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Invesco Annual Report to Shareholders
September 30, 2019
ADRA Invesco BLDRS Asia 50 ADR Index Fund
ADRD Invesco BLDRS Developed Markets 100 ADR Index Fund
ADRE Invesco BLDRS Emerging Markets 50 ADR Index Fund
ADRU Invesco BLDRS Europe Select ADR Index Fund
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Table of Contents
Introduction
The Invesco BLDRS Index Funds Trust consists of four separate Funds. This annual report provides
information about the four funds discussed below. Each Fund will normally hold at least 95% of its total assets in American Depositary Receipts that comprise its relevant benchmark BNY Mellon ADR Index, and will seek returns that correspond
generally, before fees and expenses, to the price and yield performance of its relevant benchmark BNY Mellon ADR Index.
BLDRS and Baskets of Listed Depositary Receipts are service marks of The Bank of New York Mellon.
Invesco BLDRS Asia 50 ADR Index Fund (ADRA)
The Invesco BLDRS Asia 50 ADR Index Fund seeks to track The S&P/BNY Mellon Asia 50 ADR IndexSM. The BNY Mellon Asia 50 ADR
IndexSM includes 50 component American Depositary Receipts as of September 30, 2019 representing the securities issued by 50 of the most actively traded companies from the Asian markets
having a free-float market capitalization ranging from approximately $5 billion to over $435 billion.
Invesco BLDRS Developed
Markets 100 ADR Index Fund (ADRD)
The Invesco BLDRS Developed Markets 100 ADR Index Fund seeks to track The S&P/BNY Mellon
Developed Markets 100 ADR IndexSM. The BNY Mellon Developed Markets 100 ADR IndexSM includes 81 component American Depositary Receipts as of
September 30, 2019 representing the securities issued by 81 of the most actively traded companies from the international developed markets having a free-float market capitalization ranging from approximately $437 million to over $234 billion.
Invesco BLDRS Emerging Markets 50 ADR Index Fund (ADRE)
The Invesco BLDRS Emerging Markets 50 ADR Index Fund seeks to track The S&P/BNY Mellon Emerging 50 ADR IndexSM. The BNY Mellon Emerging Markets 50 ADR IndexSM includes 50 component American Depositary Receipts as of September 30, 2019 representing the
securities issued by 50 of the most actively traded companies from the international and emerging markets having a free-float market capitalization ranging from approximately $5 billion to over $435 billion.
Invesco BLDRS Europe Select ADR Index Fund (ADRU)
The Invesco BLDRS Europe Select ADR Index Fund seeks to track The S&P/BNY Mellon Europe Select ADR IndexSM. The BNY Mellon Europe Select ADR IndexSM includes 69 component American Depositary Receipts as of September 30, 2019 representing the securities issued by 69 of the most actively traded
companies from the European markets having a
free-float market capitalization ranging from approximately $437 million to over $234 billion.
Invesco BLDRS Asia 50 ADR Index Fund (ADRA)
September 30, 2019
Schedule of
Investments(a)
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Shares
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Value
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Common Stocks & Other Equity
Interests-99.94%
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Air Freight & Logistics-0.56%
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ZTO Express Cayman, Inc., ADR (China)
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4,428
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$
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94,449
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Automobiles-13.52%
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Honda Motor Co., Ltd., ADR (Japan)
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18,568
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484,253
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Toyota Motor Corp., ADR (Japan)
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13,379
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|
|
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1,799,342
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2,283,595
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Banks-21.29%
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HDFC Bank Ltd., ADR (India)
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13,740
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783,867
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ICICI Bank Ltd., ADR (India)
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16,109
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196,207
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KB Financial Group, Inc., ADR (South Korea)
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4,029
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143,916
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Mitsubishi UFJ Financial Group, Inc., ADR (Japan)
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133,093
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676,112
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Mizuho Financial Group, Inc., ADR (Japan)
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130,139
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399,527
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Shinhan Financial Group Co., Ltd., ADR (South Korea)
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4,618
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161,584
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Sumitomo Mitsui Financial Group, Inc., ADR (Japan)
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70,376
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481,372
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Westpac Banking Corp., ADR (Australia)
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35,207
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703,788
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Woori Financial Group, Inc., ADR (South Korea)
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1,604
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50,061
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3,596,434
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Biotechnology-0.27%
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BeiGene Ltd., ADR
(China)(b)
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376
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46,045
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Capital Markets-0.86%
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Nomura Holdings, Inc., ADR (Japan)
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34,019
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144,581
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Diversified Consumer Services-1.56%
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New Oriental Education & Technology Group, Inc., ADR (China)(b)
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1,216
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134,684
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TAL Education Group, ADR
(China)(b)
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3,754
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128,537
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263,221
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Diversified Telecommunication Services-2.45%
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China Telecom Corp. Ltd., ADR (China)
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1,422
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64,801
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China Unicom Hong Kong Ltd., ADR (China)
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5,959
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62,510
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Chunghwa Telecom Co., Ltd., ADR (Taiwan)
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3,896
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139,048
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PT Telekomunikasi Indonesia Persero Tbk, ADR (Indonesia)
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4,874
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146,756
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413,115
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Electric Utilities-0.34%
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Korea Electric Power Corp., ADR (South Korea)(b)
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5,264
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57,062
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Entertainment-1.49%
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NetEase, Inc., ADR (China)
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708
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188,456
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Sea Ltd., ADR
(Thailand)(b)
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2,018
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62,457
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250,913
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Hotels, Restaurants & Leisure-0.47%
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Huazhu Group Ltd., ADR (China)
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1,146
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37,841
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Melco Resorts & Entertainment Ltd., ADR (Hong Kong)
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2,154
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41,809
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79,650
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Household Durables-4.56%
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Sony Corp., ADR (Japan)
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13,036
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770,819
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Shares
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Value
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Insurance-1.04%
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China Life Insurance Co., Ltd., ADR (China)
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15,255
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$
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175,738
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Interactive Media & Services-2.58%
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58.com, Inc., ADR
(China)(b)
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943
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46,499
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Autohome, Inc., ADR
(China)(b)
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582
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48,382
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Baidu, Inc., ADR
(China)(b)
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2,834
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291,222
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Momo, Inc., ADR (China)
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1,611
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49,909
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436,012
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Internet & Direct Marketing Retail-17.99%
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Alibaba Group Holding Ltd.,
ADR
(China)(b)
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15,745
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2,633,036
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Ctrip.com International, Ltd., ADR
(China)(b)
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4,085
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119,650
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JD.com, Inc., ADR
(China)(b)
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8,919
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251,605
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Vipshop Holdings Ltd., ADR
(China)(b)
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3,898
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34,770
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3,039,061
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IT Services-2.90%
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Infosys Ltd., ADR (India)
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38,302
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435,494
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Wipro Ltd., ADR (India)
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14,836
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54,151
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489,645
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Metals & Mining-5.44%
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BHP Group Ltd., ADR (Australia)
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15,085
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744,897
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POSCO, ADR (South Korea)
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2,896
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136,575
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Vedanta Ltd., ADR (India)
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4,286
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37,203
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918,675
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Oil, Gas & Consumable Fuels-3.05%
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China Petroleum & Chemical Corp., ADR (China)
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|
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2,615
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|
|
153,500
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CNOOC Ltd., ADR (China)
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1,648
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|
|
250,908
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PetroChina Co. Ltd., ADR (China)
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2,163
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109,902
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514,310
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Pharmaceuticals-3.29%
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Takeda Pharmaceutical Co., Ltd., ADR (Japan)
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|
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32,316
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555,835
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Semiconductors & Semiconductor
Equipment-11.35%
|
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ASE Technology Holding Co. Ltd., ADR (Taiwan)
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|
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15,729
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70,151
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Taiwan Semiconductor Manufacturing Co., Ltd., ADR (Taiwan)
|
|
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38,806
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|
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1,803,703
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United Microelectronics Corp., ADR (Taiwan)
|
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20,911
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43,704
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1,917,558
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Technology Hardware, Storage &
Peripherals-1.75%
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Canon, Inc., ADR (Japan)
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11,074
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295,676
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Wireless Telecommunication Services-3.18%
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China Mobile Ltd., ADR (China)
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11,333
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469,186
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SK Telecom Co., Ltd., ADR (South Korea)
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3,054
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67,799
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536,985
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TOTAL INVESTMENTS IN SECURITIES-99.94%
(Cost
$18,780,994)
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16,879,379
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OTHER ASSETS LESS LIABILITIES-0.06%
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9,903
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|
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NET ASSETS-100.00%
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$
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16,889,282
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Investment Abbreviations:
ADR-American Depositary Receipt
See accompanying Notes to
Financial Statements which are an integral part of the financial statements.
Invesco BLDRS Asia 50 ADR Index Fund (ADRA)(continued)
September 30, 2019
Notes to Schedule of Investments:
(a)
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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 & Poors.
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(b)
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Non-income producing security.
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See accompanying Notes to
Financial Statements which are an integral part of the financial statements.
Invesco BLDRS Developed Markets 100 ADR Index Fund (ADRD)
September 30, 2019
Schedule of Investments(a)
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|
Shares
|
|
|
Value
|
|
Common Stocks & Other Equity Interests-99.57%
|
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Airlines-0.20%
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Ryanair Holdings PLC, ADR
(Ireland)(b)
|
|
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911
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|
|
$
|
60,472
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|
|
|
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Automobiles-5.97%
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Honda Motor Co., Ltd., ADR (Japan)
|
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14,831
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|
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|
386,793
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|
Toyota Motor Corp., ADR (Japan)
|
|
|
10,686
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|
|
|
1,437,160
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|
1,823,953
|
|
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Banks-16.30%
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Banco Bilbao Vizcaya Argentaria, S.A., ADR (Spain)
|
|
|
54,593
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|
|
|
283,883
|
|
Banco Santander S.A., ADR (Spain)
|
|
|
136,059
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|
|
|
546,957
|
|
Barclays PLC, ADR (United Kingdom)
|
|
|
32,967
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|
|
|
241,978
|
|
HSBC Holdings PLC, ADR (United Kingdom)
|
|
|
33,670
|
|
|
|
1,288,551
|
|
ING Groep N.V., ADR (Netherlands)
|
|
|
31,902
|
|
|
|
333,376
|
|
Lloyds Banking Group PLC, ADR (United Kingdom)
|
|
|
143,633
|
|
|
|
379,191
|
|
Mitsubishi UFJ Financial Group, Inc., ADR (Japan)
|
|
|
106,308
|
|
|
|
540,045
|
|
Mizuho Financial Group, Inc., ADR (Japan)
|
|
|
103,949
|
|
|
|
319,123
|
|
Royal Bank of Scotland Group PLC (The), ADR (United Kingdom)
|
|
|
18,809
|
|
|
|
95,926
|
|
Sumitomo Mitsui Financial Group, Inc., ADR (Japan)
|
|
|
56,213
|
|
|
|
384,497
|
|
Westpac Banking Corp., ADR (Australia)
|
|
|
28,122
|
|
|
|
562,159
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,975,686
|
|
|
|
|
|
|
|
|
|
|
Beverages-4.76%
|
|
|
|
|
|
|
|
|
Anheuser-Busch InBev S.A./N.V., ADR (Belgium)
|
|
|
6,932
|
|
|
|
659,580
|
|
Diageo PLC, ADR (United Kingdom)
|
|
|
4,850
|
|
|
|
793,072
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,452,652
|
|
|
|
|
|
|
|
|
|
|
Biotechnology-0.80%
|
|
|
|
|
|
|
|
|
Amarin Corp. PLC, ADR
(Ireland)(b)
|
|
|
2,925
|
|
|
|
44,343
|
|
Argenx S.E., ADR
(Netherlands)(b)
|
|
|
278
|
|
|
|
31,681
|
|
Ascendis Pharma A/S, ADR
(Denmark)(b)
|
|
|
300
|
|
|
|
28,896
|
|
Cellectis S.A., ADR
(France)(b)
|
|
|
281
|
|
|
|
2,922
|
|
Galapagos N.V., ADR
(Belgium)(b)
|
|
|
394
|
|
|
|
60,148
|
|
Genfit, ADR
(France)(b)
|
|
|
318
|
|
|
|
5,536
|
|
Grifols S.A., ADR (Spain)
|
|
|
2,126
|
|
|
|
42,605
|
|
MorphoSys AG, ADR
(Germany)(b)
|
|
|
1,042
|
|
|
|
28,624
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
244,755
|
|
|
|
|
|
|
|
|
|
|
Capital Markets-2.75%
|
|
|
|
|
|
|
|
|
Credit Suisse Group AG, ADR (Switzerland)
|
|
|
19,881
|
|
|
|
242,747
|
|
Deutsche Bank AG, New York Shares (Germany)
|
|
|
16,921
|
|
|
|
126,908
|
|
Nomura Holdings, Inc., ADR (Japan)
|
|
|
27,173
|
|
|
|
115,485
|
|
UBS Group AG, New York Shares (Switzerland)
|
|
|
31,364
|
|
|
|
354,727
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
839,867
|
|
|
|
|
|
|
|
|
|
|
Communications Equipment-1.32%
|
|
|
|
|
|
|
|
|
Nokia Oyj, ADR (Finland)
|
|
|
46,107
|
|
|
|
233,301
|
|
Telefonaktiebolaget LM Ericsson, ADR (Sweden)
|
|
|
21,428
|
|
|
|
170,996
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
404,297
|
|
|
|
|
|
|
|
|
|
|
Construction Materials-0.74%
|
|
|
|
|
|
|
|
|
CRH PLC, ADR (Ireland)
|
|
|
6,585
|
|
|
|
226,261
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Value
|
|
Diversified Telecommunication Services-1.73%
|
|
Orange S.A., ADR (France)
|
|
|
15,614
|
|
|
$
|
243,110
|
|
Telefonica S.A., ADR (Spain)
|
|
|
37,409
|
|
|
|
284,308
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
527,418
|
|
|
|
|
|
|
|
|
|
|
Electrical Equipment-1.02%
|
|
|
|
|
|
|
|
|
ABB Ltd., ADR (Switzerland)
|
|
|
15,799
|
|
|
|
310,766
|
|
|
|
|
|
|
|
|
|
|
Energy Equipment & Services-0.13%
|
|
Tenaris S.A., ADR (Luxembourg)
|
|
|
1,933
|
|
|
|
40,941
|
|
|
|
|
|
|
|
|
|
|
Entertainment-0.16%
|
|
|
|
|
|
|
|
|
Sea Ltd., ADR
(Thailand)(b)
|
|
|
1,612
|
|
|
|
49,891
|
|
|
|
|
|
|
|
|
|
|
Health Care Equipment & Supplies-1.69%
|
|
Koninklijke Philips N.V., New York Shares (Netherlands)
|
|
|
7,412
|
|
|
|
341,916
|
|
Smith & Nephew plc, ADR (United Kingdom)
|
|
|
3,647
|
|
|
|
175,530
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
517,446
|
|
|
|
|
|
|
|
|
|
|
Health Care Providers & Services-0.38%
|
|
Fresenius Medical Care AG& Co. KGaA, ADR (Germany)
|
|
|
3,470
|
|
|
|
116,557
|
|
|
|
|
|
|
|
|
|
|
Hotels, Restaurants & Leisure-0.63%
|
|
Carnival PLC, ADR
|
|
|
1,524
|
|
|
|
64,115
|
|
InterContinental Hotels Group PLC, ADR (United Kingdom)
|
|
|
1,537
|
|
|
|
95,740
|
|
Melco Resorts & Entertainment Ltd., ADR (Hong Kong)
|
|
|
1,721
|
|
|
|
33,404
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
193,259
|
|
|
|
|
|
|
|
|
|
|
Household Durables-2.02%
|
|
|
|
|
|
|
|
|
Sony Corp., ADR (Japan)
|
|
|
10,412
|
|
|
|
615,662
|
|
|
|
|
|
|
|
|
|
|
Insurance-1.42%
|
|
|
|
|
|
|
|
|
Aegon N.V., New York Shares (Netherlands)
|
|
|
11,496
|
|
|
|
47,478
|
|
Prudential PLC, ADR (United Kingdom)
|
|
|
10,586
|
|
|
|
385,225
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
432,703
|
|
|
|
|
|
|
|
|
|
|
Interactive Media & Services-0.05%
|
|
LINE Corp., ADR
(Japan)(b)
|
|
|
454
|
|
|
|
16,317
|
|
|
|
|
|
|
|
|
|
|
Media-0.64%
|
|
|
|
|
|
|
|
|
Criteo S.A., ADR
(France)(b)
|
|
|
533
|
|
|
|
9,962
|
|
Pearson PLC, ADR (United Kingdom)
|
|
|
6,391
|
|
|
|
57,775
|
|
WPP PLC, ADR (United Kingdom)
|
|
|
2,043
|
|
|
|
127,871
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
195,608
|
|
|
|
|
|
|
|
|
|
|
Metals & Mining-4.80%
|
|
|
|
|
|
|
|
|
ArcelorMittal, New York Shares (Luxembourg)
|
|
|
5,239
|
|
|
|
74,603
|
|
BHP Group Ltd., ADR (Australia)
|
|
|
12,049
|
|
|
|
594,980
|
|
BHP Group PLC, ADR (Australia)
|
|
|
8,646
|
|
|
|
370,395
|
|
Rio Tinto plc, ADR (Australia)
|
|
|
8,151
|
|
|
|
424,585
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,464,563
|
|
|
|
|
|
|
|
|
|
|
Multi-Utilities-1.09%
|
|
|
|
|
|
|
|
|
National Grid PLC, ADR (United Kingdom)
|
|
|
6,145
|
|
|
|
332,629
|
|
|
|
|
|
|
|
|
|
|
Oil, Gas & Consumable Fuels-14.94%
|
|
|
|
|
|
|
|
|
BP PLC, ADR (United Kingdom)
|
|
|
27,607
|
|
|
|
1,048,790
|
|
Eni S.p.A., ADR (Italy)
|
|
|
10,414
|
|
|
|
317,523
|
|
Equinor ASA, ADR (Norway)
|
|
|
9,021
|
|
|
|
170,948
|
|
Royal Dutch Shell PLC, Class A, ADR (United Kingdom)
|
|
|
17,500
|
|
|
|
1,029,875
|
|
See accompanying Notes to
Financial Statements which are an integral part of the financial statements.
Invesco BLDRS Developed Markets 100 ADR Index Fund (ADRD)(continued)
September 30, 2019
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Value
|
|
Oil, Gas & Consumable Fuels-(continued)
|
|
|
|
|
|
Royal Dutch Shell PLC, Class B, ADR (United Kingdom)
|
|
|
15,333
|
|
|
$
|
918,446
|
|
TOTAL S.A., ADR (France)
|
|
|
20,678
|
|
|
|
1,075,256
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,560,838
|
|
|
|
|
|
|
|
|
|
|
Personal Products-4.37%
|
|
|
|
|
|
Unilever N.V., New York Shares (United Kingdom)
|
|
|
12,647
|
|
|
|
759,199
|
|
Unilever PLC, ADR (United Kingdom)
|
|
|
9,559
|
|
|
|
574,496
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,333,695
|
|
|
|
|
|
|
|
|
|
|
Pharmaceuticals-18.86%
|
|
|
|
|
|
|
|
|
AstraZeneca PLC, ADR (United Kingdom)
|
|
|
21,480
|
|
|
|
957,363
|
|
GlaxoSmithKline PLC, ADR (United Kingdom)
|
|
|
20,435
|
|
|
|
872,166
|
|
GW Pharmaceuticals PLC, ADR (United Kingdom)(b)
|
|
|
252
|
|
|
|
28,987
|
|
Hutchison China MediTech Ltd., ADR (Hong Kong)(b)
|
|
|
500
|
|
|
|
8,920
|
|
Novartis AG, ADR (Switzerland)
|
|
|
20,883
|
|
|
|
1,814,733
|
|
Novo Nordisk A/S, ADR (Denmark)
|
|
|
13,572
|
|
|
|
701,672
|
|
Sanofi, ADR (France)
|
|
|
18,773
|
|
|
|
869,753
|
|
Takeda Pharmaceutical Co., Ltd., ADR (Japan)
|
|
|
25,813
|
|
|
|
443,984
|
|
Teva Pharmaceutical Industries Ltd., ADR (Israel)(b)
|
|
|
8,919
|
|
|
|
61,363
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,758,941
|
|
|
|
|
|
|
|
|
|
|
Professional Services-1.28%
|
|
|
|
|
|
RELX PLC, ADR (United Kingdom)
|
|
|
16,470
|
|
|
|
390,668
|
|
|
|
|
|
|
|
|
|
|
Semiconductors & Semiconductor
Equipment-3.18%
|
|
|
|
|
|
ASML Holding N.V., New York Shares (Netherlands)
|
|
|
3,485
|
|
|
|
865,744
|
|
STMicroelectronics N.V., New York Shares (Switzerland)
|
|
|
5,366
|
|
|
|
103,778
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
969,522
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Value
|
|
Software-3.68%
|
|
|
|
|
|
|
|
|
Nice Ltd., ADR
(Israel)(b)
|
|
|
510
|
|
|
$
|
73,338
|
|
SAP S.E., ADR (Germany)
|
|
|
8,851
|
|
|
|
1,043,267
|
|
Talend S.A.,
ADR(b)
|
|
|
169
|
|
|
|
5,743
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,122,348
|
|
|
|
|
|
|
|
|
|
|
Technology Hardware, Storage &
Peripherals-0.96%
|
|
|
|
|
|
Canon, Inc., ADR (Japan)
|
|
|
8,845
|
|
|
|
236,161
|
|
Logitech International S.A., Class R, New York Shares
(Switzerland)
|
|
|
1,417
|
|
|
|
57,729
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
293,890
|
|
|
|
|
|
|
|
|
|
|
Tobacco-2.27%
|
|
|
|
|
|
|
|
|
British American Tobacco PLC, ADR (United Kingdom)
|
|
|
18,745
|
|
|
|
691,691
|
|
|
|
|
|
|
|
|
|
|
Wireless Telecommunication Services-1.43%
|
|
|
|
|
|
Vodafone Group PLC, ADR (United Kingdom)
|
|
|
21,938
|
|
|
|
436,786
|
|
|
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS IN SECURITIES-99.57%
(Cost
$47,062,619)
|
|
|
|
30,400,082
|
|
OTHER ASSETS LESS LIABILITIES-0.43%
|
|
|
|
131,376
|
|
|
|
|
|
|
|
|
|
|
NET ASSETS-100.00%
|
|
|
|
|
|
$
|
30,531,458
|
|
|
|
|
|
|
|
|
|
|
Investment Abbreviations:
ADR-American Depositary Receipt
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 & Poors.
|
(b)
|
Non-income producing security.
|
See accompanying Notes to
Financial Statements which are an integral part of the financial statements.
Invesco BLDRS Emerging Markets 50 ADR Index Fund (ADRE)
September 30, 2019
Schedule of Investments(a)
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Value
|
|
Common Stocks & Other Equity Interests-99.94%
|
|
Air Freight & Logistics-0.77%
|
|
ZTO Express Cayman, Inc., ADR (China)
|
|
|
45,389
|
|
|
$
|
968,147
|
|
|
|
|
|
|
|
|
|
|
Banks-18.10%
|
|
|
|
|
|
|
|
|
Banco Bradesco S.A., ADR (Brazil)
|
|
|
423,611
|
|
|
|
3,448,193
|
|
Banco de Chile, ADR (Chile)
|
|
|
23,349
|
|
|
|
656,107
|
|
Bancolombia S.A., ADR (Colombia)
|
|
|
11,876
|
|
|
|
587,268
|
|
HDFC Bank Ltd., ADR (India)
|
|
|
140,836
|
|
|
|
8,034,694
|
|
ICICI Bank Ltd., ADR (India)
|
|
|
165,116
|
|
|
|
2,011,113
|
|
Itau Unibanco Holding S.A., ADR (Brazil)
|
|
|
509,127
|
|
|
|
4,281,758
|
|
KB Financial Group, Inc., ADR (South Korea)
|
|
|
41,293
|
|
|
|
1,474,986
|
|
Shinhan Financial Group Co., Ltd., ADR (South Korea)
|
|
|
47,331
|
|
|
|
1,656,112
|
|
Woori Financial Group, Inc., ADR (South Korea)
|
|
|
16,436
|
|
|
|
512,968
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
22,663,199
|
|
|
|
|
|
|
|
|
|
|
Beverages-3.13%
|
|
|
|
|
|
|
|
|
Ambev S.A., ADR (Brazil)
|
|
|
462,723
|
|
|
|
2,137,780
|
|
Fomento Economico Mexicano, S.A.B. de C.V., ADR (Mexico)
|
|
|
19,527
|
|
|
|
1,788,283
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,926,063
|
|
|
|
|
|
|
|
|
|
|
Biotechnology-0.38%
|
|
|
|
|
|
|
|
|
BeiGene Ltd., ADR
(China)(b)
|
|
|
3,852
|
|
|
|
471,716
|
|
|
|
|
|
|
|
|
|
|
Chemicals-0.82%
|
|
|
|
|
|
|
|
|
Sasol Ltd., ADR (South Africa)
|
|
|
60,235
|
|
|
|
1,024,597
|
|
|
|
|
|
|
|
|
|
|
Construction Materials-0.50%
|
|
|
|
|
|
|
|
|
Cemex S.A.B. de C.V., ADR (Mexico)
|
|
|
159,041
|
|
|
|
623,441
|
|
|
|
|
|
|
|
|
|
|
Diversified Consumer Services-2.15%
|
|
New Oriental Education & Technology Group, Inc., ADR (China)(b)
|
|
|
12,460
|
|
|
|
1,380,069
|
|
TAL Education Group, ADR
(China)(b)
|
|
|
38,482
|
|
|
|
1,317,624
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,697,693
|
|
|
|
|
|
|
|
|
|
|
Diversified Telecommunication Services-3.84%
|
|
China Telecom Corp. Ltd., ADR (China)
|
|
|
14,580
|
|
|
|
664,411
|
|
China Unicom Hong Kong Ltd., ADR (China)
|
|
|
61,081
|
|
|
|
640,740
|
|
Chunghwa Telecom Co., Ltd., ADR (Taiwan)
|
|
|
39,937
|
|
|
|
1,425,351
|
|
PT Telekomunikasi Indonesia Persero Tbk, ADR (Indonesia)
|
|
|
49,958
|
|
|
|
1,504,235
|
|
Telefonica Brasil S.A., ADR (Brazil)
|
|
|
43,513
|
|
|
|
573,066
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,807,803
|
|
|
|
|
|
|
|
|
|
|
Electric Utilities-1.03%
|
|
Enel Americas S.A., ADR (Chile)
|
|
|
76,839
|
|
|
|
700,003
|
|
Korea Electric Power Corp., ADR (South Korea)(b)
|
|
|
53,958
|
|
|
|
584,905
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,284,908
|
|
|
|
|
|
|
|
|
|
|
Entertainment-1.54%
|
|
|
|
|
|
|
|
|
NetEase, Inc., ADR (China)
|
|
|
7,260
|
|
|
|
1,932,467
|
|
|
|
|
|
|
|
|
|
|
Food Products-0.56%
|
|
|
|
|
|
|
|
|
BRF S.A., ADR
(Brazil)(b)
|
|
|
75,972
|
|
|
|
695,904
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Value
|
|
Insurance-1.44%
|
|
|
|
|
|
|
|
|
China Life Insurance Co., Ltd., ADR (China)
|
|
|
156,361
|
|
|
$
|
1,801,279
|
|
|
|
|
|
|
|
|
|
|
Interactive Media & Services-3.57%
|
|
58.com, Inc., ADR
(China)(b)
|
|
|
9,668
|
|
|
|
476,729
|
|
Autohome, Inc., ADR
(China)(b)
|
|
|
5,970
|
|
|
|
496,286
|
|
Baidu, Inc., ADR
(China)(b)
|
|
|
29,054
|
|
|
|
2,985,589
|
|
Momo, Inc., ADR (China)
|
|
|
16,510
|
|
|
|
511,480
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,470,084
|
|
|
|
|
|
|
|
|
|
|
Internet & Direct Marketing Retail-23.44%
|
|
Alibaba Group Holding Ltd., ADR
(China)(b)
|
|
|
152,778
|
|
|
|
25,549,065
|
|
Ctrip.com International, Ltd., ADR
(China)(b)
|
|
|
41,870
|
|
|
|
1,226,372
|
|
JD.com, Inc., ADR
(China)(b)
|
|
|
91,425
|
|
|
|
2,579,099
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
29,354,536
|
|
|
|
|
|
|
|
|
|
|
IT Services-4.01%
|
|
|
|
|
|
|
|
|
Infosys Ltd., ADR (India)
|
|
|
392,593
|
|
|
|
4,463,782
|
|
Wipro Ltd., ADR (India)
|
|
|
152,064
|
|
|
|
555,034
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,018,816
|
|
|
|
|
|
|
|
|
|
|
Metals & Mining-4.81%
|
|
|
|
|
|
|
|
|
AngloGold Ashanti Ltd., ADR (South Africa)
|
|
|
43,337
|
|
|
|
791,767
|
|
POSCO, ADR (South Korea)
|
|
|
29,679
|
|
|
|
1,399,662
|
|
Vale S.A., ADR (Brazil)
|
|
|
333,127
|
|
|
|
3,830,960
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,022,389
|
|
|
|
|
|
|
|
|
|
|
Oil, Gas & Consumable Fuels-8.31%
|
|
China Petroleum & Chemical Corp., ADR (China)
|
|
|
26,806
|
|
|
|
1,573,512
|
|
CNOOC Ltd., ADR (China)
|
|
|
16,887
|
|
|
|
2,571,046
|
|
PetroChina Co. Ltd., ADR (China)
|
|
|
22,167
|
|
|
|
1,126,305
|
|
Petroleo Brasileiro S.A., ADR (Brazil)
|
|
|
140,749
|
|
|
|
2,036,638
|
|
Petroleo Brasileiro S.A., ADR (Brazil)
|
|
|
235,431
|
|
|
|
3,093,564
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,401,065
|
|
|
|
|
|
|
|
|
|
|
Semiconductors & Semiconductor
Equipment-15.69%
|
|
ASE Technology Holding Co. Ltd., ADR (Taiwan)
|
|
|
161,225
|
|
|
|
719,064
|
|
Taiwan Semiconductor Manufacturing Co., Ltd., ADR (Taiwan)
|
|
|
397,757
|
|
|
|
18,487,745
|
|
United Microelectronics Corp., ADR (Taiwan)
|
|
|
214,335
|
|
|
|
447,960
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
19,654,769
|
|
|
|
|
|
|
|
|
|
|
Wireless Telecommunication Services-5.85%
|
|
America Movil S.A.B. de C.V., Class L, ADR (Mexico)
|
|
|
122,583
|
|
|
|
1,821,583
|
|
China Mobile Ltd., ADR (China)
|
|
|
116,167
|
|
|
|
4,809,314
|
|
SK Telecom Co., Ltd., ADR (South Korea)
|
|
|
31,304
|
|
|
|
694,949
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,325,846
|
|
|
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS IN SECURITIES-99.94%
(Cost
$129,812,683)
|
|
|
|
125,144,722
|
|
OTHER ASSETS LESS LIABILITIES-0.06%
|
|
|
|
80,322
|
|
|
|
|
|
|
|
|
|
|
NET ASSETS-100.00%
|
|
|
|
|
|
$
|
125,225,044
|
|
|
|
|
|
|
|
|
|
|
Investment Abbreviations:
ADR-American Depositary Receipt
See accompanying Notes to
Financial Statements which are an integral part of the financial statements.
Invesco BLDRS Emerging Markets 50 ADR Index Fund (ADRE)(continued)
September 30, 2019
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 & Poors.
|
(b)
|
Non-income producing security.
|
See accompanying Notes to
Financial Statements which are an integral part of the financial statements.
Invesco BLDRS Europe Select ADR Index Fund (ADRU)
September 30, 2019
Schedule of
Investments(a)
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Value
|
|
Common Stocks & Other Equity Interests-99.63%
|
|
Airlines-0.24%
|
|
|
|
|
|
|
|
|
Ryanair Holdings PLC, ADR
(Ireland)(b)
|
|
|
376
|
|
|
$
|
24,959
|
|
|
|
|
|
|
|
|
|
|
Banks-12.78%
|
|
|
|
|
|
|
|
|
Banco Bilbao Vizcaya Argentaria, S.A., ADR (Spain)
|
|
|
22,530
|
|
|
|
117,156
|
|
Banco Santander S.A., ADR (Spain)
|
|
|
56,150
|
|
|
|
225,723
|
|
Barclays PLC, ADR (United Kingdom)
|
|
|
13,605
|
|
|
|
99,861
|
|
HSBC Holdings PLC, ADR (United Kingdom)
|
|
|
13,895
|
|
|
|
531,762
|
|
ING Groep N.V., ADR (Netherlands)
|
|
|
13,166
|
|
|
|
137,585
|
|
Lloyds Banking Group PLC, ADR (United Kingdom)
|
|
|
59,276
|
|
|
|
156,488
|
|
Royal Bank of Scotland Group PLC (The), ADR (United Kingdom)
|
|
|
7,762
|
|
|
|
39,586
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,308,161
|
|
|
|
|
|
|
|
|
|
|
Beverages-5.86%
|
|
|
|
|
|
|
|
|
Anheuser-Busch InBev S.A./N.V., ADR (Belgium)
|
|
|
2,861
|
|
|
|
272,224
|
|
Diageo PLC, ADR (United Kingdom)
|
|
|
2,001
|
|
|
|
327,204
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
599,428
|
|
|
|
|
|
|
|
|
|
|
Biotechnology-0.99%
|
|
|
|
|
|
|
|
|
Amarin Corp. PLC, ADR
(Ireland)(b)
|
|
|
1,207
|
|
|
|
18,298
|
|
Argenx S.E., ADR
(Netherlands)(b)
|
|
|
115
|
|
|
|
13,105
|
|
Ascendis Pharma A/S,
ADR
(Denmark)(b)
|
|
|
124
|
|
|
|
11,944
|
|
Cellectis S.A., ADR
(France)(b)
|
|
|
116
|
|
|
|
1,206
|
|
Galapagos N.V., ADR
(Belgium)(b)
|
|
|
162
|
|
|
|
24,731
|
|
Genfit, ADR
(France)(b)
|
|
|
131
|
|
|
|
2,281
|
|
Grifols S.A., ADR (Spain)
|
|
|
877
|
|
|
|
17,575
|
|
MorphoSys AG, ADR
(Germany)(b)
|
|
|
430
|
|
|
|
11,812
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
100,952
|
|
|
|
|
|
|
|
|
|
|
Capital Markets-2.92%
|
|
|
|
|
|
|
|
|
Credit Suisse Group AG, ADR (Switzerland)
|
|
|
8,205
|
|
|
|
100,183
|
|
Deutsche Bank AG, New York Shares (Germany)
|
|
|
6,983
|
|
|
|
52,372
|
|
UBS Group AG, New York Shares (Switzerland)
|
|
|
12,944
|
|
|
|
146,397
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
298,952
|
|
|
|
|
|
|
|
|
|
|
Communications Equipment-1.63%
|
|
Nokia Oyj, ADR (Finland)
|
|
|
19,028
|
|
|
|
96,282
|
|
Telefonaktiebolaget LM Ericsson, ADR (Sweden)
|
|
|
8,843
|
|
|
|
70,567
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
166,849
|
|
|
|
|
|
|
|
|
|
|
Construction Materials-0.91%
|
|
|
|
|
|
|
|
|
CRH PLC, ADR (Ireland)
|
|
|
2,717
|
|
|
|
93,356
|
|
|
|
|
|
|
|
|
|
|
Diversified Telecommunication Services-2.13%
|
|
Orange S.A., ADR (France)
|
|
|
6,444
|
|
|
|
100,333
|
|
Telefonica S.A., ADR (Spain)
|
|
|
15,438
|
|
|
|
117,329
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
217,662
|
|
|
|
|
|
|
|
|
|
|
Electrical Equipment-1.25%
|
|
|
|
|
|
|
|
|
ABB Ltd., ADR (Switzerland)
|
|
|
6,520
|
|
|
|
128,248
|
|
|
|
|
|
|
|
|
|
|
Energy Equipment & Services-0.17%
|
|
Tenaris S.A., ADR (Luxembourg)
|
|
|
798
|
|
|
|
16,902
|
|
|
|
|
|
|
|
|
|
|
Health Care Equipment & Supplies-2.09%
|
|
Koninklijke Philips N.V., New York Shares (Netherlands)
|
|
|
3,059
|
|
|
|
141,112
|
|
Smith & Nephew plc, ADR (United Kingdom)
|
|
|
1,505
|
|
|
|
72,435
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
213,547
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Value
|
|
Health Care Providers & Services-0.47%
|
|
Fresenius Medical Care AG& Co. KGaA, ADR (Germany)
|
|
|
1,432
|
|
|
$
|
48,101
|
|
|
|
|
|
|
|
|
|
|
Hotels, Restaurants & Leisure-0.64%
|
|
Carnival PLC, ADR
|
|
|
629
|
|
|
|
26,462
|
|
InterContinental Hotels Group PLC, ADR (United Kingdom)
|
|
|
634
|
|
|
|
39,492
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
65,954
|
|
|
|
|
|
|
|
|
|
|
Insurance-1.75%
|
|
|
|
|
|
|
|
|
Aegon N.V., New York Shares (Netherlands)
|
|
|
4,744
|
|
|
|
19,593
|
|
Prudential PLC, ADR (United Kingdom)
|
|
|
4,369
|
|
|
|
158,988
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
178,581
|
|
|
|
|
|
|
|
|
|
|
IT Services-0.02%
|
|
|
|
|
|
|
|
|
QIWI PLC, ADR (Russia)
|
|
|
92
|
|
|
|
2,019
|
|
|
|
|
|
|
|
|
|
|
Media-0.79%
|
|
|
|
|
|
|
|
|
Criteo S.A., ADR
(France)(b)
|
|
|
220
|
|
|
|
4,112
|
|
Pearson PLC, ADR (United Kingdom)
|
|
|
2,638
|
|
|
|
23,848
|
|
WPP PLC, ADR (United Kingdom)
|
|
|
843
|
|
|
|
52,763
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
80,723
|
|
|
|
|
|
|
|
|
|
|
Metals & Mining-3.51%
|
|
|
|
|
|
|
|
|
ArcelorMittal, New York Shares (Luxembourg)
|
|
|
2,162
|
|
|
|
30,787
|
|
BHP Group PLC, ADR (Australia)
|
|
|
3,568
|
|
|
|
152,853
|
|
Rio Tinto plc, ADR (Australia)
|
|
|
3,364
|
|
|
|
175,231
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
358,871
|
|
|
|
|
|
|
|
|
|
|
Multi-Utilities-1.34%
|
|
|
|
|
|
|
|
|
National Grid PLC, ADR (United Kingdom)
|
|
|
2,536
|
|
|
|
137,274
|
|
|
|
|
|
|
|
|
|
|
Oil, Gas & Consumable Fuels-18.39%
|
|
BP PLC, ADR (United Kingdom)
|
|
|
11,393
|
|
|
|
432,820
|
|
Eni S.p.A., ADR (Italy)
|
|
|
4,298
|
|
|
|
131,046
|
|
Equinor ASA, ADR (Norway)
|
|
|
3,723
|
|
|
|
70,551
|
|
Royal Dutch Shell PLC, Class A, ADR (United Kingdom)
|
|
|
7,222
|
|
|
|
425,015
|
|
Royal Dutch Shell PLC, Class B, ADR (United Kingdom)
|
|
|
6,328
|
|
|
|
379,047
|
|
TOTAL S.A., ADR (France)
|
|
|
8,534
|
|
|
|
443,768
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,882,247
|
|
|
|
|
|
|
|
|
|
|
Personal Products-5.38%
|
|
Unilever N.V., New York Shares (United Kingdom)
|
|
|
5,219
|
|
|
|
313,297
|
|
Unilever PLC, ADR (United Kingdom)
|
|
|
3,945
|
|
|
|
237,094
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
550,391
|
|
|
|
|
|
|
|
|
|
|
Pharmaceuticals-21.40%
|
|
|
|
|
|
|
|
|
AstraZeneca PLC, ADR (United Kingdom)
|
|
|
8,865
|
|
|
|
395,113
|
|
GlaxoSmithKline PLC, ADR (United Kingdom)
|
|
|
8,433
|
|
|
|
359,920
|
|
GW Pharmaceuticals PLC, ADR (United Kingdom)(b)
|
|
|
104
|
|
|
|
11,963
|
|
Novartis AG, ADR (Switzerland)
|
|
|
8,618
|
|
|
|
748,904
|
|
Novo Nordisk A/S, ADR (Denmark)
|
|
|
5,601
|
|
|
|
289,572
|
|
Sanofi, ADR (France)
|
|
|
7,747
|
|
|
|
358,919
|
|
Teva Pharmaceutical Industries Ltd., ADR (Israel)(b)
|
|
|
3,681
|
|
|
|
25,325
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,189,716
|
|
|
|
|
|
|
|
|
|
|
Professional Services-1.58%
|
|
RELX PLC, ADR (United Kingdom)
|
|
|
6,797
|
|
|
|
161,225
|
|
|
|
|
|
|
|
|
|
|
See accompanying Notes to
Financial Statements which are an integral part of the financial statements.
Invesco BLDRS Europe Select ADR Index Fund (ADRU)(continued)
September 30, 2019
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
Value
|
|
Semiconductors & Semiconductor Equipment-3.91%
|
|
ASML Holding N.V., New York Shares (Netherlands)
|
|
|
1,438
|
|
|
$
|
357,228
|
|
STMicroelectronics N.V., New York Shares (Switzerland)
|
|
|
2,215
|
|
|
|
42,838
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
400,066
|
|
|
|
|
|
|
|
|
|
|
Software-4.53%
|
|
Nice Ltd., ADR
(Israel)(b)
|
|
|
210
|
|
|
|
30,198
|
|
SAP S.E., ADR (Germany)
|
|
|
3,653
|
|
|
|
430,579
|
|
Talend S.A.,
ADR(b)
|
|
|
70
|
|
|
|
2,379
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
463,156
|
|
|
|
|
|
|
|
|
|
|
Technology Hardware, Storage &
Peripherals-0.23%
|
|
Logitech International S.A., Class R, New York Shares (Switzerland)
|
|
|
585
|
|
|
|
23,833
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
Value
|
|
Tobacco-2.79%
|
|
British American Tobacco PLC, ADR (United Kingdom)
|
|
|
7,736
|
|
|
$
|
285,458
|
|
|
|
|
|
|
|
|
|
|
Wireless Telecommunication Services-1.93%
|
|
Mobile TeleSystems PJSC, ADR (Russia)
|
|
|
1,519
|
|
|
|
12,304
|
|
VEON Ltd., ADR (Russia)
|
|
|
2,256
|
|
|
|
5,414
|
|
Vodafone Group PLC, ADR (United Kingdom)
|
|
|
9,054
|
|
|
|
180,265
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
197,983
|
|
|
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS IN SECURITIES-99.63%
(Cost
$14,891,152)
|
|
|
|
10,194,614
|
|
OTHER ASSETS LESS LIABILITIES-0.37%
|
|
|
|
37,720
|
|
|
|
|
|
|
|
|
|
|
NET ASSETS-100.00%
|
|
|
$
|
10,232,334
|
|
|
|
|
|
|
|
|
|
|
Investment Abbreviations:
ADR-American Depositary Receipt
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 & Poors.
|
(b)
|
Non-income producing security.
|
See accompanying Notes to
Financial Statements which are an integral part of the financial statements.
Statements of Assets and Liabilities
September 30, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Invesco
|
|
|
Invesco
|
|
|
|
Invesco
|
|
|
|
Invesco
|
|
|
|
BLDRS
|
|
|
BLDRS
|
|
|
|
BLDRS Developed
|
|
|
|
BLDRS Emerging
|
|
|
|
Europe
|
|
|
Asia 50
|
|
|
|
Markets 100
|
|
|
|
Markets 50
|
|
|
|
Select
|
|
|
ADR Index
|
|
|
|
ADR Index
|
|
|
|
ADR Index
|
|
|
|
ADR Index
|
|
|
Fund (ADRA)
|
|
|
|
Fund (ADRD)
|
|
|
|
Fund (ADRE)
|
|
|
|
Fund (ADRU)
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments in securities, at value
|
|
|
$
|
16,879,379
|
|
|
|
|
|
|
|
|
$
|
30,400,082
|
|
|
|
|
|
|
|
|
$
|
125,144,722
|
|
|
|
|
|
|
|
|
$
|
10,194,614
|
|
Cash
|
|
|
|
140,629
|
|
|
|
|
|
|
|
|
|
242,066
|
|
|
|
|
|
|
|
|
|
813,028
|
|
|
|
|
|
|
|
|
|
82,588
|
|
Receivable for:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amount due from Sponsor
|
|
|
|
19,942
|
|
|
|
|
|
|
|
|
|
13,147
|
|
|
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
31,650
|
|
Dividends
|
|
|
|
34,634
|
|
|
|
|
|
|
|
|
|
47,586
|
|
|
|
|
|
|
|
|
|
424,375
|
|
|
|
|
|
|
|
|
|
20,068
|
|
Foreign tax reclaims
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
159,021
|
|
|
|
|
|
|
|
|
|
8,122
|
|
|
|
|
|
|
|
|
|
28,467
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
|
|
17,074,584
|
|
|
|
|
|
|
|
|
|
30,861,902
|
|
|
|
|
|
|
|
|
|
126,390,247
|
|
|
|
|
|
|
|
|
|
10,357,387
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payable for:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributions
|
|
|
|
140,552
|
|
|
|
|
|
|
|
|
|
245,891
|
|
|
|
|
|
|
|
|
|
934,797
|
|
|
|
|
|
|
|
|
|
83,065
|
|
Amount due to Licensor
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
78,534
|
|
|
|
|
|
|
|
|
|
-
|
|
Amount due to Trustee
|
|
|
|
3,412
|
|
|
|
|
|
|
|
|
|
8,645
|
|
|
|
|
|
|
|
|
|
25,139
|
|
|
|
|
|
|
|
|
|
2,117
|
|
Amount due to Sponsor
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
39,910
|
|
|
|
|
|
|
|
|
|
-
|
|
Accrued expenses
|
|
|
|
41,338
|
|
|
|
|
|
|
|
|
|
75,908
|
|
|
|
|
|
|
|
|
|
86,823
|
|
|
|
|
|
|
|
|
|
39,871
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities
|
|
|
|
185,302
|
|
|
|
|
|
|
|
|
|
330,444
|
|
|
|
|
|
|
|
|
|
1,165,203
|
|
|
|
|
|
|
|
|
|
125,053
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets
|
|
|
$
|
16,889,282
|
|
|
|
|
|
|
|
|
$
|
30,531,458
|
|
|
|
|
|
|
|
|
$
|
125,225,044
|
|
|
|
|
|
|
|
|
$
|
10,232,334
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets consist of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares of beneficial interest
|
|
|
$
|
23,633,370
|
|
|
|
|
|
|
|
|
$
|
56,037,129
|
|
|
|
|
|
|
|
|
$
|
222,521,028
|
|
|
|
|
|
|
|
|
$
|
17,948,395
|
|
Distributable earnings (loss)
|
|
|
|
(6,744,088
|
)
|
|
|
|
|
|
|
|
|
(25,505,671
|
)
|
|
|
|
|
|
|
|
|
(97,295,984
|
)
|
|
|
|
|
|
|
|
|
(7,716,061
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets
|
|
|
$
|
16,889,282
|
|
|
|
|
|
|
|
|
$
|
30,531,458
|
|
|
|
|
|
|
|
|
$
|
125,225,044
|
|
|
|
|
|
|
|
|
$
|
10,232,334
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares outstanding (unlimited amount authorized, $ 0.001 par value)
|
|
|
|
550,000
|
|
|
|
|
|
|
|
|
|
1,450,000
|
|
|
|
|
|
|
|
|
|
3,250,000
|
|
|
|
|
|
|
|
|
|
500,000
|
|
Net asset value
|
|
|
$
|
30.71
|
|
|
|
|
|
|
|
|
$
|
21.06
|
|
|
|
|
|
|
|
|
$
|
38.53
|
|
|
|
|
|
|
|
|
$
|
20.46
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments in securities, at cost
|
|
|
$
|
18,780,994
|
|
|
|
|
|
|
|
|
$
|
47,062,619
|
|
|
|
|
|
|
|
|
$
|
129,812,683
|
|
|
|
|
|
|
|
|
$
|
14,891,152
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying Notes to
Financial Statements which are an integral part of the financial statements.
(This Page Intentionally Left Blank)
Statements of Operations
For the years ended September 30, 2019, 2018, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Invesco BLDRS Asia 50 ADR Index Fund (ADRA)
|
|
|
2019
|
|
|
|
2018
|
|
|
|
2017
|
|
|
|
|
|
|
Investment income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividend income
|
|
|
$
|
531,646
|
|
|
|
|
|
|
|
|
$
|
594,627
|
|
|
|
|
|
|
|
|
$
|
606,773
|
|
Foreign witholding tax
|
|
|
|
(51,684
|
)
|
|
|
|
|
|
|
|
|
(65,801
|
)
|
|
|
|
|
|
|
|
|
(56,325
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total investment income
|
|
|
|
479,962
|
|
|
|
|
|
|
|
|
|
528,826
|
|
|
|
|
|
|
|
|
|
550,448
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Licensing fees
|
|
|
|
10,874
|
|
|
|
|
|
|
|
|
|
13,448
|
|
|
|
|
|
|
|
|
|
12,729
|
|
Professional fees
|
|
|
|
37,551
|
|
|
|
|
|
|
|
|
|
30,087
|
|
|
|
|
|
|
|
|
|
30,752
|
|
Reports to shareholders fee
|
|
|
|
4,201
|
|
|
|
|
|
|
|
|
|
2,941
|
|
|
|
|
|
|
|
|
|
2,795
|
|
Marketing expenses
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
-
|
|
Trustee fees
|
|
|
|
18,124
|
|
|
|
|
|
|
|
|
|
22,420
|
|
|
|
|
|
|
|
|
|
21,213
|
|
Intraday valuation fees
|
|
|
|
10,001
|
|
|
|
|
|
|
|
|
|
10,001
|
|
|
|
|
|
|
|
|
|
10,001
|
|
Compliance service fees
|
|
|
|
2,099
|
|
|
|
|
|
|
|
|
|
2,047
|
|
|
|
|
|
|
|
|
|
2,999
|
|
Other expenses
|
|
|
|
2,336
|
|
|
|
|
|
|
|
|
|
3,534
|
|
|
|
|
|
|
|
|
|
1,908
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total expenses
|
|
|
|
85,186
|
|
|
|
|
|
|
|
|
|
84,478
|
|
|
|
|
|
|
|
|
|
82,397
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: Expenses waived by the Licensor
|
|
|
|
(10,874
|
)
|
|
|
|
|
|
|
|
|
(13,448
|
)
|
|
|
|
|
|
|
|
|
(12,729
|
)
|
Less: Expenses assumed by the Sponsor
|
|
|
|
(19,942
|
)
|
|
|
|
|
|
|
|
|
(3,789
|
)
|
|
|
|
|
|
|
|
|
(6,029
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net expenses
|
|
|
|
54,370
|
|
|
|
|
|
|
|
|
|
67,241
|
|
|
|
|
|
|
|
|
|
63,639
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
|
|
425,592
|
|
|
|
|
|
|
|
|
|
461,585
|
|
|
|
|
|
|
|
|
|
486,809
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Realized and unrealized gain (loss) from:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized gain (loss) from:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment securities
|
|
|
|
(899,294
|
)
|
|
|
|
|
|
|
|
|
(363,579
|
)
|
|
|
|
|
|
|
|
|
(136,556
|
)
|
In-kind redemptions
|
|
|
|
(17,341
|
)
|
|
|
|
|
|
|
|
|
560,406
|
|
|
|
|
|
|
|
|
|
233,262
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized gain (loss)
|
|
|
|
(916,635
|
)
|
|
|
|
|
|
|
|
|
196,827
|
|
|
|
|
|
|
|
|
|
96,706
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in unrealized appreciation (depreciation) on investment
securities
|
|
|
|
(216,192
|
)
|
|
|
|
|
|
|
|
|
(150,618
|
)
|
|
|
|
|
|
|
|
|
2,940,075
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized and unrealized gain (loss)
|
|
|
|
(1,132,827
|
)
|
|
|
|
|
|
|
|
|
46,209
|
|
|
|
|
|
|
|
|
|
3,036,781
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in net assets resulting from operations
|
|
|
$
|
(707,235
|
)
|
|
|
|
|
|
|
|
$
|
507,794
|
|
|
|
|
|
|
|
|
$
|
3,523,590
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying Notes to
Financial Statements which are an integral part of the financial statements.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Invesco BLDRS Developed Markets 100 ADR Index Fund (ADRD)
|
|
|
|
Invesco BLDRS Emerging Markets 50 ADR Index Fund (ADRE)
|
|
|
2019
|
|
|
|
2018
|
|
|
|
2017
|
|
|
|
2019
|
|
|
|
2018
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,639,989
|
|
|
|
|
|
|
|
|
$
|
2,465,880
|
|
|
|
|
|
|
|
|
$
|
2,392,879
|
|
|
|
|
|
|
|
|
$
|
2,928,654
|
|
|
|
|
|
|
|
|
$
|
3,577,648
|
|
|
|
$
|
3,040,429
|
|
|
|
|
|
(91,637
|
)
|
|
|
|
|
|
|
|
|
(172,996
|
)
|
|
|
|
|
|
|
|
|
(212,514
|
)
|
|
|
|
|
|
|
|
|
(311,703
|
)
|
|
|
|
|
|
|
|
|
(400,604
|
)
|
|
|
|
(273,187
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,548,352
|
|
|
|
|
|
|
|
|
|
2,292,884
|
|
|
|
|
|
|
|
|
|
2,180,365
|
|
|
|
|
|
|
|
|
|
2,616,951
|
|
|
|
|
|
|
|
|
|
3,177,044
|
|
|
|
|
2,767,242
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23,855
|
|
|
|
|
|
|
|
|
|
39,888
|
|
|
|
|
|
|
|
|
|
35,626
|
|
|
|
|
|
|
|
|
|
78,534
|
|
|
|
|
|
|
|
|
|
97,851
|
|
|
|
|
81,326
|
|
|
|
|
|
47,552
|
|
|
|
|
|
|
|
|
|
42,007
|
|
|
|
|
|
|
|
|
|
38,851
|
|
|
|
|
|
|
|
|
|
71,551
|
|
|
|
|
|
|
|
|
|
76,718
|
|
|
|
|
44,957
|
|
|
|
|
|
16,400
|
|
|
|
|
|
|
|
|
|
6,075
|
|
|
|
|
|
|
|
|
|
6,695
|
|
|
|
|
|
|
|
|
|
30,452
|
|
|
|
|
|
|
|
|
|
7,946
|
|
|
|
|
8,224
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
2,384
|
|
|
|
|
|
|
|
|
|
4,335
|
|
|
|
|
|
|
|
|
|
39,910
|
|
|
|
|
|
|
|
|
|
(59,739
|
)
|
|
|
|
(66,598
|
)
|
|
|
|
|
39,759
|
|
|
|
|
|
|
|
|
|
67,364
|
|
|
|
|
|
|
|
|
|
59,374
|
|
|
|
|
|
|
|
|
|
130,892
|
|
|
|
|
|
|
|
|
|
163,087
|
|
|
|
|
135,528
|
|
|
|
|
|
10,001
|
|
|
|
|
|
|
|
|
|
10,001
|
|
|
|
|
|
|
|
|
|
10,001
|
|
|
|
|
|
|
|
|
|
10,001
|
|
|
|
|
|
|
|
|
|
10,001
|
|
|
|
|
10,001
|
|
|
|
|
|
1,800
|
|
|
|
|
|
|
|
|
|
1,748
|
|
|
|
|
|
|
|
|
|
2,999
|
|
|
|
|
|
|
|
|
|
2,099
|
|
|
|
|
|
|
|
|
|
2,047
|
|
|
|
|
2,999
|
|
|
|
|
|
16,873
|
|
|
|
|
|
|
|
|
|
1,793
|
|
|
|
|
|
|
|
|
|
1,072
|
|
|
|
|
|
|
|
|
|
27,386
|
|
|
|
|
|
|
|
|
|
25,575
|
|
|
|
|
25,812
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
156,240
|
|
|
|
|
|
|
|
|
|
171,260
|
|
|
|
|
|
|
|
|
|
158,953
|
|
|
|
|
|
|
|
|
|
390,825
|
|
|
|
|
|
|
|
|
|
323,486
|
|
|
|
|
242,249
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(23,855
|
)
|
|
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
|
(13,148
|
)
|
|
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
119,237
|
|
|
|
|
|
|
|
|
|
171,260
|
|
|
|
|
|
|
|
|
|
158,953
|
|
|
|
|
|
|
|
|
|
390,825
|
|
|
|
|
|
|
|
|
|
323,486
|
|
|
|
|
242,249
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,429,115
|
|
|
|
|
|
|
|
|
|
2,121,624
|
|
|
|
|
|
|
|
|
|
2,021,412
|
|
|
|
|
|
|
|
|
|
2,226,126
|
|
|
|
|
|
|
|
|
|
2,853,558
|
|
|
|
|
2,524,993
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,286,773
|
)
|
|
|
|
|
|
|
|
|
(1,036,296
|
)
|
|
|
|
|
|
|
|
|
(1,205,489
|
)
|
|
|
|
|
|
|
|
|
(8,389,077
|
)
|
|
|
|
|
|
|
|
|
(6,503,467
|
)
|
|
|
|
(7,013,343
|
)
|
|
|
|
|
(120,734
|
)
|
|
|
|
|
|
|
|
|
2,835,262
|
|
|
|
|
|
|
|
|
|
858,492
|
|
|
|
|
|
|
|
|
|
1,255,835
|
|
|
|
|
|
|
|
|
|
8,196,644
|
|
|
|
|
(251,263
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,407,507
|
)
|
|
|
|
|
|
|
|
|
1,798,966
|
|
|
|
|
|
|
|
|
|
(346,997
|
)
|
|
|
|
|
|
|
|
|
(7,133,242
|
)
|
|
|
|
|
|
|
|
|
1,693,177
|
|
|
|
|
(7,264,606
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,987,401
|
)
|
|
|
|
|
|
|
|
|
(2,757,850
|
)
|
|
|
|
|
|
|
|
|
7,766,216
|
|
|
|
|
|
|
|
|
|
(49,475
|
)
|
|
|
|
|
|
|
|
|
(7,007,313
|
)
|
|
|
|
33,881,764
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3,394,908
|
)
|
|
|
|
|
|
|
|
|
(958,884
|
)
|
|
|
|
|
|
|
|
|
7,419,219
|
|
|
|
|
|
|
|
|
|
(7,182,717
|
)
|
|
|
|
|
|
|
|
|
(5,314,136
|
)
|
|
|
|
26,617,158
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
(1,965,793
|
)
|
|
|
|
|
|
|
|
$
|
1,162,740
|
|
|
|
|
|
|
|
|
$
|
9,440,631
|
|
|
|
|
|
|
|
|
$
|
(4,956,591
|
)
|
|
|
|
|
|
|
|
$
|
(2,460,578
|
)
|
|
|
$
|
29,142,151
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Statements of Operations(continued)
For the years ended September 30, 2019, 2018, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Invesco BLDRS Europe Select ADR Index Fund (ADRU)
|
|
|
2019
|
|
2018
|
|
2017
|
Investment income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividend income
|
|
|
$
|
517,669
|
|
|
|
$
|
620,156
|
|
|
|
$
|
567,979
|
|
Foreign witholding tax
|
|
|
|
(30,633
|
)
|
|
|
|
(44,655
|
)
|
|
|
|
(52,318
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total investment income
|
|
|
|
487,036
|
|
|
|
|
575,501
|
|
|
|
|
515,661
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Licensing fees
|
|
|
|
7,359
|
|
|
|
|
9,682
|
|
|
|
|
8,194
|
|
Professional fees
|
|
|
|
33,550
|
|
|
|
|
29,664
|
|
|
|
|
30,192
|
|
Reports to shareholders fee
|
|
|
|
3,800
|
|
|
|
|
1,910
|
|
|
|
|
1,542
|
|
Trustee fees
|
|
|
|
12,266
|
|
|
|
|
16,141
|
|
|
|
|
13,655
|
|
Intraday valuation fees
|
|
|
|
10,001
|
|
|
|
|
10,001
|
|
|
|
|
10,001
|
|
Compliance service fees
|
|
|
|
1,799
|
|
|
|
|
1,748
|
|
|
|
|
2,999
|
|
Other expenses
|
|
|
|
7,022
|
|
|
|
|
2,941
|
|
|
|
|
2,908
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total expenses
|
|
|
|
75,797
|
|
|
|
|
72,087
|
|
|
|
|
69,491
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: Expenses waived by the Licensor
|
|
|
|
(7,359
|
)
|
|
|
|
(9,682
|
)
|
|
|
|
(8,194
|
)
|
Less: Expenses assumed by the Sponsor
|
|
|
|
(31,650
|
)
|
|
|
|
(13,991
|
)
|
|
|
|
(20,332
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net expenses
|
|
|
|
36,788
|
|
|
|
|
48,414
|
|
|
|
|
40,965
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
|
|
450,248
|
|
|
|
|
527,087
|
|
|
|
|
474,696
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Realized and unrealized gain (loss) from:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized gain (loss) from:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment securities
|
|
|
|
(209,743
|
)
|
|
|
|
(338,448
|
)
|
|
|
|
(270,159
|
)
|
In-kind redemptions
|
|
|
|
169,167
|
|
|
|
|
415,104
|
|
|
|
|
(35,443
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized gain (loss)
|
|
|
|
(40,576
|
)
|
|
|
|
76,656
|
|
|
|
|
(305,602
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in unrealized appreciation (depreciation) on investment
securities
|
|
|
|
(819,201
|
)
|
|
|
|
(683,973
|
)
|
|
|
|
2,018,686
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized and unrealized gain (loss)
|
|
|
|
(859,777
|
)
|
|
|
|
(607,317
|
)
|
|
|
|
1,713,084
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in net assets resulting from operations
|
|
|
$
|
(409,529
|
)
|
|
|
$
|
(80,230
|
)
|
|
|
$
|
2,187,780
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying Notes to
Financial Statements which are an integral part of the financial statements.
(This Page Intentionally Left Blank)
Statements of Changes in Net Assets
For the years ended September 30, 2019,
2018, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Invesco BLDRS Asia 50 ADR Index Fund (ADRA)
|
|
|
|
2019
|
|
|
|
|
2018
|
|
|
|
|
2017
|
|
Operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
$
|
425,592
|
|
|
|
|
$
|
461,585
|
|
|
|
|
$
|
486,809
|
|
Net realized gain (loss)
|
|
|
(916,635
|
)
|
|
|
|
|
196,827
|
|
|
|
|
|
96,706
|
|
Change in net unrealized appreciation (depreciation)
|
|
|
(216,192
|
)
|
|
|
|
|
(150,618
|
)
|
|
|
|
|
2,940,075
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in net assets resulting from operations
|
|
|
(707,235
|
)
|
|
|
|
|
507,794
|
|
|
|
|
|
3,523,590
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributions to Shareholders from:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributable earnings
|
|
|
(450,369
|
)
|
|
|
|
|
(461,402
|
)
|
|
|
|
|
(454,562
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholder Transactions:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from shares sold
|
|
|
-
|
|
|
|
|
|
1,634,674
|
|
|
|
|
|
-
|
|
Value of shares repurchased
|
|
|
(1,493,963
|
)
|
|
|
|
|
(3,336,241
|
)
|
|
|
|
|
(4,496,806
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in net assets resulting from share transactions
|
|
|
(1,493,963
|
)
|
|
|
|
|
(1,701,567
|
)
|
|
|
|
|
(4,496,806
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in net assets
|
|
|
(2,651,567
|
)
|
|
|
|
|
(1,655,175
|
)
|
|
|
|
|
(1,427,778
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning of year
|
|
|
19,540,849
|
|
|
|
|
|
21,196,024
|
|
|
|
|
|
22,623,802
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
End of year
|
|
$
|
16,889,282
|
|
|
|
|
$
|
19,540,849
|
|
|
|
|
$
|
21,196,024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes in Shares Outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold
|
|
|
-
|
|
|
|
|
|
50,000
|
|
|
|
|
|
-
|
|
Shares repurchased
|
|
|
(50,000
|
)
|
|
|
|
|
(100,000
|
)
|
|
|
|
|
(150,000
|
)
|
Shares outstanding, beginning of year
|
|
|
600,000
|
|
|
|
|
|
650,000
|
|
|
|
|
|
800,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares outstanding, end of year
|
|
|
550,000
|
|
|
|
|
|
600,000
|
|
|
|
|
|
650,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying Notes to
Financial Statements which are an integral part of the financial statements.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Invesco BLDRS Developed Markets 100 ADR Index Fund (ADRD)
|
|
|
|
Invesco BLDRS Emerging Markets 50 ADR Index Fund (ADRE)
|
|
|
2019
|
|
|
|
2018
|
|
|
|
2017
|
|
|
|
2019
|
|
|
|
2018
|
|
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,429,115
|
|
|
|
|
|
|
|
|
$
|
2,121,624
|
|
|
|
|
|
|
|
|
$
|
2,021,412
|
|
|
|
|
|
|
|
|
$
|
2,226,126
|
|
|
|
|
|
|
|
|
$
|
2,853,558
|
|
|
|
|
|
|
|
|
$
|
2,524,993
|
|
|
|
|
|
(1,407,507
|
)
|
|
|
|
|
|
|
|
|
1,798,966
|
|
|
|
|
|
|
|
|
|
(346,997
|
)
|
|
|
|
|
|
|
|
|
(7,133,242
|
)
|
|
|
|
|
|
|
|
|
1,693,177
|
|
|
|
|
|
|
|
|
|
(7,264,606
|
)
|
|
|
|
|
(1,987,401
|
)
|
|
|
|
|
|
|
|
|
(2,757,850
|
)
|
|
|
|
|
|
|
|
|
7,766,216
|
|
|
|
|
|
|
|
|
|
(49,475
|
)
|
|
|
|
|
|
|
|
|
(7,007,313
|
)
|
|
|
|
|
|
|
|
|
33,881,764
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,965,793
|
)
|
|
|
|
|
|
|
|
|
1,162,740
|
|
|
|
|
|
|
|
|
|
9,440,631
|
|
|
|
|
|
|
|
|
|
(4,956,591
|
)
|
|
|
|
|
|
|
|
|
(2,460,578
|
)
|
|
|
|
|
|
|
|
|
29,142,151
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,446,671
|
)
|
|
|
|
|
|
|
|
|
(2,056,893
|
)
|
|
|
|
|
|
|
|
|
(2,126,666
|
)
|
|
|
|
|
|
|
|
|
(2,076,444
|
)
|
|
|
|
|
|
|
|
|
(2,789,019
|
)
|
|
|
|
|
|
|
|
|
(2,747,944
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,039,700
|
|
|
|
|
|
|
|
|
|
8,046,840
|
|
|
|
|
|
|
|
|
|
3,228,202
|
|
|
|
|
|
|
|
|
|
1,883,992
|
|
|
|
|
|
|
|
|
|
16,696,088
|
|
|
|
|
|
|
|
|
|
4,148,878
|
|
|
|
|
|
(33,287,537
|
)
|
|
|
|
|
|
|
|
|
(13,743,877
|
)
|
|
|
|
|
|
|
|
|
(5,252,851
|
)
|
|
|
|
|
|
|
|
|
(9,724,398
|
)
|
|
|
|
|
|
|
|
|
(26,979,018
|
)
|
|
|
|
|
|
|
|
|
(5,281,019
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(23,247,837
|
)
|
|
|
|
|
|
|
|
|
(5,697,037
|
)
|
|
|
|
|
|
|
|
|
(2,024,649
|
)
|
|
|
|
|
|
|
|
|
(7,840,406
|
)
|
|
|
|
|
|
|
|
|
(10,282,930
|
)
|
|
|
|
|
|
|
|
|
(1,132,141
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(26,660,301
|
)
|
|
|
|
|
|
|
|
|
(6,591,190
|
)
|
|
|
|
|
|
|
|
|
5,289,316
|
|
|
|
|
|
|
|
|
|
(14,873,441
|
)
|
|
|
|
|
|
|
|
|
(15,532,527
|
)
|
|
|
|
|
|
|
|
|
25,262,066
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
57,191,759
|
|
|
|
|
|
|
|
|
|
63,782,949
|
|
|
|
|
|
|
|
|
|
58,493,633
|
|
|
|
|
|
|
|
|
|
140,098,485
|
|
|
|
|
|
|
|
|
|
155,631,012
|
|
|
|
|
|
|
|
|
|
130,368,946
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
30,531,458
|
|
|
|
|
|
|
|
|
$
|
57,191,759
|
|
|
|
|
|
|
|
|
$
|
63,782,949
|
|
|
|
|
|
|
|
|
$
|
125,225,044
|
|
|
|
|
|
|
|
|
$
|
140,098,485
|
|
|
|
|
|
|
|
|
$
|
155,631,012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
500,000
|
|
|
|
|
|
|
|
|
|
350,000
|
|
|
|
|
|
|
|
|
|
150,000
|
|
|
|
|
|
|
|
|
|
50,000
|
|
|
|
|
|
|
|
|
|
400,000
|
|
|
|
|
|
|
|
|
|
100,000
|
|
|
|
|
|
(1,600,000
|
)
|
|
|
|
|
|
|
|
|
(600,000
|
)
|
|
|
|
|
|
|
|
|
(250,000
|
)
|
|
|
|
|
|
|
|
|
(250,000
|
)
|
|
|
|
|
|
|
|
|
(650,000
|
)
|
|
|
|
|
|
|
|
|
(150,000
|
)
|
|
|
|
|
2,550,000
|
|
|
|
|
|
|
|
|
|
2,800,000
|
|
|
|
|
|
|
|
|
|
2,900,000
|
|
|
|
|
|
|
|
|
|
3,450,000
|
|
|
|
|
|
|
|
|
|
3,700,000
|
|
|
|
|
|
|
|
|
|
3,750,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,450,000
|
|
|
|
|
|
|
|
|
|
2,550,000
|
|
|
|
|
|
|
|
|
|
2,800,000
|
|
|
|
|
|
|
|
|
|
3,250,000
|
|
|
|
|
|
|
|
|
|
3,450,000
|
|
|
|
|
|
|
|
|
|
3,700,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Statements of Changes in Net Assets(continued)
For the years ended September 30, 2019, 2018, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Invesco BLDRS Europe Select ADR Index Fund (ADRU)
|
|
|
2019
|
|
|
|
2018
|
|
|
|
2017
|
Operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
|
$
|
450,248
|
|
|
|
|
|
|
|
|
$
|
527,087
|
|
|
|
|
|
|
|
|
$
|
474,696
|
|
Net realized gain (loss)
|
|
|
|
(40,576
|
)
|
|
|
|
|
|
|
|
|
76,656
|
|
|
|
|
|
|
|
|
|
(305,602
|
)
|
Change in net unrealized appreciation (depreciation)
|
|
|
|
(819,201
|
)
|
|
|
|
|
|
|
|
|
(683,973
|
)
|
|
|
|
|
|
|
|
|
2,018,686
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in net assets resulting from operations
|
|
|
|
(409,529
|
)
|
|
|
|
|
|
|
|
|
(80,230
|
)
|
|
|
|
|
|
|
|
|
2,187,780
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributions to Shareholders from:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributable earnings
|
|
|
|
(451,284
|
)
|
|
|
|
|
|
|
|
|
(510,359
|
)
|
|
|
|
|
|
|
|
|
(512,980
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholder Transactions:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from shares sold
|
|
|
|
1,018,263
|
|
|
|
|
|
|
|
|
|
2,360,328
|
|
|
|
|
|
|
|
|
|
-
|
|
Value of shares repurchased
|
|
|
|
(4,084,092
|
)
|
|
|
|
|
|
|
|
|
(2,172,137
|
)
|
|
|
|
|
|
|
|
|
(1,906,198
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in net assets resulting from share transactions
|
|
|
|
(3,065,829
|
)
|
|
|
|
|
|
|
|
|
188,191
|
|
|
|
|
|
|
|
|
|
(1,906,198
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in net assets
|
|
|
|
(3,926,642
|
)
|
|
|
|
|
|
|
|
|
(402,398
|
)
|
|
|
|
|
|
|
|
|
(231,398
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning of year
|
|
|
|
14,158,976
|
|
|
|
|
|
|
|
|
|
14,561,374
|
|
|
|
|
|
|
|
|
|
14,792,772
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
End of year
|
|
|
$
|
10,232,334
|
|
|
|
|
|
|
|
|
$
|
14,158,976
|
|
|
|
|
|
|
|
|
$
|
14,561,374
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes in Shares Outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold
|
|
|
|
50,000
|
|
|
|
|
|
|
|
|
|
100,000
|
|
|
|
|
|
|
|
|
|
-
|
|
Shares repurchased
|
|
|
|
(200,000
|
)
|
|
|
|
|
|
|
|
|
(100,000
|
)
|
|
|
|
|
|
|
|
|
(100,000
|
)
|
Shares outstanding, beginning of year
|
|
|
|
650,000
|
|
|
|
|
|
|
|
|
|
650,000
|
|
|
|
|
|
|
|
|
|
750,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares outstanding, end of year
|
|
|
|
500,000
|
|
|
|
|
|
|
|
|
|
650,000
|
|
|
|
|
|
|
|
|
|
650,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying Notes to
Financial Statements which are an integral part of the financial statements.
Financial Highlights
Invesco BLDRS Asia 50 ADR Index Fund (ADRA)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Years Ended September 30,
|
|
|
|
2019
|
|
|
2018
|
|
|
2017
|
|
|
2016
|
|
|
2015
|
|
Per Share Operating Performance:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value at beginning of year
|
|
$
|
32.57
|
|
|
$
|
32.61
|
|
|
$
|
28.28
|
|
|
$
|
25.71
|
|
|
$
|
29.12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment
income(a)
|
|
|
0.72
|
|
|
|
0.71
|
|
|
|
0.69
|
|
|
|
0.56
|
|
|
|
0.72
|
|
Net realized and unrealized gain (loss) on investments
|
|
|
(1.81
|
)
|
|
|
(0.02
|
)
|
|
|
4.31
|
|
|
|
2.61
|
|
|
|
(3.41
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total from investment operations
|
|
|
(1.09
|
)
|
|
|
0.69
|
|
|
|
5.00
|
|
|
|
3.17
|
|
|
|
(2.69
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributions to shareholders from:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
|
(0.77
|
)
|
|
|
(0.73
|
)
|
|
|
(0.67
|
)
|
|
|
(0.60
|
)
|
|
|
(0.72
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value at end of year
|
|
$
|
30.71
|
|
|
$
|
32.57
|
|
|
$
|
32.61
|
|
|
$
|
28.28
|
|
|
$
|
25.71
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Asset Value Total
Return(b)
|
|
|
(3.26
|
)%
|
|
|
2.06
|
%
|
|
|
17.83
|
%
|
|
|
12.51
|
%
|
|
|
(9.44
|
)%
|
Ratios/Supplemental Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets at end of year (000s omitted)
|
|
$
|
16,889
|
|
|
$
|
19,541
|
|
|
$
|
21,196
|
|
|
$
|
22,624
|
|
|
$
|
23,139
|
|
Ratio to average net assets of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses, after Waivers
|
|
|
0.30
|
%
|
|
|
0.30
|
%
|
|
|
0.30
|
%
|
|
|
0.30
|
%
|
|
|
0.30
|
%
|
Expenses, prior to Waivers
|
|
|
0.47
|
%
|
|
|
0.38
|
%
|
|
|
0.39
|
%
|
|
|
0.38
|
%
|
|
|
0.40
|
%
|
Net investment income
|
|
|
2.35
|
%
|
|
|
2.06
|
%
|
|
|
2.29
|
%
|
|
|
2.13
|
%
|
|
|
2.43
|
%
|
Portfolio turnover
rate(c)
|
|
|
20.04
|
%
|
|
|
9.25
|
%
|
|
|
11.53
|
%
|
|
|
7.00
|
%
|
|
|
11.27
|
%
|
(a)
|
Based on average shares outstanding.
|
(b)
|
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. Total investment returns calculated for a period of less than one year are not annualized.
|
(c)
|
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.
|
Invesco BLDRS Developed
Markets 100 ADR Index Fund (ADRD)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Years Ended September 30,
|
|
|
|
2019
|
|
|
2018
|
|
|
2017
|
|
|
2016
|
|
|
2015
|
|
Per Share Operating Performance:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value at beginning of year
|
|
$
|
22.43
|
|
|
$
|
22.78
|
|
|
$
|
20.17
|
|
|
$
|
20.71
|
|
|
$
|
24.21
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment
income(a)
|
|
|
0.76
|
|
|
|
0.74
|
|
|
|
0.72
|
|
|
|
0.71
|
|
|
|
0.79
|
|
Net realized and unrealized gain (loss) on investments
|
|
|
(1.32
|
)
|
|
|
(0.36
|
)
|
|
|
2.65
|
|
|
|
(0.46
|
)
|
|
|
(3.45
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total from investment operations
|
|
|
(0.56
|
)
|
|
|
0.38
|
|
|
|
3.37
|
|
|
|
0.25
|
|
|
|
(2.66
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributions to shareholders from:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
|
(0.81
|
)
|
|
|
(0.73
|
)
|
|
|
(0.76
|
)
|
|
|
(0.79
|
)
|
|
|
(0.84
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value at end of year
|
|
$
|
21.06
|
|
|
$
|
22.43
|
|
|
$
|
22.78
|
|
|
$
|
20.17
|
|
|
$
|
20.71
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Asset Value Total
Return(b)
|
|
|
(2.44
|
)%
|
|
|
1.65
|
%
|
|
|
17.01
|
%
|
|
|
1.34
|
%
|
|
|
(11.26
|
)%
|
Ratios/Supplemental Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets at end of year (000s omitted)
|
|
$
|
30,531
|
|
|
$
|
57,192
|
|
|
$
|
63,783
|
|
|
$
|
58,494
|
|
|
$
|
65,251
|
|
Ratio to average net assets of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses, after Waivers
|
|
|
0.30
|
%
|
|
|
0.26
|
%
|
|
|
0.27
|
%
|
|
|
0.30
|
%
|
|
|
0.30
|
%
|
Expenses, prior to Waivers
|
|
|
0.39
|
%
|
|
|
0.26
|
%
|
|
|
0.27
|
%
|
|
|
0.30
|
%
|
|
|
0.30
|
%
|
Net investment income
|
|
|
3.61
|
%
|
|
|
3.19
|
%
|
|
|
3.40
|
%
|
|
|
3.52
|
%
|
|
|
3.38
|
%
|
Portfolio turnover
rate(c)
|
|
|
7.92
|
%
|
|
|
2.83
|
%
|
|
|
5.30
|
%
|
|
|
5.05
|
%
|
|
|
4.06
|
%
|
(a)
|
Based on average shares outstanding.
|
(b)
|
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. Total investment returns calculated for a period of less than one year are not annualized.
|
(c)
|
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.
Financial Highlights(continued)
Invesco BLDRS Emerging Markets 50 ADR Index Fund (ADRE)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Years Ended September 30,
|
|
|
|
2019
|
|
|
2018
|
|
|
2017
|
|
|
2016
|
|
|
2015
|
|
Per Share Operating Performance:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value at beginning of year
|
|
$
|
40.61
|
|
|
$
|
42.06
|
|
|
$
|
34.77
|
|
|
$
|
28.00
|
|
|
$
|
39.20
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment
income(a)
|
|
|
0.67
|
|
|
|
0.76
|
|
|
|
0.69
|
|
|
|
0.53
|
|
|
|
0.66
|
|
Net realized and unrealized gain (loss) on investments
|
|
|
(2.12
|
)
|
|
|
(1.45
|
)
|
|
|
7.35
|
|
|
|
6.94
|
|
|
|
(10.97
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total from investment operations
|
|
|
(1.45
|
)
|
|
|
(0.69
|
)
|
|
|
8.04
|
|
|
|
7.47
|
|
|
|
(10.31
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributions to shareholders from:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
|
(0.63
|
)
|
|
|
(0.76
|
)
|
|
|
(0.75
|
)
|
|
|
(0.70
|
)
|
|
|
(0.89
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value at end of year
|
|
$
|
38.53
|
|
|
$
|
40.61
|
|
|
$
|
42.06
|
|
|
$
|
34.77
|
|
|
$
|
28.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Asset Value Total
Return(b)
|
|
|
(3.57
|
)%
|
|
|
(1.65
|
)%
|
|
|
23.33
|
%
|
|
|
26.99
|
%
|
|
|
(26.58
|
)%
|
Ratios/Supplemental Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets at end of year (000s omitted)
|
|
$
|
125,225
|
|
|
$
|
140,098
|
|
|
$
|
155,631
|
|
|
$
|
130,369
|
|
|
$
|
124,615
|
|
Ratio to average net assets of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses
|
|
|
0.30
|
%
|
|
|
0.20
|
%
|
|
|
0.18
|
%
|
|
|
0.30
|
%
|
|
|
0.30
|
%
|
Net investment income
|
|
|
1.70
|
%
|
|
|
1.75
|
%
|
|
|
1.86
|
%
|
|
|
1.74
|
%
|
|
|
1.87
|
%
|
Portfolio turnover
rate(c)
|
|
|
17.62
|
%
|
|
|
10.30
|
%
|
|
|
10.66
|
%
|
|
|
7.61
|
%
|
|
|
17.51
|
%
|
(a)
|
Based on average shares outstanding.
|
(b)
|
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. Total investment returns calculated for a period of less than one year are not annualized.
|
(c)
|
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.
|
Invesco BLDRS Europe Select
ADR Index Fund (ADRU)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Years Ended September 30,
|
|
|
|
2019
|
|
|
2018
|
|
|
2017
|
|
|
2016
|
|
|
2015
|
|
Per Share Operating Performance:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value at beginning of year
|
|
$
|
21.78
|
|
|
$
|
22.40
|
|
|
$
|
19.72
|
|
|
$
|
20.47
|
|
|
$
|
24.33
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment
income(a)
|
|
|
0.76
|
|
|
|
0.73
|
|
|
|
0.71
|
|
|
|
0.74
|
|
|
|
0.77
|
|
Net realized and unrealized gain (loss) on investments
|
|
|
(1.30
|
)
|
|
|
(0.63
|
)
|
|
|
2.76
|
|
|
|
(0.62
|
)
|
|
|
(3.75
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total from investment operations
|
|
|
(0.54
|
)
|
|
|
0.10
|
|
|
|
3.47
|
|
|
|
0.12
|
|
|
|
(2.98
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributions to shareholders from:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
|
(0.78
|
)
|
|
|
(0.72
|
)
|
|
|
(0.79
|
)
|
|
|
(0.87
|
)
|
|
|
(0.88
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value at end of year
|
|
$
|
20.46
|
|
|
$
|
21.78
|
|
|
$
|
22.40
|
|
|
$
|
19.72
|
|
|
$
|
20.47
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Asset Value Total
Return(b)
|
|
|
(2.45
|
)%
|
|
|
0.43
|
%
|
|
|
17.94
|
%
|
|
|
0.70
|
%
|
|
|
(12.53
|
)%
|
Ratios/Supplemental Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets at end of year (000s omitted)
|
|
$
|
10,232
|
|
|
$
|
14,159
|
|
|
$
|
14,561
|
|
|
$
|
14,793
|
|
|
$
|
18,426
|
|
Ratio to average net assets of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses, after Waivers
|
|
|
0.30
|
%
|
|
|
0.30
|
%
|
|
|
0.30
|
%
|
|
|
0.30
|
%
|
|
|
0.30
|
%
|
Expenses, prior to Waivers
|
|
|
0.62
|
%
|
|
|
0.45
|
%
|
|
|
0.51
|
%
|
|
|
0.48
|
%
|
|
|
0.43
|
%
|
Net investment income
|
|
|
3.67
|
%
|
|
|
3.27
|
%
|
|
|
3.48
|
%
|
|
|
3.71
|
%
|
|
|
3.34
|
%
|
Portfolio turnover
rate(c)
|
|
|
6.49
|
%
|
|
|
1.96
|
%
|
|
|
5.85
|
%
|
|
|
5.24
|
%
|
|
|
4.79
|
%
|
(a)
|
Based on average shares outstanding.
|
(b)
|
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. Total investment returns calculated for a period of less than one year are not annualized.
|
(c)
|
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.
Notes to Financial Statements
Invesco BLDRS Index Funds Trust
September 30, 2019
NOTE
1Organization
Invesco BLDRS Index Funds Trust (the Trust) is a unit investment trust consisting of four separate
investment portfolios (each a Fund and collectively the Funds). The Trust was organized under the laws of the State of New York and is registered under the Investment Company Act of 1940, as amended (the 1940
Act). This report includes the following portfolios:
|
|
|
Full Name
|
|
Short Name
|
|
|
Invesco BLDRS Asia 50 ADR Index Fund (ADRA)
|
|
Asia
|
|
|
Invesco BLDRS Developed Markets 100 ADR Index Fund (ADRD)
|
|
Developed Markets
|
|
|
Invesco BLDRS Emerging Markets 50 ADR Index Fund (ADRE)
|
|
Emerging Markets
|
|
|
Invesco BLDRS Europe Select ADR Index Fund (ADRU)
|
|
Europe
|
The shares of the Funds are referred to herein as Shares or Funds
Shares. Each Funds Shares are listed and traded on The NASDAQ Stock Market.
The market price of each Share
may differ to some degree from a Funds 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-kind for securities included in the relevant benchmark BNY Mellon ADR Index.
The investment objective of each Fund is to provide investment results that generally correspond (before fees and expenses) to the
price and yield of its respective index listed below (each a BNY Mellon ADR Index):
|
|
|
Fund
|
|
Underlying Index
|
|
|
Asia
|
|
S&P/BNY Mellon Asia 50 ADR IndexSM
|
|
|
Developed Markets
|
|
S&P/BNY Mellon Developed Markets 100 ADR IndexSM
|
|
|
Emerging Markets
|
|
S&P/BNY Mellon Emerging 50 ADR IndexSM
|
|
|
Europe
|
|
S&P/BNY Mellon Europe Select ADR IndexSM
|
The Bank of New York Mellon (the Trustee) has entered into an Agency Agreement with
Invesco Capital Management LLC (the Sponsor) (the Agency Agreement). Under the terms of the Agency Agreement, the Sponsor will perform certain functions on behalf of the Trustee: (a) relating to the evaluation of the
portfolio securities held by the Funds for the purposes of determining the net asset value of the Funds, and (b) relating to rebalancing and adjustments of the Trusts portfolios.
NOTE 2Significant 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 ServicesInvestment Companies.
A.
|
Security Valuation - Securities, including restricted securities, are valued according to
the following policies:
|
Portfolio securities are valued at the last trade or official
closing price of the exchange on which they trade, which is deemed to be the principal market on which the securities are traded, or if there is no last trade or official closing price on the day of valuation, a security is valued at the closing bid
price on that day. If a security is not quoted, if the principal market of the security is other than an exchange, or the Sponsor deems the last trade, official close price or closing bid price inappropriate for valuation purposes, then the security
shall be fair valued in good faith by the Sponsor, in a manner consistent with the Trust Indenture and Agreement (the Trust Agreement) and the Agency Agreement based (a) on the last trade or closing price for the security on another
market on which the security is traded or if there is no such appropriate closing price, at the closing bid price on such other market, (b) on current bid prices on the principal market or such other markets, (c) if bid prices are not
available, on the basis of current bid prices for comparable securities, (d) by the Sponsor appraising the value of the securities in good faith, or (e) any combination thereof. In the event that the Agency Agreement is terminated, the
Trustee would be responsible for the valuation steps set forth above in accordance with the terms and conditions of the Trust Agreement.
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 to U.S. investors. In addition, the securities markets in many of these countries have far lower trading volumes and less liquidity than 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 investment 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.
Equity Risk. An investment in a Fund should be made with an understanding of the risks inherent in an
investment in equity securities, including the risk that the financial condition of issuers may become impaired or that the general condition of the stock market may deteriorate (either of which may cause a decrease in the value of the securities
held by a Fund and thus in the value of Shares). Equity securities, and therefore Depositary Receipts, are susceptible to general stock market fluctuations and to volatile increases and decreases in value as market confidence in and perceptions of
their issuers change. These investor perceptions are based on various unpredictable factors including: expectations regarding government; economic, monetary and fiscal policies; inflation and interest rates; economic expansion or contraction; and
global or regional political, economic and banking crises.
Foreign Market Risk. The underlying
securities of the Depositary Receipts in a Funds portfolio trade on foreign exchanges at times when the U.S. markets are not open for trading, the value of the Depositary Receipts representing those underlying securities may change materially
at times when the U.S. markets are not open for trading, regardless of whether there is an active U.S. market for fund shares.
Index Risk. Unlike many investment companies, the Funds do not utilize investing strategies that seek
returns in excess of their BNY Mellon ADR Index. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its respective BNY Mellon ADR Index, even if that security generally is
underperforming.
Non-Correlation Risk. Each Funds return may not match the return of its
BNY Mellon ADR Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to its BNY Mellon ADR Index, and incurs costs in buying and selling securities, especially when rebalancing each Funds securities
holdings to reflect changes in the composition of its BNY Mellon ADR Index. In addition, the performance of each Fund and its BNY Mellon ADR Index may vary due to asset valuation differences and differences between each Funds portfolio and its
BNY Mellon ADR Index resulting from legal restrictions, cost or liquidity constraints.
Non-Diversified Fund Risk. Each Fund is considered non-diversified and can invest a greater portion of its
assets in securities of individual issuers than a diversified fund. As a result, changes in the market value of a single issuers securities could cause greater fluctuations in the value of the Shares than would occur in a diversified fund.
This may increase the Funds volatility and cause the performance of a relatively small number of issuers to have a greater impact on the Funds performance.
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 the 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 each 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.
|
Each Fund may periodically participate in litigation related to each Funds investments. As such, each Fund
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 Funds NAV and,
accordingly, they reduce each Funds 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 Funds 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 issuers 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 distributes dividends,
if any, from net investment income quarterly. Each Fund will distribute net realized capital gains, if any, at least annually.
|
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 each Funds taxable earnings to its shareholders. As such, each Fund 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 Funds 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 accounting principles generally accepted in the United States of America (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.
Each Fund files U.S. federal tax returns and
tax returns in certain other jurisdictions. Generally, each 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 - Under the Trust Agreement, the Trust is responsible for the Trustees fee
(including fees for extraordinary expenses and other services), transfer agency services fees, governmental fees, any taxes, fees and charges payable by the Trustee with respect to Shares, indemnification of the Trustee or the Sponsor, brokerage
commissions and other transactional charges and other out-of-pocket expenses of a Fund.
|
In addition, the Trust may be charged for expenses related to reimbursement to the Sponsor for annual licensing fees, federal and state annual registration fees and expenses of the Sponsor relating to the printing and distribution
of marketing materials. Pursuant to the provisions of an exemptive order, the expenses set forth in this paragraph may be charged to the Trust in an amount equal to the actual costs incurred, but shall not exceed 0.30% per annum of the daily
NAV of the Trust.
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, each Fund monitors 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 - In the normal course of business, each Fund enters into contracts that
contain a variety of representations and warranties, which provide general indemnifications. Each Funds maximum exposure under these arrangements is unknown as this would involve future claims that may be made against each Fund that have not
yet occurred. However, based on experience, each Fund expects the risk of loss to be remote.
|
J.
|
Distributions from Distributable Earnings - In accordance with the Securities and Exchange
Commissions issuance of Disclosure Update and Simplification, each Fund has presented the total, rather than the components, of distributions to shareholders, except for tax return of capital distributions, if any, in the Statements of Changes
in Net Assets.
|
For the year ended September 30, 2018 and September 30,
2017, distributions from distributable earnings consisted of distributions from net investment income.
NOTE 3Agreements with
the Trustee, Licensor and Sponsor
The Funds accrue daily and pay monthly the expenses of their operations, including Trustee fees,
reimbursements to the Sponsor for expenses relating to the marketing of the Funds and fees to The Bank of New York Mellon (the Licensor) for a license to use each BNY Mellon ADR Index as a basis for determining the composition and
weighting of securities held by each respective Fund. Each Fund pays an annual licensing fee to the Licensor equal to 6/100th of one percent (0.06%) of its average net assets subject to the waiver provisions discussed below.
In accordance with the Trust Agreement, the Trustee maintains the Funds accounting records, acts as custodian and transfer
agent to the Funds, and provides administrative services, including filing of all required regulatory reports. The Trustee is also responsible for determining the composition of the portfolios of securities, which must be delivered in exchange for
the issuance of Creation Units of the Funds, and for adjusting the composition of each Funds portfolio from time to time to conform to changes in the compositions and/or weighting structure of each respective BNY Mellon ADR Index.
For these services, the Trustee receives a fee from each Fund at the following annual rates:
|
|
|
Net Assets
|
|
Fee as Percentage of
Net Assets
|
$0-$499,999,999*
|
|
10/100 of 1% per annum
|
$500,000,000-$2,499,999,999*
|
|
8/100 of 1% per annum
|
$2,500,000,000 and above*
|
|
6/100 of 1% per annum
|
*
|
The fee indicated applies to that portion of the net assets of each Fund that falls in the size
category indicated and is computed each business day on the basis of the net assets of the Fund on such day.
|
Marketing expenses for the years ended September 30, 2019, 2018 and 2017, represent expenses incurred by the Sponsor, if any, on behalf of the Funds and charged to the Funds, subject to the reimbursement provisions below.
Marketing expenses are paid by the Sponsor on behalf of the Trust for invoices received directly by the Sponsor during
the year. The following amounts remain payable to the Sponsor as of September 30, 2019:
|
|
|
|
|
Asia
|
|
$
|
-
|
|
Developed Markets
|
|
|
-
|
|
Emerging Markets
|
|
|
39,910
|
|
Europe
|
|
|
-
|
|
In accordance with the terms of the Trust Agreement and the Agency Agreement, the Trustee will
pay, from its own assets, the Sponsor to perform the following services for the Trust: adjust the composition of the portfolio, calculate and adjust, if necessary, the weighting of each security in the portfolio, dispose of or exchange securities
after it has been determined that such securities will be removed from the Index and direct securities transactions to brokers or dealers, which may include affiliates of the Trustee, but will not include affiliates of the Sponsor.
The Sponsor had undertaken that on each day during the fiscal year ended September 30, 2019, and until determined otherwise,
the ordinary operating expenses of the Funds as calculated by the Trustee would not be permitted to exceed an amount which is 30/100 of one percent (0.30%) per annum of the daily net asset value of each Fund. To the extent during such period that
ordinary operating expenses of a Fund exceeded such 0.30% amount, the Licensor first waived licensing fees applicable to the Fund and, if such waiver was insufficient, the Sponsor thereafter reimbursed the Fund for or assumed such excess ordinary
operating expenses. The Licensor and Sponsor may be repaid by the Funds for licensing fees so waived or expenses so reimbursed or assumed respectively, in each case to the extent that subsequently during the fiscal year expenses fall below the
0.30% per annum level on any given day.
For the fiscal years ended September 30, 2019, 2018 and 2017, the
Licensor waived and the Sponsor assumed the following expenses incurred by the Funds:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
License Fees Waived by Licensor
|
|
|
Expenses Assumed by the Sponsor
|
|
|
|
Fiscal Year Ended September 30,
|
|
|
Fiscal Year Ended September 30,
|
|
|
|
2019
|
|
|
2018
|
|
|
2017
|
|
|
2019
|
|
|
2018
|
|
|
2017
|
|
Asia
|
|
$
|
10,874
|
|
|
$
|
13,448
|
|
|
$
|
12,729
|
|
|
$
|
19,942
|
|
|
$
|
3,789
|
|
|
$
|
6,029
|
|
Developed Markets
|
|
|
23,855
|
|
|
|
-
|
|
|
|
-
|
|
|
|
13,148
|
|
|
|
-
|
|
|
|
-
|
|
Emerging Markets
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Europe
|
|
|
7,359
|
|
|
|
9,682
|
|
|
|
8,194
|
|
|
|
31,650
|
|
|
|
13,991
|
|
|
|
20,332
|
|
Invesco Distributors, Inc., an affiliate of the Sponsor, is the distributor for the Funds. The
Sponsor, not the Funds, pays the Distributor a flat annual fee of $20,000 for each Fund for its distribution services and the Funds do not reimburse the Sponsor for such fees.
NOTE 4Additional 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 investments 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 funds 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.
|
As of September 30, 2019, all of the securities in each Fund were valued based on Level
1 inputs (see the Schedules of Investments for security categories). 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.
NOTE 5Distributions to Shareholders and Tax Components of Net Assets
Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended September 30, 2019, 2018 and 2017:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2019
|
|
September 30, 2018
|
|
September 30, 2017
|
|
|
Ordinary
Income
|
|
Ordinary
Income
|
|
Ordinary
Income
|
Asia
|
|
|
$
|
450,369
|
|
|
|
$
|
461,402
|
|
|
|
$
|
454,562
|
|
Developed Markets
|
|
|
|
1,446,671
|
|
|
|
|
2,056,893
|
|
|
|
|
2,126,666
|
|
Emerging Markets
|
|
|
|
2,076,444
|
|
|
|
|
2,789,019
|
|
|
|
|
2,747,944
|
|
Europe
|
|
|
|
451,284
|
|
|
|
|
510,359
|
|
|
|
|
512,980
|
|
Tax Components of Net Assets at Fiscal Year-End:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Undistributed
Ordinary
Income
|
|
|
Temporary
Book/Tax
Differences
|
|
|
Net
Unrealized
Appreciation
(Depreciation)-
Investments
|
|
|
Capital Loss
Carryforwards
|
|
|
Post-October
Capital
Losses
Deferrals*
|
|
|
Shares of
Beneficial
Interest
|
|
|
Total
Net Assets
|
|
Asia
|
|
|
$148,525
|
|
|
|
$(140,550
|
)
|
|
|
$ (2,316,298
|
)
|
|
|
$ (3,808,764
|
)
|
|
|
$ (627,001
|
)
|
|
|
$ 23,633,370
|
|
|
|
$ 16,889,282
|
|
Developed Markets
|
|
|
-
|
|
|
|
(245,892
|
)
|
|
|
(16,976,970
|
)
|
|
|
(7,047,726
|
)
|
|
|
(1,235,083
|
)
|
|
|
56,037,129
|
|
|
|
30,531,458
|
|
Emerging Markets
|
|
|
-
|
|
|
|
(934,796
|
)
|
|
|
(9,261,237
|
)
|
|
|
(82,472,216
|
)
|
|
|
(4,627,735
|
)
|
|
|
222,521,028
|
|
|
|
125,225,044
|
|
Europe
|
|
|
9,388
|
|
|
|
(83,068
|
)
|
|
|
(4,831,137
|
)
|
|
|
(2,619,718
|
)
|
|
|
(191,526
|
)
|
|
|
17,948,395
|
|
|
|
10,232,334
|
|
*The Fund will elect to defer net capital losses incurred after October 31 (Post-October Capital
Losses) within the taxable year that are deemed to arise on the first business day of each Funds next taxable year.
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 each Fund to
utilize. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire within eight tax years. Capital losses with an expiration date may not be used to offset
capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term
capital losses as under prior law. 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 following table presents available capital loss carryforwards for each Fund as of September 30, 2019:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
No expiration
|
|
|
|
|
|
|
Short-Term
|
|
|
Long-Term
|
|
|
Total*
|
|
Asia
|
|
$
|
426,841
|
|
|
$
|
3,381,923
|
|
|
$
|
3,808,764
|
|
Developed Markets
|
|
|
77,266
|
|
|
|
6,970,460
|
|
|
|
7,047,726
|
|
Emerging Markets
|
|
|
6,076,351
|
|
|
|
76,395,865
|
|
|
|
82,472,216
|
|
Europe
|
|
|
12,428
|
|
|
|
2,607,290
|
|
|
|
2,619,718
|
|
*
|
Capital loss carryforwards as of the date listed above 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 6Investment Transactions
For the fiscal year ended September 30, 2019, 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
|
|
Asia
|
|
$
|
3,628,824
|
|
|
$
|
3,633,897
|
|
Developed Markets
|
|
|
3,136,820
|
|
|
|
3,390,271
|
|
Emerging Markets
|
|
|
23,210,147
|
|
|
|
23,074,367
|
|
Europe
|
|
|
790,118
|
|
|
|
874,301
|
|
For the fiscal year ended September 30, 2019, in-kind transactions
associated with creations and redemptions were as follows:
|
|
|
|
|
|
|
|
|
|
|
Cost of
|
|
|
Value of
|
|
|
|
Securities
|
|
|
Securities
|
|
|
|
Received
|
|
|
Delivered
|
|
Asia
|
|
$
|
-
|
|
|
$
|
1,486,077
|
|
Developed Markets
|
|
|
10,042,952
|
|
|
|
33,435,320
|
|
Emerging Markets
|
|
|
1,901,789
|
|
|
|
9,785,615
|
|
Europe
|
|
|
1,018,842
|
|
|
|
4,092,330
|
|
Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for
federal income tax purposes. At September 30, 2019, 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:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
|
|
|
|
|
|
|
Gross
|
|
|
Gross
|
|
|
Unrealized
|
|
|
|
|
|
|
Unrealized
|
|
|
Unrealized
|
|
|
Appreciation
|
|
|
|
|
|
|
Appreciation
|
|
|
(Depreciation)
|
|
|
(Depreciation)
|
|
|
Cost
|
|
Asia
|
|
$
|
2,586,547
|
|
|
$
|
(4,902,845
|
)
|
|
$
|
(2,316,298
|
)
|
|
$
|
19,195,677
|
|
Developed Markets
|
|
|
1,348,837
|
|
|
|
(18,325,807
|
)
|
|
|
(16,976,970
|
)
|
|
|
47,377,052
|
|
Emerging Markets
|
|
|
26,750,012
|
|
|
|
(36,011,249
|
)
|
|
|
(9,261,237
|
)
|
|
|
134,405,959
|
|
Europe
|
|
|
811,964
|
|
|
|
(5,643,101
|
)
|
|
|
(4,831,137
|
)
|
|
|
15,025,751
|
|
NOTE 7Reclassification of Permanent Differences
Primarily as a result of differing book/tax treatment of in-kind transactions and expired capital loss carryforwards, on September 30, 2019,
amounts were reclassified between undistributed net investment income, undistributed net realized gain (loss) and Shares of beneficial interest. These reclassifications had no effect on the net assets of each Fund. For the fiscal year ended
September 30, 2019, the reclassifications were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Undistributed Net
|
|
Undistributed Net
|
|
Shares of
|
|
|
Investment Income
|
|
Realized Gain
|
|
Beneficial Interest
|
Asia
|
|
|
$
|
-
|
|
|
|
$
|
355,778
|
|
|
|
$
|
(355,778
|
)
|
Developed Markets
|
|
|
|
90,674
|
|
|
|
|
3,891,233
|
|
|
|
|
(3,981,907
|
)
|
Emerging Markets
|
|
|
|
43,720
|
|
|
|
|
793,335
|
|
|
|
|
(837,055
|
)
|
Europe
|
|
|
|
-
|
|
|
|
|
1,027,781
|
|
|
|
|
(1,027,781
|
)
|
NOTE 8Capital
Shares are issued and redeemed by each Fund only in Creation Units of 50,000 Shares. Such transactions are only permitted on an in-kind basis, with
a separate cash payment that is equivalent to the undistributed net investment income of the shares and a balancing cash component to equate the transaction to the net asset value of the shares on the transaction date. The transaction fee in
connection with creation or redemption of Creation Units through the continuous net settlement system of National Securities Clearing Corporation (the Clearing Process) is $10 per security name in the portfolio deposit or
redemption payment, rounded up to the nearest $500 for Asia and Emerging Markets and to $1,000 for Developed Markets and Europe per participating party per day, regardless of the number of Creation Units purchased or redeemed on such day by the
participating party. The total fee that can be charged in connection with the creation or redemption of Creation Units outside the Clearing Process is four times the normal transaction cost of $500 ($2,000) and $1,000 ($4,000) per participating
party per day.
Transaction fees are received by the Trustee and used to offset its expenses of processing orders. For
the fiscal years ended September 30, 2019, 2018 and 2017, the Trustee earned the following amounts in transaction fees:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Fiscal Year
|
|
|
|
Ended September 30,
|
|
|
|
2019
|
|
|
2018
|
|
|
2017
|
|
Asia
|
|
$
|
500
|
|
|
$
|
1,500
|
|
|
$
|
1,500
|
|
Developed Markets
|
|
|
22,000
|
|
|
|
10,000
|
|
|
|
6,000
|
|
Emerging Markets
|
|
|
3,500
|
|
|
|
6,500
|
|
|
|
2,500
|
|
Europe
|
|
|
6,000
|
|
|
|
4,000
|
|
|
|
2,000
|
|
The Trustee, in its sole discretion, may voluntarily reduce or waive its fee, or modify the
transaction fee schedule, subject to certain limitations. There were no such reductions or waivers for the years ended September 30, 2019, 2018 or 2017.
NOTE 9Subsequent Event
On December 11, 2019, the Sponsor and Trustee approved the termination and winding down of BLDRS Asia 50 ADR Index Fund, BLDRS Developed
Markets 100 ADR Index Fund and BLDRS Europe Select ADR Index Fund, with the liquidation payment to shareholders expected to take place on or about February 26, 2020. Investors, who have elected not to sell their shares before market close on
February 13, 2020 will receive cash equal to the amount of the net asset value of their shares, which will include any capital gains and dividends, on or about February 26, 2020.
Report of Independent Registered Public Accounting Firm
To the Sponsor and Trustee of Invesco BLDRS Index Funds Trust and Shareholders of Invesco BLDRS Asia 50 ADR Index Fund, Invesco BLDRS Developed
Markets 100 ADR Index Fund, Invesco BLDRS Emerging Markets 50 ADR Index Fund and Invesco BLDRS Europe Select ADR Index Fund
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Invesco BLDRS Asia 50 ADR Index Fund, Invesco BLDRS Developed Markets 100 ADR Index Fund, Invesco BLDRS Emerging
Markets 50 ADR Index Fund and Invesco BLDRS Europe Select ADR Index Fund (constituting Invesco BLDRS Index Fund Trust, hereafter collectively referred to as the Funds) as of September 30, 2019, the related statements of operations
and changes in net assets for each of the three years in the period ended September 30, 2019, including the related notes, and the financial highlights for each of the five years in the period ended September 30, 2019 (collectively
referred to as the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of September 30, 2019, the results of each of their
operations and changes in each of their net assets for each of the three years in the period ended September 30, 2019, and each of the financial highlights for each of the five years in the period ended September 30, 2019 in conformity
with accounting principles generally accepted in the United States of America.
Basis for Opinions
These financial statements are the responsibility of the Funds management. Our responsibility is to express an opinion on the Funds
financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance
with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included
examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the
overall presentation of the financial statements. Our procedures included confirmation of securities owned as of September 30, 2019 by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinions.
Subsequent Event
As discussed in Note 9 to the financial statements, on December 11, 2019, the Sponsor and Trustee approved a plan of liquidation for the Invesco BLDRS Asia 50 ADR Index Fund, Invesco BLDRS Developed Markets 100 ADR Index Fund
and Invesco BLDRS Europe Select ADR Index Fund.
/s/ PricewaterhouseCoopers LLP
Chicago, Illinois
December 16, 2019
We have
served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not determined the specific year we began serving as auditor.
Supplemental Information
(Unaudited)
Invesco BLDRS Asia 50 ADR Index Fund
Invesco BLDRS Developed Markets 100 ADR Index Fund
Invesco BLDRS Emerging Markets 50 ADR Index Fund
Invesco BLDRS Europe Select ADR Index Fund
I. Information Regarding Closing Prices vs. Net Asset Value Frequency Distribution for Each Invesco BLDRS Fund
The tables that follow present information about the differences between the daily market price on secondary markets for shares of a Invesco BLDRS
Fund and that Funds net asset value. Net Asset Value, or NAV, is the price at which a Fund issues and redeems shares. The Closing Market Price of shares in each Invesco BLDRS Fund is determined and published by The
NASDAQ Stock Market, as of the time that the Funds NAV is calculated. Each Funds Closing Market Price may be below, at, or above its NAV. The NAV for each Fund will fluctuate with changes in the market value of its portfolio holdings.
Premiums or discounts are the differences (expressed as a percentage) between the NAV and Closing Market Price of a Fund on a given
day, generally at the time NAV is calculated. A premium is the amount that a Fund is trading above the reported NAV, expressed as a percentage of the NAV. A discount is the amount that a Fund is trading below the reported NAV, expressed as a
percentage of the NAV.
The following information shows the frequency distributions of premiums and discounts for each of the Invesco
BLDRS Funds included in this report. The information shown for each Fund is from October 1, 2014 through September 30, 2019.
Each line in the table shows the number of trading days in which the Invesco BLDRS Funds traded within the premium/discount range indicated. The
number of trading days in each premium/discount range is also shown as a percentage of the total number of trading days in the period covered by each table. All data presented here represents past performance, which cannot be used to predict future
performance.
Invesco BLDRS Asia 50 ADR Index Fund
Five Year Period Ended September 30, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Closing Price on NASDAQ
|
|
Closing Price on NASDAQ
|
|
|
Above Fund NAV
|
|
Below Fund NAV
|
Range
|
|
Frequency(a)
|
|
% of Total
|
|
Frequency(a)
|
|
% of Total
|
>0% to 0.50%
|
|
|
|
553
|
|
|
|
|
98.75
|
%
|
|
|
|
675
|
|
|
|
|
96.70
|
%
|
>0.50% to 1.00%
|
|
|
|
7
|
|
|
|
|
1.25
|
%
|
|
|
|
14
|
|
|
|
|
2.01
|
%
|
>1.00% to 2.00%
|
|
|
|
-
|
|
|
|
|
-
|
%
|
|
|
|
3
|
|
|
|
|
0.43
|
%
|
>2.00%
|
|
|
|
-
|
|
|
|
|
-
|
%
|
|
|
|
6
|
|
|
|
|
0.86
|
%
|
Total
|
|
|
|
560
|
|
|
|
|
100.00
|
%
|
|
|
|
698
|
|
|
|
|
100.00
|
%
|
|
|
|
|
|
Invesco BLDRS Developed Markets 100 ADR Index Fund
|
|
|
|
|
|
|
|
|
Five Year Period Ended September 30, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Closing Price on NASDAQ
|
|
Closing Price on NASDAQ
|
|
|
Above Fund NAV
|
|
Below Fund NAV
|
Range
|
|
Frequency(a)
|
|
% of Total
|
|
Frequency(a)
|
|
% of Total
|
>0% to 0.50%
|
|
|
|
490
|
|
|
|
|
98.59
|
%
|
|
|
|
759
|
|
|
|
|
99.74
|
%
|
>0.50% to 1.00%
|
|
|
|
7
|
|
|
|
|
1.41
|
%
|
|
|
|
1
|
|
|
|
|
0.13
|
%
|
>1.00% to 2.00%
|
|
|
|
-
|
|
|
|
|
-
|
%
|
|
|
|
1
|
|
|
|
|
0.13
|
%
|
>2.00%
|
|
|
|
-
|
|
|
|
|
-
|
%
|
|
|
|
-
|
|
|
|
|
-
|
%
|
Total
|
|
|
|
497
|
|
|
|
|
100.00
|
%
|
|
|
|
761
|
|
|
|
|
100.00
|
%
|
Supplemental Information(continued)
(Unaudited)
Invesco BLDRS Emerging Markets 50 ADR Index Fund
Five Year Period Ended September 30, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Closing Price on NASDAQ
Above Fund NAV
|
|
Closing Price on NASDAQ
Below Fund NAV
|
Range
|
|
Frequency(a)
|
|
% of Total
|
|
|
Frequency(a)
|
|
% of Total
|
|
>0% to 0.50%
|
|
|
395
|
|
|
|
99.25%
|
|
|
|
857
|
|
|
|
99.65%
|
|
>0.50% to 1.00%
|
|
|
3
|
|
|
|
0.75%
|
|
|
|
3
|
|
|
|
0.35%
|
|
>1.00% to 2.00%
|
|
|
-
|
|
|
|
-%
|
|
|
|
-
|
|
|
|
-%
|
|
>2.00%
|
|
|
-
|
|
|
|
-%
|
|
|
|
-
|
|
|
|
-%
|
|
Total
|
|
|
398
|
|
|
|
100.00%
|
|
|
|
860
|
|
|
|
100.00%
|
|
|
Invesco BLDRS Europe Select ADR Index Fund
|
|
Five Year Period Ended September 30, 2019
|
|
|
|
Closing Price on NASDAQ
Above Fund NAV
|
|
Closing Price on NASDAQ
Below Fund NAV
|
Range
|
|
Frequency(a)
|
|
% of Total
|
|
|
Frequency(a)
|
|
% of Total
|
|
>0% to 0.50%
|
|
|
385
|
|
|
|
99.48%
|
|
|
|
857
|
|
|
|
98.40%
|
|
>0.50% to 1.00%
|
|
|
1
|
|
|
|
0.26%
|
|
|
|
13
|
|
|
|
1.49%
|
|
>1.00% to 2.00%
|
|
|
1
|
|
|
|
0.26%
|
|
|
|
-
|
|
|
|
-%
|
|
>2.00%
|
|
|
-
|
|
|
|
-%
|
|
|
|
1
|
|
|
|
0.11%
|
|
Total
|
|
|
387
|
|
|
|
100.00%
|
|
|
|
871
|
|
|
|
100.00%
|
|
(a)
|
Number of Trading Days refers to the number of days during which there is buy/sell activity for the
Fund on the Exchange.
|
II. Annualized and Cumulative Returns for each Invesco BLDRS Fund
Annualized Total Return
For the Period Ending September 30, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Past One Year(a)
|
|
|
Past Five Year(a)
|
|
|
Past Ten Year(a)
|
|
|
From Inception(a)
|
|
Invesco BLDRS Fund
|
|
NAV
|
|
|
Closing
Market
|
|
|
Index
|
|
|
NAV
|
|
|
Closing
Market
|
|
|
Index
|
|
|
NAV
|
|
|
Closing
Market
|
|
|
Index
|
|
|
NAV
|
|
|
Closing
Market
|
|
|
Index
|
|
Invesco BLDRS Asia 50 ADR Index Fund
|
|
|
-3.27%
|
|
|
|
-3.04%
|
|
|
|
-3.37%
|
|
|
|
3.45%
|
|
|
|
3.50%
|
|
|
|
3.02%
|
|
|
|
4.74%
|
|
|
|
4.75%
|
|
|
|
4.13%
|
|
|
|
6.41%
|
|
|
|
6.38%
|
|
|
|
5.95%
|
|
Invesco BLDRS Developed Markets 100 ADR Index Fund
|
|
|
-2.43%
|
|
|
|
-2.29%
|
|
|
|
-2.19%
|
|
|
|
0.86%
|
|
|
|
0.90%
|
|
|
|
0.91%
|
|
|
|
3.66%
|
|
|
|
3.66%
|
|
|
|
3.63%
|
|
|
|
5.64%
|
|
|
|
5.66%
|
|
|
|
5.70%
|
|
Invesco BLDRS Emerging Markets 50 ADR Index Fund
|
|
|
-3.61%
|
|
|
|
-3.52%
|
|
|
|
-3.24%
|
|
|
|
1.75%
|
|
|
|
1.72%
|
|
|
|
1.84%
|
|
|
|
1.60%
|
|
|
|
1.59%
|
|
|
|
1.76%
|
|
|
|
9.70%
|
|
|
|
9.65%
|
|
|
|
9.80%
|
|
Invesco BLDRS Europe Select ADR Index Fund
|
|
|
-2.44%
|
|
|
|
-2.27%
|
|
|
|
-1.98%
|
|
|
|
0.35%
|
|
|
|
0.36%
|
|
|
|
0.66%
|
|
|
|
3.51%
|
|
|
|
3.50%
|
|
|
|
3.79%
|
|
|
|
5.78%
|
|
|
|
5.76%
|
|
|
|
6.10%
|
|
Cumulative Total Return
For the Period Ending September 30, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Past One Year(a)
|
|
|
Past Five Year(a)
|
|
|
Past Ten Year(a)
|
|
|
From Inception(a)
|
|
Invesco BLDRS Fund
|
|
NAV
|
|
|
Closing
Market
|
|
|
Index
|
|
|
NAV
|
|
|
Closing
Market
|
|
|
Index
|
|
|
NAV
|
|
|
Closing
Market
|
|
|
Index
|
|
|
NAV
|
|
|
Closing
Market
|
|
|
Index
|
|
Invesco BLDRS Asia 50 ADR Index Fund
|
|
|
-3.27%
|
|
|
|
-3.04%
|
|
|
|
-3.37%
|
|
|
|
18.51%
|
|
|
|
18.76%
|
|
|
|
16.04%
|
|
|
|
58.95%
|
|
|
|
58.99%
|
|
|
|
49.90%
|
|
|
|
185.47%
|
|
|
|
183.93%
|
|
|
|
165.25%
|
|
Invesco BLDRS Developed Markets 100 ADR Index Fund
|
|
|
-2.43%
|
|
|
|
-2.29%
|
|
|
|
-2.19%
|
|
|
|
4.35%
|
|
|
|
4.56%
|
|
|
|
4.63%
|
|
|
|
43.27%
|
|
|
|
43.30%
|
|
|
|
42.85%
|
|
|
|
152.32%
|
|
|
|
153.29%
|
|
|
|
154.98%
|
|
Invesco BLDRS Emerging Markets 50 ADR Index Fund
|
|
|
-3.61%
|
|
|
|
-3.52%
|
|
|
|
-3.24%
|
|
|
|
9.07%
|
|
|
|
8.89%
|
|
|
|
9.54%
|
|
|
|
17.16%
|
|
|
|
17.04%
|
|
|
|
19.01%
|
|
|
|
377.17%
|
|
|
|
373.43%
|
|
|
|
384.49%
|
|
Invesco BLDRS Europe Select ADR Index Fund
|
|
|
-2.44%
|
|
|
|
-2.27%
|
|
|
|
-1.98%
|
|
|
|
1.76%
|
|
|
|
1.82%
|
|
|
|
3.34%
|
|
|
|
41.20%
|
|
|
|
41.02%
|
|
|
|
45.00%
|
|
|
|
158.10%
|
|
|
|
157.21%
|
|
|
|
171.78%
|
|
Supplemental Information(continued)
(Unaudited)
(a)
|
Annualized Total Returns and Cumulative Total Returns for the period since inception are calculated
from the inception date of November 13, 2002. Cumulative Total Return represents the total change in value of an investment over the period indicated.
|
Closing Market Price and NAV returns assume that dividends and capital gains distributions have been reinvested in each Fund at market closing
price and net asset value, respectively. Since Fund shares typically do not trade in the secondary market until after several days after Fund inception, for the period from inception to the first day of secondary market trading in fund shares, the
net asset value is used as a proxy for secondary market trading price to calculate closing market returns.
Unlike a Fund, an Index
does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a Fund. Fund expenses negatively impact the performance of a Fund. Also, market returns do not include brokerage commissions that may be payable
on secondary market transactions. If brokerage commissions were included, market returns would be lower. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption
or sale of Fund shares. Fund shares may be worth more or less than their original cost when they are redeemed or sold in the market. A Funds past performance is no guarantee of future results.
Tax Information
(Unaudited)
Form 1099-DIV, Form 1042-S and other yearend tax information provide
shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.
The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific states requirement.
Each Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended
September 30, 2019:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Qualified Dividend
|
|
|
|
Dividends-Received
|
|
|
Income*
|
|
|
|
Deduction*
|
Asia
|
|
|
|
100
|
%
|
|
|
|
|
|
|
|
|
0
|
%
|
Developed Markets
|
|
|
|
100
|
%
|
|
|
|
|
|
|
|
|
0
|
%
|
Emerging Markets
|
|
|
|
100
|
%
|
|
|
|
|
|
|
|
|
0
|
%
|
Europe
|
|
|
|
100
|
%
|
|
|
|
|
|
|
|
|
0
|
%
|
*
|
The above percentages are based on ordinary income dividends paid to shareholders during the
Funds fiscal year.
|
Foreign Taxes Paid The following Funds elect under the Internal Revenue Code
Section 853 to pass through foreign taxes paid to its shareholders. The total amount of foreign taxes passed through to shareholders on a per share basis for the year ended September 30, 2019, are as follows:
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Foreign
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Taxes
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Income
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Per Share
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Per Share
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Asia
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$
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0.0918
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$
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0.9666
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Developed Markets
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0.0632
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1.1310
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Emerging Markets
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0.0958
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0.9011
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Europe
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0.0613
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1.0353
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Invesco BLDRS Index Funds Trust
Sponsor
Invesco Capital
Management, LLC
3500 Lacey Road, Suite 700
Downers Grove, IL 60515
Trustee
The Bank of New York Mellon
2
Hanson Place
Brooklyn, NY 11217
Distributor
Invesco Distributors, Inc.
11 Greenway Plaza, Suite 1000
Houston, TX 77046
Independent
Registered Public Accounting Firm
PricewaterhouseCoopers LLP
1 N. Wacker Drive
Chicago, IL
60606
Legal Counsel
Stradley Ronon Stevens & Young, LLP
1250 Connecticut Avenue, N.W., Suite 500
Washington, D.C. 20036
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(This Page Intentionally Left Blank)
(This Page Intentionally Left Blank)
Proxy Voting Policies and Procedures
A description of the Trusts 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 Commissions (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 Trusts Form N-PX on the Commissions 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 on Form N-PORT. The Form N-PORTs will be available on the Commissions website at
www.sec.gov.
Frequency Distribution of Discounts and Premiums
A table showing the number of days the market price of each Funds shares was greater than the Funds net asset value, and the number of
days it was less than the Funds 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 Funds
website at www.invesco.com/ETFs.
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©2019 Invesco Capital Management LLC
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3500 Lacey Road, Suite 700
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Downers Grove, IL 60515
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P-BLDRS-AR-1
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invesco.com/ETFs
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