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    Invesco Markets III plc (an umbrella investment company with variable capital and segregated liability between its funds incorporated with limited liability in Ireland under registration number 352941) ANNUAL REPORT AND AUDITED FINANCIAL STATEMENTS For the financial year ended 30 September 2020 1 Invesco Markets III plc


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    Table of Contents Pages General Information 4-5 Investment Policy and Description of the Funds 6-7 Investment Manager’s Report 8-12 Directors’ Report 13-24 Report of the Depositary to the Shareholders 25 Independent Auditors’ Report to the Shareholders 26-30 Schedule of Investments 31-109 Statement of Financial Position as at 30 September 2020 110-113 Statement of Financial Position as at 30 September 2019 114-117 Statement of Comprehensive Income for financial year ended 30 September 2020 118-121 Statement of Comprehensive Income for financial year ended 30 September 2019 122-125 Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares for financial year ended 30 September 2020 126-129 Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares for financial year ended 30 September 2019 130-133 Notes to the Financial Statements 134-165 US Equity ETFs Invesco EQQQ NASDAQ-100 UCITS ETF Schedule of Investments 31 Statement of Changes in Composition of the Portfolio 166 Invesco FTSE RAFI US 1000 UCITS ETF Schedule of Investments 34 Statement of Changes in Composition of the Portfolio 167 Invesco Dynamic US Market UCITS ETF* Schedule of Investments N/A Statement of Changes in Composition of the Portfolio 168 Invesco S&P 500 High Dividend Low Volatility UCITS ETF Schedule of Investments 50 Statement of Changes in Composition of the Portfolio 169 F Invesco S&P 500 VEQTOR UCITS ETF* Schedule of Investments N/A Statement of Changes in Composition of the Portfolio 170 Invesco S&P 500 QVM UCITS ETF Schedule of Investments 52 Statement of Changes in Composition of the Portfolio 171 Intelligent Access ETFs Invesco Global Buyback Achievers UCITS ETF Schedule of Investments 55 Statement of Changes in Composition of the Portfolio 172 Global ETFs Invesco FTSE RAFI Europe Mid-Small UCITS ETF* Schedule of Investments N/A Statement of Changes in Composition of the Portfolio 173 Invesco FTSE RAFI All-World 3000 UCITS ETF Schedule of Investments 61 Statement of Changes in Composition of the Portfolio 174 *Fund closed during the financial year, refer to note 19 of the financial statements. 2 Invesco Markets III plc


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    Table of Contents (continued) Global ETFs (continued) Invesco FTSE RAFI Emerging Markets UCITS ETF Schedule of Investments 80 Statement of Changes in Composition of the Portfolio 175 Invesco FTSE RAFI Europe UCITS ETF Schedule of Investments 86 Statement of Changes in Composition of the Portfolio 176 Invesco EURO STOXX High Dividend Low Volatility UCITS ETF Schedule of Investments 95 Statement of Changes in Composition of the Portfolio 177 Invesco FTSE Emerging Markets High Dividend Low Volatility UCITS ETF Schedule of Investments 97 Statement of Changes in Composition of the Portfolio 178 Country Specified ETFs Invesco FTSE RAFI UK 100 UCITS ETF Schedule of Investments 100 Statement of Changes in Composition of the Portfolio 179 Fixed Income ETFs Invesco EuroMTS Cash 3 Months UCITS ETF Schedule of Investments 103 Statement of Changes in Composition of the Portfolio 180 Invesco US High Yield Fallen Angels UCITS ETF Schedule of Investments 105 Statement of Changes in Composition of the Portfolio 181 Additional Information (Unaudited) Remuneration Policy 182 PEA Eligibility (Plan d'Epargne en Actions) 182 Securities Financing Transactions Regulation 182 UK Reporting 183 3 Invesco Markets III plc


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    General Information Invesco Markets III plc (the “Company”) was incorporated on 5 February 2002 and is established as an open-ended investment company with variable capital (“OEIC”) under the laws of Ireland as a public limited company pursuant to the Companies Act 2014, registration number 352941, the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 (as amended) and the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) (Amendment) Regulations 2019 (the "Central Bank UCITS Regulations"). As at 30 September 2020, thirteen active funds of the Company had been established (each a “Fund” and together the “Funds”). Invesco Dynamic US Market UCITS ETF, Invesco S&P 500 VEQTOR UCITS ETF and Invesco FTSE RAFI Europe Mid-Small UCITS ETF closed on 12 February 2020. The list of current Funds is as follows; US Equity ETFs Invesco EQQQ NASDAQ-100 UCITS ETF Invesco FTSE RAFI US 1000 UCITS ETF Invesco S&P 500 High Dividend Low Volatility UCITS ETF Invesco S&P 500 QVM UCITS ETF Intelligent Access ETFs Invesco Global Buyback Achievers UCITS ETF Global ETFs Invesco FTSE RAFI All-World 3000 UCITS ETF Invesco FTSE RAFI Emerging Markets UCITS ETF Invesco FTSE RAFI Europe UCITS ETF Invesco EURO STOXX High Dividend Low Volatility UCITS ETF Invesco FTSE Emerging Markets High Dividend Low Volatility UCITS ETF Country Specified ETFs Invesco FTSE RAFI UK 100 UCITS ETF Fixed Income ETFs Invesco EuroMTS Cash 3 Months UCITS ETF Invesco US High Yield Fallen Angels UCITS ETF 4 Invesco Markets III plc


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    General Information (continued) Board of Directors: Registered Office: Feargal Dempsey (Irish)* Central Quay Anne-Marie King (Irish)** Riverside IV Gary Buxton (British/Irish)** Sir John Rogerson’s Quay Barry McGrath (Irish)* Dublin 2 * Independent non-executive director Ireland ** Non-executive director Investment Manager: Manager: Invesco Capital Management LLC Invesco Investment Management Limited 3500 Lacey Road Central Quay Suite 700 Downers Grove Riverside IV Illinois 60515 Sir John Rogerson’s Quay United States Dublin 2 Ireland Independent Auditors: Administrator, Registrar and Transfer Agent: Chartered Accountants and Statutory Auditors BNY Mellon Fund Services (Ireland) Designated Activity Company PricewaterhouseCoopers One Dockland Central One Spencer Dock Guild Street North Wall Quay International Financial Services Centre Dublin 1 Dublin 1 Ireland Ireland Secretary: Depositary: MFD Secretaries Limited The Bank of New York Mellon SA/NV, Dublin Branch*** 32 Molesworth Street Riverside Two Dublin 2 Sir John Rogerson’s Quay D02 Y512 Dublin 2 Ireland D02 KV60 Ireland Legal Advisers to the Company: Sub - Custodian: Arthur Cox The Bank of New York Mellon Ten Earlsfort Terrace 240 Greenwich Street Dublin 2 New York, NY 10286 D02 T380 United States Ireland *** Effective 1 December 2019, BNY Mellon Trust Company (Ireland) Limited merged into The Bank of New York Mellon SA/NV, which itself is a wholly owned subsidiary of The Bank of New York Mellon (the “Merger”). Following the Merger, The Bank of New York Mellon SA/NV, Dublin Branch, will be the entity, which will provide trustee, depositary and/or custody services to the Company. 5 Invesco Markets III plc


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    Investment Policy and Description of the Funds Investment Strategy for the Financial Year Invesco EQQQ NASDAQ-100 UCITS ETF The investment objective of the Fund is to provide investors with investment results which, before expenses, generally correspond to the price and yield performance of the NASDAQ-100 Notional Index (Net Total Return) (the “Index”) in US Dollar terms. The Investment Manager uses the full physical replication method of the ‘index tracking’ strategy whereby the Fund will so far as possible and practicable hold all of the components of the Index in their respective weightings subject to the investment restrictions as disclosed in the Fund’s Prospectus. Invesco FTSE RAFI US 1000 UCITS ETF The investment objective of the Fund is to provide investors with investment results which, before expenses, correspond to the price and yield performance of the FTSE RAFI US 1000 Index (Net Total Return) (the “Index”) in US Dollar terms. The Investment Manager uses the full physical replication method of the ‘index-tracking’ strategy whereby the Fund will so far as possible and practicable hold all of the components of the Index in their respective weightings subject to the investment restrictions as disclosed in the Fund’s Prospectus. Invesco Dynamic US Market UCITS ETF* The investment objective of the Fund was to provide investors with investment results which, before expenses, corresponded to the price and yield performance of the Dynamic Market Intellidex Index (Net Total Return) (the “Index”) in US Dollar terms. The Investment Manager used the full physical replication method of the ‘index-tracking’ strategy whereby the Fund did so far as possible and practicable hold all of the components of the Index in their respective weightings subject to the investment restrictions as disclosed in the Fund’s Prospectus. With effect from 12 February 2020 the Fund closed. Invesco S&P 500 High Dividend Low Volatility UCITS ETF The investment objective of the Fund is to generate income, together with capital growth which, before expenses, would correspond to, or track, the return on the S&P 500 Low Volatility High Dividend Index (Net Total Return) (the “Index”) in US Dollar terms. The Investment Manager uses a full physical replication method of the ‘index-tracking’ strategy whereby the Fund will, so far as possible and practicable hold all the components of the Index in their respective weightings subject to the investment restrictions as disclosed in the Fund’s Prospectus. Invesco S&P 500 VEQTOR UCITS ETF* The investment objective of the Fund was to generate capital growth and income which, before expenses, corresponded to, or tracked, the return on the S&P 500 Dynamic VEQTOR Index (Net Total Return) (the “Index”) in US Dollar terms. The Fund invested in a combination of equity securities contained in the S&P 500 Index; futures contracts that reflected exposure to the S&P 500 VIX Short-Term Futures Index; and money market funds, money market instruments and cash subject to the investment restrictions as disclosed in the Fund’s Prospectus. With effect from 12 February 2020 the Fund closed. Invesco S&P 500 QVM UCITS ETF The investment objective of the Fund is to provide investors with investment results which, before expenses, correspond to the price and yield performance of the S&P 500 Quality, Value and Momentum Multi-Factor Index (Net Total Return) (the “Index”) in US Dollar terms. The Investment Manager uses a full physical replication method of the ‘index-tracking’ strategy whereby the Fund would, so far as possible and practicable hold all the components of the Index in their respective weightings subject to the investment restrictions as disclosed in the Fund’s Prospectus. Invesco Global Buyback Achievers UCITS ETF The investment objective of the Fund is to provide investors with investment results which, before expenses, correspond to the price and yield performance of the NASDAQ Global Buyback Achievers Index (Net Total Return) (the “Index”) in US Dollar terms. The Investment Manager uses the full physical replication method of the ‘index-tracking’ strategy whereby the Fund will so far as possible and practicable hold all of the components of the Index in their respective weightings subject to the investment restrictions as disclosed in the Fund’s Prospectus. Invesco FTSE RAFI Europe Mid-Small UCITS ETF* The investment objective of the Fund was to provide investors with investment results which, before expenses, corresponded to the price and yield performance of the FTSE RAFI Developed Europe Mid-Small Index (Net Total Return) (the “Index”) in Euro terms. The Investment Manager used the full physical replication method of the ‘index-tracking’ strategy whereby the Fund would so far as possible and practicable hold all of the components of the Index in their respective weightings subject to the investment restrictions as disclosed in the Fund’s Prospectus. With effect from 12 February 2020 the Fund closed. Invesco FTSE RAFI All-World 3000 UCITS ETF The investment objective of the Fund is to provide investors with investment results which, before expenses, correspond to the price and yield performance of the FTSE RAFI All-World 3000 Index (Net Total Return) (the “Index”) in US Dollar terms. The Investment Manager uses an optimal sampling method of the ‘index-tracking’ strategy whereby the Fund will so far as possible and practicable hold a sample of the components of the Index subject to the investment restrictions as disclosed in the Fund’s Prospectus. Invesco FTSE RAFI Emerging Markets UCITS ETF The investment objective of the Fund is to provide investors with investment results which, before expenses, correspond to the price and yield performance of the FTSE RAFI Emerging Markets Index (Net Total Return) (the “Index”) in US Dollar terms. The Investment Manager uses the full physical replication method of the ‘index-tracking’ strategy whereby the Fund will so far as possible and practicable, hold all of the components in the Index in their respective weightings, subject to the investment restrictions as disclosed in the Fund’s Prospectus. Invesco FTSE RAFI Europe UCITS ETF The investment objective of the Fund is to provide investment results which, before expenses, correspond to the price and yield performance of the FTSE RAFI Europe Index (Net Total Return) (the “Index”) in Euro terms. The Investment Manager uses the full physical replication method of the 'index-tracking' strategy whereby the Fund will, so far as possible and practicable, hold all of the components of the Index in their respective weightings subject to the investment restrictions as disclosed in the Fund’s Prospectus. Invesco EURO STOXX High Dividend Low Volatility UCITS ETF The investment objective of the Fund is to generate income, together with capital growth which, before expenses, correspond to, or track the return on the EURO iSTOXX High Dividend Low Volatility 50 Index (Net Total Return) (the “Index”) in Euro terms. The Investment Manager uses full physical replication method of the ‘index-tracking’ strategy whereby the Fund will so far as possible and practicable, hold all of the components in the Index in their respective weightings, subject to the investment restrictions as disclosed in the Fund’s Prospectus. *Fund closed on 12 February 2020. 6 Invesco Markets III plc


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    Investment Policy and Description of the Funds (continued) Investment Strategy for the Financial Year (continued) Invesco FTSE Emerging Markets High Dividend Low Volatility UCITS ETF The investment objective of the Fund is to generate income, together with capital growth which, before expenses, would correspond to, or track, the return on the FTSE Emerging High Dividend Low Volatility Index (Net Total Return) (the “Index”) in US Dollar terms. The Investment Manager uses a full physical replication method of the ‘index-tracking’ strategy whereby the Fund will so far as possible and practicable hold all the components of the Index in their respective weightings, subject to the investment restrictions as disclosed in the Fund’s Prospectus. Invesco FTSE RAFI UK 100 UCITS ETF The investment objective of the Fund is to provide investors with investment results which, before expenses, correspond to the price and yield performance of the FTSE RAFI UK 100 Index (Net Total Return) (the “Index”) in Sterling terms. The Investment Manager uses the full physical replication method of the ‘index-tracking’ strategy whereby the Fund will so far as possible and practicable hold all of the components of the Index in their respective weightings, subject to the investment restrictions as disclosed in the Fund’s Prospectus. Invesco EuroMTS Cash 3 Months UCITS ETF The investment objective of the Fund is to provide investors with investment results which, before expenses, correspond to the price and yield performance of the FTSE MTS Eurozone Government Bill 0-6 Month Capped Index (the “Index”) in Euro terms. The Investment Manager uses an optimal sampling method of the 'index tracking' strategy whereby the Fund will so far as possible and practicable hold a sample of the components of the Index. Invesco US High Yield Fallen Angels UCITS ETF The investment objective of the Fund is to provide investors with investment results which, before expenses, correspond to the price and yield performance of the FTSE Time-Weighted US Fallen Angel Bond Select Index (the “Index”) in US Dollar terms. The Investment Manager uses an optimal sampling method of the ‘index-tracking’ strategy whereby the Fund will so far as possible and practicable hold a sample of the components of the Index. 7 Invesco Markets III plc


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    Investment Manager’s Report Performance Analysis Index versus Fund Performance – 30 September 2020 Fund Name Currency Net Asset Calendar Year 1 Year 5 Years Value to date 1 January 2020 to 1 October 2019 to 1 October 2015 to 30 September 2020 30 September 2020 30 September 2020 Invesco EQQQ NASDAQ-100 UCITS ETF USD 5,323,097,858 31.25% 48.13% 23.06% NASDAQ-100 Notional Index (Net Total Return) 31.39% 48.33% 23.20% Variance 0.14% 0.20% 0.14% Invesco FTSE RAFI US 1000 UCITS ETF USD 164,992,480 -8.47% -1.08% 8.50% FTSE RAFI US 1000 Index (Net Total Return) -8.60% -1.17% 8.51% Variance -0.13% -0.09% 0.01% Invesco Dynamic US Market UCITS ETF* USD – 2.87% 5.19% 40.14% Dynamic Market Intellidex Index (Net Total Return) 2.93% 5.77% 44.67% Variance 0.07% 0.58% 4.52% Invesco S&P 500 High Dividend Low Volatility UCITS ETF USD 75,852,166 -22.11% -18.76% 4.63% S&P 500 Low Volatility High Dividend Index (Net Total Return) -22.70% -19.49% 4.14% Variance -0.59% -0.73% -0.49% Invesco S&P 500 VEQTOR UCITS ETF* USD – 2.72% 3.85% N/A S&P 500 Dynamic VEQTOR Index (Net Total Return) 2.83% 4.29% N/A Variance 0.11% 0.44% N/A Invesco S&P 500 QVM UCITS ETF USD 6,794,831 1.61% 9.56% N/A S&P 500 Quality, Value and Momentum Multi-Factor Index (Net Total Return) 1.60% 9.53% N/A Variance -0.01% -0.03% N/A Invesco Global Buyback Achievers UCITS ETF USD 25,040,319 -7.35% 2.10% 8.27% NASDAQ Global Buyback Achievers Index (Net Total Return) -7.06% 2.43% 8.60% Variance 0.29% 0.33% 0.33% Invesco FTSE RAFI Europe Mid-Small UCITS ETF* EUR – 1.51% 14.25% 31.69% FTSE RAFI Developed Europe Mid-Small Index (Net Total Return) 1.54% 14.45% 42.15% Variance 0.02% 0.21% 10.46% Invesco FTSE RAFI All-World 3000 UCITS ETF USD 36,103,636 -10.96% -3.55% 5.95% FTSE RAFI All-World 3000 Index (Net Total Return) -12.44% -5.00% 6.00% Variance -1.48% -1.45% 0.05% Invesco FTSE RAFI Emerging Markets UCITS ETF USD 29,031,324 -18.06% -8.27% 7.31% FTSE RAFI Emerging Markets Index (Net Total Return) -18.78% -9.19% 7.69% Variance -0.72% -0.92% 0.38% Invesco FTSE RAFI Europe UCITS ETF EUR 5,969,739 -21.81% -17.23% 0.65% FTSE RAFI Europe Index (Net Total Return) -21.80% -17.22% 0.70% Variance 0.01% 0.01% 0.05% Invesco EURO STOXX High Dividend Low Volatility UCITS ETF EUR 13,288,273 -23.91% -20.85% N/A EURO iSTOXX High Dividend Low Volatility 50 Index (Net Total Return) -23.97% -20.88% N/A Variance -0.06% -0.03% N/A Invesco FTSE Emerging Markets High Dividend Low Volatility USD 56,398,327 -22.43% -14.57% N/A UCITS ETF FTSE Emerging High Dividend Low Volatility Index (Net Total Return) -22.61% -14.83% N/A Variance -0.18% -0.26% N/A *Fund closed on 12 February 2020. The performance has been calculated up to 11 February 2020. 8 Invesco Markets III plc


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    Investment Manager’s Report (continued) Performance Analysis (continued) Index versus Fund Performance – 30 September 2020 (continued) Fund Name Currency Net Asset Calendar Year to 1 Year 5 Years Value date 1 January 2020 to 1 October 2019 to 1 October 2015 to 30 September 2020 30 September 2020 30 September 2020 Invesco FTSE RAFI UK 100 UCITS ETF GBP 7,206,875 -30.11% -27.62% 1.09% FTSE RAFI UK 100 Index (Net Total Return) -30.02% -27.50% 1.56% Variance 0.09% 0.12% 0.47% Invesco EuroMTS Cash 3 Months UCITS ETF EUR 29,859,332 -0.42% -0.58% -0.58% FTSE MTS Eurozone Government Bill 0-6 Month Capped Index -0.32% -0.44% -0.42% Variance 0.10% 0.14% 0.16% Invesco US High Yield Fallen Angels UCITS ETF USD 222,223,547 -1.01% 2.45% N/A FTSE Time-Weighted US Fallen Angel Bond Select Index 1.18% 5.03% N/A Variance 2.19% 2.58% N/A Tracking Error Analysis Anticipated Ranges for the Funds The chart on the table overleaf lists levels of tracking errors ranges for the current products listed in Europe utilised by the Investment Manager. The Investment Manager will periodically revisit the “minimum” and “maximum” of each Fund to make sure it is still reasonable as well as alternative measurements to gauge tracking accuracy. The ranges are identical to those used for Invesco US-listed funds. 9 Invesco Markets III plc


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    Investment Manager’s Report (continued) Tracking Error Analysis (continued) Acceptable Ranges for the Funds Please see the below table for detailed tracking error analysis by fund for time periods of 1 year, 2 years and 3 years to 30 September 2020. Ticker Fund Name Strategy 1 Year 2 Year 3 Year Tracking error range EQQQ Invesco EQQQ NASDAQ-100 UCITS ETF US Large Cap Equity 0.05% 0.04% 0.04% 0.03% - 0.20% EQCH Invesco EQQQ NASDAQ-100 UCITS ETF – CHF Hedged UCITS ETF US Large Cap Equity 0.45% 0.40% 0.37% 0.01% - 1.00% EQEU Invesco EQQQ NASDAQ-100 UCITS ETF – EUR Hedged UCITS ETF US Large Cap Equity 0.39% 0.36% 0.35% 0.01% - 1.00% EQGB Invesco EQQQ NASDAQ-100 UCITS ETF – GBP Hedged UCITS ETF US Large Cap Equity 0.68% 0.52% 0.46% 0.01% - 1.00% EQAC Invesco EQQQ NASDAQ-100 UCITS ETF – USD Unhedged Accumulation UCITS ETF US Large Cap Equity 0.05% 0.04% 0.04% 0.03% - 0.40% PSRF Invesco FTSE RAFI US 1000 UCITS ETF US Large Cap Equity 0.09% 0.08% 0.07% 0.03% - 0.20% PSWC Invesco Dynamic US Market UCITS ETF* US Large Cap Equity 0.03% 0.07% 0.07% 0.03% - 0.20% HDLV Invesco S&P 500 High Dividend Low Volatility UCITS ETF US Large Cap Equity 0.26% 0.20% 0.17% 0.03% - 0.20% HDCH Invesco S&P 500 High Dividend Low Volatility UCITS ETF – CHF Hedged UCITS ETF US Large Cap Equity 0.56% 0.50% 0.42% 0.01% - 1.00% SPVX^ Invesco S&P 500 VEQTOR UCITS ETF* US Large Cap Equity 0.27% 0.25% 0.43% 0.03% - 0.40% PQVM Invesco S&P 500 QVM UCITS ETF US Large Cap Equity 0.08% 0.07% 0.06% 0.03% - 0.20% BUYB Invesco Global Buyback Achievers UCITS ETF Non-US Developed Equity 0.16% 0.12% 0.21% 0.10% - 1.00% PSES Invesco FTSE RAFI Europe Mid-Small UCITS ETF* Non-US Developed Equity 0.06% 0.09% 0.13% 0.10% - 1.00% PSRW Invesco FTSE RAFI All-World 3000 UCITS ETF Non-US Developed Equity 1.04% 0.80% 0.91% 0.10% - 1.00% PSDE Invesco FTSE RAFI Emerging Markets UCITS ETF Emerging Markets Equity 1.03% 0.82% 0.74% 0.10% - 2.00% PSRE Invesco FTSE RAFI Europe UCITS ETF Non-US Developed Equity 0.11% 0.17% 0.17% 0.10% - 1.00% EUHD Invesco EURO STOXX High Dividend Low Volatility UCITS ETF Non-US Developed Equity 0.16% 0.20% 0.18% 0.10% - 1.00% EMHD Invesco FTSE Emerging Markets High Dividend Low Volatility UCITS ETF Emerging Markets Equity 0.57% 0.84% 1.17% 0.10% - 2.00% PSRU Invesco FTSE RAFI UK 100 UCITS ETF Non-US Developed Equity 0.30% 0.22% 0.18% 0.10% - 1.00% PEU Invesco EuroMTS Cash 3 Months UCITS ETF Non-US Bond 0.01% 0.01% 0.02% 0.10% - 1.00% HYFA Invesco US High Yield Fallen Angels UCITS ETF US High Yield 0.57% 0.53% 0.65% 0.00% - 0.90% FACH^ Invesco US High Yield Fallen Angels – CHF Hedged UCITS ETF US High Yield 0.49% 0.47% 0.77% 0.01% - 1.00% FAEU^ Invesco US High Yield Fallen Angels – EUR Hedged UCITS ETF US High Yield 0.93% 0.73% 0.89% 0.01% - 1.00% FAGB^ Invesco US High Yield Fallen Angels – GBP Hedged UCITS ETF US High Yield 1.45% 1.08% 1.09% 0.01% - 1.00% ^ SPVX, FACH, FAEU and FAGB tracking error is considered normal. Due to the size of the Fund it is very difficult to match the index exactly. One of the main components is VIX futures which are very volatile and create this tracking error. *Fund closed on 12 February 2020. The tracking error has been calculated up to 11 February 2020. Tracking Difference is defined as the difference between the portfolio returns and the index returns. These differences are highlighted on page 8-9. Tracking error is defined as the standard deviation of the monthly differences between the portfolio and benchmark returns over a given time period (YTD, 1 year, 2 years, 3 years, since inception, etc.). These are highlighted above. Causes of Tracking Error ETFs, like index Funds, are designed to track a specific market segment, investment theme or widely followed benchmark. Since they are passive in nature, tracking error for an ETF should be low or non-existent in theory. The causes of tracking error for ETFs can include, but are not limited to the following: holdings/size of the fund, regulatory issues/constraints and cash flows and fees. The greatest challenge for our Funds tends to be cash management due to fund size and, given the concentrated nature of some of the Funds and limited liquidity on certain securities, a modest amount of tracking error is unavoidable. The report uses at least 12 months of performance difference between Fund and index to obtain an accurate tracking error value for the Funds. 10 Invesco Markets III plc


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    Investment Manager’s Report (continued) Tracking Error Analysis (continued) Tracking Error Exception At the direction of the Board of the Company, we have been providing a quarterly tracking error analysis using the tracking error ranges noted as a reference point. The Investment Manager will periodically revisit the “minimum” and “maximum” of each Fund to make sure it is still appropriate as well as alternative measurements to gauge tracking accuracy. Correlation Analysis Correlation represents the relationship between two or more variables with a value assigned between 1 and -1. Correlation is the degree to which these variables are observed to move together: if they move in the same direction, there is positive correlation; if they move in opposite directions, there is negative correlation. A value of 1 indicates they are perfectly correlated and a value of -1, means they are exact opposites. The calculated value usually falls somewhere in between indicating the degree of linear dependence between the variables. The closer the coefficient is to either 1 or -1, the stronger or weaker the correlation between the variables (in this case the Fund and index). The table below outlines the correlation of each of the funds compared to their respective underlying indices. At least 1 year of data is beneficial when doing correlation analysis for the Funds. To get the 1 year figures, monthly data was used for the analysis. Please see the below table for detailed correlation analysis by Fund. 30 September 2020 Ticker Fund Name Shares in Issue Currency Correlation 1-Year EQQQ Invesco EQQQ NASDAQ-100 UCITS ETF 16,058,731 USD 1.000 EQCH Invesco EQQQ NASDAQ-100 UCITS ETF – CHF Hedged UCITS ETF 252,573 CHF 1.000 EQEU Invesco EQQQ NASDAQ-100 UCITS ETF – EUR Hedged UCITS ETF 708,013 EUR 1.000 EQGB Invesco EQQQ NASDAQ-100 UCITS ETF – GBP Hedged UCITS ETF 290,691 GBP 1.000 EQAC Invesco EQQQ NASDAQ-100 UCITS ETF – USD Unhedged Accumulation UCITS ETF 2,665,638 USD 1.000 PSRF Invesco FTSE RAFI US 1000 UCITS ETF 8,731,701 USD 1.000 PSWC Invesco Dynamic US Market UCITS ETF* - USD 1.000 HDLV Invesco S&P 500 High Dividend Low Volatility UCITS ETF 3,015,501 USD 1.000 HDCH Invesco S&P 500 High Dividend Low Volatility UCITS ETF – CHF Hedged UCITS ETF 6,200 CHF 1.000 SPVX Invesco S&P 500 VEQTOR UCITS ETF* - USD 1.000 PQVM Invesco S&P 500 QVM UCITS ETF 200,001 USD 1.000 BUYB Invesco Global Buyback Achievers UCITS ETF 723,201 USD 1.000 PSES Invesco FTSE RAFI Europe Mid-Small UCITS ETF* - EUR 1.000 PSRW Invesco FTSE RAFI All-World 3000 UCITS ETF 1,989,552 USD 1.000 PSDE Invesco FTSE RAFI Emerging Markets UCITS ETF 3,971,001 USD 1.000 PSRE Invesco FTSE RAFI Europe UCITS ETF 800,001 EUR 1.000 EUHD Invesco EURO STOXX High Dividend Low Volatility UCITS ETF 650,001 EUR 1.000 EMHD Invesco FTSE Emerging Markets High Dividend Low Volatility UCITS ETF 2,437,311 USD 1.000 PSRU Invesco FTSE RAFI UK 100 UCITS ETF 959,201 GBP 1.000 PEU^ Invesco EuroMTS Cash 3 Months UCITS ETF 297,259 EUR 0.986 HYFA Invesco US High Yield Fallen Angels UCITS ETF 9,028,322 USD 1.000 FACH Invesco US High Yield Fallen Angels – CHF Hedged UCITS ETF 36,377 CHF 1.000 FAEU Invesco US High Yield Fallen Angels – EUR Hedged UCITS ETF 285,784 EUR 1.000 FAGB Invesco US High Yield Fallen Angels – GBP Hedged UCITS ETF 33,174 GBP 1.000 *Fund closed on 12 February 2020. ^ PEU correlation in excess of 10% is related largely to the optimization of the portfolio vs full replication as well as additional expenses related to a weekly rebalance, which removes securities a week prior to maturity. 11 Invesco Markets III plc


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    Investment Manager’s Report (continued) Commentary on Performance We didn’t envisage the global pandemic that dominated 2020. Even so, we had some successes and cyclical assets did well. We expect that to continue in 2021, vaccines willing. A year ago, we worried that economic and profit growth could falter but remained cautiously optimistic about equities and real estate. We didn’t foresee a global pandemic that would cause a deep recession, nor did we envision that a sitting US president would refuse to concede a clear defeat. It should then be no surprise that defensive assets such as precious metals and government bonds did well in 2020. More surprising is that equities and industrial metals also had a good year. The 17.5% USD total return on our Neutral portfolio in 2019 (17.4% in local currency) was followed by 12.6% in 2020 (9.9%). The Neutral portfolio is a static mix of global cash, fixed income, equity, real estate and commodity assets. As always, bad news sells. Just as US-China trade tensions dominated the most-read stories in 2019, it was Covid-19 that dominated our thoughts during 2020. Except for one story about the US election, the virus dominated. To underline what a strange year it was, despite the focus on the pandemic (and a large sell-off in February/March), equities were the best performing asset class in 2020 (+16.8% in USD). Commodities was the worst group with a loss of 23.7%. However, delving into regional and sub-group detail gives some interesting results, with Chinese equities at the top of the list (+29.7% in USD according to MSCI), followed by precious metals (+23.0%). The oil price slump caused energy to be at the bottom of the pile with a loss of 46.3%. Asset selection was more important in 2020 than in 2019. Currency movements were an important factor in the poor performance of some Emerging Market assets: Brazil, Russia and Turkey all saw sizeable double- digit currency declines versus the US dollar, for example. And this in a year of dollar weakness (J.P. Morgan’s nominal broad effective index for USD fell 3.1% in 2020). Indeed, the weakness of the South African rand (-4.8% in 2020) turned the strong performance of South African government debt (+8.6% in local currency) into poor performance when measured in USD (pulling South Africa down to 31st out of the 35 government bond markets in our universe). As usual, we believe the main driver of returns will be the economic cycle but, for once, that may depend upon science. If all goes well with vaccine programmes, 2021 should be a year of strong economic growth, which should favour cyclical assets. It should also bring the greatest relief to those countries that have struggled with the pandemic, which is one reason we favour European assets. Invesco Capital Management LLC 7 January 2021 12 Invesco Markets III plc


  • Page 13

    Directors’ Report for the financial year ended 30 September 2020 The Directors submit their annual report together with the audited financial statements for the financial year ended 30 September 2020. Statement of Directors’ Responsibilities The Directors are responsible for preparing the Directors’ Report and the financial statements in accordance with Irish law. Irish company law requires the Directors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing those financial statements, the Directors are required to:  select suitable accounting policies and then apply them consistently;  make judgements and estimates that are reasonable and prudent;  state whether the financial statements have been prepared in accordance with Irish law and accounting standards issued by the Financial Reporting Council, including FRS102 “The Financial Reporting Standards applicable in the UK and Republic of Ireland” (Generally Accepted Accounting Principles in Ireland), subject to any material departures from those standards being disclosed and explained in the notes to the financial statements; and;  prepare the financial statements on a going concern basis unless it is inappropriate to presume that the Company will continue in business. The Directors are responsible for preparing the Directors’ report and the financial statements in accordance with Irish law and accounting standards issued by the Financial Reporting Council, including FRS102 “The Financial Reporting Standards applicable in the UK and Republic of Ireland” (Generally Accepted Accounting Principles in Ireland). The Directors confirm that they have complied with the above requirements in preparing the financial statements in accordance with applicable Irish Law and generally accepted accounting principles in Ireland. The Company’s business activities, together with the factors likely to affect its future development, performance and position are set out in the Investment Manager's Report. The financial position of the Company is described in the financial statements on pages 110-113. In addition, the Investment Manager's Report sets out the objectives of each Fund and the outlook for the Funds. The Company has considerable assets under management with minimal to moderate levels of tracking error. As a consequence, the Directors believe that the Company is well placed to manage its business successfully. The Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements. The Directors are responsible for keeping adequate accounting records that are sufficient to:  correctly record and explain the transactions of the company;  enable, at any time, the assets, liabilities, financial position and profit or loss of the company to be determined with reasonable accuracy; and  enable the directors to ensure that the financial statements comply with the Companies Act 2014 and enable those financial statements to be audited. The Directors believe that they have complied with the requirements of Section 281 to 285 of the Companies Act 2014 with regard to accounting records by engaging the services of an Administrator employing personnel with appropriate expertise and adequate resources to provide the Company’s finance function. The Directors are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Directors acknowledge that they are responsible for securing the Company’s compliance with the relevant obligations as set out in Section 225 of the Companies Act 2014. The Directors confirm that: 1) A compliance policy document has been drawn up that sets out policies, that in our opinion are appropriate to the Company, respecting compliance by the Company with its relevant obligations; 2) appropriate arrangements or structures are in place that are, in our opinion, designed to secure material compliance with the Company's relevant obligations, and; 3) during the financial year, the arrangements or structures referred to in (2) have been reviewed. The Directors believe that they have complied with the requirements of Section 330 of the Companies Act 2014 as follows:  so far as the Directors are aware, there is no relevant audit information of which the Company’s statutory auditors are unaware, and  the Directors have taken all the steps that they ought to have taken as directors in order to make himself or herself aware of any relevant audit information and to establish that the Company’s statutory auditors are aware of that information. The Company has appointed Invesco Investment Management Limited (“the Manager”) as manager of the Company who has, in turn delegated certain duties to the Investment Manager, Invesco Capital Management LLC (the “Investment Manager”) and the Administrator, BNY Mellon Fund Services (Ireland) Designated Activity Company (the “Administrator”). The Company has appointed Bank of New York Mellon SA/NV, Dublin Branch (the “Depositary”) to act as Depositary of the Company’s assets. The measures taken by the Directors to secure compliance with the Company’s obligations to keep proper accounting records include the use of appropriate systems and procedures and the employment of competent persons. The accounting records are retained at the office of the Administrator at One Dockland Central, Guild Street, International Financial Services Centre, Dublin 1. The Financial Statements are published on the https://etf.invesco.com website. The Directors and Invesco UK Services Limited are responsible for the maintenance and integrity of the financial information included on this website. Legislation in the Republic of Ireland governing the presentation and dissemination of the Financial Statements may differ from legislation in other jurisdictions. Corporate Governance Statement The European Communities (Directive 2006/46/EC) Regulations (S.I. 450 of 2009 and S.I. 83 of 2010) (the “Regulations”) requires the inclusion of a corporate governance statement in the Directors’ Report. General Principles and Compliance Responsibility for good governance lies with the Board. The governance framework of the Company reflects the fact that, as a collective investment scheme, it has no employees and outsources investment management and administration. Irish Fund Governance Code The Board is committed to maintaining the highest standards of corporate governance and is accountable to shareholders for the governance of the Company’s affairs. The Company fully complies with the voluntary Corporate Governance Code for Irish Collective Investment Schemes, issued by Irish Funds (the “IF 13 Invesco Markets III plc


  • Page 14

    Directors’ Report for the financial year ended 30 September 2020 (continued) Corporate Governance Statement (continued) Code”). The IF Code is available at www.irishfunds.ie. The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company’s website. Legislation in the Republic of Ireland governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. The Company is also subject to corporate governance practices imposed by: (i) The Companies Act 2014 (as amended) (the “Companies Act”) which is available for inspection at the registered office of the Company and may also be obtained at: www.irishstatutebook.ie; (ii) The Constitutional Documents of the Company which are available for inspection at the registered office of the Company at 32 Molesworth Street, Dublin 2, Ireland and at the Companies Registration Office in Ireland; (iii) The Central Bank of Ireland in the Central Bank UCITS Regulations which can be obtained from the website at: www.centralbank.ie; (iv) Deutsche Börse through the trading model of XETRA for shares (including ETFs) which can be obtained from the Deutsche Börse website at: www.deutscheboerse.com; and (v) The Irish Stock Exchange (“ISE”) trading as Euronext Dublin continuing obligations requirements for open ended Funds which can be obtained from the ISE website at: www.ise.ie (vi) The Swiss Stock Exchange ("SIX") continuing obligations requirements for Investment Funds which can be obtained from the SIX website at: www.sixswiss-exchange.com; and (vii) The Italian Stock Exchange ("Borsa Italiana") continuing obligations requirements for ETFs which can be obtained from the Borsa Italiana website at www.borsaitaliana.it; and (viii) The French Stock Exchange ("NYSE Euronext Paris") continuing obligations requirements for ETFs which can be obtained from the NYSE Euronext Paris website at https://www.euronext.com/en/markets/paris. By virtue of the listing on the ISE, certain Funds are admitted to trading on the London Stock Exchange ("LSE") on a "cross listing" basis. In the context, however, of corporate governance, the Funds are not subject to the listing requirements of the London Stock Exchange but instead comply with those of the ISE. In respect of Funds admitted to trading on Xetra, SIX, Borsa Italiana or NYSE Paris Euronext, the Funds are listed directly with the exchanges and are required to comply with the listing requirements of the local jurisdiction. Composition of the Board and Succession Planning The IF Code requires a majority of the Board to be non-executive directors, at least one of whom should be an independent non-executive director. The IF Code does not require the Chairman to be independent. As the IF Code has been tailored specifically for collective investment schemes, the Board has resolved to follow the IF Code in this regard. The Board comprises four Directors, all of whom are non-executive, two of whom are considered independent. Three of the Directors are Irish residents (including both Independent Non-executive Directors) and are therefore reasonably available to meet the Central Bank at short notice, if so required. The Directors have a range of relevant financial, operational and investment management skills and experience relevant to the direction and control of the Company. Details of the Directors’ skills and experience can be found in their individual biographies on page 16. Barry McGrath has acted as the Company’s Chairman since 6 April 2019, succeeding Graeme Proudfoot. The Board considers that Mr McGrath provides it with effective leadership, ensures that critical discussions take place; objective decisions are made and that third parties are appropriately challenged. He also promotes effective communication between members of the Board. Directors’ Independence As it is tailored specifically for collective investment schemes, the Board considers that the independence criteria specified in the IF Code to be appropriate for the purposes of determining the independence of Directors. The Board has considered the independence of Barry McGrath and Feargal Dempsey and, in addition to meeting the criteria for independence laid down by the IF Code, is satisfied that the actions of these Directors on behalf of the Company demonstrate that they remain independent. As an investment company, the relationship between the Board and the Manager is such that the Board does not consider it necessary to nominate a senior independent director, other than the Chairman. All the Directors are available to shareholders if they have concerns when contact through the normal channels of Chairman, Manager or Company Secretary has failed to resolve or for which such contact is inappropriate. The Board recognises the importance of ensuring that all Directors are able to allocate sufficient time to the Company in order to discharge their responsibilities effectively. As part of the selection and appointment process, potential Directors are provided with an assessment of the time commitment expected (including an estimate of the time required for additional or ad hoc matters) to undertake the requirements of the role. Potential Directors are required to confirm that they have sufficient time to undertake the requirements of the role and to disclose all other significant commitments they have. Once Directors are appointed to the Board, they must disclose any changes to their significant commitments as and when they arise. As part of the 2018 Directors’ Performance Evaluation, Directors confirmed that they continue to have sufficient time to act as Directors of the Company. The significant commitments of the Directors can be found in their individual biographies on page 16. Appointment, Re-election and Tenure of Directors The Board is responsible for reviewing the size, structure and composition of the Board and considering any changes or new appointments. The Board has formulated a formal, rigorous and transparent procedure for the selection and appointment of any new Director to the Board. The Board may appoint an external search consultancy to identify potential candidates. However, to date the Board has been able to identify the most appropriate candidates to join the Board through its own selection process and has therefore not considered it necessary to appoint an external search consultancy. Appointments to the Board are subject to the approval of the Central Bank of Ireland. The Directors do not have a formal service contract with the Company. Directors’ terms and conditions of appointment are set out in letters of appointment, which are available for inspection at the registered office of the Company and will be available at the Annual General Meeting (“AGM”). Board Changes Details of the Directors’ skills and experience can be found in their individual biographies on page 16. 14 Invesco Markets III plc


  • Page 15

    Directors’ Report for the financial year ended 30 September 2020 (continued) Corporate Governance Statement (continued) Board Diversity The Board considers that diversity in its membership is beneficial and therefore seeks to ensure that the Board’s size, structure and composition, including skills, knowledge, experience and diversity is sufficient for the effective direction and control of the Company. However, as the Board is committed to appointing the most appropriate candidates as Directors of the Company, it has not set any measurable objectives in respect of this policy. Chief Executive The Company is an externally managed investment company without any employees. Therefore, the Board does not consider it appropriate to appoint a Chief Executive. The Secretary The Board has direct access to the advice and services of the Company Secretary, MFD Secretaries Limited, which is responsible for ensuring that the Board and Committee procedures are followed and compliant with applicable rules and regulations. The Company Secretary is also responsible to the Board for ensuring timely delivery of information and reports and that the statutory obligations of the Company are met. Additionally, the Company Secretary is responsible for advising the Board through the Chairman on all governance matters. Annual General Meeting (AGM) The Notice of the AGM of the Company, which is to be held on 26 March 2021, will be sent to shareholders in due course. The Board urges all shareholders to vote in favour of these resolutions by returning their completed voting papers. The following summarises the current business of the forthcoming AGM of the Company: Ordinary Resolutions Resolution 1 is for shareholders to receive this Annual Financial Report; Resolution 2 is to re-appoint the auditors and to authorise the Directors to determine the auditors’ remuneration. PricewaterhouseCoopers has expressed willingness to continue to hold office until the conclusion of the next annual general meeting of the Company. More detail in relation to each resolution (including any further business that may be approved by the Board for shareholder consideration at the AGM) will be included in the Notice of the AGM. Directors’ Remuneration The Board as a whole reviews Directors’ remuneration, having agreed that a separate remuneration committee is not appropriate for a Company of this size and nature. The Directors seek advice from the Secretary, when considering the level of Directors’ fees. The Board’s policy is that the remuneration of Independent Non-Executive Directors should be fair and reasonable in relation to the time commitment and responsibilities of the Directors. The amount of Directors’ fees paid during the financial year ended 30 September 2020 can be found in Note 12 to the financial statements. Conflicts of Interest A Director must avoid a situation where he or she has an interest that conflicts with the Company’s interests. In any matter for consideration before the Board where a Director believes that a conflict may arise affecting him or her, unless otherwise generally agreed in accordance with the provisions of the Companies Act 2014, he or she shall disclose such conflict to the Board before the issue is considered by the Board. The Directors have the authority to authorise potential conflicts of interest. Firstly, only Directors who have no interest in the matter being considered are able to take the relevant decision, and secondly, in taking the decision the Directors must act in a way they consider, in good faith, will be most likely to promote the Company’s success. The Directors have declared any potential conflicts of interest to the Company. Directors’ Development Prior to his or her appointment each new Director is fully briefed as to his or her responsibilities and is continually updated throughout his or her office on industry and regulatory matters. The Manager and Board have a programme of induction training for newly appointed Directors. They have also put arrangements in place to address the ongoing development requirements of Directors, which includes regular briefings from, amongst others, key members of the Manager’s staff, auditors, investment strategists, trustees and legal advisors regarding any proposed product developments or changes in laws or regulations that could affect the Company. Board and Directors’ Performance Evaluation IF Code requires the Board to undertake a review of the overall performance of the Board and that of any individual Directors annually with a formal documented review taking place at least once every three years. In 2018, the Board carried out a formal documented review of the performance of the Board as a whole, individual members and the performance of the Chairman. The findings indicated that the Directors individually, and the Board as a whole, continued to function efficiently, that the composition of the Board is appropriately aligned to the Company’s activities and that the Directors are able to effectively discharge their responsibilities to the Company and its Shareholders. Board Responsibilities The Board is responsible for the Company’s overall direction and strategy and to this end it reserves the decision making power on issues such as the determination of medium and long term goals, reviewing managerial performance, organisational structure and capital needs and commitments to achieve the Company’s strategic goals. To achieve these responsibilities, the Board meets at least quarterly to review the operations of the Company, address matters of strategic importance and to receive reports from the Manager, the Administrator and the Depositary. However, a Director or the Secretary may, on the requisition of a Director, at any time summon a meeting of the Directors. Additional ad hoc meetings are convened as required. The Board is supplied with information in a timely manner and in a form and of a quality appropriate to enable it to discharge its duties. The Board also approves the Prospectus, circulars to shareholders, listing particulars and other relevant legal documentation. A formal schedule of matters specifically reserved for decision by the Board has been defined. The Directors also have access to the advice and services of the Secretary, external counsel and the resources of the Investment Manager should they be needed. Where necessary, in the furtherance of their duties, the Board and individual Directors may seek independent professional advice at the expense of the Company. Any Director who resigns their position is obliged, if appropriate to confirm to the Board and the Central Bank of Ireland that the resignation is not connected with any issues with or claims against the Company. Furthermore, any Director who has concerns about the running of the Company or a proposed course of action may provide a written statement to the Chairman outlining his concerns for circulation to the Board or alternatively may have his concerns formally recorded in the minutes of a Board meeting. Decisions arising at any meeting of the Directors are determined by a majority of votes. In the case of an equality of votes, the Chairman has a second or casting vote. The quorum necessary for the transaction of business at a meeting of the Directors is two. The Company has maintained appropriate Directors’ and officiers’ liability insurance cover throughout the financial year. 15 Invesco Markets III plc


  • Page 16

    Directors’ Report for the financial year ended 30 September 2020 (continued) Corporate Governance Statement (continued) Directors’ Biographies Feargal Dempsey – Independent Non –Executive Director Mr Dempsey is an independent director and consultant to the ETF industry and serves on the boards of several management company and fund boards. He has held senior positions at Barclays Global Investors/BlackRock including Head of Product Strategy iShares EMEA, Head of Product Structuring iShares EMEA and Head of Product Governance. Previously he has also served as Head of Legal to ETF Securities and as a senior lawyer in Pioneer Investments. Mr Dempsey holds a BA(Hons) and an LLB(Hons) from University College Galway and was admitted to the Roll of Solicitors in Ireland in 1996 and to the England and Wales Law Society in 2005. He has served on the legal and regulatory committee of the IFIA and the ETF Working Group at EFAMA. Mr. Dempsey was appointed to the Board with effective date 2 May 2018. Anne-Marie King – Non –Executive Director Ms. King is the Head of Cross Border Governance for EMEA, responsible for developing a consistent and coherent governance and oversight framework for Invesco’s regulated fund management company activities across EMEA, with specific responsibility for Invesco’s Dublin and Luxembourg based entities. Ms. King is a Director of Invesco Management S.A. and Chair of Invesco Investment Management Limited. She is also a Director of a number of Invesco promoted funds. Ms. King joined Invesco (then known as Investment Fund Administrators Limited, a fully owned subsidiary of GT Asset Management Ireland Limited) in September 1994, as a member of the Client Services department. Since then Ms. King has undertaken a number of varied and progressive roles within Invesco including: Finance, Investment Administration, Business Development and Transfer Agency. Before assuming her current position in 2013, Ms. King was Head of Cross Border Transfer Agency with full responsibility for transfer agency operational, control and oversight functions and the related project and product implementation. She graduated from Dublin Business School in 1998 and is a fellow of the Chartered Association of Certified Accountants. Gary Buxton – Non –Executive Director Gary Buxton, Head of EMEA ETFs for Invesco is responsible for Product and Sales Strategy, Product Implementation and Capital Markets in EMEA, having joined Invesco in August 2017 on its acquisition of Source. He joined Source as a founder of the business in 2008 as the Chief Operating Officer and was responsible for Product, Trading, Technology and Risk Management. From 2008 to 2012 and from 2015 to 2017 Mr Buxton was also the Chief Financial Officer of Source. Prior to starting Source, Mr Buxton was a director in the Hedge Fund division of Merrill Lynch where his role focused on product development. Mr Buxton started his career at Deloitte in London and is a qualified Chartered Accountant (FCA). Mr Buxton is a Director of Invesco Markets PLC, Invesco Markets II PLC, Invesco Markets III PLC, Short-Term Investments Company (Global Series) PLC, Invesco Investment Management Limited and Invesco UK Services Limited. Mr Buxton is a British and Irish national. Barry McGrath – Independent Non-Executive Director Mr. McGrath is an independent director and consultant to a number of Irish funds. Prior to this, he was Head of the Investment Funds Group in Maples and Calder's Dublin office and a global equity partner of the Group from 2008-2017. He specialised in financial services law. He was previously a senior partner with a large Irish corporate law firm. Barry is a graduate of University College Dublin. He is recommended by a number of directories, including the 2008 editions of Chambers Global, IFLR1000, PLC Which Lawyer? The Legal 500 and Chambers Europe. Barry is a graduate of University College Dublin. Barry has made frequent contributions to investment fund publications and is a regular speaker at both international conferences and domestic seminars, including Irish Funds (formerly Irish Funds Industry Association) events. He has been a recent contributor of articles to The Lawyer, HFM Week and Hedge Week. Barry was formerly a member of the Alternative Investment Committee of Irish Funds and is currently a member of the Counsel of Irish Funds. Internal Control and Risk Management The Company’s risk assessment and the way in which significant risks are identified and managed is a key area of focus for the Board. The Board has undertaken a robust assessment of the risks to the Company, both in respect of its operations and longer term viability. This assessment took into consideration the controls exercised by the Board and its delegates, the Manager and other service providers. The Board is responsible for ensuring that the Company maintains a sound system of internal control to mitigate risk and safeguard shareholders’ investments and the Company’s assets. The effectiveness of the Company’s system on internal controls, including financial, operational and compliance and risk management systems is reviewed at least annually. The management and administration of the Company is delegated to the Manager, Investment Manager, Administrator and Depositary, all of whom maintain their own systems of internal controls and the Board receives regular reports from the internal audit, independent risk and compliance teams of these service providers, as required, to enable the effectiveness of the Company’s system of internal controls to be assessed. It is not necessary for the Company to have its own internal audit function because all of the management and administration of the Company is delegated to the Manager, Investment Manager, Administrator and Depositary. The Board recognises that these control systems can only be designed to manage rather than eliminate the risk of failure to achieve fund objectives, and to provide reasonable, but not absolute, assurance against material misstatement or loss, and relies on the operating controls established by the service providers. The Board is also responsible for ensuring that financial information published or used within the business is reliable, and for regularly monitoring compliance with regulations governing the operation of the Company. The Board reviews the effectiveness of the internal control systems on an ongoing basis to identify, evaluate and manage the Company’s significant risks. As part of this process, there are procedures designed to capture and evaluate any failings or weaknesses. Should a case be categorised by the Board as significant, procedures exist to ensure that necessary action is taken to remedy the failings. The Board is not aware of any significant failings or weaknesses in internal control arising in the period under review. The Company does not have any employees and therefore it does not have a “Whistleblowing” policy. However, the Manager has a “Whistleblowing” policy under which its staff, in confidence, may raise concerns about possible improprieties in matters of financial reporting or other matters in so far as they may affect the Company. During the financial year ended 30 September 2020, the Board was responsible for the approval of the annual financial statements as set out in the Statement of Directors’ Responsibilities. It is a statutory requirement that the annual financial statements are audited by one or more persons empowered to audit accounts in accordance with the Irish Companies Acts and in this regard the Board, on the Company’s behalf, engages the auditor. 16 Invesco Markets III plc


  • Page 17

    Directors’ Report for the financial year ended 30 September 2020 (continued) Corporate Governance Statement (continued) Internal Control and Risk Management (continued) The annual financial statements of the Company are produced by the Administrator, reviewed by the Manager, then presented to the Board. As part of its review procedures the Board receives presentations from relevant parties including consideration of Irish accounting standards and their impact on the annual financial statements, and presentations and reports on the audit process. Once the annual financial statements are approved by the Board of Directors, the annual financial statements are filed with the Central Bank of Ireland, the Irish Stock Exchange and the UK Listing Authority, the German Federal Financial Supervisory Authority (BaFin), the Swiss Financial Market Supervisory authority (FINMA), French Financial Markets Authority (AMF), Italian Commissione Nazionale per le Società la Borsa (CONSOB), and the Netherlands Authority for Financial Markets (AFM). Shareholder Relations Shareholder relations are given high priority by the Board and the Manager. Direct contact with shareholders is usually through the Manager who then reports back to the Directors and this is normally the main forum through which the Directors develop an understanding of the views of major shareholders. However, the Directors are always available to discuss any concerns or views of shareholders. The Company also communicates to shareholders through the annual and half-yearly financial reports, which aim to provide shareholders with a full understanding of the Company’s activities and its results. This information is supplemented by the daily calculation of the NAV of the Company’s shares, which is published via the London Stock Exchange and daily factsheets and other documentation and news placed on the Company’s website at https://etf.invesco.com. All shareholders are encouraged to attend the AGM to discuss the business tabled and to exercise their voting rights. The Company announces the result of resolutions proposed at general meetings but does not make the full details of voting available on its website. Shareholders wishing to lodge questions in advance of the AGM are invited to do so, either on the reverse of the proxy card, via the Company’s website or in writing to the Company Secretary at the address given on page 5. The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company’s website. Legislation in the Republic of Ireland governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Shareholder Meetings and Rights attaching to Shares The convening and conduct of shareholders’ meetings are governed by the Articles of Association of the Company (the “Articles”) and the Irish Companies Acts. Although the Directors may convene an extraordinary general meeting of the Company at any time, the Directors were required to convene the first AGM of the Company within eighteen months of incorporation and each subsequent AGM thereafter must be within fifteen months of the date of the previous AGM provided that an AGM is held once in each year within six months of the financial year end of the Company. Shareholders representing not less than one-tenth of the paid up share capital of the Company may also request the Directors to convene a shareholders’ meeting. At least twenty one clear days’ notice of every AGM and any meeting convened for the passing of a special resolution must be given to shareholders and fourteen days’ notice must be given in the case of any other general meeting, unless the Auditors and all the shareholders of the Company entitled to attend and vote thereat, agree to shorter notice. Two shareholders present either in person or by proxy constitutes a quorum at a general meeting. The share capital of the Company is divided into different classes of shares and the Irish Companies Acts and the Articles of Association provide that the quorum for a general meeting convened to consider any alteration to the rights attached to any class of shares, is two or more shareholders present in person or by proxy, holding or representing by proxy at least one third of the issued shares of the relevant class. Every holder of participating shares or non-participating shares present, in person or by proxy, who votes on a show of hands is entitled to one vote. On a poll, every holder of participating shares present, in person or by proxy, is entitled to one vote in respect of each share held by him and every holder of non- participating shares is entitled to one vote in respect of all non-participating shares held by him. At any general meeting, a resolution put to the vote of the meeting is decided on a show of hands unless, before or upon the declaration of the result of the show of hands, a poll is demanded by the chairman of the general meeting, or by at least five shareholders present having the right to vote at such meeting, or any holder or holders of participating shares present, in person or by proxy, representing at least one tenth of the shares in issue having the right to vote at such meeting. Shareholders may resolve to sanction an ordinary resolution or special resolution at a shareholders’ meeting. Alternatively, a resolution in writing signed by all of the shareholders for the time being entitled to attend and vote on such resolution at a general meeting, will be valid and effective for all purposes as if the resolution had been passed at a general meeting of the Company duly convened and held and may consist of several documents in like form, each signed by one or more shareholders. An ordinary resolution of the Company (or of the shareholders of a particular class of shares) requires a simple majority of the votes cast by the shareholders voting, in person or by proxy, at the meeting at which the resolution is proposed. A special resolution of the Company (or of the shareholders of a particular class of shares) requires a majority of not less than three quarters of the votes cast by the shareholders present, in person or by proxy, and voting in general meeting in order to pass a special resolution including a resolution to amend the Articles. Review of the Business and Future Developments The Company is structured as an umbrella fund which may comprise one or more Funds. The Company may at any time establish new classes of shares within a Fund as well as new Funds. Any new Fund will require the prior approval of the Central Bank of Ireland and the establishment of any new class of shares must be notified in advance to the Central Bank of Ireland. A review of market activities and strategy for the Funds can be found in the Investment Policy and Description of the Fund on pages 6 and 7. The Company's strategy for generating value over time is set out in the investment objectives of each of the individual Funds. As ETFs, the Funds should preserve their value in line with the relevant exchanges. The Funds have procedures in place to minimise tracking errors, as detailed in the Investment Manager's report on pages 8 to 12. Any alteration to the investment objectives set out in the supplemental prospectuses of the Funds (as summarised in the Investment Manager's report above) are subject to prior approval by the shareholders of such Fund. Principal Activities Please see Investment Policy and Description of the Fund on pages 6 and 7 for investment objectives. Risk Management Objectives and Policies Investment in the Company carries with it a degree of risk including, but not limited to, the risks referred to in note 14 of these financial statements. 17 Invesco Markets III plc


  • Page 18

    Directors’ Report for the financial year ended 30 September 2020 (continued) Results and Dividends The results and dividends for the financial year are set out in the Statement of Comprehensive Income. The Company may declare and pay dividends on any classes of shares in the Funds of the Company which are structured as distributing share classes. September 2020 Announcement Date: 10 September 2020 Ex Dividend Date: 17 September 2020 Record Date: 18 September 2020 Payment Date: 24 September 2020 Fund Name Dividend Per Record Date Payment Date Dividend Cash Share Amount Invesco EQQQ NASDAQ-100 UCITS ETF USD0.2587 18 September 2020 24 September 2020 USD3,688,583 Invesco FTSE RAFI US 1000 UCITS ETF USD0.0820 18 September 2020 24 September 2020 USD683,199 Invesco S&P 500 High Dividend Low Volatility UCITS ETF USD0.2906 18 September 2020 24 September 2020 USD818,185 Invesco S&P 500 QVM UCITS ETF USD0.1178 18 September 2020 24 September 2020 USD23,560 Invesco Global Buyback Achievers UCITS ETF USD0.0862 18 September 2020 24 September 2020 USD62,340 Invesco FTSE RAFI All-World 3000 UCITS ETF USD0.1097 18 September 2020 24 September 2020 USD218,254 Invesco FTSE RAFI Emerging Markets UCITS ETF USD0.1256 18 September 2020 24 September 2020 USD498,758 Invesco FTSE RAFI Europe UCITS ETF EUR0.0524 18 September 2020 24 September 2020 EUR41,920 Invesco EURO STOXX High Dividend Low Volatility UCITS ETF EUR0.2577 18 September 2020 24 September 2020 EUR167,505 Invesco FTSE Emerging Markets High Dividend Low Volatility UCITS ETF USD0.5565 18 September 2020 24 September 2020 USD1,328,539 Invesco FTSE RAFI UK 100 UCITS ETF GBP0.0750 18 September 2020 24 September 2020 GBP64,440 Invesco US High Yield Fallen Angels UCITS ETF USD0.3892 18 September 2020 24 September 2020 USD3,455,443 June 2020 Fund Name Dividend Per Record Date Payment Date Dividend Cash Share Amount Invesco EQQQ NASDAQ-100 UCITS ETF USD0.3190 19 June 2020 25 June 2020 USD4,289,126 Invesco FTSE RAFI US 1000 UCITS ETF USD0.0955 19 June 2020 25 June 2020 USD1,206,327 Invesco S&P 500 High Dividend Low Volatility UCITS ETF USD0.3406 19 June 2020 25 June 2020 USD1,088,217 Invesco S&P 500 QVM UCITS ETF USD0.1460 19 June 2020 25 June 2020 USD29,200 Invesco Global Buyback Achievers UCITS ETF USD0.2836 19 June 2020 25 June 2020 USD219,280 Invesco FTSE RAFI All-World 3000 UCITS ETF USD0.1203 19 June 2020 25 June 2020 USD311,523 Invesco FTSE RAFI Emerging Markets UCITS ETF USD0.0526 19 June 2020 25 June 2020 USD207,560 Invesco FTSE RAFI Europe UCITS ETF EUR0.0692 19 June 2020 25 June 2020 EUR55,360 Invesco EURO STOXX High Dividend Low Volatility UCITS ETF EUR0.2884 19 June 2020 25 June 2020 EUR187,460 Invesco FTSE Emerging Markets High Dividend Low Volatility UCITS ETF USD0.2879 19 June 2020 25 June 2020 USD672,912 Invesco FTSE RAFI UK 100 UCITS ETF GBP0.0451 19 June 2020 25 June 2020 GBP38,750 Invesco US High Yield Fallen Angels UCITS ETF USD0.3806 19 June 2020 25 June 2020 USD2,888,251 18 Invesco Markets III plc


  • Page 19

    Directors’ Report for the financial year ended 30 September 2020 (continued) Results and Dividends (continued) March 2020 Fund Name Dividend Per Record Date Payment Date Dividend Cash Share Amount Invesco EQQQ NASDAQ-100 UCITS ETF USD0.3075 13 March 2020 19 March 2019 USD3,677,817 Invesco FTSE RAFI US 1000 UCITS ETF USD0.0970 13 March 2020 19 March 2019 USD1,416,200 Invesco Dynamic US Market UCITS ETF* – – – – Invesco S&P 500 High Dividend Low Volatility UCITS ETF USD0.3049 13 March 2020 19 March 2019 USD1,019,891 Invesco S&P 500 VEQTOR UCITS ETF* – – – – Invesco S&P 500 QVM UCITS ETF USD0.1422 13 March 2020 19 March 2019 USD28,440 Invesco Global Buyback Achievers UCITS ETF USD0.0769 13 March 2020 19 March 2019 USD97,432 Invesco FTSE RAFI Europe Mid-Small UCITS ETF* – – – – Invesco FTSE RAFI All-World 3000 UCITS ETF USD0.0834 13 March 2020 19 March 2019 USD282,689 Invesco FTSE RAFI Emerging Markets UCITS ETF USD0.0231 13 March 2020 19 March 2019 USD70,363 Invesco FTSE RAFI Europe UCITS ETF EUR0.0334 13 March 2020 19 March 2019 EUR23,380 Invesco EURO STOXX High Dividend Low Volatility UCITS ETF EUR0.0807 13 March 2020 19 March 2019 EUR60,525 Invesco FTSE Emerging Markets High Dividend Low Volatility UCITS ETF USD0.2184 13 March 2020 19 March 2019 USD444,949 Invesco FTSE RAFI UK 100 UCITS ETF GBP0.0970 13 March 2020 19 March 2019 GBP83,342 Invesco US High Yield Fallen Angels UCITS ETF USD0.3720 13 March 2020 19 March 2019 USD984,350 December 2019 Fund Name Dividend Per Record Date Payment Date Dividend Cash Share Amount Invesco EQQQ NASDAQ-100 UCITS ETF USD0.2905 13 December 2019 19 December 2019 USD3,171,834 Invesco FTSE RAFI US 1000 UCITS ETF USD0.0828 13 December 2019 19 December 2019 USD1,333,080 Invesco Dynamic US Market UCITS ETF USD0.0342 13 December 2019 19 December 2019 USD6,840 Invesco S&P 500 High Dividend Low Volatility UCITS ETF USD0.3159 13 December 2019 19 December 2019 USD1,972,796 Invesco S&P 500 VEQTOR UCITS ETF USD0.0793 13 December 2019 19 December 2019 USD11,895 Invesco S&P 500 QVM UCITS ETF USD0.1067 13 December 2019 19 December 2019 USD21,340 Invesco Global Buyback Achievers UCITS ETF USD0.1454 13 December 2019 19 December 2019 USD387,782 Invesco FTSE RAFI Europe Mid-Small UCITS ETF EUR0.0391 13 December 2019 19 December 2019 EUR23,460 Invesco FTSE RAFI All-World 3000 UCITS ETF USD0.1016 13 December 2019 19 December 2019 USD354,538 Invesco FTSE RAFI Emerging Markets UCITS ETF USD0.0337 13 December 2019 19 December 2019 USD102,650 Invesco FTSE RAFI Europe UCITS ETF EUR0.0404 13 December 2019 19 December 2019 EUR28,280 Invesco EURO STOXX High Dividend Low Volatility UCITS ETF EUR0.0956 13 December 2019 19 December 2019 EUR62,140 Invesco FTSE Emerging Markets High Dividend Low Volatility UCITS ETF USD0.2667 13 December 2019 19 December 2019 USD396,666 Invesco FTSE RAFI UK 100 UCITS ETF GBP0.0994 13 December 2019 19 December 2019 GBP105,285 Invesco US High Yield Fallen Angels UCITS ETF USD0.3815 13 December 2019 19 December 2019 USD1,077,661 *Fund closed on 12 February 2020. 19 Invesco Markets III plc


  • Page 20

    Directors’ Report for the financial year ended 30 September 2020 (continued) Results and Dividends (continued) September 2019 Fund Name Dividend Per Record Date Payment Date Dividend Cash Share Amount Invesco EQQQ NASDAQ-100 UCITS ETF USD0.2819 20 September 2019 26 September 2019 USD2,994,802 Invesco FTSE RAFI US 1000 UCITS ETF USD0.0874 20 September 2019 26 September 2019 USD1,433,360 Invesco Dynamic US Market UCITS ETF USD0.0231 20 September 2019 26 September 2019 USD23,100 Invesco S&P 500 High Dividend Low Volatility UCITS ETF USD0.3202 20 September 2019 26 September 2019 USD1,983,639 Invesco S&P 500 VEQTOR UCITS ETF USD0.0718 20 September 2019 26 September 2019 USD10,770 Invesco S&P 500 QVM UCITS ETF USD0.1156 20 September 2019 26 September 2019 USD28,900 Invesco Global Buyback Achievers UCITS ETF USD0.2292 20 September 2019 26 September 2019 USD598,441 Invesco FTSE RAFI Europe Mid-Small UCITS ETF EUR0.0520 20 September 2019 26 September 2019 EUR36,400 Invesco FTSE RAFI All-World 3000 UCITS ETF USD0.1054 20 September 2019 26 September 2019 USD346,719 Invesco FTSE RAFI Emerging Markets UCITS ETF USD0.1527 20 September 2019 26 September 2019 USD465,124 Invesco FTSE RAFI Europe UCITS ETF EUR0.0585 20 September 2019 26 September 2019 EUR40,950 Invesco EURO STOXX High Dividend Low Volatility UCITS ETF EUR0.2533 20 September 2019 26 September 2019 EUR164,645 Invesco FTSE Emerging Markets High Dividend Low Volatility UCITS ETF USD0.8353 20 September 2019 26 September 2019 USD1,158,821 Invesco FTSE RAFI UK 100 UCITS ETF GBP0.1586 20 September 2019 26 September 2019 GBP167,989 Invesco US High Yield Fallen Angels UCITS ETF USD0.3449 20 September 2019 26 September 2019 USD869,797 June 2019 Fund Name Dividend Per Record Date Payment Date Dividend Cash Share Amount Invesco EQQQ NASDAQ-100 UCITS ETF USD0.2813 21 June 2019 27 June 2019 USD3,054,046 Invesco FTSE RAFI US 1000 UCITS ETF USD0.0860 21 June 2019 27 June 2019 USD1,453,400 Invesco Dynamic US Market UCITS ETF USD0.0370 21 June 2019 27 June 2019 USD44,400 Invesco S&P 500 High Dividend Low Volatility UCITS ETF USD0.2874 21 June 2019 27 June 2019 USD2,628,273 Invesco S&P 500 VEQTOR UCITS ETF USD0.0772 21 June 2019 27 June 2019 USD11,580 Invesco S&P 500 QVM UCITS ETF USD0.1243 21 June 2019 27 June 2019 USD43,505 Invesco Global Buyback Achievers UCITS ETF USD0.1880 21 June 2019 27 June 2019 USD498,200 Invesco FTSE RAFI Europe Mid-Small UCITS ETF EUR0.2007 21 June 2019 27 June 2019 EUR160,560 Invesco FTSE RAFI All-World 3000 UCITS ETF USD0.1985 21 June 2019 27 June 2019 USD630,546 Invesco FTSE RAFI Emerging Markets UCITS ETF USD0.0541 21 June 2019 27 June 2019 USD140,660 Invesco FTSE RAFI Europe UCITS ETF EUR0.2079 21 June 2019 27 June 2019 EUR145,530 Invesco EURO STOXX High Dividend Low Volatility UCITS ETF EUR0.7605 21 June 2019 27 June 2019 EUR418,276 Invesco FTSE Emerging Markets High Dividend Low Volatility UCITS ETF USD0.2963 21 June 2019 27 June 2019 USD401,045 Invesco FTSE RAFI UK 100 UCITS ETF GBP0.1674 21 June 2019 27 June 2019 GBP160,570 Invesco US High Yield Fallen Angels UCITS ETF USD0.4054 21 June 2019 27 June 2019 USD991,340 20 Invesco Markets III plc


  • Page 21

    Directors’ Report for the financial year ended 30 September 2020 (continued) Results and Dividends (continued) March 2019 Fund Name Dividend Per Record Date Payment Date Dividend Cash Share Amount USD0.3149 14 March 2019 21 March 2019 USD3,614,057 Invesco EQQQ NASDAQ-100 UCITS ETF USD0.0859 14 March 2019 21 March 2019 USD1,589,150 Invesco FTSE RAFI US 1000 UCITS ETF USD0.0445 14 March 2019 21 March 2019 USD66,750 Invesco Dynamic US Market UCITS ETF USD0.3043 14 March 2019 21 March 2019 USD2,721,965 Invesco S&P 500 High Dividend Low Volatility UCITS ETF USD0.0991 14 March 2019 21 March 2019 USD14,865 Invesco S&P 500 VEQTOR UCITS ETF USD0.1199 14 March 2019 21 March 2019 USD47,960 Invesco S&P 500 QVM UCITS ETF USD0.1339 14 March 2019 21 March 2019 USD388,310 Invesco Global Buyback Achievers UCITS ETF EUR0.0193 14 March 2019 21 March 2019 EUR19,300 Invesco FTSE RAFI Europe Mid-Small UCITS ETF USD0.0880 14 March 2019 21 March 2019 USD277,934 Invesco FTSE RAFI All-World 3000 UCITS ETF USD0.0026 14 March 2019 21 March 2019 USD6,240 Invesco FTSE RAFI Emerging Markets UCITS ETF EUR0.0410 14 March 2019 21 March 2019 EUR41,000 Invesco FTSE RAFI Europe UCITS ETF EUR0.1353 14 March 2019 21 March 2019 EUR67,650 Invesco EURO STOXX High Dividend Low Volatility UCITS ETF Invesco FTSE Emerging Markets High Dividend Low Volatility UCITS ETF USD0.1801 14 March 2019 21 March 2019 USD207,747 – – – – Invesco FTSE UK High Dividend Low Volatility UCITS ETF* GBP0.1045 14 March 2019 21 March 2019 GBP99,275 Invesco FTSE RAFI UK 100 UCITS ETF USD0.3931 14 March 2019 21 March 2019 USD878,055 Invesco US High Yield Fallen Angels UCITS ETF December 2018 Fund Name Dividend Per Record Date Payment Date Dividend Cash Share Amount Invesco EQQQ NASDAQ-100 UCITS ETF USD0.2782 28 December 2018 17 January 2019 USD3,783,278 Invesco FTSE RAFI US 1000 UCITS ETF USD0.0811 28 December 2018 17 January 2019 USD1,492,240 Invesco Dynamic US Market UCITS ETF USD0.0199 28 December 2018 17 January 2019 USD23,880 Invesco S&P 500 High Dividend Low Volatility UCITS ETF USD0.2875 28 December 2018 17 January 2019 USD2,557,312 Invesco S&P 500 VEQTOR UCITS ETF USD0.0755 28 December 2018 17 January 2019 USD11,325 Invesco S&P 500 QVM UCITS ETF USD0.0952 28 December 2018 17 January 2019 USD38,080 Invesco Global Buyback Achievers UCITS ETF USD0.1014 28 December 2018 17 January 2019 USD283,920 Invesco FTSE RAFI Europe Mid-Small UCITS ETF EUR0.0481 28 December 2018 17 January 2019 EUR33,670 Invesco FTSE RAFI All-World 3000 UCITS ETF USD0.0927 28 December 2018 17 January 2019 USD246,430 Invesco FTSE RAFI Emerging Markets UCITS ETF USD0.0177 28 December 2018 17 January 2019 USD42,480 Invesco FTSE RAFI Europe UCITS ETF EUR0.0375 28 December 2018 17 January 2019 EUR37,500 Invesco EURO STOXX High Dividend Low Volatility UCITS ETF EUR0.0689 28 December 2018 17 January 2019 EUR41,340 Invesco FTSE Emerging Markets High Dividend Low Volatility UCITS ETF USD0.2014 28 December 2018 17 January 2019 USD121,547 Invesco FTSE UK High Dividend Low Volatility UCITS ETF GBP0.2515 28 December 2018 17 January 2019 GBP50,300 Invesco FTSE RAFI UK 100 UCITS ETF GBP0.0951 28 December 2018 17 January 2019 GBP90,345 Invesco US High Yield Fallen Angels UCITS ETF USD0.3815 28 December 2018 17 January 2019 USD827,318 *Fund closed on 6 February 2019. 21 Invesco Markets III plc


  • Page 22

    Directors’ Report for the financial year ended 30 September 2020 (continued) Results and Dividends (continued) September 2018 Fund Name Dividend Per Record Date Payment Date Dividend Cash Share Amount Invesco EQQQ NASDAQ-100 UCITS ETF USD0.2316 28 September 2018 31 October 2018 USD3,225,971 Invesco FTSE RAFI US 1000 UCITS ETF USD0.0737 28 September 2018 31 October 2018 USD1,385,560 Invesco Dynamic US Market UCITS ETF USD0.0371 28 September 2018 31 October 2018 USD44,520 Invesco S&P 500 High Dividend Low Volatility UCITS ETF USD0.2647 28 September 2018 31 October 2018 USD1,944,222 Invesco S&P 500 VEQTOR UCITS ETF USD0.0807 28 September 2018 31 October 2018 USD16,140 Invesco S&P 500 QVM UCITS ETF USD0.0918 28 September 2018 31 October 2018 USD36,720 Invesco Global Buyback Achievers UCITS ETF USD0.0840 28 September 2018 31 October 2018 USD273,000 Invesco FTSE RAFI Europe Mid-Small UCITS ETF EUR0.0657 28 September 2018 31 October 2018 EUR45,990 Invesco FTSE RAFI All-World 3000 UCITS ETF USD0.1034 28 September 2018 31 October 2018 USD201,630 Invesco FTSE RAFI Emerging Markets UCITS ETF USD0.1484 28 September 2018 31 October 2018 USD326,480 Invesco FTSE RAFI Europe UCITS ETF EUR0.0580 28 September 2018 31 October 2018 EUR58,000 Invesco EURO STOXX High Dividend Low Volatility UCITS ETF EUR0.2228 28 September 2018 31 October 2018 EUR133,680 Invesco FTSE Emerging Markets High Dividend Low Volatility UCITS ETF USD0.7548 28 September 2018 31 October 2018 USD415,141 Invesco FTSE UK High Dividend Low Volatility UCITS ETF GBP0.4324 28 September 2018 31 October 2018 GBP86,481 Invesco FTSE RAFI UK 100 UCITS ETF GBP0.1480 28 September 2018 31 October 2018 GBP140,600 Invesco US High Yield Fallen Angels UCITS ETF USD0.3685 28 September 2018 31 October 2018 USD939,156 Directors The Directors of the Company, who served during the financial year, are Feargal Dempsey, Anne-Marie King, Gary Buxton and Barry McGrath. Directors’ and Secretary’s Interests The Directors and Secretary and their families had no interests in the Shares of the Company at 30 September 2020. Distribution The Articles of Association, the Company’s Prospectus, the key investor information document, and the annual and semi-annual reports of the Company, which include a statement of purchases and sales, can be obtained free of charge from the relevant information agent in Switzerland1, Germany2, Austria3, and France4. In addition, the Company’s key investor information documents, the Prospectus & annual and semi-annual reports are available through the following website: https://etf.invesco.com 1. Switzerland – Invesco Asset Management (Schweiz) AG, at Talacker 34, 8001 Zurich has been approved by the Swiss Financial Market Supervisory Authority as Swiss Representative of the Company. BNP Paribas Securities Services Paris, Succursale de Zurich, Selnaustrasse 16, 8002 Zurich acts as a paying agent for the Company in Switzerland. The Memorandum and Articles of Association, the Prospectus and key investor information documents as well as the annual (including audited financial statements) and semi-annual Reports, which contain the list of redemptions and sales, are available free of charge from the representative in Switzerland, Invesco Asset Management (Schweiz) AG. The Prospectus and the key investor information documents of the Company as well as the annual and semi-annual Reports may further be downloaded from the following websites: https://etf.invesco.com and www.fundinfo.com. 2. Germany – BNP Paribas Securities Services S.C.A. - Zweigniederlassung Frankfurt am Main, Europa-Allee 12, D-60327 Frankfurt am Main 3. Austria – Erste Bank der oesterreichischen Sparkassen AG, Graben 21, 1010 Vienna, Austria 4. France – BNP Paribas Securities Services, 9 rue du débacadère, 93500 Pantin, France Independent Auditors The auditors, PricewaterhouseCoopers, have indicated their willingness to remain in office in accordance with section 383(2) of the Companies Act 2014. 22 Invesco Markets III plc


  • Page 23

    Directors’ Report for the financial year ended 30 September 2020 (continued) Swiss disclosure requirement The following table lists the Funds that are authorised for distribution in Switzerland. Total expense ratio expresses the sum of all costs and commissions charged on an on-going basis to the Funds’ assets. Operating expenses are taken retrospectively as a percentage of the Fund's average Net Asset Value for the financial year. Fund Name Total Expense Ratio Performance Ratio 30-Sep 20 30-Sep 19 30-Sep 18 30-Sep 20 30-Sep 19 30-Sep 18 % % % % % % Invesco EQQQ NASDAQ-100 UCITS ETF* 0.30 0.30 0.30 48.13 2.12 28.34 Invesco EQQQ NASDAQ-100 UCITS ETF – CHF Hedged 0.35 0.35 0.35 44.76 (1.52) n/a UCITS ETF* Invesco EQQQ NASDAQ-100 UCITS ETF – EUR Hedged 0.35 0.35 0.35 45.24 (1.17) n/a UCITS ETF* Invesco EQQQ NASDAQ-100 UCITS ETF – GBP Hedged 0.35 0.35 0.35 45.14 (0.10) n/a UCITS ETF* Invesco EQQQ NASDAQ-100 UCITS ETF – USD 0.30 0.30 0.30 48.16 2.24 n/a Unhedged Accumulation UCITS ETF* Invesco FTSE RAFI US 1000 UCITS ETF* 0.39 0.39 0.39 (1.08) 0.57 12.54 Invesco S&P 500 High Dividend Low Volatility UCITS 0.30 0.30 0.30 (18.76) 5.59 4.35 ETF* Invesco S&P 500 High Dividend Low Volatility UCITS 0.35 0.35 0.35 (20.37) 2.89 n/a ETF – CHF Hedged UCITS ETF* Invesco S&P 500 VEQTOR UCITS ETF* 0.39 0.39 0.39 3.85 (6.90) 15.66 + Invesco S&P 500 QVM UCITS ETF* 0.35 0.35 0.35 9.56 (0.77) 18.78 Invesco Global Buyback Achievers UCITS ETF* 0.39 0.39 0.39 2.10 1.30 5.58 Invesco FTSE RAFI Europe Mid-Small UCITS ETF* 0.39 0.39 0.39 14.25 (1.75) 1.88 Invesco FTSE RAFI All-World 3000 UCITS ETF* 0.39 0.39 0.39 (3.55) (2.32) 5.71 Invesco FTSE RAFI Emerging Markets UCITS ETF* 0.49 0.49 0.49 (8.27) (4.25) 3.22 Invesco FTSE RAFI Europe UCITS ETF* 0.39 0.39 0.39 (17.23) 1.23 0.76 Invesco EURO STOXX High Dividend Low Volatility 0.30 0.30 0.30 (20.85) 2.97 0.46 UCITS ETF* Invesco FTSE Emerging Markets High Dividend Low 0.49 0.49 0.49 (14.57) (2.62) (0.65) Volatility UCITS ETF* Invesco US High Yield Fallen Angels UCITS ETF* 0.45 0.45 0.45 2.45 (1.38) 3.55 Invesco US High Yield Fallen Angels UCITS ETF – CHF 0.50 0.50 0.50 0.17 (3.56) n/a Hedged UCITS ETF* Invesco US High Yield Fallen Angels UCITS ETF – EUR 0.50 0.50 0.50 (0.25) (3.23) n/a Hedged UCITS ETF* Invesco US High Yield Fallen Angels UCITS ETF – GBP 0.50 0.50 0.50 (0.28) (2.09) n/a Hedged UCITS ETF* * Funds registered for the distribution in Switzerland during the financial year. + Fund performance of Invesco S&P 500 QVM UCITS ETF calculated from inception date 18 May 2017. Transactions with connected persons In accordance with Regulation 43 of the Central Bank UCITS Regulations, any transaction carried out with the Company by its promoter, manager, depositary, investment adviser and/or associated or group companies of these entities (“connected persons”) must be carried out as if at arm’s length. It is authorised pursuant to the European Communities (Undertaking for Collective Investments in Transferable Securities) Regulations 2011, as amended (the “UCITS Regulations”) and the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations 2019 (the “Central Bank UCITS Regulations”). Such transactions must be in the best interests of the unitholders. In addition to those transactions, there are also transactions carried out by connected persons on behalf of the Company to which the Directors have no direct access and in respect of which the Directors must rely upon assurances from its delegates that the connected persons carrying out those transactions do carry them out on a similar basis. Shareholders should have regard to the governance structure of the Company as more particularly described in the Corporate Governance Statement section of the Directors Report to these audited financial statements and the roles and responsibilities of the Company’s respective delegates subject to the overall supervision of the Board. Further, Shareholders should refer to the Prospectus which identifies many of the connected person transactions and the general nature of the contractual arrangements with the principal connected persons but it is not exhaustive of all connected person transactions. Shareholders should also refer to the provisions of the Prospectus dealing with conflicts of interest. Therefore, having regard to confirmations from the Company’s management and its relevant delegates, the Board of Directors of the Company is satisfied that (i) there are arrangements (as evidenced by written procedures documented by the Investment Manager) in place to ensure that the obligations described above are applied to all transactions with connected persons; and (ii) transactions with connected persons entered into during the period complied with these obligations, as attested by the Investment Manager through regular updates to the Directors. The Board of Directors is not aware of any transactions with connected persons during the twelve months ended 30 September 2020, other than those disclosed in these financial statements. 23 Invesco Markets III plc


  • Page 24

    Directors’ Report for the financial year ended 30 September 2020 (continued) Transactions with connected persons (continued) Note 12 details related party transactions in the period as required by accounting standards generally accepted in Ireland (“FRS 102”). However, shareholders should understand that not all “connected persons” are related parties as such latter expression is defined by FRS 102. In response to the CBI publishing the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) Investor Money Regulations 2015 for Fund Service Providers (the “Investor Money Regulations” or “IMR”) in March 2015 (effective from 1 July 2016), the Company has undertaken, together with BNY Mellon Fund Services (Ireland) Designated Activity Company a review of the way in which subscription, distribution and redemption monies are channelled to and from the Company. As a result of this review, subscription and redemptions monies have been (effective from 1 July 2016), channelled through an umbrella cash collection account in the name of the Company and, in respect of any sub-funds considered to be highly leveraged, sub-fund cash collection accounts in the name of the relevant sub-fund(s). Pending issue of the shares and/or payment of subscription proceeds to an account in the name of the Company or the relevant sub-fund(s), and pending payment of redemption proceeds or distributions, the relevant investor will be an unsecured creditor of the relevant sub-fund in respect of amounts paid by or due to it. Significant Events during the financial year Effective 1 December 2019, BNY Mellon Trust Company (Ireland) Limited merged into The Bank of New York Mellon SA/NV, which itself is a wholly owned subsidiary of The Bank of New York Mellon (the “Merger”). Following the Merger, The Bank of New York Mellon SA/NV, Dublin Branch, will be the entity, which will provide trustee, depositary and/or custody services to the Company. An updated Prospectus was issued on 12 February 2020. The changes since last Prospectus include:  Depositary name change.  Updating of Directors names and profiles.  New text under Depositary section, appointment of local agents, securities lending/ SFTR, benchmark administrators on the ESMA register.  Under Generic Risk new text on the UK’s future relationship with the EU, European Market Infrastructure Regulation on OTC contracts and insertion of text in relation to the European Benchmarks Regulation. Effective 12 February 2020 the following funds closed: Invesco Dynamic US Market UCITS ETF Invesco S&P 500 VEQTOR UCITS ETF Invesco FTSE RAFI Europe Mid-Small UCITS ETF Managing the risks presented by the outbreak of Coronavirus The spread of a new coronavirus (COVID-19) disease has caused significant volatility within the global economy and financial markets. To date, the primary focus of our response has been threefold:  to ensure the health and safety of our employees;  to preserve our ability to serve our clients; and  to appropriately manage client assets in a highly dynamic market environment. The directors of Invesco Investment Management Limited are actively monitoring the situation and, with the support of the investment manager, continue to manage the Fund’s assets within its investment and risk parameters that have been established. The Directors will continue to review the situation in order to navigate through this period of heightened uncertainty. Brexit The UK left the EU on 31 January 2020, an event commonly referred to as Brexit. The Manager does not believe that Brexit presents significant issues that cannot be mitigated. The Manager is part of a global group and has been committed for many years to meeting clients needs across Europe in both EU and non-EU countries. The change in the UK’s status from an EU to a non-EU country has not changed the group’s focus or commitment to serve its clients across Europe. The Manager is monitoring developments closely, through a Brexit steering committee to ensure that the impact on clients and the Company is minimal. Apart from the above there were no other significant events during the financial year that require disclosure in the financial statements. Significant Events After the Financial Year End A table showing the net movement on subscriptions/(redemptions) from 1 October 2020 to 7 January 2021 for each sub-fund can be seen on Note 22 on page 165 of these financial statements. There were no other significant events after the financial year end that require disclosure in the financial statements. On behalf of the Board ______________________________ ________________________________ Director: Director: 24 Invesco Markets III plc


  • Page 25

    Report of the Depositary to the Shareholders For the period from 1 October 2019 to 30 September 2020 (the “Period”) The Bank of New York Mellon SA/NV, Dublin Branch (formerly BNY Mellon Trust Company (Ireland) Limited), (the “Depositary” “us”, “we”, or “our”), has enquired into the conduct of Invesco Markets III plc (the “Company”) for the Period ended 30 September 2020, in its capacity as depositary to the Company. This report including the opinion has been prepared for and solely for the shareholders in the Company, in accordance with our role as depositary to the Company and for no other purpose. We do not, in giving this opinion, accept or assume responsibility for any other purpose or to any other person to whom this report is shown. Responsibilities of the Depositary Our duties and responsibilities are outlined in Regulation 34 of the European Communities (Undertaking for Collective Investments in Transferable Securities) Regulations 2011 (S.I No 352 OF 2011), as amended (the "Regulations"). Our report shall state whether, in our opinion, the Company has been managed in that period in accordance with the provisions of the Company’s constitutional documentation and the Regulations. It is the overall responsibility of the Company to comply with these provisions. If the Company has not been so managed, we as depositary must state in what respects it has not been so managed and the steps which we have taken in respect thereof. Basis of Depositary Opinion The Depositary conducts such reviews as it, in its reasonable opinion, considers necessary in order to comply with its duties and to ensure that, in all material respects, the Company has been managed (i) in accordance with the limitations imposed on its investment and borrowing powers by the provisions of its constitutional documentation and the appropriate regulations and (ii) otherwise in accordance with the Company’s constitutional documentation and the appropriate regulations. Opinion In our opinion, the Company has been managed during the Period, in all material respects: (i) in accordance with the limitations imposed on the investment and borrowing powers of the Company by the constitutional documentation and by the Regulations; and (ii) otherwise in accordance with the provisions of the constitutional documentation and the Regulations. __________________________ For and on behalf of The Bank of New York Mellon SA/NV, Dublin Branch, Riverside Two, Sir John Rogerson’s Quay, Grand Canal Dock, Dublin 2 Ireland. 25 January 2021 25 Invesco Markets III plc


  • Page 26

    Independent auditors’ report to the members of Invesco Markets III plc Report on the audit of the financial statements Opinion In our opinion, Invesco Markets III plc’s financial statements: • give a true and fair view of the Company’s and Funds’ assets, liabilities and financial position as at 30 September 2020 and of their results for the year then ended; • have been properly prepared in accordance with Generally Accepted Accounting Practice in Ireland (accounting standards issued by the Financial Reporting Council of the UK, including Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” and Irish law); and • have been properly prepared in accordance with the requirements of the Companies Act 2014 and the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (as amended). We have audited the financial statements, included within the Annual Report and Audited Financial Statements, which comprise: • the Statement of Financial Position as at 30 September 2020; • the Statement of Comprehensive Income for the year then ended; • the Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares for the year then ended; • the Schedule of Investments for each of the Funds as at 30 September 2020; and • the notes to the financial statements for the Company and for each of its Funds, which include a description of the significant accounting policies. Our opinion is consistent with our reporting to the Board of Directors. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (Ireland) (“ISAs (Ireland)”) and applicable law. Our responsibilities under ISAs (Ireland) are further described in the Auditors’ responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Independence We remained independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in Ireland, which includes IAASA’s Ethical Standard as applicable to listed public interest entities, and we have fulfilled our other ethical responsibilities in accordance with these requirements. To the best of our knowledge and belief, we declare that non-audit services prohibited by IAASA’s Ethical Standard were not provided to the Company. Other than those disclosed in note 12, we have provided no non-audit services to the Company in the period from 1 October 2019 to 30 September 2020.


  • Page 27

    Our audit approach Overview Materiality • Overall materiality: 50 basis points of Net Assets Value ("NAV") at 30 September 2020 for each of the Company’s Funds. For Invesco Dynamic US Market UCITS ETF, Invesco S&P 500 Veqtor UCITS ETF and Invesco FTSE RAFI Europe Mid-Small UCITS ETF which terminated during the year, our materiality was based on the average NAV of each Fund for the period. Audit scope • The Company is an open-ended investment company with variable capital and engages Invesco Investment Management Limited (the “Manager”) to manage certain duties and responsibilities with regards to the day-to-day management of the Company. We tailored the scope of our audit taking into account the types of investments within the Funds, the involvement of the third parties referred to below, the accounting processes and controls, and the industry in which the Company operates. We look at each of the Funds at an individual level. Key audit matters • Existence of financial assets at fair value through profit or loss and financial liabilities at fair value through profit or loss (accounting policy 2 b, notes 5 &14). • Valuation of financial assets at fair value through profit or loss and financial liabilities at fair value through profit or loss (accounting policy 2 b, notes 5 & 14). The scope of our audit As part of designing our audit, we determined materiality and assessed the risks of material misstatement in the financial statements. In particular, we looked at where the directors made subjective judgements, for example the selection of pricing sources to value the investment portfolio. As in all of our audits, we also addressed the risk of management override of internal controls, including evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud. Key audit matters Key audit matters are those matters that, in the auditors’ professional judgement, were of most significance in the audit of the financial statements of the current period and include the most significant assessed risks of material misstatement (whether or not due to fraud) identified by the auditors, including those which had the greatest effect on: the overall audit strategy; the allocation of resources in the audit; and directing the efforts of the engagement team. These matters, and any comments we make on the results of our procedures thereon, were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. This is not a complete list of all risks identified by our audit. Key audit matter How our audit addressed the key audit matter Existence of financial assets at fair value through profit or We obtained independent confirmation from the loss and financial liabilities at fair value through profit or Depositary and counterparties of the investment portfolios loss (accounting policy 2 b, notes 5 &14) held at 30 September 2020, agreeing the amounts held to The financial assets at fair value through profit or loss and the accounting records of each Fund. financial liabilities at fair value through profit or loss included in the Statement of Financial Position of each Fund are held in the Fund's name at 30 September 2020. We focused on this area because it represents the principal element of the financial statements. Valuation of financial assets at fair value through profit or We tested the valuation of the investment portfolios of each loss and financial liabilities at fair value through profit or Fund by independently agreeing the valuation of loss (accounting policy 2 b, notes 5 & 14) investments to third party vendor sources. The financial assets at fair value through profit or loss and financial liabilities at fair value through profit or loss included in the Statement of Financial Position of each Fund at 30 September 2020 are valued at fair value in line with Generally Accepted Accounting Practice in Ireland. We focused on this area because it represents the principal element of the financial statements.


  • Page 28

    How we tailored the audit scope We tailored the scope of our audit to ensure that we performed enough work to be able to give an opinion on the financial statements as a whole, taking into account the structure of the Company, the accounting processes and controls, and the industry in which it operates. As at 30 September 2020 there are 13 active Funds and 3 terminated Funds. The Company's Statement of Financial Position, Statement of Comprehensive Income, and Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares are an aggregation of the positions and results of the Funds. The directors control the affairs of the Company and are responsible for the overall investment policy which is determined by them. The Company engages the Manager to manage certain duties and responsibilities with regards to the day to day management of the Company. The Manager has delegated certain responsibilities to Invesco Capital Management LLC (the ‘Investment Manager’) and to BNY Mellon Fund Services (Ireland) Designated Activity Company (the ‘Administrator’). The financial statements, which remain the responsibility of the directors, are prepared on their behalf by the Administrator. The Company has appointed The Bank of New York Mellon SA/NV, Dublin Branch (the “Depositary”) to act as Depositary of the Company’s assets. In establishing the overall approach to our audit we assessed the risk of material misstatement at a Fund level, taking into account the nature, likelihood and potential magnitude of any misstatement. As part of our risk assessment, we considered the Company’s interaction with the Administrator, and we assessed the control environment in place at the Administrator. Materiality The scope of our audit was influenced by our application of materiality. We set certain quantitative thresholds for materiality. These, together with qualitative considerations, helped us to determine the scope of our audit and the nature, timing and extent of our audit procedures on the individual financial statement line items and disclosures and in evaluating the effect of misstatements, both individually and in aggregate on the financial statements as a whole. Based on our professional judgement, we determined materiality for the financial statements of each of the Company’s Funds as follows: Overall materiality and how 50 basis points (2019: 50 basis points) of Net Assets Value ("NAV") at 30 September we determined it 2020 for each of the Company’s Funds. For Invesco Dynamic US Market UCITS ETF, Invesco S&P 500 Veqtor UCITS ETF and Invesco FTSE RAFI Europe Mid- Small UCITS ETF which terminated during the year, our materiality was based on the average NAV of each Fund for the period. Rationale for benchmark We have applied this benchmark because the main objective of the Company is to applied provide investors with a total return at a Fund level, taking account of the capital and income returns. We agreed with the Board of Directors that we would report to them misstatements identified during our audit above 5 basis points of each Fund’s NAV, for NAV per share impacting differences (2019: 5 basis points of each Fund’s NAV, for NAV per share impacting differences) as well as misstatements below that amount that, in our view, warranted reporting for qualitative reasons. Conclusions relating to going concern We have nothing to report in respect of the following matters in relation to which ISAs (Ireland) require us to report to you where: • the directors’ use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or • the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the Company’s and Funds’ ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the Company’s and Funds’ ability to continue as going concerns. Reporting on other information The other information comprises all of the information in the Annual Report and Audited Financial Statements other than the financial statements and our auditors’ report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, accordingly, we do not express an audit opinion or, except to the extent otherwise explicitly stated in this report, any form of assurance thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider


  • Page 29

    whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If we identify an apparent material inconsistency or material misstatement, we are required to perform procedures to conclude whether there is a material misstatement of the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report based on these responsibilities. With respect to the Directors’ Report, we also considered whether the disclosures required by the Companies Act 2014 have been included. Based on the responsibilities described above and our work undertaken in the course of the audit, ISAs (Ireland) and the Companies Act 2014 require us to also report certain opinions and matters as described below: Directors’ Report • In our opinion, based on the work undertaken in the course of the audit, the information given in the Directors’ Report for the year ended 30 September 2020 is consistent with the financial statements and has been prepared in accordance with applicable legal requirements. • Based on our knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified any material misstatements in the Directors’ Report. Corporate governance statement • In our opinion, based on the work undertaken in the course of the audit of the financial statements, the description of the main features of the internal control and risk management systems in relation to the financial reporting process included in the Corporate Governance Statement, is consistent with the financial statements and has been prepared in accordance with section 1373(2)(c) of the Companies Act 2014. • Based on our knowledge and understanding of the Company and its environment obtained in the course of the audit of the financial statements, we have not identified material misstatements in the description of the main features of the internal control and risk management systems in relation to the financial reporting process included in the Corporate Governance Statement. • In our opinion, based on the work undertaken during the course of the audit of the financial statements, the information required by section 1373(2)(a),(b),(e) and (f) of the Companies Act 2014 and regulation 6 of the European Union (Disclosure of Non-Financial and Diversity Information by certain large undertakings and groups) Regulations 2017 is contained in the Corporate Governance Statement. Responsibilities for the financial statements and the audit Responsibilities of the directors for the financial statements As explained more fully in the Statement of Directors’ Responsibilities set out on page 13, the directors are responsible for the preparation of the financial statements in accordance with the applicable framework and for being satisfied that they give a true and fair view. The directors are also responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the Company’s and Funds’ ability to continue as going concerns, disclosing as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so. Auditors’ responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (Ireland) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. A further description of our responsibilities for the audit of the financial statements is located on the IAASA website at: https://www.iaasa.ie/getmedia/b2389013-1cf6-458b-9b8f- a98202dc9c3a/Description_of_auditors_responsibilities_for_audit.pdf. This description forms part of our auditors’ report.


  • Page 30

    Use of this report This report, including the opinions, has been prepared for and only for the Company’s members as a body in accordance with section 391 of the Companies Act 2014 and for no other purpose. We do not, in giving these opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing. Other required reporting Companies Act 2014 opinions on other matters • We have obtained all the information and explanations which we consider necessary for the purposes of our audit. • In our opinion the accounting records of the Company were sufficient to permit the financial statements to be readily and properly audited. • The financial statements are in agreement with the accounting records. Companies Act 2014 exception reporting Directors’ remuneration and transactions Under the Companies Act 2014 we are required to report to you if, in our opinion, the disclosures of directors’ remuneration and transactions specified by sections 305 to 312 of that Act have not been made. We have no exceptions to report arising from this responsibility. Appointment We were appointed by the directors on 5 February 2002 to audit the financial statements for the year ended 30 September 2002 and subsequent financial periods. The period of total uninterrupted engagement is 19 years, covering the years ended 30 September 2002 to 30 September 2020. Olivia Hayden for and on behalf of PricewaterhouseCoopers Chartered Accountants and Statutory Audit Firm Cork 25 January 2021


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    Invesco EQQQ NASDAQ-100 UCITS ETF Schedule of Investments As at 30 September 2020 Transferable securities admitted to an official stock exchange listing or dealt in on another regulated market. Security Description Nominal Fair Value % of USD Net Assets Equities: 100.37% (30 September 2019: 100.02%) Communications: 32.85% (30 September 2019: 34.98%) Alphabet Inc - Class A 124,789 182,890,758 3.44 Alphabet Inc - Class C 120,763 177,473,305 3.33 Amazon.com Inc 181,286 570,820,667 10.72 Baidu Inc 129,837 16,436,066 0.31 Booking Holdings Inc 18,927 32,378,040 0.61 CDW Corp/DE 65,867 7,873,082 0.15 Charter Communications Inc 94,639 59,086,913 1.11 Cisco Systems Inc 1,949,519 76,791,553 1.44 Comcast Corp 2,104,820 97,368,973 1.83 eBay Inc 323,168 16,837,053 0.32 Expedia Group Inc 62,658 5,745,112 0.11 Facebook Inc 870,265 227,922,403 4.28 Fox Corp - Class A 158,653 4,415,313 0.08 Fox Corp - Class B 120,573 3,372,427 0.06 JD.com Inc 423,775 32,889,178 0.62 Liberty Global Plc - Class A 84,142 1,767,823 0.03 Liberty Global Plc - Class B 184,162 3,781,767 0.07 MercadoLibre Inc 22,972 24,866,731 0.47 Netflix Inc 203,599 101,805,608 1.91 Pinduoduo Inc 133,196 9,876,483 0.19 Sirius XM Holdings Inc 2,003,996 10,741,419 0.20 T-Mobile US Inc 571,524 65,359,485 1.23 Trip.com Group Ltd 241,480 7,519,687 0.14 VeriSign Inc 52,989 10,854,797 0.20 Total Communications 1,748,874,643 32.85 Consumer, Cyclical: 8.16% (30 September 2019: 7.29%) Copart Inc 108,416 11,401,027 0.21 Costco Wholesale Corp 203,911 72,388,405 1.36 Dollar Tree Inc 109,550 10,006,297 0.19 Fastenal Co 264,834 11,941,365 0.22 Lululemon Athletica Inc 57,379 18,898,921 0.35 Marriott International Inc/MD 149,754 13,864,225 0.26 O'Reilly Automotive Inc 34,232 15,783,691 0.30 PACCAR Inc 159,823 13,629,705 0.26 Ross Stores Inc 164,340 15,336,209 0.29 Starbucks Corp 539,762 46,376,351 0.87 Tesla Inc 430,259 184,585,414 3.47 Ulta Beauty Inc 25,993 5,821,912 0.11 Walgreens Boots Alliance Inc 400,083 14,370,981 0.27 Total Consumer, Cyclical 434,404,503 8.16 Consumer, Non-cyclical: 12.65% (30 September 2019: 14.18%) Alexion Pharmaceuticals Inc 101,196 11,579,858 0.22 Align Technology Inc 36,423 11,923,433 0.22 Amgen Inc 270,450 68,737,572 1.29 Automatic Data Processing Inc 198,563 27,697,553 0.52 Biogen Inc 73,104 20,738,143 0.39 BioMarin Pharmaceutical Inc 83,706 6,368,352 0.12 Cintas Corp 47,768 15,898,623 0.30 DexCom Inc 44,237 18,235,819 0.34 Gilead Sciences Inc 578,871 36,578,858 0.69 IDEXX Laboratories Inc 39,244 15,427,209 0.29 Illumina Inc 67,388 20,828,283 0.39 Incyte Corp 100,959 9,060,061 0.17 Intuitive Surgical Inc 54,039 38,342,832 0.72 Kraft Heinz Co/The 564,473 16,905,966 0.32 Moderna Inc 182,172 12,888,669 0.24 Mondelez International Inc 659,462 37,886,092 0.71 Monster Beverage Corp 243,487 19,527,657 0.37 31 Invesco Markets III plc


  • Page 32

    Invesco EQQQ NASDAQ-100 UCITS ETF Schedule of Investments As at 30 September 2020 (continued) Security Description Nominal Fair Value % of USD Net Assets Equities: 100.37% (30 September 2019: 100.02%) (continued) Consumer, Non-cyclical: 12.65% (30 September 2019: 14.18%) (continued) PayPal Holdings Inc 541,721 106,735,289 2.01 PepsiCo Inc 639,308 88,608,089 1.66 Regeneron Pharmaceuticals Inc 48,254 27,011,624 0.51 Seattle Genetics Inc 80,339 15,721,539 0.30 Verisk Analytics Inc 74,970 13,892,691 0.26 Vertex Pharmaceuticals Inc 120,264 32,726,240 0.61 Total Consumer, Non-cyclical 673,320,452 12.65 Financial: 0.00% (30 September 2019: 0.30%) Industrial: 0.52% (30 September 2019: 0.81%) CSX Corp 353,241 27,436,228 0.52 Total Industrial 27,436,228 0.52 Technology: 45.57% (30 September 2019: 42.06%) Activision Blizzard Inc 356,390 28,849,770 0.54 Adobe Inc 221,487 108,623,869 2.04 Advanced Micro Devices Inc 542,090 44,445,959 0.84 Analog Devices Inc 170,479 19,901,718 0.37 ANSYS Inc 39,603 12,959,290 0.24 Apple Inc 6,190,539 716,926,322 13.47 Applied Materials Inc 421,684 25,069,114 0.47 ASML Holding NV 35,261 13,020,829 0.24 Autodesk Inc 101,200 23,378,212 0.44 Broadcom Inc 184,560 67,238,899 1.26 Cadence Design Systems Inc 128,696 13,722,854 0.26 Cerner Corp 140,970 10,190,721 0.19 Check Point Software Technologies Ltd 64,758 7,792,978 0.15 Citrix Systems Inc 57,061 7,857,870 0.15 Cognizant Technology Solutions Corp 250,338 17,378,464 0.33 DocuSign Inc 85,425 18,386,877 0.35 Electronic Arts Inc 133,307 17,384,566 0.33 Fiserv Inc 309,185 31,861,514 0.60 Intel Corp 1,963,738 101,682,354 1.91 Intuit Inc 120,870 39,429,003 0.74 KLA Corp 71,778 13,906,270 0.26 Lam Research Corp 67,235 22,305,211 0.42 Maxim Integrated Products Inc 123,129 8,324,752 0.16 Microchip Technology Inc 116,523 11,973,903 0.23 Micron Technology Inc 512,981 24,089,588 0.45 Microsoft Corp 2,739,226 576,141,405 10.82 NetEase Inc 33,115 15,056,397 0.28 NVIDIA Corp 284,913 154,200,614 2.90 NXP Semiconductors NV 128,932 16,092,003 0.30 Paychex Inc 165,664 13,215,017 0.25 QUALCOMM Inc 520,922 61,302,101 1.15 Skyworks Solutions Inc 77,132 11,222,706 0.21 Splunk Inc 73,361 13,801,405 0.26 Synopsys Inc 70,107 15,001,496 0.28 Take-Two Interactive Software Inc 52,780 8,720,312 0.16 Texas Instruments Inc 422,933 60,390,603 1.13 Western Digital Corp 139,703 5,106,145 0.10 Workday Inc 81,727 17,581,930 0.33 Xilinx Inc 112,837 11,762,129 0.22 Zoom Video Communications Inc 84,074 39,524,028 0.74 Total Technology 2,425,819,198 45.57 Utilities: 0.62% (30 September 2019: 0.40%) Exelon Corp 449,941 16,089,890 0.30 Xcel Energy Inc 242,547 16,738,169 0.32 Total Utilities 32,828,059 0.62 Total Equities 5,342,683,083 100.37 32 Invesco Markets III plc


  • Page 33

    Invesco EQQQ NASDAQ-100 UCITS ETF Schedule of Investments As at 30 September 2020 (continued) Security Description Nominal Fair Value % of USD Net Assets Investment Funds: 2.32% (30 September 2019: 0.00%) Financial: 2.32% (30 September 2019: 0.00%) Invesco Liquidity Funds plc - Invesco US Dollar Liquidity Portfolio 123,660,797 123,660,797 2.32 Total Financial 123,660,797 2.32 Total Investment Funds 123,660,797 2.32 Total Value of Investments 5,466,343,880 102.69 Details of Forward Foreign Exchange Contracts: 0.02% (30 September 2019: 0.03%) Unrealised Gain % of Maturity Date Counterparty USD Net Assets Buy 1,225,063 CHF to Sell 1,332,315 USD 02/10/2020 BNY Mellon 1,155 0.00 Buy 3,457,970 EUR to Sell 4,048,211 USD 02/10/2020 BNY Mellon 6,815 0.00 Buy 4,190,069 USD to Sell 3,227,444 GBP 02/10/2020 BNY Mellon 17,630 0.00 Buy 14,637,882 USD to Sell 13,356,313 CHF 02/10/2020 BNY Mellon 99,664 0.00 Buy 70,904,322 GBP to Sell 91,195,877 USD 02/10/2020 BNY Mellon 469,232 0.01 Buy 69,823,945 USD to Sell 58,952,734 EUR 02/10/2020 BNY Mellon 692,378 0.01 Total unrealised gain on open forward foreign exchange contracts 1,286,874 0.02 Financial assets at fair value through profit or loss 5,467,630,754 102.71 Current assets 18,318,827 0.35 Total assets 5,485,949,581 103.06 Details of Forward Foreign Exchange Contracts: (0.12%) (30 September 2019: (0.06%)) Unrealised Loss % of Maturity Date Counterparty USD Net Assets Buy 207,479,511 EUR to Sell 248,079,975 USD 02/10/2020 BNY Mellon (4,776,867) (0.09) Buy 65,816,230 CHF to Sell 73,109,435 USD 02/10/2020 BNY Mellon (1,469,104) (0.03) Buy 5,601,680 USD to Sell 4,386,453 GBP 02/10/2020 BNY Mellon (69,125) (0.00) Buy 5,740,551 USD to Sell 4,924,987 EUR 02/10/2020 BNY Mellon (34,789) (0.00) Buy 1,881,377 USD to Sell 1,739,882 CHF 02/10/2020 BNY Mellon (12,467) (0.00) Buy 18,812 GBP to Sell 24,461 USD 02/10/2020 BNY Mellon (141) (0.00) Total unrealised loss on open forward foreign exchange contracts (6,362,493) (0.12) Financial liabilities at fair value through profit or loss (6,362,493) (0.12) Current liabilities (156,489,230) (2.94) Net assets attributable to holders of redeemable participating Shares 5,323,097,858 100.00 % of total assets Analysis of Total Assets Transferable securities admitted to an official stock exchange listing or dealt in on another regulated market 99.64 Derivative instruments 0.02 Other assets 0.34 100.00 33 Invesco Markets III plc


  • Page 34

    Invesco FTSE RAFI US 1000 UCITS ETF Schedule of Investments As at 30 September 2020 Transferable securities admitted to an official stock exchange listing or dealt in on another regulated market. Security Description Nominal Fair Value % of USD Net Assets Equities: 100.01% (30 September 2019: 99.98%) Basic Materials: 3.16% (30 September 2019: 2.79%) Air Products & Chemicals Inc 872 259,734 0.16 Albemarle Corp 658 58,746 0.04 Alcoa Corp 7,012 81,549 0.05 Allegheny Technologies Inc 1,437 12,531 0.01 Arconic Corp 838 15,964 0.01 Ashland Global Holdings Inc 469 33,261 0.02 Axalta Coating Systems Ltd 1,571 34,829 0.02 Cabot Corp 745 26,842 0.02 Carpenter Technology Corp 582 10,569 0.01 Celanese Corp 835 89,721 0.05 CF Industries Holdings Inc 2,481 76,191 0.05 Chemours Co/The 2,821 58,987 0.04 Commercial Metals Co 1,861 37,183 0.02 Compass Minerals International Inc 408 24,215 0.01 Constellium SE 2,430 19,075 0.01 Domtar Corp 1,678 44,081 0.03 Dow Inc 7,201 338,807 0.20 DuPont de Nemours Inc 12,939 717,856 0.43 Eastman Chemical Co 1,910 149,209 0.09 Ecolab Inc 834 166,667 0.10 Element Solutions Inc 2,372 24,930 0.01 FMC Corp 396 41,940 0.03 Freeport-McMoRan Inc 15,932 249,176 0.15 HB Fuller Co 478 21,883 0.01 Huntsman Corp 4,071 90,417 0.05 International Flavors & Fragrances Inc 605 74,082 0.04 International Paper Co 6,405 259,659 0.16 Linde Plc 2,744 653,429 0.40 LyondellBasell Industries NV 4,829 340,396 0.21 Mosaic Co/The 6,945 126,885 0.08 Newmont Corp 2,601 165,033 0.10 Nucor Corp 4,774 214,162 0.13 Olin Corp 3,065 37,945 0.02 PPG Industries Inc 1,523 185,928 0.11 Reliance Steel & Aluminum Co 826 84,285 0.05 RPM International Inc 739 61,219 0.04 Sherwin-Williams Co/The 209 145,619 0.09 Steel Dynamics Inc 2,938 84,115 0.05 United States Steel Corp 9,461 69,444 0.04 Westlake Chemical Corp 418 26,426 0.02 Total Basic Materials 5,212,990 3.16 Communications: 11.45% (30 September 2019: 10.60%) Alphabet Inc - Class A 739 1,083,078 0.66 Alphabet Inc - Class C 739 1,086,034 0.66 Altice USA Inc 3,532 91,832 0.06 Amazon.com Inc 580 1,826,263 1.11 AMC Networks Inc 833 20,584 0.01 AT&T Inc 99,109 2,825,598 1.71 Booking Holdings Inc 145 248,049 0.15 CDW Corp/DE 662 79,129 0.05 CenturyLink Inc 35,535 358,548 0.22 Charter Communications Inc 739 461,387 0.28 Ciena Corp 765 30,363 0.02 Cisco Systems Inc 28,090 1,106,465 0.67 Comcast Corp 34,269 1,585,284 0.96 CommScope Holding Co Inc 4,596 41,364 0.02 Corning Inc 7,722 250,270 0.15 Discovery Inc 1,260 27,430 0.02 Discovery Inc - Class C 2,660 52,136 0.03 DISH Network Corp - Class A 2,653 77,017 0.05 E*TRADE Financial Corp 1,168 58,458 0.04 eBay Inc 3,994 208,087 0.13 EchoStar Corp 650 16,179 0.01 34 Invesco Markets III plc


  • Page 35

    Invesco FTSE RAFI US 1000 UCITS ETF Schedule of Investments As at 30 September 2020 (continued) Security Description Nominal Fair Value % of USD Net Assets Equities: 100.01% (30 September 2019: 99.98%) (continued) Communications: 11.45% (30 September 2019: 10.60%) (continued) Expedia Group Inc 815 74,727 0.05 F5 Networks Inc 277 34,007 0.02 Facebook Inc 4,812 1,260,263 0.76 FactSet Research Systems Inc 74 24,781 0.01 Fox Corp - Class A 2,928 81,486 0.05 Fox Corp - Class B 1,358 37,983 0.02 GCI Liberty Inc 454 37,210 0.02 IAC/InterActiveCorp 150 17,967 0.01 Interpublic Group of Cos Inc/The 3,824 63,746 0.04 John Wiley & Sons Inc 570 18,075 0.01 Juniper Networks Inc 3,194 68,671 0.04 Liberty Broadband Corp - Class A 61 8,650 0.01 Liberty Broadband Corp - Class C 308 44,004 0.03 Liberty Global Plc - Class A 3,877 81,456 0.05 Liberty Global Plc - Class C 9,264 190,236 0.12 Liberty Latin America Ltd - Class A 726 5,990 0.00 Liberty Latin America Ltd - Class C 1,772 14,424 0.01 Liberty Media Corp-Liberty Formula One - Clas A 147 4,926 0.00 Liberty Media Corp-Liberty Formula One - Class c 991 35,944 0.02 Liberty Media Corp-Liberty SiriusXM - Class A 827 27,432 0.02 Liberty Media Corp-Liberty SiriusXM - Class C 1,538 50,877 0.03 Meredith Corp 793 10,404 0.01 Motorola Solutions Inc 430 67,428 0.04 Netflix Inc 273 136,508 0.08 News Corp - Class A 4,549 63,777 0.04 News Corp - Class B 1,444 20,187 0.01 Nexstar Media Group Inc 253 22,752 0.01 NortonLifeLock Inc 6,980 145,463 0.09 Omnicom Group Inc 2,282 112,959 0.07 Sinclair Broadcast Group Inc 1,001 19,249 0.01 Spotify Technology SA 149 36,143 0.02 TD Ameritrade Holding Corp 1,426 55,828 0.03 TEGNA Inc 2,068 24,299 0.01 Telephone and Data Systems Inc 2,756 50,821 0.03 T-Mobile US Inc 3,083 352,572 0.21 Twitter Inc 1,628 72,446 0.04 Uber Technologies Inc 1,001 36,517 0.02 Verizon Communications Inc 46,843 2,786,690 1.69 ViacomCBS Inc 5,172 144,868 0.09 ViaSat Inc 477 16,404 0.01 Walt Disney Co/The 7,749 961,496 0.58 Yandex NV 733 47,828 0.03 Total Communications 18,901,049 11.45 Consumer, Cyclical: 12.43% (30 September 2019: 11.14%) Abercrombie & Fitch Co 1,992 27,749 0.02 Adient Plc 3,427 59,390 0.04 Advance Auto Parts Inc 513 78,746 0.05 Allison Transmission Holdings Inc 803 28,217 0.02 AMC Entertainment Holdings Inc 3,257 15,340 0.01 American Airlines Group Inc 3,116 38,296 0.02 American Axle & Manufacturing Holdings Inc 7,026 40,540 0.02 American Eagle Outfitters Inc 2,640 39,098 0.02 Aptiv Plc 1,598 146,505 0.09 Aramark 2,517 66,575 0.04 Asbury Automotive Group Inc 443 43,170 0.03 Autoliv Inc 1,019 74,265 0.05 AutoNation Inc 1,880 99,508 0.06 AutoZone Inc 119 140,139 0.08 Avient Corp 822 21,750 0.01 Beacon Roofing Supply Inc 1,181 36,694 0.02 Bed Bath & Beyond Inc 7,261 108,770 0.07 Best Buy Co Inc 2,648 294,696 0.18 Big Lots Inc 1,357 60,522 0.04 BJ's Wholesale Club Holdings Inc 2,885 119,872 0.07 Bloomin' Brands Inc 1,151 17,576 0.01 BorgWarner Inc 3,015 116,801 0.07 35 Invesco Markets III plc


  • Page 36

    Invesco FTSE RAFI US 1000 UCITS ETF Schedule of Investments As at 30 September 2020 (continued) Security Description Nominal Fair Value % of USD Net Assets Equities: 100.01% (30 September 2019: 99.98%) (continued) Consumer, Cyclical: 12.43% (30 September 2019: 11.14%) (continued) Brinker International Inc 703 30,032 0.02 Brunswick Corp/DE 638 37,585 0.02 Burlington Stores Inc 201 41,424 0.03 Capri Holdings Ltd 2,515 45,270 0.03 CarMax Inc 1,387 127,479 0.08 Carnival Corp 6,137 93,160 0.06 Carter's Inc 329 28,485 0.02 Casey's General Stores Inc 292 51,874 0.03 Chipotle Mexican Grill Inc 33 41,042 0.02 Cinemark Holdings Inc 1,424 14,240 0.01 Cooper Tire & Rubber Co 1,015 32,176 0.02 Cooper-Standard Holdings Inc 1,280 16,909 0.01 Copart Inc 295 31,022 0.02 Core-Mark Holding Co Inc 1,254 36,278 0.02 Costco Wholesale Corp 2,669 947,495 0.57 Cracker Barrel Old Country Store Inc 227 26,028 0.02 Cummins Inc 1,443 304,704 0.18 Dana Inc 3,116 38,389 0.02 Darden Restaurants Inc 780 78,577 0.05 Deckers Outdoor Corp 134 29,481 0.02 Delphi Technologies Plc 2,444 40,839 0.02 Delta Air Lines Inc 2,037 62,291 0.04 Designer Brands Inc 1,626 8,829 0.01 Dick's Sporting Goods Inc 1,071 61,989 0.04 Dollar General Corp 1,144 239,805 0.15 Dollar Tree Inc 1,792 163,681 0.10 Domino's Pizza Inc 75 31,896 0.02 DR Horton Inc 1,983 149,974 0.09 Dunkin' Brands Group Inc 323 26,457 0.02 Extended Stay America Inc 3,269 39,065 0.02 Fastenal Co 2,324 104,789 0.06 Foot Locker Inc 2,059 68,009 0.04 Ford Motor Co 172,152 1,146,532 0.69 GameStop Corp 17,329 176,756 0.11 Gap Inc/The 5,702 97,105 0.06 General Motors Co 34,974 1,034,881 0.63 Gentex Corp 1,348 34,711 0.02 Genuine Parts Co 1,464 139,329 0.08 G-III Apparel Group Ltd 932 12,219 0.01 Goodyear Tire & Rubber Co/The 13,010 99,787 0.06 Group 1 Automotive Inc 493 43,576 0.03 Hanesbrands Inc 4,580 72,135 0.04 Harley-Davidson Inc 2,498 61,301 0.04 Hasbro Inc 759 62,784 0.04 HD Supply Holdings Inc 1,340 55,262 0.03 Hilton Worldwide Holdings Inc 640 54,605 0.03 Home Depot Inc/The 4,526 1,256,915 0.76 International Game Technology Plc 2,491 27,725 0.02 JetBlue Airways Corp 1,263 14,310 0.01 KB Home 672 25,798 0.02 Kohl's Corp 4,404 81,606 0.05 Kontoor Brands Inc 707 17,109 0.01 L Brands Inc 6,873 218,630 0.13 Las Vegas Sands Corp 2,907 135,641 0.08 Lear Corp 1,248 136,094 0.08 Leggett & Platt Inc 1,231 50,680 0.03 Lennar Corp 1,924 157,152 0.10 Lions Gate Entertainment Corp - Class A 841 7,973 0.00 Lions Gate Entertainment Corp - Class B 1,860 16,219 0.01 Lithia Motors Inc 385 87,757 0.05 Live Nation Entertainment Inc 553 29,796 0.02 LKQ Corp 3,116 86,407 0.05 Lowe's Cos Inc 4,394 728,789 0.44 Lululemon Athletica Inc 122 40,183 0.02 Macy's Inc 15,739 89,712 0.05 Marriott International Inc/MD 979 90,636 0.05 36 Invesco Markets III plc


  • Page 37

    Invesco FTSE RAFI US 1000 UCITS ETF Schedule of Investments As at 30 September 2020 (continued) Security Description Nominal Fair Value % of USD Net Assets Equities: 100.01% (30 September 2019: 99.98%) (continued) Consumer, Cyclical: 12.43% (30 September 2019: 11.14%) (continued) Marriott Vacations Worldwide Corp 277 25,154 0.02 Mattel Inc 5,988 70,060 0.04 McDonald's Corp 3,126 686,126 0.42 Meritage Homes Corp 419 46,253 0.03 Meritor Inc 1,078 22,573 0.01 MGM Resorts International 4,170 90,697 0.06 Michaels Cos Inc/The 5,517 53,267 0.03 Mohawk Industries Inc 845 82,464 0.05 MSC Industrial Direct Co Inc 470 29,742 0.02 Navistar International Corp 833 36,269 0.02 Newell Brands Inc 4,502 77,254 0.05 NIKE Inc 3,288 412,776 0.25 Nordstrom Inc 2,549 30,384 0.02 Norwegian Cruise Line Holdings Ltd 2,339 40,020 0.02 Nu Skin Enterprises Inc 1,019 51,042 0.03 NVR Inc 20 81,662 0.05 ODP Corp/The 2,486 48,353 0.03 O'Reilly Automotive Inc 237 109,276 0.07 PACCAR Inc 3,577 305,047 0.18 Penn National Gaming Inc 1,087 79,025 0.05 Penske Automotive Group Inc 923 43,990 0.03 Polaris Inc 565 53,302 0.03 PulteGroup Inc 1,758 81,378 0.05 PVH Corp 997 59,461 0.04 Qurate Retail Inc 14,422 103,550 0.06 Ralph Lauren Corp 477 32,422 0.02 Resideo Technologies Inc 4,152 45,672 0.03 Rite Aid Corp 8,943 84,869 0.05 Ross Stores Inc 1,095 102,185 0.06 Royal Caribbean Cruises Ltd 1,513 97,936 0.06 Rush Enterprises Inc 527 26,635 0.02 Sally Beauty Holdings Inc 2,842 24,697 0.01 Scotts Miracle-Gro Co/The 234 35,781 0.02 Signet Jewelers Ltd 1,723 32,220 0.02 Six Flags Entertainment Corp 1,194 24,238 0.01 Skechers USA Inc 1,044 31,550 0.02 Sonic Automotive Inc 871 34,979 0.02 Southwest Airlines Co 1,141 42,788 0.03 Starbucks Corp 3,903 335,346 0.20 Tapestry Inc 3,803 59,441 0.04 Target Corp 5,378 846,605 0.51 Taylor Morrison Home Corp 1,516 37,278 0.02 Tenneco Inc 3,737 25,935 0.02 Tesla Inc 395 169,459 0.10 Thor Industries Inc 555 52,869 0.03 Tiffany & Co 558 64,644 0.04 TJX Cos Inc/The 5,242 291,717 0.18 Toll Brothers Inc 1,104 53,721 0.03 Toro Co/The 345 28,963 0.02 Tractor Supply Co 669 95,894 0.06 TRI Pointe Group Inc 1,868 33,886 0.02 Triton International Ltd/Bermuda 745 30,299 0.02 Tupperware Brands Corp 5,561 112,110 0.07 Ulta Beauty Inc 215 48,156 0.03 Under Armour Inc - Class A 1,276 14,329 0.01 Under Armour Inc - Class C 1,285 12,644 0.01 United Airlines Holdings Inc 1,382 48,024 0.03 Univar Solutions Inc 2,922 49,323 0.03 Urban Outfitters Inc 1,035 21,538 0.01 Vail Resorts Inc 138 29,528 0.02 VF Corp 1,567 110,082 0.07 Visteon Corp 814 56,345 0.03 Walgreens Boots Alliance Inc 14,424 518,110 0.31 Walmart Inc 15,076 2,109,283 1.28 Watsco Inc 208 48,441 0.03 WESCO International Inc 1,489 65,546 0.04 37 Invesco Markets III plc


  • Page 38

    Invesco FTSE RAFI US 1000 UCITS ETF Schedule of Investments As at 30 September 2020 (continued) Security Description Nominal Fair Value % of USD Net Assets Equities: 100.01% (30 September 2019: 99.98%) (continued) Consumer, Cyclical: 12.43% (30 September 2019: 11.14%) (continued) Whirlpool Corp 1,083 199,153 0.12 Williams-Sonoma Inc 766 69,277 0.04 World Fuel Services Corp 1,697 35,959 0.02 WW Grainger Inc 317 113,096 0.07 Wyndham Destinations Inc 722 22,209 0.01 Wynn Resorts Ltd 713 51,201 0.03 Yum China Holdings Inc 1,426 75,507 0.05 Yum! Brands Inc 1,280 116,864 0.07 Total Consumer, Cyclical 20,501,487 12.43 Consumer, Non-cyclical: 21.11% (30 September 2019: 18.45%) Aaron's Inc 658 37,276 0.02 Abbott Laboratories 6,240 679,099 0.41 AbbVie Inc 9,961 872,484 0.53 ABM Industries Inc 901 33,031 0.02 Acadia Healthcare Co Inc 1,022 30,129 0.02 Alexion Pharmaceuticals Inc 977 111,798 0.07 Align Technology Inc 100 32,736 0.02 Altria Group Inc 19,855 767,197 0.47 AMERCO 77 27,410 0.02 AmerisourceBergen Corp 4,575 443,409 0.27 Amgen Inc 3,249 825,766 0.50 Anthem Inc 2,404 645,690 0.39 Archer-Daniels-Midland Co 11,006 511,669 0.31 ASGN Inc 457 29,047 0.02 Automatic Data Processing Inc 1,282 178,826 0.11 Avery Dennison Corp 490 62,642 0.04 Avis Budget Group Inc 2,305 60,668 0.04 B&G Foods Inc 1,962 54,485 0.03 Baxter International Inc 1,678 134,945 0.08 Becton Dickinson and Co 1,017 236,636 0.14 Biogen Inc 927 262,971 0.16 BioMarin Pharmaceutical Inc 261 19,857 0.01 Bio-Rad Laboratories Inc 74 38,144 0.02 Booz Allen Hamilton Holding Corp 670 55,597 0.03 Boston Scientific Corp 3,293 125,825 0.08 Bristol-Myers Squibb Co 7,998 482,199 0.29 Brookdale Senior Living Inc 4,435 11,265 0.01 Brown-Forman Corp 926 69,746 0.04 Bunge Ltd 3,502 160,041 0.10 Campbell Soup Co 1,269 61,382 0.04 Cardinal Health Inc 9,194 431,658 0.26 Catalent Inc 493 42,230 0.03 Centene Corp 4,843 282,492 0.17 Charles River Laboratories International Inc 156 35,326 0.02 Church & Dwight Co Inc 832 77,967 0.05 Cigna Corp 2,133 361,352 0.22 Cintas Corp 202 67,232 0.04 Clorox Co/The 570 119,797 0.07 Coca-Cola Co/The 17,575 867,678 0.53 Coca-Cola European Partners Plc 1,886 73,196 0.04 Colgate-Palmolive Co 3,954 305,051 0.19 Community Health Systems Inc 7,441 31,401 0.02 Conagra Brands Inc 4,325 154,446 0.09 Constellation Brands Inc 712 134,931 0.08 Cooper Cos Inc/The 106 35,735 0.02 CoreLogic Inc/United States 504 34,106 0.02 Corteva Inc 7,173 206,654 0.13 Cosan Ltd 1,618 24,027 0.01 CoStar Group Inc 58 49,214 0.03 Coty Inc 3,455 9,328 0.01 Covetrus Inc 2,395 58,438 0.04 CVS Health Corp 19,720 1,151,648 0.70 Danaher Corp 1,721 370,583 0.22 Darling Ingredients Inc 1,591 57,324 0.04 DaVita Inc 1,350 115,627 0.07 Deluxe Corp 708 18,217 0.01 38 Invesco Markets III plc


  • Page 39

    Invesco FTSE RAFI US 1000 UCITS ETF Schedule of Investments As at 30 September 2020 (continued) Security Description Nominal Fair Value % of USD Net Assets Equities: 100.01% (30 September 2019: 99.98%) (continued) Consumer, Non-cyclical: 21.11% (30 September 2019: 18.45%) (continued) DENTSPLY SIRONA Inc 810 35,421 0.02 Edgewell Personal Care Co 739 20,603 0.01 Edwards Lifesciences Corp 832 66,410 0.04 Elanco Animal Health Inc 1,767 49,352 0.03 Eli Lilly and Co 3,025 447,760 0.27 Encompass Health Corp 570 37,039 0.02 Equifax Inc 399 62,603 0.04 Estee Lauder Cos Inc/The 477 104,105 0.06 Euronet Worldwide Inc 185 16,853 0.01 FleetCor Technologies Inc 200 47,620 0.03 Flowers Foods Inc 1,773 43,137 0.03 FTI Consulting Inc 205 21,724 0.01 Gartner Inc 197 24,615 0.02 General Mills Inc 5,285 325,979 0.20 Gilead Sciences Inc 10,102 638,345 0.39 Global Payments Inc 232 41,199 0.03 Graham Holdings Co 40 16,164 0.01 H&R Block Inc 2,430 39,585 0.02 Hain Celestial Group Inc/The 864 29,635 0.02 HCA Healthcare Inc 1,897 236,518 0.14 Henry Schein Inc 1,241 72,946 0.04 Hershey Co/The 661 94,748 0.06 Hertz Global Holdings Inc 5,388 5,981 0.00 Hill-Rom Holdings Inc 292 24,385 0.02 Hologic Inc 1,103 73,316 0.04 Hormel Foods Corp 1,456 71,184 0.04 Humana Inc 974 403,129 0.24 ICON Plc 170 32,485 0.02 IHS Markit Ltd 1,001 78,588 0.05 Illumina Inc 224 69,234 0.04 Ingredion Inc 748 56,609 0.03 Intuitive Surgical Inc 134 95,078 0.06 IQVIA Holdings Inc 642 101,198 0.06 J M Smucker Co/The 1,174 135,620 0.08 Jazz Pharmaceuticals Plc 313 44,631 0.03 Johnson & Johnson 14,213 2,116,031 1.28 Kellogg Co 2,064 133,314 0.08 Keurig Dr Pepper Inc 1,370 37,812 0.02 Kimberly-Clark Corp 2,054 303,294 0.18 Kraft Heinz Co/The 12,592 377,130 0.23 Kroger Co/The 20,642 699,970 0.42 Laboratory Corp of America Holdings 734 138,190 0.08 Lamb Weston Holdings Inc 325 21,538 0.01 Laureate Education Inc 1,280 16,998 0.01 Macquarie Infrastructure Corp 1,347 36,221 0.02 Magellan Health Inc 505 38,269 0.02 Mallinckrodt Plc 9,549 9,294 0.01 ManpowerGroup Inc 1,363 99,949 0.06 McCormick & Co Inc/MD 430 83,463 0.05 McKesson Corp 5,278 786,053 0.48 MEDNAX Inc 2,693 43,842 0.03 Medtronic Plc 6,965 723,803 0.44 Merck & Co Inc 13,935 1,155,908 0.70 Molina Healthcare Inc 740 135,450 0.08 Molson Coors Beverage Co 2,556 85,779 0.05 Mondelez International Inc 8,006 459,945 0.28 Monster Beverage Corp 738 59,188 0.04 Moody's Corp 267 77,390 0.05 Mylan NV 9,982 148,033 0.09 Nielsen Holdings Plc 5,452 77,309 0.05 Nomad Foods Ltd 1,590 40,513 0.02 Owens & Minor Inc 6,170 154,929 0.09 Patterson Cos Inc 1,611 38,833 0.02 PayPal Holdings Inc 1,925 379,283 0.23 PepsiCo Inc 7,455 1,033,263 0.63 Performance Food Group Co 1,572 54,423 0.03 39 Invesco Markets III plc


  • Page 40

    Invesco FTSE RAFI US 1000 UCITS ETF Schedule of Investments As at 30 September 2020 (continued) Security Description Nominal Fair Value % of USD Net Assets Equities: 100.01% (30 September 2019: 99.98%) (continued) Consumer, Non-cyclical: 21.11% (30 September 2019: 18.45%) (continued) Perrigo Co Plc 974 44,716 0.03 Pfizer Inc 50,168 1,841,166 1.12 Philip Morris International Inc 12,896 967,071 0.59 Post Holdings Inc 486 41,796 0.03 PRA Health Sciences Inc 227 23,027 0.01 Procter & Gamble Co/The 13,324 1,851,903 1.12 Quanta Services Inc 1,558 82,356 0.05 Quest Diagnostics Inc 992 113,574 0.07 Regeneron Pharmaceuticals Inc 215 120,353 0.07 ResMed Inc 285 48,858 0.03 Robert Half International Inc 858 45,422 0.03 S&P Global Inc 397 143,158 0.09 Sabre Corp 2,360 15,364 0.01 Sanderson Farms Inc 210 24,774 0.02 Select Medical Holdings Corp 902 18,780 0.01 Service Corp International/US 908 38,299 0.02 ServiceMaster Global Holdings Inc 840 33,499 0.02 Spectrum Brands Holdings Inc 667 38,126 0.02 Sprouts Farmers Market Inc 1,862 38,972 0.02 STERIS Plc 257 45,281 0.03 Stryker Corp 920 191,700 0.12 Sysco Corp 4,093 254,666 0.15 Teleflex Inc 106 36,084 0.02 Tenet Healthcare Corp 4,245 104,045 0.06 Thermo Fisher Scientific Inc 1,049 463,154 0.28 TransUnion 316 26,585 0.02 TreeHouse Foods Inc 1,017 41,219 0.03 Tyson Foods Inc 3,263 194,083 0.12 United Natural Foods Inc 5,014 74,558 0.05 United Rentals Inc 969 169,090 0.10 United Therapeutics Corp 397 40,097 0.02 UnitedHealth Group Inc 5,380 1,677,323 1.02 Universal Corp/VA 474 19,851 0.01 Universal Health Services Inc 647 69,242 0.04 US Foods Holding Corp 4,057 90,147 0.05 Varian Medical Systems Inc 270 46,440 0.03 Vector Group Ltd 1,768 17,132 0.01 Verisk Analytics Inc 310 57,446 0.04 Vertex Pharmaceuticals Inc 148 40,274 0.02 WEX Inc 145 20,151 0.01 Zimmer Biomet Holdings Inc 842 114,630 0.07 Zoetis Inc 621 102,695 0.06 Total Consumer, Non-cyclical 34,833,951 21.11 Energy: 5.64% (30 September 2019: 7.51%) Antero Resources Corp 52,011 143,030 0.09 Apache Corp 3,858 36,535 0.02 Baker Hughes Co 15,437 205,158 0.12 Cabot Oil & Gas Corp 2,317 40,223 0.02 Cheniere Energy Inc 657 30,399 0.02 Chevron Corp 25,962 1,869,264 1.13 Cimarex Energy Co 836 20,340 0.01 CNX Resources Corp 5,567 52,552 0.03 Concho Resources Inc 2,308 101,829 0.06 ConocoPhillips 12,575 412,963 0.25 Continental Resources Inc/OK 1,050 12,894 0.01 Delek US Holdings Inc 1,806 20,101 0.01 Devon Energy Corp 6,159 58,264 0.04 Diamondback Energy Inc 1,142 34,397 0.02 EOG Resources Inc 3,889 139,771 0.08 EQT Corp 12,250 158,392 0.10 Exxon Mobil Corp 72,477 2,488,135 1.51 First Solar Inc 909 60,176 0.04 Gulfport Energy Corp 25,095 13,228 0.01 Halliburton Co 12,313 148,372 0.09 Helmerich & Payne Inc 1,928 28,245 0.02 Hess Corp 1,868 76,457 0.05 40 Invesco Markets III plc


  • Page 41

    Invesco FTSE RAFI US 1000 UCITS ETF Schedule of Investments As at 30 September 2020 (continued) Security Description Nominal Fair Value % of USD Net Assets Equities: 100.01% (30 September 2019: 99.98%) (continued) Energy: 5.64% (30 September 2019: 7.51%) (continued) HollyFrontier Corp 3,368 66,383 0.04 Kinder Morgan Inc 21,597 266,291 0.16 Marathon Oil Corp 17,242 70,520 0.04 Marathon Petroleum Corp 11,752 344,804 0.21 MRC Global Inc 2,879 12,322 0.01 Murphy Oil Corp 3,657 32,620 0.02 Murphy USA Inc 677 86,839 0.05 Nabors Industries Ltd 472 11,536 0.01 National Oilwell Varco Inc 7,761 70,315 0.04 Noble Energy Inc 7,032 60,124 0.04 Oasis Petroleum Inc 26,242 7,348 0.00 Occidental Petroleum Corp 12,460 124,725 0.08 Oceaneering International Inc 2,787 9,810 0.01 ONEOK Inc 2,523 65,547 0.04 Parsley Energy Inc 2,397 22,436 0.01 Patterson-UTI Energy Inc 6,141 17,502 0.01 PBF Energy Inc 4,468 25,423 0.02 PDC Energy Inc 1,399 17,341 0.01 Peabody Energy Corp 5,119 11,774 0.01 Phillips 66 8,353 433,019 0.26 Pioneer Natural Resources Co 858 73,779 0.04 QEP Resources Inc 10,431 9,417 0.01 Range Resources Corp 10,924 72,317 0.04 Schlumberger NV 23,452 364,913 0.22 SM Energy Co 4,862 7,731 0.00 Southwestern Energy Co 20,193 47,454 0.03 Targa Resources Corp 3,386 47,506 0.03 Transocean Ltd 29,211 23,570 0.01 Valero Energy Corp 9,084 393,519 0.24 Warrior Met Coal Inc 2,340 39,967 0.02 Whiting Petroleum Corp 224 3,873 0.00 Williams Cos Inc/The 15,070 296,125 0.18 WPX Energy Inc 5,062 24,804 0.02 Total Energy 9,312,379 5.64 Financial: 18.81% (30 September 2019: 23.32%) AerCap Holdings NV 2,188 55,116 0.03 Affiliated Managers Group Inc 564 38,566 0.02 Aflac Inc 7,391 268,663 0.16 AGNC Investment Corp 4,606 64,069 0.04 Air Lease Corp 1,036 30,479 0.02 Alexander & Baldwin Inc 1,181 13,239 0.01 Alexandria Real Estate Equities Inc 413 66,080 0.04 Alleghany Corp 101 52,565 0.03 Alliance Data Systems Corp 658 27,623 0.02 Allstate Corp/The 3,135 295,129 0.18 Ally Financial Inc 7,722 193,591 0.12 American Campus Communities Inc 1,053 36,771 0.02 American Equity Investment Life Holding Co 1,308 28,763 0.02 American Express Co 4,037 404,709 0.25 American Financial Group Inc/OH 734 49,163 0.03 American Homes 4 Rent 1,135 32,325 0.02 American International Group Inc 17,226 474,232 0.29 American Tower Corp 879 212,481 0.13 Ameriprise Financial Inc 1,100 169,521 0.10 Annaly Capital Management Inc 13,284 94,582 0.06 Aon Plc 646 133,270 0.08 Apartment Investment and Management Co 813 27,414 0.02 Apple Hospitality REIT Inc 3,544 34,058 0.02 Arch Capital Group Ltd 2,230 65,228 0.04 Arthur J Gallagher & Co 832 87,843 0.05 Associated Banc-Corp 1,949 24,596 0.01 Assurant Inc 588 71,330 0.04 Assured Guaranty Ltd 1,388 29,814 0.02 Athene Holding Ltd 1,951 66,490 0.04 AvalonBay Communities Inc 671 100,207 0.06 Axis Capital Holdings Ltd 949 41,794 0.03 41 Invesco Markets III plc


  • Page 42

    Invesco FTSE RAFI US 1000 UCITS ETF Schedule of Investments As at 30 September 2020 (continued) Security Description Nominal Fair Value % of USD Net Assets Equities: 100.01% (30 September 2019: 99.98%) (continued) Financial: 18.81% (30 September 2019: 23.32%) (continued) Bank of America Corp 69,902 1,683,939 1.02 Bank of Hawaii Corp 280 14,146 0.01 Bank of New York Mellon Corp/The 9,544 327,741 0.20 Bank OZK 1,306 27,844 0.02 BankUnited Inc 1,188 26,029 0.02 Berkshire Hathaway Inc 15,844 3,373,821 2.04 BlackRock Inc 713 401,811 0.24 Blackstone Group Inc/The 2,591 135,250 0.08 Blackstone Mortgage Trust Inc 908 19,949 0.01 BOK Financial Corp 309 15,917 0.01 Boston Properties Inc 920 73,876 0.04 Brandywine Realty Trust 1,831 18,933 0.01 Brighthouse Financial Inc 2,977 80,111 0.05 Brixmor Property Group Inc 3,114 36,403 0.02 Brown & Brown Inc 738 33,409 0.02 Camden Property Trust 495 44,045 0.03 Capital One Financial Corp 7,298 524,434 0.32 Cathay General Bancorp 671 14,547 0.01 Cboe Global Markets Inc 321 28,165 0.02 CBRE Group Inc 2,327 109,299 0.07 Charles Schwab Corp/The 4,798 173,832 0.11 Chimera Investment Corp 2,661 21,820 0.01 Chubb Ltd 3,498 406,188 0.25 Cincinnati Financial Corp 991 77,268 0.05 CIT Group Inc 1,626 28,796 0.02 Citigroup Inc 28,778 1,240,620 0.75 Citizens Financial Group Inc 6,010 151,933 0.09 CME Group Inc 1,415 236,744 0.14 CNO Financial Group Inc 2,822 45,265 0.03 Colony Capital Inc 10,390 28,365 0.02 Columbia Banking System Inc 638 15,216 0.01 Columbia Property Trust Inc 1,523 16,616 0.01 Comerica Inc 1,596 61,047 0.04 Commerce Bancshares Inc/MO 517 29,102 0.02 CoreCivic Inc 2,819 22,552 0.01 Corporate Office Properties Trust 901 21,372 0.01 Cousins Properties Inc 657 18,784 0.01 Credicorp Ltd 440 54,556 0.03 Crown Castle International Corp 1,514 252,081 0.15 CubeSmart 1,001 32,342 0.02 Cullen/Frost Bankers Inc 458 29,289 0.02 CyrusOne Inc 457 32,004 0.02 DiamondRock Hospitality Co 2,747 13,927 0.01 Digital Realty Trust Inc 990 145,292 0.09 Discover Financial Services 3,599 207,950 0.13 Diversified Healthcare Trust 6,311 22,215 0.01 Douglas Emmett Inc 834 20,933 0.01 Duke Realty Corp 1,724 63,616 0.04 East West Bancorp Inc 1,280 41,907 0.03 Eaton Vance Corp 717 27,354 0.02 EPR Properties 558 15,345 0.01 Equinix Inc 228 173,310 0.10 Equitable Holdings Inc 5,542 101,086 0.06 Equity LifeStyle Properties Inc 422 25,869 0.02 Equity Residential 1,974 101,325 0.06 Essent Group Ltd 489 18,098 0.01 Essex Property Trust Inc 281 56,422 0.03 Everest Re Group Ltd 343 67,756 0.04 Extra Space Storage Inc 502 53,709 0.03 Federal Realty Investment Trust 395 29,009 0.02 Federated Hermes Inc 775 16,670 0.01 Fidelity National Financial Inc 1,982 62,056 0.04 Fifth Third Bancorp 7,618 162,416 0.10 First American Financial Corp 1,016 51,725 0.03 First Citizens BancShares Inc/NC 29 9,245 0.01 First Hawaiian Inc 1,100 15,917 0.01 42 Invesco Markets III plc


  • Page 43

    Invesco FTSE RAFI US 1000 UCITS ETF Schedule of Investments As at 30 September 2020 (continued) Security Description Nominal Fair Value % of USD Net Assets Equities: 100.01% (30 September 2019: 99.98%) (continued) Financial: 18.81% (30 September 2019: 23.32%) (continued) First Horizon National Corp 5,116 48,244 0.03 First Republic Bank/CA 671 73,179 0.04 FNB Corp/PA 4,130 28,001 0.02 Franklin Resources Inc 5,106 103,907 0.06 Fulton Financial Corp 1,715 16,001 0.01 Gaming and Leisure Properties Inc 989 36,524 0.02 Genworth Financial Inc 13,231 44,324 0.03 GEO Group Inc/The 2,499 28,339 0.02 Globe Life Inc 726 58,007 0.04 Goldman Sachs Group Inc/The 3,781 759,868 0.46 Hancock Whitney Corp 911 17,136 0.01 Hanover Insurance Group Inc/The 363 33,824 0.02 Hartford Financial Services Group Inc/The 4,244 156,434 0.09 Healthcare Realty Trust Inc 758 22,831 0.01 Healthcare Trust of America Inc 1,169 30,394 0.02 Healthpeak Properties Inc 3,129 84,952 0.05 Highwoods Properties Inc 791 26,554 0.02 Home BancShares Inc/AR 1,206 18,283 0.01 Host Hotels & Resorts Inc 9,295 100,293 0.06 Howard Hughes Corp/The 215 12,384 0.01 Hudson Pacific Properties Inc 961 21,075 0.01 Huntington Bancshares Inc/OH 10,066 92,305 0.06 Intercontinental Exchange Inc 1,980 198,099 0.12 Invesco Ltd 7,124 81,285 0.05 Invesco Mortgage Capital Inc 1,526 4,135 0.00 Investors Bancorp Inc 2,457 17,838 0.01 Invitation Homes Inc 2,245 62,838 0.04 Iron Mountain Inc 3,488 93,444 0.06 Janus Henderson Group Plc 2,059 44,721 0.03 JBG SMITH Properties 642 17,167 0.01 Jefferies Financial Group Inc 4,051 72,918 0.04 Jones Lang LaSalle Inc 475 45,438 0.03 JPMorgan Chase & Co 25,027 2,409,349 1.46 Kemper Corp 450 30,073 0.02 KeyCorp 9,175 109,458 0.07 Kilroy Realty Corp 570 29,617 0.02 Kimco Realty Corp 3,785 42,619 0.03 Lamar Advertising Co 539 35,666 0.02 Lexington Realty Trust 2,126 22,217 0.01 Life Storage Inc 266 28,002 0.02 Lincoln National Corp 3,371 105,613 0.06 Loews Corp 3,366 116,968 0.07 LPL Financial Holdings Inc 478 36,648 0.02 M&T Bank Corp 1,149 105,811 0.06 Macerich Co/The 2,888 19,610 0.01 Markel Corp 77 74,975 0.05 Marsh & McLennan Cos Inc 1,998 229,171 0.14 Mastercard Inc 781 264,111 0.16 Medical Properties Trust Inc 2,020 35,613 0.02 MetLife Inc 13,471 500,717 0.30 MFA Financial Inc 4,838 12,966 0.01 MGIC Investment Corp 3,285 29,105 0.02 Mid-America Apartment Communities Inc 576 66,787 0.04 Morgan Stanley 12,686 613,368 0.37 Nasdaq Inc 463 56,815 0.03 National Retail Properties Inc 733 25,296 0.02 Navient Corp 6,340 53,573 0.03 New Residential Investment Corp 5,569 44,274 0.03 New York Community Bancorp Inc 7,658 63,332 0.04 Northern Trust Corp 1,417 110,483 0.07 Office Properties Income Trust 660 13,675 0.01 Old National Bancorp/IN 1,525 19,154 0.01 Old Republic International Corp 3,628 53,477 0.03 Omega Healthcare Investors Inc 1,201 35,958 0.02 OneMain Holdings Inc 875 27,344 0.02 Outfront Media Inc 1,711 24,895 0.02 43 Invesco Markets III plc


  • Page 44

    Invesco FTSE RAFI US 1000 UCITS ETF Schedule of Investments As at 30 September 2020 (continued) Security Description Nominal Fair Value % of USD Net Assets Equities: 100.01% (30 September 2019: 99.98%) (continued) Financial: 18.81% (30 September 2019: 23.32%) (continued) PacWest Bancorp 1,783 30,454 0.02 Paramount Group Inc 2,274 16,100 0.01 Park Hotels & Resorts Inc 3,260 32,567 0.02 Pebblebrook Hotel Trust 1,379 17,279 0.01 People's United Financial Inc 4,480 46,189 0.03 Physicians Realty Trust 1,088 19,486 0.01 Piedmont Office Realty Trust Inc 1,235 16,759 0.01 Pinnacle Financial Partners Inc 470 16,727 0.01 PNC Financial Services Group Inc/The 3,794 416,999 0.25 Popular Inc 1,000 36,270 0.02 Primerica Inc 214 24,212 0.01 Principal Financial Group Inc 3,916 157,697 0.10 ProAssurance Corp 1,139 17,814 0.01 Progressive Corp/The 3,162 299,347 0.18 Prologis Inc 2,317 233,137 0.14 Prosperity Bancshares Inc 548 28,403 0.02 Prudential Financial Inc 8,423 535,029 0.32 Public Storage 554 123,387 0.07 Radian Group Inc 1,466 21,418 0.01 Raymond James Financial Inc 833 60,609 0.04 Rayonier Inc 1,164 30,776 0.02 Realogy Holdings Corp 3,861 36,448 0.02 Realty Income Corp 1,129 68,587 0.04 Regency Centers Corp 1,063 40,415 0.02 Regions Financial Corp 11,541 133,068 0.08 Reinsurance Group of America Inc 832 79,198 0.05 RenaissanceRe Holdings Ltd 232 39,380 0.02 Retail Properties of America Inc 2,782 16,163 0.01 RLJ Lodging Trust 3,005 26,023 0.02 Ryman Hospitality Properties Inc 309 11,371 0.01 Sabra Health Care REIT Inc 1,437 19,809 0.01 Santander Consumer USA Holdings Inc 1,539 27,994 0.02 SBA Communications Corp 119 37,899 0.02 SEI Investments Co 408 20,694 0.01 Selective Insurance Group Inc 408 21,008 0.01 Service Properties Trust 3,317 26,370 0.02 Signature Bank/New York NY 297 24,648 0.01 Simon Property Group Inc 1,942 125,609 0.08 SITE Centers Corp 2,482 17,870 0.01 SL Green Realty Corp 875 40,574 0.02 SLM Corp 3,490 28,234 0.02 Spirit Realty Capital Inc 695 23,456 0.01 Starwood Property Trust Inc 2,826 42,644 0.03 State Street Corp 3,638 215,843 0.13 Sterling Bancorp/DE 1,729 18,189 0.01 Stifel Financial Corp 484 24,471 0.01 STORE Capital Corp 867 23,782 0.01 Sun Communities Inc 261 36,699 0.02 Sunstone Hotel Investors Inc 3,312 26,297 0.02 SVB Financial Group 294 70,742 0.04 Synchrony Financial 9,898 259,031 0.16 Synovus Financial Corp 1,053 22,292 0.01 T Rowe Price Group Inc 1,242 159,249 0.10 Taubman Centers Inc 466 15,513 0.01 TCF Financial Corp 659 15,394 0.01 Texas Capital Bancshares Inc 543 16,904 0.01 Travelers Cos Inc/The 3,705 400,844 0.24 Truist Financial Corp 6,863 261,137 0.16 Two Harbors Investment Corp 2,776 14,130 0.01 UDR Inc 1,173 38,252 0.02 UMB Financial Corp 359 17,595 0.01 Umpqua Holdings Corp 2,868 30,458 0.02 United Bankshares Inc/WV 1,069 22,951 0.01 Uniti Group Inc 3,874 40,813 0.02 Unum Group 4,730 79,606 0.05 US Bancorp 12,446 446,189 0.27 44 Invesco Markets III plc


  • Page 45

    Invesco FTSE RAFI US 1000 UCITS ETF Schedule of Investments As at 30 September 2020 (continued) Security Description Nominal Fair Value % of USD Net Assets Equities: 100.01% (30 September 2019: 99.98%) (continued) Financial: 18.81% (30 September 2019: 23.32%) (continued) Valley National Bancorp 3,346 22,920 0.01 Ventas Inc 3,288 137,964 0.08 VEREIT Inc 9,651 62,731 0.04 VICI Properties Inc 2,130 49,778 0.03 Visa Inc 2,296 459,131 0.28 Vornado Realty Trust 1,348 45,441 0.03 Voya Financial Inc 1,729 82,871 0.05 W R Berkley Corp 988 60,416 0.04 Waddell & Reed Financial Inc 1,979 29,388 0.02 Washington Federal Inc 698 14,560 0.01 Washington Prime Group Inc 12,853 8,321 0.00 Webster Financial Corp 833 22,000 0.01 Weingarten Realty Investors 1,013 17,180 0.01 Wells Fargo & Co 55,822 1,312,375 0.80 Welltower Inc 2,961 163,121 0.10 Western Alliance Bancorp 549 17,359 0.01 Western Union Co/The 3,184 68,233 0.04 Weyerhaeuser Co 6,369 181,644 0.11 Willis Towers Watson Plc 601 125,501 0.08 Wintrust Financial Corp 499 19,985 0.01 WP Carey Inc 852 55,516 0.03 Xenia Hotels & Resorts Inc 1,541 13,530 0.01 Zions Bancorp NA 1,609 47,015 0.03 Total Financial 31,037,288 18.81 Industrial: 10.09% (30 September 2019: 9.93%) 3M Co 4,219 675,799 0.41 A O Smith Corp 745 39,336 0.02 Acuity Brands Inc 299 30,603 0.02 AECOM 2,492 104,265 0.06 AGCO Corp 805 59,787 0.04 Agilent Technologies Inc 925 93,369 0.06 Allegion plc 204 20,178 0.01 AMETEK Inc 739 73,457 0.04 Amphenol Corp 979 105,996 0.06 Applied Industrial Technologies Inc 346 19,065 0.01 AptarGroup Inc 308 34,866 0.02 Arrow Electronics Inc 2,396 188,469 0.11 Avnet Inc 3,714 95,970 0.06 Ball Corp 1,162 96,585 0.06 Benchmark Electronics Inc 869 17,510 0.01 Berry Global Group Inc 1,567 75,717 0.05 Boeing Co/The 2,748 454,134 0.28 Boise Cascade Co 570 22,754 0.01 Builders FirstSource Inc 1,360 44,363 0.03 Carlisle Cos Inc 311 38,057 0.02 Carrier Global Corp 5,559 169,772 0.10 Caterpillar Inc 4,418 658,945 0.40 CH Robinson Worldwide Inc 1,445 147,665 0.09 Clean Harbors Inc 396 22,188 0.01 Colfax Corp 1,063 33,336 0.02 Covanta Holding Corp 1,765 13,679 0.01 Crane Co 377 18,899 0.01 Crown Holdings Inc 1,084 83,316 0.05 CSX Corp 3,570 277,282 0.17 Curtiss-Wright Corp 204 19,025 0.01 Deere & Co 2,231 494,456 0.30 Donaldson Co Inc 650 30,173 0.02 Dover Corp 729 78,980 0.05 Dycom Industries Inc 584 30,847 0.02 Eaton Corp Plc 3,350 341,800 0.21 EMCOR Group Inc 545 36,902 0.02 Emerson Electric Co 4,609 302,212 0.18 EnerSys 357 23,962 0.01 Expeditors International of Washington Inc 926 83,821 0.05 FedEx Corp 2,931 737,205 0.45 Flex Ltd 13,676 152,351 0.09 45 Invesco Markets III plc


  • Page 46

    Invesco FTSE RAFI US 1000 UCITS ETF Schedule of Investments As at 30 September 2020 (continued) Security Description Nominal Fair Value % of USD Net Assets Equities: 100.01% (30 September 2019: 99.98%) (continued) Industrial: 10.09% (30 September 2019: 9.93%) (continued) FLIR Systems Inc 547 19,610 0.01 Flowserve Corp 1,045 28,518 0.02 Fluor Corp 8,576 75,555 0.05 Fortive Corp 1,088 82,916 0.05 Fortune Brands Home & Security Inc 781 67,572 0.04 Garmin Ltd 739 70,101 0.04 GATX Corp 467 29,771 0.02 General Dynamics Corp 1,808 250,281 0.15 General Electric Co 123,231 767,729 0.47 Graco Inc 456 27,976 0.02 Graphic Packaging Holding Co 3,264 45,990 0.03 Greenbrier Cos Inc/The 936 27,518 0.02 Greif Inc 478 17,308 0.01 Hexcel Corp 372 12,481 0.01 Honeywell International Inc 3,364 553,748 0.34 Howmet Aerospace Inc 3,392 56,714 0.03 Hub Group Inc 471 23,642 0.01 Hubbell Inc 370 50,631 0.03 Huntington Ingalls Industries Inc 285 40,114 0.02 IDEX Corp 236 43,049 0.03 Illinois Tool Works Inc 1,337 258,322 0.16 ITT Inc 469 27,694 0.02 Jabil Inc 2,922 100,108 0.06 Jacobs Engineering Group Inc 805 74,680 0.05 JB Hunt Transport Services Inc 522 65,970 0.04 Johnson Controls International plc 7,855 320,877 0.19 Kansas City Southern 439 79,384 0.05 KBR Inc 1,124 25,133 0.02 Kennametal Inc 833 24,107 0.01 Keysight Technologies Inc 477 47,118 0.03 Kirby Corp 639 23,113 0.01 Knight-Swift Transportation Holdings Inc 1,015 41,310 0.03 L3Harris Technologies Inc 396 67,257 0.04 Landstar System Inc 238 29,867 0.02 Lennox International Inc 134 36,530 0.02 Lincoln Electric Holdings Inc 372 34,239 0.02 Lockheed Martin Corp 1,181 452,654 0.27 Louisiana-Pacific Corp 970 28,625 0.02 Martin Marietta Materials Inc 275 64,724 0.04 Masco Corp 1,444 79,608 0.05 MasTec Inc 658 27,768 0.02 MDU Resources Group Inc 1,793 40,342 0.02 Mettler-Toledo International Inc 31 29,938 0.02 Middleby Corp/The 294 26,375 0.02 Mueller Industries Inc 739 19,997 0.01 National Instruments Corp 638 22,777 0.01 Nordson Corp 195 37,405 0.02 Norfolk Southern Corp 1,458 311,997 0.19 Northrop Grumman Corp 739 233,147 0.14 nVent Electric Plc 1,181 20,892 0.01 O-I Glass Inc 3,986 42,212 0.03 Old Dominion Freight Line Inc 230 41,612 0.03 Oshkosh Corp 689 50,641 0.03 Otis Worldwide Corp 2,779 173,465 0.11 Owens Corning 1,189 81,815 0.05 Packaging Corp of America 865 94,328 0.06 Parker-Hannifin Corp 728 147,303 0.09 Pentair Plc 1,018 46,594 0.03 PerkinElmer Inc 374 46,941 0.03 Plexus Corp 315 22,248 0.01 Raytheon Technologies Corp 9,215 530,231 0.32 Regal Beloit Corp 425 39,895 0.02 Republic Services Inc 1,176 109,780 0.07 Rexnord Corp 696 20,769 0.01 Rockwell Automation Inc 488 107,692 0.07 Roper Technologies Inc 254 100,358 0.06 46 Invesco Markets III plc


  • Page 47

    Invesco FTSE RAFI US 1000 UCITS ETF Schedule of Investments As at 30 September 2020 (continued) Security Description Nominal Fair Value % of USD Net Assets Equities: 100.01% (30 September 2019: 99.98%) (continued) Industrial: 10.09% (30 September 2019: 9.93%) (continued) Ryder System Inc 2,149 90,774 0.05 Sanmina Corp 1,662 44,957 0.03 Sealed Air Corp 1,532 59,457 0.04 Sensata Technologies Holding Plc 1,176 50,733 0.03 Silgan Holdings Inc 739 27,173 0.02 Snap-on Inc 396 58,263 0.04 Sonoco Products Co 1,028 52,500 0.03 Spirit AeroSystems Holdings Inc 814 15,393 0.01 Stanley Black & Decker Inc 1,034 167,715 0.10 Stericycle Inc 676 42,629 0.03 Summit Materials Inc 1,131 18,707 0.01 SYNNEX Corp 526 73,672 0.04 TE Connectivity Ltd 2,366 231,253 0.14 Teledyne Technologies Inc 109 33,813 0.02 Terex Corp 1,233 23,871 0.01 Textron Inc 2,424 87,482 0.05 Timken Co/The 643 34,863 0.02 Trane Technologies Plc 1,171 141,984 0.09 TransDigm Group Inc 214 101,676 0.06 Trimble Inc 939 45,729 0.03 Trinity Industries Inc 1,781 34,729 0.02 Trinseo SA 1,176 30,153 0.02 TTM Technologies Inc 1,968 22,455 0.01 Tutor Perini Corp 2,231 24,831 0.02 UFP Industries Inc 414 23,395 0.01 Union Pacific Corp 3,522 693,376 0.42 United Parcel Service Inc 6,250 1,041,437 0.63 Valmont Industries Inc 216 26,823 0.02 Vishay Intertechnology Inc 1,399 21,782 0.01 Vulcan Materials Co 530 71,836 0.04 Waste Management Inc 1,962 222,039 0.13 Waters Corp 206 40,310 0.02 Westinghouse Air Brake Technologies Corp 548 33,910 0.02 Westrock Co 4,594 159,596 0.10 XPO Logistics Inc 1,089 92,195 0.06 Xylem Inc/NY 639 53,753 0.03 Total Industrial 16,641,426 10.09 Technology: 13.15% (30 September 2019: 11.36%) Accenture Plc 2,230 503,958 0.31 Activision Blizzard Inc 2,360 191,042 0.12 Adobe Inc 396 194,210 0.12 Advanced Micro Devices Inc 646 52,966 0.03 Akamai Technologies Inc 551 60,908 0.04 Amdocs Ltd 823 47,248 0.03 Analog Devices Inc 1,402 163,670 0.10 ANSYS Inc 144 47,121 0.03 Apple Inc 57,984 6,715,127 4.07 Applied Materials Inc 3,334 198,206 0.12 Avaya Holdings Corp 2,535 38,532 0.02 Black Knight Inc 410 35,691 0.02 Broadcom Inc 1,366 497,661 0.30 Broadridge Financial Solutions Inc 388 51,216 0.03 CACI International Inc 149 31,761 0.02 Cadence Design Systems Inc 390 41,586 0.03 CDK Global Inc 485 21,141 0.01 Cerner Corp 1,273 92,025 0.06 Check Point Software Technologies Ltd 401 48,256 0.03 Citrix Systems Inc 231 31,811 0.02 Cognizant Technology Solutions Corp 2,656 184,380 0.11 Conduent Inc 7,510 23,882 0.01 Cree Inc 550 35,057 0.02 Dell Technologies Inc 2,029 137,343 0.08 DXC Technology Co 6,891 123,004 0.07 Electronic Arts Inc 867 113,066 0.07 Fidelity National Information Services Inc 1,118 164,581 0.10 Fiserv Inc 681 70,177 0.04 47 Invesco Markets III plc


  • Page 48

    Invesco FTSE RAFI US 1000 UCITS ETF Schedule of Investments As at 30 September 2020 (continued) Security Description Nominal Fair Value % of USD Net Assets Equities: 100.01% (30 September 2019: 99.98%) (continued) Technology: 13.15% (30 September 2019: 11.36%) (continued) Genpact Ltd 642 25,006 0.02 Hewlett Packard Enterprise Co 25,717 240,968 0.15 HP Inc 14,496 275,279 0.17 Insight Enterprises Inc 697 39,436 0.02 Intel Corp 27,472 1,422,500 0.86 International Business Machines Corp 9,287 1,129,949 0.69 Intuit Inc 325 106,018 0.06 Jack Henry & Associates Inc 202 32,843 0.02 KLA Corp 925 179,210 0.11 Lam Research Corp 383 127,060 0.08 Leidos Holdings Inc 868 77,382 0.05 Marvell Technology Group Ltd 2,747 109,056 0.07 Maxim Integrated Products Inc 1,241 83,904 0.05 Microchip Technology Inc 931 95,670 0.06 Micron Technology Inc 10,068 472,793 0.29 Microsoft Corp 15,977 3,360,442 2.04 MKS Instruments Inc 229 25,014 0.02 MSCI Inc 91 32,467 0.02 NCR Corp 1,845 40,848 0.02 NetApp Inc 1,544 67,689 0.04 Nuance Communications Inc 1,000 33,190 0.02 NVIDIA Corp 547 296,047 0.18 NXP Semiconductors NV 1,190 148,524 0.09 ON Semiconductor Corp 3,352 72,705 0.04 Oracle Corp 10,635 634,910 0.39 Paychex Inc 1,338 106,732 0.06 Perspecta Inc 1,189 23,126 0.01 Pitney Bowes Inc 11,762 62,456 0.04 Qorvo Inc 645 83,211 0.05 QUALCOMM Inc 6,929 815,405 0.49 salesforce.com Inc 873 219,402 0.13 Science Applications International Corp 390 30,584 0.02 Seagate Technology Plc 3,346 164,857 0.10 Skyworks Solutions Inc 702 102,141 0.06 SS&C Technologies Holdings Inc 645 39,035 0.02 Synopsys Inc 331 70,827 0.04 Take-Two Interactive Software Inc 241 39,818 0.02 Teradata Corp 1,021 23,177 0.01 Teradyne Inc 441 35,042 0.02 Texas Instruments Inc 3,570 509,760 0.31 Western Digital Corp 3,810 139,256 0.08 Xerox Holdings Corp 2,534 47,563 0.03 Xilinx Inc 932 97,152 0.06 Zebra Technologies Corp 162 40,899 0.03 Total Technology 21,694,979 13.15 Utilities: 4.17% (30 September 2019: 4.88%) AES Corp/The 8,244 149,299 0.09 ALLETE Inc 446 23,076 0.01 Alliant Energy Corp 1,476 76,235 0.05 Ameren Corp 1,812 143,293 0.09 American Electric Power Co Inc 3,850 314,660 0.19 American Water Works Co Inc 756 109,529 0.07 Atmos Energy Corp 668 63,854 0.04 Avangrid Inc 508 25,634 0.02 Avista Corp 665 22,690 0.01 Black Hills Corp 426 22,787 0.01 CenterPoint Energy Inc 6,239 120,725 0.07 CMS Energy Corp 1,899 116,618 0.07 Consolidated Edison Inc 3,365 261,797 0.16 Dominion Energy Inc 5,088 401,596 0.24 DTE Energy Co 1,523 175,206 0.11 Duke Energy Corp 7,529 666,768 0.40 Edison International 3,109 158,062 0.10 Entergy Corp 1,607 158,338 0.10 Essential Utilities Inc 703 28,296 0.02 Evergy Inc 1,967 99,963 0.06 48 Invesco Markets III plc


  • Page 49

    Invesco FTSE RAFI US 1000 UCITS ETF Schedule of Investments As at 30 September 2020 (continued) Security Description Nominal Fair Value % of USD Net Assets Equities: 100.01% (30 September 2019: 99.98%) (continued) Utilities: 4.17% (30 September 2019: 4.88%) (continued) Eversource Energy 2,126 177,627 0.11 Exelon Corp 12,000 429,120 0.26 FirstEnergy Corp 4,589 131,750 0.08 Hawaiian Electric Industries Inc 944 31,379 0.02 IDACORP Inc 329 26,287 0.02 National Fuel Gas Co 909 36,896 0.02 New Jersey Resources Corp 700 18,914 0.01 NextEra Energy Inc 2,136 592,868 0.36 NiSource Inc 3,003 66,066 0.04 NorthWestern Corp 412 20,040 0.01 NRG Energy Inc 1,866 57,361 0.03 OGE Energy Corp 1,612 48,344 0.03 ONE Gas Inc 343 23,670 0.01 PG&E Corp 15,037 141,197 0.09 Pinnacle West Capital Corp 1,012 75,445 0.05 PNM Resources Inc 556 22,979 0.01 Portland General Electric Co 729 25,879 0.02 PPL Corp 8,071 219,612 0.13 Public Service Enterprise Group Inc 4,756 261,152 0.16 Sempra Energy 1,733 205,118 0.12 South Jersey Industries Inc 739 14,241 0.01 Southern Co/The 8,544 463,256 0.28 Southwest Gas Holdings Inc 565 35,651 0.02 Spire Inc 396 21,067 0.01 UGI Corp 2,215 73,051 0.04 Vistra Corp 4,861 91,678 0.06 WEC Energy Group Inc 1,793 173,742 0.11 Xcel Energy Inc 3,634 250,782 0.15 Total Utilities 6,873,598 4.17 Total Equities 165,009,147 100.01 Warrants: 0.00% (30 September 2019: 0.00%) Whiting Petroleum Corp WTS 01/09/2024 880 2,156 0.00 Whiting Petroleum Corp WTS 01/09/2025 440 1,034 0.00 Total Warrants 3,190 0.00 Financial assets at fair value through profit or loss 165,012,337 100.01 Current assets 146,310 0.09 Total assets 165,158,647 100.10 Current liabilities (166,167) (0.10) Net assets attributable to holders of redeemable participating Shares 164,992,480 100.00 % of total assets Analysis of Total Assets Transferable securities admitted to an official stock exchange listing or dealt in on another regulated market 99.91 Other assets 0.09 100.00 49 Invesco Markets III plc


  • Page 50

    Invesco S&P 500 High Dividend Low Volatility UCITS ETF Schedule of Investments As at 30 September 2020 Transferable securities admitted to an official stock exchange listing or dealt in on another regulated market. Security Description Nominal Fair Value % of USD Net Assets Equities: 99.92% (30 September 2019: 99.94%) Basic Materials: 10.53% (30 September 2019: 4.09%) CF Industries Holdings Inc 42,528 1,306,035 1.72 Dow Inc 49,166 2,313,260 3.05 Eastman Chemical Co 14,857 1,160,629 1.53 International Paper Co 48,587 1,969,717 2.60 Nucor Corp 27,626 1,239,302 1.63 Total Basic Materials 7,988,943 10.53 Communications: 11.41% (30 September 2019: 6.72%) AT&T Inc 70,278 2,003,626 2.64 CenturyLink Inc 237,901 2,400,421 3.16 Interpublic Group of Cos Inc/The 93,888 1,565,113 2.06 Omnicom Group Inc 25,676 1,270,962 1.68 Verizon Communications Inc 23,814 1,416,695 1.87 Total Communications 8,656,817 11.41 Consumer, Cyclical: 6.28% (30 September 2019: 1.77%) Hanesbrands Inc 116,012 1,827,189 2.41 Newell Brands Inc 103,079 1,768,836 2.33 Walgreens Boots Alliance Inc 32,499 1,167,364 1.54 Total Consumer, Cyclical 4,763,389 6.28 Consumer, Non-cyclical: 11.96% (30 September 2019: 15.30%) AbbVie Inc 14,393 1,260,683 1.66 Altria Group Inc 57,357 2,216,275 2.92 Cardinal Health Inc 19,951 936,699 1.24 Kraft Heinz Co/The 44,119 1,321,364 1.74 Pfizer Inc 36,652 1,345,128 1.78 Philip Morris International Inc 26,509 1,987,910 2.62 Total Consumer, Non-cyclical 9,068,059 11.96 Energy: 6.58% (30 September 2019: 13.83%) Chevron Corp 18,807 1,354,104 1.79 Exxon Mobil Corp 54,641 1,875,826 2.47 Kinder Morgan Inc 142,836 1,761,168 2.32 Total Energy 4,991,098 6.58 Financial: 20.14% (30 September 2019: 40.40%) Federal Realty Investment Trust 20,595 1,512,497 1.99 Healthpeak Properties Inc 62,411 1,694,458 2.23 Huntington Bancshares Inc/OH 210,956 1,934,466 2.55 Iron Mountain Inc 88,120 2,360,735 3.11 People's United Financial Inc 156,499 1,613,505 2.13 Realty Income Corp 24,629 1,496,212 1.97 Regency Centers Corp 39,249 1,492,247 1.97 Vornado Realty Trust 60,183 2,028,769 2.68 Western Union Co/The 53,358 1,143,462 1.51 Total Financial 15,276,351 20.14 Industrial: 3.38% (30 September 2019: 1.69%) 3M Co 7,119 1,140,322 1.50 Amcor Plc 128,768 1,422,886 1.88 Total Industrial 2,563,208 3.38 Technology: 11.56% (30 September 2019: 1.98%) Broadcom Inc 3,919 1,427,770 1.88 Hewlett Packard Enterprise Co 153,943 1,442,446 1.90 HP Inc 68,866 1,307,765 1.72 International Business Machines Corp 13,030 1,585,360 2.09 NetApp Inc 30,549 1,339,268 1.77 Seagate Technology Plc 33,832 1,666,903 2.20 Total Technology 8,769,512 11.56 Utilities: 18.08% (30 September 2019: 14.16%) Consolidated Edison Inc 16,883 1,313,497 1.73 Dominion Energy Inc 17,355 1,369,830 1.81 Duke Energy Corp 17,427 1,543,335 2.03 Edison International 25,060 1,274,050 1.68 Entergy Corp 11,717 1,154,476 1.52 Exelon Corp 33,124 1,184,514 1.56 FirstEnergy Corp 41,080 1,179,407 1.55 Pinnacle West Capital Corp 15,774 1,175,952 1.55 50 Invesco Markets III plc

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