-52.34%     

A.O. Smith Corp.

     143,508        6,081,869  

American Water Works Co., Inc.

     62,401        7,593,578  

Danaher Corp.

     106,741        17,447,884  

Ecolab, Inc.

     76,507        14,804,104  

Essential Utilities, Inc.

     100,342        4,193,292  

Ferguson PLC

     89,632        6,484,971  

HD Supply Holdings, Inc.(a)

     94,755        2,812,328  

IDEX Corp.

     31,517        4,841,957  

Pentair PLC

     230,684        7,979,360  

Reliance Worldwide Corp. Ltd.

     662,888        1,184,800  

Roper Technologies, Inc.

     21,941        7,482,539  

Waters Corp.(a)

     39,287        7,346,669  

Xylem, Inc.

     85,044        6,114,664  
    

 

 

  
       94,368,015  
    

 

 

  

Total Common Stocks & Other Equity Interests
(Cost $151,792,819)

 

      180,355,343  
    

 

 

  
Money Market Funds-0.04%

 

Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.21%(d)(e)
(Cost $69,566)

     69,566        69,566  
    

 

 

  

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-100.07%
(Cost $151,862,385)

 

      180,424,909  
    

 

 

  
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-0.05%

 

Invesco Private Government Fund,
0.01%(d)(f)(g)
(Cost $96,110)

     96,110        96,110  
    

 

 

  

TOTAL INVESTMENTS IN SECURITIES-100.12%
(Cost $151,958,495)

 

      180,521,019  

OTHER ASSETS LESS LIABILITIES-(0.12)%

 

      (224,958 ) 
    

 

 

  

NET ASSETS-100.00%

      $ 180,296,061  
    

 

 

  

 

 

 

Investment Abbreviations:

NVDR-Non-Voting Depositary Receipt

 

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

 

 

 

 

   51  

 

 

 

 

Invesco Global Water ETF (PIO)–(continued)

April 30, 2020

(Unaudited)

 

Notes to Schedule of Investments:

(a) 

Non-income producing security.

(b) 

Security valued using significant unobservable inputs (Level 3). See Note 5.

(c) 

All or a portion of this security was out on loan at April 30, 2020.

(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, 2020.

 

    Value
October 31, 2019		    Purchases
at Cost		    Proceeds
from Sales		    Change in
Unrealized
Appreciation
(Depreciation)		    Realized
Gain		    Value
April 30, 2020		    Dividend
Income
Investments in Affiliated Money Market Funds:                                  
Invesco Premier U.S. Government Money Portfolio, Institutional Class     $ -      $ 831,432      $ (761,866 )      $ -      $ -      $ 69,566      $ 133

Investments Purchased with Cash

Collateral from Securities on Loan:

                                  
Invesco Government & Agency Portfolio, Institutional Class*       2,256,993        22,521,053        (24,778,046 )        -        -        -        10,713
Invesco Liquid Assets Portfolio, Institutional Class*       752,331        7,214,024        (7,966,733 )        (74 )        452        -        4,210
Invesco Private Government Fund       -        188,185        (92,075 )        -        -        96,110        -
   

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

  

Total

     $ 3,009,324      $ 30,754,694      $ (33,598,720 )      $ (74 )      $ 452      $ 165,676      $ 15,056
   

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

  

 

*

At April 30, 2020, this security was no longer held.

 

(e) 

The rate shown is the 7-day SEC standardized yield as of April 30, 2020.

(f)

The rate shown is the 3-day SEC standardized yield as of April 30, 2020. The money market fund commenced operations on April 28, 2020.

(g) 

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 2K.

 

Portfolio Composition

Sector Breakdown (% of the Fund’s Net Assets)
as of April 30, 2020

  

Industrials

     42.20                                 

Utilities

     29.15    

Health Care

     13.75    

Materials

     8.21    

Consumer Discretionary

     3.80    

Information Technology

     2.92    
Money Market Funds Plus Other Assets Less Liabilities     (0.03 )   
 

 

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

 

 

 

 

   52  

 

 

 

 

Invesco International BuyBack AchieversTM ETF (IPKW)

April 30, 2020

(Unaudited)

Schedule of Investments

 

        Shares        Value  
Common Stocks & Other Equity Interests-100.02%

 

Australia-7.35%     

Qantas Airways Ltd.

     1,000,895       $   2,489,563  

Rio Tinto PLC

     85,829        3,988,857  
    

 

 

  
       6,478,420  
    

 

 

  
Brazil-0.17%     

Ser Educacional S.A.(a)

     48,300        151,682  
    

 

 

  
Canada-28.24%     

Canadian Tire Corp. Ltd., Class A(b)

     33,157        2,331,577  

CI Financial Corp.

     193,822        2,063,881  

Dream Office REIT

     32,895        514,403  

ECN Capital Corp.

     198,952        565,795  

Gildan Activewear, Inc.

     149,266        2,087,005  

Home Capital Group, Inc.(c)

     34,177        458,416  

Imperial Oil Ltd.

     177,019        2,866,307  

Magna International, Inc.

     125,423        4,897,904  

Methanex Corp.

     53,827        857,620  

Norbord, Inc.

     29,152        473,921  

RioCan REIT(b)

     174,647        1,999,271  

Thomson Reuters Corp.

     58,748        4,148,037  

West Fraser Timber Co. Ltd.

     45,736        1,275,649  

Westshore Terminals Investment Corp.(b)

     32,022        343,978  
    

 

 

  
       24,883,764  
    

 

 

  
Denmark-3.42%     

Pandora A/S(b)

     60,918        2,163,680  

Sydbank A/S

     51,165        851,166  
    

 

 

  
       3,014,846  
    

 

 

  
Germany-4.59%     

Bilfinger SE(b)

     34,701        652,597  

Covestro AG(a)

     64,705        2,181,518  

Rocket Internet SE(a)(c)

     57,462        1,210,300  
    

 

 

  
       4,044,415  
    

 

 

  
Ireland-5.23%     

Flutter Entertainment PLC(b)

     37,467        4,607,755  
    

 

 

  
Japan-28.63%     

Chugoku Marine Paints Ltd.

     35,765        273,789  

Coca-Cola Bottlers Japan Holdings, Inc.(b)

     96,278        1,738,733  

Fancl Corp.

     54,361        1,309,602  

Foster Electric Co. Ltd.

     15,478        169,144  

Geo Holdings Corp.

     18,791        247,739  

Idemitsu Kosan Co. Ltd.

     86,247        1,976,738  

Isuzu Motors Ltd.

     298,620        2,286,350  

Joyful Honda Co. Ltd.

     61,392        750,930  

Kenedix, Inc.

     97,115        442,771  

KYORIN Holdings, Inc.

     35,721        749,595  

NTT DOCOMO, Inc.

     126,481        3,723,404  

Seiren Co. Ltd.

     38,492        456,707  

Shinmaywa Industries Ltd.

     36,208         370,035  

Ship Healthcare Holdings, Inc.

     27,811        1,262,709  
        Shares        Value  
Japan-(continued)     

Toshiba Corp.

     179,545      $   4,475,743  

Yondoshi Holdings, Inc.

     13,712        223,077  

Z Holdings Corp.

     1,227,664        4,766,057  
    

 

 

  
       25,223,123  
    

 

 

  
Netherlands-9.49%     

ASM International N.V

     19,743        2,172,181  

Koninklijke Ahold Delhaize N.V

     169,445        4,112,743  

Signify N.V.(a)

     101,940        2,078,455  
    

 

 

  
       8,363,379  
    

 

 

  
South Africa-0.16%     

DataTec Ltd.

     105,415        139,482  
    

 

 

  
South Korea-4.26%     

BH Co. Ltd.(c)

     22,359        310,115  

S&T Motiv Co. Ltd.

     6,635        194,193  

SFA Engineering Corp.

     15,980        460,325  

SK Innovation Co. Ltd.

     27,701        2,248,072  

SK Materials Co. Ltd.

     4,142        537,501  
    

 

 

  
       3,750,206  
    

 

 

  
Switzerland-2.71%     

Dufry AG

     29,989        976,588  

Forbo Holding AG

     1,050        1,407,761  
    

 

 

  
       2,384,349  
    

 

 

  
Taiwan-0.44%     

Cheng Uei Precision Industry Co. Ltd.

     308,000        388,706  
    

 

 

  
United Kingdom-5.33%     

Computacenter PLC

     78,642        1,444,281  

Man Group PLC

     1,246,544        2,097,487  

Sole Realisation Co. PLC(c)(d)

     90,508        0  

Ultra Electronics Holdings PLC

     46,417        1,153,983  
    

 

 

  
       4,695,751  
    

 

 

  

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-100.02%
(Cost $109,122,117)

 

      88,125,878  
    

 

 

  
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-10.96%

 

Invesco Private Government Fund,
0.01%(e)(f)(g)
(Cost $9,655,196)

     9,655,196        9,655,196  
    

 

 

  

TOTAL INVESTMENTS IN SECURITIES-110.98%
(Cost $118,777,313)

 

      97,781,074  

OTHER ASSETS LESS LIABILITIES-(10.98)%

 

      (9,674,454 ) 
    

 

 

  

NET ASSETS-100.00%

      $ 88,106,620  
    

 

 

  
 

Investment Abbreviations:

REIT-Real Estate Investment Trust

 

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

 

 

 

 

   53  

 

 

 

 

Invesco International BuyBack AchieversTM ETF (IPKW)–(continued)

April 30, 2020

(Unaudited)

 

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 April 30, 2020 was $5,621,955, which represented 6.38% of the Fund’s Net Assets.

(b) 

All or a portion of this security was out on loan at April 30, 2020.

(c) 

Non-income producing security.

(d) 

Security valued using significant unobservable inputs (Level 3). See Note 5.

(e) 

The rate shown is the 3-day SEC standardized yield as of April 30, 2020. The money market fund commenced operations on April 28, 2020.

(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 2K.

(g) 

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, 2020.

 

    Value
October 31, 2019		    Purchases
at Cost		    Proceeds
from Sales		    Change in
Unrealized
Appreciation
(Depreciation)		    Realized
Gain
(Loss)		    Value
April 30, 2020		    Dividend
Income
Investments in Affiliated Money Market Funds:                                  

Invesco Premier U.S. Government

Money Portfolio, Institutional Class*

     $ -      $ 2,836,858      $ (2,836,858 )      $ -      $ -      $ -      $ 322

Investments Purchased with Cash

Collateral from Securities on Loan:

                                  
Invesco Government & Agency Portfolio, Institutional Class*       7,837,029        33,281,797        (41,118,826 )        -        -        -        31,652
Invesco Liquid Assets Portfolio, Institutional Class*       2,612,343        7,870,351        (10,480,991 )        (53 )        (1,650 )        -        12,162

Invesco Private Government Fund

       -        18,296,261        (8,641,065 )        -        -        9,655,196        5
   

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

  

Total

     $ 10,449,372      $ 62,285,267      $ (63,077,740 )      $ (53 )      $ (1,650 )      $ 9,655,196      $ 44,141
   

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

  

 

*

At April 30, 2020, this security was no longer held.

 

Portfolio Composition

Sector Breakdown (% of the Fund’s Net Assets)
as of April 30, 2020

 

 

Consumer Discretionary

     27.42    

Industrials

     18.36                                 

Materials

     10.89    

Communication Services

     9.64    

Consumer Staples

     8.13    

Energy

     8.05    

Financials

     6.85    

Information Technology

     5.05    

Real Estate

     3.35    

Health Care

     2.28    
Money Market Funds Plus Other Assets
Less Liabilities		     (0.02 )   
 

 

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

 

 

 

 

   54  

 

 

 

 

Invesco MSCI Global Timber ETF (CUT)

April 30, 2020

(Unaudited)

Schedule of Investments

 

      Shares      Value  
Common Stocks & Other Equity Interests-99.98%

 

Australia-1.20%     

Orora Ltd.

     530,915      $ 893,306  
    

 

 

  
Brazil-4.01%     

Duratex S.A

     135,242        243,337  

Klabin S.A

     306,034        1,006,866  

Suzano S.A.(a)

     239,553        1,743,998  
    

 

 

  
           2,994,201  
    

 

 

  
Canada-3.29%     

Canfor Corp.(a)

     27,196        189,929  

Canfor Pulp Products, Inc.(a)

     12,747        63,691  

Cascades, Inc.

     30,511        306,000  

Interfor Corp.(a)

     29,217        172,700  

Norbord, Inc.

     21,298        346,239  

Stella-Jones, Inc.

     25,178        629,020  

West Fraser Timber Co. Ltd.

     23,137        645,327  

Western Forest Products, Inc.(a)

     163,078        109,192  
    

 

 

  
       2,462,098  
    

 

 

  
Chile-1.43%     

Empresas CMPC S.A

     495,270        1,066,350  
    

 

 

  
China-0.84%     

Lee & Man Paper Manufacturing Ltd.

     570,258        351,614  

Shandong Sun Paper Industry JSC Ltd., A Shares

     67,400        79,804  

Shanying International Holding Co. Ltd., A Shares(a)

     119,500        51,175  

Youyuan International Holdings Ltd.(a)(b)

     337,463        11,318  

Yunnan Energy New Material Co. Ltd.

     17,500        136,013  
    

 

 

  
       629,924  
    

 

 

  
Finland-12.09%     

Huhtamaki OYJ(a)

     42,673        1,594,760  

Metsa Board OYJ(c)

     84,726        590,210  

Stora Enso OYJ, Class R

     255,762        3,025,470  

UPM-Kymmene OYJ

     138,165        3,822,649  
    

 

 

  
       9,033,089  
    

 

 

  
Germany-0.25%     

Mercer International, Inc.(c)

     18,532        186,803  
    

 

 

  
Hong Kong-0.93%     

Nine Dragons Paper Holdings Ltd.

     715,444        692,155  
    

 

 

  
Indonesia-0.87%     

PT Indah Kiat Pulp & Paper Corp. Tbk

     1,188,232        443,340  

PT Pabrik Kertas Tjiwi Kimia Tbk

     608,520        204,545  
    

 

 

  
       647,885  
    

 

 

  
Ireland-4.17%     

Smurfit Kappa Group PLC

     99,381        3,115,344  
    

 

 

  
Israel-0.08%     

Hadera Paper Ltd.

     1,282        59,577  
    

 

 

  
Japan-5.65%     

Daiken Corp.

     4,713        70,782  

Daio Paper Corp.(c)

     30,055        414,280  

Hokuetsu Corp.

     54,515        217,173  

Nippon Paper Industries Co. Ltd.

     43,608        631,681  

Oji Holdings Corp.

     379,192        1,950,303  

Pack Corp. (The)(c)

     5,616        179,086  
      Shares      Value  
Japan-(continued)     

Rengo Co. Ltd.

     77,796      $ 616,926  

Tokushu Tokai Paper Co. Ltd.

     3,697        141,055  
    

 

 

  
           4,221,286  
    

 

 

  
Pakistan-0.04%     

Packages Ltd.

     15,150        29,560  
    

 

 

  
Portugal-0.68%     

Altri SGPS S.A

     31,189        164,657  

Navigator Co. S.A. (The)

     93,502        243,128  

Semapa-Sociedade de Investimento e Gestao

     10,589        104,383  
    

 

 

  
       512,168  
    

 

 

  
South Africa-0.39%     

Sappi Ltd.(a)

     238,065        291,667  
    

 

 

  
South Korea-0.40%     

Hansol Paper Co. Ltd.

     7,241        93,302  

Kuk-il Paper Manufacturing Co. Ltd.(a)

     36,837        182,001  

Moorim P&P Co. Ltd.

     9,487        26,356  
    

 

 

  
       301,659  
    

 

 

  
Spain-0.39%     

Ence Energia y Celulosa S.A.(c)

     58,840        188,831  

Miquel y Costas & Miquel S.A

     8,081        102,319  
    

 

 

  
       291,150  
    

 

 

  
Sweden-6.98%     

BillerudKorsnas AB(c)

     77,996        986,609  

Holmen AB, Class B

     46,457        1,357,485  

Svenska Cellulosa AB S.C.A., Class B(a)

     266,246        2,869,030  
    

 

 

  
       5,213,124  
    

 

 

  
Switzerland-2.42%     

SIG Combibloc Group AG(a)

     112,600        1,811,820  
    

 

 

  
Taiwan-0.79%     

Cheng Loong Corp.

     312,000        222,434  

Chung Hwa Pulp Corp.

     168,000        43,050  

Longchen Paper & Packaging Co. Ltd.

     236,000        106,347  

YFY, Inc.

     504,000        216,946  
    

 

 

  
       588,777  
    

 

 

  
Thailand-0.07%     

Polyplex Thailand PCL, NVDR

     116,663        50,480  
    

 

 

  
United Kingdom-8.07%     

DS Smith PLC

     603,311        2,373,517  

Mondi PLC

     205,666        3,657,779  
    

 

 

  
       6,031,296  
    

 

 

  
United States-44.94%     

Amcor PLC

     431,466        3,870,250  

Avery Dennison Corp.

     32,396        3,576,194  

Boise Cascade Co.

     16,930        529,401  

CatchMark Timber Trust, Inc., Class A

     21,292        167,355  

Clearwater Paper Corp.(a)

     7,180        171,889  

Domtar Corp.

     24,954        582,925  

Graphic Packaging Holding Co.

     127,107        1,696,879  

International Paper Co.

     101,931        3,491,137  

Louisiana-Pacific Corp.

     51,758        1,035,160  

Neenah, Inc.

     7,318        357,558  

Packaging Corp. of America

     41,601        4,020,737  
 

 

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

 

 

 

 

   55  

 

 

 

 

Invesco MSCI Global Timber ETF (CUT)–(continued)

April 30, 2020

(Unaudited)

 

      Shares      Value  
United States-(continued)     

PH Glatfelter Co.

     19,192      $ 280,203  

PotlatchDeltic Corp.

     29,633        1,040,415  

Rayonier, Inc.

     56,905        1,367,427  

Schweitzer-Mauduit International, Inc., Class A

     13,423        432,489  

Sealed Air Corp.

     67,661        1,934,428  

Sonoco Products Co.

     44,000        2,148,960  

Verso Corp., Class A(a)

     14,969        207,919  

Westrock Co.

     107,698        3,466,799  

Weyerhaeuser Co.

     146,301        3,199,603  
    

 

 

  
         33,577,728  
    

 

 

  

Total Common Stocks & Other Equity Interests
(Cost $79,189,231)

 

      74,701,447  
    

 

 

  
Exchange-Traded Funds-0.16%     
India-0.16%     

Invesco India ETF(c)(d)
(Cost $177,736)

     7,489        118,326  
    

 

 

  
Money Market Funds-0.08%     

Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.21%(d)(e) (Cost $60,261)

     60,261        60,261  
    

 

 

  

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-100.22%
(Cost $79,427,228)

 

      74,880,034  
    

 

 

  
      Shares      Value  
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-1.87%     

Invesco Private Government Fund,
0.01%(d)(f)(g)
(Cost $1,397,991)

     1,397,991      $ 1,397,991  
    

 

 

  

TOTAL INVESTMENTS IN SECURITIES-102.09%

    (Cost $80,825,219)

 

 

      76,278,025  

OTHER ASSETS LESS LIABILITIES-(2.09)%

        (1,558,273 ) 
    

 

 

  

NET ASSETS-100.00%

      $ 74,719,752  
    

 

 

  
 

Investment Abbreviations:

NVDR-Non-Voting Depositary Receipt

Notes to Schedule of Investments:

(a) 

Non-income producing security.

(b) 

Security valued using significant unobservable inputs (Level 3). See Note 5.

(c) 

All or a portion of this security was out on loan at April 30, 2020.

(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, 2020.

 

                    Change in               
                    Unrealized    Realized          
     Value    Purchases    Proceeds    Appreciation    Gain    Value    Dividend
     October 31, 2019    at Cost    from Sales    (Depreciation)    (Loss)    April 30, 2020    Income
Invesco India ETF      $ 73,870      $ 170,768      $ (96,520 )      $ (57,969 )      $ 28,177      $ 118,326      $ 1,346
Investments in Affiliated Money Market Funds:                                   
Invesco Premier U.S. Government Money Portfolio, Institutional Class        208,217        4,935,733        (5,083,689 )        -        -        60,261        2,085
Investments Purchased with Cash Collateral from Securities on Loan:                                   
Invesco Government & Agency Portfolio, Institutional Class*        1,898,798        25,025,621        (26,924,419 )        -        -        -        15,173
Invesco Liquid Assets Portfolio, Institutional Class*        632,933        7,568,210        (8,200,374 )        (41 )        (728 )        -        6,372
Invesco Private Government Fund        -        2,761,318        (1,363,327 )        -        -        1,397,991        1
    

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

  
Total      $ 2,813,818      $ 40,461,650      $ (41,668,329 )      $ (58,010 )      $ 27,449      $ 1,576,578      $ 24,977
    

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

  

 

*

At April 30, 2020, this security was no longer held.

 

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

 

 

 

 

   56  

 

 

 

 

Invesco MSCI Global Timber ETF (CUT)–(continued)

April 30, 2020

(Unaudited)

 

(e) 

The rate shown is the 7-day SEC standardized yield as of April 30, 2020.

(f) 

The rate shown is the 3-day SEC standardized yield as of April 30, 2020. The money market fund commenced operations on April 28, 2020.

(g) 

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 2K.

Portfolio Composition

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

as of April 30, 2020

Materials

     92.26                             

Real Estate

     7.72    

Financials

     0.16    

Money Market Funds Plus Other Assets

Less Liabilities

     (0.14 )   
 

 

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

 

 

 

 

   57  

 

 

 

 

Invesco S&P Global Water Index ETF (CGW)

April 30, 2020

(Unaudited)

Schedule of Investments

 

      Shares      Value  
Common Stocks & Other Equity Interests-100.09%

 

Austria-1.24%     

ANDRITZ AG

     229,134      $ 7,529,113  
    

 

 

  
Brazil-1.26%     

Cia de Saneamento Basico do Estado de Sao Paulo, ADR

     1,005,018        7,698,438  
    

 

 

  
Canada-3.51%     

Algonquin Power & Utilities Corp.(a)

     1,541,477        21,419,422  
    

 

 

  
China-4.01%     

Beijing Enterprises Water Group Ltd.

     17,682,191        6,842,644  

Guangdong Investment Ltd.

     8,459,231        17,589,867  
    

 

 

  
       24,432,511  
    

 

 

  
France-7.36%     

Suez

     1,246,548        14,083,522  

Veolia Environnement S.A.(a)

     1,442,922        30,794,722  
    

 

 

  
       44,878,244  
    

 

 

  
Hong Kong-0.31%     

China Water Affairs Group Ltd.

     2,500,943        1,893,688  
    

 

 

  
Italy-1.77%     

ACEA S.p.A

     131,518        2,196,788  

Hera S.p.A

     2,321,597        8,589,730  
    

 

 

  
       10,786,518  
    

 

 

  
Japan-1.99%     

Kurita Water Industries Ltd.

     341,391        9,673,304  

METAWATER Co. Ltd.

     34,808        1,399,676  

Organo Corp.

     19,814        1,067,271  
    

 

 

  
       12,140,251  
    

 

 

  
Netherlands-1.42%     

Aalberts N.V

     307,187        8,647,070  
    

 

 

  
Singapore-0.51%     

Sembcorp Industries Ltd.

     2,676,310        3,079,933  
    

 

 

  
South Korea-1.35%     

Coway Co. Ltd.

     162,597        8,193,570  
    

 

 

  
Spain-0.23%     

Fomento de Construcciones y Contratas S.A

     149,962        1,424,077  
    

 

 

  
Sweden-2.95%     

Alfa Laval AB(b)

     956,793        17,975,624  
    

 

 

  
Switzerland-6.68%     

Geberit AG

     68,985        30,956,228  

Georg Fischer AG

     13,095        9,762,060  
    

 

 

  
       40,718,288  
    

 

 

  
United Kingdom-15.26%     

Halma PLC

     1,206,593        31,808,479  

Pennon Group PLC

     1,237,944        17,113,836  

Severn Trent PLC

     706,299        21,292,287  

United Utilities Group PLC

     2,005,258        22,819,645  
    

 

 

  
       93,034,247  
    

 

 

  

Investment Abbreviations:

ADR-American Depositary Receipt

      Shares      Value  
United States-50.24%     

Advanced Drainage Systems, Inc.

     165,680      $ 6,716,667  

Aegion Corp.(b)

     90,455        1,451,803  

American States Water Co.

     108,335        8,598,549  

American Water Works Co., Inc.

     466,816        56,806,839  

Badger Meter, Inc.

     92,953        5,487,016  

California Water Service Group

     141,583        6,359,908  

Danaher Corp.

     201,597        32,953,046  

Energy Recovery, Inc.(a)(b)

     105,593        859,527  

Essential Utilities, Inc.

     634,736        26,525,617  

Evoqua Water Technologies Corp.(b)

     230,130        3,693,587  

Franklin Electric Co., Inc.

     122,870        6,241,796  

Gorman-Rupp Co. (The)

     55,908        1,649,286  

IDEX Corp.

     193,760        29,767,349  

Lindsay Corp.

     34,527        3,107,430  

Middlesex Water Co.

     51,260        3,090,978  

Mueller Water Products, Inc., Class A

     503,290        4,776,222  

Olin Corp.(a)

     509,839        6,806,351  

Pentair PLC

     536,731        18,565,525  

Reliance Worldwide Corp. Ltd.

     2,523,002        4,509,440  

Rexnord Corp.

     389,349        10,617,547  

Select Energy Services, Inc., Class A(b)

     184,421        885,221  

SJW Group

     76,151        4,533,269  

Tetra Tech, Inc.

     160,530        12,084,698  

Watts Water Technologies, Inc., Class A

     88,135        7,262,324  

Xylem, Inc.

     575,003        41,342,716  

York Water Co. (The)

     38,197        1,540,103  
    

 

 

  
       306,232,814  
    

 

 

  

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.09%
(Cost $528,212,130)

 

      610,083,808  
    

 

 

  
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-2.59%

 

Invesco Private Government Fund,
0.01%(c)(d)(e)
(Cost $15,773,015)

     15,773,015        15,773,015  
    

 

 

  

TOTAL INVESTMENTS IN SECURITIES-102.68%

    (Cost $543,985,145)

 

 

      625,856,823  

OTHER ASSETS LESS LIABILITIES-(2.68)%

        (16,318,615 ) 
    

 

 

  

NET ASSETS-100.00%

      $ 609,538,208  
    

 

 

  
    

 

 

  
 

 

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

 

 

 

 

   58  

 

 

 

 

Invesco S&P Global Water Index ETF (CGW)–(continued)

April 30, 2020

(Unaudited)

 

Notes to Schedule of Investments:

(a) 

All or a portion of this security was out on loan at April 30, 2020.

(b) 

Non-income producing security.

(c) 

The rate shown is the 3-day SEC standardized yield as of April 30, 2020. The money market fund commenced operations on April 28, 2020.

(d) 

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 2K.

(e) 

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, 2020.

 

                    Change in               
                    Unrealized               
     Value    Purchases    Proceeds    Appreciation    Realized    Value    Dividend
     October 31, 2019    at Cost    from Sales    (Depreciation)    Gain    April 30, 2020    Income
Investments in Affiliated Money Market Funds:                                   
Invesco Premier U.S. Government Money Portfolio, Institutional Class*      $ -      $ 13,265,039      $ (13,265,039 )      $ -      $ -      $ -      $ 3,179
Investments Purchased with Cash Collateral from Securities on Loan:                                   
Invesco Government & Agency Portfolio, Institutional Class*        5,913,122        78,493,521        (84,406,643 )        -        -        -        50,019
Invesco Liquid Assets Portfolio, Institutional Class*        1,971,041        22,194,630        (24,165,629 )        (139 )        97        -        19,630
Invesco Private Government Fund        -        31,448,475        (15,675,460 )        -        -        15,773,015        8
    

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

  
Total      $ 7,884,163      $ 145,401,665      $ (137,512,771 )      $ (139 )      $ 97      $ 15,773,015      $ 72,836
    

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

  

* At April 30, 2020, this security was no longer held.

Portfolio Composition

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

as of April 30, 2020

Water Utilities

     33.24           

Machinery

     30.18     
Multi-Utilities     12.64                              
Building Products     6.92     
Electronic Equipment, Instruments & Components     6.12     
Health Care Equipment & Supplies     5.41     
Industry Types Each Less Than 3%     5.58     
Money Market Funds Plus Other Assets Less Liabilities     (0.09 )    
 

 

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

 

 

 

 

   59  

 

 

 

 

Invesco S&P International Developed Quality ETF (IDHQ)

April 30, 2020

(Unaudited)

Schedule of Investments

 

      Shares      Value  
Common Stocks & Other Equity Interests-99.86%

 

Australia-10.55%     

Alumina Ltd.

     38,045      $ 43,215  

Aristocrat Leisure Ltd.

     7,712        128,700  

BHP Group Ltd.

     38,025        805,352  

BlueScope Steel Ltd.

     5,725        38,419  

Brambles Ltd.

     30,050        217,985  

CIMIC Group Ltd.

     1,689        27,247  

Cochlear Ltd.

     832        100,499  

Coles Group Ltd.

     12,667        128,626  

CSL Ltd.

     5,563        1,127,010  

Fortescue Metals Group Ltd.

     23,276        182,256  

Insurance Australia Group Ltd.

     27,609        104,477  

Magellan Financial Group Ltd.

     2,090        69,812  

Medibank Pvt Ltd.

     39,580        69,965  

Qantas Airways Ltd.

     17,558        44,372  

REA Group Ltd.(a)

     587        34,215  

Rio Tinto PLC

     15,570        723,607  

Wesfarmers Ltd.

     23,003        567,614  

Woolworths Group Ltd.

     17,401        407,280  
    

 

 

  
           4,820,651  
    

 

 

  
Austria-0.05%     

Raiffeisen Bank International AG

     1,406        24,224  
    

 

 

  
Belgium-0.36%     

Colruyt S.A

     548        32,784  

Galapagos N.V.(b)

     606        133,746  
    

 

 

  
       166,530  
    

 

 

  
Canada-6.03%     

Alimentation Couche-Tard, Inc., Class B

     9,841        275,189  

Barrick Gold Corp.

     18,087        466,581  

Canadian National Railway Co.

     7,919        656,291  

Canadian Pacific Railway Ltd.

     1,612        367,164  

CGI,Inc.,Class A(b)

     2,511        160,482  

CI Financial Corp.

     3,030        32,264  

Constellation Software, Inc.

     216        208,159  

Gildan Activewear, Inc.

     2,178        30,452  

IGM Financial, Inc.

     924        19,612  

Kirkland Lake Gold Ltd.

     2,976        123,287  

Magna International, Inc.

     3,086        120,512  

Onex Corp.

     1,383        63,885  

Thomson Reuters Corp.

     3,239        228,697  
    

 

 

  
       2,752,575  
    

 

 

  
Denmark-5.79%     

Carlsberg A/S, Class B

     1,113        140,313  

Chr. Hansen Holding A/S

     1,276        109,939  

Coloplast A/S, Class B(a)

     1,987        314,214  

GN Store Nord A/S

     1,667        76,195  

H Lundbeck A/S

     772        28,123  

Novo Nordisk A/S, Class B

     25,646        1,635,388  

Novozymes A/S, Class B(a)

     2,674        130,978  

Orsted A/S(c)

     1,855        187,498  

Rockwool International A/S, Class B

     110        23,096  
    

 

 

  
       2,645,744  
    

 

 

  
Finland-2.09%     

Elisa OYJ

     1,786        108,452  

Kone OYJ, Class B

     6,200        375,670  
      Shares      Value  
Finland-(continued)     

Metso OYJ

     1,465      $ 40,645  

Neste OYJ

     5,883        208,323  

Orion OYJ, Class B

     1,492        75,794  

UPM-Kymmene OYJ

     5,283        146,166  
    

 

 

  
           955,050  
    

 

 

  
France-7.59%     

Airbus SE(b)

     8,555        542,352  

Dassault Aviation S.A

     38        31,008  

Hermes International

     511        373,767  

Kering S.A

     1,048        528,252  

L’Oreal S.A

     2,566        745,636  

LVMH Moet Hennessy Louis Vuitton SE

     2,812        1,085,540  

Peugeot S.A

     6,768        96,925  

Sartorius Stedim Biotech

     254        60,927  
    

 

 

  
       3,464,407  
    

 

 

  
Germany-5.49%     

adidas AG

     2,442        559,552  

Covestro AG(c)

     1,756        59,008  

Deutsche Boerse AG

     2,065        320,609  

E.ON SE

     23,243        232,839  

Evonik Industries AG

     2,029        49,914  

HOCHTIEF AG

     286        22,476  

Knorr-Bremse AG

     642        59,672  

Merck KGaA

     1,504        174,782  

MTU Aero Engines AG

     513        69,843  

Muenchener Rueckversicherungs-Gesellschaft AG

     1,530        336,503  

RWE AG

     11,198        321,838  

Siemens Healthineers AG(c)

     1,637        72,079  

Uniper SE

     1,858        49,859  

Wirecard AG(a)

     1,786        176,841  
    

 

 

  
       2,505,815  
    

 

 

  
Hong Kong-3.72%     

AIA Group Ltd.

     124,567        1,156,113  

Hong Kong Exchanges & Clearing Ltd.

     12,750        414,455  

Techtronic Industries Co. Ltd.

     17,014        129,597  
    

 

 

  
       1,700,165  
    

 

 

  
Ireland-0.24%     

ICON PLC(b)

     682        109,441  
    

 

 

  
Israel-0.61%     

Bank Leumi Le-Israel BM

     17,611        95,846  

Check Point Software Technologies Ltd.(b)

     1,538        162,628  

First International Bank of Israel Ltd.

     841        20,974  
    

 

 

  
       279,448  
    

 

 

  
Italy-0.94%     

DiaSorin S.p.A

     187        31,809  

Ferrari N.V

     1,412        221,777  

Mediaset S.p.A.(a)(b)

     8,407        17,081  

Moncler S.p.A

     2,710        101,812  

Recordati S.p.A

     1,279        55,573  
    

 

 

  
       428,052  
    

 

 

  
Japan-16.26%     

ABC-Mart, Inc.

     425        21,899  

Alfresa Holdings Corp.

     2,188        44,155  
 

 

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

 

 

 

 

   60  

 

 

 

 

Invesco S&P International Developed Quality ETF (IDHQ)–(continued)

April 30, 2020

(Unaudited)

 

      Shares      Value  
Japan-(continued)     

Asahi Group Holdings Ltd.

     5,037      $ 176,167  

Astellas Pharma, Inc.

     22,078        368,844  

Bandai Namco Holdings, Inc.

     2,218        112,647  

Bank of Kyoto Ltd. (The)(a)

     825        28,623  

Brother Industries Ltd.

     2,639        45,310  

Capcom Co. Ltd.

     931        28,687  

Casio Computer Co. Ltd.

     2,289        36,603  

Chugai Pharmaceutical Co. Ltd.

     2,200            263,543  

Daito Trust Construction Co. Ltd.

     759        73,213  

Eisai Co. Ltd.

     3,012        212,095  

FamilyMart Co. Ltd.(a)

     2,481        42,527  

Fancl Corp.

     931        22,601  

FANUC Corp.

     1,984        330,806  

Fast Retailing Co. Ltd.(a)

     800        385,281  

GOLDWIN, Inc.

     625        34,074  

GungHo Online Entertainment, Inc.

     1,146        17,951  

Hoshizaki Corp.

     543        41,841  

Hoya Corp.

     3,962        365,541  

Itochu Techno-Solutions Corp.

     893        27,558  

Japan Exchange Group, Inc.

     5,075        95,487  

Japan Tobacco, Inc.

     11,197        210,935  

Kagome Co. Ltd.

     1,034        26,523  

Kakaku.com, Inc.

     1,952        40,159  

Kaken Pharmaceutical Co. Ltd.

     431        23,820  

Kobe Bussan Co. Ltd.

     825        39,963  

Kose Corp.

     317        39,901  

Lion Corp.

     4,092        86,137  

McDonald’s Holdings Co. Japan Ltd.

     684        33,773  

Miura Co. Ltd.

     1,162        48,030  

MonotaRO Co. Ltd.

     2,169        70,383  

Morinaga & Co. Ltd.

     555        23,018  

Nexon Co. Ltd.

     4,926        80,338  

Nifco, Inc.

     874        17,123  

Nihon M&A Center, Inc.

     1,549        51,496  

Nihon Unisys Ltd.

     800        23,528  

Nintendo Co. Ltd.

     1,195        498,964  

Nippon Shinyaku Co. Ltd.

     755        53,447  

Nissan Chemical Corp.

     1,555        60,202  

Nitori Holdings Co. Ltd.

     874        135,021  

Nomura Research Institute Ltd.

     4,670        115,030  

NS Solutions Corp.

     693        17,478  

NTT DOCOMO, Inc.

     13,065        384,613  

Otsuka Corp.

     1,163        52,693  

PeptiDream, Inc.(b)

     1,116        42,267  

Pigeon Corp.

     1,607        57,632  

Recruit Holdings Co. Ltd.

     14,997        446,257  

Sankyu, Inc.

     748        29,169  

Santen Pharmaceutical Co. Ltd.

     4,186        74,533  

SCSK Corp.

     519        23,588  

Shionogi & Co. Ltd.

     3,691        204,647  

Shizuoka Bank Ltd. (The)

     5,588        34,175  

Showa Denko K.K

     1,572        34,914  

Sompo Holdings, Inc.

     4,000        130,921  

Sony Financial Holdings, Inc.

     1,496        28,903  

Subaru Corp.

     6,483        131,861  

Sundrug Co. Ltd.

     668        23,082  

Suzuken Co. Ltd.

     890        34,623  

T&D Holdings, Inc.

     5,852        51,387  

TIS, Inc.

     2,627        50,951  

Tokio Marine Holdings, Inc.

     7,988        379,922  
      Shares      Value  
Japan-(continued)     

Tokyo Electron Ltd.

     2,133      $ 457,577  

Trend Micro, Inc.

     1,887        96,525  

USS Co. Ltd.

     2,471        39,514  

Workman Co. Ltd.

     303        19,466  

Yamaha Corp.

     1,665        68,197  

Zenkoku Hosho Co. Ltd.

     731        21,636  

ZOZO, Inc.

     2,184        35,537  
    

 

 

  
           7,425,312  
    

 

 

  
Luxembourg-0.04%     

RTL Group S.A

     530        17,671  
    

 

 

  
Macau-0.33%     

Sands China Ltd.

     36,353        149,588  
    

 

 

  
Netherlands-4.22%     

Akzo Nobel N.V

     2,586        196,005  

ASML Holding N.V

     4,876        1,445,456  

Randstad N.V

     1,204        48,305  

Wolters Kluwer N.V

     3,212        236,135  
    

 

 

  
       1,925,901  
    

 

 

  
New Zealand-0.68%     

a2 Milk Co. Ltd.(b)

     8,285        100,337  

Contact Energy Ltd.

     7,919        30,731  

Fisher & Paykel Healthcare Corp. Ltd.

     6,306        106,560  

Fletcher Building Ltd.

     8,715        19,894  

Spark New Zealand Ltd.

     20,152        55,202  
    

 

 

  
       312,724  
    

 

 

  
Norway-0.57%     

Equinor ASA

     11,277        158,293  

Gjensidige Forsikring ASA

     3,081        54,568  

Salmar ASA

     697        27,281  

TGS NOPEC Geophysical Co. ASA

     1,244        19,166  
    

 

 

  
       259,308  
    

 

 

  
Portugal-0.04%     

Navigator Co. S.A. (The)

     6,307        16,400  
    

 

 

  
Singapore-0.48%     

Genting Singapore Ltd.

     59,079        32,945  

Mapletree Commercial Trust

     22,800        31,746  

SATS Ltd.

     6,999        16,308  

Singapore Exchange Ltd.

     8,152        55,883  

Singapore Technologies Engineering Ltd.

     21,085        51,376  

Venture Corp. Ltd.

     2,563        28,858  
    

 

 

  
       217,116  
    

 

 

  
South Africa-0.58%     

Anglo American PLC

     14,932        266,546  
    

 

 

  
South Korea-2.17%     

BGF retail Co. Ltd.

     188        24,378  

Cheil Worldwide, Inc.

     1,192        17,316  

Coway Co. Ltd.

     673        33,914  

GS Engineering & Construction Corp.

     966        20,058  

Hanssem Co. Ltd.

     497        29,695  

HDC Hyundai Development Co.-Engineering &

    Construction, Class E

     1,365        21,117  

KMW Co. Ltd.(b)

     605        30,288  

Korea Aerospace Industries Ltd.

     893        18,799  

KT&G Corp.

     1,359        90,455  

LG Household & Health Care Ltd.

     88        100,101  

Lotte Corp.

     867        28,534  
 

 

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

 

 

 

 

   61  

 

 

 

 

Invesco S&P International Developed Quality ETF (IDHQ)–(continued)

April 30, 2020

(Unaudited)

 

      Shares      Value  
South Korea-(continued)     

Medy-Tox, Inc.

     112      $ 10,626  

NAVER Corp.

     1,511        244,920  

NCSoft Corp.

     194        102,378  

Orion Corp.

     283        28,800  

Samsung C&T Corp.

     1,017        88,475  

Samsung Electro-Mechanics Co. Ltd.

     590        54,959  

Samsung Engineering Co. Ltd.(b)

     2,308        21,783  

Studio Dragon Corp.(b)

     415        26,158  
    

 

 

  
           992,754  
    

 

 

  
Spain-0.91%     

Aena SME S.A.(c)

     817        103,356  

Industria de Diseno Textil S.A

     11,490        292,601  

Mapfre S.A

     9,916        18,149  
    

 

 

  
       414,106  
    

 

 

  
Sweden-2.58%     

Alfa Laval AB(b)

     3,368        63,276  

Atlas Copco AB, Class A(a)

     11,354        394,423  

Axfood AB

     1,504        31,906  

Boliden AB(a)

     2,755        56,498  

Epiroc AB, Class A

     7,198        72,310  

Hennes & Mauritz AB, Class B(a)

     8,398        117,107  

Industrivarden AB, Class C(b)

     1,649        34,138  

Investment AB Latour, Class B(a)

     1,601        24,030  

Kinnevik AB, Class B

     3,369        69,676  

Sandvik AB

     10,765        166,757  

Skanska AB, Class B(b)

     4,367        83,676  

SKF AB, Class B

     3,954        62,970  
    

 

 

  
       1,176,767  
    

 

 

  
Switzerland-14.13%     

Geberit AG

     583        261,614  

Kuehne + Nagel International AG

     536        76,667  

Novartis AG

     27,214        2,319,457  

Partners Group Holding AG

     229        180,277  

Roche Holding AG

     8,199        2,849,665  

Schindler Holding AG, PC

     425        94,454  

SGS S.A

     73        165,264  

Zurich Insurance Group AG

     1,592        506,887  
    

 

 

  
       6,454,285  
    

 

 

  
United Kingdom-12.94%     

Admiral Group PLC

     2,452        72,063  

AstraZeneca PLC

     13,042        1,369,013  

Barratt Developments PLC

     10,397        68,063  

Investment Abbreviations:

PC-Participation Certificate

      Shares      Value  
United Kingdom-(continued)     

Berkeley Group Holdings PLC

     1,523      $ 80,357  

Burberry Group PLC

     5,087        89,189  

Compass Group PLC

     20,632        347,683  

Croda International PLC

     1,411        86,888  

Diageo PLC

     31,900            1,106,520  

Direct Line Insurance Group PLC

     14,856        51,063  

Experian PLC

     11,492        344,412  

Hargreaves Lansdown PLC

     4,748        86,270  

International Consolidated Airlines Group S.A

     13,030        36,470  

ITV PLC

     44,951        43,375  

Legal & General Group PLC

     87,887        226,812  

Micro Focus International PLC

     4,829        29,340  

Mondi PLC

     5,563        98,938  

Persimmon PLC

     4,399        122,348  

Sage Group PLC (The)

     14,729        118,902  

Smith & Nephew PLC

     9,123        179,284  

Spirax-Sarco Engineering PLC

     967        106,458  

St James’s Place PLC

     5,843        62,749  

Taylor Wimpey PLC

     42,118        78,121  

Unilever N.V

     20,612        1,029,029  

Whitbread PLC(a)

     2,064        77,582  
    

 

 

  
       5,910,929  
    

 

 

  
United States-0.47%     

Ferguson PLC

     2,664        192,743  

Taro Pharmaceutical Industries Ltd.(b)

     289        19,973  
    

 

 

  
       212,716  
    

 

 

  

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.86% (Cost $48,395,034)

        45,604,225  
    

 

 

  
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-3.11%     

Invesco Private Government Fund,
0.01%(d)(e)(f)
(Cost $1,420,795)

     1,420,795        1,420,795  
    

 

 

  

TOTAL INVESTMENTS IN SECURITIES-102.97%
(Cost $49,815,829)

 

      47,025,020  

OTHER ASSETS LESS LIABILITIES-(2.97)%

        (1,354,489 ) 
    

 

 

  

NET ASSETS-100.00%

      $ 45,670,531  
    

 

 

  
    

 

 

  
 

 

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

 

 

 

 

   62  

 

 

 

 

Invesco S&P International Developed Quality ETF (IDHQ)–(continued)

April 30, 2020

(Unaudited)

 

Notes to Schedule of Investments:

(a) 

All or a portion of this security was out on loan at April 30, 2020.

(b) 

Non-income producing security.

(c) 

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2020 was $421,941, which represented less than 1% of the Fund’s Net Assets.

(d) 

The rate shown is the 3-day SEC standardized yield as of April 30, 2020. The money market fund commenced operations on April 28, 2020.

(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 2K.

(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, 2020.

 

                    Change in               
                    Unrealized    Realized          
     Value    Purchases    Proceeds    Appreciation    Gain    Value    Dividend
     October 31, 2019    at Cost    from Sales    (Depreciation)    (Loss)    April 30, 2020    Income
Investments in Affiliated Money Market Funds:                                   
Invesco Premier U.S. Government Money Portfolio, Institutional Class*      $ 71,126      $ 836,476      $ (907,602 )      $ -      $ -      $ -      $ 175
Investments Purchased with Cash Collateral from Securities on Loan:                                   
Invesco Government & Agency Portfolio, Institutional Class*        590,423        4,748,787        (5,339,210 )        -        -        -        3,257
Invesco Liquid Assets Portfolio, Institutional Class*        196,808        1,189,136        (1,385,853 )        (4 )        (87 )        -        1,268
Invesco Private Government Fund        -        2,817,378        (1,396,583 )        -        -        1,420,795        1
    

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

  
Total      $ 858,357      $ 9,591,777      $ (9,029,248 )      $ (4 )      $ (87 )      $ 1,420,795      $ 4,701
    

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

  

* At April 30, 2020, this security was no longer held.

Portfolio Composition

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

as of April 30, 2020

Health Care

     27.45                                 

Industrials

     14.57    

Consumer Discretionary

     14.05    

Consumer Staples

     10.98    

Financials

     10.75    

Materials

     8.12    

Information Technology

     7.29    

Communication Services

     3.77    

Sector Types Each Less Than 3%

     2.88    
Money Market Funds Plus Other Assets Less Liabilities     0.14    
 

 

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

 

 

 

 

   63  

 

 

 

 

Statements of Assets and Liabilities

April 30, 2020

(Unaudited)

 

    Invesco China
Technology
ETF (CQQQ)		    Invesco DWA
Developed Markets
Momentum
ETF (PIZ)		    Invesco DWA
Emerging Markets
Momentum
ETF (PIE)		    Invesco FTSE
RAFI Developed
Markets ex-U.S.
ETF (PXF)
Assets:                   

Unaffiliated investments in securities, at value(a)

     $ 681,355,647      $ 133,037,810      $ 119,759,234      $ 1,095,726,834

Affiliated investments in securities, at value

       9,914,163        3,914,536        511,084        39,043,325

Foreign currencies, at value

       915        21,604        5,969        385,823

Receivable for:

                   

Dividends

       24,181        151,369        31,860        5,013,383

Securities lending

       3,764        1,905        1,095        35,877

Investments sold

       -        -        30,893        116

Fund shares sold

       -        -        -        35,728,616

Foreign tax reclaims

       -        601,483        -        2,497,387

Other assets

       -        -        -        -
   

 

 

       

 

 

       

 

 

       

 

 

  

Total assets

       691,298,670        137,728,707        120,340,135        1,178,431,361
   

 

 

       

 

 

       

 

 

       

 

 

  
Liabilities:                   

Due to custodian

       -        461,322        164,440        3,844,349

Due to foreign custodian

       -        -        -        -

Payable for:

                   

Investments purchased

       -        210        -        34,104,685

Collateral upon return of securities loaned

       9,145,803        3,914,536        511,084        39,043,325

Fund shares repurchased

       -        -        30,893        -

Accrued unitary management fees

       374,478        86,156        84,091        378,133

Accrued advisory fees

       -        -        -        -

Accrued trustees’ and officer’s fees

       -        -        -        -

Accrued expenses

       -        -        -        -
   

 

 

       

 

 

       

 

 

       

 

 

  

Total liabilities

       9,520,281        4,462,224        790,508        77,370,492
   

 

 

       

 

 

       

 

 

       

 

 

  
Net Assets     $ 681,778,389      $ 133,266,483      $ 119,549,627      $ 1,101,060,869
   

 

 

       

 

 

       

 

 

       

 

 

  
Net assets consist of:                   

Shares of beneficial interest

     $ 744,546,181      $ 252,204,139      $ 232,333,091      $ 1,449,674,140

Distributable earnings (loss)

       (62,767,792 )        (118,937,656 )        (112,783,464 )        (348,613,271 )
   

 

 

       

 

 

       

 

 

       

 

 

  
Net Assets     $ 681,778,389      $ 133,266,483      $ 119,549,627      $ 1,101,060,869
   

 

 

       

 

 

       

 

 

       

 

 

  

Shares outstanding (unlimited amount authorized, $0.01 par value)

       13,050,000        5,400,000        7,400,000        33,900,000

Net asset value

     $ 52.24      $ 24.68      $ 16.16      $ 32.48
   

 

 

       

 

 

       

 

 

       

 

 

  

Market price

     $ 51.75      $ 24.46      $ 15.91      $ 32.25
   

 

 

       

 

 

       

 

 

       

 

 

  

Unaffiliated investments in securities, at cost

     $ 648,843,437      $ 119,349,562      $ 105,705,971      $ 1,297,456,481
   

 

 

       

 

 

       

 

 

       

 

 

  

Affiliated investments in securities, at cost

     $ 9,914,163      $ 3,914,536      $ 511,084      $ 39,043,325
   

 

 

       

 

 

       

 

 

       

 

 

  

Foreign currencies (due to foreign custodian), at cost

     $ 913      $ 21,409      $ 5,988      $ 383,896
   

 

 

       

 

 

       

 

 

       

 

 

  

(a) Includes securities on loan with an aggregate value of:

     $ 9,072,265      $ 3,700,674      $ 488,527      $ 36,011,967
   

 

 

       

 

 

       

 

 

       

 

 

  

 

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

 

 

 

 

   64  

 

 

 

 

    

    

    

 

Invesco FTSE
RAFI Developed
Markets ex-U.S.
Small-Mid ETF (PDN)		   Invesco FTSE
RAFI Emerging
Markets
ETF (PXH)		   Invesco
Global Clean
Energy
ETF (PBD)		   Invesco
Global Water
ETF (PIO)		   Invesco
International
BuyBack AchieversTM
ETF (IPKW)		   Invesco MSCI
Global Timber
ETF (CUT)		   Invesco S&P
Global Water Index
ETF (CGW)		   Invesco S&P
International
Developed Quality
ETF (IDHQ)
                             
  $ 305,194,152     $ 1,042,285,938     $ 56,859,387     $ 180,355,343     $ 88,125,878     $ 74,701,447     $ 610,083,808     $ 45,604,225
    14,004,697       5,377,113       6,885,105       165,676       9,655,196       1,576,578       15,773,015       1,420,795
    -       36,662       251       21,154       -       -       -       4,546
                             
    1,757,025       1,216,373       34,235       326,034       637,204       63,270       292,740       126,212
    29,288       852       30,715       742       3,270       4,532       5,248       849
    114,696       -       433,279       12,681,746       8,535,208       -       -       -
    -       -       333       41       -       -       -       539
    269,812       2,960       40,994       309,306       272,410       154,635       1,300,771       170,058
    -       5,918       -       -       -       -       -       -
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  
    321,369,670       1,048,925,816       64,284,299       193,860,042       107,229,166       76,500,462       627,455,582       47,327,224
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  
                             
    -       164,858       135,198       -       253,772       -       1,138,221       226,373
    402,047       -       -       -       28,371       2,538       5,623       -
                             
    99,477       551,874       16       13,363,885       9,144,881       -       -       59
    13,887,017       1,465,406       6,885,105       96,110       9,655,196       1,397,991       15,773,015       1,420,795
    2,989       -       391,274       -       -       -       -       -
    119,814       405,202       32,842       103,986       40,326       -       -       9,466
    -       -       -       -       -       31,850       240,204       -
    -       -       -       -       -       9,763       21,789       -
    -       -       -       -       -       338,568       738,522       -
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  
    14,511,344       2,587,340       7,444,435       13,563,981       19,122,546       1,780,710       17,917,374       1,656,693
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  
  $ 306,858,326     $ 1,046,338,476     $ 56,839,864     $ 180,296,061     $ 88,106,620     $ 74,719,752     $ 609,538,208     $ 45,670,531
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  
                             
  $ 378,696,882     $ 1,381,405,220     $ 117,712,108     $ 198,165,144     $ 161,936,085     $ 97,878,838     $ 526,864,392     $ 49,840,147
    (71,838,556 )       (335,066,744 )       (60,872,244 )       (17,869,083 )       (73,829,465 )       (23,159,086 )       82,673,816       (4,169,616 )
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  
  $ 306,858,326     $ 1,046,338,476     $ 56,839,864     $ 180,296,061     $ 88,106,620     $ 74,719,752     $ 609,538,208     $ 45,670,531
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  
    11,950,000       62,900,000       4,225,000       6,700,000       3,400,000       3,200,000       17,080,000       2,000,000
  $ 25.68     $ 16.63     $ 13.45     $ 26.91     $ 25.91     $ 23.35     $ 35.69     $ 22.84
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  
  $ 25.46     $ 16.43     $ 13.39     $ 26.88     $ 25.78     $ 23.23     $ 35.66     $ 22.98
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  
  $ 330,043,991     $ 1,177,583,652     $ 46,114,262     $ 151,792,819     $ 109,122,117     $ 79,189,231     $ 528,212,130     $ 48,395,034
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  
  $ 14,004,697     $ 4,923,500     $ 6,885,105     $ 165,676     $ 9,655,196     $ 1,635,988     $ 15,773,015     $ 1,420,795
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  
  $ (660,386 )     $ 35,151     $ 300     $ 21,129     $ (29,321 )     $ (2,522 )     $ (5,569 )     $ 4,546
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  
  $ 12,830,060     $ 1,371,021     $ 6,432,229     $ 88,782     $ 9,124,444     $ 1,360,112     $ 14,095,881     $ 1,342,329
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

 

 

 

 

   65  

 

 

 

 

Statements of Operations

For the six months ended April 30, 2020

(Unaudited)

 

    Invesco China
Technology
ETF (CQQQ)		    Invesco DWA
Developed Markets
Momentum
ETF (PIZ)		    Invesco DWA
Emerging Markets
Momentum
ETF (PIE)		    Invesco FTSE
RAFI Developed
Markets ex-U.S.
ETF (PXF)
Investment income:                   

Unaffiliated dividend income

     $ 1,814,143      $ 1,276,734      $ 702,200      $ 18,327,780

Affiliated dividend income

       547        285        835        6,081

Non-cash dividend income

       -        -        224,840        103,193

Securities lending income

       30,155        18,687        3,255        158,669

Foreign withholding tax

       (3,482 )        (140,457 )        (65,363 )        (1,810,528 )
   

 

 

       

 

 

       

 

 

       

 

 

  

Total investment income

       1,841,363        1,155,249        865,767        16,785,195
   

 

 

       

 

 

       

 

 

       

 

 

  
Expenses:                   

Unitary management fees

       2,148,420        689,362        754,321        2,641,056

Advisory fees

       -        -        -        -

Sub-licensing fees

       -        -        -        -

Accounting & administration fees

       -        -        -        -

Custodian & transfer agent fees

       -        -        -        -

Trustees’ and officer’s fees

       -        -        -        -

Other expenses

       -        -        -        -
   

 

 

       

 

 

       

 

 

       

 

 

  

Total expenses

       2,148,420        689,362        754,321        2,641,056
   

 

 

       

 

 

       

 

 

       

 

 

  

Less: Waivers

       (148 )        (37 )        (126 )        (745 )
   

 

 

       

 

 

       

 

 

       

 

 

  

Net expenses

       2,148,272        689,325        754,195        2,640,311
   

 

 

       

 

 

       

 

 

       

 

 

  

Net investment income (loss)

       (306,909 )        465,924        111,572        14,144,884
   

 

 

       

 

 

       

 

 

       

 

 

  
Realized and unrealized gain (loss) from:                   

Net realized gain (loss) from:

                   

Unaffiliated investment securities

       (5,564,116 )        (13,492,674 )        (13,886,169 )        (57,266,698 )

Affiliated investment securities

       (439 )        (608 )        58        3,691

Unaffiliated in-kind redemptions

       12,213,270        31,086        3,636,913        16,804,795

Affiliated in-kind redemptions

       -        -        -        -

Short Sales

       -        -        -        -

Foreign currencies

       (28,981 )        (13,222 )        (407,622 )        561
   

 

 

       

 

 

       

 

 

       

 

 

  

Net realized gain (loss)

       6,619,734        (13,475,418 )        (10,656,820 )        (40,457,651 )
   

 

 

       

 

 

       

 

 

       

 

 

  

Change in net unrealized appreciation (depreciation) of:

                   

Unaffiliated investment securities

       32,156,405        (6,379,959 )        (12,816,120 )        (221,335,552 )

Affiliated investment securities

       (395 )        (74 )        (1 )        (284 )

Foreign currencies

       264        4,627        (4,918 )        35,318
   

 

 

       

 

 

       

 

 

       

 

 

  

Change in net unrealized appreciation (depreciation)

       32,156,274        (6,375,406 )        (12,821,039 )        (221,300,518 )
   

 

 

       

 

 

       

 

 

       

 

 

  

Net realized and unrealized gain (loss)

       38,776,008        (19,850,824 )        (23,477,859 )        (261,758,169 )
   

 

 

       

 

 

       

 

 

       

 

 

  

Net increase (decrease) in net assets resulting from operations

     $ 38,469,099      $ (19,384,900 )      $ (23,366,287 )      $ (247,613,285 )
   

 

 

       

 

 

       

 

 

       

 

 

  

(a) Net of foreign taxes of $3,715.

 

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

 

 

 

 

   66  

 

 

 

 

    

    

 

Invesco FTSE
RAFI Developed
Markets ex-U.S.
Small-Mid ETF (PDN)		   Invesco FTSE
RAFI Emerging
Markets
ETF (PXH)		   Invesco
Global Clean
Energy
ETF (PBD)		   Invesco
Global Water
ETF (PIO)		   Invesco
International
BuyBack AchieversTM
ETF (IPKW)		   Invesco MSCI
Global Timber
ETF (CUT)		   Invesco S&P
Global Water Index
ETF (CGW)		   Invesco S&P
International
Developed Quality
ETF (IDHQ)
                             
  $ 4,491,613     $ 12,686,829     $ 340,519     $ 1,319,933     $ 1,875,107     $ 1,537,818     $ 5,049,375     $ 662,908
    3,337       15,156       302       133       322       3,431       3,179       175
    184,393       167,514       -       -       -       -       -       -
    173,871       13,282       276,180       32,300       14,443       20,365       82,379       4,429
    (422,039 )       (1,064,322 )       (35,448 )       (61,551 )       (194,926 )       (52,771 )       (237,828 )       (67,011 )
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  
    4,431,175       11,818,459       581,553       1,290,815       1,694,946       1,508,843       4,897,105       600,501
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  
                             
    772,256       3,133,114       209,893       710,890       349,356       -       -       70,190
    -       -       -       -       -       281,186       1,713,846       -
    -       -       -       -       -       33,780       150,969       -
    -       -       -       -       -       16,750       29,827       -
    -       -       -       -       -       24,162       20,758       -
    -       -       -       -       -       3,818       6,948       -
    -       -       -       -       -       38,048       54,422       -
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  
    772,256       3,133,114       209,893       710,890       349,356       397,744       1,976,770       70,190
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  
    (465 )       (3,969 )       (43 )       (22 )       (47 )       (89,224 )       (437 )       (28 )
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  
    771,791       3,129,145       209,850       710,868       349,309       308,520       1,976,333       70,162
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  
    3,659,384       8,689,314       371,703       579,947       1,345,637       1,200,323       2,920,772       530,339
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  
                             
                             
    (30,614,224 )       (84,225,278 )(a)       (869,079 )       526,994       (675,968 )       182,059       (387,073 )       (196,100 )
    (440 )       8,369       (307 )       452       (1,650 )       42,822       97       (87 )
    9,518,311       3,833,603       473,458       1,863,772       (3,053,998 )       4,133,928       29,263,047       3,724,531
    -       -       -       -       -       (15,373 )       -       -
    3       -       -       -       -       -       -       -
    70,729       (780,668 )       1,065       (6,600 )       (20,305 )       (39,410 )       7,395       (11,522 )
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  
    (21,025,621 )       (81,163,974 )       (394,863 )       2,384,618       (3,751,921 )       4,304,026       28,883,466       3,516,822
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  
                             
    (32,278,284 )       (201,211,352 )       2,988,697       (15,308,891 )       (22,856,330 )       (18,362,943 )       (93,570,339 )       (6,690,188 )
    (228 )       453,579       (200 )       (74 )       (53 )       (58,010 )       (139 )       (4 )
    6,896       (215,394 )       485       6,610       17,831       (6,314 )       18,744       2,873
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  
    (32,271,616 )       (200,973,167 )       2,988,982       (15,302,355 )       (22,838,552 )       (18,427,267 )       (93,551,734 )       (6,687,319 )
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  
    (53,297,237 )       (282,137,141 )       2,594,119       (12,917,737 )       (26,590,473 )       (14,123,241 )       (64,668,268 )       (3,170,497 )
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  
  $ (49,637,853 )     $ (273,447,827 )     $ 2,965,822     $ (12,337,790 )     $ (25,244,836 )     $ (12,922,918 )     $ (61,747,496 )     $ (2,640,158 )
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

 

 

 

 

   67  

 

 

 

 

Statements of Changes in Net Assets

For the six months ended April 30, 2020 and the year ended October 31, 2019

(Unaudited)

 

    Invesco China    Invesco DWA Developed Markets
    Technology ETF (CQQQ)    Momentum ETF (PIZ)
    Six Months Ended    Year Ended    Six Months Ended    Year Ended
    April 30,    October 31,    April 30,    October 31,
    2020    2019    2020    2019
Operations:                   

Net investment income (loss)

     $ (306,909 )      $ 441,566      $ 465,924      $ 2,194,732

Net realized gain (loss)

       6,619,734        (50,651,000 )        (13,475,418 )        4,613,835

Change in net unrealized appreciation (depreciation)

       32,156,274        131,042,864        (6,375,406 )        13,766,599
   

 

 

       

 

 

       

 

 

       

 

 

  

Net increase (decrease) in net assets resulting from operations

       38,469,099        80,833,430        (19,384,900 )        20,575,166
   

 

 

       

 

 

       

 

 

       

 

 

  
Distributions to Shareholders from:                   

Distributable earnings

       (56,175 )        (1,984,086 )        (1,189,980 )        (2,458,183 )
   

 

 

       

 

 

       

 

 

       

 

 

  
Shareholder Transactions:                   

Proceeds from shares sold

       167,564,060        169,853,400        11,553,042        89,487,978

Value of shares repurchased

       (34,162,982 )        (144,279,474 )        (33,038,601 )        (155,460,383 )

Transaction fees

       -        -        -        -
   

 

 

       

 

 

       

 

 

       

 

 

  

Net increase (decrease) in net assets resulting from
    share transactions

       133,401,078        25,573,926        (21,485,559 )        (65,972,405 )
   

 

 

       

 

 

       

 

 

       

 

 

  

Net increase (decrease) in net assets

       171,814,002        104,423,270        (42,060,439 )        (47,855,422 )
   

 

 

       

 

 

       

 

 

       

 

 

  
Net assets:                   

Beginning of period

       509,964,387        405,541,117        175,326,922        223,182,344
   

 

 

       

 

 

       

 

 

       

 

 

  

End of period

     $ 681,778,389      $ 509,964,387      $ 133,266,483      $ 175,326,922
   

 

 

       

 

 

       

 

 

       

 

 

  
Changes in Shares Outstanding:                   

Shares sold

       3,050,000        3,800,000        400,000        3,400,000

Shares repurchased

       (650,000 )        (3,150,000 )        (1,450,000 )        (6,050,000 )

Shares outstanding, beginning of period

       10,650,000        10,000,000        6,450,000        9,100,000
   

 

 

       

 

 

       

 

 

       

 

 

  

Shares outstanding, end of period

       13,050,000        10,650,000        5,400,000        6,450,000
   

 

 

       

 

 

       

 

 

       

 

 

  

 

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

 

 

 

 

   68  

 

 

 

 

    

    

    

 

Invesco DWA Emerging Markets   Invesco FTSE RAFI Developed Markets   Invesco FTSE RAFI Developed Markets   Invesco FTSE RAFI Emerging Markets
Momentum ETF (PIE)   ex-U.S. ETF (PXF)   ex-U.S. Small-Mid ETF (PDN)   ETF (PXH)
Six Months Ended   Year Ended   Six Months Ended   Year Ended   Six Months Ended   Year Ended   Six Months Ended   Year Ended
April 30,   October 31,   April 30,   October 31,   April 30,   October 31,   April 30,   October 31,
2020   2019   2020   2019   2020   2019   2020   2019
                                      
  $ 111,572       $ 3,572,273     $ 14,144,884     $ 48,275,281     $ 3,659,384     $ 7,534,531     $ 8,689,314     $ 43,548,035
    (10,656,820 )       (12,222,762 )       (40,457,651 )       22,645,640       (21,025,621 )       3,743,870       (81,163,974 )       9,922,253
    (12,821,039 )       36,363,295       (221,300,518 )       24,153,900       (32,271,616 )       13,563,895       (200,973,167 )       42,306,578
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  
    (23,366,287 )       27,712,806       (247,613,285 )       95,074,821       (49,637,853 )       24,842,296       (273,447,827 )       95,776,866
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  
                                    
    (1,507,915 )       (4,189,151 )       (15,945,763 )       (52,102,548 )       (4,614,022 )       (8,100,512 )       (11,051,560 )       (42,921,358 )
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  
                                    
    27,249,246       6,000,666       232,570,131       193,265,004       77,851,708       68,979,125       122,452,421       246,400,978
    (51,087,513 )       (54,036,505 )       (114,140,632 )       (265,660,638 )       (44,905,825 )       (49,476,285 )       (68,906,539 )       (151,731,342 )
    52,580       61,725       114,534       77,695       8,820       48,223       142,146       291,802
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  
                             
    (23,785,687 )       (47,974,114 )       118,544,033       (72,317,939 )       32,954,703       19,551,063       53,688,028       94,961,438
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  
    (48,659,889 )       (24,450,459 )       (145,015,015 )       (29,345,666 )       (21,297,172 )       36,292,847       (230,811,359 )       147,816,946
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  
                                    
    168,209,516       192,659,975       1,246,075,884       1,275,421,550       328,155,498       291,862,651       1,277,149,835       1,129,332,889
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  
  $ 119,549,627     $ 168,209,516     $ 1,101,060,869     $ 1,246,075,884     $ 306,858,326     $ 328,155,498     $ 1,046,338,476     $ 1,277,149,835
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  
                                    
    1,450,000       350,000       6,900,000       5,050,000       3,000,000       2,450,000       5,950,000       11,700,000
    (3,100,000 )       (3,250,000 )       (3,400,000 )       (6,500,000 )       (1,750,000 )       (1,650,000 )       (4,000,000 )       (7,150,000 )
    9,050,000       11,950,000       30,400,000       31,850,000       10,700,000       9,900,000       60,950,000       56,400,000
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  
    7,400,000       9,050,000       33,900,000       30,400,000       11,950,000       10,700,000       62,900,000       60,950,000
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

 

 

 

 

   69  

 

 

 

 

Statements of Changes in Net Assets–(continued)

For the six months ended April 30, 2020 and the year ended October 31, 2019

(Unaudited)

 

    Invesco Global    Invesco Global
    Clean Energy ETF (PBD)    Water ETF (PIO)
    Six Months Ended    Year Ended    Six Months Ended    Year Ended
    April 30,    October 31,    April 30,    October 31,
    2020    2019    2020    2019
Operations:                   

Net investment income

     $ 371,703      $ 847,494      $ 579,947      $ 2,605,413

Net realized gain (loss)

       (394,863 )        781,863        2,384,618        4,335,692

Change in net unrealized appreciation (depreciation)

       2,988,982        6,281,372        (15,302,355 )        31,301,757
   

 

 

       

 

 

       

 

 

       

 

 

  

Net increase (decrease) in net assets resulting from operations

       2,965,822        7,910,729        (12,337,790 )        38,242,862
   

 

 

       

 

 

       

 

 

       

 

 

  
Distributions to Shareholders from:                   

Distributable earnings

       (607,548 )        (980,943 )        (458,271 )        (2,822,348 )
   

 

 

       

 

 

       

 

 

       

 

 

  
Shareholder Transactions:                   

Proceeds from shares sold

       6,129,112        -        3,599,772        18,017,976

Value of shares repurchased

       (1,323,100 )        (6,919,279 )        (5,822,037 )        (23,042,889 )

Transaction fees

       812        3,159        630        2,343
   

 

 

       

 

 

       

 

 

       

 

 

  

Net increase (decrease) in net assets resulting from share transactions

       4,806,824        (6,916,120 )        (2,221,635 )        (5,022,570 )
   

 

 

       

 

 

       

 

 

       

 

 

  

Net increase (decrease) in net assets

       7,165,098        13,666        (15,017,696 )        30,397,944
   

 

 

       

 

 

       

 

 

       

 

 

  
Net assets:                   

Beginning of period

       49,674,766        49,661,100        195,313,757        164,915,813
   

 

 

       

 

 

       

 

 

       

 

 

  

End of period

     $ 56,839,864      $ 49,674,766      $ 180,296,061      $ 195,313,757
   

 

 

       

 

 

       

 

 

       

 

 

  
Changes in Shares Outstanding:                   

Shares sold

       400,000        -        150,000        650,000

Shares repurchased

       (100,000 )        (600,000 )        (200,000 )        (850,000 )

Shares outstanding, beginning of period

       3,925,000        4,525,000        6,750,000        6,950,000
   

 

 

       

 

 

       

 

 

       

 

 

  

Shares outstanding, end of period

       4,225,000        3,925,000        6,700,000        6,750,000
   

 

 

       

 

 

       

 

 

       

 

 

  

 

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

 

 

 

 

   70  

 

 

 

 

    

    

    

 

Invesco International BuyBack   Invesco MSCI Global   Invesco S&P Global   Invesco S&P International
AchieversTM ETF (IPKW)   Timber ETF (CUT)   Water Index ETF (CGW)   Developed Quality ETF (IDHQ)
Six Months Ended   Year Ended   Six Months Ended   Year Ended   Six Months Ended   Year Ended   Six Months Ended   Year Ended
April 30,   October 31,   April 30,   October 31,   April 30,   October 31,   April 30,   October 31,
2020   2019   2020   2019   2020   2019   2020   2019
                             
  $ 1,345,637     $ 4,402,560     $ 1,200,323     $ 4,145,379     $ 2,920,772     $ 11,012,248     $ 530,339     $ 833,796
    (3,751,921 )       (37,340,128 )       4,304,026       4,519,082       28,883,466       6,922,670       3,516,822       (340,844 )
    (22,838,552 )       41,795,879       (18,427,267 )       (8,948,658 )       (93,551,734 )       117,953,369       (6,687,319 )       5,913,916
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  
    (25,244,836 )       8,858,311       (12,922,918 )       (284,197 )       (61,747,496 )       135,888,287       (2,640,158 )       6,406,868
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  
                                    
    (1,590,844 )       (5,243,213 )       (3,739,204 )       (4,947,600 )       (10,607,913 )       (10,958,575 )       (514,500 )       (916,670 )
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  
                                    
    4,938,756       39,446,681       -       3,971,096       13,200,165       109,681,761       26,017,390       20,510,517
    (31,701,412 )       (144,764,111 )       (42,750,381 )       (38,113,591 )       (73,236,873 )       (23,998,390 )       (24,920,323 )       (10,317,948 )
    13,190       21,030       39,687       4,108       12,386       6,647       2,016       4,267
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  
    (26,749,466 )       (105,296,400 )       (42,710,694 )       (34,138,387 )       (60,024,322 )       85,690,018       1,099,083       10,196,836
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  
    (53,585,146 )       (101,681,302 )       (59,372,816 )       (39,370,184 )       (132,379,731 )       210,619,730       (2,055,575 )       15,687,034
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  
                                    
    141,691,766       243,373,068       134,092,568       173,462,752       741,917,939       531,298,209       47,726,106       32,039,072
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  
  $ 88,106,620     $ 141,691,766     $ 74,719,752     $ 134,092,568     $ 609,538,208     $ 741,917,939     $ 45,670,531     $ 47,726,106
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  
                                    
    150,000       1,250,000       -       150,000       320,000       3,040,000       1,050,000       900,000
    (1,150,000 )       (4,700,000 )       (1,650,000 )       (1,500,000 )       (2,000,000 )       (720,000 )       (1,000,000 )       (450,000 )
    4,400,000       7,850,000       4,850,000       6,200,000       18,760,000       16,440,000       1,950,000       1,500,000
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  
    3,400,000       4,400,000       3,200,000       4,850,000       17,080,000       18,760,000       2,000,000       1,950,000
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

 

 

 

 

   71  

 

 

 

 

Financial Highlights

 

Invesco China Technology ETF (CQQQ)

 

    Six Months Ended                        
    April 30,       Two Months Ended                
    2020   Year Ended October 31,   October 31,   Years Ended August 31,
    (Unaudited)   2019   2018   2018   2017   2016   2015
Per Share Operating Performance:                            

Net asset value at beginning of period

     $ 47.88     $ 40.55     $ 49.32     $ 55.00     $ 39.26     $ 29.55     $ 38.09
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net investment income (loss)(a)

       (0.03 )       0.04       0.03       0.31       0.52       0.32       0.46

Net realized and unrealized gain (loss) on investments

       4.40       7.46       (8.80 )       (5.13 )       15.82       10.03       (8.65 )
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Total from investment operations

       4.37       7.50       (8.77 )       (4.82 )       16.34       10.35       (8.19 )
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Distributions to shareholders from:

                            

Net investment income

       (0.01 )       (0.17 )       -       (0.86 )       (0.60 )       (0.64 )       (0.35 )
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net asset value at end of period

     $ 52.24     $ 47.88     $ 40.55     $ 49.32     $ 55.00     $ 39.26     $ 29.55
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Market price at end of period

     $ 51.75 (b)      $ 47.67 (b)      $ 40.81 (b)      $ 49.36 (b)      $ 55.21     $ 39.08     $ 29.31
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net Asset Value Total Return(c)

       9.12 %       18.59 %       (17.78 )%       (9.05 )%       42.43 %       35.19 %       (21.62 )%

Market Price Total Return(c)

       8.57 %       17.32 %       (17.32 )%       (9.33 )%            

Ratios/Supplemental Data:

                            

Net assets at end of period (000’s omitted)

     $ 681,778     $ 509,964     $ 405,541     $ 384,689     $ 209,019     $ 45,153     $ 45,804

Ratio to average net assets of:

                            

Expenses

       0.70 %(d)       0.70 %       0.70 %(d)       0.65 %       0.70 %       0.70 %       0.70 %

Net investment income (loss)

       (0.10 )%(d)       0.09 %       0.39 %(d)       0.52 %       1.20 %       0.94 %       1.20 %

Portfolio turnover rate(e)

       14 %       80 %       4 %       21 %       10 %       48 %       32 %

 

(a) 

Based on average shares outstanding.

(b) 

The mean between the last bid and ask prices.

(c) 

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(d) 

Annualized.

(e) 

Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

 

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

 

 

 

 

   72  

 

 

 

 

Financial Highlights–(continued)

 

Invesco DWA Developed Markets Momentum ETF (PIZ)

 

    Six Months Ended                      
    April 30,                      
    2020   Years Ended October 31,
    (Unaudited)   2019    2018   2017    2016   2015
Per Share Operating Performance:                          

Net asset value at beginning of period

     $ 27.18     $ 24.53      $ 27.30     $ 22.29      $ 23.36     $ 24.49
   

 

 

      

 

 

       

 

 

      

 

 

       

 

 

      

 

 

  

Net investment income(a)

       0.07       0.30        0.24       0.36        0.35       0.27

Net realized and unrealized gain (loss) on investments

       (2.39 )       2.70        (2.68 )       5.05        (1.04 )       (1.15 )
   

 

 

      

 

 

       

 

 

      

 

 

       

 

 

      

 

 

  

Total from investment operations

       (2.32 )       3.00        (2.44 )       5.41        (0.69 )       (0.88 )
   

 

 

      

 

 

       

 

 

      

 

 

       

 

 

      

 

 

  

Distributions to shareholders from:

                          

Net investment income

       (0.18 )       (0.35 )        (0.33 )       (0.40 )        (0.38 )       (0.25 )
   

 

 

      

 

 

       

 

 

      

 

 

       

 

 

      

 

 

  

Net asset value at end of period

     $ 24.68     $ 27.18      $ 24.53     $ 27.30      $ 22.29     $ 23.36
   

 

 

      

 

 

       

 

 

      

 

 

       

 

 

      

 

 

  

Market price at end of period(b)

     $ 24.46     $ 27.10      $ 24.47     $ 27.35      $ 22.27     $ 23.21
   

 

 

      

 

 

       

 

 

      

 

 

       

 

 

      

 

 

  
Net Asset Value Total Return(c)       (8.54 )%       12.31 %        (9.09 )%       24.58 %        (2.97 )%       (3.63 )%
Market Price Total Return(c)       (9.09 )%       12.25 %        (9.48 )%       24.91 %        (2.43 )%       (4.48 )%
Ratios/Supplemental Data:                          

Net assets at end of period (000’s omitted)

     $ 133,266     $ 175,327      $ 223,182     $ 232,084      $ 173,891     $ 263,996

Ratio to average net assets of:

                          

Expenses

       0.80 %(d)       0.81 %        0.80 %       0.81 %        0.81 %       0.81 %

Net investment income

       0.54 %(d)       1.18 %        0.88 %       1.46 %        1.50 %       1.10 %

Portfolio turnover rate(e)

       54 %       106 %        94 %       98 %        124 %       120 %

 

(a) 

Based on average shares outstanding.

(b) 

The mean between the last bid and ask prices.

(c) 

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(d) 

Annualized.

(e) 

Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

 

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

 

 

 

 

   73  

 

 

 

 

Financial Highlights–(continued)

 

Invesco DWA Emerging Markets Momentum ETF (PIE)

 

    Six Months Ended                     
    April 30,                     
    2020   Years Ended October 31,
    (Unaudited)   2019   2018   2017    2016   2015
Per Share Operating Performance:                         

Net asset value at beginning of period

     $ 18.59     $ 16.12     $ 19.48     $ 16.11      $ 16.02     $ 18.91
   

 

 

      

 

 

      

 

 

      

 

 

       

 

 

      

 

 

  

Net investment income(a)

       0.01       0.36 (b)        0.40       0.28        0.16       0.12

Net realized and unrealized gain (loss) on investments

       (2.30 )       2.51       (3.29 )       3.34        0.14 (c)        (2.94 )
   

 

 

      

 

 

      

 

 

      

 

 

       

 

 

      

 

 

  

Total from investment operations

       (2.29 )       2.87       (2.89 )       3.62        0.30       (2.82 )
   

 

 

      

 

 

      

 

 

      

 

 

       

 

 

      

 

 

  

Distributions to shareholders from:

                         

Net investment income

       (0.15 )       (0.41 )       (0.49 )       (0.26 )        (0.21 )       (0.10 )

Return of capital

       -       -       -       -        (0.01 )       -
   

 

 

      

 

 

      

 

 

      

 

 

       

 

 

      

 

 

  

Total distributions

       (0.15 )       (0.41 )       (0.49 )       (0.26 )        (0.22 )       (0.10 )
   

 

 

      

 

 

      

 

 

      

 

 

       

 

 

      

 

 

  

Transaction fees(a)

       0.01       0.01       0.02       0.01        0.01       0.03
   

 

 

      

 

 

      

 

 

      

 

 

       

 

 

      

 

 

  

Net asset value at end of period

     $ 16.16     $ 18.59     $ 16.12     $ 19.48      $ 16.11     $ 16.02
   

 

 

      

 

 

      

 

 

      

 

 

       

 

 

      

 

 

  

Market price at end of period(d)

     $ 15.91     $ 18.51     $ 16.08     $ 19.54      $ 16.10     $ 15.97
   

 

 

      

 

 

      

 

 

      

 

 

       

 

 

      

 

 

  
Net Asset Value Total Return(e)       (12.37 )%       18.23 %       (15.11 )%       22.72 %        2.00 %(c)       (14.78 )%
Market Price Total Return(e)       (13.35 )%       18.03 %       (15.58 )%       23.18 %        2.25 %       (14.50 )%
Ratios/Supplemental Data:                         

Net assets at end of period (000’s omitted)

     $ 119,550     $ 168,210     $ 192,660     $ 212,377      $ 183,668     $ 196,268

Ratio to average net assets of:

                         

Expenses

       0.90 %(f)       0.91 %(g)       0.90 %       0.90 %        0.90 %       0.90 %

Net investment income

       0.13 %(f)       2.13 %(b)(g)       2.01 %       1.67 %        1.04 %       0.68 %

Portfolio turnover rate(h)

       72 %       158 %       163 %       174 %        160 %       176 %

 

(a) 

Based on average shares outstanding.

(b) 

Net Investment income per share and the ratio of net investment income to average net assets include a non-cash taxable distribution received during the year. Net investment income per share and the ratio of net investment income to average net assets excluding the non-cash taxable distribution are $0.24 and 1.39%, respectively.

(c) 

Includes settlement proceeds recorded during the period. Had these settlement proceeds not been recorded Net realized and unrealized gain (loss) on investments per share would have been $0.10 and total return would have been lower.

(d) 

The mean between the last bid and ask prices.

(e) 

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(f) 

Annualized.

(g) 

Ratios include non-recurring costs associated with a proxy statement of 0.01%.

(h) 

Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

 

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

 

 

 

 

   74  

 

 

 

 

Financial Highlights–(continued)

 

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

    Six Months Ended                                   
    April 30,                                   
    2020      Years Ended October 31,  
    (Unaudited)      2019      2018     2017      2016     2015  
Per Share Operating Performance:                   

Net asset value at beginning of period

            $ 40.99               $ 40.04      $ 44.66     $ 36.74      $ 38.60     $ 41.20  
   

 

 

       

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

Net investment income(a)

       0.46          1.45        1.34       1.20        1.09       1.16  

Net realized and unrealized gain (loss) on investments

       (8.49 )         1.10        (4.56 )      7.98        (1.82 )      (2.65 ) 
   

 

 

       

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

Total from investment operations

       (8.03 )         2.55        (3.22 )      9.18        (0.73 )      (1.49 ) 
   

 

 

       

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

Distributions to shareholders from:

                   

Net investment income

       (0.48 )         (1.60 )       (1.40 )      (1.26 )       (1.13 )      (1.11 ) 
   

 

 

       

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

Transaction fees(a)

       0.00 (b)         0.00 (b)       0.00 (b)      -        -       -  
   

 

 

       

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

Net asset value at end of period

     $ 32.48        $ 40.99      $ 40.04     $ 44.66      $ 36.74     $ 38.60  
   

 

 

       

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

Market price at end of period(c)

     $ 32.25        $ 40.86      $ 39.98     $ 44.81      $ 36.68     $ 38.34  
   

 

 

       

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

Net Asset Value Total Return(d)

       (19.52 )%         6.58 %       (7.45 )%      25.38 %       (1.73 )%      (3.72 )% 

Market Price Total Return(d)

       (19.84 )%         6.41 %       (7.92 )%      25.99 %       (1.24 )%      (5.55 )% 

Ratios/Supplemental Data:

                   

Net assets at end of period (000’s omitted)

     $ 1,101,061        $ 1,246,076      $ 1,275,422     $ 1,214,850      $ 938,650     $ 787,536  

Ratio to average net assets of:

                   

Expenses

       0.45 %(e)         0.45 %       0.45 %      0.45 %       0.45 %      0.46 % 

Net investment income

       2.41 %(e)         3.64 %       3.02 %      2.95 %       3.05 %      2.87 % 

Portfolio turnover rate(f)

       9 %         15 %       10 %      13 %       14 %      12 % 

 

(a) 

Based on average shares outstanding.

(b) 

Amount represents less than $0.005.

(c) 

The mean between the last bid and ask prices.

(d) 

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(e) 

Annualized.

(f) 

Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

 

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

 

 

 

 

   75  

 

 

 

 

Financial Highlights–(continued)

 

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

    Six Months Ended                                  
    April 30,                                  
    2020    Years Ended October 31,  
   

(Unaudited)

    2019      2018     2017      2016      2015  
Per Share Operating Performance:                    

Net asset value at beginning of period

     $ 30.67           $ 29.48      $ 33.33     $ 27.37      $ 26.60      $ 26.48  
   

 

 

       

 

 

     

 

 

    

 

 

     

 

 

     

 

 

  

Net investment income(a)

       0.33          0.70        0.75       0.59        0.53        0.46  

Net realized and unrealized gain (loss) on investments

       (4.93 )         1.24        (3.66 )      5.99        0.86        0.12  
   

 

 

       

 

 

     

 

 

    

 

 

     

 

 

     

 

 

  

Total from investment operations.

       (4.60 )         1.94        (2.91 )      6.58        1.39        0.58  
   

 

 

       

 

 

     

 

 

    

 

 

     

 

 

     

 

 

  

Distributions to shareholders from:

                    

Net investment income

       (0.39 )         (0.75 )       (0.94 )      (0.62 )       (0.62 )       (0.46 ) 
   

 

 

       

 

 

     

 

 

    

 

 

     

 

 

     

 

 

  

Transaction fees(a)

       0.00 (b)         0.00 (b)       0.00 (b)      -        -        -  
   

 

 

       

 

 

     

 

 

    

 

 

     

 

 

     

 

 

  

Net asset value at end of period

     $ 25.68        $ 30.67      $ 29.48     $ 33.33      $ 27.37      $ 26.60  
   

 

 

       

 

 

     

 

 

    

 

 

     

 

 

     

 

 

  

Market price at end of period(c)

     $ 25.46        $ 30.42      $ 29.48     $ 33.44      $ 27.30      $ 26.66  
   

 

 

       

 

 

     

 

 

    

 

 

     

 

 

     

 

 

  

Net Asset Value Total Return(d)

       (14.94 )%         6.72 %       (9.05 )%      24.36 %       5.37 %       2.18 % 

Market Price Total Return(d)

       (14.98 )%         5.85 %       (9.36 )%      25.09 %       4.87 %       0.01 % 

Ratios/Supplemental Data:

                    

Net assets at end of period (000’s omitted)

     $ 306,858        $ 328,155      $ 291,863     $ 206,657      $ 162,854      $ 143,621  

Ratio to average net assets of:

                    

Expenses

       0.49 %(e)         0.49 %       0.49 %      0.49 %       0.49 %       0.50 % 

Net investment income

       2.32 %(e)         2.36 %       2.25 %      1.98 %       2.01 %       1.73 % 

Portfolio turnover rate(f)

       24 %         27 %       21 %      19 %       25 %       24 % 

 

(a) 

Based on average shares outstanding.

(b) 

Amount represents less than $0.005.

(c)

The mean between the last bid and ask prices.

(d) 

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(e) 

Annualized.

(f) 

Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

 

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

 

 

 

 

   76  

 

 

 

 

Financial Highlights–(continued)

 

Invesco FTSE RAFI Emerging Markets ETF (PXH)

    Six Months Ended                                  
    April 30,                                  
    2020      Years Ended October 31,  
    (Unaudited)      2019     2018     2017     2016      2015  
Per Share Operating Performance:                  

Net asset value at beginning of period

        $ 20.95               $ 20.02     $ 21.66     $ 18.81     $ 15.44      $ 20.38  
   

 

 

       

 

 

    

 

 

    

 

 

    

 

 

     

 

 

  

Net investment income(a)

       0.13          0.72       0.73       0.57       0.42        0.53  

Net realized and unrealized gain (loss) on investments

       (4.28 )         0.92       (1.66 )      2.81       3.37        (5.02 ) 
   

 

 

       

 

 

    

 

 

    

 

 

    

 

 

     

 

 

  

Total from investment operations

       (4.15 )         1.64       (0.93 )      3.38       3.79        (4.49 ) 
   

 

 

       

 

 

    

 

 

    

 

 

    

 

 

     

 

 

  

Distributions to shareholders from:

                  

Net investment income

       (0.17 )         (0.71 )      (0.71 )      (0.53 )      (0.42 )       (0.45 ) 
   

 

 

       

 

 

    

 

 

    

 

 

    

 

 

     

 

 

  

Transaction fees(a)

       0.00 (b)         0.00 (b)      0.00 (b)      -       -        -  
   

 

 

       

 

 

    

 

 

    

 

 

    

 

 

     

 

 

  

Net asset value at end of period

     $ 16.63        $ 20.95     $ 20.02     $ 21.66     $ 18.81      $ 15.44  
   

 

 

       

 

 

    

 

 

    

 

 

    

 

 

     

 

 

  

Market price at end of period(c)

     $ 16.43        $ 20.93     $ 20.03     $ 21.62     $ 18.80      $ 15.37  
   

 

 

       

 

 

    

 

 

    

 

 

    

 

 

     

 

 

  

Net Asset Value Total Return(d)

       (19.89 )%         8.31 %      (4.44 )%      18.10 %      25.08 %       (22.16 )% 

Market Price Total Return(d)

       (20.78 )%         8.14 %      (4.22 )%      17.94 %      25.57 %       (22.00 )% 

Ratios/Supplemental Data:

                  

Net assets at end of period (000’s omitted)

     $ 1,046,338        $ 1,277,150     $ 1,129,333     $ 967,201     $ 625,398      $ 293,398  

Ratio to average net assets of:

                  

Expenses, after Waivers

       0.49 %(e)(f)         0.49 %(f)      0.48 %      0.48 %(f)      0.48 %       0.49 % 

Expenses, prior to Waivers

       0.49 %(e)(f)         0.49 %(f)      0.49 %      0.49 %(f)      0.49 %       0.49 % 

Net investment income

       1.36 %(e)         3.48 %      3.30 %      2.84 %      2.66 %       2.88 % 

Portfolio turnover rate(g)

       16 %         29 %      16 %      24 %      16 %       34 % 

 

(a) 

Based on average shares outstanding.

(b) 

Amount represents less than $0.005.

(c)

The mean between the last bid and ask prices.

(d) 

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(e) 

Annualized.

(f) 

In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Fund invests. Estimated investment companies’ expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Fund invests in. The effect of the estimated investment companies’ expenses that the Fund bears indirectly is included in the Fund’s total return.

(g) 

Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

 

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

 

 

 

 

   77  

 

 

 

 

Financial Highlights–(continued)

 

Invesco Global Clean Energy ETF (PBD)

    Six Months Ended                                  
    April 30,                                  
    2020      Years Ended October 31,  
    (Unaudited)      2019     2018     2017      2016     2015  
Per Share Operating Performance:                  

Net asset value at beginning of period

        $ 12.66               $ 10.97     $ 13.08     $ 10.65      $ 11.46     $ 12.52  
   

 

 

       

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Net investment income(a)

       0.09          0.21       0.18       0.23        0.20       0.13  

Net realized and unrealized gain (loss) on investments

       0.85          1.72       (2.07 )      2.39        (0.80 )(b)      (1.07 ) 
   

 

 

       

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Total from investment operations

       0.94          1.93       (1.89 )      2.62        (0.60 )      (0.94 ) 
   

 

 

       

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Distributions to shareholders from:

                  

Net investment income

       (0.15 )         (0.24 )      (0.22 )      (0.19 )       (0.21 )      (0.12 ) 
   

 

 

       

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Transaction fees(a)

       0.00 (c)         0.00 (c)      0.00 (c)      -        -       -  
   

 

 

       

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Net asset value at end of period

     $ 13.45        $ 12.66     $ 10.97     $ 13.08      $ 10.65     $ 11.46  
   

 

 

       

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Market price at end of period(d)

     $ 13.39        $ 12.56     $ 10.95     $ 13.07      $ 10.62     $ 11.46  
   

 

 

       

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Net Asset Value Total Return(e)

       7.49 %         17.86 %      (14.69 )%      24.90 %       (5.29 )%(b)      (7.51 )% 

Market Price Total Return(e)

       7.86 %         17.16 %      (14.78 )%      25.17 %       (5.56 )%      (8.10 )% 

Ratios/Supplemental Data:

                  

Net assets at end of period (000’s omitted)

     $ 56,840        $ 49,675     $ 49,661     $ 60,499      $ 56,152     $ 66,762  

Ratio to average net assets of:

                  

Expenses

       0.75 %(f)         0.77 %(g)      0.75 %      0.75 %       0.75 %      0.77 % 

Net investment income

       1.33 %(f)         1.74 %(g)      1.43 %      1.98 %       1.83 %      1.11 % 

Portfolio turnover rate(h)

       26 %         59 %      46 %      40 %       57 %      51 % 

 

(a) 

Based on average shares outstanding.

(b) 

Includes settlement proceeds recorded during the period. Had these settlement proceeds not been recorded Net realized and unrealized gain (loss) on investments per share would have been $(0.83) and total return would have been lower.

(c) 

Amount represents less than $0.005.

(d) 

The mean between the last bid and ask prices.

(e) 

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(f) 

Annualized.

(g) 

Ratios include non-recurring costs associated with a proxy statement of 0.02%.

(h) 

Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

 

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

 

 

 

 

   78  

 

 

 

 

Financial Highlights–(continued)

 

Invesco Global Water ETF (PIO)

    Six Months Ended                                  
    April 30,                                  
    2020      Years Ended October 31,  
    (Unaudited)      2019     2018     2017      2016     2015  
Per Share Operating Performance:                  

Net asset value at beginning of period

        $ 28.94               $ 23.73     $ 25.27     $ 21.32      $ 21.89     $ 23.35  
   

 

 

       

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Net investment income(a)

       0.09          0.38       0.45       0.28        0.34       0.29  

Net realized and unrealized gain (loss) on investments

       (2.05 )         5.25       (1.54 )      3.95        (0.60 )      (1.45 ) 
   

 

 

       

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Total from investment operations.

       (1.96 )         5.63       (1.09 )      4.23        (0.26 )      (1.16 ) 
   

 

 

       

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Distributions to shareholders from:

                  

Net investment income

       (0.07 )         (0.42 )      (0.45 )      (0.28 )       (0.31 )      (0.30 ) 
   

 

 

       

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Transaction fees(a)

       0.00 (b)         0.00 (b)      0.00 (b)      -        -       -  
   

 

 

       

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Net asset value at end of period

     $ 26.91        $ 28.94     $ 23.73     $ 25.27      $ 21.32     $ 21.89  
   

 

 

       

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Market price at end of period(c)

     $ 26.88        $ 28.84     $ 23.69     $ 25.25      $ 21.29     $ 21.77  
   

 

 

       

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Net Asset Value Total Return(d)

       (6.79 )%         23.90 %      (4.45 )%      20.01 %       (1.14 )%      (5.03 )% 

Market Price Total Return(d)

       (6.57 )%         23.68 %      (4.53 )%      20.08 %       (0.78 )%      (5.35 )% 

Ratios/Supplemental Data:

                  

Net assets at end of period (000’s omitted)

     $ 180,296        $ 195,314     $ 164,916     $ 200,862      $ 188,665     $ 241,832  

Ratio to average net assets of:

                  

Expenses

       0.75 %(e)         0.76 %(f)      0.75 %      0.75 %       0.74 %      0.76 % 

Net investment income

       0.61 %(e)         1.45 %(f)      1.77 %      1.22 %       1.62 %      1.27 % 

Portfolio turnover rate(g)

       15 %         32 %      34 %      34 %       67 %      78 % 

 

(a) 

Based on average shares outstanding.

(b) 

Amount represents less than $0.005.

(c)

The mean between the last bid and ask prices.

(d) 

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(e) 

Annualized.

(f) 

Ratios include non-recurring costs associated with a proxy statement of 0.01%.

(g) 

Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

 

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

 

 

 

 

   79  

 

 

 

 

Financial Highlights–(continued)

 

Invesco International BuyBack AchieversTM ETF (IPKW)

    Six Months Ended                                   
    April 30,                                   
    2020      Years Ended October 31,  
    (Unaudited)      2019      2018     2017      2016     2015  
Per Share Operating Performance:                   

Net asset value at beginning of period

        $ 32.20               $ 31.00      $ 35.31     $ 27.94      $ 27.02     $ 25.05  
   

 

 

       

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

Net investment income(a)

       0.32          0.76        0.69       0.47        0.74 (b)      0.44  

Net realized and unrealized gain (loss) on investments

       (6.23 )         1.38        (4.28 )      7.28        0.89       1.82  
   

 

 

       

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

Total from investment operations

       (5.91 )         2.14        (3.59 )      7.75        1.63       2.26  
   

 

 

       

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

Distributions to shareholders from:

                   

Net investment income

       (0.38 )         (0.94 )       (0.73 )      (0.38 )       (0.71 )      (0.29 ) 
   

 

 

       

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

Transaction fees(a)

       0.00 (c)         0.00 (c)       0.01       -        -       -  
   

 

 

       

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

Net asset value at end of period

     $ 25.91        $ 32.20      $ 31.00     $ 35.31      $ 27.94     $ 27.02  
   

 

 

       

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

Market price at end of period(d)

     $ 25.78        $ 32.05      $ 30.96     $ 35.47      $ 28.02     $ 26.96  
   

 

 

       

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

Net Asset Value Total Return(e)

       (18.21 )%         7.10 %       (10.40 )%      28.03 %       6.25 %      9.04 % 

Market Price Total Return(e)

       (18.24 )%         6.74 %       (10.96 )%      28.24 %       6.78 %      7.51 % 

Ratios/Supplemental Data:

                   

Net assets at end of period (000’s omitted)

     $ 88,107        $ 141,692      $ 243,373     $ 197,735      $ 92,202     $ 58,099  

Ratio to average net assets of:

                   

Expenses

       0.55 %(f)         0.55 %       0.55 %      0.55 %       0.55 %      0.55 % 

Net investment income

       2.12 %(f)         2.44 %       1.90 %      1.47 %       2.76 %(b)      1.68 % 

Portfolio turnover rate(g)

       12 %         99 %       121 %      118 %       106 %      162 % 

 

(a) 

Based on average shares outstanding.

(b) 

Net investment income per share and the ratio of net investment income to average net assets include a significant dividend received during the period. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividend are $0.51 and 1.90%, respectively.

(c) 

Amount represents less than $0.005.

(d) 

The mean between the last bid and ask prices.

(e) 

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(f) 

Annualized.

(g) 

Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

 

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

 

 

 

 

   80  

 

 

 

 

Financial Highlights–(continued)

 

Invesco MSCI Global Timber ETF (CUT)

    Six Months Ended                        
    April 30,       Five Months Ended                
    2020   Year Ended October 31,   October 31,   Years Ended May 31,
    (Unaudited)   2019   2018   2018   2017   2016   2015

Per Share Operating

Performance:

                            

Net asset value at beginning of period

     $ 27.65     $ 27.98     $ 33.50     $ 27.57     $ 23.63     $ 26.28     $ 25.37
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net investment income(a)

       0.28       0.72       0.20       0.63       0.47       0.67       0.61

Net realized and unrealized gain (loss) on investments

       (3.82 )       (0.23 )       (5.72 )       5.80       3.99       (2.96 )       0.99
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Total from investment operations

       (3.54 )       0.49       (5.52 )       6.43       4.46       (2.29 )       1.60
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Distributions to shareholders from:

                            

Net investment income

       (0.77 )       (0.82 )       -       (0.50 )       (0.52 )       (0.36 )       (0.69 )
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Transaction fees(a)

       0.01       0.00 (b)        0.00 (b)        -       -       -       -
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net asset value at end of period

     $ 23.35     $ 27.65     $ 27.98     $ 33.50     $ 27.57     $ 23.63     $ 26.28
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Market price at end of period

     $ 23.23 (c)      $ 27.56 (c)      $ 27.94 (c)      $ 33.54 (c)      $ 27.52     $ 23.59     $ 26.26
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net Asset Value Total Return(d)

      (13.31 )%       2.32 %       (16.48 )%       23.42 %       19.09 %       (8.72 )%       6.50 %

Market Price Total Return(d)

       (13.47 )%       2.14 %       (16.70 )%       23.79 %            

Ratios/Supplemental Data:

                            

Net assets at end of period (000’s omitted)

     $ 74,720     $ 134,093     $ 173,463     $ 236,190     $ 190,203     $ 163,060     $ 199,709

Ratio to average net assets of:

                            

Expenses, after Waivers

       0.55 %(e)       0.56 %(f)       0.55 %(e)       0.55 %       0.57 %       0.60 %       0.70 %

Expenses, prior to Waivers

       0.71 %(e)       0.68 %(f)       0.64 %(e)       0.67 %       0.70 %       0.75 %       0.76 %

Net investment income

       2.13 %(e)       2.70 %(f)       1.50 %(e)       2.02 %       1.85 %       2.83 %       2.44 %

Portfolio turnover rate(g)

       4 %       18 %       4 %       10 %       8 %       60 %       29 %

 

(a) 

Based on average shares outstanding.

(b) 

Amount represents less than $0.005.

(c) 

The mean between the last bid and ask prices.

(d) 

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(e) 

Annualized.

(f) 

Ratios include non-recurring costs associated with a proxy statement of 0.01%.

(g) 

Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

 

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

 

 

 

 

   81  

 

 

 

 

Financial Highlights–(continued)

 

Invesco S&P Global Water Index ETF (CGW)

    Six Months Ended                        
    April 30,       Two Months Ended                
    2020   Year Ended October 31,   October 31,   Years Ended August 31,
    (Unaudited)   2019   2018   2018   2017   2016   2015

Per Share Operating

Performance:

                            

Net asset value at beginning of period

     $ 39.55     $ 32.32     $ 35.28     $ 33.38     $ 30.27     $ 26.67     $ 29.02
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net investment income(a)

       0.16       0.64       0.04       0.59       0.61       0.54       0.48

Net realized and unrealized gain (loss) on investments

       (3.41 )       7.26       (3.00 )       1.92       2.97       3.51       (2.33 )
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Total from investment operations

       (3.25 )       7.90       (2.96 )       2.51       3.58       4.05       (1.85 )
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Distributions to shareholders from:

                            

Net investment income

       (0.61 )       (0.67 )       -       (0.61 )       (0.47 )       (0.45 )       (0.50 )
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Transaction fees(a)

       0.00 (b)        0.00 (b)        0.00 (b)        -       -       -       -
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net asset value at end of period

     $ 35.69     $ 39.55     $ 32.32     $ 35.28     $ 33.38     $ 30.27     $ 26.67
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Market price at end of period

     $ 35.66 (c)      $ 39.54 (c)      $ 32.27 (c)      $ 35.23 (c)      $ 33.46     $ 30.32     $ 26.64
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net Asset Value Total Return(d)

      (8.42 )%       25.10 %       (8.39 )%       7.51 %       12.09 %       15.40 %       (6.47 )%

Market Price Total Return(d)

       (8.47 )%       25.27 %       (8.40 )%       7.09 %            

Ratios/Supplemental Data:

                            

Net assets at end of period (000’s omitted)

     $ 609,538     $ 741,918     $ 531,298     $ 594,105     $ 610,253     $ 432,244     $ 346,709

Ratio to average net assets of:

                            

Expenses

       0.58 %(e)       0.59 %       0.60 %(e)       0.62 %       0.63 %       0.64 %       0.64 %

Net investment income

       0.85 %(e)       1.82 %       0.67 %(e)       1.71 %       1.98 %       1.93 %       1.69 %

Portfolio turnover rate(f)

       3 %       13 %       5 %       13 %       8 %       6 %       9 %

 

(a) 

Based on average shares outstanding.

(b) 

Amount represents less than $0.005.

(c)

The mean between the last bid and ask prices.

(d) 

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(e) 

Annualized.

(f) 

Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

 

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

 

 

 

 

   82  

 

 

 

 

Financial Highlights–(continued)

 

Invesco S&P International Developed Quality ETF (IDHQ)

    Six Months Ended                                  
    April 30,                                  
    2020      Years Ended October 31,  
    (Unaudited)      2019     2018     2017      2016     2015  
Per Share Operating Performance:                  

Net asset value at beginning of period

        $ 24.47               $ 21.36     $ 23.50     $ 19.65      $ 20.19     $ 19.42  
   

 

 

       

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Net investment income(a)

       0.26          0.54       0.58       0.45        0.41       0.33  

Net realized and unrealized gain (loss) on investments

       (1.63 )         3.16       (2.18 )      3.88        (0.54 )(b)      0.75  
   

 

 

       

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Total from investment operations

       (1.37 )         3.70       (1.60 )      4.33        (0.13 )      1.08  
   

 

 

       

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Distributions to shareholders from:

                  

Net investment income

       (0.26 )         (0.59 )      (0.54 )      (0.48 )       (0.41 )      (0.31 ) 
   

 

 

       

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Transaction fees(a)

       0.00 (c)         0.00 (c)      0.00 (c)      -        -       -  
   

 

 

       

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Net asset value at end of period

     $ 22.84        $ 24.47     $ 21.36     $ 23.50      $ 19.65     $ 20.19  
   

 

 

       

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Market price at end of period(d)

     $ 22.98        $ 24.53     $ 21.31     $ 23.71      $ 19.61     $ 20.14  
   

 

 

       

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Net Asset Value Total Return(e)

       (5.41 )%         17.58 %      (7.00 )%      22.36 %       (0.62 )%(b)      5.60 % 

Market Price Total Return(e)

       (5.10 )%         18.14 %      (8.05 )%      23.70 %       (0.59 )%      4.42 % 

Ratios/Supplemental Data:

                  

Net assets at end of period (000’s omitted)

     $ 45,671        $ 47,726     $ 32,039     $ 28,203      $ 20,628     $ 19,180  

Ratio to average net assets of:

                  

Expenses

       0.29 %(f)         0.31 %(g)      0.29 %      0.31 %       0.45 %      0.49 % 

Net investment income

       2.19 %(f)         2.38 %(g)      2.47 %      2.10 %       2.09 %      1.66 % 

Portfolio turnover rate(h)

       14 %         54 %      54 %      49 %       165 %      78 % 

 

(a) 

Based on average shares outstanding.

(b) 

Includes settlement proceeds recorded during the period. Had these settlement proceeds not been recorded Net realized and unrealized gain (loss) on investments per share would have been $(0.71) and total return would have been lower.

(c) 

Amount represents less than $0.005.

(d) 

The mean between the last bid and ask prices.

(e) 

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(f) 

Annualized.

(g) 

Ratios include non-recurring costs associated with a proxy statement of 0.02%.

(h) 

Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. For the year ended October 31, 2016, the portfolio turnover calculation includes the value of securities purchased and sold in the effort to realign the Fund’s portfolio holdings due to the underlying index change.

 

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

 

 

 

 

   83  

 

 

 

 

Notes to Financial Statements

Invesco Exchange-Traded Fund Trust II

April 30, 2020

(Unaudited)

 

NOTE 1–Organization

Invesco Exchange-Traded Fund Trust II (the “Trust”) was organized as a Massachusetts business trust on October 10, 2006 and is authorized to have multiple series of portfolios. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). This report includes the following portfolios:

 

Full Name

   

Short Name

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

Each portfolio (each, a “Fund”, and collectively, the “Funds”) represents a separate series of the Trust. The shares of the Funds are referred to herein as “Shares” or “Fund’s Shares.” Each Fund’s Shares are listed and traded on the following exchanges:

 

Fund

   

Exchange

China Technology ETF    NYSE Arca, Inc.
DWA Developed Markets Momentum ETF    The Nasdaq Stock Market
DWA Emerging Markets Momentum ETF    The Nasdaq Stock Market
FTSE RAFI Developed Markets ex-U.S. ETF    NYSE Arca, Inc
FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF    NYSE Arca, Inc
FTSE RAFI Emerging Markets ETF    NYSE Arca, Inc
Global Clean Energy ETF    NYSE Arca, Inc
Global Water ETF    The Nasdaq Stock Market
International BuyBack AchieversTM ETF    The Nasdaq Stock Market
MSCI Global Timber ETF    NYSE Arca, Inc.
S&P Global Water Index ETF    NYSE Arca, Inc.
S&P International Developed Quality ETF    NYSE Arca, Inc.

The market price of each Share may differ to some degree from a Fund’s net asset value (“NAV”). Unlike conventional mutual funds, each Fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a “Creation Unit.” Creation Units are issued and redeemed principally in exchange for the deposit or delivery of a basket of securities (“Deposit Securities”). Except when aggregated in Creation Units by Authorized Participants, the Shares are not individually redeemable securities of the Funds.

 

 

 

 

   84  

 

 

 

 

The investment objective of each Fund is to seek to track the investment results (before fees and expenses) of its respective index listed below (each, an “Underlying Index”):

 

Fund

   

Underlying Index

China Technology ETF    FTSE China Incl 25% Technology Capped Index
DWA Developed Markets Momentum ETF    Dorsey Wright® Developed Markets Technical Leaders Index
DWA Emerging Markets Momentum ETF    Dorsey Wright® Emerging Markets Technical Leaders Index
FTSE RAFI Developed Markets ex-U.S. ETF    FTSE RAFITM Developed ex U.S. 1000 Index
FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF    FTSE RAFITM Developed ex U.S. Mid-Small 1500 Index
FTSE RAFI Emerging Markets ETF    FTSE RAFITM Emerging Index
Global Clean Energy ETF    WilderHill New Energy Global Innovation Index
Global Water ETF    Nasdaq OMX Global Water IndexSM
International BuyBack AchieversTM ETF    Nasdaq International BuyBack AchieversTM Index
MSCI Global Timber ETF    MSCI ACWI IMI Timber Select Capped Index
S&P Global Water Index ETF    S&P Global Water Index
S&P International Developed Quality ETF    S&P Quality Developed ex-U.S. LargeMidCap Index

NOTE 2–Significant Accounting Policies

The following is a summary of the significant accounting policies followed by the Funds in preparation of their financial statements.

Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services–Investment Companies.

A.

Security Valuation - Securities, including restricted securities, are valued according to the following policies:

A security listed or traded on an exchange (except convertible securities) is generally valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded or, lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded, or at the final settlement price set by such exchange. Swaps and options not listed on an exchange are valued by an independent source. For purposes of determining NAV per Share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Investment companies are valued using such company’s NAV per share, unless the shares are exchange-traded, in which case they are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities’ (including foreign exchange contracts’) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the London world markets. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that Invesco Capital Management LLC (the “Adviser”) determines are significant and make the closing price unreliable, a Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value

 

 

 

 

   85  

 

 

 

 

will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, the potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value exchange-traded equity securities. The mean between the last bid and asked prices may be used to value debt obligations, including corporate loans, and unlisted equity securities.

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith following procedures approved by the Board of Trustees. Issuer-specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

Each Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors, including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

B.

Other Risks

ADR and GDR Risk. Certain Funds may invest in American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”). ADRs are certificates that evidence ownership of shares of a foreign issuer and are alternatives to purchasing the underlying foreign securities directly in their national markets and currencies. GDRs are certificates issued by an international bank that generally are traded and denominated in the currencies of countries other than the home country of the issuer of the underlying shares. ADRs and GDRs may be subject to certain of the risks associated with direct investments in the securities of foreign companies, such as currency, political, economic and market risks, because their values depend on the performance of the non-dollar denominated underlying foreign securities. Moreover, ADRs and GDRs may not track the price of the underlying foreign securities on which they are based, and their value may change materially at times when U.S. markets are not open for trading.

Authorized Participant Concentration Risk. Only Authorized Participants (“APs”) may engage in creation or redemption transactions directly with each Fund. Each Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities held by each Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to each Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished trading market for Shares, and Shares may be more likely to trade at a premium or discount to each Fund’s NAV and to face trading halts and/or delisting. Investments in non-U.S. securities, which may have lower trading volumes, may increase this risk.

Currency Risk. Because each Fund’s NAV is determined in U.S. dollars, a Fund’s NAV could decline if the currency of a non-U.S. market in which the Fund invests depreciates against the U.S. dollar. Generally, an increase in the value of the U.S. dollar against a foreign currency will reduce the value of a security denominated in that foreign currency, thereby decreasing a Fund’s overall NAV. Exchange rates may be volatile and may change quickly and unpredictably in response to both global economic developments and economic conditions, causing an adverse impact on the Fund. As a result, investors have the potential for losses regardless of the length of time they intend to hold Shares.

Emerging Markets Risk. The risks of foreign investments are usually much greater for emerging markets. Emerging markets are riskier because they develop unevenly and may never fully develop. They are more likely to experience hyperinflation and currency devaluations, which adversely affect returns of U.S. investors. In addition, the securities markets in many of these countries have far lower trading volumes and less liquidity then developed markets. Because these markets are so small, they may be more likely to suffer sharp and frequent price changes or long term price depression due to adverse publicity, investor perceptions or the transactions of a few large investors. Traditional measures of investments value used in the U.S., such as price to earnings ratios, may not apply to certain small markets, making it more difficult to value their securities.

 

 

 

 

   86  

 

 

 

 

 

Equity Risk. Equity risk is the risk that the value of equity securities, including common stocks, may fall due to both changes in general economic conditions that impact the market as a whole, as well as factors that directly relate to a specific company or its industry. Such general economic conditions include changes in interest rates, periods of market turbulence or instability, or general and prolonged periods of economic decline and cyclical change. It is possible that a drop in the stock market may depress the price of most or all of the common stocks that each Fund holds. In addition, equity risk includes the risk that investor sentiment toward one or more industries will become negative, resulting in those investors exiting their investments in those industries, which could cause a reduction in the value of companies in those industries more broadly. The value of a company’s common stock may fall solely because of factors, such as an increase in production costs, that negatively impact other companies in the same region, industry or sector of the market. A company’s common stock also may decline significantly in price over a short period of time due to factors specific to that company, including decisions made by its management or lower demand for the company’s products or services. For example, an adverse event, such as an unfavorable earnings report or the failure to make anticipated dividend payments, may depress the value of common stock.

Foreign Investment Risk. For certain Funds, investments in the securities of non-U.S. issuers involve risks beyond those associated with investments in U.S. securities. Foreign securities may have relatively low market liquidity, greater market volatility, decreased publicly available information and less reliable financial information about issuers, and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice comparable to those applicable to domestic issuers. Foreign securities also are subject to risk of expropriation, nationalization, political instability or other adverse political or economic developments and the difficulty of enforcing obligations in other countries. Investments in foreign securities also may be subject to dividend withholding or confiscatory taxes, currency blockage and/or transfer restrictions and higher transactional costs. If a Fund invests in securities denominated in foreign currencies, fluctuations in the value of the U.S. dollar relative to the values of other currencies may adversely affect investments in foreign securities and may negatively impact the Fund’s returns.

Geographic Concentration Risk. A natural or other disaster could occur in a country or geographic region in which a Fund invests, which could affect the economy or particular business operations of companies in that specific country or geographic region and adversely impact the Fund’s investments in the affected country or region.

Index Risk. Unlike many investment companies, each Fund does not utilize an investing strategy that seeks returns in excess of its Underlying Index. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its Underlying Index, even if that security generally is underperforming. Additionally, each Fund rebalances its portfolio in accordance with its Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to each Fund’s rebalance schedule.

Industry Concentration Risk. In following its methodology, each Fund’s Underlying Index from time to time may be concentrated to a significant degree in securities of issuers operating in a single industry or industry group. To the extent that each Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the corresponding Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, each Fund may face more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which each Fund invests, may include, but are not limited to, legislative or regulatory changes, adverse market conditions and/or increased competition within the industry or industry group. In addition, at times, such industry or industry group may be out of favor and underperform other industries, industry groups or the market as a whole.

Investing in ETFs and Other Investment Companies Risk. Because certain Funds may invest in ETFs and other investment companies, a Fund’s investment performance may depend on the investment performance of the funds in which it invests. An investment in an investment company is subject to the risks associated with that investment company. Certain Funds will pay indirectly a proportional share of the fees and expenses of the investment companies in which it invests (including costs and fees of the investment companies), while continuing to pay its own management fee to the Adviser. As a result, shareholders will absorb duplicate levels of fees with respect to a Fund’s investments in other investment companies.

Issuer-Specific Changes Risk. The value of an individual security or particular type of security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole.

Market Risk. Securities in the Underlying Index are subject to market fluctuations. You should anticipate that the value of the Shares will decline more or less, in correlation with any decline in value of the securities in the Underlying Index. Additionally, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or other events could result in increased premiums or discounts to each Fund’s NAV.

Non-Correlation Risk. Each Fund’s return may not match the return of its corresponding Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of its corresponding Underlying Index. Additionally, a Fund’s use of a representative sampling approach may cause the Fund not to be as well-correlated with the return of its corresponding Underlying Index as would be the case if the Fund purchased all of the securities in its corresponding Underlying Index in the proportions represented in the Underlying Index. In addition, the

 

 

 

 

   87  

 

 

 

 

 

performance of each Fund and its corresponding Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its corresponding Underlying Index resulting from legal restrictions, costs or liquidity constraints.

Non-Diversified Fund Risk. Because China Technology ETF, Global Water ETF, International BuyBack AchieversTM ETF, MSCI Global Timber ETF and S&P Global Water Index ETF are non-diversified and can invest a greater portion of their assets in securities of individual issuers than a diversified fund, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase a Fund’s volatility and cause the performance of a relatively small number of issuers to have a greater impact on a Fund’s performance.

Portfolio Turnover Risk. Certain Funds may engage in frequent trading of their respective portfolio securities in connection with the rebalancing or adjustment of their respective Underlying Index. A portfolio turnover rate of 200%, for example, is equivalent to a Fund buying and selling all of its securities two times during the course of a year. A high portfolio turnover rate (such as 100% or more) could result in high brokerage costs for a Fund. While a high portfolio turnover rate can result in an increase in taxable capital gain distributions to a Fund’s shareholders, the Fund will seek to utilize the in-kind creation and redemption mechanism to minimize realization of capital gains to the extent possible.

REIT Risk. REITs are securities that invest substantially all of their assets in real estate, trade like stocks and may qualify for special tax considerations. In addition to the risks pertaining to real estate investments more generally, such as declining property values or rising interest rates, REITs are subject to additional risks. The value of a REIT can depend on the structure of and cash flow generated by the REIT. REITs whose investments are concentrated in a limited number or type of properties, investments or narrow geographic area are subject to the risks affecting those properties or areas to a greater extent than a REIT with less concentrated investments. Further, failure of a company to qualify as a REIT under federal tax law may have adverse consequences to the REIT’s shareholders. In addition, REITs may have expenses, including advisory and administration expenses, and a REIT’s shareholders will incur a proportionate share of those expenses.

Sampling Risk. Certain Funds’ use of a representative sampling approach may result in the Fund holding a smaller number of securities than are in its respective Underlying Index. As a result, an adverse development to an issuer of securities that the Fund holds could result in a greater decline in NAV than would be the case if the Fund held all of the securities in its Underlying Index. To the extent the assets in the Fund are smaller, these risks will be greater.

Small- and Mid-Capitalization Company Risk. Certain Funds invest in securities of small- and mid- capitalization companies, which involves greater risk than customarily is associated with investing in larger, more established companies. These companies’ securities may be more volatile and less liquid than those of more established companies. These securities may have returns that vary, sometimes significantly, from the overall securities market. Often small- and mid-capitalization companies and the industries in which they focus are still evolving and, as a result, they may be more sensitive to changing market conditions.

C.

Investment Transactions and Investment Income - Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest income is recorded on an accrual basis from settlement date. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Dividend income from REITs is recorded based on the income included in the distributions received from the REIT investments using published REIT classifications, including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.

The Funds may periodically participate in litigation related to each Fund’s investments. As such, the Funds may receive proceeds from litigation settlements. Any proceeds received are included in the Statements of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of each Fund’s NAV and, accordingly, they reduce each Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between each Fund and the Adviser.

D.

Country Determination - For the purposes of presentation in the Schedules of Investments, the Adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include whether each Fund’s Underlying Index has made a country determination and may include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total

 

 

 

 

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  revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.
E.

Dividends and Distributions to Shareholders

Each Fund (except for China Technology ETF, MSCI Global Timber ETF and S&P Global Water Index ETF) declares and pays dividends from net investment income, if any, to its shareholders quarterly and records such dividends on the ex-dividend date. China Technology ETF, MSCI Global Timber ETF and S&P Global Water Index ETF each declares and pays dividends from net investment income, if any, to its shareholders annually and records such dividends on the ex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them on the ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America (“GAAP”). Distributions in excess of tax basis earnings and profits, if any, are reported in such Fund’s financial statements as a tax return of capital at fiscal year-end.

F.

Federal Income Taxes - Each Fund intends to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute substantially all of the Fund’s taxable earnings to its shareholders. As such, the Funds will not be subject to federal income taxes on otherwise taxable income (including net realized gains) that is distributed to the shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

Each Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. These differences are primarily due to differing book and tax treatments for in-kind transactions, losses deferred due to wash sales, and passive foreign investment company adjustments, if any.

The Funds file U.S. federal tax returns and tax returns in certain other jurisdictions. Generally, a Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

G.

Expenses - Each Fund (except for MSCI Global Timber ETF and S&P Global Water Index ETF) has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Funds, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for advisory fees, distribution fees, if any, brokerage expenses, taxes, interest, litigation expenses, acquired fund fees and expenses, if any, and other extraordinary expenses.

MSCI Global Timber ETF and S&P Global Water Index ETF are responsible for all of their expenses, including the investment advisory fees, costs of transfer agency, custody, fund administration, legal, audit and other services, interest, taxes, brokerage commissions and other expenses connected with executions of portfolio transactions, licensing fees related to its respective Underlying Index, any distribution fees or expenses, litigation expenses, fees payable to the Trust’s Board members and officers who are not “interested persons” (as defined in the 1940 Act) of the Trust (the “Independent Trustees”) or the Adviser, expenses incurred in connection with the Board members’ services, including travel expenses and legal fees of counsel for the Independent Trustees, acquired fund fees and expenses, if any, and extraordinary expenses.

Expenses of the Trust that are excluded from a Fund’s unitary management fee (if applicable) and are directly identifiable to a specific Fund are applied to that Fund. Expenses of the Trust that are excluded from each Fund’s unitary management fee (if applicable) and that are not readily identifiable to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of each Fund.

To the extent a Fund invests in other investment companies, the expenses shown in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses of the investment companies in which it invests. The effects of such investment companies’ expenses are included in the realized and unrealized gain or loss on the investments in the investment companies.

H.

Accounting Estimates - The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements, including estimates and assumptions related to taxation. Actual results could differ from these estimates. In addition, the Funds monitor for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

I.

Indemnifications - Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Each Board member who is not an “interested person” (as defined in the 1940 Act) of the Trust (each, an “Independent Trustee”) is also indemnified against certain liabilities arising out of the performance of their duties to the Trust pursuant to an Indemnification Agreement between such trustee and the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general

 

 

 

 

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  indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. However, based on experience, the Trust believes the risk of loss to be remote.
J.

Foreign Currency Translations - Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. Each Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statements of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on each Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period-end, resulting from changes in exchange rates.

Each Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which each Fund invests.

K.

Securities Lending - Each Fund may participate in securities lending and may loan portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by cash collateral equal to no less than 102% (105% for international securities) of the market value of the loaned securities determined daily by the securities lending provider. Cash collateral received in connection with these loans is generally invested in an affiliated money market fund and is shown as such on the Schedules of Investments. Each Fund bears the risk of loss with respect to the investment of collateral. It is the policy of these Funds to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, each Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to each Fund if, and to the extent that, the market value of the securities loaned were to increase, and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or each Fund. Upon termination, the borrower will return to each Fund the securities loaned and each Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. Each Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to each Fund. Some of these losses may be indemnified by the lending agent. Each Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. For Funds that participated in securities lending, dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Securities lending income on the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities.

NOTE 3–Investment Advisory Agreements and Other Agreements

The Trust has entered into Investment Advisory Agreements with the Adviser on behalf of each Fund, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Funds’ investments, managing the Funds’ business affairs and providing certain clerical, bookkeeping and other administrative services.

Pursuant to an Investment Advisory Agreement, each Fund listed below accrues daily and pays monthly to the Adviser an annual unitary management fee. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Funds, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except for advisory fees, distribution fees, if any, brokerage expenses, taxes, interest, litigation expenses, acquired fund fees and expenses, if

 

 

 

 

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any, and other extraordinary expenses. The annual unitary management fee paid by each Fund to the Adviser is equal to a percentage of each Fund’s average daily net assets as follows:

 

    Unitary Management Fees
    (as a % of average daily net assets)

China Technology ETF

   0.70%

DWA Developed Markets Momentum ETF

   0.80%

DWA Emerging Markets Momentum ETF

   0.90%

FTSE RAFI Developed Markets ex-U.S. ETF

   0.45%

FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF

   0.49%

FTSE RAFI Emerging Markets ETF

   0.49%

Global Clean Energy ETF

   0.75%

Global Water ETF

   0.75%

International BuyBack AchieversTM ETF

   0.55%

S&P International Developed Quality ETF

   0.29%

The Adviser has agreed to waive a portion of its unitary management fee to prevent the expenses (excluding interest expenses, brokerage commissions and other trading expenses, acquired fund fees and expenses, if any, taxes, and litigation expenses and other extraordinary expenses) of China Technology ETF from exceeding such Fund’s unitary management fee through at least May 18, 2020. Neither the Adviser nor the Trust can discontinue the agreement prior to its expiration.

Pursuant to another Investment Advisory Agreement, each of the following Funds accrues daily and pays monthly to the Adviser an annual fee equal to a percentage of its average daily net assets as follows:

 

    Management Fees
    (as a % of average daily net assets)

MSCI Global Timber ETF

   0.50%

S&P Global Water Index ETF

   0.50%

The Adviser has contractually agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses of each of those Funds (excluding interest expenses, brokerage commissions and other trading expenses, sub-licensing fees, offering costs, taxes, acquired fund fees and expenses, if any, and extraordinary expenses) from exceeding the percentage of the Fund’s average daily net assets per year (the “Expense Cap”) shown in the table below through at least August 31, 2022. Neither the Adviser nor the Funds can discontinue the agreement prior to its expiration.

 

    Expense Cap

MSCI Global Timber ETF

   0.55%

S&P Global Water Index ETF

   0.63%

Further, the Adviser agrees to reimburse MSCI Global Timber ETF in the amount equal to the licensing fees that the Fund pays that cause the Fund’s operating expenses (excluding interest expenses, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses) to exceed 0.55% of its average daily net assets, through at least December 31, 2020. Through April 6, 2020, the Adviser agreed to reimburse the S&P Global Water Index ETF in the amount equal to the licensing fees that the Fund paid that caused the Fund’s operating expenses (excluding interest expenses, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses) to exceed 0.63% of the Fund’s average daily net assets.

Additionally, through at least August 31, 2022, the Adviser has contractually agreed to waive a portion of each Fund’s management fee in an amount equal to 100% of the net advisory fees an affiliate of the Adviser receives that are attributable to the Fund’s investments of otherwise uninvested cash in money market funds managed by that affiliate (excluding investments of cash collateral from securities lending). There is no guarantee that the Adviser will extend the waiver of these fees past that date.

 

 

 

 

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For the six-month period ended April 30, 2020, the Adviser waived fees and/or paid Fund expenses for each Fund in the following amounts:

 

China Technology ETF

   $ 148  

DWA Developed Markets Momentum ETF

     37  

DWA Emerging Markets Momentum ETF

     126  

FTSE RAFI Developed Markets ex-U.S. ETF

     745  

FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF

     465  

FTSE RAFI Emerging Markets ETF

     3,969  

Global Clean Energy ETF

     43  

Global Water ETF

     22  

International BuyBack AchieversTM ETF

     47  

MSCI Global Timber ETF

     89,224  

S&P Global Water Index ETF

     437  

S&P International Developed Quality ETF

     28  

The fees waived and/or expenses borne by the MSCI Global Timber ETF and S&P Global Water Index ETF, pursuant to the Expense Cap, are subject to recapture by the Adviser up to three years from the date the fees were waived or the expense were incurred, but no recapture payment will be made by the Funds if it would result in the Funds exceeding (i) the Expense Cap or (ii) the expense cap in effect at the time the fees and/or expenses subject to recapture were waived and/or borne by the Adviser.

For the following Fund, the amounts available for potential recapture by the Adviser and the expiration schedule at April 30, 2020 are as follows:

 

    Total                    
    Potential                    
    Recapture    Potential Recapture Amounts Expiring
    Amounts    5/31/21    10/31/21    10/31/22    10/31/23

MSCI Global Timber ETF

   $409,529    $53,954    $76,595    $190,541    $88,439

The Trust has entered into a Distribution Agreement with Invesco Distributors, Inc. (the “Distributor”), which serves as the distributor of Creation Units for each Fund. The Distributor does not maintain a secondary market in the Shares. The Fund are not charged any fees pursuant to the Distribution Agreement. The Distributor is an affiliate of the Adviser.

The Adviser has entered into a licensing agreement for each Fund with the following entities (each, a “Licensor”):

 

Fund

  

Licensor

China Technology ETF   FTSE International Ltd.
DWA Developed Markets Momentum ETF   Dorsey Wright & Associates, LLC
DWA Emerging Markets Momentum ETF   Dorsey Wright & Associates, LLC
FTSE RAFI Developed Markets ex-U.S. ETF   FTSE International Ltd.
FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF   FTSE International Ltd.
FTSE RAFI Emerging Markets ETF   FTSE International Ltd.
Global Clean Energy ETF   WilderHill New Energy Finance, LLC
Global Water ETF   Nasdaq, Inc.
International BuyBack AchieversTM ETF   Nasdaq, Inc.
MSCI Global Timber ETF   MSCI, Inc.
S&P Global Water Index ETF   S&P Dow Jones Indices LLC
S&P International Developed Quality ETF   S&P Dow Jones Indices LLC

Each Underlying Index name trademark is owned by its respective Licensor. These trademarks have been licensed to the Adviser for use by the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust’s sub-licensing agreement with the Adviser. The Funds are not sponsored, endorsed, sold or promoted by the Licensors, and the Licensors make no representation regarding the advisability of investing in any of the Funds.

The Trust has entered into service agreements whereby The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for each Fund.

NOTE 4–Security Transactions with Affiliated Funds

Each Fund is permitted to purchase or sell securities from or to certain other affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by each Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a

 

 

 

 

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common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price.

For the six-month period ended April 30, 2020, the following Fund engaged in transactions with affiliates as listed below:

 

    Securities Purchases    Securities Sales    Net Realized Gains

Global Water ETF

   $1,469,586    $-    $-

NOTE 5–Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

  Level 1 –

Prices are determined using quoted prices in an active market for identical assets.

 

  Level 2 –

Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

 

  Level 3 –

Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect a Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of April 30, 2020. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

 

    Level 1      Level 2      Level 3      Total  

 China Technology ETF

           
 Investments in Securities           

Common Stocks & Other Equity Interests

   $ 262,258,462      $ 419,097,185      $ 0      $ 681,355,647  

Money Market Funds

     768,360        9,145,803        -        9,914,163  
 

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments

   $ 263,026,822      $ 428,242,988      $ 0      $ 691,269,810  
 

 

 

     

 

 

     

 

 

     

 

 

  

 DWA Developed Markets Momentum ETF

           

 Investments in Securities

           

Common Stocks & Other Equity Interests

   $ 133,037,810      $ -      $ -      $ 133,037,810  

Money Market Funds

     -        3,914,536        -        3,914,536  
 

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments

   $ 133,037,810      $ 3,914,536      $ -      $ 136,952,346  
 

 

 

     

 

 

     

 

 

     

 

 

  

 DWA Emerging Markets Momentum ETF

           
 Investments in Securities           

Common Stocks & Other Equity Interests

   $ 23,166,797      $ 96,592,437      $ -      $ 119,759,234  

Money Market Funds

     -        511,084        -        511,084  
 

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments

   $ 23,166,797      $ 97,103,521      $ -      $ 120,270,318  
 

 

 

     

 

 

     

 

 

     

 

 

  

 FTSE RAFI Developed Markets ex-U.S. ETF

           
 Investments in Securities           

Common Stocks & Other Equity Interests

   $ 1,095,196,361      $ 530,473      $ 0      $ 1,095,726,834  

Money Market Funds

     -        39,043,325        -        39,043,325  
 

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments

   $ 1,095,196,361      $ 39,573,798      $ 0      $ 1,134,770,159  
 

 

 

     

 

 

     

 

 

     

 

 

  

 FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF

           
 Investments in Securities           

Common Stocks & Other Equity Interests

   $ 143,689,297      $ 161,493,917      $ 10,938      $ 305,194,152  

Money Market Funds

     117,680        13,887,017        -        14,004,697  
 

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments

   $ 143,806,977      $ 175,380,934      $ 10,938      $ 319,198,849  
 

 

 

     

 

 

     

 

 

     

 

 

  

 

 

 

 

   93  

 

 

 

 

 

    Level 1      Level 2      Level 3      Total  

FTSE RAFI Emerging Markets ETF

           
Investments in Securities           

Common Stocks & Other Equity Interests

   $ 331,193,649      $ 689,867,640      $ -      $ 1,021,061,289  

Exchange-Traded Funds

     25,136,356        -        -        25,136,356  

Money Market Funds

     -        1,465,406        -        1,465,406  
 

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments

   $ 356,330,005      $ 691,333,046      $ -      $   1,047,663,051  
 

 

 

     

 

 

     

 

 

     

 

 

  

Global Clean Energy ETF

           
Investments in Securities           

Common Stocks & Other Equity Interests

   $ 56,859,387      $ -      $ -      $ 56,859,387  

Money Market Funds

     -        6,885,105        -        6,885,105  
 

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments

   $ 56,859,387      $ 6,885,105      $ -      $ 63,744,492  
 

 

 

     

 

 

     

 

 

     

 

 

  

Global Water ETF

           
Investments in Securities           

Common Stocks & Other Equity Interests

   $ 180,299,164      $ -      $ 56,179      $ 180,355,343  

Money Market Funds

     69,566        96,110        -        165,676  
 

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments

   $ 180,368,730      $ 96,110      $ 56,179      $ 180,521,019  
 

 

 

     

 

 

     

 

 

     

 

 

  

International BuyBack AchieversTM ETF

           
Investments in Securities           

Common Stocks & Other Equity Interests

   $ 59,316,691      $ 28,809,187      $ 0      $ 88,125,878  

Money Market Funds

     -        9,655,196        -        9,655,196  
 

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments

   $ 59,316,691      $   38,464,383      $ 0      $ 97,781,074  
 

 

 

     

 

 

     

 

 

     

 

 

  

MSCI Global Timber ETF

           
Investments in Securities           

Common Stocks & Other Equity Interests

   $ 74,690,129      $ -      $   11,318      $ 74,701,447  

Exchange-Traded Funds

     118,326        -        -        118,326  

Money Market Funds

     60,261        1,397,991        -        1,458,252  
 

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments

   $ 74,868,716      $ 1,397,991      $ 11,318      $ 76,278,025  
 

 

 

     

 

 

     

 

 

     

 

 

  

S&P Global Water Index ETF

           
Investments in Securities           

Common Stocks & Other Equity Interests

   $ 610,083,808      $ -      $ -      $ 610,083,808  

Money Market Funds

     -        15,773,015        -        15,773,015  
 

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments

   $ 610,083,808      $ 15,773,015      $ -      $ 625,856,823  
 

 

 

     

 

 

     

 

 

     

 

 

  

S&P International Developed Quality ETF

           
Investments in Securities           

Common Stocks & Other Equity Interests

   $ 45,604,225      $ -      $ -      $ 45,604,225  

Money Market Funds

     -        1,420,795        -        1,420,795  
 

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments

   $   45,604,225      $ 1,420,795      $ -      $ 47,025,020  
 

 

 

     

 

 

     

 

 

     

 

 

  

NOTE 6–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with federal income tax regulations, which may differ from GAAP. Reclassifications are made to the Funds’ capital accounts to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Funds’ fiscal year-end.

Capital loss carryforwards are calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforwards actually available for the Funds to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

 

 

 

 

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The Funds had capital loss carryforwards as of October 31, 2019, as follows:

 

    No expiration         
    Short-Term      Long-Term      Total*  

China Technology ETF

   $ 8,494,260      $ 88,827,096      $ 97,321,356  

DWA Developed Markets Momentum ETF

     117,962,174        -        117,962,174  

DWA Emerging Markets Momentum ETF

     116,085,941        -        116,085,941  

FTSE RAFI Developed Markets ex-U.S. ETF

     145,611        79,440,433        79,586,044  

FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF

     3,292,611        18,532,838        21,825,449  

FTSE RAFI Emerging Markets ETF

     6,523,672        72,964,423        79,488,095  

Global Clean Energy ETF

     11,222,904        59,231,583        70,454,487  

Global Water ETF

     38,686,941        9,592,247        48,279,188  

International BuyBack AchieversTM ETF

     45,469,186        2,843,201        48,312,387  

MSCI Global Timber ETF

     12,438,579        9,013,875        21,452,454  

S&P Global Water Index ETF

     2,220,590        21,529,260        23,749,850  

S&P International Developed Quality ETF

     2,965,527        1,600,542        4,566,069  

 

*

Capital loss carryforwards are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 7–Investment Transactions

For the six-month period ended April 30, 2020, the cost of securities purchased and proceeds from sales of securities (other than short-term securities, U.S. Treasury obligations, money market funds and in-kind transactions, if any) were as follows:

 

    Purchases      Sales  

China Technology ETF

   $ 127,543,696      $ 86,379,553  

DWA Developed Markets Momentum ETF

     92,288,771        93,264,527  

DWA Emerging Markets Momentum ETF

     116,721,592        129,265,411  

FTSE RAFI Developed Markets ex-U.S. ETF

     111,561,923        108,561,396  

FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF

     74,512,626        74,613,779  

FTSE RAFI Emerging Markets ETF

     215,251,761        194,806,675  

Global Clean Energy ETF

     15,005,108        14,597,424  

Global Water ETF

     28,791,552        28,399,575  

International BuyBack AchieversTM ETF

     15,562,160        18,117,174  

MSCI Global Timber ETF

     4,336,497        9,714,517  

S&P Global Water Index ETF

     19,695,129        27,522,463  

S&P International Developed Quality ETF

     7,308,517        7,042,154  

For the six-month period ended April 30, 2020, in-kind transactions associated with creations and redemptions were as follows:

 

    Cost of      Value of  
    Securities      Securities  
    Received      Delivered  

China Technology ETF

   $ 122,690,306      $ 32,128,647  

DWA Developed Markets Momentum ETF

     11,551,961        33,048,348  

DWA Emerging Markets Momentum ETF

     15,720,384        28,927,234  

FTSE RAFI Developed Markets ex-U.S. ETF

     221,821,149        108,606,386  

FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF

     73,077,496        41,272,778  

FTSE RAFI Emerging Markets ETF

     75,496,010        42,794,070  

Global Clean Energy ETF

     5,456,253        1,203,809  

Global Water ETF

     3,459,889        5,525,842  

International BuyBack AchieversTM ETF

     4,719,704        29,054,199  

MSCI Global Timber ETF

     -        39,512,891  

S&P Global Water Index ETF

     12,986,612        71,977,869  

S&P International Developed Quality ETF

     25,381,873        24,418,116  

Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.

 

 

 

 

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As of April 30, 2020, the aggregate cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

 

                  Net         
    Gross      Gross      Unrealized         
    Unrealized      Unrealized      Appreciation         
    Appreciation      (Depreciation)      (Depreciation)      Cost  

China Technology ETF

   $ 102,557,884      $ (74,261,243 )     $ 28,296,641      $ 662,973,169  

DWA Developed Markets Momentum ETF

     16,907,391        (4,494,400 )       12,412,991        124,539,355  

DWA Emerging Markets Momentum ETF

     17,358,971        (3,358,466 )       14,000,505        106,269,813  

FTSE RAFI Developed Markets ex-U.S. ETF

     78,513,566        (307,358,535 )       (228,844,969 )       1,363,615,128  

FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF

     27,989,689        (57,321,303 )       (29,331,614 )       348,530,463  

FTSE RAFI Emerging Markets ETF

     95,897,270        (272,163,613 )       (176,266,343 )       1,223,929,394  

Global Clean Energy ETF

     13,460,043        (3,513,959 )       9,946,084        53,798,408  

Global Water ETF

     34,955,623        (7,395,198 )       27,560,425        152,960,594  

International BuyBack AchieversTM ETF

     4,328,853        (26,128,550 )       (21,799,697 )       119,580,771  

MSCI Global Timber ETF

     9,469,765        (16,092,435 )       (6,622,670 )       82,900,695  

S&P Global Water Index ETF

     124,333,156        (48,463,540 )       75,869,616        549,987,207  

S&P International Developed Quality ETF

     2,214,215        (5,397,962 )       (3,183,747 )       50,208,767  

NOTE 8–Trustees’ and Officer’s Fees

Trustees’ and Officer’s Fees include amounts accrued by the Funds to pay remuneration to the Independent Trustees and an Officer of the Trust. The Adviser, as a result of each Funds’ unitary management fee, pays for such compensation for China Technology ETF, DWA Developed Markets Momentum ETF, DWA Emerging Markets Momentum ETF, FTSE RAFI Developed Markets ex-U.S. ETF, FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF, FTSE RAFI Emerging Markets ETF, Global Clean Energy ETF, Global Water ETF, International BuyBack Achievers™ ETF, and S&P International Developed Quality ETF. The Trustee who is an “interested person” of the Trust does not receive any Trustees’ fees.

The Trust has adopted a deferred compensation plan (the “Plan”). Under the Plan, each Independent Trustee who has executed a Deferred Fee Agreement (a “Participating Trustee”) may defer receipt of all or a portion of their compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select Invesco ETFs. The Deferral Fees payable to a Participating Trustee are valued as of the date such Deferral Fees would have been paid to a Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected. Obligations under the Plan represent unsecured claims against the general assets of the Funds.

NOTE 9–Capital

Shares are issued and redeemed by each Fund only in Creation Units of 50,000 Shares, except for S&P Global Water Index ETF, which are issued and redeemed in Creation Units of 80,000 Shares. Only Authorized Participants are permitted to purchase or redeem Creation Units from the Funds. Such transactions are principally permitted in exchange for Deposit Securities, with a balancing cash component to equate the transaction to the NAV per Share of a Fund of the Trust on the transaction date. However, for all Funds, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the Authorized Participant or as a result of other market circumstances.

To the extent that the Funds permit transactions in exchange for Deposit Securities, each Fund may issue Shares in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash at least equal to 105% of the market value of the missing Deposit Securities. In accordance with the Trust’s Participant Agreement, Creation Units will be issued to an Authorized Participant, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the Authorized Participant to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the Authorized Participant’s delivery and maintenance of collateral consisting of cash in the form of U.S. dollars in immediately available funds having a value (marked-to-market daily) at least equal to 105%, which the Adviser may change from time to time, of the value of the missing Deposit Securities.

Certain transaction fees may be charged by the Funds for creations and redemptions, which are treated as increases in capital.

Transactions in each Fund’s Shares are disclosed in detail in the Statements of Changes in Net Assets.

NOTE 10–Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the value of the Funds’ investments. Because of the uncertainties on

 

 

 

 

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valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

The extent of the impact on the performance of the Funds and their investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.

 

 

 

 

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Calculating your ongoing Fund expenses

Example

As a shareholder of Invesco MSCI Global Timber ETF and Invesco S&P Global Water Index ETF, you incur advisory fees and other Fund expenses. As a shareholder of the Invesco China Technology ETF, Invesco DWA Developed Markets Momentum ETF, Invesco DWA Emerging Markets Momentum ETF, Invesco FTSE RAFI Developed Markets ex-U.S. ETF, Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF, Invesco FTSE RAFI Emerging Markets ETF, Invesco Global Clean Energy ETF, Invesco Global Water ETF, Invesco International BuyBack Achievers™ ETF and Invesco S&P International Developed Quality ETF, you incur a unitary management fee. In addition to the unitary management fee, a shareholder may pay distribution fees, if any, brokerage expenses, taxes, interest, litigation expenses, acquired fund fees and expenses, if any, and other extraordinary expenses. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2019 through April 30, 2020.

In addition to the fees and expenses which the Invesco FTSE RAFI Emerging Markets ETF (the “Portfolio”) bears directly, the Portfolio indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Portfolio invests. The amount of fees and expenses incurred indirectly by the Portfolio will vary because the investment companies have varied expenses and fee levels and the Portfolio may own different proportions of the investment companies at different times. Estimated investment companies’ expenses are not expenses that are incurred directly by the Portfolio. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Portfolio invests in. The effect of the estimated investment companies’ expenses that the Portfolio bears indirectly are included in the Portfolio total returns.

Actual Expenses

The first line in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During the Six-Month Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line in the following table provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed annualized rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only, and do not reflect any transactional costs, such as sales charges and brokerage commissions. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, expenses shown in the table do not include the expenses of the underlying funds, which are borne indirectly by a Fund. If transaction costs and indirect expenses were included, your costs would have been higher.

 

            Annualized    
    Beginning   Ending   Expense Ratio   Expenses Paid
    Account Value   Account Value   Based on the   During the
    November 1, 2019   April 30, 2020   Six-Month Period   Six-Month Period(1)

Invesco China Technology ETF (CQQQ)

                

Actual

     $ 1,000.00     $ 1,091.20       0.70 %     $ 3.64

Hypothetical (5% return before expenses)

       1,000.00       1,021.38       0.70       3.52

Invesco DWA Developed Markets Momentum ETF (PIZ)

                

Actual

       1,000.00       914.60       0.80       3.81

Hypothetical (5% return before expenses)

       1,000.00       1,020.89       0.80       4.02

 

 

 

 

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Calculating your ongoing Fund expenses–(continued)

    

    

 

            Annualized    
    Beginning   Ending   Expense Ratio   Expenses Paid
    Account Value   Account Value   Based on the   During the
    November 1, 2019   April 30, 2020   Six-Month Period   Six-Month Period(1)

Invesco DWA Emerging Markets Momentum ETF (PIE)

                

Actual

     $ 1,000.00     $ 876.30       0.90 %     $ 4.20

Hypothetical (5% return before expenses)

       1,000.00       1,020.39       0.90       4.52

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

                

Actual

       1,000.00       804.80       0.45       2.02

Hypothetical (5% return before expenses)

       1,000.00       1,022.63       0.45       2.26

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

                

Actual

       1,000.00       850.60       0.49       2.25

Hypothetical (5% return before expenses)

       1,000.00       1,022.43       0.49       2.46

Invesco FTSE RAFI Emerging Markets ETF (PXH)

                

Actual

       1,000.00       801.10       0.49       2.19

Hypothetical (5% return before expenses)

       1,000.00       1,022.43       0.49       2.46

Invesco Global Clean Energy ETF (PBD)

                

Actual

       1,000.00       1,074.90       0.75       3.87

Hypothetical (5% return before expenses)

       1,000.00       1,021.13       0.75       3.77

Invesco Global Water ETF (PIO)

                

Actual

       1,000.00       932.10       0.75       3.60

Hypothetical (5% return before expenses)

       1,000.00       1,021.13       0.75       3.77

Invesco International BuyBack AchieversTM ETF (IPKW)

                

Actual

       1,000.00       817.90       0.55       2.49

Hypothetical (5% return before expenses)

       1,000.00       1,022.13       0.55       2.77

Invesco MSCI Global Timber ETF (CUT)

                

Actual

       1,000.00       866.90       0.55       2.55

Hypothetical (5% return before expenses)

       1,000.00       1,022.13       0.55       2.77

Invesco S&P Global Water Index ETF (CGW)

                

Actual

       1,000.00       915.80       0.58       2.76

Hypothetical (5% return before expenses)

       1,000.00       1,021.98       0.58       2.92

Invesco S&P International Developed Quality ETF (IDHQ)

                

Actual

       1,000.00       945.90       0.29       1.40

Hypothetical (5% return before expenses)

       1,000.00       1,023.42       0.29       1.46

 

(1) 

Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the six-month period ended April 30, 2020. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 182/366.

 

 

 

 

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Approval of Investment Advisory and Sub-Advisory Contracts

 

At a meeting held on April 14, 2020, the Board of Trustees of the Invesco Exchange-Traded Fund Trust II (the “Trust”), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the “Adviser”) and the Trust for the following 71 series (each, a “Fund” and collectively, the “Funds”):

 

Invesco 1-30 Laddered Treasury ETF    Invesco S&P 500® Enhanced Value ETF
Invesco California AMT-Free Municipal Bond ETF    Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF
Invesco CEF Income Composite ETF    Invesco S&P 500® High Beta ETF
Invesco China Technology ETF    Invesco S&P 500® High Dividend Low Volatility ETF
Invesco DWA Developed Markets Momentum ETF    Invesco S&P 500® Low Volatility ETF
Invesco DWA Emerging Markets Momentum ETF    Invesco S&P 500 Minimum Variance ETF
Invesco DWA SmallCap Momentum ETF    Invesco S&P 500® Momentum ETF
Invesco Emerging Markets Sovereign Debt ETF    Invesco S&P 500 Revenue ETF
Invesco FTSE International Low Beta Equal Weight ETF    Invesco S&P Emerging Markets Low Volatility ETF
Invesco FTSE RAFI Developed Markets ex-U.S. ETF    Invesco S&P Emerging Markets Momentum ETF

Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid

    ETF

   

Invesco S&P International Developed High Dividend Low

    Volatility ETF

Invesco FTSE RAFI Emerging Markets ETF    Invesco S&P International Developed Low Volatility ETF
Invesco Fundamental High Yield® Corporate Bond ETF    Invesco S&P International Developed Momentum ETF
Invesco Fundamental Investment Grade Corporate Bond ETF    Invesco S&P International Developed Quality ETF
Invesco Global Clean Energy ETF    Invesco S&P MidCap 400 Revenue ETF
Invesco Global Short Term High Yield Bond ETF    Invesco S&P MidCap Low Volatility ETF
Invesco Global Water ETF    Invesco S&P SmallCap 600 Revenue ETF
Invesco International BuyBack AchieversTM ETF    Invesco S&P SmallCap Consumer Discretionary ETF
Invesco International Corporate Bond ETF    Invesco S&P SmallCap Consumer Staples ETF
Invesco KBW Bank ETF    Invesco S&P SmallCap Energy ETF
Invesco KBW High Dividend Yield Financial ETF    Invesco S&P SmallCap Financials ETF
Invesco KBW Premium Yield Equity REIT ETF    Invesco S&P SmallCap Health Care ETF
Invesco KBW Property & Casualty Insurance ETF    Invesco S&P SmallCap High Dividend Low Volatility ETF
Invesco KBW Regional Banking ETF    Invesco S&P SmallCap Industrials ETF
Invesco National AMT-Free Municipal Bond ETF    Invesco S&P SmallCap Information Technology ETF
Invesco New York AMT-Free Municipal Bond ETF    Invesco S&P SmallCap Low Volatility ETF
Invesco Preferred ETF    Invesco S&P SmallCap Materials ETF
Invesco PureBetaSM 0-5YrUSTIPSETF    Invesco S&P SmallCap Quality ETF
Invesco PureBetaSM FTSE Developed ex-North America ETF    Invesco S&P SmallCap Utilities & Communication Services
Invesco PureBetaSM FTSE Emerging Markets ETF        ETF
Invesco PureBetaSM MSCI USA ETF    Invesco S&P Ultra Dividend Revenue ETF
Invesco PureBetaSM MSCI USA Small Cap ETF    Invesco Senior Loan ETF
Invesco PureBetaSM US Aggregate Bond ETF    Invesco Taxable Municipal Bond ETF
Invesco Russell 1000 Enhanced Equal Weight ETF    Invesco Treasury Collateral ETF
Invesco Russell 1000 Equal Weight ETF    Invesco Variable Rate Preferred ETF
Invesco Russell 1000 Low Beta Equal Weight ETF    Invesco VRDO Tax-Free Weekly ETF

Also at the April 14, 2020 meeting, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Investment Sub-Advisory Agreement between the Adviser and the following seven affiliated sub-advisers for each of Invesco Senior Loan ETF and Invesco Treasury Collateral ETF (the “Sub-Advisory Agreement”): Invesco Advisers, Inc.; Invesco Asset Management Deutschland, GmbH; Invesco Asset Management Limited; Invesco Asset Management (Japan) Limited; Invesco Hong Kong Limited; Invesco Senior Secured Management, Inc.; and Invesco Canada Ltd. (each, a “Sub-Adviser” and collectively, the “Sub-Advisers”).

 

 

 

 

   100  

 

 

 

 

Approval of Investment Advisory and Sub-Advisory Contracts (continued)

 

  

 

Investment Advisory Agreement

The Trustees reviewed information from the Adviser describing: (i) the nature, extent and quality of services provided, (ii) the investment performance of each Fund and the Adviser, (iii) the fees paid by the Funds and comparisons to amounts paid by other comparable registered investment companies, (iv) the costs of services provided and estimated profits realized by the Adviser, (v) the extent to which economies of scale may be realized as a Fund grows and whether fee levels reflect any possible economies of scale for the benefit of Fund shareholders, and (vi) any further benefits realized by the Adviser or its affiliates from the Adviser’s relationship with the Funds.

Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions performed by the Adviser for the Funds, information describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. (“Invesco”), and the background and experience of the persons responsible for the day-to-day management of the Funds. The Trustees reviewed matters related to the Adviser’s execution and/or oversight of execution of portfolio transactions on behalf of the Funds. The Trustees also reviewed information on the performance of the Funds and their underlying indexes for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2019, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund’s performance and the performance of its underlying index, as well as the Adviser’s analysis of the tracking error and correlation between certain Funds and their underlying indexes. In reviewing the tracking error reports, the Trustees considered information provided by Invesco’s independent performance and risk management group with respect to general expected tracking error ranges. The Trustees also considered that certain Funds were created in connection with the purchases by Invesco of the exchange-traded funds businesses of Guggenheim Capital LLC on April 6, 2018 and Massachusetts Mutual Life Insurance Company (“Oppenheimer”) on May 24, 2019 (each, a “Transaction”), and that each such Fund’s performance prior to the closing of the applicable Transaction is that of its predecessor Guggenheim ETF or Oppenheimer ETF. The Trustees noted that, for each applicable period, the correlation for each Fund, other than the five-year and since-inception periods for Invesco Global Short Term High Yield Bond ETF and the one-year and ten-year periods for Invesco VRDO Tax-Free Weekly ETF, was within the targeted range set forth in the Trust’s registration statement. The Trustees reviewed the reasons provided by the Adviser for Invesco Global Short Term High Yield Bond ETF’s and Invesco VRDO Tax-Free Weekly ETF’s level of correlation to its underlying index, as well as the Adviser’s expectations for each Fund’s correlation going forward. The Trustees noted that, for each applicable period, the tracking error for all Funds was within the targeted range set forth in the Trust’s registration statement and concluded that each Fund’s correlation to its underlying index and the tracking error for each Fund were within an acceptable range given that Fund’s particular circumstances.

The Trustees considered the services provided by the Adviser in its oversight of the Funds’ administrator, custodian and transfer agent. They noted the significant amount of time, effort and resources that had been devoted to this oversight function.

Based on their review, the Trustees concluded that the nature, extent and quality of services provided by the Adviser to the Funds under the Investment Advisory Agreement were appropriate and reasonable.

Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser on each Fund’s net expense ratio and unitary advisory fee. The Trustees noted that the annual advisory fee charged to each Fund, as set forth below, is a unitary advisory fee and that the Adviser pays all other operating expenses of each Fund, including the fees payable to the Sub-Advisers for Invesco Senior Loan ETF and Invesco Treasury Collateral ETF, except that each Fund pays its brokerage expenses, taxes, interest (including, for Invesco Senior Loan ETF, interest expenses associated with its line of credit), litigation expenses and other extraordinary expenses (including acquired fund fees and expenses, if any).

 

0.04%:

      Invesco PureBetaTM MSCI USA ETF

0.05%:

      Invesco PureBetaTM US Aggregate Bond ETF

0.06%:

      Invesco PureBetaTM MSCI USA Small Cap ETF

0.07%:

      Invesco PureBetaTM 0-5 Yr US TIPS ETF, Invesco PureBetaTM FTSE Developed ex-North America ETF

0.08%:

      Invesco Treasury Collateral ETF

0.10%:

      Invesco S&P 500 Minimum Variance ETF

0.13%:

      Invesco S&P 500 Enhanced Value ETF, Invesco S&P 500 Momentum ETF

0.14%:

      Invesco PureBetaTM FTSE Emerging Markets ETF

 

 

 

 

   101  

 

 

 

 

Approval of Investment Advisory and Sub-Advisory Contracts (continued)

 

    

 

0.20%:

      Invesco Russell 1000 Equal Weight ETF

0.22%:

      Invesco Fundamental Investment Grade Corporate Bond ETF

0.25%:

      Invesco 1-30 Laddered Treasury ETF, Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF, Invesco S&P 500® High Beta ETF, Invesco S&P 500® Low Volatility ETF, Invesco S&P MidCap Low Volatility ETF, Invesco S&P SmallCap Low Volatility ETF, Invesco VRDO Tax-Free Weekly ETF

0.28%:

      Invesco California AMT-Free Municipal Bond ETF, Invesco National AMT-Free Municipal Bond ETF, Invesco New York AMT-Free Municipal Bond ETF, Invesco Taxable Municipal Bond ETF

0.29%:

      Invesco Russell 1000 Enhanced Equal Weight ETF, Invesco S&P International Developed Quality ETF, Invesco S&P SmallCap Consumer Discretionary ETF, Invesco S&P SmallCap Consumer Staples ETF, Invesco S&P SmallCap Energy ETF, Invesco S&P SmallCap Financials ETF, Invesco S&P SmallCap Health Care ETF, Invesco S&P SmallCap Industrials ETF, Invesco S&P SmallCap Information Technology ETF, Invesco S&P SmallCap Materials ETF, Invesco S&P SmallCap Quality ETF, Invesco S&P SmallCap Utilities & Communication Services ETF

0.30%:

      Invesco S&P 500® High Dividend Low Volatility ETF, Invesco S&P International Developed High Dividend Low Volatility ETF, Invesco S&P SmallCap High Dividend Low Volatility ETF

0.35%:

      Invesco Global Short Term High Yield Bond ETF, Invesco KBW Bank ETF, Invesco KBW High Dividend Yield Financial ETF, Invesco KBW Premium Yield Equity REIT ETF, Invesco KBW Property & Casualty Insurance ETF, Invesco KBW Regional Banking ETF, Invesco Russell 1000 Low Beta Equal Weight ETF, Invesco S&P International Developed Low Volatility ETF, Invesco S&P International Developed Momentum ETF

0.39%:

      Invesco S&P 500 Revenue ETF, Invesco S&P MidCap 400 Revenue ETF, Invesco S&P SmallCap 600 Revenue ETF, Invesco S&P Ultra Dividend Revenue ETF

0.45%:

      Invesco FTSE International Low Beta Equal Weight ETF, Invesco FTSE RAFI Developed Markets ex-U.S. ETF, Invesco S&P Emerging Markets Low Volatility ETF, Invesco S&P Emerging Markets Momentum ETF

0.49%:

      Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF, Invesco FTSE RAFI Emerging Markets ETF

0.50%:

      Invesco CEF Income Composite ETF, Invesco Emerging Markets Sovereign Debt ETF, Invesco Fundamental High Yield® Corporate Bond ETF, Invesco International Corporate Bond ETF, Invesco Preferred ETF, Invesco Variable Rate Preferred ETF

0.55%:

      Invesco International BuyBack AchieversTM ETF

0.60%:

      Invesco DWA SmallCap Momentum ETF

0.65%:

      Invesco Senior Loan ETF

0.70%:

      Invesco China Technology ETF

0.75%:

      Invesco Global Clean Energy ETF, Invesco Global Water ETF

0.80%:

      Invesco DWA Developed Markets Momentum ETF

0.90%:

      Invesco DWA Emerging Markets Momentum ETF

The Trustees considered that, effective May 1, 2020, the Adviser had agreed to reduce the unitary advisory fee for Invesco S&P Emerging Markets Low Volatility ETF and Invesco S&P Emerging Markets Momentum ETF from 0.45% to 0.29% of average daily net assets, and to reduce the unitary advisory fee for Invesco S&P International Developed Low Volatility ETF and Invesco S&P International Developed Momentum ETF from 0.35% to 0.25% of average daily net assets.

The Trustees compared each Fund’s net expense ratio to information compiled by the Adviser from Lipper Inc. databases on the net expense ratios of comparable exchange-traded funds (“ETFs”), open-end (non-ETF) index funds and open-end (non-ETF) actively-managed funds, as applicable. The Trustees noted that the net expense ratios for certain Funds were equal to or lower than the median net expense ratios of their ETF and open-end index peer funds as illustrated in the table below. The Trustees also noted that the net expense ratios for all of the Funds were lower than the median net expense ratios of their open-end actively-managed peer funds. The Trustees noted that a portion of each Fund’s operating expenses was attributable to a sub-license fee payable out of the unitary advisory fee charged to that Fund.

 

 

 

 

   102  

 

 

 

 

Approval of Investment Advisory and Sub-Advisory Contracts (continued)

 

    

 

         Equal to/Lower    Lower than
    Equal to/Lower    than Open-End    Open-End
    than ETF    Index Fund    Active Fund

Invesco Fund

   Peer Median    Peer Median*    Peer Median

Invesco 1-30 Laddered Treasury ETF

         X

Invesco California AMT-Free Municipal Bond ETF

      N/A    X

Invesco CEF Income Composite ETF

   X    N/A    X

Invesco China Technology ETF

      N/A    X

Invesco DWA Developed Markets Momentum ETF

         X

Invesco DWA Emerging Markets Momentum ETF

         X

Invesco DWA SmallCap Momentum ETF

         X

Invesco Emerging Markets Sovereign Debt ETF

         X

Invesco FTSE International Low Beta Equal Weight ETF

   X        X    X

Invesco FTSE RAFI Developed Markets ex-U.S. ETF

          X    X

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

   X        X    X

Invesco FTSE RAFI Emerging Markets ETF

   X       X

Invesco Fundamental High Yield® Corporate Bond ETF

          X    X

Invesco Fundamental Investment Grade Corporate Bond ETF

         X

Invesco Global Clean Energy ETF

      N/A    X

Invesco Global Short Term High Yield Bond ETF

   X    N/A    X

Invesco Global Water ETF

      N/A    X

Invesco International BuyBack AchieversTM ETF

   X        X    X

Invesco International Corporate Bond ETF

         X

Invesco KBW Bank ETF

   X       X

Invesco KBW High Dividend Yield Financial ETF

   X       X

Invesco KBW Premium Yield Equity REIT ETF

   X       X

Invesco KBW Property & Casualty Insurance ETF

   X       X

Invesco KBW Regional Banking ETF

   X       X

Invesco National AMT-Free Municipal Bond ETF

         X

Invesco New York AMT-Free Municipal Bond ETF

      N/A    X

Invesco Preferred ETF

      N/A    X

Invesco PureBetaTM 0-5 Yr US TIPS ETF

         X

Invesco PureBetaTM FTSE Developed ex-North America ETF

         X

Invesco PureBetaTM FTSE Emerging Markets ETF

   X       X

Invesco PureBetaTM MSCI USA ETF

   X        X    X

Invesco PureBetaTM MSCI USA Small Cap ETF

   X        X    X

Invesco PureBetaTM US Aggregate Bond ETF

   X        X    X

Invesco Russell 1000 Enhanced Equal Weight ETF

   X        X    X

Invesco Russell 1000 Equal Weight ETF

   X        X    X

Invesco Russell 1000 Low Beta Equal Weight ETF

          X    X

Invesco S&P 500 Enhanced Value ETF

   X        X    X

Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF

   X        X    X

Invesco S&P 500 High Beta ETF

   X        X    X

Invesco S&P 500® High Dividend Low Volatility ETF

   X        X    X

Invesco S&P 500® Low Volatility ETF

   X       X

Invesco S&P 500 Minimum Variance ETF

   X        X    X

Invesco S&P 500 Momentum ETF

          X    X

 

 

 

 

   103  

 

 

 

 

Approval of Investment Advisory and Sub-Advisory Contracts (continued)

 

    

 

         Equal to/Lower    Lower than
    Equal to/Lower    than Open-End    Open-End
    than ETF    Index Fund    Active Fund

Invesco Fund

   Peer Median    Peer Median*    Peer Median

Invesco S&P 500 Revenue ETF

          X    X

Invesco S&P Emerging Markets Low Volatility ETF

   X        X    X

Invesco S&P Emerging Markets Momentum ETF

   X       X

Invesco S&P International Developed High Dividend Low Volatility ETF

   X       X

Invesco S&P International Developed Low Volatility ETF

   X       X

Invesco S&P International Developed Momentum ETF

         X

Invesco S&P International Developed Quality ETF

   X       X

Invesco S&P MidCap 400 Revenue ETF

         X

Invesco S&P MidCap Low Volatility ETF

         X

Invesco S&P SmallCap 600 Revenue ETF

          X    X

Invesco S&P SmallCap Consumer Discretionary ETF

   X       X

Invesco S&P SmallCap Consumer Staples ETF

   X       X

Invesco S&P SmallCap Energy ETF

   X       X

Invesco S&P SmallCap Financials ETF

   X       X

Invesco S&P SmallCap Health Care ETF

   X       X

Invesco S&P SmallCap High Dividend Low Volatility ETF

   X        X    X

Invesco S&P SmallCap Industrials ETF

   X       X

Invesco S&P SmallCap Information Technology ETF

   X        X    X

Invesco S&P SmallCap Low Volatility ETF

   X        X    X

Invesco S&P SmallCap Materials ETF

   X       X

Invesco S&P SmallCap Quality ETF

   X       X

Invesco S&P SmallCap Utilities & Communication Services ETF

   X        X    X

Invesco S&P Ultra Dividend Revenue ETF

          X    X

Invesco Senior Loan ETF

          X    X

Invesco Taxable Municipal Bond ETF

      N/A    X

Invesco Treasury Collateral ETF

   X       X

Invesco Variable Rate Preferred ETF

          X    X

Invesco VRDO Tax-Free Weekly ETF

      N/A    X

 

*

The information provided by the Adviser indicated that certain Funds did not have any comparable open-end index fund peers. Those Funds have been designated in this column with an “N/A” for not available.

In response to questions from the Independent Trustees, the Adviser provided supplemental information regarding each of Invesco 1-30 Laddered Treasury ETF, Invesco California AMT-Free Municipal Bond ETF, Invesco DWA Developed Markets Momentum ETF, Invesco Emerging Markets Sovereign Debt ETF, Invesco Global Clean Energy ETF, Invesco Global Water ETF, Invesco International Corporate Bond ETF, Invesco National AMT-Free Municipal Bond ETF, Invesco New York AMT-Free Municipal Bond ETF, Invesco Senior Loan ETF and Invesco VRDO Tax-Free Weekly ETF’s advisory fees and total expenses and the Lipper peer data. The Adviser explained its view that the advisory fees and total expenses for these Funds are competitive and generally in line with other comparable funds in the marketplace, particularly in light of the level and nature of services provided and the investment management style of the Adviser. The Trustees also considered the Adviser’s statements regarding its pricing philosophy and the differing pricing philosophy of certain of the peers.

The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, including products that have investment strategies comparable to certain of the Funds. The Trustees considered the Adviser’s explanation of the differences between the services provided to the Funds and to the other investment products it advises, noting the Adviser’s statement that the management and oversight of the Funds requires substantially more labor and expense.

 

 

 

 

   104  

 

 

 

 

Approval of Investment Advisory and Sub-Advisory Contracts (continued)

 

    

 

Based on all the information provided, the Board concluded that each Fund’s unitary advisory fee was reasonable and appropriate in light of the services provided, the nature of the indexes, the distinguishing factors of the Funds, and the administrative, operational and management oversight costs for the Adviser.

In conjunction with their review of the unitary advisory fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Funds. The Trustees reviewed information provided by the Adviser on its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund. The Trustees concluded that the overall and estimated profitability to the Adviser was not unreasonable.

Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of shareholders. The Trustees reviewed each Fund’s asset size and unitary advisory fee. The Trustees noted that any reduction in fixed costs associated with the management of the Funds would be enjoyed by the Adviser, but a unitary advisory fee provides a level of certainty in expenses for the Funds. The Trustees considered whether the unitary advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund, and concluded that the unitary advisory fee was reasonable and appropriate.

Fall-out Benefits. The Trustees considered that the Adviser identified no additional benefits it receives from its relationship with the Funds, and noted that the Adviser does not have any soft-dollar arrangements. The Trustees also considered benefits received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser’s relationship with the Funds, including brokerage fees and advisory fees for money market cash management vehicles. The Board concluded that the advisory fee was reasonable, taking into account any ancillary benefits received by affiliates of the Adviser.

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Investment Advisory Agreement for each Fund. No single factor was determinative in the Board’s analysis.

Investment Sub-Advisory Agreement

As noted above, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Sub-Advisory Agreement for each of Invesco Senior Loan ETF and Invesco Treasury Collateral ETF at a meeting held on April 14, 2020. The review process followed by the Board is described in detail above. In connection with the review of the Sub-Advisory Agreement, the Board considered the factors described below, among others.

Nature, Extent and Quality of Services. The Trustees considered the nature, extent and quality of services provided under the Sub-Advisory Agreement. The Board reviewed the qualifications and background of each Sub-Adviser, the services provided or to be provided by each Sub-Adviser, the investment approach of the Sub-Adviser whose investment personnel manage Invesco Senior Loan ETF’s and Invesco Treasury Collateral ETF’s assets, the experience and skills of the investment personnel responsible for the day-to-day management of the Funds, and the resources made available to such personnel.

Based on their review, the Trustees concluded that the nature, extent and quality of services provided by the Sub-Advisers to Invesco Senior Loan ETF and Invesco Treasury Collateral ETF under the Sub-Advisory Agreement were appropriate and reasonable.

Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser and the Sub-Advisers on the sub-advisory fee rates under the Sub-Advisory Agreement. The Trustees noted that the sub-advisory fees charged by the Sub-Advisers under the Sub-Advisory Agreement are consistent with the compensation structure used throughout Invesco when Invesco’s affiliates provide sub-advisory services for funds managed by other Invesco affiliates. The Board considered how the sub-advisory fees relate to the overall advisory fee for each of Invesco Senior Loan ETF and Invesco Treasury Collateral ETF and noted that the Adviser compensates the Sub-Advisers from its fee.

The Trustees also reviewed the financial statements provided by Invesco Senior Secured Management, Inc., in connection with the March 12, 2020 Board meeting, and Invesco Advisers, Inc., in connection with the April 14, 2020 meeting, and noted the net income generated by each firm. The Trustees noted that the Adviser compensates the Sub-Advisers from its fee and that the Adviser provided profitability information with respect to Invesco Senior Loan ETF and Invesco Treasury Collateral ETF.

Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. As part of their review of the Investment Advisory Agreement for Invesco Senior Loan ETF and Invesco Treasury Collateral ETF, the Trustees considered the extent to which economies of

 

 

 

 

   105  

 

 

 

 

Approval of Investment Advisory and Sub-Advisory Contracts (continued)

 

    

 

scale may be realized as the Funds grow and whether fee levels reflect economies of scale for the benefit of shareholders. The Trustees considered whether the sub-advisory fee rates for Invesco Senior Loan ETF and Invesco Treasury Collateral ETF were reasonable in relation to the asset size of the Funds, and concluded that the flat sub-advisory fee rates were reasonable and appropriate.

Fall-out Benefits. The Trustees noted that Invesco Advisers, Inc. receives management fees from money market funds into which the Funds’ and other Invesco ETFs’ excess cash and securities lending collateral may be invested, and that the Adviser waives its fees on the excess cash invested under such arrangement in amounts equal to fees received by Invesco Advisers, Inc. on the Funds’ and other Invesco ETFs’ excess cash invested in the money market funds. The Trustees noted that the Sub-Advisers had not identified any further benefits that they derived from their relationships with Invesco Senior Loan ETF and Invesco Treasury Collateral ETF and that the Sub-Advisers do not have any soft-dollar arrangements with respect to the Funds. The Board concluded that the sub-advisory fee with respect to each Fund was reasonable, taking into account any ancillary benefits received by the Sub-Advisers.

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Sub-Advisory Agreement for Invesco Senior Loan ETF and Invesco Treasury Collateral ETF. No single factor was determinative in the Board’s analysis.

 

 

 

 

   106  

 

 

 

 

Approval of Investment Advisory Contracts

 

At a meeting held on April 14, 2020, the Board of Trustees of the Invesco Exchange-Traded Fund Trust II (the “Trust”), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the “Adviser”) and the Trust for Invesco MSCI Global Timber ETF, Invesco S&P Global Water Index ETF and Invesco Solar ETF (each, a “Fund” and collectively, the “Funds”).

The Trustees reviewed information from the Adviser describing: (i) the nature, extent and quality of services provided, (ii) the investment performance of the Funds and the Adviser, (iii) the fees and expenses paid by the Funds and comparisons to amounts paid by other comparable registered investment companies, (iv) the costs of services provided and estimated profits realized by the Adviser, (v) the extent to which economies of scale may be realized as a Fund grows and whether fee levels reflect any possible economies of scale for the benefit of Fund shareholders, and (vi) any further benefits realized by the Adviser or its affiliates from the Adviser’s relationship with the Funds.

Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions performed by the Adviser for the Funds, information describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. (“Invesco”), and the background and experience of the persons responsible for the day-to-day management of the Funds. The Trustees reviewed matters related to the Adviser’s oversight of execution of portfolio transactions on behalf of the Funds. The Trustees also reviewed information on the performance of the Funds and their underlying indexes for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2019, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund’s performance and the performance of its underlying index, as well as the Adviser’s analysis of the tracking error between certain Funds and their underlying indexes. In reviewing the tracking error reports, the Trustees considered information provided by Invesco’s independent performance and risk management group with respect to general expected tracking error ranges. The Trustees also considered that the Funds were created in connection with the purchase by Invesco of the exchange-traded funds business of Guggenheim Capital LLC (the “Transaction”) and that each such Fund’s performance prior to the closing of the Transaction on April 6, 2018, and on May 18, 2018 for the Invesco Solar ETF, is that of its predecessor Guggenheim ETF. The Trustees noted that, for each applicable period, the correlation and tracking error for each Fund was within the targeted range set forth in the Trust’s registration statement and concluded that each Fund was correlated to its underlying index and that the tracking error for each Fund was within an acceptable range given that Fund’s particular circumstances.

The Trustees considered the services provided by the Adviser in its oversight of the Funds’ administrator, custodian and transfer agent. They noted the significant amount of time, effort and resources that had been devoted to this oversight function.

Based on their review, the Trustees concluded that the nature, extent and quality of services provided by the Adviser to the Funds under the Investment Advisory Agreement were appropriate and reasonable.

Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser on each Fund’s contractual advisory fee, net advisory fee, and gross and net expense ratio. The Trustees noted that the annual contractual advisory fee charged to each Fund is 0.50% of the Fund’s average daily net assets and that the Adviser has agreed to waive a portion of its contractual advisory fee and/or pay expenses (an “Expense Cap”) to the extent necessary to prevent the annual operating expenses of each Fund (excluding interest expenses, sub-licensing fees, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses, if applicable, and extraordinary expenses) from exceeding the percentage of that Fund’s average daily net assets, until at least August 31, 2022, as set forth below:

 

  ●  

0.55% for Invesco MSCI Global Timber ETF;

 

  ●  

0.63% for Invesco S&P Global Water Index ETF; and

 

  ●  

0.65% for Invesco Solar ETF.

The Trustees compared each Fund’s contractual advisory fee and net expense ratio to information compiled by the Adviser from Lipper Inc. databases on the net advisory fees and net expense ratios of comparable exchange-traded funds (“ETFs”), open-end (non-ETF) actively-managed funds and open-end (non-ETF) index funds, noting that comparative information for an open-end (non-ETF) index fund was only available for the Invesco MSCI Global Timber ETF. The Trustees noted that each Fund’s contractual advisory fee was higher than the median net advisory fees of its ETF peer funds and lower than the median net advisory fees of their open-end actively-managed peer funds. The Trustees noted that each Fund’s net expense ratio was higher than the median net expense ratio of its ETF peers and lower than the median net expense ratio of its open-end actively-managed peer funds. The Trustees noted that a significant component of the non-advisory fee expenses was the sub-license fees paid by the Funds, and noted, with the exception of Invesco S&P

 

 

 

 

   107  

 

 

 

 

Approval of Investment Advisory Contracts (continued)

 

Global Water Index ETF, the Adviser has agreed to reimburse the amount equal to the sub-licensing fee paid that causes a Fund’s annual operating expenses (excluding interest expenses, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses) to exceed the percentage of the Fund’s average daily net assets as set forth below:

 

Invesco Fund

   Percentage of
Average Daily
Net Assets		   Termination
Date
Invesco MSCI Global Timber ETF       0.55 %   December 31, 2020
Invesco Solar ETF       0.70 %   May 18, 2020

The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, noting that the Adviser indicated that none of the other investment products have comparable investment strategies to the Funds. The Trustees considered the Adviser’s explanation of the differences between the services provided to the Funds and to the other investment products it advises, noting the Adviser’s statement that the management and oversight of the Funds requires substantially more labor and expense.

Based on all the information provided, the Trustees determined that the contractual advisory fee and net expense ratio of each Fund were reasonable and appropriate in light of the services provided, the nature of the indexes, the distinguishing factors of the Funds, and the administrative, operational and management oversight costs for the Adviser.

In conjunction with their review of fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Funds, as well as the fees waived and expenses reimbursed by the Adviser for the Funds. The Trustees reviewed information provided by the Adviser on its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund. The Trustees concluded that the overall and estimated profitability to the Adviser was not unreasonable.

Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of shareholders. The Trustees reviewed each Fund’s asset size, advisory fee, expense ratio and Expense Cap agreed to by the Adviser. The Trustees also noted that the Expense Cap agreement with the Trust provides that the Adviser is entitled to be reimbursed by each Fund for fees waived or expenses absorbed pursuant to the Expense Cap for a period of three years from the date the fee or expense was incurred, provided that no reimbursement would be made that would result in a Fund exceeding its Expense Cap then in effect or in effect at the time the fees and/or expenses subject to reimbursement were waived and/or borne by the Adviser. The Trustees considered whether the advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund, and concluded that the flat advisory fee was reasonable and appropriate.

Fall-out Benefits. The Trustees considered that the Adviser identified no additional benefits it receives from its relationship with the Funds, and noted that the Adviser does not have any soft-dollar arrangements. The Trustees also considered benefits received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser’s relationship with the Funds, including brokerage fees and advisory fees for money market cash management vehicles. The Board concluded that the advisory fee was reasonable, taking into account any ancillary benefits received by affiliates of the Adviser.

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Investment Advisory Agreement for each Fund. No single factor was determinative in the Board’s analysis.

 

 

 

 

   108  

 

 

 

 

 

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Proxy Voting Policies and Procedures

A description of the Trust’s proxy voting policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available, without charge and upon request, by calling (800) 983-0903. This information is also available on the Securities and Exchange Commission’s (the “Commission”) website at www.sec.gov.

Information regarding how each Fund voted proxies for portfolio securities, if applicable, during the most recent 12-month period ended June 30, is available, without charge and upon request, by (i) calling (800) 983-0903; or (ii) accessing the Trust’s Form N-PX on the Commission’s website at www.sec.gov.

Quarterly Portfolios

The Trust files its complete schedule of portfolio holdings for the Funds with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Forms N-PORT are available on the Commission’s website at www.sec.gov.

Frequency Distribution of Discounts and Premiums

A table showing the number of days the market price of each Fund’s shares was greater than the Fund’s net asset value, and the number of days it was less than the Fund’s net asset value (i.e., premium or discount) for the most recently completed calendar year, and the calendar quarters since that year end (or the life of the Fund, if shorter) may be found at the Fund’s website at www.invesco.com/ETFs.

 

 

 

 

 

©2020 Invesco Capital Management LLC         
3500 Lacey Road, Suite 700         
Downers Grove, IL 60515    P-PS-SAR-8    invesco.com/ETFs   

LOGO   

 

Invesco Semi-Annual Report to Shareholders

 

April 30, 2020

 

  

PCY

 

   

Invesco Emerging Markets Sovereign Debt ETF

 

  

PGHY

 

   

Invesco Global Short Term High Yield Bond ETF

 

   PICB    Invesco International Corporate Bond ETF

 

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. If you hold accounts through a financial intermediary, you may contact your financial intermediary to enroll in electronic delivery. Please note that not all financial intermediaries may offer this service.

You may elect to receive all future reports in paper free of charge. If you hold accounts through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds held with your financial intermediary.

LOGO

 

Table of Contents

 

Liquidity Risk Management Program      3  
Schedules of Investments   

Invesco Emerging Markets Sovereign Debt ETF (PCY)

      4  

Invesco Global Short Term High Yield Bond ETF (PGHY)

      8  

Invesco International Corporate Bond ETF (PICB)

      18  
Statements of Assets and Liabilities      25  
Statements of Operations      26  
Statements of Changes in Net Assets      28  
Financial Highlights      30  
Notes to Financial Statements      33  
Fund Expenses      42  
Approval of Investment Advisory and Sub-Advisory Contracts      43  

 

  2  

 

  

 

 

 

Liquidity Risk Management Program

 

 

The Securities and Exchange Commission (“SEC”) has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”) in order to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders. The Funds have adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (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 12, 2020, 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 December 1, 2018 through December 31, 2019 (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 Emerging Markets Sovereign Debt ETF (PCY)

April 30, 2020

(Unaudited)

Schedule of Investments

 

    Principal
    Amount    		   Value
U.S. Dollar Denominated Bonds & Notes-98.57%

 

Angola-1.40%

        

Angolan Government International Bond

        

8.25%, 05/09/2028(a)

     $ 27,945,000     $ 12,608,784

9.38%, 05/08/2048(a)

       28,120,000       12,347,492

9.13%, 11/26/2049(a)

       28,836,000       12,684,956
       

 

 

  
              37,641,232
       

 

 

  

Bahrain-2.71%

        

Bahrain Government International Bond

        

6.75%, 09/20/2029(a)

       25,071,000       24,662,343

6.00%, 09/19/2044(a)

       28,420,000       24,509,408

7.50%, 09/20/2047(a)

       24,332,000       23,541,210
       

 

 

  
          72,712,961
       

 

 

  

Brazil-2.84%

        

Brazilian Government International Bond

        

5.63%, 01/07/2041

       24,984,000       25,358,760

5.63%, 02/21/2047

       25,290,000       25,694,640

4.75%, 01/14/2050

       27,380,000       25,189,600
       

 

 

  
          76,243,000
       

 

 

  

Chile-3.19%

        

Chile Government International Bond

        

3.13%, 01/21/2026

       41,347,000       44,654,760

3.86%, 06/21/2047

       37,642,000       41,022,252
       

 

 

  
          85,677,012
       

 

 

  

China-3.33%

        

China Government International Bond

        

2.63%, 11/02/2027(a)

       27,160,000       29,713,040

2.75%, 12/03/2039(a)

       27,950,000       29,744,390

4.00%, 10/19/2048(a)

       22,190,000       29,936,529
       

 

 

  
          89,393,959
       

 

 

  

Colombia-2.75%

        

Colombia Government International Bond

        

7.38%, 09/18/2037

       19,445,000       24,314,028

6.13%, 01/18/2041

       21,551,000       24,348,320

5.63%, 02/26/2044

       23,243,000       25,190,763
       

 

 

  
          73,853,111
       

 

 

  

Costa Rica-2.53%

        

Costa Rica Government International Bond

        

5.63%, 04/30/2043(a)

       32,063,000       23,245,675

7.00%, 04/04/2044(a)

       27,980,000       22,523,900

7.16%, 03/12/2045(a)

       27,225,000       22,188,375
       

 

 

  
          67,957,950
       

 

 

  

Croatia-3.24%

        

Croatia Government International Bond

        

5.50%, 04/04/2023(a)

       39,285,000       42,958,148

6.00%, 01/26/2024(a)

       39,121,000       44,226,290
       

 

 

  
          87,184,438
       

 

 

  

Dominican Republic-2.50%

        

Dominican Republic International Bond

        

7.45%, 04/30/2044(a)

       24,680,000       22,555,052

6.85%, 01/27/2045(a)

       26,064,000       22,667,861

6.50%, 02/15/2048(a)

       26,190,000       21,868,650
       

 

 

  
          67,091,563
       

 

 

  
    Principal
    Amount    		   Value

Egypt-2.76%

        

Egypt Government International Bond

        

8.50%, 01/31/2047(a)

     $ 27,084,000     $ 24,727,692

7.90%, 02/21/2048(a)

       28,786,000       25,619,540

8.70%, 03/01/2049(a)

       26,092,000           23,895,054
       

 

 

  
          74,242,286
       

 

 

  

El Salvador-2.31%

        

El Salvador Government International Bond

        

7.65%, 06/15/2035(a)

       25,732,000       20,657,650

7.63%, 02/01/2041(a)

       26,072,000       20,171,906

7.12%, 01/20/2050(a)

       27,649,000       21,137,661
       

 

 

  
          61,967,217
       

 

 

  

Hungary-3.20%

        

Hungary Government International Bond

        

5.75%, 11/22/2023

       25,547,500       28,830,354

5.38%, 03/25/2024

       26,393,000       29,771,304

7.63%, 03/29/2041

       16,793,000       27,501,896
       

 

 

  
          86,103,554
       

 

 

  

Indonesia-2.99%

        

Indonesia Government International Bond

        

6.63%, 02/17/2037(a)

       20,716,000       26,920,442

7.75%, 01/17/2038(a)

       18,736,000       26,916,137

6.75%, 01/15/2044(a)

       19,329,000       26,619,899
       

 

 

  
          80,456,478
       

 

 

  

Jordan-2.98%

        

Jordan Government International Bond

        

6.13%, 01/29/2026(a)

       27,201,000       27,247,242

5.75%, 01/31/2027(a)

       28,284,000       27,199,676

7.38%, 10/10/2047(a)

       26,909,000       25,507,041
       

 

 

  
          79,953,959
       

 

 

  

Kazakhstan-2.93%

        

Kazakhstan Government International Bond

        

5.13%, 07/21/2025(a)

       25,394,000       28,611,420

4.88%, 10/14/2044(a)

       21,265,000       24,231,319

6.50%, 07/21/2045(a)

       19,158,000       25,819,236
       

 

 

  
          78,661,975
       

 

 

  

Kenya-2.81%

        

Kenya Government International Bond

        

6.88%, 06/24/2024(a)

       27,067,000       25,212,911

7.25%, 02/28/2028(a)

       27,503,000       25,305,510

8.25%, 02/28/2048(a)

       27,340,000       24,961,420
       

 

 

  
          75,479,841
       

 

 

  

Mexico-2.59%

        

Mexico Government International Bond

        

4.60%, 01/23/2046

       26,065,750       24,143,401

5.75%, 10/12/2110

       22,287,000       21,284,308

Series A, 6.05%, 01/11/2040

       21,667,000       24,039,536
       

 

 

  
          69,467,245
       

 

 

  
 

 

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

 

  4  

 

  

 

 

 

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

April 30, 2020

(Unaudited)

    

 

    Principal
    Amount    		   Value

Mongolia-2.80%

        

Mongolia Government International Bond

        

5.63%, 05/01/2023(a)

     $ 26,910,000     $ 24,084,461

8.75%, 03/09/2024(a)

       52,850,000       51,090,095
       

 

 

  
              75,174,556
       

 

 

  

Nigeria-2.49%

        

Nigeria Government International Bond

        

7.70%, 02/23/2038(a)

       30,310,000       22,874,957

7.63%, 11/28/2047(a)

       30,615,000       22,927,574

9.25%, 01/21/2049(a)

       25,690,000       21,086,249
       

 

 

  
          66,888,780
       

 

 

  

Oman-2.49%

        

Oman Government International Bond

        

5.63%, 01/17/2028(a)

       29,112,000       22,678,248

6.50%, 03/08/2047(a)

       30,718,000       22,070,883

6.75%, 01/17/2048(a)

       30,646,000       22,132,541
       

 

 

  
          66,881,672
       

 

 

  

Pakistan-2.68%

        

Pakistan Government International Bond

        

8.25%, 04/15/2024(a)

       25,316,000       24,275,512

8.25%, 09/30/2025(a)

       24,884,000       23,468,100

6.88%, 12/05/2027(a)

       27,664,000       24,374,751
       

 

 

  
          72,118,363
       

 

 

  

Panama-3.11%

        

Panama Government International Bond

        

7.13%, 01/29/2026

       22,968,500       28,131,819

8.88%, 09/30/2027

       19,829,500       27,134,688

3.88%, 03/17/2028

       26,017,000       28,309,097
       

 

 

  
          83,575,604
       

 

 

  

Paraguay-2.84%

        

Paraguay Government International Bond

        

5.00%, 04/15/2026(a)

       25,701,000       27,137,686

6.10%, 08/11/2044(a)

       22,689,000       24,762,775

5.60%, 03/13/2048(a)

       23,220,000       24,302,052
       

 

 

  
          76,202,513
       

 

 

  

Peru-3.16%

        

Peruvian Government International Bond

        

2.84%, 06/20/2030

       27,320,000       28,675,072

8.75%, 11/21/2033

       17,396,500       27,766,554

5.63%, 11/18/2050

       18,889,000       28,380,722
       

 

 

  
          84,822,348
       

 

 

  

Philippines-3.17%

        

Philippine Government International Bond

        

6.38%, 01/15/2032

       20,715,000       28,607,415

6.38%, 10/23/2034

       19,488,000       28,304,371

3.95%, 01/20/2040

       23,818,000       28,250,530
       

 

 

  
          85,162,316
       

 

 

  

Poland-3.32%

        

Republic of Poland Government International Bond

        

3.00%, 03/17/2023

       28,274,000       29,973,267

4.00%, 01/22/2024

       26,893,000       29,816,269

3.25%, 04/06/2026

       26,742,000       29,549,910
       

 

 

  
          89,339,446
       

 

 

  
    Principal
    Amount    		   Value

Qatar-3.10%

        

Qatar Government International Bond

        

6.40%, 01/20/2040(a)

     $ 19,533,000     $ 28,188,072

5.10%, 04/23/2048(a)

       21,784,000       27,598,150

4.82%, 03/14/2049(a)

       22,555,000       27,550,932
       

 

 

  
              83,337,154
       

 

 

  

Romania-2.99%

        

Romanian Government International Bond

        

4.88%, 01/22/2024(a)

       25,841,000       27,456,063

6.13%, 01/22/2044(a)

       21,842,000       26,313,057

5.13%, 06/15/2048(a)

       24,490,000       26,505,527
       

 

 

  
          80,274,647
       

 

 

  

Russia-3.16%

        

Russian Foreign Bond

        

5.63%, 04/04/2042(a)

       22,000,000       28,347,000

5.88%, 09/16/2043(a)

       20,800,000       27,736,800

Russian Foreign Bond - Eurobond, 5.25%, 06/23/2047(a)

       23,000,000       28,844,300
       

 

 

  
          84,928,100
       

 

 

  

Saudi Arabia-2.91%

        

Saudi Government International Bond

        

4.50%, 10/26/2046(a)

       25,178,000       26,530,059

4.63%, 10/04/2047(a)

       23,355,000       24,578,218

5.00%, 04/17/2049(a)

       24,025,000       27,016,112
       

 

 

  
          78,124,389
       

 

 

  

South Africa-2.65%

        

Republic of South Africa Government International Bond

        

6.25%, 03/08/2041

       26,655,000       23,754,936

5.38%, 07/24/2044

       30,889,000       24,131,506

6.30%, 06/22/2048

       27,799,000       23,409,538
       

 

 

  
          71,295,980
       

 

 

  

Sri Lanka-1.95%

        

Sri Lanka Government International Bond

        

6.83%, 07/18/2026(a)

       30,334,000       17,830,325

7.85%, 03/14/2029(a)

       29,120,000       17,131,296

7.55%, 03/28/2030(a)

       29,770,000       17,412,809
       

 

 

  
          52,374,430
       

 

 

  

Turkey-2.97%

        

Turkey Government International Bond

        

8.00%, 02/14/2034

       26,416,000       27,010,360

6.88%, 03/17/2036

       29,109,000       26,561,962

7.25%, 03/05/2038

       27,876,000       26,342,820
       

 

 

  
          79,915,142
       

 

 

  

Ukraine-2.69%

        

Ukraine Government International Bond

        

7.75%, 09/01/2026(a)

       25,793,000       24,242,841

7.75%, 09/01/2027(a)

       26,252,000       24,506,242

9.75%, 11/01/2028(a)

       23,710,000       23,605,676
       

 

 

  
          72,354,759
       

 

 

  
 

 

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

 

  5  

 

  

 

 

 

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

April 30, 2020

(Unaudited)

    

 

    Principal
    Amount    		   Value

United Arab Emirates-3.03%

        

Abu Dhabi Government International Bond

        

4.13%, 10/11/2047(a)

     $ 24,534,000     $ 28,047,269

3.13%, 09/30/2049(a)

       28,400,000       27,772,360

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

       25,721,000       25,715,856
       

 

 

  
          81,535,485
       

 

 

  

Total U.S. Dollar Denominated Bonds & Notes
(Cost $2,875,936,938)

 

       2,648,393,465
       

 

 

  
        Shares       Value
Money Market Funds-1.15%        

Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.21%(b)(c) (Cost $30,939,534)

       30,939,534     $ 30,939,534
       

 

 

  

TOTAL INVESTMENTS IN SECURITIES-99.72%
(Cost $2,906,876,472)

 

       2,679,332,999

OTHER ASSETS LESS LIABILITIES-0.28%

 

       7,535,769
       

 

 

  

NET ASSETS-100.00%

         $ 2,686,868,768
       

 

 

  
 

 

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 April 30, 2020 was $1,762,938,707, which represented 65.61% of the Fund’s Net Assets.

(b) 

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, 2020.

 

    Value
October 31, 2019		    Purchases
at Cost		    Proceeds
from Sales		   Change in
Unrealized
Appreciation		    Realized
Gain		    Value
April 30, 2020		    Dividend
Income
Investments in Affiliated Money Market Funds:                                 
Invesco Premier U.S. Government Money Portfolio, Institutional Class     $ 7,086,626      $ 146,643,437      $ (122,790,529 )     $ -      $ -      $ 30,939,534      $ 42,265
Investments Purchased with Cash Collateral from Securities on Loan:                                 
Invesco Government & Agency Portfolio, Institutional Class*       71,589        48,270,983        (48,342,572 )       -        -        -        6,442
Invesco Liquid Assets Portfolio, Institutional Class*       23,863        12,757,354        (12,782,140 )       -        923        -        2,442
   

 

 

       

 

 

       

 

 

      

 

 

       

 

 

       

 

 

       

 

 

  
Total     $ 7,182,078      $ 207,671,774      $ (183,915,241 )     $ -      $ 923      $ 30,939,534      $ 51,149
   

 

 

       

 

 

       

 

 

      

 

 

       

 

 

       

 

 

       

 

 

  

 

*

At April 30, 2020, this security was no longer held.

 

(c) 

The rate shown is the 7-day SEC standardized yield as of April 30, 2020.

 

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

 

  6  

 

  

 

 

 

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

April 30, 2020

(Unaudited)

    

 

 Portfolio Composition
 Country Breakdown (% of the Fund’s Net Assets)
 as of April 30, 2020

  China

     3.33    

  Poland

     3.32    

  Croatia

     3.24    

  Hungary

     3.20    

  Chile

     3.19    

  Philippines

     3.17    

  Russia

     3.16    

  Peru

     3.16    

  Panama

     3.11    

  Qatar

     3.10    

  United Arab Emirates

     3.03    

  Indonesia

     2.99    

  Romania

     2.99    

  Jordan

     2.98    

  Turkey

     2.97    

  Kazakhstan

     2.93    

  Saudi Arabia

     2.91    

  Brazil

     2.84    

  Paraguay

     2.84    

  Kenya

     2.81    

  Mongolia

     2.80    

  Egypt

     2.76    

  Colombia

     2.75    

  Bahrain

     2.71    

  Ukraine

     2.69    

  Pakistan

     2.68    

  South Africa

     2.65    

  Mexico

     2.59    

  Costa Rica

     2.53    

  Dominican Republic

     2.50    

  Nigeria

     2.49    

  Oman

     2.49    

  El Salvador

     2.31    

  Sri Lanka

     1.95    

  Angola

     1.40    

Money Market Funds Plus Other Assets Less Liabilities

     1.43    

 

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

 

  7  

 

  

 

 

 

Invesco Global Short Term High Yield Bond ETF (PGHY)

April 30, 2020

(Unaudited)

Schedule of Investments

 

    Principal
    Amount    		   Value
U.S. Dollar Denominated Bonds & Notes-95.94%

 

Argentina-1.62%

        

Argentine Republic Government International Bond

        

6.88%, 04/22/2021

     $   650,000     $ 188,825

5.63%, 01/26/2022

       600,000       169,500

Banco Hipotecario S.A., 9.75%, 11/30/2020(a)

       500,000       347,875

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

       525,000       325,500

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

       650,000       362,797

Provincia de Cordoba, 7.13%, 06/10/2021(a)

      650,000       299,007

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

       400,000       315,920

Telecom Argentina S.A., 6.50%, 06/15/2021(a)

       676,000       617,499

YPF S.A., 8.50%, 03/23/2021(a)

       500,000       317,380
       

 

 

  
              2,944,303
       

 

 

  

Australia-0.74%

        

Barminco Finance Pty. Ltd., 6.63%, 05/15/2022(a)

       400,000       384,500

Emeco Pty. Ltd., Series B, 9.25%, 03/31/2022

       450,669       434,873

FMG Resources August 2006 Pty. Ltd., 4.75%, 05/15/2022(a)

       400,000       403,580

Virgin Australia Holdings Ltd., 7.88%, 10/15/2021(a)

       700,000       122,500
       

 

 

  
          1,345,453
       

 

 

  

Bahrain-0.83%

        

Bahrain Government International Bond

        

5.88%, 01/26/2021(a)

       700,000       701,361

6.13%, 07/05/2022(a)

       200,000       201,492

Batelco International Finance No. 1 Ltd., 4.25%, 05/01/2020(a)

       600,000       600,000
       

 

 

  
          1,502,853
       

 

 

  

Bolivia-0.23%

        

Bolivian Government International Bond, 4.88%, 10/29/2022(a)

       450,000       423,927
       

 

 

  

Brazil-5.94%

        

B3 S.A. - Brasil, Bolsa, Balcao, 5.50%, 07/16/2020(a)

       600,000       597,006

Banco Bradesco S.A., 5.90%, 01/16/2021(a)

       600,000       605,256

Banco do Brasil S.A., 5.38%,
01/15/2021(a)

       400,000       404,324

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

       700,000       720,685

Banco Nacional de Desenvolvimento Economico e Social, 5.50%, 07/12/2020(a)

      600,000       601,200

Banco Safra S.A., 6.75%,
01/27/2021(a)

       400,000       409,904

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

       500,000       499,375

Brazilian Government International Bond

        

4.88%, 01/22/2021

       175,000       179,044

2.63%, 01/05/2023

       500,000       503,750

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

       300,000       296,115

Centrais Eletricas Brasileiras S.A., 5.75%, 10/27/2021(a)

       750,000       772,163
    Principal
    Amount    		   Value

Brazil-(continued)

        

Cia de Saneamento Basico do Estado de Sao Paulo, 6.25%, 12/16/2020(a)

     $   200,000     $ 201,160

CSN Resources S.A., 7.63%, 02/13/2023(a)

       400,000       316,080

Eldorado Intl. Finance GmbH, 8.63%, 06/16/2021(a)

       700,000       676,382

Itau Unibanco Holding S.A.

        

5.75%, 01/22/2021(a)

       400,000       406,824

6.20%, 12/21/2021(a)

       500,000       518,755

5.65%, 03/19/2022(a)

       400,000       413,180

5.50%, 08/06/2022(a)

       400,000       411,000

Natura Cosmeticos S.A., 5.38%, 02/01/2023(a)

       400,000       384,004

Petrobras Global Finance B.V.

        

5.38%, 01/27/2021

       600,000       607,230

8.38%, 05/23/2021

       650,000       679,250

6.13%, 01/17/2022

       600,000       616,500
       

 

 

  
            10,819,187
       

 

 

  

Canada-2.84%

        

Air Canada, 7.75%, 04/15/2021(a)

       600,000       589,350

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

       700,000       102,935

Bombardier, Inc.

        

8.75%, 12/01/2021(a)

       698,000       584,680

5.75%, 03/15/2022(a)

       215,000       162,207

6.00%, 10/15/2022(a)

       400,000       302,500

Cooke Omega Investments, Inc./Alpha VesselCo Holdings, Inc., 8.50%, 12/15/2022(a)

       500,000       503,525

Hudbay Minerals, Inc., 7.25%, 01/15/2023(a)

      500,000       458,850

New Gold Inc., 6.25%, 11/15/2022(a)

       300,000       300,375

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

       400,000       423,652

Taseko Mines Ltd., 8.75%,
06/15/2022(a)

       355,000       187,103

Teine Energy Ltd., 6.88%, 09/30/2022(a)

       400,000       386,820

Tervita Corp., 7.63%, 12/01/2021(a)

       700,000       465,955

TransAlta Corp., 4.50%, 11/15/2022

       500,000       489,375

Videotron Ltd., 5.00%, 07/15/2022

       210,000       217,087
       

 

 

  
          5,174,414
       

 

 

  

China-10.40%

        

CFLD Cayman Investment Ltd.

        

6.50%, 12/21/2020(a)

       700,000       698,433

9.00%, 07/31/2021(a)

       700,000       700,237

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

       450,000       295,672

China South City Holdings Ltd.

        

11.88%, 03/27/2021(a)

       200,000       184,791

6.75%, 09/13/2021(a)

       600,000       474,320

7.25%, 11/20/2022(a)

       400,000       306,154

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

       200,000       203,664

Dr. Peng Holding HongKong Ltd., 5.05%, 06/01/2020(a)

       500,000       278,078

Easy Tactic Ltd.

        

8.75%, 01/10/2021(a)

       800,000       798,207

7.00%, 04/25/2021(a)

       700,000       675,168

5.75%, 01/13/2022(a)

       700,000       641,674

9.13%, 07/28/2022(a)

       200,000       189,272
 

 

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

 

  8  

 

  

 

 

 

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

April 30, 2020

(Unaudited)

 

    Principal
    Amount    		   Value

China-(continued)

        

ENN Clean Energy International Investment Ltd., 7.50%, 02/27/2021(a)

     $   400,000     $        396,412

Fortune Star (BVI) Ltd., 5.38%, 12/05/2020(a)

       800,000       798,214

Full Dragon (Hong Kong) International Development Ltd., 5.60%,
02/14/2021(a)

       500,000       503,239

Gemdale Ever Prosperity Investment Ltd., 6.00%, 09/06/2021(a)

       200,000       201,564

Gemstones International Ltd., 8.50%, 08/15/2020(a)

       600,000       591,261

Greenland Global Investment Ltd.

        

4.85%, 08/17/2020(a)

       700,000       699,372

5.25%, 02/12/2021(a)

       500,000       497,667

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

       600,000       591,242

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

       400,000       342,407

Huachen Energy Co. Ltd., 6.63%, 05/18/2020(a)

       400,000       110,000

Huayuan Property Co. Ltd., 8.50%, 09/27/2021(a)

       300,000       298,497

Jiangsu Nantong Sanjian International Co. Ltd., 7.80%, 10/26/2020(a)

       500,000       355,765

Jiuding Group Finance Co. Ltd., 6.50%, 07/25/2020(a)

       500,000       489,939

New Metro Global Ltd.

        

6.50%, 04/23/2021(a)

       700,000       694,928

7.13%, 05/23/2021(a)

       500,000       499,713

6.50%, 05/20/2022(a)

       200,000       195,041

Oceanwide Holdings International 2017 Co. Ltd., 7.75%, 07/27/2020(a)

       700,000       642,770

RongXingDa Development BVI Ltd., 8.00%, 04/24/2022(a)

       215,000       190,517

Scenery Journey Ltd.

        

11.00%, 11/06/2020(a)

       800,000       803,193

9.00%, 03/06/2021(a)

       200,000       193,594

Shandong Energy Australia Pty. Ltd., 4.55%, 07/26/2020(a)

       600,000       598,483

Shangrao City Construction Investment Development Group Co. Ltd., 5.70%, 12/28/2020(a)

       400,000       396,119

Tahoe Group Global (Co.,) Ltd., 7.88%, 01/17/2021(a)

       900,000       631,117

Tunghsu Venus Holdings Ltd., 7.00%, 06/12/2020(a)

       600,000       222,714

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

       600,000       611,002

Yango Justice International Ltd.

        

7.50%, 11/16/2020(a)

       600,000       597,168

9.50%, 04/03/2021(a)

       200,000       198,051

Yihua Overseas Investment Ltd., 8.50%, 10/23/2020(a)

       500,000       282,500

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

       400,000       398,271
    Principal
    Amount    		   Value

China-(continued)

        

Zhongrong International Resources Co. Ltd., 7.25%, 10/26/2020(a)

     $   600,000     $ 157,135

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

       317,000       306,555
       

 

 

  
            18,940,120
       

 

 

  

Colombia-1.25%

        

Avianca Holdings S.A./Avianca Leasing LLC/Grupo Taca Holdings Ltd., 8.38%, 05/10/2020(a)

       600,000       111,006

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

       200,000       199,892

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

      350,000       352,520

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

       200,000       196,570

Bancolombia S.A., 5.13%, 09/11/2022

       550,000       553,828

Colombia Telecomunicaciones S.A. ESP, 5.38%, 09/27/2022(a)

       325,000       321,152

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

       545,000       542,030
       

 

 

  
          2,276,998
       

 

 

  

Costa Rica-0.80%

        

Banco Nacional de Costa Rica, 5.88%, 04/25/2021(a)

       400,000       393,000

Costa Rica Government International Bond, 10.00%, 08/01/2020(a)

       600,000       604,326

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

       490,000       456,317
       

 

 

  
          1,453,643
       

 

 

  

Croatia-0.63%

        

Croatia Government International Bond

        

6.63%, 07/14/2020(a)

       400,000       403,187

6.38%, 03/24/2021(a)

       400,000       413,128

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

       300,000       323,411
       

 

 

  
          1,139,726
       

 

 

  

Cyprus-0.07%

        

4finance S.A., 10.75%, 05/01/2022(a)

       200,000       137,026
       

 

 

  

Denmark-0.25%

        

Welltec A/S, 9.50%, 12/01/2022(a)

       500,000       447,500
       

 

 

  

Dominican Republic-0.11%

        

HTA Group Ltd., 9.13%, 03/08/2022(a)

       200,000       197,800
       

 

 

  

Egypt-0.22%

        

Egypt Government International Bond, 6.13%, 01/31/2022(a)

       400,000       399,420
       

 

 

  

El Salvador-0.35%

        

Agricola Senior Trust, 6.75%, 06/18/2020(a)

      650,000       638,437
       

 

 

  

Finland-0.11%

        

Nokia OYJ, 3.38%, 06/12/2022

       200,000       202,750
       

 

 

  

Georgia-0.86%

        

Georgia Government International Bond, 6.88%, 04/12/2021(a)

       500,000       504,152

Georgian Oil and Gas Corp. JSC, 6.75%, 04/26/2021(a)

       700,000       672,000

Georgian Railway JSC, 7.75%, 07/11/2022(a)

      400,000       394,000
       

 

 

  
          1,570,152
       

 

 

  
 

 

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

 

  9  

 

  

 

 

 

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

April 30, 2020

(Unaudited)

 

 

    Principal
    Amount    		   Value

Ghana-0.06%

        

Tullow Oil PLC, 6.25%, 04/15/2022(a)

     $ 200,000     $ 113,130
       

 

 

  

Greece-0.22%

        

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

       1,000,000       396,250
       

 

 

  

Guatemala-0.40%

        

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

       320,000       329,936

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

       400,000       403,300
       

 

 

  
                 733,236
       

 

 

  

Honduras-0.22%

        

Honduras Government International Bond, 8.75%, 12/16/2020(a)

       400,000       398,000
       

 

 

  

India-1.98%

        

Azure Power Energy Ltd., 5.50%, 11/03/2022(a)

       400,000       385,000

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

       700,000       682,656

Greenko Dutch B.V., 4.88%, 07/24/2022(a)

       200,000       185,466

IDBI Bank Ltd./GIFT-IFC, 4.25%, 11/30/2020(a)

       700,000       693,000

JSW Steel Ltd., 5.25%, 04/13/2022(a)

       200,000       179,000

Jubilant Pharma Ltd., 4.88%, 10/06/2021(a)

      466,667       438,662

Muthoot Finance Ltd., 6.13%, 10/31/2022(a)

      300,000       272,865

Reliance Communications Ltd., 6.50%, 11/06/2020(a)(b)(c)

       400,000       26,000

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

       400,000       352,692

Shriram Transport Finance Co. Ltd.

        

5.70%, 02/27/2022(a)

       200,000       157,500

5.95%, 10/24/2022(a)

       300,000       230,435
       

 

 

  
          3,603,276
       

 

 

  

Indonesia-1.98%

        

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

       400,000       178,830

Global Prime Capital Pte. Ltd., 7.25%, 04/26/2021(a)

       500,000       480,000

Indika Energy Capital II Pte. Ltd., 6.88%, 04/10/2022(a)

       400,000       366,846

Indo Energy Finance II B.V., 6.38%, 01/24/2023(a)

       228,000       199,215

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

       400,000       208,358

PT Bukit Makmur Mandiri Utama, 7.75%, 02/13/2022(a)

       700,000       451,490

PT Gajah Tunggal Tbk, 8.38%, 08/10/2022(a)

      200,000       116,669

PT Japfa Comfeed Indonesia Tbk, 5.50%, 03/31/2022(a)

       400,000       378,095

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

       400,000       232,734

TBG Global Pte. Ltd., 5.25%, 02/10/2022(a)

       700,000       679,000

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

       400,000       308,272
       

 

 

  
          3,599,509
       

 

 

  
    Principal
    Amount    		   Value

Israel-0.78%

        

Teva Pharmaceutical Finance Co. B.V.

        

2.95%, 12/18/2022

     $   100,000     $ 95,695

Series 2, 3.65%, 11/10/2021

       400,000       391,260

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

       200,000       194,090

Teva Pharmaceutical Finance Netherlands III B.V., 2.20%, 07/21/2021

       750,000       733,725
       

 

 

  
              1,414,770
       

 

 

  

Japan-0.24%

        

SoftBank Group Corp., 5.38%, 07/30/2022(a)

      435,000       435,631
       

 

 

  

Jersey-0.08%

        

Aston Martin Capital Holdings Ltd., 6.50%, 04/15/2022(a)

       200,000       154,600
       

 

 

  

Kazakhstan-0.33%

        

Halyk Savings Bank of Kazakhstan JSC, 7.25%, 01/28/2021(a)

       400,000       406,760

KazMunayGas National Co. JSC, 3.88%, 04/19/2022(a)

       200,000       197,942
       

 

 

  
          604,702
       

 

 

  

Macau-0.36%

        

Studio City Co. Ltd., 7.25%,
11/30/2021(a)

       650,000       656,077
       

 

 

  

Malaysia-0.10%

        

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

       200,000       189,500
       

 

 

  

Mauritius Island-0.30%

        

Neerg Energy Ltd., 6.00%, 02/13/2022(a)

       600,000       552,286
       

 

 

  

Mexico-0.63%

        

BBVA Bancomer S.A.

        

6.50%, 03/10/2021(a)

       200,000       204,412

6.75%, 09/30/2022(a)

       300,000       312,585

Grupo Idesa S.A. de C.V., 7.88%, 12/18/2020(a)

       700,000       318,507

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

       250,000       150,512

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

       400,000       159,100
       

 

 

  
          1,145,116
       

 

 

  

Mongolia-0.83%

        

Mongolia Government International Bond, 10.88%, 04/06/2021(a)

       730,000       720,875

Trade and Development Bank of Mongolia LLC, 9.38%, 05/19/2020(a)

       800,000       798,500
       

 

 

  
          1,519,375
       

 

 

  

Namibia-0.32%

        

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

       600,000       581,080
       

 

 

  

Netherlands-0.24%

        

Samvardhana Motherson Automotive Systems Group B.V., 4.88%, 12/16/2021(a)

       500,000       444,992
       

 

 

  

New Zealand-0.08%

        

Trilogy International Partners LLC/Trilogy International Finance, Inc., 8.88%, 05/01/2022(a)

       150,000       139,058
       

 

 

  
 

 

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

 

  10  

 

  

 

 

 

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

April 30, 2020

(Unaudited)

 

 

    Principal
    Amount    		   Value

Nigeria-1.02%

        

Access Bank PLC, 10.50%,
10/19/2021(a)

     $   550,000     $ 539,055

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

       300,000       294,646

Nigeria Government International Bond

        

6.75%, 01/28/2021(a)

       700,000       665,182

5.63%, 06/27/2022

       200,000       176,010

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

       200,000       179,000
       

 

 

  
          1,853,893
       

 

 

  

Norway-0.23%

        

Aker BP ASA, 6.00%, 07/01/2022(a)

       450,000       428,297
       

 

 

  

Oman-0.47%

        

Bank Muscat SAOG, 3.75%, 05/03/2021(a)

       200,000       188,456

Oman Government International Bond

        

3.63%, 06/15/2021(a)

       499,000       480,657

3.88%, 03/08/2022(a)

       200,000       184,000
       

 

 

  
          853,113
       

 

 

  

Pakistan-0.32%

        

Third Pakistan International Sukuk Co. Ltd. (The), 5.50%, 10/13/2021(a)

       617,000       585,607
       

 

 

  

Panama-0.11%

        

AES Panama S.R.L., 6.00%, 06/25/2022(a)

       200,000       200,502
       

 

 

  

Paraguay-0.15%

        

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

       270,000       277,425
       

 

 

  

Peru-0.51%

        

SAN Miguel Industrias Pet S.A., 4.50%, 09/18/2022(a)

       400,000       393,642

Volcan Cia Minera SAA, 5.38%, 02/02/2022(a)

       700,000       528,997
       

 

 

  
                 922,639
       

 

 

  

Russia-4.38%

        

Alfa Bank AO Via Alfa Bond Issuance PLC, 7.75%, 04/28/2021(a)

       800,000       839,768

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

       200,000       190,000

Credit Bank of Moscow Via CBOM Finance PLC

        

5.88%, 11/07/2021(a)

       900,000       912,695

5.55%, 02/14/2023(a)

       500,000       503,905

Evraz PLC

        

8.25%, 01/28/2021(a)

       500,000       523,625

6.75%, 01/31/2022(a)

       400,000       426,604

GTLK Europe DAC, 5.95%,
07/19/2021(a)

       530,000       535,448

Koks OAO Via Koks Finance DAC, 7.50%, 05/04/2022(a)

       400,000       375,724

Mobile Telesystems OJSC Via MTS International Funding DAC, 8.63%, 06/22/2020(a)

       600,000       607,169

O1 Properties Finance PLC, 8.25%, 09/27/2021(a)

       500,000       173,010

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

       300,000       314,250

Polyus Finance PLC, 4.70%, 03/28/2022(a)

       200,000       207,250

Rusal Capital DAC, 5.13%,
02/02/2022(a)

       200,000       199,200

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

       500,000       518,345

Vimpel Communications Via VIP Finance Ireland Ltd. OJSC, 7.75%, 02/02/2021(a)

       500,000       520,070
    Principal
    Amount    		   Value

Russia-(continued)

        

VTB Bank OJSC Via VTB Capital S.A.

        

6.55%, 10/13/2020(a)

     $   600,000     $ 611,948

6.95%, 10/17/2022(a)

       500,000       522,733
       

 

 

  
              7,981,744
       

 

 

  

Saudi Arabia-0.10%

        

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

       200,000       187,831
       

 

 

  

Senegal-0.32%

        

Senegal Government International Bond, 8.75%, 05/13/2021(a)

       600,000       584,377
       

 

 

  

Serbia-0.23%

        

Serbia International Bond, 7.25%, 09/28/2021(a)

       400,000       419,896
       

 

 

  

Singapore-0.87%

        

Avation Capital S.A., 6.50%,
05/15/2021(a)

       700,000       593,075

Marble II Pte. Ltd., 5.30%, 06/20/2022(a)

       317,000       291,841

Yanlord Land (HK) Co. Ltd., 5.88%, 01/23/2022(a)

       700,000       692,303
       

 

 

  
          1,577,219
       

 

 

  

South Africa-2.03%

        

AngloGold Ashanti Holdings PLC, 5.13%, 08/01/2022

       200,000       207,219

Eskom Holdings SOC Ltd., 5.75%, 01/26/2021(a)

       900,000       808,875

Gold Fields Orogen Holding (BVI) Ltd., 4.88%, 10/07/2020(a)

       600,000       598,944

Liquid Telecommunications Financing Plc, 8.50%, 07/13/2022(a)

       400,000       346,680

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

       400,000       390,980

Republic of South Africa Government International Bond, 5.88%, 05/30/2022

       200,000       205,948

Stillwater Mining Co., 6.13%, 06/27/2022(a)

       400,000       394,966

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

       400,000       372,253

ZAR Sovereign Capital Fund Pty. Ltd., 3.90%, 06/24/2020(a)

       375,000       375,491
       

 

 

  
          3,701,356
       

 

 

  

Spain-0.38%

        

Ajecorp B.V., 6.50%, 05/14/2022(a)

       325,000       285,854

Atento Luxco 1 S.A., 6.13%,
08/10/2022(a)

       200,000       128,250

Codere Finance 2 (Luxembourg) S.A., 7.63%, 11/01/2021(a)

       700,000       270,347
       

 

 

  
          684,451
       

 

 

  

Sri Lanka-0.96%

        

Sri Lanka Government International Bond

        

6.25%, 10/04/2020(a)

       700,000       626,500

6.25%, 07/27/2021(a)

       900,000       652,500

5.75%, 01/18/2022(a)

       520,000       335,399

5.88%, 07/25/2022(a)

       200,000       126,000
       

 

 

  
          1,740,399
       

 

 

  

Supranational-0.10%

        

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

      200,000       184,500
       

 

 

  
 

 

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

 

  11  

 

  

 

 

 

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

April 30, 2020

(Unaudited)

 

 

    Principal
    Amount    		   Value

Sweden-0.11%

        

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

     $   200,000     $        208,500
       

 

 

  

Turkey-7.35%

        

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

       500,000       487,012

Global Liman Isletmeleri A.S., 8.13%, 11/14/2021(a)

       700,000       364,000

Hazine Mustesarligi Varlik Kiralama A.S.

        

4.25%, 06/08/2021(a)

       900,000       893,025

5.80%, 02/21/2022(a)

       400,000       396,626

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

       700,000       687,809

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

       200,000       196,520

T.C. Ziraat Bankasi A.S.

        

4.75%, 04/29/2021(a)

       400,000       399,944

5.13%, 05/03/2022(a)

       200,000       195,110

Turkey Government International Bond

        

7.00%, 06/05/2020

       300,000       300,920

5.63%, 03/30/2021

       400,000       403,184

5.13%, 03/25/2022

       200,000       198,250

6.25%, 09/26/2022

       300,000       301,443

Turkiye Garanti Bankasi A.S.

        

6.25%, 04/20/2021(a)

       400,000       407,212

5.25%, 09/13/2022(a)

       300,000       296,190

Turkiye Halk Bankasi A.S.

        

4.75%, 02/11/2021(a)

       910,000       886,021

5.00%, 07/13/2021(a)

       400,000       386,381

Turkiye Ihracat Kredi Bankasi A.S.

        

5.38%, 02/08/2021(a)

       700,000       702,867

5.00%, 09/23/2021(a)

       700,000       699,756

4.25%, 09/18/2022(a)

       350,000       334,061

Turkiye Is Bankasi A.S.

        

5.00%, 06/25/2021(a)

       700,000       702,370

5.38%, 10/06/2021(a)

       600,000       602,250

5.50%, 04/21/2022(a)

       200,000       198,286

6.00%, 10/24/2022(a)

       400,000       377,160

Turkiye Sinai Kalkinma Bankasi A.S., 4.88%, 05/18/2021(a)

       700,000       691,565

Turkiye Sise ve Cam Fabrikalari A.S., 4.25%, 05/09/2020(a)

       600,000       599,792

Turkiye Vakiflar Bankasi T.A.O.

        

5.50%, 10/27/2021(a)

       400,000       397,059

5.63%, 05/30/2022(a)

       200,000       196,287

6.00%, 11/01/2022(a)

       400,000       375,120

Yapi ve Kredi Bankasi A.S., 5.75%, 02/24/2022(a)

       700,000       699,125
       

 

 

  
          13,375,345
       

 

 

  

Ukraine-1.40%

        

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

       700,000       666,750

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

       200,000       182,250

Ukraine Government International Bond

        

7.75%, 09/01/2020(a)

       700,000       682,681

7.75%, 09/01/2021(a)

       750,000       726,024

7.75%, 09/01/2022(a)

       300,000       287,178
       

 

 

  
          2,544,883
       

 

 

  
    Principal
    Amount    		   Value

United Arab Emirates-0.99%

        

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

     $   200,000     $ 153,938

DAE Funding LLC

        

4.00%, 08/01/2020(a)

       650,000       643,305

5.25%, 11/15/2021(a)

       600,000       549,930

4.50%, 08/01/2022(a)

       200,000       179,250

EA Partners I B.V., 6.88%, 09/28/2020(a)

       650,000       283,418
       

 

 

  
              1,809,841
       

 

 

  

United Kingdom-0.39%

        

Avon International Capital PLC, 6.50%, 08/15/2022(a)

       150,000       142,058

Avon International Operations, Inc., 7.88%, 08/15/2022(a)

       400,000       392,000

Mclaren Finance PLC, 5.75%, 08/01/2022(a)

       200,000       141,860

Valaris PLC, 4.88%, 06/01/2022

       215,000       27,853
       

 

 

  
          703,771
       

 

 

  

United States-36.92%

        

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

       150,000       6,750

Acadia Healthcare Co., Inc.

        

5.13%, 07/01/2022

       341,000       329,764

5.63%, 02/15/2023

       400,000       385,080

ADT Security Corp. (The)

        

6.25%, 10/15/2021

       419,000       432,806

3.50%, 07/15/2022

       200,000       196,250

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

       150,000       164,933

AES Corp. (The), 4.00%, 03/15/2021

       400,000       402,260

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

       500,000       493,125

Ally Financial, Inc., 7.50%, 09/15/2020

       520,000       527,800

AMC Networks, Inc., 4.75%, 12/15/2022

       442,000       439,547

American Axle & Manufacturing, Inc., 6.63%, 10/15/2022

       186,000       156,621

Anixter, Inc., 5.13%, 10/01/2021

       451,000       461,035

Antero Resources Corp., 5.38%, 11/01/2021(d)

       600,000       539,355

Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 4.25%, 09/15/2022(a)

       500,000       505,775

Ascent Resources Utica Holdings LLC/ARU Finance Corp., 10.00%, 04/01/2022(a)

       200,000       165,250

Ashland LLC, 4.75%, 08/15/2022

       200,000       210,044

Ball Corp., 5.00%, 03/15/2022

       200,000       210,390

Blue Racer Midstream LLC/Blue Racer Finance Corp., 6.13%, 11/15/2022(a)

       400,000       341,780

Calumet Specialty Products Partners L.P./Calumet Finance Corp., 7.63%, 01/15/2022

       586,000       498,364

Carpenter Technology Corp., 5.20%, 07/15/2021

       200,000       202,340

Century Aluminum Co., 7.50%, 06/01/2021(a)

       500,000       457,375

CenturyLink, Inc.

        

Series S, 6.45%, 06/15/2021

       666,000       685,780

Series T, 5.80%, 03/15/2022

       200,000       205,678
 

 

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

 

  12  

 

  

 

 

 

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

April 30, 2020

(Unaudited)

 

 

    Principal
    Amount    		   Value

United States-(continued)

        

CIT Group, Inc.

        

4.13%, 03/09/2021

     $   400,000     $ 394,820

5.00%, 08/15/2022

       420,000       416,325

CITGO Petroleum Corp., 6.25%, 08/15/2022(a)

       200,000       192,750

Clearwater Paper Corp., 4.50%, 02/01/2023(d)

       200,000       195,750

CNX Resources Corp., 5.88%, 04/15/2022

       350,000              346,500

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

       215,000       219,397

CommScope, Inc., 5.00%, 06/15/2021(a)

       28,000       27,783

Consolidated Communications, Inc., 6.50%, 10/01/2022(d)

       295,000       266,606

Continental Resources, Inc., 5.00%, 09/15/2022

       308,000       292,600

CoreCivic, Inc., 5.00%, 10/15/2022

       400,000       387,180

CPG Merger Sub LLC, 8.00%, 10/01/2021(a)

       400,000       392,220

Crown Americas LLC/Crown Americas Capital Corp. IV, 4.50%, 01/15/2023

       273,000       281,586

CSC Holdings LLC

        

6.75%, 11/15/2021

       514,000       539,016

5.88%, 09/15/2022

       350,000       365,995

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

       200,000       65,500

DBP Holding Corp., 7.75%, 10/15/2020, (Acquired 03/09/2018; Cost
$66,397)(a)(b)(c)(e)

       100,000       738

DCP Midstream Operating L.P.

        

4.75%, 09/30/2021(a)

       400,000       380,260

4.95%, 04/01/2022

       200,000       183,410

Dell International LLC/EMC Corp., 5.88%, 06/15/2021(a)

       388,000       389,222

Dell, Inc., 4.63%, 04/01/2021(d)

       464,000       471,424

Delta Air Lines, Inc., 3.40%, 04/19/2021

       500,000       479,865

Denbury Resources, Inc.

        

9.00%, 05/15/2021(a)

       535,000       99,323

9.25%, 03/31/2022(a)

       200,000       37,410

DISH DBS Corp.

        

5.13%, 05/01/2020

       525,000       525,000

6.75%, 06/01/2021

       500,000       500,275

5.88%, 07/15/2022

       287,000       289,023

DPL, Inc., 7.25%, 10/15/2021

       494,000       500,916

DriveTime Automotive Group Inc./Bridgecrest Acceptance Corp., 8.00%, 06/01/2021(a)

       300,000       269,910

Edgewell Personal Care Co.

        

4.70%, 05/19/2021

       600,000       606,570

4.70%, 05/24/2022

       200,000       204,178

EMC Corp., 2.65%, 06/01/2020

       149,000       148,724

Energen Corp., 4.63%, 09/01/2021

       525,000       495,257

Enerpac Tool Group Corp., 5.63%, 06/15/2022

       445,000       414,985

Ferrellgas L.P./Ferrellgas Finance Corp.

        

6.50%, 05/01/2021

       500,000       403,625

6.75%, 01/15/2022(d)

       600,000       482,796

Forum Energy Technologies, Inc., 6.25%, 10/01/2021

       525,000       171,806

Freeport-McMoRan, Inc., 3.55%, 03/01/2022

       312,000       315,791

Frontier Communications Corp., 8.75%, 04/15/2022

       250,000       69,188
    Principal
    Amount    		   Value

United States-(continued)

        

FTS International, Inc., 6.25%, 05/01/2022

     $   200,000     $ 51,500

GameStop Corp., 6.75%, 03/15/2021(a)

       715,000              565,744

Genworth Holdings, Inc.

        

7.20%, 02/15/2021

       511,000       479,893

7.63%, 09/24/2021

       650,000       621,172

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

       98,659       42,423

Goodyear Tire & Rubber Co. (The), 8.75%, 08/15/2020

       681,000       688,457

Graphic Packaging International LLC

        

4.75%, 04/15/2021

       375,000       379,331

4.88%, 11/15/2022

       255,000       259,348

Great Lakes Dredge & Dock Corp., 8.00%, 05/15/2022

       400,000       410,864

Guitar Center, Inc.

        

9.50%, 10/15/2021(a)

       800,000       556,520

8.00% PIK Rate, 5.00% Cash Rate,

13.00%, 04/15/2022(a)(g)

       467,840       212,867

Harland Clarke Holdings Corp., 9.25%, 03/01/2021(a)

       500,000       506,430

HC2 Holdings, Inc., 11.50%,
12/01/2021(a)

       334,000       292,667

Hertz Corp. (The)

        

7.63%, 06/01/2022(a)

       74,000       28,583

6.25%, 10/15/2022(d)

       398,000       93,033

HighPoint Operating Corp., 7.00%, 10/15/2022

       400,000       114,820

Hornbeck Offshore Services, Inc. 5.00%, 03/01/2021

       700,000       38,500

Second Lien Term Loan, 9.50%, 02/07/2025

       589,900       210,889

Howmet Aerospace, Inc.

        

5.40%, 04/15/2021

       362,000       369,575

5.87%, 02/23/2022

       440,000       449,045

Hughes Satellite Systems Corp., 7.63%, 06/15/2021

       400,000       417,216

Huntsman International LLC, 5.13%, 11/15/2022

       497,000       502,144

Icahn Enterprises L.P./Icahn Enterprises Finance Corp., 6.25%, 02/01/2022

       400,000       405,780

Immucor, Inc., 11.13%, 02/15/2022(a)

       500,000       453,525

Infor (US), Inc., 6.50%, 05/15/2022

       404,000       406,161

Ingram Micro, Inc., 5.00%, 08/10/2022

       200,000       187,370

International Game Technology PLC, 6.25%, 02/15/2022(a)

       400,000       392,030

iStar, Inc., 5.25%, 09/15/2022

       500,000       456,025

JBS Investments GmbH, 6.25%, 02/05/2023(a)

       250,000       249,640

Joseph T Ryerson & Son, Inc., 11.00%, 05/15/2022(a)

       500,000       483,125

KB Home

        

7.00%, 12/15/2021

       400,000       416,900

7.50%, 09/15/2022

       359,000       386,661

Kinetic Concepts, Inc./KCI USA, Inc., 12.50%, 11/01/2021(a)

       500,000       500,000

Kraft Heinz Foods Co., 3.38%, 06/15/2021

       150,000       152,213

Kraft Heinz Foods Co. (The)

        

3.50%, 06/06/2022

       398,000       409,263

3.50%, 07/15/2022

       340,000       347,828
 

 

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

 

  13  

 

  

 

 

 

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

April 30, 2020

(Unaudited)

 

 

    Principal
    Amount    		   Value

United States-(continued)

        

L Brands, Inc.

        

6.63%, 04/01/2021

     $   477,000     $        436,336

5.63%, 02/15/2022

       400,000       351,220

Ladder Capital Finance Holdings LLLP/Ladder

        

Capital Finance Corp., 5.88%, 08/01/2021(a)

       465,000       414,896

Leidos Holdings, Inc., 4.45%, 12/01/2020

       523,000       526,792

Lennar Corp.

        

2.95%, 11/29/2020

       158,000       158,553

8.38%, 01/15/2021

       500,000       516,125

4.75%, 04/01/2021

       500,000       505,075

6.25%, 12/15/2021

       525,000       544,556

4.13%, 01/15/2022

       500,000       504,205

4.75%, 11/15/2022

       400,000       409,780

Mack-Cali Realty L.P., 4.50%, 04/18/2022

       200,000       170,795

Martin Midstream Partners L.P./Martin Midstream Finance Corp., 7.25%, 02/15/2021

       650,000       264,712

Meritage Homes Corp., 7.00%, 04/01/2022

       200,000       205,410

MGM Resorts International, 7.75%, 03/15/2022

       594,000       606,854

Microchip Technology, Inc., 3.92%, 06/01/2021

       360,000       366,080

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

       400,000       415,280

Murphy Oil Corp., 4.00%, 06/01/2022

       200,000       161,250

Navient Corp.

        

5.00%, 10/26/2020

       698,000       686,441

5.88%, 03/25/2021

       500,000       494,075

6.63%, 07/26/2021

       548,000       548,329

7.25%, 01/25/2022

       500,000       492,225

6.50%, 06/15/2022

       200,000       194,750

Navios Maritime Acquisition Corp./Navios

        

Acquisition Finance US, Inc., 8.13%, 11/15/2021(a)

       650,000       426,172

NCR Corp., 5.00%, 07/15/2022

       200,000       200,130

Netflix, Inc.

        

5.38%, 02/01/2021

       500,000       511,550

5.50%, 02/15/2022

       500,000       523,125

New Home Co., Inc. (The), 7.25%, 04/01/2022

       393,000       344,681

Newell Brands, Inc.

        

4.70%, 08/15/2020

       350,000       352,187

4.00%, 06/15/2022

       400,000       404,500

NGPL PipeCo. LLC, 4.38%,
08/15/2022(a)

       440,000       441,694

Nielsen Finance LLC/Nielsen Finance Co.

        

4.50%, 10/01/2020

       630,000       625,653

5.00%, 04/15/2022(a)

       200,000       197,912

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

       500,000       51,875

NortonLifeLock, Inc.

        

4.20%, 09/15/2020

       515,000       517,575

3.95%, 06/15/2022

       200,000       204,820

NuStar Logistics L.P.

        

4.80%, 09/01/2020

       500,000       493,600

6.75%, 02/01/2021

       400,000       388,900

4.75%, 02/01/2022

       662,000       620,327

Oasis Petroleum, Inc., 6.88%, 03/15/2022

       200,000       30,750

Omnimax International, Inc., 12.00%, 08/15/2020(a)

       400,000       298,880
    Principal
    Amount    		   Value

United States-(continued)

        

Ortho-Clinical Diagnostics, Inc./Ortho-Clinical Diagnostics S.A., 6.63%, 05/15/2022(a)

     $     46,000     $ 42,148

Owens-Brockway Glass Container, Inc., 5.00%, 01/15/2022(a)

       500,000              507,225

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

       200,000       149,250

Penske Automotive Group, Inc., 3.75%, 08/15/2020

       454,000       453,296

PetroQuest Energy, Inc., 10.00%, 02/15/2024(g)

       23,509       18,582

PulteGroup, Inc., 4.25%, 03/01/2021

       500,000       510,400

Pyxus International, Inc.

        

8.50%, 04/15/2021(a)

       500,000       448,850

9.88%, 07/15/2021

       500,000       95,000

QEP Resources, Inc.

        

6.88%, 03/01/2021

       550,000       267,987

5.38%, 10/01/2022

       400,000       140,820

QVC, Inc., 5.13%, 07/02/2022

       180,000       177,750

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

       500,000       523,398

Range Resources Corp., 5.00%, 08/15/2022(d)

       200,000       185,250

Realogy Group LLC/Realogy Co-Issuer Corp., 5.25%, 12/01/2021(a)

       400,000       338,260

Revlon Consumer Products Corp., 5.75%, 02/15/2021(d)

       636,000       289,793

Scientific Games International, Inc., 6.63%, 05/15/2021

       556,000       501,651

Sirius XM Radio, Inc., 3.88%,
08/01/2022(a)

       200,000       202,500

SM Energy Co., 6.13%, 11/15/2022

       400,000       162,820

Springleaf Finance Corp.

        

8.25%, 12/15/2020

       500,000       501,550

7.75%, 10/01/2021

       480,000       479,784

6.13%, 05/15/2022

       200,000       198,750

Sprint Communications, Inc.

        

7.00%, 08/15/2020

       606,000       613,060

11.50%, 11/15/2021

       600,000       671,730

6.00%, 11/15/2022

       400,000       424,824

Sprint Corp., 7.25%, 09/15/2021

       650,000       684,645

Starwood Property Trust, Inc.

        

3.63%, 02/01/2021

       725,000       686,756

5.00%, 12/15/2021

       500,000       470,325

Summit Midstream Holdings LLC/Summit Midstream Finance Corp., 5.50%, 08/15/2022

       500,000       123,525

Sunoco L.P./Sunoco Finance Corp., 4.88%, 01/15/2023

       500,000       488,650

TEGNA, Inc., 4.88%, 09/15/2021(a)

       500,000       497,800

Tenet Healthcare Corp., 8.13%, 04/01/2022

       170,000       172,083

T-Mobile USA, Inc., 4.00%, 04/15/2022

       402,000       413,557

Toll Brothers Finance Corp., 5.88%, 02/15/2022

       450,000       465,750

TRI Pointe Group, Inc., 4.88%, 07/01/2021

       400,000       394,900

Triumph Group, Inc., 5.25%, 06/01/2022

       400,000       311,820

TRU Taj LLC, 08/15/2021(e)

       48,000       13,169

Tupperware Brands Corp., 4.75%, 06/01/2021

       200,000       81,000

Unit Corp., 6.63%, 05/15/2021

       300,000       19,305
 

 

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)–(continued)

April 30, 2020

(Unaudited)

 

 

    Principal
    Amount    		   Value

United States-(continued)

        

United Airlines Holdings, Inc.

        

6.00%, 12/01/2020(d)

     $   564,000     $ 539,889

4.25%, 10/01/2022

       400,000       332,740

Urban One, Inc., 7.38%, 04/15/2022(a)

       200,000       170,910

Vericast Corp., 8.38%, 08/15/2022(a)

       350,000       253,033

Voyager Aviation Holdings LLC/Voyager Finance Co., 8.50%, 08/15/2021(a)

       500,000       413,625

W. R. Grace & Co.-Conn., 5.13%, 10/01/2021(a)

       500,000       505,325

WESCO Distribution, Inc., 5.38%, 12/15/2021

       399,000       394,830

Whiting Petroleum Corp., 5.75%, 03/15/2021(b)(c)

       500,000       52,825

Wyndham Destinations, Inc.

        

5.63%, 03/01/2021

       538,000       519,035

4.25%, 03/01/2022

       200,000       190,250

Xerox Corp.

        

3.50%, 08/20/2020

       480,000       483,456

2.75%, 09/01/2020

       500,000       503,600

4.50%, 05/15/2021

       500,000       503,625

4.07%, 03/17/2022

       200,000       200,910

XPO Logistics, Inc., 6.50%,
06/15/2022(a)

       150,000       151,268

Yum! Brands, Inc.

        

3.88%, 11/01/2020

       680,000       684,896

3.75%, 11/01/2021

       600,000       605,850
       

 

 

  
            67,221,468
       

 

 

  

Zambia-0.20%

        

First Quantum Minerals Ltd., 7.25%, 05/15/2022(a)

       200,000       188,110

Zambia Government International Bond, 5.38%, 09/20/2022(a)

       500,000       171,682
       

 

 

  
          359,792
       

 

 

  

Total U.S. Dollar Denominated Bonds & Notes
(Cost $197,679,918)

 

       174,701,146
       

 

 

  
    Shares    
Common Stocks & Other Equity Interests-0.22%

 

United States-0.22%

        

American Energy- Permian Basin LLC, Wts.,expiring 10/16/2024(e)(h)

       500       0

Goodman Networks, Inc.(e)(f)(h)

       6,207       0

Investment Abbreviations:

DAC-Designated Activity Co.

Pfd.-Preferred

PIK-Pay-in-Kind

Wts.-Warrants

        Shares       Value

United States-(continued)

        

Guitar Center Holdings, Inc., Wts., expiring 04/16/2025(e)(h)

       1,189     $ 0

Hexion Holdings Corp., Class B(h)

       22,970       194,096

PetroQuest Energy, Inc.(h)

       2,367       1,243

PHI Group, Inc.(e)(h)

       23,470       146,921

Premier Brands Group Holdings LLC(h)(i)

       3,222       30,609

Premier Brands Group Holdings LLC, Wts., expiring 03/21/2024(h)(i)

       10,096       2,272

Remington Outdoor Co., Inc.(h)

       4,449       2,224

Remington Outdoor Co., Inc., Wts., expiring 06/30/2022(e)(h)

       4,487       0

TRU Taj LLC/TRU Taj Finance, Inc.(e)(h)

       2,156       30,055
       

 

 

  

Total Common Stocks & Other Equity Interests
(Cost $641,938)

 

       407,420
       

 

 

  
Preferred Stocks-0.00%

 

    

Goodman Networks, Inc., Series A-1, Pfd., 0.00%(e)(f)
(Cost $0)

       7,385       0
Money Market Funds-2.50%        

Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.21%(j)(k)
(Cost $4,548,814)

       4,548,814       4,548,814
       

 

 

  

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-98.66%
(Cost $202,870,670)

 

       179,657,380
       

 

 

  
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-1.08%

 

Invesco Private Government Fund, 0.01%(j)(l)(m)
(Cost $1,956,881)

       1,956,881       1,956,881
       

 

 

  

TOTAL INVESTMENTS IN SECURITIES-99.74%
(Cost $204,827,551)

 

       181,614,261

OTHER ASSETS LESS LIABILITIES-0.26%

 

       478,939
       

 

 

  

NET ASSETS-100.00%

 

     $ 182,093,200
       

 

 

  
 

 

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)

April 30, 2020

(Unaudited)

    

 

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 April 30, 2020 was $112,193,467, which represented 61.61% of the Fund’s Net Assets.

(b) 

The borrower has filed for protection in federal bankruptcy court.

(c) 

Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at April 30, 2020 was $79,563, which represented less than 1% of the Fund’s Net Assets.

(d) 

All or a portion of this security was out on loan at April 30, 2020.

(e) 

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

(f) 

Acquired as part of the Goodman Networks, Inc. reorganization.

(g) 

All or a portion of this security is Pay-in-Kind. Pay-in-Kind securities pay interest income in the form of securities.

(h) 

Non-income producing security.

(i) 

Acquired as part of the Nine West Holding, Inc. reorganization.

(j) 

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, 2020.

 

    Value
October 31, 2019		    Purchases
at Cost		    Proceeds
from Sales		    Change in
Unrealized
Appreciation
(Depreciation)		    Realized
Gain
(Loss)		    Value
April 30, 2020		    Dividend
Income
Investments in Affiliated Money Market Funds:                                  
Invesco Premier U.S. Government Money Portfolio, Institutional Class     $ 13,626,659      $ 46,137,293      $ (55,215,138 )      $ -      $ -      $ 4,548,814      $ 36,629
Investments Purchased with Cash Collateral from Securities on Loan:                                  
Invesco Government & Agency Portfolio, Institutional Class*       3,425,847        13,367,964        (16,793,811 )        -        -        -        20,072
Invesco Liquid Assets Portfolio, Institutional Class*       1,141,882        4,648,317        (5,789,390 )        (64 )        (745 )        -        7,829
Invesco Private Government Fund       -        4,364,936        (2,408,055 )        -        -        1,956,881        1
   

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

  
Total     $ 18,194,388      $ 68,518,510      $ (80,206,394 )      $ (64 )      $ (745 )      $ 6,505,695      $ 64,531
   

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

  

*   At April 30, 2020, this security was no longer held.

 

(k) 

The rate shown is the 7-day SEC standardized yield as of April 30, 2020.

(l) 

The rate shown is the 3-day SEC standardized yield as of April 30, 2020. The money market fund commenced operations on April 28, 2020.

(m) 

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.

 

  16  

 

  

 

 

 

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

April 30, 2020

(Unaudited)

    

 

 Portfolio Composition
 Sector Breakdown (% of the Fund’s Net Assets)
 as of April 30, 2020

  Financials

     22.05    

  Sovereign Debt

     9.80    

  Energy

     9.42    

  Consumer Discretionary

     9.21    

  Communication Services

     8.81    

  Materials

     7.79    

  Industrials

     7.71    

  Real Estate

     7.44    

  Information Technology

     4.29    

  Utilities

     3.81    

  Consumer Staples

     3.34    

  Health Care

     2.49    

Money Market Funds Plus Other Assets Less Liabilities

     3.84    

 

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

 

  17  

 

  

 

 

 

Invesco International Corporate Bond ETF (PICB)

April 30, 2020

(Unaudited)

Schedule of Investments

 

         Principal     
Amount		     Value  
Non-U.S. Dollar Denominated Bonds &
Notes-98.77%(a)

 

Australia-1.21%

    

APT Pipelines Ltd., 3.50%, 03/22/2030(b)

   GBP 200,000     $ 267,441  

Australia & New Zealand Banking Group Ltd., 0.75%, 09/29/2026(b)

   EUR 100,000       110,764  

BHP Billiton Finance Ltd., Series 12, 4.30%, 09/25/2042

   GBP 250,000       450,460  

National Australia Bank Ltd.

    

1.25%, 05/18/2026(b)

   EUR 100,000       114,794  

1.38%, 08/30/2028(b)

   EUR 200,000       231,229  

Telstra Corp. Ltd., 2.50%, 09/15/2023

   EUR 150,000       175,676  
   

 

 

  
      1,350,364  
   

 

 

  

Belgium-2.96%

    

Anheuser-Busch InBev Finance, Inc., 2.60%, 05/15/2024

   CAD 400,000       293,096  

Anheuser-Busch InBev S.A./N.V.

    

0.88%, 03/17/2022(b)

   EUR 200,000       221,024  

0.80%, 04/20/2023(b)

   EUR 100,000       110,984  

1.50%, 03/17/2025(b)

   EUR 300,000       345,027  

4.00%, 09/24/2025(b)

   GBP 100,000       141,464  

2.70%, 03/31/2026(b)

   EUR 100,000       122,968  

1.15%, 01/22/2027(b)

   EUR 200,000       224,389  

1.13%, 07/01/2027(b)

   EUR 100,000       111,680  

2.00%, 03/17/2028(b)

   EUR 300,000       356,762  

2.25%, 05/24/2029(b)

   GBP 200,000       255,840  

1.50%, 04/18/2030(b)

   EUR 200,000       225,299  

2.75%, 03/17/2036(b)

   EUR 300,000       357,635  

2.85%, 05/25/2037(b)

   GBP 250,000       328,380  

KBC Group N.V., 0.75%, 03/01/2022(b)

   EUR 200,000       219,399  
   

 

 

  
          3,313,947  
   

 

 

  

Canada-16.26%

    

Bank of Montreal

    

2.12%, 03/16/2022

   CAD 450,000       329,192  

2.27%, 07/11/2022

   CAD 650,000       477,667  

2.89%, 06/20/2023

   CAD 800,000       604,272  

2.85%, 03/06/2024

   CAD 200,000       152,013  

2.28%, 07/29/2024

   CAD 500,000       366,669  

2.37%, 02/03/2025

   CAD 450,000       330,773  

3.19%, 03/01/2028

   CAD 900,000       720,376  

Bank of Nova Scotia (The)

    

2.98%, 04/17/2023

   CAD 700,000       528,804  

2.38%, 05/01/2023

   CAD 800,000       588,087  

2.29%, 06/28/2024

   CAD 650,000       484,574  

2.49%, 09/23/2024

   CAD 450,000       332,189  

2.16%, 02/03/2025

   CAD 500,000       364,095  

2.62%, 12/02/2026

   CAD 400,000       306,707  

Bell Canada, Inc.

    

3.35%, 03/22/2023

   CAD 300,000       227,062  

2.70%, 02/27/2024

   CAD 300,000       222,738  

3.80%, 08/21/2028

   CAD 300,000       240,732  

Canadian Imperial Bank of Commerce

    

2.04%, 03/21/2022

   CAD 450,000       329,416  

2.30%, 07/11/2022

   CAD 600,000       441,696  

2.47%, 12/05/2022

   CAD 400,000       296,996  

3.29%, 01/15/2024

   CAD 400,000       303,233  
         Principal     
Amount		     Value  

Canada-(continued)

    

2.35%, 08/28/2024

   CAD 600,000     $ 440,439  

3.30%, 05/26/2025

   CAD 550,000       432,175  

Canadian Natural Resources Ltd., 3.31%, 02/11/2022

   CAD 300,000       215,956  

Enbridge, Inc., 2.99%, 10/03/2029

   CAD 300,000       209,314  

Federation des Caisses Desjardins du Quebec, 2.42%, 10/04/2024

   CAD 300,000       220,665  

HSBC Bank Canada

    

2.91%, 09/29/2021

   CAD 300,000       219,956  

2.17%, 06/29/2022

   CAD 300,000       218,394  

3.25%, 09/15/2023

   CAD 500,000       375,899  

National Bank of Canada

    

2.98%, 03/04/2024

   CAD 300,000       225,198  

2.55%, 07/12/2024

   CAD 300,000       222,148  

Rogers Communications, Inc.,
3.25%, 05/01/2029

   CAD 300,000       232,466  

Royal Bank of Canada

    

2.36%, 12/05/2022

   CAD 700,000       517,651  

2.95%, 05/01/2023

   CAD 600,000       452,997  

3.30%, 09/26/2023

   CAD 600,000       460,436  

2.33%, 12/05/2023

   CAD 400,000       297,966  

2.35%, 07/02/2024

   CAD 600,000       441,640  

2.61%, 11/01/2024

   CAD 600,000       446,915  

2.33%, 01/28/2027

   CAD 650,000       476,665  

Shaw Communications, Inc.,
6.75%, 11/09/2039

   CAD 500,000       483,851  

Suncor Energy, Inc., 5.00%, 04/09/2030

   CAD 400,000       305,673  

TELUS Corp.

    

2.35%, 03/28/2022

   CAD 300,000       219,265  

3.35%, 04/01/2024

   CAD 350,000       265,851  

Series CY, 3.30%, 05/02/2029

   CAD 300,000       232,410  

Toronto-Dominion Bank (The)

    

1.91%, 07/18/2023

   CAD 650,000       477,732  

2.85%, 03/08/2024

   CAD 600,000       450,085  

3.23%, 07/24/2024

   CAD 750,000       580,005  

2.50%, 12/02/2024

   CAD 500,000       370,060  

1.94%, 03/13/2025

   CAD 500,000       361,536  

TransCanada PipeLines Ltd.

    

3.80%, 04/05/2027

   CAD 600,000       459,472  

4.34%, 10/15/2049

   CAD 300,000       224,827  
   

 

 

  
        18,184,938  
   

 

 

  

China-0.22%

    

Industrial & Commercial Bank of China Ltd., 1.50%, 07/31/2022(b)

   GBP 200,000       250,798  
   

 

 

  

Denmark-1.27%

    

Carlsberg Breweries A/S, 2.50%, 05/28/2024(b)

   EUR 100,000       117,040  

Danske Bank A/S

    

1.38%, 05/24/2022(b)

   EUR 200,000       219,470  

0.88%, 05/22/2023(b)

   EUR 200,000       216,112  

0.75%, 06/02/2023(b)

   EUR 200,000       221,269  

Orsted A/S

    

4.88%, 01/12/2032(b)

   GBP 200,000       337,187  

5.75%, 04/09/2040(b)

   GBP 150,000       310,510  
   

 

 

  
      1,421,588  
   

 

 

  
 

 

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

 

  18  

 

  

 

 

 

Invesco International Corporate Bond ETF (PICB)–(continued)

April 30, 2020

(Unaudited)

 

         Principal     
Amount		     Value  

Finland-0.56%

    

Fortum OYJ, 2.25%, 09/06/2022(b)

   EUR 150,000     $ 170,741  

Nordea Bank Abp

    

1.00%, 02/22/2023(b)

   EUR 200,000       223,694  

1.13%, 02/12/2025(b)

   EUR 200,000       227,273  
   

 

 

  
      621,708  
   

 

 

  

France-17.64%

    

Air Liquide Finance S.A., 1.25%, 06/13/2028(b)

   EUR 200,000       237,939  

Auchan Holding S.A., 2.38%, 04/25/2025(b)

   EUR 100,000       110,748  

Autoroutes du Sud de la France S.A., 1.25%, 01/18/2027(b)

   EUR 200,000       227,868  

Banque Federative du Credit Mutuel S.A.

    

0.50%, 11/16/2022(b)

   EUR 200,000       220,190  

0.75%, 06/15/2023(b)

   EUR 200,000       221,937  

2.63%, 03/18/2024(b)

   EUR 200,000       237,795  

3.00%, 05/21/2024(b)

   EUR 400,000       464,003  

1.25%, 01/14/2025(b)

   EUR 300,000       341,451  

3.00%, 09/11/2025(b)

   EUR 100,000       117,527  

2.38%, 03/24/2026(b)

   EUR 100,000       113,780  

1.25%, 05/26/2027(b)

   EUR 200,000       230,887  

0.75%, 01/17/2030(b)

   EUR 100,000       105,841  

BNP Paribas S.A.

    

2.88%, 09/26/2023(b)

   EUR 200,000       238,202  

1.13%, 10/10/2023(b)

   EUR 100,000       111,024  

2.38%, 05/20/2024(b)

   EUR 200,000       237,359  

2.38%, 02/17/2025(b)

   EUR 200,000       230,638  

1.50%, 11/17/2025(b)

   EUR 200,000              226,565  

3.38%, 01/23/2026(b)

   GBP 300,000       403,592  

1.63%, 02/23/2026(b)

   EUR 100,000       117,951  

1.13%, 06/11/2026(b)

   EUR 200,000       221,482  

0.13%, 09/04/2026(b)

   EUR 100,000       104,099  

1.50%, 05/25/2028(b)

   EUR 100,000       119,700  

BPCE S.A.

    

1.13%, 01/18/2023(b)

   EUR 100,000       110,485  

4.63%, 07/18/2023(b)

   EUR 200,000       242,295  

0.88%, 01/31/2024(b)

   EUR 200,000       219,342  

1.00%, 07/15/2024(b)

   EUR 100,000       112,392  

0.63%, 09/26/2024(b)

   EUR 200,000       216,515  

0.25%, 01/15/2026(b)

   EUR 200,000       215,713  

1.00%, 10/05/2028(b)

   EUR 200,000       226,717  

5.25%, 04/16/2029(b)

   GBP 200,000       300,581  

Capgemini SE, 2.50%, 07/01/2023(b)

   EUR 100,000       114,844  

Carrefour S.A., 1.75%, 07/15/2022(b)

   EUR 200,000       223,640  

Cie de Saint-Gobain, 1.88%, 03/15/2031(b)

   EUR 100,000       110,048  

Cie Generale des Etablissements Michelin S.C.A., 1.75%, 09/03/2030(b)

   EUR 100,000       115,934  

CNP Assurances, 1.88%, 10/20/2022(b) .

   EUR 100,000       111,562  

Coentreprise de Transport d’Electricite S.A.

    

1.50%, 07/29/2028(b)

   EUR 200,000       233,894  

2.13%, 07/29/2032(b)

   EUR 200,000       245,691  

Credit Agricole S.A.

    

2.38%, 05/20/2024(b)

   EUR 200,000       237,390  

1.00%, 09/16/2024(b)

   EUR 100,000       112,837  

1.38%, 03/13/2025(b)

   EUR 100,000       112,526  

2.70%, 07/15/2025

   EUR 100,000       115,357  
         Principal     
Amount		     Value  

France-(continued)

    

3.13%, 02/05/2026(b)

   EUR 200,000     $ 253,060  

1.25%, 04/14/2026(b)

   EUR 200,000       230,550  

1.88%, 12/20/2026(b)

   EUR 200,000       231,645  

2.63%, 03/17/2027(b)

   EUR 500,000       596,820  

1.38%, 05/03/2027(b)

   EUR 300,000       350,525  

1.75%, 03/05/2029(b)

   EUR 300,000       346,969  

2.00%, 03/25/2029(b)

   EUR 100,000       115,050  

Danone S.A.

    

0.71%, 11/03/2024(b)

   EUR 100,000       113,017  

1.21%, 11/03/2028(b)

   EUR 200,000       239,328  

Dassault Systemes SE, 0.38%, 09/16/2029(b)

   EUR 200,000       213,156  

ENGIE S.A.

    

2.38%, 05/19/2026(b)

   EUR 200,000       245,074  

7.00%, 10/30/2028

   GBP 100,000       183,063  

5.00%, 10/01/2060(b)

   GBP 300,000       747,072  

EssilorLuxottica S.A., 0.38%, 11/27/2027(b)

   EUR 200,000       218,124  

Holding d’Infrastructures de Transport S.A.S.U., 4.88%, 10/27/2021(b)

   EUR 200,000       230,970  

HSBC France S.A.

    

0.60%, 03/20/2023(b)

   EUR 200,000       221,166  

0.25%, 05/17/2024(b)

   EUR 100,000       109,072  

0.10%, 09/03/2027(b)

   EUR 100,000       105,673  

LVMH Moet Hennessy Louis Vuitton SE

    

0.75%, 05/26/2024(b)

   EUR 200,000       223,619  

1.13%, 02/11/2027(b)

   GBP 300,000       370,631  

0.13%, 02/11/2028(b)

   EUR 200,000       215,736  

0.38%, 02/11/2031(b)

   EUR 200,000       216,080  

Orange S.A.

    

1.38%, 03/20/2028(b)

   EUR 100,000       117,672  

8.13%, 11/20/2028(b)

   GBP 200,000              381,958  

2.00%, 01/15/2029(b)

   EUR 100,000       123,651  

1.38%, 01/16/2030(b)

   EUR 100,000       117,967  

1.88%, 09/12/2030(b)

   EUR 100,000       123,648  

3.25%, 01/15/2032(b)

   GBP 200,000       287,930  

0.50%, 09/04/2032(b)

   EUR 100,000       106,870  

8.13%, 01/28/2033

   EUR 200,000       399,948  

5.63%, 01/23/2034

   GBP 150,000       272,646  

5.38%, 11/22/2050(b)

   GBP 100,000       220,329  

RTE Reseau de Transport d’Electricite, 1.63%, 11/27/2025(b)

   EUR 100,000       117,374  

Sanofi

    

1.75%, 09/10/2026(b)

   EUR 200,000       242,666  

0.50%, 01/13/2027(b)

   EUR 100,000       112,863  

Series 12 FX, 1.38%, 03/21/2030(b)

   EUR 200,000       244,564  

Series 20FX, 1.88%, 03/21/2038(b)

   EUR 100,000       130,339  

Series 8FXD, 1.00%, 03/21/2026(b)

   EUR 100,000       116,098  

Societe Generale S.A.

    

1.00%, 04/01/2022(b)

   EUR 100,000       109,860  

0.75%, 05/26/2023(b)

   EUR 100,000       110,876  

1.25%, 02/15/2024(b)

   EUR 200,000       221,131  

1.13%, 01/23/2025(b)

   EUR 200,000       219,588  

2.63%, 02/27/2025(b)

   EUR 100,000       115,762  

0.13%, 02/24/2026(b)

   EUR 200,000       214,919  

0.75%, 01/25/2027(b)

   EUR 200,000       211,353  

2.13%, 09/27/2028(b)

   EUR 100,000       116,132  

Total Capital Canada Ltd., 2.13%, 09/18/2029(b)

   EUR 200,000       245,717  
 

 

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

 

  19  

 

  

 

 

 

Invesco International Corporate Bond ETF (PICB)–(continued)

April 30, 2020

(Unaudited)

 

    Principal         
   

Amount

      Value  

France-(continued)

        

Total Capital International S.A.

        

1.49%, 04/08/2027(b)

   EUR      100,000      $ 115,925  

0.75%, 07/12/2028(b)

   EUR      200,000        220,822  

1.99%, 04/08/2032(b)

   EUR      200,000        244,858  

Veolia Environnement S.A., 6.13%, 10/29/2037

   GBP      150,000        307,984  

Vinci S.A., 1.75%, 09/26/2030(b)

   EUR      100,000        118,610  

Westfield America Management Ltd., 2.63%, 03/30/2029(b)

   GBP      200,000        243,695  
       

 

 

  
            19,728,496  
       

 

 

  

Germany-12.37%

        

Allianz Finance II B.V., Series 62, 4.50%, 03/13/2043(b)

   GBP      200,000        402,883  

Bayer Capital Corp. B.V.

        

0.63%, 12/15/2022(b)

   EUR      100,000        109,937  

1.50%, 06/26/2026(b)

   EUR      200,000        228,020  

2.13%, 12/15/2029(b)

   EUR      200,000        238,375  

BMW Finance N.V.

        

0.38%, 07/10/2023(b)

   EUR      200,000        216,799  

1.00%, 11/14/2024(b)

   EUR      100,000        110,680  

1.50%, 02/06/2029(b)

   EUR      150,000        171,731  

BMW US Capital LLC, 0.63%,
04/20/2022(b)

   EUR      200,000        218,518  

Commerzbank AG

        

0.50%, 08/28/2023(b)

   EUR      200,000        217,658  

0.50%, 09/13/2023(b)

   EUR      100,000        105,781  

0.63%, 08/28/2024(b)

   EUR      100,000        108,832  

Daimler AG

        

1.40%, 01/12/2024(b)

   EUR      100,000        110,876  

0.85%, 02/28/2025(b)

   EUR      200,000        215,400  

1.50%, 03/09/2026(b)

   EUR      100,000        111,546  

1.38%, 05/11/2028(b)

   EUR      200,000        219,492  

1.50%, 07/03/2029(b)

   EUR      200,000        218,966  

1.13%, 11/06/2031(b)

   EUR      100,000        104,117  

2.13%, 07/03/2037(b)

   EUR      200,000        229,469  

Daimler International Finance B.V.

        

0.25%, 11/06/2023(b)

   EUR      200,000        212,183  

0.88%, 04/09/2024(b)

   EUR      100,000        108,088  

1.00%, 11/11/2025(b)

   EUR      200,000        217,663  

1.38%, 06/26/2026(b)

   EUR      100,000        110,205  

0.63%, 05/06/2027(b)

   EUR      125,000        130,192  

Deutsche Bahn Finance GmbH, 1.13%, 12/18/2028(b)

   EUR      100,000        117,884  

Deutsche Bank AG

        

1.25%, 09/08/2021(b)

   EUR      200,000        215,158  

1.50%, 01/20/2022(b)

   EUR      100,000        107,454  

2.38%, 01/11/2023(b)

   EUR      100,000        109,213  

1.13%, 08/30/2023(b)

   EUR      300,000        330,358  

3.88%, 02/12/2024(b)

   GBP      200,000        254,828  

2.63%, 12/16/2024(b)

   GBP      200,000        242,399  

Deutsche Telekom AG

        

0.50%, 07/05/2027(b)

   EUR      150,000        164,354  

1.75%, 03/25/2031(b)

   EUR      100,000        118,987  

Deutsche Telekom International Finance B.V.

        

0.63%, 04/03/2023(b)

   EUR      150,000        166,324  

0.88%, 01/30/2024(b)

   EUR      150,000        168,422  

1.38%, 12/01/2025(b)

   EUR      100,000        116,155  
    Principal         
   

Amount

      Value  

Germany-(continued)

        

1.38%, 01/30/2027(b)

   EUR      100,000      $ 116,145  

1.50%, 04/03/2028(b)

   EUR      200,000        233,674  

2.00%, 12/01/2029(b)

   EUR      100,000        121,634  

E.ON International Finance B.V.

        

6.38%, 06/07/2032

   GBP      300,000        556,772  

5.88%, 10/30/2037(b)

   GBP      250,000        486,317  

6.75%, 01/27/2039

   GBP      200,000        429,736  

HeidelbergCement AG, 1.50%, 02/07/2025(b)

   EUR      100,000        108,635  

HeidelbergCement Finance Luxembourg S.A., 1.63%, 04/07/2026(b)

   EUR      100,000        108,510  

Henkel AG& Co. KGaA, 1.00%,
09/30/2022(b)

   GBP      200,000        252,271  

innogy Finance B.V.

        

6.25%, 06/03/2030(b)

   GBP      200,000        352,989  

4.75%, 01/31/2034(b)

   GBP      200,000        332,674  

6.13%, 07/06/2039(b)

   GBP      300,000        610,405  

SAP SE

        

1.75%, 02/22/2027(b)

   EUR      100,000        120,700  

1.25%, 03/10/2028(b)

   EUR      100,000        118,278  

1.63%, 03/10/2031(b)

   EUR      200,000        246,604  

Siemens Financieringsmaatschappij N.V.

        

2.88%, 03/10/2028(b)

   EUR      200,000        261,555  

0.13%, 09/05/2029(b)

   EUR      200,000        212,014  

0.50%, 09/05/2034(b)

   EUR      100,000        106,325  

3.75%, 09/10/2042(b)

   GBP      200,000        358,295  

Volkswagen Financial Services AG, 1.50%, 10/01/2024(b)

   EUR      100,000        109,515  

Volkswagen Financial Services N.V.

        

1.50%, 04/12/2021(b)

   GBP      100,000        125,361  

1.88%, 09/07/2021(b)

   GBP      200,000        250,704  

Volkswagen International Finance N.V.

        

0.88%, 01/16/2023(b)

   EUR      200,000        217,296  

1.13%, 10/02/2023(b)

   EUR      200,000        218,909  

1.88%, 03/30/2027(b)

   EUR      200,000        225,441  

1.63%, 01/16/2030(b)

   EUR      250,000        280,926  

Volkswagen Leasing GmbH

        

2.38%, 09/06/2022(b)

   EUR      100,000        112,437  

2.63%, 01/15/2024(b)

   EUR      100,000        114,884  

1.13%, 04/04/2024(b)

   EUR      100,000        108,431  

1.38%, 01/20/2025(b)

   EUR      100,000        108,683  

Vonovia Finance B.V.

        

2.25%, 12/15/2023(b)

   EUR      100,000        115,606  

1.25%, 12/06/2024(b)

   EUR      100,000        112,417  

Wintershall Dea Finance B.V.

        

0.84%, 09/25/2025(b)

   EUR      200,000        195,458  

1.82%, 09/25/2031(b)

   EUR      200,000        181,420  
       

 

 

  
          13,839,968  
       

 

 

  

Italy-4.59%

        

Assicurazioni Generali S.p.A.

        

5.13%, 09/16/2024(b)

   EUR      200,000        257,296  

4.13%, 05/04/2026(b)

   EUR      100,000        119,246  

Enel Finance International N.V.

        

5.63%, 08/14/2024(b)

   GBP      200,000        291,745  

1.00%, 09/16/2024(b)

   EUR      100,000        111,719  

1.97%, 01/27/2025(b)

   EUR      200,000        233,143  

1.50%, 07/21/2025(b)

   EUR      100,000        114,423  

1.38%, 06/01/2026(b)

   EUR      250,000        286,163  
 

 

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

 

  20  

 

  

 

 

 

Invesco International Corporate Bond ETF (PICB)–(continued)

April 30, 2020

(Unaudited)

 

    Principal         
   

Amount

      Value  

Italy-(continued)

        

1.13%, 09/16/2026(b)

   EUR      150,000      $ 168,613  

0.38%, 06/17/2027(b)

   EUR      100,000        106,877  

5.75%, 09/14/2040(b)

   GBP      400,000        757,708  

Enel S.p.A., 5.75%, 06/22/2037(b)

   GBP      150,000        274,438  

Eni S.p.A.

        

3.25%, 07/10/2023(b)

   EUR      100,000        117,783  

3.75%, 09/12/2025(b)

   EUR      100,000        124,969  

1.50%, 02/02/2026(b)

   EUR      150,000        168,253  

3.63%, 01/29/2029(b)

   EUR      100,000        129,677  

Intesa Sanpaolo S.p.A.

        

2.00%, 06/18/2021(b)

   EUR      200,000        221,128  

1.13%, 03/04/2022(b)

   EUR      200,000        218,172  

4.00%, 10/30/2023(b)

   EUR      100,000        118,831  

1.38%, 01/18/2024(b)

   EUR      100,000        109,027  

1.00%, 07/04/2024(b)

   EUR      150,000        160,709  

1.00%, 11/19/2026(b)

   EUR      200,000        209,553  

1.75%, 03/20/2028(b)

   EUR      150,000        160,965  

Snam S.p.A., 0.88%, 10/25/2026(b)

   EUR      100,000        110,149  

Terna Rete Elettrica Nazionale S.p.A.

        

0.88%, 02/02/2022(b)

   EUR      100,000        110,098  

1.38%, 07/26/2027(b)

   EUR      100,000        113,047  

UniCredit S.p.A.

        

2.00%, 03/04/2023(b)

   EUR      100,000        111,329  

2.13%, 10/24/2026(b)

   EUR      200,000        223,775  
       

 

 

  
            5,128,836  
       

 

 

  

Japan-1.28%

        

Development Bank of Japan, Inc.

        

1.05%, 06/20/2023

   JPY      30,000,000        288,097  

2.30%, 03/19/2026

   JPY      20,000,000        211,817  

Sumitomo Mitsui Financial Group, Inc., 1.55%, 06/15/2026(b)

   EUR      200,000        224,054  

Takeda Pharmaceutical Co. Ltd.

        

1.13%, 11/21/2022(b)

   EUR      200,000        220,379  

2.25%, 11/21/2026(b)

   EUR      200,000        238,599  

3.00%, 11/21/2030(b)

   EUR      200,000        249,102  
       

 

 

  
          1,432,048  
       

 

 

  

Luxembourg-0.29%

        

ArcelorMittal S.A., 2.25%, 01/17/2024(b)

   EUR      100,000        105,622  

Logicor Financing S.a r.l., 1.50%, 11/14/2022(b)

   EUR      100,000        109,761  

Logicor Financing S.a.r.l., 1.63%, 07/15/2027(b)

   EUR      100,000        104,465  
       

 

 

  
          319,848  
       

 

 

  

Netherlands-6.29%

        

ABN AMRO Bank N.V.

        

7.13%, 07/06/2022(b)

   EUR      200,000        244,998  

0.50%, 07/17/2023(b)

   EUR      100,000        110,111  

2.50%, 11/29/2023(b)

   EUR      100,000        117,896  

1.00%, 04/16/2025(b)

   EUR      250,000        282,656  

0.60%, 01/15/2027(b)

   EUR      200,000        212,727  

ASML Holding N.V., 1.38%,
07/07/2026(b)

   EUR      100,000        116,326  

Cooperatieve Rabobank U.A.

        

1.63%, 01/20/2022

   NOK      1,000,000        99,028  

4.13%, 09/14/2022(b)

   EUR      100,000        117,715  

3.88%, 07/25/2023(b)

   EUR      100,000        118,828  
    Principal         
   

Amount

      Value  

Netherlands-(continued)

        

0.75%, 08/29/2023(b)

   EUR      300,000      $ 331,478  

4.13%, 07/14/2025

   EUR      300,000        394,242  

1.25%, 03/23/2026(b)

   EUR      300,000        347,750  

1.38%, 02/03/2027(b)

   EUR      200,000        235,260  

5.25%, 09/14/2027(b)

   GBP      150,000        219,939  

4.63%, 05/23/2029(b)

   GBP      300,000        433,093  

ING Groep N.V.

        

0.75%, 03/09/2022(b)

   EUR      200,000        219,434  

1.00%, 09/20/2023(b)

   EUR      100,000        110,734  

2.13%, 01/10/2026(b)

   EUR      100,000        117,126  

3.00%, 02/18/2026(b)

   GBP      300,000        393,992  

1.38%, 01/11/2028(b)

   EUR      100,000        112,880  

2.00%, 09/20/2028(b)

   EUR      200,000        236,745  

2.50%, 11/15/2030(b)

   EUR      700,000        878,614  

Koninklijke KPN N.V., 5.75%, 09/17/2029(b)

   GBP      200,000        309,985  

Shell International Finance B.V.

        

1.13%, 04/07/2024(b)

   EUR      100,000        112,209  

0.38%, 02/15/2025(b)

   EUR      150,000        163,548  

1.88%, 09/15/2025(b)

   EUR      100,000        117,265  

2.50%, 03/24/2026

   EUR      100,000        121,747  

1.63%, 01/20/2027(b)

   EUR      150,000        174,719  

0.13%, 11/08/2027(b)

   EUR      100,000        104,703  

1.25%, 05/12/2028(b)

   EUR      100,000        113,807  

0.75%, 08/15/2028(b)

   EUR      150,000        164,298  

0.50%, 11/08/2031(b)

   EUR      100,000        103,721  

0.88%, 11/08/2039(b)

   EUR      100,000        100,039  
       

 

 

  
          7,037,613  
       

 

 

  

Norway-1.26%

        

DNB Bank ASA

        

1.38%, 06/12/2023(b)

   GBP      150,000        187,384  

0.05%, 11/14/2023(b)

   EUR      200,000        216,148  

Equinor ASA

        

1.25%, 02/17/2027(b)

   EUR      150,000        169,080  

6.88%, 03/11/2031(b)

   GBP      200,000        380,437  

1.63%, 02/17/2035(b)

   EUR      200,000        228,358  

Telenor ASA, 1.13%, 05/31/2029(b)

   EUR      200,000        227,322  
       

 

 

  
            1,408,729  
       

 

 

  

Portugal-0.20%

        

EDP Finance B.V.

        

2.63%, 01/18/2022(b)

   EUR      100,000        113,398  

1.13%, 02/12/2024(b)

   EUR      100,000        111,685  
       

 

 

  
          225,083  
       

 

 

  

Singapore-0.38%

        

Temasek Financial I Ltd., 5.13%,
07/26/2040(b)

   GBP      200,000        427,422  
       

 

 

  

Spain-5.68%

        

Abertis Infraestructuras S.A.

        

1.38%, 05/20/2026(b)

   EUR      200,000        203,841  

2.38%, 09/27/2027(b)

   EUR      200,000        213,974  

Banco Bilbao Vizcaya Argentaria S.A.

        

1.13%, 02/28/2024(b)

   EUR      100,000        109,212  

0.38%, 10/02/2024(b)

   EUR      100,000        105,008  

1.00%, 06/21/2026(b)

   EUR      100,000        107,516  

0.50%, 01/14/2027(b)

   EUR      100,000        102,758  

3.50%, 02/10/2027(b)

   EUR      200,000        242,200  
 

 

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

 

  21  

 

  

 

 

 

Invesco International Corporate Bond ETF (PICB)–(continued)

April 30, 2020

(Unaudited)

 

    Principal         
   

Amount

      Value  

Spain-(continued)

        

Banco de Sabadell S.A.

        

0.88%, 03/05/2023(b)

   EUR      100,000      $ 105,719  

0.88%, 07/22/2025(b)

   EUR      100,000        101,197  

Banco Santander S.A.

        

1.38%, 12/14/2022(b)

   EUR      200,000        223,793  

1.38%, 07/31/2024(b)

   GBP      200,000        246,624  

1.13%, 01/17/2025(b)

   EUR      200,000        219,250  

2.50%, 03/18/2025(b)

   EUR      200,000        227,958  

3.25%, 04/04/2026(b)

   EUR      200,000        236,764  

3.13%, 01/19/2027(b)

   EUR      200,000        236,593  

1.75%, 02/17/2027(b)

   GBP      200,000        244,227  

2.13%, 02/08/2028(b)

   EUR      200,000        223,146  

CaixaBank S.A.

        

1.13%, 01/12/2023(b)

   EUR      200,000        216,898  

2.38%, 02/01/2024(b)

   EUR      200,000        224,414  

1.13%, 05/17/2024(b)

   EUR      200,000        219,257  

0.38%, 02/03/2025(b)

   EUR      100,000        105,279  

1.13%, 03/27/2026(b)

   EUR      100,000        108,910  

1.38%, 06/19/2026(b)

   EUR      200,000        212,008  

Iberdrola Finanzas S.A., 1.00%, 03/07/2025(b)

   EUR      100,000        113,273  

Iberdrola International, B.V., 1.13%, 04/21/2026(b)

   EUR      100,000        114,948  

Mapfre S.A., 1.63%, 05/19/2026(b)

   EUR      100,000        114,365  

Naturgy Finance B.V., 1.38%, 01/19/2027(b)

   EUR      100,000        113,887  

Santander Consumer Finance S.A., 0.88%, 01/24/2022(b)

   EUR      200,000        219,108  

Telefonica Emisiones S.A.

        

0.75%, 04/13/2022(b)

   EUR      200,000        219,634  

2.24%, 05/27/2022(b)

   EUR      200,000        226,404  

3.99%, 01/23/2023(b)

   EUR      200,000        239,626  

1.53%, 01/17/2025(b)

   EUR      100,000        113,931  

5.38%, 02/02/2026(b)

   GBP      200,000        298,471  

1.46%, 04/13/2026(b)

   EUR      200,000        227,624  

1.79%, 03/12/2029(b)

   EUR      100,000        115,080  
       

 

 

  
            6,352,897  
       

 

 

  

Sweden-1.19%

        

Skandinaviska Enskilda Banken AB, 0.63%, 11/12/2029(b)

   EUR      200,000        207,773  

Svenska Handelsbanken AB

        

2.63%, 08/23/2022(b)

   EUR      200,000        230,945  

0.13%, 06/18/2024(b)

   EUR      200,000        218,079  

Telia Co. AB, 3.63%, 11/08/2023(b)

   SEK      2,000,000        219,581  

Vattenfall AB, 6.88%, 04/15/2039(b)

   GBP      200,000        455,383  
       

 

 

  
          1,331,761  
       

 

 

  

Switzerland-2.43%

        

Credit Suisse AG

        

1.00%, 06/07/2023(b)

   EUR      100,000        111,506  

1.50%, 04/10/2026(b)

   EUR      150,000        173,634  

Credit Suisse Group Funding Guernsey Ltd.

        

1.25%, 04/14/2022(b)

   EUR      250,000        275,136  

1.00%, 04/14/2023(b)

   CHF      350,000        366,831  

2.75%, 08/08/2025(b)

   GBP      150,000        194,870  

Glencore Finance (Europe) Ltd.

        

1.88%, 09/13/2023(b)

   EUR      100,000        108,852  

3.13%, 03/26/2026(b)

   GBP      200,000        235,324  
    Principal         
   

Amount

      Value  

Switzerland-(continued)

        

Holcim Finance (Luxembourg) S.A.

        

1.38%, 05/26/2023(b)

   EUR      100,000      $ 110,373  

2.25%, 05/26/2028(b)

   EUR      100,000        113,679  

Richemont International Holding S.A.

        

1.00%, 03/26/2026(b)

   EUR      200,000        227,256  

1.50%, 03/26/2030(b)

   EUR      100,000        115,958  

2.00%, 03/26/2038(b)

   EUR      100,000        121,094  

UBS Group AG

        

1.75%, 11/16/2022(b)

   EUR      200,000        224,867  

1.50%, 11/30/2024(b)

   EUR      100,000        112,244  

1.25%, 09/01/2026(b)

   EUR      200,000        223,839  
       

 

 

  
            2,715,463  
       

 

 

  

United Kingdom-22.29%

        

ABP Finance PLC, 6.25%, 12/14/2026(b)

   GBP      100,000        147,554  

Annington Funding PLC

        

2.65%, 07/12/2025(b)

   GBP      200,000        257,175  

3.18%, 07/12/2029(b)

   GBP      150,000        195,014  

3.69%, 07/12/2034(b)

   GBP      200,000        269,826  

3.94%, 07/12/2047(b)

   GBP      200,000        284,051  

Barclays PLC

        

1.50%, 04/01/2022(b)

   EUR      200,000        219,703  

1.88%, 12/08/2023(b)

   EUR      100,000        110,991  

3.13%, 01/17/2024(b)

   GBP      350,000        450,789  

3.00%, 05/08/2026(b)

   GBP      200,000        256,410  

3.25%, 02/12/2027(b)

   GBP      300,000        390,064  

BAT International Finance PLC

        

7.25%, 03/12/2024

   GBP      150,000        224,522  

4.00%, 09/04/2026(b)

   GBP      250,000        340,405  

2.25%, 01/16/2030(b)

   EUR      100,000        107,339  

6.00%, 11/24/2034(b)

   GBP      150,000        242,345  

2.25%, 09/09/2052(b)

   GBP      200,000        190,133  

BG Energy Capital PLC, 5.00%,
11/04/2036(b)

   GBP      250,000        441,446  

BP Capital Markets PLC

        

1.53%, 09/26/2022(b)

   EUR      100,000        110,869  

1.11%, 02/16/2023(b)

   EUR      100,000        109,996  

0.90%, 07/03/2024(b)

   EUR      200,000        216,717  

2.97%, 02/27/2026(b)

   EUR      100,000        119,332  

1.57%, 02/16/2027(b)

   EUR      100,000        110,298  

0.83%, 11/08/2027(b)

   EUR      100,000        103,973  

1.23%, 05/08/2031(b)

   EUR      100,000        103,468  

British Telecommunications PLC

        

1.13%, 03/10/2023(b)

   EUR      100,000        110,916  

1.75%, 03/10/2026(b)

   EUR      100,000        113,777  

1.50%, 06/23/2027(b)

   EUR      100,000        111,726  

5.75%, 12/07/2028(b)

   GBP      150,000        244,821  

3.13%, 11/21/2031(b)

   GBP      100,000        137,057  

6.38%, 06/23/2037

   GBP      170,000        327,610  

BUPA Finance PLC, 5.00%, 04/25/2023(b)

   GBP      150,000        201,240  

Cadent Finance PLC

        

2.13%, 09/22/2028(b)

   GBP      250,000        327,605  

2.63%, 09/22/2038(b)

   GBP      200,000        276,115  

2.75%, 09/22/2046(b)

   GBP      200,000        285,561  

Centrica PLC

        

4.38%, 03/13/2029(b)

   GBP      150,000        220,372  
 

 

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

 

  22  

 

  

 

 

 

Invesco International Corporate Bond ETF (PICB)–(continued)

April 30, 2020

(Unaudited)

 

    Principal         
   

Amount

      Value  

United Kingdom-(continued)

        

7.00%, 09/19/2033(b)

   GBP      250,000      $ 471,628  

4.25%, 09/12/2044(b)

   GBP      150,000        235,397  

CK Hutchison Finance (16) (II) Ltd., 0.88%, 10/03/2024(b)

   EUR      100,000        109,407  

CK Hutchison Finance (16) Ltd., Series A, 1.25%, 04/06/2023(b)

   EUR      100,000        110,966  

CK Hutchison Group Telecom Finance S.A.

        

0.38%, 10/17/2023(b)

   EUR      150,000          162,644  

0.75%, 04/17/2026(b)

   EUR      100,000        107,859  

2.00%, 10/17/2027(b)

   GBP      200,000        248,864  

1.13%, 10/17/2028(b)

   EUR      100,000        108,984  

Connect Plus (M25) Issuer PLC, 2.61%, 03/31/2039(b)

   GBP      288,834        402,138  

Friends Life Holdings PLC, 8.25%, 04/21/2022(b)

   GBP      150,000        211,503  

GlaxoSmithKline Capital PLC

        

1.38%, 12/02/2024(b)

   EUR      100,000        115,497  

5.25%, 12/19/2033

   GBP      300,000        554,810  

6.38%, 03/09/2039

   GBP      200,000        443,503  

5.25%, 04/10/2042(b)

   GBP      300,000        623,376  

4.25%, 12/18/2045(b)

   GBP      250,000        479,480  

Heathrow Funding Ltd., 7.13%, 02/14/2024(b)

   GBP      200,000        287,211  

HSBC Bank PLC

        

5.38%, 08/22/2033(b)

   GBP      150,000        231,704  

4.75%, 03/24/2046

   GBP      100,000        154,455  

HSBC Holdings PLC

        

1.50%, 03/15/2022(b)

   EUR      200,000        223,182  

3.20%, 12/05/2023

   CAD      250,000        185,640  

6.50%, 05/20/2024(b)

   GBP      100,000        148,800  

0.88%, 09/06/2024(b)

   EUR      200,000        221,472  

3.00%, 06/30/2025(b)

   EUR      200,000        233,631  

2.50%, 03/15/2027(b)

   EUR      200,000        244,955  

3.13%, 06/07/2028

   EUR      200,000        244,474  

2.63%, 08/16/2028(b)

   GBP      200,000        264,921  

6.75%, 09/11/2028(b)

   GBP      200,000        325,690  

7.00%, 04/07/2038(b)

   GBP      200,000        358,959  

Hutchison Whampoa Finance (14) Ltd., 1.38%, 10/31/2021(b)

   EUR      200,000        221,820  

Imperial Brands Finance PLC

        

8.13%, 03/15/2024(b)

   GBP      200,000        302,354  

5.50%, 09/28/2026(b)

   GBP      150,000        218,958  

4.88%, 06/07/2032(b)

   GBP      100,000        145,870  

Lloyds Bank Corporate Markets PLC, 1.75%, 07/11/2024(b)

   GBP      150,000        187,290  

Lloyds Bank PLC

        

1.00%, 11/19/2021(b)

   EUR      100,000        110,192  

7.50%, 04/15/2024(b)

   GBP      200,000        306,286  

7.63%, 04/22/2025(b)

   GBP      200,000        305,093  

6.50%, 09/17/2040(b)

   GBP      200,000        421,393  

Motability Operations Group PLC

        

3.63%, 03/10/2036(b)

   GBP      150,000        240,306  

2.38%, 07/03/2039(b)

   GBP      200,000        277,481  

Nationwide Building Society, 3.25%, 01/20/2028(b)

   GBP      200,000        276,688  

NatWest Markets PLC, 0.63%, 03/02/2022(b)

   EUR      200,000        216,036  
    Principal         
   

Amount

      Value  

United Kingdom-(continued)

        

Rio Tinto Finance PLC, 4.00%,
12/11/2029(b)

   GBP      150,000      $ 229,470  

Royal Bank Of Scotland Group PLC (The), 2.50%, 03/22/2023(b)

   EUR      200,000        224,118  

Santander UK Group Holdings PLC

        

1.13%, 09/08/2023(b)

   EUR      100,000        108,632  

3.63%, 01/14/2026(b)

   GBP      150,000        202,242  

Scottish Widows Ltd.

        

5.50%, 06/16/2023(b)

   GBP      200,000        272,667  

7.00%, 06/16/2043(b)

   GBP      150,000        256,069  

Severn Trent Utilities Finance PLC, 3.63%, 01/16/2026(b)

   GBP      200,000        280,512  

Sky Ltd.

        

1.50%, 09/15/2021(b)

   EUR      100,000        110,846  

2.50%, 09/15/2026(b)

   EUR      200,000        244,845  

Society of Lloyd’s, 4.75%, 10/30/2024(b)

   GBP      200,000        267,607  

SSE PLC, 8.38%, 11/20/2028(b)

   GBP      170,000        320,035  

Standard Chartered PLC

        

5.13%, 06/06/2034(b)

   GBP      200,000        295,659  

4.38%, 01/18/2038(b)

   GBP      100,000        160,018  

T.H.F.C. (Funding No.3) PLC, 5.20%, 10/11/2043(b)

   GBP      300,000        597,390  

Thames Water Utilities Finance PLC

        

4.00%, 06/19/2025(b)

   GBP      200,000        280,150  

5.13%, 09/28/2037(b)

   GBP      150,000        267,945  

5.50%, 02/11/2041(b)

   GBP      100,000        193,759  

University of Oxford, 2.54%, 12/08/2117(b)

   GBP      200,000        394,463  

Vodafone Group PLC

        

1.75%, 08/25/2023(b)

   EUR      100,000        114,323  

1.88%, 09/11/2025(b)

   EUR      100,000        117,177  

2.20%, 08/25/2026(b)

   EUR      200,000        240,591  

1.60%, 07/29/2031(b)

   EUR      200,000        231,842  

3.38%, 08/08/2049(b)

   GBP      200,000        288,940  

3.00%, 08/12/2056(b)

   GBP      300,000        413,299  

Wellcome Trust Ltd. (The), 2.52%, 02/07/2118(b)

   GBP      200,000        405,542  

Westfield Stratford City Finance No. 2 PLC, 1.64%, 08/04/2026(b)

   GBP      250,000        315,336  
       

 

 

  
          24,933,614  
       

 

 

  

United States-0.40%

        

American Honda Finance Corp., 0.35%, 08/26/2022

   EUR      100,000        107,690  

DH Europe Finance II S.a.r.l., 0.75%, 09/18/2031

   EUR      200,000        214,141  

Medtronic Global Holdings S.C.A., 1.63%, 03/07/2031

   EUR      100,000        120,724  
       

 

 

  
          442,555  
       

 

 

  

TOTAL INVESTMENTS IN SECURITIES-98.77%
(Cost $111,581,435)

 

      110,467,676  

OTHER ASSETS LESS LIABILITIES-1.23%

         1,381,182  
       

 

 

  

NET ASSETS-100.00%

         $ 111,848,858  
       

 

 

  
 

 

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

 

  23  

 

  

 

 

 

Invesco International Corporate Bond ETF (PICB)–(continued)

April 30, 2020

(Unaudited)

    

 

Investment Abbreviations:

CAD-Canadian Dollar

CHF-Swiss Franc

EUR-Euro

GBP-British Pound Sterling

JPY-Japanese Yen

NOK-Norwegian Krone

SEK-Swedish Krona

Notes to Schedule of Investments:

(a) 

Foreign denominated security. Principal amount is denominated in the currency indicated.

(b) 

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2020 was $85,405,500, which represented 76.36% of the Fund’s Net Assets.

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-month period ended April 30, 2020.

 

                        Change in                       
    Value      Purchases      Proceeds     Unrealized      Realized      Value      Dividend  
    October 31, 2019      at Cost      from Sales     Appreciation      Gain      April 30, 2020      Income  

Investments in Affiliated Money Market Funds:

                   

Invesco Premier U.S. Government Money Portfolio, Institutional Class*

     $-        $1,485,614        $(1,485,614)       $-        $-        $-        $226  

 

*

At April 30, 2020, this security was no longer held.

Portfolio Composition

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

as of April 30, 2020

 

  

Financials

     49.73    

Utilities

     11.45    

Communication Services

     10.12    

Energy

     5.82    

Consumer Discretionary

     5.74    

Consumer Staples

     5.30                                 

Health Care

     4.19    

Industrials

     3.08    

Sector Types Each Less Than 3%

     3.34    

Other Assets Less Liabilities

     1.23    

        

 

 

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

 

  24  

 

  

 

 

 

Statements of Assets and Liabilities

April 30, 2020

    

    

 

         Invesco     
    Invesco Emerging    Global Short Term    Invesco International
    Markets Sovereign    High Yield Bond    Corporate Bond
    Debt ETF (PCY)    ETF (PGHY)    ETF (PICB)
Assets:              

Unaffiliated investments in securities, at value(a)

     $ 2,648,393,465      $ 175,108,566      $ 110,467,676

Affiliated investments in securities, at value

       30,939,534        6,505,695        -

Cash

       17,716,727        -        -

Foreign currencies, at value

       -        -        307,990

Deposits with brokers:

              

Cash segregated as collateral

       11,860,514        -        -

Receivable for:

              

Dividends and interest

       39,277,985        3,984,776        1,072,653

Securities lending

       102        2,863        -

Investments sold

       33,531,305        127,488        2,132,428

Fund shares sold

       46,570,046        -        -

Foreign tax reclaims

       -        -        50,658

Investments matured, at value

       -        1,775,179        -
   

 

 

       

 

 

       

 

 

  

Total assets

       2,828,289,678        187,504,567        114,031,405
   

 

 

       

 

 

       

 

 

  
Liabilities:              

Due to custodian

       -        33,503        53,199

Due to foreign custodian

       -        29        -

Payable for:

              

Investments purchased

       126,623,111        3,366,988        2,085,256

Collateral upon return of securities loaned

       -        1,956,881        -

Collateral upon receipt of securities in-kind

       11,860,514        -        -

Fund shares repurchased

       1,861,603        -        -

Accrued unitary management fees

       1,075,682        53,966        44,092
   

 

 

       

 

 

       

 

 

  

Total liabilities

       141,420,910        5,411,367        2,182,547
   

 

 

       

 

 

       

 

 

  
Net Assets     $ 2,686,868,768      $ 182,093,200      $ 111,848,858
   

 

 

       

 

 

       

 

 

  
Net assets consist of:              

Shares of beneficial interest

     $ 3,427,564,116      $ 219,607,393      $ 113,216,319

Distributable earnings (loss)

       (740,695,348 )        (37,514,193 )        (1,367,461 )
   

 

 

       

 

 

       

 

 

  
Net Assets     $ 2,686,868,768      $ 182,093,200      $ 111,848,858
   

 

 

       

 

 

       

 

 

  

Shares outstanding (unlimited amount authorized, $0.01 par value)

       108,900,000        8,850,000        4,300,000

Net asset value

     $ 24.67      $ 20.58      $ 26.01
   

 

 

       

 

 

       

 

 

  

Market price

     $ 24.46      $ 20.46      $ 25.90
   

 

 

       

 

 

       

 

 

  

Unaffiliated investments in securities, at cost

     $ 2,875,936,938      $ 198,321,856      $ 111,581,435
   

 

 

       

 

 

       

 

 

  

Affiliated investments in securities, at cost

     $ 30,939,534      $ 6,505,695      $ -
   

 

 

       

 

 

       

 

 

  

Foreign currencies (due to foreign custodian), at cost

     $ -      $ (33 )      $ 302,860
   

 

 

       

 

 

       

 

 

  

Investments matured, at cost

     $ -      $ 6,391,902      $ -
   

 

 

       

 

 

       

 

 

  

(a)Includes securities on loan with an aggregate value of:

     $ -      $ 1,875,403      $ -
   

 

 

       

 

 

       

 

 

  

 

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

 

  25  

 

  

 

 

 

Statements of Operations

For the six months ended April 30, 2020

(Unaudited)

    

 

         Invesco     
    Invesco Emerging    Global Short Term    Invesco International
    Markets Sovereign    High Yield Bond    Corporate Bond
    Debt ETF (PCY)    ETF (PGHY)    ETF (PICB)
Investment income:              

Unaffiliated interest income

     $ 83,968,992      $ 6,198,817      $ 1,021,585

Affiliated dividend income

       45,265        36,629        226

Securities lending income

       1,312        32,101        -
   

 

 

       

 

 

       

 

 

  

Total investment income

       84,015,569        6,267,547        1,021,811
   

 

 

       

 

 

       

 

 

  
Expenses:              

Unitary management fees

       8,202,057        387,699        275,953
   

 

 

       

 

 

       

 

 

  

Less: Waivers

       (6,797 )        (5,191 )        (39 )
   

 

 

       

 

 

       

 

 

  

Net expenses

       8,195,260        382,508        275,914
   

 

 

       

 

 

       

 

 

  

Net investment income

       75,820,309        5,885,039        745,897
   

 

 

       

 

 

       

 

 

  
Realized and unrealized gain (loss) from:              

Net realized gain (loss) from:

              

Unaffiliated investment securities

       (198,015,049 )        (4,151,907 )        (201,447 )

Affiliated investment securities

       923        (745 )        -

In-kind redemptions

       1,434,764        (749,146 )        8,527

Foreign currencies

       -        -        (50,529 )
   

 

 

       

 

 

       

 

 

  

Net realized gain (loss)

       (196,579,362 )        (4,901,798 )        (243,449 )
   

 

 

       

 

 

       

 

 

  

Change in net unrealized appreciation (depreciation) of:

              

Unaffiliated investment securities

       (303,139,100 )        (17,794,296 )        (3,800,636 )

Affiliated investment securities

       -        (64 )        -

Foreign currencies

       -        1        (23,324 )
   

 

 

       

 

 

       

 

 

  

Change in net unrealized appreciation (depreciation)

       (303,139,100 )        (17,794,359 )        (3,823,960 )
   

 

 

       

 

 

       

 

 

  

Net realized and unrealized gain (loss)

       (499,718,462 )        (22,696,157 )        (4,067,409 )
   

 

 

       

 

 

       

 

 

  

Net increase (decrease) in net assets resulting from operations

     $ (423,898,153 )      $ (16,811,118 )      $ (3,321,512 )
   

 

 

       

 

 

       

 

 

  

 

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

 

  26  

 

  

 

 

 

 

 

 

(This Page Intentionally Left Blank)

 

 

 

 

 

  27  

 

  

 

 

 

Statements of Changes in Net Assets

For the six months ended April 30, 2020 and the year ended October 31, 2019

(Unaudited)

    

 

    Invesco Emerging Markets Sovereign    Invesco Global Short Term High
    Debt ETF (PCY)    Yield Bond ETF (PGHY)
    Six Months Ended    Year Ended    Six Months Ended    Year Ended
    April 30,    October 31,    April 30,    October 31,
    2020    2019    2020    2019
Operations:                   

Net investment income

     $ 75,820,309      $ 175,865,677      $ 5,885,039      $ 11,522,396

Net realized gain (loss)

       (196,579,362 )        (49,242,012 )        (4,901,798 )        (2,613,544 )

Change in net unrealized appreciation (depreciation)

       (303,139,100 )        413,622,952        (17,794,359 )        (650,969 )
   

 

 

       

 

 

       

 

 

       

 

 

  

Net increase (decrease) in net assets resulting from operations

       (423,898,153 )        540,246,617        (16,811,118 )        8,257,883
   

 

 

       

 

 

       

 

 

       

 

 

  
Distributions to Shareholders from:                   

Distributable earnings

       (83,958,915 )        (176,845,023 )        (6,106,642 )        (11,538,702 )

Return of capital

       -        -        -        -
   

 

 

       

 

 

       

 

 

       

 

 

  

Total distributions to shareholders

       (83,958,915 )        (176,845,023 )        (6,106,642 )        (11,538,702 )
   

 

 

       

 

 

       

 

 

       

 

 

  
Shareholder Transactions:                   

Proceeds from shares sold

       355,642,272        1,421,704,253        12,555,351        27,735,589

Value of shares repurchased

       (696,303,762 )        (1,954,083,096 )        (38,021,588 )        (10,377,575 )

Transaction fees

       -        -        -        -
   

 

 

       

 

 

       

 

 

       

 

 

  

Net increase (decrease) in net assets resulting from share transactions

       (340,661,490 )        (532,378,843 )        (25,466,237 )        17,358,014
   

 

 

       

 

 

       

 

 

       

 

 

  

Net increase (decrease) in net assets

       (848,518,558 )        (168,977,249 )        (48,383,997 )        14,077,195
   

 

 

       

 

 

       

 

 

       

 

 

  
Net assets:                   

Beginning of period

       3,535,387,326        3,704,364,575        230,477,197        216,400,002
   

 

 

       

 

 

       

 

 

       

 

 

  

End of period

     $ 2,686,868,768      $ 3,535,387,326      $ 182,093,200      $ 230,477,197
   

 

 

       

 

 

       

 

 

       

 

 

  
Changes in Shares Outstanding:                   

Shares sold

       13,600,000        50,200,000        550,000        1,200,000

Shares repurchased

       (26,100,000 )        (70,200,000 )        (1,800,000 )        (450,000 )

Shares outstanding, beginning of period

       121,400,000        141,400,000        10,100,000        9,350,000
   

 

 

       

 

 

       

 

 

       

 

 

  

Shares outstanding, end of period

       108,900,000        121,400,000        8,850,000        10,100,000
   

 

 

       

 

 

       

 

 

       

 

 

  

 

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

 

  28  

 

  

 

 

 

    

    

    

    

 

Invesco International Corporate
Bond ETF (PICB)
Six Months Ended   Year Ended
April 30,   October 31,
2020   2019
     
  $ 745,897       $ 1,741,353
    (243,449 )        (1,001,104 )
    (3,823,960 )        8,263,168
 

 

 

      

 

 

  
    (3,321,512 )        9,003,417
 

 

 

      

 

 

  
              
    (767,747 )        (1,050,715 )
    -         (702,713 )
 

 

 

      

 

 

  
    (767,747 )        (1,753,428 )
 

 

 

      

 

 

  
              
    5,399,375         2,597,030
    (1,339,036 )        (16,941,838 )
    -         3,257
 

 

 

      

 

 

  
    4,060,339         (14,341,551 )
 

 

 

      

 

 

  
    (28,920 )        (7,091,562 )
 

 

 

      

 

 

  
              
    111,877,778         118,969,340
 

 

 

      

 

 

  
  $ 111,848,858       $ 111,877,778
 

 

 

      

 

 

  
              
    200,000         100,000
    (50,000 )        (650,000 )
    4,150,000         4,700,000
 

 

 

      

 

 

  
    4,300,000         4,150,000
 

 

 

      

 

 

  

 

  29  

 

  

 

 

 

Financial Highlights

 

 

Invesco Emerging Markets Sovereign Debt ETF (PCY)

    Six Months Ended                    
    April 30,                    
    2020   Years Ended October 31,
    (Unaudited)   2019   2018   2017   2016   2015

Per Share Operating Performance:

                        

Net asset value at beginning of period

     $ 29.12     $ 26.20     $ 29.62     $ 29.81     $ 28.08     $ 29.03
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net investment income(a)

       0.65       1.41       1.26       1.45       1.46       1.48

Net realized and unrealized gain (loss) on investments

       (4.38 )       2.93       (3.42 )       (0.17 )       1.74       (0.97 )
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Total from investment operations

       (3.73 )       4.34       (2.16 )       1.28       3.20       0.51
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Distributions to shareholders from:

                        

Net investment income

       (0.72 )       (1.42 )       (1.26 )       (1.46 )       (1.47 )       (1.46 )

Return of capital

       -       -       -       (0.01 )       -       -
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Total distributions

       (0.72 )       (1.42 )       (1.26 )       (1.47 )       (1.47 )       (1.46 )
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net asset value at end of period

     $ 24.67     $ 29.12     $ 26.20     $ 29.62     $ 29.81     $ 28.08
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Market price at end of period(b)

     $ 24.46     $ 29.13     $ 26.13     $ 29.62     $ 29.70     $ 28.02
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net Asset Value Total Return(c)

       (13.00 )%       16.91 %       (7.42 )%       4.49 %       11.79 %       1.87 %

Market Price Total Return(c)

       (13.77 )%       17.28 %       (7.66 )%       4.88 %       11.61 %       1.49 %

Ratios/Supplemental Data:

                        

Net assets at end of period (000’s omitted)

     $ 2,686,869     $ 3,535,387     $ 3,704,365     $ 4,970,710     $ 4,125,597     $ 2,653,385

Ratio to average net assets of:

                        

Expenses

       0.50 %(d)       0.50 %       0.50 %       0.50 %       0.50 %       0.50 %

Net investment income

       4.62 %(d)       5.03 %       4.51 %       4.98 %       5.06 %       5.25 %

Portfolio turnover rate(e)

       19 %       28 %       54 %       30 %       30 %       27 %

 

(a) 

Based on average shares outstanding.

(b) 

The mean between the last bid and ask prices.

(c) 

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(d) 

Annualized.

(e) 

Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

 

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

 

  30  

 

  

 

 

 

Financial Highlights–(continued)

 

 

Invesco Global Short Term High Yield Bond ETF (PGHY)

    Six Months Ended                    
    April 30,                    
    2020   Years Ended October 31,
    (Unaudited)   2019   2018   2017   2016   2015

Per Share Operating Performance:

                        

Net asset value at beginning of period

     $ 22.82     $ 23.14     $ 24.14     $ 24.16     $ 23.50     $ 24.12
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net investment income(a)

       0.59       1.20       1.24       1.34       1.51       1.04

Net realized and unrealized gain (loss) on investments

       (2.21 )       (0.32 )       (1.00 )       0.02       0.59       (0.62 )
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Total from investment operations

       (1.62 )       0.88       0.24       1.36       2.10       0.42
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Distributions to shareholders from:

                        

Net investment income

       (0.62 )       (1.20 )       (1.24 )       (1.37 )       (1.42 )       (1.03 )

Return of capital

       -       -       -       (0.01 )       (0.02 )       (0.01 )
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Total distributions

       (0.62 )       (1.20 )       (1.24 )       (1.38 )       (1.44 )       (1.04 )
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net asset value at end of period

     $ 20.58     $ 22.82     $ 23.14     $ 24.14     $ 24.16     $ 23.50
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Market price at end of period(b)

     $ 20.46     $ 22.81     $ 23.03     $ 24.19     $ 24.23     $ 23.37
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net Asset Value Total Return(c)

       (7.24 )%       3.90 %       1.05 %       5.76 %       9.27 %       1.83 %

Market Price Total Return(c)

       (7.71 )%       4.36 %       0.36 %       5.66 %       10.17 %       1.61 %

Ratios/Supplemental Data:

                        

Net assets at end of period (000’s omitted)

     $ 182,093     $ 230,477     $ 216,400     $ 222,093     $ 68,862     $ 27,029

Ratio to average net assets of:

                        

Expenses

       0.35 %(d)       0.35 %       0.35 %       0.35 %       0.35 %       0.35 %

Net investment income

       5.31 %(d)       5.21 %       5.25 %       5.52 %       6.43 %       4.43 %

Portfolio turnover rate(e)

       28 %       57 %       42 %       38 %       53 %       50 %

 

(a) 

Based on average shares outstanding.

(b) 

The mean between the last bid and ask prices.

(c) 

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(d) 

Annualized.

(e) 

Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

 

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

 

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Financial Highlights–(continued)

 

Invesco International Corporate Bond ETF (PICB)

    Six Months Ended                     
    April 30,                     
    2020   Years Ended October 31,
    (Unaudited)   2019   2018   2017    2016   2015
Per Share Operating Performance:                         

Net asset value at beginning of period

     $ 26.96     $ 25.31     $ 26.88     $ 25.08      $ 25.95     $ 28.77

Net investment income(a)

       0.18       0.39       0.43       0.42        0.55       0.62

Net realized and unrealized gain (loss) on investments

       (0.95 )       1.65       (1.57 )       1.80        (0.86 )       (2.82 )

Total from investment operations

       (0.77 )       2.04       (1.14 )       2.22        (0.31 )       (2.20 )

Distributions to shareholders from:

                         

Net investment income

       (0.18 )       (0.23 )       (0.43 )       (0.23 )        -       (0.03 )

Return of capital

       -       (0.16 )       -       (0.19 )        (0.56 )       (0.59 )

Total distributions

       (0.18 )       (0.39 )       (0.43 )       (0.42 )        (0.56 )       (0.62 )

Transaction fees

       -       0.00 (b)        -       0.00 (b)         0.00 (b)        0.00 (b) 

Net asset value at end of period

     $ 26.01     $ 26.96     $ 25.31     $ 26.88      $ 25.08     $ 25.95

Market price at end of period(c)

     $ 25.90     $ 26.84     $ 25.28     $ 26.89      $ 25.02     $ 25.89
Net Asset Value Total Return(d)       (2.85 )%       8.12 %       (4.31 )%       8.95 %        (1.26 )%       (7.73 )%
Market Price Total Return(d)       (2.83 )%       7.77 %       (4.46 )%       9.25 %        (1.26 )%       (7.94 )%
Ratios/Supplemental Data:                         

Net assets at end of period (000’s omitted)

     $ 111,849     $ 111,878     $ 118,969     $ 159,963      $ 160,539     $ 189,454

Ratio to average net assets of:

                         

Expenses

       0.50 %(e)       0.51 %(f)       0.50 %       0.50 %        0.50 %       0.50 %

Net investment income

       1.35 %(e)       1.49 %(f)       1.58 %       1.62 %        2.12 %       2.29 %

Portfolio turnover rate(g)

       7 %       23 %       12 %       14 %        24 %       13 %

 

(a) 

Based on average shares outstanding.

(b) 

Amount represents less than $0.005.

(c) 

The mean between the last bid and ask prices.

(d) 

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(e) 

Annualized.

(f) 

Ratios include non-recurring costs associated with a proxy statement of 0.01%.

(g) 

Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

 

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

 

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Notes to Financial Statements

Invesco Exchange-Traded Fund Trust II

April 30, 2020

(Unaudited)

 

 

NOTE 1–Organization

Invesco Exchange-Traded Fund Trust II (the “Trust”) was organized as a Massachusetts business trust on October 10, 2006 and is authorized to have multiple series of portfolios. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). This report includes the following portfolios:

 

  Full Name  

Short Name

  Invesco Emerging Markets Sovereign Debt ETF (PCY)   “Emerging Markets Sovereign Debt ETF”
  Invesco Global Short Term High Yield Bond ETF (PGHY)   “Global Short Term High Yield Bond ETF”
  Invesco International Corporate Bond ETF (PICB)   “International Corporate Bond ETF”

Each portfolio (each, a “Fund”, and collectively, the “Funds”) represents a separate series of the Trust. The shares of the Funds are referred to herein as “Shares” or “Fund’s Shares.” Each Fund’s Shares are listed and traded on NYSE Arca, Inc.

The market price of each Share may differ to some degree from a Fund’s net asset value (“NAV”). Unlike conventional mutual funds, each Fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a “Creation Unit.” Creation Units of each Fund are issued and redeemed principally in exchange for the deposit or delivery of a basket of securities (“Deposit Securities”). Except when aggregated in Creation Units by Authorized Participants, the Shares are not individually redeemable securities of the Funds.

The investment objective of each Fund is to seek to track the investment results (before fees and expenses) of its respective index listed below (each, an “Underlying Index”):

 

  Fund  

Underlying Index

  Emerging Markets Sovereign Debt ETF   DBIQ Emerging Market USD Liquid Balanced Index
  Global Short Term High Yield Bond ETF   DB Global Short Maturity High Yield Bond Index
  International Corporate Bond ETF   S&P International Corporate Bond Index®

NOTE 2–Significant Accounting Policies

The following is a summary of the significant accounting policies followed by the Funds in preparation of their financial statements.

Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services–Investment Companies.

A.

Security Valuation - Securities, including restricted securities, are valued according to the following policies:

A security listed or traded on an exchange (except convertible securities) is generally valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded or, lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded, or at the final settlement price set by such exchange. Swaps and options not listed on an exchange are valued by an independent source. For purposes of determining NAV per Share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Investment companies are valued using such company’s NAV per share, unless the shares are exchange-traded, in which case they are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a Fund may hold or transact in the same

 

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securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities’ (including foreign exchange contracts’) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the London world markets. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that Invesco Capital Management LLC (the “Adviser”) determines are significant and make the closing price unreliable, a Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, the potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value exchange-traded equity securities. The mean between the last bid and asked prices may be used to value debt obligations, including corporate loans, and unlisted equity securities.

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith following procedures approved by the Board of Trustees. Issuer-specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

Each Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors, including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

B.

Other Risks

Authorized Participant Concentration Risk. Only Authorized Participants (“APs”) may engage in creation or redemption transactions directly with each Fund. Each Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities held by each Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to each Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished trading market for Shares, and Shares may be more likely to trade at a premium or discount to each Fund’s NAV and to face trading halts and/or delisting. Investments in non-U.S. securities, which may have lower trading volumes, may increase this risk.

Call Risk. If interest rates fall, it is possible that issuers of callable securities with high interest coupons will “call” (or prepay) their bonds before their maturity date. If an issuer exercises such a call during a period of declining interest rates, a Fund may have to replace such called security with a lower yielding security. If that were to happen, such Fund’s net investment income could fall.

Changing Global Fixed-Income Market Conditions Risk. The current historically low interest rate environment was created in part by the Federal Reserve Board (“FRB”) and certain foreign central banks keeping the federal funds and equivalent foreign rates at, near or below zero. The “tapering” in 2015 of the FRB’s quantitative easing program, combined with the FRB’s changes to the target range for the Federal Funds Rate (and continued possible fluctuations in equivalent foreign rates) may

 

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expose fixed-income markets to heightened volatility and reduced liquidity for certain fixed-income investments, particularly those with longer maturities, although it is difficult to predict the impact of this rate increase and any future rate increases on various markets. In addition, decreases in fixed-income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed-income markets. As a result, the value of the Fund’s investments and share price may decline. Changes in central bank policies could also result in higher than normal shareholder redemptions, which could potentially increase portfolio turnover rate and each Fund’s transaction costs.

Fixed-Income Securities Risk. Fixed-income securities are subject to interest rate risk and credit risk. Interest rate risk refers to fluctuations in the value of a fixed-income security resulting from changes in the general level of interest rates. When the general level of interest rates goes up, the prices of most fixed-income securities go down. When the general level of interest rates goes down, the prices of most fixed-income securities go up. Fixed-income securities with longer maturities typically are more sensitive to changes in interest rates, making them more volatile than securities with shorter maturities. Credit risk refers to the possibility that the issuer of a security will be unable and/or unwilling to make timely interest payments and/or repay the principal on its debt. Debt instruments are subject to varying degrees of credit risk, which may be reflected in credit ratings. There is a possibility that the credit rating of a fixed-income security may be downgraded after purchase, which may adversely affect the value of the security.

Foreign Fixed-Income Investment Risk. Investments in fixed-income securities of non-U.S. issuers are subject to the same risks as other debt securities, notably credit risk, market risk, interest rate risk and liquidity risk, while also facing risks beyond those associated with investments in U.S. securities. For example, foreign securities may have relatively low market liquidity, greater market volatility, decreased publicly available information, and less reliable financial information about issuers, and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice comparable to those applicable to domestic issuers. Foreign securities also are subject to the risks of expropriation, nationalization, political instability or other adverse political or economic developments and the difficulty of enforcing obligations in other countries. Investments in foreign securities also may be subject to dividend withholding or confiscatory taxes, currency blockage and/or transfer restrictions and higher transactional costs.

Geographic Concentration Risk. A natural or other disaster could occur in a country or geographic region in which a Fund invests, which could affect the economy or particular business operations of companies in that specific country or geographic region and adversely impact the Fund’s investments in the affected country or region.

Index Risk. Unlike many investment companies, each Fund does not utilize an investing strategy that seeks returns in excess of its Underlying Index. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its Underlying Index, even if that security generally is underperforming. Additionally, each Fund rebalances its portfolio in accordance with its Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to each Fund’s rebalance schedule.

Industry Concentration Risk. In following its methodology, each Fund’s Underlying Index from time to time may be concentrated to a significant degree in securities of issuers operating in a single industry or industry group. To the extent that each Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the corresponding Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, each Fund may face more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which each Fund invests, may include, but are not limited to, legislative or regulatory changes, adverse market conditions and/or increased competition within the industry or industry group. In addition, at times, such industry or industry group may be out of favor and underperform other industries, industry groups or the market as a whole.

Liquidity Risk. For certain Funds, liquidity risk exists when a particular investment is difficult to purchase or sell. If the Fund invests in illiquid securities or current portfolio securities become illiquid, it may reduce the returns of the Fund because the Fund may be unable to sell the illiquid securities at an advantageous time or price.

Market Risk. Securities in the Underlying Index are subject to market fluctuations. You should anticipate that the value of the Shares will decline more or less, in correlation with any decline in value of the securities in the Underlying Index. Additionally, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or other events could result in increased premiums or discounts to each Fund’s NAV.

Non-Correlation Risk. Each Fund’s return may not match the return of its corresponding Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of its corresponding Underlying Index. Additionally, a Fund’s use of a representative sampling approach may cause the Fund not to be as well-correlated with the return of its corresponding Underlying Index as would be the case if the Fund purchased all of the securities in its corresponding Underlying Index in the proportions represented in the Underlying Index. In addition, the performance of each Fund and its corresponding Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its corresponding Underlying Index resulting from legal restrictions, costs or liquidity constraints.

Non-Investment Grade Securities Risk. Certain Funds invest in non-investment grade securities. Non-investment grade securities and unrated securities of comparable credit quality are considered speculative and are subject to the increased risk

 

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of an issuer’s inability to meet principal and interest payment obligations. These securities may be subject to greater price volatility due to such factors as specific corporate developments, interest rate sensitivity, negative perceptions of the non-investment grade securities markets generally, real or perceived adverse economic and competitive industry conditions and less secondary market liquidity. If the issuer of non-investment grade securities defaults, a Fund may incur additional expenses to seek recovery.

Sampling Risk. Certain Funds’ use of a representative sampling approach may result in the Fund holding a smaller number of securities than are in its respective Underlying Index. As a result, an adverse development to an issuer of securities that the Fund holds could result in a greater decline in NAV than would be the case if the Fund held all of the securities in its Underlying Index. To the extent the assets in the Fund are smaller, these risks will be greater.

Valuation Risk. Financial information related to securities of non-U.S. issuers may be less reliable than information related to securities of U.S. issuers, which may make it difficult to obtain a current price for a non-U.S. security held by a Fund. In certain circumstances, market quotations may not be readily available for some Fund securities, and those securities may be fair valued. The value established for a security through fair valuation may be different from what would be produced if the security had been valued using market quotations. Fund securities that are valued using techniques other than market quotations, including “fair valued” securities, may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. In addition, there is no assurance that a Fund could sell a portfolio security for the value established for it at any time, and it is possible that a Fund would incur a loss because a security is sold at a discount to its established value.

C.

Investment Transactions and Investment Income - Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest income is recorded on an accrual basis from settlement date. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.

The Funds may periodically participate in litigation related to each Fund’s investments. As such, the Funds may receive proceeds from litigation settlements. Any proceeds received are included in the Statements of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of each Fund’s NAV and, accordingly, they reduce each Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between each Fund and the Adviser.

D.

Country Determination - For the purposes of presentation in the Schedules of Investments, the Adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include whether each Fund’s Underlying Index has made a country determination and may include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

E.

Dividends and Distributions to Shareholders - Each Fund declares and pays dividends from net investment income, if any, to its shareholders monthly and records such dividends on the ex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them on the ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America (“GAAP”). Distributions in excess of tax basis earnings and profits, if any, are reported in each Fund’s financial statements as a tax return of capital at fiscal year-end.

F.

Federal Income Taxes - Each Fund intends to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute substantially all of the Fund’s taxable earnings to its shareholders. As such, the Funds will not be subject to federal income taxes on otherwise taxable income (including net realized gains) that is distributed to the shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

Each Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund’s uncertain tax positions and concluded that no liability for unrecognized tax

 

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benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. These differences are primarily due to differing book and tax treatments for in-kind transactions, losses deferred due to wash sales, and passive foreign investment company adjustments, if any.

The Funds file U.S. federal tax returns and tax returns in certain other jurisdictions. Generally, a Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

G.

Expenses - Each Fund has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Funds, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for advisory fees, distribution fees, if any, brokerage expenses, taxes, interest, litigation expenses, acquired fund fees and expenses, if any, and other extraordinary expenses.

Expenses of the Trust that are excluded from a Fund’s unitary management fee and are directly identifiable to a specific Fund are applied to that Fund. Expenses of the Trust that are excluded from a Fund’s unitary management fee and are not readily identifiable to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of each Fund.

To the extent a Fund invests in other investment companies, the expenses shown in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses of the investment companies in which it invests. The effects of such investment companies’ expenses are included in the realized and unrealized gain or loss on the investments in the investment companies.

H.

Accounting Estimates - The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements, including estimates and assumptions related to taxation. Actual results could differ from these estimates. In addition, the Funds monitor for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

I.

Indemnifications - Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Each Board member who is not an “interested person” (as defined in the 1940 Act) of the Trust (each, an “Independent Trustee”) is also indemnified against certain liabilities arising out of the performance of their duties to the Trust pursuant to an Indemnification Agreement between such trustee and the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. However, based on experience, the Trust believes the risk of loss to be remote.

J.

Securities Lending - Each Fund may participate in securities lending and may loan portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by cash collateral equal to no less than 102% (105% for international securities) of the market value of the loaned securities determined daily by the securities lending provider. Cash collateral received in connection with these loans is generally invested in an affiliated money market fund and is shown as such on the Schedules of Investments. Each Fund bears the risk of loss with respect to the investment of collateral. It is the policy of these Funds to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, each Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to each Fund if, and to the extent that, the market value of the securities loaned were to increase, and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or each Fund. Upon termination, the borrower will return to each Fund the securities loaned and each Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. Each Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to each Fund. Some of these losses may be indemnified by the lending agent. Each Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. For Funds that participated in securities lending, dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Securities lending income on the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities.

K.

Foreign Currency Translations - Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. Each Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of

 

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securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statements of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on each Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period-end, resulting from changes in exchange rates.

Each Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which each Fund invests.

NOTE 3–Investment Advisory Agreement and Other Agreements

The Trust has entered into an Investment Advisory Agreement with the Adviser on behalf of each Fund, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Fund’s investments, managing the Fund’s business affairs and providing certain clerical, bookkeeping and other administrative services.

Pursuant to the Investment Advisory Agreement, each Fund accrues daily and pays monthly to the Adviser an annual unitary management fee equal to a percentage of its average daily net assets. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Funds, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except for advisory fees, distribution fees, if any, brokerage expenses, taxes, interest, litigation expenses, acquired fund fees and expenses, if any, and other extraordinary expenses. The annual unitary management fee paid by each Fund to the Adviser is equal to a percentage of each Fund’s average daily net assets as follows:

 

    Unitary Management Fees
(as a % of average daily net assets)

  Emerging Markets Sovereign Debt ETF

   0.50%

  Global Short Term High Yield Bond ETF

   0.35%

  International Corporate Bond ETF

   0.50%

Further, through at least August 31, 2022, the Adviser has contractually agreed to waive a portion of each Fund’s management fee in an amount equal to 100% of the net advisory fees an affiliate of the Adviser receives that are attributable to the Fund’s investments of otherwise uninvested cash in money market funds managed by that affiliate (excluding investments of cash collateral from securities lending). There is no guarantee that the Adviser will extend the waiver of these fees past that date.

For the six-month period ended April 30, 2020, the Adviser waived fees for each Fund in the following amounts:

 

  Emerging Markets Sovereign Debt ETF

   $ 6,797  

  Global Short Term High Yield Bond ETF

     5,191  

  International Corporate Bond ETF

     39  

The Trust has entered into a Distribution Agreement with Invesco Distributors, Inc. (the “Distributor”), which serves as the distributor of Creation Units for each Fund. The Distributor does not maintain a secondary market in the Shares. The Funds are not charged any fees pursuant to the Distribution Agreement. The Distributor is an affiliate of the Adviser.

The Adviser has entered into a licensing agreement for each Fund with the following entities (each, a “Licensor”):

 

  Fund  

Licensor

  Emerging Markets Sovereign Debt ETF

   Deutsche Bank Securities Inc.

  Global Short Term High Yield Bond ETF

   Deutsche Bank Securities Inc.

  International Corporate Bond ETF

   S&P Dow Jones Indices LLC

Each Underlying Index name trademark is owned by its respective Licensor. These trademarks have been licensed to the Adviser for use by the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust’s sub-licensing agreement with the Adviser. The Funds are not sponsored, endorsed, sold or promoted by the Licensors, and the Licensors make no representation regarding the advisability of investing in any of the Funds.

The Trust has entered into service agreements whereby The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for each Fund.

 

  38  

 

  

 

 

 

 

NOTE 4–Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

    Level 1 –

    Prices are determined using quoted prices in an active market for identical assets.

    Level 2 –

    Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

    Level 3 –

    Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect a Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

Except for the Funds listed below, as of April 30, 2020, all of the securities in International Corporate Bond ETF were valued based on Level 2 inputs (see the Schedules of Investments for security categories). The following is a summary of the tiered valuation input levels, as of April 30, 2020. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

 

    Level 1    Level 2    Level 3    Total

Emerging Markets Sovereign Debt ETF

                   

Investments in Securities

                   

U.S. Dollar Denominated Bonds & Notes

     $ -      $ 2,648,393,465      $ -        $ 2,648,393,465

Money Market Funds

       30,939,534        -        -          30,939,534
   

 

 

       

 

 

       

 

 

       

 

 

  

Total Investments

     $ 30,939,534      $ 2,648,393,465      $ -        $ 2,679,332,999
   

 

 

       

 

 

       

 

 

       

 

 

  

Global Short Term High Yield Bond ETF

                   

Investments in Securities

                   

U.S. Dollar Denominated Bonds & Notes

     $ -      $ 174,687,239      $ 13,907        $ 174,701,146

Common Stocks & Other Equity Interests

       230,444        -        176,976          407,420

Money Market Funds

       4,548,814        1,956,881        -          6,505,695

Investments Matured

       -        997,475        777,704          1,775,179
   

 

 

       

 

 

       

 

 

       

 

 

  

Total Investments

     $ 4,779,258      $ 177,641,595      $ 968,587        $ 183,389,440
   

 

 

       

 

 

       

 

 

       

 

 

  

NOTE 5–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with federal income tax regulations, which may differ from GAAP. Reclassifications are made to the Funds’ capital accounts to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Funds’ fiscal year-end.

Capital loss carryforwards are calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforwards actually available for the Funds to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Funds had capital loss carryforwards as of October 31, 2019, as follows:

 

    No expiration         
    Short-Term      Long-Term      Total*  

Emerging Markets Sovereign Debt ETF

   $ 39,490,544      $ 262,863,448      $ 302,353,992  

Global Short Term High Yield Bond ETF

     1,104,862        3,451,280        4,556,142  

International Corporate Bond ETF

     -        -        -  

 

*

Capital loss carryforwards are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

 

  39  

 

  

 

 

 

 

NOTE 6–Investment Transactions

For the six-month period ended April 30, 2020, the cost of securities purchased and proceeds from sales of securities (other than short-term securities, U.S. Treasury obligations, money market funds and in-kind transactions, if any) were as follows:

 

    Purchases      Sales  

Emerging Markets Sovereign Debt ETF

   $ 649,215,997      $ 626,760,903  

Global Short Term High Yield Bond ETF

     58,825,669        56,189,489  

International Corporate Bond ETF

     8,552,046        8,233,102  

For the six-month period ended April 30, 2020, in-kind transactions associated with creations and redemptions were as follows:

 

    Cost of
Securities
Received		      Value of
Securities
Delivered		  

Emerging Markets Sovereign Debt ETF

   $ 307,449,824      $ 666,875,376  

Global Short Term High Yield Bond ETF

     7,495,459        23,486,443  

International Corporate Bond ETF

     5,276,494        1,332,466  

Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.

As of April 30, 2020, the aggregate cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

 

   

Gross
Unrealized
Appreciation

    Gross
Unrealized
(Depreciation)		    Net
Unrealized
Appreciation
(Depreciation)		    Cost

Emerging Markets Sovereign Debt ETF

   $67,089,201      $ (300,712,589 )      $ (233,623,388 )      $ 2,912,956,387

Global Short Term High Yield Bond ETF

   545,333        (28,381,951 )        (27,836,618 )        211,226,058

International Corporate Bond ETF

   2,445,798        (3,559,557 )        (1,113,759 )        111,581,435

NOTE 7–Trustees’ and Officer’s Fees

Trustees’ and Officer’s Fees include amounts accrued by the Funds to pay remuneration to the Independent Trustees and an Officer of the Trust. The Adviser, as a result of each Fund’s unitary management fee, pays for such compensation for the Funds. The Trustee who is an “interested person” of the Trust does not receive any Trustees’ fees.

The Trust has adopted a deferred compensation plan (the “Plan”). Under the Plan, each Independent Trustee who has executed a Deferred Fee Agreement (a “Participating Trustee”) may defer receipt of all or a portion of their compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select Invesco ETFs. The Deferral Fees payable to a Participating Trustee are valued as of the date such Deferral Fees would have been paid to a Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected. Obligations under the Plan represent unsecured claims against the general assets of the Funds.

NOTE 8–Capital

Shares are issued and redeemed by each Fund only in Creation Units of 50,000 Shares (100,000 Shares for Emerging Markets Sovereign Debt ETF). Only Authorized Participants are permitted to purchase or redeem Creation Units from the Funds. Such transactions are principally permitted in exchange for Deposit Securities, with a balancing cash component to equate the transaction to the NAV per Share of a Fund of the Trust on the transaction date. However, for such Funds, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the Authorized Participant or as a result of other market circumstances.

To the extent that the Funds permit transactions in exchange for Deposit Securities, each Fund may issue Shares in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash at least equal to 105% of the market value of the missing Deposit Securities. In accordance with the Trust’s Participant Agreement, Creation Units will be issued to an Authorized Participant, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the Authorized Participant to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the Authorized Participant’s delivery and maintenance of collateral consisting of cash in the form of U.S. dollars in immediately available funds having a value (marked-to-market daily) at least equal to 105%, which the Adviser may change from time to time, of the value of the missing Deposit Securities.

Certain transaction fees may be charged by the Funds for creations and redemptions, which are treated as increases in capital.

Transactions in each Fund’s Shares are disclosed in detail in the Statements of Changes in Net Assets.

 

  40  

 

  

 

 

 

 

NOTE 9–Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the value of the Funds’ investments. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

The extent of the impact on the performance of the Funds and their investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.

 

  41  

 

  

 

 

 

 

Calculating your ongoing Fund expenses

Example

As a shareholder of a Fund of the Invesco Exchange-Traded Fund Trust II, you incur a unitary management fee. In addition to the unitary management fee, a shareholder may pay distribution fees, if any, brokerage expenses, taxes, interest, litigation expenses, acquired fund fees and expenses, if any, and other extraordinary expenses. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2019 through April 30, 2020.

Actual Expenses

The first line in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During the Six-Month Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line in the following table provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed annualized rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only, and do not reflect any transactional costs, such as sales charges and brokerage commissions. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, expenses shown in the table do not include the expenses of the underlying funds, which are borne indirectly by a Fund. If transaction costs and indirect expenses were included, your costs would have been higher.

 

                  Annualized         
    Beginning      Ending      Expense Ratio      Expenses Paid  
    Account Value      Account Value      Based on the      During the  
    November 1, 2019      April 30, 2020      Six-Month Period      Six-Month Period(1)  

Invesco Emerging Markets Sovereign Debt ETF (PCY)

           

Actual

   $ 1,000.00      $ 870.00        0.50 %     $ 2.32  

Hypothetical (5% return before expenses)

     1,000.00        1,022.38        0.50        2.51  

Invesco Global Short Term High Yield Bond ETF (PGHY)

           

Actual

     1,000.00        927.60        0.35        1.68  

Hypothetical (5% return before expenses)

     1,000.00        1,023.12        0.35        1.76  

Invesco International Corporate Bond ETF (PICB)

           

Actual

     1,000.00        971.50        0.50        2.45  

Hypothetical (5% return before expenses)

     1,000.00        1,022.38        0.50        2.51  

 

(1) 

Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the six-month period ended April 30, 2020. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 182/366.

 

  42  

 

  

 

 

 

 

Approval of Investment Advisory and Sub-Advisory Contracts

At a meeting held on April 14, 2020, the Board of Trustees of the Invesco Exchange-Traded Fund Trust II (the “Trust”), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the “Adviser”) and the Trust for the following 71 series (each, a “Fund” and collectively, the “Funds”):

 

Invesco 1-30 Laddered Treasury ETF

   

Invesco S&P 500® Enhanced Value ETF

Invesco California AMT-Free Municipal Bond ETF

   

Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF

Invesco CEF Income Composite ETF

   

Invesco S&P 500® High Beta ETF

Invesco China Technology ETF

   

Invesco S&P 500® High Dividend Low Volatility ETF

Invesco DWA Developed Markets Momentum ETF

   

Invesco S&P 500® Low Volatility ETF

Invesco DWA Emerging Markets Momentum ETF

   

Invesco S&P 500 Minimum Variance ETF

Invesco DWA SmallCap Momentum ETF

   

Invesco S&P 500® Momentum ETF

Invesco Emerging Markets Sovereign Debt ETF

   

Invesco S&P 500 Revenue ETF

Invesco FTSE International Low Beta Equal Weight ETF

   

Invesco S&P Emerging Markets Low Volatility ETF

Invesco FTSE RAFI Developed Markets ex-U.S. ETF

   

Invesco S&P Emerging Markets Momentum ETF

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

Invesco FTSE RAFI Emerging Markets ETF

   

Invesco S&P International Developed High Dividend Low Volatility ETF

Invesco Fundamental High Yield® Corporate Bond ETF

   

Invesco S&P International Developed Low Volatility ETF

Invesco Fundamental Investment Grade Corporate Bond ETF

   

Invesco S&P International Developed Momentum ETF

Invesco Global Clean Energy ETF

   

Invesco S&P International Developed Quality ETF

Invesco Global Short Term High Yield Bond ETF

   

Invesco S&P MidCap 400 Revenue ETF

Invesco Global Water ETF

   

Invesco S&P MidCap Low Volatility ETF

Invesco International BuyBack AchieversTM ETF

   

Invesco S&P SmallCap 600 Revenue ETF

Invesco International Corporate Bond ETF

   

Invesco S&P SmallCap Consumer Discretionary ETF

Invesco KBW Bank ETF

   

Invesco S&P SmallCap Consumer Staples ETF

Invesco KBW High Dividend Yield Financial ETF

   

Invesco S&P SmallCap Energy ETF

Invesco KBW Premium Yield Equity REIT ETF

   

Invesco S&P SmallCap Financials ETF

Invesco KBW Property & Casualty Insurance ETF

   

Invesco S&P SmallCap Health Care ETF

Invesco KBW Regional Banking ETF

   

Invesco S&P SmallCap High Dividend Low Volatility ETF

Invesco National AMT-Free Municipal Bond ETF

   

Invesco S&P SmallCap Industrials ETF

Invesco New York AMT-Free Municipal Bond ETF

   

Invesco S&P SmallCap Information Technology ETF

Invesco Preferred ETF

   

Invesco S&P SmallCap Low Volatility ETF

Invesco PureBetaSM 0-5YrUSTIPSETF

   

Invesco S&P SmallCap Materials ETF

Invesco PureBetaSM FTSE Developed ex-North America ETF

   

Invesco S&P SmallCap Quality ETF

Invesco PureBetaSM FTSE Emerging Markets ETF

   

Invesco S&P SmallCap Utilities & Communication Services ETF

Invesco PureBetaSM MSCI USA ETF

   

Invesco S&P Ultra Dividend Revenue ETF

Invesco PureBetaSM MSCI USA Small Cap ETF

   

Invesco Senior Loan ETF

Invesco PureBetaSM US Aggregate Bond ETF

   

Invesco Taxable Municipal Bond ETF

Invesco Russell 1000 Enhanced Equal Weight ETF

   

Invesco Treasury Collateral ETF

Invesco Russell 1000 Equal Weight ETF

   

Invesco Variable Rate Preferred ETF

Invesco Russell 1000 Low Beta Equal Weight ETF

   

Invesco VRDO Tax-Free Weekly ETF

Also at the April 14, 2020 meeting, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Investment Sub-Advisory Agreement between the Adviser and the following seven affiliated sub-advisers for each of Invesco Senior Loan ETF and Invesco Treasury Collateral ETF (the “Sub-Advisory Agreement”): Invesco Advisers, Inc.; Invesco Asset Management Deutschland, GmbH; Invesco Asset Management Limited; Invesco Asset Management (Japan) Limited; Invesco Hong Kong Limited; Invesco Senior Secured Management, Inc.; and Invesco Canada Ltd. (each, a “Sub-Adviser” and collectively, the “Sub-Advisers”).

 

  43  

 

  

 

 

 

Approval of Investment Advisory and Sub-Advisory Contracts (continued)

 

Investment Advisory Agreement

The Trustees reviewed information from the Adviser describing: (i) the nature, extent and quality of services provided, (ii) the investment performance of each Fund and the Adviser, (iii) the fees paid by the Funds and comparisons to amounts paid by other comparable registered investment companies, (iv) the costs of services provided and estimated profits realized by the Adviser, (v) the extent to which economies of scale may be realized as a Fund grows and whether fee levels reflect any possible economies of scale for the benefit of Fund shareholders, and (vi) any further benefits realized by the Adviser or its affiliates from the Adviser’s relationship with the Funds.

Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions performed by the Adviser for the Funds, information describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. (“Invesco”), and the background and experience of the persons responsible for the day-to-day management of the Funds. The Trustees reviewed matters related to the Adviser’s execution and/or oversight of execution of portfolio transactions on behalf of the Funds. The Trustees also reviewed information on the performance of the Funds and their underlying indexes for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2019, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund’s performance and the performance of its underlying index, as well as the Adviser’s analysis of the tracking error and correlation between certain Funds and their underlying indexes. In reviewing the tracking error reports, the Trustees considered information provided by Invesco’s independent performance and risk management group with respect to general expected tracking error ranges. The Trustees also considered that certain Funds were created in connection with the purchases by Invesco of the exchange-traded funds businesses of Guggenheim Capital LLC on April 6, 2018 and Massachusetts Mutual Life Insurance Company (“Oppenheimer”) on May 24, 2019 (each, a “Transaction”), and that each such Fund’s performance prior to the closing of the applicable Transaction is that of its predecessor Guggenheim ETF or Oppenheimer ETF. The Trustees noted that, for each applicable period, the correlation for each Fund, other than the five-year and since-inception periods for Invesco Global Short Term High Yield Bond ETF and the one-year and ten-year periods for Invesco VRDO Tax-Free Weekly ETF, was within the targeted range set forth in the Trust’s registration statement. The Trustees reviewed the reasons provided by the Adviser for Invesco Global Short Term High Yield Bond ETF’s and Invesco VRDO Tax-Free Weekly ETF’s level of correlation to its underlying index, as well as the Adviser’s expectations for each Fund’s correlation going forward. The Trustees noted that, for each applicable period, the tracking error for all Funds was within the targeted range set forth in the Trust’s registration statement and concluded that each Fund’s correlation to its underlying index and the tracking error for each Fund were within an acceptable range given that Fund’s particular circumstances.

The Trustees considered the services provided by the Adviser in its oversight of the Funds’ administrator, custodian and transfer agent. They noted the significant amount of time, effort and resources that had been devoted to this oversight function.

Based on their review, the Trustees concluded that the nature, extent and quality of services provided by the Adviser to the Funds under the Investment Advisory Agreement were appropriate and reasonable.

Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser on each Fund’s net expense ratio and unitary advisory fee. The Trustees noted that the annual advisory fee charged to each Fund, as set forth below, is a unitary advisory fee and that the Adviser pays all other operating expenses of each Fund, including the fees payable to the Sub-Advisers for Invesco Senior Loan ETF and Invesco Treasury Collateral ETF, except that each Fund pays its brokerage expenses, taxes, interest (including, for Invesco Senior Loan ETF, interest expenses associated with its line of credit), litigation expenses and other extraordinary expenses (including acquired fund fees and expenses, if any).

 

0.04%:

   

Invesco PureBetaTM MSCI USA ETF

0.05%:

   

Invesco PureBetaTM US Aggregate Bond ETF

0.06%:

   

Invesco PureBetaTM MSCI USA Small Cap ETF

0.07%:

   

Invesco PureBetaTM 0-5 Yr US TIPS ETF, Invesco PureBetaTM FTSE Developed ex-North America ETF

0.08%:

   

Invesco Treasury Collateral ETF

0.10%:

   

Invesco S&P 500 Minimum Variance ETF

0.13%:

   

Invesco S&P 500 Enhanced Value ETF, Invesco S&P 500 Momentum ETF

0.14%:

   

Invesco PureBetaTM FTSE Emerging Markets ETF

 

 

  44  

 

  

 

 

 

Approval of Investment Advisory and Sub-Advisory Contracts (continued)

 

0.20%:

   

Invesco Russell 1000 Equal Weight ETF

0.22%:

   

Invesco Fundamental Investment Grade Corporate Bond ETF

0.25%:

   

Invesco 1-30 Laddered Treasury ETF, Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF, Invesco S&P 500® High Beta ETF, Invesco S&P 500® Low Volatility ETF, Invesco S&P MidCap Low Volatility ETF, Invesco S&P SmallCap Low Volatility ETF, Invesco VRDO Tax-Free Weekly ETF

0.28%:

   

Invesco California AMT-Free Municipal Bond ETF, Invesco National AMT-Free Municipal Bond ETF, Invesco New York AMT-Free Municipal Bond ETF, Invesco Taxable Municipal Bond ETF

0.29%:

   

Invesco Russell 1000 Enhanced Equal Weight ETF, Invesco S&P International Developed Quality ETF, Invesco S&P SmallCap Consumer Discretionary ETF, Invesco S&P SmallCap Consumer Staples ETF, Invesco S&P SmallCap Energy ETF, Invesco S&P SmallCap Financials ETF, Invesco S&P SmallCap Health Care ETF, Invesco S&P SmallCap Industrials ETF, Invesco S&P SmallCap Information Technology ETF, Invesco S&P SmallCap Materials ETF, Invesco S&P SmallCap Quality ETF, Invesco S&P SmallCap Utilities & Communication Services ETF

0.30%:

   

Invesco S&P 500® High Dividend Low Volatility ETF, Invesco S&P International Developed High Dividend Low Volatility ETF, Invesco S&P SmallCap High Dividend Low Volatility ETF

0.35%:

   

Invesco Global Short Term High Yield Bond ETF, Invesco KBW Bank ETF, Invesco KBW High Dividend Yield Financial ETF, Invesco KBW Premium Yield Equity REIT ETF, Invesco KBW Property & Casualty Insurance ETF, Invesco KBW Regional Banking ETF, Invesco Russell 1000 Low Beta Equal Weight ETF, Invesco S&P International Developed Low Volatility ETF, Invesco S&P International Developed Momentum ETF

0.39%:

   

Invesco S&P 500 Revenue ETF, Invesco S&P MidCap 400 Revenue ETF, Invesco S&P SmallCap 600 Revenue ETF, Invesco S&P Ultra Dividend Revenue ETF

0.45%:

   

Invesco FTSE International Low Beta Equal Weight ETF, Invesco FTSE RAFI Developed Markets ex-U.S. ETF, Invesco S&P Emerging Markets Low Volatility ETF, Invesco S&P Emerging Markets Momentum ETF

0.49%:

   

Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF, Invesco FTSE RAFI Emerging Markets ETF

0.50%:

   

Invesco CEF Income Composite ETF, Invesco Emerging Markets Sovereign Debt ETF, Invesco Fundamental High Yield® Corporate Bond ETF, Invesco International Corporate Bond ETF, Invesco Preferred ETF, Invesco Variable Rate Preferred ETF

0.55%:

   

Invesco International BuyBack AchieversTM ETF

0.60%:

   

Invesco DWA SmallCap Momentum ETF

0.65%:

   

Invesco Senior Loan ETF

0.70%:

   

Invesco China Technology ETF

0.75%:

   

Invesco Global Clean Energy ETF, Invesco Global Water ETF

0.80%:

   

Invesco DWA Developed Markets Momentum ETF

0.90%:

   

Invesco DWA Emerging Markets Momentum ETF

The Trustees considered that, effective May 1, 2020, the Adviser had agreed to reduce the unitary advisory fee for Invesco S&P Emerging Markets Low Volatility ETF and Invesco S&P Emerging Markets Momentum ETF from 0.45% to 0.29% of average daily net assets, and to reduce the unitary advisory fee for Invesco S&P International Developed Low Volatility ETF and Invesco S&P International Developed Momentum ETF from 0.35% to 0.25% of average daily net assets.

The Trustees compared each Fund’s net expense ratio to information compiled by the Adviser from Lipper Inc. databases on the net expense ratios of comparable exchange-traded funds (“ETFs”), open-end (non-ETF) index funds and open-end (non-ETF) actively-managed funds, as applicable. The Trustees noted that the net expense ratios for certain Funds were equal to or lower than the median net expense ratios of their ETF and open-end index peer funds as illustrated in the table below. The Trustees also noted that the net expense ratios for all of the Funds were lower than the median net expense ratios of their open-end actively-managed peer funds. The

 

.    

 

  45  

 

  

 

 

 

Approval of Investment Advisory and Sub-Advisory Contracts (continued)

 

Trustees noted that a portion of each Fund’s operating expenses was attributable to a sub-license fee payable out of the unitary advisory fee charged to that Fund.

 

         Equal to/Lower    Lower than
    Equal to/Lower    than Open-End    Open-End
    than ETF    Index Fund    Active Fund
  Invesco Fund  

Peer Median

   

Peer Median*

   

Peer Median

Invesco 1-30 Laddered Treasury ETF

         X

Invesco California AMT-Free Municipal Bond ETF

      N/A    X

Invesco CEF Income Composite ETF

   X    N/A    X

Invesco China Technology ETF

      N/A    X

Invesco DWA Developed Markets Momentum ETF

         X

Invesco DWA Emerging Markets Momentum ETF

         X

Invesco DWA SmallCap Momentum ETF

         X

Invesco Emerging Markets Sovereign Debt ETF

         X

Invesco FTSE International Low Beta Equal Weight ETF

   X    X    X

Invesco FTSE RAFI Developed Markets ex-U.S. ETF

      X    X

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

   X    X    X

Invesco FTSE RAFI Emerging Markets ETF

   X       X

Invesco Fundamental High Yield® Corporate Bond ETF

      X    X

Invesco Fundamental Investment Grade Corporate Bond ETF

         X

Invesco Global Clean Energy ETF

      N/A    X

Invesco Global Short Term High Yield Bond ETF

   X    N/A    X

Invesco Global Water ETF

      N/A    X

Invesco International BuyBack AchieversTM ETF

   X    X    X

Invesco International Corporate Bond ETF

         X

Invesco KBW Bank ETF

   X       X

Invesco KBW High Dividend Yield Financial ETF

   X       X

Invesco KBW Premium Yield Equity REIT ETF

   X       X

Invesco KBW Property & Casualty Insurance ETF

   X       X

Invesco KBW Regional Banking ETF

   X       X

Invesco National AMT-Free Municipal Bond ETF

         X

Invesco New York AMT-Free Municipal Bond ETF

      N/A    X

Invesco Preferred ETF

      N/A    X

Invesco PureBetaTM 0-5 Yr US TIPS ETF

         X

Invesco PureBetaTM FTSE Developed ex-North America ETF

         X

Invesco PureBetaTM FTSE Emerging Markets ETF

   X       X

Invesco PureBetaTM MSCI USA ETF

   X    X    X

Invesco PureBetaTM MSCI USA Small Cap ETF

   X    X    X

Invesco PureBetaTM US Aggregate Bond ETF

   X    X    X

Invesco Russell 1000 Enhanced Equal Weight ETF

   X    X    X

Invesco Russell 1000 Equal Weight ETF

   X    X    X

Invesco Russell 1000 Low Beta Equal Weight ETF

      X    X

Invesco S&P 500 Enhanced Value ETF

   X    X    X

Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF

   X    X    X

Invesco S&P 500 High Beta ETF

   X    X    X

Invesco S&P 500® High Dividend Low Volatility ETF

   X    X    X

 

 

  46  

 

  

 

 

 

Approval of Investment Advisory and Sub-Advisory Contracts (continued)

 

 

         Equal to/Lower    Lower than
    Equal to/Lower    than Open-End    Open-End
    than ETF    Index Fund    Active Fund
  Invesco Fund  

Peer Median

   

Peer Median*

   

Peer Median

Invesco S&P 500® Low Volatility ETF

   X       X

Invesco S&P 500 Minimum Variance ETF

   X    X    X

Invesco S&P 500 Momentum ETF

      X    X

Invesco S&P 500 Revenue ETF

      X    X

Invesco S&P Emerging Markets Low Volatility ETF

   X    X    X

Invesco S&P Emerging Markets Momentum ETF

   X       X

Invesco S&P International Developed High Dividend Low Volatility ETF

   X       X

Invesco S&P International Developed Low Volatility ETF

   X       X

Invesco S&P International Developed Momentum ETF

         X

Invesco S&P International Developed Quality ETF

   X       X

Invesco S&P MidCap 400 Revenue ETF

         X

Invesco S&P MidCap Low Volatility ETF

         X

Invesco S&P SmallCap 600 Revenue ETF

      X    X

Invesco S&P SmallCap Consumer Discretionary ETF

   X       X

Invesco S&P SmallCap Consumer Staples ETF

   X       X

Invesco S&P SmallCap Energy ETF

   X       X

Invesco S&P SmallCap Financials ETF

   X       X

Invesco S&P SmallCap Health Care ETF

   X       X

Invesco S&P SmallCap High Dividend Low Volatility ETF

   X    X    X

Invesco S&P SmallCap Industrials ETF

   X       X

Invesco S&P SmallCap Information Technology ETF

   X    X    X

Invesco S&P SmallCap Low Volatility ETF

   X    X    X

Invesco S&P SmallCap Materials ETF

   X       X

Invesco S&P SmallCap Quality ETF

   X       X

Invesco S&P SmallCap Utilities & Communication Services ETF

   X    X    X

Invesco S&P Ultra Dividend Revenue ETF

      X    X

Invesco Senior Loan ETF

      X    X

Invesco Taxable Municipal Bond ETF

      N/A    X

Invesco Treasury Collateral ETF

   X       X

Invesco Variable Rate Preferred ETF

      X    X

Invesco VRDO Tax-Free Weekly ETF

      N/A    X

 

*

The information provided by the Adviser indicated that certain Funds did not have any comparable open-end index fund peers. Those Funds have been designated in this column with an “N/A” for not available.

In response to questions from the Independent Trustees, the Adviser provided supplemental information regarding each of Invesco 1-30 Laddered Treasury ETF, Invesco California AMT-Free Municipal Bond ETF, Invesco DWA Developed Markets Momentum ETF, Invesco Emerging Markets Sovereign Debt ETF, Invesco Global Clean Energy ETF, Invesco Global Water ETF, Invesco International Corporate Bond ETF, Invesco National AMT-Free Municipal Bond ETF, Invesco New York AMT-Free Municipal Bond ETF, Invesco Senior Loan ETF and Invesco VRDO Tax-Free Weekly ETF’s advisory fees and total expenses and the Lipper peer data. The Adviser explained its view that the advisory fees and total expenses for these Funds are competitive and generally in line with other comparable funds in the marketplace, particularly in light of the level and nature of services provided and the investment management style of the Adviser. The Trustees also considered the Adviser’s statements regarding its pricing philosophy and the differing pricing philosophy of certain of the peers.

 

 

  47  

 

  

 

 

 

Approval of Investment Advisory and Sub-Advisory Contracts (continued)

 

The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, including products that have investment strategies comparable to certain of the Funds. The Trustees considered the Adviser’s explanation of the differences between the services provided to the Funds and to the other investment products it advises, noting the Adviser’s statement that the management and oversight of the Funds requires substantially more labor and expense.

Based on all the information provided, the Board concluded that each Fund’s unitary advisory fee was reasonable and appropriate in light of the services provided, the nature of the indexes, the distinguishing factors of the Funds, and the administrative, operational and management oversight costs for the Adviser.

In conjunction with their review of the unitary advisory fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Funds. The Trustees reviewed information provided by the Adviser on its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund. The Trustees concluded that the overall and estimated profitability to the Adviser was not unreasonable.

Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of shareholders. The Trustees reviewed each Fund’s asset size and unitary advisory fee. The Trustees noted that any reduction in fixed costs associated with the management of the Funds would be enjoyed by the Adviser, but a unitary advisory fee provides a level of certainty in expenses for the Funds. The Trustees considered whether the unitary advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund, and concluded that the unitary advisory fee was reasonable and appropriate.

Fall-out Benefits. The Trustees considered that the Adviser identified no additional benefits it receives from its relationship with the Funds, and noted that the Adviser does not have any soft-dollar arrangements. The Trustees also considered benefits received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser’s relationship with the Funds, including brokerage fees and advisory fees for money market cash management vehicles. The Board concluded that the advisory fee was reasonable, taking into account any ancillary benefits received by affiliates of the Adviser.

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Investment Advisory Agreement for each Fund. No single factor was determinative in the Board’s analysis.

Investment Sub-Advisory Agreement

As noted above, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Sub-Advisory Agreement for each of Invesco Senior Loan ETF and Invesco Treasury Collateral ETF at a meeting held on April 14, 2020. The review process followed by the Board is described in detail above. In connection with the review of the Sub-Advisory Agreement, the Board considered the factors described below, among others.

Nature, Extent and Quality of Services. The Trustees considered the nature, extent and quality of services provided under the Sub-Advisory Agreement. The Board reviewed the qualifications and background of each Sub-Adviser, the services provided or to be provided by each Sub-Adviser, the investment approach of the Sub-Adviser whose investment personnel manage Invesco Senior Loan ETF’s and Invesco Treasury Collateral ETF’s assets, the experience and skills of the investment personnel responsible for the day-to-day management of the Funds, and the resources made available to such personnel.

Based on their review, the Trustees concluded that the nature, extent and quality of services provided by the Sub-Advisers to Invesco Senior Loan ETF and Invesco Treasury Collateral ETF under the Sub-Advisory Agreement were appropriate and reasonable.

Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser and the Sub-Advisers on the sub-advisory fee rates under the Sub-Advisory Agreement. The Trustees noted that the sub-advisory fees charged by the Sub-Advisers under the Sub-Advisory Agreement are consistent with the compensation structure used throughout Invesco when Invesco’s affiliates provide sub-advisory services for funds managed by other Invesco affiliates. The Board considered how the sub-advisory fees relate to the overall advisory fee for each of Invesco Senior Loan ETF and Invesco Treasury Collateral ETF and noted that the Adviser compensates the Sub-Advisers from its fee.

 

 

  48  

 

  

 

 

 

Approval of Investment Advisory and Sub-Advisory Contracts (continued)

 

The Trustees also reviewed the financial statements provided by Invesco Senior Secured Management, Inc., in connection with the March 12, 2020 Board meeting, and Invesco Advisers, Inc., in connection with the April 14, 2020 meeting, and noted the net income generated by each firm. The Trustees noted that the Adviser compensates the Sub-Advisers from its fee and that the Adviser provided profitability information with respect to Invesco Senior Loan ETF and Invesco Treasury Collateral ETF.

Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. As part of their review of the Investment Advisory Agreement for Invesco Senior Loan ETF and Invesco Treasury Collateral ETF, the Trustees considered the extent to which economies of scale may be realized as the Funds grow and whether fee levels reflect economies of scale for the benefit of shareholders. The Trustees considered whether the sub-advisory fee rates for Invesco Senior Loan ETF and Invesco Treasury Collateral ETF were reasonable in relation to the asset size of the Funds, and concluded that the flat sub-advisory fee rates were reasonable and appropriate.

Fall-out Benefits. The Trustees noted that Invesco Advisers, Inc. receives management fees from money market funds into which the Funds’ and other Invesco ETFs’ excess cash and securities lending collateral may be invested, and that the Adviser waives its fees on the excess cash invested under such arrangement in amounts equal to fees received by Invesco Advisers, Inc. on the Funds’ and other Invesco ETFs’ excess cash invested in the money market funds. The Trustees noted that the Sub-Advisers had not identified any further benefits that they derived from their relationships with Invesco Senior Loan ETF and Invesco Treasury Collateral ETF and that the Sub-Advisers do not have any soft-dollar arrangements with respect to the Funds. The Board concluded that the sub-advisory fee with respect to each Fund was reasonable, taking into account any ancillary benefits received by the Sub-Advisers.

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Sub-Advisory Agreement for Invesco Senior Loan ETF and Invesco Treasury Collateral ETF. No single factor was determinative in the Board’s analysis.

 

 

  49  

 

  

 

 

        

 

 

 

(This Page Intentionally Left Blank)

 

 

 

 

Proxy Voting Policies and Procedures

A description of the Trust’s proxy voting policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available, without charge and upon request, by calling (800) 983-0903. This information is also available on the Securities and Exchange Commission’s (the “Commission”) website at www.sec.gov.

Information regarding how each Fund voted proxies for portfolio securities, if applicable, during the most recent 12-month period ended June 30, is available, without charge and upon request, by (i) calling (800) 983-0903; or (ii) accessing the Trust’s Form N-PX on the Commission’s website at www.sec.gov.

Quarterly Portfolios

The Trust files its complete schedule of portfolio holdings for the Funds with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Forms N-PORT are available on the Commission’s website at www.sec.gov.

Frequency Distribution of Discounts and Premiums

A table showing the number of days the market price of each Fund’s shares was greater than the Fund’s net asset value, and the number of days it was less than the Fund’s net asset value (i.e., premium or discount) for the most recently completed calendar year, and the calendar quarters since that year end (or the life of the Fund, if shorter) may be found at the Fund’s website at www.invesco.com/ETFs.

 

 

 

 

 

 

 

©2020 Invesco Capital Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

      P-PS-SAR-9      invesco.com/ETFs                      

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Schedule of Investments.

 

(a)

The Schedules of Investments are included as a part of the report to shareholders filed under Item 1 of this Form N-CSR.

 

(b)

Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

 

Item 9.

Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the Board that would require disclosure herein.

Item 11. Controls and Procedures.

 

  (a)

Based on their evaluation of the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) as of a date within 90 days of the filing date of this report, the Registrant’s President (principal executive officer) and Treasurer (principal financial officer) have concluded that such disclosure controls and procedures are effective.

 

  (b)

There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

Item 12.

Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

 

  (a)(1)

Not applicable.

 

  (a)(2)

Certifications of the Registrant’s President and Treasurer pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 and Section 302 of the Sarbanes-Oxley Act of 2002 are attached as Exhibit 99.CERT.

 

  (a)(3)

Not applicable.

 

  (a)(4)

Not applicable.

 

  (b)

Certifications of the Registrant’s President and Treasurer pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002 are attached as Exhibit 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)  Invesco Exchange-Traded Fund Trust II

By:        /s/ Anna Paglia                     

Name: Anna Paglia

Title:   President

Date:   July 6, 2020

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By:        /s/ Anna Paglia                     

Name: Anna Paglia

Title:   President

Date:   July 6, 2020

By:        /s/ Kelli Gallegos                                

Name: Kelli Gallegos

Title:   Treasurer

Date:   July 6, 2020