0001657201 ietsift:C000237721Member ietsift:OtherAssetsLessLiabilitiesMember 2024-08-31
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number
Invesco Exchange-Traded Self-Indexed Fund Trust
(Exact name of registrant as specified in charter)
3500 Lacey Road Downers Grove, IL 60515
(Address of principal executive offices) (Zip code)
Brian Hartigan, President
3500 Lacey Road
Downers Grove, IL 60515
Registrant's telephone number, including area code:
Date of reporting period:
Item 1. Reports to Stockholders
(a) The Registrant's annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the "Act") is as follows:
Invesco Bloomberg Pricing Power ETF
POWA | NYSE Arca, Inc.
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco Bloomberg Pricing Power ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
This report describes changes to the Fund that occurred during the reporting period.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Invesco Bloomberg Pricing Power ETF | $48 | 0.43% |
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, U.S. large- and mid-cap equities benefited from investment themes levered to artificial intelligence technology and investor anticipation that slowing inflation would cause the Federal Reserve to ease monetary policy. Despite primarily investing in U.S. large- and mid-cap equities, the Fund underperformed the broader market primarily due to its significant underweight allocation to information technology, the strongest performing sector.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Bloomberg Pricing Power Index (the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 22.90%, differed from the return of the Index, 23.41%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
Sector Allocations | Industrials sector, followed by the health care and consumer discretionary sectors, respectively.
Positions | Costco Wholesale Corp., a consumer staples company, and Trane Technologies PLC, an industrials company (no longer held at fiscal year-end).
What detracted from performance?
Sector Allocations | No sectors detracted from the Fund's performance during the period.
Positions | Paycom Software, Inc., an industrials company (no longer held at fiscal year-end), and Humana Inc., a health care company (no longer held at fiscal year-end).
How Has The Fund Historically Performed?
Growth of $10,000 Investment
AVERAGE ANNUAL TOTAL RETURNS |
1 Year |
5 Years |
10 Years |
| Invesco Bloomberg Pricing Power ETF — NAV Return | 22.90% | 10.79% | 9.81% |
| Invesco Bloomberg Pricing Power ETF — Market Price Return | 22.85% | 10.78% | 9.80% |
| Blended - Invesco Bloomberg Pricing Power Benchmark | 23.41% | 11.38% | 10.42% |
| S&P 500® Index | 27.14% | 15.92% | 12.98% |
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective after the close of business on April 06, 2018, Guggenheim Defensive Equity ETF was reorganized into the Fund. Fund returns shown are blended returns of Guggenheim Defensive Equity ETF and the Fund.
- The Blended - Invesco Bloomberg Pricing Power Benchmark performance is comprised of the performance of the Sabrient Defensive Equity Index, a former underlying index, through October 24, 2016, followed by the performance of the Invesco Defensive Equity Index, the previous underlying index, from October 25, 2016 through August 25, 2023, followed by the performance of the Index from August 26, 2023 through August 31, 2024.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
| Fund net assets | $195,428,106 |
| Total number of portfolio holdings | 53 |
| Total advisory fees paid | $784,274 |
| Portfolio turnover rate | 96% |
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
| Best Buy Co., Inc. | 2.68% |
| Iron Mountain, Inc. | 2.63% |
| Lockheed Martin Corp. | 2.27% |
| HEICO Corp. | 2.24% |
| Walmart, Inc. | 2.22% |
| Autodesk, Inc. | 2.21% |
| Cardinal Health, Inc. | 2.20% |
| MSCI, Inc. | 2.17% |
| CRH PLC | 2.13% |
| Lowe's Cos., Inc. | 2.11% |
| * Excluding money market fund holdings, if any. | |
Sector allocation
(% of net assets)
How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since August 31, 2023. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 983-0903.
The Fund's net expense ratio decreased from the prior fiscal year end as a result of a change in the Fund's investment advisory agreement which became effective on August 28, 2023.
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
Invesco BulletShares 2024 Corporate Bond ETF
BSCO | The Nasdaq Stock Market LLC
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco BulletShares 2024 Corporate Bond ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Invesco BulletShares 2024 Corporate Bond ETF | $10 | 0.10% |
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, the investment grade corporate bond market benefited from relatively lower longer term interest rates and tightening credit spreads. Because the Fund holds the vast majority of its portfolio in investment grade corporate bonds, it benefited from this broader market environment.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco BulletShares® USD Corporate Bond 2024 Index (the "Index"). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 5.77%, differed from the return of the Index, 5.86%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
Industry Allocations | Banks industry, followed by the consumer finance and capital markets industries, respectively.
Positions | AbbVie, Inc., 2.60% coupon, due 11/21/2024, a biotechnology company, followed by Credit Suisse AG, 3.63% coupon, due 9/9/2024, a capital markets company (no longer held at fiscal year-end).
What detracted from performance?
Industry Allocations | No industries detracted from the Fund's performance during the period.
Positions | No positions detracted from the Fund's performance during the period.
How Has The Fund Historically Performed?
Growth of $10,000 Investment
AVERAGE ANNUAL TOTAL RETURNS |
1 Year |
5 Years | Since
Inception
(09/17/14) |
| Invesco BulletShares 2024 Corporate Bond ETF — NAV Return | 5.77% | 2.30% | 3.48% |
| Invesco BulletShares 2024 Corporate Bond ETF — Market Price Return | 5.72% | 2.26% | 3.47% |
| Invesco BulletShares® USD Corporate Bond 2024 Index | 5.86% | 2.45% | 3.65% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.04)% | 1.76% |
| Bloomberg U.S. Corporate Index | 9.29% | 0.67% | 2.79% |
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the Bloomberg U.S. Corporate Index to the Bloomberg U.S. Aggregate Bond Index to reflect that the Bloomberg U.S. Aggregate Bond Index can be considered more broadly representative of the overall applicable securities market.
- Effective after the close of business on April 06, 2018, Guggenheim BulletShares 2024 Corporate Bond ETF was reorganized into the Fund. Fund returns shown are blended returns of Guggenheim BulletShares 2024 Corporate Bond ETF and the Fund.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
| Fund net assets | $2,844,552,687 |
| Total number of portfolio holdings | 119 |
| Total advisory fees paid | $3,453,570 |
| Portfolio turnover rate | 1% |
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
| U.S. Treasury Bills, 5.12%-5.20%, 10/17/2024 | 12.23% |
| U.S. Treasury Bills, 5.26%-5.27%, 09/19/2024 | 9.01% |
| U.S. Treasury Bills, 5.05%-5.06%, 11/21/2024 | 6.26% |
| AbbVie, Inc., 2.60%, 11/21/2024 | 2.50% |
| Morgan Stanley, 3.70%, 10/23/2024 | 2.05% |
| JPMorgan Chase & Co., 3.88%, 09/10/2024 | 1.99% |
| UBS AG, 3.63%, 09/09/2024 | 1.87% |
| Thermo Fisher Scientific, Inc., 1.22%, 10/18/2024 | 1.67% |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 1.65%, 10/29/2024 | 1.51% |
| Wells Fargo & Co., 3.30%, 09/09/2024 | 1.50% |
| * Excluding money market fund holdings, if any. | |
Sector allocation
(% of net assets)
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
Invesco BulletShares 2024 High Yield Corporate Bond ETF
BSJO | The Nasdaq Stock Market LLC
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco BulletShares 2024 High Yield Corporate Bond ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Invesco BulletShares 2024 High Yield Corporate Bond ETF | $44 | 0.42% |
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, the high yield corporate bond market benefited from relatively lower longer term interest rates and tightening credit spreads. Because the Fund holds the vast majority of its portfolio in high yield corporate bonds, it benefited from this broader market environment.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco BulletShares® USD High Yield Corporate Bond 2024 Index (the "Index"). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 7.17%, differed from the return of the Index, 7.68%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
Industry Allocations | Media industry, followed by the broadline retail and industrial conglomerates industries, respectively.
Positions | DISH DBS Corp., 5.88% coupon, due 11/15/2024, a media company, followed by U.S. Treasury Bill, due 8/15/2024 (no longer held at fiscal year-end).
What detracted from performance?
Industry Allocations | No industries detracted from the Fund's performance during the period.
Positions | Ford Motor Credit Co. LLC, 4.06% coupon, due 11/1/2024, an automobiles company (no longer held at fiscal year-end), followed by Taylor Morrison Communities, Inc., 5.63% coupon, due 3/1/2024, a household durables company (no longer held at fiscal year-end).
How Has The Fund Historically Performed?
Growth of $10,000 Investment
AVERAGE ANNUAL TOTAL RETURNS |
1 Year |
5 Years | Since
Inception
(09/14/16) |
| Invesco BulletShares 2024 High Yield Corporate Bond ETF — NAV Return | 7.17% | 3.05% | 3.99% |
| Invesco BulletShares 2024 High Yield Corporate Bond ETF — Market Price Return | 6.93% | 3.02% | 3.97% |
| Invesco BulletShares® USD High Yield Corporate Bond 2024 Index | 7.68% | 3.75% | 4.69% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.04)% | 1.20% |
| Bloomberg U.S. Corporate High Yield Index | 12.55% | 4.46% | 5.19% |
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the Bloomberg U.S. Corporate High Yield Index to the Bloomberg U.S. Aggregate Bond Index to reflect that the Bloomberg U.S. Aggregate Bond Index can be considered more broadly representative of the overall applicable securities market.
- Effective after the close of business on April 06, 2018, Guggenheim BulletShares 2024 High Yield Corporate Bond ETF was reorganized into the Fund. Fund returns shown are blended returns of Guggenheim BulletShares 2024 High Yield Corporate Bond ETF and the Fund.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
| Fund net assets | $543,412,031 |
| Total number of portfolio holdings | 13 |
| Total advisory fees paid | $2,819,377 |
| Portfolio turnover rate | 59% |
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
| U.S. Treasury Bills, 5.14%-5.20%, 10/17/2024 | 61.08% |
| U.S. Treasury Bills, 5.25%-5.26%, 09/19/2024 | 15.79% |
| DISH DBS Corp., 5.88%, 11/15/2024 | 5.68% |
| Vericast Corp., Term Loan, 13.03%, 06/16/2026 | 5.54% |
| Perrigo Finance Unlimited Co., 3.90%, 12/15/2024 | 3.48% |
| Live Nation Entertainment, Inc., 4.88%, 11/01/2024 | 3.07% |
| Navient Corp., 5.88%, 10/25/2024 | 2.67% |
| Owens & Minor, Inc., 4.38%, 12/15/2024 | 1.01% |
| Starwood Property Trust, Inc., 3.75%, 12/31/2024 | 0.73% |
| Rakuten Group, Inc., 10.25%, 11/30/2024 | 0.60% |
| * Excluding money market fund holdings, if any. | |
Sector allocation
(% of net assets)
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
Invesco BulletShares 2024 Municipal Bond ETF
BSMO | The Nasdaq Stock Market LLC
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco BulletShares 2024 Municipal Bond ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Invesco BulletShares 2024 Municipal Bond ETF | $18 | 0.18% |
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, the municipal bond market benefited from relatively lower longer term interest rates and tightening credit spreads. Because the Fund holds the vast majority of its portfolio in municipal bonds, it benefited from this broader market environment.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco BulletShares® Municipal Bond 2024 Index (the "Index"). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 3.36%, differed from the return of the Index, 3.63%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
State Allocations | New York bonds, followed by California bonds.
Positions | Pennsylvania (Commonwealth of) Economic Development Financing Authority, 4.00% coupon, due 2/1/2040, followed by California (State of) Department of Water Resources, 5.00% coupon, due 12/1/2028.
What detracted from performance?
State Allocations | No states detracted from the Fund's performance during the period.
Positions | California (State of), 5.00% coupon, due 10/1/2032 (no longer held at fiscal year-end), followed by Santa Clara (County of), CA, Series 2014 AS, RB, 3.00% coupon, due 8/1/2031 (no longer held at fiscal year-end).
How Has The Fund Historically Performed?
Growth of $10,000 Investment
AVERAGE ANNUAL TOTAL RETURNS |
1 Year | Since
Inception
(09/25/19) |
| Invesco BulletShares 2024 Municipal Bond ETF — NAV Return | 3.36% | 1.35% |
| Invesco BulletShares 2024 Municipal Bond ETF — Market Price Return | 2.99% | 1.30% |
| Invesco BulletShares® Municipal Bond 2024 Index | 3.63% | 1.67% |
| Bloomberg Municipal Bond Index | 6.09% | 1.20% |
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
| Fund net assets | $189,266,440 |
| Total number of portfolio holdings | 386 |
| Total advisory fees paid | $369,399 |
| Portfolio turnover rate | 52% |
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings
(% of net assets)
| California (State of) Department of Water Resources (Central Valley), Series 2014 AS, RB, 5.00%, 12/01/2024 | 1.06% |
| Colorado Springs (City of), CO, Series 2014 A-2, RB, 5.00%, 11/15/2024 | 1.06% |
| California State University, Series 2014, Ref. RB, 5.00%, 11/01/2024 | 1.06% |
| District of Columbia, Series 1998 A, RB, 2.85%, 08/15/2038 | 1.06% |
| Halifax Hospital Medical Center, Series 2008, Ref. VRD RB, 2.80%, 06/01/2048 | 1.06% |
| Massachusetts (Commonwealth of) Health & Educational Facilities Authority (Boston College), Series 1997 P-1, VRD RB, 2.15%, 07/01/2027 | 1.06% |
| Louisiana (State of) Public Facilities Authority (CHRISTUS Health), Series 2009 B-2, Ref. VRD RB, 3.02%, 07/01/2047 | 1.06% |
| Philadelphia (City of), PA, Eighth Series 2009 D, Ref. VRD RB, 2.83%, 08/01/2031 | 1.06% |
| Fairfax (County of), VA Economic Development Authority (Smithsonian Institution), Series 2003 A, VRD RB, 2.80%, 12/01/2033 | 1.06% |
| Tarrant County Cultural Education Facilities Finance Corp. (Christus Health), Series 2008 C1, Ref. VRD RB, 2.50%, 07/01/2047 | 1.06% |
Revenue type allocation
(% of net assets)
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
Invesco BulletShares 2025 Corporate Bond ETF
BSCP | The Nasdaq Stock Market LLC
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco BulletShares 2025 Corporate Bond ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Invesco BulletShares 2025 Corporate Bond ETF | $10 | 0.10% |
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, the investment grade corporate bond market benefited from relatively lower longer term interest rates and tightening credit spreads. Because the Fund holds the vast majority of its portfolio in investment grade corporate bonds, it benefited from this broader market environment.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco BulletShares® USD Corporate Bond 2025 Index (the "Index"). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 6.10%, differed from the return of the Index, 6.20%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
Industry Allocations | Banks industry, followed by the consumer finance and capital markets industries, respectively.
Positions | Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 4.91% coupon, due 7/23/2025, a media company, followed by Visa, Inc., 3.15% coupon, due 12/14/2025, a financial services company.
What detracted from performance?
Industry Allocations | No industries detracted from the Fund's performance during the period.
Positions | No positions detracted from the Fund's performance during the period.
How Has The Fund Historically Performed?
Growth of $10,000 Investment
AVERAGE ANNUAL TOTAL RETURNS |
1 Year |
5 Years | Since
Inception
(10/07/15) |
| Invesco BulletShares 2025 Corporate Bond ETF — NAV Return | 6.10% | 1.98% | 3.28% |
| Invesco BulletShares 2025 Corporate Bond ETF — Market Price Return | 6.10% | 1.97% | 3.28% |
| Invesco BulletShares® USD Corporate Bond 2025 Index | 6.20% | 2.09% | 3.47% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.04)% | 1.57% |
| Bloomberg U.S. Corporate Index | 9.29% | 0.67% | 2.86% |
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the Bloomberg U.S. Corporate Index to the Bloomberg U.S. Aggregate Bond Index to reflect that the Bloomberg U.S. Aggregate Bond Index can be considered more broadly representative of the overall applicable securities market.
- Effective after the close of business on April 06, 2018, Guggenheim BulletShares 2025 Corporate Bond ETF was reorganized into the Fund. Fund returns shown are blended returns of Guggenheim BulletShares 2025 Corporate Bond ETF and the Fund.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
| Fund net assets | $4,074,369,572 |
| Total number of portfolio holdings | 452 |
| Total advisory fees paid | $3,541,341 |
| Portfolio turnover rate | 2% |
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
| Visa, Inc., 3.15%, 12/14/2025 | 0.85% |
| AbbVie, Inc., 3.60%, 05/14/2025 | 0.81% |
| Boeing Co. (The), 4.88%, 05/01/2025 | 0.76% |
| Goldman Sachs Group, Inc. (The), 3.50%, 04/01/2025 | 0.75% |
| Oracle Corp., 2.50%, 04/01/2025 | 0.75% |
| Morgan Stanley, 4.00%, 07/23/2025 | 0.65% |
| Microsoft Corp., 3.13%, 11/03/2025 | 0.64% |
| CVS Health Corp., 3.88%, 07/20/2025 | 0.61% |
| Exxon Mobil Corp., 2.99%, 03/19/2025 | 0.59% |
| Shell International Finance B.V., 3.25%, 05/11/2025 | 0.59% |
| * Excluding money market fund holdings, if any. | |
Sector allocation
(% of net assets)
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
Invesco BulletShares 2025 High Yield Corporate Bond ETF
BSJP | The Nasdaq Stock Market LLC
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco BulletShares 2025 High Yield Corporate Bond ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Invesco BulletShares 2025 High Yield Corporate Bond ETF | $44 | 0.42% |
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, the high yield corporate bond market benefited from relatively lower longer term interest rates and tightening credit spreads. Because the Fund holds the vast majority of its portfolio in high yield corporate bonds, it benefited from this broader market environment.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco BulletShares® USD High Yield Corporate Bond 2025 Index (the "Index"). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 9.28%, differed from the return of the Index, 10.01%, primarily due to fees and expenses that the Fund incurred during the period, as well as costs associated with portfolio rebalancing and sampling.
What contributed to performance?
Industry Allocations | Hotels, restaurants & leisure industry, followed by the oil, gas & consumable fuels and health care providers & services industries, respectively.
Positions | Veritas US Inc./Veritas Bermuda Ltd., 7.50% coupon, due 9/1/2025, a software company, followed by RP Escrow Issuer LLC, 5.25% coupon, due 12/15/2025, a health care providers & services company (no longer held at fiscal year-end).
What detracted from performance?
Industry Allocations | Metals & mining industry.
Positions | CommScope Technologies LLC, 6.00% coupon, due 9/15/2025, a communications equipment company (no longer held at fiscal year-end), followed by Sabre GLBL, Inc., 7.38% coupon, due 9/1/2025, a hotels, restaurants & leisure company (no longer held at fiscal year-end).
How Has The Fund Historically Performed?
Growth of $10,000 Investment
AVERAGE ANNUAL TOTAL RETURNS |
1 Year |
5 Years | Since
Inception
(09/27/17) |
| Invesco BulletShares 2025 High Yield Corporate Bond ETF — NAV Return | 9.28% | 4.49% | 4.48% |
| Invesco BulletShares 2025 High Yield Corporate Bond ETF — Market Price Return | 9.12% | 4.47% | 4.49% |
| Invesco BulletShares® USD High Yield Corporate Bond 2025 Index | 10.01% | 5.46% | 5.28% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.04)% | 1.30% |
| Bloomberg U.S. Corporate High Yield Index | 12.55% | 4.46% | 4.54% |
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the Bloomberg U.S. Corporate High Yield Index to the Bloomberg U.S. Aggregate Bond Index to reflect that the Bloomberg U.S. Aggregate Bond Index can be considered more broadly representative of the overall applicable securities market.
- Effective after the close of business on May 18, 2018, Guggenheim BulletShares 2025 High Yield Corporate Bond ETF was reorganized into the Fund. Fund returns shown are blended returns of Guggenheim BulletShares 2025 High Yield Corporate Bond ETF and the Fund.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
| Fund net assets | $1,025,646,178 |
| Total number of portfolio holdings | 76 |
| Total advisory fees paid | $3,833,790 |
| Portfolio turnover rate | 83% |
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
| Caesars Entertainment, Inc., 8.13%, 07/01/2027 | 3.64% |
| Veritas US, Inc./Veritas Bermuda Ltd., 7.50%, 09/01/2025 | 3.46% |
| Bausch Health Cos., Inc., 5.50%, 11/01/2025 | 3.13% |
| WESCO Distribution, Inc., 7.25%, 06/15/2028 | 3.01% |
| Carnival Corp., 10.50%, 06/01/2030 | 2.67% |
| CITGO Petroleum Corp., 7.00%, 06/15/2025 | 2.40% |
| Spirit AeroSystems, Inc., 9.38%, 11/30/2029 | 2.40% |
| New Fortress Energy, Inc., 6.75%, 09/15/2025 | 2.09% |
| Mallinckrodt International Finance S.A., 14.75%, 11/14/2028 | 1.88% |
| Aethon United BR L.P./Aethon United Finance Corp., 8.25%, 02/15/2026 | 1.86% |
| * Excluding money market fund holdings, if any. | |
Sector allocation
(% of net assets)
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
Invesco BulletShares 2025 Municipal Bond ETF
BSMP | The Nasdaq Stock Market LLC
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco BulletShares 2025 Municipal Bond ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Invesco BulletShares 2025 Municipal Bond ETF | $18 | 0.18% |
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, the municipal bond market benefited from relatively lower longer term interest rates and tightening credit spreads. Because the Fund holds the vast majority of its portfolio in municipal bonds, it benefited from this broader market environment.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco BulletShares® Municipal Bond 2025 Index (the "Index"). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 3.80%, differed from the return of the Index, 4.00%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
State Allocations | New York bonds, followed by California bonds.
Positions | California (State of), 5.00% coupon, due 8/1/2034, followed by New York (State of) Dormitory Authority, 5.00% coupon, due 2/15/2044.
What detracted from performance?
State Allocations | No states detracted from the Fund's performance during the period.
Positions | Austin (City of), TX, 2.95% coupon, due 9/1/2027 (no longer held at fiscal year-end), followed by California (State of) Public Works Board, 5.00% coupon, due 10/1/2025 (no longer held at fiscal year-end).
How Has The Fund Historically Performed?
Growth of $10,000 Investment
AVERAGE ANNUAL TOTAL RETURNS |
1 Year | Since
Inception
(09/25/19) |
| Invesco BulletShares 2025 Municipal Bond ETF — NAV Return | 3.80% | 1.13% |
| Invesco BulletShares 2025 Municipal Bond ETF — Market Price Return | 3.63% | 1.15% |
| Invesco BulletShares® Municipal Bond 2025 Index | 4.00% | 1.43% |
| Bloomberg Municipal Bond Index | 6.09% | 1.20% |
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
| Fund net assets | $227,889,081 |
| Total number of portfolio holdings | 1,001 |
| Total advisory fees paid | $369,331 |
| Portfolio turnover rate | 3% |
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings
(% of net assets)
| Massachusetts (Commonwealth of), Series 2017 C, Ref. GO Bonds, 5.00%, 10/01/2025 | 1.06% |
| New York (City of), NY Municipal Water Finance Authority, Series 2022 CC-2, RB, 5.00%, 06/15/2027 | 0.91% |
| California (State of), Series 2021, GO Bonds, 4.00%, 10/01/2025 | 0.89% |
| California (State of), Series 2015, Ref. GO Bonds, 5.00%, 08/01/2034 | 0.78% |
| New Jersey (State of), Series 2020 A, GO Bonds, 5.00%, 06/01/2025 | 0.77% |
| New York (State of) Dormitory Authority, Series 2015 B, RB, 5.00%, 02/15/2044 | 0.70% |
| Dallas (City of), TX Area Rapid Transit, Series 2016 A, Ref. RB, 5.00%, 12/01/2025 | 0.68% |
| Indiana (State of) Finance Authority (CWA Authority), Series 2021, Ref. RB, 5.00%, 10/01/2025 | 0.67% |
| Illinois (State of), Series 2021 A, GO Bonds, 5.00%, 03/01/2025 | 0.66% |
| Metropolitan Transportation Authority, Subseries 2015 A-1, RB, 5.00%, 11/15/2040 | 0.63% |
Revenue type allocation
(% of net assets)
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
Invesco BulletShares 2026 Corporate Bond ETF
BSCQ | The Nasdaq Stock Market LLC
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco BulletShares 2026 Corporate Bond ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Invesco BulletShares 2026 Corporate Bond ETF | $10 | 0.10% |
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, the investment grade corporate bond market benefited from relatively lower longer term interest rates and tightening credit spreads. Because the Fund holds the vast majority of its portfolio in investment grade corporate bonds, it benefited from this broader market environment.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco BulletShares® USD Corporate Bond 2026 Index (the "Index"). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 6.92%, differed from the return of the Index, 6.97%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
Industry Allocations | Banks industry, followed by the capital markets and consumer finance industries, respectively.
Positions | Boeing Co. (The), 2.20% coupon, due 2/4/2026, an aerospace & defense company, followed by AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 2.45% coupon, due 10/29/2026, a financial services company.
What detracted from performance?
Industry Allocations | No industries detracted from the Fund's performance during the period.
Positions | Hughes Satellite Systems Corp., 5.25% coupon, due 8/1/2026, a communications equipment company (no longer held at fiscal year-end), followed by EQM Midstream Partners L.P., 4.13% coupon, due 12/1/2026, an oil, gas & consumable fuels company.
How Has The Fund Historically Performed?
Growth of $10,000 Investment
AVERAGE ANNUAL TOTAL RETURNS |
1 Year |
5 Years | Since
Inception
(09/14/16) |
| Invesco BulletShares 2026 Corporate Bond ETF — NAV Return | 6.92% | 1.75% | 2.70% |
| Invesco BulletShares 2026 Corporate Bond ETF — Market Price Return | 6.97% | 1.73% | 2.72% |
| Invesco BulletShares® USD Corporate Bond 2026 Index | 6.97% | 1.87% | 2.79% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.04)% | 1.20% |
| Bloomberg U.S. Corporate Index | 9.29% | 0.67% | 2.31% |
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the Bloomberg U.S. Corporate Index to the Bloomberg U.S. Aggregate Bond Index to reflect that the Bloomberg U.S. Aggregate Bond Index can be considered more broadly representative of the overall applicable securities market.
- Effective after the close of business on April 06, 2018, Guggenheim BulletShares 2026 Corporate Bond ETF was reorganized into the Fund. Fund returns shown are blended returns of Guggenheim BulletShares 2026 Corporate Bond ETF and the Fund.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
| Fund net assets | $3,712,161,924 |
| Total number of portfolio holdings | 467 |
| Total advisory fees paid | $2,724,461 |
| Portfolio turnover rate | 2% |
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
| Boeing Co. (The), 2.20%, 02/04/2026 | 1.08% |
| Microsoft Corp., 2.40%, 08/08/2026 | 0.79% |
| AbbVie, Inc., 2.95%, 11/21/2026 | 0.79% |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 2.45%, 10/29/2026 | 0.73% |
| Wells Fargo & Co., 3.00%, 04/22/2026 | 0.69% |
| Wells Fargo & Co., 3.00%, 10/23/2026 | 0.69% |
| Apple, Inc., 3.25%, 02/23/2026 | 0.65% |
| Morgan Stanley, 3.88%, 01/27/2026 | 0.61% |
| Morgan Stanley, 3.13%, 07/27/2026 | 0.60% |
| Citigroup, Inc., 3.20%, 10/21/2026 | 0.59% |
| * Excluding money market fund holdings, if any. | |
Sector allocation
(% of net assets)
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
Invesco BulletShares 2026 High Yield Corporate Bond ETF
BSJQ | The Nasdaq Stock Market LLC
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco BulletShares 2026 High Yield Corporate Bond ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Invesco BulletShares 2026 High Yield Corporate Bond ETF | $44 | 0.42% |
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, the high yield corporate bond market benefited from relatively lower longer term interest rates and tightening credit spreads. Because the Fund holds the vast majority of its portfolio in high yield corporate bonds, it benefited from this broader market environment.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco BulletShares® USD High Yield Corporate Bond 2026 Index (the "Index"). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 9.13%, differed from the return of the Index, 9.81%, primarily due to fees and expenses that the Fund incurred during the period, as well as costs associated with portfolio rebalancing and sampling.
What contributed to performance?
Industry Allocations | Oil, gas & consumable fuels industry, followed by the commercial services & supplies and hotels, restaurants & leisure industries, respectively.
Positions | Connect Finco S.a.r.l./Connect US Finco LLC, 6.75% coupon, due 10/1/2026, a diversified telecommunication services company, followed by DISH DBS Corp., 5.25% coupon, due 12/1/2026, a media company.
What detracted from performance?
Industry Allocations | No industries detracted from the Fund's performance during the period.
Positions | Enviva Partners L.P./Enviva Partners Finance Corp., 6.50% coupon, due 1/15/2026, an oil, gas & consumable fuels company (no longer held at fiscal year-end), followed by Hughes Satellite Systems Corp., 5.25% coupon, due 8/1/2026, a communications equipment company.
How Has The Fund Historically Performed?
Growth of $10,000 Investment
AVERAGE ANNUAL TOTAL RETURNS |
1 Year |
5 Years | Since
Inception
(08/09/18) |
| Invesco BulletShares 2026 High Yield Corporate Bond ETF — NAV Return | 9.13% | 3.66% | 4.51% |
| Invesco BulletShares 2026 High Yield Corporate Bond ETF — Market Price Return | 8.97% | 3.62% | 4.52% |
| Invesco BulletShares® USD High Yield Corporate Bond 2026 Index | 9.81% | 4.52% | 5.28% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.04)% | 1.66% |
| Bloomberg U.S. Corporate High Yield Index | 12.55% | 4.46% | 4.81% |
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the Bloomberg U.S. Corporate High Yield Index to the Bloomberg U.S. Aggregate Bond Index to reflect that the Bloomberg U.S. Aggregate Bond Index can be considered more broadly representative of the overall applicable securities market.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
| Fund net assets | $641,325,582 |
| Total number of portfolio holdings | 134 |
| Total advisory fees paid | $1,861,957 |
| Portfolio turnover rate | 50% |
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
| DISH DBS Corp., 5.25%, 12/01/2026 | 2.72% |
| Western Digital Corp., 4.75%, 02/15/2026 | 2.67% |
| Newell Brands, Inc., 5.70%, 04/01/2026 | 2.32% |
| Connect Finco S.a.r.l./Connect US Finco LLC, 6.75%, 10/01/2026 | 2.31% |
| United AirLines, Inc., 4.38%, 04/15/2026 | 2.29% |
| OneMain Finance Corp., 7.13%, 03/15/2026 | 1.91% |
| Civitas Resources, Inc., 8.75%, 07/01/2031 | 1.71% |
| Brand Industrial Services, Inc., 10.38%, 08/01/2030 | 1.70% |
| Carnival Corp., 7.63%, 03/01/2026 | 1.60% |
| Spirit AeroSystems, Inc., 9.75%, 11/15/2030 | 1.57% |
| * Excluding money market fund holdings, if any. | |
Sector allocation
(% of net assets)
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
Invesco BulletShares 2026 Municipal Bond ETF
BSMQ | The Nasdaq Stock Market LLC
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco BulletShares 2026 Municipal Bond ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Invesco BulletShares 2026 Municipal Bond ETF | $18 | 0.18% |
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, the municipal bond market benefited from relatively lower longer term interest rates and tightening credit spreads. Because the Fund holds the vast majority of its portfolio in municipal bonds, it benefited from this broader market environment.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco BulletShares® Municipal Bond 2026 Index (the "Index"). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 4.30%, differed from the return of the Index, 4.43%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
State Allocations | California bonds, followed by New York bonds.
Positions | Metropolitan Transportation Authority (Green Bonds), 5.00% coupon, due 11/15/2036, followed by New York (City of), NY, Series 2017 C, 5.00% coupon, due 8/1/2026.
What detracted from performance?
State Allocations | No states detracted from the Fund's performance during the period.
Positions | Metropolitan Water District of Southern California, 5.00% coupon, due 7/1/2031 (no longer held at fiscal year-end), followed by Columbus (City of), OH, 4.00% coupon, due 8/15/2026 (no longer held at fiscal year-end).
How Has The Fund Historically Performed?
Growth of $10,000 Investment
AVERAGE ANNUAL TOTAL RETURNS |
1 Year | Since
Inception
(09/25/19) |
| Invesco BulletShares 2026 Municipal Bond ETF — NAV Return | 4.30% | 0.73% |
| Invesco BulletShares 2026 Municipal Bond ETF — Market Price Return | 4.11% | 0.82% |
| Invesco BulletShares® Municipal Bond 2026 Index | 4.43% | 1.18% |
| Bloomberg Municipal Bond Index | 6.09% | 1.20% |
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
| Fund net assets | $215,212,828 |
| Total number of portfolio holdings | 1,479 |
| Total advisory fees paid | $295,323 |
| Portfolio turnover rate | 5% |
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings
(% of net assets)
| New York (City of), NY, Series 2017 C, Ref. GO Bonds, 5.00%, 08/01/2026 | 0.97% |
| California (State of), Series 2018, GO Bonds, 5.00%, 10/01/2026 | 0.97% |
| Denver City & County School District No. 1, Series 2017, GO Bonds, 5.00%, 12/01/2031 | 0.76% |
| Colorado (State of), Series 2021 A, COP, 5.00%, 12/15/2026 | 0.76% |
| Maryland (State of) Department of Transportation, Series 2019, RB, 5.00%, 10/01/2026 | 0.73% |
| Wisconsin (State of), Series 2016-2, Ref. GO Bonds, 5.00%, 11/01/2029 | 0.72% |
| Massachusetts (Commonwealth of) Development Finance Agency (Dana-Farber Cancer Institute), Series 2016, RB, 5.00%, 12/01/2046 | 0.71% |
| California (State of) Public Works Board, Series 2022 A, Ref. RB, 5.00%, 08/01/2026 | 0.62% |
| California (State of), Series 2018, GO Bonds, 5.00%, 10/01/2026 | 0.62% |
| Minnesota (State of) Public Facilities Authority, Series 2016 A, RB, 5.00%, 03/01/2036 | 0.60% |
Revenue type allocation
(% of net assets)
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
Invesco BulletShares 2027 Corporate Bond ETF
BSCR | The Nasdaq Stock Market LLC
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco BulletShares 2027 Corporate Bond ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Invesco BulletShares 2027 Corporate Bond ETF | $10 | 0.10% |
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, the investment grade corporate bond market benefited from relatively lower longer term interest rates and tightening credit spreads. Because the Fund holds the vast majority of its portfolio in investment grade corporate bonds, it benefited from this broader market environment.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco BulletShares® USD Corporate Bond 2027 Index (the "Index"). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 7.61%, differed from the return of the Index, 7.68%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
Industry Allocations | Banks industry, followed by the consumer finance and capital markets industries, respectively.
Positions | Citigroup, Inc., 4.45% coupon, due 9/29/2027, a banks company, followed by Warnermedia Holdings, Inc., 3.76% coupon, due 3/15/2027, an entertainment company.
What detracted from performance?
Industry Allocations | Construction & engineering industry.
Positions | DTE Energy Co., 4.95% coupon, due 7/1/2027, a multi-utilities company, followed by Quanta Services, Inc. 4.75% coupon, due 8/9/2027, a construction & engineering company.
How Has The Fund Historically Performed?
Growth of $10,000 Investment
AVERAGE ANNUAL TOTAL RETURNS |
1 Year |
5 Years | Since
Inception
(09/27/17) |
| Invesco BulletShares 2027 Corporate Bond ETF — NAV Return | 7.61% | 1.65% | 2.86% |
| Invesco BulletShares 2027 Corporate Bond ETF — Market Price Return | 7.65% | 1.61% | 2.87% |
| Invesco BulletShares® USD Corporate Bond 2027 Index | 7.68% | 1.73% | 3.01% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.04)% | 1.30% |
| Bloomberg U.S. Corporate Index | 9.29% | 0.67% | 2.23% |
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the Bloomberg U.S. Corporate Index to the Bloomberg U.S. Aggregate Bond Index to reflect that the Bloomberg U.S. Aggregate Bond Index can be considered more broadly representative of the overall applicable securities market.
- Effective after the close of business on April 06, 2018, Guggenheim BulletShares 2027 Corporate Bond ETF was reorganized into the Fund. Fund returns shown are blended returns of Guggenheim BulletShares 2027 Corporate Bond ETF and the Fund.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
| Fund net assets | $2,148,252,821 |
| Total number of portfolio holdings | 473 |
| Total advisory fees paid | $1,599,700 |
| Portfolio turnover rate | 0% |
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
| Microsoft Corp., 3.30%, 02/06/2027 | 0.90% |
| Citigroup, Inc., 4.45%, 09/29/2027 | 0.88% |
| Warnermedia Holdings, Inc., 3.76%, 03/15/2027 | 0.88% |
| Amazon.com, Inc., 3.15%, 08/22/2027 | 0.78% |
| Verizon Communications, Inc., 4.13%, 03/16/2027 | 0.74% |
| Goldman Sachs Group, Inc. (The), 3.85%, 01/26/2027 | 0.68% |
| Morgan Stanley, 3.63%, 01/20/2027 | 0.68% |
| Broadcom Corp./Broadcom Cayman Finance Ltd., 3.88%, 01/15/2027 | 0.66% |
| Oracle Corp., 3.25%, 11/15/2027 | 0.61% |
| Meta Platforms, Inc., 3.50%, 08/15/2027 | 0.60% |
| * Excluding money market fund holdings, if any. | |
Sector allocation
(% of net assets)
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
Invesco BulletShares 2027 High Yield Corporate Bond ETF
BSJR | The Nasdaq Stock Market LLC
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco BulletShares 2027 High Yield Corporate Bond ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Invesco BulletShares 2027 High Yield Corporate Bond ETF | $44 | 0.42% |
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, the high yield corporate bond market benefited from relatively lower longer term interest rates and tightening credit spreads. Because the Fund holds the vast majority of its portfolio in high yield corporate bonds, it benefited from this broader market environment.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco BulletShares® USD High Yield Corporate Bond 2027 Index (the "Index"). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 10.84%, differed from the return of the Index, 11.33%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
Industry Allocations | Media industry, followed by the hotels, restaurants & leisure and commercial services & supplies industries, respectively.
Positions | Dish Network Corp., 11.75% coupon, due 11/15/2027, a media company, followed by Carnival Corp., 5.75% coupon, due 3/1/2027, a hotels, restaurants & leisure company.
What detracted from performance?
Industry Allocations | Communications equipment industry.
Positions | Ardagh Packaging Finance PLC, 5.25% coupon, due 8/15/2027, a containers & packaging company (no longer held at fiscal year-end), followed by CMG Media Corp., 8.88% coupon, due 12/15/2027, a media company (no longer held at fiscal year-end).
How Has The Fund Historically Performed?
Growth of $10,000 Investment
AVERAGE ANNUAL TOTAL RETURNS |
1 Year | Since
Inception
(09/12/19) |
| Invesco BulletShares 2027 High Yield Corporate Bond ETF — NAV Return | 10.84% | 3.37% |
| Invesco BulletShares 2027 High Yield Corporate Bond ETF — Market Price Return | 10.72% | 3.35% |
| Invesco BulletShares® USD High Yield Corporate Bond 2027 Index | 11.33% | 4.40% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | 0.22% |
| Bloomberg U.S. Corporate High Yield Index | 12.55% | 4.38% |
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the Bloomberg U.S. Corporate High Yield Index to the Bloomberg U.S. Aggregate Bond Index to reflect that the Bloomberg U.S. Aggregate Bond Index can be considered more broadly representative of the overall applicable securities market.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
| Fund net assets | $287,513,586 |
| Total number of portfolio holdings | 159 |
| Total advisory fees paid | $728,994 |
| Portfolio turnover rate | 16% |
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
| DISH Network Corp., 11.75%, 11/15/2027 | 3.01% |
| CCO Holdings LLC/CCO Holdings Capital Corp., 5.13%, 05/01/2027 | 2.80% |
| Mauser Packaging Solutions Holding Co., 7.88%, 04/15/2027 | 2.45% |
| Carnival Corp., 5.75%, 03/01/2027 | 2.41% |
| Venture Global LNG, Inc., 9.88%, 02/01/2032 | 1.96% |
| Rakuten Group, Inc., 11.25%, 02/15/2027 | 1.72% |
| Community Health Systems, Inc., 5.63%, 03/15/2027 | 1.62% |
| Nexstar Media, Inc., 5.63%, 07/15/2027 | 1.48% |
| TK Elevator U.S. Newco, Inc., 5.25%, 07/15/2027 | 1.35% |
| Tenet Healthcare Corp., 6.25%, 02/01/2027 | 1.32% |
| * Excluding money market fund holdings, if any. | |
Sector allocation
(% of net assets)
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
Invesco BulletShares 2027 Municipal Bond ETF
BSMR | The Nasdaq Stock Market LLC
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco BulletShares 2027 Municipal Bond ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Invesco BulletShares 2027 Municipal Bond ETF | $18 | 0.18% |
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, the municipal bond market benefited from relatively lower longer term interest rates and tightening credit spreads. Because the Fund holds the vast majority of its portfolio in municipal bonds, it benefited from this broader market environment.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco BulletShares® Municipal Bond 2027 Index (the "Index"). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 4.40%, differed from the return of the Index, 4.64%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
State Allocations | New York bonds, followed by California bonds.
Positions | New York (City of), NY Transitional Finance Authority, 5.00% coupon, due 2/1/2039, followed by Texas (State of) Water Development Board, 5.00% coupon, due 10/15/2047.
What detracted from performance?
State Allocations | No states detracted from the Fund's performance during the period.
Positions | California (State of) Public Works Board, 5.00% coupon, due 10/1/2029 (no longer held at fiscal year-end), followed by San Francisco (County of), CA Transportation Authority, 3.00% coupon, due 2/1/2030 (no longer held at fiscal year-end).
How Has The Fund Historically Performed?
Growth of $10,000 Investment
AVERAGE ANNUAL TOTAL RETURNS |
1 Year | Since
Inception
(09/25/19) |
| Invesco BulletShares 2027 Municipal Bond ETF — NAV Return | 4.40% | 0.72% |
| Invesco BulletShares 2027 Municipal Bond ETF — Market Price Return | 4.22% | 0.75% |
| Invesco BulletShares® Municipal Bond 2027 Index | 4.64% | 1.09% |
| Bloomberg Municipal Bond Index | 6.09% | 1.20% |
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
| Fund net assets | $168,081,077 |
| Total number of portfolio holdings | 1,288 |
| Total advisory fees paid | $218,134 |
| Portfolio turnover rate | 1% |
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings
(% of net assets)
| Anaheim (City of), CA Housing & Public Improvements Authority, Series 2022, Ref. RB, 5.00%, 10/01/2034 | 0.73% |
| California (State of), Series 2021, Ref. GO Bonds, 5.00%, 12/01/2027 | 0.64% |
| Mississippi (State of), Series 2017 A, Ref. GO Bonds, 5.00%, 10/01/2030 | 0.64% |
| New York (City of), NY Transitional Finance Authority, Series 2017 A-E-1, RB, 5.00%, 02/01/2039 | 0.63% |
| New York (City of), NY Municipal Water Finance Authority, Series 2018 DD-2, Ref. RB, 5.00%, 06/15/2040 | 0.62% |
| Clark (County of), NV, Series 2017, Ref. GO Bonds, 5.00%, 06/01/2030 | 0.62% |
| New York (State of) Utility Debt Securitization Authority, Series 2017, RB, 5.00%, 12/15/2041 | 0.62% |
| New York (State of) Dormitory Authority, Series 2018 A, RB, 5.00%, 10/01/2027 | 0.62% |
| Houston (City of), TX, Series 2017 B, Ref. RB, 5.00%, 11/15/2042 | 0.62% |
| Illinois (State of) Finance Authority, Series 2016 C, Ref. RB, 5.00%, 02/15/2041 | 0.61% |
Revenue type allocation
(% of net assets)
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
Invesco BulletShares 2028 Corporate Bond ETF
BSCS | The Nasdaq Stock Market LLC
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco BulletShares 2028 Corporate Bond ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Invesco BulletShares 2028 Corporate Bond ETF | $10 | 0.10% |
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, the investment grade corporate bond market benefited from relatively lower longer term interest rates and tightening credit spreads. Because the Fund holds the vast majority of its portfolio in investment grade corporate bonds, it benefited from this broader market environment.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco BulletShares® USD Corporate Bond 2028 Index (the "Index"). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 8.37%, differed from the return of the Index, 8.43%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
Industry Allocations | Banks industry, followed by the consumer finance and capital markets industries, respectively.
Positions | AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.00% coupon, due 10/29/2028, a financial services company, followed by CVS Health Corp., 4.30% coupon, due 3/25/2028, a health care providers & services company.
What detracted from performance?
Industry Allocations | No industries detracted from the Fund's performance during the period.
Positions | EQM Midstream Partners L.P., 5.50% coupon, due 7/15/2028, an oil, gas & consumable fuels company.
How Has The Fund Historically Performed?
Growth of $10,000 Investment
AVERAGE ANNUAL TOTAL RETURNS |
1 Year |
5 Years | Since
Inception
(08/09/18) |
| Invesco BulletShares 2028 Corporate Bond ETF — NAV Return | 8.37% | 1.51% | 3.57% |
| Invesco BulletShares 2028 Corporate Bond ETF — Market Price Return | 8.47% | 1.49% | 3.57% |
| Invesco BulletShares® USD Corporate Bond 2028 Index | 8.43% | 1.63% | 3.74% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.04)% | 1.66% |
| Bloomberg U.S. Corporate Index | 9.29% | 0.67% | 2.72% |
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the Bloomberg U.S. Corporate Index to the Bloomberg U.S. Aggregate Bond Index to reflect that the Bloomberg U.S. Aggregate Bond Index can be considered more broadly representative of the overall applicable securities market.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
| Fund net assets | $1,891,346,207 |
| Total number of portfolio holdings | 371 |
| Total advisory fees paid | $1,325,947 |
| Portfolio turnover rate | 0% |
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
| CVS Health Corp., 4.30%, 03/25/2028 | 1.46% |
| Amgen, Inc., 5.15%, 03/02/2028 | 1.13% |
| Cigna Group (The), 4.38%, 10/15/2028 | 1.11% |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.00%, 10/29/2028 | 1.03% |
| RTX Corp., 4.13%, 11/16/2028 | 0.87% |
| UBS AG, 7.50%, 02/15/2028 | 0.80% |
| Sprint Capital Corp., 6.88%, 11/15/2028 | 0.79% |
| Citibank N.A., 5.80%, 09/29/2028 | 0.76% |
| Verizon Communications, Inc., 2.10%, 03/22/2028 | 0.76% |
| Apple, Inc., 1.20%, 02/08/2028 | 0.67% |
| * Excluding money market fund holdings, if any. | |
Sector allocation
(% of net assets)
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
Invesco BulletShares 2028 High Yield Corporate Bond ETF
BSJS | The Nasdaq Stock Market LLC
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco BulletShares 2028 High Yield Corporate Bond ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
This report describes changes to the Fund that occurred during the reporting period.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Invesco BulletShares 2028 High Yield Corporate Bond ETF | $44 | 0.42% |
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, the high yield corporate bond market benefited from relatively lower longer term interest rates and tightening credit spreads. Because the Fund holds the vast majority of its portfolio in high yield corporate bonds, it benefited from this broader market environment.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco BulletShares® USD High Yield Corporate Bond 2028 Index (the "Index"). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 11.63%, differed from the return of the Index, 12.37%, primarily due to fees and expenses that the Fund incurred during the period, as well as costs associated with portfolio rebalancing and sampling.
What contributed to performance?
Industry Allocations | Diversified telecommunication services industry, followed by the commercial services & supplies and oil, gas & consumable fuels industries, respectively.
Positions | NFP Corp., 6.88% coupon, due 8/15/2028, a capital markets company (no longer held at fiscal year-end), followed by Tenneco, Inc., 8.00% coupon, due 11/17/2028, an automobile components company.
What detracted from performance?
Industry Allocations | No industries detracted from the Fund's performance during the period.
Positions | Level 3 Financing, Inc., 4.25% coupon, due 7/1/2028, a diversified telecommunication services company, followed by MPH Acquisition Holdings LLC, 5.75% coupon, due 11/1/2028, a commercial services & supplies company (no longer held at fiscal year-end).
How Has The Fund Historically Performed?
Growth of $10,000 Investment
AVERAGE ANNUAL TOTAL RETURNS |
1 Year | Since
Inception
(09/16/20) |
| Invesco BulletShares 2028 High Yield Corporate Bond ETF — NAV Return | 11.63% | 2.44% |
| Invesco BulletShares 2028 High Yield Corporate Bond ETF — Market Price Return | 11.85% | 2.57% |
| Invesco BulletShares® USD High Yield Corporate Bond 2028 Index | 12.37% | 2.95% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (1.65)% |
| Bloomberg U.S. Corporate High Yield Index | 12.55% | 4.47% |
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the Bloomberg U.S. Corporate High Yield Index to the Bloomberg U.S. Aggregate Bond Index to reflect that the Bloomberg U.S. Aggregate Bond Index can be considered more broadly representative of the overall applicable securities market.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
| Fund net assets | $263,869,334 |
| Total number of portfolio holdings | 273 |
| Total advisory fees paid | $614,808 |
| Portfolio turnover rate | 15% |
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
| Uniti Group L.P./Uniti Group Finance, Inc./CSL Capital LLC, 10.50%, 02/15/2028 | 1.67% |
| Tenet Healthcare Corp., 6.13%, 10/01/2028 | 1.40% |
| CCO Holdings LLC/CCO Holdings Capital Corp., 5.00%, 02/01/2028 | 1.35% |
| Venture Global LNG, Inc., 8.13%, 06/01/2028 | 1.32% |
| TransDigm, Inc., 6.75%, 08/15/2028 | 1.21% |
| Organon & Co./Organon Foreign Debt Co-Issuer B.V., 4.13%, 04/30/2028 | 1.12% |
| DISH DBS Corp., 5.75%, 12/01/2028 | 1.05% |
| Sirius XM Radio, Inc., 4.00%, 07/15/2028 | 1.05% |
| Olympus Water US Holding Corp., 9.75%, 11/15/2028 | 1.02% |
| Tenneco, Inc., 8.00%, 11/17/2028 | 0.99% |
| * Excluding money market fund holdings, if any. | |
Sector allocation
(% of net assets)
How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since August 31, 2023. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 983-0903.
The Fund's classification changed from non-diversified to diversified, and therefore the Fund is now required to meet certain diversification requirements under the Investment Company Act of 1940.
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
Invesco BulletShares 2028 Municipal Bond ETF
BSMS | The Nasdaq Stock Market LLC
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco BulletShares 2028 Municipal Bond ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Invesco BulletShares 2028 Municipal Bond ETF | $18 | 0.18% |
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, the municipal bond market benefited from relatively lower longer term interest rates and tightening credit spreads. Because the Fund holds the vast majority of its portfolio in municipal bonds, it benefited from this broader market environment.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco BulletShares® Municipal Bond 2028 Index (the "Index"). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 4.59%, differed from the return of the Index, 4.95%, primarily due to costs associated with portfolio rebalancing and sampling, as well as fees and operating expenses that the Fund incurred during the period.
What contributed to performance?
State Allocations | New York bonds, followed by California bonds.
Positions | Texas (State of) Water Development Board, 4.00% coupon, due 10/15/2036, followed by Pecos Barstow Toyah Independent School District, 5.00% coupon, due 2/15/2035.
What detracted from performance?
State Allocations | Oklahoma bonds.
Positions | Charlotte-Mecklenburg Hospital Authority (The) (Atrium Health), 5.00% coupon, due 1/15/2028 (no longer held at fiscal year-end), followed by New York (City of), NY, Series 2017 C, 5.00% coupon, due 8/1/2028.
How Has The Fund Historically Performed?
Growth of $10,000 Investment
AVERAGE ANNUAL TOTAL RETURNS |
1 Year | Since
Inception
(09/25/19) |
| Invesco BulletShares 2028 Municipal Bond ETF — NAV Return | 4.59% | 0.67% |
| Invesco BulletShares 2028 Municipal Bond ETF — Market Price Return | 4.05% | 0.63% |
| Invesco BulletShares® Municipal Bond 2028 Index | 4.95% | 0.98% |
| Bloomberg Municipal Bond Index | 6.09% | 1.20% |
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
| Fund net assets | $121,925,673 |
| Total number of portfolio holdings | 1,094 |
| Total advisory fees paid | $169,294 |
| Portfolio turnover rate | 5% |
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings
(% of net assets)
| Los Angeles Unified School District (Election of 2008), Series 2018 B-1, GO Bonds, 5.00%, 07/01/2028 | 0.92% |
| New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2017 B, Ref. RB, 5.00%, 07/01/2028 | 0.90% |
| Texas (State of) Water Development Board, Series 2018 B, RB, 4.00%, 10/15/2036 | 0.88% |
| Illinois (State of), Series 2017 D, GO Bonds, 5.00%, 11/01/2028 | 0.72% |
| Orlando (City of), FL, Series 2018 B, RB, 5.00%, 10/01/2048 | 0.70% |
| Georgia (State of), Series 2017 C, Ref. GO Bonds, 5.00%, 07/01/2028 | 0.69% |
| Long Island (City of), NY Power Authority, Series 2019 A, RB, 5.00%, 09/01/2031 | 0.67% |
| Massachusetts (Commonwealth of), Series 2021, RB, 5.00%, 06/01/2041 | 0.64% |
| Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2019 A, RB, 5.00%, 07/01/2044 | 0.63% |
| Metropolitan Transportation Authority, Series 2012 A, Ref. RB, 3.00%, 11/15/2028 | 0.62% |
Revenue type allocation
(% of net assets)
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
Invesco BulletShares 2029 Corporate Bond ETF
BSCT | The Nasdaq Stock Market LLC
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco BulletShares 2029 Corporate Bond ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Invesco BulletShares 2029 Corporate Bond ETF | $10 | 0.10% |
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, the investment grade corporate bond market benefited from relatively lower longer term interest rates and tightening credit spreads. Because the Fund holds the vast majority of its portfolio in investment grade corporate bonds, it benefited from this broader market environment.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco BulletShares® USD Corporate Bond 2029 Index (the "Index"). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 8.98%, differed from the return of the Index, 9.10%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
Industry Allocations | Banks industry, followed by the oil, gas & consumable fuels and health care providers & services industries, respectively.
Positions | AbbVie, Inc., 3.20% coupon, due 11/21/2029, a biotechnology company, followed by Verizon Communications, Inc., 4.02% coupon, due 12/3/2029, a diversified telecommunication services company.
What detracted from performance?
Industry Allocations | Distributors industry, followed by the interactive media & services industry.
Positions | Eli Lilly and Co., 4.20% coupon, due 8/14/2029, a pharmaceuticals company, followed by Genuine Parts Co., 4.95% coupon, due 8/15/2029, a distributors company.
How Has The Fund Historically Performed?
Growth of $10,000 Investment
AVERAGE ANNUAL TOTAL RETURNS |
1 Year | Since
Inception
(09/12/19) |
| Invesco BulletShares 2029 Corporate Bond ETF — NAV Return | 8.98% | 1.69% |
| Invesco BulletShares 2029 Corporate Bond ETF — Market Price Return | 9.10% | 1.63% |
| Invesco BulletShares® USD Corporate Bond 2029 Index | 9.10% | 1.83% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | 0.22% |
| Bloomberg U.S. Corporate Index | 9.29% | 1.04% |
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the Bloomberg U.S. Corporate Index to the Bloomberg U.S. Aggregate Bond Index to reflect that the Bloomberg U.S. Aggregate Bond Index can be considered more broadly representative of the overall applicable securities market.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
| Fund net assets | $1,175,120,668 |
| Total number of portfolio holdings | 373 |
| Total advisory fees paid | $745,080 |
| Portfolio turnover rate | 0% |
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
| AbbVie, Inc., 3.20%, 11/21/2029 | 1.58% |
| Anheuser-Busch InBev Worldwide, Inc., 4.75%, 01/23/2029 | 1.32% |
| Verizon Communications, Inc., 4.02%, 12/03/2029 | 1.19% |
| Centene Corp., 4.63%, 12/15/2029 | 0.97% |
| International Business Machines Corp., 3.50%, 05/15/2029 | 0.96% |
| AT&T, Inc., 4.35%, 03/01/2029 | 0.91% |
| Fiserv, Inc., 3.50%, 07/01/2029 | 0.88% |
| Cisco Systems, Inc., 4.85%, 02/26/2029 | 0.79% |
| AbbVie, Inc., 4.80%, 03/15/2029 | 0.78% |
| Wells Fargo & Co., 4.15%, 01/24/2029 | 0.76% |
| * Excluding money market fund holdings, if any. | |
Sector allocation
(% of net assets)
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
Invesco BulletShares 2029 High Yield Corporate Bond ETF
BSJT | The Nasdaq Stock Market LLC
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco BulletShares 2029 High Yield Corporate Bond ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
This report describes changes to the Fund that occurred during the reporting period.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Invesco BulletShares 2029 High Yield Corporate Bond ETF | $45 | 0.42% |
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, the high yield corporate bond market benefited from relatively lower longer term interest rates and tightening credit spreads. Because the Fund holds the vast majority of its portfolio in high yield corporate bonds, it benefited from this broader market environment.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco BulletShares® USD High Yield Corporate Bond 2029 Index (the "Index"). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 12.99%, differed from the return of the Index, 13.36%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
Industry Allocations | Financial services industry, followed by the oil, gas & consumable fuels and hotels, restaurants & leisure industries, respectively.
Positions | Cloud Software Group, Inc., 9.00% coupon, due 9/30/2029, a software company, followed by Cloud Software Group, Inc., 6.50% coupon, due 3/31/2029, a software company.
What detracted from performance?
Industry Allocations | Diversified consumer services.
Positions | CSC Holdings LLC, 11.75% coupon, due 1/31/2029, a media company, followed by Level 3 Financing, Inc., 3.63% coupon, due 1/15/2029, a diversified telecommunication services company.
How Has The Fund Historically Performed?
Growth of $10,000 Investment
AVERAGE ANNUAL TOTAL RETURNS |
1 Year | Since
Inception
(09/15/21) |
| Invesco BulletShares 2029 High Yield Corporate Bond ETF — NAV Return | 12.99% | 0.77% |
| Invesco BulletShares 2029 High Yield Corporate Bond ETF — Market Price Return | 13.36% | 0.88% |
| Invesco BulletShares® USD High Yield Corporate Bond 2029 Index | 13.36% | 1.13% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (2.22)% |
| Bloomberg U.S. Corporate High Yield Index | 12.55% | 2.42% |
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the Bloomberg U.S. Corporate High Yield Index to the Bloomberg U.S. Aggregate Bond Index to reflect that the Bloomberg U.S. Aggregate Bond Index can be considered more broadly representative of the overall applicable securities market.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
| Fund net assets | $103,084,596 |
| Total number of portfolio holdings | 381 |
| Total advisory fees paid | $193,866 |
| Portfolio turnover rate | 10% |
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
| Medline Borrower L.P., 3.88%, 04/01/2029 | 1.59% |
| Cloud Software Group, Inc., 6.50%, 03/31/2029 | 1.47% |
| Cloud Software Group, Inc., 9.00%, 09/30/2029 | 1.34% |
| Venture Global LNG, Inc., 9.50%, 02/01/2029 | 1.31% |
| TransDigm, Inc., 6.38%, 03/01/2029 | 1.06% |
| Neptune Bidco US, Inc., 9.29%, 04/15/2029 | 0.97% |
| Medline Borrower L.P., 5.25%, 10/01/2029 | 0.92% |
| Staples, Inc., 10.75%, 09/01/2029 | 0.83% |
| Rakuten Group, Inc., 9.75%, 04/15/2029 | 0.80% |
| Carnival Corp., 6.00%, 05/01/2029 | 0.78% |
| * Excluding money market fund holdings, if any. | |
Sector allocation
(% of net assets)
How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since August 31, 2023. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 983-0903.
The Fund’s classification changed from non-diversified to diversified, and therefore the Fund is now required to meet certain diversification requirements under the Investment Company Act of 1940.
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
Invesco BulletShares 2029 Municipal Bond ETF
BSMT | The Nasdaq Stock Market LLC
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco BulletShares 2029 Municipal Bond ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Invesco BulletShares 2029 Municipal Bond ETF | $18 | 0.18% |
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, the municipal bond market benefited from relatively lower longer term interest rates and tightening credit spreads. Because the Fund holds the vast majority of its portfolio in municipal bonds, it benefited from this broader market environment.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco BulletShares® Municipal Bond 2029 Index (the "Index"). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 5.02%, differed from the return of the Index, 5.44%, primarily due to costs associated with portfolio rebalancing and sampling, as well as fees and operating expenses that the Fund incurred during the period.
What contributed to performance?
State Allocations | New York bonds, followed by California bonds.
Positions | New York (City of), NY Transitional Finance Authority, 5.00% coupon, due 5/1/2040, followed by California (State of), 5.00% coupon, due 4/1/2029.
What detracted from performance?
State Allocations | No states detracted from the Fund's performance during the period.
Positions | Florida (State of) Higher Educational Facilities Financial Authority (St. Leo University), 5.00% coupon, due 3/1/2039, followed by California (State of), 5.00% coupon, due 10/1/2032.
How Has The Fund Historically Performed?
Growth of $10,000 Investment
AVERAGE ANNUAL TOTAL RETURNS |
1 Year | Since
Inception
(09/25/19) |
| Invesco BulletShares 2029 Municipal Bond ETF — NAV Return | 5.02% | 0.46% |
| Invesco BulletShares 2029 Municipal Bond ETF — Market Price Return | 4.87% | 0.46% |
| Invesco BulletShares® Municipal Bond 2029 Index | 5.44% | 0.63% |
| Bloomberg Municipal Bond Index | 6.09% | 1.20% |
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
| Fund net assets | $122,731,323 |
| Total number of portfolio holdings | 1,060 |
| Total advisory fees paid | $147,647 |
| Portfolio turnover rate | 0% |
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings
(% of net assets)
| New York (City of), NY, Series 2019 B-1, GO Bonds, 5.00%, 10/01/2031 | 0.99% |
| California (State of), Series 2019, Ref. GO Bonds, 5.00%, 10/01/2032 | 0.94% |
| California (State of), Series 2019, Ref. GO Bonds, 5.00%, 04/01/2029 | 0.90% |
| California (State of), Series 2019, Ref. GO Bonds, 5.00%, 10/01/2031 | 0.74% |
| Connecticut (State of), Series 2019 A, GO Bonds, 5.00%, 04/15/2032 | 0.67% |
| Illinois (State of) Toll Highway Authority, Series 2019 A, RB, 5.00%, 01/01/2044 | 0.62% |
| New York (City of), NY Transitional Finance Authority, Series 2019 B-1, RB, 5.00%, 11/01/2035 | 0.57% |
| Massachusetts (Commonwealth of) School Building Authority, Series 2019 A, RB, 5.00%, 02/15/2044 | 0.51% |
| New Jersey (State of) Turnpike Authority, Series 2019 A, RB, 5.00%, 01/01/2048 | 0.47% |
| Maryland (State of), First Series 2019, GO Bonds, 5.00%, 03/15/2032 | 0.46% |
Revenue type allocation
(% of net assets)
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
Invesco BulletShares 2030 Corporate Bond ETF
BSCU | The Nasdaq Stock Market LLC
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco BulletShares 2030 Corporate Bond ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
This report describes changes to the Fund that occurred during the reporting period.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Invesco BulletShares 2030 Corporate Bond ETF | $10 | 0.10% |
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, the investment grade corporate bond market benefited from relatively lower longer term interest rates and tightening credit spreads. Because the Fund holds the vast majority of its portfolio in investment grade corporate bonds, it benefited from this broader market environment.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco BulletShares® USD Corporate Bond 2030 Index (the "Index"). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 9.51%, differed from the return of the Index, 9.62%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
Industry Allocations | Oil, gas & consumable fuels industry, followed by the banks and health care providers & services industries, respectively.
Positions | Pacific Gas & Electric Co., 4.55% coupon, due 7/1/2030, an electric utilities company, followed by Boeing Co. (The), 5.15% coupon, due 5/1/2030, an aerospace & defense company.
What detracted from performance?
Industry Allocations | Entertainment industry.
Positions | Walgreens Boots Alliance, Inc., 3.20% coupon, due 4/15/2030, a consumer staples distribution & retail company (no longer held at fiscal year-end), followed by Activision Blizzard, Inc., 1.35% coupon, due 9/15/2030, an entertainment company (no longer held at fiscal year-end).
How Has The Fund Historically Performed?
Growth of $10,000 Investment
AVERAGE ANNUAL TOTAL RETURNS |
1 Year | Since
Inception
(09/16/20) |
| Invesco BulletShares 2030 Corporate Bond ETF — NAV Return | 9.51% | (1.25)% |
| Invesco BulletShares 2030 Corporate Bond ETF — Market Price Return | 9.71% | (1.24)% |
| Invesco BulletShares® USD Corporate Bond 2030 Index | 9.62% | (1.19)% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (1.65)% |
| Bloomberg U.S. Corporate Index | 9.29% | (1.07)% |
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the Bloomberg U.S. Corporate Index to the Bloomberg U.S. Aggregate Bond Index to reflect that the Bloomberg U.S. Aggregate Bond Index can be considered more broadly representative of the overall applicable securities market.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
| Fund net assets | $915,620,639 |
| Total number of portfolio holdings | 270 |
| Total advisory fees paid | $561,251 |
| Portfolio turnover rate | 0% |
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
| Boeing Co. (The), 5.15%, 05/01/2030 | 1.99% |
| Pacific Gas and Electric Co., 4.55%, 07/01/2030 | 1.34% |
| Amgen, Inc., 5.25%, 03/02/2030 | 1.26% |
| Philip Morris International, Inc., 5.13%, 02/15/2030 | 1.00% |
| Takeda Pharmaceutical Co. Ltd., 2.05%, 03/31/2030 | 0.97% |
| Centene Corp., 3.00%, 10/15/2030 | 0.87% |
| Alphabet, Inc., 1.10%, 08/15/2030 | 0.85% |
| Exxon Mobil Corp., 2.61%, 10/15/2030 | 0.81% |
| Centene Corp., 3.38%, 02/15/2030 | 0.80% |
| Amazon.com, Inc., 1.50%, 06/03/2030 | 0.77% |
| * Excluding money market fund holdings, if any. | |
Sector allocation
(% of net assets)
How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since August 31, 2023. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 983-0903.
The Fund's classification changed from non-diversified to diversified, and therefore the Fund is now required to meet certain diversification requirements under the Investment Company Act of 1940.
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
Invesco BulletShares 2030 High Yield Corporate Bond ETF
BSJU | The Nasdaq Stock Market LLC
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco BulletShares 2030 High Yield Corporate Bond ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Invesco BulletShares 2030 High Yield Corporate Bond ETF | $45 | 0.42% |
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, the high yield corporate bond market benefited from relatively lower longer term interest rates and tightening credit spreads. Because the Fund holds the vast majority of its portfolio in high yield corporate bonds, it benefited from this broader market environment.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco BulletShares® USD High Yield Corporate Bond 2030 Index (the "Index"). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 13.52%, differed from the return of the Index, 14.30%, primarily due to fees and expenses that the Fund incurred during the period, as well as costs associated with portfolio rebalancing and sampling.
What contributed to performance?
Industry Allocations | Health care providers & services industry, followed by the oil, gas & consumable fuels and hotels, restaurants & leisure industries, respectively.
Positions | athenahealth Group, Inc., 6.50% coupon, due 2/15/2030, a health care technology company, followed by Intelsat Jackson Holdings S.A., 6.50% coupon, due 3/15/2030, a diversified telecommunication services company.
What detracted from performance?
Industry Allocations | Ground transportation industry, followed by the automobiles industry.
Positions | Gray Television, Inc. 4.75% coupon, due 10/15/2030, a media company, followed by Ford Motor Credit Co. LLC, 4.00% coupon, due 11/13/2030, an automobiles company (no longer held at fiscal year-end).
How Has The Fund Historically Performed?
Growth of $10,000 Investment
AVERAGE ANNUAL TOTAL RETURNS |
1 Year | Since
Inception
(09/08/22) |
| Invesco BulletShares 2030 High Yield Corporate Bond ETF — NAV Return | 13.52% | 9.39% |
| Invesco BulletShares 2030 High Yield Corporate Bond ETF — Market Price Return | 13.46% | 9.12% |
| Invesco BulletShares® USD High Yield Corporate Bond 2030 Index | 14.30% | 9.99% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | 3.44% |
| Bloomberg U.S. Corporate High Yield Index | 12.55% | 9.69% |
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the Bloomberg U.S. Corporate High Yield Index to the Bloomberg U.S. Aggregate Bond Index to reflect that the Bloomberg U.S. Aggregate Bond Index can be considered more broadly representative of the overall applicable securities market.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
| Fund net assets | $60,074,902 |
| Total number of portfolio holdings | 151 |
| Total advisory fees paid | $151,227 |
| Portfolio turnover rate | 21% |
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
| HUB International Ltd., 7.25%, 06/15/2030 | 2.69% |
| Intelsat Jackson Holdings S.A., 6.50%, 03/15/2030 | 2.41% |
| EMRLD Borrower L.P./Emerald Co-Issuer, Inc., 6.63%, 12/15/2030 | 2.37% |
| 1011778 BC ULC/New Red Finance, Inc., 4.00%, 10/15/2030 | 2.26% |
| DaVita, Inc., 4.63%, 06/01/2030 | 2.21% |
| athenahealth Group, Inc., 6.50%, 02/15/2030 | 1.88% |
| Caesars Entertainment, Inc., 7.00%, 02/15/2030 | 1.73% |
| Tenet Healthcare Corp., 6.13%, 06/15/2030 | 1.69% |
| McAfee Corp., 7.38%, 02/15/2030 | 1.62% |
| Weatherford International Ltd., 8.63%, 04/30/2030 | 1.38% |
| * Excluding money market fund holdings, if any. | |
Sector allocation
(% of net assets)
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
Invesco BulletShares 2030 Municipal Bond ETF
BSMU | The Nasdaq Stock Market LLC
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco BulletShares 2030 Municipal Bond ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
This report describes changes to the Fund that occurred during the reporting period.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Invesco BulletShares 2030 Municipal Bond ETF | $18 | 0.18% |
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, the municipal bond market benefited from relatively lower longer term interest rates and tightening credit spreads. Because the Fund holds the vast majority of its portfolio in municipal bonds, it benefited from this broader market environment.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco BulletShares® Municipal Bond 2030 Index (the "Index"). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 5.26%, differed from the return of the Index, 5.71%, primarily due to costs associated with portfolio rebalancing and sampling, as well as fees and operating expenses that the Fund incurred during the period.
What contributed to performance?
State Allocations | New York bonds, followed by California bonds.
Positions | Metropolitan Transportation Authority (Green Bonds), 5.00% coupon, due 11/15/2050, followed by New York (State of) Dormitory Authority, 5.00% coupon, due 2/15/2034.
What detracted from performance?
State Allocations | No states detracted from the Fund's performance during the period.
Positions | New York (City of), NY, 4.00% coupon, due 3/1/2036, followed by New York (State of) Dormitory Authority, 5.00% coupon, due 3/15/2030.
How Has The Fund Historically Performed?
Growth of $10,000 Investment
AVERAGE ANNUAL TOTAL RETURNS |
1 Year | Since
Inception
(09/16/20) |
| Invesco BulletShares 2030 Municipal Bond ETF — NAV Return | 5.26% | (0.98)% |
| Invesco BulletShares 2030 Municipal Bond ETF — Market Price Return | 4.91% | (1.05)% |
| Invesco BulletShares® Municipal Bond 2030 Index | 5.71% | (0.70)% |
| Bloomberg Municipal Bond Index | 6.09% | 0.48% |
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
| Fund net assets | $112,270,477 |
| Total number of portfolio holdings | 925 |
| Total advisory fees paid | $141,746 |
| Portfolio turnover rate | 3% |
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings
(% of net assets)
| Metropolitan Transportation Authority (Green Bonds), Series 2020 C-1, RB, 5.00%, 11/15/2050 | 1.42% |
| New York (State of) Dormitory Authority, Series 2020 D, Ref. RB, 5.00%, 02/15/2034 | 0.77% |
| New York (City of), NY, Series 2020 C-1, Ref. GO Bonds, 5.00%, 08/01/2030 | 0.76% |
| Michigan (State of), Series 2020 B, RB, 5.00%, 11/15/2033 | 0.71% |
| California (State of), Series 2020, Ref. GO Bonds, 5.00%, 03/01/2035 | 0.64% |
| Omaha (City of), NE Public Power District, Series 2021 A, RB, 5.00%, 02/01/2046 | 0.62% |
| New York State Urban Development Corp., Series 2020 A, RB, 5.00%, 03/15/2036 | 0.60% |
| Massachusetts (Commonwealth of), Series 2020 D, GO Bonds, 5.00%, 07/01/2045 | 0.58% |
| New York (State of) Thruway Authority, Series 2019 B, RB, 4.00%, 01/01/2045 | 0.54% |
| Sales Tax Securitization Corp., Series 2021 A, Ref. RB, 5.00%, 01/01/2030 | 0.54% |
Revenue type allocation
(% of net assets)
How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since August 31, 2023. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 983-0903.
The Fund's classification changed from non-diversified to diversified, and therefore the Fund is now required to meet certain diversification requirements under the Investment Company Act of 1940.
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
Invesco BulletShares 2031 Corporate Bond ETF
BSCV | The Nasdaq Stock Market LLC
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco BulletShares 2031 Corporate Bond ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
This report describes changes to the Fund that occurred during the reporting period.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Invesco BulletShares 2031 Corporate Bond ETF | $10 | 0.10% |
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, the investment grade corporate bond market benefited from relatively lower longer term interest rates and tightening credit spreads. Because the Fund holds the vast majority of its portfolio in investment grade corporate bonds, it benefited from this broader market environment.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco BulletShares® USD Corporate Bond 2031 Index (the "Index"). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 9.60%, differed from the return of the Index, 9.68%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
Industry Allocations | Oil, gas & consumable fuels industry, followed by the health care providers & services and consumer finance industries, respectively.
Positions | Ally Financial, Inc., 8.00% coupon, due 11/1/2031, a consumer finance company, followed by Verizon Communications, Inc., 2.55% coupon, due 3/21/2031, a diversified telecommunication services company.
What detracted from performance?
Industry Allocations | Interactive media & services industry.
Positions | Meta Platforms, Inc., 4.55% coupon, due 8/15/2031, an interactive media & services company.
How Has The Fund Historically Performed?
Growth of $10,000 Investment
AVERAGE ANNUAL TOTAL RETURNS |
1 Year | Since
Inception
(09/15/21) |
| Invesco BulletShares 2031 Corporate Bond ETF — NAV Return | 9.60% | (2.64)% |
| Invesco BulletShares 2031 Corporate Bond ETF — Market Price Return | 9.73% | (2.59)% |
| Invesco BulletShares® USD Corporate Bond 2031 Index | 9.68% | (2.52)% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (2.22)% |
| Bloomberg U.S. Corporate Index | 9.29% | (2.29)% |
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the Bloomberg U.S. Corporate Index to the Bloomberg U.S. Aggregate Bond Index to reflect that the Bloomberg U.S. Aggregate Bond Index can be considered more broadly representative of the overall applicable securities market.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
| Fund net assets | $582,547,935 |
| Total number of portfolio holdings | 294 |
| Total advisory fees paid | $370,989 |
| Portfolio turnover rate | 0% |
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
| Verizon Communications, Inc., 2.55%, 03/21/2031 | 1.36% |
| Orange S.A., 9.00%, 03/01/2031 | 1.26% |
| Oracle Corp., 2.88%, 03/25/2031 | 1.21% |
| AT&T, Inc., 2.75%, 06/01/2031 | 1.11% |
| Amazon.com, Inc., 2.10%, 05/12/2031 | 1.09% |
| Cisco Systems, Inc., 4.95%, 02/26/2031 | 1.08% |
| Apple, Inc., 1.65%, 02/08/2031 | 0.99% |
| T-Mobile USA, Inc., 3.50%, 04/15/2031 | 0.95% |
| Ally Financial, Inc., 8.00%, 11/01/2031 | 0.95% |
| Walt Disney Co. (The), 2.65%, 01/13/2031 | 0.94% |
| * Excluding money market fund holdings, if any. | |
Sector allocation
(% of net assets)
How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since August 31, 2023. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 983-0903.
The Fund’s classification changed from non-diversified to diversified, and therefore the Fund is now required to meet certain diversification requirements under the Investment Company Act of 1940.
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
Invesco BulletShares 2031 High Yield Corporate Bond ETF
BSJV | The Nasdaq Stock Market LLC
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco BulletShares 2031 High Yield Corporate Bond ETF (the “Fund”) for the period September 18, 2023 (commencement of operations) to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment* | Costs paid as a percentage
of a $10,000 investment** |
| Invesco BulletShares 2031 High Yield Corporate Bond ETF | $43 | 0.42% |
| * | | | The Fund commenced operations during the reporting period. Expenses for a full reporting period would be higher. |
| ** | | | Annualized. |
How Did The Fund Perform During The Period?
• During the fiscal period ended August 31, 2024, the high yield corporate bond market benefited from relatively lower longer term interest rates and tightening credit spreads. Because the Fund holds the vast majority of its portfolio in high yield corporate bonds, it benefited from this broader market environment.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco BulletShares® USD High Yield Corporate Bond 2031 Index (the "Index"). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index.
• For the fiscal period ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 13.53%, differed from the return of the Index, 14.23%, primarily due to fees and expenses that the Fund incurred during the period, as well as costs associated with portfolio rebalancing and sampling.
What contributed to performance?
Industry Allocations | Oil, gas & consumable fuels industry, followed by the hotels, restaurants & leisure and media industries, respectively.
Positions | Organon & Co./Organon Foreign Debt Co-Issuer B.V., 5.13% coupon, due 4/30/2031, a pharmaceuticals company, followed by Venture Global LNG, Inc., 8.38% coupon, due 6/1/2031, an oil, gas & consumable fuels company.
What detracted from performance?
Industry Allocations | Consumer finance industry, followed by the energy equipment & services industry.
Positions | Scripps Escrow II, Inc., 5.38% coupon, due 1/15/2031, an interactive media & services company (no longer held at fiscal year-end), followed by CSC Holdings LLC, 3.38% coupon, due 2/15/2031, a media company.
How Has The Fund Historically Performed?
Growth of $10,000 Investment
AVERAGE ANNUAL TOTAL RETURNS | Since
Inception
(09/20/23) |
| Invesco BulletShares 2031 High Yield Corporate Bond ETF — NAV Return | 13.53% |
| Invesco BulletShares 2031 High Yield Corporate Bond ETF — Market Price Return | 13.85% |
| Invesco BulletShares USD® High Yield Corporate Bond 2031 Index | 14.23% |
| Bloomberg U.S. Aggregate Bond Index | 8.70% |
| Bloomberg U.S. Corporate High Yield Index | 12.88% |
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the Bloomberg U.S. Corporate High Yield Index to the Bloomberg U.S. Aggregate Bond Index to reflect that the Bloomberg U.S. Aggregate Bond Index can be considered more broadly representative of the overall applicable securities market.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
| Fund net assets | $29,316,845 |
| Total number of portfolio holdings | 151 |
| Total advisory fees paid | $69,642 |
| Portfolio turnover rate | 24% |
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
| Panther Escrow Issuer LLC, 7.13%, 06/01/2031 | 2.77% |
| UKG, Inc., 6.88%, 02/01/2031 | 2.33% |
| CCO Holdings LLC/CCO Holdings Capital Corp., 4.25%, 02/01/2031 | 2.31% |
| Venture Global LNG, Inc., 8.38%, 06/01/2031 | 2.14% |
| Allied Universal Holdco LLC, 7.88%, 02/15/2031 | 1.87% |
| Organon & Co./Organon Foreign Debt Co-Issuer B.V., 5.13%, 04/30/2031 | 1.66% |
| Vistra Operations Co. LLC, 7.75%, 10/15/2031 | 1.38% |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 7.00%, 01/15/2031 | 1.34% |
| Tenet Healthcare Corp., 6.75%, 05/15/2031 | 1.24% |
| CQP Holdco L.P./BIP-V Chinook Holdco LLC, 5.50%, 06/15/2031 | 1.21% |
| * Excluding money market fund holdings, if any. | |
Sector allocation
(% of net assets)
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
Invesco BulletShares 2031 Municipal Bond ETF
BSMV | The Nasdaq Stock Market LLC
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco BulletShares 2031 Municipal Bond ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
This report describes changes to the Fund that occurred during the reporting period.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Invesco BulletShares 2031 Municipal Bond ETF | $19 | 0.18% |
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, the municipal bond market benefited from relatively lower longer term interest rates and tightening credit spreads. Because the Fund holds the vast majority of its portfolio in municipal bonds, it benefited from this broader market environment.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco BulletShares® Municipal Bond 2031 Index (the "Index"). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 5.64%, differed from the return of the Index, 5.82%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
State Allocations | New York bonds, followed by California bonds.
Positions | Connecticut (State of), 5.00% coupon, due 5/1/2041, followed by New York (City of), NY, 5.00% coupon, due 3/1/2044.
What detracted from performance?
State Allocations | No states detracted from the Fund's performance during the period.
Positions | Michigan (State of), 4.00% coupon, due 11/15/2036, followed by New York (City of), NY Transitional Finance Authority, 4.00% coupon, due 8/1/2039.
How Has The Fund Historically Performed?
Growth of $10,000 Investment
AVERAGE ANNUAL TOTAL RETURNS |
1 Year | Since
Inception
(09/15/21) |
| Invesco BulletShares 2031 Municipal Bond ETF — NAV Return | 5.64% | (3.02)% |
| Invesco BulletShares 2031 Municipal Bond ETF — Market Price Return | 5.23% | (3.17)% |
| Invesco BulletShares® Municipal Bond 2031 Index | 5.82% | (3.04)% |
| Bloomberg Municipal Bond Index | 6.09% | (0.49)% |
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
| Fund net assets | $74,149,539 |
| Total number of portfolio holdings | 757 |
| Total advisory fees paid | $94,966 |
| Portfolio turnover rate | 5% |
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings
(% of net assets)
| New York (State of) Thruway Authority (Bidding Group 2), Series 2021 O, Ref. RB, 4.00%, 01/01/2042 | 0.94% |
| California (State of) Health Facilities Financing Authority (Cedars Sinai Health System), Series 2021, Ref. RB, 4.00%, 08/15/2048 | 0.88% |
| Illinois (State of) Toll Highway Authority, Series 2020 A, RB, 5.00%, 01/01/2045 | 0.77% |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2021 A, RB, 5.00%, 11/15/2051 | 0.76% |
| Massachusetts (Commonwealth of), Series 2021 D, GO Bonds, 5.00%, 09/01/2048 | 0.72% |
| California (State of), Series 2021, Ref. GO Bonds, 5.00%, 09/01/2041 | 0.71% |
| New York (State of) Dormitory Authority (Bidding Group 5), Series 2021 E, Ref. RB, 5.00%, 03/15/2031 | 0.67% |
| Connecticut (State of), Series 2021 A, RB, 5.00%, 05/01/2041 | 0.63% |
| Illinois (State of), Series 2021 A, GO Bonds, 5.00%, 03/01/2034 | 0.62% |
| Maryland (State of) (Bidding Group 2), Series 2021 A, GO Bonds, 5.00%, 03/01/2035 | 0.61% |
Revenue type allocation
(% of net assets)
How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since August 31, 2023. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 983-0903.
The Fund’s classification changed from non-diversified to diversified, and therefore the Fund is now required to meet certain diversification requirements under the Investment Company Act of 1940.
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
Invesco BulletShares 2032 Corporate Bond ETF
BSCW | The Nasdaq Stock Market LLC
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco BulletShares 2032 Corporate Bond ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Invesco BulletShares 2032 Corporate Bond ETF | $10 | 0.10% |
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, the investment grade corporate bond market benefited from relatively lower longer term interest rates and tightening credit spreads. Because the Fund holds the vast majority of its portfolio in investment grade corporate bonds, it benefited from this broader market environment.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco BulletShares® USD Corporate Bond 2032 Index (the "Index"). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 9.58%, differed from the return of the Index, 9.64%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
Industry Allocations | Electric utilities industry, followed by the oil, gas & consumable fuels and diversified telecommunication services industries, respectively.
Positions | AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.30% coupon, due 1/30/2032, a financial services company, followed by Verizon Communications, Inc., 2.36% coupon, due 3/15/2032, a diversified telecommunication services company.
What detracted from performance?
Industry Allocations | Industrial conglomerates industry.
Positions | UnitedHealth Group, Inc., 4.95% coupon, due 1/15/2032, a health care providers & services company, followed by Honeywell International, Inc., 4.75% coupon, due 2/1/2032, an industrial conglomerates company.
How Has The Fund Historically Performed?
Growth of $10,000 Investment
AVERAGE ANNUAL TOTAL RETURNS |
1 Year | Since
Inception
(09/08/22) |
| Invesco BulletShares 2032 Corporate Bond ETF — NAV Return | 9.58% | 6.52% |
| Invesco BulletShares 2032 Corporate Bond ETF — Market Price Return | 9.73% | 6.61% |
| Invesco BulletShares® USD Corporate Bond 2032 Index | 9.64% | 5.92% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | 3.44% |
| Bloomberg U.S. Corporate Index | 9.29% | 5.64% |
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the Bloomberg U.S. Corporate Index to the Bloomberg U.S. Aggregate Bond Index to reflect that the Bloomberg U.S. Aggregate Bond Index can be considered more broadly representative of the overall applicable securities market.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
| Fund net assets | $564,497,884 |
| Total number of portfolio holdings | 238 |
| Total advisory fees paid | $352,358 |
| Portfolio turnover rate | 0% |
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
| Warnermedia Holdings, Inc., 4.28%, 03/15/2032 | 2.12% |
| Verizon Communications, Inc., 2.36%, 03/15/2032 | 1.90% |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.30%, 01/30/2032 | 1.73% |
| Meta Platforms, Inc., 3.85%, 08/15/2032 | 1.39% |
| Sprint Capital Corp., 8.75%, 03/15/2032 | 1.23% |
| Oracle Corp., 6.25%, 11/09/2032 | 1.20% |
| Amazon.com, Inc., 3.60%, 04/13/2032 | 1.16% |
| Amazon.com, Inc., 4.70%, 12/01/2032 | 1.12% |
| Ford Motor Co., 3.25%, 02/12/2032 | 1.03% |
| AT&T, Inc., 2.25%, 02/01/2032 | 1.02% |
| * Excluding money market fund holdings, if any. | |
Sector allocation
(% of net assets)
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
Invesco BulletShares 2032 High Yield Corporate Bond ETF
BSJW | The Nasdaq Stock Market LLC
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco BulletShares 2032 High Yield Corporate Bond ETF (the “Fund”) for the period June 10, 2024 (commencement of operations) to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment* | Costs paid as a percentage
of a $10,000 investment** |
| Invesco BulletShares 2032 High Yield Corporate Bond ETF | $10 | 0.42% |
| * | | | The Fund commenced operations during the reporting period. Expenses for a full reporting period would be higher. |
| ** | | | Annualized. |
How Did The Fund Perform During The Period?
• During the fiscal period ended August 31, 2024, the high yield corporate bond market benefited from relatively lower longer term interest rates and tightening credit spreads. Because the Fund holds the vast majority of its portfolio in high yield corporate bonds, it benefited from this broader market environment.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco BulletShares® USD High Yield Corporate Bond 2032 Index (the "Index"). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index.
• For the fiscal period ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 4.02%, differed from the return of the Index, 4.18%, primarily due to fees and expenses that the Fund incurred during the period, which were partially offset by positive effects of the sampling approach employed by the portfolio management team.
What contributed to performance?
Industry Allocations | Hotels, restaurants & leisure industry, followed by the oil, gas & consumable fuels and insurance industries, respectively.
Positions | CCO Holdings LLC/CCO Holdings Capital Corp., 4.50% coupon, due 5/1/2032, a media company, followed by Ardonagh Group Finance Ltd., 8.88% coupon, due 2/15/2032, an insurance company.
What detracted from performance?
Industry Allocations | No industries detracted from the Fund's performance during the period.
Positions | No positions detracted from the Fund's performance during the period.
How Has The Fund Historically Performed?
AVERAGE ANNUAL TOTAL RETURNS | Since
Inception
(06/12/24) |
| Invesco BulletShares 2032 High Yield Corporate Bond ETF — NAV Return | 4.02% |
| Invesco BulletShares 2032 High Yield Corporate Bond ETF — Market Price Return | 4.06% |
| Invesco BulletShares® USD High Yield Corporate Bond 2032 Index | 4.18% |
| Bloomberg U.S. Aggregate Bond Index | 3.61% |
| Bloomberg U.S. Corporate High Yield Index | 3.59% |
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
| Fund net assets | $5,164,257 |
| Total number of portfolio holdings | 76 |
| Total advisory fees paid | $4,722 |
| Portfolio turnover rate | 6% |
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
| TransDigm, Inc., 6.63%, 03/01/2032 | 3.43% |
| CCO Holdings LLC/CCO Holdings Capital Corp., 4.50%, 05/01/2032 | 3.31% |
| Community Health Systems, Inc., 10.88%, 01/15/2032 | 3.15% |
| Block, Inc., 6.50%, 05/15/2032 | 3.02% |
| HUB International Ltd., 7.38%, 01/31/2032 | 3.01% |
| Cloud Software Group, Inc., 8.25%, 06/30/2032 | 2.64% |
| Caesars Entertainment, Inc., 6.50%, 02/15/2032 | 2.39% |
| Hilton Domestic Operating Co., Inc., 3.63%, 02/15/2032 | 2.08% |
| Vallourec S.A., 7.50%, 04/15/2032 | 2.04% |
| Wand NewCo 3, Inc., 7.63%, 01/30/2032 | 2.03% |
| * Excluding money market fund holdings, if any. | |
Sector allocation
(% of net assets)
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
Invesco BulletShares 2032 Municipal Bond ETF
BSMW | The Nasdaq Stock Market LLC
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco BulletShares 2032 Municipal Bond ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Invesco BulletShares 2032 Municipal Bond ETF | $19 | 0.18% |
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, the municipal bond market benefited from relatively lower longer term interest rates and tightening credit spreads. Because the Fund holds the vast majority of its portfolio in municipal bonds, it benefited from this broader market environment.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco BulletShares® Municipal Bond 2032 Index (the "Index"). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 5.90%, differed from the return of the Index, 6.39%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
State Allocations | New York bonds, followed by California bonds.
Positions | California (State of), 3.00% coupon, due 9/1/2032, followed by New Jersey (State of), 4.00% coupon, due 6/1/2032.
What detracted from performance?
State Allocations | Mississippi bonds.
Positions | California (State of), 5.00% coupon, due 9/1/2035, followed by University of Mississippi Educational Building Corp., 4.50% coupon, due 10/1/2052.
How Has The Fund Historically Performed?
Growth of $10,000 Investment
AVERAGE ANNUAL TOTAL RETURNS |
1 Year | Since
Inception
(03/01/23) |
| Invesco BulletShares 2032 Municipal Bond ETF — NAV Return | 5.90% | 4.44% |
| Invesco BulletShares 2032 Municipal Bond ETF — Market Price Return | 5.84% | 4.48% |
| Invesco BulletShares® Municipal Bond 2032 Index | 6.39% | 4.93% |
| Bloomberg Municipal Bond Index | 6.09% | 4.76% |
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
| Fund net assets | $76,211,529 |
| Total number of portfolio holdings | 790 |
| Total advisory fees paid | $95,624 |
| Portfolio turnover rate | 5% |
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings
(% of net assets)
| New York (State of) Dormitory Authority, Series 2022 A, Ref. RB, 5.00%, 03/15/2041 | 0.98% |
| New York (State of) Dormitory Authority, Series 2022 A, Ref. RB, 5.00%, 03/15/2046 | 0.79% |
| California (State of), Series 2022, Ref. GO Bonds, 5.00%, 09/01/2035 | 0.78% |
| Illinois (State of) Toll Highway Authority, Series 2021 A, RB, 5.00%, 01/01/2046 | 0.77% |
| New York (City of), NY Municipal Water Finance Authority, Subseries 2023 AA-1, RB, 5.25%, 06/15/2052 | 0.72% |
| New Jersey (State of), Series 2020 A, GO Bonds, 4.00%, 06/01/2032 | 0.71% |
| Triborough Bridge & Tunnel Authority (Green Bonds), Series 2022 E-2B, Ref. RB, 5.00%, 11/15/2032 | 0.68% |
| New York (State of) Thruway Authority (Bidding Group 4), Series 2022 A, Ref. RB, 5.00%, 03/15/2048 | 0.66% |
| California (State of) Health Facilities Financing Authority (Lucile Salter Packard), Series 2022, Ref. RB, 4.00%, 05/15/2046 | 0.65% |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2021 A, Ref. RB, 5.00%, 06/15/2032 | 0.61% |
Revenue type allocation
(% of net assets)
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
Invesco BulletShares 2033 Corporate Bond ETF
BSCX | The Nasdaq Stock Market LLC
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco BulletShares 2033 Corporate Bond ETF (the “Fund”) for the period September 18, 2023 (commencement of operations) to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment* | Costs paid as a percentage
of a $10,000 investment** |
| Invesco BulletShares 2033 Corporate Bond ETF | $10 | 0.10% |
| * | | | The Fund commenced operations during the reporting period. Expenses for a full reporting period would be higher. |
| ** | | | Annualized. |
How Did The Fund Perform During The Period?
• During the fiscal period ended August 31, 2024, the investment grade corporate bond market benefited from relatively lower longer term interest rates and tightening credit spreads. Because the Fund holds the vast majority of its portfolio in investment grade corporate bonds, it benefited from this broader market environment.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco BulletShares® USD Corporate Bond 2033 Index (the "Index"). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index.
• For the fiscal period ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 11.44%, differed from the return of the Index, 11.62%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
Industry Allocations | Oil, gas & consumable fuels industry, followed by the electric utilities and banks industries, respectively.
Positions | Amgen, Inc., 5.25% coupon, due 3/2/2033, a biotechnology company, followed by AT&T, Inc., 2.55% coupon, due 12/1/2033, a diversified telecommunication services company.
What detracted from performance?
Industry Allocations | No industries detracted from the Fund's performance during the period.
Positions | No positions detracted from the Fund's performance during the period.
How Has The Fund Historically Performed?
Growth of $10,000 Investment
AVERAGE ANNUAL TOTAL RETURNS | Since
Inception
(09/20/23) |
| Invesco BulletShares 2033 Corporate Bond ETF — NAV Return | 11.44% |
| Invesco BulletShares 2033 Corporate Bond ETF — Market Price Return | 11.53% |
| Invesco BulletShares® USD Corporate Bond 2033 Index | 11.62% |
| Bloomberg U.S. Aggregate Bond Index | 8.70% |
| Bloomberg U.S. Corporate Index | 10.58% |
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the Bloomberg U.S. Corporate Index to the Bloomberg U.S. Aggregate Bond Index to reflect that the Bloomberg U.S. Aggregate Bond Index can be considered more broadly representative of the overall applicable securities market.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
| Fund net assets | $341,461,189 |
| Total number of portfolio holdings | 238 |
| Total advisory fees paid | $161,227 |
| Portfolio turnover rate | 0% |
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
| Amgen, Inc., 5.25%, 03/02/2033 | 1.96% |
| AT&T, Inc., 2.55%, 12/01/2033 | 1.39% |
| T-Mobile USA, Inc., 5.05%, 07/15/2033 | 1.18% |
| Enbridge, Inc., 5.70%, 03/08/2033 | 1.08% |
| Philip Morris International, Inc., 5.38%, 02/15/2033 | 1.03% |
| BP Capital Markets America, Inc., 4.81%, 02/13/2033 | 1.01% |
| Intel Corp., 5.20%, 02/10/2033 | 1.00% |
| Banco Santander S.A., 6.92%, 08/08/2033 | 0.97% |
| UnitedHealth Group, Inc., 5.35%, 02/15/2033 | 0.94% |
| Verizon Communications, Inc., 4.50%, 08/10/2033 | 0.93% |
| * Excluding money market fund holdings, if any. | |
Sector allocation
(% of net assets)
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
Invesco BulletShares 2033 Municipal Bond ETF
BSSX | The Nasdaq Stock Market LLC
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco BulletShares 2033 Municipal Bond ETF (the “Fund”) for the period September 18, 2023 (commencement of operations) to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment* | Costs paid as a percentage
of a $10,000 investment** |
| Invesco BulletShares 2033 Municipal Bond ETF | $18 | 0.18% |
| * | | | The Fund commenced operations during the reporting period. Expenses for a full reporting period would be higher. |
| ** | | | Annualized. |
How Did The Fund Perform During The Period?
• During the fiscal period ended August 31, 2024, the municipal bond market benefited from relatively lower longer term interest rates and tightening credit spreads. Because the Fund holds the vast majority of its portfolio in municipal bonds, it benefited from this broader market environment.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco BulletShares® Municipal Bond 2033 Index (the "Index"). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index.
• For the fiscal period ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 7.84%, differed from the return of the Index, 7.64%, primarily due to positive effects of the sampling approach employed by the portfolio management team, which were partially offset by fees and expenses that the Fund incurred during the period.
What contributed to performance?
State Allocations | New York bonds, followed by California bonds.
Positions | New York (State of) Dormitory Authority, 2.00% coupon, due 7/1/2033, followed by Washington (State of) (Bid Group 3), 5.00% coupon, due 2/1/2044.
What detracted from performance?
State Allocations | Oklahoma bonds, followed by Minnesota bonds.
Positions | California (State of), 3.00% coupon, due 9/1/2033, followed by New York (City of), NY Transitional Finance Authority, 5.25% coupon, due 5/1/2048.
How Has The Fund Historically Performed?
Growth of $10,000 Investment
AVERAGE ANNUAL TOTAL RETURNS | Since
Inception
(09/20/23) |
| Invesco BulletShares 2033 Municipal Bond ETF — NAV Return | 7.84% |
| Invesco BulletShares 2033 Municipal Bond ETF — Market Price Return | 8.08% |
| Invesco BulletShares® Municipal Bond 2033 Index | 7.64% |
| Bloomberg Municipal Bond Index | 6.66% |
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
| Fund net assets | $49,605,960 |
| Total number of portfolio holdings | 584 |
| Total advisory fees paid | $43,930 |
| Portfolio turnover rate | 4% |
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings
(% of net assets)
| Massachusetts (Commonwealth of), Series 2023 A, GO Bonds, 5.00%, 05/01/2048 | 1.54% |
| California (State of), Series 2023, GO Bonds, 5.00%, 10/01/2045 | 1.35% |
| Jefferson (County of), AL, Series 2024, Ref. RB, 5.25%, 10/01/2045 | 1.32% |
| New York (City of), NY, Subseries 2023 E-1, GO Bonds, 5.00%, 04/01/2035 | 1.16% |
| Pennsylvania (Commonwealth of) Turnpike Commission, First Series 2023, Ref. RB, 5.00%, 12/01/2039 | 1.14% |
| New York (City of), NY Transitional Finance Authority, Series 2023, RB, 5.25%, 05/01/2048 | 1.12% |
| New York (City of), NY Municipal Water Finance Authority, Series 2023 DD, Ref. RB, 5.00%, 06/15/2046 | 1.11% |
| Lamar Consolidated Independent School District, Series 2023 A, GO Bonds, 5.00%, 02/15/2053 | 1.09% |
| Illinois (State of), Series 2023 C, GO Bonds, 5.00%, 12/01/2048 | 1.08% |
| California (State of) Health Facilities Financing Authority (Scripps Health), Series 2024 A, Ref. RB, 5.00%, 11/15/2041 | 0.86% |
Revenue type allocation
(% of net assets)
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
Invesco BulletShares 2034 Corporate Bond ETF
BSCY | The Nasdaq Stock Market LLC
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco BulletShares 2034 Corporate Bond ETF (the “Fund”) for the period June 10, 2024 (commencement of operations) to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment* | Costs paid as a percentage
of a $10,000 investment** |
| Invesco BulletShares 2034 Corporate Bond ETF | $2 | 0.10% |
| * | | | The Fund commenced operations during the reporting period. Expenses for a full reporting period would be higher. |
| ** | | | Annualized. |
How Did The Fund Perform During The Period?
• During the fiscal period ended August 31, 2024, the investment grade corporate bond market benefited from relatively lower longer term interest rates and tightening credit spreads. Because the Fund holds the vast majority of its portfolio in investment grade corporate bonds, it benefited from this broader market environment.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco BulletShares® USD Corporate Bond 2034 Index (the "Index"). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index.
• For the fiscal period ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 3.95%, differed from the return of the Index, 3.99%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
Industry Allocations | Electric utilities industry, followed by the oil, gas & consumable fuels and health care providers & services industries, respectively.
Positions | Bristol-Myers Squibb Co., 5.20% coupon, due 2/22/2034, a pharmaceuticals company, followed by AT&T, Inc., 5.40% coupon, due 2/15/2034, a diversified telecommunication services company.
What detracted from performance?
Industry Allocations | Health care REITs industry.
Positions | Takeda Pharmaceutical Co. Ltd., 5.30% coupon, due 7/5/2034, a pharmaceuticals company, followed by MetLife, Inc., 5.30% coupon, due 12/15/2034, an insurance company.
How Has The Fund Historically Performed?
AVERAGE ANNUAL TOTAL RETURNS | Since
Inception
(06/12/24) |
| Invesco BulletShares 2034 Corporate Bond ETF — NAV Return | 3.95% |
| Invesco BulletShares 2034 Corporate Bond ETF — Market Price Return | 4.15% |
| Invesco BulletShares® USD Corporate Bond 2034 Index | 3.99% |
| Bloomberg U.S. Aggregate Bond Index | 3.61% |
| Bloomberg US Corporate Index | 3.55% |
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
| Fund net assets | $15,578,448 |
| Total number of portfolio holdings | 214 |
| Total advisory fees paid | $1,674 |
| Portfolio turnover rate | 0% |
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
| AbbVie, Inc., 5.05%, 03/15/2034 | 1.65% |
| AT&T, Inc., 5.40%, 02/15/2034 | 1.52% |
| Bristol-Myers Squibb Co., 5.20%, 02/22/2034 | 1.40% |
| Cisco Systems, Inc., 5.05%, 02/26/2034 | 1.40% |
| Citibank N.A., 5.57%, 04/30/2034 | 1.15% |
| Aon North America, Inc., 5.45%, 03/01/2034 | 1.00% |
| Home Depot, Inc. (The), 4.95%, 06/25/2034 | 0.99% |
| Verizon Communications, Inc., 4.40%, 11/01/2034 | 0.99% |
| Philip Morris International, Inc., 5.25%, 02/13/2034 | 0.99% |
| MPLX L.P., 5.50%, 06/01/2034 | 0.92% |
| * Excluding money market fund holdings, if any. | |
Sector allocation
(% of net assets)
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
Invesco International Developed Dynamic Multifactor ETF
IMFL | Cboe BZX Exchange, Inc.
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco International Developed Dynamic Multifactor ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
This report describes changes to the Fund that occurred during the reporting period.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Invesco International Developed Dynamic Multifactor ETF | $36 | 0.34% |
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, developed market ex-US equities benefited from the beginnings of a global economic recovery and slowing inflation. Despite primarily investing in developed market ex-US equities, the Fund underperformed due to its individual security selection in the industrials and health care sectors.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the FTSE Developed ex US Invesco Dynamic Multifactor Index (the “Index”). The Fund generally will invest at least 80% of its total assets in the securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 13.69%, differed from the return of the Index, 14.26%, primarily due to fees and expenses that the Fund incurred during the period, as well as trading commissions and brokerage fees.
What contributed to performance?
Sector Allocations | Industrials sector, followed by the financials and health care sectors, respectively.
Positions | Novartis AG, a health care company, and Fujikura Ltd., an industrials company (no longer held at fiscal year-end).
What detracted from performance?
Sector Allocations | No sectors detracted from the Fund's performance during the period.
Positions | Samsung Electronics Co. Ltd., an information technology company, and ASML Holding N.V., an information technology company.
How Has The Fund Historically Performed?
Growth of $10,000 Investment
AVERAGE ANNUAL TOTAL RETURNS |
1 Year | Since
Inception
(02/24/21) |
| Invesco International Developed Dynamic Multifactor ETF — NAV Return | 13.69% | 5.31% |
| Invesco International Developed Dynamic Multifactor ETF — Market Price Return | 13.36% | 4.30% |
| FTSE Developed ex US Invesco Dynamic Multifactor Index (Net) | 14.26% | 5.98% |
| MSCI EAFE® Index (Net) | 19.40% | 5.79% |
| FTSE Developed ex US Index (Net) | 18.72% | 5.20% |
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the FTSE Developed ex US Index (Net) to the MSCI EAFE® Index (Net) to reflect that the MSCI EAFE® Index (Net) can be considered more broadly representative of the overall applicable securities market.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
| Fund net assets | $466,979,414 |
| Total number of portfolio holdings | 360 |
| Total advisory fees paid | $1,194,853 |
| Portfolio turnover rate | 156% |
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
| Novartis AG | 5.41% |
| Novo Nordisk A/S, Class B | 5.28% |
| SAP SE | 4.24% |
| Samsung Electronics Co. Ltd. | 4.08% |
| RELX PLC | 2.52% |
| 3i Group PLC | 2.27% |
| L'Oreal S.A. | 2.14% |
| Nintendo Co. Ltd. | 2.13% |
| Investor AB, Class B | 1.88% |
| Hermes International S.C.A. | 1.72% |
| * Excluding money market fund holdings, if any. | |
Sector allocation
(% of net assets)
How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since August 31, 2023. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 983-0903.
The Fund's classification changed from non-diversified to diversified, and therefore the Fund is now required to meet certain diversification requirements under the Investment Company Act of 1940.
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
Invesco Investment Grade Defensive ETF
IIGD | NYSE Arca, Inc.
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco Investment Grade Defensive ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Invesco Investment Grade Defensive ETF | $14 | 0.13% |
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, the investment grade corporate bond market benefited from relatively lower longer term interest rates and tightening credit spreads. Because the Fund holds the vast majority of its portfolio in investment grade corporate bonds, it benefited from this broader market environment.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco Investment Grade Defensive Index (the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 7.84%, differed from the return of the Index, 8.02%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
Sector Allocations | Financials sector, followed by the industrials and utilities sectors, respectively.
Positions | PNC Bank N.A., 4.05% coupon, due 7/26/2028, a banks company, followed by KeyBank N.A., 5.85% coupon, due 11/15/2027, a banks company.
What detracted from performance?
Sector Allocations | No sector detracted from the Fund's performance during the period.
Positions | Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc., 2.06% coupon, due 12/15/2026, an energy equipment & services company (no longer held at fiscal year-end), followed by Microchip Technology, Inc., 4.25% coupon, due 9/1/2025, a semiconductors & semiconductor equipment company (no longer held at fiscal year-end).
How Has The Fund Historically Performed?
Growth of $10,000 Investment
AVERAGE ANNUAL TOTAL RETURNS |
1 Year |
5 Years | Since
Inception
(07/25/18) |
| Invesco Investment Grade Defensive ETF — NAV Return | 7.84% | 1.45% | 2.55% |
| Invesco Investment Grade Defensive ETF — Market Price Return | 7.88% | 1.40% | 2.58% |
| Invesco Investment Grade Defensive Index | 8.02% | 1.67% | 2.75% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.04)% | 1.67% |
| iBoxx USD Liquid Investment Grade Index | 9.61% | 0.43% | 2.88% |
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the iBoxx USD Liquid Investment Grade Index to the Bloomberg U.S. Aggregate Bond Index to reflect that the Bloomberg U.S. Aggregate Bond Index can be considered more broadly representative of the overall applicable securities market.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
| Fund net assets | $45,442,081 |
| Total number of portfolio holdings | 154 |
| Total advisory fees paid | $72,417 |
| Portfolio turnover rate | 75% |
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
| Truist Financial Corp., 1.13%, 08/03/2027 | 0.71% |
| Kroger Co. (The), 2.65%, 10/15/2026 | 0.71% |
| Wells Fargo & Co., 3.00%, 10/23/2026 | 0.71% |
| DR Horton, Inc., 1.30%, 10/15/2026 | 0.70% |
| United Parcel Service, Inc., 3.05%, 11/15/2027 | 0.70% |
| Duke Energy Corp., 2.65%, 09/01/2026 | 0.70% |
| Fifth Third Bancorp, 2.55%, 05/05/2027 | 0.70% |
| National Securities Clearing Corp., 4.90%, 06/26/2029 | 0.70% |
| Alphabet, Inc., 1.10%, 08/15/2030 | 0.70% |
| Jackson National Life Global Funding, 5.55%, 07/02/2027 | 0.70% |
| * Excluding money market fund holdings, if any. | |
Sector allocation
(% of net assets)
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
Invesco RAFITM Strategic US ETF
IUS | The Nasdaq Stock Market LLC
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco RAFITM Strategic US ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Invesco RAFITM Strategic US ETF | $21 | 0.19% |
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, U.S. large- and mid-cap equities benefited from investment themes levered to artificial intelligence technology and investor anticipation that slowing inflation would cause the Federal Reserve to ease monetary policy. Despite primarily investing in U.S. large- and mid-cap equities, the Fund underperformed the broader market primarily due to its significant underweight allocation to information technology, the strongest performing sector.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco Strategic US Index (the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 22.08%, differed from the return of the Index, 22.27%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
Sector Allocations | Information technology sector, followed by the communication services and financials sectors, respectively.
Positions | Meta Platforms Inc., Class A, a communication services company, and Apple Inc., an information technology company.
What detracted from performance?
Sector Allocations | No sectors detracted from the Fund's performance during the period.
Positions | Walgreens Boots Alliance, Inc., a consumer staples company, and Intel Corp., an information technology company.
How Has The Fund Historically Performed?
Growth of $10,000 Investment
AVERAGE ANNUAL TOTAL RETURNS |
1 Year |
5 Years | Since
Inception
(09/12/18) |
| Invesco RAFITM Strategic US ETF — NAV Return | 22.08% | 16.87% | 14.14% |
| Invesco RAFITM Strategic US ETF — Market Price Return | 22.08% | 16.87% | 14.14% |
| Invesco Strategic US Index | 22.27% | 17.07% | 14.32% |
| Russell 3000® Index | 26.14% | 15.19% | 12.92% |
| Russell 1000® Index | 26.60% | 15.55% | 13.42% |
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the Russell 1000® Index to the Russell 3000® Index to reflect that the Russell 3000® Index can be considered more broadly representative of the overall applicable securities market.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
| Fund net assets | $564,386,508 |
| Total number of portfolio holdings | 554 |
| Total advisory fees paid | $721,796 |
| Portfolio turnover rate | 14% |
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
| Apple, Inc. | 4.95% |
| Alphabet, Inc., Class A | 3.50% |
| Berkshire Hathaway, Inc., Class B | 3.08% |
| Microsoft Corp. | 2.77% |
| Exxon Mobil Corp. | 2.43% |
| Meta Platforms, Inc., Class A | 2.08% |
| Amazon.com, Inc. | 1.87% |
| UnitedHealth Group, Inc. | 1.60% |
| Chevron Corp. | 1.58% |
| AT&T, Inc. | 1.22% |
| * Excluding money market fund holdings, if any. | |
Sector allocation
(% of net assets)
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
Invesco Russell 1000® Dynamic Multifactor ETF
OMFL | Cboe BZX Exchange, Inc.
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco Russell 1000® Dynamic Multifactor ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Invesco Russell 1000® Dynamic Multifactor ETF | $30 | 0.29% |
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, U.S. large-cap equities benefited from investment themes levered to artificial intelligence technology and investor anticipation that slowing inflation would cause the Federal Reserve to ease monetary policy. Despite primarily investing in U.S. large- and mid-cap equities, the Fund underperformed the broader market primarily due to its significant underweight allocation to information technology, the strongest performing sector.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Russell 1000® Invesco Dynamic Multifactor Index (the “Index”). The Fund generally will invest at least 80% of its total assets in the securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 8.39%, differed from the return of the Index, 8.76%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
Sector Allocations | Financials sector, followed by the industrials and health care sectors, respectively.
Positions | Berkshire Hathaway, Inc., Class B, a financials company, and NRG Energy, Inc., a utilities company.
What detracted from performance?
Sector Allocations | Communication services sector, followed by the information technology sector.
Positions | Amazon.com, Inc., a consumer discretionary company, and Microsoft Corp., an Information Technology company.
How Has The Fund Historically Performed?
Growth of $10,000 Investment
AVERAGE ANNUAL TOTAL RETURNS |
1 Year |
5 Years | Since
Inception
(11/08/17) |
| Invesco Russell 1000® Dynamic Multifactor ETF — NAV Return | 8.39% | 13.69% | 13.11% |
| Invesco Russell 1000® Dynamic Multifactor ETF — Market Price Return | 8.35% | 13.66% | 13.10% |
| Russell 1000® Invesco Dynamic Multifactor Index | 8.76% | 14.01% | 13.44% |
| Russell 3000® Index | 26.14% | 15.19% | 13.35% |
| Russell 1000® Index | 26.60% | 15.55% | 13.75% |
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the Russell 1000® Index to the Russell 3000® Index to reflect that the Russell 3000® Index can be considered more broadly representative of the overall applicable securities market.
- Effective after the close of business on May 24, 2019, Oppenheimer Russell 1000® Dynamic Multifactor ETF was reorganized into the Fund. Fund returns shown are blended returns of Oppenheimer Russell 1000® Dynamic Multifactor ETF and the Fund.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
| Fund net assets | $5,327,198,714 |
| Total number of portfolio holdings | 252 |
| Total advisory fees paid | $16,244,021 |
| Portfolio turnover rate | 267% |
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
| Berkshire Hathaway, Inc., Class B | 5.56% |
| Costco Wholesale Corp. | 5.03% |
| Meta Platforms, Inc., Class A | 4.74% |
| Amazon.com, Inc. | 4.56% |
| NVIDIA Corp. | 4.56% |
| Microsoft Corp. | 4.51% |
| Apple, Inc. | 3.83% |
| Broadcom, Inc. | 3.47% |
| Visa, Inc., Class A | 3.01% |
| Eli Lilly and Co. | 2.80% |
| * Excluding money market fund holdings, if any. | |
Sector allocation
(% of net assets)
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
Invesco Russell 2000® Dynamic Multifactor ETF
OMFS | Cboe BZX Exchange, Inc.
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco Russell 2000® Dynamic Multifactor ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Invesco Russell 2000® Dynamic Multifactor ETF | $41 | 0.39% |
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, small-cap securities benefited from an environment of falling interest rates and stabilizing economic growth. While the Fund holds small-cap securities, it underperformed the broader small-cap segment of the market due to security selection in the financials and consumer discretionary sectors.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Russell 2000® Invesco Dynamic Multifactor Index (the “Index”). The Fund generally will invest at least 80% of its total assets in the securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 9.99%, differed from the return of the Index, 10.73%, primarily due to fees and expenses that the Fund incurred during the period, as well as trading commissions and brokerage fees.
What contributed to performance?
Sector Allocations | Industrials sector, followed by the financials and health care sectors, respectively.
Positions | Sprouts Farmers Market, Inc., a consumer staples company, and Tutor Perini Corp., an industrials company.
What detracted from performance?
Sector Allocations | Communication services sector, followed by the real estate sector.
Positions | AMC Networks, Inc., Class A, a communication services company (no longer held at fiscal year-end), and Gray Television, Inc., a communication services company (no longer held at fiscal year-end).
How Has The Fund Historically Performed?
Growth of $10,000 Investment
AVERAGE ANNUAL TOTAL RETURNS |
1 Year |
5 Years | Since
Inception
(11/08/17) |
| Invesco Russell 2000® Dynamic Multifactor ETF — NAV Return | 9.99% | 10.43% | 8.31% |
| Invesco Russell 2000® Dynamic Multifactor ETF — Market Price Return | 9.74% | 10.40% | 8.31% |
| Russell 2000® Invesco Dynamic Multifactor Index | 10.73% | 10.99% | 8.85% |
| Russell 3000® Index | 26.14% | 15.19% | 13.35% |
| Russell 2000® Index | 18.47% | 9.68% | 7.55% |
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the Russell 2000® Index to the Russell 3000® Index to reflect that the Russell 3000® Index can be considered more broadly representative of the overall applicable securities market.
- Effective after the close of business on May 24, 2019, Oppenheimer Russell 2000® Dynamic Multifactor ETF was reorganized into the Fund. Fund returns shown are blended returns of Oppenheimer Russell 2000® Dynamic Multifactor ETF and the Fund.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
| Fund net assets | $278,564,867 |
| Total number of portfolio holdings | 681 |
| Total advisory fees paid | $1,361,668 |
| Portfolio turnover rate | 271% |
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
| Sprouts Farmers Market, Inc. | 2.29% |
| Fabrinet | 1.69% |
| Commvault Systems, Inc. | 1.34% |
| Ensign Group, Inc. (The) | 1.26% |
| Hamilton Lane, Inc., Class A | 1.12% |
| CSW Industrials, Inc. | 1.07% |
| Federal Signal Corp. | 1.05% |
| Applied Industrial Technologies, Inc. | 1.03% |
| Halozyme Therapeutics, Inc. | 0.88% |
| Atmus Filtration Technologies, Inc. | 0.84% |
| * Excluding money market fund holdings, if any. | |
Sector allocation
(% of net assets)
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
The Registrant has adopted a Code of Ethics (the "Code") that applies to the Registrant's Principal Executive Officer ("PEO") and Principal Financial Officer ("PFO"). This Code is filed as an exhibit to this report on Form N-CSR under Item 19(a)(1). No substantive amendments to this Code were made during the reporting period. Administration of the Code was transferred from the Chief Legal Officer to the Chief Compliance Officer during the reporting period. There were no waivers for the fiscal year ended August 31, 2024.
Item 3. Audit Committee Financial Expert.
The Registrant's Board of Trustees (the "Board") has determined that the Registrant has four "audit committee financial experts" serving on its audit committee: Mr. Marc M. Kole, Ms. Joanne Pace, Mr. Gary R. Wicker and Mr. Donald H. Wilson. Each of these audit committee members is "independent," meaning that he/she is not an "interested person" of the Registrant (as that term is defined in Section 2(a)(19) of the Act) and he/she does not accept any consulting, advisory, or other compensatory fee from the Registrant (except in his/her capacity as a Board or committee member).
An "audit committee financial expert" is not an "expert" for any purpose, including for purposes of Section 11 of the Securities Act of 1933, as a result of being designated as an "audit committee financial expert." Further, the designation of a person as an "audit committee financial expert" does not mean that a person has any greater duties, obligations, or liability than those imposed on a person without the "audit committee financial expert" designation. Similarly, the designation of a person as an "audit committee financial expert" does not affect the duties, obligations, or liability of any other member of the audit committee or Board.
Item 4. Principal Accountant Fees and Services.
Fees Billed by PwC to the Registrant
PricewaterhouseCoopers LLP (“PwC”), the Registrant’s independent registered public accounting firm, billed the Registrant aggregate fees for pre-approved services rendered to the Registrant for the last two fiscal years as shown in the following table. The Audit Committee pre-approved all audit and non-audit services provided to the Registrant.
| | | |
| Fees Billed by PwC for Services Rendered to the Registrant for Fiscal Year End 2024 | Fees Billed by PwC for Services Rendered to the Registrant for Fiscal Year End 2023 |
Audit Fees | $ 655,350 | $ 591,320 |
Audit-Related Fees(1) | $ 0 | $ 11,000 |
Tax Fees(2) | $ 434,160 | $ 455,600 |
All Other Fees | $ 0 | $ 0 |
Total Fees | $ 1,089,510 | $ 1,057,920 |
(1) | Audit-Related Fees for the fiscal year ended August 31, 2023 includes fees billed for reviewing regulatory filings. |
(2) | Tax Fees for the fiscal years ended August 31, 2024 and 2023 include fees billed for preparation of U.S. Tax Returns and Taxable Income calculations, including excise and year-to-date estimates for various book-to-tax differences. |
Fees Billed by PwC Related to Invesco and Affiliates
PwC billed Invesco Capital Management LLC (“Invesco” or “Adviser”), the Registrant’s investment adviser, and any entity controlling, controlled by or under common control with Invesco that provides ongoing services to the Registrant (“Affiliates”), aggregate fees for pre-approved non-audit services rendered to Invesco and Affiliates for the last two fiscal years as shown in the following table. The Audit Committee pre-approved all non-audit services provided to Invesco and Affiliates that were required to be pre-approved.
| Fees Billed for Non-Audit Services Rendered to Invesco and Affiliates for Fiscal Year End 2024 That Were Required to be Pre-Approved by the Registrant’s Audit Committee | Fees Billed for Non-Audit Services Rendered to Invesco and Affiliates for Fiscal Year End 2023 That Were Required to be Pre-Approved by the Registrant’s Audit Committee |
Audit-Related Fees(1) | $ 1,121,000 | $ 957,000 |
Tax Fees | $ 0 | $ 0 |
All Other Fees | $ 0 | $ 0 |
Total Fees | $ 1,121,000 | $ 957,000 |
(1) | Audit-Related Fees for the fiscal years ended 2024 and 2023 include fees billed related to reviewing controls at a service organization. |
(e)(1)Audit Committee Pre-Approval Policies and Procedures
Pre-Approval of Audit and Non-Audit Services Policies and Procedures
As Adopted by the Audit Committee of the Invesco ETFs
| | |
Applicable to | Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (collectively the “Funds”) |
Risk Addressed by Policy | Approval of Audit and Non-Audit Services |
Relevant Law and Other Sources | Sarbanes-Oxley Act of 2002; Regulation S-X. |
Last Reviewed by Compliance for Accuracy | June 15, 2018 |
Effective Date | June 26, 2009 |
Amended Dates | March 12, 2015 and June 15, 2018 |
Statement of Principles
Under the Sarbanes-Oxley Act of 2002 and rules adopted by the Securities and Exchange Commission (“SEC”) (“Rules”), the Audit Committee of the Funds’ (the “Audit Committee”) Board of Trustees (the “Board”) is responsible for the appointment, compensation and oversight of the work of independent accountants (an “Auditor”). As part of this responsibility and to assure that the Auditor’s independence is not impaired, the Audit Committee pre-approves the audit and non-audit services provided to the Funds by each Auditor, as well as all non-audit services provided by the Auditor to the Funds’ investment adviser and to affiliates of the adviser that provide ongoing services to the Funds (“Service Affiliates”) if the services directly impact the Funds’ operations or financial reporting. The SEC Rules also specify the types of services that an Auditor may not provide to its audit client. The following policies and procedures comply with the requirements for pre-approval and provide a mechanism by which management of the Funds may request and secure pre-approval of audit and non-audit services in an orderly manner with minimal disruption to normal business operations.
Proposed services either may be pre-approved without consideration of specific case-by-case services by the Audit Committee (“general pre-approval”) or require the specific pre-approval of the Audit Committee (“specific pre-approval”). As set forth in these policies and procedures, unless a type of service has received general pre-approval, it will require specific pre-approval by the Audit Committee. Additionally, any fees exceeding 110% of estimated pre-approved fee levels provided at the time the service was pre-approved will also require specific approval by the Audit Committee before payment is made. The Audit Committee will also consider the impact of additional fees on the Auditor’s independence when determining whether to approve any additional fees for previously pre-approved services.
The Audit Committee will annually review and generally pre-approve the services that may be provided by each Auditor without obtaining specific pre-approval from the Audit Committee. The term of any general pre-approval runs from the date of such pre-approval through June 30th of the following year, unless the Audit Committee considers a different period and states otherwise. The Audit Committee will add to or subtract from the list of general pre-approved services from time to time, based on subsequent determinations.
The purpose of these policies and procedures is to set forth the guidelines to assist the Audit Committee in fulfilling its responsibilities.
Delegation
The Chairman of the Audit Committee (or, in his or her absence, any member of the Audit Committee) may grant specific pre-approval for non-prohibited services. All such delegated pre-approvals shall be presented to the Audit Committee no later than the next Audit Committee meeting.
Audit Services
The annual Audit services engagement terms will be subject to specific pre-approval of the Audit Committee. Audit services include the annual financial statement audit and other procedures such as tax provision work that is required to be performed by the independent auditor to be able to form an opinion on the Funds’ financial statements. The Audit Committee will obtain, review and consider sufficient information concerning the proposed Auditor to make a reasonable evaluation of the Auditor’s qualifications and independence.
In addition to the annual Audit services engagement, the Audit Committee may grant either general or specific pre-approval of other Audit services, which are those services that only the independent auditor reasonably can provide. Other Audit services may include services such as issuing consents for the inclusion of audited financial statements with SEC registration statements, periodic reports and other documents filed with the SEC or other documents issued in connection with securities offerings.
Non-Audit Services
The Audit Committee may provide either general or specific pre-approval of any non-audit services to the Funds and its Service Affiliates if the Audit Committee believes that the provision of the service will not impair the independence of the Auditor, is consistent with the SEC’s Rules on auditor independence, and otherwise conforms to the Audit Committee’s general principles and policies as set forth herein.
Audit-Related Services
“Audit-related services” are assurance and related services that are reasonably related to the performance of the audit or review of the Funds’ financial statements or that are traditionally performed by the independent auditor. Audit-related services include, among others, accounting consultations related to accounting, financial reporting or disclosure matters not classified as “Audit services”; and assistance with understanding and implementing new accounting and financial reporting guidance from rulemaking authorities.
Tax Services
“Tax services” include, but are not limited to, the review and signing of the Funds’ federal tax returns, the review of required distributions by the Funds and consultations regarding tax matters such as the tax treatment of new investments or the impact of new regulations. The Audit Committee will scrutinize carefully the retention of the Auditor in connection with a transaction initially recommended by the Auditor, the major business purpose of which may be tax avoidance or the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Audit Committee will consult with the Funds’ Treasurer (or his or her designee) and may consult with outside counsel or advisors as necessary to ensure the consistency of Tax services rendered by the Auditor with the foregoing policy.
No Auditor shall represent any Fund or any Service Affiliate before a tax court, district court or federal court of claims.
Under rules adopted by the Public Company Accounting Oversight Board and approved by the SEC, in connection with seeking Audit Committee pre-approval of permissible Tax services, the Auditor shall:
| 1. | Describe in writing to the Audit Committee, which writing may be in the form of the proposed engagement letter: |
| a. | The scope of the service, the fee structure for the engagement, and any side letter or amendment to the engagement letter, or any other agreement between the Auditor and the Fund, relating to the service; and |
| b. | Any compensation arrangement or other agreement, such as a referral agreement, a referral fee or fee-sharing arrangement, between the Auditor and any person (other than the Fund) with respect to the promoting, marketing, or recommending of a transaction covered by the service; |
| 2. | Discuss with the Audit Committee the potential effects of the services on the independence of the Auditor; and |
| 3. | Document the substance of its discussion with the Audit Committee. |
All Other Auditor Services
The Audit Committee may pre-approve non-audit services classified as “All other services” that are not categorically prohibited by the SEC, as listed in Exhibit 1 to this policy.
Pre-Approval Fee Levels or Established Amounts
Pre-approval of estimated fees or established amounts for services to be provided by the Auditor under general or specific pre-approval policies will be set periodically by the Audit Committee. Any proposed fees exceeding 110% of the maximum estimated pre-approved fees or established amounts for pre-approved audit and non-audit services will be reported to the Audit Committee at the quarterly Audit Committee meeting and will require specific approval by the Audit Committee before payment is made. The Audit Committee will always factor in the overall relationship of fees for audit and non-audit services in determining whether to pre-approve any such services and in determining whether to approve any additional fees exceeding 110% of the maximum pre-approved fees or established amounts for previously pre-approved services.
Procedures
On an annual basis, the Auditor will submit to the Audit Committee for general pre-approval, a list of non-audit services that the Funds or Service Affiliates of the Funds may request from the Auditor. The list will describe the non-audit services in reasonable detail and will include an estimated range of fees and such other information as the Audit Committee may request.
Each request for services to be provided by the Auditor under the general pre-approval of the Audit Committee will be submitted to the Funds’ Treasurer (or his or her designee) and must include a detailed description of the services to be rendered. The Treasurer or his or her designee will ensure that such services are included within the list of services that have received the general pre-approval of the Audit Committee.
Each request to provide services that require specific approval by the Audit Committee shall be submitted to the Audit Committee jointly by the Funds’ Treasurer or his or her designee and the Auditor, and must include a joint statement that, in their view, such request is consistent with the pre-approval policies and procedures and the SEC Rules.
Each request to provide Tax services under either the general or specific pre-approval of the Audit Committee will describe in writing: (i) the scope of the service, the fee structure for the engagement, and any side letter or amendment to the engagement letter, or any other agreement between the Auditor and the audit client, relating to the service; and (ii) any compensation arrangement or other agreement between the Auditor and any person (other than the audit client) with respect to the promoting, marketing, or recommending of a transaction covered by the service. The Auditor will discuss with the Audit Committee the potential effects of the services on the Auditor’s independence and will document the substance of the discussion.
Non-audit services pursuant to the de minimis exception provided by the SEC Rules will be promptly brought to the attention of the Audit Committee for approval, including documentation that each of the conditions for this exception, as set forth in the SEC Rules, has been satisfied.
On at least an annual basis, the Auditor will prepare a summary of all the services provided to any entity in the investment company complex as defined in section 2-01(f)(14) of Regulation S-X in sufficient detail as to the nature of the engagement and the fees associated with those services.
The Audit Committee has designated the Funds’ Treasurer to monitor the performance of all services provided by the Auditor and to ensure such services are in compliance with these policies and procedures. The Funds’ Treasurer will report to the Audit Committee on a periodic basis as to the results of such monitoring. Both the Funds’ Treasurer and management will immediately report to the Chairman of the Audit Committee any breach of these policies and procedures that comes to the attention of the Funds’ Treasurer or senior management.
Exhibit 1 to Pre-Approval of Audit and Non-Audit Services Policies and Procedures
Conditionally Prohibited Non-Audit Services (not prohibited if the Fund can reasonably conclude that the results of the service would not be subject to audit procedures in connection with the audit of the Fund’s financial statements)
| • | | Bookkeeping or other services related to the accounting records or financial statements of the audit client |
| • | | Financial information systems design and implementation |
| • | | Appraisal or valuation services, fairness opinions, or contribution-in-kind reports |
| • | | Actuarial services |
| • | | Internal audit outsourcing services |
Categorically Prohibited Non-Audit Services
| • | | Management functions |
| • | | Human resources |
| • | | Broker-dealer, investment adviser, or investment banking services |
| • | | Legal services |
| • | | Expert services unrelated to the audit |
| • | | Any service or product provided for a contingent fee or a commission |
| • | | Services related to marketing, planning, or opining in favor of the tax treatment of confidential transactions or aggressive tax position transactions, a significant purpose of which is tax avoidance |
| • | | Tax services for persons in financial reporting oversight roles at the Fund |
| • | | Any other service that the Public Company Oversight Board determines by regulation is impermissible. |
(e)(2) | There were no amounts that were pre-approved by the Audit Committee pursuant to the de minimus exception under Rule 2-01 of Regulation S-X. |
(g) | In addition to the amounts shown in the tables above, PwC billed Invesco and Affiliates aggregate fees of $6,608,000 for the fiscal year ended August 31, 2024 and $ 6,721,000 for the fiscal year ended August 31, 2023 for non-audit services not required to be pre-approved by the Registrant’s Audit Committee. In total, PwC billed the Registrant, Invesco and Affiliates aggregate non-audit fees of $8,163,160 for the fiscal year ended August 31, 2024 and $8,133,600 for the fiscal year ended August 31, 2023. |
(h) | With respect to the non-audit services above billed to Invesco and Affiliates that were not required to be pre-approved by the Registrant’s Audit Committee, the Audit Committee received information from PwC about such services, including by way of comparison, that PwC provided audit services to entities within the Investment Company Complex, as defined by Rule 2-01(f)(14) of Regulation S-X, of approximately $34 million and non-audit services of approximately $26 million for the fiscal year ended 2024. The Audit Committee considered this information in evaluating PwC’s independence. |
Item 5. Audit Committee of Listed Registrants.
(a) The Registrant has a separately designated Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended, which consists solely of independent trustees. The Audit Committee members are Marc M. Kole, Joanne Pace, Gary R. Wicker, and Donald H. Wilson.
(b) Not applicable.
(a) Investments in securities of unaffiliated issuers is filed under Item 7 of this Form N-CSR.
(b) Not applicable.
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
Annual Financial Statements and Other Information
August 31, 2024
| BSCO | Invesco BulletShares 2024 Corporate Bond ETF |
| BSCP | Invesco BulletShares 2025 Corporate Bond ETF |
| BSCQ | Invesco BulletShares 2026 Corporate Bond ETF |
| BSCR | Invesco BulletShares 2027 Corporate Bond ETF |
| BSCS | Invesco BulletShares 2028 Corporate Bond ETF |
| BSCT | Invesco BulletShares 2029 Corporate Bond ETF |
| BSCU | Invesco BulletShares 2030 Corporate Bond ETF |
| BSCV | Invesco BulletShares 2031 Corporate Bond ETF |
| BSCW | Invesco BulletShares 2032 Corporate Bond ETF |
| BSCX | Invesco BulletShares 2033 Corporate Bond ETF |
| BSCY | Invesco BulletShares 2034 Corporate Bond ETF |
| BSJO | Invesco BulletShares 2024 High Yield Corporate Bond ETF |
| BSJP | Invesco BulletShares 2025 High Yield Corporate Bond ETF |
| BSJQ | Invesco BulletShares 2026 High Yield Corporate Bond ETF |
| BSJR | Invesco BulletShares 2027 High Yield Corporate Bond ETF |
| BSJS | Invesco BulletShares 2028 High Yield Corporate Bond ETF |
| BSJT | Invesco BulletShares 2029 High Yield Corporate Bond ETF |
| BSJU | Invesco BulletShares 2030 High Yield Corporate Bond ETF |
| BSJV | Invesco BulletShares 2031 High Yield Corporate Bond ETF |
| BSJW | Invesco BulletShares 2032 High Yield Corporate Bond ETF |
| BSMO | Invesco BulletShares 2024 Municipal Bond ETF |
| BSMP | Invesco BulletShares 2025 Municipal Bond ETF |
| BSMQ | Invesco BulletShares 2026 Municipal Bond ETF |
| BSMR | Invesco BulletShares 2027 Municipal Bond ETF |
| BSMS | Invesco BulletShares 2028 Municipal Bond ETF |
| BSMT | Invesco BulletShares 2029 Municipal Bond ETF |
| BSMU | Invesco BulletShares 2030 Municipal Bond ETF |
| BSMV | Invesco BulletShares 2031 Municipal Bond ETF |
| BSMW | Invesco BulletShares 2032 Municipal Bond ETF |
| BSSX | Invesco BulletShares 2033 Municipal Bond ETF |
Table of Contents
| Schedules of Investments | |
| 3 |
| 7 |
| 16 |
| 25 |
| 34 |
| 42 |
| 50 |
| 56 |
| 62 |
| 68 |
| 73 |
| 78 |
| 80 |
| 83 |
| 87 |
| 92 |
| 99 |
| 107 |
| 111 |
| 115 |
| 118 |
| 128 |
| 150 |
| 182 |
| 210 |
| 234 |
| 257 |
| 277 |
| 293 |
| 311 |
| 326 |
| 332 |
| 338 |
| 348 |
| 377 |
| 395 |
| 397 |
| 399 |
| 405 |
Invesco BulletShares 2024 Corporate Bond ETF (BSCO)
August 31, 2024
Schedule of Investments(a)
| | Principal
Amount | | Value |
| U.S. Dollar Denominated Bonds & Notes-72.64% |
| Aerospace & Defense-0.33% |
General Dynamics Corp., 2.38%, 11/15/2024
| $ | 9,547,000 | | $ 9,492,767 |
| Air Freight & Logistics-0.33% |
United Parcel Service, Inc., 2.80%, 11/15/2024
| | 9,547,000 | | 9,497,725 |
| Automobiles-3.35% |
American Honda Finance Corp., 2.15%, 09/10/2024
| | 14,183,000 | | 14,173,193 |
Ford Motor Credit Co. LLC, 4.06%, 11/01/2024
| | 29,060,000 | | 28,974,541 |
| Toyota Motor Credit Corp. | | | | |
0.63%, 09/13/2024
| | 18,908,000 | | 18,883,341 |
4.40%, 09/20/2024
| | 23,871,000 | | 23,858,320 |
2.00%, 10/07/2024(b)
| | 9,548,000 | | 9,517,724 |
| | | | | 95,407,119 |
| Banks-15.47% |
| Bank of Montreal (Canada) | | | | |
5.20%, 12/12/2024(b)
| | 19,800,000 | | 19,794,891 |
Series H, 4.25%, 09/14/2024
| | 28,362,000 | | 28,350,680 |
Bank of Nova Scotia (The) (Canada), 5.25%, 12/06/2024
| | 20,299,000 | | 20,291,013 |
BNP Paribas S.A. (France), 4.25%, 10/15/2024
| | 19,991,000 | | 19,955,634 |
Canadian Imperial Bank of Commerce (Canada), 1.00%, 10/18/2024
| | 12,546,800 | | 12,480,439 |
JPMorgan Chase & Co., 3.88%, 09/10/2024
| | 56,723,000 | | 56,701,887 |
Lloyds Banking Group PLC (United Kingdom), 4.50%, 11/04/2024
| | 19,996,000 | | 19,939,922 |
PNC Bank N.A., 3.30%, 10/30/2024(b)
| | 9,995,000 | | 9,958,526 |
PNC Financial Services Group, Inc. (The), 2.20%, 11/01/2024
| | 12,995,000 | | 12,923,296 |
Royal Bank of Canada (Canada), 5.66%, 10/25/2024
| | 22,889,000 | | 22,897,328 |
Sumitomo Mitsui Financial Group, Inc. (Japan), 2.45%, 09/27/2024(b)
| | 19,944,000 | | 19,901,968 |
| Toronto-Dominion Bank (The) (Canada) | | | | |
4.29%, 09/13/2024
| | 28,359,000 | | 28,348,479 |
1.25%, 12/13/2024(b)
| | 9,659,000 | | 9,553,516 |
Truist Bank, 2.15%, 12/06/2024(b)
| | 25,005,000 | | 24,803,300 |
Truist Financial Corp., 2.85%, 10/26/2024
| | 19,562,000 | | 19,477,761 |
U.S. Bancorp, 3.60%, 09/11/2024
| | 18,911,000 | | 18,902,230 |
UBS AG (Switzerland), 3.63%, 09/09/2024
| | 53,286,000 | | 53,270,261 |
Wells Fargo & Co., 3.30%, 09/09/2024(b)
| | 42,549,000 | | 42,531,851 |
| | | | | 440,082,982 |
| Beverages-1.08% |
Coca-Cola Co. (The), 1.75%, 09/06/2024
| | 19,224,000 | | 19,218,181 |
Diageo Capital PLC (United Kingdom), 2.13%, 10/24/2024
| | 11,501,000 | | 11,449,196 |
| | | | | 30,667,377 |
| | Principal
Amount | | Value |
| Biotechnology-2.50% |
AbbVie, Inc., 2.60%, 11/21/2024
| $ | 71,412,200 | | $ 70,982,711 |
| Broadline Retail-1.68% |
| Amazon.com, Inc. | | | | |
4.70%, 11/29/2024
| | 23,875,000 | | 23,844,207 |
3.80%, 12/05/2024
| | 23,868,000 | | 23,783,924 |
| | | | | 47,628,131 |
| Capital Markets-6.32% |
Ameriprise Financial, Inc., 3.70%, 10/15/2024
| | 10,761,000 | | 10,738,078 |
| Bank of New York Mellon Corp. (The) | | | | |
3.25%, 09/11/2024(b)
| | 9,451,000 | | 9,446,321 |
2.10%, 10/24/2024(b)
| | 19,572,000 | | 19,485,629 |
Series J, 0.85%, 10/25/2024
| | 13,856,000 | | 13,764,785 |
FS KKR Capital Corp., 1.65%, 10/12/2024
| | 9,896,000 | | 9,846,136 |
Goldman Sachs Group, Inc. (The), 5.70%, 11/01/2024
| | 38,996,000 | | 39,008,196 |
Morgan Stanley, 3.70%, 10/23/2024
| | 58,345,000 | | 58,207,616 |
State Street Corp., 3.30%, 12/16/2024(b)
| | 19,309,000 | | 19,202,597 |
| | | | | 179,699,358 |
| Chemicals-0.34% |
Nutrien Ltd. (Canada), 5.90%, 11/07/2024
| | 9,750,000 | | 9,757,558 |
| Construction & Engineering-0.34% |
Quanta Services, Inc., 0.95%, 10/01/2024
| | 9,781,000 | | 9,743,596 |
| Consumer Finance-3.98% |
Ally Financial, Inc., 5.13%, 09/30/2024
| | 14,186,000 | | 14,176,452 |
| American Express Co. | | | | |
3.00%, 10/30/2024
| | 32,000,000 | | 31,937,751 |
3.63%, 12/05/2024
| | 12,042,000 | | 11,983,280 |
Discover Bank, 2.45%, 09/12/2024
| | 14,179,000 | | 14,166,657 |
Discover Financial Services, 3.95%, 11/06/2024
| | 10,081,000 | | 10,049,022 |
| General Motors Financial Co., Inc. | | | | |
1.20%, 10/15/2024
| | 16,235,000 | | 16,151,975 |
3.50%, 11/07/2024
| | 14,753,000 | | 14,694,540 |
| | | | | 113,159,677 |
| Consumer Staples Distribution & Retail-0.92% |
Dollar General Corp., 4.25%, 09/20/2024
| | 14,327,000 | | 14,316,075 |
Walmart, Inc., 2.65%, 12/15/2024
| | 12,036,000 | | 11,957,223 |
| | | | | 26,273,298 |
| Diversified Telecommunication Services-0.78% |
Verizon Communications, Inc., 3.50%, 11/01/2024
| | 22,328,000 | | 22,255,552 |
| Electric Utilities-1.94% |
Avangrid, Inc., 3.15%, 12/01/2024
| | 11,456,000 | | 11,381,746 |
Edison International, 3.55%, 11/15/2024
| | 9,452,000 | | 9,413,579 |
Evergy, Inc., 2.45%, 09/15/2024
| | 15,123,000 | | 15,104,331 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2024 Corporate Bond ETF (BSCO)—(continued)
August 31, 2024
| | Principal
Amount | | Value |
| Electric Utilities-(continued) |
Interstate Power and Light Co., 3.25%, 12/01/2024(b)
| $ | 9,696,000 | | $ 9,644,543 |
MidAmerican Energy Co., 3.50%, 10/15/2024
| | 9,550,000 | | 9,523,479 |
| | | | | 55,067,678 |
| Electronic Equipment, Instruments & Components-0.73% |
Arrow Electronics, Inc., 3.25%, 09/08/2024
| | 9,452,000 | | 9,447,292 |
Keysight Technologies, Inc., 4.55%, 10/30/2024
| | 11,460,000 | | 11,437,490 |
| | | | | 20,884,782 |
| Financial Services-3.63% |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland) | | | | |
1.65%, 10/29/2024
| | 43,213,000 | | 42,936,946 |
Series 3NC1, 1.75%, 10/29/2024
| | 12,750,000 | | 12,673,177 |
Global Payments, Inc., 1.50%, 11/15/2024
| | 9,630,000 | | 9,553,246 |
ORIX Corp. (Japan), 3.25%, 12/04/2024
| | 14,236,000 | | 14,157,607 |
PayPal Holdings, Inc., 2.40%, 10/01/2024
| | 23,870,000 | | 23,814,628 |
| | | | | 103,135,604 |
| Gas Utilities-0.42% |
Eastern Energy Gas Holdings LLC, Series A, 2.50%, 11/15/2024
| | 11,899,000 | | 11,826,714 |
| Ground Transportation-1.33% |
Burlington Northern Santa Fe LLC, 3.40%, 09/01/2024
| | 10,000,000 | | 10,000,000 |
Canadian Pacific Railway Co. (Canada), 1.35%, 12/02/2024
| | 28,186,000 | | 27,907,603 |
| | | | | 37,907,603 |
| Health Care Equipment & Supplies-2.54% |
Baxter International, Inc., 1.32%, 11/29/2024
| | 26,576,000 | | 26,317,444 |
Becton, Dickinson and Co., 3.73%, 12/15/2024
| | 16,706,000 | | 16,624,363 |
DH Europe Finance II S.a.r.l., 2.20%, 11/15/2024
| | 13,371,000 | | 13,286,376 |
Zimmer Biomet Holdings, Inc., 1.45%, 11/22/2024
| | 16,234,000 | | 16,076,918 |
| | | | | 72,305,101 |
| Health Care Providers & Services-2.76% |
Aetna, Inc., 3.50%, 11/15/2024
| | 14,414,000 | | 14,353,262 |
CommonSpirit Health, 2.76%, 10/01/2024
| | 14,967,000 | | 14,934,115 |
Elevance Health, Inc., 3.35%, 12/01/2024
| | 16,464,000 | | 16,378,712 |
Humana, Inc., 3.85%, 10/01/2024
| | 11,307,000 | | 11,291,534 |
Laboratory Corp. of America Holdings, 3.25%, 09/01/2024
| | 11,851,000 | | 11,851,000 |
UnitedHealth Group, Inc., 5.00%, 10/15/2024
| | 9,757,000 | | 9,752,415 |
| | | | | 78,561,038 |
| | Principal
Amount | | Value |
| Hotels, Restaurants & Leisure-0.50% |
Hyatt Hotels Corp., 1.80%, 10/01/2024
| $ | 14,258,000 | | $ 14,216,642 |
| Household Durables-0.34% |
D.R. Horton, Inc., 2.50%, 10/15/2024
| | 9,820,000 | | 9,780,871 |
| Insurance-0.32% |
Brown & Brown, Inc., 4.20%, 09/15/2024
| | 9,175,000 | | 9,167,864 |
| Leisure Products-0.35% |
Hasbro, Inc., 3.00%, 11/19/2024
| | 9,892,000 | | 9,828,585 |
| Life Sciences Tools & Services-2.14% |
Revvity, Inc., 0.85%, 09/15/2024
| | 13,452,000 | | 13,427,704 |
Thermo Fisher Scientific, Inc., 1.22%, 10/18/2024
| | 47,745,000 | | 47,495,810 |
| | | | | 60,923,514 |
| Machinery-2.98% |
| Caterpillar Financial Services Corp. | | | | |
0.60%, 09/13/2024
| | 14,182,000 | | 14,161,879 |
2.15%, 11/08/2024
| | 19,103,000 | | 18,994,933 |
3.25%, 12/01/2024
| | 11,936,000 | | 11,877,917 |
| John Deere Capital Corp. | | | | |
0.63%, 09/10/2024
| | 9,459,000 | | 9,450,163 |
4.55%, 10/11/2024
| | 11,458,000 | | 11,447,158 |
Parker-Hannifin Corp., 3.30%, 11/21/2024
| | 9,553,000 | | 9,519,010 |
Trane Technologies Financing Ltd., 3.55%, 11/01/2024(b)
| | 9,450,000 | | 9,420,915 |
| | | | | 84,871,975 |
| Media-1.02% |
Omnicom Group, Inc./Omnicom Capital, Inc., 3.65%, 11/01/2024
| | 14,626,000 | | 14,576,428 |
WPP Finance 2010 (United Kingdom), 3.75%, 09/19/2024
| | 14,419,000 | | 14,391,626 |
| | | | | 28,968,054 |
| Metals & Mining-0.51% |
Freeport-McMoRan, Inc., 4.55%, 11/14/2024
| | 14,431,000 | | 14,393,417 |
| Oil, Gas & Consumable Fuels-4.65% |
Boardwalk Pipelines L.P., 4.95%, 12/15/2024
| | 11,660,000 | | 11,637,163 |
Chevron USA, Inc., 3.90%, 11/15/2024
| | 12,050,000 | | 12,019,164 |
Kinder Morgan Energy Partners L.P., 4.25%, 09/01/2024
| | 10,739,000 | | 10,739,000 |
Marathon Petroleum Corp., 3.63%, 09/15/2024
| | 14,180,000 | | 14,167,655 |
MPLX L.P., 4.88%, 12/01/2024
| | 21,939,000 | | 21,905,311 |
Plains All American Pipeline L.P./PAA Finance Corp., 3.60%, 11/01/2024
| | 14,320,000 | | 14,271,057 |
Shell International Finance B.V., 2.00%, 11/07/2024
| | 23,869,000 | | 23,730,459 |
TransCanada PipeLines Ltd. (Canada), 1.00%, 10/12/2024
| | 23,870,000 | | 23,738,335 |
| | | | | 132,208,144 |
| Passenger Airlines-0.61% |
Delta Air Lines, Inc., 2.90%, 10/28/2024
| | 17,300,000 | | 17,221,795 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2024 Corporate Bond ETF (BSCO)—(continued)
August 31, 2024
| | Principal
Amount | | Value |
| Personal Care Products-0.33% |
Estee Lauder Cos., Inc. (The), 2.00%, 12/01/2024
| $ | 9,549,000 | | $ 9,470,786 |
| Professional Services-0.50% |
Equifax, Inc., 2.60%, 12/01/2024
| | 14,181,000 | | 14,081,801 |
| Retail REITs-1.27% |
| Simon Property Group L.P. | | | | |
2.00%, 09/13/2024
| | 18,913,000 | | 18,893,645 |
3.38%, 10/01/2024
| | 17,299,000 | | 17,264,877 |
| | | | | 36,158,522 |
| Semiconductors & Semiconductor Equipment-0.50% |
KLA Corp., 4.65%, 11/01/2024
| | 14,320,700 | | 14,302,338 |
| Software-1.69% |
Oracle Corp., 2.95%, 11/15/2024
| | 38,732,000 | | 38,534,089 |
Roper Technologies, Inc., 2.35%, 09/15/2024
| | 9,450,000 | | 9,437,118 |
| | | | | 47,971,207 |
| Specialized REITs-0.44% |
Crown Castle, Inc., 3.20%, 09/01/2024
| | 12,479,000 | | 12,479,000 |
| Technology Hardware, Storage & Peripherals-1.54% |
Apple, Inc., 1.80%, 09/11/2024
| | 14,185,000 | | 14,173,537 |
Hewlett Packard Enterprise Co., 5.90%, 10/01/2024
| | 29,604,000 | | 29,611,059 |
| | | | | 43,784,596 |
| Tobacco-1.85% |
BAT Capital Corp. (United Kingdom), 2.79%, 09/06/2024
| | 19,224,000 | | 19,219,174 |
| Philip Morris International, Inc. | | | | |
3.25%, 11/10/2024
| | 14,323,000 | | 14,259,380 |
5.13%, 11/15/2024
| | 19,099,000 | | 19,084,081 |
| | | | | 52,562,635 |
| | Principal
Amount | | Value |
| Trading Companies & Distributors-0.33% |
Air Lease Corp., 4.25%, 09/15/2024
| $ | 9,454,000 | | $ 9,444,506 |
Total U.S. Dollar Denominated Bonds & Notes
(Cost $2,068,875,507)
| | 2,066,172,623 |
| U.S. Treasury Securities-27.50% |
| U.S. Treasury Bills-27.50%(c) |
5.26%–5.27%, 09/19/2024
| | 257,000,000 | | 256,403,189 |
5.12%–5.20%, 10/17/2024
| | 350,000,000 | | 347,822,612 |
5.05%–5.06%, 11/21/2024
| | 180,000,000 | | 178,030,924 |
Total U.S. Treasury Securities
(Cost $782,013,512)
| | 782,256,725 |
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-100.14%
(Cost $2,850,889,019)
| | 2,848,429,348 |
| | Shares | | |
Investments Purchased with Cash Collateral
from Securities on Loan |
| Money Market Funds-0.88% |
Invesco Private Government Fund, 5.28%(d)(e)(f)
| | 7,054,287 | | 7,054,287 |
Invesco Private Prime Fund, 5.46%(d)(e)(f)
| | 17,975,164 | | 17,982,354 |
Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $25,034,990)
| | 25,036,641 |
TOTAL INVESTMENTS IN SECURITIES-101.02%
(Cost $2,875,924,009)
| | 2,873,465,989 |
OTHER ASSETS LESS LIABILITIES-(1.02)%
| | (28,913,302) |
NET ASSETS-100.00%
| | $2,844,552,687 |
| Investment Abbreviations: |
| REIT | -Real Estate Investment Trust |
| Notes to Schedule of Investments: |
| (a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
| (b) | All or a portion of this security was out on loan at August 31, 2024. |
| (c) | Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund. |
| (d) | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024. |
| | Value
August 31, 2023 | | Purchases
at Cost | | Proceeds
from Sales | | Change in
Unrealized
Appreciation
(Depreciation) | | Realized
Gain | | Value
August 31, 2024 | | Dividend
Income |
| Investments in Affiliated Money Market Funds: | | | | | | | | | | | | | |
| Invesco Government & Agency Portfolio, Institutional Class | $16,589,150 | | $2,146,878,374 | | $(2,163,467,524) | | $- | | $- | | $- | | $5,776,875 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2024 Corporate Bond ETF (BSCO)—(continued)
August 31, 2024
| | Value
August 31, 2023 | | Purchases
at Cost | | Proceeds
from Sales | | Change in
Unrealized
Appreciation
(Depreciation) | | Realized
Gain | | Value
August 31, 2024 | | Dividend
Income |
| Investments Purchased with Cash Collateral from Securities on Loan: | | | | | | | | | | | | | |
| Invesco Private Government Fund | $48,524,883 | | $256,248,365 | | $(297,718,961) | | $- | | $- | | $7,054,287 | | $1,575,894* |
| Invesco Private Prime Fund | 124,841,911 | | 479,656,569 | | (586,582,701) | | (1,582) | | 68,157 | | 17,982,354 | | 4,275,602* |
| Total | $189,955,944 | | $2,882,783,308 | | $(3,047,769,186) | | $(1,582) | | $68,157 | | $25,036,641 | | $11,628,371 |
| * | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
| (e) | The rate shown is the 7-day SEC standardized yield as of August 31, 2024. |
| (f) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2025 Corporate Bond ETF (BSCP)
August 31, 2024
Schedule of Investments(a)
| | Principal
Amount | | Value |
| U.S. Dollar Denominated Bonds & Notes-98.61% |
| Aerospace & Defense-2.16% |
Boeing Co. (The), 4.88%, 05/01/2025
| $ | 31,131,000 | | $ 31,007,336 |
| General Dynamics Corp. | | | | |
3.25%, 04/01/2025
| | 6,670,000 | | 6,605,081 |
3.50%, 05/15/2025(b)
| | 6,616,000 | | 6,562,484 |
L3Harris Technologies, Inc., 3.83%, 04/27/2025
| | 5,339,000 | | 5,295,909 |
Lockheed Martin Corp., 4.95%, 10/15/2025
| | 4,445,000 | | 4,466,335 |
Northrop Grumman Corp., 2.93%, 01/15/2025(b)
| | 13,341,000 | | 13,232,917 |
Precision Castparts Corp., 3.25%, 06/15/2025
| | 7,561,000 | | 7,475,598 |
RTX Corp., 3.95%, 08/16/2025(b)
| | 13,295,000 | | 13,183,319 |
| | | | | 87,828,979 |
| Air Freight & Logistics-0.22% |
United Parcel Service, Inc., 3.90%, 04/01/2025
| | 8,856,000 | | 8,803,702 |
| Automobile Components-0.14% |
Magna International, Inc. (Canada), 4.15%, 10/01/2025
| | 5,734,000 | | 5,696,181 |
| Automobiles-5.62% |
| American Honda Finance Corp. | | | | |
1.50%, 01/13/2025
| | 9,788,000 | | 9,661,507 |
5.00%, 05/23/2025
| | 6,667,000 | | 6,675,713 |
1.20%, 07/08/2025(b)
| | 6,600,000 | | 6,407,816 |
1.00%, 09/10/2025
| | 6,669,000 | | 6,434,672 |
5.80%, 10/03/2025(b)
| | 8,421,000 | | 8,527,728 |
Series A, 4.60%, 04/17/2025
| | 7,120,000 | | 7,104,371 |
| Ford Motor Credit Co. LLC | | | | |
2.30%, 02/10/2025
| | 11,113,000 | | 10,955,295 |
4.69%, 06/09/2025
| | 5,335,000 | | 5,309,693 |
5.13%, 06/16/2025
| | 15,566,000 | | 15,527,799 |
4.13%, 08/04/2025
| | 12,340,000 | | 12,209,319 |
3.38%, 11/13/2025
| | 18,503,000 | | 18,081,989 |
| General Motors Co. | | | | |
4.00%, 04/01/2025
| | 4,397,000 | | 4,362,923 |
6.13%, 10/01/2025
| | 17,789,000 | | 17,982,623 |
Honda Motor Co. Ltd. (Japan), 2.27%, 03/10/2025
| | 8,791,000 | | 8,670,155 |
PACCAR Financial Corp., 3.55%, 08/11/2025(b)
| | 5,282,000 | | 5,235,308 |
| Toyota Motor Credit Corp. | | | | |
4.80%, 01/10/2025
| | 10,672,000 | | 10,658,279 |
1.45%, 01/13/2025
| | 10,138,000 | | 10,009,159 |
1.80%, 02/13/2025(b)
| | 12,450,000 | | 12,270,576 |
3.00%, 04/01/2025
| | 11,120,000 | | 10,997,656 |
3.40%, 04/14/2025
| | 4,443,000 | | 4,403,511 |
3.95%, 06/30/2025
| | 11,458,000 | | 11,388,298 |
3.65%, 08/18/2025(b)
| | 6,615,000 | | 6,558,321 |
5.60%, 09/11/2025
| | 5,313,000 | | 5,369,179 |
0.80%, 10/16/2025
| | 8,820,000 | | 8,469,315 |
5.40%, 11/10/2025
| | 5,777,000 | | 5,837,222 |
| | | | | 229,108,427 |
| | Principal
Amount | | Value |
| Banks-20.37% |
| Banco Santander S.A. (Spain) | | | | |
3.50%, 03/24/2025(b)
| $ | 11,001,000 | | $10,910,229 |
2.75%, 05/28/2025
| | 13,342,000 | | 13,114,436 |
5.15%, 08/18/2025(b)
| | 15,506,000 | | 15,516,561 |
| Bank of America Corp. | | | | |
4.00%, 01/22/2025
| | 22,237,000 | | 22,117,064 |
3.88%, 08/01/2025(b)
| | 15,808,000 | | 15,690,140 |
Series L, 3.95%, 04/21/2025
| | 22,040,000 | | 21,871,230 |
Bank of America N.A., 5.65%, 08/18/2025
| | 17,634,000 | | 17,779,585 |
| Bank of Montreal (Canada) | | | | |
1.50%, 01/10/2025
| | 12,004,000 | | 11,846,075 |
3.70%, 06/07/2025(b)
| | 11,564,000 | | 11,461,052 |
5.92%, 09/25/2025(b)
| | 10,677,000 | | 10,813,443 |
| Bank of Nova Scotia (The) (Canada) | | | | |
1.45%, 01/10/2025
| | 11,955,000 | | 11,800,440 |
3.45%, 04/11/2025(b)
| | 15,426,000 | | 15,285,810 |
5.45%, 06/12/2025
| | 14,455,000 | | 14,515,572 |
| Canadian Imperial Bank of Commerce (Canada) | | | | |
3.30%, 04/07/2025(b)
| | 11,899,000 | | 11,771,248 |
5.14%, 04/28/2025
| | 11,023,000 | | 11,034,655 |
3.95%, 08/04/2025
| | 11,899,000 | | 11,811,939 |
Citibank N.A., 5.86%, 09/29/2025
| | 15,562,000 | | 15,764,596 |
| Citigroup, Inc. | | | | |
3.88%, 03/26/2025
| | 8,892,000 | | 8,825,281 |
3.30%, 04/27/2025(b)
| | 13,219,000 | | 13,074,678 |
4.40%, 06/10/2025
| | 22,238,000 | | 22,119,800 |
5.50%, 09/13/2025
| | 12,628,000 | | 12,695,543 |
Citizens Bank N.A., 2.25%, 04/28/2025(b)
| | 6,648,000 | | 6,506,788 |
| Cooperatieve Rabobank U.A. (Netherlands) | | | | |
1.38%, 01/10/2025
| | 8,889,000 | | 8,773,911 |
5.00%, 01/13/2025(b)
| | 8,813,000 | | 8,809,264 |
5.50%, 07/18/2025
| | 7,564,000 | | 7,620,745 |
4.38%, 08/04/2025
| | 13,290,000 | | 13,197,179 |
Fifth Third Bancorp, 2.38%, 01/28/2025
| | 6,669,000 | | 6,591,321 |
Fifth Third Bank N.A., 3.95%, 07/28/2025
| | 6,616,000 | | 6,566,408 |
HSBC Holdings PLC (United Kingdom), 4.25%, 08/18/2025
| | 13,345,000 | | 13,238,742 |
HSBC USA, Inc., 5.63%, 03/17/2025
| | 11,014,000 | | 11,043,919 |
Huntington Bancshares, Inc., 4.00%, 05/15/2025
| | 4,086,000 | | 4,052,810 |
| JPMorgan Chase & Co. | | | | |
3.13%, 01/23/2025(b)
| | 22,239,000 | | 22,069,821 |
3.90%, 07/15/2025
| | 22,233,000 | | 22,090,932 |
| KeyBank N.A. | | | | |
3.30%, 06/01/2025(b)
| | 6,592,000 | | 6,497,055 |
4.15%, 08/08/2025(b)
| | 11,023,000 | | 10,921,865 |
Lloyds Banking Group PLC (United Kingdom), 4.58%, 12/10/2025
| | 11,760,000 | | 11,673,442 |
Manufacturers & Traders Trust Co., 5.40%, 11/21/2025
| | 4,447,000 | | 4,459,753 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2025 Corporate Bond ETF (BSCP)—(continued)
August 31, 2024
| | Principal
Amount | | Value |
| Banks-(continued) |
| Mitsubishi UFJ Financial Group, Inc. (Japan) | | | | |
2.19%, 02/25/2025
| $ | 23,124,000 | | $22,818,572 |
3.78%, 03/02/2025(b)
| | 6,595,000 | | 6,555,596 |
1.41%, 07/17/2025(b)
| | 15,428,000 | | 14,977,821 |
Morgan Stanley Bank N.A., 5.48%, 07/16/2025(b)
| | 10,670,000 | | 10,752,995 |
National Bank of Canada (Canada), 5.25%, 01/17/2025
| | 9,340,000 | | 9,337,362 |
PNC Bank N.A., 3.25%, 06/01/2025
| | 8,801,000 | | 8,691,070 |
Regions Financial Corp., 2.25%, 05/18/2025(b)
| | 6,667,000 | | 6,527,638 |
| Royal Bank of Canada (Canada) | | | | |
1.60%, 01/21/2025(b)
| | 8,889,000 | | 8,774,420 |
3.38%, 04/14/2025
| | 12,338,000 | | 12,214,421 |
4.95%, 04/25/2025
| | 14,231,000 | | 14,234,656 |
| Santander Holdings USA, Inc. | | | | |
3.45%, 06/02/2025
| | 8,890,000 | | 8,768,505 |
4.50%, 07/17/2025
| | 9,781,000 | | 9,716,673 |
Sumitomo Mitsui Banking Corp. (Japan), 3.65%, 07/23/2025
| | 4,410,000 | | 4,368,058 |
| Sumitomo Mitsui Financial Group, Inc. (Japan) | | | | |
2.35%, 01/15/2025(b)
| | 11,022,000 | | 10,908,610 |
1.47%, 07/08/2025
| | 20,896,000 | | 20,321,503 |
| Toronto-Dominion Bank (The) (Canada) | | | | |
1.45%, 01/10/2025(b)
| | 7,054,000 | | 6,961,591 |
3.77%, 06/06/2025
| | 14,541,000 | | 14,426,120 |
| Truist Bank | | | | |
1.50%, 03/10/2025
| | 11,116,000 | | 10,907,000 |
3.63%, 09/16/2025
| | 11,114,000 | | 10,951,174 |
| Truist Financial Corp. | | | | |
4.00%, 05/01/2025
| | 7,477,000 | | 7,422,156 |
3.70%, 06/05/2025
| | 8,895,000 | | 8,809,389 |
1.20%, 08/05/2025
| | 6,609,000 | | 6,383,092 |
U.S. Bancorp, 1.45%, 05/12/2025(b)
| | 13,198,000 | | 12,900,446 |
U.S. Bank N.A., 2.05%, 01/21/2025(b)
| | 8,896,000 | | 8,791,835 |
| UBS AG (Switzerland) | | | | |
7.95%, 01/09/2025
| | 11,020,000 | | 11,110,128 |
3.70%, 02/21/2025
| | 17,177,000 | | 17,056,630 |
2.95%, 04/09/2025
| | 10,946,000 | | 10,809,227 |
5.80%, 09/11/2025(b)
| | 8,896,000 | | 8,990,155 |
| Wells Fargo & Co. | | | | |
3.00%, 02/19/2025
| | 22,034,000 | | 21,828,690 |
3.55%, 09/29/2025
| | 22,230,000 | | 21,957,602 |
Wells Fargo Bank N.A., 5.55%, 08/01/2025
| | 17,790,000 | | 17,921,873 |
| | | | | 830,128,340 |
| Beverages-1.24% |
| Diageo Capital PLC (United Kingdom) | | | | |
1.38%, 09/29/2025
| | 6,675,000 | | 6,457,673 |
5.20%, 10/24/2025
| | 4,412,000 | | 4,441,675 |
Keurig Dr Pepper, Inc., 3.40%, 11/15/2025
| | 4,409,000 | | 4,343,629 |
| | Principal
Amount | | Value |
| Beverages-(continued) |
| PepsiCo, Inc. | | | | |
2.25%, 03/19/2025
| $ | 13,225,000 | | $13,035,907 |
2.75%, 04/30/2025
| | 8,863,000 | | 8,744,583 |
3.50%, 07/17/2025(b)
| | 6,225,000 | | 6,182,723 |
5.25%, 11/10/2025(b)
| | 7,090,000 | | 7,167,754 |
| | | | | 50,373,944 |
| Biotechnology-2.49% |
AbbVie, Inc., 3.60%, 05/14/2025
| | 33,211,000 | | 32,900,577 |
| Amgen, Inc. | | | | |
1.90%, 02/21/2025
| | 4,426,000 | | 4,357,731 |
5.25%, 03/02/2025(b)
| | 17,785,000 | | 17,792,575 |
3.13%, 05/01/2025(b)
| | 8,812,000 | | 8,698,568 |
Baxalta, Inc., 4.00%, 06/23/2025
| | 7,120,000 | | 7,063,908 |
Biogen, Inc., 4.05%, 09/15/2025
| | 15,564,000 | | 15,437,240 |
Gilead Sciences, Inc., 3.50%, 02/01/2025(b)
| | 15,429,000 | | 15,325,972 |
| | | | | 101,576,571 |
| Broadline Retail-1.22% |
| Amazon.com, Inc. | | | | |
3.00%, 04/13/2025(b)
| | 13,219,000 | | 13,083,170 |
0.80%, 06/03/2025
| | 11,115,000 | | 10,814,891 |
4.60%, 12/01/2025
| | 11,016,000 | | 11,049,398 |
5.20%, 12/03/2025(b)
| | 7,681,000 | | 7,750,698 |
eBay, Inc., 1.90%, 03/11/2025(b)
| | 7,113,000 | | 6,995,266 |
| | | | | 49,693,423 |
| Building Products-0.11% |
Fortune Brands Innovations, Inc., 4.00%, 06/15/2025
| | 4,451,000 | | 4,409,878 |
| Capital Markets-7.13% |
Ameriprise Financial, Inc., 3.00%, 04/02/2025(b)
| | 4,401,000 | | 4,352,899 |
| Ares Capital Corp. | | | | |
4.25%, 03/01/2025
| | 5,296,000 | | 5,265,107 |
3.25%, 07/15/2025(b)
| | 11,121,000 | | 10,934,539 |
| Bank of New York Mellon Corp. (The) | | | | |
1.60%, 04/24/2025(b)
| | 11,122,000 | | 10,896,643 |
3.35%, 04/25/2025(b)
| | 4,010,000 | | 3,966,382 |
Series G, 3.00%, 02/24/2025(b)
| | 6,607,000 | | 6,548,504 |
Blue Owl Capital Corp., 3.75%, 07/22/2025(b)
| | 4,432,000 | | 4,367,968 |
Brookfield Corp. (Canada), 4.00%, 01/15/2025
| | 4,430,000 | | 4,406,391 |
| Charles Schwab Corp. (The) | | | | |
4.20%, 03/24/2025(b)
| | 5,278,000 | | 5,252,940 |
3.85%, 05/21/2025
| | 6,670,000 | | 6,620,880 |
CME Group, Inc., 3.00%, 03/15/2025
| | 6,610,000 | | 6,545,759 |
| Deutsche Bank AG (Germany) | | | | |
4.50%, 04/01/2025(b)
| | 13,197,000 | | 13,115,812 |
4.16%, 05/13/2025
| | 4,435,000 | | 4,409,218 |
| Goldman Sachs Group, Inc. (The) | | | | |
3.50%, 01/23/2025
| | 22,191,000 | | 22,045,912 |
3.50%, 04/01/2025
| | 31,124,000 | | 30,827,785 |
3.75%, 05/22/2025
| | 20,016,000 | | 19,827,193 |
4.25%, 10/21/2025
| | 17,600,000 | | 17,477,857 |
Moody’s Corp., 3.75%, 03/24/2025
| | 6,175,000 | | 6,133,749 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2025 Corporate Bond ETF (BSCP)—(continued)
August 31, 2024
| | Principal
Amount | | Value |
| Capital Markets-(continued) |
| Morgan Stanley | | | | |
4.00%, 07/23/2025
| $ | 26,678,000 | | $26,506,139 |
5.00%, 11/24/2025
| | 17,632,000 | | 17,659,321 |
Nasdaq, Inc., 5.65%, 06/28/2025
| | 4,405,000 | | 4,425,559 |
| Nomura Holdings, Inc. (Japan) | | | | |
5.10%, 07/03/2025
| | 7,118,000 | | 7,115,925 |
1.85%, 07/16/2025
| | 13,340,000 | | 12,975,882 |
Northern Trust Corp., 3.95%, 10/30/2025
| | 6,613,000 | | 6,563,266 |
State Street Corp., 3.55%, 08/18/2025(b)
| | 11,459,000 | | 11,344,561 |
UBS Group AG (Switzerland), 3.75%, 03/26/2025(b)
| | 21,024,000 | | 20,861,129 |
| | | | | 290,447,320 |
| Chemicals-0.81% |
Air Products and Chemicals, Inc., 1.50%, 10/15/2025
| | 4,955,000 | | 4,794,866 |
Celanese US Holdings LLC, 6.05%, 03/15/2025(b)
| | 8,904,000 | | 8,937,517 |
Eastman Chemical Co., 3.80%, 03/15/2025
| | 596,000 | | 591,645 |
EIDP, Inc., 1.70%, 07/15/2025
| | 4,496,000 | | 4,377,230 |
Linde, Inc., 4.70%, 12/05/2025
| | 5,422,000 | | 5,433,922 |
LYB International Finance III LLC, 1.25%, 10/01/2025(b)
| | 4,512,000 | | 4,342,348 |
Nutrien Ltd. (Canada), 5.95%, 11/07/2025
| | 4,496,000 | | 4,548,623 |
| | | | | 33,026,151 |
| Commercial Services & Supplies-0.30% |
Republic Services, Inc., 3.20%, 03/15/2025
| | 4,407,000 | | 4,362,766 |
| Waste Management, Inc. | | | | |
3.13%, 03/01/2025(b)
| | 3,705,000 | | 3,669,077 |
0.75%, 11/15/2025(b)
| | 4,431,000 | | 4,236,017 |
| | | | | 12,267,860 |
| Communications Equipment-0.11% |
Cisco Systems, Inc., 3.50%, 06/15/2025
| | 4,412,000 | | 4,374,156 |
| Consumer Finance-4.20% |
| Ally Financial, Inc. | | | | |
4.63%, 03/30/2025
| | 4,411,000 | | 4,391,437 |
5.80%, 05/01/2025
| | 6,614,000 | | 6,628,660 |
5.75%, 11/20/2025(b)
| | 9,251,000 | | 9,278,551 |
| American Express Co. | | | | |
2.25%, 03/04/2025
| | 15,422,000 | | 15,211,820 |
3.95%, 08/01/2025
| | 20,010,000 | | 19,855,634 |
| Capital One Financial Corp. | | | | |
3.20%, 02/05/2025
| | 8,816,000 | | 8,736,699 |
4.25%, 04/30/2025(b)
| | 6,641,000 | | 6,604,041 |
4.20%, 10/29/2025(b)
| | 13,222,000 | | 13,079,851 |
Discover Financial Services, 3.75%, 03/04/2025
| | 4,443,000 | | 4,409,223 |
| | Principal
Amount | | Value |
| Consumer Finance-(continued) |
| General Motors Financial Co., Inc. | | | | |
4.00%, 01/15/2025
| $ | 8,898,000 | | $8,851,155 |
2.90%, 02/26/2025
| | 11,073,000 | | 10,944,228 |
3.80%, 04/07/2025(b)
| | 9,788,000 | | 9,703,424 |
4.35%, 04/09/2025
| | 8,889,000 | | 8,843,464 |
2.75%, 06/20/2025
| | 11,122,000 | | 10,915,458 |
4.30%, 07/13/2025(b)
| | 7,116,000 | | 7,071,191 |
6.05%, 10/10/2025
| | 11,016,000 | | 11,141,945 |
| Synchrony Financial | | | | |
4.88%, 06/13/2025
| | 6,671,000 | | 6,643,921 |
4.50%, 07/23/2025
| | 8,893,000 | | 8,833,300 |
| | | | | 171,144,002 |
| Consumer Staples Distribution & Retail-1.38% |
Dollar General Corp., 4.15%, 11/01/2025
| | 4,448,000 | | 4,402,325 |
Dollar Tree, Inc., 4.00%, 05/15/2025
| | 8,817,000 | | 8,746,539 |
Sysco Corp., 3.75%, 10/01/2025
| | 6,666,000 | | 6,597,802 |
Target Corp., 2.25%, 04/15/2025
| | 13,289,000 | | 13,088,469 |
| Walmart, Inc. | | | | |
3.55%, 06/26/2025(b)
| | 7,783,000 | | 7,723,592 |
3.90%, 09/09/2025(b)
| | 15,563,000 | | 15,488,723 |
| | | | | 56,047,450 |
| Containers & Packaging-0.24% |
Amcor Flexibles North America, Inc., 4.00%, 05/17/2025
| | 4,445,000 | | 4,409,776 |
WRKCo, Inc., 3.75%, 03/15/2025(b)
| | 5,405,000 | | 5,359,497 |
| | | | | 9,769,273 |
| Distributors-0.11% |
Genuine Parts Co., 1.75%, 02/01/2025
| | 4,450,000 | | 4,384,388 |
| Diversified Consumer Services-0.11% |
Yale University, Series 2020, 0.87%, 04/15/2025
| | 4,445,000 | | 4,338,971 |
| Diversified REITs-0.11% |
VICI Properties L.P., 4.38%, 05/15/2025
| | 4,401,000 | | 4,363,709 |
| Diversified Telecommunication Services-0.57% |
| Verizon Communications, Inc. | | | | |
3.38%, 02/15/2025(b)
| | 11,705,299 | | 11,609,228 |
0.85%, 11/20/2025(b)
| | 12,356,000 | | 11,818,538 |
| | | | | 23,427,766 |
| Electric Utilities-2.88% |
Avangrid, Inc., 3.20%, 04/15/2025(b)
| | 6,671,000 | | 6,588,695 |
Berkshire Hathaway Energy Co., 4.05%, 04/15/2025
| | 10,952,000 | | 10,893,110 |
Constellation Energy Generation LLC, 3.25%, 06/01/2025(b)
| | 8,002,000 | | 7,891,597 |
| Duke Energy Corp. | | | | |
0.90%, 09/15/2025
| | 5,781,000 | | 5,563,733 |
5.00%, 12/08/2025
| | 4,410,000 | | 4,428,674 |
Duke Energy Progress LLC, 3.25%, 08/15/2025
| | 4,426,000 | | 4,372,749 |
Entergy Corp., 0.90%, 09/15/2025
| | 7,103,000 | | 6,836,631 |
Exelon Corp., 3.95%, 06/15/2025
| | 7,085,000 | | 7,029,139 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2025 Corporate Bond ETF (BSCP)—(continued)
August 31, 2024
| | Principal
Amount | | Value |
| Electric Utilities-(continued) |
| Florida Power & Light Co. | | | | |
2.85%, 04/01/2025
| $ | 9,701,000 | | $9,589,713 |
3.13%, 12/01/2025(b)
| | 5,315,000 | | 5,230,389 |
| National Rural Utilities Cooperative Finance Corp. | | | | |
2.85%, 01/27/2025
| | 4,407,000 | | 4,366,363 |
1.88%, 02/07/2025
| | 5,334,000 | | 5,259,744 |
5.45%, 10/30/2025(b)
| | 4,410,000 | | 4,451,334 |
NextEra Energy Capital Holdings, Inc., 4.45%, 06/20/2025
| | 8,890,000 | | 8,858,333 |
Pacific Gas and Electric Co., 3.45%, 07/01/2025
| | 7,778,769 | | 7,670,023 |
Pinnacle West Capital Corp., 1.30%, 06/15/2025(b)
| | 4,393,000 | | 4,262,278 |
Southern Co. (The), 5.15%, 10/06/2025
| | 4,404,000 | | 4,418,954 |
Southern Power Co., 4.15%, 12/01/2025
| | 4,397,000 | | 4,365,055 |
Xcel Energy, Inc., 3.30%, 06/01/2025
| | 5,272,000 | | 5,195,160 |
| | | | | 117,271,674 |
| Electrical Equipment-0.11% |
Emerson Electric Co., 3.15%, 06/01/2025
| | 4,446,000 | | 4,406,424 |
| Energy Equipment & Services-0.11% |
Schlumberger Finance Canada Ltd., 1.40%, 09/17/2025
| | 4,448,000 | | 4,305,460 |
| Entertainment-1.19% |
Netflix, Inc., 5.88%, 02/15/2025
| | 7,037,000 | | 7,052,964 |
Take-Two Interactive Software, Inc., 3.55%, 04/14/2025
| | 5,276,000 | | 5,222,525 |
TWDC Enterprises 18 Corp., 3.15%, 09/17/2025
| | 6,666,000 | | 6,570,381 |
Walt Disney Co. (The), 3.35%, 03/24/2025
| | 15,567,000 | | 15,432,853 |
Warnermedia Holdings, Inc., 3.64%, 03/15/2025
| | 14,172,000 | | 14,039,192 |
| | | | | 48,317,915 |
| Financial Services-2.69% |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland) | | | | |
3.50%, 01/15/2025
| | 7,131,000 | | 7,080,794 |
6.50%, 07/15/2025(b)
| | 11,117,000 | | 11,226,420 |
4.45%, 10/01/2025
| | 5,313,000 | | 5,283,444 |
| Blackstone Private Credit Fund | | | | |
4.70%, 03/24/2025
| | 7,880,000 | | 7,838,396 |
7.05%, 09/29/2025
| | 7,056,000 | | 7,169,525 |
Corebridge Financial, Inc., 3.50%, 04/04/2025
| | 8,870,000 | | 8,779,006 |
Fiserv, Inc., 3.85%, 06/01/2025
| | 7,979,000 | | 7,907,839 |
Mastercard, Inc., 2.00%, 03/03/2025
| | 6,704,000 | | 6,614,196 |
PayPal Holdings, Inc., 1.65%, 06/01/2025
| | 8,902,000 | | 8,692,725 |
Visa, Inc., 3.15%, 12/14/2025
| | 35,265,000 | | 34,727,994 |
Western Union Co. (The), 2.85%, 01/10/2025(b)
| | 4,451,000 | | 4,411,080 |
| | | | | 109,731,419 |
| | Principal
Amount | | Value |
| Food Products-1.12% |
Bunge Ltd. Finance Corp., 1.63%, 08/17/2025
| $ | 5,277,000 | | $ 5,111,908 |
Campbell Soup Co., 3.95%, 03/15/2025
| | 7,490,000 | | 7,442,289 |
| General Mills, Inc. | | | | |
4.00%, 04/17/2025(b)
| | 7,048,000 | | 7,002,269 |
5.24%, 11/18/2025(b)
| | 4,409,000 | | 4,410,243 |
JM Smucker Co. (The), 3.50%, 03/15/2025(b)
| | 8,797,000 | | 8,716,835 |
Mead Johnson Nutrition Co. (United Kingdom), 4.13%, 11/15/2025
| | 6,643,000 | | 6,605,187 |
Mondelez International, Inc., 1.50%, 05/04/2025
| | 6,650,000 | | 6,496,053 |
| | | | | 45,784,784 |
| Ground Transportation-0.59% |
Burlington Northern Santa Fe LLC, 3.00%, 04/01/2025
| | 4,435,000 | | 4,385,470 |
Canadian Pacific Railway Co. (Canada), 2.90%, 02/01/2025
| | 5,770,000 | | 5,718,404 |
CSX Corp., 3.35%, 11/01/2025
| | 5,300,000 | | 5,224,172 |
| Union Pacific Corp. | | | | |
3.75%, 07/15/2025
| | 4,400,000 | | 4,367,432 |
3.25%, 08/15/2025
| | 4,406,000 | | 4,351,888 |
| | | | | 24,047,366 |
| Health Care Equipment & Supplies-1.13% |
Abbott Laboratories, 2.95%, 03/15/2025
| | 8,820,000 | | 8,734,783 |
Boston Scientific Corp., 1.90%, 06/01/2025
| | 4,450,000 | | 4,355,983 |
GE HealthCare Technologies, Inc., 5.60%, 11/15/2025
| | 13,170,000 | | 13,280,709 |
| Stryker Corp. | | | | |
1.15%, 06/15/2025
| | 5,780,000 | | 5,613,350 |
3.38%, 11/01/2025
| | 6,664,000 | | 6,564,445 |
Zimmer Biomet Holdings, Inc., 3.55%, 04/01/2025(b)
| | 7,673,000 | | 7,598,725 |
| | | | | 46,147,995 |
| Health Care Providers & Services-3.76% |
Cardinal Health, Inc., 3.75%, 09/15/2025
| | 4,401,000 | | 4,352,225 |
Cencora, Inc., 3.25%, 03/01/2025
| | 4,444,000 | | 4,397,145 |
| Cigna Group (The) | | | | |
3.25%, 04/15/2025(b)
| | 6,701,000 | | 6,630,834 |
4.13%, 11/15/2025(b)
| | 10,696,000 | | 10,626,699 |
| CVS Health Corp. | | | | |
4.10%, 03/25/2025(b)
| | 8,420,000 | | 8,375,844 |
3.88%, 07/20/2025(b)
| | 25,056,522 | | 24,811,092 |
Elevance Health, Inc., 2.38%, 01/15/2025
| | 11,014,000 | | 10,896,967 |
| HCA, Inc. | | | | |
5.38%, 02/01/2025
| | 23,123,000 | | 23,094,619 |
5.25%, 04/15/2025
| | 12,387,000 | | 12,382,358 |
Humana, Inc., 4.50%, 04/01/2025
| | 5,117,000 | | 5,092,061 |
Laboratory Corp. of America Holdings, 3.60%, 02/01/2025
| | 8,895,000 | | 8,835,931 |
McKesson Corp., 0.90%, 12/03/2025
| | 4,443,000 | | 4,240,228 |
Quest Diagnostics, Inc., 3.50%, 03/30/2025(b)
| | 5,299,000 | | 5,251,420 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2025 Corporate Bond ETF (BSCP)—(continued)
August 31, 2024
| | Principal
Amount | | Value |
| Health Care Providers & Services-(continued) |
| UnitedHealth Group, Inc. | | | | |
3.75%, 07/15/2025
| $ | 17,586,000 | | $17,483,476 |
5.15%, 10/15/2025(b)
| | 6,666,000 | | 6,720,968 |
| | | | | 153,191,867 |
| Health Care REITs-0.62% |
Alexandria Real Estate Equities, Inc., 3.45%, 04/30/2025
| | 5,313,000 | | 5,261,596 |
Healthpeak OP LLC, 4.00%, 06/01/2025
| | 4,022,000 | | 3,985,672 |
Ventas Realty L.P., 3.50%, 02/01/2025
| | 5,272,000 | | 5,224,230 |
Welltower OP LLC, 4.00%, 06/01/2025
| | 11,018,000 | | 10,922,592 |
| | | | | 25,394,090 |
| Hotel & Resort REITs-0.11% |
Host Hotels & Resorts L.P., Series E, 4.00%, 06/15/2025
| | 4,499,000 | | 4,456,435 |
| Hotels, Restaurants & Leisure-1.03% |
Booking Holdings, Inc., 3.65%, 03/15/2025
| | 4,403,000 | | 4,370,424 |
Las Vegas Sands Corp., 2.90%, 06/25/2025(b)
| | 4,450,000 | | 4,358,574 |
Marriott International, Inc., Series EE, 5.75%, 05/01/2025
| | 5,299,000 | | 5,327,595 |
| McDonald’s Corp. | | | | |
3.38%, 05/26/2025
| | 6,226,000 | | 6,157,017 |
3.30%, 07/01/2025
| | 6,668,000 | | 6,587,788 |
1.45%, 09/01/2025(b)
| | 4,444,000 | | 4,305,826 |
Starbucks Corp., 3.80%, 08/15/2025
| | 11,078,000 | | 10,968,702 |
| | | | | 42,075,926 |
| Household Durables-0.21% |
DR Horton, Inc., 2.60%, 10/15/2025
| | 4,445,000 | | 4,341,989 |
Lennar Corp., 4.75%, 05/30/2025
| | 4,402,000 | | 4,385,208 |
| | | | | 8,727,197 |
| Household Products-0.32% |
Colgate-Palmolive Co., 3.10%, 08/15/2025
| | 4,403,000 | | 4,347,356 |
Procter & Gamble Co. (The), 0.55%, 10/29/2025(b)
| | 8,893,000 | | 8,530,205 |
| | | | | 12,877,561 |
| Industrial Conglomerates-0.65% |
| 3M Co. | | | | |
2.00%, 02/14/2025
| | 6,667,000 | | 6,575,964 |
2.65%, 04/15/2025
| | 4,449,000 | | 4,389,881 |
3.00%, 08/07/2025(b)
| | 4,842,000 | | 4,765,810 |
Honeywell International, Inc., 1.35%, 06/01/2025(b)
| | 11,102,000 | | 10,836,817 |
| | | | | 26,568,472 |
| Insurance-0.89% |
Allstate Corp. (The), 0.75%, 12/15/2025
| | 5,293,000 | | 5,039,850 |
Aon Global Ltd., 3.88%, 12/15/2025
| | 6,600,000 | | 6,546,516 |
Chubb INA Holdings LLC, 3.15%, 03/15/2025
| | 7,116,000 | | 7,045,546 |
CNO Financial Group, Inc., 5.25%, 05/30/2025
| | 4,403,000 | | 4,397,593 |
Marsh & McLennan Cos., Inc., 3.50%, 03/10/2025
| | 4,411,000 | | 4,375,150 |
| | Principal
Amount | | Value |
| Insurance-(continued) |
| MetLife, Inc. | | | | |
3.00%, 03/01/2025(b)
| $ | 4,400,000 | | $4,359,256 |
3.60%, 11/13/2025
| | 4,404,000 | | 4,355,973 |
| | | | | 36,119,884 |
| Interactive Media & Services-0.21% |
Alphabet, Inc., 0.45%, 08/15/2025(b)
| | 8,889,000 | | 8,568,492 |
| IT Services-0.46% |
| International Business Machines Corp. | | | | |
4.00%, 07/27/2025
| | 8,890,000 | | 8,838,359 |
7.00%, 10/30/2025
| | 5,292,000 | | 5,435,078 |
VeriSign, Inc., 5.25%, 04/01/2025
| | 4,400,000 | | 4,399,041 |
| | | | | 18,672,478 |
| Life Sciences Tools & Services-0.22% |
Danaher Corp., 3.35%, 09/15/2025(b)
| | 4,442,000 | | 4,385,383 |
Illumina, Inc., 5.80%, 12/12/2025
| | 4,450,000 | | 4,494,963 |
| | | | | 8,880,346 |
| Machinery-3.20% |
| Caterpillar Financial Services Corp. | | | | |
4.90%, 01/17/2025
| | 6,610,000 | | 6,606,434 |
5.40%, 03/10/2025
| | 5,340,000 | | 5,358,982 |
3.40%, 05/13/2025
| | 11,120,000 | | 11,024,622 |
1.45%, 05/15/2025
| | 5,338,000 | | 5,218,830 |
5.15%, 08/11/2025
| | 7,057,000 | | 7,095,166 |
3.65%, 08/12/2025
| | 7,041,000 | | 6,980,832 |
0.80%, 11/13/2025
| | 8,801,000 | | 8,430,646 |
CNH Industrial Capital LLC, 3.95%, 05/23/2025
| | 4,407,000 | | 4,368,258 |
Cummins, Inc., 0.75%, 09/01/2025
| | 4,396,000 | | 4,228,879 |
Deere & Co., 2.75%, 04/15/2025
| | 6,154,000 | | 6,077,528 |
| John Deere Capital Corp. | | | | |
2.05%, 01/09/2025
| | 4,832,000 | | 4,780,410 |
1.25%, 01/10/2025
| | 7,117,000 | | 7,019,650 |
5.15%, 03/03/2025
| | 4,445,000 | | 4,449,585 |
3.45%, 03/13/2025
| | 8,004,000 | | 7,944,158 |
3.40%, 06/06/2025
| | 8,813,000 | | 8,725,044 |
4.95%, 06/06/2025
| | 5,333,000 | | 5,344,007 |
4.05%, 09/08/2025
| | 6,675,000 | | 6,647,846 |
Otis Worldwide Corp., 2.06%, 04/05/2025
| | 11,460,000 | | 11,260,190 |
Stanley Black & Decker, Inc., 2.30%, 02/24/2025
| | 4,445,000 | | 4,381,011 |
Wabtec Corp., 3.20%, 06/15/2025
| | 4,426,000 | | 4,355,183 |
| | | | | 130,297,261 |
| Media-1.06% |
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 4.91%, 07/23/2025
| | 15,931,000 | | 15,882,307 |
| Comcast Corp. | | | | |
3.38%, 02/15/2025
| | 3,679,000 | | 3,653,750 |
3.38%, 08/15/2025(b)
| | 12,012,000 | | 11,867,159 |
5.25%, 11/07/2025(b)
| | 6,452,000 | | 6,501,005 |
Fox Corp., 3.05%, 04/07/2025
| | 5,335,000 | | 5,273,532 |
| | | | | 43,177,753 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2025 Corporate Bond ETF (BSCP)—(continued)
August 31, 2024
| | Principal
Amount | | Value |
| Metals & Mining-0.22% |
| Nucor Corp. | | | | |
3.95%, 05/23/2025(b)
| $ | 4,496,000 | | $4,464,264 |
2.00%, 06/01/2025
| | 4,500,000 | | 4,401,522 |
| | | | | 8,865,786 |
| Multi-Utilities-0.98% |
Dominion Energy, Inc., 3.90%, 10/01/2025(b)
| | 6,666,000 | | 6,602,643 |
DTE Energy Co., Series F, 1.05%, 06/01/2025
| | 7,116,000 | | 6,907,920 |
NiSource, Inc., 0.95%, 08/15/2025(b)
| | 11,100,000 | | 10,690,442 |
Public Service Enterprise Group, Inc., 0.80%, 08/15/2025
| | 4,894,000 | | 4,712,753 |
Sempra, 3.30%, 04/01/2025
| | 6,700,000 | | 6,619,466 |
WEC Energy Group, Inc., 5.00%, 09/27/2025
| | 4,405,000 | | 4,416,823 |
| | | | | 39,950,047 |
| Office REITs-0.18% |
Boston Properties L.P., 3.20%, 01/15/2025
| | 7,563,000 | | 7,493,764 |
| Oil, Gas & Consumable Fuels-7.43% |
| Canadian Natural Resources Ltd. (Canada) | | | | |
3.90%, 02/01/2025
| | 5,339,000 | | 5,307,609 |
2.05%, 07/15/2025(b)
| | 5,341,000 | | 5,206,221 |
| Chevron Corp. | | | | |
1.55%, 05/11/2025
| | 22,234,000 | | 21,740,756 |
3.33%, 11/17/2025
| | 6,576,000 | | 6,494,683 |
Chevron USA, Inc., 0.69%, 08/12/2025(b)
| | 6,600,000 | | 6,372,140 |
Columbia Pipeline Group, Inc., 4.50%, 06/01/2025
| | 8,884,000 | | 8,836,689 |
DCP Midstream Operating L.P., 5.38%, 07/15/2025
| | 4,627,000 | | 4,628,992 |
Devon Energy Corp., 5.85%, 12/15/2025
| | 4,313,000 | | 4,361,880 |
Enbridge Energy Partners L.P., 5.88%, 10/15/2025
| | 4,404,000 | | 4,442,732 |
| Enbridge, Inc. (Canada) | | | | |
2.50%, 01/15/2025
| | 4,422,000 | | 4,376,133 |
2.50%, 02/14/2025(b)
| | 4,414,000 | | 4,361,813 |
| Energy Transfer L.P. | | | | |
4.05%, 03/15/2025
| | 8,820,000 | | 8,762,041 |
5.75%, 04/01/2025
| | 4,450,000 | | 4,453,259 |
Enterprise Products Operating LLC, 3.75%, 02/15/2025(b)
| | 10,229,000 | | 10,168,310 |
EOG Resources, Inc., 3.15%, 04/01/2025(b)
| | 4,403,000 | | 4,356,391 |
Equinor ASA (Norway), 2.88%, 04/06/2025
| | 11,016,000 | | 10,893,965 |
| Exxon Mobil Corp. | | | | |
2.71%, 03/06/2025(b)
| | 15,561,000 | | 15,389,768 |
2.99%, 03/19/2025
| | 24,453,000 | | 24,198,599 |
Kinder Morgan, Inc., 4.30%, 06/01/2025(b)
| | 13,342,000 | | 13,264,625 |
Marathon Petroleum Corp., 4.70%, 05/01/2025
| | 11,022,000 | | 10,980,995 |
| | Principal
Amount | | Value |
| Oil, Gas & Consumable Fuels-(continued) |
| MPLX L.P. | | | | |
4.00%, 02/15/2025
| $ | 4,390,000 | | $4,362,371 |
4.88%, 06/01/2025
| | 10,504,000 | | 10,485,850 |
| Occidental Petroleum Corp. | | | | |
5.88%, 09/01/2025
| | 5,401,000 | | 5,435,377 |
5.50%, 12/01/2025
| | 4,134,000 | | 4,167,287 |
ONEOK Partners L.P., 4.90%, 03/15/2025
| | 4,412,000 | | 4,400,553 |
Ovintiv, Inc., 5.65%, 05/15/2025
| | 5,336,000 | | 5,345,257 |
Phillips 66, 3.85%, 04/09/2025
| | 5,726,000 | | 5,678,163 |
Plains All American Pipeline L.P./PAA Finance Corp., 4.65%, 10/15/2025
| | 8,893,000 | | 8,860,881 |
Sabine Pass Liquefaction LLC, 5.63%, 03/01/2025
| | 7,054,000 | | 7,058,351 |
Shell International Finance B.V., 3.25%, 05/11/2025
| | 24,185,000 | | 23,951,159 |
Spectra Energy Partners L.P., 3.50%, 03/15/2025
| | 4,451,000 | | 4,409,798 |
| Targa Resources Partners L.P./Targa Resources Partners Finance Corp. | | | | |
6.50%, 07/15/2027
| | 6,270,000 | | 6,343,478 |
6.88%, 01/15/2029
| | 6,020,000 | | 6,190,216 |
TotalEnergies Capital International S.A. (France), 2.43%, 01/10/2025
| | 8,798,000 | | 8,713,975 |
Western Midstream Operating L.P., 3.10%, 02/01/2025
| | 5,841,000 | | 5,776,324 |
| Williams Cos., Inc. (The) | | | | |
3.90%, 01/15/2025
| | 6,576,000 | | 6,540,968 |
4.00%, 09/15/2025
| | 6,674,000 | | 6,613,883 |
| | | | | 302,931,492 |
| Passenger Airlines-0.28% |
Southwest Airlines Co., 5.25%, 05/04/2025(b)
| | 11,585,000 | | 11,588,486 |
| Personal Care Products-0.11% |
Unilever Capital Corp. (United Kingdom), 3.10%, 07/30/2025(b)
| | 4,444,000 | | 4,392,178 |
| Pharmaceuticals-3.59% |
AstraZeneca PLC (United Kingdom), 3.38%, 11/16/2025(b)
| | 17,788,000 | | 17,560,636 |
Bristol-Myers Squibb Co., 0.75%, 11/13/2025
| | 8,818,000 | | 8,436,470 |
Eli Lilly and Co., 2.75%, 06/01/2025
| | 4,945,000 | | 4,878,266 |
GlaxoSmithKline Capital, Inc. (United Kingdom), 3.63%, 05/15/2025
| | 8,800,000 | | 8,733,631 |
Haleon UK Capital PLC, 3.13%, 03/24/2025
| | 12,328,000 | | 12,193,528 |
| Johnson & Johnson | | | | |
2.63%, 01/15/2025
| | 6,587,800 | | 6,532,071 |
0.55%, 09/01/2025(b)
| | 8,892,000 | | 8,558,418 |
Merck & Co., Inc., 2.75%, 02/10/2025(b)
| | 22,232,000 | | 22,020,210 |
| Novartis Capital Corp. (Switzerland) | | | | |
1.75%, 02/14/2025
| | 8,890,000 | | 8,766,127 |
3.00%, 11/20/2025
| | 15,481,000 | | 15,238,335 |
Pfizer, Inc., 0.80%, 05/28/2025
| | 6,647,000 | | 6,457,468 |
Royalty Pharma PLC, 1.20%, 09/02/2025(b)
| | 8,811,000 | | 8,493,064 |
Viatris, Inc., 1.65%, 06/22/2025
| | 6,673,000 | | 6,483,519 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2025 Corporate Bond ETF (BSCP)—(continued)
August 31, 2024
| | Principal
Amount | | Value |
| Pharmaceuticals-(continued) |
| Zoetis, Inc. | | | | |
4.50%, 11/13/2025
| $ | 6,607,000 | | $6,590,908 |
5.40%, 11/14/2025
| | 5,288,000 | | 5,326,841 |
| | | | | 146,269,492 |
| Professional Services-0.32% |
Automatic Data Processing, Inc., 3.38%, 09/15/2025(b)
| | 8,892,000 | | 8,790,925 |
Verisk Analytics, Inc., 4.00%, 06/15/2025
| | 4,499,000 | | 4,460,870 |
| | | | | 13,251,795 |
| Residential REITs-0.22% |
AvalonBay Communities, Inc., 3.45%, 06/01/2025
| | 4,667,000 | | 4,614,888 |
Essex Portfolio L.P., 3.50%, 04/01/2025
| | 4,451,000 | | 4,410,684 |
| | | | | 9,025,572 |
| Retail REITs-0.71% |
Brixmor Operating Partnership L.P., 3.85%, 02/01/2025
| | 5,804,000 | | 5,761,971 |
Kimco Realty OP LLC, 3.30%, 02/01/2025
| | 4,450,000 | | 4,411,281 |
| Realty Income Corp. | | | | |
3.88%, 04/15/2025(b)
| | 4,399,000 | | 4,367,989 |
4.63%, 11/01/2025(b)
| | 4,799,000 | | 4,792,628 |
Simon Property Group L.P., 3.50%, 09/01/2025
| | 9,787,000 | | 9,673,183 |
| | | | | 29,007,052 |
| Semiconductors & Semiconductor Equipment-1.89% |
Applied Materials, Inc., 3.90%, 10/01/2025
| | 6,229,000 | | 6,190,748 |
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.13%, 01/15/2025
| | 4,345,000 | | 4,304,861 |
| Intel Corp. | | | | |
3.40%, 03/25/2025(b)
| | 13,339,000 | | 13,198,456 |
3.70%, 07/29/2025
| | 20,012,000 | | 19,745,735 |
Lam Research Corp., 3.80%, 03/15/2025(b)
| | 4,407,000 | | 4,379,845 |
Microchip Technology, Inc., 4.25%, 09/01/2025
| | 10,668,000 | | 10,586,128 |
QUALCOMM, Inc., 3.45%, 05/20/2025(b)
| | 12,007,000 | | 11,898,440 |
Texas Instruments, Inc., 1.38%, 03/12/2025(b)
| | 6,697,000 | | 6,574,541 |
| | | | | 76,878,754 |
| Software-3.37% |
| Adobe, Inc. | | | | |
1.90%, 02/01/2025
| | 4,395,000 | | 4,337,683 |
3.25%, 02/01/2025(b)
| | 8,771,000 | | 8,712,428 |
Intuit, Inc., 0.95%, 07/15/2025
| | 4,397,000 | | 4,256,384 |
| Microsoft Corp. | | | | |
2.70%, 02/12/2025
| | 19,837,000 | | 19,655,535 |
3.13%, 11/03/2025
| | 26,503,000 | | 26,151,894 |
| Oracle Corp. | | | | |
2.50%, 04/01/2025
| | 31,133,000 | | 30,660,374 |
2.95%, 05/15/2025
| | 22,239,000 | | 21,924,537 |
5.80%, 11/10/2025
| | 8,816,000 | | 8,935,400 |
| | Principal
Amount | | Value |
| Software-(continued) |
Roper Technologies, Inc., 1.00%, 09/15/2025(b)
| $ | 6,224,000 | | $ 5,989,789 |
VMware LLC, 4.50%, 05/15/2025
| | 6,650,000 | | 6,624,872 |
| | | | | 137,248,896 |
| Specialized REITs-0.86% |
| American Tower Corp. | | | | |
2.40%, 03/15/2025
| | 6,672,000 | | 6,567,139 |
4.00%, 06/01/2025
| | 6,598,000 | | 6,543,019 |
1.30%, 09/15/2025(b)
| | 4,434,000 | | 4,268,040 |
Crown Castle, Inc., 1.35%, 07/15/2025
| | 4,386,000 | | 4,254,332 |
Equinix, Inc., 1.00%, 09/15/2025
| | 6,226,000 | | 5,987,035 |
GLP Capital L.P./GLP Financing II, Inc., 5.25%, 06/01/2025
| | 7,561,000 | | 7,548,590 |
| | | | | 35,168,155 |
| Specialty Retail-1.61% |
AutoZone, Inc., 3.63%, 04/15/2025
| | 4,405,000 | | 4,364,549 |
Dell International LLC/EMC Corp., 5.85%, 07/15/2025
| | 8,861,000 | | 8,925,526 |
| Home Depot, Inc. (The) | | | | |
2.70%, 04/15/2025
| | 4,444,000 | | 4,387,961 |
3.35%, 09/15/2025
| | 8,895,000 | | 8,789,792 |
4.00%, 09/15/2025
| | 6,669,000 | | 6,640,631 |
Leidos, Inc., 3.63%, 05/15/2025
| | 4,400,000 | | 4,349,232 |
| Lowe’s Cos., Inc. | | | | |
4.00%, 04/15/2025
| | 6,615,000 | | 6,572,620 |
4.40%, 09/08/2025(b)
| | 8,891,000 | | 8,856,835 |
3.38%, 09/15/2025
| | 6,675,000 | | 6,586,867 |
Ross Stores, Inc., 4.60%, 04/15/2025
| | 6,157,000 | | 6,134,502 |
| | | | | 65,608,515 |
| Technology Hardware, Storage & Peripherals-2.51% |
| Apple, Inc. | | | | |
2.75%, 01/13/2025
| | 13,162,000 | | 13,058,651 |
2.50%, 02/09/2025
| | 13,218,000 | | 13,079,568 |
1.13%, 05/11/2025(b)
| | 19,884,000 | | 19,409,694 |
3.20%, 05/13/2025
| | 17,696,000 | | 17,534,236 |
0.55%, 08/20/2025(b)
| | 11,016,000 | | 10,611,994 |
Hewlett Packard Enterprise Co., 4.90%, 10/15/2025
| | 22,099,000 | | 22,090,241 |
NetApp, Inc., 1.88%, 06/22/2025(b)
| | 6,659,000 | | 6,487,542 |
| | | | | 102,271,926 |
| Textiles, Apparel & Luxury Goods-0.49% |
NIKE, Inc., 2.40%, 03/27/2025
| | 8,894,000 | | 8,783,885 |
Tapestry, Inc., 7.05%, 11/27/2025
| | 4,450,000 | | 4,534,131 |
VF Corp., 2.40%, 04/23/2025
| | 6,632,927 | | 6,501,165 |
| | | | | 19,819,181 |
| Tobacco-1.08% |
Altria Group, Inc., 2.35%, 05/06/2025
| | 6,670,000 | | 6,554,002 |
| Philip Morris International, Inc. | | | | |
1.50%, 05/01/2025
| | 6,675,000 | | 6,532,934 |
3.38%, 08/11/2025(b)
| | 6,602,000 | | 6,521,923 |
5.00%, 11/17/2025
| | 6,600,000 | | 6,625,366 |
Reynolds American, Inc. (United Kingdom), 4.45%, 06/12/2025(b)
| | 18,070,000 | | 17,979,959 |
| | | | | 44,214,184 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2025 Corporate Bond ETF (BSCP)—(continued)
August 31, 2024
| | Principal
Amount | | Value |
| Trading Companies & Distributors-0.60% |
| Air Lease Corp. | | | | |
2.30%, 02/01/2025
| $ | 6,594,000 | | $6,508,153 |
3.25%, 03/01/2025
| | 6,203,000 | | 6,139,787 |
3.38%, 07/01/2025(b)
| | 7,555,000 | | 7,448,281 |
WW Grainger, Inc., 1.85%, 02/15/2025
| | 4,450,000 | | 4,379,286 |
| | | | | 24,475,507 |
| Water Utilities-0.11% |
American Water Capital Corp., 3.40%, 03/01/2025
| | 4,703,000 | | 4,663,112 |
| Wireless Telecommunication Services-0.85% |
| Rogers Communications, Inc. (Canada) | | | | |
2.95%, 03/15/2025
| | 8,781,000 | | 8,677,870 |
3.63%, 12/15/2025
| | 6,156,000 | | 6,063,260 |
Sprint LLC, 7.63%, 02/15/2025
| | 13,221,000 | | 13,280,613 |
Vodafone Group PLC (United Kingdom), 4.13%, 05/30/2025(b)
| | 6,530,000 | | 6,501,315 |
| | | | | 34,523,058 |
Total U.S. Dollar Denominated Bonds & Notes
(Cost $4,036,286,679)
| | 4,017,878,242 |
| | Shares | | |
| Money Market Funds-0.45% |
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(c)(d)
(Cost $18,237,269)
| | 18,237,269 | | 18,237,269 |
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.06%
(Cost $4,054,523,948)
| | 4,036,115,511 |
| | Shares | | Value |
Investments Purchased with Cash Collateral
from Securities on Loan |
| Money Market Funds-5.61% |
Invesco Private Government Fund, 5.28%(c)(d)(e)
| | 59,205,679 | | $ 59,205,679 |
Invesco Private Prime Fund, 5.46%(c)(d)(e)
| | 169,120,840 | | 169,188,488 |
Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $228,382,478)
| | 228,394,167 |
TOTAL INVESTMENTS IN SECURITIES-104.67%
(Cost $4,282,906,426)
| | 4,264,509,678 |
OTHER ASSETS LESS LIABILITIES-(4.67)%
| | (190,140,106) |
NET ASSETS-100.00%
| | $4,074,369,572 |
| Investment Abbreviations: |
| REIT | -Real Estate Investment Trust |
| Notes to Schedule of Investments: |
| (a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
| (b) | All or a portion of this security was out on loan at August 31, 2024. |
| (c) | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024. |
| | Value
August 31, 2023 | | Purchases
at Cost | | Proceeds
from Sales | | Change in
Unrealized
Appreciation | | Realized
Gain | | Value
August 31, 2024 | | Dividend
Income |
| Investments in Affiliated Money Market Funds: | | | | | | | | | | | | | |
| Invesco Government & Agency Portfolio, Institutional Class | $96,692 | | $209,544,919 | | $(191,404,342) | | $- | | $- | | $18,237,269 | | $723,124 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2025 Corporate Bond ETF (BSCP)—(continued)
August 31, 2024
| | Value
August 31, 2023 | | Purchases
at Cost | | Proceeds
from Sales | | Change in
Unrealized
Appreciation | | Realized
Gain | | Value
August 31, 2024 | | Dividend
Income |
| Investments Purchased with Cash Collateral from Securities on Loan: | | | | | | | | | | | | | |
| Invesco Private Government Fund | $68,301,916 | | $434,910,009 | | $(444,006,246) | | $- | | $- | | $59,205,679 | | $3,909,448* |
| Invesco Private Prime Fund | 177,073,153 | | 1,001,278,862 | | (1,009,249,705) | | 4,310 | | 81,868 | | 169,188,488 | | 10,526,492* |
| Total | $245,471,761 | | $1,645,733,790 | | $(1,644,660,293) | | $4,310 | | $81,868 | | $246,631,436 | | $15,159,064 |
| * | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
| (d) | The rate shown is the 7-day SEC standardized yield as of August 31, 2024. |
| (e) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)
August 31, 2024
Schedule of Investments(a)
| | Principal
Amount | | Value |
| U.S. Dollar Denominated Bonds & Notes-98.99% |
| Aerospace & Defense-2.25% |
| Boeing Co. (The) | | | | |
2.75%, 02/01/2026
| $ | 10,598,000 | | $10,249,955 |
2.20%, 02/04/2026
| | 41,742,000 | | 40,011,336 |
| General Dynamics Corp. | | | | |
1.15%, 06/01/2026(b)
| | 3,785,000 | | 3,592,525 |
2.13%, 08/15/2026(b)
| | 3,790,000 | | 3,641,403 |
Lockheed Martin Corp., 3.55%, 01/15/2026
| | 7,578,000 | | 7,489,197 |
| RTX Corp. | | | | |
5.00%, 02/27/2026
| | 3,764,000 | | 3,785,350 |
2.65%, 11/01/2026(b)
| | 5,439,000 | | 5,246,414 |
5.75%, 11/08/2026
| | 9,414,000 | | 9,658,690 |
| | | | | 83,674,870 |
| Air Freight & Logistics-0.25% |
FedEx Corp., 3.25%, 04/01/2026
| | 5,611,000 | | 5,498,978 |
United Parcel Service, Inc., 2.40%, 11/15/2026
| | 3,809,000 | | 3,658,814 |
| | | | | 9,157,792 |
| Automobiles-3.94% |
| American Honda Finance Corp. | | | | |
4.95%, 01/09/2026
| | 6,381,000 | | 6,417,342 |
4.75%, 01/12/2026(b)
| | 3,741,000 | | 3,753,776 |
5.25%, 07/07/2026
| | 7,198,000 | | 7,308,472 |
1.30%, 09/09/2026(b)
| | 5,680,000 | | 5,346,913 |
2.30%, 09/09/2026
| | 3,744,000 | | 3,596,970 |
Ford Motor Co., 4.35%, 12/08/2026
| | 11,270,000 | | 11,133,181 |
| Ford Motor Credit Co. LLC | | | | |
4.39%, 01/08/2026
| | 9,017,000 | | 8,913,567 |
6.95%, 03/06/2026
| | 9,812,000 | | 10,037,957 |
6.95%, 06/10/2026(b)
| | 6,740,000 | | 6,928,498 |
2.70%, 08/10/2026(b)
| | 11,268,000 | | 10,765,616 |
| PACCAR Financial Corp. | | | | |
4.45%, 03/30/2026
| | 3,745,000 | | 3,753,688 |
5.20%, 11/09/2026
| | 3,737,000 | | 3,810,483 |
| Toyota Motor Corp. (Japan) | | | | |
1.34%, 03/25/2026(b)
| | 7,572,000 | | 7,224,408 |
5.28%, 07/13/2026
| | 3,831,000 | | 3,896,002 |
| Toyota Motor Credit Corp. | | | | |
4.80%, 01/05/2026(b)
| | 6,813,000 | | 6,847,530 |
0.80%, 01/09/2026
| | 5,304,000 | | 5,056,201 |
5.20%, 05/15/2026(b)
| | 5,679,000 | | 5,760,652 |
4.45%, 05/18/2026
| | 10,568,000 | | 10,583,533 |
1.13%, 06/18/2026
| | 7,574,000 | | 7,163,622 |
4.55%, 08/07/2026
| | 6,000,000 | | 6,025,626 |
5.00%, 08/14/2026(b)
| | 4,868,000 | | 4,932,197 |
5.40%, 11/20/2026
| | 6,800,000 | | 6,952,013 |
| | | | | 146,208,247 |
| Banks-21.47% |
| Bank of America Corp. | | | | |
4.45%, 03/03/2026(b)
| | 15,027,000 | | 14,981,024 |
3.50%, 04/19/2026
| | 18,767,000 | | 18,481,685 |
4.25%, 10/22/2026(b)
| | 15,145,000 | | 15,068,734 |
Bank of America N.A., 5.53%, 08/18/2026(b)
| | 14,979,000 | | 15,322,581 |
| | Principal
Amount | | Value |
| Banks-(continued) |
| Bank of Montreal (Canada) | | | | |
5.30%, 06/05/2026
| $ | 10,167,000 | | $10,309,971 |
5.27%, 12/11/2026(b)
| | 8,640,000 | | 8,796,891 |
| Bank of Nova Scotia (The) (Canada) | | | | |
4.75%, 02/02/2026
| | 9,471,000 | | 9,497,424 |
1.05%, 03/02/2026(b)
| | 7,140,000 | | 6,783,116 |
1.35%, 06/24/2026(b)
| | 5,681,000 | | 5,380,299 |
1.30%, 09/15/2026(b)
| | 6,755,000 | | 6,353,520 |
5.35%, 12/07/2026
| | 8,706,000 | | 8,881,339 |
Barclays PLC (United Kingdom), 5.20%, 05/12/2026
| | 15,398,000 | | 15,444,538 |
BPCE S.A. (France), 3.38%, 12/02/2026
| | 4,618,000 | | 4,515,489 |
Canadian Imperial Bank of Commerce (Canada), 5.93%, 10/02/2026
| | 6,364,000 | | 6,544,030 |
| Citibank N.A. | | | | |
5.44%, 04/30/2026
| | 15,127,000 | | 15,352,135 |
4.93%, 08/06/2026(b)
| | 11,500,000 | | 11,602,898 |
5.49%, 12/04/2026(b)
| | 15,152,000 | | 15,496,606 |
| Citigroup, Inc. | | | | |
3.70%, 01/12/2026
| | 15,063,000 | | 14,871,517 |
4.60%, 03/09/2026
| | 11,365,000 | | 11,341,418 |
3.40%, 05/01/2026(b)
| | 15,152,000 | | 14,879,659 |
3.20%, 10/21/2026
| | 22,588,000 | | 21,985,005 |
4.30%, 11/20/2026
| | 7,501,000 | | 7,455,153 |
| Cooperatieve Rabobank U.A. (Netherlands) | | | | |
4.85%, 01/09/2026
| | 7,510,000 | | 7,546,489 |
3.75%, 07/21/2026
| | 11,531,000 | | 11,289,955 |
5.50%, 10/05/2026(b)
| | 5,260,000 | | 5,379,167 |
Fifth Third Bank N.A., 3.85%, 03/15/2026
| | 5,615,000 | | 5,520,658 |
| HSBC Holdings PLC (United Kingdom) | | | | |
4.30%, 03/08/2026
| | 13,255,000 | | 13,183,097 |
4.38%, 11/23/2026
| | 11,360,000 | | 11,248,803 |
| JPMorgan Chase & Co. | | | | |
3.30%, 04/01/2026
| | 18,826,000 | | 18,489,533 |
3.20%, 06/15/2026
| | 13,149,000 | | 12,865,864 |
2.95%, 10/01/2026
| | 22,533,000 | | 21,916,484 |
7.63%, 10/15/2026
| | 3,752,000 | | 3,986,889 |
4.13%, 12/15/2026
| | 15,148,000 | | 15,051,372 |
JPMorgan Chase Bank N.A., 5.11%, 12/08/2026(b)
| | 20,657,000 | | 21,012,026 |
| KeyBank N.A. | | | | |
4.70%, 01/26/2026
| | 3,758,000 | | 3,743,335 |
3.40%, 05/20/2026(b)
| | 4,475,000 | | 4,340,731 |
Lloyds Banking Group PLC (United Kingdom), 4.65%, 03/24/2026
| | 11,269,000 | | 11,201,949 |
Manufacturers & Traders Trust Co., 4.65%, 01/27/2026
| | 9,770,000 | | 9,712,951 |
| Mitsubishi UFJ Financial Group, Inc. (Japan) | | | | |
3.85%, 03/01/2026
| | 17,845,000 | | 17,641,449 |
2.76%, 09/13/2026(b)
| | 7,515,000 | | 7,258,850 |
Mizuho Financial Group, Inc. (Japan), 2.84%, 09/13/2026(b)
| | 7,454,000 | | 7,209,600 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)—(continued)
August 31, 2024
| | Principal
Amount | | Value |
| Banks-(continued) |
| Morgan Stanley Bank N.A. | | | | |
4.75%, 04/21/2026
| $ | 11,232,000 | | $11,281,059 |
5.88%, 10/30/2026
| | 12,498,000 | | 12,880,754 |
NatWest Group PLC (United Kingdom), 4.80%, 04/05/2026
| | 11,269,000 | | 11,272,158 |
PNC Financial Services Group, Inc. (The), 1.15%, 08/13/2026
| | 5,260,000 | | 4,937,583 |
| Royal Bank of Canada (Canada) | | | | |
4.88%, 01/12/2026(b)
| | 7,513,000 | | 7,553,091 |
1.15%, 07/14/2026(b)
| | 5,621,000 | | 5,296,950 |
5.20%, 07/20/2026(b)
| | 7,454,000 | | 7,565,964 |
| Sumitomo Mitsui Financial Group, Inc. (Japan) | | | | |
0.95%, 01/12/2026(b)
| | 7,515,000 | | 7,145,022 |
5.46%, 01/13/2026
| | 13,480,000 | | 13,607,801 |
3.78%, 03/09/2026(b)
| | 11,264,000 | | 11,123,675 |
5.88%, 07/13/2026(b)
| | 6,468,000 | | 6,614,729 |
2.63%, 07/14/2026(b)
| | 16,907,000 | | 16,339,525 |
1.40%, 09/17/2026(b)
| | 15,004,000 | | 14,075,489 |
3.01%, 10/19/2026(b)
| | 11,268,000 | | 10,919,547 |
| Toronto-Dominion Bank (The) (Canada) | | | | |
5.10%, 01/09/2026
| | 5,682,000 | | 5,721,923 |
5.53%, 07/17/2026(b)
| | 13,520,000 | | 13,777,757 |
5.26%, 12/11/2026(b)
| | 3,750,000 | | 3,817,872 |
| Truist Bank | | | | |
3.30%, 05/15/2026
| | 5,633,000 | | 5,499,126 |
3.80%, 10/30/2026
| | 6,511,000 | | 6,376,710 |
| U.S. Bancorp | | | | |
Series V, 2.38%, 07/22/2026(b)
| | 10,144,000 | | 9,801,111 |
Series W, 3.10%, 04/27/2026(b)
| | 7,485,000 | | 7,303,467 |
| UBS AG (Switzerland) | | | | |
1.25%, 06/01/2026(b)
| | 7,311,000 | | 6,914,623 |
1.25%, 08/07/2026
| | 12,416,000 | | 11,688,898 |
| Wells Fargo & Co. | | | | |
3.00%, 04/22/2026
| | 26,344,000 | | 25,721,401 |
4.10%, 06/03/2026
| | 18,349,000 | | 18,178,698 |
3.00%, 10/23/2026
| | 26,388,000 | | 25,633,488 |
| Wells Fargo Bank N.A. | | | | |
4.81%, 01/15/2026
| | 13,635,000 | | 13,688,286 |
5.45%, 08/07/2026(b)
| | 16,525,000 | | 16,837,508 |
5.25%, 12/11/2026(b)
| | 17,046,000 | | 17,378,800 |
| | | | | 796,897,249 |
| Beverages-1.37% |
| Constellation Brands, Inc. | | | | |
5.00%, 02/02/2026(b)
| | 3,752,000 | | 3,752,223 |
3.70%, 12/06/2026
| | 4,503,000 | | 4,423,553 |
Diageo Capital PLC (United Kingdom), 5.38%, 10/05/2026(b)
| | 6,057,000 | | 6,172,140 |
Molson Coors Beverage Co., 3.00%, 07/15/2026
| | 15,024,000 | | 14,619,059 |
| PepsiCo, Inc. | | | | |
4.55%, 02/13/2026(b)
| | 3,760,000 | | 3,775,451 |
2.85%, 02/24/2026
| | 5,627,000 | | 5,519,082 |
2.38%, 10/06/2026(b)
| | 7,496,000 | | 7,241,460 |
5.13%, 11/10/2026(b)
| | 5,260,000 | | 5,364,379 |
| | | | | 50,867,347 |
| | Principal
Amount | | Value |
| Biotechnology-2.84% |
| AbbVie, Inc. | | | | |
3.20%, 05/14/2026(b)
| $ | 15,027,000 | | $14,740,563 |
2.95%, 11/21/2026
| | 29,980,000 | | 29,142,868 |
| Amgen, Inc. | | | | |
5.51%, 03/02/2026
| | 10,900,000 | | 10,901,745 |
2.60%, 08/19/2026
| | 9,391,000 | | 9,065,350 |
Gilead Sciences, Inc., 3.65%, 03/01/2026
| | 20,656,000 | | 20,386,681 |
Shire Acquisitions Investments Ireland DAC, 3.20%, 09/23/2026(b)
| | 21,813,000 | | 21,340,096 |
| | | | | 105,577,303 |
| Broadline Retail-0.68% |
Amazon.com, Inc., 1.00%, 05/12/2026(b)
| | 20,858,000 | | 19,796,371 |
eBay, Inc., 1.40%, 05/10/2026(b)
| | 5,678,000 | | 5,384,210 |
| | | | | 25,180,581 |
| Building Products-0.10% |
Johnson Controls International PLC, 3.90%, 02/14/2026
| | 3,673,000 | | 3,632,170 |
| Capital Markets-6.81% |
Ameriprise Financial, Inc., 2.88%, 09/15/2026
| | 3,901,000 | | 3,785,441 |
| Ares Capital Corp. | | | | |
3.88%, 01/15/2026(b)
| | 8,715,000 | | 8,551,596 |
2.15%, 07/15/2026
| | 7,533,000 | | 7,107,732 |
| Bank of New York Mellon Corp. (The) | | | | |
0.75%, 01/28/2026(b)
| | 5,240,000 | | 4,980,879 |
2.80%, 05/04/2026
| | 5,684,000 | | 5,540,551 |
2.45%, 08/17/2026
| | 5,682,000 | | 5,482,032 |
1.05%, 10/15/2026
| | 3,753,000 | | 3,509,056 |
| Blackstone Secured Lending Fund | | | | |
3.63%, 01/15/2026(b)
| | 6,044,000 | | 5,896,294 |
2.75%, 09/16/2026(b)
| | 5,285,000 | | 5,017,190 |
| Blue Owl Capital Corp. | | | | |
4.25%, 01/15/2026(b)
| | 3,800,000 | | 3,750,571 |
3.40%, 07/15/2026
| | 7,508,000 | | 7,233,758 |
Brookfield Finance, Inc. (Canada), 4.25%, 06/02/2026(b)
| | 3,817,000 | | 3,786,983 |
| Charles Schwab Corp. (The) | | | | |
0.90%, 03/11/2026(b)
| | 9,500,000 | | 8,981,328 |
1.15%, 05/13/2026(b)
| | 7,603,000 | | 7,186,575 |
5.88%, 08/24/2026
| | 7,600,000 | | 7,790,556 |
Deutsche Bank AG (Germany), 1.69%, 03/19/2026(b)
| | 6,008,000 | | 5,753,400 |
FS KKR Capital Corp., 3.40%, 01/15/2026(b)
| | 7,605,000 | | 7,387,277 |
Goldman Sachs BDC, Inc., 2.88%, 01/15/2026
| | 3,753,000 | | 3,654,520 |
| Goldman Sachs Group, Inc. (The) | | | | |
3.75%, 02/25/2026(b)
| | 13,254,000 | | 13,107,220 |
3.50%, 11/16/2026
| | 20,709,000 | | 20,253,003 |
| Morgan Stanley | | | | |
3.88%, 01/27/2026
| | 22,725,000 | | 22,489,757 |
3.13%, 07/27/2026
| | 22,725,000 | | 22,164,618 |
6.25%, 08/09/2026
| | 5,476,000 | | 5,653,313 |
4.35%, 09/08/2026
| | 17,043,000 | | 16,955,202 |
Nasdaq, Inc., 3.85%, 06/30/2026
| | 3,850,000 | | 3,810,321 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)—(continued)
August 31, 2024
| | Principal
Amount | | Value |
| Capital Markets-(continued) |
| Nomura Holdings, Inc. (Japan) | | | | |
5.71%, 01/09/2026
| $ | 4,600,000 | | $4,644,199 |
1.65%, 07/14/2026
| | 9,498,000 | | 8,963,921 |
| State Street Corp. | | | | |
2.65%, 05/19/2026(b)
| | 5,651,000 | | 5,491,843 |
5.27%, 08/03/2026
| | 9,038,000 | | 9,183,350 |
UBS Group AG (Switzerland), 4.55%, 04/17/2026
| | 14,889,000 | | 14,845,642 |
| | | | | 252,958,128 |
| Chemicals-0.90% |
Ecolab, Inc., 2.70%, 11/01/2026(b)
| | 5,702,000 | | 5,511,437 |
EIDP, Inc., 4.50%, 05/15/2026
| | 4,605,000 | | 4,612,212 |
| FMC Corp. | | | | |
5.15%, 05/18/2026
| | 3,800,000 | | 3,824,525 |
3.20%, 10/01/2026(b)
| | 3,782,000 | | 3,669,192 |
Linde, Inc., 3.20%, 01/30/2026
| | 5,464,000 | | 5,373,492 |
PPG Industries, Inc., 1.20%, 03/15/2026
| | 5,244,000 | | 4,975,759 |
Westlake Corp., 3.60%, 08/15/2026(b)
| | 5,668,000 | | 5,557,417 |
| | | | | 33,524,034 |
| Commercial Services & Supplies-0.10% |
Republic Services, Inc., 2.90%, 07/01/2026(b)
| | 3,771,000 | | 3,669,419 |
| Communications Equipment-0.65% |
| Cisco Systems, Inc. | | | | |
4.90%, 02/26/2026
| | 7,573,000 | | 7,647,395 |
2.95%, 02/28/2026
| | 5,651,000 | | 5,542,040 |
2.50%, 09/20/2026
| | 11,336,300 | | 10,980,327 |
| | | | | 24,169,762 |
| Consumer Finance-2.33% |
| American Express Co. | | | | |
4.90%, 02/13/2026
| | 9,011,000 | | 9,050,860 |
1.65%, 11/04/2026(b)
| | 8,262,000 | | 7,789,968 |
Capital One Financial Corp., 3.75%, 07/28/2026
| | 11,512,000 | | 11,283,235 |
Discover Bank, 3.45%, 07/27/2026
| | 7,487,000 | | 7,277,274 |
| General Motors Financial Co., Inc. | | | | |
1.25%, 01/08/2026(b)
| | 11,366,000 | | 10,848,659 |
5.25%, 03/01/2026
| | 9,399,000 | | 9,443,812 |
5.40%, 04/06/2026
| | 12,398,000 | | 12,516,416 |
1.50%, 06/10/2026(b)
| | 9,388,000 | | 8,875,568 |
4.00%, 10/06/2026(b)
| | 5,633,000 | | 5,557,575 |
Synchrony Financial, 3.70%, 08/04/2026(b)
| | 3,787,000 | | 3,702,049 |
| | | | | 86,345,416 |
| Consumer Staples Distribution & Retail-1.04% |
| Kroger Co. (The) | | | | |
3.50%, 02/01/2026
| | 3,753,000 | | 3,692,485 |
2.65%, 10/15/2026
| | 5,624,000 | | 5,413,281 |
Sysco Corp., 3.30%, 07/15/2026
| | 7,500,000 | | 7,338,431 |
Target Corp., 2.50%, 04/15/2026(b)
| | 7,574,000 | | 7,405,067 |
Walgreens Boots Alliance, Inc., 3.45%, 06/01/2026(b)
| | 351,000 | | 334,280 |
| Walmart, Inc. | | | | |
4.00%, 04/15/2026(b)
| | 5,617,000 | | 5,603,857 |
1.05%, 09/17/2026(b)
| | 9,389,000 | | 8,846,467 |
| | | | | 38,633,868 |
| | Principal
Amount | | Value |
| Containers & Packaging-0.30% |
Berry Global, Inc., 1.57%, 01/15/2026
| $ | 11,555,000 | | $ 11,051,913 |
| Diversified Telecommunication Services-1.68% |
| AT&T, Inc. | | | | |
5.54%, 02/20/2026
| | 13,171,000 | | 13,173,517 |
1.70%, 03/25/2026
| | 22,726,000 | | 21,734,351 |
| Verizon Communications, Inc. | | | | |
1.45%, 03/20/2026
| | 14,394,000 | | 13,725,827 |
2.63%, 08/15/2026
| | 14,048,000 | | 13,580,235 |
| | | | | 62,213,930 |
| Electric Utilities-3.38% |
Cleco Corporate Holdings LLC, 3.74%, 05/01/2026
| | 4,056,000 | | 3,975,081 |
Commonwealth Edison Co., 2.55%, 06/15/2026(b)
| | 3,790,000 | | 3,673,018 |
Duke Energy Carolinas LLC, 2.95%, 12/01/2026
| | 4,530,000 | | 4,397,781 |
Duke Energy Corp., 2.65%, 09/01/2026
| | 11,364,000 | | 10,964,960 |
Emera US Finance L.P. (Canada), 3.55%, 06/15/2026
| | 5,617,000 | | 5,472,513 |
Entergy Arkansas LLC, 3.50%, 04/01/2026
| | 4,545,000 | | 4,481,811 |
Entergy Corp., 2.95%, 09/01/2026
| | 5,664,000 | | 5,491,461 |
Exelon Corp., 3.40%, 04/15/2026
| | 5,652,000 | | 5,549,912 |
Florida Power & Light Co., 4.45%, 05/15/2026
| | 3,803,000 | | 3,812,013 |
Fortis, Inc. (Canada), 3.06%, 10/04/2026
| | 8,434,000 | | 8,137,346 |
| National Rural Utilities Cooperative Finance Corp. | | | | |
4.45%, 03/13/2026(b)
| | 4,547,000 | | 4,547,111 |
1.00%, 06/15/2026
| | 4,498,000 | | 4,231,279 |
NextEra Energy Capital Holdings, Inc., 4.95%, 01/29/2026
| | 7,534,000 | | 7,570,274 |
Pacific Gas and Electric Co., 3.15%, 01/01/2026
| | 14,781,575 | | 14,435,792 |
PPL Capital Funding, Inc., 3.10%, 05/15/2026(b)
| | 4,900,000 | | 4,772,616 |
San Diego Gas & Electric Co., 2.50%, 05/15/2026(b)
| | 3,772,000 | | 3,667,523 |
Southern California Edison Co., 5.35%, 03/01/2026(b)
| | 4,533,000 | | 4,588,743 |
Southern Co. (The), 3.25%, 07/01/2026
| | 13,175,000 | | 12,865,251 |
Southwestern Electric Power Co., Series N, 1.65%, 03/15/2026
| | 3,785,000 | | 3,623,017 |
Virginia Electric & Power Co., Series A, 3.15%, 01/15/2026
| | 5,682,000 | | 5,573,046 |
Xcel Energy, Inc., 3.35%, 12/01/2026(b)
| | 3,799,000 | | 3,696,177 |
| | | | | 125,526,725 |
| Electrical Equipment-0.37% |
Emerson Electric Co., 0.88%, 10/15/2026
| | 5,671,000 | | 5,288,780 |
Regal Rexnord Corp., 6.05%, 02/15/2026
| | 8,320,000 | | 8,426,553 |
| | | | | 13,715,333 |
| Electronic Equipment, Instruments & Components-0.73% |
Avnet, Inc., 4.63%, 04/15/2026(b)
| | 4,131,000 | | 4,108,071 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)—(continued)
August 31, 2024
| | Principal
Amount | | Value |
| Electronic Equipment, Instruments & Components-(continued) |
CDW LLC/CDW Finance Corp., 2.67%, 12/01/2026
| $ | 7,560,000 | | $ 7,217,999 |
Jabil, Inc., 1.70%, 04/15/2026
| | 3,781,000 | | 3,595,066 |
TD SYNNEX Corp., 1.75%, 08/09/2026(b)
| | 5,234,000 | | 4,932,771 |
Tyco Electronics Group S.A., 4.50%, 02/13/2026
| | 3,777,000 | | 3,785,224 |
Vontier Corp., 1.80%, 04/01/2026
| | 3,773,000 | | 3,591,578 |
| | | | | 27,230,709 |
| Energy Equipment & Services-0.12% |
Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc., 2.06%, 12/15/2026(b)
| | 4,522,000 | | 4,299,150 |
| Entertainment-1.31% |
Netflix, Inc., 4.38%, 11/15/2026
| | 7,509,000 | | 7,514,167 |
Take-Two Interactive Software, Inc., 5.00%, 03/28/2026(b)
| | 4,121,000 | | 4,141,766 |
| TWDC Enterprises 18 Corp. | | | | |
3.00%, 02/13/2026
| | 7,512,000 | | 7,354,505 |
1.85%, 07/30/2026(b)
| | 7,513,000 | | 7,181,874 |
Walt Disney Co. (The), 1.75%, 01/13/2026(b)
| | 11,360,000 | | 10,964,244 |
Warnermedia Holdings, Inc., 6.41%, 03/15/2026
| | 11,360,000 | | 11,364,342 |
| | | | | 48,520,898 |
| Financial Services-3.27% |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland) | | | | |
1.75%, 01/30/2026
| | 7,556,000 | | 7,236,258 |
2.45%, 10/29/2026(b)
| | 28,330,000 | | 27,006,624 |
Berkshire Hathaway, Inc., 3.13%, 03/15/2026(b)
| | 18,941,000 | | 18,679,834 |
Blackstone Private Credit Fund, 2.63%, 12/15/2026(b)
| | 9,324,000 | | 8,752,414 |
Fidelity National Information Services, Inc., 1.15%, 03/01/2026
| | 9,442,000 | | 8,962,874 |
Fiserv, Inc., 3.20%, 07/01/2026
| | 15,224,000 | | 14,870,292 |
| Global Payments, Inc. | | | | |
1.20%, 03/01/2026(b)
| | 8,331,000 | | 7,903,041 |
4.80%, 04/01/2026
| | 5,665,000 | | 5,653,538 |
Mastercard, Inc., 2.95%, 11/21/2026
| | 5,665,000 | | 5,518,118 |
PayPal Holdings, Inc., 2.65%, 10/01/2026(b)
| | 9,414,000 | | 9,097,860 |
Voya Financial, Inc., 3.65%, 06/15/2026
| | 3,364,000 | | 3,306,872 |
Western Union Co. (The), 1.35%, 03/15/2026
| | 4,529,000 | | 4,294,412 |
| | | | | 121,282,137 |
| Food Products-1.24% |
Archer-Daniels-Midland Co., 2.50%, 08/11/2026
| | 7,496,000 | | 7,237,569 |
Bunge Ltd. Finance Corp., 3.25%, 08/15/2026
| | 5,245,000 | | 5,114,889 |
Conagra Brands, Inc., 5.30%, 10/01/2026
| | 3,753,000 | | 3,806,214 |
Hershey Co. (The), 2.30%, 08/15/2026
| | 3,746,000 | | 3,611,014 |
Ingredion, Inc., 3.20%, 10/01/2026
| | 3,753,000 | | 3,653,980 |
Kellanova, 3.25%, 04/01/2026
| | 5,621,000 | | 5,510,840 |
| | Principal
Amount | | Value |
| Food Products-(continued) |
Kraft Heinz Foods Co. (The), 3.00%, 06/01/2026
| $ | 14,083,000 | | $ 13,719,353 |
McCormick & Co., Inc., 0.90%, 02/15/2026
| | 3,745,000 | | 3,548,526 |
| | | | | 46,202,385 |
| Gas Utilities-0.20% |
National Fuel Gas Co., 5.50%, 01/15/2026
| | 3,798,000 | | 3,823,441 |
Southern California Gas Co., Series TT, 2.60%, 06/15/2026
| | 3,850,000 | | 3,728,044 |
| | | | | 7,551,485 |
| Ground Transportation-0.78% |
Canadian National Railway Co. (Canada), 2.75%, 03/01/2026(b)
| | 3,800,000 | | 3,710,626 |
Canadian Pacific Railway Co. (Canada), 1.75%, 12/02/2026(b)
| | 7,576,000 | | 7,150,840 |
CSX Corp., 2.60%, 11/01/2026
| | 5,303,000 | | 5,119,357 |
Norfolk Southern Corp., 2.90%, 06/15/2026(b)
| | 4,506,000 | | 4,384,016 |
| Union Pacific Corp. | | | | |
4.75%, 02/21/2026
| | 3,797,000 | | 3,815,344 |
2.75%, 03/01/2026
| | 4,899,000 | | 4,779,678 |
| | | | | 28,959,861 |
| Health Care Equipment & Supplies-0.68% |
Abbott Laboratories, 3.75%, 11/30/2026
| | 12,771,000 | | 12,661,144 |
Baxter International, Inc., 2.60%, 08/15/2026
| | 5,451,000 | | 5,250,946 |
Stryker Corp., 3.50%, 03/15/2026
| | 7,499,000 | | 7,376,591 |
| | | | | 25,288,681 |
| Health Care Providers & Services-3.43% |
| Cigna Group (The) | | | | |
4.50%, 02/25/2026
| | 7,880,000 | | 7,869,359 |
1.25%, 03/15/2026(b)
| | 4,751,000 | | 4,516,435 |
5.69%, 03/15/2026
| | 5,041,000 | | 5,042,578 |
| CVS Health Corp. | | | | |
5.00%, 02/20/2026
| | 11,265,000 | | 11,300,928 |
2.88%, 06/01/2026(b)
| | 13,151,000 | | 12,758,198 |
| Elevance Health, Inc. | | | | |
4.90%, 02/08/2026
| | 3,782,000 | | 3,779,430 |
1.50%, 03/15/2026(b)
| | 5,652,000 | | 5,399,447 |
| HCA, Inc. | | | | |
5.88%, 02/15/2026
| | 11,272,500 | | 11,367,803 |
5.25%, 06/15/2026
| | 11,269,000 | | 11,311,757 |
5.38%, 09/01/2026
| | 7,511,000 | | 7,564,519 |
Humana, Inc., 5.70%, 03/13/2026
| | 3,760,000 | | 3,760,155 |
Laboratory Corp. of America Holdings, 1.55%, 06/01/2026
| | 3,750,000 | | 3,555,791 |
| McKesson Corp. | | | | |
5.25%, 02/15/2026
| | 3,595,000 | | 3,591,807 |
1.30%, 08/15/2026(b)
| | 3,745,000 | | 3,524,987 |
Quest Diagnostics, Inc., 3.45%, 06/01/2026
| | 3,750,000 | | 3,674,422 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)—(continued)
August 31, 2024
| | Principal
Amount | | Value |
| Health Care Providers & Services-(continued) |
| UnitedHealth Group, Inc. | | | | |
1.25%, 01/15/2026(b)
| $ | 3,787,000 | | $3,632,820 |
3.10%, 03/15/2026
| | 7,534,000 | | 7,402,151 |
1.15%, 05/15/2026(b)
| | 7,605,000 | | 7,219,196 |
4.75%, 07/15/2026
| | 4,920,000 | | 4,971,572 |
Universal Health Services, Inc., 1.65%, 09/01/2026(b)
| | 5,248,000 | | 4,929,897 |
| | | | | 127,173,252 |
| Health Care REITs-0.59% |
Healthpeak OP LLC, 3.25%, 07/15/2026
| | 4,909,000 | | 4,792,944 |
Omega Healthcare Investors, Inc., 5.25%, 01/15/2026
| | 4,500,000 | | 4,501,639 |
Sabra Health Care L.P., 5.13%, 08/15/2026
| | 3,740,000 | | 3,750,057 |
Ventas Realty L.P., 4.13%, 01/15/2026
| | 3,799,000 | | 3,760,432 |
Welltower OP LLC, 4.25%, 04/01/2026
| | 5,284,000 | | 5,250,268 |
| | | | | 22,055,340 |
| Hotels, Restaurants & Leisure-1.15% |
Booking Holdings, Inc., 3.60%, 06/01/2026
| | 7,518,000 | | 7,420,945 |
Expedia Group, Inc., 5.00%, 02/15/2026(b)
| | 5,682,000 | | 5,696,346 |
Marriott International, Inc., Series R, 3.13%, 06/15/2026
| | 5,621,000 | | 5,475,730 |
McDonald’s Corp., 3.70%, 01/30/2026
| | 13,146,000 | | 12,999,050 |
| Starbucks Corp. | | | | |
4.75%, 02/15/2026(b)
| | 7,490,000 | | 7,508,823 |
2.45%, 06/15/2026
| | 3,743,000 | | 3,619,173 |
| | | | | 42,720,067 |
| Household Durables-0.11% |
DR Horton, Inc., 1.30%, 10/15/2026
| | 4,493,000 | | 4,208,967 |
| Household Products-0.72% |
Colgate-Palmolive Co., 4.80%, 03/02/2026(b)
| | 3,754,000 | | 3,788,665 |
| Procter & Gamble Co. (The) | | | | |
4.10%, 01/26/2026(b)
| | 4,879,000 | | 4,874,961 |
2.70%, 02/02/2026
| | 4,496,000 | | 4,398,357 |
1.00%, 04/23/2026
| | 7,493,000 | | 7,126,100 |
2.45%, 11/03/2026(b)
| | 6,561,000 | | 6,346,553 |
| | | | | 26,534,636 |
| Independent Power and Renewable Electricity Producers-0.16% |
AES Corp. (The), 1.38%, 01/15/2026
| | 6,044,000 | | 5,758,965 |
| Industrial Conglomerates-0.42% |
3M Co., 2.25%, 09/19/2026
| | 4,868,000 | | 4,652,311 |
Honeywell International, Inc., 2.50%, 11/01/2026(b)
| | 11,332,000 | | 10,941,313 |
| | | | | 15,593,624 |
| Insurance-1.36% |
Allstate Corp. (The), 3.28%, 12/15/2026
| | 4,142,000 | | 4,040,756 |
Arch Capital Finance LLC, 4.01%, 12/15/2026
| | 3,776,000 | | 3,727,457 |
Chubb INA Holdings LLC, 3.35%, 05/03/2026
| | 11,362,000 | | 11,163,861 |
| | Principal
Amount | | Value |
| Insurance-(continued) |
CNA Financial Corp., 4.50%, 03/01/2026
| $ | 3,800,000 | | $ 3,789,432 |
Loews Corp., 3.75%, 04/01/2026
| | 3,803,000 | | 3,761,147 |
Manulife Financial Corp. (Canada), 4.15%, 03/04/2026
| | 7,577,000 | | 7,541,988 |
Marsh & McLennan Cos., Inc., 3.75%, 03/14/2026
| | 4,531,000 | | 4,483,763 |
Old Republic International Corp., 3.88%, 08/26/2026
| | 4,146,000 | | 4,078,488 |
Prudential Financial, Inc., 1.50%, 03/10/2026
| | 3,797,000 | | 3,640,063 |
Trinity Acquisition PLC, 4.40%, 03/15/2026(b)
| | 4,122,000 | | 4,096,211 |
| | | | | 50,323,166 |
| Interactive Media & Services-0.39% |
Alphabet, Inc., 2.00%, 08/15/2026(b)
| | 15,149,000 | | 14,577,387 |
| IT Services-0.82% |
CGI, Inc. (Canada), 1.45%, 09/14/2026
| | 4,600,000 | | 4,308,264 |
DXC Technology Co., 1.80%, 09/15/2026(b)
| | 5,249,000 | | 4,932,519 |
| International Business Machines Corp. | | | | |
4.50%, 02/06/2026(b)
| | 6,363,000 | | 6,367,949 |
3.45%, 02/19/2026
| | 10,195,000 | | 10,045,839 |
Kyndryl Holdings, Inc., 2.05%, 10/15/2026
| | 5,025,000 | | 4,722,090 |
| | | | | 30,376,661 |
| Leisure Products-0.13% |
Hasbro, Inc., 3.55%, 11/19/2026
| | 5,061,000 | | 4,924,344 |
| Life Sciences Tools & Services-0.33% |
| Thermo Fisher Scientific, Inc. | | | | |
4.95%, 08/10/2026
| | 4,464,000 | | 4,520,024 |
5.00%, 12/05/2026
| | 7,500,000 | | 7,622,117 |
| | | | | 12,142,141 |
| Machinery-2.65% |
| Caterpillar Financial Services Corp. | | | | |
4.80%, 01/06/2026(b)
| | 6,785,000 | | 6,821,992 |
5.05%, 02/27/2026(b)
| | 6,028,000 | | 6,094,599 |
0.90%, 03/02/2026(b)
| | 5,653,000 | | 5,376,583 |
4.35%, 05/15/2026
| | 9,448,000 | | 9,450,478 |
1.15%, 09/14/2026
| | 3,789,000 | | 3,562,576 |
| CNH Industrial Capital LLC | | | | |
1.88%, 01/15/2026
| | 3,777,000 | | 3,636,856 |
1.45%, 07/15/2026(b)
| | 4,527,000 | | 4,272,794 |
Fortive Corp., 3.15%, 06/15/2026
| | 6,750,000 | | 6,571,860 |
Illinois Tool Works, Inc., 2.65%, 11/15/2026(b)
| | 7,529,000 | | 7,303,026 |
| John Deere Capital Corp. | | | | |
4.80%, 01/09/2026(b)
| | 9,091,000 | | 9,146,551 |
0.70%, 01/15/2026(b)
| | 6,943,000 | | 6,609,572 |
5.05%, 03/03/2026(b)
| | 4,136,000 | | 4,176,625 |
4.75%, 06/08/2026(b)
| | 4,489,000 | | 4,524,478 |
2.65%, 06/10/2026(b)
| | 3,777,000 | | 3,674,186 |
1.05%, 06/17/2026
| | 4,148,000 | | 3,923,005 |
5.15%, 09/08/2026(b)
| | 4,163,000 | | 4,237,210 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)—(continued)
August 31, 2024
| | Principal
Amount | | Value |
| Machinery-(continued) |
Wabtec Corp., 3.45%, 11/15/2026(b)
| $ | 5,616,000 | | $ 5,478,998 |
Xylem, Inc., 3.25%, 11/01/2026(b)
| | 3,756,000 | | 3,655,577 |
| | | | | 98,516,966 |
| Media-1.08% |
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 6.15%, 11/10/2026
| | 8,237,000 | | 8,440,202 |
Comcast Corp., 3.15%, 03/01/2026
| | 16,666,000 | | 16,358,122 |
Discovery Communications LLC, 4.90%, 03/11/2026
| | 4,878,000 | | 4,851,207 |
Omnicom Group, Inc./Omnicom Capital, Inc., 3.60%, 04/15/2026(b)
| | 10,514,000 | | 10,330,631 |
| | | | | 39,980,162 |
| Multi-Utilities-0.99% |
Ameren Corp., 5.70%, 12/01/2026(b)
| | 4,532,000 | | 4,636,840 |
CenterPoint Energy, Inc., 1.45%, 06/01/2026
| | 3,772,000 | | 3,563,314 |
Dominion Energy, Inc., Series A, 1.45%, 04/15/2026(b)
| | 4,261,000 | | 4,048,981 |
DTE Electric Co., 4.85%, 12/01/2026
| | 3,765,000 | | 3,818,447 |
DTE Energy Co., 2.85%, 10/01/2026(b)
| | 4,536,000 | | 4,388,703 |
Sempra, 5.40%, 08/01/2026(b)
| | 4,250,000 | | 4,314,424 |
| WEC Energy Group, Inc. | | | | |
4.75%, 01/09/2026
| | 7,515,000 | | 7,520,234 |
5.60%, 09/12/2026(b)
| | 4,508,000 | | 4,599,254 |
| | | | | 36,890,197 |
| Office REITs-0.39% |
| Boston Properties L.P. | | | | |
3.65%, 02/01/2026
| | 7,535,000 | | 7,372,079 |
2.75%, 10/01/2026
| | 7,533,000 | | 7,178,687 |
| | | | | 14,550,766 |
| Oil, Gas & Consumable Fuels-6.78% |
Boardwalk Pipelines L.P., 5.95%, 06/01/2026
| | 4,141,000 | | 4,208,279 |
Chevron Corp., 2.95%, 05/16/2026
| | 17,042,000 | | 16,690,317 |
Diamondback Energy, Inc., 3.25%, 12/01/2026
| | 5,667,000 | | 5,515,722 |
| Enbridge, Inc. (Canada) | | | | |
1.60%, 10/04/2026
| | 3,780,000 | | 3,562,254 |
5.90%, 11/15/2026
| | 5,631,000 | | 5,789,757 |
4.25%, 12/01/2026
| | 5,684,000 | | 5,648,977 |
| Energy Transfer L.P. | | | | |
4.75%, 01/15/2026
| | 7,552,000 | | 7,537,522 |
3.90%, 07/15/2026
| | 4,159,000 | | 4,099,077 |
6.05%, 12/01/2026
| | 7,571,000 | | 7,801,090 |
| Enterprise Products Operating LLC | | | | |
5.05%, 01/10/2026
| | 5,675,000 | | 5,722,330 |
3.70%, 02/15/2026(b)
| | 6,631,000 | | 6,565,319 |
EOG Resources, Inc., 4.15%, 01/15/2026(b)
| | 5,677,000 | | 5,663,419 |
EQM Midstream Partners L.P., 4.13%, 12/01/2026
| | 3,790,000 | | 3,725,882 |
Equinor ASA (Norway), 1.75%, 01/22/2026
| | 6,000,000 | | 5,787,091 |
| | Principal
Amount | | Value |
| Oil, Gas & Consumable Fuels-(continued) |
| Exxon Mobil Corp. | | | | |
3.04%, 03/01/2026
| $ | 18,934,000 | | $18,603,784 |
2.28%, 08/16/2026
| | 7,573,000 | | 7,313,535 |
HF Sinclair Corp., 5.88%, 04/01/2026(b)
| | 5,976,000 | | 6,040,227 |
Kinder Morgan, Inc., 1.75%, 11/15/2026
| | 3,788,000 | | 3,570,435 |
MPLX L.P., 1.75%, 03/01/2026
| | 11,293,000 | | 10,801,024 |
Occidental Petroleum Corp., 5.55%, 03/15/2026(b)
| | 6,448,000 | | 6,506,322 |
| ONEOK, Inc. | | | | |
5.85%, 01/15/2026
| | 4,548,000 | | 4,608,589 |
5.00%, 03/01/2026
| | 4,913,000 | | 4,923,089 |
5.55%, 11/01/2026
| | 5,671,000 | | 5,778,507 |
Ovintiv, Inc., 5.38%, 01/01/2026
| | 3,468,000 | | 3,480,985 |
Phillips 66, 1.30%, 02/15/2026
| | 3,737,000 | | 3,563,554 |
| Pioneer Natural Resources Co. | | | | |
1.13%, 01/15/2026(b)
| | 5,617,000 | | 5,368,783 |
5.10%, 03/29/2026
| | 8,335,000 | | 8,418,738 |
Plains All American Pipeline L.P./PAA Finance Corp., 4.50%, 12/15/2026
| | 5,812,000 | | 5,785,448 |
Sabine Pass Liquefaction LLC, 5.88%, 06/30/2026
| | 11,359,000 | | 11,512,935 |
| Shell International Finance B.V. | | | | |
2.88%, 05/10/2026(b)
| | 13,260,000 | | 12,969,791 |
2.50%, 09/12/2026(b)
| | 7,560,000 | | 7,303,939 |
Spectra Energy Partners L.P., 3.38%, 10/15/2026
| | 4,530,000 | | 4,417,108 |
| TransCanada PipeLines Ltd. (Canada) | | | | |
4.88%, 01/15/2026(b)
| | 6,410,000 | | 6,418,125 |
6.20%, 03/09/2026(b)
| | 6,399,000 | | 6,399,762 |
Transcontinental Gas Pipe Line Co. LLC, 7.85%, 02/01/2026
| | 7,540,000 | | 7,799,214 |
Valero Energy Corp., 3.40%, 09/15/2026
| | 3,368,000 | | 3,287,706 |
Williams Cos., Inc. (The), 5.40%, 03/02/2026
| | 8,312,000 | | 8,395,018 |
| | | | | 251,583,654 |
| Passenger Airlines-0.17% |
Delta Air Lines, Inc., 7.38%, 01/15/2026(b)
| | 5,987,000 | | 6,132,867 |
| Personal Care Products-0.29% |
Kenvue, Inc., 5.35%, 03/22/2026
| | 5,632,000 | | 5,715,316 |
Unilever Capital Corp. (United Kingdom), 2.00%, 07/28/2026(b)
| | 5,214,000 | | 5,014,600 |
| | | | | 10,729,916 |
| Pharmaceuticals-2.45% |
AstraZeneca Finance LLC (United Kingdom), 1.20%, 05/28/2026(b)
| | 9,376,000 | | 8,899,331 |
AstraZeneca PLC (United Kingdom), 0.70%, 04/08/2026(b)
| | 9,018,000 | | 8,524,703 |
Bristol-Myers Squibb Co., 4.95%, 02/20/2026
| | 7,513,000 | | 7,582,658 |
Eli Lilly and Co., 5.00%, 02/27/2026
| | 5,626,000 | | 5,626,683 |
Johnson & Johnson, 2.45%, 03/01/2026(b)
| | 15,024,000 | | 14,661,637 |
Merck & Co., Inc., 0.75%, 02/24/2026(b)
| | 7,502,000 | | 7,128,915 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)—(continued)
August 31, 2024
| | Principal
Amount | | Value |
| Pharmaceuticals-(continued) |
| Pfizer, Inc. | | | | |
2.75%, 06/03/2026(b)
| $ | 9,395,000 | | $9,149,662 |
3.00%, 12/15/2026(b)
| | 13,146,000 | | 12,817,313 |
Utah Acquisition Sub, Inc., 3.95%, 06/15/2026
| | 16,880,000 | | 16,646,813 |
| | | | | 91,037,715 |
| Professional Services-0.36% |
Broadridge Financial Solutions, Inc., 3.40%, 06/27/2026
| | 3,774,000 | | 3,690,961 |
Concentrix Corp., 6.65%, 08/02/2026(b)
| | 5,989,000 | | 6,157,701 |
Thomson Reuters Corp. (Canada), 3.35%, 05/15/2026
| | 3,758,000 | | 3,675,821 |
| | | | | 13,524,483 |
| Real Estate Management & Development-0.12% |
CBRE Services, Inc., 4.88%, 03/01/2026
| | 4,545,000 | | 4,551,693 |
| Residential REITs-0.20% |
Camden Property Trust, 5.85%, 11/03/2026(b)
| | 3,750,000 | | 3,868,733 |
ERP Operating L.P., 2.85%, 11/01/2026
| | 3,778,000 | | 3,659,770 |
| | | | | 7,528,503 |
| Retail REITs-0.89% |
Brixmor Operating Partnership L.P., 4.13%, 06/15/2026
| | 4,491,000 | | 4,438,982 |
Kimco Realty OP LLC, 2.80%, 10/01/2026
| | 3,805,000 | | 3,668,039 |
| Realty Income Corp. | | | | |
5.05%, 01/13/2026
| | 3,804,000 | | 3,804,243 |
4.88%, 06/01/2026(b)
| | 4,658,000 | | 4,672,713 |
4.13%, 10/15/2026
| | 4,900,000 | | 4,859,971 |
| Simon Property Group L.P. | | | | |
3.30%, 01/15/2026
| | 6,049,000 | | 5,945,630 |
3.25%, 11/30/2026
| | 5,671,000 | | 5,529,792 |
| | | | | 32,919,370 |
| Semiconductors & Semiconductor Equipment-1.17% |
Analog Devices, Inc., 3.50%, 12/05/2026
| | 6,935,000 | | 6,824,097 |
| Intel Corp. | | | | |
4.88%, 02/10/2026(b)
| | 11,367,000 | | 11,353,518 |
2.60%, 05/19/2026(b)
| | 7,560,000 | | 7,267,384 |
Marvell Technology, Inc., 1.65%, 04/15/2026
| | 3,737,000 | | 3,560,530 |
NVIDIA Corp., 3.20%, 09/16/2026(b)
| | 7,575,000 | | 7,444,449 |
Skyworks Solutions, Inc., 1.80%, 06/01/2026
| | 3,761,000 | | 3,568,946 |
Texas Instruments, Inc., 1.13%, 09/15/2026(b)
| | 3,741,000 | | 3,522,072 |
| | | | | 43,540,996 |
| Software-2.59% |
Fortinet, Inc., 1.00%, 03/15/2026
| | 3,751,000 | | 3,550,467 |
Intuit, Inc., 5.25%, 09/15/2026
| | 5,611,000 | | 5,720,086 |
Microsoft Corp., 2.40%, 08/08/2026
| | 30,225,000 | | 29,302,462 |
| Oracle Corp. | | | | |
1.65%, 03/25/2026
| | 20,772,000 | | 19,840,090 |
2.65%, 07/15/2026
| | 22,727,000 | | 21,955,170 |
| | Principal
Amount | | Value |
| Software-(continued) |
Roper Technologies, Inc., 3.80%, 12/15/2026
| $ | 5,274,000 | | $ 5,198,284 |
VMware LLC, 1.40%, 08/15/2026
| | 11,336,000 | | 10,666,024 |
| | | | | 96,232,583 |
| Specialized REITs-1.89% |
| American Tower Corp. | | | | |
4.40%, 02/15/2026
| | 3,759,000 | | 3,739,566 |
1.60%, 04/15/2026(b)
| | 5,299,000 | | 5,035,954 |
1.45%, 09/15/2026
| | 4,490,000 | | 4,213,876 |
3.38%, 10/15/2026
| | 7,512,000 | | 7,324,590 |
| Crown Castle, Inc. | | | | |
4.45%, 02/15/2026
| | 6,821,000 | | 6,790,051 |
3.70%, 06/15/2026
| | 5,610,000 | | 5,509,634 |
1.05%, 07/15/2026(b)
| | 7,571,000 | | 7,102,787 |
Equinix, Inc., 1.45%, 05/15/2026(b)
| | 5,275,000 | | 4,998,992 |
Extra Space Storage L.P., 3.50%, 07/01/2026(b)
| | 4,402,000 | | 4,318,685 |
GLP Capital L.P./GLP Financing II, Inc., 5.38%, 04/15/2026
| | 7,386,000 | | 7,402,486 |
| Public Storage Operating Co. | | | | |
0.88%, 02/15/2026
| | 3,741,000 | | 3,554,450 |
1.50%, 11/09/2026(b)
| | 4,899,000 | | 4,612,264 |
Weyerhaeuser Co., 4.75%, 05/15/2026
| | 5,640,000 | | 5,648,222 |
| | | | | 70,251,557 |
| Specialty Retail-2.80% |
| Dell International LLC/EMC Corp. | | | | |
6.02%, 06/15/2026
| | 18,833,000 | | 19,242,554 |
4.90%, 10/01/2026
| | 12,988,000 | | 13,059,147 |
| Home Depot, Inc. (The) | | | | |
3.00%, 04/01/2026(b)
| | 9,765,000 | | 9,568,940 |
5.15%, 06/25/2026(b)
| | 11,360,000 | | 11,543,998 |
2.13%, 09/15/2026(b)
| | 7,487,000 | | 7,186,705 |
4.95%, 09/30/2026
| | 5,627,500 | | 5,709,796 |
| Lowe’s Cos., Inc. | | | | |
4.80%, 04/01/2026
| | 7,573,000 | | 7,598,574 |
2.50%, 04/15/2026
| | 10,144,000 | | 9,833,548 |
| O’Reilly Automotive, Inc. | | | | |
3.55%, 03/15/2026
| | 3,792,000 | | 3,730,350 |
5.75%, 11/20/2026
| | 5,617,000 | | 5,754,343 |
Ross Stores, Inc., 0.88%, 04/15/2026
| | 3,787,000 | | 3,567,652 |
TJX Cos., Inc. (The), 2.25%, 09/15/2026
| | 7,576,000 | | 7,281,069 |
| | | | | 104,076,676 |
| Technology Hardware, Storage & Peripherals-2.55% |
| Apple, Inc. | | | | |
0.70%, 02/08/2026
| | 18,891,000 | | 17,982,114 |
3.25%, 02/23/2026(b)
| | 24,557,000 | | 24,229,711 |
4.42%, 05/08/2026
| | 7,579,000 | | 7,589,097 |
2.45%, 08/04/2026
| | 17,145,000 | | 16,611,391 |
2.05%, 09/11/2026
| | 15,109,000 | | 14,498,919 |
Hewlett Packard Enterprise Co., 1.75%, 04/01/2026(b)
| | 5,769,000 | | 5,513,097 |
HP, Inc., 1.45%, 06/17/2026(b)
| | 3,917,000 | | 3,711,254 |
IBM International Capital Pte. Ltd., 4.70%, 02/05/2026
| | 4,492,000 | | 4,505,802 |
| | | | | 94,641,385 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)—(continued)
August 31, 2024
| | Principal
Amount | | Value |
| Textiles, Apparel & Luxury Goods-0.35% |
NIKE, Inc., 2.38%, 11/01/2026(b)
| $ | 7,488,000 | | $ 7,204,463 |
Tapestry, Inc., 7.00%, 11/27/2026(b)
| | 5,630,000 | | 5,808,691 |
| | | | | 13,013,154 |
| Tobacco-1.22% |
Altria Group, Inc., 2.63%, 09/16/2026(b)
| | 3,745,000 | | 3,605,632 |
B.A.T Capital Corp. (United Kingdom), 3.22%, 09/06/2026(b)
| | 7,498,000 | | 7,299,554 |
B.A.T. International Finance PLC (United Kingdom), 1.67%, 03/25/2026
| | 11,271,000 | | 10,761,882 |
| Philip Morris International, Inc. | | | | |
4.88%, 02/13/2026(b)
| | 12,771,000 | | 12,839,182 |
2.75%, 02/25/2026
| | 5,627,000 | | 5,484,587 |
0.88%, 05/01/2026
| | 5,580,000 | | 5,260,997 |
| | | | | 45,251,834 |
| Trading Companies & Distributors-0.64% |
| Air Lease Corp. | | | | |
2.88%, 01/15/2026(b)
| | 10,924,000 | | 10,633,266 |
5.30%, 06/25/2026
| | 4,520,000 | | 4,572,422 |
1.88%, 08/15/2026
| | 9,091,000 | | 8,622,407 |
| | | | | 23,828,095 |
| Wireless Telecommunication Services-1.01% |
Rogers Communications, Inc. (Canada), 2.90%, 11/15/2026(b)
| | 3,740,000 | | 3,606,524 |
Sprint LLC, 7.63%, 03/01/2026
| | 11,363,000 | | 11,724,014 |
| T-Mobile USA, Inc. | | | | |
2.25%, 02/15/2026(b)
| | 13,632,000 | | 13,186,590 |
2.63%, 04/15/2026
| | 9,089,000 | | 8,816,880 |
| | | | | 37,334,008 |
Total U.S. Dollar Denominated Bonds & Notes
(Cost $3,685,358,059)
| | 3,674,844,523 |
| | Shares | | Value |
| Money Market Funds-0.10% |
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(c)(d)
(Cost $3,810,675)
| | 3,810,675 | | $ 3,810,675 |
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.09%
(Cost $3,689,168,734)
| | 3,678,655,198 |
Investments Purchased with Cash Collateral
from Securities on Loan |
| Money Market Funds-9.81% |
Invesco Private Government Fund, 5.28%(c)(d)(e)
| | 100,856,094 | | 100,856,094 |
Invesco Private Prime Fund, 5.46%(c)(d)(e)
| | 263,073,597 | | 263,178,826 |
Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $364,017,900)
| | 364,034,920 |
TOTAL INVESTMENTS IN SECURITIES-108.90%
(Cost $4,053,186,634)
| | 4,042,690,118 |
OTHER ASSETS LESS LIABILITIES-(8.90)%
| | (330,528,194) |
NET ASSETS-100.00%
| | $3,712,161,924 |
| Investment Abbreviations: |
| REIT | -Real Estate Investment Trust |
| Notes to Schedule of Investments: |
| (a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
| (b) | All or a portion of this security was out on loan at August 31, 2024. |
| (c) | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024. |
| | Value
August 31, 2023 | | Purchases
at Cost | | Proceeds
from Sales | | Change in
Unrealized
Appreciation | | Realized
Gain | | Value
August 31, 2024 | | Dividend
Income |
| Investments in Affiliated Money Market Funds: | | | | | | | | | | | | | |
| Invesco Government & Agency Portfolio, Institutional Class | $391,146 | | $143,364,952 | | $(139,945,423) | | $- | | $- | | $3,810,675 | | $414,173 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)—(continued)
August 31, 2024
| | Value
August 31, 2023 | | Purchases
at Cost | | Proceeds
from Sales | | Change in
Unrealized
Appreciation | | Realized
Gain | | Value
August 31, 2024 | | Dividend
Income |
| Investments Purchased with Cash Collateral from Securities on Loan: | | | | | | | | | | | | | |
| Invesco Private Government Fund | $59,624,954 | | $434,059,183 | | $(392,828,043) | | $- | | $- | | $100,856,094 | | $3,950,852* |
| Invesco Private Prime Fund | 154,066,675 | | 1,011,953,434 | | (902,891,673) | | 16,102 | | 34,288 | | 263,178,826 | | 10,648,093* |
| Total | $214,082,775 | | $1,589,377,569 | | $(1,435,665,139) | | $16,102 | | $34,288 | | $367,845,595 | | $15,013,118 |
| * | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
| (d) | The rate shown is the 7-day SEC standardized yield as of August 31, 2024. |
| (e) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2027 Corporate Bond ETF (BSCR)
August 31, 2024
Schedule of Investments(a)
| | Principal
Amount | | Value |
| U.S. Dollar Denominated Bonds & Notes-98.95% |
| Aerospace & Defense-1.90% |
Boeing Co. (The), 5.04%, 05/01/2027
| $ | 9,847,000 | | $ 9,862,618 |
| General Dynamics Corp. | | | | |
3.50%, 04/01/2027(b)
| | 3,680,000 | | 3,618,183 |
2.63%, 11/15/2027
| | 2,450,000 | | 2,339,114 |
Howmet Aerospace, Inc., 5.90%, 02/01/2027(b)
| | 3,101,000 | | 3,199,162 |
Huntington Ingalls Industries, Inc., 3.48%, 12/01/2027
| | 2,957,000 | | 2,855,842 |
L3Harris Technologies, Inc., 5.40%, 01/15/2027
| | 6,150,000 | | 6,279,200 |
Lockheed Martin Corp., 5.10%, 11/15/2027(b)
| | 3,690,000 | | 3,794,457 |
Northrop Grumman Corp., 3.20%, 02/01/2027
| | 3,681,000 | | 3,584,194 |
RTX Corp., 3.13%, 05/04/2027
| | 5,415,000 | | 5,240,400 |
| | | | | 40,773,170 |
| Air Freight & Logistics-0.22% |
United Parcel Service, Inc., 3.05%, 11/15/2027(b)
| | 4,920,000 | | 4,747,761 |
| Automobile Components-0.53% |
BorgWarner, Inc., 2.65%, 07/01/2027
| | 5,409,000 | | 5,154,409 |
Lear Corp., 3.80%, 09/15/2027
| | 2,706,000 | | 2,634,231 |
United Rentals (North America), Inc., 3.88%, 11/15/2027(b)
| | 3,695,000 | | 3,569,637 |
| | | | | 11,358,277 |
| Automobiles-4.62% |
| American Honda Finance Corp. | | | | |
2.35%, 01/08/2027
| | 2,451,000 | | 2,342,702 |
4.90%, 03/12/2027(b)
| | 3,443,000 | | 3,492,105 |
4.90%, 07/09/2027
| | 3,450,000 | | 3,502,368 |
| Ford Motor Credit Co. LLC | | | | |
4.27%, 01/09/2027
| | 4,429,000 | | 4,340,874 |
5.80%, 03/05/2027
| | 7,390,000 | | 7,503,203 |
5.85%, 05/17/2027
| | 7,375,000 | | 7,502,018 |
4.95%, 05/28/2027
| | 7,382,000 | | 7,344,286 |
4.13%, 08/17/2027
| | 6,486,000 | | 6,309,758 |
3.82%, 11/02/2027
| | 3,680,000 | | 3,531,087 |
7.35%, 11/04/2027
| | 7,390,000 | | 7,818,682 |
| General Motors Co. | | | | |
4.20%, 10/01/2027
| | 3,686,000 | | 3,634,828 |
6.80%, 10/01/2027
| | 4,927,000 | | 5,205,798 |
Honda Motor Co. Ltd. (Japan), 2.53%, 03/10/2027
| | 4,925,000 | | 4,720,939 |
PACCAR Financial Corp., 5.00%, 05/13/2027
| | 2,460,000 | | 2,515,668 |
| Toyota Motor Credit Corp. | | | | |
3.20%, 01/11/2027
| | 3,693,000 | | 3,608,087 |
1.90%, 01/13/2027
| | 3,693,000 | | 3,499,555 |
3.05%, 03/22/2027(b)
| | 6,887,000 | | 6,697,910 |
1.15%, 08/13/2027
| | 2,943,000 | | 2,696,454 |
4.55%, 09/20/2027(b)
| | 4,921,000 | | 4,962,907 |
5.45%, 11/10/2027(b)
| | 3,442,000 | | 3,561,579 |
Series B, 5.00%, 03/19/2027(b)
| | 4,433,000 | | 4,517,675 |
| | | | | 99,308,483 |
| | Principal
Amount | | Value |
| Banks-12.68% |
| Banco Santander S.A. (Spain) | | | | |
4.25%, 04/11/2027
| $ | 4,921,000 | | $4,863,916 |
5.29%, 08/18/2027(b)
| | 8,621,000 | | 8,769,108 |
| Bank of America Corp. | | | | |
3.25%, 10/21/2027(b)
| | 12,220,000 | | 11,851,094 |
Series L, 4.18%, 11/25/2027
| | 9,836,000 | | 9,740,409 |
| Bank of Montreal (Canada) | | | | |
2.65%, 03/08/2027(b)
| | 6,147,000 | | 5,905,768 |
5.37%, 06/04/2027(b)
| | 3,690,000 | | 3,792,617 |
Series H, 4.70%, 09/14/2027(b)
| | 4,920,000 | | 4,969,897 |
| Bank of Nova Scotia (The) (Canada) | | | | |
1.95%, 02/02/2027
| | 3,682,000 | | 3,479,657 |
2.95%, 03/11/2027
| | 3,432,000 | | 3,317,837 |
5.40%, 06/04/2027
| | 4,183,000 | | 4,291,526 |
| Canadian Imperial Bank of Commerce (Canada) | | | | |
3.45%, 04/07/2027
| | 4,921,000 | | 4,799,877 |
5.24%, 06/28/2027(b)
| | 6,644,000 | | 6,789,829 |
Citigroup, Inc., 4.45%, 09/29/2027
| | 18,958,000 | | 18,871,894 |
Cooperatieve Rabobank U.A. (Netherlands), 5.04%, 03/05/2027
| | 3,197,000 | | 3,252,150 |
Fifth Third Bancorp, 2.55%, 05/05/2027(b)
| | 3,696,000 | | 3,508,321 |
Fifth Third Bank N.A., 2.25%, 02/01/2027
| | 2,944,000 | | 2,788,793 |
HSBC USA, Inc., 5.29%, 03/04/2027
| | 4,927,000 | | 5,021,769 |
| JPMorgan Chase & Co. | | | | |
8.00%, 04/29/2027
| | 2,458,000 | | 2,697,657 |
4.25%, 10/01/2027
| | 7,382,000 | | 7,368,127 |
3.63%, 12/01/2027
| | 5,459,000 | | 5,339,954 |
KeyBank N.A., 5.85%, 11/15/2027(b)
| | 4,928,000 | | 5,072,744 |
KeyCorp, 2.25%, 04/06/2027(b)
| | 3,927,000 | | 3,689,795 |
Lloyds Banking Group PLC (United Kingdom), 3.75%, 01/11/2027(b)
| | 6,150,000 | | 6,033,606 |
Manufacturers and Traders Trust Co., 3.40%, 08/17/2027(b)
| | 2,415,000 | | 2,323,712 |
| Mitsubishi UFJ Financial Group, Inc. (Japan) | | | | |
3.68%, 02/22/2027
| | 4,921,000 | | 4,838,151 |
3.29%, 07/25/2027(b)
| | 4,927,000 | | 4,781,289 |
| Mizuho Financial Group, Inc. (Japan) | | | | |
3.66%, 02/28/2027
| | 2,458,000 | | 2,408,230 |
3.17%, 09/11/2027(b)
| | 5,418,000 | | 5,217,071 |
PNC Bank N.A., 3.10%, 10/25/2027(b)
| | 4,906,000 | | 4,710,476 |
PNC Financial Services Group, Inc. (The), 3.15%, 05/19/2027(b)
| | 3,678,000 | | 3,562,274 |
| Royal Bank of Canada (Canada) | | | | |
4.88%, 01/19/2027(b)
| | 6,153,000 | | 6,226,200 |
2.05%, 01/21/2027(b)
| | 2,428,000 | | 2,307,438 |
3.63%, 05/04/2027(b)
| | 5,905,000 | | 5,809,634 |
4.24%, 08/03/2027(b)
| | 6,154,000 | | 6,155,407 |
6.00%, 11/01/2027(b)
| | 6,644,000 | | 6,965,594 |
Santander Holdings USA, Inc., 4.40%, 07/13/2027
| | 5,164,000 | | 5,103,158 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2027 Corporate Bond ETF (BSCR)—(continued)
August 31, 2024
| | Principal
Amount | | Value |
| Banks-(continued) |
| Sumitomo Mitsui Financial Group, Inc. (Japan) | | | | |
3.45%, 01/11/2027
| $ | 6,144,000 | | $6,004,624 |
2.17%, 01/14/2027
| | 2,458,000 | | 2,329,257 |
3.36%, 07/12/2027(b)
| | 8,604,000 | | 8,353,823 |
3.35%, 10/18/2027(b)
| | 3,695,000 | | 3,566,871 |
| Toronto-Dominion Bank (The) (Canada) | | | | |
1.95%, 01/12/2027(b)
| | 3,679,000 | | 3,490,480 |
2.80%, 03/10/2027(b)
| | 5,418,000 | | 5,212,727 |
4.98%, 04/05/2027(b)
| | 4,181,000 | | 4,239,170 |
4.11%, 06/08/2027
| | 7,387,000 | | 7,323,575 |
4.69%, 09/15/2027
| | 7,381,000 | | 7,439,210 |
Truist Financial Corp., 1.13%, 08/03/2027(b)
| | 3,687,000 | | 3,354,081 |
U.S. Bancorp, Series X, 3.15%, 04/27/2027
| | 6,398,000 | | 6,230,240 |
UBS AG (Switzerland), 5.00%, 07/09/2027
| | 5,870,000 | | 5,953,780 |
Wells Fargo & Co., 4.30%, 07/22/2027
| | 12,307,000 | | 12,261,822 |
| | | | | 272,384,639 |
| Beverages-1.70% |
| Coca-Cola Co. (The) | | | | |
3.38%, 03/25/2027
| | 4,925,000 | | 4,848,533 |
2.90%, 05/25/2027
| | 2,455,000 | | 2,380,259 |
1.45%, 06/01/2027(b)
| | 7,378,000 | | 6,895,304 |
| Constellation Brands, Inc. | | | | |
3.50%, 05/09/2027
| | 2,460,000 | | 2,397,926 |
4.35%, 05/09/2027
| | 2,957,000 | | 2,946,735 |
Diageo Capital PLC (United Kingdom), 5.30%, 10/24/2027
| | 3,694,000 | | 3,797,280 |
Keurig Dr Pepper, Inc., 5.10%, 03/15/2027
| | 3,691,000 | | 3,753,215 |
| PepsiCo, Inc. | | | | |
2.63%, 03/19/2027
| | 2,455,000 | | 2,367,663 |
3.00%, 10/15/2027
| | 7,378,000 | | 7,155,354 |
| | | | | 36,542,269 |
| Biotechnology-1.55% |
AbbVie, Inc., 4.80%, 03/15/2027
| | 11,083,000 | | 11,233,572 |
| Amgen, Inc. | | | | |
2.20%, 02/21/2027
| | 8,477,000 | | 8,043,754 |
3.20%, 11/02/2027
| | 4,924,000 | | 4,757,072 |
| Gilead Sciences, Inc. | | | | |
2.95%, 03/01/2027(b)
| | 6,144,000 | | 5,951,932 |
1.20%, 10/01/2027(b)
| | 3,696,000 | | 3,373,243 |
| | | | | 33,359,573 |
| Broadline Retail-2.15% |
| Amazon.com, Inc. | | | | |
3.30%, 04/13/2027(b)
| | 9,840,000 | | 9,647,949 |
1.20%, 06/03/2027
| | 6,147,000 | | 5,687,708 |
3.15%, 08/22/2027(b)
| | 17,238,000 | | 16,821,834 |
4.55%, 12/01/2027(b)
| | 9,843,000 | | 9,985,571 |
eBay, Inc., 3.60%, 06/05/2027(b)
| | 4,183,000 | | 4,098,885 |
| | | | | 46,241,947 |
| | Principal
Amount | | Value |
| Building Products-0.25% |
Carlisle Cos., Inc., 3.75%, 12/01/2027
| $ | 2,954,000 | | $ 2,883,399 |
Owens Corning, 5.50%, 06/15/2027(b)
| | 2,460,000 | | 2,522,006 |
| | | | | 5,405,405 |
| Capital Markets-5.73% |
| Ares Capital Corp. | | | | |
7.00%, 01/15/2027
| | 4,431,000 | | 4,597,925 |
2.88%, 06/15/2027
| | 2,457,000 | | 2,306,342 |
| Bank of New York Mellon Corp. (The) | | | | |
2.05%, 01/26/2027(b)
| | 4,188,000 | | 3,988,219 |
3.25%, 05/16/2027
| | 3,693,000 | | 3,598,827 |
BlackRock, Inc., 3.20%, 03/15/2027
| | 3,435,000 | | 3,362,585 |
Blackstone Secured Lending Fund, 2.13%, 02/15/2027
| | 3,047,000 | | 2,823,247 |
Blue Owl Capital Corp., 2.63%, 01/15/2027(b)
| | 2,427,000 | | 2,281,343 |
Blue Owl Credit Income Corp., 7.75%, 09/16/2027
| | 2,957,000 | | 3,114,437 |
Cboe Global Markets, Inc., 3.65%, 01/12/2027
| | 3,183,000 | | 3,128,592 |
| Charles Schwab Corp. (The) | | | | |
3.20%, 03/02/2027(b)
| | 3,193,000 | | 3,098,244 |
2.45%, 03/03/2027(b)
| | 7,377,000 | | 7,026,547 |
3.30%, 04/01/2027(b)
| | 3,650,000 | | 3,546,056 |
FactSet Research Systems, Inc., 2.90%, 03/01/2027
| | 2,458,000 | | 2,359,131 |
FS KKR Capital Corp., 3.25%, 07/15/2027
| | 2,463,000 | | 2,312,993 |
| Goldman Sachs Group, Inc. (The) | | | | |
5.95%, 01/15/2027
| | 3,980,000 | | 4,101,301 |
3.85%, 01/26/2027(b)
| | 14,772,000 | | 14,558,357 |
Jefferies Financial Group, Inc., 4.85%, 01/15/2027
| | 3,704,000 | | 3,712,525 |
| Morgan Stanley | | | | |
3.63%, 01/20/2027(b)
| | 14,757,000 | | 14,531,779 |
3.95%, 04/23/2027(b)
| | 9,833,000 | | 9,695,106 |
| Nomura Holdings, Inc. (Japan) | | | | |
2.33%, 01/22/2027
| | 6,151,000 | | 5,813,189 |
5.59%, 07/02/2027
| | 2,460,000 | | 2,515,111 |
5.39%, 07/06/2027
| | 2,458,000 | | 2,501,967 |
Northern Trust Corp., 4.00%, 05/10/2027(b)
| | 4,917,000 | | 4,898,099 |
| S&P Global, Inc. | | | | |
2.95%, 01/22/2027(b)
| | 2,464,000 | | 2,390,047 |
2.45%, 03/01/2027(b)
| | 6,080,000 | | 5,819,218 |
State Street Corp., 4.99%, 03/18/2027
| | 4,920,000 | | 4,999,565 |
| | | | | 123,080,752 |
| Chemicals-1.72% |
Air Products and Chemicals, Inc., 1.85%, 05/15/2027(b)
| | 3,205,000 | | 3,019,767 |
Albemarle Corp., 4.65%, 06/01/2027(b)
| | 3,197,000 | | 3,189,513 |
Celanese US Holdings LLC, 6.17%, 07/15/2027(b)
| | 9,847,000 | | 10,164,428 |
| Ecolab, Inc. | | | | |
1.65%, 02/01/2027
| | 2,463,000 | | 2,319,070 |
3.25%, 12/01/2027(b)
| | 2,455,000 | | 2,381,380 |
LYB International Finance II B.V., 3.50%, 03/02/2027
| | 2,908,000 | | 2,836,881 |
Mosaic Co. (The), 4.05%, 11/15/2027
| | 3,435,000 | | 3,376,204 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2027 Corporate Bond ETF (BSCR)—(continued)
August 31, 2024
| | Principal
Amount | | Value |
| Chemicals-(continued) |
Olin Corp., 5.13%, 09/15/2027
| $ | 2,505,000 | | $ 2,476,706 |
Sherwin-Williams Co. (The), 3.45%, 06/01/2027(b)
| | 7,380,000 | | 7,196,731 |
| | | | | 36,960,680 |
| Commercial Services & Supplies-0.71% |
Cintas Corp. No. 2, 3.70%, 04/01/2027(b)
| | 4,920,000 | | 4,851,026 |
Republic Services, Inc., 3.38%, 11/15/2027
| | 3,205,000 | | 3,116,115 |
| Waste Management, Inc. | | | | |
4.95%, 07/03/2027(b)
| | 3,690,000 | | 3,762,841 |
3.15%, 11/15/2027
| | 3,694,000 | | 3,576,447 |
| | | | | 15,306,429 |
| Communications Equipment-0.58% |
Cisco Systems, Inc., 4.80%, 02/26/2027(b)
| | 9,843,000 | | 10,004,386 |
Nokia OYJ (Finland), 4.38%, 06/12/2027
| | 2,466,000 | | 2,451,480 |
| | | | | 12,455,866 |
| Construction & Engineering-0.14% |
Quanta Services, Inc., 4.75%, 08/09/2027
| | 2,920,000 | | 2,933,821 |
| Construction Materials-0.11% |
Martin Marietta Materials, Inc., 3.50%, 12/15/2027
| | 2,440,000 | | 2,376,321 |
| Consumer Finance-3.99% |
| Ally Financial, Inc. | | | | |
4.75%, 06/09/2027(b)
| | 3,689,000 | | 3,676,958 |
7.10%, 11/15/2027(b)
| | 3,686,000 | | 3,915,717 |
| American Express Co. | | | | |
2.55%, 03/04/2027
| | 8,610,000 | | 8,241,592 |
3.30%, 05/03/2027
| | 8,188,000 | | 7,970,908 |
5.85%, 11/05/2027(b)
| | 7,381,000 | | 7,718,776 |
| Capital One Financial Corp. | | | | |
3.75%, 03/09/2027
| | 6,639,000 | | 6,505,197 |
3.65%, 05/11/2027(b)
| | 4,927,000 | | 4,808,011 |
Discover Financial Services, 4.10%, 02/09/2027(b)
| | 4,924,000 | | 4,840,222 |
| General Motors Financial Co., Inc. | | | | |
4.35%, 01/17/2027(b)
| | 6,153,000 | | 6,101,831 |
2.35%, 02/26/2027(b)
| | 4,923,000 | | 4,661,094 |
5.00%, 04/09/2027(b)
| | 6,158,000 | | 6,212,533 |
5.40%, 05/08/2027(b)
| | 5,901,000 | | 6,010,349 |
5.35%, 07/15/2027(b)
| | 5,410,000 | | 5,508,586 |
2.70%, 08/20/2027
| | 4,413,000 | | 4,185,592 |
Synchrony Financial, 3.95%, 12/01/2027(b)
| | 5,587,000 | | 5,385,311 |
| | | | | 85,742,677 |
| Consumer Staples Distribution & Retail-1.50% |
| Costco Wholesale Corp. | | | | |
3.00%, 05/18/2027(b)
| | 4,928,000 | | 4,814,413 |
1.38%, 06/20/2027
| | 6,149,000 | | 5,723,065 |
| Dollar General Corp. | | | | |
3.88%, 04/15/2027(b)
| | 2,945,000 | | 2,878,319 |
4.63%, 11/01/2027
| | 2,713,000 | | 2,695,631 |
Kroger Co. (The), 3.70%, 08/01/2027
| | 2,943,000 | | 2,884,529 |
| | Principal
Amount | | Value |
| Consumer Staples Distribution & Retail-(continued) |
Sysco Corp., 3.25%, 07/15/2027
| $ | 3,681,000 | | $ 3,561,451 |
Target Corp., 1.95%, 01/15/2027(b)
| | 4,920,000 | | 4,699,029 |
Walmart, Inc., 3.95%, 09/09/2027(b)
| | 4,919,000 | | 4,928,551 |
| | | | | 32,184,988 |
| Containers & Packaging-0.11% |
Packaging Corp. of America, 3.40%, 12/15/2027
| | 2,456,000 | | 2,376,070 |
| Diversified REITs-0.22% |
Digital Realty Trust L.P., 3.70%, 08/15/2027
| | 4,905,000 | | 4,785,816 |
| Diversified Telecommunication Services-2.31% |
| AT&T, Inc. | | | | |
4.25%, 03/01/2027(b)
| | 7,333,000 | | 7,306,706 |
2.30%, 06/01/2027
| | 12,296,000 | | 11,632,018 |
Telefonica Emisiones S.A. (Spain), 4.10%, 03/08/2027(b)
| | 6,150,000 | | 6,084,543 |
| TELUS Corp. (Canada) | | | | |
2.80%, 02/16/2027
| | 2,950,000 | | 2,827,607 |
3.70%, 09/15/2027(b)
| | 2,461,000 | | 2,402,791 |
| Verizon Communications, Inc. | | | | |
4.13%, 03/16/2027
| | 15,986,000 | | 15,862,320 |
3.00%, 03/22/2027(b)
| | 3,678,000 | | 3,558,519 |
| | | | | 49,674,504 |
| Electric Utilities-4.08% |
Alabama Power Co., 3.75%, 09/01/2027
| | 2,711,000 | | 2,676,894 |
| American Electric Power Co., Inc. | | | | |
5.75%, 11/01/2027
| | 2,455,000 | | 2,545,634 |
3.20%, 11/13/2027
| | 2,452,000 | | 2,353,129 |
| Duke Energy Corp. | | | | |
4.85%, 01/05/2027(b)
| | 2,950,000 | | 2,979,748 |
3.15%, 08/15/2027
| | 3,682,000 | | 3,551,351 |
5.00%, 12/08/2027
| | 2,465,000 | | 2,511,793 |
Duke Energy Florida LLC, 3.20%, 01/15/2027(b)
| | 3,203,000 | | 3,125,917 |
Edison International, 5.75%, 06/15/2027(b)
| | 2,950,000 | | 3,023,787 |
| Eversource Energy | | | | |
2.90%, 03/01/2027
| | 3,202,000 | | 3,075,076 |
4.60%, 07/01/2027
| | 2,953,000 | | 2,953,374 |
Exelon Corp., 2.75%, 03/15/2027(b)
| | 3,176,000 | | 3,053,687 |
FirstEnergy Corp., Series B, 3.90%, 07/15/2027
| | 7,379,000 | | 7,244,952 |
Georgia Power Co., 5.00%, 02/23/2027
| | 2,460,000 | | 2,499,172 |
ITC Holdings Corp., 3.35%, 11/15/2027
| | 2,449,000 | | 2,364,056 |
National Rural Utilities Cooperative Finance Corp., 4.80%, 02/05/2027(b)
| | 2,953,000 | | 2,989,622 |
| NextEra Energy Capital Holdings, Inc. | | | | |
1.88%, 01/15/2027(b)
| | 4,921,000 | | 4,638,071 |
3.55%, 05/01/2027
| | 7,325,000 | | 7,156,658 |
4.63%, 07/15/2027(b)
| | 6,154,000 | | 6,197,306 |
Pacific Gas and Electric Co., 2.10%, 08/01/2027(b)
| | 4,920,000 | | 4,574,210 |
| Southern California Edison Co. | | | | |
4.88%, 02/01/2027
| | 2,457,000 | | 2,480,525 |
5.85%, 11/01/2027
| | 3,696,000 | | 3,847,051 |
Series D, 4.70%, 06/01/2027(b)
| | 2,958,000 | | 2,988,960 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2027 Corporate Bond ETF (BSCR)—(continued)
August 31, 2024
| | Principal
Amount | | Value |
| Electric Utilities-(continued) |
| Virginia Electric & Power Co. | | | | |
Series A, 3.50%, 03/15/2027
| $ | 3,679,000 | | $3,604,649 |
Series B, 3.75%, 05/15/2027(b)
| | 2,959,000 | | 2,911,615 |
Xcel Energy, Inc., 1.75%, 03/15/2027(b)
| | 2,449,000 | | 2,285,949 |
| | | | | 87,633,186 |
| Electrical Equipment-0.11% |
Emerson Electric Co., 1.80%, 10/15/2027
| | 2,430,000 | | 2,261,658 |
| Electronic Equipment, Instruments & Components-0.43% |
Eaton Corp., 3.10%, 09/15/2027(b)
| | 3,436,000 | | 3,331,383 |
Jabil, Inc., 4.25%, 05/15/2027
| | 2,461,000 | | 2,434,391 |
Keysight Technologies, Inc., 4.60%, 04/06/2027
| | 3,434,000 | | 3,430,551 |
| | | | | 9,196,325 |
| Energy Equipment & Services-0.30% |
Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc., 3.34%, 12/15/2027
| | 6,629,000 | | 6,432,117 |
| Entertainment-1.35% |
Take-Two Interactive Software, Inc., 3.70%, 04/14/2027(b)
| | 2,944,000 | | 2,887,327 |
TWDC Enterprises 18 Corp., 2.95%, 06/15/2027(b)
| | 4,923,000 | | 4,757,191 |
Walt Disney Co. (The), 3.70%, 03/23/2027
| | 2,461,000 | | 2,431,321 |
Warnermedia Holdings, Inc., 3.76%, 03/15/2027
| | 19,670,000 | | 18,848,435 |
| | | | | 28,924,274 |
| Financial Services-3.49% |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland) | | | | |
6.10%, 01/15/2027(b)
| | 4,430,000 | | 4,561,714 |
6.45%, 04/15/2027
| | 7,906,000 | | 8,228,757 |
3.65%, 07/21/2027
| | 4,853,000 | | 4,724,535 |
4.63%, 10/15/2027(b)
| | 2,957,000 | | 2,952,692 |
BlackRock Funding, Inc., 4.60%, 07/26/2027
| | 1,987,000 | | 2,016,079 |
Blackstone Private Credit Fund, 3.25%, 03/15/2027
| | 4,890,000 | | 4,632,107 |
Corebridge Financial, Inc., 3.65%, 04/05/2027
| | 6,111,000 | | 5,985,272 |
| Fiserv, Inc. | | | | |
5.15%, 03/15/2027
| | 3,690,000 | | 3,753,190 |
2.25%, 06/01/2027
| | 4,925,000 | | 4,648,292 |
| Global Payments, Inc. | | | | |
2.15%, 01/15/2027(b)
| | 3,682,000 | | 3,486,967 |
4.95%, 08/15/2027(b)
| | 2,458,000 | | 2,485,838 |
LPL Holdings, Inc., 5.70%, 05/20/2027
| | 2,460,000 | | 2,504,953 |
Mastercard, Inc., 3.30%, 03/26/2027
| | 4,920,000 | | 4,824,229 |
| ORIX Corp. (Japan) | | | | |
3.70%, 07/18/2027
| | 2,450,000 | | 2,393,305 |
5.00%, 09/13/2027(b)
| | 2,466,000 | | 2,501,162 |
PayPal Holdings, Inc., 3.90%, 06/01/2027(b)
| | 2,457,000 | | 2,438,086 |
| | Principal
Amount | | Value |
| Financial Services-(continued) |
| Visa, Inc. | | | | |
1.90%, 04/15/2027(b)
| $ | 7,375,000 | | $6,991,614 |
0.75%, 08/15/2027(b)
| | 2,456,000 | | 2,248,935 |
2.75%, 09/15/2027(b)
| | 3,675,000 | | 3,538,741 |
| | | | | 74,916,468 |
| Food Products-2.25% |
Bunge Ltd. Finance Corp., 3.75%, 09/25/2027(b)
| | 2,945,000 | | 2,886,656 |
Campbell Soup Co., 5.20%, 03/19/2027(b)
| | 2,460,000 | | 2,512,115 |
Conagra Brands, Inc., 1.38%, 11/01/2027
| | 4,920,000 | | 4,466,354 |
| General Mills, Inc. | | | | |
4.70%, 01/30/2027(b)
| | 2,461,000 | | 2,475,237 |
3.20%, 02/10/2027(b)
| | 3,680,000 | | 3,572,224 |
Hormel Foods Corp., 4.80%, 03/30/2027
| | 2,460,000 | | 2,493,875 |
JBS USA Holding Lux S.a.r.l./JBS USA Food Co./JBS Lux Co. S.a.r.l., 2.50%, 01/15/2027
| | 4,864,000 | | 4,621,396 |
JM Smucker Co. (The), 3.38%, 12/15/2027(b)
| | 2,449,000 | | 2,380,415 |
Kellanova, 3.40%, 11/15/2027
| | 2,958,000 | | 2,871,466 |
Kraft Heinz Foods Co. (The), 3.88%, 05/15/2027(b)
| | 6,638,000 | | 6,547,152 |
McCormick & Co., Inc., 3.40%, 08/15/2027
| | 3,692,000 | | 3,599,331 |
Mondelez International, Inc., 2.63%, 03/17/2027
| | 3,678,000 | | 3,520,572 |
Tyson Foods, Inc., 3.55%, 06/02/2027
| | 6,636,000 | | 6,477,576 |
| | | | | 48,424,369 |
| Gas Utilities-0.27% |
Atmos Energy Corp., 3.00%, 06/15/2027(b)
| | 2,450,000 | | 2,370,190 |
Southern California Gas Co., 2.95%, 04/15/2027(b)
| | 3,451,000 | | 3,329,809 |
| | | | | 5,699,999 |
| Ground Transportation-0.52% |
Burlington Northern Santa Fe LLC, 3.25%, 06/15/2027
| | 2,450,000 | | 2,392,278 |
CSX Corp., 3.25%, 06/01/2027(b)
| | 4,184,000 | | 4,080,231 |
| Union Pacific Corp. | | | | |
2.15%, 02/05/2027
| | 2,454,000 | | 2,336,177 |
3.00%, 04/15/2027
| | 2,464,000 | | 2,388,416 |
| | | | | 11,197,102 |
| Health Care Equipment & Supplies-1.11% |
Baxter International, Inc., 1.92%, 02/01/2027
| | 7,078,000 | | 6,646,146 |
Becton, Dickinson and Co., 3.70%, 06/06/2027
| | 8,485,000 | | 8,316,018 |
GE HealthCare Technologies, Inc., 5.65%, 11/15/2027
| | 8,621,000 | | 8,904,126 |
| | | | | 23,866,290 |
| Health Care Providers & Services-4.60% |
Cardinal Health, Inc., 3.41%, 06/15/2027(b)
| | 6,013,000 | | 5,851,075 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2027 Corporate Bond ETF (BSCR)—(continued)
August 31, 2024
| | Principal
Amount | | Value |
| Health Care Providers & Services-(continued) |
Cencora, Inc., 3.45%, 12/15/2027
| $ | 3,682,000 | | $ 3,570,368 |
Centene Corp., 4.25%, 12/15/2027
| | 11,817,000 | | 11,562,757 |
| Cigna Group (The) | | | | |
3.40%, 03/01/2027
| | 6,522,000 | | 6,358,322 |
3.05%, 10/15/2027(b)
| | 2,686,000 | | 2,583,536 |
CommonSpirit Health, 6.07%, 11/01/2027
| | 2,503,000 | | 2,619,807 |
| CVS Health Corp. | | | | |
3.63%, 04/01/2027(b)
| | 3,696,000 | | 3,618,793 |
1.30%, 08/21/2027
| | 11,067,000 | | 10,098,015 |
Elevance Health, Inc., 3.65%, 12/01/2027(b)
| | 7,873,000 | | 7,704,349 |
| HCA, Inc. | | | | |
4.50%, 02/15/2027
| | 5,903,000 | | 5,881,473 |
3.13%, 03/15/2027
| | 4,919,000 | | 4,745,891 |
| Humana, Inc. | | | | |
1.35%, 02/03/2027(b)
| | 3,394,000 | | 3,144,540 |
3.95%, 03/15/2027
| | 2,656,000 | | 2,616,462 |
Icon Investments Six DAC, 5.81%, 05/08/2027(b)
| | 3,690,000 | | 3,785,475 |
Kaiser Foundation Hospitals, 3.15%, 05/01/2027
| | 2,830,000 | | 2,760,618 |
Laboratory Corp. of America Holdings, 3.60%, 09/01/2027
| | 2,952,000 | | 2,875,499 |
SSM Health Care Corp., Series A, 3.82%, 06/01/2027
| | 2,464,000 | | 2,430,391 |
| UnitedHealth Group, Inc. | | | | |
3.45%, 01/15/2027
| | 3,693,000 | | 3,635,556 |
3.38%, 04/15/2027
| | 3,079,000 | | 3,016,333 |
4.60%, 04/15/2027
| | 2,466,000 | | 2,495,442 |
3.70%, 05/15/2027
| | 2,955,000 | | 2,924,877 |
2.95%, 10/15/2027(b)
| | 4,668,000 | | 4,507,067 |
| | | | | 98,786,646 |
| Health Care REITs-0.38% |
Healthcare Realty Holdings L.P., 3.75%, 07/01/2027
| | 2,458,000 | | 2,392,428 |
Omega Healthcare Investors, Inc., 4.50%, 04/01/2027
| | 3,450,000 | | 3,409,928 |
Welltower OP LLC, 2.70%, 02/15/2027(b)
| | 2,466,000 | | 2,372,754 |
| | | | | 8,175,110 |
| Hotels, Restaurants & Leisure-1.59% |
Darden Restaurants, Inc., 3.85%, 05/01/2027(b)
| | 2,464,000 | | 2,419,066 |
Expedia Group, Inc., 4.63%, 08/01/2027
| | 3,687,000 | | 3,698,246 |
Hyatt Hotels Corp., 5.75%, 01/30/2027
| | 2,955,000 | | 3,013,829 |
Las Vegas Sands Corp., 5.90%, 06/01/2027(b)
| | 3,690,000 | | 3,767,595 |
Marriott International, Inc., 5.00%, 10/15/2027
| | 4,921,000 | | 4,998,971 |
| McDonald’s Corp. | | | | |
3.50%, 03/01/2027(b)
| | 4,172,000 | | 4,091,597 |
3.50%, 07/01/2027
| | 4,919,000 | | 4,814,600 |
| Starbucks Corp. | | | | |
4.85%, 02/08/2027
| | 4,920,000 | | 4,968,626 |
2.00%, 03/12/2027
| | 2,456,000 | | 2,320,313 |
| | | | | 34,092,843 |
| | Principal
Amount | | Value |
| Household Durables-0.38% |
D.R. Horton, Inc., 1.40%, 10/15/2027(b)
| $ | 2,435,000 | | $ 2,226,745 |
Leggett & Platt, Inc., 3.50%, 11/15/2027(b)
| | 2,445,000 | | 2,328,284 |
Lennar Corp., 4.75%, 11/29/2027
| | 3,596,000 | | 3,628,843 |
| | | | | 8,183,872 |
| Household Products-0.73% |
Colgate-Palmolive Co., 3.10%, 08/15/2027(b)
| | 2,456,000 | | 2,398,910 |
Kimberly-Clark Corp., 1.05%, 09/15/2027(b)
| | 2,941,000 | | 2,681,594 |
| Procter & Gamble Co. (The) | | | | |
1.90%, 02/01/2027
| | 4,924,000 | | 4,681,449 |
2.80%, 03/25/2027
| | 2,459,000 | | 2,386,952 |
2.85%, 08/11/2027(b)
| | 3,682,000 | | 3,568,533 |
| | | | | 15,717,438 |
| Independent Power and Renewable Electricity Producers-0.16% |
NSTAR Electric Co., 3.20%, 05/15/2027(b)
| | 3,449,000 | | 3,345,909 |
| Industrial Conglomerates-0.40% |
3M Co., 2.88%, 10/15/2027
| | 4,187,000 | | 4,008,092 |
Honeywell International, Inc., 1.10%, 03/01/2027
| | 4,926,000 | | 4,576,216 |
| | | | | 8,584,308 |
| Insurance-1.45% |
American National Group, Inc., 5.00%, 06/15/2027
| | 2,461,000 | | 2,459,121 |
Aon Corp., 8.21%, 01/01/2027(b)
| | 2,460,000 | | 2,643,543 |
Aon Corp./Aon Global Holdings PLC, 2.85%, 05/28/2027
| | 2,947,000 | | 2,835,547 |
Aon North America, Inc., 5.13%, 03/01/2027
| | 2,950,000 | | 3,004,299 |
Berkshire Hathaway Finance Corp., 2.30%, 03/15/2027
| | 3,682,000 | | 3,534,113 |
Brighthouse Financial, Inc., 3.70%, 06/22/2027
| | 3,710,000 | | 3,590,029 |
CNA Financial Corp., 3.45%, 08/15/2027
| | 2,457,000 | | 2,390,150 |
Manulife Financial Corp. (Canada), 2.48%, 05/19/2027(b)
| | 2,464,000 | | 2,352,144 |
| Progressive Corp. (The) | | | | |
2.45%, 01/15/2027(b)
| | 2,460,000 | | 2,360,751 |
2.50%, 03/15/2027(b)
| | 2,460,000 | | 2,355,132 |
Willis North America, Inc., 4.65%, 06/15/2027
| | 3,688,000 | | 3,695,195 |
| | | | | 31,220,024 |
| Interactive Media & Services-0.81% |
Alphabet, Inc., 0.80%, 08/15/2027
| | 4,921,000 | | 4,513,121 |
Meta Platforms, Inc., 3.50%, 08/15/2027(b)
| | 13,073,000 | | 12,880,827 |
| | | | | 17,393,948 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2027 Corporate Bond ETF (BSCR)—(continued)
August 31, 2024
| | Principal
Amount | | Value |
| IT Services-0.82% |
| International Business Machines Corp. | | | | |
3.30%, 01/27/2027
| $ | 2,463,000 | | $2,407,396 |
2.20%, 02/09/2027
| | 3,188,000 | | 3,030,393 |
1.70%, 05/15/2027(b)
| | 6,150,000 | | 5,739,690 |
4.15%, 07/27/2027
| | 3,694,000 | | 3,682,046 |
VeriSign, Inc., 4.75%, 07/15/2027(b)
| | 2,707,000 | | 2,699,260 |
| | | | | 17,558,785 |
| Leisure Products-0.11% |
Hasbro, Inc., 3.50%, 09/15/2027
| | 2,460,000 | | 2,369,173 |
| Life Sciences Tools & Services-0.26% |
Illumina, Inc., 5.75%, 12/13/2027
| | 2,461,000 | | 2,537,660 |
Thermo Fisher Scientific, Inc., 4.80%, 11/21/2027(b)
| | 2,951,000 | | 3,005,699 |
| | | | | 5,543,359 |
| Machinery-2.66% |
| Caterpillar Financial Services Corp. | | | | |
1.70%, 01/08/2027(b)
| | 2,462,000 | | 2,326,367 |
4.50%, 01/08/2027
| | 2,460,000 | | 2,478,858 |
5.00%, 05/14/2027(b)
| | 4,200,000 | | 4,287,890 |
3.60%, 08/12/2027(b)
| | 3,437,000 | | 3,392,354 |
1.10%, 09/14/2027(b)
| | 3,680,000 | | 3,361,582 |
CNH Industrial N.V., 3.85%, 11/15/2027(b)
| | 2,461,000 | | 2,412,842 |
Ingersoll Rand, Inc., 5.20%, 06/15/2027
| | 3,450,000 | | 3,511,163 |
| John Deere Capital Corp. | | | | |
4.50%, 01/08/2027
| | 3,690,000 | | 3,723,626 |
1.70%, 01/11/2027
| | 2,452,000 | | 2,315,235 |
4.85%, 03/05/2027
| | 2,713,000 | | 2,755,511 |
2.35%, 03/08/2027
| | 2,521,000 | | 2,407,764 |
1.75%, 03/09/2027
| | 2,451,000 | | 2,306,914 |
4.90%, 06/11/2027(b)
| | 3,450,000 | | 3,513,130 |
2.80%, 09/08/2027
| | 2,455,000 | | 2,359,717 |
4.15%, 09/15/2027
| | 4,436,000 | | 4,439,150 |
Otis Worldwide Corp., 2.29%, 04/05/2027
| | 2,496,000 | | 2,365,954 |
| Parker-Hannifin Corp. | | | | |
3.25%, 03/01/2027(b)
| | 3,450,000 | | 3,354,938 |
4.25%, 09/15/2027
| | 5,907,000 | | 5,878,100 |
| | | | | 57,191,095 |
| Media-1.07% |
| Comcast Corp. | | | | |
2.35%, 01/15/2027(b)
| | 6,881,000 | | 6,581,565 |
3.30%, 02/01/2027
| | 6,145,400 | | 6,006,334 |
3.30%, 04/01/2027(b)
| | 3,927,000 | | 3,832,309 |
5.35%, 11/15/2027
| | 3,691,000 | | 3,809,847 |
Paramount Global, 2.90%, 01/15/2027(b)
| | 2,880,000 | | 2,732,947 |
| | | | | 22,963,002 |
| Metals & Mining-0.40% |
ArcelorMittal S.A. (Luxembourg), 6.55%, 11/29/2027(b)
| | 5,905,000 | | 6,229,472 |
Nucor Corp., 4.30%, 05/23/2027(b)
| | 2,466,000 | | 2,465,505 |
| | | | | 8,694,977 |
| Multi-Utilities-1.04% |
Ameren Corp., 1.95%, 03/15/2027
| | 2,458,000 | | 2,304,364 |
| | Principal
Amount | | Value |
| Multi-Utilities-(continued) |
DTE Energy Co., 4.95%, 07/01/2027
| $ | 5,700,000 | | $ 5,762,910 |
NiSource, Inc., 3.49%, 05/15/2027
| | 5,025,000 | | 4,896,468 |
Public Service Enterprise Group, Inc., 5.85%, 11/15/2027(b)
| | 3,442,000 | | 3,577,722 |
Sempra, 3.25%, 06/15/2027(b)
| | 3,680,000 | | 3,559,443 |
WEC Energy Group, Inc., 1.38%, 10/15/2027
| | 2,463,000 | | 2,244,832 |
| | | | | 22,345,739 |
| Office REITs-0.18% |
Boston Properties L.P., 6.75%, 12/01/2027
| | 3,694,000 | | 3,862,317 |
| Oil, Gas & Consumable Fuels-6.13% |
Boardwalk Pipelines L.P., 4.45%, 07/15/2027
| | 2,459,000 | | 2,449,104 |
| BP Capital Markets America, Inc. | | | | |
3.54%, 04/06/2027
| | 2,452,000 | | 2,407,493 |
5.02%, 11/17/2027
| | 3,689,000 | | 3,770,223 |
BP Capital Markets PLC, 3.28%, 09/19/2027(b)
| | 7,376,000 | | 7,181,708 |
Canadian Natural Resources Ltd. (Canada), 3.85%, 06/01/2027
| | 6,149,000 | | 6,031,937 |
Cheniere Corpus Christi Holdings LLC, 5.13%, 06/30/2027
| | 5,910,000 | | 5,970,809 |
Chevron Corp., 2.00%, 05/11/2027(b)
| | 4,927,000 | | 4,668,288 |
Chevron USA, Inc., 1.02%, 08/12/2027
| | 3,693,000 | | 3,380,453 |
Coterra Energy, Inc., 3.90%, 05/15/2027
| | 3,370,000 | | 3,303,886 |
DCP Midstream Operating L.P., 5.63%, 07/15/2027
| | 2,466,000 | | 2,531,845 |
Diamondback Energy, Inc., 5.20%, 04/18/2027
| | 4,190,000 | | 4,261,394 |
| Enbridge, Inc. (Canada) | | | | |
5.25%, 04/05/2027(b)
| | 3,688,000 | | 3,757,954 |
3.70%, 07/15/2027
| | 3,436,000 | | 3,363,037 |
| Energy Transfer L.P. | | | | |
4.40%, 03/15/2027
| | 3,449,000 | | 3,433,269 |
4.20%, 04/15/2027
| | 2,949,000 | | 2,920,080 |
4.00%, 10/01/2027
| | 3,680,000 | | 3,614,293 |
| Enterprise Products Operating LLC | | | | |
4.60%, 01/11/2027
| | 4,920,000 | | 4,961,049 |
3.95%, 02/15/2027(b)
| | 2,836,000 | | 2,815,558 |
EQT Corp., 3.90%, 10/01/2027
| | 5,750,000 | | 5,622,017 |
Equinor ASA (Norway), 3.00%, 04/06/2027
| | 2,460,000 | | 2,385,290 |
Exxon Mobil Corp., 3.29%, 03/19/2027(b)
| | 4,920,000 | | 4,850,291 |
Hess Corp., 4.30%, 04/01/2027(b)
| | 4,925,000 | | 4,892,453 |
Marathon Oil Corp., 4.40%, 07/15/2027
| | 4,925,000 | | 4,907,599 |
MPLX L.P., 4.13%, 03/01/2027
| | 6,254,000 | | 6,186,508 |
Occidental Petroleum Corp., 8.50%, 07/15/2027
| | 2,405,000 | | 2,618,583 |
ONEOK, Inc., 4.00%, 07/13/2027
| | 2,450,000 | | 2,419,482 |
Phillips 66 Co., 4.95%, 12/01/2027
| | 3,692,000 | | 3,750,691 |
Sabine Pass Liquefaction LLC, 5.00%, 03/15/2027
| | 7,461,000 | | 7,513,258 |
Targa Resources Corp., 5.20%, 07/01/2027(b)
| | 3,694,000 | | 3,749,410 |
TC PipeLines L.P., 3.90%, 05/25/2027
| | 2,461,000 | | 2,407,125 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2027 Corporate Bond ETF (BSCR)—(continued)
August 31, 2024
| | Principal
Amount | | Value |
| Oil, Gas & Consumable Fuels-(continued) |
Valero Energy Corp., 2.15%, 09/15/2027(b)
| $ | 2,779,000 | | $ 2,602,255 |
Williams Cos., Inc. (The), 3.75%, 06/15/2027
| | 7,132,000 | | 6,986,140 |
| | | | | 131,713,482 |
| Passenger Airlines-0.40% |
Southwest Airlines Co., 5.13%, 06/15/2027
| | 8,505,000 | | 8,579,165 |
| Personal Care Products-0.50% |
Estee Lauder Cos., Inc. (The), 3.15%, 03/15/2027(b)
| | 2,455,000 | | 2,388,602 |
| Unilever Capital Corp. (United Kingdom) | | | | |
2.90%, 05/05/2027(b)
| | 4,920,000 | | 4,762,970 |
4.25%, 08/12/2027(b)
| | 3,650,000 | | 3,664,611 |
| | | | | 10,816,183 |
| Pharmaceuticals-3.70% |
AstraZeneca Finance LLC (United Kingdom), 4.80%, 02/26/2027(b)
| | 6,156,000 | | 6,241,324 |
AstraZeneca PLC (United Kingdom), 3.13%, 06/12/2027
| | 3,680,000 | | 3,579,438 |
| Bristol-Myers Squibb Co. | | | | |
4.90%, 02/22/2027(b)
| | 4,926,000 | | 5,005,595 |
3.25%, 02/27/2027
| | 2,515,000 | | 2,457,925 |
1.13%, 11/13/2027(b)
| | 4,927,000 | | 4,483,821 |
| Eli Lilly and Co. | | | | |
4.50%, 02/09/2027
| | 4,920,000 | | 4,964,991 |
3.10%, 05/15/2027
| | 1,973,000 | | 1,924,751 |
4.15%, 08/14/2027
| | 800,000 | | 802,202 |
Haleon US Capital LLC, 3.38%, 03/24/2027(b)
| | 9,680,000 | | 9,445,952 |
| Johnson & Johnson | | | | |
2.95%, 03/03/2027(b)
| | 4,921,000 | | 4,806,875 |
0.95%, 09/01/2027(b)
| | 7,382,000 | | 6,770,483 |
Merck & Co., Inc., 1.70%, 06/10/2027(b)
| | 7,374,000 | | 6,911,580 |
| Novartis Capital Corp. (Switzerland) | | | | |
2.00%, 02/14/2027(b)
| | 6,153,000 | | 5,852,688 |
3.10%, 05/17/2027
| | 4,927,000 | | 4,806,397 |
Royalty Pharma PLC, 1.75%, 09/02/2027(b)
| | 4,922,000 | | 4,541,818 |
Viatris, Inc., 2.30%, 06/22/2027
| | 3,675,000 | | 3,436,109 |
Zoetis, Inc., 3.00%, 09/12/2027(b)
| | 3,678,000 | | 3,531,831 |
| | | | | 79,563,780 |
| Professional Services-0.18% |
Equifax, Inc., 5.10%, 12/15/2027(b)
| | 3,692,000 | | 3,758,385 |
| Residential REITs-0.13% |
Mid-America Apartments L.P., 3.60%, 06/01/2027
| | 2,946,000 | | 2,881,788 |
| Retail REITs-0.84% |
| Realty Income Corp. | | | | |
3.00%, 01/15/2027
| | 2,957,000 | | 2,854,312 |
3.95%, 08/15/2027(b)
| | 2,918,000 | | 2,878,981 |
Regency Centers L.P., 3.60%, 02/01/2027
| | 2,581,000 | | 2,524,986 |
| | Principal
Amount | | Value |
| Retail REITs-(continued) |
| Simon Property Group L.P. | | | | |
1.38%, 01/15/2027
| $ | 2,694,000 | | $2,509,157 |
3.38%, 06/15/2027
| | 3,678,000 | | 3,595,883 |
3.38%, 12/01/2027
| | 3,695,000 | | 3,584,688 |
| | | | | 17,948,007 |
| Semiconductors & Semiconductor Equipment-2.86% |
Applied Materials, Inc., 3.30%, 04/01/2027
| | 5,903,000 | | 5,771,533 |
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.88%, 01/15/2027
| | 14,370,000 | | 14,174,718 |
Broadcom, Inc., 5.05%, 07/12/2027
| | 6,150,000 | | 6,245,194 |
| Intel Corp. | | | | |
3.75%, 03/25/2027
| | 4,928,000 | | 4,797,549 |
3.15%, 05/11/2027(b)
| | 4,926,000 | | 4,718,048 |
3.75%, 08/05/2027
| | 6,389,000 | | 6,205,186 |
Micron Technology, Inc., 4.19%, 02/15/2027(b)
| | 4,417,000 | | 4,373,933 |
QUALCOMM, Inc., 3.25%, 05/20/2027
| | 9,836,000 | | 9,596,015 |
| Texas Instruments, Inc. | | | | |
4.60%, 02/08/2027(b)
| | 3,200,000 | | 3,234,717 |
2.90%, 11/03/2027(b)
| | 2,451,000 | | 2,362,170 |
| | | | | 61,479,063 |
| Software-3.29% |
| Adobe, Inc. | | | | |
2.15%, 02/01/2027
| | 4,190,000 | | 3,998,404 |
4.85%, 04/04/2027
| | 2,463,000 | | 2,503,642 |
Autodesk, Inc., 3.50%, 06/15/2027
| | 2,458,000 | | 2,399,873 |
Intuit, Inc., 1.35%, 07/15/2027(b)
| | 2,466,000 | | 2,281,597 |
Microsoft Corp., 3.30%, 02/06/2027
| | 19,695,000 | | 19,393,285 |
| Oracle Corp. | | | | |
2.80%, 04/01/2027
| | 11,082,000 | | 10,652,949 |
3.25%, 11/15/2027
| | 13,528,000 | | 13,074,050 |
Roper Technologies, Inc., 1.40%, 09/15/2027
| | 3,433,000 | | 3,143,278 |
| VMware LLC | | | | |
4.65%, 05/15/2027
| | 2,462,000 | | 2,467,221 |
3.90%, 08/21/2027
| | 6,149,000 | | 6,044,678 |
Workday, Inc., 3.50%, 04/01/2027
| | 4,926,000 | | 4,820,376 |
| | | | | 70,779,353 |
| Specialized REITs-1.09% |
| American Tower Corp. | | | | |
2.75%, 01/15/2027(b)
| | 3,678,000 | | 3,521,031 |
3.65%, 03/15/2027
| | 3,188,000 | | 3,115,320 |
3.55%, 07/15/2027(b)
| | 3,680,000 | | 3,573,459 |
| Crown Castle, Inc. | | | | |
4.00%, 03/01/2027
| | 2,460,000 | | 2,424,861 |
2.90%, 03/15/2027(b)
| | 3,695,000 | | 3,543,516 |
3.65%, 09/01/2027
| | 4,921,000 | | 4,785,562 |
Public Storage Operating Co., 3.09%, 09/15/2027
| | 2,499,000 | | 2,411,987 |
| | | | | 23,375,736 |
| Specialty Retail-1.59% |
AutoZone, Inc., 3.75%, 06/01/2027(b)
| | 2,938,000 | | 2,884,359 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2027 Corporate Bond ETF (BSCR)—(continued)
August 31, 2024
| | Principal
Amount | | Value |
| Specialty Retail-(continued) |
| Home Depot, Inc. (The) | | | | |
2.50%, 04/15/2027(b)
| $ | 3,681,000 | | $3,532,852 |
2.88%, 04/15/2027
| | 3,681,000 | | 3,568,284 |
4.88%, 06/25/2027
| | 4,920,000 | | 5,016,229 |
2.80%, 09/14/2027(b)
| | 4,919,000 | | 4,733,830 |
| Lowe’s Cos., Inc. | | | | |
3.35%, 04/01/2027
| | 3,690,000 | | 3,599,431 |
3.10%, 05/03/2027
| | 7,378,000 | | 7,135,769 |
O’Reilly Automotive, Inc., 3.60%, 09/01/2027
| | 3,678,000 | | 3,593,283 |
| | | | | 34,064,037 |
| Technology Hardware, Storage & Peripherals-2.19% |
| Apple, Inc. | | | | |
3.35%, 02/09/2027(b)
| | 11,070,000 | | 10,901,850 |
3.20%, 05/11/2027
| | 9,836,000 | | 9,639,014 |
3.00%, 06/20/2027(b)
| | 4,927,000 | | 4,803,734 |
2.90%, 09/12/2027
| | 9,833,000 | | 9,527,209 |
3.00%, 11/13/2027(b)
| | 7,373,000 | | 7,173,270 |
IBM International Capital Pte. Ltd., 4.60%, 02/05/2027(b)
| | 2,460,000 | | 2,477,051 |
NetApp, Inc., 2.38%, 06/22/2027
| | 2,695,000 | | 2,549,021 |
| | | | | 47,071,149 |
| Textiles, Apparel & Luxury Goods-0.33% |
NIKE, Inc., 2.75%, 03/27/2027(b)
| | 4,922,000 | | 4,755,326 |
VF Corp., 2.80%, 04/23/2027
| | 2,454,000 | | 2,298,595 |
| | | | | 7,053,921 |
| Tobacco-0.84% |
B.A.T Capital Corp. (United Kingdom), 4.70%, 04/02/2027
| | 4,432,000 | | 4,446,642 |
| Philip Morris International, Inc. | | | | |
4.75%, 02/12/2027
| | 3,690,000 | | 3,724,128 |
3.13%, 08/17/2027(b)
| | 2,425,000 | | 2,361,029 |
5.13%, 11/17/2027
| | 7,381,000 | | 7,547,687 |
| | | | | 18,079,486 |
| Trading Companies & Distributors-0.55% |
| Air Lease Corp. | | | | |
2.20%, 01/15/2027
| | 3,694,000 | | 3,493,420 |
3.63%, 04/01/2027(b)
| | 2,456,000 | | 2,381,729 |
3.63%, 12/01/2027(b)
| | 2,448,000 | | 2,373,971 |
5.85%, 12/15/2027(b)
| | 3,442,000 | | 3,566,436 |
| | | | | 11,815,556 |
| | Principal
Amount | | Value |
| Water Utilities-0.25% |
American Water Capital Corp., 2.95%, 09/01/2027(b)
| $ | 2,944,000 | | $ 2,836,135 |
Essential Utilities, Inc., 4.80%, 08/15/2027
| | 2,430,000 | | 2,446,801 |
| | | | | 5,282,936 |
| Wireless Telecommunication Services-0.41% |
Rogers Communications, Inc. (Canada), 3.20%, 03/15/2027(b)
| | 6,465,000 | | 6,255,405 |
T-Mobile USA, Inc., 5.38%, 04/15/2027
| | 2,585,000 | | 2,596,226 |
| | | | | 8,851,631 |
Total U.S. Dollar Denominated Bonds & Notes
(Cost $2,121,287,456)
| | 2,125,693,439 |
| | Shares | | |
| Money Market Funds-0.04% |
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(c)(d)
(Cost $772,736)
| | 772,736 | | 772,736 |
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-98.99%
(Cost $2,122,060,192)
| | 2,126,466,175 |
Investments Purchased with Cash Collateral
from Securities on Loan |
| Money Market Funds-19.42% |
Invesco Private Government Fund, 5.28%(c)(d)(e)
| | 113,845,544 | | 113,845,544 |
Invesco Private Prime Fund, 5.46%(c)(d)(e)
| | 303,261,309 | | 303,382,614 |
Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $417,205,444)
| | 417,228,158 |
TOTAL INVESTMENTS IN SECURITIES-118.41%
(Cost $2,539,265,636)
| | 2,543,694,333 |
OTHER ASSETS LESS LIABILITIES-(18.41)%
| | (395,441,512) |
NET ASSETS-100.00%
| | $2,148,252,821 |
| Investment Abbreviations: |
| REIT | -Real Estate Investment Trust |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2027 Corporate Bond ETF (BSCR)—(continued)
August 31, 2024
| Notes to Schedule of Investments: |
| (a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
| (b) | All or a portion of this security was out on loan at August 31, 2024. |
| (c) | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024. |
| | Value
August 31, 2023 | | Purchases
at Cost | | Proceeds
from Sales | | Change in
Unrealized
Appreciation | | Realized
Gain | | Value
August 31, 2024 | | Dividend
Income |
| Investments in Affiliated Money Market Funds: | | | | | | | | | | | | | |
| Invesco Government & Agency Portfolio, Institutional Class | $53,994 | | $67,265,424 | | $(66,546,682) | | $- | | $- | | $772,736 | | $167,615 |
| Investments Purchased with Cash Collateral from Securities on Loan: | | | | | | | | | | | | | |
| Invesco Private Government Fund | 58,041,712 | | 422,026,212 | | (366,222,380) | | - | | - | | 113,845,544 | | 3,914,204* |
| Invesco Private Prime Fund | 149,226,869 | | 977,458,304 | | (823,351,839) | | 19,409 | | 29,871 | | 303,382,614 | | 10,506,923* |
| Total | $207,322,575 | | $1,466,749,940 | | $(1,256,120,901) | | $19,409 | | $29,871 | | $418,000,894 | | $14,588,742 |
| * | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
| (d) | The rate shown is the 7-day SEC standardized yield as of August 31, 2024. |
| (e) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2028 Corporate Bond ETF (BSCS)
August 31, 2024
Schedule of Investments(a)
| | Principal
Amount | | Value |
| U.S. Dollar Denominated Bonds & Notes-98.86% |
| Aerospace & Defense-2.78% |
Boeing Co. (The), 3.25%, 02/01/2028
| $ | 6,128,000 | | $ 5,775,310 |
General Dynamics Corp., 3.75%, 05/15/2028(b)
| | 5,570,000 | | 5,492,560 |
HEICO Corp., 5.25%, 08/01/2028(b)
| | 3,340,000 | | 3,425,372 |
Huntington Ingalls Industries, Inc., 2.04%, 08/16/2028(b)
| | 3,328,000 | | 3,021,462 |
L3Harris Technologies, Inc., 4.40%, 06/15/2028(b)
| | 4,741,000 | | 4,722,331 |
Lockheed Martin Corp., 4.45%, 05/15/2028
| | 2,789,000 | | 2,816,303 |
Northrop Grumman Corp., 3.25%, 01/15/2028
| | 11,151,000 | | 10,762,065 |
RTX Corp., 4.13%, 11/16/2028
| | 16,718,000 | | 16,510,254 |
| | | | | 52,525,657 |
| Air Freight & Logistics-0.32% |
C.H. Robinson Worldwide, Inc., 4.20%, 04/15/2028(b)
| | 3,348,000 | | 3,314,589 |
FedEx Corp., 3.40%, 02/15/2028(b)
| | 2,757,000 | | 2,670,417 |
| | | | | 5,985,006 |
| Automobiles-3.51% |
| American Honda Finance Corp. | | | | |
4.70%, 01/12/2028(b)
| | 2,754,000 | | 2,784,832 |
3.50%, 02/15/2028
| | 2,783,000 | | 2,702,917 |
2.00%, 03/24/2028(b)
| | 4,180,000 | | 3,855,201 |
5.13%, 07/07/2028
| | 4,463,000 | | 4,581,511 |
5.65%, 11/15/2028
| | 4,460,000 | | 4,683,151 |
| Ford Motor Credit Co. LLC | | | | |
2.90%, 02/16/2028
| | 4,184,000 | | 3,873,106 |
6.80%, 05/12/2028
| | 8,358,000 | | 8,771,548 |
6.80%, 11/07/2028
| | 8,365,000 | | 8,819,688 |
General Motors Co., 5.00%, 10/01/2028
| | 4,182,000 | | 4,237,742 |
| Toyota Motor Corp. (Japan) | | | | |
5.12%, 07/13/2028
| | 2,758,000 | | 2,842,752 |
3.67%, 07/20/2028
| | 2,790,000 | | 2,747,086 |
| Toyota Motor Credit Corp. | | | | |
3.05%, 01/11/2028(b)
| | 2,790,000 | | 2,683,456 |
4.63%, 01/12/2028(b)
| | 5,530,000 | | 5,590,204 |
1.90%, 04/06/2028(b)
| | 4,160,000 | | 3,837,398 |
5.25%, 09/11/2028
| | 4,151,000 | | 4,289,123 |
| | | | | 66,299,715 |
| Banks-12.90% |
| Banco Santander S.A. (Spain) | | | | |
4.38%, 04/12/2028
| | 6,896,000 | | 6,809,041 |
5.59%, 08/08/2028(b)
| | 8,250,000 | | 8,534,639 |
6.61%, 11/07/2028(b)
| | 6,970,000 | | 7,509,710 |
| Bank of Montreal (Canada) | | | | |
5.20%, 02/01/2028(b)
| | 6,694,000 | | 6,853,767 |
5.72%, 09/25/2028(b)
| | 5,550,000 | | 5,797,133 |
Bank of Nova Scotia (The) (Canada), 5.25%, 06/12/2028(b)
| | 4,181,000 | | 4,302,650 |
Barclays PLC (United Kingdom), 4.84%, 05/09/2028(b)
| | 11,145,000 | | 11,057,098 |
| | Principal
Amount | | Value |
| Banks-(continued) |
| Canadian Imperial Bank of Commerce (Canada) | | | | |
5.00%, 04/28/2028(b)
| $ | 5,501,000 | | $5,600,482 |
5.99%, 10/03/2028(b)
| | 3,885,000 | | 4,093,891 |
Citibank N.A., 5.80%, 09/29/2028(b)
| | 13,750,000 | | 14,433,596 |
Citigroup, Inc., 4.13%, 07/25/2028
| | 11,706,000 | | 11,516,558 |
Fifth Third Bancorp, 3.95%, 03/14/2028(b)
| | 4,062,000 | | 3,983,356 |
KeyCorp, 4.10%, 04/30/2028(b)
| | 4,184,000 | | 4,081,033 |
Lloyds Banking Group PLC (United Kingdom), 4.38%, 03/22/2028(b)
| | 8,361,000 | | 8,299,302 |
Manufacturers & Traders Trust Co., 4.70%, 01/27/2028(b)
| | 6,603,000 | | 6,561,947 |
| Mitsubishi UFJ Financial Group, Inc. (Japan) | | | | |
3.96%, 03/02/2028(b)
| | 7,248,000 | | 7,154,322 |
4.05%, 09/11/2028(b)
| | 5,574,000 | | 5,509,016 |
Mizuho Financial Group, Inc. (Japan), 4.02%, 03/05/2028
| | 7,150,000 | | 7,041,873 |
National Bank of Canada (Canada), 5.60%, 12/18/2028
| | 5,500,000 | | 5,716,679 |
| PNC Bank N.A. | | | | |
3.25%, 01/22/2028
| | 3,837,000 | | 3,685,216 |
4.05%, 07/26/2028
| | 6,969,000 | | 6,859,139 |
Regions Financial Corp., 1.80%, 08/12/2028(b)
| | 3,575,000 | | 3,197,957 |
| Royal Bank of Canada (Canada) | | | | |
4.90%, 01/12/2028
| | 4,180,000 | | 4,253,323 |
5.20%, 08/01/2028(b)
| | 5,571,000 | | 5,751,072 |
| Sumitomo Mitsui Financial Group, Inc. (Japan) | | | | |
5.52%, 01/13/2028(b)
| | 10,595,000 | | 10,917,500 |
3.54%, 01/17/2028
| | 4,177,000 | | 4,047,745 |
5.80%, 07/13/2028
| | 4,180,000 | | 4,374,727 |
3.94%, 07/19/2028(b)
| | 4,184,000 | | 4,114,217 |
5.72%, 09/14/2028(b)
| | 6,130,000 | | 6,389,406 |
1.90%, 09/17/2028(b)
| | 11,150,000 | | 10,068,289 |
Synovus Bank, 5.63%, 02/15/2028
| | 2,786,000 | | 2,778,591 |
| Toronto-Dominion Bank (The) (Canada) | | | | |
5.16%, 01/10/2028(b)
| | 6,966,000 | | 7,114,294 |
5.52%, 07/17/2028(b)
| | 6,968,000 | | 7,222,355 |
U.S. Bancorp, 3.90%, 04/26/2028(b)
| | 4,719,000 | | 4,640,396 |
| UBS AG (Switzerland) | | | | |
7.50%, 02/15/2028
| | 13,934,000 | | 15,214,764 |
5.65%, 09/11/2028
| | 8,248,000 | | 8,582,416 |
| | | | | 244,067,500 |
| Beverages-1.78% |
Anheuser-Busch InBev Worldwide, Inc. (Belgium), 4.00%, 04/13/2028(b)
| | 9,097,000 | | 9,040,588 |
| Coca-Cola Co. (The) | | | | |
1.50%, 03/05/2028(b)
| | 4,150,000 | | 3,806,506 |
1.00%, 03/15/2028(b)
| | 7,250,000 | | 6,550,861 |
Constellation Brands, Inc., 3.60%, 02/15/2028
| | 3,855,000 | | 3,737,212 |
Diageo Capital PLC (United Kingdom), 3.88%, 05/18/2028(b)
| | 2,790,000 | | 2,746,607 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2028 Corporate Bond ETF (BSCS)—(continued)
August 31, 2024
| | Principal
Amount | | Value |
| Beverages-(continued) |
| PepsiCo, Inc. | | | | |
3.60%, 02/18/2028
| $ | 4,163,000 | | $4,097,138 |
4.45%, 05/15/2028(b)
| | 3,624,000 | | 3,675,960 |
| | | | | 33,654,872 |
| Biotechnology-1.45% |
| Amgen, Inc. | | | | |
5.15%, 03/02/2028
| | 20,903,000 | | 21,355,079 |
1.65%, 08/15/2028
| | 6,844,000 | | 6,165,553 |
| | | | | 27,520,632 |
| Broadline Retail-0.61% |
Amazon.com, Inc., 1.65%, 05/12/2028
| | 12,543,000 | | 11,515,939 |
| Building Products-0.31% |
Lennox International, Inc., 5.50%, 09/15/2028
| | 2,790,000 | | 2,881,546 |
Masco Corp., 1.50%, 02/15/2028
| | 3,340,000 | | 3,011,636 |
| | | | | 5,893,182 |
| Capital Markets-4.63% |
Ameriprise Financial, Inc., 5.70%, 12/15/2028
| | 3,340,000 | | 3,512,526 |
Ares Capital Corp., 2.88%, 06/15/2028(b)
| | 6,931,000 | | 6,334,135 |
Ares Management Corp., 6.38%, 11/10/2028
| | 2,786,000 | | 2,974,448 |
| Bank of New York Mellon Corp. (The) | | | | |
3.40%, 01/29/2028
| | 4,125,000 | | 4,000,431 |
3.85%, 04/28/2028
| | 5,014,000 | | 4,956,663 |
1.65%, 07/14/2028
| | 2,606,000 | | 2,372,094 |
3.00%, 10/30/2028
| | 2,790,000 | | 2,640,696 |
Blackstone Secured Lending Fund, 2.85%, 09/30/2028(b)
| | 3,519,000 | | 3,188,799 |
Blue Owl Credit Income Corp., 7.95%, 06/13/2028
| | 3,513,000 | | 3,748,871 |
Brookfield Finance, Inc. (Canada), 3.90%, 01/25/2028(b)
| | 5,762,000 | | 5,630,910 |
| Charles Schwab Corp. (The) | | | | |
3.20%, 01/25/2028
| | 3,901,000 | | 3,749,567 |
2.00%, 03/20/2028(b)
| | 6,911,000 | | 6,369,446 |
CME Group, Inc., 3.75%, 06/15/2028(b)
| | 2,749,000 | | 2,715,292 |
FS KKR Capital Corp., 3.13%, 10/12/2028
| | 4,185,000 | | 3,756,284 |
Jefferies Financial Group, Inc., 5.88%, 07/21/2028
| | 5,574,000 | | 5,774,131 |
Nasdaq, Inc., 5.35%, 06/28/2028(b)
| | 5,578,000 | | 5,764,741 |
| Nomura Holdings, Inc. (Japan) | | | | |
5.84%, 01/18/2028
| | 3,063,000 | | 3,159,624 |
6.07%, 07/12/2028
| | 4,950,000 | | 5,165,074 |
2.17%, 07/14/2028
| | 5,575,000 | | 5,058,331 |
Northern Trust Corp., 3.65%, 08/03/2028(b)
| | 2,789,000 | | 2,745,918 |
S&P Global, Inc., 4.75%, 08/01/2028
| | 3,883,000 | | 3,941,741 |
| | | | | 87,559,722 |
| Chemicals-0.92% |
Celanese US Holdings LLC, 6.35%, 11/15/2028
| | 5,573,000 | | 5,866,014 |
Ecolab, Inc., 5.25%, 01/15/2028
| | 2,748,000 | | 2,839,763 |
| | Principal
Amount | | Value |
| Chemicals-(continued) |
Nutrien Ltd. (Canada), 4.90%, 03/27/2028(b)
| $ | 4,181,000 | | $ 4,238,587 |
PPG Industries, Inc., 3.75%, 03/15/2028(b)
| | 4,463,000 | | 4,367,705 |
| | | | | 17,312,069 |
| Commercial Services & Supplies-0.37% |
Republic Services, Inc., 3.95%, 05/15/2028(b)
| | 4,457,000 | | 4,401,391 |
Waste Management, Inc., 1.15%, 03/15/2028(b)
| | 2,792,000 | | 2,512,950 |
| | | | | 6,914,341 |
| Communications Equipment-0.20% |
Motorola Solutions, Inc., 4.60%, 02/23/2028(b)
| | 3,847,000 | | 3,860,208 |
| Consumer Finance-2.11% |
Ally Financial, Inc., 2.20%, 11/02/2028(b)
| | 4,162,000 | | 3,734,252 |
Capital One Financial Corp., 3.80%, 01/31/2028
| | 7,736,000 | | 7,507,836 |
Discover Bank, 4.65%, 09/13/2028
| | 5,015,000 | | 4,999,628 |
| General Motors Financial Co., Inc. | | | | |
6.00%, 01/09/2028(b)
| | 5,575,000 | | 5,790,770 |
2.40%, 04/10/2028
| | 5,500,000 | | 5,069,541 |
5.80%, 06/23/2028
| | 7,510,000 | | 7,761,181 |
2.40%, 10/15/2028(b)
| | 5,572,000 | | 5,069,818 |
| | | | | 39,933,026 |
| Consumer Staples Distribution & Retail-1.64% |
| Dollar General Corp. | | | | |
4.13%, 05/01/2028
| | 2,785,000 | | 2,719,641 |
5.20%, 07/05/2028(b)
| | 2,788,000 | | 2,811,934 |
Dollar Tree, Inc., 4.20%, 05/15/2028(b)
| | 6,971,000 | | 6,844,113 |
| Walmart, Inc. | | | | |
3.90%, 04/15/2028
| | 4,177,000 | | 4,168,459 |
3.70%, 06/26/2028(b)
| | 8,250,000 | | 8,209,673 |
1.50%, 09/22/2028(b)
| | 6,969,000 | | 6,353,179 |
| | | | | 31,106,999 |
| Containers & Packaging-0.17% |
WRKCo, Inc., 4.00%, 03/15/2028
| | 3,245,000 | | 3,183,559 |
| Distributors-0.24% |
LKQ Corp., 5.75%, 06/15/2028(b)
| | 4,400,000 | | 4,532,786 |
| Diversified REITs-0.97% |
CubeSmart L.P., 2.25%, 12/15/2028(b)
| | 3,029,000 | | 2,752,091 |
| Digital Realty Trust L.P. | | | | |
5.55%, 01/15/2028
| | 4,950,000 | | 5,064,392 |
4.45%, 07/15/2028
| | 3,619,000 | | 3,596,542 |
VICI Properties L.P., 4.75%, 02/15/2028
| | 6,967,000 | | 6,946,098 |
| | | | | 18,359,123 |
| Diversified Telecommunication Services-1.36% |
AT&T, Inc., 1.65%, 02/01/2028
| | 12,545,000 | | 11,439,963 |
Verizon Communications, Inc., 2.10%, 03/22/2028
| | 15,506,000 | | 14,363,142 |
| | | | | 25,803,105 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2028 Corporate Bond ETF (BSCS)—(continued)
August 31, 2024
| | Principal
Amount | | Value |
| Electric Utilities-6.38% |
Berkshire Hathaway Energy Co., 3.25%, 04/15/2028(b)
| $ | 3,331,000 | | $ 3,214,783 |
CenterPoint Energy Houston Electric LLC, 5.20%, 10/01/2028(b)
| | 2,770,000 | | 2,843,555 |
Commonwealth Edison Co., 3.70%, 08/15/2028
| | 3,047,000 | | 2,975,940 |
Constellation Energy Generation LLC, 5.60%, 03/01/2028(b)
| | 4,180,000 | | 4,333,375 |
Duke Energy Corp., 4.30%, 03/15/2028
| | 5,013,000 | | 4,986,181 |
Duke Energy Florida LLC, 3.80%, 07/15/2028
| | 3,347,000 | | 3,298,655 |
Duke Energy Progress LLC, 3.70%, 09/01/2028(b)
| | 2,776,000 | | 2,715,668 |
| Edison International | | | | |
4.13%, 03/15/2028
| | 3,062,000 | | 3,002,033 |
5.25%, 11/15/2028
| | 3,343,000 | | 3,404,111 |
Entergy Corp., 1.90%, 06/15/2028
| | 3,627,000 | | 3,297,595 |
Eversource Energy, 5.45%, 03/01/2028
| | 7,245,000 | | 7,429,071 |
Exelon Corp., 5.15%, 03/15/2028(b)
| | 5,579,000 | | 5,696,911 |
| Florida Power & Light Co. | | | | |
5.05%, 04/01/2028
| | 5,570,000 | | 5,706,345 |
4.40%, 05/15/2028
| | 4,185,000 | | 4,210,715 |
Georgia Power Co., 4.65%, 05/16/2028
| | 4,183,000 | | 4,227,159 |
| National Rural Utilities Cooperative Finance Corp. | | | | |
3.40%, 02/07/2028
| | 3,848,000 | | 3,736,396 |
4.80%, 03/15/2028(b)
| | 3,308,000 | | 3,353,006 |
| NextEra Energy Capital Holdings, Inc. | | | | |
4.90%, 02/28/2028
| | 6,964,000 | | 7,055,488 |
1.90%, 06/15/2028
| | 8,358,000 | | 7,618,974 |
Oncor Electric Delivery Co. LLC, 4.30%, 05/15/2028(b)
| | 3,303,000 | | 3,295,036 |
| Pacific Gas and Electric Co. | | | | |
3.00%, 06/15/2028(b)
| | 4,398,000 | | 4,128,730 |
3.75%, 07/01/2028
| | 4,879,000 | | 4,699,269 |
San Diego Gas & Electric Co., 4.95%, 08/15/2028(b)
| | 3,304,000 | | 3,371,706 |
| Southern California Edison Co. | | | | |
5.30%, 03/01/2028
| | 4,183,000 | | 4,291,292 |
5.65%, 10/01/2028
| | 3,070,000 | | 3,205,089 |
Southern Co. (The), 4.85%, 06/15/2028(b)
| | 4,185,000 | | 4,247,759 |
Southwestern Electric Power Co., Series M, 4.10%, 09/15/2028
| | 3,201,000 | | 3,142,419 |
Virginia Electric & Power Co., Series A, 3.80%, 04/01/2028(b)
| | 3,848,000 | | 3,771,412 |
Xcel Energy, Inc., 4.00%, 06/15/2028
| | 3,514,000 | | 3,443,414 |
| | | | | 120,702,087 |
| Electrical Equipment-0.65% |
Emerson Electric Co., 2.00%, 12/21/2028(b)
| | 5,573,000 | | 5,091,008 |
Regal Rexnord Corp., 6.05%, 04/15/2028
| | 6,960,000 | | 7,194,858 |
| | | | | 12,285,866 |
| Electronic Equipment, Instruments & Components-1.41% |
Arrow Electronics, Inc., 3.88%, 01/12/2028(b)
| | 2,761,000 | | 2,678,269 |
Avnet, Inc., 6.25%, 03/15/2028
| | 2,775,000 | | 2,898,123 |
| | Principal
Amount | | Value |
| Electronic Equipment, Instruments & Components-(continued) |
CDW LLC/CDW Finance Corp., 3.28%, 12/01/2028
| $ | 2,749,000 | | $ 2,578,660 |
Eaton Corp., 4.35%, 05/18/2028(b)
| | 2,790,000 | | 2,812,097 |
Jabil, Inc., 3.95%, 01/12/2028(b)
| | 2,792,000 | | 2,713,868 |
TD SYNNEX Corp., 2.38%, 08/09/2028(b)
| | 3,328,000 | | 3,039,670 |
Teledyne Technologies, Inc., 2.25%, 04/01/2028(b)
| | 3,854,000 | | 3,565,181 |
Trane Technologies Global Holding Co. Ltd., 3.75%, 08/21/2028(b)
| | 3,062,000 | | 2,996,647 |
Trimble, Inc., 4.90%, 06/15/2028
| | 3,305,000 | | 3,326,308 |
| | | | | 26,608,823 |
| Energy Equipment & Services-0.28% |
Patterson-UTI Energy, Inc., 3.95%, 02/01/2028
| | 2,691,000 | | 2,596,413 |
Schlumberger Investment S.A., 4.50%, 05/15/2028(b)
| | 2,764,000 | | 2,778,343 |
| | | | | 5,374,756 |
| Entertainment-1.10% |
Netflix, Inc., 5.88%, 11/15/2028(b)
| | 10,502,000 | | 11,118,723 |
Take-Two Interactive Software, Inc., 4.95%, 03/28/2028(b)
| | 4,456,000 | | 4,517,817 |
Walt Disney Co. (The), 2.20%, 01/13/2028(b)
| | 5,571,000 | | 5,231,745 |
| | | | | 20,868,285 |
| Financial Services-3.10% |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland) | | | | |
3.88%, 01/23/2028(b)
| | 3,026,000 | | 2,948,431 |
5.75%, 06/06/2028(b)
| | 5,570,000 | | 5,762,654 |
3.00%, 10/29/2028
| | 20,901,000 | | 19,555,740 |
Block Financial LLC, 2.50%, 07/15/2028
| | 2,788,000 | | 2,562,560 |
Fidelity National Information Services, Inc., 1.65%, 03/01/2028(b)
| | 4,151,000 | | 3,759,644 |
| Fiserv, Inc. | | | | |
5.45%, 03/02/2028
| | 4,952,000 | | 5,104,735 |
5.38%, 08/21/2028
| | 3,879,000 | | 4,003,693 |
LPL Holdings, Inc., 6.75%, 11/17/2028(b)
| | 4,160,000 | | 4,438,224 |
| Mastercard, Inc. | | | | |
3.50%, 02/26/2028
| | 2,775,000 | | 2,716,925 |
4.88%, 03/09/2028(b)
| | 4,132,000 | | 4,246,124 |
MGIC Investment Corp., 5.25%, 08/15/2028
| | 3,623,000 | | 3,609,249 |
| | | | | 58,707,979 |
| Food Products-1.86% |
Campbell Soup Co., 4.15%, 03/15/2028(b)
| | 5,547,000 | | 5,500,316 |
| General Mills, Inc. | | | | |
4.20%, 04/17/2028(b)
| | 7,805,000 | | 7,760,204 |
5.50%, 10/17/2028
| | 2,791,000 | | 2,902,639 |
Hormel Foods Corp., 1.70%, 06/03/2028(b)
| | 4,181,000 | | 3,823,270 |
J.M. Smucker Co. (The), 5.90%, 11/15/2028(b)
| | 4,183,000 | | 4,418,542 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2028 Corporate Bond ETF (BSCS)—(continued)
August 31, 2024
| | Principal
Amount | | Value |
| Food Products-(continued) |
JBS USA Holding Lux S.a.r.l./JBS USA Food Co./JBS Lux Co. S.a.r.l., 5.13%, 02/01/2028
| $ | 4,876,000 | | $ 4,903,759 |
Kellanova, 4.30%, 05/15/2028
| | 3,343,000 | | 3,332,657 |
Mondelez International, Inc., 4.13%, 05/07/2028
| | 2,542,000 | | 2,522,317 |
| | | | | 35,163,704 |
| Gas Utilities-0.27% |
CenterPoint Energy Resources Corp., 5.25%, 03/01/2028
| | 4,948,000 | | 5,056,253 |
| Ground Transportation-1.03% |
Canadian Pacific Railway Co. (Canada), 4.00%, 06/01/2028
| | 2,791,000 | | 2,750,187 |
CSX Corp., 3.80%, 03/01/2028(b)
| | 4,437,000 | | 4,369,407 |
| Ryder System, Inc. | | | | |
5.65%, 03/01/2028
| | 2,792,000 | | 2,882,625 |
5.25%, 06/01/2028
| | 3,628,000 | | 3,704,653 |
Union Pacific Corp., 3.95%, 09/10/2028(b)
| | 5,881,000 | | 5,835,854 |
| | | | | 19,542,726 |
| Health Care Equipment & Supplies-1.72% |
Abbott Laboratories, 1.15%, 01/30/2028(b)
| | 3,577,000 | | 3,253,735 |
Baxter International, Inc., 2.27%, 12/01/2028(b)
| | 6,960,000 | | 6,348,875 |
Becton, Dickinson and Co., 4.69%, 02/13/2028(b)
| | 4,455,000 | | 4,481,535 |
Edwards Lifesciences Corp., 4.30%, 06/15/2028
| | 3,332,000 | | 3,293,698 |
Medtronic Global Holdings S.C.A., 4.25%, 03/30/2028(b)
| | 5,546,000 | | 5,553,673 |
| Stryker Corp. | | | | |
3.65%, 03/07/2028
| | 3,345,000 | | 3,266,031 |
4.85%, 12/08/2028
| | 3,313,000 | | 3,373,280 |
Zimmer Biomet Holdings, Inc., 5.35%, 12/01/2028(b)
| | 2,790,000 | | 2,876,482 |
| | | | | 32,447,309 |
| Health Care Providers & Services-5.25% |
Centene Corp., 2.45%, 07/15/2028
| | 12,817,000 | | 11,737,164 |
Cigna Group (The), 4.38%, 10/15/2028
| | 21,169,000 | | 21,057,707 |
CVS Health Corp., 4.30%, 03/25/2028
| | 27,873,000 | | 27,544,825 |
Elevance Health, Inc., 4.10%, 03/01/2028(b)
| | 6,875,000 | | 6,801,826 |
| HCA, Inc. | | | | |
5.20%, 06/01/2028(b)
| | 5,576,000 | | 5,675,514 |
5.63%, 09/01/2028(b)
| | 8,321,000 | | 8,583,711 |
| Humana, Inc. | | | | |
5.75%, 03/01/2028
| | 2,752,000 | | 2,853,942 |
5.75%, 12/01/2028(b)
| | 2,785,000 | | 2,910,190 |
| UnitedHealth Group, Inc. | | | | |
5.25%, 02/15/2028
| | 5,550,000 | | 5,754,348 |
3.85%, 06/15/2028(b)
| | 6,383,000 | | 6,304,140 |
| | | | | 99,223,367 |
| Health Care REITs-0.69% |
Healthpeak OP LLC, 2.13%, 12/01/2028
| | 2,790,000 | | 2,526,973 |
| | Principal
Amount | | Value |
| Health Care REITs-(continued) |
Omega Healthcare Investors, Inc., 4.75%, 01/15/2028
| $ | 3,044,000 | | $ 3,019,083 |
Ventas Realty L.P., 4.00%, 03/01/2028
| | 3,580,000 | | 3,505,895 |
Welltower OP LLC, 4.25%, 04/15/2028
| | 4,133,000 | | 4,088,037 |
| | | | | 13,139,988 |
| Hotels, Restaurants & Leisure-1.52% |
Booking Holdings, Inc., 3.55%, 03/15/2028
| | 2,792,000 | | 2,720,330 |
Expedia Group, Inc., 3.80%, 02/15/2028(b)
| | 5,571,000 | | 5,421,303 |
Marriott International, Inc., 5.55%, 10/15/2028(b)
| | 3,858,000 | | 4,003,547 |
| McDonald’s Corp. | | | | |
3.80%, 04/01/2028(b)
| | 5,853,000 | | 5,763,020 |
4.80%, 08/14/2028
| | 3,342,000 | | 3,403,807 |
| Starbucks Corp. | | | | |
3.50%, 03/01/2028(b)
| | 3,347,000 | | 3,255,640 |
4.00%, 11/15/2028(b)
| | 4,183,000 | | 4,132,094 |
| | | | | 28,699,741 |
| Household Durables-0.18% |
Mohawk Industries, Inc., 5.85%, 09/18/2028(b)
| | 3,340,000 | | 3,496,225 |
| Household Products-0.47% |
Clorox Co. (The), 3.90%, 05/15/2028(b)
| | 2,783,000 | | 2,727,848 |
Colgate-Palmolive Co., 4.60%, 03/01/2028(b)
| | 2,757,000 | | 2,807,417 |
Procter & Gamble Co. (The), 3.95%, 01/26/2028
| | 3,346,000 | | 3,338,139 |
| | | | | 8,873,404 |
| Independent Power and Renewable Electricity Producers-0.27% |
AES Corp. (The), 5.45%, 06/01/2028(b)
| | 5,019,000 | | 5,113,611 |
| Industrial Conglomerates-0.32% |
3M Co., 3.63%, 09/14/2028(b)
| | 3,349,000 | | 3,260,474 |
Honeywell International, Inc., 4.95%, 02/15/2028
| | 2,790,000 | | 2,874,846 |
| | | | | 6,135,320 |
| Industrial REITs-0.23% |
Prologis L.P., 4.88%, 06/15/2028(b)
| | 4,185,000 | | 4,260,463 |
| Insurance-0.32% |
Lincoln National Corp., 3.80%, 03/01/2028
| | 2,778,000 | | 2,703,078 |
Willis North America, Inc., 4.50%, 09/15/2028(b)
| | 3,325,000 | | 3,310,333 |
| | | | | 6,013,411 |
| Interactive Media & Services-0.45% |
Meta Platforms, Inc., 4.60%, 05/15/2028(b)
| | 8,294,000 | | 8,441,942 |
| IT Services-0.47% |
DXC Technology Co., 2.38%, 09/15/2028
| | 3,603,000 | | 3,233,612 |
International Business Machines Corp., 4.50%, 02/06/2028(b)
| | 5,600,000 | | 5,643,263 |
| | | | | 8,876,875 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2028 Corporate Bond ETF (BSCS)—(continued)
August 31, 2024
| | Principal
Amount | | Value |
| Life Sciences Tools & Services-0.32% |
Revvity, Inc., 1.90%, 09/15/2028(b)
| $ | 2,777,000 | | $ 2,500,304 |
Thermo Fisher Scientific, Inc., 1.75%, 10/15/2028(b)
| | 3,905,000 | | 3,555,810 |
| | | | | 6,056,114 |
| Machinery-2.17% |
CNH Industrial Capital LLC, 4.55%, 04/10/2028
| | 3,345,000 | | 3,339,793 |
Ingersoll Rand, Inc., 5.40%, 08/14/2028(b)
| | 2,790,000 | | 2,875,986 |
| John Deere Capital Corp. | | | | |
4.75%, 01/20/2028(b)
| | 6,136,000 | | 6,236,054 |
4.90%, 03/03/2028
| | 3,628,000 | | 3,712,681 |
1.50%, 03/06/2028
| | 2,758,000 | | 2,512,794 |
4.95%, 07/14/2028
| | 8,359,000 | | 8,577,819 |
Otis Worldwide Corp., 5.25%, 08/16/2028
| | 4,178,000 | | 4,300,652 |
Wabtec Corp., 4.70%, 09/15/2028
| | 6,868,000 | | 6,890,417 |
Xylem, Inc., 1.95%, 01/30/2028
| | 2,783,000 | | 2,567,553 |
| | | | | 41,013,749 |
| Marine Transportation-0.14% |
Kirby Corp., 4.20%, 03/01/2028
| | 2,786,000 | | 2,738,493 |
| Media-2.01% |
| Charter Communications Operating LLC/Charter Communications Operating Capital Corp. | | | | |
3.75%, 02/15/2028(b)
| | 5,578,000 | | 5,337,284 |
4.20%, 03/15/2028
| | 6,964,000 | | 6,741,611 |
| Comcast Corp. | | | | |
3.15%, 02/15/2028(b)
| | 9,195,000 | | 8,852,186 |
3.55%, 05/01/2028
| | 5,571,000 | | 5,427,325 |
Discovery Communications LLC, 3.95%, 03/20/2028
| | 9,480,000 | | 8,976,075 |
Paramount Global, 3.38%, 02/15/2028
| | 2,818,000 | | 2,635,050 |
| | | | | 37,969,531 |
| Metals & Mining-0.41% |
| Freeport-McMoRan, Inc. | | | | |
4.13%, 03/01/2028
| | 2,708,000 | | 2,661,007 |
4.38%, 08/01/2028
| | 2,419,000 | | 2,390,394 |
Nucor Corp., 3.95%, 05/01/2028(b)
| | 2,790,000 | | 2,758,911 |
| | | | | 7,810,312 |
| Multi-Utilities-1.53% |
DTE Electric Co., Series A, 1.90%, 04/01/2028
| | 3,209,000 | | 2,953,703 |
DTE Energy Co., 4.88%, 06/01/2028(b)
| | 4,461,000 | | 4,511,662 |
National Grid PLC (United Kingdom), 5.60%, 06/12/2028(b)
| | 3,899,000 | | 4,033,894 |
NiSource, Inc., 5.25%, 03/30/2028
| | 5,849,000 | | 5,981,481 |
Public Service Enterprise Group, Inc., 5.88%, 10/15/2028
| | 3,347,000 | | 3,502,605 |
Sempra, 3.40%, 02/01/2028(b)
| | 5,574,000 | | 5,375,706 |
WEC Energy Group, Inc., 2.20%, 12/15/2028(b)
| | 2,792,000 | | 2,548,791 |
| | | | | 28,907,842 |
| | Principal
Amount | | Value |
| Oil, Gas & Consumable Fuels-5.80% |
BP Capital Markets PLC, 3.72%, 11/28/2028(b)
| $ | 4,461,000 | | $ 4,349,876 |
Chevron USA, Inc., 3.85%, 01/15/2028
| | 3,336,000 | | 3,314,401 |
Continental Resources, Inc., 4.38%, 01/15/2028
| | 5,574,000 | | 5,470,483 |
Enbridge, Inc. (Canada), 6.00%, 11/15/2028(b)
| | 4,185,000 | | 4,420,932 |
| Energy Transfer L.P. | | | | |
5.55%, 02/15/2028
| | 5,578,000 | | 5,735,852 |
4.95%, 05/15/2028
| | 4,463,000 | | 4,502,472 |
4.95%, 06/15/2028
| | 5,571,000 | | 5,630,431 |
6.10%, 12/01/2028
| | 2,785,000 | | 2,942,770 |
EQM Midstream Partners L.P., 5.50%, 07/15/2028
| | 4,740,000 | | 4,775,450 |
EQT Corp., 5.70%, 04/01/2028
| | 2,788,000 | | 2,865,777 |
Equinor ASA (Norway), 3.63%, 09/10/2028(b)
| | 5,550,000 | | 5,432,133 |
Kinder Morgan, Inc., 4.30%, 03/01/2028(b)
| | 6,971,000 | | 6,936,548 |
MPLX L.P., 4.00%, 03/15/2028
| | 6,969,000 | | 6,834,046 |
Occidental Petroleum Corp., 6.38%, 09/01/2028
| | 3,206,000 | | 3,365,236 |
| ONEOK, Inc. | | | | |
4.55%, 07/15/2028
| | 4,399,000 | | 4,392,374 |
5.65%, 11/01/2028(b)
| | 4,132,000 | | 4,293,586 |
Ovintiv, Inc., 5.65%, 05/15/2028(b)
| | 3,897,000 | | 4,011,760 |
Phillips 66, 3.90%, 03/15/2028
| | 4,400,000 | | 4,315,368 |
Sabine Pass Liquefaction LLC, 4.20%, 03/15/2028
| | 7,526,000 | | 7,431,395 |
TransCanada PipeLines Ltd. (Canada), 4.25%, 05/15/2028(b)
| | 7,799,000 | | 7,717,720 |
Valero Energy Corp., 4.35%, 06/01/2028(b)
| | 3,291,000 | | 3,263,844 |
Valero Energy Partners L.P., 4.50%, 03/15/2028
| | 2,541,000 | | 2,530,228 |
Williams Cos., Inc. (The), 5.30%, 08/15/2028
| | 5,020,000 | | 5,156,465 |
| | | | | 109,689,147 |
| Passenger Airlines-0.12% |
Delta Air Lines, Inc., 4.38%, 04/19/2028
| | 2,264,000 | | 2,204,057 |
| Personal Care Products-1.09% |
Estee Lauder Cos., Inc. (The), 4.38%, 05/15/2028(b)
| | 3,901,000 | | 3,919,074 |
Kenvue, Inc., 5.05%, 03/22/2028(b)
| | 5,570,000 | | 5,725,744 |
| Unilever Capital Corp. (United Kingdom) | | | | |
3.50%, 03/22/2028
| | 7,146,000 | | 6,977,379 |
4.88%, 09/08/2028
| | 3,840,000 | | 3,932,055 |
| | | | | 20,554,252 |
| Pharmaceuticals-3.68% |
| AstraZeneca Finance LLC (United Kingdom) | | | | |
4.88%, 03/03/2028(b)
| | 6,129,000 | | 6,260,376 |
1.75%, 05/28/2028(b)
| | 6,983,000 | | 6,397,910 |
Bristol-Myers Squibb Co., 3.90%, 02/20/2028(b)
| | 8,088,000 | | 7,989,576 |
GlaxoSmithKline Capital, Inc. (United Kingdom), 3.88%, 05/15/2028(b)
| | 9,751,000 | | 9,630,840 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2028 Corporate Bond ETF (BSCS)—(continued)
August 31, 2024
| | Principal
Amount | | Value |
| Pharmaceuticals-(continued) |
Johnson & Johnson, 2.90%, 01/15/2028(b)
| $ | 8,317,000 | | $ 8,046,422 |
| Merck & Co., Inc. | | | | |
4.05%, 05/17/2028(b)
| | 2,785,000 | | 2,787,244 |
1.90%, 12/10/2028(b)
| | 5,755,000 | | 5,248,565 |
Pfizer, Inc., 3.60%, 09/15/2028(b)
| | 5,497,000 | | 5,382,735 |
Sanofi S.A., 3.63%, 06/19/2028
| | 5,481,000 | | 5,409,884 |
Takeda Pharmaceutical Co. Ltd. (Japan), 5.00%, 11/26/2028(b)
| | 9,625,000 | | 9,810,924 |
Zoetis, Inc., 3.90%, 08/20/2028
| | 2,760,000 | | 2,711,660 |
| | | | | 69,676,136 |
| Professional Services-0.91% |
Automatic Data Processing, Inc., 1.70%, 05/15/2028
| | 5,463,000 | | 5,022,596 |
Concentrix Corp., 6.60%, 08/02/2028(b)
| | 4,462,000 | | 4,679,698 |
Equifax, Inc., 5.10%, 06/01/2028(b)
| | 3,855,000 | | 3,921,246 |
Jacobs Engineering Group, Inc., 6.35%, 08/18/2028
| | 3,340,000 | | 3,533,181 |
| | | | | 17,156,721 |
| Real Estate Management & Development-0.20% |
Piedmont Operating Partnership L.P., 9.25%, 07/20/2028
| | 3,340,000 | | 3,694,684 |
| Residential REITs-0.45% |
American Homes 4 Rent L.P., 4.25%, 02/15/2028
| | 2,792,000 | | 2,745,094 |
ERP Operating L.P., 3.50%, 03/01/2028
| | 2,791,000 | | 2,707,289 |
Invitation Homes Operating Partnership L.P., 2.30%, 11/15/2028
| | 3,341,000 | | 3,035,120 |
| | | | | 8,487,503 |
| Retail REITs-0.54% |
| Realty Income Corp. | | | | |
3.40%, 01/15/2028(b)
| | 3,329,000 | | 3,215,304 |
3.65%, 01/15/2028(b)
| | 3,027,000 | | 2,945,340 |
Simon Property Group L.P., 1.75%, 02/01/2028
| | 4,459,000 | | 4,089,450 |
| | | | | 10,250,094 |
| Semiconductors & Semiconductor Equipment-2.13% |
Analog Devices, Inc., 1.70%, 10/01/2028(b)
| | 4,183,000 | | 3,799,244 |
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.50%, 01/15/2028
| | 4,332,000 | | 4,193,483 |
| Intel Corp. | | | | |
4.88%, 02/10/2028(b)
| | 9,755,000 | | 9,750,163 |
1.60%, 08/12/2028
| | 5,579,000 | | 4,926,876 |
Marvell Technology, Inc., 2.45%, 04/15/2028
| | 4,158,000 | | 3,844,540 |
Micron Technology, Inc., 5.38%, 04/15/2028
| | 3,331,000 | | 3,406,515 |
NVIDIA Corp., 1.55%, 06/15/2028(b)
| | 6,972,000 | | 6,384,311 |
Texas Instruments, Inc., 4.60%, 02/15/2028
| | 3,898,000 | | 3,955,926 |
| | | | | 40,261,058 |
| Software-2.13% |
Intuit, Inc., 5.13%, 09/15/2028(b)
| | 4,178,000 | | 4,318,367 |
| | Principal
Amount | | Value |
| Software-(continued) |
| Oracle Corp. | | | | |
2.30%, 03/25/2028
| $ | 11,151,000 | | $10,351,296 |
4.50%, 05/06/2028(b)
| | 4,178,000 | | 4,199,966 |
Roper Technologies, Inc., 4.20%, 09/15/2028
| | 4,400,000 | | 4,361,722 |
| Salesforce, Inc. | | | | |
3.70%, 04/11/2028(b)
| | 8,365,000 | | 8,241,813 |
1.50%, 07/15/2028(b)
| | 5,578,000 | | 5,057,885 |
VMware LLC, 1.80%, 08/15/2028
| | 4,117,000 | | 3,711,890 |
| | | | | 40,242,939 |
| Specialized REITs-2.56% |
| American Tower Corp. | | | | |
3.60%, 01/15/2028
| | 3,900,000 | | 3,772,709 |
1.50%, 01/31/2028
| | 3,627,000 | | 3,271,000 |
5.50%, 03/15/2028(b)
| | 3,904,000 | | 4,012,029 |
5.25%, 07/15/2028(b)
| | 3,591,000 | | 3,668,582 |
5.80%, 11/15/2028(b)
| | 4,184,000 | | 4,377,782 |
| Crown Castle, Inc. | | | | |
5.00%, 01/11/2028
| | 5,570,000 | | 5,622,045 |
3.80%, 02/15/2028(b)
| | 5,533,000 | | 5,379,049 |
4.80%, 09/01/2028
| | 3,303,000 | | 3,320,091 |
Equinix, Inc., 1.55%, 03/15/2028
| | 3,605,000 | | 3,251,360 |
Extra Space Storage L.P., 5.70%, 04/01/2028
| | 2,769,000 | | 2,859,923 |
GLP Capital L.P./GLP Financing II, Inc., 5.75%, 06/01/2028
| | 2,790,000 | | 2,851,154 |
| Public Storage Operating Co. | | | | |
1.85%, 05/01/2028(b)
| | 3,596,000 | | 3,284,880 |
1.95%, 11/09/2028
| | 3,031,000 | | 2,752,702 |
| | | | | 48,423,306 |
| Specialty Retail-1.66% |
AutoZone, Inc., 6.25%, 11/01/2028(b)
| | 2,758,000 | | 2,933,985 |
Dell International LLC/EMC Corp., 5.25%, 02/01/2028(b)
| | 5,577,000 | | 5,719,061 |
| Home Depot, Inc. (The) | | | | |
0.90%, 03/15/2028(b)
| | 2,783,000 | | 2,495,993 |
1.50%, 09/15/2028
| | 5,543,000 | | 5,008,648 |
| Lowe’s Cos., Inc. | | | | |
1.30%, 04/15/2028
| | 5,506,000 | | 4,946,815 |
1.70%, 09/15/2028(b)
| | 5,573,000 | | 5,016,735 |
O’Reilly Automotive, Inc., 4.35%, 06/01/2028(b)
| | 2,771,000 | | 2,759,842 |
TJX Cos., Inc. (The), 1.15%, 05/15/2028
| | 2,783,000 | | 2,496,980 |
| | | | | 31,378,059 |
| Technology Hardware, Storage & Peripherals-2.16% |
| Apple, Inc. | | | | |
1.20%, 02/08/2028
| | 13,936,000 | | 12,716,022 |
4.00%, 05/10/2028(b)
| | 8,365,000 | | 8,395,899 |
1.40%, 08/05/2028(b)
| | 12,819,000 | | 11,648,626 |
Hewlett Packard Enterprise Co., 5.25%, 07/01/2028(b)
| | 3,050,000 | | 3,121,460 |
HP, Inc., 4.75%, 01/15/2028(b)
| | 4,995,000 | | 5,048,175 |
| | | | | 40,930,182 |
| Textiles, Apparel & Luxury Goods-0.31% |
Tapestry, Inc., 7.35%, 11/27/2028(b)
| | 5,548,000 | | 5,822,402 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2028 Corporate Bond ETF (BSCS)—(continued)
August 31, 2024
| | Principal
Amount | | Value |
| Tobacco-1.72% |
Altria Group, Inc., 6.20%, 11/01/2028
| $ | 2,790,000 | | $ 2,956,733 |
B.A.T Capital Corp. (United Kingdom), 2.26%, 03/25/2028
| | 9,755,000 | | 8,990,799 |
B.A.T. International Finance PLC (United Kingdom), 4.45%, 03/16/2028(b)
| | 5,573,000 | | 5,534,353 |
| Philip Morris International, Inc. | | | | |
4.88%, 02/15/2028
| | 8,644,000 | | 8,768,270 |
3.13%, 03/02/2028
| | 2,734,000 | | 2,622,126 |
5.25%, 09/07/2028
| | 3,603,000 | | 3,709,180 |
| | | | | 32,581,461 |
| Trading Companies & Distributors-0.34% |
| Air Lease Corp. | | | | |
5.30%, 02/01/2028(b)
| | 3,904,000 | | 3,981,510 |
2.10%, 09/01/2028
| | 2,770,000 | | 2,509,819 |
| | | | | 6,491,329 |
| Water Utilities-0.18% |
American Water Capital Corp., 3.75%, 09/01/2028(b)
| | 3,440,000 | | 3,364,787 |
| Wireless Telecommunication Services-2.06% |
Sprint Capital Corp., 6.88%, 11/15/2028
| | 13,796,000 | | 14,953,341 |
| T-Mobile USA, Inc. | | | | |
4.75%, 02/01/2028(b)
| | 8,366,000 | | 8,402,133 |
4.95%, 03/15/2028(b)
| | 5,531,000 | | 5,615,748 |
4.80%, 07/15/2028(b)
| | 5,020,000 | | 5,077,510 |
Vodafone Group PLC (United Kingdom), 4.38%, 05/30/2028(b)
| | 4,934,000 | | 4,976,803 |
| | | | | 39,025,535 |
Total U.S. Dollar Denominated Bonds & Notes
(Cost $1,853,446,296)
| | 1,869,789,269 |
| | Shares | | Value |
| Money Market Funds-0.00% |
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(c)(d)
(Cost $74,172)
| | 74,172 | | $ 74,172 |
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-98.86%
(Cost $1,853,520,468)
| | 1,869,863,441 |
Investments Purchased with Cash Collateral
from Securities on Loan |
| Money Market Funds-22.09% |
Invesco Private Government Fund, 5.28%(c)(d)(e)
| | 115,834,395 | | 115,834,395 |
Invesco Private Prime Fund, 5.46%(c)(d)(e)
| | 301,831,851 | | 301,952,584 |
Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $417,765,036)
| | 417,786,979 |
TOTAL INVESTMENTS IN SECURITIES-120.95%
(Cost $2,271,285,504)
| | 2,287,650,420 |
OTHER ASSETS LESS LIABILITIES-(20.95)%
| | (396,304,213) |
NET ASSETS-100.00%
| | $1,891,346,207 |
| Investment Abbreviations: |
| REIT | -Real Estate Investment Trust |
| Notes to Schedule of Investments: |
| (a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
| (b) | All or a portion of this security was out on loan at August 31, 2024. |
| (c) | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024. |
| | Value
August 31, 2023 | | Purchases
at Cost | | Proceeds
from Sales | | Change in
Unrealized
Appreciation | | Realized
Gain | | Value
August 31, 2024 | | Dividend
Income |
| Investments in Affiliated Money Market Funds: | | | | | | | | | | | | | |
| Invesco Government & Agency Portfolio, Institutional Class | $70,749 | | $59,553,687 | | $(59,550,264) | | $- | | $- | | $74,172 | | $157,001 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2028 Corporate Bond ETF (BSCS)—(continued)
August 31, 2024
| | Value
August 31, 2023 | | Purchases
at Cost | | Proceeds
from Sales | | Change in
Unrealized
Appreciation | | Realized
Gain | | Value
August 31, 2024 | | Dividend
Income |
| Investments Purchased with Cash Collateral from Securities on Loan: | | | | | | | | | | | | | |
| Invesco Private Government Fund | $44,945,202 | | $408,919,584 | | $(338,030,391) | | $- | | $- | | $115,834,395 | | $3,871,167* |
| Invesco Private Prime Fund | 116,108,652 | | 882,371,523 | | (696,578,371) | | 18,531 | | 32,249 | | 301,952,584 | | 10,416,739* |
| Total | $161,124,603 | | $1,350,844,794 | | $(1,094,159,026) | | $18,531 | | $32,249 | | $417,861,151 | | $14,444,907 |
| * | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
| (d) | The rate shown is the 7-day SEC standardized yield as of August 31, 2024. |
| (e) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2029 Corporate Bond ETF (BSCT)
August 31, 2024
Schedule of Investments(a)
| | Principal
Amount | | Value |
| U.S. Dollar Denominated Bonds & Notes-98.80% |
| Aerospace & Defense-1.37% |
Boeing Co. (The), 3.20%, 03/01/2029(b)
| $ | 3,590,000 | | $ 3,312,207 |
Howmet Aerospace, Inc., 3.00%, 01/15/2029(b)
| | 2,500,000 | | 2,350,500 |
L3Harris Technologies, Inc., 5.05%, 06/01/2029
| | 2,695,000 | | 2,753,100 |
Lockheed Martin Corp., 4.50%, 02/15/2029
| | 2,330,000 | | 2,352,746 |
Northrop Grumman Corp., 4.60%, 02/01/2029(b)
| | 1,800,000 | | 1,814,699 |
| RTX Corp. | | | | |
5.75%, 01/15/2029
| | 1,800,000 | | 1,891,063 |
7.50%, 09/15/2029
| | 1,485,000 | | 1,681,696 |
| | | | | 16,156,011 |
| Air Freight & Logistics-0.41% |
GXO Logistics, Inc., 6.25%, 05/06/2029
| | 2,160,000 | | 2,254,653 |
United Parcel Service, Inc., 3.40%, 03/15/2029(b)
| | 2,685,000 | | 2,594,713 |
| | | | | 4,849,366 |
| Automobiles-3.47% |
| American Honda Finance Corp. | | | | |
2.25%, 01/12/2029
| | 2,322,000 | | 2,126,765 |
4.90%, 03/13/2029
| | 2,683,000 | | 2,740,483 |
| Ford Motor Credit Co. LLC | | | | |
2.90%, 02/10/2029
| | 2,692,000 | | 2,438,169 |
5.80%, 03/08/2029
| | 5,720,000 | | 5,831,756 |
5.11%, 05/03/2029
| | 5,345,000 | | 5,293,812 |
General Motors Co., 5.40%, 10/15/2029(b)
| | 3,571,000 | | 3,656,755 |
PACCAR Financial Corp., 4.60%, 01/31/2029(b)
| | 2,160,000 | | 2,191,851 |
Toyota Motor Corp. (Japan), 2.76%, 07/02/2029
| | 1,777,000 | | 1,668,356 |
| Toyota Motor Credit Corp. | | | | |
4.65%, 01/05/2029(b)
| | 2,870,000 | | 2,904,919 |
3.65%, 01/08/2029(b)
| | 1,785,000 | | 1,739,942 |
5.05%, 05/16/2029
| | 3,591,000 | | 3,700,761 |
4.45%, 06/29/2029(b)
| | 2,871,000 | | 2,889,636 |
4.55%, 08/09/2029
| | 3,520,000 | | 3,550,789 |
| | | | | 40,733,994 |
| Banks-6.21% |
Banco Bilbao Vizcaya Argentaria S.A. (Spain), 5.38%, 03/13/2029
| | 3,570,000 | | 3,683,468 |
Bank of Nova Scotia (The) (Canada), 5.45%, 08/01/2029
| | 2,510,000 | | 2,605,367 |
Canadian Imperial Bank of Commerce (Canada), 5.26%, 04/08/2029(b)
| | 4,110,000 | | 4,226,951 |
Citibank N.A., 4.84%, 08/06/2029
| | 5,340,000 | | 5,415,249 |
Cooperatieve Rabobank U.A. (Netherlands), 4.80%, 01/09/2029(b)
| | 1,800,000 | | 1,835,133 |
KeyCorp, 2.55%, 10/01/2029
| | 2,686,000 | | 2,406,046 |
| Mitsubishi UFJ Financial Group, Inc. (Japan) | | | | |
3.74%, 03/07/2029(b)
| | 5,365,000 | | 5,219,145 |
3.20%, 07/18/2029
| | 6,248,000 | | 5,876,971 |
| | Principal
Amount | | Value |
| Banks-(continued) |
PNC Bank N.A., 2.70%, 10/22/2029
| $ | 2,694,000 | | $ 2,446,072 |
PNC Financial Services Group, Inc. (The), 3.45%, 04/23/2029(b)
| | 5,386,000 | | 5,176,640 |
Royal Bank of Canada (Canada), 4.95%, 02/01/2029(b)
| | 3,590,000 | | 3,673,761 |
| Sumitomo Mitsui Financial Group, Inc. (Japan) | | | | |
2.47%, 01/14/2029
| | 1,795,000 | | 1,647,169 |
5.32%, 07/09/2029(b)
| | 2,690,000 | | 2,772,952 |
3.04%, 07/16/2029
| | 8,981,000 | | 8,366,204 |
2.72%, 09/27/2029(b)
| | 1,745,000 | | 1,596,117 |
Toronto-Dominion Bank (The) (Canada), 4.99%, 04/05/2029(b)
| | 3,235,000 | | 3,297,304 |
Truist Financial Corp., 3.88%, 03/19/2029(b)
| | 2,360,000 | | 2,282,053 |
Wells Fargo & Co., 4.15%, 01/24/2029
| | 8,985,000 | | 8,885,640 |
Zions Bancorporation N.A., 3.25%, 10/29/2029
| | 1,800,000 | | 1,578,157 |
| | | | | 72,990,399 |
| Beverages-2.93% |
Anheuser-Busch InBev Worldwide, Inc. (Belgium), 4.75%, 01/23/2029
| | 15,271,000 | | 15,560,199 |
Coca-Cola Co. (The), 2.13%, 09/06/2029
| | 3,582,000 | | 3,262,405 |
Coca-Cola Consolidated, Inc., 5.25%, 06/01/2029
| | 2,510,000 | | 2,592,439 |
Diageo Capital PLC (United Kingdom), 2.38%, 10/24/2029
| | 3,599,000 | | 3,279,314 |
| Keurig Dr Pepper, Inc. | | | | |
5.05%, 03/15/2029
| | 2,683,000 | | 2,750,791 |
3.95%, 04/15/2029(b)
| | 3,593,000 | | 3,516,007 |
| PepsiCo, Inc. | | | | |
7.00%, 03/01/2029
| | 1,831,000 | | 2,047,401 |
4.50%, 07/17/2029(b)
| | 1,350,000 | | 1,377,657 |
| | | | | 34,386,213 |
| Biotechnology-2.95% |
| AbbVie, Inc. | | | | |
4.80%, 03/15/2029
| | 8,979,000 | | 9,175,618 |
3.20%, 11/21/2029
| | 19,528,000 | | 18,508,995 |
| Amgen, Inc. | | | | |
3.00%, 02/22/2029(b)
| | 2,687,000 | | 2,538,013 |
4.05%, 08/18/2029
| | 4,488,000 | | 4,406,756 |
| | | | | 34,629,382 |
| Broadline Retail-0.92% |
| Amazon.com, Inc. | | | | |
3.45%, 04/13/2029(b)
| | 5,387,000 | | 5,266,738 |
4.65%, 12/01/2029
| | 5,385,000 | | 5,526,229 |
| | | | | 10,792,967 |
| Building Products-0.65% |
CRH SMW Finance DAC, 5.20%, 05/21/2029
| | 2,680,000 | | 2,755,451 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2029 Corporate Bond ETF (BSCT)—(continued)
August 31, 2024
| | Principal
Amount | | Value |
| Building Products-(continued) |
Fortune Brands Innovations, Inc., 3.25%, 09/15/2029(b)
| $ | 2,500,000 | | $ 2,334,984 |
Johnson Controls International PLC/Tyco Fire & Security Finance S.C.A., 5.50%, 04/19/2029(b)
| | 2,511,000 | | 2,612,090 |
| | | | | 7,702,525 |
| Capital Markets-4.19% |
| Ares Capital Corp. | | | | |
5.88%, 03/01/2029
| | 3,590,000 | | 3,651,558 |
5.95%, 07/15/2029
| | 3,050,000 | | 3,109,309 |
Bank of New York Mellon Corp. (The), 3.30%, 08/23/2029
| | 2,686,000 | | 2,537,012 |
BlackRock, Inc., 3.25%, 04/30/2029(b)
| | 3,597,000 | | 3,468,726 |
Blue Owl Capital Corp., 5.95%, 03/15/2029(b)
| | 2,140,000 | | 2,180,697 |
Blue Owl Credit Income Corp., 7.75%, 01/15/2029
| | 1,968,000 | | 2,095,309 |
Brookfield Finance, Inc. (Canada), 4.85%, 03/29/2029
| | 3,580,000 | | 3,621,564 |
| Charles Schwab Corp. (The) | | | | |
4.00%, 02/01/2029(b)
| | 2,130,000 | | 2,096,110 |
3.25%, 05/22/2029(b)
| | 2,150,000 | | 2,045,093 |
Deutsche Bank AG (Germany), 5.41%, 05/10/2029(b)
| | 3,590,000 | | 3,703,842 |
FS KKR Capital Corp., 6.88%, 08/15/2029
| | 2,150,000 | | 2,211,861 |
Golub Capital BDC, Inc., 6.00%, 07/15/2029
| | 2,160,000 | | 2,177,954 |
Lazard Group LLC, 4.38%, 03/11/2029
| | 1,776,000 | | 1,740,082 |
| Nomura Holdings, Inc. (Japan) | | | | |
2.71%, 01/22/2029
| | 1,800,000 | | 1,652,722 |
5.61%, 07/06/2029(b)
| | 2,160,000 | | 2,226,358 |
Northern Trust Corp., 3.15%, 05/03/2029
| | 1,787,000 | | 1,710,157 |
| S&P Global, Inc. | | | | |
2.70%, 03/01/2029(b)
| | 4,412,000 | | 4,123,888 |
4.25%, 05/01/2029(b)
| | 3,300,000 | | 3,291,002 |
2.50%, 12/01/2029
| | 1,795,000 | | 1,641,437 |
| | | | | 49,284,681 |
| Chemicals-2.12% |
Air Products and Chemicals, Inc., 4.60%, 02/08/2029
| | 2,680,000 | | 2,726,351 |
Celanese US Holdings LLC, 6.33%, 07/15/2029
| | 2,680,000 | | 2,834,562 |
Dow Chemical Co. (The), 7.38%, 11/01/2029(b)
| | 2,800,000 | | 3,165,646 |
Eastman Chemical Co., 5.00%, 08/01/2029(b)
| | 1,740,000 | | 1,766,351 |
FMC Corp., 3.45%, 10/01/2029
| | 1,785,000 | | 1,672,369 |
Huntsman International LLC, 4.50%, 05/01/2029
| | 2,681,000 | | 2,612,197 |
Nutrien Ltd. (Canada), 4.20%, 04/01/2029(b)
| | 2,680,000 | | 2,647,383 |
Olin Corp., 5.63%, 08/01/2029(b)
| | 2,403,000 | | 2,398,021 |
| | Principal
Amount | | Value |
| Chemicals-(continued) |
Rohm & Haas Co., 7.85%, 07/15/2029
| $ | 2,137,000 | | $ 2,412,944 |
Sherwin-Williams Co. (The), 2.95%, 08/15/2029
| | 2,865,000 | | 2,668,669 |
| | | | | 24,904,493 |
| Commercial Services & Supplies-0.38% |
Waste Connections, Inc., 3.50%, 05/01/2029
| | 1,792,000 | | 1,730,479 |
Waste Management, Inc., 4.88%, 02/15/2029(b)
| | 2,680,000 | | 2,747,947 |
| | | | | 4,478,426 |
| Communications Equipment-1.18% |
Cisco Systems, Inc., 4.85%, 02/26/2029
| | 8,980,000 | | 9,229,338 |
Juniper Networks, Inc., 3.75%, 08/15/2029
| | 1,789,000 | | 1,715,801 |
Motorola Solutions, Inc., 4.60%, 05/23/2029
| | 2,860,000 | | 2,868,568 |
| | | | | 13,813,707 |
| Construction & Engineering-0.17% |
MasTec, Inc., 5.90%, 06/15/2029(b)
| | 1,974,000 | | 2,043,094 |
| Construction Materials-0.16% |
Amcor Group Finance PLC, 5.45%, 05/23/2029
| | 1,790,000 | | 1,841,868 |
| Consumer Finance-1.85% |
American Express Co., 4.05%, 05/03/2029(b)
| | 3,580,000 | | 3,565,448 |
| General Motors Financial Co., Inc. | | | | |
5.80%, 01/07/2029(b)
| | 5,370,000 | | 5,564,298 |
5.65%, 01/17/2029
| | 1,800,000 | | 1,851,386 |
4.30%, 04/06/2029
| | 3,940,000 | | 3,861,048 |
5.55%, 07/15/2029
| | 4,460,000 | | 4,583,455 |
Synchrony Financial, 5.15%, 03/19/2029
| | 2,321,000 | | 2,312,918 |
| | | | | 21,738,553 |
| Consumer Staples Distribution & Retail-1.05% |
Ahold Finance USA LLC (Netherlands), 6.88%, 05/01/2029
| | 1,793,000 | | 1,967,991 |
Kroger Co. (The), 4.50%, 01/15/2029(b)
| | 2,425,000 | | 2,433,604 |
Sysco Corp., 5.75%, 01/17/2029(b)
| | 1,800,000 | | 1,888,404 |
Target Corp., 3.38%, 04/15/2029(b)
| | 3,590,000 | | 3,487,445 |
Walmart, Inc., 3.25%, 07/08/2029(b)
| | 2,623,000 | | 2,552,716 |
| | | | | 12,330,160 |
| Containers & Packaging-0.37% |
Packaging Corp. of America, 3.00%, 12/15/2029
| | 1,786,000 | | 1,661,928 |
WRKCo, Inc., 4.90%, 03/15/2029(b)
| | 2,684,000 | | 2,715,370 |
| | | | | 4,377,298 |
| Distributors-0.22% |
Genuine Parts Co., 4.95%, 08/15/2029
| | 2,610,000 | | 2,626,880 |
| Diversified Consumer Services-0.29% |
RELX Capital, Inc. (United Kingdom), 4.00%, 03/18/2029
| | 3,415,000 | | 3,359,462 |
| Diversified REITs-0.26% |
Digital Realty Trust L.P., 3.60%, 07/01/2029
| | 3,219,000 | | 3,078,712 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2029 Corporate Bond ETF (BSCT)—(continued)
August 31, 2024
| | Principal
Amount | | Value |
| Diversified Telecommunication Services-2.40% |
AT&T, Inc., 4.35%, 03/01/2029(b)
| $ | 10,780,000 | | $ 10,744,803 |
| Verizon Communications, Inc. | | | | |
3.88%, 02/08/2029
| | 3,581,000 | | 3,501,007 |
4.02%, 12/03/2029
| | 14,230,000 | | 13,939,420 |
| | | | | 28,185,230 |
| Electric Utilities-5.89% |
AEP Texas, Inc., 5.45%, 05/15/2029(b)
| | 1,793,000 | | 1,857,092 |
American Electric Power Co., Inc., 5.20%, 01/15/2029
| | 3,595,000 | | 3,684,367 |
Avangrid, Inc., 3.80%, 06/01/2029
| | 2,684,000 | | 2,586,408 |
| Duke Energy Corp. | | | | |
4.85%, 01/05/2029
| | 2,335,000 | | 2,368,010 |
3.40%, 06/15/2029
| | 2,142,000 | | 2,036,489 |
Duke Energy Florida LLC, 2.50%, 12/01/2029
| | 2,471,000 | | 2,263,413 |
Duke Energy Progress LLC, 3.45%, 03/15/2029(b)
| | 2,151,000 | | 2,074,043 |
| Edison International | | | | |
5.45%, 06/15/2029
| | 1,800,000 | | 1,851,544 |
6.95%, 11/15/2029
| | 1,971,000 | | 2,156,457 |
Evergy, Inc., 2.90%, 09/15/2029
| | 2,860,000 | | 2,628,875 |
| Eversource Energy | | | | |
5.95%, 02/01/2029
| | 2,870,000 | | 3,010,325 |
Series O, 4.25%, 04/01/2029
| | 1,797,000 | | 1,764,459 |
Exelon Corp., 5.15%, 03/15/2029
| | 2,303,000 | | 2,364,919 |
Florida Power & Light Co., 5.15%, 06/15/2029
| | 2,690,000 | | 2,786,579 |
MidAmerican Energy Co., 3.65%, 04/15/2029
| | 3,038,000 | | 2,955,210 |
National Rural Utilities Cooperative Finance Corp., 4.85%, 02/07/2029(b)
| | 1,800,000 | | 1,833,847 |
Nevada Power Co., Series CC, 3.70%, 05/01/2029
| | 1,786,000 | | 1,732,579 |
| NextEra Energy Capital Holdings, Inc. | | | | |
4.90%, 03/15/2029
| | 3,222,000 | | 3,274,410 |
3.50%, 04/01/2029
| | 1,752,000 | | 1,676,544 |
2.75%, 11/01/2029
| | 3,552,000 | | 3,276,954 |
| Pacific Gas and Electric Co. | | | | |
6.10%, 01/15/2029
| | 3,052,000 | | 3,192,829 |
5.55%, 05/15/2029
| | 3,053,000 | | 3,143,256 |
PacifiCorp, 5.10%, 02/15/2029
| | 1,789,000 | | 1,834,076 |
| Southern California Edison Co. | | | | |
5.15%, 06/01/2029
| | 2,143,000 | | 2,203,680 |
Series A, 4.20%, 03/01/2029
| | 1,796,000 | | 1,773,206 |
Southern Co. (The), 5.50%, 03/15/2029
| | 3,593,000 | | 3,741,757 |
Tampa Electric Co., 4.90%, 03/01/2029
| | 1,800,000 | | 1,835,194 |
Virginia Electric & Power Co., Series A, 2.88%, 07/15/2029
| | 1,789,000 | | 1,668,525 |
Xcel Energy, Inc., 2.60%, 12/01/2029
| | 1,789,000 | | 1,618,721 |
| | | | | 69,193,768 |
| Electronic Equipment, Instruments & Components-0.50% |
Amphenol Corp., 4.35%, 06/01/2029
| | 1,800,000 | | 1,800,293 |
CDW LLC/CDW Finance Corp., 3.25%, 02/15/2029(b)
| | 2,519,000 | | 2,363,523 |
Keysight Technologies, Inc., 3.00%, 10/30/2029
| | 1,793,000 | | 1,672,026 |
| | | | | 5,835,842 |
| | Principal
Amount | | Value |
| Energy Equipment & Services-0.30% |
Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc., 3.14%, 11/07/2029
| $ | 1,876,000 | | $ 1,761,131 |
NOV, Inc., 3.60%, 12/01/2029(b)
| | 1,814,000 | | 1,721,495 |
| | | | | 3,482,626 |
| Entertainment-1.24% |
Netflix, Inc., 6.38%, 05/15/2029
| | 2,893,000 | | 3,136,238 |
Walt Disney Co. (The), 2.00%, 09/01/2029
| | 7,189,000 | | 6,459,415 |
Warnermedia Holdings, Inc., 4.05%, 03/15/2029(b)
| | 5,360,000 | | 5,009,555 |
| | | | | 14,605,208 |
| Financial Services-3.21% |
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland), 5.10%, 01/19/2029(b)
| | 2,870,000 | | 2,910,836 |
BlackRock Funding, Inc., 4.70%, 03/14/2029
| | 1,793,000 | | 1,834,399 |
Blackstone Private Credit Fund, 4.00%, 01/15/2029(b)
| | 2,280,000 | | 2,152,481 |
Corebridge Financial, Inc., 3.85%, 04/05/2029
| | 3,588,000 | | 3,465,795 |
Enact Holdings, Inc., 6.25%, 05/28/2029
| | 2,680,000 | | 2,765,234 |
Fidelity National Information Services, Inc., 3.75%, 05/21/2029
| | 1,670,000 | | 1,621,050 |
Fiserv, Inc., 3.50%, 07/01/2029
| | 10,774,000 | | 10,320,147 |
Global Payments, Inc., 5.30%, 08/15/2029
| | 1,797,000 | | 1,832,290 |
Mastercard, Inc., 2.95%, 06/01/2029(b)
| | 3,582,000 | | 3,405,093 |
PayPal Holdings, Inc., 2.85%, 10/01/2029
| | 5,393,000 | | 5,022,891 |
Radian Group, Inc., 6.20%, 05/15/2029
| | 2,250,000 | | 2,344,440 |
| | | | | 37,674,656 |
| Food Products-1.01% |
Campbell Soup Co., 5.20%, 03/21/2029(b)
| | 2,160,000 | | 2,220,656 |
JBS USA Holding Lux S.a.r.l./JBS USA Food Co./JBS Lux Co. S.a.r.l., 3.00%, 02/02/2029(b)
| | 2,090,000 | | 1,932,376 |
Mondelez International, Inc., 4.75%, 02/20/2029(b)
| | 1,974,000 | | 2,004,681 |
| Tyson Foods, Inc. | | | | |
4.35%, 03/01/2029
| | 3,590,000 | | 3,550,138 |
5.40%, 03/15/2029
| | 2,158,000 | | 2,225,599 |
| | | | | 11,933,450 |
| Gas Utilities-0.17% |
Piedmont Natural Gas Co., Inc., 3.50%, 06/01/2029
| | 2,155,000 | | 2,059,443 |
| Ground Transportation-0.69% |
CSX Corp., 4.25%, 03/15/2029
| | 3,409,000 | | 3,404,335 |
Ryder System, Inc., 5.38%, 03/15/2029(b)
| | 1,967,000 | | 2,024,946 |
Union Pacific Corp., 3.70%, 03/01/2029
| | 2,771,000 | | 2,717,925 |
| | | | | 8,147,206 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2029 Corporate Bond ETF (BSCT)—(continued)
August 31, 2024
| | Principal
Amount | | Value |
| Health Care Equipment & Supplies-0.91% |
| Becton, Dickinson and Co. | | | | |
4.87%, 02/08/2029
| $ | 2,240,000 | | $2,276,163 |
5.08%, 06/07/2029(b)
| | 2,160,000 | | 2,213,453 |
DH Europe Finance II S.a.r.l., 2.60%, 11/15/2029
| | 2,861,000 | | 2,639,106 |
GE HealthCare Technologies, Inc., 4.80%, 08/14/2029
| | 3,520,000 | | 3,549,189 |
| | | | | 10,677,911 |
| Health Care Providers & Services-5.25% |
Cardinal Health, Inc., 5.13%, 02/15/2029
| | 2,325,000 | | 2,377,841 |
Centene Corp., 4.63%, 12/15/2029
| | 11,724,000 | | 11,414,043 |
Cigna Group (The), 5.00%, 05/15/2029
| | 3,590,000 | | 3,663,592 |
CommonSpirit Health, 3.35%, 10/01/2029
| | 3,276,000 | | 3,093,204 |
| CVS Health Corp. | | | | |
5.00%, 01/30/2029
| | 3,589,000 | | 3,640,852 |
5.40%, 06/01/2029(b)
| | 3,605,000 | | 3,705,213 |
| Elevance Health, Inc. | | | | |
5.15%, 06/15/2029(b)
| | 2,139,000 | | 2,202,263 |
2.88%, 09/15/2029
| | 2,947,000 | | 2,740,811 |
| HCA, Inc. | | | | |
5.88%, 02/01/2029
| | 3,599,000 | | 3,740,186 |
3.38%, 03/15/2029
| | 1,777,000 | | 1,680,333 |
4.13%, 06/15/2029
| | 7,181,000 | | 7,008,298 |
Humana, Inc., 3.70%, 03/23/2029(b)
| | 2,114,000 | | 2,041,402 |
Icon Investments Six DAC, 5.85%, 05/08/2029
| | 2,690,000 | | 2,811,584 |
Laboratory Corp. of America Holdings, 2.95%, 12/01/2029
| | 2,326,000 | | 2,143,512 |
Quest Diagnostics, Inc., 4.20%, 06/30/2029
| | 1,776,000 | | 1,751,764 |
| UnitedHealth Group, Inc. | | | | |
4.25%, 01/15/2029(b)
| | 4,490,000 | | 4,493,371 |
4.00%, 05/15/2029(b)
| | 3,234,000 | | 3,201,808 |
| | | | | 61,710,077 |
| Health Care REITs-0.86% |
Healthpeak OP LLC, 3.50%, 07/15/2029
| | 2,330,000 | | 2,215,340 |
Omega Healthcare Investors, Inc., 3.63%, 10/01/2029
| | 1,786,000 | | 1,662,739 |
Ventas Realty L.P., 4.40%, 01/15/2029
| | 2,686,000 | | 2,659,652 |
| Welltower OP LLC | | | | |
2.05%, 01/15/2029
| | 1,760,000 | | 1,583,645 |
4.13%, 03/15/2029
| | 1,967,000 | | 1,931,886 |
| | | | | 10,053,262 |
| Hotels, Restaurants & Leisure-1.01% |
Las Vegas Sands Corp., 6.00%, 08/15/2029
| | 1,800,000 | | 1,847,509 |
| Marriott International, Inc. | | | | |
4.90%, 04/15/2029
| | 2,870,000 | | 2,909,054 |
4.88%, 05/15/2029
| | 1,772,000 | | 1,793,917 |
McDonald’s Corp., 5.00%, 05/17/2029(b)
| | 1,789,000 | | 1,839,611 |
Starbucks Corp., 3.55%, 08/15/2029
| | 3,571,000 | | 3,449,683 |
| | | | | 11,839,774 |
| | Principal
Amount | | Value |
| Household Durables-0.36% |
Leggett & Platt, Inc., 4.40%, 03/15/2029(b)
| $ | 1,788,000 | | $ 1,699,990 |
Whirlpool Corp., 4.75%, 02/26/2029(b)
| | 2,503,000 | | 2,519,322 |
| | | | | 4,219,312 |
| Household Products-0.54% |
Clorox Co. (The), 4.40%, 05/01/2029(b)
| | 1,786,000 | | 1,789,372 |
Kimberly-Clark Corp., 3.20%, 04/25/2029
| | 2,504,000 | | 2,407,035 |
Procter & Gamble Co. (The), 4.35%, 01/29/2029
| | 2,146,000 | | 2,179,258 |
| | | | | 6,375,665 |
| Industrial Conglomerates-0.90% |
| 3M Co. | | | | |
3.38%, 03/01/2029(b)
| | 2,864,000 | | 2,747,283 |
2.38%, 08/26/2029(b)
| | 3,580,000 | | 3,245,131 |
| Honeywell International, Inc. | | | | |
4.25%, 01/15/2029(b)
| | 2,680,000 | | 2,700,030 |
4.88%, 09/01/2029
| | 1,809,000 | | 1,857,537 |
| | | | | 10,549,981 |
| Insurance-2.52% |
Allstate Corp. (The), 5.05%, 06/24/2029
| | 1,800,000 | | 1,843,122 |
Aon Corp., 3.75%, 05/02/2029
| | 2,679,000 | | 2,595,865 |
Aon North America, Inc., 5.15%, 03/01/2029
| | 3,593,000 | | 3,680,728 |
Chubb INA Holdings LLC, 4.65%, 08/15/2029
| | 1,140,000 | | 1,157,359 |
CNA Financial Corp., 3.90%, 05/01/2029
| | 1,744,000 | | 1,698,145 |
CNO Financial Group, Inc., 5.25%, 05/30/2029(b)
| | 1,798,000 | | 1,805,385 |
F&G Annuities & Life, Inc., 6.50%, 06/04/2029
| | 1,980,000 | | 2,021,223 |
Hartford Financial Services Group, Inc. (The), 2.80%, 08/19/2029(b)
| | 2,149,000 | | 1,979,445 |
Marsh & McLennan Cos., Inc., 4.38%, 03/15/2029(b)
| | 5,361,000 | | 5,383,734 |
PartnerRe Finance B LLC, 3.70%, 07/02/2029(b)
| | 1,741,000 | | 1,675,025 |
Principal Financial Group, Inc., 3.70%, 05/15/2029
| | 1,790,000 | | 1,730,411 |
Progressive Corp. (The), 4.00%, 03/01/2029
| | 1,965,000 | | 1,946,896 |
Reinsurance Group of America, Inc., 3.90%, 05/15/2029
| | 2,204,000 | | 2,135,028 |
| | | | | 29,652,366 |
| Interactive Media & Services-0.30% |
Meta Platforms, Inc., 4.30%, 08/15/2029(b)
| | 3,520,000 | | 3,544,901 |
| IT Services-0.96% |
International Business Machines Corp., 3.50%, 05/15/2029
| | 11,675,000 | | 11,260,220 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2029 Corporate Bond ETF (BSCT)—(continued)
August 31, 2024
| | Principal
Amount | | Value |
| Leisure Products-0.43% |
Hasbro, Inc., 3.90%, 11/19/2029(b)
| $ | 3,225,000 | | $ 3,084,101 |
Polaris, Inc., 6.95%, 03/15/2029
| | 1,800,000 | | 1,931,279 |
| | | | | 5,015,380 |
| Life Sciences Tools & Services-1.21% |
IQVIA, Inc., 6.25%, 02/01/2029
| | 4,494,000 | | 4,751,048 |
Revvity, Inc., 3.30%, 09/15/2029
| | 3,046,000 | | 2,852,227 |
| Thermo Fisher Scientific, Inc. | | | | |
5.00%, 01/31/2029(b)
| | 3,592,000 | | 3,694,250 |
2.60%, 10/01/2029
| | 3,220,000 | | 2,981,061 |
| | | | | 14,278,586 |
| Machinery-2.98% |
Caterpillar Financial Services Corp., 4.85%, 02/27/2029
| | 2,154,000 | | 2,206,659 |
Caterpillar, Inc., 2.60%, 09/19/2029
| | 1,790,000 | | 1,660,971 |
| CNH Industrial Capital LLC | | | | |
5.50%, 01/12/2029
| | 1,800,000 | | 1,862,224 |
5.10%, 04/20/2029
| | 2,143,000 | | 2,185,668 |
Cummins, Inc., 4.90%, 02/20/2029
| | 1,793,000 | | 1,837,733 |
Deere & Co., 5.38%, 10/16/2029(b)
| | 1,792,000 | | 1,889,984 |
Ingersoll Rand, Inc., 5.18%, 06/15/2029
| | 2,710,000 | | 2,780,838 |
| John Deere Capital Corp. | | | | |
4.50%, 01/16/2029
| | 3,580,000 | | 3,618,286 |
3.45%, 03/07/2029
| | 2,153,000 | | 2,081,403 |
3.35%, 04/18/2029(b)
| | 2,153,000 | | 2,079,884 |
4.85%, 06/11/2029
| | 3,066,000 | | 3,140,539 |
| Parker-Hannifin Corp. | | | | |
3.25%, 06/14/2029
| | 3,580,000 | | 3,398,629 |
4.50%, 09/15/2029(b)
| | 3,595,000 | | 3,603,770 |
Trane Technologies Financing Ltd., 3.80%, 03/21/2029
| | 2,688,000 | | 2,620,427 |
| | | | | 34,967,015 |
| Media-2.09% |
| Charter Communications Operating LLC/Charter Communications Operating Capital Corp. | | | | |
2.25%, 01/15/2029
| | 4,490,000 | | 3,969,131 |
5.05%, 03/30/2029
| | 4,490,000 | | 4,446,079 |
6.10%, 06/01/2029
| | 5,370,000 | | 5,549,977 |
| Comcast Corp. | | | | |
4.55%, 01/15/2029(b)
| | 3,590,000 | | 3,624,362 |
5.10%, 06/01/2029(b)
| | 2,690,000 | | 2,777,173 |
Discovery Communications LLC, 4.13%, 05/15/2029
| | 2,697,000 | | 2,518,637 |
Paramount Global, 4.20%, 06/01/2029(b)
| | 1,788,000 | | 1,679,910 |
| | | | | 24,565,269 |
| Metals & Mining-0.15% |
ArcelorMittal S.A. (Luxembourg), 4.25%, 07/16/2029(b)
| | 1,793,000 | | 1,755,084 |
| Multi-Utilities-1.86% |
Ameren Corp., 5.00%, 01/15/2029
| | 2,510,000 | | 2,546,826 |
CenterPoint Energy, Inc., 5.40%, 06/01/2029
| | 2,500,000 | | 2,571,520 |
| Consumers Energy Co. | | | | |
4.90%, 02/15/2029
| | 1,794,000 | | 1,837,098 |
4.60%, 05/30/2029
| | 2,160,000 | | 2,186,107 |
| | Principal
Amount | | Value |
| Multi-Utilities-(continued) |
| DTE Energy Co. | | | | |
5.10%, 03/01/2029
| $ | 4,310,000 | | $4,393,514 |
Series C, 3.40%, 06/15/2029
| | 1,717,000 | | 1,630,286 |
NiSource, Inc., 5.20%, 07/01/2029
| | 2,140,000 | | 2,191,720 |
Public Service Enterprise Group, Inc., 5.20%, 04/01/2029
| | 2,690,000 | | 2,761,831 |
Sempra, 3.70%, 04/01/2029
| | 1,789,000 | | 1,723,021 |
| | | | | 21,841,923 |
| Office REITs-0.24% |
Boston Properties L.P., 3.40%, 06/21/2029
| | 3,042,000 | | 2,810,457 |
| Oil, Gas & Consumable Fuels-7.54% |
Boardwalk Pipelines L.P., 4.80%, 05/03/2029
| | 1,776,000 | | 1,776,870 |
| BP Capital Markets America, Inc. | | | | |
4.70%, 04/10/2029
| | 4,490,000 | | 4,551,096 |
4.97%, 10/17/2029
| | 2,690,000 | | 2,759,139 |
Cheniere Energy Partners L.P., 4.50%, 10/01/2029
| | 5,371,000 | | 5,256,010 |
Chevron USA, Inc., 3.25%, 10/15/2029
| | 1,785,000 | | 1,708,871 |
ConocoPhillips Co., 6.95%, 04/15/2029
| | 4,293,000 | | 4,768,276 |
DCP Midstream Operating L.P., 5.13%, 05/15/2029
| | 2,139,000 | | 2,175,641 |
Diamondback Energy, Inc., 3.50%, 12/01/2029
| | 3,273,000 | | 3,094,590 |
| Enbridge, Inc. (Canada) | | | | |
5.30%, 04/05/2029
| | 2,686,000 | | 2,761,514 |
3.13%, 11/15/2029
| | 3,582,000 | | 3,342,063 |
| Energy Transfer L.P. | | | | |
5.25%, 04/15/2029
| | 5,389,000 | | 5,511,575 |
5.25%, 07/01/2029
| | 3,600,000 | | 3,686,936 |
4.15%, 09/15/2029
| | 1,955,000 | | 1,908,377 |
Enterprise Products Operating LLC, 3.13%, 07/31/2029(b)
| | 4,489,000 | | 4,254,418 |
Exxon Mobil Corp., 2.44%, 08/16/2029(b)
| | 4,484,000 | | 4,153,292 |
Kinder Morgan, Inc., 5.00%, 02/01/2029
| | 4,486,000 | | 4,546,432 |
Marathon Oil Corp., 5.30%, 04/01/2029
| | 2,150,000 | | 2,215,254 |
MPLX L.P., 4.80%, 02/15/2029
| | 2,694,000 | | 2,720,484 |
Occidental Petroleum Corp., 5.20%, 08/01/2029
| | 2,155,000 | | 2,186,590 |
ONEOK, Inc., 4.35%, 03/15/2029
| | 2,570,000 | | 2,544,881 |
Phillips 66 Co., 3.15%, 12/15/2029
| | 2,030,000 | | 1,898,353 |
Shell International Finance B.V., 2.38%, 11/07/2029
| | 5,386,000 | | 4,921,926 |
Targa Resources Corp., 6.15%, 03/01/2029
| | 3,580,000 | | 3,782,015 |
TotalEnergies Capital International S.A. (France), 3.46%, 02/19/2029(b)
| | 4,493,000 | | 4,352,644 |
Valero Energy Corp., 4.00%, 04/01/2029(b)
| | 1,573,000 | | 1,539,368 |
Western Midstream Operating L.P., 6.35%, 01/15/2029
| | 2,131,000 | | 2,248,324 |
Williams Cos., Inc. (The), 4.90%, 03/15/2029
| | 3,950,000 | | 3,994,350 |
| | | | | 88,659,289 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2029 Corporate Bond ETF (BSCT)—(continued)
August 31, 2024
| | Principal
Amount | | Value |
| Paper & Forest Products-0.18% |
Georgia-Pacific LLC, 7.75%, 11/15/2029
| $ | 1,796,000 | | $ 2,071,929 |
| Passenger Airlines-0.13% |
Delta Air Lines, Inc., 3.75%, 10/28/2029(b)
| | 1,693,000 | | 1,581,514 |
| Personal Care Products-0.41% |
Estee Lauder Cos., Inc. (The), 2.38%, 12/01/2029(b)
| | 2,321,000 | | 2,110,021 |
Unilever Capital Corp. (United Kingdom), 2.13%, 09/06/2029
| | 3,034,000 | | 2,749,324 |
| | | | | 4,859,345 |
| Pharmaceuticals-4.27% |
AstraZeneca Finance LLC (United Kingdom), 4.85%, 02/26/2029
| | 4,490,000 | | 4,598,511 |
AstraZeneca PLC (United Kingdom), 4.00%, 01/17/2029(b)
| | 3,579,000 | | 3,552,139 |
Bristol-Myers Squibb Co., 4.90%, 02/22/2029(b)
| | 6,284,000 | | 6,445,442 |
| Eli Lilly and Co. | | | | |
4.50%, 02/09/2029(b)
| | 3,590,000 | | 3,652,310 |
3.38%, 03/15/2029
| | 3,323,000 | | 3,229,728 |
4.20%, 08/14/2029
| | 3,520,000 | | 3,528,865 |
GlaxoSmithKline Capital PLC (United Kingdom), 3.38%, 06/01/2029
| | 3,582,000 | | 3,449,461 |
Haleon US Capital LLC, 3.38%, 03/24/2029
| | 3,590,000 | | 3,432,671 |
Johnson & Johnson, 4.80%, 06/01/2029
| | 4,130,000 | | 4,272,601 |
Merck & Co., Inc., 3.40%, 03/07/2029
| | 6,288,000 | | 6,085,243 |
Pfizer, Inc., 3.45%, 03/15/2029(b)
| | 6,275,000 | | 6,084,797 |
Royalty Pharma PLC, 5.15%, 09/02/2029
| | 1,800,000 | | 1,832,442 |
| | | | | 50,164,210 |
| Professional Services-0.30% |
Broadridge Financial Solutions, Inc., 2.90%, 12/01/2029
| | 2,699,000 | | 2,479,126 |
Equifax, Inc., 4.80%, 09/15/2029
| | 1,000,000 | | 1,004,994 |
| | | | | 3,484,120 |
| Real Estate Management & Development-0.16% |
CBRE Services, Inc., 5.50%, 04/01/2029
| | 1,796,000 | | 1,858,006 |
| Residential REITs-0.65% |
Camden Property Trust, 3.15%, 07/01/2029(b)
| | 2,145,000 | | 2,023,070 |
ERP Operating L.P., 3.00%, 07/01/2029
| | 2,143,000 | | 2,009,177 |
Essex Portfolio L.P., 4.00%, 03/01/2029
| | 1,790,000 | | 1,738,438 |
Sun Communities Operating L.P., 5.50%, 01/15/2029
| | 1,800,000 | | 1,840,510 |
| | | | | 7,611,195 |
| Retail REITs-0.66% |
| Realty Income Corp. | | | | |
3.25%, 06/15/2029
| | 1,788,000 | | 1,694,926 |
3.10%, 12/15/2029(b)
| | 2,135,000 | | 1,996,252 |
Simon Property Group L.P., 2.45%, 09/13/2029
| | 4,470,000 | | 4,067,750 |
| | | | | 7,758,928 |
| | Principal
Amount | | Value |
| Semiconductors & Semiconductor Equipment-4.04% |
Applied Materials, Inc., 4.80%, 06/15/2029
| $ | 2,500,000 | | $ 2,557,332 |
Broadcom, Inc., 5.05%, 07/12/2029
| | 8,080,000 | | 8,239,503 |
| Intel Corp. | | | | |
4.00%, 08/05/2029
| | 3,041,000 | | 2,928,541 |
2.45%, 11/15/2029
| | 7,172,000 | | 6,360,832 |
KLA Corp., 4.10%, 03/15/2029(b)
| | 2,876,000 | | 2,863,033 |
Lam Research Corp., 4.00%, 03/15/2029
| | 3,590,000 | | 3,549,534 |
Marvell Technology, Inc., 5.75%, 02/15/2029(b)
| | 1,790,000 | | 1,866,021 |
Microchip Technology, Inc., 5.05%, 03/15/2029
| | 3,593,000 | | 3,664,498 |
| Micron Technology, Inc. | | | | |
5.33%, 02/06/2029
| | 2,714,000 | | 2,780,604 |
6.75%, 11/01/2029(b)
| | 4,474,000 | | 4,870,187 |
Qorvo, Inc., 4.38%, 10/15/2029
| | 3,051,000 | | 2,940,902 |
| Texas Instruments, Inc. | | | | |
4.60%, 02/08/2029(b)
| | 2,335,000 | | 2,382,449 |
2.25%, 09/04/2029
| | 2,690,000 | | 2,463,211 |
| | | | | 47,466,647 |
| Software-1.43% |
Adobe, Inc., 4.80%, 04/04/2029
| | 2,693,000 | | 2,762,182 |
Atlassian Corp., 5.25%, 05/15/2029
| | 1,801,000 | | 1,842,049 |
CrowdStrike Holdings, Inc., 3.00%, 02/15/2029(b)
| | 2,685,000 | | 2,462,719 |
Oracle Corp., 6.15%, 11/09/2029
| | 4,495,000 | | 4,818,997 |
Roper Technologies, Inc., 2.95%, 09/15/2029
| | 2,508,000 | | 2,334,879 |
Workday, Inc., 3.70%, 04/01/2029
| | 2,664,000 | | 2,575,223 |
| | | | | 16,796,049 |
| Specialized REITs-2.13% |
| American Tower Corp. | | | | |
5.20%, 02/15/2029
| | 2,329,000 | | 2,381,822 |
3.95%, 03/15/2029
| | 2,150,000 | | 2,084,993 |
3.80%, 08/15/2029
| | 5,923,000 | | 5,687,485 |
| Crown Castle, Inc. | | | | |
4.30%, 02/15/2029
| | 2,150,000 | | 2,111,529 |
5.60%, 06/01/2029
| | 2,695,000 | | 2,795,354 |
4.90%, 09/01/2029
| | 1,000,000 | | 1,008,972 |
GLP Capital L.P./GLP Financing II, Inc., 5.30%, 01/15/2029
| | 2,742,000 | | 2,766,966 |
| Public Storage Operating Co. | | | | |
5.13%, 01/15/2029(b)
| | 1,787,000 | | 1,843,346 |
3.39%, 05/01/2029
| | 1,790,000 | | 1,723,396 |
Weyerhaeuser Co., 4.00%, 11/15/2029
| | 2,684,000 | | 2,605,410 |
| | | | | 25,009,273 |
| Specialty Retail-2.46% |
AutoZone, Inc., 5.10%, 07/15/2029
| | 2,150,000 | | 2,198,194 |
Dell International LLC/EMC Corp., 5.30%, 10/01/2029
| | 6,264,000 | | 6,469,955 |
| Home Depot, Inc. (The) | | | | |
4.90%, 04/15/2029
| | 2,690,000 | | 2,764,540 |
2.95%, 06/15/2029
| | 6,286,000 | | 5,946,371 |
4.75%, 06/25/2029
| | 4,490,000 | | 4,591,856 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2029 Corporate Bond ETF (BSCT)—(continued)
August 31, 2024
| | Principal
Amount | | Value |
| Specialty Retail-(continued) |
Lowe’s Cos., Inc., 3.65%, 04/05/2029
| $ | 5,385,000 | | $ 5,206,501 |
O’Reilly Automotive, Inc., 3.90%, 06/01/2029(b)
| | 1,793,000 | | 1,746,338 |
| | | | | 28,923,755 |
| Technology Hardware, Storage & Peripherals-1.37% |
| Apple, Inc. | | | | |
3.25%, 08/08/2029(b)
| | 3,582,000 | | 3,459,135 |
2.20%, 09/11/2029
| | 6,291,000 | | 5,770,307 |
HP, Inc., 4.00%, 04/15/2029
| | 3,574,000 | | 3,482,410 |
IBM International Capital Pte. Ltd., 4.60%, 02/05/2029
| | 1,770,000 | | 1,785,509 |
Western Digital Corp., 2.85%, 02/01/2029
| | 1,785,000 | | 1,602,844 |
| | | | | 16,100,205 |
| Tobacco-1.68% |
Altria Group, Inc., 4.80%, 02/14/2029
| | 6,898,000 | | 6,940,960 |
B.A.T Capital Corp. (United Kingdom), 3.46%, 09/06/2029
| | 1,793,000 | | 1,698,172 |
B.A.T. International Finance PLC (United Kingdom), 5.93%, 02/02/2029
| | 3,593,000 | | 3,771,170 |
| Philip Morris International, Inc. | | | | |
3.38%, 08/15/2029
| | 2,687,000 | | 2,558,617 |
5.63%, 11/17/2029
| | 4,486,000 | | 4,725,922 |
| | | | | 19,694,841 |
| Trading Companies & Distributors-0.31% |
Air Lease Corp., 5.10%, 03/01/2029(b)
| | 1,800,000 | | 1,830,094 |
GATX Corp., 4.70%, 04/01/2029
| | 1,786,000 | | 1,787,382 |
| | | | | 3,617,476 |
| Water Utilities-0.16% |
American Water Capital Corp., 3.45%, 06/01/2029
| | 1,970,000 | | 1,891,219 |
| Wireless Telecommunication Services-1.79% |
Rogers Communications, Inc. (Canada), 5.00%, 02/15/2029(b)
| | 4,470,000 | | 4,522,626 |
| | Principal
Amount | | Value |
| Wireless Telecommunication Services-(continued) |
| T-Mobile USA, Inc. | | | | |
4.85%, 01/15/2029(b)
| $ | 3,590,000 | | $3,638,448 |
2.63%, 02/15/2029
| | 3,579,000 | | 3,303,696 |
2.40%, 03/15/2029
| | 1,776,000 | | 1,622,232 |
3.38%, 04/15/2029
| | 8,407,000 | | 7,995,678 |
| | | | | 21,082,680 |
Total U.S. Dollar Denominated Bonds & Notes
(Cost $1,148,974,238)
| | 1,160,983,484 |
| | Shares | | |
| Money Market Funds-0.03% |
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(c)(d)
(Cost $390,604)
| | 390,604 | | 390,604 |
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-98.83%
(Cost $1,149,364,842)
| | 1,161,374,088 |
Investments Purchased with Cash Collateral
from Securities on Loan |
| Money Market Funds-16.89% |
Invesco Private Government Fund, 5.28%(c)(d)(e)
| | 55,029,258 | | 55,029,258 |
Invesco Private Prime Fund, 5.46%(c)(d)(e)
| | 143,433,794 | | 143,491,168 |
Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $198,510,690)
| | 198,520,426 |
TOTAL INVESTMENTS IN SECURITIES-115.72%
(Cost $1,347,875,532)
| | 1,359,894,514 |
OTHER ASSETS LESS LIABILITIES-(15.72)%
| | (184,773,846) |
NET ASSETS-100.00%
| | $1,175,120,668 |
| Investment Abbreviations: |
| REIT | -Real Estate Investment Trust |
| Notes to Schedule of Investments: |
| (a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
| (b) | All or a portion of this security was out on loan at August 31, 2024. |
| (c) | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024. |
| | Value
August 31, 2023 | | Purchases
at Cost | | Proceeds
from Sales | | Change in
Unrealized
Appreciation | | Realized
Gain
(Loss) | | Value
August 31, 2024 | | Dividend
Income |
| Investments in Affiliated Money Market Funds: | | | | | | | | | | | | | |
| Invesco Government & Agency Portfolio, Institutional Class | $133,085 | | $35,790,271 | | $(35,532,752) | | $- | | $- | | $390,604 | | $75,108 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2029 Corporate Bond ETF (BSCT)—(continued)
August 31, 2024
| | Value
August 31, 2023 | | Purchases
at Cost | | Proceeds
from Sales | | Change in
Unrealized
Appreciation | | Realized
Gain
(Loss) | | Value
August 31, 2024 | | Dividend
Income |
| Investments Purchased with Cash Collateral from Securities on Loan: | | | | | | | | | | | | | |
| Invesco Private Government Fund | $15,281,535 | | $218,280,318 | | $(178,532,595) | | $- | | $- | | $55,029,258 | | $1,935,886* |
| Invesco Private Prime Fund | 39,295,374 | | 491,122,132 | | (386,928,953) | | 8,608 | | (5,993) | | 143,491,168 | | 5,210,298* |
| Total | $54,709,994 | | $745,192,721 | | $(600,994,300) | | $8,608 | | $(5,993) | | $198,911,030 | | $7,221,292 |
| * | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
| (d) | The rate shown is the 7-day SEC standardized yield as of August 31, 2024. |
| (e) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2030 Corporate Bond ETF (BSCU)
August 31, 2024
Schedule of Investments(a)
| | Principal
Amount | | Value |
| U.S. Dollar Denominated Bonds & Notes-99.06% |
| Aerospace & Defense-2.64% |
Boeing Co. (The), 5.15%, 05/01/2030
| $ | 18,249,000 | | $ 18,208,989 |
RTX Corp., 2.25%, 07/01/2030(b)
| | 4,056,000 | | 3,595,581 |
Textron, Inc., 3.00%, 06/01/2030
| | 2,640,000 | | 2,414,823 |
| | | | | 24,219,393 |
| Automobile Components-0.30% |
Magna International, Inc. (Canada), 2.45%, 06/15/2030
| | 3,043,000 | | 2,725,467 |
| Automobiles-3.01% |
| American Honda Finance Corp. | | | | |
4.60%, 04/17/2030(b)
| | 2,834,000 | | 2,851,025 |
5.85%, 10/04/2030(b)
| | 2,032,000 | | 2,177,232 |
| Ford Motor Credit Co. LLC | | | | |
7.35%, 03/06/2030
| | 4,660,000 | | 5,047,937 |
7.20%, 06/10/2030
| | 3,447,000 | | 3,712,297 |
4.00%, 11/13/2030
| | 6,690,000 | | 6,170,803 |
| Toyota Motor Credit Corp. | | | | |
4.55%, 05/17/2030
| | 2,840,000 | | 2,861,106 |
5.55%, 11/20/2030
| | 4,465,000 | | 4,721,725 |
| | | | | 27,542,125 |
| Banks-6.20% |
Banco Santander S.A. (Spain), 3.49%, 05/28/2030
| | 4,010,000 | | 3,741,438 |
Bank of Nova Scotia (The) (Canada), 4.85%, 02/01/2030
| | 5,065,000 | | 5,145,963 |
Citizens Financial Group, Inc., 3.25%, 04/30/2030
| | 3,046,000 | | 2,796,579 |
Huntington National Bank (The), 5.65%, 01/10/2030(b)
| | 3,655,000 | | 3,786,943 |
| Mitsubishi UFJ Financial Group, Inc. (Japan) | | | | |
2.56%, 02/25/2030(b)
| | 4,664,000 | | 4,208,064 |
2.05%, 07/17/2030
| | 5,074,000 | | 4,400,814 |
| Sumitomo Mitsui Financial Group, Inc. (Japan) | | | | |
5.71%, 01/13/2030(b)
| | 5,475,000 | | 5,742,077 |
2.75%, 01/15/2030(b)
| | 5,072,000 | | 4,608,280 |
2.13%, 07/08/2030(b)
| | 6,085,000 | | 5,288,639 |
5.85%, 07/13/2030(b)
| | 2,633,000 | | 2,787,231 |
2.14%, 09/23/2030(b)
| | 3,448,000 | | 2,978,438 |
Truist Bank, 2.25%, 03/11/2030
| | 5,065,000 | | 4,406,612 |
Truist Financial Corp., 1.95%, 06/05/2030
| | 3,043,000 | | 2,628,414 |
U.S. Bancorp, 1.38%, 07/22/2030(b)
| | 5,067,000 | | 4,266,932 |
| | | | | 56,786,424 |
| Beverages-1.91% |
Coca-Cola Co. (The), 1.65%, 06/01/2030
| | 6,084,000 | | 5,292,208 |
Constellation Brands, Inc., 2.88%, 05/01/2030
| | 2,430,000 | | 2,220,120 |
Diageo Capital PLC (United Kingdom), 2.00%, 04/29/2030
| | 4,060,000 | | 3,582,597 |
| | Principal
Amount | | Value |
| Beverages-(continued) |
Keurig Dr Pepper, Inc., 3.20%, 05/01/2030
| $ | 3,045,000 | | $ 2,838,881 |
PepsiCo, Inc., 1.63%, 05/01/2030
| | 4,051,000 | | 3,527,365 |
| | | | | 17,461,171 |
| Biotechnology-3.19% |
| Amgen, Inc. | | | | |
2.45%, 02/21/2030
| | 5,067,000 | | 4,576,749 |
5.25%, 03/02/2030
| | 11,150,000 | | 11,552,927 |
Biogen, Inc., 2.25%, 05/01/2030(b)
| | 6,084,000 | | 5,372,298 |
Gilead Sciences, Inc., 1.65%, 10/01/2030
| | 4,060,000 | | 3,457,775 |
Regeneron Pharmaceuticals, Inc., 1.75%, 09/15/2030
| | 4,981,000 | | 4,259,545 |
| | | | | 29,219,294 |
| Broadline Retail-1.15% |
Amazon.com, Inc., 1.50%, 06/03/2030(b)
| | 8,110,000 | | 7,015,670 |
eBay, Inc., 2.70%, 03/11/2030
| | 3,855,000 | | 3,526,736 |
| | | | | 10,542,406 |
| Building Products-0.24% |
Johnson Controls International PLC/Tyco Fire & Security Finance S.C.A., 1.75%, 09/15/2030
| | 2,532,000 | | 2,176,578 |
| Capital Markets-2.17% |
Brookfield Finance, Inc. (Canada), 4.35%, 04/15/2030
| | 3,041,000 | | 2,987,269 |
Cboe Global Markets, Inc., 1.63%, 12/15/2030
| | 2,000,000 | | 1,699,495 |
CI Financial Corp. (Canada), 3.20%, 12/17/2030
| | 3,834,000 | | 3,172,351 |
Franklin Resources, Inc., 1.60%, 10/30/2030(b)
| | 3,450,000 | | 2,890,170 |
Nomura Holdings, Inc. (Japan), 2.68%, 07/16/2030
| | 4,038,000 | | 3,569,281 |
Northern Trust Corp., 1.95%, 05/01/2030
| | 3,976,000 | | 3,510,052 |
S&P Global, Inc., 1.25%, 08/15/2030(b)
| | 2,432,000 | | 2,054,537 |
| | | | | 19,883,155 |
| Chemicals-2.20% |
Air Products and Chemicals, Inc., 2.05%, 05/15/2030(b)
| | 3,648,000 | | 3,242,346 |
Celanese US Holdings LLC, 6.55%, 11/15/2030
| | 4,056,000 | | 4,351,635 |
Dow Chemical Co. (The), 2.10%, 11/15/2030(b)
| | 3,319,000 | | 2,911,579 |
EIDP, Inc., 2.30%, 07/15/2030(b)
| | 2,025,000 | | 1,813,027 |
Linde, Inc., 1.10%, 08/10/2030(b)
| | 2,843,000 | | 2,394,385 |
LYB International Finance III LLC, 2.25%, 10/01/2030(b)
| | 2,032,000 | | 1,779,803 |
Nutrien Ltd. (Canada), 2.95%, 05/13/2030
| | 2,027,000 | | 1,866,701 |
Sherwin-Williams Co. (The), 2.30%, 05/15/2030
| | 2,000,000 | | 1,782,367 |
| | | | | 20,141,843 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2030 Corporate Bond ETF (BSCU)—(continued)
August 31, 2024
| | Principal
Amount | | Value |
| Commercial Services & Supplies-0.58% |
Republic Services, Inc., 2.30%, 03/01/2030(b)
| $ | 2,430,000 | | $ 2,179,028 |
Waste Management, Inc., 4.63%, 02/15/2030
| | 3,043,000 | | 3,090,000 |
| | | | | 5,269,028 |
| Communications Equipment-0.35% |
Motorola Solutions, Inc., 2.30%, 11/15/2030
| | 3,650,000 | | 3,183,633 |
| Construction & Engineering-0.40% |
Quanta Services, Inc., 2.90%, 10/01/2030
| | 4,060,000 | | 3,688,853 |
| Construction Materials-0.51% |
Martin Marietta Materials, Inc., Series CB, 2.50%, 03/15/2030
| | 1,940,000 | | 1,753,130 |
Vulcan Materials Co., 3.50%, 06/01/2030
| | 3,046,000 | | 2,885,149 |
| | | | | 4,638,279 |
| Consumer Finance-0.91% |
| General Motors Financial Co., Inc. | | | | |
5.85%, 04/06/2030(b)
| | 4,060,000 | | 4,237,319 |
3.60%, 06/21/2030(b)
| | 4,383,000 | | 4,071,548 |
| | | | | 8,308,867 |
| Consumer Staples Distribution & Retail-1.09% |
Costco Wholesale Corp., 1.60%, 04/20/2030
| | 7,093,000 | | 6,187,049 |
Kroger Co. (The), 2.20%, 05/01/2030
| | 2,027,000 | | 1,779,614 |
Walmart, Inc., 4.00%, 04/15/2030
| | 2,024,000 | | 2,033,088 |
| | | | | 9,999,751 |
| Containers & Packaging-0.63% |
Amcor Flexibles North America, Inc., 2.63%, 06/19/2030
| | 1,983,000 | | 1,763,787 |
Avery Dennison Corp., 2.65%, 04/30/2030
| | 1,992,000 | | 1,798,027 |
Sonoco Products Co., 3.13%, 05/01/2030
| | 2,435,000 | | 2,254,625 |
| | | | | 5,816,439 |
| Distributors-0.19% |
Genuine Parts Co., 1.88%, 11/01/2030
| | 2,026,000 | | 1,714,923 |
| Diversified Consumer Services-0.50% |
RELX Capital, Inc. (United Kingdom), 3.00%, 05/22/2030
| | 3,040,000 | | 2,813,427 |
Yale University, Series 2020, 1.48%, 04/15/2030
| | 2,005,000 | | 1,735,026 |
| | | | | 4,548,453 |
| Diversified REITs-0.44% |
VICI Properties L.P., 4.95%, 02/15/2030
| | 4,053,000 | | 4,041,293 |
| Diversified Telecommunication Services-0.81% |
| Verizon Communications, Inc. | | | | |
1.50%, 09/18/2030
| | 4,059,000 | | 3,443,673 |
1.68%, 10/30/2030
| | 4,643,000 | | 3,941,193 |
| | | | | 7,384,866 |
| Electric Utilities-5.37% |
AEP Texas, Inc., Series I, 2.10%, 07/01/2030
| | 2,395,000 | | 2,082,405 |
| | Principal
Amount | | Value |
| Electric Utilities-(continued) |
Alabama Power Co., Series 20-A, 1.45%, 09/15/2030
| $ | 2,434,000 | | $ 2,057,781 |
Berkshire Hathaway Energy Co., 3.70%, 07/15/2030
| | 4,460,000 | | 4,295,611 |
Duke Energy Carolinas LLC, 2.45%, 02/01/2030
| | 2,029,000 | | 1,837,767 |
Duke Energy Corp., 2.45%, 06/01/2030
| | 3,448,000 | | 3,083,280 |
Duke Energy Florida LLC, 1.75%, 06/15/2030
| | 1,985,000 | | 1,711,593 |
Entergy Corp., 2.80%, 06/15/2030
| | 2,430,000 | | 2,199,646 |
Eversource Energy, Series R, 1.65%, 08/15/2030
| | 2,433,000 | | 2,047,643 |
FirstEnergy Corp., 2.65%, 03/01/2030(b)
| | 2,434,000 | | 2,199,784 |
Florida Power & Light Co., 4.63%, 05/15/2030
| | 2,032,000 | | 2,064,709 |
| NextEra Energy Capital Holdings, Inc. | | | | |
5.00%, 02/28/2030(b)
| | 2,434,000 | | 2,496,459 |
2.25%, 06/01/2030
| | 7,337,000 | | 6,481,149 |
Pacific Gas and Electric Co., 4.55%, 07/01/2030
| | 12,570,000 | | 12,298,094 |
PG&E Wildfire Recovery Funding LLC, Series A-1, 3.59%, 06/01/2030(b)
| | 1,608,461 | | 1,567,952 |
San Diego Gas & Electric Co., Series VVV, 1.70%, 10/01/2030
| | 3,249,000 | | 2,776,378 |
| | | | | 49,200,251 |
| Electrical Equipment-0.90% |
Acuity Brands Lighting, Inc., 2.15%, 12/15/2030
| | 2,025,000 | | 1,739,676 |
Emerson Electric Co., 1.95%, 10/15/2030
| | 2,030,000 | | 1,779,746 |
Regal Rexnord Corp., 6.30%, 02/15/2030
| | 4,460,000 | | 4,712,002 |
| | | | | 8,231,424 |
| Electronic Equipment, Instruments & Components-0.40% |
Jabil, Inc., 3.60%, 01/15/2030
| | 2,024,000 | | 1,893,595 |
Teledyne FLIR LLC, 2.50%, 08/01/2030
| | 1,968,000 | | 1,738,304 |
| | | | | 3,631,899 |
| Energy Equipment & Services-1.13% |
Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc., 4.49%, 05/01/2030
| | 2,028,000 | | 2,036,934 |
Halliburton Co., 2.92%, 03/01/2030
| | 3,990,000 | | 3,666,086 |
Schlumberger Investment S.A., 2.65%, 06/26/2030
| | 5,068,000 | | 4,624,762 |
| | | | | 10,327,782 |
| Financial Services-2.25% |
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland), 6.15%, 09/30/2030
| | 3,445,000 | | 3,672,387 |
Block Financial LLC, 3.88%, 08/15/2030(b)
| | 2,620,000 | | 2,486,609 |
| Fiserv, Inc. | | | | |
4.75%, 03/15/2030
| | 3,450,000 | | 3,488,710 |
2.65%, 06/01/2030
| | 4,054,000 | | 3,665,633 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2030 Corporate Bond ETF (BSCU)—(continued)
August 31, 2024
| | Principal
Amount | | Value |
| Financial Services-(continued) |
Global Payments, Inc., 2.90%, 05/15/2030
| $ | 4,055,000 | | $ 3,651,916 |
PayPal Holdings, Inc., 2.30%, 06/01/2030(b)
| | 4,060,000 | | 3,634,868 |
| | | | | 20,600,123 |
| Food Products-2.59% |
Campbell Soup Co., 2.38%, 04/24/2030
| | 2,032,000 | | 1,817,895 |
Hormel Foods Corp., 1.80%, 06/11/2030(b)
| | 4,054,000 | | 3,541,902 |
Ingredion, Inc., 2.90%, 06/01/2030
| | 2,436,000 | | 2,240,729 |
JBS USA Holding Lux S.a.r.l./JBS USA Food Co./JBS Lux Co. S.a.r.l., 5.50%, 01/15/2030
| | 4,973,000 | | 5,012,158 |
JM Smucker Co. (The), 2.38%, 03/15/2030(b)
| | 2,028,000 | | 1,812,109 |
Kellanova, 2.10%, 06/01/2030
| | 2,032,000 | | 1,800,010 |
Kraft Heinz Foods Co. (The), 3.75%, 04/01/2030(b)
| | 3,004,000 | | 2,892,189 |
McCormick & Co., Inc., 2.50%, 04/15/2030
| | 2,030,000 | | 1,823,516 |
Mondelez International, Inc., 2.75%, 04/13/2030
| | 3,043,000 | | 2,791,747 |
| | | | | 23,732,255 |
| Gas Utilities-0.45% |
CenterPoint Energy Resources Corp., 1.75%, 10/01/2030(b)
| | 2,027,000 | | 1,715,185 |
Southern California Gas Co., Series XX, 2.55%, 02/01/2030
| | 2,636,000 | | 2,386,379 |
| | | | | 4,101,564 |
| Ground Transportation-0.47% |
Canadian Pacific Railway Co. (Canada), 2.05%, 03/05/2030
| | 2,032,000 | | 1,795,570 |
Norfolk Southern Corp., 5.05%, 08/01/2030
| | 2,430,000 | | 2,507,014 |
| | | | | 4,302,584 |
| Health Care Equipment & Supplies-2.69% |
Abbott Laboratories, 1.40%, 06/30/2030(b)
| | 2,639,000 | | 2,285,908 |
Becton, Dickinson and Co., 2.82%, 05/20/2030
| | 3,039,000 | | 2,782,336 |
Boston Scientific Corp., 2.65%, 06/01/2030
| | 4,867,000 | | 4,435,781 |
DENTSPLY SIRONA, Inc., 3.25%, 06/01/2030
| | 3,045,000 | | 2,768,322 |
GE HealthCare Technologies, Inc., 5.86%, 03/15/2030
| | 5,035,000 | | 5,325,471 |
Smith & Nephew PLC (United Kingdom), 2.03%, 10/14/2030(b)
| | 4,057,000 | | 3,492,024 |
Stryker Corp., 1.95%, 06/15/2030
| | 4,060,000 | | 3,546,372 |
| | | | | 24,636,214 |
| Health Care Providers & Services-6.43% |
Cencora, Inc., 2.80%, 05/15/2030
| | 1,985,000 | | 1,805,278 |
| Centene Corp. | | | | |
3.38%, 02/15/2030
| | 7,976,000 | | 7,310,446 |
3.00%, 10/15/2030
| | 8,920,000 | | 7,932,935 |
Cigna Group (The), 2.40%, 03/15/2030(b)
| | 5,680,000 | | 5,093,146 |
| | Principal
Amount | | Value |
| Health Care Providers & Services-(continued) |
CommonSpirit Health, 2.78%, 10/01/2030
| $ | 2,194,000 | | $ 1,967,981 |
| CVS Health Corp. | | | | |
5.13%, 02/21/2030
| | 6,080,000 | | 6,177,432 |
1.75%, 08/21/2030
| | 5,073,000 | | 4,271,756 |
Elevance Health, Inc., 2.25%, 05/15/2030
| | 4,457,000 | | 3,953,381 |
Sutter Health, Series 20-A, 2.29%, 08/15/2030
| | 2,843,000 | | 2,521,276 |
| UnitedHealth Group, Inc. | | | | |
4.80%, 01/15/2030
| | 5,070,000 | | 5,176,988 |
5.30%, 02/15/2030
| | 5,065,000 | | 5,308,121 |
2.00%, 05/15/2030
| | 5,065,000 | | 4,466,438 |
Universal Health Services, Inc., 2.65%, 10/15/2030
| | 3,240,000 | | 2,864,383 |
| | | | | 58,849,561 |
| Hotel & Resort REITs-0.30% |
Host Hotels & Resorts L.P., Series I, 3.50%, 09/15/2030
| | 3,042,000 | | 2,782,351 |
| Hotels, Restaurants & Leisure-2.43% |
Booking Holdings, Inc., 4.63%, 04/13/2030(b)
| | 6,080,000 | | 6,147,631 |
| Marriott International, Inc. | | | | |
4.80%, 03/15/2030
| | 2,030,000 | | 2,042,087 |
Series FF, 4.63%, 06/15/2030(b)
| | 4,053,000 | | 4,059,515 |
McDonald’s Corp., 2.13%, 03/01/2030
| | 3,040,000 | | 2,711,023 |
| Starbucks Corp. | | | | |
2.25%, 03/12/2030(b)
| | 3,044,000 | | 2,722,474 |
2.55%, 11/15/2030
| | 5,068,000 | | 4,542,593 |
| | | | | 22,225,323 |
| Household Durables-0.57% |
Mohawk Industries, Inc., 3.63%, 05/15/2030(b)
| | 1,980,000 | | 1,880,898 |
NVR, Inc., 3.00%, 05/15/2030(b)
| | 3,647,000 | | 3,346,754 |
| | | | | 5,227,652 |
| Household Products-0.66% |
Clorox Co. (The), 1.80%, 05/15/2030
| | 2,000,000 | | 1,729,493 |
Procter & Gamble Co. (The), 1.20%, 10/29/2030
| | 5,067,000 | | 4,282,803 |
| | | | | 6,012,296 |
| Industrial Conglomerates-0.84% |
| Honeywell International, Inc. | | | | |
4.70%, 02/01/2030
| | 4,060,000 | | 4,130,382 |
1.95%, 06/01/2030
| | 4,054,000 | | 3,577,516 |
| | | | | 7,707,898 |
| Industrial REITs-0.28% |
Prologis L.P., 1.25%, 10/15/2030
| | 3,044,000 | | 2,536,413 |
| Insurance-3.62% |
Alleghany Corp., 3.63%, 05/15/2030
| | 2,023,000 | | 1,956,768 |
Allstate Corp. (The), 1.45%, 12/15/2030
| | 2,384,000 | | 1,977,493 |
Aon Corp., 2.80%, 05/15/2030
| | 4,055,000 | | 3,696,682 |
| Berkshire Hathaway Finance Corp. | | | | |
1.85%, 03/12/2030
| | 2,027,000 | | 1,798,735 |
1.45%, 10/15/2030(b)
| | 3,040,000 | | 2,598,124 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2030 Corporate Bond ETF (BSCU)—(continued)
August 31, 2024
| | Principal
Amount | | Value |
| Insurance-(continued) |
Brighthouse Financial, Inc., 5.63%, 05/15/2030(b)
| $ | 2,450,000 | | $ 2,501,642 |
CNA Financial Corp., 2.05%, 08/15/2030
| | 1,995,000 | | 1,731,275 |
Fidelity National Financial, Inc., 3.40%, 06/15/2030
| | 2,634,000 | | 2,424,410 |
Loews Corp., 3.20%, 05/15/2030
| | 1,995,000 | | 1,865,990 |
Marsh & McLennan Cos., Inc., 2.25%, 11/15/2030
| | 3,040,000 | | 2,691,472 |
Principal Financial Group, Inc., 2.13%, 06/15/2030(b)
| | 2,376,000 | | 2,068,019 |
Prudential Financial, Inc., 2.10%, 03/10/2030
| | 2,032,000 | | 1,808,550 |
Prudential Funding (Asia) PLC (Hong Kong), 3.13%, 04/14/2030
| | 4,058,000 | | 3,775,622 |
Reinsurance Group of America, Inc., 3.15%, 06/15/2030
| | 2,432,000 | | 2,242,352 |
| | | | | 33,137,134 |
| Interactive Media & Services-1.30% |
Alphabet, Inc., 1.10%, 08/15/2030(b)
| | 9,130,000 | | 7,737,317 |
Meta Platforms, Inc., 4.80%, 05/15/2030(b)
| | 4,060,000 | | 4,188,124 |
| | | | | 11,925,441 |
| IT Services-0.52% |
International Business Machines Corp., 1.95%, 05/15/2030
| | 5,471,000 | | 4,788,531 |
| Life Sciences Tools & Services-0.53% |
Agilent Technologies, Inc., 2.10%, 06/04/2030
| | 1,992,000 | | 1,748,841 |
Thermo Fisher Scientific, Inc., 4.98%, 08/10/2030
| | 3,043,000 | | 3,147,545 |
| | | | | 4,896,386 |
| Machinery-1.99% |
Cummins, Inc., 1.50%, 09/01/2030(b)
| | 3,443,000 | | 2,946,443 |
Flowserve Corp., 3.50%, 10/01/2030
| | 1,995,000 | | 1,843,988 |
IDEX Corp., 3.00%, 05/01/2030
| | 1,993,000 | | 1,828,712 |
| John Deere Capital Corp. | | | | |
2.45%, 01/09/2030(b)
| | 2,229,000 | | 2,040,227 |
4.70%, 06/10/2030(b)
| | 4,055,000 | | 4,145,130 |
Otis Worldwide Corp., 2.57%, 02/15/2030
| | 6,031,000 | | 5,448,604 |
| | | | | 18,253,104 |
| Media-0.63% |
Discovery Communications LLC, 3.63%, 05/15/2030
| | 4,060,000 | | 3,605,439 |
Omnicom Group, Inc., 2.45%, 04/30/2030
| | 2,395,000 | | 2,129,101 |
| | | | | 5,734,540 |
| Metals & Mining-1.23% |
| Freeport-McMoRan, Inc. | | | | |
4.25%, 03/01/2030
| | 1,828,000 | | 1,777,158 |
4.63%, 08/01/2030
| | 2,403,000 | | 2,378,998 |
Newmont Corp., 2.25%, 10/01/2030
| | 3,906,000 | | 3,466,100 |
Nucor Corp., 2.70%, 06/01/2030
| | 2,026,000 | | 1,857,347 |
Reliance, Inc., 2.15%, 08/15/2030(b)
| | 2,029,000 | | 1,769,066 |
| | | | | 11,248,669 |
| | Principal
Amount | | Value |
| Multi-Utilities-0.93% |
Consumers Energy Co., 4.70%, 01/15/2030
| $ | 2,800,000 | | $ 2,841,411 |
NiSource, Inc., 3.60%, 05/01/2030
| | 3,995,000 | | 3,789,686 |
Public Service Enterprise Group, Inc., 1.60%, 08/15/2030
| | 2,231,000 | | 1,881,199 |
| | | | | 8,512,296 |
| Oil, Gas & Consumable Fuels-9.81% |
BP Capital Markets America, Inc., 1.75%, 08/10/2030(b)
| | 4,053,000 | | 3,493,185 |
Canadian Natural Resources Ltd. (Canada), 2.95%, 07/15/2030(b)
| | 2,028,000 | | 1,837,441 |
Chevron Corp., 2.24%, 05/11/2030
| | 6,080,000 | | 5,456,570 |
Devon Energy Corp., 4.50%, 01/15/2030
| | 2,326,000 | | 2,303,205 |
Diamondback Energy, Inc., 5.15%, 01/30/2030
| | 3,443,000 | | 3,523,912 |
Enbridge, Inc. (Canada), 6.20%, 11/15/2030
| | 2,993,000 | | 3,235,457 |
Energy Transfer L.P., 6.40%, 12/01/2030
| | 4,051,000 | | 4,385,690 |
Enterprise Products Operating LLC, 2.80%, 01/31/2030
| | 5,074,000 | | 4,693,176 |
EOG Resources, Inc., 4.38%, 04/15/2030(b)
| | 3,043,000 | | 3,048,833 |
Equinor ASA (Norway), 2.38%, 05/22/2030
| | 3,040,000 | | 2,747,696 |
Exxon Mobil Corp., 2.61%, 10/15/2030(b)
| | 8,108,000 | | 7,400,432 |
MPLX L.P., 2.65%, 08/15/2030
| | 6,086,000 | | 5,441,806 |
| Occidental Petroleum Corp. | | | | |
8.88%, 07/15/2030
| | 4,055,000 | | 4,785,646 |
6.63%, 09/01/2030
| | 5,881,000 | | 6,339,248 |
| ONEOK, Inc. | | | | |
3.10%, 03/15/2030
| | 3,165,000 | | 2,922,510 |
3.25%, 06/01/2030
| | 2,030,000 | | 1,881,851 |
5.80%, 11/01/2030(b)
| | 2,030,000 | | 2,145,495 |
Phillips 66, 2.15%, 12/15/2030
| | 3,452,000 | | 3,003,352 |
Pioneer Natural Resources Co., 1.90%, 08/15/2030
| | 4,460,000 | | 3,887,078 |
Plains All American Pipeline L.P./PAA Finance Corp., 3.80%, 09/15/2030
| | 3,040,000 | | 2,864,121 |
Targa Resources Partners L.P./Targa Resources Partners Finance Corp., 5.50%, 03/01/2030
| | 3,849,000 | | 3,904,368 |
Transcontinental Gas Pipe Line Co. LLC, 3.25%, 05/15/2030
| | 2,835,000 | | 2,633,305 |
Western Midstream Operating L.P., 4.05%, 02/01/2030
| | 4,285,000 | | 4,104,282 |
Williams Cos., Inc. (The), 3.50%, 11/15/2030
| | 4,051,000 | | 3,797,343 |
| | | | | 89,836,002 |
| Personal Care Products-0.93% |
Estee Lauder Cos., Inc. (The), 2.60%, 04/15/2030(b)
| | 2,835,000 | | 2,581,117 |
Kenvue, Inc., 5.00%, 03/22/2030
| | 4,060,000 | | 4,203,283 |
Unilever Capital Corp. (United Kingdom), 1.38%, 09/14/2030
| | 2,028,000 | | 1,713,554 |
| | | | | 8,497,954 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2030 Corporate Bond ETF (BSCU)—(continued)
August 31, 2024
| | Principal
Amount | | Value |
| Pharmaceuticals-5.32% |
AstraZeneca Finance LLC (United Kingdom), 4.90%, 03/03/2030(b)
| $ | 2,633,000 | | $ 2,720,133 |
AstraZeneca PLC (United Kingdom), 1.38%, 08/06/2030
| | 5,270,000 | | 4,489,870 |
Bristol-Myers Squibb Co., 1.45%, 11/13/2030
| | 5,065,000 | | 4,282,030 |
Johnson & Johnson, 1.30%, 09/01/2030(b)
| | 7,097,000 | | 6,089,628 |
| Merck & Co., Inc. | | | | |
4.30%, 05/17/2030
| | 3,040,000 | | 3,053,517 |
1.45%, 06/24/2030
| | 5,073,000 | | 4,345,187 |
Pfizer, Inc., 1.70%, 05/28/2030
| | 4,058,000 | | 3,534,082 |
Royalty Pharma PLC, 2.20%, 09/02/2030
| | 4,040,000 | | 3,501,384 |
Takeda Pharmaceutical Co. Ltd. (Japan), 2.05%, 03/31/2030
| | 10,140,000 | | 8,905,538 |
Viatris, Inc., 2.70%, 06/22/2030(b)
| | 5,880,000 | | 5,178,208 |
Zoetis, Inc., 2.00%, 05/15/2030
| | 2,978,000 | | 2,600,293 |
| | | | | 48,699,870 |
| Professional Services-0.62% |
Automatic Data Processing, Inc., 1.25%, 09/01/2030(b)
| | 4,055,000 | | 3,443,995 |
Equifax, Inc., 3.10%, 05/15/2030(b)
| | 2,391,000 | | 2,212,187 |
| | | | | 5,656,182 |
| Residential REITs-0.30% |
Camden Property Trust, 2.80%, 05/15/2030
| | 2,993,000 | | 2,741,399 |
| Retail REITs-1.36% |
Brixmor Operating Partnership L.P., 4.05%, 07/01/2030
| | 3,240,000 | | 3,105,004 |
Kimco Realty OP LLC, 2.70%, 10/01/2030
| | 2,026,000 | | 1,823,909 |
Realty Income Corp., 4.85%, 03/15/2030
| | 2,430,000 | | 2,465,364 |
Regency Centers L.P., 3.70%, 06/15/2030
| | 2,390,000 | | 2,278,231 |
Simon Property Group L.P., 2.65%, 07/15/2030
| | 3,040,000 | | 2,760,578 |
| | | | | 12,433,086 |
| Semiconductors & Semiconductor Equipment-2.19% |
Applied Materials, Inc., 1.75%, 06/01/2030
| | 3,040,000 | | 2,645,219 |
Intel Corp., 5.13%, 02/10/2030
| | 5,065,000 | | 5,116,067 |
Lam Research Corp., 1.90%, 06/15/2030(b)
| | 3,041,000 | | 2,659,536 |
QUALCOMM, Inc., 2.15%, 05/20/2030
| | 4,868,000 | | 4,356,931 |
Texas Instruments, Inc., 1.75%, 05/04/2030
| | 3,000,000 | | 2,630,908 |
Xilinx, Inc., 2.38%, 06/01/2030
| | 2,997,000 | | 2,691,228 |
| | | | | 20,099,889 |
| Software-1.29% |
Autodesk, Inc., 2.85%, 01/15/2030
| | 2,030,000 | | 1,872,435 |
Intuit, Inc., 1.65%, 07/15/2030
| | 1,987,000 | | 1,708,597 |
Oracle Corp., 4.65%, 05/06/2030(b)
| | 3,040,000 | | 3,062,059 |
ServiceNow, Inc., 1.40%, 09/01/2030
| | 6,080,000 | | 5,168,956 |
| | | | | 11,812,047 |
| | Principal
Amount | | Value |
| Specialized REITs-0.89% |
| American Tower Corp. | | | | |
2.90%, 01/15/2030
| $ | 3,045,000 | | $2,789,208 |
2.10%, 06/15/2030
| | 3,042,000 | | 2,648,221 |
1.88%, 10/15/2030
| | 3,247,000 | | 2,756,928 |
| | | | | 8,194,357 |
| Specialty Retail-1.85% |
AutoNation, Inc., 4.75%, 06/01/2030
| | 2,029,000 | | 2,005,980 |
Best Buy Co., Inc., 1.95%, 10/01/2030
| | 2,641,000 | | 2,284,540 |
Dell International LLC/EMC Corp., 6.20%, 07/15/2030(b)
| | 2,995,000 | | 3,228,957 |
Leidos, Inc., 4.38%, 05/15/2030
| | 2,995,000 | | 2,914,514 |
Lowe’s Cos., Inc., 1.70%, 10/15/2030
| | 5,073,000 | | 4,313,609 |
Tractor Supply Co., 1.75%, 11/01/2030(b)
| | 2,634,000 | | 2,233,856 |
| | | | | 16,981,456 |
| Technology Hardware, Storage & Peripherals-1.66% |
| Apple, Inc. | | | | |
4.15%, 05/10/2030
| | 2,026,000 | | 2,059,038 |
1.65%, 05/11/2030(b)
| | 7,095,000 | | 6,226,367 |
1.25%, 08/20/2030
| | 5,065,000 | | 4,322,865 |
NetApp, Inc., 2.70%, 06/22/2030
| | 2,840,000 | | 2,552,633 |
| | | | | 15,160,903 |
| Textiles, Apparel & Luxury Goods-1.05% |
Ralph Lauren Corp., 2.95%, 06/15/2030
| | 3,046,000 | | 2,822,207 |
Tapestry, Inc., 7.70%, 11/27/2030
| | 3,990,000 | | 4,251,123 |
VF Corp., 2.95%, 04/23/2030(b)
| | 2,998,000 | | 2,589,504 |
| | | | | 9,662,834 |
| Tobacco-2.69% |
Altria Group, Inc., 3.40%, 05/06/2030
| | 3,042,000 | | 2,848,700 |
B.A.T Capital Corp. (United Kingdom), 6.34%, 08/02/2030
| | 4,060,000 | | 4,366,855 |
| Philip Morris International, Inc. | | | | |
5.13%, 02/15/2030
| | 8,920,000 | | 9,173,800 |
2.10%, 05/01/2030
| | 3,043,000 | | 2,684,805 |
5.50%, 09/07/2030
| | 2,834,000 | | 2,971,517 |
1.75%, 11/01/2030
| | 3,039,000 | | 2,582,117 |
| | | | | 24,627,794 |
| Trading Companies & Distributors-0.77% |
| Air Lease Corp. | | | | |
3.00%, 02/01/2030
| | 2,580,000 | | 2,358,772 |
3.13%, 12/01/2030
| | 3,040,000 | | 2,749,005 |
GATX Corp., 4.00%, 06/30/2030(b)
| | 2,025,000 | | 1,953,966 |
| | | | | 7,061,743 |
| Water Utilities-0.40% |
American Water Capital Corp., 2.80%, 05/01/2030(b)
| | 2,005,000 | | 1,834,459 |
Essential Utilities, Inc., 2.70%, 04/15/2030(b)
| | 2,028,000 | | 1,832,759 |
| | | | | 3,667,218 |
Total U.S. Dollar Denominated Bonds & Notes
(Cost $892,164,650)
| | 907,026,666 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2030 Corporate Bond ETF (BSCU)—(continued)
August 31, 2024
| | Shares | | Value |
| Money Market Funds-0.05% |
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(c)(d)
(Cost $446,802)
| | 446,802 | | $ 446,802 |
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.11%
(Cost $892,611,452)
| | 907,473,468 |
Investments Purchased with Cash Collateral
from Securities on Loan |
| Money Market Funds-11.67% |
Invesco Private Government Fund, 5.28%(c)(d)(e)
| | 29,502,257 | | 29,502,257 |
| | Shares | | Value |
| Money Market Funds-(continued) |
Invesco Private Prime Fund, 5.46%(c)(d)(e)
| | 77,359,703 | | $ 77,390,647 |
Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $106,887,057)
| | 106,892,904 |
TOTAL INVESTMENTS IN SECURITIES-110.78%
(Cost $999,498,509)
| | 1,014,366,372 |
OTHER ASSETS LESS LIABILITIES-(10.78)%
| | (98,745,733) |
NET ASSETS-100.00%
| | $915,620,639 |
| Investment Abbreviations: |
| REIT | -Real Estate Investment Trust |
| Notes to Schedule of Investments: |
| (a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
| (b) | All or a portion of this security was out on loan at August 31, 2024. |
| (c) | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024. |
| | Value
August 31, 2023 | | Purchases
at Cost | | Proceeds
from Sales | | Change in
Unrealized
Appreciation | | Realized
Gain | | Value
August 31, 2024 | | Dividend
Income |
| Investments in Affiliated Money Market Funds: | | | | | | | | | | | | | |
| Invesco Government & Agency Portfolio, Institutional Class | $42,585 | | $24,745,237 | | $(24,341,020) | | $- | | $- | | $446,802 | | $53,365 |
| Investments Purchased with Cash Collateral from Securities on Loan: | | | | | | | | | | | | | |
| Invesco Private Government Fund | 12,326,202 | | 141,864,961 | | (124,688,906) | | - | | - | | 29,502,257 | | 1,177,066* |
| Invesco Private Prime Fund | 31,695,872 | | 317,485,288 | | (271,798,387) | | 5,186 | | 2,688 | | 77,390,647 | | 3,167,732* |
| Total | $44,064,659 | | $484,095,486 | | $(420,828,313) | | $5,186 | | $2,688 | | $107,339,706 | | $4,398,163 |
| * | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
| (d) | The rate shown is the 7-day SEC standardized yield as of August 31, 2024. |
| (e) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2031 Corporate Bond ETF (BSCV)
August 31, 2024
Schedule of Investments(a)
| | Principal
Amount | | Value |
| U.S. Dollar Denominated Bonds & Notes-99.05% |
| Aerospace & Defense-2.24% |
Boeing Co. (The), 3.63%, 02/01/2031
| $ | 3,405,000 | | $ 3,081,795 |
General Dynamics Corp., 2.25%, 06/01/2031(b)
| | 1,200,000 | | 1,052,073 |
| L3Harris Technologies, Inc. | | | | |
1.80%, 01/15/2031
| | 1,581,000 | | 1,327,244 |
5.25%, 06/01/2031
| | 1,838,000 | | 1,892,017 |
| RTX Corp. | | | | |
6.00%, 03/15/2031
| | 2,430,000 | | 2,612,801 |
1.90%, 09/01/2031
| | 2,430,000 | | 2,029,915 |
Textron, Inc., 2.45%, 03/15/2031
| | 1,194,000 | | 1,035,402 |
| | | | | 13,031,247 |
| Air Freight & Logistics-0.37% |
FedEx Corp., 2.40%, 05/15/2031(b)
| | 2,431,000 | | 2,136,949 |
| Automobiles-3.50% |
| American Honda Finance Corp. | | | | |
1.80%, 01/13/2031
| | 1,340,000 | | 1,138,941 |
5.05%, 07/10/2031
| | 1,820,000 | | 1,856,558 |
Ford Motor Co., 7.45%, 07/16/2031
| | 2,565,000 | | 2,825,072 |
| Ford Motor Credit Co. LLC | | | | |
6.05%, 03/05/2031
| | 2,456,000 | | 2,525,601 |
3.63%, 06/17/2031
| | 2,430,000 | | 2,154,330 |
Mercedes-Benz Finance North America LLC (Germany), 8.50%, 01/18/2031
| | 3,640,000 | | 4,417,762 |
Toyota Motor Corp. (Japan), 2.36%, 03/25/2031(b)
| | 1,203,000 | | 1,068,551 |
| Toyota Motor Credit Corp. | | | | |
1.65%, 01/10/2031
| | 1,333,000 | | 1,126,540 |
5.10%, 03/21/2031
| | 2,190,000 | | 2,258,428 |
1.90%, 09/12/2031
| | 1,188,000 | | 996,208 |
| | | | | 20,367,991 |
| Banks-2.80% |
Banco Santander S.A. (Spain), 5.44%, 07/15/2031
| | 3,640,000 | | 3,751,947 |
Bank of Montreal (Canada), 5.51%, 06/04/2031
| | 1,940,000 | | 2,018,924 |
Mizuho Financial Group, Inc. (Japan), 2.56%, 09/13/2031
| | 2,433,000 | | 2,057,249 |
Royal Bank of Canada (Canada), 2.30%, 11/03/2031
| | 3,642,000 | | 3,144,182 |
| Sumitomo Mitsui Financial Group, Inc. (Japan) | | | | |
1.71%, 01/12/2031
| | 1,210,000 | | 1,007,125 |
5.42%, 07/09/2031
| | 2,190,000 | | 2,270,599 |
2.22%, 09/17/2031
| | 2,430,000 | | 2,053,023 |
| | | | | 16,303,049 |
| Beverages-2.51% |
Anheuser-Busch InBev Worldwide, Inc. (Belgium), 4.90%, 01/23/2031
| | 1,819,000 | | 1,868,322 |
| Coca-Cola Co. (The) | | | | |
2.00%, 03/05/2031
| | 1,820,000 | | 1,583,765 |
1.38%, 03/15/2031
| | 3,156,000 | | 2,636,578 |
Constellation Brands, Inc., 2.25%, 08/01/2031
| | 2,433,000 | | 2,074,812 |
| | Principal
Amount | | Value |
| Beverages-(continued) |
| Keurig Dr Pepper, Inc. | | | | |
2.25%, 03/15/2031
| $ | 1,212,000 | | $1,046,755 |
Series 10, 5.20%, 03/15/2031
| | 1,218,000 | | 1,256,792 |
| PepsiCo, Inc. | | | | |
1.40%, 02/25/2031
| | 1,823,000 | | 1,526,724 |
1.95%, 10/21/2031
| | 3,035,000 | | 2,603,755 |
| | | | | 14,597,503 |
| Biotechnology-1.31% |
AbbVie, Inc., 4.95%, 03/15/2031
| | 4,855,000 | | 5,000,581 |
Amgen, Inc., 2.30%, 02/25/2031
| | 3,035,000 | | 2,645,791 |
| | | | | 7,646,372 |
| Broadline Retail-1.37% |
Amazon.com, Inc., 2.10%, 05/12/2031
| | 7,286,000 | | 6,367,662 |
eBay, Inc., 2.60%, 05/10/2031(b)
| | 1,825,000 | | 1,607,879 |
| | | | | 7,975,541 |
| Building Products-0.66% |
Carrier Global Corp., 2.70%, 02/15/2031
| | 1,823,000 | | 1,622,583 |
Johnson Controls International PLC/Tyco Fire & Security Finance S.C.A., 2.00%, 09/16/2031
| | 1,199,000 | | 1,004,765 |
Masco Corp., 2.00%, 02/15/2031
| | 1,437,000 | | 1,219,076 |
| | | | | 3,846,424 |
| Capital Markets-3.83% |
Ares Capital Corp., 3.20%, 11/15/2031
| | 1,705,000 | | 1,471,833 |
| Bank of New York Mellon Corp. (The) | | | | |
1.65%, 01/28/2031
| | 1,191,000 | | 1,002,513 |
1.80%, 07/28/2031
| | 1,215,000 | | 1,018,349 |
BlackRock, Inc., 1.90%, 01/28/2031
| | 3,035,000 | | 2,618,488 |
Blue Owl Credit Income Corp., 6.65%, 03/15/2031
| | 1,810,000 | | 1,842,448 |
Brookfield Finance, Inc. (Canada), 2.72%, 04/15/2031
| | 1,176,000 | | 1,041,977 |
| Charles Schwab Corp. (The) | | | | |
1.65%, 03/11/2031
| | 1,825,000 | | 1,518,228 |
2.30%, 05/13/2031
| | 1,823,000 | | 1,583,328 |
1.95%, 12/01/2031
| | 2,060,000 | | 1,717,328 |
Jefferies Financial Group, Inc., 2.63%, 10/15/2031
| | 2,431,000 | | 2,070,275 |
Moody’s Corp., 2.00%, 08/19/2031
| | 1,460,000 | | 1,239,127 |
Nasdaq, Inc., 1.65%, 01/15/2031
| | 1,580,000 | | 1,326,411 |
Nomura Holdings, Inc. (Japan), 2.61%, 07/14/2031
| | 2,430,000 | | 2,080,147 |
State Street Corp., 2.20%, 03/03/2031
| | 2,065,000 | | 1,798,162 |
| | | | | 22,328,614 |
| Chemicals-0.46% |
Air Products and Chemicals, Inc., 4.75%, 02/08/2031(b)
| | 1,460,000 | | 1,493,598 |
Ecolab, Inc., 1.30%, 01/30/2031
| | 1,460,000 | | 1,208,393 |
| | | | | 2,701,991 |
| Commercial Services & Supplies-0.89% |
Republic Services, Inc., 1.45%, 02/15/2031
| | 1,580,000 | | 1,306,941 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2031 Corporate Bond ETF (BSCV)—(continued)
August 31, 2024
| | Principal
Amount | | Value |
| Commercial Services & Supplies-(continued) |
| Waste Management, Inc. | | | | |
1.50%, 03/15/2031
| $ | 2,430,000 | | $2,026,816 |
4.95%, 07/03/2031
| | 1,821,000 | | 1,870,989 |
| | | | | 5,204,746 |
| Communications Equipment-1.39% |
Cisco Systems, Inc., 4.95%, 02/26/2031
| | 6,069,000 | | 6,278,074 |
Motorola Solutions, Inc., 2.75%, 05/24/2031
| | 2,066,000 | | 1,827,548 |
| | | | | 8,105,622 |
| Construction Materials-0.59% |
Eagle Materials, Inc., 2.50%, 07/01/2031
| | 1,820,000 | | 1,582,729 |
Martin Marietta Materials, Inc., 2.40%, 07/15/2031
| | 2,178,000 | | 1,874,682 |
| | | | | 3,457,411 |
| Consumer Finance-3.02% |
| Ally Financial, Inc. | | | | |
8.00%, 11/01/2031
| | 4,845,000 | | 5,532,870 |
8.00%, 11/01/2031
| | 1,186,000 | | 1,354,439 |
| General Motors Financial Co., Inc. | | | | |
2.35%, 01/08/2031
| | 2,433,000 | | 2,070,334 |
5.75%, 02/08/2031
| | 2,430,000 | | 2,511,988 |
2.70%, 06/10/2031
| | 2,430,000 | | 2,092,557 |
5.60%, 06/18/2031
| | 2,430,000 | | 2,487,910 |
Synchrony Financial, 2.88%, 10/28/2031
| | 1,821,000 | | 1,536,460 |
| | | | | 17,586,558 |
| Consumer Staples Distribution & Retail-1.17% |
Dollar Tree, Inc., 2.65%, 12/01/2031
| | 1,945,000 | | 1,660,453 |
Kroger Co. (The), 1.70%, 01/15/2031
| | 1,210,000 | | 1,010,863 |
Walmart, Inc., 1.80%, 09/22/2031
| | 4,860,000 | | 4,172,476 |
| | | | | 6,843,792 |
| Containers & Packaging-0.29% |
Amcor Flexibles North America, Inc., 2.69%, 05/25/2031
| | 1,945,000 | | 1,696,200 |
| Diversified REITs-0.74% |
American Assets Trust L.P., 3.38%, 02/01/2031
| | 1,206,000 | | 1,026,209 |
COPT Defense Properties L.P., 2.75%, 04/15/2031
| | 1,440,000 | | 1,235,992 |
DOC DR LLC, 2.63%, 11/01/2031
| | 1,188,000 | | 1,025,499 |
W.P. Carey, Inc., 2.40%, 02/01/2031
| | 1,190,000 | | 1,023,211 |
| | | | | 4,310,911 |
| Diversified Telecommunication Services-4.52% |
AT&T, Inc., 2.75%, 06/01/2031
| | 7,286,000 | | 6,464,858 |
Orange S.A. (France), 9.00%, 03/01/2031
| | 5,980,000 | | 7,349,067 |
| Verizon Communications, Inc. | | | | |
1.75%, 01/20/2031
| | 5,446,000 | | 4,576,166 |
2.55%, 03/21/2031
| | 9,007,000 | | 7,926,565 |
| | | | | 26,316,656 |
| Electric Utilities-5.33% |
Appalachian Power Co., Series AA, 2.70%, 04/01/2031
| | 1,210,000 | | 1,064,475 |
Baltimore Gas and Electric Co., 2.25%, 06/15/2031
| | 1,455,000 | | 1,256,886 |
Berkshire Hathaway Energy Co., 1.65%, 05/15/2031
| | 1,218,000 | | 1,011,950 |
| | Principal
Amount | | Value |
| Electric Utilities-(continued) |
Consolidated Edison Co. of New York, Inc., 2.40%, 06/15/2031
| $ | 2,181,000 | | $ 1,917,220 |
Duke Energy Carolinas LLC, 2.55%, 04/15/2031
| | 1,300,000 | | 1,148,120 |
Duke Energy Corp., 2.55%, 06/15/2031
| | 2,401,000 | | 2,084,909 |
Duke Energy Florida LLC, 2.40%, 12/15/2031
| | 1,580,000 | | 1,360,080 |
Duke Energy Progress LLC, 2.00%, 08/15/2031
| | 1,576,000 | | 1,329,809 |
Entergy Corp., 2.40%, 06/15/2031
| | 1,580,000 | | 1,353,145 |
Entergy Texas, Inc., 1.75%, 03/15/2031
| | 1,456,000 | | 1,215,146 |
Eversource Energy, 5.85%, 04/15/2031
| | 1,700,000 | | 1,787,459 |
Pacific Gas and Electric Co., 2.50%, 02/01/2031
| | 4,861,000 | | 4,174,677 |
PacifiCorp, 5.30%, 02/15/2031
| | 1,720,000 | | 1,764,896 |
PG&E Wildfire Recovery Funding LLC, Series A-1, 4.02%, 06/01/2031
| | 1,255,599 | | 1,240,737 |
Progress Energy, Inc., 7.75%, 03/01/2031
| | 1,583,000 | | 1,833,340 |
Public Service Co. of Colorado, 1.88%, 06/15/2031
| | 1,823,000 | | 1,525,497 |
Southern California Edison Co., 5.45%, 06/01/2031
| | 1,826,000 | | 1,901,532 |
Virginia Electric & Power Co., 2.30%, 11/15/2031
| | 1,200,000 | | 1,025,902 |
Virginia Power Fuel Securitization, LLC, Series A-2, 4.88%, 05/01/2031
| | 2,000,000 | | 2,052,729 |
| | | | | 31,048,509 |
| Electrical Equipment-0.36% |
Emerson Electric Co., 2.20%, 12/21/2031
| | 2,428,000 | | 2,100,123 |
| Electronic Equipment, Instruments & Components-1.46% |
Amphenol Corp., 2.20%, 09/15/2031
| | 1,820,000 | | 1,550,751 |
CDW LLC/CDW Finance Corp., 3.57%, 12/01/2031
| | 2,430,000 | | 2,191,408 |
Jabil, Inc., 3.00%, 01/15/2031
| | 1,460,000 | | 1,285,665 |
Teledyne Technologies, Inc., 2.75%, 04/01/2031
| | 2,502,000 | | 2,216,116 |
Vontier Corp., 2.95%, 04/01/2031
| | 1,457,000 | | 1,261,584 |
| | | | | 8,505,524 |
| Energy Equipment & Services-0.20% |
Helmerich & Payne, Inc., 2.90%, 09/29/2031
| | 1,340,000 | | 1,153,829 |
| Entertainment-1.21% |
Electronic Arts, Inc., 1.85%, 02/15/2031
| | 1,825,000 | | 1,547,670 |
Walt Disney Co. (The), 2.65%, 01/13/2031
| | 6,075,000 | | 5,475,059 |
| | | | | 7,022,729 |
| Financial Services-1.82% |
Fidelity National Information Services, Inc., 2.25%, 03/01/2031
| | 2,205,000 | | 1,908,940 |
Fiserv, Inc., 5.35%, 03/15/2031
| | 1,216,000 | | 1,260,973 |
Global Payments, Inc., 2.90%, 11/15/2031
| | 1,820,000 | | 1,584,771 |
| Mastercard, Inc. | | | | |
1.90%, 03/15/2031
| | 1,460,000 | | 1,271,421 |
2.00%, 11/18/2031
| | 1,825,000 | | 1,562,438 |
ORIX Corp. (Japan), 2.25%, 03/09/2031
| | 1,200,000 | | 1,032,356 |
Visa, Inc., 1.10%, 02/15/2031(b)
| | 2,424,000 | | 2,003,508 |
| | | | | 10,624,407 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2031 Corporate Bond ETF (BSCV)—(continued)
August 31, 2024
| | Principal
Amount | | Value |
| Food Products-1.71% |
Bunge Ltd. Finance Corp., 2.75%, 05/14/2031
| $ | 2,427,000 | | $ 2,150,195 |
Flowers Foods, Inc., 2.40%, 03/15/2031
| | 1,201,000 | | 1,034,900 |
General Mills, Inc., 2.25%, 10/14/2031
| | 1,210,000 | | 1,037,658 |
Kellanova, Series B, 7.45%, 04/01/2031
| | 1,492,000 | | 1,714,962 |
McCormick & Co., Inc., 1.85%, 02/15/2031
| | 1,219,000 | | 1,031,751 |
Mondelez International, Inc., 1.50%, 02/04/2031
| | 1,218,000 | | 1,013,166 |
Pilgrim’s Pride Corp., 4.25%, 04/15/2031
| | 2,080,000 | | 1,962,053 |
| | | | | 9,944,685 |
| Gas Utilities-0.56% |
Atmos Energy Corp., 1.50%, 01/15/2031
| | 1,430,000 | | 1,193,224 |
National Fuel Gas Co., 2.95%, 03/01/2031
| | 1,219,000 | | 1,062,658 |
Southern Co. Gas Capital Corp., Series 20-A, 1.75%, 01/15/2031
| | 1,219,000 | | 1,020,182 |
| | | | | 3,276,064 |
| Ground Transportation-1.05% |
Canadian Pacific Railway Co. (Canada), 2.45%, 12/02/2031
| | 3,405,000 | | 2,946,327 |
Norfolk Southern Corp., 2.30%, 05/15/2031
| | 1,200,000 | | 1,049,666 |
Union Pacific Corp., 2.38%, 05/20/2031
| | 2,424,000 | | 2,149,059 |
| | | | | 6,145,052 |
| Health Care Equipment & Supplies-1.09% |
Baxter International, Inc., 1.73%, 04/01/2031
| | 1,580,000 | | 1,312,538 |
Becton, Dickinson and Co., 1.96%, 02/11/2031
| | 2,431,000 | | 2,066,429 |
STERIS Irish FinCo Unlimited Co., 2.70%, 03/15/2031
| | 1,605,000 | | 1,408,116 |
Zimmer Biomet Holdings, Inc., 2.60%, 11/24/2031
| | 1,822,000 | | 1,579,679 |
| | | | | 6,366,762 |
| Health Care Providers & Services-7.63% |
Cencora, Inc., 2.70%, 03/15/2031
| | 2,430,000 | | 2,155,140 |
| Centene Corp. | | | | |
2.50%, 03/01/2031
| | 5,350,000 | | 4,545,274 |
2.63%, 08/01/2031
| | 3,155,000 | | 2,678,900 |
| Cigna Group (The) | | | | |
2.38%, 03/15/2031
| | 3,647,000 | | 3,171,739 |
5.13%, 05/15/2031
| | 1,820,000 | | 1,867,702 |
CommonSpirit Health, 5.21%, 12/01/2031
| | 1,881,000 | | 1,916,324 |
| CVS Health Corp. | | | | |
5.25%, 01/30/2031
| | 1,820,000 | | 1,851,168 |
1.88%, 02/28/2031(b)
| | 3,037,000 | | 2,517,269 |
5.55%, 06/01/2031(b)
| | 2,433,000 | | 2,501,958 |
2.13%, 09/15/2031
| | 2,399,000 | | 1,993,354 |
Elevance Health, Inc., 2.55%, 03/15/2031
| | 2,430,000 | | 2,148,276 |
| HCA, Inc. | | | | |
5.45%, 04/01/2031
| | 4,256,000 | | 4,368,004 |
2.38%, 07/15/2031
| | 2,060,000 | | 1,754,515 |
Humana, Inc., 5.38%, 04/15/2031
| | 3,036,000 | | 3,110,076 |
Laboratory Corp. of America Holdings, 2.70%, 06/01/2031
| | 1,183,000 | | 1,042,594 |
Quest Diagnostics, Inc., 2.80%, 06/30/2031
| | 1,335,000 | | 1,184,081 |
| | Principal
Amount | | Value |
| Health Care Providers & Services-(continued) |
| UnitedHealth Group, Inc. | | | | |
4.90%, 04/15/2031
| $ | 2,430,000 | | $2,485,857 |
2.30%, 05/15/2031
| | 3,640,000 | | 3,178,551 |
| | | | | 44,470,782 |
| Health Care REITs-2.00% |
Alexandria Real Estate Equities, Inc., 3.38%, 08/15/2031
| | 1,826,000 | | 1,670,380 |
Healthcare Realty Holdings L.P., 2.00%, 03/15/2031
| | 1,941,000 | | 1,596,803 |
Healthpeak OP LLC, 2.88%, 01/15/2031
| | 1,430,000 | | 1,282,716 |
Omega Healthcare Investors, Inc., 3.38%, 02/01/2031
| | 1,696,000 | | 1,512,739 |
Sabra Health Care L.P., 3.20%, 12/01/2031
| | 1,940,000 | | 1,683,622 |
Ventas Realty L.P., 2.50%, 09/01/2031
| | 1,201,000 | | 1,026,896 |
| Welltower OP LLC | | | | |
2.75%, 01/15/2031
| | 1,430,000 | | 1,275,575 |
2.80%, 06/01/2031
| | 1,826,000 | | 1,620,862 |
| | | | | 11,669,593 |
| Hotels, Restaurants & Leisure-0.81% |
Expedia Group, Inc., 2.95%, 03/15/2031
| | 1,212,000 | | 1,090,646 |
Marriott International, Inc., Series HH, 2.85%, 04/15/2031
| | 2,670,000 | | 2,369,939 |
Starbucks Corp., 4.90%, 02/15/2031
| | 1,210,000 | | 1,240,348 |
| | | | | 4,700,933 |
| Household Products-0.58% |
Kimberly-Clark Corp., 2.00%, 11/02/2031(b)
| | 1,460,000 | | 1,260,320 |
Procter & Gamble Co. (The), 1.95%, 04/23/2031
| | 2,430,000 | | 2,139,799 |
| | | | | 3,400,119 |
| Independent Power and Renewable Electricity Producers-0.35% |
AES Corp. (The), 2.45%, 01/15/2031
| | 2,420,000 | | 2,065,169 |
| Industrial Conglomerates-0.74% |
| Honeywell International, Inc. | | | | |
1.75%, 09/01/2031
| | 3,640,000 | | 3,074,733 |
4.95%, 09/01/2031
| | 1,219,000 | | 1,259,708 |
| | | | | 4,334,441 |
| Insurance-1.73% |
Aon Corp./Aon Global Holdings PLC, 2.60%, 12/02/2031
| | 1,220,000 | | 1,062,172 |
Aon North America, Inc., 5.30%, 03/01/2031
| | 1,581,000 | | 1,633,569 |
Assured Guaranty US Holdings, Inc., 3.15%, 06/15/2031
| | 1,200,000 | | 1,070,704 |
Brown & Brown, Inc., 2.38%, 03/15/2031(b)
| | 1,678,000 | | 1,431,970 |
Fidelity National Financial, Inc., 2.45%, 03/15/2031
| | 1,460,000 | | 1,248,156 |
First American Financial Corp., 2.40%, 08/15/2031
| | 1,529,000 | | 1,270,216 |
Lincoln National Corp., 3.40%, 01/15/2031(b)
| | 1,220,000 | | 1,114,071 |
Primerica, Inc., 2.80%, 11/19/2031
| | 1,453,000 | | 1,256,028 |
| | | | | 10,086,886 |
| Interactive Media & Services-0.42% |
Meta Platforms, Inc., 4.55%, 08/15/2031
| | 2,430,000 | | 2,458,515 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2031 Corporate Bond ETF (BSCV)—(continued)
August 31, 2024
| | Principal
Amount | | Value |
| IT Services-0.51% |
Kyndryl Holdings, Inc., 3.15%, 10/15/2031
| $ | 1,578,000 | | $ 1,367,784 |
VeriSign, Inc., 2.70%, 06/15/2031
| | 1,821,000 | | 1,580,722 |
| | | | | 2,948,506 |
| Leisure Products-0.19% |
Brunswick Corp., 2.40%, 08/18/2031
| | 1,333,000 | | 1,103,602 |
| Life Sciences Tools & Services-1.09% |
Agilent Technologies, Inc., 2.30%, 03/12/2031
| | 2,061,000 | | 1,787,858 |
Illumina, Inc., 2.55%, 03/23/2031(b)
| | 1,200,000 | | 1,028,262 |
Revvity, Inc., 2.25%, 09/15/2031
| | 1,201,000 | | 1,014,723 |
Thermo Fisher Scientific, Inc., 2.00%, 10/15/2031
| | 2,915,000 | | 2,491,381 |
| | | | | 6,322,224 |
| Machinery-1.55% |
Caterpillar, Inc., 1.90%, 03/12/2031(b)
| | 1,200,000 | | 1,044,801 |
IDEX Corp., 2.63%, 06/15/2031
| | 1,180,000 | | 1,029,538 |
Ingersoll Rand, Inc., 5.31%, 06/15/2031
| | 1,216,000 | | 1,258,277 |
| John Deere Capital Corp. | | | | |
1.45%, 01/15/2031
| | 1,479,000 | | 1,244,333 |
4.90%, 03/07/2031
| | 2,066,000 | | 2,119,350 |
2.00%, 06/17/2031
| | 1,462,000 | | 1,258,437 |
Xylem, Inc., 2.25%, 01/30/2031
| | 1,218,000 | | 1,061,705 |
| | | | | 9,016,441 |
| Media-2.66% |
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 2.80%, 04/01/2031
| | 3,890,000 | | 3,301,022 |
| Comcast Corp. | | | | |
1.95%, 01/15/2031
| | 3,642,000 | | 3,114,155 |
1.50%, 02/15/2031
| | 4,255,000 | | 3,539,152 |
Interpublic Group of Cos., Inc. (The), 2.40%, 03/01/2031
| | 1,200,000 | | 1,035,443 |
Omnicom Group, Inc., 2.60%, 08/01/2031
| | 1,920,000 | | 1,674,480 |
Paramount Global, 4.95%, 01/15/2031
| | 3,035,000 | | 2,820,706 |
| | | | | 15,484,958 |
| Metals & Mining-0.19% |
Steel Dynamics, Inc., 3.25%, 01/15/2031
| | 1,200,000 | | 1,093,513 |
| Multi-Utilities-1.54% |
Ameren Corp., 3.50%, 01/15/2031
| | 1,945,000 | | 1,809,106 |
CenterPoint Energy, Inc., 2.65%, 06/01/2031
| | 1,200,000 | | 1,049,454 |
Dominion Energy, Inc., Series C, 2.25%, 08/15/2031
| | 2,068,000 | | 1,758,251 |
DTE Electric Co., Series C, 2.63%, 03/01/2031
| | 1,453,000 | | 1,298,458 |
NiSource, Inc., 1.70%, 02/15/2031
| | 1,800,000 | | 1,497,882 |
Public Service Enterprise Group, Inc., 2.45%, 11/15/2031
| | 1,817,000 | | 1,560,310 |
| | | | | 8,973,461 |
| Office REITs-0.46% |
Boston Properties L.P., 3.25%, 01/30/2031
| | 3,040,000 | | 2,677,702 |
| Oil, Gas & Consumable Fuels-6.13% |
Boardwalk Pipelines L.P., 3.40%, 02/15/2031
| | 1,190,000 | | 1,075,246 |
| | Principal
Amount | | Value |
| Oil, Gas & Consumable Fuels-(continued) |
Burlington Resources LLC, 7.20%, 08/15/2031
| $ | 1,088,000 | | $ 1,252,599 |
Cheniere Energy Partners L.P., 4.00%, 03/01/2031
| | 3,641,000 | | 3,436,500 |
Conoco Funding Co., 7.25%, 10/15/2031
| | 956,000 | | 1,105,625 |
Devon Energy Corp., 7.88%, 09/30/2031
| | 1,618,000 | | 1,877,711 |
Diamondback Energy, Inc., 3.13%, 03/24/2031
| | 1,865,000 | | 1,683,807 |
Hess Corp., 7.30%, 08/15/2031
| | 1,514,000 | | 1,728,435 |
| Kinder Morgan, Inc. | | | | |
2.00%, 02/15/2031
| | 1,820,000 | | 1,550,515 |
7.80%, 08/01/2031
| | 1,283,000 | | 1,484,250 |
| Occidental Petroleum Corp. | | | | |
6.13%, 01/01/2031(b)
| | 2,775,000 | | 2,926,486 |
7.50%, 05/01/2031
| | 2,107,000 | | 2,391,567 |
ONEOK, Inc., 6.35%, 01/15/2031
| | 1,461,000 | | 1,568,938 |
Ovintiv, Inc., 7.38%, 11/01/2031
| | 1,212,000 | | 1,356,597 |
Phillips 66 Co., 5.25%, 06/15/2031
| | 1,459,000 | | 1,500,982 |
Pioneer Natural Resources Co., 2.15%, 01/15/2031
| | 2,429,000 | | 2,113,914 |
Targa Resources Partners L.P./Targa Resources Partners Finance Corp., 4.88%, 02/01/2031
| | 2,426,000 | | 2,384,234 |
TransCanada PipeLines Ltd. (Canada), 2.50%, 10/12/2031
| | 2,430,000 | | 2,120,576 |
Valero Energy Corp., 2.80%, 12/01/2031
| | 1,120,000 | | 978,402 |
Williams Cos., Inc. (The), 2.60%, 03/15/2031
| | 3,639,000 | | 3,182,460 |
| | | | | 35,718,844 |
| Personal Care Products-0.51% |
Estee Lauder Cos., Inc. (The), 1.95%, 03/15/2031
| | 1,461,000 | | 1,252,010 |
Unilever Capital Corp. (United Kingdom), 1.75%, 08/12/2031
| | 2,060,000 | | 1,747,402 |
| | | | | 2,999,412 |
| Pharmaceuticals-3.47% |
| AstraZeneca Finance LLC (United Kingdom) | | | | |
4.90%, 02/26/2031
| | 2,427,000 | | 2,495,147 |
2.25%, 05/28/2031
| | 1,820,000 | | 1,587,605 |
| Bristol-Myers Squibb Co. | | | | |
5.75%, 02/01/2031
| | 2,430,000 | | 2,603,378 |
5.10%, 02/22/2031
| | 3,039,000 | | 3,143,021 |
Johnson & Johnson, 4.90%, 06/01/2031
| | 2,790,000 | | 2,899,196 |
Merck & Co., Inc., 2.15%, 12/10/2031
| | 4,860,000 | | 4,185,884 |
Pfizer, Inc., 1.75%, 08/18/2031
| | 2,430,000 | | 2,054,070 |
Royalty Pharma PLC, 2.15%, 09/02/2031
| | 1,460,000 | | 1,225,137 |
| | | | | 20,193,438 |
| Professional Services-0.72% |
Broadridge Financial Solutions, Inc., 2.60%, 05/01/2031
| | 2,430,000 | | 2,112,305 |
Equifax, Inc., 2.35%, 09/15/2031
| | 2,425,000 | | 2,075,613 |
| | | | | 4,187,918 |
| Real Estate Management & Development-0.18% |
CBRE Services, Inc., 2.50%, 04/01/2031
| | 1,183,000 | | 1,020,161 |
| Residential REITs-0.89% |
AvalonBay Communities, Inc., 2.45%, 01/15/2031
| | 1,465,000 | | 1,291,824 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2031 Corporate Bond ETF (BSCV)—(continued)
August 31, 2024
| | Principal
Amount | | Value |
| Residential REITs-(continued) |
ERP Operating L.P., 1.85%, 08/01/2031
| $ | 1,211,000 | | $ 1,017,901 |
Invitation Homes Operating Partnership L.P., 2.00%, 08/15/2031
| | 1,580,000 | | 1,305,210 |
Sun Communities Operating L.P., 2.70%, 07/15/2031
| | 1,826,000 | | 1,564,656 |
| | | | | 5,179,591 |
| Retail REITs-0.96% |
Brixmor Operating Partnership L.P., 2.50%, 08/16/2031
| | 1,190,000 | | 1,015,148 |
Kimco Realty OP LLC, 2.25%, 12/01/2031
| | 1,183,000 | | 990,971 |
Realty Income Corp., 3.25%, 01/15/2031
| | 2,305,000 | | 2,118,237 |
Simon Property Group L.P., 2.20%, 02/01/2031
| | 1,698,000 | | 1,471,395 |
| | | | | 5,595,751 |
| Semiconductors & Semiconductor Equipment-3.16% |
Analog Devices, Inc., 2.10%, 10/01/2031
| | 2,430,000 | | 2,088,905 |
Broadcom, Inc., 5.15%, 11/15/2031
| | 3,640,000 | | 3,719,580 |
| Intel Corp. | | | | |
5.00%, 02/21/2031
| | 1,214,000 | | 1,212,253 |
2.00%, 08/12/2031
| | 3,033,000 | | 2,496,247 |
Marvell Technology, Inc., 2.95%, 04/15/2031
| | 1,821,000 | | 1,627,749 |
Micron Technology, Inc., 5.30%, 01/15/2031
| | 2,430,000 | | 2,492,273 |
NVIDIA Corp., 2.00%, 06/15/2031
| | 3,035,000 | | 2,654,087 |
Skyworks Solutions, Inc., 3.00%, 06/01/2031
| | 1,215,000 | | 1,061,855 |
Texas Instruments, Inc., 1.90%, 09/15/2031
| | 1,210,000 | | 1,043,210 |
| | | | | 18,396,159 |
| Software-3.16% |
Autodesk, Inc., 2.40%, 12/15/2031
| | 2,432,000 | | 2,095,402 |
Fortinet, Inc., 2.20%, 03/15/2031
| | 1,210,000 | | 1,037,507 |
Oracle Corp., 2.88%, 03/25/2031
| | 7,889,000 | | 7,062,608 |
Roper Technologies, Inc., 1.75%, 02/15/2031
| | 2,430,000 | | 2,027,521 |
Salesforce, Inc., 1.95%, 07/15/2031
| | 3,640,000 | | 3,109,726 |
VMware LLC, 2.20%, 08/15/2031
| | 3,640,000 | | 3,080,399 |
| | | | | 18,413,163 |
| Specialized REITs-3.05% |
| American Tower Corp. | | | | |
2.70%, 04/15/2031
| | 1,697,000 | | 1,494,834 |
2.30%, 09/15/2031
| | 1,705,000 | | 1,448,973 |
| Crown Castle, Inc. | | | | |
2.25%, 01/15/2031
| | 2,670,000 | | 2,280,587 |
2.10%, 04/01/2031
| | 2,430,000 | | 2,039,970 |
2.50%, 07/15/2031
| | 1,820,000 | | 1,558,391 |
Equinix, Inc., 2.50%, 05/15/2031
| | 2,431,000 | | 2,113,806 |
| Extra Space Storage L.P. | | | | |
5.90%, 01/15/2031
| | 1,460,000 | | 1,536,238 |
2.40%, 10/15/2031
| | 1,464,000 | | 1,244,684 |
GLP Capital L.P./GLP Financing II, Inc., 4.00%, 01/15/2031
| | 1,670,000 | | 1,554,295 |
| Public Storage Operating Co. | | | | |
2.30%, 05/01/2031
| | 1,543,000 | | 1,350,559 |
2.25%, 11/09/2031
| | 1,331,000 | | 1,139,055 |
| | | | | 17,761,392 |
| Specialty Retail-2.85% |
AutoZone, Inc., 1.65%, 01/15/2031
| | 1,462,000 | | 1,220,961 |
| | Principal
Amount | | Value |
| Specialty Retail-(continued) |
| Home Depot, Inc. (The) | | | | |
1.38%, 03/15/2031
| $ | 3,035,000 | | $2,511,401 |
4.85%, 06/25/2031
| | 2,430,000 | | 2,489,334 |
1.88%, 09/15/2031
| | 2,433,000 | | 2,064,691 |
Leidos, Inc., 2.30%, 02/15/2031
| | 2,430,000 | | 2,079,294 |
Lowe’s Cos., Inc., 2.63%, 04/01/2031
| | 3,642,000 | | 3,229,823 |
O’Reilly Automotive, Inc., 1.75%, 03/15/2031
| | 1,210,000 | | 1,011,448 |
Ross Stores, Inc., 1.88%, 04/15/2031
| | 1,195,000 | | 1,003,515 |
TJX Cos., Inc. (The), 1.60%, 05/15/2031
| | 1,200,000 | | 1,003,468 |
| | | | | 16,613,935 |
| Technology Hardware, Storage & Peripherals-1.92% |
| Apple, Inc. | | | | |
1.65%, 02/08/2031
| | 6,680,000 | | 5,757,630 |
1.70%, 08/05/2031(b)
| | 2,433,000 | | 2,080,777 |
HP, Inc., 2.65%, 06/17/2031
| | 2,425,000 | | 2,113,249 |
IBM International Capital Pte. Ltd., 4.75%, 02/05/2031
| | 1,210,000 | | 1,225,164 |
| | | | | 11,176,820 |
| Tobacco-1.37% |
| B.A.T Capital Corp. (United Kingdom) | | | | |
5.83%, 02/20/2031
| | 2,070,000 | | 2,173,457 |
2.73%, 03/25/2031
| | 3,035,000 | | 2,670,398 |
Philip Morris International, Inc., 5.13%, 02/13/2031
| | 3,048,000 | | 3,127,763 |
| | | | | 7,971,618 |
| Trading Companies & Distributors-0.25% |
Air Lease Corp., 5.20%, 07/15/2031
| | 1,460,000 | | 1,471,538 |
| Water Utilities-0.20% |
American Water Capital Corp., 2.30%, 06/01/2031
| | 1,339,000 | | 1,157,390 |
| Wireless Telecommunication Services-1.33% |
| T-Mobile USA, Inc. | | | | |
2.88%, 02/15/2031
| | 2,430,000 | | 2,182,695 |
3.50%, 04/15/2031
| | 5,952,000 | | 5,538,548 |
| | | | | 7,721,243 |
Total U.S. Dollar Denominated Bonds & Notes
(Cost $564,625,098)
| | 577,030,479 |
| | Shares | | |
| Money Market Funds-0.01% |
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(c)(d)
(Cost $45,840)
| | 45,840 | | 45,840 |
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.06%
(Cost $564,670,938)
| | 577,076,319 |
Investments Purchased with Cash Collateral
from Securities on Loan |
| Money Market Funds-2.19% |
Invesco Private Government Fund, 5.28%(c)(d)(e)
| | 3,527,136 | | 3,527,136 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2031 Corporate Bond ETF (BSCV)—(continued)
August 31, 2024
| | Shares | | Value |
| Money Market Funds-(continued) |
Invesco Private Prime Fund, 5.46%(c)(d)(e)
| | 9,202,091 | | $ 9,205,772 |
Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $12,732,377)
| | 12,732,908 |
TOTAL INVESTMENTS IN SECURITIES-101.25%
(Cost $577,403,315)
| | 589,809,227 |
OTHER ASSETS LESS LIABILITIES-(1.25)%
| | (7,261,292) |
NET ASSETS-100.00%
| | $582,547,935 |
| Investment Abbreviations: |
| REIT | -Real Estate Investment Trust |
| Notes to Schedule of Investments: |
| (a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
| (b) | All or a portion of this security was out on loan at August 31, 2024. |
| (c) | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024. |
| | Value
August 31, 2023 | | Purchases
at Cost | | Proceeds
from Sales | | Change in
Unrealized
Appreciation | | Realized
Gain | | Value
August 31, 2024 | | Dividend
Income |
| Investments in Affiliated Money Market Funds: | | | | | | | | | | | | | |
| Invesco Government & Agency Portfolio, Institutional Class | $42,663 | | $17,415,508 | | $(17,412,331) | | $- | | $- | | $45,840 | | $33,097 |
| Investments Purchased with Cash Collateral from Securities on Loan: | | | | | | | | | | | | | |
| Invesco Private Government Fund | 932,243 | | 33,984,779 | | (31,389,886) | | - | | - | | 3,527,136 | | 114,374* |
| Invesco Private Prime Fund | 2,397,193 | | 62,330,853 | | (55,525,193) | | 479 | | 2,440 | | 9,205,772 | | 303,993* |
| Total | $3,372,099 | | $113,731,140 | | $(104,327,410) | | $479 | | $2,440 | | $12,778,748 | | $451,464 |
| * | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
| (d) | The rate shown is the 7-day SEC standardized yield as of August 31, 2024. |
| (e) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2032 Corporate Bond ETF (BSCW)
August 31, 2024
Schedule of Investments(a)
| | Principal
Amount | | Value |
| U.S. Dollar Denominated Bonds & Notes-98.81% |
| Aerospace & Defense-1.52% |
General Electric Co., 6.75%, 03/15/2032
| $ | 3,630,000 | | $ 4,108,947 |
Lockheed Martin Corp., 3.90%, 06/15/2032
| | 2,192,000 | | 2,121,734 |
RTX Corp., 2.38%, 03/15/2032
| | 2,740,000 | | 2,335,683 |
| | | | | 8,566,364 |
| Automobiles-2.87% |
| Ford Motor Co. | | | | |
3.25%, 02/12/2032
| | 6,850,500 | | 5,837,550 |
6.10%, 08/19/2032
| | 4,800,000 | | 4,934,983 |
General Motors Co., 5.60%, 10/15/2032
| | 3,423,000 | | 3,541,224 |
Honda Motor Co. Ltd. (Japan), 2.97%, 03/10/2032
| | 2,060,000 | | 1,863,031 |
| | | | | 16,176,788 |
| Banks-4.24% |
Bank of Nova Scotia (The) (Canada), 2.45%, 02/02/2032
| | 2,330,000 | | 2,001,951 |
Canadian Imperial Bank of Commerce (Canada), 3.60%, 04/07/2032
| | 2,740,000 | | 2,527,115 |
Citigroup, Inc., 6.63%, 06/15/2032
| | 2,740,000 | | 3,006,478 |
Citizens Financial Group, Inc., 2.64%, 09/30/2032
| | 1,684,000 | | 1,368,842 |
KeyBank N.A., 4.90%, 08/08/2032(b)
| | 1,985,000 | | 1,882,711 |
Royal Bank of Canada (Canada), 3.88%, 05/04/2032
| | 2,741,000 | | 2,604,344 |
| Toronto-Dominion Bank (The) (Canada) | | | | |
2.45%, 01/12/2032(b)
| | 1,640,000 | | 1,417,859 |
3.20%, 03/10/2032
| | 4,130,000 | | 3,720,421 |
4.46%, 06/08/2032
| | 5,500,000 | | 5,381,152 |
| | | | | 23,910,873 |
| Beverages-1.63% |
Constellation Brands, Inc., 4.75%, 05/09/2032
| | 1,921,000 | | 1,914,740 |
Diageo Capital PLC (United Kingdom), 2.13%, 04/29/2032
| | 2,060,000 | | 1,737,110 |
Keurig Dr Pepper, Inc., 4.05%, 04/15/2032
| | 2,330,000 | | 2,242,305 |
PepsiCo, Inc., 3.90%, 07/18/2032
| | 3,430,000 | | 3,329,585 |
| | | | | 9,223,740 |
| Biotechnology-0.85% |
| Amgen, Inc. | | | | |
2.00%, 01/15/2032
| | 2,740,000 | | 2,289,644 |
3.35%, 02/22/2032
| | 2,740,000 | | 2,510,774 |
| | | | | 4,800,418 |
| Broadline Retail-2.28% |
| Amazon.com, Inc. | | | | |
3.60%, 04/13/2032
| | 6,853,000 | | 6,533,998 |
4.70%, 12/01/2032
| | 6,170,000 | | 6,323,242 |
| | | | | 12,857,240 |
| Building Products-0.22% |
Carlisle Cos., Inc., 2.20%, 03/01/2032
| | 1,510,000 | | 1,263,625 |
| Capital Markets-4.79% |
Ameriprise Financial, Inc., 4.50%, 05/13/2032
| | 1,370,000 | | 1,358,805 |
BlackRock, Inc., 2.10%, 02/25/2032
| | 2,740,000 | | 2,329,943 |
| | Principal
Amount | | Value |
| Capital Markets-(continued) |
Brookfield Finance I (UK) PLC/Brookfield Finance, Inc. (Canada), 2.34%, 01/30/2032
| $ | 1,648,000 | | $ 1,391,762 |
Charles Schwab Corp. (The), 2.90%, 03/03/2032
| | 2,740,000 | | 2,425,017 |
CME Group, Inc., 2.65%, 03/15/2032
| | 2,060,000 | | 1,837,686 |
Credit Suisse (USA) LLC (Switzerland), 7.13%, 07/15/2032
| | 2,040,000 | | 2,328,803 |
FactSet Research Systems, Inc., 3.45%, 03/01/2032
| | 1,370,000 | | 1,232,089 |
Jefferies Financial Group, Inc., 2.75%, 10/15/2032
| | 1,373,000 | | 1,151,205 |
Moody’s Corp., 4.25%, 08/08/2032
| | 1,370,000 | | 1,333,259 |
Morgan Stanley, 7.25%, 04/01/2032
| | 2,702,000 | | 3,171,141 |
Nomura Holdings, Inc. (Japan), 3.00%, 01/22/2032
| | 2,050,000 | | 1,778,333 |
Northern Trust Corp., 6.13%, 11/02/2032(b)
| | 2,753,000 | | 3,018,365 |
S&P Global, Inc., 2.90%, 03/01/2032
| | 4,090,000 | | 3,679,816 |
| | | | | 27,036,224 |
| Chemicals-1.27% |
Albemarle Corp., 5.05%, 06/01/2032(b)
| | 1,641,000 | | 1,622,823 |
Celanese US Holdings LLC, 6.38%, 07/15/2032
| | 2,741,000 | | 2,899,417 |
Ecolab, Inc., 2.13%, 02/01/2032
| | 1,760,000 | | 1,508,414 |
Sherwin-Williams Co. (The), 2.20%, 03/15/2032
| | 1,370,000 | | 1,162,669 |
| | | | | 7,193,323 |
| Commercial Services & Supplies-1.64% |
Cintas Corp. No. 2, 4.00%, 05/01/2032
| | 2,192,000 | | 2,123,040 |
Republic Services, Inc., 1.75%, 02/15/2032
| | 2,052,000 | | 1,691,815 |
| Waste Connections, Inc. | | | | |
2.20%, 01/15/2032
| | 1,780,000 | | 1,511,642 |
3.20%, 06/01/2032
| | 1,375,000 | | 1,240,694 |
Waste Management, Inc., 4.15%, 04/15/2032
| | 2,741,000 | | 2,679,555 |
| | | | | 9,246,746 |
| Communications Equipment-0.30% |
Motorola Solutions, Inc., 5.60%, 06/01/2032
| | 1,641,000 | | 1,713,105 |
| Construction & Engineering-0.20% |
Quanta Services, Inc., 2.35%, 01/15/2032
| | 1,370,000 | | 1,156,166 |
| Consumer Finance-0.93% |
Discover Financial Services, 6.70%, 11/29/2032
| | 2,056,000 | | 2,241,646 |
General Motors Financial Co., Inc., 3.10%, 01/12/2032
| | 3,430,000 | | 2,990,596 |
| | | | | 5,232,242 |
| Consumer Staples Distribution & Retail-1.84% |
Costco Wholesale Corp., 1.75%, 04/20/2032
| | 2,740,000 | | 2,294,204 |
Dollar General Corp., 5.00%, 11/01/2032(b)
| | 1,920,000 | | 1,884,998 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2032 Corporate Bond ETF (BSCW)—(continued)
August 31, 2024
| | Principal
Amount | | Value |
| Consumer Staples Distribution & Retail-(continued) |
Target Corp., 4.50%, 09/15/2032(b)
| $ | 2,740,000 | | $ 2,757,338 |
Walmart, Inc., 4.15%, 09/09/2032
| | 3,430,000 | | 3,432,572 |
| | | | | 10,369,112 |
| Containers & Packaging-0.65% |
Avery Dennison Corp., 2.25%, 02/15/2032
| | 1,375,000 | | 1,152,116 |
Sonoco Products Co., 2.85%, 02/01/2032
| | 1,370,000 | | 1,185,773 |
WRKCo, Inc., 4.20%, 06/01/2032(b)
| | 1,375,000 | | 1,329,256 |
| | | | | 3,667,145 |
| Distributors-0.21% |
Genuine Parts Co., 2.75%, 02/01/2032
| | 1,375,000 | | 1,181,414 |
| Diversified Consumer Services-0.24% |
RELX Capital, Inc. (United Kingdom), 4.75%, 05/20/2032
| | 1,370,000 | | 1,375,718 |
| Diversified REITs-0.93% |
CubeSmart L.P., 2.50%, 02/15/2032
| | 1,370,000 | | 1,169,773 |
VICI Properties L.P., 5.13%, 05/15/2032
| | 4,109,000 | | 4,064,323 |
| | | | | 5,234,096 |
| Diversified Telecommunication Services-3.86% |
AT&T, Inc., 2.25%, 02/01/2032
| | 6,850,000 | | 5,779,244 |
Bell Canada (Canada), Series US-5, 2.15%, 02/15/2032
| | 1,625,000 | | 1,352,412 |
Deutsche Telekom International Finance B.V. (Germany), 9.25%, 06/01/2032
| | 1,370,000 | | 1,739,072 |
TELUS Corp. (Canada), 3.40%, 05/13/2032
| | 2,463,000 | | 2,216,095 |
Verizon Communications, Inc., 2.36%, 03/15/2032
| | 12,620,000 | | 10,726,879 |
| | | | | 21,813,702 |
| Electric Utilities-8.70% |
AEP Texas, Inc., 4.70%, 05/15/2032
| | 1,370,000 | | 1,349,920 |
Alabama Power Co., 3.05%, 03/15/2032
| | 1,919,000 | | 1,723,518 |
American Electric Power Co., Inc., 5.95%, 11/01/2032
| | 1,375,000 | | 1,464,443 |
Appalachian Power Co., Series BB, 4.50%, 08/01/2032
| | 1,370,000 | | 1,320,152 |
CenterPoint Energy Houston Electric LLC, Series AI, 4.45%, 10/01/2032
| | 1,374,000 | | 1,349,860 |
Duke Energy Carolinas LLC, 2.85%, 03/15/2032
| | 1,370,000 | | 1,218,178 |
Duke Energy Corp., 4.50%, 08/15/2032
| | 3,153,000 | | 3,072,963 |
Duke Energy Progress LLC, 3.40%, 04/01/2032
| | 1,370,000 | | 1,258,851 |
Entergy Louisiana LLC, 2.35%, 06/15/2032
| | 1,370,000 | | 1,160,139 |
Eversource Energy, 3.38%, 03/01/2032
| | 1,825,000 | | 1,632,618 |
Exelon Corp., 3.35%, 03/15/2032
| | 1,782,000 | | 1,624,217 |
Florida Power & Light Co., 2.45%, 02/03/2032
| | 4,111,000 | | 3,579,265 |
Georgia Power Co., 4.70%, 05/15/2032
| | 1,920,000 | | 1,924,608 |
| National Rural Utilities Cooperative Finance Corp. | | | | |
2.75%, 04/15/2032
| | 1,370,000 | | 1,209,116 |
4.02%, 11/01/2032
| | 1,640,000 | | 1,562,501 |
| NextEra Energy Capital Holdings, Inc. | | | | |
2.44%, 01/15/2032
| | 2,705,000 | | 2,307,046 |
5.00%, 07/15/2032
| | 2,730,000 | | 2,766,304 |
Oncor Electric Delivery Co. LLC, 4.55%, 09/15/2032
| | 1,920,000 | | 1,904,491 |
| | Principal
Amount | | Value |
| Electric Utilities-(continued) |
Pacific Gas and Electric Co., 5.90%, 06/15/2032
| $ | 1,649,000 | | $ 1,709,921 |
Public Service Electric and Gas Co., 3.10%, 03/15/2032
| | 1,370,000 | | 1,242,681 |
San Diego Gas & Electric Co., Series XXX, 3.00%, 03/15/2032
| | 1,639,000 | | 1,470,054 |
| Southern California Edison Co. | | | | |
2.75%, 02/01/2032
| | 1,368,000 | | 1,199,088 |
5.95%, 11/01/2032
| | 2,060,000 | | 2,208,038 |
Southern Co. (The), 5.70%, 10/15/2032
| | 1,370,000 | | 1,451,708 |
Union Electric Co., 2.15%, 03/15/2032
| | 1,440,000 | | 1,212,594 |
Virginia Electric & Power Co., 2.40%, 03/30/2032
| | 1,640,000 | | 1,406,337 |
Wisconsin Electric Power Co., 4.75%, 09/30/2032(b)
| | 1,370,000 | | 1,392,590 |
Wisconsin Power and Light Co., 3.95%, 09/01/2032
| | 1,640,000 | | 1,546,984 |
Xcel Energy, Inc., 4.60%, 06/01/2032
| | 1,917,000 | | 1,869,183 |
| | | | | 49,137,368 |
| Electronic Equipment, Instruments & Components-1.09% |
Allegion US Holding Co., Inc., 5.41%, 07/01/2032
| | 1,646,000 | | 1,696,484 |
Arrow Electronics, Inc., 2.95%, 02/15/2032
| | 1,366,000 | | 1,185,416 |
Eaton Corp., 4.00%, 11/02/2032
| | 1,920,000 | | 1,855,140 |
Tyco Electronics Group S.A., 2.50%, 02/04/2032
| | 1,640,000 | | 1,439,940 |
| | | | | 6,176,980 |
| Entertainment-2.63% |
Take-Two Interactive Software, Inc., 4.00%, 04/14/2032
| | 1,370,000 | | 1,300,920 |
TWDC Enterprises 18 Corp., 7.00%, 03/01/2032
| | 1,368,000 | | 1,578,244 |
Warnermedia Holdings, Inc., 4.28%, 03/15/2032
| | 13,690,000 | | 11,972,796 |
| | | | | 14,851,960 |
| Financial Services-4.12% |
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland), 3.30%, 01/30/2032
| | 11,004,000 | | 9,785,968 |
Corebridge Financial, Inc., 3.90%, 04/05/2032
| | 4,130,000 | | 3,825,768 |
Fidelity National Information Services, Inc., 5.10%, 07/15/2032
| | 2,060,000 | | 2,110,510 |
Global Payments, Inc., 5.40%, 08/15/2032
| | 2,058,000 | | 2,099,930 |
| ORIX Corp. (Japan) | | | | |
4.00%, 04/13/2032
| | 1,370,000 | | 1,298,115 |
5.20%, 09/13/2032
| | 1,367,000 | | 1,398,411 |
PayPal Holdings, Inc., 4.40%, 06/01/2032(b)
| | 2,741,000 | | 2,721,691 |
| | | | | 23,240,393 |
| Food Products-1.49% |
Archer-Daniels-Midland Co., 2.90%, 03/01/2032
| | 2,060,000 | | 1,836,859 |
J. M. Smucker Co. (The), 2.13%, 03/15/2032
| | 1,370,000 | | 1,143,434 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2032 Corporate Bond ETF (BSCW)—(continued)
August 31, 2024
| | Principal
Amount | | Value |
| Food Products-(continued) |
| Mondelez International, Inc. | | | | |
3.00%, 03/17/2032
| $ | 2,060,000 | | $1,844,906 |
1.88%, 10/15/2032(b)
| | 1,720,000 | | 1,415,052 |
Pilgrim’s Pride Corp., 3.50%, 03/01/2032
| | 2,434,000 | | 2,154,218 |
| | | | | 8,394,469 |
| Gas Utilities-0.76% |
CenterPoint Energy Resources Corp., 4.40%, 07/01/2032
| | 1,366,000 | | 1,322,537 |
Southern Co. Gas Capital Corp., 5.15%, 09/15/2032
| | 1,375,000 | | 1,407,707 |
Southwest Gas Corp., 4.05%, 03/15/2032
| | 1,643,000 | | 1,542,606 |
| | | | | 4,272,850 |
| Ground Transportation-1.62% |
Canadian National Railway Co. (Canada), 3.85%, 08/05/2032
| | 2,190,000 | | 2,083,996 |
CSX Corp., 4.10%, 11/15/2032
| | 2,600,000 | | 2,520,190 |
Norfolk Southern Corp., 3.00%, 03/15/2032
| | 1,650,000 | | 1,480,092 |
Union Pacific Corp., 2.80%, 02/14/2032
| | 3,425,000 | | 3,070,911 |
| | | | | 9,155,189 |
| Health Care Equipment & Supplies-1.78% |
Baxter International, Inc., 2.54%, 02/01/2032(b)
| | 4,220,000 | | 3,605,419 |
Becton, Dickinson and Co., 4.30%, 08/22/2032
| | 1,370,000 | | 1,329,158 |
GE HealthCare Technologies, Inc., 5.91%, 11/22/2032
| | 4,770,000 | | 5,084,682 |
| | | | | 10,019,259 |
| Health Care Providers & Services-3.27% |
| Elevance Health, Inc. | | | | |
4.10%, 05/15/2032
| | 1,640,000 | | 1,583,076 |
5.50%, 10/15/2032
| | 1,780,000 | | 1,873,120 |
HCA, Inc., 3.63%, 03/15/2032
| | 5,480,000 | | 4,983,741 |
Humana, Inc., 2.15%, 02/03/2032
| | 2,051,000 | | 1,701,689 |
| UnitedHealth Group, Inc. | | | | |
4.95%, 01/15/2032
| | 4,200,000 | | 4,290,483 |
4.20%, 05/15/2032
| | 4,110,000 | | 4,013,334 |
| | | | | 18,445,443 |
| Health Care REITs-0.82% |
Alexandria Real Estate Equities, Inc., 2.00%, 05/18/2032
| | 2,500,000 | | 2,032,266 |
| Welltower OP LLC | | | | |
2.75%, 01/15/2032
| | 1,380,000 | | 1,202,881 |
3.85%, 06/15/2032
| | 1,510,000 | | 1,416,390 |
| | | | | 4,651,537 |
| Hotels, Restaurants & Leisure-1.25% |
Marriott International, Inc., Series GG, 3.50%, 10/15/2032
| | 2,740,000 | | 2,471,478 |
McDonald’s Corp., 4.60%, 09/09/2032
| | 2,060,000 | | 2,070,396 |
Starbucks Corp., 3.00%, 02/14/2032
| | 2,823,000 | | 2,540,011 |
| | | | | 7,081,885 |
| Household Products-1.14% |
Church & Dwight Co., Inc., 5.60%, 11/15/2032
| | 1,380,000 | | 1,469,843 |
Clorox Co. (The), 4.60%, 05/01/2032
| | 1,640,000 | | 1,635,467 |
| | Principal
Amount | | Value |
| Household Products-(continued) |
Colgate-Palmolive Co., 3.25%, 08/15/2032
| $ | 1,373,000 | | $ 1,276,103 |
Procter & Gamble Co. (The), 2.30%, 02/01/2032
| | 2,330,000 | | 2,074,702 |
| | | | | 6,456,115 |
| Industrial Conglomerates-0.55% |
GE Capital Funding LLC, 4.55%, 05/15/2032
| | 1,300,000 | | 1,286,409 |
Honeywell International, Inc., 4.75%, 02/01/2032
| | 1,790,000 | | 1,818,641 |
| | | | | 3,105,050 |
| Industrial REITs-0.20% |
Prologis L.P., 2.25%, 01/15/2032
| | 1,330,000 | | 1,128,091 |
| Insurance-2.49% |
Aon Corp./Aon Global Holdings PLC, 5.00%, 09/12/2032
| | 1,375,000 | | 1,394,897 |
Berkshire Hathaway Finance Corp., 2.88%, 03/15/2032
| | 2,744,000 | | 2,502,338 |
Brown & Brown, Inc., 4.20%, 03/17/2032
| | 1,641,000 | | 1,553,474 |
Fairfax Financial Holdings Ltd. (Canada), 5.63%, 08/16/2032
| | 2,040,000 | | 2,081,872 |
Manulife Financial Corp. (Canada), 3.70%, 03/16/2032
| | 2,053,000 | | 1,935,490 |
Marsh & McLennan Cos., Inc., 5.75%, 11/01/2032
| | 1,370,000 | | 1,475,728 |
MetLife, Inc., 6.50%, 12/15/2032
| | 1,640,000 | | 1,851,421 |
Progressive Corp. (The), 3.00%, 03/15/2032
| | 1,370,000 | | 1,243,188 |
| | | | | 14,038,408 |
| Interactive Media & Services-1.39% |
Meta Platforms, Inc., 3.85%, 08/15/2032
| | 8,170,000 | | 7,829,757 |
| IT Services-0.88% |
| International Business Machines Corp. | | | | |
2.72%, 02/09/2032
| | 1,320,000 | | 1,171,033 |
4.40%, 07/27/2032
| | 2,050,000 | | 2,022,358 |
5.88%, 11/29/2032
| | 1,640,000 | | 1,782,242 |
| | | | | 4,975,633 |
| Life Sciences Tools & Services-0.66% |
Bio-Rad Laboratories, Inc., 3.70%, 03/15/2032
| | 2,190,000 | | 2,008,646 |
Thermo Fisher Scientific, Inc., 4.95%, 11/21/2032
| | 1,693,000 | | 1,741,998 |
| | | | | 3,750,644 |
| Machinery-0.94% |
Flowserve Corp., 2.80%, 01/15/2032
| | 1,370,000 | | 1,170,035 |
| John Deere Capital Corp. | | | | |
3.90%, 06/07/2032
| | 1,373,000 | | 1,312,855 |
4.35%, 09/15/2032
| | 1,650,000 | | 1,642,510 |
Stanley Black & Decker, Inc., 3.00%, 05/15/2032(b)
| | 1,353,000 | | 1,203,685 |
| | | | | 5,329,085 |
| Media-1.33% |
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 2.30%, 02/01/2032
| | 2,745,000 | | 2,193,754 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2032 Corporate Bond ETF (BSCW)—(continued)
August 31, 2024
| | Principal
Amount | | Value |
| Media-(continued) |
Comcast Corp., 5.50%, 11/15/2032
| $ | 2,750,000 | | $ 2,904,668 |
Paramount Global, 4.20%, 05/19/2032
| | 2,743,000 | | 2,383,192 |
| | | | | 7,481,614 |
| Metals & Mining-1.17% |
ArcelorMittal S.A. (Luxembourg), 6.80%, 11/29/2032(b)
| | 2,808,000 | | 3,075,135 |
Newmont Corp., 2.60%, 07/15/2032(b)
| | 2,490,000 | | 2,174,618 |
Nucor Corp., 3.13%, 04/01/2032
| | 1,510,000 | | 1,363,598 |
| | | | | 6,613,351 |
| Multi-Utilities-0.87% |
Ameren Illinois Co., 3.85%, 09/01/2032
| | 1,370,000 | | 1,295,047 |
Dominion Energy, Inc., 5.38%, 11/15/2032
| | 2,330,000 | | 2,400,814 |
DTE Electric Co., Series A, 3.00%, 03/01/2032
| | 1,370,000 | | 1,236,161 |
| | | | | 4,932,022 |
| Office REITs-0.33% |
Boston Properties L.P., 2.55%, 04/01/2032
| | 2,300,000 | | 1,869,047 |
| Oil, Gas & Consumable Fuels-5.92% |
Boardwalk Pipelines L.P., 3.60%, 09/01/2032
| | 1,370,000 | | 1,227,971 |
BP Capital Markets America, Inc., 2.72%, 01/12/2032
| | 5,502,000 | | 4,845,780 |
Cenovus Energy, Inc. (Canada), 2.65%, 01/15/2032
| | 1,370,000 | | 1,169,590 |
Cheniere Energy Partners L.P., 3.25%, 01/31/2032
| | 3,316,000 | | 2,944,338 |
ConocoPhillips, 5.90%, 10/15/2032
| | 1,385,000 | | 1,500,733 |
Kinder Morgan, Inc., 7.75%, 01/15/2032
| | 2,770,000 | | 3,214,539 |
Marathon Oil Corp., 6.80%, 03/15/2032
| | 1,510,000 | | 1,686,257 |
MPLX L.P., 4.95%, 09/01/2032
| | 2,746,000 | | 2,719,442 |
Occidental Petroleum Corp., 5.38%, 01/01/2032
| | 2,750,000 | | 2,792,317 |
ONEOK, Inc., 6.10%, 11/15/2032
| | 2,100,000 | | 2,230,847 |
Suncor Energy, Inc. (Canada), 7.15%, 02/01/2032
| | 1,367,000 | | 1,534,467 |
Targa Resources Partners L.P./Targa Resources Partners Finance Corp., 4.00%, 01/15/2032
| | 2,740,000 | | 2,544,078 |
Valero Energy Corp., 7.50%, 04/15/2032
| | 1,993,000 | | 2,313,264 |
Williams Cos., Inc. (The), 4.65%, 08/15/2032
| | 2,740,000 | | 2,696,899 |
| | | | | 33,420,522 |
| Personal Care Products-0.53% |
Unilever Capital Corp. (United Kingdom), 5.90%, 11/15/2032
| | 2,743,000 | | 3,013,998 |
| Pharmaceuticals-2.05% |
Bristol-Myers Squibb Co., 2.95%, 03/15/2032
| | 4,800,000 | | 4,313,852 |
Haleon US Capital LLC, 3.63%, 03/24/2032
| | 5,455,000 | | 5,069,863 |
Zoetis, Inc., 5.60%, 11/16/2032
| | 2,060,000 | | 2,172,200 |
| | | | | 11,555,915 |
| Residential REITs-1.37% |
American Homes 4 Rent L.P., 3.63%, 04/15/2032
| | 1,640,000 | | 1,492,189 |
| | Principal
Amount | | Value |
| Residential REITs-(continued) |
AvalonBay Communities, Inc., 2.05%, 01/15/2032
| $ | 1,920,000 | | $ 1,629,823 |
Essex Portfolio L.P., 2.65%, 03/15/2032
| | 1,783,000 | | 1,532,956 |
Invitation Homes Operating Partnership L.P., 4.15%, 04/15/2032
| | 1,640,000 | | 1,548,796 |
Sun Communities Operating L.P., 4.20%, 04/15/2032
| | 1,640,000 | | 1,521,959 |
| | | | | 7,725,723 |
| Retail REITs-1.51% |
Kimco Realty OP LLC, 3.20%, 04/01/2032
| | 1,621,000 | | 1,444,238 |
| Realty Income Corp. | | | | |
5.63%, 10/13/2032
| | 2,060,000 | | 2,161,912 |
2.85%, 12/15/2032
| | 1,920,000 | | 1,651,996 |
| Simon Property Group L.P. | | | | |
2.25%, 01/15/2032
| | 1,921,000 | | 1,633,977 |
2.65%, 02/01/2032
| | 1,893,000 | | 1,647,432 |
| | | | | 8,539,555 |
| Semiconductors & Semiconductor Equipment-3.74% |
Advanced Micro Devices, Inc., 3.92%, 06/01/2032(b)
| | 1,370,000 | | 1,332,775 |
Broadcom, Inc., 4.30%, 11/15/2032
| | 5,480,000 | | 5,294,648 |
| Intel Corp. | | | | |
4.15%, 08/05/2032
| | 3,430,000 | | 3,216,203 |
4.00%, 12/15/2032
| | 2,204,000 | | 2,032,724 |
KLA Corp., 4.65%, 07/15/2032
| | 2,740,000 | | 2,768,190 |
Micron Technology, Inc., 2.70%, 04/15/2032
| | 2,740,000 | | 2,348,377 |
| QUALCOMM, Inc. | | | | |
1.65%, 05/20/2032
| | 3,388,000 | | 2,776,567 |
4.25%, 05/20/2032(b)
| | 1,373,000 | | 1,355,802 |
| | | | | 21,125,286 |
| Software-1.77% |
Oracle Corp., 6.25%, 11/09/2032
| | 6,190,000 | | 6,747,861 |
Workday, Inc., 3.80%, 04/01/2032
| | 3,440,000 | | 3,228,809 |
| | | | | 9,976,670 |
| Specialized REITs-1.80% |
American Tower Corp., 4.05%, 03/15/2032
| | 1,780,000 | | 1,686,448 |
Equinix, Inc., 3.90%, 04/15/2032
| | 3,290,000 | | 3,100,367 |
Extra Space Storage L.P., 2.35%, 03/15/2032
| | 1,644,000 | | 1,364,136 |
GLP Capital L.P./GLP Financing II, Inc., 3.25%, 01/15/2032
| | 2,193,000 | | 1,915,899 |
Weyerhaeuser Co., 7.38%, 03/15/2032
| | 1,800,000 | | 2,070,338 |
| | | | | 10,137,188 |
| Specialty Retail-3.27% |
AutoNation, Inc., 3.85%, 03/01/2032
| | 1,916,000 | | 1,752,859 |
AutoZone, Inc., 4.75%, 08/01/2032
| | 2,060,000 | | 2,050,895 |
Dick’s Sporting Goods, Inc., 3.15%, 01/15/2032(b)
| | 2,059,000 | | 1,822,196 |
| Home Depot, Inc. (The) | | | | |
3.25%, 04/15/2032
| | 3,430,000 | | 3,167,602 |
4.50%, 09/15/2032(b)
| | 3,428,000 | | 3,450,853 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2032 Corporate Bond ETF (BSCW)—(continued)
August 31, 2024
| | Principal
Amount | | Value |
| Specialty Retail-(continued) |
Lowe’s Cos., Inc., 3.75%, 04/01/2032
| $ | 4,115,000 | | $ 3,868,162 |
O’Reilly Automotive, Inc., 4.70%, 06/15/2032
| | 2,330,000 | | 2,325,040 |
| | | | | 18,437,607 |
| Technology Hardware, Storage & Peripherals-1.21% |
Apple, Inc., 3.35%, 08/08/2032
| | 4,114,000 | | 3,888,703 |
HP, Inc., 4.20%, 04/15/2032
| | 1,860,000 | | 1,774,274 |
Western Digital Corp., 3.10%, 02/01/2032(b)
| | 1,370,000 | | 1,153,777 |
| | | | | 6,816,754 |
| Textiles, Apparel & Luxury Goods-0.20% |
Tapestry, Inc., 3.05%, 03/15/2032
| | 1,370,000 | | 1,148,951 |
| Tobacco-2.26% |
Altria Group, Inc., 2.45%, 02/04/2032
| | 4,800,000 | | 4,040,104 |
| B.A.T Capital Corp. (United Kingdom) | | | | |
4.74%, 03/16/2032
| | 2,470,000 | | 2,437,494 |
7.75%, 10/19/2032
| | 1,630,000 | | 1,904,340 |
Philip Morris International, Inc., 5.75%, 11/17/2032
| | 4,110,000 | | 4,350,786 |
| | | | | 12,732,724 |
| Trading Companies & Distributors-0.32% |
Air Lease Corp., 2.88%, 01/15/2032
| | 2,060,000 | | 1,784,938 |
| Water Utilities-0.38% |
American Water Capital Corp., 4.45%, 06/01/2032
| | 2,190,000 | | 2,172,248 |
| Wireless Telecommunication Services-2.53% |
Rogers Communications, Inc. (Canada), 3.80%, 03/15/2032
| | 5,360,000 | | 4,941,288 |
Sprint Capital Corp., 8.75%, 03/15/2032
| | 5,626,000 | | 6,946,822 |
T-Mobile USA, Inc., 2.70%, 03/15/2032
| | 2,745,000 | | 2,382,420 |
| | | | | 14,270,530 |
Total U.S. Dollar Denominated Bonds & Notes
(Cost $540,910,166)
| | 557,812,800 |
| | Shares | | Value |
| Money Market Funds-0.01% |
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(c)(d)
(Cost $52,309)
| | 52,309 | | $ 52,309 |
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-98.82%
(Cost $540,962,475)
| | 557,865,109 |
Investments Purchased with Cash Collateral
from Securities on Loan |
| Money Market Funds-3.53% |
Invesco Private Government Fund, 5.28%(c)(d)(e)
| | 6,907,673 | | 6,907,673 |
Invesco Private Prime Fund, 5.46%(c)(d)(e)
| | 13,006,523 | | 13,011,726 |
Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $19,918,628)
| | 19,919,399 |
TOTAL INVESTMENTS IN SECURITIES-102.35%
(Cost $560,881,103)
| | 577,784,508 |
OTHER ASSETS LESS LIABILITIES-(2.35)%
| | (13,286,624) |
NET ASSETS-100.00%
| | $564,497,884 |
| Investment Abbreviations: |
| REIT | -Real Estate Investment Trust |
| Notes to Schedule of Investments: |
| (a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
| (b) | All or a portion of this security was out on loan at August 31, 2024. |
| (c) | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024. |
| | Value
August 31, 2023 | | Purchases
at Cost | | Proceeds
from Sales | | Change in
Unrealized
Appreciation | | Realized
Gain
(Loss) | | Value
August 31, 2024 | | Dividend
Income |
| Investments in Affiliated Money Market Funds: | | | | | | | | | | | | | |
| Invesco Government & Agency Portfolio, Institutional Class | $67,027 | | $17,642,686 | | $(17,657,404) | | $- | | $- | | $52,309 | | $42,603 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2032 Corporate Bond ETF (BSCW)—(continued)
August 31, 2024
| | Value
August 31, 2023 | | Purchases
at Cost | | Proceeds
from Sales | | Change in
Unrealized
Appreciation | | Realized
Gain
(Loss) | | Value
August 31, 2024 | | Dividend
Income |
| Investments Purchased with Cash Collateral from Securities on Loan: | | | | | | | | | | | | | |
| Invesco Private Government Fund | $1,137,562 | | $42,515,786 | | $(36,745,675) | | $- | | $- | | $6,907,673 | | $180,040* |
| Invesco Private Prime Fund | 2,925,157 | | 74,369,342 | | (64,283,239) | | 783 | | (317) | | 13,011,726 | | 480,079* |
| Total | $4,129,746 | | $134,527,814 | | $(118,686,318) | | $783 | | $(317) | | $19,971,708 | | $702,722 |
| * | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
| (d) | The rate shown is the 7-day SEC standardized yield as of August 31, 2024. |
| (e) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2033 Corporate Bond ETF (BSCX)
August 31, 2024
Schedule of Investments(a)
| | Principal
Amount | | Value |
| U.S. Dollar Denominated Bonds & Notes-98.44% |
| Aerospace & Defense-2.45% |
HEICO Corp., 5.35%, 08/01/2033
| $ | 872,000 | | $ 897,278 |
L3Harris Technologies, Inc., 5.40%, 07/31/2033
| | 2,281,000 | | 2,352,663 |
Lockheed Martin Corp., 5.25%, 01/15/2033
| | 1,530,000 | | 1,605,640 |
Northrop Grumman Corp., 4.70%, 03/15/2033
| | 1,536,000 | | 1,539,565 |
RTX Corp., 5.15%, 02/27/2033
| | 1,915,000 | | 1,964,264 |
| | | | | 8,359,410 |
| Air Freight & Logistics-0.41% |
United Parcel Service, Inc., 4.88%, 03/03/2033
| | 1,380,000 | | 1,411,071 |
| Automobile Components-0.24% |
Magna International, Inc. (Canada), 5.50%, 03/21/2033
| | 765,000 | | 805,026 |
| Automobiles-1.06% |
Ford Motor Credit Co. LLC, 7.12%, 11/07/2033
| | 1,915,000 | | 2,070,318 |
Toyota Motor Corp. (Japan), 5.12%, 07/13/2033(b)
| | 744,000 | | 793,329 |
Toyota Motor Credit Corp., 4.70%, 01/12/2033
| | 749,000 | | 752,622 |
| | | | | 3,616,269 |
| Banks-5.77% |
| Banco Santander S.A. (Spain) | | | | |
6.92%, 08/08/2033
| | 3,040,000 | | 3,296,663 |
6.94%, 11/07/2033
| | 2,300,000 | | 2,618,090 |
Canadian Imperial Bank of Commerce (Canada), 6.09%, 10/03/2033
| | 1,670,000 | | 1,797,626 |
Citigroup, Inc., 6.00%, 10/31/2033
| | 1,004,000 | | 1,073,492 |
KeyBank N.A., 5.00%, 01/26/2033(b)
| | 1,522,000 | | 1,484,072 |
| Royal Bank of Canada (Canada) | | | | |
5.00%, 02/01/2033
| | 2,608,000 | | 2,662,954 |
5.00%, 05/02/2033(b)
| | 1,368,000 | | 1,403,586 |
| Sumitomo Mitsui Financial Group, Inc. (Japan) | | | | |
5.77%, 01/13/2033
| | 2,685,000 | | 2,850,455 |
5.78%, 07/13/2033
| | 970,000 | | 1,031,452 |
5.81%, 09/14/2033(b)
| | 1,380,000 | | 1,480,882 |
| | | | | 19,699,272 |
| Beverages-1.85% |
Brown-Forman Corp., 4.75%, 04/15/2033
| | 1,000,000 | | 1,010,154 |
Constellation Brands, Inc., 4.90%, 05/01/2033
| | 1,150,000 | | 1,146,813 |
| Diageo Capital PLC (United Kingdom) | | | | |
5.50%, 01/24/2033
| | 1,150,000 | | 1,215,478 |
5.63%, 10/05/2033
| | 1,380,000 | | 1,472,570 |
PepsiCo, Inc., 4.45%, 02/15/2033(b)
| | 1,437,000 | | 1,485,603 |
| | | | | 6,330,618 |
| | Principal
Amount | | Value |
| Biotechnology-2.74% |
| Amgen, Inc. | | | | |
4.20%, 03/01/2033
| $ | 1,130,000 | | $1,082,307 |
5.25%, 03/02/2033
| | 6,512,000 | | 6,695,132 |
Gilead Sciences, Inc., 5.25%, 10/15/2033
| | 1,530,000 | | 1,594,491 |
| | | | | 9,371,930 |
| Building Products-0.28% |
Fortune Brands Innovations, Inc., 5.88%, 06/01/2033(b)
| | 917,000 | | 970,422 |
| Capital Markets-2.07% |
Ameriprise Financial, Inc., 5.15%, 05/15/2033
| | 1,150,000 | | 1,184,510 |
BlackRock, Inc., 4.75%, 05/25/2033
| | 1,910,000 | | 1,935,373 |
Goldman Sachs Group, Inc. (The), 6.13%, 02/15/2033(b)
| | 1,580,000 | | 1,750,498 |
| Nomura Holdings, Inc. (Japan) | | | | |
6.18%, 01/18/2033
| | 1,150,000 | | 1,232,825 |
6.09%, 07/12/2033
| | 895,000 | | 956,072 |
| | | | | 7,059,278 |
| Chemicals-2.25% |
Air Products and Chemicals, Inc., 4.80%, 03/03/2033
| | 920,000 | | 939,756 |
Celanese US Holdings LLC, 6.70%, 11/15/2033
| | 1,530,000 | | 1,655,125 |
Dow Chemical Co. (The), 6.30%, 03/15/2033
| | 918,000 | | 999,716 |
Eastman Chemical Co., 5.75%, 03/08/2033
| | 770,000 | | 803,715 |
EIDP, Inc., 4.80%, 05/15/2033
| | 905,000 | | 908,181 |
FMC Corp., 5.65%, 05/18/2033(b)
| | 770,000 | | 788,221 |
LYB International Finance III LLC, 5.63%, 05/15/2033(b)
| | 770,000 | | 808,912 |
Mosaic Co. (The), 5.45%, 11/15/2033(b)
| | 770,000 | | 786,462 |
| | | | | 7,690,088 |
| Commercial Services & Supplies-1.11% |
| Republic Services, Inc. | | | | |
2.38%, 03/15/2033
| | 1,066,000 | | 893,657 |
5.00%, 12/15/2033
| | 1,000,000 | | 1,018,368 |
Waste Connections, Inc., 4.20%, 01/15/2033
| | 1,140,000 | | 1,098,884 |
Waste Management, Inc., 4.63%, 02/15/2033
| | 770,000 | | 771,764 |
| | | | | 3,782,673 |
| Consumer Finance-0.71% |
Ally Financial, Inc., 6.70%, 02/14/2033
| | 770,000 | | 793,317 |
General Motors Financial Co., Inc., 6.40%, 01/09/2033(b)
| | 1,520,000 | | 1,629,778 |
| | | | | 2,423,095 |
| Consumer Staples Distribution & Retail-1.34% |
Dollar General Corp., 5.45%, 07/05/2033
| | 1,536,000 | | 1,537,901 |
Target Corp., 4.40%, 01/15/2033
| | 770,000 | | 771,488 |
Walmart, Inc., 4.10%, 04/15/2033(b)
| | 2,279,000 | | 2,257,017 |
| | | | | 4,566,406 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2033 Corporate Bond ETF (BSCX)—(continued)
August 31, 2024
| | Principal
Amount | | Value |
| Containers & Packaging-0.46% |
Amcor Finance (USA), Inc., 5.63%, 05/26/2033
| $ | 763,000 | | $ 796,039 |
WRKCo, Inc., 3.00%, 06/15/2033
| | 870,000 | | 759,611 |
| | | | | 1,555,650 |
| Distributors-0.28% |
LKQ Corp., 6.25%, 06/15/2033
| | 914,000 | | 960,561 |
| Diversified Telecommunication Services-3.17% |
AT&T, Inc., 2.55%, 12/01/2033
| | 5,736,000 | | 4,752,807 |
Bell Canada (Canada), 5.10%, 05/11/2033
| | 1,299,000 | | 1,311,232 |
| Verizon Communications, Inc. | | | | |
5.05%, 05/09/2033
| | 1,530,000 | | 1,558,008 |
4.50%, 08/10/2033
| | 3,275,000 | | 3,186,210 |
| | | | | 10,808,257 |
| Electric Utilities-8.83% |
American Electric Power Co., Inc., 5.63%, 03/01/2033
| | 1,300,000 | | 1,358,981 |
CenterPoint Energy Houston Electric LLC, 4.95%, 04/01/2033
| | 920,000 | | 925,085 |
Consolidated Edison Co. of New York, Inc., 5.20%, 03/01/2033
| | 770,000 | | 796,210 |
Constellation Energy Generation LLC, 5.80%, 03/01/2033
| | 915,000 | | 961,415 |
Duke Energy Carolinas LLC, 4.95%, 01/15/2033
| | 1,914,000 | | 1,945,085 |
Duke Energy Corp., 5.75%, 09/15/2033
| | 915,000 | | 967,419 |
Duke Energy Florida LLC, 5.88%, 11/15/2033
| | 920,000 | | 990,902 |
Duke Energy Progress LLC, 5.25%, 03/15/2033
| | 770,000 | | 797,567 |
Entergy Louisiana LLC, 4.00%, 03/15/2033
| | 1,136,000 | | 1,064,233 |
Eversource Energy, 5.13%, 05/15/2033
| | 1,225,000 | | 1,226,674 |
Exelon Corp., 5.30%, 03/15/2033
| | 1,293,000 | | 1,331,597 |
| Florida Power & Light Co. | | | | |
5.10%, 04/01/2033
| | 1,150,000 | | 1,185,232 |
4.80%, 05/15/2033
| | 1,140,000 | | 1,150,539 |
Georgia Power Co., 4.95%, 05/17/2033(b)
| | 1,535,000 | | 1,552,573 |
National Rural Utilities Cooperative Finance Corp., 5.80%, 01/15/2033
| | 1,000,000 | | 1,068,710 |
NextEra Energy Capital Holdings, Inc., 5.05%, 02/28/2033
| | 1,529,000 | | 1,542,621 |
Oncor Electric Delivery Co. LLC, 5.65%, 11/15/2033
| | 1,230,000 | | 1,307,713 |
| Pacific Gas and Electric Co. | | | | |
6.15%, 01/15/2033
| | 1,135,000 | | 1,195,704 |
6.40%, 06/15/2033
| | 1,750,000 | | 1,871,200 |
PECO Energy Co., 4.90%, 06/15/2033
| | 876,000 | | 889,493 |
PPL Electric Utilities Corp., 5.00%, 05/15/2033
| | 885,000 | | 898,643 |
| Public Service Electric and Gas Co. | | | | |
4.65%, 03/15/2033
| | 765,000 | | 764,900 |
5.20%, 08/01/2033
| | 770,000 | | 796,968 |
Southern Co. (The), 5.20%, 06/15/2033(b)
| | 1,150,000 | | 1,176,519 |
Virginia Electric and Power Co., 5.00%, 04/01/2033
| | 1,140,000 | | 1,149,177 |
Xcel Energy, Inc., 5.45%, 08/15/2033
| | 1,215,000 | | 1,242,440 |
| | | | | 30,157,600 |
| | Principal
Amount | | Value |
| Electrical Equipment-0.59% |
Regal Rexnord Corp., 6.40%, 04/15/2033
| $ | 1,900,000 | | $ 2,017,676 |
| Electronic Equipment, Instruments & Components-0.95% |
Eaton Corp., 4.15%, 03/15/2033
| | 1,990,000 | | 1,935,476 |
Trimble, Inc., 6.10%, 03/15/2033
| | 1,230,000 | | 1,315,305 |
| | | | | 3,250,781 |
| Energy Equipment & Services-0.23% |
Schlumberger Investment S.A., 4.85%, 05/15/2033
| | 760,000 | | 771,997 |
| Financial Services-2.70% |
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland), 3.40%, 10/29/2033
| | 2,300,000 | | 2,006,014 |
Apollo Global Management, Inc., 6.38%, 11/15/2033(b)
| | 769,000 | | 846,958 |
Brookfield Capital Finance LLC (Canada), 6.09%, 06/14/2033
| | 845,000 | | 903,072 |
Equitable Holdings, Inc., 5.59%, 01/11/2033
| | 760,000 | | 786,417 |
| Fiserv, Inc. | | | | |
5.60%, 03/02/2033
| | 1,370,000 | | 1,434,531 |
5.63%, 08/21/2033
| | 1,990,000 | | 2,083,324 |
Mastercard, Inc., 4.85%, 03/09/2033
| | 1,140,000 | | 1,174,342 |
| | | | | 9,234,658 |
| Food Products-2.68% |
Archer-Daniels-Midland Co., 4.50%, 08/15/2033
| | 760,000 | | 750,528 |
General Mills, Inc., 4.95%, 03/29/2033
| | 1,533,000 | | 1,546,811 |
J.M. Smucker Co. (The), 6.20%, 11/15/2033
| | 1,530,000 | | 1,667,738 |
JBS USA Holding Lux S.a.r.l./JBS USA Food Co./JBS Lux Co. S.a.r.l., 5.75%, 04/01/2033
| | 2,785,000 | | 2,852,631 |
McCormick & Co., Inc., 4.95%, 04/15/2033
| | 768,000 | | 781,023 |
Pilgrim’s Pride Corp., 6.25%, 07/01/2033
| | 1,480,000 | | 1,566,620 |
| | | | | 9,165,351 |
| Gas Utilities-1.10% |
Atmos Energy Corp., 5.90%, 11/15/2033
| | 1,100,000 | | 1,192,399 |
CenterPoint Energy Resources Corp., 5.40%, 03/01/2033
| | 915,000 | | 945,770 |
Southern California Gas Co., 5.20%, 06/01/2033
| | 770,000 | | 791,906 |
Southern Co. Gas Capital Corp., 5.75%, 09/15/2033(b)
| | 770,000 | | 814,380 |
| | | | | 3,744,455 |
| Ground Transportation-1.19% |
CSX Corp., 5.20%, 11/15/2033(b)
| | 910,000 | | 946,916 |
Norfolk Southern Corp., 4.45%, 03/01/2033
| | 750,000 | | 739,613 |
Ryder System, Inc., 6.60%, 12/01/2033(b)
| | 910,000 | | 1,006,081 |
Union Pacific Corp., 4.50%, 01/20/2033(b)
| | 1,380,000 | | 1,379,089 |
| | | | | 4,071,699 |
| Health Care Equipment & Supplies-0.45% |
Medtronic Global Holdings S.C.A., 4.50%, 03/30/2033
| | 1,530,000 | | 1,520,576 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2033 Corporate Bond ETF (BSCX)—(continued)
August 31, 2024
| | Principal
Amount | | Value |
| Health Care Providers & Services-5.84% |
Cigna Group (The), 5.40%, 03/15/2033
| $ | 1,227,000 | | $ 1,271,057 |
| CVS Health Corp. | | | | |
5.25%, 02/21/2033
| | 2,685,000 | | 2,702,215 |
5.30%, 06/01/2033
| | 1,915,000 | | 1,924,085 |
Elevance Health, Inc., 4.75%, 02/15/2033
| | 1,530,000 | | 1,525,949 |
HCA, Inc., 5.50%, 06/01/2033(b)
| | 1,913,000 | | 1,958,203 |
Humana, Inc., 5.88%, 03/01/2033
| | 1,151,000 | | 1,210,507 |
McKesson Corp., 5.10%, 07/15/2033
| | 915,000 | | 940,110 |
Providence St. Joseph Health Obligated Group, 5.40%, 10/01/2033
| | 895,000 | | 921,553 |
Quest Diagnostics, Inc., 6.40%, 11/30/2033
| | 1,140,000 | | 1,255,207 |
| UnitedHealth Group, Inc. | | | | |
5.35%, 02/15/2033
| | 3,059,000 | | 3,202,851 |
4.50%, 04/15/2033(b)
| | 2,275,000 | | 2,248,939 |
UPMC, 5.04%, 05/15/2033
| | 764,000 | | 774,655 |
| | | | | 19,935,331 |
| Health Care REITs-0.62% |
Alexandria Real Estate Equities, Inc., 1.88%, 02/01/2033
| | 1,520,000 | | 1,193,303 |
Omega Healthcare Investors, Inc., 3.25%, 04/15/2033(b)
| | 1,075,000 | | 910,277 |
| | | | | 2,103,580 |
| Hotels, Restaurants & Leisure-1.00% |
Darden Restaurants, Inc., 6.30%, 10/10/2033(b)
| | 760,000 | | 815,116 |
Marriott International, Inc., Series II, 2.75%, 10/15/2033
| | 1,058,000 | | 887,900 |
McDonald’s Corp., 4.95%, 08/14/2033
| | 915,000 | | 936,772 |
Starbucks Corp., 4.80%, 02/15/2033(b)
| | 766,000 | | 778,960 |
| | | | | 3,418,748 |
| Household Products-0.61% |
Colgate-Palmolive Co., 4.60%, 03/01/2033
| | 770,000 | | 785,282 |
Procter & Gamble Co. (The), 4.05%, 01/26/2033(b)
| | 1,305,000 | | 1,295,917 |
| | | | | 2,081,199 |
| Industrial Conglomerates-0.51% |
Honeywell International, Inc., 5.00%, 02/15/2033
| | 1,685,000 | | 1,734,973 |
| Industrial REITs-0.63% |
| Prologis L.P. | | | | |
4.63%, 01/15/2033
| | 994,000 | | 986,395 |
4.75%, 06/15/2033
| | 1,150,000 | | 1,150,542 |
| | | | | 2,136,937 |
| Insurance-2.61% |
Allstate Corp. (The), 5.25%, 03/30/2033(b)
| | 1,150,000 | | 1,190,584 |
American International Group, Inc., 5.13%, 03/27/2033(b)
| | 1,150,000 | | 1,173,485 |
Aon Corp./Aon Global Holdings PLC, 5.35%, 02/28/2033
| | 1,150,000 | | 1,186,589 |
Marsh & McLennan Cos., Inc., 5.40%, 09/15/2033(b)
| | 915,000 | | 966,491 |
MetLife, Inc., 5.38%, 07/15/2033(b)
| | 1,533,000 | | 1,606,357 |
Progressive Corp. (The), 4.95%, 06/15/2033
| | 770,000 | | 791,587 |
| | Principal
Amount | | Value |
| Insurance-(continued) |
Travelers Property Casualty Corp., 6.38%, 03/15/2033
| $ | 742,000 | | $ 836,378 |
Willis North America, Inc., 5.35%, 05/15/2033
| | 1,150,000 | | 1,171,790 |
| | | | | 8,923,261 |
| Interactive Media & Services-0.81% |
Meta Platforms, Inc., 4.95%, 05/15/2033(b)
| | 2,684,000 | | 2,770,463 |
| IT Services-0.34% |
International Business Machines Corp., 4.75%, 02/06/2033
| | 1,148,000 | | 1,160,881 |
| Life Sciences Tools & Services-0.46% |
Thermo Fisher Scientific, Inc., 5.09%, 08/10/2033(b)
| | 1,530,000 | | 1,579,128 |
| Machinery-1.73% |
Ingersoll Rand, Inc., 5.70%, 08/14/2033
| | 1,520,000 | | 1,604,153 |
John Deere Capital Corp., Series I, 5.15%, 09/08/2033
| | 1,530,000 | | 1,595,451 |
Nordson Corp., 5.80%, 09/15/2033
| | 770,000 | | 821,292 |
nVent Finance S.a.r.l. (United Kingdom), 5.65%, 05/15/2033
| | 765,000 | | 785,726 |
Trane Technologies Financing Ltd., 5.25%, 03/03/2033
| | 1,072,000 | | 1,112,095 |
| | | | | 5,918,717 |
| Media-3.55% |
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 4.40%, 04/01/2033(b)
| | 1,530,000 | | 1,391,457 |
| Comcast Corp. | | | | |
4.25%, 01/15/2033
| | 2,605,000 | | 2,519,322 |
4.65%, 02/15/2033(b)
| | 1,535,000 | | 1,535,157 |
7.05%, 03/15/2033
| | 1,150,000 | | 1,331,282 |
4.80%, 05/15/2033(b)
| | 1,533,000 | | 1,543,582 |
Fox Corp., 6.50%, 10/13/2033
| | 1,895,000 | | 2,053,948 |
Time Warner Cable Enterprises LLC, 8.38%, 07/15/2033
| | 1,530,000 | | 1,745,059 |
| | | | | 12,119,807 |
| Metals & Mining-0.37% |
Rio Tinto Alcan, Inc. (Canada), 6.13%, 12/15/2033
| | 1,153,000 | | 1,269,808 |
| Multi-Utilities-1.98% |
Ameren Illinois Co., 4.95%, 06/01/2033
| | 770,000 | | 780,508 |
Arizona Public Service Co., 5.55%, 08/01/2033
| | 750,000 | | 771,626 |
Consumers Energy Co., 4.63%, 05/15/2033
| | 1,075,000 | | 1,068,776 |
Dominion Energy, Inc., Series F, 5.25%, 08/01/2033
| | 780,000 | | 791,156 |
DTE Electric Co., 5.20%, 04/01/2033
| | 923,000 | | 953,131 |
National Grid PLC (United Kingdom), 5.81%, 06/12/2033
| | 1,222,000 | | 1,280,889 |
Sempra, 5.50%, 08/01/2033
| | 1,076,000 | | 1,111,497 |
| | | | | 6,757,583 |
| Office REITs-0.29% |
Boston Properties L.P., 2.45%, 10/01/2033
| | 1,290,000 | | 1,005,017 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2033 Corporate Bond ETF (BSCX)—(continued)
August 31, 2024
| | Principal
Amount | | Value |
| Oil, Gas & Consumable Fuels-11.78% |
| BP Capital Markets America, Inc. | | | | |
4.81%, 02/13/2033
| $ | 3,445,000 | | $3,447,762 |
4.89%, 09/11/2033
| | 2,300,000 | | 2,314,111 |
Cheniere Energy Partners L.P., 5.95%, 06/30/2033
| | 2,140,000 | | 2,254,096 |
ConocoPhillips Co., 5.05%, 09/15/2033
| | 1,535,000 | | 1,575,107 |
Diamondback Energy, Inc., 6.25%, 03/15/2033
| | 1,667,000 | | 1,791,714 |
| Enbridge, Inc. (Canada) | | | | |
5.70%, 03/08/2033
| | 3,527,000 | | 3,679,338 |
2.50%, 08/01/2033
| | 1,530,000 | | 1,266,749 |
| Energy Transfer L.P. | | | | |
5.75%, 02/15/2033
| | 2,300,000 | | 2,393,226 |
6.55%, 12/01/2033
| | 2,295,000 | | 2,511,339 |
| Enterprise Products Operating LLC | | | | |
5.35%, 01/31/2033(b)
| | 1,534,000 | | 1,596,095 |
Series D, 6.88%, 03/01/2033
| | 760,000 | | 865,840 |
Hess Corp., 7.13%, 03/15/2033
| | 813,000 | | 926,998 |
Kinder Morgan Energy Partners L.P., 7.30%, 08/15/2033
| | 760,000 | | 875,813 |
| Kinder Morgan, Inc. | | | | |
4.80%, 02/01/2033
| | 1,150,000 | | 1,124,477 |
5.20%, 06/01/2033
| | 2,274,000 | | 2,280,490 |
MPLX L.P., 5.00%, 03/01/2033
| | 1,670,000 | | 1,653,547 |
ONEOK, Inc., 6.05%, 09/01/2033
| | 2,275,000 | | 2,402,751 |
Ovintiv, Inc., 6.25%, 07/15/2033
| | 915,000 | | 966,715 |
Phillips 66 Co., 5.30%, 06/30/2033
| | 1,376,000 | | 1,408,894 |
| Targa Resources Corp. | | | | |
4.20%, 02/01/2033
| | 1,106,000 | | 1,029,344 |
6.13%, 03/15/2033
| | 1,360,000 | | 1,445,446 |
Western Midstream Operating L.P., 6.15%, 04/01/2033
| | 1,145,000 | | 1,204,009 |
Williams Cos., Inc. (The), 5.65%, 03/15/2033
| | 1,150,000 | | 1,194,990 |
| | | | | 40,208,851 |
| Personal Care Products-1.25% |
Estee Lauder Cos., Inc. (The), 4.65%, 05/15/2033
| | 1,075,000 | | 1,073,333 |
Kenvue, Inc., 4.90%, 03/22/2033
| | 1,893,000 | | 1,937,775 |
Unilever Capital Corp. (United Kingdom), 5.00%, 12/08/2033
| | 1,230,000 | | 1,274,184 |
| | | | | 4,285,292 |
| Pharmaceuticals-2.81% |
AstraZeneca Finance LLC (United Kingdom), 4.88%, 03/03/2033
| | 770,000 | | 791,496 |
Bristol-Myers Squibb Co., 5.90%, 11/15/2033
| | 1,530,000 | | 1,667,373 |
Eli Lilly and Co., 4.70%, 02/27/2033
| | 1,533,000 | | 1,556,906 |
| Johnson & Johnson | | | | |
4.95%, 05/15/2033(b)
| | 765,000 | | 814,011 |
4.38%, 12/05/2033
| | 1,306,000 | | 1,330,107 |
| Merck & Co., Inc. | | | | |
4.50%, 05/17/2033
| | 2,295,000 | | 2,298,645 |
6.50%, 12/01/2033
| | 1,000,000 | | 1,143,828 |
| | | | | 9,602,366 |
| Professional Services-0.73% |
Concentrix Corp., 6.85%, 08/02/2033(b)
| | 835,000 | | 872,783 |
| | Principal
Amount | | Value |
| Professional Services-(continued) |
Jacobs Engineering Group, Inc., 5.90%, 03/01/2033
| $ | 769,000 | | $ 793,365 |
Verisk Analytics, Inc., 5.75%, 04/01/2033
| | 765,000 | | 812,829 |
| | | | | 2,478,977 |
| Retail REITs-1.09% |
Kimco Realty OP LLC, 4.60%, 02/01/2033
| | 1,000,000 | | 977,985 |
NNN REIT, Inc., 5.60%, 10/15/2033
| | 770,000 | | 792,210 |
Realty Income Corp., 4.90%, 07/15/2033(b)
| | 915,000 | | 910,136 |
Simon Property Group L.P., 5.50%, 03/08/2033
| | 999,000 | | 1,044,297 |
| | | | | 3,724,628 |
| Semiconductors & Semiconductor Equipment-2.80% |
Intel Corp., 5.20%, 02/10/2033(b)
| | 3,445,000 | | 3,432,902 |
Marvell Technology, Inc., 5.95%, 09/15/2033
| | 761,000 | | 808,803 |
| Micron Technology, Inc. | | | | |
5.88%, 02/09/2033
| | 1,139,000 | | 1,199,182 |
5.88%, 09/15/2033
| | 1,380,000 | | 1,454,368 |
QUALCOMM, Inc., 5.40%, 05/20/2033(b)
| | 1,075,000 | | 1,150,809 |
Texas Instruments, Inc., 4.90%, 03/14/2033(b)
| | 1,455,000 | | 1,509,055 |
| | | | | 9,555,119 |
| Software-1.25% |
Intuit, Inc., 5.20%, 09/15/2033
| | 1,895,000 | | 1,975,438 |
Oracle Corp., 4.90%, 02/06/2033
| | 2,295,000 | | 2,297,615 |
| | | | | 4,273,053 |
| Specialized REITs-1.79% |
| American Tower Corp. | | | | |
5.65%, 03/15/2033
| | 1,230,000 | | 1,282,654 |
5.55%, 07/15/2033
| | 1,306,000 | | 1,354,530 |
5.90%, 11/15/2033
| | 1,148,000 | | 1,218,977 |
Crown Castle, Inc., 5.10%, 05/01/2033
| | 1,150,000 | | 1,149,964 |
Public Storage Operating Co., 5.10%, 08/01/2033(b)
| | 1,076,000 | | 1,103,059 |
| | | | | 6,109,184 |
| Specialty Retail-3.00% |
| AutoZone, Inc. | | | | |
4.75%, 02/01/2033(b)
| | 832,000 | | 821,856 |
6.55%, 11/01/2033
| | 760,000 | | 840,444 |
Booz Allen Hamilton, Inc., 5.95%, 08/04/2033(b)
| | 1,000,000 | | 1,059,840 |
Dell International LLC/EMC Corp., 5.75%, 02/01/2033
| | 1,532,000 | | 1,624,426 |
Leidos, Inc., 5.75%, 03/15/2033
| | 1,150,000 | | 1,196,242 |
| Lowe’s Cos., Inc. | | | | |
5.00%, 04/15/2033
| | 1,915,000 | | 1,947,980 |
5.15%, 07/01/2033(b)
| | 1,531,000 | | 1,576,700 |
Tractor Supply Co., 5.25%, 05/15/2033
| | 1,150,000 | | 1,177,479 |
| | | | | 10,244,967 |
| Technology Hardware, Storage & Peripherals-0.96% |
Apple, Inc., 4.30%, 05/10/2033(b)
| | 1,530,000 | | 1,561,253 |
HP, Inc., 5.50%, 01/15/2033(b)
| | 1,675,000 | | 1,733,162 |
| | | | | 3,294,415 |
| Textiles, Apparel & Luxury Goods-0.60% |
Tapestry, Inc., 7.85%, 11/27/2033
| | 1,900,000 | | 2,034,397 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2033 Corporate Bond ETF (BSCX)—(continued)
August 31, 2024
| | Principal
Amount | | Value |
| Tobacco-2.36% |
Altria Group, Inc., 6.88%, 11/01/2033
| $ | 770,000 | | $ 862,563 |
B.A.T Capital Corp. (United Kingdom), 6.42%, 08/02/2033
| | 1,915,000 | | 2,077,568 |
| Philip Morris International, Inc. | | | | |
5.38%, 02/15/2033
| | 3,418,000 | | 3,526,471 |
5.63%, 09/07/2033
| | 1,528,000 | | 1,605,264 |
| | | | | 8,071,866 |
| Wireless Telecommunication Services-1.76% |
| T-Mobile USA, Inc. | | | | |
5.20%, 01/15/2033
| | 1,910,000 | | 1,956,749 |
5.05%, 07/15/2033
| | 3,988,000 | | 4,038,503 |
| | | | | 5,995,252 |
Total U.S. Dollar Denominated Bonds & Notes
(Cost $328,759,585)
| | 336,138,619 |
| | Shares | | |
| Money Market Funds-0.23% |
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(c)(d)
(Cost $774,511)
| | 774,511 | | 774,511 |
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-98.67%
(Cost $329,534,096)
| | 336,913,130 |
| | Shares | | Value |
Investments Purchased with Cash Collateral
from Securities on Loan |
| Money Market Funds-7.98% |
Invesco Private Government Fund, 5.28%(c)(d)(e)
| | 7,549,325 | | $ 7,549,325 |
Invesco Private Prime Fund, 5.46%(c)(d)(e)
| | 19,682,471 | | 19,690,344 |
Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $27,238,943)
| | 27,239,669 |
TOTAL INVESTMENTS IN SECURITIES-106.65%
(Cost $356,773,039)
| | 364,152,799 |
OTHER ASSETS LESS LIABILITIES-(6.65)%
| | (22,691,610) |
NET ASSETS-100.00%
| | $341,461,189 |
| Investment Abbreviations: |
| REIT | -Real Estate Investment Trust |
| Notes to Schedule of Investments: |
| (a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
| (b) | All or a portion of this security was out on loan at August 31, 2024. |
| (c) | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the period ended August 31, 2024. |
| | Value
August 31, 2023 | | Purchases
at Cost | | Proceeds
from Sales | | Change in
Unrealized
Appreciation | | Realized
Gain
(Loss) | | Value
August 31, 2024 | | Dividend
Income |
| Investments in Affiliated Money Market Funds: | | | | | | | | | | | | | |
| Invesco Government & Agency Portfolio, Institutional Class | $- | | $11,135,649 | | $(10,361,138) | | $- | | $- | | $774,511 | | $22,703 |
| Investments Purchased with Cash Collateral from Securities on Loan: | | | | | | | | | | | | | |
| Invesco Private Government Fund | - | | 17,644,669 | | (10,095,344) | | - | | - | | 7,549,325 | | 52,461* |
| Invesco Private Prime Fund | - | | 41,951,253 | | (22,261,566) | | 726 | | (69) | | 19,690,344 | | 140,355* |
| Total | $- | | $70,731,571 | | $(42,718,048) | | $726 | | $(69) | | $28,014,180 | | $215,519 |
| * | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
| (d) | The rate shown is the 7-day SEC standardized yield as of August 31, 2024. |
| (e) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2034 Corporate Bond ETF (BSCY)
August 31, 2024
Schedule of Investments(a)
| | Principal
Amount | | Value |
| U.S. Dollar Denominated Bonds & Notes-97.69% |
| Aerospace & Defense-2.87% |
Boeing Co. (The), 3.60%, 05/01/2034
| $ | 60,000 | | $ 51,130 |
L3Harris Technologies, Inc., 5.35%, 06/01/2034
| | 60,000 | | 61,561 |
| Lockheed Martin Corp. | | | | |
4.75%, 02/15/2034
| | 70,000 | | 70,947 |
4.80%, 08/15/2034
| | 50,000 | | 50,776 |
Northrop Grumman Corp., 4.90%, 06/01/2034
| | 70,000 | | 70,689 |
RTX Corp., 6.10%, 03/15/2034
| | 130,000 | | 141,599 |
| | | | | 446,702 |
| Air Freight & Logistics-1.06% |
FedEx Corp., 4.90%, 01/15/2034
| | 40,000 | | 40,440 |
GXO Logistics, Inc., 6.50%, 05/06/2034
| | 40,000 | | 41,588 |
United Parcel Service, Inc., 5.15%, 05/22/2034(b)
| | 80,000 | | 82,990 |
| | | | | 165,018 |
| Automobiles-1.75% |
American Honda Finance Corp., 4.90%, 01/10/2034
| | 60,000 | | 60,568 |
Ford Motor Credit Co. LLC, 6.13%, 03/08/2034
| | 140,000 | | 141,774 |
Toyota Motor Credit Corp., 4.80%, 01/05/2034
| | 70,000 | | 70,447 |
| | | | | 272,789 |
| Banks-3.69% |
Banco Santander S.A. (Spain), 6.35%, 03/14/2034
| | 100,000 | | 104,885 |
Bank of Nova Scotia (The) (Canada), 5.65%, 02/01/2034
| | 70,000 | | 73,811 |
Citibank N.A., 5.57%, 04/30/2034
| | 170,000 | | 178,629 |
Royal Bank of Canada (Canada), 5.15%, 02/01/2034
| | 100,000 | | 102,553 |
Sumitomo Mitsui Financial Group, Inc. (Japan), 5.56%, 07/09/2034
| | 110,000 | | 114,641 |
| | | | | 574,519 |
| Beverages-1.66% |
Anheuser-Busch InBev Worldwide, Inc. (Belgium), 5.00%, 06/15/2034
| | 80,000 | | 82,082 |
Coca-Cola Co. (The), 5.00%, 05/13/2034
| | 80,000 | | 83,203 |
Coca-Cola Consolidated, Inc., 5.45%, 06/01/2034
| | 40,000 | | 41,636 |
Keurig Dr Pepper, Inc., 5.30%, 03/15/2034
| | 50,000 | | 51,566 |
| | | | | 258,487 |
| Biotechnology-1.65% |
AbbVie, Inc., 5.05%, 03/15/2034
| | 250,000 | | 257,711 |
| Broadline Retail-0.66% |
Amazon.com, Inc., 4.80%, 12/05/2034
| | 100,000 | | 102,993 |
| Building Products-0.75% |
Carrier Global Corp., 5.90%, 03/15/2034
| | 40,000 | | 43,176 |
Owens Corning, 5.70%, 06/15/2034
| | 70,000 | | 73,097 |
| | | | | 116,273 |
| Capital Markets-2.50% |
Brookfield Finance, Inc. (Canada), 6.35%, 01/05/2034
| | 60,000 | | 65,328 |
Jefferies Financial Group, Inc., 6.20%, 04/14/2034
| | 130,000 | | 136,889 |
| | Principal
Amount | | Value |
| Capital Markets-(continued) |
Nasdaq, Inc., 5.55%, 02/15/2034
| $ | 100,000 | | $ 104,200 |
Nomura Holdings, Inc. (Japan), 5.78%, 07/03/2034
| | 80,000 | | 83,114 |
| | | | | 389,531 |
| Chemicals-2.60% |
Air Products and Chemicals, Inc., 4.85%, 02/08/2034
| | 100,000 | | 101,565 |
CF Industries, Inc., 5.15%, 03/15/2034
| | 50,000 | | 49,884 |
| Dow Chemical Co. (The) | | | | |
5.15%, 02/15/2034
| | 50,000 | | 50,559 |
4.25%, 10/01/2034
| | 30,000 | | 28,397 |
Eastman Chemical Co., 5.63%, 02/20/2034
| | 60,000 | | 61,812 |
LYB International Finance III LLC, 5.50%, 03/01/2034
| | 60,000 | | 61,546 |
Nutrien Ltd. (Canada), 5.40%, 06/21/2034
| | 50,000 | | 50,970 |
| | | | | 404,733 |
| Commercial Services & Supplies-1.76% |
| Republic Services, Inc. | | | | |
5.00%, 04/01/2034
| | 70,000 | | 71,248 |
5.20%, 11/15/2034
| | 40,000 | | 41,226 |
Waste Connections, Inc., 5.00%, 03/01/2034
| | 60,000 | | 60,939 |
Waste Management, Inc., 4.88%, 02/15/2034(b)
| | 100,000 | | 101,576 |
| | | | | 274,989 |
| Communications Equipment-1.93% |
Cisco Systems, Inc., 5.05%, 02/26/2034
| | 210,000 | | 217,645 |
Motorola Solutions, Inc., 5.40%, 04/15/2034
| | 80,000 | | 82,567 |
| | | | | 300,212 |
| Construction Materials-0.40% |
CRH America Finance, Inc., 5.40%, 05/21/2034
| | 60,000 | | 61,829 |
| Consumer Finance-1.54% |
| General Motors Financial Co., Inc. | | | | |
6.10%, 01/07/2034
| | 130,000 | | 136,030 |
5.95%, 04/04/2034
| | 100,000 | | 103,561 |
| | | | | 239,591 |
| Consumer Staples Distribution & Retail-0.28% |
Sysco Corp., 6.00%, 01/17/2034
| | 40,000 | | 43,353 |
| Diversified REITs-0.33% |
VICI Properties L.P., 5.75%, 04/01/2034(b)
| | 50,000 | | 51,540 |
| Diversified Telecommunication Services-2.90% |
AT&T, Inc., 5.40%, 02/15/2034(b)
| | 230,000 | | 237,595 |
Bell Canada (Canada), 5.20%, 02/15/2034
| | 60,000 | | 61,015 |
Verizon Communications, Inc., 4.40%, 11/01/2034
| | 160,000 | | 153,641 |
| | | | | 452,251 |
| Electric Utilities-8.85% |
Consolidated Edison Co. of New York, Inc., 5.50%, 03/15/2034
| | 50,000 | | 52,644 |
Constellation Energy Generation LLC, 6.13%, 01/15/2034
| | 40,000 | | 43,018 |
Duke Energy Carolinas LLC, 4.85%, 01/15/2034
| | 50,000 | | 50,244 |
Duke Energy Corp., 5.45%, 06/15/2034
| | 60,000 | | 61,841 |
Duke Energy Progress LLC, 5.10%, 03/15/2034
| | 40,000 | | 41,231 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2034 Corporate Bond ETF (BSCY)—(continued)
August 31, 2024
| | Principal
Amount | | Value |
| Electric Utilities-(continued) |
Entergy Louisiana LLC, 5.35%, 03/15/2034
| $ | 40,000 | | $ 41,167 |
| Eversource Energy | | | | |
5.50%, 01/01/2034
| | 50,000 | | 51,070 |
5.95%, 07/15/2034
| | 60,000 | | 63,163 |
Exelon Corp., 5.45%, 03/15/2034
| | 50,000 | | 51,662 |
Florida Power & Light Co., 5.30%, 06/15/2034(b)
| | 60,000 | | 62,551 |
Georgia Power Co., 5.25%, 03/15/2034
| | 80,000 | | 82,558 |
NextEra Energy Capital Holdings, Inc., 5.25%, 03/15/2034
| | 90,000 | | 91,568 |
| Pacific Gas and Electric Co. | | | | |
6.95%, 03/15/2034
| | 70,000 | | 78,174 |
5.80%, 05/15/2034
| | 90,000 | | 92,691 |
PacifiCorp, 5.45%, 02/15/2034
| | 90,000 | | 92,004 |
PPL Electric Utilities Corp., 4.85%, 02/15/2034
| | 50,000 | | 50,563 |
| Southern California Edison Co. | | | | |
6.00%, 01/15/2034
| | 40,000 | | 43,189 |
5.20%, 06/01/2034
| | 80,000 | | 81,323 |
Southern Co. (The), 5.70%, 03/15/2034
| | 90,000 | | 95,004 |
Union Electric Co., 5.20%, 04/01/2034
| | 40,000 | | 41,036 |
Virginia Electric and Power Co., 5.00%, 01/15/2034
| | 40,000 | | 40,313 |
Xcel Energy, Inc., 5.50%, 03/15/2034
| | 70,000 | | 71,715 |
| | | | | 1,378,729 |
| Electronic Equipment, Instruments & Components-0.93% |
Amphenol Corp., 5.25%, 04/05/2034
| | 50,000 | | 51,466 |
Arrow Electronics, Inc., 5.88%, 04/10/2034
| | 40,000 | | 40,945 |
TD SYNNEX Corp., 6.10%, 04/12/2034
| | 50,000 | | 52,019 |
| | | | | 144,430 |
| Energy Equipment & Services-0.26% |
Schlumberger Investment S.A., 5.00%, 06/01/2034
| | 40,000 | | 40,790 |
| Entertainment-0.58% |
Walt Disney Co. (The), 6.20%, 12/15/2034
| | 80,000 | | 89,878 |
| Financial Services-3.24% |
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland), 5.30%, 01/19/2034
| | 60,000 | | 60,796 |
BlackRock Funding, Inc., 5.00%, 03/14/2034
| | 80,000 | | 82,557 |
Corebridge Financial, Inc., 5.75%, 01/15/2034
| | 60,000 | | 62,607 |
Fiserv, Inc., 5.45%, 03/15/2034
| | 60,000 | | 61,879 |
LPL Holdings, Inc., 6.00%, 05/20/2034
| | 40,000 | | 41,137 |
Mastercard, Inc., 4.88%, 05/09/2034
| | 80,000 | | 82,140 |
PayPal Holdings, Inc., 5.15%, 06/01/2034
| | 70,000 | | 71,925 |
TPG Operating Group II, L.P., 5.88%, 03/05/2034
| | 40,000 | | 42,082 |
| | | | | 505,123 |
| Food Products-1.60% |
Campbell Soup Co., 5.40%, 03/21/2034
| | 80,000 | | 82,669 |
Pilgrim’s Pride Corp., 6.88%, 05/15/2034
| | 40,000 | | 44,266 |
| Tyson Foods, Inc. | | | | |
5.70%, 03/15/2034
| | 80,000 | | 83,276 |
4.88%, 08/15/2034
| | 40,000 | | 39,650 |
| | | | | 249,861 |
| Ground Transportation-0.29% |
Canadian National Railway Co. (Canada), 6.25%, 08/01/2034
| | 40,000 | | 45,031 |
| | Principal
Amount | | Value |
| Health Care Equipment & Supplies-0.65% |
Becton, Dickinson and Co., 5.11%, 02/08/2034
| $ | 50,000 | | $ 50,822 |
Smith & Nephew PLC (United Kingdom), 5.40%, 03/20/2034
| | 50,000 | | 51,050 |
| | | | | 101,872 |
| Health Care Providers & Services-4.89% |
Cardinal Health, Inc., 5.45%, 02/15/2034
| | 40,000 | | 41,355 |
Cencora, Inc., 5.13%, 02/15/2034
| | 40,000 | | 40,709 |
Cigna Group (The), 5.25%, 02/15/2034
| | 100,000 | | 102,171 |
CommonSpirit Health, 5.32%, 12/01/2034
| | 60,000 | | 61,385 |
CVS Health Corp., 5.70%, 06/01/2034(b)
| | 100,000 | | 102,487 |
Elevance Health, Inc., 5.38%, 06/15/2034
| | 80,000 | | 82,932 |
HCA, Inc., 5.60%, 04/01/2034
| | 110,000 | | 113,092 |
Humana, Inc., 5.95%, 03/15/2034
| | 70,000 | | 74,057 |
Icon Investments Six DAC, 6.00%, 05/08/2034
| | 40,000 | | 42,145 |
UnitedHealth Group, Inc., 5.00%, 04/15/2034
| | 100,000 | | 101,646 |
| | | | | 761,979 |
| Health Care REITs-0.65% |
Alexandria Real Estate Equities, Inc., 2.95%, 03/15/2034
| | 70,000 | | 59,231 |
Ventas Realty, L.P., 5.63%, 07/01/2034
| | 40,000 | | 41,435 |
| | | | | 100,666 |
| Hotel & Resort REITs-0.32% |
Host Hotels & Resorts, L.P., 5.70%, 07/01/2034
| | 50,000 | | 50,707 |
| Hotels, Restaurants & Leisure-1.64% |
Choice Hotels International, Inc., 5.85%, 08/01/2034
| | 50,000 | | 51,133 |
Las Vegas Sands Corp., 6.20%, 08/15/2034
| | 40,000 | | 40,999 |
Marriott International, Inc., 5.30%, 05/15/2034
| | 80,000 | | 81,386 |
McDonald’s Corp., 5.20%, 05/17/2034
| | 40,000 | | 41,733 |
Starbucks Corp., 5.00%, 02/15/2034
| | 40,000 | | 40,614 |
| | | | | 255,865 |
| Household Products-0.39% |
Procter & Gamble Co. (The), 4.55%, 01/29/2034
| | 60,000 | | 61,197 |
| Independent Power and Renewable Electricity Producers-0.33% |
NSTAR Electric Co., 5.40%, 06/01/2034
| | 50,000 | | 52,220 |
| Industrial Conglomerates-0.51% |
Honeywell International, Inc., 4.50%, 01/15/2034
| | 80,000 | | 79,461 |
| Industrial REITs-0.85% |
| Prologis L.P. | | | | |
5.13%, 01/15/2034
| | 60,000 | | 61,397 |
5.00%, 03/15/2034
| | 70,000 | | 70,808 |
| | | | | 132,205 |
| Insurance-4.47% |
Aon North America, Inc., 5.45%, 03/01/2034
| | 150,000 | | 155,314 |
Arthur J. Gallagher & Co., 5.45%, 07/15/2034(b)
| | 40,000 | | 41,136 |
Brown & Brown, Inc., 5.65%, 06/11/2034
| | 50,000 | | 51,559 |
Chubb INA Holdings LLC, 5.00%, 03/15/2034
| | 80,000 | | 82,011 |
CNA Financial Corp., 5.13%, 02/15/2034
| | 40,000 | | 40,377 |
CNO Financial Group, Inc., 6.45%, 06/15/2034
| | 60,000 | | 62,641 |
Equinix Europe 2 Financing Corp. LLC, 5.50%, 06/15/2034
| | 60,000 | | 62,120 |
Marsh & McLennan Cos., Inc., 5.15%, 03/15/2034
| | 40,000 | | 41,461 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2034 Corporate Bond ETF (BSCY)—(continued)
August 31, 2024
| | Principal
Amount | | Value |
| Insurance-(continued) |
| MetLife, Inc. | | | | |
6.38%, 06/15/2034
| $ | 60,000 | | $67,078 |
5.30%, 12/15/2034
| | 40,000 | | 41,501 |
Reinsurance Group of America, Inc., 5.75%, 09/15/2034
| | 50,000 | | 51,953 |
| | | | | 697,151 |
| IT Services-0.27% |
Kyndryl Holdings, Inc., 6.35%, 02/20/2034
| | 40,000 | | 42,132 |
| Leisure Products-0.27% |
Hasbro, Inc., 6.05%, 05/14/2034
| | 40,000 | | 41,429 |
| Life Sciences Tools & Services-0.27% |
Thermo Fisher Scientific, Inc., 5.20%, 01/31/2034
| | 40,000 | | 41,699 |
| Machinery-2.91% |
AGCO Corp., 5.80%, 03/21/2034
| | 60,000 | | 61,751 |
Cummins, Inc., 5.15%, 02/20/2034
| | 60,000 | | 62,262 |
Ingersoll Rand, Inc., 5.45%, 06/15/2034(b)
| | 60,000 | | 62,425 |
| John Deere Capital Corp. | | | | |
5.10%, 04/11/2034
| | 80,000 | | 82,708 |
5.05%, 06/12/2034
| | 70,000 | | 72,050 |
Parker-Hannifin Corp., 4.20%, 11/21/2034
| | 30,000 | | 28,675 |
Trane Technologies Financing Ltd., 5.10%, 06/13/2034
| | 40,000 | | 41,102 |
Wabtec Corp., 5.61%, 03/11/2034
| | 40,000 | | 41,678 |
| | | | | 452,651 |
| Media-2.23% |
| Charter Communications Operating LLC/Charter Communications Operating Capital Corp. | | | | |
6.65%, 02/01/2034
| | 60,000 | | 62,546 |
6.55%, 06/01/2034
| | 100,000 | | 103,646 |
| Comcast Corp. | | | | |
5.30%, 06/01/2034(b)
| | 110,000 | | 114,075 |
4.20%, 08/15/2034
| | 70,000 | | 66,631 |
| | | | | 346,898 |
| Metals & Mining-0.98% |
ArcelorMittal S.A. (Luxembourg), 6.00%, 06/17/2034
| | 40,000 | | 41,458 |
Freeport-McMoRan, Inc., 5.40%, 11/14/2034
| | 60,000 | | 61,221 |
Steel Dynamics, Inc., 5.38%, 08/15/2034
| | 50,000 | | 50,729 |
| | | | | 153,408 |
| Multi-Utilities-1.72% |
DTE Electric Co., 5.20%, 03/01/2034
| | 40,000 | | 41,301 |
DTE Energy Co., 5.85%, 06/01/2034
| | 70,000 | | 73,755 |
National Grid PLC (United Kingdom), 5.42%, 01/11/2034
| | 60,000 | | 61,332 |
NiSource, Inc., 5.35%, 04/01/2034
| | 50,000 | | 51,065 |
Public Service Enterprise Group, Inc., 5.45%, 04/01/2034
| | 40,000 | | 41,147 |
| | | | | 268,600 |
| Office REITs-0.41% |
Boston Properties L.P., 6.50%, 01/15/2034
| | 60,000 | | 63,638 |
| Oil, Gas & Consumable Fuels-11.03% |
Boardwalk Pipelines, L.P., 5.63%, 08/01/2034
| | 40,000 | | 40,857 |
| | Principal
Amount | | Value |
| Oil, Gas & Consumable Fuels-(continued) |
| BP Capital Markets America, Inc. | | | | |
4.99%, 04/10/2034
| $ | 80,000 | | $80,879 |
5.23%, 11/17/2034
| | 80,000 | | 82,352 |
Coterra Energy, Inc., 5.60%, 03/15/2034
| | 40,000 | | 40,970 |
Diamondback Energy, Inc., 5.40%, 04/18/2034(b)
| | 110,000 | | 112,003 |
Enbridge, Inc. (Canada), 5.63%, 04/05/2034
| | 100,000 | | 103,237 |
| Energy Transfer L.P. | | | | |
5.55%, 05/15/2034
| | 100,000 | | 102,645 |
5.60%, 09/01/2034
| | 100,000 | | 102,996 |
Enterprise Products Operating LLC, 4.85%, 01/31/2034
| | 80,000 | | 80,372 |
EQT Corp., 5.75%, 02/01/2034
| | 60,000 | | 61,314 |
| Kinder Morgan, Inc. | | | | |
5.40%, 02/01/2034
| | 80,000 | | 81,241 |
5.30%, 12/01/2034(b)
| | 50,000 | | 50,322 |
Marathon Oil Corp., 5.70%, 04/01/2034
| | 50,000 | | 52,781 |
MPLX L.P., 5.50%, 06/01/2034
| | 140,000 | | 142,497 |
Ovintiv, Inc., 6.50%, 08/15/2034
| | 50,000 | | 54,210 |
Phillips 66, 4.65%, 11/15/2034
| | 70,000 | | 67,768 |
Plains All American Pipeline L.P./PAA Finance Corp., 5.70%, 09/15/2034
| | 50,000 | | 51,157 |
Suncor Energy, Inc. (Canada), 5.95%, 12/01/2034
| | 40,000 | | 42,406 |
Targa Resources Corp., 6.50%, 03/30/2034
| | 80,000 | | 87,351 |
TotalEnergies Capital (France), 5.15%, 04/05/2034
| | 100,000 | | 103,429 |
TransCanada PipeLines Ltd. (Canada), 4.63%, 03/01/2034
| | 100,000 | | 97,238 |
Williams Cos., Inc. (The), 5.15%, 03/15/2034
| | 80,000 | | 80,393 |
| | | | | 1,718,418 |
| Passenger Airlines-0.15% |
American Airlines Pass-Through Trust, Series 2021-1, Class A, 2.88%, 07/11/2034
| | 26,783 | | 23,244 |
| Personal Care Products-0.33% |
Estee Lauder Cos., Inc. (The), 5.00%, 02/14/2034(b)
| | 50,000 | | 50,940 |
| Pharmaceuticals-5.14% |
AstraZeneca Finance LLC (United Kingdom), 5.00%, 02/26/2034
| | 130,000 | | 133,922 |
Bristol-Myers Squibb Co., 5.20%, 02/22/2034
| | 210,000 | | 217,903 |
Eli Lilly and Co., 4.70%, 02/09/2034
| | 130,000 | | 131,715 |
GlaxoSmithKline Capital, Inc. (United Kingdom), 5.38%, 04/15/2034
| | 40,000 | | 42,615 |
Johnson & Johnson, 4.95%, 06/01/2034
| | 70,000 | | 73,247 |
Royalty Pharma PLC, 5.40%, 09/02/2034
| | 40,000 | | 40,463 |
Takeda Pharmaceutical Co. Ltd. (Japan), 5.30%, 07/05/2034
| | 90,000 | | 92,407 |
Wyeth LLC, 6.50%, 02/01/2034
| | 60,000 | | 67,995 |
| | | | | 800,267 |
| Professional Services-0.33% |
Verisk Analytics, Inc., 5.25%, 06/05/2034
| | 50,000 | | 50,948 |
| Real Estate Management & Development-0.54% |
CBRE Services, Inc., 5.95%, 08/15/2034
| | 80,000 | | 84,571 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2034 Corporate Bond ETF (BSCY)—(continued)
August 31, 2024
| | Principal
Amount | | Value |
| Residential REITs-0.59% |
| American Homes 4 Rent L.P. | | | | |
5.50%, 02/01/2034
| $ | 50,000 | | $50,947 |
5.50%, 07/15/2034
| | 40,000 | | 40,819 |
| | | | | 91,766 |
| Retail REITs-1.28% |
Kimco Realty OP LLC, 6.40%, 03/01/2034(b)
| | 40,000 | | 44,084 |
NNN REIT, Inc., 5.50%, 06/15/2034
| | 40,000 | | 40,925 |
Realty Income Corp., 5.13%, 02/15/2034
| | 70,000 | | 70,665 |
Simon Property Group, L.P., 6.25%, 01/15/2034(b)
| | 40,000 | | 43,758 |
| | | | | 199,432 |
| Semiconductors & Semiconductor Equipment-1.43% |
Analog Devices, Inc., 5.05%, 04/01/2034
| | 50,000 | | 51,600 |
Intel Corp., 5.15%, 02/21/2034
| | 80,000 | | 79,267 |
KLA Corp., 4.70%, 02/01/2034(b)
| | 40,000 | | 40,244 |
Texas Instruments, Inc., 4.85%, 02/08/2034
| | 50,000 | | 51,576 |
| | | | | 222,687 |
| Software-1.57% |
Adobe, Inc., 4.95%, 04/04/2034
| | 60,000 | | 62,023 |
Atlassian Corp., 5.50%, 05/15/2034
| | 40,000 | | 40,993 |
Oracle Corp., 4.30%, 07/08/2034
| | 150,000 | | 141,890 |
| | | | | 244,906 |
| Specialized REITs-1.06% |
American Tower Corp., 5.45%, 02/15/2034(b)
| | 50,000 | | 51,654 |
Crown Castle, Inc., 5.80%, 03/01/2034
| | 60,000 | | 62,843 |
Extra Space Storage L.P., 5.40%, 02/01/2034
| | 50,000 | | 50,923 |
| | | | | 165,420 |
| Specialty Retail-1.91% |
AutoZone, Inc., 5.40%, 07/15/2034
| | 60,000 | | 61,491 |
Dell International LLC/EMC Corp., 5.40%, 04/15/2034(b)
| | 80,000 | | 82,127 |
Home Depot, Inc. (The), 4.95%, 06/25/2034
| | 150,000 | | 153,771 |
| | | | | 297,389 |
| Technology Hardware, Storage & Peripherals-0.52% |
IBM International Capital Pte. Ltd., 4.90%, 02/05/2034
| | 80,000 | | 80,655 |
| Tobacco-1.46% |
B.A.T Capital Corp. (United Kingdom), 6.00%, 02/20/2034
| | 70,000 | | 73,853 |
Philip Morris International, Inc., 5.25%, 02/13/2034
| | 150,000 | | 153,431 |
| | | | | 227,284 |
| | Principal
Amount | | Value |
| Water Utilities-0.66% |
American Water Capital Corp., 5.15%, 03/01/2034
| $ | 60,000 | | $ 61,672 |
Essential Utilities, Inc., 5.38%, 01/15/2034
| | 40,000 | | 40,876 |
| | | | | 102,548 |
| Wireless Telecommunication Services-1.85% |
Rogers Communications, Inc. (Canada), 5.30%, 02/15/2034
| | 100,000 | | 100,926 |
| T-Mobile USA, Inc. | | | | |
5.75%, 01/15/2034
| | 80,000 | | 84,840 |
5.15%, 04/15/2034
| | 100,000 | | 101,843 |
| | | | | 287,609 |
Total U.S. Dollar Denominated Bonds & Notes
(Cost $15,018,494)
| | 15,218,225 |
| | Shares | | |
| Money Market Funds-0.95% |
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(c)(d)
(Cost $148,045)
| | 148,045 | | 148,045 |
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-98.64%
(Cost $15,166,539)
| | 15,366,270 |
Investments Purchased with Cash Collateral
from Securities on Loan |
| Money Market Funds-5.56% |
Invesco Private Government Fund, 5.28%(c)(d)(e)
| | 187,415 | | 187,415 |
Invesco Private Prime Fund, 5.46%(c)(d)(e)
| | 679,332 | | 679,604 |
Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $867,002)
| | 867,019 |
TOTAL INVESTMENTS IN SECURITIES-104.20%
(Cost $16,033,541)
| | 16,233,289 |
OTHER ASSETS LESS LIABILITIES-(4.20)%
| | (654,841) |
NET ASSETS-100.00%
| | $15,578,448 |
| Investment Abbreviations: |
| REIT | -Real Estate Investment Trust |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2034 Corporate Bond ETF (BSCY)—(continued)
August 31, 2024
| Notes to Schedule of Investments: |
| (a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
| (b) | All or a portion of this security was out on loan at August 31, 2024. |
| (c) | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the period ended August 31, 2024. |
| | Value
August 31, 2023 | | Purchases
at Cost | | Proceeds
from Sales | | Change in
Unrealized
Appreciation | | Realized
Gain | | Value
August 31, 2024 | | Dividend
Income |
| Investments in Affiliated Money Market Funds: | | | | | | | | | | | | | |
| Invesco Government & Agency Portfolio, Institutional Class | $- | | $264,011 | | $(115,966) | | $- | | $- | | $148,045 | | $626 |
| Investments Purchased with Cash Collateral from Securities on Loan: | | | | | | | | | | | | | |
| Invesco Private Government Fund | - | | 720,026 | | (532,611) | | - | | - | | 187,415 | | 888* |
| Invesco Private Prime Fund | - | | 1,031,912 | | (352,345) | | 17 | | 20 | | 679,604 | | 2,123* |
| Total | $- | | $2,015,949 | | $(1,000,922) | | $17 | | $20 | | $1,015,064 | | $3,637 |
| * | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
| (d) | The rate shown is the 7-day SEC standardized yield as of August 31, 2024. |
| (e) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2024 High Yield Corporate Bond ETF (BSJO)
August 31, 2024
Schedule of Investments(a)
| | Principal
Amount | | Value |
| U.S. Treasury Securities-76.87% |
| U.S. Treasury Bills-76.87% |
5.25%–5.26%, 09/19/2024
| $ | 86,000,000 | | $ 85,800,289 |
5.14%–5.20%, 10/17/2024
| | 334,000,000 | | 331,922,149 |
Total U.S. Treasury Securities
(Cost $417,591,994)
| | 417,722,438 |
| U.S. Dollar Denominated Bonds & Notes-17.24% |
| Broadline Retail-0.60% |
Rakuten Group, Inc. (Japan), 10.25%, 11/30/2024(b)(c)
| | 3,245,000 | | 3,278,210 |
| Consumer Finance-2.67% |
Navient Corp., 5.88%, 10/25/2024
| | 14,500,000 | | 14,490,723 |
| Entertainment-3.07% |
Live Nation Entertainment, Inc., 4.88%, 11/01/2024(b)(c)
| | 16,701,000 | | 16,676,700 |
| Health Care Providers & Services-1.01% |
Owens & Minor, Inc., 4.38%, 12/15/2024
| | 5,465,000 | | 5,477,597 |
| Media-5.68% |
DISH DBS Corp., 5.88%, 11/15/2024
| | 31,631,000 | | 30,847,579 |
| Metals & Mining-0.00% |
Celtic Resources Holdings DAC (United Kingdom), 4.13%, 10/09/2024(b)(d)(e)
| | 1,200,000 | | 0 |
| Mortgage REITs-0.73% |
Starwood Property Trust, Inc., 3.75%, 12/31/2024(b)
| | 4,000,000 | | 3,972,203 |
| Pharmaceuticals-3.48% |
Perrigo Finance Unlimited Co., 3.90%, 12/15/2024
| | 19,000,000 | | 18,924,268 |
Total U.S. Dollar Denominated Bonds & Notes
(Cost $95,400,537)
| | 93,667,280 |
| | Principal
Amount | | Value |
| Variable Rate Senior Loan Interests-5.54%(f)(g) |
| Technology Hardware, Storage & Peripherals-5.54% |
Vericast Corp., Term Loan, 13.03% (1 mo. SOFR + 7.75%), 06/16/2026
(Cost $30,437,562)
| $ | 30,749,000 | | $ 30,095,584 |
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.65%
(Cost $543,430,093)
| | 541,485,302 |
| | Shares | | |
Investments Purchased with Cash Collateral
from Securities on Loan |
| Money Market Funds-0.39% |
Invesco Private Government Fund, 5.28%(h)(i)(j)
| | 593,803 | | 593,803 |
Invesco Private Prime Fund, 5.46%(h)(i)(j)
| | 1,546,701 | | 1,547,320 |
Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $2,141,041)
| | 2,141,123 |
TOTAL INVESTMENTS IN SECURITIES-100.04%
(Cost $545,571,134)
| | 543,626,425 |
OTHER ASSETS LESS LIABILITIES-(0.04)%
| | (214,394) |
NET ASSETS-100.00%
| | $543,412,031 |
| Investment Abbreviations: |
| REIT | -Real Estate Investment Trust |
| SOFR | -Secured Overnight Financing Rate |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2024 High Yield Corporate Bond ETF (BSJO)—(continued)
August 31, 2024
| Notes to Schedule of Investments: |
| (a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
| (b) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2024 was $23,927,113, which represented 4.40% of the Fund’s Net Assets. |
| (c) | All or a portion of this security was out on loan at August 31, 2024. |
| (d) | Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The value of this security at August 31, 2024 represented less than 1% of the Fund’s Net Assets. |
| (e) | Security valued using significant unobservable inputs (Level 3). See Note 5. |
| (f) | Variable rate senior loan interests often require prepayments from excess cash flow or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with any accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, it is anticipated that the variable rate senior loan interests will have an expected average life of three to five years. |
| (g) | Variable rate senior loan interests are, at present, not readily marketable, not registered under the Securities Act of 1933, as amended (the “1933 Act”) and may be subject to contractual and legal restrictions on sale. Variable rate senior loan interests in the Fund’s portfolio generally have variable rates which adjust to a base, such as the Secured Overnight Financing Rate ("SOFR"), on set dates, typically every 30 days, but not greater than one year, and/or have interest rates that float at margin above a widely recognized base lending rate such as the Prime Rate of a designated U.S. bank. |
| (h) | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024. |
| | Value
August 31, 2023 | | Purchases
at Cost | | Proceeds
from Sales | | Change in
Unrealized
Appreciation | | Realized
Gain | | Value
August 31, 2024 | | Dividend
Income |
| Investments in Affiliated Money Market Funds: | | | | | | | | | | | | | |
| Invesco Government & Agency Portfolio, Institutional Class | $23,700,787 | | $1,153,693,335 | | $(1,177,394,122) | | $- | | $- | | $- | | $1,663,379 |
| Investments Purchased with Cash Collateral from Securities on Loan: | | | | | | | | | | | | | |
| Invesco Private Government Fund | 11,964,297 | | 114,369,151 | | (125,739,645) | | - | | - | | 593,803 | | 583,395* |
| Invesco Private Prime Fund | 30,765,338 | | 232,057,248 | | (261,287,642) | | 130 | | 12,246 | | 1,547,320 | | 1,619,248* |
| Total | $66,430,422 | | $1,500,119,734 | | $(1,564,421,409) | | $130 | | $12,246 | | $2,141,123 | | $3,866,022 |
| * | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
| (i) | The rate shown is the 7-day SEC standardized yield as of August 31, 2024. |
| (j) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2025 High Yield Corporate Bond ETF (BSJP)
August 31, 2024
Schedule of Investments(a)
| | Principal
Amount | | Value |
| U.S. Dollar Denominated Bonds & Notes-93.14% |
| Aerospace & Defense-2.81% |
Bombardier, Inc. (Canada), 7.13%, 06/15/2026(b)
| $ | 4,174,000 | | $ 4,249,144 |
Spirit AeroSystems, Inc., 9.38%, 11/30/2029(b)(c)
| | 22,620,000 | | 24,571,699 |
| | | | | 28,820,843 |
| Automobile Components-4.01% |
Benteler International AG (Austria), 10.50%, 05/15/2028(b)(c)
| | 12,425,000 | | 13,243,783 |
Clarios Global L.P., 6.75%, 05/15/2025(b)
| | 10,410,000 | | 10,444,311 |
Dana Financing Luxembourg S.a.r.l., 5.75%, 04/15/2025(b)
| | 4,600,000 | | 4,591,453 |
Goodyear Tire & Rubber Co. (The), 9.50%, 05/31/2025(c)
| | 12,807,000 | | 12,860,905 |
| | | | | 41,140,452 |
| Automobiles-3.17% |
Jaguar Land Rover Automotive PLC (United Kingdom), 7.75%, 10/15/2025(b)(c)
| | 15,900,000 | | 15,970,245 |
PM General Purchaser LLC, 9.50%, 10/01/2028(b)
| | 16,161,000 | | 16,583,448 |
| | | | | 32,553,693 |
| Broadline Retail-1.41% |
QVC, Inc., 4.45%, 02/15/2025(c)
| | 14,552,000 | | 14,447,863 |
| Building Products-0.51% |
New Enterprise Stone & Lime Co., Inc., 9.75%, 07/15/2028(b)
| | 5,141,000 | | 5,249,856 |
| Chemicals-1.44% |
Avient Corp., 5.75%, 05/15/2025(b)
| | 14,751,000 | | 14,773,348 |
| Commercial Services & Supplies-3.83% |
Brink’s Co. (The), 5.50%, 07/15/2025(b)
| | 9,116,000 | | 9,137,322 |
GFL Environmental, Inc., 3.75%, 08/01/2025(b)
| | 18,641,000 | | 18,452,512 |
Matthews International Corp., 5.25%, 12/01/2025(b)(c)
| | 6,800,000 | | 6,678,311 |
OPENLANE, Inc., 5.13%, 06/01/2025(b)
| | 4,996,000 | | 4,992,987 |
| | | | | 39,261,132 |
| Communications Equipment-1.57% |
Viasat, Inc., 5.63%, 09/15/2025(b)(c)
| | 16,283,000 | | 16,137,713 |
| Construction Materials-1.29% |
Williams Scotsman, Inc., 6.13%, 06/15/2025(b)
| | 13,236,000 | | 13,213,830 |
| Consumer Finance-2.97% |
Navient Corp., 6.75%, 06/25/2025
| | 12,432,000 | | 12,485,284 |
PRA Group, Inc., 7.38%, 09/01/2025(b)
| | 6,571,000 | | 6,571,000 |
SLM Corp., 4.20%, 10/29/2025(c)
| | 11,481,000 | | 11,383,209 |
| | | | | 30,439,493 |
| Consumer Staples Distribution & Retail-1.35% |
Aramark Services, Inc., 5.00%, 04/01/2025(b)
| | 13,862,000 | | 13,847,967 |
| | Principal
Amount | | Value |
| Containers & Packaging-0.91% |
Ball Corp., 5.25%, 07/01/2025(c)
| $ | 4,454,000 | | $ 4,458,012 |
Pactiv LLC, 7.95%, 12/15/2025
| | 4,738,000 | | 4,916,571 |
| | | | | 9,374,583 |
| Distributors-1.15% |
Evergreen Acqco 1 L.P./TVI, Inc., 9.75%, 04/26/2028(b)(c)
| | 11,197,000 | | 11,822,005 |
| Electric Utilities-2.81% |
DPL, Inc., 4.13%, 07/01/2025
| | 9,666,000 | | 9,518,777 |
Mallinckrodt International Finance S.A., 14.75%, 11/14/2028(b)
| | 17,660,000 | | 19,290,388 |
| | | | | 28,809,165 |
| Electrical Equipment-3.01% |
WESCO Distribution, Inc., 7.25%, 06/15/2028(b)(c)
| | 30,062,000 | | 30,865,768 |
| Energy Equipment & Services-0.62% |
Welltec International ApS (Denmark), 8.25%, 10/15/2026(b)(c)
| | 6,197,000 | | 6,338,527 |
| Financial Services-3.76% |
PennyMac Financial Services, Inc., 5.38%, 10/15/2025(b)
| | 14,826,000 | | 14,789,332 |
Provident Funding Associates L.P./PFG Finance Corp., 6.38%, 06/15/2025(b)
| | 4,958,000 | | 4,815,653 |
United Wholesale Mortgage LLC, 5.50%, 11/15/2025(b)(c)
| | 18,976,000 | | 18,965,736 |
| | | | | 38,570,721 |
| Food Products-0.64% |
B&G Foods, Inc., 5.25%, 04/01/2025
| | 6,557,000 | | 6,532,488 |
| Gas Utilities-0.77% |
AmeriGas Partners L.P./AmeriGas Finance Corp., 5.50%, 05/20/2025
| | 7,953,000 | | 7,935,466 |
| Health Care Providers & Services-0.75% |
Encompass Health Corp., 5.75%, 09/15/2025
| | 7,660,000 | | 7,652,272 |
| Health Care REITs-1.00% |
Diversified Healthcare Trust, 9.75%, 06/15/2025
| | 10,236,000 | | 10,262,255 |
| Hotel & Resort REITs-1.04% |
XHR L.P., 6.38%, 08/15/2025(b)
| | 10,676,000 | | 10,684,754 |
| Hotels, Restaurants & Leisure-19.55% |
1011778 BC ULC/New Red Finance, Inc. (Canada), 5.75%, 04/15/2025(b)(c)
| | 12,431,000 | | 12,422,108 |
Caesars Entertainment, Inc., 8.13%, 07/01/2027(b)(c)
| | 36,561,000 | | 37,361,869 |
Carnival Corp., 10.50%, 06/01/2030(b)
| | 25,203,000 | | 27,373,482 |
Dave & Buster’s, Inc., 7.63%, 11/01/2025(b)(c)
| | 11,065,000 | | 11,150,455 |
Hilton Domestic Operating Co., Inc., 5.38%, 05/01/2025(b)(c)
| | 12,431,000 | | 12,427,564 |
IRB Holding Corp., 7.00%, 06/15/2025(b)
| | 19,017,000 | | 19,037,171 |
Life Time, Inc., 8.00%, 04/15/2026(b)(c)
| | 11,802,000 | | 11,987,752 |
MGM Resorts International, 5.75%, 06/15/2025(c)
| | 16,970,000 | | 16,980,330 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2025 High Yield Corporate Bond ETF (BSJP)—(continued)
August 31, 2024
| | Principal
Amount | | Value |
| Hotels, Restaurants & Leisure-(continued) |
Raising Cane’s Restaurants, L.L.C., 9.38%, 05/01/2029(b)(c)
| $ | 11,448,000 | | $ 12,370,468 |
Sizzling Platter LLC/Sizzling Platter Finance Corp., 8.50%, 11/28/2025(b)(c)
| | 8,750,000 | | 8,831,314 |
Sugarhouse HSP Gaming Prop Mezz L.P./Sugarhouse HSP Gaming Finance Corp., 5.88%, 05/15/2025(b)
| | 6,691,000 | | 6,692,920 |
Travel + Leisure Co., 6.60%, 10/01/2025
| | 8,803,000 | | 8,925,344 |
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.50%, 03/01/2025(b)(c)
| | 14,912,000 | | 14,909,171 |
| | | | | 200,469,948 |
| Household Durables-1.22% |
Newell Brands, Inc., 4.88%, 06/01/2025
| | 12,574,000 | | 12,543,326 |
| Machinery-1.54% |
CD&R Smokey Buyer, Inc., 6.75%, 07/15/2025, (Acquired 09/06/2022 - 08/23/2024; Cost $15,718,983)(b)(c)(d)
| | 15,883,000 | | 15,762,664 |
| Mortgage REITs-2.54% |
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 5.25%, 10/01/2025(b)
| | 7,438,000 | | 7,416,405 |
Rithm Capital Corp., 6.25%, 10/15/2025(b)
| | 6,916,000 | | 6,924,010 |
Starwood Property Trust, Inc., 4.75%, 03/15/2025(c)
| | 11,736,000 | | 11,685,094 |
| | | | | 26,025,509 |
| Oil, Gas & Consumable Fuels-13.70% |
Aethon United BR L.P./Aethon United Finance Corp., 8.25%, 02/15/2026(b)
| | 18,853,000 | | 19,127,556 |
Calumet Specialty Products Partners L.P./Calumet Finance Corp., 11.00%, 04/15/2025(b)
| | 8,261,000 | | 8,300,898 |
CITGO Petroleum Corp., 7.00%, 06/15/2025(b)
| | 24,520,000 | | 24,580,662 |
New Fortress Energy, Inc., 6.75%, 09/15/2025(b)
| | 21,993,000 | | 21,460,066 |
NuStar Logistics L.P., 5.75%, 10/01/2025
| | 13,472,000 | | 13,488,323 |
| Range Resources Corp. | | | | |
4.88%, 05/15/2025(c)
| | 15,364,000 | | 15,291,570 |
8.25%, 01/15/2029(c)
| | 14,916,000 | | 15,469,041 |
| Southwestern Energy Co. | | | | |
5.70%, 01/23/2025
| | 9,733,000 | | 9,719,977 |
8.38%, 09/15/2028
| | 6,722,000 | | 6,912,421 |
Vermilion Energy, Inc. (Canada), 5.63%, 03/15/2025(b)(c)
| | 6,197,000 | | 6,206,138 |
| | | | | 140,556,652 |
| Passenger Airlines-1.17% |
American Airlines Group, Inc., 3.75%, 03/01/2025(b)(c)
| | 12,112,000 | | 11,976,968 |
| | Principal
Amount | | Value |
| Pharmaceuticals-4.10% |
Bausch Health Cos., Inc., 5.50%, 11/01/2025(b)
| $ | 33,298,000 | | $ 32,090,947 |
P&L Development LLC/PLD Finance Corp., 7.75%, 11/15/2025(b)
| | 10,552,000 | | 9,964,451 |
| | | | | 42,055,398 |
| Software-4.66% |
PTC, Inc., 3.63%, 02/15/2025(b)
| | 12,475,000 | | 12,377,795 |
Veritas US, Inc./Veritas Bermuda Ltd., 7.50%, 09/01/2025(b)
| | 38,654,000 | | 35,455,474 |
| | | | | 47,833,269 |
| Specialty Retail-2.99% |
Bath & Body Works, Inc., 7.50%, 06/15/2029(c)
| | 12,120,000 | | 12,575,336 |
JELD-WEN, Inc., 4.63%, 12/15/2025(b)(c)
| | 4,500,000 | | 4,502,251 |
Penske Automotive Group, Inc., 3.50%, 09/01/2025(c)
| | 13,830,000 | | 13,625,326 |
| | | | | 30,702,913 |
| Technology Hardware, Storage & Peripherals-0.85% |
Xerox Holdings Corp., 5.00%, 08/15/2025(b)(c)
| | 8,802,000 | | 8,670,417 |
Total U.S. Dollar Denominated Bonds & Notes
(Cost $951,818,720)
| | 955,331,258 |
| | Shares | | |
| Money Market Funds-5.05% |
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(e)(f)
(Cost $51,739,099)
| | 51,739,099 | | 51,739,099 |
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-98.19%
(Cost $1,003,557,819)
| | 1,007,070,357 |
Investments Purchased with Cash Collateral
from Securities on Loan |
| Money Market Funds-9.27% |
Invesco Private Government Fund, 5.28%(e)(f)(g)
| | 26,335,623 | | 26,335,623 |
Invesco Private Prime Fund, 5.46%(e)(f)(g)
| | 68,676,333 | | 68,703,804 |
Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $95,035,751)
| | 95,039,427 |
TOTAL INVESTMENTS IN SECURITIES-107.46%
(Cost $1,098,593,570)
| | 1,102,109,784 |
OTHER ASSETS LESS LIABILITIES-(7.46)%
| | (76,463,606) |
NET ASSETS-100.00%
| | $1,025,646,178 |
| Investment Abbreviations: |
| REIT | -Real Estate Investment Trust |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2025 High Yield Corporate Bond ETF (BSJP)—(continued)
August 31, 2024
| Notes to Schedule of Investments: |
| (a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
| (b) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2024 was $715,662,068, which represented 69.78% of the Fund’s Net Assets. |
| (c) | All or a portion of this security was out on loan at August 31, 2024. |
| (d) | Restricted security. The value of this security at August 31, 2024 represented 1.54% of the Fund’s Net Assets. |
| (e) | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024. |
| | Value
August 31, 2023 | | Purchases
at Cost | | Proceeds
from Sales | | Change in
Unrealized
Appreciation | | Realized
Gain | | Value
August 31, 2024 | | Dividend
Income |
| Investments in Affiliated Money Market Funds: | | | | | | | | | | | | | |
| Invesco Government & Agency Portfolio, Institutional Class | $34,363,349 | | $622,082,814 | | $(604,707,064) | | $- | | $- | | $51,739,099 | | $2,109,766 |
| Investments Purchased with Cash Collateral from Securities on Loan: | | | | | | | | | | | | | |
| Invesco Private Government Fund | 25,736,260 | | 184,882,173 | | (184,282,810) | | - | | - | | 26,335,623 | | 1,335,518* |
| Invesco Private Prime Fund | 66,178,954 | | 402,493,104 | | (399,989,385) | | 3,342 | | 17,789 | | 68,703,804 | | 3,618,105* |
| Total | $126,278,563 | | $1,209,458,091 | | $(1,188,979,259) | | $3,342 | | $17,789 | | $146,778,526 | | $7,063,389 |
| * | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
| (f) | The rate shown is the 7-day SEC standardized yield as of August 31, 2024. |
| (g) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2026 High Yield Corporate Bond ETF (BSJQ)
August 31, 2024
Schedule of Investments(a)
| | Principal
Amount | | Value |
| U.S. Dollar Denominated Bonds & Notes-96.96% |
| Aerospace & Defense-2.53% |
Bombardier, Inc. (Canada), 8.75%, 11/15/2030(b)(c)
| $ | 5,630,000 | | $ 6,146,581 |
Spirit AeroSystems, Inc., 9.75%, 11/15/2030(b)(c)
| | 9,000,000 | | 10,083,537 |
| | | | | 16,230,118 |
| Automobile Components-1.58% |
FXI Holdings, Inc., 12.25%, 11/15/2026(b)
| | 3,522,000 | | 3,490,737 |
Goodyear Tire & Rubber Co. (The), 5.00%, 05/31/2026
| | 6,751,000 | | 6,672,686 |
| | | | | 10,163,423 |
| Automobiles-0.64% |
Mclaren Finance PLC (United Kingdom), 7.50%, 08/01/2026(b)
| | 4,650,000 | | 4,105,313 |
| Banks-1.24% |
| Freedom Mortgage Corp. | | | | |
7.63%, 05/01/2026(b)
| | 3,756,000 | | 3,775,032 |
12.25%, 10/01/2030(b)
| | 3,750,000 | | 4,164,480 |
| | | | | 7,939,512 |
| Capital Markets-0.88% |
Aretec Group, Inc., 10.00%, 08/15/2030(b)(c)
| | 5,250,000 | | 5,674,032 |
| Chemicals-1.94% |
Consolidated Energy Finance S.A. (Switzerland), 6.50%, 05/15/2026(b)
| | 1,554,000 | | 1,534,786 |
Rayonier A.M. Products, Inc., 7.63%, 01/15/2026(b)
| | 3,480,000 | | 3,393,000 |
SCIL IV LLC/SCIL USA Holdings LLC, 5.38%, 11/01/2026(b)
| | 5,700,000 | | 5,622,082 |
Scotts Miracle-Gro Co. (The), 5.25%, 12/15/2026
| | 1,880,000 | | 1,882,486 |
| | | | | 12,432,354 |
| Commercial Services & Supplies-2.21% |
Cimpress PLC (Ireland), 7.00%, 06/15/2026
| | 3,920,000 | | 3,916,845 |
Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 09/30/2026
| | 2,999,000 | | 2,947,335 |
GFL Environmental, Inc., 5.13%, 12/15/2026(b)(c)
| | 3,754,000 | | 3,742,957 |
Waste Pro USA, Inc., 5.50%, 02/15/2026(b)
| | 3,591,000 | | 3,589,787 |
| | | | | 14,196,924 |
| Communications Equipment-0.73% |
Hughes Satellite Systems Corp., 5.25%, 08/01/2026
| | 5,625,000 | | 4,708,429 |
| Construction & Engineering-2.14% |
Brand Industrial Services, Inc., 10.38%, 08/01/2030(b)
| | 10,010,000 | | 10,919,128 |
Brundage-Bone Concrete Pumping Holdings, Inc., 6.00%, 02/01/2026(b)
| | 2,812,000 | | 2,814,195 |
| | | | | 13,733,323 |
| | Principal
Amount | | Value |
| Consumer Finance-4.47% |
Credit Acceptance Corp., 6.63%, 03/15/2026
| $ | 2,998,000 | | $ 2,996,554 |
goeasy Ltd. (Canada), 4.38%, 05/01/2026(b)
| | 2,397,000 | | 2,353,792 |
LFS Topco LLC, 5.88%, 10/15/2026(b)
| | 2,030,000 | | 1,896,251 |
Navient Corp., 6.75%, 06/15/2026(c)
| | 3,750,000 | | 3,820,245 |
OneMain Finance Corp., 7.13%, 03/15/2026
| | 12,000,000 | | 12,237,576 |
SLM Corp., 3.13%, 11/02/2026(c)
| | 3,749,000 | | 3,586,330 |
World Acceptance Corp., 7.00%, 11/01/2026(b)(c)
| | 1,860,000 | | 1,805,154 |
| | | | | 28,695,902 |
| Consumer Staples Distribution & Retail-1.11% |
Albertson’s Cos., Inc./Safeway, Inc./New Albertson’s L.P./Albertson’s LLC, 3.25%, 03/15/2026(b)(c)
| | 5,320,000 | | 5,143,574 |
Sigma Holdco B.V. (Netherlands), 7.88%, 05/15/2026(b)
| | 1,790,000 | | 1,767,688 |
Walgreens Boots Alliance, Inc., 3.45%, 06/01/2026
| | 190,000 | | 180,949 |
| | | | | 7,092,211 |
| Containers & Packaging-2.30% |
Ball Corp., 4.88%, 03/15/2026
| | 1,920,000 | | 1,913,745 |
Berry Global, Inc., 4.50%, 02/15/2026(b)(c)
| | 2,184,000 | | 2,157,121 |
Cascades, Inc./Cascades USA, Inc. (Canada), 5.13%, 01/15/2026(b)
| | 1,538,000 | | 1,529,135 |
Crown Cork & Seal Co., Inc., 7.38%, 12/15/2026(c)
| | 2,630,000 | | 2,765,471 |
LABL, Inc., 6.75%, 07/15/2026(b)(c)
| | 5,254,000 | | 5,232,153 |
Mauser Packaging Solutions Holding Co., 7.88%, 08/15/2026(b)
| | 1,160,000 | | 1,178,653 |
| | | | | 14,776,278 |
| Diversified Consumer Services-0.47% |
Graham Holdings Co., 5.75%, 06/01/2026(b)
| | 3,003,000 | | 3,019,619 |
| Diversified Telecommunication Services-3.91% |
Connect Finco S.a.r.l./Connect US Finco LLC (United Kingdom), 6.75%, 10/01/2026(b)
| | 14,896,000 | | 14,789,331 |
Iliad Holding S.A.S. (France), 6.50%, 10/15/2026(b)(c)
| | 5,250,000 | | 5,300,500 |
Radiate Holdco LLC/Radiate Finance, Inc., 4.50%, 09/15/2026(b)
| | 6,266,000 | | 4,971,536 |
| | | | | 25,061,367 |
| Electric Utilities-3.07% |
Talen Energy Supply LLC, 8.63%, 06/01/2030(b)
| | 9,000,000 | | 9,753,633 |
Terraform Global Operating L.P., 6.13%, 03/01/2026(b)
| | 2,435,000 | | 2,442,133 |
Vistra Operations Co. LLC, 5.50%, 09/01/2026(b)
| | 7,500,000 | | 7,497,949 |
| | | | | 19,693,715 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2026 High Yield Corporate Bond ETF (BSJQ)—(continued)
August 31, 2024
| | Principal
Amount | | Value |
| Energy Equipment & Services-1.25% |
| Permian Resources Operating LLC | | | | |
5.38%, 01/15/2026(b)
| $ | 2,170,000 | | $2,169,960 |
9.88%, 07/15/2031(b)(c)
| | 3,750,000 | | 4,211,400 |
Precision Drilling Corp. (Canada), 7.13%, 01/15/2026(b)(c)
| | 1,626,000 | | 1,625,164 |
| | | | | 8,006,524 |
| Entertainment-0.35% |
Live Nation Entertainment, Inc., 5.63%, 03/15/2026(b)
| | 2,253,000 | | 2,242,122 |
| Financial Services-4.83% |
Albion Financing 1 S.a.r.l./Aggreko Holdings, Inc. (Luxembourg), 6.13%, 10/15/2026(b)(c)
| | 4,240,000 | | 4,230,675 |
Block, Inc., 2.75%, 06/01/2026(c)
| | 7,500,000 | | 7,210,183 |
GGAM Finance Ltd. (Ireland), 7.75%, 05/15/2026(b)(c)
| | 3,005,000 | | 3,094,320 |
Jefferson Capital Holdings LLC, 6.00%, 08/15/2026(b)
| | 2,250,000 | | 2,246,536 |
Nationstar Mortgage Holdings, Inc., 5.00%, 02/01/2026(b)
| | 3,750,000 | | 3,709,422 |
PHH Mortgage Corp., 7.88%, 03/15/2026(b)
| | 2,341,000 | | 2,308,264 |
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 2.88%, 10/15/2026(b)(c)
| | 8,624,000 | | 8,210,016 |
| | | | | 31,009,416 |
| Gas Utilities-1.53% |
AmeriGas Partners L.P./AmeriGas Finance Corp., 5.88%, 08/20/2026
| | 4,980,000 | | 4,929,079 |
Ferrellgas L.P./Ferrellgas Finance Corp., 5.38%, 04/01/2026(b)
| | 4,873,000 | | 4,890,908 |
| | | | | 9,819,987 |
| Health Care Providers & Services-1.45% |
LifePoint Health, Inc., 11.00%, 10/15/2030(b)(c)
| | 8,250,000 | | 9,308,029 |
| Health Care REITs-0.55% |
MPT Operating Partnership L.P./MPT Finance Corp., 5.25%, 08/01/2026(c)
| | 3,750,000 | | 3,531,088 |
| Hotel & Resort REITs-0.57% |
RLJ Lodging Trust L.P., 3.75%, 07/01/2026(b)(c)
| | 3,750,000 | | 3,628,799 |
| Hotels, Restaurants & Leisure-9.47% |
Carnival Corp., 7.63%, 03/01/2026(b)(c)
| | 10,130,000 | | 10,239,404 |
CCM Merger, Inc., 6.38%, 05/01/2026(b)
| | 1,992,000 | | 1,996,461 |
CEC Entertainment LLC, 6.75%, 05/01/2026(b)
| | 4,880,000 | | 4,867,820 |
Empire Resorts, Inc., 7.75%, 11/01/2026(b)
| | 2,557,000 | | 2,468,583 |
Life Time, Inc., 5.75%, 01/15/2026(b)
| | 6,942,000 | | 6,948,276 |
Merlin Entertainments Ltd. (United Kingdom), 5.75%, 06/15/2026(b)
| | 3,000,000 | | 2,958,384 |
MGM Resorts International, 4.63%, 09/01/2026(c)
| | 3,000,000 | | 2,961,541 |
Mohegan Tribal Gaming Authority, 8.00%, 02/01/2026(b)
| | 8,808,000 | | 8,547,236 |
NCL Corp. Ltd., 8.13%, 01/15/2029(b)(c)
| | 5,922,000 | | 6,338,559 |
| | Principal
Amount | | Value |
| Hotels, Restaurants & Leisure-(continued) |
Raptor Acquisition Corp./Raptor Co-Issuer LLC, 4.88%, 11/01/2026(b)
| $ | 2,626,000 | | $ 2,539,635 |
Travel + Leisure Co., 6.63%, 07/31/2026(b)(c)
| | 4,880,000 | | 4,969,909 |
Viking Cruises Ltd., 9.13%, 07/15/2031(b)(c)
| | 5,400,000 | | 5,928,266 |
| | | | | 60,764,074 |
| Household Durables-3.31% |
Newell Brands, Inc., 5.70%, 04/01/2026(c)
| | 14,888,000 | | 14,851,108 |
WASH Multifamily Acquisition, Inc., 5.75%, 04/15/2026(b)(c)
| | 6,380,000 | | 6,357,713 |
| | | | | 21,208,821 |
| Independent Power and Renewable Electricity Producers-1.39% |
Calpine Corp., 5.25%, 06/01/2026(b)
| | 3,145,000 | | 3,137,055 |
NextEra Energy Operating Partners L.P., 3.88%, 10/15/2026(b)(c)
| | 3,750,000 | | 3,631,043 |
Sunnova Energy Corp., 5.88%, 09/01/2026(b)(c)
| | 2,288,000 | | 2,151,524 |
| | | | | 8,919,622 |
| Industrial Conglomerates-1.44% |
Icahn Enterprises L.P./Icahn Enterprises Finance Corp., 6.25%, 05/15/2026
| | 9,270,000 | | 9,225,811 |
| IT Services-1.09% |
Cogent Communications Group, Inc., 3.50%, 05/01/2026(b)(c)
| | 3,750,000 | | 3,632,314 |
Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., 4.63%, 11/01/2026(b)
| | 3,380,000 | | 3,337,929 |
| | | | | 6,970,243 |
| Life Sciences Tools & Services-1.22% |
IQVIA, Inc., 5.00%, 10/15/2026(b)(c)
| | 7,880,000 | | 7,835,597 |
| Machinery-0.65% |
Chart Industries, Inc., 9.50%, 01/01/2031(b)(c)
| | 3,830,000 | | 4,163,926 |
| Media-6.74% |
CCO Holdings LLC/CCO Holdings Capital Corp., 5.50%, 05/01/2026(b)(c)
| | 5,622,000 | | 5,612,916 |
DISH DBS Corp., 5.25%, 12/01/2026(b)
| | 20,340,000 | | 17,461,900 |
Gannett Holdings LLC, 6.00%, 11/01/2026(b)
| | 2,094,000 | | 2,093,862 |
Sirius XM Radio, Inc., 3.13%, 09/01/2026(b)(c)
| | 7,502,000 | | 7,182,025 |
Summer (BC) Bidco B LLC, 5.50%, 10/31/2026(b)
| | 3,190,000 | | 3,141,193 |
TEGNA, Inc., 4.75%, 03/15/2026(b)(c)
| | 4,125,000 | | 4,077,369 |
Townsquare Media, Inc., 6.88%, 02/01/2026(b)(c)
| | 3,637,000 | | 3,637,781 |
| | | | | 43,207,046 |
| Metals & Mining-1.74% |
Baffinland Iron Mines Corp./Baffinland Iron Mines L.P. (Canada), 8.75%, 07/15/2026(b)
| | 4,312,000 | | 3,877,783 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2026 High Yield Corporate Bond ETF (BSJQ)—(continued)
August 31, 2024
| | Principal
Amount | | Value |
| Metals & Mining-(continued) |
JW Aluminum Continuous Cast Co., 10.25%, 06/01/2026(b)
| $ | 1,853,000 | | $ 1,859,124 |
Novelis Corp., 3.25%, 11/15/2026(b)
| | 5,630,000 | | 5,424,672 |
| | | | | 11,161,579 |
| Mortgage REITs-0.45% |
Starwood Property Trust, Inc., 3.63%, 07/15/2026(b)(c)
| | 3,005,000 | | 2,895,116 |
| Oil, Gas & Consumable Fuels-14.31% |
Berry Petroleum Co. LLC, 7.00%, 02/15/2026(b)
| | 2,999,000 | | 2,972,004 |
Blue Racer Midstream LLC/Blue Racer Finance Corp., 6.63%, 07/15/2026(b)
| | 2,250,000 | | 2,255,739 |
Buckeye Partners L.P., 3.95%, 12/01/2026
| | 4,502,000 | | 4,377,525 |
California Resources Corp., 7.13%, 02/01/2026(b)(c)
| | 3,800,000 | | 3,817,461 |
Chesapeake Energy Corp., 5.50%, 02/01/2026(b)
| | 3,749,000 | | 3,753,526 |
Chord Energy Corp., 6.38%, 06/01/2026(b)
| | 3,005,000 | | 3,029,175 |
CITGO Petroleum Corp., 6.38%, 06/15/2026(b)
| | 4,880,000 | | 4,921,148 |
| Civitas Resources, Inc. | | | | |
5.00%, 10/15/2026(b)
| | 3,002,000 | | 2,962,092 |
8.63%, 11/01/2030(b)
| | 7,500,000 | | 8,158,147 |
8.75%, 07/01/2031(b)(c)
| | 10,130,000 | | 10,944,725 |
EQM Midstream Partners L.P., 4.13%, 12/01/2026
| | 3,689,000 | | 3,626,590 |
Harbour Energy PLC (United Kingdom), 5.50%, 10/15/2026(b)(c)
| | 3,750,000 | | 3,725,260 |
Hess Midstream Operations L.P., 5.63%, 02/15/2026(b)
| | 5,963,000 | | 5,951,344 |
Ithaca Energy (North Sea) PLC (United Kingdom), 9.00%, 07/15/2026(b)(c)
| | 4,690,000 | | 4,779,574 |
Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp., 6.00%, 08/01/2026(b)
| | 3,002,000 | | 2,990,690 |
New Fortress Energy, Inc., 6.50%, 09/30/2026(b)(c)
| | 11,250,000 | | 9,747,522 |
SM Energy Co., 6.75%, 09/15/2026(c)
| | 3,145,000 | | 3,150,369 |
Strathcona Resources Ltd. (Canada), 6.88%, 08/01/2026(b)
| | 3,752,000 | | 3,774,122 |
TransMontaigne Partners L.P./TLP Finance Corp., 6.13%, 02/15/2026
| | 2,246,000 | | 2,210,763 |
Vital Energy, Inc., 9.75%, 10/15/2030(c)
| | 2,265,000 | | 2,487,602 |
W&T Offshore, Inc., 11.75%, 02/01/2026(b)
| | 2,063,000 | | 2,119,097 |
| | | | | 91,754,475 |
| Paper & Forest Products-0.34% |
Mercer International, Inc. (Germany), 5.50%, 01/15/2026(c)
| | 2,253,000 | | 2,180,587 |
| Passenger Airlines-2.29% |
United AirLines, Inc., 4.38%, 04/15/2026(b)
| | 15,005,000 | | 14,657,918 |
| Pharmaceuticals-0.81% |
Perrigo Finance Unlimited Co., 4.38%, 03/15/2026
| | 5,250,000 | | 5,176,249 |
| | Principal
Amount | | Value |
| Real Estate Management & Development-0.46% |
Forestar Group, Inc., 3.85%, 05/15/2026(b)(c)
| $ | 3,001,000 | | $ 2,930,313 |
| Retail REITs-1.24% |
NMG Holding Co., Inc./Neiman Marcus Group LLC, 7.13%, 04/01/2026(b)
| | 7,859,000 | | 7,962,802 |
| Software-1.23% |
ACI Worldwide, Inc., 5.75%, 08/15/2026(b)
| | 2,996,000 | | 2,988,977 |
Consensus Cloud Solutions, Inc., 6.00%, 10/15/2026(b)
| | 1,940,000 | | 1,909,886 |
Fair Isaac Corp., 5.25%, 05/15/2026(b)
| | 3,000,000 | | 3,004,358 |
| | | | | 7,903,221 |
| Specialty Retail-2.25% |
Guitar Center, Inc., 8.50%, 01/15/2026(b)(c)
| | 3,936,000 | | 3,500,012 |
Specialty Building Products Holdings LLC/SBP Finance Corp., 6.38%, 09/30/2026(b)(c)
| | 5,442,000 | | 5,416,485 |
Victra Holdings LLC/Victra Finance Corp., 7.75%, 02/15/2026(b)
| | 5,456,000 | | 5,483,394 |
| | | | | 14,399,891 |
| Technology Hardware, Storage & Peripherals-3.94% |
| Seagate HDD Cayman | | | | |
8.25%, 12/15/2029(c)
| | 3,748,000 | | 4,066,520 |
8.50%, 07/15/2031(c)
| | 3,750,000 | | 4,081,144 |
Western Digital Corp., 4.75%, 02/15/2026(c)
| | 17,250,000 | | 17,105,172 |
| | | | | 25,252,836 |
| Textiles, Apparel & Luxury Goods-1.73% |
Hanesbrands, Inc., 4.88%, 05/15/2026(b)(c)
| | 6,753,000 | | 6,712,681 |
Under Armour, Inc., 3.25%, 06/15/2026(c)
| | 4,500,000 | | 4,364,648 |
| | | | | 11,077,329 |
| Tobacco-0.29% |
Turning Point Brands, Inc., 5.63%, 02/15/2026(b)
| | 1,871,000 | | 1,863,832 |
| Trading Companies & Distributors-0.35% |
Beacon Roofing Supply, Inc., 4.50%, 11/15/2026(b)(c)
| | 2,255,000 | | 2,215,586 |
| Water Utilities-0.47% |
Solaris Midstream Holdings LLC, 7.63%, 04/01/2026(b)
| | 3,004,000 | | 3,030,718 |
Total U.S. Dollar Denominated Bonds & Notes
(Cost $617,451,230)
| | 621,826,077 |
| | Shares | | |
| Money Market Funds-1.44% |
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(d)(e)
(Cost $9,201,671)
| | 9,201,671 | | 9,201,671 |
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-98.40%
(Cost $626,652,901)
| | 631,027,748 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2026 High Yield Corporate Bond ETF (BSJQ)—(continued)
August 31, 2024
| | Shares | | Value |
Investments Purchased with Cash Collateral
from Securities on Loan |
| Money Market Funds-22.23% |
Invesco Private Government Fund, 5.28%(d)(e)(f)
| | 39,509,241 | | $ 39,509,241 |
Invesco Private Prime Fund, 5.46%(d)(e)(f)
| | 103,043,887 | | 103,085,105 |
Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $142,585,668)
| | 142,594,346 |
TOTAL INVESTMENTS IN SECURITIES-120.63%
(Cost $769,238,569)
| | 773,622,094 |
OTHER ASSETS LESS LIABILITIES-(20.63)%
| | (132,296,512) |
NET ASSETS-100.00%
| | $641,325,582 |
| Investment Abbreviations: |
| REIT | -Real Estate Investment Trust |
| Notes to Schedule of Investments: |
| (a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
| (b) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2024 was $478,661,447, which represented 74.64% of the Fund’s Net Assets. |
| (c) | All or a portion of this security was out on loan at August 31, 2024. |
| (d) | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024. |
| | Value
August 31, 2023 | | Purchases
at Cost | | Proceeds
from Sales | | Change in
Unrealized
Appreciation | | Realized
Gain | | Value
August 31, 2024 | | Dividend
Income |
| Investments in Affiliated Money Market Funds: | | | | | | | | | | | | | |
| Invesco Government & Agency Portfolio, Institutional Class | $4,437,939 | | $178,316,717 | | $(173,552,985) | | $- | | $- | | $9,201,671 | | $440,094 |
| Investments Purchased with Cash Collateral from Securities on Loan: | | | | | | | | | | | | | |
| Invesco Private Government Fund | 18,066,546 | | 161,070,797 | | (139,628,102) | | - | | - | | 39,509,241 | | 1,461,298* |
| Invesco Private Prime Fund | 46,453,822 | | 307,748,676 | | (251,129,042) | | 7,240 | | 4,409 | | 103,085,105 | | 3,962,193* |
| Total | $68,958,307 | | $647,136,190 | | $(564,310,129) | | $7,240 | | $4,409 | | $151,796,017 | | $5,863,585 |
| * | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
| (e) | The rate shown is the 7-day SEC standardized yield as of August 31, 2024. |
| (f) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2027 High Yield Corporate Bond ETF (BSJR)
August 31, 2024
Schedule of Investments(a)
| | Principal
Amount | | Value |
| U.S. Dollar Denominated Bonds & Notes-98.53% |
| Aerospace & Defense-0.42% |
Moog, Inc., 4.25%, 12/15/2027(b)(c)
| $ | 1,268,000 | | $ 1,222,543 |
| Automobile Components-2.49% |
American Axle & Manufacturing, Inc., 6.50%, 04/01/2027(c)
| | 1,268,000 | | 1,275,486 |
| Avis Budget Car Rental LLC/Avis Budget Finance, Inc. | | | | |
5.75%, 07/15/2027(b)(c)
| | 1,015,000 | | 995,028 |
5.75%, 07/15/2027(b)
| | 890,000 | | 871,719 |
Dana, Inc., 5.38%, 11/15/2027(c)
| | 1,015,000 | | 1,008,193 |
Goodyear Tire & Rubber Co. (The), 4.88%, 03/15/2027(c)
| | 1,770,000 | | 1,730,719 |
United Rentals (North America), Inc., 5.50%, 05/15/2027
| | 1,267,000 | | 1,271,950 |
| | | | | 7,153,095 |
| Automobiles-0.77% |
Allison Transmission, Inc., 4.75%, 10/01/2027(b)
| | 1,015,000 | | 994,518 |
Jaguar Land Rover Automotive PLC (United Kingdom), 4.50%, 10/01/2027(b)(c)
| | 1,260,000 | | 1,234,890 |
| | | | | 2,229,408 |
| Banks-0.46% |
Freedom Mortgage Corp., 6.63%, 01/15/2027(b)(c)
| | 1,353,000 | | 1,337,813 |
| Broadline Retail-2.16% |
QVC, Inc., 4.75%, 02/15/2027(c)
| | 1,450,000 | | 1,271,687 |
Rakuten Group, Inc. (Japan), 11.25%, 02/15/2027(b)
| | 4,551,000 | | 4,947,574 |
| | | | | 6,219,261 |
| Building Products-0.30% |
Advanced Drainage Systems, Inc., 5.00%, 09/30/2027(b)
| | 890,000 | | 877,051 |
| Capital Markets-0.53% |
APX Group, Inc., 6.75%, 02/15/2027(b)
| | 1,518,000 | | 1,522,539 |
| Chemicals-3.09% |
Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B B.V., 4.75%, 06/15/2027(b)(c)
| | 1,255,000 | | 1,236,182 |
Cerdia Finanz GmbH (Germany), 10.50%, 02/15/2026(b)(d)
| | 1,341,000 | | 1,393,161 |
Chemours Co. (The), 5.38%, 05/15/2027(c)
| | 1,250,000 | | 1,215,683 |
HB Fuller Co., 4.00%, 02/15/2027
| | 754,000 | | 736,463 |
Methanex Corp. (Canada), 5.13%, 10/15/2027(c)
| | 1,770,000 | | 1,743,354 |
Olympus Water US Holding Corp., 7.13%, 10/01/2027(b)
| | 812,000 | | 826,881 |
SNF Group SACA (France), 3.13%, 03/15/2027(b)
| | 890,000 | | 835,906 |
Suburban Propane Partners L.P./Suburban Energy Finance Corp., 5.88%, 03/01/2027(c)
| | 890,000 | | 890,139 |
| | | | | 8,877,769 |
| | Principal
Amount | | Value |
| Commercial Services & Supplies-4.18% |
Allied Universal Holdco LLC/Allied Universal Finance Corp., 9.75%, 07/15/2027(b)
| $ | 2,659,000 | | $ 2,670,194 |
Brink’s Co. (The), 4.63%, 10/15/2027(b)(c)
| | 1,518,000 | | 1,487,737 |
Clean Harbors, Inc., 4.88%, 07/15/2027(b)(c)
| | 1,376,000 | | 1,362,965 |
CoreCivic, Inc., 4.75%, 10/15/2027
| | 610,000 | | 582,452 |
Enviri Corp., 5.75%, 07/31/2027(b)(c)
| | 1,204,000 | | 1,176,059 |
Garda World Security Corp. (Canada), 4.63%, 02/15/2027(b)(c)
| | 1,439,000 | | 1,404,489 |
Pitney Bowes, Inc., 6.88%, 03/15/2027(b)(c)
| | 959,000 | | 947,877 |
Prime Security Services Borrower LLC/Prime Finance, Inc., 3.38%, 08/31/2027(b)(c)
| | 2,524,000 | | 2,392,261 |
| | | | | 12,024,034 |
| Construction & Engineering-1.26% |
AECOM, 5.13%, 03/15/2027(c)
| | 2,519,000 | | 2,523,819 |
Pike Corp., 8.63%, 01/31/2031(b)
| | 1,011,000 | | 1,092,677 |
| | | | | 3,616,496 |
| Construction Materials-0.58% |
Eco Material Technologies, Inc., 7.88%, 01/31/2027(b)
| | 1,640,000 | | 1,662,786 |
| Consumer Finance-1.72% |
| Navient Corp. | | | | |
5.00%, 03/15/2027(c)
| | 1,770,000 | | 1,739,471 |
11.50%, 03/15/2031
| | 1,262,000 | | 1,417,789 |
OneMain Finance Corp., 3.50%, 01/15/2027(c)
| | 1,895,000 | | 1,798,228 |
| | | | | 4,955,488 |
| Consumer Staples Distribution & Retail-1.93% |
Albertson’s Cos., Inc./Safeway, Inc./New Albertson’s L.P./Albertson’s LLC, 4.63%, 01/15/2027(b)
| | 2,933,000 | | 2,868,623 |
Performance Food Group, Inc., 5.50%, 10/15/2027(b)
| | 2,684,000 | | 2,672,516 |
| | | | | 5,541,139 |
| Containers & Packaging-6.10% |
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, 6.00%, 06/15/2027(b)
| | 1,520,000 | | 1,520,877 |
Graphic Packaging International LLC, 4.75%, 07/15/2027(b)
| | 759,000 | | 747,468 |
LABL, Inc., 10.50%, 07/15/2027(b)
| | 1,746,000 | | 1,726,283 |
| Mauser Packaging Solutions Holding Co. | | | | |
7.88%, 04/15/2027(b)
| | 6,820,000 | | 7,059,928 |
9.25%, 04/15/2027(b)
| | 3,402,000 | | 3,459,004 |
Owens-Brockway Glass Container, Inc., 6.63%, 05/13/2027(b)(c)
| | 1,543,000 | | 1,549,532 |
Pactiv LLC, 8.38%, 04/15/2027
| | 400,000 | | 424,735 |
Sealed Air Corp., 4.00%, 12/01/2027(b)(c)
| | 1,078,000 | | 1,040,453 |
| | | | | 17,528,280 |
| Distributors-0.57% |
BCPE Empire Holdings, Inc., 7.63%, 05/01/2027(b)
| | 1,667,000 | | 1,636,326 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2027 High Yield Corporate Bond ETF (BSJR)—(continued)
August 31, 2024
| | Principal
Amount | | Value |
| Diversified Consumer Services-1.12% |
Service Corp. International, 4.63%, 12/15/2027
| $ | 1,392,000 | | $ 1,367,218 |
Sotheby’s, 7.38%, 10/15/2027(b)(c)
| | 1,935,000 | | 1,857,497 |
| | | | | 3,224,715 |
| Diversified Telecommunication Services-3.33% |
Altice France S.A. (France), 8.13%, 02/01/2027(b)
| | 4,251,000 | | 3,423,823 |
Frontier Communications Holdings LLC, 5.88%, 10/15/2027(b)(c)
| | 2,903,000 | | 2,895,018 |
Zayo Group Holdings, Inc., 4.00%, 03/01/2027(b)(c)
| | 3,731,000 | | 3,260,740 |
| | | | | 9,579,581 |
| Electric Utilities-1.45% |
NRG Energy, Inc., 6.63%, 01/15/2027
| | 922,000 | | 925,563 |
Vistra Operations Co. LLC, 5.00%, 07/31/2027(b)
| | 3,288,000 | | 3,256,733 |
| | | | | 4,182,296 |
| Electrical Equipment-0.26% |
EnerSys, 4.38%, 12/15/2027(b)
| | 754,000 | | 739,099 |
| Energy Equipment & Services-2.78% |
Enerflex Ltd. (Canada), 9.00%, 10/15/2027(b)
| | 1,581,000 | | 1,642,657 |
Nabors Industries, Inc., 7.38%, 05/15/2027(b)(c)
| | 1,770,000 | | 1,791,964 |
Permian Resources Operating LLC, 8.00%, 04/15/2027(b)
| | 1,392,000 | | 1,438,542 |
USA Compression Partners L.P./USA Compression Finance Corp., 6.88%, 09/01/2027
| | 1,895,000 | | 1,913,569 |
Viridien (France), 8.75%, 04/01/2027(b)(c)
| | 1,260,000 | | 1,210,045 |
| | | | | 7,996,777 |
| Entertainment-1.89% |
| Live Nation Entertainment, Inc. | | | | |
6.50%, 05/15/2027(b)
| | 3,035,000 | | 3,090,088 |
4.75%, 10/15/2027(b)(c)
| | 2,398,000 | | 2,337,739 |
| | | | | 5,427,827 |
| Financial Services-3.84% |
Albion Financing 2 S.a.r.l. (Luxembourg), 8.75%, 04/15/2027(b)(c)
| | 1,140,000 | | 1,166,542 |
Castlelake Aviation Finance DAC, 5.00%, 04/15/2027(b)
| | 1,062,000 | | 1,040,082 |
GGAM Finance Ltd. (Ireland), 8.00%, 02/15/2027(b)(c)
| | 1,770,000 | | 1,846,437 |
LD Holdings Group LLC, 8.75%, 11/01/2027(b)
| | 860,000 | | 802,071 |
Nationstar Mortgage Holdings, Inc., 6.00%, 01/15/2027(b)(c)
| | 1,518,000 | | 1,516,716 |
Oxford Finance LLC/Oxford Finance Co.-Issuer II, Inc., 6.38%, 02/01/2027(b)
| | 1,015,000 | | 1,005,167 |
Pactiv Evergreen Group Issuer, Inc./Pactiv Evergreen Group Issuer LLC, 4.00%, 10/15/2027(b)(c)
| | 2,524,000 | | 2,412,369 |
United Wholesale Mortgage LLC, 5.75%, 06/15/2027(b)
| | 1,267,000 | | 1,263,269 |
| | | | | 11,052,653 |
| | Principal
Amount | | Value |
| Gas Utilities-0.44% |
AmeriGas Partners L.P./AmeriGas Finance Corp., 5.75%, 05/20/2027
| $ | 1,290,000 | | $ 1,261,014 |
| Health Care Equipment & Supplies-0.99% |
Neogen Food Safety Corp., 8.63%, 07/20/2030(b)
| | 890,000 | | 971,940 |
Teleflex, Inc., 4.63%, 11/15/2027
| | 1,267,000 | | 1,243,931 |
Varex Imaging Corp., 7.88%, 10/15/2027(b)
| | 619,000 | | 629,025 |
| | | | | 2,844,896 |
| Health Care Providers & Services-5.82% |
Catalent Pharma Solutions, Inc., 5.00%, 07/15/2027(b)
| | 1,265,000 | | 1,259,290 |
| Community Health Systems, Inc. | | | | |
5.63%, 03/15/2027(b)
| | 4,806,000 | | 4,655,437 |
8.00%, 12/15/2027(b)
| | 1,769,000 | | 1,773,751 |
Legacy LifePoint Health LLC, 4.38%, 02/15/2027(b)(c)
| | 1,518,000 | | 1,482,405 |
| Tenet Healthcare Corp. | | | | |
6.25%, 02/01/2027
| | 3,790,000 | | 3,800,665 |
5.13%, 11/01/2027(c)
| | 3,790,000 | | 3,759,976 |
| | | | | 16,731,524 |
| Health Care REITs-1.05% |
MPT Operating Partnership L.P./MPT Finance Corp., 5.00%, 10/15/2027(c)
| | 3,539,000 | | 3,006,869 |
| Health Care Technology-0.27% |
Cogent Communications Group, Inc./Cogent Communications Finance, Inc., 7.00%, 06/15/2027(b)
| | 760,000 | | 769,556 |
| Hotel & Resort REITs-0.98% |
RHP Hotel Properties L.P./RHP Finance Corp., 4.75%, 10/15/2027
| | 1,769,000 | | 1,734,177 |
Service Properties Trust, 5.50%, 12/15/2027(c)
| | 1,141,000 | | 1,074,471 |
| | | | | 2,808,648 |
| Hotels, Restaurants & Leisure-9.15% |
Academy Ltd., 6.00%, 11/15/2027(b)(c)
| | 1,016,000 | | 1,013,050 |
Affinity Interactive, 6.88%, 12/15/2027(b)
| | 1,376,000 | | 1,180,484 |
Boyd Gaming Corp., 4.75%, 12/01/2027(c)
| | 2,533,000 | | 2,490,299 |
Carnival Corp., 5.75%, 03/01/2027(b)(c)
| | 6,890,000 | | 6,917,126 |
Cedar Fair L.P./Canada’s Wonderland Co./Magnum Management Corp., 5.38%, 04/15/2027
| | 1,267,000 | | 1,261,825 |
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.88%, 04/01/2027(c)
| | 1,518,000 | | 1,510,799 |
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 4.75%, 06/01/2027(b)
| | 1,895,000 | | 1,875,604 |
Lindblad Expeditions LLC, 6.75%, 02/15/2027(b)
| | 913,000 | | 907,767 |
PENN Entertainment, Inc., 5.63%, 01/15/2027(b)(c)
| | 1,015,000 | | 998,930 |
| Sabre GLBL, Inc. | | | | |
8.63%, 06/01/2027(b)(c)
| | 2,281,000 | | 2,194,363 |
11.25%, 12/15/2027(b)(c)
| | 1,389,000 | | 1,407,763 |
Six Flags Entertainment Corp., 5.50%, 04/15/2027(b)(c)
| | 1,267,000 | | 1,258,787 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2027 High Yield Corporate Bond ETF (BSJR)—(continued)
August 31, 2024
| | Principal
Amount | | Value |
| Hotels, Restaurants & Leisure-(continued) |
Travel + Leisure Co., Series J, 6.00%, 04/01/2027
| $ | 1,015,000 | | $ 1,018,389 |
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.25%, 05/15/2027(b)
| | 2,273,000 | | 2,259,303 |
| | | | | 26,294,489 |
| Household Durables-1.45% |
Beazer Homes USA, Inc., 5.88%, 10/15/2027
| | 899,000 | | 897,818 |
Mattamy Group Corp. (Canada), 5.25%, 12/15/2027(b)
| | 1,267,000 | | 1,254,244 |
Newell Brands, Inc., 6.38%, 09/15/2027(c)
| | 1,267,000 | | 1,276,969 |
Tri Pointe Homes, Inc., 5.25%, 06/01/2027
| | 754,000 | | 755,400 |
| | | | | 4,184,431 |
| Household Products-0.27% |
Energizer Holdings, Inc., 6.50%, 12/31/2027(b)
| | 754,000 | | 765,102 |
| Independent Power and Renewable Electricity Producers-0.47% |
NextEra Energy Operating Partners L.P., 4.50%, 09/15/2027(b)(c)
| | 1,392,000 | | 1,345,726 |
| Industrial Conglomerates-1.23% |
Icahn Enterprises L.P./Icahn Enterprises Finance Corp., 5.25%, 05/15/2027
| | 3,658,000 | | 3,538,413 |
| Insurance-1.81% |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer | | | | |
4.25%, 10/15/2027(b)(c)
| | 1,895,000 | | 1,828,131 |
6.75%, 10/15/2027(b)
| | 3,390,000 | | 3,377,950 |
| | | | | 5,206,081 |
| Interactive Media & Services-1.87% |
Match Group Holdings II LLC, 5.00%, 12/15/2027(b)
| | 1,141,000 | | 1,123,437 |
Nexstar Media, Inc., 5.63%, 07/15/2027(b)
| | 4,337,000 | | 4,241,919 |
| | | | | 5,365,356 |
| IT Services-1.14% |
Cablevision Lightpath LLC, 3.88%, 09/15/2027(b)(c)
| | 1,136,000 | | 1,070,088 |
Cogent Communications Group, Inc., 7.00%, 06/15/2027(b)(c)
| | 1,141,000 | | 1,155,986 |
Unisys Corp., 6.88%, 11/01/2027(b)
| | 1,107,000 | | 1,041,445 |
| | | | | 3,267,519 |
| Machinery-1.65% |
Park-Ohio Industries, Inc., 6.63%, 04/15/2027
| | 878,000 | | 849,789 |
TK Elevator U.S. Newco, Inc. (Germany), 5.25%, 07/15/2027(b)
| | 3,940,000 | | 3,881,727 |
| | | | | 4,731,516 |
| Media-10.93% |
Altice Financing S.A. (Luxembourg), 9.63%, 07/15/2027(b)(c)
| | 950,000 | | 910,429 |
| Belo Corp. | | | | |
7.75%, 06/01/2027
| | 502,000 | | 517,120 |
7.25%, 09/15/2027
| | 605,000 | | 617,346 |
CCO Holdings LLC/CCO Holdings Capital Corp., 5.13%, 05/01/2027(b)(c)
| | 8,221,000 | | 8,063,693 |
| | Principal
Amount | | Value |
| Media-(continued) |
Clear Channel Outdoor Holdings, Inc., 5.13%, 08/15/2027(b)(c)
| $ | 3,162,000 | | $ 3,091,557 |
CSC Holdings LLC, 5.50%, 04/15/2027(b)
| | 3,260,000 | | 2,672,260 |
DISH Network Corp., 11.75%, 11/15/2027(b)
| | 8,508,000 | | 8,658,038 |
Odeon Finco PLC (United Kingdom), 12.75%, 11/01/2027(b)(c)
| | 1,010,000 | | 1,054,102 |
Sinclair Television Group, Inc., 5.13%, 02/15/2027(b)
| | 660,000 | | 568,917 |
Sirius XM Radio, Inc., 5.00%, 08/01/2027(b)
| | 3,790,000 | | 3,708,521 |
Ziggo Bond Co. B.V. (Netherlands), 6.00%, 01/15/2027(b)
| | 1,580,000 | | 1,576,450 |
| | | | | 31,438,433 |
| Metals & Mining-0.79% |
Compass Minerals International, Inc., 6.75%, 12/01/2027(b)(c)
| | 1,267,000 | | 1,235,908 |
New Gold, Inc. (Canada), 7.50%, 07/15/2027(b)
| | 1,015,000 | | 1,025,476 |
| | | | | 2,261,384 |
| Mortgage REITs-1.21% |
Blackstone Mortgage Trust, Inc., 3.75%, 01/15/2027(b)
| | 796,000 | | 746,077 |
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 4.25%, 02/01/2027(b)
| | 1,544,000 | | 1,499,853 |
Starwood Property Trust, Inc., 4.38%, 01/15/2027(b)(c)
| | 1,267,000 | | 1,231,990 |
| | | | | 3,477,920 |
| Oil, Gas & Consumable Fuels-7.31% |
Ascent Resources Utica Holdings LLC/ARU Finance Corp., 9.00%, 11/01/2027(b)
| | 777,000 | | 950,363 |
Calumet Specialty Products Partners L.P./Calumet Finance Corp., 8.13%, 01/15/2027(b)
| | 825,000 | | 798,971 |
EnQuest PLC (United Kingdom), 11.63%, 11/01/2027(b)(c)
| | 770,000 | | 795,545 |
EQM Midstream Partners L.P., 6.50%, 07/01/2027(b)
| | 2,012,000 | | 2,063,541 |
FTAI Infra Escrow Holdings LLC, 10.50%, 06/01/2027(b)
| | 1,518,000 | | 1,628,834 |
Genesis Energy L.P./Genesis Energy Finance Corp., 8.00%, 01/15/2027
| | 2,479,000 | | 2,540,107 |
Murphy Oil Corp., 5.88%, 12/01/2027(c)
| | 1,054,000 | | 1,059,393 |
Murphy Oil USA, Inc., 5.63%, 05/01/2027
| | 754,000 | | 750,692 |
NuStar Logistics L.P., 5.63%, 04/28/2027
| | 1,392,000 | | 1,396,751 |
Parkland Corp. (Canada), 5.88%, 07/15/2027(b)(c)
| | 1,267,000 | | 1,268,267 |
SM Energy Co., 6.63%, 01/15/2027(c)
| | 1,058,000 | | 1,063,355 |
Tallgrass Energy Partners L.P./Tallgrass Energy Finance Corp., 6.00%, 03/01/2027(b)
| | 1,085,000 | | 1,082,782 |
Venture Global LNG, Inc., 9.88%, 02/01/2032(b)(c)
| | 5,060,000 | | 5,624,822 |
| | | | | 21,023,423 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2027 High Yield Corporate Bond ETF (BSJR)—(continued)
August 31, 2024
| | Principal
Amount | | Value |
| Passenger Airlines-0.46% |
Allegiant Travel Co., 7.25%, 08/15/2027(b)(c)
| $ | 1,393,000 | | $ 1,323,537 |
| Pharmaceuticals-0.72% |
Bausch Health Cos., Inc., 6.13%, 02/01/2027(b)
| | 2,430,000 | | 2,077,407 |
| Professional Services-0.77% |
AMN Healthcare, Inc., 4.63%, 10/01/2027(b)(c)
| | 1,267,000 | | 1,238,699 |
Korn Ferry, 4.63%, 12/15/2027(b)
| | 1,012,000 | | 990,539 |
| | | | | 2,229,238 |
| Retail REITs-0.63% |
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC, 4.50%, 04/01/2027(b)(c)
| | 1,879,000 | | 1,813,322 |
| Software-0.81% |
Gen Digital, Inc., 6.75%, 09/30/2027(b)
| | 2,272,000 | | 2,328,986 |
| Specialized REITs-2.14% |
Iron Mountain, Inc., 4.88%, 09/15/2027(b)(c)
| | 2,525,000 | | 2,481,598 |
SBA Communications Corp., 3.88%, 02/15/2027(c)
| | 3,786,000 | | 3,666,988 |
| | | | | 6,148,586 |
| Specialty Retail-0.69% |
JELD-WEN, Inc., 4.88%, 12/15/2027(b)(c)
| | 1,015,000 | | 982,468 |
Lithia Motors, Inc., 4.63%, 12/15/2027(b)
| | 1,015,000 | | 991,945 |
| | | | | 1,974,413 |
| Technology Hardware, Storage & Peripherals-1.20% |
| Seagate HDD Cayman | | | | |
4.88%, 06/01/2027(c)
| | 1,275,000 | | 1,270,311 |
9.63%, 12/01/2032(c)
| | 1,900,000 | | 2,192,332 |
| | | | | 3,462,643 |
| | Principal
Amount | | Value |
| Trading Companies & Distributors-1.05% |
Herc Holdings, Inc., 5.50%, 07/15/2027(b)(c)
| $ | 3,036,000 | | $ 3,016,472 |
Total U.S. Dollar Denominated Bonds & Notes
(Cost $279,327,498)
| | 283,303,880 |
| | Shares | | |
| Money Market Funds-0.43% |
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(e)(f)
(Cost $1,229,587)
| | 1,229,587 | | 1,229,587 |
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-98.96%
(Cost $280,557,085)
| | 284,533,467 |
Investments Purchased with Cash Collateral
from Securities on Loan |
| Money Market Funds-24.69% |
Invesco Private Government Fund, 5.28%(e)(f)(g)
| | 19,664,998 | | 19,664,998 |
Invesco Private Prime Fund, 5.46%(e)(f)(g)
| | 51,295,612 | | 51,316,130 |
Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $70,976,927)
| | 70,981,128 |
TOTAL INVESTMENTS IN SECURITIES-123.65%
(Cost $351,534,012)
| | 355,514,595 |
OTHER ASSETS LESS LIABILITIES-(23.65)%
| | (68,001,009) |
NET ASSETS-100.00%
| | $287,513,586 |
| Investment Abbreviations: |
| REIT | -Real Estate Investment Trust |
| Notes to Schedule of Investments: |
| (a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
| (b) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2024 was $214,912,163, which represented 74.75% of the Fund’s Net Assets. |
| (c) | All or a portion of this security was out on loan at August 31, 2024. |
| (d) | Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put. |
| (e) | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024. |
| | Value
August 31, 2023 | | Purchases
at Cost | | Proceeds
from Sales | | Change in
Unrealized
Appreciation | | Realized
Gain | | Value
August 31, 2024 | | Dividend
Income |
| Investments in Affiliated Money Market Funds: | | | | | | | | | | | | | |
| Invesco Government & Agency Portfolio, Institutional Class | $775,448 | | $29,819,785 | | $(29,365,646) | | $- | | $- | | $1,229,587 | | $74,019 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2027 High Yield Corporate Bond ETF (BSJR)—(continued)
August 31, 2024
| | Value
August 31, 2023 | | Purchases
at Cost | | Proceeds
from Sales | | Change in
Unrealized
Appreciation | | Realized
Gain | | Value
August 31, 2024 | | Dividend
Income |
| Investments Purchased with Cash Collateral from Securities on Loan: | | | | | | | | | | | | | |
| Invesco Private Government Fund | $7,741,004 | | $83,016,460 | | $(71,092,466) | | $- | | $- | | $19,664,998 | | $672,253* |
| Invesco Private Prime Fund | 19,905,247 | | 164,136,519 | | (132,731,691) | | 4,201 | | 1,854 | | 51,316,130 | | 1,821,731* |
| Total | $28,421,699 | | $276,972,764 | | $(233,189,803) | | $4,201 | | $1,854 | | $72,210,715 | | $2,568,003 |
| * | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
| (f) | The rate shown is the 7-day SEC standardized yield as of August 31, 2024. |
| (g) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2028 High Yield Corporate Bond ETF (BSJS)
August 31, 2024
Schedule of Investments(a)
| | Principal
Amount | | Value |
| U.S. Dollar Denominated Bonds & Notes-98.16% |
| Aerospace & Defense-2.79% |
Bombardier, Inc. (Canada), 6.00%, 02/15/2028(b)
| $ | 1,110,000 | | $ 1,111,647 |
BWX Technologies, Inc., 4.13%, 06/30/2028(b)
| | 586,000 | | 566,037 |
Spirit AeroSystems, Inc., 4.60%, 06/15/2028
| | 1,030,000 | | 985,154 |
TransDigm, Inc., 6.75%, 08/15/2028(b)
| | 3,100,000 | | 3,191,134 |
Triumph Group, Inc., 9.00%, 03/15/2028(b)
| | 1,416,000 | | 1,497,168 |
| | | | | 7,351,140 |
| Automobile Components-4.09% |
American Axle & Manufacturing, Inc., 6.88%, 07/01/2028
| | 590,000 | | 593,395 |
ANGI Group LLC, 3.88%, 08/15/2028(b)(c)
| | 739,000 | | 671,208 |
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 4.75%, 04/01/2028(b)(c)
| | 720,000 | | 668,390 |
Clarios Global L.P./Clarios US Finance Co., 6.75%, 05/15/2028(b)(c)
| | 1,105,000 | | 1,137,065 |
Dana, Inc., 5.63%, 06/15/2028(c)
| | 590,000 | | 582,037 |
Dealer Tire LLC/DT Issuer LLC, 8.00%, 02/01/2028(b)
| | 740,000 | | 744,303 |
GrafTech Global Enterprises, Inc., 9.88%, 12/15/2028(b)(c)
| | 540,000 | | 433,965 |
Tenneco, Inc., 8.00%, 11/17/2028(b)
| | 2,800,000 | | 2,620,466 |
United Rentals (North America), Inc., 4.88%, 01/15/2028(c)
| | 2,460,000 | | 2,428,439 |
ZF North America Capital, Inc. (Germany), 6.88%, 04/14/2028(b)
| | 890,000 | | 920,251 |
| | | | | 10,799,519 |
| Automobiles-0.48% |
Jaguar Land Rover Automotive PLC (United Kingdom), 5.88%, 01/15/2028(b)
| | 815,000 | | 818,501 |
Winnebago Industries, Inc., 6.25%, 07/15/2028(b)
| | 440,000 | | 438,650 |
| | | | | 1,257,151 |
| Banks-0.49% |
Freedom Mortgage Corp., 12.00%, 10/01/2028(b)
| | 1,183,000 | | 1,288,999 |
| Biotechnology-0.55% |
Emergent BioSolutions, Inc., 3.88%, 08/15/2028(b)
| | 660,000 | | 490,791 |
Grifols S.A. (Spain), 4.75%, 10/15/2028(b)(c)
| | 1,002,000 | | 952,704 |
| | | | | 1,443,495 |
| Broadline Retail-0.21% |
QVC, Inc., 4.38%, 09/01/2028(c)
| | 740,000 | | 557,699 |
| Building Products-1.11% |
Adams Homes, Inc., 9.25%, 10/15/2028(b)
| | 587,000 | | 618,829 |
AmeriTex HoldCo Intermediate LLC, 10.25%, 10/15/2028(b)
| | 778,000 | | 828,675 |
| | Principal
Amount | | Value |
| Building Products-(continued) |
New Enterprise Stone & Lime Co., Inc., 5.25%, 07/15/2028(b)
| $ | 867,000 | | $ 840,903 |
Shea Homes L.P./Shea Homes Funding Corp., 4.75%, 02/15/2028
| | 660,000 | | 647,761 |
| | | | | 2,936,168 |
| Capital Markets-0.49% |
Coinbase Global, Inc., 3.38%, 10/01/2028(b)
| | 1,478,000 | | 1,298,546 |
| Chemicals-5.89% |
Calderys Financing LLC (France), 11.25%, 06/01/2028(b)
| | 810,000 | | 879,270 |
Chemours Co. (The), 5.75%, 11/15/2028(b)(c)
| | 1,150,000 | | 1,078,937 |
Consolidated Energy Finance S.A. (Switzerland), 5.63%, 10/15/2028(b)
| | 773,000 | | 627,727 |
CVR Partners L.P./CVR Nitrogen Finance Corp., 6.13%, 06/15/2028(b)
| | 810,000 | | 787,010 |
Element Solutions, Inc., 3.88%, 09/01/2028(b)
| | 1,183,000 | | 1,119,709 |
HB Fuller Co., 4.25%, 10/15/2028
| | 441,000 | | 420,528 |
Herens Holdco S.a.r.l. (Luxembourg), 4.75%, 05/15/2028(b)
| | 515,000 | | 450,449 |
Illuminate Buyer LLC/Illuminate Holdings IV, Inc., 9.00%, 07/01/2028(b)
| | 680,000 | | 689,405 |
Ingevity Corp., 3.88%, 11/01/2028(b)(c)
| | 810,000 | | 752,268 |
Innophos Holdings, Inc., 9.38%, 02/15/2028(b)
| | 405,000 | | 381,008 |
Iris Holding, Inc., 10.00%, 12/15/2028(b)
| | 590,000 | | 504,534 |
LSB Industries, Inc., 6.25%, 10/15/2028(b)
| | 710,000 | | 696,383 |
Minerals Technologies, Inc., 5.00%, 07/01/2028(b)
| | 591,000 | | 574,009 |
NOVA Chemicals Corp. (Canada), 8.50%, 11/15/2028(b)(c)
| | 590,000 | | 629,758 |
| Olympus Water US Holding Corp. | | | | |
4.25%, 10/01/2028(b)(c)
| | 1,206,000 | | 1,133,908 |
9.75%, 11/15/2028(b)
| | 2,530,000 | | 2,698,088 |
SCIH Salt Holdings, Inc., 4.88%, 05/01/2028(b)
| | 1,620,000 | | 1,545,358 |
Weekley Homes LLC/Weekley Finance Corp., 4.88%, 09/15/2028(b)
| | 593,000 | | 577,871 |
| | | | | 15,546,220 |
| Commercial Services & Supplies-3.76% |
| Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 S.a.r.l. | | | | |
4.63%, 06/01/2028(b)
| | 1,140,000 | | 1,056,822 |
4.63%, 06/01/2028(b)
| | 1,810,000 | | 1,680,654 |
Garda World Security Corp. (Canada), 7.75%, 02/15/2028(b)(c)
| | 587,000 | | 616,219 |
| GFL Environmental, Inc. | | | | |
4.00%, 08/01/2028(b)
| | 1,110,000 | | 1,059,134 |
3.50%, 09/01/2028(b)
| | 1,105,000 | | 1,045,823 |
Interface, Inc., 5.50%, 12/01/2028(b)
| | 440,000 | | 431,444 |
Madison IAQ LLC, 4.13%, 06/30/2028(b)(c)
| | 1,028,000 | | 979,011 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2028 High Yield Corporate Bond ETF (BSJS)—(continued)
August 31, 2024
| | Principal
Amount | | Value |
| Commercial Services & Supplies-(continued) |
MPH Acquisition Holdings LLC, 5.50%, 09/01/2028(b)
| $ | 1,550,000 | | $ 1,144,135 |
Prime Security Services Borrower LLC/Prime Finance, Inc., 6.25%, 01/15/2028(b)(c)
| | 1,920,000 | | 1,914,418 |
| | | | | 9,927,660 |
| Communications Equipment-0.19% |
Viasat, Inc., 6.50%, 07/15/2028(b)(c)
| | 592,000 | | 494,572 |
| Construction & Engineering-0.89% |
Fluor Corp., 4.25%, 09/15/2028
| | 840,000 | | 815,471 |
Pike Corp., 5.50%, 09/01/2028(b)
| | 1,074,000 | | 1,047,062 |
Railworks Holdings L.P./Railworks Rally, Inc., 8.25%, 11/15/2028(b)
| | 477,000 | | 489,825 |
| | | | | 2,352,358 |
| Construction Materials-0.67% |
Camelot Return Merger Sub, Inc., 8.75%, 08/01/2028(b)(c)
| | 1,052,000 | | 1,044,810 |
Williams Scotsman, Inc., 4.63%, 08/15/2028(b)
| | 740,000 | | 716,295 |
| | | | | 1,761,105 |
| Consumer Finance-2.00% |
Credit Acceptance Corp., 9.25%, 12/15/2028(b)
| | 890,000 | | 957,847 |
Enova International, Inc., 11.25%, 12/15/2028(b)
| | 590,000 | | 635,166 |
FirstCash, Inc., 4.63%, 09/01/2028(b)
| | 740,000 | | 709,618 |
goeasy Ltd. (Canada), 9.25%, 12/01/2028(b)(c)
| | 813,000 | | 875,009 |
Navient Corp., 4.88%, 03/15/2028(c)
| | 720,000 | | 685,916 |
OneMain Finance Corp., 3.88%, 09/15/2028
| | 890,000 | | 820,483 |
PRA Group, Inc., 8.38%, 02/01/2028(b)
| | 590,000 | | 602,623 |
| | | | | 5,286,662 |
| Consumer Staples Distribution & Retail-1.86% |
Albertson’s Cos., Inc./Safeway, Inc./New Albertson’s L.P./Albertson’s LLC, 6.50%, 02/15/2028(b)(c)
| | 1,010,000 | | 1,024,110 |
Aramark Services, Inc., 5.00%, 02/01/2028(b)(c)
| | 1,695,000 | | 1,664,265 |
C&S Group Enterprises LLC, 5.00%, 12/15/2028(b)
| | 569,000 | | 432,613 |
GPS Hospitality Holding Co. LLC/GPS Finco, Inc., 7.00%, 08/15/2028(b)
| | 547,000 | | 331,125 |
United Natural Foods, Inc., 6.75%, 10/15/2028(b)
| | 741,000 | | 696,761 |
US Foods, Inc., 6.88%, 09/15/2028(b)
| | 740,000 | | 770,693 |
| | | | | 4,919,567 |
| Containers & Packaging-3.70% |
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, 3.25%, 09/01/2028(b)
| | 882,000 | | 801,154 |
Ball Corp., 6.88%, 03/15/2028
| | 1,110,000 | | 1,150,020 |
Cascades, Inc./Cascades USA, Inc. (Canada), 5.38%, 01/15/2028(b)
| | 660,000 | | 645,221 |
Graham Packaging Co., Inc., 7.13%, 08/15/2028(b)
| | 752,000 | | 743,755 |
| | Principal
Amount | | Value |
| Containers & Packaging-(continued) |
Graphic Packaging International LLC, 3.50%, 03/15/2028(b)
| $ | 661,000 | | $ 625,518 |
Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC (Canada), 6.00%, 09/15/2028(b)(c)
| | 1,012,000 | | 995,401 |
| LABL, Inc. | | | | |
5.88%, 11/01/2028(b)
| | 740,000 | | 683,985 |
9.50%, 11/01/2028(b)
| | 440,000 | | 450,236 |
Pactiv Evergreen Group Issuer LLC/Pactiv Evergreen Group Issuer, Inc., 4.38%, 10/15/2028(b)(c)
| | 723,000 | | 687,596 |
Sealed Air Corp., 6.13%, 02/01/2028(b)(c)
| | 1,142,000 | | 1,161,147 |
Silgan Holdings, Inc., 4.13%, 02/01/2028(c)
| | 840,000 | | 812,247 |
Trident TPI Holdings, Inc., 12.75%, 12/31/2028(b)
| | 910,000 | | 999,408 |
| | | | | 9,755,688 |
| Diversified Consumer Services-0.22% |
Adtalem Global Education, Inc., 5.50%, 03/01/2028(b)
| | 595,000 | | 585,737 |
| Diversified REITs-2.12% |
| Uniti Group L.P./Uniti Group Finance, Inc./CSL Capital LLC | | | | |
10.50%, 02/15/2028(b)
| | 4,280,000 | | 4,396,228 |
4.75%, 04/15/2028(b)
| | 840,000 | | 739,719 |
Series MAY, 10.50%, 02/15/2028(b)
| | 440,000 | | 451,948 |
| | | | | 5,587,895 |
| Diversified Telecommunication Services-3.76% |
Altice France S.A. (France), 5.50%, 01/15/2028(b)
| | 1,584,000 | | 1,129,176 |
| Consolidated Communications, Inc. | | | | |
5.00%, 10/01/2028(b)
| | 590,000 | | 517,822 |
6.50%, 10/01/2028(b)
| | 1,110,000 | | 1,018,706 |
Frontier Communications Holdings LLC, 5.00%, 05/01/2028(b)(c)
| | 2,290,000 | | 2,225,822 |
Iliad Holding S.A.S. (France), 7.00%, 10/15/2028(b)
| | 1,265,000 | | 1,284,981 |
Level 3 Financing, Inc., 4.25%, 07/01/2028(b)
| | 700,000 | | 495,299 |
Windstream Escrow LLC/Windstream Escrow Finance Corp., 7.75%, 08/15/2028(b)
| | 2,062,000 | | 2,014,947 |
Zayo Group Holdings, Inc., 6.13%, 03/01/2028(b)
| | 1,598,000 | | 1,237,036 |
| | | | | 9,923,789 |
| Electric Utilities-0.89% |
Pattern Energy Operations L.P./Pattern Energy Operations, Inc., 4.50%, 08/15/2028(b)
| | 940,000 | | 904,744 |
PG&E Corp., 5.00%, 07/01/2028(c)
| | 1,480,000 | | 1,450,819 |
| | | | | 2,355,563 |
| Electrical Equipment-0.46% |
Vertiv Group Corp., 4.13%, 11/15/2028(b)
| | 1,250,000 | | 1,200,731 |
| Energy Equipment & Services-1.66% |
Archrock Partners L.P./Archrock Partners Finance Corp., 6.25%, 04/01/2028(b)
| | 1,180,000 | | 1,185,951 |
Bristow Group, Inc., 6.88%, 03/01/2028(b)
| | 592,000 | | 594,942 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2028 High Yield Corporate Bond ETF (BSJS)—(continued)
August 31, 2024
| | Principal
Amount | | Value |
| Energy Equipment & Services-(continued) |
Delek Logistics Partners L.P./Delek Logistics Finance Corp., 7.13%, 06/01/2028(b)
| $ | 590,000 | | $ 595,008 |
Harvest Midstream I L.P., 7.50%, 09/01/2028(b)
| | 1,180,000 | | 1,211,074 |
Oceaneering International, Inc., 6.00%, 02/01/2028
| | 296,000 | | 300,093 |
Transocean Aquila Ltd., 8.00%, 09/30/2028(b)
| | 480,000 | | 495,001 |
| | | | | 4,382,069 |
| Entertainment-0.69% |
Cinemark USA, Inc., 5.25%, 07/15/2028(b)(c)
| | 1,133,000 | | 1,113,963 |
Live Nation Entertainment, Inc., 3.75%, 01/15/2028(b)
| | 740,000 | | 702,957 |
| | | | | 1,816,920 |
| Financial Services-3.59% |
AG Issuer LLC, 6.25%, 03/01/2028(b)
| | 735,000 | | 718,479 |
Burford Capital Global Finance LLC, 6.25%, 04/15/2028(b)
| | 595,000 | | 589,247 |
eG Global Finance PLC (United Kingdom), 12.00%, 11/30/2028(b)(c)
| | 1,623,000 | | 1,772,199 |
GGAM Finance Ltd. (Ireland), 8.00%, 06/15/2028(b)(c)
| | 883,000 | | 944,426 |
Jefferies Finance LLC/JFIN Co-Issuer Corp., 5.00%, 08/15/2028(b)
| | 1,470,000 | | 1,398,194 |
LD Holdings Group LLC, 6.13%, 04/01/2028(b)
| | 890,000 | | 752,766 |
Midcap Financial Issuer Trust, 6.50%, 05/01/2028(b)
| | 1,480,000 | | 1,421,908 |
Nationstar Mortgage Holdings, Inc., 5.50%, 08/15/2028(b)
| | 1,250,000 | | 1,228,614 |
Werner FinCo L.P./Werner FinCo, Inc., 11.50%, 06/15/2028(b)
| | 593,000 | | 653,970 |
| | | | | 9,479,803 |
| Food Products-1.79% |
B&G Foods, Inc., 8.00%, 09/15/2028(b)
| | 1,180,000 | | 1,228,247 |
Chobani LLC/Chobani Finance Corp., Inc., 4.63%, 11/15/2028(b)
| | 623,000 | | 602,715 |
Lamb Weston Holdings, Inc., 4.88%, 05/15/2028(b)(c)
| | 737,000 | | 726,024 |
Post Holdings, Inc., 5.63%, 01/15/2028(b)
| | 865,000 | | 863,711 |
TKC Holdings, Inc., 6.88%, 05/15/2028(b)(c)
| | 631,000 | | 628,712 |
TreeHouse Foods, Inc., 4.00%, 09/01/2028(c)
| | 740,000 | | 684,970 |
| | | | | 4,734,379 |
| Gas Utilities-0.29% |
AmeriGas Partners L.P./AmeriGas Finance Corp., 9.38%, 06/01/2028(b)
| | 730,000 | | 767,051 |
| Health Care Equipment & Supplies-1.29% |
Bausch & Lomb Corp., 8.38%, 10/01/2028(b)
| | 2,010,000 | | 2,113,445 |
Hologic, Inc., 4.63%, 02/01/2028(b)(c)
| | 590,000 | | 576,752 |
Teleflex, Inc., 4.25%, 06/01/2028(b)
| | 740,000 | | 711,871 |
| | | | | 3,402,068 |
| | Principal
Amount | | Value |
| Health Care Providers & Services-3.68% |
Acadia Healthcare Co., Inc., 5.50%, 07/01/2028(b)
| $ | 660,000 | | $ 656,422 |
Avantor Funding, Inc., 4.63%, 07/15/2028(b)
| | 2,289,000 | | 2,229,918 |
Cano Health LLC, 6.25%, 10/01/2028(b)(d)(e)
| | 100,000 | | 425 |
Heartland Dental LLC/Heartland Dental Finance Corp., 10.50%, 04/30/2028(b)
| | 1,030,000 | | 1,104,466 |
Molina Healthcare, Inc., 4.38%, 06/15/2028(b)
| | 1,180,000 | | 1,136,266 |
| Tenet Healthcare Corp. | | | | |
4.63%, 06/15/2028(c)
| | 890,000 | | 870,382 |
6.13%, 10/01/2028(c)
| | 3,692,000 | | 3,702,208 |
| | | | | 9,700,087 |
| Health Care REITs-0.46% |
CTR Partnership L.P./CareTrust Capital Corp., 3.88%, 06/30/2028(b)
| | 590,000 | | 555,546 |
Diversified Healthcare Trust, 4.75%, 02/15/2028
| | 740,000 | | 650,995 |
| | | | | 1,206,541 |
| Hotel & Resort REITs-0.64% |
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, 5.88%, 10/01/2028(b)
| | 1,070,000 | | 1,065,421 |
RHP Hotel Properties L.P./RHP Finance Corp., 7.25%, 07/15/2028(b)
| | 590,000 | | 614,031 |
| | | | | 1,679,452 |
| Hotels, Restaurants & Leisure-3.45% |
1011778 BC ULC/New Red Finance, Inc. (Canada), 4.38%, 01/15/2028(b)
| | 1,110,000 | | 1,076,461 |
Acushnet Co., 7.38%, 10/15/2028(b)
| | 512,000 | | 538,576 |
Cedar Fair L.P./Canada’s Wonderland Co./Magnum Management Corp., 6.50%, 10/01/2028
| | 440,000 | | 447,239 |
Churchill Downs, Inc., 4.75%, 01/15/2028(b)(c)
| | 1,031,000 | | 1,006,158 |
Full House Resorts, Inc., 8.25%, 02/15/2028(b)
| | 602,000 | | 597,736 |
Hilton Domestic Operating Co., Inc., 5.75%, 05/01/2028(b)(c)
| | 740,000 | | 741,823 |
Light & Wonder International, Inc., 7.00%, 05/15/2028(b)
| | 1,030,000 | | 1,042,275 |
Lindblad Expeditions Holdings, Inc., 9.00%, 05/15/2028(b)
| | 410,000 | | 426,308 |
Marriott Ownership Resorts, Inc., 4.75%, 01/15/2028(c)
| | 513,000 | | 490,677 |
MGM Resorts International, 4.75%, 10/15/2028(c)
| | 1,108,000 | | 1,079,297 |
Station Casinos LLC, 4.50%, 02/15/2028(b)
| | 1,020,000 | | 979,603 |
Wyndham Hotels & Resorts, Inc., 4.38%, 08/15/2028(b)
| | 719,000 | | 688,755 |
| | | | | 9,114,908 |
| Household Durables-1.25% |
CP Atlas Buyer, Inc., 7.00%, 12/01/2028(b)
| | 751,000 | | 647,332 |
Dream Finders Homes, Inc., 8.25%, 08/15/2028(b)
| | 440,000 | | 466,284 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2028 High Yield Corporate Bond ETF (BSJS)—(continued)
August 31, 2024
| | Principal
Amount | | Value |
| Household Durables-(continued) |
Installed Building Products, Inc., 5.75%, 02/01/2028(b)
| $ | 440,000 | | $ 437,131 |
LGI Homes, Inc., 8.75%, 12/15/2028(b)
| | 594,000 | | 633,249 |
M/I Homes, Inc., 4.95%, 02/01/2028
| | 590,000 | | 580,143 |
Tri Pointe Homes, Inc., 5.70%, 06/15/2028
| | 519,000 | | 524,813 |
| | | | | 3,288,952 |
| Household Products-0.70% |
Central Garden & Pet Co., 5.13%, 02/01/2028(c)
| | 440,000 | | 434,926 |
Energizer Holdings, Inc., 4.75%, 06/15/2028(b)(c)
| | 862,000 | | 831,677 |
Prestige Brands, Inc., 5.13%, 01/15/2028(b)
| | 590,000 | | 581,957 |
| | | | | 1,848,560 |
| Independent Power and Renewable Electricity Producers-2.72% |
Atlantica Sustainable Infrastructure PLC (Spain), 4.13%, 06/15/2028(b)
| | 587,000 | | 582,057 |
| Calpine Corp. | | | | |
4.50%, 02/15/2028(b)
| | 1,845,000 | | 1,790,923 |
5.13%, 03/15/2028(b)
| | 2,070,000 | | 2,021,356 |
Clearway Energy Operating LLC, 4.75%, 03/15/2028(b)
| | 1,250,000 | | 1,215,500 |
Sunnova Energy Corp., 11.75%, 10/01/2028(b)
| | 600,000 | | 557,634 |
TerraForm Power Operating LLC, 5.00%, 01/31/2028(b)
| | 1,030,000 | | 1,011,391 |
| | | | | 7,178,861 |
| Insurance-0.71% |
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 6.75%, 04/15/2028(b)
| | 1,840,000 | | 1,875,904 |
| Interactive Media & Services-1.02% |
Cars.com, Inc., 6.38%, 11/01/2028(b)
| | 590,000 | | 587,019 |
Match Group Holdings II LLC, 4.63%, 06/01/2028(b)
| | 738,000 | | 710,276 |
Nexstar Media, Inc., 4.75%, 11/01/2028(b)(c)
| | 1,479,000 | | 1,383,481 |
| | | | | 2,680,776 |
| IT Services-2.69% |
Acuris Finance US, Inc./Acuris Finance S.a.r.l., 5.00%, 05/01/2028(b)
| | 514,000 | | 460,654 |
Ahead DB Holdings LLC, 6.63%, 05/01/2028(b)
| | 588,000 | | 566,000 |
Arches Buyer, Inc., 4.25%, 06/01/2028(b)
| | 1,400,000 | | 1,280,677 |
ASGN, Inc., 4.63%, 05/15/2028(b)
| | 810,000 | | 783,845 |
Cablevision Lightpath LLC, 5.63%, 09/15/2028(b)
| | 610,000 | | 553,936 |
EquipmentShare.com, Inc., 9.00%, 05/15/2028(b)
| | 1,530,000 | | 1,592,641 |
ION Trading Technologies S.a.r.l. (Luxembourg), 5.75%, 05/15/2028(b)
| | 660,000 | | 624,265 |
Newfold Digital Holdings Group, Inc., 11.75%, 10/15/2028(b)
| | 760,000 | | 755,617 |
Virtusa Corp., 7.13%, 12/15/2028(b)
| | 514,000 | | 484,186 |
| | | | | 7,101,821 |
| | Principal
Amount | | Value |
| Machinery-1.65% |
ATS Corp. (Canada), 4.13%, 12/15/2028(b)(c)
| $ | 520,000 | | $ 487,110 |
GrafTech Finance, Inc., 4.63%, 12/15/2028(b)(c)
| | 712,000 | | 477,483 |
Maxim Crane Works Holdings Capital, LLC, 11.50%, 09/01/2028(b)
| | 733,000 | | 764,420 |
Titan International, Inc., 7.00%, 04/30/2028
| | 590,000 | | 577,440 |
TK Elevator Holdco GmbH (Germany), 7.63%, 07/15/2028(b)
| | 586,000 | | 587,385 |
Trinity Industries, Inc., 7.75%, 07/15/2028(b)
| | 883,000 | | 925,842 |
Wabash National Corp., 4.50%, 10/15/2028(b)
| | 590,000 | | 543,887 |
| | | | | 4,363,567 |
| Media-8.83% |
Advantage Sales & Marketing, Inc., 6.50%, 11/15/2028(b)
| | 981,000 | | 920,611 |
CCO Holdings LLC/CCO Holdings Capital Corp., 5.00%, 02/01/2028(b)
| | 3,685,000 | | 3,553,745 |
| Clear Channel Outdoor Holdings, Inc. | | | | |
7.75%, 04/15/2028(b)
| | 1,471,000 | | 1,283,534 |
9.00%, 09/15/2028(b)(c)
| | 1,110,000 | | 1,180,921 |
| CSC Holdings LLC | | | | |
5.38%, 02/01/2028(b)
| | 1,440,000 | | 1,108,707 |
11.25%, 05/15/2028(b)
| | 1,430,000 | | 1,272,211 |
DISH DBS Corp., 5.75%, 12/01/2028(b)
| | 3,600,000 | | 2,776,618 |
GCI LLC, 4.75%, 10/15/2028(b)
| | 882,000 | | 837,661 |
Lamar Media Corp., 3.75%, 02/15/2028(c)
| | 881,000 | | 844,924 |
McGraw-Hill Education, Inc., 5.75%, 08/01/2028(b)
| | 1,219,000 | | 1,195,971 |
Sirius XM Radio, Inc., 4.00%, 07/15/2028(b)
| | 2,950,000 | | 2,766,056 |
Sunrise HoldCo IV B.V. (Netherlands), 5.50%, 01/15/2028(b)(c)
| | 670,000 | | 661,639 |
TEGNA, Inc., 4.63%, 03/15/2028
| | 1,480,000 | | 1,396,624 |
Univision Communications, Inc., 8.00%, 08/15/2028(b)
| | 2,125,000 | | 2,151,658 |
Urban One, Inc., 7.38%, 02/01/2028(b)(c)
| | 870,000 | | 633,380 |
Virgin Media Vendor Financing Notes IV DAC (United Kingdom), 5.00%, 07/15/2028(b)(c)
| | 740,000 | | 702,419 |
| | | | | 23,286,679 |
| Metals & Mining-0.67% |
Century Aluminum Co., 7.50%, 04/01/2028(b)
| | 370,000 | | 378,012 |
Constellium SE, 5.63%, 06/15/2028(b)
| | 484,000 | | 480,667 |
Kaiser Aluminum Corp., 4.63%, 03/01/2028(b)
| | 721,000 | | 685,469 |
Warrior Met Coal, Inc., 7.88%, 12/01/2028(b)
| | 226,000 | | 233,787 |
| | | | | 1,777,935 |
| Oil, Gas & Consumable Fuels-7.75% |
Ascent Resources Utica Holdings LLC/ARU Finance Corp., 8.25%, 12/31/2028(b)
| | 760,000 | | 781,488 |
Calumet Specialty Products Partners L.P./Calumet Finance Corp., 9.75%, 07/15/2028(b)
| | 480,000 | | 472,340 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2028 High Yield Corporate Bond ETF (BSJS)—(continued)
August 31, 2024
| | Principal
Amount | | Value |
| Oil, Gas & Consumable Fuels-(continued) |
Civitas Resources, Inc., 8.38%, 07/01/2028(b)
| $ | 1,989,000 | | $ 2,099,417 |
Conuma Resources Ltd. (Canada), 13.13%, 05/01/2028(b)
| | 315,000 | | 322,897 |
Crescent Energy Finance LLC, 9.25%, 02/15/2028(b)
| | 1,470,000 | | 1,559,645 |
CVR Energy, Inc., 5.75%, 02/15/2028(b)
| | 590,000 | | 559,304 |
Encino Acquisition Partners Holdings LLC, 8.50%, 05/01/2028(b)
| | 1,035,000 | | 1,070,323 |
EQM Midstream Partners L.P., 5.50%, 07/15/2028
| | 1,198,000 | | 1,206,960 |
Global Marine, Inc., 7.00%, 06/01/2028
| | 385,000 | | 364,264 |
Greenfire Resources Ltd. (Canada), 12.00%, 10/01/2028(b)
| | 350,000 | | 376,564 |
Hess Midstream Operations L.P., 5.13%, 06/15/2028(b)
| | 810,000 | | 801,250 |
Howard Midstream Energy Partners LLC, 8.88%, 07/15/2028(b)
| | 814,000 | | 868,434 |
Kinetik Holdings L.P., 6.63%, 12/15/2028(b)
| | 1,180,000 | | 1,216,889 |
Martin Midstream Partners L.P./Martin Midstream Finance Corp., 11.50%, 02/15/2028(b)
| | 590,000 | | 646,399 |
Matador Resources Co., 6.88%, 04/15/2028(b)
| | 734,000 | | 753,533 |
Murphy Oil Corp., 6.38%, 07/15/2028
| | 513,000 | | 520,022 |
Northern Oil and Gas, Inc., 8.13%, 03/01/2028(b)
| | 1,043,000 | | 1,067,254 |
Sitio Royalties Operating Partnership L.P./Sitio Finance Corp., 7.88%, 11/01/2028(b)
| | 881,000 | | 928,700 |
SM Energy Co., 6.50%, 07/15/2028
| | 591,000 | | 594,768 |
Sunoco L.P. and Sunoco Finance Corp., 7.00%, 09/15/2028(b)
| | 740,000 | | 772,542 |
Venture Global LNG, Inc., 8.13%, 06/01/2028(b)
| | 3,320,000 | | 3,479,333 |
| | | | | 20,462,326 |
| Paper & Forest Products-0.75% |
Ahlstrom Holding 3 Oy (Finland), 4.88%, 02/04/2028(b)
| | 450,000 | | 424,388 |
Clearwater Paper Corp., 4.75%, 08/15/2028(b)
| | 410,000 | | 383,122 |
Domtar Corp., 6.75%, 10/01/2028(b)
| | 947,000 | | 868,628 |
Mercer International, Inc. (Germany), 12.88%, 10/01/2028(b)
| | 284,000 | | 295,847 |
| | | | | 1,971,985 |
| Passenger Airlines-0.73% |
American Airlines, Inc., 7.25%, 02/15/2028(b)(c)
| | 1,104,000 | | 1,111,898 |
Cargo Aircraft Management, Inc., 4.75%, 02/01/2028(b)
| | 860,000 | | 824,682 |
| | | | | 1,936,580 |
| Personal Care Products-0.42% |
Edgewell Personal Care Co., 5.50%, 06/01/2028(b)
| | 1,106,000 | | 1,098,176 |
| Pharmaceuticals-3.55% |
AdaptHealth LLC, 6.13%, 08/01/2028(b)
| | 516,000 | | 511,880 |
| | Principal
Amount | | Value |
| Pharmaceuticals-(continued) |
| Bausch Health Cos., Inc. | | | | |
4.88%, 06/01/2028(b)
| $ | 2,307,000 | | $1,726,017 |
11.00%, 09/30/2028(b)
| | 2,550,000 | | 2,339,625 |
Cheplapharm Arzneimittel GmbH (Germany), 5.50%, 01/15/2028(b)
| | 740,000 | | 711,404 |
Elanco Animal Health, Inc., 6.65%, 08/28/2028
| | 1,080,000 | | 1,121,066 |
Organon & Co./Organon Foreign Debt Co-Issuer B.V., 4.13%, 04/30/2028(b)
| | 3,100,000 | | 2,965,904 |
| | | | | 9,375,896 |
| Professional Services-1.23% |
Clarivate Science Holdings Corp., 3.88%, 07/01/2028(b)
| | 1,363,000 | | 1,296,775 |
CoreLogic, Inc., 4.50%, 05/01/2028(b)
| | 1,106,000 | | 1,036,036 |
KBR, Inc., 4.75%, 09/30/2028(b)
| | 366,000 | | 352,681 |
Science Applications International Corp., 4.88%, 04/01/2028(b)
| | 590,000 | | 572,760 |
| | | | | 3,258,252 |
| Real Estate Management & Development-0.94% |
Cushman & Wakefield U.S. Borrower LLC, 6.75%, 05/15/2028(b)
| | 956,000 | | 970,554 |
Forestar Group, Inc., 5.00%, 03/01/2028(b)
| | 440,000 | | 426,613 |
Howard Hughes Corp. (The), 5.38%, 08/01/2028(b)
| | 1,110,000 | | 1,080,425 |
| | | | | 2,477,592 |
| Residential REITs-0.14% |
Ashton Woods USA LLC/Ashton Woods Finance Co., 6.63%, 01/15/2028(b)
| | 365,000 | | 367,977 |
| Retail REITs-0.26% |
Necessity Retail REIT, Inc. (The)/American Finance Operating Partner L.P., 4.50%, 09/30/2028(b)
| | 740,000 | | 680,460 |
| Semiconductors & Semiconductor Equipment-0.59% |
Entegris, Inc., 4.38%, 04/15/2028(b)
| | 591,000 | | 568,185 |
ON Semiconductor Corp., 3.88%, 09/01/2028(b)
| | 1,032,000 | | 981,417 |
| | | | | 1,549,602 |
| Software-2.65% |
Alteryx, Inc., 8.75%, 03/15/2028(b)(f)
| | 660,000 | | 677,555 |
Consensus Cloud Solutions, Inc., 6.50%, 10/15/2028(b)(c)
| | 574,000 | | 567,633 |
Fair Isaac Corp., 4.00%, 06/15/2028(b)
| | 1,329,000 | | 1,270,360 |
GoTo Group, Inc., 5.50%, 05/01/2028(b)
| | 530,000 | | 411,624 |
Helios Software Holdings, Inc./ION Corporate Solutions Finance S.a.r.l., 4.63%, 05/01/2028(b)
| | 520,000 | | 477,672 |
MicroStrategy, Inc., 6.13%, 06/15/2028(b)
| | 741,000 | | 725,987 |
NCR Voyix Corp., 5.00%, 10/01/2028(b)
| | 920,000 | | 909,988 |
PTC, Inc., 4.00%, 02/15/2028(b)
| | 740,000 | | 715,901 |
Rocket Software, Inc., 9.00%, 11/28/2028(b)
| | 1,180,000 | | 1,225,139 |
| | | | | 6,981,859 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2028 High Yield Corporate Bond ETF (BSJS)—(continued)
August 31, 2024
| | Principal
Amount | | Value |
| Specialized REITs-0.73% |
| Iron Mountain, Inc. | | | | |
5.25%, 03/15/2028(b)
| $ | 1,220,000 | | $1,207,326 |
5.00%, 07/15/2028(b)(c)
| | 740,000 | | 728,186 |
| | | | | 1,935,512 |
| Specialty Retail-2.46% |
Asbury Automotive Group, Inc., 4.50%, 03/01/2028
| | 600,000 | | 582,262 |
Bath & Body Works, Inc., 5.25%, 02/01/2028
| | 660,000 | | 651,165 |
Group 1 Automotive, Inc., 4.00%, 08/15/2028(b)(c)
| | 1,109,000 | | 1,049,973 |
Ken Garff Automotive LLC, 4.88%, 09/15/2028(b)
| | 590,000 | | 573,774 |
Michaels Cos., Inc. (The), 5.25%, 05/01/2028(b)
| | 1,259,000 | | 989,836 |
PetSmart, Inc./PetSmart Finance Corp., 4.75%, 02/15/2028(b)
| | 1,767,000 | | 1,692,162 |
White Cap Buyer LLC, 6.88%, 10/15/2028(b)
| | 945,000 | | 939,203 |
| | | | | 6,478,375 |
| Technology Hardware, Storage & Peripherals-0.36% |
Xerox Holdings Corp., 5.50%, 08/15/2028(b)
| | 1,110,000 | | 951,407 |
| Trading Companies & Distributors-1.20% |
Fortress Transportation and Infrastructure Investors LLC, 5.50%, 05/01/2028(b)
| | 1,471,000 | | 1,462,841 |
H&E Equipment Services, Inc., 3.88%, 12/15/2028(b)
| | 1,848,000 | | 1,713,633 |
| | | | | 3,176,474 |
Total U.S. Dollar Denominated Bonds & Notes
(Cost $254,726,423)
| | 259,019,070 |
| | Shares | | Value |
| Money Market Funds-0.71% |
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(g)(h)
(Cost $1,875,763)
| | 1,875,763 | | $ 1,875,763 |
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-98.87%
(Cost $256,602,186)
| | 260,894,833 |
Investments Purchased with Cash Collateral
from Securities on Loan |
| Money Market Funds-13.39% |
Invesco Private Government Fund, 5.28%(g)(h)(i)
| | 9,786,911 | | 9,786,911 |
Invesco Private Prime Fund, 5.46%(g)(h)(i)
| | 25,536,574 | | 25,546,789 |
Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $35,331,293)
| | 35,333,700 |
TOTAL INVESTMENTS IN SECURITIES-112.26%
(Cost $291,933,479)
| | 296,228,533 |
OTHER ASSETS LESS LIABILITIES-(12.26)%
| | (32,359,199) |
NET ASSETS-100.00%
| | $263,869,334 |
| Investment Abbreviations: |
| REIT | -Real Estate Investment Trust |
| Notes to Schedule of Investments: |
| (a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
| (b) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2024 was $229,443,863, which represented 86.95% of the Fund’s Net Assets. |
| (c) | All or a portion of this security was out on loan at August 31, 2024. |
| (d) | The borrower has filed for protection in federal bankruptcy court. |
| (e) | Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The value of this security at August 31, 2024 represented less than 1% of the Fund’s Net Assets. |
| (f) | Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put. |
| (g) | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024. |
| | Value
August 31, 2023 | | Purchases
at Cost | | Proceeds
from Sales | | Change in
Unrealized
Appreciation | | Realized
Gain
(Loss) | | Value
August 31, 2024 | | Dividend
Income |
| Investments in Affiliated Money Market Funds: | | | | | | | | | | | | | |
| Invesco Government & Agency Portfolio, Institutional Class | $648,228 | | $25,050,135 | | $(23,822,600) | | $- | | $- | | $1,875,763 | | $90,361 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2028 High Yield Corporate Bond ETF (BSJS)—(continued)
August 31, 2024
| | Value
August 31, 2023 | | Purchases
at Cost | | Proceeds
from Sales | | Change in
Unrealized
Appreciation | | Realized
Gain
(Loss) | | Value
August 31, 2024 | | Dividend
Income |
| Investments Purchased with Cash Collateral from Securities on Loan: | | | | | | | | | | | | | |
| Invesco Private Government Fund | $3,187,584 | | $60,840,077 | | $(54,240,750) | | $- | | $- | | $9,786,911 | | $392,307* |
| Invesco Private Prime Fund | 8,736,644 | | 112,007,311 | | (95,199,192) | | 2,457 | | (431) | | 25,546,789 | | 1,068,177* |
| Total | $12,572,456 | | $197,897,523 | | $(173,262,542) | | $2,457 | | $(431) | | $37,209,463 | | $1,550,845 |
| * | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
| (h) | The rate shown is the 7-day SEC standardized yield as of August 31, 2024. |
| (i) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2029 High Yield Corporate Bond ETF (BSJT)
August 31, 2024
Schedule of Investments(a)
| | Principal
Amount | | Value |
| U.S. Dollar Denominated Bonds & Notes-97.70% |
| Aerospace & Defense-2.41% |
AAR Escrow Issuer LLC, 6.75%, 03/15/2029(b)
| $ | 210,000 | | $ 217,572 |
Bombardier, Inc. (Canada), 7.50%, 02/01/2029(b)(c)
| | 290,000 | | 305,706 |
BWX Technologies, Inc., 4.13%, 04/15/2029(b)
| | 150,000 | | 144,188 |
| TransDigm, Inc. | | | | |
4.63%, 01/15/2029
| | 460,000 | | 442,904 |
6.38%, 03/01/2029(b)
| | 1,056,000 | | 1,089,593 |
4.88%, 05/01/2029
| | 289,000 | | 279,711 |
| | | | | 2,479,674 |
| Automobile Components-1.78% |
American Axle & Manufacturing, Inc., 5.00%, 10/01/2029(c)
| | 232,000 | | 216,060 |
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 5.38%, 03/01/2029(b)(c)
| | 230,000 | | 210,944 |
Champions Financing, Inc., 8.75%, 02/15/2029(b)
| | 250,000 | | 256,614 |
Goodyear Tire & Rubber Co. (The), 5.00%, 07/15/2029(c)
| | 320,000 | | 297,477 |
NESCO Holdings II, Inc., 5.50%, 04/15/2029(b)
| | 350,000 | | 323,463 |
Patrick Industries, Inc., 4.75%, 05/01/2029(b)
| | 130,000 | | 122,491 |
Phinia, Inc., 6.75%, 04/15/2029(b)
| | 200,000 | | 205,483 |
Real Hero Merger Sub 2, Inc., 6.25%, 02/01/2029(b)
| | 231,000 | | 199,654 |
| | | | | 1,832,186 |
| Automobiles-0.71% |
Allison Transmission, Inc., 5.88%, 06/01/2029(b)
| | 190,000 | | 190,677 |
Dornoch Debt Merger Sub, Inc., 6.63%, 10/15/2029(b)
| | 250,000 | | 211,498 |
Jaguar Land Rover Automotive PLC (United Kingdom), 5.50%, 07/15/2029(b)
| | 160,000 | | 159,729 |
Thor Industries, Inc., 4.00%, 10/15/2029(b)
| | 190,000 | | 173,699 |
| | | | | 735,603 |
| Beverages-0.54% |
Primo Water Holdings, Inc. (Canada), 4.38%, 04/30/2029(b)
| | 305,000 | | 289,864 |
Triton Water Holdings, Inc., 6.25%, 04/01/2029(b)
| | 272,000 | | 270,032 |
| | | | | 559,896 |
| Broadline Retail-0.80% |
Rakuten Group, Inc. (Japan), 9.75%, 04/15/2029(b)
| | 764,000 | | 824,070 |
| Building Products-1.08% |
| Cornerstone Building Brands, Inc. | | | | |
6.13%, 01/15/2029(b)
| | 120,000 | | 100,209 |
9.50%, 08/15/2029(b)
| | 190,000 | | 188,267 |
GYP Holdings III Corp., 4.63%, 05/01/2029(b)
| | 135,000 | | 126,142 |
| | Principal
Amount | | Value |
| Building Products-(continued) |
| Park River Holdings, Inc. | | | | |
5.63%, 02/01/2029(b)
| $ | 130,000 | | $107,799 |
6.75%, 08/01/2029(b)
| | 110,000 | | 93,086 |
Shea Homes L.P./Shea Homes Funding Corp., 4.75%, 04/01/2029
| | 120,000 | | 116,035 |
STL Holding Co. LLC, 8.75%, 02/15/2029(b)
| | 110,000 | | 116,721 |
Summit Materials LLC/Summit Materials Finance Corp., 5.25%, 01/15/2029(b)
| | 269,000 | | 266,510 |
| | | | | 1,114,769 |
| Capital Markets-0.56% |
APX Group, Inc., 5.75%, 07/15/2029(b)
| | 310,000 | | 307,436 |
Aretec Group, Inc., 7.50%, 04/01/2029(b)
| | 150,000 | | 142,497 |
Armor Holdco, Inc., 8.50%, 11/15/2029(b)
| | 132,000 | | 127,054 |
| | | | | 576,987 |
| Chemicals-3.15% |
Axalta Coating Systems LLC, 3.38%, 02/15/2029(b)
| | 270,000 | | 250,605 |
Chemours Co. (The), 4.63%, 11/15/2029(b)
| | 240,000 | | 211,373 |
INEOS Finance PLC (Luxembourg), 7.50%, 04/15/2029(b)
| | 305,000 | | 316,050 |
INEOS Quattro Finance 2 PLC (United Kingdom), 9.63%, 03/15/2029(b)
| | 150,000 | | 161,978 |
LSF11 A5 HoldCo LLC, 6.63%, 10/15/2029(b)
| | 131,000 | | 126,063 |
Methanex Corp. (Canada), 5.25%, 12/15/2029(c)
| | 270,000 | | 265,539 |
NOVA Chemicals Corp. (Canada), 4.25%, 05/15/2029(b)
| | 213,000 | | 194,524 |
Olympus Water US Holding Corp., 6.25%, 10/01/2029(b)
| | 150,000 | | 141,030 |
Rain Carbon, Inc., 12.25%, 09/01/2029(b)
| | 152,000 | | 162,865 |
SCIH Salt Holdings, Inc., 6.63%, 05/01/2029(b)
| | 259,000 | | 248,113 |
Scotts Miracle-Gro Co. (The), 4.50%, 10/15/2029
| | 160,000 | | 151,709 |
SK Invictus Intermediate II S.a.r.l., 5.00%, 10/30/2029(b)
| | 260,000 | | 245,582 |
Tronox, Inc., 4.63%, 03/15/2029(b)
| | 410,000 | | 374,040 |
WR Grace Holdings LLC, 5.63%, 08/15/2029(b)
| | 428,000 | | 397,253 |
| | | | | 3,246,724 |
| Commercial Services & Supplies-5.32% |
ACCO Brands Corp., 4.25%, 03/15/2029(b)
| | 225,000 | | 209,811 |
ADT Security Corp. (The), 4.13%, 08/01/2029(b)
| | 400,000 | | 380,242 |
Allied Universal Holdco LLC/Allied Universal Finance Corp., 6.00%, 06/01/2029(b)
| | 366,000 | | 326,079 |
| APi Group DE, Inc. | | | | |
4.13%, 07/15/2029(b)
| | 130,000 | | 122,311 |
4.75%, 10/15/2029(b)
| | 100,000 | | 95,720 |
Brink’s Co. (The), 6.50%, 06/15/2029(b)
| | 150,000 | | 155,350 |
Clean Harbors, Inc., 5.13%, 07/15/2029(b)
| | 120,000 | | 117,967 |
CoreCivic, Inc., 8.25%, 04/15/2029
| | 190,000 | | 200,586 |
CPI CG, Inc., 10.00%, 07/15/2029(b)
| | 110,000 | | 115,872 |
Deluxe Corp., 8.00%, 06/01/2029(b)
| | 185,000 | | 173,018 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2029 High Yield Corporate Bond ETF (BSJT)—(continued)
August 31, 2024
| | Principal
Amount | | Value |
| Commercial Services & Supplies-(continued) |
First Student Bidco, Inc./First Transit Parent, Inc., 4.00%, 07/31/2029(b)
| $ | 240,000 | | $ 223,618 |
Garda World Security Corp. (Canada), 6.00%, 06/01/2029(b)
| | 191,000 | | 180,868 |
GEO Group, Inc. (The), 8.63%, 04/15/2029
| | 247,000 | | 256,451 |
| GFL Environmental, Inc. | | | | |
4.75%, 06/15/2029(b)
| | 286,000 | | 276,983 |
4.38%, 08/15/2029(b)
| | 210,000 | | 199,569 |
Madison IAQ LLC, 5.88%, 06/30/2029(b)
| | 401,000 | | 382,488 |
Neptune Bidco US, Inc., 9.29%, 04/15/2029(b)
| | 1,000,000 | | 999,320 |
Pitney Bowes, Inc., 7.25%, 03/15/2029(b)
| | 129,000 | | 125,662 |
R.R. Donnelley & Sons Co., 9.50%, 08/01/2029(b)
| | 400,000 | | 396,625 |
Reworld Holding Corp., 4.88%, 12/01/2029(b)
| | 300,000 | | 278,627 |
Signal Parent, Inc., 6.13%, 04/01/2029(b)
| | 114,000 | | 78,220 |
Stericycle, Inc., 3.88%, 01/15/2029(b)
| | 190,000 | | 185,030 |
| | | | | 5,480,417 |
| Communications Equipment-0.14% |
Viavi Solutions, Inc., 3.75%, 10/01/2029(b)
| | 158,000 | | 140,715 |
| Construction & Engineering-0.70% |
Arcosa, Inc., 4.38%, 04/15/2029(b)
| | 156,000 | | 148,051 |
Dycom Industries, Inc., 4.50%, 04/15/2029(b)
| | 190,000 | | 182,828 |
Great Lakes Dredge & Dock Corp., 5.25%, 06/01/2029(b)
| | 120,000 | | 109,795 |
Tutor Perini Corp., 11.88%, 04/30/2029(b)
| | 140,000 | | 152,402 |
VM Consolidated, Inc., 5.50%, 04/15/2029(b)
| | 128,000 | | 124,661 |
| | | | | 717,737 |
| Construction Materials-0.43% |
ACProducts Holdings, Inc., 6.38%, 05/15/2029(b)
| | 190,000 | | 97,076 |
Global Infrastructure Solutions, Inc., 5.63%, 06/01/2029(b)
| | 150,000 | | 146,041 |
Williams Scotsman, Inc., 6.63%, 06/15/2029(b)
| | 190,000 | | 196,345 |
| | | | | 439,462 |
| Consumer Finance-2.30% |
Bread Financial Holdings, Inc., 9.75%, 03/15/2029(b)
| | 340,000 | | 367,120 |
Encore Capital Group, Inc., 9.25%, 04/01/2029(b)
| | 192,000 | | 204,624 |
Enova International, Inc., 9.13%, 08/01/2029(b)
| | 190,000 | | 193,061 |
goeasy Ltd. (Canada), 7.63%, 07/01/2029(b)
| | 232,000 | | 239,447 |
Navient Corp., 5.50%, 03/15/2029(c)
| | 280,000 | | 266,159 |
| OneMain Finance Corp. | | | | |
9.00%, 01/15/2029
| | 350,000 | | 372,339 |
5.38%, 11/15/2029
| | 280,000 | | 269,519 |
Paysafe Finance PLC/Paysafe Holdings US Corp., 4.00%, 06/15/2029(b)
| | 120,000 | | 113,012 |
PRA Group, Inc., 5.00%, 10/01/2029(b)
| | 132,000 | | 119,174 |
PROG Holdings, Inc., 6.00%, 11/15/2029(b)
| | 230,000 | | 224,855 |
| | | | | 2,369,310 |
| | Principal
Amount | | Value |
| Consumer Staples Distribution & Retail-2.11% |
Albertson’s Cos., Inc./Safeway, Inc./New Albertson’s L.P./Albertson’s LLC, 3.50%, 03/15/2029(b)
| $ | 450,000 | | $ 418,394 |
American Builders & Contractors Supply Co., Inc., 3.88%, 11/15/2029(b)
| | 150,000 | | 138,991 |
KeHE Distributors LLC/KeHE Finance Corp./NextWave Distribution, Inc., 9.00%, 02/15/2029(b)
| | 280,000 | | 292,467 |
Performance Food Group, Inc., 4.25%, 08/01/2029(b)
| | 382,000 | | 360,927 |
Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc., 4.63%, 03/01/2029(b)(c)
| | 330,000 | | 310,588 |
US Foods, Inc., 4.75%, 02/15/2029(b)
| | 361,000 | | 352,410 |
Walgreens Boots Alliance, Inc., 8.13%, 08/15/2029
| | 300,000 | | 300,786 |
| | | | | 2,174,563 |
| Containers & Packaging-1.47% |
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, 4.00%, 09/01/2029(b)
| | 400,000 | | 345,748 |
Ball Corp., 6.00%, 06/15/2029
| | 380,000 | | 391,476 |
Clydesdale Acquisition Holdings, Inc., 6.63%, 04/15/2029(b)
| | 190,000 | | 189,904 |
Graphic Packaging International LLC, 3.50%, 03/01/2029(b)
| | 130,000 | | 120,873 |
LABL, Inc., 8.25%, 11/01/2029(b)
| | 180,000 | | 160,652 |
Sealed Air Corp., 5.00%, 04/15/2029(b)
| | 165,000 | | 162,650 |
TriMas Corp., 4.13%, 04/15/2029(b)
| | 150,000 | | 140,530 |
| | | | | 1,511,833 |
| Distributors-0.30% |
Gates Corp., 6.88%, 07/01/2029(b)
| | 190,000 | | 195,129 |
Resideo Funding, Inc., 4.00%, 09/01/2029(b)
| | 120,000 | | 111,293 |
| | | | | 306,422 |
| Diversified Consumer Services-0.49% |
Carriage Services, Inc., 4.25%, 05/15/2029(b)
| | 152,000 | | 140,500 |
Service Corp. International, 5.13%, 06/01/2029
| | 280,000 | | 277,397 |
Sotheby’s/Bidfair Holdings, Inc., 5.88%, 06/01/2029(b)
| | 105,000 | | 91,000 |
| | | | | 508,897 |
| Diversified REITs-0.66% |
Hudson Pacific Properties L.P., 4.65%, 04/01/2029
| | 190,000 | | 157,283 |
Kraken Oil & Gas Partners LLC, 7.63%, 08/15/2029(b)
| | 190,000 | | 195,988 |
Uniti Group L.P./Uniti Group Finance, Inc./CSL Capital LLC, 6.50%, 02/15/2029(b)
| | 428,000 | | 328,217 |
| | | | | 681,488 |
| Diversified Telecommunication Services-3.91% |
| Altice France S.A. (France) | | | | |
5.13%, 01/15/2029(b)
| | 181,000 | | 125,894 |
5.13%, 07/15/2029(b)
| | 941,000 | | 657,686 |
5.50%, 10/15/2029(b)
| | 748,000 | | 519,872 |
CommScope LLC, 4.75%, 09/01/2029(b)
| | 473,000 | | 381,948 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2029 High Yield Corporate Bond ETF (BSJT)—(continued)
August 31, 2024
| | Principal
Amount | | Value |
| Diversified Telecommunication Services-(continued) |
| Frontier Communications Holdings LLC | | | | |
6.75%, 05/01/2029(b)
| $ | 382,000 | | $368,819 |
5.88%, 11/01/2029
| | 290,000 | | 267,097 |
Go Daddy Operating Co. LLC/GD Finance Co., Inc., 3.50%, 03/01/2029(b)
| | 310,000 | | 288,507 |
| Level 3 Financing, Inc. | | | | |
3.63%, 01/15/2029(b)
| | 150,000 | | 94,125 |
10.50%, 04/15/2029(b)
| | 256,000 | | 275,704 |
4.88%, 06/15/2029(b)
| | 237,000 | | 185,464 |
3.75%, 07/15/2029(b)
| | 170,000 | | 102,510 |
11.00%, 11/15/2029(b)
| | 603,000 | | 661,827 |
Lumen Technologies, Inc., 4.13%, 04/15/2029(b)
| | 130,000 | | 102,050 |
| | | | | 4,031,503 |
| Electric Utilities-1.14% |
DPL, Inc., 4.35%, 04/15/2029
| | 150,000 | | 140,371 |
Leeward Renewable Energy Operations LLC, 4.25%, 07/01/2029(b)
| | 140,000 | | 132,227 |
| NRG Energy, Inc. | | | | |
3.38%, 02/15/2029(b)
| | 185,000 | | 169,923 |
5.25%, 06/15/2029(b)
| | 280,000 | | 276,992 |
Vistra Operations Co. LLC, 4.38%, 05/01/2029(b)
| | 480,000 | | 459,853 |
| | | | | 1,179,366 |
| Electrical Equipment-0.70% |
Sensata Technologies B.V., 4.00%, 04/15/2029(b)
| | 380,000 | | 358,100 |
WESCO Distribution, Inc., 6.38%, 03/15/2029(b)
| | 349,000 | | 358,548 |
| | | | | 716,648 |
| Electronic Equipment, Instruments & Components-1.25% |
Coherent Corp., 5.00%, 12/15/2029(b)(c)
| | 378,000 | | 365,851 |
Imola Merger Corp., 4.75%, 05/15/2029(b)
| | 766,000 | | 737,988 |
TTM Technologies, Inc., 4.00%, 03/01/2029(b)
| | 190,000 | | 179,464 |
| | | | | 1,283,303 |
| Energy Equipment & Services-1.97% |
Delek Logistics Partners L.P./Delek Logistics Finance Corp., 8.63%, 03/15/2029(b)
| | 390,000 | | 410,380 |
Global Partners L.P./GLP Finance Corp., 6.88%, 01/15/2029
| | 133,000 | | 134,046 |
Helix Energy Solutions Group, Inc., 9.75%, 03/01/2029(b)
| | 120,000 | | 129,399 |
Permian Resources Operating LLC, 5.88%, 07/01/2029(b)
| | 270,000 | | 270,254 |
Precision Drilling Corp. (Canada), 6.88%, 01/15/2029(b)
| | 150,000 | | 152,453 |
Summit Midstream Holdings LLC, 8.63%, 10/31/2029(b)
| | 220,000 | | 228,513 |
U.S. Acute Care Solutions LLC, 9.75%, 05/15/2029(b)
| | 310,000 | | 317,520 |
USA Compression Partners L.P./USA Compression Finance Corp., 7.13%, 03/15/2029(b)
| | 380,000 | | 390,645 |
| | | | | 2,033,210 |
| | Principal
Amount | | Value |
| Entertainment-1.16% |
AMC Entertainment Holdings, Inc., 7.50%, 02/15/2029(b)
| $ | 363,000 | | $ 264,752 |
Banijay Entertainment (France), 8.13%, 05/01/2029(b)
| | 200,000 | | 208,185 |
Jacobs Entertainment, Inc., 6.75%, 02/15/2029(b)
| | 189,000 | | 181,075 |
Lions Gate Capital Holdings 1, Inc., 5.50%, 04/15/2029(b)
| | 250,000 | | 225,465 |
Lions Gate Capital Holdings LLC, 5.50%, 04/15/2029(b)
| | 167,000 | | 111,423 |
Playtika Holding Corp., 4.25%, 03/15/2029(b)
| | 227,000 | | 204,206 |
| | | | | 1,195,106 |
| Financial Services-3.61% |
Cobra AcquisitionCo LLC, 6.38%, 11/01/2029(b)
| | 140,000 | | 110,558 |
Compass Group Diversified Holdings LLC, 5.25%, 04/15/2029(b)
| | 387,000 | | 375,696 |
Freedom Mortgage Holdings LLC, 9.25%, 02/01/2029(b)
| | 430,000 | | 440,892 |
GGAM Finance Ltd. (Ireland), 6.88%, 04/15/2029(b)
| | 152,000 | | 157,236 |
Hightower Holding LLC, 6.75%, 04/15/2029(b)
| | 117,000 | | 112,273 |
Jane Street Group/JSG Finance, Inc., 4.50%, 11/15/2029(b)
| | 223,000 | | 213,016 |
Jefferson Capital Holdings LLC, 9.50%, 02/15/2029(b)
| | 158,000 | | 168,711 |
Nationstar Mortgage Holdings, Inc., 6.50%, 08/01/2029(b)
| | 290,000 | | 292,559 |
NCR Atleos Corp., 9.50%, 04/01/2029(b)
| | 519,000 | | 572,220 |
| PennyMac Financial Services, Inc. | | | | |
4.25%, 02/15/2029(b)
| | 250,000 | | 236,350 |
7.88%, 12/15/2029(b)
| | 280,000 | | 297,411 |
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 3.63%, 03/01/2029(b)
| | 290,000 | | 269,464 |
Superior Plus L.P./Superior General Partner, Inc. (Canada), 4.50%, 03/15/2029(b)
| | 230,000 | | 215,384 |
United Wholesale Mortgage LLC, 5.50%, 04/15/2029(b)(c)
| | 266,000 | | 259,629 |
| | | | | 3,721,399 |
| Food Products-0.89% |
Chobani LLC/Chobani Finance Corp., Inc., 7.63%, 07/01/2029(b)
| | 191,000 | | 200,381 |
Post Holdings, Inc., 5.50%, 12/15/2029(b)
| | 475,000 | | 467,889 |
TKC Holdings, Inc., 10.50%, 05/15/2029(b)
| | 253,000 | | 252,616 |
| | | | | 920,886 |
| Gas Utilities-0.69% |
Ferrellgas L.P./Ferrellgas Finance Corp., 5.88%, 04/01/2029(b)
| | 309,000 | | 289,956 |
Venture Global Calcasieu Pass LLC, 3.88%, 08/15/2029(b)
| | 450,000 | | 425,747 |
| | | | | 715,703 |
| Ground Transportation-0.66% |
Carriage Purchaser, Inc., 7.88%, 10/15/2029(b)
| | 120,000 | | 110,438 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2029 High Yield Corporate Bond ETF (BSJT)—(continued)
August 31, 2024
| | Principal
Amount | | Value |
| Ground Transportation-(continued) |
| Hertz Corp. (The) | | | | |
12.63%, 07/15/2029(b)
| $ | 290,000 | | $309,152 |
5.00%, 12/01/2029(b)(c)
| | 382,000 | | 258,160 |
| | | | | 677,750 |
| Health Care Equipment & Supplies-3.40% |
Hologic, Inc., 3.25%, 02/15/2029(b)
| | 358,000 | | 330,926 |
| Medline Borrower L.P. | | | | |
3.88%, 04/01/2029(b)
| | 1,730,000 | | 1,635,496 |
5.25%, 10/01/2029(b)
| | 960,000 | | 943,586 |
Medline Borrower L.P./Medline Co-Issuer, Inc., 6.25%, 04/01/2029(b)
| | 580,000 | | 598,603 |
| | | | | 3,508,611 |
| Health Care Providers & Services-2.32% |
Acadia Healthcare Co., Inc., 5.00%, 04/15/2029(b)
| | 179,000 | | 174,582 |
AHP Health Partners, Inc., 5.75%, 07/15/2029(b)
| | 116,000 | | 112,876 |
Avantor Funding, Inc., 3.88%, 11/01/2029(b)
| | 307,000 | | 287,802 |
Catalent Pharma Solutions, Inc., 3.13%, 02/15/2029(b)
| | 210,000 | | 205,001 |
Community Health Systems, Inc., 6.00%, 01/15/2029(b)
| | 250,000 | | 237,738 |
HealthEquity, Inc., 4.50%, 10/01/2029(b)(c)
| | 230,000 | | 219,782 |
LifePoint Health, Inc., 5.38%, 01/15/2029(b)
| | 178,000 | | 166,332 |
ModivCare Escrow Issuer, Inc., 5.00%, 10/01/2029(b)
| | 180,000 | | 128,948 |
Option Care Health, Inc., 4.38%, 10/31/2029(b)
| | 189,000 | | 179,421 |
Owens & Minor, Inc., 4.50%, 03/31/2029(b)
| | 180,000 | | 163,976 |
Tenet Healthcare Corp., 4.25%, 06/01/2029
| | 538,000 | | 516,793 |
| | | | | 2,393,251 |
| Hotel & Resort REITs-1.06% |
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, 4.88%, 05/15/2029(b)
| | 288,000 | | 274,980 |
RHP Hotel Properties L.P./RHP Finance Corp., 4.50%, 02/15/2029(b)
| | 213,000 | | 204,634 |
RLJ Lodging Trust L.P., 4.00%, 09/15/2029(b)
| | 192,000 | | 174,415 |
Service Properties Trust, 8.38%, 06/15/2029
| | 263,000 | | 260,715 |
XHR L.P., 4.88%, 06/01/2029(b)
| | 190,000 | | 180,939 |
| | | | | 1,095,683 |
| Hotels, Restaurants & Leisure-5.48% |
| 1011778 BC ULC/New Red Finance, Inc. (Canada) | | | | |
3.50%, 02/15/2029(b)
| | 290,000 | | 270,740 |
6.13%, 06/15/2029(b)
| | 450,000 | | 459,911 |
Bloomin’ Brands, Inc./OSI Restaurant Partners LLC, 5.13%, 04/15/2029(b)
| | 117,000 | | 107,654 |
Boyne USA, Inc., 4.75%, 05/15/2029(b)
| | 268,000 | | 257,423 |
Caesars Entertainment, Inc., 4.63%, 10/15/2029(b)(c)
| | 464,000 | | 439,192 |
Carnival Corp., 6.00%, 05/01/2029(b)(c)
| | 800,000 | | 804,121 |
Cedar Fair L.P./Canada’s Wonderland Co./Magnum Management Corp., 5.25%, 07/15/2029
| | 190,000 | | 187,370 |
| | Principal
Amount | | Value |
| Hotels, Restaurants & Leisure-(continued) |
Everi Holdings, Inc., 5.00%, 07/15/2029(b)
| $ | 150,000 | | $ 148,785 |
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., 4.63%, 01/15/2029(b)
| | 380,000 | | 355,755 |
| Hilton Domestic Operating Co., Inc. | | | | |
5.88%, 04/01/2029(b)
| | 210,000 | | 214,151 |
3.75%, 05/01/2029(b)
| | 300,000 | | 282,406 |
Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Escrow, Inc., 5.00%, 06/01/2029(b)(c)
| | 324,000 | | 306,568 |
Light & Wonder International, Inc., 7.25%, 11/15/2029(b)
| | 197,000 | | 204,260 |
MajorDrive Holdings IV LLC, 6.38%, 06/01/2029(b)
| | 183,000 | | 172,713 |
Marriott Ownership Resorts, Inc., 4.50%, 06/15/2029(b)
| | 190,000 | | 176,887 |
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., 4.88%, 05/01/2029(b)
| | 290,000 | | 277,058 |
Papa John’s International, Inc., 3.88%, 09/15/2029(b)
| | 155,000 | | 142,226 |
PENN Entertainment, Inc., 4.13%, 07/01/2029(b)
| | 151,000 | | 135,348 |
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp., 5.63%, 09/01/2029(b)
| | 280,000 | | 208,966 |
SeaWorld Parks & Entertainment, Inc., 5.25%, 08/15/2029(b)
| | 275,000 | | 266,253 |
Travel + Leisure Co., 4.50%, 12/01/2029(b)
| | 250,000 | | 233,277 |
| | | | | 5,651,064 |
| Household Durables-0.83% |
Brookfield Residential Properties, Inc./Brookfield Residential US LLC (Canada), 5.00%, 06/15/2029(b)
| | 120,000 | | 112,794 |
Century Communities, Inc., 3.88%, 08/15/2029(b)
| | 190,000 | | 176,192 |
Landsea Homes Corp., 8.88%, 04/01/2029(b)
| | 120,000 | | 124,683 |
LGI Homes, Inc., 4.00%, 07/15/2029(b)
| | 120,000 | | 109,057 |
New Home Co., Inc. (The), 9.25%, 10/01/2029(b)
| | 140,000 | | 145,953 |
Newell Brands, Inc., 6.63%, 09/15/2029
| | 190,000 | | 190,064 |
| | | | | 858,743 |
| Household Products-0.26% |
Energizer Holdings, Inc., 4.38%, 03/31/2029(b)(c)
| | 285,000 | | 268,228 |
| Independent Power and Renewable Electricity Producers-0.68% |
Calpine Corp., 4.63%, 02/01/2029(b)
| | 250,000 | | 238,664 |
NextEra Energy Operating Partners L.P., 7.25%, 01/15/2029(b)
| | 280,000 | | 293,402 |
TransAlta Corp. (Canada), 7.75%, 11/15/2029
| | 160,000 | | 169,469 |
| | | | | 701,535 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2029 High Yield Corporate Bond ETF (BSJT)—(continued)
August 31, 2024
| | Principal
Amount | | Value |
| Industrial Conglomerates-0.51% |
| Icahn Enterprises L.P./Icahn Enterprises Finance Corp. | | | | |
9.75%, 01/15/2029(b)
| $ | 270,000 | | $283,895 |
4.38%, 02/01/2029
| | 270,000 | | 237,153 |
| | | | | 521,048 |
| Insurance-2.51% |
| Acrisure LLC/Acrisure Finance, Inc. | | | | |
8.25%, 02/01/2029(b)
| | 360,000 | | 370,882 |
4.25%, 02/15/2029(b)
| | 270,000 | | 253,158 |
8.50%, 06/15/2029(b)
| | 190,000 | | 197,446 |
6.00%, 08/01/2029(b)
| | 190,000 | | 181,625 |
Alliance Resource Operating Partners L.P./ Alliance Resource Finance Corp., 8.63%, 06/15/2029(b)
| | 150,000 | | 158,044 |
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 5.88%, 11/01/2029(b)
| | 170,000 | | 165,952 |
| AmWINS Group, Inc. | | | | |
6.38%, 02/15/2029(b)
| | 290,000 | | 297,525 |
4.88%, 06/30/2029(b)
| | 300,000 | | 286,866 |
AssuredPartners, Inc., 5.63%, 01/15/2029(b)
| | 210,000 | | 201,398 |
BroadStreet Partners, Inc., 5.88%, 04/15/2029(b)
| | 283,000 | | 269,617 |
HUB International Ltd., 5.63%, 12/01/2029(b)
| | 210,000 | | 206,045 |
| | | | | 2,588,558 |
| Interactive Media & Services-0.25% |
Match Group Holdings II LLC, 5.63%, 02/15/2029(b)
| | 130,000 | | 129,798 |
Scripps Escrow II, Inc., 3.88%, 01/15/2029(b)
| | 204,000 | | 131,750 |
| | | | | 261,548 |
| IT Services-0.91% |
Conduent Business Services LLC/Conduent State & Local Solutions, Inc., 6.00%, 11/01/2029(b)
| | 196,000 | | 186,415 |
ION Trading Technologies S.a.r.l. (Luxembourg), 9.50%, 05/30/2029(b)
| | 210,000 | | 223,145 |
Newfold Digital Holdings Group, Inc., 6.00%, 02/15/2029(b)
| | 195,000 | | 124,543 |
Twilio, Inc., 3.63%, 03/15/2029
| | 190,000 | | 175,683 |
ZoomInfo Technologies LLC/ZoomInfo Finance Corp., 3.88%, 02/01/2029(b)(c)
| | 250,000 | | 231,307 |
| | | | | 941,093 |
| Leisure Products-0.30% |
Universal Entertainment Corp. (Japan), 9.88%, 08/01/2029(b)
| | 120,000 | | 118,658 |
Vista Outdoor, Inc., 4.50%, 03/15/2029(b)
| | 190,000 | | 190,099 |
| | | | | 308,757 |
| Machinery-1.39% |
ESAB Corp., 6.25%, 04/15/2029(b)
| | 270,000 | | 277,707 |
Hillenbrand, Inc., 6.25%, 02/15/2029
| | 190,000 | | 192,648 |
Husky Injection Molding Systems Ltd./Titan Co-Borrower LLC (Canada), 9.00%, 02/15/2029(b)
| | 380,000 | | 390,006 |
Mueller Water Products, Inc., 4.00%, 06/15/2029(b)
| | 174,000 | | 165,087 |
| | Principal
Amount | | Value |
| Machinery-(continued) |
Roller Bearing Co. of America, Inc., 4.38%, 10/15/2029(b)
| $ | 190,000 | | $ 180,953 |
Terex Corp., 5.00%, 05/15/2029(b)
| | 230,000 | | 223,503 |
| | | | | 1,429,904 |
| Media-7.09% |
Altice Financing S.A. (Luxembourg), 5.75%, 08/15/2029(b)
| | 785,000 | | 605,600 |
| AMC Networks, Inc. | | | | |
10.25%, 01/15/2029(b)
| | 330,000 | | 331,939 |
4.25%, 02/15/2029(c)
| | 380,000 | | 269,871 |
| CCO Holdings LLC/CCO Holdings Capital Corp. | | | | |
5.38%, 06/01/2029(b)
| | 572,000 | | 543,119 |
6.38%, 09/01/2029(b)
| | 580,000 | | 573,371 |
Clear Channel Outdoor Holdings, Inc., 7.50%, 06/01/2029(b)
| | 404,000 | | 340,963 |
| CSC Holdings LLC | | | | |
11.75%, 01/31/2029(b)
| | 770,000 | | 680,397 |
6.50%, 02/01/2029(b)
| | 660,000 | | 498,815 |
Gray Television, Inc., 10.50%, 07/15/2029(b)
| | 500,000 | | 513,644 |
Lamar Media Corp., 4.88%, 01/15/2029
| | 150,000 | | 147,458 |
LCPR Senior Secured Financing DAC, 5.13%, 07/15/2029(b)(c)
| | 308,000 | | 249,062 |
McGraw-Hill Education, Inc., 8.00%, 08/01/2029(b)
| | 247,000 | | 246,219 |
Outfront Media Capital LLC/Outfront Media Capital Corp., 4.25%, 01/15/2029(b)
| | 190,000 | | 179,502 |
Sirius XM Radio, Inc., 5.50%, 07/01/2029(b)
| | 480,000 | | 467,599 |
Stagwell Global LLC, 5.63%, 08/15/2029(b)
| | 418,000 | | 396,618 |
TEGNA, Inc., 5.00%, 09/15/2029
| | 420,000 | | ��� 390,420 |
Univision Communications, Inc., 4.50%, 05/01/2029(b)
| | 406,000 | | 356,746 |
Virgin Media Secured Finance PLC (United Kingdom), 5.50%, 05/15/2029(b)
| | 547,000 | | 518,922 |
| | | | | 7,310,265 |
| Metals & Mining-1.46% |
ATI, Inc., 4.88%, 10/01/2029
| | 120,000 | | 116,455 |
Big River Steel LLC/BRS Finance Corp., 6.63%, 01/31/2029(b)
| | 280,000 | | 283,877 |
Cleveland-Cliffs, Inc., 4.63%, 03/01/2029(b)
| | 141,000 | | 132,383 |
Coeur Mining, Inc., 5.13%, 02/15/2029(b)
| | 110,000 | | 104,719 |
Constellium SE, 3.75%, 04/15/2029(b)
| | 190,000 | | 175,514 |
Hudbay Minerals, Inc. (Canada), 6.13%, 04/01/2029(b)(c)
| | 210,000 | | 212,153 |
SunCoke Energy, Inc., 4.88%, 06/30/2029(b)
| | 190,000 | | 172,848 |
TMS International Corp., 6.25%, 04/15/2029(b)
| | 130,000 | | 122,306 |
United States Steel Corp., 6.88%, 03/01/2029
| | 187,000 | | 188,750 |
| | | | | 1,509,005 |
| Mortgage REITs-0.91% |
Apollo Commercial Real Estate Finance, Inc., 4.63%, 06/15/2029(b)
| | 190,000 | | 168,637 |
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 4.75%, 06/15/2029(b)
| | 240,000 | | 231,489 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2029 High Yield Corporate Bond ETF (BSJT)—(continued)
August 31, 2024
| | Principal
Amount | | Value |
| Mortgage REITs-(continued) |
Rithm Capital Corp., 8.00%, 04/01/2029(b)
| $ | 293,000 | | $ 291,878 |
Starwood Property Trust, Inc., 7.25%, 04/01/2029(b)
| | 240,000 | | 250,121 |
| | | | | 942,125 |
| Office REITs-0.44% |
Brandywine Operating Partnership L.P., 8.88%, 04/12/2029
| | 150,000 | | 163,147 |
| Office Properties Income Trust | | | | |
9.00%, 03/31/2029(b)
| | 120,000 | | 114,148 |
9.00%, 09/30/2029(b)
| | 220,000 | | 179,250 |
| | | | | 456,545 |
| Oil, Gas & Consumable Fuels-9.85% |
Antero Midstream Partners L.P./Antero Midstream Finance Corp., 5.38%, 06/15/2029(b)
| | 279,000 | | 275,834 |
Ascent Resources Utica Holdings LLC/ARU Finance Corp., 5.88%, 06/30/2029(b)
| | 150,000 | | 150,077 |
Blue Racer Midstream LLC/Blue Racer Finance Corp., 7.00%, 07/15/2029(b)
| | 190,000 | | 197,749 |
Buckeye Partners L.P., 6.88%, 07/01/2029(b)
| | 230,000 | | 235,427 |
California Resources Corp., 8.25%, 06/15/2029(b)
| | 350,000 | | 361,297 |
| Chesapeake Energy Corp. | | | | |
5.88%, 02/01/2029(b)
| | 188,000 | | 188,563 |
6.75%, 04/15/2029(b)
| | 361,000 | | 366,620 |
CITGO Petroleum Corp., 8.38%, 01/15/2029(b)
| | 415,000 | | 431,702 |
CNX Resources Corp., 6.00%, 01/15/2029(b)
| | 201,000 | | 202,076 |
| Comstock Resources, Inc. | | | | |
6.75%, 03/01/2029(b)
| | 466,000 | | 458,754 |
6.75%, 03/01/2029(b)
| | 150,000 | | 147,436 |
CVR Energy, Inc., 8.50%, 01/15/2029(b)
| | 230,000 | | 234,536 |
DT Midstream, Inc., 4.13%, 06/15/2029(b)
| | 419,000 | | 398,402 |
Genesis Energy L.P./Genesis Energy Finance Corp., 8.25%, 01/15/2029
| | 230,000 | | 239,176 |
Hess Midstream Operations L.P., 6.50%, 06/01/2029(b)
| | 240,000 | | 247,831 |
Hilcorp Energy I L.P./Hilcorp Finance Co., 5.75%, 02/01/2029(b)
| | 221,000 | | 219,450 |
ITT Holdings LLC, 6.50%, 08/01/2029(b)
| | 465,000 | | 438,844 |
Kodiak Gas Services, LLC, 7.25%, 02/15/2029(b)
| | 290,000 | | 300,593 |
MEG Energy Corp. (Canada), 5.88%, 02/01/2029(b)
| | 231,000 | | 229,517 |
Murphy Oil USA, Inc., 4.75%, 09/15/2029
| | 190,000 | | 184,513 |
New Fortress Energy, Inc., 8.75%, 03/15/2029(b)(c)
| | 280,000 | | 234,893 |
NGL Energy Operating LLC/NGL Energy Finance Corp., 8.13%, 02/15/2029(b)
| | 350,000 | | 358,233 |
Parkland Corp. (Canada), 4.50%, 10/01/2029(b)
| | 310,000 | | 292,854 |
Prairie Acquiror L.P., 9.00%, 08/01/2029(b)
| | 155,000 | | 162,224 |
SM Energy Co., 6.75%, 08/01/2029(b)
| | 290,000 | | 294,764 |
Southwestern Energy Co., 5.38%, 02/01/2029
| | 266,000 | | 262,780 |
Sunoco L.P., 7.00%, 05/01/2029(b)
| | 286,000 | | 298,143 |
| | Principal
Amount | | Value |
| Oil, Gas & Consumable Fuels-(continued) |
Sunoco L.P./Sunoco Finance Corp., 4.50%, 05/15/2029
| $ | 310,000 | | $ 297,890 |
Tallgrass Energy Partners L.P./Tallgrass Energy Finance Corp., 7.38%, 02/15/2029(b)
| | 310,000 | | 317,122 |
Talos Production, Inc., 9.00%, 02/01/2029(b)
| | 240,000 | | 255,167 |
Teine Energy Ltd. (Canada), 6.88%, 04/15/2029(b)
| | 150,000 | | 150,037 |
TGNR Intermediate Holdings LLC, 5.50%, 10/15/2029(b)
| | 268,000 | | 260,329 |
Venture Global LNG, Inc., 9.50%, 02/01/2029(b)
| | 1,200,000 | | 1,353,077 |
Vital Energy, Inc., 7.75%, 07/31/2029(b)
| | 110,000 | | 111,411 |
| | | | | 10,157,321 |
| Paper & Forest Products-0.43% |
Glatfelter Corp., 4.75%, 11/15/2029(b)
| | 195,000 | | 169,806 |
Mercer International, Inc. (Germany), 5.13%, 02/01/2029(c)
| | 328,000 | | 268,459 |
| | | | | 438,265 |
| Passenger Airlines-1.07% |
American Airlines, Inc., 8.50%, 05/15/2029(b)
| | 380,000 | | 395,308 |
United AirLines, Inc., 4.63%, 04/15/2029(b)
| | 745,000 | | 709,673 |
| | | | | 1,104,981 |
| Personal Care Products-0.18% |
Edgewell Personal Care Co., 4.13%, 04/01/2029(b)
| | 190,000 | | 180,253 |
| Pharmaceuticals-0.88% |
AdaptHealth LLC, 4.63%, 08/01/2029(b)
| | 190,000 | | 173,564 |
| HLF Financing S.a.r.l. LLC/Herbalife International, Inc. | | | | |
12.25%, 04/15/2029(b)
| | 305,000 | | 305,260 |
4.88%, 06/01/2029(b)
| | 234,000 | | 148,004 |
Kedrion S.p.A. (Italy), 6.50%, 09/01/2029(b)
| | 300,000 | | 282,742 |
| | | | | 909,570 |
| Professional Services-0.80% |
AMN Healthcare, Inc., 4.00%, 04/15/2029(b)
| | 139,000 | | 130,335 |
Clarivate Science Holdings Corp., 4.88%, 07/01/2029(b)(c)
| | 350,000 | | 337,486 |
Dun & Bradstreet Corp. (The), 5.00%, 12/15/2029(b)
| | 180,000 | | 178,382 |
TriNet Group, Inc., 3.50%, 03/01/2029(b)
| | 195,000 | | 181,259 |
| | | | | 827,462 |
| Real Estate Management & Development-0.80% |
Anywhere Real Estate Group LLC/Realogy Co-Issuer Corp., 5.75%, 01/15/2029(b)(c)
| | 217,000 | | 155,972 |
Howard Hughes Corp. (The), 4.13%, 02/01/2029(b)
| | 250,000 | | 230,564 |
Hunt Cos., Inc., 5.25%, 04/15/2029(b)
| | 241,000 | | 227,977 |
Kennedy-Wilson, Inc., 4.75%, 03/01/2029
| | 227,000 | | 205,153 |
| | | | | 819,666 |
| Residential REITs-0.12% |
Ashton Woods USA LLC/Ashton Woods Finance Co., 4.63%, 08/01/2029(b)
| | 130,000 | | 123,204 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2029 High Yield Corporate Bond ETF (BSJT)—(continued)
August 31, 2024
| | Principal
Amount | | Value |
| Semiconductors & Semiconductor Equipment-0.42% |
ams-OSRAM AG (Austria), 12.25%, 03/30/2029(b)
| $ | 150,000 | | $ 160,193 |
Entegris, Inc., 3.63%, 05/01/2029(b)
| | 155,000 | | 142,826 |
Synaptics, Inc., 4.00%, 06/15/2029(b)
| | 140,000 | | 131,156 |
| | | | | 434,175 |
| Software-4.90% |
Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc., 8.00%, 06/15/2029(b)
| | 290,000 | | 299,653 |
Central Parent, Inc./CDK Global, Inc., 7.25%, 06/15/2029(b)
| | 270,000 | | 271,549 |
| Cloud Software Group, Inc. | | | | |
6.50%, 03/31/2029(b)
| | 1,537,000 | | 1,516,156 |
9.00%, 09/30/2029(b)
| | 1,370,000 | | 1,380,017 |
Dye & Durham Ltd. (Canada), 8.63%, 04/15/2029(b)(c)
| | 210,000 | | 220,217 |
Elastic N.V., 4.13%, 07/15/2029(b)
| | 221,000 | | 206,078 |
Helios Software Holdings, Inc./ION Corporate Solutions Finance S.a.r.l., 8.75%, 05/01/2029(b)
| | 200,000 | | 208,406 |
NCR Voyix Corp., 5.13%, 04/15/2029(b)
| | 450,000 | | 441,640 |
Open Text Corp. (Canada), 3.88%, 12/01/2029(b)
| | 330,000 | | 304,525 |
Rocket Software, Inc., 6.50%, 02/15/2029(b)
| | 223,000 | | 203,783 |
| | | | | 5,052,024 |
| Specialized REITs-1.26% |
| Iron Mountain, Inc. | | | | |
7.00%, 02/15/2029(b)
| | 380,000 | | 394,954 |
4.88%, 09/15/2029(b)
| | 380,000 | | 369,120 |
SBA Communications Corp., 3.13%, 02/01/2029
| | 578,000 | | 532,414 |
| | | | | 1,296,488 |
| Specialty Retail-4.09% |
Arko Corp., 5.13%, 11/15/2029(b)
| | 169,000 | | 150,263 |
Asbury Automotive Group, Inc., 4.63%, 11/15/2029(b)(c)
| | 310,000 | | 295,484 |
At Home Group, Inc., 7.13%, 07/15/2029(b)
| | 20,000 | | 4,700 |
Foot Locker, Inc., 4.00%, 10/01/2029(b)
| | 156,000 | | 135,980 |
Gap, Inc. (The), 3.63%, 10/01/2029(b)
| | 290,000 | | 260,143 |
Global Auto Holdings Ltd./AAG FH UK Ltd. (United Kingdom), 8.38%, 01/15/2029(b)
| | 200,000 | | 197,331 |
LBM Acquisition LLC, 6.25%, 01/15/2029(b)
| | 276,000 | | 249,766 |
LCM Investments Holdings II LLC, 4.88%, 05/01/2029(b)
| | 380,000 | | 362,289 |
Lithia Motors, Inc., 3.88%, 06/01/2029(b)
| | 310,000 | | 287,800 |
Penske Automotive Group, Inc., 3.75%, 06/15/2029
| | 190,000 | | 177,001 |
PetSmart, Inc./PetSmart Finance Corp., 7.75%, 02/15/2029(b)
| | 440,000 | | 434,018 |
Sonic Automotive, Inc., 4.63%, 11/15/2029(b)
| | 250,000 | | 233,906 |
Staples, Inc., 10.75%, 09/01/2029(b)
| | 911,000 | | 859,214 |
Upbound Group, Inc., 6.38%, 02/15/2029(b)
| | 170,000 | | 165,994 |
Velocity Vehicle Group LLC, 8.00%, 06/01/2029(b)
| | 190,000 | | 197,865 |
Victoria’s Secret & Co., 4.63%, 07/15/2029(b)(c)
| | 230,000 | | 200,651 |
| | | | | 4,212,405 |
| | Principal
Amount | | Value |
| Technology Hardware, Storage & Peripherals-0.58% |
Empire Communities Corp. (Canada), 9.75%, 05/01/2029(b)
| $ | 180,000 | | $ 189,900 |
| Seagate HDD Cayman | | | | |
4.09%, 06/01/2029
| | 190,000 | | 181,004 |
3.13%, 07/15/2029
| | 66,000 | | 58,505 |
Xerox Holdings Corp., 8.88%, 11/30/2029(b)
| | 180,000 | | 169,056 |
| | | | | 598,465 |
| Textiles, Apparel & Luxury Goods-0.43% |
Crocs, Inc., 4.25%, 03/15/2029(b)
| | 130,000 | | 122,853 |
Kontoor Brands, Inc., 4.13%, 11/15/2029(b)
| | 150,000 | | 141,384 |
Wolverine World Wide, Inc., 4.00%, 08/15/2029(b)
| | 210,000 | | 179,053 |
| | | | | 443,290 |
| Tobacco-0.33% |
Vector Group Ltd., 5.75%, 02/01/2029(b)
| | 335,000 | | 339,900 |
| Trading Companies & Distributors-0.83% |
Alta Equipment Group, Inc., 9.00%, 06/01/2029(b)
| | 190,000 | | 172,780 |
Beacon Roofing Supply, Inc., 4.13%, 05/15/2029(b)
| | 132,000 | | 123,287 |
BlueLinx Holdings, Inc., 6.00%, 11/15/2029(b)
| | 120,000 | | 115,510 |
Foundation Building Materials, Inc., 6.00%, 03/01/2029(b)
| | 150,000 | | 134,728 |
Herc Holdings, Inc., 6.63%, 06/15/2029(b)
| | 300,000 | | 308,760 |
| | | | | 855,065 |
Total U.S. Dollar Denominated Bonds & Notes
(Cost $99,018,529)
| | 100,714,124 |
| | Shares | | |
| Money Market Funds-0.51% |
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(d)(e)
(Cost $526,231)
| | 526,231 | | 526,231 |
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-98.21%
(Cost $99,544,760)
| | 101,240,355 |
Investments Purchased with Cash Collateral
from Securities on Loan |
| Money Market Funds-6.10% |
Invesco Private Government Fund, 5.28%(d)(e)(f)
| | 1,739,880 | | 1,739,880 |
Invesco Private Prime Fund, 5.46%(d)(e)(f)
| | 4,542,148 | | 4,543,965 |
Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $6,283,609)
| | 6,283,845 |
TOTAL INVESTMENTS IN SECURITIES-104.31%
(Cost $105,828,369)
| | 107,524,200 |
OTHER ASSETS LESS LIABILITIES-(4.31)%
| | (4,439,604) |
NET ASSETS-100.00%
| | $103,084,596 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2029 High Yield Corporate Bond ETF (BSJT)—(continued)
August 31, 2024
| Investment Abbreviations: |
| CPI | -Consumer Price Index |
| REIT | -Real Estate Investment Trust |
| Notes to Schedule of Investments: |
| (a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
| (b) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2024 was $90,298,288, which represented 87.60% of the Fund’s Net Assets. |
| (c) | All or a portion of this security was out on loan at August 31, 2024. |
| (d) | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024. |
| | Value
August 31, 2023 | | Purchases
at Cost | | Proceeds
from Sales | | Change in
Unrealized
Appreciation | | Realized
Gain
(Loss) | | Value
August 31, 2024 | | Dividend
Income |
| Investments in Affiliated Money Market Funds: | | | | | | | | | | | | | |
| Invesco Government & Agency Portfolio, Institutional Class | $137,190 | | $5,110,659 | | $(4,721,618) | | $- | | $- | | $526,231 | | $17,818 |
| Investments Purchased with Cash Collateral from Securities on Loan: | | | | | | | | | | | | | |
| Invesco Private Government Fund | 23,345 | | 11,829,450 | | (10,112,915) | | - | | - | | 1,739,880 | | 30,001* |
| Invesco Private Prime Fund | 60,032 | | 21,057,938 | | (16,573,960) | | 242 | | (287) | | 4,543,965 | | 82,194* |
| Total | $220,567 | | $37,998,047 | | $(31,408,493) | | $242 | | $(287) | | $6,810,076 | | $130,013 |
| * | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
| (e) | The rate shown is the 7-day SEC standardized yield as of August 31, 2024. |
| (f) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2030 High Yield Corporate Bond ETF (BSJU)
August 31, 2024
Schedule of Investments(a)
| | Principal
Amount | | Value |
| U.S. Dollar Denominated Bonds & Notes-98.14% |
| Aerospace & Defense-1.27% |
TransDigm, Inc., 6.88%, 12/15/2030(b)
| $ | 730,000 | | $ 763,030 |
| Air Freight & Logistics-0.72% |
Rand Parent LLC, 8.50%, 02/15/2030(b)
| | 430,000 | | 430,402 |
| Automobile Components-1.51% |
Dana, Inc., 4.25%, 09/01/2030
| | 195,000 | | 175,842 |
| ZF North America Capital, Inc. (Germany) | | | | |
7.13%, 04/14/2030(b)
| | 305,000 | | 319,916 |
6.75%, 04/23/2030(b)
| | 400,000 | | 411,500 |
| | | | | 907,258 |
| Banks-0.63% |
Verde Purchaser LLC, 10.50%, 11/30/2030(b)(c)
| | 350,000 | | 377,365 |
| Building Products-1.25% |
Advanced Drainage Systems, Inc., 6.38%, 06/15/2030(b)
| | 250,000 | | 254,361 |
MIWD Holdco II LLC/MIWD Finance Corp., 5.50%, 02/01/2030(b)
| | 240,000 | | 228,146 |
Oscar AcquisitionCo LLC/Oscar Finance, Inc., 9.50%, 04/15/2030(b)
| | 285,000 | | 267,871 |
| | | | | 750,378 |
| Chemicals-1.47% |
Avient Corp., 7.13%, 08/01/2030(b)
| | 365,000 | | 380,199 |
NOVA Chemicals Corp. (Canada), 9.00%, 02/15/2030(b)
| | 330,000 | | 354,876 |
SNF Group SACA (France), 3.38%, 03/15/2030(b)
| | 170,000 | | 148,226 |
| | | | | 883,301 |
| Commercial Services & Supplies-0.74% |
Reworld Holding Corp., 5.00%, 09/01/2030
| | 195,000 | | 178,786 |
VT Topco, Inc., 8.50%, 08/15/2030(b)
| | 250,000 | | 263,259 |
| | | | | 442,045 |
| Communications Equipment-0.31% |
Ciena Corp., 4.00%, 01/31/2030(b)
| | 195,000 | | 183,643 |
| Consumer Finance-2.87% |
Encore Capital Group, Inc., 8.50%, 05/15/2030(b)
| | 240,000 | | 251,330 |
FirstCash, Inc., 5.63%, 01/01/2030(b)
| | 265,000 | | 262,005 |
Navient Corp., 9.38%, 07/25/2030
| | 250,000 | | 271,558 |
| OneMain Finance Corp. | | | | |
7.88%, 03/15/2030(c)
| | 350,000 | | 366,357 |
4.00%, 09/15/2030
| | 410,000 | | 363,200 |
PRA Group, Inc., 8.88%, 01/31/2030(b)
| | 200,000 | | 206,969 |
| | | | | 1,721,419 |
| Consumer Staples Distribution & Retail-0.38% |
US Foods, Inc., 4.63%, 06/01/2030(b)(c)
| | 240,000 | | 229,875 |
| Containers & Packaging-3.34% |
Ball Corp., 2.88%, 08/15/2030
| | 650,000 | | 575,014 |
| Clydesdale Acquisition Holdings, Inc. | | | | |
6.88%, 01/15/2030(b)
| | 250,000 | | 251,234 |
8.75%, 04/15/2030(b)
| | 560,000 | | 559,197 |
Crown Americas LLC, 5.25%, 04/01/2030
| | 250,000 | | 250,060 |
| | Principal
Amount | | Value |
| Containers & Packaging-(continued) |
Graphic Packaging International LLC, 3.75%, 02/01/2030(b)
| $ | 195,000 | | $ 180,497 |
OI European Group B.V., 4.75%, 02/15/2030(b)
| | 205,000 | | 192,857 |
| | | | | 2,008,859 |
| Distributors-0.71% |
Windsor Holdings III LLC, 8.50%, 06/15/2030(b)
| | 400,000 | | 428,967 |
| Diversified Consumer Services-0.64% |
Service Corp. International, 3.38%, 08/15/2030
| | 430,000 | | 386,266 |
| Diversified REITs-0.40% |
Uniti Group L.P./Uniti Fiber Holdings, Inc./CSL Capital LLC, 6.00%, 01/15/2030(b)
| | 330,000 | | 242,127 |
| Diversified Telecommunication Services-6.14% |
| Frontier Communications Holdings LLC | | | | |
6.00%, 01/15/2030(b)(c)
| | 490,000 | | 452,474 |
8.75%, 05/15/2030(b)
| | 605,000 | | 637,888 |
Intelsat Jackson Holdings S.A. (Luxembourg), 6.50%, 03/15/2030(b)
| | 1,503,000 | | 1,446,935 |
| Level 3 Financing, Inc. | | | | |
10.50%, 05/15/2030(b)
| | 450,000 | | 484,412 |
3.88%, 10/15/2030(b)
| | 220,000 | | 150,803 |
10.75%, 12/15/2030(b)
| | 340,000 | | 367,870 |
Lumen Technologies, Inc., 4.13%, 04/15/2030(b)
| | 200,000 | | 150,235 |
| | | | | 3,690,617 |
| Electric Utilities-0.80% |
PG&E Corp., 5.25%, 07/01/2030
| | 490,000 | | 480,057 |
| Electrical Equipment-0.42% |
Sensata Technologies B.V., 5.88%, 09/01/2030(b)
| | 250,000 | | 250,559 |
| Electronic Equipment, Instruments & Components-2.37% |
EMRLD Borrower L.P./Emerald Co-Issuer, Inc., 6.63%, 12/15/2030(b)
| | 1,390,000 | | 1,425,145 |
| Energy Equipment & Services-4.23% |
Nabors Industries, Inc., 9.13%, 01/31/2030(b)
| | 330,000 | | 353,896 |
Noble Finance II LLC, 8.00%, 04/15/2030(b)
| | 700,000 | | 726,392 |
Transocean, Inc., 8.75%, 02/15/2030(b)
| | 595,000 | | 629,029 |
Weatherford International Ltd., 8.63%, 04/30/2030(b)
| | 800,000 | | 830,957 |
| | | | | 2,540,274 |
| Entertainment-0.75% |
Roblox Corp., 3.88%, 05/01/2030(b)
| | 487,000 | | 449,005 |
| Financial Services-3.05% |
Burford Capital Global Finance LLC, 6.88%, 04/15/2030(b)
| | 180,000 | | 178,595 |
Hightower Holding LLC, 9.13%, 01/31/2030(b)
| | 200,000 | | 207,241 |
Midcap Financial Issuer Trust, 5.63%, 01/15/2030(b)
| | 190,000 | | 173,577 |
Mobius Merger Sub, Inc., 9.00%, 06/01/2030(b)
| | 240,000 | | 233,848 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2030 High Yield Corporate Bond ETF (BSJU)—(continued)
August 31, 2024
| | Principal
Amount | | Value |
| Financial Services-(continued) |
Nationstar Mortgage Holdings, Inc., 5.13%, 12/15/2030(b)
| $ | 320,000 | | $ 304,050 |
PennyMac Financial Services, Inc., 7.13%, 11/15/2030(b)
| | 330,000 | | 335,534 |
Scientific Games Holdings L.P./Scientific Games US FinCo, Inc., 6.63%, 03/01/2030(b)
| | 400,000 | | 397,286 |
| | | | | 1,830,131 |
| Food Products-1.62% |
Darling Ingredients, Inc., 6.00%, 06/15/2030(b)
| | 510,000 | | 516,872 |
Lamb Weston Holdings, Inc., 4.13%, 01/31/2030(b)
| | 490,000 | | 456,415 |
| | | | | 973,287 |
| Gas Utilities-0.87% |
Venture Global Calcasieu Pass LLC, 6.25%, 01/15/2030(b)
| | 500,000 | | 520,169 |
| Ground Transportation-0.97% |
Brightline East LLC, 11.00%, 01/31/2030(b)(c)
| | 640,000 | | 584,272 |
| Health Care Equipment & Supplies-0.52% |
| Embecta Corp. | | | | |
5.00%, 02/15/2030(b)
| | 247,000 | | 222,933 |
6.75%, 02/15/2030(b)
| | 95,000 | | 87,795 |
| | | | | 310,728 |
| Health Care Providers & Services-10.38% |
Catalent Pharma Solutions, Inc., 3.50%, 04/01/2030(b)
| | 320,000 | | 312,707 |
| Community Health Systems, Inc. | | | | |
6.13%, 04/01/2030(b)
| | 600,000 | | 475,659 |
5.25%, 05/15/2030(b)
| | 750,000 | | 673,016 |
DaVita, Inc., 4.63%, 06/01/2030(b)
| | 1,405,000 | | 1,325,694 |
LifePoint Health, Inc., 9.88%, 08/15/2030(b)
| | 405,000 | | 444,662 |
Molina Healthcare, Inc., 3.88%, 11/15/2030(b)
| | 320,000 | | 294,485 |
Owens & Minor, Inc., 6.63%, 04/01/2030(b)(c)
| | 270,000 | | 261,536 |
Pediatrix Medical Group, Inc., 5.38%, 02/15/2030(b)
| | 195,000 | | 186,618 |
Star Parent, Inc., 9.00%, 10/01/2030(b)
| | 510,000 | | 545,076 |
| Tenet Healthcare Corp. | | | | |
4.38%, 01/15/2030
| | 730,000 | | 698,584 |
6.13%, 06/15/2030
| | 1,000,000 | | 1,016,442 |
| | | | | 6,234,479 |
| Health Care Technology-1.88% |
athenahealth Group, Inc., 6.50%, 02/15/2030(b)
| | 1,180,000 | | 1,129,807 |
| Hotel & Resort REITs-0.48% |
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, 7.00%, 02/01/2030(b)
| | 280,000 | | 287,265 |
| Hotels, Restaurants & Leisure-6.29% |
1011778 BC ULC/New Red Finance, Inc. (Canada), 4.00%, 10/15/2030(b)
| | 1,480,000 | | 1,356,866 |
Brinker International, Inc., 8.25%, 07/15/2030(b)
| | 180,000 | | 191,475 |
Caesars Entertainment, Inc., 7.00%, 02/15/2030(b)
| | 1,000,000 | | 1,036,328 |
| | Principal
Amount | | Value |
| Hotels, Restaurants & Leisure-(continued) |
Churchill Downs, Inc., 5.75%, 04/01/2030(b)
| $ | 605,000 | | $ 601,743 |
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., 6.75%, 01/15/2030(b)
| | 655,000 | | 589,826 |
| | | | | 3,776,238 |
| Household Durables-1.40% |
KB Home, 7.25%, 07/15/2030
| | 180,000 | | 188,005 |
M/I Homes, Inc., 3.95%, 02/15/2030
| | 150,000 | | 138,558 |
Mattamy Group Corp. (Canada), 4.63%, 03/01/2030(b)
| | 295,000 | | 278,460 |
Taylor Morrison Communities, Inc., 5.13%, 08/01/2030(b)
| | 240,000 | | 237,386 |
| | | | | 842,409 |
| Household Products-0.37% |
Central Garden & Pet Co., 4.13%, 10/15/2030(c)
| | 240,000 | | 220,748 |
| Industrial Conglomerates-0.64% |
Icahn Enterprises L.P./Icahn Enterprises Finance Corp., 9.00%, 06/15/2030(b)
| | 380,000 | | 384,781 |
| Insurance-4.73% |
Acrisure LLC/Acrisure Finance, Inc., 7.50%, 11/06/2030(b)
| | 550,000 | | 564,969 |
HUB International Ltd., 7.25%, 06/15/2030(b)
| | 1,545,000 | | 1,614,775 |
| Jones Deslauriers Insurance Management, Inc. (Canada) | | | | |
8.50%, 03/15/2030(b)
| | 365,000 | | 388,483 |
10.50%, 12/15/2030(b)
| | 250,000 | | 271,936 |
| | | | | 2,840,163 |
| Interactive Media & Services-0.73% |
Ziff Davis, Inc., 4.63%, 10/15/2030(b)
| | 220,000 | | 203,552 |
ZipRecruiter, Inc., 5.00%, 01/15/2030(b)
| | 265,000 | | 237,599 |
| | | | | 441,151 |
| Life Sciences Tools & Services-0.91% |
Fortrea Holdings, Inc., 7.50%, 07/01/2030(b)
| | 280,000 | | 285,820 |
IQVIA, Inc., 6.50%, 05/15/2030(b)(c)
| | 250,000 | | 260,078 |
| | | | | 545,898 |
| Machinery-1.72% |
Chart Industries, Inc., 7.50%, 01/01/2030(b)
| | 730,000 | | 767,953 |
SPX FLOW, Inc., 8.75%, 04/01/2030(b)
| | 255,000 | | 266,486 |
| | | | | 1,034,439 |
| Media-5.54% |
Cable One, Inc., 4.00%, 11/15/2030(b)(c)
| | 320,000 | | 245,894 |
Clear Channel Outdoor Holdings, Inc., 7.88%, 04/01/2030(b)
| | 460,000 | | 481,009 |
Gray Television, Inc., 4.75%, 10/15/2030(b)
| | 340,000 | | 193,930 |
Lamar Media Corp., 4.00%, 02/15/2030
| | 265,000 | | 247,648 |
Sinclair Television Group, Inc., 4.13%, 12/01/2030(b)(c)
| | 355,000 | | 250,831 |
Sirius XM Radio, Inc., 4.13%, 07/01/2030(b)
| | 780,000 | | 700,860 |
Univision Communications, Inc., 7.38%, 06/30/2030(b)
| | 440,000 | | 422,633 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2030 High Yield Corporate Bond ETF (BSJU)—(continued)
August 31, 2024
| | Principal
Amount | | Value |
| Media-(continued) |
Virgin Media Finance PLC (United Kingdom), 5.00%, 07/15/2030(b)
| $ | 450,000 | | $ 390,482 |
Virgin Media Secured Finance PLC (United Kingdom), 4.50%, 08/15/2030(b)
| | 450,000 | | 397,787 |
| | | | | 3,331,074 |
| Metals & Mining-3.13% |
Arsenal AIC Parent LLC, 8.00%, 10/01/2030(b)
| | 350,000 | | 376,738 |
ATI, Inc., 7.25%, 08/15/2030(c)
| | 210,000 | | 223,756 |
Carpenter Technology Corp., 7.63%, 03/15/2030
| | 150,000 | | 155,809 |
Cleveland-Cliffs, Inc., 6.75%, 04/15/2030(b)
| | 380,000 | | 385,731 |
Commercial Metals Co., 4.13%, 01/15/2030
| | 150,000 | | 141,262 |
Taseko Mines Ltd. (Canada), 8.25%, 05/01/2030(b)
| | 250,000 | | 260,087 |
Vibrantz Technologies, Inc., 9.00%, 02/15/2030(b)
| | 370,000 | | 337,876 |
| | | | | 1,881,259 |
| Oil, Gas & Consumable Fuels-10.12% |
Baytex Energy Corp. (Canada), 8.50%, 04/30/2030(b)
| | 400,000 | | 426,617 |
CNX Midstream Partners L.P., 4.75%, 04/15/2030(b)
| | 195,000 | | 182,004 |
Comstock Resources, Inc., 5.88%, 01/15/2030(b)
| | 485,000 | | 458,860 |
Genesis Energy L.P./Genesis Energy Finance Corp., 8.88%, 04/15/2030
| | 250,000 | | 265,550 |
| Hess Midstream Operations L.P. | | | | |
4.25%, 02/15/2030(b)
| | 380,000 | | 359,402 |
5.50%, 10/15/2030(b)
| | 200,000 | | 198,266 |
Hilcorp Energy I L.P./Hilcorp Finance Co., 6.00%, 04/15/2030(b)
| | 250,000 | | 248,871 |
Kinetik Holdings L.P., 5.88%, 06/15/2030(b)
| | 490,000 | | 491,990 |
NuStar Logistics L.P., 6.38%, 10/01/2030
| | 305,000 | | 318,834 |
Parkland Corp. (Canada), 4.63%, 05/01/2030(b)
| | 405,000 | | 379,090 |
PBF Holding Co. LLC/PBF Finance Corp., 7.88%, 09/15/2030(b)
| | 240,000 | | 249,764 |
Range Resources Corp., 4.75%, 02/15/2030(b)
| | 240,000 | | 230,507 |
Southwestern Energy Co., 5.38%, 03/15/2030
| | 600,000 | | 595,153 |
Sunoco L.P./Sunoco Finance Corp., 4.50%, 04/30/2030
| | 390,000 | | 370,849 |
Tallgrass Energy Partners L.P./Tallgrass Energy Finance Corp., 6.00%, 12/31/2030(b)
| | 355,000 | | 338,769 |
Venture Global LNG, Inc., 7.00%, 01/15/2030(b)
| | 750,000 | | 767,357 |
Vermilion Energy, Inc. (Canada), 6.88%, 05/01/2030(b)
| | 196,000 | | 197,725 |
| | | | | 6,079,608 |
| Personal Care Products-0.70% |
BellRing Brands, Inc., 7.00%, 03/15/2030(b)
| | 405,000 | | 420,986 |
| Pharmaceuticals-1.04% |
AdaptHealth LLC, 5.13%, 03/01/2030(b)
| | 295,000 | | 269,950 |
Perrigo Finance Unlimited Co., 4.90%, 06/15/2030
| | 365,000 | | 353,073 |
| | | | | 623,023 |
| | Principal
Amount | | Value |
| Real Estate Management & Development-1.49% |
Anywhere Real Estate Group LLC/Anywhere Co-Issuer Corp., 7.00%, 04/15/2030(b)(c)
| $ | 310,000 | | $ 275,086 |
Anywhere Real Estate Group LLC/Realogy Co-Issuer Corp., 5.25%, 04/15/2030(b)
| | 220,000 | | 153,563 |
Greystar Real Estate Partners LLC, 7.75%, 09/01/2030(b)
| | 200,000 | | 213,439 |
Kennedy-Wilson, Inc., 4.75%, 02/01/2030
| | 290,000 | | 256,164 |
| | | | | 898,252 |
| Residential REITs-0.31% |
Ashton Woods USA LLC/Ashton Woods Finance Co., 4.63%, 04/01/2030(b)
| | 196,000 | | 184,638 |
| Semiconductors & Semiconductor Equipment-0.78% |
Entegris, Inc., 5.95%, 06/15/2030(b)
| | 465,000 | | 471,603 |
| Software-3.26% |
Capstone Borrower, Inc., 8.00%, 06/15/2030(b)
| | 240,000 | | 252,968 |
Gen Digital, Inc., 7.13%, 09/30/2030(b)(c)
| | 300,000 | | 313,618 |
McAfee Corp., 7.38%, 02/15/2030(b)
| | 1,015,000 | | 974,524 |
NCR Voyix Corp., 5.25%, 10/01/2030(b)
| | 220,000 | | 214,636 |
RingCentral, Inc., 8.50%, 08/15/2030(b)
| | 190,000 | | 203,164 |
| | | | | 1,958,910 |
| Specialized REITs-1.02% |
Iron Mountain, Inc., 5.25%, 07/15/2030(b)
| | 630,000 | | 614,484 |
| Specialty Retail-1.63% |
Asbury Automotive Group, Inc., 4.75%, 03/01/2030
| | 215,000 | | 205,688 |
Bath & Body Works, Inc., 6.63%, 10/01/2030(b)
| | 460,000 | | 466,138 |
Staples, Inc., 12.75%, 01/15/2030(b)
| | 400,000 | | 309,526 |
| | | | | 981,352 |
| Trading Companies & Distributors-1.27% |
Beacon Roofing Supply, Inc., 6.50%, 08/01/2030(b)
| | 300,000 | | 308,376 |
Boise Cascade Co., 4.88%, 07/01/2030(b)
| | 195,000 | | 186,772 |
Fortress Transportation and Infrastructure Investors LLC, 7.88%, 12/01/2030(b)
| | 250,000 | | 268,529 |
| | | | | 763,677 |
| Wireless Telecommunication Services-0.34% |
Ontario Gaming GTA L.P./OTG Co-Issuer, Inc. (Canada), 8.00%, 08/01/2030(b)
| | 196,000 | | 202,366 |
Total U.S. Dollar Denominated Bonds & Notes
(Cost $56,699,236)
| | 58,957,789 |
| | Shares | | |
| Money Market Funds-0.40% |
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(d)(e)
(Cost $239,390)
| | 239,390 | | 239,390 |
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-98.54%
(Cost $56,938,626)
| | 59,197,179 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2030 High Yield Corporate Bond ETF (BSJU)—(continued)
August 31, 2024
| | Shares | | Value |
Investments Purchased with Cash Collateral
from Securities on Loan |
| Money Market Funds-5.57% |
Invesco Private Government Fund, 5.28%(d)(e)(f)
| | 927,063 | | $ 927,063 |
Invesco Private Prime Fund, 5.46%(d)(e)(f)
| | 2,415,889 | | 2,416,855 |
Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $3,343,763)
| | 3,343,918 |
TOTAL INVESTMENTS IN SECURITIES-104.11%
(Cost $60,282,389)
| | 62,541,097 |
OTHER ASSETS LESS LIABILITIES-(4.11)%
| | (2,466,195) |
NET ASSETS-100.00%
| | $60,074,902 |
| Notes to Schedule of Investments: |
| (a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
| (b) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2024 was $50,514,526, which represented 84.09% of the Fund’s Net Assets. |
| (c) | All or a portion of this security was out on loan at August 31, 2024. |
| (d) | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024. |
| | Value
August 31, 2023 | | Purchases
at Cost | | Proceeds
from Sales | | Change in
Unrealized
Appreciation | | Realized
Gain
(Loss) | | Value
August 31, 2024 | | Dividend
Income |
| Investments in Affiliated Money Market Funds: | | | | | | | | | | | | | |
| Invesco Government & Agency Portfolio, Institutional Class | $56,115 | | $4,987,246 | | $(4,803,971) | | $- | | $- | | $239,390 | | $13,387 |
| Investments Purchased with Cash Collateral from Securities on Loan: | | | | | | | | | | | | | |
| Invesco Private Government Fund | - | | 11,119,712 | | (10,192,649) | | - | | - | | 927,063 | | 24,495* |
| Invesco Private Prime Fund | - | | 17,190,307 | | (14,773,159) | | 155 | | (448) | | 2,416,855 | | 66,972* |
| Total | $56,115 | | $33,297,265 | | $(29,769,779) | | $155 | | $(448) | | $3,583,308 | | $104,854 |
| * | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
| (e) | The rate shown is the 7-day SEC standardized yield as of August 31, 2024. |
| (f) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2031 High Yield Corporate Bond ETF (BSJV)
August 31, 2024
Schedule of Investments(a)
| | Principal
Amount | | Value |
| U.S. Dollar Denominated Bonds & Notes-98.40% |
| Aerospace & Defense-1.58% |
Bombardier, Inc. (Canada), 7.25%, 07/01/2031(b)
| $ | 180,000 | | $ 189,169 |
TransDigm, Inc., 7.13%, 12/01/2031(b)
| | 260,000 | | 274,890 |
| | | | | 464,059 |
| Air Freight & Logistics-0.64% |
GN Bondco LLC, 9.50%, 10/15/2031(b)
| | 185,000 | | 188,470 |
| Automobile Components-2.22% |
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 8.00%, 02/15/2031(b)
| | 130,000 | | 129,378 |
| Goodyear Tire & Rubber Co. (The) | | | | |
5.25%, 04/30/2031
| | 131,000 | | 118,798 |
5.25%, 07/15/2031
| | 150,000 | | 136,185 |
United Rentals (North America), Inc., 3.88%, 02/15/2031
| | 289,000 | | 267,034 |
| | | | | 651,395 |
| Automobiles-0.81% |
Allison Transmission, Inc., 3.75%, 01/30/2031(b)
| | 260,000 | | 236,528 |
| Broadline Retail-0.37% |
Kohl’s Corp., 4.63%, 05/01/2031
| | 130,000 | | 107,558 |
| Building Products-0.75% |
Summit Materials LLC/Summit Materials Finance Corp., 7.25%, 01/15/2031(b)
| | 207,000 | | 218,875 |
| Capital Markets-0.87% |
Coinbase Global, Inc., 3.63%, 10/01/2031(b)
| | 180,000 | | 148,473 |
StoneX Group, Inc., 7.88%, 03/01/2031(b)
| | 100,000 | | 105,235 |
| | | | | 253,708 |
| Chemicals-3.29% |
Ashland, Inc., 3.38%, 09/01/2031(b)
| | 120,000 | | 105,232 |
Axalta Coating Systems Dutch Holding B B.V., 7.25%, 02/15/2031(b)
| | 130,000 | | 137,835 |
Consolidated Energy Finance S.A. (Switzerland), 12.00%, 02/15/2031(b)
| | 150,000 | | 147,821 |
Olympus Water US Holding Corp., 7.25%, 06/15/2031(b)
| | 210,000 | | 217,249 |
Scotts Miracle-Gro Co. (The), 4.00%, 04/01/2031
| | 130,000 | | 116,595 |
Suburban Propane Partners L.P./Suburban Energy Finance Corp., 5.00%, 06/01/2031(b)
| | 160,000 | | 146,948 |
W. R. Grace Holdings LLC, 7.38%, 03/01/2031(b)
| | 90,000 | | 93,585 |
| | | | | 965,265 |
| Commercial Services & Supplies-4.62% |
Allied Universal Holdco LLC, 7.88%, 02/15/2031(b)
| | 540,000 | | 548,715 |
Clean Harbors, Inc., 6.38%, 02/01/2031(b)
| | 130,000 | | 132,942 |
GEO Group, Inc. (The), 10.25%, 04/15/2031
| | 170,000 | | 179,765 |
GFL Environmental, Inc., 6.75%, 01/15/2031(b)
| | 260,000 | | 271,915 |
Ritchie Bros. Holdings, Inc. (Canada), 7.75%, 03/15/2031(b)
| | 209,000 | | 222,419 |
| | | | | 1,355,756 |
| Communications Equipment-0.52% |
Viasat, Inc., 7.50%, 05/30/2031(b)
| | 200,000 | | 153,225 |
| | Principal
Amount | | Value |
| Construction & Engineering-1.12% |
Artera Services, LLC, 8.50%, 02/15/2031(b)
| $ | 160,000 | | $ 160,510 |
Baldwin Insurance Group Holdings LLC / Baldwin Insurance Group Holdings Finance, 7.13%, 05/15/2031(b)
| | 160,000 | | 167,547 |
| | | | | 328,057 |
| Construction Materials-1.93% |
Knife River Corp., 7.75%, 05/01/2031(b)
| | 110,000 | | 116,834 |
Smyrna Ready Mix Concrete LLC, 8.88%, 11/15/2031(b)
| | 290,000 | | 311,609 |
Williams Scotsman, Inc., 7.38%, 10/01/2031(b)
| | 130,000 | | 136,727 |
| | | | | 565,170 |
| Consumer Finance-0.70% |
OneMain Finance Corp., 7.50%, 05/15/2031
| | 200,000 | | 206,591 |
| Consumer Staples Distribution & Retail-1.01% |
Fiesta Purchaser, Inc., 7.88%, 03/01/2031(b)
| | 127,000 | | 134,016 |
Ingles Markets, Inc., 4.00%, 06/15/2031(b)
| | 100,000 | | 90,133 |
Safeway, Inc., 7.25%, 02/01/2031
| | 70,000 | | 72,417 |
| | | | | 296,566 |
| Containers & Packaging-2.35% |
Ball Corp., 3.13%, 09/15/2031
| | 210,000 | | 183,803 |
Fortress Intermediate 3, Inc., 7.50%, 06/01/2031(b)
| | 200,000 | | 207,730 |
Owens-Brockway Glass Container, Inc., 7.25%, 05/15/2031(b)
| | 180,000 | | 182,362 |
Sealed Air Corp., 7.25%, 02/15/2031(b)
| | 110,000 | | 115,736 |
| | | | | 689,631 |
| Diversified Consumer Services-0.63% |
Service Corp. International, 4.00%, 05/15/2031
| | 200,000 | | 183,703 |
| Diversified Telecommunication Services-1.57% |
Frontier Communications Holdings LLC, 8.63%, 03/15/2031(b)
| | 200,000 | | 211,832 |
Iliad Holding S.A.S. (France), 8.50%, 04/15/2031(b)
| | 170,000 | | 180,331 |
Level 3 Financing, Inc., 4.00%, 04/15/2031(b)
| | 100,000 | | 67,499 |
| | | | | 459,662 |
| Electric Utilities-2.88% |
NRG Energy, Inc., 3.63%, 02/15/2031(b)
| | 270,000 | | 241,793 |
Sotera Health Holdings LLC, 7.38%, 06/01/2031(b)
| | 190,000 | | 198,947 |
Vistra Operations Co. LLC, 7.75%, 10/15/2031(b)
| | 380,000 | | 404,607 |
| | | | | 845,347 |
| Electronic Equipment, Instruments & Components-1.03% |
EMRLD Borrower L.P./Emerald Co-Issuer, Inc., 6.75%, 07/15/2031(b)
| | 130,000 | | 134,067 |
Sensata Technologies, Inc., 3.75%, 02/15/2031(b)
| | 185,000 | | 167,229 |
| | | | | 301,296 |
| Energy Equipment & Services-0.48% |
Nabors Industries, Inc., 8.88%, 08/15/2031(b)
| | 140,000 | | 140,390 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2031 High Yield Corporate Bond ETF (BSJV)—(continued)
August 31, 2024
| | Principal
Amount | | Value |
| Entertainment-1.48% |
Light and Wonder International, Inc., 7.50%, 09/01/2031(b)
| $ | 150,000 | | $ 158,047 |
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 7.13%, 02/15/2031(b)
| | 260,000 | | 276,109 |
| | | | | 434,156 |
| Financial Services-4.63% |
Block, Inc., 3.50%, 06/01/2031
| | 250,000 | | 225,883 |
Burford Capital Global Finance LLC, 9.25%, 07/01/2031(b)
| | 170,000 | | 181,973 |
Freedom Mortgage Holdings LLC, 9.13%, 05/15/2031(b)
| | 90,000 | | 90,759 |
Jane Street Group/JSG Finance, Inc., 7.13%, 04/30/2031(b)
| | 300,000 | | 315,317 |
Nationstar Mortgage Holdings, Inc., 5.75%, 11/15/2031(b)
| | 150,000 | | 145,848 |
PennyMac Financial Services, Inc., 5.75%, 09/15/2031(b)
| | 110,000 | | 106,166 |
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 3.88%, 03/01/2031(b)
| | 320,000 | | 292,141 |
| | | | | 1,358,087 |
| Food Products-0.76% |
Post Holdings, Inc., 4.50%, 09/15/2031(b)
| | 240,000 | | 223,476 |
| Gas Utilities-1.04% |
Venture Global Calcasieu Pass LLC, 4.13%, 08/15/2031(b)
| | 330,000 | | 306,112 |
| Ground Transportation-0.43% |
XPO, Inc., 7.13%, 06/01/2031(b)
| | 120,000 | | 125,572 |
| Health Care Providers & Services-3.84% |
Community Health Systems, Inc., 4.75%, 02/15/2031(b)
| | 260,000 | | 222,039 |
DaVita, Inc., 3.75%, 02/15/2031(b)
| | 390,000 | | 347,405 |
Encompass Health Corp., 4.63%, 04/01/2031
| | 100,000 | | 94,774 |
| Tenet Healthcare Corp. | | | | |
6.75%, 05/15/2031
| | 350,000 | | 363,209 |
6.88%, 11/15/2031
| | 90,000 | | 98,014 |
| | | | | 1,125,441 |
| Health Care REITs-0.92% |
Diversified Healthcare Trust, 4.38%, 03/01/2031
| | 110,000 | | 84,320 |
MPT Operating Partnership L.P./MPT Finance Corp., 3.50%, 03/15/2031
| | 270,000 | | 184,692 |
| | | | | 269,012 |
| Hotel & Resort REITs-0.88% |
Service Properties Trust, 8.63%, 11/15/2031(b)
| | 240,000 | | 256,942 |
| Hotels, Restaurants & Leisure-5.35% |
Boyd Gaming Corp., 4.75%, 06/15/2031(b)
| | 230,000 | | 216,560 |
Churchill Downs, Inc., 6.75%, 05/01/2031(b)
| | 160,000 | | 164,619 |
Hilton Domestic Operating Co., Inc., 4.00%, 05/01/2031(b)
| | 270,000 | | 249,666 |
Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Escrow, Inc., 4.88%, 07/01/2031(b)
| | 130,000 | | 116,641 |
Merlin Entertainments Group U.S. Holdings, Inc. (United Kingdom), 7.38%, 02/15/2031(b)
| | 130,000 | | 129,600 |
| | Principal
Amount | | Value |
| Hotels, Restaurants & Leisure-(continued) |
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp., 5.88%, 09/01/2031(b)
| $ | 190,000 | | $ 131,973 |
Six Flags Entertainment Corp., 7.25%, 05/15/2031(b)
| | 210,000 | | 217,930 |
Station Casinos LLC, 4.63%, 12/01/2031(b)
| | 110,000 | | 102,185 |
Yum! Brands, Inc., 3.63%, 03/15/2031
| | 260,000 | | 238,834 |
| | | | | 1,568,008 |
| Household Durables-1.19% |
Beazer Homes USA, Inc., 7.50%, 03/15/2031(b)
| | 60,000 | | 61,156 |
KB Home, 4.00%, 06/15/2031
| | 110,000 | | 101,719 |
Tempur Sealy International, Inc., 3.88%, 10/15/2031(b)
| | 210,000 | | 184,894 |
| | | | | 347,769 |
| Household Products-1.38% |
Central Garden & Pet Co., 4.13%, 04/30/2031(b)
| | 100,000 | | 90,708 |
Kronos Acquisition Holdings, Inc. (Canada), 8.25%, 06/30/2031(b)
| | 140,000 | | 144,201 |
Prestige Brands, Inc., 3.75%, 04/01/2031(b)
| | 160,000 | | 145,147 |
Spectrum Brands, Inc., 3.88%, 03/15/2031(b)
| | 27,000 | | 24,006 |
| | | | | 404,062 |
| Independent Power and Renewable Electricity Producers-2.15% |
| Calpine Corp. | | | | |
5.00%, 02/01/2031(b)
| | 210,000 | | 201,491 |
3.75%, 03/01/2031(b)
| | 230,000 | | 210,232 |
Clearway Energy Operating LLC, 3.75%, 02/15/2031(b)
| | 240,000 | | 217,947 |
| | | | | 629,670 |
| Insurance-5.59% |
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 7.00%, 01/15/2031(b)
| | 380,000 | | 393,110 |
Ardonagh Finco Ltd. (United Kingdom), 7.75%, 02/15/2031(b)
| | 180,000 | | 185,952 |
Howden UK Refinance PLC/Howden UK Refinance 2 PLC/Howden US Refinance LLC (United Kingdom), 7.25%, 02/15/2031(b)
| | 240,000 | | 247,180 |
Panther Escrow Issuer LLC, 7.13%, 06/01/2031(b)
| | 780,000 | | 813,074 |
| | | | | 1,639,316 |
| Interactive Media & Services-0.39% |
Match Group Holdings II LLC, 3.63%, 10/01/2031(b)
| | 130,000 | | 115,520 |
| IT Services-0.68% |
Star Holding LLC, 8.75%, 08/01/2031(b)
| | 90,000 | | 88,281 |
Twilio, Inc., 3.88%, 03/15/2031
| | 120,000 | | 110,205 |
| | | | | 198,486 |
| Leisure Products-0.73% |
Amer Sports Co. (Finland), 6.75%, 02/16/2031(b)
| | 210,000 | | 213,615 |
| Machinery-0.85% |
Hillenbrand, Inc., 3.75%, 03/01/2031
| | 90,000 | | 80,023 |
J.B. Poindexter & Co., Inc., 8.75%, 12/15/2031(b)
| | 160,000 | | 168,977 |
| | | | | 249,000 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2031 High Yield Corporate Bond ETF (BSJV)—(continued)
August 31, 2024
| | Principal
Amount | | Value |
| Marine Transportation-1.02% |
| Stena International S.A. (Sweden) | | | | |
7.25%, 01/15/2031(b)
| $ | 181,000 | | $186,513 |
7.63%, 02/15/2031(b)
| | 110,000 | | 113,734 |
| | | | | 300,247 |
| Media-9.43% |
| CCO Holdings LLC/CCO Holdings Capital Corp. | | | | |
4.25%, 02/01/2031(b)
| | 780,000 | | 677,466 |
7.38%, 03/01/2031(b)
| | 300,000 | | 305,548 |
| CSC Holdings LLC | | | | |
3.38%, 02/15/2031(b)
| | 250,000 | | 161,693 |
4.50%, 11/15/2031(b)
| | 380,000 | | 253,098 |
Gray Television, Inc., 5.38%, 11/15/2031(b)
| | 270,000 | | 154,886 |
Lamar Media Corp., 3.63%, 01/15/2031
| | 140,000 | | 126,882 |
McGraw-Hill Education, Inc., 7.38%, 09/01/2031(b)
| | 170,000 | | 175,696 |
Outfront Media Capital LLC/Outfront Media Capital Corp., 7.38%, 02/15/2031(b)
| | 120,000 | | 127,730 |
Sirius XM Radio, Inc., 3.88%, 09/01/2031(b)
| | 400,000 | | 343,626 |
Sunrise FinCo I B.V. (Netherlands), 4.88%, 07/15/2031(b)
| | 320,000 | | 298,096 |
Univision Communications, Inc., 8.50%, 07/31/2031(b)
| | 140,000 | | 139,820 |
| | | | | 2,764,541 |
| Metals & Mining-2.58% |
Alcoa Nederland Holding B.V., 7.13%, 03/15/2031(b)
| | 200,000 | | 210,480 |
ATI, Inc., 5.13%, 10/01/2031
| | 90,000 | | 86,647 |
Cleveland-Cliffs, Inc., 4.88%, 03/01/2031(b)
| | 80,000 | | 73,549 |
Commercial Metals Co., 3.88%, 02/15/2031
| | 80,000 | | 72,653 |
Kaiser Aluminum Corp., 4.50%, 06/01/2031(b)
| | 150,000 | | 134,948 |
Novelis Corp., 3.88%, 08/15/2031(b)
| | 200,000 | | 179,527 |
| | | | | 757,804 |
| Mortgage REITs-0.35% |
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 7.00%, 07/15/2031(b)
| | 100,000 | | 104,045 |
| Oil, Gas & Consumable Fuels-8.54% |
CNX Resources Corp., 7.38%, 01/15/2031(b)
| | 130,000 | | 135,942 |
CQP Holdco L.P./BIP-V Chinook Holdco LLC, 5.50%, 06/15/2031(b)
| | 360,000 | | 353,153 |
DT Midstream, Inc., 4.38%, 06/15/2031(b)
| | 260,000 | | 244,492 |
Encino Acquisition Partners Holdings LLC, 8.75%, 05/01/2031(b)
| | 110,000 | | 116,936 |
Hilcorp Energy I L.P./Hilcorp Finance Co., 6.00%, 02/01/2031(b)
| | 149,000 | | 147,670 |
Moss Creek Resources Holdings, Inc., 8.25%, 09/01/2031(b)
| | 200,000 | | 201,846 |
Murphy Oil USA, Inc., 3.75%, 02/15/2031(b)
| | 130,000 | | 117,739 |
Northern Oil and Gas, Inc., 8.75%, 06/15/2031(b)
| | 130,000 | | 139,018 |
Tallgrass Energy Partners L.P./Tallgrass Energy Finance Corp., 6.00%, 09/01/2031(b)
| | 120,000 | | 113,800 |
Talos Production, Inc., 9.38%, 02/01/2031(b)
| | 160,000 | | 170,995 |
Venture Global LNG, Inc., 8.38%, 06/01/2031(b)
| | 590,000 | | 626,827 |
VFH Parent LLC/Valor Co-Issuer, Inc., 7.50%, 06/15/2031(b)
| | 130,000 | | 135,091 |
| | | | | 2,503,509 |
| | Principal
Amount | | Value |
| Pharmaceuticals-2.61% |
Endo Finance Holdings, Inc., 8.50%, 04/15/2031(b)
| $ | 260,000 | | $ 276,388 |
Organon & Co./Organon Foreign Debt Co-Issuer B.V., 5.13%, 04/30/2031(b)
| | 520,000 | | 487,452 |
| | | | | 763,840 |
| Professional Services-0.35% |
TriNet Group, Inc., 7.13%, 08/15/2031(b)
| | 100,000 | | 103,790 |
| Real Estate Management & Development-1.37% |
Cushman & Wakefield U.S. Borrower LLC, 8.88%, 09/01/2031(b)
| | 100,000 | | 108,381 |
Howard Hughes Corp. (The), 4.38%, 02/01/2031(b)
| | 170,000 | | 152,523 |
Kennedy-Wilson, Inc., 5.00%, 03/01/2031
| | 160,000 | | 139,321 |
| | | | | 400,225 |
| Software-2.83% |
Open Text Holdings, Inc. (Canada), 4.13%, 12/01/2031(b)
| | 160,000 | | 145,816 |
UKG, Inc., 6.88%, 02/01/2031(b)
| | 660,000 | | 683,266 |
| | | | | 829,082 |
| Specialized REITs-0.87% |
Iron Mountain, Inc., 4.50%, 02/15/2031(b)
| | 270,000 | | 253,690 |
| Specialty Retail-2.57% |
Gap, Inc. (The), 3.88%, 10/01/2031(b)
| | 180,000 | | 155,661 |
LCM Investments Holdings II LLC, 8.25%, 08/01/2031(b)
| | 220,000 | | 234,484 |
Lithia Motors, Inc., 4.38%, 01/15/2031(b)
| | 130,000 | | 119,910 |
Sonic Automotive, Inc., 4.88%, 11/15/2031(b)
| | 130,000 | | 119,142 |
Valvoline, Inc., 3.63%, 06/15/2031(b)
| | 140,000 | | 125,096 |
| | | | | 754,293 |
| Technology Hardware, Storage & Peripherals-0.22% |
Seagate HDD Cayman, 4.13%, 01/15/2031
| | 70,000 | | 63,613 |
| Textiles, Apparel & Luxury Goods-1.27% |
Crocs, Inc., 4.13%, 08/15/2031(b)
| | 90,000 | | 81,216 |
Hanesbrands, Inc., 9.00%, 02/15/2031(b)
| | 160,000 | | 172,174 |
Levi Strauss & Co., 3.50%, 03/01/2031(b)
| | 131,000 | | 118,301 |
| | | | | 371,691 |
| Trading Companies & Distributors-0.64% |
Fortress Transportation and Infrastructure Investors LLC, 7.00%, 05/01/2031(b)
| | 180,000 | | 188,798 |
| Wireless Telecommunication Services-2.09% |
| VMED O2 UK Financing I PLC (United Kingdom) | | | | |
4.25%, 01/31/2031(b)
| | 330,000 | | 287,338 |
4.75%, 07/15/2031(b)
| | 370,000 | | 325,055 |
| | | | | 612,393 |
Total U.S. Dollar Denominated Bonds & Notes
(Cost $28,125,805)
| | 28,847,057 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2031 High Yield Corporate Bond ETF (BSJV)—(continued)
August 31, 2024
| | Shares | | Value |
| Money Market Funds-0.21% |
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(c)(d)
(Cost $62,297)
| | 62,297 | | $ 62,297 |
TOTAL INVESTMENTS IN SECURITIES-98.61%
(Cost $28,188,102)
| | 28,909,354 |
OTHER ASSETS LESS LIABILITIES-1.39%
| | 407,491 |
NET ASSETS-100.00%
| | $29,316,845 |
| Investment Abbreviations: |
| REIT | -Real Estate Investment Trust |
| Notes to Schedule of Investments: |
| (a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
| (b) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2024 was $25,203,819, which represented 85.97% of the Fund’s Net Assets. |
| (c) | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the period ended August 31, 2024. |
| | Value
August 31, 2023 | | Purchases
at Cost | | Proceeds
from Sales | | Change in
Unrealized
Appreciation | | Realized
Gain
(Loss) | | Value
August 31, 2024 | | Dividend
Income |
| Investments in Affiliated Money Market Funds: | | | | | | | | | | | | | |
| Invesco Government & Agency Portfolio, Institutional Class | $- | | $2,452,417 | | $(2,390,120) | | $- | | $- | | $62,297 | | $5,539 |
| Investments Purchased with Cash Collateral from Securities on Loan: | | | | | | | | | | | | | |
| Invesco Private Government Fund | - | | 970,751 | | (970,751) | | - | | - | | - | | 684* |
| Invesco Private Prime Fund | - | | 4,354,674 | | (4,354,656) | | - | | (18) | | - | | 3,183* |
| Total | $- | | $7,777,842 | | $(7,715,527) | | $- | | $(18) | | $62,297 | | $9,406 |
| * | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
| (d) | The rate shown is the 7-day SEC standardized yield as of August 31, 2024. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2032 High Yield Corporate Bond ETF (BSJW)
August 31, 2024
Schedule of Investments(a)
| | Principal
Amount | | Value |
| U.S. Dollar Denominated Bonds & Notes-97.86% |
| Aerospace & Defense-3.43% |
TransDigm, Inc., 6.63%, 03/01/2032(b)
| $ | 170,000 | | $ 177,007 |
| Automobile Components-2.57% |
Dana, Inc., 4.50%, 02/15/2032
| | 30,000 | | 26,730 |
United Rentals North America, Inc., 3.75%, 01/15/2032
| | 60,000 | | 54,199 |
ZF North America Capital, Inc. (Germany), 6.88%, 04/23/2032(b)
| | 50,000 | | 51,988 |
| | | | | 132,917 |
| Building Products-2.77% |
| Builders FirstSource, Inc. | | | | |
4.25%, 02/01/2032(b)
| | 100,000 | | 91,448 |
6.38%, 06/15/2032(b)
| | 50,000 | | 51,539 |
| | | | | 142,987 |
| Chemicals-0.52% |
Scotts Miracle-Gro Co. (The), 4.38%, 02/01/2032
| | 30,000 | | 26,988 |
| Commercial Services & Supplies-1.11% |
ADT Security Corp. (The), 4.88%, 07/15/2032(b)
| | 60,000 | | 57,089 |
| Construction Materials-0.59% |
Global Infrastructure Solutions, Inc., 7.50%, 04/15/2032(b)
| | 30,000 | | 30,591 |
| Consumer Finance-0.80% |
FirstCash, Inc., 6.88%, 03/01/2032(b)
| | 40,000 | | 41,143 |
| Consumer Staples Distribution & Retail-0.82% |
US Foods, Inc., 7.25%, 01/15/2032(b)
| | 40,000 | | 42,273 |
| Containers & Packaging-0.79% |
Graphic Packaging International LLC, 6.38%, 07/15/2032(b)
| | 40,000 | | 40,947 |
| Diversified REITs-1.11% |
Iron Mountain Information Management Services, Inc., 5.00%, 07/15/2032(b)
| | 60,000 | | 57,143 |
| Electric Utilities-2.31% |
NRG Energy, Inc., 3.88%, 02/15/2032(b)
| | 40,000 | | 35,919 |
Vistra Operations Co. LLC, 6.88%, 04/15/2032(b)
| | 80,000 | | 83,148 |
| | | | | 119,067 |
| Electrical Equipment-1.40% |
WESCO Distribution, Inc., 6.63%, 03/15/2032(b)
| | 70,000 | | 72,201 |
| Energy Equipment & Services-4.48% |
Harvest Midstream I L.P., 7.50%, 05/15/2032(b)
| | 40,000 | | 42,078 |
Permian Resources Operating LLC, 7.00%, 01/15/2032(b)
| | 80,000 | | 83,988 |
Vallourec S.A. (France), 7.50%, 04/15/2032(b)
| | 100,000 | | 105,427 |
| | | | | 231,493 |
| Financial Services-5.16% |
Block, Inc., 6.50%, 05/15/2032(b)
| | 150,000 | | 155,739 |
Compass Group Diversified Holdings LLC, 5.00%, 01/15/2032(b)
| | 30,000 | | 28,007 |
Nationstar Mortgage Holdings, Inc., 7.13%, 02/01/2032(b)
| | 80,000 | | 82,945 |
| | | | | 266,691 |
| | Principal
Amount | | Value |
| Food Products-2.48% |
Lamb Weston Holdings, Inc., 4.38%, 01/31/2032(b)
| $ | 50,000 | | $ 46,089 |
Post Holdings, Inc., 6.25%, 02/15/2032(b)
| | 80,000 | | 82,141 |
| | | | | 128,230 |
| Ground Transportation-2.00% |
Genesee & Wyoming, Inc., 6.25%, 04/15/2032(b)
| | 50,000 | | 51,166 |
XPO, Inc., 7.13%, 02/01/2032(b)
| | 50,000 | | 52,344 |
| | | | | 103,510 |
| Health Care Equipment & Supplies-1.20% |
Miter Brands Acquisition Holdco, Inc./MIWD Borrower LLC, 6.75%, 04/01/2032(b)
| | 60,000 | | 61,697 |
| Health Care Providers & Services-6.25% |
Community Health Systems, Inc., 10.88%, 01/15/2032(b)
| | 150,000 | | 162,566 |
LifePoint Health, Inc., 10.00%, 06/01/2032(b)
| | 40,000 | | 43,463 |
Molina Healthcare, Inc., 3.88%, 05/15/2032(b)
| | 60,000 | | 53,885 |
Surgery Center Holdings, Inc., 7.25%, 04/15/2032(b)
| | 60,000 | | 63,094 |
| | | | | 323,008 |
| Hotel & Resort REITs-1.60% |
RHP Hotel Properties L.P./RHP Finance Corp., 6.50%, 04/01/2032(b)
| | 80,000 | | 82,451 |
| Hotels, Restaurants & Leisure-14.60% |
Caesars Entertainment, Inc., 6.50%, 02/15/2032(b)
| | 120,000 | | 123,391 |
| Hilton Domestic Operating Co., Inc. | | | | |
3.63%, 02/15/2032(b)
| | 120,000 | | 107,635 |
6.13%, 04/01/2032(b)
| | 30,000 | | 30,777 |
Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Escrow, Inc., 6.63%, 01/15/2032(b)
| | 70,000 | | 70,896 |
MGM Resorts International, 6.50%, 04/15/2032
| | 60,000 | | 60,472 |
Royal Caribbean Cruises Ltd., 6.25%, 03/15/2032(b)
| | 100,000 | | 103,334 |
Station Casinos LLC, 6.63%, 03/15/2032(b)
| | 40,000 | | 40,828 |
Vail Resorts, Inc., 6.50%, 05/15/2032(b)
| | 50,000 | | 52,006 |
| Yum! Brands, Inc. | | | | |
4.63%, 01/31/2032
| | 90,000 | | 85,385 |
5.38%, 04/01/2032
| | 80,000 | | 79,363 |
| | | | | 754,087 |
| Household Durables-0.71% |
TopBuild Corp., 4.13%, 02/15/2032(b)
| | 40,000 | | 36,432 |
| Independent Power and Renewable Electricity Producers-0.52% |
Clearway Energy Operating LLC, 3.75%, 01/15/2032(b)
| | 30,000 | | 26,671 |
| Insurance-6.83% |
Ardonagh Group Finance Ltd. (United Kingdom), 8.88%, 02/15/2032(b)
| | 100,000 | | 103,661 |
AssuredPartners, Inc., 7.50%, 02/15/2032(b)
| | 40,000 | | 40,833 |
HUB International Ltd., 7.38%, 01/31/2032(b)
| | 150,000 | | 155,604 |
USI, Inc., 7.50%, 01/15/2032(b)
| | 50,000 | | 52,438 |
| | | | | 352,536 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2032 High Yield Corporate Bond ETF (BSJW)—(continued)
August 31, 2024
| | Principal
Amount | | Value |
| IT Services-1.01% |
EquipmentShare.com, Inc., 8.63%, 05/15/2032(b)
| $ | 50,000 | | $ 52,348 |
| Media-6.59% |
| CCO Holdings LLC/CCO Holdings Capital Corp. | | | | |
4.75%, 02/01/2032(b)
| | 90,000 | | 78,503 |
4.50%, 05/01/2032
| | 200,000 | | 170,963 |
VZ Secured Financing B.V. (Netherlands), 5.00%, 01/15/2032(b)
| | 100,000 | | 90,673 |
| | | | | 340,139 |
| Metals & Mining-1.36% |
Cleveland-Cliffs, Inc., 7.00%, 03/15/2032(b)
| | 70,000 | | 70,385 |
| Oil, Gas & Consumable Fuels-14.02% |
Antero Midstream Partners L.P./Antero Midstream Finance Corp., 6.63%, 02/01/2032(b)
| | 50,000 | | 51,561 |
Baytex Energy Corp. (Canada), 7.38%, 03/15/2032(b)
| | 50,000 | | 51,824 |
CNX Resources Corp., 7.25%, 03/01/2032(b)
| | 30,000 | | 31,433 |
Crescent Energy Finance LLC, 7.63%, 04/01/2032(b)
| | 50,000 | | 51,601 |
Genesis Energy L.P./Genesis Energy Finance Corp., 7.88%, 05/15/2032
| | 50,000 | | 51,341 |
Global Partners L.P./GLP Finance Corp., 8.25%, 01/15/2032(b)
| | 40,000 | | 41,618 |
Hilcorp Energy I L.P./Hilcorp Finance Co., 6.25%, 04/15/2032(b)
| | 40,000 | | 39,889 |
Matador Resources Co., 6.50%, 04/15/2032(b)
| | 70,000 | | 71,097 |
NGL Energy Operating LLC/NGL Energy Finance Corp., 8.38%, 02/15/2032(b)
| | 100,000 | | 103,005 |
Southwestern Energy Co., 4.75%, 02/01/2032
| | 90,000 | | 85,357 |
Sunoco L.P., 7.25%, 05/01/2032(b)
| | 60,000 | | 63,501 |
Vital Energy, Inc., 7.88%, 04/15/2032(b)
| | 80,000 | | 81,964 |
| | | | | 724,191 |
| Personal Care Products-0.99% |
Sally Holdings LLC/Sally Capital, Inc., 6.75%, 03/01/2032(c)
| | 50,000 | | 51,051 |
| Software-3.84% |
Cloud Software Group, Inc., 8.25%, 06/30/2032(b)
| | 130,000 | | 136,196 |
SS&C Technologies, Inc., 6.50%, 06/01/2032(b)
| | 60,000 | | 61,978 |
| | | | | 198,174 |
| | Principal
Amount | | Value |
| Specialized REITs-0.95% |
Iron Mountain, Inc., 5.63%, 07/15/2032(b)
| $ | 50,000 | | $ 49,298 |
| Specialty Retail-3.87% |
Asbury Automotive Group, Inc., 5.00%, 02/15/2032(b)
| | 50,000 | | 47,130 |
Global Auto Holdings Ltd./AAG FH UK Ltd. (United Kingdom), 8.75%, 01/15/2032(b)
| | 50,000 | | 47,914 |
Wand NewCo 3, Inc., 7.63%, 01/30/2032(b)
| | 100,000 | | 104,851 |
| | | | | 199,895 |
| Wireless Telecommunication Services-1.18% |
VMED 02 UK Financing I PLC (United Kingdom), 7.75%, 04/15/2032(b)
| | 60,000 | | 61,074 |
Total U.S. Dollar Denominated Bonds & Notes
(Cost $4,895,993)
| | 5,053,714 |
| | Shares | | |
| Money Market Funds-0.56% |
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(d)(e)
(Cost $28,817)
| | 28,817 | | 28,817 |
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-98.42%
(Cost $4,924,810)
| | 5,082,531 |
Investments Purchased with Cash Collateral
from Securities on Loan |
| Money Market Funds-1.03% |
Invesco Private Government Fund, 5.28%(d)(e)(f)
| | 14,866 | | 14,866 |
Invesco Private Prime Fund, 5.46%(d)(e)(f)
| | 38,575 | | 38,590 |
Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $53,460)
| | 53,456 |
TOTAL INVESTMENTS IN SECURITIES-99.45%
(Cost $4,978,270)
| | 5,135,987 |
OTHER ASSETS LESS LIABILITIES-0.55%
| | 28,270 |
NET ASSETS-100.00%
| | $5,164,257 |
| Investment Abbreviations: |
| REIT | -Real Estate Investment Trust |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2032 High Yield Corporate Bond ETF (BSJW)—(continued)
August 31, 2024
| Notes to Schedule of Investments: |
| (a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
| (b) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2024 was $4,361,865, which represented 84.46% of the Fund’s Net Assets. |
| (c) | All or a portion of this security was out on loan at August 31, 2024. |
| (d) | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the period ended August 31, 2024. |
| | Value
August 31, 2023 | | Purchases
at Cost | | Proceeds
from Sales | | Change in
Unrealized
Appreciation
(Depreciation) | | Realized
Gain | | Value
August 31, 2024 | | Dividend
Income |
| Investments in Affiliated Money Market Funds: | | | | | | | | | | | | | |
| Invesco Government & Agency Portfolio, Institutional Class | $- | | $102,104 | | $(73,287) | | $- | | $- | | $28,817 | | $498 |
| Investments Purchased with Cash Collateral from Securities on Loan: | | | | | | | | | | | | | |
| Invesco Private Government Fund | - | | 81,291 | | (66,425) | | - | | - | | 14,866 | | 72* |
| Invesco Private Prime Fund | - | | 85,359 | | (46,765) | | (4) | | - | | 38,590 | | 167* |
| Total | $- | | $268,754 | | $(186,477) | | $(4) | | $- | | $82,273 | | $737 |
| * | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
| (e) | The rate shown is the 7-day SEC standardized yield as of August 31, 2024. |
| (f) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2024 Municipal Bond ETF (BSMO)
August 31, 2024
Schedule of Investments
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Municipal Obligations-87.60% | | | | | | | | |
| Alabama-0.52% | | | | | | | | |
Alabama (State of) Federal Aid Highway Finance Authority (Garvee), Series 2015, RB(a)
| 3.00% | | 09/01/2024 | | $ | 400 | | $ 400,000 |
Alabama (State of) Federal Aid Highway Finance Authority (Garvee), Series 2017 A, RB(a)
| 5.00% | | 09/01/2024 | | | 450 | | 450,000 |
Alabama (State of) Public School & College Authority, Series 2014 B, Ref. RB
| 5.00% | | 01/01/2026 | | | 100 | | 100,310 |
Alabama (State of) Public School & College Authority, Series 2014 B, Ref. RB
| 5.00% | | 01/01/2027 | | | 30 | | 30,093 |
| | | | | | | | | 980,403 |
| Arizona-0.69% | | | | | | | | |
Arizona (State of) Health Facilities Authority (Scottsdale Lincoln Hospital), Series 2014, Ref. RB(a)
| 5.00% | | 12/01/2024 | | | 500 | | 502,250 |
Mesa (City of), AZ, Series 2014, Ref. RB
| 3.00% | | 07/01/2028 | | | 20 | | 19,980 |
Mesa (City of), AZ, Series 2014, Ref. RB
| 3.25% | | 07/01/2029 | | | 245 | | 245,033 |
Phoenix Civic Improvement Corp., Series 2014 B, Ref. RB
| 5.00% | | 07/01/2026 | | | 500 | | 500,812 |
Phoenix Civic Improvement Corp., Series 2014 B, Ref. RB
| 5.00% | | 07/01/2027 | | | 40 | | 40,054 |
| | | | | | | | | 1,308,129 |
| Arkansas-0.05% | | | | | | | | |
Little Rock (City of), AR, Series 2014, RB
| 4.00% | | 07/01/2041 | | | 100 | | 99,613 |
| California-13.02% | | | | | | | | |
Bay Area Toll Authority, Series 2023 B, Ref. VRD RB, (LOC - Barclays Bank PLC)(b)(c)
| 3.60% | | 04/01/2055 | | | 2,000 | | 2,000,000 |
Bay Area Toll Authority (San Francisco Bay Area), Series 2014 S-6, RB(a)
| 5.00% | | 10/01/2024 | | | 50 | | 50,080 |
California (State of), Series 2014, GO Bonds
| 5.00% | | 10/01/2024 | | | 100 | | 100,168 |
California (State of), Series 2014, GO Bonds(a)
| 5.00% | | 12/04/2024 | | | 1,595 | | 1,597,808 |
California (State of), Series 2014, Ref. GO Bonds(a)
| 5.00% | | 12/04/2024 | | | 350 | | 351,105 |
California (State of), Series 2014, Ref. GO Bonds
| 5.00% | | 10/01/2031 | | | 85 | | 85,173 |
California (State of), Series 2014, Ref. GO Bonds
| 5.00% | | 10/01/2033 | | | 1,260 | | 1,262,558 |
California (State of), Series 2014, Ref. GO Bonds
| 5.00% | | 10/01/2034 | | | 15 | | 15,030 |
California (State of), Series 2015 B, Ref. GO Bonds
| 5.00% | | 09/01/2024 | | | 125 | | 125,000 |
California (State of), Series 2016, GO Bonds
| 5.00% | | 09/01/2024 | | | 75 | | 75,000 |
California (State of), Series 2016, GO Bonds
| 5.00% | | 09/01/2024 | | | 580 | | 580,000 |
California (State of), Series 2017, Ref. GO Bonds
| 5.00% | | 11/01/2024 | | | 40 | | 40,143 |
California (State of), Series 2018, Ref. GO Bonds
| 5.00% | | 10/01/2024 | | | 100 | | 100,168 |
California (State of), Series 2019, GO Bonds
| 4.00% | | 10/01/2024 | | | 125 | | 125,114 |
California (State of), Series 2020, GO Bonds
| 5.00% | | 11/01/2024 | | | 900 | | 903,211 |
California (State of), Series 2021, GO Bonds
| 5.00% | | 10/01/2024 | | | 610 | | 611,025 |
California (State of), Series 2021, Ref. GO Bonds
| 5.00% | | 12/01/2024 | | | 135 | | 135,748 |
California (State of), Series 2022, Ref. GO Bonds
| 5.00% | | 09/01/2024 | | | 545 | | 545,000 |
California (State of) (Green Bonds), Series 2014, GO Bonds(a)
| 5.00% | | 12/04/2024 | | | 1,100 | | 1,102,233 |
California (State of) Department of Water Resources (Central Valley), Series 2014 A, RB(a)
| 5.00% | | 12/01/2024 | | | 195 | | 196,027 |
California (State of) Department of Water Resources (Central Valley), Series 2014 AS, RB(a)
| 5.00% | | 12/01/2024 | | | 100 | | 100,527 |
California (State of) Department of Water Resources (Central Valley), Series 2014 AS, RB
| 5.00% | | 12/01/2024 | | | 35 | | 35,196 |
California (State of) Department of Water Resources (Central Valley), Series 2014 AS, RB(a)
| 5.00% | | 12/01/2024 | | | 2,000 | | 2,010,531 |
California (State of) Educational Facilities Authority (Pepperdine University), Series 2014, Ref. RB(a)
| 5.00% | | 12/01/2024 | | | 40 | | 40,203 |
California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2015, Ref. RB
| 5.00% | | 11/15/2024 | | | 120 | | 120,521 |
California (State of) Health Facilities Financing Authority (Providence Health & Services), Series 2014 A, RB
| 5.00% | | 10/01/2038 | | | 25 | | 25,011 |
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2018 A, RB
| 5.00% | | 11/15/2024 | | | 85 | | 85,315 |
California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds), Series 2017, RB
| 5.00% | | 10/01/2024 | | | 100 | | 100,167 |
California (State of) Public Finance Authority (Hoag Memorial Hospital), Series 2022, VRD RB(b)
| 2.30% | | 07/15/2062 | | | 2,000 | | 2,000,000 |
California (State of) Public Works Board, Series 2014 B, RB
| 5.00% | | 10/01/2039 | | | 70 | | 70,086 |
California (State of) Public Works Board (Vaious Capital), Series 2023 B, Ref. RB
| 5.00% | | 12/01/2024 | | | 250 | | 251,273 |
California (State of) Public Works Board (Various Capital), Series 2017 B, Ref. RB(a)
| 5.00% | | 10/01/2024 | | | 5 | | 5,008 |
California (State of) Public Works Board (Various Capital), Series 2017 B, Ref. RB
| 5.00% | | 10/01/2024 | | | 70 | | 70,108 |
California (State of) Public Works Board (Various Correctional Facilities), Series 2014 A, RB
| 5.00% | | 09/01/2026 | | | 100 | | 100,212 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2024 Municipal Bond ETF (BSMO)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| California-(continued) | | | | | | | | |
California (State of) Public Works Board (Various Correctional Facilities), Series 2014 A, RB
| 5.00% | | 09/01/2029 | | $ | 400 | | $ 400,722 |
California (State of) Public Works Board (Various Correctional Facilities), Series 2014 A, RB
| 5.00% | | 09/01/2031 | | | 1,000 | | 1,002,379 |
California (State of) Public Works Board (Various Correctional Facilities), Series 2014 A, RB
| 5.00% | | 09/01/2033 | | | 100 | | 100,232 |
California (State of) Public Works Board (Various Correctional Facilities), Series 2014 A, RB
| 5.00% | | 09/01/2034 | | | 115 | | 115,265 |
California (State of) Public Works Board (Various Correctional Facilities), Series 2014 A, RB
| 4.50% | | 09/01/2035 | | | 100 | | 100,037 |
California (State of) Public Works Board (Various Correctional Facilities), Series 2014 A, RB
| 5.00% | | 09/01/2039 | | | 100 | | 100,204 |
California (State of) Statewide Communities Development Authority (Buck Institute for Research on Aging), Series 2014, Ref. RB(a)
| 5.00% | | 11/15/2024 | | | 340 | | 341,342 |
California State University, Series 2014 A, Ref. RB(a)
| 5.00% | | 11/01/2024 | | | 250 | | 250,814 |
California State University, Series 2014 A, Ref. RB(a)
| 5.00% | | 11/01/2024 | | | 30 | | 30,098 |
California State University, Series 2014 A, Ref. RB(a)
| 5.00% | | 11/01/2024 | | | 60 | | 60,195 |
California State University, Series 2014, Ref. RB(a)
| 5.00% | | 11/01/2024 | | | 2,000 | | 2,006,513 |
California State University, Series 2015 A, Ref. RB
| 5.00% | | 11/01/2024 | | | 50 | | 50,160 |
Contra Costa (County of), CA Water District, Series 2014 T, Ref. RB
| 5.00% | | 10/01/2026 | | | 180 | | 180,339 |
Los Angeles (City of), CA Department of Water & Power, Series 2014 D, RB(a)
| 5.00% | | 09/25/2024 | | | 140 | | 140,151 |
Los Angeles (City of), CA Department of Water & Power, Subseries 2001 B-2, VRD RB(b)
| 2.05% | | 07/01/2034 | | | 2,000 | | 2,000,000 |
Los Angeles (County of), CA Public Works Financing Authority, Series 2015 A, RB(a)
| 5.00% | | 12/01/2024 | | | 200 | | 200,808 |
Los Angeles Unified School District (Sustainability Bonds), Series 2023 A, COP
| 5.00% | | 10/01/2024 | | | 450 | | 450,606 |
Orange (County of), CA Transportation Authority (I-405 Improvement), Series 2021, RB(a)
| 4.00% | | 10/15/2024 | | | 500 | | 500,634 |
Orange (County of), CA Transportation Authority (I-405 Improvement), Series 2021, RB(a)
| 5.00% | | 10/15/2024 | | | 500 | | 501,209 |
Pomona Unified School District, Series 2015 F, GO Bonds(a)
| 5.00% | | 11/25/2024 | | | 100 | | 100,439 |
San Francisco (City & County of), CA Public Utilities Commission, Series 2015, Ref. RB
| 5.00% | | 11/01/2024 | | | 115 | | 115,406 |
San Francisco Unified School District, Series 2015 F, GO Bonds
| 3.50% | | 06/15/2035 | | | 60 | | 59,276 |
Santa Clara Valley Water District, Series 2023, COP
| 4.00% | | 12/01/2024 | | | 65 | | 65,110 |
Washington Township Health Care District (Election of 2004), Series 2013 B, GO Bonds
| 5.00% | | 08/01/2043 | | | 250 | | 249,997 |
Washington Township Health Care District (Election of 2012), Series 2013 A, GO Bonds
| 5.00% | | 08/01/2043 | | | 500 | | 499,994 |
| | | | | | | | | 24,636,679 |
| Colorado-2.32% | | | | | | | | |
Adams 12 Five Star Schools, Series 2014 B, Ref. GO Bonds
| 5.00% | | 12/15/2026 | | | 35 | | 35,233 |
Colorado (State of), Series 2018 A, COP
| 5.00% | | 12/15/2024 | | | 40 | | 40,235 |
Colorado Springs (City of), CO, Series 2010 C, VRD RB(b)
| 2.80% | | 11/01/2040 | | | 2,000 | | 2,000,000 |
Colorado Springs (City of), CO, Series 2014 A-2, RB(a)
| 5.00% | | 11/15/2024 | | | 2,000 | | 2,007,369 |
Denver (City & County of), CO, Series 2016 A, Ref. RB
| 5.00% | | 11/15/2024 | | | 35 | | 35,136 |
Denver City & County School District No. 1, Series 2014 B, Ref. GO Bonds
| 5.00% | | 12/01/2024 | | | 45 | | 45,221 |
Denver City & County School District No. 1, Series 2014 B, Ref. GO Bonds
| 5.00% | | 12/01/2026 | | | 15 | | 15,078 |
Denver City & County School District No. 1, Series 2014 B, Ref. GO Bonds
| 5.00% | | 12/01/2027 | | | 25 | | 25,131 |
Denver City & County School District No. 1, Series 2022 A, GO Bonds
| 5.00% | | 12/01/2024 | | | 125 | | 125,615 |
Douglas County School District No. Re-1 Douglas & Elbert Counties, Series 2019, GO Bonds
| 5.00% | | 12/15/2024 | | | 30 | | 30,168 |
University of Colorado, Series 2017 A-2, Ref. RB
| 3.25% | | 06/01/2037 | | | 35 | | 33,768 |
| | | | | | | | | 4,392,954 |
| Connecticut-2.17% | | | | | | | | |
Connecticut (State of), Series 2018 B, RB
| 5.00% | | 10/01/2024 | | | 475 | | 475,704 |
Connecticut (State of), Series 2018 E, GO Bonds
| 5.00% | | 09/15/2024 | | | 30 | | 30,019 |
Connecticut (State of) (Green Bonds), Series 2014 G, GO Bonds
| 5.00% | | 11/15/2028 | | | 100 | | 100,363 |
Connecticut (State of) (Transportation Infrastructure), Series 2014 A, RB
| 5.00% | | 09/01/2024 | | | 150 | | 150,000 |
Connecticut (State of) (Transportation Infrastructure), Series 2014 A, RB
| 5.00% | | 09/01/2026 | | | 75 | | 75,111 |
Connecticut (State of) (Transportation Infrastructure), Series 2014 A, RB
| 5.00% | | 09/01/2033 | | | 45 | | 45,040 |
Connecticut (State of) Health & Educational Facilities Authority (Hartford Healthcare), Series 2014 E, RB
| 5.00% | | 07/01/2042 | | | 500 | | 500,215 |
Connecticut (State of) Housing Finance Authority, Series 2020 E-3, Ref. VRD RB(b)
| 2.65% | | 11/15/2050 | | | 2,000 | | 2,000,000 |
Hartford (County of), CT Metropolitan District (Green Bonds), Series 2014 A, RB(a)
| 5.00% | | 11/01/2024 | | | 725 | | 727,207 |
| | | | | | | | | 4,103,659 |
| District of Columbia-1.17% | | | | | | | | |
District of Columbia, Series 1998 A, RB, (LOC - TD Bank N.A.)(b)(c)
| 2.85% | | 08/15/2038 | | | 2,000 | | 2,000,000 |
District of Columbia, Series 2014 A, Ref. RB
| 5.00% | | 12/01/2024 | | | 35 | | 35,196 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2024 Municipal Bond ETF (BSMO)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| District of Columbia-(continued) | | | | | | | | |
District of Columbia, Series 2019 A, GO Bonds
| 5.00% | | 10/15/2024 | | $ | 115 | | $ 115,298 |
District of Columbia, Series 2019 C, Ref. RB
| 5.00% | | 10/01/2024 | | | 55 | | 55,073 |
| | | | | | | | | 2,205,567 |
| Florida-9.31% | | | | | | | | |
Alachua (County of), FL Health Facilities Authority (Shands Teaching Hospital & Clinics, Inc.), Series 2014 A, RB
| 5.00% | | 12/01/2044 | | | 1,000 | | 1,000,599 |
Citizens Property Insurance, Inc., Series 2015 A-1, RB(a)
| 5.00% | | 12/01/2024 | | | 155 | | 155,697 |
Florida (State of) (Capital Outlay), Series 2015 A, Ref. GO Bonds
| 5.00% | | 06/01/2026 | | | 165 | | 165,270 |
Florida Gulf Coast University Financing Corp., Series 2008 A, VRD RB, (LOC - TD Bank N.A.)(b)(c)
| 2.84% | | 02/01/2038 | | | 2,000 | | 2,000,000 |
Halifax Hospital Medical Center, Series 2008, Ref. VRD RB, (LOC - JPMorgan Chase Bank, N.A.)(b)(c)
| 2.80% | | 06/01/2048 | | | 2,000 | | 2,000,000 |
Hillsborough (County of), FL Aviation Authority (Tampa International Airport), Series 2015 A, RB
| 5.00% | | 10/01/2044 | | | 500 | | 500,170 |
Hillsborough (County of), FL Industrial Development Authority (Baycare Health System), Series 2020 C, Ref. VRD RB, (LOC - TD Bank N.A.)(b)(c)
| 2.85% | | 11/01/2038 | | | 1,975 | | 1,975,000 |
Jacksonville (City of), FL, Series 2022 A, Ref. RB
| 5.00% | | 10/01/2024 | | | 1,000 | | 1,001,332 |
Jacksonville (City of), FL (Brooks Rehabilitation), Series 2015, RB
| 4.00% | | 11/01/2040 | | | 155 | | 146,773 |
JEA Electric System, Series 2017 B, Ref. RB
| 3.38% | | 10/01/2034 | | | 175 | | 169,681 |
JEA Water & Sewer System, Series 2008 A-2, VRD RB, (LOC - Sumitomo Mitsui Banking Corp.)(b)(c)
| 2.95% | | 10/01/2042 | | | 2,000 | | 2,000,000 |
Lakeland (City of), FL (Lakeland Regional Health), Series 2015, RB(a)
| 5.00% | | 11/15/2024 | | | 65 | | 65,239 |
Miami (City of) & Dade (County of), FL School Board, Series 2012 A, COP
| 4.00% | | 08/01/2029 | | | 55 | | 55,050 |
Miami (City of) & Dade (County of), FL School Board, Series 2014 D, Ref. COP
| 5.00% | | 11/01/2028 | | | 25 | | 25,078 |
Miami (City of) & Dade (County of), FL School Board, Series 2014 D, Ref. COP
| 5.00% | | 11/01/2030 | | | 30 | | 30,089 |
Miami Beach (City of), FL Redevelopment Agency (City Center), Series 2015, Ref. RB, (INS - AGM)(d)
| 5.00% | | 02/01/2040 | | | 100 | | 100,067 |
Miami-Dade (County of), FL, Series 2015 B, Ref. GO Bonds
| 5.00% | | 07/01/2028 | | | 1,270 | | 1,272,029 |
Miami-Dade (County of), FL, Series 2015 B, Ref. GO Bonds
| 5.00% | | 07/01/2029 | | | 110 | | 110,180 |
Miami-Dade (County of), FL, Series 2015 B, Ref. GO Bonds
| 3.00% | | 07/01/2030 | | | 25 | | 25,000 |
Miami-Dade (County of), FL, Series 2015 B, Ref. GO Bonds
| 4.00% | | 07/01/2034 | | | 25 | | 25,000 |
Miami-Dade (County of), FL Expressway Authority, Series 2014 A, RB
| 5.00% | | 07/01/2039 | | | 500 | | 500,294 |
Orange (County of), FL Health Facilities Authority (The Nemours Foundation), Series 2009 B, VRD RB, (LOC - TD Bank N.A.)(b)(c)
| 2.92% | | 01/01/2039 | | | 2,000 | | 2,000,000 |
Orlando (City of), FL Utilities Commission, Series 2013 A, Ref. RB
| 5.00% | | 10/01/2024 | | | 120 | | 120,173 |
Orlando (City of), FL Utilities Commission, Series 2015 B, Ref. VRD RB(b)
| 3.02% | | 10/01/2039 | | | 2,000 | | 2,000,000 |
South Florida Water Management District, Series 2016, Ref. COP
| 5.00% | | 10/01/2024 | | | 185 | | 185,263 |
| | | | | | | | | 17,627,984 |
| Georgia-0.33% | | | | | | | | |
Atlanta (City of), GA, Series 2015, GO Bonds(a)
| 4.75% | | 12/01/2024 | | | 270 | | 271,119 |
Atlanta (City of), GA, Series 2015, GO Bonds(a)
| 5.00% | | 12/01/2024 | | | 50 | | 50,237 |
Atlanta (City of), GA, Series 2015, Ref. RB
| 5.00% | | 11/01/2024 | | | 115 | | 115,326 |
Forsyth (County of), GA, Series 2019, GO Bonds
| 5.00% | | 09/01/2024 | | | 20 | | 20,000 |
Georgia (State of), Series 2014 A-2, GO Bonds
| 4.00% | | 02/01/2026 | | | 10 | | 10,009 |
Georgia (State of), Series 2014 A-2, GO Bonds
| 5.00% | | 02/01/2027 | | | 20 | | 20,033 |
Georgia (State of), Series 2016 E, Ref. GO Bonds
| 5.00% | | 12/01/2024 | | | 15 | | 15,079 |
Private Colleges & Universities Authority (Emory University), Series 2016 B, Ref. RB
| 3.00% | | 10/01/2043 | | | 155 | | 127,520 |
| | | | | | | | | 629,323 |
| Hawaii-0.73% | | | | | | | | |
Hawaii (State of), Series 2014 EO, GO Bonds
| 5.00% | | 08/01/2029 | | | 800 | | 801,257 |
Hawaii (State of), Series 2015 EY, Ref. GO Bonds
| 5.00% | | 10/01/2024 | | | 50 | | 50,071 |
Hawaii (State of), Series 2015 EZ, Ref. GO Bonds
| 5.00% | | 10/01/2024 | | | 240 | | 240,343 |
Hawaii (State of), Series 2016 FE, Ref. GO Bonds
| 5.00% | | 10/01/2024 | | | 75 | | 75,107 |
Hawaii (State of), Series 2016 FG, GO Bonds
| 5.00% | | 10/01/2024 | | | 50 | | 50,071 |
Hawaii (State of), Series 2016, Ref. GO Bonds
| 5.00% | | 10/01/2024 | | | 75 | | 75,107 |
Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2019, GO Bonds
| 5.00% | | 09/01/2024 | | | 95 | | 95,000 |
| | | | | | | | | 1,386,956 |
| Illinois-3.23% | | | | | | | | |
Chicago (City of), IL, Series 2014, RB
| 5.00% | | 11/01/2044 | | | 1,000 | | 1,001,019 |
Chicago (City of), IL Metropolitan Water Reclamation District, Series 2021 C, Ref. GO Bonds
| 5.00% | | 12/01/2024 | | | 1,000 | | 1,004,796 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2024 Municipal Bond ETF (BSMO)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Illinois-(continued) | | | | | | | | |
Chicago (City of), IL Metropolitan Water Reclamation District (Green Bonds), Series 2015 C, GO Bonds
| 5.00% | | 12/01/2027 | | $ | 30 | | $ 30,182 |
Chicago (City of), IL Metropolitan Water Reclamation District (Green Bonds), Series 2015 C, GO Bonds
| 5.00% | | 12/01/2028 | | | 145 | | 145,916 |
Chicago (City of), IL Transit Authority, Series 2014, RB
| 5.25% | | 12/01/2049 | | | 545 | | 545,885 |
Du Page & Will Counties Community School District No. 204 Indian Prairie, Series 2017, Ref. GO Bonds
| 4.00% | | 12/30/2024 | | | 285 | | 285,801 |
Illinois (State of), Series 2014, GO Bonds
| 5.00% | | 05/01/2027 | | | 10 | | 10,013 |
Illinois (State of), Series 2014, GO Bonds
| 5.00% | | 05/01/2028 | | | 10 | | 10,013 |
Illinois (State of), Series 2014, GO Bonds
| 5.25% | | 02/01/2029 | | | 210 | | 210,357 |
Illinois (State of), Series 2014, GO Bonds
| 5.25% | | 02/01/2030 | | | 100 | | 100,159 |
Illinois (State of), Series 2014, GO Bonds
| 5.00% | | 05/01/2039 | | | 1,020 | | 1,020,911 |
Illinois (State of), Series 2014, GO Bonds, (INS - AGM)(d)
| 4.25% | | 05/01/2034 | | | 20 | | 20,004 |
Illinois (State of) Finance Authority (The University of Chicago), Series 2014 A, Ref. RB(a)
| 5.00% | | 10/01/2024 | | | 120 | | 120,166 |
Illinois (State of) Finance Authority (The University of Chicago), Series 2014 A, Ref. RB(a)
| 5.00% | | 10/01/2024 | | | 35 | | 35,049 |
Illinois (State of) Finance Authority (The University of Chicago), Series 2014 A, Ref. RB(a)
| 5.00% | | 10/01/2024 | | | 40 | | 40,056 |
Illinois (State of) Finance Authority (The University of Chicago), Series 2014 A, Ref. RB(a)
| 5.00% | | 10/01/2024 | | | 1,500 | | 1,502,081 |
Winnebago & Boone Counties School District No. 205 Rockford, Series 2015 B, GO Bonds
| 4.00% | | 02/01/2035 | | | 25 | | 25,008 |
| | | | | | | | | 6,107,416 |
| Indiana-0.31% | | | | | | | | |
Indiana (State of) Finance Authority, Series 2016 C, Ref. RB
| 5.00% | | 12/01/2024 | | | 10 | | 10,049 |
Indiana (State of) Finance Authority (Indiana University Health Obligated Group), Series 2016 A, Ref. RB
| 5.00% | | 12/01/2024 | | | 25 | | 25,100 |
Indiana (State of) Finance Authority (Indianapolis Power & Light Co.), Series 2016 A, Ref. RB
| 3.13% | | 12/01/2024 | | | 550 | | 548,471 |
| | | | | | | | | 583,620 |
| Iowa-0.00% | | | | | | | | |
Iowa (State of) Higher Education Loan Authority (Grinnell College), Series 2014, Ref. RB
| 4.00% | | 12/01/2044 | | | 5 | | 4,881 |
| Kansas-0.35% | | | | | | | | |
Johnson (County of), KS Public Building Commission (Courthouse & Medical Examiners), Series 2018 A, RB
| 5.00% | | 09/01/2024 | | | 335 | | 335,000 |
Kansas (State of) Department of Transportation, Series 2015 A, Ref. RB
| 3.00% | | 09/01/2024 | | | 25 | | 25,000 |
Kansas (State of) Department of Transportation, Series 2015 A, Ref. RB
| 5.00% | | 09/01/2024 | | | 55 | | 55,000 |
Sedgwick County Unified School District No. 259 Wichita, Series 2017 A, Ref. GO Bonds
| 4.00% | | 10/01/2024 | | | 235 | | 235,157 |
Wyandotte (County of) & Kansas City (City of), KS Unified Government, Series 2014 A, Ref. RB
| 5.00% | | 09/01/2044 | | | 20 | | 20,010 |
| | | | | | | | | 670,167 |
| Kentucky-0.05% | | | | | | | | |
Kentucky (Commonwealth of) Property & Building Commission (No. 112), Series 2016 B, Ref. RB
| 5.00% | | 11/01/2024 | | | 50 | | 50,148 |
Louisville (City of) & Jefferson (County of), KY Sewer District, Series 2013 B, Ref. RB(a)
| 4.00% | | 11/18/2024 | | | 25 | | 25,045 |
Louisville (City of) & Jefferson (County of), KY Sewer District, Series 2014 A, RB
| 4.00% | | 05/15/2045 | | | 25 | | 24,537 |
| | | | | | | | | 99,730 |
| Louisiana-1.70% | | | | | | | | |
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (LCTCS Act 360), Series 2014, RB(a)
| 5.00% | | 10/01/2024 | | | 1,000 | | 1,001,387 |
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (LCTCS ACT 360), Series 2014, RB(a)
| 5.00% | | 10/01/2024 | | | 125 | | 125,173 |
Louisiana (State of) Public Facilities Authority (CHRISTUS Health), Series 2009 B-2, Ref. VRD RB, (LOC - Bank of New York Mellon)(b)(c)
| 3.02% | | 07/01/2047 | | | 2,000 | | 2,000,000 |
New Orleans (City of), LA, Series 2014, Ref. RB(a)
| 5.00% | | 12/01/2024 | | | 15 | | 15,069 |
New Orleans (City of), LA, Series 2014, Ref. RB(a)
| 5.00% | | 12/01/2024 | | | 30 | | 30,139 |
Shreveport (City of), LA, Series 2014 B, RB
| 4.00% | | 12/01/2038 | | | 55 | | 53,944 |
| | | | | | | | | 3,225,712 |
| Maine-0.01% | | | | | | | | |
Maine (State of) Municipal Bond Bank (Transcap), Series 2015 A, Ref. RB
| 5.00% | | 09/01/2024 | | | 20 | | 20,000 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2024 Municipal Bond ETF (BSMO)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Maryland-2.15% | | | | | | | | |
Maryland (State of), First Series 2016, GO Bonds
| 4.00% | | 06/01/2027 | | $ | 120 | | $ 120,031 |
Maryland (State of), First Series 2016, GO Bonds
| 4.00% | | 06/01/2029 | | | 300 | | 300,066 |
Maryland (State of), First Series 2016, GO Bonds
| 4.00% | | 06/01/2030 | | | 25 | | 25,004 |
Maryland (State of) Department of Transportation, Series 2016, RB
| 4.00% | | 11/01/2027 | | | 525 | | 525,433 |
Maryland (State of) Department of Transportation, Series 2016, RB
| 4.00% | | 11/01/2029 | | | 100 | | 100,051 |
Maryland (State of) Department of Transportation, Series 2017, RB
| 5.00% | | 09/01/2024 | | | 45 | | 45,000 |
Maryland (State of) Health & Higher Educational Facilities Authority, Series 1985 A, VRD RB, (LOC - TD Bank N.A.)(b)(c)
| 3.02% | | 04/01/2035 | | | 2,000 | | 2,000,000 |
Maryland (State of) Health & Higher Educational Facilities Authority (Loyola University), Series 2014, Ref. RB
| 5.00% | | 10/01/2045 | | | 100 | | 100,007 |
Montgomery (County of), MD, Series 2014 A, GO Bonds(a)
| 5.00% | | 11/01/2024 | | | 40 | | 40,131 |
Montgomery (County of), MD, Series 2014 A, GO Bonds(a)
| 5.00% | | 11/01/2024 | | | 180 | | 180,592 |
Montgomery (County of), MD, Series 2014 A, GO Bonds(a)
| 5.00% | | 11/01/2024 | | | 100 | | 100,329 |
Montgomery (County of), MD, Series 2014 B, Ref. GO Bonds
| 5.00% | | 11/01/2024 | | | 10 | | 10,033 |
Prince George’s (County of), MD, Series 2014 A, GO Bonds
| 4.00% | | 09/01/2024 | | | 530 | | 530,000 |
| | | | | | | | | 4,076,677 |
| Massachusetts-2.41% | | | | | | | | |
Massachusetts (Commonwealth of), Series 2004 C, Ref. GO Bonds, (INS - AMBAC)(d)
| 5.50% | | 12/01/2024 | | | 5 | | 5,032 |
Massachusetts (Commonwealth of), Series 2017 E, Ref. GO Bonds
| 5.00% | | 11/01/2024 | | | 175 | | 175,593 |
Massachusetts (Commonwealth of), Series 2019 G, GO Bonds(a)
| 5.00% | | 09/10/2024 | | | 320 | | 320,110 |
Massachusetts (Commonwealth of), Series 2021 B, Ref. GO Bonds
| 5.00% | | 11/01/2024 | | | 500 | | 501,694 |
Massachusetts (Commonwealth of) (Accelerated Bridge Program), Series 2014 A, RB
| 5.00% | | 06/01/2044 | | | 985 | | 985,504 |
Massachusetts (Commonwealth of) Development Finance Agency (Baystate Medical Center), Series 2014 N, RB
| 5.00% | | 07/01/2044 | | | 500 | | 500,210 |
Massachusetts (Commonwealth of) Development Finance Agency (Children’s Hospital), Series 2014 P, RB(a)
| 5.00% | | 10/01/2024 | | | 20 | | 20,029 |
Massachusetts (Commonwealth of) Health & Educational Facilities Authority (Boston College), Series 1997 P-1, VRD RB(b)
| 2.15% | | 07/01/2027 | | | 2,000 | | 2,000,000 |
University of Massachusetts Building Authority, Series 2014 1, RB(a)
| 5.00% | | 11/01/2024 | | | 50 | | 50,156 |
| | | | | | | | | 4,558,328 |
| Michigan-2.01% | | | | | | | | |
Michigan (State of), Series 2021 A, RB
| 5.00% | | 11/15/2024 | | | 1,000 | | 1,003,729 |
Michigan (State of) Finance Authority (Clean Water Revolving Fund), Series 2016 B, Ref. RB
| 5.00% | | 10/01/2024 | | | 150 | | 150,214 |
Michigan (State of) Finance Authority (Detroit regional Convention facility Authority), Series 2014 H-1, Ref. RB
| 5.00% | | 10/01/2039 | | | 255 | | 255,354 |
Michigan (State of) Finance Authority (Henry Ford Health System), Series 2016, Ref. RB
| 5.00% | | 11/15/2024 | | | 20 | | 20,070 |
Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2015, Ref. RB
| 5.00% | | 12/01/2024 | | | 170 | | 170,765 |
Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2017, Ref. RB
| 5.00% | | 12/01/2024 | | | 100 | | 100,450 |
Michigan (State of) Housing Development Authority, Series 2022 B, VRD RB, (LOC - Barclays Bank PLC)(b)(c)
| 2.80% | | 06/01/2046 | | | 2,000 | | 2,000,000 |
Wayne (County of), MI Airport Authority (Detroit Metropolitan Airport), Series 2014 B, RB
| 5.00% | | 12/01/2044 | | | 100 | | 100,115 |
| | | | | | | | | 3,800,697 |
| Minnesota-1.06% | | | | | | | | |
Metropolitan Council, Series 2021 B, GO Bonds
| 5.00% | | 12/01/2024 | | | 1,000 | | 1,005,092 |
Minnesota (State of), Series 2014 A, GO Bonds(a)
| 5.00% | | 11/18/2024 | | | 1,000 | | 1,003,840 |
| | | | | | | | | 2,008,932 |
| Mississippi-0.01% | | | | | | | | |
Mississippi (State of), Series 2015 C, Ref. GO Bonds
| 5.00% | | 10/01/2024 | | | 15 | | 15,022 |
| Missouri-0.89% | | | | | | | | |
Curators of the University of Missouri (The), Series 2014 A, Ref. RB
| 5.00% | | 11/01/2024 | | | 15 | | 15,046 |
Jackson (County of), MO (Truman Sports Complex), Series 2014, Ref. RB
| 5.00% | | 12/01/2024 | | | 30 | | 30,122 |
Jackson (County of), MO (Truman Sports Complex), Series 2014, Ref. RB
| 5.00% | | 12/01/2027 | | | 75 | | 75,311 |
Jackson (County of), MO (Truman Sports Complex), Series 2014, Ref. RB
| 5.00% | | 12/01/2030 | | | 10 | | 10,032 |
Jackson (County of), MO (Truman Sports Complex), Series 2014, Ref. RB
| 5.00% | | 12/01/2031 | | | 100 | | 100,318 |
Missouri (State of) Board of Public Buildings, Series 2020 B, Ref. RB
| 5.00% | | 10/01/2024 | | | 1,000 | | 1,001,482 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2024 Municipal Bond ETF (BSMO)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Missouri-(continued) | | | | | | | | |
Missouri (State of) Health & Educational Facilities Authority (Mercy Health), Series 2014 F, RB
| 5.00% | | 11/15/2034 | | $ | 50 | | $ 50,106 |
Missouri (State of) Health & Educational Facilities Authority (Mercy Health), Series 2014 F, RB
| 5.00% | | 11/15/2045 | | | 400 | | 400,178 |
| | | | | | | | | 1,682,595 |
| Montana-0.13% | | | | | | | | |
Forsyth (City of), MT (Puget Sound Energy), Series 2013 A, Ref. RB
| 3.90% | | 03/01/2031 | | | 250 | | 248,795 |
| Nevada-1.96% | | | | | | | | |
Clark (County of), NV, Series 2016 A, Ref. GO Bonds
| 5.00% | | 11/01/2024 | | | 105 | | 105,328 |
Clark (County of), NV Department of Aviation, Series 2008 D-2B, Ref. VRD RB, (LOC - Sumitomo Mitsui Banking Corp.)(b)(c)
| 3.00% | | 07/01/2040 | | | 2,000 | | 2,000,000 |
Las Vegas Valley Water District, Series 2015 B, Ref. GO Bonds
| 5.00% | | 12/01/2024 | | | 175 | | 175,882 |
Las Vegas Valley Water District, Series 2015, Ref. GO Bonds(a)
| 5.00% | | 12/01/2024 | | | 30 | | 30,135 |
Las Vegas Valley Water District, Series 2015, Ref. GO Bonds(a)
| 5.00% | | 12/01/2024 | | | 95 | | 95,316 |
Nevada (State of), Series 2016, Ref. RB
| 5.00% | | 12/01/2024 | | | 1,290 | | 1,296,474 |
| | | | | | | | | 3,703,135 |
| New Jersey-3.51% | | | | | | | | |
New Jersey (State of) Economic Development Authority, Series 2014 RR, Ref. RB
| 4.00% | | 06/15/2034 | | | 40 | | 40,006 |
New Jersey (State of) Educational Facilities Authority (Montclair University), Series 2014, RB
| 5.00% | | 06/15/2026 | | | 1,000 | | 1,001,336 |
New Jersey (State of) Health Care Facilities Financing Authority (Virtua Health), Series 2009 D, VRD RB, (LOC - TD Bank N.A.)(b)(c)
| 2.55% | | 07/01/2043 | | | 2,000 | | 2,000,000 |
New Jersey (State of) Health Care Facilities Financing Authority (Virtua Health), Series 2013, Ref. RB
| 5.00% | | 07/01/2028 | | | 235 | | 235,253 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2009 D, RB
| 5.00% | | 06/15/2032 | | | 1,130 | | 1,134,846 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2010 D, RB
| 5.00% | | 12/15/2024 | | | 25 | | 25,140 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2014 AA, RB
| 5.00% | | 06/15/2026 | | | 100 | | 100,109 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2014 AA, RB
| 5.00% | | 06/15/2038 | | | 800 | | 800,685 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2014 AA, RB
| 4.25% | | 06/15/2044 | | | 150 | | 149,994 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2014 AA, RB
| 5.00% | | 06/15/2044 | | | 1,000 | | 1,000,442 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2018 A, Ref. RB
| 5.00% | | 12/15/2024 | | | 25 | | 25,132 |
New Jersey (State of) Turnpike Authority, Series 2014 A, RB
| 5.00% | | 01/01/2027 | | | 35 | | 35,041 |
South Jersey Transportation Authority, Series 2014 A, Ref. RB
| 5.00% | | 11/01/2039 | | | 100 | | 100,106 |
| | | | | | | | | 6,648,090 |
| New Mexico-0.01% | | | | | | | | |
New Mexico (State of) Finance Authority, Series 2014 B-1, Ref. RB(a)
| 5.00% | | 09/27/2024 | | | 15 | | 15,018 |
| New York-11.69% | | | | | | | | |
Dobbs Ferry Local Development Corp. (Mercy College), Series 2014, RB
| 5.00% | | 07/01/2044 | | | 105 | | 105,027 |
Long Island (City of), NY Power Authority, Series 2014 A, Ref. RB(a)
| 5.00% | | 11/19/2024 | | | 455 | | 456,780 |
Metropolitan Transportation Authority, Series 2005 B, RB, (INS - AMBAC)(d)
| 5.25% | | 11/15/2024 | | | 200 | | 200,860 |
Metropolitan Transportation Authority, Series 2014 C, RB
| 5.00% | | 11/15/2024 | | | 100 | | 100,380 |
Metropolitan Transportation Authority, Subseries 2014 D-1, RB
| 5.25% | | 11/15/2044 | | | 100 | | 100,275 |
Metropolitan Transportation Authority (Green Bonds), Series 2017 B-2, RB
| 5.00% | | 11/15/2024 | | | 15 | | 15,068 |
Nassau (County of), NY, Series 2017 C, Ref. GO Bonds
| 5.00% | | 10/01/2024 | | | 55 | | 55,088 |
New York & New Jersey (States of) Port Authority, One Hundred Eighty Fourth Series 2014, RB
| 5.00% | | 09/01/2028 | | | 25 | | 25,036 |
New York & New Jersey (States of) Port Authority, One Hundred Eighty Fourth Series 2014, RB
| 5.00% | | 09/01/2033 | | | 100 | | 100,141 |
New York & New Jersey (States of) Port Authority, One Hundred Eighty Fourth Series 2014, RB
| 5.00% | | 09/01/2039 | | | 825 | | 826,125 |
New York & New Jersey (States of) Port Authority, One Hundred Eighty Third Series 2014, RB
| 4.00% | | 12/15/2040 | | | 155 | | 154,995 |
New York & New Jersey (States of) Port Authority, One Hundred Ninety Fourth Series 2015, Ref. RB
| 5.00% | | 10/15/2024 | | | 125 | | 125,286 |
New York (City of), NY, Series 2013 G, GO Bonds(a)
| 5.00% | | 11/13/2024 | | | 50 | | 50,180 |
New York (City of), NY, Series 2014 A, Ref. GO Bonds(a)
| 5.00% | | 11/13/2024 | | | 40 | | 40,144 |
New York (City of), NY, Series 2014 A, Ref. GO Bonds(a)
| 5.00% | | 11/13/2024 | | | 50 | | 50,180 |
New York (City of), NY, Series 2014 A, Ref. GO Bonds(a)
| 5.00% | | 11/13/2024 | | | 350 | | 351,260 |
New York (City of), NY, Series 2014 J, Ref. GO Bonds
| 5.00% | | 08/01/2030 | | | 1,400 | | 1,401,733 |
New York (City of), NY, Subseries 2014 I-1, GO Bonds
| 5.00% | | 03/01/2027 | | | 200 | | 200,270 |
New York (City of), NY Municipal Water Finance Authority, Series 2011 FF-2, VRD RB(b)
| 2.40% | | 06/15/2044 | | | 2,000 | | 2,000,000 |
New York (City of), NY Municipal Water Finance Authority, Series 2019 BB-2, RB
| 5.00% | | 06/15/2026 | | | 1,200 | | 1,208,139 |
New York (City of), NY Municipal Water Finance Authority, Series 2020 GG, RB
| 5.00% | | 06/15/2026 | | | 75 | | 75,509 |
New York (City of), NY Municipal Water Finance Authority, Series 2022 CC-2, RB
| 5.00% | | 06/15/2026 | | | 25 | | 25,170 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2024 Municipal Bond ETF (BSMO)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| New York-(continued) | | | | | | | | |
New York (City of), NY Municipal Water Finance Authority, Series 2022, Ref. VRD RB(b)
| 2.70% | | 06/15/2044 | | $ | 2,000 | | $ 2,000,000 |
New York (City of), NY Municipal Water Finance Authority, Series 2023 CC, VRD RB(b)
| 2.70% | | 06/15/2053 | | | 1,100 | | 1,100,000 |
New York (City of), NY Transitional Finance Authority, Series 2014 A-1, RB(a)
| 5.00% | | 10/28/2024 | | | 1,045 | | 1,048,038 |
New York (City of), NY Transitional Finance Authority, Series 2014 B-1, RB(a)
| 5.00% | | 10/28/2024 | | | 710 | | 712,064 |
New York (City of), NY Transitional Finance Authority, Series 2014 B-1, RB(a)
| 5.00% | | 10/28/2024 | | | 15 | | 15,044 |
New York (City of), NY Transitional Finance Authority, Series 2014 B-1, RB(a)
| 5.00% | | 10/28/2024 | | | 75 | | 75,218 |
New York (City of), NY Transitional Finance Authority, Series 2014 B-1, RB(a)
| 5.00% | | 10/28/2024 | | | 170 | | 170,494 |
New York (City of), NY Transitional Finance Authority, Series 2014 B-1, RB(a)
| 5.00% | | 10/28/2024 | | | 205 | | 205,596 |
New York (City of), NY Transitional Finance Authority, Series 2014 B-1, RB(a)
| 5.00% | | 10/28/2024 | | | 30 | | 30,087 |
New York (City of), NY Transitional Finance Authority, Series 2015 C, Ref. RB
| 5.00% | | 11/01/2024 | | | 65 | | 65,200 |
New York (City of), NY Transitional Finance Authority, Series 2017 C, Ref. RB
| 5.00% | | 11/01/2024 | | | 80 | | 80,246 |
New York (City of), NY Transitional Finance Authority, Series 2022 B-1, Ref. RB
| 5.00% | | 11/01/2024 | | | 300 | | 300,923 |
New York (City of), NY Transitional Finance Authority, Subseries 2014 B-1, RB(a)
| 5.00% | | 10/28/2024 | | | 1,370 | | 1,373,983 |
New York (City of), NY Transitional Finance Authority, Subseries 2014 B-1, RB(a)
| 5.00% | | 10/28/2024 | | | 50 | | 50,145 |
New York (City of), NY Transitional Finance Authority, Subseries 2014 B-1, RB(a)
| 5.00% | | 10/28/2024 | | | 1,080 | | 1,083,140 |
New York (City of), NY Transitional Finance Authority, Subseries 2014 B-1, RB
| 5.00% | | 11/01/2024 | | | 200 | | 200,267 |
New York (State of) Dormitory Authority, Series 2016 A, Ref. RB
| 5.00% | | 10/01/2024 | | | 25 | | 25,036 |
New York (State of) Dormitory Authority, Series 2017 F, Ref. RB
| 5.00% | | 10/01/2024 | | | 55 | | 55,075 |
New York (State of) Dormitory Authority, Series 2017 G, Ref. RB
| 5.00% | | 10/01/2024 | | | 490 | | 490,707 |
New York City Housing Development Corp., Series 2023 B-2, VRD RB(b)
| 2.60% | | 05/01/2054 | | | 2,000 | | 2,000,000 |
Sales Tax Asset Receivable Corp., Series 2014 A, Ref. RB(a)
| 3.00% | | 10/15/2024 | | | 10 | | 9,998 |
Sales Tax Asset Receivable Corp., Series 2014 A, Ref. RB(a)
| 5.00% | | 10/15/2024 | | | 330 | | 330,692 |
Sales Tax Asset Receivable Corp., Series 2014 A, Ref. RB(a)
| 5.00% | | 10/15/2024 | | | 440 | | 440,923 |
Sales Tax Asset Receivable Corp., Series 2014 A, Ref. RB(a)
| 5.00% | | 10/15/2024 | | | 150 | | 150,315 |
Sales Tax Asset Receivable Corp., Series 2014 A, Ref. RB(a)
| 5.00% | | 10/15/2024 | | | 285 | | 285,598 |
Sales Tax Asset Receivable Corp., Series 2014 A, Ref. RB(a)
| 5.00% | | 10/15/2024 | | | 100 | | 100,210 |
Sales Tax Asset Receivable Corp., Series 2014 A, Ref. RB(a)
| 5.00% | | 10/15/2024 | | | 1,000 | | 1,002,097 |
Triborough Bridge & Tunnel Authority, Series 2016 A, Ref. RB
| 5.00% | | 11/15/2024 | | | 55 | | 55,222 |
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2014 A, RB(a)
| 5.00% | | 11/19/2024 | | | 1,000 | | 1,003,913 |
| | | | | | | | | 22,127,877 |
| North Carolina-2.65% | | | | | | | | |
Buncombe County Metropolitan Sewerage District, Series 2008 A, Ref. VRD RB(b)
| 2.84% | | 07/01/2031 | | | 1,700 | | 1,700,000 |
Mecklenburg (County of), NC, Series 2013 A, Ref. GO Bonds
| 5.00% | | 12/01/2024 | | | 105 | | 105,532 |
North Carolina (State of) Medical Care Commission (Novant Health Obligated Group), Series 2004 B, VRD RB(b)
| 3.00% | | 11/01/2034 | | | 2,000 | | 2,000,000 |
North Carolina (State of) Medical Care Commission (Novant Health Obligated Group), Series 2013, Ref. RB
| 4.00% | | 11/01/2046 | | | 110 | | 107,771 |
North Carolina (State of) Medical Care Commission (Presbyterian Homes), Series 2016 C, Ref. RB
| 5.00% | | 10/01/2031 | | | 45 | | 45,936 |
University of North Carolina at Greensboro, Series 2014, RB
| 4.00% | | 04/01/2039 | | | 60 | | 60,002 |
Wake (County of), NC, Series 2014, GO Bonds
| 5.00% | | 09/01/2024 | | | 1,000 | | 1,000,000 |
| | | | | | | | | 5,019,241 |
| Ohio-2.42% | | | | | | | | |
Columbus (City of), OH, Series 2014, Ref. RB
| 5.00% | | 06/01/2027 | | | 125 | | 125,573 |
Cuyahoga (County of), OH, Series 2020 D, Ref. RB
| 4.00% | | 12/01/2024 | | | 50 | | 50,098 |
Franklin (County of), OH Convention Facilities Authority, Series 2014, Ref. RB(a)
| 5.00% | | 12/01/2024 | | | 195 | | 195,829 |
Hamilton (County of), OH, Series 2016 A, Ref. RB
| 5.00% | | 12/01/2024 | | | 100 | | 100,485 |
Northeast Ohio Regional Sewer District, Series 2014, Ref. RB(a)
| 5.00% | | 11/15/2024 | | | 115 | | 115,447 |
Ohio (State of), Series 2015 A, Ref. GO Bonds
| 5.00% | | 09/01/2024 | | | 10 | | 10,000 |
Ohio (State of), Series 2016 A, Ref. GO Bonds
| 5.00% | | 12/15/2024 | | | 80 | | 80,470 |
Ohio (State of), Series 2020 B, Ref. GO Bonds
| 5.00% | | 09/15/2024 | | | 20 | | 20,013 |
Ohio (State of) (Garvee), Series 2016 I, RB
| 5.00% | | 12/15/2024 | | | 5 | | 5,025 |
Ohio (State of) Higher Educational Facility Commission (Cleveland Clinic Health System Obligated Group), Series 2008 B4, Ref. VRD RB(b)
| 2.65% | | 01/01/2043 | | | 1,800 | | 1,800,000 |
Ohio (State of) Higher Educational Facility Commission (Cleveland Clinic Health System Obligated Group), Series 2013 B-1, Ref. VRD RB(b)
| 2.75% | | 01/01/2039 | | | 2,000 | | 2,000,000 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2024 Municipal Bond ETF (BSMO)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Ohio-(continued) | | | | | | | | |
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2014, RB
| 5.00% | | 12/01/2024 | | $ | 45 | | $ 45,214 |
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2016 A, RB
| 5.00% | | 12/01/2024 | | | 40 | | 40,190 |
| | | | | | | | | 4,588,344 |
| Oklahoma-0.54% | | | | | | | | |
Canadian (County of), OK Educational Facilities Authority (Mustang Public Schools), Series 2017, RB
| 4.00% | | 09/01/2024 | | | 15 | | 15,000 |
Grand River Dam Authority, Series 2014 A, RB(a)
| 5.00% | | 10/15/2024 | | | 1,000 | | 1,002,085 |
| | | | | | | | | 1,017,085 |
| Oregon-0.74% | | | | | | | | |
Oregon (State of) Department of Transportation, Series 2014 A, Ref. RB
| 5.00% | | 11/15/2024 | | | 25 | | 25,099 |
Oregon (State of) Department of Transportation, Series 2014 A, Ref. RB(a)
| 5.00% | | 11/15/2024 | | | 25 | | 25,095 |
Oregon (State of) Department of Transportation, Series 2015 A, Ref. RB(a)
| 4.00% | | 11/15/2024 | | | 20 | | 20,040 |
Oregon (State of) Department of Transportation, Series 2015 A, Ref. RB(a)
| 5.00% | | 11/15/2024 | | | 35 | | 35,139 |
Oregon (State of) Department of Transportation, Series 2015 A, Ref. RB(a)
| 5.00% | | 11/15/2024 | | | 30 | | 30,119 |
Oregon (State of) Department of Transportation, Series 2015 A, Ref. RB(a)
| 5.00% | | 11/15/2024 | | | 235 | | 235,932 |
Oregon (State of) Department of Transportation, Series 2015 A, Ref. RB(a)
| 5.00% | | 11/15/2024 | | | 15 | | 15,059 |
Oregon (State of) Department of Transportation, Series 2017 A, RB
| 5.00% | | 11/15/2024 | | | 1,000 | | 1,003,952 |
| | | | | | | | | 1,390,435 |
| Pennsylvania-3.89% | | | | | | | | |
Delaware Valley Regional Finance Authority, Series 2020 B, Ref. RB
| 5.00% | | 11/01/2024 | | | 5 | | 5,014 |
Erie (City & County of), PA Water Authority, Series 2014, Ref. RB(a)
| 5.00% | | 12/01/2024 | | | 125 | | 125,563 |
Pennsylvania (Commonwealth of), First Series 2014, GO Bonds
| 4.00% | | 06/15/2032 | | | 15 | | 15,007 |
Pennsylvania (Commonwealth of), First Series 2016, Ref. GO Bonds
| 5.00% | | 09/15/2024 | | | 290 | | 290,165 |
Pennsylvania (Commonwealth of), Second Series 2016, GO Bonds
| 5.00% | | 09/15/2024 | | | 175 | | 175,100 |
Pennsylvania (Commonwealth of) Economic Development Financing Authority (UPMC), Series 2014 A, RB
| 4.00% | | 02/01/2040 | | | 1,000 | | 985,895 |
Pennsylvania (Commonwealth of) Housing Finance Agency, Series 2020-132B, VRD RB(b)
| 2.85% | | 10/01/2050 | | | 2,000 | | 2,000,000 |
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2014 B, RB
| 5.25% | | 12/01/2039 | | | 325 | | 326,009 |
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2014 C, RB(a)
| 5.00% | | 12/01/2039 | | | 1,275 | | 1,279,025 |
Philadelphia (City of), PA, Eighth Series 2009 D, Ref. VRD RB, (LOC - TD Bank N.A.)(b)(c)
| 2.83% | | 08/01/2031 | | | 2,000 | | 2,000,000 |
Philadelphia (City of), PA, Series 2016, Ref. RB
| 5.00% | | 10/01/2024 | | | 150 | | 150,201 |
West View Municipal Authority, Series 2014, RB(a)
| 4.00% | | 11/15/2024 | | | 10 | | 10,016 |
| | | | | | | | | 7,361,995 |
| Rhode Island-1.08% | | | | | | | | |
Rhode Island (State of), Series 2014 D, Ref. GO Bonds
| 5.00% | | 08/01/2027 | | | 40 | | 40,071 |
Rhode Island Health & Educational Building Corp. (Higher Education Facilities- Brown), Series 2005 A, VRD RB(b)
| 2.83% | | 05/01/2035 | | | 2,000 | | 2,000,000 |
| | | | | | | | | 2,040,071 |
| South Carolina-0.49% | | | | | | | | |
South Carolina (State of) Public Service Authority, Series 2014 A, RB(a)
| 5.50% | | 10/23/2024 | | | 300 | | 300,951 |
South Carolina (State of) Public Service Authority, Series 2014 C, Ref. RB
| 5.00% | | 12/01/2024 | | | 50 | | 50,183 |
South Carolina (State of) Public Service Authority, Series 2014 C, Ref. RB
| 5.00% | | 12/01/2026 | | | 130 | | 130,263 |
South Carolina (State of) Public Service Authority, Series 2014 C, Ref. RB
| 5.00% | | 12/01/2028 | | | 30 | | 30,055 |
South Carolina (State of) Public Service Authority, Series 2015 B, Ref. RB(a)
| 5.00% | | 12/01/2024 | | | 400 | | 401,849 |
South Carolina (State of) Transportation Infrastructure Bank, Series 2015 A, Ref. RB
| 5.00% | | 10/01/2024 | | | 10 | | 10,015 |
| | | | | | | | | 923,316 |
| South Dakota-0.03% | | | | | | | | |
South Dakota (State of) Health & Educational Facilities Authority (Sanford Obligated Group), Series 2014 B, RB
| 5.00% | | 11/01/2034 | | | 10 | | 10,018 |
South Dakota (State of) Health & Educational Facilities Authority (Sanford Obligated Group), Series 2014 B, RB
| 4.00% | | 11/01/2044 | | | 55 | | 51,665 |
| | | | | | | | | 61,683 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2024 Municipal Bond ETF (BSMO)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Tennessee-0.08% | | | | | | | | |
Tennessee (State of) School Bond Authority, Series 2014, Ref. RB, (CEP - Colorado Higher Education Intercept Program)
| 5.00% | | 11/01/2024 | | $ | 80 | | $ 80,254 |
Tennessee (State of) School Bond Authority, Series 2015 B, RB, (CEP - Colorado Higher Education Intercept Program)
| 5.00% | | 11/01/2024 | | | 70 | | 70,222 |
| | | | | | | | | 150,476 |
| Texas-6.69% | | | | | | | | |
Austin (City of), TX, Series 2015, Ref. GO Bonds
| 5.00% | | 09/01/2024 | | | 35 | | 35,000 |
Austin (City of), TX, Series 2017, Ref. RB
| 5.00% | | 11/15/2024 | | | 5 | | 5,020 |
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2020 A, Ref. RB
| 5.00% | | 11/01/2024 | | | 500 | | 501,399 |
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2021 B, Ref. RB
| 5.00% | | 11/01/2024 | | | 425 | | 426,189 |
Dallas (City of), TX Area Rapid Transit, Series 2014 A, Ref. RB(a)
| 5.00% | | 12/01/2024 | | | 30 | | 30,154 |
Dallas (City of), TX Area Rapid Transit, Series 2014 A, Ref. RB(a)
| 5.00% | | 12/01/2024 | | | 45 | | 45,230 |
Dallas (City of), TX Area Rapid Transit, Series 2014 A, Ref. RB(a)
| 5.00% | | 12/01/2024 | | | 65 | | 65,333 |
Dallas (City of), TX Area Rapid Transit, Series 2019, Ref. RB
| 5.00% | | 12/01/2024 | | | 120 | | 120,540 |
Harris (County of) & Houston (City of), TX Sports Authority, Series 2014 A, Ref. RB
| 5.00% | | 11/15/2030 | | | 1,000 | | 1,002,841 |
Harris (County of), TX, Series 2020 A, Ref. GO Bonds
| 5.00% | | 10/01/2024 | | | 960 | | 961,370 |
Harris (County of), TX Metropolitan Transit Authority, Series 2016 A, Ref. RB
| 5.00% | | 11/01/2024 | | | 265 | | 265,828 |
Houston (City of), TX, Series 2012 B, Ref. RB, (SIFMA Municipal Swap Index + 0.01%)(e)(f)
| 2.90% | | 09/11/2024 | | | 2,000 | | 2,000,000 |
Houston (City of), TX, Series 2014 D, Ref. RB
| 5.00% | | 11/15/2024 | | | 35 | | 35,141 |
Houston (City of), TX, Series 2014 D, Ref. RB
| 5.00% | | 11/15/2028 | | | 55 | | 55,264 |
Houston (City of), TX, Series 2016 B, Ref. RB
| 5.00% | | 11/15/2024 | | | 170 | | 170,686 |
Houston (City of), TX, Series 2017 B, Ref. RB
| 5.00% | | 11/15/2024 | | | 40 | | 40,161 |
Tarrant County Cultural Education Facilities Finance Corp. (Christus Health), Series 2008 C1, Ref. VRD RB, (LOC - Sumitomo Mitsui Banking Corp.)(b)(c)
| 2.50% | | 07/01/2047 | | | 2,000 | | 2,000,000 |
Texas (State of), Series 2014 A, Ref. GO Bonds(a)
| 5.00% | | 10/01/2024 | | | 370 | | 370,528 |
Texas (State of), Series 2014 A, Ref. GO Bonds(a)
| 5.00% | | 10/01/2024 | | | 1,100 | | 1,101,570 |
Texas (State of), Series 2014 A, Ref. GO Bonds(a)
| 5.00% | | 10/01/2024 | | | 1,000 | | 1,001,427 |
Texas (State of), Series 2018 A, Ref. GO Bonds
| 5.00% | | 10/01/2024 | | | 10 | | 10,013 |
Texas (State of), Series 2020, VRD GO Bonds(b)
| 2.45% | | 12/01/2050 | | | 2,000 | | 2,000,000 |
Texas (State of) Transportation Commission (Central Texas Turnpike System), Series 2015 C, Ref. RB(a)
| 5.00% | | 11/04/2024 | | | 100 | | 100,303 |
Texas (State of) Transportation Commission State Highway Fund, Series 2015, Ref. RB
| 5.00% | | 10/01/2024 | | | 75 | | 75,101 |
Texas (State of) Transportation Commission State Highway Fund, Series 2016 A, RB
| 5.00% | | 10/01/2024 | | | 20 | | 20,027 |
Texas (State of) Water Development Board, Series 2018 B, RB
| 5.00% | | 10/15/2024 | | | 225 | | 225,531 |
| | | | | | | | | 12,664,656 |
| Utah-1.06% | | | | | | | | |
Utah (County of), UT, Series 2016 C, VRD RB(b)
| 2.95% | | 05/15/2051 | | | 2,000 | | 2,000,000 |
| Virginia-1.88% | | | | | | | | |
Fairfax (County of), VA, Series 2014 B, Ref. GO Bonds
| 5.00% | | 10/01/2024 | | | 10 | | 10,014 |
Fairfax (County of), VA, Series 2020 A, Ref. GO Bonds
| 4.00% | | 10/01/2024 | | | 1,200 | | 1,200,803 |
Fairfax (County of), VA Economic Development Authority (Smithsonian Institution), Series 2003 A, VRD RB(b)
| 2.80% | | 12/01/2033 | | | 2,000 | | 2,000,000 |
Virginia (Commonwealth of) College Building Authority, Series 2016 A, Ref. RB, (CEP - Colorado Higher Education Intercept Program)
| 3.00% | | 09/01/2024 | | | 340 | | 340,000 |
Virginia (Commonwealth of) Transportation Board (Garvee), Series 2017, Ref. RB
| 5.00% | | 09/15/2024 | | | 10 | | 10,007 |
| | | | | | | | | 3,560,824 |
| Washington-1.79% | | | | | | | | |
Central Puget Sound Regional Transit Authority (Green Bonds), Series 2021 S-1, Ref. RB
| 5.00% | | 11/01/2024 | | | 10 | | 10,032 |
Chelan County Public Utility District No. 1, Series 2008 B, Ref. VRD RB(b)
| 2.93% | | 07/01/2032 | | | 2,000 | | 2,000,000 |
King County Rural Library District, Series 2012, Ref. GO Bonds
| 4.00% | | 12/01/2024 | | | 20 | | 20,042 |
King County School District No. 411 Issaquah, Series 2015, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)
| 5.00% | | 12/01/2024 | | | 70 | | 70,341 |
Seattle (Port of), WA, Series 2015 A, RB(a)
| 5.00% | | 11/12/2024 | | | 500 | | 501,765 |
Snohomish County School District No. 201 Snohomish, Series 2016, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)
| 5.00% | | 12/01/2024 | | | 200 | | 200,984 |
Washington (State of), Series 2014 R, Ref. GO Bonds(a)
| 4.00% | | 10/07/2024 | | | 45 | | 45,034 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2024 Municipal Bond ETF (BSMO)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Washington-(continued) | | | | | | | | |
Washington (State of), Series 2015 A-1, GO Bonds(a)
| 5.00% | | 10/07/2024 | | $ | 350 | | $ 350,624 |
Washington (State of) Health Care Facilities Authority (Providence Health & Services), Series 2014 D, Ref. RB
| 5.00% | | 10/01/2038 | | | 155 | | 155,028 |
Washington (State of) Health Care Facilities Authority (Providence Health & Services), Series 2014 D, Ref. RB
| 5.00% | | 10/01/2041 | | | 25 | | 25,003 |
| | | | | | | | | 3,378,853 |
| West Virginia-0.14% | | | | | | | | |
West Virginia (State of) Commissioner of Highways (Surface Transportation), Series 2017 A, RB
| 5.00% | | 09/01/2024 | | | 10 | | 10,000 |
West Virginia University, Series 2014 A, RB(a)
| 5.00% | | 10/01/2024 | | | 250 | | 250,347 |
| | | | | | | | | 260,347 |
| Wisconsin-2.33% | | | | | | | | |
Appleton Redevelopment Authority, Series 2001, VRD RB, (LOC - Thrivent Financial Lutherans)(b)(c)
| 2.65% | | 06/01/2036 | | | 2,000 | | 2,000,000 |
University of Wisconsin Hospitals & Clinics, Series 2018 B, Ref. VRD RB(b)
| 2.35% | | 04/01/2048 | | | 1,100 | | 1,100,000 |
Wisconsin (State of), Series 2016-1, Ref. GO Bonds
| 5.00% | | 11/01/2024 | | | 50 | | 50,162 |
Wisconsin (State of), Series 2016-2, Ref. GO Bonds
| 5.00% | | 11/01/2024 | | | 25 | | 25,081 |
Wisconsin (State of), Series 2017 2, Ref. GO Bonds
| 5.00% | | 11/01/2024 | | | 1,000 | | 1,003,240 |
Wisconsin (State of) Health & Educational Facilities Authority (Hospital Sisters Services, Inc.), Series 2014, Ref. RB
| 5.00% | | 11/15/2029 | | | 235 | | 235,644 |
| | | | | | | | | 4,414,127 |
TOTAL INVESTMENTS IN SECURITIES(g)-87.60%
(Cost $165,844,616)
| | 165,799,412 |
OTHER ASSETS LESS LIABILITIES-12.40%
| | 23,467,028 |
NET ASSETS-100.00%
| | $189,266,440 |
| Investment Abbreviations: |
| AGM | -Assured Guaranty Municipal Corp. |
| AMBAC | -American Municipal Bond Assurance Corp. |
| CEP | -Credit Enhancement Provider |
| COP | -Certificates of Participation |
| GO | -General Obligation |
| INS | -Insurer |
| LOC | -Letter of Credit |
| RB | -Revenue Bonds |
| Ref. | -Refunding |
| SIFMA | -Securities Industry and Financial Markets Association |
| VRD | -Variable Rate Demand |
| Notes to Schedule of Investments: |
| (a) | Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral. |
| (b) | Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the issuer or agent based on current market conditions. Rate shown is the rate in effect on August 31, 2024. |
| (c) | Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary. |
| (d) | Principal and/or interest payments are secured by the bond insurance company listed. |
| (e) | Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put. |
| (f) | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2024. |
| (g) | Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligations but may be called upon to satisfy the issuer’s obligations. No concentration of any single entity was greater than 5% each. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2025 Municipal Bond ETF (BSMP)
August 31, 2024
Schedule of Investments
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Municipal Obligations-98.02% | | | | | | | | |
| Alabama-0.38% | | | | | | | | |
Alabama (State of), Series 2014 A, Ref. GO Bonds
| 5.00% | | 08/01/2025 | | $ | 285 | | $ 285,453 |
Alabama (State of) Public School & College Authority (Social Bonds), Series 2020 A, Ref. RB
| 5.00% | | 11/01/2025 | | | 300 | | 308,727 |
Auburn University, Series 2015 A, Ref. RB
| 4.00% | | 06/01/2038 | | | 5 | | 5,003 |
Birmingham (City of), AL, Series 2015 A-1, GO Bonds(a)
| 5.00% | | 09/01/2025 | | | 200 | | 204,640 |
Birmingham (City of), AL Special Care Facilities Financing Authority, Series 2015, Ref. RB
| 5.00% | | 06/01/2034 | | | 60 | | 60,568 |
| | | | | | | | | 864,391 |
| Alaska-0.14% | | | | | | | | |
Alaska (State of) International Airports System, Series 2016 A, Ref. RB
| 5.00% | | 10/01/2031 | | | 105 | | 106,860 |
Alaska (State of) International Airports System, Series 2016 B, Ref. RB
| 5.00% | | 10/01/2034 | | | 20 | | 20,329 |
Alaska (State of) International Airports System, Series 2016 B, Ref. RB
| 5.00% | | 10/01/2035 | | | 80 | | 81,271 |
Matanuska-Susitna (Borough of), AK, Series 2015, Ref. RB
| 5.00% | | 09/01/2032 | | | 100 | | 101,983 |
| | | | | | | | | 310,443 |
| Arizona-1.47% | | | | | | | | |
Arizona (State of), Series 2019 A, Ref. COP(a)
| 5.00% | | 10/01/2025 | | | 100 | | 102,677 |
Arizona (State of) Industrial Development Authority (Equitable School Revolving Fund), Series 2022 A, RB
| 4.00% | | 11/01/2027 | | | 85 | | 85,894 |
Arizona (State of) Sports & Tourism Authority, Series 2022, Ref. RB, (INS - BAM)(b)
| 5.00% | | 07/01/2025 | | | 100 | | 101,777 |
Arizona (State of) Transportation Board (Maricopa County Regional Area Road Fund), Series 2016, Ref. RB
| 5.00% | | 07/01/2025 | | | 200 | | 203,834 |
Lake Havasu (Ciity of), AZ, Series 2015 B, Ref. RB, (INS - AGM)(b)
| 5.00% | | 07/01/2040 | | | 15 | | 15,148 |
Mesa (City of), AZ, Series 2017, Ref. RB
| 4.00% | | 07/01/2025 | | | 75 | | 75,754 |
Phoenix (City of), AZ, Series 2014, GO Bonds
| 4.00% | | 07/01/2025 | | | 15 | | 15,013 |
Phoenix (City of), AZ, Series 2016, Ref. GO Bonds
| 5.00% | | 07/01/2025 | | | 40 | | 40,744 |
Phoenix Civic Improvement Corp., Series 2015 A, Ref. RB
| 5.00% | | 07/01/2035 | | | 35 | | 35,546 |
Phoenix Civic Improvement Corp., Series 2015 B, Ref. RB
| 5.00% | | 07/01/2034 | | | 135 | | 136,721 |
Phoenix Civic Improvement Corp., Series 2017 D, Ref. RB
| 5.00% | | 07/01/2025 | | | 130 | | 132,417 |
Phoenix Civic Improvement Corp., Series 2017, Ref. RB
| 5.00% | | 07/01/2025 | | | 140 | | 142,742 |
Phoenix Civic Improvement Corp., Series 2021 B, Ref. RB
| 5.00% | | 07/01/2025 | | | 80 | | 81,567 |
Pima (County of), AZ, Series 2016, Ref. RB(a)
| 5.00% | | 07/01/2025 | | | 10 | | 10,182 |
Pima (County of), AZ, Series 2016, Ref. RB(a)
| 5.00% | | 07/01/2025 | | | 30 | | 30,545 |
Pima (County of), AZ, Series 2016, Ref. RB
| 5.00% | | 07/01/2025 | | | 20 | | 20,383 |
Salt River Project Agricultural Improvement & Power District, Series 2015 A, Ref. RB
| 5.00% | | 12/01/2032 | | | 205 | | 208,213 |
Salt River Project Agricultural Improvement & Power District, Series 2015 A, Ref. RB
| 5.00% | | 12/01/2034 | | | 625 | | 634,518 |
Salt River Project Agricultural Improvement & Power District, Series 2015 A, Ref. RB
| 5.00% | | 12/01/2035 | | | 165 | | 167,500 |
Salt River Project Agricultural Improvement & Power District, Series 2015 A, Ref. RB(a)
| 5.00% | | 12/01/2041 | | | 250 | | 254,096 |
Salt River Project Agricultural Improvement & Power District, Series 2015 A, Ref. RB(a)
| 5.00% | | 12/01/2045 | | | 605 | | 614,913 |
Salt River Project Agricultural Improvement & Power District, Series 2016 A, Ref. RB
| 5.00% | | 01/01/2025 | | | 55 | | 55,366 |
Salt River Project Agricultural Improvement & Power District, Series 2017, Ref. RB
| 5.00% | | 01/01/2025 | | | 25 | | 25,167 |
University of Arizona Board of Regents, Series 2015 D, RB
| 5.00% | | 07/01/2041 | | | 25 | | 25,308 |
University of Arizona Board of Regents, Series 2015 D, RB
| 5.00% | | 07/01/2046 | | | 125 | | 126,285 |
| | | | | | | | | 3,342,310 |
| Arkansas-0.01% | | | | | | | | |
Arkansas (State of), Series 2015, Ref. GO Bonds
| 4.00% | | 06/01/2025 | | | 25 | | 25,021 |
| California-16.88% | | | | | | | | |
Alameda Unified School District (Election of 2014), Series 2015 A, GO Bonds
| 5.00% | | 08/01/2039 | | | 30 | | 30,488 |
Antelope Valley Community College District, Series 2015, Ref. GO Bonds(a)
| 5.00% | | 02/15/2025 | | | 125 | | 126,329 |
Bay Area Toll Authority (San Francisco Bay Area), Series 2023 F-1, RB
| 5.00% | | 04/01/2025 | | | 1,000 | | 1,013,521 |
Beaumont (City of), CA Public Improvement Authority, Series 2018 A, RB, (INS - AGM)(b)
| 5.00% | | 09/01/2049 | | | 100 | | 103,386 |
California (State of), Series 2013, Ref. GO Bonds(a)
| 3.00% | | 12/04/2024 | | | 100 | | 100,000 |
California (State of), Series 2014, Ref. GO Bonds(a)
| 5.00% | | 12/04/2024 | | | 1,000 | | 1,003,549 |
California (State of), Series 2015 B, Ref. GO Bonds
| 5.00% | | 09/01/2025 | | | 50 | | 51,205 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2025 Municipal Bond ETF (BSMP)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| California-(continued) | | | | | | | | |
California (State of), Series 2015 C, Ref. GO Bonds
| 5.00% | | 09/01/2028 | | $ | 865 | | $ 884,383 |
California (State of), Series 2015 C, Ref. GO Bonds
| 5.00% | | 08/01/2030 | | | 80 | | 80,701 |
California (State of), Series 2015 C, Ref. GO Bonds
| 5.00% | | 09/01/2030 | | | 60 | | 61,261 |
California (State of), Series 2015 C, Ref. GO Bonds
| 5.00% | | 08/01/2031 | | | 100 | | 100,831 |
California (State of), Series 2015 C, Ref. GO Bonds
| 5.00% | | 09/01/2032 | | | 75 | | 76,473 |
California (State of), Series 2015 C, Ref. GO Bonds
| 5.00% | | 09/01/2034 | | | 175 | | 178,316 |
California (State of), Series 2015, GO Bonds
| 5.00% | | 03/01/2027 | | | 100 | | 101,124 |
California (State of), Series 2015, GO Bonds
| 5.00% | | 03/01/2045 | | | 325 | | 328,075 |
California (State of), Series 2015, GO Bonds
| 5.00% | | 08/01/2045 | | | 815 | | 828,975 |
California (State of), Series 2015, Ref. GO Bonds
| 5.00% | | 03/01/2027 | | | 360 | | 364,045 |
California (State of), Series 2015, Ref. GO Bonds
| 5.00% | | 08/01/2027 | | | 150 | | 153,103 |
California (State of), Series 2015, Ref. GO Bonds
| 5.00% | | 03/01/2028 | | | 200 | | 202,257 |
California (State of), Series 2015, Ref. GO Bonds
| 5.00% | | 08/01/2029 | | | 100 | | 102,032 |
California (State of), Series 2015, Ref. GO Bonds
| 5.00% | | 08/01/2033 | | | 55 | | 55,968 |
California (State of), Series 2015, Ref. GO Bonds
| 5.00% | | 08/01/2034 | | | 1,750 | | 1,780,325 |
California (State of), Series 2015, Ref. GO Bonds
| 5.00% | | 08/01/2035 | | | 1,150 | | 1,169,824 |
California (State of), Series 2016, Ref. GO Bonds
| 5.00% | | 09/01/2025 | | | 50 | | 51,205 |
California (State of), Series 2017, Ref. GO Bonds
| 5.00% | | 08/01/2025 | | | 155 | | 158,361 |
California (State of), Series 2018, Ref. GO Bonds
| 5.00% | | 10/01/2025 | | | 650 | | 666,979 |
California (State of), Series 2020, GO Bonds
| 5.00% | | 11/01/2025 | | | 1,250 | | 1,285,198 |
California (State of), Series 2020, GO Bonds
| 4.00% | | 11/01/2050 | | | 30 | | 29,175 |
California (State of), Series 2021, GO Bonds
| 4.00% | | 10/01/2025 | | | 2,000 | | 2,030,478 |
California (State of), Series 2021, Ref. GO Bonds
| 5.00% | | 10/01/2025 | | | 725 | | 743,939 |
California (State of), Series 2021, Ref. GO Bonds
| 5.00% | | 12/01/2025 | | | 410 | | 422,385 |
California (State of), Series 2022, GO Bonds
| 5.00% | | 09/01/2025 | | | 1,090 | | 1,116,264 |
California (State of), Series 2023, Ref. GO Bonds
| 5.00% | | 09/01/2025 | | | 1,000 | | 1,024,095 |
California (State of) (Bid Group B), Series 2020, Ref. GO Bonds
| 5.00% | | 11/01/2025 | | | 1,000 | | 1,028,159 |
California (State of) Department of Water Resources (Central Valley), Series 2014 AS, RB
| 5.00% | | 12/01/2025 | | | 20 | | 20,124 |
California (State of) Department of Water Resources (Central Valley), Series 2020 BB, Ref. RB
| 5.00% | | 12/01/2025 | | | 55 | | 56,847 |
California (State of) Educational Facilities Authority (Pepperdine University), Series 2015, Ref. RB(a)
| 5.00% | | 09/01/2025 | | | 5 | | 5,130 |
California (State of) Educational Facilities Authority (University of Southern California), Series 2015 A, Ref. RB(a)
| 5.00% | | 10/01/2025 | | | 100 | | 102,774 |
California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2015, Ref. RB
| 5.00% | | 11/15/2029 | | | 500 | | 513,083 |
California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2015 A, RB
| 5.00% | | 08/15/2054 | | | 500 | | 505,567 |
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2015 A, Ref. RB(a)
| 5.00% | | 08/15/2025 | | | 100 | | 102,442 |
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2016 A, RB(a)
| 3.25% | | 11/15/2025 | | | 40 | | 40,379 |
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2016 A, RB(a)
| 5.00% | | 11/15/2025 | | | 20 | | 20,608 |
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2016 A, RB(a)
| 5.00% | | 11/15/2025 | | | 230 | | 236,994 |
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2016 A, RB(a)
| 5.00% | | 11/15/2025 | | | 500 | | 515,204 |
California (State of) Infrastructure & Economic Development Bank (Bay Area Toll Bridges), Series 2003 A, RB(a)
| 5.00% | | 07/01/2025 | | | 120 | | 122,529 |
California (State of) Infrastructure & Economic Development Bank (Segerstrom Center for the Arts), Series 2017, Ref. RB
| 5.00% | | 01/01/2025 | | | 200 | | 201,260 |
California (State of) Municipal Finance Authority (Community Medical Centers), Series 2015 A, Ref. RB(a)
| 5.00% | | 02/01/2025 | | | 200 | | 201,859 |
California (State of) Municipal Finance Authority (Community Medical Centers), Series 2015 A, Ref. RB(a)
| 5.00% | | 02/01/2025 | | | 60 | | 60,558 |
California (State of) Public Works Board, Series 2015 F, Ref. RB
| 5.00% | | 05/01/2027 | | | 150 | | 152,035 |
California (State of) Public Works Board, Series 2015 H, RB
| 3.50% | | 12/01/2035 | | | 70 | | 68,993 |
California (State of) Public Works Board, Series 2022 C, Ref. RB
| 5.00% | | 08/01/2025 | | | 60 | | 61,328 |
California (State of) Public Works Board (Vaious Capital), Series 2023 B, Ref. RB
| 5.00% | | 12/01/2025 | | | 300 | | 309,249 |
California (State of) Public Works Board (Various Capital), Series 2017 B, Ref. RB(a)
| 5.00% | | 10/01/2025 | | | 5 | | 5,137 |
California (State of) Public Works Board (Various Capital), Series 2017 B, Ref. RB
| 5.00% | | 10/01/2025 | | | 120 | | 123,199 |
California State University, Series 2015 A, Ref. RB
| 5.00% | | 11/01/2027 | | | 100 | | 102,915 |
California State University, Series 2015 A, Ref. RB
| 5.00% | | 11/01/2031 | | | 150 | | 153,690 |
California State University, Series 2015 A, Ref. RB
| 5.00% | | 11/01/2038 | | | 1,000 | | 1,021,096 |
California State University, Series 2015 A, Ref. RB
| 5.00% | | 11/01/2043 | | | 660 | | 671,450 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2025 Municipal Bond ETF (BSMP)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| California-(continued) | | | | | | | | |
California State University, Series 2015 A, Ref. RB
| 5.00% | | 11/01/2047 | | $ | 50 | | $ 50,738 |
Chino Basin Regional Financing Authority, Series 2020 B, RN
| 4.00% | | 11/01/2025 | | | 200 | | 202,989 |
Coronado Community Development Agency Successor Agency, Series 2018 A, Ref. RB
| 5.00% | | 09/01/2033 | | | 55 | | 56,006 |
East Bay Municipal Utility District, Series 2015 A, Ref. RB
| 5.00% | | 06/01/2029 | | | 50 | | 50,804 |
Glendale Unified School District, Series 2015 B, Ref. GO Bonds(a)
| 4.00% | | 09/01/2025 | | | 5 | | 5,082 |
Long Beach (City of), CA, Series 2020, Ref. RB
| 5.00% | | 05/15/2025 | | | 30 | | 30,503 |
Long Beach Unified School District (Election of 2022), Series 2023 A, GO Bonds
| 5.00% | | 08/01/2025 | | | 5 | | 5,113 |
Los Angeles (City of), CA Department of Airports, Series 2015 C, Ref. RB
| 5.00% | | 05/15/2038 | | | 75 | | 75,893 |
Los Angeles (City of), CA Department of Water & Power, Series 2015 A, Ref. RB
| 5.00% | | 07/01/2028 | | | 65 | | 65,461 |
Los Angeles (City of), CA Department of Water & Power, Series 2015 A, Ref. RB
| 5.00% | | 07/01/2029 | | | 45 | | 45,321 |
Los Angeles (City of), CA Department of Water & Power, Series 2015 A, Ref. RB
| 5.00% | | 07/01/2035 | | | 40 | | 40,251 |
Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB
| 5.00% | | 07/01/2025 | | | 1,000 | | 1,021,077 |
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020 A, RB
| 5.00% | | 06/01/2025 | | | 215 | | 219,003 |
Los Angeles (County of), CA Public Works Financing Authority, Series 2016 D, RB
| 4.00% | | 12/01/2040 | | | 30 | | 30,004 |
Los Angeles (County of), CA Public Works Financing Authority, Series 2016 D, RB
| 5.00% | | 12/01/2045 | | | 200 | | 203,090 |
Los Angeles (County of), CA Sanitation Districts Financing Authority (Capital), Series 2015 A, Ref. RB
| 5.00% | | 10/01/2034 | | | 400 | | 407,944 |
Los Angeles Community College District (Election of 2016), Series 2022 C-1, GO Bonds
| 5.00% | | 08/01/2025 | | | 90 | | 92,132 |
Los Angeles Unified School District, Series 2016 A, Ref. GO Bonds
| 5.00% | | 07/01/2025 | | | 50 | | 51,070 |
Los Angeles Unified School District, Series 2016 B, Ref. GO Bonds
| 5.00% | | 07/01/2025 | | | 40 | | 40,856 |
Los Angeles Unified School District, Series 2017 A, Ref. GO Bonds
| 5.00% | | 07/01/2025 | | | 85 | | 86,820 |
Los Angeles Unified School District, Series 2020 C, GO Bonds
| 5.00% | | 07/01/2025 | | | 85 | | 86,820 |
Los Angeles Unified School District (Sustainability Bonds), Series 2023 A, COP
| 5.00% | | 10/01/2025 | | | 250 | | 256,154 |
Los Rios Community College District, Series 2021 E, GO Bonds
| 3.00% | | 08/01/2025 | | | 1,050 | | 1,055,593 |
Metropolitan Water District of Southern California, Series 2015 A, RB(a)
| 5.00% | | 07/01/2025 | | | 500 | | 510,538 |
Metropolitan Water District of Southern California, Series 2019 A, Ref. RB
| 5.00% | | 07/01/2025 | | | 250 | | 255,083 |
Monterey (City of), CA, Series 2015, COP
| 4.00% | | 09/01/2045 | | | 35 | | 34,849 |
Municipal Improvement Corp. of Los Angeles (Real Property), Series 2016 B, Ref. RB
| 5.00% | | 11/01/2025 | | | 100 | | 102,909 |
Orange (County of), CA Local Transportation Authority, Series 2019, RB
| 5.00% | | 02/15/2025 | | | 40 | | 40,424 |
Orange (County of), CA Water District, Series 2021 A, COP
| 4.00% | | 02/15/2025 | | | 50 | | 50,247 |
Palomar Community College District, Series 2015 C, GO Bonds(a)
| 5.00% | | 08/01/2025 | | | 5 | | 5,115 |
Peralta Community College District, Series 2016 A, Ref. GO Bonds
| 4.00% | | 08/01/2039 | | | 20 | | 20,000 |
Riverside (County of), CA Public Financing Authority (Capital Facilities), Series 2015, RB(a)
| 4.13% | | 11/01/2025 | | | 105 | | 107,119 |
Riverside (County of), CA Public Financing Authority (Capital Facilities), Series 2015, RB(a)
| 5.25% | | 11/01/2025 | | | 80 | | 82,639 |
Sacramento (City of), CA Municipal Utility District, Series 2022 J, Ref. RB
| 5.00% | | 08/15/2025 | | | 100 | | 102,442 |
Sacramento (County of), CA Water Financing Authority, Series 2022 A, RB
| 4.00% | | 11/01/2025 | | | 165 | | 167,436 |
San Bernardino (County of), CA (Arrowhead), Series 2019 A, Ref. COP
| 5.00% | | 10/01/2025 | | | 20 | | 20,538 |
San Diego (City of), CA Public Facilities Financing Authority, Series 2016 B, Ref. RB
| 5.00% | | 08/01/2025 | | | 10 | | 10,239 |
San Diego (County of), CA Water Authority, Series 2015, Ref. RB
| 5.00% | | 05/01/2029 | | | 100 | | 101,478 |
San Diego Community College District, Series 2016, Ref. GO Bonds
| 5.00% | | 08/01/2025 | | | 10 | | 10,234 |
San Diego Unified School District, Series 2015 R-4, Ref. GO Bonds
| 5.00% | | 07/01/2025 | | | 120 | | 122,509 |
San Diego Unified School District, Series 2015 R-4, Ref. GO Bonds
| 5.00% | | 07/01/2027 | | | 25 | | 25,474 |
San Francisco (City & County of), CA, Series 2022 R-1, Ref. GO Bonds
| 5.00% | | 06/15/2025 | | | 10 | | 10,202 |
San Francisco (City & County of), CA (Moscone Convention Center Expansion), Series 2017 B, COP
| 5.00% | | 04/01/2029 | | | 35 | | 35,834 |
San Francisco (City & County of), CA Public Utilities Commission, Series 2015, Ref. RB
| 5.00% | | 11/01/2027 | | | 250 | | 253,986 |
San Francisco (City & County of), CA Public Utilities Commission, Series 2016 B, RB
| 4.00% | | 10/01/2046 | | | 350 | | 348,329 |
San Francisco Bay Area Rapid Transit District, Series 2015 A, Ref. RB
| 5.00% | | 07/01/2025 | | | 100 | | 102,099 |
San Francisco Bay Area Rapid Transit District, Series 2015 A, Ref. RB
| 5.00% | | 07/01/2028 | | | 115 | | 117,203 |
San Francisco Bay Area Rapid Transit District (Election of 2004), Series 2015 D, Ref. GO Bonds
| 5.00% | | 08/01/2029 | | | 65 | | 66,290 |
San Francisco Bay Area Rapid Transit District (Election of 2004), Series 2015 D, Ref. GO Bonds
| 4.00% | | 08/01/2035 | | | 150 | | 150,248 |
San Francisco Unified School District, Series 2020, Ref. GO Bonds
| 4.00% | | 06/15/2025 | | | 1,185 | | 1,198,186 |
San Joaquin Hills Transportation Corridor Agency, Series 2014 A, Ref. RB(a)
| 5.00% | | 01/15/2025 | | | 1,100 | | 1,109,223 |
San Joaquin Hills Transportation Corridor Agency, Series 2014 B, Ref. RB
| 5.25% | | 01/15/2044 | | | 1,000 | | 1,004,905 |
San Joaquin Hills Transportation Corridor Agency, Series 2014 B, Ref. RB
| 5.25% | | 01/15/2049 | | | 1,000 | | 1,004,954 |
San Jose (City of), CA Redevelopment Agency Successor Agency, Series 2017 B, Ref. RB
| 5.00% | | 08/01/2025 | | | 100 | | 102,205 |
San Mateo & Foster (Cities of), CA Public Financing Authority (Clean Water Program), Series 2021 B, RB(a)
| 5.00% | | 08/01/2025 | | | 385 | | 393,735 |
San Mateo County Community College District, Series 2015 A, GO Bonds(a)
| 5.00% | | 09/01/2025 | | | 65 | | 66,676 |
San Mateo County Transit District, Series 2015 A, Ref. RB
| 5.00% | | 06/01/2029 | | | 1,000 | | 1,013,698 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2025 Municipal Bond ETF (BSMP)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| California-(continued) | | | | | | | | |
Santa Clara (County of), CA Financing Authority, Series 2016 Q, Ref. RB
| 3.00% | | 05/15/2034 | | $ | 250 | | $ 241,970 |
Santa Clara Unified School District, Series 2023, GO Bonds
| 5.00% | | 07/01/2025 | | | 10 | | 10,213 |
Santa Clara Valley Transportation Authority, Series 2023 A, Ref. RB
| 5.00% | | 04/01/2025 | | | 500 | | 507,107 |
South San Francisco Unified School District (Measure J), Series 2016 C, GO Bonds
| 4.00% | | 09/01/2037 | | | 25 | | 25,035 |
University of California, Series 2015 AO, Ref. RB
| 5.00% | | 05/15/2027 | | | 35 | | 35,553 |
University of California, Series 2015 AO, Ref. RB
| 5.00% | | 05/15/2031 | | | 40 | | 40,567 |
University of California, Series 2017 AY, Ref. RB
| 5.00% | | 05/15/2025 | | | 20 | | 20,348 |
University of California, Series 2022 S, Ref. RB
| 5.00% | | 05/15/2025 | | | 305 | | 310,286 |
University of California, Series 2023 BM, Ref. RB
| 5.00% | | 05/15/2025 | | | 10 | | 10,174 |
University of California (Limited), Series 2015 I, Ref. RB
| 5.00% | | 05/15/2025 | | | 30 | | 30,520 |
University of California (Limited), Series 2015 I, Ref. RB
| 5.00% | | 05/15/2028 | | | 1,025 | | 1,040,396 |
University of California (Limited), Series 2015 I, Ref. RB
| 5.00% | | 05/15/2029 | | | 40 | | 40,598 |
University of California (Limited), Series 2015 I, Ref. RB
| 5.00% | | 05/15/2030 | | | 120 | | 121,735 |
University of California (Limited), Series 2015 I, Ref. RB
| 5.00% | | 05/15/2032 | | | 60 | | 60,805 |
University of California (Limited), Series 2015 I, Ref. RB
| 5.00% | | 05/15/2040 | | | 115 | | 116,375 |
Vista Joint Powers Financing Authority, Series 2015, Ref. RB
| 5.25% | | 05/01/2037 | | | 45 | | 45,593 |
Yosemite Community College District, Series 2015, Ref. GO Bonds(a)
| 5.00% | | 08/01/2025 | | | 20 | | 20,468 |
Yosemite Community College District, Series 2015, Ref. GO Bonds(a)
| 5.00% | | 08/01/2025 | | | 40 | | 40,937 |
| | | | | | | | | 38,471,309 |
| Colorado-1.00% | | | | | | | | |
Adams & Weld Counties School District No. 27J Brighton, Series 2015, GO Bonds
| 5.00% | | 12/01/2040 | | | 10 | | 10,212 |
Adams (County of), CO, Series 2015, Ref. COP
| 4.00% | | 12/01/2040 | | | 200 | | 200,149 |
Adams (County of), CO , Series 2015, Ref. COP
| 4.00% | | 12/01/2045 | | | 35 | | 34,187 |
Adams 12 Five Star Schools, Series 2014, Ref. GO Bonds
| 5.00% | | 12/15/2025 | | | 45 | | 46,432 |
Anthem West Metropolitan District, Series 2015, Ref. GO Bonds, (INS - BAM)(b)
| 4.13% | | 12/01/2044 | | | 5 | | 5,001 |
Arapahoe County School District No. 5 Cherry Creek, Series 2017, GO Bonds
| 5.00% | | 12/15/2031 | | | 105 | | 107,561 |
Arapahoe County School District No. 6 Littleton, Series 2019 A, GO Bonds
| 5.00% | | 12/01/2025 | | | 25 | | 25,743 |
Board of Governors of Colorado State University System, Series 2015 A, RB
| 4.13% | | 03/01/2055 | | | 350 | | 344,145 |
Boulder Valley School District No. Re-2 Boulder, Series 2015, GO Bonds
| 5.00% | | 12/01/2038 | | | 200 | | 202,808 |
Colorado (State of), Series 2018 A, COP
| 5.00% | | 12/15/2025 | | | 35 | | 36,095 |
Colorado (State of), Series 2021 A, COP
| 5.00% | | 12/15/2025 | | | 80 | | 82,504 |
Colorado (State of) Health Facilities Authority (SCL Health System), Series 2019 A, Ref. RB
| 5.00% | | 01/01/2025 | | | 200 | | 201,299 |
Colorado (State of) Higher Education, Series 2014 A, Ref. COP
| 5.00% | | 11/01/2025 | | | 95 | | 97,631 |
Colorado (State of) Regional Transportation District, Series 2015, COP
| 5.00% | | 06/01/2027 | | | 165 | | 167,549 |
Denver (City & County of), CO, Series 2022 C, Ref. RB
| 5.00% | | 11/15/2025 | | | 5 | | 5,141 |
Denver City & County School District No. 1, Series 2014 B, Ref. GO Bonds
| 5.00% | | 12/01/2025 | | | 150 | | 150,823 |
Denver City & County School District No. 1, Series 2017, GO Bonds
| 5.00% | | 12/01/2025 | | | 10 | | 10,300 |
Douglas County School District No. Re-1 Douglas & Elbert Counties, Series 2022, Ref. GO Bonds
| 5.00% | | 12/15/2025 | | | 30 | | 30,920 |
Park Creek Metropolitan District, Series 2015, Ref. RB
| 5.00% | | 12/01/2045 | | | 275 | | 278,210 |
St. Vrain Valley School District Re-1J (Boulder, Larimer & Weld Counties and the City and County of Broomfield), Series 2016 A, Ref. GO Bonds
| 4.00% | | 12/15/2032 | | | 25 | | 25,291 |
University of Colorado, Series 2017 A-2, Ref. RB
| 5.00% | | 06/01/2025 | | | 130 | | 132,130 |
University of Northern Colorado, Series 2015 A, Ref. RB, (CEP - Colorado Higher Education Intercept Program)
| 4.00% | | 06/01/2040 | | | 75 | | 75,102 |
| | | | | | | | | 2,269,233 |
| Connecticut-1.95% | | | | | | | | |
Connecticut (State of), Series 2015 A, GO Bonds
| 5.00% | | 03/15/2027 | | | 200 | | 202,326 |
Connecticut (State of), Series 2015 A, GO Bonds
| 5.00% | | 03/15/2028 | | | 210 | | 212,416 |
Connecticut (State of), Series 2015 B, GO Bonds
| 5.00% | | 06/15/2025 | | | 50 | | 50,910 |
Connecticut (State of), Series 2015 F, GO Bonds
| 5.00% | | 11/15/2027 | | | 135 | | 138,529 |
Connecticut (State of), Series 2020 A, GO Bonds
| 5.00% | | 01/15/2025 | | | 1,000 | | 1,007,812 |
Connecticut (State of), Series 2021 A, GO Bonds
| 4.00% | | 01/15/2025 | | | 105 | | 105,441 |
Connecticut (State of), Series 2021 D, RB
| 5.00% | | 11/01/2025 | | | 1,000 | | 1,028,159 |
Connecticut (State of), Series 2022 D, Ref. GO Bonds
| 5.00% | | 09/15/2025 | | | 100 | | 102,504 |
Connecticut (State of) (Transportation Infrastructure), Series 2014 A, Ref. RB
| 5.00% | | 09/01/2025 | | | 500 | | 500,831 |
Connecticut (State of) (Transportation Infrastructure), Series 2015 A, RB
| 5.00% | | 08/01/2028 | | | 300 | | 305,877 |
Connecticut (State of) (Transportation Infrastructure), Series 2015 A, RB
| 5.00% | | 08/01/2029 | | | 80 | | 81,500 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2025 Municipal Bond ETF (BSMP)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Connecticut-(continued) | | | | | | | | |
Connecticut (State of) (Transportation Infrastructure), Series 2015 A, RB
| 5.00% | | 08/01/2033 | | $ | 95 | | $ 96,424 |
Connecticut (State of) (Transportation Infrastructure), Series 2015 A, RB
| 5.00% | | 08/01/2034 | | | 240 | | 243,408 |
Connecticut (State of) (Transportation Infrastructure), Series 2015 A, RB
| 5.00% | | 08/01/2035 | | | 40 | | 40,528 |
Connecticut (State of) (Transportation Infrastructure), Series 2018 A, RB
| 5.00% | | 01/01/2025 | | | 75 | | 75,514 |
Connecticut (State of) Health & Educational Facilities Authority (Yale University), Series 2018 A, Ref. RB
| 5.00% | | 07/01/2025 | | | 250 | | 255,020 |
| | | | | | | | | 4,447,199 |
| Delaware-0.22% | | | | | | | | |
Delaware (State of), Series 2017 A, Ref. GO Bonds
| 5.00% | | 01/01/2025 | | | 200 | | 201,563 |
Delaware (State of), Series 2020 A, GO Bonds
| 5.00% | | 01/01/2025 | | | 300 | | 302,345 |
| | | | | | | | | 503,908 |
| District of Columbia-0.79% | | | | | | | | |
District of Columbia, Series 2015 A, GO Bonds(a)
| 5.00% | | 06/01/2025 | | | 5 | | 5,078 |
District of Columbia, Series 2015 A, GO Bonds
| 5.00% | | 06/01/2028 | | | 5 | | 5,081 |
District of Columbia, Series 2015 A, GO Bonds
| 5.00% | | 06/01/2029 | | | 10 | | 10,159 |
District of Columbia, Series 2015 A, GO Bonds
| 5.00% | | 06/01/2030 | | | 100 | | 101,538 |
District of Columbia, Series 2015 A, GO Bonds
| 5.00% | | 06/01/2032 | | | 1,000 | | 1,014,932 |
District of Columbia, Series 2015 A, GO Bonds
| 5.00% | | 06/01/2034 | | | 50 | | 50,735 |
District of Columbia, Series 2015 A, GO Bonds
| 5.00% | | 06/01/2036 | | | 150 | | 152,029 |
District of Columbia, Series 2015 A, GO Bonds
| 5.00% | | 06/01/2038 | | | 100 | | 101,249 |
District of Columbia, Series 2017 D, GO Bonds
| 5.00% | | 06/01/2025 | | | 5 | | 5,086 |
District of Columbia, Series 2018 B, Ref. GO Bonds
| 5.00% | | 06/01/2025 | | | 275 | | 279,710 |
District of Columbia, Series 2019 A, RB
| 5.00% | | 03/01/2025 | | | 35 | | 35,426 |
District of Columbia Water & Sewer Authority, Series 2014 C, Ref. RB(a)
| 5.00% | | 10/28/2024 | | | 50 | | 50,144 |
| | | | | | | | | 1,811,167 |
| Florida-3.13% | | | | | | | | |
Broward (County of), FL School Board, Series 2015 A, Ref. COP
| 5.00% | | 07/01/2025 | | | 70 | | 71,273 |
Broward (County of), FL School Board, Series 2015 B, Ref. COP
| 5.00% | | 07/01/2030 | | | 165 | | 167,412 |
Broward (County of), FL School Board, Series 2015 B, Ref. COP
| 5.00% | | 07/01/2031 | | | 90 | | 91,256 |
Central Florida Expressway Authority, Series 2016 B, Ref. RB
| 5.00% | | 07/01/2025 | | | 80 | | 81,454 |
Florida (State of), Series 2016 A, Ref. RB
| 5.00% | | 07/01/2025 | | | 45 | | 45,844 |
Florida (State of), Series 2017 A, Ref. RB
| 5.00% | | 07/01/2025 | | | 505 | | 514,472 |
Florida (State of) (Capital Outlay), Series 2015 E, Ref. GO Bonds
| 4.00% | | 06/01/2032 | | | 135 | | 135,601 |
Florida (State of) (Department of Transportation), Series 2015 A, Ref. GO Bonds
| 5.00% | | 07/01/2025 | | | 100 | | 101,884 |
Florida (State of) Department of Environmental Protection (FL Forever), Series 2014, Ref. RB
| 5.00% | | 07/01/2025 | | | 500 | | 500,794 |
Florida (State of) Department of Environmental Protection (FL Forever), Series 2016 A, Ref. RB
| 5.00% | | 07/01/2025 | | | 65 | | 66,235 |
Florida (State of) Department of Transportation, Series 2022 A, Ref. RB
| 5.00% | | 07/01/2025 | | | 110 | | 112,118 |
Florida (State of) Municipal Power Agency, Series 2017 A, Ref. RB
| 5.00% | | 10/01/2025 | | | 55 | | 56,283 |
Florida Keys Aqueduct Authority, Series 2019 A, RB
| 5.00% | | 09/01/2049 | | | 975 | | 982,018 |
Florida Keys Aqueduct Authority, Series 2021 B, RB
| 5.00% | | 09/01/2025 | | | 100 | | 102,271 |
FSU Financial Assistance, Inc., Series 2015 A, RB
| 4.25% | | 10/01/2045 | | | 50 | | 50,003 |
Gainesville (City of), FL, Series 2017 A, RB(a)
| 5.00% | | 10/01/2025 | | | 10 | | 10,241 |
Gainesville (City of), FL, Series 2017 A, RB
| 5.00% | | 10/01/2025 | | | 40 | | 40,976 |
Hillsborough (County of), FL, Series 2015, RB
| 3.75% | | 10/01/2045 | | | 200 | | 186,564 |
Hillsborough (County of), FL, Series 2015, Ref. RB
| 5.00% | | 11/01/2025 | | | 130 | | 133,434 |
Jacksonville (City of), FL, Series 2015, Ref. RB
| 5.00% | | 10/01/2027 | | | 75 | | 76,664 |
Jacksonville (City of), FL, Series 2015, Ref. RB
| 5.00% | | 10/01/2029 | | | 30 | | 30,650 |
JEA Water & Sewer System, Series 2017 A, Ref. RB
| 5.00% | | 10/01/2025 | | | 135 | | 138,497 |
Lake (County of), FL School Board, Series 2015 B, Ref. COP, (INS - AGM)(b)
| 5.00% | | 06/01/2031 | | | 100 | | 101,153 |
Lee (County of), FL, Series 2015, Ref. RB
| 5.00% | | 10/01/2033 | | | 45 | | 45,639 |
Miami (City of) & Dade (County of), FL School Board, Series 2015 A, Ref. COP
| 5.00% | | 05/01/2025 | | | 45 | | 45,560 |
Miami (City of) & Dade (County of), FL School Board, Series 2015 A, Ref. COP
| 5.00% | | 05/01/2028 | | | 200 | | 202,458 |
Miami (City of) & Dade (County of), FL School Board, Series 2015 A, Ref. COP
| 5.00% | | 05/01/2030 | | | 125 | | 126,470 |
Miami (City of) & Dade (County of), FL School Board, Series 2015 A, Ref. COP
| 5.00% | | 05/01/2032 | | | 50 | | 50,608 |
Miami Beach (City of), FL, Series 2015, RB
| 4.00% | | 09/01/2045 | | | 260 | | 257,063 |
Miami Beach (City of), FL, Series 2015, RB
| 5.00% | | 09/01/2045 | | | 210 | | 211,474 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2025 Municipal Bond ETF (BSMP)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Florida-(continued) | | | | | | | | |
Miami-Dade (County of), FL, Series 2014 B, Ref. RB(a)
| 5.00% | | 10/30/2024 | | $ | 665 | | $ 666,887 |
Miami-Dade (County of), FL, Series 2015, Ref. RB
| 5.00% | | 10/01/2025 | | | 450 | | 461,319 |
Miami-Dade (County of), FL Educational Facilities Authority (University of Miami), Series 2015 A, Ref. RB
| 5.00% | | 04/01/2040 | | | 265 | | 266,654 |
Miami-Dade (County of), FL Educational Facilities Authority (University of Miami), Series 2015 A, Ref. RB
| 5.00% | | 04/01/2045 | | | 185 | | 185,945 |
Orange (County of), FL School Board, Series 2015 C, Ref. COP(a)
| 5.00% | | 08/01/2025 | | | 40 | | 40,835 |
Orange (County of), FL School Board, Series 2015 C, Ref. COP(a)
| 5.00% | | 08/01/2025 | | | 35 | | 35,730 |
Orlando (City of), FL Utilities Commission, Series 2013 A, Ref. RB
| 5.00% | | 10/01/2025 | | | 140 | | 143,476 |
Palm Beach (County of), FL, Series 2015 D, RB(a)
| 5.00% | | 12/01/2025 | | | 15 | | 15,446 |
Palm Beach (County of), FL Solid Waste Authority, Series 2015, Ref. RB
| 5.00% | | 10/01/2028 | | | 100 | | 101,301 |
Palm Beach County School District, Series 2015 D, Ref. COP
| 5.00% | | 08/01/2027 | | | 60 | | 61,096 |
Palm Beach County School District, Series 2015 D, Ref. COP
| 5.00% | | 08/01/2030 | | | 220 | | 223,838 |
Palm Beach County School District, Series 2017 A, Ref. COP
| 5.00% | | 08/01/2025 | | | 20 | | 20,423 |
Tallahassee (City of), FL (Tallahassee Memorial Health Care, Inc.), Series 2016, RB
| 5.00% | | 12/01/2055 | | | 35 | | 34,707 |
Tampa Bay (City of), FL Water, Series 2015 A, Ref. RB
| 4.00% | | 10/01/2028 | | | 25 | | 25,227 |
Tampa Bay (City of), FL Water, Series 2015 A, Ref. RB
| 4.00% | | 10/01/2030 | | | 20 | | 20,199 |
Tampa Bay (City of), FL Water, Series 2016 C, Ref. RB
| 5.00% | | 10/01/2025 | | | 65 | | 66,600 |
Village Community Development District No. 7, Series 2015, Ref. RB
| 4.00% | | 05/01/2036 | | | 5 | | 4,908 |
Volusia (County of), FL Educational Facility Authority, Series 2015 B, RB(a)
| 5.00% | | 04/15/2025 | | | 15 | | 15,193 |
| | | | | | | | | 7,126,153 |
| Georgia-2.66% | | | | | | | | |
Atlanta (City of), GA, Series 2015, Ref. RB(a)
| 5.00% | | 05/01/2025 | | | 25 | | 25,392 |
Atlanta (City of), GA, Series 2015, Ref. RB(a)
| 5.00% | | 05/01/2025 | | | 350 | | 355,488 |
Atlanta (City of), GA, Series 2015, Ref. RB
| 5.00% | | 11/01/2025 | | | 35 | | 35,541 |
Atlanta (City of), GA, Series 2015, Ref. RB
| 5.00% | | 11/01/2028 | | | 700 | | 709,862 |
Atlanta (City of), GA, Series 2015, Ref. RB
| 5.00% | | 11/01/2030 | | | 110 | | 111,415 |
Atlanta (City of), GA, Series 2015, Ref. RB
| 5.00% | | 11/01/2031 | | | 20 | | 20,249 |
Atlanta (City of), GA, Series 2015, Ref. RB
| 5.00% | | 11/01/2040 | | | 755 | | 761,046 |
Atlanta Development Authority (The), Series 2015 A-1, RB
| 5.25% | | 07/01/2044 | | | 150 | | 151,667 |
DeKalb (County of), GA, Series 2006 B, Ref. RB
| 5.25% | | 10/01/2025 | | | 100 | | 102,952 |
Forsyth (County of), GA, Series 2019, GO Bonds
| 5.00% | | 09/01/2025 | | | 60 | | 61,452 |
Gainesville (City of) & Hall (County of), GA Hospital Authority (Northeast Georgia Health System, Inc.), Series 2014 S, Ref. RB(a)
| 5.25% | | 02/15/2025 | | | 100 | | 101,107 |
Gainesville (City of) & Hall (County of), GA Hospital Authority (Northeast Georgia Health System, Inc.), Series 2014 S, Ref. RB(a)
| 5.50% | | 02/15/2025 | | | 100 | | 101,218 |
Georgia (State of), Series 2015 A, GO Bonds
| 4.00% | | 02/01/2033 | | | 5 | | 5,012 |
Georgia (State of), Series 2015 A, GO Bonds
| 3.50% | | 02/01/2035 | | | 100 | | 100,013 |
Georgia (State of), Series 2016 C-1, Ref. GO Bonds
| 4.00% | | 07/01/2025 | | | 140 | | 141,696 |
Georgia (State of), Series 2016 E, Ref. GO Bonds
| 5.00% | | 12/01/2025 | | | 440 | | 453,895 |
Georgia (State of), Series 2017 A-1, GO Bonds
| 5.00% | | 02/01/2025 | | | 10 | | 10,093 |
Georgia (State of), Series 2018 A, GO Bonds
| 5.00% | | 07/01/2025 | | | 50 | | 51,012 |
Georgia (State of) (Bidding Group 3), Series 2022 C, Ref. GO Bonds
| 4.00% | | 07/01/2025 | | | 600 | | 607,267 |
Georgia (State of) (Tranche 2), Series 2015 A, GO Bonds
| 5.00% | | 02/01/2027 | | | 370 | | 373,141 |
Georgia (State of) Higher Education Facilities Authority (USG Real Estate Foundation I, LLC), Series 2015, RB
| 4.13% | | 06/15/2040 | | | 50 | | 49,001 |
Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4), Series 2015 A, RB
| 5.00% | | 07/01/2060 | | | 175 | | 175,223 |
Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4), Series 2015 A, RB
| 5.50% | | 07/01/2060 | | | 100 | | 100,415 |
Georgia (State of) Road & Tollway Authority (Garvee), Series 2020, RB
| 5.00% | | 06/01/2025 | | | 50 | | 50,830 |
Glynn (County of) & Brunswick (City of), GA Memorial Hospital Authority (Southeast Georgia Health System), Series 2015, Ref. RAC
| 5.00% | | 08/01/2034 | | | 75 | | 75,473 |
Gwinnett (County of), GA Water & Sewerage Authority, Series 2021, Ref. RB
| 4.00% | | 08/01/2025 | | | 500 | | 506,462 |
Gwinnett County School District, Series 2010, Ref. GO Bonds
| 5.00% | | 02/01/2025 | | | 100 | | 100,868 |
Gwinnett County School District, Series 2015, Ref. GO Bonds
| 5.00% | | 02/01/2031 | | | 55 | | 55,965 |
Gwinnett County School District, Series 2015, Ref. GO Bonds
| 5.00% | | 02/01/2035 | | | 480 | | 487,655 |
Private Colleges & Universities Authority (Emory University), Series 2020 B, Ref. RB
| 5.00% | | 09/01/2025 | | | 170 | | 173,792 |
| | | | | | | | | 6,055,202 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2025 Municipal Bond ETF (BSMP)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Hawaii-0.95% | | | | | | | | |
Hawaii (State of), Series 2015 EZ, Ref. GO Bonds(a)
| 5.00% | | 10/01/2025 | | $ | 175 | | $ 179,571 |
Hawaii (State of), Series 2015 EZ, Ref. GO Bonds
| 5.00% | | 10/01/2025 | | | 220 | | 225,771 |
Hawaii (State of), Series 2016 FE, Ref. GO Bonds
| 5.00% | | 10/01/2025 | | | 130 | | 133,410 |
Hawaii (State of), Series 2016 FG, GO Bonds
| 5.00% | | 10/01/2025 | | | 5 | | 5,131 |
Hawaii (State of), Series 2016 FH, Ref. GO Bonds
| 5.00% | | 10/01/2025 | | | 70 | | 71,844 |
Hawaii (State of), Series 2017 FN, Ref. GO Bonds
| 5.00% | | 10/01/2025 | | | 20 | | 20,525 |
Hawaii (State of) Department of Budget & Finance (Queens Health System), Series 2015 A, Ref. RB
| 5.00% | | 07/01/2035 | | | 100 | | 101,202 |
Honolulu (City & County of), HI, Series 2015 A, GO Bonds
| 5.00% | | 10/01/2038 | | | 50 | | 50,906 |
Honolulu (City & County of), HI, Series 2015 B, Ref. GO Bonds
| 5.00% | | 10/01/2027 | | | 250 | | 256,111 |
Honolulu (City & County of), HI, Series 2015 B, Ref. GO Bonds
| 5.00% | | 10/01/2028 | | | 195 | | 199,704 |
Honolulu (City & County of), HI, Series 2015 B, Ref. GO Bonds
| 5.00% | | 10/01/2029 | | | 110 | | 112,641 |
Honolulu (City & County of), HI, Series 2015 B, Ref. GO Bonds
| 5.00% | | 10/01/2030 | | | 75 | | 76,704 |
Honolulu (City & County of), HI, Series 2015 B, Ref. RB(a)
| 5.00% | | 07/01/2025 | | | 15 | | 15,285 |
Honolulu (City & County of), HI, Series 2015 B, Ref. RB(a)
| 5.00% | | 07/01/2025 | | | 5 | | 5,095 |
Honolulu (City & County of), HI, Series 2015 C, Ref. GO Bonds
| 5.00% | | 10/01/2027 | | | 400 | | 409,777 |
Honolulu (City & County of), HI, Series 2015 C, Ref. GO Bonds
| 5.00% | | 10/01/2029 | | | 30 | | 30,720 |
Honolulu (City & County of), HI, Series 2015 C, Ref. GO Bonds
| 4.00% | | 10/01/2032 | | | 50 | | 50,340 |
Honolulu (City & County of), HI (Green Bonds), Series 2015 A, RB(a)
| 5.00% | | 07/01/2025 | | | 5 | | 5,095 |
Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2020 B, Ref. GO Bonds
| 5.00% | | 03/01/2025 | | | 200 | | 202,139 |
Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2023, Ref. GO Bonds
| 5.00% | | 03/01/2025 | | | 5 | | 5,053 |
| | | | | | | | | 2,157,024 |
| Illinois-4.87% | | | | | | | | |
Bolingbrook (Village of), IL, Series 2014, Ref. GO Bonds, (INS - AGM)(b)
| 4.00% | | 01/01/2038 | | | 105 | | 105,095 |
Chicago (City of), IL, Series 2004, Ref. RB
| 5.00% | | 11/01/2025 | | | 300 | | 307,925 |
Chicago (City of), IL, Series 2005 D, Ref. GO Bonds
| 5.50% | | 01/01/2040 | | | 105 | | 105,236 |
Chicago (City of), IL (O’Hare International Airport), Series 2015 B, Ref. RB
| 5.00% | | 01/01/2029 | | | 25 | | 25,134 |
Chicago (City of), IL (O’Hare International Airport), Series 2015 B, Ref. RB
| 5.00% | | 01/01/2030 | | | 25 | | 25,132 |
Chicago (City of), IL (O’Hare International Airport), Series 2015 B, Ref. RB
| 5.00% | | 01/01/2031 | | | 725 | | 728,728 |
Chicago (City of), IL (O’Hare International Airport), Series 2015 B, Ref. RB
| 5.00% | | 01/01/2032 | | | 235 | | 236,125 |
Chicago (City of), IL (O’Hare International Airport), Series 2015 B, Ref. RB
| 5.00% | | 01/01/2033 | | | 135 | | 135,653 |
Chicago (City of), IL (O’Hare International Airport), Series 2016 C, Ref. RB
| 5.00% | | 01/01/2025 | | | 25 | | 25,161 |
Chicago (City of), IL Metropolitan Water Reclamation District, Series 2016 A, Ref. GO Bonds
| 5.00% | | 12/01/2025 | | | 1,020 | | 1,049,543 |
Cook (County of), IL, Series 2021 A, Ref. GO Bonds
| 5.00% | | 11/15/2025 | | | 100 | | 102,385 |
Cook (County of), IL, Series 2021 B, Ref. GO Bonds
| 4.00% | | 11/15/2025 | | | 60 | | 60,836 |
Cook (County of), IL, Series 2022 A, Ref. GO Bonds
| 5.00% | | 11/15/2025 | | | 25 | | 25,641 |
Du Page & Will Counties Community School District No. 204 Indian Prairie, Series 2017, Ref. GO Bonds
| 4.00% | | 12/30/2025 | | | 105 | | 106,692 |
Illinois (State of), Series 2017 D, GO Bonds
| 5.00% | | 11/01/2025 | | | 75 | | 76,725 |
Illinois (State of), Series 2020 B, GO Bonds
| 5.00% | | 10/01/2025 | | | 50 | | 51,046 |
Illinois (State of), Series 2020 D, GO Bonds
| 5.00% | | 10/01/2025 | | | 45 | | 45,946 |
Illinois (State of), Series 2021 A, GO Bonds
| 5.00% | | 03/01/2025 | | | 1,485 | | 1,498,973 |
Illinois (State of) Finance Authority, Series 2015, RB(a)
| 5.00% | | 05/01/2025 | | | 450 | | 455,571 |
Illinois (State of) Finance Authority (Ascension Health), Series 2016 C, Ref. RB
| 5.00% | | 02/15/2025 | | | 475 | | 479,356 |
Illinois (State of) Finance Authority (Clean Water Initiative), Series 2016, RB
| 4.00% | | 01/01/2025 | | | 50 | | 50,183 |
Illinois (State of) Finance Authority (Northshore Edward Elmhurst Health Credit Group), Series 2017, Ref. RB
| 5.00% | | 07/15/2025 | | | 10 | | 10,182 |
Illinois (State of) Finance Authority (OSF Healthcare System), Series 2015 A, Ref. RB
| 5.00% | | 11/15/2035 | | | 750 | | 757,801 |
Illinois (State of) Finance Authority (OSF Healthcare System), Series 2015 A, Ref. RB
| 4.13% | | 11/15/2037 | | | 50 | | 49,892 |
Illinois (State of) Finance Authority (OSF Healthcare System), Series 2015 A, Ref. RB
| 5.00% | | 11/15/2045 | | | 90 | | 90,593 |
Illinois (State of) Finance Authority (Rush University Medical Center), Series 2015 A, Ref. RB
| 5.00% | | 11/15/2025 | | | 15 | | 15,205 |
Illinois (State of) Finance Authority (Rush University Medical Center), Series 2015 A, Ref. RB
| 5.00% | | 11/15/2028 | | | 20 | | 20,241 |
Illinois (State of) Finance Authority (Rush University Medical Center), Series 2015 A, Ref. RB
| 5.00% | | 11/15/2038 | | | 85 | | 85,620 |
Illinois (State of) Finance Authority (Silver Cross Hospital & Medical), Series 2015, Ref. RB
| 5.00% | | 08/15/2035 | | | 230 | | 232,538 |
Illinois (State of) Finance Authority (The University of Chicago), Series 2021 A, Ref. RB
| 5.00% | | 10/01/2025 | | | 100 | | 102,612 |
Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion), Series 2015 A, RB
| 5.00% | | 06/15/2053 | | | 250 | | 251,576 |
Illinois (State of) Municipal Electric Agency, Series 2015 A, Ref. RB
| 5.00% | | 02/01/2027 | | | 35 | | 35,573 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2025 Municipal Bond ETF (BSMP)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Illinois-(continued) | | | | | | | | |
Illinois (State of) Municipal Electric Agency, Series 2015 A, Ref. RB
| 5.00% | | 02/01/2029 | | $ | 20 | | $ 20,322 |
Illinois (State of) Municipal Electric Agency, Series 2015 A, Ref. RB
| 5.00% | | 02/01/2030 | | | 80 | | 81,251 |
Illinois (State of) Municipal Electric Agency, Series 2015 A, Ref. RB
| 4.00% | | 02/01/2034 | | | 45 | | 45,041 |
Illinois (State of) Toll Highway Authority, Series 2014 C, RB
| 5.00% | | 01/01/2036 | | | 1,000 | | 1,005,256 |
Illinois (State of) Toll Highway Authority, Series 2014 C, RB
| 5.00% | | 01/01/2038 | | | 510 | | 512,545 |
Illinois (State of) Toll Highway Authority, Series 2014 C, RB
| 5.00% | | 01/01/2039 | | | 10 | | 10,048 |
Illinois (State of) Toll Highway Authority, Series 2015 A, RB
| 5.00% | | 01/01/2036 | | | 1,000 | | 1,013,313 |
Illinois (State of) Toll Highway Authority, Series 2015 A, RB
| 5.00% | | 01/01/2037 | | | 15 | | 15,192 |
Illinois (State of) Toll Highway Authority, Series 2015 A, RB
| 5.00% | | 01/01/2040 | | | 270 | | 272,854 |
Illinois (State of) Toll Highway Authority, Series 2019 B, Ref. RB
| 5.00% | | 01/01/2025 | | | 100 | | 100,666 |
Sales Tax Securitization Corp., Series 2017 A, Ref. RB
| 5.00% | | 01/01/2025 | | | 20 | | 20,135 |
Sales Tax Securitization Corp., Series 2021 A, Ref. RB
| 5.00% | | 01/01/2025 | | | 45 | | 45,303 |
Southwestern Illinois Development Authority (Southwestern Illinois Prevention District Council), Series 2016 B, RB
| 4.00% | | 10/15/2040 | | | 120 | | 117,596 |
Springfield (City of), IL, Series 2015, Ref. RB
| 5.00% | | 03/01/2028 | | | 20 | | 20,194 |
Springfield (City of), IL, Series 2015, Ref. RB
| 5.00% | | 03/01/2029 | | | 190 | | 191,765 |
Springfield (City of), IL, Series 2015, Ref. RB
| 5.00% | | 03/01/2031 | | | 20 | | 20,177 |
Springfield (City of), IL, Series 2015, Ref. RB, (INS - AGM)(b)
| 4.00% | | 03/01/2040 | | | 170 | | 170,024 |
Springfield (City of), IL, Series 2015, Ref. RB, (INS - AGM)(b)
| 5.00% | | 03/01/2040 | | | 80 | | 80,446 |
| | | | | | | | | 11,091,047 |
| Indiana-1.57% | | | | | | | | |
Indiana (State of) Finance Authority, Series 2015 B, Ref. RB
| 5.00% | | 02/01/2025 | | | 135 | | 136,238 |
Indiana (State of) Finance Authority, Series 2016 C, Ref. RB
| 5.00% | | 12/01/2025 | | | 10 | | 10,297 |
Indiana (State of) Finance Authority (CWA Authority), Series 2021, Ref. RB
| 5.00% | | 10/01/2025 | | | 1,500 | | 1,537,406 |
Indiana (State of) Finance Authority (Deaconess Health System Obligated Group), Series 2015 A, Ref. RB(a)
| 4.00% | | 03/01/2025 | | | 80 | | 80,446 |
Indiana (State of) Finance Authority (Green Bonds), Series 2019, RB
| 5.00% | | 02/01/2025 | | | 305 | | 307,797 |
Indiana (State of) Finance Authority (Indiana University Health Obligated Group), Series 2015 A, Ref. RB
| 4.00% | | 12/01/2040 | | | 560 | | 555,752 |
Indiana (State of) Finance Authority (Indiana University Health Obligated Group), Series 2016 A, Ref. RB
| 5.00% | | 12/01/2025 | | | 80 | | 81,990 |
Indiana (State of) Municipal Power Agency, Series 2014 A, Ref. RB
| 5.00% | | 01/01/2030 | | | 160 | | 160,804 |
Indiana (State of) Municipal Power Agency, Series 2014 A, Ref. RB
| 5.00% | | 01/01/2032 | | | 90 | | 90,446 |
Indiana University, Series 2015 A, Ref. RB
| 4.00% | | 06/01/2042 | | | 500 | | 487,889 |
Indianapolis (City of), IN Department of Public Utilities, Series 2018 A, Ref. RB
| 5.00% | | 10/01/2025 | | | 45 | | 46,083 |
Richmond (City of), VA Hospital Authority, Series 2015 A, Ref. RB
| 5.00% | | 01/01/2035 | | | 85 | | 85,180 |
| | | | | | | | | 3,580,328 |
| Iowa-0.04% | | | | | | | | |
Iowa (State of), Series 2016 A, Ref. RB
| 5.00% | | 06/01/2025 | | | 25 | | 25,391 |
Iowa (State of) Finance Authority, Series 2017, Ref. RB
| 5.00% | | 08/01/2025 | | | 40 | | 40,842 |
Iowa (State of) Finance Authority (Green Bonds), Series 2015, Ref. RB
| 5.00% | | 08/01/2025 | | | 20 | | 20,421 |
| | | | | | | | | 86,654 |
| Kansas-0.81% | | | | | | | | |
Johnson (County of), KS Public Building Commission (Courthouse & Medical Examiners), Series 2018 A, RB
| 5.00% | | 09/01/2025 | | | 25 | | 25,580 |
Johnson (County of), KS Unified School District No. 233 (Olathe), Series 2016 B, Ref. GO Bonds
| 5.00% | | 09/01/2025 | | | 50 | | 51,175 |
Kansas (State of) Department of Transportation, Series 2015, RB
| 5.00% | | 09/01/2025 | | | 85 | | 86,998 |
Kansas (State of) Department of Transportation, Series 2015, RB
| 5.00% | | 09/01/2027 | | | 55 | | 56,238 |
Kansas (State of) Department of Transportation, Series 2015, RB
| 5.00% | | 09/01/2029 | | | 145 | | 148,134 |
Kansas (State of) Department of Transportation, Series 2015, RB
| 5.00% | | 09/01/2032 | | | 1,000 | | 1,020,426 |
Kansas (State of) Department of Transportation, Series 2015, RB
| 5.00% | | 09/01/2033 | | | 305 | | 311,441 |
Kansas (State of) Department of Transportation, Series 2015, RB
| 5.00% | | 09/01/2034 | | | 25 | | 25,523 |
Sedgwick County Unified School District No. 259 Wichita, Series 2017 A, Ref. GO Bonds
| 4.00% | | 10/01/2025 | | | 20 | | 20,294 |
University of Kansas Hospital Authority (KU Health System), Series 2015, Ref. RB
| 5.00% | | 09/01/2045 | | | 50 | | 50,468 |
Wyandotte (County of) & Kansas City (City of), KS Unified Government, Series 2016 A, RB
| 5.00% | | 09/01/2040 | | | 45 | | 45,671 |
| | | | | | | | | 1,841,948 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2025 Municipal Bond ETF (BSMP)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Kentucky-0.47% | | | | | | | | |
Kentucky (Commonwealth of) Asset Liability Commission, Series 2021 A, Ref. RN
| 5.00% | | 11/01/2025 | | $ | 400 | | $ 410,614 |
Kentucky (Commonwealth of) Asset Liability Commission (2014 Federal Highway Trust Fund), Series 2014 A, Ref. RN(a)
| 5.00% | | 09/01/2024 | | | 100 | | 100,000 |
Kentucky (Commonwealth of) Economic Development Finance Authority (Next Generation Kentucky Information Highway), Series 2015 A, RB
| 4.25% | | 07/01/2035 | | | 125 | | 124,913 |
Kentucky (Commonwealth of) Municipal Power Agency, Series 2015 A, Ref. RB, (INS - NATL)(b)
| 4.00% | | 09/01/2039 | | | 230 | | 227,047 |
Kentucky (Commonwealth of) Property & Building Commission (No. 112), Series 2016 B, Ref. RB
| 5.00% | | 11/01/2025 | | | 100 | | 102,654 |
Kentucky (Commonwealth of) Turnpike Authority, Series 2016 A, Ref. RB
| 5.00% | | 07/01/2025 | | | 20 | | 20,370 |
Louisville (City of) & Jefferson (County of), KY Sewer District, Series 2016 A, RB
| 3.00% | | 05/15/2047 | | | 110 | | 85,352 |
| | | | | | | | | 1,070,950 |
| Louisiana-1.19% | | | | | | | | |
East Baton Rouge (Parish of), LA Sewerage Commission, Series 2014 B, Ref. RB(a)
| 5.00% | | 02/01/2025 | | | 335 | | 337,906 |
Louisiana (State of), Series 2015 A, Ref. RB(a)
| 4.00% | | 05/01/2025 | | | 1,010 | | 1,018,270 |
Louisiana (State of), Series 2015 A, Ref. RB(a)
| 4.50% | | 05/01/2025 | | | 1,160 | | 1,173,269 |
Louisiana (State of), Series 2015 A, Ref. RB(a)
| 5.00% | | 05/01/2025 | | | 150 | | 152,203 |
New Orleans (City of), LA, Series 2015, RB(a)
| 5.00% | | 06/01/2025 | | | 25 | | 25,419 |
New Orleans (City of), LA, Series 2015, RB(a)
| 5.00% | | 12/01/2025 | | | 5 | | 5,151 |
| | | | | | | | | 2,712,218 |
| Maine-0.02% | | | | | | | | |
Maine (State of) Municipal Bond Bank (Transcap), Series 2021 A, Ref. RB
| 5.00% | | 09/01/2025 | | | 45 | | 46,035 |
| Maryland-1.81% | | | | | | | | |
Maryland (State of), First series 2016, GO Bonds
| 4.00% | | 06/01/2025 | | | 400 | | 400,187 |
Maryland (State of), Series 2015 A, GO Bonds
| 2.75% | | 08/01/2025 | | | 500 | | 499,597 |
Maryland (State of), Series 2017 A, GO Bonds
| 5.00% | | 03/15/2025 | | | 380 | | 384,694 |
Maryland (State of), Series 2017 A, GO Bonds
| 5.00% | | 08/01/2025 | | | 100 | | 102,205 |
Maryland (State of), Series 2017 B, Ref. GO Bonds
| 5.00% | | 08/01/2025 | | | 300 | | 306,615 |
Maryland (State of) Department of Transportation, Series 2017, RB
| 5.00% | | 09/01/2025 | | | 10 | | 10,242 |
Maryland (State of) Department of Transportation (Second Issue), Series 2018, RB
| 5.00% | | 10/01/2025 | | | 510 | | 523,377 |
Maryland (State of) Health & Higher Educational Facilities Authority (Johns Hopkins Health System), Series 2015 A, Ref. RB
| 4.00% | | 05/15/2040 | | | 75 | | 74,958 |
Maryland (State of) Health & Higher Educational Facilities Authority (Meritus Medical Center), Series 2015 A, Ref. RB
| 5.00% | | 07/01/2040 | | | 100 | | 100,800 |
Maryland (State of) Health & Higher Educational Facilities Authority (Meritus Medical Center), Series 2015, Ref. RB
| 5.00% | | 07/01/2045 | | | 425 | | 427,518 |
Maryland (State of) Stadium Authority (Football Stadium Issue), Series 2023 A, RB
| 5.00% | | 03/01/2025 | | | 470 | | 475,119 |
Maryland (State of) Transportation Authority, Series 2021 A, Ref. RB
| 5.00% | | 07/01/2025 | | | 100 | | 101,942 |
Montgomery (County of), MD, Series 2016 A, GO Bonds
| 5.00% | | 12/01/2025 | | | 150 | | 150,767 |
Montgomery (County of), MD, Series 2017 C, Ref. GO Bonds
| 5.00% | | 10/01/2025 | | | 10 | | 10,266 |
Montgomery (County of), MD, Series 2021 A, Ref. GO Bonds
| 5.00% | | 08/01/2025 | | | 535 | | 546,797 |
Prince George’s (County of), MD, Series 2023 A, Ref. GO Bonds
| 5.00% | | 08/01/2025 | | | 15 | | 15,329 |
| | | | | | | | | 4,130,413 |
| Massachusetts-4.04% | | | | | | | | |
Massachusetts (Commonwealth of), Series 2014 C, Ref. GO Bonds
| 5.00% | | 08/01/2025 | | | 80 | | 81,793 |
Massachusetts (Commonwealth of), Series 2015 A, Ref. GO Bonds
| 5.00% | | 07/01/2029 | | | 35 | | 35,616 |
Massachusetts (Commonwealth of), Series 2015 A, Ref. GO Bonds
| 5.00% | | 07/01/2030 | | | 40 | | 40,667 |
Massachusetts (Commonwealth of), Series 2015 A, Ref. GO Bonds
| 4.50% | | 07/01/2034 | | | 85 | | 85,636 |
Massachusetts (Commonwealth of), Series 2015 A, Ref. GO Bonds
| 5.00% | | 07/01/2036 | | | 175 | | 177,468 |
Massachusetts (Commonwealth of), Series 2015 C, GO Bonds
| 5.00% | | 07/01/2045 | | | 110 | | 111,006 |
Massachusetts (Commonwealth of), Series 2015 D, GO Bonds
| 4.00% | | 09/01/2029 | | | 5 | | 5,047 |
Massachusetts (Commonwealth of), Series 2015 E, GO Bonds
| 4.00% | | 09/01/2037 | | | 25 | | 25,071 |
Massachusetts (Commonwealth of), Series 2016 A, Ref. GO Bonds
| 5.00% | | 07/01/2025 | | | 45 | | 45,900 |
Massachusetts (Commonwealth of), Series 2016 B, Ref. GO Bonds
| 5.00% | | 07/01/2025 | | | 50 | | 51,000 |
Massachusetts (Commonwealth of), Series 2016 E, GO Bonds
| 4.00% | | 04/01/2033 | | | 145 | | 145,338 |
Massachusetts (Commonwealth of), Series 2016 E, GO Bonds
| 3.00% | | 04/01/2044 | | | 295 | | 249,807 |
Massachusetts (Commonwealth of), Series 2016 E, GO Bonds
| 4.00% | | 04/01/2046 | | | 220 | | 216,235 |
Massachusetts (Commonwealth of), Series 2017 C, Ref. GO Bonds
| 5.00% | | 10/01/2025 | | | 2,340 | | 2,403,145 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2025 Municipal Bond ETF (BSMP)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Massachusetts-(continued) | | | | | | | | |
Massachusetts (Commonwealth of), Series 2019 A, Ref. GO Bonds
| 5.00% | | 01/01/2025 | | $ | 50 | | $ 50,363 |
Massachusetts (Commonwealth of), Series 2019 E, Ref. GO Bonds
| 3.00% | | 12/01/2025 | | | 50 | | 50,202 |
Massachusetts (Commonwealth of), Series 2020 E, GO Bonds
| 5.00% | | 11/01/2025 | | | 250 | | 257,272 |
Massachusetts (Commonwealth of) (Rail Enhancement Program), Series 2015 A, RB
| 5.00% | | 06/01/2040 | | | 845 | | 853,352 |
Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2015 A, RB
| 5.00% | | 07/01/2045 | | | 500 | | 504,652 |
Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2015 B, Ref. RB(a)
| 5.00% | | 07/01/2025 | | | 40 | | 40,760 |
Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2016 A, Ref. RB
| 5.00% | | 07/01/2025 | | | 500 | | 510,124 |
Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2021, RB(a)
| 4.00% | | 05/01/2025 | | | 230 | | 231,944 |
Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2021, RB
| 4.00% | | 05/01/2025 | | | 20 | | 20,183 |
Massachusetts (Commonwealth of) Development Finance Agency (Boston Medical Center) (Green Bonds), Series 2015, RB
| 5.00% | | 07/01/2044 | | | 710 | | 712,543 |
Massachusetts (Commonwealth of) Development Finance Agency (Emerson College), Series 2015, Ref. RB
| 5.00% | | 01/01/2035 | | | 275 | | 275,911 |
Massachusetts (Commonwealth of) Port Authority, Series 2015 A, RB
| 5.00% | | 07/01/2045 | | | 100 | | 100,939 |
Massachusetts (Commonwealth of) School Building Authority, Series 2015 C, Ref. RB(a)
| 5.00% | | 08/15/2025 | | | 70 | | 71,583 |
Massachusetts (Commonwealth of) School Building Authority, Series 2015 C, Ref. RB
| 5.00% | | 08/15/2025 | | | 500 | | 511,451 |
Massachusetts (Commonwealth of) School Building Authority, Series 2015 C, Ref. RB
| 5.00% | | 08/15/2027 | | | 230 | | 235,012 |
Massachusetts (Commonwealth of) School Building Authority, Series 2015 C, Ref. RB
| 5.00% | | 08/15/2029 | | | 200 | | 203,941 |
Massachusetts (Commonwealth of) School Building Authority, Series 2015 C, Ref. RB
| 4.00% | | 08/15/2032 | | | 65 | | 65,328 |
Massachusetts (Commonwealth of) School Building Authority, Series 2015 C, Ref. RB
| 5.00% | | 08/15/2037 | | | 600 | | 608,865 |
Massachusetts (Commonwealth of) School Building Authority, Series 2015 D, Ref. RB
| 5.00% | | 08/15/2037 | | | 25 | | 25,369 |
University of Massachusetts Building Authority, Series 2015 1, RB
| 5.00% | | 11/01/2040 | | | 200 | | 203,088 |
| | | | | | | | | 9,206,611 |
| Michigan-1.74% | | | | | | | | |
Ann Arbor School District, Series 2023, GO Bonds
| 4.00% | | 05/01/2025 | | | 10 | | 10,075 |
Mattawan Consolidated School District, Series 2015 I, GO Bonds(a)
| 5.00% | | 05/01/2025 | | | 1,000 | | 1,015,349 |
Michigan (State of) (Garvee), Series 2016, Ref. RB
| 5.00% | | 03/15/2025 | | | 500 | | 505,564 |
Michigan (State of) Building Authority (Facilities Program), Series 2015 I, Ref. RB
| 5.00% | | 04/15/2028 | | | 140 | | 143,121 |
Michigan (State of) Building Authority (Facilities Program), Series 2015 I, Ref. RB
| 5.00% | | 04/15/2029 | | | 25 | | 25,527 |
Michigan (State of) Building Authority (Facilities Program), Series 2015 I, Ref. RB
| 5.00% | | 04/15/2030 | | | 10 | | 10,202 |
Michigan (State of) Building Authority (Facilities Program), Series 2015 I, Ref. RB
| 5.00% | | 04/15/2032 | | | 375 | | 381,880 |
Michigan (State of) Building Authority (Facilities Program), Series 2015 I, Ref. RB
| 5.00% | | 04/15/2033 | | | 575 | | 585,263 |
Michigan (State of) Building Authority (Facilities Program), Series 2015 I, Ref. RB
| 5.00% | | 04/15/2034 | | | 15 | | 15,255 |
Michigan (State of) Building Authority (Facilities Program), Series 2015 I, Ref. RB
| 5.00% | | 04/15/2038 | | | 30 | | 30,440 |
Michigan (State of) Building Authority (Facilities Program), Series 2015 I, Ref. RB
| 5.00% | | 10/15/2045 | | | 300 | | 303,078 |
Michigan (State of) Finance Authority (Beaumont Health Credit Group), Series 2016, RB
| 5.00% | | 11/01/2044 | | | 100 | | 100,818 |
Michigan (State of) Finance Authority (Clean Water Revolving Fund), Series 2016 B, Ref. RB
| 5.00% | | 10/01/2025 | | | 5 | | 5,126 |
Michigan (State of) Finance Authority (Detroit Water & Sewerage Department), Series 2015 C, RB
| 5.00% | | 07/01/2034 | | | 25 | | 25,359 |
Michigan (State of) Finance Authority (Detroit Water & Sewerage Department), Series 2015 D-1, Ref. RB
| 5.00% | | 07/01/2034 | | | 50 | | 50,657 |
Michigan (State of) Finance Authority (Detroit Water & Sewerage Department), Series 2015, RB
| 5.00% | | 07/01/2035 | | | 200 | | 202,891 |
Michigan (State of) Finance Authority (Sparrow Obligated Group), Series 2015, Ref. RB(a)
| 5.00% | | 05/15/2025 | | | 55 | | 55,855 |
Michigan (State of) Finance Authority (Sparrow Obligated Group), Series 2015, Ref. RB(a)
| 5.00% | | 05/15/2025 | | | 45 | | 45,699 |
Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2015, Ref. RB
| 5.00% | | 12/01/2025 | | | 35 | | 35,587 |
Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2015, Ref. RB
| 5.50% | | 12/01/2027 | | | 350 | | 356,406 |
Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2017, Ref. RB
| 5.00% | | 12/01/2025 | | | 5 | | 5,139 |
Michigan (State of) Strategic Fund (Michigan Senate Offices), Series 2015 A, RB
| 5.25% | | 10/15/2040 | | | 50 | | 50,991 |
| | | | | | | | | 3,960,282 |
| Minnesota-0.98% | | | | | | | | |
Metropolitan Council, Series 2021 B, GO Bonds
| 5.00% | | 12/01/2025 | | | 175 | | 180,395 |
Minneapolis & St. Paul (Cities of), MN Metropolitan Airports Commission, Series 2016 A, Ref. RB
| 5.00% | | 01/01/2025 | | | 80 | | 80,546 |
Minnesota (State of), Series 2015 A, GO Bonds
| 5.00% | | 08/01/2027 | | | 25 | | 25,518 |
Minnesota (State of), Series 2015 A, GO Bonds
| 5.00% | | 08/01/2029 | | | 225 | | 229,619 |
Minnesota (State of), Series 2015 D, Ref. GO Bonds
| 5.00% | | 08/01/2025 | | | 110 | | 112,405 |
Minnesota (State of), Series 2015 D, Ref. GO Bonds
| 5.00% | | 08/01/2027 | | | 5 | | 5,103 |
Minnesota (State of), Series 2016 D, Ref. GO Bonds
| 5.00% | | 08/01/2025 | | | 465 | | 475,169 |
Minnesota (State of), Series 2019 A, GO Bonds
| 5.00% | | 08/01/2025 | | | 65 | | 66,421 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2025 Municipal Bond ETF (BSMP)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Minnesota-(continued) | | | | | | | | |
Minnesota (State of), Series 2020 A, GO Bonds
| 5.00% | | 08/01/2025 | | $ | 30 | | $ 30,656 |
St. Paul (City of), MN Housing & Redevelopment Authority (Healthpartners Obligated Group), Series 2015 A, Ref. RB
| 5.00% | | 07/01/2028 | | | 300 | | 303,660 |
St. Paul (City of), MN Housing & Redevelopment Authority (Healthpartners Obligated Group), Series 2015 A, Ref. RB
| 5.00% | | 07/01/2032 | | | 40 | | 40,418 |
St. Paul (City of), MN Housing & Redevelopment Authority (Healthpartners Obligated Group), Series 2015, Ref. RB
| 5.00% | | 07/01/2033 | | | 180 | | 181,853 |
St. Paul (City of), MN Housing & Redevelopment Authority (Healthpartners Obligated Group), Series 2015, Ref. RB
| 4.00% | | 07/01/2035 | | | 500 | | 500,127 |
| | | | | | | | | 2,231,890 |
| Mississippi-0.35% | | | | | | | | |
Mississippi (State of), Series 2015 A, GO Bonds(a)
| 4.00% | | 10/01/2025 | | | 310 | | 314,360 |
Mississippi (State of), Series 2015 C, Ref. GO Bonds
| 5.00% | | 10/01/2025 | | | 130 | | 133,340 |
Mississippi (State of), Series 2015 F, GO Bonds(a)
| 5.00% | | 11/01/2025 | | | 300 | | 308,308 |
Mississippi (State of), Series 2015 F, GO Bonds(a)
| 5.00% | | 11/01/2025 | | | 50 | | 51,385 |
| | | | | | | | | 807,393 |
| Missouri-0.91% | | | | | | | | |
Missouri (State of) Health & Educational Facilities Authority (St. Anthony’s Medical Center), Series 2015 B, Ref. RB
| 4.00% | | 02/01/2040 | | | 60 | | 59,356 |
Missouri (State of) Health & Educational Facilities Authority (St. Louis University), Series 2015 A, RB
| 5.00% | | 10/01/2038 | | | 80 | | 81,510 |
Missouri (State of) Health & Educational Facilities Authority (The Children’s Mercy Hospital), Series 2017 A, RB
| 4.00% | | 05/15/2042 | | | 25 | | 24,527 |
Missouri (State of) Highway & Transportation Commission, Series 2014 A, Ref. RB
| 5.00% | | 05/01/2025 | | | 250 | | 250,827 |
Missouri (State of) Joint Municipal Electric Utility Commission (Prairie State), Series 2015 A, Ref. RB
| 5.00% | | 12/01/2029 | | | 1,000 | | 1,012,858 |
Missouri (State of) Joint Municipal Electric Utility Commission (Prairie State), Series 2015 A, Ref. RB
| 5.00% | | 12/01/2030 | | | 100 | | 101,227 |
Springfield (City of), MO, Series 2015, Ref. RB
| 5.00% | | 08/01/2025 | | | 500 | | 510,206 |
Springfield (City of), MO, Series 2015, Ref. RB
| 4.00% | | 08/01/2031 | | | 5 | | 5,011 |
St. Charles (County of), MO Public Water Supply District No. 2, Series 2018, COP
| 4.00% | | 12/01/2039 | | | 40 | | 40,079 |
| | | | | | | | | 2,085,601 |
| Nebraska-0.64% | | | | | | | | |
Douglas (County of), NE Hospital Authority No. 3 (NE Methodist Health), Series 2015, Ref. RB
| 4.13% | | 11/01/2036 | | | 65 | | 65,047 |
Gretna (City of), NE, Series 2022, COP
| 5.00% | | 12/15/2025 | | | 100 | | 100,552 |
Lincoln (City of), NE, Series 2015 A, Ref. RB
| 4.00% | | 09/01/2040 | | | 100 | | 99,712 |
Omaha (City of), NE Public Power District, Series 2015 C, Ref. RB
| 5.00% | | 02/01/2043 | | | 1,000 | | 1,006,339 |
Public Power Generation Agency (Whelan Energy Center Unit 2), Series 2015, Ref. RB
| 5.00% | | 01/01/2028 | | | 75 | | 75,465 |
University of Nebraska, Series 2015, RB(a)
| 4.00% | | 07/01/2025 | | | 100 | | 101,121 |
| | | | | | | | | 1,448,236 |
| Nevada-0.60% | | | | | | | | |
Clark (County of), NV, Series 2015, Ref. GO Bonds
| 4.00% | | 11/01/2035 | | | 285 | | 285,826 |
Clark (County of), NV Department of Aviation, Series 2015 A, Ref. RB
| 5.00% | | 07/01/2040 | | | 210 | | 211,982 |
Clark (County of), NV Department of Aviation, Series 2024 A, Ref. RB
| 5.00% | | 07/01/2025 | | | 20 | | 20,362 |
Clark County School District, Series 2015 C, Ref. GO Bonds
| 5.00% | | 06/15/2028 | | | 415 | | 425,967 |
Clark County School District, Series 2017 A, Ref. GO Bonds
| 5.00% | | 06/15/2025 | | | 170 | | 172,908 |
Las Vegas Valley Water District, Series 2019 B, Ref. GO Bonds
| 5.00% | | 06/01/2025 | | | 65 | | 66,123 |
Nevada (State of), Series 2015 B, Ref. GO Bonds
| 5.00% | | 11/01/2025 | | | 115 | | 116,815 |
Nevada (State of), Series 2016, Ref. RB
| 5.00% | | 12/01/2025 | | | 70 | | 72,123 |
| | | | | | | | | 1,372,106 |
| New Jersey-3.71% | | | | | | | | |
Essex (County of), NJ, Series 2017, Ref. GO Bonds
| 5.00% | | 08/01/2025 | | | 15 | | 15,327 |
New Jersey (State of), Series 2013, GO Bonds
| 3.00% | | 06/01/2025 | | | 100 | | 100,001 |
New Jersey (State of), Series 2014, GO Bonds(a)
| 5.00% | | 06/01/2025 | | | 300 | | 305,072 |
New Jersey (State of), Series 2014, GO Bonds(a)
| 5.00% | | 06/01/2025 | | | 30 | | 30,507 |
New Jersey (State of), Series 2020 A, GO Bonds
| 5.00% | | 06/01/2025 | | | 1,720 | | 1,750,999 |
New Jersey (State of) Economic Development Authority, Series 2005 N-1, Ref. RB, (INS - AGM)(b)
| 5.50% | | 09/01/2025 | | | 505 | | 520,186 |
New Jersey (State of) Economic Development Authority, Series 2015 WW, RB(a)
| 5.00% | | 06/15/2025 | | | 10 | | 10,192 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2025 Municipal Bond ETF (BSMP)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| New Jersey-(continued) | | | | | | | | |
New Jersey (State of) Economic Development Authority, Series 2015 WW, RB(a)
| 5.00% | | 06/15/2025 | | $ | 400 | | $ 407,677 |
New Jersey (State of) Economic Development Authority, Series 2015 WW, RB(a)
| 5.00% | | 06/15/2025 | | | 50 | | 50,960 |
New Jersey (State of) Economic Development Authority, Series 2015 WW, RB(a)
| 5.00% | | 06/15/2025 | | | 55 | | 56,056 |
New Jersey (State of) Economic Development Authority, Series 2015 WW, RB(a)
| 5.25% | | 06/15/2025 | | | 5 | | 5,106 |
New Jersey (State of) Economic Development Authority, Series 2015 WW, RB
| 5.25% | | 06/15/2028 | | | 100 | | 101,566 |
New Jersey (State of) Economic Development Authority, Series 2015 XX, Ref. RB
| 5.00% | | 06/15/2025 | | | 1,025 | | 1,042,698 |
New Jersey (State of) Economic Development Authority, Series 2015 XX, Ref. RB
| 4.38% | | 06/15/2027 | | | 35 | | 35,286 |
New Jersey (State of) Economic Development Authority, Series 2017 B, Ref. RB
| 4.00% | | 11/01/2025 | | | 45 | | 45,650 |
New Jersey (State of) Educational Facilities Authority, Series 2015 H, Ref. RB, (INS - AGM)(b)
| 4.00% | | 07/01/2033 | | | 30 | | 30,199 |
New Jersey (State of) Health Care Facilities Financing Authority (Hackensack Meridian Health Obligated Group), Series 2017 A, Ref. RB
| 5.00% | | 07/01/2025 | | | 200 | | 203,718 |
New Jersey (State of) Health Care Facilities Financing Authority (RWJ Barnabas Health Obligated Group), Series 2021, RB
| 5.00% | | 07/01/2025 | | | 200 | | 203,652 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2014 AA, RB
| 5.00% | | 06/15/2025 | | | 270 | | 270,323 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2015 AA, RB
| 5.25% | | 06/15/2031 | | | 100 | | 101,557 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2015 AA, RB
| 5.25% | | 06/15/2032 | | | 25 | | 25,366 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2015 AA, RB
| 4.75% | | 06/15/2035 | | | 45 | | 45,419 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2015 AA, RB
| 4.75% | | 06/15/2038 | | | 135 | | 136,057 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2015 AA, RB
| 5.00% | | 06/15/2045 | | | 260 | | 261,593 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2019, Ref. RB
| 5.00% | | 12/15/2025 | | | 35 | | 36,001 |
New Jersey (State of) Turnpike Authority, Series 2004 C-2, RB, (INS - AMBAC)(b)
| 5.50% | | 01/01/2025 | | | 280 | | 282,382 |
New Jersey (State of) Turnpike Authority, Series 2014 C, Ref. RB
| 5.00% | | 01/01/2025 | | | 70 | | 70,482 |
New Jersey (State of) Turnpike Authority, Series 2015 E, RB(a)
| 5.00% | | 01/01/2032 | | | 1,000 | | 1,005,082 |
New Jersey (State of) Turnpike Authority, Series 2015 E, RB(a)
| 5.00% | | 01/01/2045 | | | 1,285 | | 1,291,530 |
New Jersey (State of) Turnpike Authority, Series 2017 E, Ref. RB
| 5.00% | | 01/01/2025 | | | 5 | | 5,034 |
| | | | | | | | | 8,445,678 |
| New Mexico-0.59% | | | | | | | | |
Albuquerque (City of) & Bernalillo (County of), NM Water Utility Authority, Series 2015, Ref. RB
| 5.00% | | 07/01/2025 | | | 55 | | 56,068 |
New Mexico (State of) (Capital), Series 2015, GO Bonds(a)
| 5.00% | | 03/01/2025 | | | 75 | | 75,824 |
New Mexico (State of) Hospital Equipment Loan Council (Presbyterian Healthcare), Series 2015, RB(a)
| 4.13% | | 08/01/2025 | | | 1,005 | | 1,018,566 |
New Mexico (State of) Hospital Equipment Loan Council (Presbyterian Healthcare), Series 2015, RB(a)
| 5.00% | | 08/01/2025 | | | 110 | | 112,345 |
New Mexico (State of) Severance Tax Permanent Fund, Series 2015 A, RB
| 5.00% | | 07/01/2025 | | | 50 | | 50,971 |
New Mexico (State of) Severance Tax Permanent Fund, Series 2022 A, RB
| 5.00% | | 07/01/2025 | | | 35 | | 35,680 |
| | | | | | | | | 1,349,454 |
| New York-17.80% | | | | | | | | |
Erie (County of), NY Industrial Development Agency (The) (City of Buffalo School District), Series 2022, Ref. RB
| 5.00% | | 05/01/2025 | | | 100 | | 101,548 |
Metropolitan Transportation Authority, Series 2015 B, RB
| 4.00% | | 11/15/2045 | | | 235 | | 227,255 |
Metropolitan Transportation Authority, Series 2015 D-1, Ref. RB
| 5.00% | | 11/15/2029 | | | 350 | | 357,972 |
Metropolitan Transportation Authority, Series 2015 D-1, Ref. RB, (INS - BAM)(b)
| 5.00% | | 11/15/2033 | | | 105 | | 107,492 |
Metropolitan Transportation Authority, Series 2015 F, Ref. RB
| 5.00% | | 11/15/2032 | | | 60 | | 61,189 |
Metropolitan Transportation Authority, Series 2015 F, Ref. RB
| 5.00% | | 11/15/2035 | | | 5 | | 5,093 |
Metropolitan Transportation Authority, Series 2015 F, Ref. RB
| 5.00% | | 11/15/2036 | | | 70 | | 71,247 |
Metropolitan Transportation Authority, Series 2016 A, Ref. RB
| 5.00% | | 11/15/2025 | | | 35 | | 36,028 |
Metropolitan Transportation Authority, Series 2016 B, Ref. RB
| 5.00% | | 11/15/2025 | | | 200 | | 205,290 |
Metropolitan Transportation Authority, Subseries 2015 A-1, RB
| 5.00% | | 11/15/2040 | | | 1,430 | | 1,441,583 |
Metropolitan Transportation Authority, Subseries 2015 C-1, Ref. RB
| 5.00% | | 11/15/2027 | | | 15 | | 15,374 |
Metropolitan Transportation Authority, Subseries 2015 C-1, Ref. RB
| 5.00% | | 11/15/2029 | | | 290 | | 296,601 |
Metropolitan Transportation Authority, Subseries 2015 C-1, Ref. RB
| 5.00% | | 11/15/2034 | | | 170 | | 173,249 |
Metropolitan Transportation Authority (Green Bonds), Series 2017 A-2, Ref. RB
| 5.00% | | 11/15/2025 | | | 200 | | 205,290 |
Metropolitan Transportation Authority (Green Bonds), Series 2017 B, Ref. RB
| 5.00% | | 11/15/2025 | | | 45 | | 46,190 |
Metropolitan Transportation Authority (Green Bonds), Series 2017 C-1, Ref. RB
| 5.00% | | 11/15/2025 | | | 200 | | 205,290 |
New York & New Jersey (States of) Port Authority, One Hundred Eighty Nineth Series 2015, Ref. RB
| 5.00% | | 05/01/2027 | | | 75 | | 76,085 |
New York & New Jersey (States of) Port Authority, One Hundred Eighty Nineth Series 2015, Ref. RB
| 5.00% | | 05/01/2030 | | | 70 | | 70,999 |
New York & New Jersey (States of) Port Authority, One Hundred Eighty Nineth Series 2015, Ref. RB
| 5.00% | | 05/01/2045 | | | 60 | | 60,572 |
New York & New Jersey (States of) Port Authority, One Hundred Ninety Fourth Series 2015, Ref. RB
| 5.00% | | 10/15/2029 | | | 175 | | 179,291 |
New York & New Jersey (States of) Port Authority, One Hundred Ninety Fourth Series 2015, Ref. RB
| 5.00% | | 10/15/2030 | | | 100 | | 102,396 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2025 Municipal Bond ETF (BSMP)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| New York-(continued) | | | | | | | | |
New York & New Jersey (States of) Port Authority, One Hundred Ninety Fourth Series 2015, Ref. RB
| 5.00% | | 10/15/2032 | | $ | 245 | | $ 250,599 |
New York & New Jersey (States of) Port Authority, One Hundred Ninety Fourth Series 2015, Ref. RB
| 5.00% | | 10/15/2035 | | | 365 | | 373,017 |
New York & New Jersey (States of) Port Authority, One Hundred Ninety Fourth Series 2015, Ref. RB
| 5.25% | | 10/15/2055 | | | 1,000 | | 1,019,817 |
New York & New Jersey (States of) Port Authority, Two Hundred Thirtieth Series 2022, Ref. RB
| 4.00% | | 12/01/2025 | | | 100 | | 101,804 |
New York & New Jersey (States of) Port Authority, Two Hundrend Fifth Series 2017, Ref. RB
| 5.00% | | 11/15/2025 | | | 15 | | 15,444 |
New York (City of), NY, Series 2015 C, Ref. GO Bonds
| 5.00% | | 08/01/2026 | | | 690 | | 696,601 |
New York (City of), NY, Series 2015 C, Ref. GO Bonds
| 5.00% | | 08/01/2028 | | | 420 | | 423,438 |
New York (City of), NY, Series 2015 C, Ref. GO Bonds
| 5.00% | | 08/01/2031 | | | 125 | | 125,972 |
New York (City of), NY, Series 2015 C, Ref. GO Bonds
| 5.00% | | 08/01/2032 | | | 1,000 | | 1,007,817 |
New York (City of), NY, Series 2015 F-1, GO Bonds
| 5.00% | | 06/01/2036 | | | 650 | | 658,839 |
New York (City of), NY, Series 2015 F-1, GO Bonds
| 3.75% | | 06/01/2037 | | | 75 | | 74,649 |
New York (City of), NY, Series 2017 1, GO Bonds
| 5.00% | | 08/01/2025 | | | 175 | | 178,827 |
New York (City of), NY, Series 2017 A, Ref. GO Bonds
| 5.00% | | 08/01/2025 | | | 50 | | 51,093 |
New York (City of), NY, Series 2017 C, Ref. GO Bonds
| 5.00% | | 08/01/2025 | | | 200 | | 204,374 |
New York (City of), NY, Series 2018 A, Ref. GO Bonds
| 5.00% | | 08/01/2025 | | | 50 | | 51,093 |
New York (City of), NY, Series 2019 E, Ref. GO Bonds
| 5.00% | | 08/01/2025 | | | 110 | | 112,405 |
New York (City of), NY, Series 2020 C-1, Ref. GO Bonds
| 5.00% | | 08/01/2025 | | | 500 | | 510,934 |
New York (City of), NY, Series 2022 B-1, Ref. GO Bonds
| 5.00% | | 08/01/2025 | | | 70 | | 71,531 |
New York (City of), NY, Series 2023 F-1, Ref. GO Bonds
| 5.00% | | 08/01/2025 | | | 95 | | 97,077 |
New York (City of), NY Municipal Water Finance Authority, Series 2015 FF, Ref. RB(a)
| 5.00% | | 06/15/2025 | | | 20 | | 20,363 |
New York (City of), NY Municipal Water Finance Authority, Series 2015 FF, Ref. RB
| 5.00% | | 06/15/2029 | | | 90 | | 91,540 |
New York (City of), NY Municipal Water Finance Authority, Series 2015 FF, Ref. RB
| 5.00% | | 06/15/2039 | | | 460 | | 465,828 |
New York (City of), NY Municipal Water Finance Authority, Series 2015 GG, Ref. RB
| 5.00% | | 06/15/2031 | | | 170 | | 172,736 |
New York (City of), NY Municipal Water Finance Authority, Series 2015 GG, Ref. RB
| 5.00% | | 06/15/2039 | | | 100 | | 101,267 |
New York (City of), NY Municipal Water Finance Authority, Series 2015 HH, Ref. RB
| 5.00% | | 06/15/2029 | | | 15 | | 15,257 |
New York (City of), NY Municipal Water Finance Authority, Series 2015, Ref. RB
| 5.00% | | 06/15/2046 | | | 315 | | 318,137 |
New York (City of), NY Municipal Water Finance Authority, Series 2020 DD-2, RB
| 5.00% | | 06/15/2027 | | | 425 | | 437,264 |
New York (City of), NY Municipal Water Finance Authority, Series 2021 BB-2, Ref. RB
| 5.00% | | 06/15/2027 | | | 170 | | 174,905 |
New York (City of), NY Municipal Water Finance Authority, Series 2021 DD, Ref. RB
| 5.00% | | 06/15/2025 | | | 410 | | 417,590 |
New York (City of), NY Municipal Water Finance Authority, Series 2021, RB
| 5.00% | | 06/15/2027 | | | 15 | | 15,433 |
New York (City of), NY Municipal Water Finance Authority, Series 2022 CC-2, RB
| 5.00% | | 06/15/2027 | | | 2,025 | | 2,083,433 |
New York (City of), NY Transitional Finance Authority, Series 2015 A-1, RB
| 5.00% | | 08/01/2031 | | | 300 | | 305,342 |
New York (City of), NY Transitional Finance Authority, Series 2015 A-1, RB
| 5.00% | | 08/01/2037 | | | 85 | | 86,314 |
New York (City of), NY Transitional Finance Authority, Series 2015 C, Ref. RB
| 5.00% | | 11/01/2027 | | | 200 | | 202,774 |
New York (City of), NY Transitional Finance Authority, Series 2015 C, Ref. RB
| 5.00% | | 11/01/2027 | | | 200 | | 204,836 |
New York (City of), NY Transitional Finance Authority, Series 2015 E-1, RB
| 5.00% | | 02/01/2032 | | | 185 | | 186,454 |
New York (City of), NY Transitional Finance Authority, Series 2015 E-1, RB
| 5.00% | | 02/01/2033 | | | 400 | | 403,160 |
New York (City of), NY Transitional Finance Authority, Series 2015 E-1, RB
| 5.00% | | 02/01/2041 | | | 330 | | 331,957 |
New York (City of), NY Transitional Finance Authority, Series 2015 S, RB
| 5.00% | | 07/15/2027 | | | 300 | | 305,677 |
New York (City of), NY Transitional Finance Authority, Series 2015 S, RB
| 5.00% | | 07/15/2034 | | | 35 | | 35,602 |
New York (City of), NY Transitional Finance Authority, Series 2015 S, RB
| 5.00% | | 07/15/2035 | | | 25 | | 25,178 |
New York (City of), NY Transitional Finance Authority, Series 2015 S, RB
| 5.00% | | 07/15/2040 | | | 1,200 | | 1,217,642 |
New York (City of), NY Transitional Finance Authority, Series 2015 S, RB
| 5.00% | | 07/15/2041 | | | 200 | | 202,855 |
New York (City of), NY Transitional Finance Authority, Series 2015 S-1, RB
| 5.00% | | 07/15/2028 | | | 610 | | 614,962 |
New York (City of), NY Transitional Finance Authority, Series 2015 S-1, RB
| 5.00% | | 07/15/2040 | | | 355 | | 357,209 |
New York (City of), NY Transitional Finance Authority, Series 2015 S-2, RB
| 5.00% | | 07/15/2035 | | | 500 | | 508,383 |
New York (City of), NY Transitional Finance Authority, Series 2015, RB
| 5.00% | | 08/01/2028 | | | 200 | | 203,815 |
New York (City of), NY Transitional Finance Authority, Series 2016 S-1, RB(a)
| 5.00% | | 07/15/2025 | | | 50 | | 51,042 |
New York (City of), NY Transitional Finance Authority, Series 2017, RB
| 5.00% | | 11/01/2025 | | | 100 | | 102,735 |
New York (City of), NY Transitional Finance Authority, Series 2020, Ref. RB(a)
| 5.00% | | 11/01/2025 | | | 5 | | 5,130 |
New York (City of), NY Transitional Finance Authority, Series 2020, Ref. RB
| 5.00% | | 11/01/2025 | | | 45 | | 46,231 |
New York (City of), NY Transitional Finance Authority, Series 2021 B-1, RB(a)
| 5.00% | | 08/01/2025 | | | 45 | | 45,964 |
New York (City of), NY Transitional Finance Authority, Series 2021 D-1, RB
| 5.00% | | 11/01/2025 | | | 185 | | 190,059 |
New York (City of), NY Transitional Finance Authority, Series 2022 B-1, Ref. RB
| 5.00% | | 11/01/2025 | | | 75 | | 77,051 |
New York (City of), NY Transitional Finance Authority, Subseries 2015 B-1, RB
| 5.00% | | 11/01/2029 | | | 75 | | 76,813 |
New York (City of), NY Transitional Finance Authority, Subseries 2015 B-1, RB
| 5.00% | | 11/01/2032 | | | 180 | | 183,958 |
New York (City of), NY Transitional Finance Authority, Subseries 2015 B-1, RB
| 5.00% | | 11/01/2033 | | | 200 | | 204,420 |
New York (City of), NY Transitional Finance Authority, Subseries 2015 B-1, RB
| 5.00% | | 11/01/2035 | | | 150 | | 153,177 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2025 Municipal Bond ETF (BSMP)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| New York-(continued) | | | | | | | | |
New York (City of), NY Transitional Finance Authority, Subseries 2015 B-1, RB
| 5.00% | | 11/01/2038 | | $ | 75 | | $ 76,373 |
New York (State of) Dormitory Authority, Series 2015 A, Ref. RB(a)
| 5.00% | | 03/15/2025 | | | 200 | | 202,475 |
New York (State of) Dormitory Authority, Series 2015 A, Ref. RB(a)
| 5.00% | | 03/15/2025 | | | 450 | | 455,352 |
New York (State of) Dormitory Authority, Series 2015 A, Ref. RB(a)
| 5.00% | | 03/15/2025 | | | 1,000 | | 1,011,894 |
New York (State of) Dormitory Authority, Series 2015 A, Ref. RB
| 5.00% | | 03/15/2030 | | | 100 | | 101,107 |
New York (State of) Dormitory Authority, Series 2015 A, Ref. RB
| 5.00% | | 03/15/2032 | | | 85 | | 85,896 |
New York (State of) Dormitory Authority, Series 2015 A, Ref. RB
| 5.00% | | 07/01/2032 | | | 1,000 | | 1,018,739 |
New York (State of) Dormitory Authority, Series 2015 A, Ref. RB
| 5.00% | | 03/15/2033 | | | 1,000 | | 1,010,433 |
New York (State of) Dormitory Authority, Series 2015 B, RB(a)
| 5.00% | | 02/15/2025 | | | 105 | | 106,032 |
New York (State of) Dormitory Authority, Series 2015 B, RB(a)
| 5.00% | | 02/15/2025 | | | 40 | | 40,393 |
New York (State of) Dormitory Authority, Series 2015 B, RB
| 5.00% | | 03/15/2030 | | | 245 | | 249,716 |
New York (State of) Dormitory Authority, Series 2015 B, RB
| 5.00% | | 03/15/2031 | | | 200 | | 203,809 |
New York (State of) Dormitory Authority, Series 2015 B, RB
| 5.00% | | 02/15/2032 | | | 1,000 | | 1,008,887 |
New York (State of) Dormitory Authority, Series 2015 B, RB
| 5.00% | | 03/15/2032 | | | 600 | | 611,305 |
New York (State of) Dormitory Authority, Series 2015 B, RB
| 5.00% | | 02/15/2033 | | | 650 | | 655,718 |
New York (State of) Dormitory Authority, Series 2015 B, RB
| 5.00% | | 03/15/2033 | | | 175 | | 178,261 |
New York (State of) Dormitory Authority, Series 2015 B, RB
| 5.00% | | 02/15/2034 | | | 435 | | 438,768 |
New York (State of) Dormitory Authority, Series 2015 B, RB
| 5.00% | | 02/15/2035 | | | 1,000 | | 1,008,438 |
New York (State of) Dormitory Authority, Series 2015 B, RB
| 5.00% | | 03/15/2042 | | | 40 | | 40,582 |
New York (State of) Dormitory Authority, Series 2015 B, RB
| 5.00% | | 02/15/2044 | | | 1,575 | | 1,584,905 |
New York (State of) Dormitory Authority, Series 2015 B, Ref. RB
| 5.00% | | 02/15/2031 | | | 150 | | 151,367 |
New York (State of) Dormitory Authority, Series 2015 B, Ref. RB
| 5.00% | | 03/15/2045 | | | 200 | | 202,606 |
New York (State of) Dormitory Authority, Series 2015 E, Ref. RB(a)
| 4.00% | | 09/15/2025 | | | 150 | | 152,186 |
New York (State of) Dormitory Authority, Series 2015 E, Ref. RB
| 5.00% | | 03/15/2030 | | | 1,000 | | 1,021,302 |
New York (State of) Dormitory Authority, Series 2016 D, Ref. RB(a)
| 5.00% | | 02/15/2025 | | | 100 | | 100,983 |
New York (State of) Dormitory Authority, Series 2018 A, RB
| 5.00% | | 10/01/2025 | | | 100 | | 102,558 |
New York (State of) Dormitory Authority, Series 2020 A, RB, (INS - AGM)(b)
| 5.00% | | 10/01/2025 | | | 200 | | 205,311 |
New York (State of) Dormitory Authority, Series 2021 A, Ref. RB(a)
| 5.00% | | 03/15/2025 | | | 100 | | 101,189 |
New York (State of) Dormitory Authority, Series 2022 A, RB, (INS - BAM)(b)
| 5.00% | | 10/01/2025 | | | 50 | | 51,328 |
New York (State of) Dormitory Authority (Barnard College), Series 2015 A, Ref. RB
| 5.00% | | 07/01/2043 | | | 200 | | 201,178 |
New York (State of) Dormitory Authority (Icahn School of Medicine at Mount Sinai), Series 2015 A, Ref. RB
| 5.00% | | 07/01/2035 | | | 130 | | 130,643 |
New York (State of) Dormitory Authority (Icahn School of Medicine at Mount Sinai), Series 2015 A, Ref. RB
| 5.00% | | 07/01/2040 | | | 45 | | 45,144 |
New York (State of) Dormitory Authority (New York University), Series 2015 A, Ref. RB
| 5.00% | | 07/01/2030 | | | 325 | | 331,144 |
New York (State of) Dormitory Authority (New York University), Series 2015 A, Ref. RB
| 5.00% | | 07/01/2035 | | | 105 | | 106,933 |
New York (State of) Power Authority (Green Transmission), Series 2022, RB, (INS - AGM)(b)
| 5.00% | | 11/15/2025 | | | 10 | | 10,296 |
New York (State of) Thruway Authority, Series 2014 K, Ref. RB
| 5.00% | | 01/01/2025 | | | 110 | | 110,744 |
New York (State of) Thruway Authority, Series 2014 K, Ref. RB
| 5.00% | | 01/01/2028 | | | 200 | | 201,347 |
New York (State of) Thruway Authority, Series 2014 K, Ref. RB
| 5.00% | | 01/01/2032 | | | 885 | | 890,143 |
New York (State of) Utility Debt Securitization Authority, Series 2015, Ref. RB
| 5.00% | | 06/15/2027 | | | 355 | | 361,297 |
New York (State of) Utility Debt Securitization Authority, Series 2015, Ref. RB
| 5.00% | | 12/15/2027 | | | 80 | | 82,305 |
New York (State of) Utility Debt Securitization Authority, Series 2015, Ref. RB
| 5.00% | | 12/15/2033 | | | 485 | | 497,058 |
New York (State of) Utility Debt Securitization Authority, Series 2015, Ref. RB
| 5.00% | | 12/15/2034 | | | 100 | | 102,422 |
New York (State of) Utility Debt Securitization Authority, Series 2015, Ref. RB
| 5.00% | | 12/15/2036 | | | 325 | | 332,460 |
New York (State of) Utility Debt Securitization Authority, Series 2015, Ref. RB
| 4.00% | | 12/15/2037 | | | 50 | | 50,257 |
New York (State of) Utility Debt Securitization Authority, Series 2015, Ref. RB
| 5.00% | | 12/15/2037 | | | 75 | | 76,674 |
New York Convention Center Development Corp. (Hotel Unit Fee Secured), Series 2015, Ref. RB
| 5.00% | | 11/15/2032 | | | 5 | | 5,100 |
New York Convention Center Development Corp. (Hotel Unit Fee Secured), Series 2015, Ref. RB
| 5.00% | | 11/15/2033 | | | 95 | | 96,858 |
New York Convention Center Development Corp. (Hotel Unit Fee Secured), Series 2015, Ref. RB
| 5.00% | | 11/15/2040 | | | 265 | | 267,977 |
New York Convention Center Development Corp. (Hotel Unit Fee Secured), Series 2015, Ref. RB
| 4.00% | | 11/15/2045 | | | 210 | | 203,198 |
New York State Environmental Facilities Corp., Series 2015 A, Ref. RB
| 5.00% | | 06/15/2040 | | | 275 | | 279,126 |
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2017, Ref. RB
| 5.00% | | 06/15/2025 | | | 75 | | 76,436 |
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2022, Ref. RB
| 5.00% | | 06/15/2025 | | | 90 | | 91,723 |
New York State Urban Development Corp., Series 2015 A, Ref. RB(a)
| 5.00% | | 03/15/2025 | | | 100 | | 101,211 |
New York State Urban Development Corp., Series 2015 A, Ref. RB(a)
| 5.00% | | 09/15/2025 | | | 20 | | 20,515 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2025 Municipal Bond ETF (BSMP)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| New York-(continued) | | | | | | | | |
New York State Urban Development Corp., Series 2015 A, Ref. RB
| 5.00% | | 03/15/2030 | | $ | 70 | | $ 71,412 |
New York State Urban Development Corp., Series 2015 A, Ref. RB
| 5.00% | | 03/15/2033 | | | 150 | | 152,949 |
New York State Urban Development Corp., Series 2015, Ref. RB(a)
| 5.00% | | 09/15/2025 | | | 10 | | 10,257 |
New York State Urban Development Corp., Series 2015, Ref. RB
| 5.00% | | 03/15/2028 | | | 5 | | 5,111 |
New York State Urban Development Corp., Series 2020, Ref. RB(a)
| 5.00% | | 03/15/2025 | | | 1,000 | | 1,012,107 |
New York State Urban Development Corp. (Bidding Group 1), Series 2021 A, Ref. RB(a)
| 5.00% | | 03/15/2025 | | | 65 | | 65,735 |
New York Transportation Development Corp. (Terminal 4 JFK International Airport), Series 2020, Ref. RB
| 5.00% | | 12/01/2025 | | | 100 | | 102,413 |
Suffolk (County of), NY Water Authority, Series 2015, Ref. RB
| 4.00% | | 06/01/2031 | | | 155 | | 156,163 |
Triborough Bridge & Tunnel Authority, Series 2008 B-3, RB
| 5.00% | | 11/15/2034 | | | 405 | | 413,866 |
Triborough Bridge & Tunnel Authority, Series 2015 A, RB
| 5.00% | | 11/15/2050 | | | 500 | | 503,867 |
Triborough Bridge & Tunnel Authority, Series 2021 A, RB
| 5.00% | | 11/01/2025 | | | 500 | | 514,137 |
| | | | | | | | | 40,571,977 |
| North Carolina-1.45% | | | | | | | | |
Charlotte (City of), NC, Series 2015, Ref. RB
| 5.00% | | 07/01/2025 | | | 110 | | 112,200 |
Charlotte-Mecklenburg Hospital Authority (The) (Carolinas Health Care Systems), Series 2016, Ref. RB
| 5.00% | | 01/15/2025 | | | 135 | | 135,955 |
Guilford (County of), NC, Series 2017, Ref. GO Bonds
| 5.00% | | 03/01/2025 | | | 100 | | 101,094 |
Mecklenburg (County of), NC, Series 2013 A, Ref. GO Bonds
| 5.00% | | 12/01/2025 | | | 65 | | 66,996 |
North Carolina (State of), Series 2013 B, Ref. GO Bonds
| 5.00% | | 06/01/2025 | | | 20 | | 20,352 |
North Carolina (State of), Series 2014 A, Ref. GO Bonds
| 5.00% | | 06/01/2025 | | | 1,000 | | 1,017,576 |
North Carolina (State of), Series 2014 B, Ref. RB
| 5.00% | | 06/01/2025 | | | 145 | | 147,495 |
North Carolina (State of), Series 2017 B, Ref. RB
| 5.00% | | 05/01/2025 | | | 40 | | 40,603 |
North Carolina (State of), Series 2019 B, GO Bonds
| 5.00% | | 06/01/2025 | | | 25 | | 25,439 |
North Carolina (State of) (Build North Carolina Programs), Series 2019 A, RB
| 5.00% | | 05/01/2025 | | | 120 | | 121,810 |
North Carolina (State of) (Garvee), Series 2015, RB
| 5.00% | | 03/01/2027 | | | 150 | | 151,539 |
North Carolina (State of) (Garvee), Series 2015, RB
| 5.00% | | 03/01/2029 | | | 270 | | 272,525 |
North Carolina (State of) (Garvee), Series 2015, RB
| 5.00% | | 03/01/2030 | | | 130 | | 131,127 |
North Carolina (State of) Capital Facilities Finance Agency (Duke University), Series 2015 B, Ref. RB(a)
| 5.00% | | 10/01/2025 | | | 300 | | 308,031 |
North Carolina (State of) Medical Care Commission (Duke University Health system), Series 2016, Ref. RB
| 5.00% | | 06/01/2025 | | | 65 | | 66,017 |
North Carolina (State of) Medical Care Commission (Vidant Health), Series 2015, Ref. RB
| 4.00% | | 06/01/2034 | | | 155 | | 155,474 |
North Carolina (State of) Medical Care Commission (Vidant Health), Series 2015, Ref. RB
| 5.00% | | 06/01/2045 | | | 200 | | 200,951 |
Raleigh (City of), NC Combined Enterprise System, Series 2015 A, Ref. RB
| 4.00% | | 12/01/2035 | | | 135 | | 135,439 |
Wake (County of), NC, Series 2021, RB
| 5.00% | | 03/01/2025 | | | 100 | | 101,094 |
Wake (County of), NC, Series 2024 B, Ref. GO Bonds
| 5.00% | | 09/01/2025 | | | 5 | | 5,125 |
| | | | | | | | | 3,316,842 |
| Ohio-1.52% | | | | | | | | |
Bowling Green State University, Series 2016 A, RB
| 5.00% | | 06/01/2042 | | | 100 | | 101,520 |
Cincinnati City School District (Classroom Construction & Improvement), Series 2006, Ref. GO Bonds, (INS - NATL)(b)
| 5.25% | | 12/01/2025 | | | 200 | | 206,276 |
Columbus (City of), OH, Series 2014, Ref. RB
| 5.00% | | 06/01/2025 | | | 25 | | 25,109 |
Columbus (City of), OH, Series 2016 1, Ref. GO Bonds
| 5.00% | | 07/01/2025 | | | 150 | | 152,913 |
Columbus (City of), OH, Series 2016 A, GO Bonds
| 4.00% | | 08/15/2027 | | | 500 | | 505,362 |
Columbus (City of), OH, Series 2021 A, GO Bonds
| 5.00% | | 04/01/2025 | | | 100 | | 101,294 |
Franklin (County of), OH, Series 2015, RB
| 5.00% | | 05/15/2045 | | | 200 | | 201,238 |
Ohio (State of), Series 2015 C, GO Bonds(a)
| 5.00% | | 05/01/2025 | | | 25 | | 25,392 |
Ohio (State of), Series 2017 A, GO Bonds
| 5.00% | | 05/01/2032 | | | 150 | | 151,982 |
Ohio (State of), Series 2017 A, GO Bonds
| 5.00% | | 05/01/2034 | | | 270 | | 273,496 |
Ohio (State of), Series 2017 A, GO Bonds
| 5.00% | | 05/01/2035 | | | 180 | | 182,295 |
Ohio (State of), Series 2017 B, Ref. GO Bonds
| 5.00% | | 09/15/2025 | | | 135 | | 138,465 |
Ohio (State of), Series 2020 B, Ref. GO Bonds
| 5.00% | | 08/01/2025 | | | 500 | | 511,116 |
Ohio (State of) (Cleveland Clinic Health System Obligated Group), Series 2017, Ref. RB
| 5.00% | | 01/01/2025 | | | 15 | | 15,105 |
Ohio (State of) (Garvee), Series 2016-1, RB
| 5.00% | | 12/15/2025 | | | 180 | | 185,495 |
Ohio (State of) (Garvee), Series 2018 1, RB
| 5.00% | | 12/15/2025 | | | 100 | | 103,053 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2025 Municipal Bond ETF (BSMP)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Ohio-(continued) | | | | | | | | |
Ohio (State of) Higher Educational Facility Commission (Kenyon College), Series 2015, Ref. RB
| 5.00% | | 07/01/2041 | | $ | 440 | | $ 443,587 |
Willoughby-Eastlake City School District, Series 2016, GO Bonds(a)
| 5.00% | | 12/01/2025 | | | 140 | | 144,072 |
| | | | | | | | | 3,467,770 |
| Oklahoma-0.21% | | | | | | | | |
Canadian (County of), OK Educational Facilities Authority (Mustang Public Schools), Series 2017, RB
| 4.00% | | 09/01/2025 | | | 75 | | 75,692 |
Cleveland (County of), OK Educational Facilities Authority (Norman Public Schools), Series 2019, RB
| 5.00% | | 06/01/2025 | | | 65 | | 65,930 |
Oklahoma (State of) Capitol Improvement Authority (Department of Transportation), Series 2020, Ref. RB
| 5.00% | | 07/01/2025 | | | 130 | | 132,428 |
Oklahoma (State of) Development Finance Authority, Series 2015 A, Ref. RB
| 4.00% | | 08/15/2038 | | | 55 | | 54,435 |
Tulsa (City of), OK Public Facilities Authority, Series 2019, RB
| 5.00% | | 06/01/2025 | | | 100 | | 101,705 |
University of Oklahoma (The), Series 2015 C, RB
| 4.00% | | 07/01/2045 | | | 45 | | 43,768 |
| | | | | | | | | 473,958 |
| Oregon-0.32% | | | | | | | | |
Multnomah County School District No. 1, Series 2020, GO Bonds, (CEP - Oregon School Bond Guaranty)
| 5.00% | | 06/15/2025 | | | 5 | | 5,093 |
Oregon (State of) Department of Transportation, Series 2015 A, Ref. RB
| 5.00% | | 11/15/2025 | | | 10 | | 10,045 |
Oregon (State of) Department of Transportation, Series 2017 A, RB
| 5.00% | | 11/15/2025 | | | 500 | | 514,378 |
Oregon (State of) Facilities Authority, Series 2015 A, Ref. RB
| 5.00% | | 04/01/2045 | | | 100 | | 100,488 |
Oregon (State of) Lottery, Series 2015 D, Ref. RB
| 5.00% | | 04/01/2027 | | | 100 | | 101,318 |
| | | | | | | | | 731,322 |
| Pennsylvania-3.70% | | | | | | | | |
Allegheny (County of), PA, Series 2016 C-75, Ref. GO Bonds
| 5.00% | | 11/01/2025 | | | 100 | | 102,642 |
Allegheny (County of), PA Sanitary Authority, Series 2015, Ref. RB
| 5.00% | | 12/01/2040 | | | 410 | | 417,385 |
Chartiers Valley School District, Series 2015 B, GO Bonds(a)
| 5.00% | | 04/15/2025 | | | 85 | | 86,121 |
Commonwealth Financing Authority, Series 2015 A, RB
| 5.00% | | 06/01/2033 | | | 600 | | 607,981 |
Commonwealth Financing Authority, Series 2015 A, RB
| 5.00% | | 06/01/2035 | | | 285 | | 288,454 |
Lehigh (County of), PA (Lehigh Valley Health Network), Series 2015, RB
| 4.13% | | 07/01/2040 | | | 245 | | 243,633 |
Monroeville Finance Authority, Series 2012, RB
| 5.00% | | 02/15/2025 | | | 105 | | 105,972 |
Pennsylvania (Commonwealth of), First Series 2015, GO Bonds
| 5.00% | | 03/15/2025 | | | 95 | | 96,179 |
Pennsylvania (Commonwealth of), First Series 2015, GO Bonds
| 5.00% | | 03/15/2028 | | | 500 | | 505,748 |
Pennsylvania (Commonwealth of), First Series 2015, GO Bonds
| 5.00% | | 03/15/2029 | | | 195 | | 197,231 |
Pennsylvania (Commonwealth of), First Series 2015, GO Bonds
| 5.00% | | 03/15/2033 | | | 100 | | 101,054 |
Pennsylvania (Commonwealth of), First Series 2015, GO Bonds
| 4.00% | | 03/15/2034 | | | 90 | | 90,339 |
Pennsylvania (Commonwealth of), First Series 2015, GO Bonds
| 4.00% | | 03/15/2035 | | | 15 | | 15,018 |
Pennsylvania (Commonwealth of), First Series 2015, Ref. GO Bonds
| 5.00% | | 08/15/2025 | | | 100 | | 102,385 |
Pennsylvania (Commonwealth of), First Series 2015-1, GO Bonds
| 5.00% | | 03/15/2031 | | | 1,350 | | 1,364,874 |
Pennsylvania (Commonwealth of), First Series 2016, Ref. GO Bonds
| 5.00% | | 09/15/2025 | | | 155 | | 159,026 |
Pennsylvania (Commonwealth of), First Series 2017, Ref. GO Bonds
| 5.00% | | 01/01/2025 | | | 500 | | 503,611 |
Pennsylvania (Commonwealth of), First series 2021, GO Bonds
| 5.00% | | 05/15/2025 | | | 65 | | 66,086 |
Pennsylvania (Commonwealth of), First Series 2023, GO Bonds
| 5.00% | | 09/01/2025 | | | 195 | | 199,912 |
Pennsylvania (Commonwealth of), First Series 2023, Ref. GO Bonds
| 5.00% | | 09/01/2025 | | | 130 | | 133,275 |
Pennsylvania (Commonwealth of), Second Series 2015 D, GO Bonds
| 5.00% | | 08/15/2025 | | | 40 | | 40,954 |
Pennsylvania (Commonwealth of), Second Series 2015 D, GO Bonds
| 5.00% | | 08/15/2031 | | | 100 | | 101,932 |
Pennsylvania (Commonwealth of), Second Series 2015 D, GO Bonds
| 5.00% | | 08/15/2032 | | | 30 | | 30,571 |
Pennsylvania (Commonwealth of), Second Series 2015 D, GO Bonds
| 4.00% | | 08/15/2034 | | | 20 | | 20,122 |
Pennsylvania (Commonwealth of), Second Series 2015 D, GO Bonds
| 4.00% | | 08/15/2035 | | | 35 | | 35,207 |
Pennsylvania (Commonwealth of), Second Series 2016, GO Bonds
| 5.00% | | 09/15/2025 | | | 45 | | 46,169 |
Pennsylvania (Commonwealth of), Series 2022, GO Bonds
| 5.00% | | 10/01/2025 | | | 20 | | 20,542 |
Pennsylvania (Commonwealth of) Economic Development Financing Authority (UPMC), Series 2015, RB
| 4.00% | | 03/15/2040 | | | 35 | | 34,510 |
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Thomas Jefferson University), Series 2015 A, Ref. RB
| 5.00% | | 09/01/2045 | | | 35 | | 35,123 |
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Thomas Jefferson University), Series 2015, Ref. RB
| 5.00% | | 09/01/2039 | | | 100 | | 100,545 |
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (University of Pennsylvania Health System), Series 2015, Ref. RB
| 5.00% | | 08/15/2040 | | | 105 | | 106,475 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2025 Municipal Bond ETF (BSMP)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Pennsylvania-(continued) | | | | | | | | |
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2015 A-1, Ref. RB
| 5.00% | | 12/01/2025 | | $ | 5 | | $ 5,084 |
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2015 A-1, Ref. RB
| 5.00% | | 12/01/2026 | | | 25 | | 25,355 |
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2015 A-1, Ref. RB
| 4.00% | | 12/01/2035 | | | 5 | | 5,030 |
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2015 A-1, Ref. RB
| 5.00% | | 12/01/2038 | | | 50 | | 50,740 |
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2015 A-1, Ref. RB
| 5.00% | | 12/01/2040 | | | 65 | | 65,529 |
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2015 A-1, Ref. RB
| 4.00% | | 12/01/2041 | | | 95 | | 95,134 |
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2015 A-1, Ref. RB
| 5.00% | | 12/01/2045 | | | 1,250 | | 1,259,156 |
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 B, Ref. RB
| 5.00% | | 06/01/2025 | | | 50 | | 50,797 |
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016, Ref. RB
| 5.00% | | 06/01/2025 | | | 75 | | 76,195 |
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016, Ref. RB
| 5.00% | | 06/01/2027 | | | 200 | | 204,941 |
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016, Ref. RB
| 5.00% | | 06/01/2029 | | | 20 | | 20,490 |
Philadelphia (City of), PA, Series 2015 B, GO Bonds
| 4.00% | | 08/01/2035 | | | 25 | | 25,082 |
Philadelphia (City of), PA, Series 2016, Ref. RB
| 5.00% | | 10/01/2025 | | | 50 | | 51,199 |
Philadelphia (City of), PA, Series 2017 A, Ref. GO Bonds
| 5.00% | | 08/01/2025 | | | 40 | | 40,816 |
Philadelphia (City of), PA Authority for Industrial Development, First Series 2015, Ref. RB
| 5.00% | | 04/01/2040 | | | 185 | | 186,240 |
Philadelphia (City of), PA Redevelopment Authority, Series 2015 A, Ref. RB
| 5.00% | | 04/15/2031 | | | 75 | | 75,925 |
Reading School District, Series 2015 A, Ref. GO Bonds, (INS - AGM)(b)
| 4.13% | | 02/01/2036 | | | 85 | | 85,215 |
Westmoreland (County of), PA Municipal Authority, Series 2016, Ref. RB, (INS - BAM)(b)
| 5.00% | | 08/15/2038 | | | 150 | | 152,573 |
| | | | | | | | | 8,434,577 |
| South Carolina-0.83% | | | | | | | | |
Charleston (City of), SC, Series 2015, RB(a)
| 5.00% | | 01/01/2025 | | | 200 | | 201,313 |
Charleston Educational Excellence Finance Corp. (Charleston County School), Series 2023, Ref. RB
| 5.00% | | 12/01/2025 | | | 90 | | 92,663 |
Greenville County School District, Series 2023, Ref. RB
| 5.00% | | 12/01/2025 | | | 100 | | 102,983 |
South Carolina (State of) Jobs-Economic Development Authority (Furman University), Series 2015, Ref. RB
| 4.00% | | 10/01/2038 | | | 25 | | 25,031 |
South Carolina (State of) Public Service Authority, Series 2015 A, Ref. RB
| 5.00% | | 12/01/2028 | | | 100 | | 101,207 |
South Carolina (State of) Public Service Authority, Series 2015 A, Ref. RB
| 5.00% | | 12/01/2050 | | | 210 | | 210,466 |
South Carolina (State of) Public Service Authority, Series 2015 E, Ref. RB
| 5.25% | | 12/01/2055 | | | 350 | | 351,757 |
South Carolina (State of) Transportation Infrastructure Bank, Series 2016 A, Ref. RB
| 4.00% | | 10/01/2028 | | | 5 | | 5,030 |
South Carolina (State of) Transportation Infrastructure Bank, Series 2016 A, Ref. RB
| 4.00% | | 10/01/2031 | | | 150 | | 150,782 |
South Carolina (State of) Transportation Infrastructure Bank, Series 2021 B, Ref. RB
| 5.00% | | 10/01/2025 | | | 600 | | 615,867 |
Spartanburg (City of), SC Sanitary Sewer District, Series 2014 B, Ref. RB
| 4.00% | | 03/01/2040 | | | 45 | | 44,823 |
| | | | | | | | | 1,901,922 |
| South Dakota-0.06% | | | | | | | | |
South Dakota (State of) Health & Educational Facilities Authority (Sanford Obligated Group), Series 2015, Ref. RB
| 5.00% | | 11/01/2035 | | | 120 | | 122,199 |
South Dakota (State of) Health & Educational Facilities Authority (Sanford Obligated Group), Series 2015, Ref. RB
| 4.00% | | 11/01/2040 | | | 10 | | 9,796 |
| | | | | | | | | 131,995 |
| Tennessee-0.83% | | | | | | | | |
Chattanooga (City of), TN, Series 2015 A, Ref. RB
| 5.00% | | 09/01/2031 | | | 130 | | 132,443 |
Chattanooga (City of), TN, Series 2015 A, Ref. RB
| 5.00% | | 09/01/2032 | | | 400 | | 407,324 |
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2015 C, GO Bonds(a)
| 5.00% | | 07/01/2025 | | | 40 | | 40,787 |
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2016, Ref. GO Bonds
| 5.00% | | 01/01/2025 | | | 170 | | 171,177 |
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2017, GO Bonds
| 5.00% | | 07/01/2025 | | | 5 | | 5,098 |
Tennessee (State of) School Bond Authority, Series 2015 B, RB(a)
| 5.00% | | 11/01/2025 | | | 10 | | 10,277 |
Tennessee (State of) School Bond Authority, Series 2015 B, RB(a)
| 5.00% | | 11/01/2025 | | | 1,000 | | 1,027,694 |
Tennessee (State of) School Bond Authority, Series 2015 B, RB, (CEP - Colorado Higher Education Intercept Program)
| 5.00% | | 11/01/2025 | | | 85 | | 87,384 |
| | | | | | | | | 1,882,184 |
| Texas-10.20% | | | | | | | | |
Alamo Regional Mobility Authority, Series 2016, RB(a)
| 5.00% | | 06/15/2025 | | | 1,000 | | 1,017,235 |
Austin (City of), TX, Series 1998, Ref. RB, (INS - NATL)(b)
| 5.25% | | 05/15/2025 | | | 225 | | 228,987 |
Austin Community College District, Series 2015, GO Bonds
| 5.00% | | 08/01/2035 | | | 150 | | 152,576 |
Bexar (County of), TX, Series 2016, Ref. GO Bonds(a)
| 4.00% | | 06/15/2025 | | | 250 | | 252,386 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2025 Municipal Bond ETF (BSMP)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Texas-(continued) | | | | | | | | |
Board of Regents of the University of Texas System, Series 2016 C, RB
| 5.00% | | 08/15/2025 | | $ | 10 | | $ 10,229 |
Central Texas Regional Mobility Authority, Series 2015 A, RB(a)
| 5.00% | | 07/01/2025 | | | 500 | | 509,296 |
Central Texas Regional Mobility Authority, Series 2015 A, RB(a)
| 5.00% | | 07/01/2025 | | | 500 | | 509,296 |
Clear Creek Independent School District, Series 2015 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 02/15/2031 | | | 20 | | 20,186 |
Clint Independent School District, Series 2015, GO Bonds(a)
| 5.00% | | 08/15/2025 | | | 70 | | 71,457 |
Corpus Christi (City of), TX, Series 2015, RB
| 5.00% | | 07/15/2040 | | | 100 | | 101,131 |
Cypress-Fairbanks Independent School District, Series 2015, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
| 4.00% | | 02/15/2032 | | | 295 | | 295,814 |
Dallas (City of), TX, Series 2015 A, Ref. RB
| 5.00% | | 10/01/2044 | | | 1,000 | | 1,012,284 |
Dallas (City of), TX Area Rapid Transit, Series 2016 A, Ref. RB(a)
| 5.00% | | 12/01/2025 | | | 155 | | 159,412 |
Dallas (City of), TX Area Rapid Transit, Series 2016 A, Ref. RB(a)
| 5.00% | | 12/01/2025 | | | 1,500 | | 1,542,700 |
Dallas (City of), TX Area Rapid Transit, Series 2016 A, Ref. RB(a)
| 5.00% | | 12/01/2025 | | | 175 | | 179,982 |
Dallas (City of), TX Area Rapid Transit, Series 2016 A, Ref. RB(a)
| 5.00% | | 12/01/2025 | | | 10 | | 10,285 |
Dallas (City of), TX Area Rapid Transit, Series 2016 A, Ref. RB(a)
| 5.00% | | 12/01/2025 | | | 25 | | 25,712 |
Dallas (City of), TX Area Rapid Transit, Series 2016 A, Ref. RB(a)
| 5.00% | | 12/01/2025 | | | 175 | | 179,982 |
Dallas (City of), TX Area Rapid Transit, Series 2016 A, Ref. RB(a)
| 5.00% | | 12/01/2025 | | | 200 | | 205,693 |
Dallas (City of), TX Independent School District, Series 2015, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 02/15/2025 | | | 20 | | 20,194 |
Dallas (City of), TX Independent School District, Series 2016 A, GO Bonds(a)
| 4.00% | | 02/15/2025 | | | 65 | | 65,315 |
Dallas (City of), TX Independent School District, Series 2016 A, GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 02/15/2025 | | | 205 | | 206,991 |
Dallas (City of), TX Independent School District, Series 2016 A, GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 02/15/2027 | | | 95 | | 95,968 |
Dallas College, Series 2022, GO Bonds
| 5.00% | | 02/15/2025 | | | 25 | | 25,243 |
Harris (County of), TX, Series 2015 A, Ref. GO Bonds
| 5.00% | | 10/01/2027 | | | 70 | | 71,590 |
Harris (County of), TX, Series 2015 A, Ref. GO Bonds
| 5.00% | | 10/01/2029 | | | 155 | | 158,421 |
Harris (County of), TX, Series 2016 A, Ref. RB
| 5.00% | | 08/15/2025 | | | 380 | | 388,414 |
Harris (County of), TX Metropolitan Transit Authority, Series 2016 A, Ref. RB
| 5.00% | | 11/01/2025 | | | 130 | | 133,600 |
Harris (County of), TX Toll Road Authority (The), Series 2022 A, Ref. RB
| 5.00% | | 08/15/2025 | | | 215 | | 219,659 |
Harris County Cultural Education Facilities Finance Corp. (Houston Methodist Hospital), Series 2015, RB
| 5.00% | | 12/01/2045 | | | 95 | | 95,612 |
Harris County Cultural Education Facilities Finance Corp. (Memorial Hermann Health System), Series 2014 A, RB
| 5.00% | | 12/01/2025 | | | 25 | | 25,116 |
Houston (City of), TX, Series 2014 C, Ref. RB
| 5.00% | | 05/15/2025 | | | 255 | | 255,375 |
Houston (City of), TX, Series 2016 B, Ref. RB
| 5.00% | | 11/15/2025 | | | 200 | | 205,320 |
Houston (City of), TX, Series 2017 A, Ref. GO Bonds
| 5.00% | | 03/01/2025 | | | 1,300 | | 1,314,223 |
Humble Independent School District, Series 2015 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
| 5.50% | | 02/15/2025 | | | 85 | | 85,995 |
Kerrville Health Facilities Development Corp., Series 2015, Ref. RB
| 5.00% | | 08/15/2035 | | | 25 | | 25,206 |
Lewisville Independent School District, Series 2016 B, Ref. GO Bonds
| 5.00% | | 08/15/2028 | | | 115 | | 117,179 |
Lone Star College System, Series 2015 B, Ref. GO Bonds
| 5.00% | | 02/15/2025 | | | 105 | | 105,996 |
Lower Colorado River Authority, Series 2015, Ref. RB
| 5.00% | | 05/15/2040 | | | 100 | | 100,905 |
Lower Colorado River Authority, Series 2015, Ref. RB
| 4.00% | | 05/15/2045 | | | 250 | | 234,988 |
Lower Colorado River Authority, Series 2015, Ref. RB
| 5.00% | | 05/15/2045 | | | 1,080 | | 1,087,757 |
North East Independent School District, Series 2015, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 08/01/2030 | | | 15 | | 15,317 |
North East Independent School District, Series 2015, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 08/01/2031 | | | 310 | | 316,308 |
North Texas Municipal Water District, Series 2015, Ref. RB
| 5.00% | | 09/01/2029 | | | 200 | | 204,224 |
North Texas Municipal Water District, Series 2015, Ref. RB
| 5.00% | | 09/01/2031 | | | 10 | | 10,194 |
North Texas Municipal Water District, Series 2015, Ref. RB
| 5.00% | | 09/01/2032 | | | 145 | | 147,718 |
North Texas Municipal Water District, Series 2015, Ref. RB
| 5.00% | | 09/01/2035 | | | 135 | | 137,305 |
North Texas Tollway Authority, Series 2008 I, Ref. RB(a)
| 6.20% | | 01/01/2025 | | | 100 | | 101,017 |
North Texas Tollway Authority, Series 2014 A, Ref. RB
| 5.00% | | 01/01/2025 | | | 250 | | 250,845 |
North Texas Tollway Authority, Series 2015 A, Ref. RB
| 5.00% | | 01/01/2032 | | | 225 | | 226,193 |
North Texas Tollway Authority, Series 2015 A, Ref. RB
| 5.00% | | 01/01/2033 | | | 260 | | 261,321 |
North Texas Tollway Authority, Series 2015 A, Ref. RB
| 5.00% | | 01/01/2034 | | | 355 | | 356,752 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2025 Municipal Bond ETF (BSMP)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Texas-(continued) | | | | | | | | |
North Texas Tollway Authority, Series 2015 A, Ref. RB
| 5.00% | | 01/01/2035 | | $ | 220 | | $ 221,051 |
North Texas Tollway Authority, Series 2015 B, Ref. RB
| 5.00% | | 01/01/2029 | | | 60 | | 60,379 |
North Texas Tollway Authority, Series 2015 B, Ref. RB
| 5.00% | | 01/01/2034 | | | 215 | | 216,061 |
North Texas Tollway Authority, Series 2015 B, Ref. RB
| 4.00% | | 01/01/2035 | | | 100 | | 100,055 |
North Texas Tollway Authority, Series 2016 A, Ref. RB
| 5.00% | | 01/01/2025 | | | 155 | | 155,524 |
North Texas Tollway Authority, Series 2022 A, Ref. RB
| 5.00% | | 01/01/2025 | | | 50 | | 50,331 |
North Texas Tollway Authority, Series 2022 B, Ref. RB
| 5.00% | | 01/01/2025 | | | 120 | | 120,795 |
Northwest Independent School District, Series 2015, GO Bonds(a)
| 5.00% | | 02/15/2025 | | | 65 | | 65,604 |
Permanent University Fund - University of Texas System, Series 2014 B, Ref. RB
| 5.00% | | 07/01/2025 | | | 145 | | 145,251 |
Pflugerville Independent School District, Series 2023 A, GO Bonds
| 5.00% | | 02/15/2025 | | | 1,000 | | 1,009,486 |
Plano Independent School District, Series 2023, GO Bonds
| 5.00% | | 02/15/2025 | | | 1,000 | | 1,009,666 |
Port Arthur Independent School District, Series 2015 A, GO Bonds(a)
| 5.00% | | 02/15/2025 | | | 450 | | 454,077 |
Port Arthur Independent School District, Series 2015 A, GO Bonds(a)
| 5.00% | | 02/15/2025 | | | 150 | | 151,359 |
Rockwall Independent School District, Series 2016, GO Bonds(a)
| 5.00% | | 02/15/2025 | | | 175 | | 176,586 |
SA Energy Acquisition Public Facility Corp., Series 2007, RB
| 5.50% | | 08/01/2025 | | | 100 | | 101,789 |
San Antonio (City of), TX, Series 2012, Ref. RB
| 5.25% | | 02/01/2025 | | | 270 | | 272,727 |
San Antonio (City of), TX Water System, Series 2015 B, Ref. RB
| 5.00% | | 05/15/2036 | | | 275 | | 277,591 |
Tarrant (County of), TX Regional Water District, Series 2015, Ref. RB
| 5.00% | | 03/01/2029 | | | 150 | | 151,394 |
Tarrant County Cultural Education Facilities Finance Corp. (Texas Health Resources System), Series 2016 A, Ref. RB
| 5.00% | | 02/15/2025 | | | 50 | | 50,456 |
Texas (State of), Series 2015 A, Ref. GO Bonds
| 5.00% | | 10/01/2027 | | | 175 | | 179,182 |
Texas (State of), Series 2015 A, Ref. GO Bonds
| 5.00% | | 10/01/2028 | | | 130 | | 133,092 |
Texas (State of), Series 2015 A, Ref. GO Bonds
| 5.00% | | 10/01/2035 | | | 205 | | 209,239 |
Texas (State of), Series 2015, Ref. GO Bonds
| 5.00% | | 10/01/2029 | | | 75 | | 76,776 |
Texas (State of), Series 2015, Ref. GO Bonds
| 5.00% | | 10/01/2034 | | | 50 | | 51,061 |
Texas (State of), Series 2016 A, GO Bonds
| 5.00% | | 04/01/2025 | | | 25 | | 25,324 |
Texas (State of), Series 2016, GO Bonds
| 5.00% | | 04/01/2025 | | | 115 | | 116,489 |
Texas (State of), Series 2016, Ref. GO Bonds
| 5.00% | | 10/01/2025 | | | 90 | | 92,341 |
Texas (State of), Series 2018 A, Ref. GO Bonds
| 5.00% | | 10/01/2025 | | | 105 | | 107,732 |
Texas (State of) (Water Financial Assistance), Series 2022 B, Ref. GO Bonds
| 5.00% | | 08/01/2039 | | | 405 | | 410,895 |
Texas (State of) (Water Financial Assistance), Series 2022 B, Ref. GO Bonds
| 5.00% | | 08/01/2041 | | | 575 | | 582,490 |
Texas (State of) Transportation Commission State Highway Fund, Series 2015, Ref. RB
| 5.00% | | 10/01/2025 | | | 40 | | 41,019 |
Texas (State of) Transportation Commission State Highway Fund, Series 2016 A, RB
| 5.00% | | 10/01/2025 | | | 1,000 | | 1,025,476 |
Texas (State of) Water Development Board, Series 2015 A, RB
| 5.00% | | 10/15/2030 | | | 305 | | 311,560 |
Texas (State of) Water Development Board, Series 2015 A, RB
| 4.00% | | 10/15/2033 | | | 500 | | 503,107 |
Texas (State of) Water Development Board, Series 2015 A, RB
| 5.00% | | 10/15/2040 | | | 115 | | 116,940 |
Texas (State of) Water Development Board, Series 2015 A, RB
| 5.00% | | 10/15/2045 | | | 100 | | 101,390 |
Texas (State of) Water Development Board, Series 2021, RB
| 5.00% | | 08/01/2025 | | | 400 | | 408,857 |
Texas A&M University, Series 2017 E, Ref. RB
| 5.00% | | 05/15/2025 | | | 125 | | 127,044 |
Texas State University Board of Regents, Series 2017 A, Ref. RB
| 5.00% | | 03/15/2025 | | | 135 | | 136,589 |
Ysleta Independent School District, Series 2016, GO Bonds(a)
| 5.00% | | 08/15/2025 | | | 155 | | 158,519 |
| | | | | | | | | 23,256,208 |
| Utah-0.38% | | | | | | | | |
Utah (State of), Series 2018, GO Bonds
| 5.00% | | 07/01/2025 | | | 320 | | 326,214 |
Utah (State of) Transit Authority, Series 2015 A, Ref. RB(a)
| 4.00% | | 06/15/2025 | | | 30 | | 30,321 |
Utah (State of) Transit Authority, Series 2015 A, Ref. RB(a)
| 4.00% | | 06/15/2025 | | | 40 | | 40,429 |
Utah (State of) Transit Authority, Series 2015 A, Ref. RB(a)
| 4.00% | | 06/15/2025 | | | 45 | | 45,482 |
Utah (State of) Transit Authority, Series 2015 A, Ref. RB(a)
| 5.00% | | 06/15/2025 | | | 60 | | 61,105 |
Utah (State of) Transit Authority, Series 2015 A, Ref. RB(a)
| 5.00% | | 06/15/2025 | | | 80 | | 81,473 |
Utah (State of) Transit Authority, Series 2015 A, Ref. RB(a)
| 5.00% | | 06/15/2025 | | | 130 | | 132,393 |
Utah (State of) Transit Authority, Series 2015 A, Ref. RB
| 5.00% | | 06/15/2025 | | | 10 | | 10,182 |
Utah (State of) Transit Authority, Series 2015 A, Ref. RB(a)
| 5.00% | | 06/15/2025 | | | 15 | | 15,276 |
Utah (State of) Transit Authority, Series 2015 A, Ref. RB(a)
| 5.00% | | 06/15/2025 | | | 115 | | 117,117 |
Utah (State of) Transit Authority, Series 2015 A, Ref. RB(a)
| 5.00% | | 06/15/2025 | | | 5 | | 5,092 |
| | | | | | | | | 865,084 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2025 Municipal Bond ETF (BSMP)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Vermont-0.02% | | | | | | | | |
University of Vermont and State Agricultural College, Series 2015, Ref. RB
| 5.00% | | 10/01/2040 | | $ | 15 | | $ 15,275 |
University of Vermont and State Agricultural College, Series 2015, Ref. RB
| 5.00% | | 10/01/2045 | | | 20 | | 20,307 |
| | | | | | | | | 35,582 |
| Virginia-1.26% | | | | | | | | |
Fairfax (County of), VA, Series 2020 A, Ref. GO Bonds
| 4.00% | | 10/01/2025 | | | 75 | | 76,175 |
Richmond (City of), VA, Series 2016, Ref. RB
| 5.00% | | 01/15/2025 | | | 150 | | 151,227 |
University of Virginia, Series 2015 A-1, RB
| 4.00% | | 04/01/2045 | | | 150 | | 148,411 |
Upper Occoquan Sewage Authority, Series 2014, Ref. RB(a)
| 5.00% | | 07/01/2025 | | | 500 | | 509,834 |
Virginia (Commonwealth of) College Building Authority, Series 2015 A, RB(a)
| 5.00% | | 02/01/2025 | | | 40 | | 40,360 |
Virginia (Commonwealth of) College Building Authority, Series 2015 A, RB
| 5.00% | | 02/01/2025 | | | 215 | | 216,989 |
Virginia (Commonwealth of) College Building Authority, Series 2016 A, Ref. RB, (CEP - Colorado Higher Education Intercept Program)
| 3.00% | | 09/01/2025 | | | 40 | | 40,070 |
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2020, RB
| 5.00% | | 02/01/2025 | | | 365 | | 368,377 |
Virginia (Commonwealth of) College Building Authority (Public Higher Education Financing), Series 2015 B, Ref. RB, (CEP - Colorado Higher Education Intercept Program)
| 5.00% | | 09/01/2025 | | | 45 | | 46,098 |
Virginia (Commonwealth of) Public Building Authority, Series 2015 A, RB
| 4.00% | | 08/01/2033 | | | 1,000 | | 1,003,322 |
Virginia (Commonwealth of) Public Building Authority, Series 2016 B, Ref. RB
| 5.00% | | 08/01/2025 | | | 65 | | 66,439 |
Virginia (Commonwealth of) Public School Authority, Series 2014 B, Ref. RB, (CEP - Colorado Higher Education Intercept Program)
| 4.00% | | 08/01/2025 | | | 90 | | 90,094 |
Virginia (Commonwealth of) Transportation Board, Series 2017 A, Ref. RB
| 5.00% | | 05/15/2025 | | | 120 | | 122,004 |
| | | | | | | | | 2,879,400 |
| Washington-4.46% | | | | | | | | |
Central Puget Sound Regional Transit Authority (Green Bonds), Series 2015 S-1, Ref. RB(a)
| 4.00% | | 11/01/2025 | | | 1,000 | | 1,016,332 |
Central Puget Sound Regional Transit Authority (Green Bonds), Series 2015 S-1, Ref. RB(a)
| 5.00% | | 11/01/2025 | | | 115 | | 118,185 |
Central Puget Sound Regional Transit Authority (Green Bonds), Series 2015 S-1, Ref. RB(a)
| 5.00% | | 11/01/2025 | | | 75 | | 77,077 |
Central Puget Sound Regional Transit Authority (Green Bonds), Series 2015 S-1, Ref. RB(a)
| 5.00% | | 11/01/2025 | | | 75 | | 77,077 |
Central Puget Sound Regional Transit Authority (Green Bonds), Series 2015 S-1, Ref. RB(a)
| 5.00% | | 11/01/2025 | | | 160 | | 164,431 |
Central Puget Sound Regional Transit Authority (Green Bonds), Series 2015 S-1, Ref. RB(a)
| 5.00% | | 11/01/2025 | | | 20 | | 20,554 |
Energy Northwest (Bonneville Power Administration), Series 2016 A, Ref. RB
| 5.00% | | 07/01/2025 | | | 200 | | 203,900 |
Energy Northwest (Columbia Generating Station), Series 2015 A, Ref. RB
| 5.00% | | 07/01/2029 | | | 100 | | 101,857 |
Energy Northwest (Columbia Generating Station), Series 2015 A, Ref. RB
| 5.00% | | 07/01/2032 | | | 75 | | 76,226 |
Energy Northwest (Columbia Generating Station), Series 2015 A, Ref. RB
| 5.00% | | 07/01/2033 | | | 170 | | 172,737 |
Energy Northwest (Columbia Generating Station), Series 2015 C, Ref. RB
| 5.00% | | 07/01/2031 | | | 500 | | 508,379 |
Energy Northwest (No. 3), Series 2018, Ref. RB
| 5.00% | | 07/01/2025 | | | 500 | | 509,751 |
King (County of), WA, Series 2015, Ref. GO Bonds(a)
| 5.00% | | 01/01/2025 | | | 115 | | 115,755 |
King (County of), WA, Series 2015, Ref. GO Bonds(a)
| 5.00% | | 01/01/2025 | | | 100 | | 100,656 |
King (County of), WA, Series 2015, Ref. RB(a)
| 5.00% | | 01/01/2025 | | | 40 | | 40,277 |
King (County of), WA, Series 2015, Ref. RB(a)
| 5.00% | | 01/01/2025 | | | 55 | | 55,381 |
King (County of), WA, Series 2015, Ref. RB
| 4.00% | | 07/01/2045 | | | 75 | | 73,988 |
King (County of), WA, Series 2016 B, Ref. RB
| 5.00% | | 07/01/2025 | | | 90 | | 91,785 |
King County School District No. 403 Renton, Series 2016, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)
| 5.00% | | 12/01/2028 | | | 25 | | 25,678 |
King County School District No. 411 Issaquah, Series 2015, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)
| 5.00% | | 12/01/2025 | | | 50 | | 50,834 |
King County School District No. 411 Issaquah, Series 2015, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)
| 3.50% | | 12/01/2028 | | | 40 | | 40,132 |
Pierce County School District No. 10 Tacoma, Series 2015, Ref. GO Bonds(a)
| 5.00% | | 12/01/2025 | | | 435 | | 448,466 |
Pierce County School District No. 10 Tacoma, Series 2015, Ref. GO Bonds(a)
| 5.00% | | 12/01/2025 | | | 155 | | 159,798 |
Pierce County School District No. 10 Tacoma, Series 2015, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)
| 5.00% | | 12/01/2028 | | | 35 | | 35,979 |
Seattle (City of), WA, Series 2019 B, Ref. RB
| 5.00% | | 02/01/2025 | | | 300 | | 302,751 |
Seattle (Port of), WA, Series 2022 A, Ref. RB
| 5.00% | | 08/01/2025 | | | 65 | | 66,392 |
Snohomish (County of), WA Public Utility District No. 1, Series 2015, RB
| 5.00% | | 12/01/2037 | | | 15 | | 15,381 |
Snohomish (County of), WA Public Utility District No. 1, Series 2015, RB
| 5.00% | | 12/01/2045 | | | 20 | | 20,324 |
Snohomish County School District No. 201 Snohomish, Series 2016, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)
| 5.00% | | 12/01/2027 | | | 10 | | 10,287 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2025 Municipal Bond ETF (BSMP)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Washington-(continued) | | | | | | | | |
Washington (State of), Series 2014 D, Ref. GO Bonds
| 5.00% | | 07/01/2032 | | $ | 345 | | $ 347,107 |
Washington (State of), Series 2014 R, Ref. GO Bonds
| 5.00% | | 07/01/2028 | | | 45 | | 45,306 |
Washington (State of), Series 2014 R, Ref. GO Bonds
| 5.00% | | 07/01/2029 | | | 10 | | 10,064 |
Washington (State of), Series 2014 R, Ref. GO Bonds
| 5.00% | | 07/01/2030 | | | 125 | | 125,792 |
Washington (State of), Series 2015 A-1, GO Bonds
| 5.00% | | 08/01/2031 | | | 200 | | 203,453 |
Washington (State of), Series 2015 A-1, GO Bonds
| 5.00% | | 08/01/2035 | | | 1,000 | | 1,016,269 |
Washington (State of), Series 2015 R, Ref. GO Bonds
| 5.00% | | 07/01/2026 | | | 15 | | 15,112 |
Washington (State of), Series 2015 R, Ref. GO Bonds
| 5.00% | | 07/01/2029 | | | 865 | | 870,568 |
Washington (State of), Series 2015 R, Ref. GO Bonds
| 4.00% | | 07/01/2031 | | | 400 | | 400,738 |
Washington (State of), Series 2015 R, Ref. GO Bonds
| 5.00% | | 07/01/2031 | | | 140 | | 140,869 |
Washington (State of), Series 2015 R, Ref. GO Bonds
| 5.00% | | 07/01/2032 | | | 200 | | 201,222 |
Washington (State of), Series 2015 R, Ref. GO Bonds
| 5.00% | | 07/01/2033 | | | 200 | | 201,208 |
Washington (State of), Series 2017 R, Ref. GO Bonds
| 5.00% | | 08/01/2025 | | | 250 | | 255,444 |
Washington (State of), Series R-2015C, Ref. GO Bonds
| 5.00% | | 07/01/2030 | | | 700 | | 704,437 |
Washington (State of), Series R-2015C, Ref. GO Bonds
| 5.00% | | 07/01/2032 | | | 295 | | 296,802 |
Washington (State of), Series R-2022D, Ref. GO Bonds
| 5.00% | | 07/01/2025 | | | 325 | | 331,311 |
Washington (State of) Health Care Facilities Authority (Central Washington Health Services Association), Series 2015, Ref. RB
| 4.00% | | 07/01/2036 | | | 110 | | 108,896 |
Washington (State of) Health Care Facilities Authority (Central Washington Health Services Association), Series 2015, Ref. RB
| 5.00% | | 07/01/2039 | | | 75 | | 75,251 |
Washington (State of) Health Care Facilities Authority (Multicare Health System), Series 2015 B, Ref. RB
| 5.00% | | 08/15/2028 | | | 45 | | 45,699 |
Washington (State of) Health Care Facilities Authority (Multicare Health System), Series 2015 B, Ref. RB
| 5.00% | | 08/15/2030 | | | 35 | | 35,417 |
Washington (State of) Health Care Facilities Authority (Seattle Cancer Care Alliance), Series 2014, Ref. RB
| 5.00% | | 03/01/2038 | | | 40 | | 40,227 |
| | | | | | | | | 10,171,562 |
| Wisconsin-1.06% | | | | | | | | |
Waushara (County of), WI, Series 2022 A, RB
| 4.50% | | 06/01/2027 | | | 500 | | 506,238 |
Wisconsin (State of), Series 2015, Ref. GO Bonds
| 3.00% | | 05/01/2025 | | | 50 | | 50,150 |
Wisconsin (State of), Series 2015, Ref. GO Bonds
| 5.00% | | 05/01/2025 | | | 60 | | 60,961 |
Wisconsin (State of), Series 2015, Ref. GO Bonds(a)
| 5.00% | | 05/01/2027 | | | 175 | | 177,455 |
Wisconsin (State of), Series 2015-4, Ref. GO Bonds(a)
| 5.00% | | 11/01/2024 | | | 295 | | 295,874 |
Wisconsin (State of), Series 2016 A, GO Bonds(a)
| 5.00% | | 05/01/2035 | | | 500 | | 506,849 |
Wisconsin (State of), Series 2016-1, Ref. GO Bonds(a)
| 5.00% | | 11/01/2025 | | | 30 | | 30,421 |
Wisconsin (State of), Series 2017 A, GO Bonds(a)
| 5.00% | | 05/01/2025 | | | 115 | | 116,651 |
Wisconsin (State of), Series 2017 A, GO Bonds(a)
| 5.00% | | 05/01/2027 | | | 330 | | 334,738 |
Wisconsin (State of), Series 2019 A, Ref. RB(a)
| 5.00% | | 05/01/2025 | | | 45 | | 45,661 |
Wisconsin (State of) Department of Transportation, Series 2017-1, Ref. RB
| 5.00% | | 07/01/2025 | | | 35 | | 35,685 |
Wisconsin (State of) Department of Transportation, Series 2017-2, Ref. RB
| 5.00% | | 07/01/2025 | | | 50 | | 50,979 |
Wisconsin (State of) Public Finance Authority (Renown Regional Medical Center), Series 2015 A, RB
| 4.25% | | 06/01/2041 | | | 200 | | 196,055 |
| | | | | | | | | 2,407,717 |
TOTAL INVESTMENTS IN SECURITIES(c)-98.02%
(Cost $223,852,089)
| | 223,378,304 |
OTHER ASSETS LESS LIABILITIES-1.98%
| | 4,510,777 |
NET ASSETS-100.00%
| | $227,889,081 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2025 Municipal Bond ETF (BSMP)—(continued)
August 31, 2024
| Investment Abbreviations: |
| AGM | -Assured Guaranty Municipal Corp. |
| AMBAC | -American Municipal Bond Assurance Corp. |
| BAM | -Build America Mutual Assurance Co. |
| CEP | -Credit Enhancement Provider |
| COP | -Certificates of Participation |
| GO | -General Obligation |
| INS | -Insurer |
| NATL | -National Public Finance Guarantee Corp. |
| RAC | -Revenue Anticipation Certificates |
| RB | -Revenue Bonds |
| Ref. | -Refunding |
| RN | -Revenue Notes |
| Notes to Schedule of Investments: |
| (a) | Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral. |
| (b) | Principal and/or interest payments are secured by the bond insurance company listed. |
| (c) | Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligations but may be called upon to satisfy the issuer’s obligations. No concentration of any single entity was greater than 5% each. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)
August 31, 2024
Schedule of Investments
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Municipal Obligations-98.35% | | | | | | | | |
| Alabama-0.47% | | | | | | | | |
Alabama (State of) Economic Settlement Authority, Series 2016 A, RB
| 4.00% | | 09/15/2033 | | $ | 200 | | $ 202,258 |
Alabama (State of) Federal Aid Highway Finance Authority (Garvee), Series 2016 A, RB(a)
| 5.00% | | 09/01/2026 | | | 120 | | 125,536 |
Alabama (State of) Federal Aid Highway Finance Authority (Garvee), Series 2017 B, Ref. RB(a)
| 5.00% | | 09/01/2026 | | | 20 | | 20,943 |
Alabama (State of) Public School & College Authority (Social Bonds), Series 2020 A, Ref. RB
| 5.00% | | 11/01/2026 | | | 105 | | 110,518 |
Alhambra Unified School District, Series 2016 B, RB
| 4.00% | | 10/01/2043 | | | 10 | | 9,868 |
Auburn University, Series 2016 A, Ref. RB
| 5.00% | | 06/01/2038 | | | 40 | | 41,218 |
Birmingham (City of), AL Special Care Facilities Financing Authority (Ascension Senior Credit Group), Series 2016, Ref. RB
| 5.00% | | 11/15/2046 | | | 150 | | 152,215 |
Tuscaloosa (City of), AL Board of Education, Series 2016, Revenue Wts.(a)
| 5.00% | | 08/01/2026 | | | 60 | | 62,808 |
UAB Medicine Finance Authority, Series 2016 B, Ref. RB
| 5.00% | | 09/01/2034 | | | 50 | | 51,476 |
UAB Medicine Finance Authority, Series 2016 B, Ref. RB
| 5.00% | | 09/01/2035 | | | 85 | | 87,392 |
UAB Medicine Finance Authority, Series 2016 B, Ref. RB
| 3.63% | | 09/01/2041 | | | 20 | | 18,959 |
UAB Medicine Finance Authority, Series 2016 B, Ref. RB
| 5.00% | | 09/01/2041 | | | 125 | | 127,273 |
| | | | | | | | | 1,010,464 |
| Alaska-0.07% | | | | | | | | |
North Slope (Borough of), AK, Series 2021 C, GO Bonds
| 4.00% | | 06/30/2026 | | | 150 | | 153,605 |
| Arizona-1.24% | | | | | | | | |
Arizona (State of), Series 2019 A, Ref. COP(a)
| 5.00% | | 10/01/2026 | | | 65 | | 68,393 |
Arizona (State of) Department of Transportation, Series 2016, Ref. RB
| 5.00% | | 07/01/2032 | | | 35 | | 36,406 |
Arizona (State of) Department of Transportation, Series 2016, Ref. RB
| 5.00% | | 07/01/2033 | | | 500 | | 519,907 |
Arizona (State of) Sports & Tourism Authority, Series 2022, Ref. RB, (INS - BAM)(b)
| 5.00% | | 07/01/2026 | | | 100 | | 104,033 |
Arizona (State of) Transportation Board (Garvee), Series 2016, Ref. RB
| 5.00% | | 07/01/2026 | | | 130 | | 135,765 |
Glendale (City of), AZ Industrial Development Authority (Sun Health Services), Series 2019 A, Ref. RB
| 5.00% | | 11/15/2042 | | | 20 | | 20,105 |
Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group), Series 2016, Ref. RB
| 5.00% | | 01/01/2026 | | | 30 | | 30,920 |
Maricopa (County of), AZ Special Health Care District (Maricopa Integrated Health), Series 2018 C, GO Bonds
| 5.00% | | 07/01/2026 | | | 30 | | 31,265 |
Mesa (City of), AZ, Series 2016, Ref. RB
| 4.00% | | 07/01/2031 | | | 120 | | 121,695 |
Mesa (City of), AZ, Series 2016, Ref. RB
| 4.00% | | 07/01/2032 | | | 575 | | 582,854 |
Mesa (City of), AZ, Series 2017, Ref. RB
| 4.00% | | 07/01/2026 | | | 5 | | 5,131 |
Phoenix (City of), AZ, Series 2016, Ref. GO Bonds
| 5.00% | | 07/01/2026 | | | 80 | | 83,591 |
Phoenix (City of), AZ Industrial Development Authority (The) (Eastern Kentucky University), Series 2016, RB
| 4.00% | | 10/01/2047 | | | 70 | | 65,584 |
Phoenix Civic Improvement Corp., Series 2016, Ref. RB
| 5.00% | | 07/01/2033 | | | 20 | | 20,714 |
Phoenix Civic Improvement Corp., Series 2017, Ref. RB
| 5.00% | | 07/01/2026 | | | 25 | | 26,077 |
Phoenix Civic Improvement Corp., Series 2017, Ref. RB
| 5.00% | | 07/01/2029 | | | 50 | | 52,065 |
Phoenix Civic Improvement Corp., Series 2017, Ref. RB
| 5.00% | | 07/01/2030 | | | 50 | | 51,965 |
Phoenix Civic Improvement Corp., Series 2017, Ref. RB
| 5.00% | | 07/01/2032 | | | 10 | | 10,360 |
Phoenix Civic Improvement Corp., Series 2017, Ref. RB
| 5.00% | | 07/01/2033 | | | 100 | | 103,567 |
Phoenix Civic Improvement Corp., Series 2017, Ref. RB
| 5.00% | | 07/01/2034 | | | 25 | | 25,887 |
Phoenix Civic Improvement Corp., Series 2017, Ref. RB
| 5.00% | | 07/01/2037 | | | 100 | | 103,279 |
Phoenix Civic Improvement Corp., Series 2021 B, Ref. RB
| 5.00% | | 07/01/2026 | | | 70 | | 73,142 |
Pima (County of), AZ, Series 2016, Ref. RB
| 5.00% | | 07/01/2026 | | | 5 | | 5,220 |
Salt River Project Agricultural Improvement & Power District, Series 2017, Ref. RB
| 5.00% | | 01/01/2026 | | | 70 | | 72,203 |
Salt River Project Agricultural Improvement & Power District, Series 2021 A, Ref. RB
| 5.00% | | 01/01/2026 | | | 110 | | 113,462 |
University of Arizona Board of Regents (Green Bonds), Series 2016 B, RB
| 5.00% | | 07/01/2042 | | | 200 | | 205,224 |
| | | | | | | | | 2,668,814 |
| California-18.80% | | | | | | | | |
Alameda (City of), CA Corridor Transportation Authority, Series 2016 B, Ref. RB, (INS - AGM)(b)
| 4.00% | | 10/01/2037 | | | 100 | | 100,422 |
Alameda (County of), CA Joint Powers Authority (Juvenile Justice), Series 2016, Ref. RB
| 4.00% | | 12/01/2034 | | | 25 | | 25,454 |
Bay Area Toll Authority (San Francisco Bay Area), Series 2017, Ref. RB
| 5.00% | | 04/01/2026 | | | 20 | | 20,804 |
California (State of), Series 2013, Ref. GO Bonds(a)
| 3.25% | | 12/04/2024 | | | 35 | | 35,011 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| California-(continued) | | | | | | | | |
California (State of), Series 2015, GO Bonds
| 5.00% | | 03/01/2026 | | $ | 95 | | $ 96,070 |
California (State of), Series 2016, GO Bonds
| 5.00% | | 09/01/2026 | | | 5 | | 5,237 |
California (State of), Series 2016, GO Bonds
| 5.00% | | 09/01/2028 | | | 5 | | 5,227 |
California (State of), Series 2016, GO Bonds
| 5.00% | | 09/01/2029 | | | 25 | | 26,114 |
California (State of), Series 2016, GO Bonds
| 4.00% | | 09/01/2031 | | | 75 | | 76,403 |
California (State of), Series 2016, GO Bonds
| 4.00% | | 09/01/2032 | | | 5 | | 5,087 |
California (State of), Series 2016, GO Bonds
| 3.00% | | 09/01/2046 | | | 5 | | 4,170 |
California (State of), Series 2016, GO Bonds
| 4.00% | | 09/01/2046 | | | 50 | | 49,064 |
California (State of), Series 2016, Ref. GO Bonds
| 4.00% | | 09/01/2028 | | | 5 | | 5,118 |
California (State of), Series 2016, Ref. GO Bonds
| 5.00% | | 09/01/2029 | | | 700 | | 731,182 |
California (State of), Series 2016, Ref. GO Bonds
| 5.00% | | 09/01/2030 | | | 200 | | 208,622 |
California (State of), Series 2016, Ref. GO Bonds
| 4.00% | | 09/01/2031 | | | 430 | | 438,043 |
California (State of), Series 2016, Ref. GO Bonds
| 4.00% | | 09/01/2032 | | | 80 | | 81,389 |
California (State of), Series 2016, Ref. GO Bonds
| 5.00% | | 09/01/2032 | | | 420 | | 436,678 |
California (State of), Series 2016, Ref. GO Bonds
| 5.00% | | 09/01/2032 | | | 180 | | 187,148 |
California (State of), Series 2016, Ref. GO Bonds
| 4.00% | | 09/01/2033 | | | 5 | | 5,077 |
California (State of), Series 2016, Ref. GO Bonds
| 4.00% | | 09/01/2033 | | | 35 | | 35,538 |
California (State of), Series 2016, Ref. GO Bonds
| 5.00% | | 09/01/2033 | | | 100 | | 103,867 |
California (State of), Series 2016, Ref. GO Bonds
| 4.00% | | 09/01/2034 | | | 735 | | 745,061 |
California (State of), Series 2016, Ref. GO Bonds
| 4.00% | | 09/01/2034 | | | 20 | | 20,274 |
California (State of), Series 2016, Ref. GO Bonds
| 5.00% | | 09/01/2034 | | | 30 | | 31,126 |
California (State of), Series 2016, Ref. GO Bonds
| 4.00% | | 09/01/2035 | | | 500 | | 505,771 |
California (State of), Series 2016, Ref. GO Bonds
| 4.00% | | 09/01/2036 | | | 25 | | 25,206 |
California (State of), Series 2017, Ref. GO Bonds
| 5.00% | | 08/01/2026 | | | 275 | | 287,452 |
California (State of), Series 2017, Ref. GO Bonds
| 5.00% | | 11/01/2026 | | | 280 | | 294,897 |
California (State of), Series 2017, Ref. GO Bonds
| 5.00% | | 08/01/2033 | | | 150 | | 155,569 |
California (State of), Series 2017, Ref. GO Bonds
| 4.00% | | 08/01/2034 | | | 95 | | 96,251 |
California (State of), Series 2017, Ref. GO Bonds
| 5.00% | | 08/01/2034 | | | 500 | | 518,028 |
California (State of), Series 2017, Ref. GO Bonds
| 4.00% | | 08/01/2036 | | | 50 | | 50,401 |
California (State of), Series 2017, Ref. GO Bonds
| 5.00% | | 08/01/2036 | | | 100 | | 103,326 |
California (State of), Series 2018, GO Bonds
| 5.00% | | 10/01/2026 | | | 1,260 | | 1,324,460 |
California (State of), Series 2018, GO Bonds
| 5.00% | | 10/01/2026 | | | 2,015 | | 2,093,744 |
California (State of), Series 2018, GO Bonds
| 5.00% | | 10/01/2047 | | | 350 | | 358,317 |
California (State of), Series 2018, Ref. GO Bonds
| 5.00% | | 10/01/2029 | | | 150 | | 155,298 |
California (State of), Series 2019, Ref. GO Bonds
| 5.00% | | 10/01/2026 | | | 75 | | 78,837 |
California (State of), Series 2020, GO Bonds
| 3.00% | | 03/01/2026 | | | 100 | | 100,333 |
California (State of), Series 2021, GO Bonds
| 5.00% | | 12/01/2032 | | | 20 | | 20,693 |
California (State of), Series 2021, Ref. GO Bonds
| 5.00% | | 12/01/2026 | | | 400 | | 422,102 |
California (State of), Series 2022, GO Bonds
| 5.00% | | 04/01/2026 | | | 20 | | 20,744 |
California (State of) (Bid Group C), Series 2016, Ref. GO Bonds
| 5.00% | | 08/01/2028 | | | 100 | | 104,354 |
California (State of) (Bid Group C), Series 2016, Ref. GO Bonds
| 5.00% | | 08/01/2030 | | | 25 | | 26,036 |
California (State of) (Bid Group C), Series 2016, Ref. GO Bonds
| 5.00% | | 08/01/2033 | | | 210 | | 217,796 |
California (State of) (Bid Group C), Series 2018, Ref. GO Bonds
| 5.00% | | 08/01/2026 | | | 50 | | 52,264 |
California (State of) Department of Water Resources, Series 2016 AW, Ref. RB(a)
| 5.00% | | 12/01/2026 | | | 10 | | 10,584 |
California (State of) Department of Water Resources, Series 2016 AW, Ref. RB
| 5.00% | | 12/01/2026 | | | 50 | | 53,011 |
California (State of) Department of Water Resources, Series 2016 AW, Ref. RB
| 5.00% | | 12/01/2030 | | | 35 | | 36,713 |
California (State of) Department of Water Resources, Series 2016 AW, Ref. RB
| 5.00% | | 12/01/2031 | | | 30 | | 31,424 |
California (State of) Department of Water Resources, Series 2017 AX, Ref. RB
| 5.00% | | 12/01/2026 | | | 45 | | 47,710 |
California (State of) Department of Water Resources, Series 2019 BA, RB
| 5.00% | | 12/01/2026 | | | 50 | | 53,011 |
California (State of) Department of Water Resources (Central Valley), Series 2016 AW, Ref. RB
| 5.00% | | 12/01/2028 | | | 90 | | 94,816 |
California (State of) Department of Water Resources (Central Valley), Series 2016 AW, Ref. RB
| 5.00% | | 12/01/2029 | | | 20 | | 21,042 |
California (State of) Department of Water Resources (Central Valley), Series 2016 AW, Ref. RB
| 4.00% | | 12/01/2034 | | | 10 | | 10,223 |
California (State of) Department of Water Resources (Central Valley), Series 2016 AW, Ref. RB
| 4.00% | | 12/01/2035 | | | 35 | | 35,679 |
California (State of) Department of Water Resources (Central Valley), Series 2020 BB, Ref. RB
| 5.00% | | 12/01/2026 | | | 175 | | 185,537 |
California (State of) Department of Water Resources (Central Valley), Series 2021, RB
| 5.00% | | 12/01/2026 | | | 75 | | 79,516 |
California (State of) Educational Facilities Authority (Pepperdine University), Series 2016, Ref. RB(a)
| 5.00% | | 04/01/2026 | | | 20 | | 20,804 |
California (State of) Health Facilities Financing Authority (Adventist Health System), Series 2016 A, Ref. RB
| 4.00% | | 03/01/2039 | | | 305 | | 297,345 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| California-(continued) | | | | | | | | |
California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2015, Ref. RB
| 5.00% | | 11/15/2026 | | $ | 45 | | $ 46,252 |
California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2016 A, RB
| 5.00% | | 08/15/2033 | | | 95 | | 98,652 |
California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2016 B, Ref. RB
| 5.00% | | 08/15/2032 | | | 95 | | 98,768 |
California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2016 B, Ref. RB
| 4.00% | | 08/15/2035 | | | 70 | | 70,769 |
California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2016 B, Ref. RB
| 5.00% | | 08/15/2035 | | | 285 | | 295,032 |
California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2016 B, Ref. RB
| 4.00% | | 08/15/2036 | | | 380 | | 383,671 |
California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2016 B, Ref. RB
| 4.00% | | 08/15/2039 | | | 180 | | 180,695 |
California (State of) Health Facilities Financing Authority (Lucile Salter Packard Children’s Hospital at Stanford), Series 2016 B, RB
| 5.00% | | 08/15/2055 | | | 150 | | 152,128 |
California (State of) Health Facilities Financing Authority (Providence St. Joseph Health), Series 2016 A, Ref. RB
| 4.00% | | 10/01/2035 | | | 115 | | 115,597 |
California (State of) Health Facilities Financing Authority (Providence St. Joseph Health), Series 2016 A, Ref. RB
| 4.00% | | 10/01/2036 | | | 100 | | 100,310 |
California (State of) Health Facilities Financing Authority (Providence St. Joseph Health), Series 2016 A, Ref. RB
| 4.00% | | 10/01/2047 | | | 25 | | 24,124 |
California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2017 A, Ref. RB
| 5.00% | | 11/15/2026 | | | 25 | | 26,437 |
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2016 B, Ref. RB(a)
| 5.00% | | 11/15/2026 | | | 40 | | 42,165 |
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2016 B, Ref. RB
| 5.00% | | 11/15/2046 | | | 60 | | 61,571 |
California (State of) Infrastructure & Economic Development Bank, Series 2016 A, RB(a)
| 4.00% | | 10/01/2026 | | | 30 | | 30,992 |
California (State of) Infrastructure & Economic Development Bank (Bay Area Toll Bridges), Series 2003 A, RB(a)
| 5.00% | | 07/01/2026 | | | 10 | | 10,486 |
California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds), Series 2016, RB
| 5.00% | | 10/01/2026 | | | 5 | | 5,208 |
California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds), Series 2016, RB
| 5.00% | | 10/01/2027 | | | 110 | | 114,223 |
California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds), Series 2016, RB
| 5.00% | | 10/01/2028 | | | 160 | | 165,991 |
California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds), Series 2016, RB
| 5.00% | | 10/01/2029 | | | 80 | | 82,937 |
California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds), Series 2016, RB
| 5.00% | | 10/01/2030 | | | 95 | | 98,335 |
California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds), Series 2016, RB
| 5.00% | | 10/01/2031 | | | 25 | | 25,834 |
California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds), Series 2017, RB
| 5.00% | | 10/01/2026 | | | 55 | | 58,054 |
California (State of) Municipal Finance Authority (Humangood - California Obligated Group), Series 2019 A, Ref. RB
| 5.00% | | 10/01/2044 | | | 200 | | 202,842 |
California (State of) Public Finance Authority (Henry Mayo Newhall Hospital), Series 2017, Ref. RB
| 5.00% | | 10/15/2047 | | | 200 | | 201,033 |
California (State of) Public Works Board, Series 2015 F, Ref. RB
| 5.00% | | 05/01/2026 | | | 35 | | 35,590 |
California (State of) Public Works Board, Series 2019 C, RB
| 5.00% | | 11/01/2026 | | | 5 | | 5,264 |
California (State of) Public Works Board, Series 2022 A, Ref. RB
| 5.00% | | 08/01/2026 | | | 1,265 | | 1,325,424 |
California (State of) Public Works Board, Series 2023 C, Ref. RB
| 5.00% | | 09/01/2026 | | | 5 | | 5,250 |
California (State of) Public Works Board, Series 2023, Ref. RB
| 5.00% | | 12/01/2026 | | | 500 | | 527,403 |
California (State of) Public Works Board (Various Capital), Series 2016 C, Ref. RB
| 5.00% | | 11/01/2026 | | | 25 | | 26,319 |
California (State of) Public Works Board (Various Capital), Series 2016 C, Ref. RB
| 5.00% | | 11/01/2029 | | | 70 | | 73,230 |
California (State of) Public Works Board (Various Capital), Series 2016 C, Ref. RB
| 4.00% | | 11/01/2032 | | | 220 | | 222,532 |
California (State of) Public Works Board (Various Capital), Series 2016 C, Ref. RB
| 5.00% | | 11/01/2033 | | | 55 | | 57,056 |
California (State of) Public Works Board (Various Capital), Series 2016 C, Ref. RB
| 5.00% | | 11/01/2034 | | | 70 | | 72,528 |
California (State of) Public Works Board (Various Capital), Series 2016 D, Ref. RB
| 4.00% | | 04/01/2031 | | | 60 | | 60,823 |
California (State of) Public Works Board (Various Capital), Series 2016 D, Ref. RB
| 4.00% | | 04/01/2032 | | | 55 | | 55,639 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| California-(continued) | | | | | | | | |
California (State of) Public Works Board (Various Capital), Series 2017 B, Ref. RB(a)
| 5.00% | | 10/01/2026 | | $ | 5 | | $ 5,266 |
California (State of) Public Works Board (Various Capital), Series 2017 B, Ref. RB
| 5.00% | | 10/01/2026 | | | 25 | | 26,269 |
California (State of) Statewide Communities Development Authority (Adventist Health System), Series 2015 A, Ref. RB
| 4.13% | | 03/01/2034 | | | 225 | | 225,463 |
California (State of) Statewide Communities Development Authority (Adventist Health System), Series 2015 A, Ref. RB
| 4.38% | | 03/01/2044 | | | 200 | | 200,986 |
California (State of) Statewide Communities Development Authority (Enloe Medical Center), Series 2015, Ref. RB(a)
| 4.00% | | 02/15/2026 | | | 20 | | 20,440 |
California (State of) Statewide Communities Development Authority (Enloe Medical Center), Series 2015, Ref. RB(a)
| 5.00% | | 02/15/2026 | | | 25 | | 25,904 |
California (State of) Statewide Communities Development Authority (John Muir Health), Series 2016 A, Ref. RB
| 4.00% | | 08/15/2046 | | | 150 | | 146,990 |
California State University, Series 2016 A, Ref. RB
| 5.00% | | 11/01/2026 | | | 90 | | 94,017 |
California State University, Series 2016 A, Ref. RB
| 5.00% | | 11/01/2027 | | | 100 | | 104,230 |
California State University, Series 2016 A, Ref. RB
| 5.00% | | 11/01/2028 | | | 40 | | 41,658 |
California State University, Series 2016 A, Ref. RB
| 5.00% | | 11/01/2029 | | | 75 | | 78,017 |
California State University, Series 2016 A, Ref. RB
| 5.00% | | 11/01/2031 | | | 35 | | 36,253 |
California State University, Series 2016 A, Ref. RB
| 5.00% | | 11/01/2032 | | | 30 | | 31,040 |
California State University, Series 2016 A, Ref. RB
| 5.00% | | 11/01/2033 | | | 5 | | 5,172 |
California State University, Series 2016 A, Ref. RB
| 4.00% | | 11/01/2034 | | | 10 | | 10,140 |
California State University, Series 2016 A, Ref. RB
| 5.00% | | 11/01/2036 | | | 45 | | 46,443 |
California State University, Series 2016 A, Ref. RB
| 5.00% | | 11/01/2041 | | | 600 | | 616,901 |
California State University, Series 2016 A, Ref. RB
| 4.00% | | 11/01/2045 | | | 70 | | 69,760 |
California State University, Series 2016 A, Ref. RB
| 5.00% | | 11/01/2045 | | | 400 | | 409,654 |
California State University, Series 2017 A, Ref. RB
| 5.00% | | 11/01/2026 | | | 5 | | 5,293 |
Chabot-Las Positas Community College District, Series 2016, Ref. GO Bonds
| 4.00% | | 08/01/2034 | | | 220 | | 222,945 |
Coachella Valley Unified School District (Election of 2005), Series 2016 F, GO Bonds, (INS - BAM)(b)
| 5.00% | | 08/01/2046 | | | 175 | | 178,356 |
East Side Union High School District, Series 2003 B, Ref. GO Bonds, (INS - NATL)(b)
| 5.25% | | 02/01/2026 | | | 95 | | 96,767 |
Eastern Municipal Water District, Series 2016 A, Ref. RB
| 5.00% | | 07/01/2042 | | | 625 | | 644,319 |
Eastern Municipal Water District Financing Authority, Series 2016 B, Ref. RB
| 5.00% | | 07/01/2033 | | | 25 | | 25,964 |
Eastern Municipal Water District Financing Authority, Series 2016 B, Ref. RB
| 4.00% | | 07/01/2034 | | | 15 | | 15,284 |
Eastern Municipal Water District Financing Authority, Series 2016 B, Ref. RB
| 4.00% | | 07/01/2035 | | | 50 | | 50,838 |
Fresno Unified School District, Series 2016 A, Ref. GO Bonds
| 4.00% | | 08/01/2041 | | | 50 | | 50,073 |
Hayward Unified School District, Series 2017, GO Bonds, (INS - AGM)(b)
| 3.50% | | 08/01/2037 | | | 45 | | 43,994 |
Hayward Unified School District, Series 2017, GO Bonds, (INS - AGM)(b)
| 4.00% | | 08/01/2039 | | | 50 | | 50,119 |
Hayward Unified School District, Series 2017, GO Bonds, (INS - AGM)(b)
| 4.00% | | 08/01/2042 | | | 60 | | 60,035 |
Imperial Irrigation District, Series 2016 C, Ref. RB
| 5.00% | | 11/01/2036 | | | 250 | | 257,812 |
Imperial Irrigation District, Series 2016 C, Ref. RB
| 5.00% | | 11/01/2038 | | | 25 | | 25,733 |
Irvine Facilities Financing Authority (Gateway Preserve Land Acquisition), Series 2023, RB
| 5.25% | | 05/01/2043 | | | 225 | | 231,013 |
Irvine Ranch Water District, Series 2016, RB
| 5.25% | | 02/01/2046 | | | 30 | | 30,929 |
Livermore Valley Joint Unified School District (Measure J), Series 2019, GO Bonds
| 4.00% | | 08/01/2046 | | | 160 | | 159,331 |
Los Angeles (City of), CA, Series 2022 C, Ref. RB
| 5.00% | | 06/01/2026 | | | 5 | | 5,240 |
Los Angeles (City of), CA Department of Airports, Series 2020 A, Ref. RB
| 5.00% | | 05/15/2026 | | | 120 | | 125,309 |
Los Angeles (City of), CA Department of Water & Power, Series 2016 A, Ref. RB
| 5.00% | | 07/01/2041 | | | 50 | | 51,059 |
Los Angeles (City of), CA Department of Water & Power, Series 2016 A, Ref. RB
| 5.00% | | 07/01/2046 | | | 1,100 | | 1,120,737 |
Los Angeles (City of), CA Department of Water & Power, Series 2016 B, RB
| 5.00% | | 07/01/2027 | | | 15 | | 15,475 |
Los Angeles (City of), CA Department of Water & Power, Series 2016 B, Ref. RB
| 5.00% | | 07/01/2026 | | | 25 | | 25,887 |
Los Angeles (City of), CA Department of Water & Power, Series 2016 B, Ref. RB
| 5.00% | | 07/01/2027 | | | 10 | | 10,320 |
Los Angeles (City of), CA Department of Water & Power, Series 2016 B, Ref. RB
| 5.00% | | 07/01/2030 | | | 40 | | 41,206 |
Los Angeles (City of), CA Department of Water & Power, Series 2016 B, Ref. RB
| 5.00% | | 07/01/2031 | | | 25 | | 25,732 |
Los Angeles (City of), CA Department of Water & Power, Series 2016 B, Ref. RB
| 5.00% | | 07/01/2035 | | | 1,000 | | 1,027,016 |
Los Angeles (City of), CA Department of Water & Power, Series 2020 A, Ref. RB
| 5.00% | | 07/01/2026 | | | 215 | | 225,440 |
Los Angeles (City of), CA Department of Water & Power, Series 2021 A, RB
| 5.00% | | 07/01/2026 | | | 250 | | 261,596 |
Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB
| 5.00% | | 07/01/2026 | | | 570 | | 597,679 |
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2016 A, Ref. RB
| 5.00% | | 06/01/2030 | | | 200 | | 207,396 |
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2016 A, Ref. RB
| 5.00% | | 06/01/2031 | | | 90 | | 93,211 |
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2016 A, Ref. RB
| 5.00% | | 06/01/2032 | | | 60 | | 62,135 |
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2016 A, Ref. RB
| 5.00% | | 06/01/2033 | | | 1,000 | | 1,034,605 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| California-(continued) | | | | | | | | |
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2016 A, Ref. RB
| 5.00% | | 06/01/2034 | | $ | 35 | | $ 36,200 |
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2016 A, Ref. RB
| 5.00% | | 06/01/2035 | | | 10 | | 10,332 |
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2021 A, RB
| 5.00% | | 06/01/2026 | | | 25 | | 26,122 |
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2017 A, RB
| 5.00% | | 07/01/2026 | | | 50 | | 52,354 |
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2019 A, RB
| 5.00% | | 07/01/2026 | | | 50 | | 52,354 |
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020 A, RB
| 5.00% | | 06/01/2026 | | | 535 | | 558,831 |
Los Angeles Community College District (Election of 2008), Series 2019 K, GO Bonds
| 4.00% | | 08/01/2036 | | | 20 | | 20,261 |
Los Angeles Unified School District, Series 2016 A, Ref. GO Bonds
| 5.00% | | 07/01/2026 | | | 260 | | 265,285 |
Los Angeles Unified School District, Series 2016 B, Ref. GO Bonds
| 5.00% | | 07/01/2030 | | | 105 | | 109,399 |
Los Angeles Unified School District, Series 2017 A, Ref. GO Bonds
| 5.00% | | 07/01/2026 | | | 375 | | 393,485 |
Los Angeles Unified School District, Series 2020 C, GO Bonds
| 5.00% | | 07/01/2026 | | | 680 | | 713,520 |
Los Angeles Unified School District (Sustainability Bonds), Series 2023 A, COP
| 5.00% | | 10/01/2026 | | | 500 | | 525,995 |
Metropolitan Water District of Southern California, Series 2020 A, Ref. RB
| 5.00% | | 07/01/2026 | | | 150 | | 157,036 |
Metropolitan Water District of Southern California, Series 2021 B, Ref. RB
| 5.00% | | 10/01/2026 | | | 150 | | 158,425 |
Montebello Unified School District (Election of 2016), Series 2016 A, GO Bonds
| 5.00% | | 08/01/2041 | | | 100 | | 102,752 |
Mountain View Whisman School District (Election of 2012), Series 2016 B, GO Bonds(a)
| 4.00% | | 09/01/2026 | | | 105 | | 108,541 |
Municipal Improvement Corp. of Los Angeles (Real Property), Series 2016 B, Ref. RB
| 5.00% | | 11/01/2029 | | | 250 | | 262,145 |
Municipal Improvement Corp. of Los Angeles (Real Property), Series 2016 B, Ref. RB
| 5.00% | | 11/01/2030 | | | 195 | | 203,876 |
Municipal Improvement Corp. of Los Angeles (Real Property), Series 2016 B, Ref. RB
| 4.00% | | 11/01/2033 | | | 20 | | 20,399 |
Municipal Improvement Corp. of Los Angeles (Real Property), Series 2016 B, Ref. RB
| 4.00% | | 11/01/2035 | | | 165 | | 167,223 |
Municipal Improvement Corp. of Los Angeles (Real Property), Series 2016 B, Ref. RB
| 4.00% | | 11/01/2036 | | | 25 | | 25,260 |
Napa Valley Unified School District (Election of 2016), Series 2019 C, GO Bonds, (INS - AGM)(b)
| 4.00% | | 08/01/2044 | | | 50 | | 49,841 |
Natomas Unified School District (Election of 2014), Series 2017, GO Bonds, (INS - BAM)(b)
| 4.00% | | 08/01/2042 | | | 200 | | 200,154 |
Oakland Unified School District, Series 2016, Ref. GO Bonds
| 5.00% | | 08/01/2029 | | | 45 | | 46,739 |
Palomar Health, Series 2016 B, Ref. GO Bonds
| 4.00% | | 08/01/2035 | | | 20 | | 19,843 |
Palomar Health, Series 2016 B, Ref. GO Bonds
| 4.00% | | 08/01/2036 | | | 200 | | 196,689 |
Palomar Health, Series 2016, Ref. RB
| 5.00% | | 11/01/2039 | | | 110 | | 106,858 |
Pasadena Unified School District (Election of 2008), Series 2016, GO Bonds
| 4.00% | | 08/01/2035 | | | 20 | | 20,239 |
Pittsburg Unified School District, Series 2016, Ref. GO Bonds
| 4.00% | | 08/01/2040 | | | 35 | | 35,006 |
Regents of the University of California Medical Center, Series 2016 L, Ref. RB
| 5.00% | | 05/15/2032 | | | 40 | | 41,365 |
Regents of the University of California Medical Center, Series 2016 L, Ref. RB
| 5.00% | | 05/15/2033 | | | 25 | | 25,830 |
Regents of the University of California Medical Center, Series 2016 L, Ref. RB
| 5.00% | | 05/15/2034 | | | 180 | | 185,920 |
Regents of the University of California Medical Center, Series 2016 L, Ref. RB
| 5.00% | | 05/15/2035 | | | 875 | | 903,587 |
Regents of the University of California Medical Center, Series 2016 L, Ref. RB
| 4.00% | | 05/15/2037 | | | 15 | | 15,049 |
Regents of the University of California Medical Center, Series 2016 L, Ref. RB
| 4.00% | | 05/15/2038 | | | 140 | | 140,685 |
Regents of the University of California Medical Center, Series 2016 L, Ref. RB
| 5.00% | | 05/15/2041 | | | 165 | | 169,642 |
Regents of the University of California Medical Center, Series 2016 L, Ref. RB
| 4.00% | | 05/15/2044 | | | 125 | | 125,127 |
Sacramento (City of), CA Area Flood Control Agency (Consolidated Capital Assessment District No.2), Series 2016, Ref. RB
| 5.00% | | 10/01/2043 | | | 150 | | 154,854 |
Sacramento (City of), CA Municipal Utility District, Series 2018 F, Ref. RB
| 5.00% | | 08/15/2026 | | | 5 | | 5,252 |
Sacramento (City of), CA Municipal Utility District, Series 2021 I, Ref. RB
| 5.00% | | 08/15/2026 | | | 20 | | 21,007 |
Sacramento (County of), CA, Series 2016 B, Ref. RB
| 5.00% | | 07/01/2041 | | | 130 | | 132,742 |
San Bernardino (County of), CA (Arrowhead), Series 2019 A, Ref. COP
| 5.00% | | 10/01/2026 | | | 125 | | 131,525 |
San Diego (City of), CA Association of Governments (Mid Coast Corridor; Green Bonds), Series 2019, RB(a)
| 5.00% | | 11/15/2025 | | | 75 | | 77,235 |
San Diego (City of), CA Public Facilities Financing Authority, Series 2015, Ref. RB
| 4.00% | | 05/15/2026 | | | 120 | | 121,172 |
San Diego (City of), CA Public Facilities Financing Authority, Series 2016 A, Ref. RB
| 5.00% | | 05/15/2029 | | | 5 | | 5,215 |
San Diego (City of), CA Public Facilities Financing Authority, Series 2016 A, Ref. RB
| 5.00% | | 05/15/2032 | | | 145 | | 150,462 |
San Diego (City of), CA Public Facilities Financing Authority, Series 2016 A, Ref. RB
| 5.00% | | 05/15/2034 | | | 5 | | 5,178 |
San Diego (City of), CA Public Facilities Financing Authority, Series 2016 A, Ref. RB
| 5.00% | | 05/15/2035 | | | 100 | | 103,452 |
San Diego (City of), CA Public Facilities Financing Authority, Series 2016 A, Ref. RB
| 5.00% | | 05/15/2036 | | | 100 | | 103,393 |
San Diego (City of), CA Public Facilities Financing Authority, Series 2016 A, Ref. RB
| 5.00% | | 05/15/2037 | | | 5 | | 5,166 |
San Diego (City of), CA Public Facilities Financing Authority, Series 2016 B, Ref. RB
| 5.00% | | 08/01/2028 | | | 880 | | 922,399 |
San Diego (City of), CA Public Facilities Financing Authority, Series 2016 B, Ref. RB
| 5.00% | | 08/01/2037 | | | 60 | | 62,061 |
San Diego (County of), CA Regional Transportation Commission, Series 2016 A, RB
| 5.00% | | 04/01/2041 | | | 125 | | 128,297 |
San Diego Community College District, Series 2016, Ref. GO Bonds(a)
| 4.00% | | 08/01/2026 | | | 115 | | 118,489 |
San Diego Community College District, Series 2016, Ref. GO Bonds(a)
| 5.00% | | 08/01/2026 | | | 130 | | 136,359 |
San Diego Community College District, Series 2016, Ref. GO Bonds(a)
| 5.00% | | 08/01/2026 | | | 70 | | 73,424 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| California-(continued) | | | | | | | | |
San Diego Community College District, Series 2016, Ref. GO Bonds
| 5.00% | | 08/01/2028 | | $ | 100 | | $ 104,895 |
San Diego Unified School District, Series 2016 R-5, Ref. GO Bonds
| 5.00% | | 07/01/2029 | | | 130 | | 135,905 |
San Diego Unified School District, Series 2016 SR-1, Ref. GO Bonds
| 4.00% | | 07/01/2032 | | | 50 | | 50,790 |
San Diego Unified School District, Series 2016 SR-1, Ref. GO Bonds
| 4.00% | | 07/01/2033 | | | 35 | | 35,437 |
San Diego Unified School District (Election of 1998), Series 2005 C-2, Ref. GO Bonds, (INS - AGM)(b)
| 5.50% | | 07/01/2026 | | | 35 | | 36,998 |
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Second Series 2022 B, Ref. RB
| 5.00% | | 05/01/2026 | | | 5 | | 5,214 |
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2016 C, RB
| 5.00% | | 05/01/2046 | | | 100 | | 101,957 |
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2019 D, Ref. RB
| 5.00% | | 05/01/2026 | | | 40 | | 41,708 |
San Francisco (City & County of), CA Public Utilities Commission, Series 2016, Ref. RB
| 5.00% | | 11/01/2026 | | | 20 | | 21,146 |
San Francisco (City & County of), CA Public Utilities Commission, Series 2016, Ref. RB
| 5.00% | | 11/01/2028 | | | 170 | | 178,595 |
San Francisco (City & County of), CA Public Utilities Commission, Series 2016, Ref. RB
| 5.00% | | 11/01/2029 | | | 10 | | 10,481 |
San Francisco (City & County of), CA Public Utilities Commission, Series 2016, Ref. RB
| 4.00% | | 11/01/2030 | | | 55 | | 56,403 |
San Francisco (City & County of), CA Public Utilities Commission, Series 2016, Ref. RB
| 5.00% | | 11/01/2033 | | | 625 | | 649,421 |
San Francisco (City & County of), CA Public Utilities Commission, Series 2016, Ref. RB
| 4.00% | | 11/01/2036 | | | 80 | | 80,833 |
San Francisco (City & County of), CA Public Utilities Commission, Series 2017 D, Ref. RB
| 5.00% | | 11/01/2026 | | | 90 | | 95,159 |
San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2023 A, RB
| 5.00% | | 10/01/2026 | | | 5 | | 5,276 |
San Francisco (City & County of), CA Successor Agency to the Redevelopment Agency (Mission Bay South Redevelopment), Series 2016 C, Ref. RB, (INS - NATL)(b)
| 5.00% | | 08/01/2041 | | | 150 | | 154,156 |
San Francisco (County of), CA Transportation Authority, Series 2017, RB
| 4.00% | | 02/01/2026 | | | 150 | | 153,295 |
San Jose (City of), CA Redevelopment Agency Successor Agency, Series 2017 B, Ref. RB
| 5.00% | | 08/01/2026 | | | 110 | | 115,402 |
San Jose Unified School District (Election of 2012), Series 2019 N, GO Bonds
| 4.00% | | 08/01/2030 | | | 65 | | 66,535 |
Santa Clara (County of), CA Water District (Green Bonds), Series 2022 B, COP
| 5.00% | | 12/01/2026 | | | 105 | | 110,785 |
Santa Clara Unified School District (Election of 2018), Series 2019, GO Bonds
| 4.00% | | 07/01/2048 | | | 165 | | 162,731 |
Santa Clara Valley Transportation Authority, Series 2018 A, Ref. RB
| 5.00% | | 06/01/2026 | | | 100 | | 104,665 |
Santa Clara Valley Transportation Authority, Series 2023 A, Ref. RB
| 5.00% | | 04/01/2026 | | | 500 | | 521,061 |
Santa Clara Valley Water District, Series 2023, COP
| 4.00% | | 06/01/2026 | | | 20 | | 20,545 |
Silicon Valley Clean Water (WIFIA WWTP), Series 2021 B, RN
| 0.50% | | 03/01/2026 | | | 500 | | 474,441 |
Sonoma (County of), CA Junior College District, Series 2016 A, GO Bonds
| 5.00% | | 08/01/2041 | | | 5 | | 5,152 |
Stockton Unified School District, Series 2016, Ref. GO Bonds
| 5.00% | | 08/01/2031 | | | 20 | | 20,605 |
Sweetwater Union High School District, Series 2016, Ref. GO Bonds
| 4.00% | | 08/01/2042 | | | 20 | | 19,824 |
Sweetwater Union High School District (Election of 2006), Series 2016 B, GO Bonds, (INS - AGM)(b)
| 3.38% | | 08/01/2040 | | | 80 | | 73,363 |
University of California, Series 2016 AR, Ref. RB
| 5.00% | | 05/15/2030 | | | 5 | | 5,199 |
University of California, Series 2016 AR, Ref. RB
| 5.00% | | 05/15/2031 | | | 130 | | 134,901 |
University of California, Series 2016 AR, Ref. RB
| 5.00% | | 05/15/2046 | | | 25 | | 25,622 |
University of California, Series 2017 AY, Ref. RB
| 5.00% | | 05/15/2026 | | | 200 | | 209,019 |
University of California, Series 2024 BX, RB
| 5.00% | | 05/15/2026 | | | 1,000 | | 1,045,095 |
University of California (Limited), Series 2016 K, RB
| 5.00% | | 05/15/2035 | | | 120 | | 124,042 |
University of California (Limited), Series 2016 K, RB
| 4.00% | | 05/15/2036 | | | 70 | | 70,590 |
University of California (Limited), Series 2016 K, RB
| 4.00% | | 05/15/2046 | | | 195 | | 193,187 |
University of California (Limited), Series 2016 K, RB
| 5.00% | | 05/15/2051 | | | 300 | | 306,585 |
Victor Valley Union High School District, Series 2016 A, Ref. GO Bonds, (INS - BAM)(b)
| 3.00% | | 08/01/2034 | | | 20 | | 19,400 |
West Hollywood (City of), CA Public Financing Authority (Park Phase II), Series 2016, Ref. RB
| 3.00% | | 04/01/2041 | | | 125 | | 109,413 |
| | | | | | | | | 40,465,977 |
| Colorado-2.60% | | | | | | | | |
Adams & Arapahoe Joint School District No. 28J Aurora, Series 2017 A, Ref. GO Bonds
| 5.00% | | 12/01/2030 | | | 125 | | 131,304 |
Adams & Arapahoe Joint School District No. 28J Aurora, Series 2017 A, Ref. GO Bonds
| 5.00% | | 12/01/2031 | | | 20 | | 20,977 |
Adams & Arapahoe Joint School District No. 28J Aurora, Series 2017 A, Ref. GO Bonds
| 5.00% | | 12/01/2032 | | | 10 | | 10,471 |
Adams 12 Five Star Schools, Series 2016 B, Ref. GO Bonds
| 5.00% | | 12/15/2028 | | | 100 | | 105,353 |
Adams 12 Five Star Schools, Series 2016 B, Ref. GO Bonds
| 5.00% | | 12/15/2030 | | | 150 | | 157,893 |
Adams 12 Five Star Schools, Series 2016 B, Ref. GO Bonds
| 4.00% | | 12/15/2031 | | | 15 | | 15,282 |
Adams 12 Five Star Schools, Series 2016 B, Ref. GO Bonds
| 5.00% | | 12/15/2032 | | | 10 | | 10,488 |
Arapahoe County School District No. 6 Littleton, Series 2019 A, GO Bonds
| 5.00% | | 12/01/2026 | | | 20 | | 21,083 |
Aurora (City of), CO (Green Bonds), Series 2016, Ref. RB(a)
| 5.00% | | 08/01/2026 | | | 110 | | 115,275 |
Colorado (State of), Series 2018 A, COP
| 5.00% | | 12/15/2026 | | | 15 | | 15,826 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Colorado-(continued) | | | | | | | | |
Colorado (State of), Series 2021 A, COP
| 5.00% | | 12/15/2026 | | $ | 1,540 | | $ 1,624,815 |
Colorado (State of) Health Facilities Authority (SCL Health System), Series 2019 A, Ref. RB
| 5.00% | | 01/01/2026 | | | 95 | | 97,952 |
Colorado (State of) Health Facilities Authority (Vail Valley Medical Center), Series 2015, RB
| 5.00% | | 01/15/2035 | | | 190 | | 193,895 |
Colorado (State of) Higher Education, Series 2014 A, Ref. COP
| 5.00% | | 11/01/2026 | | | 30 | | 31,538 |
Colorado (State of) Regional Transportation District, Series 2015, COP
| 5.00% | | 06/01/2026 | | | 160 | | 162,478 |
Colorado Springs (City of), CO, Series 2018 A-1, Ref. RB
| 5.00% | | 11/15/2026 | | | 30 | | 31,605 |
Commerce (City of), CO, Series 2016, RB(a)
| 5.00% | | 08/01/2026 | | | 55 | | 57,428 |
Denver (City & County of), CO, Series 2016 A, Ref. RB
| 5.00% | | 11/15/2031 | | | 125 | | 130,071 |
Denver (City & County of), CO, Series 2016 A, Ref. RB
| 5.00% | | 11/15/2032 | | | 10 | | 10,385 |
Denver (City & County of), CO, Series 2018 A-1, RB
| 5.00% | | 08/01/2041 | | | 25 | | 25,912 |
Denver (City & County of), CO, Series 2022 C, Ref. RB
| 5.00% | | 11/15/2026 | | | 15 | | 15,783 |
Denver (City & County of), CO (Convention Center Expansion), Series 2018 A, COP
| 5.38% | | 06/01/2043 | | | 215 | | 221,684 |
Denver City & County School District No. 1, Series 2016, Ref. GO Bonds
| 4.00% | | 12/01/2026 | | | 90 | | 91,192 |
Denver City & County School District No. 1, Series 2017, GO Bonds
| 5.00% | | 12/01/2026 | | | 30 | | 31,624 |
Denver City & County School District No. 1, Series 2017, GO Bonds
| 5.00% | | 12/01/2028 | | | 10 | | 10,524 |
Denver City & County School District No. 1, Series 2017, GO Bonds
| 5.00% | | 12/01/2030 | | | 105 | | 110,296 |
Denver City & County School District No. 1, Series 2017, GO Bonds
| 5.00% | | 12/01/2031 | | | 1,555 | | 1,631,343 |
Denver City & County School District No. 1, Series 2017, GO Bonds
| 5.00% | | 12/01/2037 | | | 5 | | 5,212 |
Denver City & County School District No. 1, Series 2017, GO Bonds
| 5.00% | | 12/01/2038 | | | 90 | | 93,660 |
Eagle County School District No. Re50J, Series 2017, GO Bonds
| 5.00% | | 12/01/2035 | | | 100 | | 104,465 |
Jefferson County School District R-1, Series 2012, Ref. GO Bonds
| 5.00% | | 12/15/2026 | | | 40 | | 42,203 |
St. Vrain Valley School District Re-1J (Boulder, Larimer & Weld Counties and the City and County of Broomfield), Series 2016 C, GO Bonds
| 5.00% | | 12/15/2032 | | | 105 | | 110,573 |
University of Colorado, Series 2017 A-2, Ref. RB
| 5.00% | | 06/01/2026 | | | 55 | | 57,258 |
Weld County School District No. RE-4, Series 2016, GO Bonds
| 5.25% | | 12/01/2041 | | | 100 | | 104,206 |
| | | | | | | | | 5,600,054 |
| Connecticut-1.69% | | | | | | | | |
Connecticut (State of), Series 2015 A, GO Bonds
| 5.00% | | 03/15/2026 | | | 10 | | 10,123 |
Connecticut (State of), Series 2015 F, GO Bonds
| 5.00% | | 11/15/2026 | | | 845 | | 867,390 |
Connecticut (State of), Series 2016 A, GO Bonds
| 5.00% | | 03/15/2029 | | | 5 | | 5,162 |
Connecticut (State of), Series 2016 A, GO Bonds
| 4.00% | | 03/15/2036 | | | 5 | | 5,023 |
Connecticut (State of), Series 2016 E, GO Bonds
| 5.00% | | 10/15/2026 | | | 130 | | 136,637 |
Connecticut (State of), Series 2016 E, GO Bonds
| 5.00% | | 10/15/2029 | | | 215 | | 224,469 |
Connecticut (State of), Series 2018 B, RB
| 5.00% | | 10/01/2026 | | | 55 | | 57,757 |
Connecticut (State of), Series 2018 C, GO Bonds
| 5.00% | | 06/15/2026 | | | 100 | | 104,378 |
Connecticut (State of), Series 2018 E, GO Bonds
| 5.00% | | 09/15/2026 | | | 205 | | 215,057 |
Connecticut (State of), Series 2019 A, GO Bonds
| 5.00% | | 04/15/2026 | | | 35 | | 36,386 |
Connecticut (State of), Series 2019 B, Ref. GO Bonds
| 5.00% | | 02/15/2026 | | | 5 | | 5,177 |
Connecticut (State of), Series 2020 A, GO Bonds
| 5.00% | | 01/15/2026 | | | 160 | | 165,340 |
Connecticut (State of), Series 2022 D, Ref. GO Bonds
| 5.00% | | 09/15/2026 | | | 500 | | 524,529 |
Connecticut (State of), Series 2022 E, GO Bonds
| 5.00% | | 11/15/2026 | | | 85 | | 89,510 |
Connecticut (State of) (Green Bonds), Series 2016 F, GO Bonds
| 5.00% | | 10/15/2030 | | | 200 | | 208,091 |
Connecticut (State of) (Transportation Infrastructure), Series 2016 A, RB
| 5.00% | | 09/01/2026 | | | 150 | | 157,218 |
Connecticut (State of) (Transportation Infrastructure), Series 2016 A, RB
| 5.00% | | 09/01/2029 | | | 25 | | 26,044 |
Connecticut (State of) (Transportation Infrastructure), Series 2016 A, RB
| 5.00% | | 09/01/2030 | | | 435 | | 451,690 |
Connecticut (State of) (Transportation Infrastructure), Series 2016 A, RB
| 4.00% | | 09/01/2035 | | | 95 | | 95,477 |
Connecticut (State of) (Transportation Infrastructure), Series 2016 A, RB
| 4.00% | | 09/01/2036 | | | 15 | | 15,026 |
Connecticut (State of) Health & Educational Facilities Authority (Trinity Health Corp.), Series 2016, RB
| 5.00% | | 12/01/2041 | | | 5 | | 5,089 |
Connecticut (State of) Health & Educational Facilities Authority (Trinity Health Corp.), Series 2016, RB
| 5.00% | | 12/01/2045 | | | 195 | | 197,477 |
Metropolitan District (The), Series 2016 C, GO Bonds, (INS - AGM)(b)
| 4.00% | | 11/01/2034 | | | 35 | | 35,583 |
| | | | | | | | | 3,638,633 |
| Delaware-0.14% | | | | | | | | |
Delaware (State of), Series 2017 A, Ref. GO Bonds
| 5.00% | | 01/01/2026 | | | 11 | | 11,358 |
Delaware (State of) Transportation Authority, Series 2016, Ref. RB
| 5.00% | | 07/01/2026 | | | 285 | | 297,690 |
| | | | | | | | | 309,048 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| District of Columbia-1.09% | | | | | | | | |
District of Columbia, Series 2016 A, GO Bonds
| 5.00% | | 06/01/2028 | | $ | 10 | | $ 10,377 |
District of Columbia, Series 2016 A, GO Bonds
| 5.00% | | 06/01/2030 | | | 135 | | 139,768 |
District of Columbia, Series 2016 A, GO Bonds
| 5.00% | | 06/01/2031 | | | 50 | | 51,697 |
District of Columbia, Series 2016 A, GO Bonds
| 5.00% | | 06/01/2032 | | | 175 | | 181,000 |
District of Columbia, Series 2016 A, GO Bonds
| 4.00% | | 06/01/2035 | | | 20 | | 20,167 |
District of Columbia, Series 2016 A, GO Bonds
| 5.00% | | 06/01/2041 | | | 500 | | 512,933 |
District of Columbia, Series 2016 D, GO Bonds
| 5.00% | | 06/01/2029 | | | 10 | | 10,465 |
District of Columbia, Series 2016 D, GO Bonds
| 5.00% | | 06/01/2030 | | | 25 | | 26,112 |
District of Columbia, Series 2016 D, GO Bonds
| 5.00% | | 06/01/2032 | | | 45 | | 46,972 |
District of Columbia, Series 2016 D, GO Bonds
| 5.00% | | 06/01/2033 | | | 10 | | 10,434 |
District of Columbia, Series 2016 D, GO Bonds
| 5.00% | | 06/01/2034 | | | 275 | | 286,805 |
District of Columbia, Series 2016 D, GO Bonds
| 5.00% | | 06/01/2035 | | | 50 | | 52,102 |
District of Columbia, Series 2016 D, GO Bonds
| 5.00% | | 06/01/2036 | | | 635 | | 660,296 |
District of Columbia, Series 2016 D, GO Bonds
| 5.00% | | 06/01/2041 | | | 15 | | 15,489 |
District of Columbia, Series 2016 E, Ref. GO Bonds
| 5.00% | | 06/01/2026 | | | 5 | | 5,214 |
District of Columbia, Series 2016 E, Ref. GO Bonds
| 5.00% | | 06/01/2031 | | | 85 | | 88,649 |
District of Columbia, Series 2023 B, Ref. GO Bonds
| 5.00% | | 06/01/2026 | | | 15 | | 15,642 |
District of Columbia Water & Sewer Authority, Series 2016 A, Ref. RB
| 5.00% | | 10/01/2029 | | | 50 | | 51,727 |
District of Columbia Water & Sewer Authority, Series 2016 A, Ref. RB
| 5.00% | | 10/01/2030 | | | 15 | | 15,487 |
Washington Convention & Sports Authority, Series 2018 A, Ref. RB
| 5.00% | | 10/01/2026 | | | 100 | | 104,722 |
Washington Metropolitan Area Transit Authority, Series 2017 B, RB
| 5.00% | | 07/01/2026 | | | 15 | | 15,646 |
Washington Metropolitan Area Transit Authority, Series 2021 A, RB
| 5.00% | | 07/15/2026 | | | 25 | | 26,119 |
| | | | | | | | | 2,347,823 |
| Florida-3.77% | | | | | | | | |
Broward (County of), FL School Board, Series 2015 A, Ref. COP
| 5.00% | | 07/01/2026 | | | 125 | | 127,064 |
Broward (County of), FL School Board, Series 2017 C, Ref. COP
| 5.00% | | 07/01/2026 | | | 500 | | 520,985 |
Central Florida Expressway Authority, Series 2016 A, Ref. RB(a)
| 5.00% | | 07/01/2026 | | | 5 | | 5,215 |
Central Florida Expressway Authority, Series 2016 A, Ref. RB
| 4.00% | | 07/01/2031 | | | 10 | | 10,099 |
Central Florida Expressway Authority, Series 2016 B, Ref. RB(a)
| 4.00% | | 07/01/2026 | | | 500 | | 512,664 |
Central Florida Expressway Authority, Series 2016 B, Ref. RB(a)
| 4.00% | | 07/01/2026 | | | 250 | | 256,332 |
Central Florida Expressway Authority, Series 2016 B, Ref. RB(a)
| 5.00% | | 07/01/2026 | | | 290 | | 302,489 |
Central Florida Expressway Authority, Series 2016 B, Ref. RB
| 5.00% | | 07/01/2028 | | | 20 | | 20,737 |
Central Florida Expressway Authority, Series 2016 B, Ref. RB
| 4.00% | | 07/01/2030 | | | 15 | | 15,227 |
Central Florida Expressway Authority, Series 2016 B, Ref. RB
| 4.00% | | 07/01/2031 | | | 65 | | 65,645 |
Central Florida Expressway Authority, Series 2016 B, Ref. RB
| 4.00% | | 07/01/2038 | | | 20 | | 20,032 |
Central Florida Expressway Authority, Series 2016 B, Ref. RB
| 4.00% | | 07/01/2039 | | | 140 | | 140,108 |
Central Florida Expressway Authority, Series 2021, Ref. RB, (INS - AGM)(b)
| 5.00% | | 07/01/2026 | | | 375 | | 391,218 |
Duval County (County of), FL School Board, Series 2016, Ref. COP
| 4.00% | | 07/01/2034 | | | 5 | | 5,063 |
Florida (State of), Series 2016 A, Ref. GO Bonds
| 5.00% | | 07/01/2026 | | | 20 | | 20,872 |
Florida (State of), Series 2016 B, Ref. RB
| 5.00% | | 07/01/2026 | | | 160 | | 166,745 |
Florida (State of), Series 2021 B, Ref. GO Bonds
| 5.00% | | 06/01/2026 | | | 195 | | 203,345 |
Florida (State of) (Capital Outlay), Series 2015 E, Ref. GO Bonds
| 5.00% | | 06/01/2026 | | | 50 | | 50,871 |
Florida (State of) Department of Environmental Protection (FL Forever), Series 2016 A, Ref. RB
| 5.00% | | 07/01/2026 | | | 100 | | 104,471 |
Florida (State of) Department of Management Services, Series 2018 A, Ref. COP
| 5.00% | | 11/01/2026 | | | 140 | | 146,965 |
Florida (State of) Municipal Power Agency, Series 2016 A, Ref. RB
| 5.00% | | 10/01/2026 | | | 80 | | 83,629 |
Florida (State of) Municipal Power Agency, Series 2016 A, Ref. RB
| 5.00% | | 10/01/2028 | | | 85 | | 88,617 |
Florida (State of) Municipal Power Agency, Series 2016 A, Ref. RB
| 5.00% | | 10/01/2029 | | | 40 | | 41,636 |
Florida (State of) Municipal Power Agency, Series 2016 A, Ref. RB
| 5.00% | | 10/01/2031 | | | 35 | | 36,339 |
Halifax Hospital Medical Center, Series 2016, Ref. RB
| 5.00% | | 06/01/2036 | | | 500 | | 507,030 |
Miami (City of) & Dade (County of), FL School Board, Series 2015 B, Ref. COP
| 5.00% | | 05/01/2026 | | | 15 | | 15,210 |
Miami (City of) & Dade (County of), FL School Board, Series 2015 D, Ref. COP
| 5.00% | | 02/01/2028 | | | 30 | | 30,708 |
Miami (City of) & Dade (County of), FL School Board, Series 2015 D, Ref. COP
| 5.00% | | 02/01/2029 | | | 130 | | 133,088 |
Miami (City of) & Dade (County of), FL School Board, Series 2015 D, Ref. COP
| 5.00% | | 02/01/2031 | | | 25 | | 25,559 |
Miami (City of) & Dade (County of), FL School Board, Series 2016, Ref. COP
| 5.00% | | 02/01/2032 | | | 75 | | 76,625 |
Miami-Dade (County of), FL, Series 2015 B, Ref. RB
| 5.00% | | 10/01/2026 | | | 25 | | 25,577 |
Miami-Dade (County of), FL, Series 2015, Ref. RB
| 5.00% | | 10/01/2026 | | | 100 | | 102,455 |
Miami-Dade (County of), FL, Series 2016 A, Ref. GO Bonds
| 5.00% | | 07/01/2029 | | | 30 | | 31,140 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Florida-(continued) | | | | | | | | |
Miami-Dade (County of), FL, Series 2016 A, Ref. GO Bonds
| 5.00% | | 07/01/2030 | | $ | 40 | | $ 41,549 |
Miami-Dade (County of), FL, Series 2016 A, Ref. GO Bonds
| 5.00% | | 07/01/2031 | | | 75 | | 77,877 |
Miami-Dade (County of), FL, Series 2016 A, Ref. GO Bonds
| 5.00% | | 07/01/2032 | | | 55 | | 57,130 |
Miami-Dade (County of), FL, Series 2016 A, Ref. GO Bonds
| 5.00% | | 07/01/2033 | | | 35 | | 36,355 |
Miami-Dade (County of), FL, Series 2016 A, Ref. GO Bonds
| 5.00% | | 07/01/2034 | | | 10 | | 10,385 |
Miami-Dade (County of), FL, Series 2016 A, Ref. GO Bonds
| 5.00% | | 07/01/2035 | | | 50 | | 51,864 |
Miami-Dade (County of), FL, Series 2016 A, Ref. GO Bonds
| 5.00% | | 07/01/2036 | | | 25 | | 25,882 |
Miami-Dade (County of), FL, Series 2016 A, Ref. RB
| 5.00% | | 10/01/2041 | | | 200 | | 204,017 |
Miami-Dade (County of), FL, Series 2016, Ref. RB
| 5.00% | | 10/01/2030 | | | 55 | | 56,964 |
Miami-Dade (County of), FL, Series 2016, Ref. RB
| 5.00% | | 10/01/2034 | | | 360 | | 373,842 |
Miami-Dade (County of), FL, Series 2016, Ref. RB
| 5.00% | | 10/01/2035 | | | 305 | | 314,304 |
Miami-Dade (County of), FL, Series 2016, Ref. RB
| 4.00% | | 10/01/2039 | | | 30 | | 29,928 |
Miami-Dade (County of), FL Expressway Authority, Series 2016 A, Ref. RB
| 5.00% | | 07/01/2029 | | | 125 | | 129,154 |
Miami-Dade (County of), FL Transit System, Series 2015, Ref. RB
| 5.00% | | 07/01/2026 | | | 10 | | 10,163 |
Miami-Dade (County of), FL Transit System, Series 2017, Ref. RB
| 4.00% | | 07/01/2038 | | | 35 | | 35,101 |
Orange (County of), FL Convention Center, Series 2017, Ref. RB
| 5.00% | | 10/01/2026 | | | 190 | | 198,971 |
Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group), Series 2016 A, Ref. RB
| 5.00% | | 10/01/2035 | | | 235 | | 242,451 |
Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group), Series 2016 A, Ref. RB
| 5.00% | | 10/01/2036 | | | 50 | | 51,498 |
Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group), Series 2016 A, Ref. RB
| 5.00% | | 10/01/2039 | | | 10 | | 10,251 |
Orange (County of), FL School Board, Series 2016 C, Ref. COP(a)
| 3.38% | | 08/01/2026 | | | 35 | | 35,590 |
Orange (County of), FL School Board, Series 2016 C, Ref. COP(a)
| 5.00% | | 08/01/2026 | | | 510 | | 534,263 |
Orange (County of), FL School Board, Series 2016 C, Ref. COP(a)
| 5.00% | | 08/01/2026 | | | 10 | | 10,476 |
Orange (County of), FL School Board, Series 2017, Ref. COP
| 5.00% | | 08/01/2026 | | | 50 | | 52,216 |
Palm Beach County School District, Series 2017 A, Ref. COP
| 5.00% | | 08/01/2026 | | | 45 | | 46,995 |
Port St. Lucie (City of), FL, Series 2016, Ref. RB
| 5.00% | | 09/01/2029 | | | 20 | | 20,851 |
Port St. Lucie (City of), FL, Series 2016, Ref. RB
| 4.00% | | 09/01/2031 | | | 600 | | 606,463 |
Port St. Lucie (City of), FL, Series 2016, Ref. RB
| 4.00% | | 09/01/2033 | | | 5 | | 5,048 |
Reedy Creek Improvement District, Series 2016, GO Bonds
| 5.00% | | 06/01/2035 | | | 200 | | 205,987 |
South Broward Hospital District, Series 2016, Ref. RB
| 4.00% | | 05/01/2033 | | | 50 | | 50,554 |
South Florida Water Management District, Series 2016, Ref. COP
| 5.00% | | 10/01/2026 | | | 10 | | 10,367 |
South Florida Water Management District, Series 2016, Ref. COP
| 5.00% | | 10/01/2027 | | | 50 | | 51,813 |
South Florida Water Management District, Series 2016, Ref. COP
| 5.00% | | 10/01/2028 | | | 25 | | 25,922 |
South Florida Water Management District, Series 2016, Ref. COP
| 5.00% | | 10/01/2029 | | | 5 | | 5,173 |
South Florida Water Management District, Series 2016, Ref. COP
| 5.00% | | 10/01/2032 | | | 30 | | 30,853 |
South Florida Water Management District, Series 2016, Ref. COP
| 5.00% | | 10/01/2035 | | | 100 | | 102,673 |
South Florida Water Management District, Series 2016, Ref. COP
| 5.00% | | 10/01/2036 | | | 30 | | 30,755 |
Tampa Bay (City of), FL Water, Series 2016 C, Ref. RB
| 5.00% | | 10/01/2026 | | | 50 | | 52,413 |
| | | | | | | | | 8,119,858 |
| Georgia-1.11% | | | | | | | | |
Atlanta (City of), GA, Series 2004, RB, (INS - AGM)(b)
| 5.75% | | 11/01/2026 | | | 30 | | 32,008 |
DeKalb (County of), GA, Series 2006 B, Ref. RB, (INS - AGM)(b)
| 5.25% | | 10/01/2032 | | | 120 | | 124,957 |
Fulton (County of), GA Development Authority (Piedmont Healthcare, Inc.), Series 2016 A, Ref. RB
| 5.00% | | 07/01/2046 | | | 100 | | 101,314 |
Georgia (State of), Series 2016 E, Ref. GO Bonds
| 5.00% | | 12/01/2026 | | | 85 | | 89,716 |
Georgia (State of), Series 2016 F, Ref. GO Bonds
| 5.00% | | 07/01/2026 | | | 50 | | 52,272 |
Georgia (State of), Series 2017 A-1, GO Bonds
| 5.00% | | 02/01/2026 | | | 440 | | 455,360 |
Georgia (State of), Series 2017 C, Ref. GO Bonds
| 5.00% | | 07/01/2026 | | | 15 | | 15,682 |
Georgia (State of) (Bidding Group 1), Series 2020 A, GO Bonds
| 5.00% | | 08/01/2026 | | | 60 | | 62,854 |
Georgia (State of) (Bidding Group 1), Series 2021 A, Ref. GO Bonds
| 5.00% | | 07/01/2026 | | | 200 | | 209,088 |
Georgia (State of) (Bidding Group 1), Series 2022 A, GO Bonds
| 5.00% | | 07/01/2026 | | | 45 | | 47,045 |
Georgia (State of) (Bidding Group 3), Series 2022 C, Ref. GO Bonds
| 4.00% | | 07/01/2026 | | | 30 | | 30,830 |
Georgia (State of) (Tranche 1), Series 2019 A, GO Bonds
| 5.00% | | 07/01/2026 | | | 30 | | 31,363 |
Georgia (State of) (Tranche 2), Series 2015 A, GO Bonds
| 5.00% | | 02/01/2026 | | | 100 | | 101,023 |
Georgia (State of) (Tranche 2), Series 2016 A, GO Bonds
| 5.00% | | 02/01/2030 | | | 30 | | 30,876 |
Georgia (State of) Municipal Electric Authority (Project One), Series 2016 A, Ref. RB
| 5.00% | | 01/01/2028 | | | 25 | | 25,864 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Georgia-(continued) | | | | | | | | |
Georgia (State of) Road & Tollway Authority (Garvee), Series 2020, RB
| 5.00% | | 06/01/2026 | | $ | 70 | | $ 72,935 |
Gwinnett County School District, Series 2022 B, GO Bonds
| 5.00% | | 08/01/2026 | | | 40 | | 41,842 |
Henry County School District, Series 2016, GO Bonds(a)
| 4.00% | | 08/01/2026 | | | 50 | | 51,328 |
Henry County School District, Series 2016, GO Bonds(a)
| 4.00% | | 08/01/2026 | | | 10 | | 10,266 |
Henry County School District, Series 2016, GO Bonds
| 5.00% | | 08/01/2026 | | | 115 | | 120,295 |
Henry County School District, Series 2016, GO Bonds
| 4.00% | | 08/01/2028 | | | 15 | | 15,297 |
Main Street Natural Gas, Inc., Series 2007 A, RB
| 5.50% | | 09/15/2026 | | | 170 | | 176,922 |
Metropolitan Atlanta Rapid Transit Authority, Series 2015 C, Ref. RB
| 5.00% | | 07/01/2026 | | | 75 | | 78,394 |
Metropolitan Atlanta Rapid Transit Authority, Series 2016 B, Ref. RB(a)
| 5.00% | | 07/01/2026 | | | 50 | | 52,290 |
Metropolitan Atlanta Rapid Transit Authority, Series 2016 B, Ref. RB(a)
| 5.00% | | 07/01/2026 | | | 35 | | 36,603 |
Private Colleges & Universities Authority (Emory University), Series 2016 A, Ref. RB
| 5.00% | | 10/01/2046 | | | 50 | | 51,526 |
Private Colleges & Universities Authority (Emory University), Series 2016 B, Ref. RB
| 4.00% | | 10/01/2038 | | | 60 | | 60,167 |
Private Colleges & Universities Authority (Emory University), Series 2016 B, Ref. RB
| 5.00% | | 10/01/2038 | | | 100 | | 103,888 |
Richmond (County of), GA Board of Education, Series 2023, GO Bonds
| 5.00% | | 10/01/2026 | | | 25 | | 26,253 |
Sandy Springs (City of), GA Public Facilities Authority (City Center), Series 2015, RB(a)
| 4.00% | | 05/01/2026 | | | 5 | | 5,127 |
Sandy Springs (City of), GA Public Facilities Authority (City Center), Series 2015, RB(a)
| 5.00% | | 05/01/2026 | | | 65 | | 67,700 |
| | | | | | | | | 2,381,085 |
| Hawaii-0.89% | | | | | | | | |
Hawaii (State of), Series 2015 EZ, Ref. GO Bonds
| 5.00% | | 10/01/2026 | | | 65 | | 66,568 |
Hawaii (State of), Series 2016 FB, GO Bonds
| 4.00% | | 04/01/2026 | | | 40 | | 40,931 |
Hawaii (State of), Series 2016 FB, GO Bonds
| 4.00% | | 04/01/2028 | | | 75 | | 76,419 |
Hawaii (State of), Series 2016 FE, Ref. GO Bonds
| 5.00% | | 10/01/2026 | | | 5 | | 5,245 |
Hawaii (State of), Series 2016 FG, GO Bonds
| 5.00% | | 10/01/2028 | | | 75 | | 78,595 |
Hawaii (State of), Series 2016 FG, GO Bonds
| 5.00% | | 10/01/2030 | | | 25 | | 26,121 |
Hawaii (State of), Series 2016 FG, GO Bonds
| 5.00% | | 10/01/2031 | | | 190 | | 198,598 |
Hawaii (State of), Series 2016 FH, Ref. GO Bonds
| 5.00% | | 10/01/2026 | | | 85 | | 89,172 |
Hawaii (State of), Series 2016 FH, Ref. GO Bonds
| 4.00% | | 10/01/2031 | | | 430 | | 440,223 |
Hawaii (State of), Series 2017 FN, Ref. GO Bonds
| 5.00% | | 10/01/2026 | | | 100 | | 104,908 |
Hawaii (State of), Series 2019 FW, GO Bonds
| 5.00% | | 01/01/2026 | | | 45 | | 46,458 |
Honolulu (City & County of), HI, Series 2016 B, Ref. RB
| 5.00% | | 07/01/2035 | | | 10 | | 10,355 |
Honolulu (City & County of), HI, Series 2016 B, Ref. RB
| 5.00% | | 07/01/2036 | | | 5 | | 5,174 |
Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2019 A, GO Bonds
| 5.00% | | 09/01/2026 | | | 590 | | 618,393 |
Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2020 B, Ref. GO Bonds
| 5.00% | | 03/01/2026 | | | 45 | | 46,613 |
Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2021, GO Bonds
| 5.00% | | 03/01/2026 | | | 60 | | 62,150 |
Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2023, Ref. GO Bonds
| 5.00% | | 03/01/2026 | | | 5 | | 5,178 |
| | | | | | | | | 1,921,101 |
| Illinois-5.48% | | | | | | | | |
Chicago (City of), IL, Series 1999, RB
| 5.00% | | 11/01/2030 | | | 175 | | 181,622 |
Chicago (City of), IL, Series 2016 C, Ref. GO Bonds
| 5.00% | | 01/01/2038 | | | 100 | | 100,514 |
Chicago (City of), IL (O’Hare International Airport), Series 2016 B, Ref. RB
| 5.00% | | 01/01/2041 | | | 300 | | 303,819 |
Chicago (City of), IL (O’Hare International Airport), Series 2016 C, Ref. RB
| 5.00% | | 01/01/2026 | | | 20 | | 20,611 |
Chicago (City of), IL (O’Hare International Airport), Series 2016 C, Ref. RB
| 5.00% | | 01/01/2028 | | | 80 | | 82,055 |
Chicago (City of), IL (O’Hare International Airport), Series 2016 C, Ref. RB
| 5.00% | | 01/01/2029 | | | 60 | | 61,447 |
Chicago (City of), IL (O’Hare International Airport), Series 2016 C, Ref. RB
| 5.00% | | 01/01/2030 | | | 60 | | 61,347 |
Chicago (City of), IL (O’Hare International Airport), Series 2016 C, Ref. RB
| 5.00% | | 01/01/2032 | | | 55 | | 56,107 |
Chicago (City of), IL (O’Hare International Airport), Series 2016 C, Ref. RB
| 5.00% | | 01/01/2034 | | | 220 | | 224,204 |
Chicago (City of), IL (O’Hare International Airport), Series 2016 C, Ref. RB
| 5.00% | | 01/01/2036 | | | 50 | | 50,888 |
Chicago (City of), IL (O’Hare International Airport), Series 2016 C, Ref. RB
| 5.00% | | 01/01/2037 | | | 260 | | 264,394 |
Chicago (City of), IL (O’Hare International Airport), Series 2016 C, Ref. RB
| 5.00% | | 01/01/2038 | | | 100 | | 101,559 |
Chicago (City of), IL Metropolitan Water Reclamation District, Series 2016 A, Ref. GO Bonds
| 5.00% | | 12/01/2026 | | | 1,075 | | 1,130,302 |
Chicago (City of), IL Metropolitan Water Reclamation District, Series 2016 A, Ref. GO Bonds
| 5.00% | | 12/01/2029 | | | 190 | | 198,905 |
Chicago (City of), IL Metropolitan Water Reclamation District (Green Bonds), Series 2016 A, Ref. GO Bonds
| 5.00% | | 12/01/2028 | | | 15 | | 15,726 |
Chicago (City of), IL Midway International Airport, Series 2016 B, Ref. RB
| 5.00% | | 01/01/2046 | | | 250 | | 252,316 |
Chicago (City of), IL Transit Authority, Series 2017, RB
| 5.00% | | 12/01/2046 | | | 75 | | 76,224 |
Cook (County of), IL, Series 2016 A, Ref. GO Bonds
| 5.00% | | 11/15/2026 | | | 135 | | 141,630 |
Cook (County of), IL, Series 2016 A, Ref. GO Bonds
| 5.00% | | 11/15/2028 | | | 40 | | 41,725 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Illinois-(continued) | | | | | | | | |
Cook (County of), IL, Series 2016 A, Ref. GO Bonds
| 5.00% | | 11/15/2029 | | $ | 100 | | $ 104,290 |
Cook (County of), IL, Series 2016 A, Ref. GO Bonds
| 5.00% | | 11/15/2030 | | | 20 | | 20,888 |
Cook (County of), IL, Series 2016 A, Ref. GO Bonds
| 5.00% | | 11/15/2031 | | | 500 | | 522,103 |
Cook (County of), IL, Series 2021 A, Ref. GO Bonds
| 5.00% | | 11/15/2026 | | | 5 | | 5,246 |
Du Page & Will Counties Community School District No. 204 Indian Prairie, Series 2017, Ref. GO Bonds
| 4.00% | | 12/30/2026 | | | 145 | | 149,413 |
Illinois (State of), Series 2016 C, Ref. RB
| 4.00% | | 06/15/2029 | | | 35 | | 35,288 |
Illinois (State of), Series 2016 C, Ref. RB, (INS - BAM)(b)
| 4.00% | | 06/15/2028 | | | 55 | | 55,607 |
Illinois (State of), Series 2016 D, Ref. RB
| 5.00% | | 06/15/2028 | | | 10 | | 10,247 |
Illinois (State of), Series 2016, GO Bonds
| 5.00% | | 06/01/2026 | | | 5 | | 5,173 |
Illinois (State of), Series 2016, GO Bonds
| 4.00% | | 01/01/2031 | | | 130 | | 130,590 |
Illinois (State of), Series 2016, GO Bonds
| 4.13% | | 11/01/2031 | | | 210 | | 212,199 |
Illinois (State of), Series 2016, GO Bonds
| 5.00% | | 11/01/2032 | | | 100 | | 103,006 |
Illinois (State of), Series 2016, GO Bonds
| 5.00% | | 01/01/2033 | | | 570 | | 580,352 |
Illinois (State of), Series 2016, GO Bonds
| 4.00% | | 06/01/2033 | | | 745 | | 746,891 |
Illinois (State of), Series 2016, GO Bonds
| 5.00% | | 11/01/2033 | | | 25 | | 25,696 |
Illinois (State of), Series 2016, GO Bonds
| 5.00% | | 11/01/2034 | | | 485 | | 497,721 |
Illinois (State of), Series 2016, GO Bonds
| 4.00% | | 06/01/2035 | | | 100 | | 100,028 |
Illinois (State of), Series 2016, GO Bonds
| 4.25% | | 01/01/2036 | | | 185 | | 185,638 |
Illinois (State of), Series 2016, GO Bonds, (INS - AGM)(b)
| 3.75% | | 01/01/2034 | | | 5 | | 4,947 |
Illinois (State of), Series 2016, GO Bonds, (INS - AGM)(b)
| 4.00% | | 01/01/2039 | | | 30 | | 29,656 |
Illinois (State of), Series 2016, Ref. GO Bonds
| 5.00% | | 02/01/2026 | | | 120 | | 123,337 |
Illinois (State of), Series 2017 D, GO Bonds
| 5.00% | | 11/01/2026 | | | 485 | | 505,898 |
Illinois (State of), Series 2018 B, Ref. GO Bonds
| 5.00% | | 10/01/2026 | | | 105 | | 109,349 |
Illinois (State of), Series 2019 A, GO Bonds
| 5.00% | | 11/01/2026 | | | 35 | | 36,507 |
Illinois (State of), Series 2021 A, GO Bonds
| 5.00% | | 12/01/2026 | | | 185 | | 193,274 |
Illinois (State of), Series 2021 B, GO Bonds
| 5.00% | | 03/01/2026 | | | 5 | | 5,147 |
Illinois (State of), Series 2023 D, Ref. GO Bonds
| 5.00% | | 07/01/2026 | | | 65 | | 67,356 |
Illinois (State of), Series 2024 B, GO Bonds
| 5.00% | | 05/01/2026 | | | 25 | | 25,827 |
Illinois (State of) Educational Facilities Authority, Series 2002, RB
| 4.00% | | 11/01/2036 | | | 80 | | 80,892 |
Illinois (State of) Finance Authority (Art Institute of Chicago), Series 2016, Ref. RB
| 5.00% | | 03/01/2030 | | | 160 | | 164,936 |
Illinois (State of) Finance Authority (Ascension Health), Series 2016 C, Ref. RB
| 5.00% | | 02/15/2026 | | | 215 | | 222,159 |
Illinois (State of) Finance Authority (Carle Foundation (The)), Series 2016 A, Ref. RB
| 5.00% | | 02/15/2045 | | | 500 | | 505,338 |
Illinois (State of) Finance Authority (Clean Water Initiative), Series 2016, RB
| 4.00% | | 07/01/2026 | | | 135 | | 137,410 |
Illinois (State of) Finance Authority (Mercy Health Corp.), Series 2016, Ref. RB
| 5.00% | | 12/01/2040 | | | 55 | | 55,841 |
Illinois (State of) Finance Authority (Northwest Community Hospital), Series 2016 A, Ref. RB(a)
| 4.00% | | 07/01/2026 | | | 5 | | 5,118 |
Illinois (State of) Finance Authority (Northwestern University), Series 2015, RB
| 5.00% | | 12/01/2026 | | | 20 | | 20,550 |
Illinois (State of) Regional Transportation Authority, Series 2017 A, Ref. RB
| 5.00% | | 07/01/2026 | | | 55 | | 57,328 |
Illinois (State of) Toll Highway Authority, Series 2015 B, RB
| 5.00% | | 01/01/2036 | | | 55 | | 56,109 |
Illinois (State of) Toll Highway Authority, Series 2015 B, RB
| 5.00% | | 01/01/2040 | | | 1,120 | | 1,139,438 |
Illinois (State of) Toll Highway Authority, Series 2016 A, Ref. RB
| 4.00% | | 12/01/2031 | | | 60 | | 60,519 |
Illinois (State of) Toll Highway Authority, Series 2016 A, Ref. RB
| 5.00% | | 12/01/2031 | | | 170 | | 173,953 |
Illinois (State of) Toll Highway Authority, Series 2016 A, Ref. RB
| 5.00% | | 12/01/2032 | | | 285 | | 291,375 |
Illinois (State of) Toll Highway Authority, Series 2016 B, RB
| 5.00% | | 01/01/2041 | | | 275 | | 281,214 |
Illinois (State of) Toll Highway Authority, Series 2019 B, Ref. RB
| 5.00% | | 01/01/2026 | | | 160 | | 165,206 |
Illinois (State of) Toll Highway Authority, Series 2019, Ref. RB
| 5.00% | | 01/01/2026 | | | 120 | | 123,904 |
Northern Illinois Municipal Power Agency, Series 2016 A, Ref. RB
| 5.00% | | 12/01/2041 | | | 75 | | 76,638 |
Rosemont (Village of), IL, Series 2017 A, GO Bonds, (INS - AGM)(b)
| 5.00% | | 12/01/2046 | | | 140 | | 145,415 |
Sales Tax Securitization Corp., Series 2017 A, Ref. RB
| 5.00% | | 01/01/2026 | | | 35 | | 36,041 |
Sales Tax Securitization Corp., Series 2021 A, Ref. RB
| 5.00% | | 01/01/2026 | | | 30 | | 30,893 |
Will & Kendall Counties Community Consolidated School District 202 Plainfield, Series 2018 A, Ref. GO Bonds
| 4.00% | | 01/01/2026 | | | 15 | | 15,230 |
| | | | | | | | | 11,802,576 |
| Indiana-1.24% | | | | | | | | |
Carmel (City of), IN Local Public Improvement Bond Bank, Series 2016, RB, (CEP - Colorado Higher Education Intercept Program)
| 5.00% | | 07/15/2032 | | | 250 | | 259,188 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Indiana-(continued) | | | | | | | | |
Carmel (City of), IN Local Public Improvement Bond Bank, Series 2016, RB, (CEP - Colorado Higher Education Intercept Program)
| 5.00% | | 07/15/2034 | | $ | 555 | | $ 574,986 |
Indiana (State of) Finance Authority (Deaconess Health System Obligated Group), Series 2016 A, RB(a)
| 4.00% | | 09/01/2026 | | | 20 | | 20,517 |
Indiana (State of) Finance Authority (Green Bonds), Series 2016 E, Ref. RB
| 5.00% | | 02/01/2026 | | | 500 | | 517,243 |
Indiana (State of) Finance Authority (Green Bonds), Series 2016, Ref. RB
| 5.00% | | 02/01/2029 | | | 15 | | 15,644 |
Indiana (State of) Municipal Power Agency, Series 2016 A, Ref. RB
| 5.00% | | 01/01/2033 | | | 15 | | 15,553 |
Indiana (State of) Municipal Power Agency, Series 2016 A, Ref. RB
| 5.00% | | 01/01/2034 | | | 35 | | 36,258 |
Indiana (State of) Municipal Power Agency, Series 2016 A, Ref. RB
| 5.00% | | 01/01/2035 | | | 5 | | 5,173 |
Indiana (State of) Municipal Power Agency, Series 2016 A, Ref. RB
| 5.00% | | 01/01/2042 | | | 615 | | 629,927 |
Indiana University, Series 2016 A, Ref. RB
| 5.00% | | 06/01/2028 | | | 25 | | 26,013 |
Indianapolis (City of), IN Department of Public Utilities, Series 2018 A, Ref. RB
| 5.00% | | 10/01/2026 | | | 545 | | 571,637 |
| | | | | | | | | 2,672,139 |
| Iowa-0.09% | | | | | | | | |
Iowa (State of), Series 2016 A, Ref. RB
| 4.00% | | 06/01/2026 | | | 25 | | 25,560 |
Iowa (State of), Series 2016 A, Ref. RB
| 5.00% | | 06/01/2028 | | | 35 | | 36,405 |
Iowa (State of) Finance Authority (Green Bonds), Series 2017, Ref. RB
| 5.00% | | 08/01/2026 | | | 45 | | 47,123 |
Iowa (State of) Higher Education Loan Authority (Grinnell College), Series 2017, RB
| 5.00% | | 12/01/2041 | | | 90 | | 93,229 |
| | | | | | | | | 202,317 |
| Kansas-0.22% | | | | | | | | |
Johnson (County of), KS Public Building Commission (Courthouse & Medical Examiners), Series 2018 A, RB
| 5.00% | | 09/01/2026 | | | 145 | | 151,805 |
Johnson (County of), KS Unified School District No. 233 (Olathe), Series 2016 B, Ref. GO Bonds
| 4.00% | | 09/01/2030 | | | 20 | | 20,375 |
Johnson (County of), KS Unified School District No. 233 (Olathe), Series 2016 B, Ref. GO Bonds
| 4.00% | | 09/01/2031 | | | 85 | | 86,194 |
Wyandotte County Unified School District No. 500, Series 2016 A, GO Bonds(a)
| 5.50% | | 09/01/2026 | | | 210 | | 221,926 |
| | | | | | | | | 480,300 |
| Kentucky-0.60% | | | | | | | | |
Kentucky (Commonwealth of) Property & Building Commission (No. 112), Series 2016 B, Ref. RB
| 5.00% | | 11/01/2026 | | | 235 | | 246,135 |
Kentucky (Commonwealth of) Property & Building Commission (No. 112), Series 2016 B, Ref. RB
| 5.00% | | 11/01/2028 | | | 35 | | 36,529 |
Kentucky (Commonwealth of) Turnpike Authority (Revitalization), Series 2016 A, Ref. RB
| 5.00% | | 07/01/2028 | | | 50 | | 51,755 |
Kentucky (Commonwealth of) Turnpike Authority (Revitalization), Series 2017 B, Ref. RB
| 5.00% | | 07/01/2026 | | | 245 | | 255,506 |
Louisville (City of) & Jefferson (County of), KY Metropolitan Government (Norton Healthcare, Inc.), Series 2016 A, Ref. RB
| 5.00% | | 10/01/2029 | | | 35 | | 36,091 |
Louisville (City of) & Jefferson (County of), KY Metropolitan Government (Norton Healthcare, Inc.), Series 2016 A, Ref. RB
| 5.00% | | 10/01/2030 | | | 210 | | 216,114 |
Louisville (City of) & Jefferson (County of), KY Metropolitan Government (Norton Healthcare, Inc.), Series 2016 A, Ref. RB
| 5.00% | | 10/01/2031 | | | 85 | | 87,267 |
Louisville (City of) & Jefferson (County of), KY Metropolitan Government (Norton Healthcare, Inc.), Series 2016 A, Ref. RB
| 5.00% | | 10/01/2032 | | | 120 | | 123,016 |
Louisville (City of) & Jefferson (County of), KY Metropolitan Government (Norton Healthcare, Inc.), Series 2016 A, Ref. RB
| 5.00% | | 10/01/2033 | | | 70 | | 71,671 |
Louisville (City of) & Jefferson (County of), KY Metropolitan Government (Norton Healthcare, Inc.), Series 2016, Ref. RB
| 4.00% | | 10/01/2034 | | | 120 | | 120,420 |
University of Kentucky, Series 2018 A, RB, (CEP - Colorado Higher Education Intercept Program)
| 4.00% | | 10/01/2032 | | | 40 | | 40,364 |
| | | | | | | | | 1,284,868 |
| Louisiana-0.60% | | | | | | | | |
Louisiana (State of), Series 2016 A, GO Bonds
| 5.00% | | 09/01/2036 | | | 115 | | 119,781 |
Louisiana (State of), Series 2016 B, Ref. GO Bonds
| 5.00% | | 08/01/2026 | | | 200 | | 209,095 |
Louisiana (State of) (Garvee), Series 2019 A, RB
| 5.00% | | 09/01/2026 | | | 250 | | 261,882 |
Louisiana (State of) Public Facilities Authority (Ochsner Clinic Foundation), Series 2016, Ref. RB
| 4.00% | | 05/15/2035 | | | 80 | | 80,490 |
Louisiana (State of) Public Facilities Authority (Ochsner Clinic Foundation), Series 2016, Ref. RB
| 4.00% | | 05/15/2036 | | | 320 | | 321,437 |
Louisiana (State of) Public Facilities Authority (Ochsner Clinic Foundation), Series 2016, Ref. RB
| 5.00% | | 05/15/2047 | | | 75 | | 75,810 |
Louisiana State Citizens Property Insurance Corp., Series 2016 A, Ref. RB
| 5.00% | | 06/01/2026 | | | 150 | | 155,610 |
Shreveport (City of), LA, Series 2016 B, RB, (INS - BAM)(b)
| 4.00% | | 12/01/2037 | | | 55 | | 55,214 |
| | | | | | | | | 1,279,319 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Maine-0.03% | | | | | | | | |
Maine (State of) Municipal Bond Bank (Transcap), Series 2021 A, Ref. RB
| 5.00% | | 09/01/2026 | | $ | 50 | | $ 52,297 |
| Maryland-1.69% | | | | | | | | |
Howard (County of), MD, Series 2017 D, Ref. GO Bonds
| 5.00% | | 02/15/2026 | | | 45 | | 46,603 |
Maryland (State of), Second Series 2018 B, GO Bonds
| 5.00% | | 08/01/2026 | | | 30 | | 31,427 |
Maryland (State of), Series 2015 B, Ref. GO Bonds
| 4.00% | | 08/01/2026 | | | 175 | | 180,078 |
Maryland (State of), Series 2017 A, GO Bonds
| 5.00% | | 03/15/2026 | | | 10 | | 10,380 |
Maryland (State of), Series 2017 A, GO Bonds
| 5.00% | | 08/01/2026 | | | 50 | | 52,379 |
Maryland (State of), Series 2017 B, Ref. GO Bonds
| 5.00% | | 08/01/2026 | | | 65 | | 68,130 |
Maryland (State of), Series 2018 A, GO Bonds
| 5.00% | | 03/15/2026 | | | 100 | | 103,801 |
Maryland (State of) (Bidding Group 1), Second Series 2019 A, GO Bonds
| 5.00% | | 08/01/2026 | | | 105 | | 109,995 |
Maryland (State of) (Bidding Group 1), Series 2020 A, GO Bonds
| 5.00% | | 08/01/2026 | | | 150 | | 157,136 |
Maryland (State of) Department of Transportation, Series 2017, RB
| 5.00% | | 05/01/2026 | | | 35 | | 35,509 |
Maryland (State of) Department of Transportation, Series 2019, RB
| 5.00% | | 10/01/2026 | | | 1,500 | | 1,576,738 |
Maryland (State of) Department of Transportation, Series 2022 B, Ref. RB
| 5.00% | | 12/01/2026 | | | 5 | | 5,276 |
Maryland (State of) Department of Transportation (Second Issue), Series 2018, RB
| 5.00% | | 10/01/2026 | | | 165 | | 173,441 |
Maryland (State of) Department of Transportation (Second Issue), Series 2018, RB
| 5.00% | | 10/01/2028 | | | 250 | | 261,188 |
Maryland (State of) Department of Transportation (Second Issue), Series 2018, RB
| 5.00% | | 10/01/2029 | | | 10 | | 10,441 |
Maryland (State of) Stadium Authority (Baltimore City Public Schools), Series 2016, RB(a)
| 5.00% | | 05/01/2026 | | | 500 | | 520,273 |
Maryland (State of) Transportation Authority, Series 2021 A, Ref. RB
| 5.00% | | 07/01/2026 | | | 35 | | 36,571 |
Montgomery (County of), MD, Series 2017 C, Ref. GO Bonds
| 5.00% | | 10/01/2026 | | | 100 | | 105,137 |
Montgomery (County of), MD, Series 2018 A, GO Bonds
| 5.00% | | 11/01/2026 | | | 60 | | 63,205 |
Prince George’s (County of), MD, Series 2018 A, GO Bonds
| 5.00% | | 07/15/2026 | | | 70 | | 73,211 |
Washington (State of) Suburban Sanitary Commission, Series 2017, Ref. RB
| 3.00% | | 06/01/2026 | | | 20 | | 20,096 |
| | | | | | | | | 3,641,015 |
| Massachusetts-4.55% | | | | | | | | |
Massachusetts (Commonwealth of), Series 2015 A, Ref. GO Bonds
| 5.00% | | 07/01/2026 | | | 165 | | 172,498 |
Massachusetts (Commonwealth of), Series 2016 A, Ref. GO Bonds
| 5.00% | | 07/01/2029 | | | 10 | | 10,405 |
Massachusetts (Commonwealth of), Series 2016 A, Ref. GO Bonds
| 5.00% | | 07/01/2031 | | | 40 | | 41,450 |
Massachusetts (Commonwealth of), Series 2016 A, Ref. GO Bonds
| 5.00% | | 07/01/2032 | | | 50 | | 51,766 |
Massachusetts (Commonwealth of), Series 2016 A, Ref. RB
| 5.00% | | 06/01/2026 | | | 5 | | 5,222 |
Massachusetts (Commonwealth of), Series 2016 B, Ref. GO Bonds
| 5.00% | | 07/01/2026 | | | 85 | | 88,862 |
Massachusetts (Commonwealth of), Series 2016 B, Ref. GO Bonds
| 5.00% | | 07/01/2031 | | | 290 | | 300,513 |
Massachusetts (Commonwealth of), Series 2016 B, Ref. GO Bonds
| 4.00% | | 07/01/2033 | | | 300 | | 303,723 |
Massachusetts (Commonwealth of), Series 2016 B, Ref. GO Bonds
| 5.00% | | 07/01/2033 | | | 200 | | 206,936 |
Massachusetts (Commonwealth of), Series 2016 B, Ref. GO Bonds
| 5.00% | | 07/01/2034 | | | 80 | | 82,722 |
Massachusetts (Commonwealth of), Series 2016 B, Ref. GO Bonds
| 5.00% | | 07/01/2036 | | | 100 | | 103,177 |
Massachusetts (Commonwealth of), Series 2016 B, Ref. GO Bonds
| 5.00% | | 07/01/2038 | | | 135 | | 138,987 |
Massachusetts (Commonwealth of), Series 2016 C, Ref. GO Bonds
| 5.00% | | 04/01/2026 | | | 150 | | 155,939 |
Massachusetts (Commonwealth of), Series 2016 G, GO Bonds
| 4.00% | | 09/01/2032 | | | 10 | | 10,141 |
Massachusetts (Commonwealth of), Series 2016 G, GO Bonds
| 4.00% | | 09/01/2034 | | | 40 | | 40,470 |
Massachusetts (Commonwealth of), Series 2016 G, GO Bonds
| 4.00% | | 09/01/2035 | | | 290 | | 292,566 |
Massachusetts (Commonwealth of), Series 2016 H, GO Bonds
| 5.00% | | 12/01/2026 | | | 140 | | 147,799 |
Massachusetts (Commonwealth of), Series 2016 I, GO Bonds
| 5.00% | | 12/01/2028 | | | 15 | | 15,756 |
Massachusetts (Commonwealth of), Series 2016 I, GO Bonds
| 5.00% | | 12/01/2029 | | | 5 | | 5,245 |
Massachusetts (Commonwealth of), Series 2016 I, GO Bonds
| 5.00% | | 12/01/2030 | | | 25 | | 26,188 |
Massachusetts (Commonwealth of), Series 2016 I, GO Bonds
| 5.00% | | 12/01/2031 | | | 25 | | 26,094 |
Massachusetts (Commonwealth of), Series 2016 I, GO Bonds
| 5.00% | | 12/01/2034 | | | 515 | | 536,169 |
Massachusetts (Commonwealth of), Series 2016 I, GO Bonds
| 5.00% | | 12/01/2035 | | | 65 | | 67,588 |
Massachusetts (Commonwealth of), Series 2016 J, GO Bonds
| 5.00% | | 12/01/2036 | | | 10 | | 10,383 |
Massachusetts (Commonwealth of), Series 2016 J, GO Bonds
| 5.00% | | 12/01/2037 | | | 110 | | 114,093 |
Massachusetts (Commonwealth of), Series 2016 J, GO Bonds
| 4.00% | | 12/01/2040 | | | 100 | | 100,135 |
Massachusetts (Commonwealth of), Series 2017 C, Ref. GO Bonds
| 5.00% | | 10/01/2026 | | | 50 | | 52,579 |
Massachusetts (Commonwealth of), Series 2017 D, Ref. GO Bonds
| 5.00% | | 07/01/2026 | | | 25 | | 26,136 |
Massachusetts (Commonwealth of), Series 2017 E, Ref. GO Bonds
| 5.00% | | 11/01/2026 | | | 240 | | 252,872 |
Massachusetts (Commonwealth of), Series 2018 B, Ref. GO Bonds
| 5.00% | | 07/01/2026 | | | 20 | | 20,909 |
Massachusetts (Commonwealth of), Series 2018 C, Ref. GO Bonds
| 5.00% | | 09/01/2026 | | | 125 | | 131,190 |
Massachusetts (Commonwealth of), Series 2019 A, Ref. GO Bonds
| 5.00% | | 01/01/2026 | | | 115 | | 118,833 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Massachusetts-(continued) | | | | | | | | |
Massachusetts (Commonwealth of), Series 2019 C, Ref. GO Bonds
| 5.00% | | 05/01/2026 | | $ | 200 | | $ 208,242 |
Massachusetts (Commonwealth of), Series 2019 F, GO Bonds
| 5.00% | | 05/01/2026 | | | 75 | | 78,091 |
Massachusetts (Commonwealth of), Series 2020 E, GO Bonds
| 5.00% | | 11/01/2026 | | | 5 | | 5,268 |
Massachusetts (Commonwealth of) (Rail Enhancement & Accelerated Bridge Program), Series 2016 A, RB
| 5.00% | | 06/01/2041 | | | 30 | | 30,691 |
Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2005 A, RB
| 5.00% | | 07/01/2026 | | | 100 | | 104,489 |
Massachusetts (Commonwealth of) Clean Water Trust (The), Series 2014, Ref. RB
| 5.00% | | 08/01/2026 | | | 20 | | 20,959 |
Massachusetts (Commonwealth of) Development Finance Agency (Bentley University), Series 2016, RB
| 5.00% | | 07/01/2040 | | | 175 | | 178,972 |
Massachusetts (Commonwealth of) Development Finance Agency (Berklee College of Music), Series 2016, Ref. RB
| 5.00% | | 10/01/2046 | | | 250 | | 253,868 |
Massachusetts (Commonwealth of) Development Finance Agency (Boston Medical Center), Series 2016 E, Ref. RB
| 5.00% | | 07/01/2037 | | | 220 | | 224,454 |
Massachusetts (Commonwealth of) Development Finance Agency (Caregroup), Series 2016 I, Ref. RB
| 5.00% | | 07/01/2028 | | | 10 | | 10,330 |
Massachusetts (Commonwealth of) Development Finance Agency (Dana-Farber Cancer Institute), Series 2016, RB
| 5.00% | | 12/01/2046 | | | 1,500 | | 1,526,404 |
Massachusetts (Commonwealth of) Development Finance Agency (Emmanuel College), Series 2016 A, Ref. RB
| 5.00% | | 10/01/2043 | | | 180 | | 181,203 |
Massachusetts (Commonwealth of) Development Finance Agency (Harvard University), Series 2016 A, Ref. RB
| 5.00% | | 07/15/2033 | | | 510 | | 531,590 |
Massachusetts (Commonwealth of) Development Finance Agency (Harvard University), Series 2016 A, Ref. RB
| 5.00% | | 07/15/2034 | | | 10 | | 10,421 |
Massachusetts (Commonwealth of) Development Finance Agency (Harvard University), Series 2016 A, Ref. RB
| 4.00% | | 07/15/2036 | | | 75 | | 75,964 |
Massachusetts (Commonwealth of) Development Finance Agency (Harvard University), Series 2020 A, Ref. RB
| 5.00% | | 10/15/2026 | | | 300 | | 315,952 |
Massachusetts (Commonwealth of) Development Finance Agency (Partners Healthcare System), Series 2016, Ref. RB
| 5.00% | | 07/01/2028 | | | 15 | | 15,567 |
Massachusetts (Commonwealth of) Development Finance Agency (Partners Healthcare System), Series 2016, Ref. RB
| 5.00% | | 07/01/2031 | | | 250 | | 258,242 |
Massachusetts (Commonwealth of) Development Finance Agency (Partners Healthcare System), Series 2016, Ref. RB
| 4.00% | | 07/01/2032 | | | 5 | | 5,063 |
Massachusetts (Commonwealth of) Development Finance Agency (Partners Healthcare System), Series 2016, Ref. RB
| 5.00% | | 07/01/2041 | | | 200 | | 204,364 |
Massachusetts (Commonwealth of) Development Finance Agency (Partners Healthcare System), Series 2016, Ref. RB
| 5.00% | | 07/01/2047 | | | 50 | | 50,754 |
Massachusetts (Commonwealth of) School Building Authority, Series 2016 B, RB
| 5.00% | | 11/15/2035 | | | 50 | | 51,870 |
Massachusetts (Commonwealth of) School Building Authority, Series 2016 B, RB
| 5.00% | | 11/15/2036 | | | 10 | | 10,358 |
Massachusetts (Commonwealth of) School Building Authority, Series 2016 B, RB
| 5.00% | | 11/15/2046 | | | 40 | | 40,942 |
Massachusetts (Commonwealth of) School Building Authority, Series 2016 C, Ref. RB
| 5.00% | | 11/15/2034 | | | 400 | | 415,454 |
Massachusetts (Commonwealth of) School Building Authority, Series 2016 C, Ref. RB
| 4.00% | | 11/15/2035 | | | 200 | | 202,035 |
Massachusetts (Commonwealth of) School Building Authority, Series 2019 A, RB(a)
| 5.00% | | 02/15/2026 | | | 250 | | 259,220 |
Massachusetts (Commonwealth of) Transportation Trust Fund, Series 2019 A, Ref. RB
| 5.00% | | 01/01/2026 | | | 70 | | 72,333 |
Massachusetts (Commonwealth of) Transportation Trust Fund (Contract Assistance), Series 2018, Ref. RB
| 5.00% | | 01/01/2026 | | | 65 | | 67,167 |
Massachusetts (Commonwealth of) Water Resources Authority, Series 2016 C, Ref. RB(a)
| 5.00% | | 08/01/2026 | | | 20 | | 20,951 |
Massachusetts (Commonwealth of) Water Resources Authority, Series 2016 C, Ref. RB(a)
| 5.00% | | 08/01/2026 | | | 5 | | 5,238 |
Massachusetts (Commonwealth of) Water Resources Authority (Green Bonds), Series 2016 C, Ref. RB(a)
| 5.00% | | 08/01/2026 | | | 160 | | 167,612 |
Massachusetts (Commonwealth of) Water Resources Authority (Green Bonds), Series 2016 C, Ref. RB(a)
| 5.00% | | 08/01/2026 | | | 495 | | 518,549 |
Massachusetts (Commonwealth of) Water Resources Authority (Green Bonds), Series 2016 C, Ref. RB(a)
| 5.00% | | 08/01/2026 | | | 5 | | 5,238 |
Massachusetts (Commonwealth of) Water Resources Authority (Green Bonds), Series 2016 C, Ref. RB
| 5.00% | | 08/01/2028 | | | 15 | | 15,616 |
| | | | | | | | | 9,800,817 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Michigan-2.88% | | | | | | | | |
Great Lakes Water Authority, Series 2016 A, RB
| 5.00% | | 07/01/2046 | | $ | 20 | | $ 20,425 |
Great Lakes Water Authority, Series 2016 B, RB
| 5.00% | | 07/01/2046 | | | 20 | | 20,346 |
Great Lakes Water Authority, Series 2016 B, Ref. RB
| 5.00% | | 07/01/2030 | | | 400 | | 415,886 |
Great Lakes Water Authority, Series 2016 C, Ref. RB
| 5.00% | | 07/01/2028 | | | 20 | | 20,876 |
Great Lakes Water Authority, Series 2016 C, Ref. RB
| 5.00% | | 07/01/2030 | | | 185 | | 192,347 |
Great Lakes Water Authority, Series 2016 C, Ref. RB
| 5.00% | | 07/01/2032 | | | 65 | | 67,159 |
Great Lakes Water Authority, Series 2016 C, Ref. RB
| 5.25% | | 07/01/2033 | | | 150 | | 156,067 |
Great Lakes Water Authority, Series 2016 C, Ref. RB
| 5.00% | | 07/01/2035 | | | 140 | | 144,590 |
Great Lakes Water Authority, Series 2016 C, Ref. RB
| 5.00% | | 07/01/2036 | | | 200 | | 205,541 |
Great Lakes Water Authority, Series 2016 D, Ref. RB
| 5.00% | | 07/01/2030 | | | 500 | | 516,885 |
Great Lakes Water Authority, Series 2016 D, Ref. RB
| 5.00% | | 07/01/2036 | | | 30 | | 30,788 |
Great Lakes Water Authority, Series 2018 A, Ref. RB
| 5.00% | | 07/01/2026 | | | 105 | | 109,369 |
Livonia Public Schools, Series 2016, GO Bonds, (INS - AGM)(b)
| 5.00% | | 05/01/2045 | | | 45 | | 46,050 |
Michigan (State of), Series 2017 A, Ref. GO Bonds
| 5.00% | | 05/01/2026 | | | 55 | | 57,239 |
Michigan (State of), Series 2018, GO Bonds
| 4.00% | | 05/01/2028 | | | 5 | | 5,105 |
Michigan (State of), Series 2018, GO Bonds
| 4.00% | | 05/01/2029 | | | 60 | | 61,231 |
Michigan (State of) (Garvee), Series 2016, Ref. RB
| 5.00% | | 03/15/2026 | | | 170 | | 176,018 |
Michigan (State of) Building Authority (Facilities Program), Series 2016 I, Ref. RB
| 5.00% | | 10/15/2030 | | | 10 | | 10,418 |
Michigan (State of) Building Authority (Facilities Program), Series 2016 I, Ref. RB
| 5.00% | | 10/15/2031 | | | 95 | | 98,776 |
Michigan (State of) Building Authority (Facilities Program), Series 2016 I, Ref. RB
| 5.00% | | 10/15/2032 | | | 115 | | 119,264 |
Michigan (State of) Building Authority (Facilities Program), Series 2016 I, Ref. RB
| 5.00% | | 10/15/2033 | | | 40 | | 41,415 |
Michigan (State of) Building Authority (Facilities Program), Series 2016 I, Ref. RB
| 5.00% | | 10/15/2034 | | | 500 | | 516,999 |
Michigan (State of) Building Authority (Facilities Program), Series 2016 I, Ref. RB
| 5.00% | | 04/15/2035 | | | 135 | | 139,658 |
Michigan (State of) Building Authority (Facilities Program), Series 2016 I, Ref. RB
| 5.00% | | 04/15/2041 | | | 300 | | 308,125 |
Michigan (State of) Building Authority (Facilities Program), Series 2016 I, Ref. RB
| 5.00% | | 10/15/2046 | | | 150 | | 153,452 |
Michigan (State of) Building Authority (Facilities Program), Series 2016 I, Ref. RB
| 5.00% | | 10/15/2051 | | | 400 | | 407,753 |
Michigan (State of) Finance Authority (Bronson Healthcare Group), Series 2020 A, Ref. RB
| 5.00% | | 05/15/2036 | | | 65 | | 66,497 |
Michigan (State of) Finance Authority (Clean Water Revolving Fund), Series 2016 B, Ref. RB
| 5.00% | | 10/01/2026 | | | 500 | | 524,956 |
Michigan (State of) Finance Authority (Clean Water Revolving Fund), Series 2016 B, Ref. RB
| 5.00% | | 10/01/2029 | | | 100 | | 104,796 |
Michigan (State of) Finance Authority (Henry Ford Health System), Series 2016, Ref. RB
| 5.00% | | 11/15/2030 | | | 25 | | 25,944 |
Michigan (State of) Finance Authority (Henry Ford Health System), Series 2016, Ref. RB
| 5.00% | | 11/15/2032 | | | 65 | | 67,300 |
Michigan (State of) Finance Authority (Henry Ford Health System), Series 2016, Ref. RB
| 5.00% | | 11/15/2034 | | | 80 | | 82,639 |
Michigan (State of) Finance Authority (Henry Ford Health System), Series 2016, Ref. RB
| 5.00% | | 11/15/2037 | | | 500 | | 513,545 |
Michigan (State of) Finance Authority (Henry Ford Health System), Series 2016, Ref. RB
| 4.00% | | 11/15/2046 | | | 165 | | 155,609 |
Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2016, Ref. RB
| 5.00% | | 12/01/2045 | | | 15 | | 15,190 |
Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2017, Ref. RB
| 5.00% | | 12/01/2026 | | | 40 | | 41,915 |
Michigan (State of) Hospital Finance Authority (Ascension Senior Credit Group), Series 2010, Ref. RB
| 5.00% | | 11/15/2047 | | | 45 | | 45,777 |
Michigan (State of) Hospital Finance Authority (Trinity Health Credit Group), Series 2008 C, Ref. RB
| 5.00% | | 12/01/2026 | | | 35 | | 36,676 |
Oakland University Board of Trustees, Series 2016, RB
| 5.00% | | 03/01/2047 | | | 150 | | 152,206 |
Port Huron Area School District, Series 2016, GO Bonds, (INS - AGM)(b)
| 4.00% | | 05/01/2045 | | | 20 | | 19,688 |
University of Michigan, Series 2015, Ref. RB(a)
| 5.00% | | 04/01/2026 | | | 125 | | 129,633 |
University of Michigan, Series 2015, Ref. RB(a)
| 5.00% | | 04/01/2026 | | | 75 | | 77,780 |
University of Michigan, Series 2015, Ref. RB
| 5.00% | | 04/01/2031 | | | 10 | | 10,363 |
University of Michigan, Series 2017 A, Ref. RB
| 5.00% | | 04/01/2026 | | | 75 | | 77,957 |
| | | | | | | | | 6,190,253 |
| Minnesota-1.03% | | | | | | | | |
Minneapolis & St. Paul (Cities of), MN Metropolitan Airports Commission, Series 2016 A, Ref. RB
| 5.00% | | 01/01/2026 | | | 25 | | 25,777 |
Minnesota (State of), Series 2016 D, Ref. GO Bonds
| 5.00% | | 08/01/2026 | | | 10 | | 10,470 |
Minnesota (State of), Series 2017 A, GO Bonds
| 5.00% | | 10/01/2026 | | | 500 | | 525,579 |
Minnesota (State of), Series 2017 D, Ref. GO Bonds
| 5.00% | | 10/01/2026 | | | 85 | | 89,348 |
Minnesota (State of), Series 2021 A, GO Bonds
| 5.00% | | 09/01/2026 | | | 25 | | 26,228 |
Minnesota (State of), Series 2022 A, Ref. RB
| 5.00% | | 03/01/2026 | | | 100 | | 103,554 |
Minnesota (State of) Public Facilities Authority, Series 2016 A, RB
| 5.00% | | 03/01/2036 | | | 1,250 | | 1,288,654 |
St. Cloud (City of), MN (CentraCare Health System), Series 2016 A, Ref. RB
| 3.25% | | 05/01/2039 | | | 100 | | 88,757 |
University of Minnesota, Series 2016 A, RB
| 5.00% | | 04/01/2041 | | | 50 | | 51,220 |
| | | | | | | | | 2,209,587 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Mississippi-0.32% | | | | | | | | |
Mississippi (State of), Series 2016 B, GO Bonds(a)
| 5.00% | | 12/01/2026 | | $ | 80 | | $ 84,510 |
Mississippi (State of), Series 2016 B, GO Bonds(a)
| 5.00% | | 12/01/2026 | | | 45 | | 47,537 |
Mississippi (State of), Series 2016 B, GO Bonds(a)
| 5.00% | | 12/01/2026 | | | 25 | | 26,410 |
Mississippi (State of), Series 2016 B, GO Bonds(a)
| 5.00% | | 12/01/2026 | | | 5 | | 5,282 |
Mississippi (State of), Series 2016 B, GO Bonds(a)
| 5.00% | | 12/01/2026 | | | 5 | | 5,282 |
Mississippi (State of), Series 2018 A, GO Bonds(a)
| 5.00% | | 11/01/2026 | | | 125 | | 131,731 |
Mississippi (State of), Series 2018 A, GO Bonds(a)
| 5.00% | | 11/01/2026 | | | 75 | | 79,039 |
Mississippi (State of), Series 2018 A, GO Bonds(a)
| 5.00% | | 11/01/2026 | | | 15 | | 15,808 |
Mississippi (State of), Series 2018 A, GO Bonds
| 4.00% | | 11/01/2038 | | | 100 | | 100,441 |
Mississippi (State of) Hospital Equipment & Facilities Authority (Baptist Memorial Health Care), Series 2016, RB
| 5.00% | | 09/01/2041 | | | 200 | | 201,691 |
| | | | | | | | | 697,731 |
| Missouri-0.69% | | | | | | | | |
Hazelwood School District, Series 2017, Ref. GO Bonds
| 4.00% | | 03/01/2028 | | | 20 | | 20,367 |
Hazelwood School District, Series 2017, Ref. GO Bonds
| 4.00% | | 03/01/2030 | | | 105 | | 106,635 |
Kansas City (City of), MO, Series 2022 A, Ref. GO Bonds
| 5.00% | | 02/01/2026 | | | 80 | | 82,759 |
Metropolitan St. Louis Sewer District, Series 2016 C, RB(a)
| 4.00% | | 05/01/2041 | | | 10 | | 10,196 |
Metropolitan St. Louis Sewer District, Series 2017 A, Ref. RB
| 5.00% | | 05/01/2026 | | | 40 | | 41,569 |
Missouri (State of) Board of Public Buildings, Series 2020 B, Ref. RB
| 5.00% | | 10/01/2026 | | | 55 | | 57,665 |
Missouri (State of) Environmental Improvement & Energy Resources Authority, Series 2015 B, Ref. RB
| 5.00% | | 07/01/2026 | | | 15 | | 15,296 |
Missouri (State of) Health & Educational Facilities Authority (St. Luke’s Health System, Inc.), Series 2016, Ref. RB
| 5.00% | | 11/15/2028 | | | 25 | | 25,876 |
Missouri (State of) Health & Educational Facilities Authority (St. Luke’s Health System, Inc.), Series 2016, Ref. RB
| 5.00% | | 11/15/2029 | | | 75 | | 77,583 |
Missouri (State of) Health & Educational Facilities Authority (St. Luke’s Health System, Inc.), Series 2016, Ref. RB
| 5.00% | | 11/15/2030 | | | 15 | | 15,499 |
Missouri (State of) Health & Educational Facilities Authority (St. Luke’s Health System, Inc.), Series 2016, Ref. RB
| 5.00% | | 11/15/2031 | | | 55 | | 56,729 |
Missouri (State of) Health & Educational Facilities Authority (St. Luke’s Health System, Inc.), Series 2016, Ref. RB
| 4.00% | | 11/15/2033 | | | 15 | | 15,103 |
Missouri (State of) Health & Educational Facilities Authority (St. Luke’s Health System, Inc.), Series 2016, Ref. RB
| 5.00% | | 11/15/2034 | | | 20 | | 20,544 |
Missouri (State of) Health & Educational Facilities Authority (St. Luke’s Health System, Inc.), Series 2016, Ref. RB
| 4.00% | | 11/15/2042 | | | 80 | | 79,369 |
Missouri (State of) Highway & Transportation Commission, Series 2014 A, Ref. RB
| 5.00% | | 05/01/2026 | | | 190 | | 197,735 |
Missouri (State of) Highway & Transportation Commission, Series 2019 B, RB
| 5.00% | | 11/01/2026 | | | 70 | | 73,648 |
Missouri (State of) Joint Municipal Electric Utility Commission (Plum Point), Series 2015 A, Ref. RB
| 3.75% | | 01/01/2036 | | | 110 | | 110,241 |
Missouri (State of) Joint Municipal Electric Utility Commission (Prairie State), Series 2016 A, Ref. RB
| 4.00% | | 12/01/2032 | | | 75 | | 75,783 |
Missouri (State of) Joint Municipal Electric Utility Commission (Prairie State), Series 2016 A, Ref. RB
| 4.00% | | 12/01/2033 | | | 100 | | 100,834 |
Missouri (State of) Joint Municipal Electric Utility Commission (Prairie State), Series 2016 A, Ref. RB
| 5.00% | | 12/01/2034 | | | 5 | | 5,154 |
Missouri (State of) Joint Municipal Electric Utility Commission (Prairie State), Series 2016 A, Ref. RB
| 4.00% | | 12/01/2035 | | | 150 | | 150,654 |
Missouri (State of) Joint Municipal Electric Utility Commission (Prairie State), Series 2016 A, Ref. RB
| 5.00% | | 12/01/2040 | | | 100 | | 102,156 |
St. Louis County Reorganized School District No. R-6, Series 2018, GO Bonds(a)
| 5.00% | | 02/01/2026 | | | 15 | | 15,475 |
St. Louis County Reorganized School District No. R-6, Series 2018, GO Bonds
| 5.00% | | 02/01/2026 | | | 20 | | 20,673 |
| | | | | | | | | 1,477,543 |
| Nebraska-0.20% | | | | | | | | |
Omaha (City of), NE Public Power District, Series 2016 A, Ref. RB
| 5.00% | | 02/01/2028 | | | 60 | | 61,875 |
Omaha Public Power District, Series 2016 A, Ref. RB
| 5.00% | | 02/01/2026 | | | 40 | | 41,374 |
Omaha Public Power District, Series 2016 A, Ref. RB
| 5.00% | | 02/01/2041 | | | 20 | | 20,520 |
Public Power Generation Agency (Whelan Energy Center Unit 2), Series 2016, Ref. RB
| 5.00% | | 01/01/2032 | | | 70 | | 72,389 |
Sarpy (County of), NE Hospital Authority No. 1 (NE Medicine), Series 2016, Ref. RB
| 3.00% | | 05/15/2046 | | | 310 | | 239,530 |
| | | | | | | | | 435,688 |
| Nevada-0.75% | | | | | | | | |
Clark (County of), NV, Series 2016 B, Ref. GO Bonds
| 5.00% | | 11/01/2026 | | | 230 | | 241,988 |
Clark (County of), NV, Series 2016 B, Ref. GO Bonds
| 4.00% | | 11/01/2031 | | | 50 | | 50,785 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Nevada-(continued) | | | | | | | | |
Clark (County of), NV, Series 2016 B, Ref. GO Bonds
| 4.00% | | 11/01/2032 | | $ | 20 | | $ 20,295 |
Clark (County of), NV, Series 2016 B, Ref. GO Bonds
| 4.00% | | 11/01/2034 | | | 40 | | 40,508 |
Clark (County of), NV, Series 2020 C, Ref. RB
| 5.00% | | 07/01/2026 | | | 10 | | 10,431 |
Clark (County of), NV Department of Aviation, Series 2019, Ref. RB
| 5.00% | | 07/01/2026 | | | 45 | | 46,889 |
Clark (County of), NV Water Reclamation District, Series 2016, Ref. GO Bonds
| 4.00% | | 07/01/2035 | | | 250 | | 251,503 |
Clark County School District, Series 2015 C, Ref. GO Bonds
| 5.00% | | 06/15/2026 | | | 25 | | 25,696 |
Clark County School District, Series 2016 B, Ref. GO Bonds
| 5.00% | | 06/15/2026 | | | 85 | | 88,509 |
Clark County School District, Series 2017 A, Ref. GO Bonds
| 5.00% | | 06/15/2026 | | | 95 | | 98,922 |
Las Vegas Valley Water District, Series 2016 A, Ref. GO Bonds
| 5.00% | | 06/01/2036 | | | 5 | | 5,162 |
Las Vegas Valley Water District, Series 2016 A, Ref. GO Bonds
| 5.00% | | 06/01/2037 | | | 75 | | 77,348 |
Las Vegas Valley Water District, Series 2016 A, Ref. GO Bonds
| 5.00% | | 06/01/2038 | | | 200 | | 206,021 |
Las Vegas Valley Water District, Series 2016 A, Ref. GO Bonds
| 5.00% | | 06/01/2041 | | | 90 | | 92,416 |
Las Vegas Valley Water District, Series 2016 A, Ref. GO Bonds
| 5.00% | | 06/01/2046 | | | 100 | | 102,258 |
Las Vegas Valley Water District, Series 2019 B, Ref. GO Bonds
| 5.00% | | 06/01/2026 | | | 50 | | 52,079 |
Nevada (State of), Series 2015 D, Ref. GO Bonds
| 5.00% | | 04/01/2026 | | | 25 | | 25,349 |
Nevada (State of), Series 2016, Ref. RB
| 5.00% | | 12/01/2026 | | | 90 | | 93,569 |
Nevada (State of), Series 2016, Ref. RB
| 5.00% | | 12/01/2028 | | | 80 | | 83,131 |
Truckee Meadows Water Authority, Series 2016, Ref. RB
| 5.00% | | 07/01/2032 | | | 10 | | 10,355 |
| | | | | | | | | 1,623,214 |
| New Hampshire-0.04% | | | | | | | | |
New Hampshire (State of) Health and Education Facilities Authority (Elliot Hospital), Series 2016, Ref. RB
| 5.00% | | 10/01/2038 | | | 30 | | 30,456 |
New Hampshire Municipal Bond Bank, Series 2016 D, Ref. RB
| 4.00% | | 08/15/2039 | | | 50 | | 50,305 |
| | | | | | | | | 80,761 |
| New Jersey-3.55% | | | | | | | | |
Bayonne (City of), NJ, Series 2016, Ref. GO Bonds(a)
| 5.00% | | 07/01/2026 | | | 135 | | 140,814 |
New Jersey (State of), Series 2020 A, GO Bonds
| 5.00% | | 06/01/2026 | | | 155 | | 161,633 |
New Jersey (State of) Economic Development Authority, Series 2015 XX, Ref. RB
| 4.25% | | 06/15/2026 | | | 25 | | 25,240 |
New Jersey (State of) Economic Development Authority, Series 2016 AAA, RB(a)
| 5.00% | | 12/15/2026 | | | 85 | | 89,756 |
New Jersey (State of) Economic Development Authority, Series 2016 BBB, Ref. RB(a)
| 4.75% | | 12/15/2026 | | | 15 | | 15,757 |
New Jersey (State of) Economic Development Authority, Series 2016 BBB, Ref. RB(a)
| 5.50% | | 12/15/2026 | | | 450 | | 480,146 |
New Jersey (State of) Economic Development Authority, Series 2017 B, Ref. RB
| 5.00% | | 11/01/2026 | | | 335 | | 350,975 |
New Jersey (State of) Economic Development Authority, Series 2023 RRR, Ref. RB
| 5.00% | | 03/01/2026 | | | 555 | | 573,785 |
New Jersey (State of) Educational Facilities Authority (Montclair University), Series 2016 B, Ref. RB
| 5.00% | | 07/01/2031 | | | 145 | | 149,885 |
New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2024, Ref. RB
| 5.00% | | 03/01/2026 | | | 1,000 | | 1,038,677 |
New Jersey (State of) Health Care Facilities Financing Authority (AHS Hospital Corp.), Series 2016, Ref. RB
| 4.00% | | 07/01/2032 | | | 5 | | 5,055 |
New Jersey (State of) Health Care Facilities Financing Authority (AHS Hospital Corp.), Series 2016, Ref. RB
| 5.00% | | 07/01/2033 | | | 65 | | 67,037 |
New Jersey (State of) Health Care Facilities Financing Authority (AHS Hospital Corp.), Series 2016, Ref. RB
| 4.00% | | 07/01/2036 | | | 5 | | 5,031 |
New Jersey (State of) Health Care Facilities Financing Authority (Princeton HealthCare System), Series 2016 A, Ref. RB
| 5.00% | | 07/01/2039 | | | 100 | | 102,567 |
New Jersey (State of) Health Care Facilities Financing Authority (RWJ Barnabas Health Obligated Group), Series 2016 A, Ref. RB
| 5.00% | | 07/01/2029 | | | 65 | | 67,538 |
New Jersey (State of) Health Care Facilities Financing Authority (RWJ Barnabas Health Obligated Group), Series 2016 A, Ref. RB
| 5.00% | | 07/01/2030 | | | 170 | | 176,073 |
New Jersey (State of) Health Care Facilities Financing Authority (RWJ Barnabas Health Obligated Group), Series 2016 A, Ref. RB
| 5.00% | | 07/01/2031 | | | 45 | | 46,524 |
New Jersey (State of) Health Care Facilities Financing Authority (RWJ Barnabas Health Obligated Group), Series 2016 A, Ref. RB
| 5.00% | | 07/01/2043 | | | 280 | | 285,833 |
New Jersey (State of) Health Care Facilities Financing Authority (RWJ Barnabas Health Obligated Group), Series 2016, Ref. RB
| 4.00% | | 07/01/2035 | | | 380 | | 382,797 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2016 A-1, RN
| 5.00% | | 06/15/2028 | | | 230 | | 238,152 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2016 A-1, RN
| 5.00% | | 06/15/2029 | | | 50 | | 51,691 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2016 A-1, RN
| 4.10% | | 06/15/2031 | | | 225 | | 228,065 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2018 A, Ref. RB
| 5.00% | | 12/15/2026 | | | 10 | | 10,505 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| New Jersey-(continued) | | | | | | | | |
New Jersey (State of) Transportation Trust Fund Authority, Series 2018 A, Ref. RN
| 5.00% | | 06/15/2030 | | $ | 300 | | $ 309,486 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2018 A, Ref. RN
| 5.00% | | 06/15/2031 | | | 200 | | 205,885 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2019, Ref. RB
| 5.00% | | 12/15/2026 | | | 605 | | 635,535 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2021 A, Ref. RB
| 5.00% | | 06/15/2026 | | | 165 | | 171,595 |
New Jersey (State of) Turnpike Authority, Series 2005 D-3, RB, (INS - AGM)(b)
| 5.25% | | 01/01/2026 | | | 250 | | 255,264 |
New Jersey (State of) Turnpike Authority, Series 2005 D-4, RB, (INS - AGM)(b)
| 5.25% | | 01/01/2026 | | | 1,020 | | 1,041,285 |
New Jersey (State of) Turnpike Authority, Series 2016 A, Ref. RB
| 5.00% | | 01/01/2033 | | | 30 | | 30,685 |
New Jersey (State of) Turnpike Authority, Series 2016 A, Ref. RB
| 5.00% | | 01/01/2034 | | | 240 | | 245,287 |
New Jersey (State of) Turnpike Authority, Series 2016 A, Ref. RB
| 5.00% | | 01/01/2035 | | | 15 | | 15,322 |
Newark (City of), NJ Housing Authority, Series 2016, Ref. RB, (INS - AGM)(b)
| 5.00% | | 12/01/2038 | | | 35 | | 35,926 |
| | | | | | | | | 7,639,806 |
| New Mexico-0.17% | | | | | | | | |
New Mexico (State of) (Capital), Series 2017 A, GO Bonds
| 5.00% | | 03/01/2026 | | | 240 | | 248,780 |
New Mexico (State of) Finance Authority, Series 2018 A, Ref. RB
| 5.00% | | 06/15/2026 | | | 30 | | 31,287 |
New Mexico (State of) Finance Authority, Series 2021 A, RB
| 5.00% | | 06/15/2026 | | | 40 | | 41,715 |
New Mexico (State of) Severance Tax Permanent Fund, Series 2016 A, RB
| 5.00% | | 07/01/2026 | | | 45 | | 47,020 |
| | | | | | | | | 368,802 |
| New York-15.29% | | | | | | | | |
Albany (County of), NY, Series 2018, GO Bonds
| 4.00% | | 04/01/2029 | | | 5 | | 5,094 |
Build NYC Resource Corp. (Chapin School), Series 2016, RB
| 4.00% | | 11/01/2026 | | | 35 | | 36,040 |
Build NYC Resource Corp. (New York Law School), Series 2016, Ref. RB
| 5.00% | | 07/01/2041 | | | 100 | | 100,169 |
Dutchess County Local Development Corp. (Health Quest Systems, Inc.), Series 2016 B, RB
| 4.00% | | 07/01/2041 | | | 185 | | 182,502 |
Erie (County of), NY Industrial Development Agency (The) (City of Buffalo School District), Series 2015 A, Ref. RB
| 5.00% | | 05/01/2026 | | | 10 | | 10,283 |
Erie (County of), NY Industrial Development Agency (The) (City of Buffalo School District), Series 2016 A, Ref. RB
| 5.00% | | 05/01/2030 | | | 20 | | 20,948 |
Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB
| 5.00% | | 02/15/2026 | | | 85 | | 88,002 |
Long Island (City of), NY Power Authority, Series 2016 B, Ref. RB
| 5.00% | | 09/01/2036 | | | 160 | | 165,675 |
Long Island (City of), NY Power Authority, Series 2016 B, Ref. RB
| 5.00% | | 09/01/2046 | | | 500 | | 513,343 |
Metropolitan Transportation Authority, Series 2006 B, RB, (INS - AGM)(b)
| 5.25% | | 11/15/2026 | | | 350 | | 370,857 |
Metropolitan Transportation Authority, Series 2016 A, Ref. RB
| 4.00% | | 11/15/2026 | | | 65 | | 67,101 |
Metropolitan Transportation Authority, Series 2016 A, Ref. RB
| 5.25% | | 11/15/2029 | | | 90 | | 94,550 |
Metropolitan Transportation Authority, Series 2016 A, Ref. RB
| 5.25% | | 11/15/2033 | | | 75 | | 78,513 |
Metropolitan Transportation Authority, Series 2016 A, Ref. RB
| 5.25% | | 11/15/2034 | | | 15 | | 15,677 |
Metropolitan Transportation Authority, Series 2016 A, Ref. RB
| 5.25% | | 11/15/2035 | | | 30 | | 31,282 |
Metropolitan Transportation Authority, Series 2016 B, Ref. RB
| 5.00% | | 11/15/2034 | | | 15 | | 15,508 |
Metropolitan Transportation Authority, Series 2016 B, Ref. RB
| 5.00% | | 11/15/2035 | | | 20 | | 20,656 |
Metropolitan Transportation Authority, Series 2016 B, Ref. RB
| 5.00% | | 11/15/2037 | | | 750 | | 772,664 |
Metropolitan Transportation Authority, Series 2016 D, Ref. RB
| 5.00% | | 11/15/2028 | | | 25 | | 26,117 |
Metropolitan Transportation Authority, Series 2016 D, Ref. RB
| 5.00% | | 11/15/2029 | | | 5 | | 5,223 |
Metropolitan Transportation Authority, Series 2016 D, Ref. RB
| 5.00% | | 11/15/2030 | | | 75 | | 77,976 |
Metropolitan Transportation Authority, Series 2016 D, Ref. RB
| 4.00% | | 11/15/2032 | | | 5 | | 5,068 |
Metropolitan Transportation Authority, Series 2016 D, Ref. RB
| 4.00% | | 11/15/2033 | | | 145 | | 146,522 |
Metropolitan Transportation Authority, Series 2016 D, Ref. RB
| 4.00% | | 11/15/2034 | | | 105 | | 106,075 |
Metropolitan Transportation Authority, Series 2017 A-2, Ref. RB
| 5.00% | | 11/15/2026 | | | 500 | | 523,966 |
Metropolitan Transportation Authority (Green Bonds), Series 2016 A-2, Ref. RB
| 5.00% | | 11/15/2026 | | | 160 | | 167,669 |
Metropolitan Transportation Authority (Green Bonds), Series 2017 C-1, Ref. RB
| 5.00% | | 11/15/2026 | | | 300 | | 314,380 |
Metropolitan Transportation Authority (Green Bonds), Subseries 2016 B-1, RB
| 5.00% | | 11/15/2036 | | | 1,000 | | 1,035,742 |
Metropolitan Transportation Authority (Green Bonds), Subseries 2016 B-1, RB
| 5.00% | | 11/15/2046 | | | 200 | | 204,878 |
Metropolitan Transportation Authority (Green Bonds), Subseries 2016 B-1, RB
| 5.00% | | 11/15/2051 | | | 100 | | 102,333 |
Nassau (County of), NY Interim Finance Authority, Series 2024 A, RB
| 5.00% | | 11/15/2026 | | | 500 | | 528,625 |
New York & New Jersey (States of) Port Authority, One Hundred Eighty Nineth Series 2015, Ref. RB
| 5.00% | | 05/01/2026 | | | 65 | | 66,073 |
New York & New Jersey (States of) Port Authority, One Hundred Ninty Eighth Series 2016, Ref. RB
| 5.00% | | 11/15/2046 | | | 25 | | 25,644 |
New York & New Jersey (States of) Port Authority, One Hundred Ninty Eighth Series 2016, Ref. RB
| 5.25% | | 11/15/2056 | | | 100 | | 102,969 |
New York & New Jersey (States of) Port Authority, Two Hundred Forty Third Series 2023, Ref. RB
| 5.00% | | 12/01/2026 | | | 15 | | 15,842 |
New York (City of), NY, Series 2008 J-10, GO Bonds
| 5.00% | | 08/01/2026 | | | 45 | | 47,124 |
New York (City of), NY, Series 2015 A, Ref. GO Bonds
| 5.00% | | 08/01/2026 | | | 45 | | 45,950 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| New York-(continued) | | | | | | | | |
New York (City of), NY, Series 2016 B-1, GO Bonds
| 5.00% | | 12/01/2029 | | $ | 45 | | $ 46,850 |
New York (City of), NY, Series 2016 B-1, GO Bonds
| 5.00% | | 12/01/2041 | | | 195 | | 201,088 |
New York (City of), NY, Series 2016 C, Ref. GO Bonds
| 5.00% | | 08/01/2026 | | | 375 | | 387,192 |
New York (City of), NY, Series 2016 C, Ref. GO Bonds
| 5.00% | | 08/01/2027 | | | 100 | | 102,915 |
New York (City of), NY, Series 2016 C, Ref. GO Bonds
| 5.00% | | 08/01/2028 | | | 65 | | 66,804 |
New York (City of), NY, Series 2016 C, Ref. GO Bonds
| 5.00% | | 08/01/2029 | | | 55 | | 56,449 |
New York (City of), NY, Series 2016 C, Ref. GO Bonds
| 5.00% | | 08/01/2031 | | | 25 | | 25,634 |
New York (City of), NY, Series 2016 C, Ref. GO Bonds
| 4.00% | | 08/01/2035 | | | 10 | | 10,028 |
New York (City of), NY, Series 2016 E, Ref. GO Bonds
| 5.00% | | 08/01/2026 | | | 130 | | 136,135 |
New York (City of), NY, Series 2016 E, Ref. GO Bonds
| 5.00% | | 08/01/2028 | | | 25 | | 25,931 |
New York (City of), NY, Series 2016 E, Ref. GO Bonds
| 5.00% | | 08/01/2029 | | | 50 | | 51,767 |
New York (City of), NY, Series 2016 E, Ref. GO Bonds
| 4.00% | | 08/01/2033 | | | 35 | | 35,297 |
New York (City of), NY, Series 2017 C, Ref. GO Bonds
| 5.00% | | 08/01/2026 | | | 2,000 | | 2,094,384 |
New York (City of), NY, Series 2020 A-1, Ref. GO Bonds
| 5.00% | | 08/01/2026 | | | 80 | | 83,775 |
New York (City of), NY, Series 2020 C, GO Bonds
| 5.00% | | 08/01/2026 | | | 80 | | 83,775 |
New York (City of), NY, Series 2021 F-1, GO Bonds
| 5.00% | | 03/01/2026 | | | 150 | | 155,510 |
New York (City of), NY, Series 2022 B-1, Ref. GO Bonds
| 5.00% | | 08/01/2026 | | | 10 | | 10,472 |
New York (City of), NY, Subseries 2016 A-1, GO Bonds
| 4.00% | | 08/01/2029 | | | 555 | | 565,735 |
New York (City of), NY, Subseries 2016 A-1, GO Bonds
| 5.00% | | 08/01/2030 | | | 20 | | 20,688 |
New York (City of), NY, Subseries 2016 A-1, GO Bonds
| 5.00% | | 08/01/2031 | | | 45 | | 46,531 |
New York (City of), NY, Subseries 2016 A-1, GO Bonds
| 4.00% | | 08/01/2032 | | | 80 | | 80,877 |
New York (City of), NY, Subseries 2016 A-1, GO Bonds
| 4.00% | | 08/01/2034 | | | 125 | | 125,746 |
New York (City of), NY, Subseries 2016 A-1, GO Bonds
| 4.00% | | 08/01/2035 | | | 25 | | 25,094 |
New York (City of), NY, Subseries 2016 A-1, GO Bonds
| 5.00% | | 08/01/2038 | | | 500 | | 514,851 |
New York (City of), NY, Subseries 2022 B-1, GO Bonds
| 5.00% | | 10/01/2026 | | | 5 | | 5,249 |
New York (City of), NY Municipal Water Finance Authority, Series 2016, Ref. RB
| 5.25% | | 06/15/2046 | | | 1,000 | | 1,032,766 |
New York (City of), NY Municipal Water Finance Authority, Series 2017 DD, RB
| 5.00% | | 06/15/2047 | | | 405 | | 418,476 |
New York (City of), NY Municipal Water Finance Authority, Series 2021 AA-2, RB
| 5.00% | | 06/15/2028 | | | 175 | | 184,488 |
New York (City of), NY Municipal Water Finance Authority, Series 2021 DD, Ref. RB
| 5.00% | | 06/15/2026 | | | 215 | | 224,565 |
New York (City of), NY Municipal Water Finance Authority, Series 2021, RB
| 5.00% | | 06/15/2028 | | | 105 | | 110,693 |
New York (City of), NY Municipal Water Finance Authority, Subseries 2016 CC-1, Ref. RB
| 5.00% | | 06/15/2037 | | | 415 | | 431,496 |
New York (City of), NY Municipal Water Finance Authority, Subseries 2016 CC-1, Ref. RB
| 5.00% | | 06/15/2038 | | | 120 | | 124,635 |
New York (City of), NY Municipal Water Finance Authority, Subseries 2016, Ref. RB
| 4.00% | | 06/15/2033 | | | 75 | | 76,266 |
New York (City of), NY Municipal Water Finance Authority, Subseries 2016, Ref. RB
| 4.00% | | 06/15/2037 | | | 30 | | 30,361 |
New York (City of), NY Transitional Finance Authority, Series 2015 C, Ref. RB
| 5.00% | | 11/01/2026 | | | 245 | | 250,924 |
New York (City of), NY Transitional Finance Authority, Series 2016 A-1, RB
| 5.00% | | 05/01/2040 | | | 35 | | 35,887 |
New York (City of), NY Transitional Finance Authority, Series 2016 S-1, RB
| 5.00% | | 07/15/2028 | | | 10 | | 10,282 |
New York (City of), NY Transitional Finance Authority, Series 2016 S-1, RB
| 5.00% | | 07/15/2030 | | | 40 | | 41,049 |
New York (City of), NY Transitional Finance Authority, Series 2016 S-1, RB
| 5.00% | | 07/15/2035 | | | 100 | | 102,391 |
New York (City of), NY Transitional Finance Authority, Series 2016 S-1, RB
| 4.00% | | 07/15/2036 | | | 105 | | 105,996 |
New York (City of), NY Transitional Finance Authority, Series 2016 S-1, RB
| 5.00% | | 07/15/2043 | | | 200 | | 203,519 |
New York (City of), NY Transitional Finance Authority, Series 2016, RB
| 4.00% | | 05/01/2030 | | | 25 | | 25,354 |
New York (City of), NY Transitional Finance Authority, Series 2016, RB
| 5.00% | | 05/01/2035 | | | 100 | | 102,845 |
New York (City of), NY Transitional Finance Authority, Series 2017 C, Ref. RB
| 5.00% | | 11/01/2026 | | | 30 | | 31,564 |
New York (City of), NY Transitional Finance Authority, Series 2020, Ref. RB
| 5.00% | | 11/01/2026 | | | 465 | | 489,236 |
New York (City of), NY Transitional Finance Authority, Series 2021 A-1, Ref. RB
| 5.00% | | 11/01/2026 | | | 435 | | 457,673 |
New York (City of), NY Transitional Finance Authority, Series 2022 F-1, RB
| 5.00% | | 02/01/2026 | | | 30 | | 31,001 |
New York (City of), NY Transitional Finance Authority, Subseries 2016 B-1, RB
| 5.00% | | 08/01/2029 | | | 250 | | 259,641 |
New York (City of), NY Transitional Finance Authority, Subseries 2016 B-1, RB
| 5.00% | | 08/01/2030 | | | 655 | | 679,516 |
New York (City of), NY Transitional Finance Authority, Subseries 2016 B-1, RB
| 5.00% | | 08/01/2033 | | | 200 | | 206,882 |
New York (City of), NY Transitional Finance Authority, Subseries 2016 B-1, RB
| 5.00% | | 08/01/2034 | | | 1,105 | | 1,141,984 |
New York (City of), NY Transitional Finance Authority, Subseries 2016 E-1, RB
| 5.00% | | 02/01/2030 | | | 245 | | 251,853 |
New York (City of), NY Transitional Finance Authority, Subseries 2016 E-1, RB
| 5.00% | | 02/01/2031 | | | 350 | | 359,496 |
New York (City of), NY Transitional Finance Authority, Subseries 2016 E-1, RB
| 5.00% | | 02/01/2035 | | | 185 | | 189,503 |
New York (City of), NY Transitional Finance Authority, Subseries 2016 E-1, RB
| 5.00% | | 02/01/2037 | | | 195 | | 199,476 |
New York (City of), NY Transitional Finance Authority, Subseries 2016 E-1, RB
| 5.00% | | 02/01/2038 | | | 40 | | 40,907 |
New York (City of), NY Transitional Finance Authority, Subseries 2016 E-1, RB
| 5.00% | | 02/01/2039 | | | 250 | | 255,599 |
New York (City of), NY Transitional Finance Authority, Subseries 2016 E-1, RB
| 5.00% | | 02/01/2040 | | | 15 | | 15,326 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| New York-(continued) | | | | | | | | |
New York (City of), NY Transitional Finance Authority, Subseries 2016 F-3, RB
| 5.00% | | 02/01/2030 | | $ | 135 | | $ 138,776 |
New York (City of), NY Transitional Finance Authority, Subseries 2016 F-3, RB
| 4.00% | | 02/01/2033 | | | 5 | | 5,048 |
New York (City of), NY Transitional Finance Authority, Subseries 2016 F-3, RB
| 4.00% | | 02/01/2034 | | | 500 | | 504,555 |
New York (City of), NY Transitional Finance Authority, Subseries 2016 F-3, RB
| 4.00% | | 02/01/2036 | | | 450 | | 452,585 |
New York (City of), NY Transitional Finance Authority, Subseries 2020 D-1, RB
| 5.00% | | 11/01/2026 | | | 5 | | 5,261 |
New York (City of), NY Transitional Finance Authority, Subseries 2022 D-1, RB
| 5.00% | | 11/01/2026 | | | 15 | | 15,782 |
New York (City of), NY Trust for Cultural Resources, Series 2016-1E, Ref. RB
| 4.00% | | 04/01/2030 | | | 50 | | 51,520 |
New York (City of), NY Trust for Cultural Resources (Lincoln Center for Performing Arts), Series 2016 A, Ref. RB
| 5.00% | | 12/01/2026 | | | 30 | | 31,517 |
New York (City of), NY Trust for Cultural Resources (Museum of Modern Arts (The)), Series 2016, Ref. RB
| 4.00% | | 04/01/2029 | | | 100 | | 103,098 |
New York (City of), NY Trust for Cultural Resources (Museum of Modern Arts (The)), Series 2016, Ref. RB
| 4.00% | | 04/01/2031 | | | 375 | | 385,658 |
New York (State of) Dormitory Authority, Series 2016 A, RB
| 5.00% | | 07/01/2026 | | | 5 | | 5,229 |
New York (State of) Dormitory Authority, Series 2016 A, RB
| 5.00% | | 02/15/2029 | | | 50 | | 52,004 |
New York (State of) Dormitory Authority, Series 2016 A, RB
| 5.00% | | 07/01/2029 | | | 25 | | 26,014 |
New York (State of) Dormitory Authority, Series 2016 A, RB
| 5.00% | | 03/15/2032 | | | 115 | | 119,451 |
New York (State of) Dormitory Authority, Series 2016 A, RB
| 5.00% | | 07/01/2032 | | | 90 | | 93,534 |
New York (State of) Dormitory Authority, Series 2016 A, RB
| 5.00% | | 02/15/2033 | | | 40 | | 41,557 |
New York (State of) Dormitory Authority, Series 2016 A, RB
| 5.00% | | 03/15/2033 | | | 505 | | 524,243 |
New York (State of) Dormitory Authority, Series 2016 A, RB
| 5.00% | | 02/15/2034 | | | 335 | | 348,040 |
New York (State of) Dormitory Authority, Series 2016 A, RB
| 5.00% | | 03/15/2034 | | | 20 | | 20,750 |
New York (State of) Dormitory Authority, Series 2016 A, RB
| 5.00% | | 07/01/2034 | | | 100 | | 103,909 |
New York (State of) Dormitory Authority, Series 2016 A, RB
| 5.00% | | 02/15/2035 | | | 35 | | 36,356 |
New York (State of) Dormitory Authority, Series 2016 A, RB
| 5.00% | | 03/15/2035 | | | 75 | | 77,753 |
New York (State of) Dormitory Authority, Series 2016 A, RB
| 5.00% | | 02/15/2036 | | | 50 | | 51,889 |
New York (State of) Dormitory Authority, Series 2016 A, RB
| 5.00% | | 02/15/2039 | | | 15 | | 15,495 |
New York (State of) Dormitory Authority, Series 2016 A, RB
| 5.00% | | 02/15/2041 | | | 210 | | 216,763 |
New York (State of) Dormitory Authority, Series 2016 D, Ref. RB(a)
| 5.00% | | 02/15/2026 | | | 35 | | 36,220 |
New York (State of) Dormitory Authority, Series 2016 D, Ref. RB(a)
| 5.00% | | 08/15/2026 | | | 50 | | 52,358 |
New York (State of) Dormitory Authority, Series 2016, Ref. RB
| 4.00% | | 07/01/2040 | | | 565 | | 565,141 |
New York (State of) Dormitory Authority, Series 2017 A, Ref. RB(a)
| 5.00% | | 02/15/2026 | | | 105 | | 108,659 |
New York (State of) Dormitory Authority, Series 2017 A, Ref. RB
| 5.00% | | 07/01/2026 | | | 10 | | 10,411 |
New York (State of) Dormitory Authority, Series 2017 B, Ref. RB(a)
| 5.00% | | 02/15/2026 | | | 35 | | 36,220 |
New York (State of) Dormitory Authority, Series 2017 B, Ref. RB(a)
| 5.00% | | 02/15/2026 | | | 15 | | 15,523 |
New York (State of) Dormitory Authority, Series 2018 1, Ref. RB
| 5.00% | | 01/15/2026 | | | 140 | | 144,577 |
New York (State of) Dormitory Authority, Series 2018 A, RB
| 5.00% | | 10/01/2026 | | | 60 | | 62,970 |
New York (State of) Dormitory Authority, Series 2018 A, RB
| 5.00% | | 10/01/2029 | | | 10 | | 10,420 |
New York (State of) Dormitory Authority, Series 2018 A, RB
| 5.00% | | 10/01/2030 | | | 170 | | 176,958 |
New York (State of) Dormitory Authority, Series 2018 A, RB
| 5.00% | | 10/01/2031 | | | 420 | | 437,017 |
New York (State of) Dormitory Authority, Series 2018 A, RB
| 5.00% | | 10/01/2032 | | | 40 | | 41,604 |
New York (State of) Dormitory Authority, Series 2018 A, RB
| 5.00% | | 10/01/2033 | | | 120 | | 124,764 |
New York (State of) Dormitory Authority, Series 2018 A, Ref. RB
| 5.00% | | 03/15/2033 | | | 60 | | 62,431 |
New York (State of) Dormitory Authority, Series 2018 A, Ref. RB
| 5.00% | | 03/15/2034 | | | 85 | | 88,444 |
New York (State of) Dormitory Authority, Series 2018 A, Ref. RB
| 5.00% | | 03/15/2035 | | | 25 | | 26,008 |
New York (State of) Dormitory Authority, Series 2018 E, Ref. RB(a)
| 5.00% | | 03/15/2026 | | | 35 | | 36,313 |
New York (State of) Dormitory Authority, Series 2019 A, RB
| 5.00% | | 10/01/2026 | | | 125 | | 131,187 |
New York (State of) Dormitory Authority, Series 2020 A, Ref. RB
| 5.00% | | 03/15/2026 | | | 10 | | 10,375 |
New York (State of) Dormitory Authority (Bidding Group 1), Series 2018 A, RB(a)
| 5.00% | | 03/15/2026 | | | 15 | | 15,563 |
New York (State of) Dormitory Authority (Bidding Group 2), Series 2018 C, Ref. RB(a)
| 5.00% | | 03/15/2026 | | | 5 | | 5,188 |
New York (State of) Dormitory Authority (Bidding Group B), Series 2016 A, RB
| 5.00% | | 03/15/2031 | | | 455 | | 473,069 |
New York (State of) Dormitory Authority (Columbia University) (Green Bonds), Series 2016 A, RB
| 5.00% | | 10/01/2026 | | | 320 | | 336,970 |
New York (State of) Dormitory Authority (General Purpose), Series 2016 D, Ref. RB(a)
| 5.00% | | 08/15/2026 | | | 70 | | 73,301 |
New York (State of) Dormitory Authority (Group B), Series 2016 A, RB(a)
| 5.00% | | 09/15/2026 | | | 265 | | 278,262 |
New York (State of) Dormitory Authority (Group B), Series 2016 A, RB
| 5.00% | | 03/15/2028 | | | 225 | | 234,342 |
New York (State of) Dormitory Authority (New York University), Series 2016 A, RB
| 5.00% | | 07/01/2031 | | | 40 | | 41,571 |
New York (State of) Dormitory Authority (New York University), Series 2016 A, RB
| 5.00% | | 07/01/2033 | | | 455 | | 472,867 |
New York (State of) Dormitory Authority (New York University), Series 2016 A, RB
| 5.00% | | 07/01/2036 | | | 150 | | 155,700 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| New York-(continued) | | | | | | | | |
New York (State of) Dormitory Authority (New York University), Series 2016 A, RB
| 4.00% | | 07/01/2039 | | $ | 105 | | $ 105,231 |
New York (State of) Dormitory Authority (New York University), Series 2016 A, RB
| 5.00% | | 07/01/2039 | | | 145 | | 150,011 |
New York (State of) Dormitory Authority (New York University), Series 2019 A, RB
| 5.00% | | 07/01/2026 | | | 20 | | 20,902 |
New York (State of) Thruway Authority, Series 2016 A, RB
| 5.00% | | 01/01/2033 | | | 15 | | 15,358 |
New York (State of) Thruway Authority, Series 2016 A, RB
| 5.00% | | 01/01/2035 | | | 15 | | 15,354 |
New York (State of) Thruway Authority, Series 2016 A, RB
| 5.00% | | 01/01/2036 | | | 20 | | 20,459 |
New York (State of) Thruway Authority, Series 2016 A, RB
| 5.00% | | 01/01/2041 | | | 5 | | 5,098 |
New York (State of) Thruway Authority, Series 2016 A, RB
| 5.00% | | 01/01/2046 | | | 1,265 | | 1,285,922 |
New York (State of) Thruway Authority, Series 2016 A, RB
| 5.00% | | 01/01/2051 | | | 200 | | 202,866 |
New York (State of) Thruway Authority, Series 2016 A, RB
| 5.25% | | 01/01/2056 | | | 250 | | 254,546 |
New York (State of) Utility Debt Securitization Authority, Series 2016 A, Ref. RB
| 5.00% | | 12/15/2032 | | | 25 | | 25,884 |
New York (State of) Utility Debt Securitization Authority, Series 2016 A, Ref. RB
| 5.00% | | 12/15/2034 | | | 150 | | 155,173 |
New York (State of) Utility Debt Securitization Authority, Series 2016 B, Ref. RB
| 5.00% | | 12/15/2034 | | | 175 | | 181,035 |
New York Convention Center Development Corp. (Hotel Unit Fee Secured), Series 2016 A, RB
| 5.00% | | 11/15/2046 | | | 150 | | 153,183 |
New York State Environmental Facilities Corp., Series 2016 A, Ref. RB
| 4.00% | | 06/15/2036 | | | 100 | | 100,711 |
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2016 A, Ref. RB
| 5.00% | | 06/15/2028 | | | 35 | | 36,318 |
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2016 A, Ref. RB
| 5.00% | | 06/15/2029 | | | 55 | | 57,052 |
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2016 A, Ref. RB
| 5.00% | | 06/15/2030 | | | 30 | | 31,093 |
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2016 A, Ref. RB
| 5.00% | | 06/15/2032 | | | 225 | | 233,037 |
New York State Urban Development Corp., Series 2016 A, Ref. RB(a)
| 5.00% | | 03/15/2026 | | | 580 | | 602,289 |
New York State Urban Development Corp., Series 2016 A, Ref. RB(a)
| 5.00% | | 03/15/2026 | | | 95 | | 98,651 |
New York State Urban Development Corp., Series 2016 A, Ref. RB
| 5.00% | | 03/15/2029 | | | 30 | | 30,903 |
New York State Urban Development Corp., Series 2016 A, Ref. RB
| 5.00% | | 03/15/2033 | | | 135 | | 138,920 |
New York State Urban Development Corp., Series 2016 A, Ref. RB
| 5.00% | | 03/15/2034 | | | 215 | | 221,210 |
New York State Urban Development Corp., Series 2016 A, Ref. RB
| 4.00% | | 03/15/2036 | | | 135 | | 136,336 |
New York State Urban Development Corp., Series 2016 A, Ref. RB
| 4.00% | | 03/15/2037 | | | 210 | | 211,518 |
New York State Urban Development Corp., Series 2016, Ref. RB(a)
| 5.00% | | 03/15/2026 | | | 10 | | 10,384 |
New York State Urban Development Corp., Series 2016, Ref. RB
| 5.00% | | 03/15/2026 | | | 45 | | 46,690 |
New York State Urban Development Corp., Series 2017 C-1, Ref. RB
| 5.00% | | 03/15/2026 | | | 20 | | 20,751 |
New York State Urban Development Corp., Series 2020, Ref. RB
| 5.00% | | 03/15/2026 | | | 75 | | 77,816 |
Suffolk (County of), NY, Series 2017 A, Ref. GO Bonds, (INS - AGM)(b)
| 5.00% | | 02/01/2026 | | | 5 | | 5,172 |
Triborough Bridge & Tunnel Authority, Series 2008 B-2, RB
| 5.00% | | 11/15/2026 | | | 5 | | 5,271 |
Triborough Bridge & Tunnel Authority, Series 2016 A, Ref. RB
| 5.00% | | 11/15/2031 | | | 500 | | 517,373 |
Triborough Bridge & Tunnel Authority, Series 2016 A, Ref. RB
| 5.00% | | 11/15/2041 | | | 500 | | 512,846 |
Triborough Bridge & Tunnel Authority, Series 2018 B, Ref. RB
| 5.00% | | 11/15/2026 | | | 15 | | 15,812 |
Triborough Bridge & Tunnel Authority, Series 2023, Ref. RB
| 5.00% | | 11/15/2026 | | | 160 | | 168,525 |
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Subseries 2017 C-1, Ref. RB
| 5.00% | | 11/15/2026 | | | 15 | | 15,812 |
Westchester (County of), NY, Series 2018 A, GO Bonds
| 4.00% | | 12/01/2028 | | | 10 | | 10,375 |
Westchester (County of), NY, Series 2018 A, GO Bonds
| 4.00% | | 12/01/2029 | | | 100 | | 103,663 |
| | | | | | | | | 32,908,237 |
| North Carolina-0.78% | | | | | | | | |
Mecklenburg (County of), NC, Series 2013 A, Ref. GO Bonds
| 5.00% | | 12/01/2026 | | | 50 | | 52,774 |
North Carolina (State of), Series 2013 C, Ref. GO Bonds
| 5.00% | | 05/01/2026 | | | 45 | | 46,877 |
North Carolina (State of), Series 2014 B, Ref. RB
| 5.00% | | 06/01/2026 | | | 30 | | 31,289 |
North Carolina (State of), Series 2016 A, Ref. GO Bonds
| 5.00% | | 06/01/2026 | | | 90 | | 93,946 |
North Carolina (State of), Series 2017 B, Ref. RB
| 5.00% | | 05/01/2026 | | | 85 | | 88,475 |
North Carolina (State of), Series 2018 A, GO Bonds
| 5.00% | | 06/01/2026 | | | 330 | | 344,469 |
North Carolina (State of), Series 2022 A, RB
| 5.00% | | 05/01/2026 | | | 60 | | 62,453 |
North Carolina (State of) (Build North Carolina Programs), Series 2019 A, RB
| 5.00% | | 05/01/2026 | | | 30 | | 31,226 |
North Carolina (State of) (Build North Carolina Programs), Series 2020 B, RB
| 5.00% | | 05/01/2026 | | | 45 | | 46,840 |
North Carolina (State of) (Garvee), Series 2019, RB
| 5.00% | | 03/01/2026 | | | 65 | | 67,407 |
North Carolina (State of) Capital Facilities Finance Agency (Duke University), Series 2016 B, Ref. RB
| 5.00% | | 10/01/2026 | | | 55 | | 57,814 |
North Carolina (State of) Capital Facilities Finance Agency (Duke University), Series 2016 B, Ref. RB
| 5.00% | | 10/01/2040 | | | 20 | | 20,802 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| North Carolina-(continued) | | | | | | | | |
North Carolina (State of) Capital Facilities Finance Agency (Duke University), Series 2016 B, Ref. RB
| 5.00% | | 10/01/2044 | | $ | 55 | | $ 56,958 |
North Carolina (State of) Eastern Municipal Power Agency, Series 1993 B, Ref. RB(a)
| 6.00% | | 01/01/2026 | | | 25 | | 26,037 |
North Carolina (State of) Medical Care Commission (Deerfield Episcopal Retirement Community), Series 2016, Ref. RB
| 5.00% | | 11/01/2037 | | | 150 | | 152,823 |
North Carolina (State of) Municipal Power Agency No. 1 (Catawba), Series 2015 A, Ref. RB
| 5.00% | | 01/01/2026 | | | 10 | | 10,312 |
North Carolina (State of) Municipal Power Agency No. 1 (Catawba), Series 2015 A, Ref. RB
| 5.00% | | 01/01/2028 | | | 35 | | 35,932 |
North Carolina (State of) Municipal Power Agency No. 1 (Catawba), Series 2015 A, Ref. RB
| 5.00% | | 01/01/2032 | | | 20 | | 20,429 |
North Carolina (State of) Municipal Power Agency No. 1 (Catawba), Series 2015 C, Ref. RB
| 5.00% | | 01/01/2029 | | | 10 | | 10,253 |
North Carolina (State of) Municipal Power Agency No. 1 (Catawba), Series 2016 A, Ref. RB
| 5.00% | | 01/01/2028 | | | 110 | | 114,003 |
North Carolina (State of) Municipal Power Agency No. 1 (Catawba), Series 2016 A, Ref. RB
| 5.00% | | 01/01/2029 | | | 50 | | 51,729 |
North Carolina (State of) Turnpike Authority, Series 2017 A, Ref. RB
| 5.00% | | 07/01/2054 | | | 250 | | 253,016 |
| | | | | | | | | 1,675,864 |
| North Dakota-0.23% | | | | | | | | |
Cass County Joint Water Resource District, Series 2024 A, Ref. RB
| 3.45% | | 04/01/2027 | | | 500 | | 502,498 |
| Ohio-2.05% | | | | | | | | |
Allen (County of), OH, Series 2017 A, Ref. RB
| 5.00% | | 08/01/2026 | | | 145 | | 150,986 |
American Municipal Power, Inc. (Greenup Hydroelectric), Series 2016 A, RB
| 5.00% | | 02/15/2041 | | | 100 | | 102,095 |
Cincinnati City School District (Classroom Construction & Improvement), Series 2006, Ref. GO Bonds, (INS - NATL)(b)
| 5.25% | | 12/01/2026 | | | 50 | | 52,978 |
Columbus (City of), OH, Series 2015, Ref. RB
| 5.00% | | 06/01/2029 | | | 100 | | 103,788 |
Columbus (City of), OH, Series 2015, Ref. RB
| 5.00% | | 06/01/2030 | | | 25 | | 25,904 |
Columbus (City of), OH, Series 2015, Ref. RB
| 5.00% | | 06/01/2032 | | | 1,015 | | 1,051,510 |
Columbus (City of), OH, Series 2016-1, Ref. GO Bonds
| 5.00% | | 07/01/2026 | | | 135 | | 141,060 |
Columbus (City of), OH, Series 2022 A, GO Bonds
| 5.00% | | 04/01/2026 | | | 505 | | 524,515 |
Columbus City School District (Construction and Improvement), Series 2016 A, Ref. GO Bonds
| 5.00% | | 12/01/2031 | | | 100 | | 103,874 |
Cuyahoga (County of), OH, Series 2020 D, Ref. RB
| 5.00% | | 12/01/2026 | | | 25 | | 26,269 |
Hamilton (County of), OH, Series 2016 A, Ref. RB
| 5.00% | | 12/01/2026 | | | 35 | | 36,816 |
Hamilton (County of), OH, Series 2016 A, Ref. RB
| 5.00% | | 12/01/2029 | | | 95 | | 99,537 |
Hamilton (County of), OH, Series 2016 A, Ref. RB
| 5.00% | | 12/01/2030 | | | 5 | | 5,231 |
Hamilton (County of), OH, Series 2016 A, Ref. RB
| 4.00% | | 12/01/2031 | | | 65 | | 66,177 |
Miami University, Series 2017, Ref. RB
| 5.00% | | 09/01/2041 | | | 50 | | 51,218 |
Ohio (State of), Series 2016 S, GO Bonds
| 5.00% | | 05/01/2029 | | | 35 | | 36,278 |
Ohio (State of), Series 2016 S, GO Bonds
| 5.00% | | 05/01/2031 | | | 70 | | 72,302 |
Ohio (State of), Series 2017 B, Ref. GO Bonds
| 5.00% | | 09/15/2026 | | | 15 | | 15,766 |
Ohio (State of), Series 2017 C, Ref. GO Bonds
| 5.00% | | 08/01/2026 | | | 30 | | 31,439 |
Ohio (State of), Series 2018 A, GO Bonds
| 5.00% | | 02/01/2031 | | | 100 | | 102,845 |
Ohio (State of), Series 2018 A, GO Bonds
| 5.00% | | 06/15/2031 | | | 10 | | 10,309 |
Ohio (State of), Series 2018 A, GO Bonds
| 5.00% | | 06/15/2032 | | | 35 | | 36,064 |
Ohio (State of), Series 2018 A, GO Bonds
| 5.00% | | 02/01/2033 | | | 125 | | 128,469 |
Ohio (State of), Series 2018 A, GO Bonds
| 5.00% | | 06/15/2033 | | | 15 | | 15,451 |
Ohio (State of), Series 2018 A, GO Bonds
| 5.00% | | 02/01/2034 | | | 30 | | 30,824 |
Ohio (State of), Series 2018 A, GO Bonds
| 5.00% | | 06/15/2034 | | | 50 | | 51,497 |
Ohio (State of), Series 2018-1, RB
| 5.00% | | 12/15/2026 | | | 20 | | 21,092 |
Ohio (State of), Series 2018-1, RB
| 5.00% | | 12/15/2028 | | | 45 | | 46,853 |
Ohio (State of), Series 2018-1, RB
| 5.00% | | 12/15/2029 | | | 195 | | 202,649 |
Ohio (State of), Series 2019-1, RB
| 5.00% | | 12/15/2026 | | | 25 | | 26,365 |
Ohio (State of), Series 2020 B, Ref. GO Bonds
| 5.00% | | 08/01/2026 | | | 10 | | 10,480 |
Ohio (State of) (Cleveland Clinic Health System Obligated Group), Series 2017, Ref. RB
| 5.00% | | 01/01/2026 | | | 5 | | 5,164 |
Ohio (State of) (Garvee), Series 2016 1, RB
| 5.00% | | 12/15/2028 | | | 70 | | 72,883 |
Ohio (State of) (Garvee), Series 2016-1, RB
| 5.00% | | 12/15/2026 | | | 35 | | 36,485 |
Ohio (State of) (Garvee), Series 2016-1, RB
| 5.00% | | 12/15/2027 | | | 65 | | 67,781 |
Ohio (State of) (University Hospitals Health System, Inc.), Series 2016 A, Ref. RB
| 5.00% | | 01/15/2041 | | | 335 | | 339,218 |
Ohio (State of) Water Development Authority, Series 2016 A, RB
| 5.00% | | 12/01/2032 | | | 200 | | 207,272 |
Ohio (State of) Water Development Authority, Series 2016 A, RB
| 5.00% | | 12/01/2033 | | | 25 | | 25,900 |
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2017 A, RB
| 5.00% | | 12/01/2026 | | | 15 | | 15,829 |
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2019 A, RB
| 5.00% | | 06/01/2026 | | | 45 | | 46,926 |
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2019 A, RB
| 5.00% | | 12/01/2026 | | | 65 | | 68,592 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Ohio-(continued) | | | | | | | | |
Ohio State University (The), Series 2020 A, Ref. RB
| 5.00% | | 12/01/2026 | | $ | 5 | | $ 5,280 |
University of Cincinnati, Series 2016 C, RB
| 5.00% | | 06/01/2046 | | | 125 | | 128,185 |
| | | | | | | | | 4,400,156 |
| Oklahoma-0.93% | | | | | | | | |
Canadian (County of), OK Educational Facilities Authority (Mustang Public Schools), Series 2017, RB
| 5.00% | | 09/01/2026 | | | 50 | | 52,098 |
Grand River Dam Authority, Series 2016 A, Ref. RB
| 5.00% | | 06/01/2026 | | | 10 | | 10,402 |
Grand River Dam Authority, Series 2016 A, Ref. RB
| 5.00% | | 06/01/2029 | | | 15 | | 15,710 |
Grand River Dam Authority, Series 2016 A, Ref. RB
| 5.00% | | 06/01/2032 | | | 45 | | 46,949 |
Grand River Dam Authority, Series 2016 A, Ref. RB
| 4.00% | | 06/01/2033 | | | 600 | | 608,566 |
Oklahoma (State of) Turnpike Authority, Series 2017 A, RB
| 4.00% | | 01/01/2033 | | | 5 | | 5,046 |
Oklahoma (State of) Turnpike Authority, Series 2017 A, RB
| 4.00% | | 01/01/2034 | | | 830 | | 837,271 |
Oklahoma (State of) Turnpike Authority, Series 2017 A, RB
| 5.00% | | 01/01/2037 | | | 190 | | 195,117 |
Oklahoma (State of) Turnpike Authority, Series 2017 A, RB
| 5.00% | | 01/01/2042 | | | 170 | | 173,395 |
Oklahoma (State of) Turnpike Authority, Series 2020 A, Ref. RB
| 5.00% | | 01/01/2026 | | | 30 | | 30,972 |
Tulsa (County of), OK Industrial Authority (Jenks Public Schools), Series 2015, RB
| 5.00% | | 09/01/2026 | | | 25 | | 25,553 |
| | | | | | | | | 2,001,079 |
| Oregon-0.80% | | | | | | | | |
Clackamas County School District No. 12 North Clackamas, Series 2016, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)
| 4.00% | | 06/15/2032 | | | 25 | | 25,387 |
Hillsboro School District No. 1J, Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty)
| 5.00% | | 06/15/2026 | | | 80 | | 83,359 |
Multnomah County School District No. 1, Series 2020, GO Bonds, (CEP - Oregon School Bond Guaranty)
| 5.00% | | 06/15/2026 | | | 40 | | 41,751 |
Oregon (State of) (Article XI - Q State), Series 2016 F, Ref. GO Bonds
| 5.00% | | 05/01/2028 | | | 20 | | 20,785 |
Oregon (State of) (Article XI-G OHSU), Series 2016 C, GO Bonds
| 5.00% | | 08/01/2041 | | | 100 | | 103,064 |
Oregon (State of) (Seismic), Series 2016 F, Ref. GO Bonds
| 5.00% | | 05/01/2029 | | | 30 | | 31,153 |
Oregon (State of) Facilities Authority, Series 2016 A, Ref. RB
| 5.00% | | 10/01/2035 | | | 15 | | 15,301 |
Oregon (State of) Facilities Authority (Legacy Health), Series 2016 A, Ref. RB
| 5.00% | | 06/01/2046 | | | 100 | | 100,914 |
Oregon (State of) Tri-County Metropolitan Transportation District, Series 2017 A, RB(a)
| 5.00% | | 09/01/2026 | | | 1,000 | | 1,048,124 |
Oregon Health & Science University, Series 2016 B, Ref. RB
| 5.00% | | 07/01/2035 | | | 5 | | 5,158 |
Oregon Health & Science University, Series 2016 B, Ref. RB
| 5.00% | | 07/01/2036 | | | 160 | | 164,867 |
Portland Community College District, Series 2018, GO Bonds
| 5.00% | | 06/15/2029 | | | 25 | | 26,079 |
University of Oregon, Series 2016 A, RB
| 5.00% | | 04/01/2046 | | | 60 | | 61,103 |
| | | | | | | | | 1,727,045 |
| Pennsylvania-4.29% | | | | | | | | |
Allegheny (County of), PA, Series 2016 C-75, Ref. GO Bonds
| 5.00% | | 11/01/2026 | | | 10 | | 10,506 |
Allegheny (County of), PA, Series 2016 C-75, Ref. GO Bonds
| 5.00% | | 11/01/2028 | | | 15 | | 15,727 |
Allegheny (County of), PA, Series 2016 C-75, Ref. GO Bonds
| 4.00% | | 11/01/2032 | | | 105 | | 106,724 |
Allegheny (County of), PA, Series 2016 C-76, GO Bonds
| 5.00% | | 11/01/2041 | | | 10 | | 10,279 |
Allegheny (County of), PA Hospital Development Authority (University of Pittsburgh Medical Center), Series 2019, Ref. RB
| 5.00% | | 07/15/2026 | | | 10 | | 10,435 |
Allegheny (County of), PA Port Authority, Series 2020, Ref. RB
| 5.00% | | 03/01/2026 | | | 100 | | 103,256 |
Chester (County of), PA, Series 2016 A, Ref. GO Bonds
| 4.00% | | 07/15/2028 | | | 45 | | 46,126 |
Chester (County of), PA, Series 2016 A, Ref. GO Bonds
| 4.00% | | 07/15/2029 | | | 15 | | 15,377 |
Erie (City & County of), PA Water Authority, Series 2016, Ref. RB(a)
| 5.00% | | 12/01/2026 | | | 65 | | 68,446 |
Lancaster (County of), PA Hospital Authority (University of Pennsylvania), Series 2016 A, Ref. RB
| 5.00% | | 08/15/2042 | | | 140 | | 143,101 |
Lancaster (County of), PA Hospital Authority (University of Pennsylvania), Series 2016, Ref. RB
| 5.00% | | 08/15/2026 | | | 50 | | 52,205 |
Lehigh (County of), PA (Lehigh Valley Health Network), Series 2016 A, Ref. RB
| 4.00% | | 07/01/2035 | | | 600 | | 601,306 |
Lycoming (County of), PA Authority (Pennsylvania College of Technology), Series 2016 A, Ref. RB
| 3.00% | | 10/01/2037 | | | 100 | | 91,969 |
Monroeville Finance Authority, Series 2012, RB
| 5.00% | | 02/15/2026 | | | 65 | | 67,183 |
Northampton (County of), PA General Purpose Authority (St. Luke’s University Health Network), Series 2016, Ref. RB
| 5.00% | | 08/15/2046 | | | 10 | | 10,094 |
Pennsylvania (Commonwealth of), First Series 2015, GO Bonds
| 5.00% | | 03/15/2026 | | | 35 | | 35,407 |
Pennsylvania (Commonwealth of), First Series 2016, GO Bonds
| 5.00% | | 02/01/2026 | | | 320 | | 331,397 |
Pennsylvania (Commonwealth of), First Series 2016, GO Bonds
| 5.00% | | 02/01/2029 | | | 300 | | 309,588 |
Pennsylvania (Commonwealth of), First Series 2016, GO Bonds
| 4.00% | | 02/01/2031 | | | 20 | | 20,245 |
Pennsylvania (Commonwealth of), First Series 2016, GO Bonds
| 4.00% | | 02/01/2032 | | | 200 | | 202,325 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Pennsylvania-(continued) | | | | | | | | |
Pennsylvania (Commonwealth of), First Series 2016, GO Bonds
| 4.00% | | 02/01/2033 | | $ | 20 | | $ 20,221 |
Pennsylvania (Commonwealth of), First Series 2016, GO Bonds, (INS - AGM)(b)
| 4.00% | | 02/01/2034 | | | 15 | | 15,199 |
Pennsylvania (Commonwealth of), First Series 2016, Ref. GO Bonds
| 5.00% | | 09/15/2026 | | | 85 | | 89,256 |
Pennsylvania (Commonwealth of), First Series 2017, Ref. GO Bonds
| 5.00% | | 01/01/2026 | | | 130 | | 134,351 |
Pennsylvania (Commonwealth of), First Series 2020, GO Bonds
| 5.00% | | 05/01/2026 | | | 30 | | 31,221 |
Pennsylvania (Commonwealth of), First Series 2021, GO Bonds
| 5.00% | | 05/15/2026 | | | 1,000 | | 1,041,685 |
Pennsylvania (Commonwealth of), Second Series 2015 D, GO Bonds
| 3.25% | | 08/15/2026 | | | 515 | | 517,665 |
Pennsylvania (Commonwealth of), Second Series 2016, GO Bonds
| 5.00% | | 09/15/2028 | | | 300 | | 312,819 |
Pennsylvania (Commonwealth of), Second Series 2016, GO Bonds
| 4.00% | | 09/15/2030 | | | 65 | | 66,184 |
Pennsylvania (Commonwealth of), Second Series 2016, GO Bonds
| 4.00% | | 09/15/2031 | | | 25 | | 25,420 |
Pennsylvania (Commonwealth of), Second Series 2016, GO Bonds
| 4.00% | | 09/15/2032 | | | 660 | | 670,462 |
Pennsylvania (Commonwealth of), Second Series 2016, GO Bonds
| 4.00% | | 09/15/2034 | | | 260 | | 264,112 |
Pennsylvania (Commonwealth of), Series 2019, Ref. GO Bonds
| 5.00% | | 07/15/2026 | | | 5 | | 5,229 |
Pennsylvania (Commonwealth of), Series 2022, GO Bonds
| 5.00% | | 10/01/2026 | | | 100 | | 104,970 |
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Trustees University of Pennsylvania), Series 2016 A, Ref. RB
| 4.00% | | 08/15/2031 | | | 500 | | 506,539 |
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (University of Pennsylvania Health System), Series 2016 A, Ref. RB
| 4.00% | | 08/15/2029 | | | 20 | | 20,358 |
Pennsylvania (Commonwealth of) Public School Building Authority (Philadelphia School District), Series 2016 A, Ref. RB, (INS - AGM)(b)
| 5.00% | | 06/01/2030 | | | 5 | | 5,200 |
Pennsylvania (Commonwealth of) Turnpike Commission, Second Series 2016 B, Ref. RB
| 5.00% | | 06/01/2028 | | | 5 | | 5,184 |
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 A, Ref. RB
| 5.00% | | 12/01/2026 | | | 145 | | 152,719 |
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 A, Ref. RB
| 5.00% | | 12/01/2028 | | | 35 | | 36,669 |
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 A, Ref. RB
| 5.00% | | 12/01/2029 | | | 25 | | 26,160 |
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 A, Ref. RB
| 5.00% | | 12/01/2030 | | | 175 | | 182,604 |
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 A, Ref. RB
| 5.00% | | 12/01/2032 | | | 230 | | 237,970 |
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 A, Ref. RB
| 4.00% | | 12/01/2034 | | | 35 | | 35,528 |
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 A, Ref. RB
| 5.00% | | 12/01/2035 | | | 5 | | 5,171 |
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 A-1, RB
| 5.00% | | 12/01/2034 | | | 60 | | 61,560 |
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 A-1, RB
| 5.00% | | 12/01/2035 | | | 235 | | 241,046 |
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 A-1, RB
| 5.00% | | 12/01/2036 | | | 45 | | 46,071 |
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 A-1, RB
| 5.00% | | 12/01/2041 | | | 525 | | 536,873 |
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 A-1, RB
| 5.00% | | 12/01/2046 | | | 60 | | 61,079 |
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 B, Ref. RB
| 4.00% | | 06/01/2033 | | | 165 | | 167,166 |
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 B, Ref. RB
| 5.00% | | 06/01/2035 | | | 105 | | 107,886 |
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 B, Ref. RB
| 5.00% | | 06/01/2039 | | | 150 | | 153,054 |
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016, Ref. RB
| 5.00% | | 06/01/2026 | | | 40 | | 41,059 |
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016, Ref. RB
| 5.00% | | 12/01/2030 | | | 100 | | 104,368 |
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017 A, RB, (INS - AGM)(b)
| 4.00% | | 12/01/2037 | | | 390 | | 392,690 |
Pennsylvania State University (The), Series 2016 A, RB
| 5.00% | | 09/01/2041 | | | 300 | | 309,700 |
Philadelphia (City of), PA, Fourteenth Series 2016, Ref. RB
| 5.00% | | 10/01/2032 | | | 35 | | 36,324 |
Philadelphia (City of), PA, Series 2017 A, Ref. GO Bonds
| 5.00% | | 08/01/2026 | | | 5 | | 5,221 |
Philadelphia (City of), PA, Series 2019 A, Ref. GO Bonds
| 5.00% | | 08/01/2026 | | | 145 | | 151,400 |
Pittsburgh (City of), PA Water & Sewer Authority, Series 2017 A, Ref. RB, (INS - AGM)(b)
| 5.00% | | 09/01/2026 | | | 45 | | 47,076 |
| | | | | | | | | 9,227,165 |
| Rhode Island-0.16% | | | | | | | | |
Rhode Island (State of), Series 2015 A, Ref. GO Bonds
| 5.00% | | 08/01/2026 | | | 20 | | 20,439 |
Rhode Island (State of) Turnpike & Bridge Authority, Series 2016 A, Ref. RB
| 5.00% | | 10/01/2040 | | | 40 | | 40,863 |
Rhode Island Commerce Corp. (Garvee), Series 2016 B, RB
| 5.00% | | 06/15/2026 | | | 50 | | 51,975 |
Rhode Island Commerce Corp. (Garvee), Series 2016 B, RB
| 5.00% | | 06/15/2030 | | | 110 | | 113,828 |
Rhode Island Commerce Corp. (Garvee), Series 2016 B, RB
| 5.00% | | 06/15/2031 | | | 95 | | 98,189 |
Rhode Island Health & Educational Building Corp. (Providence College), Series 2017, RB
| 5.00% | | 11/01/2047 | | | 25 | | 25,406 |
| | | | | | | | | 350,700 |
| South Carolina-0.56% | | | | | | | | |
Charleston Educational Excellence Finance Corp. (Charleston County School), Series 2023, Ref. RB
| 5.00% | | 12/01/2026 | | | 55 | | 57,879 |
Greenville County School District, Series 2023, Ref. RB
| 5.00% | | 12/01/2026 | | | 35 | | 36,871 |
Lexington County Health Services District, Inc. (Lexington Medical Center), Series 2016, RB
| 5.00% | | 11/01/2041 | | | 265 | | 268,309 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| South Carolina-(continued) | | | | | | | | |
South Carolina (State of) Jobs-Economic Development Authority (Carealliance Health Services), Series 2016 A, RB
| 5.25% | | 08/15/2046 | | $ | 85 | | $ 86,111 |
South Carolina (State of) Public Service Authority, Series 2016 A, Ref. RB
| 5.00% | | 12/01/2029 | | | 225 | | 231,116 |
South Carolina (State of) Public Service Authority, Series 2016 A, Ref. RB
| 5.00% | | 12/01/2031 | | | 150 | | 153,362 |
South Carolina (State of) Public Service Authority, Series 2016 A, Ref. RB
| 5.00% | | 12/01/2032 | | | 145 | | 147,893 |
South Carolina (State of) Public Service Authority, Series 2016 A, Ref. RB
| 5.00% | | 12/01/2037 | | | 35 | | 35,538 |
South Carolina (State of) Public Service Authority, Series 2016 B, Ref. RB
| 5.00% | | 12/01/2035 | | | 20 | | 20,443 |
South Carolina (State of) Public Service Authority, Series 2016 B, Ref. RB
| 4.00% | | 12/01/2056 | | | 20 | | 18,585 |
South Carolina (State of) Public Service Authority, Series 2016 B, Ref. RB
| 5.00% | | 12/01/2056 | | | 55 | | 55,387 |
South Carolina (State of) Transportation Infrastructure Bank, Series 2021 B, Ref. RB
| 5.00% | | 10/01/2026 | | | 90 | | 94,585 |
| | | | | | | | | 1,206,079 |
| Tennessee-1.07% | | | | | | | | |
Clarksville (City of), TN, Series 2016, Ref. RB(a)
| 5.00% | | 02/01/2026 | | | 45 | | 46,488 |
Memphis (City of), TN, Series 2015 A, Ref. GO Bonds
| 5.00% | | 04/01/2026 | | | 445 | | 450,727 |
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2015 C, GO Bonds
| 5.00% | | 07/01/2026 | | | 100 | | 101,849 |
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2016, Ref. GO Bonds
| 5.00% | | 01/01/2026 | | | 50 | | 51,627 |
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2016, Ref. GO Bonds(a)
| 5.00% | | 07/01/2026 | | | 100 | | 104,398 |
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2016, Ref. GO Bonds(a)
| 5.00% | | 07/01/2026 | | | 10 | | 10,440 |
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2016, Ref. GO Bonds
| 4.00% | | 01/01/2030 | | | 30 | | 30,499 |
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2016, Ref. GO Bonds
| 4.00% | | 01/01/2031 | | | 20 | | 20,290 |
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2016, Ref. GO Bonds
| 4.00% | | 01/01/2032 | | | 30 | | 30,351 |
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2017, GO Bonds
| 4.75% | | 07/01/2026 | | | 20 | | 20,773 |
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2018, GO Bonds
| 5.00% | | 07/01/2026 | | | 175 | | 182,728 |
Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Lipscomb University), Series 2016 A, Ref. RB
| 5.00% | | 10/01/2041 | | | 15 | | 15,152 |
Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Lipscomb University), Series 2016 A, Ref. RB
| 5.00% | | 10/01/2045 | | | 25 | | 25,151 |
Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Vanderbilt University Medical Center), Series 2016 A, RB
| 5.00% | | 07/01/2029 | | | 35 | | 36,146 |
Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Vanderbilt University Medical Center), Series 2016 A, RB
| 5.00% | | 07/01/2030 | | | 5 | | 5,155 |
Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Vanderbilt University Medical Center), Series 2016 A, RB
| 5.00% | | 07/01/2031 | | | 25 | | 25,725 |
Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Vanderbilt University Medical Center), Series 2016 A, RB
| 5.00% | | 07/01/2035 | | | 100 | | 102,279 |
Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Vanderbilt University Medical Center), Series 2016 A, RB
| 5.00% | | 07/01/2040 | | | 200 | | 203,087 |
Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Vanderbilt University Medical Center), Series 2016 A, RB
| 5.00% | | 07/01/2046 | | | 535 | | 540,105 |
Tennessee (State of), Series 2016 B, Ref. GO Bonds
| 5.00% | | 08/01/2028 | | | 45 | | 46,908 |
Tennessee (State of), Series 2016 B, Ref. GO Bonds
| 5.00% | | 08/01/2030 | | | 100 | | 104,087 |
Tennessee (State of) School Bond Authority, Series 2017 B, Ref. RB, (CEP - Colorado Higher Education Intercept Program)
| 5.00% | | 11/01/2026 | | | 35 | | 36,756 |
Tennessee Energy Acquisition Corp., Series 2006 A, RB
| 5.25% | | 09/01/2026 | | | 30 | | 30,868 |
Tennessee Energy Acquisition Corp., Series 2006 B, RB
| 5.63% | | 09/01/2026 | | | 75 | | 78,087 |
| | | | | | | | | 2,299,676 |
| Texas-8.86% | | | | | | | | |
Aledo Independent School District, Series 2016, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
| 4.00% | | 02/15/2040 | | | 500 | | 501,732 |
Allen Independent School District, Series 2017, GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 02/15/2042 | | | 520 | | 530,922 |
Austin (City of), TX, Series 2016, Ref. RB
| 5.00% | | 11/15/2032 | | | 35 | | 36,312 |
Austin (City of), TX, Series 2016, Ref. RB
| 5.00% | | 11/15/2045 | | | 150 | | 153,053 |
Austin (City of), TX, Series 2017 A, RB
| 5.00% | | 11/15/2041 | | | 40 | | 40,873 |
Austin (City of), TX, Series 2021, Ref. RB
| 5.00% | | 11/15/2026 | | | 15 | | 15,796 |
Bexar (County of), TX, Series 2017, Ref. GO Bonds(a)
| 5.00% | | 06/15/2026 | | | 60 | | 62,410 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Texas-(continued) | | | | | | | | |
Bexar (County of), TX, Series 2017, Ref. GO Bonds(a)
| 5.00% | | 06/15/2026 | | $ | 220 | | $ 228,837 |
Bexar (County of), TX, Series 2017, Ref. GO Bonds
| 5.00% | | 06/15/2028 | | | 500 | | 519,809 |
Board of Regents of the University of Texas System, Series 2014 B, Ref. RB
| 5.00% | | 08/15/2026 | | | 115 | | 120,407 |
Board of Regents of the University of Texas System, Series 2016 D, RB
| 5.00% | | 08/15/2026 | | | 445 | | 465,575 |
Board of Regents of the University of Texas System, Series 2016 J, RB
| 5.00% | | 08/15/2026 | | | 405 | | 424,041 |
Board of Regents of the University of Texas System, Series 2016 J, RB
| 5.00% | | 08/15/2028 | | | 125 | | 130,205 |
Board of Regents of the University of Texas System (Green Bonds), Series 2016 B, RB
| 5.00% | | 08/15/2026 | | | 35 | | 36,632 |
Cypress-Fairbanks Independent School District, Series 2016, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 02/15/2026 | | | 100 | | 103,576 |
Cypress-Fairbanks Independent School District, Series 2016, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 02/15/2028 | | | 175 | | 180,682 |
Cypress-Fairbanks Independent School District, Series 2023 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 02/15/2026 | | | 5 | | 5,179 |
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2020 A, Ref. RB
| 5.00% | | 11/01/2026 | | | 40 | | 42,050 |
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2020, Ref. RB
| 5.00% | | 11/01/2026 | | | 10 | | 10,513 |
Dallas (City of), TX, Series 2015 A, Ref. RB
| 5.00% | | 10/01/2026 | | | 160 | | 163,789 |
Dallas (City of), TX, Series 2016 A, Ref. RB
| 5.00% | | 10/01/2035 | | | 60 | | 62,088 |
Dallas (City of), TX, Series 2016 A, Ref. RB
| 4.00% | | 10/01/2041 | | | 25 | | 24,431 |
Dallas (City of), TX, Series 2017, Ref. GO Bonds
| 5.00% | | 02/15/2026 | | | 500 | | 517,444 |
Dallas (City of), TX, Series 2023 A, Ref. GO Bonds
| 5.00% | | 02/15/2026 | | | 210 | | 217,327 |
Dallas (City of), TX Area Rapid Transit, Series 2016 B, Ref. RB
| 5.00% | | 12/01/2032 | | | 45 | | 47,039 |
Dallas (City of), TX Area Rapid Transit, Series 2016 B, Ref. RB
| 4.00% | | 12/01/2036 | | | 100 | | 100,760 |
Dallas (City of), TX Area Rapid Transit, Series 2019, Ref. RB
| 5.00% | | 12/01/2026 | | | 105 | | 110,660 |
Dallas (County of), TX Utility & Reclamation District, Series 2016, Ref. GO Bonds
| 5.00% | | 02/15/2026 | | | 30 | | 30,891 |
Denton (City of), TX, Series 2017, RB
| 5.00% | | 12/01/2035 | | | 165 | | 170,102 |
Eagle Mountain & Saginaw Independent School District, Series 2016, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
| 4.00% | | 08/15/2033 | | | 25 | | 25,219 |
El Paso (City of), TX, Series 2016, GO Bonds
| 5.00% | | 08/15/2042 | | | 100 | | 101,632 |
El Paso (City of), TX, Series 2016, Ref. GO Bonds
| 4.00% | | 08/15/2032 | | | 160 | | 162,635 |
El Paso Independent School District, Series 2017, GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 08/15/2037 | | | 150 | | 155,119 |
Fort Bend Independent School District, Series 2017 E, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 02/15/2026 | | | 75 | | 77,562 |
Garland Independent School District, Series 2023 A, GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 02/15/2026 | | | 5 | | 5,171 |
Harris (County of), TX, Series 2016 A, Ref. RB
| 5.00% | | 08/15/2026 | | | 15 | | 15,691 |
Harris (County of), TX, Series 2016 A, Ref. RB
| 5.00% | | 08/15/2030 | | | 30 | | 31,133 |
Harris (County of), TX, Series 2016 A, Ref. RB
| 5.00% | | 08/15/2031 | | | 150 | | 155,435 |
Harris (County of), TX, Series 2016 A, Ref. RB
| 5.00% | | 08/15/2034 | | | 55 | | 56,929 |
Harris (County of), TX, Series 2016 A, Ref. RB
| 5.00% | | 08/15/2035 | | | 15 | | 15,509 |
Harris (County of), TX, Series 2016 A, Ref. RB
| 5.00% | | 08/15/2036 | | | 95 | | 98,096 |
Harris (County of), TX Metropolitan Transit Authority, Series 2016 A, Ref. RB
| 5.00% | | 11/01/2028 | | | 40 | | 41,922 |
Harris (County of), TX Metropolitan Transit Authority, Series 2016 A, Ref. RB
| 5.00% | | 11/01/2029 | | | 75 | | 78,621 |
Harris (County of), TX Toll Road Authority (The), Series 2022 A, Ref. RB
| 5.00% | | 08/15/2026 | | | 125 | | 130,877 |
Harris County Cultural Education Facilities Finance Corp. (Memorial Hermann Health System), Series 2019, Ref. RB
| 5.00% | | 12/01/2026 | | | 25 | | 26,202 |
Houston (City of), TX, Series 2016 A, Ref. GO Bonds
| 5.00% | | 03/01/2028 | | | 20 | | 20,673 |
Houston (City of), TX, Series 2016 B, Ref. RB
| 5.00% | | 11/15/2026 | | | 15 | | 15,783 |
Houston (City of), TX, Series 2016 B, Ref. RB
| 5.00% | | 11/15/2028 | | | 65 | | 68,200 |
Houston (City of), TX, Series 2016 B, Ref. RB
| 4.00% | | 11/15/2031 | | | 300 | | 302,675 |
Houston (City of), TX, Series 2016 B, Ref. RB
| 4.00% | | 11/15/2037 | | | 5 | | 4,995 |
Houston (City of), TX, Series 2017 A, Ref. GO Bonds
| 5.00% | | 03/01/2026 | | | 200 | | 206,661 |
Houston (City of), TX, Series 2017 B, Ref. RB
| 5.00% | | 11/15/2026 | | | 90 | | 94,696 |
Houston (City of), TX, Series 2018 B, Ref. RB
| 5.00% | | 07/01/2026 | | | 60 | | 62,529 |
Houston (City of), TX, Series 2021 A, GO Bonds
| 5.00% | | 03/01/2026 | | | 15 | | 15,500 |
Houston Independent School District, Series 2016 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 02/15/2028 | | | 20 | | 20,600 |
Houston Independent School District, Series 2016 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 02/15/2029 | | | 145 | | 149,290 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Texas-(continued) | | | | | | | | |
Houston Independent School District, Series 2016 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 02/15/2030 | | $ | 190 | | $ 195,594 |
Houston Independent School District, Series 2016 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 02/15/2031 | | | 1,230 | | 1,265,155 |
Houston Independent School District, Series 2016 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
| 4.00% | | 02/15/2033 | | | 55 | | 55,381 |
Houston Independent School District, Series 2017, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 02/15/2026 | | | 110 | | 113,854 |
Humble Independent School District, Series 2015 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
| 4.00% | | 02/15/2026 | | | 25 | | 25,121 |
Lone Star College System, Series 2016, Ref. GO Bonds
| 4.00% | | 02/15/2032 | | | 45 | | 45,272 |
Lone Star College System, Series 2016, Ref. GO Bonds
| 5.00% | | 02/15/2033 | | | 25 | | 25,776 |
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2021, Ref. RB
| 5.00% | | 05/15/2026 | | | 150 | | 155,947 |
Montgomery (County of), TX, Series 2016, Ref. GO Bonds
| 5.00% | | 03/01/2028 | | | 35 | | 36,202 |
New Hope Cultural Education Facilities Finance Corp. (Cardinal Bay, Inc.), Series 2016, RB(c)
| 5.00% | | 07/01/2046 | | | 100 | | 80,541 |
North East Independent School District, Series 2007, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
| 5.25% | | 02/01/2026 | | | 30 | | 31,074 |
North Harris (County of), TX Regional Water Authority, Series 2016, Ref. RB
| 4.00% | | 12/15/2035 | | | 30 | | 30,357 |
North Texas Tollway Authority, Series 2016 A, Ref. RB
| 5.00% | | 01/01/2028 | | | 150 | | 154,282 |
North Texas Tollway Authority, Series 2016 A, Ref. RB
| 5.00% | | 01/01/2030 | | | 100 | | 102,714 |
North Texas Tollway Authority, Series 2016 A, Ref. RB
| 5.00% | | 01/01/2031 | | | 1,105 | | 1,133,202 |
North Texas Tollway Authority, Series 2016 A, Ref. RB
| 5.00% | | 01/01/2032 | | | 10 | | 10,240 |
North Texas Tollway Authority, Series 2016 A, Ref. RB
| 5.00% | | 01/01/2036 | | | 625 | | 637,192 |
North Texas Tollway Authority, Series 2016 A, Ref. RB
| 5.00% | | 01/01/2039 | | | 20 | | 20,327 |
North Texas Tollway Authority, Series 2017 A, Ref. RB
| 5.00% | | 01/01/2029 | | | 20 | | 20,559 |
North Texas Tollway Authority, Series 2017 A, Ref. RB
| 5.00% | | 01/01/2031 | | | 115 | | 117,935 |
North Texas Tollway Authority, Series 2017 B, Ref. RB
| 5.00% | | 01/01/2028 | | | 15 | | 15,357 |
North Texas Tollway Authority, Series 2017 B, Ref. RB
| 5.00% | | 01/01/2030 | | | 45 | | 46,018 |
North Texas Tollway Authority, Series 2017 B, Ref. RB
| 5.00% | | 01/01/2031 | | | 120 | | 122,574 |
North Texas Tollway Authority, Series 2022 B, Ref. RB
| 5.00% | | 01/01/2026 | | | 45 | | 46,410 |
Pearland (City of), TX, Series 2021 B, Ctfs. of Obligations
| 5.00% | | 03/01/2030 | | | 630 | | 648,211 |
Pecos Barstow Toyah Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 02/15/2039 | | | 310 | | 316,467 |
Pecos Barstow Toyah Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 02/15/2042 | | | 1,000 | | 1,017,456 |
Permanent University Fund - University of Texas System, Series 2007 B, Ref. RB
| 5.25% | | 07/01/2026 | | | 35 | | 36,714 |
Plano Independent School District, Series 2016 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 02/15/2029 | | | 85 | | 87,686 |
San Antonio (City of), TX, Series 2015, RB
| 4.00% | | 02/01/2033 | | | 55 | | 55,358 |
San Antonio (City of), TX, Series 2015, RB
| 4.00% | | 02/01/2035 | | | 65 | | 65,183 |
San Antonio (City of), TX, Series 2015, Ref. RB
| 5.00% | | 02/01/2026 | | | 70 | | 72,404 |
San Antonio (City of), TX, Series 2016, Ref. RB
| 5.00% | | 02/01/2026 | | | 210 | | 217,213 |
San Antonio (City of), TX, Series 2016, Ref. RB
| 4.00% | | 02/01/2028 | | | 35 | | 35,585 |
San Antonio (City of), TX, Series 2016, Ref. RB
| 5.00% | | 02/01/2029 | | | 160 | | 166,321 |
San Antonio (City of), TX, Series 2016, Ref. RB
| 5.00% | | 02/01/2030 | | | 20 | | 20,760 |
San Antonio (City of), TX, Series 2016, Ref. RB
| 4.00% | | 02/01/2032 | | | 140 | | 141,462 |
San Antonio (City of), TX, Series 2016, Ref. RB
| 5.00% | | 02/01/2032 | | | 50 | | 51,715 |
San Antonio (City of), TX, Series 2018 A, RB
| 5.00% | | 02/01/2026 | | | 30 | | 31,030 |
San Antonio (City of), TX, Series 2019, Ref. RB
| 4.00% | | 02/01/2026 | | | 130 | | 132,674 |
San Antonio (City of), TX Water System, Series 2016 A, Ref. RB
| 5.00% | | 05/15/2031 | | | 185 | | 191,287 |
San Antonio (City of), TX Water System, Series 2016 A, Ref. RB
| 5.00% | | 05/15/2032 | | | 20 | | 20,652 |
San Antonio (City of), TX Water System, Series 2016 C, Ref. RB
| 5.00% | | 05/15/2033 | | | 15 | | 15,578 |
San Antonio (City of), TX Water System, Series 2016 C, Ref. RB
| 5.00% | | 05/15/2034 | | | 20 | | 20,724 |
San Antonio (City of), TX Water System, Series 2016 C, Ref. RB
| 5.00% | | 05/15/2036 | | | 200 | | 206,646 |
San Jacinto Community College District, Series 2016 A, GO Bonds
| 4.00% | | 02/15/2041 | | | 20 | | 19,688 |
Tarrant County Cultural Education Facilities Finance Corp. (Baylor Scott & White Health), Series 2016 A, Ref. RB
| 5.00% | | 11/15/2029 | | | 135 | | 139,222 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Texas-(continued) | | | | | | | | |
Tarrant County Cultural Education Facilities Finance Corp. (Baylor Scott & White Health), Series 2016 A, Ref. RB
| 4.00% | | 11/15/2035 | | $ | 125 | | $ 125,521 |
Tarrant County Cultural Education Facilities Finance Corp. (Baylor Scott & White Health), Series 2016, Ref. RB
| 5.00% | | 11/15/2028 | | | 35 | | 36,133 |
Tarrant County Cultural Education Facilities Finance Corp. (Baylor Scott & White Health), Series 2016, Ref. RB
| 4.00% | | 11/15/2034 | | | 175 | | 176,170 |
Tarrant County Cultural Education Facilities Finance Corp. (Baylor Scott & White Health), Series 2016, Ref. RB
| 5.00% | | 11/15/2037 | | | 20 | | 20,418 |
Tarrant County Cultural Education Facilities Finance Corp. (Texas Health Resources System), Series 2016 A, Ref. RB
| 5.00% | | 02/15/2041 | | | 275 | | 281,319 |
Tarrant County Cultural Education Facilities Finance Corp. (Texas Health Resources System), Series 2016, Ref. RB
| 5.00% | | 02/15/2034 | | | 70 | | 72,370 |
Texas (State of), Series 2016 A, GO Bonds
| 5.00% | | 04/01/2026 | | | 270 | | 280,348 |
Texas (State of), Series 2016 A, GO Bonds
| 5.00% | | 04/01/2038 | | | 250 | | 256,542 |
Texas (State of), Series 2016, GO Bonds
| 5.00% | | 04/01/2029 | | | 20 | | 20,692 |
Texas (State of), Series 2016, GO Bonds
| 5.00% | | 04/01/2029 | | | 10 | | 10,346 |
Texas (State of), Series 2016, GO Bonds
| 5.00% | | 04/01/2030 | | | 260 | | 268,670 |
Texas (State of), Series 2016, GO Bonds
| 5.00% | | 04/01/2031 | | | 140 | | 144,449 |
Texas (State of), Series 2016, GO Bonds
| 5.00% | | 04/01/2032 | | | 5 | | 5,154 |
Texas (State of), Series 2016, GO Bonds
| 5.00% | | 04/01/2033 | | | 20 | | 20,604 |
Texas (State of), Series 2016, GO Bonds
| 5.00% | | 04/01/2033 | | | 5 | | 5,151 |
Texas (State of), Series 2016, GO Bonds
| 5.00% | | 04/01/2037 | | | 30 | | 30,813 |
Texas (State of), Series 2016, GO Bonds
| 5.00% | | 04/01/2043 | | | 5 | | 5,102 |
Texas (State of), Series 2016, Ref. GO Bonds
| 5.00% | | 10/01/2026 | | | 5 | | 5,249 |
Texas (State of), Series 2018 A, Ref. GO Bonds
| 5.00% | | 10/01/2026 | | | 10 | | 10,497 |
Texas (State of) Transportation Commission, Series 2024, Ref. GO Bonds
| 5.00% | | 04/01/2026 | | | 10 | | 10,380 |
Texas (State of) Transportation Commission State Highway Fund, Series 2016 A, RB
| 5.00% | | 10/01/2026 | | | 85 | | 89,278 |
Texas (State of) Water Development Board, Series 2016, RB
| 4.00% | | 10/15/2030 | | | 40 | | 40,610 |
Texas (State of) Water Development Board, Series 2016, RB
| 4.00% | | 10/15/2032 | | | 20 | | 20,249 |
Texas (State of) Water Development Board, Series 2016, RB
| 4.00% | | 10/15/2035 | | | 420 | | 424,479 |
Texas (State of) Water Development Board, Series 2017 A, RB
| 5.00% | | 04/15/2026 | | | 60 | | 62,415 |
Texas (State of) Water Development Board, Series 2018 B, RB
| 5.00% | | 10/15/2026 | | | 40 | | 42,084 |
Texas (State of) Water Development Board, Series 2021, RB
| 5.00% | | 08/01/2026 | | | 50 | | 52,350 |
Texas A&M University, Series 2016 C, Ref. RB
| 4.00% | | 05/15/2028 | | | 100 | | 101,722 |
Texas A&M University, Series 2016 C, Ref. RB
| 4.00% | | 05/15/2029 | | | 35 | | 35,540 |
Trinity River Authority, Series 2016, Ref. RB
| 5.00% | | 08/01/2026 | | | 500 | | 523,023 |
University of Houston, Series 2017 A, Ref. RB
| 5.00% | | 02/15/2030 | | | 75 | | 77,213 |
University of Houston, Series 2017 A, Ref. RB
| 5.00% | | 02/15/2036 | | | 395 | | 405,013 |
Williamson (County of), TX, Series 2021, GO Notes
| 4.00% | | 02/15/2026 | | | 10 | | 10,213 |
| | | | | | | | | 19,059,727 |
| Utah-0.24% | | | | | | | | |
Intermountain Power Agency, Series 2023 A, RB
| 5.00% | | 07/01/2026 | | | 225 | | 234,977 |
Utah (County of), UT (IHC Health Services, Inc.), Series 2016 B, RB
| 3.00% | | 05/15/2047 | | | 95 | | 76,683 |
Utah (State of), Series 2018, GO Bonds
| 5.00% | | 07/01/2026 | | | 160 | | 167,183 |
Utah (State of), Series 2020 B, GO Bonds
| 5.00% | | 07/01/2026 | | | 10 | | 10,449 |
Utah Municipal Power Agency, Series 2016 B, RB
| 5.00% | | 07/01/2038 | | | 25 | | 25,786 |
| | | | | | | | | 515,078 |
| Vermont-0.08% | | | | | | | | |
Vermont (State of) Educational & Health Buildings Financing Agency (University of Vermont Medical Center), Series 2016 A, Ref. RB
| 5.00% | | 12/01/2034 | | | 5 | | 5,120 |
Vermont (State of) Educational & Health Buildings Financing Agency (University of Vermont Medical Center), Series 2016 A, Ref. RB
| 5.00% | | 12/01/2035 | | | 75 | | 76,715 |
Vermont (State of) Educational & Health Buildings Financing Agency (University of Vermont Medical Center), Series 2016 A, Ref. RB
| 5.00% | | 12/01/2036 | | | 80 | | 81,724 |
| | | | | | | | | 163,559 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Virginia-1.87% | | | | | | | | |
Chesapeake Bay Bridge & Tunnel District, Series 2016, RB
| 5.00% | | 07/01/2046 | | $ | 255 | | $ 257,285 |
Chesapeake Bay Bridge & Tunnel District, Series 2016, RB, (INS - AGM)(b)
| 5.00% | | 07/01/2041 | | | 75 | | 76,649 |
Fairfax (County of), VA, Series 2016 A, Ref. GO Bonds(a)
| 5.00% | | 04/01/2026 | | | 100 | | 103,785 |
Fairfax (County of), VA, Series 2016 A, Ref. GO Bonds
| 4.00% | | 10/01/2027 | | | 95 | | 96,943 |
Fairfax (County of), VA, Series 2016 A, Ref. GO Bonds
| 4.00% | | 10/01/2028 | | | 40 | | 40,776 |
Fairfax (County of), VA Industrial Development Authority (Inova Health System), Series 2016 A, Ref. RB
| 5.00% | | 05/15/2030 | | | 120 | | 124,225 |
Fairfax (County of), VA Industrial Development Authority (Inova Health System), Series 2016 A, Ref. RB
| 5.00% | | 05/15/2031 | | | 90 | | 92,862 |
Hampton (City of), VA Roads Transportation Accountability Commission, Series 2021 A, RB(a)
| 5.00% | | 07/01/2026 | | | 770 | | 802,458 |
Hampton Roads Sanitation District, Series 2016 A, Ref. RB(a)
| 5.00% | | 08/01/2026 | | | 100 | | 104,681 |
Hampton Roads Sanitation District, Series 2016 A, Ref. RB(a)
| 5.00% | | 08/01/2026 | | | 25 | | 26,170 |
Hampton Roads Sanitation District, Series 2016 A, Ref. RB(a)
| 5.00% | | 08/01/2026 | | | 415 | | 434,426 |
Hampton Roads Sanitation District, Series 2016 A, Ref. RB(a)
| 5.00% | | 08/01/2026 | | | 40 | | 41,872 |
Hampton Roads Sanitation District, Series 2016 A, Ref. RB(a)
| 5.00% | | 08/01/2026 | | | 10 | | 10,468 |
Richmond (City of), VA, Series 2016, Ref. RB
| 5.00% | | 01/15/2026 | | | 20 | | 20,695 |
Richmond (City of), VA, Series 2016, Ref. RB(a)
| 5.00% | | 01/15/2026 | | | 20 | | 20,681 |
Richmond (City of), VA, Series 2016, Ref. RB(a)
| 5.00% | | 01/15/2026 | | | 40 | | 41,361 |
Richmond (City of), VA, Series 2016, Ref. RB(a)
| 5.00% | | 01/15/2026 | | | 135 | | 139,594 |
Richmond (City of), VA, Series 2016, Ref. RB
| 4.00% | | 01/15/2037 | | | 150 | | 150,759 |
Virginia (Commonwealth of), Series 2015 B, Ref. GO Bonds
| 5.00% | | 06/01/2026 | | | 25 | | 25,438 |
Virginia (Commonwealth of) College Building Authority, Series 2016 A, Ref. RB, (CEP - Colorado Higher Education Intercept Program)
| 5.00% | | 09/01/2028 | | | 85 | | 88,820 |
Virginia (Commonwealth of) College Building Authority, Series 2016 A, Ref. RB, (CEP - Colorado Higher Education Intercept Program)
| 5.00% | | 09/01/2029 | | | 65 | | 67,844 |
Virginia (Commonwealth of) College Building Authority, Series 2019 A, RB
| 5.00% | | 02/01/2026 | | | 500 | | 517,384 |
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2017, RB
| 5.00% | | 02/01/2026 | | | 70 | | 72,434 |
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2019 C, Ref. RB
| 5.00% | | 02/01/2026 | | | 35 | | 36,217 |
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2022 A, RB
| 5.00% | | 02/01/2026 | | | 25 | | 25,869 |
Virginia (Commonwealth of) Public Building Authority, Series 2016 B, Ref. RB
| 5.00% | | 08/01/2026 | | | 15 | | 15,694 |
Virginia (Commonwealth of) Public Building Authority, Series 2020 B, Ref. RB
| 5.00% | | 08/01/2026 | | | 30 | | 31,387 |
Virginia (Commonwealth of) Transportation Board, Series 2016, RB
| 5.00% | | 09/15/2030 | | | 230 | | 240,060 |
Virginia (Commonwealth of) Transportation Board, Series 2017 A, Ref. RB
| 5.00% | | 05/15/2026 | | | 80 | | 83,376 |
Virginia (Commonwealth of) Transportation Board (Garvee), Series 2017, Ref. RB
| 5.00% | | 03/15/2026 | | | 225 | | 233,551 |
| | | | | | | | | 4,023,764 |
| Washington-3.48% | | | | | | | | |
Central Puget Sound Regional Transit Authority (Green Bonds), Series 2016 S-1, RB
| 5.00% | | 11/01/2035 | | | 145 | | 150,759 |
Central Puget Sound Regional Transit Authority (Green Bonds), Series 2021 S-1, Ref. RB
| 5.00% | | 11/01/2026 | | | 35 | | 36,824 |
Energy Northwest (Bonneville Power Administration), Series 2016 A, Ref. RB
| 5.00% | | 07/01/2026 | | | 20 | | 20,880 |
Energy Northwest (Bonneville Power Administration), Series 2016 A, Ref. RB
| 5.00% | | 07/01/2028 | | | 185 | | 192,904 |
Energy Northwest (No. 1), Series 2017 A, Ref. RB
| 5.00% | | 07/01/2026 | | | 345 | | 360,172 |
Energy Northwest (No. 1), Series 2021 A, Ref. RB
| 5.00% | | 07/01/2026 | | | 65 | | 67,859 |
Energy Northwest (No. 1), Series 2022 A, Ref. RB
| 5.00% | | 07/01/2026 | | | 295 | | 307,974 |
Grant (County of), WA Public Utility District No. 2, Series 2023 U, Ref. RB
| 4.00% | | 01/01/2026 | | | 110 | | 111,672 |
King (County of), WA, Series 2016 A, Ref. RB
| 4.00% | | 07/01/2035 | | | 600 | | 605,094 |
King (County of), WA, Series 2016 B, Ref. RB
| 5.00% | | 07/01/2028 | | | 100 | | 104,236 |
King (County of), WA, Series 2016 B, Ref. RB
| 5.00% | | 07/01/2029 | | | 25 | | 26,036 |
King (County of), WA, Series 2016 B, Ref. RB
| 4.00% | | 07/01/2030 | | | 50 | | 50,871 |
King County School District No. 401 Highline, Series 2015, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)
| 5.00% | | 12/01/2026 | | | 40 | | 41,134 |
King County School District No. 401 Highline, Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty)
| 5.00% | | 12/01/2028 | | | 75 | | 78,804 |
King County School District No. 401 Highline, Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty)
| 4.00% | | 12/01/2029 | | | 25 | | 25,452 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Washington-(continued) | | | | | | | | |
King County School District No. 401 Highline, Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty)
| 5.00% | | 12/01/2030 | | $ | 20 | | $ 21,001 |
King County School District No. 401 Highline, Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty)
| 5.00% | | 12/01/2031 | | | 75 | | 78,686 |
King County School District No. 401 Highline, Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty)
| 4.00% | | 12/01/2035 | | | 45 | | 45,434 |
King County School District No. 405 Bellevue, Series 2016, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)
| 5.00% | | 12/01/2026 | | | 10 | | 10,541 |
King County School District No. 405 Bellevue, Series 2016, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)
| 5.00% | | 12/01/2029 | | | 15 | | 15,777 |
King County School District No. 405 Bellevue, Series 2016, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)
| 5.00% | | 12/01/2030 | | | 300 | | 315,348 |
King County School District No. 411 Issaquah, Series 2016, GO Bonds, (CEP - Oregon School Bond Guaranty)
| 4.00% | | 12/01/2031 | | | 65 | | 65,665 |
King County School District No. 411 Issaquah, Series 2016, GO Bonds, (CEP - Oregon School Bond Guaranty)
| 4.00% | | 12/01/2032 | | | 20 | | 20,197 |
King County School District No. 411 Issaquah, Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty)
| 5.00% | | 12/01/2032 | | | 625 | | 654,467 |
North Thurston Public Schools, Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty)
| 5.00% | | 12/01/2026 | | | 45 | | 47,386 |
Seattle (City of), WA, Series 2015 A, Ref. GO Bonds
| 5.00% | | 06/01/2026 | | | 20 | | 20,332 |
Seattle (City of), WA, Series 2019 B, Ref. RB
| 5.00% | | 02/01/2026 | | | 70 | | 72,483 |
Seattle (Port of), WA, Series 2016, Ref. RB
| 5.00% | | 02/01/2028 | | | 10 | | 10,292 |
Seattle (Port of), WA, Series 2016, Ref. RB
| 5.00% | | 02/01/2029 | | | 15 | | 15,439 |
Seattle (Port of), WA, Series 2016, Ref. RB
| 5.00% | | 02/01/2030 | | | 35 | | 36,025 |
Seattle (Port of), WA, Series 2022 A, Ref. RB
| 5.00% | | 08/01/2026 | | | 30 | | 31,370 |
University of Washington, Series 2016 A, Ref. RB
| 5.25% | | 12/01/2046 | | | 200 | | 205,780 |
Washington (State of), Series 2016 A, GO Bonds
| 5.00% | | 08/01/2031 | | | 160 | | 166,352 |
Washington (State of), Series 2016 B, Ref. GO Bonds
| 5.00% | | 07/01/2026 | | | 250 | | 257,481 |
Washington (State of), Series 2016 B, Ref. GO Bonds
| 5.00% | | 08/01/2028 | | | 25 | | 26,083 |
Washington (State of), Series 2016 B, Ref. GO Bonds
| 5.00% | | 07/01/2029 | | | 40 | | 41,186 |
Washington (State of), Series 2016 B, Ref. GO Bonds
| 5.00% | | 08/01/2029 | | | 10 | | 10,424 |
Washington (State of), Series 2016 B, Ref. GO Bonds
| 5.00% | | 07/01/2030 | | | 270 | | 277,794 |
Washington (State of), Series 2016 B, Ref. GO Bonds
| 5.00% | | 08/01/2030 | | | 40 | | 41,641 |
Washington (State of), Series 2016 B, Ref. GO Bonds
| 5.00% | | 07/01/2031 | | | 55 | | 56,537 |
Washington (State of), Series 2016 B, Ref. GO Bonds
| 5.00% | | 08/01/2031 | | | 135 | | 140,359 |
Washington (State of), Series 2016 B, Ref. GO Bonds
| 5.00% | | 07/01/2032 | | | 100 | | 102,728 |
Washington (State of), Series 2016 B, Ref. GO Bonds
| 5.00% | | 08/01/2032 | | | 75 | | 77,906 |
Washington (State of), Series 2016 B, Ref. GO Bonds
| 5.00% | | 07/01/2033 | | | 5 | | 5,134 |
Washington (State of), Series 2016 C, GO Bonds
| 5.00% | | 02/01/2035 | | | 25 | | 25,689 |
Washington (State of), Series 2016 C, GO Bonds
| 5.00% | | 02/01/2037 | | | 130 | | 133,346 |
Washington (State of), Series 2016 R, Ref. GO Bonds
| 5.00% | | 07/01/2032 | | | 75 | | 77,046 |
Washington (State of), Series 2017 A, GO Bonds
| 5.00% | | 08/01/2028 | | | 10 | | 10,433 |
Washington (State of), Series 2017 A, GO Bonds
| 5.00% | | 08/01/2032 | | | 5 | | 5,194 |
Washington (State of), Series 2017 A, GO Bonds
| 5.00% | | 08/01/2034 | | | 55 | | 57,069 |
Washington (State of), Series 2017 A, GO Bonds
| 5.00% | | 08/01/2035 | | | 10 | | 10,367 |
Washington (State of), Series 2017 A, GO Bonds
| 5.00% | | 08/01/2036 | | | 5 | | 5,176 |
Washington (State of), Series 2020 C, GO Bonds
| 5.00% | | 02/01/2026 | | | 90 | | 93,104 |
Washington (State of), Series 2020 R, Ref. GO Bonds
| 5.00% | | 07/01/2026 | | | 15 | | 15,673 |
Washington (State of), Series R-2017 A, Ref. GO Bonds
| 5.00% | | 08/01/2033 | | | 120 | | 124,582 |
Washington (State of), Series R-2017A, Ref. GO Bonds
| 5.00% | | 08/01/2026 | | | 135 | | 141,345 |
Washington (State of), Series R-2017A, Ref. GO Bonds
| 5.00% | | 08/01/2028 | | | 395 | | 412,107 |
Washington (State of), Series R-2017A, Ref. GO Bonds
| 5.00% | | 08/01/2030 | | | 25 | | 26,026 |
Washington (State of), Series R-2017A, Ref. GO Bonds
| 5.00% | | 08/01/2032 | | | 280 | | 290,851 |
Washington (State of), Series R-2017A, Ref. GO Bonds
| 5.00% | | 08/01/2034 | | | 50 | | 51,881 |
Washington (State of), Series R-2018D, Ref. GO Bonds
| 5.00% | | 08/01/2026 | | | 10 | | 10,457 |
Washington (State of), Series R-2020C, Ref. GO Bonds
| 5.00% | | 07/01/2026 | | | 5 | | 5,224 |
Washington (State of), Series R-2022D, Ref. GO Bonds
| 4.00% | | 07/01/2026 | | | 100 | | 102,713 |
Washington (State of), Series R-2024C, Ref. GO Bonds
| 5.00% | | 08/01/2026 | | | 15 | | 15,682 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Washington-(continued) | | | | | | | | |
Washington (State of) (Bid Group 1), Series 2022 C, GO Bonds
| 5.00% | | 02/01/2026 | | $ | 30 | | $ 31,035 |
Washington (State of) (Bid Group 1), Series R-2022C, Ref. GO Bonds
| 4.00% | | 07/01/2026 | | | 695 | | 713,733 |
Washington (State of) Higher Education Facilities Authority (Whitworth University), Series 2016 A, Ref. RB
| 5.00% | | 10/01/2040 | | | 70 | | 70,678 |
| | | | | | | | | 7,479,930 |
| Wisconsin-1.66% | | | | | | | | |
Wisconsin (State of), Series 2016-2, Ref. GO Bonds
| 5.00% | | 11/01/2026 | | | 40 | | 41,485 |
Wisconsin (State of), Series 2016-2, Ref. GO Bonds
| 5.00% | | 11/01/2029 | | | 1,500 | | 1,556,669 |
Wisconsin (State of), Series 2018 A, RB
| 5.00% | | 06/01/2026 | | | 200 | | 208,629 |
Wisconsin (State of), Series 2019 A, Ref. RB(a)
| 5.00% | | 05/01/2026 | | | 60 | | 62,393 |
Wisconsin (State of), Series 2021 1, Ref. GO Bonds
| 5.00% | | 05/01/2026 | | | 125 | | 130,089 |
Wisconsin (State of) Department of Transportation, Series 2015 1, Ref. RB
| 5.00% | | 07/01/2026 | | | 70 | | 71,294 |
Wisconsin (State of) Department of Transportation, Series 2017 1, Ref. RB
| 5.00% | | 07/01/2026 | | | 85 | | 88,847 |
Wisconsin (State of) Department of Transportation, Series 2017 2, Ref. RB
| 5.00% | | 07/01/2026 | | | 20 | | 20,905 |
Wisconsin (State of) Health & Educational Facilities Authority (Ascension Health Credit Group), Series 2016 A, Ref. RB(a)
| 3.13% | | 05/15/2026 | | | 25 | | 25,170 |
Wisconsin (State of) Health & Educational Facilities Authority (Ascension Health Credit Group), Series 2016 A, Ref. RB
| 4.00% | | 11/15/2033 | | | 35 | | 35,291 |
Wisconsin (State of) Health & Educational Facilities Authority (Ascension Health Credit Group), Series 2016 A, Ref. RB
| 4.00% | | 11/15/2035 | | | 240 | | 241,631 |
Wisconsin (State of) Health & Educational Facilities Authority (Ascension Health Credit Group), Series 2016 A, Ref. RB
| 4.50% | | 11/15/2039 | | | 100 | | 100,173 |
Wisconsin (State of) Health & Educational Facilities Authority (Ascension Health Credit Group), Series 2016 A, Ref. RB
| 5.00% | | 11/15/2039 | | | 350 | | 357,656 |
Wisconsin (State of) Health & Educational Facilities Authority (Ascension Health Credit Group), Series 2016, Ref. RB
| 5.00% | | 11/15/2028 | | | 10 | | 10,364 |
Wisconsin (State of) Health & Educational Facilities Authority (Ascension Health Credit Group), Series 2016, Ref. RB
| 5.00% | | 11/15/2029 | | | 40 | | 41,426 |
Wisconsin (State of) Health & Educational Facilities Authority (Ascension Health Credit Group), Series 2016, Ref. RB
| 5.00% | | 11/15/2030 | | | 25 | | 25,844 |
Wisconsin (State of) Health & Educational Facilities Authority (Ascension Health Credit Group), Series 2016, Ref. RB
| 4.00% | | 11/15/2032 | | | 50 | | 50,425 |
Wisconsin (State of) Health & Educational Facilities Authority (Ascension Health Credit Group), Series 2016, Ref. RB
| 4.00% | | 11/15/2039 | | | 325 | | 325,409 |
Wisconsin (State of) Health & Educational Facilities Authority (Ascension Health Credit Group), Series 2019, Ref. RB
| 5.00% | | 11/15/2026 | | | 5 | | 5,250 |
Wisconsin (State of) Health & Educational Facilities Authority (Marshfield Clinic Health System), Series 2016 B, RB
| 5.00% | | 02/15/2042 | | | 25 | | 25,123 |
Wisconsin (State of) Health & Educational Facilities Authority (Medical College of Wisconsin), Series 2016, Ref. RB
| 5.00% | | 12/01/2041 | | | 50 | | 51,391 |
Wisconsin (State of) Public Finance Authority (KU Campus Development Corp. -Central District Development), Series 2016, RB
| 5.00% | | 03/01/2041 | | | 65 | | 66,612 |
Wisconsin (State of) Public Finance Authority (KU Campus Development Corp. -Central District Development), Series 2016, RB
| 5.00% | | 03/01/2046 | | | 30 | | 30,673 |
| | | | | | | | | 3,572,749 |
TOTAL INVESTMENTS IN SECURITIES(d)-98.35%
(Cost $211,718,173)
| | 211,668,801 |
OTHER ASSETS LESS LIABILITIES-1.65%
| | 3,544,027 |
NET ASSETS-100.00%
| | $215,212,828 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)
August 31, 2024
| Investment Abbreviations: |
| AGM | -Assured Guaranty Municipal Corp. |
| BAM | -Build America Mutual Assurance Co. |
| CEP | -Credit Enhancement Provider |
| COP | -Certificates of Participation |
| Ctfs. | -Certificates |
| GO | -General Obligation |
| INS | -Insurer |
| MTA | -Moving Treasury Average |
| NATL | -National Public Finance Guarantee Corp. |
| RB | -Revenue Bonds |
| Ref. | -Refunding |
| RN | -Revenue Notes |
| Wts. | -Warrants |
| Notes to Schedule of Investments: |
| (a) | Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral. |
| (b) | Principal and/or interest payments are secured by the bond insurance company listed. |
| (c) | Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The value of this security at August 31, 2024 represented less than 1% of the Fund’s Net Assets. |
| (d) | Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligations but may be called upon to satisfy the issuer’s obligations. No concentration of any single entity was greater than 5% each. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2027 Municipal Bond ETF (BSMR)
August 31, 2024
Schedule of Investments
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Municipal Obligations-98.42% | | | | | | | | |
| Alabama-0.78% | | | | | | | | |
Alabama (State of), Series 2016 C, Ref. GO Bonds
| 5.00% | | 08/01/2027 | | $ | 25 | | $ 26,096 |
Alabama (State of) Federal Aid Highway Finance Authority (Garvee), Series 2017 A, RB(a)
| 4.00% | | 09/01/2027 | | | 70 | | 72,952 |
Alabama (State of) Federal Aid Highway Finance Authority (Garvee), Series 2017 A, RB(a)
| 5.00% | | 09/01/2027 | | | 75 | | 80,312 |
Alabama (State of) Federal Aid Highway Finance Authority (Garvee), Series 2017 A, RB(a)
| 5.00% | | 09/01/2027 | | | 25 | | 26,771 |
Alabama (State of) Federal Aid Highway Finance Authority (Garvee), Series 2017 A, RB(a)
| 5.00% | | 09/01/2027 | | | 75 | | 80,313 |
Alabama (State of) Public School & College Authority (Social Bonds), Series 2020 A, Ref. RB
| 5.00% | | 11/01/2027 | | | 410 | | 441,491 |
Birmingham (City of), AL Water Works Board, Series 2016 B, Ref. RB(a)
| 5.00% | | 01/01/2027 | | | 75 | | 79,211 |
Birmingham (City of), AL Water Works Board, Series 2016 B, Ref. RB(a)
| 5.00% | | 01/01/2027 | | | 70 | | 73,931 |
Jefferson (County of), AL, Series 2017, Ref. Revenue Wts.
| 5.00% | | 09/15/2030 | | | 150 | | 156,682 |
Tuscaloosa (City of), AL Board of Education, Series 2017, Revenue Wts.(a)
| 4.00% | | 02/01/2027 | | | 260 | | 269,081 |
| | | | | | | | | 1,306,840 |
| Alaska-0.09% | | | | | | | | |
Alaska (State of) Municipal Bond Bank Authority, Series 2017 A, RB
| 4.00% | | 10/01/2037 | | | 100 | | 101,052 |
Alaska (State of) Municipal Bond Bank Authority, Series 2017 A, RB
| 5.50% | | 10/01/2042 | | | 10 | | 10,650 |
North Slope (Borough of), AK, Series 2022 A, GO Bonds
| 5.00% | | 06/30/2027 | | | 40 | | 42,671 |
| | | | | | | | | 154,373 |
| Arizona-1.58% | | | | | | | | |
Arizona (State of), Series 2019 A, Ref. COP(a)
| 5.00% | | 10/01/2027 | | | 100 | | 107,733 |
Arizona (State of) Sports & Tourism Authority, Series 2022, Ref. RB, (INS - BAM)(b)
| 5.00% | | 07/01/2027 | | | 100 | | 105,146 |
Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group), Series 2016 A, Ref. RB
| 4.00% | | 01/01/2032 | | | 5 | | 5,072 |
Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group), Series 2016 A, Ref. RB
| 5.00% | | 01/01/2032 | | | 5 | | 5,213 |
Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group), Series 2016 A, Ref. RB
| 4.00% | | 01/01/2036 | | | 70 | | 70,606 |
Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group), Series 2016 A, Ref. RB
| 4.00% | | 01/01/2038 | | | 240 | | 240,919 |
Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group), Series 2016, Ref. RB
| 5.00% | | 01/01/2031 | | | 80 | | 83,621 |
Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group), Series 2016, Ref. RB
| 5.00% | | 01/01/2034 | | | 115 | | 119,505 |
Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group), Series 2016, Ref. RB
| 5.00% | | 01/01/2035 | | | 305 | | 316,635 |
Phoenix (City of), AZ, Series 2022, Ref. GO Bonds
| 5.00% | | 07/01/2027 | | | 10 | | 10,691 |
Phoenix Civic Improvement Corp., Series 2017 D, Ref. RB
| 5.00% | | 07/01/2032 | | | 210 | | 220,439 |
Phoenix Civic Improvement Corp., Series 2017, Ref. RB
| 5.00% | | 07/01/2027 | | | 40 | | 41,688 |
Phoenix Civic Improvement Corp., Series 2017, Ref. RB
| 5.00% | | 07/01/2033 | | | 5 | | 5,244 |
Phoenix Civic Improvement Corp., Series 2017, Ref. RB
| 5.00% | | 07/01/2036 | | | 345 | | 359,898 |
Phoenix Civic Improvement Corp., Series 2017, Ref. RB
| 4.00% | | 07/01/2040 | | | 20 | | 19,850 |
Salt River Project Agricultural Improvement & Power District, Series 2016 A, Ref. RB
| 5.00% | | 01/01/2027 | | | 315 | | 332,835 |
Salt River Project Agricultural Improvement & Power District, Series 2016 A, Ref. RB
| 5.00% | | 01/01/2031 | | | 10 | | 10,524 |
Salt River Project Agricultural Improvement & Power District, Series 2016 A, Ref. RB
| 5.00% | | 01/01/2034 | | | 90 | | 94,449 |
Salt River Project Agricultural Improvement & Power District, Series 2016 A, Ref. RB
| 5.00% | | 01/01/2036 | | | 140 | | 146,629 |
Salt River Project Agricultural Improvement & Power District, Series 2016 A, Ref. RB
| 4.00% | | 01/01/2038 | | | 250 | | 251,623 |
Salt River Project Agricultural Improvement & Power District, Series 2016 A, Ref. RB
| 5.00% | | 01/01/2038 | | | 45 | | 46,852 |
Salt River Project Agricultural Improvement & Power District, Series 2021 A, Ref. RB
| 5.00% | | 01/01/2027 | | | 55 | | 58,114 |
| | | | | | | | | 2,653,286 |
| California-18.41% | | | | | | | | |
Adelanto Public Utility Authority (Utility System), Series 2017 A, Ref. RB, (INS - AGM)(b)
| 5.00% | | 07/01/2039 | | | 130 | | 136,453 |
Anaheim (City of), CA Housing & Public Improvements Authority, Series 2022, Ref. RB
| 5.00% | | 10/01/2034 | | | 1,155 | | 1,227,668 |
Anaheim (City of), CA Public Financing Authority (Anaheim Public Improvements), Series 2019 A, Ref. RB, (INS - BAM)(b)
| 5.00% | | 09/01/2036 | | | 200 | | 208,704 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| California-(continued) | | | | | | | | |
Anaheim Union High School District, Series 2018, GO Bonds
| 4.00% | | 08/01/2042 | | $ | 100 | | $ 100,415 |
Bay Area Toll Authority (San Francisco Bay Area), Series 2017 F-1, RB(a)
| 5.00% | | 04/01/2027 | | | 35 | | 37,386 |
Bay Area Toll Authority (San Francisco Bay Area), Series 2017 F-1, RB
| 4.00% | | 04/01/2056 | | | 10 | | 9,853 |
Bay Area Toll Authority (San Francisco Bay Area), Series 2017, Ref. RB
| 5.00% | | 04/01/2027 | | | 65 | | 69,363 |
Bay Area Toll Authority (San Francisco Bay Area), Series 2017, Ref. RB
| 4.00% | | 04/01/2029 | | | 130 | | 133,621 |
Bay Area Toll Authority (San Francisco Bay Area), Series 2017, Ref. RB
| 4.00% | | 04/01/2030 | | | 40 | | 41,012 |
Bay Area Toll Authority (San Francisco Bay Area), Series 2017, Ref. RB
| 4.00% | | 04/01/2031 | | | 145 | | 148,244 |
Bay Area Toll Authority (San Francisco Bay Area), Series 2017, Ref. RB
| 4.00% | | 04/01/2032 | | | 185 | | 188,683 |
Bay Area Toll Authority (San Francisco Bay Area), Series 2017, Ref. RB
| 4.00% | | 04/01/2033 | | | 65 | | 66,175 |
Bay Area Toll Authority (San Francisco Bay Area), Series 2017, Ref. RB
| 4.00% | | 04/01/2034 | | | 75 | | 76,242 |
Bay Area Toll Authority (San Francisco Bay Area), Series 2017, Ref. RB
| 4.00% | | 04/01/2035 | | | 290 | | 294,192 |
Bay Area Toll Authority (San Francisco Bay Area), Series 2017, Ref. RB
| 4.00% | | 04/01/2038 | | | 35 | | 35,455 |
California (State of), Series 2017, GO Bonds
| 5.00% | | 11/01/2027 | | | 20 | | 21,524 |
California (State of), Series 2017, GO Bonds
| 5.00% | | 08/01/2031 | | | 425 | | 450,328 |
California (State of), Series 2017, GO Bonds
| 4.00% | | 11/01/2032 | | | 25 | | 25,694 |
California (State of), Series 2017, GO Bonds
| 5.00% | | 11/01/2035 | | | 30 | | 31,656 |
California (State of), Series 2017, GO Bonds
| 5.00% | | 11/01/2047 | | | 160 | | 166,639 |
California (State of), Series 2017, Ref. GO Bonds
| 4.00% | | 08/01/2027 | | | 250 | | 255,909 |
California (State of), Series 2017, Ref. GO Bonds
| 5.00% | | 08/01/2027 | | | 70 | | 73,283 |
California (State of), Series 2017, Ref. GO Bonds
| 5.00% | | 11/01/2027 | | | 800 | | 860,941 |
California (State of), Series 2017, Ref. GO Bonds
| 5.00% | | 08/01/2029 | | | 80 | | 85,416 |
California (State of), Series 2017, Ref. GO Bonds
| 5.00% | | 11/01/2029 | | | 305 | | 327,228 |
California (State of), Series 2017, Ref. GO Bonds
| 5.00% | | 08/01/2030 | | | 605 | | 643,561 |
California (State of), Series 2017, Ref. GO Bonds
| 5.00% | | 11/01/2030 | | | 60 | | 64,107 |
California (State of), Series 2017, Ref. GO Bonds
| 4.00% | | 11/01/2032 | | | 25 | | 25,694 |
California (State of), Series 2017, Ref. GO Bonds
| 5.00% | | 08/01/2033 | | | 65 | | 68,586 |
California (State of), Series 2017, Ref. GO Bonds
| 4.00% | | 11/01/2034 | | | 200 | | 204,200 |
California (State of), Series 2017, Ref. GO Bonds
| 5.00% | | 08/01/2035 | | | 385 | | 404,849 |
California (State of), Series 2017, Ref. GO Bonds
| 5.00% | | 11/01/2035 | | | 5 | | 5,276 |
California (State of), Series 2017, Ref. GO Bonds
| 4.00% | | 11/01/2036 | | | 50 | | 50,779 |
California (State of), Series 2017, Ref. GO Bonds
| 5.00% | | 11/01/2036 | | | 20 | | 21,059 |
California (State of), Series 2017, Ref. GO Bonds
| 4.00% | | 08/01/2037 | | | 150 | | 152,002 |
California (State of), Series 2017, Ref. GO Bonds
| 4.00% | | 11/01/2037 | | | 15 | | 15,209 |
California (State of), Series 2017, Ref. GO Bonds
| 5.00% | | 11/01/2037 | | | 50 | | 52,593 |
California (State of), Series 2018, Ref. GO Bonds
| 5.00% | | 08/01/2027 | | | 500 | | 535,145 |
California (State of), Series 2019, Ref. GO Bonds
| 5.00% | | 04/01/2027 | | | 415 | | 440,821 |
California (State of), Series 2019, Ref. GO Bonds
| 5.00% | | 10/01/2027 | | | 180 | | 193,365 |
California (State of), Series 2020, GO Bonds
| 3.00% | | 03/01/2027 | | | 370 | | 374,045 |
California (State of), Series 2020, GO Bonds
| 5.00% | | 11/01/2027 | | | 75 | | 80,713 |
California (State of), Series 2021, Ref. GO Bonds
| 5.00% | | 09/01/2027 | | | 250 | | 268,082 |
California (State of), Series 2021, Ref. GO Bonds
| 5.00% | | 10/01/2027 | | | 10 | | 10,743 |
California (State of), Series 2021, Ref. GO Bonds
| 5.00% | | 12/01/2027 | | | 1,000 | | 1,078,105 |
California (State of), Series 2022, GO Bonds
| 5.00% | | 04/01/2027 | | | 25 | | 26,555 |
California (State of), Series 2022, Ref. GO Bonds
| 5.00% | | 04/01/2042 | | | 100 | | 104,869 |
California (State of) (Bid Group C), Series 2016, Ref. GO Bonds
| 5.00% | | 08/01/2027 | | | 195 | | 204,145 |
California (State of) Department of Water Resources, Series 2017 AX, Ref. RB
| 5.00% | | 12/01/2031 | | | 10 | | 10,729 |
California (State of) Department of Water Resources (Central Valley), Series 2017 AX, Ref. RB(a)
| 5.00% | | 12/01/2027 | | | 80 | | 86,900 |
California (State of) Department of Water Resources (Central Valley), Series 2017 AX, Ref. RB
| 5.00% | | 12/01/2030 | | | 185 | | 199,115 |
California (State of) Department of Water Resources (Central Valley), Series 2017 AX, Ref. RB
| 5.00% | | 12/01/2032 | | | 55 | | 58,966 |
California (State of) Educational Facilities Authority (Loma Linda University), Series 2017 A, Ref. RB
| 5.00% | | 04/01/2042 | | | 250 | | 256,354 |
California (State of) Health Facilities Financing Authority (Children’s Hospital Los Angeles), Series 2017 A, Ref. RB
| 5.00% | | 08/15/2047 | | | 600 | | 613,709 |
California (State of) Health Facilities Financing Authority (Kaiser Permanente), Subseries 2017 A-1, RB
| 5.00% | | 11/01/2027 | | | 435 | | 471,311 |
California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2017 A, Ref. RB
| 5.00% | | 11/15/2031 | | | 50 | | 53,506 |
California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2017 A, Ref. RB
| 5.00% | | 11/15/2033 | | | 75 | | 80,113 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| California-(continued) | | | | | | | | |
California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2017 A, Ref. RB
| 5.00% | | 11/15/2036 | | $ | 45 | | $ 47,768 |
California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2017 A, Ref. RB
| 4.00% | | 11/15/2040 | | | 50 | | 50,220 |
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2017 A, Ref. RB
| 5.00% | | 11/15/2032 | | | 25 | | 26,454 |
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2017 A, Ref. RB
| 5.00% | | 11/15/2033 | | | 70 | | 73,887 |
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2017 A, Ref. RB
| 5.00% | | 11/15/2034 | | | 100 | | 105,366 |
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2017 A, Ref. RB
| 5.00% | | 11/15/2038 | | | 250 | | 261,520 |
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2017 A, Ref. RB
| 4.00% | | 11/15/2048 | | | 500 | | 483,644 |
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2017 A, Ref. RB
| 5.00% | | 11/15/2048 | | | 200 | | 206,737 |
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2018 A, RB
| 5.00% | | 11/15/2033 | | | 40 | | 42,221 |
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2018 A, RB
| 5.00% | | 11/15/2034 | | | 25 | | 26,342 |
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2018 A, RB
| 5.00% | | 11/15/2035 | | | 175 | | 183,915 |
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2018 A, RB
| 5.00% | | 11/15/2036 | | | 30 | | 31,456 |
California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds), Series 2017, RB
| 5.00% | | 10/01/2027 | | | 30 | | 32,062 |
California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds), Series 2017, RB
| 5.00% | | 10/01/2029 | | | 70 | | 74,542 |
California (State of) Municipal Finance Authority (Community Medical Centers), Series 2017 A, Ref. RB
| 5.00% | | 02/01/2036 | | | 25 | | 25,702 |
California (State of) Municipal Finance Authority (Community Medical Centers), Series 2017 A, Ref. RB
| 5.00% | | 02/01/2047 | | | 200 | | 201,744 |
California (State of) Municipal Finance Authority (Eisenhower Medical Centers), Series 2017 A, Ref. RB
| 5.00% | | 07/01/2042 | | | 150 | | 152,232 |
California (State of) Municipal Finance Authority (Orange County Civic Center Infrastructure Improvement Program - Phase I), Series 2017 A, RB
| 5.00% | | 06/01/2042 | | | 45 | | 46,520 |
California (State of) Public Works Board, Series 2017 B, Ref. RB
| 5.00% | | 10/01/2027 | | | 35 | | 37,577 |
California (State of) Public Works Board, Series 2022 C, Ref. RB
| 5.00% | | 08/01/2027 | | | 5 | | 5,349 |
California (State of) Public Works Board, Series 2023 B, Ref. RB
| 5.00% | | 12/01/2027 | | | 5 | | 5,387 |
California (State of) Public Works Board (Various Capital), Series 2016 C, Ref. RB
| 5.00% | | 11/01/2027 | | | 40 | | 42,013 |
California (State of) Public Works Board (Various Capital), Series 2017 B, Ref. RB(a)
| 5.00% | | 10/01/2027 | | | 15 | | 16,183 |
California (State of) Public Works Board (Various Capital), Series 2017 B, Ref. RB
| 5.00% | | 10/01/2029 | | | 235 | | 250,375 |
California (State of) Public Works Board (Various Capital), Series 2019 C, RB
| 5.00% | | 11/01/2027 | | | 20 | | 21,511 |
California State University, Series 2017 A, Ref. RB
| 5.00% | | 11/01/2028 | | | 40 | | 42,747 |
California State University, Series 2017 A, Ref. RB
| 5.00% | | 11/01/2031 | | | 445 | | 469,750 |
California State University, Series 2017 A, Ref. RB
| 5.00% | | 11/01/2032 | | | 150 | | 158,311 |
California State University, Series 2017 A, Ref. RB
| 5.00% | | 11/01/2033 | | | 80 | | 84,362 |
California State University, Series 2017 A, Ref. RB
| 5.00% | | 11/01/2035 | | | 65 | | 68,466 |
California State University, Series 2017 A, Ref. RB
| 5.00% | | 11/01/2036 | | | 65 | | 68,372 |
California State University, Series 2017 A, Ref. RB
| 5.00% | | 11/01/2037 | | | 75 | | 78,802 |
California State University, Series 2017 A, Ref. RB
| 5.00% | | 11/01/2038 | | | 55 | | 57,723 |
California State University, Series 2017 A, Ref. RB
| 5.00% | | 11/01/2042 | | | 185 | | 193,657 |
Ceres Unified School District, Series 2017, GO Bonds, (INS - BAM)(b)
| 5.00% | | 08/01/2051 | | | 270 | | 278,603 |
Coast Community College District (Election of 2012), Series 2017 D, GO Bonds(a)
| 5.00% | | 08/01/2027 | | | 35 | | 37,675 |
Coast Community College District (Election of 2012), Series 2017 D, GO Bonds
| 4.00% | | 08/01/2042 | | | 100 | | 100,032 |
Compton Unified School District, Series 2019 B, GO Bonds, (INS - BAM)(b)
| 4.00% | | 06/01/2049 | | | 145 | | 143,904 |
Contra Costa (County of), CA Transportation Authority, Series 2018 B, Ref. RB
| 5.00% | | 03/01/2029 | | | 65 | | 69,013 |
Desert Community College District, Series 2017, Ref. GO Bonds
| 5.00% | | 08/01/2033 | | | 60 | | 63,639 |
Desert Community College District (Election of 2016), Series 2021 A-1, GO Bonds
| 4.00% | | 08/01/2051 | | | 125 | | 123,324 |
East Bay Municipal Utility District, Series 2017 B, Ref. RB
| 5.00% | | 06/01/2031 | | | 25 | | 26,588 |
East Bay Municipal Utility District, Series 2017 B, Ref. RB
| 5.00% | | 06/01/2032 | | | 45 | | 47,788 |
East Bay Municipal Utility District, Series 2017 B, Ref. RB
| 5.00% | | 06/01/2034 | | | 150 | | 159,087 |
East Bay Municipal Utility District, Series 2017 B, Ref. RB
| 5.00% | | 06/01/2035 | | | 75 | | 79,426 |
East Bay Municipal Utility District (Green Bonds), Series 2017 A, RB
| 5.00% | | 06/01/2045 | | | 5 | | 5,220 |
Eastern Municipal Water District Financing Authority, Series 2017 D, RB
| 5.00% | | 07/01/2047 | | | 100 | | 104,379 |
El Monte Union High School District, Series 2021 B, GO Bonds
| 4.00% | | 06/01/2046 | | | 110 | | 109,276 |
Escondido Union School District (Election of 2014), Series 2018 B, GO Bonds
| 4.00% | | 08/01/2047 | | | 20 | | 19,864 |
Etiwanda School District (Election of 2016), Series 2017 A, GO Bonds
| 5.00% | | 08/01/2046 | | | 180 | | 186,370 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| California-(continued) | | | | | | | | |
Fairfield (City of), CA, Series 2017, Ref. RB
| 5.00% | | 04/01/2042 | | $ | 85 | | $ 88,287 |
Fontana Redevelopment Agency Successor Agency, Series 2017 A, Ref. RB
| 5.00% | | 10/01/2032 | | | 70 | | 74,299 |
Gilroy Unified School District (Elections of 2008 & 2016), Series 2019, GO Bonds
| 4.00% | | 08/01/2048 | | | 15 | | 14,877 |
Hacienda La Puente Unified School District (Election of 2016), Series 2017 A, GO Bonds
| 5.25% | | 08/01/2042 | | | 100 | | 105,694 |
Hartnell Community College District (Election of 2002), Series 2009 D, GO Bonds
| 7.00% | | 08/01/2034 | | | 60 | | 67,386 |
Hartnell Community College District (Election of 2016), Series 2017 A, GO Bonds
| 4.00% | | 08/01/2042 | | | 25 | | 25,138 |
Hartnell Community College District (Election of 2016), Series 2017 A, GO Bonds
| 4.00% | | 08/01/2047 | | | 100 | | 99,318 |
Hayward Area Recreation & Park District, Series 2017 A, Ref. GO Bonds
| 5.00% | | 08/01/2042 | | | 5 | | 5,240 |
Hayward Area Recreation & Park District (Election of 2016), Series 2017 A, Ref. GO Bonds
| 4.00% | | 08/01/2046 | | | 150 | | 149,408 |
Hayward Unified School District, Series 2022, COP
| 5.25% | | 08/01/2052 | | | 150 | | 155,298 |
Jurupa Unified School District, Series 2017 B, GO Bonds
| 4.00% | | 08/01/2041 | | | 55 | | 55,276 |
Los Angeles (City of), CA (Green Bonds), Series 2017 A, RB
| 5.00% | | 06/01/2030 | | | 100 | | 106,552 |
Los Angeles (City of), CA Department of Airports, Series 2020 B, Ref. RB
| 5.00% | | 05/15/2027 | | | 30 | | 32,142 |
Los Angeles (City of), CA Department of Water & Power, Series 2017 A, RB
| 5.00% | | 07/01/2033 | | | 500 | | 522,729 |
Los Angeles (City of), CA Department of Water & Power, Series 2017 A, RB
| 5.00% | | 07/01/2042 | | | 350 | | 362,957 |
Los Angeles (City of), CA Department of Water & Power, Series 2017 A, RB
| 5.00% | | 07/01/2047 | | | 200 | | 206,379 |
Los Angeles (City of), CA Department of Water & Power, Series 2017 A, Ref. RB
| 5.00% | | 07/01/2044 | | | 300 | | 310,531 |
Los Angeles (City of), CA Department of Water & Power, Series 2017 A, Ref. RB
| 5.25% | | 07/01/2044 | | | 150 | | 156,268 |
Los Angeles (City of), CA Department of Water & Power, Series 2017 B, Ref. RB
| 5.00% | | 07/01/2028 | | | 35 | | 37,016 |
Los Angeles (City of), CA Department of Water & Power, Series 2017 B, Ref. RB
| 5.00% | | 07/01/2031 | | | 75 | | 78,715 |
Los Angeles (City of), CA Department of Water & Power, Series 2017 B, Ref. RB
| 5.00% | | 07/01/2033 | | | 380 | | 397,274 |
Los Angeles (City of), CA Department of Water & Power, Series 2017 B, Ref. RB
| 5.00% | | 07/01/2034 | | | 25 | | 26,116 |
Los Angeles (City of), CA Department of Water & Power, Series 2020 A, Ref. RB
| 5.00% | | 07/01/2027 | | | 100 | | 107,536 |
Los Angeles (City of), CA Department of Water & Power, Series 2020 B, Ref. RB
| 4.00% | | 07/01/2027 | | | 60 | | 62,685 |
Los Angeles (City of), CA Department of Water & Power, Series 2023 A, Ref. RB
| 5.00% | | 07/01/2027 | | | 130 | | 139,870 |
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2017 A, RB
| 5.00% | | 07/01/2038 | | | 220 | | 231,853 |
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2017 A, RB
| 5.00% | | 07/01/2042 | | | 200 | | 209,097 |
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2021 A, RB
| 5.00% | | 06/01/2027 | | | 175 | | 187,990 |
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2017 A, RB
| 5.00% | | 07/01/2027 | | | 10 | | 10,765 |
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2017 A, RB
| 5.00% | | 07/01/2029 | | | 35 | | 37,398 |
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2017 A, RB
| 5.00% | | 07/01/2030 | | | 5 | | 5,335 |
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2017 A, RB
| 5.00% | | 07/01/2038 | | | 35 | | 36,886 |
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2017 A, RB
| 5.00% | | 07/01/2040 | | | 15 | | 15,736 |
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2017 A, RB
| 5.00% | | 07/01/2042 | | | 90 | | 94,094 |
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2019 A, RB
| 5.00% | | 07/01/2027 | | | 5 | | 5,382 |
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020 A, RB
| 5.00% | | 06/01/2027 | | | 275 | | 295,109 |
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020, RB
| 5.00% | | 06/01/2033 | | | 15 | | 15,940 |
Los Angeles Unified School District, Series 2016 B, Ref. GO Bonds
| 5.00% | | 07/01/2027 | | | 70 | | 73,177 |
Los Angeles Unified School District, Series 2017 A, Ref. GO Bonds
| 5.00% | | 07/01/2027 | | | 120 | | 128,940 |
Los Angeles Unified School District, Series 2019 A, Ref. GO Bonds
| 5.00% | | 07/01/2027 | | | 160 | | 171,920 |
Los Angeles Unified School District, Series 2020 A, Ref. GO Bonds
| 5.00% | | 07/01/2027 | | | 95 | | 102,078 |
Los Angeles Unified School District, Series 2020 C, GO Bonds
| 5.00% | | 07/01/2027 | | | 15 | | 16,118 |
Los Angeles Unified School District, Series 2020 RYQ, GO Bonds
| 5.00% | | 07/01/2027 | | | 15 | | 16,118 |
Los Angeles Unified School District (Election of 2008), Series 2018 B-1, GO Bonds
| 5.00% | | 07/01/2027 | | | 55 | | 59,098 |
Marin (County of), CA Healthcare District (Election of 2013), Series 2017 A, GO Bonds
| 4.00% | | 08/01/2047 | | | 45 | | 44,693 |
Metropolitan Water District of Southern California, Series 2019 A, Ref. RB
| 5.00% | | 07/01/2027 | | | 10 | | 10,751 |
Metropolitan Water District of Southern California, Series 2020 A, Ref. RB
| 5.00% | | 07/01/2027 | | | 70 | | 75,255 |
Richmond (City of), CA, Series 2017 A, Ref. RB
| 5.25% | | 08/01/2047 | | | 150 | | 156,968 |
Riverside (County of), CA Public Financing Authority (Desert Communities and Interstate 215 Corridor), Series 2017 A, Ref. RB, (INS - BAM)(b)
| 4.00% | | 10/01/2040 | | | 15 | | 15,081 |
Riverside (County of), CA Transportation Commission, Series 2017 B, Ref. RB
| 5.00% | | 06/01/2027 | | | 40 | | 42,914 |
Riverside (County of), CA Transportation Commission, Series 2017 B, Ref. RB
| 5.00% | | 06/01/2029 | | | 15 | | 16,174 |
Riverside (County of), CA Transportation Commission, Series 2017 B, Ref. RB
| 5.00% | | 06/01/2030 | | | 40 | | 43,041 |
Riverside (County of), CA Transportation Commission, Series 2017 B, Ref. RB
| 5.00% | | 06/01/2031 | | | 85 | | 91,344 |
Riverside (County of), CA Transportation Commission, Series 2017 B, Ref. RB
| 5.00% | | 06/01/2032 | | | 155 | | 166,330 |
Riverside (County of), CA Transportation Commission, Series 2017 B, Ref. RB
| 5.00% | | 06/01/2033 | | | 75 | | 80,424 |
Riverside (County of), CA Transportation Commission, Series 2017 B, Ref. RB
| 5.00% | | 06/01/2035 | | | 10 | | 10,699 |
Riverside (County of), CA Transportation Commission, Series 2017 B, Ref. RB
| 5.00% | | 06/01/2037 | | | 45 | | 47,931 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| California-(continued) | | | | | | | | |
Riverside (County of), CA Transportation Commission, Series 2017 B, Ref. RB
| 5.00% | | 06/01/2038 | | $ | 200 | | $ 212,413 |
Riverside Unified School District (Election of 2016), Series 2019 B, GO Bonds
| 4.00% | | 08/01/2042 | | | 250 | | 251,037 |
Roseville (City of), CA, Series 2017 A, Ref. RB
| 4.00% | | 02/01/2037 | | | 75 | | 76,278 |
Roseville Joint Union High School District (Election of 2016), Series 2017 A, GO Bonds
| 4.00% | | 08/01/2045 | | | 50 | | 49,938 |
Sacramento (City of), CA Municipal Utility District, Series 2016 D, Ref. RB
| 5.00% | | 08/15/2027 | | | 65 | | 70,093 |
Sacramento (City of), CA Municipal Utility District, Series 2016 I, Ref. RB
| 5.00% | | 08/15/2027 | | | 5 | | 5,392 |
Sacramento (City of), CA Municipal Utility District, Series 2018 D, Ref. RB
| 5.00% | | 08/15/2027 | | | 10 | | 10,783 |
Sacramento (County of), CA Sanitation Districts Financing Authority, Series 2020 A, Ref. RB
| 5.00% | | 12/01/2027 | | | 100 | | 108,691 |
Sacramento (County of), CA Sanitation Districts Financing Authority, Series 2021, Ref. RB
| 5.00% | | 12/01/2027 | | | 20 | | 21,738 |
San Bernardino City Unified School District (Election of 2012), Series 2017 D, GO Bonds, (INS - AGM)(b)
| 4.00% | | 08/01/2042 | | | 5 | | 5,021 |
San Bernardino Community College District, Series 2017 B, Ref. GO Bonds
| 4.00% | | 08/01/2034 | | | 20 | | 20,498 |
San Bernardino Community College District (Election of 2018), Series 2019 A, GO Bonds(a)
| 4.00% | | 08/16/2027 | | | 25 | | 26,174 |
San Diego (City of), CA Public Facilities Financing Authority, Series 2016 A, Ref. RB
| 5.00% | | 05/15/2027 | | | 45 | | 46,981 |
San Diego Community College District (Election of 2002), Series 2009, GO Bonds(a)
| 6.00% | | 08/01/2027 | | | 10 | | 11,059 |
San Diego Unified School District (Election of 2012), Series 2017 I, GO Bonds
| 4.00% | | 07/01/2047 | | | 340 | | 340,134 |
San Francisco (City & County of), CA, Series 2022-R1, Ref. GO Bonds
| 5.00% | | 06/15/2027 | | | 5 | | 5,375 |
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Second Series 2022 B, Ref. RB
| 5.00% | | 05/01/2027 | | | 40 | | 42,750 |
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2017 B, RB
| 5.00% | | 05/01/2047 | | | 500 | | 517,614 |
San Francisco (City & County of), CA Public Utilities Commission, Series 2016, Ref. RB
| 5.00% | | 11/01/2027 | | | 45 | | 47,372 |
San Francisco (City & County of), CA Public Utilities Commission, Series 2017 D, Ref. RB
| 5.00% | | 11/01/2029 | | | 135 | | 145,735 |
San Francisco (City & County of), CA Public Utilities Commission, Series 2017 D, Ref. RB
| 5.00% | | 11/01/2032 | | | 20 | | 21,365 |
San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2017 D, Ref. RB
| 5.00% | | 11/01/2027 | | | 10 | | 10,838 |
San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2017 D, Ref. RB
| 5.00% | | 11/01/2030 | | | 40 | | 42,939 |
San Francisco (City of), CA Municipal Transportation Agency, Series 2017, RB
| 4.00% | | 03/01/2046 | | | 155 | | 153,664 |
San Francisco (County of), CA Transportation Authority, Series 2017, RB
| 3.00% | | 02/01/2034 | | | 15 | | 14,604 |
San Francisco Bay Area Rapid Transit District, Series 2019 A, RB
| 4.00% | | 07/01/2036 | | | 1,000 | | 1,011,991 |
San Francisco Bay Area Rapid Transit District (Election of 2004) (Green Bonds), Series 2017, Ref. GO Bonds
| 4.00% | | 08/01/2037 | | | 500 | | 506,017 |
San Francisco Bay Area Rapid Transit District (Election of 2016) (Green Bonds), Series 2017 A, GO Bonds
| 5.00% | | 08/01/2047 | | | 90 | | 93,339 |
San Jose (City of), CA, Series 2017 B, Ref. RB
| 5.00% | | 03/01/2042 | | | 10 | | 10,365 |
San Jose (City of), CA Redevelopment Agency Successor Agency, Series 2017 A, Ref. RB
| 5.00% | | 08/01/2034 | | | 80 | | 84,652 |
San Jose (City of), CA Redevelopment Agency Successor Agency, Series 2017 A, Ref. RB
| 5.00% | | 08/01/2035 | | | 200 | | 211,282 |
San Jose Unified School District (Election of 2012), Series 2018 E, GO Bonds
| 4.00% | | 08/01/2042 | | | 100 | | 101,242 |
Santa Ana College Improvement District #1 Rancho Santiago Community College District (Election of 2012), Series 2017 B, GO Bonds
| 4.00% | | 08/01/2041 | | | 50 | | 50,223 |
Santa Clara (County of), CA, Series 2017 C, Ref. GO Bonds
| 5.00% | | 08/01/2031 | | | 285 | | 302,983 |
Santa Clara Valley Transportation Authority, Series 2023 A, Ref. RB
| 5.00% | | 04/01/2027 | | | 500 | | 534,342 |
Santa Monica (City of), CA Public Financing Authority (Green Bonds), Series 2017, RB
| 4.00% | | 07/01/2047 | | | 20 | | 19,870 |
Solano County Community College District (Election of 2012), Series 2017 C, GO Bonds
| 4.00% | | 08/01/2046 | | | 155 | | 153,461 |
Southwestern Community College District (Election of 2016), Series 2017 A, GO Bonds
| 4.00% | | 08/01/2047 | | | 65 | | 64,557 |
Tuolumne (City of), CA Wind Project Authority, Series 2016 A, Ref. RB
| 5.00% | | 01/01/2027 | | | 40 | | 42,386 |
Turlock (City of), CA Irrigation District, Series 2016, Ref. RB
| 5.00% | | 01/01/2046 | | | 130 | | 134,354 |
University of California, Series 2017 AV, RB
| 5.00% | | 05/15/2036 | | | 90 | | 94,526 |
University of California, Series 2017 AV, RB
| 5.00% | | 05/15/2042 | | | 425 | | 441,691 |
University of California, Series 2017 AV, RB
| 5.25% | | 05/15/2042 | | | 250 | | 261,744 |
University of California, Series 2017 AY, Ref. RB
| 5.00% | | 05/15/2031 | | | 85 | | 90,287 |
University of California, Series 2017 AY, Ref. RB
| 5.00% | | 05/15/2032 | | | 10 | | 10,594 |
University of California, Series 2017 AY, Ref. RB
| 4.00% | | 05/15/2033 | | | 80 | | 81,974 |
University of California, Series 2017 AY, Ref. RB
| 4.00% | | 05/15/2035 | | | 25 | | 25,454 |
University of California, Series 2017 AY, Ref. RB
| 5.00% | | 05/15/2036 | | | 30 | | 31,509 |
University of California, Series 2017 AY, Ref. RB
| 5.00% | | 05/15/2037 | | | 15 | | 15,734 |
University of California, Series 2024 BS, Ref. RB
| 5.00% | | 05/15/2027 | | | 125 | | 134,026 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| California-(continued) | | | | | | | | |
University of California (Limited), Series 2017 M, RB
| 5.00% | | 05/15/2031 | | $ | 30 | | $ 31,850 |
University of California (Limited), Series 2017 M, RB
| 5.00% | | 05/15/2032 | | | 5 | | 5,294 |
University of California (Limited), Series 2017 M, RB
| 5.00% | | 05/15/2034 | | | 10 | | 10,540 |
University of California (Limited), Series 2017 M, RB
| 5.00% | | 05/15/2036 | | | 15 | | 15,746 |
University of California (Limited), Series 2017 M, RB
| 5.00% | | 05/15/2042 | | | 375 | | 389,531 |
University of California (Limited), Series 2017 M, RB
| 4.00% | | 05/15/2047 | | | 130 | | 129,036 |
University of California (Limited), Series 2017 M, RB
| 5.00% | | 05/15/2047 | | | 350 | | 361,862 |
University of California (Limited), Series 2017 M, RB
| 5.00% | | 05/15/2052 | | | 100 | | 103,192 |
West Valley-Mission Community College District, Series 2017 B, Ref. GO Bonds
| 5.00% | | 08/01/2032 | | | 45 | | 47,941 |
West Valley-Mission Community College District, Series 2017 B, Ref. GO Bonds
| 4.00% | | 08/01/2034 | | | 20 | | 20,503 |
| | | | | | | | | 30,938,609 |
| Colorado-1.01% | | | | | | | | |
Adams & Weld Counties School District No. 27J Brighton, Series 2017, GO Bonds
| 5.00% | | 12/01/2042 | | | 215 | | 225,111 |
Arapahoe County School District No. 6 Littleton, Series 2019 A, GO Bonds
| 5.50% | | 12/01/2027 | | | 85 | | 92,817 |
Board of Trustees of the Colorado School of Mines, Series 2017 B, RB
| 5.00% | | 12/01/2047 | | | 100 | | 102,810 |
Colorado (State of), Series 2018 A, COP
| 5.00% | | 12/15/2027 | | | 20 | | 21,547 |
Colorado (State of), Series 2020 A, COP
| 5.00% | | 12/15/2027 | | | 70 | | 75,416 |
Colorado (State of), Series 2021 A, COP
| 5.00% | | 12/15/2027 | | | 210 | | 226,247 |
Colorado (State of) Educational & Cultural Facilities Authority (University of Denver), Series 2017 A, RB
| 5.00% | | 03/01/2040 | | | 25 | | 25,855 |
Colorado (State of) Educational & Cultural Facilities Authority (University of Denver), Series 2017 A, RB
| 5.00% | | 03/01/2043 | | | 50 | | 51,476 |
Colorado (State of) Regional Transportation District, Series 2017 B, Ref. RB
| 4.00% | | 11/01/2036 | | | 35 | | 35,698 |
Colorado (State of) Regional Transportation District (Fastracks), Series 2013 A, Ref. RB
| 5.00% | | 11/01/2027 | | | 70 | | 75,332 |
Colorado (State of) Regional Transportation District (Fastracks), Series 2017 B, Ref. RB
| 5.00% | | 11/01/2034 | | | 175 | | 186,170 |
Colorado Springs (City of), CO, Series 2017 A-2, RB
| 5.00% | | 11/15/2042 | | | 100 | | 104,923 |
Denver (City & County of), CO, Series 2017 B, Ref. RB
| 5.00% | | 11/15/2033 | | | 70 | | 74,357 |
Denver (City & County of), CO, Series 2022 C, Ref. RB
| 5.00% | | 11/15/2027 | | | 105 | | 112,892 |
Denver City & County School District No. 1, Series 2021 B, Ref. GO Bonds
| 4.00% | | 12/01/2027 | | | 35 | | 36,616 |
Douglas County School District No. Re-1 Douglas & Elbert Counties, Series 2022, Ref. GO Bonds
| 5.00% | | 12/15/2027 | | | 75 | | 81,073 |
Rampart Range Metropolitan District No. 1, Series 2017, Ref. RB, (INS - AGM)(b)
| 5.00% | | 12/01/2042 | | | 105 | | 109,120 |
Rampart Range Metropolitan District No. 1, Series 2017, Ref. RB, (INS - AGM)(b)
| 5.00% | | 12/01/2047 | | | 30 | | 31,029 |
University of Colorado, Series 2017 A-2, Ref. RB
| 5.00% | | 06/01/2027 | | | 30 | | 31,946 |
| | | | | | | | | 1,700,435 |
| Connecticut-1.28% | | | | | | | | |
Connecticut (State of), Series 2016 B, Ref. GO Bonds
| 5.00% | | 05/15/2027 | | | 70 | | 72,749 |
Connecticut (State of), Series 2016 E, GO Bonds
| 5.00% | | 10/15/2027 | | | 95 | | 99,626 |
Connecticut (State of), Series 2017 A, GO Bonds
| 5.00% | | 04/15/2032 | | | 15 | | 15,704 |
Connecticut (State of), Series 2018 B, RB
| 5.00% | | 10/01/2027 | | | 150 | | 161,046 |
Connecticut (State of), Series 2018 E, GO Bonds
| 5.00% | | 09/15/2027 | | | 250 | | 268,155 |
Connecticut (State of), Series 2019 A, GO Bonds
| 5.00% | | 04/15/2027 | | | 15 | | 15,939 |
Connecticut (State of), Series 2020 A, RB
| 5.00% | | 05/01/2027 | | | 20 | | 21,274 |
Connecticut (State of), Series 2021 A, GO Bonds
| 4.00% | | 01/15/2027 | | | 500 | | 516,549 |
Connecticut (State of), Series 2021 D, RB
| 5.00% | | 11/01/2027 | | | 40 | | 43,022 |
Connecticut (State of), Series 2022 A, GO Bonds
| 4.00% | | 01/15/2027 | | | 20 | | 20,662 |
Connecticut (State of), Series 2022 D, Ref. GO Bonds
| 5.00% | | 09/15/2027 | | | 100 | | 107,262 |
Connecticut (State of), Series 2022 E, GO Bonds
| 5.00% | | 11/15/2027 | | | 15 | | 16,147 |
Connecticut (State of), Series 2022 F, Ref. GO Bonds
| 5.00% | | 11/15/2027 | | | 155 | | 166,848 |
Connecticut (State of) (Green Bonds), Series 2017 A, RB
| 5.00% | | 05/01/2032 | | | 30 | | 31,649 |
Connecticut (State of) (Green Bonds), Series 2017 A, RB
| 5.00% | | 05/01/2033 | | | 45 | | 47,381 |
Connecticut (State of) (Green Bonds), Series 2017 A, RB
| 5.00% | | 05/01/2034 | | | 25 | | 26,273 |
Connecticut (State of) (Social Bonds), Series 2021 B, GO Bonds
| 4.00% | | 06/01/2027 | | | 175 | | 181,742 |
Connecticut (State of) (Transportation Infrastructure), Series 2016 A, RB
| 5.00% | | 09/01/2027 | | | 25 | | 26,149 |
Connecticut (State of) Health & Educational Facilities Authority (Yale University), Series 1997 S, RB
| 5.00% | | 07/01/2027 | | | 140 | | 149,873 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Connecticut-(continued) | | | | | | | | |
University of Connecticut, Series 2017 A, RB
| 5.00% | | 01/15/2030 | | $ | 50 | | $ 52,555 |
University of Connecticut, Series 2017 A, RB
| 5.00% | | 01/15/2033 | | | 100 | | 104,582 |
| | | | | | | | | 2,145,187 |
| Delaware-0.03% | | | | | | | | |
Delaware (State of) Health Facilities Authority (Bayhealth Medical Center), Series 2017 A, Ref. RB
| 4.00% | | 07/01/2040 | | | 10 | | 9,976 |
Delaware (State of) Transportation Authority, Series 2020, Ref. RB
| 5.00% | | 07/01/2027 | | | 40 | | 42,742 |
| | | | | | | | | 52,718 |
| District of Columbia-2.29% | | | | | | | | |
District of Columbia, Series 2017 A, Ref. GO Bonds
| 5.00% | | 06/01/2032 | | | 500 | | 525,820 |
District of Columbia, Series 2017 A, Ref. GO Bonds
| 5.00% | | 06/01/2033 | | | 80 | | 84,009 |
District of Columbia, Series 2017 A, Ref. GO Bonds
| 5.00% | | 06/01/2034 | | | 150 | | 157,422 |
District of Columbia, Series 2017 A, Ref. GO Bonds
| 4.00% | | 06/01/2036 | | | 5 | | 5,098 |
District of Columbia, Series 2017 A, Ref. GO Bonds
| 5.00% | | 06/01/2037 | | | 180 | | 187,795 |
District of Columbia, Series 2017 D, GO Bonds
| 5.00% | | 06/01/2027 | | | 20 | | 21,325 |
District of Columbia, Series 2017 D, GO Bonds
| 5.00% | | 06/01/2029 | | | 165 | | 174,821 |
District of Columbia, Series 2017 D, GO Bonds
| 5.00% | | 06/01/2030 | | | 75 | | 79,224 |
District of Columbia, Series 2017 D, GO Bonds
| 5.00% | | 06/01/2031 | | | 5 | | 5,266 |
District of Columbia, Series 2017 D, GO Bonds
| 4.00% | | 06/01/2033 | | | 25 | | 25,596 |
District of Columbia, Series 2017 D, GO Bonds
| 4.00% | | 06/01/2034 | | | 65 | | 66,532 |
District of Columbia, Series 2017 D, GO Bonds
| 5.00% | | 06/01/2038 | | | 75 | | 78,055 |
District of Columbia, Series 2019 C, Ref. RB
| 5.00% | | 10/01/2027 | | | 25 | | 26,856 |
District of Columbia, Series 2020 A, RB
| 5.00% | | 03/01/2027 | | | 20 | | 21,204 |
District of Columbia, Series 2021 E, Ref. GO Bonds
| 5.00% | | 02/01/2027 | | | 50 | | 52,909 |
District of Columbia (Catholic University of America (The)), Series 2017 B, RB
| 5.00% | | 10/01/2047 | | | 300 | | 304,081 |
District of Columbia (Georgetown University), Series 2017, Ref. RB
| 5.00% | | 04/01/2030 | | | 10 | | 10,425 |
District of Columbia Water & Sewer Authority, Series 2017 B, RB
| 4.00% | | 10/01/2044 | | | 495 | | 496,682 |
Washington Convention & Sports Authority, Series 2018 A, Ref. RB
| 5.00% | | 10/01/2029 | | | 20 | | 21,302 |
Washington Convention & Sports Authority, Series 2018 A, Ref. RB
| 5.00% | | 10/01/2030 | | | 20 | | 21,246 |
Washington Metropolitan Area Transit Authority, Series 2017 B, RB
| 5.00% | | 07/01/2030 | | | 110 | | 115,796 |
Washington Metropolitan Area Transit Authority, Series 2017 B, RB
| 5.00% | | 07/01/2031 | | | 540 | | 567,361 |
Washington Metropolitan Area Transit Authority, Series 2017 B, RB
| 5.00% | | 07/01/2035 | | | 600 | | 627,496 |
Washington Metropolitan Area Transit Authority, Series 2017 B, RB
| 5.00% | | 07/01/2042 | | | 175 | | 180,719 |
| | | | | | | | | 3,857,040 |
| Florida-3.57% | | | | | | | | |
Brevard County School District, Series 2017 A, Ref. COP
| 5.00% | | 07/01/2031 | | | 10 | | 10,496 |
Brevard County School District, Series 2017 A, Ref. COP
| 5.00% | | 07/01/2032 | | | 65 | | 68,141 |
Broward (County of), FL School Board, Series 2019 A, Ref. COP
| 5.00% | | 07/01/2027 | | | 10 | | 10,652 |
Central Florida Expressway Authority, Series 2016 B, Ref. RB
| 5.00% | | 07/01/2027 | | | 10 | | 10,385 |
Central Florida Expressway Authority, Series 2017, Ref. RB
| 5.00% | | 07/01/2037 | | | 530 | | 553,245 |
Central Florida Expressway Authority, Series 2017, Ref. RB
| 5.00% | | 07/01/2038 | | | 15 | | 15,568 |
Central Florida Expressway Authority, Series 2017, Ref. RB
| 5.00% | | 07/01/2039 | | | 165 | | 171,038 |
Central Florida Expressway Authority, Series 2021, Ref. RB, (INS - AGM)(b)
| 5.00% | | 07/01/2027 | | | 10 | | 10,666 |
East Central Regional Wastewater Treatment Facilities Operation Board, Series 2017, Ref. RB
| 5.00% | | 10/01/2044 | | | 285 | | 292,758 |
Escambia (County of), FL, Series 2017, RB
| 5.00% | | 10/01/2043 | | | 100 | | 103,802 |
Florida (State of), Series 2016 A, Ref. GO Bonds
| 5.00% | | 07/01/2027 | | | 40 | | 41,769 |
Florida (State of), Series 2016 A, Ref. RB
| 5.00% | | 07/01/2027 | | | 45 | | 46,834 |
Florida (State of), Series 2022 C, Ref. GO Bonds
| 5.00% | | 06/01/2027 | | | 265 | | 282,771 |
Florida (State of) (Capital Outlay), Series 2017 C, Ref. GO Bonds
| 4.00% | | 06/01/2033 | | | 200 | | 203,662 |
Florida (State of) Department of Management Services, Series 2018 A, Ref. COP
| 5.00% | | 11/01/2027 | | | 10 | | 10,727 |
Florida (State of) Department of Transportation, Series 2022 A, Ref. RB
| 5.00% | | 07/01/2027 | | | 50 | | 53,441 |
Florida (State of) Higher Educational Facilities Financial Authority, Series 2017, RB
| 5.00% | | 03/01/2042 | | | 40 | | 40,625 |
Florida (State of) Higher Educational Facilities Financial Authority (Rollins College), Series 2017, RB
| 5.00% | | 03/01/2047 | | | 110 | | 111,134 |
Florida (State of) Municipal Power Agency, Series 2017 A, Ref. RB
| 5.00% | | 10/01/2027 | | | 80 | | 85,011 |
Florida (State of) Municipal Power Agency, Series 2018 A, Ref. RB
| 4.00% | | 10/01/2030 | | | 20 | | 20,582 |
Gainesville (City of), FL, Series 2017 A, RB
| 5.00% | | 10/01/2027 | | | 15 | | 15,990 |
Gainesville (City of), FL, Series 2017 A, RB
| 5.00% | | 10/01/2031 | | | 75 | | 78,969 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Florida-(continued) | | | | | | | | |
Gainesville (City of), FL, Series 2017 A, RB
| 5.00% | | 10/01/2032 | | $ | 55 | | $ 57,781 |
Gainesville (City of), FL, Series 2017 A, RB
| 5.00% | | 10/01/2033 | | | 70 | | 73,282 |
Gainesville (City of), FL, Series 2017 A, RB
| 5.00% | | 10/01/2034 | | | 175 | | 182,958 |
Gainesville (City of), FL, Series 2017 A, RB
| 5.00% | | 10/01/2035 | | | 70 | | 73,257 |
JEA Electric System, Series 2017 B, Ref. RB
| 5.00% | | 10/01/2029 | | | 410 | | 435,038 |
JEA Electric System, Series 2017 B, Ref. RB
| 5.00% | | 10/01/2030 | | | 120 | | 126,922 |
JEA Electric System, Series 2017 B, Ref. RB
| 5.00% | | 10/01/2032 | | | 40 | | 41,986 |
JEA Electric System, Series 2017 B, Ref. RB
| 4.00% | | 10/01/2036 | | | 5 | | 5,044 |
JEA Water & Sewer System, Series 2017 A, Ref. RB
| 5.00% | | 10/01/2029 | | | 30 | | 32,017 |
Miami (City of) & Dade (County of), FL School Board, Series 2016 B, Ref. COP
| 5.00% | | 08/01/2027 | | | 20 | | 20,640 |
Miami Beach (City of), FL, Series 2017, Ref. RB
| 5.00% | | 09/01/2047 | | | 150 | | 154,757 |
Miami-Dade (County of), FL, Series 2017 A, RB
| 4.00% | | 10/01/2038 | | | 10 | | 10,144 |
Miami-Dade (County of), FL, Series 2017 A, RB
| 4.00% | | 10/01/2039 | | | 55 | | 55,502 |
Miami-Dade (County of), FL, Series 2017 A, RB
| 4.00% | | 10/01/2040 | | | 140 | | 140,314 |
Miami-Dade (County of), FL, Series 2017 A, RB
| 3.38% | | 10/01/2047 | | | 40 | | 34,106 |
Miami-Dade (County of), FL, Series 2017 B, Ref. RB
| 5.00% | | 10/01/2027 | | | 45 | | 48,258 |
Miami-Dade (County of), FL, Series 2017 B, Ref. RB
| 4.00% | | 10/01/2034 | | | 75 | | 76,737 |
Miami-Dade (County of), FL, Series 2017 B, Ref. RB
| 4.00% | | 10/01/2035 | | | 120 | | 122,699 |
Miami-Dade (County of), FL, Series 2017 B, Ref. RB
| 4.00% | | 10/01/2036 | | | 50 | | 51,083 |
Miami-Dade (County of), FL, Series 2017 B, Ref. RB
| 4.00% | | 10/01/2037 | | | 60 | | 61,210 |
Miami-Dade (County of), FL, Series 2017 B, Ref. RB
| 4.00% | | 10/01/2038 | | | 100 | | 101,445 |
Orange (County of), FL Convention Center, Series 2017, Ref. RB
| 5.00% | | 10/01/2027 | | | 50 | | 53,437 |
Orange (County of), FL School Board, Series 2016 B, Ref. COP
| 5.00% | | 08/01/2027 | | | 310 | | 322,714 |
Orange (County of), FL School Board, Series 2017, Ref. COP
| 5.00% | | 08/01/2027 | | | 105 | | 112,075 |
Orlando (City of), FL Utilities Commission, Series 2020 A, Ref. RB
| 5.00% | | 10/01/2027 | | | 25 | | 26,833 |
Pinellas (County of), FL School Board, Series 2017 A, COP
| 5.00% | | 07/01/2041 | | | 25 | | 25,876 |
Polk County School District, Series 2020 A, Ref. COP
| 5.00% | | 01/01/2027 | | | 150 | | 157,900 |
Reedy Creek Improvement District, Series 2017 A, GO Bonds
| 5.00% | | 06/01/2037 | | | 200 | | 207,184 |
South Broward Hospital District, Series 2017, Ref. RB
| 4.00% | | 05/01/2032 | | | 50 | | 50,697 |
South Miami Health Facilities Authority, Inc. (Baptist Health South Florida Obligated Group), Series 2017, Ref. RB
| 5.00% | | 08/15/2029 | | | 130 | | 137,175 |
South Miami Health Facilities Authority, Inc. (Baptist Health South Florida Obligated Group), Series 2017, Ref. RB
| 5.00% | | 08/15/2032 | | | 35 | | 36,645 |
South Miami Health Facilities Authority, Inc. (Baptist Health South Florida Obligated Group), Series 2017, Ref. RB
| 4.00% | | 08/15/2033 | | | 15 | | 15,189 |
South Miami Health Facilities Authority, Inc. (Baptist Health South Florida Obligated Group), Series 2017, Ref. RB
| 5.00% | | 08/15/2037 | | | 20 | | 20,780 |
South Miami Health Facilities Authority, Inc. (Baptist Health South Florida Obligated Group), Series 2017, Ref. RB
| 4.00% | | 08/15/2042 | | | 255 | | 245,512 |
Tampa (City of) & Hillsborough (County of), FL Expressway Authority, Series 2017, RB
| 5.00% | | 07/01/2047 | | | 305 | | 312,227 |
Tampa Bay (City of), FL Water, Series 2016 C, Ref. RB
| 5.00% | | 10/01/2027 | | | 20 | | 21,430 |
Volusia (County of), FL Educational Facility Authority (Embry-Riddle), Series 2017, Ref. RB
| 5.00% | | 10/15/2047 | | | 110 | | 112,730 |
| | | | | | | | | 6,001,850 |
| Georgia-1.72% | | | | | | | | |
Atlanta (City of), GA, Series 2001 A, RB, (INS - NATL)(b)
| 5.50% | | 11/01/2027 | | | 65 | | 68,125 |
Atlanta (City of), GA, Series 2004, RB, (INS - AGM)(b)
| 5.75% | | 11/01/2027 | | | 45 | | 49,390 |
Atlanta (City of), GA, Series 2017 A, Ref. RB
| 5.00% | | 11/01/2031 | | | 10 | | 10,647 |
Atlanta (City of), GA, Series 2017 A, Ref. RB
| 5.00% | | 11/01/2032 | | | 105 | | 111,542 |
Atlanta (City of), GA, Series 2017 A, Ref. RB
| 5.00% | | 11/01/2038 | | | 10 | | 10,523 |
Atlanta (City of), GA, Series 2018 C, Ref. RB
| 5.00% | | 11/01/2027 | | | 40 | | 42,997 |
Atlanta (City of), GA, Series 2018 C, Ref. RB
| 5.00% | | 11/01/2029 | | | 110 | | 117,740 |
Atlanta (City of), GA, Series 2018 C, Ref. RB
| 5.00% | | 11/01/2031 | | | 35 | | 37,264 |
Atlanta (City of), GA, Series 2018 C, Ref. RB
| 5.00% | | 11/01/2032 | | | 60 | | 63,738 |
Atlanta (City of), GA, Series 2018 C, Ref. RB
| 5.00% | | 11/01/2033 | | | 55 | | 58,370 |
Atlanta (City of), GA, Series 2018 C, Ref. RB
| 5.00% | | 11/01/2034 | | | 40 | | 42,402 |
Atlanta (City of), GA, Series 2018 C, Ref. RB
| 5.00% | | 11/01/2035 | | | 105 | | 111,121 |
Atlanta (City of), GA, Series 2018 C, Ref. RB
| 5.00% | | 11/01/2036 | | | 45 | | 47,521 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Georgia-(continued) | | | | | | | | |
Atlanta (City of), GA, Series 2018, Ref. RB
| 5.00% | | 11/01/2040 | | $ | 25 | | $ 26,200 |
Atlanta (City of), GA, Series 2018, Ref. RB
| 5.00% | | 11/01/2041 | | | 55 | | 57,527 |
Atlanta (City of), GA Department of Aviation, Series 2020 A, Ref. RB
| 5.00% | | 07/01/2027 | | | 30 | | 32,048 |
Clark County School District, Series 2022, GO Bonds
| 5.00% | | 09/01/2027 | | | 15 | | 16,085 |
Cobb (County of), GA Kennestone Hospital Authority (Wellstar Health System, Inc.), Series 2017, Ref. RAC
| 5.00% | | 04/01/2047 | | | 200 | | 203,314 |
Gainesville (City of) & Hall (County of), GA Hospital Authority (Northeast Georgia Health System, Inc.), Series 2017 A, Ref. RB
| 5.00% | | 02/15/2042 | | | 10 | | 10,225 |
Georgia (State of), Series 2016 E, Ref. GO Bonds
| 5.00% | | 12/01/2027 | | | 390 | | 410,015 |
Georgia (State of), Series 2016 F, Ref. GO Bonds
| 5.00% | | 01/01/2027 | | | 540 | | 571,077 |
Georgia (State of), Series 2016 F, Ref. GO Bonds
| 5.00% | | 07/01/2027 | | | 10 | | 10,577 |
Georgia (State of), Series 2016 F, Ref. GO Bonds
| 5.00% | | 07/01/2028 | | | 125 | | 131,794 |
Georgia (State of), Series 2017 A-1, GO Bonds
| 5.00% | | 02/01/2027 | | | 40 | | 42,385 |
Georgia (State of), Series 2019 A, GO Bonds
| 5.00% | | 07/01/2027 | | | 40 | | 42,798 |
Georgia (State of) (Tranche 2), Series 2016 A, GO Bonds
| 5.00% | | 02/01/2027 | | | 30 | | 30,971 |
Georgia (State of) Road & Tollway Authority (Garvee), Series 2020, RB
| 5.00% | | 06/01/2027 | | | 35 | | 37,309 |
Gwinnett (County of), GA Development Authority, Series 2017, Ref. RB
| 5.00% | | 07/01/2040 | | | 20 | | 20,672 |
Gwinnett County School District, Series 2022 B, GO Bonds
| 5.00% | | 08/01/2027 | | | 440 | | 471,440 |
| | | | | | | | | 2,885,817 |
| Hawaii-0.86% | | | | | | | | |
Hawaii (State of), Series 2016 FB, GO Bonds
| 5.00% | | 04/01/2027 | | | 235 | | 243,411 |
Hawaii (State of), Series 2016 FE, Ref. GO Bonds
| 5.00% | | 10/01/2027 | | | 15 | | 15,716 |
Hawaii (State of), Series 2016 FH, Ref. GO Bonds
| 5.00% | | 10/01/2027 | | | 10 | | 10,486 |
Hawaii (State of), Series 2017 FK, GO Bonds
| 5.00% | | 05/01/2027 | | | 35 | | 37,248 |
Hawaii (State of), Series 2017 FK, GO Bonds
| 5.00% | | 05/01/2029 | | | 35 | | 37,139 |
Hawaii (State of), Series 2017 FK, GO Bonds
| 4.00% | | 05/01/2031 | | | 190 | | 195,315 |
Hawaii (State of), Series 2017 FK, GO Bonds
| 5.00% | | 05/01/2033 | | | 60 | | 63,413 |
Hawaii (State of), Series 2017 FK, GO Bonds
| 4.00% | | 05/01/2036 | | | 15 | | 15,188 |
Hawaii (State of), Series 2017 FN, Ref. GO Bonds
| 5.00% | | 10/01/2027 | | | 50 | | 53,713 |
Hawaii (State of), Series 2017 FN, Ref. GO Bonds
| 5.00% | | 10/01/2030 | | | 410 | | 437,908 |
Hawaii (State of), Series 2017 FN, Ref. GO Bonds
| 5.00% | | 10/01/2031 | | | 20 | | 21,331 |
Honolulu (City & County of), HI, Series 2022 A, Ref. GO Bonds
| 5.00% | | 11/01/2027 | | | 60 | | 64,570 |
Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2019, GO Bonds
| 5.00% | | 09/01/2027 | | | 25 | | 26,808 |
Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2020 B, Ref. GO Bonds
| 5.00% | | 03/01/2027 | | | 210 | | 222,646 |
| | | | | | | | | 1,444,892 |
| Idaho-0.06% | | | | | | | | |
Idaho (State of) Housing & Finance Association, Series 2017 A, Ref. RAC
| 5.00% | | 07/15/2027 | | | 70 | | 74,704 |
Idaho State Building Authority, Series 2017 A, RB(a)
| 4.00% | | 09/01/2027 | | | 30 | | 31,265 |
| | | | | | | | | 105,969 |
| Illinois-6.80% | | | | | | | | |
Chicago (City of), IL, Series 2017 A, Ref. GO Bonds
| 6.00% | | 01/01/2038 | | | 200 | | 207,712 |
Chicago (City of), IL, Series 2017, Ref. RB
| 5.00% | | 11/01/2029 | | | 5 | | 5,305 |
Chicago (City of), IL, Series 2017-2, Ref. RB, (INS - AGM)(b)
| 5.00% | | 11/01/2030 | | | 500 | | 530,897 |
Chicago (City of), IL, Series 2017-2, Ref. RB, (INS - AGM)(b)
| 5.00% | | 11/01/2033 | | | 600 | | 633,383 |
Chicago (City of), IL, Series 2017-2, Ref. RB, (INS - AGM)(b)
| 5.00% | | 11/01/2034 | | | 250 | | 263,310 |
Chicago (City of), IL, Series 2017-2, Ref. RB, (INS - AGM)(b)
| 5.00% | | 11/01/2035 | | | 150 | | 157,719 |
Chicago (City of), IL, Series 2017-2, Ref. RB, (INS - AGM)(b)
| 5.00% | | 11/01/2036 | | | 5 | | 5,240 |
Chicago (City of), IL, Series 2020 A, Ref. GO Bonds
| 5.00% | | 01/01/2027 | | | 125 | | 129,718 |
Chicago (City of), IL (O’Hare International Airport), Series 2016 C, Ref. RB
| 5.00% | | 01/01/2027 | | | 15 | | 15,415 |
Chicago (City of), IL (O’Hare International Airport), Series 2017 B, Ref. RB
| 5.00% | | 01/01/2033 | | | 10 | | 10,383 |
Chicago (City of), IL (O’Hare International Airport), Series 2017 B, Ref. RB
| 5.00% | | 01/01/2034 | | | 90 | | 93,355 |
Chicago (City of), IL (O’Hare International Airport), Series 2017 B, Ref. RB
| 5.00% | | 01/01/2035 | | | 5 | | 5,182 |
Chicago (City of), IL (O’Hare International Airport), Series 2017 B, Ref. RB
| 5.00% | | 01/01/2036 | | | 310 | | 320,831 |
Chicago (City of), IL (O’Hare International Airport), Series 2017 B, Ref. RB
| 5.00% | | 01/01/2037 | | | 45 | | 46,504 |
Chicago (City of), IL (O’Hare International Airport), Series 2017 B, Ref. RB
| 5.00% | | 01/01/2038 | | | 330 | | 340,651 |
Chicago (City of), IL (O’Hare International Airport), Series 2017 B, Ref. RB
| 5.00% | | 01/01/2039 | | | 40 | | 41,197 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Illinois-(continued) | | | | | | | | |
Chicago (City of), IL (O’Hare International Airport), Series 2017 C, Ref. RB
| 5.00% | | 01/01/2041 | | $ | 245 | | $ 251,414 |
Chicago (City of), IL (O’Hare International Airport), Series 2017 D, RB
| 5.25% | | 01/01/2035 | | | 10 | | 10,444 |
Chicago (City of), IL (O’Hare International Airport), Series 2017 D, RB
| 5.25% | | 01/01/2036 | | | 35 | | 36,505 |
Chicago (City of), IL (O’Hare International Airport), Series 2017 D, RB
| 5.00% | | 01/01/2047 | | | 115 | | 117,402 |
Chicago (City of), IL (O’Hare International Airport), Series 2017 D, RB
| 5.00% | | 01/01/2052 | | | 320 | | 325,788 |
Chicago (City of), IL (O’Hare International Airport), Series 2017 F, RB, (INS - BAM)(b)
| 4.25% | | 01/01/2047 | | | 165 | | 165,398 |
Chicago (City of), IL Board of Education, Series 2017, RB
| 5.75% | | 04/01/2033 | | | 100 | | 105,395 |
Chicago (City of), IL Board of Education, Series 2017, RB
| 5.00% | | 04/01/2042 | | | 480 | | 488,169 |
Chicago (City of), IL Board of Education, Series 2017, RB
| 5.00% | | 04/01/2046 | | | 210 | | 212,593 |
Chicago (City of), IL Board of Education, Series 2018 A, Ref. GO Bonds, (INS - AGM)(b)
| 5.00% | | 12/01/2027 | | | 100 | | 105,190 |
Chicago (City of), IL Metropolitan Water Reclamation District, Series 2016 A, Ref. GO Bonds
| 5.00% | | 12/01/2027 | | | 60 | | 63,107 |
Chicago (City of), IL Park District, Series 2023 C, Ref. GO Bonds
| 5.00% | | 01/01/2027 | | | 65 | | 68,123 |
Chicago (City of), IL Transit Authority (FTA Section 5307 Urbanized Area Formula Funds), Series 2021, Ref. RB
| 5.00% | | 06/01/2027 | | | 35 | | 36,795 |
Cook (County of), IL, Series 2017, Ref. RB
| 5.00% | | 11/15/2033 | | | 100 | | 105,310 |
Cook (County of), IL, Series 2017, Ref. RB
| 4.00% | | 11/15/2034 | | | 95 | | 96,698 |
Cook (County of), IL, Series 2017, Ref. RB
| 5.00% | | 11/15/2038 | | | 5 | | 5,225 |
Cook (County of), IL, Series 2018, Ref. RB
| 5.00% | | 11/15/2033 | | | 85 | | 89,514 |
Cook (County of), IL, Series 2018, Ref. RB
| 4.00% | | 11/15/2038 | | | 25 | | 25,183 |
Cook (County of), IL, Series 2021 A, Ref. GO Bonds
| 5.00% | | 11/15/2027 | | | 30 | | 32,064 |
Cook (County of), IL, Series 2021 B, Ref. GO Bonds
| 4.00% | | 11/15/2027 | | | 150 | | 155,010 |
Illinois (State of), Series 2016, Ref. GO Bonds
| 5.00% | | 02/01/2027 | | | 100 | | 104,760 |
Illinois (State of), Series 2016, Ref. GO Bonds, (INS - AGM)(b)
| 4.00% | | 02/01/2031 | | | 250 | | 253,137 |
Illinois (State of), Series 2016, Ref. GO Bonds, (INS - AGM)(b)
| 4.00% | | 02/01/2032 | | | 20 | | 20,209 |
Illinois (State of), Series 2017 A, GO Bonds
| 5.00% | | 12/01/2031 | | | 50 | | 52,685 |
Illinois (State of), Series 2017 A, GO Bonds
| 5.00% | | 12/01/2032 | | | 500 | | 525,344 |
Illinois (State of), Series 2017 C, GO Bonds
| 5.00% | | 11/01/2029 | | | 365 | | 387,164 |
Illinois (State of), Series 2017 D, GO Bonds
| 5.00% | | 11/01/2027 | | | 470 | | 499,611 |
Illinois (State of), Series 2022 B, Ref. GO Bonds
| 5.00% | | 03/01/2027 | | | 45 | | 47,217 |
Illinois (State of) Finance Authority, Series 2016 C, Ref. RB
| 5.00% | | 02/15/2041 | | | 1,000 | | 1,028,612 |
Illinois (State of) Finance Authority (Ascension Health), Series 2016 C, Ref. RB
| 5.00% | | 02/15/2030 | | | 120 | | 126,082 |
Illinois (State of) Finance Authority (Ascension Health), Series 2016 C, Ref. RB
| 5.00% | | 02/15/2032 | | | 30 | | 31,393 |
Illinois (State of) Finance Authority (Ascension Health), Series 2016 C, Ref. RB
| 4.00% | | 02/15/2033 | | | 545 | | 553,843 |
Illinois (State of) Finance Authority (Ascension Health), Series 2016 C, Ref. RB
| 3.75% | | 02/15/2034 | | | 230 | | 229,661 |
Illinois (State of) Finance Authority (Ascension Health), Series 2016 C, Ref. RB
| 5.00% | | 02/15/2036 | | | 150 | | 156,314 |
Illinois (State of) Finance Authority (Clean Water Initiative), Series 2017, RB
| 5.00% | | 01/01/2027 | | | 140 | | 148,024 |
Illinois (State of) Finance Authority (Clean Water Initiative), Series 2017, RB
| 5.00% | | 01/01/2030 | | | 20 | | 20,969 |
Illinois (State of) Finance Authority (Clean Water Initiative), Series 2017, RB
| 5.00% | | 07/01/2030 | | | 95 | | 99,547 |
Illinois (State of) Finance Authority (Clean Water Initiative), Series 2017, RB
| 5.00% | | 07/01/2031 | | | 30 | | 31,391 |
Illinois (State of) Finance Authority (Clean Water Initiative), Series 2017, RB
| 5.00% | | 07/01/2033 | | | 25 | | 26,109 |
Illinois (State of) Finance Authority (Clean Water Initiative), Series 2017, RB
| 5.00% | | 07/01/2034 | | | 225 | | 234,782 |
Illinois (State of) Finance Authority (Clean Water Initiative), Series 2017, RB
| 5.00% | | 07/01/2036 | | | 75 | | 78,046 |
Illinois (State of) Finance Authority (Edward-Elmhurst Healthcare), Series 2017, Ref. RB(a)
| 4.00% | | 01/01/2027 | | | 45 | | 46,310 |
Illinois (State of) Finance Authority (Edward-Elmhurst Healthcare), Series 2017, Ref. RB(a)
| 5.00% | | 01/01/2027 | | | 85 | | 89,378 |
Illinois (State of) Finance Authority (Southern Illinois Healthcare), Series 2017, RB
| 5.00% | | 03/01/2047 | | | 600 | | 604,059 |
Illinois (State of) Finance Authority (The University of Chicago), Series 2018 A, RB
| 5.00% | | 10/01/2048 | | | 25 | | 25,653 |
Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion), Series 2023, Ref. RB
| 5.00% | | 12/15/2027 | | | 40 | | 42,407 |
Illinois (State of) Toll Highway Authority, Series 2019 B, Ref. RB
| 5.00% | | 01/01/2027 | | | 200 | | 211,184 |
Illinois (State of) Toll Highway Authority, Series 2019, Ref. RB
| 5.00% | | 01/01/2027 | | | 135 | | 142,549 |
Kane McHenry Cook & De Kalb Counties Unit School District No. 300, Series 2017, Ref. GO Bonds
| 5.00% | | 01/01/2029 | | | 60 | | 63,297 |
Macon County School District No. 61 Decatur, Series 2020 C, Ref. GO Bonds, (INS - AGM)(b)
| 4.00% | | 01/01/2040 | | | 200 | | 200,306 |
Sales Tax Securitization Corp., Series 2020 A, Ref. RB
| 5.00% | | 01/01/2027 | | | 35 | | 36,754 |
Will & Kendall Counties Community Consolidated School District 202 Plainfield, Series 2018 A, Ref. GO Bonds
| 4.00% | | 01/01/2027 | | | 10 | | 10,271 |
| | | | | | | | | 11,429,197 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Indiana-0.36% | | | | | | | | |
Indiana (State of) Finance Authority, Series 2016 C, Ref. RB
| 5.00% | | 06/01/2027 | | $ | 165 | | $ 173,580 |
Indiana (State of) Finance Authority (Franciscan Alliance, Inc.), Series 2017 B, RB
| 5.00% | | 11/01/2029 | | | 135 | | 143,395 |
Indiana (State of) Finance Authority (Franciscan Alliance, Inc.), Series 2017 B, RB
| 5.00% | | 11/01/2030 | | | 15 | | 15,904 |
Indiana (State of) Finance Authority (Franciscan Alliance, Inc.), Series 2017 C, Ref. RB
| 5.00% | | 11/01/2032 | | | 15 | | 15,827 |
Indiana (State of) Finance Authority (Franciscan Alliance, Inc.), Series 2017 C, Ref. RB
| 4.00% | | 11/01/2033 | | | 15 | | 15,221 |
Indiana (State of) Finance Authority (Franciscan Alliance, Inc.), Series 2017 C, Ref. RB
| 4.00% | | 11/01/2034 | | | 80 | | 81,087 |
Indiana (State of) Finance Authority (Green Bonds), Series 2016 E, Ref. RB
| 5.00% | | 02/01/2027 | | | 80 | | 83,419 |
Indiana (State of) Finance Authority (Green Bonds), Series 2019 A, RB
| 5.00% | | 02/01/2027 | | | 25 | | 26,454 |
Indianapolis (City of), IN Department of Public Utilities, Series 2016 B, Ref. RB
| 5.00% | | 10/01/2027 | | | 40 | | 41,860 |
| | | | | | | | | 596,747 |
| Iowa-0.27% | | | | | | | | |
Iowa (State of), Series 2016 A, Ref. RB
| 5.00% | | 06/01/2027 | | | 70 | | 72,773 |
Iowa (State of) Finance Authority, Series 2017, Ref. RB
| 5.00% | | 08/01/2029 | | | 20 | | 21,303 |
Iowa (State of) Finance Authority (Green Bonds), Series 2017, Ref. RB
| 5.00% | | 08/01/2027 | | | 250 | | 267,864 |
Iowa (State of) Finance Authority (Green Bonds), Series 2017, Ref. RB
| 5.00% | | 08/01/2030 | | | 80 | | 84,803 |
| | | | | | | | | 446,743 |
| Kansas-0.32% | | | | | | | | |
Butler (County of), KS Unified School District No. 385 (Andover), Series 2017, Ref. GO Bonds(a)
| 5.00% | | 09/01/2027 | | | 15 | | 16,063 |
Butler (County of), KS Unified School District No. 385 (Andover), Series 2017, Ref. GO Bonds(a)
| 5.00% | | 09/01/2027 | | | 75 | | 80,313 |
Butler (County of), KS Unified School District No. 385 (Andover), Series 2017, Ref. GO Bonds(a)
| 5.00% | | 09/01/2027 | | | 10 | | 10,708 |
Johnson (County of), KS Public Building Commission (Courthouse & Medical Examiners), Series 2018 A, RB
| 4.00% | | 09/01/2027 | | | 10 | | 10,235 |
Kansas (State of) Department of Transportation, Series 2017 A, RB
| 5.00% | | 09/01/2035 | | | 75 | | 78,614 |
Riley County Unified School District No. 383 Manhattan-Ogden, Series 2018 A, GO Bonds(a)
| 5.00% | | 09/01/2027 | | | 80 | | 85,667 |
University of Kansas Hospital Authority (KS Health System), Series 2017 A, Ref. RB
| 5.00% | | 03/01/2047 | | | 250 | | 254,753 |
| | | | | | | | | 536,353 |
| Kentucky-0.51% | | | | | | | | |
Kentucky (Commonwealth of) Economic Development Finance Authority (Baptist Healthcare System), Series 2017 B, RB
| 4.13% | | 08/15/2041 | | | 120 | | 120,052 |
Kentucky (Commonwealth of) Economic Development Finance Authority (Owensboro Health, Inc.), Series 2017 A, Ref. RB
| 5.00% | | 06/01/2037 | | | 150 | | 153,593 |
Kentucky (Commonwealth of) Economic Development Finance Authority (Owensboro Health, Inc.), Series 2017 A, Ref. RB
| 5.25% | | 06/01/2041 | | | 20 | | 20,407 |
Kentucky (Commonwealth of) Economic Development Finance Authority (Owensboro Health, Inc.), Series 2017 A, Ref. RB, (INS - AGM)(b)
| 4.00% | | 06/01/2037 | | | 135 | | 135,250 |
Kentucky (Commonwealth of) Economic Development Finance Authority (Owensboro Health, Inc.), Series 2017 B, Ref. RB, (INS - AGM)(b)
| 4.00% | | 06/01/2037 | | | 50 | | 50,093 |
Kentucky (Commonwealth of) Property & Building Commission (No. 112), Series 2016 B, Ref. RB
| 5.00% | | 11/01/2027 | | | 250 | | 261,139 |
Kentucky (Commonwealth of) Property & Building Commission (No. 115), Series 2017, RB
| 5.00% | | 04/01/2037 | | | 15 | | 15,606 |
Kentucky (Commonwealth of) Property & Building Commission (No. 115), Series 2017, RB
| 5.00% | | 04/01/2038 | | | 30 | | 31,162 |
Kentucky (Commonwealth of) Turnpike Authority (Revitalization), Series 2016 A, Ref. RB
| 5.00% | | 07/01/2027 | | | 70 | | 72,546 |
| | | | | | | | | 859,848 |
| Louisiana-0.97% | | | | | | | | |
Jefferson (Parish of), LA Sales Tax District, Series 2017 B, RB, (INS - AGM)(b)
| 5.00% | | 12/01/2042 | | | 50 | | 51,588 |
Lafayette (Parish of), LA School Board, Series 2018, RB(a)
| 5.00% | | 04/01/2027 | | | 25 | | 26,523 |
Louisiana (State of), Series 2016 B, Ref. GO Bonds
| 5.00% | | 08/01/2027 | | | 100 | | 104,177 |
Louisiana (State of), Series 2017 B, GO Bonds
| 5.00% | | 10/01/2029 | | | 120 | | 127,410 |
Louisiana (State of), Series 2017 B, GO Bonds
| 5.00% | | 10/01/2030 | | | 135 | | 142,836 |
Louisiana (State of), Series 2017 B, GO Bonds
| 4.00% | | 10/01/2034 | | | 10 | | 10,214 |
Louisiana (State of), Series 2017 B, GO Bonds
| 4.00% | | 10/01/2035 | | | 65 | | 66,232 |
Louisiana (State of), Series 2017 B, GO Bonds
| 4.00% | | 10/01/2036 | | | 50 | | 50,921 |
Louisiana (State of), Series 2017 C, Ref. RB
| 5.00% | | 05/01/2040 | | | 20 | | 20,838 |
Louisiana (State of) (Garvee), Series 2019 A, RB
| 5.00% | | 09/01/2027 | | | 130 | | 138,976 |
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Louisiana Insurance Guaranty Association Project), Series 2022, RB
| 5.00% | | 08/15/2030 | | | 75 | | 78,665 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Louisiana-(continued) | | | | | | | | |
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Louisiana Insurance Guaranty Association Project), Series 2022, RB
| 5.00% | | 08/15/2031 | | $ | 120 | | $ 125,508 |
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Louisiana Insurance Guaranty Association Project), Series 2022, RB
| 5.00% | | 08/15/2034 | | | 70 | | 72,752 |
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Louisiana Insurance Guaranty Association Project), Series 2022, RB
| 5.00% | | 08/15/2037 | | | 40 | | 41,266 |
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Ragin Cajun Facilities, Inc.), Series 2018, RB, (INS - AGM)(b)
| 5.00% | | 10/01/2048 | | | 150 | | 152,494 |
Louisiana (State of) Public Facilities Authority (Franciscan Missionaries of Our Lady Health System), Series 2017 A, RB
| 5.00% | | 07/01/2047 | | | 5 | | 5,102 |
Louisiana (State of) Public Facilities Authority (Ochsner Clinic Foundation), Series 2017, Ref. RB
| 4.00% | | 05/15/2037 | | | 195 | | 195,869 |
Louisiana (State of) Public Facilities Authority (Ochsner Clinic Foundation), Series 2017, Ref. RB
| 5.00% | | 05/15/2046 | | | 70 | | 70,985 |
Shreveport (City of), LA, Series 2017 A, RB, (INS - AGM)(b)
| 5.00% | | 12/01/2041 | | | 150 | | 154,827 |
| | | | | | | | | 1,637,183 |
| Maryland-2.38% | | | | | | | | |
Baltimore (City of), MD (Wastewater), Series 2017 A, RB
| 5.00% | | 07/01/2046 | | | 500 | | 511,760 |
Howard (County of), MD, Series 2017 B, Ref. GO Bonds
| 5.00% | | 02/15/2027 | | | 10 | | 10,606 |
Maryland (State of), Second Series 2020 B, Ref. GO Bonds
| 5.00% | | 08/01/2027 | | | 20 | | 21,441 |
Maryland (State of), Series 2017 A, GO Bonds
| 5.00% | | 03/15/2027 | | | 15 | | 15,940 |
Maryland (State of), Series 2017 A, GO Bonds
| 5.00% | | 08/01/2027 | | | 40 | | 42,881 |
Maryland (State of), Series 2017 A, GO Bonds
| 5.00% | | 03/15/2029 | | | 160 | | 169,035 |
Maryland (State of), Series 2017 A, GO Bonds
| 5.00% | | 08/01/2029 | | | 15 | | 15,968 |
Maryland (State of), Series 2017 A, GO Bonds
| 5.00% | | 03/15/2031 | | | 105 | | 110,380 |
Maryland (State of), Series 2018 A, GO Bonds
| 5.00% | | 03/15/2027 | | | 90 | | 95,641 |
Maryland (State of) (Bidding Group 1), Second Series 2019 A, GO Bonds
| 5.00% | | 08/01/2027 | | | 620 | | 664,664 |
Maryland (State of) Department of Transportation, Series 2017, RB
| 5.00% | | 09/01/2027 | | | 125 | | 134,078 |
Maryland (State of) Department of Transportation, Series 2017, RB
| 5.00% | | 09/01/2030 | | | 25 | | 26,604 |
Maryland (State of) Department of Transportation, Series 2019, RB
| 5.00% | | 10/01/2027 | | | 25 | | 26,864 |
Maryland (State of) Department of Transportation, Series 2019, RB
| 4.00% | | 10/01/2032 | | | 40 | | 40,850 |
Maryland (State of) Department of Transportation, Series 2021 A, RB
| 5.00% | | 10/01/2027 | | | 145 | | 155,811 |
Maryland (State of) Department of Transportation, Series 2021 B, Ref. RB
| 5.00% | | 12/01/2027 | | | 5 | | 5,392 |
Maryland (State of) Department of Transportation (Second Issue), Series 2018, RB
| 5.00% | | 10/01/2027 | | | 70 | | 73,479 |
Maryland (State of) Health & Higher Educational Facilities Authority (Goucher College), Series 2017 A, Ref. RB
| 5.00% | | 07/01/2044 | | | 135 | | 135,145 |
Maryland (State of) Health & Higher Educational Facilities Authority (MedStar Health), Series 2017 A, RB
| 5.00% | | 05/15/2045 | | | 115 | | 117,818 |
Maryland (State of) Health & Higher Educational Facilities Authority (University of Maryland Medical System), Series 2017 B, Ref. RB
| 3.75% | | 07/01/2036 | | | 675 | | 678,623 |
Maryland (State of) Health & Higher Educational Facilities Authority (University of Maryland Medical System), Series 2017 B, Ref. RB
| 4.00% | | 07/01/2039 | | | 15 | | 15,100 |
Maryland (State of) Transportation Authority, Series 2021 A, Ref. RB
| 5.00% | | 07/01/2027 | | | 5 | | 5,341 |
Montgomery (County of), MD, Series 2019 A, GO Bonds
| 5.00% | | 11/01/2027 | | | 25 | | 26,952 |
Montgomery (County of), MD, Series 2020 A, GO Bonds
| 4.00% | | 08/01/2027 | | | 200 | | 208,762 |
Prince George’s (County of), MD, Series 2019 A, GO Bonds
| 5.00% | | 07/15/2027 | | | 640 | | 685,394 |
| | | | | | | | | 3,994,529 |
| Massachusetts-3.24% | | | | | | | | |
Massachusetts (Commonwealth of), Series 2005, Ref. RB, (INS - NATL)(b)
| 5.50% | | 01/01/2027 | | | 50 | | 53,252 |
Massachusetts (Commonwealth of), Series 2015 A, Ref. GO Bonds
| 5.00% | | 07/01/2027 | | | 10 | | 10,700 |
Massachusetts (Commonwealth of), Series 2016 A, Ref. GO Bonds
| 5.00% | | 07/01/2027 | | | 10 | | 10,419 |
Massachusetts (Commonwealth of), Series 2016 A, Ref. RB
| 5.00% | | 06/01/2027 | | | 20 | | 20,852 |
Massachusetts (Commonwealth of), Series 2016 B, Ref. GO Bonds
| 5.00% | | 07/01/2027 | | | 300 | | 320,987 |
Massachusetts (Commonwealth of), Series 2017 A, GO Bonds
| 5.00% | | 04/01/2032 | | | 190 | | 199,620 |
Massachusetts (Commonwealth of), Series 2017 A, GO Bonds
| 5.00% | | 04/01/2034 | | | 555 | | 582,046 |
Massachusetts (Commonwealth of), Series 2017 A, GO Bonds
| 5.00% | | 04/01/2037 | | | 5 | | 5,222 |
Massachusetts (Commonwealth of), Series 2017 A, GO Bonds
| 5.00% | | 04/01/2042 | | | 150 | | 155,077 |
Massachusetts (Commonwealth of), Series 2017 A, GO Bonds
| 5.00% | | 04/01/2047 | | | 200 | | 205,646 |
Massachusetts (Commonwealth of), Series 2017 A, GO Bonds
| 5.25% | | 04/01/2047 | | | 500 | | 519,023 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Massachusetts-(continued) | | | | | | | | |
Massachusetts (Commonwealth of), Series 2017 A, Ref. RB
| 5.00% | | 06/01/2043 | | $ | 90 | | $ 93,774 |
Massachusetts (Commonwealth of), Series 2017 B, GO Bonds
| 5.00% | | 04/01/2037 | | | 60 | | 62,666 |
Massachusetts (Commonwealth of), Series 2017 C, Ref. GO Bonds
| 5.00% | | 10/01/2027 | | | 40 | | 43,044 |
Massachusetts (Commonwealth of), Series 2017 D, Ref. GO Bonds
| 5.00% | | 07/01/2027 | | | 45 | | 48,148 |
Massachusetts (Commonwealth of), Series 2017 E, GO Bonds
| 5.00% | | 11/01/2031 | | | 70 | | 74,462 |
Massachusetts (Commonwealth of), Series 2017 E, GO Bonds
| 4.00% | | 11/01/2032 | | | 10 | | 10,262 |
Massachusetts (Commonwealth of), Series 2017 E, Ref. GO Bonds
| 5.00% | | 11/01/2027 | | | 40 | | 43,123 |
Massachusetts (Commonwealth of), Series 2017 F, GO Bonds
| 5.00% | | 11/01/2041 | | | 200 | | 208,580 |
Massachusetts (Commonwealth of), Series 2017 F, GO Bonds
| 5.00% | | 11/01/2044 | | | 30 | | 31,137 |
Massachusetts (Commonwealth of), Series 2017 F, GO Bonds
| 5.00% | | 11/01/2045 | | | 40 | | 41,463 |
Massachusetts (Commonwealth of), Series 2018 B, Ref. GO Bonds
| 5.00% | | 07/01/2027 | | | 205 | | 219,341 |
Massachusetts (Commonwealth of), Series 2019 A, Ref. GO Bonds
| 5.00% | | 01/01/2027 | | | 70 | | 74,028 |
Massachusetts (Commonwealth of), Series 2019 F, GO Bonds
| 5.00% | | 05/01/2027 | | | 150 | | 159,873 |
Massachusetts (Commonwealth of), Series 2019 G, GO Bonds
| 5.00% | | 09/01/2027 | | | 30 | | 32,224 |
Massachusetts (Commonwealth of) (Rail Enhancement & Accelerated Bridge Program), Series 2017 A, RB
| 5.00% | | 06/01/2042 | | | 75 | | 77,792 |
Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2005 A, RB
| 5.00% | | 07/01/2027 | | | 500 | | 534,837 |
Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2016 A, Ref. RB
| 5.00% | | 07/01/2027 | | | 800 | | 835,575 |
Massachusetts (Commonwealth of) Development Finance Agency (Boston Medical Center), Series 2017 T, Ref. RB
| 4.00% | | 07/01/2042 | | | 205 | | 205,252 |
Massachusetts (Commonwealth of) Development Finance Agency (Caregroup), Series 2016 I, Ref. RB
| 5.00% | | 07/01/2027 | | | 465 | | 480,960 |
Massachusetts (Commonwealth of) Development Finance Agency (Harvard University), Series 2020 A, Ref. RB
| 5.00% | | 10/15/2027 | | | 30 | | 32,320 |
Massachusetts (Commonwealth of) Development Finance Agency (Sterling and Francine Clark Art Institute), Series 2016, Ref. RB
| 4.00% | | 07/01/2041 | | | 10 | | 10,017 |
Massachusetts (Commonwealth of) Water Resources Authority, Series 2007 B, Ref. RB, (INS - AGM)(b)
| 5.25% | | 08/01/2027 | | | 25 | | 27,005 |
Massachusetts (Commonwealth of) Water Resources Authority (Green Bonds), Series 2017 C, Ref. RB
| 5.00% | | 08/01/2032 | | | 20 | | 21,226 |
| | | | | | | | | 5,449,953 |
| Michigan-1.08% | | | | | | | | |
Great Lakes Water Authority, Series 2016 C, Ref. RB
| 5.00% | | 07/01/2027 | | | 95 | | 99,103 |
Great Lakes Water Authority, Series 2024 A, Ref. RB
| 5.00% | | 07/01/2027 | | | 10 | | 10,654 |
Great Lakes Water Authority, Series 2024 A, Ref. RB
| 5.00% | | 07/01/2027 | | | 15 | | 15,981 |
Karegnondi Water Authority (Genesee, Lapeer and Sanilac Counties), Series 2018, Ref. RB
| 5.00% | | 11/01/2045 | | | 165 | | 169,070 |
Macomb (County of), MI Interceptor Drain Drainage District, Series 2017 A, Ref. RB
| 5.00% | | 05/01/2042 | | | 180 | | 185,891 |
Michigan (State of), Series 2020 B, RB
| 5.00% | | 11/15/2027 | | | 90 | | 97,052 |
Michigan (State of) (Garvee), Series 2016, Ref. RB
| 5.00% | | 03/15/2027 | | | 125 | | 132,486 |
Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2017 A, Ref. RB
| 5.00% | | 12/01/2034 | | | 245 | | 257,179 |
Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2017 A, Ref. RB
| 5.00% | | 12/01/2037 | | | 155 | | 161,968 |
Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2017 MI, Ref. RB
| 5.00% | | 12/01/2031 | | | 50 | | 52,386 |
Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2017, Ref. RB
| 5.00% | | 12/01/2027 | | | 10 | | 10,691 |
Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2017, Ref. RB
| 5.00% | | 12/01/2035 | | | 170 | | 178,177 |
Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2017, Ref. RB
| 4.00% | | 12/01/2036 | | | 155 | | 156,180 |
Michigan (State of) Hospital Finance Authority (Trinity Health Credit Group), Series 2008, Ref. RB
| 5.00% | | 12/01/2032 | | | 120 | | 126,691 |
University of Michigan, Series 2017 A, Ref. RB(a)
| 5.00% | | 04/01/2027 | | | 35 | | 37,133 |
University of Michigan, Series 2017 A, Ref. RB
| 5.00% | | 04/01/2029 | | | 20 | | 21,201 |
Wayne (County of), MI Airport Authority (Detroit Metropolitan Airport), Series 2017 A, RB
| 5.00% | | 12/01/2047 | | | 100 | | 102,739 |
| | | | | | | | | 1,814,582 |
| Minnesota-0.84% | | | | | | | | |
Metropolitan Council, Series 2021 C, GO Bonds
| 5.00% | | 12/01/2027 | | | 90 | | 97,117 |
Minneapolis & St. Paul (Cities of), MN Metropolitan Airports Commission, Series 2016 A, Ref. RB
| 5.00% | | 01/01/2027 | | | 30 | | 31,615 |
Minneapolis & St. Paul (Cities of), MN Metropolitan Airports Commission, Series 2016 A, Ref. RB
| 5.00% | | 01/01/2030 | | | 10 | | 10,493 |
Minneapolis & St. Paul (Cities of), MN Metropolitan Airports Commission, Series 2016 A, Ref. RB
| 5.00% | | 01/01/2031 | | | 20 | | 20,950 |
Minneapolis & St. Paul (Cities of), MN Metropolitan Airports Commission, Series 2016 A, Ref. RB
| 5.00% | | 01/01/2032 | | | 35 | | 36,607 |
Minnesota (State of), Series 2017 A, GO Bonds
| 5.00% | | 10/01/2027 | | | 70 | | 75,305 |
Minnesota (State of), Series 2017 A, GO Bonds
| 5.00% | | 10/01/2032 | | | 640 | | 681,070 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Minnesota-(continued) | | | | | | | | |
Minnesota (State of), Series 2017 D, Ref. GO Bonds
| 5.00% | | 10/01/2027 | | $ | 50 | | $ 53,790 |
Minnesota (State of), Series 2018 A, GO Bonds
| 5.00% | | 08/01/2027 | | | 15 | | 16,076 |
Minnesota (State of), Series 2019 A, GO Bonds
| 5.00% | | 08/01/2027 | | | 295 | | 316,165 |
Minnesota (State of), Series 2021 A, GO Bonds
| 5.00% | | 09/01/2027 | | | 10 | | 10,738 |
Minnesota (State of), Series 2021 B, GO Bonds
| 5.00% | | 09/01/2027 | | | 20 | | 21,477 |
Minnesota (State of) Higher Education Facilities Authority (Gustavus Adolphus College), Series 2017, Ref. RB
| 5.00% | | 10/01/2047 | | | 20 | | 20,324 |
University of Minnesota, Series 2017 B, Ref. RB
| 5.00% | | 12/01/2030 | | | 15 | | 15,913 |
University of Minnesota, Series 2017 B, Ref. RB
| 5.00% | | 12/01/2031 | | | 10 | | 10,589 |
| | | | | | | | | 1,418,229 |
| Mississippi-0.86% | | | | | | | | |
Mississippi (State of), Series 2017 A, Ref. GO Bonds
| 5.00% | | 10/01/2027 | | | 10 | | 10,743 |
Mississippi (State of), Series 2017 A, Ref. GO Bonds(a)
| 5.00% | | 10/01/2027 | | | 160 | | 172,077 |
Mississippi (State of), Series 2017 A, Ref. GO Bonds(a)
| 5.00% | | 10/01/2027 | | | 20 | | 21,510 |
Mississippi (State of), Series 2017 A, Ref. GO Bonds(a)
| 5.00% | | 10/01/2027 | | | 85 | | 91,416 |
Mississippi (State of), Series 2017 A, Ref. GO Bonds(a)
| 5.00% | | 10/01/2027 | | | 50 | | 53,774 |
Mississippi (State of), Series 2017 A, Ref. GO Bonds
| 5.00% | | 10/01/2029 | | | 25 | | 26,659 |
Mississippi (State of), Series 2017 A, Ref. GO Bonds
| 5.00% | | 10/01/2030 | | | 1,010 | | 1,072,649 |
| | | | | | | | | 1,448,828 |
| Missouri-0.24% | | | | | | | | |
Metropolitan St. Louis Sewer District, Series 2017 A, Ref. RB
| 5.00% | | 05/01/2027 | | | 25 | | 26,606 |
Metropolitan St. Louis Sewer District, Series 2017 A, Ref. RB
| 5.00% | | 05/01/2047 | | | 20 | | 20,508 |
Missouri (State of) Board of Public Buildings, Series 2020 B, Ref. RB
| 5.00% | | 10/01/2027 | | | 25 | | 26,795 |
Missouri (State of) Health & Educational Facilities Authority (Mercy Health), Series 2018 A, Ref. RB
| 5.00% | | 06/01/2027 | | | 200 | | 211,283 |
Missouri (State of) Health & Educational Facilities Authority (SSM Health), Series 2022 A, RB
| 5.00% | | 06/01/2027 | | | 5 | | 5,294 |
Springfield (City of), MO, Series 2015, Ref. RB
| 3.25% | | 08/01/2027 | | | 20 | | 20,019 |
St. Louis (City of), MO, Series 2005, RB, (INS - NATL)(b)
| 5.50% | | 07/01/2027 | | | 80 | | 86,046 |
| | | | | | | | | 396,551 |
| Nebraska-0.19% | | | | | | | | |
Douglas (County of), NE (Creighton University), Series 2017, Ref. RB
| 5.00% | | 07/01/2047 | | | 70 | | 71,527 |
Omaha (City of), NE (Omaha Convention Center), Series 2004, Ref. GO Bonds
| 5.25% | | 04/01/2027 | | | 75 | | 80,054 |
Omaha (City of), NE Public Power District, Series 2016 A, Ref. RB
| 5.00% | | 02/01/2027 | | | 25 | | 25,792 |
Omaha (City of), NE Public Power District, Series 2017 A, Ref. RB
| 5.00% | | 02/01/2037 | | | 140 | | 147,339 |
| | | | | | | | | 324,712 |
| Nevada-1.18% | | | | | | | | |
Carson (City Of), NV (Carson Tahoe Regional Healthcare), Series 2017, Ref. RB
| 5.00% | | 09/01/2047 | | | 100 | | 101,587 |
Clark (County of), NV, Series 2016 B, Ref. GO Bonds
| 5.00% | | 11/01/2027 | | | 50 | | 52,552 |
Clark (County of), NV, Series 2017, Ref. GO Bonds
| 5.00% | | 06/01/2030 | | | 990 | | 1,048,537 |
Clark (County of), NV, Series 2017, Ref. GO Bonds
| 4.00% | | 06/01/2032 | | | 50 | | 50,826 |
Clark (County of), NV, Series 2020 C, Ref. RB
| 5.00% | | 07/01/2027 | | | 25 | | 26,671 |
Clark County School District, Series 2017 C, Ref. GO Bonds
| 4.00% | | 06/15/2037 | | | 50 | | 50,105 |
Las Vegas Valley Water District, Series 2021 C, GO Bonds
| 5.00% | | 06/01/2027 | | | 60 | | 63,925 |
Nevada (State of), Series 2017, RB
| 5.00% | | 12/01/2031 | | | 185 | | 195,286 |
Truckee Meadows Water Authority, Series 2017, Ref. RB
| 5.00% | | 07/01/2030 | | | 375 | | 397,921 |
| | | | | | | | | 1,987,410 |
| New Hampshire-0.03% | | | | | | | | |
New Hampshire (State of) Health and Education Facilities Authority (Concord Hospital Trust), Series 2017, RB
| 5.00% | | 10/01/2047 | | | 55 | | 56,288 |
| New Jersey-2.97% | | | | | | | | |
Atlantic City (City of), NJ, Series 2017 A, Ref. GO Bonds, (INS - BAM)(b)
| 5.00% | | 03/01/2037 | | | 100 | | 103,561 |
New Jersey (State of), Series 2016, GO Bonds
| 3.50% | | 06/01/2030 | | | 10 | | 10,132 |
New Jersey (State of), Series 2020 A, GO Bonds
| 5.00% | | 06/01/2027 | | | 700 | | 746,173 |
New Jersey (State of), Series 2020, GO Bonds
| 5.00% | | 06/01/2040 | | | 220 | | 230,544 |
New Jersey (State of), Series 2020, GO Bonds
| 5.00% | | 06/01/2041 | | | 250 | | 261,648 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| New Jersey-(continued) | | | | | | | | |
New Jersey (State of) Economic Development Authority, Series 2017 A, RB
| 4.00% | | 11/01/2027 | | $ | 315 | | $ 327,308 |
New Jersey (State of) Economic Development Authority, Series 2017 A, RB
| 5.00% | | 11/01/2027 | | | 100 | | 106,917 |
New Jersey (State of) Economic Development Authority, Series 2017 A, Ref. RB
| 5.00% | | 07/01/2033 | | | 100 | | 102,344 |
New Jersey (State of) Economic Development Authority, Series 2017 A, Ref. RB
| 4.00% | | 07/01/2034 | | | 50 | | 49,000 |
New Jersey (State of) Economic Development Authority, Series 2017 A, Ref. RB, (INS - BAM)(b)
| 5.00% | | 07/01/2027 | | | 20 | | 21,046 |
New Jersey (State of) Economic Development Authority, Series 2017 DDD, RB(a)
| 5.00% | | 06/15/2027 | | | 60 | | 64,029 |
New Jersey (State of) Economic Development Authority, Series 2018 A, RB
| 5.00% | | 06/15/2047 | | | 200 | | 204,553 |
New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2017 B, Ref. RB
| 5.00% | | 07/01/2029 | | | 100 | | 106,569 |
New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2017 B, Ref. RB
| 5.00% | | 07/01/2031 | | | 75 | | 79,574 |
New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2017 B, Ref. RB
| 5.00% | | 07/01/2032 | | | 15 | | 15,888 |
New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2017 B, Ref. RB
| 5.00% | | 07/01/2034 | | | 115 | | 121,323 |
New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2017 B, Ref. RB
| 4.00% | | 07/01/2035 | | | 15 | | 15,284 |
New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2017 I, Ref. RB
| 5.00% | | 07/01/2029 | | | 45 | | 47,956 |
New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2017 I, Ref. RB
| 5.00% | | 07/01/2030 | | | 25 | | 26,584 |
New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2017 I, Ref. RB
| 5.00% | | 07/01/2031 | | | 500 | | 530,490 |
New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2017 I, Ref. RB
| 5.00% | | 07/01/2032 | | | 20 | | 21,183 |
New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2017 I, Ref. RB
| 5.00% | | 07/01/2034 | | | 10 | | 10,550 |
New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2017 I, Ref. RB
| 5.00% | | 07/01/2035 | | | 20 | | 21,072 |
New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2017 I, Ref. RB
| 5.00% | | 07/01/2036 | | | 10 | | 10,504 |
New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2017 I, Ref. RB
| 4.00% | | 07/01/2038 | | | 100 | | 101,218 |
New Jersey (State of) Health Care Facilities Financing Authority (AHS Hospital Corp.), Series 2016, Ref. RB
| 4.00% | | 07/01/2041 | | | 25 | | 25,018 |
New Jersey (State of) Health Care Facilities Financing Authority (Hackensack Meridian Health Obligated Group), Series 2017 A, Ref. RB
| 4.00% | | 07/01/2036 | | | 20 | | 20,111 |
New Jersey (State of) Health Care Facilities Financing Authority (Hackensack Meridian Health Obligated Group), Series 2017 A, Ref. RB
| 5.00% | | 07/01/2037 | | | 210 | | 218,653 |
New Jersey (State of) Health Care Facilities Financing Authority (Hackensack Meridian Health Obligated Group), Series 2017 A, Ref. RB
| 4.00% | | 07/01/2047 | | | 35 | | 34,060 |
New Jersey (State of) Health Care Facilities Financing Authority (Hackensack Meridian Health Obligated Group), Series 2017 A, Ref. RB
| 5.00% | | 07/01/2052 | | | 185 | | 188,548 |
New Jersey (State of) Health Care Facilities Financing Authority (Hackensack Meridian Health Obligated Group), Series 2017, Ref. RB
| 5.00% | | 07/01/2027 | | | 40 | | 42,617 |
New Jersey (State of) Health Care Facilities Financing Authority (Hackensack Meridian Health Obligated Group), Series 2017, Ref. RB
| 5.00% | | 07/01/2029 | | | 75 | | 79,484 |
New Jersey (State of) Health Care Facilities Financing Authority (Hackensack Meridian Health Obligated Group), Series 2017, Ref. RB
| 4.00% | | 07/01/2034 | | | 15 | | 15,166 |
New Jersey (State of) Health Care Facilities Financing Authority (Inspira Meridian Health Obligated Group), Series 2017, RB
| 5.00% | | 07/01/2042 | | | 100 | | 102,822 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2016 A-1, RN
| 5.00% | | 06/15/2027 | | | 145 | | 150,264 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2018 A, Ref. RB
| 5.00% | | 12/15/2027 | | | 60 | | 64,280 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2019, Ref. RB
| 5.00% | | 12/15/2027 | | | 140 | | 149,986 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2022 AA, Ref. RB
| 5.00% | | 06/15/2027 | | | 125 | | 132,641 |
New Jersey (State of) Turnpike Authority, Series 2017 A, RB
| 5.00% | | 01/01/2029 | | | 50 | | 52,581 |
New Jersey (State of) Turnpike Authority, Series 2017 A, RB
| 5.00% | | 01/01/2030 | | | 50 | | 52,485 |
New Jersey (State of) Turnpike Authority, Series 2017 A, RB
| 5.00% | | 01/01/2031 | | | 10 | | 10,469 |
New Jersey (State of) Turnpike Authority, Series 2017 A, RB
| 5.00% | | 01/01/2032 | | | 65 | | 67,870 |
New Jersey (State of) Turnpike Authority, Series 2017 A, RB
| 5.00% | | 01/01/2033 | | | 50 | | 52,120 |
New Jersey (State of) Turnpike Authority, Series 2017 A-1, RB
| 5.00% | | 01/01/2034 | | | 55 | | 57,280 |
New Jersey (State of) Turnpike Authority, Series 2017 E, Ref. RB
| 5.00% | | 01/01/2027 | | | 40 | | 42,218 |
Newark (City of), NJ Housing Authority, Series 2017, Ref. RB
| 4.00% | | 01/01/2037 | | | 100 | | 100,758 |
| | | | | | | | | 4,994,881 |
| New Mexico-0.54% | | | | | | | | |
New Mexico (State of) (Capital), Series 2017 A, GO Bonds
| 5.00% | | 03/01/2027 | | | 25 | | 26,518 |
New Mexico (State of) Finance Authority, Series 2018 A, Ref. RB
| 5.00% | | 06/15/2027 | | | 20 | | 21,327 |
New Mexico (State of) Hospital Equipment Loan Council (Presbyterian Healthcare), Series 2017 A, Ref. RB
| 4.00% | | 08/01/2035 | | | 20 | | 20,142 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| New Mexico-(continued) | | | | | | | | |
New Mexico (State of) Hospital Equipment Loan Council (Presbyterian Healthcare), Series 2017 A, Ref. RB
| 4.00% | | 08/01/2036 | | $ | 220 | | $ 221,170 |
New Mexico (State of) Severance Tax Permanent Fund, Series 2022 A, RB
| 5.00% | | 07/01/2027 | | | 500 | | 534,412 |
New Mexico (State of) Severance Tax Permanent Fund, Series 2022 B, RB
| 5.00% | | 07/01/2027 | | | 80 | | 85,506 |
| | | | | | | | | 909,075 |
| New York-17.78% | | | | | | | | |
Albany (County of), NY, Series 2018, GO Bonds
| 5.00% | | 04/01/2027 | | | 45 | | 46,824 |
Buffalo & Fort Erie Public Bridge Authority, Series 2017, RB
| 5.00% | | 01/01/2042 | | | 160 | | 164,332 |
Build NYC Resource Corp. (Manhattan College), Series 2017, Ref. RB
| 5.00% | | 08/01/2047 | | | 235 | | 237,218 |
Hempstead Town Local Development Corp., Series 2017, Ref. RB
| 5.00% | | 07/01/2047 | | | 100 | | 102,477 |
Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB
| 5.00% | | 02/15/2031 | | | 205 | | 214,946 |
Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB
| 5.00% | | 02/15/2034 | | | 120 | | 125,438 |
Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB
| 5.00% | | 02/15/2035 | | | 100 | | 104,354 |
Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB
| 4.00% | | 02/15/2036 | | | 25 | | 25,431 |
Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB
| 5.00% | | 02/15/2037 | | | 5 | | 5,207 |
Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB
| 5.00% | | 02/15/2039 | | | 855 | | 887,794 |
Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB
| 5.00% | | 02/15/2042 | | | 450 | | 464,833 |
Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB
| 5.00% | | 02/15/2045 | | | 500 | | 514,838 |
Long Island (City of), NY Power Authority, Series 2017, RB
| 5.00% | | 09/01/2047 | | | 250 | | 259,650 |
Metropolitan Transportation Authority, Series 2017 A, RB
| 4.00% | | 11/15/2035 | | | 20 | | 20,358 |
Metropolitan Transportation Authority, Series 2017 A, RB
| 5.00% | | 11/15/2035 | | | 340 | | 355,246 |
Metropolitan Transportation Authority, Series 2017 A, RB
| 5.00% | | 11/15/2042 | | | 50 | | 51,668 |
Metropolitan Transportation Authority, Series 2017 A-2, Ref. RB
| 5.00% | | 11/15/2028 | | | 90 | | 95,197 |
Metropolitan Transportation Authority, Series 2017 B-2, RB
| 5.00% | | 11/15/2027 | | | 25 | | 26,949 |
Metropolitan Transportation Authority, Series 2017 B-2, RB
| 5.25% | | 11/15/2033 | | | 125 | | 132,860 |
Metropolitan Transportation Authority (Green Bonds), Series 2017 A, RB
| 5.00% | | 11/15/2047 | | | 100 | | 102,818 |
Metropolitan Transportation Authority (Green Bonds), Series 2017 B, Ref. RB
| 5.00% | | 11/15/2027 | | | 205 | | 218,940 |
Metropolitan Transportation Authority (Green Bonds), Series 2017 B-1, RB
| 5.00% | | 11/15/2034 | | | 150 | | 158,019 |
Metropolitan Transportation Authority (Green Bonds), Series 2017 B-1, RB
| 5.00% | | 11/15/2035 | | | 115 | | 121,148 |
Metropolitan Transportation Authority (Green Bonds), Series 2017 B-1, RB
| 5.00% | | 11/15/2042 | | | 260 | | 270,380 |
Metropolitan Transportation Authority (Green Bonds), Series 2017 B-2, RB
| 5.00% | | 11/15/2033 | | | 155 | | 163,576 |
Metropolitan Transportation Authority (Green Bonds), Series 2017 B-2, RB
| 5.00% | | 11/15/2034 | | | 95 | | 100,079 |
Metropolitan Transportation Authority (Green Bonds), Series 2017 C-1, Ref. RB
| 5.00% | | 11/15/2027 | | | 50 | | 53,400 |
Monroe County Industrial Development Corp. (University of Rochester), Series 2017 C, Ref. RB
| 4.00% | | 07/01/2043 | | | 35 | | 35,064 |
Monroe County Industrial Development Corp. (University of Rochester), Series 2017, Ref. RB
| 4.00% | | 07/01/2043 | | | 45 | | 45,082 |
Nassau (County of), NY, Series 2017 C, Ref. GO Bonds
| 5.00% | | 10/01/2027 | | | 15 | | 16,151 |
Nassau Health Care Corp., Series 2009, Ref. RB
| 5.00% | | 08/01/2027 | | | 15 | | 16,072 |
New York & New Jersey (States of) Port Authority, Two Hundred Fifth Series 2017, Ref. RB
| 5.00% | | 11/15/2029 | | | 15 | | 16,024 |
New York & New Jersey (States of) Port Authority, Two Hundred Fifth Series 2017, Ref. RB
| 5.00% | | 11/15/2030 | | | 10 | | 10,666 |
New York & New Jersey (States of) Port Authority, Two Hundred Fifth Series 2017, Ref. RB
| 5.00% | | 11/15/2032 | | | 60 | | 63,779 |
New York & New Jersey (States of) Port Authority, Two Hundred Fifth Series 2017, Ref. RB
| 5.00% | | 11/15/2033 | | | 170 | | 180,529 |
New York & New Jersey (States of) Port Authority, Two Hundred Fifth Series 2017, Ref. RB
| 5.00% | | 11/15/2047 | | | 300 | | 311,303 |
New York & New Jersey (States of) Port Authority, Two Hundred Fifth Series 2017, Ref. RB
| 5.25% | | 11/15/2057 | | | 100 | | 104,745 |
New York & New Jersey (States of) Port Authority, Two Hundred Ninth Series 2018, Ref. RB
| 5.00% | | 07/15/2027 | | | 70 | | 75,126 |
New York & New Jersey (States of) Port Authority, Two Hundred Thirtieth Series 2022, Ref. RB
| 4.00% | | 12/01/2027 | | | 160 | | 167,948 |
New York & New Jersey (States of) Port Authority, Two Hundrend Fifth Series 2017, Ref. RB
| 5.00% | | 11/15/2031 | | | 130 | | 138,376 |
New York (City of), NY, Series 2008 J-9, GO Bonds
| 5.00% | | 08/01/2027 | | | 35 | | 36,369 |
New York (City of), NY, Series 2017 A, Ref. GO Bonds
| 5.00% | | 08/01/2027 | | | 140 | | 149,637 |
New York (City of), NY, Series 2017 B-1, GO Bonds
| 5.25% | | 10/01/2030 | | | 130 | | 138,698 |
New York (City of), NY, Series 2017 B-1, GO Bonds
| 5.25% | | 10/01/2032 | | | 120 | | 127,594 |
New York (City of), NY, Series 2017 B-1, GO Bonds
| 3.00% | | 10/01/2034 | | | 45 | | 42,022 |
New York (City of), NY, Series 2017 B-1, GO Bonds
| 5.00% | | 10/01/2037 | | | 250 | | 262,468 |
New York (City of), NY, Series 2017 B-1, GO Bonds
| 4.00% | | 10/01/2041 | | | 1,000 | | 996,104 |
New York (City of), NY, Series 2017 C, Ref. GO Bonds
| 5.00% | | 08/01/2028 | | | 250 | | 263,105 |
New York (City of), NY, Series 2020 C, GO Bonds
| 5.00% | | 08/01/2027 | | | 300 | | 320,651 |
New York (City of), NY, Series 2021 F-1, GO Bonds
| 5.00% | | 03/01/2027 | | | 450 | | 476,538 |
New York (City of), NY, Series 2024 C, GO Bonds
| 5.00% | | 03/01/2027 | | | 500 | | 529,487 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| New York-(continued) | | | | | | | | |
New York (City of), NY Municipal Water Finance Authority, Series 2017 BB-1, RB
| 5.00% | | 06/15/2046 | | $ | 420 | | $ 434,288 |
New York (City of), NY Municipal Water Finance Authority, Series 2017 EE, Ref. RB
| 5.00% | | 06/15/2036 | | | 70 | | 73,459 |
New York (City of), NY Municipal Water Finance Authority, Series 2017 EE, Ref. RB
| 5.00% | | 06/15/2037 | | | 15 | | 15,718 |
New York (City of), NY Municipal Water Finance Authority, Series 2017 EE, Ref. RB
| 4.00% | | 06/15/2039 | | | 115 | | 115,615 |
New York (City of), NY Municipal Water Finance Authority, Series 2017, RB
| 4.00% | | 06/15/2037 | | | 20 | | 20,231 |
New York (City of), NY Municipal Water Finance Authority, Series 2017, Ref. RB
| 5.00% | | 06/15/2029 | | | 100 | | 106,151 |
New York (City of), NY Municipal Water Finance Authority, Series 2017, Ref. RB
| 5.00% | | 06/15/2037 | | | 140 | | 146,699 |
New York (City of), NY Municipal Water Finance Authority, Series 2018 BB-2, Ref. RB
| 5.00% | | 06/15/2030 | | | 5 | | 5,297 |
New York (City of), NY Municipal Water Finance Authority, Series 2018 BB-2, Ref. RB
| 5.00% | | 06/15/2031 | | | 5 | | 5,285 |
New York (City of), NY Municipal Water Finance Authority, Series 2018 DD, Ref. RB
| 5.00% | | 06/15/2032 | | | 30 | | 31,943 |
New York (City of), NY Municipal Water Finance Authority, Series 2018 DD-1, RB
| 4.00% | | 06/15/2048 | | | 155 | | 151,694 |
New York (City of), NY Municipal Water Finance Authority, Series 2018 DD-2, Ref. RB
| 5.00% | | 06/15/2040 | | | 1,000 | | 1,049,120 |
New York (City of), NY Municipal Water Finance Authority, Series 2018 EE, Ref. RB
| 5.00% | | 06/15/2040 | | | 200 | | 209,824 |
New York (City of), NY Municipal Water Finance Authority, Series 2020, Ref. RB
| 5.00% | | 06/15/2027 | | | 265 | | 283,394 |
New York (City of), NY Transitional Finance Authority, Series 2017 A-2, RB
| 5.00% | | 08/01/2033 | | | 5 | | 5,269 |
New York (City of), NY Transitional Finance Authority, Series 2017 A-2, RB
| 5.00% | | 08/01/2034 | | | 5 | | 5,263 |
New York (City of), NY Transitional Finance Authority, Series 2017 A-2, RB
| 5.00% | | 08/01/2035 | | | 25 | | 26,282 |
New York (City of), NY Transitional Finance Authority, Series 2017 A-2, RB
| 5.00% | | 08/01/2037 | | | 50 | | 52,421 |
New York (City of), NY Transitional Finance Authority, Series 2017 A-2, RB
| 5.00% | | 08/01/2039 | | | 150 | | 156,741 |
New York (City of), NY Transitional Finance Authority, Series 2017 A-3, RB
| 5.00% | | 08/01/2040 | | | 250 | | 260,677 |
New York (City of), NY Transitional Finance Authority, Series 2017 A-3, RB
| 5.00% | | 08/01/2041 | | | 250 | | 260,134 |
New York (City of), NY Transitional Finance Authority, Series 2017 A-E-1, RB
| 5.00% | | 02/01/2038 | | | 15 | | 15,583 |
New York (City of), NY Transitional Finance Authority, Series 2017 A-E-1, RB
| 5.00% | | 02/01/2039 | | | 1,015 | | 1,052,610 |
New York (City of), NY Transitional Finance Authority, Series 2017 B-1, RB
| 5.00% | | 08/01/2030 | | | 140 | | 148,077 |
New York (City of), NY Transitional Finance Authority, Series 2017 B-1, RB
| 5.00% | | 08/01/2032 | | | 40 | | 42,189 |
New York (City of), NY Transitional Finance Authority, Series 2017 B-1, RB
| 5.00% | | 08/01/2034 | | | 365 | | 384,234 |
New York (City of), NY Transitional Finance Authority, Series 2017 B-1, RB
| 4.00% | | 08/01/2035 | | | 85 | | 86,615 |
New York (City of), NY Transitional Finance Authority, Series 2017 C, Ref. RB
| 5.00% | | 11/01/2027 | | | 35 | | 37,128 |
New York (City of), NY Transitional Finance Authority, Series 2017 C, Ref. RB
| 5.00% | | 11/01/2028 | | | 140 | | 147,590 |
New York (City of), NY Transitional Finance Authority, Series 2017 C, Ref. RB
| 5.00% | | 11/01/2031 | | | 35 | | 36,781 |
New York (City of), NY Transitional Finance Authority, Series 2017 C, Ref. RB
| 5.00% | | 11/01/2033 | | | 90 | | 94,392 |
New York (City of), NY Transitional Finance Authority, Series 2017 C, Ref. RB
| 4.00% | | 11/01/2034 | | | 20 | | 20,312 |
New York (City of), NY Transitional Finance Authority, Series 2017 E-1, RB
| 5.00% | | 02/01/2030 | | | 20 | | 20,951 |
New York (City of), NY Transitional Finance Authority, Series 2017 E-1, RB
| 3.50% | | 02/01/2038 | | | 45 | | 44,214 |
New York (City of), NY Transitional Finance Authority, Series 2017 E-1, RB
| 5.00% | | 02/01/2043 | | | 215 | | 221,750 |
New York (City of), NY Transitional Finance Authority, Series 2017 F-1, RB
| 5.00% | | 05/01/2031 | | | 210 | | 220,737 |
New York (City of), NY Transitional Finance Authority, Series 2017 F-1, RB
| 5.00% | | 05/01/2036 | | | 100 | | 104,551 |
New York (City of), NY Transitional Finance Authority, Series 2017 F-1, RB
| 4.00% | | 05/01/2037 | | | 325 | | 328,892 |
New York (City of), NY Transitional Finance Authority, Series 2017 S-1, Ref. RB
| 5.00% | | 07/15/2030 | | | 180 | | 190,094 |
New York (City of), NY Transitional Finance Authority, Series 2017 S-1, Ref. RB
| 5.00% | | 07/15/2032 | | | 120 | | 126,341 |
New York (City of), NY Transitional Finance Authority, Series 2017 S-1, Ref. RB
| 5.00% | | 07/15/2035 | | | 55 | | 57,689 |
New York (City of), NY Transitional Finance Authority, Series 2017, RB
| 5.00% | | 11/01/2027 | | | 35 | | 37,722 |
New York (City of), NY Transitional Finance Authority, Series 2017, RB
| 5.00% | | 02/01/2031 | | | 20 | | 20,923 |
New York (City of), NY Transitional Finance Authority, Series 2017, RB
| 5.00% | | 02/01/2032 | | | 625 | | 653,154 |
New York (City of), NY Transitional Finance Authority, Series 2017, RB
| 5.00% | | 02/01/2033 | | | 5 | | 5,220 |
New York (City of), NY Transitional Finance Authority, Series 2017, RB
| 5.00% | | 02/01/2034 | | | 15 | | 15,652 |
New York (City of), NY Transitional Finance Authority, Series 2017, RB
| 5.00% | | 02/01/2036 | | | 90 | | 93,706 |
New York (City of), NY Transitional Finance Authority, Series 2017, RB
| 5.00% | | 02/01/2037 | | | 25 | | 25,998 |
New York (City of), NY Transitional Finance Authority, Series 2018 S-1, Ref. RB
| 5.00% | | 07/15/2031 | | | 15 | | 15,810 |
New York (City of), NY Transitional Finance Authority, Series 2018 S-1, Ref. RB
| 4.00% | | 07/15/2036 | | | 145 | | 146,824 |
New York (City of), NY Transitional Finance Authority, Series 2018-1, RB
| 5.00% | | 11/01/2029 | | | 10 | | 10,644 |
New York (City of), NY Transitional Finance Authority, Series 2021 A-1, Ref. RB
| 5.00% | | 11/01/2027 | | | 245 | | 264,051 |
New York (City of), NY Transitional Finance Authority, Series 2021 F-1, Ref. RB
| 5.00% | | 11/01/2027 | | | 75 | | 80,832 |
New York (City of), NY Transitional Finance Authority, Series 2022 B-1, Ref. RB
| 5.00% | | 11/01/2027 | | | 95 | | 102,387 |
New York (City of), NY Transitional Finance Authority, Series 2023 E-1, Ref. RB
| 5.00% | | 11/01/2027 | | | 40 | | 43,110 |
New York (City of), NY Transitional Finance Authority, Subseries 2017 B-1, RB
| 5.00% | | 08/01/2031 | | | 15 | | 15,842 |
New York (City of), NY Transitional Finance Authority, Subseries 2017 B-1, RB
| 5.00% | | 08/01/2033 | | | 35 | | 36,881 |
New York (City of), NY Transitional Finance Authority, Subseries 2017 F-1, RB
| 5.00% | | 05/01/2038 | | | 10 | | 10,428 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| New York-(continued) | | | | | | | | |
New York (City of), NY Transitional Finance Authority, Subseries 2022 S-1A, Ref. RB
| 5.00% | | 07/15/2027 | | $ | 10 | | $ 10,698 |
New York (City of), NY Trust for Cultural Resources (Museum of Modern Arts (The)), Series 2016, Ref. RB
| 4.00% | | 04/01/2027 | | | 35 | | 36,074 |
New York (State of) Dormitory Authority, Series 2017 A, RB(a)
| 5.00% | | 03/15/2027 | | | 85 | | 90,303 |
New York (State of) Dormitory Authority, Series 2017 A, RB
| 5.00% | | 10/01/2027 | | | 25 | | 26,964 |
New York (State of) Dormitory Authority, Series 2017 A, RB
| 5.00% | | 03/15/2029 | | | 40 | | 42,108 |
New York (State of) Dormitory Authority, Series 2017 A, RB
| 5.00% | | 03/15/2030 | | | 15 | | 15,756 |
New York (State of) Dormitory Authority, Series 2017 A, RB
| 5.00% | | 03/15/2035 | | | 50 | | 52,058 |
New York (State of) Dormitory Authority, Series 2017 A, RB
| 5.00% | | 03/15/2037 | | | 10 | | 10,383 |
New York (State of) Dormitory Authority, Series 2017 A, RB
| 5.00% | | 03/15/2038 | | | 90 | | 93,340 |
New York (State of) Dormitory Authority, Series 2017 A, RB
| 5.00% | | 03/15/2039 | | | 35 | | 36,240 |
New York (State of) Dormitory Authority, Series 2017 A, RB
| 5.00% | | 03/15/2040 | | | 120 | | 124,136 |
New York (State of) Dormitory Authority, Series 2017 A, RB
| 5.00% | | 03/15/2041 | | | 700 | | 723,147 |
New York (State of) Dormitory Authority, Series 2017 A, Ref. RB(a)
| 5.00% | | 02/15/2027 | | | 40 | | 42,374 |
New York (State of) Dormitory Authority, Series 2017 A, Ref. RB
| 5.00% | | 02/15/2029 | | | 125 | | 130,955 |
New York (State of) Dormitory Authority, Series 2017 A, Ref. RB
| 5.00% | | 07/01/2030 | | | 20 | | 21,181 |
New York (State of) Dormitory Authority, Series 2017 A, Ref. RB
| 5.00% | | 02/15/2032 | | | 310 | | 323,498 |
New York (State of) Dormitory Authority, Series 2017 A, Ref. RB
| 5.00% | | 02/15/2037 | | | 70 | | 72,685 |
New York (State of) Dormitory Authority, Series 2017 B, Ref. RB
| 5.00% | | 02/15/2030 | | | 45 | | 47,503 |
New York (State of) Dormitory Authority, Series 2017 B, Ref. RB
| 5.00% | | 02/15/2032 | | | 110 | | 115,787 |
New York (State of) Dormitory Authority, Series 2017 B, Ref. RB
| 5.00% | | 02/15/2033 | | | 40 | | 42,056 |
New York (State of) Dormitory Authority, Series 2017 B, Ref. RB
| 5.00% | | 02/15/2034 | | | 15 | | 15,760 |
New York (State of) Dormitory Authority, Series 2017 B, Ref. RB
| 5.00% | | 02/15/2035 | | | 90 | | 94,450 |
New York (State of) Dormitory Authority, Series 2017 B, Ref. RB
| 5.00% | | 02/15/2037 | | | 130 | | 136,031 |
New York (State of) Dormitory Authority, Series 2017 B, Ref. RB
| 5.00% | | 02/15/2041 | | | 150 | | 157,238 |
New York (State of) Dormitory Authority, Series 2017, Ref. RB
| 4.00% | | 02/15/2034 | | | 75 | | 76,288 |
New York (State of) Dormitory Authority, Series 2017, Ref. RB
| 4.00% | | 02/15/2035 | | | 130 | | 131,393 |
New York (State of) Dormitory Authority, Series 2018 1, Ref. RB
| 5.00% | | 01/15/2027 | | | 35 | | 36,924 |
New York (State of) Dormitory Authority, Series 2018 A, RB
| 5.00% | | 10/01/2027 | | | 1,000 | | 1,041,955 |
New York (State of) Dormitory Authority, Series 2019 A, RB
| 5.00% | | 10/01/2027 | | | 140 | | 150,352 |
New York (State of) Dormitory Authority, Series 2019 A, RB
| 5.00% | | 10/01/2030 | | | 20 | | 21,156 |
New York (State of) Dormitory Authority, Series 2019 A, RB
| 5.00% | | 10/01/2033 | | | 250 | | 263,374 |
New York (State of) Dormitory Authority, Series 2019 A, RB
| 5.00% | | 10/01/2034 | | | 220 | | 231,583 |
New York (State of) Dormitory Authority, Series 2019 A, Ref. RB
| 5.00% | | 03/15/2027 | | | 195 | | 207,320 |
New York (State of) Dormitory Authority, Series 2022 A, RB, (INS - BAM)(b)
| 5.00% | | 10/01/2027 | | | 50 | | 53,713 |
New York (State of) Dormitory Authority (Bidding Group 2), Series 2018 C, Ref. RB(a)
| 5.00% | | 03/15/2027 | | | 60 | | 63,743 |
New York (State of) Dormitory Authority (Bidding Group 3), Series 2017 B, Ref. RB
| 5.00% | | 02/15/2042 | | | 290 | | 301,164 |
New York (State of) Dormitory Authority (Maimonides Medical Center), Series 2020, RB, (CEP - Federal Housing Administration)
| 4.00% | | 08/01/2043 | | | 350 | | 348,459 |
New York (State of) Dormitory Authority (Memorial Sloan Kettering Cancer), Series 2017, Ref. RB
| 5.00% | | 07/01/2027 | | | 40 | | 42,730 |
New York (State of) Dormitory Authority (Montefiore Obligated Group), Series 2018 A, Ref. RB
| 5.00% | | 08/01/2027 | | | 35 | | 36,145 |
New York (State of) Dormitory Authority (New School (The)), Series 2016 A, Ref. RB
| 5.00% | | 07/01/2046 | | | 100 | | 101,624 |
New York (State of) Dormitory Authority (New York University), Series 1998 A, RB, (INS - NATL)(b)
| 5.75% | | 07/01/2027 | | | 70 | | 73,625 |
New York (State of) Dormitory Authority (New York University), Series 2017 A, Ref. RB
| 5.00% | | 07/01/2042 | | | 600 | | 621,678 |
New York (State of) Dormitory Authority (New York University), Series 2019 A, RB
| 5.00% | | 07/01/2027 | | | 30 | | 32,090 |
New York (State of) Utility Debt Securitization Authority, Series 2017, RB
| 5.00% | | 12/15/2039 | | | 260 | | 273,342 |
New York (State of) Utility Debt Securitization Authority, Series 2017, RB
| 5.00% | | 12/15/2041 | | | 1,000 | | 1,047,942 |
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2017, Ref. RB
| 5.00% | | 06/15/2027 | | | 35 | | 37,429 |
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2017, Ref. RB
| 5.00% | | 06/15/2031 | | | 175 | | 184,928 |
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2017, Ref. RB
| 5.00% | | 06/15/2033 | | | 15 | | 15,815 |
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2017, Ref. RB
| 5.00% | | 06/15/2034 | | | 95 | | 100,092 |
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2017, Ref. RB
| 5.00% | | 06/15/2035 | | | 80 | | 84,160 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| New York-(continued) | | | | | | | | |
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2017, Ref. RB
| 5.00% | | 06/15/2042 | | $ | 5 | | $ 5,202 |
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2021, RB
| 5.00% | | 06/15/2027 | | | 25 | | 26,735 |
New York State Urban Development Corp., Series 2017 A, Ref. RB
| 5.00% | | 03/15/2030 | | | 200 | | 210,034 |
New York State Urban Development Corp., Series 2017 A, Ref. RB
| 5.00% | | 03/15/2032 | | | 175 | | 183,375 |
New York State Urban Development Corp., Series 2017 A, Ref. RB
| 5.00% | | 03/15/2033 | | | 225 | | 235,486 |
New York State Urban Development Corp., Series 2017 C, Ref. RB
| 5.00% | | 03/15/2034 | | | 30 | | 31,666 |
New York State Urban Development Corp., Series 2017 C, Ref. RB
| 5.00% | | 03/15/2037 | | | 85 | | 89,267 |
New York State Urban Development Corp., Series 2017 C, Ref. RB
| 5.00% | | 03/15/2040 | | | 150 | | 156,840 |
New York State Urban Development Corp., Series 2017 C-2, Ref. RB
| 5.00% | | 03/15/2035 | | | 250 | | 263,478 |
New York State Urban Development Corp., Series 2017 C-2, Ref. RB
| 5.00% | | 03/15/2036 | | | 40 | | 42,077 |
New York State Urban Development Corp., Series 2017 C-3, Ref. RB
| 5.00% | | 03/15/2041 | | | 180 | | 187,960 |
New York State Urban Development Corp., Series 2017, Ref. RB
| 5.00% | | 03/15/2029 | | | 35 | | 36,809 |
Suffolk (County of), NY, Series 2017 D, Ref. GO Bonds, (INS - BAM)(b)
| 4.00% | | 10/15/2027 | | | 105 | | 109,632 |
Triborough Bridge & Tunnel Authority, Series 2008 B-2, RB
| 5.00% | | 11/15/2027 | | | 65 | | 70,010 |
Triborough Bridge & Tunnel Authority, Series 2017 A, RB
| 5.00% | | 11/15/2027 | | | 10 | | 10,550 |
Triborough Bridge & Tunnel Authority, Series 2017 A, RB
| 5.00% | | 11/15/2047 | | | 15 | | 15,427 |
Triborough Bridge & Tunnel Authority, Series 2017 B, Ref. RB
| 5.00% | | 11/15/2029 | | | 55 | | 57,953 |
Triborough Bridge & Tunnel Authority, Series 2017 B, Ref. RB
| 5.00% | | 11/15/2030 | | | 75 | | 78,846 |
Triborough Bridge & Tunnel Authority, Series 2017 B, Ref. RB
| 5.00% | | 11/15/2031 | | | 215 | | 225,683 |
Triborough Bridge & Tunnel Authority, Series 2017 B, Ref. RB
| 5.00% | | 11/15/2032 | | | 580 | | 606,890 |
Triborough Bridge & Tunnel Authority, Series 2017 B, Ref. RB
| 5.00% | | 11/15/2033 | | | 185 | | 193,462 |
Triborough Bridge & Tunnel Authority, Series 2017 B, Ref. RB
| 5.00% | | 11/15/2034 | | | 80 | | 83,575 |
Triborough Bridge & Tunnel Authority, Series 2017 B, Ref. RB
| 5.00% | | 11/15/2037 | | | 175 | | 182,195 |
Triborough Bridge & Tunnel Authority, Series 2017 B, Ref. RB
| 5.00% | | 11/15/2038 | | | 175 | | 181,988 |
Triborough Bridge & Tunnel Authority (Green Bonds), Series 2022 E-1, Ref. RB
| 5.00% | | 11/15/2027 | | | 105 | | 112,547 |
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2017 C-2, RB
| 5.00% | | 11/15/2042 | | | 10 | | 10,412 |
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2017, Ref. RB
| 5.00% | | 11/15/2027 | | | 20 | | 21,542 |
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022, RB
| 5.00% | | 05/15/2027 | | | 445 | | 473,997 |
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2023, Ref. RB
| 5.00% | | 11/15/2027 | | | 5 | | 5,385 |
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels) (Green Bonds), Series 2023, Ref. RB
| 5.00% | | 11/15/2027 | | | 15 | | 16,156 |
| | | | | | | | | 29,887,865 |
| North Carolina-1.01% | | | | | | | | |
Charlotte (City of), NC, Series 2023 B, Ref. GO Bonds
| 5.00% | | 07/01/2027 | | | 500 | | 534,979 |
Charlotte-Mecklenburg Hospital Authority (The) (Atrium Health), Series 2022 A, Ref. RB
| 5.00% | | 01/15/2027 | | | 70 | | 73,782 |
Mecklenburg (County of), NC, Series 2017 A, GO Bonds
| 4.00% | | 04/01/2029 | | | 40 | | 41,015 |
North Carolina (State of), Series 2016 A, Ref. GO Bonds
| 5.00% | | 06/01/2027 | | | 80 | | 83,130 |
North Carolina (State of), Series 2017 B, Ref. RB
| 5.00% | | 05/01/2027 | | | 50 | | 53,238 |
North Carolina (State of), Series 2017 B, Ref. RB
| 5.00% | | 05/01/2029 | | | 530 | | 561,645 |
North Carolina (State of), Series 2018 A, GO Bonds
| 5.00% | | 06/01/2027 | | | 85 | | 90,770 |
North Carolina (State of) (Build North Carolina Programs), Series 2019 A, RB
| 5.00% | | 05/01/2027 | | | 70 | | 74,533 |
North Carolina (State of) (Build North Carolina Programs), Series 2020 B, RB
| 5.00% | | 05/01/2027 | | | 50 | | 53,238 |
North Carolina (State of) (Build North Carolina Programs), Series 2022 A, RB
| 5.00% | | 05/01/2027 | | | 45 | | 47,914 |
North Carolina (State of) Municipal Power Agency No. 1 (Catawba), Series 2015 A, Ref. RB
| 5.00% | | 01/01/2027 | | | 20 | | 20,553 |
North Carolina (State of) Municipal Power Agency No. 1 (Catawba), Series 2016 A, Ref. RB
| 5.00% | | 01/01/2027 | | | 25 | | 25,945 |
Wake (County of), NC, Series 2021, RB
| 5.00% | | 03/01/2027 | | | 20 | | 21,204 |
Wake (County of), NC, Series 2023 A, Ref. GO Bonds
| 5.00% | | 05/01/2027 | | | 20 | | 21,316 |
| | | | | | | | | 1,703,262 |
| Ohio-2.60% | | | | | | | | |
Chillicothe (City of), OH (Adena Health System Obligated Group), Series 2017, Ref. RB
| 5.00% | | 12/01/2047 | | | 100 | | 101,382 |
Columbus (City of), OH, Series 2017 A, GO Bonds
| 4.00% | | 04/01/2033 | | | 130 | | 133,146 |
Columbus (City of), OH, Series 2017-1, Ref. GO Bonds
| 4.00% | | 04/01/2027 | | | 30 | | 31,122 |
Columbus (City of), OH, Series 2017-1, Ref. GO Bonds
| 5.00% | | 04/01/2029 | | | 15 | | 16,071 |
Columbus (City of), OH, Series 2018 A, GO Bonds
| 5.00% | | 04/01/2027 | | | 120 | | 127,621 |
Columbus (City of), OH, Series 2022 A, GO Bonds
| 5.00% | | 04/01/2027 | | | 55 | | 58,493 |
Cuyahoga (County of), OH (MetroHealth System), Series 2017, Ref. RB
| 5.00% | | 02/15/2052 | | | 500 | | 505,565 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Ohio-(continued) | | | | | | | | |
Cuyahoga (County of), OH (MetroHealth System), Series 2017, Ref. RB
| 5.50% | | 02/15/2052 | | $ | 125 | | $ 127,767 |
Franklin (County of), OH (Trinity Health Credit Group), Series 2017 A, RB
| 5.00% | | 12/01/2047 | | | 210 | | 215,146 |
Franklin (County of), OH (Trinity Health Credit Group), Series 2017, RB
| 4.00% | | 12/01/2046 | | | 145 | | 140,678 |
Hamilton (County of), OH, Series 2016 A, Ref. RB
| 5.00% | | 12/01/2027 | | | 20 | | 21,465 |
Ohio (State of), Series 2017 B, Ref. GO Bonds
| 5.00% | | 09/15/2027 | | | 35 | | 37,595 |
Ohio (State of), Series 2017 C, Ref. GO Bonds
| 5.00% | | 08/01/2027 | | | 110 | | 117,828 |
Ohio (State of), Series 2017 U, Ref. GO Bonds
| 5.00% | | 05/01/2027 | | | 25 | | 26,626 |
Ohio (State of), Series 2019 A, GO Bonds(a)
| 5.00% | | 05/01/2027 | | | 135 | | 143,958 |
Ohio (State of), Series 2019 A, GO Bonds
| 5.00% | | 05/01/2031 | | | 45 | | 47,643 |
Ohio (State of), Series 2019 A, GO Bonds
| 5.00% | | 05/01/2033 | | | 10 | | 10,566 |
Ohio (State of), Series 2019 A, GO Bonds
| 5.00% | | 05/01/2038 | | | 10 | | 10,485 |
Ohio (State of), Series 2019-1, RB
| 5.00% | | 12/15/2027 | | | 125 | | 134,753 |
Ohio (State of) Higher Educational Facility Commission (Kenyon College), Series 2017, RB
| 5.00% | | 07/01/2042 | | | 500 | | 514,786 |
Ohio (State of) Turnpike & Infrastructure Commission, Series 2010 A, Ref. RB
| 5.25% | | 02/15/2027 | | | 25 | | 26,626 |
Ohio (State of) Water Development Authority, Series 2019 A, RB
| 5.00% | | 06/01/2027 | | | 40 | | 42,671 |
Ohio (State of) Water Development Authority, Series 2019 A, RB
| 5.00% | | 12/01/2027 | | | 65 | | 70,077 |
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2017 A, RB
| 5.00% | | 06/01/2027 | | | 350 | | 373,183 |
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2017 A, RB
| 5.00% | | 12/01/2027 | | | 30 | | 31,888 |
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2017 A, RB
| 5.00% | | 06/01/2029 | | | 10 | | 10,608 |
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2017 A, RB
| 5.00% | | 12/01/2029 | | | 20 | | 21,210 |
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2017 A, RB
| 5.00% | | 06/01/2030 | | | 25 | | 26,465 |
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2017 A, RB
| 5.00% | | 12/01/2031 | | | 620 | | 655,480 |
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2023 A, Ref. RB
| 5.00% | | 12/01/2027 | | | 5 | | 5,390 |
Ohio State University (The), Series 2017 A, Ref. RB
| 5.00% | | 12/01/2044 | | | 240 | | 249,286 |
Ohio State University (The), Series 2020 A, Ref. RB
| 5.00% | | 12/01/2027 | | | 45 | | 48,588 |
University of Cincinnati, Series 2017 A, RB
| 5.00% | | 06/01/2045 | | | 280 | | 287,250 |
| | | | | | | | | 4,371,418 |
| Oklahoma-0.41% | | | | | | | | |
Canadian (County of), OK Educational Facilities Authority (Mustang Public Schools), Series 2017, RB
| 5.00% | | 09/01/2027 | | | 15 | | 15,567 |
Cleveland (County of), OK Educational Facilities Authority (Moore Public Schools), Series 2021, RB
| 4.00% | | 06/01/2027 | | | 25 | | 25,782 |
Grand River Dam Authority, Series 2016 A, Ref. RB
| 5.00% | | 06/01/2027 | | | 30 | | 31,406 |
Oklahoma (State of) Turnpike Authority, Second Series 2017 C, RB
| 5.00% | | 01/01/2047 | | | 20 | | 20,600 |
Oklahoma (State of) Turnpike Authority, Series 2017 D, Ref. RB
| 5.00% | | 01/01/2027 | | | 25 | | 26,369 |
Oklahoma (State of) Turnpike Authority, Series 2017 E, Ref. RB
| 4.00% | | 01/01/2029 | | | 75 | | 76,770 |
Oklahoma (State of) Turnpike Authority, Series 2018 A, RB
| 4.00% | | 01/01/2039 | | | 325 | | 327,580 |
Oklahoma (State of) Turnpike Authority, Series 2018 A, RB
| 5.00% | | 01/01/2040 | | | 5 | | 5,195 |
Oklahoma (State of) Turnpike Authority, Series 2020 A, Ref. RB
| 5.00% | | 01/01/2027 | | | 50 | | 52,738 |
Tulsa (County of), OK Industrial Authority (Broken Arrow Public Schools), Series 2019 A, RB
| 5.00% | | 09/01/2027 | | | 95 | | 101,389 |
| | | | | | | | | 683,396 |
| Oregon-0.81% | | | | | | | | |
Clackamas County School District No. 12 North Clackamas, Series 2017 B, GO Bonds, (CEP - Oregon School Bond Guaranty)
| 5.00% | | 06/15/2033 | | | 25 | | 26,436 |
Clackamas County School District No. 12 North Clackamas, Series 2017 B, GO Bonds, (CEP - Oregon School Bond Guaranty)
| 5.00% | | 06/15/2034 | | | 20 | | 21,138 |
Clackamas County School District No. 12 North Clackamas, Series 2017 B, GO Bonds, (CEP - Oregon School Bond Guaranty)
| 5.00% | | 06/15/2037 | | | 145 | | 152,733 |
Hillsboro School District No. 1J, Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty)
| 5.00% | | 06/15/2027 | | | 20 | | 21,288 |
Hillsboro School District No. 1J, Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty)
| 5.00% | | 06/15/2032 | | | 70 | | 74,388 |
Hillsboro School District No. 1J, Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty)
| 5.00% | | 06/15/2033 | | | 15 | | 15,936 |
Hillsboro School District No. 1J, Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty)
| 5.00% | | 06/15/2034 | | | 55 | | 58,357 |
Hillsboro School District No. 1J, Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty)
| 5.00% | | 06/15/2036 | | | 60 | | 63,480 |
Hillsboro School District No. 1J, Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty)
| 5.00% | | 06/15/2037 | | | 25 | | 26,388 |
Multnomah & Clackamas Counties School District No. 10JT Gresham-Barlow, Series 2017 B, GO Bonds, (CEP - Oregon School Bond Guaranty)
| 5.00% | | 06/15/2029 | | | 70 | | 74,524 |
Multnomah & Clackamas Counties School District No. 10JT Gresham-Barlow, Series 2017 B, GO Bonds, (CEP - Oregon School Bond Guaranty)
| 5.00% | | 06/15/2031 | | | 100 | | 106,076 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Oregon-(continued) | | | | | | | | |
Oregon (State of) (Article XI - Q State), Series 2023 A, GO Bonds
| 5.00% | | 05/01/2027 | | $ | 5 | | $ 5,321 |
Oregon (State of) Department of Transportation, Series 2017 B, Ref. RB
| 5.00% | | 11/15/2027 | | | 40 | | 42,479 |
Oregon (State of) Department of Transportation, Series 2017 B, Ref. RB
| 5.00% | | 11/15/2029 | | | 5 | | 5,308 |
Oregon (State of) Facilities Authority (Reed College), Series 2017 A, Ref. RB(a)
| 4.00% | | 07/01/2027 | | | 50 | | 51,987 |
Oregon (State of) Lottery, Series 2017 C, Ref. RB
| 5.00% | | 04/01/2030 | | | 40 | | 42,372 |
Oregon (State of) Lottery, Series 2017 C, Ref. RB
| 5.00% | | 04/01/2031 | | | 135 | | 142,729 |
Oregon Health & Science University, Series 2017 A, RB
| 5.00% | | 07/01/2042 | | | 100 | | 102,916 |
Portland (Port of), OR, Series 2017 24A, RB
| 5.00% | | 07/01/2047 | | | 100 | | 102,380 |
Washington & Clackamas Counties School District No. 23J Tigard-Tualatin, Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty)
| 5.00% | | 06/15/2033 | | | 25 | | 26,436 |
Washington & Multnomah Counties School District No. 48J Beaverton, Series 2017 C, GO Bonds, (CEP - Oregon School Bond Guaranty)
| 5.00% | | 06/15/2027 | | | 30 | | 32,007 |
Washington & Multnomah Counties School District No. 48J Beaverton, Series 2017 D, GO Bonds, (CEP - Oregon School Bond Guaranty)
| 5.00% | | 06/15/2036 | | | 155 | | 163,181 |
| | | | | | | | | 1,357,860 |
| Pennsylvania-4.97% | | | | | | | | |
Allegheny (County of), PA Higher Education Building Authority (Carnegie Mellon University), Series 2017, RB
| 5.00% | | 08/01/2027 | | | 100 | | 106,913 |
Allegheny (County of), PA Higher Education Building Authority (Carnegie Mellon University), Series 2017, RB
| 5.00% | | 08/01/2029 | | | 15 | | 15,942 |
Allegheny (County of), PA Higher Education Building Authority (Carnegie Mellon University), Series 2022, Ref. RB
| 5.00% | | 08/01/2027 | | | 10 | | 10,691 |
Allegheny (County of), PA Hospital Development Authority (Allegheny Health Network Obligated Group Issue), Series 2018 A, Ref. RB
| 5.00% | | 04/01/2027 | | | 15 | | 15,677 |
Allegheny (County of), PA Port Authority, Series 2020, Ref. RB
| 5.00% | | 03/01/2027 | | | 110 | | 116,241 |
Chester (County of), PA, Series 2017, Ref. GO Bonds
| 5.00% | | 11/15/2030 | | | 25 | | 26,877 |
Chester (County of), PA, Series 2017, Ref. GO Bonds
| 4.00% | | 11/15/2032 | | | 60 | | 62,063 |
Delaware (County of), PA Authority (Haverford College), Series 2017 A, Ref. RB
| 5.00% | | 10/01/2042 | | | 70 | | 71,823 |
Delaware River Joint Toll Bridge Commission (Pennsylvania - New Jersey), Series 2017, RB
| 5.00% | | 07/01/2033 | | | 40 | | 42,041 |
Delaware River Joint Toll Bridge Commission (Pennsylvania - New Jersey), Series 2017, RB
| 5.00% | | 07/01/2034 | | | 160 | | 168,005 |
Delaware River Joint Toll Bridge Commission (Pennsylvania - New Jersey), Series 2017, RB
| 5.00% | | 07/01/2035 | | | 10 | | 10,484 |
Delaware River Joint Toll Bridge Commission (Pennsylvania - New Jersey), Series 2017, RB
| 5.00% | | 07/01/2036 | | | 70 | | 73,280 |
Delaware River Joint Toll Bridge Commission (Pennsylvania - New Jersey), Series 2017, RB
| 5.00% | | 07/01/2047 | | | 35 | | 35,999 |
Geisinger Authority (Geisinger Health System), Series 2017 A-1, Ref. RB
| 5.00% | | 02/15/2045 | | | 275 | | 280,505 |
Geisinger Authority (Geisinger Health System), Series 2017 A-2, Ref. RB
| 5.00% | | 02/15/2032 | | | 20 | | 20,866 |
Geisinger Authority (Geisinger Health System), Series 2017 A-2, Ref. RB
| 4.00% | | 02/15/2039 | | | 95 | | 94,687 |
Northampton (County of), PA General Purpose Authority (LaFayette College), Series 2017, Ref. RB
| 4.00% | | 11/01/2034 | | | 80 | | 80,848 |
Northampton (County of), PA General Purpose Authority (LaFayette College), Series 2017, Ref. RB
| 5.00% | | 11/01/2034 | | | 55 | | 57,793 |
Pennsylvania (Commonwealth of), First Series 2016, Ref. GO Bonds
| 5.00% | | 09/15/2027 | | | 80 | | 83,709 |
Pennsylvania (Commonwealth of), First series 2017, Ref. GO Bonds
| 4.00% | | 01/01/2030 | | | 100 | | 101,968 |
Pennsylvania (Commonwealth of), First Series 2017, Ref. GO Bonds
| 5.00% | | 01/01/2027 | | | 255 | | 269,200 |
Pennsylvania (Commonwealth of), First Series 2020, GO Bonds
| 5.00% | | 05/01/2027 | | | 50 | | 53,185 |
Pennsylvania (Commonwealth of), First Series 2021, GO Bonds
| 5.00% | | 05/15/2027 | | | 225 | | 239,540 |
Pennsylvania (Commonwealth of), First Series 2023, GO Bonds
| 5.00% | | 09/01/2027 | | | 5 | | 5,359 |
Pennsylvania (Commonwealth of), Second Series 2016, GO Bonds
| 5.00% | | 09/15/2027 | | | 105 | | 109,784 |
Pennsylvania (Commonwealth of), Second Series 2016, Ref. GO Bonds
| 5.00% | | 01/15/2027 | | | 50 | | 52,831 |
Pennsylvania (Commonwealth of), Series 2019, Ref. GO Bonds
| 5.00% | | 07/15/2027 | | | 90 | | 96,177 |
Pennsylvania (Commonwealth of), Series 2022, GO Bonds
| 5.00% | | 10/01/2027 | | | 70 | | 75,155 |
Pennsylvania (Commonwealth of) Economic Development Financing Authority, Series 2017 A, Ref. RB
| 4.00% | | 11/15/2034 | | | 90 | | 91,221 |
Pennsylvania (Commonwealth of) Economic Development Financing Authority, Series 2017 A, Ref. RB
| 4.00% | | 11/15/2035 | | | 60 | | 60,732 |
Pennsylvania (Commonwealth of) Economic Development Financing Authority, Series 2017 A, Ref. RB
| 4.00% | | 11/15/2037 | | | 140 | | 141,006 |
Pennsylvania (Commonwealth of) Economic Development Financing Authority, Series 2017 A, Ref. RB
| 4.00% | | 11/15/2042 | | | 450 | | 440,654 |
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority, Series 2017 A, RB
| 5.00% | | 08/15/2033 | | | 15 | | 15,743 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Pennsylvania-(continued) | | | | | | | | |
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (University of Pennsylvania Health System), Series 2017 A, RB
| 4.00% | | 08/15/2036 | | $ | 20 | | $ 20,181 |
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (University of Pennsylvania Health System), Series 2017 A, RB
| 4.00% | | 08/15/2042 | | | 30 | | 29,661 |
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (University of Pennsylvania Health System), Series 2017 A, RB
| 5.00% | | 08/15/2042 | | | 100 | | 102,758 |
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (University of Pennsylvania Health System), Series 2017, RB
| 5.00% | | 08/15/2037 | | | 185 | | 192,271 |
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (University of Pennsylvania Health System), Series 2017, RB
| 4.00% | | 08/15/2041 | | | 95 | | 95,372 |
Pennsylvania (Commonwealth of) Turnpike Commission, Second Series 2017, Ref. RB
| 5.00% | | 12/01/2031 | | | 65 | | 68,706 |
Pennsylvania (Commonwealth of) Turnpike Commission, Second Series 2017, Ref. RB
| 5.00% | | 12/01/2032 | | | 15 | | 15,811 |
Pennsylvania (Commonwealth of) Turnpike Commission, Second Series 2017, Ref. RB
| 5.00% | | 12/01/2033 | | | 45 | | 47,401 |
Pennsylvania (Commonwealth of) Turnpike Commission, Second Series 2017, Ref. RB
| 5.00% | | 12/01/2036 | | | 85 | | 88,749 |
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2009 E, RB
| 6.00% | | 12/01/2030 | | | 85 | | 93,239 |
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 A, Ref. RB
| 5.00% | | 12/01/2027 | | | 15 | | 15,703 |
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 B, Ref. RB
| 5.00% | | 06/01/2027 | | | 15 | | 15,547 |
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017 A-1, RB
| 5.00% | | 12/01/2042 | | | 45 | | 46,735 |
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017 A-1, RB
| 5.00% | | 12/01/2047 | | | 200 | | 207,793 |
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017 B-1, RB
| 5.00% | | 06/01/2036 | | | 190 | | 197,779 |
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017 B-1, RB
| 5.00% | | 06/01/2037 | | | 165 | | 171,474 |
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017 B-2, Ref. RB
| 4.00% | | 06/01/2039 | | | 155 | | 156,117 |
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017 B-2, Ref. RB, (INS - AGM)(b)
| 5.00% | | 06/01/2033 | | | 300 | | 314,327 |
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017 B-2, Ref. RB, (INS - AGM)(b)
| 5.00% | | 06/01/2034 | | | 35 | | 36,628 |
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017 B-2, Ref. RB, (INS - AGM)(b)
| 5.00% | | 06/01/2035 | | | 280 | | 292,650 |
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017, Ref. RB
| 5.00% | | 12/01/2031 | | | 160 | | 169,123 |
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017, Ref. RB
| 5.00% | | 12/01/2035 | | | 30 | | 31,488 |
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017, Ref. RB
| 4.00% | | 12/01/2036 | | | 300 | | 303,932 |
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017-3, Ref. RB
| 5.00% | | 12/01/2031 | | | 185 | | 195,198 |
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017-3, Ref. RB
| 4.00% | | 12/01/2037 | | | 35 | | 35,550 |
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017-3, Ref. RB
| 4.00% | | 12/01/2038 | | | 75 | | 75,891 |
Pennsylvania (Commonwealth of) Turnpike Commission, Subseries 2017 B-2, Ref. RB
| 5.00% | | 06/01/2031 | | | 55 | | 57,622 |
Pennsylvania (Commonwealth of) Turnpike Commission, Subseries 2017 B-2, Ref. RB
| 4.00% | | 06/01/2038 | | | 5 | | 5,050 |
Pennsylvania (Commonwealth of) Turnpike Commission, Subseries 2017 B-2, Ref. RB, (INS - AGM)(b)
| 4.00% | | 06/01/2037 | | | 90 | | 91,055 |
Pennsylvania State University (The), Series 2017 A, RB
| 5.00% | | 09/01/2047 | | | 215 | | 222,680 |
Philadelphia (City of), PA, Fifteenth Series 2017, Ref. RB
| 5.00% | | 08/01/2042 | | | 95 | | 97,536 |
Philadelphia (City of), PA, Series 2017 A, RB
| 5.00% | | 10/01/2047 | | | 320 | | 329,541 |
Philadelphia (City of), PA, Series 2017 A, RB
| 5.25% | | 10/01/2052 | | | 50 | | 51,931 |
Philadelphia (City of), PA, Series 2017 A, Ref. GO Bonds
| 5.00% | | 08/01/2032 | | | 160 | | 168,036 |
Philadelphia (City of), PA, Series 2017 A, Ref. GO Bonds
| 5.00% | | 08/01/2033 | | | 25 | | 26,167 |
Philadelphia (City of), PA, Series 2017 A, Ref. GO Bonds
| 5.00% | | 08/01/2034 | | | 85 | | 88,976 |
Philadelphia (City of), PA, Series 2017 A, Ref. GO Bonds
| 5.00% | | 08/01/2036 | | | 100 | | 104,173 |
Philadelphia (City of), PA, Series 2017 A, Ref. GO Bonds, (INS - AGM)(b)
| 5.00% | | 08/01/2035 | | | 95 | | 99,763 |
Philadelphia (City of), PA, Series 2017, Ref. GO Bonds
| 5.00% | | 08/01/2031 | | | 125 | | 131,531 |
Philadelphia (City of), PA, Series 2017, Ref. GO Bonds
| 5.00% | | 08/01/2041 | | | 30 | | 31,052 |
Philadelphia (City of), PA Authority for Industrial Development (Children’s Hospital of Philadelphia), Series 2017, Ref. RB
| 5.00% | | 07/01/2033 | | | 5 | | 5,238 |
Philadelphia (City of), PA Authority for Industrial Development (Children’s Hospital of Philadelphia), Series 2017, Ref. RB
| 4.00% | | 07/01/2035 | | | 50 | | 50,315 |
Philadelphia (City of), PA Authority for Industrial Development (Children’s Hospital of Philadelphia), Series 2017, Ref. RB
| 4.00% | | 07/01/2036 | | | 210 | | 210,497 |
Philadelphia (City of), PA Authority for Industrial Development (Children’s Hospital of Philadelphia), Series 2017, Ref. RB
| 4.00% | | 07/01/2037 | | | 30 | | 30,044 |
Philadelphia (City of), PA Authority for Industrial Development (Thomas Jefferson University), Series 2017 A, Ref. RB
| 5.00% | | 09/01/2042 | | | 100 | | 101,752 |
Philadelphia (City of), PA Authority for Industrial Development (Thomas Jefferson University), Series 2017 A, Ref. RB
| 5.00% | | 09/01/2047 | | | 50 | | 50,574 |
Philadelphia School District (The), Series 2016 F, Ref. GO Bonds
| 5.00% | | 09/01/2027 | | | 30 | | 31,147 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Pennsylvania-(continued) | | | | | | | | |
Westmoreland (County of), PA Municipal Authority, Series 2017, Ref. RB, (INS - BAM)(b)
| 5.00% | | 08/15/2031 | | $ | 50 | | $ 52,668 |
Westmoreland (County of), PA Municipal Authority, Series 2017, Ref. RB, (INS - BAM)(b)
| 4.00% | | 08/15/2034 | | | 50 | | 50,719 |
Westmoreland (County of), PA Municipal Authority, Series 2017, Ref. RB, (INS - BAM)(b)
| 5.00% | | 08/15/2036 | | | 115 | | 120,109 |
| | | | | | | | | 8,355,259 |
| Rhode Island-0.16% | | | | | | | | |
Rhode Island Commerce Corp. (Garvee), Series 2016 B, RB
| 5.00% | | 06/15/2027 | | | 100 | | 103,905 |
Rhode Island Health & Educational Building Corp. (Brown University), Series 2017 A, Ref. RB
| 5.00% | | 09/01/2029 | | | 100 | | 106,749 |
Rhode Island Health & Educational Building Corp. (Brown University), Series 2017 A, Ref. RB
| 4.00% | | 09/01/2037 | | | 50 | | 50,767 |
| | | | | | | | | 261,421 |
| South Carolina-0.56% | | | | | | | | |
Greenville County School District, Series 2023, Ref. RB
| 5.00% | | 12/01/2027 | | | 310 | | 333,610 |
Lexington County Health Services District, Inc. (Lexmed Obligated Group), Series 2017, Ref. RB
| 4.00% | | 11/01/2030 | | | 35 | | 35,768 |
Lexington County Health Services District, Inc. (Lexmed Obligated Group), Series 2017, Ref. RB
| 4.00% | | 11/01/2031 | | | 35 | | 35,725 |
Lexington County Health Services District, Inc. (Lexmed Obligated Group), Series 2017, Ref. RB
| 4.00% | | 11/01/2032 | | | 35 | | 35,636 |
Mount Pleasent (Town of), SC, Series 2017 A, RB
| 4.00% | | 06/01/2044 | | | 375 | | 374,156 |
South Carolina (State of) Transportation Infrastructure Bank, Series 2017 A, Ref. RB
| 5.00% | | 10/01/2038 | | | 50 | | 52,486 |
South Carolina (State of) Transportation Infrastructure Bank, Series 2017 A, Ref. RB
| 5.00% | | 10/01/2039 | | | 50 | | 52,310 |
South Carolina (State of) Transportation Infrastructure Bank, Series 2017, Ref. RB
| 5.00% | | 10/01/2037 | | | 5 | | 5,260 |
South Carolina (State of) Transportation Infrastructure Bank, Series 2021 B, Ref. RB
| 5.00% | | 10/01/2027 | | | 15 | | 16,109 |
| | | | | | | | | 941,060 |
| South Dakota-0.15% | | | | | | | | |
South Dakota (State of) Health & Educational Facilities Authority (Avera Health), Series 2017, Ref. RB
| 4.00% | | 07/01/2042 | | | 30 | | 29,024 |
South Dakota (State of) Health & Educational Facilities Authority (Regional Health), Series 2017, RB
| 5.00% | | 09/01/2040 | | | 215 | | 221,778 |
| | | | | | | | | 250,802 |
| Tennessee-0.87% | | | | | | | | |
Knox (County of), TN Health, Educational & Housing Facility Board (Covenant Health), Series 2016 A, Ref. RB
| 5.00% | | 01/01/2047 | | | 160 | | 162,094 |
Knox (County of), TN Health, Educational & Housing Facility Board (University Health), Series 2017, Ref. RB
| 5.00% | | 04/01/2036 | | | 10 | | 10,158 |
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2016, Ref. GO Bonds
| 5.00% | | 01/01/2027 | | | 90 | | 93,664 |
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2017 A, RB
| 5.00% | | 05/15/2042 | | | 460 | | 476,862 |
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2017 B, RB
| 5.00% | | 07/01/2042 | | | 500 | | 519,156 |
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2017, GO Bonds
| 4.00% | | 07/01/2030 | | | 50 | | 51,219 |
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2018, GO Bonds
| 5.00% | | 07/01/2027 | | | 30 | | 32,048 |
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2024 B, Ref. RB
| 5.00% | | 05/15/2027 | | | 5 | | 5,333 |
Tennessee (State of) School Bond Authority, Series 2017 B, Ref. RB, (CEP - Colorado Higher Education Intercept Program)
| 5.00% | | 11/01/2027 | | | 55 | | 59,034 |
Tennessee Energy Acquisition Corp., Series 2006 C, RB
| 5.00% | | 02/01/2027 | | | 45 | | 46,265 |
| | | | | | | | | 1,455,833 |
| Texas-7.46% | | | | | | | | |
Alamo Community College District, Series 2022, GO Notes
| 5.00% | | 02/15/2027 | | | 150 | | 158,797 |
Aldine Independent School District, Series 2017, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 02/15/2036 | | | 120 | | 124,866 |
Austin (City of), TX, Series 2015, Ref. GO Bonds
| 2.95% | | 09/01/2027 | | | 180 | | 180,212 |
Austin (City of), TX, Series 2017, Ref. RB
| 5.00% | | 11/15/2027 | | | 25 | | 26,919 |
Austin (City of), TX, Series 2017, Ref. RB
| 5.00% | | 11/15/2029 | | | 25 | | 26,641 |
Austin (City of), TX, Series 2017, Ref. RB
| 5.00% | | 11/15/2042 | | | 60 | | 62,159 |
Bexar (County of), TX, Series 2018, Ctfs. of Obligation
| 5.00% | | 06/15/2042 | | | 100 | | 102,902 |
Bexar (County of), TX Hospital District, Series 2018, Ctfs. of Obligation
| 5.00% | | 02/15/2048 | | | 75 | | 76,382 |
Board of Regents of the University of Texas System, Series 2016 E, RB
| 5.00% | | 08/15/2027 | | | 100 | | 106,947 |
Board of Regents of the University of Texas System, Series 2016 J, RB
| 5.00% | | 08/15/2027 | | | 270 | | 283,238 |
Board of Regents of the University of Texas System, Series 2017 B, RB
| 5.00% | | 08/15/2027 | | | 35 | | 37,432 |
Board of Regents of the University of Texas System, Series 2019 A, Ref. RB
| 5.00% | | 08/15/2027 | | | 10 | | 10,695 |
Board of Regents of the University of Texas System, Series 2024 A, Ref. RB
| 5.00% | | 08/15/2027 | | | 10 | | 10,695 |
Central Texas Regional Mobility Authority, Series 2021 C, RB
| 5.00% | | 01/01/2027 | | | 75 | | 76,807 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Texas-(continued) | | | | | | | | |
Cypress-Fairbanks Independent School District, Series 2016, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 02/15/2027 | | $ | 200 | | $ 206,523 |
Dallas (City of), TX, Series 2017, RB
| 5.00% | | 10/01/2046 | | | 150 | | 154,674 |
Dallas (City of), TX, Series 2023 A, Ref. GO Bonds
| 5.00% | | 02/15/2027 | | | 510 | | 539,162 |
Dallas (City of), TX Area Rapid Transit, Series 2019, Ref. RB
| 5.00% | | 12/01/2027 | | | 10 | | 10,762 |
Dallas College, Series 2022, GO Bonds
| 5.00% | | 02/15/2033 | | | 500 | | 523,403 |
Denton Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 08/15/2027 | | | 200 | | 214,013 |
El Paso (County of), TX Hospital District, Series 2017, Ref. GO Bonds
| 4.00% | | 08/15/2038 | | | 115 | | 108,996 |
Fort Bend Independent School District, Series 2018, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 08/15/2029 | | | 80 | | 84,740 |
Fort Bend Independent School District, Series 2018, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 08/15/2030 | | | 125 | | 131,790 |
Harris (County of), TX, Series 2020 A, Ref. GO Bonds
| 5.00% | | 10/01/2027 | | | 5 | | 5,360 |
Harris (County of), TX, Series 2022 A, Ref. GO Bonds
| 5.00% | | 08/15/2027 | | | 250 | | 267,295 |
Harris (County of), TX Metropolitan Transit Authority, Series 2016 A, Ref. RB
| 5.00% | | 11/01/2027 | | | 175 | | 183,335 |
Harris County Cultural Education Facilities Finance Corp. (Memorial Hermann Health System), Series 2019, Ref. RB
| 5.00% | | 12/01/2027 | | | 100 | | 106,939 |
Harris County Cultural Education Facilities Finance Corp. (Teco Project), Series 2017, Ref. RB
| 5.00% | | 11/15/2031 | | | 65 | | 68,902 |
Harris County Cultural Education Facilities Finance Corp. (Teco Project), Series 2017, Ref. RB
| 4.00% | | 11/15/2032 | | | 50 | | 50,599 |
Hays (County of), TX, Series 2017, GO Bonds
| 4.00% | | 02/15/2042 | | | 65 | | 65,068 |
Houston (City of), TX, Series 2016 A, Ref. GO Bonds
| 5.00% | | 03/01/2027 | | | 115 | | 118,925 |
Houston (City of), TX, Series 2016 B, Ref. RB
| 5.00% | | 11/15/2027 | | | 65 | | 68,260 |
Houston (City of), TX, Series 2017 A, Ref. GO Bonds
| 5.00% | | 03/01/2030 | | | 115 | | 120,425 |
Houston (City of), TX, Series 2017 B, Ref. RB
| 5.00% | | 11/15/2027 | | | 50 | | 53,710 |
Houston (City of), TX, Series 2017 B, Ref. RB
| 5.00% | | 11/15/2042 | | | 1,000 | | 1,035,370 |
Houston Independent School District, Series 2016 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 02/15/2027 | | | 85 | | 87,723 |
Houston Independent School District, Series 2017, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 02/15/2034 | | | 400 | | 418,222 |
Houston Independent School District, Series 2017, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 02/15/2042 | | | 500 | | 516,864 |
Lewisville Independent School District, Series 2017 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
| 4.00% | | 08/15/2029 | | | 75 | | 77,030 |
Liberty Hill Independent School District, Series 2019, GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 02/01/2049 | | | 100 | | 102,592 |
Lone Star College System, Series 2017 A, GO Bonds
| 5.00% | | 08/15/2042 | | | 20 | | 20,656 |
New Hope Cultural Education Facilities Finance Corp. (Children’s Health System of Texas), Series 2017 A, Ref. RB
| 5.00% | | 08/15/2029 | | | 110 | | 116,071 |
New Hope Cultural Education Facilities Finance Corp. (Children’s Health System of Texas), Series 2017 A, Ref. RB
| 4.00% | | 08/15/2034 | | | 50 | | 50,273 |
New Hope Cultural Education Facilities Finance Corp. (Children’s Health System of Texas), Series 2017 A, Ref. RB
| 4.00% | | 08/15/2035 | | | 325 | | 326,048 |
New Hope Cultural Education Facilities Finance Corp. (Children’s Health System of Texas), Series 2017 A, Ref. RB
| 4.00% | | 08/15/2037 | | | 100 | | 99,572 |
North Texas Tollway Authority, Series 2017 A, Ref. RB
| 4.00% | | 01/01/2032 | | | 85 | | 86,276 |
North Texas Tollway Authority, Series 2017 A, Ref. RB
| 5.00% | | 01/01/2032 | | | 20 | | 20,911 |
North Texas Tollway Authority, Series 2017 A, Ref. RB
| 4.00% | | 01/01/2033 | | | 150 | | 151,970 |
North Texas Tollway Authority, Series 2017 A, Ref. RB
| 5.00% | | 01/01/2033 | | | 105 | | 109,619 |
North Texas Tollway Authority, Series 2017 B, Ref. RB
| 5.00% | | 01/01/2032 | | | 5 | | 5,201 |
North Texas Tollway Authority, Series 2017 B, Ref. RB
| 5.00% | | 01/01/2048 | | | 180 | | 183,243 |
North Texas Tollway Authority, Series 2017 B, Ref. RB, (INS - AGM)(b)
| 4.00% | | 01/01/2034 | | | 415 | | 421,748 |
North Texas Tollway Authority, Series 2017 B, Ref. RB, (INS - AGM)(b)
| 4.00% | | 01/01/2035 | | | 100 | | 101,435 |
North Texas Tollway Authority, Series 2017 B, Ref. RB, (INS - AGM)(b)
| 4.00% | | 01/01/2036 | | | 40 | | 40,382 |
North Texas Tollway Authority, Series 2019 B, Ref. RB
| 5.00% | | 01/01/2027 | | | 90 | | 94,657 |
Round Rock Independent School District, Series 2019 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 08/01/2027 | | | 55 | | 58,882 |
San Antonio (City of), TX, Series 2016, Ref. RB
| 5.00% | | 02/01/2027 | | | 305 | | 317,437 |
San Antonio (City of), TX, Series 2017, RB
| 5.00% | | 02/01/2047 | | | 140 | | 143,899 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Texas-(continued) | | | | | | | | |
San Antonio (City of), TX, Series 2017, Ref. RB
| 5.00% | | 02/01/2042 | | $ | 250 | | $ 256,743 |
San Antonio (City of), TX, Series 2018, Ref. RB
| 5.00% | | 02/01/2027 | | | 150 | | 158,258 |
San Antonio Education Facilities Corp. (Trinity University), Series 2017, RB
| 5.00% | | 06/01/2047 | | | 315 | | 327,005 |
Socorro Independent School District, Series 2018, GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 08/15/2039 | | | 300 | | 310,955 |
Texas (State of), Series 2017 A, Ref. GO Bonds
| 5.00% | | 10/01/2032 | | | 65 | | 68,699 |
Texas (State of), Series 2017 A, Ref. GO Bonds
| 5.00% | | 10/01/2033 | | | 105 | | 110,838 |
Texas (State of), Series 2017 A, Ref. GO Bonds
| 5.00% | | 10/01/2034 | | | 80 | | 84,356 |
Texas (State of), Series 2017 B, Ref. GO Bonds
| 5.00% | | 10/01/2033 | | | 175 | | 184,731 |
Texas (State of), Series 2017, Ref. GO Bonds
| 5.00% | | 10/01/2030 | | | 30 | | 31,861 |
Texas (State of), Series 2017, Ref. GO Bonds
| 5.00% | | 10/01/2031 | | | 5 | | 5,298 |
Texas (State of), Series 2017, Ref. GO Bonds
| 5.00% | | 10/01/2032 | | | 45 | | 47,561 |
Texas (State of), Series 2017, Ref. GO Bonds
| 5.00% | | 10/01/2035 | | | 10 | | 10,522 |
Texas (State of) Water Development Board, Series 2016, RB
| 5.00% | | 04/15/2027 | | | 25 | | 26,078 |
Texas (State of) Water Development Board, Series 2017 A, RB
| 5.00% | | 04/15/2027 | | | 25 | | 26,592 |
Texas (State of) Water Development Board, Series 2017 A, RB
| 4.00% | | 10/15/2032 | | | 15 | | 15,347 |
Texas (State of) Water Development Board, Series 2017 A, RB
| 4.00% | | 10/15/2033 | | | 25 | | 25,552 |
Texas (State of) Water Development Board, Series 2017 A, RB
| 4.00% | | 10/15/2042 | | | 100 | | 100,029 |
Texas (State of) Water Development Board, Series 2017 A, RB
| 5.00% | | 10/15/2042 | | | 190 | | 197,037 |
Texas (State of) Water Development Board, Series 2017 A, RB
| 5.00% | | 10/15/2047 | | | 820 | | 846,679 |
Texas (State of) Water Development Board, Series 2017, RB
| 5.00% | | 10/15/2031 | | | 100 | | 105,775 |
Texas (State of) Water Development Board, Series 2018, RB
| 5.00% | | 08/01/2027 | | | 280 | | 299,844 |
Texas A&M University, Series 2017 E, Ref. RB
| 5.00% | | 05/15/2027 | | | 25 | | 26,595 |
Texas A&M University, Series 2017 E, Ref. RB
| 5.00% | | 05/15/2029 | | | 80 | | 84,733 |
Texas State University Board of Regents, Series 2017 A, Ref. RB
| 5.00% | | 03/15/2029 | | | 10 | | 10,556 |
Texas State University Board of Regents, Series 2017 A, Ref. RB
| 5.00% | | 03/15/2030 | | | 150 | | 157,806 |
Texas State University Board of Regents, Series 2017 A, Ref. RB
| 5.00% | | 03/15/2031 | | | 35 | | 36,679 |
Trinity River Authority, Series 2017, Ref. RB
| 5.00% | | 08/01/2030 | | | 25 | | 26,487 |
| | | | | | | | | 12,536,270 |
| Utah-0.38% | | | | | | | | |
Intermountain Power Agency, Series 2023 A, RB
| 5.00% | | 07/01/2027 | | | 5 | | 5,341 |
University of Utah (The) (Green Bonds), Series 2022 B, RB
| 5.00% | | 08/01/2027 | | | 105 | | 112,289 |
Utah (State of), Series 2017, GO Bonds
| 5.00% | | 07/01/2027 | | | 95 | | 100,364 |
Utah (State of), Series 2018, GO Bonds
| 5.00% | | 07/01/2027 | | | 30 | | 32,090 |
Utah (State of), Series 2020 B, GO Bonds
| 5.00% | | 07/01/2027 | | | 35 | | 37,439 |
Utah (State of), Series 2020, GO Bonds
| 5.00% | | 07/01/2027 | | | 150 | | 160,451 |
Utah (State of) Transit Authority, Series 2006 C, Ref. RB, (INS - AGM)(b)
| 5.25% | | 06/15/2027 | | | 50 | | 52,779 |
Utah (State of) Transit Authority, Series 2016, Ref. RB
| 3.00% | | 12/15/2027 | | | 145 | | 145,056 |
| | | | | | | | | 645,809 |
| Virginia-1.98% | | | | | | | | |
Fairfax (County of), VA, Series 2020 A, Ref. GO Bonds
| 4.50% | | 10/01/2027 | | | 30 | | 31,768 |
Hampton (City of), VA Roads Transportation Accountability Commission, Series 2023 A, RB
| 5.00% | | 07/01/2027 | | | 5 | | 5,331 |
Henrico (County of), VA Economic Development Authority (Lifespire of Virginia), Series 2017 C, Ref. RB
| 5.00% | | 12/01/2047 | | | 100 | | 101,246 |
Richmond (City of), VA, Series 2016, Ref. RB
| 5.00% | | 01/15/2027 | | | 45 | | 46,473 |
Richmond (City of), VA, Series 2017 B, Ref. GO Bonds
| 4.00% | | 07/15/2029 | | | 100 | | 103,192 |
University of Virginia, Series 2017 A, Ref. RB
| 5.00% | | 04/01/2039 | | | 360 | | 375,535 |
Virginia (Commonwealth of) College Building Authority, Series 2016 A, RB
| 5.00% | | 02/01/2027 | | | 50 | | 51,626 |
Virginia (Commonwealth of) College Building Authority, Series 2016 A, Ref. RB, (CEP - Colorado Higher Education Intercept Program)
| 5.00% | | 09/01/2027 | | | 110 | | 114,856 |
Virginia (Commonwealth of) College Building Authority, Series 2019 A, RB
| 5.00% | | 02/01/2027 | | | 110 | | 116,506 |
Virginia (Commonwealth of) College Building Authority (21st Centuity College and Equipment), Series 2020, RB
| 5.00% | | 02/01/2027 | | | 250 | | 264,787 |
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2017 C, RB
| 4.00% | | 02/01/2033 | | | 195 | | 199,172 |
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2017, RB
| 5.00% | | 02/01/2027 | | | 75 | | 79,436 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Virginia-(continued) | | | | | | | | |
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2017, RB
| 5.00% | | 02/01/2030 | | $ | 15 | | $ 15,801 |
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2017, RB
| 5.00% | | 02/01/2031 | | | 20 | | 21,013 |
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2017, Ref. RB
| 5.00% | | 02/01/2027 | | | 15 | | 15,887 |
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2019 C, Ref. RB
| 5.00% | | 02/01/2027 | | | 60 | | 63,549 |
Virginia (Commonwealth of) Public Building Authority, Series 2017 A, Ref. RB
| 5.00% | | 08/01/2029 | | | 60 | | 63,962 |
Virginia (Commonwealth of) Public Building Authority, Series 2017 A, Ref. RB
| 4.00% | | 08/01/2031 | | | 90 | | 92,319 |
Virginia (Commonwealth of) Public Building Authority, Series 2020 B, Ref. RB
| 5.00% | | 08/01/2027 | | | 45 | | 48,202 |
Virginia (Commonwealth of) Public Building Authority, Series 2021 A-1, RB
| 5.00% | | 08/01/2027 | | | 500 | | 535,582 |
Virginia (Commonwealth of) Transportation Board, Series 2017 A, Ref. RB
| 5.00% | | 05/15/2027 | | | 30 | | 31,963 |
Virginia (Commonwealth of) Transportation Board, Series 2017 A, Ref. RB
| 5.00% | | 05/15/2029 | | | 25 | | 26,774 |
Virginia (Commonwealth of) Transportation Board, Series 2017 A, Ref. RB
| 5.00% | | 05/15/2031 | | | 70 | | 74,542 |
Virginia (Commonwealth of) Transportation Board, Series 2017 A, Ref. RB
| 4.00% | | 05/15/2034 | | | 25 | | 25,448 |
Virginia (Commonwealth of) Transportation Board, Series 2017 A, Ref. RB
| 4.00% | | 05/15/2036 | | | 150 | | 152,132 |
Virginia (Commonwealth of) Transportation Board (Garvee), Series 2017, Ref. RB
| 5.00% | | 03/15/2027 | | | 130 | | 137,983 |
Virginia (Commonwealth of) Transportation Board (Garvee), Series 2017, Ref. RB
| 5.00% | | 09/15/2027 | | | 500 | | 536,765 |
| | | | | | | | | 3,331,850 |
| Washington-3.45% | | | | | | | | |
Auburn School District No. 408 of King & Pierce Counties, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty)
| 5.00% | | 12/01/2035 | | | 540 | | 573,583 |
Central Puget Sound Regional Transit Authority (Green Bonds), Series 2021 S-1, Ref. RB
| 5.00% | | 11/01/2027 | | | 35 | | 37,666 |
Energy Northwest (Columbia Generating Station), Series 2017 A, Ref. RB
| 5.00% | | 07/01/2029 | | | 170 | | 180,773 |
Energy Northwest (Columbia Generating Station), Series 2017 A, Ref. RB
| 5.00% | | 07/01/2033 | | | 185 | | 195,997 |
Energy Northwest (No. 1), Series 2020 A, Ref. RB
| 5.00% | | 07/01/2027 | | | 95 | | 101,350 |
Energy Northwest (No. 3), Series 2018, Ref. RB
| 5.00% | | 07/01/2027 | | | 35 | | 37,340 |
Franklin County School District No. 1 Pasco, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty)
| 5.00% | | 12/01/2030 | | | 135 | | 144,737 |
Franklin County School District No. 1 Pasco, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty)
| 5.00% | | 12/01/2031 | | | 150 | | 160,818 |
Franklin County School District No. 1 Pasco, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty)
| 5.00% | | 12/01/2032 | | | 15 | | 16,053 |
Franklin County School District No. 1 Pasco, Series 2023, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)
| 4.00% | | 12/01/2027 | | | 10 | | 10,439 |
King (County of), WA, Series 2017, Ref. GO Bonds
| 4.00% | | 07/01/2030 | | | 110 | | 112,547 |
King (County of), WA, Series 2017, Ref. RB
| 5.00% | | 07/01/2049 | | | 100 | | 103,761 |
King County School District No. 210 Federal Way, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty)
| 4.00% | | 12/01/2034 | | | 105 | | 107,506 |
King County School District No. 210 Federal Way, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty)
| 4.00% | | 12/01/2035 | | | 35 | | 35,769 |
King County School District No. 405 Bellevue, Series 2016, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)
| 5.00% | | 12/01/2027 | | | 120 | | 126,301 |
King County School District No. 411 Issaquah, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty)
| 5.00% | | 12/01/2032 | | | 20 | | 21,320 |
King County School District No. 411 Issaquah, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty)
| 5.00% | | 12/01/2033 | | | 130 | | 138,541 |
King County School District No. 414 Lake Washington, Series 2020, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)
| 4.00% | | 12/01/2027 | | | 70 | | 73,076 |
Pierce County School District No. 3 Puyallup, Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty)
| 5.00% | | 12/01/2033 | | | 20 | | 21,123 |
Pierce County School District No. 3 Puyallup, Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty)
| 5.00% | | 12/01/2036 | | | 10 | | 10,524 |
Puyallup School District No. 3 (Washing State School District Credit Enhancement Program), Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty)
| 5.00% | | 12/01/2035 | | | 100 | | 105,343 |
Seattle (City of), WA, Series 2017 C, Ref. RB(a)
| 5.00% | | 09/01/2027 | | | 50 | | 53,467 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Washington-(continued) | | | | | | | | |
Seattle (City of), WA, Series 2017 C, Ref. RB(a)
| 5.00% | | 09/01/2027 | | $ | 10 | | $ 10,693 |
Seattle (City of), WA, Series 2017 C, Ref. RB
| 4.00% | | 09/01/2035 | | | 150 | | 152,172 |
Seattle (City of), WA (Green Bonds), Series 2020 A, RB
| 5.00% | | 07/01/2027 | | | 75 | | 80,077 |
Seattle (Port of), WA, Series 2016, Ref. RB
| 5.00% | | 02/01/2027 | | | 60 | | 61,783 |
Washington (State of), Series 2016 B, Ref. GO Bonds
| 5.00% | | 08/01/2027 | | | 195 | | 203,631 |
Washington (State of), Series 2017 A, GO Bonds
| 5.00% | | 08/01/2033 | | | 40 | | 42,307 |
Washington (State of), Series 2017 A, GO Bonds
| 5.00% | | 08/01/2035 | | | 65 | | 68,618 |
Washington (State of), Series 2017 A, GO Bonds
| 5.00% | | 08/01/2036 | | | 50 | | 52,669 |
Washington (State of), Series 2017 A, GO Bonds
| 5.00% | | 08/01/2038 | | | 115 | | 120,746 |
Washington (State of), Series 2017 A, GO Bonds
| 5.00% | | 08/01/2040 | | | 10 | | 10,457 |
Washington (State of), Series 2017 A, GO Bonds
| 5.00% | | 08/01/2042 | | | 150 | | 156,306 |
Washington (State of), Series 2017 C, Ref. GO Bonds
| 5.00% | | 08/01/2027 | | | 20 | | 21,406 |
Washington (State of), Series 2017 C, Ref. GO Bonds
| 5.00% | | 08/01/2029 | | | 255 | | 271,469 |
Washington (State of), Series 2017 C, Ref. GO Bonds
| 5.00% | | 08/01/2034 | | | 210 | | 222,051 |
Washington (State of), Series 2017 D, GO Bonds
| 5.00% | | 02/01/2027 | | | 40 | | 42,327 |
Washington (State of), Series 2017 D, GO Bonds
| 5.00% | | 02/01/2029 | | | 60 | | 63,230 |
Washington (State of), Series 2017 D, GO Bonds
| 5.00% | | 02/01/2030 | | | 10 | | 10,522 |
Washington (State of), Series 2017 D, GO Bonds
| 5.00% | | 02/01/2033 | | | 25 | | 26,196 |
Washington (State of), Series 2017 D, GO Bonds
| 5.00% | | 02/01/2035 | | | 10 | | 10,467 |
Washington (State of), Series 2017 D, GO Bonds
| 5.00% | | 02/01/2040 | | | 80 | | 83,090 |
Washington (State of), Series 2017 D, GO Bonds
| 5.00% | | 02/01/2042 | | | 160 | | 165,691 |
Washington (State of), Series 2017 R, Ref. GO Bonds
| 5.00% | | 08/01/2027 | | | 610 | | 652,877 |
Washington (State of), Series 2017 R, Ref. GO Bonds
| 5.00% | | 08/01/2032 | | | 150 | | 158,909 |
Washington (State of), Series 2017, Ref. GO Bonds
| 5.00% | | 08/01/2035 | | | 30 | | 31,696 |
Washington (State of), Series 2018 C, GO Bonds
| 5.00% | | 02/01/2027 | | | 205 | | 216,927 |
Washington (State of), Series 2019 A, GO Bonds
| 5.00% | | 08/01/2027 | | | 30 | | 32,109 |
Washington (State of), Series 2020 C, GO Bonds
| 5.00% | | 02/01/2027 | | | 30 | | 31,745 |
Washington (State of), Series R-2017A, Ref. GO Bonds
| 5.00% | | 08/01/2027 | | | 35 | | 36,549 |
Washington (State of), Series R-2018D, Ref. GO Bonds
| 5.00% | | 08/01/2030 | | | 30 | | 31,825 |
Washington (State of), Series R-2018D, Ref. GO Bonds
| 5.00% | | 08/01/2035 | | | 40 | | 42,261 |
Washington (State of) Health Care Facilities Authority (Seattle Children’s Hospital), Series 2017 A, RB
| 5.00% | | 10/01/2047 | | | 135 | | 138,595 |
Washington (State of) Health Care Facilities Authority (Virginia Mason Medical Center), Series 2017, Ref. RB
| 5.00% | | 08/15/2031 | | | 25 | | 25,728 |
Washington (State of) Health Care Facilities Authority (Virginia Mason Medical Center), Series 2017, Ref. RB
| 5.00% | | 08/15/2034 | | | 150 | | 153,613 |
| | | | | | | | | 5,796,776 |
| West Virginia-0.05% | | | | | | | | |
West Virginia (State of) Commissioner of Highways (Surface Transportation), Series 2017 A, RB
| 5.00% | | 09/01/2027 | | | 45 | | 47,893 |
West Virginia (State of) Commissioner of Highways (Surface Transportation), Series 2017 A, RB
| 5.00% | | 09/01/2029 | | | 30 | | 31,855 |
| | | | | | | | | 79,748 |
| Wisconsin-1.32% | | | | | | | | |
Middleton-Cross Plains Area School District, Series 2019 A, GO Bonds
| 3.25% | | 03/01/2036 | | | 100 | | 98,282 |
Wisconsin (State of), Series 2017 2, Ref. GO Bonds
| 5.00% | | 11/01/2027 | | | 20 | | 21,278 |
Wisconsin (State of), Series 2017 3, Ref. GO Bonds
| 5.00% | | 11/01/2028 | | | 70 | | 74,229 |
Wisconsin (State of), Series 2017 3, Ref. GO Bonds
| 5.00% | | 11/01/2029 | | | 305 | | 323,250 |
Wisconsin (State of), Series 2017 3, Ref. GO Bonds
| 5.00% | | 11/01/2030 | | | 40 | | 42,306 |
Wisconsin (State of), Series 2017, Ref. GO Bonds
| 5.00% | | 11/01/2027 | | | 235 | | 250,014 |
Wisconsin (State of), Series 2017, Ref. GO Bonds
| 5.00% | | 11/01/2029 | | | 40 | | 42,393 |
Wisconsin (State of), Series 2017-3, Ref. GO Bonds
| 5.00% | | 11/01/2027 | | | 30 | | 31,909 |
Wisconsin (State of), Series 2017-3, Ref. GO Bonds
| 4.00% | | 11/01/2034 | | | 35 | | 35,725 |
Wisconsin (State of), Series 2019 A, Ref. RB(a)
| 5.00% | | 05/01/2027 | | | 215 | | 228,808 |
Wisconsin (State of), Series 2019 A, Ref. RB(a)
| 5.00% | | 05/01/2027 | | | 150 | | 159,633 |
Wisconsin (State of), Series 2019 B, GO Bonds
| 5.00% | | 05/01/2038 | | | 5 | | 5,245 |
Wisconsin (State of), Series 2021-1, Ref. GO Bonds
| 5.00% | | 05/01/2027 | | | 30 | | 31,967 |
Wisconsin (State of), Series 2021-2, Ref. GO Bonds
| 5.00% | | 05/01/2027 | | | 40 | | 42,622 |
Wisconsin (State of) Department of Transportation, Series 2017-1, Ref. GO Bonds
| 5.00% | | 07/01/2027 | | | 75 | | 80,226 |
Wisconsin (State of) Department of Transportation, Series 2017-2, Ref. RB
| 5.00% | | 07/01/2027 | | | 55 | | 58,832 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Wisconsin-(continued) | | | | | | | | |
Wisconsin (State of) Department of Transportation, Series 2017-2, Ref. RB
| 5.00% | | 07/01/2029 | | $ | 70 | | $ 74,342 |
Wisconsin (State of) Department of Transportation, Series 2017-2, Ref. RB
| 5.00% | | 07/01/2031 | | | 75 | | 79,175 |
Wisconsin (State of) Department of Transportation, Series 2024-2, Ref. RB
| 5.00% | | 07/01/2027 | | | 80 | | 85,574 |
Wisconsin (State of) Public Finance Authority (Prime Healthcare Foundation, Inc.), Series 2018 A, RB
| 5.20% | | 12/01/2037 | | | 450 | | 460,404 |
| | | | | | | | | 2,226,214 |
TOTAL INVESTMENTS IN SECURITIES(c)-98.42%
(Cost $165,667,228)
| | 165,432,968 |
OTHER ASSETS LESS LIABILITIES-1.58%
| | 2,648,109 |
NET ASSETS-100.00%
| | $168,081,077 |
| Investment Abbreviations: |
| AGM | -Assured Guaranty Municipal Corp. |
| BAM | -Build America Mutual Assurance Co. |
| CEP | -Credit Enhancement Provider |
| COP | -Certificates of Participation |
| Ctfs. | -Certificates |
| GO | -General Obligation |
| INS | -Insurer |
| NATL | -National Public Finance Guarantee Corp. |
| RAC | -Revenue Anticipation Certificates |
| RB | -Revenue Bonds |
| Ref. | -Refunding |
| RN | -Revenue Notes |
| Wts. | -Warrants |
| Notes to Schedule of Investments: |
| (a) | Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral. |
| (b) | Principal and/or interest payments are secured by the bond insurance company listed. |
| (c) | Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligations but may be called upon to satisfy the issuer’s obligations. No concentration of any single entity was greater than 5% each. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2028 Municipal Bond ETF (BSMS)
August 31, 2024
Schedule of Investments
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Municipal Obligations-98.49% | | | | | | | | |
| Alabama-0.49% | | | | | | | | |
Alabama (State of) Public School & College Authority (Social Bonds), Series 2020 A, Ref. RB
| 5.00% | | 11/01/2028 | | $ | 100 | | $ 109,993 |
Auburn University, Series 2018 A, RB
| 5.00% | | 06/01/2043 | | | 30 | | 31,357 |
Auburn University, Series 2018 A, RB
| 5.00% | | 06/01/2048 | | | 45 | | 46,864 |
Birmingham (City of) & Jefferson (County of), AL Civic Center Authority), Series 2018 B, RB
| 5.00% | | 07/01/2043 | | | 300 | | 309,814 |
Jefferson County Board of Education, Series 2018, Revenue Wts.
| 5.00% | | 02/01/2046 | | | 100 | | 103,155 |
| | | | | | | | | 601,183 |
| Alaska-0.03% | | | | | | | | |
North Slope (Borough of), AK, Series 2022 A, GO Bonds
| 5.00% | | 06/30/2028 | | | 30 | | 32,664 |
| Arizona-1.46% | | | | | | | | |
Arizona (State of) Industrial Development Authority (Equitable School Revolving Fund), Series 2019, RB
| 5.00% | | 11/01/2044 | | | 10 | | 10,361 |
Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group), Series 2017 A, RB
| 4.00% | | 01/01/2041 | | | 50 | | 49,640 |
Maricopa (County of), AZ Industrial Development Authority (Banner Health), Series 2017 A, RB
| 5.00% | | 01/01/2041 | | | 250 | | 257,832 |
Maricopa (County of), AZ Special Health Care District, Series 2021 D, GO Bonds
| 5.00% | | 07/01/2028 | | | 50 | | 54,196 |
Maricopa (County of), AZ Special Health Care District (Maricopa Integrated Health), Series 2018 C, GO Bonds
| 5.00% | | 07/01/2028 | | | 150 | | 162,588 |
Maricopa (County of), AZ Special Health Care District (Maricopa Integrated Health), Series 2018 C, GO Bonds
| 5.00% | | 07/01/2030 | | | 50 | | 53,683 |
Maricopa (County of), AZ Special Health Care District (Maricopa Integrated Health), Series 2018 C, GO Bonds
| 5.00% | | 07/01/2031 | | | 55 | | 58,942 |
Maricopa (County of), AZ Special Health Care District (Maricopa Integrated Health), Series 2018, GO Bonds
| 5.00% | | 07/01/2034 | | | 460 | | 491,171 |
Salt River Project Agricultural Improvement & Power District, Series 2016 A, Ref. RB
| 5.00% | | 01/01/2028 | | | 20 | | 21,090 |
Salt River Project Agricultural Improvement & Power District, Series 2017, Ref. RB
| 5.00% | | 01/01/2030 | | | 100 | | 107,176 |
Salt River Project Agricultural Improvement & Power District, Series 2017, Ref. RB
| 5.00% | | 01/01/2033 | | | 100 | | 106,547 |
Salt River Project Agricultural Improvement & Power District, Series 2017, Ref. RB
| 5.00% | | 01/01/2034 | | | 25 | | 26,585 |
Salt River Project Agricultural Improvement & Power District, Series 2017, Ref. RB
| 5.00% | | 01/01/2036 | | | 175 | | 185,390 |
Salt River Project Agricultural Improvement & Power District, Series 2017, Ref. RB
| 5.00% | | 01/01/2037 | | | 175 | | 184,935 |
Salt River Project Agricultural Improvement & Power District, Series 2017, Ref. RB
| 5.00% | | 01/01/2038 | | | 15 | | 15,842 |
| | | | | | | | | 1,785,978 |
| Arkansas-0.13% | | | | | | | | |
Fort Smith (City of), AR, Series 2018, Ref. RB
| 5.00% | | 10/01/2034 | | | 30 | | 32,023 |
Little Rock (City of), AR, Series 2022 A, GO Bonds
| 3.88% | | 02/01/2043 | | | 125 | | 125,005 |
| | | | | | | | | 157,028 |
| California-16.54% | | | | | | | | |
Bay Area Toll Authority, Series 2023 F-1, RB
| 5.00% | | 04/01/2028 | | | 70 | | 76,485 |
Bay Area Toll Authority (San Francisco Bay Area), Series 2017, Ref. RB
| 5.00% | | 04/01/2028 | | | 15 | | 16,390 |
Brentwood Union School District (Election of 2016), Series 2018, GO Bonds
| 4.00% | | 08/01/2048 | | | 190 | | 187,012 |
Cabrillo Unified School District (Election of 2018), Series 2020 B, GO Bonds
| 5.00% | | 08/01/2050 | | | 75 | | 78,346 |
California (State of), Series 2003, GO Bonds, (INS - AMBAC)(a)
| 5.00% | | 02/01/2028 | | | 5 | | 5,408 |
California (State of), Series 2016, Ref. GO Bonds
| 3.25% | | 09/01/2028 | | | 15 | | 15,137 |
California (State of), Series 2017, Ref. GO Bonds
| 3.00% | | 08/01/2028 | | | 10 | | 10,041 |
California (State of), Series 2017, Ref. GO Bonds
| 5.00% | | 08/01/2028 | | | 105 | | 112,240 |
California (State of), Series 2017, Ref. GO Bonds
| 5.00% | | 11/01/2028 | | | 100 | | 107,336 |
California (State of), Series 2018, GO Bonds
| 5.00% | | 10/01/2028 | | | 110 | | 120,652 |
California (State of), Series 2018, GO Bonds
| 5.00% | | 10/01/2030 | | | 45 | | 48,936 |
California (State of), Series 2018, Ref. GO Bonds
| 5.00% | | 08/01/2028 | | | 300 | | 327,920 |
California (State of), Series 2019, GO Bonds
| 5.00% | | 11/01/2031 | | | 55 | | 59,552 |
California (State of), Series 2019, GO Bonds
| 5.00% | | 11/01/2032 | | | 260 | | 281,026 |
California (State of), Series 2019, Ref. GO Bonds
| 5.00% | | 04/01/2028 | | | 270 | | 293,075 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2028 Municipal Bond ETF (BSMS)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| California-(continued) | | | | | | | | |
California (State of), Series 2019, Ref. GO Bonds
| 5.00% | | 04/01/2028 | | $ | 500 | | $ 542,732 |
California (State of), Series 2019, Ref. GO Bonds
| 5.00% | | 10/01/2028 | | | 75 | | 82,262 |
California (State of), Series 2019, Ref. GO Bonds
| 5.00% | | 11/01/2034 | | | 235 | | 253,689 |
California (State of), Series 2019, Ref. GO Bonds
| 5.00% | | 11/01/2036 | | | 580 | | 624,007 |
California (State of), Series 2019, Ref. GO Bonds
| 5.00% | | 11/01/2037 | | | 200 | | 214,813 |
California (State of), Series 2019, Ref. GO Bonds
| 5.00% | | 11/01/2039 | | | 60 | | 64,113 |
California (State of), Series 2020, Ref. GO Bonds
| 5.00% | | 11/01/2028 | | | 235 | | 258,191 |
California (State of), Series 2021 B, Ref. GO Bonds
| 5.00% | | 10/01/2028 | | | 150 | | 164,525 |
California (State of), Series 2021, Ref. GO Bonds
| 5.00% | | 09/01/2028 | | | 90 | | 98,548 |
California (State of), Series 2021, Ref. GO Bonds
| 5.00% | | 12/01/2028 | | | 145 | | 159,579 |
California (State of), Series 2022, GO Bonds
| 5.00% | | 04/01/2028 | | | 215 | | 233,375 |
California (State of), Series 2022, Ref. GO Bonds
| 4.00% | | 09/01/2028 | | | 25 | | 26,400 |
California (State of), Series 2022, Ref. GO Bonds
| 5.00% | | 11/01/2028 | | | 250 | | 274,671 |
California (State of), Series 2022, Ref. GO Bonds
| 5.00% | | 04/01/2035 | | | 530 | | 571,125 |
California (State of), Series 2023, Ref. GO Bonds
| 5.00% | | 09/01/2028 | | | 20 | | 21,900 |
California (State of) (Bid Group A), Series 2018, GO Bonds
| 5.00% | | 10/01/2048 | | | 250 | | 263,205 |
California (State of) Department of Water Resources, Series 2018, Ref. RB
| 5.00% | | 12/01/2028 | | | 35 | | 38,907 |
California (State of) Department of Water Resources (Central Valley), Series 2020 BB, Ref. RB
| 5.00% | | 12/01/2028 | | | 60 | | 66,698 |
California (State of) Department of Water Resources (Central Valley), Series 2021, RB
| 5.00% | | 12/01/2028 | | | 30 | | 33,349 |
California (State of) Educational Facilities Authority (University of San Francisco), Series 2018 A, RB
| 5.00% | | 10/01/2048 | | | 20 | | 20,818 |
California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2017 A, Ref. RB
| 5.00% | | 11/15/2028 | | | 10 | | 10,766 |
California (State of) Infrastructure & Economic Development Bank (Bay Area Toll Bridges), Series 2003 A, RB(b)
| 5.00% | | 01/01/2028 | | | 10 | | 10,884 |
California (State of) Infrastructure & Economic Development Bank (Bay Area Toll Bridges), Series 2003 A, RB(b)
| 5.00% | | 01/01/2028 | | | 130 | | 141,491 |
California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund), Series 2018, RB
| 5.00% | | 10/01/2031 | | | 80 | | 86,317 |
California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds), Series 2018, RB
| 5.00% | | 10/01/2028 | | | 30 | | 32,831 |
California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds), Series 2018, RB
| 5.00% | | 10/01/2029 | | | 20 | | 21,766 |
California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds), Series 2018, RB
| 5.00% | | 10/01/2035 | | | 115 | | 123,253 |
California (State of) Infrastructure & Economic Development Bank (Segerstrom Center for the Arts), Series 2017, Ref. RB
| 5.00% | | 01/01/2028 | | | 200 | | 215,410 |
California (State of) Infrastructure & Economic Development Bank (The Broad) (Sustainability Bonds), Series 2021, Ref. RB
| 5.00% | | 06/01/2028 | | | 20 | | 21,943 |
California (State of) Infrastructure & Economic Development Bank (UCSF 2130 Third Street), Series 2017, RB
| 5.00% | | 05/15/2042 | | | 250 | | 263,708 |
California (State of) Infrastructure & Economic Development Bank (UCSF 2130 Third Street), Series 2017, RB
| 5.00% | | 05/15/2047 | | | 125 | | 130,974 |
California (State of) Municipal Finance Authority (Emerson College), Series 2017 B, Ref. RB
| 5.00% | | 01/01/2042 | | | 150 | | 153,252 |
California (State of) Municipal Finance Authority (Orange County Civic Center Infrastructure Improvement Program - Phase II), Series 2018 A, RB
| 5.00% | | 06/01/2048 | | | 240 | | 252,167 |
California (State of) Municipal Finance Authority (Orange County Civic Center Infrastructure Improvement Program - Phase II), Series 2018, RB
| 5.00% | | 06/01/2043 | | | 45 | | 47,520 |
California (State of) Public Finance Authority (Sharp Healthcare), Series 2017 A, Ref. RB
| 4.00% | | 08/01/2047 | | | 25 | | 24,464 |
California (State of) Public Works Board, Series 2022 A, Ref. RB
| 5.00% | | 08/01/2028 | | | 200 | | 218,457 |
California (State of) Public Works Board, Series 2023 B, Ref. RB
| 5.00% | | 12/01/2028 | | | 170 | | 186,948 |
California (State of) Public Works Board (Various Capital), Series 2017 B, Ref. RB(b)
| 5.00% | | 10/01/2027 | | | 5 | | 5,394 |
California (State of) Public Works Board (Various Capital), Series 2017 B, Ref. RB
| 5.00% | | 10/01/2028 | | | 90 | | 96,024 |
California (State of) Public Works Board (Various Capital), Series 2019 C, RB
| 5.00% | | 11/01/2028 | | | 25 | | 27,446 |
California (State of) Public Works Board (Various Capital), Series 2023, Ref. RB
| 5.00% | | 09/01/2028 | | | 5 | | 5,471 |
California (State of) Statewide Communities Development Authority (Huntington Memorial Hospital), Series 2018, RB
| 4.00% | | 07/01/2048 | | | 150 | | 147,005 |
California (State of) Statewide Communities Development Authority (Methodist Hospital of Southern California), Series 2018, RB
| 5.00% | | 01/01/2048 | | | 250 | | 260,274 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2028 Municipal Bond ETF (BSMS)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| California-(continued) | | | | | | | | |
California State University, Series 2018 A, Ref. RB
| 5.00% | | 11/01/2034 | | $ | 50 | | $ 54,406 |
California State University, Series 2018 A, Ref. RB
| 5.00% | | 11/01/2043 | | | 195 | | 207,585 |
California State University, Series 2018 A, Ref. RB
| 5.00% | | 11/01/2048 | | | 150 | | 158,588 |
Chaffey Community College District (Election of 2018), Series 2019 A, GO Bonds
| 5.00% | | 06/01/2048 | | | 150 | | 157,928 |
Chaffey Joint Union High School District, Series 2019 D, GO Bonds
| 4.00% | | 08/01/2049 | | | 75 | | 74,398 |
Contra Costa (County of), CA Transportation Authority, Series 2018 B, Ref. RB
| 5.00% | | 03/01/2028 | | | 20 | | 21,273 |
Corona-Norco Unified School District (Election of 2014), Series 2019 C, GO Bonds
| 4.00% | | 08/01/2049 | | | 60 | | 59,705 |
East Bay Municipal Utility District, Series 2017 B, Ref. RB
| 5.00% | | 06/01/2028 | | | 20 | | 21,426 |
Grossmont-Cuyamaca Community College District (Election of 2012), Series 2018 B, GO Bonds
| 4.00% | | 08/01/2047 | | | 25 | | 24,829 |
Hartnell Community College District, Series 2020 B, GO Bonds
| 3.00% | | 08/01/2045 | | | 75 | | 63,316 |
Long Beach Community College District, Series 2019 C, GO Bonds
| 4.00% | | 08/01/2049 | | | 150 | | 147,639 |
Los Angeles (City of), CA, Series 2018 B, Ref. RB
| 5.00% | | 06/01/2028 | | | 70 | | 76,932 |
Los Angeles (City of), CA, Series 2022 C, Ref. RB
| 5.00% | | 06/01/2028 | | | 65 | | 71,437 |
Los Angeles (City of), CA Department of Airports, Series 2019 C, Ref. RB
| 5.00% | | 05/15/2028 | | | 55 | | 60,282 |
Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2019 E, RB
| 5.00% | | 05/15/2044 | | | 20 | | 21,269 |
Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2019 E, RB
| 5.00% | | 05/15/2049 | | | 290 | | 305,070 |
Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2020, Ref. RB
| 5.00% | | 05/15/2028 | | | 30 | | 32,881 |
Los Angeles (City of), CA Department of Water & Power, Series 2018 A, RB
| 5.00% | | 07/01/2048 | | | 35 | | 36,494 |
Los Angeles (City of), CA Department of Water & Power, Series 2018 A, Ref. RB
| 5.00% | | 07/01/2028 | | | 25 | | 27,185 |
Los Angeles (City of), CA Department of Water & Power, Series 2018 A, Ref. RB
| 5.00% | | 07/01/2031 | | | 15 | | 16,102 |
Los Angeles (City of), CA Department of Water & Power, Series 2018 A, Ref. RB
| 5.00% | | 07/01/2032 | | | 95 | | 101,570 |
Los Angeles (City of), CA Department of Water & Power, Series 2018 A, Ref. RB
| 5.00% | | 07/01/2037 | | | 35 | | 37,052 |
Los Angeles (City of), CA Department of Water & Power, Series 2018 A, Ref. RB
| 5.00% | | 07/01/2038 | | | 170 | | 179,973 |
Los Angeles (City of), CA Department of Water & Power, Series 2018 B, Ref. RB
| 5.00% | | 07/01/2037 | | | 265 | | 282,937 |
Los Angeles (City of), CA Department of Water & Power, Series 2018 B, Ref. RB
| 5.00% | | 07/01/2043 | | | 420 | | 443,803 |
Los Angeles (City of), CA Department of Water & Power, Series 2018 D, Ref. RB
| 5.00% | | 07/01/2033 | | | 30 | | 32,240 |
Los Angeles (City of), CA Department of Water & Power, Series 2018 D, Ref. RB
| 5.00% | | 07/01/2036 | | | 5 | | 5,338 |
Los Angeles (City of), CA Department of Water & Power, Series 2018 D, Ref. RB
| 5.00% | | 07/01/2037 | | | 10 | | 10,669 |
Los Angeles (City of), CA Department of Water & Power, Series 2018 D, Ref. RB
| 5.00% | | 07/01/2038 | | | 10 | | 10,670 |
Los Angeles (City of), CA Department of Water & Power, Series 2018 D, Ref. RB
| 5.00% | | 07/01/2039 | | | 25 | | 26,640 |
Los Angeles (City of), CA Department of Water & Power, Series 2018 D, Ref. RB
| 5.00% | | 07/01/2048 | | | 140 | | 146,815 |
Los Angeles (City of), CA Department of Water & Power, Series 2020 B, Ref. RB
| 4.00% | | 07/01/2028 | | | 100 | | 105,975 |
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2017 A, RB
| 5.00% | | 07/01/2028 | | | 20 | | 21,399 |
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2019 A, RB
| 5.00% | | 07/01/2037 | | | 60 | | 64,604 |
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2019 A, RB
| 5.00% | | 07/01/2038 | | | 50 | | 53,707 |
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2019 B, RB
| 5.00% | | 07/01/2032 | | | 15 | | 16,305 |
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2019 B, RB
| 5.00% | | 07/01/2034 | | | 25 | | 27,089 |
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2021 A, RB
| 5.00% | | 06/01/2028 | | | 20 | | 22,011 |
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2019 A, RB
| 5.00% | | 07/01/2030 | | | 15 | | 16,384 |
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2019 A, RB
| 5.00% | | 07/01/2031 | | | 55 | | 59,898 |
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2019 A, RB
| 5.00% | | 07/01/2039 | | | 55 | | 58,944 |
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2019 A, RB
| 5.00% | | 07/01/2044 | | | 725 | | 767,701 |
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2019 B, RB
| 5.00% | | 07/01/2035 | | | 15 | | 16,225 |
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020, RB
| 5.00% | | 06/01/2028 | | | 70 | | 76,932 |
Los Angeles Community College District (Election of 2016), Series 2023 D, GO Bonds
| 5.00% | | 08/01/2028 | | | 10 | | 11,049 |
Los Angeles County Facilities, Inc. (Vermont Corridor County Administration Building), Series 2018 A, RB
| 5.00% | | 12/01/2043 | | | 150 | | 158,920 |
Los Angeles Unified School District, Series 2019 A, Ref. GO Bonds
| 5.00% | | 07/01/2028 | | | 40 | | 44,000 |
Los Angeles Unified School District, Series 2020 A, Ref. GO Bonds
| 5.00% | | 07/01/2028 | | | 135 | | 148,499 |
Los Angeles Unified School District, Series 2020 C, GO Bonds
| 5.00% | | 07/01/2028 | | | 135 | | 148,499 |
Los Angeles Unified School District, Series 2020 RYQ, GO Bonds
| 5.00% | | 07/01/2028 | | | 15 | | 16,500 |
Los Angeles Unified School District, Series 2021 A, Ref. GO Bonds
| 5.00% | | 07/01/2028 | | | 75 | | 82,500 |
Los Angeles Unified School District (Election of 2008), Series 2018 B-1, GO Bonds
| 5.00% | | 07/01/2028 | | | 1,035 | | 1,122,119 |
Los Angeles Unified School District (Election of 2008), Series 2018 B-1, GO Bonds
| 5.00% | | 07/01/2029 | | | 35 | | 37,735 |
Los Angeles Unified School District (Election of 2008), Series 2018 B-1, GO Bonds
| 5.00% | | 07/01/2030 | | | 10 | | 10,740 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2028 Municipal Bond ETF (BSMS)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| California-(continued) | | | | | | | | |
Los Angeles Unified School District (Election of 2008), Series 2018 B-1, GO Bonds
| 5.00% | | 07/01/2033 | | $ | 25 | | $ 26,718 |
Los Angeles Unified School District (Election of 2008), Series 2018 B-1, GO Bonds
| 5.00% | | 07/01/2038 | | | 10 | | 10,588 |
Los Angeles Unified School District (Election of 2008), Series 2018 B-1, GO Bonds
| 5.25% | | 07/01/2042 | | | 225 | | 238,573 |
Los Angeles Unified School District (Sustainability Bonds), Series 2022 QRR, GO Bonds
| 5.00% | | 07/01/2028 | | | 20 | | 22,000 |
Metropolitan Water District of Southern California, Series 2022 B, Ref. RB
| 3.00% | | 07/01/2028 | | | 150 | | 152,237 |
Mountain View Shoreline Regional Park Community, Series 2018 A, RB, (INS - AGM)(a)
| 5.00% | | 08/01/2043 | | | 100 | | 105,351 |
Mt. San Jacinto Community College District (Election of 2014), Series 2018 B, GO Bonds
| 4.00% | | 08/01/2043 | | | 130 | | 130,777 |
Oxnard Union High School District, Series 2020 B, GO Bonds
| 5.00% | | 08/01/2045 | | | 75 | | 78,971 |
Pittsburg Unified School District Financing Authority (Pittsburg Unified School District Bond Program), Series 2019, RB, (INS - AGM)(a)
| 5.00% | | 09/01/2047 | | | 25 | | 26,208 |
Rancho Santiago Community College District, Series 2005, GO Bonds, (INS - AGM)(a)
| 5.13% | | 09/01/2028 | | | 45 | | 49,939 |
Redwood City School District (Election of 2015), Series 2018, GO Bonds
| 5.25% | | 08/01/2044 | | | 200 | | 213,344 |
Sacramento (City of), CA (Convention Center Complex), Series 2018 A, RB
| 5.00% | | 06/01/2048 | | | 150 | | 155,063 |
Sacramento (City of), CA Municipal Utility District, Series 2016 D, Ref. RB
| 5.00% | | 08/15/2028 | | | 130 | | 143,503 |
Sacramento (City of), CA Municipal Utility District, Series 2018 F, Ref. RB
| 5.00% | | 08/15/2028 | | | 25 | | 27,597 |
Sacramento (City of), CA Municipal Utility District, Series 2021 I, Ref. RB
| 5.00% | | 08/15/2028 | | | 25 | | 27,597 |
Sacramento (County of), CA Sanitation Districts Financing Authority, Series 2021, Ref. RB
| 5.00% | | 12/01/2028 | | | 55 | | 61,116 |
San Diego (City of), CA Public Facilities Financing Authority, Series 2018 A, RB
| 5.00% | | 08/01/2043 | | | 130 | | 137,541 |
San Diego (City of), CA Public Facilities Financing Authority, Series 2018 A, RB
| 5.25% | | 08/01/2047 | | | 25 | | 26,562 |
San Diego (County of), CA Water Authority (Green Bonds), Series 2021 S-1, Ref. RB
| 5.00% | | 05/01/2028 | | | 280 | | 305,500 |
San Diego Unified School District (Election of 1998), Series 2006 G-1, Ref. GO Bonds, (INS - AGM)(a)
| 5.25% | | 07/01/2028 | | | 40 | | 44,333 |
San Francisco (City & County of), CA, Series 2020 R-1, Ref. GO Bonds
| 5.00% | | 06/15/2030 | | | 35 | | 38,093 |
San Francisco (City & County of), CA, Series 2020 R-1, Ref. GO Bonds
| 5.00% | | 06/15/2031 | | | 70 | | 75,727 |
San Francisco (City & County of), CA, Series 2020 R-1, Ref. GO Bonds
| 4.00% | | 06/15/2032 | | | 135 | | 141,272 |
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2018, RB
| 5.00% | | 05/01/2048 | | | 100 | | 104,635 |
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2019 D, Ref. RB
| 5.00% | | 05/01/2028 | | | 50 | | 54,698 |
San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2017 D, Ref. RB
| 5.00% | | 11/01/2028 | | | 85 | | 91,908 |
San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2018 A, RB
| 4.00% | | 10/01/2043 | | | 200 | | 200,589 |
San Francisco (County of), CA Transportation Authority, Series 2017, RB
| 4.00% | | 02/01/2028 | | | 25 | | 25,960 |
San Lorenzo Unified School District, Series 2021, GO Bonds
| 4.00% | | 08/01/2047 | | | 80 | | 79,454 |
San Mateo (City of), CA Joint Powers Financing Authority (Capital), Series 2018 A, RB
| 5.00% | | 07/15/2043 | | | 150 | | 158,732 |
San Mateo County Community College District (Election of 2014), Series 2018 B, GO Bonds
| 5.00% | | 09/01/2045 | | | 185 | | 196,390 |
Santa Clara (County of), CA Financing Authority, Series 2018 A, RB
| 4.00% | | 04/01/2043 | | | 20 | | 20,054 |
Santa Monica Community College District (Election of 2016), Series 2018 A, GO Bonds
| 5.00% | | 08/01/2043 | | | 20 | | 21,281 |
Sierra Joint Community College District (Election of 2018), Series 2019, GO Bonds
| 4.00% | | 08/01/2049 | | | 20 | | 19,998 |
Southern California Public Power Authority (No.1), Series 2007 A, RB
| 5.00% | | 11/01/2028 | | | 100 | | 104,856 |
Tuolumne (City of), CA Wind Project Authority, Series 2016 A, Ref. RB
| 5.00% | | 01/01/2028 | | | 75 | | 79,770 |
University of California, Series 2018 AZ, Ref. RB
| 4.00% | | 05/15/2030 | | | 45 | | 47,049 |
University of California, Series 2018 AZ, Ref. RB
| 4.00% | | 05/15/2031 | | | 25 | | 26,044 |
University of California, Series 2018 AZ, Ref. RB
| 5.00% | | 05/15/2032 | | | 25 | | 27,028 |
University of California, Series 2018 AZ, Ref. RB
| 5.00% | | 05/15/2033 | | | 25 | | 26,948 |
University of California, Series 2018 AZ, Ref. RB
| 5.00% | | 05/15/2034 | | | 185 | | 199,039 |
University of California, Series 2018 AZ, Ref. RB
| 5.00% | | 05/15/2035 | | | 30 | | 32,225 |
University of California, Series 2018 AZ, Ref. RB
| 5.00% | | 05/15/2036 | | | 110 | | 117,870 |
University of California, Series 2018 AZ, Ref. RB
| 5.00% | | 05/15/2037 | | | 65 | | 69,530 |
University of California, Series 2018 AZ, Ref. RB
| 5.00% | | 05/15/2038 | | | 30 | | 32,053 |
University of California, Series 2018 AZ, Ref. RB
| 5.00% | | 05/15/2043 | | | 680 | | 718,782 |
University of California, Series 2018 AZ, Ref. RB
| 5.00% | | 05/15/2048 | | | 125 | | 131,204 |
University of California, Series 2018 AZ, Ref. RB
| 5.25% | | 05/15/2058 | | | 65 | | 68,512 |
University of California, Series 2023 BN, Ref. RB
| 5.00% | | 05/15/2028 | | | 45 | | 49,389 |
University of California (Limited), Series 2018 O, Ref. RB
| 5.00% | | 05/15/2031 | | | 40 | | 43,367 |
University of California (Limited), Series 2018 O, Ref. RB
| 5.00% | | 05/15/2035 | | | 5 | | 5,367 |
University of California (Limited), Series 2018 O, Ref. RB
| 5.00% | | 05/15/2036 | | | 55 | | 58,895 |
University of California (Limited), Series 2018 O, Ref. RB
| 5.00% | | 05/15/2037 | | | 75 | | 80,173 |
University of California (Limited), Series 2018 O, Ref. RB
| 5.00% | | 05/15/2038 | | | 125 | | 133,466 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2028 Municipal Bond ETF (BSMS)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| California-(continued) | | | | | | | | |
University of California (Limited), Series 2018 O, Ref. RB
| 5.00% | | 05/15/2039 | | $ | 50 | | $ 53,213 |
University of California (Limited), Series 2018 O, Ref. RB
| 5.00% | | 05/15/2043 | | | 275 | | 290,389 |
University of California (Limited), Series 2018 O, Ref. RB
| 4.00% | | 05/15/2048 | | | 85 | | 85,112 |
University of California (Limited), Series 2018 O, Ref. RB
| 5.00% | | 05/15/2048 | | | 175 | | 183,500 |
Upland (City of), CA (San Antonio Regional Hospital), Series 2017, Ref. COP
| 5.00% | | 01/01/2047 | | | 45 | | 45,911 |
| | | | | | | | | 20,162,416 |
| Colorado-2.03% | | | | | | | | |
Arapahoe County School District No. 6 Littleton, Series 2019 A, GO Bonds
| 5.50% | | 12/01/2028 | | | 110 | | 123,074 |
Arapahoe County School District No. 6 Littleton, Series 2019 A, GO Bonds
| 5.50% | | 12/01/2043 | | | 30 | | 32,200 |
Colorado (State of), Series 2018 A, COP
| 5.00% | | 12/15/2031 | | | 165 | | 178,990 |
Colorado (State of), Series 2018 A, COP
| 5.00% | | 12/15/2032 | | | 65 | | 70,273 |
Colorado (State of), Series 2018 M, Ref. COP
| 5.00% | | 03/15/2031 | | | 80 | | 85,663 |
Colorado (State of), Series 2018 N, COP
| 5.00% | | 03/15/2038 | | | 205 | | 216,548 |
Colorado (State of), Series 2020 A, COP
| 5.00% | | 12/15/2028 | | | 65 | | 71,342 |
Colorado (State of) Health Facilities Authority (Adventist Health System/Sunbelt Obligated Group), Series 2018 A, RB
| 5.00% | | 11/15/2048 | | | 180 | | 185,818 |
Colorado (State of) Health Facilities Authority (Adventist Health System/Sunbelt Obligated Group), Series 2018, RB
| 4.00% | | 11/15/2048 | | | 25 | | 24,101 |
Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-1, Ref. RB
| 5.00% | | 08/01/2028 | | | 25 | | 26,968 |
Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-2, Ref. RB
| 5.00% | | 08/01/2028 | | | 10 | | 10,787 |
Colorado (State of) Health Facilities Authority (SCL Health System), Series 2019 A, Ref. RB
| 5.00% | | 01/01/2028 | | | 10 | | 10,764 |
Colorado (State of) Regional Transportation District (Fastracks), Series 2013 A, Ref. RB
| 5.00% | | 11/01/2028 | | | 30 | | 32,923 |
Colorado Springs (City of), CO, Series 2018 A-4, RB
| 5.00% | | 11/15/2048 | | | 90 | | 94,013 |
Denver (City & County of), CO, Series 2020 B, Ref. GO Bonds
| 5.00% | | 08/01/2028 | | | 120 | | 131,309 |
Denver City & County School District No. 1, Series 2018 A, GO Bonds
| 5.50% | | 12/01/2028 | | | 30 | | 32,754 |
Denver City & County School District No. 1, Series 2021 B, Ref. GO Bonds
| 4.00% | | 12/01/2028 | | | 30 | | 31,704 |
Douglas County School District No. Re-1 Douglas & Elbert Counties, Series 2019, GO Bonds
| 5.00% | | 12/15/2028 | | | 30 | | 33,055 |
Douglas County School District No. Re-1 Douglas & Elbert Counties, Series 2019, GO Bonds
| 5.00% | | 12/15/2037 | | | 15 | | 16,107 |
Jefferson County School District R-1, Series 2018, GO Bonds
| 5.00% | | 12/15/2030 | | | 110 | | 120,362 |
Jefferson County School District R-1, Series 2018, GO Bonds
| 5.00% | | 12/15/2031 | | | 55 | | 59,941 |
Jefferson County School District R-1, Series 2018, GO Bonds
| 5.00% | | 12/15/2032 | | | 15 | | 16,293 |
Jefferson County School District R-1, Series 2018, GO Bonds
| 5.00% | | 12/15/2033 | | | 75 | | 81,355 |
Jefferson County School District R-1, Series 2018, GO Bonds
| 5.00% | | 12/15/2034 | | | 10 | | 10,827 |
Larimer County School District No. R-1 Poudre, Series 2018, GO Bonds
| 5.00% | | 12/15/2031 | | | 35 | | 38,144 |
Larimer County School District No. R-1 Poudre, Series 2018, GO Bonds
| 4.00% | | 12/15/2033 | | | 40 | | 41,382 |
Larimer County School District No. R-1 Poudre, Series 2018, GO Bonds
| 5.00% | | 12/15/2034 | | | 100 | | 108,397 |
Larimer County School District No. R-1 Poudre, Series 2018, GO Bonds
| 4.00% | | 12/15/2036 | | | 5 | | 5,122 |
Larimer County School District No. R-1 Poudre, Series 2018, GO Bonds
| 5.00% | | 12/15/2037 | | | 75 | | 80,566 |
Loveland (City of), CO Electric & Communications Enterprise, Series 2019 A, RB
| 5.00% | | 12/01/2044 | | | 100 | | 104,798 |
University of Colorado, Series 2017 A-2, Ref. RB(b)
| 4.00% | | 06/01/2028 | | | 65 | | 68,516 |
University of Colorado, Series 2017 A-2, Ref. RB(b)
| 4.00% | | 06/01/2028 | | | 50 | | 52,704 |
University of Colorado, Series 2017 A-2, Ref. RB(b)
| 5.00% | | 06/01/2028 | | | 45 | | 49,033 |
University of Colorado, Series 2017 A-2, Ref. RB
| 4.00% | | 06/01/2038 | | | 230 | | 232,663 |
| | | | | | | | | 2,478,496 |
| Connecticut-2.32% | | | | | | | | |
Connecticut (State of), Series 2018 A, GO Bonds
| 5.00% | | 04/15/2037 | | | 40 | | 42,406 |
Connecticut (State of), Series 2018 B, RB
| 5.00% | | 10/01/2028 | | | 60 | | 65,786 |
Connecticut (State of), Series 2018 B, RB
| 5.00% | | 10/01/2030 | | | 30 | | 32,477 |
Connecticut (State of), Series 2018 B, RB
| 5.00% | | 10/01/2032 | | | 85 | | 91,650 |
Connecticut (State of), Series 2018 B, RB
| 5.00% | | 10/01/2034 | | | 15 | | 16,120 |
Connecticut (State of), Series 2018 B, RB
| 5.00% | | 10/01/2038 | | | 65 | | 69,031 |
Connecticut (State of), Series 2018 C, GO Bonds
| 5.00% | | 06/15/2032 | | | 595 | | 638,662 |
Connecticut (State of), Series 2018 E, GO Bonds
| 5.00% | | 09/15/2033 | | | 20 | | 21,516 |
Connecticut (State of), Series 2018 E, GO Bonds
| 4.00% | | 09/15/2036 | | | 350 | | 355,330 |
Connecticut (State of), Series 2019 A, GO Bonds
| 5.00% | | 04/15/2028 | | | 20 | | 21,720 |
Connecticut (State of), Series 2019 B, Ref. GO Bonds
| 5.00% | | 02/15/2028 | | | 100 | | 108,219 |
Connecticut (State of), Series 2020 A, GO Bonds
| 5.00% | | 01/15/2028 | | | 15 | | 16,204 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2028 Municipal Bond ETF (BSMS)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Connecticut-(continued) | | | | | | | | |
Connecticut (State of), Series 2021 A, GO Bonds
| 4.00% | | 01/15/2028 | | $ | 230 | | $ 240,550 |
Connecticut (State of), Series 2021 A, RB
| 5.00% | | 05/01/2028 | | | 10 | | 10,870 |
Connecticut (State of), Series 2021 D, RB
| 5.00% | | 11/01/2028 | | | 120 | | 131,792 |
Connecticut (State of), Series 2022 A, GO Bonds
| 4.00% | | 01/15/2028 | | | 95 | | 99,358 |
Connecticut (State of), Series 2022 G, Ref. GO Bonds
| 5.00% | | 11/15/2028 | | | 130 | | 142,887 |
Connecticut (State of), Series 2024 A, GO Bonds
| 5.00% | | 01/15/2028 | | | 45 | | 48,612 |
Connecticut (State of), Series 2024 C, Ref. GO Bonds
| 5.00% | | 03/01/2028 | | | 70 | | 75,826 |
Connecticut (State of) (Social Bonds), Series 2021 D, Ref. GO Bonds
| 5.00% | | 07/15/2028 | | | 115 | | 125,541 |
Connecticut (State of) (Transportation Infrastructure), Series 2018 A, RB
| 5.00% | | 01/01/2032 | | | 35 | | 37,277 |
Connecticut (State of) (Transportation Infrastructure), Series 2018 A, RB
| 5.00% | | 01/01/2036 | | | 60 | | 63,543 |
Connecticut (State of) (Transportation Infrastructure), Series 2018 A, RB
| 5.00% | | 01/01/2038 | | | 155 | | 163,344 |
Connecticut (State of) (Transportation Infrastructure), Series 2018 B, RB
| 5.00% | | 10/01/2033 | | | 25 | | 26,913 |
Connecticut (State of) (Transportation Infrastructure), Series 2018, RB
| 5.00% | | 01/01/2030 | | | 65 | | 69,514 |
Connecticut (State of) (Transportation Infrastructure), Series 2018, RB
| 5.00% | | 01/01/2031 | | | 5 | | 5,335 |
University of Connecticut, Series 2018 A, RB
| 5.00% | | 11/15/2043 | | | 100 | | 104,900 |
| | | | | | | | | 2,825,383 |
| Delaware-0.13% | | | | | | | | |
Delaware (State of), Series 2017 A, Ref. GO Bonds
| 5.00% | | 01/01/2028 | | | 40 | | 43,322 |
Delaware (State of), Series 2020 A, GO Bonds
| 5.00% | | 01/01/2028 | | | 10 | | 10,830 |
Delaware (State of) Transportation Authority, Series 2020, Ref. RB
| 5.00% | | 07/01/2028 | | | 100 | | 109,154 |
| | | | | | | | | 163,306 |
| District of Columbia-1.34% | | | | | | | | |
District of Columbia, Series 2017 A, Ref. GO Bonds
| 5.00% | | 06/01/2028 | | | 300 | | 318,754 |
District of Columbia, Series 2018 A, GO Bonds
| 5.00% | | 06/01/2043 | | | 10 | | 10,452 |
District of Columbia, Series 2018 B, Ref. GO Bonds
| 5.00% | | 06/01/2030 | | | 50 | | 54,122 |
District of Columbia, Series 2018 B, Ref. GO Bonds
| 5.00% | | 06/01/2031 | | | 20 | | 21,541 |
District of Columbia, Series 2018 B, Ref. GO Bonds
| 5.00% | | 06/01/2032 | | | 55 | | 59,021 |
District of Columbia, Series 2020 A, RB
| 5.00% | | 03/01/2028 | | | 25 | | 27,089 |
District of Columbia, Series 2020 B, Ref. RB
| 5.00% | | 10/01/2028 | | | 340 | | 372,923 |
District of Columbia, Series 2020, RB
| 5.00% | | 12/01/2028 | | | 75 | | 81,939 |
District of Columbia, Series 2021 E, Ref. GO Bonds
| 5.00% | | 02/01/2028 | | | 25 | | 27,041 |
District of Columbia (KIPP DC), Series 2017 B, Ref. RB
| 5.00% | | 07/01/2048 | | | 10 | | 10,142 |
District of Columbia Water & Sewer Authority, Series 2018 B, RB
| 5.00% | | 10/01/2043 | | | 80 | | 83,502 |
District of Columbia Water & Sewer Authority, Series 2018 B, RB
| 5.00% | | 10/01/2049 | | | 200 | | 207,515 |
District of Columbia Water & Sewer Authority (Green Bonds), Series 2018 A, RB
| 5.00% | | 10/01/2049 | | | 125 | | 129,697 |
Washington Convention & Sports Authority, Series 2018 A, Ref. RB
| 5.00% | | 10/01/2028 | | | 135 | | 143,984 |
Washington Metropolitan Area Transit Authority, Series 2020 A, RB
| 5.00% | | 07/15/2028 | | | 75 | | 81,788 |
| | | | | | | | | 1,629,510 |
| Florida-2.29% | | | | | | | | |
Broward (County of), FL School Board, Series 2019 A, Ref. COP
| 5.00% | | 07/01/2028 | | | 55 | | 59,804 |
Central Florida Expressway Authority, Series 2018, RB
| 5.00% | | 07/01/2048 | | | 85 | | 88,222 |
Central Florida Expressway Authority, Series 2021, Ref. RB, (INS - AGM)(a)
| 5.00% | | 07/01/2028 | | | 145 | | 157,941 |
Davie (Town of), FL (Nova Southeastern University), Series 2018, Ref. RB
| 5.00% | | 04/01/2048 | | | 150 | | 154,325 |
Duval County (County of), FL School Board, Series 2022 A, COP, (INS - AGM)(a)
| 5.00% | | 07/01/2028 | | | 30 | | 32,484 |
Florida (State of), Series 2022 C, Ref. GO Bonds
| 5.00% | | 06/01/2028 | | | 100 | | 109,075 |
Florida (State of) Department of Management Services, Series 2018 A, Ref. COP
| 5.00% | | 11/01/2028 | | | 30 | | 32,836 |
Florida (State of) Department of Transportation, Series 2022 A, Ref. RB
| 5.00% | | 07/01/2028 | | | 40 | | 43,631 |
Florida (State of) North Broward Hospital District, Series 2017 B, Ref. RB
| 5.00% | | 01/01/2048 | | | 200 | | 204,442 |
Fort Myers (City of), FL, Series 2019 A, Ref. RB
| 4.00% | | 10/01/2044 | | | 35 | | 34,720 |
Gainesville (City of), FL, Series 2017 A, RB
| 5.00% | | 10/01/2028 | | | 85 | | 90,449 |
Hillsborough (County of), FL Aviation Authority (Tampa International Airport), Series 2018 F, RB
| 5.00% | | 10/01/2043 | | | 10 | | 10,493 |
Hillsborough (County of), FL School Board (Master Lease Program), Series 2017, Ref. COP
| 5.00% | | 07/01/2028 | | | 35 | | 36,991 |
Hillsborough (County of), FL School Board (Master Lease Program), Series 2018, Ref. COP
| 5.00% | | 07/01/2030 | | | 75 | | 80,426 |
JEA Electric System, Series 2017 B, Ref. RB
| 5.00% | | 10/01/2028 | | | 100 | | 106,588 |
JEA Water & Sewer System, Series 2017 A, Ref. RB
| 5.00% | | 10/01/2028 | | | 25 | | 26,702 |
Lee Memorial Health System, Series 2019 A-1, Ref. RB
| 5.00% | | 04/01/2028 | | | 15 | | 16,143 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2028 Municipal Bond ETF (BSMS)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Florida-(continued) | | | | | | | | |
Miami-Dade (County of), FL, Series 2017 B, Ref. RB
| 5.00% | | 10/01/2028 | | $ | 40 | | $ 42,564 |
Miami-Dade (County of), FL, Series 2019, RB
| 5.00% | | 10/01/2043 | | | 115 | | 119,586 |
Miami-Dade (County of), FL Transit System, Series 2018, RB
| 4.00% | | 07/01/2045 | | | 115 | | 114,889 |
Orlando (City of), FL, Series 2018 B, RB
| 5.00% | | 10/01/2048 | | | 820 | | 857,879 |
Palm Beach County School District, Series 2017 B, Ref. COP
| 5.00% | | 08/01/2028 | | | 30 | | 32,675 |
Pasco (County of), FL School Board, Series 2018 A, COP, (INS - BAM)(a)
| 5.00% | | 08/01/2043 | | | 20 | | 21,085 |
South Broward Hospital District (South Broward Hospital District Obligated Group), Series 2018, RB
| 4.00% | | 05/01/2048 | | | 20 | | 19,259 |
South Miami Health Facilities Authority, Inc. (Baptist Health South Florida Obligated Group), Series 2017, Ref. RB
| 5.00% | | 08/15/2028 | | | 35 | | 37,077 |
Tampa (City of) & Hillsborough (County of), FL Expressway Authority, Series 2017 C, RB
| 5.00% | | 07/01/2048 | | | 150 | | 155,264 |
Tampa (City of), FL (Green Bonds), Series 2018, RB
| 5.25% | | 05/01/2043 | | | 100 | | 104,842 |
| | | | | | | | | 2,790,392 |
| Georgia-2.04% | | | | | | | | |
Atlanta (City of), GA, Series 2018 C, Ref. RB
| 5.00% | | 11/01/2028 | | | 30 | | 32,191 |
Georgia (State of), Series 2016 F, Ref. GO Bonds
| 5.00% | | 01/01/2028 | | | 10 | | 10,544 |
Georgia (State of), Series 2017 C, Ref. GO Bonds
| 5.00% | | 07/01/2028 | | | 790 | | 841,840 |
Georgia (State of), Series 2018 A, GO Bonds
| 5.00% | | 07/01/2028 | | | 30 | | 32,815 |
Georgia (State of), Series 2018 A, GO Bonds
| 5.00% | | 07/01/2030 | | | 55 | | 59,691 |
Georgia (State of), Series 2018 A, GO Bonds
| 5.00% | | 07/01/2031 | | | 25 | | 27,024 |
Georgia (State of), Series 2018 A, GO Bonds
| 4.00% | | 07/01/2034 | | | 25 | | 25,916 |
Georgia (State of), Series 2018 A, GO Bonds
| 3.25% | | 07/01/2037 | | | 200 | | 194,873 |
Georgia (State of), Series 2022 A, GO Bonds
| 5.00% | | 07/01/2028 | | | 50 | | 54,692 |
Georgia (State of) (Bidding Group 1), Series 2020 A, GO Bonds
| 5.00% | | 08/01/2028 | | | 155 | | 169,850 |
Georgia (State of) (Bidding Group 1), Series 2021 A-1, Ref. GO Bonds
| 5.00% | | 07/01/2028 | | | 30 | | 32,815 |
Georgia (State of) (Tranche 1), Series 2019 A, GO Bonds
| 5.00% | | 07/01/2028 | | | 30 | | 32,815 |
Georgia (State of) Local Government, Series 1998 A, COP, (INS - NATL)(a)
| 4.75% | | 06/01/2028 | | | 40 | | 41,189 |
Georgia (State of) Municipal Electric Authority, Series 2018 HH, Ref. RB
| 5.00% | | 01/01/2044 | | | 215 | | 222,192 |
Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4), Series 2019 A, RB
| 5.00% | | 01/01/2034 | | | 400 | | 424,090 |
Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4), Series 2019, RB
| 5.00% | | 01/01/2056 | | | 200 | | 204,930 |
Georgia (State of) Road & Tollway Authority (Garvee), Series 2020, RB
| 5.00% | | 06/01/2028 | | | 50 | | 54,463 |
Henry County School District, Series 2021, GO Bonds
| 4.00% | | 08/01/2028 | | | 25 | | 26,353 |
| | | | | | | | | 2,488,283 |
| Hawaii-0.82% | | | | | | | | |
Hawaii (State of), Series 2017 FK, GO Bonds
| 5.00% | | 05/01/2028 | | | 25 | | 26,528 |
Hawaii (State of), Series 2017 FN, Ref. GO Bonds
| 5.00% | | 10/01/2028 | | | 90 | | 96,209 |
Hawaii (State of), Series 2018 FT, GO Bonds
| 5.00% | | 01/01/2030 | | | 180 | | 193,153 |
Hawaii (State of), Series 2018 FT, GO Bonds
| 5.00% | | 01/01/2031 | | | 25 | | 26,685 |
Hawaii (State of), Series 2018 FT, GO Bonds
| 5.00% | | 01/01/2032 | | | 15 | | 15,986 |
Hawaii (State of), Series 2018 FT, GO Bonds
| 5.00% | | 01/01/2033 | | | 10 | | 10,645 |
Hawaii (State of), Series 2018 FT, GO Bonds
| 3.25% | | 01/01/2035 | | | 10 | | 9,811 |
Hawaii (State of), Series 2018 FT, GO Bonds
| 5.00% | | 01/01/2035 | | | 120 | | 127,377 |
Hawaii (State of), Series 2019 FW, GO Bonds
| 5.00% | | 01/01/2028 | | | 60 | | 64,802 |
Honolulu (City & County of), HI (Green Bonds), Series 2018 A, RB
| 5.00% | | 07/01/2037 | | | 15 | | 15,857 |
Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2019, GO Bonds
| 5.00% | | 09/01/2028 | | | 85 | | 93,005 |
Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2019, GO Bonds
| 5.00% | | 09/01/2030 | | | 135 | | 146,450 |
Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2021 E, GO Bonds
| 5.00% | | 03/01/2028 | | | 160 | | 173,260 |
| | | | | | | | | 999,768 |
| Idaho-0.01% | | | | | | | | |
Idaho (State of) Health Facilities Authority (St. Luke’s Health System), Series 2018, Ref. RB
| 5.00% | | 03/01/2037 | | | 15 | | 15,545 |
| Illinois-4.23% | | | | | | | | |
Champaign (County of), IL Community Unit School District No. 4, Series 2020 A, GO Bonds
| 5.00% | | 01/01/2033 | | | 55 | | 58,350 |
Chicago (City of), IL (O’Hare International Airport), Series 2022 D, Ref. RB
| 5.00% | | 01/01/2028 | | | 30 | | 32,232 |
Chicago (City of), IL Transit Authority (FTA Section 5307 Urbanized Area Formula Funds), Series 2021, Ref. RB
| 5.00% | | 06/01/2028 | | | 20 | | 21,342 |
Cook (County of), IL, Series 2021 A, Ref. GO Bonds
| 5.00% | | 11/15/2028 | | | 50 | | 54,456 |
Cook (County of), IL, Series 2021 B, Ref. GO Bonds
| 4.00% | | 11/15/2028 | | | 145 | | 150,746 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2028 Municipal Bond ETF (BSMS)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Illinois-(continued) | | | | | | | | |
Cook Kane Lake & McHenry Counties Community College District No. 512, Series 2020, GO Bonds
| 4.00% | | 12/15/2030 | | $ | 70 | | $ 72,562 |
Illinois (State of), Series 2016, Ref. GO Bonds
| 5.00% | | 02/01/2028 | | | 10 | | 10,483 |
Illinois (State of), Series 2017 D, GO Bonds
| 5.00% | | 11/01/2028 | | | 830 | | 882,166 |
Illinois (State of), Series 2018 A, GO Bonds
| 6.00% | | 05/01/2028 | | | 5 | | 5,535 |
Illinois (State of), Series 2018 A, GO Bonds
| 5.00% | | 05/01/2030 | | | 20 | | 21,346 |
Illinois (State of), Series 2018 A, GO Bonds
| 5.00% | | 05/01/2031 | | | 15 | | 15,948 |
Illinois (State of), Series 2018 A, GO Bonds
| 5.00% | | 05/01/2032 | | | 40 | | 42,378 |
Illinois (State of), Series 2018 A, GO Bonds
| 5.00% | | 05/01/2033 | | | 20 | | 21,114 |
Illinois (State of), Series 2018 A, GO Bonds
| 5.00% | | 05/01/2034 | | | 150 | | 157,768 |
Illinois (State of), Series 2018 A, GO Bonds
| 4.63% | | 05/01/2037 | | | 90 | | 92,210 |
Illinois (State of), Series 2018 A, Ref. GO Bonds
| 5.00% | | 10/01/2028 | | | 55 | | 59,409 |
Illinois (State of), Series 2018 A, Ref. GO Bonds
| 5.00% | | 10/01/2033 | | | 15 | | 15,894 |
Illinois (State of), Series 2018 B, Ref. GO Bonds
| 5.00% | | 10/01/2030 | | | 55 | | 59,000 |
Illinois (State of), Series 2018 B, Ref. GO Bonds
| 5.00% | | 10/01/2031 | | | 170 | | 181,548 |
Illinois (State of), Series 2018 B, Ref. GO Bonds
| 5.00% | | 10/01/2033 | | | 120 | | 127,156 |
Illinois (State of), Series 2020 B, GO Bonds
| 5.00% | | 10/01/2028 | | | 540 | | 583,285 |
Illinois (State of), Series 2022 B, Ref. GO Bonds
| 5.00% | | 03/01/2028 | | | 20 | | 21,386 |
Illinois (State of), Series 2023 C, GO Bonds
| 5.00% | | 05/01/2028 | | | 5 | | 5,362 |
Illinois (State of), Series 2023 D, Ref. GO Bonds
| 5.00% | | 07/01/2028 | | | 30 | | 32,267 |
Illinois (State of) Finance Authority (Clean Water Initiative), Series 2017, RB
| 5.00% | | 01/01/2028 | | | 400 | | 419,574 |
Illinois (State of) Finance Authority (Edward-Elmhurst Healthcare), Series 2018, Ref. RB(b)
| 4.25% | | 01/01/2028 | | | 245 | | 257,973 |
Illinois (State of) Finance Authority (Edward-Elmhurst Healthcare), Series 2018, Ref. RB(b)
| 5.00% | | 01/01/2028 | | | 45 | | 48,452 |
Illinois (State of) Finance Authority (Northwestern Memorial Healthcare), Series 2017 A, Ref. RB
| 5.00% | | 07/15/2028 | | | 75 | | 80,476 |
Illinois (State of) Finance Authority (Northwestern University), Series 2015, RB
| 5.00% | | 12/01/2028 | | | 10 | | 10,938 |
Illinois (State of) Finance Authority (OSF Healthcare System), Series 2018 A, Ref. RB
| 5.00% | | 05/15/2032 | | | 55 | | 58,078 |
Illinois (State of) Finance Authority (University of Chicago Medical), Series 2021 A, Ref. RB
| 5.00% | | 10/01/2028 | | | 100 | | 109,074 |
Illinois (State of) Regional Transportation Authority, Series 2017 A, Ref. RB
| 5.00% | | 07/01/2028 | | | 165 | | 174,869 |
Illinois (State of) Toll Highway Authority, Series 2017 A, RB
| 5.00% | | 01/01/2039 | | | 250 | | 261,569 |
Illinois (State of) Toll Highway Authority, Series 2017 A, RB
| 5.00% | | 01/01/2042 | | | 130 | | 135,287 |
Illinois (State of) Toll Highway Authority, Series 2019 A, Ref. RB
| 5.00% | | 01/01/2028 | | | 50 | | 53,935 |
Illinois (State of) Toll Highway Authority, Series 2019 B, Ref. RB
| 5.00% | | 01/01/2028 | | | 140 | | 151,019 |
Illinois (State of) Toll Highway Authority, Series 2019, Ref. RB
| 5.00% | | 01/01/2028 | | | 15 | | 16,181 |
Sales Tax Securitization Corp., Series 2018 A, Ref. RB
| 5.00% | | 01/01/2035 | | | 200 | | 209,451 |
Sales Tax Securitization Corp., Series 2018 A, Ref. RB
| 5.00% | | 01/01/2036 | | | 170 | | 177,700 |
Sales Tax Securitization Corp., Series 2018 A, Ref. RB
| 5.00% | | 01/01/2037 | | | 100 | | 104,316 |
Sales Tax Securitization Corp., Series 2018 A, Ref. RB
| 5.00% | | 01/01/2038 | | | 25 | | 26,039 |
Sales Tax Securitization Corp., Series 2018 A, Ref. RB
| 5.00% | | 01/01/2040 | | | 25 | | 25,877 |
Sales Tax Securitization Corp., Series 2018 A, Ref. RB
| 5.00% | | 01/01/2048 | | | 15 | | 15,361 |
Sales Tax Securitization Corp., Series 2020 A, Ref. RB
| 5.00% | | 01/01/2028 | | | 45 | | 48,155 |
Southwestern Illinois Development Authority (Hospital Sisters Services, Inc.), Series 2017, RB
| 5.00% | | 02/15/2028 | | | 15 | | 15,736 |
University of Illinois, Series 2018 A, Ref. RB, (INS - AGM)(a)
| 4.00% | | 04/01/2043 | | | 35 | | 34,376 |
| | | | | | | | | 5,158,379 |
| Indiana-0.74% | | | | | | | | |
Indiana (State of) Finance Authority, Series 2016 C, Ref. RB
| 5.00% | | 06/01/2028 | | | 290 | | 316,210 |
Indiana (State of) Finance Authority (Franciscan Alliance, Inc.), Series 2017 B, RB
| 5.00% | | 11/01/2028 | | | 5 | | 5,314 |
Indiana (State of) Finance Authority (Green Bonds), Series 2018 A, RB
| 5.00% | | 02/01/2033 | | | 175 | | 185,976 |
Indiana (State of) Municipal Power Agency, Series 2017 A, Ref. RB
| 5.00% | | 01/01/2032 | | | 150 | | 159,512 |
Indianapolis (City of), IN Department of Public Utilities, Series 2018 A, Ref. RB
| 5.00% | | 10/01/2030 | | | 195 | | 210,712 |
Indianapolis (City of), IN Department of Public Utilities, Series 2018 A, Ref. RB
| 5.00% | | 10/01/2032 | | | 20 | | 21,509 |
| | | | | | | | | 899,233 |
| Iowa-0.18% | | | | | | | | |
Iowa (State of) Finance Authority, Series 2019 A, Ref. RB
| 5.00% | | 08/01/2032 | | | 165 | | 177,648 |
Iowa (State of) Finance Authority (Green Bonds), Series 2017, Ref. RB
| 5.00% | | 08/01/2028 | | | 40 | | 42,714 |
| | | | | | | | | 220,362 |
| Kansas-0.02% | | | | | | | | |
Lawrence (City of), KS ( (Lawrence Memorial Hospital), Series 2018 A, Ref. RB
| 5.00% | | 07/01/2043 | | | 20 | | 20,582 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2028 Municipal Bond ETF (BSMS)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Kentucky-0.51% | | | | | | | | |
Kentucky (Commonwealth of), Series 2018, COP
| 5.00% | | 04/15/2038 | | $ | 120 | | $ 126,272 |
Kentucky (Commonwealth of) Property & Building Commission (No. 119), Series 2018, RB
| 5.00% | | 05/01/2036 | | | 200 | | 211,528 |
Kentucky (Commonwealth of) Property & Building Commission (No. 119), Series 2018, RB, (INS - BAM)(a)
| 5.00% | | 05/01/2034 | | | 180 | | 191,938 |
Kentucky (Commonwealth of) Turnpike Authority (Revitalization), Series 2017 B, Ref. RB
| 5.00% | | 07/01/2028 | | | 85 | | 90,466 |
| | | | | | | | | 620,204 |
| Louisiana-0.14% | | | | | | | | |
Louisiana (State of), Series 2023 A, Ref. GO Bonds
| 5.00% | | 02/01/2028 | | | 10 | | 10,789 |
Louisiana (State of) (Garvee), Series 2019 A, RB
| 5.00% | | 09/01/2028 | | | 50 | | 54,490 |
Louisiana (State of) (Garvee), Series 2019 A, RB
| 5.00% | | 09/01/2030 | | | 75 | | 81,037 |
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Bossier City), Series 2018, RB
| 4.00% | | 12/01/2043 | | | 25 | | 24,976 |
New Orleans (Port of), LA Board of Commissioners, Series 2018 A, RB, (INS - AGM)(a)
| 5.00% | | 04/01/2048 | | | 5 | | 5,122 |
| | | | | | | | | 176,414 |
| Maine-0.05% | | | | | | | | |
Maine (State of) Health & Higher Educational Facilities Authority (Mainhealth), Series 2018 A, RB
| 5.00% | | 07/01/2048 | | | 60 | | 61,357 |
| Maryland-2.64% | | | | | | | | |
Howard (County of), MD, Series 2017 D, Ref. GO Bonds
| 5.00% | | 02/15/2028 | | | 50 | | 54,248 |
Howard (County of), MD, Series 2017 D, Ref. GO Bonds
| 4.00% | | 02/15/2032 | | | 20 | | 20,605 |
Maryland (State of), Second Series 2018, GO Bonds
| 5.00% | | 08/01/2030 | | | 10 | | 10,872 |
Maryland (State of), Second Series 2018, GO Bonds
| 5.00% | | 08/01/2031 | | | 195 | | 210,699 |
Maryland (State of), Second Series 2018, GO Bonds
| 4.00% | | 08/01/2032 | | | 200 | | 206,641 |
Maryland (State of), Second Series 2018, GO Bonds
| 4.00% | | 08/01/2033 | | | 5 | | 5,160 |
Maryland (State of), Second Series 2020 B, Ref. GO Bonds
| 5.00% | | 08/01/2028 | | | 340 | | 372,574 |
Maryland (State of), Series 2017 A, GO Bonds
| 5.00% | | 03/15/2028 | | | 25 | | 26,463 |
Maryland (State of), Series 2017 A, GO Bonds
| 5.00% | | 08/01/2028 | | | 80 | | 85,354 |
Maryland (State of), Series 2022 D, Ref. GO Bonds
| 4.00% | | 08/01/2028 | | | 250 | | 264,292 |
Maryland (State of) (Bidding Group 1), Second Series 2019 A, GO Bonds
| 5.00% | | 08/01/2028 | | | 510 | | 558,860 |
Maryland (State of) (Bidding Group 1), Series 2020 A, GO Bonds
| 5.00% | | 03/15/2028 | | | 60 | | 65,216 |
Maryland (State of) (Bidding Group 1), Series 2020 A, GO Bonds
| 5.00% | | 08/01/2028 | | | 50 | | 54,790 |
Maryland (State of) Department of Transportation, Series 2017, RB
| 5.00% | | 09/01/2028 | | | 85 | | 90,796 |
Maryland (State of) Department of Transportation, Series 2019, RB
| 5.00% | | 10/01/2028 | | | 70 | | 74,899 |
Maryland (State of) Department of Transportation, Series 2020, RB
| 5.00% | | 10/01/2028 | | | 15 | | 16,465 |
Maryland (State of) Department of Transportation, Series 2021 A, RB
| 5.00% | | 10/01/2028 | | | 35 | | 38,418 |
Maryland (State of) Stadium Authority, Series 2018, RB, (CEP - Colorado Higher Education Intercept Program)
| 5.00% | | 05/01/2042 | | | 100 | | 103,846 |
Maryland (State of) Stadium Authority (Baltimore City Public Schools), Series 2018 A, RB, (CEP - Colorado Higher Education Intercept Program)
| 5.00% | | 05/01/2047 | | | 150 | | 154,600 |
Maryland (State of) Transportation Authority, Series 2021 A, Ref. RB
| 5.00% | | 07/01/2028 | | | 5 | | 5,458 |
Montgomery (County of), MD, Series 2018 A, GO Bonds
| 5.00% | | 11/01/2028 | | | 10 | | 11,016 |
Montgomery (County of), MD, Series 2019 A, GO Bonds
| 5.00% | | 11/01/2028 | | | 60 | | 66,096 |
Montgomery (County of), MD, Series 2020 A, GO Bonds
| 4.00% | | 08/01/2028 | | | 85 | | 89,859 |
Montgomery (County of), MD, Series 2020 B, Ref. GO Bonds
| 4.00% | | 11/01/2028 | | | 120 | | 127,274 |
Prince George’s (County of), MD, Series 2018 A, GO Bonds
| 5.00% | | 07/15/2028 | | | 100 | | 109,476 |
Prince George’s (County of), MD, Series 2018 A, GO Bonds
| 5.00% | | 07/15/2031 | | | 100 | | 107,974 |
Prince George’s (County of), MD, Series 2018 A, GO Bonds
| 5.00% | | 07/15/2034 | | | 5 | | 5,375 |
Prince George’s (County of), MD, Series 2019 A, GO Bonds
| 5.00% | | 07/15/2028 | | | 15 | | 16,421 |
Prince George’s (County of), MD, Series 2020 A, GO Bonds
| 5.00% | | 07/15/2028 | | | 65 | | 71,159 |
Prince George’s (County of), MD, Series 2020 A, GO Bonds
| 5.00% | | 07/15/2030 | | | 140 | | 152,095 |
Prince George’s (County of), MD, Series 2020 A, GO Bonds
| 5.00% | | 07/15/2031 | | | 10 | | 10,797 |
Prince George’s (County of), MD, Series 2020 B, Ref. GO Bonds
| 5.00% | | 09/15/2028 | | | 25 | | 27,467 |
| | | | | | | | | 3,215,265 |
| Massachusetts-3.66% | | | | | | | | |
Lincoln (Town of), MA, Series 2019, GO Bonds
| 4.00% | | 03/01/2049 | | | 150 | | 149,009 |
Massachusetts (Commonwealth of), Series 2004 B, Ref. GO Bonds
| 5.25% | | 08/01/2028 | | | 5 | | 5,527 |
Massachusetts (Commonwealth of), Series 2016 B, Ref. GO Bonds
| 5.00% | | 07/01/2028 | | | 55 | | 60,182 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2028 Municipal Bond ETF (BSMS)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Massachusetts-(continued) | | | | | | | | |
Massachusetts (Commonwealth of), Series 2017 A, Ref. RB
| 5.00% | | 06/01/2028 | | $ | 70 | | $ 75,560 |
Massachusetts (Commonwealth of), Series 2018 A, GO Bonds
| 5.00% | | 01/01/2033 | | | 15 | | 15,954 |
Massachusetts (Commonwealth of), Series 2018 A, GO Bonds
| 5.00% | | 01/01/2035 | | | 80 | | 84,892 |
Massachusetts (Commonwealth of), Series 2018 A, GO Bonds
| 5.00% | | 01/01/2036 | | | 60 | | 63,549 |
Massachusetts (Commonwealth of), Series 2018 A, GO Bonds
| 5.00% | | 01/01/2037 | | | 35 | | 36,995 |
Massachusetts (Commonwealth of), Series 2018 A, GO Bonds
| 5.00% | | 01/01/2046 | | | 65 | | 67,516 |
Massachusetts (Commonwealth of), Series 2018 B, GO Bonds
| 5.00% | | 01/01/2030 | | | 5 | | 5,363 |
Massachusetts (Commonwealth of), Series 2018 B, GO Bonds
| 5.00% | | 01/01/2031 | | | 40 | | 42,744 |
Massachusetts (Commonwealth of), Series 2018 B, GO Bonds
| 5.00% | | 01/01/2032 | | | 10 | | 10,667 |
Massachusetts (Commonwealth of), Series 2018 B, Ref. GO Bonds
| 5.00% | | 07/01/2028 | | | 75 | | 82,067 |
Massachusetts (Commonwealth of), Series 2018 E, GO Bonds
| 5.00% | | 09/01/2037 | | | 35 | | 37,337 |
Massachusetts (Commonwealth of), Series 2018 E, GO Bonds
| 5.00% | | 09/01/2038 | | | 225 | | 239,801 |
Massachusetts (Commonwealth of), Series 2019 C, Ref. GO Bonds
| 5.00% | | 05/01/2028 | | | 55 | | 59,966 |
Massachusetts (Commonwealth of), Series 2019 F, GO Bonds
| 5.00% | | 05/01/2028 | | | 210 | | 228,960 |
Massachusetts (Commonwealth of), Series 2020 E, GO Bonds
| 5.00% | | 11/01/2028 | | | 200 | | 220,403 |
Massachusetts (Commonwealth of), Series 2021, RB
| 5.00% | | 06/01/2041 | | | 745 | | 783,818 |
Massachusetts (Commonwealth of), Series 2022 A, GO Bonds
| 5.00% | | 02/01/2028 | | | 90 | | 97,593 |
Massachusetts (Commonwealth of), Series 2022 D, GO Bonds
| 5.00% | | 11/01/2028 | | | 170 | | 187,343 |
Massachusetts (Commonwealth of) (Rail Enhancement & Accelerated Bridge Program), Series 2018 A, RB
| 5.00% | | 06/01/2048 | | | 25 | | 26,014 |
Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2006 A, RB
| 5.25% | | 07/01/2028 | | | 20 | | 22,051 |
Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2020, Ref. RB
| 5.00% | | 07/01/2045 | | | 260 | | 272,321 |
Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2020, Ref. RB
| 5.00% | | 07/01/2050 | | | 220 | | 228,727 |
Massachusetts (Commonwealth of) Development Finance Agency (Partners Healthcare System), Series 2017, Ref. RB
| 5.00% | | 07/01/2028 | | | 240 | | 257,650 |
Massachusetts (Commonwealth of) Development Finance Agency (Partners Healthcare System), Series 2017, Ref. RB
| 5.00% | | 07/01/2030 | | | 50 | | 53,388 |
Massachusetts (Commonwealth of) Development Finance Agency (Partners Healthcare System), Series 2017, Ref. RB
| 5.00% | | 07/01/2031 | | | 240 | | 255,534 |
Massachusetts (Commonwealth of) Development Finance Agency (Partners Healthcare System), Series 2017, Ref. RB
| 5.00% | | 07/01/2032 | | | 40 | | 42,504 |
Massachusetts (Commonwealth of) Development Finance Agency (Partners Healthcare System), Series 2017, Ref. RB
| 5.00% | | 07/01/2033 | | | 110 | | 116,516 |
Massachusetts (Commonwealth of) Development Finance Agency (Partners Healthcare System), Series 2017, Ref. RB
| 5.00% | | 07/01/2034 | | | 20 | | 21,168 |
Massachusetts (Commonwealth of) Development Finance Agency (Partners Healthcare System), Series 2017, Ref. RB
| 4.00% | | 07/01/2036 | | | 40 | | 40,322 |
Massachusetts (Commonwealth of) Health & Educational Facilities Authority (Massachusetts Institute of Technology), Series 1998 I-1, RB
| 5.20% | | 01/01/2028 | | | 90 | | 97,985 |
Massachusetts (Commonwealth of) School Building Authority, Series 2015 C, Ref. RB
| 3.05% | | 08/15/2028 | | | 125 | | 125,025 |
Massachusetts (Commonwealth of) School Building Authority, Series 2018 A, RB
| 4.00% | | 02/15/2043 | | | 200 | | 199,559 |
Massachusetts (Commonwealth of) School Building Authority, Series 2018 A, RB
| 5.25% | | 02/15/2048 | | | 20 | | 21,058 |
Massachusetts (Commonwealth of) School Building Authority, Series 2018 B, RB
| 5.25% | | 02/15/2048 | | | 100 | | 105,257 |
Massachusetts (Commonwealth of) Transportation Trust Fund (Contract Assistance), Series 2018, Ref. RB
| 5.00% | | 01/01/2028 | | | 20 | | 21,641 |
| | | | | | | | | 4,461,966 |
| Michigan-0.95% | | | | | | | | |
Great Lakes Water Authority, Series 2018 A, Ref. RB
| 5.00% | | 07/01/2028 | | | 95 | | 103,189 |
Great Lakes Water Authority, Series 2018 B, Ref. RB
| 5.00% | | 07/01/2028 | | | 85 | | 92,457 |
Michigan (State of), Series 2020 B, RB
| 5.00% | | 11/15/2028 | | | 125 | | 137,549 |
Michigan (State of) Finance Authority (Charter County of Wayne Criminal Justice Center), Series 2018, RB
| 5.00% | | 11/01/2043 | | | 500 | | 519,251 |
Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2019, Ref. RB
| 5.00% | | 12/01/2048 | | | 150 | | 154,673 |
Michigan (State of) Hospital Finance Authority (Ascension Health Credit Group), Series 1999, RB
| 4.00% | | 11/15/2032 | | | 10 | | 10,246 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2028 Municipal Bond ETF (BSMS)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Michigan-(continued) | | | | | | | | |
University of Michigan, Series 2017 A, Ref. RB
| 5.00% | | 04/01/2028 | | $ | 30 | | $ 31,814 |
Wayne (County of), MI Airport Authority (Detroit Metropolitan Wayne County Airport), Series 2018, RB
| 5.00% | | 12/01/2038 | | | 100 | | 106,067 |
| | | | | | | | | 1,155,246 |
| Minnesota-1.54% | | | | | | | | |
Duluth (City of), MN Economic Development Authority (Essentia Health Obligated Group), Series 2018 A, Ref. RB
| 5.25% | | 02/15/2058 | | | 240 | | 246,434 |
Duluth (City of), MN Economic Development Authority (Essentia Health Obligated Group), Series 2018, Ref. RB
| 4.25% | | 02/15/2043 | | | 300 | | 293,702 |
Metropolitan Council, Series 2021 C, GO Bonds
| 5.00% | | 12/01/2028 | | | 150 | | 165,336 |
Minneapolis & St. Paul (Cities of), MN Metropolitan Airports Commission, Series 2016 A, Ref. RB
| 5.00% | | 01/01/2028 | | | 40 | | 42,081 |
Minneapolis (City of), MN (Fairview Health Services), Series 2018 A, Ref. RB
| 5.00% | | 11/15/2033 | | | 10 | | 10,408 |
Minneapolis (City of), MN (Fairview Health Services), Series 2018 A, Ref. RB
| 5.00% | | 11/15/2034 | | | 150 | | 155,879 |
Minneapolis (City of), MN (Fairview Health Services), Series 2018 A, Ref. RB
| 5.00% | | 11/15/2035 | | | 20 | | 20,723 |
Minnesota (State of), Series 2018 A, GO Bonds
| 5.00% | | 08/01/2028 | | | 25 | | 27,376 |
Minnesota (State of), Series 2018 A, GO Bonds
| 5.00% | | 08/01/2032 | | | 190 | | 205,808 |
Minnesota (State of), Series 2018 A, GO Bonds
| 5.00% | | 08/01/2034 | | | 175 | | 188,751 |
Minnesota (State of), Series 2018 A, GO Bonds
| 5.00% | | 08/01/2035 | | | 200 | | 215,255 |
Minnesota (State of), Series 2018 A, GO Bonds
| 5.00% | | 08/01/2037 | | | 25 | | 26,792 |
Minnesota (State of), Series 2019 A, GO Bonds
| 5.00% | | 08/01/2028 | | | 100 | | 109,502 |
Minnesota (State of), Series 2020 A, GO Bonds
| 5.00% | | 08/01/2028 | | | 125 | | 136,878 |
Minnesota (State of), Series 2021 B, GO Bonds
| 5.00% | | 09/01/2028 | | | 35 | | 38,394 |
| | | | | | | | | 1,883,319 |
| Mississippi-0.44% | | | | | | | | |
Mississippi (State of), Series 2017 A, Ref. GO Bonds
| 5.00% | | 10/01/2028 | | | 35 | | 37,439 |
Mississippi (State of), Series 2019 A, RB
| 5.00% | | 10/15/2036 | | | 85 | | 89,372 |
Mississippi (State of), Series 2021 C, GO Bonds
| 5.00% | | 10/01/2036 | | | 10 | | 10,690 |
Mississippi (State of), Series 2021 C, GO Bonds
| 4.00% | | 10/01/2039 | | | 150 | | 151,090 |
Mississippi (State of), Series 2021 C, GO Bonds
| 4.00% | | 10/01/2040 | | | 5 | | 5,022 |
Mississippi (State of) Development Bank (Hinds County), Series 2018, RB
| 5.00% | | 03/01/2048 | | | 155 | | 159,422 |
West Rankin Utility Authority, Series 2018, RB(b)
| 5.00% | | 01/01/2028 | | | 80 | | 86,270 |
| | | | | | | | | 539,305 |
| Missouri-0.30% | | | | | | | | |
Missouri (State of) Board of Public Buildings, Series 2020 B, Ref. RB
| 4.00% | | 10/01/2028 | | | 85 | | 89,549 |
Missouri (State of) Health & Educational Facilities Authority (Mercy Health), Series 2018 A, Ref. RB
| 5.00% | | 06/01/2028 | | | 20 | | 21,510 |
Missouri (State of) Health & Educational Facilities Authority (Mercy Health), Series 2018 A, Ref. RB
| 5.00% | | 06/01/2030 | | | 45 | | 48,382 |
Missouri (State of) Health & Educational Facilities Authority (Mercy Health), Series 2018 A, Ref. RB
| 5.00% | | 06/01/2031 | | | 125 | | 134,008 |
Missouri (State of) Health & Educational Facilities Authority (St. Luke’s Health System, Inc.), Series 2018 A, Ref. RB
| 4.00% | | 11/15/2048 | | | 20 | | 19,547 |
Springfield School District No. R-12, Series 2017, Ref. GO Bonds
| 4.00% | | 03/01/2030 | | | 55 | | 57,253 |
| | | | | | | | | 370,249 |
| Montana-0.01% | | | | | | | | |
Forsyth (City of), MT (Countryside Phase 2 South-Facilities), Series 2023, Ref. RB
| 3.88% | | 07/01/2028 | | | 15 | | 15,341 |
| Nebraska-0.25% | | | | | | | | |
Boys Town (Village of), NE (Boys Town), Series 2017, Ref. RB
| 3.00% | | 09/01/2028 | | | 250 | | 251,431 |
Lincoln (City of), NE, Series 2020 A, RB
| 5.00% | | 09/01/2028 | | | 20 | | 21,820 |
Omaha (City of), NE Public Power District, Series 2018 A, RB
| 5.00% | | 02/01/2028 | | | 25 | | 27,041 |
| | | | | | | | | 300,292 |
| Nevada-1.45% | | | | | | | | |
Clark (County of), NV, Series 2016 B, Ref. RB
| 5.00% | | 07/01/2028 | | | 40 | | 43,509 |
Clark (County of), NV, Series 2017, Ref. GO Bonds
| 5.00% | | 06/01/2028 | | | 125 | | 132,800 |
Clark (County of), NV, Series 2018 A, GO Bonds
| 5.00% | | 06/01/2034 | | | 60 | | 64,160 |
Clark (County of), NV, Series 2018 A, GO Bonds
| 5.00% | | 06/01/2035 | | | 20 | | 21,354 |
Clark (County of), NV, Series 2018 A, GO Bonds
| 5.00% | | 06/01/2036 | | | 10 | | 10,649 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2028 Municipal Bond ETF (BSMS)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Nevada-(continued) | | | | | | | | |
Clark (County of), NV, Series 2018 A, GO Bonds
| 5.00% | | 06/01/2037 | | $ | 100 | | $ 106,313 |
Clark (County of), NV, Series 2018 B, GO Bonds
| 5.00% | | 12/01/2030 | | | 10 | | 10,866 |
Clark (County of), NV, Series 2018 B, GO Bonds
| 5.00% | | 12/01/2032 | | | 60 | | 64,812 |
Clark (County of), NV, Series 2018 B, GO Bonds
| 5.00% | | 12/01/2033 | | | 100 | | 107,869 |
Clark (County of), NV, Series 2018 B, GO Bonds
| 5.00% | | 12/01/2034 | | | 125 | | 134,627 |
Clark (County of), NV, Series 2018 B, GO Bonds
| 5.00% | | 12/01/2035 | | | 15 | | 16,119 |
Clark (County of), NV, Series 2018 B, GO Bonds
| 4.00% | | 12/01/2039 | | | 5 | | 5,057 |
Clark (County of), NV (Las Vegas McCarran International Airport), Series 2019, Ref. RB
| 5.00% | | 07/01/2028 | | | 100 | | 108,810 |
Clark (County of), NV (Stadium Improvement Bonds), Series 2018 A, GO Bonds
| 5.00% | | 05/01/2048 | | | 250 | | 260,586 |
Clark (County of), NV Department of Aviation, Series 2024 A, Ref. RB
| 5.00% | | 07/01/2028 | | | 20 | | 21,762 |
Clark County School District, Series 2018 B, GO Bonds, (INS - AGM)(a)
| 4.00% | | 06/15/2037 | | | 10 | | 10,111 |
Clark County School District, Series 2018 B, GO Bonds, (INS - AGM)(a)
| 4.00% | | 06/15/2038 | | | 75 | | 75,657 |
Las Vegas (City of), NV Convention & Visitors Authority, Series 2018 B, RB
| 5.00% | | 07/01/2043 | | | 370 | | 386,090 |
Las Vegas Valley Water District, Series 2021 C, GO Bonds
| 5.00% | | 06/01/2028 | | | 50 | | 54,407 |
Truckee Meadows Water Authority, Series 2017, Ref. RB
| 5.00% | | 07/01/2028 | | | 85 | | 90,554 |
Washoe County School District, Series 2018, GO Bonds, (INS - BAM)(a)
| 4.13% | | 10/01/2048 | | | 45 | | 44,514 |
| | | | | | | | | 1,770,626 |
| New Hampshire-0.06% | | | | | | | | |
New Hampshire (State of) Health and Education Facilities Authority (Dartmouth College), Series 2017, Ref. RB
| 5.00% | | 06/01/2028 | | | 35 | | 38,295 |
New Hampshire (State of) Health and Education Facilities Authority (Partners Healthcare System), Series 2017, Ref. RB
| 5.00% | | 07/01/2041 | | | 35 | | 36,391 |
| | | | | | | | | 74,686 |
| New Jersey-6.32% | | | | | | | | |
New Jersey (State of), Series 2020 A, GO Bonds
| 5.00% | | 06/01/2028 | | | 575 | | 625,892 |
New Jersey (State of) Economic Development Authority, Series 2017 A, Ref. RB, (INS - BAM)(a)
| 5.00% | | 07/01/2028 | | | 275 | | 289,233 |
New Jersey (State of) Economic Development Authority, Series 2018 EEE, RB(b)
| 5.00% | | 12/15/2028 | | | 350 | | 386,246 |
New Jersey (State of) Economic Development Authority, Series 2018, RB
| 5.00% | | 06/15/2043 | | | 15 | | 15,593 |
New Jersey (State of) Economic Development Authority (State House), Series 2017 B, RB
| 5.00% | | 06/15/2035 | | | 15 | | 15,980 |
New Jersey (State of) Economic Development Authority (State House), Series 2017 B, RB, (INS - BAM)(a)
| 4.13% | | 06/15/2039 | | | 20 | | 20,234 |
New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2017 B, Ref. RB
| 5.00% | | 07/01/2028 | | | 1,025 | | 1,095,249 |
New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2017 I, Ref. RB
| 5.00% | | 07/01/2028 | | | 20 | | 21,371 |
New Jersey (State of) Health Care Facilities Financing Authority (Hackensack Meridian Health Obligated Group), Series 2017 A, Ref. RB
| 5.00% | | 07/01/2028 | | | 100 | | 106,346 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2014 BB-1, RN
| 5.00% | | 06/15/2030 | | | 10 | | 10,848 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2014 BB-1, RN
| 5.00% | | 06/15/2031 | | | 125 | | 134,740 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2014, RN
| 5.00% | | 06/15/2032 | | | 35 | | 37,582 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2014, RN
| 5.00% | | 06/15/2034 | | | 265 | | 282,648 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2018 A, Ref. RB
| 5.00% | | 12/15/2028 | | | 110 | | 119,976 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2018 A, Ref. RB
| 5.00% | | 12/15/2030 | | | 25 | | 27,030 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2018 A, Ref. RB
| 4.00% | | 12/15/2031 | | | 70 | | 71,956 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2018 A, Ref. RB
| 5.00% | | 12/15/2032 | | | 560 | | 599,971 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2018 A, Ref. RB
| 5.00% | | 12/15/2033 | | | 500 | | 533,882 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2018 A, Ref. RB
| 5.00% | | 12/15/2034 | | | 145 | | 154,479 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2018 A, Ref. RB
| 5.00% | | 12/15/2036 | | | 115 | | 121,680 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2018 A, Ref. RB
| 4.25% | | 12/15/2038 | | | 250 | | 254,788 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2019 AA, RB
| 5.25% | | 06/15/2043 | | | 200 | | 209,851 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2019 BB, RB
| 5.00% | | 06/15/2030 | | | 35 | | 37,969 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2019 BB, RB
| 5.00% | | 06/15/2031 | | | 25 | | 26,948 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2019 BB, RB
| 5.00% | | 06/15/2035 | | | 240 | | 255,385 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2019 BB, RB
| 4.00% | | 06/15/2036 | | | 105 | | 107,125 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2019 BB, RB
| 5.00% | | 06/15/2044 | | | 225 | | 233,283 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2019 BB, RB
| 5.00% | | 06/15/2050 | | | 10 | | 10,278 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2019, RB
| 5.00% | | 06/15/2031 | | | 30 | | 32,338 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2019, RB
| 5.00% | | 06/15/2032 | | | 25 | | 26,844 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2019, RB
| 5.00% | | 06/15/2038 | | | 205 | | 215,959 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2028 Municipal Bond ETF (BSMS)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| New Jersey-(continued) | | | | | | | | |
New Jersey (State of) Transportation Trust Fund Authority, Series 2021 A, Ref. RB
| 5.00% | | 06/15/2028 | | $ | 30 | | $ 32,439 |
New Jersey (State of) Turnpike Authority, Series 2005 A, Ref. RB, (INS - AGM)(a)
| 5.25% | | 01/01/2028 | | | 75 | | 81,598 |
New Jersey (State of) Turnpike Authority, Series 2017 B, Ref. RB
| 5.00% | | 01/01/2028 | | | 15 | | 16,161 |
New Jersey (State of) Turnpike Authority, Series 2017 B, Ref. RB
| 5.00% | | 01/01/2030 | | | 20 | | 21,402 |
New Jersey (State of) Turnpike Authority, Series 2017 B, Ref. RB
| 5.00% | | 01/01/2031 | | | 135 | | 144,009 |
New Jersey (State of) Turnpike Authority, Series 2017 B, Ref. RB
| 5.00% | | 01/01/2032 | | | 70 | | 74,462 |
New Jersey (State of) Turnpike Authority, Series 2017 B, Ref. RB
| 5.00% | | 01/01/2033 | | | 235 | | 249,542 |
New Jersey (State of) Turnpike Authority, Series 2017 B, Ref. RB
| 4.00% | | 01/01/2034 | | | 70 | | 71,699 |
New Jersey (State of) Turnpike Authority, Series 2017 B, Ref. RB
| 5.00% | | 01/01/2034 | | | 80 | | 84,783 |
New Jersey (State of) Turnpike Authority, Series 2017 B, Ref. RB
| 4.00% | | 01/01/2035 | | | 105 | | 107,076 |
New Jersey (State of) Turnpike Authority, Series 2017 B, Ref. RB
| 5.00% | | 01/01/2040 | | | 85 | | 88,872 |
New Jersey (State of) Turnpike Authority, Series 2017 E, Ref. RB
| 5.00% | | 01/01/2030 | | | 180 | | 192,620 |
New Jersey (State of) Turnpike Authority, Series 2017 E, Ref. RB
| 5.00% | | 01/01/2031 | | | 90 | | 96,006 |
New Jersey (State of) Turnpike Authority, Series 2017 E, Ref. RB
| 5.00% | | 01/01/2032 | | | 25 | | 26,593 |
New Jersey (State of) Turnpike Authority, Series 2017 E, Ref. RB
| 5.00% | | 01/01/2033 | | | 10 | | 10,619 |
New Jersey (State of) Turnpike Authority, Series 2017 G, Ref. RB
| 4.00% | | 01/01/2034 | | | 30 | | 30,728 |
New Jersey (State of) Turnpike Authority, Series 2017 G, Ref. RB
| 4.00% | | 01/01/2035 | | | 25 | | 25,502 |
New Jersey (State of) Turnpike Authority, Series 2017 G, Ref. RB
| 5.00% | | 01/01/2036 | | | 135 | | 142,533 |
New Jersey (State of) Turnpike Authority, Series 2017 G, Ref. RB
| 5.00% | | 01/01/2037 | | | 10 | | 10,532 |
South Jersey Port Corp., Series 2017 A, RB
| 5.00% | | 01/01/2049 | | | 115 | | 117,543 |
| | | | | | | | | 7,706,423 |
| New Mexico-0.35% | | | | | | | | |
New Mexico (State of), Series 2021, GO Bonds
| 5.00% | | 03/01/2028 | | | 25 | | 27,098 |
New Mexico (State of) Finance Authority, Series 2018 A, Ref. RB
| 5.00% | | 06/15/2030 | | | 90 | | 97,238 |
New Mexico (State of) Finance Authority, Series 2021 A, RB
| 5.00% | | 06/15/2028 | | | 120 | | 130,726 |
New Mexico (State of) Severance Tax Permanent Fund, Series 2018, RB
| 5.00% | | 07/01/2028 | | | 120 | | 130,893 |
New Mexico (State of) Severance Tax Permanent Fund, Series 2021 A, RB
| 5.00% | | 07/01/2028 | | | 25 | | 27,269 |
New Mexico (State of) Severance Tax Permanent Fund, Series 2022 B, RB
| 5.00% | | 07/01/2028 | | | 15 | | 16,362 |
| | | | | | | | | 429,586 |
| New York-20.95% | | | | | | | | |
Long Island (City of), NY Power Authority, Series 2018, RB
| 5.00% | | 09/01/2033 | | | 55 | | 59,180 |
Long Island (City of), NY Power Authority, Series 2018, RB
| 5.00% | | 09/01/2034 | | | 50 | | 53,630 |
Long Island (City of), NY Power Authority, Series 2018, RB
| 5.00% | | 09/01/2035 | | | 75 | | 80,209 |
Long Island (City of), NY Power Authority, Series 2018, RB
| 5.00% | | 09/01/2037 | | | 35 | | 37,269 |
Long Island (City of), NY Power Authority, Series 2018, RB
| 5.00% | | 09/01/2038 | | | 15 | | 15,923 |
Long Island (City of), NY Power Authority, Series 2019 A, RB
| 5.00% | | 09/01/2030 | | | 205 | | 222,387 |
Long Island (City of), NY Power Authority, Series 2019 A, RB
| 5.00% | | 09/01/2031 | | | 750 | | 811,165 |
Long Island (City of), NY Power Authority, Series 2019 A, RB
| 4.00% | | 09/01/2034 | | | 5 | | 5,203 |
Metropolitan Transportation Authority, Series 2012 A, Ref. RB
| 3.00% | | 11/15/2028 | | | 760 | | 760,059 |
Metropolitan Transportation Authority, Series 2017 C-1, Ref. RB
| 5.00% | | 11/15/2029 | | | 25 | | 26,902 |
Metropolitan Transportation Authority, Series 2017 C-1, Ref. RB
| 4.00% | | 11/15/2034 | | | 85 | | 86,610 |
Metropolitan Transportation Authority, Series 2017 C-1, Ref. RB
| 5.00% | | 11/15/2034 | | | 85 | | 90,579 |
Metropolitan Transportation Authority, Series 2017 C-1, Ref. RB
| 4.00% | | 11/15/2037 | | | 15 | | 15,147 |
Metropolitan Transportation Authority, Series 2017 D, Ref. RB
| 5.00% | | 11/15/2030 | | | 180 | | 193,144 |
Metropolitan Transportation Authority, Series 2017 D, Ref. RB
| 5.00% | | 11/15/2032 | | | 200 | | 213,704 |
Metropolitan Transportation Authority, Series 2017 D, Ref. RB
| 5.00% | | 11/15/2033 | | | 185 | | 197,453 |
Metropolitan Transportation Authority, Series 2017 D, Ref. RB
| 5.00% | | 11/15/2035 | | | 70 | | 74,487 |
Metropolitan Transportation Authority, Series 2017, Ref. RB
| 5.00% | | 11/15/2028 | | | 5 | | 5,434 |
Metropolitan Transportation Authority, Series 2018 B, Ref. RB
| 5.00% | | 11/15/2028 | | | 10 | | 10,868 |
Metropolitan Transportation Authority (Green Bonds), Series 2017 C-1, Ref. RB
| 4.00% | | 11/15/2032 | | | 125 | | 127,848 |
Metropolitan Transportation Authority (Green Bonds), Series 2017 C-1, Ref. RB
| 4.00% | | 11/15/2035 | | | 420 | | 426,598 |
Metropolitan Transportation Authority (Green Bonds), Series 2017 C-1, Ref. RB
| 4.00% | | 11/15/2038 | | | 165 | | 166,139 |
Monroe County Industrial Development Corp. (Rochester Schools Modernization), Series 2018, RB
| 5.00% | | 05/01/2032 | | | 60 | | 64,109 |
Monroe County Industrial Development Corp. (Rochester Schools Modernization), Series 2018, RB
| 5.00% | | 05/01/2033 | | | 25 | | 26,681 |
New York & New Jersey (States of) Port Authority, Two Hundred Eleventh Series 2018, Ref. RB
| 5.00% | | 09/01/2035 | | | 25 | | 26,727 |
New York & New Jersey (States of) Port Authority, Two Hundred Eleventh Series 2018, Ref. RB
| 5.00% | | 09/01/2036 | | | 50 | | 53,316 |
New York & New Jersey (States of) Port Authority, Two Hundred Eleventh Series 2018, Ref. RB
| 5.00% | | 09/01/2048 | | | 85 | | 88,635 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2028 Municipal Bond ETF (BSMS)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| New York-(continued) | | | | | | | | |
New York & New Jersey (States of) Port Authority, Two Hundred Forty Three Series 2023, Ref. RB
| 5.00% | | 12/01/2028 | | $ | 5 | | $ 5,526 |
New York & New Jersey (States of) Port Authority, Two Hundred Ninth Series 2018, Ref. RB
| 5.00% | | 07/15/2028 | | | 30 | | 32,889 |
New York & New Jersey (States of) Port Authority, Two Hundred Ninth Series 2018, Ref. RB
| 5.00% | | 07/15/2030 | | | 175 | | 188,657 |
New York & New Jersey (States of) Port Authority, Two Hundred Ninth Series 2018, Ref. RB
| 5.00% | | 07/15/2032 | | | 15 | | 16,087 |
New York & New Jersey (States of) Port Authority, Two Hundred Ninth Series 2018, Ref. RB
| 5.00% | | 07/15/2033 | | | 30 | | 32,137 |
New York & New Jersey (States of) Port Authority, Two Hundred Ninth Series 2018, Ref. RB
| 5.00% | | 07/15/2034 | | | 200 | | 213,895 |
New York & New Jersey (States of) Port Authority, Two Hundred Ninth Series 2018, Ref. RB
| 5.00% | | 07/15/2035 | | | 105 | | 112,055 |
New York & New Jersey (States of) Port Authority, Two Hundred Ninth Series 2018, Ref. RB
| 5.00% | | 07/15/2036 | | | 165 | | 175,678 |
New York & New Jersey (States of) Port Authority, Two Hundred Ninth Series 2018, Ref. RB
| 5.00% | | 07/15/2038 | | | 5 | | 5,299 |
New York (City of), NY, Series 2005 1, GO Bonds
| 5.00% | | 09/01/2028 | | | 175 | | 190,994 |
New York (City of), NY, Series 2017 1, GO Bonds
| 5.00% | | 08/01/2028 | | | 55 | | 58,521 |
New York (City of), NY, Series 2017 C, Ref. GO Bonds
| 5.00% | | 08/01/2028 | | | 10 | | 10,786 |
New York (City of), NY, Series 2018 E-1, GO Bonds
| 5.00% | | 03/01/2032 | | | 15 | | 15,988 |
New York (City of), NY, Series 2018 E-1, GO Bonds
| 4.00% | | 03/01/2036 | | | 30 | | 30,681 |
New York (City of), NY, Series 2018 E-1, GO Bonds
| 5.00% | | 03/01/2040 | | | 25 | | 26,262 |
New York (City of), NY, Series 2020 A-1, Ref. GO Bonds
| 5.00% | | 08/01/2028 | | | 175 | | 190,673 |
New York (City of), NY, Series 2020 B-1, Ref. GO Bonds
| 5.00% | | 11/01/2028 | | | 350 | | 383,234 |
New York (City of), NY, Series 2020 C-1, Ref. GO Bonds
| 5.00% | | 08/01/2028 | | | 95 | | 103,508 |
New York (City of), NY, Series 2022 A-1, GO Bonds
| 5.00% | | 09/01/2028 | | | 10 | | 10,914 |
New York (City of), NY, Subseries 2008 J-5, GO Bonds
| 5.00% | | 08/01/2028 | | | 300 | | 326,867 |
New York (City of), NY, Subseries 2018 D-1, GO Bonds
| 5.00% | | 12/01/2033 | | | 500 | | 537,745 |
New York (City of), NY, Subseries 2018 D-1, GO Bonds
| 5.00% | | 12/01/2034 | | | 5 | | 5,369 |
New York (City of), NY, Subseries 2018 D-1, GO Bonds
| 5.00% | | 12/01/2036 | | | 45 | | 48,120 |
New York (City of), NY, Subseries 2018 D-1, GO Bonds
| 5.00% | | 12/01/2038 | | | 80 | | 85,211 |
New York (City of), NY, Subseries 2018 D-1, GO Bonds
| 5.00% | | 12/01/2039 | | | 250 | | 265,822 |
New York (City of), NY, Subseries 2018 D-1, GO Bonds
| 5.00% | | 12/01/2040 | | | 70 | | 74,234 |
New York (City of), NY, Subseries 2018 D-1, GO Bonds
| 4.00% | | 12/01/2043 | | | 10 | | 9,858 |
New York (City of), NY, Subseries 2018 D-1, GO Bonds
| 5.00% | | 12/01/2044 | | | 40 | | 42,093 |
New York (City of), NY, Subseries 2018 F-1, GO Bonds
| 5.00% | | 04/01/2033 | | | 220 | | 234,319 |
New York (City of), NY, Subseries 2018 F-1, GO Bonds
| 5.00% | | 04/01/2034 | | | 300 | | 319,158 |
New York (City of), NY, Subseries 2018 F-1, GO Bonds
| 5.00% | | 04/01/2035 | | | 95 | | 100,950 |
New York (City of), NY, Subseries 2018 F-1, GO Bonds
| 5.00% | | 04/01/2040 | | | 25 | | 26,289 |
New York (City of), NY, Subseries 2018 F-1, GO Bonds
| 5.00% | | 04/01/2043 | | | 100 | | 104,600 |
New York (City of), NY, Subseries 2018 F-1, GO Bonds
| 5.00% | | 04/01/2045 | | | 240 | | 250,354 |
New York (City of), NY Industrial Development Agency, Series 2021, Ref. RB, (INS - AGM)(a)
| 5.00% | | 01/01/2028 | | | 30 | | 32,044 |
New York (City of), NY Municipal Water Finance Authority, Series 2018 FF, Ref. RB
| 5.00% | | 06/15/2030 | | | 20 | | 21,743 |
New York (City of), NY Municipal Water Finance Authority, Series 2018 FF, Ref. RB
| 5.00% | | 06/15/2034 | | | 15 | | 16,162 |
New York (City of), NY Municipal Water Finance Authority, Series 2018 FF, Ref. RB
| 5.00% | | 06/15/2039 | | | 70 | | 74,258 |
New York (City of), NY Municipal Water Finance Authority, Series 2018 FF, Ref. RB
| 5.00% | | 06/15/2040 | | | 165 | | 174,373 |
New York (City of), NY Municipal Water Finance Authority, Series 2018, Ref. RB
| 5.00% | | 06/15/2038 | | | 50 | | 53,251 |
New York (City of), NY Municipal Water Finance Authority, Series 2019 DD-1, RB
| 4.00% | | 06/15/2037 | | | 25 | | 25,412 |
New York (City of), NY Municipal Water Finance Authority, Series 2019 DD-1, RB
| 5.00% | | 06/15/2049 | | | 275 | | 287,112 |
New York (City of), NY Municipal Water Finance Authority, Series 2019 DD-1, RB
| 5.25% | | 06/15/2049 | | | 100 | | 105,387 |
New York (City of), NY Municipal Water Finance Authority, Series 2022 EE, Ref. RB
| 5.00% | | 06/15/2028 | | | 210 | | 229,805 |
New York (City of), NY Municipal Water Finance Authority, Series 2022 EE, Ref. RB
| 5.00% | | 06/15/2045 | | | 180 | | 188,547 |
New York (City of), NY Municipal Water Finance Authority, Subseries 2023 AA-2, RB
| 5.00% | | 06/15/2030 | | | 5 | | 5,497 |
New York (City of), NY Transitional Finance Authority, Series 1998 A-1, RB
| 5.00% | | 11/01/2028 | | | 15 | | 16,530 |
New York (City of), NY Transitional Finance Authority, Series 2017 S-1, Ref. RB
| 5.00% | | 07/15/2028 | | | 10 | | 10,608 |
New York (City of), NY Transitional Finance Authority, Series 2018 C-2, RB
| 5.00% | | 05/01/2034 | | | 30 | | 31,958 |
New York (City of), NY Transitional Finance Authority, Series 2018 C-2, RB
| 5.00% | | 05/01/2035 | | | 565 | | 600,531 |
New York (City of), NY Transitional Finance Authority, Series 2018 C-2, RB
| 5.00% | | 05/01/2036 | | | 95 | | 100,768 |
New York (City of), NY Transitional Finance Authority, Series 2018 C-2, RB
| 5.00% | | 05/01/2038 | | | 40 | | 42,293 |
New York (City of), NY Transitional Finance Authority, Series 2018 C-3, RB
| 5.00% | | 05/01/2039 | | | 30 | | 31,609 |
New York (City of), NY Transitional Finance Authority, Series 2018 S-1, RB
| 5.00% | | 07/15/2032 | | | 35 | | 37,564 |
New York (City of), NY Transitional Finance Authority, Series 2018 S-1, RB
| 5.00% | | 07/15/2036 | | | 20 | | 21,287 |
New York (City of), NY Transitional Finance Authority, Series 2018 S-1, RB
| 5.00% | | 07/15/2043 | | | 165 | | 173,140 |
New York (City of), NY Transitional Finance Authority, Series 2018 S-1, RB
| 5.00% | | 07/15/2045 | | | 205 | | 214,614 |
New York (City of), NY Transitional Finance Authority, Series 2018 S-2A, Ref. RB
| 5.00% | | 07/15/2030 | | | 10 | | 10,788 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2028 Municipal Bond ETF (BSMS)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| New York-(continued) | | | | | | | | |
New York (City of), NY Transitional Finance Authority, Series 2018 S-2A, Ref. RB
| 5.00% | | 07/15/2033 | | $ | 65 | | $ 69,654 |
New York (City of), NY Transitional Finance Authority, Series 2018 S-2A, Ref. RB
| 5.00% | | 07/15/2035 | | | 385 | | 411,014 |
New York (City of), NY Transitional Finance Authority, Series 2018 S-2A, Ref. RB
| 4.00% | | 07/15/2038 | | | 110 | | 111,301 |
New York (City of), NY Transitional Finance Authority, Series 2018 S-3, RB
| 5.00% | | 07/15/2034 | | | 165 | | 176,464 |
New York (City of), NY Transitional Finance Authority, Series 2018 S-3, RB
| 5.25% | | 07/15/2036 | | | 25 | | 26,881 |
New York (City of), NY Transitional Finance Authority, Series 2018 S-3, RB
| 5.00% | | 07/15/2037 | | | 55 | | 58,410 |
New York (City of), NY Transitional Finance Authority, Series 2018 S-3, RB
| 5.00% | | 07/15/2043 | | | 85 | | 89,193 |
New York (City of), NY Transitional Finance Authority, Series 2018 S-4A, Ref. RB
| 5.00% | | 07/15/2034 | | | 100 | | 106,948 |
New York (City of), NY Transitional Finance Authority, Series 2018 S-4A, Ref. RB
| 5.00% | | 07/15/2037 | | | 400 | | 424,801 |
New York (City of), NY Transitional Finance Authority, Series 2020, Ref. RB
| 5.00% | | 11/01/2028 | | | 175 | | 192,853 |
New York (City of), NY Transitional Finance Authority, Series 2021 A-1, Ref. RB
| 5.00% | | 11/01/2028 | | | 75 | | 82,651 |
New York (City of), NY Transitional Finance Authority, Series 2022 B-1, Ref. RB
| 5.00% | | 11/01/2028 | | | 175 | | 192,853 |
New York (City of), NY Transitional Finance Authority, Series 2022 S-1A, Ref. RB
| 5.00% | | 07/15/2028 | | | 100 | | 109,321 |
New York (City of), NY Transitional Finance Authority, Subseries 2012 A-6, RB
| 5.00% | | 08/01/2028 | | | 10 | | 10,962 |
New York (City of), NY Transitional Finance Authority, Subseries 2018 A-1, RB
| 5.00% | | 08/01/2033 | | | 90 | | 96,403 |
New York (City of), NY Transitional Finance Authority, Subseries 2018 A-1, RB
| 5.00% | | 08/01/2035 | | | 85 | | 90,641 |
New York (City of), NY Transitional Finance Authority, Subseries 2018 A-1, RB
| 5.00% | | 08/01/2036 | | | 25 | | 26,603 |
New York (City of), NY Transitional Finance Authority, Subseries 2018 A-1, RB
| 5.00% | | 08/01/2040 | | | 55 | | 57,995 |
New York (City of), NY Transitional Finance Authority, Subseries 2018 A-1, RB
| 5.00% | | 08/01/2042 | | | 500 | | 524,636 |
New York (City of), NY Transitional Finance Authority, Subseries 2018 B-1, RB
| 5.00% | | 08/01/2035 | | | 145 | | 154,622 |
New York (City of), NY Transitional Finance Authority, Subseries 2018 B-1, RB
| 5.00% | | 08/01/2036 | | | 180 | | 191,545 |
New York (City of), NY Transitional Finance Authority, Subseries 2018 B-1, RB
| 5.25% | | 08/01/2037 | | | 55 | | 59,067 |
New York (City of), NY Transitional Finance Authority, Subseries 2018 B-1, RB
| 4.00% | | 08/01/2038 | | | 195 | | 197,876 |
New York (City of), NY Transitional Finance Authority, Subseries 2018 S-2A, Ref. RB
| 5.00% | | 07/15/2034 | | | 25 | | 26,737 |
New York (City of), NY Transitional Finance Authority, Subseries 2018 S-3, Ref. RB
| 5.00% | | 07/15/2028 | | | 190 | | 207,709 |
New York (City of), NY Transitional Finance Authority, Subseries 2018 S-3, Ref. RB
| 5.00% | | 07/15/2030 | | | 235 | | 253,518 |
New York (City of), NY Transitional Finance Authority, Subseries 2018 S-3, Ref. RB
| 5.00% | | 07/15/2031 | | | 100 | | 107,641 |
New York (City of), NY Transitional Finance Authority, Subseries 2018 S-3, Ref. RB
| 5.00% | | 07/15/2033 | | | 210 | | 225,037 |
New York (City of), NY Transitional Finance Authority, Subseries 2018 S-3, Ref. RB
| 5.00% | | 07/15/2035 | | | 25 | | 26,689 |
New York (City of), NY Transitional Finance Authority, Subseries 2018 S-3, Ref. RB
| 5.00% | | 07/15/2036 | | | 110 | | 117,077 |
New York (City of), NY Transitional Finance Authority, Subseries 2018 S-3, Ref. RB
| 5.00% | | 07/15/2037 | | | 125 | | 132,750 |
New York (City of), NY Transitional Finance Authority, Subseries 2018 S-3A, Ref. RB
| 5.00% | | 07/15/2032 | | | 60 | | 64,395 |
New York (City of), NY Transitional Finance Authority, Subseries 2018 S-3A, Ref. RB
| 5.00% | | 07/15/2034 | | | 100 | | 106,948 |
New York (City of), NY Transitional Finance Authority, Subseries 2018 S-3A, Ref. RB
| 4.00% | | 07/15/2038 | | | 15 | | 15,177 |
New York (City of), NY Transitional Finance Authority, Subseries 2018 S-4A, Ref. RB
| 5.00% | | 07/15/2033 | | | 25 | | 26,790 |
New York (City of), NY Transitional Finance Authority, Subseries 2018 S-4A, Ref. RB
| 5.25% | | 07/15/2035 | | | 20 | | 21,570 |
New York (City of), NY Transitional Finance Authority, Subseries 2018, RB
| 5.00% | | 08/01/2034 | | | 95 | | 101,557 |
New York (City of), NY Transitional Finance Authority, Subseries 2018, RB
| 4.00% | | 08/01/2039 | | | 70 | | 70,688 |
New York (State of) Dormitory Authority, Series 2018 1, Ref. RB
| 5.00% | | 01/15/2028 | | | 50 | | 53,879 |
New York (State of) Dormitory Authority, Series 2018 A, RB
| 5.00% | | 03/15/2032 | | | 115 | | 122,803 |
New York (State of) Dormitory Authority, Series 2018 A, RB
| 5.00% | | 07/01/2033 | | | 30 | | 32,366 |
New York (State of) Dormitory Authority, Series 2018 A, RB
| 5.00% | | 03/15/2034 | | | 200 | | 212,804 |
New York (State of) Dormitory Authority, Series 2018 A, RB
| 4.00% | | 07/01/2035 | | | 75 | | 76,245 |
New York (State of) Dormitory Authority, Series 2018 A, RB
| 5.00% | | 03/15/2036 | | | 5 | | 5,309 |
New York (State of) Dormitory Authority, Series 2018 A, RB
| 5.00% | | 07/01/2036 | | | 70 | | 75,070 |
New York (State of) Dormitory Authority, Series 2018 A, RB
| 5.00% | | 07/01/2038 | | | 80 | | 85,457 |
New York (State of) Dormitory Authority, Series 2018 A, RB
| 5.00% | | 03/15/2039 | | | 120 | | 126,495 |
New York (State of) Dormitory Authority, Series 2018 A, RB
| 5.00% | | 07/01/2039 | | | 135 | | 143,734 |
New York (State of) Dormitory Authority, Series 2018 A, RB
| 5.00% | | 07/01/2040 | | | 30 | | 31,874 |
New York (State of) Dormitory Authority, Series 2018 A, RB
| 5.00% | | 07/01/2048 | | | 150 | | 157,811 |
New York (State of) Dormitory Authority, Series 2018 A, Ref. RB
| 5.00% | | 03/15/2031 | | | 80 | | 86,832 |
New York (State of) Dormitory Authority, Series 2018 A, Ref. RB
| 5.00% | | 03/15/2032 | | | 285 | | 308,607 |
New York (State of) Dormitory Authority, Series 2018 A, Ref. RB
| 5.25% | | 03/15/2037 | | | 20 | | 21,627 |
New York (State of) Dormitory Authority, Series 2018 A, Ref. RB
| 5.25% | | 03/15/2039 | | | 100 | | 107,337 |
New York (State of) Dormitory Authority, Series 2018 A, Ref. RB
| 5.00% | | 03/15/2040 | | | 100 | | 105,581 |
New York (State of) Dormitory Authority, Series 2018 C, Ref. RB
| 5.00% | | 03/15/2031 | | | 35 | | 37,418 |
New York (State of) Dormitory Authority, Series 2018 C, Ref. RB
| 5.00% | | 03/15/2032 | | | 15 | | 16,002 |
New York (State of) Dormitory Authority, Series 2018 C, Ref. RB
| 5.00% | | 03/15/2033 | | | 10 | | 10,647 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2028 Municipal Bond ETF (BSMS)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| New York-(continued) | | | | | | | | |
New York (State of) Dormitory Authority, Series 2018 C, Ref. RB
| 5.00% | | 03/15/2034 | | $ | 50 | | $ 53,142 |
New York (State of) Dormitory Authority, Series 2018 C, Ref. RB
| 5.00% | | 03/15/2039 | | | 5 | | 5,271 |
New York (State of) Dormitory Authority, Series 2018 E, Ref. RB
| 5.00% | | 03/15/2030 | | | 300 | | 324,461 |
New York (State of) Dormitory Authority, Series 2018 E, Ref. RB
| 5.00% | | 03/15/2033 | | | 35 | | 37,615 |
New York (State of) Dormitory Authority, Series 2018 E, Ref. RB
| 5.00% | | 03/15/2035 | | | 230 | | 246,420 |
New York (State of) Dormitory Authority, Series 2018 E, Ref. RB
| 5.00% | | 03/15/2048 | | | 400 | | 418,778 |
New York (State of) Dormitory Authority, Series 2018-1, Ref. RB
| 5.00% | | 01/15/2032 | | | 160 | | 171,044 |
New York (State of) Dormitory Authority, Series 2019 A, Ref. RB
| 5.00% | | 03/15/2028 | | | 25 | | 27,147 |
New York (State of) Dormitory Authority, Series 2020, RB, (INS - AGM)(a)
| 5.00% | | 10/01/2032 | | | 50 | | 53,455 |
New York (State of) Dormitory Authority, Series 2020, RB, (INS - AGM)(a)
| 5.00% | | 10/01/2033 | | | 10 | | 10,682 |
New York (State of) Dormitory Authority, Series 2020, RB, (INS - AGM)(a)
| 5.00% | | 10/01/2034 | | | 100 | | 106,593 |
New York (State of) Dormitory Authority, Series 2020, RB, (INS - AGM)(a)
| 5.00% | | 10/01/2035 | | | 25 | | 26,604 |
New York (State of) Dormitory Authority, Series 2024 A, RB
| 5.00% | | 07/01/2028 | | | 200 | | 216,079 |
New York (State of) Dormitory Authority (Bidding Group 1), Series 2018 C, Ref. RB
| 5.00% | | 03/15/2035 | | | 315 | | 334,307 |
New York (State of) Dormitory Authority (Bidding Group 1), Series 2018 C, Ref. RB
| 5.00% | | 03/15/2036 | | | 100 | | 106,173 |
New York (State of) Dormitory Authority (Bidding Group 2), Series 2018 A, RB
| 5.00% | | 03/15/2030 | | | 255 | | 273,341 |
New York (State of) Dormitory Authority (Bidding Group 2), Series 2018 A, RB
| 5.00% | | 03/15/2033 | | | 325 | | 346,425 |
New York (State of) Dormitory Authority (Bidding Group 2), Series 2018 E, Ref. RB
| 5.00% | | 03/15/2036 | | | 200 | | 214,021 |
New York (State of) Dormitory Authority (Bidding Group 2), Series 2018 E, Ref. RB
| 5.00% | | 03/15/2037 | | | 70 | | 74,761 |
New York (State of) Dormitory Authority (Bidding Group 2), Series 2018 E, Ref. RB
| 5.00% | | 03/15/2039 | | | 425 | | 451,158 |
New York (State of) Dormitory Authority (Bidding Group 2), Series 2018 E, Ref. RB
| 5.00% | | 03/15/2040 | | | 240 | | 254,129 |
New York (State of) Dormitory Authority (Bidding Group 2), Series 2018 E, Ref. RB
| 5.00% | | 03/15/2043 | | | 25 | | 26,315 |
New York (State of) Dormitory Authority (Bidding Group 2), Series 2018 E, Ref. RB
| 5.00% | | 03/15/2044 | | | 15 | | 15,768 |
New York (State of) Dormitory Authority (Bidding Group 3), Series 2018 A, RB
| 5.00% | | 03/15/2038 | | | 150 | | 158,707 |
New York (State of) Dormitory Authority (Bidding Group 3), Series 2018 A, RB
| 5.00% | | 03/15/2042 | | | 155 | | 162,425 |
New York (State of) Dormitory Authority (Bidding Group 4), Series 2018 A, RB
| 5.00% | | 03/15/2044 | | | 95 | | 99,258 |
New York (State of) Dormitory Authority (Bidding Group 4), Series 2018 A, RB
| 5.00% | | 03/15/2045 | | | 100 | | 104,367 |
New York (State of) Dormitory Authority (Bidding Group 4), Series 2018 C, Ref. RB
| 5.00% | | 03/15/2038 | | | 250 | | 264,518 |
New York (State of) Dormitory Authority (Bidding Group 4), Series 2018 C, Ref. RB
| 5.00% | | 03/15/2042 | | | 15 | | 15,719 |
New York (State of) Dormitory Authority (Columbia University), Series 2018 B, Ref. RB
| 5.00% | | 10/01/2038 | | | 235 | | 250,347 |
New York (State of) Dormitory Authority (General Purpose), Series 2018 A, Ref. RB
| 5.25% | | 03/15/2038 | | | 50 | | 53,874 |
New York (State of) Dormitory Authority (New York University), Series 2019 A, RB
| 5.00% | | 07/01/2028 | | | 10 | | 10,931 |
New York (State of) Power Authority (Green Transmission), Series 2022, RB, (INS - AGM)(a)
| 5.00% | | 11/15/2028 | | | 15 | | 16,544 |
New York (State of) Thruway Authority, Series 2018 L, Ref. RB
| 5.00% | | 01/01/2028 | | | 30 | | 32,411 |
New York (State of) Thruway Authority, Series 2018 L, Ref. RB
| 5.00% | | 01/01/2030 | | | 95 | | 102,256 |
New York (State of) Thruway Authority, Series 2018 L, Ref. RB
| 5.00% | | 01/01/2031 | | | 20 | | 21,475 |
New York (State of) Thruway Authority, Series 2018 L, Ref. RB
| 5.00% | | 01/01/2033 | | | 40 | | 42,772 |
New York (State of) Thruway Authority, Series 2018 L, Ref. RB
| 5.00% | | 01/01/2035 | | | 60 | | 63,930 |
New York (State of) Thruway Authority, Series 2018 L, Ref. RB
| 3.50% | | 01/01/2037 | | | 30 | | 29,958 |
New York (State of) Thruway Authority, Series 2021 A-1, Ref. RB
| 5.00% | | 03/15/2028 | | | 15 | | 16,214 |
New York (State of) Thruway Authority (Bidding Group 1), Series 2022 A, Ref. RB
| 5.00% | | 03/15/2028 | | | 20 | | 21,619 |
New York City Health and Hospitals Corp., Series 2021 A, Ref. RB
| 5.00% | | 02/15/2028 | | | 60 | | 65,014 |
New York State Environmental Facilities Corp., Series 2018 B, RB
| 5.00% | | 06/15/2043 | | | 40 | | 41,954 |
New York State Environmental Facilities Corp., Series 2019 B, Ref. RB
| 5.00% | | 06/15/2028 | | | 10 | | 10,939 |
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2017, Ref. RB
| 5.00% | | 06/15/2028 | | | 50 | | 53,162 |
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2018 A, Ref. RB
| 5.00% | | 06/15/2030 | | | 40 | | 43,340 |
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2018 B, RB
| 5.00% | | 06/15/2048 | | | 150 | | 156,110 |
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2021, RB
| 5.00% | | 06/15/2028 | | | 5 | | 5,470 |
New York State Urban Development Corp., Series 2019 A, RB
| 5.00% | | 03/15/2035 | | | 195 | | 208,692 |
New York State Urban Development Corp., Series 2019 A, RB
| 5.00% | | 03/15/2037 | | | 45 | | 47,903 |
New York State Urban Development Corp., Series 2019 A, RB
| 5.00% | | 03/15/2038 | | | 110 | | 116,761 |
New York State Urban Development Corp., Series 2019 A, RB
| 5.00% | | 03/15/2039 | | | 85 | | 89,814 |
New York State Urban Development Corp., Series 2019 A, RB
| 5.00% | | 03/15/2040 | | | 135 | | 142,275 |
New York State Urban Development Corp., Series 2019 A, RB
| 5.00% | | 03/15/2044 | | | 105 | | 109,774 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2028 Municipal Bond ETF (BSMS)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| New York-(continued) | | | | | | | | |
New York State Urban Development Corp., Series 2019 A, RB
| 5.00% | | 03/15/2045 | | $ | 50 | | $ 52,214 |
New York State Urban Development Corp., Series 2019, RB
| 5.00% | | 03/15/2036 | | | 140 | | 149,377 |
New York State Urban Development Corp., Series 2020, Ref. RB
| 5.00% | | 03/15/2028 | | | 155 | | 168,036 |
Triborough Bridge & Tunnel Authority, Series 2017 B, Ref. RB
| 5.00% | | 11/15/2028 | | | 70 | | 76,998 |
Triborough Bridge & Tunnel Authority, Series 2018 B, Ref. RB
| 5.00% | | 11/15/2028 | | | 230 | | 252,993 |
Triborough Bridge & Tunnel Authority, Series 2023, RB
| 5.00% | | 11/15/2028 | | | 90 | | 98,254 |
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2017 C-1, Ref. RB
| 5.00% | | 11/15/2028 | | | 190 | | 208,995 |
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2018 A, RB
| 5.00% | | 11/15/2043 | | | 5 | | 5,223 |
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2018 A, RB
| 5.00% | | 11/15/2044 | | | 325 | | 339,084 |
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2018 A, RB
| 5.00% | | 11/15/2046 | | | 10 | | 10,421 |
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2018 C, Ref. RB
| 5.00% | | 11/15/2033 | | | 15 | | 16,139 |
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2018 C, Ref. RB
| 5.00% | | 11/15/2034 | | | 45 | | 48,312 |
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2018 C, Ref. RB
| 5.00% | | 11/15/2035 | | | 160 | | 171,256 |
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2018 C, Ref. RB
| 5.00% | | 11/15/2036 | | | 25 | | 26,684 |
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2018 C, Ref. RB
| 5.00% | | 11/15/2037 | | | 30 | | 31,952 |
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022, RB
| 5.00% | | 05/15/2028 | | | 50 | | 54,412 |
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2023 A, Ref. RB
| 5.00% | | 11/15/2028 | | | 10 | | 11,000 |
| | | | | | | | | 25,537,907 |
| North Carolina-1.19% | | | | | | | | |
Charlotte (City of), NC, Series 2018, Ref. RB
| 5.00% | | 07/01/2028 | | | 215 | | 235,093 |
Charlotte (City of), NC, Series 2018, Ref. RB
| 5.00% | | 07/01/2031 | | | 400 | | 434,202 |
Charlotte (City of), NC, Series 2018, Ref. RB
| 5.00% | | 07/01/2032 | | | 40 | | 43,312 |
Charlotte (City of), NC, Series 2018, Ref. RB
| 5.00% | | 07/01/2034 | | | 20 | | 21,571 |
Charlotte (City of), NC, Series 2023 B, Ref. GO Bonds
| 5.00% | | 07/01/2028 | | | 5 | | 5,469 |
Mecklenburg (County of), NC, Series 2022, GO Bonds
| 5.00% | | 09/01/2028 | | | 25 | | 27,444 |
North Carolina (State of), Series 2017 B, Ref. RB
| 5.00% | | 05/01/2028 | | | 25 | | 26,520 |
North Carolina (State of), Series 2018 A, GO Bonds
| 5.00% | | 06/01/2030 | | | 30 | | 32,568 |
North Carolina (State of), Series 2018 A, GO Bonds
| 5.00% | | 06/01/2031 | | | 250 | | 270,146 |
North Carolina (State of), Series 2018 A, GO Bonds
| 3.00% | | 06/01/2034 | | | 20 | | 19,461 |
North Carolina (State of), Series 2020 A, GO Bonds
| 5.00% | | 06/01/2028 | | | 80 | | 87,350 |
North Carolina (State of) (Build North Carolina Programs), Series 2020 B, RB
| 5.00% | | 05/01/2028 | | | 200 | | 217,691 |
North Carolina (State of) Turnpike Authority, Series 2018 A, Ref. RB
| 4.00% | | 01/01/2034 | | | 15 | | 15,323 |
North Carolina (State of) Turnpike Authority, Series 2018 A, Ref. RB
| 4.00% | | 01/01/2035 | | | 15 | | 15,279 |
| | | | | | | | | 1,451,429 |
| North Dakota-0.16% | | | | | | | | |
University of North Dakota, Series 2018, COP
| 5.00% | | 04/01/2057 | | | 195 | | 200,367 |
| Ohio-2.14% | | | | | | | | |
Allen (County of), OH, Series 2017 A, Ref. RB
| 5.00% | | 08/01/2028 | | | 50 | | 53,599 |
Allen (County of), OH, Series 2017 A, Ref. RB
| 5.00% | | 08/01/2029 | | | 60 | | 64,211 |
Allen (County of), OH, Series 2017 A, Ref. RB
| 4.00% | | 08/01/2038 | | | 20 | | 20,182 |
Allen (County of), OH (Mercy Health), Series 2017 A, Ref. RB
| 5.00% | | 08/01/2042 | | | 45 | | 46,452 |
Allen (County of), OH (Mercy Health), Series 2020, Ref. RB
| 5.00% | | 12/01/2028 | | | 25 | | 27,229 |
American Municipal Power, Inc. (Fremont Energy Center), Series 2017, Ref. RB
| 4.00% | | 02/15/2042 | | | 150 | | 145,501 |
Cincinnati City School District (Classroom Construction & Improvement), Series 2006, Ref. GO Bonds, (INS - NATL)(a)
| 5.25% | | 12/01/2028 | | | 25 | | 27,626 |
Cleveland (City of), OH, Series 2018, GO Bonds
| 5.00% | | 12/01/2043 | | | 125 | | 129,787 |
Columbus (City of), OH, Series 2016 3, Ref. GO Bonds
| 5.00% | | 02/15/2028 | | | 15 | | 15,860 |
Columbus (City of), OH, Series 2017-1, Ref. GO Bonds
| 5.00% | | 04/01/2028 | | | 115 | | 123,321 |
Columbus (City of), OH, Series 2018 A, GO Bonds
| 5.00% | | 04/01/2030 | | | 25 | | 27,221 |
Columbus (City of), OH, Series 2018 A, GO Bonds
| 5.00% | | 04/01/2031 | | | 40 | | 43,413 |
Columbus (City of), OH, Series 2018 A, GO Bonds
| 5.00% | | 04/01/2032 | | | 30 | | 32,508 |
Columbus (City of), OH, Series 2018 A, GO Bonds
| 5.00% | | 04/01/2033 | | | 10 | | 10,832 |
Columbus (City of), OH, Series 2018 A, GO Bonds
| 5.00% | | 04/01/2034 | | | 25 | | 27,039 |
Columbus (City of), OH, Series 2023 A, GO Bonds
| 5.00% | | 08/15/2028 | | | 60 | | 65,709 |
Cuyahoga Community College District, Series 2018, GO Bonds
| 4.00% | | 12/01/2042 | | | 15 | | 15,018 |
Franklin (County of), OH, Series 2018, RB
| 5.00% | | 06/01/2048 | | | 150 | | 156,427 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2028 Municipal Bond ETF (BSMS)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Ohio-(continued) | | | | | | | | |
Miami Valley Career Technology Center, Series 2018, GO Bonds
| 3.75% | | 12/01/2047 | | $ | 35 | | $ 33,012 |
Northeast Ohio Regional Sewer District, Series 2017, Ref. RB
| 4.00% | | 11/15/2037 | | | 10 | | 10,141 |
Northeast Ohio Regional Sewer District, Series 2017, Ref. RB
| 3.25% | | 11/15/2040 | | | 30 | | 27,206 |
Northeast Ohio Regional Sewer District, Series 2017, Ref. RB
| 4.00% | | 11/15/2043 | | | 20 | | 19,879 |
Ohio (State of), Series 2016 A, Ref. GO Bonds
| 5.00% | | 09/01/2028 | | | 65 | | 71,277 |
Ohio (State of), Series 2017 B, Ref. GO Bonds
| 5.00% | | 09/01/2028 | | | 25 | | 27,414 |
Ohio (State of), Series 2019-1, RB
| 5.00% | | 12/15/2028 | | | 110 | | 121,014 |
Ohio (State of) (Cleveland Clinic Health System Obligated Group), Series 2017 A, Ref. RB
| 5.00% | | 01/01/2030 | | | 50 | | 53,440 |
Ohio (State of) (Cleveland Clinic Health System Obligated Group), Series 2017 A, Ref. RB
| 5.00% | | 01/01/2031 | | | 50 | | 53,271 |
Ohio (State of) (Cleveland Clinic Health System Obligated Group), Series 2017 A, Ref. RB
| 5.00% | | 01/01/2033 | | | 45 | | 47,697 |
Ohio (State of) (Cleveland Clinic Health System Obligated Group), Series 2017 A, Ref. RB
| 4.00% | | 01/01/2036 | | | 345 | | 348,268 |
Ohio (State of) (Cleveland Clinic Health System Obligated Group), Series 2017, Ref. RB
| 5.00% | | 01/01/2028 | | | 30 | | 32,272 |
Ohio (State of) Turnpike & Infrastructure Commission, Series 2017 A, Ref. RB
| 5.00% | | 02/15/2028 | | | 15 | | 15,870 |
Ohio (State of) Turnpike & Infrastructure Commission, Series 2018 A, RB
| 4.00% | | 02/15/2032 | | | 55 | | 56,630 |
Ohio (State of) Turnpike & Infrastructure Commission, Series 2018 A, RB
| 4.00% | | 02/15/2033 | | | 25 | | 25,677 |
Ohio (State of) Turnpike & Infrastructure Commission (Infrastructure), Series 2018 A, RB
| 5.00% | | 02/15/2028 | | | 25 | | 26,986 |
Ohio (State of) Turnpike & Infrastructure Commission (Infrastructure), Series 2018 A, RB
| 5.00% | | 02/15/2030 | | | 165 | | 177,255 |
Ohio (State of) Turnpike & Infrastructure Commission (Infrastructure), Series 2018 A, RB
| 5.00% | | 02/15/2031 | | | 45 | | 48,108 |
Ohio (State of) Turnpike & Infrastructure Commission (Infrastructure), Series 2018 A, RB
| 5.00% | | 02/15/2033 | | | 85 | | 90,516 |
Ohio (State of) Water Development Authority, Series 2018, RB
| 5.00% | | 06/01/2028 | | | 165 | | 178,130 |
Ohio (State of) Water Development Authority, Series 2019 A, RB
| 5.00% | | 06/01/2028 | | | 95 | | 103,515 |
University of Cincinnati, Series 2018 A, Ref. RB
| 5.00% | | 06/01/2044 | | | 5 | | 5,193 |
| | | | | | | | | 2,604,706 |
| Oklahoma-0.04% | | | | | | | | |
Oklahoma (State of) Turnpike Authority, Series 2017 D D, Ref. RB
| 5.00% | | 01/01/2028 | | | 40 | | 43,029 |
| Oregon-0.55% | | | | | | | | |
Multnomah County School District No. 1, Series 2020, GO Bonds, (CEP - Oregon School Bond Guaranty)
| 5.00% | | 06/15/2028 | | | 10 | | 10,905 |
Oregon City School District No. 62, Series 2018 B, GO Bonds, (CEP - Oregon School Bond Guaranty)
| 5.00% | | 06/15/2049 | | | 120 | | 125,372 |
Portland (City of), OR, Series 2019 A, Ref. RB
| 5.00% | | 03/01/2028 | | | 10 | | 10,839 |
Portland Community College District, Series 2023, GO Bonds
| 5.00% | | 06/15/2028 | | | 50 | | 54,488 |
Salem-Keizer School District No. 24J, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty)
| 5.00% | | 06/15/2032 | | | 125 | | 134,034 |
Salem-Keizer School District No. 24J, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty)
| 5.00% | | 06/15/2033 | | | 25 | | 26,785 |
Salem-Keizer School District No. 24J, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty)
| 5.00% | | 06/15/2034 | | | 25 | | 26,751 |
Salem-Keizer School District No. 24J, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty)
| 4.00% | | 06/15/2035 | | | 105 | | 107,599 |
Salem-Keizer School District No. 24J, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty)
| 5.00% | | 06/15/2037 | | | 55 | | 58,511 |
Salem-Keizer School District No. 24J, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty)
| 5.00% | | 06/15/2038 | | | 5 | | 5,314 |
Salem-Keizer School District No. 24J, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty)
| 5.00% | | 06/15/2039 | | | 5 | | 5,297 |
University of Oregon, Series 2018 A, RB
| 5.00% | | 04/01/2048 | | | 105 | | 109,075 |
| | | | | | | | | 674,970 |
| Pennsylvania-4.30% | | | | | | | | |
Allegheny (County of), PA, Series 2018 C-77, GO Bonds
| 5.00% | | 11/01/2043 | | | 135 | | 142,102 |
Allegheny (County of), PA Hospital Development Authority (Allegheny Health Network Obligated Group Issue), Series 2018 A, Ref. RB
| 5.00% | | 04/01/2032 | | | 30 | | 31,518 |
Allegheny (County of), PA Hospital Development Authority (Allegheny Health Network Obligated Group Issue), Series 2018 A, Ref. RB
| 4.00% | | 04/01/2037 | | | 20 | | 19,876 |
Allegheny (County of), PA Hospital Development Authority (Allegheny Health Network Obligated Group Issue), Series 2018 A, Ref. RB
| 4.00% | | 04/01/2044 | | | 55 | | 51,924 |
Allegheny (County of), PA Hospital Development Authority (Allegheny Health Network Obligated Group Issue), Series 2018 A, Ref. RB
| 5.00% | | 04/01/2047 | | | 150 | | 153,281 |
Allegheny (County of), PA Hospital Development Authority (Allegheny Health Network Obligated Group Issue), Series 2018, Ref. RB
| 5.00% | | 04/01/2033 | | | 150 | | 157,417 |
Allegheny (County of), PA Hospital Development Authority (Allegheny Health Network Obligated Group Issue), Series 2018, Ref. RB
| 4.00% | | 04/01/2038 | | | 150 | | 147,258 |
Allegheny (County of), PA Hospital Development Authority (University of Pittsburgh Medical Center), Series 2019 A, Ref. RB
| 5.00% | | 07/15/2028 | | | 20 | | 21,641 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2028 Municipal Bond ETF (BSMS)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Pennsylvania-(continued) | | | | | | | | |
Allegheny (County of), PA Port Authority, Series 2020, Ref. RB
| 5.00% | | 03/01/2028 | | $ | 20 | | $ 21,581 |
Allegheny (County of), PA Sanitary Authority, Series 2018, RB
| 5.00% | | 06/01/2045 | | | 100 | | 104,103 |
Bucks (County of), PA Industrial Development Authority (St. Luke’s University Health Network), Series 2019, RB
| 3.00% | | 08/15/2050 | | | 180 | | 137,453 |
Delaware Valley Regional Finance Authority, Series 1998 A, RB, (INS - AMBAC)(a)
| 5.50% | | 08/01/2028 | | | 20 | | 21,841 |
DuBois (City of), PA Hospital Authority (Penn Highlands Healthcare), Series 2018, Ref. RB
| 4.00% | | 07/15/2048 | | | 30 | | 26,405 |
Erie Sewer Authority, Series 2018 B, Ref. RB, (INS - AGM)(a)
| 4.00% | | 12/01/2041 | | | 30 | | 30,130 |
Montgomery (County of), PA Higher Education & Health Authority (Thomas Jefferson University), Series 2018 A, Ref. RB
| 4.00% | | 09/01/2049 | | | 5 | | 4,668 |
Northampton (County of), PA General Purpose Authority (LaFayette College), Series 2018, Ref. RB
| 4.00% | | 11/01/2038 | | | 100 | | 100,649 |
Pennsylvania (Commonwealth of), First Series 2017, Ref. GO Bonds
| 5.00% | | 01/01/2028 | | | 250 | | 263,622 |
Pennsylvania (Commonwealth of), First Series 2018, GO Bonds
| 4.00% | | 03/01/2037 | | | 95 | | 96,810 |
Pennsylvania (Commonwealth of), First Series 2018, GO Bonds, (INS - AGM)(a)
| 4.00% | | 03/01/2033 | | | 10 | | 10,314 |
Pennsylvania (Commonwealth of), First Series 2018, GO Bonds, (INS - AGM)(a)
| 4.00% | | 03/01/2034 | | | 20 | | 20,601 |
Pennsylvania (Commonwealth of), First Series 2018, GO Bonds, (INS - AGM)(a)
| 3.75% | | 03/01/2039 | | | 415 | | 416,032 |
Pennsylvania (Commonwealth of), First Series 2018, GO Bonds, (INS - BAM)(a)
| 4.00% | | 03/01/2035 | | | 75 | | 77,091 |
Pennsylvania (Commonwealth of), First Series 2018-1, GO Bonds
| 5.00% | | 03/01/2032 | | | 230 | | 245,855 |
Pennsylvania (Commonwealth of), First Series 2020, GO Bonds
| 5.00% | | 05/01/2028 | | | 200 | | 217,398 |
Pennsylvania (Commonwealth of), Second Series 2016, Ref. GO Bonds
| 5.00% | | 01/15/2028 | | | 400 | | 422,325 |
Pennsylvania (Commonwealth of), Series 2022, GO Bonds
| 5.00% | | 10/01/2028 | | | 25 | | 27,411 |
Pennsylvania (Commonwealth of) (Municipal Real Estate Funding, LLC), Series 2018 A, Ref. COP
| 5.00% | | 07/01/2043 | | | 60 | | 62,109 |
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Trustees University of Pennsylvania), Series 2018 A, RB
| 4.00% | | 02/15/2043 | | | 200 | | 200,043 |
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017 B-2, Ref. RB
| 5.00% | | 06/01/2028 | | | 10 | | 10,535 |
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2018 A, RB
| 5.00% | | 12/01/2048 | | | 300 | | 313,141 |
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2018 A-2, RB
| 5.00% | | 12/01/2043 | | | 210 | | 220,963 |
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2018 A-2, RB
| 5.00% | | 12/01/2048 | | | 150 | | 156,391 |
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2018 B, RB
| 5.00% | | 12/01/2043 | | | 365 | | 383,506 |
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2019, Ref. RB
| 5.00% | | 12/01/2030 | | | 35 | | 38,010 |
Pennsylvania (Commonwealth of) Turnpike Commission, Subseries 2013 A-2, RB
| 5.00% | | 12/01/2033 | | | 75 | | 80,708 |
Philadelphia (City of), PA, Series 2018 A, RB
| 5.00% | | 10/01/2043 | | | 10 | | 10,518 |
Philadelphia (City of), PA, Series 2018 A, RB
| 5.00% | | 10/01/2048 | | | 65 | | 67,728 |
Philadelphia (City of), PA Authority for Industrial Development, Series 2019, Ref. RB
| 5.00% | | 10/01/2028 | | | 150 | | 163,369 |
State College Area School District, Series 2018, GO Bonds
| 5.00% | | 05/15/2044 | | | 185 | | 193,223 |
West Shore School District, Series 2020, GO Bonds
| 4.00% | | 11/15/2045 | | | 380 | | 376,509 |
| | | | | | | | | 5,246,059 |
| South Carolina-0.76% | | | | | | | | |
Charleston Educational Excellence Finance Corp. (Charleston County School), Series 2023, Ref. RB
| 5.00% | | 12/01/2028 | | | 65 | | 71,288 |
Columbia (City of), SC, Series 2018, RB(b)
| 5.00% | | 02/01/2028 | | | 20 | | 21,640 |
Florence (County of), SC, Series 2021, GO Bonds
| 5.00% | | 06/01/2028 | | | 30 | | 32,689 |
Florence (County of), SC, Series 2023, RB
| 5.00% | | 06/01/2028 | | | 15 | | 16,261 |
Greenville County School District, Series 2023, Ref. RB
| 5.00% | | 12/01/2028 | | | 10 | | 10,963 |
South Carolina (State of) Jobs-Economic Development Authority (Prisma Health Obligated Group), Series 2018 A, Ref. RB
| 5.00% | | 05/01/2035 | | | 35 | | 36,552 |
South Carolina (State of) Jobs-Economic Development Authority (Prisma Health Obligated Group), Series 2018 A, Ref. RB
| 5.00% | | 05/01/2043 | | | 250 | | 256,292 |
South Carolina (State of) Jobs-Economic Development Authority (Prisma Health Obligated Group), Series 2018, Ref. RB
| 5.00% | | 05/01/2032 | | | 110 | | 115,815 |
South Carolina (State of) Jobs-Economic Development Authority (Prisma Health Obligated Group), Series 2018, Ref. RB
| 5.00% | | 05/01/2033 | | | 145 | | 152,199 |
South Carolina (State of) Jobs-Economic Development Authority (Prisma Health Obligated Group), Series 2018, Ref. RB
| 5.00% | | 05/01/2034 | | | 5 | | 5,237 |
South Carolina (State of) Transportation Infrastructure Bank, Series 2021 B, Ref. RB
| 5.00% | | 10/01/2028 | | | 100 | | 109,520 |
Spartanburg (City of), SC Regional Health Services District, Series 2017 A, Ref. RB
| 5.00% | | 04/15/2048 | | | 100 | | 102,637 |
| | | | | | | | | 931,093 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2028 Municipal Bond ETF (BSMS)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Tennessee-0.54% | | | | | | | | |
Greeneville (Town of), TN Health & Educational Facilities Board (Ballad Health Obligated Group), Series 2018 A, Ref. RB
| 5.00% | | 07/01/2035 | | $ | 160 | | $ 167,267 |
Greeneville (Town of), TN Health & Educational Facilities Board (Ballad Health Obligated Group), Series 2018 A, Ref. RB
| 4.00% | | 07/01/2040 | | | 80 | | 77,352 |
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2018, GO Bonds
| 4.00% | | 07/01/2028 | | | 35 | | 36,868 |
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2018, GO Bonds
| 5.00% | | 07/01/2030 | | | 115 | | 124,156 |
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2018, GO Bonds
| 5.00% | | 07/01/2031 | | | 5 | | 5,377 |
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2018, GO Bonds
| 5.00% | | 07/01/2032 | | | 75 | | 80,503 |
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2018, GO Bonds
| 4.00% | | 07/01/2033 | | | 35 | | 36,009 |
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2018, GO Bonds
| 4.00% | | 07/01/2036 | | | 65 | | 66,026 |
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2021 C, GO Bonds
| 5.00% | | 01/01/2028 | | | 55 | | 59,402 |
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2024 B, Ref. RB
| 5.00% | | 05/15/2028 | | | 5 | | 5,443 |
| | | | | | | | | 658,403 |
| Texas-8.58% | | | | | | | | |
Alamo Community College District, Series 2022, GO Notes
| 5.00% | | 02/15/2028 | | | 55 | | 59,483 |
Alvin Independent School District, Series 2019, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
| 3.38% | | 02/15/2040 | | | 15 | | 14,351 |
Arlington (City of), TX, Series 2018 A, RB, (INS - AGM)(a)
| 5.00% | | 02/15/2043 | | | 15 | | 15,509 |
Austin Independent School District, Series 2019, GO Bonds, (CEP - Texas Permanent School Fund)
| 4.00% | | 08/01/2033 | | | 90 | | 93,115 |
Austin Independent School District, Series 2019, GO Bonds, (CEP - Texas Permanent School Fund)
| 4.00% | | 08/01/2035 | | | 100 | | 102,921 |
Bexar (County of), TX, Series 2019, Ref. GO Bonds
| 4.00% | | 06/15/2037 | | | 5 | | 5,073 |
Bexar (County of), TX Hospital District, Series 2022, Ctfs. of Obligations
| 5.00% | | 02/15/2047 | | | 100 | | 103,296 |
Board of Regents of Stephen F. Austin State University, Series 2019 A, RB
| 5.00% | | 10/15/2042 | | | 145 | | 152,420 |
Board of Regents of the University of Texas System, Series 2020 C, Ref. RB
| 5.00% | | 08/15/2028 | | | 10 | | 10,924 |
Conroe Independent School District, Series 2020 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 02/15/2028 | | | 25 | | 27,003 |
Corpus Christi (Port of) and Nueces (County of), TX, Series 2018 A, RB
| 5.00% | | 12/01/2048 | | | 145 | | 151,525 |
Corpus Christi Independent School District, Series 2019, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
| 4.00% | | 08/15/2031 | | | 35 | | 36,119 |
Corpus Christi Independent School District, Series 2019, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
| 4.00% | | 08/15/2032 | | | 15 | | 15,446 |
Dallas (City of), TX Area Rapid Transit, Series 2007, Ref. RB, (INS - AMBAC)(a)
| 5.25% | | 12/01/2028 | | | 20 | | 22,126 |
Dallas (City of), TX Area Rapid Transit, Series 2019, Ref. RB
| 5.00% | | 12/01/2028 | | | 45 | | 49,334 |
Dallas (City of), TX Independent School District, Series 2021 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 02/15/2028 | | | 20 | | 21,623 |
Dallas (County of), TX Hospital District, Series 2019, Ref. GO Bonds
| 5.00% | | 08/15/2030 | | | 175 | | 187,808 |
Dallas (County of), TX Utility & Reclamation District, Series 2016, Ref. GO Bonds
| 5.00% | | 02/15/2028 | | | 20 | | 21,377 |
El Paso Independent School District, Series 2019, GO Bonds, (CEP - Texas Permanent School Fund)
| 4.00% | | 08/15/2034 | | | 50 | | 51,260 |
El Paso Independent School District, Series 2019, GO Bonds, (CEP - Texas Permanent School Fund)
| 4.00% | | 08/15/2037 | | | 5 | | 5,077 |
El Paso Independent School District, Series 2019, GO Bonds, (CEP - Texas Permanent School Fund)
| 4.00% | | 08/15/2038 | | | 200 | | 202,076 |
Fort Bend Independent School District, Series 2018, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 08/15/2028 | | | 40 | | 42,432 |
Fort Bend Independent School District, Series 2019 B, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
| 4.00% | | 02/15/2033 | | | 65 | | 66,943 |
Grand Parkway Transportation Corp., Series 2018 A, RB
| 5.00% | | 10/01/2034 | | | 275 | | 293,814 |
Grand Parkway Transportation Corp. (TELA Supported), Series 2018 A, RB
| 5.00% | | 10/01/2033 | | | 60 | | 64,205 |
Grand Parkway Transportation Corp. (TELA Supported), Series 2018 A, RB
| 5.00% | | 10/01/2038 | | | 300 | | 316,456 |
Grand Parkway Transportation Corp. (TELA Supported), Series 2018 A, RB
| 5.00% | | 10/01/2043 | | | 205 | | 213,491 |
Grand Parkway Transportation Corp. (TELA Supported), Series 2018 A, RB
| 5.00% | | 10/01/2048 | | | 40 | | 41,595 |
Harris (County of), TX Metropolitan Transit Authority, Series 2018, RB
| 5.00% | | 11/01/2030 | | | 85 | | 91,886 |
Harris (County of), TX Toll Road Authority (The), Series 2018 A, Ref. RB
| 5.00% | | 08/15/2031 | | | 510 | | 544,517 |
Harris (County of), TX Toll Road Authority (The), Series 2018 A, Ref. RB
| 5.00% | | 08/15/2033 | | | 15 | | 15,953 |
Harris (County of), TX Toll Road Authority (The), Series 2018 A, Ref. RB
| 4.00% | | 08/15/2038 | | | 155 | | 156,607 |
Harris (County of), TX Toll Road Authority (The), Series 2018 A, Ref. RB
| 5.00% | | 08/15/2043 | | | 110 | | 114,392 |
Harris (County of), TX Toll Road Authority (The), Series 2022 A, Ref. RB
| 5.00% | | 08/15/2028 | | | 500 | | 546,388 |
Houston (City of), TX, Series 2018 B, Ref. RB
| 5.00% | | 07/01/2028 | | | 50 | | 54,253 |
Houston (City of), TX, Series 2018 B, Ref. RB
| 5.00% | | 07/01/2030 | | | 40 | | 43,154 |
Houston (City of), TX, Series 2018 D, Ref. RB
| 5.00% | | 07/01/2033 | | | 10 | | 10,613 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2028 Municipal Bond ETF (BSMS)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Texas-(continued) | | | | | | | | |
Houston (City of), TX, Series 2018 D, Ref. RB
| 5.00% | | 07/01/2034 | | $ | 5 | | $ 5,300 |
Houston (City of), TX, Series 2018 D, Ref. RB
| 5.00% | | 07/01/2035 | | | 190 | | 201,041 |
Houston (City of), TX, Series 2018 D, Ref. RB
| 5.00% | | 07/01/2038 | | | 25 | | 26,268 |
Houston (City of), TX, Series 2018 D, Ref. RB
| 5.00% | | 11/15/2043 | | | 220 | | 230,432 |
Houston Independent School District, Series 2017, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 02/15/2028 | | | 55 | | 57,890 |
Hurst-Euless-Bedford Independent School District, Series 2017 A, Ref. GO Bonds
| 5.00% | | 08/15/2028 | | | 150 | | 159,513 |
Katy Independent School District, Series 2018, GO Bonds, (CEP - Texas Permanent School Fund)
| 4.00% | | 02/15/2048 | | | 25 | | 24,366 |
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2018, Ref. RB
| 5.00% | | 05/15/2043 | | | 60 | | 62,165 |
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2018, Ref. RB
| 5.00% | | 05/15/2048 | | | 180 | | 185,329 |
Nacogdoches Independent School District, Series 2019, GO Bonds(b)
| 5.00% | | 02/15/2028 | | | 10 | | 10,777 |
Nacogdoches Independent School District, Series 2019, GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 02/15/2049 | | | 90 | | 93,069 |
North Texas Municipal Water District, Series 2021 A, Ref. RB
| 5.00% | | 09/01/2028 | | | 100 | | 108,822 |
North Texas Tollway Authority, Series 2017 A, Ref. RB
| 5.00% | | 01/01/2038 | | | 145 | | 152,759 |
North Texas Tollway Authority, Series 2017 A, Ref. RB
| 5.00% | | 01/01/2039 | | | 25 | | 26,221 |
North Texas Tollway Authority, Series 2017 A, Ref. RB
| 5.00% | | 01/01/2043 | | | 265 | | 274,584 |
North Texas Tollway Authority, Series 2017 A, Ref. RB
| 5.00% | | 01/01/2048 | | | 90 | | 92,904 |
North Texas Tollway Authority, Series 2018, Ref. RB
| 5.00% | | 01/01/2035 | | | 55 | | 57,976 |
North Texas Tollway Authority, Series 2018, Ref. RB
| 5.00% | | 01/01/2036 | | | 25 | | 26,271 |
North Texas Tollway Authority, Series 2018, Ref. RB
| 4.00% | | 01/01/2037 | | | 550 | | 553,836 |
Pearland Independent School District, Series 2020, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 02/15/2028 | | | 55 | | 59,445 |
Pecos Barstow Toyah Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 02/15/2035 | | | 600 | | 641,127 |
Permanent University Fund - University of Texas System, Series 2007 B, Ref. RB
| 5.25% | | 07/01/2028 | | | 30 | | 32,984 |
Permanent University Fund - University of Texas System, Series 2022 A, RB
| 5.00% | | 07/01/2028 | | | 30 | | 32,712 |
San Antonio (City of), TX, Series 2015, Ref. RB
| 3.13% | | 02/01/2028 | | | 75 | | 74,714 |
San Antonio (City of), TX, Series 2019, Ref. GO Bonds
| 5.00% | | 08/01/2028 | | | 160 | | 174,205 |
San Antonio (City of), TX Water System, Series 2018 A, Ref. RB
| 5.00% | | 05/15/2048 | | | 190 | | 196,926 |
Texas (State of) Water Development Board, Series 2018 A, RB
| 5.00% | | 10/15/2028 | | | 30 | | 32,328 |
Texas (State of) Water Development Board, Series 2018 A, RB
| 5.00% | | 10/15/2029 | | | 150 | | 161,258 |
Texas (State of) Water Development Board, Series 2018 A, RB
| 5.00% | | 10/15/2031 | | | 75 | | 80,122 |
Texas (State of) Water Development Board, Series 2018 A, RB
| 4.00% | | 10/15/2034 | | | 55 | | 56,364 |
Texas (State of) Water Development Board, Series 2018 A, RB
| 5.00% | | 10/15/2043 | | | 450 | | 470,322 |
Texas (State of) Water Development Board, Series 2018 A, RB
| 4.00% | | 04/15/2048 | | | 25 | | 24,273 |
Texas (State of) Water Development Board, Series 2018 B, RB
| 5.00% | | 04/15/2030 | | | 240 | | 259,719 |
Texas (State of) Water Development Board, Series 2018 B, RB
| 5.00% | | 10/15/2032 | | | 105 | | 112,948 |
Texas (State of) Water Development Board, Series 2018 B, RB
| 4.00% | | 10/15/2034 | | | 80 | | 82,240 |
Texas (State of) Water Development Board, Series 2018 B, RB
| 4.00% | | 10/15/2036 | | | 1,050 | | 1,070,501 |
Texas (State of) Water Development Board, Series 2018 B, RB
| 5.00% | | 10/15/2038 | | | 85 | | 90,309 |
Texas (State of) Water Development Board, Series 2018 B, RB
| 5.00% | | 04/15/2049 | | | 225 | | 235,344 |
Texas (State of) Water Development Board, Series 2020, RB
| 5.00% | | 08/01/2028 | | | 75 | | 81,951 |
Texas State University Board of Regents, Series 2017 A, Ref. RB
| 5.00% | | 03/15/2028 | | | 35 | | 36,994 |
Tomball Independent School District, Series 2018, GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 02/15/2041 | | | 100 | | 104,832 |
Trinity River Authority, Series 2017, Ref. RB
| 5.00% | | 08/01/2028 | | | 15 | | 15,952 |
Trinity River Authority, Series 2018, Ref. RB
| 5.00% | | 08/01/2036 | | | 15 | | 15,945 |
| | | | | | | | | 10,457,603 |
| Utah-0.29% | | | | | | | | |
Intermountain Power Agency, Series 2022 A, Ref. RB
| 5.00% | | 07/01/2028 | | | 20 | | 21,831 |
Salt Lake City (City of), UT, Series 2018 B, RB
| 5.00% | | 07/01/2048 | | | 20 | | 20,727 |
University of Utah (The), Series 2018 A, RB
| 5.00% | | 08/01/2044 | | | 75 | | 78,289 |
Utah (County of), UT (IHC Health Services, Inc.), Series 2018, Ref. RB
| 4.00% | | 05/15/2041 | | | 100 | | 98,804 |
Utah (State of) Transit Authority, Series 2016, Ref. RB
| 3.00% | | 12/15/2028 | | | 130 | | 129,832 |
| | | | | | | | | 349,483 |
| Virginia-1.25% | | | | | | | | |
Hampton (City of), VA Roads Transportation Accountability Commission, Series 2018 A, RB(b)
| 5.50% | | 01/01/2028 | | | 150 | | 164,387 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2028 Municipal Bond ETF (BSMS)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Virginia-(continued) | | | | | | | | |
Hampton (City of), VA Roads Transportation Accountability Commission, Series 2018, RB
| 5.00% | | 07/01/2048 | | $ | 280 | | $ 290,022 |
Richmond (City of), VA, Series 2017 D, Ref. GO Bonds
| 5.00% | | 03/01/2028 | | | 15 | | 16,264 |
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2017 E, Ref. RB
| 5.00% | | 02/01/2028 | | | 360 | | 389,389 |
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2017 E, Ref. RB
| 5.00% | | 02/01/2031 | | | 25 | | 26,719 |
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2019 A, RB
| 5.00% | | 02/01/2028 | | | 75 | | 81,123 |
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2019 C, Ref. RB
| 5.00% | | 02/01/2028 | | | 105 | | 113,572 |
Virginia (Commonwealth of) Public Building Authority, Series 2020 B, Ref. RB
| 5.00% | | 08/01/2028 | | | 145 | | 158,608 |
Virginia (Commonwealth of) Public Building Authority, Series 2021 A-1, RB
| 5.00% | | 08/01/2028 | | | 70 | | 76,569 |
Virginia (Commonwealth of) Transportation Board (Garvee), Series 2017, Ref. RB
| 5.00% | | 03/15/2028 | | | 190 | | 203,108 |
| | | | | | | | | 1,519,761 |
| Washington-3.11% | | | | | | | | |
Central Puget Sound Regional Transit Authority (Green Bonds), Series 2021 S-1, Ref. RB
| 5.00% | | 11/01/2028 | | | 135 | | 148,379 |
Energy Northwest, Series 2018 A, Ref. RB
| 5.00% | | 07/01/2032 | | | 50 | | 53,894 |
Energy Northwest, Series 2018 A, Ref. RB
| 5.00% | | 07/01/2033 | | | 35 | | 37,655 |
Energy Northwest, Series 2018 A, Ref. RB
| 5.00% | | 07/01/2034 | | | 125 | | 134,359 |
Energy Northwest, Series 2018 C, Ref. RB
| 5.00% | | 07/01/2030 | | | 70 | | 75,736 |
Energy Northwest, Series 2018 C, Ref. RB
| 5.00% | | 07/01/2031 | | | 10 | | 10,792 |
Energy Northwest, Series 2018 C, Ref. RB
| 5.00% | | 07/01/2032 | | | 55 | | 59,284 |
Energy Northwest, Series 2018 C, Ref. RB
| 5.00% | | 07/01/2033 | | | 40 | | 43,034 |
Energy Northwest, Series 2018 C, Ref. RB
| 5.00% | | 07/01/2034 | | | 80 | | 85,990 |
Energy Northwest (No. 1), Series 2017 A, Ref. RB
| 5.00% | | 07/01/2028 | | | 130 | | 138,567 |
Energy Northwest (No. 1), Series 2020 A, Ref. RB
| 5.00% | | 07/01/2028 | | | 40 | | 43,585 |
Energy Northwest (No. 1), Series 2022 A, Ref. RB
| 5.00% | | 07/01/2028 | | | 145 | | 157,996 |
Energy Northwest (No. 3), Series 2017 A, Ref. RB
| 5.00% | | 07/01/2028 | | | 75 | | 79,837 |
Franklin County School District No. 1 Pasco, Series 2023, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)
| 4.00% | | 12/01/2028 | | | 75 | | 79,259 |
King & Snohomish Counties School District No. 417 Northshore, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty)
| 5.00% | | 12/01/2036 | | | 100 | | 106,738 |
King (County of), WA, Series 2021 A, GO Bonds
| 5.00% | | 01/01/2028 | | | 10 | | 10,797 |
King County School District No. 412 Shoreline, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty)
| 5.00% | | 12/01/2031 | | | 70 | | 75,977 |
King County School District No. 412 Shoreline, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty)
| 4.00% | | 12/01/2036 | | | 15 | | 15,249 |
King County School District No. 414 Lake Washington, Series 2020, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)
| 4.00% | | 12/01/2028 | | | 75 | | 79,259 |
Seattle (Port of), WA, Series 2022 A, Ref. RB
| 5.00% | | 08/01/2028 | | | 10 | | 10,876 |
Snohomish County School District No. 201 Snohomish, Series 2020, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)
| 5.00% | | 12/01/2028 | | | 200 | | 219,855 |
Washington (State of), Series 2017 R, Ref. GO Bonds
| 5.00% | | 08/01/2028 | | | 45 | | 47,945 |
Washington (State of), Series 2017 R, Ref. GO Bonds
| 5.00% | | 08/01/2028 | | | 170 | | 181,127 |
Washington (State of), Series 2018 A, GO Bonds
| 5.00% | | 08/01/2032 | | | 25 | | 26,878 |
Washington (State of), Series 2018 A, GO Bonds
| 5.00% | | 08/01/2034 | | | 305 | | 326,748 |
Washington (State of), Series 2018 A, GO Bonds
| 5.00% | | 08/01/2035 | | | 45 | | 48,157 |
Washington (State of), Series 2018 A, GO Bonds
| 5.00% | | 08/01/2036 | | | 30 | | 32,106 |
Washington (State of), Series 2018 A, GO Bonds
| 5.00% | | 08/01/2037 | | | 45 | | 48,105 |
Washington (State of), Series 2018 A, GO Bonds
| 5.00% | | 08/01/2039 | | | 150 | | 159,119 |
Washington (State of), Series 2018 A, GO Bonds
| 5.00% | | 08/01/2042 | | | 5 | | 5,258 |
Washington (State of), Series 2018 C, GO Bonds
| 5.00% | | 02/01/2030 | | | 10 | | 10,751 |
Washington (State of), Series 2018 C, GO Bonds
| 5.00% | | 02/01/2031 | | | 85 | | 91,018 |
Washington (State of), Series 2018 C, GO Bonds
| 5.00% | | 02/01/2033 | | | 15 | | 16,021 |
Washington (State of), Series 2018 C, GO Bonds
| 5.00% | | 02/01/2035 | | | 45 | | 47,955 |
Washington (State of), Series 2018 C, GO Bonds
| 5.00% | | 02/01/2036 | | | 55 | | 58,477 |
Washington (State of), Series 2018 C, GO Bonds
| 5.00% | | 02/01/2038 | | | 125 | | 132,124 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2028 Municipal Bond ETF (BSMS)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Washington-(continued) | | | | | | | | |
Washington (State of), Series 2018 C, GO Bonds
| 5.00% | | 02/01/2039 | | $ | 95 | | $ 100,053 |
Washington (State of), Series 2018 C, GO Bonds
| 5.00% | | 02/01/2040 | | | 50 | | 52,451 |
Washington (State of), Series 2018 C, GO Bonds
| 5.00% | | 02/01/2041 | | | 190 | | 198,916 |
Washington (State of), Series 2018 C, GO Bonds
| 5.00% | | 02/01/2042 | | | 5 | | 5,226 |
Washington (State of), Series 2019 A, GO Bonds
| 5.00% | | 08/01/2028 | | | 70 | | 76,542 |
Washington (State of) (Bid Group 1), Series 2020 A, GO Bonds
| 5.00% | | 08/01/2028 | | | 10 | | 10,935 |
Washington (State of) (Bid Group 1), Series 2021 A, GO Bonds
| 5.00% | | 08/01/2028 | | | 30 | | 32,804 |
Washington (State of) Health Care Facilities Authority (Providence St. Joseph Health), Series 2018 B, Ref. RB
| 5.00% | | 10/01/2031 | | | 130 | | 137,230 |
Washington (State of) Health Care Facilities Authority (Providence St. Joseph Health), Series 2018, Ref. RB
| 5.00% | | 10/01/2032 | | | 20 | | 21,045 |
Washington (State of) Health Care Facilities Authority (Providence St. Joseph Health), Series 2018, Ref. RB
| 5.00% | | 10/01/2033 | | | 140 | | 146,864 |
Whatcom (County of), WA Bellingham School District No. 501, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty)
| 5.00% | | 12/01/2036 | | | 105 | | 111,756 |
| | | | | | | | | 3,792,729 |
| West Virginia-0.73% | | | | | | | | |
Morgantown Utility Board, Inc., Series 2018 B, RB
| 5.00% | | 12/01/2043 | | | 5 | | 5,211 |
West Virginia (State of), Series 2018 B, GO Bonds
| 5.00% | | 06/01/2031 | | | 40 | | 42,891 |
West Virginia (State of), Series 2018 B, GO Bonds
| 5.00% | | 06/01/2032 | | | 90 | | 96,382 |
West Virginia (State of), Series 2018 B, GO Bonds
| 5.00% | | 06/01/2033 | | | 10 | | 10,693 |
West Virginia (State of), Series 2018 B, GO Bonds
| 5.00% | | 06/01/2034 | | | 25 | | 26,681 |
West Virginia (State of), Series 2018 B, GO Bonds
| 5.00% | | 12/01/2034 | | | 75 | | 79,948 |
West Virginia (State of), Series 2018 B, GO Bonds
| 5.00% | | 12/01/2036 | | | 15 | | 15,922 |
West Virginia (State of) (Bidding Group 2), Series 2018 B, GO Bonds
| 5.00% | | 06/01/2037 | | | 155 | | 164,419 |
West Virginia (State of) (Bidding Group 2), Series 2018 B, GO Bonds
| 5.00% | | 12/01/2039 | | | 55 | | 57,834 |
West Virginia (State of) (Bidding Group 2), Series 2018 B, GO Bonds
| 5.00% | | 12/01/2040 | | | 150 | | 157,145 |
West Virginia (State of) (Bidding Group 2), Series 2018 B, GO Bonds
| 5.00% | | 12/01/2041 | | | 35 | | 36,536 |
West Virginia (State of) Commissioner of Highways (Surface Transportation), Series 2017 A, RB
| 5.00% | | 09/01/2028 | | | 40 | | 42,514 |
West Virginia (State of) Hospital Finance Authority (West Virginia University Health System Obligated Group), Series 2018 A, RB
| 5.00% | | 06/01/2052 | | | 105 | | 107,478 |
West Virginia (State of) Parkways Authority, Series 2018, RB
| 5.00% | | 06/01/2043 | | | 40 | | 41,654 |
| | | | | | | | | 885,308 |
| Wisconsin-0.43% | | | | | | | | |
University of Wisconsin Hospitals & Clinics, Series 2018 A, Ref. RB
| 5.00% | | 04/01/2043 | | | 25 | | 25,804 |
Wisconsin (State of), Series 2021-1, Ref. GO Bonds
| 5.00% | | 05/01/2028 | | | 60 | | 65,373 |
Wisconsin (State of), Series 2021-2, Ref. GO Bonds
| 5.00% | | 05/01/2028 | | | 55 | | 59,926 |
Wisconsin (State of) Department of Transportation, Series 2017 1, Ref. RB
| 5.00% | | 07/01/2028 | | | 235 | | 249,979 |
Wisconsin (State of) Department of Transportation, Series 2017-2, Ref. RB
| 5.00% | | 07/01/2028 | | | 15 | | 15,977 |
Wisconsin (State of) Health & Educational Facilities Authority (Ascension Senior Credit Group), Series 2019, Ref. RB
| 5.00% | | 11/15/2028 | | | 25 | | 27,322 |
Wisconsin (State of) Health & Educational Facilities Authority (Milwaukee Regional Medical Center), Series 2018, Ref. RB
| 4.00% | | 04/01/2039 | | | 75 | | 75,244 |
| | | | | | | | | 519,625 |
TOTAL INVESTMENTS IN SECURITIES(c)-98.49%
(Cost $120,345,221)
| | 120,081,259 |
OTHER ASSETS LESS LIABILITIES-1.51%
| | 1,844,414 |
NET ASSETS-100.00%
| | $121,925,673 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2028 Municipal Bond ETF (BSMS)—(continued)
August 31, 2024
| Investment Abbreviations: |
| AGM | -Assured Guaranty Municipal Corp. |
| AMBAC | -American Municipal Bond Assurance Corp. |
| BAM | -Build America Mutual Assurance Co. |
| CEP | -Credit Enhancement Provider |
| COP | -Certificates of Participation |
| Ctfs. | -Certificates |
| GO | -General Obligation |
| INS | -Insurer |
| NATL | -National Public Finance Guarantee Corp. |
| RB | -Revenue Bonds |
| Ref. | -Refunding |
| RN | -Revenue Notes |
| Wts. | -Warrants |
| Notes to Schedule of Investments: |
| (a) | Principal and/or interest payments are secured by the bond insurance company listed. |
| (b) | Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral. |
| (c) | Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligations but may be called upon to satisfy the issuer’s obligations. No concentration of any single entity was greater than 5% each. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2029 Municipal Bond ETF (BSMT)
August 31, 2024
Schedule of Investments
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Municipal Obligations-98.23% | | | | | | | | |
| Alabama-0.21% | | | | | | | | |
Alabama (State of) Public School & College Authority (Social Bonds), Series 2020 A, Ref. RB
| 5.00% | | 11/01/2029 | | $ | 100 | | $ 112,118 |
Madison (City of), AL Water & Wastewater Board, Series 2020, Ref. RB
| 3.00% | | 12/01/2050 | | | 100 | | 77,388 |
University of Alabama (The), Series 2019 A, Ref. RB
| 4.00% | | 07/01/2034 | | | 45 | | 46,307 |
University of Alabama (The), Series 2019 A, Ref. RB
| 4.00% | | 07/01/2035 | | | 25 | | 25,638 |
| | | | | | | | | 261,451 |
| Alaska-0.03% | | | | | | | | |
North Slope (Borough of), AK, Series 2022 A, GO Bonds
| 5.00% | | 06/30/2029 | | | 35 | | 38,818 |
| Arizona-0.96% | | | | | | | | |
Arizona (State of), Series 2019 A, Ref. COP(a)
| 5.00% | | 10/01/2029 | | | 125 | | 140,530 |
Arizona (State of) Industrial Development Authority (NCCU Properties LLC), Series 2019 A, RB, (INS - BAM)(b)
| 5.00% | | 06/01/2054 | | | 50 | | 51,052 |
Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group), Series 2016, Ref. RB
| 5.00% | | 01/01/2029 | | | 30 | | 32,827 |
Maricopa (County of), AZ Special Health Care District, Series 2021 D, GO Bonds
| 5.00% | | 07/01/2029 | | | 35 | | 38,569 |
Maricopa (County of), AZ Special Health Care District (Maricopa Integrated Health), Series 2018 C, GO Bonds
| 5.00% | | 07/01/2029 | | | 160 | | 172,414 |
Phoenix Civic Improvement Corp., Series 2019 A, RB
| 5.00% | | 07/01/2045 | | | 350 | | 366,384 |
Phoenix Civic Improvement Corp., Series 2019 A, RB
| 3.00% | | 07/01/2049 | | | 25 | | 19,749 |
Phoenix Civic Improvement Corp., Series 2019, RB
| 5.00% | | 07/01/2044 | | | 125 | | 132,650 |
Salt River Project Agricultural Improvement & Power District, Series 2017, Ref. RB
| 5.00% | | 01/01/2029 | | | 135 | | 145,311 |
Salt River Project Agricultural Improvement & Power District, Series 2021 A, Ref. RB
| 5.00% | | 01/01/2029 | | | 75 | | 82,713 |
| | | | | | | | | 1,182,199 |
| Arkansas-0.13% | | | | | | | | |
El Dorado Special School District No. 15, Series 2023 A, Ref. GO Bonds
| 5.00% | | 02/01/2050 | | | 150 | | 156,120 |
| California-17.05% | | | | | | | | |
Bay Area Toll Authority (San Francisco Bay Area), Series 2019 S-8, Ref. RB(a)
| 5.00% | | 10/01/2029 | | | 70 | | 79,090 |
Bay Area Toll Authority (San Francisco Bay Area), Series 2019 S-H, Ref. RB(a)
| 5.00% | | 04/01/2029 | | | 30 | | 33,542 |
California (State of), Series 2015 C, Ref. GO Bonds
| 3.00% | | 09/01/2029 | | | 65 | | 65,075 |
California (State of), Series 2015, Ref. GO Bonds
| 3.00% | | 03/01/2029 | | | 225 | | 225,132 |
California (State of), Series 2019, GO Bonds
| 5.00% | | 11/01/2029 | | | 10 | | 11,196 |
California (State of), Series 2019, GO Bonds
| 5.00% | | 04/01/2032 | | | 220 | | 240,506 |
California (State of), Series 2019, Ref. GO Bonds
| 5.00% | | 04/01/2029 | | | 1,000 | | 1,107,515 |
California (State of), Series 2019, Ref. GO Bonds
| 5.00% | | 10/01/2029 | | | 75 | | 83,861 |
California (State of), Series 2019, Ref. GO Bonds
| 5.00% | | 10/01/2031 | | | 825 | | 910,728 |
California (State of), Series 2019, Ref. GO Bonds
| 5.00% | | 04/01/2032 | | | 30 | | 32,796 |
California (State of), Series 2019, Ref. GO Bonds
| 5.00% | | 10/01/2032 | | | 1,050 | | 1,156,613 |
California (State of), Series 2019, Ref. GO Bonds
| 5.00% | | 04/01/2033 | | | 150 | | 163,446 |
California (State of), Series 2019, Ref. GO Bonds
| 4.00% | | 10/01/2034 | | | 295 | | 308,375 |
California (State of), Series 2019, Ref. GO Bonds
| 5.00% | | 04/01/2035 | | | 355 | | 385,544 |
California (State of), Series 2019, Ref. GO Bonds
| 4.00% | | 10/01/2039 | | | 300 | | 307,263 |
California (State of), Series 2019, Ref. GO Bonds
| 5.00% | | 10/01/2039 | | | 40 | | 43,416 |
California (State of), Series 2020, GO Bonds
| 5.00% | | 03/01/2029 | | | 130 | | 143,741 |
California (State of), Series 2020, GO Bonds
| 5.00% | | 11/01/2029 | | | 10 | | 11,196 |
California (State of), Series 2021, GO Bonds
| 5.00% | | 10/01/2029 | | | 500 | | 559,074 |
California (State of), Series 2021, Ref. GO Bonds
| 5.00% | | 10/01/2029 | | | 15 | | 16,772 |
California (State of), Series 2023 A, Ref. GO Bonds
| 5.00% | | 09/01/2029 | | | 10 | | 11,166 |
California (State of), Series 2023, Ref. GO Bonds
| 5.00% | | 09/01/2029 | | | 250 | | 279,162 |
California (State of), Series 2023, Ref. GO Bonds
| 5.00% | | 10/01/2029 | | | 5 | | 5,591 |
California (State of) (Bidding Group B), Series 2020 B, Ref. GO Bonds
| 5.00% | | 11/01/2029 | | | 350 | | 391,875 |
California (State of) Department of Veterans Affairs (Veteran’s Farm & Home Purchase), Series 2020 A, RB
| 2.45% | | 12/01/2045 | | | 50 | | 36,947 |
California (State of) Department of Water Resources, Series 2019 BA, RB
| 5.00% | | 12/01/2031 | | | 50 | | 55,679 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2029 Municipal Bond ETF (BSMT)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| California-(continued) | | | | | | | | |
California (State of) Department of Water Resources, Series 2019 BA, RB
| 5.00% | | 12/01/2034 | | $ | 165 | | $ 182,480 |
California (State of) Department of Water Resources (Central Valley), Series 2018, Ref. RB
| 5.00% | | 12/01/2029 | | | 75 | | 82,936 |
California (State of) Department of Water Resources (Central Valley), Series 2019 BA, RB
| 5.00% | | 12/01/2029 | | | 20 | | 22,457 |
California (State of) Department of Water Resources (Central Valley), Series 2019 BA, RB
| 5.00% | | 12/01/2030 | | | 60 | | 67,085 |
California (State of) Department of Water Resources (Central Valley), Series 2019 BA, RB
| 5.00% | | 12/01/2032 | | | 10 | | 11,124 |
California (State of) Department of Water Resources (Central Valley), Series 2019 BA, RB
| 5.00% | | 12/01/2033 | | | 35 | | 38,857 |
California (State of) Department of Water Resources (Central Valley), Series 2020 BB, Ref. RB
| 5.00% | | 12/01/2029 | | | 90 | | 102,180 |
California (State of) Educational Facilities Authority (Stanford University), Series 2019 V-1, RB
| 5.00% | | 05/01/2029 | | | 105 | | 117,857 |
California (State of) Health Facilities Financing Authority (Marshall Medical Center), Series 2020 A, Ref. RB, (INS - Cal-Mortgage)(b)
| 4.00% | | 11/01/2040 | | | 45 | | 45,548 |
California (State of) Infrastructure & Economic Development Bank (Academy Motion Picture Arts & Sciences Obligated Group), Series 2020 B, Ref. RB
| 5.00% | | 11/01/2029 | | | 385 | | 429,314 |
California (State of) Infrastructure & Economic Development Bank (California State Teachers’ Retirement System Headquarters Expansion) (Green Bonds), Series 2019, RB
| 5.00% | | 08/01/2044 | | | 500 | | 534,417 |
California (State of) Infrastructure & Economic Development Bank (California State Teachers’ Retirement System Headquarters Expansion) (Green Bonds), Series 2019, RB
| 5.00% | | 08/01/2049 | | | 130 | | 137,754 |
California (State of) Public Works Board, Series 2019 C, RB
| 5.00% | | 11/01/2044 | | | 250 | | 267,967 |
California (State of) Public Works Board, Series 2021 A, Ref. RB
| 5.00% | | 02/01/2029 | | | 5 | | 5,515 |
California (State of) Public Works Board (Various Capital), Series 2019 C, RB
| 5.00% | | 11/01/2029 | | | 100 | | 111,861 |
California (State of) Public Works Board (Various Capital), Series 2019 C, RB
| 5.00% | | 11/01/2032 | | | 15 | | 16,529 |
California (State of) Public Works Board (Various Capital), Series 2019 C, RB
| 5.00% | | 11/01/2033 | | | 50 | | 54,911 |
California (State of) Public Works Board (Various Capital), Series 2019 C, RB
| 5.00% | | 11/01/2034 | | | 220 | | 241,174 |
California State University, Series 2019 A, RB
| 5.00% | | 11/01/2039 | | | 200 | | 218,082 |
California State University, Series 2019 A, RB
| 5.00% | | 11/01/2040 | | | 145 | | 157,254 |
California State University, Series 2019 A, RB
| 5.00% | | 11/01/2049 | | | 100 | | 106,457 |
East Bay Municipal Utility District (Green Bonds), Series 2019 A, RB
| 5.00% | | 06/01/2049 | | | 200 | | 212,767 |
Etiwanda School District (Election of 2016), Series 2020 A, GO Bonds
| 4.00% | | 08/01/2049 | | | 100 | | 99,820 |
Glendale Community College District, Series 2020 B, GO Bonds
| 4.00% | | 08/01/2050 | | | 90 | | 89,101 |
Long Beach (City of), CA, Series 2019 A, RB
| 7.15% | | 05/15/2044 | | | 75 | | 80,195 |
Los Angeles (City of), CA, Series 2022 C, Ref. RB
| 5.00% | | 06/01/2029 | | | 40 | | 44,923 |
Los Angeles (City of), CA Department of Airports, Series 2020 A, Ref. RB
| 5.00% | | 05/15/2033 | | | 290 | | 324,107 |
Los Angeles (City of), CA Department of Airports, Series 2020 A, Ref. RB
| 5.00% | | 05/15/2034 | | | 50 | | 55,737 |
Los Angeles (City of), CA Department of Airports, Series 2020 A, Ref. RB
| 5.00% | | 05/15/2036 | | | 100 | | 110,861 |
Los Angeles (City of), CA Department of Airports, Series 2020, Ref. RB
| 5.00% | | 05/15/2031 | | | 10 | | 11,239 |
Los Angeles (City of), CA Department of Airports, Series 2020, Ref. RB
| 5.00% | | 05/15/2035 | | | 150 | | 166,847 |
Los Angeles (City of), CA Department of Airports, Series 2020, Ref. RB
| 5.00% | | 05/15/2037 | | | 280 | | 308,969 |
Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2020 A, Ref. RB
| 5.00% | | 05/15/2032 | | | 30 | | 33,617 |
Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2020 A, Ref. RB
| 5.00% | | 05/15/2039 | | | 110 | | 120,485 |
Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2020 A, Ref. RB
| 5.00% | | 05/15/2040 | | | 240 | | 261,921 |
Los Angeles (City of), CA Department of Water & Power, Series 2019 A, RB
| 5.00% | | 07/01/2030 | | | 5 | | 5,505 |
Los Angeles (City of), CA Department of Water & Power, Series 2019 A, RB
| 5.00% | | 07/01/2036 | | | 115 | | 124,634 |
Los Angeles (City of), CA Department of Water & Power, Series 2019 A, RB
| 5.00% | | 07/01/2039 | | | 215 | | 231,459 |
Los Angeles (City of), CA Department of Water & Power, Series 2019 A, RB
| 5.00% | | 07/01/2045 | | | 100 | | 106,175 |
Los Angeles (City of), CA Department of Water & Power, Series 2019 A, RB
| 5.00% | | 07/01/2049 | | | 100 | | 105,507 |
Los Angeles (City of), CA Department of Water & Power, Series 2019 A, RB
| 5.25% | | 07/01/2049 | | | 120 | | 128,048 |
Los Angeles (City of), CA Department of Water & Power, Series 2019 B, Ref. RB
| 5.00% | | 07/01/2030 | | | 35 | | 38,534 |
Los Angeles (City of), CA Department of Water & Power, Series 2019 B, Ref. RB
| 5.00% | | 07/01/2032 | | | 305 | | 333,365 |
Los Angeles (City of), CA Department of Water & Power, Series 2019 B, Ref. RB
| 5.00% | | 07/01/2033 | | | 15 | | 16,372 |
Los Angeles (City of), CA Department of Water & Power, Series 2019 C, RB
| 5.00% | | 07/01/2042 | | | 45 | | 48,445 |
Los Angeles (City of), CA Department of Water & Power, Series 2019 D, Ref. RB
| 5.00% | | 07/01/2032 | | | 95 | | 104,791 |
Los Angeles (City of), CA Department of Water & Power, Series 2019 D, Ref. RB
| 5.00% | | 07/01/2037 | | | 15 | | 16,367 |
Los Angeles (City of), CA Department of Water & Power, Series 2019 D, Ref. RB
| 5.00% | | 07/01/2044 | | | 265 | | 284,009 |
Los Angeles (City of), CA Department of Water & Power, Series 2020 A, Ref. RB
| 5.00% | | 07/01/2029 | | | 25 | | 28,115 |
Los Angeles (City of), CA Department of Water & Power, Series 2020 B, Ref. RB
| 4.00% | | 07/01/2029 | | | 145 | | 155,785 |
Los Angeles (City of), CA Department of Water & Power, Series 2022 E, Ref. RB
| 5.00% | | 07/01/2029 | | | 25 | | 28,115 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2029 Municipal Bond ETF (BSMT)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| California-(continued) | | | | | | | | |
Los Angeles (City of), CA Department of Water & Power, Series 2023 A, Ref. RB
| 5.00% | | 07/01/2029 | | $ | 15 | | $ 16,884 |
Los Angeles (City of), CA Department of Water & Power, Series 2024 A, Ref. RB
| 5.00% | | 07/01/2029 | | | 10 | | 11,246 |
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2021 A, RB
| 5.00% | | 06/01/2029 | | | 65 | | 73,186 |
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020 A, RB
| 5.00% | | 06/01/2029 | | | 45 | | 50,581 |
Los Angeles (County of), CA Public Works Financing Authority, Series 2019 E-1, RB
| 5.00% | | 12/01/2044 | | | 145 | | 154,866 |
Los Angeles (County of), CA Public Works Financing Authority, Series 2019 E-1, RB
| 5.00% | | 12/01/2049 | | | 75 | | 79,283 |
Los Angeles Unified School District, Series 2016 B, Ref. GO Bonds
| 2.00% | | 07/01/2029 | | | 45 | | 42,004 |
Los Angeles Unified School District, Series 2019 A, Ref. GO Bonds
| 5.00% | | 07/01/2029 | | | 200 | | 224,923 |
Los Angeles Unified School District, Series 2019 A, Ref. GO Bonds
| 5.00% | | 07/01/2032 | | | 145 | | 160,083 |
Los Angeles Unified School District, Series 2019 A, Ref. GO Bonds
| 4.00% | | 07/01/2033 | | | 45 | | 47,322 |
Los Angeles Unified School District, Series 2020 C, GO Bonds
| 5.00% | | 07/01/2029 | | | 355 | | 399,238 |
Los Angeles Unified School District, Series 2020 RYQ, GO Bonds
| 5.00% | | 07/01/2029 | | | 15 | | 16,869 |
Los Angeles Unified School District, Series 2021 A, Ref. GO Bonds
| 5.00% | | 07/01/2029 | | | 35 | | 39,361 |
Los Angeles Unified School District, Series 2022 QRR, GO Bonds
| 5.00% | | 07/01/2029 | | | 140 | | 157,446 |
Los Angeles Unified School District, Series 2023 A, COP
| 5.00% | | 10/01/2029 | | | 20 | | 22,333 |
Los Angeles Unified School District, Series 2024 A, Ref. GO Bonds
| 5.00% | | 07/01/2029 | | | 125 | | 140,577 |
Martinez Unified School District (Election of 2016), Series 2021, GO Bonds, (INS - AGM)(b)
| 4.00% | | 08/01/2051 | | | 25 | | 24,745 |
Metropolitan Water District of Southern California, Series 2019 A, Ref. RB
| 5.00% | | 07/01/2029 | | | 95 | | 106,931 |
Metropolitan Water District of Southern California, Series 2019 A, Ref. RB
| 5.00% | | 07/01/2030 | | | 10 | | 11,011 |
Metropolitan Water District of Southern California, Series 2019 A, Ref. RB
| 5.00% | | 07/01/2037 | | | 60 | | 65,221 |
Metropolitan Water District of Southern California, Series 2019 A, Ref. RB
| 5.00% | | 07/01/2039 | | | 250 | | 270,548 |
Metropolitan Water District of Southern California, Series 2020 A, RB
| 5.00% | | 10/01/2045 | | | 160 | | 172,128 |
Metropolitan Water District of Southern California, Series 2020 A, RB
| 5.00% | | 10/01/2049 | | | 115 | | 123,044 |
Metropolitan Water District of Southern California, Series 2022 A, Ref. RB
| 5.00% | | 10/01/2029 | | | 10 | | 11,340 |
Mt. San Antonio Community College District (Election of 2008), Series 2019 A, GO Bonds
| 4.00% | | 08/01/2049 | | | 150 | | 148,796 |
Mt. San Antonio Community College District (Election of 2018), Series 2019 A, GO Bonds
| 5.00% | | 08/01/2044 | | | 115 | | 123,081 |
North Orange County Community College District (Election of 2014), Series 2019 B, GO Bonds
| 4.00% | | 08/01/2044 | | | 30 | | 30,396 |
Norwalk-La Mirada Unified School District, Series 2019 D, GO Bonds
| 4.00% | | 08/01/2048 | | | 100 | | 98,879 |
Orange (County of), CA Local Transportation Authority, Series 2019, RB
| 5.00% | | 02/15/2032 | | | 30 | | 33,101 |
Orange (County of), CA Local Transportation Authority, Series 2019, RB
| 5.00% | | 02/15/2034 | | | 25 | | 27,440 |
Orange (County of), CA Local Transportation Authority, Series 2019, RB
| 5.00% | | 02/15/2035 | | | 15 | | 16,438 |
Orange (County of), CA Local Transportation Authority, Series 2019, RB
| 5.00% | | 02/15/2036 | | | 75 | | 81,961 |
Orange (County of), CA Local Transportation Authority, Series 2019, RB
| 5.00% | | 02/15/2039 | | | 175 | | 189,136 |
Pasadena Unified School District (Election of 2020), Series 2023 C, GO Bonds
| 5.00% | | 08/01/2029 | | | 110 | | 123,550 |
Pleasant Valley School District, Series 2021 B, GO Bonds
| 4.00% | | 08/01/2046 | | | 100 | | 100,047 |
Rancho Santiago Community College District, Series 2005, GO Bonds, (INS - AGM)(b)
| 5.13% | | 09/01/2029 | | | 75 | | 85,167 |
River Islands Public Financing Authority, Series 2022, Ref. RB, (INS - AGM)(b)
| 5.00% | | 09/01/2042 | | | 250 | | 272,120 |
Riverside (City of), CA, Series 2019 A, Ref. RB
| 5.00% | | 10/01/2036 | | | 65 | | 70,572 |
Riverside (City of), CA, Series 2019 A, Ref. RB
| 5.00% | | 10/01/2037 | | | 100 | | 108,297 |
Riverside (City of), CA, Series 2019 A, Ref. RB
| 5.00% | | 10/01/2038 | | | 15 | | 16,195 |
Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2019 G, RB
| 5.00% | | 08/15/2037 | | | 120 | | 131,811 |
Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2019 G, RB
| 5.00% | | 08/15/2038 | | | 20 | | 21,859 |
Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2019 G, RB
| 5.00% | | 08/15/2039 | | | 120 | | 130,550 |
Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2024 N-1, Ref. RB
| 5.00% | | 11/15/2029 | | | 5 | | 5,669 |
Sacramento (County of), CA Sanitation Districts Financing Authority, Series 2020 A, Ref. RB
| 5.00% | | 12/01/2029 | | | 80 | | 90,784 |
Sacramento Transportation Authority (Measure A), Series 2023 A, Ref. RB
| 5.00% | | 10/01/2029 | | | 20 | | 22,648 |
Salinas Union High School District, Series 2020 B, Ref. GO Bonds
| 4.00% | | 08/01/2045 | | | 120 | | 119,683 |
Salinas Union High School District, Series 2020 B, Ref. GO Bonds
| 4.00% | | 08/01/2049 | | | 40 | | 39,370 |
San Diego (County of), CA Regional Airport Authority, Series 2019 A, Ref. RB
| 5.00% | | 07/01/2032 | | | 5 | | 5,544 |
San Diego (County of), CA Regional Airport Authority, Series 2019 A, Ref. RB
| 5.00% | | 07/01/2033 | | | 145 | | 160,530 |
San Diego (County of), CA Regional Airport Authority, Series 2019 A, Ref. RB
| 5.00% | | 07/01/2035 | | | 15 | | 16,503 |
San Diego (County of), CA Regional Airport Authority, Series 2019 A, Ref. RB
| 5.00% | | 07/01/2039 | | | 120 | | 130,396 |
San Diego (County of), CA Regional Airport Authority, Series 2019 A, Ref. RB
| 5.00% | | 07/01/2044 | | | 295 | | 315,347 |
San Diego Unified School District (Green Bonds), Series 2022 F-2, GO Bonds
| 5.00% | | 07/01/2029 | | | 130 | | 146,073 |
San Francisco (City & County of), CA, Series 2022 R-1, Ref. GO Bonds
| 5.00% | | 06/15/2029 | | | 10 | | 11,264 |
San Francisco (City & County of), CA, Series 2024-R1, Ref. GO Bonds
| 5.00% | | 06/15/2029 | | | 125 | | 140,804 |
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2019 D, Ref. RB
| 5.00% | | 05/01/2037 | | | 110 | | 120,084 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2029 Municipal Bond ETF (BSMT)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| California-(continued) | | | | | | | | |
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2019 F, RB
| 5.00% | | 05/01/2050 | | $ | 150 | | $ 158,512 |
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2019, RB
| 5.00% | | 05/01/2049 | | | 105 | | 111,054 |
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2019, Ref. RB
| 5.00% | | 05/01/2029 | | | 5 | | 5,586 |
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2019, Ref. RB
| 5.00% | | 05/01/2033 | | | 45 | | 49,695 |
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2019, Ref. RB
| 5.00% | | 05/01/2038 | | | 200 | | 217,760 |
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2019, Ref. RB
| 5.00% | | 05/01/2039 | | | 250 | | 271,075 |
San Francisco (City & County of), CA Public Utilities Commission, Series 2023 B, Ref. RB
| 5.00% | | 10/01/2029 | | | 50 | | 56,570 |
San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2023 A, RB
| 5.00% | | 10/01/2029 | | | 50 | | 56,570 |
San Francisco Bay Area Rapid Transit District (Green Bonds), Series 2019, GO Bonds
| 4.00% | | 08/01/2044 | | | 250 | | 249,234 |
San Francisco Bay Area Rapid Transit District (Green Bonds), Series 2020 C-1, GO Bonds
| 4.00% | | 08/01/2035 | | | 70 | | 72,981 |
San Francisco Bay Area Rapid Transit District (Green Bonds), Series 2020 C-1, GO Bonds
| 4.00% | | 08/01/2045 | | | 100 | | 99,747 |
San Jose (City of), CA, Series 2019 C, Ref. GO Bonds
| 5.00% | | 09/01/2029 | | | 40 | | 44,603 |
San Jose (City of), CA, Series 2019 C, Ref. GO Bonds
| 5.00% | | 09/01/2030 | | | 225 | | 250,254 |
San Jose (City of), CA, Series 2019 C, Ref. GO Bonds
| 5.00% | | 09/01/2031 | | | 20 | | 22,179 |
San Jose (City of), CA, Series 2019 C, Ref. GO Bonds
| 5.00% | | 09/01/2033 | | | 80 | | 88,530 |
San Jose (City of), CA, Series 2019 C, Ref. GO Bonds
| 5.00% | | 09/01/2034 | | | 5 | | 5,500 |
San Mateo & Foster (Cities of), CA Public Financing Authority (Clean Water Program), Series 2019, RB
| 5.00% | | 08/01/2049 | | | 10 | | 10,680 |
University of California, Series 2015 AO, Ref. RB
| 3.25% | | 05/15/2029 | | | 5 | | 5,009 |
University of California, Series 2018 AZ, Ref. RB
| 4.00% | | 05/15/2029 | | | 10 | | 10,491 |
University of California, Series 2023 BN, Ref. RB
| 5.00% | | 05/15/2029 | | | 15 | | 16,837 |
University of California, Series 2023 BQ, RB
| 5.00% | | 05/15/2029 | | | 190 | | 213,266 |
University of California, Series 2024 BS, Ref. RB
| 5.00% | | 05/15/2029 | | | 20 | | 22,449 |
University of California (Limited), Series 2018 O, Ref. RB
| 4.00% | | 05/15/2029 | | | 40 | | 41,934 |
| | | | | | | | | 20,928,656 |
| Colorado-2.96% | | | | | | | | |
Adams & Arapahoe Joint School District No. 28J Aurora, Series 2021 A, GO Bonds
| 5.00% | | 12/01/2029 | | | 50 | | 56,030 |
Arapahoe County School District No. 5 Cherry Creek, Series 2020, Ref. GO Bonds
| 5.00% | | 12/15/2029 | | | 55 | | 61,613 |
Colorado (State of), Series 2018 A, COP
| 5.00% | | 12/15/2029 | | | 30 | | 32,753 |
Colorado (State of), Series 2020 A, COP
| 5.00% | | 12/15/2029 | | | 150 | | 167,251 |
Colorado (State of), Series 2021 A, COP
| 5.00% | | 12/15/2029 | | | 30 | | 33,450 |
Colorado (State of) Health Facilities Authority (Adventhealth Obligated Group), Series 2019 A, Ref. RB
| 5.00% | | 11/15/2037 | | | 45 | | 48,635 |
Colorado (State of) Health Facilities Authority (Adventhealth Obligated Group), Series 2019 A, Ref. RB
| 4.00% | | 11/15/2038 | | | 30 | | 30,417 |
Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-1, Ref. RB
| 5.00% | | 08/01/2029 | | | 50 | | 54,700 |
Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-1, Ref. RB
| 5.00% | | 08/01/2031 | | | 100 | | 107,750 |
Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-1, Ref. RB
| 5.00% | | 08/01/2032 | | | 20 | | 21,511 |
Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-1, Ref. RB
| 5.00% | | 08/01/2033 | | | 10 | | 10,735 |
Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-1, Ref. RB
| 5.00% | | 08/01/2034 | | | 50 | | 53,494 |
Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-1, Ref. RB
| 5.00% | | 08/01/2035 | | | 55 | | 58,690 |
Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-1, Ref. RB
| 5.00% | | 08/01/2036 | | | 70 | | 74,441 |
Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-2, Ref. RB
| 5.00% | | 08/01/2029 | | | 10 | | 10,940 |
Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-2, Ref. RB
| 5.00% | | 08/01/2031 | | | 65 | | 70,038 |
Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-2, Ref. RB
| 5.00% | | 08/01/2032 | | | 55 | | 59,156 |
Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-2, Ref. RB
| 5.00% | | 08/01/2033 | | | 30 | | 32,204 |
Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-2, Ref. RB
| 5.00% | | 08/01/2034 | | | 15 | | 16,048 |
Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-2, Ref. RB
| 5.00% | | 08/01/2035 | | | 15 | | 16,006 |
Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-2, Ref. RB
| 5.00% | | 08/01/2036 | | | 260 | | 276,495 |
Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-2, Ref. RB
| 5.00% | | 08/01/2037 | | | 55 | | 58,353 |
Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-2, Ref. RB
| 5.00% | | 08/01/2038 | | | 45 | | 47,554 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2029 Municipal Bond ETF (BSMT)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Colorado-(continued) | | | | | | | | |
Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-2, Ref. RB
| 5.00% | | 08/01/2039 | | $ | 105 | | $ 110,689 |
Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-2, Ref. RB
| 5.00% | | 08/01/2044 | | | 320 | | 332,638 |
Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2024 A, Ref. RB
| 5.00% | | 12/01/2029 | | | 25 | | 27,473 |
Colorado (State of) Health Facilities Authority (Sanford Health), Series 2019 A, Ref. RB
| 5.00% | | 11/01/2031 | | | 30 | | 32,654 |
Colorado (State of) Health Facilities Authority (Sanford Health), Series 2019 A, Ref. RB
| 5.00% | | 11/01/2032 | | | 175 | | 190,005 |
Colorado (State of) Health Facilities Authority (Sanford Health), Series 2019 A, Ref. RB
| 5.00% | | 11/01/2033 | | | 200 | | 217,016 |
Colorado (State of) Health Facilities Authority (Sanford Health), Series 2019 A, Ref. RB
| 5.00% | | 11/01/2034 | | | 115 | | 124,616 |
Colorado (State of) Health Facilities Authority (Sanford Health), Series 2019 A, Ref. RB
| 5.00% | | 11/01/2039 | | | 55 | | 58,785 |
Colorado (State of) Health Facilities Authority (SCL Health System), Series 2019 A, Ref. RB
| 5.00% | | 01/01/2029 | | | 200 | | 219,190 |
Colorado (State of) Regional Transportation District (Fastracks), Series 2013 A, Ref. RB
| 5.00% | | 11/01/2029 | | | 200 | | 223,620 |
Colorado Springs (City of), CO, Series 2019 A, Ref. RB
| 5.00% | | 11/15/2029 | | | 125 | | 140,170 |
Denver (City & County of), CO, Series 2020 B, Ref. GO Bonds
| 5.00% | | 08/01/2029 | | | 85 | | 94,926 |
Denver (City & County of), CO, Series 2023 A, Ref. RB
| 5.00% | | 11/15/2029 | | | 5 | | 5,563 |
Jefferson County School District R-1, Series 2018, GO Bonds
| 5.00% | | 12/15/2029 | | | 110 | | 120,889 |
Pueblo City Schools, Series 2020, GO Bonds
| 5.00% | | 12/15/2039 | | | 40 | | 43,227 |
Weld County School District No. 6 Greeley, Series 2020, GO Bonds
| 5.00% | | 12/01/2044 | | | 275 | | 292,763 |
| | | | | | | | | 3,632,488 |
| Connecticut-1.60% | | | | | | | | |
Connecticut (State of), Series 2015 F, GO Bonds
| 3.25% | | 11/15/2029 | | | 200 | | 200,535 |
Connecticut (State of), Series 2018 E, GO Bonds
| 5.00% | | 09/15/2029 | | | 35 | | 38,092 |
Connecticut (State of), Series 2019 A, GO Bonds
| 5.00% | | 04/15/2029 | | | 165 | | 182,880 |
Connecticut (State of), Series 2019 A, GO Bonds
| 5.00% | | 04/15/2032 | | | 750 | | 821,408 |
Connecticut (State of), Series 2019 A, GO Bonds
| 5.00% | | 04/15/2035 | | | 150 | | 163,398 |
Connecticut (State of), Series 2019 A, GO Bonds
| 5.00% | | 04/15/2036 | | | 45 | | 48,865 |
Connecticut (State of), Series 2019 A, GO Bonds
| 5.00% | | 04/15/2039 | | | 125 | | 134,247 |
Connecticut (State of), Series 2019 B, Ref. GO Bonds
| 5.00% | | 02/15/2029 | | | 5 | | 5,524 |
Connecticut (State of), Series 2020 A, GO Bonds
| 5.00% | | 01/15/2029 | | | 50 | | 55,142 |
Connecticut (State of), Series 2020 A, RB
| 5.00% | | 05/01/2029 | | | 55 | | 61,013 |
Connecticut (State of), Series 2020 C, GO Bonds
| 4.00% | | 06/01/2029 | | | 25 | | 26,518 |
Connecticut (State of), Series 2021 A, GO Bonds
| 4.00% | | 01/15/2029 | | | 20 | | 21,124 |
Connecticut (State of), Series 2022 A, GO Bonds
| 4.00% | | 01/15/2029 | | | 20 | | 21,124 |
Connecticut (State of) Health & Educational Facilities Authority, Series 1997, RB
| 5.00% | | 07/01/2029 | | | 90 | | 100,690 |
Connecticut (State of) Health & Educational Facilities Authority (Yale University), Series 2017 B-1, Ref. RB
| 5.00% | | 07/01/2029 | | | 75 | | 83,909 |
| | | | | | | | | 1,964,469 |
| Delaware-0.42% | | | | | | | | |
Delaware (State of), Series 2020 A, GO Bonds
| 5.00% | | 01/01/2029 | | | 15 | | 16,588 |
Delaware (State of), Series 2021, Ref. GO Bonds
| 5.00% | | 02/01/2029 | | | 15 | | 16,617 |
Delaware (State of), Series 2022, Ref. GO Bonds
| 5.00% | | 03/01/2029 | | | 90 | | 99,876 |
Delaware (State of), Series 2023 A, GO Bonds
| 5.00% | | 05/01/2029 | | | 145 | | 161,462 |
Delaware (State of) Health Facilities Authority (Christiana Health Care Systems), Series 2020, Ref. RB
| 5.00% | | 10/01/2045 | | | 125 | | 130,209 |
Delaware (State of) Transportation Authority, Series 2020, Ref. RB
| 5.00% | | 07/01/2029 | | | 80 | | 89,039 |
| | | | | | | | | 513,791 |
| District of Columbia-2.74% | | | | | | | | |
District of Columbia, Series 2019 A, GO Bonds
| 5.00% | | 10/15/2029 | | | 35 | | 38,659 |
District of Columbia, Series 2019 A, GO Bonds
| 5.00% | | 10/15/2030 | | | 405 | | 445,835 |
District of Columbia, Series 2019 A, GO Bonds
| 5.00% | | 10/15/2031 | | | 120 | | 131,669 |
District of Columbia, Series 2019 A, GO Bonds
| 5.00% | | 10/15/2032 | | | 20 | | 21,902 |
District of Columbia, Series 2019 A, GO Bonds
| 5.00% | | 10/15/2033 | | | 85 | | 92,835 |
District of Columbia, Series 2019 A, GO Bonds
| 5.00% | | 10/15/2034 | | | 25 | | 27,193 |
District of Columbia, Series 2019 A, GO Bonds
| 5.00% | | 10/15/2035 | | | 95 | | 102,928 |
District of Columbia, Series 2019 A, GO Bonds
| 5.00% | | 10/15/2037 | | | 30 | | 32,277 |
District of Columbia, Series 2019 A, GO Bonds
| 5.00% | | 10/15/2038 | | | 15 | | 16,089 |
District of Columbia, Series 2019 A, GO Bonds
| 4.00% | | 10/15/2040 | | | 150 | | 151,735 |
District of Columbia, Series 2019 A, GO Bonds
| 5.00% | | 10/15/2044 | | | 135 | | 142,780 |
District of Columbia, Series 2019 A, RB
| 5.00% | | 03/01/2029 | | | 55 | | 60,789 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2029 Municipal Bond ETF (BSMT)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| District of Columbia-(continued) | | | | | | | | |
District of Columbia, Series 2019 A, RB
| 5.00% | | 03/01/2031 | | $ | 30 | | $ 33,182 |
District of Columbia, Series 2019 A, RB
| 5.00% | | 03/01/2032 | | | 40 | | 44,132 |
District of Columbia, Series 2019 A, RB
| 5.00% | | 03/01/2033 | | | 10 | | 11,003 |
District of Columbia, Series 2019 A, RB
| 5.00% | | 03/01/2034 | | | 260 | | 285,068 |
District of Columbia, Series 2019 A, RB
| 5.00% | | 03/01/2035 | | | 165 | | 180,154 |
District of Columbia, Series 2019 A, RB
| 5.00% | | 03/01/2036 | | | 20 | | 21,763 |
District of Columbia, Series 2019 A, RB
| 4.00% | | 03/01/2037 | | | 20 | | 20,573 |
District of Columbia, Series 2019 A, RB
| 4.00% | | 03/01/2040 | | | 220 | | 221,534 |
District of Columbia, Series 2019 C, Ref. RB
| 3.00% | | 10/01/2029 | | | 30 | | 30,300 |
District of Columbia, Series 2019 C, Ref. RB
| 5.00% | | 10/01/2031 | | | 100 | | 110,591 |
District of Columbia, Series 2019 C, Ref. RB
| 5.00% | | 10/01/2032 | | | 45 | | 49,681 |
District of Columbia, Series 2019 C, Ref. RB
| 5.00% | | 10/01/2033 | | | 95 | | 104,580 |
District of Columbia, Series 2019 C, Ref. RB
| 5.00% | | 10/01/2034 | | | 145 | | 158,916 |
District of Columbia, Series 2020 A, RB
| 5.00% | | 03/01/2029 | | | 155 | | 171,313 |
District of Columbia, Series 2020, RB
| 5.00% | | 12/01/2029 | | | 70 | | 77,644 |
District of Columbia, Series 2020, RB
| 5.00% | | 12/01/2032 | | | 20 | | 21,839 |
District of Columbia, Series 2020, RB
| 5.00% | | 12/01/2033 | | | 10 | | 10,882 |
District of Columbia, Series 2020, RB
| 5.00% | | 12/01/2034 | | | 60 | | 65,149 |
District of Columbia, Series 2021 E, Ref. GO Bonds
| 5.00% | | 02/01/2029 | | | 30 | | 33,102 |
District of Columbia, Series 2022 C, Ref. RB
| 5.00% | | 12/01/2029 | | | 45 | | 50,427 |
District of Columbia, Series 2023 A, GO Bonds
| 5.00% | | 01/01/2029 | | | 60 | | 66,093 |
Metropolitan Washington Airports Authority, Series 2019, Ref. RB
| 4.00% | | 10/01/2037 | | | 135 | | 135,847 |
Metropolitan Washington Airports Authority (Dulles Metrorail and Capital Improvement), Series 2019, Ref. RB
| 4.00% | | 10/01/2035 | | | 5 | | 5,068 |
Washington Metropolitan Area Transit Authority, Series 2020 A, RB
| 5.00% | | 07/15/2029 | | | 165 | | 183,224 |
| | | | | | | | | 3,356,756 |
| Florida-2.92% | | | | | | | | |
Alachua (County of), FL Health Facilities Authority (Shands Teaching Hospital & Clinics, Inc.), Series 2019, RB
| 3.00% | | 12/01/2046 | | | 5 | | 3,960 |
Broward (County of), FL, Series 2019 A, RB
| 5.00% | | 10/01/2038 | | | 175 | | 189,573 |
Broward (County of), FL, Series 2019 A, RB
| 5.00% | | 10/01/2039 | | | 50 | | 53,911 |
Broward (County of), FL, Series 2019 A, RB
| 5.00% | | 10/01/2040 | | | 115 | | 123,557 |
Broward (County of), FL, Series 2019 A, RB
| 4.00% | | 10/01/2042 | | | 70 | | 71,041 |
Broward (County of), FL School Board, Series 2019 B, Ref. COP
| 5.00% | | 07/01/2029 | | | 105 | | 116,359 |
Central Florida Expressway Authority, Series 2019 A, RB
| 5.00% | | 07/01/2044 | | | 50 | | 52,689 |
Central Florida Expressway Authority, Series 2019 B, RB
| 5.00% | | 07/01/2037 | | | 60 | | 64,406 |
Central Florida Expressway Authority, Series 2019 B, RB
| 5.00% | | 07/01/2038 | | | 90 | | 96,122 |
Central Florida Expressway Authority, Series 2021, Ref. RB, (INS - AGM)(b)
| 5.00% | | 07/01/2029 | | | 320 | | 355,540 |
Duval County (County of), FL School Board, Series 2022 A, COP, (INS - AGM)(b)
| 5.00% | | 07/01/2029 | | | 60 | | 66,033 |
Florida (State of), Series 2021 B, Ref. GO Bonds
| 5.00% | | 06/01/2029 | | | 40 | | 44,522 |
Florida (State of), Series 2024 A, Ref. GO Bonds
| 5.00% | | 06/01/2029 | | | 125 | | 139,250 |
Florida (State of) (Right-of-Way Acquisition), Series 2021 A, Ref. GO Bonds
| 5.00% | | 07/01/2029 | | | 135 | | 150,709 |
Florida (State of) Department of Transportation, Series 2019 B, RB
| 3.00% | | 07/01/2049 | | | 15 | | 11,936 |
Florida (State of) Department of Transportation, Series 2020 A, Ref. RB
| 5.00% | | 07/01/2029 | | | 140 | | 155,414 |
Florida (State of) Higher Educational Facilities Financial Authority (St. Leo Univeristy), Series 2019, Ref. RB
| 5.00% | | 03/01/2039 | | | 100 | | 79,334 |
Florida (State of) Municipal Power Agency, Series 2018 A, Ref. RB
| 3.00% | | 10/01/2029 | | | 80 | | 79,658 |
Gainesville (City of), FL, Series 2019 A, RB
| 5.00% | | 10/01/2044 | | | 105 | | 110,028 |
Gainesville (City of), FL, Series 2019 A, RB
| 5.00% | | 10/01/2047 | | | 100 | | 104,554 |
Jacksonville (City of), FL (Brooks Rehabilitation), Series 2020, Ref. RB
| 5.00% | | 11/01/2050 | | | 150 | | 154,071 |
Lee Memorial Health System, Series 2019 A-1, Ref. RB
| 5.00% | | 04/01/2029 | | | 40 | | 43,793 |
Lee Memorial Health System, Series 2019 A-1, Ref. RB
| 5.00% | | 04/01/2033 | | | 5 | | 5,357 |
Lee Memorial Health System, Series 2019 A-1, Ref. RB
| 5.00% | | 04/01/2034 | | | 5 | | 5,343 |
Lee Memorial Health System, Series 2019 A-1, Ref. RB
| 5.00% | | 04/01/2036 | | | 115 | | 121,858 |
Lee Memorial Health System, Series 2019 A-1, Ref. RB
| 5.00% | | 04/01/2044 | | | 150 | | 155,072 |
Miami Beach (City of), FL, Series 2019, Ref. GO Bonds
| 4.00% | | 05/01/2044 | | | 25 | | 24,753 |
Miami-Dade (County of), FL, Series 2009 A, Ref. RB, (INS - AGC)(b)
| 6.88% | | 10/01/2034 | | | 15 | | 17,773 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2029 Municipal Bond ETF (BSMT)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Florida-(continued) | | | | | | | | |
Miami-Dade (County of), FL, Series 2019 B, RB
| 4.00% | | 10/01/2044 | | $ | 195 | | $ 192,388 |
Miami-Dade (County of), FL, Series 2019 B, RB
| 5.00% | | 10/01/2044 | | | 5 | | 5,232 |
Orange (County of), FL Convention Center, Series 2017, Ref. RB
| 5.00% | | 10/01/2029 | | | 100 | | 110,808 |
Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group), Series 2019 A, RB
| 5.00% | | 10/01/2047 | | | 75 | | 78,074 |
Orange (County of), FL School Board, Series 2017 C, Ref. COP
| 5.00% | | 08/01/2029 | | | 10 | | 11,046 |
Palm Beach County School District, Series 2018 C, Ref. COP
| 5.00% | | 08/01/2029 | | | 150 | | 161,633 |
Polk County School District, Series 2019, RB
| 5.00% | | 10/01/2033 | | | 100 | | 109,490 |
Tampa Bay (City of), FL Water, Series 2001 A, Ref. RB, (INS - NATL)(b)
| 6.00% | | 10/01/2029 | | | 165 | | 192,150 |
Volusia (County of), FL Educational Facility Authority (Embry–Riddle Aeronautical University), Series 2020, Ref. RB
| 5.00% | | 10/15/2049 | | | 125 | | 129,999 |
| | | | | | | | | 3,587,436 |
| Georgia-2.19% | | | | | | | | |
Atlanta (City of), GA, Series 2004, RB, (INS - AGM)(b)
| 5.75% | | 11/01/2029 | | | 40 | | 46,187 |
Atlanta (City of), GA, Series 2019 C, RB
| 5.00% | | 07/01/2035 | | | 70 | | 76,351 |
Atlanta (City of), GA, Series 2019 C, RB
| 5.00% | | 07/01/2036 | | | 55 | | 59,794 |
Atlanta (City of), GA, Series 2019 C, RB
| 5.00% | | 07/01/2037 | | | 15 | | 16,269 |
Atlanta (City of), GA, Series 2022 A-1, GO Bonds
| 5.00% | | 12/01/2029 | | | 45 | | 50,498 |
Atlanta (City of), GA (Department of Aviation), Series 2019 C, RB
| 5.00% | | 07/01/2038 | | | 20 | | 21,627 |
Atlanta (City of), GA Department of Aviation, Series 2020 A, Ref. RB
| 5.00% | | 07/01/2029 | | | 155 | | 172,289 |
Brookhaven (City of), GA Development Authority (Children’s Healthcare of Atlanta, Inc.), Series 2019 A, RB
| 3.00% | | 07/01/2046 | | | 50 | | 40,452 |
Columbia County Public Facilities Authority, Series 2024, RB
| 5.00% | | 04/01/2029 | | | 15 | | 16,668 |
DeKalb (County of), GA, Series 2022, Ref. RB
| 5.00% | | 10/01/2029 | | | 30 | | 33,575 |
Fayette County Public Facilities Authority, Series 2024, RB
| 5.00% | | 07/01/2029 | | | 45 | | 50,215 |
Fulton (County of), GA Development Authority (Georgia Institute of Technology), Series 2019, RB
| 5.00% | | 06/15/2044 | | | 150 | | 157,622 |
Georgia (State of), Series 2018 A, GO Bonds
| 5.00% | | 07/01/2029 | | | 100 | | 109,144 |
Georgia (State of), Series 2022 A, GO Bonds
| 5.00% | | 07/01/2029 | | | 15 | | 16,753 |
Georgia (State of), Series 2022 C, Ref. GO Bonds
| 4.00% | | 07/01/2029 | | | 15 | | 16,052 |
Georgia (State of), Series 2023 C, Ref. GO Bonds
| 4.00% | | 01/01/2029 | | | 20 | | 21,266 |
Georgia (State of) (Bidding Group 1), Series 2020 A, GO Bonds
| 5.00% | | 08/01/2029 | | | 210 | | 234,937 |
Georgia (State of) (Bidding Group 1), Series 2021 A, Ref. GO Bonds
| 5.00% | | 07/01/2029 | | | 25 | | 27,921 |
Georgia (State of) (Tranche 1), Series 2019 A, GO Bonds
| 5.00% | | 07/01/2029 | | | 95 | | 106,100 |
Georgia (State of) (Tranche 2), Series 2019 A, GO Bonds
| 5.00% | | 07/01/2032 | | | 50 | | 55,153 |
Georgia (State of) Ports Authority, Series 2022, RB
| 5.00% | | 07/01/2029 | | | 30 | | 33,419 |
Georgia (State of) Road & Tollway Authority (Garvee), Series 2020, RB
| 5.00% | | 06/01/2029 | | | 5 | | 5,558 |
Gwinnett (County of), GA Water & Sewerage Authority, Series 2019, Ref. RB
| 5.00% | | 08/01/2029 | | | 60 | | 67,095 |
Gwinnett County School District, Series 2019, GO Bonds
| 5.00% | | 02/01/2038 | | | 15 | | 16,239 |
Gwinnett County School District, Series 2019, GO Bonds
| 5.00% | | 02/01/2041 | | | 195 | | 208,900 |
Henry County School District, Series 2021, GO Bonds
| 4.00% | | 08/01/2029 | | | 145 | | 154,503 |
Main Street Natural Gas, Inc., Series 2019 A, RB
| 5.00% | | 05/15/2043 | | | 100 | | 103,474 |
Private Colleges & Universities Authority (Emory University), Series 2019 A, Ref. RB
| 5.00% | | 09/01/2029 | | | 25 | | 27,879 |
Private Colleges & Universities Authority (Emory University), Series 2019 A, Ref. RB
| 5.00% | | 09/01/2037 | | | 30 | | 32,697 |
Private Colleges & Universities Authority (Emory University), Series 2022 A, Ref. RB
| 5.00% | | 09/01/2029 | | | 200 | | 223,031 |
Private Colleges & Universities Authority (Emory University) (Green Bonds), Series 2019, Ref. RB
| 5.00% | | 09/01/2048 | | | 250 | | 264,754 |
Savannah (City of), GA Hospital Authority (St. Josephs Candler Health System), Series 2019 A, Ref. RB
| 4.00% | | 07/01/2039 | | | 225 | | 225,792 |
| | | | | | | | | 2,692,214 |
| Hawaii-0.99% | | | | | | | | |
Hawaii (State of), Series 2019 FW, GO Bonds
| 5.00% | | 01/01/2029 | | | 25 | | 27,571 |
Hawaii (State of), Series 2019 FW, GO Bonds
| 5.00% | | 01/01/2031 | | | 150 | | 163,861 |
Hawaii (State of), Series 2019 FW, GO Bonds
| 5.00% | | 01/01/2032 | | | 10 | | 10,902 |
Hawaii (State of), Series 2019 FW, GO Bonds
| 5.00% | | 01/01/2033 | | | 20 | | 21,781 |
Hawaii (State of), Series 2019 FW, GO Bonds
| 5.00% | | 01/01/2034 | | | 60 | | 65,256 |
Hawaii (State of), Series 2019 FW, GO Bonds
| 5.00% | | 01/01/2035 | | | 90 | | 97,814 |
Hawaii (State of), Series 2019 FW, GO Bonds
| 5.00% | | 01/01/2038 | | | 180 | | 194,671 |
Hawaii (State of), Series 2019 FW, GO Bonds
| 5.00% | | 01/01/2039 | | | 20 | | 21,491 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2029 Municipal Bond ETF (BSMT)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Hawaii-(continued) | | | | | | | | |
Honolulu (City & County of), HI, Series 2019 A, RB
| 5.00% | | 07/01/2044 | | $ | 25 | | $ 26,505 |
Honolulu (City & County of), HI, Series 2019 B, Ref. RB
| 5.00% | | 07/01/2036 | | | 170 | | 184,831 |
Honolulu (City & County of), HI, Series 2022 A, Ref. GO Bonds
| 5.00% | | 11/01/2029 | | | 290 | | 323,803 |
Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2019 A, GO Bonds
| 5.00% | | 09/01/2029 | | | 25 | | 27,212 |
Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2021, GO Bonds
| 5.00% | | 03/01/2029 | | | 25 | | 27,575 |
Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2023, Ref. GO Bonds
| 5.00% | | 03/01/2029 | | | 15 | | 16,545 |
| | | | | | | | | 1,209,818 |
| Idaho-0.25% | | | | | | | | |
Idaho (State of) Housing & Finance Association, Series 2019, Ref. RB
| 5.00% | | 07/15/2033 | | | 75 | | 81,591 |
Idaho (State of) Housing & Finance Association, Series 2019, Ref. RB
| 5.00% | | 07/15/2035 | | | 95 | | 102,958 |
Idaho (State of) Housing & Finance Association (Garvee), Series 2021 A, Ref. RB
| 5.00% | | 07/15/2029 | | | 115 | | 127,591 |
| | | | | | | | | 312,140 |
| Illinois-5.04% | | | | | | | | |
Chicago (City of), IL, Series 2019 A, GO Bonds
| 5.50% | | 01/01/2035 | | | 100 | | 107,292 |
Chicago (City of), IL, Series 2021 B, Ref. GO Bonds
| 4.00% | | 01/01/2029 | | | 267 | | 271,341 |
Chicago (City of), IL (O’Hare International Airport), Series 2018 B, RB
| 5.00% | | 01/01/2036 | | | 20 | | 21,440 |
Chicago (City of), IL (O’Hare International Airport), Series 2018 B, RB
| 5.00% | | 01/01/2037 | | | 30 | | 32,077 |
Chicago (City of), IL (O’Hare International Airport), Series 2018 B, RB
| 5.00% | | 01/01/2039 | | | 10 | | 10,620 |
Chicago (City of), IL (O’Hare International Airport), Series 2018 B, RB
| 4.00% | | 01/01/2044 | | | 340 | | 329,455 |
Chicago (City of), IL (O’Hare International Airport), Series 2018 B, RB
| 5.00% | | 01/01/2048 | | | 365 | | 380,606 |
Chicago (City of), IL (O’Hare International Airport), Series 2018 B, RB
| 5.00% | | 01/01/2053 | | | 140 | | 144,642 |
Chicago (City of), IL Metropolitan Water Reclamation District (Green Bonds), Series 2021 A, GO Bonds
| 5.00% | | 12/01/2029 | | | 10 | | 11,133 |
Chicago (City of), IL Midway International Airport, Series 2023 B, Ref. RB, (INS - BAM)(b)
| 5.00% | | 01/01/2029 | | | 15 | | 16,433 |
Chicago (City of), IL Transit Authority, Series 2020 A, Ref. RB
| 5.00% | | 12/01/2045 | | | 20 | | 20,926 |
Chicago (City of), IL Transit Authority (FTA Section 5307 Urbanized Area Formula Funds), Series 2021, Ref. RB
| 5.00% | | 06/01/2029 | | | 200 | | 216,729 |
Cook (County of), IL, Series 2022 A, Ref. GO Bonds
| 5.00% | | 11/15/2029 | | | 25 | | 27,687 |
Cook Kane Lake & McHenry Counties Community College District No. 512, Series 2020, GO Bonds
| 4.00% | | 12/15/2029 | | | 20 | | 20,821 |
Illinois (State of), Series 2016, GO Bonds
| 3.50% | | 06/01/2029 | | | 5 | | 5,002 |
Illinois (State of), Series 2018 A, GO Bonds
| 5.00% | | 05/01/2029 | | | 50 | | 53,587 |
Illinois (State of), Series 2021 A, GO Bonds
| 5.00% | | 12/01/2029 | | | 20 | | 21,979 |
Illinois (State of), Series 2022 B, GO Bonds
| 5.00% | | 10/01/2029 | | | 30 | | 32,902 |
Illinois (State of), Series 2022 B, Ref. GO Bonds
| 5.00% | | 03/01/2029 | | | 15 | | 16,310 |
Illinois (State of), Series 2023 B, GO Bonds
| 5.00% | | 12/01/2029 | | | 120 | | 131,914 |
Illinois (State of), Series 2023 D, Ref. GO Bonds
| 5.00% | | 07/01/2029 | | | 90 | | 98,355 |
Illinois (State of) (Rebuild Illinois Program), Series 2019 B, GO Bonds
| 5.00% | | 11/01/2031 | | | 175 | | 189,999 |
Illinois (State of) (Rebuild Illinois Program), Series 2019 B, GO Bonds
| 4.00% | | 11/01/2034 | | | 25 | | 25,181 |
Illinois (State of) (Rebuild Illinois Program), Series 2019 B, GO Bonds
| 4.00% | | 11/01/2035 | | | 50 | | 50,214 |
Illinois (State of) (Rebuild Illinois Program), Series 2019 B, GO Bonds
| 4.00% | | 11/01/2036 | | | 80 | | 80,112 |
Illinois (State of) Finance Authority (Clean Water Initiative), Series 2019, RB
| 5.00% | | 07/01/2033 | | | 250 | | 271,571 |
Illinois (State of) Finance Authority (Clean Water Initiative), Series 2019, RB
| 5.00% | | 07/01/2034 | | | 95 | | 103,043 |
Illinois (State of) Finance Authority (Clean Water Initiative), Series 2019, RB
| 5.00% | | 07/01/2036 | | | 250 | | 270,293 |
Illinois (State of) Finance Authority (Green Bonds), Series 2019, RB
| 5.00% | | 07/01/2037 | | | 220 | | 238,931 |
Illinois (State of) Finance Authority (State Clean Water) (Green Bonds), Series 2019, RB
| 4.00% | | 07/01/2038 | | | 180 | | 184,022 |
Illinois (State of) Finance Authority (University of Illinois at Urbana), Series 2019, RB
| 5.00% | | 10/01/2049 | | | 105 | | 107,958 |
Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion), Series 2020, Ref. RB
| 5.00% | | 06/15/2050 | | | 540 | | 559,640 |
Illinois (State of) Regional Transportation Authority, Series 2004 A, RB, (INS - AGM)(b)
| 5.75% | | 06/01/2029 | | | 75 | | 82,931 |
Illinois (State of) Toll Highway Authority, Series 2019 A, RB
| 5.00% | | 01/01/2040 | | | 80 | | 85,890 |
Illinois (State of) Toll Highway Authority, Series 2019 A, RB
| 5.00% | | 01/01/2041 | | | 60 | | 64,366 |
Illinois (State of) Toll Highway Authority, Series 2019 A, RB
| 5.00% | | 01/01/2044 | | | 725 | | 765,841 |
Illinois (State of) Toll Highway Authority, Series 2019 A, Ref. RB
| 5.00% | | 01/01/2031 | | | 20 | | 21,823 |
Illinois (State of) Toll Highway Authority, Series 2019, Ref. RB
| 5.00% | | 01/01/2029 | | | 50 | | 54,819 |
Kendall Kane & Will Counties Community Unit School District No. 308, Series 2020 A, Ref. GO Bonds, (INS - AGM)(b)
| 5.00% | | 02/01/2029 | | | 145 | | 157,277 |
Sales Tax Securitization Corp., Series 2017 A, Ref. RB
| 5.00% | | 01/01/2029 | | | 110 | | 116,991 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2029 Municipal Bond ETF (BSMT)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Illinois-(continued) | | | | | | | | |
Sales Tax Securitization Corp., Series 2018 C, Ref. RB
| 5.00% | | 01/01/2029 | | $ | 30 | | $ 32,609 |
Sales Tax Securitization Corp., Series 2018 C, Ref. RB
| 5.50% | | 01/01/2031 | | | 20 | | 21,883 |
Sales Tax Securitization Corp., Series 2018 C, Ref. RB
| 5.00% | | 01/01/2043 | | | 115 | | 119,490 |
Sales Tax Securitization Corp., Series 2018 C, Ref. RB
| 5.25% | | 01/01/2043 | | | 380 | | 399,193 |
Sales Tax Securitization Corp., Series 2020 A, Ref. RB
| 5.00% | | 01/01/2029 | | | 75 | | 81,524 |
Will (County of), IL, Series 2019, GO Bonds
| 4.00% | | 11/15/2047 | | | 130 | | 125,946 |
| | | | | | | | | 6,182,798 |
| Indiana-1.11% | | | | | | | | |
Indiana (State of) Finance Authority, Series 2016 C, Ref. RB
| 5.00% | | 06/01/2029 | | | 120 | | 133,567 |
Indiana (State of) Finance Authority (Citizens Wastewater of Westfield), Series 2019, Ref. RB
| 5.00% | | 10/01/2048 | | | 150 | | 156,363 |
Indiana (State of) Finance Authority (CWA Authority), Series 2021-1, Ref. RB
| 5.00% | | 10/01/2029 | | | 80 | | 89,250 |
Indiana (State of) Finance Authority (Green Bonds), Series 2017 C, Ref. RB
| 5.00% | | 02/01/2029 | | | 65 | | 69,639 |
Indiana (State of) Finance Authority (Green Bonds), Series 2019 A, RB
| 5.00% | | 02/01/2033 | | | 105 | | 113,979 |
Indiana (State of) Finance Authority (Green Bonds), Series 2019 A, RB
| 5.00% | | 02/01/2034 | | | 30 | | 32,528 |
Indiana (State of) Finance Authority (Green Bonds), Series 2019 A, RB
| 5.00% | | 02/01/2037 | | | 25 | | 26,914 |
Indiana (State of) Finance Authority (Green Bonds), Series 2019 A, RB
| 5.00% | | 02/01/2038 | | | 50 | | 53,692 |
Indiana (State of) Finance Authority (Green Bonds), Series 2019 A, RB
| 5.00% | | 02/01/2039 | | | 65 | | 69,565 |
Indianapolis Local Public Improvement Bond Bank, Series 2019 A, RB
| 5.00% | | 02/01/2036 | | | 330 | | 353,763 |
Indianapolis Local Public Improvement Bond Bank (Courthouse and Jail), Series 2019 A, RB
| 5.00% | | 02/01/2049 | | | 150 | | 156,669 |
Indianapolis Local Public Improvement Bond Bank (Courthouse and Jail), Series 2019 A, RB
| 5.00% | | 02/01/2054 | | | 100 | | 104,301 |
| | | | | | | | | 1,360,230 |
| Iowa-0.61% | | | | | | | | |
Iowa (State of), Series 2019 A, Ref. RB
| 5.00% | | 06/01/2029 | | | 155 | | 172,303 |
Iowa (State of), Series 2019 A, Ref. RB
| 5.00% | | 06/01/2032 | | | 20 | | 21,910 |
Iowa (State of), Series 2019 A, Ref. RB
| 5.00% | | 06/01/2033 | | | 105 | | 114,910 |
Iowa (State of), Series 2019 A, Ref. RB
| 5.00% | | 06/01/2034 | | | 25 | | 27,272 |
Iowa (State of) Finance Authority (Unitypoint Health), Series 2018 B, Ref. RB
| 5.00% | | 02/15/2048 | | | 400 | | 411,377 |
| | | | | | | | | 747,772 |
| Kansas-0.08% | | | | | | | | |
University of Kansas Hospital Authority (KS Health System), Series 2019 A, RB
| 5.00% | | 09/01/2048 | | | 100 | | 103,142 |
| Kentucky-0.31% | | | | | | | | |
Kentucky (Commonwealth of) Economic Development Finance Authority (Commonspirit Health), Series 2019 A-2, Ref. RB
| 5.00% | | 08/01/2049 | | | 10 | | 10,310 |
Kentucky (Commonwealth of) Property & Building Commission (No. 130), Series 2024 B, Ref. RB
| 5.00% | | 11/01/2029 | | | 190 | | 210,306 |
Louisville (City of) & Jefferson (County of), KY Metropolitan Government (Norton Healthcare, Inc.), Series 2020 A, RB
| 5.00% | | 10/01/2038 | | | 150 | | 157,554 |
| | | | | | | | | 378,170 |
| Louisiana-0.53% | | | | | | | | |
East Baton Rouge (Parish of), LA Sewerage Commission, Series 2019 A, Ref. RB
| 4.00% | | 02/01/2040 | | | 15 | | 15,119 |
Jefferson (Parish of), LA Sales Tax District, Series 2019 B, RB, (INS - AGM)(b)
| 4.00% | | 12/01/2036 | | | 125 | | 127,923 |
Jefferson (Parish of), LA Sales Tax District, Series 2019 B, RB, (INS - AGM)(b)
| 4.00% | | 12/01/2037 | | | 40 | | 40,790 |
Louisiana (State of), Series 2019 A, GO Bonds
| 5.00% | | 03/01/2033 | | | 60 | | 65,176 |
Louisiana (State of), Series 2019 A, GO Bonds
| 5.00% | | 03/01/2036 | | | 190 | | 204,277 |
Louisiana (State of), Series 2019 A, GO Bonds
| 5.00% | | 03/01/2038 | | | 5 | | 5,358 |
Louisiana (State of), Series 2019 A, GO Bonds
| 5.00% | | 03/01/2039 | | | 10 | | 10,727 |
Louisiana (State of), Series 2023 A, Ref. GO Bonds
| 5.00% | | 02/01/2029 | | | 15 | | 16,511 |
Louisiana (State of) (Garvee), Series 2019 A, RB
| 5.00% | | 09/01/2029 | | | 100 | | 108,571 |
Louisiana (State of) (Garvee), Series 2023, RB
| 5.00% | | 09/01/2029 | | | 50 | | 55,609 |
Parish of East Baton Rouge Capital Improvements District, Series 2019, RB
| 4.00% | | 08/01/2044 | | | 5 | | 5,010 |
| | | | | | | | | 655,071 |
| Maryland-2.23% | | | | | | | | |
Anne Arundel (County of), MD, Series 2019, GO Bonds
| 5.00% | | 10/01/2048 | | | 100 | | 105,846 |
Baltimore (City of), MD (Wastewater), Series 2019 A, RB
| 4.00% | | 07/01/2044 | | | 120 | | 120,328 |
Baltimore (City of), MD (Wastewater), Series 2019 A, RB
| 5.00% | | 07/01/2049 | | | 10 | | 10,492 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2029 Municipal Bond ETF (BSMT)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Maryland-(continued) | | | | | | | | |
Baltimore (County of), MD, Series 2019, GO Bonds
| 4.00% | | 03/01/2035 | | $ | 90 | | $ 93,256 |
Baltimore (County of), MD, Series 2019, GO Bonds
| 4.00% | | 03/01/2037 | | | 10 | | 10,300 |
Maryland (State of), First Series 2019, GO Bonds
| 5.00% | | 03/15/2031 | | | 80 | | 88,025 |
Maryland (State of), First Series 2019, GO Bonds
| 5.00% | | 03/15/2032 | | | 510 | | 559,891 |
Maryland (State of), Second Series 2018, GO Bonds
| 5.00% | | 08/01/2029 | | | 105 | | 114,801 |
Maryland (State of), Series 2018 A, GO Bonds
| 5.00% | | 03/15/2029 | | | 35 | | 37,967 |
Maryland (State of), Series 2022 C, Ref. GO Bonds
| 4.00% | | 03/01/2029 | | | 10 | | 10,634 |
Maryland (State of), Series 2022 D, Ref. GO Bonds
| 4.00% | | 08/01/2029 | | | 100 | | 106,888 |
Maryland (State of), Series 2022, GO Bonds
| 5.00% | | 06/01/2029 | | | 10 | | 11,150 |
Maryland (State of) (Bidding Group 1), Second Series 2019 A, GO Bonds
| 5.00% | | 08/01/2029 | | | 5 | | 5,594 |
Maryland (State of) (Bidding Group 1), Second Series 2021 A, GO Bonds
| 5.00% | | 08/01/2029 | | | 125 | | 139,843 |
Maryland (State of) (Bidding Group 1), Series 2020 A, GO Bonds
| 5.00% | | 03/15/2029 | | | 30 | | 33,305 |
Maryland (State of) (Bidding Group 1), Series 2020 A, GO Bonds
| 5.00% | | 08/01/2029 | | | 100 | | 111,875 |
Maryland (State of) (Bidding Group 2), Second Series 2019 A, GO Bonds
| 5.00% | | 08/01/2031 | | | 95 | | 105,163 |
Maryland (State of) Department of Transportation, Series 2020, RB
| 5.00% | | 10/01/2029 | | | 95 | | 106,272 |
Maryland (State of) Department of Transportation, Series 2021 A, RB
| 5.00% | | 10/01/2029 | | | 55 | | 61,526 |
Maryland (State of) Department of Transportation, Series 2022 B, Ref. RB
| 5.00% | | 12/01/2029 | | | 5 | | 5,608 |
Maryland (State of) Health & Higher Educational Facilities Authority (Loyola University), Series 2019 A, Ref. RB
| 5.00% | | 10/01/2049 | | | 140 | | 146,544 |
Maryland (State of) Transportation Authority, Series 2021 A, Ref. RB
| 5.00% | | 07/01/2029 | | | 60 | | 66,837 |
Montgomery (County of), MD, Series 2018 A, GO Bonds
| 5.00% | | 11/01/2029 | | | 100 | | 109,847 |
Montgomery (County of), MD, Series 2019 A, GO Bonds
| 5.00% | | 11/01/2029 | | | 100 | | 112,325 |
Montgomery (County of), MD, Series 2020 A, GO Bonds
| 4.00% | | 08/01/2029 | | | 5 | | 5,342 |
Montgomery (County of), MD, Series 2020 B, Ref. GO Bonds
| 4.00% | | 11/01/2029 | | | 20 | | 21,421 |
Montgomery (County of), MD, Series 2021 A, Ref. GO Bonds
| 5.00% | | 08/01/2029 | | | 145 | | 162,147 |
Prince George’s (County of), MD, Series 2017 A, GO Bonds
| 3.00% | | 09/15/2029 | | | 110 | | 110,050 |
Prince George’s (County of), MD, Series 2018 A, GO Bonds
| 5.00% | | 07/15/2029 | | | 80 | | 87,386 |
Prince George’s (County of), MD, Series 2019 A, GO Bonds
| 5.00% | | 07/15/2029 | | | 5 | | 5,586 |
Prince George’s (County of), MD, Series 2019 A, GO Bonds
| 4.00% | | 07/15/2031 | | | 5 | | 5,250 |
Prince George’s (County of), MD, Series 2019 A, GO Bonds
| 4.00% | | 07/15/2032 | | | 20 | | 20,946 |
Prince George’s (County of), MD, Series 2020 A, GO Bonds
| 5.00% | | 07/15/2029 | | | 10 | | 10,923 |
Prince George’s (County of), MD, Series 2020 B, Ref. GO Bonds
| 5.00% | | 09/15/2029 | | | 20 | | 22,417 |
Prince George’s (County of), MD, Series 2022 A, GO Bonds
| 5.00% | | 07/01/2029 | | | 10 | | 11,164 |
| | | | | | | | | 2,736,949 |
| Massachusetts-4.40% | | | | | | | | |
Massachusetts (Commonwealth of), Series 2018 B, GO Bonds
| 5.00% | | 01/01/2029 | | | 40 | | 43,068 |
Massachusetts (Commonwealth of), Series 2018 B, Ref. GO Bonds
| 5.00% | | 07/01/2029 | | | 290 | | 323,745 |
Massachusetts (Commonwealth of), Series 2018 C, Ref. GO Bonds
| 5.00% | | 09/01/2029 | | | 15 | | 16,802 |
Massachusetts (Commonwealth of), Series 2019 A, GO Bonds
| 5.00% | | 01/01/2031 | | | 70 | | 76,608 |
Massachusetts (Commonwealth of), Series 2019 A, GO Bonds
| 5.00% | | 01/01/2032 | | | 45 | | 49,117 |
Massachusetts (Commonwealth of), Series 2019 A, GO Bonds
| 5.25% | | 01/01/2033 | | | 5 | | 5,499 |
Massachusetts (Commonwealth of), Series 2019 A, GO Bonds
| 5.00% | | 01/01/2035 | | | 30 | | 32,515 |
Massachusetts (Commonwealth of), Series 2019 A, GO Bonds
| 5.00% | | 01/01/2036 | | | 100 | | 108,000 |
Massachusetts (Commonwealth of), Series 2019 A, GO Bonds
| 5.00% | | 01/01/2037 | | | 75 | | 80,663 |
Massachusetts (Commonwealth of), Series 2019 A, GO Bonds
| 5.00% | | 01/01/2038 | | | 10 | | 10,751 |
Massachusetts (Commonwealth of), Series 2019 A, GO Bonds
| 5.00% | | 01/01/2039 | | | 15 | | 16,048 |
Massachusetts (Commonwealth of), Series 2019 A, GO Bonds
| 5.25% | | 01/01/2044 | | | 350 | | 374,147 |
Massachusetts (Commonwealth of), Series 2019 C, GO Bonds
| 5.00% | | 05/01/2040 | | | 20 | | 21,382 |
Massachusetts (Commonwealth of), Series 2019 C, GO Bonds
| 5.00% | | 05/01/2041 | | | 105 | | 112,173 |
Massachusetts (Commonwealth of), Series 2019 C, GO Bonds
| 5.00% | | 05/01/2043 | | | 160 | | 169,830 |
Massachusetts (Commonwealth of), Series 2019 C, GO Bonds
| 5.00% | | 05/01/2045 | | | 25 | | 26,433 |
Massachusetts (Commonwealth of), Series 2019 C, Ref. GO Bonds
| 5.00% | | 05/01/2029 | | | 25 | | 27,815 |
Massachusetts (Commonwealth of), Series 2019 G, GO Bonds
| 5.00% | | 09/01/2029 | | | 140 | | 156,819 |
Massachusetts (Commonwealth of), Series 2020 A, GO Bonds
| 5.00% | | 03/01/2029 | | | 80 | | 88,707 |
Massachusetts (Commonwealth of), Series 2020 D, GO Bonds
| 5.00% | | 07/01/2029 | | | 25 | | 27,909 |
Massachusetts (Commonwealth of), Series 2020 E, GO Bonds
| 5.00% | | 11/01/2029 | | | 130 | | 146,022 |
Massachusetts (Commonwealth of), Series 2021 A, Ref. GO Bonds
| 5.00% | | 09/01/2029 | | | 425 | | 476,059 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2029 Municipal Bond ETF (BSMT)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Massachusetts-(continued) | | | | | | | | |
Massachusetts (Commonwealth of), Series 2021 C, GO Bonds
| 5.00% | | 09/01/2029 | | $ | 10 | | $ 11,201 |
Massachusetts (Commonwealth of), Series 2022 A, GO Bonds
| 5.00% | | 02/01/2029 | | | 20 | | 22,138 |
Massachusetts (Commonwealth of), Series 2022 A, Ref. GO Bonds
| 5.00% | | 10/01/2029 | | | 395 | | 443,071 |
Massachusetts (Commonwealth of), Series 2023 A, GO Bonds
| 5.00% | | 05/01/2029 | | | 5 | | 5,563 |
Massachusetts (Commonwealth of), Series 2024 A, Ref. GO Bonds
| 5.00% | | 03/01/2029 | | | 5 | | 5,544 |
Massachusetts (Commonwealth of) (Rail Enhancement & Accelerated Bridge Program), Series 2019 A, RB
| 5.00% | | 06/01/2049 | | | 400 | | 422,188 |
Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2005 A, RB
| 5.00% | | 07/01/2029 | | | 25 | | 27,909 |
Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2005 B, RB, (INS - NATL)(b)
| 5.50% | | 07/01/2029 | | | 25 | | 28,475 |
Massachusetts (Commonwealth of) Bay Transportation Authority (Sustainability Bonds), Series 2021, Ref. RB
| 5.00% | | 07/01/2041 | | | 110 | | 117,560 |
Massachusetts (Commonwealth of) Bay Transportation Authority (Sustainability Bonds), Series 2021, Ref. RB
| 5.00% | | 07/01/2042 | | | 120 | | 127,916 |
Massachusetts (Commonwealth of) Development Finance Agency, Series 2019 A, Ref. RB
| 5.00% | | 07/01/2044 | | | 55 | | 55,195 |
Massachusetts (Commonwealth of) Development Finance Agency (Atrius Health), Series 2019 A, Ref. RB(a)
| 4.00% | | 06/01/2029 | | | 100 | | 106,761 |
Massachusetts (Commonwealth of) Development Finance Agency (Harvard University), Series 2020 A, Ref. RB
| 5.00% | | 10/15/2029 | | | 45 | | 50,509 |
Massachusetts (Commonwealth of) Port Authority, Series 2019 B, RB
| 5.00% | | 07/01/2044 | | | 25 | | 26,553 |
Massachusetts (Commonwealth of) School Building Authority, Series 2019 A, RB
| 5.00% | | 02/15/2044 | | | 595 | | 630,057 |
Massachusetts (Commonwealth of) Transportation Trust Fund, Series 2019 A, Ref. RB
| 5.00% | | 01/01/2031 | | | 50 | | 54,720 |
Massachusetts (Commonwealth of) Transportation Trust Fund, Series 2019 A, Ref. RB
| 5.00% | | 01/01/2032 | | | 175 | | 190,711 |
Massachusetts (Commonwealth of) Transportation Trust Fund, Series 2019 A, Ref. RB
| 5.00% | | 01/01/2034 | | | 105 | | 113,857 |
Massachusetts (Commonwealth of) Transportation Trust Fund, Series 2019 A, Ref. RB
| 5.00% | | 01/01/2035 | | | 60 | | 64,955 |
Massachusetts (Commonwealth of) Transportation Trust Fund, Series 2019 C, Ref. RB
| 5.00% | | 01/01/2033 | | | 5 | | 5,448 |
Massachusetts (Commonwealth of) Transportation Trust Fund, Series 2019 C, Ref. RB
| 5.00% | | 01/01/2035 | | | 20 | | 21,745 |
Massachusetts (Commonwealth of) Transportation Trust Fund (Contract Assistance), Series 2018 A, Ref. RB
| 5.00% | | 01/01/2029 | | | 90 | | 99,489 |
Massachusetts (Commonwealth of) Water Resources Authority, Series 2007 B, Ref. RB, (INS - AGM)(b)
| 5.25% | | 08/01/2029 | | | 25 | | 28,306 |
University of Massachusetts Building Authority, Series 2020 1, RB
| 5.00% | | 11/01/2033 | | | 5 | | 5,521 |
University of Massachusetts Building Authority, Series 2020 1, RB
| 5.00% | | 11/01/2034 | | | 55 | | 60,626 |
University of Massachusetts Building Authority, Series 2020 1, RB
| 5.00% | | 11/01/2050 | | | 265 | | 280,059 |
| | | | | | | | | 5,396,189 |
| Michigan-1.93% | | | | | | | | |
Detroit City School District, Series 2005 A, Ref. GO Bonds, (INS - AGM)(b)
| 5.25% | | 05/01/2029 | | | 85 | | 94,747 |
Great Lakes Water Authority, Series 2018 B, Ref. RB
| 5.00% | | 07/01/2029 | | | 95 | | 105,505 |
Great Lakes Water Authority, Series 2024 A, Ref. RB
| 5.00% | | 07/01/2029 | | | 15 | | 16,659 |
Lansing (City of), MI Board of Water & Light, Series 2019 A, RB
| 5.00% | | 07/01/2044 | | | 285 | | 301,252 |
Lansing (City of), MI Board of Water & Light, Series 2019 A, RB
| 5.00% | | 07/01/2048 | | | 145 | | 152,587 |
Michigan (State of), Series 2020 B, RB
| 5.00% | | 11/15/2029 | | | 115 | | 128,837 |
Michigan (State of), Series 2023, RB
| 5.00% | | 11/15/2029 | | | 105 | | 117,634 |
Michigan (State of) Building Authority (Facilities Program), Series 2019, Ref. RB
| 5.00% | | 04/15/2036 | | | 350 | | 379,619 |
Michigan (State of) Finance Authority (Beaumont Health Credit Group), Series 2022, Ref. RB
| 5.00% | | 04/15/2029 | | | 15 | | 16,529 |
Michigan (State of) Finance Authority (CHE Trinity Health Credit Group), Series 2013 MI-4, Ref. RB
| 5.00% | | 12/01/2039 | | | 5 | | 5,298 |
Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2013, Ref. RB
| 4.00% | | 12/01/2035 | | | 275 | | 279,882 |
Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2013, Ref. RB
| 4.00% | | 12/01/2036 | | | 115 | | 116,642 |
Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2013, Ref. RB
| 4.00% | | 12/01/2038 | | | 220 | | 221,258 |
Michigan State University Board of Trustees, Series 2019 B, RB
| 5.00% | | 02/15/2048 | | | 385 | | 403,168 |
Michigan State University Board of Trustees, Series 2023 A, Ref. RB
| 5.00% | | 08/15/2029 | | | 25 | | 27,855 |
| | | | | | | | | 2,367,472 |
| Minnesota-1.15% | | | | | | | | |
Metropolitan Council, Series 2021 C, GO Bonds
| 5.00% | | 12/01/2029 | | | 120 | | 134,786 |
Minnesota (State of), Series 2018 A, GO Bonds
| 5.00% | | 08/01/2029 | | | 25 | | 27,414 |
Minnesota (State of), Series 2019 A, GO Bonds
| 5.00% | | 08/01/2031 | | | 30 | | 33,023 |
Minnesota (State of), Series 2019 A, GO Bonds
| 5.00% | | 08/01/2032 | | | 85 | | 93,435 |
Minnesota (State of), Series 2019 A, GO Bonds
| 5.00% | | 08/01/2033 | | | 65 | | 71,344 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2029 Municipal Bond ETF (BSMT)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Minnesota-(continued) | | | | | | | | |
Minnesota (State of), Series 2019 A, GO Bonds
| 5.00% | | 08/01/2036 | | $ | 300 | | $ 326,916 |
Minnesota (State of), Series 2019 A, GO Bonds
| 5.00% | | 08/01/2039 | | | 35 | | 37,811 |
Minnesota (State of), Series 2021 A, GO Bonds
| 5.00% | | 09/01/2029 | | | 285 | | 319,097 |
Minnesota (State of), Series 2021 B, GO Bonds
| 5.00% | | 09/01/2029 | | | 65 | | 72,777 |
Minnesota (State of), Series 2022 A, Ref. RB
| 5.00% | | 03/01/2029 | | | 5 | | 5,528 |
Rochester (City of), MN (Mayo Clinic), Series 2016 B, Ref. RB
| 5.00% | | 11/15/2029 | | | 55 | | 61,391 |
St. Cloud (City of), MN (CentraCare Health System), Series 2019, Ref. RB
| 5.00% | | 05/01/2048 | | | 125 | | 129,851 |
University of Minnesota, Series 2019 A, RB
| 5.00% | | 04/01/2044 | | | 90 | | 95,210 |
| | | | | | | | | 1,408,583 |
| Mississippi-0.20% | | | | | | | | |
Mississippi (State of), Series 2019 B, GO Bonds
| 5.00% | | 10/01/2033 | | | 175 | | 191,961 |
Mississippi (State of), Series 2019 B, GO Bonds
| 4.00% | | 10/01/2036 | | | 25 | | 25,576 |
Mississippi (State of), Series 2019 B, GO Bonds
| 4.00% | | 10/01/2037 | | | 30 | | 30,604 |
| | | | | | | | | 248,141 |
| Missouri-0.42% | | | | | | | | |
Hazelwood School District, Series 2017 A, Ref. GO Bonds
| 3.00% | | 03/01/2029 | | | 35 | | 35,082 |
Jackson County Reorganized School District No. 7, Series 2020, Ref. GO Bonds
| 4.00% | | 03/01/2031 | | | 75 | | 78,292 |
Jackson County Reorganized School District No. 7, Series 2020, Ref. GO Bonds
| 4.00% | | 03/01/2038 | | | 15 | | 15,279 |
Missouri (State of) Health & Educational Facilities Authority (Mercy Health), Series 2018 A, Ref. RB
| 5.00% | | 06/01/2029 | | | 105 | | 113,230 |
Missouri (State of) Health & Educational Facilities Authority (SSM Health Care), Series 2022 A, RB
| 5.00% | | 06/01/2029 | | | 35 | | 38,365 |
Missouri (State of) Highway & Transportation Commission, Series 2022 A, RB
| 5.00% | | 05/01/2029 | | | 15 | | 16,640 |
Springfield School District No. R-12, Series 2017, Ref. GO Bonds
| 4.00% | | 03/01/2029 | | | 50 | | 52,197 |
Springfield School District No. R-12, Series 2019, GO Bonds
| 5.00% | | 03/01/2036 | | | 140 | | 151,862 |
St. Louis (City of), MO, Series 2005, RB, (INS - NATL)(b)
| 5.50% | | 07/01/2029 | | | 10 | | 11,259 |
| | | | | | | | | 512,206 |
| Nebraska-0.40% | | | | | | | | |
Omaha (City of), NE Public Power District, Series 2018 A, RB
| 5.00% | | 02/01/2029 | | | 15 | | 16,223 |
Omaha (City of), NE Public Power District, Series 2019 A, RB
| 5.00% | | 02/01/2031 | | | 15 | | 16,420 |
Omaha (City of), NE Public Power District, Series 2019 A, RB
| 5.00% | | 02/01/2032 | | | 115 | | 125,592 |
Omaha (City of), NE Public Power District, Series 2019 A, RB
| 5.00% | | 02/01/2033 | | | 310 | | 337,929 |
| | | | | | | | | 496,164 |
| Nevada-1.22% | | | | | | | | |
Clark (County of), NV, Series 2020 C, Ref. RB
| 5.00% | | 07/01/2029 | | | 130 | | 143,877 |
Clark (County of), NV (Las Vegas McCarran International Airport), Series 2019, Ref. RB
| 5.00% | | 07/01/2029 | | | 40 | | 44,327 |
Clark (County of), NV (Las Vegas McCarran International Airport), Series 2019, Ref. RB
| 5.00% | | 07/01/2031 | | | 105 | | 114,834 |
Clark (County of), NV (Las Vegas McCarran International Airport), Series 2019, Ref. RB
| 5.00% | | 07/01/2032 | | | 85 | | 92,755 |
Clark (County of), NV (Las Vegas McCarran International Airport), Series 2019, Ref. RB
| 5.00% | | 07/01/2033 | | | 35 | | 38,135 |
Clark (County of), NV Department of Aviation, Series 2019 B, Ref. RB
| 5.00% | | 07/01/2029 | | | 95 | | 105,278 |
Clark (County of), NV Department of Aviation, Series 2019 B, Ref. RB
| 5.00% | | 07/01/2031 | | | 105 | | 114,833 |
Clark (County of), NV Department of Aviation, Series 2019 B, Ref. RB
| 5.00% | | 07/01/2032 | | | 60 | | 65,474 |
Clark (County of), NV Department of Aviation, Series 2019 B, Ref. RB
| 5.00% | | 07/01/2034 | | | 5 | | 5,439 |
Clark (County of), NV Department of Aviation, Series 2019 B, Ref. RB
| 5.00% | | 07/01/2035 | | | 115 | | 124,841 |
Clark (County of), NV Department of Aviation, Series 2019 B, Ref. RB
| 5.00% | | 07/01/2042 | | | 10 | | 10,632 |
Clark (County of), NV Department of Aviation, Series 2019 D, Ref. RB
| 5.00% | | 07/01/2031 | | | 5 | | 5,468 |
Clark (County of), NV Department of Aviation, Series 2019 D, Ref. RB
| 5.00% | | 07/01/2032 | | | 10 | | 10,912 |
Clark (County of), NV Department of Aviation, Series 2024 A, Ref. RB
| 5.00% | | 07/01/2029 | | | 15 | | 16,623 |
Clark (County of), NV Department of Aviation, Series 2024 B, RN
| 5.00% | | 07/01/2029 | | | 200 | | 221,637 |
Humboldt (County of), NV, Series 2016, Ref. RB
| 3.55% | | 10/01/2029 | | | 245 | | 249,135 |
Las Vegas Valley Water District, Series 2021 C, GO Bonds
| 5.00% | | 06/01/2029 | | | 55 | | 61,036 |
Washoe (County of), NV (Fuel Tax), Series 2018, Ref. RB
| 5.00% | | 02/01/2042 | | | 70 | | 73,976 |
| | | | | | | | | 1,499,212 |
| New Jersey-3.07% | | | | | | | | |
Gloucester (County of), NJ Improvement Authority (The) (Rowan University), Series 2019, RB
| 5.00% | | 07/01/2044 | | | 25 | | 26,426 |
New Jersey (State of), Series 2020 A, GO Bonds
| 5.00% | | 06/01/2029 | | | 395 | | 438,347 |
New Jersey (State of), Series 2021, GO Bonds
| 2.00% | | 06/01/2029 | | | 250 | | 230,809 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2029 Municipal Bond ETF (BSMT)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| New Jersey-(continued) | | | | | | | | |
New Jersey (State of) Economic Development Authority, Series 2005 N-1, Ref. RB, (INS - NATL)(b)
| 5.50% | | 09/01/2029 | | $ | 100 | | $ 112,978 |
New Jersey (State of) Economic Development Authority, Series 2019 MMM, Ref. RB
| 5.00% | | 06/15/2033 | | | 250 | | 271,851 |
New Jersey (State of) Economic Development Authority, Series 2019 MMM, Ref. RB
| 5.00% | | 06/15/2034 | | | 510 | | 553,034 |
New Jersey (State of) Economic Development Authority, Series 2019, RB
| 5.00% | | 06/15/2039 | | | 30 | | 31,995 |
New Jersey (State of) Economic Development Authority, Series 2019, RB
| 5.00% | | 06/15/2044 | | | 250 | | 261,985 |
New Jersey (State of) Economic Development Authority, Series 2020, RB
| 5.00% | | 11/01/2031 | | | 35 | | 38,280 |
New Jersey (State of) Economic Development Authority, Series 2020, RB
| 5.00% | | 11/01/2033 | | | 20 | | 21,687 |
New Jersey (State of) Economic Development Authority, Series 2020, RB
| 5.00% | | 11/01/2034 | | | 20 | | 21,630 |
New Jersey (State of) Economic Development Authority (Transit Transportation), Series 2020, RB
| 5.00% | | 11/01/2029 | | | 40 | | 44,167 |
New Jersey (State of) Economic Development Authority (Transit Transportation), Series 2020, RB
| 5.00% | | 11/01/2032 | | | 10 | | 10,883 |
New Jersey (State of) Economic Development Authority (Transit Transportation), Series 2020, RB
| 5.00% | | 11/01/2044 | | | 225 | | 235,324 |
New Jersey (State of) Educational Facilities Authority, Series 2024, Ref. RB
| 5.00% | | 03/01/2029 | | | 5 | | 5,567 |
New Jersey (State of) Health Care Facilities Financing Authority (AHS Hospital Corp.), Series 2024, Ref. RB
| 5.00% | | 07/01/2029 | | | 50 | | 55,242 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2018 A, Ref. RB
| 5.00% | | 12/15/2029 | | | 150 | | 163,260 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2019, Ref. RB
| 5.00% | | 12/15/2033 | | | 100 | | 109,038 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2019, Ref. RB
| 5.00% | | 12/15/2039 | | | 290 | | 310,091 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2021 A, Ref. RB
| 5.00% | | 06/15/2029 | | | 20 | | 21,990 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2023 AA, Ref. RB
| 5.00% | | 06/15/2029 | | | 75 | | 82,477 |
New Jersey (State of) Turnpike Authority, Series 2005 A, Ref. RB, (INS - AGM)(b)
| 5.25% | | 01/01/2029 | | | 120 | | 133,512 |
New Jersey (State of) Turnpike Authority, Series 2019 A, RB
| 5.00% | | 01/01/2048 | | | 555 | | 581,912 |
| | | | | | | | | 3,762,485 |
| New Mexico-0.73% | | | | | | | | |
New Mexico (State of) Finance Authority, Series 2018 A, Ref. RB
| 5.00% | | 06/15/2029 | | | 115 | | 124,690 |
New Mexico (State of) Finance Authority, Series 2021 A, RB
| 5.00% | | 06/15/2029 | | | 200 | | 222,116 |
New Mexico (State of) Hospital Equipment Loan Council (Presbyterian Healthcare), Series 2019 A, RB
| 5.00% | | 08/01/2044 | | | 310 | | 323,234 |
New Mexico (State of) Severance Tax Permanent Fund, Series 2021 A, RB
| 5.00% | | 07/01/2029 | | | 190 | | 211,193 |
New Mexico (State of) Severance Tax Permanent Fund, Series 2022 A, RB
| 5.00% | | 07/01/2029 | | | 15 | | 16,673 |
| | | | | | | | | 897,906 |
| New York-16.66% | | | | | | | | |
Battery Park (City of), NY Authority, Series 2019 B, Ref. RB
| 5.00% | | 11/01/2038 | | | 100 | | 109,525 |
Battery Park (City of), NY Authority, Series 2019 B, Ref. RB
| 5.00% | | 11/01/2039 | | | 30 | | 32,765 |
Battery Park (City of), NY Authority (Sustainability Bonds), Series 2019 A, RB
| 4.00% | | 11/01/2044 | | | 140 | | 139,378 |
Long Island (City of), NY Power Authority, Series 2003 C, RB, (INS - AGC)(b)
| 5.25% | | 09/01/2029 | | | 50 | | 55,619 |
Long Island (City of), NY Power Authority, Series 2018, RB
| 5.00% | | 09/01/2029 | | | 10 | | 10,893 |
Metropolitan Transportation Authority, Series 2019 C, RB
| 5.00% | | 11/15/2038 | | | 80 | | 85,422 |
Metropolitan Transportation Authority, Series 2019 C, RB
| 5.00% | | 11/15/2040 | | | 225 | | 238,788 |
Metropolitan Transportation Authority, Series 2019 C, RB
| 5.00% | | 11/15/2042 | | | 100 | | 105,651 |
Metropolitan Transportation Authority, Series 2019 C, RB, (INS - BAM)(b)
| 5.00% | | 11/15/2043 | | | 10 | | 10,585 |
Metropolitan Transportation Authority (Green Bonds), Series 2019 C, RB, (INS - BAM)(b)
| 5.00% | | 11/15/2044 | | | 100 | | 105,614 |
Nassau (County of), NY Interim Finance Authority, Series 2024 A, RB
| 5.00% | | 11/15/2029 | | | 40 | | 45,188 |
Nassau Health Care Corp., Series 2009, Ref. RB
| 5.00% | | 08/01/2029 | | | 15 | | 16,744 |
New York & New Jersey (States of) Port Authority, Series 2019 217, RB
| 4.00% | | 11/01/2049 | | | 150 | | 150,032 |
New York & New Jersey (States of) Port Authority, Series 2019, RB
| 4.00% | | 11/01/2038 | | | 5 | | 5,007 |
New York & New Jersey (States of) Port Authority, Two Hundred Ninth Series 2018, Ref. RB
| 5.00% | | 07/15/2029 | | | 40 | | 43,284 |
New York & New Jersey (States of) Port Authority, Two Hundred Seventeenth Series 2019, RB
| 5.00% | | 11/01/2036 | | | 205 | | 223,194 |
New York & New Jersey (States of) Port Authority, Two Hundred Seventeenth Series 2019, RB
| 4.00% | | 11/01/2039 | | | 20 | | 20,017 |
New York & New Jersey (States of) Port Authority, Two Hundred Seventeenth Series 2019, RB
| 5.00% | | 11/01/2044 | | | 220 | | 234,312 |
New York & New Jersey (States of) Port Authority, Two Hundred Thirteenth Series 2019, Ref. RB
| 5.00% | | 09/01/2031 | | | 250 | | 275,513 |
New York & New Jersey (States of) Port Authority, Two Hundred Thirteenth Series 2019, Ref. RB
| 5.00% | | 09/01/2033 | | | 75 | | 82,207 |
New York & New Jersey (States of) Port Authority, Two Hundred Thirteenth Series 2019, Ref. RB
| 5.00% | | 09/01/2035 | | | 20 | | 21,807 |
New York & New Jersey (States of) Port Authority, Two Hundred Twelfth Series 2019, Ref. RB
| 5.00% | | 09/01/2032 | | | 35 | | 38,453 |
New York & New Jersey (States of) Port Authority, Two Hundred Twelfth Series 2019, Ref. RB
| 5.00% | | 09/01/2035 | | | 40 | | 43,614 |
New York & New Jersey (States of) Port Authority, Two Hundred Twelfth Series 2019, Ref. RB
| 4.00% | | 09/01/2037 | | | 25 | | 25,550 |
New York & New Jersey (States of) Port Authority, Two Hundred Twelfth Series 2019, Ref. RB
| 4.00% | | 09/01/2039 | | | 150 | | 150,097 |
New York (City of), NY, Series 2019 B-1, GO Bonds
| 5.00% | | 10/01/2031 | | | 1,100 | | 1,209,380 |
New York (City of), NY, Series 2019 B-1, GO Bonds
| 5.00% | | 10/01/2034 | | | 155 | | 169,119 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2029 Municipal Bond ETF (BSMT)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| New York-(continued) | | | | | | | | |
New York (City of), NY, Series 2019 B-1, GO Bonds
| 5.00% | | 10/01/2043 | | $ | 30 | | $ 31,894 |
New York (City of), NY, Series 2019 E, Ref. GO Bonds
| 5.00% | | 08/01/2029 | | | 30 | | 32,889 |
New York (City of), NY, Series 2019 E, Ref. GO Bonds
| 5.00% | | 08/01/2030 | | | 75 | | 81,841 |
New York (City of), NY, Series 2019 E, Ref. GO Bonds
| 5.00% | | 08/01/2031 | | | 10 | | 10,876 |
New York (City of), NY, Series 2019 E, Ref. GO Bonds
| 5.00% | | 08/01/2033 | | | 95 | | 102,771 |
New York (City of), NY, Series 2019 E, Ref. GO Bonds
| 5.00% | | 08/01/2034 | | | 200 | | 216,045 |
New York (City of), NY, Series 2020 A-1, Ref. GO Bonds
| 5.00% | | 08/01/2029 | | | 30 | | 33,254 |
New York (City of), NY, Series 2021-1, GO Bonds
| 5.00% | | 08/01/2029 | | | 5 | | 5,542 |
New York (City of), NY, Series 2022 A-1, GO Bonds
| 5.00% | | 09/01/2029 | | | 30 | | 33,306 |
New York (City of), NY, Series 2023 C, Ref. GO Bonds
| 5.00% | | 08/01/2029 | | | 10 | | 11,085 |
New York (City of), NY, Subseries 2008 L-6, GO Bonds
| 5.00% | | 04/01/2031 | | | 195 | | 212,868 |
New York (City of), NY, Subseries 2019 A-1, GO Bonds
| 5.00% | | 08/01/2035 | | | 365 | | 396,494 |
New York (City of), NY, Subseries 2019 A-1, GO Bonds
| 4.00% | | 08/01/2038 | | | 100 | | 101,401 |
New York (City of), NY, Subseries 2019 A-1, GO Bonds
| 5.00% | | 08/01/2039 | | | 235 | | 252,249 |
New York (City of), NY, Subseries 2019 A-1, GO Bonds
| 5.00% | | 08/01/2041 | | | 20 | | 21,332 |
New York (City of), NY, Subseries 2019 A-1, GO Bonds
| 5.00% | | 08/01/2043 | | | 335 | | 355,512 |
New York (City of), NY, Subseries 2020 B-1, GO Bonds
| 5.00% | | 10/01/2036 | | | 30 | | 32,540 |
New York (City of), NY Municipal Water Finance Authority, Series 2019 BB-1, RB
| 5.00% | | 06/15/2049 | | | 200 | | 211,942 |
New York (City of), NY Municipal Water Finance Authority, Series 2019 CC, Ref. RB
| 5.00% | | 06/15/2029 | | | 55 | | 61,529 |
New York (City of), NY Municipal Water Finance Authority, Series 2019 CC-1, RB
| 4.00% | | 06/15/2040 | | | 500 | | 501,960 |
New York (City of), NY Municipal Water Finance Authority, Series 2019 CC-1, RB
| 5.00% | | 06/15/2044 | | | 105 | | 112,185 |
New York (City of), NY Municipal Water Finance Authority, Series 2020 AA, Ref. RB
| 5.00% | | 06/15/2032 | | | 80 | | 88,356 |
New York (City of), NY Municipal Water Finance Authority, Series 2020 AA, Ref. RB
| 5.00% | | 06/15/2040 | | | 155 | | 167,403 |
New York (City of), NY Municipal Water Finance Authority, Series 2020 AA-2, RB
| 5.00% | | 06/15/2029 | | | 40 | | 44,749 |
New York (City of), NY Municipal Water Finance Authority, Series 2021 DD, Ref. RB
| 5.00% | | 06/15/2029 | | | 380 | | 425,111 |
New York (City of), NY Municipal Water Finance Authority, Subseries 2019 EE, Ref. RB
| 4.00% | | 06/15/2040 | | | 100 | | 100,358 |
New York (City of), NY Municipal Water Finance Authority, Subseries 2019 EE-2, Ref. RB
| 5.00% | | 06/15/2040 | | | 270 | | 289,821 |
New York (City of), NY Municipal Water Finance Authority, Subseries 2019 FF-2, Ref. RB
| 5.00% | | 06/15/2034 | | | 285 | | 310,802 |
New York (City of), NY Municipal Water Finance Authority, Subseries 2019 FF-2, Ref. RB
| 5.00% | | 06/15/2035 | | | 35 | | 38,070 |
New York (City of), NY Municipal Water Finance Authority, Subseries 2019 FF-2, Ref. RB
| 5.00% | | 06/15/2038 | | | 150 | | 161,939 |
New York (City of), NY Municipal Water Finance Authority, Subseries 2019 FF-2, Ref. RB
| 4.00% | | 06/15/2041 | | | 20 | | 20,029 |
New York (City of), NY Municipal Water Finance Authority, Subseries 2024 BB-2, Ref. RB
| 5.00% | | 06/15/2029 | | | 60 | | 67,123 |
New York (City of), NY Transitional Finance Authority, Series 2002 1, Ref. RB
| 5.00% | | 11/01/2029 | | | 210 | | 235,233 |
New York (City of), NY Transitional Finance Authority, Series 2010, RB
| 5.00% | | 05/01/2029 | | | 15 | | 16,647 |
New York (City of), NY Transitional Finance Authority, Series 2018 S-4A, Ref. RB
| 5.00% | | 07/15/2029 | | | 15 | | 16,220 |
New York (City of), NY Transitional Finance Authority, Series 2019 B-1, RB
| 5.00% | | 11/01/2035 | | | 640 | | 694,696 |
New York (City of), NY Transitional Finance Authority, Series 2019 B-1, RB
| 4.00% | | 11/01/2037 | | | 105 | | 107,679 |
New York (City of), NY Transitional Finance Authority, Series 2019 C-1, RB
| 5.00% | | 11/01/2035 | | | 15 | | 16,159 |
New York (City of), NY Transitional Finance Authority, Series 2019, RB
| 4.00% | | 11/01/2040 | | | 10 | | 10,068 |
New York (City of), NY Transitional Finance Authority, Series 2020, Ref. RB
| 5.00% | | 08/01/2029 | | | 45 | | 50,189 |
New York (City of), NY Transitional Finance Authority, Series 2020, Ref. RB
| 5.00% | | 11/01/2029 | | | 400 | | 448,062 |
New York (City of), NY Transitional Finance Authority, Series 2021 F-1, Ref. RB
| 5.00% | | 11/01/2029 | | | 150 | | 168,023 |
New York (City of), NY Transitional Finance Authority, Series 2022 B-1, Ref. RB
| 5.00% | | 11/01/2029 | | | 115 | | 128,818 |
New York (City of), NY Transitional Finance Authority, Series 2022, Ref. RB
| 5.00% | | 11/01/2029 | | | 5 | | 5,601 |
New York (City of), NY Transitional Finance Authority, Series 2023, RB
| 5.00% | | 05/01/2029 | | | 10 | | 11,098 |
New York (City of), NY Transitional Finance Authority, Series 2024 G-1, RB
| 5.00% | | 05/01/2029 | | | 15 | | 16,647 |
New York (City of), NY Transitional Finance Authority, Subseries 2018 S-3, Ref. RB
| 5.00% | | 07/15/2029 | | | 95 | | 102,727 |
New York (City of), NY Transitional Finance Authority, Subseries 2019 A-2, RB
| 5.00% | | 05/01/2035 | | | 470 | | 507,061 |
New York (City of), NY Transitional Finance Authority, Subseries 2019 A-2, RB
| 5.00% | | 05/01/2036 | | | 40 | | 43,026 |
New York (City of), NY Transitional Finance Authority, Subseries 2019 A-2, RB
| 5.00% | | 05/01/2037 | | | 285 | | 306,147 |
New York (City of), NY Transitional Finance Authority, Subseries 2019 A-2, RB
| 5.00% | | 05/01/2039 | | | 115 | | 122,775 |
New York (City of), NY Transitional Finance Authority, Subseries 2019 A-2, RB
| 5.00% | | 05/01/2040 | | | 500 | | 532,307 |
New York (City of), NY Transitional Finance Authority, Subseries 2019 B-1, RB
| 4.00% | | 11/01/2040 | | | 20 | | 20,150 |
New York (City of), NY Transitional Finance Authority, Subseries 2020 A-3, RB
| 4.00% | | 05/01/2044 | | | 325 | | 321,496 |
New York (State of) Dormitory Authority, Series 2018 A, Ref. RB
| 5.00% | | 03/15/2029 | | | 10 | | 10,915 |
New York (State of) Dormitory Authority, Series 2019 A, RB
| 5.00% | | 07/01/2033 | | | 40 | | 43,963 |
New York (State of) Dormitory Authority, Series 2019 A, RB
| 5.00% | | 07/01/2035 | | | 85 | | 93,033 |
New York (State of) Dormitory Authority, Series 2019 A, RB
| 5.00% | | 07/01/2036 | | | 35 | | 38,201 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2029 Municipal Bond ETF (BSMT)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| New York-(continued) | | | | | | | | |
New York (State of) Dormitory Authority, Series 2019 A, RB
| 5.00% | | 07/01/2037 | | $ | 10 | | $ 10,880 |
New York (State of) Dormitory Authority, Series 2019 A, Ref. RB
| 5.00% | | 03/15/2032 | | | 345 | | 375,827 |
New York (State of) Dormitory Authority, Series 2019 A, Ref. RB
| 5.00% | | 03/15/2033 | | | 80 | | 86,951 |
New York (State of) Dormitory Authority, Series 2019 A, Ref. RB
| 5.00% | | 03/15/2035 | | | 325 | | 351,455 |
New York (State of) Dormitory Authority, Series 2019 A, Ref. RB
| 5.00% | | 03/15/2036 | | | 5 | | 5,391 |
New York (State of) Dormitory Authority, Series 2019 A, Ref. RB
| 5.00% | | 03/15/2037 | | | 225 | | 241,873 |
New York (State of) Dormitory Authority, Series 2019 A, Ref. RB
| 5.00% | | 03/15/2038 | | | 115 | | 123,280 |
New York (State of) Dormitory Authority, Series 2019 A, Ref. RB
| 5.00% | | 03/15/2041 | | | 485 | | 513,958 |
New York (State of) Dormitory Authority, Series 2019 A, Ref. RB
| 5.00% | | 03/15/2042 | | | 50 | | 52,828 |
New York (State of) Dormitory Authority, Series 2019 A, Ref. RB
| 5.00% | | 03/15/2043 | | | 100 | | 105,371 |
New York (State of) Dormitory Authority, Series 2019 A, Ref. RB
| 5.00% | | 03/15/2044 | | | 300 | | 315,449 |
New York (State of) Dormitory Authority, Series 2019 A, Ref. RB
| 5.00% | | 03/15/2045 | | | 30 | | 31,492 |
New York (State of) Dormitory Authority, Series 2019 A, Ref. RB
| 5.00% | | 03/15/2046 | | | 35 | | 36,702 |
New York (State of) Dormitory Authority, Series 2019, RB
| 4.00% | | 07/01/2032 | | | 125 | | 130,000 |
New York (State of) Dormitory Authority, Series 2019, RB
| 5.00% | | 07/01/2036 | | | 45 | | 49,095 |
New York (State of) Dormitory Authority, Series 2019, RB
| 5.00% | | 07/01/2039 | | | 350 | | 376,988 |
New York (State of) Dormitory Authority, Series 2020 A, RB, (INS - AGM)(b)
| 5.00% | | 10/01/2029 | | | 25 | | 26,897 |
New York (State of) Dormitory Authority, Series 2021 A, RB, (INS - AGM)(b)
| 5.00% | | 10/01/2031 | | | 55 | | 60,852 |
New York (State of) Dormitory Authority, Series 2021 A, RB, (INS - AGM)(b)
| 5.00% | | 10/01/2032 | | | 75 | | 82,802 |
New York (State of) Dormitory Authority, Series 2021 A, RB, (INS - AGM)(b)
| 5.00% | | 10/01/2033 | | | 10 | | 11,019 |
New York (State of) Dormitory Authority, Series 2021 A, Ref. RB
| 5.00% | | 03/15/2029 | | | 225 | | 249,278 |
New York (State of) Dormitory Authority, Series 2021 E, Ref. RB
| 5.00% | | 03/15/2029 | | | 15 | | 16,619 |
New York (State of) Dormitory Authority, Series 2023 A-1, Ref. RB
| 5.00% | | 03/15/2029 | | | 25 | | 27,698 |
New York (State of) Dormitory Authority, Series 2023, Ref. RB
| 5.00% | | 08/01/2029 | | | 15 | | 16,789 |
New York (State of) Dormitory Authority (Bid Group 2), Series 2019 A, Ref. RB
| 5.00% | | 03/15/2031 | | | 375 | | 409,751 |
New York (State of) Dormitory Authority (Bid Group 3), Series 2019 A, Ref. RB
| 5.00% | | 03/15/2040 | | | 330 | | 350,812 |
New York (State of) Dormitory Authority (Bidding Group 2), Series 2019 A, Ref. RB
| 5.00% | | 03/15/2034 | | | 40 | | 43,378 |
New York (State of) Dormitory Authority (Fordham University), Series 2020, RB
| 4.00% | | 07/01/2046 | | | 500 | | 489,369 |
New York (State of) Dormitory Authority (Memorial Sloan Kettering Cancer), Series 2019, RB
| 5.00% | | 07/01/2035 | | | 40 | | 43,856 |
New York (State of) Dormitory Authority (New York University), Series 2019 A, RB
| 5.00% | | 07/01/2029 | | | 25 | | 27,885 |
New York (State of) Dormitory Authority (New York University), Series 2019 A, RB
| 5.00% | | 07/01/2032 | | | 5 | | 5,506 |
New York (State of) Dormitory Authority (New York University), Series 2019 A, RB
| 5.00% | | 07/01/2034 | | | 20 | | 21,938 |
New York (State of) Dormitory Authority (New York University), Series 2019 A, RB
| 5.00% | | 07/01/2038 | | | 15 | | 16,257 |
New York (State of) Dormitory Authority (New York University), Series 2019 A, RB
| 5.00% | | 07/01/2042 | | | 15 | | 16,005 |
New York (State of) Dormitory Authority (Rochester Institute of Technology), Series 2019 A, RB
| 5.00% | | 07/01/2049 | | | 190 | | 198,343 |
New York (State of) Dormitory Authority (Rockefeller University), Series 2019 A, Ref. RB
| 5.00% | | 07/01/2035 | | | 65 | | 71,266 |
New York (State of) Energy Research & Development Authority (New Yourk State Electric & Gas Corp.), Series 1994 D, Ref. RB
| 3.50% | | 10/01/2029 | | | 55 | | 54,778 |
New York (State of) Thruway Authority, Series 2019 B, RB
| 5.00% | | 01/01/2029 | | | 20 | | 22,039 |
New York (State of) Thruway Authority (Bidding Group 1), Series 2022 A, Ref. RB
| 5.00% | | 03/15/2029 | | | 95 | | 104,693 |
New York City Health and Hospitals Corp., Series 2021 A, Ref. RB
| 5.00% | | 02/15/2029 | | | 90 | | 99,503 |
New York Liberty Development Corp. (Green Bonds) (4 World Trade Center), Series 2021 A, Ref. RB
| 1.45% | | 11/15/2029 | | | 220 | | 193,355 |
New York State Environmental Facilities Corp., Series 2019 B, Ref. RB
| 5.00% | | 06/15/2035 | | | 35 | | 38,434 |
New York State Environmental Facilities Corp., Series 2019 B, Ref. RB
| 5.00% | | 06/15/2036 | | | 5 | | 5,468 |
New York State Environmental Facilities Corp., Series 2019 B, Ref. RB
| 4.00% | | 06/15/2037 | | | 5 | | 5,173 |
New York State Environmental Facilities Corp., Series 2019, RB
| 5.00% | | 02/15/2049 | | | 10 | | 10,558 |
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2019 B, Ref. RB
| 5.00% | | 06/15/2044 | | | 70 | | 74,254 |
New York State Urban Development Corp., Series 2019 A, Ref. RB
| 5.00% | | 03/15/2035 | | | 80 | | 87,685 |
New York State Urban Development Corp., Series 2019 A, Ref. RB
| 5.00% | | 03/15/2036 | | | 285 | | 311,160 |
New York State Urban Development Corp., Series 2019 A, Ref. RB
| 5.00% | | 03/15/2038 | | | 125 | | 135,766 |
New York State Urban Development Corp., Series 2019 A, Ref. RB
| 5.00% | | 03/15/2040 | | | 330 | | 355,588 |
New York State Urban Development Corp., Series 2019 A, Ref. RB
| 5.00% | | 03/15/2041 | | | 15 | | 16,108 |
New York State Urban Development Corp., Series 2020, Ref. RB
| 5.00% | | 03/15/2029 | | | 120 | | 132,677 |
New York State Urban Development Corp., Series 2022, Ref. RB
| 5.00% | | 09/15/2029 | | | 60 | | 66,980 |
New York State Urban Development Corp. (Bidding Group 1), Series 2023 A, RB
| 5.00% | | 03/15/2029 | | | 25 | | 27,777 |
New York State Urban Development Corp. (Bidding Group 3), Series 2019 A, Ref. RB
| 4.00% | | 03/15/2046 | | | 250 | | 246,047 |
New York State Urban Development Corp. (Bidding Group 4), Series 2020 E, Ref. RB
| 5.00% | | 03/15/2029 | | | 40 | | 44,226 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2029 Municipal Bond ETF (BSMT)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| New York-(continued) | | | | | | | | |
Onondaga (County of), NY Trust for Cultural Resources (Syracuse University), Series 2019, Ref. RB
| 5.00% | | 12/01/2039 | | $ | 25 | | $ 27,020 |
Onondaga (County of), NY Trust for Cultural Resources (Syracuse University), Series 2019, Ref. RB
| 5.00% | | 12/01/2040 | | | 90 | | 96,875 |
Onondaga (County of), NY Trust for Cultural Resources (Syracuse University), Series 2019, Ref. RB
| 5.00% | | 12/01/2045 | | | 95 | | 100,714 |
Triborough Bridge & Tunnel Authority, Series 2018 B, Ref. RB
| 5.00% | | 11/15/2029 | | | 25 | | 28,034 |
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2019 A, RB
| 5.00% | | 11/15/2049 | | | 100 | | 104,558 |
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2019 C, RB
| 4.00% | | 11/15/2041 | | | 500 | | 499,711 |
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022, RB
| 5.00% | | 05/15/2029 | | | 280 | | 310,589 |
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2023, Ref. RB
| 5.00% | | 11/15/2029 | | | 5 | | 5,607 |
| | | | | | | | | 20,447,212 |
| North Carolina-1.60% | | | | | | | | |
Charlotte (City of), NC, Series 2018, Ref. RB
| 5.00% | | 07/01/2029 | | | 75 | | 81,916 |
Charlotte (City of), NC (Charlotte Douglas International Airport), Series 2019, RB
| 4.00% | | 07/01/2044 | | | 230 | | 227,311 |
Charlotte-Mecklenburg Hospital Authority (The) (Atrium Health), Series 2018 A, Ref. RB
| 5.00% | | 01/15/2033 | | | 40 | | 43,213 |
North Carolina (State of), Series 2019 A, RB
| 5.00% | | 05/01/2031 | | | 15 | | 16,435 |
North Carolina (State of), Series 2019 A, RB
| 4.00% | | 05/01/2033 | | | 35 | | 36,376 |
North Carolina (State of), Series 2019 B, GO Bonds
| 4.00% | | 06/01/2031 | | | 25 | | 26,323 |
North Carolina (State of), Series 2019, RB
| 5.00% | | 03/01/2029 | | | 10 | | 11,030 |
North Carolina (State of) (Build North Carolina Programs), Series 2019 A, RB
| 5.00% | | 05/01/2029 | | | 195 | | 216,411 |
North Carolina (State of) (Build North Carolina Programs), Series 2019 A, RB
| 5.00% | | 05/01/2032 | | | 40 | | 43,747 |
North Carolina (State of) (Build North Carolina Programs), Series 2019 A, RB
| 4.00% | | 05/01/2034 | | | 170 | | 176,416 |
North Carolina (State of) (Build North Carolina Programs), Series 2020 B, RB
| 5.00% | | 05/01/2029 | | | 50 | | 55,490 |
North Carolina (State of) (Build North Carolina Programs), Series 2022 A, RB
| 5.00% | | 05/01/2029 | | | 25 | | 27,745 |
North Carolina (State of) (Garvee), Series 2019, RB
| 5.00% | | 03/01/2031 | | | 105 | | 114,901 |
North Carolina (State of) (Garvee), Series 2019, RB
| 5.00% | | 03/01/2032 | | | 65 | | 70,968 |
North Carolina (State of) (Garvee), Series 2019, RB
| 5.00% | | 03/01/2033 | | | 60 | | 65,322 |
North Carolina (State of) (Garvee), Series 2019, RB
| 5.00% | | 03/01/2034 | | | 20 | | 21,717 |
North Carolina (State of) Turnpike Authority, Series 2018, Ref. RB, (INS - AGM)(b)
| 5.00% | | 01/01/2032 | | | 500 | | 540,224 |
North Carolina (State of) Turnpike Authority, Series 2018, Ref. RB, (INS - AGM)(b)
| 5.00% | | 01/01/2036 | | | 50 | | 53,476 |
Wake (County of), NC, Series 2021, RB
| 5.00% | | 03/01/2029 | | | 115 | | 127,258 |
Wake (County of), NC, Series 2024 B, Ref. GO Bonds
| 5.00% | | 09/01/2029 | | | 10 | | 11,201 |
| | | | | | | | | 1,967,480 |
| Ohio-2.82% | | | | | | | | |
Allen (County of), OH (Mercy Health), Series 2020, Ref. RB
| 5.00% | | 12/01/2029 | | | 215 | | 237,702 |
American Municipal Power, Inc. (Combined Hydroelectric), Series 2020 A, Ref. RB
| 5.00% | | 02/15/2029 | | | 25 | | 27,463 |
Columbus (City of), OH, Series 2018 A, GO Bonds
| 5.00% | | 04/01/2029 | | | 50 | | 54,721 |
Columbus (City of), OH, Series 2021 A, GO Bonds
| 5.00% | | 04/01/2029 | | | 60 | | 66,561 |
Columbus (City of), OH, Series 2023 A, GO Bonds
| 5.00% | | 08/15/2029 | | | 65 | | 72,647 |
Northeast Ohio Regional Sewer District, Series 2019, Ref. RB
| 4.00% | | 11/15/2036 | | | 10 | | 10,238 |
Ohio (State of), Series 2019 A, GO Bonds
| 5.00% | | 06/15/2031 | | | 20 | | 22,042 |
Ohio (State of), Series 2019 A, GO Bonds
| 5.00% | | 06/15/2032 | | | 20 | | 22,008 |
Ohio (State of), Series 2019 A, GO Bonds
| 5.00% | | 06/15/2035 | | | 240 | | 262,734 |
Ohio (State of), Series 2019 A, GO Bonds
| 5.00% | | 06/15/2036 | | | 200 | | 218,264 |
Ohio (State of), Series 2019 A, GO Bonds
| 5.00% | | 06/15/2037 | | | 105 | | 114,075 |
Ohio (State of), Series 2019 A, GO Bonds
| 5.00% | | 06/15/2038 | | | 150 | | 162,285 |
Ohio (State of), Series 2019 A, GO Bonds
| 5.00% | | 06/15/2039 | | | 5 | | 5,385 |
Ohio (State of), Series 2019, RB
| 4.00% | | 01/01/2040 | | | 130 | | 130,480 |
Ohio (State of), Series 2019, RB
| 4.00% | | 01/01/2041 | | | 85 | | 85,129 |
Ohio (State of), Series 2019-1, RB
| 5.00% | | 12/15/2029 | | | 130 | | 145,631 |
Ohio (State of) (Cleveland Clinic Health System Obligated Group), Series 2019, RB
| 4.00% | | 01/01/2042 | | | 5 | | 5,003 |
Ohio (State of) Turnpike & Infrastructure Commission (Infrastructure), Series 2018 A, RB
| 5.00% | | 02/15/2029 | | | 115 | | 123,881 |
Ohio (State of) Water Development Authority, Series 2019 A, RB
| 5.00% | | 06/01/2029 | | | 220 | | 242,924 |
Ohio (State of) Water Development Authority, Series 2019, RB
| 5.00% | | 12/01/2029 | | | 110 | | 122,431 |
Ohio (State of) Water Development Authority (Fresh Water), Series 2019, RB
| 5.00% | | 12/01/2037 | | | 30 | | 32,681 |
Ohio (State of) Water Development Authority (Fresh Water), Series 2019, RB
| 5.00% | | 12/01/2039 | | | 100 | | 108,281 |
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2019 B, RB
| 5.00% | | 12/01/2035 | | | 440 | | 484,201 |
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2019 B, RB
| 5.00% | | 12/01/2036 | | | 45 | | 49,314 |
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2019 B, RB
| 5.00% | | 12/01/2037 | | | 85 | | 92,726 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2029 Municipal Bond ETF (BSMT)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Ohio-(continued) | | | | | | | | |
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2019 B, RB
| 5.00% | | 12/01/2039 | | $ | 125 | | $ 135,540 |
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2019 B, RB
| 5.00% | | 12/01/2044 | | | 40 | | 42,638 |
Ohio State University (The), Series 2020 A, Ref. RB
| 5.00% | | 12/01/2029 | | | 75 | | 84,359 |
Ross (County of), OH (Adena Health System Obligated Group), Series 2019, Ref. RB
| 5.00% | | 12/01/2049 | | | 50 | | 51,140 |
Sycamore Community City School District, Series 2020, GO Bonds
| 4.00% | | 12/01/2045 | | | 250 | | 248,550 |
| | | | | | | | | 3,461,034 |
| Oklahoma-0.12% | | | | | | | | |
Canadian (County of), OK Educational Facilities Authority (Mustang Public Schools), Series 2017, RB
| 3.00% | | 09/01/2029 | | | 25 | | 24,713 |
Canadian (County of), OK Educational Facilities Authority (Yukon Public Schools), Series 2023, RB
| 5.00% | | 09/01/2029 | | | 80 | | 87,289 |
Oklahoma (State of) Turnpike Authority, Series 2020 A, Ref. RB
| 5.00% | | 01/01/2029 | | | 30 | | 32,865 |
| | | | | | | | | 144,867 |
| Oregon-1.22% | | | | | | | | |
Multnomah (County of), OR, Series 2021 A, GO Bonds
| 5.00% | | 06/15/2029 | | | 190 | | 211,464 |
Multnomah County School District No. 1, Series 2023, GO Bonds, (CEP - Oregon School Bond Guaranty)
| 5.00% | | 06/15/2029 | | | 45 | | 50,083 |
Oregon (State of) (Article XI-Q State), Series 2019 A, GO Bonds
| 5.00% | | 05/01/2032 | | | 115 | | 125,984 |
Oregon (State of) (Article XI-Q State), Series 2019 A, GO Bonds
| 5.00% | | 05/01/2033 | | | 60 | | 65,662 |
Oregon (State of) (Article XI-Q State), Series 2023 A, GO Bonds
| 5.00% | | 05/01/2029 | | | 60 | | 66,616 |
Oregon (State of) Department of Transportation, Series 2019 A, Ref. RB
| 5.00% | | 11/15/2035 | | | 5 | | 5,512 |
Oregon (State of) Department of Transportation, Series 2019 A, Ref. RB
| 5.00% | | 11/15/2036 | | | 150 | | 164,796 |
Oregon (State of) Department of Transportation, Series 2019 A, Ref. RB
| 5.00% | | 11/15/2037 | | | 15 | | 16,445 |
Oregon (State of) Department of Transportation, Series 2019 A, Ref. RB
| 5.00% | | 11/15/2038 | | | 20 | | 21,830 |
Oregon (State of) Department of Transportation, Series 2019 A, Ref. RB
| 5.00% | | 11/15/2042 | | | 250 | | 268,123 |
Portland (City of), OR, Series 2019 A, Ref. RB
| 5.00% | | 03/01/2033 | | | 25 | | 27,404 |
Portland (City of), OR, Series 2019 A, Ref. RB
| 5.00% | | 03/01/2034 | | | 100 | | 109,447 |
Salem Hospital Facility Authority, Series 2019, Ref. RB
| 5.00% | | 05/15/2044 | | | 250 | | 261,420 |
Washington & Clackamas Counties School District No. 23J Tigard-Tualatin, Series 2019 A, GO Bonds, (CEP - Oregon School Bond Guaranty)
| 5.00% | | 06/15/2039 | | | 15 | | 16,101 |
Washington & Clackamas Counties School District No. 23J Tigard-Tualatin, Series 2019 A, GO Bonds, (CEP - Oregon School Bond Guaranty)
| 5.00% | | 06/15/2040 | | | 75 | | 80,232 |
| | | | | | | | | 1,491,119 |
| Pennsylvania-5.25% | | | | | | | | |
Allegheny (County of), PA Hospital Development Authority (University of Pittsburgh Medical Center), Series 2019 A, Ref. RB
| 5.00% | | 07/15/2034 | | | 85 | | 91,690 |
Allegheny (County of), PA Hospital Development Authority (University of Pittsburgh Medical Center), Series 2019 A, Ref. RB
| 4.00% | | 07/15/2035 | | | 35 | | 35,660 |
Allegheny (County of), PA Hospital Development Authority (University of Pittsburgh Medical Center), Series 2019 A, Ref. RB
| 4.00% | | 07/15/2036 | | | 175 | | 177,294 |
Allegheny (County of), PA Hospital Development Authority (University of Pittsburgh Medical Center), Series 2019 A, Ref. RB
| 4.00% | | 07/15/2038 | | | 250 | | 251,000 |
Allegheny (County of), PA Hospital Development Authority (University of Pittsburgh Medical Center), Series 2019, Ref. RB
| 5.00% | | 07/15/2033 | | | 70 | | 75,629 |
Allegheny (County of), PA Port Authority, Series 2020, Ref. RB
| 5.00% | | 03/01/2029 | | | 40 | | 44,013 |
Armstrong School District, Series 2019 A, Ref. GO Bonds, (INS - BAM)(b)
| 4.00% | | 03/15/2041 | | | 50 | | 50,378 |
Delaware (State of) River Port Authority, Series 2018 A, RB
| 5.00% | | 01/01/2032 | | | 45 | | 48,734 |
Delaware (State of) River Port Authority, Series 2018 A, RB
| 5.00% | | 01/01/2033 | | | 50 | | 54,191 |
Delaware (State of) River Port Authority, Series 2018 A, RB
| 5.00% | | 01/01/2034 | | | 95 | | 102,785 |
Delaware (State of) River Port Authority, Series 2018 A, RB
| 5.00% | | 01/01/2035 | | | 75 | | 80,919 |
Delaware (State of) River Port Authority, Series 2018 A, RB
| 5.00% | | 01/01/2036 | | | 145 | | 156,070 |
Delaware (State of) River Port Authority, Series 2018 A, RB
| 5.00% | | 01/01/2040 | | | 65 | | 69,876 |
Lancaster (County of), PA Hospital Authority (Penn State Health), Series 2021, RB
| 5.00% | | 11/01/2051 | | | 350 | | 361,921 |
Lehigh (County of), PA (Lehigh Valley Health Network), Series 2019 A, Ref. RB
| 5.00% | | 07/01/2044 | | | 55 | | 56,951 |
Lehigh (County of), PA Industrial Development Authority (PPL Electric Utilities Corp.), Series 2016 A, Ref. RB
| 3.00% | | 09/01/2029 | | | 50 | | 49,699 |
Monroeville Finance Authority, Series 2022 B, Ref. RB
| 5.00% | | 02/15/2029 | | | 5 | | 5,462 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2029 Municipal Bond ETF (BSMT)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Pennsylvania-(continued) | | | | | | | | |
Montgomery (County of), PA Higher Education & Health Authority (Thomas Jefferson University), Series 2019, Ref. RB
| 5.00% | | 09/01/2031 | | $ | 55 | | $ 58,994 |
Montgomery (County of), PA Higher Education & Health Authority (Thomas Jefferson University), Series 2019, Ref. RB
| 5.00% | | 09/01/2033 | | | 100 | | 106,969 |
Montgomery (County of), PA Industrial Development Authority (Constellation Energy Generation LLC), Series 2023 B, Ref. RB
| 4.10% | | 06/01/2029 | | | 105 | | 108,657 |
North Allegheny School District, Series 2019, GO Bonds
| 4.00% | | 05/01/2044 | | | 200 | | 200,133 |
Pennsylvania (Commonwealth of), First Series 2020, GO Bonds
| 5.00% | | 05/01/2029 | | | 210 | | 232,765 |
Pennsylvania (Commonwealth of), First Series 2021, GO Bonds
| 5.00% | | 05/15/2029 | | | 210 | | 232,942 |
Pennsylvania (Commonwealth of), First Series 2023, GO Bonds
| 5.00% | | 09/01/2029 | | | 225 | | 251,022 |
Pennsylvania (Commonwealth of), First Series 2023, Ref. GO Bonds
| 5.00% | | 09/01/2029 | | | 175 | | 195,239 |
Pennsylvania (Commonwealth of), Series 2019, Ref. GO Bonds
| 5.00% | | 07/15/2029 | | | 290 | | 322,733 |
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (University of Pennsylvania Health System), Series 2019, RB
| 5.00% | | 08/15/2032 | | | 40 | | 43,494 |
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (University of Pennsylvania Health System), Series 2019, RB
| 5.00% | | 08/15/2049 | | | 200 | | 208,149 |
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2019 A, RB
| 5.00% | | 12/01/2034 | | | 165 | | 178,208 |
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2019 A, RB
| 5.00% | | 12/01/2035 | | | 140 | | 150,587 |
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2019 A, RB
| 5.00% | | 12/01/2038 | | | 40 | | 42,816 |
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2019 A, RB
| 5.00% | | 12/01/2039 | | | 50 | | 53,549 |
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2019 A, RB
| 5.00% | | 12/01/2044 | | | 360 | | 379,209 |
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2019 A, RB
| 5.00% | | 12/01/2044 | | | 200 | | 210,478 |
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2019 A, RB
| 5.00% | | 12/01/2049 | | | 30 | | 31,626 |
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2019, Ref. RB
| 5.00% | | 12/01/2029 | | | 35 | | 38,101 |
Philadelphia (City of), PA, Series 2019 B, GO Bonds
| 5.00% | | 02/01/2031 | | | 35 | | 38,146 |
Philadelphia (City of), PA, Series 2019 B, GO Bonds
| 5.00% | | 02/01/2033 | | | 25 | | 27,139 |
Philadelphia (City of), PA, Series 2019 B, GO Bonds
| 5.00% | | 02/01/2034 | | | 110 | | 119,388 |
Philadelphia (City of), PA, Series 2019 B, GO Bonds
| 5.00% | | 02/01/2035 | | | 500 | | 536,709 |
Philadelphia (City of), PA, Series 2019 B, GO Bonds
| 5.00% | | 02/01/2037 | | | 100 | | 106,556 |
Philadelphia (City of), PA, Series 2019 B, GO Bonds
| 5.00% | | 02/01/2039 | | | 20 | | 21,224 |
Philadelphia (City of), PA, Series 2019 B, RB
| 5.00% | | 11/01/2044 | | | 110 | | 116,646 |
Philadelphia School District, Series 2019 A, GO Bonds
| 5.00% | | 09/01/2032 | | | 30 | | 32,409 |
Philadelphia School District, Series 2019 A, GO Bonds
| 4.00% | | 09/01/2035 | | | 30 | | 30,811 |
Philadelphia School District, Series 2019 A, GO Bonds
| 4.00% | | 09/01/2036 | | | 50 | | 51,165 |
Philadelphia School District, Series 2019 A, GO Bonds
| 4.00% | | 09/01/2039 | | | 40 | | 40,514 |
Philadelphia School District (The), Series 2019 A, GO Bonds
| 5.00% | | 09/01/2031 | | | 185 | | 199,580 |
Philadelphia School District (The), Series 2019 A, GO Bonds
| 4.00% | | 09/01/2037 | | | 30 | | 30,605 |
Southcentral Pennsylvania General Authority (WellSpan Health Obligated Group), Series 2019 A, Ref. RB
| 5.00% | | 06/01/2049 | | | 130 | | 133,869 |
Southcentral Pennsylvania General Authority (WellSpan Health Obligated Group), Series 2023, Ref. RB
| 5.00% | | 06/01/2029 | | | 10 | | 10,989 |
Upper Merion Area School District, Series 2021 A, GO Bonds
| 4.00% | | 01/15/2046 | | | 45 | | 44,707 |
Wilkes-Barre Area School District, Series 2019, GO Bonds, (INS - BAM)(b)
| 5.00% | | 04/15/2059 | | | 145 | | 149,245 |
| | | | | | | | | 6,447,645 |
| Rhode Island-0.29% | | | | | | | | |
Rhode Island Health & Educational Building Corp. (Brown University), Series 2019 A, Ref. RB
| 5.00% | | 09/01/2029 | | | 315 | | 352,058 |
| South Carolina-0.37% | | | | | | | | |
Columbia (City of), SC, Series 2019 A, RB
| 4.00% | | 02/01/2044 | | | 15 | | 15,020 |
South Carolina (State of) Transportation Infrastructure Bank, Series 2016 A, Ref. RB
| 3.00% | | 10/01/2029 | | | 75 | | 74,520 |
South Carolina (State of) Transportation Infrastructure Bank, Series 2021 B, Ref. RB
| 5.00% | | 10/01/2029 | | | 200 | | 223,023 |
Spartanburg County School District No. 7, Series 2019 D, GO Bonds
| 5.00% | | 03/01/2048 | | | 130 | | 136,856 |
| | | | | | | | | 449,419 |
| Tennessee-0.21% | | | | | | | | |
Chattanooga (City of), TN Health, Educational & Housing Facility Board (CommonSpirit Health), Series 2019 A-2, Ref. RB
| 5.00% | | 08/01/2044 | | | 100 | | 103,949 |
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2018, GO Bonds
| 5.00% | | 07/01/2029 | | | 5 | | 5,444 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2029 Municipal Bond ETF (BSMT)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Tennessee-(continued) | | | | | | | | |
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2024 B, Ref. RB
| 5.00% | | 05/15/2029 | | $ | 35 | | $ 38,824 |
Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Lipscomb University), Series 2019, Ref. RB
| 5.25% | | 10/01/2058 | | | 100 | | 101,449 |
Tennessee (State of), Series 2023 A, GO Bonds
| 5.00% | | 05/01/2029 | | | 10 | | 11,126 |
| | | | | | | | | 260,792 |
| Texas-8.16% | | | | | | | | |
Alamo Community College District, Series 2022, GO Notes
| 5.00% | | 02/15/2029 | | | 55 | | 60,661 |
Arlington Independent School District, Series 2020, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
| 4.00% | | 02/15/2045 | | | 250 | | 249,228 |
Austin (City of), TX, Series 2019 B, RB
| 5.00% | | 11/15/2044 | | | 100 | | 105,737 |
Austin (City of), TX, Series 2019 B, RB
| 5.00% | | 11/15/2049 | | | 235 | | 246,967 |
Austin (City of), TX, Series 2022, Ref. RB
| 5.00% | | 11/15/2029 | | | 30 | | 33,470 |
Austin Independent School District, Series 2023, GO Bonds
| 5.00% | | 08/01/2048 | | | 100 | | 105,603 |
Austin Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 08/01/2029 | | | 15 | | 16,678 |
Board of Regents of the University of Texas System, Series 2019 A, Ref. RB
| 5.00% | | 08/15/2029 | | | 20 | | 22,264 |
Board of Regents of the University of Texas System, Series 2019 A, Ref. RB
| 5.00% | | 08/15/2032 | | | 40 | | 43,763 |
Board of Regents of the University of Texas System, Series 2019 A, Ref. RB
| 5.00% | | 08/15/2033 | | | 100 | | 109,343 |
Board of Regents of the University of Texas System, Series 2019 A, Ref. RB
| 5.00% | | 08/15/2038 | | | 45 | | 48,472 |
Board of Regents of the University of Texas System, Series 2019 A, Ref. RB
| 5.00% | | 08/15/2039 | | | 30 | | 32,181 |
Board of Regents of the University of Texas System, Series 2019 B, RB
| 5.00% | | 08/15/2029 | | | 150 | | 166,981 |
Collin County Community College District, Series 2020 A, GO Bonds
| 5.00% | | 08/15/2031 | | | 115 | | 126,099 |
Collin County Community College District, Series 2020 A, GO Bonds
| 5.00% | | 08/15/2033 | | | 75 | | 81,755 |
Collin County Community College District, Series 2020 A, GO Bonds
| 4.00% | | 08/15/2034 | | | 35 | | 36,431 |
Collin County Community College District, Series 2020 A, GO Bonds
| 4.00% | | 08/15/2035 | | | 30 | | 31,087 |
Collin County Community College District, Series 2020 A, GO Bonds
| 4.00% | | 08/15/2037 | | | 15 | | 15,418 |
Conroe Independent School District, Series 2020 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 02/15/2029 | | | 30 | | 33,035 |
Cypress-Fairbanks Independent School District, Series 2019 A, GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 02/15/2031 | | | 20 | | 21,783 |
Cypress-Fairbanks Independent School District, Series 2019 A, GO Bonds, (CEP - Texas Permanent School Fund)
| 4.00% | | 02/15/2044 | | | 500 | | 501,413 |
Cypress-Fairbanks Independent School District, Series 2019, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 02/15/2031 | | | 20 | | 21,783 |
Cypress-Fairbanks Independent School District, Series 2019, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 02/15/2032 | | | 60 | | 65,122 |
Cypress-Fairbanks Independent School District, Series 2019, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 02/15/2033 | | | 25 | | 27,067 |
Cypress-Fairbanks Independent School District, Series 2024, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 02/15/2029 | | | 40 | | 44,117 |
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2020 A, Ref. RB
| 5.00% | | 11/01/2029 | | | 50 | | 55,649 |
Dallas (City of), TX Area Rapid Transit, Series 2019, Ref. RB
| 5.00% | | 12/01/2029 | | | 35 | | 38,985 |
Dallas (City of), TX Area Rapid Transit, Series 2019, Ref. RB
| 5.00% | | 12/01/2032 | | | 25 | | 27,605 |
Dallas (City of), TX Area Rapid Transit, Series 2019, Ref. RB
| 5.00% | | 12/01/2033 | | | 45 | | 49,657 |
Dallas (City of), TX Area Rapid Transit, Series 2019, Ref. RB
| 5.00% | | 12/01/2034 | | | 340 | | 374,351 |
Dallas (City of), TX Independent School District, Series 2019 B, GO Bonds, (CEP - Texas Permanent School Fund)
| 4.00% | | 02/15/2031 | | | 45 | | 46,811 |
Dallas (City of), TX Independent School District, Series 2019 B, GO Bonds, (CEP - Texas Permanent School Fund)
| 4.00% | | 02/15/2032 | | | 10 | | 10,366 |
Dallas (City of), TX Independent School District, Series 2019 B, GO Bonds, (CEP - Texas Permanent School Fund)
| 4.00% | | 02/15/2033 | | | 30 | | 31,064 |
Dallas (County of), TX Hospital District, Series 2019, Ref. GO Bonds
| 5.00% | | 08/15/2029 | | | 75 | | 80,781 |
El Paso Independent School District, Series 2020, GO Bonds, (CEP - Texas Permanent School Fund)
| 4.00% | | 08/15/2045 | | | 20 | | 20,072 |
Frisco Independent School District, Series 2019, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 08/15/2036 | | | 75 | | 80,836 |
Garland (City of), TX, Series 2019, Ref. RB
| 5.00% | | 03/01/2044 | | | 150 | | 157,015 |
Harris (County of), TX Flood Control District, Series 2020 A, GO Bonds
| 4.00% | | 10/01/2045 | | | 250 | | 242,910 |
Harris (County of), TX Toll Road Authority (The), Series 2022 A, Ref. RB
| 5.00% | | 08/15/2029 | | | 20 | | 22,244 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2029 Municipal Bond ETF (BSMT)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Texas-(continued) | | | | | | | | |
Harris County Cultural Education Facilities Finance Corp. (Baylor College of Medicine), Series 2024 A, RB
| 5.00% | | 05/15/2029 | | $ | 15 | | $ 16,394 |
Harris County Cultural Education Facilities Finance Corp. (Memorial Hermann Health System), Series 2019, Ref. RB
| 5.00% | | 12/01/2029 | | | 25 | | 27,704 |
Houston (City of), TX, Series 2018 D, Ref. RB
| 5.00% | | 07/01/2029 | | | 55 | | 59,610 |
Houston (City of), TX, Series 2019 A, Ref. GO Bonds
| 5.00% | | 03/01/2029 | | | 110 | | 120,890 |
Houston (City of), TX, Series 2019 A, Ref. GO Bonds
| 5.00% | | 03/01/2031 | | | 15 | | 16,401 |
Houston (City of), TX, Series 2019 A, Ref. GO Bonds
| 5.00% | | 03/01/2032 | | | 40 | | 43,567 |
Houston (City of), TX, Series 2019 B, RB
| 5.00% | | 11/15/2049 | | | 30 | | 31,629 |
Houston Community College System, Series 2020, Ref. GO Bonds
| 5.00% | | 02/15/2035 | | | 15 | | 16,174 |
Keller Independent School District, Series 2020, GO Bonds, (CEP - Texas Permanent School Fund)
| 4.00% | | 02/15/2044 | | | 200 | | 199,467 |
Lewisville Independent School District, Series 2020, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
| 4.00% | | 08/15/2035 | | | 80 | | 82,417 |
Lewisville Independent School District, Series 2020, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
| 4.00% | | 08/15/2036 | | | 95 | | 97,349 |
Lewisville Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 08/15/2029 | | | 60 | | 66,852 |
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2019, Ref. RB
| 5.00% | | 05/15/2029 | | | 50 | | 55,136 |
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2019, Ref. RB
| 5.00% | | 05/15/2031 | | | 500 | | 544,510 |
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2019, Ref. RB
| 5.00% | | 05/15/2032 | | | 20 | | 21,738 |
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2019, Ref. RB
| 5.00% | | 05/15/2036 | | | 250 | | 268,149 |
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2020, Ref. RB
| 5.00% | | 05/15/2034 | | | 30 | | 32,462 |
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2020, Ref. RB
| 5.00% | | 05/15/2035 | | | 500 | | 539,060 |
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2021, Ref. RB
| 5.00% | | 05/15/2029 | | | 15 | | 16,541 |
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2023, Ref. RB, (INS - AGM)(b)
| 5.00% | | 05/15/2029 | | | 10 | | 11,036 |
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2023, Ref. RB, (INS - AGM)(b)
| 5.00% | | 05/15/2029 | | | 10 | | 11,036 |
Matagorda County Navigation District No. 1 (Central Power And Light Co.), Series 2001, Ref. RB
| 2.60% | | 11/01/2029 | | | 25 | | 23,647 |
North East Independent School District, Series 2007, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
| 5.25% | | 02/01/2029 | | | 70 | | 77,778 |
North Texas Municipal Water District, Series 2021 A, Ref. RB
| 5.00% | | 09/01/2029 | | | 30 | | 33,276 |
North Texas Tollway Authority, Series 2019 A, Ref. RB
| 4.00% | | 01/01/2036 | | | 50 | | 50,947 |
North Texas Tollway Authority, Series 2019 A, Ref. RB
| 4.00% | | 01/01/2037 | | | 85 | | 86,301 |
North Texas Tollway Authority, Series 2019 A, Ref. RB
| 5.00% | | 01/01/2038 | | | 155 | | 166,849 |
North Texas Tollway Authority, Series 2020 A, Ref. RB
| 4.00% | | 01/01/2035 | | | 100 | | 102,126 |
North Texas Tollway Authority, Series 2020 A, Ref. RB
| 4.00% | | 01/01/2037 | | | 210 | | 213,215 |
Permanent University Fund - University of Texas System, Series 2022 A, RB
| 5.00% | | 07/01/2029 | | | 165 | | 183,563 |
Pflugerville Independent School District, Series 2023 A, GO Bonds
| 5.00% | | 02/15/2048 | | | 200 | | 209,688 |
Round Rock Independent School District, Series 2019 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
| 4.00% | | 08/01/2032 | | | 115 | | 120,647 |
San Antonio (City of), TX, Series 2018 A, RB
| 5.00% | | 02/01/2048 | | | 35 | | 36,523 |
San Antonio (City of), TX, Series 2019, Ref. GO Bonds
| 5.00% | | 08/01/2031 | | | 110 | | 121,032 |
San Antonio (City of), TX, Series 2019, Ref. GO Bonds
| 5.00% | | 08/01/2032 | | | 15 | | 16,467 |
San Antonio (City of), TX, Series 2019, Ref. GO Bonds
| 3.00% | | 08/01/2034 | | | 5 | | 4,816 |
San Antonio (City of), TX, Series 2019, Ref. RB
| 4.00% | | 02/01/2029 | | | 25 | | 26,312 |
San Antonio (City of), TX Water System, Series 2019 C, Ref. RB
| 5.00% | | 05/15/2034 | | | 15 | | 16,440 |
San Antonio Public Facilities Corp., Series 2022, Ref. RB
| 5.00% | | 09/15/2029 | | | 10 | | 11,024 |
Tarrant County Cultural Education Facilities Finance Corp. (Christus Health), Series 2018 B, RB
| 5.00% | | 07/01/2032 | | | 145 | | 155,146 |
Tarrant County Cultural Education Facilities Finance Corp. (Christus Health), Series 2018 B, RB
| 5.00% | | 07/01/2033 | | | 50 | | 53,442 |
Tarrant County Cultural Education Facilities Finance Corp. (Christus Health), Series 2018 B, RB
| 5.00% | | 07/01/2034 | | | 45 | | 47,974 |
Tarrant County Cultural Education Facilities Finance Corp. (Christus Health), Series 2018 B, RB
| 5.00% | | 07/01/2048 | | | 300 | | 309,144 |
Tarrant County Cultural Education Facilities Finance Corp. (Cook Children’s Medical Center), Series 2020, Ref. RB
| 3.00% | | 12/01/2050 | | | 125 | | 95,832 |
Texas (State of) Water Development Board, Series 2019 A, RB
| 5.00% | | 04/15/2031 | | | 155 | | 171,571 |
Texas (State of) Water Development Board, Series 2019 A, RB
| 5.00% | | 04/15/2032 | | | 135 | | 148,879 |
Texas (State of) Water Development Board, Series 2019 A, RB
| 4.00% | | 10/15/2036 | | | 125 | | 127,748 |
Texas (State of) Water Development Board, Series 2019 A, RB
| 4.00% | | 10/15/2049 | | | 340 | | 328,264 |
Texas (State of) Water Development Board, Series 2020, RB
| 5.00% | | 08/01/2029 | | | 100 | | 111,238 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2029 Municipal Bond ETF (BSMT)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Texas-(continued) | | | | | | | | |
Texas (State of) Water Development Board, Series 2021, RB
| 5.00% | | 08/01/2029 | | $ | 45 | | $ 50,057 |
Texas (State of) Water Development Board, Series 2023 A, RB
| 5.00% | | 10/15/2029 | | | 15 | | 16,744 |
Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners LLC - North Tarrant Express Managed Lanes), Series 2019 A, Ref. RB
| 5.00% | | 12/31/2032 | | | 40 | | 43,242 |
Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners LLC - North Tarrant Express Managed Lanes), Series 2019 A, Ref. RB
| 5.00% | | 12/31/2033 | | | 90 | | 97,093 |
Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners LLC - North Tarrant Express Managed Lanes), Series 2019 A, Ref. RB
| 4.00% | | 12/31/2038 | | | 250 | | 251,349 |
Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners LLC - North Tarrant Express Managed Lanes), Series 2019, Ref. RB
| 5.00% | | 12/31/2035 | | | 5 | | 5,363 |
Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners LLC - North Tarrant Express Managed Lanes), Series 2019, Ref. RB
| 5.00% | | 12/31/2036 | | | 30 | | 32,078 |
Travis (County of), TX, Series 2019 A, Ctfs. of Obligation
| 5.00% | | 03/01/2039 | | | 15 | | 16,010 |
Travis (County of), TX, Series 2019 A, Ctfs. Of Obligation
| 5.00% | | 03/01/2032 | | | 100 | | 109,005 |
Travis (County of), TX, Series 2019 A, Ctfs. of Obligations
| 5.00% | | 03/01/2034 | | | 25 | | 27,108 |
Travis (County of), TX, Series 2019 A, Ctfs. of Obligations
| 5.00% | | 03/01/2035 | | | 30 | | 32,445 |
Travis (County of), TX, Series 2019 A, Ctfs. of Obligations
| 5.00% | | 03/01/2038 | | | 175 | | 187,796 |
Trinity River Authority, Series 2020, Ref. RB
| 5.00% | | 08/01/2029 | | | 100 | | 111,140 |
Webb (County of), TX, Series 2020, Ctfs. Of Obligation
| 4.00% | | 02/15/2045 | | | 15 | | 14,798 |
Williamson (County of), TX, Series 2020, GO Bonds
| 4.00% | | 02/15/2033 | | | 55 | | 57,135 |
Williamson (County of), TX, Series 2020, GO Bonds
| 4.00% | | 02/15/2040 | | | 150 | | 152,314 |
| | | | | | | | | 10,016,492 |
| Utah-0.47% | | | | | | | | |
Board of Regents of Utah University, Series 1998 A, Ref. RB, (INS - NATL)(b)
| 5.50% | | 04/01/2029 | | | 100 | | 107,665 |
Intermountain Power Agency, Series 2022 A, Ref. RB
| 5.00% | | 07/01/2029 | | | 80 | | 89,116 |
Salt Lake City (City of), UT, Series 2020, RB
| 4.00% | | 02/01/2047 | | | 250 | | 246,642 |
University of Utah (The), Series 2022 B, RB
| 5.00% | | 08/01/2029 | | | 40 | | 44,593 |
Utah (State of), Series 2020, GO Bonds
| 5.00% | | 07/01/2029 | | | 75 | | 82,626 |
| | | | | | | | | 570,642 |
| Vermont-0.09% | | | | | | | | |
Vermont (State of) Educational & Health Buildings Financing Agency (Middlebury College), Series 2020, Ref. RB
| 5.00% | | 11/01/2049 | | | 100 | | 105,158 |
| Virginia-1.04% | | | | | | | | |
Arlington (City of), TX, Series 2016 B, Ref. GO Bonds
| 2.50% | | 08/15/2029 | | | 25 | | 24,293 |
Charles City (County of), VA Economic Development Authority (Wate Management, Inc.), Series 2004 A, RB
| 2.88% | | 02/01/2029 | | | 30 | | 28,659 |
Fairfax (County of), VA, Series 2020 A, Ref. GO Bonds
| 5.00% | | 10/01/2029 | | | 60 | | 67,302 |
Fairfax (County of), VA Industrial Development Authority (Inova Health System), Series 2022, Ref. RB
| 5.00% | | 05/15/2029 | | | 15 | | 16,548 |
Loudoun (County of), VA Economic Development Authority, Series 2020, Ref. RB
| 4.00% | | 12/01/2033 | | | 40 | | 41,852 |
Richmond (City of), VA, Series 2017 D, Ref. GO Bonds
| 5.00% | | 03/01/2029 | | | 45 | | 49,817 |
Virginia (Commonwealth of) College Building Authority, Series 2019 A, RB
| 5.00% | | 02/01/2031 | | | 20 | | 21,798 |
Virginia (Commonwealth of) College Building Authority (21st Centuity College and Equipment), Series 2021, RB
| 5.00% | | 02/01/2029 | | | 90 | | 99,424 |
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2017 E, Ref. RB
| 5.00% | | 02/01/2029 | | | 355 | | 382,133 |
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2019 C, Ref. RB
| 5.00% | | 02/01/2029 | | | 60 | | 66,283 |
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2022 A, RB
| 5.00% | | 02/01/2029 | | | 10 | | 11,047 |
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2023 A, RB
| 5.00% | | 02/01/2029 | | | 10 | | 11,047 |
Virginia (Commonwealth of) Public Building Authority, Series 2020 B, Ref. RB
| 5.00% | | 08/01/2029 | | | 40 | | 44,612 |
Virginia (Commonwealth of) Public Building Authority, Series 2021 A-1, RB
| 5.00% | | 08/01/2029 | | | 180 | | 200,756 |
Virginia (Commonwealth of) Small Business Financing Authority (95 Express Lanes LLC), Series 2020, Ref. RB
| 4.00% | | 11/01/2039 | | | 20 | | 20,420 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2029 Municipal Bond ETF (BSMT)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Virginia-(continued) | | | | | | | | |
Virginia (Commonwealth of) Small Business Financing Authority (Sentara Healthcare), Series 2020, Ref. RB
| 4.00% | | 11/01/2036 | | $ | 100 | | $ 102,907 |
Virginia (Commonwealth of) Small Business Financing Authority (Sentara Healthcare), Series 2020, Ref. RB
| 4.00% | | 11/01/2037 | | | 50 | | 51,351 |
Virginia (Commonwealth of) Small Business Financing Authority (Sentara Healthcare), Series 2020, Ref. RB
| 4.00% | | 11/01/2038 | | | 30 | | 30,718 |
Virginia (Commonwealth of) Transportation Board (Transportation Capital), Series 2024, Ref. RB
| 5.00% | | 05/15/2029 | | | 10 | | 11,097 |
| | | | | | | | | 1,282,064 |
| Washington-2.92% | | | | | | | | |
Central Puget Sound Regional Transit Authority, Series 2021 S-1, Ref. RB
| 5.00% | | 11/01/2029 | | | 160 | | 178,896 |
Energy Northwest (Columbia Generating Station), Series 2019 A, Ref. RB
| 5.00% | | 07/01/2035 | | | 80 | | 87,447 |
Energy Northwest (Columbia Generating Station), Series 2019 A, Ref. RB
| 5.00% | | 07/01/2037 | | | 100 | | 108,472 |
Energy Northwest (Columbia Generating Station), Series 2019, Ref. RB
| 5.00% | | 07/01/2036 | | | 290 | | 315,164 |
King County School District No. 210 Federal Way, Series 2019, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)
| 4.00% | | 12/01/2029 | | | 100 | | 106,571 |
Pierce County School District No. 403 Bethel, Series 2019, GO Bonds, (CEP - Oregon School Bond Guaranty)
| 5.00% | | 12/01/2036 | | | 75 | | 80,794 |
Snohomish County School District No. 201 Snohomish, Series 2020, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)
| 5.00% | | 12/01/2029 | | | 50 | | 55,952 |
Spokane County School District No. 81, Series 2019, GO Bonds, (CEP - Oregon School Bond Guaranty)
| 5.00% | | 12/01/2034 | | | 15 | | 16,358 |
Washington (State of), Series 2018 C, GO Bonds
| 5.00% | | 02/01/2029 | | | 305 | | 329,347 |
Washington (State of), Series 2019 A, GO Bonds
| 5.00% | | 08/01/2029 | | | 40 | | 44,632 |
Washington (State of), Series 2019 A, GO Bonds
| 5.00% | | 08/01/2031 | | | 50 | | 55,063 |
Washington (State of), Series 2019 A, GO Bonds
| 5.00% | | 08/01/2035 | | | 80 | | 87,363 |
Washington (State of), Series 2019 A, GO Bonds
| 5.00% | | 08/01/2036 | | | 30 | | 32,677 |
Washington (State of), Series 2019 A, GO Bonds
| 5.00% | | 08/01/2039 | | | 210 | | 226,270 |
Washington (State of), Series 2019 A, GO Bonds
| 5.00% | | 08/01/2042 | | | 335 | | 357,854 |
Washington (State of), Series 2019 A, GO Bonds
| 5.00% | | 08/01/2044 | | | 325 | | 345,583 |
Washington (State of), Series 2019 C, GO Bonds
| 5.00% | | 02/01/2035 | | | 165 | | 178,956 |
Washington (State of), Series 2019 C, GO Bonds
| 5.00% | | 02/01/2037 | | | 10 | | 10,778 |
Washington (State of), Series 2020 A, GO Bonds
| 5.00% | | 08/01/2033 | | | 55 | | 60,289 |
Washington (State of), Series 2020 A, GO Bonds
| 5.00% | | 08/01/2034 | | | 100 | | 109,443 |
Washington (State of), Series 2020 A, GO Bonds
| 5.00% | | 08/01/2038 | | | 50 | | 54,049 |
Washington (State of), Series 2021, Ref. GO Bonds
| 5.00% | | 06/01/2029 | | | 35 | | 38,924 |
Washington (State of), Series R-2023B, Ref. GO Bonds
| 5.00% | | 07/01/2029 | | | 5 | | 5,570 |
Washington (State of), Series R-2024A, Ref. GO Bonds
| 5.00% | | 02/01/2029 | | | 10 | | 11,047 |
Washington (State of) (Bid Group 1), Series 2020 A, GO Bonds
| 5.00% | | 08/01/2029 | | | 145 | | 161,791 |
Washington (State of) (Bid Group 1), Series 2021 A, GO Bonds
| 5.00% | | 08/01/2029 | | | 55 | | 61,369 |
Washington (State of) (Bid Group 1), Series 2022 C, GO Bonds
| 5.00% | | 02/01/2029 | | | 30 | | 33,141 |
Washington (State of) (Bid Group 1), Series 2024 A, GO Bonds
| 5.00% | | 08/01/2029 | | | 20 | | 22,316 |
Washington (State of) (Bid Group 2), Series R-2023A, Ref. GO Bonds
| 5.00% | | 08/01/2029 | | | 225 | | 251,055 |
Washington (State of) Health Care Facilities Authority (Commonspirit Health), Series 2019 A, Ref. RB
| 5.00% | | 08/01/2044 | | | 150 | | 155,924 |
| | | | | | | | | 3,583,095 |
| West Virginia-0.52% | | | | | | | | |
West Virginia (State of) (Bid Group 1), Series 2019, GO Bonds
| 5.00% | | 12/01/2036 | | | 25 | | 27,020 |
West Virginia (State of) (Bidding Group 2), Series 2019 A, GO Bonds
| 5.00% | | 12/01/2040 | | | 155 | | 165,239 |
West Virginia (State of) (Bidding Group 2), Series 2019 A, GO Bonds
| 5.00% | | 06/01/2041 | | | 185 | | 196,525 |
West Virginia (State of) (Bidding Group 2), Series 2019 A, GO Bonds
| 5.00% | | 12/01/2041 | | | 25 | | 26,555 |
West Virginia (State of) (Bidding Group 2), Series 2019 A, GO Bonds
| 5.00% | | 12/01/2043 | | | 95 | | 100,368 |
West Virginia (State of) (Bidding Group 2), Series 2019 A, GO Bonds
| 5.00% | | 06/01/2044 | | | 25 | | 26,408 |
West Virginia (State of) Hospital Finance Authority (Cabell Huntington Hospital Obligated Group), Series 2018, Ref. RB
| 5.00% | | 01/01/2043 | | | 100 | | 101,677 |
| | | | | | | | | 643,792 |
| Wisconsin-0.61% | | | | | | | | |
Fond Du Lac (County of), WI, Series 2019 A, GO Notes
| 3.00% | | 03/01/2029 | | | 140 | | 139,829 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2029 Municipal Bond ETF (BSMT)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Wisconsin-(continued) | | | | | | | | |
Wisconsin (State of), Series 2020 1, Ref. GO Bonds
| 5.00% | | 05/01/2029 | | $ | 105 | | $ 116,822 |
Wisconsin (State of), Series 2021 1, Ref. GO Bonds
| 5.00% | | 05/01/2029 | | | 80 | | 89,007 |
Wisconsin (State of), Series 2021-2, Ref. GO Bonds
| 5.00% | | 05/01/2029 | | | 30 | | 33,378 |
Wisconsin (State of), Series 2024-1, Ref. GO Bonds
| 5.00% | | 05/01/2029 | | | 5 | | 5,563 |
Wisconsin (State of) Department of Transportation, Series 2023 1, Ref. RB
| 5.00% | | 07/01/2029 | | | 20 | | 22,327 |
Wisconsin (State of) Health & Educational Facilities Authority (Ascension Senior Credit Group), Series 2019, Ref. RB
| 5.00% | | 11/15/2029 | | | 75 | | 83,329 |
Wisconsin (State of) Public Finance Authority (Wakemed Hospital), Series 2019 A, Ref. RB
| 5.00% | | 10/01/2044 | | | 250 | | 259,834 |
| | | | | | | | | 750,089 |
TOTAL INVESTMENTS IN SECURITIES(c)-98.23%
(Cost $120,958,276)
| | 120,561,804 |
OTHER ASSETS LESS LIABILITIES-1.77%
| | 2,169,519 |
NET ASSETS-100.00%
| | $122,731,323 |
| Investment Abbreviations: |
| AGC | -Assured Guaranty Corp. |
| AGM | -Assured Guaranty Municipal Corp. |
| BAM | -Build America Mutual Assurance Co. |
| CEP | -Credit Enhancement Provider |
| COP | -Certificates of Participation |
| Ctfs. | -Certificates |
| GO | -General Obligation |
| INS | -Insurer |
| NATL | -National Public Finance Guarantee Corp. |
| RB | -Revenue Bonds |
| Ref. | -Refunding |
| RN | -Revenue Notes |
| Notes to Schedule of Investments: |
| (a) | Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral. |
| (b) | Principal and/or interest payments are secured by the bond insurance company listed. |
| (c) | Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligations but may be called upon to satisfy the issuer’s obligations. No concentration of any single entity was greater than 5% each. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2030 Municipal Bond ETF (BSMU)
August 31, 2024
Schedule of Investments
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Municipal Obligations-98.65% | | | | | | | | |
| Alabama-1.27% | | | | | | | | |
Alabama (State of) Public School & College Authority (Social Bonds), Series 2020 A, Ref. RB
| 5.00% | | 11/01/2033 | | $ | 350 | | $ 393,613 |
Alabama (State of) Public School & College Authority (Social Bonds), Series 2020 A, Ref. RB
| 5.00% | | 11/01/2034 | | | 195 | | 218,602 |
Alabama (State of) Public School & College Authority (Social Bonds), Series 2020 A, Ref. RB
| 5.00% | | 11/01/2035 | | | 145 | | 162,235 |
Alabama (State of) Public School & College Authority (Social Bonds), Series 2020 A, Ref. RB
| 4.00% | | 11/01/2036 | | | 155 | | 158,619 |
Alabama (State of) Public School & College Authority (Social Bonds), Series 2020 A, Ref. RB
| 5.00% | | 11/01/2037 | | | 200 | | 221,883 |
Alabama (State of) Public School & College Authority (Social Bonds), Series 2020 A, Ref. RB
| 5.00% | | 11/01/2039 | | | 250 | | 275,334 |
| | | | | | | | | 1,430,286 |
| Alaska-0.04% | | | | | | | | |
Alaska (State of), Series 2024 A, Ref. GO Bonds
| 5.00% | | 08/01/2030 | | | 40 | | 45,000 |
| Arizona-1.00% | | | | | | | | |
Arizona (State of) Department of Transportation, Series 2023, RB
| 5.00% | | 07/01/2030 | | | 40 | | 45,248 |
Arizona (State of) Sports & Tourism Authority, Series 2022, Ref. RB, (INS - BAM)(a)
| 5.00% | | 07/01/2030 | | | 100 | | 109,823 |
Gilbert Water Resource Municipal Property Corp. (Green Bonds), Series 2022, RB
| 5.00% | | 07/15/2030 | | | 25 | | 28,253 |
Maricopa (County of), AZ Special Health Care District, Series 2021 D, GO Bonds
| 5.00% | | 07/01/2030 | | | 20 | | 22,360 |
Phoenix Civic Improvement Corp., Series 2020 A, RB
| 5.00% | | 07/01/2040 | | | 50 | | 54,278 |
Phoenix Civic Improvement Corp., Series 2020 A, RB
| 5.00% | | 07/01/2044 | | | 165 | | 176,086 |
Phoenix Civic Improvement Corp. (Sustainability Bonds), Series 2020, RB
| 5.00% | | 07/01/2044 | | | 150 | | 160,078 |
Salt River Project Agricultural Improvement & Power District, Series 2019, RB
| 5.00% | | 01/01/2035 | | | 260 | | 287,409 |
Salt River Project Agricultural Improvement & Power District, Series 2019, RB
| 5.00% | | 01/01/2037 | | | 205 | | 224,122 |
Scottsdale Municipal Property Corp., Series 2006, Ref. RB
| 5.00% | | 07/01/2030 | | | 10 | | 10,950 |
| | | | | | | | | 1,118,607 |
| California-17.22% | | | | | | | | |
Antelope Valley Community College District, Series 2020 B, GO Bonds
| 4.00% | | 08/01/2045 | | | 45 | | 45,332 |
Bay Area Toll Authority (San Francisco Bay Area), Series 2023 F-1, RB
| 5.00% | | 04/01/2030 | | | 205 | | 233,203 |
California (State of), Series 2019, GO Bonds
| 5.00% | | 10/01/2030 | | | 200 | | 222,502 |
California (State of), Series 2019, Ref. GO Bonds
| 5.00% | | 04/01/2030 | | | 90 | | 101,229 |
California (State of), Series 2020 B, GO Bonds
| 5.00% | | 11/01/2034 | | | 335 | | 374,944 |
California (State of), Series 2020, GO Bonds
| 5.00% | | 03/01/2030 | | | 25 | | 28,085 |
California (State of), Series 2020, GO Bonds
| 5.00% | | 03/01/2032 | | | 20 | | 22,301 |
California (State of), Series 2020, GO Bonds
| 5.00% | | 11/01/2032 | | | 10 | | 11,260 |
California (State of), Series 2020, GO Bonds
| 5.00% | | 03/01/2033 | | | 5 | | 5,556 |
California (State of), Series 2020, GO Bonds
| 5.00% | | 03/01/2034 | | | 200 | | 221,761 |
California (State of), Series 2020, GO Bonds
| 5.00% | | 03/01/2034 | | | 250 | | 277,202 |
California (State of), Series 2020, GO Bonds
| 4.00% | | 11/01/2035 | | | 100 | | 104,837 |
California (State of), Series 2020, GO Bonds
| 5.00% | | 03/01/2036 | | | 150 | | 165,276 |
California (State of), Series 2020, Ref. GO Bonds
| 4.00% | | 11/01/2030 | | | 40 | | 43,111 |
California (State of), Series 2020, Ref. GO Bonds
| 5.00% | | 11/01/2030 | | | 155 | | 175,820 |
California (State of), Series 2020, Ref. GO Bonds
| 5.00% | | 03/01/2032 | | | 50 | | 55,752 |
California (State of), Series 2020, Ref. GO Bonds
| 5.00% | | 11/01/2032 | | | 20 | | 22,520 |
California (State of), Series 2020, Ref. GO Bonds
| 5.00% | | 03/01/2033 | | | 45 | | 50,005 |
California (State of), Series 2020, Ref. GO Bonds
| 5.00% | | 03/01/2035 | | | 650 | | 718,491 |
California (State of), Series 2020, Ref. GO Bonds
| 4.00% | | 03/01/2036 | | | 510 | | 531,008 |
California (State of), Series 2020, Ref. GO Bonds
| 4.00% | | 11/01/2036 | | | 250 | | 260,756 |
California (State of), Series 2020, Ref. GO Bonds
| 4.00% | | 03/01/2037 | | | 60 | | 62,289 |
California (State of), Series 2020, Ref. GO Bonds
| 4.00% | | 11/01/2037 | | | 155 | | 161,100 |
California (State of), Series 2020, Ref. GO Bonds
| 4.00% | | 03/01/2038 | | | 175 | | 180,811 |
California (State of), Series 2020, Ref. GO Bonds
| 4.00% | | 11/01/2040 | | | 30 | | 30,783 |
California (State of), Series 2021, GO Bonds
| 5.00% | | 10/01/2030 | | | 280 | | 317,233 |
California (State of), Series 2021, GO Bonds
| 5.00% | | 12/01/2035 | | | 80 | | 89,254 |
California (State of), Series 2021, GO Bonds
| 5.00% | | 12/01/2036 | | | 80 | | 88,916 |
California (State of), Series 2021, GO Bonds
| 5.00% | | 12/01/2043 | | | 60 | | 65,439 |
California (State of), Series 2021, Ref. GO Bonds
| 5.00% | | 09/01/2030 | | | 50 | | 56,581 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2030 Municipal Bond ETF (BSMU)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| California-(continued) | | | | | | | | |
California (State of), Series 2021, Ref. GO Bonds
| 5.00% | | 12/01/2030 | | $ | 500 | | $ 567,834 |
California (State of), Series 2022, GO Bonds
| 5.00% | | 04/01/2030 | | | 100 | | 112,477 |
California (State of), Series 2022, Ref. GO Bonds
| 5.00% | | 09/01/2030 | | | 35 | | 39,607 |
California (State of), Series 2023, Ref. GO Bonds
| 5.00% | | 09/01/2030 | | | 10 | | 11,316 |
California (State of), Series 2023, Ref. GO Bonds
| 5.00% | | 09/01/2030 | | | 60 | | 67,897 |
California (State of) Department of Water Resources, Series 2020 BB, Ref. RB
| 5.00% | | 12/01/2030 | | | 30 | | 34,555 |
California (State of) Department of Water Resources, Series 2020 BB, Ref. RB
| 5.00% | | 12/01/2032 | | | 80 | | 91,587 |
California (State of) Department of Water Resources, Series 2020 BB, Ref. RB
| 5.00% | | 12/01/2035 | | | 15 | | 17,065 |
California (State of) Department of Water Resources (Central Valley), Series 2020 BB, Ref. RB
| 5.00% | | 12/01/2033 | | | 245 | | 280,047 |
California (State of) Department of Water Resources (Central Valley), Series 2021, RB
| 5.00% | | 12/01/2030 | | | 55 | | 63,351 |
California (State of) Department of Water Resources (Central Valley), Series 2022 BF, Ref. RB
| 5.00% | | 12/01/2030 | | | 10 | | 11,518 |
California (State of) Health Facilities Financing Authority (Commonspirit Health), Series 2020 A, Ref. RB
| 5.00% | | 04/01/2032 | | | 30 | | 33,365 |
California (State of) Health Facilities Financing Authority (Commonspirit Health), Series 2020 A, Ref. RB
| 5.00% | | 04/01/2033 | | | 60 | | 66,457 |
California (State of) Health Facilities Financing Authority (Commonspirit Health), Series 2020 A, Ref. RB
| 4.00% | | 04/01/2038 | | | 150 | | 151,887 |
California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2020 A, Ref. RB
| 4.00% | | 08/15/2050 | | | 400 | | 394,084 |
California (State of) Infrastructure & Economic Development Bank (Academy Motion Picture Arts & Sciences Obligated Group), Series 2020, RB
| 5.00% | | 11/01/2030 | | | 215 | | 244,797 |
California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds), Series 2023, RB
| 5.00% | | 10/01/2030 | | | 25 | | 28,718 |
California (State of) Public Works Board, Series 2022 A, Ref. RB
| 5.00% | | 08/01/2030 | | | 70 | | 79,036 |
California (State of) Public Works Board, Series 2022 C, Ref. RB
| 5.00% | | 08/01/2030 | | | 15 | | 16,936 |
California (State of) Public Works Board, Series 2023 B, Ref. RB
| 5.00% | | 12/01/2030 | | | 40 | | 45,377 |
California (State of) Public Works Board, Series 2023 C, Ref. RB
| 5.00% | | 09/01/2030 | | | 65 | | 73,478 |
California (State of) Public Works Board (Various Capital), Series 2019 C, RB
| 5.00% | | 11/01/2030 | | | 85 | | 94,599 |
California (State of) Statewide Communities Development Authority (Odd Fellows Home of California), Series 2023, Ref. RB, (INS - Cal-Mortgage)(a)
| 4.00% | | 04/01/2043 | | | 50 | | 50,527 |
Cambrian School District, Series 2022, GO Bonds
| 4.00% | | 08/01/2052 | | | 25 | | 24,907 |
Chino Valley Unified School District, Series 2020 B, GO Bonds
| 5.00% | | 08/01/2055 | | | 445 | | 474,887 |
Clovis Unified School District (Election of 2020), Series 2022 B, GO Bonds
| 5.00% | | 08/01/2047 | | | 15 | | 16,196 |
East Bay Municipal Utility District, Series 2024 B, Ref. RB
| 5.00% | | 06/01/2030 | | | 40 | | 45,697 |
Eastern Municipal Water District Financing Authority, Series 2020 A, Ref. RB
| 5.00% | | 07/01/2036 | | | 70 | | 78,898 |
Eastern Municipal Water District Financing Authority, Series 2020 A, Ref. RB
| 4.00% | | 07/01/2038 | | | 55 | | 57,042 |
El Dorado Irrigation District, Series 2020 A, COP
| 4.00% | | 03/01/2050 | | | 150 | | 149,333 |
Fresno Unified School District, Series 2022 B, GO Bonds
| 4.00% | | 08/01/2052 | | | 120 | | 118,362 |
Fresno Unified School District, Series 2022 B, GO Bonds
| 4.00% | | 08/01/2055 | | | 50 | | 49,533 |
Inglewood Unified School District, Series 2021 A, GO Bonds, (INS - AGM)(a)
| 4.00% | | 08/01/2046 | | | 25 | | 25,014 |
Inglewood Unified School District, Series 2021 A, GO Bonds, (INS - AGM)(a)
| 4.00% | | 08/01/2051 | | | 100 | | 98,820 |
Long Beach (City of), CA Bond Finance Authority, Series 2007 A, RB
| 5.50% | | 11/15/2030 | | | 50 | | 55,302 |
Los Angeles (City of), CA Department of Airports, Series 2020 B, Ref. RB
| 5.00% | | 05/15/2034 | | | 200 | | 225,785 |
Los Angeles (City of), CA Department of Airports, Series 2020 B, Ref. RB
| 4.00% | | 05/15/2036 | | | 120 | | 125,959 |
Los Angeles (City of), CA Department of Airports, Series 2020 D, RB
| 5.00% | | 05/15/2044 | | | 215 | | 234,233 |
Los Angeles (City of), CA Department of Airports, Series 2020 D, RB
| 4.00% | | 05/15/2048 | | | 30 | | 29,839 |
Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2020, Ref. RB
| 5.00% | | 05/15/2030 | | | 10 | | 11,273 |
Los Angeles (City of), CA Department of Water & Power, Series 2020 A, Ref. RB
| 5.00% | | 07/01/2040 | | | 435 | | 480,584 |
Los Angeles (City of), CA Department of Water & Power, Series 2020 A, Ref. RB
| 5.00% | | 07/01/2041 | | | 10 | | 10,977 |
Los Angeles (City of), CA Department of Water & Power, Series 2020 A, Ref. RB
| 5.00% | | 07/01/2050 | | | 245 | | 263,497 |
Los Angeles (City of), CA Department of Water & Power, Series 2020 B, Ref. RB
| 4.00% | | 07/01/2030 | | | 85 | | 92,250 |
Los Angeles (City of), CA Department of Water & Power, Series 2020 B, Ref. RB
| 5.00% | | 07/01/2039 | | | 25 | | 27,802 |
Los Angeles (City of), CA Department of Water & Power, Series 2020 B, Ref. RB
| 5.00% | | 07/01/2040 | | | 80 | | 88,293 |
Los Angeles (City of), CA Department of Water & Power, Series 2020 B, Ref. RB
| 5.00% | | 07/01/2050 | | | 25 | | 26,860 |
Los Angeles (City of), CA Department of Water & Power, Series 2021 C, Ref. RB
| 5.00% | | 07/01/2033 | | | 20 | | 22,680 |
Los Angeles (City of), CA Department of Water & Power, Series 2021 C, Ref. RB
| 5.00% | | 07/01/2034 | | | 120 | | 135,761 |
Los Angeles (City of), CA Department of Water & Power, Series 2021 C, Ref. RB
| 5.00% | | 07/01/2036 | | | 140 | | 157,219 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2030 Municipal Bond ETF (BSMU)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| California-(continued) | | | | | | | | |
Los Angeles (City of), CA Department of Water & Power, Series 2021 C, Ref. RB
| 5.00% | | 07/01/2037 | | $ | 60 | | $ 67,223 |
Los Angeles (City of), CA Department of Water & Power, Series 2021 C, Ref. RB
| 5.00% | | 07/01/2041 | | | 120 | | 131,720 |
Los Angeles (City of), CA Department of Water & Power, Series 2023 A, Ref. RB
| 5.00% | | 07/01/2030 | | | 60 | | 68,711 |
Los Angeles (City of), CA Department of Water & Power, Series 2024 A, RB
| 5.00% | | 07/01/2030 | | | 30 | | 34,391 |
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020 A, RB
| 4.00% | | 06/01/2035 | | | 50 | | 52,744 |
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020 A, RB
| 4.00% | | 06/01/2036 | | | 90 | | 94,375 |
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020 A, RB
| 5.00% | | 06/01/2036 | | | 275 | | 307,741 |
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020 A, RB
| 4.00% | | 06/01/2037 | | | 5 | | 5,220 |
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020 A, RB
| 5.00% | | 06/01/2037 | | | 405 | | 451,701 |
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020, RB
| 5.00% | | 06/01/2033 | | | 25 | | 28,185 |
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020, RB
| 5.00% | | 06/01/2034 | | | 155 | | 174,518 |
Los Angeles (County of), CA Public Works Financing Authority (Green Bonds), Series 2020 A, RB
| 5.00% | | 12/01/2045 | | | 150 | | 162,948 |
Los Angeles Community College District, Series 2023 D, GO Bonds
| 5.00% | | 08/01/2030 | | | 20 | | 23,019 |
Los Angeles Unified School District, Series 2019 A, Ref. GO Bonds
| 5.00% | | 07/01/2030 | | | 115 | | 128,273 |
Los Angeles Unified School District, Series 2020 A, Ref. GO Bonds
| 5.00% | | 07/01/2032 | | | 235 | | 266,296 |
Los Angeles Unified School District, Series 2020 C, GO Bonds
| 5.00% | | 07/01/2030 | | | 40 | | 45,737 |
Los Angeles Unified School District, Series 2020 C, GO Bonds
| 4.00% | | 07/01/2032 | | | 40 | | 42,584 |
Los Angeles Unified School District, Series 2020 C, GO Bonds
| 4.00% | | 07/01/2033 | | | 25 | | 26,522 |
Los Angeles Unified School District, Series 2020 C, GO Bonds
| 4.00% | | 07/01/2035 | | | 10 | | 10,514 |
Los Angeles Unified School District, Series 2020 C, GO Bonds
| 4.00% | | 07/01/2037 | | | 35 | | 36,414 |
Los Angeles Unified School District, Series 2020 C, GO Bonds
| 4.00% | | 07/01/2044 | | | 20 | | 20,196 |
Los Angeles Unified School District, Series 2020 RYQ, GO Bonds
| 5.00% | | 07/01/2032 | | | 190 | | 215,303 |
Los Angeles Unified School District, Series 2020 RYQ, GO Bonds
| 5.00% | | 07/01/2033 | | | 325 | | 367,616 |
Los Angeles Unified School District, Series 2020 RYQ, GO Bonds
| 5.00% | | 07/01/2035 | | | 365 | | 410,649 |
Los Angeles Unified School District, Series 2020 RYQ, GO Bonds
| 4.00% | | 07/01/2036 | | | 5 | | 5,225 |
Los Angeles Unified School District, Series 2020 RYQ, GO Bonds
| 4.00% | | 07/01/2038 | | | 15 | | 15,509 |
Los Angeles Unified School District, Series 2020 RYQ, GO Bonds
| 4.00% | | 07/01/2040 | | | 75 | | 76,721 |
Los Angeles Unified School District, Series 2023 A, COP
| 5.00% | | 10/01/2030 | | | 125 | | 141,472 |
Los Angeles Unified School District, Series 2024 A, Ref. GO Bonds
| 5.00% | | 07/01/2030 | | | 85 | | 97,191 |
Metropolitan Water District of Southern California, Series 2020 C, Ref. RB
| 5.00% | | 07/01/2038 | | | 50 | | 55,936 |
Metropolitan Water District of Southern California, Series 2020 C, Ref. RB
| 5.00% | | 07/01/2039 | | | 135 | | 150,361 |
Metropolitan Water District of Southern California, Series 2020 C, Ref. RB
| 5.00% | | 07/01/2040 | | | 200 | | 221,860 |
Montebello Unified School District, Series 2022 B, GO Bonds, (INS - AGM)(a)
| 5.00% | | 08/01/2050 | | | 5 | | 5,298 |
Mountain House Public Financing Authority (Green Bonds), Series 2020 A, RB, (INS - BAM)(a)
| 4.00% | | 12/01/2050 | | | 250 | | 246,551 |
Orange (County of), CA Local Transportation Authority, Series 2019, RB
| 5.00% | | 02/15/2030 | | | 10 | | 11,123 |
Oxnard Union High School District (Election of 2018), Series 2022 C, GO Bonds
| 4.00% | | 08/01/2047 | | | 150 | | 150,186 |
Sacramento (City of), CA Financing Authority (Westlake and Regency Park), Series 2006, Ref. RB, (INS - AMBAC)(a)
| 5.25% | | 12/01/2030 | | | 90 | | 101,508 |
Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2019 G, RB
| 5.00% | | 08/15/2030 | | | 75 | | 84,012 |
Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2020 H, RB
| 5.00% | | 08/15/2035 | | | 40 | | 45,203 |
Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2020 H, RB
| 5.00% | | 08/15/2036 | | | 255 | | 286,833 |
Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2020 H, RB
| 5.00% | | 08/15/2038 | | | 25 | | 27,897 |
Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2020 H, RB
| 4.00% | | 08/15/2045 | | | 15 | | 15,119 |
Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2020 H, RB
| 5.00% | | 08/15/2050 | | | 120 | | 129,775 |
Sacramento (County of), CA Sanitation Districts Financing Authority, Series 2020 A, Ref. RB
| 5.00% | | 12/01/2050 | | | 300 | | 324,009 |
San Diego (City of), CA Public Facilities Financing Authority (Capital Improvement), Series 2021 A, RB
| 5.00% | | 10/15/2046 | | | 20 | | 21,574 |
San Diego (City of), CA Public Facilities Financing Authority (Capital Improvement), Series 2021 A, RB
| 4.00% | | 10/15/2050 | | | 20 | | 19,856 |
San Diego (County of), CA Regional Transportation Commission, Series 2020 A, Ref. RB
| 4.00% | | 04/01/2048 | | | 30 | | 30,023 |
San Diego (County of), CA Water Authority (Green Bonds), Series 2021 B, Ref. RB
| 5.00% | | 05/01/2030 | | | 50 | | 57,042 |
San Diego Community College District, Series 2024, GO Bonds
| 5.00% | | 08/01/2030 | | | 60 | | 68,735 |
San Diego Unified School District (Election of 2012), Series 2020 M-2, GO Bonds
| 4.00% | | 07/01/2050 | | | 145 | | 145,131 |
San Diego Unified School District (Election of 2018), Series 2020 D-2, GO Bonds
| 4.00% | | 07/01/2036 | | | 40 | | 42,103 |
San Diego Unified School District (Election of 2018), Series 2020 D-2, GO Bonds
| 4.00% | | 07/01/2050 | | | 20 | | 20,018 |
San Diego Unified School District (Green Bonds), Series 2022 F-2, GO Bonds
| 5.00% | | 07/01/2030 | | | 40 | | 45,690 |
San Francisco (City & County of), CA, Series 2022-R1, Ref. GO Bonds
| 5.00% | | 06/15/2030 | | | 5 | | 5,730 |
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2019 D, Ref. RB
| 5.00% | | 05/01/2030 | | | 5 | | 5,563 |
San Francisco (City & County of), CA Public Utilities Commission, Series 2020 A, RB
| 5.00% | | 11/01/2045 | | | 10 | | 10,841 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2030 Municipal Bond ETF (BSMU)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| California-(continued) | | | | | | | | |
San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2020 A, RB
| 5.00% | | 11/01/2050 | | $ | 280 | | $ 300,940 |
San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2023 A, RB
| 5.00% | | 10/01/2030 | | | 15 | | 17,267 |
San Francisco (City & County of), CA Public Utilities Commission (Local Water), Series 2020 C, RB
| 4.00% | | 11/01/2050 | | | 100 | | 99,113 |
San Francisco (County of), CA Transportation Authority, Series 2017, RB
| 3.00% | | 02/01/2030 | | | 200 | | 200,014 |
San Francisco Community College District (Election of 2020), Series 2020 A, GO Bonds
| 4.00% | | 06/15/2045 | | | 100 | | 100,069 |
San Francisco Unified School District (Election of 2016), Series 2022 C, GO Bonds
| 5.00% | | 06/15/2039 | | | 15 | | 16,543 |
San Francisco Unified School District (Election of 2016), Series 2022 C, GO Bonds
| 5.00% | | 06/15/2041 | | | 170 | | 185,809 |
San Juan Unified School District (Election of 2016), Series 2022, GO Bonds
| 4.00% | | 08/01/2046 | | | 25 | | 24,823 |
San Rafael City High School District, Series 2022 A, GO Bonds
| 5.25% | | 08/01/2052 | | | 100 | | 108,810 |
Santa Clara Valley Transportation Authority, Series 2023 A, Ref. RB
| 5.00% | | 04/01/2030 | | | 20 | | 22,785 |
Santa Rosa (City of), CA, Series 2020 A, RB
| 5.00% | | 09/01/2034 | | | 100 | | 113,330 |
Southern California Public Power Authority (Mangolia Power), Series 2020 A-1, Ref. RB
| 5.00% | | 07/01/2036 | | | 25 | | 28,006 |
Sunnyvale Financing Authority (Green Bonds), Series 2020, RB
| 4.00% | | 04/01/2045 | | | 200 | | 200,586 |
Transbay Joint Powers Authority (Green Bonds), Series 2020 A, RB
| 5.00% | | 10/01/2045 | | | 45 | | 46,477 |
Turlock (City of), CA Irrigation District, Series 2020, Ref. RB
| 5.00% | | 01/01/2041 | | | 250 | | 272,719 |
University of California, Series 2020 BE, Ref. RB
| 5.00% | | 05/15/2032 | | | 25 | | 28,157 |
University of California, Series 2020 BE, Ref. RB
| 5.00% | | 05/15/2033 | | | 25 | | 28,090 |
University of California, Series 2020 BE, Ref. RB
| 5.00% | | 05/15/2034 | | | 10 | | 11,199 |
University of California, Series 2020 BE, Ref. RB
| 5.00% | | 05/15/2035 | | | 95 | | 105,876 |
University of California, Series 2020 BE, Ref. RB
| 4.00% | | 05/15/2037 | | | 10 | | 10,396 |
University of California, Series 2020 BE, Ref. RB
| 5.00% | | 05/15/2038 | | | 310 | | 343,633 |
University of California, Series 2020 BE, Ref. RB
| 5.00% | | 05/15/2039 | | | 195 | | 215,120 |
University of California, Series 2020 BE, Ref. RB
| 4.00% | | 05/15/2040 | | | 10 | | 10,278 |
University of California, Series 2020 BE, Ref. RB
| 5.00% | | 05/15/2043 | | | 100 | | 108,942 |
University of California, Series 2020 BE, Ref. RB
| 4.00% | | 05/15/2047 | | | 380 | | 383,458 |
University of California, Series 2023 BN, Ref. RB
| 5.00% | | 05/15/2030 | | | 75 | | 85,404 |
| | | | | | | | | 19,331,414 |
| Colorado-2.13% | | | | | | | | |
Arapahoe County School District No. 5 Cherry Creek, Series 2021, GO Bonds
| 5.00% | | 12/15/2038 | | | 50 | | 55,237 |
Colorado (State of), Series 2020 A, COP
| 5.00% | | 12/15/2030 | | | 40 | | 45,229 |
Colorado (State of), Series 2020 A, COP
| 5.00% | | 12/15/2033 | | | 25 | | 27,901 |
Colorado (State of), Series 2020 A, COP
| 4.00% | | 12/15/2037 | | | 5 | | 5,140 |
Colorado (State of), Series 2021 A, COP
| 5.00% | | 12/15/2030 | | | 170 | | 192,328 |
Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-2, Ref. RB
| 5.00% | | 08/01/2030 | | | 45 | | 48,601 |
Colorado (State of) Health Facilities Authority (Sanford Health), Series 2019 A, Ref. RB
| 5.00% | | 11/01/2030 | | | 210 | | 229,297 |
Colorado (State of) Health Facilities Authority (SCL Health System), Series 2019 A, Ref. RB
| 4.00% | | 01/01/2035 | | | 10 | | 10,228 |
Colorado (State of) Health Facilities Authority (SCL Health System), Series 2019 A, Ref. RB
| 4.00% | | 01/01/2036 | | | 70 | | 71,331 |
Colorado (State of) Health Facilities Authority (SCL Health System), Series 2019 A, Ref. RB
| 4.00% | | 01/01/2037 | | | 50 | | 50,757 |
Colorado (State of) Health Facilities Authority (SCL Health System), Series 2019 A, Ref. RB
| 4.00% | | 01/01/2038 | | | 205 | | 206,744 |
Colorado (State of) Health Facilities Authority (SCL Health System), Series 2019 B, Ref. RB
| 4.00% | | 01/01/2040 | | | 115 | | 115,624 |
Colorado Springs (City of), CO, Series 2020 C, RB
| 5.00% | | 11/15/2050 | | | 250 | | 264,331 |
Denver (City & County of), CO, Series 2020 A, GO Bonds
| 5.00% | | 08/01/2033 | | | 55 | | 61,786 |
Denver (City & County of), CO, Series 2020 B, Ref. GO Bonds
| 5.00% | | 08/01/2030 | | | 180 | | 204,291 |
Denver City & County School District No. 1, Series 2021, GO Bonds
| 5.00% | | 12/01/2033 | | | 250 | | 281,451 |
Denver City & County School District No. 1, Series 2021, GO Bonds
| 5.00% | | 12/01/2034 | | | 225 | | 252,647 |
Denver City & County School District No. 1, Series 2021, GO Bonds
| 5.00% | | 12/01/2038 | | | 25 | | 27,491 |
Denver City & County School District No. 1, Series 2021, GO Bonds
| 5.00% | | 12/01/2039 | | | 20 | | 21,933 |
E-470 Public Highway Authority, Series 2020 A, Ref. RB
| 5.00% | | 09/01/2034 | | | 15 | | 16,578 |
E-470 Public Highway Authority, Series 2020 A, Ref. RB
| 5.00% | | 09/01/2036 | | | 5 | | 5,471 |
Jefferson County School District R-1, Series 2020, GO Bonds
| 4.00% | | 12/15/2032 | | | 85 | | 90,349 |
Jefferson County School District R-1, Series 2020, GO Bonds
| 4.00% | | 12/15/2033 | | | 5 | | 5,291 |
Jefferson County School District R-1, Series 2020, GO Bonds
| 4.00% | | 12/15/2034 | | | 5 | | 5,253 |
Jefferson County School District R-1, Series 2020, GO Bonds
| 4.00% | | 12/15/2035 | | | 60 | | 62,749 |
Jefferson County School District R-1, Series 2020, GO Bonds
| 4.00% | | 12/15/2036 | | | 10 | | 10,398 |
Jefferson County School District R-1, Series 2020, GO Bonds
| 4.00% | | 12/15/2037 | | | 10 | | 10,365 |
Weld County School District No. RE-5J, Series 2021, GO Bonds
| 4.00% | | 12/01/2045 | | | 10 | | 9,960 |
| | | | | | | | | 2,388,761 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2030 Municipal Bond ETF (BSMU)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Connecticut-2.23% | | | | | | | | |
Connecticut (State of), Series 2020 A, GO Bonds
| 5.00% | | 01/15/2030 | | $ | 40 | | $ 44,932 |
Connecticut (State of), Series 2020 A, GO Bonds
| 5.00% | | 01/15/2032 | | | 5 | | 5,567 |
Connecticut (State of), Series 2020 A, GO Bonds
| 4.00% | | 01/15/2033 | | | 5 | | 5,239 |
Connecticut (State of), Series 2020 A, GO Bonds
| 4.00% | | 01/15/2038 | | | 35 | | 35,876 |
Connecticut (State of), Series 2020 A, GO Bonds
| 5.00% | | 01/15/2040 | | | 10 | | 10,812 |
Connecticut (State of), Series 2020 A, RB
| 5.00% | | 05/01/2034 | | | 100 | | 111,037 |
Connecticut (State of), Series 2020 A, RB
| 5.00% | | 05/01/2038 | | | 245 | | 268,241 |
Connecticut (State of), Series 2020 A, RB
| 4.00% | | 05/01/2039 | | | 10 | | 10,195 |
Connecticut (State of), Series 2020 C, GO Bonds
| 4.00% | | 06/01/2030 | | | 60 | | 64,006 |
Connecticut (State of), Series 2020 C, GO Bonds
| 4.00% | | 06/01/2032 | | | 30 | | 31,647 |
Connecticut (State of), Series 2020 C, GO Bonds
| 4.00% | | 06/01/2033 | | | 205 | | 215,294 |
Connecticut (State of), Series 2020 C, GO Bonds
| 4.00% | | 06/01/2035 | | | 10 | | 10,404 |
Connecticut (State of), Series 2020 C, GO Bonds
| 4.00% | | 06/01/2037 | | | 250 | | 257,148 |
Connecticut (State of), Series 2020 C, GO Bonds
| 4.00% | | 06/01/2038 | | | 270 | | 276,783 |
Connecticut (State of), Series 2020, RB
| 5.00% | | 05/01/2030 | | | 250 | | 282,099 |
Connecticut (State of), Series 2020, RB
| 5.00% | | 05/01/2033 | | | 20 | | 22,291 |
Connecticut (State of), Series 2020, RB
| 4.00% | | 05/01/2036 | | | 10 | | 10,337 |
Connecticut (State of), Series 2020, RB
| 5.00% | | 05/01/2037 | | | 120 | | 131,795 |
Connecticut (State of), Series 2020, RB
| 5.00% | | 05/01/2040 | | | 10 | | 10,852 |
Connecticut (State of), Series 2021 A, GO Bonds
| 4.00% | | 01/15/2030 | | | 15 | | 15,962 |
Connecticut (State of), Series 2021 A, RB
| 5.00% | | 05/01/2030 | | | 90 | | 101,606 |
Connecticut (State of), Series 2021 D, RB
| 5.00% | | 11/01/2030 | | | 35 | | 39,787 |
Connecticut (State of), Series 2022 D, Ref. GO Bonds
| 5.00% | | 09/15/2030 | | | 220 | | 249,619 |
Connecticut (State of), Series 2022 E, GO Bonds
| 5.00% | | 11/15/2030 | | | 15 | | 17,061 |
Connecticut (State of), Series 2022 F, Ref. GO Bonds
| 5.00% | | 11/15/2030 | | | 110 | | 125,113 |
Connecticut (State of), Series 2024 A, GO Bonds
| 5.00% | | 01/15/2030 | | | 5 | | 5,616 |
Connecticut (State of) (Green Bonds), Series 2021 B, GO Bonds
| 4.00% | | 06/01/2030 | | | 20 | | 21,335 |
Connecticut (State of) Health & Educational Facilities Authority (Hartford Healthcare), Series 2020 A, RB
| 4.00% | | 07/01/2038 | | | 100 | | 100,982 |
Connecticut (State of) Health & Educational Facilities Authority (Hartford Healthcare), Series 2020 A, RB
| 4.00% | | 07/01/2039 | | | 25 | | 25,013 |
| | | | | | | | | 2,506,649 |
| Delaware-0.58% | | | | | | | | |
Delaware (State of), Series 2020 A, GO Bonds
| 5.00% | | 01/01/2030 | | | 250 | | 281,716 |
Delaware (State of), Series 2020 A, GO Bonds
| 4.00% | | 01/01/2032 | | | 100 | | 106,444 |
Delaware (State of) Transportation Authority, Series 2020, Ref. RB
| 5.00% | | 07/01/2030 | | | 235 | | 265,697 |
| | | | | | | | | 653,857 |
| District of Columbia-2.16% | | | | | | | | |
District of Columbia, Series 2019 A, RB
| 5.00% | | 03/01/2030 | | | 65 | | 72,207 |
District of Columbia, Series 2019 C, Ref. RB
| 5.00% | | 10/01/2030 | | | 10 | | 11,104 |
District of Columbia, Series 2020 A, RB
| 5.00% | | 03/01/2032 | | | 200 | | 223,008 |
District of Columbia, Series 2020 A, RB
| 5.00% | | 03/01/2034 | | | 250 | | 277,268 |
District of Columbia, Series 2020 A, RB
| 5.00% | | 03/01/2035 | | | 50 | | 55,309 |
District of Columbia, Series 2020 A, RB
| 5.00% | | 03/01/2036 | | | 195 | | 215,014 |
District of Columbia, Series 2020 A, RB
| 5.00% | | 03/01/2037 | | | 170 | | 186,819 |
District of Columbia, Series 2020 A, RB
| 5.00% | | 03/01/2039 | | | 60 | | 65,265 |
District of Columbia, Series 2020 B, Ref. RB
| 5.00% | | 10/01/2030 | | | 50 | | 56,679 |
District of Columbia, Series 2020 C, RB
| 5.00% | | 05/01/2035 | | | 220 | | 243,879 |
District of Columbia, Series 2020 C, RB
| 5.00% | | 05/01/2036 | | | 35 | | 38,662 |
District of Columbia, Series 2020 C, RB
| 4.00% | | 05/01/2038 | | | 25 | | 25,775 |
District of Columbia, Series 2020, RB
| 5.00% | | 12/01/2030 | | | 60 | | 66,043 |
District of Columbia, Series 2023 B, Ref. GO Bonds
| 5.00% | | 06/01/2030 | | | 5 | | 5,640 |
Washington Metropolitan Area Transit Authority, Series 2020 A, RB
| 5.00% | | 07/15/2035 | | | 100 | | 111,023 |
Washington Metropolitan Area Transit Authority, Series 2020 A, RB
| 5.00% | | 07/15/2037 | | | 395 | | 435,662 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2030 Municipal Bond ETF (BSMU)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| District of Columbia-(continued) | | | | | | | | |
Washington Metropolitan Area Transit Authority, Series 2020 A, RB
| 5.00% | | 07/15/2039 | | $ | 105 | | $ 114,600 |
Washington Metropolitan Area Transit Authority, Series 2020 A, RB
| 5.00% | | 07/15/2045 | | | 205 | | 218,303 |
| | | | | | | | | 2,422,260 |
| Florida-2.90% | | | | | | | | |
Broward (County of), FL School Board, Series 2020 A, COP
| 5.00% | | 07/01/2030 | | | 40 | | 44,903 |
Broward (County of), FL School Board, Series 2020 A, COP
| 5.00% | | 07/01/2032 | | | 10 | | 11,091 |
Broward (County of), FL School Board, Series 2020 A, COP
| 5.00% | | 07/01/2033 | | | 100 | | 110,723 |
Broward (County of), FL School Board, Series 2020 A, COP
| 5.00% | | 07/01/2034 | | | 95 | | 104,939 |
Central Florida Expressway Authority, Series 2021, Ref. RB, (INS - AGM)(a)
| 5.00% | | 07/01/2030 | | | 165 | | 186,267 |
Duval County (County of), FL School Board, Series 2022 A, COP, (INS - AGM)(a)
| 5.00% | | 07/01/2030 | | | 25 | | 27,907 |
Duval County (County of), FL School Board, Series 2022 A, COP, (INS - AGM)(a)
| 5.00% | | 07/01/2032 | | | 205 | | 227,489 |
Duval County (County of), FL School Board, Series 2022 A, COP, (INS - AGM)(a)
| 5.00% | | 07/01/2034 | | | 135 | | 149,352 |
Duval County (County of), FL School Board, Series 2022 A, COP, (INS - AGM)(a)
| 5.00% | | 07/01/2035 | | | 100 | | 110,516 |
Florida (State of), Series 2021 A, Ref. GO Bonds
| 5.00% | | 06/01/2030 | | | 215 | | 243,644 |
Florida (State of), Series 2021 B, Ref. GO Bonds
| 5.00% | | 06/01/2030 | | | 30 | | 33,997 |
Florida (State of), Series 2022 B, Ref. GO Bonds
| 5.00% | | 06/01/2030 | | | 50 | | 56,662 |
Florida (State of) (Right-of-Way Acquisition), Series 2021 A, Ref. GO Bonds
| 5.00% | | 07/01/2030 | | | 70 | | 79,387 |
Jacksonville (City of), FL, Series 2015, Ref. RB
| 3.00% | | 10/01/2030 | | | 50 | | 49,659 |
JEA Electric System, Series 2020 3-A, Ref. RB
| 5.00% | | 10/01/2034 | | | 65 | | 71,590 |
JEA Electric System, Series 2020 3-A, Ref. RB
| 5.00% | | 10/01/2035 | | | 115 | | 125,219 |
JEA Water & Sewer System, Series 2024 A, Ref. RB
| 5.00% | | 10/01/2030 | | | 5 | | 5,650 |
Miami-Dade (County of), FL, Series 2016, GO Bonds
| 4.00% | | 07/01/2036 | | | 45 | | 46,755 |
Miami-Dade (County of), FL, Series 2020 A, Ref. RB
| 5.00% | | 10/01/2032 | | | 50 | | 55,464 |
Miami-Dade (County of), FL, Series 2020 A, Ref. RB
| 4.00% | | 10/01/2036 | | | 305 | | 310,422 |
Miami-Dade (County of), FL, Series 2020 A, Ref. RB
| 4.00% | | 10/01/2037 | | | 115 | | 116,658 |
Miami-Dade (County of), FL, Series 2020 A, Ref. RB
| 4.00% | | 10/01/2041 | | | 100 | | 99,244 |
Miami-Dade (County of), FL, Series 2020 C, RB
| 4.00% | | 04/01/2036 | | | 145 | | 147,894 |
Miami-Dade (County of), FL, Series 2021, RB
| 5.00% | | 10/01/2030 | | | 35 | | 39,549 |
Miami-Dade (County of), FL Transit System, Series 2020 A, RB
| 5.00% | | 07/01/2043 | | | 20 | | 21,407 |
North Miami Beach (City of), FL, Series 2020 A, RB
| 5.00% | | 08/01/2049 | | | 250 | | 264,909 |
Palm Beach County School District, Series 2020 A, COP
| 5.00% | | 08/01/2033 | | | 100 | | 111,016 |
Palm Beach County School District, Series 2020 A, COP
| 5.00% | | 08/01/2034 | | | 80 | | 89,196 |
Pasco (County of), FL School Board, Series 2020 C, COP, (INS - AGM)(a)
| 5.00% | | 08/01/2033 | | | 5 | | 5,559 |
Pasco (County of), FL School Board, Series 2020 C, COP, (INS - AGM)(a)
| 5.00% | | 08/01/2035 | | | 20 | | 22,103 |
Polk (County of), FL, Series 2020, Ref. RB
| 4.00% | | 10/01/2043 | | | 60 | | 60,803 |
Sarasota (County of), FL, Series 2020 A, RB
| 5.00% | | 10/01/2045 | | | 5 | | 5,350 |
Tampa (City of), FL, Series 2020 A, RB
| 5.00% | | 10/01/2046 | | | 200 | | 217,049 |
| | | | | | | | | 3,252,373 |
| Georgia-1.61% | | | | | | | | |
Atlanta (City of), GA, Series 2004, RB, (INS - AGM)(a)
| 5.75% | | 11/01/2030 | | | 105 | | 123,687 |
Atlanta (City of), GA Department of Aviation, Series 2020 A, Ref. RB
| 5.00% | | 07/01/2030 | | | 10 | | 11,295 |
DeKalb (County of), GA, Series 2022, Ref. RB
| 5.00% | | 10/01/2030 | | | 10 | | 11,366 |
Gainesville (City of) & Hall (County of), GA Hospital Authority (Northeast Georgia Health System, Inc.), Series 2020, Ref. RB
| 5.00% | | 02/15/2032 | | | 100 | | 109,549 |
Gainesville (City of) & Hall (County of), GA Hospital Authority (Northeast Georgia Health System, Inc.), Series 2020, Ref. RB
| 5.00% | | 02/15/2033 | | | 30 | | 32,759 |
Georgia (State of), Series 2022 A, GO Bonds
| 5.00% | | 07/01/2030 | | | 65 | | 73,830 |
Georgia (State of), Series 2023 C, Ref. GO Bonds
| 4.00% | | 01/01/2030 | | | 30 | | 32,207 |
Georgia (State of) (Bid Group 2), Series 2020 A, GO Bonds
| 4.00% | | 08/01/2034 | | | 5 | | 5,288 |
Georgia (State of) (Bidding Group 1), Series 2020 A, GO Bonds
| 5.00% | | 08/01/2030 | | | 50 | | 56,865 |
Georgia (State of) (Bidding Group 1), Series 2020 A, GO Bonds
| 5.00% | | 08/01/2032 | | | 25 | | 28,178 |
Georgia (State of) (Bidding Group 1), Series 2020 A, GO Bonds
| 4.00% | | 08/01/2035 | | | 20 | | 21,095 |
Georgia (State of) (Bidding Group 1), Series 2021 A, Ref. GO Bonds
| 5.00% | | 07/01/2030 | | | 10 | | 11,358 |
Georgia (State of) (Bidding Group 2), Series 2020 A, GO Bonds
| 5.00% | | 08/01/2033 | | | 120 | | 135,015 |
Georgia (State of) (Bidding Group 3), Series 2022 C, Ref. GO Bonds
| 5.00% | | 07/01/2030 | | | 105 | | 119,263 |
Georgia (State of) (Tranche 2), Series 2019 A, GO Bonds
| 5.00% | | 07/01/2030 | | | 55 | | 61,105 |
Georgia (State of) Ports Authority, Series 2022, RB
| 5.00% | | 07/01/2030 | | | 60 | | 67,838 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2030 Municipal Bond ETF (BSMU)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Georgia-(continued) | | | | | | | | |
Georgia (State of) Road & Tollway Authority (Garvee), Series 2020, RB
| 5.00% | | 06/01/2030 | | $ | 35 | | $ 39,483 |
Georgia (State of) Road & Tollway Authority (Garvee), Series 2020, RB
| 5.00% | | 06/01/2032 | | | 115 | | 128,767 |
Henry County School District, Series 2021, GO Bonds
| 4.00% | | 08/01/2030 | | | 10 | | 10,735 |
Metropolitan Atlanta Rapid Transit Authority, Series 2024 B, RB
| 5.00% | | 07/01/2030 | | | 30 | | 33,953 |
Private Colleges & Universities Authority (Emory University), Series 2020 B, Ref. RB
| 5.00% | | 09/01/2030 | | | 35 | | 39,586 |
Private Colleges & Universities Authority (Emory University), Series 2020 B, Ref. RB
| 5.00% | | 09/01/2032 | | | 55 | | 61,811 |
Private Colleges & Universities Authority (Emory University), Series 2020 B, Ref. RB
| 5.00% | | 09/01/2033 | | | 250 | | 280,476 |
Private Colleges & Universities Authority (Emory University), Series 2020 B, Ref. RB
| 4.00% | | 09/01/2035 | | | 285 | | 296,611 |
Private Colleges & Universities Authority (Emory University), Series 2020 B, Ref. RB
| 4.00% | | 09/01/2038 | | | 5 | | 5,142 |
Private Colleges & Universities Authority (Emory University), Series 2020 B, Ref. RB
| 4.00% | | 09/01/2039 | | | 10 | | 10,265 |
| | | | | | | | | 1,807,527 |
| Guam-0.04% | | | | | | | | |
Guam (Territory of) Waterworks Authority, Series 2020 A, RB
| 5.00% | | 01/01/2050 | | | 40 | | 41,358 |
| Hawaii-0.84% | | | | | | | | |
Hawaii (State of), Series 2019 FW, GO Bonds
| 5.00% | | 01/01/2030 | | | 15 | | 16,433 |
Hawaii (State of), Series 2020 C, RB
| 5.00% | | 07/01/2050 | | | 125 | | 131,943 |
Hawaii (State of), Series 2020 D, Ref. RB
| 5.00% | | 07/01/2030 | | | 500 | | 561,856 |
Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2020 B, Ref. GO Bonds
| 5.00% | | 03/01/2030 | | | 40 | | 44,848 |
Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2021, GO Bonds
| 5.00% | | 03/01/2030 | | | 165 | | 184,999 |
| | | | | | | | | 940,079 |
| Illinois-3.85% | | | | | | | | |
Chicago (City of), IL, Series 2020 A, Ref. GO Bonds
| 5.00% | | 01/01/2030 | | | 160 | | 172,618 |
Chicago (City of), IL, Series 2023 B, Ref. RB, (INS - AGM)(a)
| 5.00% | | 01/01/2030 | | | 165 | | 183,664 |
Chicago (City of), IL (O’Hare International Airport), Series 2020 A, Ref. RB
| 5.00% | | 01/01/2034 | | | 135 | | 147,498 |
Chicago (City of), IL (O’Hare International Airport), Series 2020 A, Ref. RB
| 4.00% | | 01/01/2035 | | | 135 | | 138,565 |
Chicago (City of), IL (O’Hare International Airport), Series 2020 A, Ref. RB
| 4.00% | | 01/01/2036 | | | 80 | | 81,678 |
Chicago (City of), IL (O’Hare International Airport), Series 2020 A, Ref. RB
| 4.00% | | 01/01/2037 | | | 455 | | 463,066 |
Chicago (City of), IL (O’Hare International Airport), Series 2020 B, Ref. RB
| 5.00% | | 01/01/2032 | | | 20 | | 21,973 |
Chicago (City of), IL Metropolitan Water Reclamation District, Series 2021 C, Ref. GO Bonds
| 5.00% | | 12/01/2030 | | | 30 | | 33,867 |
Cook (County of), IL, Series 2021 A, Ref. GO Bonds
| 5.00% | | 11/15/2033 | | | 200 | | 221,299 |
Illinois (State of), Series 2020 B, GO Bonds
| 5.00% | | 10/01/2030 | | | 220 | | 244,049 |
Illinois (State of), Series 2020 B, GO Bonds
| 4.00% | | 10/01/2032 | | | 60 | | 61,153 |
Illinois (State of), Series 2020 C, GO Bonds
| 4.00% | | 10/01/2037 | | | 25 | | 24,944 |
Illinois (State of), Series 2020, GO Bonds
| 5.50% | | 05/01/2039 | | | 55 | | 60,435 |
Illinois (State of), Series 2021 A, GO Bonds
| 5.00% | | 12/01/2030 | | | 205 | | 227,751 |
Illinois (State of), Series 2022 B, Ref. GO Bonds
| 5.00% | | 03/01/2030 | | | 50 | | 55,114 |
Illinois (State of), Series 2023 B, GO Bonds
| 5.00% | | 05/01/2030 | | | 75 | | 82,827 |
Illinois (State of), Series 2023 B, GO Bonds
| 5.00% | | 12/01/2030 | | | 50 | | 55,557 |
Illinois (State of), Series 2023 D, Ref. GO Bonds
| 5.00% | | 07/01/2030 | | | 90 | | 99,578 |
Illinois (State of) Finance Authority (Advocate Health Care Network), Series 2008 A, Ref. RB
| 5.00% | | 11/01/2030 | | | 200 | | 207,072 |
Illinois (State of) Finance Authority (Green Bonds), Series 2020, RB
| 5.00% | | 07/01/2030 | | | 55 | | 61,804 |
Illinois (State of) Finance Authority (Northshore Edward Elmhurst Health Credit Group), Series 2020, Ref. RB
| 5.00% | | 08/15/2033 | | | 30 | | 33,115 |
Illinois (State of) Finance Authority (Northshore Edward Elmhurst Health Credit Group), Series 2020, Ref. RB
| 5.00% | | 08/15/2034 | | | 95 | | 104,666 |
Illinois (State of) Finance Authority (Northshore University Health), Series 2020, Ref. RB
| 5.00% | | 08/15/2035 | | | 105 | | 115,378 |
Illinois (State of) Finance Authority (Northshore University Health), Series 2020, Ref. RB
| 4.00% | | 08/15/2036 | | | 100 | | 101,199 |
Illinois (State of) Finance Authority (Northshore University Health), Series 2020, Ref. RB
| 4.00% | | 08/15/2038 | | | 45 | | 45,196 |
Illinois (State of) Regional Transportation Authority, Series 2000, RB, (INS - NATL)(a)
| 6.50% | | 07/01/2030 | | | 30 | | 34,380 |
Illinois (State of) Toll Highway Authority, Series 2019 A, Ref. RB
| 5.00% | | 01/01/2030 | | | 35 | | 38,298 |
Illinois (State of) Toll Highway Authority, Series 2019 B, Ref. RB
| 5.00% | | 01/01/2030 | | | 60 | | 66,881 |
Illinois (State of) Toll Highway Authority, Series 2019, Ref. RB
| 5.00% | | 01/01/2030 | | | 175 | | 195,071 |
Rosemont (Village of), IL, Series 2020 A, GO Bonds, (INS - BAM)(a)
| 5.00% | | 12/01/2042 | | | 100 | | 105,893 |
Sales Tax Securitization Corp., Series 2021 A, Ref. RB
| 5.00% | | 01/01/2030 | | | 550 | | 607,327 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2030 Municipal Bond ETF (BSMU)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Illinois-(continued) | | | | | | | | |
Sales Tax Securitization Corp. (Sustainable Bonds), Series 2023 A, Ref. RB
| 4.00% | | 01/01/2042 | | $ | 10 | | $ 10,051 |
University of Illinois, Series 2023 A, Ref. RB
| 5.00% | | 04/01/2030 | | | 195 | | 218,684 |
| | | | | | | | | 4,320,651 |
| Indiana-0.68% | | | | | | | | |
Indiana (State of) Finance Authority (CWA Authority), Series 2021, Ref. RB
| 5.00% | | 10/01/2030 | | | 100 | | 113,237 |
Indiana (State of) Finance Authority (Green Bonds), Series 2021 A, Ref. RB
| 5.00% | | 02/01/2030 | | | 280 | | 315,802 |
Indiana (State of) Finance Authority (Ohio Valley Electrical Corp.), Series 2012 B, RB
| 3.00% | | 11/01/2030 | | | 220 | | 209,079 |
Indiana (State of) Finance Authority (Stadium), Series 2022 A, Ref. RB
| 5.00% | | 02/01/2030 | | | 110 | | 122,590 |
| | | | | | | | | 760,708 |
| Iowa-0.34% | | | | | | | | |
Iowa (State of), Series 2019 A, Ref. RB
| 5.00% | | 06/01/2030 | | | 100 | | 110,724 |
Iowa (State of) Finance Authority, Series 2020 A, RB
| 5.00% | | 08/01/2038 | | | 170 | | 187,859 |
Iowa (State of) Finance Authority, Series 2020 A, RB
| 5.00% | | 08/01/2044 | | | 75 | | 80,620 |
| | | | | | | | | 379,203 |
| Kentucky-0.09% | | | | | | | | |
Kentucky (Commonwealth of) Property & Building Commission (No. 130), Series 2024 B, Ref. RB
| 5.00% | | 11/01/2030 | | | 45 | | 50,446 |
Kentucky Bond Development Corp. (Kentucky Communications Network Authority), Series 2019, RB, (INS - BAM)(a)
| 5.00% | | 09/01/2049 | | | 50 | | 52,563 |
| | | | | | | | | 103,009 |
| Louisiana-0.60% | | | | | | | | |
Louisiana (State of), Series 2019 A, GO Bonds
| 5.00% | | 03/01/2030 | | | 65 | | 71,079 |
Louisiana (State of), Series 2020 A, GO Bonds
| 5.00% | | 03/01/2036 | | | 150 | | 165,076 |
Louisiana (State of), Series 2020 A, GO Bonds
| 5.00% | | 03/01/2037 | | | 10 | | 10,981 |
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Entergy Louisiana LLC), Series 2021, Ref. RB
| 2.00% | | 06/01/2030 | | | 220 | | 198,611 |
Louisiana (State of) Public Facilities Authority (Tulane University of Louisiana), Series 2020, Ref. RB
| 5.00% | | 04/01/2045 | | | 20 | | 21,168 |
New Orleans (City of), LA, Series 2021 A, GO Bonds
| 5.00% | | 12/01/2046 | | | 75 | | 79,969 |
New Orleans (City of), LA, Series 2021 A, GO Bonds
| 5.00% | | 12/01/2050 | | | 115 | | 121,841 |
| | | | | | | | | 668,725 |
| Maine-0.01% | | | | | | | | |
Maine (State of) Turnpike Authority, Series 2020, RB
| 5.00% | | 07/01/2050 | | | 15 | | 15,916 |
| Maryland-2.66% | | | | | | | | |
Baltimore (City of), MD (Water), Series 2020 A, RB
| 5.00% | | 07/01/2050 | | | 100 | | 105,875 |
Baltimore (County of), MD, Series 2020, GO Bonds
| 4.00% | | 03/01/2036 | | | 115 | | 119,619 |
Maryland (State of), First Series 2019, GO Bonds
| 5.00% | | 03/15/2030 | | | 105 | | 115,851 |
Maryland (State of), Series 2020, GO Bonds
| 5.00% | | 08/01/2030 | | | 130 | | 147,696 |
Maryland (State of), Series 2020, GO Bonds
| 5.00% | | 08/01/2032 | | | 105 | | 118,102 |
Maryland (State of), Series 2020, GO Bonds
| 5.00% | | 08/01/2033 | | | 125 | | 140,205 |
Maryland (State of) (Bidding Group 1), Second Series 2021 A, GO Bonds
| 5.00% | | 08/01/2030 | | | 35 | | 39,764 |
Maryland (State of) (Bidding Group 1), Series 2020 A, GO Bonds
| 5.00% | | 03/15/2030 | | | 50 | | 56,504 |
Maryland (State of) (Bidding Group 2), Second Series 2019 A, GO Bonds
| 5.00% | | 08/01/2030 | | | 225 | | 249,769 |
Maryland (State of) (Bidding Group 2), Series 2020 A, GO Bonds
| 5.00% | | 03/15/2032 | | | 25 | | 27,946 |
Maryland (State of) (Bidding Group 2), Series 2020 A, GO Bonds
| 5.00% | | 03/15/2033 | | | 125 | | 139,390 |
Maryland (State of) (Bidding Group 2), Series 2020 A, GO Bonds
| 5.00% | | 08/01/2034 | | | 250 | | 278,582 |
Maryland (State of) (Bidding Group 2), Series 2020 A, GO Bonds
| 4.00% | | 03/15/2035 | | | 10 | | 10,437 |
Maryland (State of) (Bidding Group 2), Series 2020 A, GO Bonds
| 5.00% | | 08/01/2035 | | | 215 | | 238,962 |
Maryland (State of) Department of Transportation, Series 2020, RB
| 5.00% | | 10/01/2030 | | | 170 | | 193,117 |
Maryland (State of) Department of Transportation, Series 2020, RB
| 5.00% | | 10/01/2033 | | | 15 | | 16,769 |
Maryland (State of) Department of Transportation, Series 2020, RB
| 5.00% | | 10/01/2034 | | | 45 | | 50,125 |
Maryland (State of) Department of Transportation, Series 2021 A, RB
| 4.00% | | 10/01/2030 | | | 350 | | 371,300 |
Maryland (State of) Transportation Authority, Series 2021 A, Ref. RB
| 5.00% | | 07/01/2030 | | | 75 | | 84,754 |
Maryland (State of) Transportation Authority (Transportation Facilities), Series 2020, RB
| 5.00% | | 07/01/2030 | | | 45 | | 50,852 |
Maryland (State of) Transportation Authority (Transportation Facilities), Series 2020, RB
| 5.00% | | 07/01/2032 | | | 15 | | 16,825 |
Maryland (State of) Transportation Authority (Transportation Facilities), Series 2020, RB
| 5.00% | | 07/01/2034 | | | 15 | | 16,695 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2030 Municipal Bond ETF (BSMU)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Maryland-(continued) | | | | | | | | |
Maryland (State of) Transportation Authority (Transportation Facilities), Series 2020, RB
| 4.00% | | 07/01/2050 | | $ | 100 | | $ 97,425 |
Montgomery (County of), MD, Series 2020 A, GO Bonds
| 4.00% | | 08/01/2030 | | | 35 | | 37,713 |
Montgomery (County of), MD, Series 2020 B, Ref. GO Bonds
| 4.00% | | 11/01/2030 | | | 100 | | 107,956 |
Prince George’s (County of), MD, Series 2019 A, GO Bonds
| 5.00% | | 07/15/2030 | | | 130 | | 144,333 |
Washington (State of) Suburban Sanitary Commission, Series 2017, Ref. RB
| 3.00% | | 06/01/2030 | | | 15 | | 15,001 |
| | | | | | | | | 2,991,567 |
| Massachusetts-4.11% | | | | | | | | |
Massachusetts (Commonwealth of), Series 2004 A, Ref. GO Bonds, (INS - AMBAC)(a)
| 5.50% | | 08/01/2030 | | | 50 | | 57,166 |
Massachusetts (Commonwealth of), Series 2005, Ref. RB, (INS - NATL)(a)
| 5.50% | | 01/01/2030 | | | 35 | | 39,729 |
Massachusetts (Commonwealth of), Series 2018 C, Ref. GO Bonds
| 5.00% | | 09/01/2030 | | | 40 | | 45,526 |
Massachusetts (Commonwealth of), Series 2019 A, GO Bonds
| 5.00% | | 01/01/2030 | | | 30 | | 32,934 |
Massachusetts (Commonwealth of), Series 2020 B, Ref. GO Bonds
| 5.00% | | 07/01/2032 | | | 15 | | 16,799 |
Massachusetts (Commonwealth of), Series 2020 C, GO Bonds
| 2.75% | | 03/01/2050 | | | 15 | | 11,444 |
Massachusetts (Commonwealth of), Series 2020 D, GO Bonds
| 5.00% | | 07/01/2030 | | | 500 | | 567,630 |
Massachusetts (Commonwealth of), Series 2020 D, GO Bonds
| 5.00% | | 07/01/2036 | | | 190 | | 209,808 |
Massachusetts (Commonwealth of), Series 2020 D, GO Bonds
| 5.00% | | 07/01/2040 | | | 225 | | 244,690 |
Massachusetts (Commonwealth of), Series 2020 D, GO Bonds
| 5.00% | | 07/01/2041 | | �� | 70 | | 76,060 |
Massachusetts (Commonwealth of), Series 2020 D, GO Bonds
| 5.00% | | 07/01/2045 | | | 610 | | 652,832 |
Massachusetts (Commonwealth of), Series 2020 D, GO Bonds
| 5.00% | | 07/01/2048 | | | 225 | | 239,407 |
Massachusetts (Commonwealth of), Series 2020 D, Ref. GO Bonds
| 4.00% | | 11/01/2034 | | | 25 | | 26,218 |
Massachusetts (Commonwealth of), Series 2020 D, Ref. GO Bonds
| 4.00% | | 11/01/2035 | | | 195 | | 203,654 |
Massachusetts (Commonwealth of), Series 2020 D, Ref. GO Bonds
| 4.00% | | 11/01/2037 | | | 10 | | 10,292 |
Massachusetts (Commonwealth of), Series 2020 D, Ref. GO Bonds
| 4.00% | | 11/01/2040 | | | 5 | | 5,072 |
Massachusetts (Commonwealth of), Series 2020 E, GO Bonds
| 5.00% | | 11/01/2032 | | | 85 | | 95,661 |
Massachusetts (Commonwealth of), Series 2020 E, GO Bonds
| 5.00% | | 11/01/2033 | | | 35 | | 39,319 |
Massachusetts (Commonwealth of), Series 2020 E, GO Bonds
| 5.00% | | 11/01/2045 | | | 410 | | 441,198 |
Massachusetts (Commonwealth of), Series 2020 E, GO Bonds
| 5.00% | | 11/01/2050 | | | 380 | | 404,318 |
Massachusetts (Commonwealth of), Series 2022 A, Ref. GO Bonds
| 5.00% | | 10/01/2030 | | | 5 | | 5,698 |
Massachusetts (Commonwealth of) (Rail Enhancement Program), Series 2021 B, RB
| 5.00% | | 06/01/2043 | | | 105 | | 113,257 |
Massachusetts (Commonwealth of) (Rail Enhancement Program) (Sustainability Bonds), Series 2021 A, RB
| 5.00% | | 06/01/2051 | | | 35 | | 37,234 |
Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2004 B, Ref. RB
| 5.25% | | 07/01/2030 | | | 200 | | 222,472 |
Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2007 A-1, Ref. RB
| 5.25% | | 07/01/2030 | | | 25 | | 28,719 |
Massachusetts (Commonwealth of) Development Finance Agency (Boston Medical Center), Series 2020 A-2, Ref. RB
| 5.00% | | 07/01/2037 | | | 55 | | 60,019 |
Massachusetts (Commonwealth of) Health & Educational Facilities Authority (Boston College), Series 2000, RB
| 5.50% | | 06/01/2030 | | | 20 | | 22,732 |
Massachusetts (Commonwealth of) Health & Educational Facilities Authority (Massachusetts Institute of Technology), Series 2004 M, RB
| 5.25% | | 07/01/2030 | | | 150 | | 172,311 |
Massachusetts (Commonwealth of) School Building Authority (Social Bonds), Series 2020 A, RB
| 5.00% | | 08/15/2045 | | | 250 | | 269,138 |
Massachusetts (Commonwealth of) School Building Authority (Social Bonds), Series 2020 A, RB
| 5.00% | | 08/15/2050 | | | 115 | | 122,201 |
Massachusetts (Commonwealth of) Transportation Trust Fund, Series 2019 A, Ref. RB
| 5.00% | | 01/01/2030 | | | 35 | | 38,484 |
University of Massachusetts Building Authority, Series 2022-1, RB
| 5.00% | | 11/01/2052 | | | 100 | | 106,184 |
| | | | | | | | | 4,618,206 |
| Michigan-1.40% | | | | | | | | |
Detroit City School District, Series 2005 A, Ref. GO Bonds, (INS - AGM)(a)
| 5.25% | | 05/01/2030 | | | 205 | | 232,503 |
Michigan (State of), Series 2020 B, RB
| 5.00% | | 11/15/2032 | | | 60 | | 67,848 |
Michigan (State of), Series 2020 B, RB
| 5.00% | | 11/15/2033 | | | 710 | | 800,548 |
Michigan (State of), Series 2020 B, RB
| 4.00% | | 11/15/2038 | | | 50 | | 51,248 |
Michigan (State of) Building Authority (Facilities Program), Series 2020 I, Ref. RB
| 5.00% | | 10/15/2030 | | | 70 | | 79,141 |
Michigan (State of) Finance Authority (Beaumont Health Credit Group), Series 2022, Ref. RB
| 5.00% | | 04/15/2030 | | | 5 | | 5,591 |
Michigan (State of) Hospital Finance Authority (Ascension Health Senior Credit Group), Series 2010, Ref. RB
| 5.00% | | 11/15/2047 | | | 220 | | 230,854 |
Walled Lake Consolidated School District, Series 2020, GO Bonds
| 5.00% | | 05/01/2050 | | | 95 | | 99,880 |
| | | | | | | | | 1,567,613 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2030 Municipal Bond ETF (BSMU)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Minnesota-0.70% | | | | | | | | |
Minnesota (State of), Series 2020 A, GO Bonds
| 5.00% | | 08/01/2035 | | $ | 50 | | $ 56,094 |
Minnesota (State of), Series 2020 A, GO Bonds
| 5.00% | | 08/01/2040 | | | 140 | | 153,492 |
Minnesota (State of), Series 2021 A, GO Bonds
| 5.00% | | 09/01/2030 | | | 275 | | 312,830 |
Minnesota (State of), Series 2022 A, Ref. RB
| 5.00% | | 03/01/2030 | | | 30 | | 33,734 |
Minnesota (State of), Series 2023 E, Ref. GO Bonds
| 5.00% | | 08/01/2030 | | | 200 | | 227,225 |
Minnesota (State of) Public Facilities Authority, Series 2023 B, Ref. RB
| 5.00% | | 03/01/2030 | | | 5 | | 5,628 |
| | | | | | | | | 789,003 |
| Mississippi-0.14% | | | | | | | | |
Mississippi (State of), Series 2021 A, GO Bonds
| 4.00% | | 06/01/2034 | | | 30 | | 31,160 |
Mississippi (State of), Series 2021 A, GO Bonds
| 4.00% | | 06/01/2035 | | | 30 | | 31,052 |
Mississippi (State of), Series 2021 A, GO Bonds
| 4.00% | | 06/01/2036 | | | 50 | | 51,506 |
Mississippi (State of), Series 2021 A, GO Bonds
| 4.00% | | 06/01/2037 | | | 45 | | 46,239 |
| | | | | | | | | 159,957 |
| Missouri-1.05% | | | | | | | | |
Curators of the University of Missouri (The), Series 2020 B, RB
| 5.00% | | 11/01/2030 | | | 405 | | 460,388 |
Jackson County Reorganized School District No. 7, Series 2020, Ref. GO Bonds
| 4.00% | | 03/01/2030 | | | 50 | | 52,491 |
Missouri (State of) Health & Educational Facilities Authority (BJC Health System), Series 2023 A, RB
| 5.00% | | 05/01/2030 | | | 5 | | 5,583 |
Missouri (State of) Health & Educational Facilities Authority (SSM Health), Series 2022 A, RB
| 5.00% | | 06/01/2030 | | | 80 | | 88,848 |
Missouri (State of) Highway & Transportation Commission, Series 2022 A, RB
| 5.00% | | 05/01/2030 | | | 80 | | 90,226 |
Springfield (City of), MO, Series 2015, Ref. RB
| 3.38% | | 08/01/2030 | | | 5 | | 5,000 |
St. Louis (City of), MO, Series 2005, RB, (INS - NATL)(a)
| 5.50% | | 07/01/2030 | | | 185 | | 211,878 |
St. Louis Municipal Finance Corp., Series 2020, RB, (INS - AGM)(a)
| 5.00% | | 10/01/2049 | | | 250 | | 259,068 |
| | | | | | | | | 1,173,482 |
| Montana-0.12% | | | | | | | | |
Montana (State of) Facility Finance Authority (SCL Health System), Series 2019 A, Ref. RB
| 4.00% | | 01/01/2037 | | | 135 | | 137,174 |
| Nebraska-0.75% | | | | | | | | |
Omaha (City of), NE Public Power District, Series 2021 A, RB
| 5.00% | | 02/01/2046 | | | 650 | | 690,968 |
Omaha (City of), NE Public Power District, Series 2021 B, Ref. RB
| 4.00% | | 02/01/2046 | | | 150 | | 149,807 |
| | | | | | | | | 840,775 |
| Nevada-0.48% | | | | | | | | |
Clark (County of), NV, Series 2019, Ref. RB
| 5.00% | | 07/01/2030 | | | 20 | | 22,000 |
Clark (County of), NV, Series 2020 C, Ref. RB
| 5.00% | | 07/01/2030 | | | 70 | | 78,660 |
Clark (County of), NV Department of Aviation, Series 2019 B, Ref. RB
| 5.00% | | 07/01/2030 | | | 5 | | 5,488 |
Clark (County of), NV Department of Aviation, Series 2019, Ref. RB
| 5.00% | | 07/01/2030 | | | 75 | | 82,324 |
Clark County School District, Series 2020 A, GO Bonds, (INS - AGM)(a)
| 4.00% | | 06/15/2040 | | | 50 | | 50,367 |
Henderson (City of), NV, Series 2020 A-1, GO Bonds
| 4.00% | | 06/01/2045 | | | 55 | | 55,097 |
Las Vegas Valley Water District, Series 2021 C, GO Bonds
| 5.00% | | 06/01/2030 | | | 215 | | 242,295 |
| | | | | | | | | 536,231 |
| New Jersey-2.41% | | | | | | | | |
Hudson County Improvement Authority (Hudson County Courthouse), Series 2020, RB
| 4.00% | | 10/01/2046 | | | 250 | | 247,723 |
New Jersey (State of), Series 2020 A, GO Bonds
| 4.00% | | 06/01/2030 | | | 205 | | 219,477 |
New Jersey (State of), Series 2021, GO Bonds
| 2.00% | | 06/01/2030 | | | 600 | | 541,512 |
New Jersey (State of) Economic Development Authority (New Jersey Transportation Bonds), Series 2020 A, RB
| 5.00% | | 11/01/2030 | | | 20 | | 22,043 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2014 BB-2, RN
| 5.00% | | 06/15/2030 | | | 15 | | 16,725 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB
| 4.00% | | 06/15/2035 | | | 165 | | 169,999 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB
| 5.00% | | 06/15/2035 | | | 250 | | 275,588 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB
| 4.00% | | 06/15/2036 | | | 10 | | 10,225 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB
| 5.00% | | 06/15/2036 | | | 70 | | 76,882 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB
| 4.00% | | 06/15/2040 | | | 150 | | 150,467 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB
| 5.00% | | 06/15/2045 | | | 50 | | 52,926 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB
| 5.00% | | 06/15/2050 | | | 405 | | 425,825 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2021 A, Ref. RB
| 5.00% | | 06/15/2030 | | | 95 | | 105,925 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2022 AA, Ref. RB
| 5.00% | | 06/15/2030 | | | 170 | | 189,549 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2030 Municipal Bond ETF (BSMU)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| New Jersey-(continued) | | | | | | | | |
New Jersey (State of) Turnpike Authority, Series 2005 A, Ref. RB, (INS - AGM)(a)
| 5.25% | | 01/01/2030 | | $ | 5 | | $ 5,672 |
New Jersey (State of) Turnpike Authority, Series 2022 C, Ref. RB
| 5.00% | | 01/01/2030 | | | 105 | | 117,098 |
South Jersey Transportation Authority, Series 2020 A, RB
| 5.00% | | 11/01/2045 | | | 75 | | 78,553 |
| | | | | | | | | 2,706,189 |
| New Mexico-0.29% | | | | | | | | |
New Mexico (State of), Series 2023, GO Bonds
| 5.00% | | 03/01/2030 | | | 65 | | 73,055 |
New Mexico (State of) Finance Authority, Series 2021 A, RB
| 5.00% | | 06/15/2030 | | | 110 | | 124,097 |
New Mexico (State of) Severance Tax Permanent Fund, Series 2021 A, RB
| 5.00% | | 07/01/2030 | | | 10 | | 11,295 |
New Mexico (State of) Severance Tax Permanent Fund, Series 2022 A, RB
| 5.00% | | 07/01/2030 | | | 105 | | 118,594 |
| | | | | | | | | 327,041 |
| New York-25.00% | | | | | | | | |
Battery Park (City of), NY Authority, Series 2023 B, Ref. RB
| 5.00% | | 11/01/2030 | | | 5 | | 5,745 |
Brookhaven Local Development Corp. (Long Island Community Hospital), Series 2020, Ref. RB
| 5.00% | | 10/01/2050 | | | 150 | | 158,231 |
Long Island (City of), NY Power Authority, Series 2020 A, Ref. RB
| 5.00% | | 09/01/2034 | | | 40 | | 44,836 |
Long Island (City of), NY Power Authority, Series 2020 A, Ref. RB
| 5.00% | | 09/01/2037 | | | 155 | | 172,018 |
Long Island (City of), NY Power Authority, Series 2021 A, Ref. RB
| 5.00% | | 09/01/2030 | | | 45 | | 51,056 |
Metropolitan Transportation Authority, Series 2020 A-1, RB
| 4.00% | | 11/15/2040 | | | 10 | | 10,019 |
Metropolitan Transportation Authority (Green Bonds), Series 2020 A-1, RB
| 5.00% | | 11/15/2047 | | | 75 | | 78,690 |
Metropolitan Transportation Authority (Green Bonds), Series 2020 A-1, RB
| 5.00% | | 11/15/2049 | | | 20 | | 20,896 |
Metropolitan Transportation Authority (Green Bonds), Series 2020 C-1, RB
| 4.75% | | 11/15/2045 | | | 115 | | 117,960 |
Metropolitan Transportation Authority (Green Bonds), Series 2020 C-1, RB
| 5.00% | | 11/15/2050 | | | 1,525 | | 1,592,449 |
Metropolitan Transportation Authority (Green Bonds), Series 2020 C-1, RB
| 5.25% | | 11/15/2055 | | | 550 | | 578,400 |
Metropolitan Transportation Authority (Green Bonds), Series 2020 D-1, RB
| 5.00% | | 11/15/2044 | | | 125 | | 132,586 |
Metropolitan Transportation Authority (Green Bonds), Series 2020 E, Ref. RB
| 5.00% | | 11/15/2030 | | | 15 | | 16,757 |
Metropolitan Transportation Authority (Green Bonds), Series 2020 E, Ref. RB
| 5.00% | | 11/15/2032 | | | 210 | | 232,614 |
Metropolitan Transportation Authority (Green Bonds), Series 2020 E, Ref. RB
| 5.00% | | 11/15/2033 | | | 20 | | 22,099 |
Nassau (County of), NY Interim Finance Authority, Series 2021 A, Ref. RB
| 5.00% | | 11/15/2030 | | | 120 | | 137,672 |
New York & New Jersey (States of) Port Authority, Two Hundred Thirtieth Series 2022, Ref. RB
| 4.00% | | 12/01/2030 | | | 35 | | 37,829 |
New York & New Jersey (States of) Port Authority, Two Hundred Twelfth Series 2019, Ref. RB
| 5.00% | | 09/01/2030 | | | 130 | | 143,796 |
New York & New Jersey (States of) Port Authority, Two Hundred Twenty Second Series 2020, Ref. RB
| 5.00% | | 07/15/2032 | | | 60 | | 67,615 |
New York & New Jersey (States of) Port Authority, Two Hundred Twenty Second Series 2020, Ref. RB
| 5.00% | | 07/15/2033 | | | 140 | | 157,487 |
New York & New Jersey (States of) Port Authority, Two Hundred Twenty Second Series 2020, Ref. RB
| 5.00% | | 07/15/2034 | | | 55 | | 61,754 |
New York & New Jersey (States of) Port Authority, Two Hundred Twenty Second Series 2020, Ref. RB
| 5.00% | | 07/15/2035 | | | 210 | | 235,191 |
New York & New Jersey (States of) Port Authority, Two Hundred Twenty Second Series 2020, Ref. RB
| 4.00% | | 07/15/2037 | | | 15 | | 15,286 |
New York & New Jersey (States of) Port Authority, Two Hundred Twenty Second Series 2020, Ref. RB
| 4.00% | | 07/15/2038 | | | 10 | | 10,131 |
New York (City of), NY, Series 2005-1, GO Bonds
| 5.00% | | 09/01/2030 | | | 15 | | 16,957 |
New York (City of), NY, Series 2020 A-1, Ref. GO Bonds
| 5.00% | | 08/01/2030 | | | 200 | | 225,818 |
New York (City of), NY, Series 2020 A-1, Ref. GO Bonds
| 4.00% | | 08/01/2034 | | | 5 | | 5,191 |
New York (City of), NY, Series 2020 B-1, Ref. GO Bonds
| 5.00% | | 11/01/2032 | | | 250 | | 279,702 |
New York (City of), NY, Series 2020 C, GO Bonds
| 5.00% | | 08/01/2032 | | | 365 | | 406,954 |
New York (City of), NY, Series 2020 C, GO Bonds
| 5.00% | | 08/01/2033 | | | 30 | | 33,372 |
New York (City of), NY, Series 2020 C, GO Bonds
| 5.00% | | 08/01/2034 | | | 10 | | 11,109 |
New York (City of), NY, Series 2020 C, GO Bonds
| 5.00% | | 08/01/2035 | | | 150 | | 166,288 |
New York (City of), NY, Series 2020 C, GO Bonds
| 4.00% | | 08/01/2036 | | | 30 | | 30,696 |
New York (City of), NY, Series 2020 C, GO Bonds
| 5.00% | | 08/01/2038 | | | 200 | | 218,736 |
New York (City of), NY, Series 2020 C, GO Bonds
| 4.00% | | 08/01/2041 | | | 165 | | 165,413 |
New York (City of), NY, Series 2020 C, GO Bonds
| 5.00% | | 08/01/2042 | | | 20 | | 21,498 |
New York (City of), NY, Series 2020 C-1, Ref. GO Bonds
| 5.00% | | 08/01/2030 | | | 760 | | 858,107 |
New York (City of), NY, Series 2020 C-1, Ref. GO Bonds
| 5.00% | | 08/01/2032 | | | 30 | | 33,448 |
New York (City of), NY, Series 2020 C-1, Ref. GO Bonds
| 5.00% | | 08/01/2033 | | | 500 | | 556,205 |
New York (City of), NY, Series 2020 D-1, GO Bonds
| 4.00% | | 03/01/2036 | | | 500 | | 511,718 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2030 Municipal Bond ETF (BSMU)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| New York-(continued) | | | | | | | | |
New York (City of), NY, Series 2020 D-1, GO Bonds
| 5.00% | | 03/01/2043 | | $ | 100 | | $ 106,785 |
New York (City of), NY, Series 2021 C, GO Bonds
| 5.00% | | 08/01/2030 | | | 395 | | 445,990 |
New York (City of), NY, Series 2021-1, GO Bonds
| 5.00% | | 04/01/2030 | | | 40 | | 44,947 |
New York (City of), NY, Series 2021-1, GO Bonds
| 5.00% | | 08/01/2030 | | | 25 | | 28,227 |
New York (City of), NY, Series 2022 B-1, Ref. GO Bonds
| 5.00% | | 08/01/2030 | | | 75 | | 84,682 |
New York (City of), NY, Series 2022 C, Ref. GO Bonds
| 5.00% | | 08/01/2030 | | | 20 | | 22,582 |
New York (City of), NY, Series 2024 C, GO Bonds
| 5.00% | | 03/01/2030 | | | 110 | | 123,452 |
New York (City of), NY, Series 2024 D, GO Bonds
| 5.00% | | 04/01/2030 | | | 25 | | 28,092 |
New York (City of), NY, Subseries 2008 L-6, GO Bonds
| 5.00% | | 04/01/2030 | | | 55 | | 60,255 |
New York (City of), NY, Subseries 2022 B-1, GO Bonds
| 5.00% | | 10/01/2030 | | | 10 | | 11,318 |
New York (City of), NY, Subseries 2023 F-1, Ref. GO Bonds
| 5.00% | | 08/01/2030 | | | 230 | | 259,690 |
New York (City of), NY Industrial Development Agency (Yankee Stadium), Series 2020 A, Ref. RB, (INS - AGM)(a)
| 5.00% | | 03/01/2030 | | | 5 | | 5,530 |
New York (City of), NY Industrial Development Agency (Yankee Stadium), Series 2020, Ref. RB, (INS - AGM)(a)
| 4.00% | | 03/01/2032 | | | 210 | | 219,435 |
New York (City of), NY Industrial Development Agency (Yankee Stadium), Series 2021, Ref. RB, (INS - AGM)(a)
| 5.00% | | 01/01/2030 | | | 5 | | 5,513 |
New York (City of), NY Municipal Water Finance Authority, Series 2020 AA-2, RB
| 4.00% | | 06/15/2042 | | | 50 | | 50,115 |
New York (City of), NY Municipal Water Finance Authority, Series 2020 DD-1, RB
| 5.00% | | 06/15/2030 | | | 115 | | 130,398 |
New York (City of), NY Municipal Water Finance Authority, Series 2020 EE, Ref. RB
| 5.00% | | 06/15/2030 | | | 150 | | 170,084 |
New York (City of), NY Municipal Water Finance Authority, Series 2020 FF, Ref. RB
| 4.00% | | 06/15/2041 | | | 150 | | 150,796 |
New York (City of), NY Municipal Water Finance Authority, Series 2020 FF, Ref. RB
| 5.00% | | 06/15/2041 | | | 70 | | 76,056 |
New York (City of), NY Municipal Water Finance Authority, Series 2020 GG, RB
| 5.00% | | 06/15/2030 | | | 75 | | 85,042 |
New York (City of), NY Municipal Water Finance Authority, Series 2020 GG-1, RB
| 5.00% | | 06/15/2048 | | | 150 | | 159,378 |
New York (City of), NY Municipal Water Finance Authority, Series 2020 GG-1, RB
| 5.00% | | 06/15/2050 | | | 250 | | 265,119 |
New York (City of), NY Municipal Water Finance Authority, Series 2020, Ref. RB
| 5.00% | | 06/15/2041 | | | 5 | | 5,433 |
New York (City of), NY Municipal Water Finance Authority, Series 2020, Ref. RB
| 5.00% | | 06/15/2050 | | | 190 | | 202,372 |
New York (City of), NY Municipal Water Finance Authority, Series 2022 E, Ref. RB
| 5.00% | | 06/15/2030 | | | 235 | | 266,465 |
New York (City of), NY Municipal Water Finance Authority, Subseries 2021 AA-2, Ref. RB
| 5.00% | | 06/15/2030 | | | 115 | | 130,398 |
New York (City of), NY Municipal Water Finance Authority, Subseries 2021 AA-2, Ref. RB
| 5.00% | | 06/15/2032 | | | 115 | | 130,719 |
New York (City of), NY Transitional Finance Authority, Series 2010 F-5, RB
| 5.00% | | 02/01/2030 | | | 330 | | 369,002 |
New York (City of), NY Transitional Finance Authority, Series 2010, RB
| 5.00% | | 05/01/2030 | | | 20 | | 22,445 |
New York (City of), NY Transitional Finance Authority, Series 2020 A, Ref. RB
| 4.00% | | 11/01/2038 | | | 15 | | 15,363 |
New York (City of), NY Transitional Finance Authority, Series 2020 C-1, RB
| 4.00% | | 05/01/2039 | | | 15 | | 15,269 |
New York (City of), NY Transitional Finance Authority, Series 2020 C-1, RB
| 4.00% | | 05/01/2039 | | | 50 | | 50,898 |
New York (City of), NY Transitional Finance Authority, Series 2020 C-1, RB
| 4.00% | | 05/01/2040 | | | 5 | | 5,058 |
New York (City of), NY Transitional Finance Authority, Series 2020 D, RB
| 4.00% | | 11/01/2040 | | | 10 | | 10,113 |
New York (City of), NY Transitional Finance Authority, Series 2020 D, RB
| 4.00% | | 11/01/2042 | | | 100 | | 100,386 |
New York (City of), NY Transitional Finance Authority, Series 2020, RB
| 5.00% | | 05/01/2033 | | | 330 | | 370,467 |
New York (City of), NY Transitional Finance Authority, Series 2020, RB
| 5.00% | | 05/01/2034 | | | 215 | | 240,390 |
New York (City of), NY Transitional Finance Authority, Series 2020, RB
| 5.00% | | 05/01/2034 | | | 40 | | 44,724 |
New York (City of), NY Transitional Finance Authority, Series 2020, RB
| 5.00% | | 05/01/2037 | | | 60 | | 66,230 |
New York (City of), NY Transitional Finance Authority, Series 2020, RB
| 4.00% | | 05/01/2040 | | | 25 | | 25,292 |
New York (City of), NY Transitional Finance Authority, Series 2020, RB
| 5.00% | | 05/01/2041 | | | 485 | | 527,461 |
New York (City of), NY Transitional Finance Authority, Series 2020, RB
| 4.00% | | 05/01/2043 | | | 500 | | 500,371 |
New York (City of), NY Transitional Finance Authority, Series 2020, RB
| 3.00% | | 05/01/2046 | | | 100 | | 82,406 |
New York (City of), NY Transitional Finance Authority, Series 2020, Ref. RB
| 5.00% | | 11/01/2030 | | | 70 | | 79,105 |
New York (City of), NY Transitional Finance Authority, Series 2020, Ref. RB
| 5.00% | | 11/01/2032 | | | 100 | | 112,663 |
New York (City of), NY Transitional Finance Authority, Series 2020, Ref. RB
| 5.00% | | 11/01/2033 | | | 60 | | 67,296 |
New York (City of), NY Transitional Finance Authority, Series 2020, Ref. RB
| 4.00% | | 11/01/2035 | | | 260 | | 271,390 |
New York (City of), NY Transitional Finance Authority, Series 2020, Ref. RB
| 5.00% | | 11/01/2036 | | | 35 | | 38,694 |
New York (City of), NY Transitional Finance Authority, Series 2021 A, Ref. RB
| 4.00% | | 11/01/2034 | | | 20 | | 21,064 |
New York (City of), NY Transitional Finance Authority, Series 2021 A-1, Ref. RB
| 5.00% | | 11/01/2030 | | | 5 | | 5,650 |
New York (City of), NY Transitional Finance Authority, Series 2022 A-1, RB
| 5.00% | | 08/01/2030 | | | 100 | | 112,617 |
New York (City of), NY Transitional Finance Authority, Series 2022 B-1, Ref. RB
| 5.00% | | 11/01/2030 | | | 15 | | 16,951 |
New York (City of), NY Transitional Finance Authority, Series 2022 S-1A, Ref. RB
| 5.00% | | 07/15/2030 | | | 65 | | 73,495 |
New York (City of), NY Transitional Finance Authority, Series 2022, Ref. RB
| 5.00% | | 11/01/2030 | | | 20 | | 22,601 |
New York (City of), NY Transitional Finance Authority, Series 2023 E-1, Ref. RB
| 5.00% | | 11/01/2030 | | | 60 | | 67,804 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2030 Municipal Bond ETF (BSMU)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| New York-(continued) | | | | | | | | |
New York (City of), NY Transitional Finance Authority, Subseries 2020 C-1, RB
| 5.00% | | 05/01/2035 | | $ | 135 | | $ 150,005 |
New York (City of), NY Transitional Finance Authority, Subseries 2020 C-1, RB
| 4.00% | | 05/01/2038 | | | 10 | | 10,264 |
New York (City of), NY Transitional Finance Authority, Subseries 2021 C-1, RB
| 5.00% | | 05/01/2032 | | | 50 | | 56,397 |
New York (City of), NY Transitional Finance Authority, Subseries 2021 C-1, RB
| 4.00% | | 05/01/2035 | | | 55 | | 57,516 |
New York (City of), NY Transitional Finance Authority, Subseries 2021 C-1, RB
| 4.00% | | 05/01/2036 | | | 10 | | 10,387 |
New York (City of), NY Transitional Finance Authority, Subseries 2021 D-1, RB
| 5.00% | | 11/01/2034 | | | 10 | | 11,168 |
New York (City of), NY Transitional Finance Authority, Subseries 2021 D-1, RB
| 5.00% | | 11/01/2036 | | | 65 | | 71,861 |
New York (City of), NY Transitional Finance Authority, Subseries 2021 S-1, Ref. RB
| 5.00% | | 07/15/2030 | | | 205 | | 231,790 |
New York (City of), NY Trust for Cultural Resources (Lincoln Center for Performing Arts), Series 2020 A, Ref. RB
| 5.00% | | 12/01/2032 | | | 100 | | 111,165 |
New York (City of), NY Trust for Cultural Resources (Lincoln Center for Performing Arts), Series 2020 A, Ref. RB
| 4.00% | | 12/01/2033 | | | 10 | | 10,453 |
New York (City of), NY Trust for Cultural Resources (Lincoln Center for Performing Arts), Series 2020 A, Ref. RB
| 4.00% | | 12/01/2034 | | | 100 | | 103,985 |
New York (State of) Dormitory Authority, Series 2005 B, Ref. RB, (INS - AMBAC)(a)
| 5.50% | | 03/15/2030 | | | 30 | | 34,440 |
New York (State of) Dormitory Authority, Series 2019 D, Ref. RB
| 5.00% | | 02/15/2030 | | | 85 | | 95,282 |
New York (State of) Dormitory Authority, Series 2020 A, Ref. RB
| 5.00% | | 03/15/2030 | | | 160 | | 179,581 |
New York (State of) Dormitory Authority, Series 2020 A, Ref. RB
| 5.00% | | 03/15/2032 | | | 175 | | 196,617 |
New York (State of) Dormitory Authority, Series 2020 A, Ref. RB
| 5.00% | | 03/15/2033 | | | 15 | | 16,808 |
New York (State of) Dormitory Authority, Series 2020 A, Ref. RB
| 4.00% | | 03/15/2034 | | | 115 | | 120,011 |
New York (State of) Dormitory Authority, Series 2020 A, Ref. RB
| 4.00% | | 03/15/2035 | | | 15 | | 15,583 |
New York (State of) Dormitory Authority, Series 2020 A, Ref. RB
| 4.00% | | 03/15/2046 | | | 20 | | 19,797 |
New York (State of) Dormitory Authority, Series 2020 D, Ref. RB
| 5.00% | | 02/15/2032 | | | 65 | | 72,323 |
New York (State of) Dormitory Authority, Series 2020 D, Ref. RB
| 5.00% | | 02/15/2033 | | | 275 | | 305,224 |
New York (State of) Dormitory Authority, Series 2020 D, Ref. RB
| 5.00% | | 02/15/2034 | | | 780 | | 863,868 |
New York (State of) Dormitory Authority, Series 2020 D, Ref. RB
| 5.00% | | 02/15/2035 | | | 120 | | 132,370 |
New York (State of) Dormitory Authority, Series 2020 D, Ref. RB
| 4.00% | | 02/15/2036 | | | 150 | | 154,534 |
New York (State of) Dormitory Authority, Series 2020 D, Ref. RB
| 4.00% | | 02/15/2037 | | | 370 | | 379,218 |
New York (State of) Dormitory Authority, Series 2020 D, Ref. RB
| 4.00% | | 02/15/2038 | | | 100 | | 102,138 |
New York (State of) Dormitory Authority, Series 2020 D, Ref. RB
| 4.00% | | 02/15/2039 | | | 20 | | 20,324 |
New York (State of) Dormitory Authority, Series 2020 D, Ref. RB
| 5.00% | | 02/15/2041 | | | 370 | | 398,426 |
New York (State of) Dormitory Authority, Series 2020 D, Ref. RB
| 4.00% | | 02/15/2047 | | | 400 | | 393,977 |
New York (State of) Dormitory Authority, Series 2021 A, RB, (INS - AGM)(a)
| 5.00% | | 10/01/2030 | | | 125 | | 138,938 |
New York (State of) Dormitory Authority, Series 2021 A, Ref. RB
| 5.00% | | 03/15/2030 | | | 20 | | 22,448 |
New York (State of) Dormitory Authority, Series 2022 A, RB, (INS - BAM)(a)
| 5.00% | | 10/01/2030 | | | 85 | | 96,201 |
New York (State of) Dormitory Authority, Series 2022 A, RB, (INS - BAM)(a)
| 5.00% | | 10/01/2033 | | | 30 | | 33,662 |
New York (State of) Dormitory Authority, Series 2022 A, RB, (INS - BAM)(a)
| 5.00% | | 10/01/2034 | | | 255 | | 285,399 |
New York (State of) Dormitory Authority, Series 2022 A, RB, (INS - BAM)(a)
| 5.00% | | 10/01/2036 | | | 25 | | 27,758 |
New York (State of) Dormitory Authority, Series 2022 A, RB, (INS - BAM)(a)
| 5.00% | | 10/01/2042 | | | 365 | | 394,278 |
New York (State of) Dormitory Authority, Series 2022 A, Ref. RB
| 5.00% | | 03/15/2030 | | | 20 | | 22,448 |
New York (State of) Dormitory Authority, Series 2023 A, Ref. RB
| 5.00% | | 03/15/2030 | | | 505 | | 566,802 |
New York (State of) Dormitory Authority, Series 2024 A, Ref. RB
| 5.00% | | 03/15/2030 | | | 5 | | 5,612 |
New York (State of) Dormitory Authority (Bidding Group 2), Series 2020 A, Ref. RB
| 4.00% | | 03/15/2036 | | | 40 | | 41,306 |
New York (State of) Dormitory Authority (General Purpose), Series 2020 D, Ref. RB
| 5.00% | | 02/15/2048 | | | 15 | | 15,897 |
New York (State of) Thruway Authority, Series 2019 B, RB
| 5.00% | | 01/01/2036 | | | 25 | | 27,491 |
New York (State of) Thruway Authority, Series 2019 B, RB
| 4.00% | | 01/01/2037 | | | 355 | | 363,829 |
New York (State of) Thruway Authority, Series 2019 B, RB
| 4.00% | | 01/01/2045 | | | 625 | | 610,970 |
New York (State of) Thruway Authority, Series 2019 B, RB, (INS - AGM)(a)
| 4.00% | | 01/01/2045 | | | 35 | | 34,784 |
New York (State of) Thruway Authority, Series 2020 N, RB
| 5.00% | | 01/01/2035 | | | 40 | | 44,363 |
New York (State of) Thruway Authority, Series 2020 N, RB
| 5.00% | | 01/01/2036 | | | 55 | | 60,795 |
New York (State of) Thruway Authority, Series 2020 N, RB
| 5.00% | | 01/01/2037 | | | 5 | | 5,507 |
New York (State of) Thruway Authority, Series 2020 N, RB
| 5.00% | | 01/01/2039 | | | 20 | | 21,826 |
New York (State of) Thruway Authority (Bidding Group 1), Series 2022 A, Ref. RB
| 5.00% | | 03/15/2030 | | | 25 | | 28,005 |
New York (State of) Thruway Authority (Bidding Group 5), Series 2021 A-1, Ref. RB
| 5.00% | | 03/15/2030 | | | 185 | | 207,235 |
New York Liberty Development Corp., Series 2021-1, Ref. RB
| 4.00% | | 02/15/2043 | | | 180 | | 178,079 |
New York State Environmental Facilities Corp., Series 2021, RB
| 5.00% | | 06/15/2030 | | | 45 | | 51,051 |
New York State Urban Development Corp., Series 2020 A, RB
| 5.00% | | 03/15/2030 | | | 165 | | 185,464 |
New York State Urban Development Corp., Series 2020 A, RB
| 5.00% | | 03/15/2035 | | | 5 | | 5,591 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2030 Municipal Bond ETF (BSMU)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| New York-(continued) | | | | | | | | |
New York State Urban Development Corp., Series 2020 A, RB
| 5.00% | | 03/15/2036 | | $ | 605 | | $ 675,553 |
New York State Urban Development Corp., Series 2020 A, RB
| 5.00% | | 03/15/2037 | | | 65 | | 72,170 |
New York State Urban Development Corp., Series 2020 A, RB
| 5.00% | | 03/15/2041 | | | 180 | | 195,879 |
New York State Urban Development Corp., Series 2020 A, RB
| 5.00% | | 03/15/2042 | | | 20 | | 21,684 |
New York State Urban Development Corp., Series 2020 C, Ref. RB
| 4.00% | | 03/15/2037 | | | 240 | | 247,926 |
New York State Urban Development Corp., Series 2020 C, Ref. RB
| 5.00% | | 03/15/2047 | | | 350 | | 373,462 |
New York State Urban Development Corp., Series 2020 E, Ref. RB
| 5.00% | | 03/15/2033 | | | 90 | | 100,312 |
New York State Urban Development Corp., Series 2020 E, Ref. RB
| 4.00% | | 03/15/2035 | | | 105 | | 109,365 |
New York State Urban Development Corp., Series 2020 E, Ref. RB
| 4.00% | | 03/15/2036 | | | 50 | | 51,791 |
New York State Urban Development Corp., Series 2020, Ref. RB
| 5.00% | | 03/15/2030 | | | 30 | | 33,721 |
New York State Urban Development Corp., Series 2020, Ref. RB
| 5.00% | | 03/15/2032 | | | 40 | | 45,083 |
New York State Urban Development Corp., Series 2020, Ref. RB
| 5.00% | | 03/15/2033 | | | 20 | | 22,482 |
New York State Urban Development Corp., Series 2020, Ref. RB
| 4.00% | | 03/15/2034 | | | 315 | | 330,489 |
New York State Urban Development Corp., Series 2020, Ref. RB
| 5.00% | | 03/15/2035 | | | 140 | | 156,551 |
New York State Urban Development Corp., Series 2020, Ref. RB
| 5.00% | | 03/15/2036 | | | 45 | | 50,248 |
New York State Urban Development Corp., Series 2020, Ref. RB
| 5.00% | | 03/15/2043 | | | 90 | | 97,198 |
New York State Urban Development Corp., Series 2020, Ref. RB
| 5.00% | | 03/15/2044 | | | 220 | | 236,737 |
New York State Urban Development Corp., Series 2022, Ref. RB
| 5.00% | | 03/15/2030 | | | 5 | | 5,620 |
New York State Urban Development Corp., Series 2022, Ref. RB
| 5.00% | | 09/15/2030 | | | 160 | | 181,159 |
New York State Urban Development Corp. (Bidding Group 1), Series 2021 A, Ref. RB
| 5.00% | | 03/15/2030 | | | 90 | | 101,162 |
New York State Urban Development Corp. (Bidding Group 4), Series 2020 E, Ref. RB
| 5.00% | | 03/15/2030 | | | 200 | | 224,805 |
New York State Urban Development Corp. (Bidding Group 4), Series 2020 E, Ref. RB
| 4.00% | | 03/15/2046 | | | 500 | | 494,208 |
New York Transportation Development Corp. (Terminal 4 JFK International Airport), Series 2020 C, Ref. RB
| 5.00% | | 12/01/2033 | | | 130 | | 141,932 |
New York Transportation Development Corp. (Terminal 4 JFK International Airport), Series 2020 C, Ref. RB
| 5.00% | | 12/01/2034 | | | 195 | | 211,861 |
New York Transportation Development Corp. (Terminal 4 JFK International Airport), Series 2020 C, Ref. RB
| 5.00% | | 12/01/2036 | | | 50 | | 53,947 |
New York Transportation Development Corp. (Terminal 4 JFK International Airport), Series 2020, Ref. RB
| 5.00% | | 12/01/2035 | | | 90 | | 97,421 |
New York Transportation Development Corp. (Terminal 4 JFK International Airport), Series 2020, Ref. RB
| 5.00% | | 12/01/2037 | | | 25 | | 26,904 |
Triborough Bridge & Tunnel Authority, Series 2018 B, Ref. RB
| 5.00% | | 11/15/2030 | | | 185 | | 210,304 |
Triborough Bridge & Tunnel Authority, Series 2018 D, RB
| 5.00% | | 11/15/2033 | | | 100 | | 112,342 |
Triborough Bridge & Tunnel Authority, Series 2023, RB
| 5.00% | | 11/15/2030 | | | 140 | | 158,026 |
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2020 A, RB
| 5.00% | | 11/15/2049 | | | 500 | | 531,059 |
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2020 A, RB
| 4.00% | | 11/15/2054 | | | 100 | | 97,039 |
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2020 A, RB
| 5.00% | | 11/15/2054 | | | 325 | | 344,263 |
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022 B, RB
| 5.00% | | 05/15/2030 | | | 90 | | 101,207 |
Troy Capital Resource Corp. (Rensselaer Polytechnic Institute), Series 2020 A, Ref. RB
| 5.00% | | 09/01/2037 | | | 20 | | 21,648 |
Troy Capital Resource Corp. (Rensselaer Polytechnic Institute), Series 2020, Ref. RB
| 5.00% | | 09/01/2033 | | | 30 | | 32,910 |
Troy Capital Resource Corp. (Rensselaer Polytechnic Institute), Series 2020, Ref. RB
| 5.00% | | 09/01/2035 | | | 20 | | 21,885 |
Troy Capital Resource Corp. (Rensselaer Polytechnic Institute), Series 2020, Ref. RB
| 5.00% | | 09/01/2038 | | | 25 | | 26,912 |
| | | | | | | | | 28,064,923 |
| North Carolina-1.40% | | | | | | | | |
Charlotte (City of), NC, Series 2020, Ref. RB
| 5.00% | | 07/01/2030 | | | 10 | | 11,347 |
Mecklenburg (County of), NC, Series 2022, GO Bonds
| 5.00% | | 09/01/2030 | | | 295 | | 335,934 |
North Carolina (State of), Series 2019 B, GO Bonds
| 5.00% | | 06/01/2030 | | | 25 | | 27,702 |
North Carolina (State of), Series 2020 A, GO Bonds
| 5.00% | | 06/01/2030 | | | 500 | | 566,901 |
North Carolina (State of), Series 2020 B, RB
| 5.00% | | 05/01/2032 | | | 35 | | 39,278 |
North Carolina (State of), Series 2020 B, RB
| 5.00% | | 05/01/2033 | | | 55 | | 61,545 |
North Carolina (State of) Turnpike Authority (Triangle Expressway), Series 2019, RB
| 5.00% | | 01/01/2043 | | | 250 | | 262,893 |
North Carolina (State of) Turnpike Authority (Triangle Expressway), Series 2019, RB, (INS - AGM)(a)
| 5.00% | | 01/01/2049 | | | 110 | | 114,942 |
North Carolina State University at Raleigh, Series 2020 A, Ref. RB
| 5.00% | | 10/01/2030 | | | 10 | | 11,216 |
Wake (County of), NC, Series 2021, RB
| 5.00% | | 03/01/2030 | | | 20 | | 22,533 |
Western Carolina University, Series 2020 B, RB
| 4.00% | | 04/01/2050 | | | 125 | | 122,853 |
| | | | | | | | | 1,577,144 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2030 Municipal Bond ETF (BSMU)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Ohio-2.03% | | | | | | | | |
Allen (County of), OH (Bon Secours Mercy Health, Inc.), Series 2020, Ref. RB
| 5.00% | | 12/01/2030 | | $ | 20 | | $ 22,141 |
American Municipal Power, Inc. (Fremont Energy Center), Series 2021, Ref. RB
| 5.00% | | 02/15/2030 | | | 10 | | 11,124 |
American Municipal Power, Inc. (Prairie State Energy Campus), Series 2019, Ref. RB
| 5.00% | | 02/15/2033 | | | 130 | | 142,093 |
American Municipal Power, Inc. (Prairie State Energy Campus), Series 2019, Ref. RB
| 5.00% | | 02/15/2035 | | | 70 | | 75,933 |
American Municipal Power, Inc. (Prairie State Energy Campus), Series 2019, Ref. RB
| 4.00% | | 02/15/2039 | | | 200 | | 200,975 |
American Municipal Power, Inc. (Prairie State Energy Campus), Series 2021, Ref. RB
| 5.00% | | 02/15/2032 | | | 80 | | 87,681 |
American Municipal Power, Inc. (Prairie State Energy Campus), Series 2021, Ref. RB
| 5.00% | | 02/15/2033 | | | 50 | | 54,651 |
American Municipal Power, Inc. (Prairie State Energy Campus), Series 2021, Ref. RB
| 4.00% | | 02/15/2036 | | | 15 | | 15,352 |
American Municipal Power, Inc. (Prairie State Energy Campus), Series 2021, Ref. RB, (INS - BAM)(a)
| 5.00% | | 02/15/2033 | | | 45 | | 49,362 |
Columbus (City of), OH, Series 2021 A, GO Bonds
| 5.00% | | 04/01/2030 | | | 20 | | 22,562 |
Columbus (City of), OH, Series 2021 A, GO Bonds
| 5.00% | | 04/01/2032 | | | 165 | | 186,227 |
Columbus (City of), OH, Series 2021 A, GO Bonds
| 5.00% | | 04/01/2033 | | | 40 | | 45,047 |
Columbus (City of), OH, Series 2021 A, GO Bonds
| 5.00% | | 04/01/2034 | | | 15 | | 16,863 |
Columbus (City of), OH, Series 2021 A, GO Bonds
| 5.00% | | 04/01/2035 | | | 70 | | 78,505 |
Columbus (City of), OH, Series 2021 A, GO Bonds
| 5.00% | | 04/01/2036 | | | 40 | | 44,687 |
Hamilton (County of), OH (UC Health), Series 2020, RB
| 5.00% | | 09/15/2050 | | | 105 | | 105,283 |
Miami University, Series 2020 A, Ref. RB
| 4.00% | | 09/01/2045 | | | 50 | | 49,575 |
Ohio (State of), Series 2019-1, RB
| 5.00% | | 12/15/2030 | | | 175 | | 198,742 |
Ohio (State of), Series 2021 B, Ref. GO Bonds
| 5.00% | | 09/15/2030 | | | 140 | | 159,100 |
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2020 A, RB
| 5.00% | | 06/01/2032 | | | 20 | | 22,383 |
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2020 A, RB
| 5.00% | | 12/01/2032 | | | 5 | | 5,590 |
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2020 A, RB
| 5.00% | | 12/01/2036 | | | 50 | | 55,295 |
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2020 A, RB
| 5.00% | | 12/01/2039 | | | 250 | | 273,597 |
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2020 A, RB
| 5.00% | | 12/01/2040 | | | 200 | | 217,934 |
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2020 A, RB
| 5.00% | | 12/01/2050 | | | 135 | | 143,026 |
| | | | | | | | | 2,283,728 |
| Oklahoma-0.05% | | | | | | | | |
Cleveland (County of), OK Educational Facilities Authority (Moore Public Schools), Series 2021, RB
| 4.00% | | 06/01/2030 | | | 25 | | 26,383 |
Oklahoma (State of) Capitol Improvement Authority (Department of Transportation), Series 2020 B, RB
| 4.00% | | 07/01/2045 | | | 10 | | 9,963 |
Oklahoma (State of) Turnpike Authority, Series 2020 A, Ref. RB
| 5.00% | | 01/01/2030 | | | 15 | | 16,736 |
| | | | | | | | | 53,082 |
| Oregon-0.95% | | | | | | | | |
Medford (City of), OR Hospital Facilities Authority (Asante), Series 2020 A, Ref. RB
| 5.00% | | 08/15/2036 | | | 50 | | 53,848 |
Medford (City of), OR Hospital Facilities Authority (Asante), Series 2020 A, Ref. RB
| 5.00% | | 08/15/2037 | | | 15 | | 16,128 |
Medford (City of), OR Hospital Facilities Authority (Asante), Series 2020 A, Ref. RB
| 5.00% | | 08/15/2050 | | | 250 | | 260,522 |
Oregon (State of) (Article XI-Q State), Series 2023 A, GO Bonds
| 5.00% | | 05/01/2030 | | | 15 | | 16,943 |
Oregon (State of) Department of Transportation, Series 2020 A, RB
| 5.00% | | 11/15/2035 | | | 20 | | 22,327 |
Oregon (State of) Department of Transportation, Series 2020 A, RB
| 5.00% | | 11/15/2036 | | | 25 | | 27,794 |
Oregon (State of) Department of Transportation, Series 2020 A, RB
| 5.00% | | 11/15/2037 | | | 80 | | 88,683 |
Oregon (State of) Department of Transportation, Series 2020 A, RB
| 5.00% | | 11/15/2039 | | | 90 | | 98,977 |
Oregon (State of) Department of Transportation, Series 2020 A, RB
| 5.00% | | 11/15/2040 | | | 140 | | 153,315 |
Oregon (State of) Facilities Authority, Series 2020, Ref. RB
| 5.00% | | 10/01/2040 | | | 50 | | 52,085 |
Portland (City of), OR, Series 2019 A, Ref. RB
| 5.00% | | 03/01/2030 | | | 50 | | 55,482 |
Salem-Keizer School District No. 24J, Series 2020 B, GO Bonds, (CEP - Oregon School Bond Guaranty)
| 5.00% | | 06/15/2034 | | | 200 | | 223,160 |
| | | | | | | | | 1,069,264 |
| Pennsylvania-1.97% | | | | | | | | |
Allegheny (County of), PA, Series 2020 C-78, GO Bonds
| 4.00% | | 11/01/2045 | | | 10 | | 9,727 |
Allegheny (County of), PA Higher Education Building Authority (Carnegie Mellon University), Series 2020, RB
| 5.00% | | 02/01/2030 | | | 80 | | 89,970 |
Allegheny (County of), PA Hospital Development Authority (University of Pittsburgh Medical Center), Series 2019, Ref. RB
| 5.00% | | 07/15/2030 | | | 50 | | 54,567 |
Geisinger Authority (Geisinger Health System), Series 2020, Ref. RB
| 5.00% | | 04/01/2035 | | | 140 | | 153,487 |
Geisinger Authority (Geisinger Health System), Series 2020, Ref. RB
| 4.00% | | 04/01/2039 | | | 85 | | 84,792 |
Geisinger Authority (Geisinger Health System), Series 2020, Ref. RB
| 5.00% | | 04/01/2050 | | | 105 | | 109,534 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2030 Municipal Bond ETF (BSMU)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Pennsylvania-(continued) | | | | | | | | |
Monroeville Finance Authority, Series 2022 B, Ref. RB
| 5.00% | | 02/15/2030 | | $ | 50 | | $ 55,405 |
Pennsylvania (Commonwealth of), First Series 2015, GO Bonds
| 3.00% | | 03/15/2030 | | | 265 | | 264,961 |
Pennsylvania (Commonwealth of), First Series 2020, GO Bonds
| 5.00% | | 05/01/2030 | | | 120 | | 135,205 |
Pennsylvania (Commonwealth of), First Series 2020, GO Bonds
| 4.00% | | 05/01/2032 | | | 20 | | 21,134 |
Pennsylvania (Commonwealth of), First Series 2020, GO Bonds
| 4.00% | | 05/01/2033 | | | 200 | | 209,938 |
Pennsylvania (Commonwealth of), First Series 2020, GO Bonds
| 4.00% | | 05/01/2034 | | | 55 | | 57,668 |
Pennsylvania (Commonwealth of), First Series 2021, GO Bonds
| 5.00% | | 05/15/2030 | | | 50 | | 56,367 |
Pennsylvania (Commonwealth of), First Series 2023, Ref. GO Bonds
| 5.00% | | 09/01/2030 | | | 35 | | 39,627 |
Pennsylvania (Commonwealth of), Series 2022, GO Bonds
| 5.00% | | 10/01/2030 | | | 25 | | 28,339 |
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority, Series 2020 A, Ref. RB, (INS - AGM)(a)
| 5.00% | | 05/01/2046 | | | 40 | | 42,123 |
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2020 B, RB
| 5.00% | | 12/01/2045 | | | 230 | | 246,780 |
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 A, RB
| 4.00% | | 12/01/2045 | | | 75 | | 72,666 |
Philadelphia (City of), PA, Series 2020 A, RB
| 5.00% | | 11/01/2045 | | | 305 | | 326,381 |
Philadelphia (City of), PA, Series 2020 A, RB
| 5.00% | | 11/01/2050 | | | 35 | | 37,000 |
Philadelphia (City of), PA Authority for Industrial Development (Children’s Hospital of Philadelphia), Series 2021, Ref. RB
| 5.00% | | 07/01/2030 | | | 40 | | 44,880 |
Ridley School District, Series 2022, GO Bonds, (INS - BAM)(a)
| 4.00% | | 11/15/2043 | | | 75 | | 75,212 |
| | | | | | | | | 2,215,763 |
| Rhode Island-0.11% | | | | | | | | |
Rhode Island Commerce Corp. (Garvee), Series 2020 A, RB
| 5.00% | | 05/15/2034 | | | 75 | | 82,589 |
Rhode Island Commerce Corp. (Garvee), Series 2020 A, RB
| 5.00% | | 05/15/2035 | | | 25 | | 27,475 |
Rhode Island Commerce Corp. (Garvee), Series 2020, RB
| 5.00% | | 05/15/2032 | | | 10 | | 11,095 |
| | | | | | | | | 121,159 |
| South Carolina-0.77% | | | | | | | | |
South Carolina (State of) Public Service Authority, Series 2020 A, Ref. RB
| 5.00% | | 12/01/2032 | | | 90 | | 99,187 |
South Carolina (State of) Public Service Authority, Series 2020 A, Ref. RB
| 4.00% | | 12/01/2037 | | | 375 | | 373,272 |
South Carolina (State of) Public Service Authority, Series 2020 A, Ref. RB
| 5.00% | | 12/01/2043 | | | 160 | | 168,331 |
South Carolina (State of) Public Service Authority, Series 2020 A, Ref. RB, (INS - BAM)(a)
| 4.00% | | 12/01/2040 | | | 145 | | 146,154 |
South Carolina (State of) Transportation Infrastructure Bank, Series 2021 B, Ref. RB
| 5.00% | | 10/01/2030 | | | 70 | | 79,140 |
| | | | | | | | | 866,084 |
| Tennessee-0.43% | | | | | | | | |
Knox (County of), TN Health, Educational & Housing Facility Board (University Health System), Series 2020 A, RB
| 5.00% | | 09/01/2030 | | | 50 | | 52,651 |
Memphis (City of), TN, Series 2020 B, Ref. RB
| 5.00% | | 10/01/2045 | | | 15 | | 16,162 |
Metropolitan Nashville Airport Authority (The), Series 2019 A, RB
| 5.00% | | 07/01/2049 | | | 70 | | 73,705 |
Metropolitan Nashville Airport Authority (The), Series 2019 A, RB
| 5.00% | | 07/01/2054 | | | 100 | | 104,760 |
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2020 A, RB
| 4.00% | | 07/01/2045 | | | 120 | | 119,817 |
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2021 C, GO Bonds
| 5.00% | | 01/01/2030 | | | 40 | | 44,778 |
Tennessee (State of), Series 2023 A, GO Bonds
| 5.00% | | 05/01/2030 | | | 65 | | 73,602 |
| | | | | | | | | 485,475 |
| Texas-7.77% | | | | | | | | |
Alamo Community College District, Series 2022, GO Notes
| 5.00% | | 02/15/2030 | | | 55 | | 61,594 |
Austin (City of), TX, Series 2020 A, Ref. RB
| 5.00% | | 11/15/2050 | | | 325 | | 342,351 |
Austin (City of), TX, Series 2020 C, Ref. RB
| 5.00% | | 11/15/2045 | | | 5 | | 5,329 |
Austin Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 08/01/2030 | | | 250 | | 281,834 |
Board of Regents of the University of Texas System, Series 2020 A, Ref. RB
| 5.00% | | 08/15/2030 | | | 155 | | 175,196 |
Board of Regents of the University of Texas System, Series 2024 A, Ref. RB
| 5.00% | | 08/15/2030 | | | 5 | | 5,652 |
Central Texas Regional Mobility Authority, Series 2020 B, Ref. RB
| 5.00% | | 01/01/2045 | | | 5 | | 5,245 |
Central Texas Regional Mobility Authority, Series 2020 E, RB
| 5.00% | | 01/01/2045 | | | 45 | | 47,224 |
Clear Creek Independent School District, Series 2013 B, GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 02/15/2030 | | | 10 | | 11,215 |
Conroe Independent School District, Series 2020 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 02/15/2030 | | | 170 | | 190,381 |
Crandall Independent School District, Series 2020, GO Bonds, (CEP - Texas Permanent School Fund)
| 4.00% | | 08/15/2046 | | | 30 | | 29,276 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2030 Municipal Bond ETF (BSMU)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Texas-(continued) | | | | | | | | |
Cypress-Fairbanks Independent School District, Series 2019, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 02/15/2030 | | $ | 25 | | $ 27,369 |
Cypress-Fairbanks Independent School District, Series 2023 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 02/15/2030 | | | 25 | | 28,051 |
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2020 A, Ref. RB
| 5.00% | | 11/01/2032 | | | 10 | | 11,128 |
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2020 A, Ref. RB
| 4.00% | | 11/01/2034 | | | 400 | | 414,717 |
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2020 A, Ref. RB
| 4.00% | | 11/01/2035 | | | 180 | | 185,951 |
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2020, Ref. RB
| 5.00% | | 11/01/2032 | | | 15 | | 16,719 |
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2020, Ref. RB
| 4.00% | | 11/01/2034 | | | 20 | | 20,736 |
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2020, Ref. RB
| 4.00% | | 11/01/2035 | | | 10 | | 10,331 |
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2021 A, Ref. RB
| 5.00% | | 11/01/2034 | | | 5 | | 5,531 |
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2021 A, Ref. RB
| 4.00% | | 11/01/2046 | | | 130 | | 126,445 |
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2021 B, Ref. RB
| 4.00% | | 11/01/2045 | | | 195 | | 190,615 |
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2022 B, Ref. RB
| 5.00% | | 11/01/2030 | | | 5 | | 5,635 |
Dallas (City of), TX, Series 2020 C, Ref. RB
| 4.00% | | 10/01/2037 | | | 20 | | 20,660 |
Dallas (City of), TX, Series 2020 C, Ref. RB
| 5.00% | | 10/01/2038 | | | 95 | | 104,444 |
Dallas (City of), TX, Series 2020 C, Ref. RB
| 4.00% | | 10/01/2039 | | | 50 | | 51,039 |
Dallas (City of), TX, Series 2020 C, Ref. RB
| 5.00% | | 10/01/2045 | | | 180 | | 192,992 |
Dallas (City of), TX, Series 2020 C, Ref. RB
| 4.00% | | 10/01/2049 | | | 10 | | 9,671 |
Dallas (City of), TX, Series 2024 B, Ctfs. of Obligations
| 5.00% | | 02/15/2030 | | | 20 | | 22,365 |
Dallas (City of), TX, Series 2024 B, Ref. GO Bonds
| 5.00% | | 02/15/2030 | | | 15 | | 16,774 |
Dallas (City of), TX Area Rapid Transit, Series 2007, Ref. RB, (INS - AMBAC)(a)
| 5.25% | | 12/01/2030 | | | 285 | | 325,626 |
Dallas (City of), TX Area Rapid Transit, Series 2021 B, Ref. RB
| 5.00% | | 12/01/2047 | | | 250 | | 266,275 |
Dallas (City of), TX Independent School District, Series 2019 B, GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 02/15/2030 | | | 55 | | 60,479 |
Dallas College, Series 2022, GO Bonds
| 5.00% | | 02/15/2030 | | | 50 | | 55,645 |
Denton Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 08/15/2030 | | | 20 | | 22,582 |
Galveston Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund)
| 4.00% | | 02/01/2047 | | | 100 | | 98,225 |
Garland Independent School District, Series 2023 A, GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 02/15/2030 | | | 15 | | 16,806 |
Harris (County of), TX, Series 2022 A, Ref. GO Bonds
| 5.00% | | 08/15/2030 | | | 25 | | 28,257 |
Harris (County of), TX Port Authority of Houston, Series 2020 A-2, Ref. GO Bonds
| 4.00% | | 10/01/2036 | | | 25 | | 25,953 |
Harris (County of), TX Port Authority of Houston, Series 2020 A-2, Ref. GO Bonds
| 4.00% | | 10/01/2037 | | | 160 | | 165,637 |
Harris (County of), TX Toll Road Authority (The), Series 2021, Ref. RB
| 5.00% | | 08/15/2030 | | | 75 | | 84,640 |
Harris (County of), TX Toll Road Authority (The), Series 2021, Ref. RB
| 4.00% | | 08/15/2040 | | | 15 | | 15,150 |
Harris (County of), TX Toll Road Authority (The), Series 2021, Ref. RB
| 4.00% | | 08/15/2045 | | | 220 | | 216,025 |
Houston (City of), TX, Series 2019 A, Ref. GO Bonds
| 5.00% | | 03/01/2030 | | | 70 | | 76,795 |
Houston (City of), TX, Series 2019 A, Ref. RB
| 5.00% | | 11/15/2032 | | | 140 | | 157,037 |
Houston (City of), TX, Series 2020 C, Ref. RB
| 4.00% | | 11/15/2035 | | | 25 | | 25,874 |
Houston (City of), TX, Series 2020 C, Ref. RB
| 4.00% | | 11/15/2036 | | | 40 | | 41,136 |
Houston (City of), TX, Series 2020 C, Ref. RB
| 5.00% | | 11/15/2045 | | | 125 | | 133,502 |
Houston Independent School District, Series 2014, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
| 4.00% | | 02/15/2030 | | | 45 | | 45,010 |
Hurst-Euless-Bedford Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 08/15/2030 | | | 500 | | 564,268 |
Lamar Consolidated Independent School District, Series 2020, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
| 4.00% | | 02/15/2043 | | | 25 | | 25,345 |
Lewisville Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 08/15/2030 | | | 20 | | 22,618 |
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2020, RB
| 5.00% | | 05/15/2045 | | | 130 | | 137,302 |
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2021, Ref. RB
| 5.00% | | 05/15/2039 | | | 100 | | 107,436 |
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2021, Ref. RB
| 5.00% | | 05/15/2046 | | | 50 | | 52,709 |
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2021, Ref. RB
| 5.00% | | 05/15/2051 | | | 75 | | 78,705 |
Lubbock (City of), TX, Series 2021, RB
| 4.00% | | 04/15/2046 | | | 135 | | 130,130 |
Matagorda County Navigation District No. 1 (Aep Texas Central Co.), Series 2005 A, Ref. RB, (INS - AMBAC)(a)
| 4.40% | | 05/01/2030 | | | 160 | | 166,918 |
Matagorda County Navigation District No. 1 (Aep Texas Central Co.), Series 2008, Ref. RB
| 4.00% | | 06/01/2030 | | | 15 | | 15,006 |
Midland Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 02/15/2030 | | | 10 | | 11,226 |
North East Independent School District, Series 2007, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
| 5.25% | | 02/01/2030 | | | 35 | | 39,632 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2030 Municipal Bond ETF (BSMU)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Texas-(continued) | | | | | | | | |
North Texas Municipal Water District, Series 2021 A, Ref. RB
| 4.00% | | 09/01/2030 | | $ | 10 | | $ 10,667 |
North Texas Tollway Authority, Series 2021 B, RB
| 5.00% | | 01/01/2030 | | | 75 | | 83,169 |
Permanent University Fund - University of Texas System, Series 2007 B, Ref. RB
| 5.25% | | 07/01/2030 | | | 250 | | 286,018 |
Permanent University Fund - University of Texas System, Series 2022 A, RB
| 5.00% | | 07/01/2030 | | | 30 | | 33,832 |
Plainview Independent School District, Series 2020 A, GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 02/15/2046 | | | 25 | | 26,345 |
Plano Independent School District, Series 2023, GO Bonds
| 5.00% | | 02/15/2030 | | | 115 | | 128,725 |
Round Rock Independent School District, Series 2019 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 08/01/2030 | | | 210 | | 231,098 |
Royse (City of), TX Independent School District, Series 2021, GO Bonds, (CEP - Texas Permanent School Fund)
| 4.00% | | 02/15/2051 | | | 65 | | 63,314 |
San Antonio (City of), TX, Series 2019, Ref. GO Bonds
| 5.00% | | 08/01/2030 | | | 90 | | 99,390 |
San Antonio (City of), TX, Series 2019, Ref. RB
| 5.00% | | 02/01/2034 | | | 10 | | 10,983 |
San Antonio (City of), TX, Series 2019, Ref. RB
| 5.00% | | 02/01/2035 | | | 65 | | 71,187 |
San Antonio (City of), TX, Series 2019, Ref. RB
| 5.00% | | 02/01/2036 | | | 140 | | 152,830 |
San Antonio (City of), TX, Series 2020, RB
| 5.00% | | 02/01/2049 | | | 95 | | 99,991 |
San Antonio (City of), TX Water System, Series 2020 A, Ref. RB
| 5.00% | | 05/15/2045 | | | 25 | | 26,549 |
San Antonio (City of), TX Water System, Series 2020 A, Ref. RB
| 5.00% | | 05/15/2050 | | | 300 | | 316,274 |
San Antonio Public Facilities Corp., Series 2022, Ref. RB
| 5.00% | | 09/15/2030 | | | 5 | | 5,576 |
Tarrant County College District, Series 2022, GO Bonds
| 5.00% | | 08/15/2030 | | | 20 | | 22,489 |
Texas (State of) Transportation Commission, Series 2024, Ref. GO Bonds
| 5.00% | | 04/01/2030 | | | 20 | | 22,495 |
Texas (State of) Transportation Commission (Central Texas Turnpike System), Series 2020 A, Ref. RB
| 5.00% | | 08/15/2039 | | | 200 | | 215,175 |
Texas (State of) Water Development Board, Series 2020, RB
| 5.00% | | 08/01/2030 | | | 200 | | 225,584 |
Texas (State of) Water Development Board, Series 2020, RB
| 4.00% | | 08/01/2034 | | | 40 | | 41,756 |
Texas (State of) Water Development Board, Series 2020, RB
| 4.00% | | 08/01/2035 | | | 105 | | 109,093 |
Texas (State of) Water Development Board, Series 2020, RB
| 4.00% | | 08/01/2036 | | | 25 | | 25,801 |
Texas (State of) Water Development Board, Series 2020, RB
| 4.00% | | 08/01/2037 | | | 10 | | 10,281 |
Texas (State of) Water Development Board, Series 2020, RB
| 4.00% | | 08/01/2038 | | | 140 | | 142,866 |
Texas (State of) Water Development Board, Series 2020, RB
| 4.00% | | 10/15/2045 | | | 25 | | 24,694 |
Texas (State of) Water Development Board, Series 2021, RB
| 5.00% | | 08/01/2030 | | | 15 | | 16,919 |
Texas (State of) Water Development Board, Series 2023 A, RB
| 5.00% | | 10/15/2030 | | | 55 | | 62,215 |
Texas Private Activity Bond Surface Transportation Corp., Series 2020, Ref. RB
| 4.00% | | 06/30/2032 | | | 50 | | 51,442 |
Texas Private Activity Bond Surface Transportation Corp., Series 2020, Ref. RB
| 4.00% | | 12/31/2032 | | | 15 | | 15,416 |
Texas Private Activity Bond Surface Transportation Corp., Series 2020, Ref. RB
| 4.00% | | 06/30/2033 | | | 25 | | 25,628 |
Texas Private Activity Bond Surface Transportation Corp., Series 2020, Ref. RB
| 4.00% | | 12/31/2038 | | | 5 | | 5,018 |
Texas Private Activity Bond Surface Transportation Corp., Series 2020, Ref. RB
| 4.00% | | 06/30/2039 | | | 15 | | 15,020 |
Texas Private Activity Bond Surface Transportation Corp., Series 2020, Ref. RB
| 4.00% | | 06/30/2040 | | | 10 | | 9,971 |
Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners LLC - North Tarrant Express Managed Lanes), Series 2019 A, Ref. RB
| 5.00% | | 12/31/2030 | | | 10 | | 10,873 |
Trinity River Authority, Series 2019, Ref. RB
| 5.00% | | 08/01/2030 | | | 45 | | 49,630 |
Trinity River Authority, Series 2020, Ref. RB
| 5.00% | | 08/01/2030 | | | 25 | | 28,169 |
University of Houston, Series 2022 A, Ref. RB
| 5.00% | | 02/15/2030 | | | 100 | | 111,184 |
Williamson (County of), TX, Series 2024, GO Notes
| 5.00% | | 02/15/2030 | | | 10 | | 11,237 |
| | | | | | | | | 8,727,323 |
| Utah-0.39% | | | | | | | | |
Intermountain Power Agency, Series 2022 A, Ref. RB
| 5.00% | | 07/01/2030 | | | 170 | | 192,403 |
University of Utah (The) (Green Bonds), Series 2022 B, RB
| 5.00% | | 08/01/2030 | | | 120 | | 135,841 |
Utah (County of), UT (IHC Health Services, Inc.), Series 2020 A, RB
| 5.00% | | 05/15/2043 | | | 100 | | 106,351 |
| | | | | | | | | 434,595 |
| Virginia-1.46% | | | | | | | | |
Fairfax (County of), VA, Series 2020 A, Ref. GO Bonds
| 5.00% | | 10/01/2030 | | | 65 | | 73,120 |
Fairfax (County of), VA, Series 2020 A, Ref. GO Bonds
| 5.00% | | 10/01/2031 | | | 100 | | 112,161 |
Fairfax (County of), VA Industrial Development Authority (Inova Health System), Series 2023, Ref. RB
| 5.00% | | 05/15/2030 | | | 70 | | 78,363 |
Hampton (City of), VA Roads Transportation Accountability Commission, Series 2020 A, RB
| 4.00% | | 07/01/2040 | | | 150 | | 151,316 |
Hampton (City of), VA Roads Transportation Accountability Commission, Series 2020 A, RB
| 5.00% | | 07/01/2050 | | | 150 | | 160,131 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2030 Municipal Bond ETF (BSMU)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Virginia-(continued) | | | | | | | | |
Virginia (Commonwealth of) College Building Authority (21st Centuity College and Equipment), Series 2020, RB
| 5.00% | | 02/01/2034 | | $ | 50 | | $ 55,254 |
Virginia (Commonwealth of) College Building Authority (21st Centuity College and Equipment), Series 2022 A, RB
| 5.00% | | 02/01/2030 | | | 100 | | 112,248 |
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2019 C, Ref. RB
| 5.00% | | 02/01/2030 | | | 75 | | 82,240 |
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2020 A, RB
| 5.00% | | 02/01/2035 | | | 150 | | 165,535 |
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2021 A, RB
| 5.00% | | 02/01/2030 | | | 70 | | 78,573 |
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2023, Ref. RB
| 5.00% | | 02/01/2030 | | | 200 | | 224,495 |
Virginia (Commonwealth of) Public Building Authority (Bidding Group 1), Series 2022 A, RB
| 5.00% | | 08/01/2030 | | | 210 | | 237,969 |
Virginia (Commonwealth of) Transportation Board (Transportation Capital), Series 2024, Ref. RB
| 5.00% | | 05/15/2030 | | | 95 | | 107,045 |
| | | | | | | | | 1,638,450 |
| Washington-4.21% | | | | | | | | |
Central Puget Sound Regional Transit Authority (Green Bonds), Series 2021 S-1, Ref. RB
| 5.00% | | 11/01/2030 | | | 100 | | 113,311 |
Energy Northwest (Columbia Generating Station), Series 2020 A, Ref. RB
| 5.00% | | 07/01/2037 | | | 125 | | 137,595 |
Energy Northwest (Columbia Generating Station), Series 2020 A, Ref. RB
| 4.00% | | 07/01/2039 | | | 250 | | 254,569 |
Energy Northwest (Columbia Generating Station), Series 2020 A, Ref. RB
| 5.00% | | 07/01/2039 | | | 100 | | 109,108 |
Energy Northwest (Columbia Generating Station), Series 2020, Ref. RB
| 5.00% | | 07/01/2033 | | | 10 | | 11,152 |
Energy Northwest (Columbia Generating Station), Series 2020, Ref. RB
| 5.00% | | 07/01/2038 | | | 25 | | 27,408 |
King (County of), WA, Series 2021 A, GO Bonds
| 5.00% | | 01/01/2030 | | | 75 | | 84,156 |
King County School District No. 411 Issaquah, Series 2016, GO Bonds, (CEP - Oregon School Bond Guaranty)
| 3.00% | | 12/01/2030 | | | 110 | | 106,825 |
King County School District No. 411 Issaquah, Series 2020, GO Bonds, (CEP - Oregon School Bond Guaranty)
| 4.00% | | 12/01/2033 | | | 35 | | 36,743 |
King County School District No. 411 Issaquah, Series 2024, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)
| 5.00% | | 12/01/2030 | | | 250 | | 283,301 |
North Thurston Public Schools, Series 2020, GO Bonds, (CEP - Oregon School Bond Guaranty)
| 4.00% | | 12/01/2034 | | | 50 | | 52,354 |
North Thurston Public Schools, Series 2020, GO Bonds, (CEP - Oregon School Bond Guaranty)
| 4.00% | | 12/01/2035 | | | 15 | | 15,609 |
Snohomish County School District No. 15 Edmonds, Series 2024, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)
| 5.00% | | 12/01/2030 | | | 150 | | 170,443 |
Washington (State of), Series 2019 A, GO Bonds
| 5.00% | | 08/01/2030 | | | 25 | | 27,669 |
Washington (State of), Series 2019 C, GO Bonds
| 5.00% | | 02/01/2030 | | | 155 | | 170,205 |
Washington (State of), Series 2020 A, GO Bonds
| 5.00% | | 08/01/2037 | | | 40 | | 44,048 |
Washington (State of), Series 2020 A, GO Bonds
| 5.00% | | 08/01/2041 | | | 75 | | 81,185 |
Washington (State of), Series 2020 A, GO Bonds
| 5.00% | | 08/01/2042 | | | 150 | | 161,947 |
Washington (State of), Series 2020 A, GO Bonds
| 5.00% | | 08/01/2043 | | | 205 | | 220,690 |
Washington (State of), Series 2020 C, GO Bonds
| 5.00% | | 02/01/2034 | | | 50 | | 55,307 |
Washington (State of), Series 2020 C, GO Bonds
| 5.00% | | 02/01/2035 | | | 150 | | 165,581 |
Washington (State of), Series 2020 C, GO Bonds
| 5.00% | | 02/01/2036 | | | 305 | | 335,660 |
Washington (State of), Series 2020 C, GO Bonds
| 5.00% | | 02/01/2037 | | | 150 | | 164,112 |
Washington (State of), Series 2020 C, GO Bonds
| 5.00% | | 02/01/2041 | | | 115 | | 123,745 |
Washington (State of), Series 2020 C, GO Bonds
| 5.00% | | 02/01/2043 | | | 260 | | 278,339 |
Washington (State of), Series 2021 A, Ref. GO Bonds
| 5.00% | | 06/01/2038 | | | 80 | | 87,586 |
Washington (State of), Series 2021 A, Ref. GO Bonds
| 5.00% | | 06/01/2040 | | | 30 | | 32,513 |
Washington (State of), Series 2021, Ref. GO Bonds
| 5.00% | | 06/01/2032 | | | 30 | | 33,541 |
Washington (State of), Series 2021, Ref. GO Bonds
| 5.00% | | 06/01/2037 | | | 190 | | 208,814 |
Washington (State of), Series R-2023B, Ref. GO Bonds
| 5.00% | | 07/01/2030 | | | 100 | | 113,178 |
Washington (State of), Series R-2024A, Ref. GO Bonds
| 5.00% | | 02/01/2030 | | | 50 | | 56,231 |
Washington (State of) (Bid Group 1), Series 2020 A, GO Bonds
| 5.00% | | 08/01/2030 | | | 100 | | 113,319 |
Washington (State of) (Bid Group 1), Series 2020 A, GO Bonds
| 5.00% | | 08/01/2032 | | | 95 | | 106,468 |
Washington (State of) (Bid Group 1), Series 2020 A, GO Bonds
| 5.00% | | 08/01/2033 | | | 110 | | 123,126 |
Washington (State of) (Bid Group 1), Series 2021 C, GO Bonds
| 5.00% | | 02/01/2030 | | | 35 | | 39,362 |
Washington (State of) (Bid Group 1), Series 2022 C, GO Bonds
| 5.00% | | 02/01/2030 | | | 20 | | 22,493 |
Washington (State of) (Bid Group 1), Series 2024 C, GO Bonds
| 5.00% | | 02/01/2030 | | | 75 | | 84,347 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2030 Municipal Bond ETF (BSMU)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Washington-(continued) | | | | | | | | |
Washington (State of) (Bid Group 2), Series R-2022D, GO Bonds
| 4.00% | | 07/01/2030 | | $ | 15 | | $ 16,052 |
Washington (State of) Health Care Facilities Authority (Seattle Cancer Care Alliance), Series 2020, Ref. RB
| 5.00% | | 09/01/2045 | | | 40 | | 42,155 |
Washington (State of) Health Care Facilities Authority (Seattle Cancer Care Alliance), Series 2020, Ref. RB
| 5.00% | | 09/01/2050 | | | 100 | | 104,560 |
Washington (State of) Health Care Facilities Authority (Seattle Cancer Care Alliance), Series 2020, Ref. RB
| 5.00% | | 09/01/2055 | | | 40 | | 41,652 |
Washington (State of) Health Care Facilities Authority (Seattle Children’s Hospital), Series 2015 B, Ref. RB
| 5.00% | | 10/01/2038 | | | 250 | | 272,826 |
| | | | | | | | | 4,729,285 |
| Wisconsin-0.41% | | | | | | | | |
Wisconsin (State of), Series 2020-1, Ref. GO Bonds
| 5.00% | | 05/01/2030 | | | 100 | | 112,952 |
Wisconsin (State of), Series 2021 1, Ref. GO Bonds
| 5.00% | | 05/01/2030 | | | 230 | | 259,789 |
Wisconsin (State of), Series 2021-2, Ref. GO Bonds
| 5.00% | | 05/01/2030 | | | 75 | | 84,714 |
| | | | | | | | | 457,455 |
TOTAL INVESTMENTS IN SECURITIES(b)-98.65%
(Cost $110,788,972)
| | 110,757,351 |
OTHER ASSETS LESS LIABILITIES-1.35%
| | 1,513,126 |
NET ASSETS-100.00%
| | $112,270,477 |
| Investment Abbreviations: |
| AGM | -Assured Guaranty Municipal Corp. |
| AMBAC | -American Municipal Bond Assurance Corp. |
| BAM | -Build America Mutual Assurance Co. |
| CEP | -Credit Enhancement Provider |
| COP | -Certificates of Participation |
| Ctfs. | -Certificates |
| GO | -General Obligation |
| INS | -Insurer |
| NATL | -National Public Finance Guarantee Corp. |
| RB | -Revenue Bonds |
| Ref. | -Refunding |
| RN | -Revenue Notes |
| Notes to Schedule of Investments: |
| (a) | Principal and/or interest payments are secured by the bond insurance company listed. |
| (b) | Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligations but may be called upon to satisfy the issuer’s obligations. No concentration of any single entity was greater than 5% each. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2031 Municipal Bond ETF (BSMV)
August 31, 2024
Schedule of Investments
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Municipal Obligations-98.53% | | | | | | | | |
| Alabama-0.28% | | | | | | | | |
Alabama (State of) Public School & College Authority (Social Bonds), Series 2020 A, Ref. RB
| 5.00% | | 11/01/2031 | | $ | 105 | | $ 118,718 |
Board of Trustees of the Alabama Community College System, Series 2021, RB, (INS - AGM)(a)
| 4.00% | | 09/01/2046 | | | 15 | | 14,529 |
Jefferson (County of), AL, Series 2024, Ref. Revenue Wts.
| 5.00% | | 10/01/2031 | | | 70 | | 77,826 |
| | | | | | | | | 211,073 |
| Alaska-0.05% | | | | | | | | |
Alaska (State of), Series 2024 A, Ref. GO Bonds
| 5.00% | | 08/01/2031 | | | 35 | | 39,899 |
| Arizona-0.75% | | | | | | | | |
Gilbert Water Resource Municipal Property Corp. (Green Bonds), Series 2022, RB
| 5.00% | | 07/15/2031 | | | 15 | | 17,191 |
Maricopa (County of), AZ Special Health Care District, Series 2021 D, GO Bonds
| 5.00% | | 07/01/2034 | | | 115 | | 128,668 |
Maricopa (County of), AZ Special Health Care District, Series 2021 D, GO Bonds
| 4.00% | | 07/01/2035 | | | 50 | | 52,108 |
Mesa (City of), AZ, Series 2021, Ref. RB
| 4.00% | | 07/01/2035 | | | 65 | | 68,227 |
Phoenix Civic Improvement Corp., Series 2021 A, RB
| 5.00% | | 07/01/2045 | | | 120 | | 130,589 |
Salt River Project Agricultural Improvement & Power District, Series 2020 A, Ref. RB
| 5.00% | | 01/01/2045 | | | 150 | | 160,457 |
| | | | | | | | | 557,240 |
| Arkansas-0.16% | | | | | | | | |
University of Arkansas, Series 2021 A, RB
| 5.00% | | 12/01/2045 | | | 110 | | 117,306 |
| California-20.20% | | | | | | | | |
Alameda (County of), CA Joint Powers Authority (Highland Hospital Project), Series 2023, Ref. RB
| 5.00% | | 12/01/2031 | | | 5 | | 5,846 |
Bay Area Toll Authority (San Francisco Bay Area), Series 2023 F-1, RB
| 5.00% | | 04/01/2031 | | | 5 | | 5,773 |
California (State of), Series 2015 C, Ref. GO Bonds
| 3.25% | | 09/01/2031 | | | 60 | | 60,037 |
California (State of), Series 2019, Ref. GO Bonds
| 5.00% | | 04/01/2031 | | | 95 | | 108,269 |
California (State of), Series 2020, GO Bonds
| 5.00% | | 03/01/2031 | | | 15 | | 17,076 |
California (State of), Series 2020, GO Bonds
| 5.00% | | 11/01/2031 | | | 145 | | 163,767 |
California (State of), Series 2020, Ref. GO Bonds
| 5.00% | | 03/01/2031 | | | 20 | | 22,372 |
California (State of), Series 2020, Ref. GO Bonds
| 5.00% | | 11/01/2031 | | | 75 | | 84,707 |
California (State of), Series 2021, GO Bonds
| 4.00% | | 10/01/2033 | | | 360 | | 385,306 |
California (State of), Series 2021, GO Bonds
| 4.00% | | 10/01/2034 | | | 260 | | 277,018 |
California (State of), Series 2021, GO Bonds
| 4.00% | | 10/01/2035 | | | 25 | | 26,492 |
California (State of), Series 2021, GO Bonds
| 4.00% | | 10/01/2036 | | | 70 | | 73,379 |
California (State of), Series 2021, GO Bonds
| 4.00% | | 10/01/2039 | | | 155 | | 160,295 |
California (State of), Series 2021, Ref. GO Bonds
| 5.00% | | 09/01/2031 | | | 100 | | 114,595 |
California (State of), Series 2021, Ref. GO Bonds
| 5.00% | | 10/01/2032 | | | 30 | | 34,020 |
California (State of), Series 2021, Ref. GO Bonds
| 5.00% | | 10/01/2037 | | | 50 | | 56,190 |
California (State of), Series 2021, Ref. GO Bonds
| 5.00% | | 09/01/2041 | | | 475 | | 526,897 |
California (State of), Series 2021, Ref. GO Bonds
| 4.00% | | 10/01/2041 | | | 50 | | 51,186 |
California (State of), Series 2021, Ref. GO Bonds
| 5.00% | | 10/01/2041 | | | 225 | | 248,263 |
California (State of), Series 2022, GO Bonds
| 5.00% | | 04/01/2031 | | | 265 | | 302,013 |
California (State of), Series 2022, Ref. GO Bonds
| 5.00% | | 11/01/2031 | | | 105 | | 120,592 |
California (State of), Series 2023, GO Bonds
| 5.00% | | 10/01/2031 | | | 310 | | 355,639 |
California (State of) (Bid Group C), Series 2021 C, Ref. GO Bonds
| 5.00% | | 10/01/2031 | | | 330 | | 378,584 |
California (State of) Department of Water Resources (Central Valley), Series 2020 BB, Ref. RB
| 5.00% | | 12/01/2031 | | | 20 | | 22,959 |
California (State of) Department of Water Resources (Central Valley), Series 2021, RB
| 5.00% | | 12/01/2031 | | | 210 | | 243,362 |
California (State of) Department of Water Resources (Central Valley), Series 2021, RB
| 5.00% | | 12/01/2032 | | | 10 | | 11,555 |
California (State of) Department of Water Resources (Central Valley), Series 2021, RB
| 5.00% | | 12/01/2033 | | | 55 | | 63,446 |
California (State of) Department of Water Resources (Central Valley), Series 2021, RB
| 4.00% | | 12/01/2034 | | | 10 | | 10,783 |
California (State of) Health Facilities Financing Authority (Cedars Sinai Health System), Series 2021, Ref. RB, (INS - BAM)(a)
| 4.00% | | 08/15/2048 | | | 650 | | 650,210 |
California (State of) Health Facilities Financing Authority (Cedars-Sinai Health System), Series 2021 A, Ref. RB
| 5.00% | | 08/15/2051 | | | 300 | | 323,085 |
California (State of) Infrastructure & Economic Development Bank (Sustainability Bonds), Series 2021 B, RB
| 4.00% | | 05/01/2046 | | | 100 | | 98,187 |
California (State of) Public Works Board, Series 2021 A, Ref. RB
| 5.00% | | 02/01/2031 | | | 270 | | 306,672 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2031 Municipal Bond ETF (BSMV)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| California-(continued) | | | | | | | | |
California (State of) Public Works Board, Series 2022 A, Ref. RB
| 5.00% | | 08/01/2031 | | $ | 100 | | $ 114,334 |
California (State of) Public Works Board, Series 2022 A, Ref. RB
| 5.00% | | 08/01/2036 | | | 5 | | 5,610 |
California (State of) Public Works Board, Series 2022 C, Ref. RB
| 5.00% | | 08/01/2031 | | | 70 | | 80,034 |
California (State of) Public Works Board, Series 2022 C, Ref. RB
| 5.00% | | 08/01/2033 | | | 30 | | 34,049 |
California (State of) Public Works Board, Series 2022 C, Ref. RB
| 5.00% | | 08/01/2035 | | | 20 | | 22,543 |
California (State of) Public Works Board, Series 2023 B, Ref. RB
| 5.00% | | 12/01/2031 | | | 5 | | 5,742 |
California (State of) Public Works Board (Green Bonds), Series 2021 C, RB
| 4.00% | | 11/01/2039 | | | 100 | | 103,361 |
California (State of) Public Works Board (Green Bonds), Series 2021, RB
| 5.00% | | 11/01/2031 | | | 5 | | 5,735 |
California (State of) Public Works Board (Green Bonds), Series 2021, RB
| 5.00% | | 11/01/2033 | | | 15 | | 17,081 |
California (State of) Public Works Board (Green Bonds), Series 2021, RB
| 4.00% | | 11/01/2035 | | | 150 | | 158,605 |
California (State of) Public Works Board (Green Bonds), Series 2021, RB
| 4.00% | | 11/01/2036 | | | 10 | | 10,506 |
California (State of) Public Works Board (Green Bonds), Series 2021, RB
| 4.00% | | 11/01/2041 | | | 100 | | 101,858 |
California (State of) Public Works Board (Green Bonds), Series 2021, RB
| 5.00% | | 11/01/2046 | | | 50 | | 54,678 |
California (State of) Public Works Board (Sacramento Region New Natural Resources Headquarters) (Green Bonds), Series 2021, RB
| 5.00% | | 11/01/2034 | | | 60 | | 68,118 |
California (State of) Public Works Board (Various Capital), Series 2021 B, RB
| 5.00% | | 05/01/2034 | | | 45 | | 50,764 |
California (State of) Public Works Board (Various Capital), Series 2021 B, RB
| 5.00% | | 05/01/2035 | | | 25 | | 28,095 |
California (State of) Public Works Board (Various Capital), Series 2021 B, RB
| 4.00% | | 05/01/2036 | | | 20 | | 20,988 |
California (State of) Public Works Board (Various Capital), Series 2023 C, Ref. RB
| 5.00% | | 09/01/2031 | | | 5 | | 5,723 |
California (State of) Statewide Communities Development Authority (Montage Health), Series 2021 A, Ref. RB
| 4.00% | | 06/01/2046 | | | 200 | | 196,199 |
Contra Costa (County of), CA Transportation Authority, Series 2021 A, Ref. RB
| 4.00% | | 03/01/2033 | | | 50 | | 53,719 |
Contra Costa (County of), CA Transportation Authority, Series 2021 A, Ref. RB
| 4.00% | | 03/01/2034 | | | 65 | | 69,515 |
Contra Costa (County of), CA Water District, Series 2021 W, Ref. RB
| 5.00% | | 10/01/2051 | | | 50 | | 54,648 |
East Bay Municipal Utility District, Series 2022 B-2, Ref. RB
| 5.00% | | 06/01/2031 | | | 15 | | 17,404 |
East Side Union High School District, Series 2024 B, GO Bonds, (INS - AGM)(a)
| 5.00% | | 08/01/2031 | | | 5 | | 5,785 |
Foothill-De Anza Community College District, Series 2021 A, Ref. GO Bonds
| 3.00% | | 08/01/2039 | | | 30 | | 27,949 |
Hacienda La Puente Unified School District (Election of 2016), Series 2023 A, GO Bonds
| 5.00% | | 08/01/2047 | | | 10 | | 10,879 |
Los Angeles (City of), CA, Series 2022 C, Ref. RB
| 5.00% | | 06/01/2031 | | | 100 | | 115,621 |
Los Angeles (City of), CA Department of Airports, Series 2020 B, Ref. RB
| 5.00% | | 05/15/2031 | | | 100 | | 113,611 |
Los Angeles (City of), CA Department of Airports, Series 2021 B, Ref. RB
| 5.00% | | 05/15/2033 | | | 125 | | 143,593 |
Los Angeles (City of), CA Department of Airports, Series 2021 B, Ref. RB
| 5.00% | | 05/15/2035 | | | 80 | | 91,356 |
Los Angeles (City of), CA Department of Airports, Series 2021 B, Ref. RB
| 5.00% | | 05/15/2036 | | | 90 | | 102,347 |
Los Angeles (City of), CA Department of Airports, Series 2021 B, Ref. RB
| 5.00% | | 05/15/2037 | | | 25 | | 28,347 |
Los Angeles (City of), CA Department of Airports, Series 2021 B, Ref. RB
| 5.00% | | 05/15/2041 | | | 15 | | 16,653 |
Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2021 B, Ref. RB
| 5.00% | | 05/15/2045 | | | 20 | | 21,939 |
Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2021 B, Ref. RB
| 5.00% | | 05/15/2048 | | | 85 | | 92,631 |
Los Angeles (City of), CA Department of Water & Power, Series 2021 B, Ref. RB
| 5.00% | | 07/01/2035 | | | 90 | | 102,480 |
Los Angeles (City of), CA Department of Water & Power, Series 2021 B, Ref. RB
| 5.00% | | 07/01/2037 | | | 295 | | 333,307 |
Los Angeles (City of), CA Department of Water & Power, Series 2021 B, Ref. RB
| 5.00% | | 07/01/2041 | | | 5 | | 5,520 |
Los Angeles (City of), CA Department of Water & Power, Series 2021 B, Ref. RB
| 5.00% | | 07/01/2046 | | | 105 | | 114,174 |
Los Angeles (City of), CA Department of Water & Power, Series 2021 B, Ref. RB
| 5.00% | | 07/01/2048 | | | 50 | | 54,148 |
Los Angeles (City of), CA Department of Water & Power, Series 2021 C, RB
| 5.00% | | 07/01/2040 | | | 20 | | 22,394 |
Los Angeles (City of), CA Department of Water & Power, Series 2021, RB
| 5.00% | | 07/01/2045 | | | 55 | | 60,317 |
Los Angeles (City of), CA Department of Water & Power, Series 2021, RB
| 5.00% | | 07/01/2051 | | | 125 | | 135,558 |
Los Angeles (City of), CA Department of Water & Power, Series 2022 A, RB
| 5.00% | | 07/01/2039 | | | 60 | | 67,770 |
Los Angeles (City of), CA Department of Water & Power, Series 2022 A, RB
| 5.00% | | 07/01/2041 | | | 85 | | 94,470 |
Los Angeles (City of), CA Department of Water & Power, Series 2023 A, Ref. RB
| 5.00% | | 07/01/2031 | | | 115 | | 133,676 |
Los Angeles (City of), CA Department of Water & Power, Series 2023 D, Ref. RB
| 5.00% | | 07/01/2031 | | | 5 | | 5,812 |
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2020, RB
| 5.00% | | 06/01/2031 | | | 75 | | 86,514 |
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2021 A, RB
| 5.00% | | 06/01/2031 | | | 205 | | 237,852 |
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2021 A, RB
| 5.00% | | 06/01/2033 | | | 110 | | 127,095 |
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2021 A, RB
| 4.00% | | 06/01/2038 | | | 5 | | 5,323 |
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2021 A, RB
| 5.00% | | 07/01/2038 | | | 100 | | 113,580 |
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2021 A, RB
| 4.00% | | 06/01/2039 | | | 10 | | 10,550 |
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2021 A, RB
| 5.00% | | 07/01/2041 | | | 20 | | 22,358 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2031 Municipal Bond ETF (BSMV)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| California-(continued) | | | | | | | | |
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2021 A, RB
| 5.00% | | 07/01/2046 | | $ | 160 | | $ 175,845 |
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020, RB
| 5.00% | | 06/01/2031 | | | 10 | | 11,304 |
Los Angeles (County of), CA Public Works Financing Authority, Series 2022 G, Ref. RB
| 5.00% | | 12/01/2040 | | | 30 | | 33,519 |
Los Angeles (County of), CA Public Works Financing Authority, Series 2022 G, Ref. RB
| 5.00% | | 12/01/2041 | | | 10 | | 11,128 |
Los Angeles Community College District, Series 2024, GO Bonds
| 5.00% | | 08/01/2031 | | | 10 | | 11,701 |
Los Angeles Unified School District, Series 2016 B, Ref. GO Bonds
| 3.00% | | 07/01/2031 | | | 90 | | 89,141 |
Los Angeles Unified School District, Series 2021 A, Ref. GO Bonds
| 5.00% | | 07/01/2031 | | | 10 | | 11,508 |
Los Angeles Unified School District, Series 2021 A, Ref. GO Bonds
| 4.00% | | 07/01/2032 | | | 220 | | 235,679 |
Los Angeles Unified School District, Series 2023 QRR, GO Bonds
| 5.00% | | 07/01/2031 | | | 20 | | 23,234 |
Metropolitan Water District of Southern California, Series 2021 A, RB
| 5.00% | | 10/01/2046 | | | 60 | | 65,984 |
Metropolitan Water District of Southern California, Series 2021 A, RB
| 5.00% | | 10/01/2051 | | | 150 | | 162,993 |
Metropolitan Water District of Southern California, Series 2022 B, Ref. RB
| 5.00% | | 07/01/2031 | | | 5 | | 5,843 |
Mountain House Public Financing Authority (Green Bonds), Series 2023, RB, (INS - BAM)(a)
| 4.25% | | 12/01/2052 | | | 65 | | 65,465 |
Northern California Power Agency, Series 2022, Ref. RB
| 5.00% | | 07/01/2031 | | | 5 | | 5,802 |
Ontario (City of), CA International Airport Authority, Series 2021 A, RB, (INS - AGM)(a)
| 5.00% | | 05/15/2046 | | | 150 | | 163,044 |
Orange (County of), CA Sanitation District, Series 2022 A, Ref. COP
| 5.00% | | 02/01/2031 | | | 25 | | 28,857 |
Orange (County of), CA Sanitation District, Series 2022 A, Ref. COP
| 5.00% | | 02/01/2033 | | | 20 | | 22,930 |
Peninsula Corridor Joint Powers Board (Green Bonds), Series 2022 A, RB
| 5.00% | | 06/01/2051 | | | 150 | | 162,390 |
Pleasanton Unified School District (Election of 2022), Series 2023, GO Bonds
| 4.00% | | 08/01/2052 | | | 20 | | 19,760 |
Regents of the University of California Medical Center, Series 2016 L, Ref. RB
| 2.50% | | 05/15/2031 | | | 100 | | 94,331 |
Rialto Public Financing Authority (Police Station), Series 2023 A, RB
| 5.25% | | 06/01/2053 | | | 200 | | 216,836 |
Riverside (County of), CA Transportation Commission, Series 2021 B-1, Ref. RB
| 4.00% | | 06/01/2037 | | | 65 | | 66,596 |
Sacramento (County of), CA Sanitation Districts Financing Authority, Series 2021, Ref. RB
| 5.00% | | 12/01/2031 | | | 150 | | 175,475 |
San Bernardino Community College District (Election of 2018), Series 2023 B, GO Bonds
| 4.13% | | 08/01/2049 | | | 200 | | 201,115 |
San Diego (County of), CA Regional Airport Authority, Series 2021 A, RB
| 5.00% | | 07/01/2051 | | | 250 | | 269,545 |
San Diego (County of), CA Regional Airport Authority, Series 2021 A, RB
| 4.00% | | 07/01/2056 | | | 125 | | 121,633 |
San Diego (County of), CA Regional Airport Authority, Series 2021 A, RB
| 5.00% | | 07/01/2056 | | | 160 | | 171,512 |
San Diego (County of), CA Regional Transportation Commission, Series 2021 B, Ref. RB
| 5.00% | | 04/01/2045 | | | 220 | | 240,284 |
San Diego (County of), CA Regional Transportation Commission, Series 2023 A, Ref. RB
| 5.00% | | 04/01/2031 | | | 35 | | 40,506 |
San Diego (County of), CA Water Authority, Series 2021 B, Ref. RB
| 4.00% | | 05/01/2033 | | | 20 | | 21,650 |
San Diego (County of), CA Water Authority, Series 2021 B, Ref. RB
| 4.00% | | 05/01/2034 | | | 20 | | 21,588 |
San Diego (County of), CA Water Authority (Green Bonds), Series 2021 A, Ref. RB
| 5.00% | | 05/01/2031 | | | 20 | | 23,176 |
San Diego (County of), CA Water Authority (Green Bonds), Series 2021 B, Ref. RB
| 5.00% | | 05/01/2031 | | | 45 | | 52,145 |
San Diego (County of), CA Water Authority (Green Bonds), Series 2021 B, Ref. RB
| 4.00% | | 05/01/2035 | | | 100 | | 107,520 |
San Diego (County of), CA Water Authority (Green Bonds), Series 2021 B, Ref. RB
| 4.00% | | 05/01/2036 | | | 55 | | 58,878 |
San Diego (County of), CA Water Authority (Green Bonds), Series 2021 B, Ref. RB
| 4.00% | | 05/01/2037 | | | 25 | | 26,691 |
San Diego (County of), CA Water Authority (Green Bonds), Series 2021 B, Ref. RB
| 4.00% | | 05/01/2038 | | | 10 | | 10,606 |
San Diego Unified School District (Election of 2018) (Green Bonds), Series 2021 E-2, GO Bonds
| 5.00% | | 07/01/2031 | | | 30 | | 34,811 |
San Diego Unified School District (Green Bonds), Series 2021 E-2, GO Bonds
| 4.00% | | 07/01/2033 | | | 185 | | 199,346 |
San Francisco (City & County of), CA, Series 2022 R-1, Ref. GO Bonds
| 5.00% | | 06/15/2031 | | | 45 | | 52,364 |
San Francisco (City & County of), CA (Moscone Convention Center Expansion), Series 2017 B, COP
| 3.00% | | 04/01/2031 | | | 115 | | 114,282 |
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2021 B, Ref. RB
| 5.00% | | 05/01/2034 | | | 10 | | 11,444 |
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2021 B, Ref. RB
| 5.00% | | 05/01/2035 | | | 5 | | 5,707 |
San Francisco (City & County of), CA Public Utilities Commission, Series 2023 B, Ref. RB
| 5.00% | | 10/01/2031 | | | 5 | | 5,827 |
San Francisco (City & County of), CA Public Utilities Commission, Series 2023, Ref. RB
| 5.00% | | 11/01/2031 | | | 10 | | 11,669 |
San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2021 A, RB
| 5.00% | | 10/01/2044 | | | 145 | | 159,901 |
San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2021 A, RB
| 5.00% | | 10/01/2046 | | | 55 | | 60,094 |
San Francisco (City of), CA Municipal Transportation Agency, Series 2021 C, RB
| 4.00% | | 03/01/2046 | | | 15 | | 15,021 |
San Francisco (County of), CA Transportation Authority, Series 2017, RB
| 3.00% | | 02/01/2031 | | | 15 | | 14,935 |
Santa Clara (County of), CA (Election of 2008), Series 2013 B, GO Bonds
| 3.00% | | 08/01/2031 | | | 70 | | 69,303 |
Santa Clara Valley Transportation Authority, Series 2023 A, Ref. RB
| 5.00% | | 04/01/2031 | | | 15 | | 17,360 |
Santa Monica-Malibu Unified School District (Election of 2018), Series 2023 C, GO Bonds
| 5.00% | | 08/01/2039 | | | 150 | | 169,819 |
Southwestern Community College District, Series 2021 D, GO Bonds
| 4.00% | | 08/01/2046 | | | 65 | | 65,436 |
Stockton Unified School District, Series 2021 B, GO Bonds, (INS - AGM)(a)
| 4.00% | | 08/01/2045 | | | 250 | | 248,639 |
University of California, Series 2020 BE, Ref. RB
| 5.00% | | 05/15/2031 | | | 15 | | 16,965 |
University of California, Series 2021 BH, Ref. RB
| 4.00% | | 05/15/2046 | | | 45 | | 45,522 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2031 Municipal Bond ETF (BSMV)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| California-(continued) | | | | | | | | |
University of California, Series 2023 BN, Ref. RB
| 5.00% | | 05/15/2031 | | $ | 170 | | $ 195,859 |
University of California (Limited), Series 2021 Q, Ref. RB
| 5.00% | | 05/15/2033 | | | 35 | | 39,975 |
University of California (Limited), Series 2021 Q, Ref. RB
| 5.00% | | 05/15/2034 | | | 50 | | 56,890 |
University of California (Limited), Series 2021 Q, Ref. RB
| 5.00% | | 05/15/2035 | | | 15 | | 16,972 |
University of California (Limited), Series 2021 Q, Ref. RB
| 4.00% | | 05/15/2036 | | | 85 | | 90,148 |
University of California (Limited), Series 2021 Q, Ref. RB
| 4.00% | | 05/15/2038 | | | 110 | | 114,943 |
University of California (Limited), Series 2021 Q, Ref. RB
| 5.00% | | 05/15/2046 | | | 365 | | 398,561 |
University of California (Limited), Series 2021 Q, Ref. RB
| 4.00% | | 05/15/2051 | | | 100 | | 97,740 |
Ventura County Community College District, Series 2015, Ref. GO Bonds
| 3.13% | | 08/01/2031 | | | 180 | | 180,075 |
West County Facilities Financing Authority (Green Bonds), Series 2021, RB
| 4.00% | | 06/01/2051 | | | 150 | | 148,756 |
| | | | | | | | | 14,976,071 |
| Colorado-1.84% | | | | | | | | |
Colorado (State of), Series 2021 A, COP
| 5.00% | | 12/15/2033 | | | 10 | | 11,340 |
Colorado (State of), Series 2021 A, COP
| 5.00% | | 12/15/2034 | | | 15 | | 16,970 |
Colorado (State of), Series 2021 A, COP
| 4.00% | | 12/15/2035 | | | 200 | | 209,932 |
Colorado (State of), Series 2021 A, COP
| 4.00% | | 12/15/2036 | | | 5 | | 5,220 |
Colorado (State of) Health Facilities Authority (Adventhealth Obligated Group), Series 2021, Ref. RB
| 5.00% | | 11/15/2039 | | | 35 | | 38,567 |
Colorado (State of) Health Facilities Authority (Adventhealth Obligated Group), Series 2021, Ref. RB
| 5.00% | | 11/15/2040 | | | 195 | | 213,845 |
Colorado (State of) Health Facilities Authority (Intermountain Healthcare), Series 2022 A, Ref. RB
| 5.00% | | 05/15/2031 | | | 100 | | 113,429 |
Colorado (State of) Regional Transportation District (Denver Transit Partners Eagle P3), Series 2020 A, Ref. RB
| 4.00% | | 07/15/2034 | | | 5 | | 5,130 |
Colorado (State of) Regional Transportation District (Denver Transit Partners Eagle P3), Series 2020 A, Ref. RB
| 4.00% | | 07/15/2036 | | | 10 | | 10,193 |
Colorado (State of) Regional Transportation District (Fastracks), Series 2013 A, Ref. RB
| 5.00% | | 11/01/2031 | | | 5 | | 5,753 |
Colorado (State of) Regional Transportation District (Green Bonds), Series 2021, Ref. RB
| 4.00% | | 11/01/2039 | | | 65 | | 67,126 |
Colorado Springs (City of), CO, Series 2021 B, RB
| 4.00% | | 11/15/2046 | | | 250 | | 247,585 |
Denver (City & County of), CO, Series 2022 C, Ref. RB
| 5.00% | | 11/15/2031 | | | 10 | | 11,477 |
Denver City & County School District No. 1, Series 2021, GO Bonds
| 5.00% | | 12/01/2031 | | | 160 | | 181,490 |
Jefferson County School District R-1, Series 2020, GO Bonds
| 4.00% | | 12/15/2031 | | | 100 | | 106,828 |
Northern Colorado Water Conservancy District, Series 2022, COP
| 5.25% | | 07/01/2052 | | | 80 | | 86,321 |
Weld County School District No. 6 Greeley, Series 2021, GO Bonds
| 4.00% | | 12/01/2045 | | | 35 | | 34,908 |
| | | | | | | | | 1,366,114 |
| Connecticut-2.65% | | | | | | | | |
Connecticut (State of), Series 2017 A, GO Bonds
| 3.50% | | 04/15/2031 | | | 30 | | 30,176 |
Connecticut (State of), Series 2020 A, RB
| 5.00% | | 05/01/2031 | | | 5 | | 5,615 |
Connecticut (State of), Series 2021 A, GO Bonds
| 4.00% | | 01/15/2031 | | | 160 | | 171,054 |
Connecticut (State of), Series 2021 A, RB
| 5.00% | | 05/01/2031 | | | 150 | | 171,533 |
Connecticut (State of), Series 2021 A, RB
| 5.00% | | 05/01/2033 | | | 45 | | 50,994 |
Connecticut (State of), Series 2021 A, RB
| 5.00% | | 05/01/2034 | | | 20 | | 22,579 |
Connecticut (State of), Series 2021 A, RB
| 4.00% | | 05/01/2036 | | | 130 | | 135,077 |
Connecticut (State of), Series 2021 A, RB
| 4.00% | | 05/01/2037 | | | 105 | | 108,492 |
Connecticut (State of), Series 2021 A, RB
| 4.00% | | 05/01/2038 | | | 5 | | 5,143 |
Connecticut (State of), Series 2021 A, RB
| 5.00% | | 05/01/2041 | | | 425 | | 464,254 |
Connecticut (State of), Series 2021 D, RB
| 5.00% | | 11/01/2035 | | | 30 | | 33,963 |
Connecticut (State of), Series 2021 D, RB
| 4.00% | | 11/01/2037 | | | 55 | | 56,849 |
Connecticut (State of), Series 2021 D, RB
| 5.00% | | 11/01/2041 | | | 165 | | 181,719 |
Connecticut (State of), Series 2022 A, GO Bonds
| 4.00% | | 01/15/2031 | | | 40 | | 42,763 |
Connecticut (State of), Series 2022 D, Ref. GO Bonds
| 5.00% | | 09/15/2031 | | | 30 | | 34,479 |
Connecticut (State of), Series 2022 E, GO Bonds
| 5.00% | | 11/15/2031 | | | 45 | | 51,836 |
Connecticut (State of), Series 2022 G, Ref. GO Bonds
| 5.00% | | 11/15/2031 | | | 45 | | 51,836 |
Connecticut (State of), Series 2023 B, Ref. GO Bonds
| 5.00% | | 08/01/2031 | | | 50 | | 57,371 |
Connecticut (State of), Series 2024 A, GO Bonds
| 5.00% | | 01/15/2031 | | | 100 | | 113,889 |
Connecticut (State of) (Green Bonds), Series 2021 B, GO Bonds
| 4.00% | | 06/01/2031 | | | 25 | | 26,783 |
Connecticut (State of) (Green Bonds), Series 2021 B, GO Bonds
| 4.00% | | 06/01/2034 | | | 40 | | 42,103 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2031 Municipal Bond ETF (BSMV)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Connecticut-(continued) | | | | | | | | |
Connecticut (State of) (Green Bonds), Series 2021 D, Ref. GO Bonds
| 5.00% | | 07/15/2031 | | $ | 80 | | $ 91,738 |
Hartford (City of), CT, Series 2023, Ref. RB
| 5.00% | | 04/01/2031 | | | 10 | | 11,364 |
| | | | | | | | | 1,961,610 |
| Delaware-0.36% | | | | | | | | |
Delaware (State of), Series 2020 A, GO Bonds
| 5.00% | | 01/01/2031 | | | 135 | | 151,438 |
Delaware (State of), Series 2021, Ref. GO Bonds
| 5.00% | | 02/01/2031 | | | 25 | | 28,649 |
Delaware (State of), Series 2022, Ref. GO Bonds
| 5.00% | | 03/01/2031 | | | 50 | | 57,370 |
Delaware (State of) Transportation Authority, Series 2020, Ref. RB
| 5.00% | | 07/01/2031 | | | 25 | | 28,177 |
| | | | | | | | | 265,634 |
| District of Columbia-1.77% | | | | | | | | |
District of Columbia, Series 2020 A, RB
| 5.00% | | 03/01/2031 | | | 30 | | 33,510 |
District of Columbia, Series 2020 B, Ref. RB
| 5.00% | | 10/01/2031 | | | 60 | | 68,917 |
District of Columbia, Series 2021 D, GO Bonds
| 5.00% | | 02/01/2033 | | | 5 | | 5,650 |
District of Columbia, Series 2021 D, GO Bonds
| 5.00% | | 02/01/2034 | | | 80 | | 90,022 |
District of Columbia, Series 2021 D, GO Bonds
| 5.00% | | 02/01/2035 | | | 65 | | 72,969 |
District of Columbia, Series 2021 D, GO Bonds
| 4.00% | | 02/01/2037 | | | 30 | | 31,413 |
District of Columbia, Series 2021 D, GO Bonds
| 5.00% | | 02/01/2041 | | | 45 | | 49,201 |
District of Columbia, Series 2021 D, GO Bonds
| 5.00% | | 02/01/2046 | | | 175 | | 188,835 |
District of Columbia, Series 2021 E, Ref. GO Bonds
| 5.00% | | 02/01/2034 | | | 80 | | 90,022 |
District of Columbia, Series 2021 E, Ref. GO Bonds
| 5.00% | | 02/01/2035 | | | 60 | | 67,356 |
District of Columbia, Series 2023 A, GO Bonds
| 5.00% | | 01/01/2031 | | | 95 | | 108,075 |
Washington Metropolitan Area Transit Authority, Series 2020 A, RB
| 5.00% | | 07/15/2031 | | | 90 | | 100,920 |
Washington Metropolitan Area Transit Authority (Green Bonds), Series 2021 A, RB
| 5.00% | | 07/15/2031 | | | 10 | | 11,393 |
Washington Metropolitan Area Transit Authority (Green Bonds), Series 2021 A, RB
| 5.00% | | 07/15/2033 | | | 20 | | 22,660 |
Washington Metropolitan Area Transit Authority (Green Bonds), Series 2021 A, RB
| 4.00% | | 07/15/2034 | | | 15 | | 15,841 |
Washington Metropolitan Area Transit Authority (Green Bonds), Series 2021 A, RB
| 5.00% | | 07/15/2041 | | | 325 | | 354,058 |
| | | | | | | | | 1,310,842 |
| Florida-3.28% | | | | | | | | |
Broward (County of), FL School Board, Series 2020 A, COP
| 5.00% | | 07/01/2031 | | | 170 | | 189,176 |
Central Florida Expressway Authority, Series 2021 D, RB
| 5.00% | | 07/01/2031 | | | 15 | | 17,031 |
Central Florida Expressway Authority, Series 2021 D, RB, (INS - AGM)(a)
| 5.00% | | 07/01/2033 | | | 45 | | 50,930 |
Central Florida Expressway Authority, Series 2021, Ref. RB, (INS - AGM)(a)
| 4.00% | | 07/01/2034 | | | 90 | | 94,923 |
Central Florida Expressway Authority, Series 2021, Ref. RB, (INS - AGM)(a)
| 4.00% | | 07/01/2035 | | | 55 | | 57,593 |
Central Florida Expressway Authority, Series 2021, Ref. RB, (INS - AGM)(a)
| 4.00% | | 07/01/2039 | | | 225 | | 230,465 |
Duval County (County of), FL School Board, Series 2022 A, COP, (INS - AGM)(a)
| 5.00% | | 07/01/2031 | | | 25 | | 27,820 |
Florida (State of), Series 2021 A, Ref. GO Bonds
| 5.00% | | 06/01/2031 | | | 170 | | 195,189 |
Florida (State of) (Right-of-Way Acquisition), Series 2021 A, Ref. GO Bonds
| 5.00% | | 07/01/2031 | | | 30 | | 34,525 |
Florida (State of) Municipal Power Agency, Series 2016 A, Ref. RB
| 3.00% | | 10/01/2031 | | | 75 | | 73,331 |
Florida Development Finance Corp. (Lakeland Regional Health System), Series 2021, Ref. RB
| 4.00% | | 11/15/2034 | | | 90 | | 93,394 |
Florida Development Finance Corp. (Lakeland Regional Health System), Series 2021, Ref. RB
| 4.00% | | 11/15/2035 | | | 40 | | 41,334 |
Hillsborough (County of), FL Aviation Authority (Tampa International Airport), Series 2022 B, RB
| 5.00% | | 10/01/2047 | | | 35 | | 37,746 |
Jacksonville (City of), FL, Series 2015, Ref. RB
| 3.00% | | 10/01/2031 | | | 100 | | 98,462 |
Miami-Dade (County of), FL, Series 2020 A, Ref. RB
| 5.00% | | 10/01/2031 | | | 30 | | 33,415 |
Miami-Dade (County of), FL, Series 2021, RB
| 5.00% | | 10/01/2032 | | | 45 | | 50,825 |
Miami-Dade (County of), FL, Series 2021, RB
| 4.00% | | 10/01/2033 | | | 115 | | 121,157 |
Miami-Dade (County of), FL, Series 2021, RB
| 4.00% | | 10/01/2034 | | | 5 | | 5,226 |
Miami-Dade (County of), FL, Series 2021, RB
| 3.00% | | 10/01/2036 | | | 5 | | 4,667 |
Miami-Dade (County of), FL, Series 2021, RB
| 4.00% | | 10/01/2037 | | | 80 | | 83,018 |
Miami-Dade (County of), FL, Series 2021, RB
| 4.00% | | 10/01/2042 | | | 10 | | 9,965 |
Miami-Dade (County of), FL, Series 2021, RB
| 4.00% | | 10/01/2046 | | | 300 | | 293,838 |
North Sumter (County of), FL Utility Dependent District (Sumter Water Conservation Authority), Series 2021, RB, (INS - AGM)(a)
| 5.00% | | 10/01/2046 | | | 130 | | 137,494 |
Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group), Series 2023, RB
| 5.00% | | 10/01/2031 | | | 15 | | 16,981 |
Palm Beach County School District, Series 2021 A, COP
| 5.00% | | 08/01/2036 | | | 10 | | 11,233 |
Palm Beach County School District, Series 2021 A, COP
| 5.00% | | 08/01/2038 | | | 115 | | 128,086 |
Palm Beach County School District, Series 2021 A, COP
| 5.00% | | 08/01/2040 | | | 85 | | 93,818 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2031 Municipal Bond ETF (BSMV)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Florida-(continued) | | | | | | | | |
Pasco (County of), FL School Board, Series 2021 A, Ref. COP
| 5.00% | | 08/01/2031 | | $ | 15 | | $ 16,968 |
South Florida Water Management District, Series 2016, Ref. COP
| 3.00% | | 10/01/2031 | | | 185 | | 180,664 |
| | | | | | | | | 2,429,274 |
| Georgia-1.43% | | | | | | | | |
Georgia (State of), Series 2021 A, Ref. GO Bonds
| 4.00% | | 07/01/2035 | | | 10 | | 10,627 |
Georgia (State of), Series 2021 A, Ref. GO Bonds
| 4.00% | | 07/01/2038 | | | 15 | | 15,713 |
Georgia (State of), Series 2021 A, Ref. GO Bonds
| 4.00% | | 07/01/2039 | | | 10 | | 10,421 |
Georgia (State of) (Bid Group 1), Series 2023 A, GO Bonds
| 5.00% | | 07/01/2031 | | | 15 | | 17,293 |
Georgia (State of) (Bidding Group 1), Series 2021 A, Ref. GO Bonds
| 5.00% | | 07/01/2033 | | | 95 | | 108,584 |
Georgia (State of) (Bidding Group 2), Series 2020 A, GO Bonds
| 5.00% | | 08/01/2031 | | | 130 | | 146,905 |
Georgia (State of) (Bidding Group 2), Series 2021 A, Ref. GO Bonds
| 4.00% | | 07/01/2037 | | | 185 | | 194,593 |
Georgia (State of) (Bidding Group 3), Series 2022 C, Ref. GO Bonds
| 5.00% | | 07/01/2031 | | | 100 | | 115,288 |
Georgia (State of) Municipal Electric Authority (Project One), Series 2020, Ref. RB
| 5.00% | | 01/01/2045 | | | 10 | | 10,576 |
Georgia (State of) Ports Authority, Series 2021, RB
| 4.00% | | 07/01/2043 | | | 250 | | 251,074 |
Georgia (State of) Road & Tollway Authority, Series 2021 A, RB
| 4.00% | | 07/15/2041 | | | 25 | | 25,754 |
Georgia (State of) Road & Tollway Authority (Garvee), Series 2020, RB
| 5.00% | | 06/01/2031 | | | 45 | | 50,597 |
Private Colleges & Universities Authority (Emory University), Series 2020 B, Ref. RB
| 5.00% | | 09/01/2031 | | | 90 | | 101,299 |
| | | | | | | | | 1,058,724 |
| Hawaii-0.27% | | | | | | | | |
Hawaii (State of) State Highway Fund, Series 2021, RB
| 5.00% | | 01/01/2035 | | | 30 | | 33,594 |
Hawaii (State of) State Highway Fund, Series 2021, RB
| 5.00% | | 01/01/2041 | | | 90 | | 98,023 |
Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2020, Ref. GO Bonds
| 5.00% | | 03/01/2031 | | | 55 | | 61,464 |
Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2021, GO Bonds
| 5.00% | | 03/01/2031 | | | 5 | | 5,686 |
| | | | | | | | | 198,767 |
| Idaho-0.02% | | | | | | | | |
Idaho (State of) Housing & Finance Association (Garvee), Series 2021 A, Ref. RB
| 4.00% | | 07/15/2039 | | | 15 | | 15,086 |
| Illinois-6.60% | | | | | | | | |
Chicago (City of), IL, Series 2021 A, Ref. GO Bonds
| 5.00% | | 01/01/2033 | | | 150 | | 162,403 |
Chicago (City of), IL, Series 2023 B, Ref. RB, (INS - AGM)(a)
| 5.00% | | 01/01/2031 | | | 25 | | 28,208 |
Chicago (City of), IL, Series 2023 B, Ref. RB, (INS - AGM)(a)
| 5.00% | | 11/01/2031 | | | 225 | | 256,525 |
Chicago (City of), IL Metropolitan Water Reclamation District, Series 2021 C, Ref. GO Bonds
| 5.00% | | 12/01/2031 | | | 80 | | 91,472 |
Chicago (City of), IL Transit Authority, Series 2022 A, Ref. RB, (INS - BAM)(a)
| 5.00% | | 12/01/2046 | | | 220 | | 233,387 |
Cook (County of), IL, Series 2021 A, Ref. GO Bonds
| 5.00% | | 11/15/2031 | | | 255 | | 284,825 |
Illinois (State of), Series 2016, GO Bonds
| 3.50% | | 06/01/2031 | | | 5 | | 4,886 |
Illinois (State of), Series 2020 B, GO Bonds
| 5.00% | | 10/01/2031 | | | 150 | | 165,510 |
Illinois (State of), Series 2021 A, GO Bonds
| 5.00% | | 03/01/2031 | | | 10 | | 11,134 |
Illinois (State of), Series 2021 A, GO Bonds
| 5.00% | | 12/01/2031 | | | 215 | | 240,998 |
Illinois (State of), Series 2021 A, GO Bonds
| 5.00% | | 03/01/2034 | | | 415 | | 456,995 |
Illinois (State of), Series 2021 A, GO Bonds
| 5.00% | | 03/01/2036 | | | 70 | | 76,573 |
Illinois (State of), Series 2021 A, GO Bonds
| 5.00% | | 03/01/2037 | | | 30 | | 32,707 |
Illinois (State of), Series 2021 A, GO Bonds
| 5.00% | | 03/01/2046 | | | 280 | | 295,809 |
Illinois (State of), Series 2021 B, GO Bonds
| 4.00% | | 12/01/2034 | | | 25 | | 25,236 |
Illinois (State of), Series 2022 A, GO Bonds
| 5.00% | | 03/01/2031 | | | 20 | | 22,269 |
Illinois (State of), Series 2022 B, Ref. GO Bonds
| 5.00% | | 03/01/2031 | | | 60 | | 66,806 |
Illinois (State of), Series 2023 B, GO Bonds
| 5.00% | | 05/01/2031 | | | 45 | | 50,171 |
Illinois (State of), Series 2023 B, GO Bonds
| 5.00% | | 12/01/2031 | | | 35 | | 39,210 |
Illinois (State of), Series 2023 D, Ref. GO Bonds
| 5.00% | | 07/01/2031 | | | 100 | | 111,638 |
Illinois (State of) Finance Authority, Series 2020, RB
| 5.00% | | 07/01/2034 | | | 280 | | 313,632 |
Illinois (State of) Finance Authority, Series 2020, RB
| 5.00% | | 07/01/2036 | | | 25 | | 27,840 |
Illinois (State of) Finance Authority, Series 2020, RB
| 4.00% | | 07/01/2037 | | | 50 | | 51,618 |
Illinois (State of) Finance Authority (Carle Foundation (The)), Series 2021 A, Ref. RB
| 5.00% | | 08/15/2033 | | | 15 | | 16,674 |
Illinois (State of) Finance Authority (Carle Foundation (The)), Series 2021 A, Ref. RB
| 5.00% | | 08/15/2035 | | | 180 | | 197,875 |
Illinois (State of) Finance Authority (Carle Foundation (The)), Series 2021 A, Ref. RB
| 5.00% | | 08/15/2036 | | | 45 | | 49,236 |
Illinois (State of) Finance Authority (Carle Foundation (The)), Series 2021 A, Ref. RB
| 4.00% | | 08/15/2038 | | | 40 | | 40,468 |
Illinois (State of) Finance Authority (Green Bonds), Series 2020, RB
| 5.00% | | 07/01/2035 | | | 10 | | 11,171 |
Illinois (State of) Finance Authority (Green Bonds), Series 2020, RB
| 4.00% | | 07/01/2038 | | | 250 | | 257,956 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2031 Municipal Bond ETF (BSMV)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Illinois-(continued) | | | | | | | | |
Illinois (State of) Finance Authority (University of Chicago Medical), Series 2021 A, Ref. RB
| 5.00% | | 10/01/2031 | | $ | 15 | | $ 17,125 |
Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion), Series 2022, Ref. RB, (INS - BAM)(a)
| 4.00% | | 12/15/2042 | | | 20 | | 20,009 |
Illinois (State of) Toll Highway Authority, Series 2019 B, Ref. RB
| 5.00% | | 01/01/2031 | | | 25 | | 27,794 |
Illinois (State of) Toll Highway Authority, Series 2019, Ref. RB
| 5.00% | | 01/01/2031 | | | 200 | | 222,350 |
Illinois (State of) Toll Highway Authority, Series 2020 A, RB
| 5.00% | | 01/01/2045 | | | 540 | | 572,028 |
Sales Tax Securitization Corp., Series 2021 A, Ref. RB
| 5.00% | | 01/01/2031 | | | 60 | | 66,997 |
Southwestern Illinois Development Authority (Southwestern Illinois Prevention District Council), Series 2023, RB, (INS - BAM)(a)
| 5.50% | | 12/01/2040 | | | 260 | | 289,768 |
University of Illinois, Series 2023 A, Ref. RB
| 5.00% | | 04/01/2031 | | | 45 | | 51,169 |
| | | | | | | | | 4,890,472 |
| Indiana-1.38% | | | | | | | | |
Crown Point Multi School Building Corp., Series 2021, RB, (CEP - Colorado Higher Education Intercept Program)
| 5.00% | | 07/15/2032 | | | 40 | | 44,830 |
Crown Point Multi School Building Corp., Series 2021, RB, (CEP - Colorado Higher Education Intercept Program)
| 5.00% | | 07/15/2033 | | | 40 | | 44,720 |
Crown Point Multi School Building Corp., Series 2021, RB, (CEP - Colorado Higher Education Intercept Program)
| 5.00% | | 01/15/2040 | | | 130 | | 141,385 |
Indiana (State of) Finance Authority (CWA Authority), Series 2021 1, Ref. RB
| 5.00% | | 10/01/2031 | | | 30 | | 34,313 |
Indiana (State of) Finance Authority (CWA Authority), Series 2021 1, Ref. RB
| 5.00% | | 10/01/2037 | | | 20 | | 22,340 |
Indiana (State of) Finance Authority (CWA Authority), Series 2021, Ref. RB
| 5.00% | | 10/01/2033 | | | 210 | | 238,719 |
Indiana (State of) Finance Authority (CWA Authority), Series 2021-1, Ref. RB
| 5.00% | | 10/01/2034 | | | 20 | | 22,684 |
Indiana (State of) Finance Authority (CWA Authority), Series 2021-1, Ref. RB
| 4.00% | | 10/01/2035 | | | 35 | | 36,747 |
Indiana (State of) Finance Authority (CWA Authority), Series 2021-1, Ref. RB
| 4.00% | | 10/01/2036 | | | 35 | | 36,501 |
Indiana (State of) Finance Authority (Green Bonds), Series 2021, Ref. RB
| 5.00% | | 02/01/2031 | | | 70 | | 80,218 |
Indiana (State of) Finance Authority (Stadium), Series 2022 A, Ref. RB
| 5.00% | | 02/01/2031 | | | 30 | | 33,773 |
Indianapolis Local Public Improvement Bond Bank, Series 2021 A, Ref. RB
| 5.00% | | 06/01/2031 | | | 40 | | 44,926 |
Indianapolis Local Public Improvement Bond Bank, Series 2021 A, Ref. RB
| 5.00% | | 06/01/2033 | | | 50 | | 55,747 |
Indianapolis Local Public Improvement Bond Bank, Series 2021 A, Ref. RB
| 5.00% | | 06/01/2034 | | | 100 | | 111,199 |
Indianapolis Local Public Improvement Bond Bank, Series 2021 A, Ref. RB, (INS - AGM)(a)
| 4.00% | | 06/01/2036 | | | 55 | | 57,073 |
Indianapolis Local Public Improvement Bond Bank, Series 2021 A, Ref. RB, (INS - AGM)(a)
| 4.00% | | 06/01/2039 | | | 5 | | 5,081 |
Indianapolis Local Public Improvement Bond Bank, Series 2021 A, Ref. RB, (INS - AGM)(a)
| 4.00% | | 06/01/2040 | | | 15 | | 15,152 |
| | | | | | | | | 1,025,408 |
| Iowa-0.05% | | | | | | | | |
Iowa (State of) Finance Authority, Series 2023, Ref. RB
| 5.00% | | 08/01/2031 | | | 30 | | 34,199 |
| Kansas-0.14% | | | | | | | | |
Ellis County Unified School District No. 489 Hays, Series 2022 B, Ref. GO Bonds, (INS - AGM)(a)
| 5.00% | | 09/01/2047 | | | 100 | | 106,374 |
| Louisiana-0.27% | | | | | | | | |
Louisiana (State of), Series 2021 A, GO Bonds
| 5.00% | | 03/01/2039 | | | 180 | | 198,881 |
| Maryland-2.88% | | | | | | | | |
Maryland (State of), Series 2020, GO Bonds
| 5.00% | | 08/01/2031 | | | 145 | | 163,771 |
Maryland (State of) (Bidding Group 1), Second Series 2021 A, GO Bonds
| 5.00% | | 08/01/2033 | | | 90 | | 102,874 |
Maryland (State of) (Bidding Group 1), Series 2020 A, GO Bonds
| 5.00% | | 03/15/2031 | | | 15 | | 16,846 |
Maryland (State of) (Bidding Group 1), Series 2021 A, GO Bonds
| 5.00% | | 03/01/2031 | | | 375 | | 430,032 |
Maryland (State of) (Bidding Group 2), Second Series 2021 A A, GO Bonds
| 4.00% | | 08/01/2035 | | | 15 | | 15,899 |
Maryland (State of) (Bidding Group 2), Second Series 2021 A, GO Bonds
| 5.00% | | 08/01/2034 | | | 105 | | 119,760 |
Maryland (State of) (Bidding Group 2), Series 2021 A, GO Bonds
| 5.00% | | 03/01/2033 | | | 10 | | 11,360 |
Maryland (State of) (Bidding Group 2), Series 2021 A, GO Bonds
| 5.00% | | 03/01/2034 | | | 20 | | 22,677 |
Maryland (State of) (Bidding Group 2), Series 2021 A, GO Bonds
| 5.00% | | 03/01/2035 | | | 400 | | 451,903 |
Maryland (State of) Department of Transportation, Series 2016, RB
| 3.00% | | 11/01/2031 | | | 40 | | 39,303 |
Maryland (State of) Department of Transportation, Series 2017, RB
| 3.00% | | 09/01/2031 | | | 120 | | 117,631 |
Maryland (State of) Department of Transportation, Series 2019, RB
| 2.13% | | 10/01/2031 | | | 60 | | 53,692 |
Maryland (State of) Department of Transportation, Series 2020, RB
| 5.00% | | 10/01/2031 | | | 85 | | 96,039 |
Maryland (State of) Stadium Authority (Built to Learn), Series 2021, RB
| 4.00% | | 06/01/2046 | | | 150 | | 148,909 |
Maryland (State of) Transportation Authority, Series 2021 A, Ref. RB
| 5.00% | | 07/01/2046 | | | 160 | | 171,938 |
Maryland (State of) Transportation Authority (Transportation Facilities), Series 2020, RB
| 5.00% | | 07/01/2031 | | | 15 | | 16,886 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2031 Municipal Bond ETF (BSMV)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Maryland-(continued) | | | | | | | | |
Prince George’s (County of), MD, Series 2021 A, GO Bonds
| 5.00% | | 07/01/2031 | | $ | 50 | | $ 57,610 |
Washington (State of) Suburban Sanitary Commission, Series 2017, Ref. RB
| 3.00% | | 06/01/2031 | | | 100 | | 99,630 |
| | | | | | | | | 2,136,760 |
| Massachusetts-3.66% | | | | | | | | |
Massachusetts (Commonwealth of), Series 2018 C, Ref. GO Bonds
| 5.00% | | 09/01/2031 | | | 20 | | 23,029 |
Massachusetts (Commonwealth of), Series 2019 C, Ref. GO Bonds
| 5.00% | | 05/01/2031 | | | 10 | | 11,462 |
Massachusetts (Commonwealth of), Series 2020 D, GO Bonds
| 5.00% | | 07/01/2031 | | | 5 | | 5,617 |
Massachusetts (Commonwealth of), Series 2020 E, GO Bonds
| 5.00% | | 11/01/2031 | | | 35 | | 39,509 |
Massachusetts (Commonwealth of), Series 2021 A, Ref. RB
| 5.00% | | 06/01/2041 | | | 155 | | 170,204 |
Massachusetts (Commonwealth of), Series 2021 A, Ref. RB
| 5.00% | | 06/01/2042 | | | 350 | | 383,218 |
Massachusetts (Commonwealth of), Series 2021 C, GO Bonds
| 5.00% | | 09/01/2031 | | | 155 | | 178,475 |
Massachusetts (Commonwealth of), Series 2021 D, GO Bonds
| 5.00% | | 09/01/2048 | | | 500 | | 537,980 |
Massachusetts (Commonwealth of), Series 2021 D, GO Bonds
| 5.00% | | 09/01/2049 | | | 200 | | 214,585 |
Massachusetts (Commonwealth of), Series 2021 D, GO Bonds
| 5.00% | | 09/01/2050 | | | 95 | | 101,803 |
Massachusetts (Commonwealth of), Series 2021 D, GO Bonds
| 5.00% | | 09/01/2051 | | | 235 | | 251,535 |
Massachusetts (Commonwealth of), Series 2022 A, GO Bonds
| 5.00% | | 02/01/2031 | | | 245 | | 279,827 |
Massachusetts (Commonwealth of), Series 2022 A, Ref. GO Bonds
| 5.00% | | 10/01/2031 | | | 65 | | 74,931 |
Massachusetts (Commonwealth of), Series 2022 D, GO Bonds
| 5.00% | | 11/01/2031 | | | 15 | | 17,312 |
Massachusetts (Commonwealth of), Series 2023 A, GO Bonds
| 5.00% | | 05/01/2031 | | | 30 | | 34,386 |
Massachusetts (Commonwealth of), Series 2024 A, Ref. GO Bonds
| 5.00% | | 03/01/2031 | | | 15 | | 17,153 |
Massachusetts (Commonwealth of) (Rail Enhancement Program) (Sustainability Bonds), Series 2022, RB
| 5.00% | | 06/01/2050 | | | 130 | | 139,730 |
Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2021 A-1, Ref. RB
| 5.00% | | 07/01/2031 | | | 120 | | 137,778 |
Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2021 A-1, Ref. RB
| 4.00% | | 07/01/2036 | | | 50 | | 52,484 |
Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2021 A-1, Ref. RB
| 4.00% | | 07/01/2037 | | | 10 | | 10,456 |
Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2021 A-1, Ref. RB
| 4.00% | | 07/01/2040 | | | 5 | | 5,103 |
Massachusetts (Commonwealth of) Clean Water Trust (The), Series 2021-23B, RB
| 5.00% | | 02/01/2041 | | | 5 | | 5,520 |
Massachusetts (Commonwealth of) Port Authority, Series 2021 D, RB
| 5.00% | | 07/01/2051 | | | 15 | | 16,042 |
University of Massachusetts Building Authority, Series 2021-1, Ref. RB
| 5.00% | | 11/01/2031 | | | 5 | | 5,701 |
| | | | | | | | | 2,713,840 |
| Michigan-1.41% | | | | | | | | |
Michigan (State of), Series 2020 B, RB
| 5.00% | | 11/15/2031 | | | 155 | | 175,422 |
Michigan (State of), Series 2021 A, RB
| 5.00% | | 11/15/2035 | | | 50 | | 56,522 |
Michigan (State of), Series 2021 A, RB
| 4.00% | | 11/15/2036 | | | 300 | | 312,450 |
Michigan (State of), Series 2021, RB
| 5.00% | | 11/15/2033 | | | 230 | | 261,684 |
Michigan (State of), Series 2021, RB
| 4.00% | | 11/15/2037 | | | 60 | | 62,163 |
Michigan (State of), Series 2023, RB
| 5.00% | | 11/15/2031 | | | 5 | | 5,749 |
Michigan (State of) Finance Authority (Beaumont Health Credit Group), Series 2022, Ref. RB
| 5.00% | | 04/15/2031 | | | 10 | | 11,312 |
Muskegon Public Schools, Series 2021 II, GO Bonds
| 5.00% | | 05/01/2051 | | | 50 | | 52,996 |
Wayne (County of), MI Airport Authority (Detroit Metropolitan Wayne County Airport), Series 2021 A, RB
| 5.00% | | 12/01/2046 | | | 100 | | 107,990 |
| | | | | | | | | 1,046,288 |
| Minnesota-1.10% | | | | | | | | |
Minneapolis & St. Paul (Cities of), MN Metropolitan Airports Commission, Series 2023 A, Ref. RB
| 5.00% | | 01/01/2031 | | | 20 | | 22,566 |
Minneapolis (City of), MN (Allina Health System), Series 2021, RB
| 4.00% | | 11/15/2036 | | | 120 | | 122,391 |
Minneapolis (City of), MN (Allina Health System), Series 2021, RB
| 4.00% | | 11/15/2039 | | | 30 | | 29,924 |
Minnesota (State of), Series 2020 A, GO Bonds
| 5.00% | | 08/01/2031 | | | 305 | | 343,979 |
Minnesota (State of), Series 2021 A, GO Bonds
| 5.00% | | 09/01/2031 | | | 40 | | 46,113 |
Minnesota (State of), Series 2021 A, GO Bonds
| 4.00% | | 09/01/2033 | | | 30 | | 32,079 |
Minnesota (State of), Series 2021 A, GO Bonds
| 4.00% | | 09/01/2036 | | | 45 | | 47,916 |
Minnesota (State of), Series 2021 B, GO Bonds
| 5.00% | | 09/01/2031 | | | 55 | | 63,406 |
Minnesota (State of), Series 2023 D, Ref. GO Bonds
| 5.00% | | 08/01/2031 | | | 5 | | 5,758 |
Minnesota (State of), Series 2023 E, Ref. GO Bonds
| 5.00% | | 08/01/2031 | | | 50 | | 57,575 |
Minnesota (State of) Public Facilities Authority, Series 2023 A, RB
| 5.00% | | 03/01/2031 | | | 5 | | 5,711 |
Rochester (City of), MN (Mayo Clinic), Series 2016 B, Ref. RB
| 5.00% | | 11/15/2031 | | | 35 | | 40,168 |
| | | | | | | | | 817,586 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2031 Municipal Bond ETF (BSMV)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Missouri-0.60% | | | | | | | | |
Missouri (State of) Health & Educational Facilities Authority (SSM Health), Series 2022 A, RB
| 5.00% | | 06/01/2031 | | $ | 120 | | $ 134,857 |
St. Charles County Francis Howell R-III School District, Series 2022, Ref. GO Bonds
| 5.00% | | 03/01/2042 | | | 150 | | 162,816 |
St. Louis (City of), MO, Series 2005, RB, (INS - NATL)(a)
| 5.50% | | 07/01/2031 | | | 130 | | 151,093 |
| | | | | | | | | 448,766 |
| Nevada-0.30% | | | | | | | | |
Clark (County of), NV, Series 2022 A, Ref. GO Bonds
| 4.00% | | 06/01/2031 | | | 10 | | 10,669 |
Clark (County of), NV Department of Aviation, Series 2021 A, RB
| 5.00% | | 07/01/2033 | | | 10 | | 11,303 |
Clark (County of), NV Department of Aviation, Series 2021, RB
| 5.00% | | 07/01/2035 | | | 125 | | 140,343 |
Las Vegas Valley Water District, Series 2021 C, GO Bonds
| 5.00% | | 06/01/2031 | | | 50 | | 57,143 |
| | | | | | | | | 219,458 |
| New Jersey-2.10% | | | | | | | | |
Jersey City (City of), NJ Redevelopment Agency (Bayfront Redevelopment), Series 2022, RB
| 4.00% | | 12/15/2031 | | | 110 | | 116,992 |
New Jersey (State of), Series 2020 A, GO Bonds
| 4.00% | | 06/01/2031 | | | 255 | | 273,993 |
New Jersey (State of) Economic Development Authority, Series 2017 A, Ref. RB, (INS - BAM)(a)
| 3.13% | | 07/01/2031 | | | 75 | | 73,940 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2014 BB-2, RN
| 5.00% | | 06/15/2031 | | | 5 | | 5,641 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2014 BB-2, RN
| 5.00% | | 06/15/2034 | | | 90 | | 100,163 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2021 A, Ref. RB
| 5.00% | | 06/15/2031 | | | 155 | | 174,859 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2021 A, Ref. RB
| 5.00% | | 06/15/2033 | | | 25 | | 27,920 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2021 A, Ref. RB
| 4.00% | | 06/15/2035 | | | 20 | | 20,649 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2021 A, Ref. RB
| 4.00% | | 06/15/2036 | | | 25 | | 25,602 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2022 BB, RB
| 5.00% | | 06/15/2031 | | | 50 | | 56,406 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2022 BB, RB
| 5.00% | | 06/15/2033 | | | 50 | | 56,224 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2022 BB, RB
| 5.00% | | 06/15/2034 | | | 30 | | 33,611 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2022 BB, RB
| 5.00% | | 06/15/2035 | | | 80 | | 89,238 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB
| 5.00% | | 06/15/2036 | | | 220 | | 244,535 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB
| 4.00% | | 06/15/2039 | | | 140 | | 141,268 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2023 AA, Ref. RB
| 5.00% | | 06/15/2031 | | | 100 | | 112,821 |
| | | | | | | | | 1,553,862 |
| New Mexico-0.33% | | | | | | | | |
New Mexico (State of), Series 2023, GO Bonds
| 5.00% | | 03/01/2031 | | | 15 | | 17,105 |
New Mexico (State of) Severance Tax Permanent Fund, Series 2021 A, RB
| 5.00% | | 07/01/2031 | | | 200 | | 228,957 |
| | | | | | | | | 246,062 |
| New York-20.97% | | | | | | | | |
Hudson Yards Infrastructure Corp. (Green Bonds), Series 2021 A, Ref. RB
| 5.00% | | 02/15/2031 | | | 25 | | 28,762 |
Long Island (City of), NY Power Authority, Series 2021 A, Ref. RB
| 5.00% | | 09/01/2031 | | | 25 | | 28,752 |
Long Island (City of), NY Power Authority, Series 2021 A, Ref. RB
| 4.00% | | 09/01/2033 | | | 35 | | 37,609 |
Long Island (City of), NY Power Authority, Series 2021 A, Ref. RB
| 4.00% | | 09/01/2039 | | | 195 | | 201,914 |
Metropolitan Transportation Authority, Series 2015 F, Ref.RB
| 3.25% | | 11/15/2031 | | | 160 | | 155,364 |
Nassau (County of), NY Interim Finance Authority, Series 2021 A, Ref. RB
| 5.00% | | 11/15/2031 | | | 50 | | 57,937 |
Nassau (County of), NY Interim Finance Authority, Series 2021 A, Ref. RB
| 4.00% | | 11/15/2032 | | | 25 | | 27,224 |
Nassau (County of), NY Interim Finance Authority, Series 2021 A, Ref. RB
| 5.00% | | 11/15/2032 | | | 160 | | 184,650 |
Nassau (County of), NY Interim Finance Authority, Series 2021 A, Ref. RB
| 5.00% | | 11/15/2033 | | | 65 | | 74,887 |
Nassau (County of), NY Interim Finance Authority, Series 2021 A, Ref. RB
| 4.00% | | 11/15/2034 | | | 300 | | 326,472 |
Nassau (County of), NY Interim Finance Authority, Series 2021 A, Ref. RB
| 5.00% | | 11/15/2034 | | | 50 | | 57,472 |
Nassau (County of), NY Interim Finance Authority, Series 2021 A, Ref. RB
| 5.00% | | 11/15/2035 | | | 5 | | 5,726 |
New York & New Jersey (States of) Port Authority, One Hundred Seventy Fifth Series 2012, RB
| 3.00% | | 12/01/2031 | | | 20 | | 19,506 |
New York & New Jersey (States of) Port Authority, Series 2021 224, Ref. RB
| 5.00% | | 07/15/2033 | | | 35 | | 40,051 |
New York & New Jersey (States of) Port Authority, Series 2021 224, Ref. RB
| 4.00% | | 07/15/2035 | | | 20 | | 20,932 |
New York & New Jersey (States of) Port Authority, Series 2021 224, Ref. RB
| 4.00% | | 07/15/2037 | | | 60 | | 61,723 |
New York & New Jersey (States of) Port Authority, Series 2021 224, Ref. RB
| 4.00% | | 07/15/2038 | | | 75 | | 76,594 |
New York & New Jersey (States of) Port Authority, Two Hundred Twenty Fourth Series 2021, Ref. RB
| 4.00% | | 07/15/2034 | | | 20 | | 21,084 |
New York & New Jersey (States of) Port Authority, Two Hundred Twenty Fourth Series 2021, Ref. RB
| 4.00% | | 07/15/2040 | | | 90 | | 90,745 |
New York & New Jersey (States of) Port Authority, Two Hundred Twenty Second Series 2020, Ref. RB
| 5.00% | | 07/15/2031 | | | 15 | | 16,957 |
New York & New Jersey (States of) Port Authority, Two Hundred Twenty-Fourth Series 2021, Ref. RB
| 4.00% | | 07/15/2039 | | | 10 | | 10,150 |
New York (City of), NY, Series 2008 L-5, GO Bonds
| 5.00% | | 04/01/2033 | | | 65 | | 73,100 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2031 Municipal Bond ETF (BSMV)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| New York-(continued) | | | | | | | | |
New York (City of), NY, Series 2008 L-5, GO Bonds
| 5.00% | | 04/01/2034 | | $ | 35 | | $ 39,306 |
New York (City of), NY, Series 2012-1, GO Bonds
| 5.00% | | 04/01/2033 | | | 110 | | 123,709 |
New York (City of), NY, Series 2020 A-1, Ref. GO Bonds
| 5.00% | | 08/01/2031 | | | 210 | | 234,867 |
New York (City of), NY, Series 2020 B-1, Ref. GO Bonds
| 5.00% | | 11/01/2031 | | | 225 | | 252,493 |
New York (City of), NY, Series 2020 C, GO Bonds
| 5.00% | | 08/01/2031 | | | 265 | | 296,380 |
New York (City of), NY, Series 2020 C-1, Ref. GO Bonds
| 5.00% | | 08/01/2031 | | | 180 | | 201,315 |
New York (City of), NY, Series 2021 A-1, GO Bonds
| 5.00% | | 08/01/2033 | | | 70 | | 79,072 |
New York (City of), NY, Series 2021 A-1, GO Bonds
| 5.00% | | 08/01/2036 | | | 195 | | 217,746 |
New York (City of), NY, Series 2021 A-1, GO Bonds
| 4.00% | | 08/01/2042 | | | 250 | | 249,933 |
New York (City of), NY, Series 2021 A-1, GO Bonds
| 5.00% | | 08/01/2047 | | | 115 | | 123,041 |
New York (City of), NY, Series 2021 F-1, GO Bonds
| 5.00% | | 03/01/2036 | | | 25 | | 27,811 |
New York (City of), NY, Series 2021 F-1, GO Bonds
| 5.00% | | 03/01/2042 | | | 165 | | 178,451 |
New York (City of), NY, Series 2021 F-1, GO Bonds
| 5.00% | | 03/01/2044 | | | 280 | | 300,906 |
New York (City of), NY, Series 2021 F-1, GO Bonds
| 5.00% | | 03/01/2050 | | | 40 | | 42,448 |
New York (City of), NY, Series 2021-1, GO Bonds
| 5.00% | | 04/01/2031 | | | 70 | | 79,732 |
New York (City of), NY, Series 2021-1, GO Bonds
| 5.00% | | 08/01/2031 | | | 55 | | 62,921 |
New York (City of), NY, Series 2021-1, GO Bonds
| 5.00% | | 04/01/2034 | | | 10 | | 11,230 |
New York (City of), NY, Series 2022 B-1, Ref. GO Bonds
| 5.00% | | 08/01/2031 | | | 15 | | 17,160 |
New York (City of), NY, Series 2023 C, Ref. GO Bonds
| 5.00% | | 08/01/2031 | | | 20 | | 22,880 |
New York (City of), NY, Series 2024 C, GO Bonds
| 5.00% | | 03/01/2031 | | | 5 | | 5,689 |
New York (City of), NY, Subseries 2022 D-1, GO Bonds
| 5.00% | | 05/01/2031 | | | 35 | | 39,910 |
New York (City of), NY Industrial Development Agency (Queens Baseball Stadium), Series 2021 A, Ref. RB, (INS - AGM)(a)
| 5.00% | | 01/01/2031 | | | 50 | | 55,739 |
New York (City of), NY Municipal Water Finance Authority, Series 2018 EE, Ref. RB
| 3.13% | | 06/15/2031 | | | 100 | | 100,252 |
New York (City of), NY Municipal Water Finance Authority, Series 2020 EE, Ref. RB
| 5.00% | | 06/15/2031 | | | 170 | | 195,521 |
New York (City of), NY Municipal Water Finance Authority, Series 2021 AA-1, RB
| 5.00% | | 06/15/2048 | | | 315 | | 337,644 |
New York (City of), NY Municipal Water Finance Authority, Series 2021 BB-1, Ref. RB
| 5.00% | | 06/15/2044 | | | 235 | | 256,309 |
New York (City of), NY Municipal Water Finance Authority, Series 2021 CC-1, RB
| 5.00% | | 06/15/2051 | | | 55 | | 58,812 |
New York (City of), NY Municipal Water Finance Authority, Series 2021 DD, Ref. RB
| 5.00% | | 06/15/2031 | | | 270 | | 310,533 |
New York (City of), NY Municipal Water Finance Authority, Series 2021 DD, Ref. RB
| 4.00% | | 06/15/2036 | | | 10 | | 10,432 |
New York (City of), NY Municipal Water Finance Authority, Series 2022 CC-2, RB
| 5.00% | | 06/15/2035 | | | 25 | | 28,625 |
New York (City of), NY Transitional Finance Authority, Series 2010 G-5, RB
| 5.00% | | 05/01/2031 | | | 40 | | 45,272 |
New York (City of), NY Transitional Finance Authority, Series 2020, RB
| 5.00% | | 05/01/2031 | | | 50 | | 56,590 |
New York (City of), NY Transitional Finance Authority, Series 2020, Ref. RB
| 5.00% | | 11/01/2031 | | | 140 | | 158,205 |
New York (City of), NY Transitional Finance Authority, Series 2021 A-1, Ref. RB
| 5.00% | | 11/01/2031 | | | 15 | | 17,154 |
New York (City of), NY Transitional Finance Authority, Series 2021 A-1, Ref. RB
| 5.00% | | 11/01/2033 | | | 80 | | 91,145 |
New York (City of), NY Transitional Finance Authority, Series 2021 A-1, Ref. RB
| 5.00% | | 11/01/2034 | | | 75 | | 85,036 |
New York (City of), NY Transitional Finance Authority, Series 2021 A-1, Ref. RB
| 4.00% | | 11/01/2035 | | | 15 | | 15,752 |
New York (City of), NY Transitional Finance Authority, Series 2021 A-1, Ref. RB
| 4.00% | | 11/01/2036 | | | 270 | | 281,481 |
New York (City of), NY Transitional Finance Authority, Series 2021 A-1, Ref. RB
| 4.00% | | 11/01/2037 | | | 75 | | 77,682 |
New York (City of), NY Transitional Finance Authority, Series 2021 B-1, RB
| 5.00% | | 08/01/2034 | | | 50 | | 56,527 |
New York (City of), NY Transitional Finance Authority, Series 2021 B-1, RB
| 5.00% | | 08/01/2035 | | | 170 | | 190,834 |
New York (City of), NY Transitional Finance Authority, Series 2021 B-1, RB
| 4.00% | | 08/01/2036 | | | 20 | | 20,845 |
New York (City of), NY Transitional Finance Authority, Series 2021 B-1, RB
| 4.00% | | 08/01/2039 | | | 200 | | 203,907 |
New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB
| 5.00% | | 02/01/2035 | | | 335 | | 373,788 |
New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB
| 5.00% | | 02/01/2036 | | | 145 | | 161,346 |
New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB
| 4.00% | | 02/01/2043 | | | 20 | | 20,020 |
New York (City of), NY Transitional Finance Authority, Series 2021 F-1, Ref. RB
| 5.00% | | 11/01/2031 | | | 215 | | 245,148 |
New York (City of), NY Transitional Finance Authority, Series 2021 F-1, Ref. RB
| 5.00% | | 11/01/2032 | | | 45 | | 51,134 |
New York (City of), NY Transitional Finance Authority, Series 2021 F-1, Ref. RB
| 5.00% | | 11/01/2033 | | | 10 | | 11,305 |
New York (City of), NY Transitional Finance Authority, Series 2021 F-1, Ref. RB
| 5.00% | | 11/01/2034 | | | 170 | | 191,307 |
New York (City of), NY Transitional Finance Authority, Series 2021 F-1, Ref. RB
| 4.00% | | 11/01/2036 | | | 15 | | 15,598 |
New York (City of), NY Transitional Finance Authority, Series 2021 F-1, Ref. RB
| 4.00% | | 11/01/2037 | | | 5 | | 5,168 |
New York (City of), NY Transitional Finance Authority, Series 2021 F-1, Ref. RB
| 4.00% | | 11/01/2038 | | | 25 | | 25,648 |
New York (City of), NY Transitional Finance Authority, Series 2022 A-1, RB
| 5.00% | | 08/01/2031 | | | 15 | | 17,099 |
New York (City of), NY Transitional Finance Authority, Series 2022 B-1, Ref. RB
| 5.00% | | 11/01/2031 | | | 100 | | 114,360 |
New York (City of), NY Transitional Finance Authority, Subseries 2010 F-5, RB
| 5.00% | | 02/01/2031 | | | 90 | | 101,941 |
New York (City of), NY Transitional Finance Authority, Subseries 2021 S-1, Ref. RB
| 5.00% | | 07/15/2031 | | | 10 | | 11,454 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2031 Municipal Bond ETF (BSMV)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| New York-(continued) | | | | | | | | |
New York (City of), NY Transitional Finance Authority, Subseries 2021 S-1, Ref. RB
| 4.00% | | 07/15/2034 | | $ | 245 | | $ 258,120 |
New York (City of), NY Transitional Finance Authority, Subseries 2021 S-1, Ref. RB
| 4.00% | | 07/15/2035 | | | 225 | | 235,339 |
New York (City of), NY Transitional Finance Authority, Subseries 2021 S-1, Ref. RB
| 4.00% | | 07/15/2036 | | | 40 | | 41,449 |
New York (City of), NY Transitional Finance Authority, Subseries 2021 S-1A, Ref. RB
| 5.00% | | 07/15/2033 | | | 40 | | 45,400 |
New York (City of), NY Trust for Cultural Resources (Lincoln Center for Performing Arts), Series 2020 A, Ref. RB
| 5.00% | | 12/01/2031 | | | 20 | | 22,311 |
New York (State of) Bridge Authority, Series 2021 A, RB
| 4.00% | | 01/01/2046 | | | 250 | | 247,490 |
New York (State of) Dormitory Authority, Series 2019 D, Ref. RB
| 5.00% | | 02/15/2031 | | | 215 | | 239,873 |
New York (State of) Dormitory Authority, Series 2020 A, Ref. RB
| 5.00% | | 07/01/2031 | | | 5 | | 5,798 |
New York (State of) Dormitory Authority, Series 2020 A-2, Ref. RB
| 5.00% | | 07/01/2031 | | | 40 | | 45,516 |
New York (State of) Dormitory Authority, Series 2021 A, Ref. RB
| 5.00% | | 03/15/2031 | | | 155 | | 176,345 |
New York (State of) Dormitory Authority, Series 2021 A, Ref. RB
| 5.00% | | 03/15/2033 | | | 190 | | 214,451 |
New York (State of) Dormitory Authority, Series 2021 A, Ref. RB
| 5.00% | | 03/15/2034 | | | 50 | | 56,291 |
New York (State of) Dormitory Authority, Series 2021 A, Ref. RB
| 5.00% | | 03/15/2035 | | | 150 | | 167,839 |
New York (State of) Dormitory Authority, Series 2021 A, Ref. RB
| 5.00% | | 03/15/2036 | | | 145 | | 161,267 |
New York (State of) Dormitory Authority, Series 2021 A, Ref. RB
| 4.00% | | 03/15/2037 | | | 185 | | 191,065 |
New York (State of) Dormitory Authority, Series 2021 A, Ref. RB
| 4.00% | | 03/15/2038 | | | 5 | | 5,136 |
New York (State of) Dormitory Authority, Series 2021 A, Ref. RB
| 4.00% | | 03/15/2040 | | | 105 | | 106,055 |
New York (State of) Dormitory Authority, Series 2021 A, Ref. RB
| 4.00% | | 03/15/2041 | | | 130 | | 130,763 |
New York (State of) Dormitory Authority, Series 2021 A, Ref. RB
| 4.00% | | 03/15/2047 | | | 20 | | 19,692 |
New York (State of) Dormitory Authority, Series 2021 A, Ref. RB
| 5.00% | | 03/15/2049 | | | 110 | | 117,489 |
New York (State of) Dormitory Authority, Series 2022 A, Ref. RB
| 5.00% | | 03/15/2031 | | | 5 | | 5,689 |
New York (State of) Dormitory Authority, Series 2023 A, RB, (INS - AGM)(a)
| 5.00% | | 10/01/2036 | | | 70 | | 78,950 |
New York (State of) Dormitory Authority, Series 2023 A, RB, (INS - AGM)(a)
| 5.00% | | 10/01/2037 | | | 130 | | 146,086 |
New York (State of) Dormitory Authority (Bidding Group 2), Series 2020 A, Ref. RB
| 5.00% | | 03/15/2031 | | | 105 | | 118,315 |
New York (State of) Dormitory Authority (Bidding Group 5), Series 2021 E, Ref. RB
| 5.00% | | 03/15/2031 | | | 435 | | 494,903 |
New York (State of) Dormitory Authority (New York University), Series 2021 A, Ref. RB
| 4.00% | | 07/01/2040 | | | 5 | | 5,054 |
New York (State of) Dormitory Authority (New York University), Series 2021 A, Ref. RB
| 5.00% | | 07/01/2051 | | | 75 | | 79,946 |
New York (State of) Power Authority (Green Transmission), Series 2022, RB, (INS - AGM)(a)
| 5.00% | | 11/15/2031 | | | 105 | | 121,770 |
New York (State of) Power Authority (Green Transmission), Series 2022, RB, (INS - AGM)(a)
| 5.00% | | 11/15/2034 | | | 35 | | 40,121 |
New York (State of) Power Authority (Green Transmission), Series 2022, RB, (INS - AGM)(a)
| 5.00% | | 11/15/2035 | | | 5 | | 5,715 |
New York (State of) Thruway Authority, Series 2021 A-1, Ref. RB
| 5.00% | | 03/15/2031 | | | 75 | | 85,136 |
New York (State of) Thruway Authority, Series 2021 A-1, Ref. RB
| 5.00% | | 03/15/2035 | | | 5 | | 5,617 |
New York (State of) Thruway Authority, Series 2021 O, Ref. RB
| 5.00% | | 01/01/2034 | | | 40 | | 45,618 |
New York (State of) Thruway Authority, Series 2021 O, Ref. RB
| 5.00% | | 01/01/2035 | | | 5 | | 5,685 |
New York (State of) Thruway Authority, Series 2021 O, Ref. RB
| 4.00% | | 01/01/2036 | | | 60 | | 62,075 |
New York (State of) Thruway Authority (Bid Group 4), Series 2021 A-1, Ref. RB
| 4.00% | | 03/15/2056 | | | 30 | | 28,992 |
New York (State of) Thruway Authority (Bidding Group 2), Series 2021 A-1, Ref. RB
| 4.00% | | 03/15/2041 | | | 15 | | 15,045 |
New York (State of) Thruway Authority (Bidding Group 2), Series 2021 O, Ref. RB
| 4.00% | | 01/01/2042 | | | 700 | | 694,910 |
New York (State of) Thruway Authority (Bidding Group 5), Series 2021 A-1, Ref. RB
| 4.00% | | 03/15/2036 | | | 40 | | 41,475 |
New York (State of) Thruway Authority (Bidding Group 5), Series 2021 A-1, Ref. RB
| 4.00% | | 03/15/2037 | | | 15 | | 15,447 |
New York (State of) Thruway Authority (Bidding Group 5), Series 2021 A-1, Ref. RB
| 4.00% | | 03/15/2045 | | | 375 | | 370,365 |
New York (State of) Thruway Authority (Group 1), Series 2021 O, Ref. RB
| 4.00% | | 01/01/2038 | | | 15 | | 15,347 |
New York (State of) Thruway Authority (Group 1), Series 2021 O, Ref. RB
| 4.00% | | 01/01/2047 | | | 15 | | 14,725 |
New York (State of) Thruway Authority (Group 2), Series 2021 A-1, Ref. RB
| 4.00% | | 03/15/2042 | | | 50 | | 50,057 |
New York State Environmental Facilities Corp., Series 2021, RB
| 5.00% | | 06/15/2031 | | | 25 | | 28,770 |
New York State Environmental Facilities Corp., Series 2023, Ref. RB
| 5.00% | | 06/15/2031 | | | 100 | | 115,079 |
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2024, Ref. RB
| 5.00% | | 06/15/2031 | | | 25 | | 28,770 |
New York State Urban Development Corp., Series 2020 E, Ref. RB
| 5.00% | | 03/15/2031 | | | 20 | | 22,418 |
New York State Urban Development Corp., Series 2020, Ref. RB
| 5.00% | | 03/15/2031 | | | 90 | | 101,787 |
New York State Urban Development Corp., Series 2023, Ref. RB
| 5.00% | | 03/15/2031 | | | 20 | | 22,793 |
New York State Urban Development Corp. (Bidding Group 1), Series 2021 A, Ref. RB
| 5.00% | | 03/15/2036 | | | 20 | | 22,559 |
New York State Urban Development Corp. (Bidding Group 2), Series 2021 A, Ref. RB
| 4.00% | | 03/15/2037 | | | 25 | | 25,859 |
New York State Urban Development Corp. (Bidding Group 2), Series 2021 A, Ref. RB
| 4.00% | | 03/15/2038 | | | 65 | | 66,812 |
New York State Urban Development Corp. (Bidding Group 3), Series 2021, Ref. RB
| 4.00% | | 03/15/2044 | | | 250 | | 248,865 |
New York Transportation Development Corp. (Terminal 4 JFK International Airport), Series 2020, Ref. RB
| 5.00% | | 12/01/2031 | | | 50 | | 55,119 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2031 Municipal Bond ETF (BSMV)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| New York-(continued) | | | | | | | | |
Triborough Bridge & Tunnel Authority, Series 2021 A-1, Ref. RB
| 4.00% | | 05/15/2046 | | $ | 100 | | $ 99,111 |
Triborough Bridge & Tunnel Authority, Series 2021 A-1, Ref. RB
| 5.00% | | 05/15/2051 | | | 225 | | 239,765 |
Triborough Bridge & Tunnel Authority, Series 2021 C-1A, RB
| 5.00% | | 05/15/2038 | | | 25 | | 27,993 |
Triborough Bridge & Tunnel Authority, Series 2021 C-1A, RB
| 5.00% | | 05/15/2039 | | | 10 | | 11,125 |
Triborough Bridge & Tunnel Authority, Series 2021 C-1A, RB
| 5.00% | | 05/15/2040 | | | 10 | | 11,071 |
Triborough Bridge & Tunnel Authority, Series 2021 C-1A, RB
| 5.00% | | 05/15/2041 | | | 40 | | 44,051 |
Triborough Bridge & Tunnel Authority, Series 2021 C-2, Ref. RB
| 4.00% | | 05/15/2034 | | | 40 | | 42,583 |
Triborough Bridge & Tunnel Authority, Series 2021 C-2, Ref. RB
| 4.00% | | 05/15/2035 | | | 50 | | 52,963 |
Triborough Bridge & Tunnel Authority, Series 2021 C-3, RB
| 4.00% | | 05/15/2051 | | | 85 | | 83,620 |
Triborough Bridge & Tunnel Authority, Series 2023, Ref. RB
| 5.00% | | 11/15/2031 | | | 80 | | 91,645 |
Triborough Bridge & Tunnel Authority, Series 2024, Ref. RB
| 5.00% | | 05/15/2031 | | | 5 | | 5,680 |
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2021 A, RB
| 5.00% | | 11/15/2051 | | | 530 | | 564,595 |
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2021 A, RB
| 5.00% | | 11/15/2056 | | | 35 | | 37,179 |
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2021 C-1A, RB
| 5.00% | | 05/15/2051 | | | 15 | | 16,048 |
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022, RB
| 5.00% | | 05/15/2031 | | | 200 | | 227,645 |
| | | | | | | | | 15,552,861 |
| North Carolina-0.99% | | | | | | | | |
Charlotte-Mecklenburg Hospital Authority (The) (Atrium Health), Series 2022 A, Ref. RB
| 5.00% | | 01/15/2031 | | | 5 | | 5,648 |
Mecklenburg (County of), NC, Series 2022, GO Bonds
| 5.00% | | 09/01/2031 | | | 100 | | 115,629 |
North Carolina (State of), Series 2020 A, GO Bonds
| 5.00% | | 06/01/2031 | | | 20 | | 22,601 |
North Carolina (State of), Series 2021 A, Ref. RB
| 5.00% | | 05/01/2031 | | | 30 | | 34,169 |
North Carolina (State of), Series 2021, RB
| 5.00% | | 03/01/2031 | | | 5 | | 5,686 |
North Carolina (State of), Series 2021, RB
| 4.00% | | 03/01/2035 | | | 10 | | 10,465 |
North Carolina (State of), Series 2022 A, RB
| 5.00% | | 05/01/2031 | | | 20 | | 22,911 |
North Carolina (State of) (Build North Carolina Programs), Series 2020 B, RB
| 5.00% | | 05/01/2031 | | | 305 | | 343,199 |
North Carolina (State of) Medical Care Commission, Series 2021 A, RB
| 4.00% | | 02/01/2036 | | | 5 | | 5,127 |
Wake (County of), NC, Series 2021, RB
| 5.00% | | 03/01/2031 | | | 40 | | 45,741 |
Wake (County of), NC, Series 2021, RB
| 4.00% | | 03/01/2033 | | | 15 | | 15,987 |
Wake (County of), NC, Series 2021, RB
| 4.00% | | 03/01/2038 | | | 100 | | 103,508 |
| | | | | | | | | 730,671 |
| Ohio-2.71% | | | | | | | | |
American Municipal Power, Inc. (Fremont Energy Center), Series 2021, Ref. RB
| 5.00% | | 02/15/2031 | | | 20 | | 22,514 |
American Municipal Power, Inc. (Fremont Energy Center), Series 2021, Ref. RB
| 4.00% | | 02/15/2036 | | | 100 | | 102,734 |
American Municipal Power, Inc. (Fremont Energy Center), Series 2021, Ref. RB
| 4.00% | | 02/15/2037 | | | 5 | | 5,103 |
Columbus (City of), OH, Series 2023 A, GO Bonds
| 5.00% | | 08/15/2031 | | | 75 | | 86,306 |
Montgomery (County of), OH (Kettering Health Network Obligated Group), Series 2021, Ref. RB
| 4.00% | | 08/01/2041 | | | 10 | | 9,872 |
Montgomery (County of), OH (Kettering Health Network Obligated Group), Series 2021, Ref. RB
| 4.00% | | 08/01/2051 | | | 10 | | 9,308 |
Ohio (State of), Series 2021 A, GO Bonds
| 4.00% | | 05/01/2038 | | | 35 | | 36,625 |
Ohio (State of), Series 2021 A, GO Bonds
| 5.00% | | 05/01/2040 | | | 10 | | 11,054 |
Ohio (State of), Series 2021 A, GO Bonds
| 5.00% | | 06/15/2041 | | | 240 | | 264,517 |
Ohio (State of), Series 2021 B, Ref. GO Bonds
| 5.00% | | 09/15/2031 | | | 90 | | 103,686 |
Ohio (State of), Series 2021, RB
| 5.00% | | 02/01/2031 | | | 5 | | 5,679 |
Ohio (State of) Turnpike & Infrastructure Commission, Series 2013 A-4, RB
| 5.70% | | 02/15/2034 | | | 120 | | 140,250 |
Ohio (State of) Turnpike & Infrastructure Commission, Series 2021 A, RB
| 5.00% | | 02/15/2046 | | | 355 | | 381,491 |
Ohio (State of) Turnpike & Infrastructure Commission, Series 2021 A, RB
| 5.00% | | 02/15/2051 | | | 70 | | 74,424 |
Ohio (State of) Water Development Authority, Series 2021 A, RB
| 5.00% | | 12/01/2035 | | | 80 | | 90,447 |
Ohio (State of) Water Development Authority, Series 2021 A, RB
| 5.00% | | 12/01/2037 | | | 25 | | 28,076 |
Ohio (State of) Water Development Authority, Series 2021 A, RB
| 5.00% | | 12/01/2038 | | | 55 | | 61,314 |
Ohio (State of) Water Development Authority, Series 2021, RB
| 5.00% | | 06/01/2046 | | | 170 | | 184,705 |
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2021 A, RB
| 5.00% | | 12/01/2038 | | | 15 | | 16,836 |
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2021 A, RB
| 4.00% | | 12/01/2039 | | | 5 | | 5,212 |
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2021 A, RB
| 5.00% | | 12/01/2040 | | | 35 | | 38,974 |
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2021 A, RB
| 4.00% | | 12/01/2041 | | | 15 | | 15,411 |
Ohio State University (The), Series 2021, RB
| 5.00% | | 12/01/2033 | | | 25 | | 28,618 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2031 Municipal Bond ETF (BSMV)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Ohio-(continued) | | | | | | | | |
Ohio State University (The), Series 2021, RB
| 5.00% | | 12/01/2034 | | $ | 100 | | $ 113,852 |
Ohio State University (The), Series 2021, RB
| 5.00% | | 12/01/2036 | | | 150 | | 169,063 |
| | | | | | | | | 2,006,071 |
| Oklahoma-0.39% | | | | | | | | |
Cleveland (County of), OK Educational Facilities Authority (Moore Public Schools), Series 2021, RB
| 4.00% | | 06/01/2031 | | | 100 | | 105,869 |
Oklahoma (State of) Turnpike Authority, Series 2020 A, Ref. RB
| 5.00% | | 01/01/2031 | | | 165 | | 186,579 |
| | | | | | | | | 292,448 |
| Oregon-0.15% | | | | | | | | |
Oregon (State of) (Article XI-Q State), Series 2023 A, GO Bonds
| 5.00% | | 05/01/2031 | | | 100 | | 114,619 |
| Pennsylvania-2.84% | | | | | | | | |
Allegheny (County of), PA Airport Authority, Series 2021 B, RB, (INS - AGM)(a)
| 4.00% | | 01/01/2046 | | | 15 | | 14,641 |
Chester (County of), PA Industrial Development Authority (Sustainability Bonds), Series 2021, RB
| 4.00% | | 12/01/2046 | | | 150 | | 146,589 |
Pennsylvania (Commonwealth of), First Series 2017, Ref. GO Bonds
| 3.00% | | 01/01/2031 | | | 335 | | 333,754 |
Pennsylvania (Commonwealth of), First Series 2020, GO Bonds
| 5.00% | | 05/01/2031 | | | 35 | | 39,181 |
Pennsylvania (Commonwealth of), First Series 2021, GO Bonds
| 5.00% | | 05/15/2031 | | | 30 | | 34,265 |
Pennsylvania (Commonwealth of), First Series 2021, GO Bonds
| 4.00% | | 05/15/2033 | | | 250 | | 266,675 |
Pennsylvania (Commonwealth of), Series 2022, GO Bonds
| 5.00% | | 10/01/2031 | | | 5 | | 5,740 |
Pennsylvania (Commonwealth of) Economic Development Financing Authority, Series 2023 A-1, RB
| 5.00% | | 05/15/2031 | | | 225 | | 251,959 |
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (University of Pennsylvania Health System), Series 2021 A, Ref. RB
| 5.00% | | 08/15/2044 | | | 50 | | 54,321 |
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 A, Ref. RB
| 5.00% | | 12/01/2046 | | | 125 | | 134,559 |
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 A, Ref. RB
| 5.00% | | 12/01/2047 | | | 95 | | 101,912 |
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 B, Ref. RB
| 5.00% | | 12/01/2046 | | | 95 | | 101,799 |
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 B, Ref. RB
| 5.00% | | 12/01/2046 | | | 125 | | 133,979 |
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 C, Ref. RB
| 5.00% | | 12/01/2046 | | | 145 | | 156,757 |
Philadelphia (City of), PA, Series 2021 A, GO Bonds
| 4.00% | | 05/01/2037 | | | 20 | | 20,621 |
Philadelphia (City of), PA, Series 2021 C, RB
| 5.00% | | 10/01/2046 | | | 260 | | 280,826 |
Pittsburgh (City of), PA Water & Sewer Authority, Series 2019 B, Ref. RB, (INS - AGM)(a)
| 5.00% | | 09/01/2031 | | | 25 | | 28,614 |
| | | | | | | | | 2,106,192 |
| Rhode Island-0.03% | | | | | | | | |
Rhode Island Commerce Corp. (Garvee), Series 2020 A, RB
| 5.00% | | 05/15/2031 | | | 20 | | 22,233 |
| South Carolina-1.02% | | | | | | | | |
Piedmont Municipal Power Agency, Series 2021 D, Ref. RB
| 4.00% | | 01/01/2033 | | | 20 | | 20,566 |
SCAGO Educational Facilities Corp. for Pickens School District, Series 2015, Ref. RB
| 3.50% | | 12/01/2031 | | | 20 | | 19,900 |
South Carolina (State of) Jobs-Economic Development Authority (Novant Health Obligated Group), Series 2024, RB
| 5.00% | | 11/01/2031 | | | 105 | | 118,117 |
South Carolina (State of) Public Service Authority, Series 2021 B, RB
| 4.00% | | 12/01/2039 | | | 350 | | 348,585 |
South Carolina (State of) Transportation Infrastructure Bank, Series 2021 A, Ref. RB
| 4.00% | | 10/01/2033 | | | 135 | | 143,981 |
University of South Carolina (Campus Village), Series 2021 A, RB
| 5.00% | | 05/01/2046 | | | 100 | | 107,442 |
| | | | | | | | | 758,591 |
| South Dakota-0.03% | | | | | | | | |
South Dakota (State of) Health & Educational Facilities Authority (Avera Health), Series 2024 A, Ref. RB
| 5.00% | | 07/01/2031 | | | 20 | | 22,490 |
| Tennessee-0.58% | | | | | | | | |
Clarksville (City of), TN, Series 2021 A, RB
| 5.00% | | 02/01/2045 | | | 105 | | 113,342 |
Johnson City (City of), TN Health & Educational Facilities Board (Ballad Health Obligated Group), Series 2023 A, Ref. RB
| 5.00% | | 07/01/2031 | | | 25 | | 27,536 |
Memphis (City of), TN, Series 2022 A, Ref. GO Bonds
| 5.00% | | 10/01/2047 | | | 50 | | 53,859 |
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2021 A, RB
| 5.00% | | 05/15/2046 | | | 150 | | 161,467 |
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2021 C, GO Bonds
| 4.00% | | 01/01/2031 | | | 30 | | 32,264 |
Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Vanderbilt University Medical Center), Series 2021 A, RB
| 5.00% | | 07/01/2031 | | | 30 | | 33,270 |
Tennessee (State of), Series 2023 A, GO Bonds
| 5.00% | | 05/01/2031 | | | 5 | | 5,748 |
| | | | | | | | | 427,486 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2031 Municipal Bond ETF (BSMV)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Texas-6.55% | | | | | | | | |
Aransas County Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund)
| 4.00% | | 08/15/2047 | | $ | 100 | | $ 97,843 |
Austin (City of), TX, Series 2021, Ref. RB
| 5.00% | | 11/15/2046 | | | 35 | | 37,530 |
Austin (City of), TX, Series 2024, Ref. RB
| 5.00% | | 11/15/2031 | | | 5 | | 5,728 |
Austin Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 08/01/2031 | | | 5 | | 5,703 |
Bexar (County of), TX, Series 2022 B, Ctfs. of Obligations
| 4.75% | | 06/15/2048 | | | 20 | | 20,873 |
Board of Regents of the University of Texas System, Series 2020 C, Ref. RB
| 5.00% | | 08/15/2031 | | | 100 | | 114,528 |
Board of Regents of the University of Texas System, Series 2021 A, Ref. RB
| 5.00% | | 08/15/2031 | | | 110 | | 125,980 |
Board of Regents of the University of Texas System, Series 2023 A, RB
| 5.00% | | 08/15/2031 | | | 205 | | 234,781 |
Central Texas Regional Mobility Authority, Series 2021 B, RB
| 5.00% | | 01/01/2046 | | | 155 | | 164,201 |
Central Texas Regional Mobility Authority, Series 2021 D, Ref. RB
| 4.00% | | 01/01/2037 | | | 140 | | 143,612 |
Central Texas Regional Mobility Authority, Series 2021 D, Ref. RB
| 4.00% | | 01/01/2038 | | | 35 | | 35,795 |
Clear Creek Independent School District, Series 2013 B, GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 02/15/2031 | | | 100 | | 113,768 |
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2020 A, Ref. RB
| 5.00% | | 11/01/2031 | | | 50 | | 55,929 |
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2020, Ref. RB
| 5.00% | | 11/01/2031 | | | 60 | | 67,115 |
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2022 B, Ref. RB
| 5.00% | | 11/01/2031 | | | 15 | | 17,039 |
Dallas (City of), TX Area Rapid Transit, Series 2007, Ref. RB, (INS - AMBAC)(a)
| 5.25% | | 12/01/2031 | | | 5 | | 5,784 |
Dallas College, Series 2022, GO Bonds
| 5.00% | | 02/15/2031 | | | 100 | | 112,631 |
Denton Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 08/15/2031 | | | 55 | | 62,766 |
Forney Independent School District, Series 2022 A, GO Bonds, (CEP - Texas Permanent School Fund)
| 4.00% | | 08/15/2044 | | | 200 | | 200,693 |
Georgetown (City of), TX, Series 2022, RB, (INS - AGM)(a)
| 5.00% | | 08/15/2042 | | | 90 | | 97,231 |
Harris (County of), TX, Series 2021 A, GO Bonds
| 4.00% | | 10/01/2047 | | | 100 | | 96,756 |
Hitchcock Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund)
| 4.00% | | 02/15/2048 | | | 195 | | 190,492 |
Houston (City of), TX, Series 2023 B, Ref. RB, (INS - AGM)(a)
| 5.00% | | 07/01/2031 | | | 110 | | 124,970 |
Lower Colorado River Authority, Series 2022, Ref. RB, (INS - AGM)(a)
| 5.00% | | 05/15/2033 | | | 5 | | 5,614 |
Lower Colorado River Authority, Series 2022, Ref. RB, (INS - AGM)(a)
| 5.00% | | 05/15/2036 | | | 75 | | 83,301 |
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2021 A, RB
| 5.00% | | 05/15/2046 | | | 150 | | 160,353 |
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2022, Ref. RB
| 5.00% | | 05/15/2036 | | | 5 | | 5,531 |
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2022, Ref. RB
| 5.00% | | 05/15/2037 | | | 175 | | 192,725 |
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2022, Ref. RB
| 5.00% | | 05/15/2038 | | | 20 | | 21,932 |
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2022, Ref. RB
| 5.00% | | 05/15/2040 | | | 15 | | 16,285 |
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2022, Ref. RB
| 5.00% | | 05/15/2042 | | | 30 | | 32,304 |
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2022, Ref. RB
| 5.00% | | 05/15/2047 | | | 45 | | 48,056 |
Montgomery Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund)
| 4.00% | | 02/15/2047 | | | 15 | | 14,678 |
North Texas Municipal Water District, Series 2021 A, Ref. RB
| 4.00% | | 09/01/2031 | | | 55 | | 58,287 |
North Texas Tollway Authority, Series 2021 B, RB
| 4.00% | | 01/01/2034 | | | 320 | | 331,192 |
North Texas Tollway Authority, Series 2021 B, RB
| 4.00% | | 01/01/2035 | | | 75 | | 77,213 |
Northwest Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund)
| 4.00% | | 02/15/2047 | | | 150 | | 148,510 |
Plano Independent School District, Series 2023, GO Bonds
| 5.00% | | 02/15/2031 | | | 45 | | 51,053 |
Rockwall Independent School District, Series 2022 A, GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 02/15/2047 | | | 150 | | 161,293 |
Sabine-Neches Navigation District, Series 2022, GO Bonds
| 5.25% | | 02/15/2052 | | | 265 | | 283,237 |
San Antonio (City of), TX, Series 2021 A, RB
| 5.00% | | 02/01/2039 | | | 125 | | 136,050 |
San Antonio (City of), TX, Series 2021 A, RB
| 5.00% | | 02/01/2040 | | | 150 | | 162,561 |
San Antonio (City of), TX, Series 2021 A, RB
| 5.00% | | 02/01/2041 | | | 30 | | 32,408 |
San Antonio (City of), TX, Series 2021 A, RB
| 5.00% | | 02/01/2046 | | | 130 | | 138,287 |
San Antonio Public Facilities Corp., Series 2022, Ref. RB
| 5.00% | | 09/15/2031 | | | 5 | | 5,640 |
Tarrant (County of), TX, Series 2022, GO Bonds
| 4.00% | | 07/15/2047 | | | 100 | | 97,746 |
Tarrant County College District, Series 2022, GO Bonds
| 5.00% | | 08/15/2031 | | | 10 | | 11,392 |
Texas (State of) Water Development Board, Series 2020, RB
| 5.00% | | 08/01/2031 | | | 30 | | 33,625 |
Texas (State of) Water Development Board, Series 2021, RB
| 5.00% | | 08/01/2031 | | | 25 | | 28,533 |
Texas (State of) Water Development Board, Series 2021, RB
| 5.00% | | 08/01/2033 | | | 80 | | 90,541 |
Texas (State of) Water Development Board, Series 2021, RB
| 5.00% | | 08/01/2034 | | | 100 | | 112,921 |
Texas (State of) Water Development Board, Series 2021, RB
| 4.00% | | 08/01/2035 | | | 35 | | 36,565 |
Texas (State of) Water Development Board, Series 2021, RB
| 4.00% | | 08/01/2036 | | | 20 | | 20,770 |
Trinity River Authority, Series 2020, Ref. RB
| 3.00% | | 08/01/2031 | | | 80 | | 79,118 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2031 Municipal Bond ETF (BSMV)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Texas-(continued) | | | | | | | | |
University of Houston, Series 2022 A, Ref. RB
| 5.00% | | 02/15/2031 | | $ | 35 | | $ 39,421 |
Williamson (County of), TX, Series 2024, GO Notes
| 5.00% | | 02/15/2031 | | | 5 | | 5,685 |
| | | | | | | | | 4,854,575 |
| Utah-1.48% | | | | | | | | |
Granite School District Board of Education, Series 2021, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)
| 5.00% | | 06/01/2031 | | | 80 | | 91,801 |
Intermountain Power Agency, Series 2022 A, Ref. RB
| 5.00% | | 07/01/2031 | | | 50 | | 57,273 |
Intermountain Power Agency, Series 2022 A, Ref. RB
| 5.00% | | 07/01/2035 | | | 20 | | 22,521 |
Intermountain Power Agency, Series 2022 A, Ref. RB
| 5.00% | | 07/01/2037 | | | 30 | | 33,489 |
Intermountain Power Agency, Series 2022 A, Ref. RB
| 5.00% | | 07/01/2038 | | | 10 | | 11,104 |
Intermountain Power Agency, Series 2022 A, Ref. RB
| 5.00% | | 07/01/2039 | | | 50 | | 55,221 |
Intermountain Power Agency, Series 2022 A, Ref. RB
| 5.00% | | 07/01/2041 | | | 25 | | 27,356 |
Intermountain Power Agency, Series 2022 A, Ref. RB
| 5.00% | | 07/01/2042 | | | 5 | | 5,436 |
Intermountain Power Agency, Series 2022 A, Ref. RB
| 5.00% | | 07/01/2044 | | | 320 | | 345,954 |
Intermountain Power Agency, Series 2022 A, Ref. RB
| 5.00% | | 07/01/2045 | | | 270 | | 291,276 |
Salt Lake City (City of), UT, Series 2021 B, RB
| 5.00% | | 07/01/2046 | | | 65 | | 69,809 |
University of Utah (The) (Green Bonds), Series 2022 B, RB
| 5.00% | | 08/01/2031 | | | 5 | | 5,740 |
Utah (State of) Transit Authority, Series 2007 A, Ref. RB, (INS - NATL)(a)
| 5.00% | | 06/15/2031 | | | 70 | | 79,079 |
| | | | | | | | | 1,096,059 |
| Virginia-1.36% | | | | | | | | |
Fairfax (County of), VA, Series 2024 A, GO Bonds
| 5.00% | | 10/01/2031 | | | 30 | | 34,689 |
Norfolk (City of), VA, Series 2021 A, GO Bonds
| 5.00% | | 03/01/2033 | | | 155 | | 176,433 |
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2021 A, RB
| 4.00% | | 02/01/2033 | | | 5 | | 5,258 |
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2023 A, RB
| 5.00% | | 02/01/2031 | | | 95 | | 108,083 |
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2023 B, Ref. RB
| 5.00% | | 02/01/2031 | | | 130 | | 147,903 |
Virginia (Commonwealth of) Public Building Authority, Series 2021 A-1, RB
| 5.00% | | 08/01/2031 | | | 130 | | 149,429 |
Virginia (Commonwealth of) Public Building Authority, Series 2021 A-1, RB
| 5.00% | | 08/01/2033 | | | 180 | | 204,665 |
Virginia (Commonwealth of) Public Building Authority, Series 2021 A-2, RB
| 4.00% | | 08/01/2036 | | | 50 | | 52,183 |
Virginia (Commonwealth of) Transportation Board (I-81 Regional Corridor), Series 2021, RB
| 5.00% | | 05/15/2057 | | | 120 | | 128,272 |
| | | | | | | | | 1,006,915 |
| Washington-4.76% | | | | | | | | |
Central Puget Sound Regional Transit Authority (Green Bonds), Series 2021 S-1, Ref. RB
| 5.00% | | 11/01/2031 | | | 45 | | 51,651 |
Central Puget Sound Regional Transit Authority (Green Bonds), Series 2021 S-1, Ref. RB
| 5.00% | | 11/01/2033 | | | 190 | | 216,866 |
Central Puget Sound Regional Transit Authority (Green Bonds), Series 2021 S-1, Ref. RB
| 5.00% | | 11/01/2034 | | | 140 | | 159,412 |
Central Puget Sound Regional Transit Authority (Green Bonds), Series 2021 S-1, Ref. RB
| 4.00% | | 11/01/2040 | | | 150 | | 153,918 |
Energy Northwest (Columbia Generating Station), Series 2021, Ref. RB
| 5.00% | | 07/01/2041 | | | 310 | | 339,607 |
King (County of), WA, Series 2021 A, GO Bonds
| 5.00% | | 01/01/2031 | | | 50 | | 56,882 |
Snohomish (County of), WA Public Utility District No. 1, Series 2021 A, RB
| 5.00% | | 12/01/2046 | | | 250 | | 268,462 |
Spokane County School District No. 81, Series 2012, GO Bonds, (CEP - Oregon School Bond Guaranty)
| 3.00% | | 12/01/2031 | | | 30 | | 28,492 |
Spokane County School District No. 81, Series 2021, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)
| 4.00% | | 12/01/2038 | | | 55 | | 57,048 |
Spokane County School District No. 81, Series 2021, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)
| 4.00% | | 12/01/2039 | | | 25 | | 25,857 |
Tacoma (City of), WA (Green Bonds), Series 2021, Ref. RB
| 5.00% | | 01/01/2046 | | | 150 | | 161,158 |
Washington (State of), Series 2020 C, GO Bonds
| 5.00% | | 02/01/2031 | | | 255 | | 284,091 |
Washington (State of), Series 2021 C, GO Bonds
| 5.00% | | 02/01/2038 | | | 5 | | 5,538 |
Washington (State of), Series 2021 C, GO Bonds
| 5.00% | | 02/01/2041 | | | 5 | | 5,458 |
Washington (State of), Series 2021 C, GO Bonds
| 5.00% | | 02/01/2042 | | | 65 | | 70,722 |
Washington (State of), Series 2021 C, GO Bonds
| 5.00% | | 02/01/2045 | | | 150 | | 161,790 |
Washington (State of), Series 2021 R, Ref. GO Bonds
| 4.00% | | 08/01/2036 | | | 40 | | 41,866 |
Washington (State of), Series 2021, Ref. GO Bonds
| 5.00% | | 06/01/2031 | | | 50 | | 55,978 |
Washington (State of), Series R-2021C, Ref. GO Bonds
| 4.00% | | 08/01/2035 | | | 15 | | 15,766 |
Washington (State of), Series R-2024C, Ref. GO Bonds
| 5.00% | | 08/01/2031 | | | 10 | | 11,488 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2031 Municipal Bond ETF (BSMV)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Washington-(continued) | | | | | | | | |
Washington (State of) (Bid Group 1), Series 2020 A, GO Bonds
| 5.00% | | 08/01/2031 | | $ | 15 | | $ 16,847 |
Washington (State of) (Bid Group 1), Series 2021 A, GO Bonds
| 5.00% | | 08/01/2031 | | | 5 | | 5,744 |
Washington (State of) (Bid Group 1), Series 2021 A, GO Bonds
| 5.00% | | 08/01/2034 | | | 55 | | 62,438 |
Washington (State of) (Bid Group 1), Series 2021 A, GO Bonds
| 5.00% | | 08/01/2036 | | | 135 | | 151,640 |
Washington (State of) (Bid Group 1), Series 2021 C, GO Bonds
| 5.00% | | 02/01/2033 | | | 20 | | 22,588 |
Washington (State of) (Bid Group 1), Series 2021 C, GO Bonds
| 5.00% | | 02/01/2034 | | | 30 | | 33,814 |
Washington (State of) (Bid Group 1), Series 2021 C, GO Bonds
| 5.00% | | 02/01/2035 | | | 10 | | 11,214 |
Washington (State of) (Bid Group 1), Series 2021 C, GO Bonds
| 5.00% | | 02/01/2036 | | | 10 | | 11,177 |
Washington (State of) (Bid Group 1), Series 2021 C, GO Bonds
| 5.00% | | 02/01/2037 | | | 250 | | 278,442 |
Washington (State of) (Bid Group 1), Series 2022 C, GO Bonds
| 5.00% | | 02/01/2031 | | | 25 | | 28,522 |
Washington (State of) (Bid Group 1), Series 2024 A, GO Bonds
| 5.00% | | 08/01/2031 | | | 55 | | 63,183 |
Washington (State of) (Bid Group 1), Series 2024 C, GO Bonds
| 5.00% | | 02/01/2031 | | | 5 | | 5,704 |
Washington (State of) (Bid Group 2), Series 2021 A, GO Bonds
| 5.00% | | 08/01/2040 | | | 165 | | 181,795 |
Washington (State of) (Bid Group 2), Series 2021 A, GO Bonds
| 5.00% | | 08/01/2042 | | | 10 | | 10,941 |
Washington (State of) (Bid Group 2), Series 2021 A, GO Bonds
| 5.00% | | 08/01/2044 | | | 10 | | 10,874 |
Washington (State of) (Bidding Group 2), Series 2021 A, GO Bonds
| 5.00% | | 08/01/2041 | | | 390 | | 428,211 |
Whatcom (County of), WA Bellingham School District No. 501, Series 2021, GO Bonds, (CEP - Oregon School Bond Guaranty)
| 4.00% | | 12/01/2037 | | | 35 | | 36,556 |
| | | | | | | | | 3,531,740 |
| West Virginia-0.13% | | | | | | | | |
West Virginia (State of) Parkways Authority, Series 2021, RB
| 5.00% | | 06/01/2047 | | | 90 | | 95,947 |
| Wisconsin-0.66% | | | | | | | | |
Wisconsin (State of), Series 2021 1, Ref. GO Bonds
| 5.00% | | 05/01/2031 | | | 165 | | 185,357 |
Wisconsin (State of), Series 2021-2, Ref. GO Bonds
| 5.00% | | 05/01/2031 | | | 80 | | 89,870 |
Wisconsin (State of), Series 2022-4, Ref. GO Bonds
| 5.00% | | 05/01/2031 | | | 15 | | 17,163 |
Wisconsin (State of), Series 2023-2, Ref. GO Bonds
| 5.00% | | 05/01/2031 | | | 75 | | 85,816 |
Wisconsin (State of) Department of Transportation, Series 2024-2, Ref. RB
| 5.00% | | 07/01/2031 | | | 100 | | 115,152 |
| | | | | | | | | 493,358 |
TOTAL INVESTMENTS IN SECURITIES(b)-98.53%
(Cost $72,545,110)
| | 73,057,852 |
OTHER ASSETS LESS LIABILITIES-1.47%
| | 1,091,687 |
NET ASSETS-100.00%
| | $74,149,539 |
| Investment Abbreviations: |
| AGM | -Assured Guaranty Municipal Corp. |
| AMBAC | -American Municipal Bond Assurance Corp. |
| BAM | -Build America Mutual Assurance Co. |
| CEP | -Credit Enhancement Provider |
| COP | -Certificates of Participation |
| Ctfs. | -Certificates |
| GO | -General Obligation |
| INS | -Insurer |
| NATL | -National Public Finance Guarantee Corp. |
| RB | -Revenue Bonds |
| Ref. | -Refunding |
| RN | -Revenue Notes |
| Wts. | -Warrants |
| Notes to Schedule of Investments: |
| (a) | Principal and/or interest payments are secured by the bond insurance company listed. |
| (b) | Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligations but may be called upon to satisfy the issuer’s obligations. No concentration of any single entity was greater than 5% each. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2032 Municipal Bond ETF (BSMW)
August 31, 2024
Schedule of Investments
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Municipal Obligations-98.35% | | | | | | | | |
| Alabama-0.51% | | | | | | | | |
Alabama (State of) Corrections Institution Finance Authority, Series 2022, RB
| 5.00% | | 07/01/2035 | | $ | 25 | | $ 28,152 |
Alabama (State of) Corrections Institution Finance Authority, Series 2022, RB
| 5.00% | | 07/01/2037 | | | 80 | | 89,373 |
Alabama (State of) Corrections Institution Finance Authority, Series 2022, RB
| 5.00% | | 07/01/2042 | | | 145 | | 157,068 |
Jefferson (County of), AL, Series 2024, Ref. Revenue Wts.
| 5.00% | | 10/01/2032 | | | 100 | | 112,130 |
| | | | | | | | | 386,723 |
| Arizona-0.19% | | | | | | | | |
Arizona (State of) Department of Transportation, Series 2023, RB
| 5.00% | | 07/01/2032 | | | 50 | | 58,150 |
Gilbert Water Resource Municipal Property Corp. (Green Bonds), Series 2022, RB
| 5.00% | | 07/15/2032 | | | 20 | | 23,226 |
Gilbert Water Resource Municipal Property Corp. (Green Bonds), Series 2022, RB
| 4.00% | | 07/15/2041 | | | 10 | | 10,273 |
Maricopa (County of), AZ Special Health Care District, Series 2021 D, GO Bonds
| 5.00% | | 07/01/2032 | | | 20 | | 22,563 |
Maricopa County Unified School District No. 60 Higley, Series 2023, Ref. COP, (INS - AGM)(a)
| 5.00% | | 06/01/2053 | | | 25 | | 26,408 |
Mesa (City of), AZ, Series 2022 A, RB, (INS - BAM)(a)
| 5.00% | | 07/01/2046 | | | 5 | | 5,419 |
| | | | | | | | | 146,039 |
| Arkansas-0.21% | | | | | | | | |
University of Arkansas (Fayetteville Campus), Series 2022 A, RB
| 5.00% | | 11/01/2047 | | | 25 | | 27,098 |
University of Arkansas (Fayetteville Campus), Series 2022 A, RB
| 5.25% | | 11/01/2052 | | | 125 | | 136,185 |
| | | | | | | | | 163,283 |
| California-18.29% | | | | | | | | |
Alameda (County of), CA Transportation Commission, Series 2022, RB
| 5.00% | | 03/01/2045 | | | 30 | | 33,386 |
Alhambra Unified School District (Election of 2016), Series 2022 B, GO Bonds
| 5.25% | | 08/01/2047 | | | 15 | | 16,872 |
Brentwood Union School District (Election of 2016), Series 2022, GO Bonds
| 5.25% | | 08/01/2052 | | | 15 | | 16,494 |
California (State of), Series 2007, Ref. GO Bonds, (INS - AGM)(a)
| 5.25% | | 08/01/2032 | | | 250 | | 290,464 |
California (State of), Series 2016, Ref. GO Bonds
| 2.50% | | 09/01/2032 | | | 85 | | 79,410 |
California (State of), Series 2016, Ref. GO Bonds
| 3.00% | | 09/01/2032 | | | 100 | | 98,491 |
California (State of), Series 2018, GO Bonds
| 3.00% | | 10/01/2032 | | | 170 | | 166,783 |
California (State of), Series 2019, Ref. GO Bonds
| 5.00% | | 04/01/2032 | | | 185 | | 213,499 |
California (State of), Series 2021, Ref. GO Bonds
| 5.00% | | 09/01/2032 | | | 10 | | 11,419 |
California (State of), Series 2022, GO Bonds
| 5.00% | | 09/01/2032 | | | 45 | | 52,203 |
California (State of), Series 2022, GO Bonds
| 5.00% | | 09/01/2034 | | | 10 | | 11,516 |
California (State of), Series 2022, GO Bonds
| 5.00% | | 09/01/2035 | | | 115 | | 131,799 |
California (State of), Series 2022, GO Bonds
| 5.00% | | 09/01/2036 | | | 35 | | 39,896 |
California (State of), Series 2022, GO Bonds
| 5.25% | | 09/01/2047 | | | 5 | | 5,614 |
California (State of), Series 2022, GO Bonds
| 5.00% | | 09/01/2052 | | | 195 | | 213,055 |
California (State of), Series 2022, Ref. GO Bonds
| 5.00% | | 11/01/2032 | | | 220 | | 255,766 |
California (State of), Series 2022, Ref. GO Bonds
| 5.00% | | 04/01/2035 | | | 100 | | 114,082 |
California (State of), Series 2022, Ref. GO Bonds
| 5.00% | | 09/01/2035 | | | 520 | | 595,962 |
California (State of), Series 2022, Ref. GO Bonds
| 5.00% | | 09/01/2036 | | | 5 | | 5,700 |
California (State of), Series 2022, Ref. GO Bonds
| 5.00% | | 04/01/2037 | | | 10 | | 11,332 |
California (State of), Series 2022, Ref. GO Bonds
| 5.00% | | 11/01/2037 | | | 100 | | 114,002 |
California (State of), Series 2022, Ref. GO Bonds
| 4.00% | | 04/01/2042 | | | 250 | | 255,378 |
California (State of), Series 2022, Ref. GO Bonds
| 5.00% | | 04/01/2042 | | | 250 | | 278,250 |
California (State of), Series 2022, Ref. GO Bonds
| 4.00% | | 09/01/2042 | | | 250 | | 255,638 |
California (State of), Series 2022, Ref. GO Bonds
| 5.00% | | 09/01/2042 | | | 75 | | 83,885 |
California (State of), Series 2022, Ref. GO Bonds
| 5.00% | | 11/01/2042 | | | 360 | | 403,406 |
California (State of), Series 2023, GO Bonds
| 5.00% | | 10/01/2032 | | | 15 | | 17,420 |
California (State of), Series 2023, Ref. GO Bonds
| 5.00% | | 09/01/2032 | | | 15 | | 17,401 |
California (State of), Series 2024, GO Bonds
| 5.00% | | 09/01/2032 | | | 25 | | 29,002 |
California (State of), Series 2024, Ref. GO Bonds
| 5.00% | | 09/01/2032 | | | 200 | | 232,012 |
California (State of) Department of Water Resources (Central Valley), Series 2022 BF, Ref. RB
| 5.00% | | 12/01/2032 | | | 210 | | 249,341 |
California (State of) Educational Facilities Authority (Stanford University), Series 2012 U-2, Ref. RB
| 5.00% | | 10/01/2032 | | | 5 | | 5,946 |
California (State of) Health Facilities Financing Authority (Lucile Salter Packard), Series 2022, Ref. RB
| 4.00% | | 05/15/2046 | | | 500 | | 495,144 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2032 Municipal Bond ETF (BSMW)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| California-(continued) | | | | | | | | |
California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund), Series 2023, RB
| 5.00% | | 10/01/2035 | | $ | 60 | | $ 70,271 |
California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund), Series 2023, RB
| 4.00% | | 10/01/2047 | | | 80 | | 80,266 |
California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds), Series 2023, RB
| 5.00% | | 10/01/2036 | | | 5 | | 5,829 |
California (State of) Infrastructure & Economic Development Bank (Infrastructure State Revolving Fund), Series 2022, RB
| 5.00% | | 10/01/2047 | | | 370 | | 413,962 |
California (State of) Infrastructure & Economic Development Bank (Infrastructure State Revolving Fund), Series 2022, RB
| 5.00% | | 10/01/2052 | | | 100 | | 110,951 |
California (State of) Public Finance Authority (Hoag Memorial Hospital), Series 2022 A, RB
| 4.00% | | 07/15/2051 | | | 335 | | 329,993 |
California (State of) Public Works Board (Various Capital), Series 2023 B, Ref. RB
| 5.00% | | 12/01/2035 | | | 340 | | 389,948 |
California (State of) Public Works Board (Various Capital), Series 2023 B, Ref. RB
| 5.00% | | 12/01/2036 | | | 150 | | 171,208 |
California (State of) Statewide Communities Development Authority (Enloe Medical Center), Series 2022 A, RB, (INS - AGM)(a)
| 5.25% | | 08/15/2052 | | | 205 | | 221,952 |
Chaffey Joint Union High School District (Election of 2012), Series 2023 G, GO Bonds
| 5.25% | | 08/01/2052 | | | 100 | | 110,822 |
East Bay Municipal Utility District, Series 2022 A, RB
| 5.00% | | 06/01/2038 | | | 15 | | 17,345 |
East Bay Municipal Utility District, Series 2022 B-2, Ref. RB
| 5.00% | | 06/01/2032 | | | 5 | | 5,889 |
Indio Finance Authority, Series 2022 A, Ref. RB, (INS - BAM)(a)
| 5.25% | | 11/01/2042 | | | 100 | | 112,530 |
Kern High School District (Election of 2022), Series 2023 A, GO Bonds
| 5.00% | | 08/01/2032 | | | 10 | | 11,775 |
Los Angeles (City of), CA, Series 2022 C, Ref. RB
| 5.00% | | 06/01/2032 | | | 5 | | 5,858 |
Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2022 B, RB
| 4.00% | | 05/15/2048 | | | 45 | | 44,759 |
Los Angeles (City of), CA Department of Water & Power, Series 2022 B, RB
| 5.00% | | 07/01/2032 | | | 125 | | 147,503 |
Los Angeles (City of), CA Department of Water & Power, Series 2022 B, RB
| 5.00% | | 07/01/2034 | | | 5 | | 5,853 |
Los Angeles (City of), CA Department of Water & Power, Series 2022 B, RB
| 5.00% | | 07/01/2043 | | | 125 | | 139,486 |
Los Angeles (City of), CA Department of Water & Power, Series 2022 B, RB
| 5.00% | | 07/01/2047 | | | 25 | | 27,569 |
Los Angeles (City of), CA Department of Water & Power, Series 2022 B, Ref. RB
| 5.00% | | 07/01/2036 | | | 20 | | 23,033 |
Los Angeles (City of), CA Department of Water & Power, Series 2022 B, Ref. RB
| 5.00% | | 07/01/2037 | | | 40 | | 45,936 |
Los Angeles (City of), CA Department of Water & Power, Series 2022 B, Ref. RB
| 5.00% | | 07/01/2038 | | | 5 | | 5,721 |
Los Angeles (City of), CA Department of Water & Power, Series 2022 B, Ref. RB
| 5.00% | | 07/01/2039 | | | 10 | | 11,394 |
Los Angeles (City of), CA Department of Water & Power, Series 2022 B, Ref. RB
| 5.00% | | 07/01/2042 | | | 10 | | 11,145 |
Los Angeles (City of), CA Department of Water & Power, Series 2022 B, Ref. RB
| 5.00% | | 07/01/2047 | | | 55 | | 60,409 |
Los Angeles (City of), CA Department of Water & Power, Series 2022 B, Ref. RB
| 5.00% | | 07/01/2052 | | | 250 | | 272,122 |
Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB
| 5.00% | | 07/01/2039 | | | 20 | | 22,959 |
Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB
| 5.00% | | 07/01/2040 | | | 20 | | 22,551 |
Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB
| 5.00% | | 07/01/2040 | | | 45 | | 51,153 |
Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB
| 5.00% | | 07/01/2041 | | | 45 | | 50,340 |
Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB
| 5.00% | | 07/01/2041 | | | 10 | | 11,273 |
Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB
| 5.00% | | 07/01/2042 | | | 50 | | 55,656 |
Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB
| 5.00% | | 07/01/2043 | | | 30 | | 33,280 |
Los Angeles (City of), CA Department of Water & Power, Series 2022 D, Ref. RB
| 5.00% | | 07/01/2039 | | | 50 | | 57,397 |
Los Angeles (City of), CA Department of Water & Power, Series 2022 D, Ref. RB
| 5.00% | | 07/01/2041 | | | 155 | | 174,731 |
Los Angeles (City of), CA Department of Water & Power, Series 2022 D, Ref. RB
| 5.00% | | 07/01/2047 | | | 35 | | 38,647 |
Los Angeles (City of), CA Department of Water & Power, Series 2022 D, Ref. RB
| 5.00% | | 07/01/2052 | | | 200 | | 218,744 |
Los Angeles (City of), CA Department of Water & Power, Series 2023 A, Ref. RB
| 5.00% | | 07/01/2032 | | | 5 | | 5,900 |
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2020, RB
| 5.00% | | 06/01/2032 | | | 45 | | 52,656 |
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2021 A, RB
| 5.00% | | 06/01/2032 | | | 65 | | 75,285 |
Los Angeles Community College District (Election of 2008), Series 2022 L, GO Bonds
| 5.00% | | 08/01/2036 | | | 25 | | 29,127 |
Los Angeles Community College District (Election of 2008), Series 2022 L, GO Bonds
| 5.00% | | 08/01/2037 | | | 10 | | 11,618 |
Los Angeles Unified School District, Series 2016 B, Ref. GO Bonds
| 3.00% | | 07/01/2032 | | | 45 | | 44,291 |
Los Angeles Unified School District, Series 2021 RYRR, GO Bonds
| 5.00% | | 07/01/2032 | | | 65 | | 75,782 |
Los Angeles Unified School District, Series 2021 RYRR, GO Bonds
| 5.00% | | 07/01/2033 | | | 10 | | 11,633 |
Los Angeles Unified School District, Series 2021 RYRR, GO Bonds
| 5.00% | | 07/01/2034 | | | 5 | | 5,803 |
Los Angeles Unified School District, Series 2021 RYRR, GO Bonds
| 5.00% | | 07/01/2035 | | | 20 | | 23,114 |
Los Angeles Unified School District, Series 2021 RYRR, GO Bonds
| 4.00% | | 07/01/2040 | | | 10 | | 10,316 |
Los Angeles Unified School District, Series 2021 RYRR, GO Bonds
| 4.00% | | 07/01/2046 | | | 45 | | 45,296 |
Metropolitan Water District of Southern California, Series 2022 B, Ref. RB
| 5.00% | | 07/01/2032 | | | 15 | | 17,806 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2032 Municipal Bond ETF (BSMW)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| California-(continued) | | | | | | | | |
Metropolitan Water District of Southern California, Series 2022 B, Ref. RB
| 5.00% | | 07/01/2036 | | $ | 10 | | $ 11,671 |
Pasadena Area Community College District, Series 2023 A-1, Ref. GO Bonds
| 5.00% | | 08/01/2048 | | | 150 | | 165,950 |
Peralta Community College District, Series 2022 B, GO Bonds
| 5.25% | | 08/01/2042 | | | 90 | | 102,289 |
Regents of the University of California Medical Center, Series 2022 P, RB
| 5.00% | | 05/15/2034 | | | 100 | | 116,787 |
Regents of the University of California Medical Center, Series 2022 P, RB
| 5.00% | | 05/15/2037 | | | 100 | | 114,552 |
Regents of the University of California Medical Center, Series 2022 P, RB
| 5.00% | | 05/15/2038 | | | 50 | | 56,915 |
Regents of the University of California Medical Center, Series 2022 P, RB
| 5.00% | | 05/15/2039 | | | 245 | | 276,695 |
Regents of the University of California Medical Center, Series 2022 P, RB
| 5.00% | | 05/15/2040 | | | 20 | | 22,480 |
Regents of the University of California Medical Center, Series 2022 P, RB
| 5.00% | | 05/15/2041 | | | 25 | | 27,978 |
Regents of the University of California Medical Center, Series 2022 P, RB
| 5.00% | | 05/15/2042 | | | 195 | | 217,349 |
Regents of the University of California Medical Center, Series 2022 P, RB
| 5.00% | | 05/15/2047 | | | 140 | | 153,129 |
Riverside (City of), CA, Series 2022 A, RB
| 5.00% | | 10/01/2052 | | | 10 | | 10,941 |
Sacramento (County of), CA Sanitation Districts Financing Authority, Series 2021, Ref. RB
| 5.00% | | 12/01/2032 | | | 150 | | 178,100 |
Sacramento Transportation Authority (Measure A), Series 2023, Ref. RB
| 5.00% | | 10/01/2032 | | | 35 | | 41,622 |
San Diego (City of), CA Public Facilities Financing Authority, Series 2022 A, RB
| 5.00% | | 05/15/2047 | | | 20 | | 22,102 |
San Diego (City of), CA Public Facilities Financing Authority, Series 2022 A, RB
| 5.00% | | 05/15/2052 | | | 200 | | 219,590 |
San Diego (County of), CA Regional Transportation Commission, Series 2023 A, Ref. RB
| 5.00% | | 04/01/2032 | | | 5 | | 5,875 |
San Diego (County of), CA Water Authority, Series 2022 A, RB
| 5.00% | | 05/01/2047 | | | 75 | | 83,590 |
San Diego (County of), CA Water Authority (Green Bonds), Series 2021 B, Ref. RB
| 5.00% | | 05/01/2032 | | | 5 | | 5,774 |
San Diego Unified School District (Election of 2018) (Green Bonds), Series 2022 F-2, GO Bonds
| 4.25% | | 07/01/2052 | | | 200 | | 203,181 |
San Diego Unified School District (Green Bonds), Series 2022 F2, GO Bonds
| 5.00% | | 07/01/2042 | | | 25 | | 28,185 |
San Francisco (City & County of), CA, Series 2022 R-1, Ref. GO Bonds
| 5.00% | | 06/15/2032 | | | 10 | | 11,800 |
San Francisco (City & County of), CA (Moscone Convention Center Expansion), Series 2017, COP
| 3.00% | | 04/01/2032 | | | 20 | | 19,727 |
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2021 B, Ref. RB
| 5.00% | | 05/01/2032 | | | 100 | | 114,924 |
San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2023 A, RB
| 5.00% | | 10/01/2032 | | | 60 | | 70,869 |
San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2023 A, RB
| 5.00% | | 10/01/2036 | | | 35 | | 40,695 |
San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2023 C, Ref. RB
| 5.00% | | 11/01/2032 | | | 250 | | 295,652 |
San Francisco Bay Area Rapid Transit District (Election of 2016) (Green Bonds), Series 2022, GO Bonds
| 5.00% | | 08/01/2039 | | | 190 | | 217,531 |
San Francisco Bay Area Rapid Transit District (Election of 2016) (Green Bonds), Series 2022, GO Bonds
| 5.25% | | 08/01/2047 | | | 90 | | 102,883 |
San Joaquin Hills Transportation Corridor Agency, Series 2014 A, Ref. RB
| 4.00% | | 01/15/2050 | | | 300 | | 296,527 |
San Jose (City of), CA Financing Authority (Green bonds), Series 2022 B, RB
| 5.00% | | 11/01/2047 | | | 70 | | 78,427 |
San Leandro Unified School District (Election of 2020), Series 2022 B, GO Bonds
| 5.25% | | 08/01/2048 | | | 50 | | 55,445 |
San Mateo Foster City School District, Series 2023 B, GO Bonds
| 4.00% | | 08/01/2048 | | | 250 | | 250,801 |
Santa Clara (County of), CA (Election of 2008), Series 2022 D, Ref. GO Bonds
| 5.00% | | 08/01/2034 | | | 40 | | 47,038 |
Santa Clara (County of), CA Water District (Green Bonds), Series 2022 A, RB
| 5.00% | | 08/01/2047 | | | 60 | | 66,371 |
Santa Clarita Community College District (Elecion of 2016), Series 2022, GO Bonds
| 5.25% | | 08/01/2048 | | | 20 | | 22,382 |
Santa Rosa High School District (Election of 2022), Series 2023 A, GO Bonds
| 5.00% | | 08/01/2053 | | | 155 | | 168,011 |
South Orange (County of), CA Public Financing Authority (County of Orange Sheriff-Coroner), Series 2022, RB
| 5.00% | | 06/01/2047 | | | 5 | | 5,478 |
State Center Community College District, Series 2022 C, GO Bonds
| 5.00% | | 08/01/2047 | | | 10 | | 11,018 |
University of California, Series 2022 BK, RB
| 5.00% | | 05/15/2032 | | | 10 | | 11,664 |
University of California, Series 2022 BK, RB
| 5.00% | | 05/15/2052 | | | 250 | | 272,396 |
University of California, Series 2022 S, Ref. RB
| 5.00% | | 05/15/2034 | | | 145 | | 167,665 |
University of California, Series 2022 S, Ref. RB
| 5.00% | | 05/15/2038 | | | 150 | | 171,156 |
University of California, Series 2023 BM, Ref. RB
| 5.00% | | 05/15/2032 | | | 125 | | 145,797 |
University of California, Series 2023 BN, Ref. RB
| 5.00% | | 05/15/2032 | | | 80 | | 93,310 |
University of California, Series 2024 BS, Ref. RB
| 5.00% | | 05/15/2032 | | | 120 | | 139,965 |
Ventura Unified School District, Series 2023 A, GO Bonds
| 5.00% | | 08/01/2046 | | | 10 | | 11,096 |
Vista Unified School District, Series 2022 B, GO Bonds, (INS - BAM)(a)
| 5.25% | | 08/01/2048 | | | 165 | | 185,016 |
| | | | | | | | | 13,937,854 |
| Colorado-2.92% | | | | | | | | |
Brighton (City of), CO (Water System), Series 2022, RB
| 5.00% | | 06/01/2052 | | | 200 | | 213,795 |
Colorado (State of), Series 2022, COP
| 6.00% | | 12/15/2038 | | | 140 | | 168,852 |
Colorado (State of), Series 2022, COP
| 6.00% | | 12/15/2039 | | | 70 | | 84,185 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2032 Municipal Bond ETF (BSMW)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Colorado-(continued) | | | | | | | | |
Colorado (State of), Series 2022, COP
| 6.00% | | 12/15/2040 | | $ | 100 | | $ 119,548 |
Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2022, RB
| 5.50% | | 11/01/2047 | | | 250 | | 278,593 |
Colorado (State of) Health Facilities Authority (Intermountain Healthcare), Series 2022 A, Ref. RB
| 5.00% | | 05/15/2032 | | | 75 | | 86,124 |
Colorado (State of) Health Facilities Authority (Intermountain Healthcare), Series 2022 A, Ref. RB
| 5.00% | | 05/15/2047 | | | 90 | | 96,747 |
Colorado (State of) Health Facilities Authority (Intermountain Healthcare), Series 2022, Ref. RB
| 5.00% | | 05/15/2052 | | | 260 | | 276,450 |
Denver (City & County of), CO, Series 2022 B, RB
| 5.00% | | 11/15/2047 | | | 10 | | 10,891 |
Denver (City & County of), CO, Series 2022 B, RB
| 5.25% | | 11/15/2053 | | | 100 | | 110,175 |
Denver (City & County of), CO, Series 2023, Ref. COP
| 5.00% | | 12/01/2032 | | | 20 | | 23,181 |
Denver (City & County of), CO Board of Water Commissioners (The), Series 2022 A, RB
| 5.00% | | 12/15/2052 | | | 250 | | 272,252 |
Denver City & County School District No. 1, Series 2022 A, GO Bonds
| 5.00% | | 12/01/2034 | | | 10 | | 11,493 |
Denver City & County School District No. 1, Series 2022 A, GO Bonds
| 5.00% | | 12/01/2038 | | | 5 | | 5,604 |
Denver City & County School District No. 1, Series 2022 A, GO Bonds
| 5.00% | | 12/01/2042 | | | 100 | | 110,177 |
Denver City & County School District No. 1, Series 2022 A, GO Bonds
| 5.00% | | 12/01/2045 | | | 100 | | 109,097 |
Parker Water & Sanitation District, Series 2012, Ref. GO Bonds
| 3.00% | | 08/01/2032 | | | 100 | | 98,188 |
Pueblo (City of), CO, Series 2022, COP
| 4.50% | | 07/01/2046 | | | 150 | | 151,187 |
| | | | | | | | | 2,226,539 |
| Connecticut-1.03% | | | | | | | | |
Connecticut (State of), Series 2016 E, GO Bonds
| 3.00% | | 10/15/2032 | | | 15 | | 14,619 |
Connecticut (State of), Series 2021 A, GO Bonds
| 3.00% | | 01/15/2032 | | | 60 | | 59,009 |
Connecticut (State of), Series 2022 A, GO Bonds
| 4.00% | | 01/15/2032 | | | 175 | | 187,864 |
Connecticut (State of), Series 2022 A, GO Bonds
| 4.00% | | 01/15/2034 | | | 75 | | 79,447 |
Connecticut (State of), Series 2022 E, GO Bonds
| 5.00% | | 11/15/2032 | | | 15 | | 17,483 |
Connecticut (State of), Series 2022 F, GO Bonds
| 5.00% | | 11/15/2036 | | | 10 | | 11,440 |
Connecticut (State of), Series 2022 F, GO Bonds
| 5.00% | | 11/15/2040 | | | 20 | | 22,372 |
Connecticut (State of), Series 2022 G, Ref. GO Bonds
| 5.00% | | 11/15/2032 | | | 10 | | 11,655 |
Connecticut (State of), Series 2023 B, Ref. GO Bonds
| 5.00% | | 08/01/2032 | | | 45 | | 52,253 |
Connecticut (State of), Series 2024 A, GO Bonds
| 5.00% | | 01/15/2032 | | | 55 | | 63,419 |
Connecticut (State of), Series 2024 C, Ref. GO Bonds
| 5.00% | | 03/01/2032 | | | 5 | | 5,775 |
Connecticut (State of) (Green Bonds), Series 2022 B, GO Bonds
| 4.00% | | 01/15/2035 | | | 85 | | 89,646 |
Connecticut (State of) (Green Bonds), Series 2022 F, GO Bonds
| 5.00% | | 11/15/2035 | | | 30 | | 34,559 |
Connecticut (State of) (Green Bonds), Series 2022 F, GO Bonds
| 5.00% | | 11/15/2037 | | | 45 | | 51,211 |
Connecticut (State of) (Green Bonds), Series 2022 F, GO Bonds
| 5.00% | | 11/15/2039 | | | 55 | | 61,855 |
Connecticut (State of) (Green Bonds), Series 2022 F, GO Bonds
| 5.00% | | 11/15/2041 | | | 20 | | 22,285 |
| | | | | | | | | 784,892 |
| Delaware-0.04% | | | | | | | | |
Delaware (State of), Series 2022, Ref. GO Bonds
| 5.00% | | 03/01/2032 | | | 10 | | 11,639 |
Delaware (State of), Series 2023 A, GO Bonds
| 5.00% | | 05/01/2032 | | | 15 | | 17,498 |
| | | | | | | | | 29,137 |
| District of Columbia-1.45% | | | | | | | | |
District of Columbia, Series 2022 A, RB
| 5.00% | | 07/01/2032 | | | 250 | | 289,986 |
District of Columbia, Series 2022 A, RB
| 5.00% | | 07/01/2034 | | | 25 | | 28,884 |
District of Columbia, Series 2022 A, RB
| 5.00% | | 07/01/2035 | | | 145 | | 166,990 |
District of Columbia, Series 2022 A, RB
| 5.00% | | 07/01/2039 | | | 60 | | 67,542 |
District of Columbia, Series 2022 A, RB
| 5.00% | | 07/01/2040 | | | 20 | | 22,399 |
District of Columbia, Series 2022 A, RB
| 5.00% | | 07/01/2041 | | | 25 | | 27,887 |
District of Columbia, Series 2022 A, RB
| 5.00% | | 07/01/2042 | | | 140 | | 155,357 |
District of Columbia, Series 2022 A, RB
| 5.00% | | 07/01/2047 | | | 160 | | 174,336 |
District of Columbia, Series 2022 C, Ref. RB
| 5.00% | | 12/01/2036 | | | 5 | | 5,746 |
District of Columbia Water & Sewer Authority (Green Bonds), Series 2022 B, RB
| 5.00% | | 10/01/2047 | | | 135 | | 146,862 |
Washington Metropolitan Area Transit Authority (Green Bonds), Series 2021 A, RB
| 5.00% | | 07/15/2032 | | | 20 | | 22,707 |
| | | | | | | | | 1,108,696 |
| Florida-3.72% | | | | | | | | |
Bay County School Board, Series 2022 A, COP, (INS - AGM)(a)
| 4.25% | | 07/01/2047 | | | 70 | | 70,631 |
Brevard (County of), FL Health Facilities Authority (Health First Obligated Group), Series 2022 A, Ref. RB
| 5.00% | | 04/01/2042 | | | 50 | | 54,099 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2032 Municipal Bond ETF (BSMW)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Florida-(continued) | | | | | | | | |
Brevard (County of), FL Health Facilities Authority (Health First Obligated Group), Series 2022 A, Ref. RB
| 5.00% | | 04/01/2052 | | $ | 85 | | $ 89,760 |
Brevard (County of), FL Health Facilities Authority (Health First Obligated Group), Series 2022, Ref. RB
| 5.00% | | 04/01/2047 | | | 250 | | 265,583 |
Broward (County of), FL, Series 2022, RB
| 5.00% | | 01/01/2047 | | | 150 | | 161,979 |
Central Florida Expressway Authority, Series 2016 A, Ref. RB
| 3.00% | | 07/01/2032 | | | 100 | | 98,163 |
Florida (State of), Series 2023 A, Ref. GO Bonds
| 5.00% | | 06/01/2032 | | | 45 | | 52,313 |
Florida (State of) (Right-of-Way Acquisition), Series 2021 B, Ref. GO Bonds
| 5.00% | | 07/01/2032 | | | 50 | | 58,227 |
Florida (State of) Department of Transportation, Series 2022, RB
| 5.00% | | 07/01/2052 | | | 100 | | 107,921 |
Florida (State of) Municipal Power Agency, Series 2021 A, RB
| 3.00% | | 10/01/2032 | | | 15 | | 14,229 |
Fort Lauderdale (City of), FL, Series 2023 A, RB
| 5.00% | | 07/01/2053 | | | 100 | | 107,421 |
Jacksonville (City of), FL, Series 2015, Ref. RB
| 3.25% | | 10/01/2032 | | | 100 | | 99,494 |
Jacksonville (City of), FL, Series 2023 A, Ref. RB
| 5.00% | | 10/01/2032 | | | 100 | | 115,116 |
Miami-Dade (County of), FL, Series 2022 A, RB
| 5.00% | | 04/01/2046 | | | 100 | | 108,150 |
Miami-Dade (County of), FL Transit System, Series 2022, RB
| 5.00% | | 07/01/2043 | | | 30 | | 32,957 |
Miami-Dade (County of), FL Transit System, Series 2022, RB
| 5.00% | | 07/01/2048 | | | 195 | | 211,270 |
Miami-Dade (County of), FL Transit System, Series 2022, RB
| 5.00% | | 07/01/2052 | | | 15 | | 16,157 |
Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group), Series 2023 A, RB
| 5.00% | | 10/01/2032 | | | 160 | | 182,576 |
Orange (County of), FL School Board, Series 2021 A, Ref. COP
| 5.00% | | 08/01/2032 | | | 40 | | 45,895 |
Palm Beach County School District, Series 2022 B, COP
| 5.25% | | 08/01/2036 | | | 5 | | 5,790 |
Palm Beach County School District, Series 2022 B, COP
| 5.25% | | 08/01/2038 | | | 50 | | 57,285 |
Pasco (County of), FL School Board, Series 2021 A, Ref. COP
| 5.00% | | 08/01/2032 | | | 5 | | 5,714 |
Sarasota (County of), FL, Series 2022, RB
| 5.25% | | 10/01/2047 | | | 25 | | 27,553 |
Sarasota (County of), FL, Series 2022, RB
| 5.25% | | 10/01/2052 | | | 35 | | 38,488 |
Sarasota (County of), FL Public Hospital District (Sarasota Memorial Hospital), Series 2022, RB
| 5.00% | | 07/01/2052 | | | 100 | | 105,908 |
St. Johns (County of), FL, Series 2022, RB
| 5.00% | | 06/01/2052 | | | 250 | | 268,689 |
Tampa (City of), FL (Green Bonds), Series 2022 A, RB
| 5.00% | | 10/01/2052 | | | 100 | | 109,035 |
Tampa (City of), FL (Green Bonds), Series 2022 A, RB
| 5.25% | | 10/01/2057 | | | 100 | | 109,979 |
Tampa Bay (City of), FL Water (Sustainability Bonds), Series 2022, RB
| 5.00% | | 10/01/2052 | | | 200 | | 214,758 |
| | | | | | | | | 2,835,140 |
| Georgia-2.68% | | | | | | | | |
Atlanta (City of), GA, Series 2022 A-1, GO Bonds
| 5.00% | | 12/01/2034 | | | 50 | | 58,174 |
Atlanta (City of), GA, Series 2022 A-1, GO Bonds
| 5.00% | | 12/01/2036 | | | 155 | | 178,624 |
Atlanta (City of), GA, Series 2022 C, RB
| 5.00% | | 07/01/2041 | | | 20 | | 22,253 |
Atlanta (City of), GA, Series 2022 C, RB
| 5.00% | | 07/01/2042 | | | 95 | | 104,940 |
Atlanta (City of), GA (Social Bonds), Series 2022 A-1, GO Bonds
| 5.00% | | 12/01/2038 | | | 30 | | 34,258 |
Atlanta (City of), GA (Social Bonds), Series 2022 A-1, GO Bonds
| 5.00% | | 12/01/2039 | | | 35 | | 39,789 |
Atlanta (City of), GA Department of Aviation, Series 2022 A, RB
| 5.00% | | 07/01/2047 | | | 50 | | 54,281 |
DeKalb (County of), GA, Series 2022, Ref. RB
| 5.00% | | 10/01/2032 | | | 20 | | 23,305 |
DeKalb (County of), GA, Series 2022, Ref. RB
| 5.00% | | 10/01/2034 | | | 40 | | 46,292 |
DeKalb (County of), GA, Series 2022, Ref. RB
| 5.00% | | 10/01/2035 | | | 20 | | 23,062 |
DeKalb (County of), GA, Series 2022, Ref. RB
| 5.00% | | 10/01/2036 | | | 65 | | 74,561 |
DeKalb (County of), GA, Series 2022, Ref. RB
| 5.00% | | 10/01/2038 | | | 105 | | 119,499 |
DeKalb (County of), GA, Series 2022, Ref. RB
| 5.00% | | 10/01/2039 | | | 15 | | 16,993 |
DeKalb (County of), GA, Series 2022, Ref. RB
| 5.00% | | 10/01/2040 | | | 70 | | 78,881 |
DeKalb (County of), GA, Series 2022, Ref. RB
| 5.00% | | 10/01/2041 | | | 10 | | 11,218 |
Georgia (State of), Series 2022 A, GO Bonds
| 5.00% | | 07/01/2034 | | | 10 | | 11,629 |
Georgia (State of), Series 2023 C, Ref. GO Bonds
| 5.00% | | 01/01/2032 | | | 30 | | 34,812 |
Georgia (State of) (Bid Group 1), Series 2022 A, GO Bonds
| 5.00% | | 07/01/2032 | | | 30 | | 35,052 |
Georgia (State of) (Bidding Group 1), Series 2021 A, Ref. GO Bonds
| 5.00% | | 07/01/2032 | | | 140 | | 160,822 |
Georgia (State of) (Bidding Group 1), Series 2023 A, GO Bonds
| 5.00% | | 07/01/2032 | | | 50 | | 58,420 |
Georgia (State of) (Bidding Group 3), Series 2022 C, Ref. GO Bonds
| 5.00% | | 07/01/2032 | | | 65 | | 75,945 |
Georgia (State of) Municipal Electric Authority, Series 2021 A, Ref. RB
| 5.00% | | 01/01/2034 | | | 55 | | 61,569 |
Georgia (State of) Ports Authority, Series 2022, RB
| 5.00% | | 07/01/2041 | | | 65 | | 72,273 |
Georgia (State of) Ports Authority, Series 2022, RB
| 5.00% | | 07/01/2042 | | | 15 | | 16,613 |
Georgia (State of) Ports Authority, Series 2022, RB
| 5.00% | | 07/01/2047 | | | 70 | | 76,192 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2032 Municipal Bond ETF (BSMW)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Georgia-(continued) | | | | | | | | |
Georgia (State of) Ports Authority, Series 2022, RB
| 5.25% | | 07/01/2052 | | $ | 300 | | $ 329,969 |
Private Colleges & Universities Authority (Emory University), Series 2022 A, Ref. RB
| 5.00% | | 09/01/2032 | | | 190 | | 220,708 |
| | | | | | | | | 2,040,134 |
| Hawaii-0.10% | | | | | | | | |
Hawaii (State of), Series 2016 FB, GO Bonds
| 3.00% | | 04/01/2032 | | | 50 | | 48,516 |
Honolulu (City & County of), HI (Green Bonds), Series 2022 A, RB
| 4.13% | | 07/01/2047 | | | 25 | | 24,968 |
| | | | | | | | | 73,484 |
| Idaho-0.05% | | | | | | | | |
Idaho (State of) Housing & Finance Association, Series 2022, RB
| 5.00% | | 08/15/2047 | | | 35 | | 37,993 |
| Illinois-5.91% | | | | | | | | |
Chicago (City of), IL, Series 2021 A, Ref. GO Bonds
| 5.00% | | 01/01/2032 | | | 125 | | 135,526 |
Chicago (City of), IL, Series 2023 A, RB, (INS - AGM)(a)
| 5.25% | | 01/01/2048 | | | 150 | | 162,902 |
Chicago (City of), IL, Series 2023 B, Ref. RB, (INS - AGM)(a)
| 5.00% | | 01/01/2032 | | | 205 | | 234,205 |
Chicago (City of), IL, Series 2023 B, Ref. RB, (INS - AGM)(a)
| 5.00% | | 11/01/2035 | | | 80 | | 90,291 |
Chicago (City of), IL, Series 2023 B, Ref. RB, (INS - AGM)(a)
| 5.00% | | 01/01/2036 | | | 100 | | 112,863 |
Chicago (City of), IL, Series 2023 B, Ref. RB, (INS - AGM)(a)
| 5.00% | | 11/01/2036 | | | 45 | | 50,181 |
Chicago (City of), IL, Series 2023 B, Ref. RB, (INS - AGM)(a)
| 5.00% | | 11/01/2038 | | | 45 | | 49,732 |
Chicago (City of), IL (O’Hare International Airport), Series 2022, Ref. RB
| 5.00% | | 01/01/2041 | | | 70 | | 76,630 |
Cook (County of), IL, Series 2022 A, Ref. RB
| 5.25% | | 11/15/2045 | | | 150 | | 164,650 |
Illinois (State of), Series 2021 B, GO Bonds
| 5.00% | | 12/01/2032 | | | 40 | | 44,629 |
Illinois (State of), Series 2022 A, GO Bonds
| 5.00% | | 03/01/2034 | | | 35 | | 38,926 |
Illinois (State of), Series 2022 A, GO Bonds
| 5.00% | | 03/01/2035 | | | 60 | | 66,453 |
Illinois (State of), Series 2022 A, GO Bonds
| 5.25% | | 03/01/2038 | | | 165 | | 183,303 |
Illinois (State of), Series 2022 A, GO Bonds
| 5.50% | | 03/01/2042 | | | 150 | | 167,007 |
Illinois (State of), Series 2022 A, GO Bonds
| 5.50% | | 03/01/2047 | | | 75 | | 82,257 |
Illinois (State of), Series 2022 B, GO Bonds
| 5.00% | | 10/01/2034 | | | 35 | | 39,088 |
Illinois (State of), Series 2022 C, GO Bonds
| 5.00% | | 10/01/2038 | | | 5 | | 5,490 |
Illinois (State of), Series 2023 B, GO Bonds
| 5.00% | | 05/01/2032 | | | 225 | | 252,922 |
Illinois (State of), Series 2023 B, GO Bonds
| 5.00% | | 05/01/2036 | | | 100 | | 110,436 |
Illinois (State of), Series 2023 B, GO Bonds
| 5.00% | | 05/01/2037 | | | 5 | | 5,501 |
Illinois (State of), Series 2023 B, GO Bonds
| 5.50% | | 05/01/2047 | | | 200 | | 219,621 |
Illinois (State of), Series 2023 D, Ref. GO Bonds
| 5.00% | | 07/01/2032 | | | 10 | | 11,256 |
Illinois (State of), Series 2023 D, Ref. GO Bonds
| 5.00% | | 07/01/2034 | | | 30 | | 33,445 |
Illinois (State of), Series 2023 D, Ref. GO Bonds
| 5.00% | | 07/01/2035 | | | 5 | | 5,554 |
Illinois (State of), Series 2023 D, Ref. GO Bonds
| 5.00% | | 07/01/2036 | | | 270 | | 298,507 |
Illinois (State of), Series 2024 B, GO Bonds
| 5.00% | | 05/01/2032 | | | 10 | | 11,239 |
Illinois (State of) Finance Authority (Northshore - Edward-Elmhurst Health Credit Group), Series 2022 A, Ref. RB
| 5.00% | | 08/15/2038 | | | 10 | | 10,991 |
Illinois (State of) Finance Authority (Northshore - Edward-Elmhurst Health Credit Group), Series 2022 A, Ref. RB
| 5.00% | | 08/15/2039 | | | 35 | | 38,281 |
Illinois (State of) Finance Authority (Northshore Edward), Series 2022 A, Ref. RB
| 5.00% | | 08/15/2047 | | | 250 | | 266,070 |
Illinois (State of) Finance Authority (Northshore Edward), Series 2022 A, Ref. RB
| 5.00% | | 08/15/2051 | | | 175 | | 184,952 |
Illinois (State of) Finance Authority (University of Chicago Medical), Series 2021 A, Ref. RB
| 5.00% | | 10/01/2032 | | | 30 | | 34,605 |
Illinois (State of) Finance Authority (University of Chicago Medical), Series 2022 A, RB
| 5.00% | | 08/15/2047 | | | 275 | | 290,570 |
Illinois (State of) Finance Authority (University of Chicago Medical), Series 2022 A, RB
| 5.00% | | 08/15/2052 | | | 245 | | 254,889 |
Illinois (State of) Toll Highway Authority, Series 2021 A, RB
| 5.00% | | 01/01/2046 | | | 545 | | 586,680 |
Sales Tax Securitization Corp., Series 2021 A, Ref. RB
| 5.00% | | 01/01/2032 | | | 165 | | 186,178 |
| | | | | | | | | 4,505,830 |
| Indiana-0.91% | | | | | | | | |
Greater Clark Building Corp., Series 2022, RB, (CEP - Colorado Higher Education Intercept Program)
| 6.00% | | 01/15/2042 | | | 5 | | 5,834 |
Indiana (State of) Finance Authority (Green Bonds), Series 2022, RB
| 5.00% | | 02/01/2034 | | | 30 | | 34,437 |
Indiana (State of) Finance Authority (Green Bonds), Series 2022, RB
| 5.00% | | 02/01/2035 | | | 15 | | 17,172 |
Indiana (State of) Finance Authority (Green Bonds), Series 2022, RB
| 5.00% | | 02/01/2036 | | | 15 | | 17,097 |
Indiana (State of) Finance Authority (Stadium), Series 2022 A, Ref. RB
| 5.00% | | 02/01/2032 | | | 15 | | 17,079 |
Indiana (State of) Finance Authority (Stadium), Series 2022 A, Ref. RB
| 4.00% | | 02/01/2034 | | | 10 | | 10,560 |
Indiana (State of) Finance Authority (Stadium), Series 2022 A, Ref. RB
| 5.00% | | 02/01/2035 | | | 120 | | 136,039 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2032 Municipal Bond ETF (BSMW)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Indiana-(continued) | | | | | | | | |
Indiana (State of) Finance Authority (Stadium), Series 2022 A, Ref. RB
| 4.00% | | 02/01/2036 | | $ | 85 | | $ 89,208 |
Indianapolis Local Public Improvement Bond Bank, Series 2022, RB
| 5.00% | | 01/01/2053 | | | 185 | | 196,838 |
IPS Multi-School Building Corp., Series 2023, RB, (CEP - Colorado Higher Education Intercept Program)
| 5.25% | | 07/15/2041 | | | 20 | | 22,225 |
Merrillville Multi School Building Corp., Series 2022, RB, (CEP - Colorado Higher Education Intercept Program)
| 5.00% | | 01/15/2042 | | | 135 | | 148,152 |
| | | | | | | | | 694,641 |
| Iowa-0.11% | | | | | | | | |
Iowa (State of) Finance Authority, Series 2022, Ref. RB
| 5.00% | | 08/01/2047 | | | 75 | | 81,552 |
| Kansas-0.03% | | | | | | | | |
Wyandotte County Unified School District No. 203 (Piper), Series 2022 A, Ref. GO Bonds, (INS - AGM)(a)
| 5.25% | | 09/01/2052 | | | 25 | | 26,954 |
| Kentucky-0.41% | | | | | | | | |
Kentucky (Commonwealth of) Turnpike Authority (Revitalization), Series 2022, Ref. RB
| 5.00% | | 07/01/2032 | | | 110 | | 124,826 |
Louisville (City of) & Jefferson (County of), KY Metropolitan Government (UOFL Health), Series 2022 A, RB, (INS - AGM)(a)
| 5.00% | | 05/15/2047 | | | 100 | | 105,048 |
Scott County School District Finance Corp., Series 2022, RB, (INS - BAM)(a)
| 5.00% | | 09/01/2041 | | | 75 | | 82,283 |
| | | | | | | | | 312,157 |
| Louisiana-0.22% | | | | | | | | |
Louisiana (State of), Series 2022 A, GO Bonds
| 4.00% | | 04/01/2039 | | | 5 | | 5,177 |
Louisiana (State of), Series 2023, RB
| 5.00% | | 09/01/2032 | | | 35 | | 40,602 |
Louisiana (State of) Public Facilities Authority (Tulane University of Louisiana), Series 2023 A, Ref. RB
| 5.00% | | 10/15/2036 | | | 35 | | 39,489 |
Louisiana (State of) Public Facilities Authority (Tulane University of Louisiana), Series 2023 A, Ref. RB
| 5.00% | | 10/15/2048 | | | 35 | | 37,944 |
Louisiana (State of) Public Facilities Authority (Tulane University of Louisiana), Series 2023, Ref. RB
| 5.00% | | 10/15/2052 | | | 40 | | 42,872 |
| | | | | | | | | 166,084 |
| Maryland-1.16% | | | | | | | | |
Baltimore (County of), MD, Series 2022, GO Bonds
| 4.00% | | 03/01/2041 | | | 80 | | 81,550 |
Maryland (State of), First Series 2022 A, GO Bonds
| 5.00% | | 06/01/2035 | | | 20 | | 23,068 |
Maryland (State of), First Series 2022 A, GO Bonds
| 5.00% | | 06/01/2036 | | | 50 | | 57,394 |
Maryland (State of), First Series 2022 A, GO Bonds
| 5.00% | | 06/01/2037 | | | 5 | | 5,721 |
Maryland (State of), Series 2022 A, GO Bonds
| 5.00% | | 06/01/2032 | | | 75 | | 87,417 |
Maryland (State of) (Bidding Group 1), Series 2023 A, GO Bonds
| 5.00% | | 03/15/2032 | | | 25 | | 29,057 |
Maryland (State of) (Bidding Group 2), Second Series 2021 A, GO Bonds
| 5.00% | | 08/01/2032 | | | 20 | | 22,962 |
Maryland (State of) (Bidding Group 2), Series 2021 A, GO Bonds
| 5.00% | | 03/01/2032 | | | 225 | | 256,775 |
Maryland (State of) (Bidding Group 2), Series 2022 A, GO Bonds
| 5.00% | | 06/01/2034 | | | 40 | | 46,310 |
Maryland (State of) Department of Transportation, Series 2021 A, RB
| 3.00% | | 10/01/2032 | | | 180 | | 174,491 |
Maryland (State of) Stadium Authority, Series 2022 A, RB
| 4.00% | | 06/01/2047 | | | 10 | | 9,870 |
Prince George’s (County of), MD, Series 2021 A, GO Bonds
| 4.00% | | 07/01/2032 | | | 80 | | 85,631 |
Prince George’s (County of), MD, Series 2022 A, GO Bonds
| 5.00% | | 07/01/2036 | | | 5 | | 5,736 |
| | | | | | | | | 885,982 |
| Massachusetts-3.47% | | | | | | | | |
Boston (City of), MA, Series 2022 A, GO Bonds
| 5.00% | | 11/01/2034 | | | 20 | | 23,631 |
Boston (City of), MA, Series 2022 A, GO Bonds
| 5.00% | | 11/01/2040 | | | 10 | | 11,489 |
Boston (City of), MA, Series 2023 A, GO Bonds
| 5.00% | | 11/01/2032 | | | 55 | | 65,446 |
Massachusetts (Commonwealth of), Series 2022 A, GO Bonds
| 4.00% | | 02/01/2034 | | | 25 | | 26,798 |
Massachusetts (Commonwealth of), Series 2022 C, GO Bonds
| 5.00% | | 10/01/2034 | | | 50 | | 57,943 |
Massachusetts (Commonwealth of), Series 2022 C, GO Bonds
| 5.00% | | 10/01/2035 | | | 25 | | 28,867 |
Massachusetts (Commonwealth of), Series 2022 C, GO Bonds
| 5.00% | | 10/01/2038 | | | 10 | | 11,389 |
Massachusetts (Commonwealth of), Series 2022 C, GO Bonds
| 5.00% | | 10/01/2040 | | | 100 | | 112,763 |
Massachusetts (Commonwealth of), Series 2022 C, GO Bonds
| 5.25% | | 10/01/2047 | | | 255 | | 283,351 |
Massachusetts (Commonwealth of), Series 2022 C, GO Bonds
| 5.00% | | 10/01/2052 | | | 225 | | 243,072 |
Massachusetts (Commonwealth of), Series 2022 C, GO Bonds
| 5.25% | | 10/01/2052 | | | 330 | | 363,635 |
Massachusetts (Commonwealth of), Series 2022 E, GO Bonds
| 5.00% | | 11/01/2047 | | | 90 | | 98,385 |
Massachusetts (Commonwealth of), Series 2022 E, GO Bonds
| 5.00% | | 11/01/2052 | | | 430 | | 464,832 |
Massachusetts (Commonwealth of), Series 2024 B, Ref. GO Bonds
| 5.00% | | 11/01/2032 | | | 150 | | 175,221 |
Massachusetts (Commonwealth of) (Rail Enhancement Program), Series 2022 B, RB
| 5.00% | | 06/01/2052 | | | 100 | | 108,371 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2032 Municipal Bond ETF (BSMW)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Massachusetts-(continued) | | | | | | | | |
Massachusetts (Commonwealth of) Development Finance Agency, Series 2022, Ref. RB
| 5.00% | | 10/01/2040 | | $ | 35 | | $ 39,372 |
Massachusetts (Commonwealth of) Development Finance Agency, Series 2023, RB
| 5.00% | | 07/01/2032 | | | 215 | | 244,353 |
Massachusetts (Commonwealth of) Development Finance Agency (Harvard University), Series 2022, RB
| 5.00% | | 11/15/2032 | | | 60 | | 70,802 |
Massachusetts (Commonwealth of) Development Finance Agency (Northern University), Series 2022, Ref. RB
| 5.00% | | 10/01/2044 | | | 130 | | 144,104 |
Massachusetts (Commonwealth of) Development Finance Agency (Springfield College), Series 2022, Ref. RB
| 5.00% | | 10/01/2038 | | | 10 | | 11,327 |
Massachusetts (Commonwealth of) Health & Educational Facilities Authority (Massachusetts Institute of Technology), Series 2002 K, RB
| 5.50% | | 07/01/2032 | | | 30 | | 36,084 |
Quincy (City of), MA, Series 2022 B, GO Bonds
| 5.00% | | 07/01/2047 | | | 20 | | 21,912 |
| | | | | | | | | 2,643,147 |
| Michigan-1.26% | | | | | | | | |
Detroit City School District, Series 2005 A, Ref. GO Bonds, (INS - AGM)(a)
| 5.25% | | 05/01/2032 | | | 45 | | 51,244 |
Great Lakes Water Authority, Series 2022 B, RB
| 5.25% | | 07/01/2047 | | | 150 | | 166,169 |
Michigan (State of), Series 2018, GO Bonds
| 3.25% | | 05/01/2032 | | | 30 | | 30,080 |
Michigan (State of), Series 2021 A, RB
| 5.00% | | 11/15/2032 | | | 25 | | 28,573 |
Michigan (State of), Series 2023, RB
| 5.00% | | 11/15/2032 | | | 35 | | 40,766 |
Michigan (State of) Building Authority (Facilities Program), Series 2022 I, RB
| 5.00% | | 10/15/2047 | | | 15 | | 16,167 |
Michigan (State of) Building Authority (Facilities Program), Series 2022 I, RB
| 5.25% | | 10/15/2057 | | | 150 | | 162,414 |
Michigan (State of) Finance Authority (Beaumont Health Credit Group), Series 2022, Ref. RB
| 5.00% | | 04/15/2036 | | | 25 | | 27,935 |
Michigan (State of) Finance Authority (Beaumont Health Credit Group), Series 2022, Ref. RB
| 5.00% | | 04/15/2037 | | | 10 | | 11,112 |
Michigan (State of) Finance Authority (Beaumont Health Credit Group), Series 2022, Ref. RB
| 4.00% | | 04/15/2038 | | | 270 | | 272,498 |
Michigan (State of) Finance Authority (Beaumont Health Credit Group), Series 2022, Ref. RB
| 5.00% | | 04/15/2038 | | | 40 | | 44,179 |
Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2022 A, RB
| 5.00% | | 12/01/2032 | | | 100 | | 112,611 |
| | | | | | | | | 963,748 |
| Minnesota-0.79% | | | | | | | | |
Minneapolis & St. Paul (Cities of), MN Metropolitan Airports Commission, Series 2022 A, Ref. RB
| 5.00% | | 01/01/2052 | | | 10 | | 10,587 |
Minnesota (State of), Series 2021 A, GO Bonds
| 5.00% | | 09/01/2032 | | | 80 | | 91,571 |
Minnesota (State of), Series 2023 E, Ref. GO Bonds
| 5.00% | | 08/01/2032 | | | 50 | | 58,291 |
Osseo Independent School District No. 279, Series 2024 A, GO Bonds, (CEP - Ohio School District)
| 5.00% | | 02/01/2035 | | | 150 | | 171,226 |
Osseo Independent School District No. 279, Series 2024 A, GO Bonds, (CEP - Ohio School District)
| 5.00% | | 02/01/2036 | | | 20 | | 22,768 |
Rochester (City of), MN (Mayo Clinic), Series 2022, Ref. RB
| 4.00% | | 11/15/2039 | | | 50 | | 51,932 |
Rochester (City of), MN (Mayo Clinic), Series 2022, Ref. RB
| 5.00% | | 11/15/2057 | | | 150 | | 161,225 |
Rosemount-Apple Valley-Eagan Independent School District No. 196, Series 2023 A, GO Bonds, (CEP - Ohio School District)
| 5.00% | | 02/01/2032 | | | 5 | | 5,740 |
Rosemount-Apple Valley-Eagan Independent School District No. 196, Series 2023 A, GO Bonds, (CEP - Ohio School District)
| 5.00% | | 02/01/2035 | | | 10 | | 11,358 |
Rosemount-Apple Valley-Eagan Independent School District No. 196, Series 2023 A, GO Bonds, (CEP - Ohio School District)
| 5.00% | | 02/01/2036 | | | 15 | | 16,948 |
| | | | | | | | | 601,646 |
| Mississippi-0.31% | | | | | | | | |
University of Mississippi Educational Building Corp., Series 2022, RB
| 4.50% | | 10/01/2052 | | | 235 | | 237,470 |
| Missouri-0.68% | | | | | | | | |
Metropolitan St. Louis Sewer District, Series 2022 B, Ref. RB
| 5.25% | | 05/01/2052 | | | 100 | | 109,505 |
Missouri (State of) Health & Educational Facilities Authority (SSM Health), Series 2022 A, RB
| 5.00% | | 06/01/2032 | | | 30 | | 34,088 |
Missouri (State of) Health & Educational Facilities Authority (St. Luke’s Health System, Inc.), Series 2016, Ref. RB
| 3.00% | | 11/15/2032 | | | 70 | | 68,871 |
Missouri (State of) Highway & Transportation Commission, Series 2022 A, RB
| 5.00% | | 05/01/2032 | | | 100 | | 115,899 |
Missouri Development Finance Board, Series 2022, Ref. RB, (INS - AGM)(a)
| 4.00% | | 06/01/2037 | | | 100 | | 103,198 |
Springfield School District No. R-12, Series 2023, GO Bonds
| 5.00% | | 03/01/2040 | | | 5 | | 5,531 |
St. Louis School District, Series 2023, GO Bonds, (INS - AGM)(a)
| 5.00% | | 04/01/2042 | | | 75 | | 81,634 |
| | | | | | | | | 518,726 |
| Montana-0.36% | | | | | | | | |
Montana State Board of Regents, Series 2022, RB, (INS - AGM)(a)
| 5.25% | | 11/15/2052 | | | 250 | | 272,818 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2032 Municipal Bond ETF (BSMW)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Nebraska-0.55% | | | | | | | | |
Gretna Public Schools, Series 2022, GO Bonds
| 4.00% | | 12/15/2047 | | $ | 65 | | $ 63,903 |
Omaha (City of), NE Public Power District, Series 2022 A, RB
| 5.25% | | 02/01/2052 | | | 275 | | 300,238 |
Omaha (City of), NE Public Power District, Series 2023 B, Ref. RB
| 5.00% | | 02/01/2032 | | | 50 | | 57,470 |
| | | | | | | | | 421,611 |
| Nevada-0.36% | | | | | | | | |
Clark (County of), NV, Series 2022, RB
| 5.00% | | 07/01/2036 | | | 15 | | 16,985 |
Clark (County of), NV, Series 2022, RB, (INS - AGM)(a)
| 4.00% | | 07/01/2040 | | | 10 | | 10,190 |
Las Vegas Valley Water District, Series 2021 C, GO Bonds
| 3.00% | | 06/01/2032 | | | 20 | | 19,512 |
Las Vegas Valley Water District, Series 2022 C, Ref. GO Bonds
| 4.00% | | 06/01/2041 | | | 20 | | 20,336 |
Las Vegas Valley Water District, Series 2022 C, Ref. GO Bonds
| 4.00% | | 06/01/2042 | | | 205 | | 207,657 |
| | | | | | | | | 274,680 |
| New Jersey-2.83% | | | | | | | | |
Bergen County Improvement Authority (The), Series 2022, Ref. RB
| 5.00% | | 08/01/2047 | | | 80 | | 88,607 |
New Jersey (State of), Series 2020 A, GO Bonds
| 4.00% | | 06/01/2032 | | | 500 | | 538,851 |
New Jersey (State of) Economic Development Authority (Portal North Bridge), Series 2022 A, RB
| 5.25% | | 11/01/2042 | | | 50 | | 55,340 |
New Jersey (State of) Economic Development Authority (Portal North Bridge), Series 2022, RB
| 5.00% | | 11/01/2036 | | | 25 | | 28,057 |
New Jersey (State of) Economic Development Authority (Portal North Bridge), Series 2022, RB
| 5.00% | | 11/01/2037 | | | 20 | | 22,362 |
New Jersey (State of) Economic Development Authority (Portal North Bridge), Series 2022, RB
| 5.25% | | 11/01/2040 | | | 125 | | 139,717 |
New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2022 A, RB
| 5.00% | | 03/01/2032 | | | 5 | | 5,838 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2014 BB-2, RN
| 5.00% | | 06/15/2032 | | | 10 | | 11,229 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2021 A, Ref. RB
| 5.00% | | 06/15/2032 | | | 415 | | 466,001 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2022 A, RB
| 4.00% | | 06/15/2040 | | | 250 | | 250,940 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2022 A, RB
| 4.00% | | 06/15/2041 | | | 250 | | 249,362 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2022 A, RB
| 4.00% | | 06/15/2042 | | | 25 | | 24,708 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2022 AA, Ref. RB
| 5.00% | | 06/15/2032 | | | 20 | | 22,780 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2022 AA, Ref. RB
| 5.00% | | 06/15/2037 | | | 25 | | 27,893 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2022 BB, RB
| 5.00% | | 06/15/2032 | | | 10 | | 11,310 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB
| 5.00% | | 06/15/2035 | | | 10 | | 11,309 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB
| 5.00% | | 06/15/2038 | | | 25 | | 27,924 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB
| 5.25% | | 06/15/2039 | | | 65 | | 73,587 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB
| 5.00% | | 06/15/2040 | | | 30 | | 33,113 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB
| 5.00% | | 06/15/2042 | | | 30 | | 32,775 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB
| 5.00% | | 06/15/2048 | | | 25 | | 26,719 |
South Jersey Transportation Authority, Series 2022 A, RB
| 4.63% | | 11/01/2047 | | | 5 | | 5,118 |
| | | | | | | | | 2,153,540 |
| New Mexico-0.26% | | | | | | | | |
New Mexico (State of) Severance Tax Permanent Fund, Series 2022 A, RB
| 5.00% | | 07/01/2032 | | | 80 | | 92,673 |
New Mexico (State of) Severance Tax Permanent Fund, Series 2022 B, RB
| 5.00% | | 07/01/2032 | | | 90 | | 104,258 |
| | | | | | | | | 196,931 |
| New York-20.27% | | | | | | | | |
Hudson Yards Infrastructure Corp., Series 2021, Ref. RB
| 5.00% | | 02/15/2034 | | | 30 | | 34,541 |
Hudson Yards Infrastructure Corp. (Green Bonds), Series 2021 A, Ref. RB
| 4.00% | | 02/15/2041 | | | 50 | | 50,872 |
Long Island (City of), NY Power Authority, Series 2021 A, Ref. RB
| 4.00% | | 09/01/2032 | | | 35 | | 37,684 |
Metropolitan Transportation Authority, Series 2016 D, Ref. RB
| 3.00% | | 11/15/2032 | | | 30 | | 28,342 |
Metropolitan Transportation Authority (Bidding Group 1), Series 2022 A, RB
| 4.00% | | 11/15/2039 | | | 15 | | 15,255 |
Metropolitan Transportation Authority (Bidding Group 2), Series 2022 A, RB
| 5.00% | | 11/15/2044 | | | 20 | | 21,911 |
Metropolitan Transportation Authority (Bidding Group 2), Series 2022 A, RB
| 5.00% | | 11/15/2047 | | | 200 | | 216,570 |
Metropolitan Transportation Authority (Bidding Group 2), Series 2022 A, RB
| 5.00% | | 11/15/2049 | | | 15 | | 16,160 |
New York & New Jersey (States of) Port Authority, One Hundred Seventy Fifth Series 2012, RB
| 3.00% | | 12/01/2032 | | | 195 | | 187,905 |
New York & New Jersey (States of) Port Authority, Two Hundred Thirty Third Series 2022, Ref. RB
| 5.25% | | 08/01/2052 | | | 150 | | 165,017 |
New York (City of), NY, Series 2008 L-5, GO Bonds
| 5.00% | | 04/01/2032 | | | 20 | | 22,556 |
New York (City of), NY, Series 2012-1, GO Bonds
| 5.00% | | 04/01/2032 | | | 15 | | 16,917 |
New York (City of), NY, Series 2021 A-1, GO Bonds
| 5.00% | | 08/01/2032 | | | 5 | | 5,663 |
New York (City of), NY, Series 2022 A-1, GO Bonds
| 5.00% | | 09/01/2034 | | | 80 | | 91,633 |
New York (City of), NY, Series 2022 A-1, GO Bonds
| 5.00% | | 09/01/2035 | | | 10 | | 11,423 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2032 Municipal Bond ETF (BSMW)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| New York-(continued) | | | | | | | | |
New York (City of), NY, Series 2022 A-1, GO Bonds
| 5.00% | | 09/01/2036 | | $ | 20 | | $ 22,646 |
New York (City of), NY, Series 2022 A-1, GO Bonds
| 5.00% | | 09/01/2037 | | | 65 | | 73,411 |
New York (City of), NY, Series 2022 A-1, GO Bonds
| 5.00% | | 09/01/2038 | | | 50 | | 56,112 |
New York (City of), NY, Series 2022 A-1, GO Bonds
| 5.00% | | 09/01/2039 | | | 55 | | 61,460 |
New York (City of), NY, Series 2022 A-1, GO Bonds
| 5.25% | | 09/01/2041 | | | 300 | | 336,967 |
New York (City of), NY, Series 2022 A-1, GO Bonds
| 5.00% | | 09/01/2042 | | | 210 | | 230,544 |
New York (City of), NY, Series 2022 A-1, GO Bonds
| 4.00% | | 09/01/2046 | | | 25 | | 24,639 |
New York (City of), NY, Series 2022 C, Ref. GO Bonds
| 5.00% | | 08/01/2032 | | | 5 | | 5,775 |
New York (City of), NY, Series 2023 A, GO Bonds
| 5.00% | | 08/01/2032 | | | 5 | | 5,775 |
New York (City of), NY, Series 2023 C, Ref. GO Bonds
| 5.00% | | 08/01/2032 | | | 250 | | 288,753 |
New York (City of), NY, Series 2023 F-1, Ref. GO Bonds
| 5.00% | | 08/01/2032 | | | 20 | | 23,100 |
New York (City of), NY, Series 2023-1, GO Bonds
| 5.00% | | 08/01/2032 | | | 20 | | 23,100 |
New York (City of), NY, Series 2024 C, GO Bonds
| 5.00% | | 03/01/2032 | | | 15 | | 17,238 |
New York (City of), NY, Subseries 2022 B-1, GO Bonds
| 5.00% | | 10/01/2032 | | | 5 | | 5,787 |
New York (City of), NY, Subseries 2022 B-1, GO Bonds
| 5.00% | | 10/01/2035 | | | 5 | | 5,715 |
New York (City of), NY, Subseries 2022 B-1, GO Bonds
| 5.00% | | 10/01/2037 | | | 10 | | 11,301 |
New York (City of), NY, Subseries 2022 B-1, GO Bonds
| 5.25% | | 10/01/2038 | | | 80 | | 91,362 |
New York (City of), NY, Subseries 2022 B-1, GO Bonds
| 5.25% | | 10/01/2039 | | | 10 | | 11,376 |
New York (City of), NY, Subseries 2022 B-1, GO Bonds
| 5.25% | | 10/01/2040 | | | 40 | | 45,144 |
New York (City of), NY, Subseries 2022 B-1, GO Bonds
| 5.25% | | 10/01/2041 | | | 30 | | 33,729 |
New York (City of), NY, Subseries 2022 B-1, GO Bonds
| 5.25% | | 10/01/2042 | | | 150 | | 167,858 |
New York (City of), NY, Subseries 2022 B-1, GO Bonds
| 5.25% | | 10/01/2043 | | | 25 | | 27,856 |
New York (City of), NY, Subseries 2022 B-1, GO Bonds
| 5.25% | | 10/01/2047 | | | 300 | | 329,830 |
New York (City of), NY, Subseries 2022 D-1, GO Bonds
| 5.00% | | 05/01/2032 | | | 95 | | 109,394 |
New York (City of), NY, Subseries 2022 D-1, GO Bonds
| 5.00% | | 05/01/2034 | | | 25 | | 28,522 |
New York (City of), NY, Subseries 2022 D-1, GO Bonds
| 5.25% | | 05/01/2038 | | | 20 | | 22,756 |
New York (City of), NY, Subseries 2022 D-1, GO Bonds
| 5.25% | | 05/01/2043 | | | 70 | | 77,636 |
New York (City of), NY, Subseries 2022 D-1, GO Bonds
| 5.50% | | 05/01/2045 | | | 15 | | 16,828 |
New York (City of), NY, Subseries 2022 D-1, GO Bonds
| 5.50% | | 05/01/2046 | | | 130 | | 145,477 |
New York (City of), NY Municipal Water Finance Authority, Subseries 2023 AA-1, RB
| 5.25% | | 06/15/2052 | | | 495 | | 545,423 |
New York (City of), NY Municipal Water Finance Authority, Series 2015, Ref. RB
| 3.50% | | 06/15/2032 | | | 70 | | 70,172 |
New York (City of), NY Municipal Water Finance Authority, Series 2021, Ref. RB
| 5.00% | | 06/15/2032 | | | 200 | | 229,221 |
New York (City of), NY Municipal Water Finance Authority, Series 2022 AA-3, Ref. RB
| 5.00% | | 06/15/2047 | | | 135 | | 147,033 |
New York (City of), NY Municipal Water Finance Authority, Series 2022 EE, Ref. RB
| 5.00% | | 06/15/2034 | | | 25 | | 28,963 |
New York (City of), NY Municipal Water Finance Authority, Series 2022 EE, Ref. RB
| 5.00% | | 06/15/2045 | | | 120 | | 130,957 |
New York (City of), NY Transitional Finance Authority, Series 2021 A-1, Ref. RB
| 5.00% | | 11/01/2032 | | | 5 | | 5,728 |
New York (City of), NY Transitional Finance Authority, Series 2022 A-1, RB
| 5.25% | | 08/01/2042 | | | 25 | | 28,070 |
New York (City of), NY Transitional Finance Authority, Series 2022 A-1, RB
| 5.00% | | 08/01/2043 | | | 150 | | 164,808 |
New York (City of), NY Transitional Finance Authority, Series 2022 B-1, Ref. RB
| 5.25% | | 11/01/2035 | | | 5 | | 5,801 |
New York (City of), NY Transitional Finance Authority, Series 2022 B-1, Ref. RB
| 5.25% | | 11/01/2038 | | | 5 | | 5,729 |
New York (City of), NY Transitional Finance Authority, Series 2022 F-1, RB
| 5.00% | | 02/01/2039 | | | 30 | | 33,365 |
New York (City of), NY Transitional Finance Authority, Series 2022 F-1, RB
| 5.00% | | 02/01/2040 | | | 15 | | 16,634 |
New York (City of), NY Transitional Finance Authority, Series 2022 F-1, RB
| 5.00% | | 02/01/2041 | | | 55 | | 60,689 |
New York (City of), NY Transitional Finance Authority, Series 2022 F-1, RB
| 5.00% | | 02/01/2044 | | | 75 | | 81,685 |
New York (City of), NY Transitional Finance Authority, Series 2022 F-1, RB
| 5.00% | | 02/01/2047 | | | 430 | | 463,154 |
New York (City of), NY Transitional Finance Authority, Series 2022 F-1, RB
| 5.00% | | 02/01/2051 | | | 5 | | 5,357 |
New York (City of), NY Transitional Finance Authority, Series 2022 S-1A, Ref. RB
| 5.00% | | 07/15/2034 | | | 15 | | 17,224 |
New York (City of), NY Transitional Finance Authority, Series 2022, RB
| 5.00% | | 02/01/2032 | | | 10 | | 11,458 |
New York (City of), NY Transitional Finance Authority, Series 2022, RB
| 5.00% | | 02/01/2035 | | | 75 | | 84,895 |
New York (City of), NY Transitional Finance Authority, Series 2022, RB
| 5.00% | | 02/01/2037 | | | 75 | | 84,245 |
New York (City of), NY Transitional Finance Authority, Series 2022, RB
| 4.00% | | 02/01/2038 | | | 10 | | 10,326 |
New York (City of), NY Transitional Finance Authority, Series 2022, RB
| 4.00% | | 02/01/2039 | | | 45 | | 45,970 |
New York (City of), NY Transitional Finance Authority, Series 2022, RB
| 4.00% | | 02/01/2041 | | | 250 | | 252,080 |
New York (City of), NY Transitional Finance Authority, Series 2022, RB
| 4.00% | | 02/01/2043 | | | 15 | | 15,017 |
New York (City of), NY Transitional Finance Authority, Series 2022, RB
| 5.00% | | 02/01/2044 | | | 405 | | 441,099 |
New York (City of), NY Transitional Finance Authority, Series 2022, RB
| 5.00% | | 02/01/2047 | | | 25 | | 26,928 |
New York (City of), NY Transitional Finance Authority, Series 2022, Ref. RB
| 5.00% | | 11/01/2032 | | | 200 | | 230,947 |
New York (City of), NY Transitional Finance Authority, Series 2022, Ref. RB
| 5.00% | | 11/01/2033 | | | 20 | | 22,961 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2032 Municipal Bond ETF (BSMW)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| New York-(continued) | | | | | | | | |
New York (City of), NY Transitional Finance Authority, Series 2022, Ref. RB
| 4.00% | | 11/01/2034 | | $ | 140 | | $ 149,065 |
New York (City of), NY Transitional Finance Authority, Series 2022, Ref. RB
| 5.00% | | 11/01/2034 | | | 15 | | 17,132 |
New York (City of), NY Transitional Finance Authority, Subseries 2022 D-1, RB
| 5.25% | | 11/01/2037 | | | 365 | | 419,809 |
New York (City of), NY Transitional Finance Authority, Subseries 2022 D-1, RB
| 5.25% | | 11/01/2041 | | | 55 | | 62,273 |
New York (City of), NY Transitional Finance Authority, Subseries 2022 D-1, RB
| 5.25% | | 11/01/2048 | | | 290 | | 319,361 |
New York (City of), NY Transitional Finance Authority, Subseries 2023 D-1, RB
| 5.00% | | 11/01/2038 | | | 5 | | 5,633 |
New York (City of), NY Transitional Finance Authority, Subseries 2023 D-1, RB
| 5.25% | | 11/01/2038 | | | 55 | | 63,024 |
New York (State of) Dormitory Authority, Series 2021 A, Ref. RB
| 5.00% | | 03/15/2032 | | | 365 | | 413,373 |
New York (State of) Dormitory Authority, Series 2021 E, Ref. RB
| 5.00% | | 03/15/2032 | | | 290 | | 334,059 |
New York (State of) Dormitory Authority, Series 2021 E, Ref. RB
| 5.00% | | 03/15/2034 | | | 20 | | 22,885 |
New York (State of) Dormitory Authority, Series 2021 E, Ref. RB
| 5.00% | | 03/15/2036 | | | 15 | | 16,944 |
New York (State of) Dormitory Authority, Series 2021 E, Ref. RB
| 4.00% | | 03/15/2037 | | | 95 | | 98,533 |
New York (State of) Dormitory Authority, Series 2021, RB
| 5.00% | | 07/01/2032 | | | 10 | | 11,493 |
New York (State of) Dormitory Authority, Series 2021, Ref. RB
| 4.00% | | 03/15/2040 | | | 5 | | 5,057 |
New York (State of) Dormitory Authority, Series 2022 A, Ref. RB
| 5.00% | | 03/15/2032 | | | 200 | | 230,386 |
New York (State of) Dormitory Authority, Series 2022 A, Ref. RB
| 4.00% | | 03/15/2034 | | | 10 | | 10,570 |
New York (State of) Dormitory Authority, Series 2022 A, Ref. RB
| 5.00% | | 03/15/2036 | | | 5 | | 5,637 |
New York (State of) Dormitory Authority, Series 2022 A, Ref. RB
| 5.00% | | 03/15/2037 | | | 55 | | 61,940 |
New York (State of) Dormitory Authority, Series 2022 A, Ref. RB
| 4.00% | | 03/15/2038 | | | 30 | | 30,929 |
New York (State of) Dormitory Authority, Series 2022 A, Ref. RB
| 5.00% | | 03/15/2041 | | | 680 | | 749,790 |
New York (State of) Dormitory Authority, Series 2022 A, Ref. RB
| 5.00% | | 03/15/2046 | | | 555 | | 602,040 |
New York (State of) Dormitory Authority, Series 2022, Ref. RB
| 5.00% | | 05/01/2038 | | | 15 | | 16,560 |
New York (State of) Dormitory Authority, Series 2023 A, Ref. RB
| 5.00% | | 03/15/2032 | | | 230 | | 264,944 |
New York (State of) Dormitory Authority, Series 2023 A-1, Ref. RB
| 5.00% | | 03/15/2032 | | | 15 | | 17,412 |
New York (State of) Power Authority (Green Transmission), Series 2022, RB, (INS - AGM)(a)
| 5.00% | | 11/15/2032 | | | 25 | | 28,837 |
New York (State of) Thruway Authority, Series 2014 K, Ref. RB
| 3.50% | | 01/01/2032 | | | 30 | | 30,014 |
New York (State of) Thruway Authority (Bidding Group 1), Series 2022 A, Ref. RB
| 5.00% | | 03/15/2032 | | | 145 | | 166,604 |
New York (State of) Thruway Authority (Bidding Group 1), Series 2022 A, Ref. RB
| 5.00% | | 03/15/2037 | | | 30 | | 34,236 |
New York (State of) Thruway Authority (Bidding Group 1), Series 2022 A, Ref. RB
| 5.00% | | 03/15/2039 | | | 15 | | 16,916 |
New York (State of) Thruway Authority (Bidding Group 1) (Green Bonds), Series 2022 C, RB
| 5.00% | | 03/15/2053 | | | 135 | | 145,313 |
New York (State of) Thruway Authority (Bidding Group 1) (Green Bonds), Series 2022 C, RB
| 5.00% | | 03/15/2055 | | | 65 | | 69,875 |
New York (State of) Thruway Authority (Bidding Group 2), Series 2022 A, Ref. RB
| 5.00% | | 03/15/2035 | | | 10 | | 11,516 |
New York (State of) Thruway Authority (Bidding Group 3), Series 2022, Ref. RB
| 5.00% | | 03/15/2041 | | | 130 | | 144,982 |
New York (State of) Thruway Authority (Bidding Group 3), Series 2022, Ref. RB
| 5.00% | | 03/15/2042 | | | 5 | | 5,543 |
New York (State of) Thruway Authority (Bidding Group 4), Series 2022 A, Ref. RB
| 5.00% | | 03/15/2045 | | | 35 | | 38,211 |
New York (State of) Thruway Authority (Bidding Group 4), Series 2022 A, Ref. RB
| 5.00% | | 03/15/2046 | | | 280 | | 304,681 |
New York (State of) Thruway Authority (Bidding Group 4), Series 2022 A, Ref. RB
| 5.00% | | 03/15/2048 | | | 465 | | 502,811 |
New York (State of) Utility Debt Securitization Authority, Series 2015, Ref. RB
| 3.00% | | 12/15/2032 | | | 145 | | 142,830 |
New York State Environmental Facilities Corp., Series 2023, Ref. RB
| 5.00% | | 06/15/2032 | | | 20 | | 23,323 |
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2022, Ref. RB
| 5.00% | | 06/15/2051 | | | 85 | | 92,534 |
New York State Urban Development Corp., Series 2022, Ref. RB
| 5.00% | | 03/15/2032 | | | 150 | | 173,120 |
New York State Urban Development Corp., Series 2022, Ref. RB
| 5.00% | | 03/15/2036 | | | 20 | | 23,021 |
New York State Urban Development Corp., Series 2022, Ref. RB
| 5.25% | | 03/15/2037 | | | 115 | | 133,632 |
New York State Urban Development Corp., Series 2022, Ref. RB
| 5.25% | | 03/15/2039 | | | 80 | | 91,747 |
New York State Urban Development Corp., Series 2022, Ref. RB
| 5.00% | | 03/15/2041 | | | 100 | | 111,375 |
New York State Urban Development Corp. (Bidding Group 1), Series 2021 A, Ref. RB
| 5.00% | | 03/15/2032 | | | 150 | | 171,568 |
New York State Urban Development Corp. (Bidding Group 4), Series 2022 A, Ref. RB
| 5.00% | | 03/15/2048 | | | 35 | | 37,896 |
Schenectady County Capital Resource Corp. (Union College), Series 2022, Ref. RB
| 5.25% | | 07/01/2052 | | | 25 | | 27,578 |
Triborough Bridge & Tunnel Authority, Series 2022 A, RB
| 5.00% | | 11/15/2041 | | | 140 | | 155,995 |
Triborough Bridge & Tunnel Authority, Series 2022 A, RB
| 5.00% | | 11/15/2042 | | | 55 | | 60,950 |
Triborough Bridge & Tunnel Authority, Series 2022 C, RB
| 5.00% | | 05/15/2040 | | | 15 | | 16,687 |
Triborough Bridge & Tunnel Authority, Series 2022 C, RB
| 5.00% | | 05/15/2044 | | | 95 | | 103,676 |
Triborough Bridge & Tunnel Authority, Series 2022 C, RB
| 5.25% | | 05/15/2052 | | | 250 | | 272,508 |
Triborough Bridge & Tunnel Authority, Series 2022, RB
| 4.50% | | 05/15/2052 | | | 35 | | 35,725 |
Triborough Bridge & Tunnel Authority (Green Bonds), Series 2022 D-1A, Ref. RB
| 5.00% | | 11/15/2039 | | | 35 | | 39,416 |
Triborough Bridge & Tunnel Authority (Green Bonds), Series 2022 E-2B, Ref. RB
| 5.00% | | 11/15/2032 | | | 450 | | 518,652 |
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022 A, RB
| 5.00% | | 05/15/2044 | | | 40 | | 44,104 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2032 Municipal Bond ETF (BSMW)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| New York-(continued) | | | | | | | | |
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022 A, RB
| 5.00% | | 05/15/2047 | | $ | 110 | | $ 119,964 |
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022 A, RB
| 5.25% | | 05/15/2057 | | | 165 | | 180,216 |
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022 A, Ref. RB
| 4.00% | | 05/15/2041 | | | 250 | | 250,756 |
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022 A, Ref. RB
| 5.00% | | 05/15/2044 | | | 240 | | 262,303 |
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022 A, Ref. RB
| 5.00% | | 05/15/2047 | | | 55 | | 59,566 |
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022 C, RB
| 5.00% | | 05/15/2047 | | | 350 | | 379,149 |
| | | | | | | | | 15,445,158 |
| North Carolina-0.83% | | | | | | | | |
Charlotte (City of), NC, Series 2022 A, Ref. RB
| 5.00% | | 07/01/2032 | | | 45 | | 52,543 |
Charlotte (City of), NC, Series 2022 A, Ref. RB
| 5.00% | | 07/01/2045 | | | 20 | | 22,095 |
Charlotte-Mecklenburg Hospital Authority (The) (Atrium Health), Series 2022, Ref. RB
| 4.00% | | 01/15/2043 | | | 150 | | 149,678 |
Mecklenburg (County of), NC, Series 2022, GO Bonds
| 5.00% | | 09/01/2034 | | | 40 | | 46,465 |
North Carolina (State of) (Build North Carolina Programs), Series 2022 A, RB
| 5.00% | | 05/01/2034 | | | 85 | | 97,982 |
North Carolina (State of) (Build North Carolina Programs), Series 2022 A, RB
| 5.00% | | 05/01/2036 | | | 15 | | 17,116 |
Raleigh (City of), NC Combined Enterprise System, Series 2023, Ref. RB
| 5.00% | | 09/01/2032 | | | 115 | | 134,666 |
Wake (County of), NC, Series 2021, RB
| 5.00% | | 03/01/2032 | | | 20 | | 22,773 |
Wake (County of), NC, Series 2023 A, Ref. GO Bonds
| 5.00% | | 05/01/2032 | | | 80 | | 93,262 |
| | | | | | | | | 636,580 |
| Ohio-0.71% | | | | | | | | |
Columbus (City of), OH, Series 2016 A, GO Bonds
| 3.00% | | 08/15/2032 | | | 15 | | 14,569 |
Columbus (City of), OH, Series 2023 A, GO Bonds
| 5.00% | | 08/15/2032 | | | 10 | | 11,664 |
Ohio (State of), Series 2021 B, Ref. GO Bonds
| 5.00% | | 09/15/2032 | | | 165 | | 192,671 |
Ohio (State of), Series 2021 C, Ref. GO Bonds
| 5.00% | | 03/15/2032 | | | 35 | | 40,601 |
Ohio (State of) (Cleveland Clinic Health System Obligated Group), Series 2024, Ref. RB
| 5.00% | | 01/01/2032 | | | 5 | | 5,702 |
Ohio (State of) Water Development Authority, Series 2022 A, RB
| 5.00% | | 12/01/2041 | | | 30 | | 33,684 |
Ohio State University (The), Series 2021, RB
| 5.00% | | 12/01/2032 | | | 20 | | 22,985 |
Worthington City School District, Series 2023, GO Bonds
| 5.00% | | 12/01/2048 | | | 200 | | 217,400 |
| | | | | | | | | 539,276 |
| Oklahoma-0.80% | | | | | | | | |
Cushing (City of), OK Educational Facilities Authority (Cushing Public Schools), Series 2022, RB
| 5.00% | | 09/01/2032 | | | 100 | | 111,596 |
Oklahoma (County of), OK Finance Authority, Series 2023, RB
| 4.00% | | 09/01/2038 | | | 215 | | 218,961 |
Oklahoma (State of) Turnpike Authority, Series 2023, RB
| 5.50% | | 01/01/2053 | | | 250 | | 275,818 |
| | | | | | | | | 606,375 |
| Oregon-0.32% | | | | | | | | |
Oregon (State of) Department of Transportation, Series 2022 A, RB
| 5.25% | | 11/15/2047 | | | 110 | | 122,487 |
Oregon Health & Science University (Green Bonds), Series 2021 A, Ref. RB
| 4.00% | | 07/01/2044 | | | 30 | | 29,642 |
Portland (City of), OR, Series 2023 A, Ref. RB
| 5.00% | | 12/01/2032 | | | 80 | | 93,106 |
| | | | | | | | | 245,235 |
| Pennsylvania-3.58% | | | | | | | | |
Allegheny (County of), PA Higher Education Building Authority (Carnegie Mellon University), Series 2022, RB
| 5.00% | | 02/01/2032 | | | 50 | | 57,833 |
Allegheny (County of), PA Sanitary Authority, Series 2022, RB
| 5.00% | | 06/01/2053 | | | 200 | | 211,948 |
Bucks (County of), PA Water and Sewer Authority, Series 2022 A, RB, (INS - AGM)(a)
| 4.25% | | 12/01/2047 | | | 50 | | 49,907 |
Delaware Valley Regional Finance Authority, Series 2002, RB
| 5.75% | | 07/01/2032 | | | 145 | | 169,462 |
Hempfield Area School District, Series 2022 C, GO Bonds, (INS - AGM)(a)
| 5.00% | | 03/15/2048 | | | 50 | | 53,600 |
Lehigh (County of), PA (Lehigh Valley Health Network), Series 2012, RB
| 3.25% | | 07/01/2032 | | | 30 | | 29,394 |
Montgomery (County of), PA Higher Education & Health Authority (Thomas Jefferson University), Series 2022, Ref. RB
| 5.00% | | 05/01/2047 | | | 40 | | 42,159 |
Montgomery (County of), PA Higher Education & Health Authority (Thomas Jefferson University), Series 2022, Ref. RB
| 5.00% | | 05/01/2057 | | | 140 | | 146,210 |
Pennsylvania (Commonwealth of), First Series 2021, GO Bonds
| 4.00% | | 05/15/2032 | | | 75 | | 80,388 |
Pennsylvania (Commonwealth of), First Series 2023, GO Bonds
| 5.00% | | 09/01/2032 | | | 150 | | 174,009 |
Pennsylvania (Commonwealth of), First Series 2023, Ref. GO Bonds
| 5.00% | | 09/01/2032 | | | 350 | | 406,022 |
Pennsylvania (Commonwealth of), Series 2022, GO Bonds
| 5.00% | | 10/01/2032 | | | 10 | | 11,613 |
Pennsylvania (Commonwealth of), Series 2022, GO Bonds
| 5.00% | | 10/01/2036 | | | 110 | | 125,486 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2032 Municipal Bond ETF (BSMW)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Pennsylvania-(continued) | | | | | | | | |
Pennsylvania (Commonwealth of), Series 2022, GO Bonds
| 5.00% | | 10/01/2038 | | $ | 5 | | $ 5,644 |
Pennsylvania (Commonwealth of) Economic Development Financing Authority, Series 2022 A, Ref. RB
| 5.00% | | 02/15/2038 | | | 20 | | 22,014 |
Pennsylvania (Commonwealth of) Economic Development Financing Authority (UPMC), Series 2022 A, Ref. RB
| 5.00% | | 02/15/2047 | | | 10 | | 10,676 |
Pennsylvania (Commonwealth of) Turnpike Commission, First series 2023, Ref. RB
| 5.00% | | 12/01/2032 | | | 160 | | 184,682 |
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2022 B, Ref. RB
| 5.00% | | 12/01/2047 | | | 15 | | 16,222 |
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2022 B, Ref. RB
| 5.25% | | 12/01/2047 | | | 35 | | 38,438 |
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2022 B, Ref. RB
| 5.25% | | 12/01/2052 | | | 15 | | 16,320 |
Pennsylvania State University (The), Series 2022 A, RB
| 5.00% | | 09/01/2047 | | | 10 | | 10,937 |
Philadelphia (City of), PA Authority for Industrial Development (Children’s Hospital of Philadelphia), Series 2021, Ref. RB
| 5.00% | | 07/01/2032 | | | 60 | | 68,913 |
Philadelphia (City of), PA Hospitals & Higher Education Facilities Authority (Temple University Health System), Series 2022, Ref. RB, (INS - AGM)(a)
| 5.00% | | 07/01/2035 | | | 145 | | 158,445 |
Pittsburgh (City of), PA Water & Sewer Authority, Series 2019 B, Ref. RB, (INS - AGM)(a)
| 5.00% | | 09/01/2032 | | | 160 | | 185,486 |
Ridley School District, Series 2024 A, RB, (INS - AGM)(a)
| 5.00% | | 11/15/2050 | | | 150 | | 159,056 |
Southeastern Pennsylvania Transportation Authority (Asset Improvement Program), Series 2022, RB
| 5.25% | | 06/01/2040 | | | 100 | | 112,898 |
Southeastern Pennsylvania Transportation Authority (Asset Improvement Program), Series 2022, RB
| 5.25% | | 06/01/2041 | | | 150 | | 168,394 |
Southeastern Pennsylvania Transportation Authority (Asset Improvement Program), Series 2022, RB
| 5.25% | | 06/01/2052 | | | 10 | | 10,883 |
| | | | | | | | | 2,727,039 |
| Puerto Rico-0.13% | | | | | | | | |
Puerto Rico (Commonwealth of) Electric Power Authority, Series 2007 VV, Ref. RB, (INS - NATL)(Acquired 09/22/2023; Cost $94,641)(a)(b)
| 5.25% | | 07/01/2032 | | | 100 | | 98,834 |
| Rhode Island-0.02% | | | | | | | | |
Rhode Island (State of), Series 2022 A, GO Bonds
| 5.00% | | 08/01/2040 | | | 15 | | 16,753 |
| South Carolina-0.59% | | | | | | | | |
Charleston (City of), SC, Series 2022, RB
| 5.00% | | 01/01/2052 | | | 100 | | 109,016 |
Lexington & Richland School District No. 5, Series 2021 B, Ref. GO Bonds
| 4.00% | | 03/01/2032 | | | 15 | | 16,219 |
South Carolina (State of) Jobs-Economic Development Authority (Bon Secours Mercy Health), Series 2022 A, RB
| 5.00% | | 10/01/2035 | | | 25 | | 28,152 |
South Carolina (State of) Jobs-Economic Development Authority (Bon Secours Mercy Health), Series 2022 A, RB
| 5.00% | | 10/01/2037 | | | 140 | | 156,403 |
South Carolina (State of) Public Service Authority (Santee Cooper), Series 2022 A, RB
| 5.00% | | 12/01/2033 | | | 10 | | 11,235 |
South Carolina (State of) Public Service Authority (Santee Cooper), Series 2022 A, RB
| 4.00% | | 12/01/2040 | | | 5 | | 4,927 |
South Carolina (State of) Transportation Infrastructure Bank, Series 2012 B, Ref. RB
| 3.38% | | 10/01/2032 | | | 50 | | 50,000 |
Spartanburg County School District No. 4, Series 2022 A, GO Bonds
| 5.25% | | 03/01/2052 | | | 70 | | 76,119 |
| | | | | | | | | 452,071 |
| Tennessee-0.74% | | | | | | | | |
Metropolitan Nashville Airport Authority (The), Series 2022 A, RB
| 5.25% | | 07/01/2047 | | | 145 | | 159,753 |
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2021 C, GO Bonds
| 4.00% | | 01/01/2032 | | | 20 | | 21,343 |
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2022 B, GO Bonds
| 5.00% | | 01/01/2037 | | | 80 | | 90,563 |
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2022 B, GO Bonds
| 4.00% | | 01/01/2039 | | | 15 | | 15,426 |
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2022 B, GO Bonds
| 4.00% | | 01/01/2042 | | | 5 | | 5,053 |
Tennessee (State of) School Bond Authority, Series 2022 A, RB, (CEP - Colorado Higher Education Intercept Program)
| 5.00% | | 11/01/2047 | | | 250 | | 272,256 |
| | | | | | | | | 564,394 |
| Texas-10.64% | | | | | | | | |
Argyle Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 08/15/2047 | | | 20 | | 21,652 |
Aubrey Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund)
| 4.00% | | 02/15/2052 | | | 75 | | 71,945 |
Austin (City of), TX, Series 2022, Ref. RB
| 5.00% | | 11/15/2047 | | | 60 | | 64,696 |
Austin Independent School District, Series 2023, GO Bonds
| 5.00% | | 08/01/2032 | | | 10 | | 11,542 |
Barbers Hill Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund)
| 4.00% | | 02/15/2041 | | | 215 | | 222,076 |
Bexar (County of), TX Hospital District, Series 2023, Ctfs. of Obligations
| 5.00% | | 02/15/2048 | | | 165 | | 177,592 |
Board of Regents of the University of Texas System, Series 2022 A, Ref. RB
| 5.00% | | 08/15/2032 | | | 55 | | 63,810 |
Board of Regents of the University of Texas System, Series 2023 A, RB
| 5.00% | | 08/15/2043 | | | 190 | | 210,117 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2032 Municipal Bond ETF (BSMW)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Texas-(continued) | | | | | | | | |
Brock Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
| 4.00% | | 08/15/2048 | | $ | 100 | | $ 97,535 |
Conroe Independent School District, Series 2022 A, GO Bonds, (CEP - Texas Permanent School Fund)
| 4.00% | | 02/15/2047 | | | 10 | | 9,872 |
Corpus Christi (City of), TX, Series 2022 B, RB
| 5.00% | | 07/15/2047 | | | 15 | | 16,106 |
Corpus Christi (City of), TX, Series 2022 B, RB
| 5.00% | | 07/15/2052 | | | 105 | | 112,094 |
Cypress-Fairbanks Independent School District, Series 2022, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 02/15/2034 | | | 75 | | 85,430 |
Cypress-Fairbanks Independent School District, Series 2022, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 02/15/2035 | | | 10 | | 11,352 |
Cypress-Fairbanks Independent School District, Series 2022, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 02/15/2036 | | | 25 | | 28,273 |
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2022 B, Ref. RB
| 5.00% | | 11/01/2034 | | | 25 | | 28,490 |
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2022 B, Ref. RB
| 5.00% | | 11/01/2035 | | | 20 | | 22,628 |
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2022 B, Ref. RB
| 5.00% | | 11/01/2037 | | | 5 | | 5,597 |
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2022 B, Ref. RB
| 5.00% | | 11/01/2038 | | | 20 | | 22,303 |
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2022 B, Ref. RB
| 5.00% | | 11/01/2039 | | | 20 | | 22,255 |
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2022 B, Ref. RB
| 5.00% | | 11/01/2050 | | | 15 | | 16,064 |
Dallas (City of), TX, Series 2023 A, Ref. GO Bonds
| 5.00% | | 02/15/2032 | | | 75 | | 85,651 |
Dallas (City of), TX Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 02/15/2040 | | | 40 | | 44,509 |
Dallas (City of), TX Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 02/15/2048 | | | 65 | | 70,655 |
Dallas College, Series 2022, GO Bonds
| 5.00% | | 02/15/2032 | | | 10 | | 11,384 |
Deer Park Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 08/15/2047 | | | 100 | | 109,411 |
Elgin Independent School District, Series 2022 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
| 4.00% | | 08/01/2047 | | | 90 | | 88,079 |
Forney Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 08/15/2048 | | | 115 | | 124,772 |
Fort Bend Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 08/15/2053 | | | 100 | | 107,648 |
Fort Worth (City of), TX, Series 2023, RB
| 4.13% | | 02/15/2046 | | | 100 | | 98,467 |
Fort Worth Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
| 4.00% | | 02/15/2048 | | | 395 | | 388,779 |
Galveston (City of), TX, Series 2022 A, Ctfs. of Obligations
| 4.63% | | 05/01/2052 | | | 100 | | 101,204 |
Godley Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 02/15/2055 | | | 100 | | 106,764 |
Harris (County of), TX, Series 2022 A, Ref. GO Bonds
| 5.00% | | 08/15/2032 | | | 175 | | 202,627 |
Harris (County of), TX Flood Control District, Series 2022 A, GO Bonds
| 4.25% | | 10/01/2047 | | | 50 | | 50,540 |
Harris (County of), TX Port Authority of Houston, Series 2021, RB
| 5.00% | | 10/01/2051 | | | 25 | | 26,694 |
Houston (City of), TX, Series 2002 A, Ref. RB(c)
| 5.75% | | 12/01/2032 | | | 35 | | 42,918 |
Humble Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 02/15/2047 | | | 110 | | 118,657 |
Irving Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 02/15/2038 | | | 90 | | 101,925 |
Irving Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 02/15/2040 | | | 100 | | 111,712 |
Lake Travis Independent School District, Series 2023, GO Bonds
| 4.00% | | 02/15/2048 | | | 100 | | 97,824 |
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2022, Ref. RB
| 5.50% | | 05/15/2047 | | | 250 | | 278,304 |
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2023, Ref. RB, (INS - AGM)(a)
| 5.00% | | 05/15/2032 | | | 40 | | 45,754 |
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2023, Ref. RB, (INS - AGM)(a)
| 5.00% | | 05/15/2034 | | | 45 | | 51,107 |
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2023, Ref. RB, (INS - AGM)(a)
| 5.50% | | 05/15/2048 | | | 20 | | 22,188 |
Montgomery Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
| 4.00% | | 02/15/2048 | | | 160 | | 156,536 |
New Braunfels (City of), TX, Series 2022, RB
| 5.00% | | 07/01/2053 | | | 100 | | 106,645 |
North Texas Municipal Water District, Series 2021 A, Ref. RB
| 3.00% | | 09/01/2032 | | | 55 | | 53,790 |
North Texas Tollway Authority, Series 2021 B, RB
| 4.00% | | 01/01/2032 | | | 95 | | 99,137 |
North Texas Tollway Authority, Series 2022 A, Ref. RB
| 5.25% | | 01/01/2038 | | | 30 | | 33,999 |
North Texas Tollway Authority, Series 2022 A, Ref. RB
| 5.00% | | 01/01/2040 | | | 20 | | 22,029 |
Northwest Independent School District, Series 2022 A, GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 02/15/2048 | | | 210 | | 225,296 |
Northwest Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 02/15/2038 | | | 20 | | 22,389 |
Permanent University Fund - University of Texas A&M System, Series 2023, RB
| 5.00% | | 07/01/2040 | | | 25 | | 27,925 |
Permanent University Fund - University of Texas System, Series 2022 A, RB
| 5.00% | | 07/01/2032 | | | 50 | | 58,150 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2032 Municipal Bond ETF (BSMW)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Texas-(continued) | | | | | | | | |
Permanent University Fund - University of Texas System, Series 2022 A, RB
| 5.00% | | 07/01/2042 | | $ | 25 | | $ 27,797 |
Permanent University Fund - University of Texas System, Series 2023 A, Ref. RB
| 5.00% | | 07/01/2032 | | | 100 | | 115,842 |
Pflugerville (City of), TX, Series 2023, Ctfs. of Obligation
| 5.00% | | 08/01/2053 | | | 200 | | 212,984 |
Pflugerville (City of), TX, Series 2023, GO Bonds
| 5.00% | | 08/01/2048 | | | 75 | | 80,240 |
Pflugerville Independent School District, Series 2023 A, GO Bonds
| 5.00% | | 02/15/2034 | | | 100 | | 113,263 |
Plano Independent School District, Series 2023, GO Bonds
| 5.00% | | 02/15/2032 | | | 65 | | 74,559 |
Plano Independent School District, Series 2023, GO Bonds
| 5.00% | | 02/15/2034 | | | 145 | | 166,369 |
Plano Independent School District, Series 2023, GO Bonds
| 5.00% | | 02/15/2036 | | | 15 | | 17,081 |
Plano Independent School District, Series 2023, GO Bonds
| 5.00% | | 02/15/2037 | | | 20 | | 22,681 |
Prosper Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund)
| 4.00% | | 02/15/2047 | | | 40 | | 38,970 |
San Antonio (City of), TX Water System, Series 2022 B, RB
| 5.25% | | 05/15/2052 | | | 100 | | 108,449 |
San Antonio Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 08/15/2052 | | | 100 | | 107,646 |
San Antonio Public Facilities Corp., Series 2022, Ref. RB
| 5.00% | | 09/15/2032 | | | 10 | | 11,405 |
San Jacinto River Authority (Groundwater Reduction Plan Division), Series 2011, RB, (INS - AGM)(a)
| 5.00% | | 10/01/2032 | | | 215 | | 215,166 |
Sanger Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund)
| 4.00% | | 08/15/2047 | | | 205 | | 200,578 |
Seguin (City of), TX, Series 2022 A, Ctfs. of Obligations
| 5.25% | | 09/01/2057 | | | 100 | | 107,821 |
Smith (County of), TX, Series 2023, GO Bonds
| 5.00% | | 08/15/2043 | | | 10 | | 10,856 |
Smith (County of), TX, Series 2023, GO Bonds
| 5.00% | | 08/15/2048 | | | 100 | | 107,927 |
Southwest Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 02/01/2046 | | | 100 | | 108,780 |
Tarrant County College District, Series 2022, GO Bonds
| 5.00% | | 08/15/2036 | | | 20 | | 22,683 |
Tarrant County College District, Series 2022, GO Bonds
| 5.00% | | 08/15/2037 | | | 15 | | 16,967 |
Tarrant County College District, Series 2022, GO Bonds
| 5.00% | | 08/15/2038 | | | 70 | | 78,790 |
Tarrant County College District, Series 2022, GO Bonds
| 5.00% | | 08/15/2040 | | | 50 | | 55,600 |
Tarrant County Cultural Education Facilities Finance Corp. (Baylor Scott & White Health), Series 2022, RB
| 5.50% | | 11/15/2047 | | | 10 | | 11,094 |
Tarrant County Cultural Education Facilities Finance Corp. (Christus Health), Series 2024 A, RB
| 5.00% | | 07/01/2032 | | | 90 | | 101,428 |
Tarrant County Cultural Education Facilities Finance Corp. (Methodist Hospitals of Dallas), Series 2022, RB
| 5.00% | | 10/01/2039 | | | 40 | | 43,956 |
Texas (State of) Water Development Board, Series 2022, RB
| 5.00% | | 10/15/2034 | | | 40 | | 45,933 |
Texas (State of) Water Development Board, Series 2022, RB
| 5.00% | | 10/15/2035 | | | 40 | | 45,735 |
Texas (State of) Water Development Board, Series 2022, RB
| 4.50% | | 10/15/2037 | | | 35 | | 38,104 |
Texas (State of) Water Development Board, Series 2022, RB
| 4.65% | | 10/15/2040 | | | 5 | | 5,383 |
Texas (State of) Water Development Board, Series 2022, RB
| 4.70% | | 10/15/2041 | | | 170 | | 182,416 |
Texas (State of) Water Development Board, Series 2022, RB
| 4.75% | | 10/15/2042 | | | 100 | | 107,214 |
Texas (State of) Water Development Board, Series 2022, RB
| 4.80% | | 10/15/2052 | | | 250 | | 263,843 |
Texas (State of) Water Development Board (Master Trust), Series 2022, RB
| 5.00% | | 10/15/2047 | | | 40 | | 43,432 |
Texas State Technical College, Series 2022, RB, (INS - AGM)(a)
| 5.50% | | 08/01/2042 | | | 105 | | 119,118 |
Trinity River Authority, Series 2020, Ref. RB
| 3.00% | | 08/01/2032 | | | 30 | | 29,236 |
University of Houston, Series 2022 A, Ref. RB
| 5.00% | | 02/15/2032 | | | 70 | | 79,489 |
University of Houston, Series 2022 A, Ref. RB
| 5.00% | | 02/15/2034 | | | 40 | | 45,106 |
University of Houston, Series 2022 A, Ref. RB
| 5.00% | | 02/15/2042 | | | 55 | | 59,788 |
Waco Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
| 4.00% | | 08/15/2048 | | | 150 | | 146,080 |
West Harris (County of), TX Regional Water Authority, Series 2022, RB, (INS - AGM)(a)
| 5.50% | | 12/15/2050 | | | 40 | | 44,136 |
White Settlement Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund)
| 4.00% | | 08/15/2052 | | | 65 | | 62,530 |
| | | | | | | | | 8,111,373 |
| Utah-1.38% | | | | | | | | |
Intermountain Power Agency, Series 2022 A, Ref. RB
| 5.00% | | 07/01/2032 | | | 135 | | 153,645 |
Intermountain Power Agency, Series 2023 A, RB
| 5.00% | | 07/01/2032 | | | 100 | | 116,071 |
Intermountain Power Agency, Series 2023 A, RB
| 5.00% | | 07/01/2040 | | | 30 | | 33,423 |
Intermountain Power Agency, Series 2023 A, RB
| 5.00% | | 07/01/2042 | | | 130 | | 143,055 |
Intermountain Power Agency, Series 2023 A, RB
| 5.25% | | 07/01/2043 | | | 15 | | 16,754 |
University of Utah (The) (Green Bonds), Series 2022 B, RB
| 5.00% | | 08/01/2032 | | | 20 | | 23,177 |
University of Utah (The) (Green Bonds), Series 2022 B, RB
| 5.00% | | 08/01/2034 | | | 35 | | 40,265 |
University of Utah (The) (Green Bonds), Series 2022 B, RB
| 5.00% | | 08/01/2037 | | | 140 | | 159,257 |
University of Utah (The) (Green Bonds), Series 2022 B, RB
| 5.00% | | 08/01/2040 | | | 95 | | 106,316 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2032 Municipal Bond ETF (BSMW)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Utah-(continued) | | | | | | | | |
University of Utah (The) (Green Bonds), Series 2022 B, RB
| 5.00% | | 08/01/2042 | | $ | 135 | | $ 149,807 |
Utah (State of) Transit Authority, Series 2006 C, Ref. RB, (INS - AGM)(a)
| 5.25% | | 06/15/2032 | | | 95 | | 107,738 |
| | | | | | | | | 1,049,508 |
| Virginia-2.07% | | | | | | | | |
Fairfax (County of), VA, Series 2023 A, GO Bonds
| 4.00% | | 10/01/2033 | | | 150 | | 163,579 |
Fairfax (County of), VA, Series 2023 A, GO Bonds
| 4.00% | | 10/01/2034 | | | 15 | | 16,263 |
Fairfax (County of), VA Industrial Development Authority (Inova Health System), Series 2022, Ref. RB
| 4.00% | | 05/15/2042 | | | 250 | | 251,613 |
Northern Virginia Transportation Commission (Transforming Rail in Virginia), Series 2022, RB
| 5.00% | | 06/01/2047 | | | 75 | | 81,687 |
Northern Virginia Transportation Commission (Transforming Rail in Virginia), Series 2022, RB
| 5.00% | | 06/01/2052 | | | 150 | | 162,217 |
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2017, RB
| 3.00% | | 02/01/2032 | | | 175 | | 171,482 |
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2022 A, RB
| 5.00% | | 02/01/2035 | | | 60 | | 68,448 |
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2022 A, RB
| 5.00% | | 02/01/2036 | | | 20 | | 22,711 |
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2022, RB
| 5.25% | | 02/01/2041 | | | 20 | | 22,410 |
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2022, RB
| 5.00% | | 02/01/2042 | | | 20 | | 21,982 |
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2023, Ref. RB
| 5.00% | | 02/01/2032 | | | 150 | | 172,954 |
Virginia (Commonwealth of) Public Building Authority, Series 2021 A-1, RB
| 5.00% | | 08/01/2032 | | | 15 | | 17,100 |
Virginia (Commonwealth of) Public Building Authority (Bidding Group 1), Series 2022 A, RB
| 5.00% | | 08/01/2032 | | | 25 | | 29,126 |
Virginia (Commonwealth of) Public Building Authority (Bidding Group 1), Series 2022 A, RB
| 5.00% | | 08/01/2034 | | | 10 | | 11,497 |
Virginia (Commonwealth of) Public Building Authority (Bidding Group 1), Series 2022 A, RB
| 5.00% | | 08/01/2035 | | | 70 | | 80,259 |
Virginia (Commonwealth of) Public Building Authority (Bidding Group 2), Series 2022 A, RB
| 5.00% | | 08/01/2036 | | | 50 | | 56,992 |
Virginia (Commonwealth of) Public Building Authority (Bidding Group 2), Series 2022 A, RB
| 5.00% | | 08/01/2037 | | | 50 | | 56,764 |
Virginia (Commonwealth of) Public School Authority, Series 2022 B, RB
| 5.00% | | 08/01/2052 | | | 100 | | 108,404 |
Virginia (Commonwealth of) Transportation Board, Series 2022, Ref. RB
| 5.00% | | 05/15/2032 | | | 35 | | 40,532 |
Virginia (Commonwealth of) Transportation Board, Series 2022, Ref. RB
| 4.00% | | 05/15/2035 | | | 5 | | 5,315 |
Virginia (Commonwealth of) Transportation Board, Series 2022, Ref. RB
| 4.00% | | 05/15/2036 | | | 15 | | 15,849 |
| | | | | | | | | 1,577,184 |
| Washington-4.12% | | | | | | | | |
Central Puget Sound Regional Transit Authority (Green Bonds), Series 2021 S-1, Ref. RB
| 5.00% | | 11/01/2032 | | | 50 | | 57,245 |
Clark County School District No. 114 Evergreen, Series 2022, GO Bonds, (CEP - Oregon School Bond Guaranty)
| 5.25% | | 12/01/2040 | | | 45 | | 50,889 |
Douglas (County of), WA Public Utility District No. 1, Series 2022 B, RB
| 5.00% | | 09/01/2047 | | | 100 | | 107,505 |
Energy Northwest (Columbia Generating Station), Series 2022, Ref. RB
| 5.00% | | 07/01/2032 | | | 15 | | 17,353 |
Energy Northwest (Columbia Generating Station), Series 2022, Ref. RB
| 5.00% | | 07/01/2036 | | | 295 | | 336,231 |
King & Snohomish Counties School District No. 417 Northshore, Series 2022, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)
| 5.00% | | 12/01/2039 | | | 5 | | 5,636 |
King & Snohomish Counties School District No. 417 Northshore, Series 2024, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)
| 4.00% | | 12/01/2032 | | | 15 | | 16,289 |
King (County of), WA, Series 2021 A, GO Bonds
| 5.00% | | 01/01/2032 | | | 45 | | 51,454 |
King County School District No. 401 Highline, Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty)
| 3.13% | | 12/01/2032 | | | 35 | | 34,377 |
King County School District No. 401 Highline, Series 2023, GO Bonds, (CEP - Oregon School Bond Guaranty)
| 5.00% | | 12/01/2034 | | | 5 | | 5,765 |
King County School District No. 401 Highline, Series 2023, GO Bonds, (CEP - Oregon School Bond Guaranty)
| 5.00% | | 12/01/2040 | | | 315 | | 352,665 |
King County School District No. 401 Highline, Series 2023, GO Bonds, (CEP - Oregon School Bond Guaranty)
| 5.00% | | 12/01/2041 | | | 15 | | 16,716 |
King County School District No. 403 Renton, Series 2023, GO Bonds, (CEP - Oregon School Bond Guaranty)
| 5.00% | | 12/01/2038 | | | 50 | | 56,282 |
King County School District No. 403 Renton, Series 2023, GO Bonds, (CEP - Oregon School Bond Guaranty)
| 4.00% | | 12/01/2040 | | | 10 | | 10,318 |
Seattle (City of), WA, Series 2022, Ref. RB
| 5.00% | | 07/01/2047 | | | 20 | | 21,738 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2032 Municipal Bond ETF (BSMW)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Washington-(continued) | | | | | | | | |
Seattle (City of), WA, Series 2022, Ref. RB
| 5.00% | | 07/01/2052 | | $ | 15 | | $ 16,104 |
Seattle (City of), WA, Series 2023 A, Ref. RB
| 5.00% | | 03/01/2032 | | | 20 | | 23,042 |
Snohomish County School District No. 6 Mukilteo, Series 2022, GO Bonds, (CEP - Oregon School Bond Guaranty)
| 5.00% | | 12/01/2034 | | | 20 | | 23,074 |
Spokane County School District No. 81, Series 2022, GO Bonds, (CEP - Oregon School Bond Guaranty)
| 5.00% | | 12/01/2037 | | | 5 | | 5,674 |
Spokane County School District No. 81, Series 2022, GO Bonds, (CEP - Oregon School Bond Guaranty)
| 5.00% | | 12/01/2038 | | | 5 | | 5,647 |
Washington (State of), Series 2021 A, Ref. GO Bonds
| 4.00% | | 02/01/2035 | | | 5 | | 5,299 |
Washington (State of), Series R-2024C, Ref. GO Bonds
| 5.00% | | 08/01/2032 | | | 100 | | 116,194 |
Washington (State of) (Bid Group 1), Series 2022 A-1, GO Bonds
| 5.00% | | 08/01/2032 | | | 115 | | 133,623 |
Washington (State of) (Bid Group 1), Series 2022 A-1, GO Bonds
| 5.00% | | 08/01/2034 | | | 35 | | 40,345 |
Washington (State of) (Bid Group 1), Series 2022 A-1, GO Bonds
| 5.00% | | 08/01/2035 | | | 5 | | 5,745 |
Washington (State of) (Bid Group 1), Series 2023 B, GO Bonds
| 5.00% | | 02/01/2032 | | | 105 | | 121,220 |
Washington (State of) (Bid Group 2), Series 2022 A-2, GO Bonds
| 5.00% | | 08/01/2038 | | | 70 | | 79,131 |
Washington (State of) (Bid Group 2), Series 2022 A-2, GO Bonds
| 5.00% | | 08/01/2040 | | | 5 | | 5,573 |
Washington (State of) (Bid Group 2), Series 2022 A-2, GO Bonds
| 5.00% | | 08/01/2041 | | | 205 | | 227,624 |
Washington (State of) (Bid Group 2), Series 2022 A-2, GO Bonds
| 5.00% | | 08/01/2042 | | | 125 | | 138,247 |
Washington (State of) (Bid Group 2), Series 2022 A-2, GO Bonds
| 5.00% | | 08/01/2043 | | | 300 | | 330,582 |
Washington (State of) (Bid Group 2), Series 2022 C, GO Bonds
| 5.00% | | 02/01/2034 | | | 100 | | 114,501 |
Washington (State of) (Bid Group 2), Series 2022 C, GO Bonds
| 5.00% | | 02/01/2035 | | | 10 | | 11,419 |
Washington (State of) (Bid Group 2), Series 2022 C, GO Bonds
| 5.00% | | 02/01/2036 | | | 85 | | 96,399 |
Washington (State of) (Bid Group 2), Series 2022 C, GO Bonds
| 5.00% | | 02/01/2037 | | | 95 | | 107,314 |
Washington (State of) (Bid Group 2), Series 2022 C, GO Bonds
| 5.00% | | 02/01/2038 | | | 5 | | 5,631 |
Washington (State of) (Bid Group 2), Series 2022 C, GO Bonds
| 5.00% | | 02/01/2041 | | | 40 | | 44,165 |
Washington (State of) (Bid Group 2), Series 2022 C, Ref. GO Bonds
| 4.00% | | 07/01/2034 | | | 10 | | 10,687 |
Washington (State of) (Bid Group 2), Series R-2023A, Ref. GO Bonds
| 5.00% | | 08/01/2032 | | | 40 | | 46,478 |
Washington (State of) (Bid Group 3), Series 2022 A-3, GO Bonds
| 5.00% | | 08/01/2044 | | | 40 | | 43,933 |
Washington (State of) (Bid Group 3), Series 2022 A-3, GO Bonds
| 5.00% | | 08/01/2045 | | | 25 | | 27,378 |
Washington (State of) (Bid Group 3), Series 2022 A-3, GO Bonds
| 5.00% | | 08/01/2046 | | | 60 | | 65,318 |
Washington (State of) (Bid Group 3), Series 2022 C, GO Bonds
| 5.00% | | 02/01/2040 | | | 5 | | 5,541 |
Washington (State of) (Bid Group 3), Series 2022 C, GO Bonds
| 5.00% | | 02/01/2045 | | | 25 | | 27,233 |
Washington (State of) (Bid Group 3), Series 2022 C, GO Bonds
| 5.00% | | 02/01/2046 | | | 105 | | 113,794 |
| | | | | | | | | 3,137,378 |
| Wisconsin-1.34% | | | | | | | | |
Wisconsin (State of), Series 2022 4, Ref. GO Bonds
| 5.00% | | 05/01/2032 | | | 35 | | 40,591 |
Wisconsin (State of), Series 2023 A, GO Bonds
| 5.00% | | 05/01/2036 | | | 100 | | 114,474 |
Wisconsin (State of), Series 2023 A, GO Bonds
| 5.00% | | 05/01/2037 | | | 20 | | 22,798 |
Wisconsin (State of), Series 2023 A, GO Bonds
| 5.00% | | 05/01/2039 | | | 15 | | 16,892 |
Wisconsin (State of), Series 2023 B, GO Bonds
| 5.00% | | 05/01/2040 | | | 5 | | 5,604 |
Wisconsin (State of), Series 2023-2, Ref. GO Bonds
| 5.00% | | 05/01/2032 | | | 105 | | 121,773 |
Wisconsin (State of) Department of Transportation, Series 2024-2, Ref. RB
| 5.00% | | 07/01/2032 | | | 260 | | 303,581 |
Wisconsin (State of) Public Finance Authority, Series 2022, Ref. RB
| 5.25% | | 03/01/2047 | | | 15 | | 15,385 |
Wisconsin (State of) Public Finance Authority (Cone Health), Series 2022 A-1, RB, (INS - BAM)(a)
| 5.50% | | 07/01/2052 | | | 350 | | 380,944 |
| | | | | | | | | 1,022,042 |
TOTAL INVESTMENTS IN SECURITIES(d)-98.35%
(Cost $73,896,658)
| | 74,956,631 |
OTHER ASSETS LESS LIABILITIES-1.65%
| | 1,254,898 |
NET ASSETS-100.00%
| | $76,211,529 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2032 Municipal Bond ETF (BSMW)—(continued)
August 31, 2024
| Investment Abbreviations: |
| AGM | -Assured Guaranty Municipal Corp. |
| BAM | -Build America Mutual Assurance Co. |
| CEP | -Credit Enhancement Provider |
| COP | -Certificates of Participation |
| Ctfs. | -Certificates |
| GO | -General Obligation |
| INS | -Insurer |
| NATL | -National Public Finance Guarantee Corp. |
| RB | -Revenue Bonds |
| Ref. | -Refunding |
| RN | -Revenue Notes |
| Wts. | -Warrants |
| Notes to Schedule of Investments: |
| (a) | Principal and/or interest payments are secured by the bond insurance company listed. |
| (b) | Restricted security. The value of this security at August 31, 2024 represented less than 1% of the Fund’s Net Assets. |
| (c) | Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral. |
| (d) | Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligations but may be called upon to satisfy the issuer’s obligations. No concentration of any single entity was greater than 5% each. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2033 Municipal Bond ETF (BSSX)
August 31, 2024
Schedule of Investments
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Municipal Obligations-98.00% | | | | | | | | |
| Alabama-2.74% | | | | | | | | |
Jefferson (County of), AL, Series 2024, Ref. RB
| 5.00% | | 10/01/2039 | | $ | 75 | | $ 82,547 |
Jefferson (County of), AL, Series 2024, Ref. RB
| 5.25% | | 10/01/2045 | | | 600 | | 654,192 |
Jefferson (County of), AL, Series 2024, Ref. Revenue Wts.
| 5.25% | | 10/01/2040 | | | 5 | | 5,566 |
Jefferson (County of), AL, Series 2024, Ref. Revenue Wts.
| 5.25% | | 10/01/2043 | | | 245 | | 268,956 |
Madison (City of), AL Water & Wastewater Board, Series 2023, RB
| 5.25% | | 12/01/2053 | | | 300 | | 332,302 |
Montgomery (City of), AL, Series 2023, RB
| 5.00% | | 09/01/2048 | | | 15 | | 16,393 |
| | | | | | | | | 1,359,956 |
| Arizona-1.27% | | | | | | | | |
Arizona (State of) Department of Transportation, Series 2023, RB
| 5.00% | | 07/01/2033 | | | 15 | | 17,613 |
Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group), Series 2016 A, Ref. RB
| 3.13% | | 01/01/2033 | | | 85 | | 81,997 |
Phoenix Civic Improvement Corp., Series 2023, RB
| 5.00% | | 07/01/2036 | | | 5 | | 5,790 |
Phoenix Civic Improvement Corp., Series 2023, RB
| 5.00% | | 07/01/2043 | | | 15 | | 16,735 |
Phoenix Civic Improvement Corp., Series 2023, RB
| 5.25% | | 07/01/2047 | | | 40 | | 44,829 |
Salt River Project Agricultural Improvement & Power District, Series 2023 A, RB
| 5.00% | | 01/01/2047 | | | 165 | | 180,166 |
University of Arizona Board of Regents, Series 2023 A, RB
| 5.50% | | 07/01/2048 | | | 250 | | 283,915 |
| | | | | | | | | 631,045 |
| California-16.85% | | | | | | | | |
Alameda (County of), CA Joint Powers Authority (Highland Hospital Project), Series 2023, Ref. RB
| 5.00% | | 12/01/2033 | | | 55 | | 66,197 |
Alameda Unified School District (Election of 2022), Series 2024 B, GO Bonds
| 5.00% | | 08/01/2049 | | | 130 | | 145,630 |
Alameda Unified School District (Election of 2022), Series 2024 B, GO Bonds
| 4.00% | | 08/01/2052 | | | 5 | | 4,940 |
Bay Area Toll Authority (San Francisco Bay Area), Series 2023 F-1, RB
| 5.00% | | 04/01/2054 | | | 150 | | 164,759 |
Benicia Unified School District (Election of 2004), Series 2024 A, GO Bonds
| 5.00% | | 08/01/2053 | | | 100 | | 110,479 |
California (State of), Series 2015 C, Ref. GO Bonds
| 3.38% | | 09/01/2033 | | | 50 | | 49,911 |
California (State of), Series 2016, Ref. GO Bonds
| 3.00% | | 09/01/2033 | | | 285 | | 277,563 |
California (State of), Series 2019, GO Bonds
| 3.00% | | 10/01/2033 | | | 165 | | 159,765 |
California (State of), Series 2022, GO Bonds
| 5.00% | | 09/01/2033 | | | 5 | | 5,776 |
California (State of), Series 2023, GO Bonds
| 5.00% | | 10/01/2035 | | | 250 | | 288,723 |
California (State of), Series 2023, GO Bonds
| 5.00% | | 09/01/2037 | | | 5 | | 5,768 |
California (State of), Series 2023, GO Bonds
| 5.00% | | 09/01/2038 | | | 5 | | 5,753 |
California (State of), Series 2023, GO Bonds
| 5.00% | | 10/01/2039 | | | 65 | | 74,053 |
California (State of), Series 2023, GO Bonds
| 5.00% | | 10/01/2045 | | | 600 | | 668,503 |
California (State of), Series 2023, GO Bonds
| 5.25% | | 10/01/2045 | | | 15 | | 17,049 |
California (State of), Series 2023, Ref. GO Bonds
| 5.00% | | 10/01/2036 | | | 5 | | 5,743 |
California (State of), Series 2023, Ref. GO Bonds
| 5.00% | | 10/01/2042 | | | 315 | | 354,667 |
California (State of), Series 2023, Ref. GO Bonds
| 5.00% | | 09/01/2043 | | | 5 | | 5,625 |
California (State of), Series 2024, GO Bonds
| 5.00% | | 09/01/2033 | | | 30 | | 35,168 |
California (State of) Educational Facilities Authority (University of the Pacific), Series 2023, RB
| 5.00% | | 11/01/2053 | | | 5 | | 5,407 |
California (State of) Health Facilities Financing Authority (Scripps Health), Series 2024 A, Ref. RB
| 5.00% | | 11/15/2041 | | | 375 | | 426,757 |
California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2023 A, RB
| 5.00% | | 08/15/2033 | | | 20 | | 23,940 |
California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds), Series 2023, RB
| 5.00% | | 10/01/2033 | | | 5 | | 5,892 |
California (State of) Infrastructure & Economic Development Bank (The J. Paul Getty Trust), Series 2020 A-1, Ref. RB
| 5.00% | | 04/01/2033 | | | 40 | | 47,695 |
California (State of) Public Works Board, Series 2023 C, Ref. RB
| 5.00% | | 09/01/2033 | | | 15 | | 17,558 |
California (State of) Public Works Board, Series 2023 C, Ref. RB
| 5.00% | | 09/01/2036 | | | 5 | | 5,767 |
California (State of) Public Works Board, Series 2023 D, RB
| 5.00% | | 11/01/2038 | | | 30 | | 34,505 |
California (State of) Public Works Board, Series 2023 D, RB
| 4.50% | | 11/01/2043 | | | 10 | | 10,523 |
California (State of) Public Works Board, Series 2023 D, RB
| 5.00% | | 11/01/2044 | | | 15 | | 16,817 |
California (State of) Public Works Board, Series 2023, Ref. RB
| 5.00% | | 09/01/2035 | | | 45 | | 52,216 |
California State University, Series 2016 A, Ref. RB
| 3.00% | | 11/01/2033 | | | 25 | | 24,639 |
California State University, Series 2023 A, RB
| 5.25% | | 11/01/2048 | | | 100 | | 113,988 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2033 Municipal Bond ETF (BSSX)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| California-(continued) | | | | | | | | |
Central Unified School District, Series 2023 B, GO Bonds
| 4.00% | | 08/01/2050 | | $ | 5 | | $ 4,966 |
Downey Unified School District, Series 2023 A, GO Bonds
| 4.00% | | 08/01/2052 | | | 25 | | 24,700 |
Dublin Unified School District (Election of 2020), Series 2023 B, GO Bonds
| 4.13% | | 08/01/2049 | | | 250 | | 251,732 |
East Bay Municipal Utility District, Series 2024 A, RB
| 5.00% | | 06/01/2042 | | | 10 | | 11,485 |
East Bay Municipal Utility District, Series 2024 A, RB
| 5.00% | | 06/01/2054 | | | 20 | | 22,221 |
El Centro (City of), CA Financing Authority (Police Station), Series 2023 A, RB
| 4.25% | | 10/01/2047 | | | 100 | | 101,053 |
Imperial Irrigation District, Series 2016 C, Ref. RB
| 3.00% | | 11/01/2033 | | | 40 | | 38,832 |
Irvine Facilities Financing Authority (Irvine Great Park Infrastructure), Series 2023 A, RB, (INS - BAM)(a)
| 5.25% | | 09/01/2053 | | | 375 | | 419,625 |
Irvine Facilities Financing Authority (Irvine Great Park Infrastructure), Series 2023, RB, (INS - BAM)(a)
| 5.00% | | 09/01/2048 | | | 100 | | 110,878 |
Los Angeles (City of), CA, Series 2023 A, RB
| 5.00% | | 02/01/2037 | | | 15 | | 17,541 |
Los Angeles (City of), CA Department of Water & Power, Series 2022 B, RB
| 5.00% | | 07/01/2033 | | | 20 | | 23,483 |
Los Angeles (City of), CA Department of Water & Power, Series 2023 B, RB
| 5.25% | | 07/01/2053 | | | 25 | | 27,937 |
Los Angeles (City of), CA Department of Water & Power, Series 2023 D, Ref. RB
| 5.00% | | 07/01/2041 | | | 120 | | 136,774 |
Los Angeles (City of), CA Department of Water & Power, Series 2023 D, Ref. RB
| 5.00% | | 07/01/2042 | | | 5 | | 5,666 |
Los Angeles (City of), CA Department of Water & Power, Series 2023 D, Ref. RB
| 5.00% | | 07/01/2043 | | | 5 | | 5,643 |
Los Angeles (City of), CA Department of Water & Power, Series 2023 E, Ref. RB
| 5.00% | | 07/01/2043 | | | 55 | | 62,076 |
Los Angeles (City of), CA Department of Water & Power, Series 2023 E, Ref. RB
| 5.00% | | 07/01/2044 | | | 170 | | 191,189 |
Los Angeles (City of), CA Department of Water & Power, Series 2024 A, Ref. RB
| 5.00% | | 07/01/2033 | | | 20 | | 23,881 |
Los Angeles Unified School District, Series 2023 A, COP
| 5.00% | | 10/01/2033 | | | 35 | | 41,161 |
Los Angeles Unified School District (Sustainability Bonds), Series 2022 QRR, GO Bonds
| 5.00% | | 07/01/2037 | | | 45 | | 52,345 |
Los Angeles Unified School District (Sustainability Bonds), Series 2022 QRR, GO Bonds
| 5.00% | | 07/01/2038 | | | 20 | | 23,137 |
Los Angeles Unified School District (Sustainability Bonds), Series 2022 QRR, GO Bonds
| 5.00% | | 07/01/2039 | | | 5 | | 5,750 |
Los Angeles Unified School District (Sustainability Bonds), Series 2022 QRR, GO Bonds
| 5.00% | | 07/01/2040 | | | 5 | | 5,698 |
Los Angeles Unified School District (Sustainability Bonds), Series 2022 QRR, GO Bonds
| 5.00% | | 07/01/2041 | | | 35 | | 39,705 |
Los Angeles Unified School District (Sustainability Bonds), Series 2022 QRR, GO Bonds
| 5.00% | | 07/01/2042 | | | 10 | | 11,297 |
Los Angeles Unified School District (Sustainability Bonds), Series 2022 QRR, GO Bonds
| 5.25% | | 07/01/2047 | | | 180 | | 203,855 |
Los Angeles Unified School District (Sustainability Bonds), Series 2023 A, COP
| 5.00% | | 10/01/2035 | | | 40 | | 46,505 |
Los Angeles Unified School District (Sustainability Bonds), Series 2023 A, COP
| 5.00% | | 10/01/2038 | | | 10 | | 11,453 |
Metropolitan Water District of Southern California, Series 2022 A, Ref. RB
| 5.00% | | 10/01/2033 | | | 20 | | 23,747 |
Metropolitan Water District of Southern California, Series 2023 A, RB
| 5.00% | | 04/01/2048 | | | 140 | | 156,376 |
Oakland (City of), CA, Series 2023 D, GO Bonds
| 5.25% | | 07/15/2048 | | | 50 | | 57,007 |
Oakland Unified School District (Election of 2012), Series 2023 A, GO Bonds, (INS - AGM)(a)
| 5.25% | | 08/01/2048 | | | 150 | | 168,817 |
Oxnard School District (Election of 2022), Series 2023 A, GO Bonds, (INS - BAM)(a)
| 4.13% | | 08/01/2050 | | | 120 | | 120,552 |
Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2023 K, RB
| 5.00% | | 08/15/2048 | | | 60 | | 67,181 |
Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2023 K, RB
| 5.00% | | 08/15/2053 | | | 35 | | 38,880 |
Sacramento Transportation Authority (Measure A), Series 2023, Ref. RB
| 5.00% | | 10/01/2036 | | | 40 | | 47,502 |
Sacramento Transportation Authority (Measure A), Series 2023, Ref. RB
| 5.00% | | 10/01/2038 | | | 5 | | 5,877 |
San Diego (City of), CA Public Facilities Financing Authority, Series 2023 A, RB
| 5.25% | | 08/01/2048 | | | 50 | | 56,955 |
San Diego (City of), CA Public Facilities Financing Authority, Series 2023 A, RB
| 4.00% | | 08/01/2052 | | | 5 | | 4,940 |
San Diego (County of), CA Regional Transportation Commission, Series 2023 A, Ref. RB
| 5.00% | | 04/01/2037 | | | 65 | | 76,270 |
San Diego (County of), CA Regional Transportation Commission, Series 2023 A, Ref. RB
| 5.00% | | 04/01/2038 | | | 10 | | 11,700 |
San Diego Community College District, Series 2024, GO Bonds
| 4.00% | | 08/01/2043 | | | 10 | | 10,380 |
San Diego Unified School District (Election of 2022), Series 2023, GO Bonds
| 5.00% | | 07/01/2048 | | | 10 | | 11,150 |
San Diego Unified School District (Green Bonds), Series 2023, GO Bonds
| 5.00% | | 07/01/2053 | | | 25 | | 27,658 |
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Second Series 2023 B, Ref. RB
| 5.00% | | 05/01/2043 | | | 55 | | 61,829 |
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2023, Ref. RB
| 5.25% | | 05/01/2048 | | | 65 | | 73,148 |
San Francisco (City & County of), CA Public Utilities Commission, Series 2023, Ref. RB
| 5.00% | | 11/01/2036 | | | 105 | | 123,978 |
San Francisco (City & County of), CA Public Utilities Commission, Series 2023, Ref. RB
| 5.00% | | 11/01/2038 | | | 100 | | 117,016 |
San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2023 C, Ref. RB
| 4.00% | | 11/01/2040 | | | 25 | | 26,290 |
San Francisco (City & County of), CA Public Utilities Commission (Regional Water and Local Water), Series 2023 A, RB
| 5.00% | | 11/01/2043 | | | 50 | | 56,726 |
San Francisco (City & County of), CA Public Utilities Commission (Regional Water and Local Water), Series 2023 A, RB
| 5.25% | | 11/01/2048 | | | 20 | | 22,663 |
San Joaquin Hills Transportation Corridor Agency, Series 2021 A, Ref. RB
| 5.00% | | 01/15/2033 | | | 115 | | 129,226 |
Santa Clara Valley Transportation Authority, Series 2023 A, Ref. RB
| 5.00% | | 04/01/2035 | | | 10 | | 11,855 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2033 Municipal Bond ETF (BSSX)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| California-(continued) | | | | | | | | |
Southern California Public Power Authority, Series 2023, RB
| 5.00% | | 07/01/2035 | | $ | 150 | | $ 177,218 |
Southern California Public Power Authority, Series 2023, RB
| 5.00% | | 07/01/2039 | | | 25 | | 28,945 |
Southern California Public Power Authority, Series 2023-1A, RB
| 5.00% | | 07/01/2048 | | | 160 | | 178,405 |
Southern California Public Power Authority, Series 2023-1A, RB
| 5.25% | | 07/01/2053 | | | 85 | | 95,771 |
Southern California Public Power Authority (No.1), Series 2007 A, RB
| 5.00% | | 11/01/2033 | | | 60 | | 63,830 |
University of California, Series 2023 BM, Ref. RB
| 5.00% | | 05/15/2033 | | | 15 | | 17,724 |
University of California, Series 2023 BN, Ref. RB
| 5.00% | | 05/15/2036 | | | 55 | | 64,035 |
University of California, Series 2023 BN, Ref. RB
| 5.00% | | 05/15/2037 | | | 35 | | 40,659 |
University of California, Series 2023 BN, Ref. RB
| 5.00% | | 05/15/2038 | | | 255 | | 295,497 |
University of California, Series 2023 BN, Ref. RB
| 5.00% | | 05/15/2041 | | | 300 | | 341,895 |
University of California, Series 2023 BN, Ref. RB
| 5.00% | | 05/15/2042 | | | 30 | | 34,067 |
University of California, Series 2023 BN, Ref. RB
| 5.00% | | 05/15/2043 | | | 115 | | 129,982 |
University of California, Series 2023 BQ, RB
| 5.00% | | 05/15/2033 | | | 10 | | 11,816 |
Victor Valley Community College District (Election of 2008), Series 2024 E, GO Bonds
| 5.00% | | 08/01/2051 | | | 200 | | 219,527 |
| | | | | | | | | 8,359,458 |
| Colorado-0.87% | | | | | | | | |
Boulder Valley School District No. Re-2 Boulder, Series 2023, GO Bonds
| 4.13% | | 12/01/2046 | | | 150 | | 151,431 |
Colorado Springs (City of), CO, Series 2023 A, RB
| 5.25% | | 11/15/2053 | | | 200 | | 221,449 |
Denver (City & County of), CO, Series 2023, Ref. COP
| 5.00% | | 12/01/2035 | | | 15 | | 17,397 |
University of Colorado, Series 2017 A-2, Ref. RB
| 3.00% | | 06/01/2033 | | | 40 | | 38,797 |
| | | | | | | | | 429,074 |
| Connecticut-0.27% | | | | | | | | |
Connecticut (State of), Series 2021 A, GO Bonds
| 3.00% | | 01/15/2033 | | | 35 | | 34,387 |
Connecticut (State of), Series 2022 A, GO Bonds
| 4.00% | | 01/15/2033 | | | 35 | | 37,314 |
Connecticut (State of), Series 2024 A, GO Bonds
| 5.00% | | 01/15/2033 | | | 5 | | 5,824 |
Connecticut (State of) (Transportation Infrastructure), Series 2022 A, RB
| 5.00% | | 07/01/2034 | | | 5 | | 5,800 |
Connecticut (State of) (Transportation Infrastructure), Series 2022 A, RB
| 5.00% | | 07/01/2035 | | | 20 | | 23,122 |
Connecticut (State of) (Transportation Infrastructure), Series 2022 A, RB
| 5.00% | | 07/01/2037 | | | 10 | | 11,425 |
Connecticut (State of) (Transportation Infrastructure), Series 2022 A, RB
| 5.25% | | 07/01/2042 | | | 15 | | 17,007 |
| | | | | | | | | 134,879 |
| Delaware-0.28% | | | | | | | | |
Delaware (State of), Series 2023 A, GO Bonds
| 5.00% | | 05/01/2033 | | | 10 | | 11,827 |
Delaware (State of), Series 2023 A, GO Bonds
| 5.00% | | 05/01/2035 | | | 85 | | 99,866 |
Delaware (State of), Series 2023 A, GO Bonds
| 5.00% | | 05/01/2036 | | | 15 | | 17,534 |
Delaware (State of), Series 2023 A, GO Bonds
| 5.00% | | 05/01/2038 | | | 10 | | 11,593 |
| | | | | | | | | 140,820 |
| District of Columbia-1.94% | | | | | | | | |
District of Columbia, Series 2022 C, Ref. RB
| 5.00% | | 12/01/2033 | | | 55 | | 64,027 |
District of Columbia, Series 2023 A, GO Bonds
| 5.00% | | 01/01/2038 | | | 45 | | 51,524 |
District of Columbia, Series 2023 A, GO Bonds
| 5.00% | | 01/01/2045 | | | 120 | | 131,798 |
District of Columbia, Series 2023 A, GO Bonds
| 5.25% | | 01/01/2048 | | | 25 | | 27,886 |
District of Columbia, Series 2023 A, RB
| 5.00% | | 05/01/2038 | | | 10 | | 11,477 |
District of Columbia, Series 2023 A, RB
| 5.00% | | 05/01/2040 | | | 20 | | 22,600 |
District of Columbia, Series 2023 A, RB
| 5.00% | | 05/01/2042 | | | 15 | | 16,749 |
District of Columbia, Series 2023 A, RB
| 5.00% | | 05/01/2043 | | | 260 | | 289,385 |
Washington Metropolitan Area Transit Authority, Series 2023, RB
| 5.00% | | 07/15/2042 | | | 20 | | 22,218 |
Washington Metropolitan Area Transit Authority, Series 2023, RB
| 5.00% | | 07/15/2043 | | | 5 | | 5,520 |
Washington Metropolitan Area Transit Authority (Green Bonds), Series 2023 A, RB
| 5.00% | | 07/15/2042 | | | 30 | | 33,327 |
Washington Metropolitan Area Transit Authority (Green Bonds), Series 2023 A, RB
| 5.50% | | 07/15/2051 | | | 205 | | 229,652 |
Washington Metropolitan Area Transit Authority (Green Bonds), Series 2023 A, RB
| 5.25% | | 07/15/2053 | | | 20 | | 21,938 |
Washington Metropolitan Area Transit Authority (Green Bonds), Series 2023, RB
| 5.00% | | 07/15/2037 | | | 30 | | 34,461 |
| | | | | | | | | 962,562 |
| Florida-3.45% | | | | | | | | |
Broward (County of), FL School Board, Series 2016 A, Ref. COP
| 3.25% | | 07/01/2033 | | | 55 | | 54,307 |
Cape Coral (City of), FL, Series 2023, Ref. RB, (INS - BAM)(a)
| 5.60% | | 03/01/2048 | | | 170 | | 191,840 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2033 Municipal Bond ETF (BSSX)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Florida-(continued) | | | | | | | | |
Cape Coral (City of), FL, Series 2023, Ref. RB, (INS - BAM)(a)
| 5.25% | | 10/01/2053 | | $ | 40 | | $ 44,823 |
Florida (State of), Series 2023 A, Ref. GO Bonds
| 5.00% | | 06/01/2033 | | | 5 | | 5,886 |
Florida (State of), Series 2024 A, Ref. GO Bonds
| 5.00% | | 06/01/2033 | | | 10 | | 11,763 |
Florida (State of) Municipal Power Agency, Series 2021 A, RB
| 3.00% | | 10/01/2033 | | | 25 | | 23,539 |
Fort Lauderdale (City of), FL, Series 2023 A, RB
| 5.50% | | 09/01/2048 | | | 150 | | 170,682 |
Fort Lauderdale (City of), FL, Series 2023 A, RB
| 5.50% | | 09/01/2053 | | | 70 | | 78,974 |
Fort Myers (City of), FL, Series 2023, Ref. RB
| 5.50% | | 10/01/2049 | | | 5 | | 5,654 |
Hillsborough (County of), FL, Series 2023, GO Bonds
| 5.00% | | 07/01/2053 | | | 150 | | 164,048 |
Jacksonville (City of), FL, Series 2023 A, Ref. RB
| 5.25% | | 10/01/2048 | | | 100 | | 110,597 |
Lee County School Board (The), Series 2023 A, COP
| 4.00% | | 08/01/2046 | | | 20 | | 19,494 |
Manatee (County of), FL, Series 2023, RB
| 5.25% | | 10/01/2048 | | | 150 | | 168,707 |
Manatee (County of), FL, Series 2023, RB
| 5.50% | | 10/01/2053 | | | 150 | | 169,867 |
Manatee (County of), FL School District, Series 2023 A, COP, (INS - AGM)(a)
| 5.00% | | 07/01/2035 | | | 15 | | 17,151 |
Miami (City of) & Dade (County of), FL School Board, Series 2016 C, Ref. COP
| 3.25% | | 02/01/2033 | | | 100 | | 98,555 |
Miami (City of), FL, Series 2023 A, RB
| 5.25% | | 03/01/2053 | | | 5 | | 5,502 |
Miami-Dade (County of), FL Educational Facilities Authority (University of Miami), Series 2007 B, Ref. RB, (INS - AMBAC)(a)
| 5.25% | | 04/01/2033 | | | 20 | | 22,773 |
Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group), Series 2023 A, RB
| 5.00% | | 10/01/2053 | | | 85 | | 90,449 |
Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group), Series 2023, RB
| 5.00% | | 10/01/2041 | | | 10 | | 11,004 |
Orlando (City of), FL Utilities Commission, Series 2023 A, RB
| 5.00% | | 10/01/2048 | | | 100 | | 108,937 |
Putnam County School District, Series 2023, GO Bonds, (INS - AGM)(a)
| 4.25% | | 07/01/2052 | | | 100 | | 100,210 |
Sarasota (County of), FL School Board, Series 2023 A, COP
| 5.00% | | 07/01/2036 | | | 30 | | 34,337 |
| | | | | | | | | 1,709,099 |
| Georgia-1.09% | | | | | | | | |
Atlanta (City of), GA, Series 2023, RB
| 5.00% | | 07/01/2044 | | | 5 | | 5,523 |
Atlanta (City of), GA Department of Aviation (Green Bonds), Series 2023 B-1, RB
| 5.00% | | 07/01/2053 | | | 100 | | 108,038 |
Georgia (State of) (Bidding Group 1), Series 2023 A, GO Bonds
| 5.00% | | 07/01/2033 | | | 25 | | 29,612 |
Georgia (State of) (Bidding Group 2), Series 2023 A, GO Bonds
| 5.00% | | 07/01/2036 | | | 300 | | 351,191 |
Georgia (State of) (Tranche 2), Series 2016 A, GO Bonds
| 2.50% | | 02/01/2033 | | | 50 | | 46,195 |
| | | | | | | | | 540,559 |
| Hawaii-0.23% | | | | | | | | |
Hawaii (State of), Series 2016 FB, GO Bonds
| 3.00% | | 04/01/2033 | | | 25 | | 24,008 |
Honolulu (City & County of), HI, Series 2015, Ref. RB
| 3.50% | | 07/01/2033 | | | 75 | | 74,737 |
Honolulu (City & County of), HI, Series 2023, RB
| 5.25% | | 07/01/2053 | | | 15 | | 16,696 |
| | | | | | | | | 115,441 |
| Idaho-0.61% | | | | | | | | |
Idaho (State of) Housing & Finance Association, Series 2023 A, RB
| 5.00% | | 08/15/2041 | | | 20 | | 22,448 |
Idaho (State of) Housing & Finance Association, Series 2023 A, RB
| 5.25% | | 08/15/2048 | | | 250 | | 278,786 |
| | | | | | | | | 301,234 |
| Illinois-3.85% | | | | | | | | |
Chicago (City of), IL, Series 2023 B, Ref. RB, (INS - AGM)(a)
| 5.00% | | 01/01/2033 | | | 145 | | 165,421 |
Chicago (City of), IL Board of Education, Series 2023, RB
| 5.25% | | 04/01/2039 | | | 165 | | 181,785 |
Chicago (City of), IL Midway International Airport, Series 2023 B, Ref. RB, (INS - BAM)(a)
| 5.00% | | 01/01/2035 | | | 95 | | 108,888 |
Illinois (State of), Series 2022 B, GO Bonds
| 5.00% | | 10/01/2033 | | | 150 | | 168,286 |
Illinois (State of), Series 2023 C, GO Bonds
| 5.00% | | 12/01/2048 | | | 500 | | 533,173 |
Illinois (State of), Series 2023 D, Ref. GO Bonds
| 5.00% | | 07/01/2033 | | | 60 | | 67,195 |
Illinois (State of) Finance Authority (University of Chicago Medical), Series 2021 A, Ref. RB
| 5.00% | | 10/01/2033 | | | 40 | | 46,622 |
Illinois (State of) Municipal Electric Agency, Series 2015 A, Ref. RB
| 4.00% | | 02/01/2033 | | | 230 | | 230,381 |
Illinois (State of) Toll Highway Authority, Series 2023 A, RB
| 5.00% | | 01/01/2042 | | | 180 | | 201,187 |
Illinois (State of) Toll Highway Authority, Series 2023 A, RB
| 5.25% | | 01/01/2045 | | | 150 | | 167,719 |
Sales Tax Securitization Corp., Series 2021 A, Ref. RB
| 5.00% | | 01/01/2033 | | | 25 | | 28,508 |
Sales Tax Securitization Corp., Series 2023 C, Ref. RB
| 5.00% | | 01/01/2035 | | | 10 | | 11,305 |
| | | | | | | | | 1,910,470 |
| Indiana-1.22% | | | | | | | | |
Indiana (State of) Finance Authority (Citizens Energy Group), Series 2023, Ref. RB
| 5.00% | | 10/01/2035 | | | 10 | | 11,516 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2033 Municipal Bond ETF (BSSX)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Indiana-(continued) | | | | | | | | |
Indiana (State of) Finance Authority (Green Bonds), Series 2022, RB
| 5.00% | | 02/01/2033 | | $ | 5 | | $ 5,753 |
Indiana (State of) Finance Authority (Green Bonds), Series 2023, Ref. RB
| 5.00% | | 02/01/2035 | | | 55 | | 64,026 |
Indiana (State of) Finance Authority (Indiana University Health Obligated Group), Series 2023 A, RB
| 5.00% | | 10/01/2041 | | | 25 | | 27,706 |
Indiana (State of) Finance Authority (Indiana University Health Obligated Group), Series 2023 A, RB
| 5.00% | | 10/01/2042 | | | 100 | | 110,334 |
Indiana (State of) Finance Authority (Indiana University Health Obligated Group), Series 2023 A, RB
| 5.00% | | 10/01/2053 | | | 10 | | 10,728 |
Indiana (State of) Finance Authority (Tippecanoe LLC-Student HSG), Series 2023, RB
| 5.00% | | 06/01/2053 | | | 100 | | 103,475 |
Indianapolis Local Public Improvement Bond Bank, Series 2023, RB, (INS - BAM)(a)
| 5.25% | | 03/01/2067 | | | 200 | | 214,680 |
Indianapolis Local Public Improvement Bond Bank (Circle City Forward Phase II), Series 2023, RB
| 5.25% | | 02/01/2048 | | | 50 | | 55,695 |
| | | | | | | | | 603,913 |
| Iowa-0.57% | | | | | | | | |
Iowa (State of) Finance Authority, Series 2023, RB
| 5.25% | | 08/01/2048 | | | 100 | | 111,631 |
Iowa (State of) Finance Authority, Series 2023, Ref. RB
| 5.00% | | 08/01/2035 | | | 145 | | 169,351 |
| | | | | | | | | 280,982 |
| Kentucky-0.67% | | | | | | | | |
Christian County School District Finance Corp., Series 2023, RB, (INS - AGM)(a)
| 4.50% | | 10/01/2053 | | | 150 | | 154,340 |
Louisville (City of) & Jefferson (County of), KY Metropolitan Government (Norton Healthcare, Inc.), Series 2023 A, Ref. RB
| 5.00% | | 10/01/2040 | | | 160 | | 175,519 |
| | | | | | | | | 329,859 |
| Louisiana-1.19% | | | | | | | | |
Ernest N. Morial New Orleans Exhibition Hall Authority, Series 2023, RB
| 5.50% | | 07/15/2053 | | | 250 | | 278,073 |
Louisiana (State of), Series 2017 B, GO Bonds
| 3.00% | | 10/01/2033 | | | 90 | | 85,368 |
Louisiana (State of), Series 2023 A, Ref. GO Bonds
| 5.00% | | 02/01/2033 | | | 5 | | 5,811 |
Louisiana Stadium & Exposition District, Series 2023 A, Ref. RB
| 5.00% | | 07/01/2041 | | | 200 | | 221,634 |
| | | | | | | | | 590,886 |
| Maryland-1.27% | | | | | | | | |
Maryland (State of) (Bidding Group 2), First Series 2023 A, GO Bonds
| 5.00% | | 03/15/2035 | | | 45 | | 52,569 |
Maryland (State of) Department of Transportation, Series 2019, RB
| 2.50% | | 10/01/2033 | | | 25 | | 22,525 |
Maryland (State of) Health & Higher Educational Facilities Authority (Frederick Health System), Series 2023, Ref. RB
| 5.25% | | 07/01/2053 | | | 155 | | 163,919 |
Maryland (State of) Stadium Authority (Football Stadium Issue), Series 2023 A, RB
| 5.00% | | 03/01/2035 | | | 100 | | 114,328 |
Maryland (State of) Transportation Authority, Series 2021 A, Ref. RB
| 3.00% | | 07/01/2033 | | | 25 | | 24,556 |
Washington (State of) Suburban Sanitary Commission, Series 2023, RB
| 4.00% | | 06/01/2047 | | | 250 | | 250,574 |
| | | | | | | | | 628,471 |
| Massachusetts-4.73% | | | | | | | | |
Boston (City of), MA, Series 2023 A, GO Bonds
| 5.00% | | 11/01/2040 | | | 95 | | 110,659 |
Massachusetts (Commonwealth of), Series 2017 E, GO Bonds
| 3.00% | | 11/01/2033 | | | 25 | | 24,460 |
Massachusetts (Commonwealth of), Series 2022 C, GO Bonds
| 5.00% | | 10/01/2033 | | | 35 | | 40,665 |
Massachusetts (Commonwealth of), Series 2022 D, GO Bonds
| 5.00% | | 11/01/2033 | | | 10 | | 11,825 |
Massachusetts (Commonwealth of), Series 2023 A, GO Bonds
| 5.00% | | 05/01/2035 | | | 10 | | 11,682 |
Massachusetts (Commonwealth of), Series 2023 A, GO Bonds
| 5.00% | | 05/01/2036 | | | 5 | | 5,807 |
Massachusetts (Commonwealth of), Series 2023 A, GO Bonds
| 5.00% | | 05/01/2040 | | | 15 | | 17,046 |
Massachusetts (Commonwealth of), Series 2023 A, GO Bonds
| 5.00% | | 05/01/2043 | | | 185 | | 206,642 |
Massachusetts (Commonwealth of), Series 2023 A, GO Bonds
| 5.00% | | 05/01/2048 | | | 700 | | 766,061 |
Massachusetts (Commonwealth of), Series 2023 A, GO Bonds
| 5.00% | | 05/01/2053 | | | 35 | | 37,983 |
Massachusetts (Commonwealth of), Series 2023 B, GO Bonds
| 5.00% | | 10/01/2037 | | | 20 | | 23,240 |
Massachusetts (Commonwealth of), Series 2023 B, RB
| 5.00% | | 06/01/2050 | | | 20 | | 21,921 |
Massachusetts (Commonwealth of), Series 2023 B, Ref. GO Bonds
| 5.00% | | 05/01/2036 | | | 5 | | 5,807 |
Massachusetts (Commonwealth of), Series 2023 B, Ref. GO Bonds
| 5.00% | | 05/01/2038 | | | 15 | | 17,265 |
Massachusetts (Commonwealth of), Series 2023 B, Ref. GO Bonds
| 5.00% | | 05/01/2041 | | | 20 | | 22,604 |
Massachusetts (Commonwealth of), Series 2023 B, Ref. GO Bonds
| 5.00% | | 05/01/2043 | | | 35 | | 39,094 |
Massachusetts (Commonwealth of), Series 2023 C, GO Bonds
| 5.00% | | 10/01/2048 | | | 10 | | 10,982 |
Massachusetts (Commonwealth of), Series 2023 C, Ref. GO Bonds
| 5.00% | | 08/01/2039 | | | 10 | | 11,465 |
Massachusetts (Commonwealth of), Series 2023, RB
| 5.00% | | 06/01/2053 | | | 200 | | 218,113 |
Massachusetts (Commonwealth of) Bay Transportation Authority, Subseries 2023 A-1, RB
| 5.00% | | 07/01/2041 | | | 20 | | 22,533 |
Massachusetts (Commonwealth of) Bay Transportation Authority, Subseries 2023 A-1, RB
| 5.00% | | 07/01/2042 | | | 15 | | 16,802 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2033 Municipal Bond ETF (BSSX)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Massachusetts-(continued) | | | | | | | | |
Massachusetts (Commonwealth of) Bay Transportation Authority, Subseries 2023 A-1, RB
| 5.25% | | 07/01/2048 | | $ | 30 | | $ 33,485 |
Massachusetts (Commonwealth of) Bay Transportation Authority, Subseries 2023 A-1, RB
| 4.00% | | 07/01/2053 | | | 10 | | 9,694 |
Massachusetts (Commonwealth of) Bay Transportation Authority (Sustainability Bonds), Subseries 2023 A-1, RB
| 5.25% | | 07/01/2053 | | | 325 | | 359,438 |
Massachusetts (Commonwealth of) Development Finance Agency (Boston Medical Center), Series 2023, Ref. RB
| 5.25% | | 07/01/2048 | | | 215 | | 236,069 |
Massachusetts (Commonwealth of) Development Finance Agency (Boston University), Series 2023 FF, Ref. RB
| 5.00% | | 10/01/2048 | | | 10 | | 10,918 |
Massachusetts (Commonwealth of) Water Resources Authority, Series 2023 B, Ref. RB
| 5.25% | | 08/01/2048 | | | 50 | | 56,179 |
| | | | | | | | | 2,348,439 |
| Michigan-1.70% | | | | | | | | |
Kentwood Public Schools, Series 2023 II, GO Bonds, (INS - AGM)(a)
| 5.00% | | 05/01/2053 | | | 100 | | 107,227 |
Michigan (State of), Series 2018, GO Bonds
| 3.13% | | 05/01/2033 | | | 125 | | 124,723 |
Michigan (State of), Series 2023, RB
| 5.00% | | 11/15/2037 | | | 5 | | 5,793 |
Michigan (State of), Series 2023, RB
| 5.00% | | 11/15/2040 | | | 100 | | 114,033 |
Michigan (State of), Series 2023, RB
| 5.00% | | 11/15/2043 | | | 50 | | 56,034 |
Michigan (State of), Series 2023, RB
| 5.25% | | 11/15/2049 | | | 250 | | 279,913 |
Michigan (State of), Series 2023, RB
| 5.50% | | 11/15/2049 | | | 110 | | 125,289 |
Michigan (State of) Finance Authority (Henry Ford Health System), Series 2016, Ref. RB
| 3.00% | | 11/15/2033 | | | 15 | | 14,473 |
Michigan Technological University, Series 2023 C, RB, (INS - AGM)(a)
| 5.25% | | 10/01/2053 | | | 15 | | 16,553 |
| | | | | | | | | 844,038 |
| Minnesota-0.64% | | | | | | | | |
Minnesota (State of), Series 2023, COP
| 5.00% | | 11/01/2042 | | | 200 | | 224,299 |
Minnesota (State of) Public Facilities Authority, Series 2023 A, RB
| 5.00% | | 03/01/2035 | | | 80 | | 93,152 |
| | | | | | | | | 317,451 |
| Missouri-0.93% | | | | | | | | |
Missouri (State of) Environmental Improvement & Energy Resources Authority, Series 1998 A, Ref. RB
| 2.90% | | 09/01/2033 | | | 5 | | 4,578 |
Missouri (State of) Health & Educational Facilities Authority (BJC Health System), Series 2023 A, RB
| 5.00% | | 05/01/2033 | | | 105 | | 121,626 |
St. Louis (City of), MO, Series 2015 B, Ref. RB, (INS - AGM)(a)
| 3.25% | | 12/15/2033 | | | 345 | | 336,767 |
| | | | | | | | | 462,971 |
| Nebraska-0.47% | | | | | | | | |
Omaha (City of), NE Public Power District, Series 2023 A, RB
| 5.25% | | 02/01/2048 | | | 65 | | 72,008 |
Public Power Generation Agency (Whelan Energy Center Unit 2), Series 2016, Ref. RB
| 3.00% | | 01/01/2033 | | | 170 | | 162,770 |
| | | | | | | | | 234,778 |
| Nevada-0.51% | | | | | | | | |
Clark (County of), NV, Series 2021, Ref. GO Bonds
| 3.00% | | 11/01/2033 | | | 30 | | 29,555 |
Clark (County of), NV, Series 2023, RB
| 5.00% | | 07/01/2039 | | | 25 | | 28,220 |
Clark (County of), NV, Series 2023, RB
| 5.00% | | 07/01/2040 | | | 10 | | 11,223 |
Clark County School District, Series 2023 A, GO Bonds
| 4.00% | | 06/15/2043 | | | 10 | | 9,979 |
Las Vegas (City of), NV Convention & Visitors Authority, Series 2023 A, RB
| 5.00% | | 07/01/2049 | | | 5 | | 5,387 |
Las Vegas Valley Water District, Series 2021 C, GO Bonds
| 3.00% | | 06/01/2033 | | | 55 | | 53,062 |
Nevada (State of), Series 2023 A, GO Bonds
| 5.00% | | 05/01/2039 | | | 50 | | 57,073 |
Nevada (State of), Series 2023 A, GO Bonds
| 5.00% | | 05/01/2040 | | | 40 | | 45,389 |
Nevada (State of), Series 2023 A, GO Bonds
| 5.00% | | 05/01/2043 | | | 10 | | 11,194 |
| | | | | | | | | 251,082 |
| New Jersey-4.02% | | | | | | | | |
Middlesex (County of), NJ Improvement Authority (New Jersey Health + Life Science Exchange - H-1), Series 2023, RB
| 5.00% | | 08/15/2053 | | | 200 | | 219,435 |
New Jersey (State of) Educational Facilities Authority (Montclair University), Series 2023 A, RB
| 4.63% | | 09/01/2048 | | | 5 | | 5,156 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2023 A, Ref. RB
| 5.00% | | 06/15/2037 | | | 25 | | 28,214 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2023 A, Ref. RB
| 4.25% | | 06/15/2040 | | | 305 | | 314,172 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2023 AA, Ref. RB
| 5.00% | | 06/15/2033 | | | 40 | | 45,808 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2023 AA, Ref. RB
| 5.00% | | 06/15/2035 | | | 135 | | 153,598 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2023 AA, Ref. RB
| 5.00% | | 06/15/2036 | | | 25 | | 28,306 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2033 Municipal Bond ETF (BSSX)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| New Jersey-(continued) | | | | | | | | |
New Jersey (State of) Transportation Trust Fund Authority, Series 2023 AA, Ref. RB
| 5.00% | | 06/15/2037 | | $ | 90 | | $ 101,569 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2023 AA, Ref. RB
| 5.00% | | 06/15/2039 | | | 15 | | 16,742 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2023 AA, Ref. RB
| 5.00% | | 06/15/2040 | | | 10 | | 11,091 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2023 BB, RB
| 5.00% | | 06/15/2033 | | | 10 | | 11,483 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2023 BB, RB
| 5.00% | | 06/15/2035 | | | 40 | | 45,825 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2023 BB, RB
| 5.00% | | 06/15/2036 | | | 15 | | 17,088 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2023 BB, RB
| 5.00% | | 06/15/2037 | | | 10 | | 11,351 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2023 BB, RB
| 5.00% | | 06/15/2038 | | | 25 | | 28,233 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2023 BB, RB
| 5.00% | | 06/15/2040 | | | 150 | | 167,136 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2023 BB, RB
| 5.00% | | 06/15/2041 | | | 35 | | 38,773 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2023 BB, RB
| 5.00% | | 06/15/2043 | | | 115 | | 126,016 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2023 BB, RB
| 5.00% | | 06/15/2046 | | | 205 | | 221,741 |
New Jersey (State of) Turnpike Authority, Series 2022 B, RB
| 5.00% | | 01/01/2042 | | | 15 | | 16,629 |
New Jersey (State of) Turnpike Authority, Series 2022 B, RB
| 5.00% | | 01/01/2046 | | | 350 | | 384,603 |
| | | | | | | | | 1,992,969 |
| New York-18.35% | | | | | | | | |
Battery Park (City of), NY Authority (Sustainability Bonds), Series 2023 A, RB
| 5.00% | | 11/01/2044 | | | 55 | | 61,984 |
Battery Park (City of), NY Authority (Sustainability Bonds), Series 2023 A, RB
| 5.00% | | 11/01/2048 | | | 25 | | 27,720 |
Battery Park (City of), NY Authority (Sustainability Bonds), Series 2023 A, RB
| 5.00% | | 11/01/2053 | | | 150 | | 164,861 |
Long Island (City of), NY Power Authority (Green Bonds), Series 2023 E, RB
| 5.00% | | 09/01/2048 | | | 10 | | 10,951 |
Metropolitan Transportation Authority, Series 2015 F, Ref. RB
| 3.25% | | 11/15/2033 | | | 50 | | 47,488 |
Monroe County Industrial Development Corp. (University of Rochester), Series 2023 A, RB
| 5.00% | | 07/01/2053 | | | 60 | | 65,431 |
New York & New Jersey (States of) Port Authority, One Hundred Eighty Nineth Series 2015, Ref. RB
| 3.25% | | 05/01/2033 | | | 65 | | 62,627 |
New York & New Jersey (States of) Port Authority, Two Hundred Fortieth Series 2023, Ref. RB
| 5.00% | | 07/15/2040 | | | 25 | | 28,337 |
New York & New Jersey (States of) Port Authority, Two Hundred Fortieth Series 2023, Ref. RB
| 5.00% | | 07/15/2048 | | | 10 | | 10,979 |
New York & New Jersey (States of) Port Authority, Two Hundred Forty First Series 2023, RB
| 5.00% | | 07/15/2042 | | | 200 | | 225,586 |
New York & New Jersey (States of) Port Authority, Two Hundred Thirty Seventh Series 2022, RB
| 5.00% | | 01/15/2047 | | | 50 | | 54,797 |
New York (City of), NY, Series 2013 E, GO Bonds
| 3.00% | | 08/01/2033 | | | 90 | | 85,882 |
New York (City of), NY, Series 2015 F-1, GO Bonds
| 3.50% | | 06/01/2033 | | | 10 | | 10,008 |
New York (City of), NY, Series 2018 E-1, GO Bonds
| 3.25% | | 03/01/2033 | | | 60 | | 60,075 |
New York (City of), NY, Series 2023 A, GO Bonds
| 5.00% | | 08/01/2040 | | | 5 | | 5,592 |
New York (City of), NY, Series 2023 F-1, Ref. GO Bonds
| 5.00% | | 08/01/2035 | | | 130 | | 150,391 |
New York (City of), NY, Series 2024 A, GO Bonds
| 5.00% | | 08/01/2051 | | | 30 | | 32,385 |
New York (City of), NY, Subseries 2023 E-1, GO Bonds
| 5.00% | | 04/01/2035 | | | 500 | | 576,550 |
New York (City of), NY, Subseries 2023 E-1, GO Bonds
| 5.00% | | 04/01/2037 | | | 5 | | 5,694 |
New York (City of), NY, Subseries 2023 E-1, GO Bonds
| 5.25% | | 04/01/2043 | | | 85 | | 95,223 |
New York (City of), NY, Subseries 2023 E-1, GO Bonds
| 5.25% | | 04/01/2047 | | | 255 | | 281,686 |
New York (City of), NY Municipal Water Finance Authority, Series 2023 D, Ref. RB
| 5.25% | | 06/15/2047 | | | 100 | | 111,464 |
New York (City of), NY Municipal Water Finance Authority, Series 2023 DD, Ref. RB
| 5.00% | | 06/15/2046 | | | 500 | | 548,326 |
New York (City of), NY Municipal Water Finance Authority, Subseries 2023 AA-3, Ref. RB
| 5.00% | | 06/15/2043 | | | 10 | | 11,174 |
New York (City of), NY Municipal Water Finance Authority, Subseries 2024 AA-1, RB
| 5.25% | | 06/15/2053 | | | 250 | | 277,838 |
New York (City of), NY Municipal Water Finance Authority, Subseries 2024 BB-2, Ref. RB
| 5.00% | | 06/15/2036 | | | 20 | | 23,430 |
New York (City of), NY Municipal Water Finance Authority, Subseries 2024 BB-2, Ref. RB
| 5.00% | | 06/15/2039 | | | 60 | | 68,896 |
New York (City of), NY Municipal Water Finance Authority, Subseries 2024 BB-2, Ref. RB
| 5.00% | | 06/15/2045 | | | 250 | | 276,556 |
New York (City of), NY Municipal Water Finance Authority, Subseries 2024 BB-2, Ref. RB
| 5.25% | | 06/15/2047 | | | 80 | | 89,610 |
New York (City of), NY Transitional Finance Authority, Series 2022 A-1, RB
| 5.00% | | 08/01/2033 | | | 20 | | 23,063 |
New York (City of), NY Transitional Finance Authority, Series 2022 B-1, Ref. RB
| 5.00% | | 11/01/2033 | | | 30 | | 34,703 |
New York (City of), NY Transitional Finance Authority, Series 2023 A, RB
| 5.00% | | 05/01/2039 | | | 10 | | 11,283 |
New York (City of), NY Transitional Finance Authority, Series 2023 A-1, RB
| 5.00% | | 05/01/2044 | | | 110 | | 121,227 |
New York (City of), NY Transitional Finance Authority, Series 2023 A-1, RB
| 5.00% | | 05/01/2046 | | | 200 | | 218,793 |
New York (City of), NY Transitional Finance Authority, Series 2023 A-1, RB
| 5.00% | | 05/01/2053 | | | 40 | | 43,195 |
New York (City of), NY Transitional Finance Authority, Series 2023 C, RB
| 5.50% | | 05/01/2053 | | | 275 | | 309,879 |
New York (City of), NY Transitional Finance Authority, Series 2023 E-1, Ref. RB
| 5.00% | | 11/01/2033 | | | 30 | | 34,957 |
New York (City of), NY Transitional Finance Authority, Series 2023 E-1, Ref. RB
| 5.00% | | 11/01/2036 | | | 125 | | 142,875 |
New York (City of), NY Transitional Finance Authority, Series 2023 E-1, Ref. RB
| 5.00% | | 11/01/2038 | | | 10 | | 11,333 |
New York (City of), NY Transitional Finance Authority, Series 2023 E-1, Ref. RB
| 5.00% | | 11/01/2039 | | | 5 | | 5,641 |
New York (City of), NY Transitional Finance Authority, Series 2023 E-1, Ref. RB
| 5.00% | | 11/01/2041 | | | 15 | | 16,773 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2033 Municipal Bond ETF (BSSX)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| New York-(continued) | | | | | | | | |
New York (City of), NY Transitional Finance Authority, Series 2023 F-1, RB
| 5.00% | | 02/01/2039 | | $ | 80 | | $ 90,027 |
New York (City of), NY Transitional Finance Authority, Series 2023 F-1, RB
| 5.00% | | 02/01/2041 | | | 5 | | 5,578 |
New York (City of), NY Transitional Finance Authority, Series 2023 F-1, RB
| 5.25% | | 02/01/2047 | | | 140 | | 154,853 |
New York (City of), NY Transitional Finance Authority, Series 2023, RB
| 5.00% | | 05/01/2035 | | | 5 | | 5,792 |
New York (City of), NY Transitional Finance Authority, Series 2023, RB
| 5.00% | | 05/01/2039 | | | 15 | | 17,020 |
New York (City of), NY Transitional Finance Authority, Series 2023, RB
| 5.50% | | 05/01/2047 | | | 10 | | 11,356 |
New York (City of), NY Transitional Finance Authority, Series 2023, RB
| 5.25% | | 05/01/2048 | | | 500 | | 555,826 |
New York (City of), NY Transitional Finance Authority, Series 2023, RB
| 5.25% | | 05/01/2050 | | | 135 | | 149,760 |
New York (City of), NY Transitional Finance Authority, Subseries 2016 E-1, RB
| 3.00% | | 02/01/2033 | | | 105 | | 104,489 |
New York (City of), NY Transitional Finance Authority, Subseries 2023 A-1, RB
| 5.00% | | 05/01/2036 | | | 25 | | 28,643 |
New York (City of), NY Transitional Finance Authority, Subseries 2023 F-1, RB
| 5.00% | | 02/01/2038 | | | 100 | | 113,470 |
New York (State of), Series 2023 A, GO Bonds
| 5.00% | | 03/15/2037 | | | 20 | | 23,455 |
New York (State of), Series 2023 A, GO Bonds
| 5.00% | | 03/15/2040 | | | 90 | | 103,357 |
New York (State of) Dormitory Authority, Series 2019, RB
| 2.00% | | 07/01/2033 | | | 470 | | 402,789 |
New York (State of) Dormitory Authority, Series 2023 A, RB
| 5.00% | | 10/01/2033 | | | 15 | | 17,986 |
New York (State of) Dormitory Authority, Series 2023 A, Ref. RB
| 5.00% | | 03/15/2033 | | | 10 | | 11,657 |
New York (State of) Dormitory Authority, Series 2023 A, Ref. RB
| 5.00% | | 03/15/2036 | | | 55 | | 62,825 |
New York (State of) Dormitory Authority, Series 2023 A, Ref. RB
| 5.00% | | 03/15/2038 | | | 30 | | 34,047 |
New York (State of) Dormitory Authority, Series 2023 A-1, Ref. RB
| 5.00% | | 03/15/2035 | | | 10 | | 11,591 |
New York (State of) Dormitory Authority, Series 2023 A-1, Ref. RB
| 5.00% | | 03/15/2036 | | | 45 | | 51,913 |
New York (State of) Dormitory Authority, Series 2023 A-1, Ref. RB
| 5.00% | | 03/15/2037 | | | 60 | | 68,833 |
New York (State of) Dormitory Authority, Series 2023 A-1, Ref. RB
| 5.00% | | 03/15/2038 | | | 5 | | 5,705 |
New York (State of) Dormitory Authority, Series 2023 A-1, Ref. RB
| 5.00% | | 03/15/2040 | | | 30 | | 33,651 |
New York (State of) Dormitory Authority, Series 2023 A-1, Ref. RB
| 5.00% | | 03/15/2041 | | | 5 | | 5,580 |
New York (State of) Dormitory Authority, Series 2023 A-1, Ref. RB
| 5.00% | | 03/15/2045 | | | 200 | | 218,866 |
New York (State of) Dormitory Authority (State University of New York Dormitory Facilities), Series 2023, RB
| 5.00% | | 07/01/2048 | | | 130 | | 140,839 |
New York (State of) Dormitory Authority (Sustainability Bonds), Series 2023, RB
| 5.00% | | 07/01/2053 | | | 55 | | 59,166 |
New York (State of) Power Authority (Green Transmission), Series 2023, RB, (INS - AGM)(a)
| 5.00% | | 11/15/2038 | | | 15 | | 17,413 |
New York (State of) Power Authority (Green Transmission) (Green Bonds), Series 2023, RB, (INS - AGM)(a)
| 5.13% | | 11/15/2058 | | | 180 | | 199,644 |
New York State Environmental Facilities Corp., Series 2023, Ref. RB
| 5.00% | | 06/15/2053 | | | 10 | | 10,948 |
New York State Urban Development Corp., Series 2023, Ref. RB
| 5.00% | | 03/15/2063 | | | 250 | | 269,323 |
New York State Urban Development Corp. (Bidding Group 3), Series 2023 A, RB
| 5.00% | | 03/15/2045 | | | 20 | | 21,996 |
New York State Urban Development Corp. (Bidding Group 3), Series 2023 A, RB
| 5.00% | | 03/15/2048 | | | 85 | | 92,613 |
New York State Urban Development Corp. (Bidding Group 4), Series 2023 A, RB
| 5.00% | | 03/15/2050 | | | 350 | | 381,482 |
Triborough Bridge & Tunnel Authority, Series 2023 A, RB
| 5.00% | | 05/15/2041 | | | 10 | | 11,243 |
Triborough Bridge & Tunnel Authority, Series 2023 C, RB
| 5.00% | | 11/15/2037 | | | 105 | | 121,024 |
Triborough Bridge & Tunnel Authority, Series 2023 C, RB
| 5.00% | | 11/15/2038 | | | 15 | | 17,179 |
Triborough Bridge & Tunnel Authority, Series 2023 C, RB
| 5.25% | | 11/15/2039 | | | 10 | | 11,617 |
Triborough Bridge & Tunnel Authority, Series 2023 C, RB
| 5.25% | | 11/15/2040 | | | 155 | | 178,881 |
Triborough Bridge & Tunnel Authority, Series 2023 C, RB
| 5.00% | | 11/15/2041 | | | 40 | | 45,013 |
Triborough Bridge & Tunnel Authority, Series 2023 C, RB
| 5.00% | | 11/15/2043 | | | 5 | | 5,566 |
Triborough Bridge & Tunnel Authority, Series 2023, Ref. RB
| 4.00% | | 11/15/2033 | | | 10 | | 10,765 |
Triborough Bridge & Tunnel Authority, Subseries 2023 B-1, RB
| 5.00% | | 11/15/2048 | | | 50 | | 54,518 |
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2021 C-2, Ref. RB
| 3.00% | | 05/15/2033 | | | 40 | | 40,254 |
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2023 A, RB
| 5.00% | | 05/15/2043 | | | 45 | | 50,070 |
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2023 A, RB
| 5.00% | | 05/15/2048 | | | 70 | | 76,413 |
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2023 C, Ref. RB
| 5.25% | | 11/15/2042 | | | 25 | | 28,495 |
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2023, Ref. RB
| 4.00% | | 11/15/2035 | | | 25 | | 26,465 |
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2023, Ref. RB
| 5.00% | | 11/15/2035 | | | 15 | | 17,364 |
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2023, Ref. RB
| 5.00% | | 11/15/2036 | | | 25 | | 28,771 |
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2024, A-2 RB
| 5.25% | | 05/15/2064 | | | 200 | | 218,311 |
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Subseries 2023 B-1, RB
| 5.00% | | 11/15/2045 | | | 5 | | 5,511 |
Westchester County Local Development Corp. (Westchester Medical Center Obligated Group), Series 2023, RB, (INS - AGM)(a)
| 5.75% | | 11/01/2048 | | | 200 | | 227,353 |
| | | | | | | | | 9,102,569 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2033 Municipal Bond ETF (BSSX)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| North Carolina-0.62% | | | | | | | | |
Charlotte (City of), NC, Series 2023 A, RB
| 5.25% | | 07/01/2053 | | $ | 250 | | $ 277,084 |
North Carolina (State of), Series 2013 A, RB
| 3.00% | | 05/01/2033 | | | 15 | | 14,567 |
North Carolina (State of) (Build North Carolina Programs), Series 2022 A, RB
| 5.00% | | 05/01/2033 | | | 15 | | 17,353 |
| | | | | | | | | 309,004 |
| Ohio-1.82% | | | | | | | | |
Columbus (City of), OH, Series 2016 A, GO Bonds
| 3.00% | | 08/15/2033 | | | 85 | | 81,783 |
Northeast Ohio Regional Sewer District, Series 2019, Ref. RB
| 3.00% | | 11/15/2033 | | | 35 | | 33,527 |
Ohio (State of), Series 2023 A, Ref. GO Bonds
| 5.00% | | 03/15/2036 | | | 5 | | 5,797 |
Ohio (State of), Series 2023 A, Ref. GO Bonds
| 5.00% | | 03/15/2037 | | | 5 | | 5,773 |
Ohio (State of), Series 2023, Ref. GO Bonds
| 5.00% | | 09/01/2033 | | | 20 | | 23,655 |
Ohio (State of) (Infrastructure Improvement), Series 2023, Ref. GO Bonds
| 5.00% | | 09/01/2035 | | | 20 | | 23,414 |
Ohio (State of) Higher Educational Facility Commission (Kenyon College), Series 2023, Ref. RB
| 5.00% | | 07/01/2036 | | | 30 | | 33,949 |
Ohio (State of) Higher Educational Facility Commission (Oberlin College 2023), Series 2023, RB
| 5.00% | | 10/01/2048 | | | 30 | | 32,609 |
Ohio (State of) Higher Educational Facility Commission (Oberlin College 2023), Series 2023, RB
| 5.25% | | 10/01/2053 | | | 5 | | 5,502 |
Ohio (State of) Turnpike & Infrastructure Commission, Series 2022, Ref. RB
| 5.00% | | 02/15/2033 | | | 5 | | 5,822 |
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2019 B, RB
| 3.00% | | 12/01/2033 | | | 65 | | 64,067 |
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2023 B, RB
| 5.00% | | 12/01/2037 | | | 355 | | 409,982 |
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2023 B, RB
| 5.00% | | 12/01/2039 | | | 15 | | 17,099 |
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2023 B, RB
| 5.00% | | 12/01/2041 | | | 5 | | 5,640 |
Ohio State University (The), Series 2023, RB
| 5.00% | | 12/01/2034 | | | 5 | | 5,865 |
Ohio State University (The), Series 2023, RB
| 4.25% | | 12/01/2056 | | | 150 | | 148,611 |
| | | | | | | | | 903,095 |
| Oklahoma-0.05% | | | | | | | | |
Grand River Dam Authority, Series 2023, RB
| 5.00% | | 06/01/2040 | | | 5 | | 5,619 |
Grand River Dam Authority, Series 2023, RB
| 5.00% | | 06/01/2042 | | | 15 | | 16,691 |
| | | | | | | | | 22,310 |
| Oregon-1.25% | | | | | | | | |
Oregon (State of) (Article XI - Q State), Series 2023 A, GO Bonds
| 5.00% | | 05/01/2036 | | | 15 | | 17,421 |
Oregon (State of) (Article XI - Q State), Series 2023 A, GO Bonds
| 5.00% | | 05/01/2038 | | | 15 | | 17,179 |
Oregon (State of) (Article XI - Q State), Series 2023 A, GO Bonds
| 5.00% | | 05/01/2039 | | | 115 | | 131,243 |
Oregon (State of) (Article XI-Q State), Series 2023 A, GO Bonds
| 5.00% | | 05/01/2037 | | | 20 | | 23,042 |
Oregon (State of) (Article XI-Q State), Series 2023 A, GO Bonds
| 5.00% | | 05/01/2041 | | | 65 | | 73,202 |
Oregon (State of) (Article XI-Q State), Series 2023 A, GO Bonds
| 5.00% | | 05/01/2043 | | | 50 | | 55,730 |
Oregon (State of) Department of Transportation, Series 2023 A, RB
| 5.00% | | 11/15/2037 | | | 10 | | 11,512 |
Oregon (State of) Department of Transportation, Series 2023 A, RB
| 5.00% | | 11/15/2040 | | | 40 | | 45,284 |
Oregon (State of) Department of Transportation, Series 2023 A, RB
| 5.00% | | 11/15/2041 | | | 65 | | 73,234 |
Oregon (State of) Lottery, Series 2023 A, RB
| 5.00% | | 04/01/2041 | | | 10 | | 11,276 |
Oregon (State of) Lottery, Series 2023 A, RB
| 5.00% | | 04/01/2043 | | | 5 | | 5,576 |
Portland (City of), OR, Series 2023 A, Ref. RB
| 5.00% | | 12/01/2034 | | | 35 | | 40,645 |
Portland (City of), OR, Series 2023 A, Ref. RB
| 5.00% | | 12/01/2047 | | | 100 | | 109,725 |
Portland Community College District, Series 2023, GO Bonds
| 5.00% | | 06/15/2037 | | | 5 | | 5,768 |
| | | | | | | | | 620,837 |
| Pennsylvania-2.39% | | | | | | | | |
Pennsylvania (Commonwealth of), Second Series 2016, GO Bonds, (INS - AGM)(a)
| 3.00% | | 09/15/2033 | | | 330 | | 325,826 |
Pennsylvania (Commonwealth of) Economic Development Financing Authority, Series 2017 A, Ref. RB
| 3.38% | | 11/15/2033 | | | 75 | | 74,507 |
Pennsylvania (Commonwealth of) Economic Development Financing Authority (State System Higher Education), Series 2016, Ref. RB
| 4.00% | | 03/15/2033 | | | 25 | | 25,164 |
Pennsylvania (Commonwealth of) Turnpike Commission, First Series 2023, Ref. RB
| 5.00% | | 12/01/2033 | | | 40 | | 46,203 |
Pennsylvania (Commonwealth of) Turnpike Commission, First Series 2023, Ref. RB
| 5.00% | | 12/01/2034 | | | 10 | | 11,418 |
Pennsylvania (Commonwealth of) Turnpike Commission, First Series 2023, Ref. RB
| 5.00% | | 12/01/2039 | | | 505 | | 565,841 |
Pennsylvania (Commonwealth of) Turnpike Commission, First Series 2023, Ref. RB
| 5.00% | | 12/01/2040 | | | 10 | | 11,176 |
Philadelphia (City of), PA, Series 2023 B, Ref. RB, (INS - AGM)(a)
| 5.00% | | 09/01/2035 | | | 30 | | 34,862 |
Philadelphia (City of), PA, Series 2023 B, Ref. RB, (INS - AGM)(a)
| 5.00% | | 09/01/2040 | | | 15 | | 16,990 |
Philadelphia (City of), PA, Series 2023 B, Ref. RB, (INS - AGM)(a)
| 5.50% | | 09/01/2053 | | | 20 | | 22,809 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2033 Municipal Bond ETF (BSSX)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Pennsylvania-(continued) | | | | | | | | |
Pittsburgh (City of), PA Water & Sewer Authority, Series 2023 A, RB, (INS - AGM)(a)
| 5.00% | | 09/01/2048 | | $ | 25 | | $ 26,981 |
Westmoreland (County of), PA Municipal Authority, Series 2017, Ref. RB, (INS - BAM)(a)
| 3.13% | | 08/15/2033 | | | 25 | | 24,332 |
| | | | | | | | | 1,186,109 |
| Rhode Island-0.29% | | | | | | | | |
Rhode Island Health & Educational Building Corp. (Brown University), Series 2022 A, RB
| 5.00% | | 09/01/2033 | | | 45 | | 52,263 |
Rhode Island Health & Educational Building Corp. (Providence College), Series 2023, RB
| 5.00% | | 11/01/2047 | | | 85 | | 92,533 |
| | | | | | | | | 144,796 |
| South Carolina-0.52% | | | | | | | | |
Inman Campobello Water District, Series 2023, RB, (INS - BAM)(a)
| 4.38% | | 06/01/2053 | | | 250 | | 256,223 |
| Tennessee-0.93% | | | | | | | | |
Johnson City (City of), TN Health & Educational Facilities Board (Ballad Health Obligated Group), Series 2023 A, Ref. RB
| 5.00% | | 07/01/2033 | | | 65 | | 72,804 |
Knox (County of), TN Health, Educational & Housing Facility Board (University of Tennessee), Series 2024 A-1, RB, (INS - BAM)(a)
| 5.50% | | 07/01/2059 | | | 150 | | 163,062 |
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2021 C, GO Bonds
| 3.00% | | 01/01/2033 | | | 75 | | 72,446 |
Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Vanderbilt University Medical Center), Series 2023, RB
| 5.00% | | 07/01/2033 | | | 5 | | 5,698 |
Nashville (City of) & Davidson (County of), TN Metropolitan Government (Belmont University), Series 2023, RB
| 5.25% | | 05/01/2048 | | | 10 | | 10,879 |
Nashville (City of) & Davidson (County of), TN Metropolitan Government (Belmont University), Series 2023, RB
| 5.25% | | 05/01/2053 | | | 10 | | 10,833 |
Tennessee (State of), Series 2023 A, GO Bonds
| 5.00% | | 05/01/2037 | | | 50 | | 58,018 |
Tennessee (State of), Series 2023 A, GO Bonds
| 5.00% | | 05/01/2038 | | | 40 | | 46,205 |
Tennessee (State of), Series 2023 A, GO Bonds
| 5.00% | | 05/01/2039 | | | 20 | | 22,939 |
| | | | | | | | | 462,884 |
| Texas-14.47% | | | | | | | | |
Arlington Higher Education Finance Corp. (Trinity Basin Preparatory, Inc.), Series 2023, RB, (CEP - Texas Permanent School Fund)
| 4.50% | | 08/15/2053 | | | 20 | | 20,661 |
Austin (City of), TX, Series 2023, Ref. GO Bonds
| 5.00% | | 09/01/2033 | | | 45 | | 52,558 |
Austin (City of), TX, Series 2023, Ref. RB
| 5.00% | | 11/15/2033 | | | 50 | | 58,178 |
Austin (City of), TX, Series 2023, Ref. RB
| 5.00% | | 11/15/2036 | | | 5 | | 5,731 |
Austin (City of), TX, Series 2023, Ref. RB
| 5.00% | | 11/15/2037 | | | 65 | | 74,248 |
Austin (City of), TX, Series 2023, Ref. RB
| 5.00% | | 11/15/2048 | | | 15 | | 16,222 |
Austin Community College District, Series 2023, GO Bonds
| 5.00% | | 08/01/2048 | | | 40 | | 43,646 |
Austin Community College District, Series 2023, GO Bonds
| 5.25% | | 08/01/2053 | | | 20 | | 22,105 |
Austin Independent School District, Series 2023, GO Bonds
| 5.00% | | 08/01/2042 | | | 100 | | 110,944 |
Austin Independent School District, Series 2023, GO Bonds
| 5.00% | | 08/01/2043 | | | 50 | | 55,259 |
Bastrop Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 02/15/2048 | | | 100 | | 109,016 |
Bexar (County of), TX, Series 2023, Ctfs. of Obligations
| 5.00% | | 06/15/2049 | | | 15 | | 16,236 |
Birdville Independent School District, Series 2023 A, GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 02/15/2048 | | | 60 | | 65,364 |
Board of Regents of the University of Texas System, Series 2024 A, Ref. RB
| 5.00% | | 08/15/2033 | | | 10 | | 11,742 |
Carrollton-Farmers Branch Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 02/15/2048 | | | 25 | | 27,273 |
Chapel Hill Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 02/15/2048 | | | 100 | | 108,911 |
Collin (County of), TX, Series 2023, GO Bonds
| 5.00% | | 02/15/2041 | | | 10 | | 11,065 |
Community Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 02/15/2048 | | | 100 | | 108,714 |
Crowley Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 02/01/2048 | | | 200 | | 216,184 |
Cypress-Fairbanks Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 02/15/2037 | | | 50 | | 57,033 |
Cypress-Fairbanks Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
| 4.00% | | 02/15/2048 | | | 150 | | 146,752 |
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2022 B, Ref. RB
| 5.00% | | 11/01/2033 | | | 10 | | 11,450 |
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2023 B, Ref. RB
| 5.00% | | 11/01/2039 | | | 5 | | 5,623 |
Dallas (City of), TX, Series 2017, Ref. GO Bonds, (INS - AGM)(a)
| 3.00% | | 02/15/2033 | | | 70 | | 67,205 |
Dallas (City of), TX, Series 2023 A, Ref. GO Bonds
| 5.00% | | 02/15/2036 | | | 5 | | 5,672 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2033 Municipal Bond ETF (BSSX)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Texas-(continued) | | | | | | | | |
Dallas (City of), TX, Series 2023 A, Ref. GO Bonds
| 5.00% | | 02/15/2039 | | $ | 15 | | $ 16,697 |
Dallas (City of), TX, Series 2023 A, Ref. GO Bonds
| 5.00% | | 02/15/2041 | | | 10 | | 10,997 |
Dallas (City of), TX Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 02/15/2043 | | | 20 | | 22,214 |
Denton Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 08/15/2035 | | | 5 | | 5,833 |
Denton Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 08/15/2037 | | | 60 | | 69,233 |
Denton Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 08/15/2038 | | | 40 | | 45,805 |
Denton Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 08/15/2042 | | | 150 | | 167,869 |
Denton Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 08/15/2048 | | | 145 | | 158,266 |
Dickinson Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
| 4.13% | | 02/15/2048 | | | 5 | | 4,985 |
Duncanville Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 02/15/2049 | | | 5 | | 5,407 |
El Paso (City of), TX, Series 2023, RB
| 5.25% | | 03/01/2049 | | | 25 | | 27,309 |
Fort Worth (City of), TX, Series 2024, GO Bonds
| 4.13% | | 03/01/2044 | | | 100 | | 99,321 |
Garland Independent School District, Series 2023 A, GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 02/15/2039 | | | 10 | | 11,248 |
Garland Independent School District, Series 2023 A, GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 02/15/2040 | | | 75 | | 83,897 |
Garland Independent School District, Series 2023 A, GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 02/15/2041 | | | 10 | | 11,134 |
Garland Independent School District, Series 2023 A, GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 02/15/2048 | | | 230 | | 248,834 |
Greenwood Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 02/15/2049 | | | 50 | | 54,291 |
Harris (County of), TX, Series 2024 A, RB
| 5.00% | | 08/15/2033 | | | 10 | | 11,734 |
Harris (County of), TX Port Authority of Houston, Series 2023, RB
| 5.00% | | 10/01/2048 | | | 10 | | 10,846 |
Harris (County of), TX Toll Road Authority (The), Series 2022 A, Ref. RB
| 5.00% | | 08/15/2033 | | | 50 | | 57,766 |
Houston (City of), TX, Series 2023 A, GO Bonds
| 5.25% | | 03/01/2042 | | | 105 | | 117,038 |
Houston Independent School District, Series 2014, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
| 4.00% | | 02/15/2033 | | | 10 | | 10,001 |
Hutto Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 08/01/2048 | | | 40 | | 43,425 |
Irving Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 02/15/2033 | | | 55 | | 63,678 |
Lamar Consolidated Independent School District, Series 2023 A, GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 02/15/2041 | | | 10 | | 11,119 |
Lamar Consolidated Independent School District, Series 2023 A, GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 02/15/2042 | | | 10 | | 11,074 |
Lamar Consolidated Independent School District, Series 2023 A, GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 02/15/2053 | | | 500 | | 539,893 |
Lamar Consolidated Independent School District, Series 2023, GO Bonds
| 5.00% | | 02/15/2041 | | | 15 | | 16,495 |
Lewisville Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 08/15/2036 | | | 160 | | 183,950 |
Lewisville Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 08/15/2038 | | | 25 | | 28,440 |
Lewisville Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 08/15/2039 | | | 45 | | 50,829 |
Liberty Hill Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
| 4.00% | | 02/01/2048 | | | 220 | | 212,727 |
Lower Colorado River Authority, Series 2024, RB
| 5.00% | | 05/15/2036 | | | 20 | | 22,692 |
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2023, Ref. RB
| 5.25% | | 05/15/2048 | | | 150 | | 165,192 |
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2023, Ref. RB, (INS - AGM)(a)
| 5.25% | | 05/15/2053 | | | 15 | | 16,477 |
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2024, Ref. RB, (INS - AGM)(a)
| 5.25% | | 05/15/2054 | | | 10 | | 10,970 |
Midland Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 02/15/2036 | | | 5 | | 5,700 |
Midland Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 02/15/2038 | | | 40 | | 45,039 |
Midland Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)
| 4.00% | | 02/15/2040 | | | 30 | | 30,857 |
Midland Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 02/15/2047 | | | 100 | | 108,391 |
New Caney Independent School District, Series 2023, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 02/15/2053 | | | 100 | | 108,291 |
Northwest Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 02/15/2049 | | | 115 | | 124,179 |
Pasadena Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 02/15/2048 | | | 40 | | 43,943 |
Permanent University Fund - University of Texas System, Series 2023 A, Ref. RB
| 5.00% | | 07/01/2040 | | | 95 | | 107,709 |
Permanent University Fund - University of Texas System, Series 2023 A, Ref. RB
| 5.00% | | 07/01/2041 | | | 5 | | 5,641 |
Pflugerville Independent School District, Series 2023 A, GO Bonds
| 5.00% | | 02/15/2033 | | | 100 | | 113,511 |
Prosper Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
| 4.00% | | 02/15/2048 | | | 100 | | 97,396 |
Rockwall Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
| 5.25% | | 02/15/2048 | | | 100 | | 110,508 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2033 Municipal Bond ETF (BSSX)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Texas-(continued) | | | | | | | | |
Round Rock Independent School District, Series 2019 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
| 3.00% | | 08/01/2033 | | $ | 50 | | $ 48,431 |
Royse (City of), TX Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 02/15/2053 | | | 100 | | 107,750 |
San Antonio (City of), TX, Series 2023 A, RB
| 5.00% | | 02/01/2036 | | | 55 | | 62,712 |
San Antonio (City of), TX, Series 2023 A, RB
| 5.00% | | 02/01/2038 | | | 5 | | 5,649 |
San Antonio (City of), TX, Series 2023 B, RB
| 5.00% | | 02/01/2039 | | | 5 | | 5,621 |
San Antonio (City of), TX, Series 2023 B, RB
| 5.25% | | 02/01/2041 | | | 20 | | 22,607 |
San Antonio (City of), TX, Series 2023 B, RB
| 5.25% | | 02/01/2044 | | | 25 | | 27,845 |
San Antonio (City of), TX Water System, Series 2023 A, Ref. RB
| 5.25% | | 05/15/2048 | | | 15 | | 16,498 |
San Marcos Consolidated Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
| 5.25% | | 08/15/2047 | | | 110 | | 122,728 |
Seguin (City of), TX, Series 2024, Ctfs. of Obligations
| 5.25% | | 09/01/2058 | | | 100 | | 108,789 |
Sherman Independent School District, Series 2023 B, GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 02/15/2053 | | | 150 | | 161,856 |
Splendora Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
| 4.10% | | 02/15/2048 | | | 100 | | 98,587 |
Tarrant County Cultural Education Facilities Finance Corp. (Baylor Scott & White Health), Series 2016 A, Ref. RB
| 3.00% | | 11/15/2033 | | | 5 | | 4,592 |
Texas (State of) Transportation Commission, Series 2024, Ref. GO Bonds
| 5.00% | | 04/01/2037 | | | 130 | | 150,415 |
Texas (State of) Transportation Commission, Series 2024, Ref. GO Bonds
| 5.00% | | 04/01/2039 | | | 10 | | 11,395 |
Texas (State of) Transportation Commission, Series 2024, Ref. GO Bonds
| 5.00% | | 04/01/2041 | | | 5 | | 5,620 |
Texas (State of) Water Development Board, Series 2019 A, RB
| 3.00% | | 10/15/2033 | | | 30 | | 28,928 |
Texas (State of) Water Development Board, Series 2023 A, RB
| 5.00% | | 10/15/2037 | | | 90 | | 103,138 |
Texas (State of) Water Development Board, Series 2023 A, RB
| 4.65% | | 10/15/2040 | | | 30 | | 32,539 |
Texas (State of) Water Development Board, Series 2023 A, RB
| 4.88% | | 10/15/2048 | | | 75 | | 80,413 |
Texas A&M University, Series 2024 A, RB
| 5.00% | | 05/15/2033 | | | 200 | | 234,793 |
Texas State University Board of Regents, Series 2023 A, RB
| 5.00% | | 02/15/2035 | | | 5 | | 5,766 |
Tomball Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 02/15/2048 | | | 100 | | 108,563 |
Waller Consolidated Independent School District, Series 2023 A, GO Bonds, (CEP - Texas Permanent School Fund)
| 4.00% | | 02/15/2048 | | | 150 | | 146,532 |
Walnut Creek Special Utility District, Series 2023, RB, (INS - AGM)(a)
| 4.75% | | 01/10/2054 | | | 150 | | 155,397 |
Waxahachie Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
| 4.25% | | 02/15/2053 | | | 210 | | 209,706 |
Wylie Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)
| 4.25% | | 02/15/2054 | | | 150 | | 152,127 |
| | | | | | | | | 7,175,640 |
| Utah-0.28% | | | | | | | | |
University of Utah (The) (Green Bonds), Series 2023 B, RB
| 5.25% | | 08/01/2048 | | | 125 | | 139,942 |
| Virginia-1.10% | | | | | | | | |
Fairfax (County of), VA, Series 2024 A, GO Bonds
| 5.00% | | 10/01/2036 | | | 25 | | 29,104 |
Fairfax (County of), VA, Series 2024 A, GO Bonds
| 4.00% | | 10/01/2043 | | | 10 | | 10,215 |
Isle Wight (County of) VA Economic Development Authority (Riverside Health System), Series 2023, RB, (INS - AGM)(a)
| 4.75% | | 07/01/2053 | | | 70 | | 73,813 |
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2023, RB
| 5.00% | | 02/01/2039 | | | 25 | | 28,235 |
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2023, RB
| 5.00% | | 02/01/2040 | | | 190 | | 214,376 |
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2023, RB
| 5.00% | | 02/01/2041 | | | 45 | | 50,239 |
Virginia Port Authority Commonwealth Port Fund, Series 2023 A, RB
| 5.25% | | 07/01/2048 | | | 100 | | 111,857 |
Williamsburg Economic Development Authority (William & Mary), Series 2023 A, RB, (INS - AGM)(a)
| 5.25% | | 07/01/2053 | | | 25 | | 27,336 |
| | | | | | | | | 545,175 |
| Washington-3.58% | | | | | | | | |
Energy Northwest (Columbia Generating Station), Series 2022, Ref. RB
| 5.00% | | 07/01/2033 | | | 15 | | 17,326 |
Energy Northwest (Columbia Generating Station), Series 2023, Ref. RB
| 5.00% | | 07/01/2036 | | | 60 | | 69,224 |
Energy Northwest (Columbia Generating Station), Series 2023, Ref. RB
| 5.00% | | 07/01/2037 | | | 100 | | 115,076 |
Energy Northwest (Columbia Generating Station), Series 2023, Ref. RB
| 5.00% | | 07/01/2038 | | | 30 | | 34,350 |
Energy Northwest (Columbia Generating Station), Series 2023, Ref. RB
| 5.00% | | 07/01/2039 | | | 105 | | 119,385 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2033 Municipal Bond ETF (BSSX)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Washington-(continued) | | | | | | | | |
King County School District No. 401 Highline, Series 2023, GO Bonds, (CEP - Oregon School Bond Guaranty)
| 5.00% | | 12/01/2033 | | $ | 10 | | $ 11,561 |
Seattle (City of), WA, Series 2023 A, Ref. RB
| 5.00% | | 03/01/2053 | | | 20 | | 21,520 |
Seattle (City of), WA, Series 2023, RB
| 5.00% | | 02/01/2049 | | | 10 | | 10,844 |
Seattle (City of), WA, Series 2023, RB
| 5.00% | | 02/01/2053 | | | 75 | | 80,654 |
Seattle (Port of), WA, Series 2022 A, Ref. RB
| 5.00% | | 08/01/2033 | | | 5 | | 5,690 |
Snohomish County School District No. 15 Edmonds, Series 2024, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)
| 5.00% | | 12/01/2033 | | | 10 | | 11,774 |
Washington (State of), Series R-2023B, Ref. GO Bonds
| 5.00% | | 07/01/2036 | | | 30 | | 34,612 |
Washington (State of), Series R-2023B, Ref. GO Bonds
| 5.00% | | 07/01/2037 | | | 80 | | 91,994 |
Washington (State of), Series R-2023B, Ref. GO Bonds
| 5.00% | | 07/01/2038 | | | 55 | | 62,929 |
Washington (State of), Series R-2023B, Ref. GO Bonds
| 5.00% | | 07/01/2040 | | | 30 | | 33,915 |
Washington (State of), Series R-2024B, Ref. GO Bonds
| 5.00% | | 06/01/2037 | | | 20 | | 23,127 |
Washington (State of), Series R-2024B, Ref. GO Bonds
| 5.00% | | 06/01/2039 | | | 20 | | 22,851 |
Washington (State of) (Bid Group 1), Series 2024 A, GO Bonds
| 5.00% | | 08/01/2036 | | | 5 | | 5,764 |
Washington (State of) (Bid Group 1), Series 2024 A, GO Bonds
| 5.00% | | 08/01/2037 | | | 15 | | 17,238 |
Washington (State of) (Bid Group 1), Series 2024 A, GO Bonds
| 5.00% | | 08/01/2039 | | | 5 | | 5,682 |
Washington (State of) (Bid Group 2), Series 2023 B, GO Bonds
| 5.00% | | 02/01/2038 | | | 10 | | 11,395 |
Washington (State of) (Bid Group 2), Series 2023 B, GO Bonds
| 5.00% | | 02/01/2039 | | | 55 | | 62,152 |
Washington (State of) (Bid Group 2), Series 2023 B, GO Bonds
| 5.00% | | 02/01/2041 | | | 130 | | 145,622 |
Washington (State of) (Bid Group 2), Series 2023 B, GO Bonds
| 5.00% | | 02/01/2042 | | | 30 | | 33,446 |
Washington (State of) (Bid Group 2), Series 2023 B, GO Bonds
| 5.00% | | 06/01/2047 | | | 15 | | 16,400 |
Washington (State of) (Bid Group 2), Series 2024 A, GO Bonds
| 5.00% | | 08/01/2041 | | | 20 | | 22,521 |
Washington (State of) (Bid Group 2), Series 2024 A, GO Bonds
| 5.00% | | 08/01/2043 | | | 35 | | 38,940 |
Washington (State of) (Bid Group 3), Series 2023 B, GO Bonds
| 5.00% | | 02/01/2043 | | | 170 | | 188,240 |
Washington (State of) (Bid Group 3), Series 2023 B, GO Bonds
| 5.00% | | 02/01/2044 | | | 195 | | 215,136 |
Washington (State of) (Bid Group 3), Series 2023 B, GO Bonds
| 5.00% | | 02/01/2045 | | | 15 | | 16,506 |
Washington (State of) (Bid Group 3), Series 2023 B, GO Bonds
| 5.00% | | 02/01/2046 | | | 5 | | 5,467 |
Washington (State of) (Bid Group 3), Series R-2023A, Ref. GO Bonds
| 5.00% | | 08/01/2035 | | | 30 | | 34,961 |
Washington (State of) (Bid Group 3), Series R-2023A, Ref. GO Bonds
| 5.00% | | 08/01/2037 | | | 95 | | 109,336 |
Washington (State of) (Bid Group 3), Series R-2023A, Ref. GO Bonds
| 5.00% | | 08/01/2038 | | | 20 | | 22,897 |
Whatcom (County of), WA Bellingham School District No. 501, Series 2023, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)
| 5.00% | | 12/01/2039 | | | 50 | | 56,793 |
| | | | | | | | | 1,775,328 |
| West Virginia-0.35% | | | | | | | | |
West Virginia (State of) Hospital Finance Authority (West Virginia University Health System Obligated Group), Series 2023 A, RB
| 5.00% | | 06/01/2043 | | | 40 | | 43,129 |
West Virginia (State of) Hospital Finance Authority (West Virginia University Health System Obligated Group), Series 2023, RB
| 4.38% | | 06/01/2053 | | | 135 | | 132,902 |
| | | | | | | | | 176,031 |
| Wisconsin-0.63% | | | | | | | | |
Wisconsin (State of), Series 2023 2, Ref. GO Bonds
| 5.00% | | 05/01/2037 | | | 50 | | 57,769 |
Wisconsin (State of), Series 2023-2, Ref. GO Bonds
| 5.00% | | 05/01/2036 | | | 125 | | 144,968 |
Wisconsin (State of), Series 2023-2, Ref. GO Bonds
| 5.00% | | 05/01/2039 | | | 95 | | 108,496 |
| | | | | | | | | 311,233 |
TOTAL INVESTMENTS IN SECURITIES(b)-98.00%
(Cost $48,368,442)
| | 48,611,612 |
OTHER ASSETS LESS LIABILITIES-2.00%
| | 994,348 |
NET ASSETS-100.00%
| | $49,605,960 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2033 Municipal Bond ETF (BSSX)—(continued)
August 31, 2024
| Investment Abbreviations: |
| AGM | -Assured Guaranty Municipal Corp. |
| AMBAC | -American Municipal Bond Assurance Corp. |
| BAM | -Build America Mutual Assurance Co. |
| CEP | -Credit Enhancement Provider |
| COP | -Certificates of Participation |
| Ctfs. | -Certificates |
| GO | -General Obligation |
| INS | -Insurer |
| RB | -Revenue Bonds |
| Ref. | -Refunding |
| Wts. | -Warrants |
| Notes to Schedule of Investments: |
| (a) | Principal and/or interest payments are secured by the bond insurance company listed. |
| (b) | Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligations but may be called upon to satisfy the issuer’s obligations. No concentration of any single entity was greater than 5% each. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
(This Page Intentionally Left Blank)
Statements of Assets and Liabilities
August 31, 2024
| | Invesco
BulletShares
2024 Corporate
Bond ETF
(BSCO) | | Invesco
BulletShares
2025 Corporate
Bond ETF
(BSCP) | | Invesco
BulletShares
2026 Corporate
Bond ETF
(BSCQ) | | Invesco
BulletShares
2027 Corporate
Bond ETF
(BSCR) |
| Assets: | | | | | | | |
Unaffiliated investments in securities, at value(a)
| $2,848,429,348 | | $4,017,878,242 | | $3,674,844,523 | | $2,125,693,439 |
Affiliated investments in securities, at value
| 25,036,641 | | 246,631,436 | | 367,845,595 | | 418,000,894 |
Cash
| - | | - | | 4,680 | | 3,189 |
| Deposits with brokers: | | | | | | | |
Cash segregated as collateral
| 9,973,643 | | 73,632 | | 153,718 | | - |
| Receivable for: | | | | | | | |
Dividends and interest
| 23,527,418 | | 38,602,758 | | 33,307,086 | | 21,903,598 |
Securities lending
| 4,817 | | 21,608 | | 37,811 | | 33,438 |
Investments sold
| 29,319,177 | | - | | 10,080,700 | | - |
Fund shares sold
| - | | 18,602,234 | | 5,982,600 | | 155,193 |
Total assets
| 2,936,291,044 | | 4,321,809,910 | | 4,092,256,713 | | 2,565,789,751 |
| Liabilities: | | | | | | | |
Due to custodian
| 46,841,661 | | 8,184 | | - | | - |
| Payable for: | | | | | | | |
Investments purchased
| - | | 18,634,946 | | 15,616,109 | | 155,193 |
Collateral upon return of securities loaned
| 25,034,990 | | 228,382,478 | | 364,017,900 | | 417,205,444 |
Collateral upon receipt of securities in-kind
| 9,973,643 | | 73,632 | | 153,718 | | - |
Fund shares repurchased
| 9,502,412 | | - | | - | | - |
Accrued unitary management fees
| 245,342 | | 340,448 | | 306,412 | | 175,643 |
Accrued tax expenses
| 650 | | 650 | | 650 | | 650 |
Other payables
| 139,659 | | - | | - | | - |
Total liabilities
| 91,738,357 | | 247,440,338 | | 380,094,789 | | 417,536,930 |
Net Assets
| $2,844,552,687 | | $4,074,369,572 | | $3,712,161,924 | | $2,148,252,821 |
| Net assets consist of: | | | | | | | |
Shares of beneficial interest
| $2,852,707,689 | | $4,097,446,601 | | $3,727,782,132 | | $2,144,571,850 |
Distributable earnings (loss)
| (8,155,002) | | (23,077,029) | | (15,620,208) | | 3,680,971 |
Net Assets
| $2,844,552,687 | | $4,074,369,572 | | $3,712,161,924 | | $2,148,252,821 |
Shares outstanding (unlimited amount authorized, $0.01 par value)
| 134,700,000 | | 197,850,000 | | 190,800,000 | | 109,650,000 |
Net asset value
| $21.12 | | $20.59 | | $19.46 | | $19.59 |
Market price
| $21.12 | | $20.60 | | $19.48 | | $19.61 |
Unaffiliated investments in securities, at cost
| $2,850,889,019 | | $4,036,286,679 | | $3,685,358,059 | | $2,121,287,456 |
Affiliated investments in securities, at cost
| $25,034,990 | | $246,619,747 | | $367,828,575 | | $417,978,180 |
(a)Includes securities on loan with an aggregate value of:
| $24,167,695 | | $220,755,218 | | $351,353,640 | | $402,804,540 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco
BulletShares
2028 Corporate
Bond ETF
(BSCS) | | Invesco
BulletShares
2029 Corporate
Bond ETF
(BSCT) | | Invesco
BulletShares
2030 Corporate
Bond ETF
(BSCU) | | Invesco
BulletShares
2031 Corporate
Bond ETF
(BSCV) | | Invesco
BulletShares
2032 Corporate
Bond ETF
(BSCW) | | Invesco
BulletShares
2033 Corporate
Bond ETF
(BSCX) | | Invesco
BulletShares
2034 Corporate
Bond ETF (BSCY) |
| | | | | | | | | | | | | |
| $1,869,789,269 | | $1,160,983,484 | | $907,026,666 | | $577,030,479 | | $557,812,800 | | $336,138,619 | | $15,218,225 |
| 417,861,151 | | 198,911,030 | | 107,339,706 | | 12,778,748 | | 19,971,708 | | 28,014,180 | | 1,015,064 |
| 700 | | 29,242 | | - | | 10,700 | | 2,096 | | 1,255 | | - |
| | | | | | | | | | | | | |
| 164,829 | | - | | 299,891 | | - | | - | | - | | - |
| | | | | | | | | | | | | |
| 21,594,235 | | 13,782,388 | | 8,102,809 | | 5,429,232 | | 6,750,386 | | 4,559,154 | | 212,285 |
| 29,834 | | 18,488 | | 13,138 | | 1,913 | | 3,849 | | 14,374 | | 722 |
| - | | - | | 1,588,766 | | - | | - | | - | | - |
| 9,337,108 | | 5,626,676 | | 15,376,467 | | 7,438,060 | | 3,101,292 | | 82,423 | | - |
| 2,318,777,126 | | 1,379,351,308 | | 1,039,747,443 | | 602,689,132 | | 587,642,131 | | 368,810,005 | | 16,446,296 |
| | | | | | | | | | | | | |
| - | | - | | 314 | | - | | - | | - | | - |
| | | | | | | | | | | | | |
| 9,346,158 | | 5,624,272 | | 16,868,402 | | 7,361,561 | | 3,179,754 | | 82,423 | | - |
| 417,765,036 | | 198,510,690 | | 106,887,057 | | 12,732,377 | | 19,918,628 | | 27,238,943 | | 867,002 |
| 164,829 | | - | | 299,891 | | - | | - | | - | | - |
| - | | - | | - | | - | | - | | - | | - |
| 154,246 | | 95,028 | | 71,140 | | 47,259 | | 45,865 | | 27,450 | | 846 |
| 650 | | 650 | | - | | - | | - | | - | | - |
| - | | - | | - | | - | | - | | - | | - |
| 427,430,919 | | 204,230,640 | | 124,126,804 | | 20,141,197 | | 23,144,247 | | 27,348,816 | | 867,848 |
| $1,891,346,207 | | $1,175,120,668 | | $915,620,639 | | $582,547,935 | | $564,497,884 | | $341,461,189 | | $15,578,448 |
| | | | | | | | | | | | | |
| $1,876,750,404 | | $1,163,446,609 | | $901,351,448 | | $570,304,816 | | $547,602,080 | | $333,954,406 | | $15,376,375 |
| 14,595,803 | | 11,674,059 | | 14,269,191 | | 12,243,119 | | 16,895,804 | | 7,506,783 | | 202,073 |
| $1,891,346,207 | | $1,175,120,668 | | $915,620,639 | | $582,547,935 | | $564,497,884 | | $341,461,189 | | $15,578,448 |
| 92,700,001 | | 63,000,001 | | 54,600,001 | | 35,400,001 | | 27,300,001 | | 16,050,001 | | 750,001 |
| $20.40 | | $18.65 | | $16.77 | | $16.46 | | $20.68 | | $21.27 | | $20.77 |
| $20.43 | | $18.68 | | $16.79 | | $16.48 | | $20.71 | | $21.31 | | $20.83 |
| $1,853,446,296 | | $1,148,974,238 | | $892,164,650 | | $564,625,098 | | $540,910,166 | | $328,759,585 | | $15,018,494 |
| $417,839,208 | | $198,901,294 | | $107,333,859 | | $12,778,217 | | $19,970,937 | | $28,013,454 | | $1,015,047 |
| $402,938,224 | | $191,458,275 | | $101,729,539 | | $12,329,852 | | $19,125,649 | | $26,260,853 | | $832,640 |
Statements of Assets and Liabilities—(continued)
August 31, 2024
| | Invesco
BulletShares
2024 High Yield
Corporate
Bond ETF
(BSJO) | | Invesco
BulletShares
2025 High Yield
Corporate
Bond ETF
(BSJP) | | Invesco
BulletShares
2026 High Yield
Corporate
Bond ETF
(BSJQ) | | Invesco
BulletShares
2027 High Yield
Corporate
Bond ETF
(BSJR) |
| Assets: | | | | | | | |
Unaffiliated investments in securities, at value(a)
| $541,485,302 | | $955,331,258 | | $621,826,077 | | $283,303,880 |
Affiliated investments in securities, at value
| 2,141,123 | | 146,778,526 | | 151,796,017 | | 72,210,715 |
Cash
| - | | 1,873,865 | | - | | - |
| Deposits with brokers: | | | | | | | |
Cash segregated as collateral
| - | | 106,915 | | 53,132 | | - |
| Receivable for: | | | | | | | |
Dividends and interest
| 2,140,819 | | 18,005,183 | | 10,410,486 | | 4,652,640 |
Securities lending
| 802 | | 11,471 | | 36,359 | | 13,524 |
Investments sold
| - | | 8,965,179 | | - | | 1,173,315 |
Fund shares sold
| - | | 11,624,229 | | 11,709,125 | | 11,759,782 |
Other assets
| - | | - | | - | | - |
Total assets
| 545,768,046 | | 1,142,696,626 | | 795,831,196 | | 373,113,856 |
| Liabilities: | | | | | | | |
Due to custodian
| 10,767 | | - | | 2,544 | | 79,992 |
| Payable for: | | | | | | | |
Investments purchased
| - | | 21,556,391 | | 11,649,326 | | 14,454,324 |
Collateral upon return of securities loaned
| 2,141,041 | | 95,035,751 | | 142,585,668 | | 70,976,927 |
Collateral upon receipt of securities in-kind
| - | | 106,914 | | 53,132 | | - |
Accrued unitary management fees
| 203,557 | | 350,742 | | 214,294 | | 89,027 |
Accrued tax expenses
| 650 | | 650 | | 650 | | - |
Total liabilities
| 2,356,015 | | 117,050,448 | | 154,505,614 | | 85,600,270 |
Net Assets
| $543,412,031 | | $1,025,646,178 | | $641,325,582 | | $287,513,586 |
| Net assets consist of: | | | | | | | |
Shares of beneficial interest
| $580,617,147 | | $1,033,066,623 | | $649,306,830 | | $287,328,922 |
Distributable earnings (loss)
| (37,205,116) | | (7,420,445) | | (7,981,248) | | 184,664 |
Net Assets
| $543,412,031 | | $1,025,646,178 | | $641,325,582 | | $287,513,586 |
Shares outstanding (unlimited amount authorized, $0.01 par value)
| 23,900,000 | | 44,500,000 | | 27,500,001 | | 12,800,001 |
Net asset value
| $22.74 | | $23.05 | | $23.32 | | $22.46 |
Market price
| $22.72 | | $23.06 | | $23.32 | | $22.48 |
Unaffiliated investments in securities, at cost
| $543,430,093 | | $951,818,720 | | $617,451,230 | | $279,327,498 |
Affiliated investments in securities, at cost
| $2,141,041 | | $146,774,850 | | $151,787,339 | | $72,206,514 |
(a)Includes securities on loan with an aggregate value of:
| $2,052,039 | | $91,451,253 | | $136,921,756 | | $68,268,137 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco
BulletShares
2028 High Yield
Corporate
Bond ETF
(BSJS) | | Invesco
BulletShares
2029 High Yield
Corporate
Bond ETF
(BSJT) | | Invesco
BulletShares
2030 High Yield
Corporate
Bond ETF
(BSJU) | | Invesco
BulletShares
2031 High Yield
Corporate
Bond ETF
(BSJV) | | Invesco
BulletShares
2032 High Yield
Corporate Bond
ETF (BSJW) | | Invesco
BulletShares
2024 Municipal
Bond ETF
(BSMO) | | Invesco
BulletShares
2025 Municipal
Bond ETF
(BSMP) |
| | | | | | | | | | | | | |
| $259,019,070 | | $100,714,124 | | $58,957,789 | | $28,847,057 | | $5,053,714 | | $165,799,412 | | $223,378,304 |
| 37,209,463 | | 6,810,076 | | 3,583,308 | | 62,297 | | 82,273 | | - | | - |
| 22,608 | | 1,088 | | - | | - | | - | | 21,574,211 | | 1,745,415 |
| | | | | | | | | | | | | |
| 177,383 | | - | | - | | - | | - | | - | | - |
| | | | | | | | | | | | | |
| 4,521,339 | | 1,736,132 | | 953,100 | | 448,149 | | 83,543 | | 1,677,040 | | 2,774,833 |
| 12,517 | | 3,942 | | 1,181 | | - | | 8 | | - | | - |
| 712,833 | | 1,282,403 | | 643,168 | | 431,189 | | - | | 245,000 | | 25,000 |
| 6,710,460 | | 2,176,645 | | 2,611,588 | | 2,664,842 | | - | | - | | - |
| - | | - | | - | | - | | - | | - | | 128 |
| 308,385,673 | | 112,724,410 | | 66,750,134 | | 32,453,534 | | 5,219,538 | | 189,295,663 | | 227,923,680 |
| | | | | | | | | | | | | |
| - | | - | | - | | - | | - | | - | | - |
| | | | | | | | | | | | | |
| 8,922,387 | | 3,323,280 | | 3,311,910 | | 3,127,267 | | - | | - | | - |
| 35,331,293 | | 6,283,609 | | 3,343,763 | | - | | 53,460 | | - | | - |
| 177,383 | | - | | - | | - | | - | | - | | - |
| 85,276 | | 32,925 | | 19,559 | | 9,422 | | 1,821 | | 29,223 | | 34,599 |
| - | | - | | - | | - | | - | | - | | - |
| 44,516,339 | | 9,639,814 | | 6,675,232 | | 3,136,689 | | 55,281 | | 29,223 | | 34,599 |
| $263,869,334 | | $103,084,596 | | $60,074,902 | | $29,316,845 | | $5,164,257 | | $189,266,440 | | $227,889,081 |
| | | | | | | | | | | | | |
| $261,356,467 | | $101,770,784 | | $57,648,848 | | $28,637,549 | | $5,000,025 | | $189,337,291 | | $228,709,642 |
| 2,512,867 | | 1,313,812 | | 2,426,054 | | 679,296 | | 164,232 | | (70,851) | | (820,561) |
| $263,869,334 | | $103,084,596 | | $60,074,902 | | $29,316,845 | | $5,164,257 | | $189,266,440 | | $227,889,081 |
| 12,100,001 | | 4,800,001 | | 2,300,001 | | 1,100,001 | | 200,001 | | 7,600,001 | | 9,300,001 |
| $21.81 | | $21.48 | | $26.12 | | $26.65 | | $25.82 | | $24.90 | | $24.50 |
| $21.90 | | $21.61 | | $26.15 | | $26.76 | | $25.85 | | $24.84 | | $24.53 |
| $254,726,423 | | $99,018,529 | | $56,699,236 | | $28,125,805 | | $4,895,993 | | $165,844,616 | | $223,852,089 |
| $37,207,056 | | $6,809,840 | | $3,583,153 | | $62,297 | | $82,277 | | $- | | $- |
| $34,036,838 | | $6,035,212 | | $3,214,037 | | $- | | $50,541 | | $- | | $- |
Statements of Assets and Liabilities—(continued)
August 31, 2024
| | Invesco
BulletShares
2026 Municipal
Bond ETF
(BSMQ) | | Invesco
BulletShares
2027 Municipal
Bond ETF
(BSMR) | | Invesco
BulletShares
2028 Municipal
Bond ETF
(BSMS) | | Invesco
BulletShares
2029 Municipal
Bond ETF
(BSMT) |
| Assets: | | | | | | | |
Investments in securities, at value
| $211,668,801 | | $165,432,968 | | $120,081,259 | | $120,561,804 |
Cash
| 1,070,514 | | 816,357 | | 476,852 | | 747,149 |
| Receivable for: | | | | | | | |
Dividends and interest
| 2,479,312 | | 1,856,600 | | 1,386,021 | | 1,440,593 |
Fund shares sold
| 2,370,535 | | - | | - | | 16,984 |
Total assets
| 217,589,162 | | 168,105,925 | | 121,944,132 | | 122,766,530 |
| Liabilities: | | | | | | | |
| Payable for: | | | | | | | |
Investments purchased
| 2,344,435 | | - | | - | | 16,984 |
Accrued unitary management fees
| 31,899 | | 24,848 | | 18,459 | | 18,223 |
Total liabilities
| 2,376,334 | | 24,848 | | 18,459 | | 35,207 |
Net Assets
| $215,212,828 | | $168,081,077 | | $121,925,673 | | $122,731,323 |
| Net assets consist of: | | | | | | | |
Shares of beneficial interest
| $215,775,924 | | $168,327,586 | | $122,800,272 | | $123,707,162 |
Distributable earnings (loss)
| (563,096) | | (246,509) | | (874,599) | | (975,839) |
Net Assets
| $215,212,828 | | $168,081,077 | | $121,925,673 | | $122,731,323 |
Shares outstanding (unlimited amount authorized, $0.01 par value)
| 9,100,001 | | 7,100,001 | | 5,200,001 | | 5,300,001 |
Net asset value
| $23.65 | | $23.67 | | $23.45 | | $23.16 |
Market price
| $23.68 | | $23.68 | | $23.40 | | $23.16 |
Investments in securities, at cost
| $211,718,173 | | $165,667,228 | | $120,345,221 | | $120,958,276 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco
BulletShares
2030 Municipal
Bond ETF
(BSMU) | | Invesco
BulletShares
2031 Municipal
Bond ETF
(BSMV) | | Invesco
BulletShares
2032 Municipal
Bond ETF
(BSMW) | | Invesco
BulletShares
2033 Municipal
Bond ETF
(BSSX) |
| | | | | | | |
| $110,757,351 | | $73,057,852 | | $74,956,631 | | $48,611,612 |
| 298,810 | | 297,499 | | 389,399 | | 445,810 |
| | | | | | | |
| 1,231,119 | | 805,369 | | 876,644 | | 555,437 |
| - | | - | | - | | - |
| 112,287,280 | | 74,160,720 | | 76,222,674 | | 49,612,859 |
| | | | | | | |
| | | | | | | |
| - | | - | | - | | - |
| 16,803 | | 11,181 | | 11,145 | | 6,899 |
| 16,803 | | 11,181 | | 11,145 | | 6,899 |
| $112,270,477 | | $74,149,539 | | $76,211,529 | | $49,605,960 |
| | | | | | | |
| $113,362,753 | | $74,552,203 | | $75,090,203 | | $49,361,573 |
| (1,092,276) | | (402,664) | | 1,121,326 | | 244,387 |
| $112,270,477 | | $74,149,539 | | $76,211,529 | | $49,605,960 |
| 5,100,001 | | 3,500,001 | | 3,000,001 | | 1,900,001 |
| $22.01 | | $21.19 | | $25.40 | | $26.11 |
| $21.98 | | $21.15 | | $25.42 | | $26.20 |
| $110,788,972 | | $72,545,110 | | $73,896,658 | | $48,368,442 |
Statements of Operations
For the year ended August 31, 2024
| | Invesco
BulletShares
2024 Corporate
Bond ETF
(BSCO) | | Invesco
BulletShares
2025 Corporate
Bond ETF
(BSCP) | | Invesco
BulletShares
2026 Corporate
Bond ETF
(BSCQ) | | Invesco
BulletShares
2027 Corporate
Bond ETF
(BSCR) |
| Investment income: | | | | | | | |
Unaffiliated interest income
| $117,488,515 | | $140,798,098 | | $111,820,840 | | $69,657,858 |
Unaffiliated dividend income
| - | | - | | - | | - |
Affiliated dividend income
| 5,776,875 | | 723,124 | | 414,173 | | 167,615 |
Securities lending income, net
| 232,389 | | 475,283 | | 408,541 | | 618,263 |
Total investment income
| 123,497,779 | | 141,996,505 | | 112,643,554 | | 70,443,736 |
| Expenses: | | | | | | | |
Unitary management fees
| 3,556,994 | | 3,554,280 | | 2,731,958 | | 1,602,728 |
Tax expenses
| 650 | | 650 | | 650 | | 650 |
Total expenses
| 3,557,644 | | 3,554,930 | | 2,732,608 | | 1,603,378 |
Less: Waivers
| (103,424) | | (12,939) | | (7,497) | | (3,028) |
Net expenses
| 3,454,220 | | 3,541,991 | | 2,725,111 | | 1,600,350 |
Net investment income
| 120,043,559 | | 138,454,514 | | 109,918,443 | | 68,843,386 |
| Realized and unrealized gain (loss) from: | | | | | | | |
| Net realized gain (loss) from: | | | | | | | |
Unaffiliated investment securities
| 389,939 | | (1,332,961) | | (3,031,993) | | (169,183) |
Affiliated investment securities
| 68,157 | | 81,868 | | 34,288 | | 29,871 |
In-kind redemptions
| (1,053,847) | | 38,261 | | 496,460 | | 569,890 |
Net realized gain (loss)
| (595,751) | | (1,212,832) | | (2,501,245) | | 430,578 |
| Change in net unrealized appreciation (depreciation) of: | | | | | | | |
Unaffiliated investment securities
| 79,650,674 | | 74,087,371 | | 79,019,831 | | 53,759,207 |
Affiliated investment securities
| (1,582) | | 4,310 | | 16,102 | | 19,409 |
Change in net unrealized appreciation
| 79,649,092 | | 74,091,681 | | 79,035,933 | | 53,778,616 |
Net realized and unrealized gain
| 79,053,341 | | 72,878,849 | | 76,534,688 | | 54,209,194 |
Net increase in net assets resulting from operations
| $199,096,900 | | $211,333,363 | | $186,453,131 | | $123,052,580 |
| (a) | For the period September 18, 2023 (commencement of investment operations) through August 31, 2024. |
| (b) | For the period June 10, 2024 (commencement of investment operations) through August 31, 2024. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco
BulletShares
2028 Corporate
Bond ETF
(BSCS) | | Invesco
BulletShares
2029 Corporate
Bond ETF
(BSCT) | | Invesco
BulletShares
2030 Corporate
Bond ETF
(BSCU) | | Invesco
BulletShares
2031 Corporate
Bond ETF
(BSCV) | | Invesco
BulletShares
2032 Corporate
Bond ETF
(BSCW) | | Invesco
BulletShares
2033 Corporate
Bond ETF
(BSCX)(a) | | Invesco
BulletShares
2034 Corporate
Bond ETF (BSCY)(b) |
| | | | | | | | | | | | | |
| $61,476,292 | | $34,678,254 | | $27,264,843 | | $18,856,527 | | $18,559,389 | | $8,343,789 | | $88,299 |
| - | | - | | - | | - | | - | | - | | 205 |
| 157,001 | | 75,108 | | 53,365 | | 33,097 | | 42,603 | | 22,703 | | 626 |
| 428,387 | | 227,865 | | 167,446 | | 48,331 | | 64,679 | | 33,385 | | 1,130 |
| 62,061,680 | | 34,981,227 | | 27,485,654 | | 18,937,955 | | 18,666,671 | | 8,399,877 | | 90,260 |
| | | | | | | | | | | | | |
| 1,328,800 | | 746,441 | | 562,222 | | 371,588 | | 353,126 | | 161,638 | | 1,684 |
| 650 | | 650 | | - | | - | | - | | 6,089 | | - |
| 1,329,450 | | 747,091 | | 562,222 | | 371,588 | | 353,126 | | 167,727 | | 1,684 |
| (2,853) | | (1,361) | | (971) | | (599) | | (768) | | (411) | | (10) |
| 1,326,597 | | 745,730 | | 561,251 | | 370,989 | | 352,358 | | 167,316 | | 1,674 |
| 60,735,083 | | 34,235,497 | | 26,924,403 | | 18,566,966 | | 18,314,313 | | 8,232,561 | | 88,586 |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| (397,119) | | (202,223) | | (179,010) | | (31,941) | | (16,500) | | (352) | | 236 |
| 32,249 | | (5,993) | | 2,688 | | 2,440 | | (317) | | (69) | | 20 |
| 1,272,754 | | - | | - | | 391,538 | | 249,050 | | - | | - |
| 907,884 | | (208,216) | | (176,322) | | 362,037 | | 232,233 | | (421) | | 256 |
| | | | | | | | | | | | | |
| 50,475,841 | | 35,000,599 | | 29,916,632 | | 19,445,926 | | 18,502,455 | | 7,379,034 | | 199,731 |
| 18,531 | | 8,608 | | 5,186 | | 479 | | 783 | | 726 | | 17 |
| 50,494,372 | | 35,009,207 | | 29,921,818 | | 19,446,405 | | 18,503,238 | | 7,379,760 | | 199,748 |
| 51,402,256 | | 34,800,991 | | 29,745,496 | | 19,808,442 | | 18,735,471 | | 7,379,339 | | 200,004 |
| $112,137,339 | | $69,036,488 | | $56,669,899 | | $38,375,408 | | $37,049,784 | | $15,611,900 | | $288,590 |
Statements of Operations—(continued)
For the year ended August 31, 2024
| | Invesco
BulletShares
2024 High Yield
Corporate
Bond ETF
(BSJO) | | Invesco
BulletShares
2025 High Yield
Corporate
Bond ETF
(BSJP) | | Invesco
BulletShares
2026 High Yield
Corporate
Bond ETF
(BSJQ) | | Invesco
BulletShares
2027 High Yield
Corporate
Bond ETF
(BSJR) |
| Investment income: | | | | | | | |
Unaffiliated interest income
| $41,025,823 | | $64,126,914 | | $31,622,612 | | $12,727,418 |
Unaffiliated dividend income
| - | | - | | - | | - |
Affiliated dividend income
| 1,663,379 | | 2,109,766 | | 440,094 | | 74,019 |
Securities lending income, net
| 349,514 | | 474,024 | | 393,621 | | 108,241 |
Foreign withholding tax
| (113,321) | | - | | - | | - |
Total investment income
| 42,925,395 | | 66,710,704 | | 32,456,327 | | 12,909,678 |
| Expenses: | | | | | | | |
Unitary management fees
| 2,850,699 | | 3,872,412 | | 1,869,856 | | 730,342 |
Tax expenses
| 650 | | 650 | | 650 | | - |
Total expenses
| 2,851,349 | | 3,873,062 | | 1,870,506 | | 730,342 |
Less: Waivers
| (31,322) | | (38,622) | | (7,899) | | (1,348) |
Net expenses
| 2,820,027 | | 3,834,440 | | 1,862,607 | | 728,994 |
Net investment income
| 40,105,368 | | 62,876,264 | | 30,593,720 | | 12,180,684 |
| Realized and unrealized gain (loss) from: | | | | | | | |
| Net realized gain (loss) from: | | | | | | | |
Unaffiliated investment securities
| 1,860,226 | | 2,672,939 | | (4,354,313) | | (1,452,490) |
Affiliated investment securities
| 12,246 | | 17,789 | | 4,409 | | 1,854 |
In-kind redemptions
| 108,509 | | 4,056,533 | | 223,648 | | - |
Net realized gain (loss)
| 1,980,981 | | 6,747,261 | | (4,126,256) | | (1,450,636) |
| Change in net unrealized appreciation (depreciation) of: | | | | | | | |
Unaffiliated investment securities
| 5,141,077 | | 10,127,847 | | 13,569,659 | | 7,488,261 |
Affiliated investment securities
| 130 | | 3,342 | | 7,240 | | 4,201 |
Change in net unrealized appreciation
| 5,141,207 | | 10,131,189 | | 13,576,899 | | 7,492,462 |
Net realized and unrealized gain
| 7,122,188 | | 16,878,450 | | 9,450,643 | | 6,041,826 |
Net increase in net assets resulting from operations
| $47,227,556 | | $79,754,714 | | $40,044,363 | | $18,222,510 |
| (a) | For the period September 18, 2023 (commencement of investment operations) through August 31, 2024. |
| (b) | For the period June 10, 2024 (commencement of investment operations) through August 31, 2024. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco
BulletShares
2028 High Yield
Corporate
Bond ETF
(BSJS) | | Invesco
BulletShares
2029 High Yield
Corporate
Bond ETF
(BSJT) | | Invesco
BulletShares
2030 High Yield
Corporate
Bond ETF
(BSJU) | | Invesco
BulletShares
2031 High Yield
Corporate
Bond ETF
(BSJV)(a) | | Invesco
BulletShares
2032 High Yield
Corporate Bond
ETF (BSJW)(b) | | Invesco
BulletShares
2024 Municipal
Bond ETF
(BSMO) | | Invesco
BulletShares
2025 Municipal
Bond ETF
(BSMP) |
| | | | | | | | | | | | | |
| $11,111,296 | | $3,419,740 | | $2,723,342 | | $1,182,635 | | $76,554 | | $5,405,893 | | $5,471,104 |
| - | | - | | - | | - | | 312 | | - | | - |
| 90,361 | | 17,818 | | 13,387 | | 5,539 | | 498 | | - | | - |
| 81,354 | | 13,464 | | 10,029 | | 1,225 | | 29 | | - | | - |
| - | | - | | - | | - | | - | | - | | - |
| 11,283,011 | | 3,451,022 | | 2,746,758 | | 1,189,399 | | 77,393 | | 5,405,893 | | 5,471,104 |
| | | | | | | | | | | | | |
| 616,416 | | 194,182 | | 151,466 | | 69,741 | | 4,730 | | 369,399 | | 369,331 |
| - | | - | | - | | 339 | | - | | - | | - |
| 616,416 | | 194,182 | | 151,466 | | 70,080 | | 4,730 | | 369,399 | | 369,331 |
| (1,608) | | (316) | | (239) | | (99) | | (8) | | - | | - |
| 614,808 | | 193,866 | | 151,227 | | 69,981 | | 4,722 | | 369,399 | | 369,331 |
| 10,668,203 | | 3,257,156 | | 2,595,531 | | 1,119,418 | | 72,671 | | 5,036,494 | | 5,101,773 |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| (995,056) | | (179,747) | | 239,727 | | (52,228) | | 3,278 | | 6 | | (23,413) |
| (431) | | (287) | | (448) | | (18) | | - | | - | | - |
| - | | - | | - | | 183,521 | | - | | (39,146) | | - |
| (995,487) | | (180,034) | | 239,279 | | 131,275 | | 3,278 | | (39,140) | | (23,413) |
| | | | | | | | | | | | | |
| 6,802,830 | | 2,947,453 | | 2,242,770 | | 721,252 | | 157,721 | | 1,816,730 | | 2,758,848 |
| 2,457 | | 242 | | 155 | | - | | (4) | | - | | - |
| 6,805,287 | | 2,947,695 | | 2,242,925 | | 721,252 | | 157,717 | | 1,816,730 | | 2,758,848 |
| 5,809,800 | | 2,767,661 | | 2,482,204 | | 852,527 | | 160,995 | | 1,777,590 | | 2,735,435 |
| $16,478,003 | | $6,024,817 | | $5,077,735 | | $1,971,945 | | $233,666 | | $6,814,084 | | $7,837,208 |
Statements of Operations—(continued)
For the year ended August 31, 2024
| | Invesco
BulletShares
2026 Municipal
Bond ETF
(BSMQ) | | Invesco
BulletShares
2027 Municipal
Bond ETF
(BSMR) | | Invesco
BulletShares
2028 Municipal
Bond ETF
(BSMS) | | Invesco
BulletShares
2029 Municipal
Bond ETF
(BSMT) |
| Investment income: | | | | | | | |
Interest income
| $4,775,348 | | $3,630,027 | | $2,827,433 | | $2,471,303 |
Total investment income
| 4,775,348 | | 3,630,027 | | 2,827,433 | | 2,471,303 |
| Expenses: | | | | | | | |
Unitary management fees
| 295,323 | | 218,134 | | 169,294 | | 147,647 |
Net investment income
| 4,480,025 | | 3,411,893 | | 2,658,139 | | 2,323,656 |
| Realized and unrealized gain (loss) from: | | | | | | | |
Net realized gain (loss) from unaffiliated investments
| (69,016) | | (13,887) | | (183,265) | | 1,555 |
Change in net unrealized appreciation on unaffiliated investment securities
| 2,542,836 | | 1,739,724 | | 1,769,124 | | 1,326,796 |
Net realized and unrealized gain
| 2,473,820 | | 1,725,837 | | 1,585,859 | | 1,328,351 |
Net increase in net assets resulting from operations
| $6,953,845 | | $5,137,730 | | $4,243,998 | | $3,652,007 |
| (b) | For the period September 18, 2023 (commencement of investment operations) through August 31, 2024. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco
BulletShares
2030 Municipal
Bond ETF
(BSMU) | | Invesco
BulletShares
2031 Municipal
Bond ETF
(BSMV) | | Invesco
BulletShares
2032 Municipal
Bond ETF
(BSMW) | | Invesco
BulletShares
2033 Municipal
Bond ETF
(BSSX)(b) |
| | | | | | | |
| $2,439,591 | | $1,717,783 | | $1,906,139 | | $887,085 |
| 2,439,591 | | 1,717,783 | | 1,906,139 | | 887,085 |
| | | | | | | |
| 141,746 | | 94,966 | | 95,624 | | 43,930 |
| 2,297,845 | | 1,622,817 | | 1,810,515 | | 843,155 |
| | | | | | | |
| (32,437) | | (13,109) | | 57,823 | | (11,994) |
| 1,650,658 | | 1,690,525 | | 1,431,406 | | 243,170 |
| 1,618,221 | | 1,677,416 | | 1,489,229 | | 231,176 |
| $3,916,066 | | $3,300,233 | | $3,299,744 | | $1,074,331 |
Statements of Changes in Net Assets
For the years ended August 31, 2024 and 2023
| | Invesco BulletShares 2024
Corporate Bond ETF (BSCO) | | Invesco BulletShares 2025
Corporate Bond ETF (BSCP) |
| | 2024 | | 2023 | | 2024 | | 2023 |
| Operations: | | | | | | | |
Net investment income
| $120,043,559 | | $105,422,754 | | $138,454,514 | | $73,240,881 |
Net realized gain (loss)
| (595,751) | | (4,000,249) | | (1,212,832) | | (1,302,949) |
Change in net unrealized appreciation (depreciation)
| 79,649,092 | | 6,133,424 | | 74,091,681 | | (17,256,884) |
Net increase in net assets resulting from operations
| 199,096,900 | | 107,555,929 | | 211,333,363 | | 54,681,048 |
| Distributions to Shareholders from: | | | | | | | |
Distributable earnings
| (118,950,789) | | (105,337,424) | | (138,306,116) | | (73,303,310) |
| Shareholder Transactions: | | | | | | | |
Proceeds from shares sold
| 224,718,171 | | 1,017,392,174 | | 1,252,215,142 | | 1,382,472,822 |
Value of shares repurchased
| (1,352,943,179) | | (426,454,622) | | (97,792,299) | | (181,329,404) |
Net increase (decrease) in net assets resulting from share transactions
| (1,128,225,008) | | 590,937,552 | | 1,154,422,843 | | 1,201,143,418 |
Net increase (decrease) in net assets
| (1,048,078,897) | | 593,156,057 | | 1,227,450,090 | | 1,182,521,156 |
| Net assets: | | | | | | | |
Beginning of year
| 3,892,631,584 | | 3,299,475,527 | | 2,846,919,482 | | 1,664,398,326 |
End of year
| $2,844,552,687 | | $3,892,631,584 | | $4,074,369,572 | | $2,846,919,482 |
| Changes in Shares Outstanding: | | | | | | | |
Shares sold
| 10,800,000 | | 49,650,000 | | 61,500,000 | | 68,550,000 |
Shares repurchased
| (64,500,000) | | (20,700,000) | | (4,800,000) | | (9,000,000) |
Shares outstanding, beginning of year
| 188,400,000 | | 159,450,000 | | 141,150,000 | | 81,600,000 |
Shares outstanding, end of year
| 134,700,000 | | 188,400,000 | | 197,850,000 | | 141,150,000 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2026
Corporate Bond ETF (BSCQ) | | Invesco BulletShares 2027
Corporate Bond ETF (BSCR) | | Invesco BulletShares 2028
Corporate Bond ETF (BSCS) | | Invesco BulletShares 2029
Corporate Bond ETF (BSCT) |
| 2024 | | 2023 | | 2024 | | 2023 | | 2024 | | 2023 | | 2024 | | 2023 |
| | | | | | | | | | | | | | | |
| $109,918,443 | | $56,225,144 | | $68,843,386 | | $27,851,945 | | $60,735,083 | | $19,496,485 | | $34,235,497 | | $9,920,657 |
| (2,501,245) | | (1,251,892) | | 430,578 | | (271,098) | | 907,884 | | (1,011,906) | | (208,216) | | (115,395) |
| 79,035,933 | | (17,780,727) | | 53,778,616 | | (11,245,889) | | 50,494,372 | | (3,137,424) | | 35,009,207 | | (3,191,345) |
| 186,453,131 | | 37,192,525 | | 123,052,580 | | 16,334,958 | | 112,137,339 | | 15,347,155 | | 69,036,488 | | 6,613,917 |
| | | | | | | | | | | | | | | |
| (109,367,273) | | (56,153,843) | | (68,666,801) | | (28,023,135) | | (60,586,927) | | (19,483,490) | | (34,023,895) | | (9,894,400) |
| | | | | | | | | | | | | | | |
| 1,729,641,303 | | 882,847,921 | | 1,060,131,170 | | 623,350,968 | | 1,158,375,140 | | 454,080,011 | | 745,588,344 | | 277,316,876 |
| (76,973,422) | | (59,933,094) | | (28,769,929) | | (28,683,552) | | (39,007,845) | | (2,969,517) | | - | | (7,978,199) |
| 1,652,667,881 | | 822,914,827 | | 1,031,361,241 | | 594,667,416 | | 1,119,367,295 | | 451,110,494 | | 745,588,344 | | 269,338,677 |
| 1,729,753,739 | | 803,953,509 | | 1,085,747,020 | | 582,979,239 | | 1,170,917,707 | | 446,974,159 | | 780,600,937 | | 266,058,194 |
| | | | | | | | | | | | | | | |
| 1,982,408,185 | | 1,178,454,676 | | 1,062,505,801 | | 479,526,562 | | 720,428,500 | | 273,454,341 | | 394,519,731 | | 128,461,537 |
| $3,712,161,924 | | $1,982,408,185 | | $2,148,252,821 | | $1,062,505,801 | | $1,891,346,207 | | $720,428,500 | | $1,175,120,668 | | $394,519,731 |
| | | | | | | | | | | | | | | |
| 90,150,000 | | 46,650,000 | | 55,200,000 | | 32,700,000 | | 58,050,000 | | 23,100,000 | | 40,950,000 | | 15,450,000 |
| (4,050,000) | | (3,150,000) | | (1,500,000) | | (1,500,000) | | (1,950,000) | | (150,000) | | - | | (450,000) |
| 104,700,000 | | 61,200,000 | | 55,950,000 | | 24,750,000 | | 36,600,001 | | 13,650,001 | | 22,050,001 | | 7,050,001 |
| 190,800,000 | | 104,700,000 | | 109,650,000 | | 55,950,000 | | 92,700,001 | | 36,600,001 | | 63,000,001 | | 22,050,001 |
Statements of Changes in Net Assets—(continued)
For the years ended August 31, 2024 and 2023
| | Invesco BulletShares 2030
Corporate Bond ETF (BSCU) | | Invesco BulletShares 2031
Corporate Bond ETF (BSCV) |
| | 2024 | | 2023 | | 2024 | | 2023 |
| Operations: | | | | | | | |
Net investment income
| $26,924,403 | | $6,892,666 | | $18,566,966 | | $4,906,520 |
Net realized gain (loss)
| (176,322) | | (385,378) | | 362,037 | | 137,586 |
Change in net unrealized appreciation (depreciation)
| 29,921,818 | | (2,613,034) | | 19,446,405 | | (2,929,975) |
Net increase in net assets resulting from operations
| 56,669,899 | | 3,894,254 | | 38,375,408 | | 2,114,131 |
| Distributions to Shareholders from: | | | | | | | |
Distributable earnings
| (26,770,351) | | (6,959,857) | | (18,399,736) | | (4,917,628) |
| Shareholder Transactions: | | | | | | | |
Proceeds from shares sold
| 628,325,402 | | 159,096,524 | | 378,097,380 | | 164,738,275 |
Value of shares repurchased
| - | | - | | (9,508,918) | | (7,219,590) |
Net increase (decrease) in net assets resulting from share transactions
| 628,325,402 | | 159,096,524 | | 368,588,462 | | 157,518,685 |
Net increase (decrease) in net assets
| 658,224,950 | | 156,030,921 | | 388,564,134 | | 154,715,188 |
| Net assets: | | | | | | | |
Beginning of year
| 257,395,689 | | 101,364,768 | | 193,983,801 | | 39,268,613 |
End of year
| $915,620,639 | | $257,395,689 | | $582,547,935 | | $193,983,801 |
| Changes in Shares Outstanding: | | | | | | | |
Shares sold
| 38,550,000 | | 9,900,000 | | 23,700,000 | | 10,350,000 |
Shares repurchased
| - | | - | | (600,000) | | (450,000) |
Shares outstanding, beginning of year
| 16,050,001 | | 6,150,001 | | 12,300,001 | | 2,400,001 |
Shares outstanding, end of year
| 54,600,001 | | 16,050,001 | | 35,400,001 | | 12,300,001 |
| (a) | For the period September 6, 2022 (commencement of investment operations) through August 31, 2023. |
| (b) | For the period September 18, 2023 (commencement of investment operations) through August 31, 2024. |
| (c) | For the period June 10, 2024 (commencement of investment operations) through August 31, 2024. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2032
Corporate Bond ETF (BSCW) | | Invesco BulletShares 2033
Corporate Bond ETF (BSCX) | | Invesco
BulletShares
2034 Corporate
Bond ETF (BSCY) | | Invesco
BulletShares
2024 High Yield
Corporate Bond ETF (BSJO) |
| 2024 | | 2023(a) | | 2024(b) | | 2024(c) | | 2024 | | 2023 |
| | | | | | | | | | | |
| $18,314,313 | | $2,190,423 | | $8,232,561 | | $88,586 | | $40,105,368 | | $33,081,339 |
| 232,233 | | (86,900) | | (421) | | 256 | | 1,980,981 | | (10,967,121) |
| 18,503,238 | | (1,599,833) | | 7,379,760 | | 199,748 | | 5,141,207 | | 19,244,305 |
| 37,049,784 | | 503,690 | | 15,611,900 | | 288,590 | | 47,227,556 | | 41,358,523 |
| | | | | | | | | | | |
| (18,218,198) | | (2,192,792) | | (8,111,206) | | (86,517) | | (40,088,169) | | (33,430,307) |
| | | | | | | | | | | |
| 408,509,213 | | 147,541,251 | | 333,960,495 | | 15,376,375 | | 115,076,267 | | 272,660,037 |
| (5,860,423) | | (2,834,641) | | - | | - | | (231,724,501) | | (109,449,136) |
| 402,648,790 | | 144,706,610 | | 333,960,495 | | 15,376,375 | | (116,648,234) | | 163,210,901 |
| 421,480,376 | | 143,017,508 | | 341,461,189 | | 15,578,448 | | (109,508,847) | | 171,139,117 |
| | | | | | | | | | | |
| 143,017,508 | | - | | - | | - | | 652,920,878 | | 481,781,761 |
| $564,497,884 | | $143,017,508 | | $341,461,189 | | $15,578,448 | | $543,412,031 | | $652,920,878 |
| | | | | | | | | | | |
| 20,400,000 | | 7,350,001 | | 16,050,001 | | 750,001 | | 5,100,000 | | 12,200,000 |
| (300,000) | | (150,000) | | - | | - | | (10,200,000) | | (4,900,000) |
| 7,200,001 | | - | | - | | - | | 29,000,000 | | 21,700,000 |
| 27,300,001 | | 7,200,001 | | 16,050,001 | | 750,001 | | 23,900,000 | | 29,000,000 |
Statements of Changes in Net Assets—(continued)
For the years ended August 31, 2024 and 2023
| | Invesco
BulletShares
2025 High Yield
Corporate Bond ETF (BSJP) | | Invesco
BulletShares
2026 High Yield
Corporate Bond ETF (BSJQ) |
| | 2024 | | 2023 | | 2024 | | 2023 |
| Operations: | | | | | | | |
Net investment income
| $62,876,264 | | $38,400,101 | | $30,593,720 | | $16,035,319 |
Net realized gain (loss)
| 6,747,261 | | (5,396,279) | | (4,126,256) | | (5,674,439) |
Change in net unrealized appreciation
| 10,131,189 | | 16,149,032 | | 13,576,899 | | 7,517,896 |
Net increase in net assets resulting from operations
| 79,754,714 | | 49,152,854 | | 40,044,363 | | 17,878,776 |
| Distributions to Shareholders from: | | | | | | | |
Distributable earnings
| (63,763,290) | | (37,484,424) | | (30,511,802) | | (16,049,115) |
| Shareholder Transactions: | | | | | | | |
Proceeds from shares sold
| 483,868,132 | | 764,101,499 | | 334,514,395 | | 127,337,268 |
Value of shares repurchased
| (610,269,740) | | (40,099,794) | | (6,920,407) | | (15,796,746) |
Net increase (decrease) in net assets resulting from share transactions
| (126,401,608) | | 724,001,705 | | 327,593,988 | | 111,540,522 |
Net increase (decrease) in net assets
| (110,410,184) | | 735,670,135 | | 337,126,549 | | 113,370,183 |
| Net assets: | | | | | | | |
Beginning of year
| 1,136,056,362 | | 400,386,227 | | 304,199,033 | | 190,828,850 |
End of year
| $1,025,646,178 | | $1,136,056,362 | | $641,325,582 | | $304,199,033 |
| Changes in Shares Outstanding: | | | | | | | |
Shares sold
| 21,200,000 | | 34,100,000 | | 14,500,000 | | 5,600,000 |
Shares repurchased
| (26,900,000) | | (1,800,000) | | (300,000) | | (700,000) |
Shares outstanding, beginning of year
| 50,200,000 | | 17,900,000 | | 13,300,001 | | 8,400,001 |
Shares outstanding, end of year
| 44,500,000 | | 50,200,000 | | 27,500,001 | | 13,300,001 |
| (a) | For the period September 6, 2022 (commencement of investment operations) through August 31, 2023. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco
BulletShares
2027 High Yield
Corporate Bond ETF (BSJR) | | Invesco
BulletShares
2028 High Yield
Corporate Bond ETF (BSJS) | | Invesco
BulletShares
2029 High Yield
Corporate Bond ETF (BSJT) | | Invesco
BulletShares
2030 High Yield
Corporate Bond ETF (BSJU) |
| 2024 | | 2023 | | 2024 | | 2023 | | 2024 | | 2023 | | 2024 | | 2023(a) |
| | | | | | | | | | | | | | | |
| $12,180,684 | | $4,988,098 | | $10,668,203 | | $2,616,860 | | $3,257,156 | | $916,442 | | $2,595,531 | | $495,915 |
| (1,450,636) | | (1,421,731) | | (995,487) | | (865,202) | | (180,034) | | (274,789) | | 239,279 | | (68,303) |
| 7,492,462 | | 1,797,667 | | 6,805,287 | | 639,395 | | 2,947,695 | | 220,017 | | 2,242,925 | | 15,783 |
| 18,222,510 | | 5,364,034 | | 16,478,003 | | 2,391,053 | | 6,024,817 | | 861,670 | | 5,077,735 | | 443,395 |
| | | | | | | | | | | | | | | |
| (12,133,142) | | (4,974,891) | | (10,557,068) | | (2,606,497) | | (3,197,017) | | (911,111) | | (2,599,052) | | (496,088) |
| | | | | | | | | | | | | | | |
| 175,115,846 | | 60,538,932 | | 192,910,049 | | 41,934,639 | | 79,927,263 | | 14,176,869 | | 45,251,740 | | 12,397,172 |
| - | | - | | - | | - | | - | | (1,979,925) | | - | | - |
| 175,115,846 | | 60,538,932 | | 192,910,049 | | 41,934,639 | | 79,927,263 | | 12,196,944 | | 45,251,740 | | 12,397,172 |
| 181,205,214 | | 60,928,075 | | 198,830,984 | | 41,719,195 | | 82,755,063 | | 12,147,503 | | 47,730,423 | | 12,344,479 |
| | | | | | | | | | | | | | | |
| 106,308,372 | | 45,380,297 | | 65,038,350 | | 23,319,155 | | 20,329,533 | | 8,182,030 | | 12,344,479 | | - |
| $287,513,586 | | $106,308,372 | | $263,869,334 | | $65,038,350 | | $103,084,596 | | $20,329,533 | | $60,074,902 | | $12,344,479 |
| | | | | | | | | | | | | | | |
| 7,900,000 | | 2,800,000 | | 9,000,000 | | 2,000,000 | | 3,800,000 | | 700,000 | | 1,800,000 | | 500,001 |
| - | | - | | - | | - | | - | | (100,000) | | - | | - |
| 4,900,001 | | 2,100,001 | | 3,100,001 | | 1,100,001 | | 1,000,001 | | 400,001 | | 500,001 | | - |
| 12,800,001 | | 4,900,001 | | 12,100,001 | | 3,100,001 | | 4,800,001 | | 1,000,001 | | 2,300,001 | | 500,001 |
Statements of Changes in Net Assets—(continued)
For the years ended August 31, 2024 and 2023
| | Invesco
BulletShares
2031 High Yield
Corporate Bond ETF (BSJV) | | Invesco
BulletShares
2032 High Yield
Corporate Bond
ETF (BSJW) |
| | 2024(b) | | 2024(c) |
| Operations: | | | |
Net investment income
| $1,119,418 | | $72,671 |
Net realized gain (loss)
| 131,275 | | 3,278 |
Change in net unrealized appreciation (depreciation)
| 721,252 | | 157,717 |
Net increase in net assets resulting from operations
| 1,971,945 | | 233,666 |
| Distributions to Shareholders from: | | | |
Distributable earnings
| (1,109,468) | | (69,434) |
| Shareholder Transactions: | | | |
Proceeds from shares sold
| 33,652,288 | | 5,000,025 |
Value of shares repurchased
| (5,197,920) | | - |
Transaction fees
| - | | - |
Net increase (decrease) in net assets resulting from share transactions
| 28,454,368 | | 5,000,025 |
Net increase (decrease) in net assets
| 29,316,845 | | 5,164,257 |
| Net assets: | | | |
Beginning of year
| - | | - |
End of year
| $29,316,845 | | $5,164,257 |
| Changes in Shares Outstanding: | | | |
Shares sold
| 1,300,001 | | 200,001 |
Shares repurchased
| (200,000) | | - |
Shares outstanding, beginning of year
| - | | - |
Shares outstanding, end of year
| 1,100,001 | | 200,001 |
| (b) | For the period September 18, 2023 (commencement of investment operations) through August 31, 2024. |
| (c) | For the period June 10, 2024 (commencement of investment operations) through August 31, 2024. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco
BulletShares
2024 Municipal
Bond ETF (BSMO) | | Invesco
BulletShares
2025 Municipal
Bond ETF (BSMP) | | Invesco
BulletShares
2026 Municipal
Bond ETF (BSMQ) | | Invesco
BulletShares
2027 Municipal
Bond ETF (BSMR) |
| 2024 | | 2023 | | 2024 | | 2023 | | 2024 | | 2023 | | 2024 | | 2023 |
| | | | | | | | | | | | | | | |
| $5,036,494 | | $3,319,883 | | $5,101,773 | | $2,764,069 | | $4,480,025 | | $2,139,596 | | $3,411,893 | | $1,779,822 |
| (39,140) | | (35,194) | | (23,413) | | (296,759) | | (69,016) | | (251,703) | | (13,887) | | (13,991) |
| 1,816,730 | | (191,761) | | 2,758,848 | | (526,414) | | 2,542,836 | | (569,644) | | 1,739,724 | | (469,520) |
| 6,814,084 | | 3,092,928 | | 7,837,208 | | 1,940,896 | | 6,953,845 | | 1,318,249 | | 5,137,730 | | 1,296,311 |
| | | | | | | | | | | | | | | |
| (5,054,124) | | (3,395,614) | | (5,091,783) | | (2,772,968) | | (4,459,435) | | (2,174,116) | | (3,414,318) | | (1,774,812) |
| | | | | | | | | | | | | | | |
| 27,147,894 | | 101,050,182 | | 58,125,610 | | 91,981,102 | | 98,378,888 | | 72,368,765 | | 75,299,131 | | 65,296,405 |
| (34,782,758) | | - | | - | | - | | - | | - | | - | | - |
| 55,446 | | 252,625 | | 108,691 | | 229,953 | | 204,700 | | 180,922 | | 158,724 | | 163,241 |
| (7,579,418) | | 101,302,807 | | 58,234,301 | | 92,211,055 | | 98,583,588 | | 72,549,687 | | 75,457,855 | | 65,459,646 |
| (5,819,458) | | 101,000,121 | | 60,979,726 | | 91,378,983 | | 101,077,998 | | 71,693,820 | | 77,181,267 | | 64,981,145 |
| | | | | | | | | | | | | | | |
| 195,085,898 | | 94,085,777 | | 166,909,355 | | 75,530,372 | | 114,134,830 | | 42,441,010 | | 90,899,810 | | 25,918,665 |
| $189,266,440 | | $195,085,898 | | $227,889,081 | | $166,909,355 | | $215,212,828 | | $114,134,830 | | $168,081,077 | | $90,899,810 |
| | | | | | | | | | | | | | | |
| 1,100,000 | | 4,100,000 | | 2,400,000 | | 3,800,000 | | 4,200,000 | | 3,100,000 | | 3,200,000 | | 2,800,000 |
| (1,400,000) | | - | | - | | - | | - | | - | | - | | - |
| 7,900,001 | | 3,800,001 | | 6,900,001 | | 3,100,001 | | 4,900,001 | | 1,800,001 | | 3,900,001 | | 1,100,001 |
| 7,600,001 | | 7,900,001 | | 9,300,001 | | 6,900,001 | | 9,100,001 | | 4,900,001 | | 7,100,001 | | 3,900,001 |
Statements of Changes in Net Assets—(continued)
For the years ended August 31, 2024 and 2023
| | Invesco
BulletShares
2028 Municipal
Bond ETF (BSMS) | | Invesco
BulletShares
2029 Municipal
Bond ETF (BSMT) |
| | 2024 | | 2023 | | 2024 | | 2023 |
| Operations: | | | | | | | |
Net investment income
| $2,658,139 | | $1,347,779 | | $2,323,656 | | $1,019,668 |
Net realized gain (loss)
| (183,265) | | (251,344) | | 1,555 | | (251,014) |
Change in net unrealized appreciation (depreciation)
| 1,769,124 | | (56,364) | | 1,326,796 | | (5,521) |
Net increase (decrease) in net assets resulting from operations
| 4,243,998 | | 1,040,071 | | 3,652,007 | | 763,133 |
| Distributions to Shareholders from: | | | | | | | |
Distributable earnings
| (2,642,256) | | (1,345,331) | | (2,312,432) | | (1,015,265) |
| Shareholder Transactions: | | | | | | | |
Proceeds from shares sold
| 51,070,544 | | 48,379,989 | | 73,614,757 | | 29,480,296 |
Transaction fees
| 115,987 | | 120,950 | | 160,957 | | 73,701 |
Net increase in net assets resulting from share transactions
| 51,186,531 | | 48,500,939 | | 73,775,714 | | 29,553,997 |
Net increase in net assets
| 52,788,273 | | 48,195,679 | | 75,115,289 | | 29,301,865 |
| Net assets: | | | | | | | |
Beginning of year
| 69,137,400 | | 20,941,721 | | 47,616,034 | | 18,314,169 |
End of year
| $121,925,673 | | $69,137,400 | | $122,731,323 | | $47,616,034 |
| Changes in Shares Outstanding: | | | | | | | |
Shares sold
| 2,200,000 | | 2,100,000 | | 3,200,000 | | 1,300,000 |
Shares outstanding, beginning of year
| 3,000,001 | | 900,001 | | 2,100,001 | | 800,001 |
Shares outstanding, end of year
| 5,200,001 | | 3,000,001 | | 5,300,001 | | 2,100,001 |
| (a) | For the period February 27, 2023 (commencement of investment operations) through August 31, 2023. |
| (b) | For the period September 18, 2023 (commencement of investment operations) through August 31, 2024. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco
BulletShares
2030 Municipal
Bond ETF (BSMU) | | Invesco
BulletShares
2031 Municipal
Bond ETF (BSMV) | | Invesco
BulletShares
2032 Municipal
Bond ETF (BSMW) | | Invesco
BulletShares
2033 Municipal
Bond ETF (BSSX) |
| 2024 | | 2023 | | 2024 | | 2023 | | 2024 | | 2023(a) | | 2024(b) |
| | | | | | | | | | | | | |
| $2,297,845 | | $982,107 | | $1,622,817 | | $468,815 | | $1,810,515 | | $139,743 | | $843,155 |
| (32,437) | | (371,718) | | (13,109) | | (75,360) | | 57,823 | | 156 | | (11,994) |
| 1,650,658 | | (285,726) | | 1,690,525 | | (359,114) | | 1,431,406 | | (371,433) | | 243,170 |
| 3,916,066 | | 324,663 | | 3,300,233 | | 34,341 | | 3,299,744 | | (231,534) | | 1,074,331 |
| | | | | | | | | | | | | |
| (2,280,346) | | (982,991) | | (1,617,410) | | (473,004) | | (1,806,985) | | (142,431) | | (829,944) |
| | | | | | | | | | | | | |
| 58,881,497 | | 28,348,103 | | 43,435,906 | | 16,906,619 | | 54,746,786 | | 20,171,154 | | 49,250,946 |
| 114,367 | | 70,870 | | 87,507 | | 42,267 | | 136,867 | | 37,928 | | 110,627 |
| 58,995,864 | | 28,418,973 | | 43,523,413 | | 16,948,886 | | 54,883,653 | | 20,209,082 | | 49,361,573 |
| 60,631,584 | | 27,760,645 | | 45,206,236 | | 16,510,223 | | 56,376,412 | | 19,835,117 | | 49,605,960 |
| | | | | | | | | | | | | |
| 51,638,893 | | 23,878,248 | | 28,943,303 | | 12,433,080 | | 19,835,117 | | - | | - |
| $112,270,477 | | $51,638,893 | | $74,149,539 | | $28,943,303 | | $76,211,529 | | $19,835,117 | | $49,605,960 |
| | | | | | | | | | | | | |
| 2,700,000 | | 1,300,000 | | 2,100,000 | | 800,000 | | 2,200,000 | | 800,001 | | 1,900,001 |
| 2,400,001 | | 1,100,001 | | 1,400,001 | | 600,001 | | 800,001 | | - | | - |
| 5,100,001 | | 2,400,001 | | 3,500,001 | | 1,400,001 | | 3,000,001 | | 800,001 | | 1,900,001 |
Invesco BulletShares 2024 Corporate Bond ETF (BSCO)
| | Years Ended August 31, |
| | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
| Per Share Operating Performance: | | | | | | | | | |
Net asset value at beginning of year
| $20.66 | | $20.69 | | $22.16 | | $22.26 | | $21.44 |
Net investment income(a)
| 0.71 | | 0.57 | | 0.41 | | 0.44 | | 0.58 |
Net realized and unrealized gain (loss) on investments
| 0.46 | | (0.03)(b) | | (1.45) | | (0.09) | | 0.83 |
Total from investment operations
| 1.17 | | 0.54 | | (1.04) | | 0.35 | | 1.41 |
| Distributions to shareholders from: | | | | | | | | | |
Net investment income
| (0.71) | | (0.57) | | (0.39) | | (0.45) | | (0.59) |
Net realized gains
| - | | - | | (0.04) | | - | | - |
Total distributions
| (0.71) | | (0.57) | | (0.43) | | (0.45) | | (0.59) |
Net asset value at end of year
| $21.12 | | $20.66 | | $20.69 | | $22.16 | | $22.26 |
Market price at end of year(c)
| $21.12 | | $20.67 | | $20.67 | | $22.18 | | $22.28 |
Net Asset Value Total Return(d)
| 5.77% | | 2.67% | | (4.76)% | | 1.59% | | 6.72% |
Market Price Total Return(d)
| 5.72% | | 2.81% | | (4.93)% | | 1.59% | | 6.51% |
| Ratios/Supplemental Data: | | | | | | | | | |
Net assets at end of year (000’s omitted)
| $2,844,553 | | $3,892,632 | | $3,299,476 | | $1,632,038 | | $1,085,251 |
| Ratio to average net assets of: | | | | | | | | | |
Expenses
| 0.10% | | 0.10% | | 0.10% | | 0.10% | | 0.10% |
Net investment income
| 3.37% | | 2.79% | | 1.93% | | 2.00% | | 2.70% |
Portfolio turnover rate(e)
| 1% | | 3% | | 11% | | 7% | | 6% |
| (a) | Based on average shares outstanding. |
| (b) | Net realized and unrealized gain (loss) on investments per share may not correlate with the Fund’s net realized and unrealized gain (loss) due to timing of shareholder transactions in relation to the fluctuating market values of the Fund’s investments. |
| (c) | The mean between the last bid and ask prices. |
| (d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
| (e) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Financial Highlights—(continued)
Invesco BulletShares 2025 Corporate Bond ETF (BSCP)
| | Years Ended August 31, |
| | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
| Per Share Operating Performance: | | | | | | | | | |
Net asset value at beginning of year
| $20.17 | | $20.40 | | $22.30 | | $22.44 | | $21.41 |
Net investment income(a)
| 0.79 | | 0.64 | | 0.41 | | 0.41 | | 0.60 |
Net realized and unrealized gain (loss) on investments
| 0.42 | | (0.25) | | (1.88) | | (0.13) | | 1.05 |
Total from investment operations
| 1.21 | | 0.39 | | (1.47) | | 0.28 | | 1.65 |
| Distributions to shareholders from: | | | | | | | | | |
Net investment income
| (0.79) | | (0.62) | | (0.39) | | (0.42) | | (0.62) |
Net realized gains
| - | | - | | (0.04) | | - | | - |
Total distributions
| (0.79) | | (0.62) | | (0.43) | | (0.42) | | (0.62) |
Net asset value at end of year
| $20.59 | | $20.17 | | $20.40 | | $22.30 | | $22.44 |
Market price at end of year(b)
| $20.60 | | $20.18 | | $20.37 | | $22.31 | | $22.45 |
Net Asset Value Total Return(c)
| 6.10% | | 1.99% | | (6.63)% | | 1.25% | | 7.86% |
Market Price Total Return(c)
| 6.10% | | 2.19% | | (6.81)% | | 1.25% | | 7.75% |
| Ratios/Supplemental Data: | | | | | | | | | |
Net assets at end of year (000’s omitted)
| $4,074,370 | | $2,846,919 | | $1,664,398 | | $1,056,865 | | $632,834 |
| Ratio to average net assets of: | | | | | | | | | |
Expenses
| 0.10% | | 0.10% | | 0.10% | | 0.10% | | 0.10% |
Net investment income
| 3.90% | | 3.20% | | 1.93% | | 1.85% | | 2.77% |
Portfolio turnover rate(d)
| 2% | | 1% | | 10% | | 8% | | 9% |
| (a) | Based on average shares outstanding. |
| (b) | The mean between the last bid and ask prices. |
| (c) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
| (d) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Financial Highlights—(continued)
Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)
| | Years Ended August 31, |
| | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
| Per Share Operating Performance: | | | | | | | | | |
Net asset value at beginning of year
| $18.93 | | $19.26 | | $21.56 | | $21.75 | | $20.57 |
Net investment income(a)
| 0.77 | | 0.65 | | 0.43 | | 0.43 | | 0.57 |
Net realized and unrealized gain (loss) on investments
| 0.51 | | (0.34) | | (2.31) | | (0.18) | | 1.20 |
Total from investment operations
| 1.28 | | 0.31 | | (1.88) | | 0.25 | | 1.77 |
| Distributions to shareholders from: | | | | | | | | | |
Net investment income
| (0.75) | | (0.64) | | (0.42) | | (0.44) | | (0.58) |
Net realized gains
| - | | - | | (0.00)(b) | | - | | (0.02) |
Total distributions
| (0.75) | | (0.64) | | (0.42) | | (0.44) | | (0.60) |
Transaction fees(a)
| - | | - | | - | | - | | 0.01 |
Net asset value at end of year
| $19.46 | | $18.93 | | $19.26 | | $21.56 | | $21.75 |
Market price at end of year(c)
| $19.48 | | $18.94 | | $19.21 | | $21.58 | | $21.78 |
Net Asset Value Total Return(d)
| 6.92% | | 1.64% | | (8.79)% | | 1.16% | | 8.85% |
Market Price Total Return(d)
| 6.97% | | 1.95% | | (9.11)% | | 1.11% | | 8.73% |
| Ratios/Supplemental Data: | | | | | | | | | |
Net assets at end of year (000’s omitted)
| $3,712,162 | | $1,982,408 | | $1,178,455 | | $578,885 | | $293,682 |
| Ratio to average net assets of: | | | | | | | | | |
Expenses
| 0.10% | | 0.10% | | 0.10% | | 0.10% | | 0.10% |
Net investment income
| 4.02% | | 3.42% | | 2.17% | | 2.01% | | 2.76% |
Portfolio turnover rate(e)
| 2% | | 1% | | 4% | | 2% | | 7% |
| (a) | Based on average shares outstanding. |
| (b) | Amount represents less than $0.005. |
| (c) | The mean between the last bid and ask prices. |
| (d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
| (e) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Financial Highlights—(continued)
Invesco BulletShares 2027 Corporate Bond ETF (BSCR)
| | Years Ended August 31, |
| | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
| Per Share Operating Performance: | | | | | | | | | |
Net asset value at beginning of year
| $18.99 | | $19.37 | | $22.01 | | $22.06 | | $20.99 |
Net investment income(a)
| 0.82 | | 0.68 | | 0.46 | | 0.47 | | 0.60 |
Net realized and unrealized gain (loss) on investments
| 0.59 | | (0.39) | | (2.64) | | (0.05) | | 1.08 |
Total from investment operations
| 1.41 | | 0.29 | | (2.18) | | 0.42 | | 1.68 |
| Distributions to shareholders from: | | | | | | | | | |
Net investment income
| (0.81) | | (0.66) | | (0.45) | | (0.47) | | (0.61) |
Net realized gains
| - | | (0.01) | | (0.01) | | - | | (0.01) |
Total distributions
| (0.81) | | (0.67) | | (0.46) | | (0.47) | | (0.62) |
Transaction fees(a)
| - | | - | | - | | - | | 0.01 |
Net asset value at end of year
| $19.59 | | $18.99 | | $19.37 | | $22.01 | | $22.06 |
Market price at end of year(b)
| $19.61 | | $19.00 | | $19.29 | | $22.04 | | $22.07 |
Net Asset Value Total Return(c)
| 7.61% | | 1.53% | | (9.99)% | | 1.94% | | 8.25% |
Market Price Total Return(c)
| 7.65% | | 2.01% | | (10.48)% | | 2.04% | | 7.98% |
| Ratios/Supplemental Data: | | | | | | | | | |
Net assets at end of year (000’s omitted)
| $2,148,253 | | $1,062,506 | | $479,527 | | $353,298 | | $231,616 |
| Ratio to average net assets of: | | | | | | | | | |
Expenses
| 0.10% | | 0.10% | | 0.10% | | 0.10% | | 0.10% |
Net investment income
| 4.30% | | 3.60% | | 2.26% | | 2.15% | | 2.83% |
Portfolio turnover rate(d)
| 0% | | 1% | | 4% | | 2% | | 7% |
| (a) | Based on average shares outstanding. |
| (b) | The mean between the last bid and ask prices. |
| (c) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
| (d) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Financial Highlights—(continued)
Invesco BulletShares 2028 Corporate Bond ETF (BSCS)
| | Years Ended August 31, |
| | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
| Per Share Operating Performance: | | | | | | | | | |
Net asset value at beginning of year
| $19.68 | | $20.03 | | $23.17 | | $23.25 | | $22.11 |
Net investment income(a)
| 0.91 | | 0.76 | | 0.47 | | 0.52 | | 0.64 |
Net realized and unrealized gain (loss) on investments
| 0.70 | | (0.38) | | (3.13) | | (0.09)(b) | | 1.12 |
Total from investment operations
| 1.61 | | 0.38 | | (2.66) | | 0.43 | | 1.76 |
| Distributions to shareholders from: | | | | | | | | | |
Net investment income
| (0.89) | | (0.73) | | (0.47) | | (0.51) | | (0.65) |
Net realized gains
| - | | - | | (0.01) | | - | | (0.00)(c) |
Total distributions
| (0.89) | | (0.73) | | (0.48) | | (0.51) | | (0.65) |
Transaction fees(a)
| - | | - | | - | | - | | 0.03 |
Net asset value at end of year
| $20.40 | | $19.68 | | $20.03 | | $23.17 | | $23.25 |
Market price at end of year(d)
| $20.43 | | $19.69 | | $19.96 | | $23.18 | | $23.25 |
Net Asset Value Total Return(e)
| 8.37% | | 1.97% | | (11.62)% | | 1.90% | | 8.33% |
Market Price Total Return(e)
| 8.47% | | 2.38% | | (11.96)% | | 1.95% | | 8.03% |
| Ratios/Supplemental Data: | | | | | | | | | |
Net assets at end of year (000’s omitted)
| $1,891,346 | | $720,429 | | $273,454 | | $225,925 | | $129,018 |
| Ratio to average net assets of: | | | | | | | | | |
Expenses
| 0.10% | | 0.10% | | 0.10% | | 0.10% | | 0.10% |
Net investment income
| 4.57% | | 3.86% | | 2.20% | | 2.24% | | 2.89% |
Portfolio turnover rate(f)
| 0%(g) | | 1% | | 7% | | 2% | | 3% |
| (a) | Based on average shares outstanding. |
| (b) | Net realized and unrealized gain (loss) on investments per share may not correlate with the Fund’s net realized and unrealized gain (loss) due to timing of shareholder transactions in relation to the fluctuating market values of the Fund’s investments. |
| (c) | Amount represents less than $0.005. |
| (d) | The mean between the last bid and ask prices. |
| (e) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
| (f) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
| (g) | Amount represents less than 0.5%. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Financial Highlights—(continued)
Invesco BulletShares 2029 Corporate Bond ETF (BSCT)
| | Years Ended August 31, | | For the Period
September 10, 2019(a)
Through
August 31,
2020 |
| | 2024 | | 2023 | | 2022 | | 2021 | |
| Per Share Operating Performance: | | | | | | | | | |
Net asset value at beginning of period
| $17.89 | | $18.22 | | $21.37 | | $21.51 | | $20.00 |
Net investment income(b)
| 0.83 | | 0.69 | | 0.43 | | 0.42 | | 0.51 |
Net realized and unrealized gain (loss) on investments
| 0.73 | | (0.38) | | (3.15) | | (0.14) | | 1.47 |
Total from investment operations
| 1.56 | | 0.31 | | (2.72) | | 0.28 | | 1.98 |
| Distributions to shareholders from: | | | | | | | | | |
Net investment income
| (0.80) | | (0.64) | | (0.43) | | (0.42) | | (0.51) |
Net realized gains
| - | | - | | (0.00)(c) | | - | | - |
Total distributions
| (0.80) | | (0.64) | | (0.43) | | (0.42) | | (0.51) |
Transaction fees(b)
| - | | - | | - | | - | | 0.04 |
Net asset value at end of period
| $18.65 | | $17.89 | | $18.22 | | $21.37 | | $21.51 |
Market price at end of period(d)
| $18.68 | | $17.90 | | $18.14 | | $21.39 | | $21.51 |
Net Asset Value Total Return(e)
| 8.98% | | 1.79% | | (12.84)% | | 1.31% | | 10.29%(f) |
Market Price Total Return(e)
| 9.10% | | 2.29% | | (13.30)% | | 1.41% | | 10.28%(f) |
| Ratios/Supplemental Data: | | | | | | | | | |
Net assets at end of period (000’s omitted)
| $1,175,121 | | $394,520 | | $128,462 | | $112,209 | | $25,815 |
| Ratio to average net assets of: | | | | | | | | | |
Expenses
| 0.10% | | 0.10% | | 0.10% | | 0.10% | | 0.10%(g) |
Net investment income
| 4.59% | | 3.85% | | 2.19% | | 1.98% | | 2.55%(g) |
Portfolio turnover rate(h)
| 0%(i) | | 1% | | 6% | | 0%(i) | | 1% |
| (a) | Commencement of investment operations. |
| (b) | Based on average shares outstanding. |
| (c) | Amount represents less than $0.005. |
| (d) | The mean between the last bid and ask prices. |
| (e) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
| (f) | The net asset value total return from Fund Inception (September 12, 2019, the first day of trading on the exchange) to August 31, 2020 was 10.96%. The market price total return from Fund Inception to August 31, 2020 was 10.45%. |
| (g) | Annualized. |
| (h) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
| (i) | Amount represents less than 0.5%. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Financial Highlights—(continued)
Invesco BulletShares 2030 Corporate Bond ETF (BSCU)
| | Years Ended August 31, | | For the Period
September 14, 2020(a)
Through
August 31,
2021 |
| | 2024 | | 2023 | | 2022 | |
| Per Share Operating Performance: | | | | | | | |
Net asset value at beginning of period
| $16.04 | | $16.48 | | $19.77 | | $20.00 |
Net investment income(b)
| 0.78 | | 0.65 | | 0.45 | | 0.36 |
Net realized and unrealized gain (loss) on investments
| 0.70 | | (0.45) | | (3.32) | | (0.27) |
Total from investment operations
| 1.48 | | 0.20 | | (2.87) | | 0.09 |
| Distributions to shareholders from: | | | | | | | |
Net investment income
| (0.75) | | (0.64) | | (0.42) | | (0.32) |
Net asset value at end of period
| $16.77 | | $16.04 | | $16.48 | | $19.77 |
Market price at end of period(c)
| $16.79 | | $16.03 | | $16.38 | | $19.79 |
Net Asset Value Total Return(d)
| 9.51% | | 1.27% | | (14.67)% | | 0.45%(e) |
Market Price Total Return(d)
| 9.71% | | 1.82% | | (15.27)% | | 0.55%(e) |
| Ratios/Supplemental Data: | | | | | | | |
Net assets at end of period (000’s omitted)
| $915,621 | | $257,396 | | $101,365 | | $26,691 |
| Ratio to average net assets of: | | | | | | | |
Expenses
| 0.10% | | 0.10% | | 0.10% | | 0.10%(f) |
Net investment income
| 4.79% | | 4.06% | | 2.60% | | 1.89%(f) |
Portfolio turnover rate(g)
| 0%(h) | | 0% | | 3% | | 3% |
| (a) | Commencement of investment operations. |
| (b) | Based on average shares outstanding. |
| (c) | The mean between the last bid and ask prices. |
| (d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
| (e) | The net asset value total return from Fund Inception (September 16, 2020, the first day of trading on the exchange) to August 31, 2021 was 0.55%. The market price total return from Fund Inception to August 31, 2021 was 0.55%. |
| (f) | Annualized. |
| (g) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
| (h) | Amount represents less than 0.5%. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Financial Highlights—(continued)
Invesco BulletShares 2031 Corporate Bond ETF (BSCV)
| | Years Ended August 31, | | For the Period
September 13, 2021(a)
Through
August 31,
2022 |
| | 2024 | | 2023 | |
| Per Share Operating Performance: | | | | | |
Net asset value at beginning of period
| $15.77 | | $16.36 | | $20.00 |
Net investment income(b)
| 0.80 | | 0.73 | | 0.47 |
Net realized and unrealized gain (loss) on investments
| 0.67 | | (0.62) | | (3.68) |
Total from investment operations
| 1.47 | | 0.11 | | (3.21) |
| Distributions to shareholders from: | | | | | |
Net investment income
| (0.78) | | (0.70) | | (0.43) |
Net asset value at end of period
| $16.46 | | $15.77 | | $16.36 |
Market price at end of period(c)
| $16.48 | | $15.77 | | $16.30 |
Net Asset Value Total Return(d)
| 9.60% | | 0.73% | | (16.17)%(e) |
Market Price Total Return(d)
| 9.73% | | 1.10% | | (16.48)%(e) |
| Ratios/Supplemental Data: | | | | | |
Net assets at end of period (000’s omitted)
| $582,548 | | $193,984 | | $39,269 |
| Ratio to average net assets of: | | | | | |
Expenses
| 0.10% | | 0.10% | | 0.10%(f) |
Net investment income
| 5.00% | | 4.63% | | 2.81%(f) |
Portfolio turnover rate(g)
| 0% | | 0% | | 1% |
| (a) | Commencement of investment operations. |
| (b) | Based on average shares outstanding. |
| (c) | The mean between the last bid and ask prices. |
| (d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
| (e) | The net asset value total return from Fund Inception (September 15, 2021, the first day of trading on the exchange) to August 31, 2022 was (16.25)%. The market price total return from Fund Inception to August 31, 2022 was (16.60)%. |
| (f) | Annualized. |
| (g) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Financial Highlights—(continued)
Invesco BulletShares 2032 Corporate Bond ETF (BSCW)
| | Years Ended August 31,
2024 | | For the Period
September 6, 2022(a)
Through
August 31,
2023 |
| Per Share Operating Performance: | | | |
Net asset value at beginning of period
| $19.86 | | $20.00 |
Net investment income(b)
| 1.04 | | 0.99 |
Net realized and unrealized gain (loss) on investments
| 0.80 | | (0.25) |
Total from investment operations
| 1.84 | | 0.74 |
| Distributions to shareholders from: | | | |
Net investment income
| (1.02) | | (0.88) |
Net asset value at end of period
| $20.68 | | $19.86 |
Market price at end of period(c)
| $20.71 | | $19.86 |
Net Asset Value Total Return(d)
| 9.58% | | 3.74%(e) |
Market Price Total Return(d)
| 9.73% | | 3.75%(e) |
| Ratios/Supplemental Data: | | | |
Net assets at end of period (000’s omitted)
| $564,498 | | $143,018 |
| Ratio to average net assets of: | | | |
Expenses
| 0.10% | | 0.10%(f) |
Net investment income
| 5.19% | | 5.08%(f) |
Portfolio turnover rate(g)
| 0% | | 7% |
| (a) | Commencement of investment operations. |
| (b) | Based on average shares outstanding. |
| (c) | The mean between the last bid and ask prices. |
| (d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
| (e) | The net asset value total return from Fund Inception (September 8, 2022, the first day of trading on the exchange) to August 31, 2023 was 3.40%. The market price total return from Fund Inception to August 31, 2023 was 3.43%. |
| (f) | Annualized. |
| (g) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Financial Highlights—(continued)
Invesco BulletShares 2033 Corporate Bond ETF (BSCX)
| | For the Period
September 18, 2023(a)
Through
August 31,
2024 |
| Per Share Operating Performance: | |
Net asset value at beginning of period
| $20.00 |
Net investment income(b)
| 1.00 |
Net realized and unrealized gain on investments
| 1.18 |
Total from investment operations
| 2.18 |
| Distributions to shareholders from: | |
Net investment income
| (0.91) |
Net asset value at end of period
| $21.27 |
Market price at end of period(c)
| $21.31 |
Net Asset Value Total Return(d)
| 11.15%(e) |
Market Price Total Return(d)
| 11.36%(e) |
| Ratios/Supplemental Data: | |
Net assets at end of period (000’s omitted)
| $341,461 |
| Ratio to average net assets of: | |
Expenses
| 0.10%(f) |
Net investment income
| 5.09%(f) |
Portfolio turnover rate(g)
| 0% |
| (a) | Commencement of investment operations. |
| (b) | Based on average shares outstanding. |
| (c) | The mean between the last bid and ask prices. |
| (d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
| (e) | The net asset value total return from Fund Inception (September 20, 2023, the first day of trading on the exchange) to August 31, 2024 was 11.44%. The market price total return from Fund Inception to August 31, 2024 was 11.53%. |
| (f) | Annualized. |
| (g) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Financial Highlights—(continued)
Invesco BulletShares 2034 Corporate Bond ETF (BSCY)
| | For the Period
June 10, 2024(a)
Through
August 31,
2024 |
| Per Share Operating Performance: | |
Net asset value at beginning of period
| $20.00 |
Net investment income(b)
| 0.24 |
Net realized and unrealized gain on investments
| 0.76 |
Total from investment operations
| 1.00 |
| Distributions to shareholders from: | |
Net investment income
| (0.23) |
Net asset value at end of period
| $20.77 |
Market price at end of period(c)
| $20.83 |
Net Asset Value Total Return(d)
| 4.99%(e) |
Market Price Total Return(d)
| 5.29%(e) |
| Ratios/Supplemental Data: | |
Net assets at end of period (000’s omitted)
| $15,578 |
| Ratio to average net assets of: | |
Expenses
| 0.10%(f) |
Net investment income
| 5.26%(f) |
Portfolio turnover rate(g)
| 0%(h) |
| (a) | Commencement of investment operations. |
| (b) | Based on average shares outstanding. |
| (c) | The mean between the last bid and ask prices. |
| (d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
| (e) | The net asset value total return from Fund Inception (June 12, 2024, the first day of trading on the exchange) to August 31, 2024 was 3.95%. The market price total return from Fund Inception to August 31, 2024 was 4.15%. |
| (f) | Annualized. |
| (g) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
| (h) | Amount represents less than 0.5%. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Financial Highlights—(continued)
Invesco BulletShares 2024 High Yield Corporate Bond ETF (BSJO)
| | Years Ended August 31, |
| | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
| Per Share Operating Performance: | | | | | | | | | |
Net asset value at beginning of year
| $22.51 | | $22.20 | | $25.09 | | $24.34 | | $25.20 |
Net investment income(a)
| 1.34 | | 1.34 | | 1.00 | | 1.06 | | 1.17 |
Net realized and unrealized gain (loss) on investments
| 0.23 | | 0.31 | | (2.91) | | 0.75 | | (0.87) |
Total from investment operations
| 1.57 | | 1.65 | | (1.91) | | 1.81 | | 0.30 |
| Distributions to shareholders from: | | | | | | | | | |
Net investment income
| (1.34) | | (1.34) | | (0.98) | | (1.06) | | (1.18) |
Transaction fees(a)
| - | | - | | - | | - | | 0.02 |
Net asset value at end of year
| $22.74 | | $22.51 | | $22.20 | | $25.09 | | $24.34 |
Market price at end of year(b)
| $22.72 | | $22.54 | | $22.14 | | $25.10 | | $24.34 |
Net Asset Value Total Return(c)
| 7.17% | | 7.70% | | (7.76)% | | 7.60% | | 1.45% |
Market Price Total Return(c)
| 6.93% | | 8.13% | | (8.04)% | | 7.64% | | 1.38% |
| Ratios/Supplemental Data: | | | | | | | | | |
Net assets at end of year (000’s omitted)
| $543,412 | | $652,921 | | $481,782 | | $363,855 | | $175,241 |
| Ratio to average net assets of: | | | | | | | | | |
Expenses
| 0.42% | | 0.42% | | 0.42% | | 0.42% | | 0.42% |
Net investment income
| 5.91% | | 6.01% | | 4.24% | | 4.26% | | 4.84% |
Portfolio turnover rate(d)
| 59% | | 78% | | 58% | | 52% | | 34% |
| (a) | Based on average shares outstanding. |
| (b) | The mean between the last bid and ask prices. |
| (c) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
| (d) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
Invesco BulletShares 2025 High Yield Corporate Bond ETF (BSJP)
| | Years Ended August 31, |
| | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
| Per Share Operating Performance: | | | | | | | | | |
Net asset value at beginning of year
| $22.63 | | $22.37 | | $24.61 | | $23.77 | | $24.48 |
Net investment income(a)
| 1.55 | | 1.49 | | 1.10 | | 1.10 | | 1.27 |
Net realized and unrealized gain (loss) on investments
| 0.47 | | 0.19 | | (2.26) | | 0.85 | | (0.71) |
Total from investment operations
| 2.02 | | 1.68 | | (1.16) | | 1.95 | | 0.56 |
| Distributions to shareholders from: | | | | | | | | | |
Net investment income
| (1.60) | | (1.42) | | (1.08) | | (1.11) | | (1.29) |
Transaction fees(a)
| - | | - | | - | | - | | 0.02 |
Net asset value at end of year
| $23.05 | | $22.63 | | $22.37 | | $24.61 | | $23.77 |
Market price at end of year(b)
| $23.06 | | $22.67 | | $22.28 | | $24.63 | | $23.74 |
Net Asset Value Total Return(c)
| 9.28% | | 7.79% | | (4.84)% | | 8.37% | | 2.58% |
Market Price Total Return(c)
| 9.12% | | 8.41% | | (5.29)% | | 8.60% | | 2.26% |
| Ratios/Supplemental Data: | | | | | | | | | |
Net assets at end of year (000’s omitted)
| $1,025,646 | | $1,136,056 | | $400,386 | | $292,895 | | $130,753 |
| Ratio to average net assets of: | | | | | | | | | |
Expenses
| 0.42% | | 0.42% | | 0.42% | | 0.42% | | 0.42% |
Net investment income
| 6.82% | | 6.69% | | 4.66% | | 4.52% | | 5.42% |
Portfolio turnover rate(d)
| 83% | | 33% | | 42% | | 57% | | 26% |
| (a) | Based on average shares outstanding. |
| (b) | The mean between the last bid and ask prices. |
| (c) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
| (d) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Financial Highlights—(continued)
Invesco BulletShares 2026 High Yield Corporate Bond ETF (BSJQ)
| | Years Ended August 31, |
| | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
| Per Share Operating Performance: | | | | | | | | | |
Net asset value at beginning of year
| $22.87 | | $22.72 | | $25.73 | | $24.93 | | $25.70 |
Net investment income(a)
| 1.58 | | 1.46 | | 1.18 | | 1.12 | | 1.24 |
Net realized and unrealized gain (loss) on investments
| 0.43 | | 0.13 | | (3.02) | | 0.80 | | (0.74) |
Total from investment operations
| 2.01 | | 1.59 | | (1.84) | | 1.92 | | 0.50 |
| Distributions to shareholders from: | | | | | | | | | |
Net investment income
| (1.56) | | (1.44) | | (1.17) | | (1.12) | | (1.28) |
Net realized gains
| - | | - | | - | | - | | (0.02) |
Total distributions
| (1.56) | | (1.44) | | (1.17) | | (1.12) | | (1.30) |
Transaction fees(a)
| - | | - | | - | | - | | 0.03 |
Net asset value at end of year
| $23.32 | | $22.87 | | $22.72 | | $25.73 | | $24.93 |
Market price at end of year(b)
| $23.32 | | $22.90 | | $22.59 | | $25.74 | | $24.88 |
Net Asset Value Total Return(c)
| 9.13% | | 7.29% | | (7.33)% | | 7.86% | | 2.31% |
Market Price Total Return(c)
| 8.97% | | 8.04% | | (7.89)% | | 8.12% | | 1.91% |
| Ratios/Supplemental Data: | | | | | | | | | |
Net assets at end of year (000’s omitted)
| $641,326 | | $304,199 | | $190,829 | | $115,768 | | $74,780 |
| Ratio to average net assets of: | | | | | | | | | |
Expenses
| 0.42% | | 0.42% | | 0.42% | | 0.42% | | 0.42% |
Net investment income
| 6.87% | | 6.45% | | 4.88% | | 4.41% | | 5.07% |
Portfolio turnover rate(d)
| 50% | | 14% | | 32% | | 37% | | 35% |
| (a) | Based on average shares outstanding. |
| (b) | The mean between the last bid and ask prices. |
| (c) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
| (d) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Financial Highlights—(continued)
Invesco BulletShares 2027 High Yield Corporate Bond ETF (BSJR)
| | Years Ended August 31, | | For the Period
September 10, 2019(a)
Through
August 31,
2020 |
| | 2024 | | 2023 | | 2022 | | 2021 | |
| Per Share Operating Performance: | | | | | | | | | |
Net asset value at beginning of period
| $21.70 | | $21.61 | | $25.59 | | $24.91 | | $25.00 |
Net investment income(b)
| 1.54 | | 1.40 | | 1.08 | | 1.08 | | 1.15 |
Net realized and unrealized gain (loss) on investments
| 0.73 | | 0.04 | | (3.85) | | 0.70 | | (0.27) |
Total from investment operations
| 2.27 | | 1.44 | | (2.77) | | 1.78 | | 0.88 |
| Distributions to shareholders from: | | | | | | | | | |
Net investment income
| (1.51) | | (1.35) | | (1.10) | | (1.10) | | (1.06) |
Net realized gains
| - | | - | | (0.11) | | - | | - |
Total distributions
| (1.51) | | (1.35) | | (1.21) | | (1.10) | | (1.06) |
Transaction fees(b)
| - | | - | | - | | - | | 0.09 |
Net asset value at end of period
| $22.46 | | $21.70 | | $21.61 | | $25.59 | | $24.91 |
Market price at end of period(c)
| $22.48 | | $21.74 | | $21.48 | | $25.61 | | $24.84 |
Net Asset Value Total Return(d)
| 10.84% | | 6.95% | | (11.14)% | | 7.29% | | 4.12%(e) |
Market Price Total Return(d)
| 10.72% | | 7.78% | | (11.75)% | | 7.68% | | 3.84%(e) |
| Ratios/Supplemental Data: | | | | | | | | | |
Net assets at end of period (000’s omitted)
| $287,514 | | $106,308 | | $45,380 | | $43,509 | | $19,925 |
| Ratio to average net assets of: | | | | | | | | | |
Expenses, after Waivers
| 0.42% | | 0.42% | | 0.42% | | 0.42% | | 0.41%(f) |
Expenses, prior to Waivers
| 0.42% | | 0.42% | | 0.42% | | 0.42% | | 0.42%(f) |
Net investment income
| 7.00% | | 6.52% | | 4.52% | | 4.25% | | 4.90%(f) |
Portfolio turnover rate(g)
| 16% | | 10% | | 25% | | 33% | | 56% |
| (a) | Commencement of investment operations. |
| (b) | Based on average shares outstanding. |
| (c) | The mean between the last bid and ask prices. |
| (d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
| (e) | The net asset value total return from Fund Inception (September 12, 2019, the first day of trading on the exchange) to August 31, 2020 was 4.32%. The market price total return from Fund Inception to August 31, 2020 was 3.84%. |
| (f) | Annualized. |
| (g) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Financial Highlights—(continued)
Invesco BulletShares 2028 High Yield Corporate Bond ETF (BSJS)
| | Years Ended August 31, | | For the Period
September 14, 2020(a)
Through
August 31,
2021 |
| | 2024 | | 2023 | | 2022 | |
| Per Share Operating Performance: | | | | | | | |
Net asset value at beginning of period
| $20.98 | | $21.20 | | $25.58 | | $25.00 |
Net investment income(b)
| 1.55 | | 1.42 | | 1.16 | | 1.03 |
Net realized and unrealized gain (loss) on investments
| 0.80 | | (0.27) | | (4.30) | | 0.51 |
Total from investment operations
| 2.35 | | 1.15 | | (3.14) | | 1.54 |
| Distributions to shareholders from: | | | | | | | |
Net investment income
| (1.52) | | (1.37) | | (1.14) | | (0.96) |
Net realized gains
| - | | - | | (0.10) | | - |
Total distributions
| (1.52) | | (1.37) | | (1.24) | | (0.96) |
Net asset value at end of period
| $21.81 | | $20.98 | | $21.20 | | $25.58 |
Market price at end of period(c)
| $21.90 | | $21.02 | | $21.13 | | $25.61 |
Net Asset Value Total Return(d)
| 11.63% | | 5.70% | | (12.60)% | | 6.25%(e) |
Market Price Total Return(d)
| 11.85% | | 6.23% | | (12.99)% | | 6.37%(e) |
| Ratios/Supplemental Data: | | | | | | | |
Net assets at end of period (000’s omitted)
| $263,869 | | $65,038 | | $23,319 | | $15,347 |
| Ratio to average net assets of: | | | | | | | |
Expenses
| 0.42% | | 0.42% | | 0.42% | | 0.43%(f) |
Net investment income
| 7.27% | | 6.80% | | 4.99% | | 4.21%(f) |
Portfolio turnover rate(g)
| 15% | | 5% | | 17% | | 33% |
| (a) | Commencement of investment operations. |
| (b) | Based on average shares outstanding. |
| (c) | The mean between the last bid and ask prices. |
| (d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
| (e) | The net asset value total return from Fund Inception (September 16, 2020, the first day of trading on the exchange) to August 31, 2021 was 6.72%. The market price total return from Fund Inception to August 31, 2021 was 6.92%. |
| (f) | Annualized. |
| (g) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Financial Highlights—(continued)
Invesco BulletShares 2029 High Yield Corporate Bond ETF (BSJT)
| | Years Ended August 31,
2024 | | Year Ended August 31,
2023 | | For the Period
September 13, 2021(a)
Through
August 31,
2022 |
| Per Share Operating Performance: | | | | | |
Net asset value at beginning of period
| $20.33 | | $20.46 | | $25.00 |
Net investment income(b)
| 1.47 | | 1.30 | | 1.07 |
Net realized and unrealized gain (loss) on investments
| 1.07 | | (0.16) | | (4.59) |
Total from investment operations
| 2.54 | | 1.14 | | (3.52) |
| Distributions to shareholders from: | | | | | |
Net investment income
| (1.39) | | (1.27) | | (1.02) |
Net asset value at end of period
| $21.48 | | $20.33 | | $20.46 |
Market price at end of period(c)
| $21.61 | | $20.38 | | $20.41 |
Net Asset Value Total Return(d)
| 12.99% | | 5.82% | | (14.35)%(e) |
Market Price Total Return(d)
| 13.36% | | 6.32% | | (14.56)%(e) |
| Ratios/Supplemental Data: | | | | | |
Net assets at end of period (000’s omitted)
| $103,085 | | $20,330 | | $8,182 |
| Ratio to average net assets of: | | | | | |
Expenses
| 0.42% | | 0.42% | | 0.42%(f) |
Net investment income
| 7.04% | | 6.45% | | 5.01%(f) |
Portfolio turnover rate(g)
| 10% | | 6% | | 10% |
| (a) | Commencement of investment operations. |
| (b) | Based on average shares outstanding. |
| (c) | The mean between the last bid and ask prices. |
| (d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
| (e) | The net asset value total return from Fund Inception (September 15, 2021, the first day of trading on the exchange) to August 31, 2022 was (14.42)%. The market price total return from Fund Inception to August 31, 2022 was (14.87)%. |
| (f) | Annualized. |
| (g) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Financial Highlights—(continued)
Invesco BulletShares 2030 High Yield Corporate Bond ETF (BSJU)
| | Years Ended August 31,
2024 | | For the Period
September 6, 2022(a)
Through
August 31,
2023 |
| Per Share Operating Performance: | | | |
Net asset value at beginning of period
| $24.69 | | $25.00 |
Net investment income(b)
| 1.82 | | 1.75 |
Net realized and unrealized gain (loss) on investments
| 1.38 | | (0.35) |
Total from investment operations
| 3.20 | | 1.40 |
| Distributions to shareholders from: | | | |
Net investment income
| (1.77) | | (1.71) |
Net asset value at end of period
| $26.12 | | $24.69 |
Market price at end of period(c)
| $26.15 | | $24.73 |
Net Asset Value Total Return(d)
| 13.52% | | 5.91%(e) |
Market Price Total Return(d)
| 13.46% | | 6.06%(e) |
| Ratios/Supplemental Data: | | | |
Net assets at end of period (000’s omitted)
| $60,075 | | $12,344 |
| Ratio to average net assets of: | | | |
Expenses
| 0.42% | | 0.42%(f) |
Net investment income
| 7.20% | | 7.25%(f) |
Portfolio turnover rate(g)
| 21% | | 11% |
| (a) | Commencement of investment operations. |
| (b) | Based on average shares outstanding. |
| (c) | The mean between the last bid and ask prices. |
| (d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
| (e) | The net asset value total return from Fund Inception (September 8, 2022, the first day of trading on the exchange) to August 31, 2023 was 5.19%. The market price total return from Fund Inception to August 31, 2023 was 4.76%. |
| (f) | Annualized. |
| (g) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Financial Highlights—(continued)
Invesco BulletShares 2031 High Yield Corporate Bond ETF (BSJV)
| | For the Period
September 18, 2023(a)
Through
August 31,
2024 |
| Per Share Operating Performance: | |
Net asset value at beginning of period
| $25.00 |
Net investment income(b)
| 1.66 |
Net realized and unrealized gain on investments
| 1.56 |
Total from investment operations
| 3.22 |
| Distributions to shareholders from: | |
Net investment income
| (1.57) |
Net asset value at end of period
| $26.65 |
Market price at end of period(c)
| $26.76 |
Net Asset Value Total Return(d)
| 13.31%(e) |
Market Price Total Return(d)
| 13.75%(e) |
| Ratios/Supplemental Data: | |
Net assets at end of period (000’s omitted)
| $29,317 |
| Ratio to average net assets of: | |
Expenses
| 0.42%(f) |
Net investment income
| 6.74%(f) |
Portfolio turnover rate(g)
| 24% |
| (a) | Commencement of investment operations. |
| (b) | Based on average shares outstanding. |
| (c) | The mean between the last bid and ask prices. |
| (d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
| (e) | The net asset value total return from Fund Inception (September 20, 2023, the first day of trading on the exchange) to August 31, 2024 was 13.53%. The market price total return from Fund Inception to August 31, 2024 was 13.85%. |
| (f) | Annualized. |
| (g) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Financial Highlights—(continued)
Invesco BulletShares 2032 High Yield Corporate Bond ETF (BSJW)
| | For the Period
June 10, 2024(a)
Through
August 31,
2024 |
| Per Share Operating Performance: | |
Net asset value at beginning of period
| $25.00 |
Net investment income(b)
| 0.37 |
Net realized and unrealized gain on investments
| 0.80 |
Total from investment operations
| 1.17 |
| Distributions to shareholders from: | |
Net investment income
| (0.35) |
Net asset value at end of period
| $25.82 |
Market price at end of period(c)
| $25.85 |
Net Asset Value Total Return(d)
| 4.69%(e) |
Market Price Total Return(d)
| 4.80%(e) |
| Ratios/Supplemental Data: | |
Net assets at end of period (000’s omitted)
| $5,164 |
| Ratio to average net assets of: | |
Expenses
| 0.42%(f) |
Net investment income
| 6.45%(f) |
Portfolio turnover rate(g)
| 6% |
| (a) | Commencement of investment operations. |
| (b) | Based on average shares outstanding. |
| (c) | The mean between the last bid and ask prices. |
| (d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
| (e) | The net asset value total return from Fund Inception (June 12, 2024, the first day of trading on the exchange) to August 31, 2024 was 4.02%. The market price total return from Fund Inception to August 31, 2024 was 4.06%. |
| (f) | Annualized. |
| (g) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Financial Highlights—(continued)
Invesco BulletShares 2024 Municipal Bond ETF (BSMO)
| | Years Ended August 31, | | For the Period
September 23, 2019(a)
Through
August 31,
2020 |
| | 2024 | | 2023 | | 2022 | | 2021 | |
| Per Share Operating Performance: | | | | | | | | | |
Net asset value at beginning of period
| $24.69 | | $24.76 | | $25.79 | | $25.52 | | $25.00 |
Net investment income(b)
| 0.61 | | 0.51 | | 0.22 | | 0.17 | | 0.30 |
Net realized and unrealized gain (loss) on investments
| 0.20 | | (0.12) | | (1.17) | | 0.22 | | 0.52 |
Total from investment operations
| 0.81 | | 0.39 | | (0.95) | | 0.39 | | 0.82 |
| Distributions to shareholders from: | | | | | | | | | |
Net investment income
| (0.61) | | (0.50) | | (0.15) | | (0.18) | | (0.30) |
Transaction fees(b)
| 0.01 | | 0.04 | | 0.07 | | 0.06 | | - |
Net asset value at end of period
| $24.90 | | $24.69 | | $24.76 | | $25.79 | | $25.52 |
Market price at end of period(c)
| $24.84 | | $24.72 | | $24.83 | | $25.87 | | $25.62 |
Net Asset Value Total Return(d)
| 3.36% | | 1.76% | | (3.40)% | | 1.77% | | 3.30%(e) |
Market Price Total Return(d)
| 2.99% | | 1.58% | | (3.43)% | | 1.69% | | 3.71%(e) |
| Ratios/Supplemental Data: | | | | | | | | | |
Net assets at end of period (000’s omitted)
| $189,266 | | $195,086 | | $94,086 | | $36,106 | | $12,762 |
| Ratio to average net assets of: | | | | | | | | | |
Expenses
| 0.18% | | 0.18% | | 0.18% | | 0.18% | | 0.18%(f) |
Net investment income
| 2.45% | | 2.06% | | 0.90% | | 0.67% | | 1.26%(f) |
Portfolio turnover rate(g)
| 52% | | 3% | | 1% | | 0% | | 0% |
| (a) | Commencement of investment operations. |
| (b) | Based on average shares outstanding. |
| (c) | The mean between the last bid and ask prices. |
| (d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
| (e) | The net asset value total return from Fund Inception (September 25, 2019, the first day of trading on the exchange) to August 31, 2020 was 3.30%. The market price total return from Fund Inception to August 31, 2020 was 3.71%. |
| (f) | Annualized. |
| (g) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Financial Highlights—(continued)
Invesco BulletShares 2025 Municipal Bond ETF (BSMP)
| | Years Ended August 31, | | For the Period
September 23, 2019(a)
Through
August 31,
2020 |
| | 2024 | | 2023 | | 2022 | | 2021 | |
| Per Share Operating Performance: | | | | | | | | | |
Net asset value at beginning of period
| $24.19 | | $24.36 | | $26.02 | | $25.71 | | $25.00 |
Net investment income(b)
| 0.60 | | 0.51 | | 0.24 | | 0.22 | | 0.33 |
Net realized and unrealized gain (loss) on investments
| 0.30 | | (0.23) | | (1.73) | | 0.25 | | 0.71 |
Total from investment operations
| 0.90 | | 0.28 | | (1.49) | | 0.47 | | 1.04 |
| Distributions to shareholders from: | | | | | | | | | |
Net investment income
| (0.60) | | (0.49) | | (0.22) | | (0.23) | | (0.33) |
Transaction fees(b)
| 0.01 | | 0.04 | | 0.05 | | 0.07 | | - |
Net asset value at end of period
| $24.50 | | $24.19 | | $24.36 | | $26.02 | | $25.71 |
Market price at end of period(c)
| $24.53 | | $24.26 | | $24.40 | | $26.08 | | $25.78 |
Net Asset Value Total Return(d)
| 3.80% | | 1.34% | | (5.56)% | | 2.12% | | 4.19%(e) |
Market Price Total Return(d)
| 3.63% | | 1.45% | | (5.62)% | | 2.08% | | 4.48%(e) |
| Ratios/Supplemental Data: | | | | | | | | | |
Net assets at end of period (000’s omitted)
| $227,889 | | $166,909 | | $75,530 | | $39,032 | | $10,282 |
| Ratio to average net assets of: | | | | | | | | | |
Expenses
| 0.18% | | 0.18% | | 0.18% | | 0.18% | | 0.18%(f) |
Net investment income
| 2.49% | | 2.10% | | 0.97% | | 0.84% | | 1.39%(f) |
Portfolio turnover rate(g)
| 3% | | 5% | | 2% | | 0% | | 0% |
| (a) | Commencement of investment operations. |
| (b) | Based on average shares outstanding. |
| (c) | The mean between the last bid and ask prices. |
| (d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
| (e) | The net asset value total return from Fund Inception (September 25, 2019, the first day of trading on the exchange) to August 31, 2020 was 4.19%. The market price total return from Fund Inception to August 31, 2020 was 4.44%. |
| (f) | Annualized. |
| (g) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Financial Highlights—(continued)
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)
| | Years Ended August 31, | | For the Period
September 23, 2019(a)
Through
August 31,
2020 |
| | 2024 | | 2023 | | 2022 | | 2021 | |
| Per Share Operating Performance: | | | | | | | | | |
Net asset value at beginning of period
| $23.29 | | $23.58 | | $25.99 | | $25.48 | | $25.00 |
Net investment income(b)
| 0.64 | | 0.57 | | 0.33 | | 0.31 | | 0.40 |
Net realized and unrealized gain (loss) on investments
| 0.32 | | (0.35) | | (2.48) | | 0.49 | | 0.48 |
Total from investment operations
| 0.96 | | 0.22 | | (2.15) | | 0.80 | | 0.88 |
| Distributions to shareholders from: | | | | | | | | | |
Net investment income
| (0.63) | | (0.56) | | (0.30) | | (0.32) | | (0.40) |
Transaction fees(b)
| 0.03 | | 0.05 | | 0.04 | | 0.03 | | - |
Net asset value at end of period
| $23.65 | | $23.29 | | $23.58 | | $25.99 | | $25.48 |
Market price at end of period(c)
| $23.68 | | $23.36 | | $23.61 | | $26.07 | | $25.54 |
Net Asset Value Total Return(d)
| 4.30% | | 1.16% | | (8.16)% | | 3.27% | | 3.58%(e) |
Market Price Total Return(d)
| 4.11% | | 1.33% | | (8.32)% | | 3.34% | | 3.83%(e) |
| Ratios/Supplemental Data: | | | | | | | | | |
Net assets at end of period (000’s omitted)
| $215,213 | | $114,135 | | $42,441 | | $23,391 | | $12,740 |
| Ratio to average net assets of: | | | | | | | | | |
Expenses
| 0.18% | | 0.18% | | 0.18% | | 0.18% | | 0.18%(f) |
Net investment income
| 2.73% | | 2.42% | | 1.36% | | 1.22% | | 1.70%(f) |
Portfolio turnover rate(g)
| 5% | | 7% | | 11% | | 0% | | 0% |
| (a) | Commencement of investment operations. |
| (b) | Based on average shares outstanding. |
| (c) | The mean between the last bid and ask prices. |
| (d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
| (e) | The net asset value total return from Fund Inception (September 25, 2019, the first day of trading on the exchange) to August 31, 2020 was 3.58%. The market price total return from Fund Inception to August 31, 2020 was 4.20%. |
| (f) | Annualized. |
| (g) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Financial Highlights—(continued)
Invesco BulletShares 2027 Municipal Bond ETF (BSMR)
| | Years Ended August 31, | | For the Period
September 23, 2019(a)
Through
August 31,
2020 |
| | 2024 | | 2023 | | 2022 | | 2021 | |
| Per Share Operating Performance: | | | | | | | | | |
Net asset value at beginning of period
| $23.31 | | $23.56 | | $25.91 | | $25.34 | | $25.00 |
Net investment income(b)
| 0.66 | | 0.61 | | 0.30 | | 0.26 | | 0.37 |
Net realized and unrealized gain (loss) on investments
| 0.32 | | (0.35) | | (2.40) | | 0.57 | | 0.26 |
Total from investment operations
| 0.98 | | 0.26 | | (2.10) | | 0.83 | | 0.63 |
| Distributions to shareholders from: | | | | | | | | | |
Net investment income
| (0.65) | | (0.57) | | (0.28) | | (0.27) | | (0.36) |
Return of capital
| - | | - | | - | | - | | (0.04) |
Total distributions
| (0.65) | | (0.57) | | (0.28) | | (0.27) | | (0.40) |
Transaction fees(b)
| 0.03 | | 0.06 | | 0.03 | | 0.01 | | 0.11 |
Net asset value at end of period
| $23.67 | | $23.31 | | $23.56 | | $25.91 | | $25.34 |
Market price at end of period(c)
| $23.68 | | $23.36 | | $23.58 | | $25.95 | | $25.42 |
Net Asset Value Total Return(d)
| 4.40% | | 1.37% | | (8.03)% | | 3.32% | | 3.02%(e) |
Market Price Total Return(d)
| 4.22% | | 1.50% | | (8.09)% | | 3.15% | | 3.34%(e) |
| Ratios/Supplemental Data: | | | | | | | | | |
Net assets at end of period (000’s omitted)
| $168,081 | | $90,900 | | $25,919 | | $18,140 | | $15,204 |
| Ratio to average net assets of: | | | | | | | | | |
Expenses
| 0.18% | | 0.18% | | 0.18% | | 0.18% | | 0.18%(f) |
Net investment income
| 2.82% | | 2.59% | | 1.23% | | 1.03% | | 1.58%(f) |
Portfolio turnover rate(g)
| 1% | | 2% | | 9% | | 0% | | 0% |
| (a) | Commencement of investment operations. |
| (b) | Based on average shares outstanding. |
| (c) | The mean between the last bid and ask prices. |
| (d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
| (e) | The net asset value total return from Fund Inception (September 25, 2019, the first day of trading on the exchange) to August 31, 2020 was 3.02%. The market price total return from Fund Inception to August 31, 2020 was 3.46%. |
| (f) | Annualized. |
| (g) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Financial Highlights—(continued)
Invesco BulletShares 2028 Municipal Bond ETF (BSMS)
| | Years Ended August 31, | | For the Period
September 23, 2019(a)
Through
August 31,
2020 |
| | 2024 | | 2023 | | 2022 | | 2021 | |
| Per Share Operating Performance: | | | | | | | | | |
Net asset value at beginning of period
| $23.05 | | $23.27 | | $26.31 | | $25.70 | | $25.00 |
Net investment income(b)
| 0.66 | | 0.58 | | 0.34 | | 0.38 | | 0.43 |
Net realized and unrealized gain (loss) on investments
| 0.35 | | (0.31) | | (3.03) | | 0.55 | | 0.69 |
Total from investment operations
| 1.01 | | 0.27 | | (2.69) | | 0.93 | | 1.12 |
| Distributions to shareholders from: | | | | | | | | | |
Net investment income
| (0.64) | | (0.54) | | (0.33) | | (0.40) | | (0.42) |
Net realized gains
| - | | - | | (0.03) | | - | | - |
Total distributions
| (0.64) | | (0.54) | | (0.36) | | (0.40) | | (0.42) |
Transaction fees(b)
| 0.03 | | 0.05 | | 0.01 | | 0.08 | | - |
Net asset value at end of period
| $23.45 | | $23.05 | | $23.27 | | $26.31 | | $25.70 |
Market price at end of period(c)
| $23.40 | | $23.12 | | $23.27 | | $26.36 | | $25.76 |
Net Asset Value Total Return(d)
| 4.59% | | 1.40% | | (10.23)% | | 3.95% | | 4.56%(e) |
Market Price Total Return(d)
| 4.05% | | 1.70% | | (10.41)% | | 3.91% | | 4.80%(e) |
| Ratios/Supplemental Data: | | | | | | | | | |
Net assets at end of period (000’s omitted)
| $121,926 | | $69,137 | | $20,942 | | $18,419 | | $5,141 |
| Ratio to average net assets of: | | | | | | | | | |
Expenses
| 0.18% | | 0.18% | | 0.18% | | 0.18% | | 0.18%(f) |
Net investment income
| 2.83% | | 2.50% | | 1.36% | | 1.45% | | 1.80%(f) |
Portfolio turnover rate(g)
| 5% | | 4% | | 6% | | 4% | | 0% |
| (a) | Commencement of investment operations. |
| (b) | Based on average shares outstanding. |
| (c) | The mean between the last bid and ask prices. |
| (d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
| (e) | The net asset value total return from Fund Inception (September 25, 2019, the first day of trading on the exchange) to August 31, 2020 was 4.48%. The market price total return from Fund Inception to August 31, 2020 was 4.68%. |
| (f) | Annualized. |
| (g) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Financial Highlights—(continued)
Invesco BulletShares 2029 Municipal Bond ETF (BSMT)
| | Years Ended August 31, | | For the Period
September 23, 2019(a)
Through
August 31,
2020 |
| | 2024 | | 2023 | | 2022 | | 2021 | |
| Per Share Operating Performance: | | | | | | | | | |
Net asset value at beginning of period
| $22.67 | | $22.89 | | $26.18 | | $25.67 | | $25.00 |
Net investment income(b)
| 0.65 | | 0.58 | | 0.36 | | 0.36 | | 0.44 |
Net realized and unrealized gain (loss) on investments
| 0.43 | | (0.29) | | (3.31) | | 0.47 | | 0.67 |
Total from investment operations
| 1.08 | | 0.29 | | (2.95) | | 0.83 | | 1.11 |
| Distributions to shareholders from: | | | | | | | | | |
Net investment income
| (0.63) | | (0.55) | | (0.36) | | (0.39) | | (0.44) |
Transaction fees(b)
| 0.04 | | 0.04 | | 0.02 | | 0.07 | | - |
Net asset value at end of period
| $23.16 | | $22.67 | | $22.89 | | $26.18 | | $25.67 |
Market price at end of period(c)
| $23.16 | | $22.70 | | $22.91 | | $26.24 | | $25.70 |
Net Asset Value Total Return(d)
| 5.02% | | 1.44% | | (11.28)% | | 3.52% | | 4.52%(e) |
Market Price Total Return(d)
| 4.87% | | 1.48% | | (11.41)% | | 3.63% | | 4.64%(e) |
| Ratios/Supplemental Data: | | | | | | | | | |
Net assets at end of period (000’s omitted)
| $122,731 | | $47,616 | | $18,314 | | $15,711 | | $5,133 |
| Ratio to average net assets of: | | | | | | | | | |
Expenses
| 0.18% | | 0.18% | | 0.18% | | 0.18% | | 0.18%(f) |
Net investment income
| 2.83% | | 2.53% | | 1.48% | | 1.40% | | 1.88%(f) |
Portfolio turnover rate(g)
| 0%(h) | | 6% | | 13% | | 0% | | 0% |
| (a) | Commencement of investment operations. |
| (b) | Based on average shares outstanding. |
| (c) | The mean between the last bid and ask prices. |
| (d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
| (e) | The net asset value total return from Fund Inception (September 25, 2019, the first day of trading on the exchange) to August 31, 2020 was 4.60%. The market price total return from Fund Inception to August 31, 2020 was 4.68%. |
| (f) | Annualized. |
| (g) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
| (h) | Amount represents less than 0.5%. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Financial Highlights—(continued)
Invesco BulletShares 2030 Municipal Bond ETF (BSMU)
| | Years Ended August 31, | | For the Period
September 14, 2020(a)
Through
August 31,
2021 |
| | 2024 | | 2023 | | 2022 | |
| Per Share Operating Performance: | | | | | | | |
Net asset value at beginning of period
| $21.52 | | $21.71 | | $25.61 | | $25.00 |
Net investment income(b)
| 0.63 | | 0.58 | | 0.44 | | 0.37 |
Net realized and unrealized gain (loss) on investments
| 0.46 | | (0.24) | | (4.01) | | 0.59 |
Total from investment operations
| 1.09 | | 0.34 | | (3.57) | | 0.96 |
| Distributions to shareholders from: | | | | | | | |
Net investment income
| (0.63) | | (0.57) | | (0.41) | | (0.35) |
Transaction fees(b)
| 0.03 | | 0.04 | | 0.08 | | - |
Net asset value at end of period
| $22.01 | | $21.52 | | $21.71 | | $25.61 |
Market price at end of period(c)
| $21.98 | | $21.56 | | $21.72 | | $25.69 |
Net Asset Value Total Return(d)
| 5.26% | | 1.77% | | (13.72)% | | 3.87%(e) |
Market Price Total Return(d)
| 4.91% | | 1.91% | | (13.95)% | | 4.19%(e) |
| Ratios/Supplemental Data: | | | | | | | |
Net assets at end of period (000’s omitted)
| $112,270 | | $51,639 | | $23,878 | | $7,684 |
| Ratio to average net assets of: | | | | | | | |
Expenses
| 0.18% | | 0.18% | | 0.18% | | 0.18%(f) |
Net investment income
| 2.92% | | 2.68% | | 1.89% | | 1.52%(f) |
Portfolio turnover rate(g)
| 3% | | 11% | | 28% | | 0% |
| (a) | Commencement of investment operations. |
| (b) | Based on average shares outstanding. |
| (c) | The mean between the last bid and ask prices. |
| (d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
| (e) | The net asset value total return from Fund Inception (September 16, 2020, the first day of trading on the exchange) to August 31, 2021 was 4.04%. The market price total return from Fund Inception to August 31, 2021 was 4.23%. |
| (f) | Annualized. |
| (g) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Financial Highlights—(continued)
Invesco BulletShares 2031 Municipal Bond ETF (BSMV)
| | Years Ended August 31,
2024 | | Year Ended August 31,
2023 | | For the Period
September 13, 2021(a)
Through
August 31,
2022 |
| Per Share Operating Performance: | | | | | |
Net asset value at beginning of period
| $20.67 | | $20.72 | | $25.00 |
Net investment income(b)
| 0.64 | | 0.54 | | 0.41 |
Net realized and unrealized gain (loss) on investments
| 0.48 | | (0.10) | | (4.37) |
Total from investment operations
| 1.12 | | 0.44 | | (3.96) |
| Distributions to shareholders from: | | | | | |
Net investment income
| (0.63) | | (0.54) | | (0.38) |
Transaction fees(b)
| 0.03 | | 0.05 | | 0.06 |
Net asset value at end of period
| $21.19 | | $20.67 | | $20.72 |
Market price at end of period(c)
| $21.15 | | $20.71 | | $20.70 |
Net Asset Value Total Return(d)
| 5.64% | | 2.38% | | (15.72)%(e) |
Market Price Total Return(d)
| 5.23% | | 2.67% | | (15.80)%(e) |
| Ratios/Supplemental Data: | | | | | |
Net assets at end of period (000’s omitted)
| $74,150 | | $28,943 | | $12,433 |
| Ratio to average net assets of: | | | | | |
Expenses
| 0.18% | | 0.18% | | 0.18%(f) |
Net investment income
| 3.08% | | 2.61% | | 1.93%(f) |
Portfolio turnover rate(g)
| 5% | | 6% | | 52% |
| (a) | Commencement of investment operations. |
| (b) | Based on average shares outstanding. |
| (c) | The mean between the last bid and ask prices. |
| (d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
| (e) | The net asset value total return from Fund Inception (September 15, 2021, the first day of trading on the exchange) to August 31, 2022 was (15.51)%. The market price total return from Fund Inception to August 31, 2022 was (15.86)%. |
| (f) | Annualized. |
| (g) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Financial Highlights—(continued)
Invesco BulletShares 2032 Municipal Bond ETF (BSMW)
| | Years Ended August 31,
2024 | | For the Period
February 27, 2023(a)
Through
August 31,
2023 |
| Per Share Operating Performance: | | | |
Net asset value at beginning of period
| $24.79 | | $25.00 |
Net investment income(b)
| 0.86 | | 0.41 |
Net realized and unrealized gain (loss) on investments
| 0.52 | | (0.36) |
Total from investment operations
| 1.38 | | 0.05 |
| Distributions to shareholders from: | | | |
Net investment income
| (0.83) | | (0.37) |
Transaction fees(b)
| 0.06 | | 0.11 |
Net asset value at end of period
| $25.40 | | $24.79 |
Market price at end of period(c)
| $25.42 | | $24.82 |
Net Asset Value Total Return(d)
| 5.90% | | 0.62%(e) |
Market Price Total Return(d)
| 5.84% | | 0.74%(e) |
| Ratios/Supplemental Data: | | | |
Net assets at end of period (000’s omitted)
| $76,212 | | $19,835 |
| Ratio to average net assets of: | | | |
Expenses
| 0.18% | | 0.18%(f) |
Net investment income
| 3.41% | | 3.26%(f) |
Portfolio turnover rate(g)
| 5% | | 3% |
| (a) | Commencement of investment operations. |
| (b) | Based on average shares outstanding. |
| (c) | The mean between the last bid and ask prices. |
| (d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
| (e) | The net asset value total return from Fund Inception (March 1, 2023, the first day of trading on the exchange) to August 31, 2023 was 0.78%. The market price total return from Fund Inception to August 31, 2023 was 0.90%. |
| (f) | Annualized. |
| (g) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Financial Highlights—(continued)
Invesco BulletShares 2033 Municipal Bond ETF (BSSX)
| | For the Period
September 18, 2023(a)
Through
August 31,
2024 |
| Per Share Operating Performance: | |
Net asset value at beginning of period
| $25.00 |
Net investment income(b)
| 0.85 |
Net realized and unrealized gain on investments
| 0.96 |
Total from investment operations
| 1.81 |
| Distributions to shareholders from: | |
Net investment income
| (0.81) |
Transaction fees(b)
| 0.11 |
Net asset value at end of period
| $26.11 |
Market price at end of period(c)
| $26.20 |
Net Asset Value Total Return(d)
| 7.80%(e) |
Market Price Total Return(d)
| 8.16%(e) |
| Ratios/Supplemental Data: | |
Net assets at end of period (000’s omitted)
| $49,606 |
| Ratio to average net assets of: | |
Expenses
| 0.18%(f) |
Net investment income
| 3.45%(f) |
Portfolio turnover rate(g)
| 4% |
| (a) | Commencement of investment operations. |
| (b) | Based on average shares outstanding. |
| (c) | The mean between the last bid and ask prices. |
| (d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
| (e) | The net asset value total return from Fund Inception (September 20, 2023, the first day of trading on the exchange) to August 31, 2024 was 7.84%. The market price total return from Fund Inception to August 31, 2024 was 8.08%. |
| (f) | Annualized. |
| (g) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Notes to Financial Statements
Invesco Exchange-Traded Self-Indexed Fund Trust
August 31, 2024
NOTE 1—Organization
Invesco Exchange-Traded Self-Indexed Fund Trust (the “Trust”) was organized as a Delaware statutory trust and is authorized to have multiple series of portfolios. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). This report includes the following portfolios:
| Full Name | | Short Name |
| Invesco BulletShares 2024 Corporate Bond ETF (BSCO) | | "BulletShares 2024 Corporate Bond ETF" |
| Invesco BulletShares 2025 Corporate Bond ETF (BSCP) | | "BulletShares 2025 Corporate Bond ETF" |
| Invesco BulletShares 2026 Corporate Bond ETF (BSCQ) | | "BulletShares 2026 Corporate Bond ETF" |
| Invesco BulletShares 2027 Corporate Bond ETF (BSCR) | | "BulletShares 2027 Corporate Bond ETF" |
| Invesco BulletShares 2028 Corporate Bond ETF (BSCS) | | "BulletShares 2028 Corporate Bond ETF" |
| Invesco BulletShares 2029 Corporate Bond ETF (BSCT) | | "BulletShares 2029 Corporate Bond ETF" |
| Invesco BulletShares 2030 Corporate Bond ETF (BSCU) | | "BulletShares 2030 Corporate Bond ETF" |
| Invesco BulletShares 2031 Corporate Bond ETF (BSCV) | | "BulletShares 2031 Corporate Bond ETF" |
| Invesco BulletShares 2032 Corporate Bond ETF (BSCW) | | "BulletShares 2032 Corporate Bond ETF" |
| Invesco BulletShares 2033 Corporate Bond ETF (BSCX) | | "BulletShares 2033 Corporate Bond ETF" |
| Invesco BulletShares 2034 Corporate Bond ETF (BSCY) | | "BulletShares 2034 Corporate Bond ETF" |
| Invesco BulletShares 2024 High Yield Corporate Bond ETF (BSJO) | | "BulletShares 2024 High Yield Corporate Bond ETF" |
| Invesco BulletShares 2025 High Yield Corporate Bond ETF (BSJP) | | "BulletShares 2025 High Yield Corporate Bond ETF" |
| Invesco BulletShares 2026 High Yield Corporate Bond ETF (BSJQ) | | "BulletShares 2026 High Yield Corporate Bond ETF" |
| Invesco BulletShares 2027 High Yield Corporate Bond ETF (BSJR) | | "BulletShares 2027 High Yield Corporate Bond ETF" |
| Invesco BulletShares 2028 High Yield Corporate Bond ETF (BSJS) | | "BulletShares 2028 High Yield Corporate Bond ETF" |
| Invesco BulletShares 2029 High Yield Corporate Bond ETF (BSJT) | | "BulletShares 2029 High Yield Corporate Bond ETF" |
| Invesco BulletShares 2030 High Yield Corporate Bond ETF (BSJU) | | "BulletShares 2030 High Yield Corporate Bond ETF" |
| Invesco BulletShares 2031 High Yield Corporate Bond ETF (BSJV) | | "BulletShares 2031 High Yield Corporate Bond ETF" |
| Invesco BulletShares 2032 High Yield Corporate Bond ETF (BSJW) | | "BulletShares 2032 High Yield Corporate Bond ETF" |
| Invesco BulletShares 2024 Municipal Bond ETF (BSMO) | | "BulletShares 2024 Municipal Bond ETF" |
| Invesco BulletShares 2025 Municipal Bond ETF (BSMP) | | "BulletShares 2025 Municipal Bond ETF" |
| Invesco BulletShares 2026 Municipal Bond ETF (BSMQ) | | "BulletShares 2026 Municipal Bond ETF" |
| Invesco BulletShares 2027 Municipal Bond ETF (BSMR) | | "BulletShares 2027 Municipal Bond ETF" |
| Invesco BulletShares 2028 Municipal Bond ETF (BSMS) | | "BulletShares 2028 Municipal Bond ETF" |
| Invesco BulletShares 2029 Municipal Bond ETF (BSMT) | | "BulletShares 2029 Municipal Bond ETF" |
| Invesco BulletShares 2030 Municipal Bond ETF (BSMU) | | "BulletShares 2030 Municipal Bond ETF" |
| Invesco BulletShares 2031 Municipal Bond ETF (BSMV) | | "BulletShares 2031 Municipal Bond ETF" |
| Invesco BulletShares 2032 Municipal Bond ETF (BSMW) | | "BulletShares 2032 Municipal Bond ETF" |
| Invesco BulletShares 2033 Municipal Bond ETF (BSSX) | | "BulletShares 2033 Municipal Bond ETF" |
Each portfolio (each, a “Fund”, and collectively, the “Funds”) represents a separate series of the Trust. The shares of the Funds are referred to herein as “Shares” or “Fund’s Shares.” Each Fund’s Shares are listed and traded on The Nasdaq Stock Market LLC.
BulletShares 2024 Corporate Bond ETF, BulletShares 2024 High Yield Corporate Bond ETF and BulletShares 2024 Municipal Bond ETF will terminate on or about December 15, 2024. In connection with the termination of the Funds, each Fund will make a cash distribution of its net assets to then-current shareholders after making appropriate provisions for any of its liabilities. The Funds do not seek to distribute any predetermined amount of cash at maturity.
The market price of each Share may differ to some degree from a Fund’s net asset value (“NAV”). Unlike conventional mutual funds, each Fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a “Creation Unit.” Creation Units of each Fund (except for BulletShares 2024 Municipal Bond ETF, BulletShares 2025 Municipal Bond ETF, BulletShares 2026 Municipal Bond ETF, BulletShares 2027 Municipal Bond ETF, BulletShares 2028 Municipal Bond ETF, BulletShares 2029 Municipal Bond ETF, BulletShares 2030 Municipal Bond ETF, BulletShares 2031 Municipal Bond ETF, BulletShares 2032 Municipal Bond ETF and BulletShares 2033 Municipal Bond ETF (collectively, the "BulletShares Municipal Bond ETFs")) are issued and redeemed principally in exchange for the deposit or delivery of a basket of securities (“Deposit Securities”), though each Fund reserves the right to issue and redeem Creation Units in exchange for the deposit or delivery of
cash. Creation Units of the BulletShares Municipal Bond ETFs are issued and redeemed principally in exchange for the deposit or delivery of cash, though each Fund reserves the right to issue and redeem Creation Units in exchange for Deposit Securities. Except when aggregated in Creation Units by authorized participants ("APs"), the Shares are not individually redeemable securities of the Funds.
The investment objective of each Fund is to seek to track the investment results (before fees and expenses) of its respective index listed below (each, an “Underlying Index”):
| Fund | | Underlying Index |
| BulletShares 2024 Corporate Bond ETF | | Nasdaq BulletShares® USD Corporate Bond 2024 Index |
| BulletShares 2025 Corporate Bond ETF | | Nasdaq BulletShares® USD Corporate Bond 2025 Index |
| BulletShares 2026 Corporate Bond ETF | | Nasdaq BulletShares® USD Corporate Bond 2026 Index |
| BulletShares 2027 Corporate Bond ETF | | Nasdaq BulletShares® USD Corporate Bond 2027 Index |
| BulletShares 2028 Corporate Bond ETF | | Nasdaq BulletShares® USD Corporate Bond 2028 Index |
| BulletShares 2029 Corporate Bond ETF | | Nasdaq BulletShares® USD Corporate Bond 2029 Index |
| BulletShares 2030 Corporate Bond ETF | | Nasdaq BulletShares® USD Corporate Bond 2030 Index |
| BulletShares 2031 Corporate Bond ETF | | Nasdaq BulletShares® USD Corporate Bond 2031 Index |
| BulletShares 2032 Corporate Bond ETF | | Nasdaq BulletShares® USD Corporate Bond 2032 Index |
| BulletShares 2033 Corporate Bond ETF | | Nasdaq BulletShares® USD Corporate Bond 2033 Index |
| BulletShares 2034 Corporate Bond ETF | | Nasdaq BulletShares® USD Corporate Bond 2034 Index |
| BulletShares 2024 High Yield Corporate Bond ETF | | Nasdaq BulletShares® USD High Yield Corporate Bond 2024 Index |
| BulletShares 2025 High Yield Corporate Bond ETF | | Nasdaq BulletShares® USD High Yield Corporate Bond 2025 Index |
| BulletShares 2026 High Yield Corporate Bond ETF | | Nasdaq BulletShares® USD High Yield Corporate Bond 2026 Index |
| BulletShares 2027 High Yield Corporate Bond ETF | | Nasdaq BulletShares® USD High Yield Corporate Bond 2027 Index |
| BulletShares 2028 High Yield Corporate Bond ETF | | Nasdaq BulletShares® USD High Yield Corporate Bond 2028 Index |
| BulletShares 2029 High Yield Corporate Bond ETF | | Nasdaq BulletShares® USD High Yield Corporate Bond 2029 Index |
| BulletShares 2030 High Yield Corporate Bond ETF | | Nasdaq BulletShares® USD High Yield Corporate Bond 2030 Index |
| BulletShares 2031 High Yield Corporate Bond ETF | | Nasdaq BulletShares® USD High Yield Corporate Bond 2031 Index |
| BulletShares 2032 High Yield Corporate Bond ETF | | Nasdaq BulletShares® USD High Yield Corporate Bond 2032 Index |
| BulletShares 2024 Municipal Bond ETF | | Invesco BulletShares® Municipal Bond 2024 Index |
| BulletShares 2025 Municipal Bond ETF | | Invesco BulletShares® Municipal Bond 2025 Index |
| BulletShares 2026 Municipal Bond ETF | | Invesco BulletShares® Municipal Bond 2026 Index |
| BulletShares 2027 Municipal Bond ETF | | Invesco BulletShares® Municipal Bond 2027 Index |
| BulletShares 2028 Municipal Bond ETF | | Invesco BulletShares® Municipal Bond 2028 Index |
| BulletShares 2029 Municipal Bond ETF | | Invesco BulletShares® Municipal Bond 2029 Index |
| BulletShares 2030 Municipal Bond ETF | | Invesco BulletShares® Municipal Bond 2030 Index |
| BulletShares 2031 Municipal Bond ETF | | Invesco BulletShares® Municipal Bond 2031 Index |
| BulletShares 2032 Municipal Bond ETF | | Nasdaq BulletShares® Municipal Bond 2032 Index |
| BulletShares 2033 Municipal Bond ETF | | Nasdaq BulletShares® Municipal Bond 2033 Index |
NOTE 2—Significant Accounting Policies
The following is a summary of the significant accounting policies followed by the Funds in preparation of their financial statements.
Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services—Investment Companies.
| A. | Security Valuation - Securities, including restricted securities, are valued according to the following policies: |
A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded or, lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.
Variable rate senior loan interests are fair valued using quotes provided by an independent pricing service. Quotes provided by the pricing service may reflect appropriate factors such as ratings, tranche type, industry, company performance, spread, individual trading characteristics, institution-size trading in similar groups of securities and other market data.
Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day NAV per share.
Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.
Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
Foreign securities’ (including foreign exchange contracts’) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the London world markets. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Capital Management LLC (the “Adviser”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the New York Stock Exchange (“NYSE”), closing market quotations may become not representative of market value in the Adviser’s judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board-approved policies and related Adviser procedures (“Valuation Procedures”). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American depositary receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, the potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.
Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.
Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.
Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The mean between the last bid and ask prices may be used to value debt obligations, including corporate loans, and unlisted equity securities.
Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer-specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.
Each Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.
Valuations change in response to many factors, including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism, significant governmental actions or adverse investor sentiment generally and market
liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
The price a Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, a Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.
| B. | Investment Transactions and Investment Income - Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest income is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Dividend income from REITs is recorded based on the income included in the distributions received from the REIT investments using published REIT classifications, including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes. |
The Funds may periodically participate in litigation related to a Fund’s investments. As such, the Funds may receive proceeds from litigation settlements. Any proceeds received are included in the Statements of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of a Fund’s NAV and, accordingly, they reduce a Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between each Fund and the Adviser.
| C. | Country Determination - For the purposes of presentation in the Schedules of Investments, the Adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include whether each Fund’s Underlying Index has made a country determination and may include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted. |
| D. | Dividends and Distributions to Shareholders - Each Fund declares and pays dividends from net investment income, if any, to its shareholders monthly and records such dividends on the ex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them on the ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America ("GAAP"). Distributions in excess of tax basis earnings and profits, if any, are reported in such Fund’s financial statements as a tax return of capital at fiscal year-end. |
| E. | Federal Income Taxes - Each Fund intends to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute substantially all of the Fund’s taxable earnings to its shareholders. As such, the Funds will not be subject to federal income taxes on otherwise taxable income (including net realized gains) that is distributed to the shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements. |
Each Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.
Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. These differences are primarily due to differing book and tax treatments for in-kind transactions, losses deferred due to wash sales, and passive foreign investment company adjustments, if any.
The Funds file U.S. federal tax returns and tax returns in certain other jurisdictions. Generally, a Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
| F. | Expenses - Each Fund has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser pays for substantially all expenses of the Funds, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust or the Adviser (an "Interested Trustee"), or (iii) any other matters that directly benefit the Adviser). |
Expenses of the Trust that are excluded from a Fund’s unitary management fee and are directly identifiable to a specific Fund are applied to that Fund. Expenses of the Trust that are excluded from a Fund’s unitary management fee and are not readily identifiable to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of each Fund.
To the extent a Fund invests in other investment companies, the expenses shown in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses of the investment companies in which it invests. The effects of such investment companies’ expenses are included in the realized and unrealized gain or loss on the investments in the investment companies.
| G. | Accounting Estimates - The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements, including estimates and assumptions related to taxation. Actual results could differ from these estimates. In addition, the Funds monitor for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print. |
| H. | Indemnifications - Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Each Board member who is not an "interested person" (as defined in the 1940 Act) of the Trust or the Adviser (each, an "Independent Trustee") is also indemnified against certain liabilities arising out of the performance of their duties to the Trust pursuant to an Indemnification Agreement between such trustee and the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote. |
| I. | Securities Lending - Each Fund (except for the BulletShares Municipal Bond ETFs) may participate in securities lending and may loan portfolio securities having a market value up to one-third of each Fund’s total assets. Such loans are secured by cash collateral equal to no less than 102% (105% for international securities) of the market value of the loaned securities determined daily by the securities lending provider. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedules of Investments. Each Fund bears the risk of loss with respect to the investment of collateral. It is the policy of these Funds to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, each Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to each Fund if, and to the extent that, the market value of the securities loaned were to increase, and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or each Fund. Upon termination, the borrower will return to each Fund the securities loaned and each Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. Each Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to each Fund. Some of these losses may be indemnified by the lending agent. Each Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. For Funds that participated in securities lending, dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Securities lending income, net on the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities. |
Invesco Advisers, Inc. (“Invesco”), an affiliate of the Adviser, serves as an affiliated securities lending agent for each Fund participating in the securities lending program. The Bank of New York Mellon (“BNYM”) also serves as a securities lending agent. To the extent a Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may
act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the fiscal year ended August 31, 2024, there were no affiliated securities lending transactions with Invesco.
AP Concentration Risk. Only APs may engage in creation or redemption transactions directly with each Fund. Each Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities held by each Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to each Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished trading market for Fund Shares, and Shares may be more likely to trade at a premium or discount to a Fund’s NAV and to face trading halts and/or delisting. Investments in non-U.S. securities, which may have lower trading volumes or could experience extended market closures or trading halts, may increase the risk that APs may not be able to effectively create or redeem Creation Units or the risk that the Shares may be halted and/or delisted.
Call Risk. If interest rates fall, it is possible that issuers of callable securities with high interest coupons will “call” (or prepay) their bonds before their maturity date. If an issuer exercises such a call during a period of declining interest rates, a Fund may have to replace such called security with a lower yielding security. If that were to happen, such Fund’s net investment income could fall.
Cash Transaction Risk. Most exchange-traded funds ("ETFs") generally make in-kind redemptions to avoid being taxed at the fund level on gains on the distributed portfolio securities. However, unlike most ETFs, the BulletShares Municipal Bond ETFs currently intend to effect creations and redemptions principally for cash, rather than principally in-kind, because of the nature of the Funds’ investments. As such, each BulletShares Municipal Bond ETF may be required to sell portfolio securities to obtain the cash needed to distribute redemption proceeds. Therefore, the Fund may recognize a capital gain on these sales that might not have been incurred if the Fund had made a redemption in-kind. This may decrease the tax efficiency of each BulletShares Municipal Bond ETF compared to ETFs that utilize an in-kind redemption process and there may be a substantial difference in the after-tax rate of return between such Funds and conventional ETFs.
Changing Fixed-Income Market Conditions Risk. Increases in the federal funds and equivalent foreign interest rates or other changes to monetary policy or regulatory actions may expose fixed-income markets to heightened volatility, perhaps suddenly and to a significant degree, and to reduced liquidity for certain fixed-income investments, particularly those with longer maturities. Such changes and resulting increased volatility may adversely impact a Fund, including its operations and return potential. It is difficult to predict the impact of interest rate changes on various markets. In addition, decreases in fixed-income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed-income markets. As a result, the value of a Fund’s investments and share price may decline. Changes in central bank policies and other governmental actions and political events within the U.S. and abroad may also, among other things, affect investor and consumer expectations and confidence in the financial markets. This could result in higher than normal redemptions by APs, which could potentially increase a Fund’s portfolio turnover rate and transaction costs.
Fixed-Income Securities Risk. Fixed-income securities are subject to interest rate risk and credit risk. Interest rate risk refers to fluctuations in the value of a fixed-income security resulting from changes in the general level of interest rates. When the general level of interest rates goes up, the prices of most fixed-income securities go down. When the general level of interest rates goes down, the prices of most fixed-income securities go up. Fixed-income securities with longer maturities typically are more sensitive to changes in interest rates, making them more volatile than securities with shorter maturities. Credit risk refers to the possibility that the issuer of a security will be unable and/or unwilling to make timely interest payments and/or repay the principal on its debt. Debt instruments are subject to varying degrees of credit risk, which may be reflected in credit ratings. There is a possibility that the credit rating of a fixed-income security may be downgraded after purchase, which may occur quickly and without advance warning following sudden market downturns or unexpected developments involving an issuer, and which may adversely affect the liquidity and value of the security.
Foreign Fixed-Income Investment Risk. For certain Funds, investments in fixed-income securities of non-U.S. issuers are subject to the same risks as other debt securities, notably credit risk, market risk, interest rate risk and liquidity risk, while also facing risks beyond those associated with investments in U.S. securities. For example, foreign securities may have relatively low market liquidity, greater market volatility, decreased publicly available information, and less reliable financial information about issuers, and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice, including recordkeeping standards, comparable to those applicable to domestic issuers. Foreign securities also are subject to the risks of expropriation, nationalization, political instability or other adverse political or economic developments and the difficulty of enforcing obligations in other countries. Investments in foreign securities also may be subject to dividend withholding or confiscatory taxes, currency blockage and/or transfer restrictions and higher transactional costs.
Index Risk. Unlike many investment companies that are "actively managed", each Fund is a "passive" investor and therefore does not utilize an investing strategy that seeks returns in excess of its respective Underlying Index. Therefore, a Fund would
not necessarily buy or sell a security unless that security is added or removed, respectively, from its Underlying Index, even if that security generally is underperforming. If a specific security is removed from an Underlying Index, its respective Fund may be forced to sell such security at an inopportune time or for a price lower than the security’s current market value. An Underlying Index may not contain the appropriate mix of securities for any particular economic cycle. Additionally, each Fund rebalances its portfolio in accordance with its Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to each Fund’s rebalance schedule. Further, unlike with an actively managed fund, the Adviser does not use techniques or defensive strategies designed to lessen the impact of periods of market volatility or market decline. This means that, based on certain market and economic conditions, a Fund’s performance could be lower than other types of funds with investment advisers that actively manage their portfolio assets to take advantage of market opportunities or defend against market events.
Industry Concentration Risk. In following its methodology, each Fund’s Underlying Index from time to time may be concentrated to a significant degree in securities of issuers operating in a single industry or industry group. To the extent that each Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the corresponding Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, each Fund may face more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which each Fund invests, may include, but are not limited to, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand in a particular industry; competition for resources, adverse labor relations, political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in an industry. In addition, at times, such industry or industry group may be out of favor and underperform other industries or the market as a whole.
Market Risk. Securities in each Underlying Index are subject to market fluctuations. You should anticipate that the value of the Shares will decline, more or less, in correlation with any decline in value of the securities in an Underlying Index. Additionally, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises or other events could result in increased premiums or discounts to each Fund’s NAV.
Municipal Securities Risk. The BulletShares Municipal Bond ETFs invest in municipal securities. Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions or the bankruptcy of the issuer could have a significant effect on the ability of an issuer of municipal securities to make payments of principal and/or interest. Political changes and uncertainties in the municipal market related to taxation, legislative changes or the rights of municipal security holders can significantly affect municipal securities. Because many securities are issued to finance similar projects, especially those relating to education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal market. In addition, changes in the financial condition of an individual municipal issuer can affect the overall municipal market. If the Internal Revenue Service (“IRS”) determines that an issuer of a municipal security has not complied with applicable tax requirements, interest from the security could become taxable and the security could decline significantly in value.
Non-Correlation Risk. Each Fund’s return may not match the return of its corresponding Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of its corresponding Underlying Index. Because certain Funds issue and redeem Creation Units principally for cash, such Funds will incur higher costs in buying and selling securities than if they issued and redeemed Creation Units in-kind. Additionally, a Fund’s use of a representative sampling methodology may cause the Fund not to be as well-correlated with the return of its corresponding Underlying Index as would be the case if the Fund purchased all of the securities in its corresponding Underlying Index in the proportions represented in the Underlying Index. In addition, the performance of each Fund and its corresponding Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its corresponding Underlying Index resulting from legal restrictions, costs or liquidity constraints.
Non-Diversified Fund Risk. If a Fund is non-diversified and therefore can invest a greater portion of its respective assets in securities of individual issuers than can a diversified fund, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase a Fund’s volatility and cause the performance of a relatively small number of issuers to have a greater impact on a Fund’s performance.
Non-Investment Grade Securities Risk. Non-investment grade securities (commonly known as "junk bonds" or "high yield bonds") and unrated securities of comparable credit quality are considered speculative and are subject to the increased risk of an issuer’s inability to meet principal and interest payment obligations. These securities may be subject to greater price volatility due to such factors as specific corporate developments, interest rate sensitivity, negative perceptions of the non-investment grade securities markets generally, real or perceived adverse economic and competitive industry conditions and less secondary market liquidity. If the issuer of non-investment grade securities defaults, a Fund may incur additional expenses to seek recovery.
Rule 144A Securities Risk. Certain Funds may invest in securities that are normally purchased or resold pursuant to Rule 144A under the Securities Act of 1933. Rule 144A securities are restricted securities that are not publicly traded. As such Rule 144A securities may be subject to legal restrictions on resale. Rule 144A securities are generally not traded on
established markets and may be illiquid, difficult to value and subject to wide fluctuations in value. Delay or difficulty in selling such securities may result in a loss to a Fund.
Sampling Risk. Certain Funds’ use of a representative sampling methodology may result in the Fund holding a smaller number of securities than are in its respective Underlying Index. As a result, an adverse development with respect to an issuer of securities held by the Fund could result in a greater decline in NAV than would be the case if the Fund held all of the securities in its Underlying Index. To the extent the assets in the Fund are smaller, these risks will be greater.
U.S. Government Obligations Risk. Certain Funds may invest in U.S. Government obligations issued or guaranteed by the U.S. Government, its agencies and instrumentalities, including bills, notes and bonds issued by the U.S. Treasury. U.S. Government securities include securities that are issued or guaranteed by the U.S. Treasury, by various agencies of the U.S. Government, or by various instrumentalities which have been established or sponsored by the U.S. Government. U.S. Treasury securities are backed by the “full faith and credit” of the United States, which may be negatively affected by an actual or threatened failure of the U.S. Government to pay its obligation. Securities issued or guaranteed by federal agencies and U.S. Government-sponsored instrumentalities may or may not be backed by the full faith and credit of the United States. In the case of those U.S. Government securities not backed by the full faith and credit of the United States, the investor must look principally to the agency or instrumentality issuing or guaranteeing the security for ultimate repayment, and may not be able to assert a claim against the United States itself in the event that the agency or instrumentality does not meet its commitment. The U.S. Government, its agencies and instrumentalities do not guarantee the market value of their securities, and consequently, the value of such securities may fluctuate.
NOTE 3—Investment Advisory Agreement and Other Agreements
The Trust has entered into an Investment Advisory Agreement with the Adviser on behalf of each Fund, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Funds’ investments, managing the Funds’ business affairs and providing certain clerical, bookkeeping and other administrative services.
Pursuant to the Investment Advisory Agreement, each Fund accrues daily and pays monthly to the Adviser an annual unitary management fee. Out of the unitary management fee, the Adviser pays for substantially all expenses of the Funds, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser). The unitary management fee is paid by each Fund to the Adviser at the following annual rates:
| | Unitary Management Fees
(as a % of average daily net assets) |
| BulletShares 2024 Corporate Bond ETF | 0.10% |
| BulletShares 2025 Corporate Bond ETF | 0.10% |
| BulletShares 2026 Corporate Bond ETF | 0.10% |
| BulletShares 2027 Corporate Bond ETF | 0.10% |
| BulletShares 2028 Corporate Bond ETF | 0.10% |
| BulletShares 2029 Corporate Bond ETF | 0.10% |
| BulletShares 2030 Corporate Bond ETF | 0.10% |
| BulletShares 2031 Corporate Bond ETF | 0.10% |
| BulletShares 2032 Corporate Bond ETF | 0.10% |
| BulletShares 2033 Corporate Bond ETF | 0.10% |
| BulletShares 2034 Corporate Bond ETF | 0.10% |
| BulletShares 2024 High Yield Corporate Bond ETF | 0.42% |
| BulletShares 2025 High Yield Corporate Bond ETF | 0.42% |
| BulletShares 2026 High Yield Corporate Bond ETF | 0.42% |
| BulletShares 2027 High Yield Corporate Bond ETF | 0.42% |
| BulletShares 2028 High Yield Corporate Bond ETF | 0.42% |
| BulletShares 2029 High Yield Corporate Bond ETF | 0.42% |
| BulletShares 2030 High Yield Corporate Bond ETF | 0.42% |
| BulletShares 2031 High Yield Corporate Bond ETF | 0.42% |
| BulletShares 2032 High Yield Corporate Bond ETF | 0.42% |
| BulletShares 2024 Municipal Bond ETF | 0.18% |
| BulletShares 2025 Municipal Bond ETF | 0.18% |
| BulletShares 2026 Municipal Bond ETF | 0.18% |
| BulletShares 2027 Municipal Bond ETF | 0.18% |
| | Unitary Management Fees
(as a % of average daily net assets) |
| BulletShares 2028 Municipal Bond ETF | 0.18% |
| BulletShares 2029 Municipal Bond ETF | 0.18% |
| BulletShares 2030 Municipal Bond ETF | 0.18% |
| BulletShares 2031 Municipal Bond ETF | 0.18% |
| BulletShares 2032 Municipal Bond ETF | 0.18% |
| BulletShares 2033 Municipal Bond ETF | 0.18% |
Through at least August 31, 2026, the Adviser has contractually agreed to waive the management fee payable by each Fund in an amount equal to the lesser of: (i) 100% of the net advisory fees earned by the Adviser or an affiliate of the Adviser that are attributable to the Fund’s investments in money market funds that are managed by affiliates of the Adviser and other funds (including ETFs) managed by the Adviser or affiliates of the Adviser or (ii) the management fee available to be waived. This waiver does not apply to a Fund’s investment of cash collateral received for securities lending. There is no guarantee that the Adviser will extend the waiver of these fees past that date.
For the fiscal year ended August 31, 2024, the Adviser waived fees for each Fund in the following amounts:
| BulletShares 2024 Corporate Bond ETF | $103,424 |
| BulletShares 2025 Corporate Bond ETF | 12,939 |
| BulletShares 2026 Corporate Bond ETF | 7,497 |
| BulletShares 2027 Corporate Bond ETF | 3,028 |
| BulletShares 2028 Corporate Bond ETF | 2,853 |
| BulletShares 2029 Corporate Bond ETF | 1,361 |
| BulletShares 2030 Corporate Bond ETF | 971 |
| BulletShares 2031 Corporate Bond ETF | 599 |
| BulletShares 2032 Corporate Bond ETF | 768 |
| BulletShares 2033 Corporate Bond ETF(a) | 411 |
| BulletShares 2034 Corporate Bond ETF(b) | 10 |
| BulletShares 2024 High Yield Corporate Bond ETF | 31,322 |
| BulletShares 2025 High Yield Corporate Bond ETF | 38,622 |
| BulletShares 2026 High Yield Corporate Bond ETF | 7,899 |
| BulletShares 2027 High Yield Corporate Bond ETF | 1,348 |
| BulletShares 2028 High Yield Corporate Bond ETF | 1,608 |
| BulletShares 2029 High Yield Corporate Bond ETF | 316 |
| BulletShares 2030 High Yield Corporate Bond ETF | 239 |
| BulletShares 2031 High Yield Corporate Bond ETF(a) | 99 |
| BulletShares 2032 High Yield Corporate Bond ETF(b) | 8 |
| BulletShares 2024 Municipal Bond ETF | - |
| BulletShares 2025 Municipal Bond ETF | - |
| BulletShares 2026 Municipal Bond ETF | - |
| BulletShares 2027 Municipal Bond ETF | - |
| BulletShares 2028 Municipal Bond ETF | - |
| BulletShares 2029 Municipal Bond ETF | - |
| BulletShares 2030 Municipal Bond ETF | - |
| BulletShares 2031 Municipal Bond ETF | - |
| BulletShares 2032 Municipal Bond ETF | - |
| BulletShares 2033 Municipal Bond ETF(a) | - |
| (a) | For the period September 18, 2023 (commencement of investment operations) through August 31, 2024. |
| (b) | For the period June 10, 2024 (commencement of investment operations) through August 31, 2024. |
The Trust has entered into a Distribution Agreement with Invesco Distributors, Inc. (the “Distributor”), which serves as the distributor of Creation Units for each Fund. The Distributor does not maintain a secondary market in the Shares. The Funds are not charged any fees pursuant to the Distribution Agreement. The Distributor is an affiliate of the Adviser.
The Adviser has entered into licensing agreements on behalf of each Fund with Invesco Indexing LLC (the “Licensor”).
“BulletShares®” and the name of each Underlying Index are trademarks of the Licensor and have been licensed to the Adviser for use by the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust’s sub-licensing agreement with the
Adviser. The Funds are not sponsored, endorsed, sold or promoted by the Licensor, and the Licensor makes no representation regarding the advisability of investing in any of the Funds.
The Trust has entered into service agreements whereby BNYM, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for each Fund.
NOTE 4—Security Transactions with Affiliated Funds
Each Fund is permitted to purchase securities from or sell securities to certain other affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by each Invesco ETF from or to another fund that is or could be considered an "affiliated person" by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers is made in reliance on Rule 17a-7 of the 1940 Act and, to the extent applicable, related SEC staff positions. Each such transaction is effected at the security’s "current market price", as provided for in these procedures and Rule 17a-7.
For the fiscal year ended August 31, 2024, the following Funds engaged in transactions with affiliates as listed below:
| | Securities Purchases | | Securities Sales | | Net Realized Gains (Losses)* |
| BulletShares 2024 Corporate Bond ETF | $10,076,610 | | $3,751,795 | | $(3,766) |
| BulletShares 2025 Corporate Bond ETF | 3,320,741 | | - | | - |
| BulletShares 2026 Corporate Bond ETF | 3,751,795 | | 13,407,285 | | (540,369) |
| BulletShares 2027 Corporate Bond ETF | - | | 3,320,741 | | 9,536 |
| BulletShares 2024 High Yield Corporate Bond ETF | 10,401,132 | | 55,855,742 | | 2,103 |
| BulletShares 2025 High Yield Corporate Bond ETF | 77,817,823 | | 4,612,248 | | 10,033 |
| BulletShares 2026 High Yield Corporate Bond ETF | 8,346,955 | | 22,069,002 | | 269,499 |
| BulletShares 2027 High Yield Corporate Bond ETF | 215,325 | | 3,608,598 | | 48,308 |
| BulletShares 2028 High Yield Corporate Bond ETF | 1,045,788 | | 4,203,159 | | 126,108 |
| BulletShares 2029 High Yield Corporate Bond ETF | 276,920 | | 668,594 | | 13,283 |
| BulletShares 2030 High Yield Corporate Bond ETF | 1,431,069 | | 4,310,063 | | 200,710 |
| BulletShares 2031 High Yield Corporate Bond ETF(a) | 113,971 | | 990,902 | | 16,241 |
| BulletShares 2024 Municipal Bond ETF | 1,962,371 | | 1,545,290 | | (17,395) |
| BulletShares 2025 Municipal Bond ETF | 430,481 | | 2,298,127 | | (24,851) |
| BulletShares 2026 Municipal Bond ETF | 841,438 | | 747,864 | | (16,064) |
| BulletShares 2027 Municipal Bond ETF | 801,323 | | 1,320,870 | | (14,746) |
| BulletShares 2028 Municipal Bond ETF | 1,102,861 | | 871,519 | | 3,988 |
| BulletShares 2029 Municipal Bond ETF | 754,455 | | 130,452 | | 1,555 |
| BulletShares 2030 Municipal Bond ETF | 320,273 | | 310,788 | | 3,736 |
| BulletShares 2031 Municipal Bond ETF | 503,821 | | 498,983 | | (1,470) |
| BulletShares 2032 Municipal Bond ETF | 908,332 | | 560,605 | | 7,212 |
| BulletShares 2033 Municipal Bond ETF(a) | 723,521 | | 64,378 | | 3,314 |
| * | Net realized gains (losses) from securities sold to affiliates are included in net realized gain (loss) from investment securities in the Statements of Operations. |
| (a) | For the period September 18, 2023 (commencement of investment operations) through August 31, 2024. |
NOTE 5—Additional Valuation Information
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 — Prices are determined using quoted prices in an active market for identical assets.
Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.
The following is a summary of the tiered valuation input levels, as of August 31, 2024, for each Fund (except for BulletShares 2024 Corporate Bond ETF and the BulletShares Municipal Bond ETFs). As of August 31, 2024, all of the securities in BulletShares 2024 Corporate Bond ETF and the BulletShares Municipal Bond ETFs were valued based on Level 2 inputs (see the Schedules of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
| | Level 1 | | Level 2 | | Level 3 | | Total |
| BulletShares 2025 Corporate Bond ETF | | | | | | | |
| Investments in Securities | | | | | | | |
| U.S. Dollar Denominated Bonds & Notes | $- | | $4,017,878,242 | | $- | | $4,017,878,242 |
| Money Market Funds | 18,237,269 | | 228,394,167 | | - | | 246,631,436 |
| Total Investments | $18,237,269 | | $4,246,272,409 | | $- | | $4,264,509,678 |
| BulletShares 2026 Corporate Bond ETF | | | | | | | |
| Investments in Securities | | | | | | | |
| U.S. Dollar Denominated Bonds & Notes | $- | | $3,674,844,523 | | $- | | $3,674,844,523 |
| Money Market Funds | 3,810,675 | | 364,034,920 | | - | | 367,845,595 |
| Total Investments | $3,810,675 | | $4,038,879,443 | | $- | | $4,042,690,118 |
| BulletShares 2027 Corporate Bond ETF | | | | | | | |
| Investments in Securities | | | | | | | |
| U.S. Dollar Denominated Bonds & Notes | $- | | $2,125,693,439 | | $- | | $2,125,693,439 |
| Money Market Funds | 772,736 | | 417,228,158 | | - | | 418,000,894 |
| Total Investments | $772,736 | | $2,542,921,597 | | $- | | $2,543,694,333 |
| BulletShares 2028 Corporate Bond ETF | | | | | | | |
| Investments in Securities | | | | | | | |
| U.S. Dollar Denominated Bonds & Notes | $- | | $1,869,789,269 | | $- | | $1,869,789,269 |
| Money Market Funds | 74,172 | | 417,786,979 | | - | | 417,861,151 |
| Total Investments | $74,172 | | $2,287,576,248 | | $- | | $2,287,650,420 |
| BulletShares 2029 Corporate Bond ETF | | | | | | | |
| Investments in Securities | | | | | | | |
| U.S. Dollar Denominated Bonds & Notes | $- | | $1,160,983,484 | | $- | | $1,160,983,484 |
| Money Market Funds | 390,604 | | 198,520,426 | | - | | 198,911,030 |
| Total Investments | $390,604 | | $1,359,503,910 | | $- | | $1,359,894,514 |
| BulletShares 2030 Corporate Bond ETF | | | | | | | |
| Investments in Securities | | | | | | | |
| U.S. Dollar Denominated Bonds & Notes | $- | | $907,026,666 | | $- | | $907,026,666 |
| Money Market Funds | 446,802 | | 106,892,904 | | - | | 107,339,706 |
| Total Investments | $446,802 | | $1,013,919,570 | | $- | | $1,014,366,372 |
| BulletShares 2031 Corporate Bond ETF | | | | | | | |
| Investments in Securities | | | | | | | |
| U.S. Dollar Denominated Bonds & Notes | $- | | $577,030,479 | | $- | | $577,030,479 |
| Money Market Funds | 45,840 | | 12,732,908 | | - | | 12,778,748 |
| Total Investments | $45,840 | | $589,763,387 | | $- | | $589,809,227 |
| BulletShares 2032 Corporate Bond ETF | | | | | | | |
| Investments in Securities | | | | | | | |
| U.S. Dollar Denominated Bonds & Notes | $- | | $557,812,800 | | $- | | $557,812,800 |
| Money Market Funds | 52,309 | | 19,919,399 | | - | | 19,971,708 |
| Total Investments | $52,309 | | $577,732,199 | | $- | | $577,784,508 |
| BulletShares 2033 Corporate Bond ETF | | | | | | | |
| Investments in Securities | | | | | | | |
| U.S. Dollar Denominated Bonds & Notes | $- | | $336,138,619 | | $- | | $336,138,619 |
| Money Market Funds | 774,511 | | 27,239,669 | | - | | 28,014,180 |
| Total Investments | $774,511 | | $363,378,288 | | $- | | $364,152,799 |
| | Level 1 | | Level 2 | | Level 3 | | Total |
| BulletShares 2034 Corporate Bond ETF | | | | | | | |
| Investments in Securities | | | | | | | |
| U.S. Dollar Denominated Bonds & Notes | $- | | $15,218,225 | | $- | | $15,218,225 |
| Money Market Funds | 148,045 | | 867,019 | | - | | 1,015,064 |
| Total Investments | $148,045 | | $16,085,244 | | $- | | $16,233,289 |
| BulletShares 2024 High Yield Corporate Bond ETF | | | | | | | |
| Investments in Securities | | | | | | | |
| U.S. Treasury Securities | $- | | $417,722,438 | | $- | | $417,722,438 |
| U.S. Dollar Denominated Bonds & Notes | - | | 93,667,280 | | 0 | | 93,667,280 |
| Variable Rate Senior Loan Interests | - | | 30,095,584 | | - | | 30,095,584 |
| Money Market Funds | - | | 2,141,123 | | - | | 2,141,123 |
| Total Investments | $- | | $543,626,425 | | $0 | | $543,626,425 |
| BulletShares 2025 High Yield Corporate Bond ETF | | | | | | | |
| Investments in Securities | | | | | | | |
| U.S. Dollar Denominated Bonds & Notes | $- | | $955,331,258 | | $- | | $955,331,258 |
| Money Market Funds | 51,739,099 | | 95,039,427 | | - | | 146,778,526 |
| Total Investments | $51,739,099 | | $1,050,370,685 | | $- | | $1,102,109,784 |
| BulletShares 2026 High Yield Corporate Bond ETF | | | | | | | |
| Investments in Securities | | | | | | | |
| U.S. Dollar Denominated Bonds & Notes | $- | | $621,826,077 | | $- | | $621,826,077 |
| Money Market Funds | 9,201,671 | | 142,594,346 | | - | | 151,796,017 |
| Total Investments | $9,201,671 | | $764,420,423 | | $- | | $773,622,094 |
| BulletShares 2027 High Yield Corporate Bond ETF | | | | | | | |
| Investments in Securities | | | | | | | |
| U.S. Dollar Denominated Bonds & Notes | $- | | $283,303,880 | | $- | | $283,303,880 |
| Money Market Funds | 1,229,587 | | 70,981,128 | | - | | 72,210,715 |
| Total Investments | $1,229,587 | | $354,285,008 | | $- | | $355,514,595 |
| BulletShares 2028 High Yield Corporate Bond ETF | | | | | | | |
| Investments in Securities | | | | | | | |
| U.S. Dollar Denominated Bonds & Notes | $- | | $259,019,070 | | $- | | $259,019,070 |
| Money Market Funds | 1,875,763 | | 35,333,700 | | - | | 37,209,463 |
| Total Investments | $1,875,763 | | $294,352,770 | | $- | | $296,228,533 |
| BulletShares 2029 High Yield Corporate Bond ETF | | | | | | | |
| Investments in Securities | | | | | | | |
| U.S. Dollar Denominated Bonds & Notes | $- | | $100,714,124 | | $- | | $100,714,124 |
| Money Market Funds | 526,231 | | 6,283,845 | | - | | 6,810,076 |
| Total Investments | $526,231 | | $106,997,969 | | $- | | $107,524,200 |
| BulletShares 2030 High Yield Corporate Bond ETF | | | | | | | |
| Investments in Securities | | | | | | | |
| U.S. Dollar Denominated Bonds & Notes | $- | | $58,957,789 | | $- | | $58,957,789 |
| Money Market Funds | 239,390 | | 3,343,918 | | - | | 3,583,308 |
| Total Investments | $239,390 | | $62,301,707 | | $- | | $62,541,097 |
| BulletShares 2031 High Yield Corporate Bond ETF | | | | | | | |
| Investments in Securities | | | | | | | |
| U.S. Dollar Denominated Bonds & Notes | $- | | $28,847,057 | | $- | | $28,847,057 |
| Money Market Funds | 62,297 | | - | | - | | 62,297 |
| Total Investments | $62,297 | | $28,847,057 | | $- | | $28,909,354 |
| BulletShares 2032 High Yield Corporate Bond ETF | | | | | | | |
| Investments in Securities | | | | | | | |
| U.S. Dollar Denominated Bonds & Notes | $- | | $5,053,714 | | $- | | $5,053,714 |
| Money Market Funds | 28,817 | | 53,456 | | - | | 82,273 |
| Total Investments | $28,817 | | $5,107,170 | | $- | | $5,135,987 |
NOTE 6—Distributions to Shareholders and Tax Components of Net Assets
Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2024 and 2023:
| | 2024 | | 2023 |
| | Ordinary
Income* | | Ordinary
Income-Tax-
Exempt | | Ordinary
Income* | | Ordinary
Income-Tax-
Exempt | | Long-Term
Capital Gains |
| BulletShares 2024 Corporate Bond ETF | $118,950,789 | | $- | | $105,337,424 | | $- | | $- |
| BulletShares 2025 Corporate Bond ETF | 138,306,116 | | - | | 73,303,310 | | - | | - |
| BulletShares 2026 Corporate Bond ETF | 109,367,273 | | - | | 56,153,843 | | - | | - |
| BulletShares 2027 Corporate Bond ETF | 68,666,801 | | - | | 27,800,751 | | - | | 222,384 |
| BulletShares 2028 Corporate Bond ETF | 60,586,927 | | - | | 19,483,490 | | - | | - |
| BulletShares 2029 Corporate Bond ETF | 34,023,895 | | - | | 9,894,400 | | - | | - |
| BulletShares 2030 Corporate Bond ETF | 26,770,351 | | - | | 6,959,857 | | - | | - |
| BulletShares 2031 Corporate Bond ETF | 18,399,736 | | - | | 4,917,628 | | - | | - |
| BulletShares 2032 Corporate Bond ETF | 18,218,198 | | - | | 2,192,792 | | - | | - |
| BulletShares 2033 Corporate Bond ETF(a) | 8,111,206 | | - | | - | | - | | - |
| BulletShares 2034 Corporate Bond ETF(b) | 86,517 | | - | | - | | - | | - |
| BulletShares 2024 High Yield Corporate Bond ETF | 40,088,169 | | - | | 33,430,307 | | - | | - |
| BulletShares 2025 High Yield Corporate Bond ETF | 63,763,290 | | - | | 37,484,424 | | - | | - |
| BulletShares 2026 High Yield Corporate Bond ETF | 30,511,802 | | - | | 16,049,115 | | - | | - |
| BulletShares 2027 High Yield Corporate Bond ETF | 12,133,142 | | - | | 4,974,891 | | - | | - |
| BulletShares 2028 High Yield Corporate Bond ETF | 10,557,068 | | - | | 2,606,497 | | - | | - |
| BulletShares 2029 High Yield Corporate Bond ETF | 3,197,017 | | - | | 911,111 | | - | | - |
| BulletShares 2030 High Yield Corporate Bond ETF | 2,599,052 | | - | | 496,088 | | - | | - |
| BulletShares 2031 High Yield Corporate Bond ETF(a) | 1,109,468 | | - | | - | | - | | - |
| BulletShares 2032 High Yield Corporate Bond ETF(b) | 69,434 | | - | | - | | - | | - |
| BulletShares 2024 Municipal Bond ETF | 12,599 | | 5,041,525 | | 5,158 | | 3,390,456 | | - |
| BulletShares 2025 Municipal Bond ETF | 4,470 | | 5,087,313 | | 1,292 | | 2,771,676 | | - |
| BulletShares 2026 Municipal Bond ETF | 15,654 | | 4,443,781 | | 11,231 | | 2,162,885 | | - |
| BulletShares 2027 Municipal Bond ETF | 2,007 | | 3,412,311 | | 1,299 | | 1,773,513 | | - |
| BulletShares 2028 Municipal Bond ETF | 1,153 | | 2,641,103 | | 127 | | 1,345,205 | | - |
| BulletShares 2029 Municipal Bond ETF | 7,929 | | 2,304,503 | | 2,641 | | 1,012,624 | | - |
| BulletShares 2030 Municipal Bond ETF | 11,855 | | 2,268,491 | | 6,680 | | 976,311 | | - |
| BulletShares 2031 Municipal Bond ETF | 3,209 | | 1,614,201 | | 688 | | 472,316 | | - |
| BulletShares 2032 Municipal Bond ETF | 62,158 | | 1,744,827 | | 469 | | 141,962 | | - |
| BulletShares 2033 Municipal Bond ETF(a) | 9,327 | | 820,617 | | - | | - | | - |
| * | Includes short-term capital gain distributions, if any. |
| (a) | For the period September 18, 2023 (commencement of investment operations) through August 31, 2024. |
| (b) | For the period June 10, 2024 (commencement of investment operations) through August 31, 2024. |
Tax Components of Net Assets at Fiscal Year-end:
| | Undistributed
Ordinary
Income | | Undistributed
Long-Term
Capital Gains | | Undistributed
Tax-Exempt
Income | | Net
Unrealized
Appreciation
(Depreciation)-
Investments | | Capital Loss
Carryforwards | | Shares of
Beneficial
Interest | | Total
Net Assets |
| BulletShares 2024 Corporate Bond ETF | $1,319,053 | | $- | | $- | | $(2,552,272) | | $(6,921,783) | | $2,852,707,689 | | $2,844,552,687 |
| BulletShares 2025 Corporate Bond ETF | 296,017 | | - | | - | | (18,500,664) | | (4,872,382) | | 4,097,446,601 | | 4,074,369,572 |
| BulletShares 2026 Corporate Bond ETF | 675,458 | | - | | - | | (11,055,522) | | (5,240,144) | | 3,727,782,132 | | 3,712,161,924 |
| BulletShares 2027 Corporate Bond ETF | 266,775 | | - | | - | | 4,220,484 | | (806,288) | | 2,144,571,850 | | 2,148,252,821 |
| BulletShares 2028 Corporate Bond ETF | 190,718 | | - | | - | | 16,257,338 | | (1,852,253) | | 1,876,750,404 | | 1,891,346,207 |
| BulletShares 2029 Corporate Bond ETF | 243,581 | | - | | - | | 12,012,937 | | (582,459) | | 1,163,446,609 | | 1,175,120,668 |
| BulletShares 2030 Corporate Bond ETF | 154,052 | | - | | - | | 14,867,863 | | (752,724) | | 901,351,448 | | 915,620,639 |
| BulletShares 2031 Corporate Bond ETF | 167,230 | | - | | - | | 12,405,912 | | (330,023) | | 570,304,816 | | 582,547,935 |
| BulletShares 2032 Corporate Bond ETF | 96,115 | | - | | - | | 16,903,405 | | (103,716) | | 547,602,080 | | 564,497,884 |
| | Undistributed
Ordinary
Income | | Undistributed
Long-Term
Capital Gains | | Undistributed
Tax-Exempt
Income | | Net
Unrealized
Appreciation
(Depreciation)-
Investments | | Capital Loss
Carryforwards | | Shares of
Beneficial
Interest | | Total
Net Assets |
| BulletShares 2033 Corporate Bond ETF | $127,444 | | $- | | $- | | $7,379,760 | | $(421) | | $333,954,406 | | $341,461,189 |
| BulletShares 2034 Corporate Bond ETF | 2,325 | | - | | - | | 199,748 | | - | | 15,376,375 | | 15,578,448 |
| BulletShares 2024 High Yield Corporate Bond ETF | 47,068 | | - | | - | | (2,061,319) | | (35,190,865) | | 580,617,147 | | 543,412,031 |
| BulletShares 2025 High Yield Corporate Bond ETF | 137,003 | | - | | - | | 3,420,230 | | (10,977,678) | | 1,033,066,623 | | 1,025,646,178 |
| BulletShares 2026 High Yield Corporate Bond ETF | 128,850 | | - | | - | | 4,375,759 | | (12,485,857) | | 649,306,830 | | 641,325,582 |
| BulletShares 2027 High Yield Corporate Bond ETF | 60,749 | | - | | - | | 3,967,529 | | (3,843,614) | | 287,328,922 | | 287,513,586 |
| BulletShares 2028 High Yield Corporate Bond ETF | 133,600 | | - | | - | | 4,293,847 | | (1,914,580) | | 261,356,467 | | 263,869,334 |
| BulletShares 2029 High Yield Corporate Bond ETF | 65,470 | | - | | - | | 1,695,831 | | (447,489) | | 101,770,784 | | 103,084,596 |
| BulletShares 2030 High Yield Corporate Bond ETF | 142,688 | | 24,658 | | - | | 2,258,708 | | - | | 57,648,848 | | 60,074,902 |
| BulletShares 2031 High Yield Corporate Bond ETF | 10,290 | | - | | - | | 721,252 | | (52,246) | | 28,637,549 | | 29,316,845 |
| BulletShares 2032 High Yield Corporate Bond ETF | 6,515 | | - | | - | | 157,717 | | - | | 5,000,025 | | 5,164,257 |
| BulletShares 2024 Municipal Bond ETF | - | | - | | 19,255 | | (45,204) | | (44,902) | | 189,337,291 | | 189,266,440 |
| BulletShares 2025 Municipal Bond ETF | - | | - | | 13,287 | | (473,785) | | (360,063) | | 228,709,642 | | 227,889,081 |
| BulletShares 2026 Municipal Bond ETF | - | | - | | 20,590 | | (49,372) | | (534,314) | | 215,775,924 | | 215,212,828 |
| BulletShares 2027 Municipal Bond ETF | - | | - | | 15,629 | | (234,260) | | (27,878) | | 168,327,586 | | 168,081,077 |
| BulletShares 2028 Municipal Bond ETF | - | | - | | 18,330 | | (265,755) | | (627,174) | | 122,800,272 | | 121,925,673 |
| BulletShares 2029 Municipal Bond ETF | - | | - | | 17,889 | | (396,472) | | (597,256) | | 123,707,162 | | 122,731,323 |
| BulletShares 2030 Municipal Bond ETF | - | | - | | 27,050 | | (31,621) | | (1,087,705) | | 113,362,753 | | 112,270,477 |
| BulletShares 2031 Municipal Bond ETF | - | | - | | 5,407 | | 512,742 | | (920,813) | | 74,552,203 | | 74,149,539 |
| BulletShares 2032 Municipal Bond ETF | - | | 1,435 | | 59,918 | | 1,059,973 | | - | | 75,090,203 | | 76,211,529 |
| BulletShares 2033 Municipal Bond ETF | - | | - | | 13,211 | | 243,170 | | (11,994) | | 49,361,573 | | 49,605,960 |
Capital loss carryforwards are calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforwards actually available for the Funds to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
The Funds have capital loss carryforwards as of August 31, 2024, as follows:
| | No expiration | | |
| | Short-Term | | Long-Term | | Total* |
| BulletShares 2024 Corporate Bond ETF | $3,041,613 | | $3,880,170 | | $6,921,783 |
| BulletShares 2025 Corporate Bond ETF | 1,823,817 | | 3,048,565 | | 4,872,382 |
| BulletShares 2026 Corporate Bond ETF | 1,726,799 | | 3,513,345 | | 5,240,144 |
| BulletShares 2027 Corporate Bond ETF | 298,437 | | 507,851 | | 806,288 |
| BulletShares 2028 Corporate Bond ETF | 213,733 | | 1,638,520 | | 1,852,253 |
| BulletShares 2029 Corporate Bond ETF | 26,107 | | 556,352 | | 582,459 |
| BulletShares 2030 Corporate Bond ETF | 283,397 | | 469,327 | | 752,724 |
| BulletShares 2031 Corporate Bond ETF | 48,658 | | 281,365 | | 330,023 |
| BulletShares 2032 Corporate Bond ETF | 103,716 | | - | | 103,716 |
| BulletShares 2033 Corporate Bond ETF | 421 | | - | | 421 |
| BulletShares 2024 High Yield Corporate Bond ETF | 17,647,469 | | 17,543,396 | | 35,190,865 |
| BulletShares 2025 High Yield Corporate Bond ETF | 323,671 | | 10,654,007 | | 10,977,678 |
| BulletShares 2026 High Yield Corporate Bond ETF | 6,393,275 | | 6,092,582 | | 12,485,857 |
| BulletShares 2027 High Yield Corporate Bond ETF | 1,808,895 | | 2,034,719 | | 3,843,614 |
| | No expiration | | |
| | Short-Term | | Long-Term | | Total* |
| BulletShares 2028 High Yield Corporate Bond ETF | $788,974 | | $1,125,606 | | $1,914,580 |
| BulletShares 2029 High Yield Corporate Bond ETF | 99,799 | | 347,690 | | 447,489 |
| BulletShares 2031 High Yield Corporate Bond ETF | 52,246 | | - | | 52,246 |
| BulletShares 2024 Municipal Bond ETF | 29,086 | | 15,816 | | 44,902 |
| BulletShares 2025 Municipal Bond ETF | 135,670 | | 224,393 | | 360,063 |
| BulletShares 2026 Municipal Bond ETF | 270,839 | | 263,475 | | 534,314 |
| BulletShares 2027 Municipal Bond ETF | 13,950 | | 13,928 | | 27,878 |
| BulletShares 2028 Municipal Bond ETF | 197,258 | | 429,916 | | 627,174 |
| BulletShares 2029 Municipal Bond ETF | 284,416 | | 312,840 | | 597,256 |
| BulletShares 2030 Municipal Bond ETF | 511,378 | | 576,327 | | 1,087,705 |
| BulletShares 2031 Municipal Bond ETF | 918,043 | | 2,770 | | 920,813 |
| BulletShares 2033 Municipal Bond ETF | 11,994 | | - | | 11,994 |
| * | Capital loss carryforwards are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization. |
NOTE 7—Investment Transactions
For the fiscal year ended August 31, 2024, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Government obligations, money market funds and in-kind transactions, if any) were as follows:
| | Purchases | | Sales |
| BulletShares 2024 Corporate Bond ETF | $37,731,399 | | $2,303,020,438 |
| BulletShares 2025 Corporate Bond ETF | 56,297,702 | | 115,753,589 |
| BulletShares 2026 Corporate Bond ETF | 57,773,540 | | 76,244,483 |
| BulletShares 2027 Corporate Bond ETF | - | | 8,945,985 |
| BulletShares 2028 Corporate Bond ETF | 4,195,941 | | 5,883,689 |
| BulletShares 2029 Corporate Bond ETF | 3,539,556 | | 6,039,861 |
| BulletShares 2030 Corporate Bond ETF | 2,812,141 | | 5,038,460 |
| BulletShares 2031 Corporate Bond ETF | - | | 3,024,552 |
| BulletShares 2032 Corporate Bond ETF | - | | 435,559 |
| BulletShares 2033 Corporate Bond ETF(a) | 2,343,637 | | - |
| BulletShares 2034 Corporate Bond ETF(b) | 5,908,036 | | 20,906 |
| BulletShares 2024 High Yield Corporate Bond ETF | 249,077,820 | | 661,801,435 |
| BulletShares 2025 High Yield Corporate Bond ETF | 715,137,266 | | 845,826,300 |
| BulletShares 2026 High Yield Corporate Bond ETF | 218,305,655 | | 224,458,850 |
| BulletShares 2027 High Yield Corporate Bond ETF | 28,974,926 | | 27,645,517 |
| BulletShares 2028 High Yield Corporate Bond ETF | 22,646,051 | | 22,834,348 |
| BulletShares 2029 High Yield Corporate Bond ETF | 4,572,465 | | 5,497,844 |
| BulletShares 2030 High Yield Corporate Bond ETF | 7,510,669 | | 7,339,663 |
| BulletShares 2031 High Yield Corporate Bond ETF(a) | 4,401,893 | | 4,321,923 |
| BulletShares 2032 High Yield Corporate Bond ETF(b) | 5,124,302 | | 234,928 |
| BulletShares 2024 Municipal Bond ETF | 96,764,401 | | 119,285,870 |
| BulletShares 2025 Municipal Bond ETF | 49,666,268 | | 6,949,360 |
| BulletShares 2026 Municipal Bond ETF | 92,917,956 | | 7,380,745 |
| BulletShares 2027 Municipal Bond ETF | 66,026,314 | | 1,612,866 |
| BulletShares 2028 Municipal Bond ETF | 51,809,747 | | 4,396,619 |
| BulletShares 2029 Municipal Bond ETF | 64,828,709 | | 130,452 |
| BulletShares 2030 Municipal Bond ETF | 48,498,622 | | 2,038,033 |
| BulletShares 2031 Municipal Bond ETF | 37,383,142 | | 2,621,030 |
| BulletShares 2032 Municipal Bond ETF | 57,125,610 | | 2,741,941 |
| BulletShares 2033 Municipal Bond ETF(a) | 49,552,936 | | 1,007,847 |
| (a) | For the period September 18, 2023 (commencement of investment operations) through August 31, 2024. |
| (b) | For the period June 10, 2024 (commencement of investment operations) through August 31, 2024. |
For the fiscal year ended August 31, 2024, in-kind transactions associated with creations and redemptions were as follows:
| | In-kind
Purchases | | In-kind
Sales |
| BulletShares 2024 Corporate Bond ETF | $36,523,531 | | $507,000,927 |
| BulletShares 2025 Corporate Bond ETF | 1,025,308,099 | | 91,690,433 |
| BulletShares 2026 Corporate Bond ETF | 1,712,162,187 | | 76,067,050 |
| BulletShares 2027 Corporate Bond ETF | 1,047,384,944 | | 28,488,514 |
| BulletShares 2028 Corporate Bond ETF | 1,140,729,364 | | 38,471,435 |
| BulletShares 2029 Corporate Bond ETF | 735,999,638 | | - |
| BulletShares 2030 Corporate Bond ETF | 616,632,182 | | - |
| BulletShares 2031 Corporate Bond ETF | 371,360,031 | | 9,486,263 |
| BulletShares 2032 Corporate Bond ETF | 400,791,004 | | 5,770,748 |
| BulletShares 2033 Corporate Bond ETF(a) | 326,451,674 | | - |
| BulletShares 2034 Corporate Bond ETF(b) | 9,131,547 | | - |
| BulletShares 2024 High Yield Corporate Bond ETF | 62,205,747 | | 141,049,333 |
| BulletShares 2025 High Yield Corporate Bond ETF | 423,672,612 | | 552,058,321 |
| BulletShares 2026 High Yield Corporate Bond ETF | 326,596,261 | | 6,721,760 |
| BulletShares 2027 High Yield Corporate Bond ETF | 170,570,513 | | - |
| BulletShares 2028 High Yield Corporate Bond ETF | 188,457,700 | | - |
| BulletShares 2029 High Yield Corporate Bond ETF | 78,447,265 | | - |
| BulletShares 2030 High Yield Corporate Bond ETF | 43,887,396 | | - |
| BulletShares 2031 High Yield Corporate Bond ETF(a) | 32,806,195 | | 5,074,107 |
| BulletShares 2032 High Yield Corporate Bond ETF(b) | - | | - |
| BulletShares 2024 Municipal Bond ETF | - | | 6,851,548 |
| BulletShares 2025 Municipal Bond ETF | 14,229,326 | | - |
| BulletShares 2026 Municipal Bond ETF | 13,927,087 | | - |
| BulletShares 2027 Municipal Bond ETF | 11,508,035 | | - |
| BulletShares 2028 Municipal Bond ETF | 4,393,306 | | - |
| BulletShares 2029 Municipal Bond ETF | 8,781,071 | | - |
| BulletShares 2030 Municipal Bond ETF | 12,740,364 | | - |
| BulletShares 2031 Municipal Bond ETF | 8,565,360 | | - |
| BulletShares 2032 Municipal Bond ETF | - | | - |
| BulletShares 2033 Municipal Bond ETF(a) | - | | - |
| (a) | For the period September 18, 2023 (commencement of investment operations) through August 31, 2024. |
| (b) | For the period June 10, 2024 (commencement of investment operations) through August 31, 2024. |
Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.
As of August 31, 2024, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:
| | Gross
Unrealized
Appreciation | | Gross
Unrealized
(Depreciation) | | Net
Unrealized
Appreciation
(Depreciation) | | Cost |
| BulletShares 2024 Corporate Bond ETF | $349,127 | | $(2,901,399) | | $(2,552,272) | | $2,876,018,261 |
| BulletShares 2025 Corporate Bond ETF | 3,472,075 | | (21,972,739) | | (18,500,664) | | 4,283,010,342 |
| BulletShares 2026 Corporate Bond ETF | 9,899,488 | | (20,955,010) | | (11,055,522) | | 4,053,745,640 |
| BulletShares 2027 Corporate Bond ETF | 13,273,062 | | (9,052,578) | | 4,220,484 | | 2,539,473,849 |
| BulletShares 2028 Corporate Bond ETF | 20,779,928 | | (4,522,590) | | 16,257,338 | | 2,271,393,082 |
| BulletShares 2029 Corporate Bond ETF | 14,472,556 | | (2,459,619) | | 12,012,937 | | 1,347,881,577 |
| BulletShares 2030 Corporate Bond ETF | 14,983,783 | | (115,920) | | 14,867,863 | | 999,498,509 |
| BulletShares 2031 Corporate Bond ETF | 12,620,096 | | (214,184) | | 12,405,912 | | 577,403,315 |
| BulletShares 2032 Corporate Bond ETF | 17,172,890 | | (269,485) | | 16,903,405 | | 560,881,103 |
| BulletShares 2033 Corporate Bond ETF | 7,443,384 | | (63,624) | | 7,379,760 | | 356,773,039 |
| BulletShares 2034 Corporate Bond ETF | 204,960 | | (5,212) | | 199,748 | | 16,033,541 |
| BulletShares 2024 High Yield Corporate Bond ETF | 186,008 | | (2,247,327) | | (2,061,319) | | 545,687,744 |
| | Gross
Unrealized
Appreciation | | Gross
Unrealized
(Depreciation) | | Net
Unrealized
Appreciation
(Depreciation) | | Cost |
| BulletShares 2025 High Yield Corporate Bond ETF | $4,676,409 | | $(1,256,179) | | $3,420,230 | | $1,098,689,554 |
| BulletShares 2026 High Yield Corporate Bond ETF | 7,142,583 | | (2,766,824) | | 4,375,759 | | 769,246,335 |
| BulletShares 2027 High Yield Corporate Bond ETF | 4,797,900 | | (830,371) | | 3,967,529 | | 351,547,066 |
| BulletShares 2028 High Yield Corporate Bond ETF | 5,560,948 | | (1,267,101) | | 4,293,847 | | 291,934,686 |
| BulletShares 2029 High Yield Corporate Bond ETF | 2,391,505 | | (695,674) | | 1,695,831 | | 105,828,369 |
| BulletShares 2030 High Yield Corporate Bond ETF | 2,364,551 | | (105,843) | | 2,258,708 | | 60,282,389 |
| BulletShares 2031 High Yield Corporate Bond ETF | 835,201 | | (113,949) | | 721,252 | | 28,188,102 |
| BulletShares 2032 High Yield Corporate Bond ETF | 158,082 | | (365) | | 157,717 | | 4,978,270 |
| BulletShares 2024 Municipal Bond ETF | 78,593 | | (123,797) | | (45,204) | | 165,844,616 |
| BulletShares 2025 Municipal Bond ETF | 442,391 | | (916,176) | | (473,785) | | 223,852,089 |
| BulletShares 2026 Municipal Bond ETF | 989,491 | | (1,038,863) | | (49,372) | | 211,718,173 |
| BulletShares 2027 Municipal Bond ETF | 861,424 | | (1,095,684) | | (234,260) | | 165,667,228 |
| BulletShares 2028 Municipal Bond ETF | 984,743 | | (1,250,498) | | (265,755) | | 120,347,014 |
| BulletShares 2029 Municipal Bond ETF | 936,612 | | (1,333,084) | | (396,472) | | 120,958,276 |
| BulletShares 2030 Municipal Bond ETF | 886,361 | | (917,982) | | (31,621) | | 110,788,972 |
| BulletShares 2031 Municipal Bond ETF | 1,122,581 | | (609,839) | | 512,742 | | 72,545,110 |
| BulletShares 2032 Municipal Bond ETF | 1,356,890 | | (296,917) | | 1,059,973 | | 73,896,658 |
| BulletShares 2033 Municipal Bond ETF | 521,385 | | (278,215) | | 243,170 | | 48,368,442 |
NOTE 8—Reclassification of Permanent Differences
Primarily as a result of differing book/tax treatment of in-kind transactions, distributions, excise taxes, defaulted bonds and rounding, amounts were reclassified between undistributed net investment income (loss), undistributed net realized gain (loss) and Shares of beneficial interest. These reclassifications had no effect on the net assets of each Fund. For the fiscal year ended August 31, 2024, the reclassifications were as follows:
| | Undistributed Net
Investment Income (Loss) | | Undistributed Net
Realized Gain (Loss) | | Shares of
Beneficial Interest |
| BulletShares 2024 Corporate Bond ETF | $- | | $1,173,475 | | $(1,173,475) |
| BulletShares 2025 Corporate Bond ETF | - | | (16,374) | | 16,374 |
| BulletShares 2026 Corporate Bond ETF | - | | (485,337) | | 485,337 |
| BulletShares 2027 Corporate Bond ETF | - | | (569,891) | | 569,891 |
| BulletShares 2028 Corporate Bond ETF | 4,822 | | (1,277,576) | | 1,272,754 |
| BulletShares 2029 Corporate Bond ETF | - | | - | | - |
| BulletShares 2030 Corporate Bond ETF | - | | - | | - |
| BulletShares 2031 Corporate Bond ETF | - | | (391,538) | | 391,538 |
| BulletShares 2032 Corporate Bond ETF | - | | (249,049) | | 249,049 |
| BulletShares 2033 Corporate Bond ETF | 6,089 | | - | | (6,089) |
| BulletShares 2034 Corporate Bond ETF | 256 | | (256) | | - |
| BulletShares 2024 High Yield Corporate Bond ETF | - | | 119,150 | | (119,150) |
| BulletShares 2025 High Yield Corporate Bond ETF | - | | (4,040,923) | | 4,040,923 |
| BulletShares 2026 High Yield Corporate Bond ETF | - | | (223,646) | | 223,646 |
| BulletShares 2027 High Yield Corporate Bond ETF | - | | - | | - |
| BulletShares 2028 High Yield Corporate Bond ETF | - | | 4 | | (4) |
| BulletShares 2029 High Yield Corporate Bond ETF | - | | - | | - |
| BulletShares 2030 High Yield Corporate Bond ETF | 146,209 | | (146,209) | | - |
| BulletShares 2031 High Yield Corporate Bond ETF | 340 | | (183,521) | | 183,181 |
| BulletShares 2032 High Yield Corporate Bond ETF | 3,278 | | (3,278) | | - |
| BulletShares 2024 Municipal Bond ETF | - | | 39,145 | | (39,145) |
| BulletShares 2025 Municipal Bond ETF | - | | - | | - |
| BulletShares 2026 Municipal Bond ETF | 4,261 | | - | | (4,261) |
| BulletShares 2027 Municipal Bond ETF | - | | - | | - |
| BulletShares 2028 Municipal Bond ETF | (1) | | - | | 1 |
| | Undistributed Net
Investment Income (Loss) | | Undistributed Net
Realized Gain (Loss) | | Shares of
Beneficial Interest |
| BulletShares 2029 Municipal Bond ETF | $- | | $- | | $- |
| BulletShares 2030 Municipal Bond ETF | - | | - | | - |
| BulletShares 2031 Municipal Bond ETF | - | | - | | - |
| BulletShares 2032 Municipal Bond ETF | 56,388 | | (56,388) | | - |
| BulletShares 2033 Municipal Bond ETF | - | | - | | - |
NOTE 9—Trustees’ and Officer’s Fees
The Adviser, as a result of each Fund’s unitary management fee, pays remuneration to the Independent Trustees and an Officer of the Trust on behalf of the Funds. Interested Trustees do not receive any Trustees’ fees.
The Trust has adopted a deferred compensation plan (the “Plan”). Under the Plan, each Independent Trustee who has executed a Deferred Fee Agreement (a “Participating Trustee”) may defer receipt of all or a portion of their compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select Invesco ETFs. The Deferral Fees payable to a Participating Trustee are valued as of the date such Deferral Fees would have been paid to a Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected. Obligations under the Plan represent unsecured claims against the general assets of the Funds.
NOTE 10—Capital
Shares are issued and redeemed by the Funds only in Creation Units consisting of a specified number of Shares as set forth in each Fund’s prospectus. Only APs are permitted to purchase or redeem Creation Units from the Funds. For each Fund (except for the BulletShares Municipal Bond ETFs), such transactions are generally in exchange for Deposit Securities. However, for such Funds, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the AP or as a result of other market circumstances. For the BulletShares Municipal Bond ETFs, such transactions are principally in exchange for the deposit or delivery of cash, though each Fund reserves the right to issue and redeem Creation Units in exchange for Deposit Securities.
To the extent that the Funds permit transactions in exchange for Deposit Securities, each Fund may issue Shares in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash at least equal to 105% of the market value of the missing Deposit Securities. In accordance with the Trust’s Participant Agreement, Creation Units will be issued to an AP, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the AP to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the AP’s delivery and maintenance of collateral consisting of cash in the form of U.S. dollars in immediately available funds having a value (marked-to-market daily) at least equal to 105%, which the Adviser may change from time to time, of the value of the missing Deposit Securities.
Certain transaction fees may be charged by the Funds for creations and redemptions, which are treated as increases in capital.
Transactions in each Fund’s Shares are disclosed in detail in the Statements of Changes in Net Assets.
NOTE 11—Subsequent Event
On September 16, 2024, the classification of BulletShares 2031 Corporate Bond ETF, BulletShares 2029 High Yield Corporate Bond ETF and BulletShares 2031 Municipal Bond ETF changed from “non-diversified” to “diversified” and therefore each of these Funds is now required to meet certain diversification requirements under the 1940 Act.
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Invesco Exchange-Traded Self-Indexed Fund Trust and Shareholders of each of the thirty funds listed in the table below
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (thirty of the funds constituting Invesco Exchange-Traded Self-Indexed Fund Trust, hereafter collectively referred to as the “Funds”) as of August 31, 2024, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2024, the results of each of their operations and the changes in each of their net assets for the periods indicated in the table below, and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.
| Fund Name |
| Invesco BulletShares 2024 Corporate Bond ETF (1) |
| Invesco BulletShares 2025 Corporate Bond ETF (1) |
| Invesco BulletShares 2026 Corporate Bond ETF (1) |
| Invesco BulletShares 2027 Corporate Bond ETF (1) |
| Invesco BulletShares 2028 Corporate Bond ETF (1) |
| Invesco BulletShares 2029 Corporate Bond ETF (1) |
| Invesco BulletShares 2030 Corporate Bond ETF (1) |
| Invesco BulletShares 2031 Corporate Bond ETF (1) |
| Invesco BulletShares 2032 Corporate Bond ETF (2) |
| Invesco BulletShares 2033 Corporate Bond ETF (3) |
| Invesco BulletShares 2034 Corporate Bond ETF (4) |
| Invesco BulletShares 2024 High Yield Corporate Bond ETF (1) |
| Invesco BulletShares 2025 High Yield Corporate Bond ETF (1) |
| Invesco BulletShares 2026 High Yield Corporate Bond ETF (1) |
| Invesco BulletShares 2027 High Yield Corporate Bond ETF (1) |
| Invesco BulletShares 2028 High Yield Corporate Bond ETF (1) |
| Invesco BulletShares 2029 High Yield Corporate Bond ETF (1) |
| Invesco BulletShares 2030 High Yield Corporate Bond ETF (2) |
| Invesco BulletShares 2031 High Yield Corporate Bond ETF (3) |
| Invesco BulletShares 2032 High Yield Corporate Bond ETF (4) |
| Invesco BulletShares 2024 Municipal Bond ETF (1) |
| Invesco BulletShares 2025 Municipal Bond ETF (1) |
| Invesco BulletShares 2026 Municipal Bond ETF (1) |
| Invesco BulletShares 2027 Municipal Bond ETF (1) |
| Invesco BulletShares 2028 Municipal Bond ETF (1) |
| Invesco BulletShares 2029 Municipal Bond ETF (1) |
| Invesco BulletShares 2030 Municipal Bond ETF (1) |
| Invesco BulletShares 2031 Municipal Bond ETF (1) |
| Invesco BulletShares 2032 Municipal Bond ETF (5) |
| Invesco BulletShares 2033 Municipal Bond ETF (3) |
(1) Statement of operations for the year ended August 31, 2024 and statement of changes in net assets for the years ended August 31, 2024 and 2023
(2) Statement of operations for the year ended August 31, 2024 and statement of changes in net assets for the year ended August 31, 2024 and for the period September 6, 2022 (commencement of investment operations) through August 31, 2023
Report of Independent Registered Public Accounting Firm —(continued)
(3) Statement of operations and statement of changes in net assets for the period September 18, 2023 (commencement of investment operations) through August 31, 2024
(4) Statement of operations and statement of changes in net assets for the period June 10, 2024 (commencement of investment operations) through August 31, 2024
(5) Statement of operations for the year ended August 31, 2024 and statement of changes in net assets for the year ended August 31, 2024 and for the period February 27, 2023 (commencement of investment operations) through August 31, 2024
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2024 by correspondence with the custodian, transfer agent, and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/PricewaterhouseCoopers LLP
Chicago, Illinois
October 25, 2024
We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.
Form 1099-DIV, Form 1042-S and other year-end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.
The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.
The Funds designate the following amounts or, if subsequently determined to be different, the maximum amount allowable for their fiscal year ended August 31, 2024:
| | Qualified
Business
Income* | | Qualified
Dividend
Income* | | Corporate
Dividends
Received
Deduction* | | U.S.
Treasury
Obligations* | | Business
Interest
Income* | | Qualified
Interest
Income* | | Tax-Exempt
Income* | | Qualified
Short
Term
Gains |
| Invesco BulletShares 2024 Corporate Bond ETF | 0% | | 0% | | 0% | | 2% | | 100% | | 80% | | 0% | | $- |
| Invesco BulletShares 2025 Corporate Bond ETF | 0% | | 0% | | 0% | | 0% | | 100% | | 82% | | 0% | | - |
| Invesco BulletShares 2026 Corporate Bond ETF | 0% | | 0% | | 0% | | 0% | | 100% | | 83% | | 0% | | - |
| Invesco BulletShares 2027 Corporate Bond ETF | 0% | | 0% | | 0% | | 0% | | 99% | | 87% | | 0% | | - |
| Invesco BulletShares 2028 Corporate Bond ETF | 0% | | 0% | | 0% | | 0% | | 99% | | 82% | | 0% | | - |
| Invesco BulletShares 2029 Corporate Bond ETF | 0% | | 0% | | 0% | | 0% | | 99% | | 90% | | 0% | | - |
| Invesco BulletShares 2030 Corporate Bond ETF | 0% | | 0% | | 0% | | 0% | | 99% | | 88% | | 0% | | - |
| Invesco BulletShares 2031 Corporate Bond ETF | 0% | | 0% | | 0% | | 0% | | 100% | | 93% | | 0% | | - |
| Invesco BulletShares 2032 Corporate Bond ETF | 0% | | 0% | | 0% | | 0% | | 100% | | 89% | | 0% | | - |
| Invesco BulletShares 2033 Corporate Bond ETF | 0% | | 0% | | 0% | | 0% | | 100% | | 88% | | 0% | | - |
| Invesco BulletShares 2034 Corporate Bond ETF | 0% | | 0% | | 0% | | 0% | | 98% | | 88% | | 0% | | 256 |
| Invesco BulletShares 2024 High Yield Corporate Bond ETF | 0% | | 0% | | 0% | | 18% | | 100% | | 89% | | 0% | | - |
| Invesco BulletShares 2025 High Yield Corporate Bond ETF | 0% | | 0% | | 0% | | 0% | | 99% | | 85% | | 0% | | - |
| Invesco BulletShares 2026 High Yield Corporate Bond ETF | 0% | | 0% | | 0% | | 0% | | 99% | | 80% | | 0% | | - |
| Invesco BulletShares 2027 High Yield Corporate Bond ETF | 0% | | 0% | | 0% | | 0% | | 99% | | 82% | | 0% | | - |
| Invesco BulletShares 2028 High Yield Corporate Bond ETF | 0% | | 0% | | 0% | | 0% | | 99% | | 87% | | 0% | | - |
| Invesco BulletShares 2029 High Yield Corporate Bond ETF | 0% | | 0% | | 0% | | 0% | | 100% | | 87% | | 0% | | - |
| Invesco BulletShares 2030 High Yield Corporate Bond ETF | 0% | | 0% | | 0% | | 0% | | 95% | | 88% | | 0% | | 145,136 |
| Invesco BulletShares 2031 High Yield Corporate Bond ETF | 0% | | 0% | | 0% | | 0% | | 100% | | 92% | | 0% | | - |
| Invesco BulletShares 2032 High Yield Corporate Bond ETF | 0% | | 0% | | 0% | | 0% | | 96% | | 90% | | 0% | | 3,278 |
| Invesco BulletShares 2024 Municipal Bond ETF | 0% | | 0% | | 0% | | 0% | | 100% | | 100% | | 100% | | - |
Tax Information—(continued)
| | Qualified
Business
Income* | | Qualified
Dividend
Income* | | Corporate
Dividends
Received
Deduction* | | U.S.
Treasury
Obligations* | | Business
Interest
Income* | | Qualified
Interest
Income* | | Tax-Exempt
Income* | | Qualified
Short
Term
Gains |
| Invesco BulletShares 2025 Municipal Bond ETF | 0% | | 0% | | 0% | | 0% | | 100% | | 100% | | 100% | | $- |
| Invesco BulletShares 2026 Municipal Bond ETF | 0% | | 0% | | 0% | | 0% | | 100% | | 100% | | 100% | | - |
| Invesco BulletShares 2027 Municipal Bond ETF | 0% | | 0% | | 0% | | 0% | | 100% | | 100% | | 100% | | - |
| Invesco BulletShares 2028 Municipal Bond ETF | 0% | | 0% | | 0% | | 0% | | 100% | | 100% | | 100% | | - |
| Invesco BulletShares 2029 Municipal Bond ETF | 0% | | 0% | | 0% | | 0% | | 100% | | 100% | | 100% | | - |
| Invesco BulletShares 2030 Municipal Bond ETF | 0% | | 0% | | 0% | | 0% | | 100% | | 100% | | 99% | | - |
| Invesco BulletShares 2031 Municipal Bond ETF | 0% | | 0% | | 0% | | 0% | | 100% | | 100% | | 100% | | - |
| Invesco BulletShares 2032 Municipal Bond ETF | 0% | | 0% | | 0% | | 0% | | 10% | | 100% | | 100% | | 56,388 |
| Invesco BulletShares 2033 Municipal Bond ETF | 0% | | 0% | | 0% | | 0% | | 100% | | 100% | | 99% | | - |
* The above percentages are based on ordinary income dividends paid to shareholders during the Trust’s fiscal year.
Approval of Investment Advisory Contracts
At a meeting held on March 14, 2024, the Board of Trustees of the Invesco Exchange-Traded Self-Indexed Fund Trust (the “Trust”), including the Independent Trustees, approved the Investment Advisory Agreement between Invesco Capital Management LLC (the “Adviser”) and the Trust for Invesco BulletShares 2032 High Yield Corporate Bond ETF and Invesco BulletShares 2034 Corporate Bond ETF (each, a “Fund” and collectively, the “Funds”).
The Trustees reviewed information from the Adviser describing: (i) the nature, extent and quality of services to be provided, (ii) the proposed unitary advisory fee for each Fund and comparisons to amounts paid by other comparable registered investment companies, (iii) the extent to which economies of scale may be realized as a Fund grows and whether the fee levels reflect any possible economies of scale for the benefit of Fund shareholders, and (iv) any further benefits to be realized by the Adviser or its affiliates from the Adviser’s relationship with each Fund.
Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions to be performed by the Adviser for each Fund, including the identity of the persons who will be responsible for the day-to-day management of the Funds, and they considered the quality of services provided by the Adviser to other exchange-traded funds (“ETFs”). The Trustees noted that the portfolio managers of each Fund also manage other ETFs on behalf of the Adviser that are overseen by the Board and that the Board is familiar with the background and experience of the portfolio managers of each Fund. The Trustees also noted other information the Board received and considered in connection with its March 14, 2024 meeting describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. The Trustees reviewed information related to the Adviser’s portfolio transaction policies and procedures, as well as reports on the correlation and tracking error between the underlying indexes and the performance of other ETFs for which the Adviser serves as investment adviser. Because the Funds had not yet commenced operations, the Trustees noted that no performance information for the Funds could be provided.
The Trustees considered the services to be provided by the Adviser in its oversight of the Funds’ administrator, custodian and transfer agent. They noted the significant amount of time, effort and resources that had been devoted to this oversight function for the other ETFs managed by the Adviser and that was expected to be provided for each Fund.
Based on its review, the Board concluded that the nature, extent and quality of the services to be provided by the Adviser to each Fund under the Investment Advisory Agreement were expected to be appropriate and reasonable.
Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser on each Fund’s proposed unitary advisory fee, as compared to information compiled by the Adviser from Lipper Inc. (“Lipper”) databases on the median net expense ratios of comparable passive ETFs, open-end (non-ETF) index funds, open-end (non-ETF) actively managed funds and Adviser-identified select peer funds, as applicable. The Trustees noted that the proposed annual advisory fee to be charged to each Fund was a unitary fee, and that the Adviser has agreed to pay all other operating expenses of each Fund except for brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses, costs incurred in connection with proxies (except certain proxies) and other extraordinary expenses. The Trustees noted each Fund’s proposed unitary advisory fee as compared to the median net expense ratio of its Lipper peer groups and a select peer group as shown below:
| Fund | | Passive
ETF Peer
Group
(Number of Peers) | | Open-End
Index Fund
Peer Group
(Number of Peers) | | Open-End
Active Fund
Peer Group
(Number of Peers) | | Select
Peer Group
(Number of Peers) |
| Invesco BulletShares 2032 High Yield Corporate Bond ETF | | Higher than
median (36) | | N/A (0) | | Lower than
median (111) | | Higher than
median (7) |
| Invesco BulletShares 2034 Corporate Bond ETF | | Lower than
median (34) | | Higher than
median (3) | | Lower than
median (54) | | Same as
median (9) |
Based on all of the information provided, the Board concluded that each Fund’s proposed unitary advisory fee was reasonable and appropriate in light of the administrative, operational and management oversight services to be provided by the Adviser and the related costs in providing such services.
In conjunction with their review of the unitary advisory fee, the Trustees considered that the Adviser did not provide a profitability analysis for the Adviser in managing the Funds because the Funds had not yet commenced operations. However, the Trustees
Approval of Investment Advisory Contracts—(continued)
noted other information the Board received and considered at its March 24, 2023 and April 18, 2023 meetings regarding the Adviser’s overall profitability from its relationship with other ETFs for which it serves as investment adviser.
Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of the Fund’s shareholders. The Trustees noted that any reduction in fixed costs associated with the management of the Funds would be enjoyed by the Adviser, but a unitary advisory fee provides a level of certainty in expenses for the Funds. The Board considered whether the proposed unitary advisory fee rate for each Fund was reasonable in relation to the proposed services and product strategy of that Fund, and it concluded that the unitary advisory fee rates were reasonable and appropriate.
Fall-Out Benefits. The Trustees considered that the Adviser identified no additional benefits that it will receive from its relationship with the Funds and noted that the Adviser will not be a party to any soft dollar, commission recapture or directed brokerage arrangements with respect to the Funds. The Trustees considered benefits to be received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser’s relationship with the Funds, including brokerage fees, advisory fees from affiliated money market cash management vehicles and fees as the Funds’ securities lending agent. The Trustees also considered that Invesco Distributors, Inc. and Invesco Indexing LLC, affiliates of the Adviser, will serve as each Fund’s distributor and index provider and will be paid a distribution fee and a licensing fee, respectively, by the Adviser. The Board concluded that each Fund’s unitary advisory fee was reasonable, taking into account any ancillary benefits to be received by affiliates of the Adviser.
Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the Investment Advisory Agreement for each Fund. No single factor was determinative in the Board’s analysis.
Approval of Investment Advisory Contracts
At a meeting held on April 18, 2024, the Board of Trustees of the Invesco Exchange-Traded Self-Indexed Fund Trust (the “Trust”), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the “Adviser”) and the Trust for the following series (each, a “Fund” and collectively, the “Funds”):
Invesco Bloomberg Pricing Power ETF
Invesco BulletShares 2024 Corporate Bond ETF
Invesco BulletShares 2025 Corporate Bond ETF
Invesco BulletShares 2026 Corporate Bond ETF
Invesco BulletShares 2027 Corporate Bond ETF
Invesco BulletShares 2028 Corporate Bond ETF
Invesco BulletShares 2029 Corporate Bond ETF
Invesco BulletShares 2030 Corporate Bond ETF
Invesco BulletShares 2031 Corporate Bond ETF
Invesco BulletShares 2032 Corporate Bond ETF
Invesco BulletShares 2024 High Yield Corporate Bond ETF
Invesco BulletShares 2025 High Yield Corporate Bond ETF
Invesco BulletShares 2026 High Yield Corporate Bond ETF
Invesco BulletShares 2027 High Yield Corporate Bond ETF
Invesco BulletShares 2028 High Yield Corporate Bond ETF
Invesco BulletShares 2029 High Yield Corporate Bond ETF
Invesco BulletShares 2030 High Yield Corporate Bond ETF
Invesco BulletShares 2024 Municipal Bond ETF
Invesco BulletShares 2025 Municipal Bond ETF
Invesco BulletShares 2026 Municipal Bond ETF
Invesco BulletShares 2027 Municipal Bond ETF
Invesco BulletShares 2028 Municipal Bond ETF
Invesco BulletShares 2029 Municipal Bond ETF
Invesco BulletShares 2030 Municipal Bond ETF
Invesco BulletShares 2031 Municipal Bond ETF
Invesco BulletShares 2032 Municipal Bond ETF
Invesco International Developed Dynamic Multifactor ETF
Invesco Investment Grade Defensive ETF
Invesco Racial and Gender Diversity ETF
Invesco RAFITM Strategic US ETF
Invesco Russell 1000® Dynamic Multifactor ETF
Invesco Russell 2000® Dynamic Multifactor ETF
The Trustees reviewed information from the Adviser describing: (i) the nature, extent and quality of services provided or to be provided, (ii) the investment performance of each Fund, as applicable, and the Adviser, (iii) the fees paid or to be paid by the Funds and comparisons to amounts paid by other comparable registered investment companies, (iv) the costs of services provided or to be provided and estimated profits realized by the Adviser, as applicable, (v) the extent to which economies of scale may be realized as a Fund grows and whether fee levels reflect any possible economies of scale for the benefit of Fund shareholders and (vi) any further benefits realized by the Adviser or its affiliates from the Adviser’s relationship with the Funds.
Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions performed or to be performed by the Adviser for the Funds, information describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. (“Invesco”), and the background and experience of the persons responsible for the day-to-day management of the Funds. The Trustees reviewed matters related to the Adviser’s execution and/or oversight of execution of portfolio transactions on behalf of the Funds.
The Trustees reviewed information on the performance of the Funds (except Invesco Racial and Gender Diversity ETF which had not yet commenced operations as of December 31, 2023) and their underlying indexes for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2023, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund’s performance and the performance of its underlying index, as well as the Adviser’s analysis of the tracking error between certain Funds and their underlying indexes. In reviewing the tracking error reports, the Trustees considered information provided by Invesco’s independent performance and risk management group with respect to general expected tracking error ranges. The Trustees also considered that certain Funds were created in connection with the purchases by Invesco of the exchange-traded funds (“ETFs”) businesses of Guggenheim Capital LLC (“Guggenheim”) on April 6, 2018 or May 18, 2018 and Massachusetts Mutual Life Insurance Company (“Oppenheimer”) on May 24, 2019 (each, a “Transaction”), and that each such Fund’s performance prior to the closing of the applicable Transaction is that of its predecessor Guggenheim ETF or Oppenheimer ETF. The Trustees noted that, for each applicable period, the correlation and tracking error for each Fund was within the targeted range set forth in the Trust’s registration statement. The Board concluded that each Fund’s correlation to its underlying index and the tracking error for each Fund were within an acceptable range given that Fund’s particular circumstances.
The Trustees considered the services provided by the Adviser in its oversight of the Funds’ administrator, custodian and transfer agent. They noted the significant amount of time, effort and resources that had been devoted to this oversight function.
Approval of Investment Advisory Contracts—(continued)
Based on its review, the Board concluded that the nature, extent and quality of services provided or to be provided by the Adviser to the Funds under the Investment Advisory Agreement were or were expected to be appropriate and reasonable.
Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser on each Fund’s net expense ratio and unitary advisory fee. The Trustees noted that the annual advisory fee charged or to be charged to each Fund, as set forth below, is a unitary advisory fee and that the Adviser pays all other operating expenses of each Fund, except that each Fund pays its brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses, costs incurred in connection with proxies (except certain proxies) and other extraordinary expenses:
| • | 0.10% of the Fund’s average daily net assets for each of Invesco BulletShares 2024 Corporate Bond ETF, Invesco BulletShares 2025 Corporate Bond ETF, Invesco BulletShares 2026 Corporate Bond ETF, Invesco BulletShares 2027 Corporate Bond ETF, Invesco BulletShares 2028 Corporate Bond ETF, Invesco BulletShares 2029 Corporate Bond ETF, Invesco BulletShares 2030 Corporate Bond ETF, Invesco BulletShares 2031 Corporate Bond ETF and Invesco BulletShares 2032 Corporate Bond ETF; |
| • | 0.13% of the Fund’s average daily net assets for Invesco Investment Grade Defensive ETF; |
| • | 0.18% of the Fund’s average daily net assets for each of Invesco BulletShares 2024 Municipal Bond ETF, Invesco BulletShares 2025 Municipal Bond ETF, Invesco BulletShares 2026 Municipal Bond ETF, Invesco BulletShares 2027 Municipal Bond ETF, Invesco BulletShares 2028 Municipal Bond ETF, Invesco BulletShares 2029 Municipal Bond ETF, Invesco BulletShares 2030 Municipal Bond ETF, Invesco BulletShares 2031 Municipal Bond ETF and Invesco BulletShares 2032 Municipal Bond ETF; |
| • | 0.19% of the Fund’s average daily net assets for Invesco RAFITM Strategic US ETF; |
| • | 0.25% of the Fund’s average daily net assets for Invesco Racial and Gender Diversity ETF; |
| • | 0.29% of the Fund’s average daily net assets for Invesco Russell 1000® Dynamic Multifactor ETF; |
| • | 0.34% of the Fund’s average daily net assets for Invesco International Developed Dynamic Multifactor ETF; |
| • | 0.39% of the Fund’s average daily net assets for Invesco Russell 2000® Dynamic Multifactor ETF; |
| • | 0.40% of the Fund’s average daily net assets for Invesco Bloomberg Pricing Power ETF; and |
| • | 0.42% of the Fund’s average daily net assets for each of Invesco BulletShares 2024 High Yield Corporate Bond ETF, Invesco BulletShares 2025 High Yield Corporate Bond ETF, Invesco BulletShares 2026 High Yield Corporate Bond ETF, Invesco BulletShares 2027 High Yield Corporate Bond ETF, Invesco BulletShares 2028 High Yield Corporate Bond ETF, Invesco BulletShares 2029 High Yield Corporate Bond ETF and Invesco BulletShares 2030 High Yield Corporate Bond ETF. |
The Trustees compared each Fund’s net expense ratio to information compiled by the Adviser from Lipper Inc. databases on the net expense ratios of comparable ETFs, open-end (non-ETF) index funds and open-end (non-ETF) actively-managed funds, as applicable. The Trustees noted that the net expense ratios for certain Funds were equal to or lower than the median net expense ratios of their ETF and open-end index peer funds, as applicable, as illustrated in the table below. The Trustees also noted that the net expense ratios for all of the Funds were lower than the median net expense ratios of their open-end actively-managed peer funds.
| Invesco Fund | | Equal
to/Lower
than ETF
Peer Median | | Equal to/Lower
than Open-End
Index Fund
Peer Median* | | Lower than
Open-End
Active Fund
Peer Median |
| Invesco Bloomberg Pricing Power ETF | | | | | | X |
| Invesco BulletShares 2024 Corporate Bond ETF | | X | | | | X |
| Invesco BulletShares 2025 Corporate Bond ETF | | X | | | | X |
| Invesco BulletShares 2026 Corporate Bond ETF | | X | | | | X |
| Invesco BulletShares 2027 Corporate Bond ETF | | X | | | | X |
| Invesco BulletShares 2028 Corporate Bond ETF | | X | | | | X |
| Invesco BulletShares 2029 Corporate Bond ETF | | X | | | | X |
| Invesco BulletShares 2030 Corporate Bond ETF | | X | | | | X |
| Invesco BulletShares 2031 Corporate Bond ETF | | X | | | | X |
Approval of Investment Advisory Contracts—(continued)
| Invesco Fund | | Equal
to/Lower
than ETF
Peer Median | | Equal to/Lower
than Open-End
Index Fund
Peer Median* | | Lower than
Open-End
Active Fund
Peer Median |
| Invesco BulletShares 2032 Corporate Bond ETF | | X | | | | X |
| Invesco BulletShares 2024 High Yield Corporate Bond ETF | | | | N/A | | X |
| Invesco BulletShares 2025 High Yield Corporate Bond ETF | | | | N/A | | X |
| Invesco BulletShares 2026 High Yield Corporate Bond ETF | | | | N/A | | X |
| Invesco BulletShares 2027 High Yield Corporate Bond ETF | | | | N/A | | X |
| Invesco BulletShares 2028 High Yield Corporate Bond ETF | | | | N/A | | X |
| Invesco BulletShares 2029 High Yield Corporate Bond ETF | | | | N/A | | X |
| Invesco BulletShares 2030 High Yield Corporate Bond ETF | | | | N/A | | X |
| Invesco BulletShares 2024 Municipal Bond ETF | | | | N/A | | X |
| Invesco BulletShares 2025 Municipal Bond ETF | | X | | N/A | | X |
| Invesco BulletShares 2026 Municipal Bond ETF | | X | | N/A | | X |
| Invesco BulletShares 2027 Municipal Bond ETF | | X | | N/A | | X |
| Invesco BulletShares 2028 Municipal Bond ETF | | X | | N/A | | X |
| Invesco BulletShares 2029 Municipal Bond ETF | | X | | N/A | | X |
| Invesco BulletShares 2030 Municipal Bond ETF | | X | | N/A | | X |
| Invesco BulletShares 2031 Municipal Bond ETF | | X | | N/A | | X |
| Invesco BulletShares 2032 Municipal Bond ETF | | X | | | | X |
| Invesco International Developed Dynamic Multifactor ETF | | | | | | X |
| Invesco Investment Grade Defensive ETF | | X | | X | | X |
| Invesco Racial and Gender Diversity ETF | | X | | X | | X |
| Invesco RAFITM Strategic US ETF | | X | | | | X |
| Invesco Russell 1000® Dynamic Multifactor ETF | | X | | | | X |
| Invesco Russell 2000® Dynamic Multifactor ETF | | | | | | X |
| * | The information provided by the Adviser indicated that certain Funds did not have any open-end index fund peers. Those Funds have been designated in this column with an “N/A” for not available. |
The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, including products that have investment strategies comparable to that of Invesco Russell 1000® Dynamic Multifactor ETF and Invesco International Developed Dynamic Multifactor ETF. The Trustees considered the Adviser’s explanation of the differences between the services provided or to be provided to the Funds and to the other investment products it advises, noting the Adviser’s statement that the management and oversight of the Funds requires substantially more labor and expense.
Based on all of the information provided, the Board concluded that the unitary advisory fee charged or to be charged to each Fund was reasonable and appropriate in light of the services provided or to be provided, the nature of the index, the distinguishing factors of the Fund and the administrative, operational and management oversight costs for the Adviser.
In conjunction with their review of the unitary advisory fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Funds. The Trustees reviewed information provided by the Adviser regarding its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund. The Trustees did not consider the revenues received by the Adviser under the Investment Advisory Agreement or the estimated profitability of the Adviser in managing Invesco Racial and Gender Diversity ETF because the Fund had not yet commenced operations as of December 31, 2023. With respect to the Adviser’s profitability information, the Trustees considered that there is no recognized standard or uniform methodology for determining profitability for this purpose. Furthermore, the Trustees noted that there are limitations inherent in allocating costs and calculating profitability for an organization such as the Adviser’s. Based on the information provided, the Board concluded that the overall and estimated profitability to the Adviser was not unreasonable.
Approval of Investment Advisory Contracts—(continued)
Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of the Fund’s shareholders. The Trustees reviewed each Fund’s asset size and unitary advisory fee. The Trustees noted that any reduction in fixed costs associated with the management of the Funds would be enjoyed by the Adviser, but a unitary advisory fee provides a level of certainty in expenses for the Funds. The Trustees also noted that the Adviser has reduced advisory fees for the Invesco ETFs numerous times since 2011, including through permanent advisory fee reductions and various advisory fee waivers. The Board considered whether the unitary advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund and concluded that the unitary advisory fee rates were reasonable and appropriate.
Fall-out Benefits. The Trustees considered that the Adviser identified no additional benefits it receives from its relationship with the Funds, and noted that the Adviser is not a party to any soft-dollar, commission recapture or directed brokerage arrangements with respect to the Funds. The Trustees considered benefits received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser’s relationship with the Funds, including brokerage fees, advisory fees from affiliated money market cash management vehicles and fees as the Funds’ securities lending agent. The Trustees also considered that Invesco Distributors, Inc. and Invesco Indexing LLC, affiliates of the Adviser, serve as each Fund’s distributor and index provider and are paid a distribution fee and licensing fee, respectively, by the Adviser. The Board concluded that each Fund’s unitary advisory fee was reasonable, taking into account any ancillary benefits received by affiliates of the Adviser.
Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Investment Advisory Agreement for each Fund. No single factor was determinative in the Board’s analysis.
Other Information Required in Form N-CSR (Items 8-11)
Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.
Proxy Disclosures for Open-End Management Investment Companies
Not applicable.
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.
Statement Regarding Basis for Approval of Investment Advisory Contracts
The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory Contracts section of this report.
©2024 Invesco Capital Management LLC
3500 Lacey Road, Suite 700
| Downers Grove, IL 60515 | P-BS-NCSR | invesco.com/ETFs |
Annual Financial Statements and Other Information
August 31, 2024
| IIGD | Invesco Investment Grade Defensive ETF |
Invesco Investment Grade Defensive ETF (IIGD)
August 31, 2024
Schedule of Investments(a)
| | Principal
Amount | | Value |
| U.S. Dollar Denominated Bonds & Notes-98.95% |
| Aerospace & Defense-0.67% |
General Dynamics Corp., 3.75%, 05/15/2028
| $ | 310,000 | | $ 305,690 |
| Air Freight & Logistics-0.70% |
United Parcel Service, Inc., 3.05%, 11/15/2027(b)
| | 330,000 | | 318,447 |
| Automobile Components-1.28% |
BorgWarner, Inc., 2.65%, 07/01/2027
| | 320,000 | | 304,938 |
ERAC USA Finance LLC, 4.60%, 05/01/2028(c)
| | 275,000 | | 276,251 |
| | | | | 581,189 |
| Automobiles-0.62% |
PACCAR Financial Corp., 4.45%, 08/06/2027
| | 280,000 | | 282,408 |
| Banks-10.62% |
Bank of America Corp., 3.25%, 10/21/2027
| | 310,000 | | 300,641 |
Citibank N.A., 5.80%, 09/29/2028
| | 280,000 | | 293,920 |
Fifth Third Bancorp, 2.55%, 05/05/2027(b)
| | 335,000 | | 317,989 |
Fifth Third Bank N.A., 2.25%, 02/01/2027
| | 300,000 | | 284,184 |
JPMorgan Chase & Co., 2.95%, 10/01/2026
| | 320,000 | | 311,245 |
JPMorgan Chase Bank N.A., 5.11%, 12/08/2026
| | 300,000 | | 305,156 |
KeyBank N.A., 5.85%, 11/15/2027(b)
| | 285,000 | | 293,371 |
Manufacturers & Traders Trust Co., 4.70%, 01/27/2028(b)
| | 300,000 | | 298,135 |
Morgan Stanley Bank N.A., 5.88%, 10/30/2026
| | 280,000 | | 288,575 |
National Securities Clearing Corp., 4.90%, 06/26/2029(c)
| | 310,000 | | 317,867 |
PNC Bank N.A., 4.05%, 07/26/2028
| | 310,000 | | 305,113 |
Truist Bank, 3.80%, 10/30/2026
| | 295,000 | | 288,916 |
Truist Financial Corp., 1.13%, 08/03/2027
| | 355,000 | | 322,945 |
U.S. Bancorp, Series X, 3.15%, 04/27/2027(b)
| | 300,000 | | 292,134 |
Wells Fargo & Co., 3.00%, 10/23/2026
| | 330,000 | | 320,564 |
Wells Fargo Bank N.A., 5.25%, 12/11/2026
| | 280,000 | | 285,467 |
| | | | | 4,826,222 |
| Beverages-0.65% |
PepsiCo, Inc., 3.00%, 10/15/2027
| | 305,000 | | 295,796 |
| Biotechnology-0.64% |
Gilead Sciences, Inc., 2.95%, 03/01/2027(b)
| | 300,000 | | 290,622 |
| Broadline Retail-0.66% |
Amazon.com, Inc., 3.15%, 08/22/2027
| | 307,000 | | 299,588 |
| Capital Markets-8.38% |
Apollo Management Holdings L.P., 4.87%, 02/15/2029(c)
| | 290,000 | | 293,204 |
Bank of New York Mellon Corp. (The), 3.85%, 04/28/2028
| | 270,000 | | 266,912 |
BlackRock, Inc., 1.90%, 01/28/2031
| | 340,000 | | 293,340 |
Blackstone Secured Lending Fund, 2.75%, 09/16/2026
| | 300,000 | | 284,798 |
Cboe Global Markets, Inc., 3.65%, 01/12/2027
| | 305,000 | | 299,786 |
Charles Schwab Corp. (The), 2.45%, 03/03/2027
| | 320,000 | | 304,798 |
CME Group, Inc., 2.65%, 03/15/2032
| | 350,000 | | 312,228 |
FMR LLC, 7.57%, 06/15/2029(c)
| | 270,000 | | 304,590 |
| | Principal
Amount | | Value |
| Capital Markets-(continued) |
Goldman Sachs Group, Inc. (The), 3.85%, 01/26/2027
| $ | 310,000 | | $ 305,517 |
KKR Group Finance Co. VI LLC, 3.75%, 07/01/2029(c)
| | 300,000 | | 288,852 |
Morgan Stanley, 3.63%, 01/20/2027
| | 280,000 | | 275,727 |
Northern Trust Corp., 4.00%, 05/10/2027(b)
| | 305,000 | | 303,828 |
State Street Corp., 4.99%, 03/18/2027
| | 270,000 | | 274,366 |
| | | | | 3,807,946 |
| Chemicals-0.64% |
Ecolab, Inc., 2.70%, 11/01/2026(b)
| | 300,000 | | 289,974 |
| Commercial Services & Supplies-1.34% |
Cintas Corp. No. 2, 3.70%, 04/01/2027(b)
| | 310,000 | | 305,654 |
Veralto Corp., 5.50%, 09/18/2026(c)
| | 300,000 | | 304,047 |
| | | | | 609,701 |
| Communications Equipment-0.66% |
Cisco Systems, Inc., 4.85%, 02/26/2029(b)
| | 290,000 | | 298,052 |
| Consumer Finance-0.62% |
American Express Co., 2.55%, 03/04/2027
| | 295,000 | | 282,377 |
| Consumer Staples Distribution & Retail-2.67% |
Costco Wholesale Corp., 1.60%, 04/20/2030
| | 350,000 | | 305,297 |
Kroger Co. (The), 2.65%, 10/15/2026
| | 335,000 | | 322,448 |
Target Corp., 1.95%, 01/15/2027(b)
| | 300,000 | | 286,526 |
Walmart, Inc., 1.80%, 09/22/2031(b)
| | 350,000 | | 300,487 |
| | | | | 1,214,758 |
| Containers & Packaging-0.61% |
Sealed Air Corp., 1.57%, 10/15/2026(c)
| | 300,000 | | 279,002 |
| Electric Utilities-7.95% |
Duke Energy Corp., 2.65%, 09/01/2026
| | 330,000 | | 318,412 |
Duke Energy Florida LLC, 2.50%, 12/01/2029
| | 340,000 | | 311,437 |
Duke Energy Progress LLC, 2.00%, 08/15/2031
| | 340,000 | | 286,888 |
Entergy Corp., 2.95%, 09/01/2026
| | 320,000 | | 310,252 |
Fells Point Funding Trust, 3.05%, 01/31/2027(c)
| | 310,000 | | 298,058 |
Florida Power & Light Co., 2.45%, 02/03/2032
| | 340,000 | | 296,023 |
MidAmerican Energy Co., 3.65%, 04/15/2029
| | 317,000 | | 308,361 |
Mid-Atlantic Interstate Transmission LLC, 4.10%, 05/15/2028(c)
| | 290,000 | | 286,193 |
National Rural Utilities Cooperative Finance Corp., 3.40%, 02/07/2028
| | 304,000 | | 295,183 |
Public Service Co. of Colorado, 1.88%, 06/15/2031
| | 370,000 | | 309,618 |
Virginia Electric & Power Co., Series A, 3.50%, 03/15/2027
| | 300,000 | | 293,937 |
Virginia Power Fuel Securitization, LLC, Series A-2, 4.88%, 05/01/2031
| | 290,000 | | 297,646 |
| | | | | 3,612,008 |
| Electrical Equipment-0.60% |
Emerson Electric Co., 2.00%, 12/21/2028(b)
| | 297,000 | | 271,313 |
| Energy Equipment & Services-1.96% |
Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc., 3.34%, 12/15/2027
| | 310,000 | | 300,793 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco Investment Grade Defensive ETF (IIGD)—(continued)
August 31, 2024
| | Principal
Amount | | Value |
| Energy Equipment & Services-(continued) |
Schlumberger Holdings Corp., 3.90%, 05/17/2028(c)
| $ | 320,000 | | $ 314,646 |
Schlumberger Investment S.A., 2.65%, 06/26/2030
| | 300,000 | | 273,763 |
| | | | | 889,202 |
| Entertainment-0.68% |
Netflix, Inc., 5.88%, 11/15/2028
| | 290,000 | | 307,030 |
| Financial Services-2.64% |
Equitable Holdings, Inc., 4.35%, 04/20/2028
| | 290,000 | | 286,476 |
Mastercard, Inc., 3.35%, 03/26/2030
| | 325,000 | | 311,275 |
Nuveen LLC, 4.00%, 11/01/2028(c)
| | 304,000 | | 298,535 |
Visa, Inc., 1.90%, 04/15/2027(b)
| | 320,000 | | 303,365 |
| | | | | 1,199,651 |
| Food Products-1.97% |
Archer-Daniels-Midland Co., 3.25%, 03/27/2030
| | 300,000 | | 283,457 |
Mars, Inc., 4.55%, 04/20/2028(c)
| | 305,000 | | 306,681 |
Mondelez International, Inc., 2.63%, 03/17/2027
| | 320,000 | | 306,303 |
| | | | | 896,441 |
| Gas Utilities-1.33% |
CenterPoint Energy Resources Corp., 5.25%, 03/01/2028
| | 290,000 | | 296,345 |
Southern California Gas Co., 2.95%, 04/15/2027(b)
| | 320,000 | | 308,762 |
| | | | | 605,107 |
| Ground Transportation-0.64% |
CSX Corp., 4.25%, 03/15/2029
| | 290,000 | | 289,603 |
| Health Care Equipment & Supplies-1.28% |
Abbott Laboratories, 3.75%, 11/30/2026
| | 299,000 | | 296,428 |
Medtronic Global Holdings S.C.A., 4.25%, 03/30/2028(b)
| | 285,000 | | 285,394 |
| | | | | 581,822 |
| Health Care Providers & Services-3.31% |
Ascension Health, Series B, 2.53%, 11/15/2029
| | 329,000 | | 302,881 |
Elevance Health, Inc., 3.65%, 12/01/2027
| | 300,000 | | 293,574 |
Health Care Service Corp., a Mutual Legacy Reserve Co., 5.20%, 06/15/2029(c)
| | 300,000 | | 306,255 |
Providence St. Joseph Health Obligated Group, Series 19-A, 2.53%, 10/01/2029
| | 346,000 | | 314,357 |
Sutter Health, Series 20-A, 2.29%, 08/15/2030
| | 325,000 | | 288,222 |
| | | | | 1,505,289 |
| Household Durables-0.70% |
DR Horton, Inc., 1.30%, 10/15/2026
| | 340,000 | | 318,506 |
| Household Products-1.29% |
Kimberly-Clark Corp., 3.10%, 03/26/2030
| | 320,000 | | 302,674 |
Procter & Gamble Co. (The), 3.00%, 03/25/2030
| | 300,000 | | 284,680 |
| | | | | 587,354 |
| Independent Power and Renewable Electricity Producers-0.67% |
NSTAR Electric Co., 3.20%, 05/15/2027
| | 312,000 | | 302,674 |
| | Principal
Amount | | Value |
| Industrial Conglomerates-1.34% |
3M Co., 2.38%, 08/26/2029
| $ | 340,000 | | $ 308,197 |
Honeywell International, Inc., 2.50%, 11/01/2026
| | 311,000 | | 300,278 |
| | | | | 608,475 |
| Industrial REITs-0.65% |
Prologis L.P., 2.25%, 04/15/2030
| | 330,000 | | 295,186 |
| Insurance-13.74% |
Athene Global Funding, 5.58%, 01/09/2029(c)
| | 280,000 | | 287,716 |
Berkshire Hathaway Finance Corp., 2.88%, 03/15/2032
| | 340,000 | | 310,057 |
Brighthouse Financial Global Funding, 5.55%, 04/09/2027(b)(c)
| | 310,000 | | 314,179 |
CNO Global Funding, 5.88%, 06/04/2027(b)(c)
| | 300,000 | | 307,508 |
Corebridge Global Funding, 4.65%, 08/20/2027(c)
| | 270,000 | | 271,288 |
Equitable Financial Life Global Funding, 1.80%, 03/08/2028(c)
| | 321,000 | | 291,668 |
F&G Global Funding, 5.88%, 06/10/2027(c)
| | 300,000 | | 305,409 |
GA Global Funding Trust, 5.50%, 01/08/2029(c)
| | 300,000 | | 307,930 |
Jackson National Life Global Funding, 5.55%, 07/02/2027(b)(c)
| | 310,000 | | 316,900 |
Marsh & McLennan Cos., Inc., 4.38%, 03/15/2029
| | 270,000 | | 271,145 |
MassMutual Global Funding II, 5.10%, 04/09/2027(b)(c)
| | 280,000 | | 286,221 |
| Metropolitan Life Global Funding I | | | | |
3.45%, 12/18/2026(c)
| | 305,000 | | 299,039 |
5.05%, 06/11/2027(b)(c)
| | 300,000 | | 306,538 |
New York Life Global Funding, 4.85%, 01/09/2028(c)
| | 295,000 | | 299,484 |
New York Life Insurance Co., 5.88%, 05/15/2033(c)
| | 287,000 | | 305,622 |
| Northwestern Mutual Global Funding | | | | |
4.35%, 09/15/2027(c)
| | 310,000 | | 310,926 |
4.90%, 06/12/2028(c)
| | 285,000 | | 290,477 |
Pacific Life Global Funding II, 5.50%, 08/28/2026(c)
| | 280,000 | | 285,333 |
Pricoa Global Funding I, 1.20%, 09/01/2026(c)
| | 315,000 | | 295,728 |
Principal Life Global Funding II, 1.50%, 11/17/2026(c)
| | 290,000 | | 272,735 |
RGA Global Funding, 5.45%, 05/24/2029(c)
| | 300,000 | | 309,623 |
| | | | | 6,245,526 |
| Interactive Media & Services-1.35% |
Alphabet, Inc., 1.10%, 08/15/2030(b)
| | 374,000 | | 316,950 |
Meta Platforms, Inc., 3.85%, 08/15/2032
| | 310,000 | | 297,090 |
| | | | | 614,040 |
| IT Services-1.24% |
DXC Technology Co., 1.80%, 09/15/2026
| | 300,000 | | 281,912 |
Kyndryl Holdings, Inc., 2.05%, 10/15/2026
| | 300,000 | | 281,916 |
| | | | | 563,828 |
| Machinery-4.58% |
Caterpillar Financial Services Corp., 5.00%, 05/14/2027
| | 300,000 | | 306,278 |
Caterpillar, Inc., 2.60%, 04/09/2030(b)
| | 310,000 | | 284,941 |
Cummins, Inc., 1.50%, 09/01/2030(b)
| | 345,000 | | 295,243 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco Investment Grade Defensive ETF (IIGD)—(continued)
August 31, 2024
| | Principal
Amount | | Value |
| Machinery-(continued) |
Deere & Co., 3.10%, 04/15/2030
| $ | 330,000 | | $ 310,293 |
Illinois Tool Works, Inc., 2.65%, 11/15/2026
| | 310,000 | | 300,696 |
John Deere Capital Corp., 4.95%, 07/14/2028
| | 280,000 | | 287,330 |
Parker-Hannifin Corp., 4.25%, 09/15/2027
| | 300,000 | | 298,532 |
| | | | | 2,083,313 |
| Media-1.23% |
Comcast Corp., 4.15%, 10/15/2028
| | 270,000 | | 268,114 |
Cox Communications, Inc., 3.35%, 09/15/2026(b)(c)
| | 300,000 | | 291,921 |
| | | | | 560,035 |
| Multi-Utilities-1.93% |
Consumers Energy Co., 4.70%, 01/15/2030
| | 280,000 | | 284,141 |
DTE Electric Co., 2.25%, 03/01/2030
| | 340,000 | | 304,823 |
WEC Energy Group, Inc., 5.60%, 09/12/2026
| | 280,000 | | 285,668 |
| | | | | 874,632 |
| Oil, Gas & Consumable Fuels-3.92% |
Chevron Corp., 2.24%, 05/11/2030
| | 330,000 | | 296,162 |
Chevron Phillips Chemical Co. LLC/Chevron Phillips Chemical Co. L.P., 3.40%, 12/01/2026(c)
| | 290,000 | | 282,502 |
Chevron USA, Inc., 1.02%, 08/12/2027
| | 325,000 | | 297,495 |
ConocoPhillips Co., 6.95%, 04/15/2029
| | 270,000 | | 299,892 |
Exxon Mobil Corp., 3.48%, 03/19/2030
| | 320,000 | | 308,274 |
Pioneer Natural Resources Co., 1.90%, 08/15/2030
| | 340,000 | | 296,324 |
| | | | | 1,780,649 |
| Paper & Forest Products-0.67% |
Georgia-Pacific LLC, 2.30%, 04/30/2030(c)
| | 340,000 | | 303,347 |
| Passenger Airlines-0.67% |
Southwest Airlines Co., 5.13%, 06/15/2027
| | 300,000 | | 302,616 |
| Personal Care Products-0.69% |
Estee Lauder Cos., Inc. (The), 4.38%, 05/15/2028
| | 310,000 | | 311,436 |
| Pharmaceuticals-1.96% |
Johnson & Johnson, 1.30%, 09/01/2030(b)
| | 350,000 | | 300,320 |
Pfizer, Inc., 3.00%, 12/15/2026
| | 310,000 | | 302,249 |
Zoetis, Inc., 3.00%, 09/12/2027(b)
| | 300,000 | | 288,078 |
| | | | | 890,647 |
| Professional Services-0.68% |
Automatic Data Processing, Inc., 1.70%, 05/15/2028
| | 335,000 | | 307,994 |
| Residential REITs-0.68% |
Mid-America Apartments L.P., 3.60%, 06/01/2027
| | 315,000 | | 308,134 |
| Semiconductors & Semiconductor Equipment-2.61% |
Applied Materials, Inc., 3.30%, 04/01/2027
| | 305,000 | | 298,207 |
| | Principal
Amount | | Value |
| Semiconductors & Semiconductor Equipment-(continued) |
Lam Research Corp., 4.00%, 03/15/2029
| $ | 290,000 | | $ 286,731 |
NVIDIA Corp., 2.85%, 04/01/2030
| | 320,000 | | 300,172 |
QUALCOMM, Inc., 3.25%, 05/20/2027
| | 310,000 | | 302,437 |
| | | | | 1,187,547 |
| Software-1.96% |
Adobe, Inc., 2.30%, 02/01/2030(b)
| | 320,000 | | 290,869 |
Microsoft Corp., 3.30%, 02/06/2027
| | 300,000 | | 295,404 |
Salesforce, Inc., 3.70%, 04/11/2028(b)
| | 310,000 | | 305,435 |
| | | | | 891,708 |
| Specialty Retail-1.97% |
Home Depot, Inc. (The), 2.95%, 06/15/2029
| | 305,000 | | 288,521 |
Lowe’s Cos., Inc., 3.10%, 05/03/2027
| | 315,000 | | 304,658 |
TJX Cos., Inc. (The), 2.25%, 09/15/2026
| | 315,000 | | 302,737 |
| | | | | 895,916 |
| Technology Hardware, Storage & Peripherals-0.66% |
Apple, Inc., 1.65%, 02/08/2031(b)
| | 350,000 | | 301,672 |
| Textiles, Apparel & Luxury Goods-0.64% |
NIKE, Inc., 2.85%, 03/27/2030(b)
| | 310,000 | | 288,860 |
Total U.S. Dollar Denominated Bonds & Notes
(Cost $45,001,887)
| | 44,963,333 |
| | Shares | | |
| Money Market Funds-0.11% |
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(d)(e)
(Cost $52,426)
| | 52,426 | | 52,426 |
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.06%
(Cost $45,054,313)
| | 45,015,759 |
Investments Purchased with Cash Collateral
from Securities on Loan |
| Money Market Funds-18.82% |
Invesco Private Government Fund, 5.28%(d)(e)(f)
| | 2,368,135 | | 2,368,135 |
Invesco Private Prime Fund, 5.46%(d)(e)(f)
| | 6,181,889 | | 6,184,362 |
Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $8,552,175)
| | 8,552,497 |
TOTAL INVESTMENTS IN SECURITIES-117.88%
(Cost $53,606,488)
| | 53,568,256 |
OTHER ASSETS LESS LIABILITIES-(17.88)%
| | (8,126,175) |
NET ASSETS-100.00%
| | $45,442,081 |
| Investment Abbreviations: |
| REIT | -Real Estate Investment Trust |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco Investment Grade Defensive ETF (IIGD)—(continued)
August 31, 2024
| Notes to Schedule of Investments: |
| (a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
| (b) | All or a portion of this security was out on loan at August 31, 2024. |
| (c) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2024 was $10,416,275, which represented 22.92% of the Fund’s Net Assets. |
| (d) | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024. |
| | Value
August 31, 2023 | | Purchases
at Cost | | Proceeds
from Sales | | Change in
Unrealized
Appreciation | | Realized
Gain | | Value
August 31, 2024 | | Dividend
Income |
| Investments in Affiliated Money Market Funds: | | | | | | | | | | | | | |
| Invesco Government & Agency Portfolio, Institutional Class | $150,154 | | $3,673,008 | | $(3,770,736) | | $- | | $- | | $52,426 | | $5,758 |
| Investments Purchased with Cash Collateral from Securities on Loan: | | | | | | | | | | | | | |
| Invesco Private Government Fund | 3,313,996 | | 25,977,750 | | (26,923,611) | | - | | - | | 2,368,135 | | 148,711* |
| Invesco Private Prime Fund | 8,521,578 | | 65,706,399 | | (68,047,458) | | 58 | | 3,785 | | 6,184,362 | | 399,698* |
| Total | $11,985,728 | | $95,357,157 | | $(98,741,805) | | $58 | | $3,785 | | $8,604,923 | | $554,167 |
| * | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
| (e) | The rate shown is the 7-day SEC standardized yield as of August 31, 2024. |
| (f) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Statement of Assets and Liabilities
August 31, 2024
| | Invesco Investment
Grade Defensive
ETF (IIGD) |
| Assets: | |
Unaffiliated investments in securities, at value(a)
| $44,963,333 |
Affiliated investments in securities, at value
| 8,604,923 |
Cash
| 5,325 |
| Receivable for: | |
Dividends and interest
| 470,826 |
Securities lending
| 927 |
Investments sold
| 4,495,701 |
Total assets
| 58,541,035 |
| Liabilities: | |
| Payable for: | |
Investments purchased
| 4,541,790 |
Collateral upon return of securities loaned
| 8,552,175 |
Accrued unitary management fees
| 4,989 |
Total liabilities
| 13,098,954 |
Net Assets
| $45,442,081 |
| Net assets consist of: | |
Shares of beneficial interest
| $49,464,356 |
Distributable earnings (loss)
| (4,022,275) |
Net Assets
| $45,442,081 |
Shares outstanding (unlimited amount authorized, $0.01 par value)
| 1,850,001 |
Net asset value
| $24.56 |
Market price
| $24.57 |
Unaffiliated investments in securities, at cost
| $45,001,887 |
Affiliated investments in securities, at cost
| $8,604,601 |
(a)Includes securities on loan with an aggregate value of:
| $7,977,893 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Statement of Operations
For the year ended August 31, 2024
| | Invesco Investment
Grade Defensive
ETF (IIGD) |
| Investment income: | |
Unaffiliated interest income
| $2,338,130 |
Affiliated dividend income
| 5,758 |
Securities lending income, net
| 16,192 |
Total investment income
| 2,360,080 |
| Expenses: | |
Unitary management fees
| 72,525 |
Less: Waivers
| (108) |
Net expenses
| 72,417 |
Net investment income
| 2,287,663 |
| Realized and unrealized gain (loss) from: | |
| Net realized gain (loss) from: | |
Unaffiliated investment securities
| (666,799) |
Affiliated investment securities
| 3,785 |
In-kind redemptions
| (371,649) |
Net realized gain (loss)
| (1,034,663) |
| Change in net unrealized appreciation of: | |
Unaffiliated investment securities
| 2,796,505 |
Affiliated investment securities
| 58 |
Change in net unrealized appreciation
| 2,796,563 |
Net realized and unrealized gain
| 1,761,900 |
Net increase in net assets resulting from operations
| $4,049,563 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Statement of Changes in Net Assets
For the years ended August 31, 2024 and 2023
| | Invesco Investment Grade
Defensive ETF (IIGD) |
| | 2024 | | 2023 |
| Operations: | | | |
Net investment income
| $2,287,663 | | $2,582,258 |
Net realized gain (loss)
| (1,034,663) | | (3,758,716) |
Change in net unrealized appreciation
| 2,796,563 | | 1,226,149 |
Net increase in net assets resulting from operations
| 4,049,563 | | 49,691 |
| Distributions to Shareholders from: | | | |
Distributable earnings
| (2,288,363) | | (2,622,032) |
| Shareholder Transactions: | | | |
Proceeds from shares sold
| 2,377,325 | | 127,540,684 |
Value of shares repurchased
| (32,270,485) | | (108,435,431) |
Net increase (decrease) in net assets resulting from share transactions
| (29,893,160) | | 19,105,253 |
Net increase (decrease) in net assets
| (28,131,960) | | 16,532,912 |
| Net assets: | | | |
Beginning of year
| 73,574,041 | | 57,041,129 |
End of year
| $45,442,081 | | $73,574,041 |
| Changes in Shares Outstanding: | | | |
Shares sold
| 100,000 | | 5,300,000 |
Shares repurchased
| (1,350,000) | | (4,550,000) |
Shares outstanding, beginning of year
| 3,100,001 | | 2,350,001 |
Shares outstanding, end of year
| 1,850,001 | | 3,100,001 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco Investment Grade Defensive ETF (IIGD)
| | Years Ended August 31, |
| | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
| Per Share Operating Performance: | | | | | | | | | |
Net asset value at beginning of year
| $23.73 | | $24.27 | | $26.75 | | $27.43 | | $26.30 |
Net investment income(a)
| 0.98 | | 0.80 | | 0.31 | | 0.33 | | 0.53 |
Net realized and unrealized gain (loss) on investments
| 0.83 | | (0.58) | | (2.30) | | (0.27) | | 1.14 |
Total from investment operations
| 1.81 | | 0.22 | | (1.99) | | 0.06 | | 1.67 |
| Distributions to shareholders from: | | | | | | | | | |
Net investment income
| (0.98) | | (0.76) | | (0.32) | | (0.33) | | (0.53) |
Net realized gains
| - | | - | | (0.17) | | (0.41) | | (0.02) |
Total distributions
| (0.98) | | (0.76) | | (0.49) | | (0.74) | | (0.55) |
Transaction fees(a)
| - | | - | | - | | - | | 0.01 |
Net asset value at end of year
| $24.56 | | $23.73 | | $24.27 | | $26.75 | | $27.43 |
Market price at end of year(b)
| $24.57 | | $23.73 | | $24.20 | | $26.76 | | $27.41 |
Net Asset Value Total Return(c)
| 7.84% | | 0.95% | | (7.55)% | | 0.21% | | 6.50% |
Market Price Total Return(c)
| 7.88% | | 1.24% | | (7.82)% | | 0.32% | | 6.13% |
| Ratios/Supplemental Data: | | | | | | | | | |
Net assets at end of year (000’s omitted)
| $45,442 | | $73,574 | | $57,041 | | $97,655 | | $83,647 |
| Ratio to average net assets of: | | | | | | | | | |
Expenses
| 0.13% | | 0.13% | | 0.13% | | 0.13% | | 0.13% |
Net investment income
| 4.10% | | 3.32% | | 1.21% | | 1.21% | | 1.98% |
Portfolio turnover rate(d)
| 75% | | 84% | | 51% | | 53% | | 74% |
| (a) | Based on average shares outstanding. |
| (b) | The mean between the last bid and ask prices. |
| (c) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
| (d) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Notes to Financial Statements
Invesco Exchange-Traded Self-Indexed Fund Trust
August 31, 2024
NOTE 1—Organization
Invesco Exchange-Traded Self-Indexed Fund Trust (the “Trust”) was organized as a Delaware statutory trust and is authorized to have multiple series of portfolios. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). This report includes the following portfolio:
| Full Name | | Short Name |
| Invesco Investment Grade Defensive ETF (IIGD) | | "Investment Grade Defensive ETF" |
The portfolio (the “Fund”) represents a separate series of the Trust. The shares of the Fund are referred to herein as “Shares” or “Fund’s Shares.” The Fund’s Shares are listed and traded on NYSE Arca, Inc.
The market price of a Share may differ to some degree from the Fund’s net asset value (“NAV”). Unlike conventional mutual funds, the Fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a “Creation Unit.” Creation Units are issued and redeemed principally in exchange for the deposit or delivery of a basket of securities (“Deposit Securities”), though the Fund reserves the right to issue and redeem Creation Units in exchange for the deposit or delivery of cash. Except when aggregated in Creation Units by authorized participants ("APs"), the Shares are not individually redeemable securities of the Fund.
The investment objective of the Fund is to seek to track the investment results (before fees and expenses) of the Invesco Investment Grade Defensive Index (the “Underlying Index”).
NOTE 2—Significant Accounting Policies
The following is a summary of the significant accounting policies followed by the Fund in preparation of its financial statements.
The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services—Investment Companies.
| A. | Security Valuation - Securities, including restricted securities, are valued according to the following policies: |
A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded or, lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.
Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day NAV per share.
Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.
Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but the Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
Foreign securities’ (including foreign exchange contracts’) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the London world markets. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Capital Management LLC (the “Adviser”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the New York Stock Exchange (“NYSE”), closing market quotations may become not representative of market value in the Adviser’s judgment ("unreliable"). If, between the time trading ends on a
particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board-approved policies and related Adviser procedures (“Valuation Procedures”). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American depositary receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, the potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.
Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.
Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.
Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The mean between the last bid and ask prices may be used to value debt obligations, including corporate loans, and unlisted equity securities.
Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer-specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.
The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.
Valuations change in response to many factors, including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
The price the Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.
| B. | Investment Transactions and Investment Income - Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest income is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Dividend income from REITs is recorded based on the income included in the distributions received from the REIT investments using published REIT classifications, including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of |
| | capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts. Realized gains, dividends and interest received by the Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes. |
The Fund may periodically participate in litigation related to the Fund’s investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s NAV and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the Adviser.
| C. | Country Determination - For the purposes of presentation in the Schedule of Investments, the Adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include whether the Fund’s Underlying Index has made a country determination and may include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted. |
| D. | Dividends and Distributions to Shareholders - The Fund declares and pays dividends from net investment income, if any, to its shareholders monthly and records such dividends on the ex-dividend date. Generally, the Fund distributes net realized taxable capital gains, if any, annually in cash and records them on the ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America ("GAAP"). Distributions in excess of tax basis earnings and profits, if any, are reported in the Fund’s financial statements as a tax return of capital at fiscal year-end. |
| E. | Federal Income Taxes - The Fund intends to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute substantially all of the Fund’s taxable earnings to its shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized gains) that is distributed to the shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements. |
The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.
Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. These differences are primarily due to differing book and tax treatments for in-kind transactions, losses deferred due to wash sales, and passive foreign investment company adjustments, if any.
The Fund files U.S. federal tax returns and tax returns in certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
| F. | Expenses - The Fund has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser pays for substantially all expenses of the Fund, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust or the Adviser (an "Interested Trustee"), or (iii) any other matters that directly benefit the Adviser). |
Expenses of the Trust that are excluded from the Fund’s unitary management fee and are directly identifiable to the Fund are applied to the Fund. Expenses of the Trust that are excluded from the Fund’s unitary management fee and are not readily identifiable to the Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of the Fund.
To the extent the Fund invests in other investment companies, the expenses shown in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses of the investment companies in which it invests. The effects of such investment companies’ expenses are included in the realized and unrealized gain or loss on the investments in the investment companies.
| G. | Accounting Estimates - The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements, including estimates and assumptions related to taxation. Actual results could differ from these estimates. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print. |
| H. | Indemnifications - Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Each Board member who is not an "interested person" (as defined in the 1940 Act) of the Trust or the Adviser (each, an "Independent Trustee") is also indemnified against certain liabilities arising out of the performance of their duties to the Trust pursuant to an Indemnification Agreement between such trustee and the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote. |
| I. | Securities Lending - The Fund may participate in securities lending and may loan portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by cash collateral equal to no less than 102% (105% for international securities) of the market value of the loaned securities determined daily by the securities lending provider. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the policy of the Fund to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase, and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Securities lending income, net on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown on the Statement of Assets and Liabilities. |
Invesco Advisers, Inc. (“Invesco”), an affiliate of the Adviser, serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon (“BNYM”) also serves as a securities lending agent. To the extent the Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the fiscal year ended August 31, 2024, there were no affiliated securities lending transactions with Invesco.
AP Concentration Risk. Only APs may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities held by the Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to the Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished trading market for Fund Shares, and Shares may be more likely to trade at a premium or discount to the Fund’s NAV and to face trading halts and/or delisting.
Call Risk. If interest rates fall, it is possible that issuers of callable securities with high interest coupons will “call” (or prepay) their bonds before their maturity date. If an issuer exercises such a call during a period of declining interest rates, the Fund may have to replace such called security with a lower yielding security. If that were to happen, the Fund’s net investment income could fall.
Changing Fixed-Income Market Conditions Risk. Increases in the federal funds and equivalent foreign interest rates or other changes to monetary policy or regulatory actions may expose fixed-income markets to heightened volatility, perhaps suddenly and to a significant degree, and to reduced liquidity for certain fixed-income investments, particularly those with longer maturities. Such changes and resulting increased volatility may adversely impact the Fund, including its operations and return potential. It is difficult to predict the impact of interest rate changes on various markets. In addition, decreases in fixed-income
dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed-income markets. As a result, the value of the Fund’s investments and share price may decline. Changes in central bank policies and other governmental actions and political events within the U.S. and abroad may also, among other things, affect investor and consumer expectations and confidence in the financial markets. This could result in higher than normal redemptions by APs, which could potentially increase the Fund’s portfolio turnover rate and transaction costs.
Fixed-Income Securities Risk. Fixed-income securities are subject to interest rate risk and credit risk. Interest rate risk refers to fluctuations in the value of a fixed-income security resulting from changes in the general level of interest rates. When the general level of interest rates goes up, the prices of most fixed-income securities go down. When the general level of interest rates goes down, the prices of most fixed-income securities go up. Fixed-income securities with longer maturities typically are more sensitive to changes in interest rates, making them more volatile than securities with shorter maturities. Credit risk refers to the possibility that the issuer of a security will be unable and/or unwilling to make timely interest payments and/or repay the principal on its debt. Debt instruments are subject to varying degrees of credit risk, which may be reflected in credit ratings. There is a possibility that the credit rating of a fixed-income security may be downgraded after purchase, which may occur quickly and without advance warning following sudden market downturns or unexpected developments involving an issuer, and which may adversely affect the liquidity and value of the security.
Index Risk. Unlike many investment companies that are "actively managed", the Fund is a "passive" investor and therefore does not utilize an investing strategy that seeks returns in excess of its Underlying Index. Therefore, the Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its Underlying Index, even if that security generally is underperforming. If a specific security is removed from the Underlying Index, the Fund may be forced to sell such security at an inopportune time or for a price lower than the security’s current market value. The Underlying Index may not contain the appropriate mix of securities for any particular economic cycle. Additionally, the Fund rebalances its portfolio in accordance with its Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to the Fund’s rebalance schedule. Further, unlike with an actively managed fund, the Adviser does not use techniques or defensive strategies designed to lessen the impact of periods of market volatility or market decline. This means that, based on certain market and economic conditions, the Fund’s performance could be lower than other types of funds with investment advisers that actively manage their portfolio assets to take advantage of market opportunities or defend against market events.
Industry Concentration Risk. In following its methodology, the Fund’s Underlying Index from time to time may be concentrated to a significant degree in securities of issuers operating in a single industry or industry group. To the extent that the Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, the Fund may face more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which the Fund invests, may include, but are not limited to, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand in a particular industry; competition for resources, adverse labor relations, political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in an industry. In addition, at times, such industry or industry group may be out of favor and underperform other industries or the market as a whole.
Non-Correlation Risk. The Fund’s return may not match the return of its Underlying Index for a number of reasons. For example, the Fund incurs operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of its Underlying Index. Additionally, the Fund’s use of a representative sampling methodology may cause the Fund not to be as well-correlated with the return of its Underlying Index as would be the case if the Fund purchased all of the securities in its Underlying Index in the proportions represented in the Underlying Index. In addition, the performance of the Fund and its Underlying Index may vary due to asset valuation differences and differences between the Fund’s portfolio and its Underlying Index resulting from legal restrictions, costs or liquidity constraints.
Sampling Risk. The Fund’s use of a representative sampling methodology may result in the Fund holding a smaller number of securities than are in its Underlying Index. As a result, an adverse development with respect to an issuer of securities held by the Fund could result in a greater decline in NAV than would be the case if the Fund held all of the securities in its Underlying Index. To the extent the assets in the Fund are smaller, these risks will be greater.
NOTE 3—Investment Advisory Agreement and Other Agreements
The Trust has entered into an Investment Advisory Agreement with the Adviser on behalf of the Fund, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Fund’s investments, managing the Fund’s business affairs and providing certain clerical, bookkeeping and other administrative services.
Pursuant to the Investment Advisory Agreement, the Fund accrues daily and pays monthly to the Adviser an annual unitary management fee of 0.13% of the Fund’s average daily net assets. Out of the unitary management fee, the Adviser pays for substantially all expenses of the Fund, including the costs of transfer agency, custody, fund administration, legal, audit and other
services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser).
Through at least August 31, 2026, the Adviser has contractually agreed to waive the management fee payable by the Fund in an amount equal to the lesser of: (i) 100% of the net advisory fees earned by the Adviser or an affiliate of the Adviser that are attributable to the Fund’s investments in money market funds that are managed by affiliates of the Adviser and other funds (including ETFs) managed by the Adviser or affiliates of the Adviser or (ii) the management fee available to be waived. This waiver does not apply to the Fund’s investment of cash collateral received for securities lending. There is no guarantee that the Adviser will extend the waiver of these fees past that date.
For the fiscal year ended August 31, 2024, the Adviser waived fees of $108.
The Trust has entered into a Distribution Agreement with Invesco Distributors, Inc. (the “Distributor”), which serves as the distributor of Creation Units for the Fund. The Distributor does not maintain a secondary market in the Shares. The Fund is not charged any fees pursuant to the Distribution Agreement. The Distributor is an affiliate of the Adviser.
The Adviser has entered into a licensing agreement on behalf of the Fund with Invesco Indexing LLC (the “Licensor”).
The Underlying Index name trademark is owned by the Licensor. This trademark has been licensed to the Adviser for use by the Fund. The Fund is entitled to use its Underlying Index pursuant to the Trust’s sub-licensing agreement with the Adviser. The Fund is not sponsored, endorsed, sold or promoted by the Licensor, and the Licensor makes no representation regarding the advisability of investing in the Fund.
The Trust has entered into service agreements whereby BNYM, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for the Fund.
NOTE 4—Additional Valuation Information
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 — Prices are determined using quoted prices in an active market for identical assets.
Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.
The following is a summary of the tiered valuation input levels, as of August 31, 2024. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
| | Level 1 | | Level 2 | | Level 3 | | Total |
| Investments in Securities | | | | | | | |
| U.S. Dollar Denominated Bonds & Notes | $- | | $44,963,333 | | $- | | $44,963,333 |
| Money Market Funds | 52,426 | | 8,552,497 | | - | | 8,604,923 |
| Total Investments | $52,426 | | $53,515,830 | | $- | | $53,568,256 |
NOTE 5—Distributions to Shareholders and Tax Components of Net Assets
Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2024 and 2023:
| | 2024 | | 2023 |
| Ordinary income | $2,288,363 | | $2,622,032 |
Tax Components of Net Assets at Fiscal Year-End:
| Net unrealized appreciation (depreciation) — investments | $(55,068) |
| Capital loss carryforward | (3,967,207) |
| Shares of beneficial interest | 49,464,356 |
| Total net assets | $45,442,081 |
Capital loss carryforwards are calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforwards actually available for the Fund to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
The Fund has a capital loss carryforward as of August 31, 2024, as follows:
| | No expiration | | |
| | Short-Term | | Long-Term | | Total* |
| | $1,339,542 | | $2,627,665 | | $3,967,207 |
| * | Capital loss carryforwards are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization. |
NOTE 6—Investment Transactions
For the fiscal year ended August 31, 2024, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Government obligations, money market funds and in-kind transactions, if any) were $41,058,274 and $41,556,014, respectively.
For the fiscal year ended August 31, 2024, in-kind transactions associated with creations and redemptions were $2,378,210 and $31,887,370, respectively.
Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.
As of August 31, 2024, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:
| Aggregate unrealized appreciation of investments | $617,738 |
| Aggregate unrealized (depreciation) of investments | (672,806) |
| Net unrealized appreciation of investments | $(55,068) |
Cost of investments for tax purposes is $53,623,324.
NOTE 7—Reclassification of Permanent Differences
Primarily as a result of differing book/tax treatment of redemption in-kind, undistributed net investment income (loss) was increased by $700, undistributed net realized gain (loss) was increased by $468,818 and Shares of beneficial interest were increased by $(469,518). These reclassifications had no effect on the net assets of the Fund.
NOTE 8—Trustees’ and Officer’s Fees
The Adviser, as a result of the Fund’s unitary management fee, pays remuneration to the Independent Trustees and an Officer of the Trust on behalf of the Fund. Interested Trustees do not receive any Trustees’ fees.
The Trust has adopted a deferred compensation plan (the “Plan”). Under the Plan, each Independent Trustee who has executed a Deferred Fee Agreement (a “Participating Trustee”) may defer receipt of all or a portion of their compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select Invesco ETFs. The Deferral Fees payable to a Participating Trustee are valued as of the date such Deferral Fees would have been paid to a Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected. Obligations under the Plan represent unsecured claims against the general assets of the Fund.
NOTE 9—Capital
Shares are issued and redeemed by the Fund only in Creation Units consisting of a specified number of Shares as set forth in the Fund’s prospectus. Only APs are permitted to purchase or redeem Creation Units from the Fund. Such transactions are principally permitted in exchange for Deposit Securities, with a balancing cash component to equate the transaction to the NAV per Share of the Fund on the transaction date. However, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the AP or as a result of other market circumstances.
To the extent that the Fund permits transactions in exchange for Deposit Securities, the Fund may issue Shares in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash at
least equal to 105% of the market value of the missing Deposit Securities. In accordance with the Trust’s Participant Agreement, Creation Units will be issued to an AP, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the AP to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the AP’s delivery and maintenance of collateral consisting of cash in the form of U.S. dollars in immediately available funds having a value (marked-to-market daily) at least equal to 105%, which the Adviser may change from time to time, of the value of the missing Deposit Securities.
Certain transaction fees may be charged by the Fund for creations and redemptions, which are treated as increases in capital.
Transactions in the Fund’s Shares are disclosed in detail in the Statement of Changes in Net Assets.
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Invesco Exchange-Traded Self-Indexed Fund Trust and Shareholders of Invesco Investment Grade Defensive ETF
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Investment Grade Defensive ETF (one of the funds constituting Invesco Exchange-Traded Self-Indexed Fund Trust, hereafter referred to as the "Fund") as of August 31, 2024, the related statement of operations for the year ended August 31, 2024, the statement of changes in net assets for each of the two years in the period ended August 31, 2024, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2024 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of August 31, 2024, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended August 31, 2024 and the financial highlights for each of the five years in the period ended August 31, 2024 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2024 by correspondence with the custodian, transfer agent, and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/PricewaterhouseCoopers LLP
Chicago, Illinois
October 25, 2024
We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.
Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.
The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.
The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended August 31, 2024:
| Qualified Business Income* | 0% |
| Qualified Dividend Income* | 0% |
| Corporate Dividends Received Deduction* | 0% |
| U.S. Treasury Obligations* | 0% |
| Business Interest Income* | 99% |
| Qualified Interest Income* | 99% |
* The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.
Approval of Investment Advisory Contracts
At a meeting held on April 18, 2024, the Board of Trustees of the Invesco Exchange-Traded Self-Indexed Fund Trust (the “Trust”), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the “Adviser”) and the Trust for the following series (each, a “Fund” and collectively, the “Funds”):
Invesco Bloomberg Pricing Power ETF
Invesco BulletShares 2024 Corporate Bond ETF
Invesco BulletShares 2025 Corporate Bond ETF
Invesco BulletShares 2026 Corporate Bond ETF
Invesco BulletShares 2027 Corporate Bond ETF
Invesco BulletShares 2028 Corporate Bond ETF
Invesco BulletShares 2029 Corporate Bond ETF
Invesco BulletShares 2030 Corporate Bond ETF
Invesco BulletShares 2031 Corporate Bond ETF
Invesco BulletShares 2032 Corporate Bond ETF
Invesco BulletShares 2024 High Yield Corporate Bond ETF
Invesco BulletShares 2025 High Yield Corporate Bond ETF
Invesco BulletShares 2026 High Yield Corporate Bond ETF
Invesco BulletShares 2027 High Yield Corporate Bond ETF
Invesco BulletShares 2028 High Yield Corporate Bond ETF
Invesco BulletShares 2029 High Yield Corporate Bond ETF
Invesco BulletShares 2030 High Yield Corporate Bond ETF
Invesco BulletShares 2024 Municipal Bond ETF
Invesco BulletShares 2025 Municipal Bond ETF
Invesco BulletShares 2026 Municipal Bond ETF
Invesco BulletShares 2027 Municipal Bond ETF
Invesco BulletShares 2028 Municipal Bond ETF
Invesco BulletShares 2029 Municipal Bond ETF
Invesco BulletShares 2030 Municipal Bond ETF
Invesco BulletShares 2031 Municipal Bond ETF
Invesco BulletShares 2032 Municipal Bond ETF
Invesco International Developed Dynamic Multifactor ETF
Invesco Investment Grade Defensive ETF
Invesco Racial and Gender Diversity ETF
Invesco RAFITM Strategic US ETF
Invesco Russell 1000® Dynamic Multifactor ETF
Invesco Russell 2000® Dynamic Multifactor ETF
The Trustees reviewed information from the Adviser describing: (i) the nature, extent and quality of services provided or to be provided, (ii) the investment performance of each Fund, as applicable, and the Adviser, (iii) the fees paid or to be paid by the Funds and comparisons to amounts paid by other comparable registered investment companies, (iv) the costs of services provided or to be provided and estimated profits realized by the Adviser, as applicable, (v) the extent to which economies of scale may be realized as a Fund grows and whether fee levels reflect any possible economies of scale for the benefit of Fund shareholders and (vi) any further benefits realized by the Adviser or its affiliates from the Adviser’s relationship with the Funds.
Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions performed or to be performed by the Adviser for the Funds, information describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. (“Invesco”), and the background and experience of the persons responsible for the day-to-day management of the Funds. The Trustees reviewed matters related to the Adviser’s execution and/or oversight of execution of portfolio transactions on behalf of the Funds.
The Trustees reviewed information on the performance of the Funds (except Invesco Racial and Gender Diversity ETF which had not yet commenced operations as of December 31, 2023) and their underlying indexes for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2023, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund’s performance and the performance of its underlying index, as well as the Adviser’s analysis of the tracking error between certain Funds and their underlying indexes. In reviewing the tracking error reports, the Trustees considered information provided by Invesco’s independent performance and risk management group with respect to general expected tracking error ranges. The Trustees also considered that certain Funds were created in connection with the purchases by Invesco of the exchange-traded funds (“ETFs”) businesses of Guggenheim Capital LLC (“Guggenheim”) on April 6, 2018 or May 18, 2018 and Massachusetts Mutual Life Insurance Company (“Oppenheimer”) on May 24, 2019 (each, a “Transaction”), and that each such Fund’s performance prior to the closing of the applicable Transaction is that of its predecessor Guggenheim ETF or Oppenheimer ETF. The Trustees noted that, for each applicable period, the correlation and tracking error for each Fund was within the targeted range set forth in the Trust’s registration statement. The Board concluded that each Fund’s correlation to its underlying index and the tracking error for each Fund were within an acceptable range given that Fund’s particular circumstances.
The Trustees considered the services provided by the Adviser in its oversight of the Funds’ administrator, custodian and transfer agent. They noted the significant amount of time, effort and resources that had been devoted to this oversight function.
Approval of Investment Advisory Contracts—(continued)
Based on its review, the Board concluded that the nature, extent and quality of services provided or to be provided by the Adviser to the Funds under the Investment Advisory Agreement were or were expected to be appropriate and reasonable.
Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser on each Fund’s net expense ratio and unitary advisory fee. The Trustees noted that the annual advisory fee charged or to be charged to each Fund, as set forth below, is a unitary advisory fee and that the Adviser pays all other operating expenses of each Fund, except that each Fund pays its brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses, costs incurred in connection with proxies (except certain proxies) and other extraordinary expenses:
| • | 0.10% of the Fund’s average daily net assets for each of Invesco BulletShares 2024 Corporate Bond ETF, Invesco BulletShares 2025 Corporate Bond ETF, Invesco BulletShares 2026 Corporate Bond ETF, Invesco BulletShares 2027 Corporate Bond ETF, Invesco BulletShares 2028 Corporate Bond ETF, Invesco BulletShares 2029 Corporate Bond ETF, Invesco BulletShares 2030 Corporate Bond ETF, Invesco BulletShares 2031 Corporate Bond ETF and Invesco BulletShares 2032 Corporate Bond ETF; |
| • | 0.13% of the Fund’s average daily net assets for Invesco Investment Grade Defensive ETF; |
| • | 0.18% of the Fund’s average daily net assets for each of Invesco BulletShares 2024 Municipal Bond ETF, Invesco BulletShares 2025 Municipal Bond ETF, Invesco BulletShares 2026 Municipal Bond ETF, Invesco BulletShares 2027 Municipal Bond ETF, Invesco BulletShares 2028 Municipal Bond ETF, Invesco BulletShares 2029 Municipal Bond ETF, Invesco BulletShares 2030 Municipal Bond ETF, Invesco BulletShares 2031 Municipal Bond ETF and Invesco BulletShares 2032 Municipal Bond ETF; |
| • | 0.19% of the Fund’s average daily net assets for Invesco RAFITM Strategic US ETF; |
| • | 0.25% of the Fund’s average daily net assets for Invesco Racial and Gender Diversity ETF; |
| • | 0.29% of the Fund’s average daily net assets for Invesco Russell 1000® Dynamic Multifactor ETF; |
| • | 0.34% of the Fund’s average daily net assets for Invesco International Developed Dynamic Multifactor ETF; |
| • | 0.39% of the Fund’s average daily net assets for Invesco Russell 2000® Dynamic Multifactor ETF; |
| • | 0.40% of the Fund’s average daily net assets for Invesco Bloomberg Pricing Power ETF; and |
| • | 0.42% of the Fund’s average daily net assets for each of Invesco BulletShares 2024 High Yield Corporate Bond ETF, Invesco BulletShares 2025 High Yield Corporate Bond ETF, Invesco BulletShares 2026 High Yield Corporate Bond ETF, Invesco BulletShares 2027 High Yield Corporate Bond ETF, Invesco BulletShares 2028 High Yield Corporate Bond ETF, Invesco BulletShares 2029 High Yield Corporate Bond ETF and Invesco BulletShares 2030 High Yield Corporate Bond ETF. |
The Trustees compared each Fund’s net expense ratio to information compiled by the Adviser from Lipper Inc. databases on the net expense ratios of comparable ETFs, open-end (non-ETF) index funds and open-end (non-ETF) actively-managed funds, as applicable. The Trustees noted that the net expense ratios for certain Funds were equal to or lower than the median net expense ratios of their ETF and open-end index peer funds, as applicable, as illustrated in the table below. The Trustees also noted that the net expense ratios for all of the Funds were lower than the median net expense ratios of their open-end actively-managed peer funds.
| Invesco Fund | | Equal
to/Lower
than ETF
Peer Median | | Equal to/Lower
than Open-End
Index Fund
Peer Median* | | Lower than
Open-End
Active Fund
Peer Median |
| Invesco Bloomberg Pricing Power ETF | | | | | | X |
| Invesco BulletShares 2024 Corporate Bond ETF | | X | | | | X |
| Invesco BulletShares 2025 Corporate Bond ETF | | X | | | | X |
| Invesco BulletShares 2026 Corporate Bond ETF | | X | | | | X |
| Invesco BulletShares 2027 Corporate Bond ETF | | X | | | | X |
| Invesco BulletShares 2028 Corporate Bond ETF | | X | | | | X |
| Invesco BulletShares 2029 Corporate Bond ETF | | X | | | | X |
| Invesco BulletShares 2030 Corporate Bond ETF | | X | | | | X |
| Invesco BulletShares 2031 Corporate Bond ETF | | X | | | | X |
Approval of Investment Advisory Contracts—(continued)
| Invesco Fund | | Equal
to/Lower
than ETF
Peer Median | | Equal to/Lower
than Open-End
Index Fund
Peer Median* | | Lower than
Open-End
Active Fund
Peer Median |
| Invesco BulletShares 2032 Corporate Bond ETF | | X | | | | X |
| Invesco BulletShares 2024 High Yield Corporate Bond ETF | | | | N/A | | X |
| Invesco BulletShares 2025 High Yield Corporate Bond ETF | | | | N/A | | X |
| Invesco BulletShares 2026 High Yield Corporate Bond ETF | | | | N/A | | X |
| Invesco BulletShares 2027 High Yield Corporate Bond ETF | | | | N/A | | X |
| Invesco BulletShares 2028 High Yield Corporate Bond ETF | | | | N/A | | X |
| Invesco BulletShares 2029 High Yield Corporate Bond ETF | | | | N/A | | X |
| Invesco BulletShares 2030 High Yield Corporate Bond ETF | | | | N/A | | X |
| Invesco BulletShares 2024 Municipal Bond ETF | | | | N/A | | X |
| Invesco BulletShares 2025 Municipal Bond ETF | | X | | N/A | | X |
| Invesco BulletShares 2026 Municipal Bond ETF | | X | | N/A | | X |
| Invesco BulletShares 2027 Municipal Bond ETF | | X | | N/A | | X |
| Invesco BulletShares 2028 Municipal Bond ETF | | X | | N/A | | X |
| Invesco BulletShares 2029 Municipal Bond ETF | | X | | N/A | | X |
| Invesco BulletShares 2030 Municipal Bond ETF | | X | | N/A | | X |
| Invesco BulletShares 2031 Municipal Bond ETF | | X | | N/A | | X |
| Invesco BulletShares 2032 Municipal Bond ETF | | X | | | | X |
| Invesco International Developed Dynamic Multifactor ETF | | | | | | X |
| Invesco Investment Grade Defensive ETF | | X | | X | | X |
| Invesco Racial and Gender Diversity ETF | | X | | X | | X |
| Invesco RAFITM Strategic US ETF | | X | | | | X |
| Invesco Russell 1000® Dynamic Multifactor ETF | | X | | | | X |
| Invesco Russell 2000® Dynamic Multifactor ETF | | | | | | X |
| * | The information provided by the Adviser indicated that certain Funds did not have any open-end index fund peers. Those Funds have been designated in this column with an “N/A” for not available. |
The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, including products that have investment strategies comparable to that of Invesco Russell 1000® Dynamic Multifactor ETF and Invesco International Developed Dynamic Multifactor ETF. The Trustees considered the Adviser’s explanation of the differences between the services provided or to be provided to the Funds and to the other investment products it advises, noting the Adviser’s statement that the management and oversight of the Funds requires substantially more labor and expense.
Based on all of the information provided, the Board concluded that the unitary advisory fee charged or to be charged to each Fund was reasonable and appropriate in light of the services provided or to be provided, the nature of the index, the distinguishing factors of the Fund and the administrative, operational and management oversight costs for the Adviser.
In conjunction with their review of the unitary advisory fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Funds. The Trustees reviewed information provided by the Adviser regarding its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund. The Trustees did not consider the revenues received by the Adviser under the Investment Advisory Agreement or the estimated profitability of the Adviser in managing Invesco Racial and Gender Diversity ETF because the Fund had not yet commenced operations as of December 31, 2023. With respect to the Adviser’s profitability information, the Trustees considered that there is no recognized standard or uniform methodology for determining profitability for this purpose. Furthermore, the Trustees noted that there are limitations inherent in allocating costs and calculating profitability for an organization such as the Adviser’s. Based on the information provided, the Board concluded that the overall and estimated profitability to the Adviser was not unreasonable.
Approval of Investment Advisory Contracts—(continued)
Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of the Fund’s shareholders. The Trustees reviewed each Fund’s asset size and unitary advisory fee. The Trustees noted that any reduction in fixed costs associated with the management of the Funds would be enjoyed by the Adviser, but a unitary advisory fee provides a level of certainty in expenses for the Funds. The Trustees also noted that the Adviser has reduced advisory fees for the Invesco ETFs numerous times since 2011, including through permanent advisory fee reductions and various advisory fee waivers. The Board considered whether the unitary advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund and concluded that the unitary advisory fee rates were reasonable and appropriate.
Fall-out Benefits. The Trustees considered that the Adviser identified no additional benefits it receives from its relationship with the Funds, and noted that the Adviser is not a party to any soft-dollar, commission recapture or directed brokerage arrangements with respect to the Funds. The Trustees considered benefits received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser’s relationship with the Funds, including brokerage fees, advisory fees from affiliated money market cash management vehicles and fees as the Funds’ securities lending agent. The Trustees also considered that Invesco Distributors, Inc. and Invesco Indexing LLC, affiliates of the Adviser, serve as each Fund’s distributor and index provider and are paid a distribution fee and licensing fee, respectively, by the Adviser. The Board concluded that each Fund’s unitary advisory fee was reasonable, taking into account any ancillary benefits received by affiliates of the Adviser.
Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Investment Advisory Agreement for each Fund. No single factor was determinative in the Board’s analysis.
Other Information Required in Form N-CSR (Items 8-11)
Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.
Proxy Disclosures for Open-End Management Investment Companies
Not applicable.
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.
Statement Regarding Basis for Approval of Investment Advisory Contracts
The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory Contracts section of this report.
©2024 Invesco Capital Management LLC
3500 Lacey Road, Suite 700
| Downers Grove, IL 60515 | P-FIF-NCSR | invesco.com/ETFs |
Annual Financial Statements and Other Information
August 31, 2024
| POWA | Invesco Bloomberg Pricing Power ETF |
| IUS | Invesco RAFITM Strategic US ETF |
Table of Contents
| Schedules of Investments | |
| 3 |
| 5 |
| 11 |
| 12 |
| 13 |
| 14 |
| 15 |
| 24 |
| 25 |
| 26 |
| 30 |
Invesco Bloomberg Pricing Power ETF (POWA)
August 31, 2024
Schedule of Investments(a)
| | Shares | | Value |
| Common Stocks & Other Equity Interests-99.91% |
| Consumer Discretionary-10.45% |
Best Buy Co., Inc.(b)
| | 52,141 | | $ 5,234,956 |
Home Depot, Inc. (The)
| | 11,123 | | 4,098,826 |
LKQ Corp.(b)
| | 83,596 | | 3,476,758 |
Lowe’s Cos., Inc.(b)
| | 16,621 | | 4,130,318 |
Tractor Supply Co.
| | 12,989 | | 3,475,207 |
| | | | | 20,416,065 |
| Consumer Staples-11.81% |
Archer-Daniels-Midland Co.(b)
| | 59,383 | | 3,621,769 |
Costco Wholesale Corp.
| | 4,586 | | 4,092,454 |
Hershey Co. (The)(b)
| | 17,883 | | 3,452,492 |
Kroger Co. (The)
| | 68,176 | | 3,627,645 |
Sysco Corp.(b)
| | 50,544 | | 3,940,916 |
Walmart, Inc.
| | 56,334 | | 4,350,675 |
| | | | | 23,085,951 |
| Financials-2.17% |
MSCI, Inc.(b)
| | 7,297 | | 4,236,565 |
| Health Care-21.80% |
Cardinal Health, Inc.
| | 38,169 | | 4,302,410 |
Cencora, Inc.(b)
| | 16,962 | | 4,063,586 |
GE HealthCare Technologies, Inc.(b)
| | 45,597 | | 3,867,537 |
IQVIA Holdings, Inc.(c)
| | 16,266 | | 4,091,712 |
McKesson Corp.
| | 6,596 | | 3,700,884 |
Mettler-Toledo International, Inc.(c)
| | 2,451 | | 3,527,185 |
Neurocrine Biosciences, Inc.(b)(c)
| | 26,367 | | 3,350,191 |
STERIS PLC
| | 15,939 | | 3,842,893 |
Veeva Systems, Inc., Class A(b)(c)
| | 17,866 | | 3,866,917 |
Vertex Pharmaceuticals, Inc.(c)
| | 8,213 | | 4,072,745 |
Zoetis, Inc.
| | 21,365 | | 3,920,264 |
| | | | | 42,606,324 |
| Industrials-29.58% |
AMETEK, Inc.
| | 21,109 | | 3,610,694 |
Cummins, Inc.
| | 12,800 | | 4,004,480 |
Dover Corp.
| | 19,605 | | 3,647,118 |
Fastenal Co.
| | 55,142 | | 3,765,096 |
HEICO Corp.(b)
| | 17,035 | | 4,370,500 |
IDEX Corp.
| | 16,861 | | 3,481,459 |
Illinois Tool Works, Inc.
| | 14,777 | | 3,741,241 |
J.B. Hunt Transport Services, Inc.
| | 23,269 | | 4,030,191 |
Johnson Controls International PLC
| | 50,174 | | 3,655,176 |
Lockheed Martin Corp.
| | 7,829 | | 4,447,655 |
Otis Worldwide Corp.
| | 37,206 | | 3,523,036 |
Quanta Services, Inc.
| | 13,556 | | 3,729,662 |
Republic Services, Inc.
| | 19,679 | | 4,097,365 |
Rollins, Inc.
| | 79,725 | | 4,000,600 |
Waste Management, Inc.
| | 17,498 | | 3,710,276 |
| | | | | 57,814,549 |
| | Shares | | Value |
| Information Technology-13.58% |
Accenture PLC, Class A (Ireland)
| | 11,969 | | $ 4,092,800 |
Amphenol Corp., Class A
| | 54,638 | | 3,685,333 |
Autodesk, Inc.(c)
| | 16,713 | | 4,318,639 |
Cadence Design Systems, Inc.(c)
| | 12,544 | | 3,373,458 |
Lam Research Corp.
| | 3,805 | | 3,123,943 |
ServiceNow, Inc.(c)
| | 4,768 | | 4,076,640 |
VeriSign, Inc.(c)
| | 21,001 | | 3,862,084 |
| | | | | 26,532,897 |
| Materials-5.88% |
AptarGroup, Inc.
| | 24,707 | | 3,784,865 |
Avery Dennison Corp.
| | 16,021 | | 3,554,259 |
CRH PLC
| | 45,806 | | 4,157,811 |
| | | | | 11,496,935 |
| Real Estate-4.64% |
Equinix, Inc.(b)
| | 4,704 | | 3,924,830 |
Iron Mountain, Inc.
| | 45,408 | | 5,142,910 |
| | | | | 9,067,740 |
Total Common Stocks & Other Equity Interests
(Cost $170,745,648)
| | 195,257,026 |
| Money Market Funds-0.01% |
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(d)(e)
(Cost $24,059)
| | 24,059 | | 24,059 |
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.92%
(Cost $170,769,707)
| | 195,281,085 |
| Investments Purchased with Cash Collateral from Securities on Loan |
| Money Market Funds-11.76% |
Invesco Private Government Fund, 5.28%(d)(e)(f)
| | 6,377,367 | | 6,377,367 |
Invesco Private Prime Fund, 5.46%(d)(e)(f)
| | 16,597,444 | | 16,604,083 |
Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $22,980,567)
| | 22,981,450 |
TOTAL INVESTMENTS IN SECURITIES-111.68%
(Cost $193,750,274)
| | 218,262,535 |
OTHER ASSETS LESS LIABILITIES-(11.68)%
| | (22,834,429) |
NET ASSETS-100.00%
| | $195,428,106 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco Bloomberg Pricing Power ETF (POWA)—(continued)
August 31, 2024
| Notes to Schedule of Investments: |
| (a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
| (b) | All or a portion of this security was out on loan at August 31, 2024. |
| (c) | Non-income producing security. |
| (d) | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024. |
| | Value
August 31, 2023 | | Purchases
at Cost | | Proceeds
from Sales | | Change in
Unrealized
Appreciation | | Realized
Gain
(Loss) | | Value
August 31, 2024 | | Dividend
Income |
| Investments in Affiliated Money Market Funds: | | | | | | | | | | | | | |
| Invesco Government & Agency Portfolio, Institutional Class | $- | | $4,056,673 | | $(4,032,614) | | $- | | $- | | $24,059 | | $5,203 |
| Investments Purchased with Cash Collateral from Securities on Loan: | | | | | | | | | | | | | |
| Invesco Private Government Fund | - | | 113,705,025 | | (107,327,658) | | - | | - | | 6,377,367 | | 189,226* |
| Invesco Private Prime Fund | - | | 196,818,764 | | (180,211,626) | | 883 | | (3,938) | | 16,604,083 | | 495,593* |
| Total | $- | | $314,580,462 | | $(291,571,898) | | $883 | | $(3,938) | | $23,005,509 | | $690,022 |
| * | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
| (e) | The rate shown is the 7-day SEC standardized yield as of August 31, 2024. |
| (f) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco RAFITM Strategic US ETF (IUS)
August 31, 2024
Schedule of Investments(a)
| | Shares | | Value |
| Common Stocks & Other Equity Interests-99.94% |
| Communication Services-11.86% |
Alphabet, Inc., Class A
| | 120,743 | | $ 19,726,991 |
AT&T, Inc.
| | 344,777 | | 6,861,062 |
Charter Communications, Inc., Class A(b)(c)
| | 5,051 | | 1,755,425 |
Comcast Corp., Class A
| | 152,415 | | 6,031,062 |
EchoStar Corp., Class A(b)(c)
| | 14,094 | | 261,303 |
Electronic Arts, Inc.
| | 3,612 | | 548,374 |
Fox Corp., Class A
| | 19,520 | | 807,542 |
Frontier Communications Parent, Inc.(b)(c)
| | 5,828 | | 167,846 |
IAC, Inc.(b)(c)
| | 2,752 | | 145,251 |
Interpublic Group of Cos., Inc. (The)
| | 9,448 | | 308,099 |
Liberty Broadband Corp., Class C(b)
| | 4,014 | | 250,393 |
Liberty Media Corp.-Liberty Formula One(b)(c)
| | 2,287 | | 178,500 |
Live Nation Entertainment, Inc.(b)
| | 1,980 | | 193,387 |
Lumen Technologies, Inc.(b)
| | 324,363 | | 1,702,906 |
Meta Platforms, Inc., Class A
| | 22,544 | | 11,752,413 |
Netflix, Inc.(b)
| | 2,267 | | 1,589,960 |
News Corp., Class A
| | 12,363 | | 350,244 |
Nexstar Media Group, Inc., Class A(c)
| | 1,439 | | 245,896 |
Omnicom Group, Inc.(c)
| | 3,960 | | 397,703 |
Paramount Global, Class B
| | 56,572 | | 592,309 |
Pinterest, Inc., Class A(b)
| | 4,300 | | 137,772 |
Take-Two Interactive Software, Inc.(b)
| | 1,221 | | 197,448 |
TEGNA, Inc.
| | 11,118 | | 154,318 |
Telephone and Data Systems, Inc.(c)
| | 9,206 | | 217,446 |
T-Mobile US, Inc.
| | 9,738 | | 1,935,135 |
Verizon Communications, Inc.
| | 156,613 | | 6,543,291 |
Walt Disney Co. (The)
| | 28,902 | | 2,612,163 |
Warner Bros. Discovery, Inc.(b)
| | 165,510 | | 1,297,598 |
| | | | | 66,961,837 |
| Consumer Discretionary-11.45% |
Academy Sports & Outdoors, Inc.(c)
| | 2,923 | | 162,168 |
Adient PLC(b)
| | 7,393 | | 167,230 |
Advance Auto Parts, Inc.(c)
| | 2,730 | | 123,696 |
Airbnb, Inc., Class A(b)
| | 5,462 | | 640,747 |
Amazon.com, Inc.(b)
| | 59,253 | | 10,576,660 |
Aptiv PLC(b)(c)
| | 5,898 | | 421,884 |
Aramark(c)
| | 7,737 | | 283,406 |
Asbury Automotive Group, Inc.(b)(c)
| | 963 | | 236,551 |
Autoliv, Inc. (Sweden)
| | 1,953 | | 200,124 |
AutoNation, Inc.(b)(c)
| | 1,827 | | 325,169 |
AutoZone, Inc.(b)
| | 265 | | 843,092 |
Best Buy Co., Inc.
| | 9,008 | | 904,403 |
Booking Holdings, Inc.
| | 476 | | 1,860,793 |
BorgWarner, Inc.
| | 9,278 | | 316,101 |
Brunswick Corp.(c)
| | 2,261 | | 178,732 |
Burlington Stores, Inc.(b)
| | 909 | | 243,830 |
Caesars Entertainment, Inc.(b)(c)
| | 7,404 | | 278,687 |
Capri Holdings Ltd.(b)
| | 5,559 | | 198,567 |
CarMax, Inc.(b)
| | 5,480 | | 463,334 |
Carnival Corp.(b)
| | 27,215 | | 449,048 |
Chipotle Mexican Grill, Inc.(b)
| | 4,879 | | 273,614 |
Coupang, Inc. (South Korea)(b)
| | 12,612 | | 279,356 |
D.R. Horton, Inc.
| | 6,032 | | 1,138,600 |
Dana, Inc.
| | 11,337 | | 127,995 |
Darden Restaurants, Inc.(c)
| | 2,254 | | 356,470 |
Deckers Outdoor Corp.(b)
| | 183 | | 175,550 |
| | Shares | | Value |
| Consumer Discretionary-(continued) |
Dick’s Sporting Goods, Inc.
| | 1,779 | | $ 421,552 |
DoorDash, Inc., Class A(b)
| | 2,307 | | 296,934 |
eBay, Inc.
| | 11,579 | | 684,319 |
Expedia Group, Inc.(b)
| | 4,649 | | 646,629 |
Ford Motor Co.
| | 294,760 | | 3,298,364 |
Gap, Inc. (The)(c)
| | 7,895 | | 177,085 |
Garmin Ltd.
| | 1,444 | | 264,671 |
General Motors Co.
| | 101,779 | | 5,066,559 |
Genuine Parts Co.
| | 2,851 | | 408,434 |
Goodyear Tire & Rubber Co. (The)(b)(c)
| | 24,194 | | 213,391 |
Group 1 Automotive, Inc.
| | 800 | | 301,408 |
H&R Block, Inc.
| | 3,026 | | 191,576 |
Harley-Davidson, Inc.(c)
| | 5,188 | | 194,239 |
Hasbro, Inc.
| | 2,611 | | 177,966 |
Hilton Worldwide Holdings, Inc.
| | 2,224 | | 488,479 |
Home Depot, Inc. (The)
| | 12,935 | | 4,766,548 |
Hyatt Hotels Corp., Class A
| | 1,459 | | 221,651 |
KB Home
| | 2,978 | | 249,288 |
Kohl’s Corp.
| | 12,709 | | 246,428 |
Las Vegas Sands Corp.
| | 6,775 | | 264,157 |
Lear Corp.
| | 3,014 | | 351,583 |
Lennar Corp., Class A
| | 6,812 | | 1,240,193 |
Lithia Motors, Inc., Class A(c)
| | 1,321 | | 397,727 |
LKQ Corp.
| | 8,103 | | 337,004 |
Lowe’s Cos., Inc.
| | 10,271 | | 2,552,344 |
lululemon athletica, inc.(b)
| | 871 | | 225,998 |
Macy’s, Inc.
| | 19,970 | | 310,933 |
Marriott International, Inc., Class A
| | 3,301 | | 774,712 |
McDonald’s Corp.
| | 5,712 | | 1,648,826 |
MercadoLibre, Inc. (Brazil)(b)
| | 289 | | 595,820 |
Meritage Homes Corp.(c)
| | 908 | | 179,848 |
MGM Resorts International(b)(c)
| | 11,566 | | 434,766 |
Mohawk Industries, Inc.(b)
| | 2,005 | | 311,056 |
Murphy USA, Inc.(c)
| | 635 | | 329,965 |
Newell Brands, Inc.
| | 23,690 | | 167,962 |
NIKE, Inc., Class B
| | 20,010 | | 1,667,233 |
Norwegian Cruise Line Holdings Ltd.(b)
| | 11,987 | | 214,447 |
NVR, Inc.(b)
| | 48 | | 440,278 |
ODP Corp. (The)(b)(c)
| | 3,812 | | 117,600 |
O’Reilly Automotive, Inc.(b)
| | 651 | | 735,610 |
PENN Entertainment, Inc.(b)(c)
| | 11,455 | | 213,292 |
Polaris, Inc.
| | 2,326 | | 196,896 |
Pool Corp.
| | 472 | | 165,965 |
PulteGroup, Inc.
| | 4,480 | | 589,792 |
PVH Corp.
| | 2,215 | | 218,598 |
Ralph Lauren Corp.
| | 1,229 | | 210,479 |
RH(b)(c)
| | 647 | | 164,144 |
Ross Stores, Inc.
| | 4,267 | | 642,653 |
Royal Caribbean Cruises Ltd.(b)
| | 2,608 | | 429,329 |
Service Corp. International(c)
| | 2,601 | | 203,580 |
Signet Jewelers Ltd.(c)
| | 1,569 | | 131,953 |
Skechers U.S.A., Inc., Class A(b)
| | 2,986 | | 204,481 |
Starbucks Corp.
| | 12,382 | | 1,170,966 |
Tapestry, Inc.
| | 6,408 | | 262,536 |
Taylor Morrison Home Corp., Class A(b)
| | 3,779 | | 254,440 |
Tesla, Inc.(b)
| | 11,796 | | 2,525,642 |
Thor Industries, Inc.(c)
| | 2,190 | | 234,899 |
TJX Cos., Inc. (The)
| | 13,680 | | 1,604,254 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco RAFITM Strategic US ETF (IUS)—(continued)
August 31, 2024
| | Shares | | Value |
| Consumer Discretionary-(continued) |
Toll Brothers, Inc.
| | 2,605 | | $ 375,302 |
Tractor Supply Co.
| | 1,314 | | 351,561 |
Ulta Beauty, Inc.(b)
| | 851 | | 300,267 |
V.F. Corp.
| | 16,531 | | 301,030 |
Vail Resorts, Inc.(c)
| | 821 | | 149,176 |
Valvoline, Inc.(b)
| | 4,135 | | 174,497 |
Whirlpool Corp.
| | 3,489 | | 349,912 |
Williams-Sonoma, Inc.
| | 1,646 | | 221,107 |
Yum! Brands, Inc.
| | 1,104 | | 148,952 |
| | | | | 64,635,093 |
| Consumer Staples-8.71% |
Albertson’s Cos., Inc., Class A(c)
| | 36,732 | | 720,682 |
Altria Group, Inc.
| | 35,563 | | 1,912,223 |
Andersons, Inc. (The)(c)
| | 4,243 | | 216,266 |
Archer-Daniels-Midland Co.
| | 30,640 | | 1,868,734 |
BJ’s Wholesale Club Holdings, Inc.(b)
| | 3,217 | | 257,231 |
Brown-Forman Corp., Class B(c)
| | 3,778 | | 172,239 |
Bunge Global S.A.
| | 8,450 | | 856,661 |
Campbell Soup Co.
| | 3,945 | | 196,145 |
Casey’s General Stores, Inc.
| | 727 | | 263,399 |
Church & Dwight Co., Inc.
| | 2,088 | | 212,725 |
Clorox Co. (The)
| | 1,443 | | 228,441 |
Coca-Cola Co. (The)
| | 39,759 | | 2,881,335 |
Colgate-Palmolive Co.
| | 7,679 | | 817,813 |
Conagra Brands, Inc.
| | 13,345 | | 416,364 |
Constellation Brands, Inc., Class A
| | 2,434 | | 585,888 |
Costco Wholesale Corp.
| | 4,602 | | 4,106,733 |
Darling Ingredients, Inc.(b)(c)
| | 4,374 | | 182,527 |
Dollar General Corp.(c)
| | 5,281 | | 438,165 |
Dollar Tree, Inc.(b)
| | 5,281 | | 446,192 |
Estee Lauder Cos., Inc. (The), Class A
| | 3,588 | | 328,876 |
General Mills, Inc.
| | 12,032 | | 869,793 |
Hershey Co. (The)
| | 2,147 | | 414,500 |
Hormel Foods Corp.
| | 10,110 | | 329,081 |
Ingredion, Inc.(c)
| | 1,523 | | 204,554 |
J.M. Smucker Co. (The)
| | 3,309 | | 379,476 |
Kellanova
| | 5,837 | | 470,521 |
Keurig Dr Pepper, Inc.
| | 20,174 | | 738,570 |
Kimberly-Clark Corp.
| | 4,478 | | 647,787 |
Kraft Heinz Co. (The)
| | 40,938 | | 1,450,433 |
Kroger Co. (The)
| | 36,441 | | 1,939,026 |
McCormick & Co., Inc.
| | 3,393 | | 271,542 |
Molson Coors Beverage Co., Class B
| | 8,381 | | 452,323 |
Mondelez International, Inc., Class A
| | 19,960 | | 1,433,328 |
Monster Beverage Corp.(b)
| | 4,852 | | 228,675 |
PepsiCo, Inc.
| | 15,032 | | 2,598,732 |
Performance Food Group Co.(b)(c)
| | 8,007 | | 597,642 |
Philip Morris International, Inc.
| | 16,506 | | 2,035,025 |
Post Holdings, Inc.(b)
| | 1,750 | | 202,598 |
Procter & Gamble Co. (The)
| | 25,499 | | 4,374,098 |
Sysco Corp.
| | 14,061 | | 1,096,336 |
Target Corp.
| | 11,788 | | 1,810,873 |
Tyson Foods, Inc., Class A
| | 16,538 | | 1,063,559 |
United Natural Foods, Inc.(b)(c)
| | 29,325 | | 443,687 |
US Foods Holding Corp.(b)
| | 8,624 | | 510,627 |
Walgreens Boots Alliance, Inc.
| | 85,377 | | 789,737 |
Walmart, Inc.
| | 86,558 | | 6,684,874 |
| | | | | 49,146,036 |
| | Shares | | Value |
| Energy-10.06% |
Antero Resources Corp.(b)
| | 8,043 | | $ 217,081 |
APA Corp.
| | 14,181 | | 404,017 |
Baker Hughes Co., Class A
| | 23,302 | | 819,531 |
Cheniere Energy, Inc.
| | 6,629 | | 1,228,089 |
Chesapeake Energy Corp.(c)
| | 5,372 | | 400,160 |
Chevron Corp.
| | 60,445 | | 8,942,838 |
Chord Energy Corp.
| | 1,787 | | 265,244 |
Civitas Resources, Inc.
| | 4,157 | | 254,949 |
CNX Resources Corp.(b)(c)
| | 7,741 | | 214,193 |
ConocoPhillips
| | 35,062 | | 3,989,705 |
Coterra Energy, Inc.
| | 27,179 | | 661,265 |
CVR Energy, Inc.(c)
| | 7,164 | | 182,109 |
Delek US Holdings, Inc.(c)
| | 8,152 | | 166,464 |
Devon Energy Corp.
| | 18,181 | | 814,145 |
Diamondback Energy, Inc.
| | 5,013 | | 978,086 |
EOG Resources, Inc.
| | 14,856 | | 1,913,750 |
EQT Corp.
| | 12,342 | | 413,580 |
Exxon Mobil Corp.
| | 116,302 | | 13,716,658 |
Halliburton Co.
| | 17,804 | | 553,526 |
Helmerich & Payne, Inc.(c)
| | 4,126 | | 134,631 |
Hess Corp.
| | 3,307 | | 456,564 |
HF Sinclair Corp.
| | 12,605 | | 619,410 |
Kinder Morgan, Inc.
| | 58,814 | | 1,268,618 |
Marathon Oil Corp.
| | 28,458 | | 815,322 |
Marathon Petroleum Corp.
| | 23,578 | | 4,176,135 |
Matador Resources Co.
| | 3,059 | | 173,507 |
Murphy Oil Corp.
| | 5,722 | | 213,316 |
NOV, Inc.
| | 8,593 | | 152,698 |
Occidental Petroleum Corp.
| | 31,731 | | 1,808,032 |
ONEOK, Inc.
| | 9,257 | | 854,977 |
Ovintiv, Inc.
| | 11,625 | | 497,899 |
PBF Energy, Inc., Class A(c)
| | 11,251 | | 383,209 |
Peabody Energy Corp.(c)
| | 9,568 | | 223,987 |
Permian Resources Corp.
| | 11,413 | | 162,521 |
Phillips 66
| | 20,498 | | 2,876,074 |
Range Resources Corp.(c)
| | 5,154 | | 154,002 |
Schlumberger N.V.
| | 23,322 | | 1,025,935 |
SM Energy Co.(c)
| | 4,033 | | 184,026 |
Southwestern Energy Co.(b)
| | 43,432 | | 277,096 |
Targa Resources Corp.
| | 4,116 | | 604,640 |
TechnipFMC PLC (United Kingdom)
| | 6,828 | | 183,264 |
Valero Energy Corp.
| | 19,221 | | 2,820,297 |
World Kinect Corp.(c)
| | 19,577 | | 563,622 |
| | | | | 56,765,172 |
| Financials-9.12% |
Affiliated Managers Group, Inc.(c)
| | 1,110 | | 192,951 |
Allstate Corp. (The)
| | 7,607 | | 1,437,267 |
American Express Co.
| | 10,615 | | 2,745,570 |
American Financial Group, Inc.
| | 2,150 | | 287,283 |
Aon PLC, Class A
| | 2,445 | | 840,395 |
Arch Capital Group Ltd.(b)
| | 6,304 | | 712,919 |
Assurant, Inc.
| | 1,569 | | 308,073 |
Berkshire Hathaway, Inc., Class B(b)
| | 36,530 | | 17,385,358 |
Blackstone, Inc., Class A
| | 8,180 | | 1,164,505 |
Block, Inc., Class A(b)
| | 6,768 | | 447,229 |
Bread Financial Holdings, Inc.
| | 5,004 | | 291,083 |
Brown & Brown, Inc.
| | 1,708 | | 179,562 |
Cboe Global Markets, Inc.
| | 970 | | 199,238 |
Chubb Ltd.
| | 8,782 | | 2,495,669 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco RAFITM Strategic US ETF (IUS)—(continued)
August 31, 2024
| | Shares | | Value |
| Financials-(continued) |
Cincinnati Financial Corp.
| | 3,737 | | $ 512,081 |
Corpay, Inc.(b)
| | 936 | | 295,355 |
Everest Group Ltd.
| | 1,484 | | 582,084 |
First American Financial Corp.(c)
| | 3,459 | | 220,684 |
Fiserv, Inc.(b)
| | 9,507 | | 1,659,922 |
Franklin Resources, Inc.
| | 8,484 | | 171,716 |
Hartford Financial Services Group, Inc. (The)
| | 8,764 | | 1,017,500 |
Janus Henderson Group PLC
| | 4,621 | | 173,796 |
LPL Financial Holdings, Inc.
| | 1,167 | | 261,805 |
Markel Group, Inc.(b)
| | 343 | | 549,033 |
Marsh & McLennan Cos., Inc.
| | 4,460 | | 1,014,695 |
Mastercard, Inc., Class A
| | 5,062 | | 2,446,667 |
Moody’s Corp.
| | 822 | | 400,922 |
MSCI, Inc.
| | 386 | | 224,108 |
Nasdaq, Inc.
| | 3,573 | | 257,542 |
NU Holdings Ltd., Class A (Brazil)(b)
| | 13,392 | | 200,478 |
Old Republic International Corp.
| | 10,333 | | 370,645 |
OneMain Holdings, Inc.
| | 6,357 | | 314,099 |
PayPal Holdings, Inc.(b)
| | 22,672 | | 1,642,133 |
Progressive Corp. (The)
| | 6,836 | | 1,724,039 |
Reinsurance Group of America, Inc.
| | 2,705 | | 597,156 |
RenaissanceRe Holdings Ltd. (Bermuda)
| | 1,291 | | 328,934 |
StoneX Group, Inc.(b)(c)
| | 6,539 | | 541,822 |
T. Rowe Price Group, Inc.
| | 3,827 | | 405,815 |
TPG, Inc.(c)
| | 4,711 | | 237,670 |
Tradeweb Markets, Inc., Class A
| | 1,363 | | 161,161 |
Travelers Cos., Inc. (The)
| | 6,407 | | 1,461,244 |
Visa, Inc., Class A
| | 13,998 | | 3,868,627 |
W.R. Berkley Corp.
| | 7,268 | | 433,900 |
Western Union Co. (The)(c)
| | 12,254 | | 149,499 |
Willis Towers Watson PLC
| | 1,882 | | 549,751 |
| | | | | 51,461,985 |
| Health Care-14.94% |
Abbott Laboratories
| | 19,065 | | 2,159,492 |
AbbVie, Inc.
| | 21,879 | | 4,295,066 |
Agilent Technologies, Inc.
| | 2,345 | | 335,147 |
Align Technology, Inc.(b)
| | 712 | | 168,901 |
Amgen, Inc.
| | 4,595 | | 1,533,949 |
Avantor, Inc.(b)
| | 7,632 | | 197,211 |
Baxter International, Inc.
| | 11,335 | | 430,050 |
Becton, Dickinson and Co.
| | 3,951 | | 957,762 |
Biogen, Inc.(b)
| | 1,843 | | 377,373 |
Boston Scientific Corp.(b)
| | 7,436 | | 608,190 |
Bristol-Myers Squibb Co.
| | 64,166 | | 3,205,092 |
Cardinal Health, Inc.
| | 23,141 | | 2,608,453 |
Cencora, Inc.
| | 10,667 | | 2,555,493 |
Centene Corp.(b)
| | 31,541 | | 2,486,377 |
Cigna Group (The)
| | 11,551 | | 4,179,267 |
Cooper Cos., Inc. (The)(b)
| | 1,882 | | 198,984 |
CVS Health Corp.
| | 103,674 | | 5,934,300 |
Danaher Corp.
| | 5,319 | | 1,432,460 |
DaVita, Inc.(b)(c)
| | 1,892 | | 285,541 |
DexCom, Inc.(b)
| | 1,337 | | 92,708 |
Edwards Lifesciences Corp.(b)
| | 3,720 | | 260,251 |
Elanco Animal Health, Inc.(b)
| | 9,428 | | 145,851 |
Elevance Health, Inc.
| | 5,653 | | 3,148,099 |
Eli Lilly and Co.
| | 1,708 | | 1,639,714 |
GE HealthCare Technologies, Inc.
| | 4,359 | | 369,730 |
Gilead Sciences, Inc.
| | 25,171 | | 1,988,509 |
| | Shares | | Value |
| Health Care-(continued) |
GRAIL, Inc.(b)(c)
| | 271 | | $ 3,824 |
HCA Healthcare, Inc.
| | 3,825 | | 1,513,132 |
Henry Schein, Inc.(b)
| | 3,448 | | 243,256 |
Hologic, Inc.(b)
| | 3,354 | | 272,479 |
Humana, Inc.
| | 5,090 | | 1,804,252 |
Illumina, Inc.(b)
| | 1,514 | | 198,940 |
Intuitive Surgical, Inc.(b)
| | 1,356 | | 668,006 |
IQVIA Holdings, Inc.(b)
| | 1,991 | | 500,836 |
Jazz Pharmaceuticals PLC(b)
| | 1,680 | | 194,846 |
Johnson & Johnson
| | 34,046 | | 5,646,870 |
Labcorp Holdings, Inc.
| | 2,328 | | 535,184 |
McKesson Corp.
| | 5,830 | | 3,271,096 |
Medtronic PLC
| | 23,174 | | 2,052,753 |
Merck & Co., Inc.
| | 23,616 | | 2,797,315 |
Mettler-Toledo International, Inc.(b)
| | 137 | | 197,154 |
Moderna, Inc.(b)(c)
| | 3,085 | | 238,779 |
Molina Healthcare, Inc.(b)
| | 1,354 | | 473,616 |
Perrigo Co. PLC
| | 5,149 | | 149,836 |
Pfizer, Inc.
| | 141,849 | | 4,115,039 |
Quest Diagnostics, Inc.
| | 2,542 | | 399,018 |
Regeneron Pharmaceuticals, Inc.(b)
| | 1,122 | | 1,329,222 |
ResMed, Inc.(c)
| | 880 | | 215,618 |
STERIS PLC
| | 1,022 | | 246,404 |
Stryker Corp.
| | 2,238 | | 806,620 |
Tenet Healthcare Corp.(b)
| | 2,771 | | 459,543 |
Thermo Fisher Scientific, Inc.
| | 3,465 | | 2,131,217 |
United Therapeutics Corp.(b)
| | 609 | | 221,402 |
UnitedHealth Group, Inc.
| | 15,283 | | 9,020,027 |
Universal Health Services, Inc., Class B
| | 1,900 | | 452,143 |
Vertex Pharmaceuticals, Inc.(b)
| | 1,411 | | 699,701 |
Viatris, Inc.
| | 64,259 | | 776,249 |
West Pharmaceutical Services, Inc.
| | 455 | | 142,702 |
Zimmer Biomet Holdings, Inc.
| | 3,531 | | 407,689 |
Zoetis, Inc.
| | 2,930 | | 537,626 |
| | | | | 84,316,364 |
| Industrials-10.34% |
3M Co.
| | 12,079 | | 1,626,920 |
A.O. Smith Corp.
| | 1,820 | | 152,370 |
AECOM
| | 2,885 | | 288,904 |
AGCO Corp.
| | 2,380 | | 216,675 |
American Airlines Group, Inc.(b)(c)
| | 10,760 | | 114,271 |
AMETEK, Inc.
| | 1,847 | | 315,929 |
Atkore, Inc.
| | 1,031 | | 96,223 |
Automatic Data Processing, Inc.
| | 3,272 | | 902,777 |
Avis Budget Group, Inc.(c)
| | 4,374 | | 358,624 |
Beacon Roofing Supply, Inc.(b)
| | 2,400 | | 217,440 |
Boeing Co. (The)(b)
| | 4,460 | | 774,880 |
Boise Cascade Co.
| | 1,284 | | 174,136 |
Booz Allen Hamilton Holding Corp.
| | 1,241 | | 197,046 |
Broadridge Financial Solutions, Inc.
| | 952 | | 202,643 |
Builders FirstSource, Inc.(b)
| | 3,969 | | 690,606 |
C.H. Robinson Worldwide, Inc.
| | 4,472 | | 462,897 |
CACI International, Inc., Class A(b)
| | 396 | | 193,296 |
Carlisle Cos., Inc.
| | 611 | | 258,942 |
Carrier Global Corp.
| | 8,262 | | 601,308 |
Caterpillar, Inc.
| | 6,859 | | 2,442,490 |
Cintas Corp.
| | 429 | | 345,396 |
Copart, Inc.(b)
| | 3,550 | | 188,008 |
Core & Main, Inc., Class A(b)
| | 2,792 | | 134,100 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco RAFITM Strategic US ETF (IUS)—(continued)
August 31, 2024
| | Shares | | Value |
| Industrials-(continued) |
CSX Corp.
| | 36,040 | | $ 1,235,091 |
Cummins, Inc.
| | 2,571 | | 804,337 |
Deere & Co.
| | 5,389 | | 2,078,753 |
Delta Air Lines, Inc.
| | 5,022 | | 213,385 |
Dover Corp.
| | 1,555 | | 289,277 |
Eaton Corp. PLC
| | 2,620 | | 804,157 |
EMCOR Group, Inc.
| | 567 | | 222,865 |
Emerson Electric Co.
| | 6,904 | | 727,613 |
Equifax, Inc.
| | 830 | | 254,918 |
Expeditors International of Washington, Inc.
| | 3,841 | | 474,018 |
Fastenal Co.
| | 4,655 | | 317,843 |
FedEx Corp.
| | 7,410 | | 2,213,886 |
Fluor Corp.(b)(c)
| | 4,567 | | 228,670 |
Fortive Corp.
| | 4,388 | | 326,467 |
Fortune Brands Innovations, Inc.
| | 2,396 | | 190,266 |
General Dynamics Corp.
| | 3,823 | | 1,144,453 |
General Electric Co.
| | 13,359 | | 2,332,749 |
GXO Logistics, Inc.(b)(c)
| | 3,056 | | 152,953 |
Hertz Global Holdings, Inc.(b)(c)
| | 64,118 | | 194,919 |
Honeywell International, Inc.
| | 8,044 | | 1,672,428 |
Howmet Aerospace, Inc.
| | 2,587 | | 250,059 |
Hubbell, Inc.
| | 435 | | 173,965 |
Huntington Ingalls Industries, Inc.
| | 936 | | 264,673 |
Illinois Tool Works, Inc.
| | 3,057 | | 773,971 |
Ingersoll Rand, Inc.
| | 3,285 | | 300,413 |
J.B. Hunt Transport Services, Inc.
| | 1,548 | | 268,114 |
Jacobs Solutions, Inc.
| | 2,574 | | 388,365 |
Johnson Controls International PLC
| | 11,657 | | 849,212 |
Knight-Swift Transportation Holdings, Inc.
| | 5,123 | | 268,343 |
L3Harris Technologies, Inc.
| | 3,459 | | 818,642 |
Leidos Holdings, Inc.
| | 1,999 | | 316,861 |
Lockheed Martin Corp.
| | 5,048 | | 2,867,769 |
ManpowerGroup, Inc.
| | 3,503 | | 258,942 |
Masco Corp.
| | 3,067 | | 244,010 |
Norfolk Southern Corp.
| | 3,604 | | 923,201 |
Northrop Grumman Corp.
| | 2,410 | | 1,260,936 |
Old Dominion Freight Line, Inc.
| | 1,469 | | 283,223 |
Oshkosh Corp.
| | 1,516 | | 163,592 |
Otis Worldwide Corp.
| | 3,077 | | 291,361 |
Owens Corning
| | 2,119 | | 357,539 |
PACCAR, Inc.
| | 8,998 | | 865,428 |
Parker-Hannifin Corp.
| | 1,186 | | 711,837 |
Paychex, Inc.
| | 2,558 | | 335,610 |
Quanta Services, Inc.
| | 1,382 | | 380,230 |
Regal Rexnord Corp.
| | 1,306 | | 219,160 |
Republic Services, Inc.
| | 2,074 | | 431,828 |
Robert Half, Inc.
| | 2,460 | | 154,168 |
Rockwell Automation, Inc.
| | 1,118 | | 304,130 |
RTX Corp.
| | 31,983 | | 3,944,783 |
Ryder System, Inc.
| | 2,782 | | 404,058 |
Science Applications International Corp.(c)
| | 1,255 | | 163,890 |
Snap-on, Inc.
| | 896 | | 254,231 |
Southwest Airlines Co.
| | 5,615 | | 162,386 |
SS&C Technologies Holdings, Inc.
| | 4,049 | | 304,039 |
Stanley Black & Decker, Inc.
| | 4,834 | | 494,808 |
Textron, Inc.
| | 4,899 | | 446,789 |
Trane Technologies PLC
| | 1,680 | | 607,589 |
TransDigm Group, Inc.
| | 200 | | 274,642 |
TriNet Group, Inc.(c)
| | 1,670 | | 171,726 |
Uber Technologies, Inc.(b)
| | 9,144 | | 668,701 |
| | Shares | | Value |
| Industrials-(continued) |
UFP Industries, Inc.
| | 1,551 | | $ 188,710 |
Union Pacific Corp.
| | 6,325 | | 1,619,769 |
United Airlines Holdings, Inc.(b)
| | 4,872 | | 214,563 |
United Parcel Service, Inc., Class B
| | 18,729 | | 2,407,613 |
United Rentals, Inc.
| | 969 | | 718,281 |
Verisk Analytics, Inc.
| | 1,721 | | 469,523 |
W.W. Grainger, Inc.
| | 427 | | 420,561 |
Wabtec Corp.
| | 2,165 | | 367,119 |
Waste Connections, Inc.
| | 2,093 | | 390,344 |
Waste Management, Inc.
| | 4,132 | | 876,149 |
Watsco, Inc.(c)
| | 382 | | 181,610 |
WESCO International, Inc.
| | 1,544 | | 255,347 |
WillScot Holdings Corp.(b)
| | 4,505 | | 173,623 |
Xylem, Inc.
| | 1,711 | | 235,314 |
ZIM Integrated Shipping Services Ltd. (Israel)(c)
| | 19,240 | | 351,515 |
| | | | | 58,328,194 |
| Information Technology-17.70% |
Accenture PLC, Class A (Ireland)
| | 7,758 | | 2,652,848 |
Adobe, Inc.(b)
| | 3,137 | | 1,801,924 |
Advanced Micro Devices, Inc.(b)
| | 8,309 | | 1,234,385 |
Akamai Technologies, Inc.(b)
| | 2,831 | | 288,309 |
Amdocs Ltd.
| | 2,797 | | 243,255 |
Amkor Technology, Inc.
| | 5,605 | | 184,404 |
Amphenol Corp., Class A
| | 7,744 | | 522,333 |
ANSYS, Inc.(b)
| | 505 | | 162,317 |
Apple, Inc.
| | 121,941 | | 27,924,489 |
Applied Materials, Inc.
| | 6,733 | | 1,328,152 |
AppLovin Corp., Class A(b)
| | 1,871 | | 173,760 |
Arista Networks, Inc.(b)
| | 644 | | 227,577 |
Arrow Electronics, Inc.(b)(c)
| | 4,046 | | 546,534 |
Autodesk, Inc.(b)
| | 1,444 | | 373,130 |
Avnet, Inc.
| | 5,964 | | 329,093 |
Broadcom, Inc.
| | 26,026 | | 4,237,553 |
Cadence Design Systems, Inc.(b)
| | 937 | | 251,987 |
CDW Corp.
| | 1,766 | | 398,480 |
Cisco Systems, Inc.
| | 74,913 | | 3,786,103 |
Cognizant Technology Solutions Corp., Class A
| | 10,313 | | 802,042 |
Coherent Corp.(b)
| | 2,725 | | 212,414 |
Corning, Inc.
| | 15,499 | | 648,633 |
Dell Technologies, Inc., Class C
| | 9,631 | | 1,112,766 |
DXC Technology Co.(b)
| | 22,273 | | 460,383 |
F5, Inc.(b)
| | 877 | | 178,163 |
First Solar, Inc.(b)
| | 853 | | 193,947 |
Flex Ltd.(b)
| | 16,522 | | 536,800 |
Fortinet, Inc.(b)
| | 4,288 | | 328,932 |
Gartner, Inc.(b)
| | 424 | | 208,591 |
Gen Digital, Inc.
| | 8,539 | | 225,942 |
GoDaddy, Inc., Class A(b)
| | 1,645 | | 275,389 |
Hewlett Packard Enterprise Co.
| | 56,545 | | 1,095,277 |
HP, Inc.
| | 28,137 | | 1,017,997 |
Insight Enterprises, Inc.(b)(c)
| | 864 | | 187,548 |
Intel Corp.
| | 101,858 | | 2,244,950 |
International Business Machines Corp.
| | 14,460 | | 2,922,800 |
Intuit, Inc.
| | 1,674 | | 1,055,055 |
Jabil, Inc.
| | 4,831 | | 527,932 |
Juniper Networks, Inc.
| | 6,805 | | 264,578 |
Keysight Technologies, Inc.(b)
| | 1,756 | | 270,635 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco RAFITM Strategic US ETF (IUS)—(continued)
August 31, 2024
| | Shares | | Value |
| Information Technology-(continued) |
KLA Corp.
| | 899 | | $ 736,668 |
Kyndryl Holdings, Inc.(b)
| | 7,147 | | 169,312 |
Lam Research Corp.
| | 1,072 | | 880,123 |
Marvell Technology, Inc.
| | 5,910 | | 450,578 |
Microchip Technology, Inc.
| | 6,249 | | 513,418 |
Micron Technology, Inc.
| | 10,160 | | 977,798 |
Microsoft Corp.
| | 37,464 | | 15,627,733 |
Motorola Solutions, Inc.
| | 966 | | 427,011 |
NetApp, Inc.
| | 2,901 | | 350,209 |
NVIDIA Corp.
| | 38,709 | | 4,620,693 |
ON Semiconductor Corp.(b)
| | 5,124 | | 399,006 |
Oracle Corp.
| | 10,804 | | 1,526,497 |
Palo Alto Networks, Inc.(b)
| | 996 | | 361,269 |
Qorvo, Inc.(b)
| | 2,078 | | 240,819 |
QUALCOMM, Inc.
| | 10,824 | | 1,897,447 |
Roper Technologies, Inc.
| | 775 | | 429,668 |
Salesforce, Inc.
| | 9,164 | | 2,317,576 |
Seagate Technology Holdings PLC
| | 2,107 | | 209,752 |
ServiceNow, Inc.(b)
| | 607 | | 518,985 |
Skyworks Solutions, Inc.
| | 3,325 | | 364,387 |
Snowflake, Inc., Class A(b)
| | 1,413 | | 161,407 |
Synopsys, Inc.(b)
| | 701 | | 364,226 |
TD SYNNEX Corp.
| | 5,711 | | 693,430 |
TE Connectivity Ltd.
| | 4,837 | | 742,963 |
Teledyne Technologies, Inc.(b)
| | 566 | | 244,965 |
Teradyne, Inc.
| | 1,216 | | 166,264 |
Texas Instruments, Inc.
| | 7,731 | | 1,657,062 |
Twilio, Inc., Class A(b)
| | 3,997 | | 250,852 |
VeriSign, Inc.(b)
| | 890 | | 163,671 |
Western Digital Corp.(b)
| | 3,450 | | 226,285 |
Workday, Inc., Class A(b)
| | 1,254 | | 330,040 |
Xerox Holdings Corp.(c)
| | 13,047 | | 147,822 |
Zoom Video Communications, Inc., Class A(b)
| | 3,914 | | 270,379 |
| | | | | 99,875,722 |
| Materials-3.83% |
Air Products and Chemicals, Inc.
| | 2,676 | | 746,203 |
Albemarle Corp.
| | 2,757 | | 248,819 |
Alcoa Corp.(c)
| | 4,980 | | 159,858 |
Alpha Metallurgical Resources, Inc.(c)
| | 560 | | 133,924 |
Amcor PLC
| | 40,414 | | 462,336 |
Arch Resources, Inc.
| | 959 | | 130,836 |
Avery Dennison Corp.
| | 925 | | 205,211 |
Ball Corp.
| | 4,410 | | 281,402 |
Berry Global Group, Inc.
| | 5,572 | | 383,688 |
Celanese Corp.
| | 2,100 | | 274,260 |
CF Industries Holdings, Inc.
| | 6,208 | | 515,823 |
Cleveland-Cliffs, Inc.(b)(c)
| | 26,981 | | 352,372 |
Commercial Metals Co.(c)
| | 4,178 | | 223,899 |
Corteva, Inc.
| | 13,354 | | 765,184 |
Crown Holdings, Inc.
| | 2,865 | | 259,025 |
Dow, Inc.
| | 24,165 | | 1,294,761 |
DuPont de Nemours, Inc.
| | 10,122 | | 852,779 |
Eastman Chemical Co.
| | 3,085 | | 315,811 |
Ecolab, Inc.
| | 1,823 | | 461,547 |
Freeport-McMoRan, Inc.
| | 16,394 | | 725,926 |
Graphic Packaging Holding Co.(c)
| | 7,461 | | 223,308 |
Huntsman Corp.
| | 8,349 | | 184,095 |
International Flavors & Fragrances, Inc.
| | 4,834 | | 502,688 |
International Paper Co.(c)
| | 13,556 | | 656,382 |
| | Shares | | Value |
| Materials-(continued) |
Linde PLC
| | 5,014 | | $ 2,397,945 |
LyondellBasell Industries N.V., Class A
| | 8,971 | | 885,438 |
Martin Marietta Materials, Inc.
| | 511 | | 272,956 |
Mosaic Co. (The)
| | 20,930 | | 597,970 |
Newmont Corp.
| | 17,938 | | 957,710 |
Nucor Corp.
| | 8,106 | | 1,231,382 |
Olin Corp.
| | 5,211 | | 227,564 |
Packaging Corp. of America
| | 1,664 | | 348,675 |
PPG Industries, Inc.
| | 3,529 | | 457,817 |
Reliance, Inc.(c)
| | 1,509 | | 432,555 |
RPM International, Inc.(c)
| | 1,623 | | 188,674 |
Sherwin-Williams Co. (The)
| | 2,076 | | 766,812 |
Smurfit WestRock PLC
| | 9,221 | | 437,260 |
Sonoco Products Co.
| | 2,772 | | 156,812 |
Steel Dynamics, Inc.
| | 5,289 | | 632,088 |
Ternium S.A., ADR (Mexico)
| | 12,905 | | 434,511 |
United States Steel Corp.(c)
| | 14,441 | | 547,458 |
Vulcan Materials Co.
| | 1,199 | | 294,007 |
| | | | | 21,627,771 |
| Real Estate-0.65% |
CBRE Group, Inc., Class A(b)
| | 6,120 | | 704,657 |
CoStar Group, Inc.(b)
| | 1,858 | | 143,623 |
Equinix, Inc.
| | 629 | | 524,813 |
Host Hotels & Resorts, Inc.
| | 13,021 | | 230,472 |
Iron Mountain, Inc.
| | 3,070 | | 347,708 |
Jones Lang LaSalle, Inc.(b)
| | 1,449 | | 369,828 |
Public Storage
| | 2,328 | | 800,180 |
SBA Communications Corp., Class A
| | 939 | | 212,834 |
Weyerhaeuser Co.
| | 11,821 | | 360,422 |
| | | | | 3,694,537 |
| Utilities-1.28% |
AES Corp. (The)
| | 17,907 | | 306,747 |
CenterPoint Energy, Inc.
| | 18,089 | | 493,830 |
CMS Energy Corp.
| | 5,417 | | 367,598 |
Consolidated Edison, Inc.
| | 8,383 | | 851,377 |
Constellation Energy Corp.
| | 1,027 | | 202,011 |
DTE Energy Co.
| | 4,728 | | 591,094 |
Exelon Corp.
| | 25,900 | | 986,531 |
FirstEnergy Corp.
| | 11,892 | | 522,297 |
National Fuel Gas Co.(c)
| | 2,722 | | 162,667 |
NRG Energy, Inc.
| | 4,098 | | 348,371 |
ONE Gas, Inc.
| | 2,435 | | 167,869 |
PPL Corp.
| | 16,107 | | 513,974 |
UGI Corp.(c)
| | 10,401 | | 259,089 |
Vistra Corp.
| | 6,702 | | 572,552 |
Xcel Energy, Inc.
| | 14,679 | | 898,795 |
| | | | | 7,244,802 |
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.94%
(Cost $520,394,776)
| | 564,057,513 |
| Investments Purchased with Cash Collateral from Securities on Loan |
| Money Market Funds-3.05% |
Invesco Private Government Fund, 5.28%(d)(e)(f)
| | 4,669,544 | | 4,669,544 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco RAFITM Strategic US ETF (IUS)—(continued)
August 31, 2024
| | Shares | | Value |
| Money Market Funds-(continued) |
Invesco Private Prime Fund, 5.46%(d)(e)(f)
| | 12,519,908 | | $ 12,524,916 |
Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $17,193,385)
| | 17,194,460 |
TOTAL INVESTMENTS IN SECURITIES-102.99%
(Cost $537,588,161)
| | 581,251,973 |
OTHER ASSETS LESS LIABILITIES-(2.99)%
| | (16,865,465) |
NET ASSETS-100.00%
| | $564,386,508 |
| Investment Abbreviations: |
| ADR | -American Depositary Receipt |
| Notes to Schedule of Investments: |
| (a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
| (b) | Non-income producing security. |
| (c) | All or a portion of this security was out on loan at August 31, 2024. |
| (d) | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024. |
| | Value
August 31, 2023 | | Purchases
at Cost | | Proceeds
from Sales | | Change in
Unrealized
Appreciation | | Realized
Gain | | Value
August 31, 2024 | | Dividend
Income |
| Investments in Affiliated Money Market Funds: | | | | | | | | | | | | | |
| Invesco Government & Agency Portfolio, Institutional Class | $- | | $6,418,980 | | $(6,418,980) | | $- | | $- | | $- | | $4,580 |
| Investments Purchased with Cash Collateral from Securities on Loan: | | | | | | | | | | | | | |
| Invesco Private Government Fund | 2,195,569 | | 49,599,667 | | (47,125,692) | | - | | - | | 4,669,544 | | 190,895* |
| Invesco Private Prime Fund | 5,653,488 | | 93,080,555 | | (86,212,432) | | 1,180 | | 2,125 | | 12,524,916 | | 515,165* |
| Total | $7,849,057 | | $149,099,202 | | $(139,757,104) | | $1,180 | | $2,125 | | $17,194,460 | | $710,640 |
| * | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
| (e) | The rate shown is the 7-day SEC standardized yield as of August 31, 2024. |
| (f) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Statements of Assets and Liabilities
August 31, 2024
| | Invesco
Bloomberg
Pricing Power
ETF (POWA) | | Invesco
RAFITM
Strategic US
ETF (IUS) |
| Assets: | | | |
Unaffiliated investments in securities, at value(a)
| $195,257,026 | | $564,057,513 |
Affiliated investments in securities, at value
| 23,005,509 | | 17,194,460 |
Cash
| 765 | | - |
| Receivable for: | | | |
Dividends
| 241,536 | | 971,006 |
Securities lending
| 1,173 | | 5,005 |
Investments sold
| 829,437 | | - |
Fund shares sold
| - | | 1,240,414 |
Expenses absorbed
| 986 | | - |
Foreign tax reclaims
| 165 | | 1,131 |
Total assets
| 219,336,597 | | 583,469,529 |
| Liabilities: | | | |
Due to custodian
| - | | 565,216 |
| Payable for: | | | |
Investments purchased
| - | | 1,237,893 |
Collateral upon return of securities loaned
| 22,980,567 | | 17,193,385 |
Fund shares repurchased
| 831,739 | | - |
Accrued unitary management fees
| 65,966 | | 86,527 |
Accrued trustees’ and officer’s fees
| 98 | | - |
Accrued expenses
| 30,121 | | - |
Total liabilities
| 23,908,491 | | 19,083,021 |
Net Assets
| $195,428,106 | | $564,386,508 |
| Net assets consist of: | | | |
Shares of beneficial interest
| $250,213,631 | | $533,761,730 |
Distributable earnings (loss)
| (54,785,525) | | 30,624,778 |
Net Assets
| $195,428,106 | | $564,386,508 |
Shares outstanding (unlimited amount authorized, $0.01 par value)
| 2,350,000 | | 11,375,001 |
Net asset value
| $83.16 | | $49.62 |
Market price
| $83.16 | | $49.62 |
Unaffiliated investments in securities, at cost
| $170,745,648 | | $520,394,776 |
Affiliated investments in securities, at cost
| $23,004,626 | | $17,193,385 |
(a)Includes securities on loan with an aggregate value of:
| $22,623,051 | | $16,819,733 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Statements of Operations
For the year ended August 31, 2024
| | Invesco
Bloomberg
Pricing Power
ETF (POWA) | | Invesco
RAFITM
Strategic US
ETF (IUS) |
| Investment income: | | | |
Unaffiliated dividend income
| $2,618,928 | | $7,231,111 |
Affiliated dividend income
| 5,203 | | 4,580 |
Securities lending income, net
| 13,810 | | 99,298 |
Foreign withholding tax
| - | | (7,685) |
Total investment income
| 2,637,941 | | 7,327,304 |
| Expenses: | | | |
Unitary management fees
| 784,371 | | 721,880 |
Other expenses
| 58,465 | | - |
Total expenses
| 842,836 | | 721,880 |
Less: Waivers
| (97) | | (84) |
Net expenses
| 842,739 | | 721,796 |
Net investment income
| 1,795,202 | | 6,605,508 |
| Realized and unrealized gain (loss) from: | | | |
| Net realized gain (loss) from: | | | |
Unaffiliated investment securities
| 4,170,143 | | (5,633,839) |
Affiliated investment securities
| (3,938) | | 2,125 |
In-kind redemptions
| 15,050,133 | | 37,483,109 |
Net realized gain
| 19,216,338 | | 31,851,395 |
| Change in net unrealized appreciation of: | | | |
Unaffiliated investment securities
| 18,304,492 | | 40,349,890 |
Affiliated investment securities
| 883 | | 1,180 |
Change in net unrealized appreciation
| 18,305,375 | | 40,351,070 |
Net realized and unrealized gain
| 37,521,713 | | 72,202,465 |
Net increase in net assets resulting from operations
| $39,316,915 | | $78,807,973 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Statements of Changes in Net Assets
For the years ended August 31, 2024 and 2023
| | Invesco Bloomberg Pricing
Power ETF (POWA) | | Invesco RAFITM
Strategic US ETF (IUS) |
| | 2024 | | 2023 | | 2024 | | 2023 |
| Operations: | | | | | | | |
Net investment income
| $1,795,202 | | $3,825,428 | | $6,605,508 | | $3,567,091 |
Net realized gain
| 19,216,338 | | 8,518,338 | | 31,851,395 | | 14,278,630 |
Change in net unrealized appreciation
| 18,305,375 | | 1,748,510 | | 40,351,070 | | 6,266,534 |
Net increase in net assets resulting from operations
| 39,316,915 | | 14,092,276 | | 78,807,973 | | 24,112,255 |
| Distributions to Shareholders from: | | | | | | | |
Distributable earnings
| (3,149,107) | | (4,063,244) | | (5,696,003) | | (3,191,512) |
| Shareholder Transactions: | | | | | | | |
Proceeds from shares sold
| 88,775,619 | | 138,251,132 | | 396,365,299 | | 172,451,669 |
Value of shares repurchased
| (146,832,662) | | (196,076,496) | | (127,311,154) | | (122,753,363) |
Net increase (decrease) in net assets resulting from share transactions
| (58,057,043) | | (57,825,364) | | 269,054,145 | | 49,698,306 |
Net increase (decrease) in net assets
| (21,889,235) | | (47,796,332) | | 342,166,115 | | 70,619,049 |
| Net assets: | | | | | | | |
Beginning of year
| 217,317,341 | | 265,113,673 | | 222,220,393 | | 151,601,344 |
End of year
| $195,428,106 | | $217,317,341 | | $564,386,508 | | $222,220,393 |
| Changes in Shares Outstanding: | | | | | | | |
Shares sold
| 1,150,000 | | 2,060,000 | | 8,725,000 | | 4,500,000 |
Shares repurchased
| (1,960,000) | | (2,940,000) | | (2,725,000) | | (3,250,000) |
Shares outstanding, beginning of year
| 3,160,000 | | 4,040,000 | | 5,375,001 | | 4,125,001 |
Shares outstanding, end of year
| 2,350,000 | | 3,160,000 | | 11,375,001 | | 5,375,001 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco Bloomberg Pricing Power ETF (POWA)
| | Years Ended August 31, |
| | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
| Per Share Operating Performance: | | | | | | | | | |
Net asset value at beginning of year
| $68.77 | | $65.62 | | $69.50 | | $56.99 | | $53.27 |
Net investment income(a)
| 0.67 | | 1.03 | | 0.92 | | 0.64 | | 0.75 |
Net realized and unrealized gain (loss) on investments
| 14.88 | | 3.10 | | (4.02) | | 12.66 | | 3.62 |
Total from investment operations
| 15.55 | | 4.13 | | (3.10) | | 13.30 | | 4.37 |
| Distributions to shareholders from: | | | | | | | | | |
Net investment income
| (1.16) | | (0.98) | | (0.78) | | (0.79) | | (0.65) |
Net asset value at end of year
| $83.16 | | $68.77 | | $65.62 | | $69.50 | | $56.99 |
Market price at end of year(b)
| $83.16 | | $68.79 | | $65.68 | | $69.47 | | $57.08 |
Net Asset Value Total Return(c)
| 22.90% | | 6.36% | | (4.54)% | | 23.61% | | 8.22% |
Market Price Total Return(c)
| 22.85% | | 6.29% | | (4.40)% | | 23.36% | | 8.34% |
| Ratios/Supplemental Data: | | | | | | | | | |
Net assets at end of year (000’s omitted)
| $195,428 | | $217,317 | | $265,114 | | $300,920 | | $307,735 |
| Ratio to average net assets of: | | | | | | | | | |
Expenses
| 0.43% | | 0.53% | | 0.54% | | 0.55% | | 0.53% |
Net investment income
| 0.92% | | 1.54% | | 1.35% | | 1.05% | | 1.42% |
Portfolio turnover rate(d)
| 96% | | 195% | | 134% | | 121% | | 136% |
| (a) | Based on average shares outstanding. |
| (b) | The mean between the last bid and ask prices. |
| (c) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
| (d) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. For the year ended August 31, 2023, the portfolio turnover calculation includes the value of securities purchased and sold in the effort to realign the Fund’s portfolio holdings due to the underlying index change. |
Invesco RAFITM Strategic US ETF (IUS)
| | Years Ended August 31, |
| | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
| Per Share Operating Performance: | | | | | | | | | |
Net asset value at beginning of year
| $41.34 | | $36.75 | | $38.50 | | $28.08 | | $24.93 |
Net investment income(a)
| 0.79 | | 0.69 | | 0.64 | | 0.56 | | 0.54 |
Net realized and unrealized gain (loss) on investments
| 8.24 | | 4.55 | | (1.72) | | 10.40 | | 3.13 |
Total from investment operations
| 9.03 | | 5.24 | | (1.08) | | 10.96 | | 3.67 |
| Distributions to shareholders from: | | | | | | | | | |
Net investment income
| (0.75) | | (0.65) | | (0.67) | | (0.54) | | (0.52) |
Net asset value at end of year
| $49.62 | | $41.34 | | $36.75 | | $38.50 | | $28.08 |
Market price at end of year(b)
| $49.62 | | $41.34 | | $36.79 | | $38.52 | | $28.14 |
Net Asset Value Total Return(c)
| 22.08% | | 14.46% | | (2.84)% | | 39.47% | | 15.17% |
Market Price Total Return(c)
| 22.08% | | 14.34% | | (2.78)% | | 39.25% | | 15.38% |
| Ratios/Supplemental Data: | | | | | | | | | |
Net assets at end of year (000’s omitted)
| $564,387 | | $222,220 | | $151,601 | | $180,010 | | $143,213 |
| Ratio to average net assets of: | | | | | | | | | |
Expenses
| 0.19% | | 0.19% | | 0.19% | | 0.19% | | 0.19% |
Net investment income
| 1.74% | | 1.81% | | 1.65% | | 1.69% | | 2.09% |
Portfolio turnover rate(d)
| 14% | | 13% | | 10% | | 15% | | 15% |
| (a) | Based on average shares outstanding. |
| (b) | The mean between the last bid and ask prices. |
| (c) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
| (d) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Notes to Financial Statements
Invesco Exchange-Traded Self-Indexed Fund Trust
August 31, 2024
NOTE 1—Organization
Invesco Exchange-Traded Self-Indexed Fund Trust (the “Trust”) was organized as a Delaware statutory trust and is authorized to have multiple series of portfolios. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). This report includes the following portfolios:
| Full Name | | Short Name |
| Invesco Bloomberg Pricing Power ETF (POWA) | | "Bloomberg Pricing Power ETF" |
| Invesco RAFITM Strategic US ETF (IUS) | | "RAFITM Strategic US ETF" |
Each portfolio (each, a “Fund”, and collectively, the “Funds”) represents a separate series of the Trust. The shares of the Funds are referred to herein as “Shares” or “Fund’s Shares.” Bloomberg Pricing Power ETF’s Shares are listed and traded on NYSE Arca, Inc. RAFITM Strategic US ETF’s Shares are listed and traded on The Nasdaq Stock Market LLC.
The market price of each Share may differ to some degree from a Fund’s net asset value (“NAV”). Unlike conventional mutual funds, each Fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a “Creation Unit.” Creation Units are issued and redeemed principally in exchange for the deposit or delivery of a basket of securities (“Deposit Securities”), though each Fund reserves the right to issue and redeem Creation Units in exchange for the deposit or delivery of cash. Except when aggregated in Creation Units by authorized participants ("APs"), the Shares are not individually redeemable securities of the Funds.
The investment objective of each Fund is to seek to track the investment results (before fees and expenses) of its respective index listed below (each, an “Underlying Index”):
| Fund | | Underlying Index |
| Bloomberg Pricing Power ETF | | Bloomberg Pricing Power Index |
| RAFITM Strategic US ETF | | Invesco Strategic US Index |
NOTE 2—Significant Accounting Policies
The following is a summary of the significant accounting policies followed by the Funds in preparation of their financial statements.
Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services—Investment Companies.
| A. | Security Valuation - Securities, including restricted securities, are valued according to the following policies: |
A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded or, lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.
Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day NAV per share.
Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.
Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly.
Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
Foreign securities’ (including foreign exchange contracts’) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the London world markets. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Capital Management LLC (the “Adviser”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the New York Stock Exchange (“NYSE”), closing market quotations may become not representative of market value in the Adviser’s judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board-approved policies and related Adviser procedures (“Valuation Procedures”). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American depositary receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, the potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.
Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.
Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.
Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The mean between the last bid and ask prices may be used to value debt obligations, including corporate loans, and unlisted equity securities.
Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer-specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.
Each Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.
Valuations change in response to many factors, including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
The price a Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, a Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.
| B. | Investment Transactions and Investment Income - Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest income is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Dividend income from REITs is recorded based on the income |
| | included in the distributions received from the REIT investments using published REIT classifications, including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes. |
The Funds may periodically participate in litigation related to a Fund’s investments. As such, the Funds may receive proceeds from litigation settlements. Any proceeds received are included in the Statements of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of a Fund’s NAV and, accordingly, they reduce a Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between each Fund and the Adviser.
| C. | Country Determination - For the purposes of presentation in the Schedules of Investments, the Adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include whether each Fund’s Underlying Index has made a country determination and may include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted. |
| D. | Dividends and Distributions to Shareholders - Bloomberg Pricing Power ETF declares and pays dividends from net investment income, if any, to its shareholders annually and records such dividends on the ex-dividend date. RAFITM Strategic US ETF declares and pays dividends from net investment income, if any, to its shareholders quarterly and records such dividends on the ex-dividend date. In addition, the Funds intend to distribute any capital gains to shareholders as capital gain dividends at least annually. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America ("GAAP"). Distributions in excess of tax basis earnings and profits, if any, are reported in such Fund’s financial statements as a tax return of capital at fiscal year or period-end. |
| E. | Federal Income Taxes - Each Fund intends to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute substantially all of the Fund’s taxable earnings to its shareholders. As such, the Funds will not be subject to federal income taxes on otherwise taxable income (including net realized gains) that is distributed to the shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements. |
Each Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.
Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. These differences are primarily due to differing book and tax treatments for in-kind transactions, losses deferred due to wash sales, and passive foreign investment company adjustments, if any.
The Funds file U.S. federal tax returns and tax returns in certain other jurisdictions. Generally, a Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
| F. | Expenses - Each Fund has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser pays for substantially all expenses of the Funds, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust or the Adviser (an "Interested Trustee"), or (iii) any other matters that directly benefit the Adviser). |
Expenses of the Trust that are excluded from a Fund’s unitary management fee and are directly identifiable to a specific Fund are applied to that Fund. Expenses of the Trust that are excluded from a Fund’s unitary management fee and are not
readily identifiable to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of each Fund.
To the extent a Fund invests in other investment companies, the expenses shown in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses of the investment companies in which it invests. The effects of such investment companies’ expenses are included in the realized and unrealized gain or loss on the investments in the investment companies.
| G. | Accounting Estimates - The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements, including estimates and assumptions related to taxation. Actual results could differ from these estimates. In addition, the Funds monitor for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print. |
| H. | Indemnifications - Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Each Board member who is not an "interested person" (as defined in the 1940 Act) of the Trust or the Adviser (each, an "Independent Trustee") is also indemnified against certain liabilities arising out of the performance of their duties to the Trust pursuant to an Indemnification Agreement between such trustee and the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote. |
| I. | Securities Lending - Each Fund may participate in securities lending and may loan portfolio securities having a market value up to one-third of each Fund’s total assets. Such loans are secured by cash collateral equal to no less than 102% (105% for international securities) of the market value of the loaned securities determined daily by the securities lending provider. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedules of Investments. Each Fund bears the risk of loss with respect to the investment of collateral. It is the policy of these Funds to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, each Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to each Fund if, and to the extent that, the market value of the securities loaned were to increase, and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or each Fund. Upon termination, the borrower will return to each Fund the securities loaned and each Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. Each Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to each Fund. Some of these losses may be indemnified by the lending agent. Each Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. For Funds that participated in securities lending, dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Securities lending income, net on the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities. |
Invesco Advisers, Inc. (“Invesco”), an affiliate of the Adviser, serves as an affiliated securities lending agent for each Fund participating in the securities lending program. The Bank of New York Mellon (“BNYM”) also serves as a securities lending agent. To the extent a Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the fiscal year ended August 31, 2024, each Fund had affiliated securities lending transactions with Invesco. Fees paid to Invesco for securities lending agent services, which are included in Securities lending income on the Statements of Operations, were incurred by each Fund as listed below:
| | Amount |
| Bloomberg Pricing Power ETF | $1,436 |
| RAFITM Strategic US ETF | 2,739 |
AP Concentration Risk. Only APs may engage in creation or redemption transactions directly with each Fund. Each Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities held by each Fund are traded outside a collateralized settlement system.
In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to each Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished trading market for Fund Shares, and Shares may be more likely to trade at a premium or discount to a Fund’s NAV and to face trading halts and/or delisting.
Equity Risk. Equity risk is the risk that the value of equity securities, including common stocks, may fall due to both changes in general economic conditions that impact the market as a whole, as well as factors that directly relate to a specific company or its industry. Such general economic conditions include changes in interest rates, periods of market turbulence or instability, or general and prolonged periods of economic decline and cyclical change. It is possible that a drop in the stock market may depress the price of most or all of the common stocks that each Fund holds. In addition, equity risk includes the risk that investor sentiment toward one or more industries will become negative, resulting in those investors exiting their investments in those industries, which could cause a reduction in the value of companies in those industries more broadly. The value of a company’s common stock may fall solely because of factors, such as an increase in production costs that negatively impact other companies in the same region, industry or sector of the market. A company’s common stock also may decline significantly in price over a short period of time due to factors specific to that company, including decisions made by its management or lower demand for the company’s products or services. For example, an adverse event, such as an unfavorable earnings report or the failure to make anticipated dividend payments, may depress the value of common stock.
Index Risk. Unlike many investment companies that are "actively managed", each Fund is a "passive" investor and therefore does not utilize an investing strategy that seeks returns in excess of its respective Underlying Index. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its Underlying Index, even if that security generally is underperforming. If a specific security is removed from an Underlying Index, its respective Fund may be forced to sell such security at an inopportune time or for a price lower than the security’s current market value. An Underlying Index may not contain the appropriate mix of securities for any particular economic cycle. Additionally, each Fund rebalances its portfolio in accordance with its Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to each Fund’s rebalance schedule. Further, unlike with an actively managed fund, the Adviser does not use techniques or defensive strategies designed to lessen the impact of periods of market volatility or market decline. This means that, based on certain market and economic conditions, a Fund’s performance could be lower than other types of funds with investment advisers that actively manage their portfolio assets to take advantage of market opportunities or defend against market events.
Industry Concentration Risk. In following its methodology, each Fund’s Underlying Index from time to time may be concentrated to a significant degree in securities of issuers operating in a single industry or industry group. To the extent that each Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the corresponding Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, each Fund may face more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which each Fund invests, may include, but are not limited to, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand in a particular industry; competition for resources, adverse labor relations, political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in an industry. In addition, at times, such industry or industry group may be out of favor and underperform other industries or the market as a whole.
Market Risk. Securities in each Underlying Index are subject to market fluctuations. You should anticipate that the value of the Shares will decline, more or less, in correlation with any decline in value of the securities in an Underlying Index. Additionally, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises or other events could result in increased premiums or discounts to each Fund’s NAV.
Non-Correlation Risk. Each Fund’s return may not match the return of its corresponding Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of its corresponding Underlying Index. In addition, the performance of each Fund and its corresponding Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its corresponding Underlying Index resulting from legal restrictions, costs or liquidity constraints.
Portfolio Turnover Risk. Bloomberg Pricing Power ETF may engage in frequent trading of its portfolio securities in connection with the rebalancing or adjustment of its Underlying Index. A portfolio turnover rate of 200%, for example, is equivalent to the Fund buying and selling all of its securities two times during the course of a year. A high portfolio turnover rate (such as 100% or more) could result in high brokerage costs for the Fund. While a high portfolio turnover rate can result in an increase in taxable capital gains distributions to the Fund’s shareholders, the Fund will seek to utilize the in-kind creation and redemption mechanism to minimize the realization of capital gains to the extent possible.
REIT Risk. REITs are pooled investment vehicles that trade like stocks and invest substantially all of their assets in real estate and may qualify for special tax considerations. REITs are subject to certain risks inherent in the direct ownership of real estate, including without limitation, a possible lack of mortgage funds and associated interest rate risks, overbuilding, property
vacancies, increases in property taxes and operating expenses, changes in zoning laws, losses due to environmental damages and changes in neighborhood values and appeal to purchasers. Further, failure of a company to qualify as a REIT under federal tax law may have adverse consequences to the REIT’s shareholders. In addition, REITs may have expenses, including advisory and administration expenses, and REIT shareholders will incur a proportionate share of the underlying expenses.
Small- and Mid-Capitalization Company Risk. Investing in securities of small- and mid-capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. These companies’ securities may be more volatile and less liquid than those of more established companies. These securities may have returns that vary, sometimes significantly, from the overall securities market. Often small- and mid-capitalization companies and the industries in which they focus are still evolving and, as a result, they may be more sensitive to changing market conditions.
NOTE 3—Investment Advisory Agreement and Other Agreements
The Trust has entered into an Investment Advisory Agreement with the Adviser on behalf of each Fund, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Funds’ investments, managing the Funds’ business affairs and providing certain clerical, bookkeeping and other administrative services.
Pursuant to the Investment Advisory Agreement, each Fund accrues daily and pays monthly to the Adviser an annual unitary management fee. Out of the unitary management fee, the Adviser pays for substantially all expenses of the Funds, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser). The unitary management fee is paid by each Fund to the Adviser at the following annual rates:
| | Unitary Management Fees
(as a % of average daily net assets) |
| Bloomberg Pricing Power ETF | 0.40% |
| RAFITM Strategic US ETF | 0.19% |
Through at least August 31, 2026, the Adviser has contractually agreed to waive the management fee payable by each Fund in an amount equal to the lesser of: (i) 100% of the net advisory fees earned by the Adviser or an affiliate of the Adviser that are attributable to the Fund’s investments in money market funds that are managed by affiliates of the Adviser and other funds (including ETFs) managed by the Adviser or affiliates of the Adviser or (ii) the management fee available to be waived. This waiver does not apply to a Fund’s investment of cash collateral received for securities lending. There is no guarantee that the Adviser will extend the waiver of these fees past that date.
For the fiscal year ended August 31, 2024, the Adviser waived fees for each Fund in the following amounts:
| Bloomberg Pricing Power ETF | $97 |
| RAFITM Strategic US ETF | 84 |
The Trust has entered into a Distribution Agreement with Invesco Distributors, Inc. (the “Distributor”), which serves as the distributor of Creation Units for each Fund. The Distributor does not maintain a secondary market in the Shares. The Funds are not charged any fees pursuant to the Distribution Agreement. The Distributor is an affiliate of the Adviser.
The Adviser has entered into a licensing agreement on behalf of each Fund with the following entities (each, a “Licensor”):
| Fund | | Licensor |
| Bloomberg Pricing Power ETF | | Bloomberg Index Services Limited |
| RAFITM Strategic US ETF | | Invesco Indexing LLC |
Each Underlying Index name trademark is owned by its respective Licensor. These trademarks have been licensed to the Adviser for use by the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust’s sub-licensing agreement with the Adviser. The Funds are not sponsored, endorsed, sold or promoted by the Licensors, and the Licensors make no representation regarding the advisability of investing in any of the Funds.
The Trust has entered into service agreements whereby BNYM, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for each Fund.
For the fiscal year ended August 31, 2024, the Funds incurred brokerage commissions with Invesco Capital Markets, Inc. ("ICMI"), an affiliate of the Adviser and Distributor, for portfolio transactions executed on behalf of the Funds, as listed below:
| Bloomberg Pricing Power ETF | $9,986 |
| RAFITM Strategic US ETF | 617 |
Portfolio transactions with ICMI that have not settled at period-end, if any, are shown in the Statements of Assets and Liabilities under the receivable caption Investments sold - affiliated broker and/or payable caption Investments purchased - affiliated broker.
NOTE 4—Security Transactions with Affiliated Funds
Each Fund is permitted to purchase securities from or sell securities to certain other affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by each Invesco ETF from or to another fund that is or could be considered an "affiliated person" by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers is made in reliance on Rule 17a-7 of the 1940 Act and, to the extent applicable, related SEC staff positions. Each such transaction is effected at the security’s "current market price", as provided for in these procedures and Rule 17a-7.
For the fiscal year ended August 31, 2024, the following Fund engaged in transactions with affiliates as listed below:
| | Securities Purchases | | Securities Sales | | Net Realized Gains |
| RAFITM Strategic US ETF | $24,195 | | $- | | $- |
NOTE 5—Additional Valuation Information
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 — Prices are determined using quoted prices in an active market for identical assets.
Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.
The following is a summary of the tiered valuation input levels, as of August 31, 2024. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
| | Level 1 | | Level 2 | | Level 3 | | Total |
| Bloomberg Pricing Power ETF | | | | | | | |
| Investments in Securities | | | | | | | |
| Common Stocks & Other Equity Interests | $195,257,026 | | $- | | $- | | $195,257,026 |
| Money Market Funds | 24,059 | | 22,981,450 | | - | | 23,005,509 |
| Total Investments | $195,281,085 | | $22,981,450 | | $- | | $218,262,535 |
| RAFITM Strategic US ETF | | | | | | | |
| Investments in Securities | | | | | | | |
| Common Stocks & Other Equity Interests | $564,057,513 | | $- | | $- | | $564,057,513 |
| Money Market Funds | - | | 17,194,460 | | - | | 17,194,460 |
| Total Investments | $564,057,513 | | $17,194,460 | | $- | | $581,251,973 |
NOTE 6—Distributions to Shareholders and Tax Components of Net Assets
Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2024 and 2023:
| | 2024 | | 2023 |
| | Ordinary
Income* | | Ordinary
Income* |
| Bloomberg Pricing Power ETF | $3,149,107 | | $4,063,244 |
| RAFITM Strategic US ETF | 5,696,003 | | 3,191,512 |
| * | Includes short-term capital gain distributions, if any. |
Tax Components of Net Assets at Fiscal Year-End:
| | Undistributed
Ordinary
Income | | Net
Unrealized
Appreciation-
Investments | | Capital Loss
Carryforwards | | Shares of
Beneficial
Interest | | Total
Net Assets |
| Bloomberg Pricing Power ETF | $997,295 | | $23,592,649 | | $(79,375,469) | | $250,213,631 | | $195,428,106 |
| RAFITM Strategic US ETF | 1,754,818 | | 43,305,167 | | (14,435,207) | | 533,761,730 | | 564,386,508 |
Capital loss carryforwards are calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforwards actually available for the Funds to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
The Funds have capital loss carryforwards as of August 31, 2024, as follows:
| | No expiration | | |
| | Short-Term | | Long-Term | | Total* |
| Bloomberg Pricing Power ETF | $79,375,469 | | $- | | $79,375,469 |
| RAFITM Strategic US ETF | 7,882,840 | | 6,552,367 | | 14,435,207 |
| * | Capital loss carryforwards are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization. |
NOTE 7—Investment Transactions
For the fiscal year ended August 31, 2024, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Government obligations, money market funds and in-kind transactions, if any) were as follows:
| | Purchases | | Sales |
| Bloomberg Pricing Power ETF | $188,065,244 | | $189,894,417 |
| RAFITM Strategic US ETF | 55,754,013 | | 54,564,086 |
For the fiscal year ended August 31, 2024, in-kind transactions associated with creations and redemptions were as follows:
| | In-kind
Purchases | | In-kind
Sales |
| Bloomberg Pricing Power ETF | $88,703,670 | | $146,245,936 |
| RAFITM Strategic US ETF | 394,740,731 | | 126,078,315 |
Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.
As of August 31, 2024, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:
| | Gross
Unrealized
Appreciation | | Gross
Unrealized
(Depreciation) | | Net
Unrealized
Appreciation | | Cost |
| Bloomberg Pricing Power ETF | $26,998,104 | | $(3,405,455) | | $23,592,649 | | $194,669,886 |
| RAFITM Strategic US ETF | 61,021,643 | | (17,716,476) | | 43,305,167 | | 537,946,806 |
NOTE 8—Reclassification of Permanent Differences
Primarily as a result of differing book/tax treatment of redemption in-kind, amounts were reclassified between undistributed net investment income (loss), undistributed net realized gain (loss) and Shares of beneficial interest. These reclassifications had no effect on the net assets of each Fund. For the fiscal year ended August 31, 2024, the reclassifications were as follows:
| | Undistributed Net
Investment Income | | Undistributed Net
Realized Gain (Loss) | | Shares of
Beneficial Interest |
| Bloomberg Pricing Power ETF | $- | | $(14,817,902) | | $14,817,902 |
| RAFITM Strategic US ETF | 2,246 | | (37,352,328) | | 37,350,082 |
NOTE 9—Trustees’ and Officer’s Fees
The Adviser, as a result of each Fund’s unitary management fee, pays remuneration to the Independent Trustees and an Officer of the Trust on behalf of the Funds. Interested Trustees do not receive any Trustees’ fees.
The Trust has adopted a deferred compensation plan (the “Plan”). Under the Plan, each Independent Trustee who has executed a Deferred Fee Agreement (a “Participating Trustee”) may defer receipt of all or a portion of their compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select Invesco ETFs. The Deferral Fees payable to a Participating Trustee are valued as of the date such Deferral Fees would have been paid to a Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected. Obligations under the Plan represent unsecured claims against the general assets of the Funds.
NOTE 10—Capital
Shares are issued and redeemed by each Fund only in Creation Units consisting of a specified number of Shares as set forth in each Fund’s prospectus. Only APs are permitted to purchase or redeem Creation Units from the Funds. Such transactions are principally permitted in exchange for Deposit Securities, with a balancing cash component to equate the transaction to the NAV per Share of a Fund on the transaction date. However, for all Funds, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the AP or as a result of other market circumstances.
To the extent that the Funds permit transactions in exchange for Deposit Securities, each Fund may issue Shares in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash at least equal to 105% of the market value of the missing Deposit Securities. In accordance with the Trust’s Participant Agreement, Creation Units will be issued to an AP, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the AP to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the AP’s delivery and maintenance of collateral consisting of cash in the form of U.S. dollars in immediately available funds having a value (marked-to-market daily) at least equal to 105%, which the Adviser may change from time to time, of the value of the missing Deposit Securities.
Certain transaction fees may be charged by the Funds for creations and redemptions, which are treated as increases in capital.
Transactions in each Fund’s Shares are disclosed in detail in the Statements of Changes in Net Assets.
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Invesco Exchange-Traded Self-Indexed Fund Trust and Shareholders of Invesco Bloomberg Pricing Power ETF and Invesco RAFITM Strategic US ETF
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Invesco Bloomberg Pricing Power ETF and Invesco RAFITM Strategic US ETF (two of the funds constituting Invesco Exchange-Traded Self-Indexed Fund Trust, hereafter collectively referred to as the “Funds”) as of August 31, 2024, the related statements of operations for the year ended August 31, 2024, the statements of changes in net assets for each of the two years in the period ended August 31, 2024, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2024 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2024, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2024 and each of the financial highlights for each of the five years in the period ended August 31, 2024 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2024 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/PricewaterhouseCoopers LLP
Chicago, Illinois
October 25, 2024
We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.
Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.
The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.
Each Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended August 31, 2024:
| | Qualified
Business
Income* | | Qualified
Dividend
Income* | | Corporate
Dividends
Received
Deduction* | | U.S.
Treasury
Obligations* | | Business
Interest
Income* |
| Invesco Bloomberg Pricing Power ETF | 0% | | 100% | | 100% | | 0% | | 0% |
| Invesco RAFITM Strategic US ETF | 0% | | 100% | | 100% | | 0% | | 0% |
* The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.
Approval of Investment Advisory Contracts
At a meeting held on April 18, 2024, the Board of Trustees of the Invesco Exchange-Traded Self-Indexed Fund Trust (the “Trust”), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the “Adviser”) and the Trust for the following series (each, a “Fund” and collectively, the “Funds”):
Invesco Bloomberg Pricing Power ETF
Invesco BulletShares 2024 Corporate Bond ETF
Invesco BulletShares 2025 Corporate Bond ETF
Invesco BulletShares 2026 Corporate Bond ETF
Invesco BulletShares 2027 Corporate Bond ETF
Invesco BulletShares 2028 Corporate Bond ETF
Invesco BulletShares 2029 Corporate Bond ETF
Invesco BulletShares 2030 Corporate Bond ETF
Invesco BulletShares 2031 Corporate Bond ETF
Invesco BulletShares 2032 Corporate Bond ETF
Invesco BulletShares 2024 High Yield Corporate Bond ETF
Invesco BulletShares 2025 High Yield Corporate Bond ETF
Invesco BulletShares 2026 High Yield Corporate Bond ETF
Invesco BulletShares 2027 High Yield Corporate Bond ETF
Invesco BulletShares 2028 High Yield Corporate Bond ETF
Invesco BulletShares 2029 High Yield Corporate Bond ETF
Invesco BulletShares 2030 High Yield Corporate Bond ETF
Invesco BulletShares 2024 Municipal Bond ETF
Invesco BulletShares 2025 Municipal Bond ETF
Invesco BulletShares 2026 Municipal Bond ETF
Invesco BulletShares 2027 Municipal Bond ETF
Invesco BulletShares 2028 Municipal Bond ETF
Invesco BulletShares 2029 Municipal Bond ETF
Invesco BulletShares 2030 Municipal Bond ETF
Invesco BulletShares 2031 Municipal Bond ETF
Invesco BulletShares 2032 Municipal Bond ETF
Invesco International Developed Dynamic Multifactor ETF
Invesco Investment Grade Defensive ETF
Invesco Racial and Gender Diversity ETF
Invesco RAFITM Strategic US ETF
Invesco Russell 1000® Dynamic Multifactor ETF
Invesco Russell 2000® Dynamic Multifactor ETF
The Trustees reviewed information from the Adviser describing: (i) the nature, extent and quality of services provided or to be provided, (ii) the investment performance of each Fund, as applicable, and the Adviser, (iii) the fees paid or to be paid by the Funds and comparisons to amounts paid by other comparable registered investment companies, (iv) the costs of services provided or to be provided and estimated profits realized by the Adviser, as applicable, (v) the extent to which economies of scale may be realized as a Fund grows and whether fee levels reflect any possible economies of scale for the benefit of Fund shareholders and (vi) any further benefits realized by the Adviser or its affiliates from the Adviser’s relationship with the Funds.
Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions performed or to be performed by the Adviser for the Funds, information describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. (“Invesco”), and the background and experience of the persons responsible for the day-to-day management of the Funds. The Trustees reviewed matters related to the Adviser’s execution and/or oversight of execution of portfolio transactions on behalf of the Funds.
The Trustees reviewed information on the performance of the Funds (except Invesco Racial and Gender Diversity ETF which had not yet commenced operations as of December 31, 2023) and their underlying indexes for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2023, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund’s performance and the performance of its underlying index, as well as the Adviser’s analysis of the tracking error between certain Funds and their underlying indexes. In reviewing the tracking error reports, the Trustees considered information provided by Invesco’s independent performance and risk management group with respect to general expected tracking error ranges. The Trustees also considered that certain Funds were created in connection with the purchases by Invesco of the exchange-traded funds (“ETFs”) businesses of Guggenheim Capital LLC (“Guggenheim”) on April 6, 2018 or May 18, 2018 and Massachusetts Mutual Life Insurance Company (“Oppenheimer”) on May 24, 2019 (each, a “Transaction”), and that each such Fund’s performance prior to the closing of the applicable Transaction is that of its predecessor Guggenheim ETF or Oppenheimer ETF. The Trustees noted that, for each applicable period, the correlation and tracking error for each Fund was within the targeted range set forth in the Trust’s registration statement. The Board concluded that each Fund’s correlation to its underlying index and the tracking error for each Fund were within an acceptable range given that Fund’s particular circumstances.
The Trustees considered the services provided by the Adviser in its oversight of the Funds’ administrator, custodian and transfer agent. They noted the significant amount of time, effort and resources that had been devoted to this oversight function.
Approval of Investment Advisory Contracts—(continued)
Based on its review, the Board concluded that the nature, extent and quality of services provided or to be provided by the Adviser to the Funds under the Investment Advisory Agreement were or were expected to be appropriate and reasonable.
Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser on each Fund’s net expense ratio and unitary advisory fee. The Trustees noted that the annual advisory fee charged or to be charged to each Fund, as set forth below, is a unitary advisory fee and that the Adviser pays all other operating expenses of each Fund, except that each Fund pays its brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses, costs incurred in connection with proxies (except certain proxies) and other extraordinary expenses:
| • | 0.10% of the Fund’s average daily net assets for each of Invesco BulletShares 2024 Corporate Bond ETF, Invesco BulletShares 2025 Corporate Bond ETF, Invesco BulletShares 2026 Corporate Bond ETF, Invesco BulletShares 2027 Corporate Bond ETF, Invesco BulletShares 2028 Corporate Bond ETF, Invesco BulletShares 2029 Corporate Bond ETF, Invesco BulletShares 2030 Corporate Bond ETF, Invesco BulletShares 2031 Corporate Bond ETF and Invesco BulletShares 2032 Corporate Bond ETF; |
| • | 0.13% of the Fund’s average daily net assets for Invesco Investment Grade Defensive ETF; |
| • | 0.18% of the Fund’s average daily net assets for each of Invesco BulletShares 2024 Municipal Bond ETF, Invesco BulletShares 2025 Municipal Bond ETF, Invesco BulletShares 2026 Municipal Bond ETF, Invesco BulletShares 2027 Municipal Bond ETF, Invesco BulletShares 2028 Municipal Bond ETF, Invesco BulletShares 2029 Municipal Bond ETF, Invesco BulletShares 2030 Municipal Bond ETF, Invesco BulletShares 2031 Municipal Bond ETF and Invesco BulletShares 2032 Municipal Bond ETF; |
| • | 0.19% of the Fund’s average daily net assets for Invesco RAFITM Strategic US ETF; |
| • | 0.25% of the Fund’s average daily net assets for Invesco Racial and Gender Diversity ETF; |
| • | 0.29% of the Fund’s average daily net assets for Invesco Russell 1000® Dynamic Multifactor ETF; |
| • | 0.34% of the Fund’s average daily net assets for Invesco International Developed Dynamic Multifactor ETF; |
| • | 0.39% of the Fund’s average daily net assets for Invesco Russell 2000® Dynamic Multifactor ETF; |
| • | 0.40% of the Fund’s average daily net assets for Invesco Bloomberg Pricing Power ETF; and |
| • | 0.42% of the Fund’s average daily net assets for each of Invesco BulletShares 2024 High Yield Corporate Bond ETF, Invesco BulletShares 2025 High Yield Corporate Bond ETF, Invesco BulletShares 2026 High Yield Corporate Bond ETF, Invesco BulletShares 2027 High Yield Corporate Bond ETF, Invesco BulletShares 2028 High Yield Corporate Bond ETF, Invesco BulletShares 2029 High Yield Corporate Bond ETF and Invesco BulletShares 2030 High Yield Corporate Bond ETF. |
The Trustees compared each Fund’s net expense ratio to information compiled by the Adviser from Lipper Inc. databases on the net expense ratios of comparable ETFs, open-end (non-ETF) index funds and open-end (non-ETF) actively-managed funds, as applicable. The Trustees noted that the net expense ratios for certain Funds were equal to or lower than the median net expense ratios of their ETF and open-end index peer funds, as applicable, as illustrated in the table below. The Trustees also noted that the net expense ratios for all of the Funds were lower than the median net expense ratios of their open-end actively-managed peer funds.
| Invesco Fund | | Equal
to/Lower
than ETF
Peer Median | | Equal to/Lower
than Open-End
Index Fund
Peer Median* | | Lower than
Open-End
Active Fund
Peer Median |
| Invesco Bloomberg Pricing Power ETF | | | | | | X |
| Invesco BulletShares 2024 Corporate Bond ETF | | X | | | | X |
| Invesco BulletShares 2025 Corporate Bond ETF | | X | | | | X |
| Invesco BulletShares 2026 Corporate Bond ETF | | X | | | | X |
| Invesco BulletShares 2027 Corporate Bond ETF | | X | | | | X |
| Invesco BulletShares 2028 Corporate Bond ETF | | X | | | | X |
| Invesco BulletShares 2029 Corporate Bond ETF | | X | | | | X |
| Invesco BulletShares 2030 Corporate Bond ETF | | X | | | | X |
| Invesco BulletShares 2031 Corporate Bond ETF | | X | | | | X |
Approval of Investment Advisory Contracts—(continued)
| Invesco Fund | | Equal
to/Lower
than ETF
Peer Median | | Equal to/Lower
than Open-End
Index Fund
Peer Median* | | Lower than
Open-End
Active Fund
Peer Median |
| Invesco BulletShares 2032 Corporate Bond ETF | | X | | | | X |
| Invesco BulletShares 2024 High Yield Corporate Bond ETF | | | | N/A | | X |
| Invesco BulletShares 2025 High Yield Corporate Bond ETF | | | | N/A | | X |
| Invesco BulletShares 2026 High Yield Corporate Bond ETF | | | | N/A | | X |
| Invesco BulletShares 2027 High Yield Corporate Bond ETF | | | | N/A | | X |
| Invesco BulletShares 2028 High Yield Corporate Bond ETF | | | | N/A | | X |
| Invesco BulletShares 2029 High Yield Corporate Bond ETF | | | | N/A | | X |
| Invesco BulletShares 2030 High Yield Corporate Bond ETF | | | | N/A | | X |
| Invesco BulletShares 2024 Municipal Bond ETF | | | | N/A | | X |
| Invesco BulletShares 2025 Municipal Bond ETF | | X | | N/A | | X |
| Invesco BulletShares 2026 Municipal Bond ETF | | X | | N/A | | X |
| Invesco BulletShares 2027 Municipal Bond ETF | | X | | N/A | | X |
| Invesco BulletShares 2028 Municipal Bond ETF | | X | | N/A | | X |
| Invesco BulletShares 2029 Municipal Bond ETF | | X | | N/A | | X |
| Invesco BulletShares 2030 Municipal Bond ETF | | X | | N/A | | X |
| Invesco BulletShares 2031 Municipal Bond ETF | | X | | N/A | | X |
| Invesco BulletShares 2032 Municipal Bond ETF | | X | | | | X |
| Invesco International Developed Dynamic Multifactor ETF | | | | | | X |
| Invesco Investment Grade Defensive ETF | | X | | X | | X |
| Invesco Racial and Gender Diversity ETF | | X | | X | | X |
| Invesco RAFITM Strategic US ETF | | X | | | | X |
| Invesco Russell 1000® Dynamic Multifactor ETF | | X | | | | X |
| Invesco Russell 2000® Dynamic Multifactor ETF | | | | | | X |
| * | The information provided by the Adviser indicated that certain Funds did not have any open-end index fund peers. Those Funds have been designated in this column with an “N/A” for not available. |
The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, including products that have investment strategies comparable to that of Invesco Russell 1000® Dynamic Multifactor ETF and Invesco International Developed Dynamic Multifactor ETF. The Trustees considered the Adviser’s explanation of the differences between the services provided or to be provided to the Funds and to the other investment products it advises, noting the Adviser’s statement that the management and oversight of the Funds requires substantially more labor and expense.
Based on all of the information provided, the Board concluded that the unitary advisory fee charged or to be charged to each Fund was reasonable and appropriate in light of the services provided or to be provided, the nature of the index, the distinguishing factors of the Fund and the administrative, operational and management oversight costs for the Adviser.
In conjunction with their review of the unitary advisory fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Funds. The Trustees reviewed information provided by the Adviser regarding its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund. The Trustees did not consider the revenues received by the Adviser under the Investment Advisory Agreement or the estimated profitability of the Adviser in managing Invesco Racial and Gender Diversity ETF because the Fund had not yet commenced operations as of December 31, 2023. With respect to the Adviser’s profitability information, the Trustees considered that there is no recognized standard or uniform methodology for determining profitability for this purpose. Furthermore, the Trustees noted that there are limitations inherent in allocating costs and calculating profitability for an organization such as the Adviser’s. Based on the information provided, the Board concluded that the overall and estimated profitability to the Adviser was not unreasonable.
Approval of Investment Advisory Contracts—(continued)
Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of the Fund’s shareholders. The Trustees reviewed each Fund’s asset size and unitary advisory fee. The Trustees noted that any reduction in fixed costs associated with the management of the Funds would be enjoyed by the Adviser, but a unitary advisory fee provides a level of certainty in expenses for the Funds. The Trustees also noted that the Adviser has reduced advisory fees for the Invesco ETFs numerous times since 2011, including through permanent advisory fee reductions and various advisory fee waivers. The Board considered whether the unitary advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund and concluded that the unitary advisory fee rates were reasonable and appropriate.
Fall-out Benefits. The Trustees considered that the Adviser identified no additional benefits it receives from its relationship with the Funds, and noted that the Adviser is not a party to any soft-dollar, commission recapture or directed brokerage arrangements with respect to the Funds. The Trustees considered benefits received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser’s relationship with the Funds, including brokerage fees, advisory fees from affiliated money market cash management vehicles and fees as the Funds’ securities lending agent. The Trustees also considered that Invesco Distributors, Inc. and Invesco Indexing LLC, affiliates of the Adviser, serve as each Fund’s distributor and index provider and are paid a distribution fee and licensing fee, respectively, by the Adviser. The Board concluded that each Fund’s unitary advisory fee was reasonable, taking into account any ancillary benefits received by affiliates of the Adviser.
Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Investment Advisory Agreement for each Fund. No single factor was determinative in the Board’s analysis.
Other Information Required in Form N-CSR (Items 8-11)
Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.
Proxy Disclosures for Open-End Management Investment Companies
Not applicable.
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.
Statement Regarding Basis for Approval of Investment Advisory Contracts
The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.
©2024 Invesco Capital Management LLC
3500 Lacey Road, Suite 700
| Downers Grove, IL 60515 | P-SIEI-NCSR | invesco.com/ETFs |
Annual Financial Statements and Other Information
August 31, 2024
| IMFL | Invesco International Developed Dynamic Multifactor ETF |
| OMFL | Invesco Russell 1000® Dynamic Multifactor ETF |
| OMFS | Invesco Russell 2000® Dynamic Multifactor ETF |
Table of Contents
| Schedules of Investments | |
| 3 |
| 8 |
| 12 |
| 19 |
| 20 |
| 21 |
| 22 |
| 24 |
| 34 |
| 35 |
| 36 |
| 40 |
Invesco International Developed Dynamic Multifactor ETF (IMFL)
August 31, 2024
| | Shares | | Value |
| Common Stocks & Other Equity Interests-99.83% |
| Australia-7.45% |
Ampol Ltd.
| | 4,417 | | $ 86,701 |
ANZ Group Holdings Ltd.
| | 32,791 | | 676,360 |
Aristocrat Leisure Ltd.
| | 38,050 | | 1,412,444 |
Aurizon Holdings Ltd.
| | 41,709 | | 95,653 |
BHP Group Ltd.
| | 63,727 | | 1,762,845 |
BlueScope Steel Ltd.
| | 7,433 | | 104,194 |
Brambles Ltd.
| | 69,713 | | 862,284 |
Cochlear Ltd.
| | 8,588 | | 1,750,244 |
Coles Group Ltd.
| | 12,762 | | 162,703 |
Commonwealth Bank of Australia
| | 18,604 | | 1,760,883 |
Computershare Ltd.
| | 104,831 | | 2,022,165 |
CSL Ltd.
| | 1,009 | | 210,284 |
Deterra Royalties Ltd.
| | 31,863 | | 79,558 |
Fortescue Ltd.
| | 23,822 | | 295,302 |
Goodman Group
| | 242,175 | | 5,488,147 |
Insurance Australia Group Ltd.
| | 191,904 | | 983,062 |
James Hardie Industries PLC, CDI(a)
| | 13,440 | | 502,277 |
JB Hi-Fi Ltd.
| | 7,985 | | 431,096 |
Macquarie Group Ltd.
| | 2,962 | | 433,396 |
Medibank Pvt. Ltd.
| | 547,257 | | 1,433,272 |
National Australia Bank Ltd.
| | 23,313 | | 603,768 |
QBE Insurance Group Ltd.
| | 32,140 | | 344,333 |
REA Group Ltd.
| | 4,649 | | 690,802 |
Reece Ltd.
| | 11,773 | | 218,391 |
Rio Tinto Ltd.
| | 15,105 | | 1,143,248 |
Rio Tinto PLC
| | 27,080 | | 1,697,638 |
Seven Group Holdings Ltd.
| | 5,715 | | 159,293 |
Steadfast Group Ltd.
| | 47,100 | | 206,764 |
Suncorp Group Ltd.
| | 13,137 | | 157,501 |
Transurban Group
| | 12,683 | | 116,603 |
Washington H Soul Pattinson & Co. Ltd.
| | 7,358 | | 172,238 |
Wesfarmers Ltd.
| | 157,321 | | 7,749,493 |
Westpac Banking Corp.
| | 25,213 | | 534,424 |
Woodside Energy Group Ltd.
| | 6,313 | | 116,465 |
Woolworths Group Ltd.
| | 13,898 | | 336,455 |
| | | | | 34,800,286 |
| Austria-0.06% |
Mondi PLC
| | 15,671 | | 303,167 |
| Belgium-0.12% |
Lotus Bakeries N.V.(b)
| | 26 | | 327,510 |
UCB S.A.
| | 1,256 | | 227,586 |
| | | | | 555,096 |
| Canada-2.92% |
Alimentation Couche-Tard, Inc.
| | 36,087 | | 2,059,857 |
Brookfield Asset Management Ltd., Class A(b)
| | 13,696 | | 558,307 |
Canadian National Railway Co.
| | 15,965 | | 1,880,974 |
Canadian Pacific Kansas City Ltd.
| | 7,300 | | 605,937 |
CGI, Inc., Class A(a)
| | 4,635 | | 522,153 |
Constellation Software, Inc.
| | 437 | | 1,426,898 |
Dollarama, Inc.
| | 7,358 | | 745,218 |
Intact Financial Corp.
| | 662 | | 124,580 |
Loblaw Cos. Ltd.
| | 3,378 | | 440,825 |
Metro, Inc.
| | 2,695 | | 169,289 |
Thomson Reuters Corp.
| | 29,823 | | 5,107,583 |
| | | | | 13,641,621 |
| | Shares | | Value |
| Denmark-5.36% |
Novo Nordisk A/S, Class B
| | 177,158 | | $ 24,662,678 |
Novonesis (Novozymes) B, Class B
| | 5,001 | | 347,322 |
| | | | | 25,010,000 |
| Finland-0.38% |
Kone OYJ, Class B
| | 15,368 | | 830,129 |
Sampo OYJ
| | 14,853 | | 664,372 |
UPM-Kymmene OYJ
| | 8,918 | | 301,866 |
| | | | | 1,796,367 |
| France-8.00% |
Air Liquide S.A.
| | 15,503 | | 2,895,282 |
Airbus SE
| | 1,107 | | 170,101 |
Bouygues S.A.
| | 2,909 | | 104,359 |
Capgemini SE
| | 2,595 | | 538,576 |
Cie de Saint-Gobain S.A.
| | 9,074 | | 794,281 |
Cie Generale des Etablissements Michelin S.C.A.
| | 13,834 | | 543,760 |
Danone S.A.
| | 5,582 | | 388,024 |
Dassault Systemes SE
| | 7,038 | | 274,844 |
ENGIE S.A.
| | 28,932 | | 510,156 |
EssilorLuxottica S.A.
| | 5,887 | | 1,395,796 |
Hermes International S.C.A.
| | 3,341 | | 8,021,298 |
Legrand S.A.
| | 4,899 | | 548,778 |
L’Oreal S.A.
| | 22,719 | | 9,973,568 |
LVMH Moet Hennessy Louis Vuitton SE
| | 897 | | 669,506 |
Orange S.A.
| | 15,652 | | 178,450 |
Publicis Groupe S.A.
| | 8,731 | | 960,830 |
Safran S.A.
| | 898 | | 196,762 |
Schneider Electric SE
| | 31,088 | | 7,904,281 |
Thales S.A.
| | 781 | | 131,402 |
TotalEnergies SE
| | 6,506 | | 447,861 |
Veolia Environnement S.A.
| | 4,613 | | 152,878 |
Vinci S.A.
| | 4,724 | | 565,516 |
| | | | | 37,366,309 |
| Germany-8.33% |
adidas AG
| | 535 | | 137,388 |
Allianz SE
| | 20,095 | | 6,248,106 |
BASF SE
| | 3,323 | | 168,647 |
Bayerische Motoren Werke AG
| | 5,701 | | 528,941 |
Bayerische Motoren Werke AG, Preference Shares
| | 1,142 | | 98,851 |
Beiersdorf AG
| | 9,767 | | 1,413,551 |
Brenntag SE
| | 8,871 | | 660,054 |
Deutsche Post AG
| | 24,336 | | 1,055,951 |
Deutsche Telekom AG
| | 59,236 | | 1,685,763 |
E.ON SE
| | 114,651 | | 1,625,682 |
FUCHS SE, Preference Shares
| | 2,826 | | 119,055 |
Hannover Rueck SE
| | 624 | | 177,028 |
Heidelberg Materials AG
| | 4,557 | | 482,523 |
Henkel AG & Co. KGaA, Preference Shares
| | 2,398 | | 219,674 |
Merck KGaA
| | 1,178 | | 229,296 |
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Class R
| | 615 | | 333,088 |
Rational AG
| | 228 | | 230,038 |
SAP SE
| | 90,494 | | 19,805,190 |
Scout24 SE(c)
| | 8,230 | | 629,487 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco International Developed Dynamic Multifactor ETF (IMFL)—(continued)
August 31, 2024
| | Shares | | Value |
| Germany-(continued) |
Siemens AG
| | 15,537 | | $ 2,922,270 |
Siemens Healthineers AG(c)
| | 2,414 | | 140,497 |
| | | | | 38,911,080 |
| Hong Kong-1.39% |
AIA Group Ltd.
| | 20,315 | | 144,411 |
CK Asset Holdings Ltd.
| | 35,500 | | 143,586 |
CK Hutchison Holdings Ltd.
| | 65,580 | | 361,933 |
CK Infrastructure Holdings Ltd.
| | 51,280 | | 380,636 |
CLP Holdings Ltd.
| | 174,055 | | 1,559,721 |
Hong Kong & China Gas Co. Ltd. (The)
| | 365,146 | | 297,251 |
Hong Kong Exchanges & Clearing Ltd.
| | 14,990 | | 461,976 |
Jardine Matheson Holdings Ltd.
| | 5,054 | | 182,146 |
Link REIT
| | 99,500 | | 470,687 |
Power Assets Holdings Ltd.
| | 302,750 | | 2,113,320 |
Sun Hung Kai Properties Ltd.
| | 13,315 | | 130,497 |
WH Group Ltd.
| | 355,968 | | 259,204 |
| | | | | 6,505,368 |
| Ireland-0.06% |
Glanbia PLC(b)
| | 6,104 | | 108,104 |
Kingspan Group PLC
| | 2,262 | | 197,050 |
| | | | | 305,154 |
| Israel-0.10% |
Elbit Systems Ltd.
| | 1,415 | | 291,347 |
Nice Ltd.(a)
| | 1,025 | | 183,045 |
| | | | | 474,392 |
| Italy-2.14% |
A2A S.p.A.
| | 81,879 | | 186,883 |
Coca-Cola HBC AG(a)
| | 5,380 | | 199,393 |
Enel S.p.A.
| | 152,550 | | 1,159,039 |
Ferrari N.V.
| | 15,995 | | 7,917,620 |
Hera S.p.A.
| | 70,513 | | 271,617 |
Prysmian S.p.A.
| | 3,431 | | 240,779 |
| | | | | 9,975,331 |
| Japan-20.05% |
Ajinomoto Co., Inc.
| | 6,215 | | 238,902 |
Amada Co. Ltd.
| | 18,045 | | 185,897 |
Amano Corp.
| | 7,595 | | 228,207 |
Azbil Corp.
| | 3,450 | | 113,377 |
Bandai Namco Holdings, Inc.
| | 12,525 | | 268,986 |
Bridgestone Corp.
| | 24,850 | | 969,731 |
Canon, Inc.
| | 45,265 | | 1,559,661 |
Central Japan Railway Co.
| | 7,200 | | 167,137 |
Chubu Electric Power Co., Inc.
| | 56,973 | | 711,747 |
Chugai Pharmaceutical Co. Ltd.
| | 80,075 | | 4,060,807 |
COMSYS Holdings Corp.
| | 5,901 | | 129,931 |
Daifuku Co. Ltd.
| | 4,930 | | 95,075 |
Daito Trust Construction Co. Ltd.
| | 4,849 | | 599,444 |
Daiwa House Industry Co. Ltd.
| | 8,380 | | 258,355 |
Denso Corp.
| | 81,060 | | 1,247,312 |
Disco Corp.
| | 1,970 | | 577,179 |
East Japan Railway Co.
| | 10,255 | | 197,310 |
Ebara Corp.
| | 7,500 | | 101,550 |
ENEOS Holdings, Inc.
| | 244,693 | | 1,326,775 |
Fast Retailing Co. Ltd.(b)
| | 985 | | 315,582 |
Fuji Electric Co. Ltd.
| | 2,606 | | 155,997 |
FUJIFILM Holdings Corp.
| | 14,400 | | 386,196 |
Fujitsu Ltd.
| | 23,670 | | 435,263 |
| | Shares | | Value |
| Japan-(continued) |
Hitachi Ltd.
| | 273,855 | | $ 6,718,245 |
Honda Motor Co. Ltd.
| | 134,020 | | 1,461,651 |
Hoya Corp.
| | 12,920 | | 1,827,461 |
Hulic Co. Ltd.
| | 17,267 | | 178,653 |
Idemitsu Kosan Co. Ltd.
| | 58,457 | | 425,164 |
ITOCHU Corp.
| | 83,330 | | 4,410,157 |
Iwatani Corp.
| | 2,112 | | 128,340 |
Japan Tobacco, Inc.
| | 46,645 | | 1,346,444 |
Kamigumi Co. Ltd.
| | 4,803 | | 108,328 |
Kandenko Co. Ltd.
| | 12,643 | | 187,381 |
Kansai Electric Power Co., Inc. (The)
| | 25,145 | | 446,412 |
Kao Corp.
| | 2,665 | | 119,793 |
KDDI Corp.
| | 23,765 | | 801,552 |
Keisei Electric Railway Co. Ltd.
| | 2,565 | | 81,052 |
Keyence Corp.
| | 1,875 | | 896,389 |
Kikkoman Corp.
| | 13,510 | | 152,446 |
Kinden Corp.
| | 25,137 | | 538,631 |
Komatsu Ltd.
| | 13,705 | | 381,769 |
Kuraray Co. Ltd.
| | 9,960 | | 130,652 |
Kyocera Corp.
| | 38,065 | | 468,607 |
Kyudenko Corp.
| | 2,683 | | 120,602 |
Kyushu Electric Power Co., Inc.
| | 25,341 | | 268,630 |
Mabuchi Motor Co. Ltd.
| | 8,682 | | 130,494 |
Marubeni Corp.
| | 31,160 | | 532,227 |
Maruichi Steel Tube Ltd.
| | 5,750 | | 137,940 |
McDonald’s Holdings Co. (Japan) Ltd.
| | 6,115 | | 269,202 |
Medipal Holdings Corp.
| | 7,384 | | 129,444 |
Mitsubishi Corp.
| | 374,245 | | 7,744,241 |
Mitsubishi Electric Corp.
| | 65,875 | | 1,104,364 |
Mitsubishi Estate Co. Ltd.
| | 6,605 | | 113,429 |
Mitsubishi Heavy Industries Ltd.
| | 21,795 | | 290,765 |
Mitsubishi Logistics Corp.
| | 4,045 | | 142,070 |
Mitsubishi UFJ Financial Group, Inc.
| | 21,500 | | 225,624 |
Mitsui & Co. Ltd.
| | 212,910 | | 4,566,587 |
Mitsui Fudosan Co. Ltd.
| | 13,410 | | 144,410 |
Murata Manufacturing Co. Ltd.
| | 9,960 | | 207,470 |
NEC Corp.
| | 1,480 | | 130,766 |
Nintendo Co. Ltd.
| | 183,425 | | 9,954,496 |
Nippon Telegraph & Telephone Corp.
| | 374,935 | | 400,930 |
Niterra Co. Ltd.
| | 3,702 | | 109,378 |
Nitori Holdings Co. Ltd.
| | 1,380 | | 205,856 |
Nitto Denko Corp.
| | 13,805 | | 1,148,639 |
NOF Corp.
| | 7,225 | | 112,589 |
Nomura Research Institute Ltd.
| | 6,115 | | 206,206 |
Obayashi Corp.
| | 63,571 | | 813,821 |
OBIC Co. Ltd.
| | 790 | | 137,269 |
Oriental Land Co. Ltd.
| | 23,865 | | 653,642 |
ORIX Corp.
| | 9,075 | | 227,116 |
Osaka Gas Co. Ltd.
| | 17,945 | | 442,940 |
Otsuka Corp.
| | 9,960 | | 237,089 |
Otsuka Holdings Co. Ltd.
| | 13,410 | | 787,810 |
Recruit Holdings Co. Ltd.
| | 35,700 | | 2,218,179 |
Sankyo Co. Ltd.
| | 28,300 | | 407,673 |
Sanwa Holdings Corp.
| | 17,887 | | 407,480 |
SECOM Co. Ltd.
| | 19,820 | | 1,445,612 |
Sekisui House Ltd.
| | 5,820 | | 150,052 |
Shimizu Corp.
| | 26,951 | | 180,210 |
Shin-Etsu Chemical Co. Ltd.
| | 150,980 | | 6,659,068 |
Shionogi & Co. Ltd.
| | 5,520 | | 258,059 |
Skylark Holdings Co. Ltd.
| | 13,215 | | 202,620 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco International Developed Dynamic Multifactor ETF (IMFL)—(continued)
August 31, 2024
| | Shares | | Value |
| Japan-(continued) |
SMC Corp.
| | 690 | | $ 317,503 |
SoftBank Corp.
| | 64,100 | | 897,193 |
Sojitz Corp.
| | 7,421 | | 177,109 |
Sony Group Corp.
| | 3,055 | | 297,936 |
Subaru Corp.
| | 36,470 | | 691,428 |
Sumitomo Corp.
| | 37,965 | | 898,509 |
Sumitomo Electric Industries Ltd.
| | 13,905 | | 230,007 |
Sumitomo Mitsui Financial Group, Inc.
| | 2,760 | | 181,024 |
Suzuken Co. Ltd.
| | 4,652 | | 164,859 |
Suzuki Motor Corp.
| | 13,510 | | 157,132 |
Tohoku Electric Power Co., Inc.
| | 33,035 | | 300,504 |
Tokio Marine Holdings, Inc.
| | 13,510 | | 510,876 |
Tokyo Electron Ltd.
| | 5,820 | | 1,031,456 |
Tokyo Gas Co. Ltd.
| | 25,059 | | 627,142 |
Tokyo Ohka Kogyo Co. Ltd.
| | 3,461 | | 85,999 |
TOPPAN Holdings, Inc.
| | 7,749 | | 233,260 |
Toyo Suisan Kaisha Ltd.
| | 5,377 | | 335,497 |
Toyota Industries Corp.
| | 3,945 | | 309,954 |
Toyota Motor Corp.
| | 336,870 | | 6,384,346 |
Toyota Tsusho Corp.
| | 23,470 | | 450,122 |
USS Co. Ltd.
| | 11,930 | | 109,710 |
Yamato Kogyo Co. Ltd.
| | 3,845 | | 191,583 |
Yamazaki Baking Co. Ltd.
| | 5,896 | | 109,271 |
Zensho Holdings Co. Ltd.
| | 3,355 | | 175,164 |
| | | | | 93,632,131 |
| Jordan-0.04% |
Hikma Pharmaceuticals PLC
| | 6,527 | | 170,104 |
| Netherlands-3.31% |
ASML Holding N.V.
| | 7,483 | | 6,725,745 |
EXOR N.V.
| | 13,048 | | 1,452,950 |
Heineken N.V.
| | 1,199 | | 108,111 |
Koninklijke Ahold Delhaize N.V.
| | 8,693 | | 298,868 |
Koninklijke KPN N.V.
| | 42,127 | | 172,206 |
Koninklijke Philips N.V.(a)
| | 10,111 | | 304,531 |
Universal Music Group N.V.
| | 35,539 | | 929,560 |
Wolters Kluwer N.V.
| | 31,923 | | 5,446,981 |
| | | | | 15,438,952 |
| New Zealand-0.16% |
Fisher & Paykel Healthcare Corp. Ltd.
| | 14,828 | | 330,266 |
Infratil Ltd.
| | 15,877 | | 109,665 |
Spark New Zealand Ltd.
| | 135,081 | | 303,404 |
| | | | | 743,335 |
| Norway-0.43% |
Equinor ASA
| | 5,520 | | 146,700 |
Kongsberg Gruppen ASA
| | 11,066 | | 1,172,188 |
Mowi ASA
| | 12,829 | | 223,704 |
Orkla ASA
| | 18,697 | | 166,279 |
SalMar ASA
| | 5,641 | | 293,442 |
| | | | | 2,002,313 |
| Poland-0.03% |
ORLEN S.A.
| | 7,128 | | 118,748 |
| Portugal-0.15% |
Galp Energia SGPS S.A.
| | 13,489 | | 280,105 |
Jeronimo Martins SGPS S.A.
| | 22,530 | | 417,470 |
| | | | | 697,575 |
| | Shares | | Value |
| Singapore-0.65% |
ComfortDelGro Corp. Ltd.
| | 146,115 | | $ 159,180 |
DBS Group Holdings Ltd.
| | 14,300 | | 398,901 |
Keppel Ltd.
| | 72,975 | | 345,434 |
Oversea-Chinese Banking Corp. Ltd.
| | 38,855 | | 433,726 |
Singapore Airlines Ltd.(b)
| | 43,322 | | 208,725 |
Singapore Exchange Ltd.
| | 106,305 | | 883,258 |
Singapore Technologies Engineering Ltd.
| | 43,490 | | 148,476 |
Singapore Telecommunications Ltd.
| | 115,085 | | 276,356 |
United Overseas Bank Ltd.
| | 6,805 | | 163,880 |
| | | | | 3,017,936 |
| South Korea-7.41% |
GS Holdings Corp.
| | 7,545 | | 255,011 |
Hana Financial Group, Inc.
| | 3,728 | | 172,746 |
Hankook Tire & Technology Co. Ltd.
| | 5,340 | | 173,489 |
Hyundai Glovis Co. Ltd.
| | 2,515 | | 210,862 |
Hyundai Mobis Co. Ltd.
| | 3,072 | | 500,176 |
Hyundai Motor Co.
| | 4,624 | | 884,405 |
Hyundai Motor Co., First Pfd.
| | 1,051 | | 142,798 |
Hyundai Motor Co., Second Pfd.
| | 1,985 | | 274,900 |
KB Financial Group, Inc.
| | 6,177 | | 397,203 |
Kia Corp.
| | 33,823 | | 2,686,395 |
Korea Aerospace Industries Ltd.
| | 7,949 | | 323,113 |
KT&G Corp.
| | 10,556 | | 855,006 |
LG Corp.
| | 2,571 | | 152,430 |
NAVER Corp.
| | 837 | | 105,952 |
POSCO Holdings, Inc.
| | 407 | | 103,589 |
S-1 Corp.
| | 2,920 | | 129,622 |
Samsung Biologics Co. Ltd.(a)(c)
| | 523 | | 383,681 |
Samsung C&T Corp.
| | 19,451 | | 2,150,625 |
Samsung Electronics Co. Ltd.
| | 342,242 | | 19,035,506 |
Samsung Electronics Co. Ltd., Preference Shares
| | 59,120 | | 2,655,388 |
Samsung Fire & Marine Insurance Co. Ltd.
| | 1,343 | | 348,355 |
Samsung SDS Co. Ltd.
| | 5,439 | | 613,585 |
Shinhan Financial Group Co. Ltd.
| | 10,416 | | 437,428 |
Woori Financial Group, Inc.
| | 14,513 | | 174,045 |
Yuhan Corp.
| | 13,599 | | 1,435,385 |
| | | | | 34,601,695 |
| Spain-1.67% |
Aena SME S.A.(c)
| | 1,456 | | 294,286 |
Iberdrola S.A.
| | 30,756 | | 436,442 |
Industria de Diseno Textil S.A.
| | 128,301 | | 6,955,966 |
Telefonica S.A.(b)
| | 24,405 | | 110,595 |
| | | | | 7,797,289 |
| Sweden-3.52% |
Assa Abloy AB, Class B
| | 3,740 | | 120,920 |
Atlas Copco AB, Class A
| | 134,413 | | 2,443,276 |
Atlas Copco AB, Class B
| | 67,904 | | 1,082,141 |
Industrivarden AB, Class A
| | 17,868 | | 644,178 |
Industrivarden AB, Class C(b)
| | 21,648 | | 778,764 |
Investor AB, Class A
| | 56,676 | | 1,682,999 |
Investor AB, Class B
| | 293,777 | | 8,759,593 |
Securitas AB, Class B(b)
| | 12,703 | | 148,852 |
Trelleborg AB, Class B
| | 5,407 | | 211,301 |
Volvo AB, Class B
| | 20,641 | | 549,446 |
| | | | | 16,421,470 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco International Developed Dynamic Multifactor ETF (IMFL)—(continued)
August 31, 2024
| | Shares | | Value |
| Switzerland-9.91% |
ABB Ltd.
| | 107,831 | | $ 6,180,472 |
Chocoladefabriken Lindt & Spruengli AG
| | 4 | | 523,307 |
Chocoladefabriken Lindt & Spruengli AG, PC
| | 32 | | 423,172 |
Cie Financiere Richemont S.A.
| | 939 | | 148,135 |
Geberit AG
| | 1,152 | | 734,554 |
Givaudan S.A.
| | 343 | | 1,760,985 |
Kuehne + Nagel International AG, Class R(a)
| | 3,326 | | 1,031,376 |
Logitech International S.A., Class R
| | 4,347 | | 393,584 |
Lonza Group AG(a)
| | 1,386 | | 907,610 |
Nestle S.A.
| | 24,319 | | 2,608,893 |
Novartis AG
| | 210,035 | | 25,279,951 |
Partners Group Holding AG
| | 2,788 | | 4,012,196 |
Sandoz Group AG
| | 6,678 | | 293,582 |
Schindler Holding AG
| | 1,055 | | 285,370 |
Schindler Holding AG, PC
| | 1,988 | | 552,502 |
SGS S.A.
| | 1,855 | | 206,915 |
Sonova Holding AG, Class A
| | 1,052 | | 366,765 |
Straumann Holding AG(a)
| | 949 | | 140,317 |
Swisscom AG
| | 214 | | 135,319 |
VAT Group AG(c)
| | 240 | | 123,670 |
Zurich Insurance Group AG
| | 283 | | 163,906 |
| | | | | 46,272,581 |
| United Kingdom-10.56% |
3i Group PLC
| | 253,552 | | 10,593,408 |
Admiral Group PLC
| | 51,603 | | 1,978,966 |
Associated British Foods PLC
| | 10,267 | | 335,986 |
AstraZeneca PLC
| | 14,582 | | 2,543,882 |
Auto Trader Group PLC(c)
| | 40,191 | | 449,507 |
B&M European Value Retail S.A.
| | 27,474 | | 160,679 |
BAE Systems PLC
| | 387,507 | | 6,941,503 |
Berkeley Group Holdings PLC (The)
| | 3,375 | | 221,070 |
British American Tobacco PLC
| | 6,083 | | 226,726 |
Compass Group PLC
| | 59,780 | | 1,884,796 |
DCC PLC
| | 8,639 | | 607,997 |
Diageo PLC
| | 11,153 | | 362,415 |
DS Smith PLC
| | 27,386 | | 168,443 |
Haleon PLC
| | 120,402 | | 604,471 |
Halma PLC
| | 3,465 | | 118,674 |
Hargreaves Lansdown PLC
| | 14,407 | | 210,361 |
Howden Joinery Group PLC
| | 19,432 | | 243,127 |
HSBC Holdings PLC
| | 30,424 | | 266,578 |
Imperial Brands PLC
| | 16,899 | | 484,168 |
InterContinental Hotels Group PLC
| | 6,356 | | 633,520 |
Intertek Group PLC
| | 3,806 | | 247,601 |
J Sainsbury PLC
| | 35,060 | | 134,731 |
National Grid PLC
| | 26,607 | | 349,193 |
| | Shares | | Value |
| United Kingdom-(continued) |
Next PLC
| | 4,338 | | $ 579,529 |
Reckitt Benckiser Group PLC
| | 12,437 | | 713,637 |
RELX PLC
| | 252,569 | | 11,747,318 |
Rightmove PLC
| | 43,376 | | 316,731 |
Sage Group PLC (The)
| | 35,680 | | 474,083 |
Shell PLC
| | 16,032 | | 564,888 |
SSE PLC
| | 4,859 | | 120,503 |
Tesco PLC
| | 441,295 | | 2,051,361 |
Unilever PLC
| | 46,185 | | 2,977,876 |
| | | | | 49,313,728 |
| United States-5.63% |
Alcon, Inc.
| | 1,707 | | 165,580 |
CRH PLC
| | 24,489 | | 2,170,535 |
Experian PLC
| | 55,958 | | 2,709,318 |
Ferguson Enterprises, Inc.
| | 33,138 | | 6,750,503 |
Ferrovial SE
| | 7,310 | | 305,371 |
GSK PLC
| | 204,832 | | 4,460,653 |
Holcim AG(a)
| | 13,166 | | 1,268,107 |
Roche Holding AG
| | 3,386 | | 1,146,160 |
Sanofi S.A.
| | 41,988 | | 4,703,426 |
Stellantis N.V.
| | 63,434 | | 1,062,916 |
Waste Connections, Inc.
| | 8,425 | | 1,571,042 |
| | | | | 26,313,611 |
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.83%
(Cost $445,156,369)
| | 466,185,639 |
| Investments Purchased with Cash Collateral from Securities on Loan |
| Money Market Funds-0.44% |
Invesco Private Government Fund, 5.28%(d)(e)(f)
| | 570,928 | | 570,928 |
Invesco Private Prime Fund, 5.46%(d)(e)(f)
| | 1,488,489 | | 1,489,084 |
Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $2,059,929)
| | 2,060,012 |
TOTAL INVESTMENTS IN SECURITIES-100.27%
(Cost $447,216,298)
| | 468,245,651 |
OTHER ASSETS LESS LIABILITIES-(0.27)%
| | (1,266,237) |
NET ASSETS-100.00%
| | $466,979,414 |
| Investment Abbreviations: |
| CDI-CREST Depository Interest |
| PC-Participation Certificate |
| Pfd.-Preferred |
| REIT-Real Estate Investment Trust |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco International Developed Dynamic Multifactor ETF (IMFL)—(continued)
August 31, 2024
| Notes to Schedule of Investments: |
| (a) | Non-income producing security. |
| (b) | All or a portion of this security was out on loan at August 31, 2024. |
| (c) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2024 was $2,021,128, which represented less than 1% of the Fund’s Net Assets. |
| (d) | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024. |
| | Value
August 31, 2023 | | Purchases
at Cost | | Proceeds
from Sales | | Change in
Unrealized
Appreciation | | Realized
Gain
(Loss) | | Value
August 31, 2024 | | Dividend
Income |
| Investments in Affiliated Money Market Funds: | | | | | | | | | | | | | |
| Invesco Government & Agency Portfolio, Institutional Class | $- | | $24,613,954 | | $(24,613,954) | | $- | | $- | | $- | | $9,456 |
| Investments Purchased with Cash Collateral from Securities on Loan: | | | | | | | | | | | | | |
| Invesco Private Government Fund | 5,071,761 | | 56,183,000 | | (60,683,833) | | - | | - | | 570,928 | | 454,352* |
| Invesco Private Prime Fund | 13,041,667 | | 122,163,313 | | (133,711,158) | | 171 | | (4,909) | | 1,489,084 | | 1,213,186* |
| Total | $18,113,428 | | $202,960,267 | | $(219,008,945) | | $171 | | $(4,909) | | $2,060,012 | | $1,676,994 |
| * | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
| (e) | The rate shown is the 7-day SEC standardized yield as of August 31, 2024. |
| (f) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco Russell 1000® Dynamic Multifactor ETF (OMFL)
August 31, 2024
Schedule of Investments(a)
| | Shares | | Value |
| Common Stocks & Other Equity Interests-99.90% |
| Communication Services-10.41% |
Alphabet, Inc., Class A
| | 754,577 | | $ 123,282,790 |
Alphabet, Inc., Class C
| | 669,916 | | 110,609,831 |
AT&T, Inc.(b)
| | 288,186 | | 5,734,901 |
Comcast Corp., Class A
| | 105,218 | | 4,163,476 |
Electronic Arts, Inc.(b)
| | 16,954 | | 2,573,956 |
Liberty Broadband Corp.(c)(d)
| | 64,295 | | 0 |
Meta Platforms, Inc., Class A
| | 484,438 | | 252,542,374 |
Netflix, Inc.(c)
| | 26,032 | | 18,257,543 |
New York Times Co. (The), Class A
| | 34,149 | | 1,875,805 |
Spotify Technology S.A. (Sweden)(c)
| | 7,060 | | 2,420,733 |
T-Mobile US, Inc.
| | 78,486 | | 15,596,738 |
Verizon Communications, Inc.
| | 359,428 | | 15,016,902 |
Walt Disney Co. (The)
| | 27,433 | | 2,479,395 |
| | | | | 554,554,444 |
| Consumer Discretionary-10.31% |
Amazon.com, Inc.(c)
| | 1,361,462 | | 243,020,967 |
AutoZone, Inc.(c)
| | 2,344 | | 7,457,389 |
Booking Holdings, Inc.
| | 15,130 | | 59,146,650 |
Chipotle Mexican Grill, Inc.(c)
| | 508,490 | | 28,516,119 |
D.R. Horton, Inc.
| | 44,604 | | 8,419,451 |
Deckers Outdoor Corp.(c)
| | 2,325 | | 2,230,349 |
Domino’s Pizza, Inc.
| | 6,270 | | 2,597,097 |
eBay, Inc.
| | 38,850 | | 2,296,035 |
Garmin Ltd.
| | 87,491 | | 16,036,225 |
Gentex Corp.(b)
| | 83,974 | | 2,630,905 |
Grand Canyon Education, Inc.(b)(c)
| | 13,659 | | 1,980,692 |
H&R Block, Inc.
| | 57,109 | | 3,615,571 |
Hilton Worldwide Holdings, Inc.
| | 46,878 | | 10,296,284 |
Home Depot, Inc. (The)
| | 174,180 | | 64,185,330 |
Lennar Corp., Class A
| | 33,288 | | 6,060,413 |
Lowe’s Cos., Inc.
| | 15,768 | | 3,918,348 |
Marriott International, Inc., Class A
| | 19,584 | | 4,596,169 |
McDonald’s Corp.
| | 15,300 | | 4,416,498 |
NIKE, Inc., Class B
| | 25,489 | | 2,123,743 |
NVR, Inc.(c)
| | 662 | | 6,072,169 |
O’Reilly Automotive, Inc.(c)
| | 7,949 | | 8,982,132 |
PulteGroup, Inc.(b)
| | 36,381 | | 4,789,559 |
Ross Stores, Inc.
| | 32,794 | | 4,939,104 |
Texas Roadhouse, Inc.
| | 12,447 | | 2,100,431 |
TJX Cos., Inc. (The)
| | 319,252 | | 37,438,682 |
Tractor Supply Co.
| | 37,050 | | 9,912,728 |
Williams-Sonoma, Inc.(b)
| | 9,215 | | 1,237,851 |
| | | | | 549,016,891 |
| Consumer Staples-11.04% |
Altria Group, Inc.
| | 311,064 | | 16,725,911 |
Archer-Daniels-Midland Co.
| | 44,863 | | 2,736,194 |
BellRing Brands, Inc.(c)
| | 59,556 | | 3,330,967 |
BJ’s Wholesale Club Holdings, Inc.(b)(c)
| | 19,679 | | 1,573,533 |
Casey’s General Stores, Inc.(b)
| | 25,471 | | 9,228,398 |
Church & Dwight Co., Inc.
| | 35,667 | | 3,633,754 |
Coca-Cola Co. (The)
| | 188,637 | | 13,670,523 |
Colgate-Palmolive Co.
| | 289,314 | | 30,811,941 |
Costco Wholesale Corp.
| | 300,378 | | 268,051,320 |
Dollar Tree, Inc.(b)(c)
| | 17,550 | | 1,482,800 |
Kimberly-Clark Corp.
| | 18,298 | | 2,646,989 |
Kroger Co. (The)
| | 59,820 | | 3,183,022 |
| | Shares | | Value |
| Consumer Staples-(continued) |
Mondelez International, Inc., Class A
| | 35,073 | | $ 2,518,592 |
PepsiCo, Inc.
| | 50,211 | | 8,680,478 |
Philip Morris International, Inc.
| | 158,493 | | 19,540,602 |
Procter & Gamble Co. (The)
| | 395,299 | | 67,809,590 |
Walmart, Inc.
| | 1,717,913 | | 132,674,421 |
| | | | | 588,299,035 |
| Energy-1.02% |
Chevron Corp.
| | 52,150 | | 7,715,592 |
ConocoPhillips(b)
| | 22,171 | | 2,522,838 |
Exxon Mobil Corp.
| | 358,771 | | 42,313,452 |
Williams Cos., Inc. (The)
| | 40,265 | | 1,842,929 |
| | | | | 54,394,811 |
| Financials-15.38% |
Aflac, Inc.(b)
| | 25,477 | | 2,811,642 |
American Express Co.
| | 50,811 | | 13,142,265 |
Aon PLC, Class A
| | 5,125 | | 1,761,565 |
Arch Capital Group Ltd.(c)
| | 158,198 | | 17,890,612 |
Berkshire Hathaway, Inc., Class B(c)
| | 622,680 | | 296,345,866 |
BlackRock, Inc.
| | 7,390 | | 6,664,376 |
Blackstone, Inc., Class A(b)
| | 27,014 | | 3,845,713 |
Brown & Brown, Inc.
| | 60,161 | | 6,324,726 |
Cboe Global Markets, Inc.
| | 61,098 | | 12,549,529 |
Chubb Ltd.
| | 45,865 | | 13,033,916 |
Cincinnati Financial Corp.
| | 15,938 | | 2,183,984 |
Corpay, Inc.(c)
| | 5,178 | | 1,633,918 |
Evercore, Inc., Class A
| | 7,942 | | 1,951,667 |
Everest Group Ltd.
| | 4,644 | | 1,821,563 |
FactSet Research Systems, Inc.
| | 7,726 | | 3,266,862 |
Fidelity National Information Services, Inc.
| | 31,242 | | 2,575,903 |
Fiserv, Inc.(c)
| | 61,819 | | 10,793,597 |
Houlihan Lokey, Inc.
| | 34,809 | | 5,451,786 |
JPMorgan Chase & Co.
| | 39,120 | | 8,794,176 |
Kinsale Capital Group, Inc.(b)
| | 6,179 | | 3,034,445 |
LPL Financial Holdings, Inc.(b)
| | 11,578 | | 2,597,408 |
Markel Group, Inc.(c)
| | 1,329 | | 2,127,304 |
Marsh & McLennan Cos., Inc.
| | 137,699 | | 31,327,899 |
Mastercard, Inc., Class A
| | 254,231 | | 122,880,011 |
Moody’s Corp.
| | 48,527 | | 23,668,559 |
MSCI, Inc.(b)
| | 6,102 | | 3,542,760 |
PayPal Holdings, Inc.(c)
| | 33,209 | | 2,405,328 |
Progressive Corp. (The)
| | 160,585 | | 40,499,537 |
S&P Global, Inc.
| | 13,834 | | 7,100,162 |
SEI Investments Co.(b)
| | 23,684 | | 1,601,749 |
T. Rowe Price Group, Inc.
| | 12,975 | | 1,375,869 |
Tradeweb Markets, Inc., Class A
| | 33,335 | | 3,941,530 |
Visa, Inc., Class A
| | 580,208 | | 160,352,085 |
| | | | | 819,298,312 |
| Health Care-11.88% |
Abbott Laboratories
| | 41,023 | | 4,646,675 |
AbbVie, Inc.
| | 415,194 | | 81,506,734 |
Agilent Technologies, Inc.
| | 66,261 | | 9,470,022 |
Amgen, Inc.
| | 48,014 | | 16,028,514 |
Boston Scientific Corp.(c)
| | 128,374 | | 10,499,710 |
Cardinal Health, Inc.
| | 56,116 | | 6,325,396 |
Cencora, Inc.(b)
| | 32,233 | | 7,722,060 |
Centene Corp.(c)
| | 61,332 | | 4,834,802 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco Russell 1000® Dynamic Multifactor ETF (OMFL)—(continued)
August 31, 2024
| | Shares | | Value |
| Health Care-(continued) |
Cigna Group (The)
| | 24,566 | | $ 8,888,224 |
CVS Health Corp.
| | 37,248 | | 2,132,076 |
Danaher Corp.
| | 30,725 | | 8,274,550 |
Elevance Health, Inc.
| | 33,831 | | 18,840,146 |
Eli Lilly and Co.
| | 155,561 | | 149,341,671 |
GE HealthCare Technologies, Inc.
| | 40,590 | | 3,442,844 |
Humana, Inc.
| | 12,510 | | 4,434,420 |
IDEXX Laboratories, Inc.(c)
| | 4,565 | | 2,197,271 |
Intuitive Surgical, Inc.(c)
| | 39,202 | | 19,312,081 |
Johnson & Johnson
| | 107,223 | | 17,784,007 |
McKesson Corp.
| | 84,191 | | 47,237,886 |
Medpace Holdings, Inc.(b)(c)
| | 4,194 | | 1,490,002 |
Medtronic PLC
| | 23,267 | | 2,060,991 |
Merck & Co., Inc.
| | 382,638 | | 45,323,471 |
Mettler-Toledo International, Inc.(c)
| | 1,354 | | 1,948,514 |
Neurocrine Biosciences, Inc.(c)
| | 18,507 | | 2,351,499 |
Regeneron Pharmaceuticals, Inc.(c)
| | 34,564 | | 40,947,625 |
Stryker Corp.
| | 21,331 | | 7,688,119 |
Thermo Fisher Scientific, Inc.
| | 10,750 | | 6,612,003 |
United Therapeutics Corp.(b)(c)
| | 6,848 | | 2,489,590 |
UnitedHealth Group, Inc.
| | 104,891 | | 61,906,668 |
Vertex Pharmaceuticals, Inc.(c)
| | 66,471 | | 32,962,304 |
West Pharmaceutical Services, Inc.
| | 8,056 | | 2,526,603 |
Zoetis, Inc.
| | 9,072 | | 1,664,621 |
| | | | | 632,891,099 |
| Industrials-10.89% |
3M Co.
| | 64,502 | | 8,687,774 |
A.O. Smith Corp.
| | 31,940 | | 2,674,017 |
AAON, Inc.
| | 28,732 | | 2,744,193 |
Acuity Brands, Inc.(b)
| | 8,358 | | 2,128,783 |
Allison Transmission Holdings, Inc.
| | 29,114 | | 2,700,323 |
AMETEK, Inc.
| | 11,066 | | 1,892,839 |
Armstrong World Industries, Inc.(b)
| | 12,794 | | 1,621,767 |
Automatic Data Processing, Inc.
| | 46,377 | | 12,795,878 |
Booz Allen Hamilton Holding Corp.
| | 24,808 | | 3,939,014 |
Broadridge Financial Solutions, Inc.
| | 35,717 | | 7,602,721 |
Carlisle Cos., Inc.
| | 13,965 | | 5,918,367 |
Carrier Global Corp.(b)
| | 134,683 | | 9,802,229 |
Caterpillar, Inc.(b)
| | 138,040 | | 49,156,044 |
Cintas Corp.
| | 32,198 | | 25,923,254 |
Comfort Systems USA, Inc.
| | 9,256 | | 3,272,181 |
Copart, Inc.(c)
| | 144,839 | | 7,670,673 |
Core & Main, Inc., Class A(c)
| | 105,913 | | 5,087,001 |
Crane Co.
| | 25,589 | | 4,052,786 |
CSX Corp.
| | 48,081 | | 1,647,736 |
Cummins, Inc.
| | 43,897 | | 13,733,176 |
Curtiss-Wright Corp.
| | 11,247 | | 3,552,477 |
Deere & Co.
| | 6,378 | | 2,460,250 |
Donaldson Co., Inc.
| | 22,979 | | 1,671,263 |
Dover Corp.
| | 11,001 | | 2,046,516 |
Eaton Corp. PLC
| | 127,629 | | 39,173,169 |
EMCOR Group, Inc.(b)
| | 24,496 | | 9,628,398 |
Fastenal Co.
| | 148,368 | | 10,130,567 |
FedEx Corp.
| | 8,902 | | 2,659,650 |
Ferguson Enterprises, Inc.
| | 152,104 | | 31,289,314 |
GE Vernova, Inc.(c)
| | 24,228 | | 4,869,828 |
General Dynamics Corp.
| | 68,097 | | 20,385,518 |
General Electric Co.
| | 209,088 | | 36,510,947 |
Honeywell International, Inc.(b)
| | 20,245 | | 4,209,138 |
| | Shares | | Value |
| Industrials-(continued) |
Howmet Aerospace, Inc.
| | 35,719 | | $ 3,452,598 |
Illinois Tool Works, Inc.
| | 23,260 | | 5,888,967 |
Ingersoll Rand, Inc.
| | 93,341 | | 8,536,034 |
ITT, Inc.
| | 39,525 | | 5,502,670 |
Jacobs Solutions, Inc.
| | 17,302 | | 2,610,526 |
Johnson Controls International PLC(b)
| | 37,589 | | 2,738,359 |
Leidos Holdings, Inc.
| | 24,952 | | 3,955,141 |
Lennox International, Inc.(b)
| | 9,296 | | 5,486,406 |
Lincoln Electric Holdings, Inc.
| | 7,998 | | 1,548,493 |
Lockheed Martin Corp.
| | 11,318 | | 6,429,756 |
Masco Corp.
| | 31,328 | | 2,492,456 |
Old Dominion Freight Line, Inc.
| | 45,852 | | 8,840,266 |
Otis Worldwide Corp.
| | 37,295 | | 3,531,464 |
Owens Corning
| | 17,363 | | 2,929,659 |
PACCAR, Inc.(b)
| | 178,430 | | 17,161,397 |
Paychex, Inc.
| | 101,834 | | 13,360,621 |
Pentair PLC(b)
| | 19,414 | | 1,721,828 |
Quanta Services, Inc.
| | 21,193 | | 5,830,830 |
Republic Services, Inc.
| | 53,466 | | 11,132,156 |
Rockwell Automation, Inc.
| | 8,045 | | 2,188,481 |
Rollins, Inc.
| | 128,243 | | 6,435,234 |
RTX Corp.
| | 76,521 | | 9,438,100 |
Simpson Manufacturing Co., Inc.
| | 14,100 | | 2,581,146 |
Snap-on, Inc.
| | 12,167 | | 3,452,265 |
Trane Technologies PLC
| | 102,433 | | 37,045,919 |
Union Pacific Corp.
| | 24,292 | | 6,220,938 |
United Rentals, Inc.
| | 4,153 | | 3,078,453 |
Verisk Analytics, Inc.
| | 25,466 | | 6,947,634 |
W.W. Grainger, Inc.
| | 19,111 | | 18,822,806 |
Wabtec Corp.
| | 29,501 | | 5,002,485 |
Waste Management, Inc.
| | 90,496 | | 19,188,772 |
Watsco, Inc.(b)
| | 9,928 | | 4,719,970 |
| | | | | 579,909,621 |
| Information Technology-26.19% |
Accenture PLC, Class A (Ireland)
| | 50,263 | | 17,187,433 |
Adobe, Inc.(c)
| | 69,246 | | 39,775,595 |
Advanced Micro Devices, Inc.(c)
| | 17,679 | | 2,626,392 |
Amphenol Corp., Class A
| | 249,128 | | 16,803,684 |
Analog Devices, Inc.
| | 42,097 | | 9,886,059 |
Apple, Inc.
| | 889,926 | | 203,793,054 |
Applied Materials, Inc.
| | 193,032 | | 38,077,492 |
Arista Networks, Inc.(c)
| | 86,651 | | 30,620,730 |
Broadcom, Inc.
| | 1,137,052 | | 185,134,807 |
Cadence Design Systems, Inc.(c)
| | 48,944 | | 13,162,510 |
Cisco Systems, Inc.
| | 253,194 | | 12,796,425 |
Cognizant Technology Solutions Corp., Class A
| | 25,551 | | 1,987,101 |
Fair Isaac Corp.(c)
| | 5,073 | | 8,777,660 |
Fortinet, Inc.(c)
| | 94,056 | | 7,215,036 |
Gartner, Inc.(b)(c)
| | 6,488 | | 3,191,836 |
GoDaddy, Inc., Class A(c)
| | 16,136 | | 2,701,328 |
International Business Machines Corp.(b)
| | 61,606 | | 12,452,421 |
Intuit, Inc.
| | 101,964 | | 64,263,831 |
Keysight Technologies, Inc.(c)
| | 25,697 | | 3,960,422 |
KLA Corp.
| | 36,523 | | 29,928,042 |
Lam Research Corp.
| | 25,725 | | 21,120,482 |
Microsoft Corp.
| | 576,536 | | 240,496,227 |
Monolithic Power Systems, Inc.
| | 3,405 | | 3,182,585 |
Motorola Solutions, Inc.
| | 62,352 | | 27,562,078 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco Russell 1000® Dynamic Multifactor ETF (OMFL)—(continued)
August 31, 2024
| | Shares | | Value |
| Information Technology-(continued) |
NetApp, Inc.
| | 30,210 | | $ 3,646,951 |
NVIDIA Corp.
| | 2,033,202 | | 242,703,323 |
Palo Alto Networks, Inc.(c)
| | 15,003 | | 5,441,888 |
QUALCOMM, Inc.
| | 297,023 | | 52,068,132 |
Salesforce, Inc.
| | 168,963 | | 42,730,743 |
ServiceNow, Inc.(c)
| | 23,490 | | 20,083,950 |
Synopsys, Inc.(c)
| | 45,122 | | 23,444,489 |
Texas Instruments, Inc.
| | 38,378 | | 8,225,940 |
| | | | | 1,395,048,646 |
| Materials-2.01% |
Air Products and Chemicals, Inc.
| | 6,516 | | 1,816,987 |
AptarGroup, Inc.
| | 12,579 | | 1,926,977 |
Ardagh Group S.A., Class A(c)(d)
| | 16,236 | | 68,475 |
CRH PLC
| | 175,009 | | 15,885,567 |
DuPont de Nemours, Inc.
| | 36,174 | | 3,047,659 |
Eagle Materials, Inc.(b)
| | 10,474 | | 2,699,673 |
Ecolab, Inc.
| | 25,531 | | 6,463,939 |
International Flavors & Fragrances, Inc.
| | 29,204 | | 3,036,924 |
Linde PLC
| | 71,135 | | 34,020,314 |
Martin Marietta Materials, Inc.
| | 9,945 | | 5,312,221 |
NewMarket Corp.
| | 3,649 | | 2,093,687 |
Nucor Corp.
| | 14,310 | | 2,173,832 |
Packaging Corp. of America
| | 14,544 | | 3,047,550 |
RPM International, Inc.(b)
| | 17,998 | | 2,092,267 |
Sherwin-Williams Co. (The)
| | 45,917 | | 16,960,362 |
Southern Copper Corp. (Mexico)(b)
| | 32,333 | | 3,288,913 |
Vulcan Materials Co.
| | 13,413 | | 3,289,002 |
| | | | | 107,224,349 |
| Real Estate-0.09% |
Public Storage
| | 13,791 | | 4,740,243 |
| Utilities-0.68% |
American Electric Power Co., Inc.
| | 23,083 | | 2,314,763 |
Duke Energy Corp.
| | 55,682 | | 6,344,964 |
NextEra Energy, Inc.
| | 90,045 | | 7,249,523 |
| | Shares | | Value |
| Utilities-(continued) |
NRG Energy, Inc.
| | 35,717 | | $ 3,036,302 |
Public Service Enterprise Group, Inc.
| | 54,716 | | 4,418,317 |
Sempra(b)
| | 20,642 | | 1,696,360 |
Southern Co. (The)
| | 49,586 | | 4,284,230 |
Vistra Corp.
| | 80,955 | | 6,915,986 |
| | | | | 36,260,445 |
Total Common Stocks & Other Equity Interests
(Cost $5,246,211,905)
| | 5,321,637,896 |
| Money Market Funds-0.05% |
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(e)(f)
(Cost $2,893,789)
| | 2,893,789 | | 2,893,789 |
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.95%
(Cost $5,249,105,694)
| | 5,324,531,685 |
| Investments Purchased with Cash Collateral from Securities on Loan |
| Money Market Funds-1.03% |
Invesco Private Government Fund, 5.28%(e)(f)(g)
| | 14,826,081 | | 14,826,081 |
Invesco Private Prime Fund, 5.46%(e)(f)(g)
| | 39,979,317 | | 39,995,309 |
Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $54,818,905)
| | 54,821,390 |
TOTAL INVESTMENTS IN SECURITIES-100.98%
(Cost $5,303,924,599)
| | 5,379,353,075 |
OTHER ASSETS LESS LIABILITIES-(0.98)%
| | (52,154,361) |
NET ASSETS-100.00%
| | $5,327,198,714 |
| Notes to Schedule of Investments: |
| (a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
| (b) | All or a portion of this security was out on loan at August 31, 2024. |
| (c) | Non-income producing security. |
| (d) | Security valued using significant unobservable inputs (Level 3). See Note 4. |
| (e) | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024. |
| | Value
August 31, 2023 | | Purchases
at Cost | | Proceeds
from Sales | | Change in
Unrealized
Appreciation | | Realized
Gain
(Loss) | | Value
August 31, 2024 | | Dividend
Income |
| Invesco Ltd. | $11,736,606 | | $25,575,623 | | $(34,521,402) | | $734,350 | | $(3,525,177) | | $- | | $363,419 |
| Investments in Affiliated Money Market Funds: | | | | | | | | | | | | | |
| Invesco Government & Agency Portfolio, Institutional Class | - | | 116,778,706 | | (113,884,917) | | - | | - | | 2,893,789 | | 118,689 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco Russell 1000® Dynamic Multifactor ETF (OMFL)—(continued)
August 31, 2024
| | Value
August 31, 2023 | | Purchases
at Cost | | Proceeds
from Sales | | Change in
Unrealized
Appreciation | | Realized
Gain
(Loss) | | Value
August 31, 2024 | | Dividend
Income |
| Investments Purchased with Cash Collateral from Securities on Loan: | | | | | | | | | | | | | |
| Invesco Private Government Fund | $125,506,582 | | $1,257,462,818 | | $(1,368,143,319) | | $- | | $- | | $14,826,081 | | $6,007,381* |
| Invesco Private Prime Fund | 322,731,213 | | 2,678,575,205 | | (2,961,331,708) | | 11,295 | | 9,304 | | 39,995,309 | | 16,192,114* |
| Total | $459,974,401 | | $4,078,392,352 | | $(4,477,881,346) | | $745,645 | | $(3,515,873) | | $57,715,179 | | $22,681,603 |
| * | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
| (f) | The rate shown is the 7-day SEC standardized yield as of August 31, 2024. |
| (g) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco Russell 2000® Dynamic Multifactor ETF (OMFS)
August 31, 2024
Schedule of Investments(a)
| | Shares | | Value |
| Common Stocks & Other Equity Interests-99.93% |
| Communication Services-0.70% |
Advantage Solutions, Inc.(b)(c)
| | 31,217 | | $ 120,810 |
Grindr, Inc. (Singapore), (Acquired 07/05/2024; Cost $76,458)(b)(c)(d)
| | 6,384 | | 76,800 |
John Wiley & Sons, Inc., Class A
| | 6,594 | | 318,556 |
Lions Gate Entertainment Corp., Class B(b)(c)
| | 7,932 | | 54,890 |
Madison Square Garden Entertainment Corp.(b)
| | 6,038 | | 254,924 |
PubMatic, Inc., Class A(b)
| | 2,612 | | 40,747 |
QuinStreet, Inc.(b)(c)
| | 12,706 | | 242,812 |
Scholastic Corp.
| | 2,965 | | 94,524 |
Spok Holdings, Inc.
| | 6,337 | | 94,231 |
TEGNA, Inc.
| | 9,780 | | 135,746 |
Telephone and Data Systems, Inc.
| | 4,621 | | 109,148 |
Thryv Holdings, Inc.(b)(c)
| | 2,904 | | 52,911 |
Yelp, Inc.(b)
| | 8,882 | | 310,248 |
Ziff Davis, Inc.(b)
| | 1,068 | | 52,193 |
| | | | | 1,958,540 |
| Consumer Discretionary-7.51% |
Abercrombie & Fitch Co., Class A(b)(c)
| | 13,046 | | 1,925,198 |
Academy Sports & Outdoors, Inc.(c)
| | 10,943 | | 607,118 |
Accel Entertainment, Inc.(b)(c)
| | 8,027 | | 93,595 |
Acushnet Holdings Corp.(c)
| | 11,189 | | 749,551 |
Adtalem Global Education, Inc.(b)
| | 11,442 | | 866,274 |
American Eagle Outfitters, Inc.
| | 51,129 | | 1,052,235 |
Arhaus, Inc.(c)
| | 3,301 | | 40,635 |
Boot Barn Holdings, Inc.(b)
| | 3,140 | | 421,294 |
Brinker International, Inc.(b)
| | 1,513 | | 108,210 |
Buckle, Inc. (The)(c)
| | 5,577 | | 233,676 |
Cavco Industries, Inc.(b)(c)
| | 929 | | 383,974 |
Cheesecake Factory, Inc. (The)(c)
| | 5,399 | | 212,235 |
Despegar.com Corp. (Argentina)(b)(c)
| | 10,832 | | 133,125 |
Dorman Products, Inc.(b)
| | 4,239 | | 480,787 |
Dream Finders Homes, Inc., Class A(b)(c)
| | 2,308 | | 77,203 |
Ethan Allen Interiors, Inc.
| | 3,308 | | 104,136 |
First Watch Restaurant Group, Inc.(b)(c)
| | 7,108 | | 117,353 |
Foot Locker, Inc.
| | 9,918 | | 308,846 |
Frontdoor, Inc.(b)
| | 10,407 | | 500,369 |
Gentherm, Inc.(b)(c)
| | 1,090 | | 55,089 |
Goodyear Tire & Rubber Co. (The)(b)(c)
| | 7,593 | | 66,970 |
Graham Holdings Co., Class B
| | 660 | | 524,825 |
Green Brick Partners, Inc.(b)
| | 1,463 | | 115,255 |
Group 1 Automotive, Inc.
| | 318 | | 119,810 |
Hanesbrands, Inc.(b)(c)
| | 19,751 | | 125,419 |
Helen of Troy Ltd.(b)(c)
| | 1,975 | | 105,425 |
Hilton Grand Vacations, Inc.(b)(c)
| | 1,395 | | 53,819 |
Installed Building Products, Inc.
| | 2,871 | | 638,252 |
KB Home
| | 7,625 | | 638,289 |
Kontoor Brands, Inc.
| | 15,994 | | 1,197,151 |
Laureate Education, Inc., Class A
| | 51,155 | | 788,810 |
La-Z-Boy, Inc.
| | 13,963 | | 566,479 |
Lincoln Educational Services Corp.(b)
| | 5,003 | | 62,287 |
M/I Homes, Inc.(b)
| | 840 | | 133,871 |
Meritage Homes Corp.
| | 1,783 | | 353,159 |
Modine Manufacturing Co.(b)(c)
| | 1,164 | | 141,484 |
OneSpaWorld Holdings Ltd. (Bahamas)(c)
| | 10,123 | | 160,652 |
Oxford Industries, Inc.(c)
| | 2,807 | | 244,153 |
| | Shares | | Value |
| Consumer Discretionary-(continued) |
Perdoceo Education Corp.
| | 21,855 | | $ 490,426 |
Rush Street Interactive, Inc.(b)
| | 15,022 | | 140,756 |
Shake Shack, Inc., Class A(b)
| | 3,158 | | 313,937 |
Shoe Carnival, Inc.(c)
| | 2,704 | | 109,350 |
Signet Jewelers Ltd.(c)
| | 4,368 | | 367,349 |
Sonos, Inc.(b)
| | 3,538 | | 43,270 |
Standard Motor Products, Inc.
| | 1,980 | | 63,974 |
Steven Madden Ltd.
| | 8,916 | | 402,112 |
Strategic Education, Inc.
| | 7,736 | | 746,524 |
Stride, Inc.(b)(c)
| | 8,016 | | 660,037 |
Sturm, Ruger & Co., Inc.
| | 2,068 | | 87,104 |
Superior Group of Cos., Inc.(c)
| | 2,982 | | 43,179 |
Sweetgreen, Inc., Class A(b)(c)
| | 3,342 | | 105,641 |
Taylor Morrison Home Corp., Class A(b)
| | 2,992 | | 201,451 |
Tri Pointe Homes, Inc.(b)
| | 2,302 | | 102,301 |
Universal Technical Institute, Inc.(b)(c)
| | 11,161 | | 194,759 |
Urban Outfitters, Inc.(b)
| | 15,598 | | 566,519 |
Victoria’s Secret & Co.(b)
| | 4,729 | | 110,942 |
Vista Outdoor, Inc.(b)
| | 7,601 | | 304,344 |
Visteon Corp.(b)
| | 575 | | 58,207 |
Warby Parker, Inc., Class A(b)(c)
| | 17,868 | | 266,591 |
Winmark Corp.(c)
| | 886 | | 319,492 |
Wolverine World Wide, Inc.(c)
| | 4,363 | | 59,817 |
Worthington Enterprises, Inc.(c)
| | 12,430 | | 569,294 |
Zumiez, Inc.(b)
| | 3,039 | | 84,302 |
| | | | | 20,918,691 |
| Consumer Staples-5.48% |
Andersons, Inc. (The)
| | 8,600 | | 438,342 |
Cal-Maine Foods, Inc.
| | 29,128 | | 2,098,381 |
Central Garden & Pet Co.(b)(c)
| | 2,084 | | 82,255 |
Central Garden & Pet Co., Class A(b)
| | 10,042 | | 343,436 |
Edgewell Personal Care Co.
| | 1,932 | | 77,705 |
Energizer Holdings, Inc.
| | 2,487 | | 80,579 |
Fresh Del Monte Produce, Inc.
| | 3,342 | | 97,720 |
Inter Parfums, Inc.
| | 1,421 | | 183,082 |
J&J Snack Foods Corp.(c)
| | 1,980 | | 336,976 |
John B. Sanfilippo & Son, Inc.
| | 857 | | 81,304 |
Lancaster Colony Corp.
| | 5,907 | | 1,008,679 |
Natural Grocers by Vitamin Cottage, Inc.
| | 2,761 | | 73,498 |
Nature’s Sunshine Products, Inc.(b)(c)
| | 3,568 | | 49,238 |
Oil-Dri Corp.of America
| | 3,102 | | 211,525 |
PriceSmart, Inc.
| | 7,331 | | 656,711 |
Primo Water Corp.
| | 46,339 | | 1,024,092 |
Simply Good Foods Co. (The)(b)
| | 7,572 | | 239,200 |
Sprouts Farmers Market, Inc.(b)
| | 61,255 | | 6,373,583 |
Turning Point Brands, Inc.
| | 1,887 | | 74,801 |
Universal Corp.
| | 1,746 | | 94,808 |
Utz Brands, Inc.(c)
| | 5,842 | | 98,671 |
Vector Group Ltd.
| | 12,481 | | 186,965 |
Village Super Market, Inc., Class A(c)
| | 4,717 | | 151,652 |
Vital Farms, Inc.(b)
| | 18,845 | | 592,675 |
WD-40 Co.(c)
| | 1,871 | | 491,774 |
Weis Markets, Inc.(c)
| | 1,794 | | 121,239 |
| | | | | 15,268,891 |
| Energy-2.97% |
Archrock, Inc.
| | 17,130 | | 346,540 |
Ardmore Shipping Corp. (Ireland)
| | 10,638 | | 200,845 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco Russell 2000® Dynamic Multifactor ETF (OMFS)—(continued)
August 31, 2024
| | Shares | | Value |
| Energy-(continued) |
Atlas Energy Solutions, Inc.(c)
| | 5,668 | | $ 119,538 |
ChampionX Corp.
| | 4,288 | | 133,485 |
CONSOL Energy, Inc.
| | 2,495 | | 255,189 |
DHT Holdings, Inc.(c)
| | 55,317 | | 599,083 |
Dorian LPG Ltd.
| | 18,129 | | 706,850 |
Expro Group Holdings N.V.(b)
| | 4,229 | | 83,988 |
Golar LNG Ltd. (Cameroon)
| | 3,298 | | 109,790 |
Helmerich & Payne, Inc.(c)
| | 8,295 | | 270,666 |
International Seaways, Inc.
| | 20,249 | | 1,049,506 |
Liberty Energy, Inc., Class A
| | 5,990 | | 123,334 |
Magnolia Oil & Gas Corp., Class A(c)
| | 5,275 | | 135,093 |
Murphy Oil Corp.
| | 4,958 | | 184,834 |
Noble Corp. PLC(c)
| | 40,870 | | 1,559,190 |
Scorpio Tankers, Inc. (Monaco)
| | 9,452 | | 676,196 |
Seadrill Ltd. (Norway)(b)
| | 3,198 | | 137,898 |
Select Water Solutions, Inc., Class A(c)
| | 6,081 | | 70,114 |
SFL Corp. Ltd. (Norway)
| | 27,799 | | 329,696 |
Sitio Royalties Corp., Class A(c)
| | 2,907 | | 64,623 |
Teekay Corp. (Bermuda)(b)(c)
| | 15,672 | | 130,234 |
Teekay Tankers Ltd., Class A (Canada)
| | 6,994 | | 397,819 |
Tidewater, Inc.(b)
| | 2,485 | | 220,420 |
VAALCO Energy, Inc.
| | 15,284 | | 99,499 |
Valaris Ltd.(b)(c)
| | 4,551 | | 277,884 |
| | | | | 8,282,314 |
| Financials-26.11% |
1st Source Corp.
| | 3,286 | | 201,908 |
Amalgamated Financial Corp.
| | 4,729 | | 156,010 |
Amerant Bancorp, Inc.(c)
| | 3,732 | | 82,328 |
Ameris Bancorp
| | 15,732 | | 969,563 |
AMERISAFE, Inc.
| | 2,237 | | 112,118 |
Apollo Commercial Real Estate Finance, Inc.(c)
| | 14,041 | | 148,694 |
Arbor Realty Trust, Inc.(c)
| | 12,637 | | 171,863 |
Arrow Financial Corp.(c)
| | 2,962 | | 90,311 |
Artisan Partners Asset Management, Inc., Class A
| | 19,199 | | 798,486 |
AssetMark Financial Holdings, Inc.(b)(c)
| | 4,736 | | 166,470 |
Associated Banc-Corp
| | 32,985 | | 754,697 |
Atlantic Union Bankshares Corp.(c)
| | 14,144 | | 561,234 |
AvidXchange Holdings, Inc.(b)(c)
| | 7,946 | | 64,124 |
Axos Financial, Inc.(b)
| | 12,781 | | 887,385 |
Baldwin Insurance Group, Inc. (The), Class A(b)(c)
| | 3,489 | | 163,599 |
BancFirst Corp.
| | 1,238 | | 131,723 |
Banco Latinoamericano de Comercio Exterior S.A., Class E (Panama)
| | 8,361 | | 262,117 |
Bancorp, Inc. (The)(b)
| | 1,875 | | 98,250 |
Bank First Corp.(c)
| | 840 | | 78,994 |
Bank of Hawaii Corp.
| | 7,468 | | 495,651 |
Bank of N.T. Butterfield & Son Ltd. (The) (Bermuda)
| | 10,674 | | 408,280 |
BankUnited, Inc.
| | 11,943 | | 458,969 |
Banner Corp.(c)
| | 3,203 | | 190,803 |
Berkshire Hills Bancorp, Inc.
| | 3,199 | | 88,100 |
BGC Group, Inc., Class A
| | 70,751 | | 699,020 |
Blackstone Mortgage Trust, Inc., Class A(c)
| | 15,987 | | 295,120 |
Bread Financial Holdings, Inc.
| | 1,988 | | 115,642 |
Brookline Bancorp, Inc.
| | 9,794 | | 100,193 |
Business First Bancshares, Inc.
| | 2,862 | | 69,890 |
| | Shares | | Value |
| Financials-(continued) |
Byline Bancorp, Inc.
| | 5,378 | | $ 149,239 |
Cadence Bank
| | 51,253 | | 1,654,447 |
Cathay General Bancorp
| | 10,030 | | 441,220 |
Central Pacific Financial Corp.
| | 5,730 | | 157,632 |
Chicago Atlantic Real Estate Finance, Inc.(c)
| | 4,602 | | 73,172 |
City Holding Co.(c)
| | 2,199 | | 261,109 |
CNO Financial Group, Inc.
| | 21,012 | | 733,739 |
Cohen & Steers, Inc.(c)
| | 8,175 | | 730,518 |
Community Financial System, Inc.
| | 3,308 | | 202,317 |
Community Trust Bancorp, Inc.
| | 3,107 | | 156,903 |
Compass Diversified Holdings
| | 5,111 | | 113,209 |
ConnectOne Bancorp, Inc.
| | 5,372 | | 134,300 |
CrossFirst Bankshares, Inc.(b)
| | 6,294 | | 109,516 |
Customers Bancorp, Inc.(b)
| | 3,952 | | 204,793 |
CVB Financial Corp.
| | 24,309 | | 447,772 |
Dime Community Bancshares, Inc.
| | 4,543 | | 118,163 |
Donnelley Financial Solutions, Inc.(b)
| | 5,332 | | 355,431 |
Dynex Capital, Inc.(c)
| | 7,466 | | 94,072 |
Eastern Bankshares, Inc.
| | 18,844 | | 319,783 |
Employers Holdings, Inc.
| | 5,281 | | 253,224 |
Enact Holdings, Inc.
| | 12,917 | | 459,199 |
Enova International, Inc.(b)
| | 1,856 | | 159,115 |
Enstar Group Ltd.(b)
| | 2,674 | | 871,724 |
Enterprise Financial Services Corp.(c)
| | 2,849 | | 150,741 |
Equity Bancshares, Inc., Class A(c)
| | 2,526 | | 103,035 |
Essent Group Ltd.
| | 28,837 | | 1,853,931 |
EVERTEC, Inc.
| | 1,755 | | 60,109 |
F&G Annuities & Life, Inc.(c)
| | 4,450 | | 203,320 |
FB Financial Corp.
| | 7,468 | | 360,107 |
Federal Agricultural Mortgage Corp., Class C(c)
| | 1,905 | | 376,180 |
First Bancorp
| | 45,015 | | 962,421 |
First Bancorp/Southern Pines NC
| | 2,483 | | 105,478 |
First Busey Corp.(c)
| | 9,400 | | 254,270 |
First Commonwealth Financial Corp.
| | 10,452 | | 179,983 |
First Community Bankshares, Inc.(c)
| | 3,310 | | 146,037 |
First Financial Bancorp
| | 11,689 | | 309,408 |
First Financial Bankshares, Inc.(c)
| | 13,529 | | 494,755 |
First Financial Corp.
| | 2,014 | | 90,026 |
First Interstate BancSystem, Inc., Class A
| | 11,224 | | 348,505 |
First Merchants Corp.
| | 12,640 | | 492,960 |
First Mid Bancshares, Inc.(c)
| | 6,042 | | 243,372 |
FirstCash Holdings, Inc.
| | 14,948 | | 1,795,105 |
Franklin BSP Realty Trust, Inc.
| | 8,324 | | 113,373 |
Fulton Financial Corp.
| | 45,356 | | 877,639 |
GCM Grosvenor, Inc., Class A
| | 15,321 | | 166,846 |
Genworth Financial, Inc., Class A(b)
| | 52,802 | | 368,558 |
German American Bancorp, Inc.(c)
| | 5,330 | | 213,786 |
Glacier Bancorp, Inc.(c)
| | 15,261 | | 721,845 |
Goosehead Insurance, Inc., Class A(b)(c)
| | 2,244 | | 189,259 |
Greenlight Capital Re Ltd., Class A(b)(c)
| | 9,530 | | 133,134 |
HA Sustainable Infrastructure Capital, Inc.(c)
| | 22,840 | | 739,559 |
Hamilton Lane, Inc., Class A
| | 20,408 | | 3,119,159 |
Hancock Whitney Corp.
| | 9,945 | | 534,345 |
HarborOne Bancorp, Inc.
| | 7,075 | | 93,390 |
HCI Group, Inc.(c)
| | 2,741 | | 262,670 |
Heartland Financial USA, Inc.
| | 10,160 | | 566,522 |
Heritage Financial Corp.
| | 4,034 | | 92,137 |
Hilltop Holdings, Inc.
| | 4,013 | | 131,827 |
Home BancShares, Inc.
| | 21,193 | | 590,013 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco Russell 2000® Dynamic Multifactor ETF (OMFS)—(continued)
August 31, 2024
| | Shares | | Value |
| Financials-(continued) |
HomeTrust Bancshares, Inc.(c)
| | 3,296 | | $ 120,172 |
Hope Bancorp, Inc.
| | 26,754 | | 342,184 |
Horace Mann Educators Corp.
| | 8,299 | | 295,527 |
Horizon Bancorp, Inc.
| | 4,888 | | 78,306 |
Independent Bank Corp.
| | 5,318 | | 336,683 |
Independent Bank Corp.
| | 5,660 | | 191,761 |
Independent Bank Group, Inc.
| | 3,760 | | 218,907 |
International Bancshares Corp.
| | 13,883 | | 877,128 |
International Money Express, Inc.(b)(c)
| | 3,439 | | 62,418 |
Investors Title Co.(c)
| | 358 | | 80,654 |
Jackson Financial, Inc., Class A
| | 19,060 | | 1,714,828 |
Ladder Capital Corp.(c)
| | 12,667 | | 156,564 |
Lakeland Financial Corp.(c)
| | 4,148 | | 282,686 |
Live Oak Bancshares, Inc.
| | 5,035 | | 216,455 |
Mercantile Bank Corp.
| | 3,898 | | 179,230 |
Merchants Bancorp
| | 5,662 | | 259,603 |
Mercury General Corp.
| | 10,141 | | 671,638 |
MetroCity Bankshares, Inc.
| | 5,455 | | 167,196 |
Midland States Bancorp, Inc.(c)
| | 3,209 | | 73,069 |
Moelis & Co., Class A
| | 7,658 | | 511,478 |
Mr. Cooper Group, Inc.(b)
| | 22,402 | | 2,101,532 |
National Bank Holdings Corp., Class A
| | 6,486 | | 284,152 |
NBT Bancorp, Inc.
| | 6,729 | | 329,452 |
NCR Atleos Corp.(b)
| | 5,910 | | 169,085 |
Nelnet, Inc., Class A
| | 1,560 | | 180,305 |
New York Community Bancorp, Inc.
| | 6,786 | | 73,560 |
Nicolet Bankshares, Inc.
| | 1,776 | | 174,581 |
NMI Holdings, Inc., Class A(b)
| | 22,855 | | 938,655 |
Northeast Bank
| | 1,241 | | 88,123 |
Northrim BanCorp, Inc.
| | 1,276 | | 88,006 |
Northwest Bancshares, Inc.
| | 13,773 | | 190,756 |
OceanFirst Financial Corp.
| | 3,915 | | 69,961 |
OFG Bancorp
| | 12,287 | | 565,079 |
Old National Bancorp
| | 77,140 | | 1,531,229 |
Old Second Bancorp, Inc.
| | 5,327 | | 90,719 |
Orange County Bancorp, Inc.
| | 1,840 | | 105,708 |
Origin Bancorp, Inc.(c)
| | 3,424 | | 114,601 |
Orrstown Financial Services, Inc.(c)
| | 2,895 | | 103,641 |
Pacific Premier Bancorp, Inc.
| | 11,586 | | 297,760 |
Pagseguro Digital Ltd., Class A (Brazil)(b)(c)
| | 7,068 | | 78,243 |
Palomar Holdings, Inc.(b)
| | 5,764 | | 571,904 |
Park National Corp.(c)
| | 4,177 | | 734,275 |
Pathward Financial, Inc.
| | 2,607 | | 179,414 |
Patria Investments Ltd., Class A (Cayman Islands)
| | 5,975 | | 68,832 |
Payoneer Global, Inc.(b)
| | 46,568 | | 346,000 |
PennyMac Financial Services, Inc.
| | 4,159 | | 449,172 |
PennyMac Mortgage Investment Trust(c)
| | 5,502 | | 78,183 |
Peoples Bancorp, Inc.(c)
| | 5,334 | | 170,688 |
Perella Weinberg Partners
| | 11,260 | | 220,133 |
Piper Sandler Cos.
| | 6,474 | | 1,765,460 |
PJT Partners, Inc., Class A
| | 8,180 | | 1,010,230 |
Preferred Bank(c)
| | 4,203 | | 348,219 |
Premier Financial Corp.
| | 5,334 | | 133,670 |
Provident Financial Services, Inc.
| | 6,756 | | 128,837 |
QCR Holdings, Inc.(c)
| | 4,166 | | 321,324 |
Radian Group, Inc.
| | 45,323 | | 1,638,426 |
RBB Bancorp(c)
| | 5,011 | | 115,053 |
Redwood Trust, Inc.(c)
| | 8,791 | | 66,548 |
Renasant Corp.
| | 5,506 | | 192,710 |
| | Shares | | Value |
| Financials-(continued) |
Republic Bancorp, Inc., Class A
| | 1,782 | | $ 113,870 |
S&T Bancorp, Inc.(c)
| | 6,293 | | 270,410 |
Safety Insurance Group, Inc.
| | 2,380 | | 210,749 |
Sandy Spring Bancorp, Inc.(c)
| | 3,198 | | 100,097 |
Seacoast Banking Corp. of Florida
| | 8,132 | | 222,491 |
Selective Insurance Group, Inc.
| | 8,438 | | 767,689 |
ServisFirst Bancshares, Inc.(c)
| | 10,582 | | 857,777 |
Simmons First National Corp., Class A
| | 9,907 | | 212,208 |
SiriusPoint Ltd. (Sweden)(b)
| | 24,530 | | 367,705 |
Skyward Specialty Insurance Group, Inc.(b)
| | 14,839 | | 606,470 |
Southside Bancshares, Inc.
| | 2,399 | | 82,118 |
SouthState Corp.
| | 10,862 | | 1,054,592 |
Stellar Bancorp, Inc.
| | 2,773 | | 75,620 |
StepStone Group, Inc., Class A
| | 16,599 | | 907,965 |
Stewart Information Services Corp.
| | 7,284 | | 538,360 |
Stock Yards Bancorp, Inc.(c)
| | 2,487 | | 150,712 |
StoneX Group, Inc.(b)
| | 4,294 | | 355,801 |
Texas Capital Bancshares, Inc.(b)
| | 4,166 | | 280,038 |
Towne Bank
| | 11,024 | | 381,982 |
TriCo Bancshares
| | 3,199 | | 145,426 |
Triumph Financial, Inc.(b)(c)
| | 2,963 | | 248,833 |
Trustmark Corp.
| | 15,980 | | 532,294 |
UMB Financial Corp.
| | 11,890 | | 1,231,685 |
United Bankshares, Inc.
| | 17,553 | | 682,285 |
United Community Banks, Inc.
| | 9,780 | | 297,997 |
Univest Financial Corp.
| | 4,756 | | 135,356 |
Valley National Bancorp
| | 36,210 | | 314,303 |
Veritex Holdings, Inc.
| | 4,213 | | 106,125 |
Victory Capital Holdings, Inc., Class A
| | 23,229 | | 1,267,606 |
Virtus Investment Partners, Inc.
| | 922 | | 195,150 |
WaFd, Inc.
| | 7,179 | | 263,254 |
Walker & Dunlop, Inc.(c)
| | 6,897 | | 738,393 |
Washington Trust Bancorp, Inc.
| | 2,077 | | 68,126 |
WesBanco, Inc.
| | 7,604 | | 244,925 |
Westamerica Bancorporation
| | 6,792 | | 351,758 |
WisdomTree, Inc.(c)
| | 41,564 | | 421,459 |
WSFS Financial Corp.
| | 9,213 | | 504,320 |
| | | | | 72,722,606 |
| Health Care-9.13% |
Addus HomeCare Corp.(b)
| | 4,323 | | 575,002 |
ADMA Biologics, Inc.(b)
| | 12,438 | | 215,302 |
Agios Pharmaceuticals, Inc.(b)
| | 7,662 | | 351,762 |
Alkermes PLC(b)(c)
| | 8,644 | | 245,922 |
Amneal Pharmaceuticals, Inc.(b)(c)
| | 10,513 | | 91,043 |
ANI Pharmaceuticals, Inc.(b)
| | 3,914 | | 249,517 |
Anika Therapeutics, Inc.(b)
| | 2,382 | | 61,217 |
Arcellx, Inc.(b)(c)
| | 1,145 | | 78,707 |
Artivion, Inc.(b)
| | 4,677 | | 126,934 |
Astrana Health, Inc.(b)(c)
| | 13,623 | | 651,043 |
Axonics, Inc.(b)
| | 2,833 | | 195,944 |
Catalyst Pharmaceuticals, Inc.(b)
| | 26,523 | | 537,091 |
Collegium Pharmaceutical, Inc.(b)(c)
| | 12,539 | | 482,250 |
Corcept Therapeutics, Inc.(b)(c)
| | 60,211 | | 2,125,448 |
CorVel Corp.(b)
| | 5,535 | | 1,775,241 |
Dyne Therapeutics, Inc.(b)(c)
| | 2,985 | | 137,579 |
Ensign Group, Inc. (The)
| | 23,106 | | 3,497,324 |
Glaukos Corp.(b)
| | 2,490 | | 333,386 |
Haemonetics Corp.(b)(c)
| | 4,005 | | 302,698 |
Halozyme Therapeutics, Inc.(b)(c)
| | 38,536 | | 2,460,524 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco Russell 2000® Dynamic Multifactor ETF (OMFS)—(continued)
August 31, 2024
| | Shares | | Value |
| Health Care-(continued) |
Harmony Biosciences Holdings, Inc.(b)(c)
| | 3,024 | | $ 108,804 |
HealthEquity, Inc.(b)
| | 12,200 | | 970,632 |
HealthStream, Inc.
| | 4,616 | | 134,049 |
Hims & Hers Health, Inc.(b)
| | 22,485 | | 331,204 |
Inari Medical, Inc.(b)(c)
| | 1,427 | | 61,689 |
Innoviva, Inc.(b)(c)
| | 7,101 | | 137,617 |
Integer Holdings Corp.(b)
| | 7,496 | | 975,005 |
Integra LifeSciences Holdings Corp.(b)(c)
| | 2,572 | | 52,314 |
Ironwood Pharmaceuticals, Inc.(b)
| | 34,625 | | 175,203 |
Krystal Biotech, Inc.(b)(c)
| | 1,897 | | 370,143 |
Lantheus Holdings, Inc.(b)
| | 4,627 | | 492,637 |
LeMaitre Vascular, Inc.
| | 6,759 | | 610,270 |
Ligand Pharmaceuticals, Inc.(b)(c)
| | 769 | | 81,360 |
LivaNova PLC(b)
| | 5,579 | | 281,126 |
MannKind Corp.(b)(c)
| | 17,740 | | 111,052 |
Merit Medical Systems, Inc.(b)(c)
| | 6,205 | | 599,899 |
National HealthCare Corp.
| | 11,399 | | 1,563,145 |
Option Care Health, Inc.(b)(c)
| | 14,044 | | 449,689 |
Prestige Consumer Healthcare, Inc.(b)(c)
| | 6,040 | | 450,826 |
PTC Therapeutics, Inc.(b)
| | 3,833 | | 135,382 |
RadNet, Inc.(b)
| | 6,708 | | 444,673 |
Select Medical Holdings Corp.
| | 5,529 | | 199,431 |
SIGA Technologies, Inc.(c)
| | 24,073 | | 217,379 |
Simulations Plus, Inc.(c)
| | 1,874 | | 67,933 |
Supernus Pharmaceuticals, Inc.(b)(c)
| | 2,494 | | 87,689 |
SurModics, Inc.(b)(c)
| | 1,629 | | 64,557 |
Talkspace, Inc.(b)(c)
| | 23,625 | | 47,250 |
TransMedics Group, Inc.(b)(c)
| | 1,066 | | 179,152 |
Twist Bioscience Corp.(b)(c)
| | 2,765 | | 119,559 |
U.S. Physical Therapy, Inc.
| | 562 | | 48,107 |
UFP Technologies, Inc.(b)
| | 2,754 | | 939,747 |
Vericel Corp.(b)
| | 8,180 | | 422,497 |
| | | | | 25,423,954 |
| Industrials-22.75% |
AAR Corp.(b)
| | 1,187 | | 78,081 |
ABM Industries, Inc.
| | 9,123 | | 521,380 |
AeroVironment, Inc.(b)(c)
| | 5,105 | | 1,040,195 |
Alamo Group, Inc.
| | 1,134 | | 210,244 |
Albany International Corp., Class A
| | 1,235 | | 116,288 |
Alight, Inc., Class A(b)(c)
| | 19,718 | | 147,096 |
American Woodmark Corp.(b)
| | 3,628 | | 325,105 |
Apogee Enterprises, Inc.
| | 9,021 | | 602,422 |
Applied Industrial Technologies, Inc.
| | 14,012 | | 2,874,142 |
ArcBest Corp.
| | 956 | | 101,623 |
Arcosa, Inc.
| | 3,914 | | 358,092 |
Argan, Inc.
| | 7,838 | | 621,632 |
Aris Water Solutions, Inc., Class A
| | 4,310 | | 72,494 |
Astec Industries, Inc.
| | 1,849 | | 62,552 |
Atkore, Inc.
| | 980 | | 91,463 |
Atmus Filtration Technologies, Inc.
| | 65,058 | | 2,332,329 |
AZZ, Inc.
| | 17,281 | | 1,437,261 |
Barnes Group, Inc.
| | 3,889 | | 155,716 |
Barrett Business Services, Inc.(c)
| | 7,392 | | 269,882 |
Beacon Roofing Supply, Inc.(b)
| | 7,364 | | 667,178 |
Blue Bird Corp.(b)(c)
| | 6,227 | | 318,698 |
Boise Cascade Co.
| | 2,036 | | 276,122 |
BrightView Holdings, Inc.(b)(c)
| | 6,271 | | 100,148 |
Brink’s Co. (The)(c)
| | 9,168 | | 1,017,006 |
Cadre Holdings, Inc.(c)
| | 8,138 | | 295,003 |
| | Shares | | Value |
| Industrials-(continued) |
CBIZ, Inc.(b)
| | 17,733 | | $ 1,305,149 |
CECO Environmental Corp.(b)(c)
| | 6,425 | | 186,004 |
Cimpress PLC (Ireland)(b)(c)
| | 3,195 | | 315,922 |
Construction Partners, Inc., Class A(b)
| | 12,325 | | 813,204 |
CoreCivic, Inc.(b)
| | 18,217 | | 251,030 |
Costamare, Inc. (Monaco)(c)
| | 7,681 | | 108,993 |
CRA International, Inc.
| | 4,028 | | 679,121 |
CSW Industrials, Inc.
| | 8,861 | | 2,991,739 |
Deluxe Corp.
| | 5,077 | | 104,535 |
Distribution Solutions Group, Inc.(b)(c)
| | 2,019 | | 75,147 |
DNOW, Inc.(b)
| | 19,194 | | 249,906 |
DXP Enterprises, Inc.(b)
| | 1,674 | | 92,070 |
Dycom Industries, Inc.(b)
| | 1,347 | | 237,018 |
Enerpac Tool Group Corp.
| | 12,711 | | 524,202 |
EnerSys
| | 3,169 | | 321,115 |
Ennis, Inc.
| | 3,906 | | 93,393 |
Enpro, Inc.
| | 2,824 | | 454,184 |
ESCO Technologies, Inc.
| | 4,134 | | 495,708 |
ExlService Holdings, Inc.(b)
| | 34,507 | | 1,260,886 |
Exponent, Inc.
| | 6,958 | | 753,343 |
Federal Signal Corp.
| | 31,090 | | 2,937,694 |
First Advantage Corp.(b)(c)
| | 11,069 | | 211,971 |
Fluor Corp.(b)
| | 6,702 | | 335,569 |
Franklin Electric Co., Inc.
| | 6,170 | | 640,816 |
FTAI Aviation Ltd.
| | 18,133 | | 2,317,579 |
FTAI Infrastructure, Inc.
| | 7,453 | | 74,083 |
GATX Corp.
| | 2,602 | | 367,142 |
Genco Shipping & Trading Ltd.
| | 4,277 | | 75,232 |
Gencor Industries, Inc.(b)(c)
| | 3,906 | | 78,784 |
GEO Group, Inc. (The)(b)
| | 47,625 | | 660,559 |
Gibraltar Industries, Inc.(b)
| | 7,715 | | 537,504 |
Global Industrial Co.
| | 3,384 | | 113,364 |
GMS, Inc.(b)
| | 9,645 | | 837,090 |
Golden Ocean Group Ltd. (Norway)
| | 13,027 | | 160,232 |
Gorman-Rupp Co. (The)
| | 5,752 | | 224,213 |
Graham Corp.(b)(c)
| | 5,080 | | 161,747 |
Granite Construction, Inc.(c)
| | 1,093 | | 82,150 |
Greenbrier Cos., Inc. (The)
| | 6,296 | | 305,041 |
Griffon Corp.
| | 12,715 | | 841,606 |
H&E Equipment Services, Inc.
| | 2,121 | | 102,126 |
Heidrick & Struggles International, Inc.
| | 5,335 | | 205,931 |
Herc Holdings, Inc.
| | 717 | | 104,947 |
Hillman Solutions Corp.(b)(c)
| | 15,581 | | 155,031 |
Huron Consulting Group, Inc.(b)
| | 2,495 | | 275,548 |
Hyster-Yale, Inc.
| | 2,910 | | 183,214 |
ICF International, Inc.
| | 4,229 | | 700,999 |
IES Holdings, Inc.(b)
| | 4,301 | | 802,266 |
Insperity, Inc.
| | 4,201 | | 394,852 |
Insteel Industries, Inc.
| | 1,773 | | 60,991 |
Interface, Inc.
| | 7,541 | | 142,374 |
Janus International Group, Inc.(b)(c)
| | 30,867 | | 339,228 |
Kadant, Inc.(c)
| | 3,421 | | 1,098,586 |
Karat Packaging, Inc.
| | 2,289 | | 58,003 |
Kelly Services, Inc., Class A
| | 10,897 | | 230,036 |
Kennametal, Inc.(c)
| | 3,890 | | 100,634 |
Kforce, Inc.
| | 3,104 | | 203,591 |
Korn Ferry
| | 17,595 | | 1,285,315 |
Kratos Defense & Security Solutions, Inc.(b)
| | 9,780 | | 224,353 |
LB Foster Co., Class A(b)(c)
| | 5,528 | | 111,002 |
Legalzoom.com, Inc.(b)
| | 8,371 | | 56,421 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco Russell 2000® Dynamic Multifactor ETF (OMFS)—(continued)
August 31, 2024
| | Shares | | Value |
| Industrials-(continued) |
Leonardo DRS, Inc.(b)(c)
| | 9,210 | | $ 262,853 |
Limbach Holdings, Inc.(b)(c)
| | 1,777 | | 114,848 |
Lindsay Corp.
| | 485 | | 60,164 |
Liquidity Services, Inc.(b)
| | 3,586 | | 78,067 |
LSI Industries, Inc.
| | 6,957 | | 110,686 |
MasterBrand, Inc.(b)
| | 15,965 | | 256,079 |
Matrix Service Co.(b)
| | 5,895 | | 58,714 |
Matson, Inc.
| | 3,847 | | 532,040 |
Maximus, Inc.
| | 5,666 | | 522,745 |
McGrath RentCorp
| | 1,988 | | 215,002 |
Miller Industries, Inc.
| | 4,030 | | 244,661 |
MillerKnoll, Inc.
| | 13,862 | | 408,236 |
Moog, Inc., Class A
| | 4,172 | | 823,553 |
MRC Global, Inc.(b)
| | 5,590 | | 73,564 |
Mueller Industries, Inc.
| | 19,441 | | 1,413,555 |
Mueller Water Products, Inc., Class A
| | 24,488 | | 525,757 |
MYR Group, Inc.(b)
| | 4,920 | | 495,936 |
National Presto Industries, Inc.
| | 1,207 | | 94,496 |
OPENLANE, Inc.(b)
| | 12,495 | | 216,538 |
Park Aerospace Corp.
| | 4,660 | | 62,957 |
Powell Industries, Inc.(c)
| | 1,225 | | 205,114 |
Primoris Services Corp.
| | 24,812 | | 1,400,389 |
Resideo Technologies, Inc.(b)
| | 3,538 | | 71,326 |
REV Group, Inc.
| | 18,674 | | 594,580 |
Rush Enterprises, Inc., Class A
| | 5,729 | | 301,918 |
SkyWest, Inc.(b)
| | 994 | | 77,075 |
SPX Technologies, Inc.(b)
| | 9,855 | | 1,607,745 |
Standex International Corp.
| | 2,583 | | 461,453 |
Steelcase, Inc., Class A
| | 19,537 | | 276,253 |
Sterling Infrastructure, Inc.(b)
| | 8,181 | | 977,875 |
Tecnoglass, Inc.(c)
| | 1,494 | | 92,583 |
Tennant Co.
| | 9,596 | | 937,241 |
Terex Corp.
| | 6,568 | | 372,865 |
Thermon Group Holdings, Inc.(b)(c)
| | 6,971 | | 219,099 |
TriNet Group, Inc.(c)
| | 6,789 | | 698,113 |
Trinity Industries, Inc.
| | 15,929 | | 525,816 |
Tutor Perini Corp.(b)
| | 4,290 | | 102,831 |
UFP Industries, Inc.
| | 4,219 | | 513,326 |
UniFirst Corp.
| | 1,480 | | 280,741 |
V2X, Inc.(b)(c)
| | 2,752 | | 155,901 |
Verra Mobility Corp., Class A(b)
| | 22,799 | | 629,480 |
Virco Mfg. Corp.(c)
| | 5,063 | | 78,628 |
Watts Water Technologies, Inc., Class A
| | 5,401 | | 1,062,377 |
Werner Enterprises, Inc.(c)
| | 2,493 | | 92,141 |
WNS (Holdings) Ltd. (India)(b)(c)
| | 6,756 | | 399,955 |
Zurn Elkay Water Solutions Corp.
| | 45,249 | | 1,467,425 |
| | | | | 63,375,346 |
| Information Technology-11.63% |
A10 Networks, Inc.
| | 14,193 | | 195,438 |
ACI Worldwide, Inc.(b)
| | 18,413 | | 927,279 |
Adeia, Inc.
| | 7,292 | | 91,879 |
Advanced Energy Industries, Inc.
| | 1,114 | | 118,184 |
Agilysys, Inc.(b)
| | 1,880 | | 212,628 |
Alarm.com Holdings, Inc.(b)
| | 4,609 | | 274,420 |
Alkami Technology, Inc.(b)(c)
| | 12,941 | | 431,453 |
Altair Engineering, Inc., Class A(b)(c)
| | 6,364 | | 575,051 |
ASGN, Inc.(b)
| | 12,346 | | 1,187,191 |
AvePoint, Inc.(b)
| | 40,958 | | 473,065 |
Badger Meter, Inc.
| | 11,053 | | 2,287,308 |
| | Shares | | Value |
| Information Technology-(continued) |
Bel Fuse, Inc., Class B(c)
| | 804 | | $ 54,535 |
Belden, Inc.
| | 4,947 | | 530,714 |
Benchmark Electronics, Inc.
| | 8,555 | | 363,673 |
Blackbaud, Inc.(b)
| | 3,057 | | 255,565 |
BlackLine, Inc.(b)(c)
| | 1,909 | | 94,591 |
Box, Inc., Class A(b)(c)
| | 12,495 | | 407,337 |
Braze, Inc., Class A(b)
| | 1,761 | | 78,858 |
Calix, Inc.(b)
| | 2,763 | | 102,894 |
Clearwater Analytics Holdings, Inc., Class A(b)
| | 12,277 | | 304,224 |
Commvault Systems, Inc.(b)
| | 24,048 | | 3,737,059 |
Couchbase, Inc.(b)(c)
| | 3,095 | | 60,724 |
CTS Corp.(c)
| | 6,341 | | 312,294 |
Daily Journal Corp.(b)(c)
| | 333 | | 165,538 |
Daktronics, Inc.(b)(c)
| | 18,994 | | 274,463 |
E2open Parent Holdings, Inc.(b)(c)
| | 18,899 | | 84,668 |
Envestnet, Inc.(b)
| | 4,982 | | 312,621 |
ePlus, Inc.(b)
| | 7,965 | | 764,321 |
Fabrinet (Thailand)(b)(c)
| | 19,274 | | 4,696,110 |
FormFactor, Inc.(b)
| | 16,850 | | 821,775 |
Freshworks, Inc., Class A(b)(c)
| | 6,074 | | 70,944 |
Hackett Group, Inc. (The)
| | 2,612 | | 69,218 |
Immersion Corp.(c)
| | 6,250 | | 58,750 |
Impinj, Inc.(b)
| | 405 | | 68,081 |
Insight Enterprises, Inc.(b)(c)
| | 445 | | 96,596 |
InterDigital, Inc.(c)
| | 6,007 | | 832,330 |
Itron, Inc.(b)
| | 6,458 | | 660,137 |
Jamf Holding Corp.(b)(c)
| | 3,759 | | 69,542 |
LiveRamp Holdings, Inc.(b)
| | 3,916 | | 101,503 |
MeridianLink, Inc.(b)(c)
| | 3,347 | | 76,412 |
Mirion Technologies, Inc.(b)(c)
| | 18,337 | | 198,773 |
Napco Security Technologies, Inc.
| | 9,243 | | 428,690 |
NCR Voyix Corp.(b)
| | 8,542 | | 115,232 |
Novanta, Inc.(b)
| | 3,633 | | 665,856 |
NVE Corp.(c)
| | 1,618 | | 135,508 |
OSI Systems, Inc.(b)
| | 1,193 | | 178,795 |
Photronics, Inc.(b)(c)
| | 9,526 | | 246,342 |
Plexus Corp.(b)
| | 4,952 | | 634,401 |
Power Integrations, Inc.
| | 887 | | 59,518 |
Q2 Holdings, Inc.(b)
| | 11,492 | | 852,821 |
Qualys, Inc.(b)
| | 11,161 | | 1,397,022 |
Rambus, Inc.(b)
| | 18,125 | | 810,550 |
ReposiTrak, Inc.(c)
| | 4,281 | | 83,265 |
Sanmina Corp.(b)
| | 8,888 | | 616,649 |
Sapiens International Corp. N.V. (Israel)
| | 11,014 | | 400,799 |
ScanSource, Inc.(b)
| | 2,368 | | 120,626 |
SEMrush Holdings, Inc., Class A(b)(c)
| | 7,633 | | 104,877 |
Semtech Corp.(b)
| | 19,181 | | 840,511 |
SolarWinds Corp.
| | 4,616 | | 59,039 |
Sprinklr, Inc., Class A(b)(c)
| | 15,030 | | 134,819 |
SPS Commerce, Inc.(b)
| | 2,938 | | 586,836 |
Squarespace, Inc., Class A(b)
| | 2,623 | | 119,294 |
Synaptics, Inc.(b)
| | 1,336 | | 108,777 |
Tenable Holdings, Inc.(b)
| | 4,267 | | 176,142 |
TTM Technologies, Inc.(b)
| | 6,939 | | 134,964 |
Varonis Systems, Inc.(b)(c)
| | 4,938 | | 279,491 |
Veeco Instruments, Inc.(b)(c)
| | 3,565 | | 126,522 |
Verint Systems, Inc.(b)
| | 2,102 | | 66,318 |
Vertex, Inc., Class A(b)(c)
| | 5,655 | | 218,792 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco Russell 2000® Dynamic Multifactor ETF (OMFS)—(continued)
August 31, 2024
| | Shares | | Value |
| Information Technology-(continued) |
Vishay Intertechnology, Inc.
| | 3,665 | | $ 73,850 |
Xerox Holdings Corp.(c)
| | 11,737 | | 132,980 |
| | | | | 32,407,432 |
| Materials-4.37% |
Arch Resources, Inc.
| | 1,569 | | 214,059 |
Ardagh Metal Packaging S.A.
| | 19,966 | | 71,478 |
Avient Corp.
| | 2,877 | | 141,347 |
Balchem Corp.
| | 4,969 | | 879,662 |
Cabot Corp.
| | 9,486 | | 997,073 |
Carpenter Technology Corp.
| | 9,854 | | 1,426,564 |
Clearwater Paper Corp.(b)
| | 1,782 | | 59,287 |
Commercial Metals Co.
| | 15,808 | | 847,151 |
Constellium SE(b)
| | 16,002 | | 268,354 |
H.B. Fuller Co.
| | 3,978 | | 340,755 |
Hawkins, Inc.
| | 5,264 | | 666,791 |
Ingevity Corp.(b)
| | 1,779 | | 70,324 |
Innospec, Inc.
| | 7,701 | | 887,617 |
Kaiser Aluminum Corp.
| | 1,120 | | 83,496 |
Knife River Corp.(b)
| | 20,943 | | 1,651,774 |
Koppers Holdings, Inc.
| | 1,800 | | 71,244 |
Materion Corp.
| | 755 | | 87,610 |
Metallus, Inc.(b)(c)
| | 2,643 | | 42,975 |
Minerals Technologies, Inc.
| | 7,544 | | 581,642 |
Orion S.A. (Germany)
| | 3,003 | | 56,006 |
Pactiv Evergreen, Inc.
| | 6,807 | | 80,323 |
Quaker Chemical Corp.(c)
| | 955 | | 161,653 |
Sensient Technologies Corp.
| | 3,260 | | 253,758 |
Summit Materials, Inc., Class A(b)
| | 6,668 | | 270,054 |
SunCoke Energy, Inc.
| | 12,433 | | 111,400 |
Sylvamo Corp.
| | 5,313 | | 420,205 |
TriMas Corp.(c)
| | 2,347 | | 59,872 |
Tronox Holdings PLC, Class A(c)
| | 3,258 | | 45,384 |
United States Lime & Minerals, Inc.
| | 7,390 | | 603,985 |
Universal Stainless & Alloy Products, Inc.(b)(c)
| | 4,061 | | 171,049 |
Warrior Met Coal, Inc.
| | 7,321 | | 448,851 |
Worthington Steel, Inc.
| | 2,513 | | 88,960 |
| | | | | 12,160,703 |
| Real Estate-7.81% |
Acadia Realty Trust(c)
| | 24,582 | | 553,341 |
Alexander & Baldwin, Inc.
| | 5,867 | | 116,108 |
Alexander’s, Inc.
| | 1,232 | | 282,325 |
American Assets Trust, Inc.
| | 14,776 | | 402,646 |
Apple Hospitality REIT, Inc.
| | 14,740 | | 212,846 |
Armada Hoffler Properties, Inc.
| | 7,617 | | 93,765 |
Brandywine Realty Trust
| | 14,953 | | 78,204 |
Broadstone Net Lease, Inc.(c)
| | 39,750 | | 727,425 |
CareTrust REIT, Inc.
| | 26,166 | | 781,840 |
Centerspace(c)
| | 4,160 | | 311,168 |
COPT Defense Properties
| | 13,243 | | 394,509 |
CTO Realty Growth, Inc.(c)
| | 4,797 | | 91,239 |
Cushman & Wakefield PLC(b)
| | 44,422 | | 577,486 |
DigitalBridge Group, Inc.(c)
| | 12,439 | | 155,363 |
Douglas Emmett, Inc.(c)
| | 29,154 | | 466,464 |
Easterly Government Properties, Inc.(c)
| | 7,648 | | 100,342 |
Elme Communities
| | 8,785 | | 155,143 |
Empire State Realty Trust, Inc., Class A(c)
| | 47,294 | | 510,302 |
Equity Commonwealth(b)(c)
| | 14,205 | | 287,935 |
Essential Properties Realty Trust, Inc.(c)
| | 22,403 | | 714,880 |
Farmland Partners, Inc.(c)
| | 6,796 | | 69,591 |
| | Shares | | Value |
| Real Estate-(continued) |
Forestar Group, Inc.(b)
| | 12,481 | | $ 386,162 |
Four Corners Property Trust, Inc.
| | 13,032 | | 369,457 |
FRP Holdings, Inc.(b)(c)
| | 1,981 | | 58,677 |
Getty Realty Corp.(c)
| | 3,691 | | 117,300 |
Gladstone Commercial Corp.
| | 8,101 | | 123,864 |
Global Medical REIT, Inc.
| | 7,907 | | 73,614 |
Independence Realty Trust, Inc.(c)
| | 20,360 | | 423,081 |
Innovative Industrial Properties, Inc.(c)
| | 12,841 | | 1,595,879 |
JBG SMITH Properties, (Acquired 07/05/2024; Cost $169,782)(d)
| | 11,013 | | 191,626 |
Kite Realty Group Trust
| | 20,049 | | 522,878 |
LTC Properties, Inc.
| | 11,734 | | 430,990 |
LXP Industrial Trust
| | 24,204 | | 250,753 |
Macerich Co. (The)
| | 7,376 | | 117,795 |
Marcus & Millichap, Inc.
| | 2,122 | | 84,180 |
National Health Investors, Inc.(c)
| | 17,136 | | 1,395,384 |
NETSTREIT Corp.
| | 10,129 | | 169,053 |
Newmark Group, Inc., Class A
| | 15,384 | | 212,761 |
One Liberty Properties, Inc.(c)
| | 6,095 | | 163,041 |
Pebblebrook Hotel Trust
| | 7,339 | | 97,609 |
Phillips Edison & Co., Inc.
| | 17,163 | | 634,344 |
Piedmont Office Realty Trust, Inc., Class A
| | 13,382 | | 130,608 |
Plymouth Industrial REIT, Inc.(c)
| | 3,888 | | 93,079 |
PotlatchDeltic Corp.(c)
| | 4,969 | | 215,953 |
Retail Opportunity Investments Corp.
| | 10,147 | | 155,148 |
RLJ Lodging Trust
| | 7,128 | | 67,716 |
RMR Group, Inc. (The), Class A
| | 4,812 | | 122,658 |
Ryman Hospitality Properties, Inc.
| | 1,394 | | 144,920 |
Sabra Health Care REIT, Inc.
| | 32,348 | | 551,210 |
Safehold, Inc.(c)
| | 2,959 | | 74,153 |
Saul Centers, Inc.(c)
| | 2,069 | | 84,457 |
SITE Centers Corp.
| | 9,317 | | 562,281 |
SL Green Realty Corp.
| | 8,892 | | 592,563 |
St. Joe Co. (The)
| | 10,691 | | 634,725 |
Sunstone Hotel Investors, Inc.
| | 42,412 | | 442,357 |
Tanger, Inc.
| | 19,551 | | 595,132 |
Terreno Realty Corp.(c)
| | 20,015 | | 1,381,836 |
UMH Properties, Inc.(c)
| | 8,879 | | 172,785 |
Uniti Group, Inc.(c)
| | 17,663 | | 77,011 |
Urban Edge Properties
| | 37,340 | | 789,741 |
Whitestone REIT
| | 18,095 | | 242,835 |
Xenia Hotels & Resorts, Inc.
| | 9,470 | | 134,852 |
| | | | | 21,767,390 |
| Utilities-1.47% |
ALLETE, Inc.
| | 7,931 | | 504,015 |
American States Water Co.
| | 1,759 | | 143,218 |
Avista Corp.
| | 4,908 | | 189,645 |
Black Hills Corp.
| | 3,372 | | 199,353 |
California Water Service Group
| | 3,194 | | 176,724 |
Consolidated Water Co. Ltd.
| | 5,164 | | 143,353 |
MGE Energy, Inc.
| | 1,789 | | 155,115 |
New Jersey Resources Corp.
| | 1,921 | | 88,961 |
Northwest Natural Holding Co.
| | 2,524 | | 101,515 |
NorthWestern Energy Group, Inc.
| | 2,805 | | 152,564 |
ONE Gas, Inc.
| | 1,688 | | 116,371 |
Ormat Technologies, Inc.(c)
| | 1,073 | | 79,971 |
Otter Tail Corp.(c)
| | 4,661 | | 394,088 |
Portland General Electric Co.
| | 4,623 | | 222,412 |
Southwest Gas Holdings, Inc.
| | 12,977 | | 943,687 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco Russell 2000® Dynamic Multifactor ETF (OMFS)—(continued)
August 31, 2024
| | Shares | | Value |
| Utilities-(continued) |
Spire, Inc.
| | 4,838 | | $ 319,163 |
TXNM Energy, Inc.
| | 1,866 | | 76,469 |
Unitil Corp.
| | 1,205 | | 72,661 |
| | | | | 4,079,285 |
Total Common Stocks & Other Equity Interests
(Cost $248,074,956)
| | 278,365,152 |
| Money Market Funds-0.03% |
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(e)(f)
(Cost $79,018)
| | 79,018 | | 79,018 |
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.96%
(Cost $248,153,974)
| | 278,444,170 |
| | Shares | | Value |
| Investments Purchased with Cash Collateral from Securities on Loan |
| Money Market Funds-14.63% |
Invesco Private Government Fund, 5.28%(e)(f)(g)
| | 11,087,000 | | $ 11,087,000 |
Invesco Private Prime Fund, 5.46%(e)(f)(g)
| | 29,659,538 | | 29,671,402 |
Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $40,755,655)
| | 40,758,402 |
TOTAL INVESTMENTS IN SECURITIES-114.59%
(Cost $288,909,629)
| | 319,202,572 |
OTHER ASSETS LESS LIABILITIES-(14.59)%
| | (40,637,705) |
NET ASSETS-100.00%
| | $278,564,867 |
| Investment Abbreviations: |
| REIT | -Real Estate Investment Trust |
| Notes to Schedule of Investments: |
| (a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
| (b) | Non-income producing security. |
| (c) | All or a portion of this security was out on loan at August 31, 2024. |
| (d) | Restricted security. The aggregate value of these securities at August 31, 2024 was $268,426, which represented less than 1% of the Fund’s Net Assets. |
| (e) | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024. |
| | Value
August 31, 2023 | | Purchases
at Cost | | Proceeds
from Sales | | Change in
Unrealized
Appreciation | | Realized
Gain
(Loss) | | Value
August 31, 2024 | | Dividend
Income |
| Invesco Mortgage Capital, Inc. | $- | | $729,116 | | $(685,467) | | $- | | $(43,649) | | $- | | $30,363 |
| Investments in Affiliated Money Market Funds: | | | | | | | | | | | | | |
| Invesco Government & Agency Portfolio, Institutional Class | - | | 9,241,940 | | (9,162,922) | | - | | - | | 79,018 | | 7,236 |
| Investments Purchased with Cash Collateral from Securities on Loan: | | | | | | | | | | | | | |
| Invesco Private Government Fund | 19,866,984 | | 148,246,521 | | (157,026,505) | | - | | - | | 11,087,000 | | 1,111,289* |
| Invesco Private Prime Fund | 51,230,661 | | 287,798,978 | | (309,372,895) | | 2,762 | | 11,896 | | 29,671,402 | | 3,004,672* |
| Total | $71,097,645 | | $446,016,555 | | $(476,247,789) | | $2,762 | | $(31,753) | | $40,837,420 | | $4,153,560 |
| * | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
| (f) | The rate shown is the 7-day SEC standardized yield as of August 31, 2024. |
| (g) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Statements of Assets and Liabilities
August 31, 2024
| | Invesco International
Developed Dynamic
Multifactor
ETF (IMFL) | | Invesco Russell
1000® Dynamic
Multifactor
ETF (OMFL) | | Invesco Russell
2000® Dynamic
Multifactor
ETF (OMFS) |
| Assets: | | | | | |
Unaffiliated investments in securities, at value(a)
| $466,185,639 | | $5,321,637,896 | | $278,365,152 |
Affiliated investments in securities, at value
| 2,060,012 | | 57,715,179 | | 40,837,420 |
Cash
| - | | 72,104 | | 2,642 |
Due from broker
| - | | 31,244 | | - |
Foreign currencies, at value
| 37,053 | | - | | - |
| Receivable for: | | | | | |
Dividends
| 674,917 | | 3,919,265 | | 204,089 |
Securities lending
| 216 | | 2,555 | | 4,407 |
Investments sold
| 6,528,385 | | 6,732,259 | | - |
Fund shares sold
| 1,114 | | - | | - |
Foreign tax reclaims
| 469,130 | | - | | - |
Total assets
| 475,956,466 | | 5,390,110,502 | | 319,413,710 |
| Liabilities: | | | | | |
Due to custodian
| 227,224 | | - | | - |
| Payable for: | | | | | |
Investments purchased
| 164 | | - | | - |
Collateral upon return of securities loaned
| 2,059,929 | | 54,818,905 | | 40,755,655 |
Fund shares repurchased
| 6,558,783 | | 6,790,949 | | - |
Accrued unitary management fees
| 130,952 | | 1,301,934 | | 93,188 |
Total liabilities
| 8,977,052 | | 62,911,788 | | 40,848,843 |
Net Assets
| $466,979,414 | | $5,327,198,714 | | $278,564,867 |
| Net assets consist of: | | | | | |
Shares of beneficial interest
| $454,944,769 | | $6,192,978,324 | | $392,934,642 |
Distributable earnings (loss)
| 12,034,645 | | (865,779,610) | | (114,369,775) |
Net Assets
| $466,979,414 | | $5,327,198,714 | | $278,564,867 |
Shares outstanding (unlimited amount authorized, $0.01 par value)
| 17,800,001 | | 101,980,001 | | 7,110,001 |
Net asset value
| $26.23 | | $52.24 | | $39.18 |
Market price
| $26.17 | | $52.22 | | $39.18 |
Unaffiliated investments in securities, at cost
| $445,156,369 | | $5,246,211,905 | | $248,074,956 |
Affiliated investments in securities, at cost
| $2,059,929 | | $57,712,694 | | $40,834,673 |
Foreign currencies, at cost
| $36,905 | | $- | | $- |
(a)Includes securities on loan with an aggregate value of:
| $1,874,919 | | $54,242,242 | | $39,992,040 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Statements of Operations
For the year ended August 31, 2024
| | Invesco International
Developed Dynamic
Multifactor
ETF (IMFL) | | Invesco Russell
1000® Dynamic
Multifactor
ETF (OMFL) | | Invesco Russell
2000® Dynamic
Multifactor
ETF (OMFS) |
| Investment income: | | | | | |
Unaffiliated dividend income
| $14,071,207 | | $96,663,375 | | $6,336,035 |
Affiliated dividend income
| 9,456 | | 482,108 | | 37,599 |
Securities lending income, net
| 114,766 | | 1,701,097 | | 268,842 |
Foreign withholding tax
| (1,405,335) | | (97,637) | | (3,215) |
Total investment income
| 12,790,094 | | 98,748,943 | | 6,639,261 |
| Expenses: | | | | | |
Unitary management fees
| 1,195,036 | | 16,246,269 | | 1,361,804 |
Less: Waivers
| (183) | | (2,248) | | (136) |
Net expenses
| 1,194,853 | | 16,244,021 | | 1,361,668 |
Net investment income
| 11,595,241 | | 82,504,922 | | 5,277,593 |
| Realized and unrealized gain (loss) from: | | | | | |
| Net realized gain (loss) from: | | | | | |
Unaffiliated investment securities
| 15,547,216 | | (505,943,617) | | (57,107,424) |
Affiliated investment securities
| (4,909) | | (3,509,001) | | (31,748) |
Unaffiliated in-kind redemptions
| 4,025,243 | | 828,611,307 | | 54,584,659 |
Affiliated in-kind redemptions
| - | | (6,872) | | (5) |
Foreign currencies
| (90,824) | | - | | - |
Net realized gain (loss)
| 19,476,726 | | 319,151,817 | | (2,554,518) |
| Change in net unrealized appreciation (depreciation) of: | | | | | |
Unaffiliated investment securities
| 14,702,495 | | (2,610,326) | | 23,044,497 |
Affiliated investment securities
| 171 | | 745,645 | | 2,762 |
Foreign currencies
| 41,232 | | - | | - |
Change in net unrealized appreciation (depreciation)
| 14,743,898 | | (1,864,681) | | 23,047,259 |
Net realized and unrealized gain
| 34,220,624 | | 317,287,136 | | 20,492,741 |
Net increase in net assets resulting from operations
| $45,815,865 | | $399,792,058 | | $25,770,334 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Statements of Changes in Net Assets
For the years ended August 31, 2024 and 2023
| | Invesco International
Developed Dynamic
Multifactor ETF (IMFL) | | Invesco Russell 1000® Dynamic
Multifactor ETF (OMFL) | | Invesco Russell 2000® Dynamic
Multifactor ETF (OMFS) |
| | 2024 | | 2023 | | 2024 | | 2023 | | 2024 | | 2023 |
| Operations: | | | | | | | | | | | |
Net investment income
| $11,595,241 | | $4,214,410 | | $82,504,922 | | $49,313,623 | | $5,277,593 | | $4,161,558 |
Net realized gain (loss)
| 19,476,726 | | 11,750,777 | | 319,151,817 | | 265,807,292 | | (2,554,518) | | (3,664,718) |
Change in net unrealized appreciation (depreciation)
| 14,743,898 | | 10,254,693 | | (1,864,681) | | 94,706,788 | | 23,047,259 | | 7,259,409 |
Net increase in net assets resulting from operations
| 45,815,865 | | 26,219,880 | | 399,792,058 | | 409,827,703 | | 25,770,334 | | 7,756,249 |
| Distributions to Shareholders from: | | | | | | | | | | | |
Distributable earnings
| (14,142,570) | | (3,933,666) | | (88,481,799) | | (44,995,732) | | (5,511,079) | | (3,921,465) |
| Shareholder Transactions: | | | | | | | | | | | |
Proceeds from shares sold
| 232,561,877 | | 138,374,719 | | 7,865,762,943 | | 5,540,925,351 | | 351,082,414 | | 524,445,565 |
Value of shares repurchased
| (34,408,118) | | (27,225,811) | | (7,624,284,266) | | (3,088,626,586) | | (445,403,652) | | (320,206,649) |
Net increase (decrease) in net assets resulting from share transactions
| 198,153,759 | | 111,148,908 | | 241,478,677 | | 2,452,298,765 | | (94,321,238) | | 204,238,916 |
Net increase (decrease) in net assets
| 229,827,054 | | 133,435,122 | | 552,788,936 | | 2,817,130,736 | | (74,061,983) | | 208,073,700 |
| Net assets: | | | | | | | | | | | |
Beginning of year
| 237,152,360 | | 103,717,238 | | 4,774,409,778 | | 1,957,279,042 | | 352,626,850 | | 144,553,150 |
End of year
| $466,979,414 | | $237,152,360 | | $5,327,198,714 | | $4,774,409,778 | | $278,564,867 | | $352,626,850 |
| Changes in Shares Outstanding: | | | | | | | | | | | |
Shares sold
| 9,300,000 | | 5,950,000 | | 155,830,000 | | 117,840,000 | | 9,670,000 | | 14,520,000 |
Shares repurchased
| (1,350,000) | | (1,300,000) | | (151,360,000) | | (66,720,000) | | (12,300,000) | | (8,950,000) |
Shares outstanding, beginning of year
| 9,850,001 | | 5,200,001 | | 97,510,001 | | 46,390,001 | | 9,740,001 | | 4,170,001 |
Shares outstanding, end of year
| 17,800,001 | | 9,850,001 | | 101,980,001 | | 97,510,001 | | 7,110,001 | | 9,740,001 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco International Developed Dynamic Multifactor ETF (IMFL)
| | Years Ended August 31, | | For the Period
February 22, 2021(a)
Through
August 31,
2021 |
| | 2024 | | 2023 | | 2022 | |
| Per Share Operating Performance: | | | | | | | |
Net asset value at beginning of period
| $24.08 | | $19.95 | | $27.05 | | $25.00 |
Net investment income(b)
| 0.82 | | 0.67 | | 0.71 | | 0.53 |
Net realized and unrealized gain (loss) on investments
| 2.39 | | 4.11 | | (6.62) | | 1.81 |
Total from investment operations
| 3.21 | | 4.78 | | (5.91) | | 2.34 |
| Distributions to shareholders from: | | | | | | | |
Net investment income
| (1.06) | | (0.65) | | (0.95) | | (0.29) |
Net realized gains
| - | | - | | (0.24) | | - |
Total distributions
| (1.06) | | (0.65) | | (1.19) | | (0.29) |
Net asset value at end of period
| $26.23 | | $24.08 | | $19.95 | | $27.05 |
Market price at end of period(c)
| $26.17 | | $24.09 | | $19.75 | | $27.16 |
Net Asset Value Total Return(d)
| 13.69% | | 24.43% | | (22.54)% | | 9.37%(e) |
Market Price Total Return(d)
| 13.36% | | 25.74% | | (23.63)% | | 9.81%(e) |
| Ratios/Supplemental Data: | | | | | | | |
Net assets at end of period (000’s omitted)
| $466,979 | | $237,152 | | $103,717 | | $135,253 |
| Ratio to average net assets of: | | | | | | | |
Expenses
| 0.34% | | 0.34% | | 0.34% | | 0.34%(f) |
Net investment income
| 3.30% | | 3.02% | | 2.98% | | 3.76%(f) |
Portfolio turnover rate(g)
| 156% | | 341% | | 337% | | 73% |
| (a) | Commencement of investment operations. |
| (b) | Based on average shares outstanding. |
| (c) | The mean between the last bid and ask prices. |
| (d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
| (e) | The net asset value total return from Fund Inception (February 24, 2021, the first day of trading on the exchange) to August 31, 2021 was 9.41%. The market price total return from Fund Inception to August 31, 2021 was 7.90%. |
| (f) | Annualized. |
| (g) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Financial Highlights—(continued)
Invesco Russell 1000® Dynamic Multifactor ETF (OMFL)
| | Years Ended August 31, |
| | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
| Per Share Operating Performance: | | | | | | | | | |
Net asset value at beginning of period
| $48.96 | | $42.19 | | $48.24 | | $32.22 | | $29.77 |
Net investment income(a)
| 0.74 | | 0.76 | | 0.67 | | 0.52 | | 0.55 |
Net realized and unrealized gain (loss) on investments
| 3.34 | | 6.76 | | (6.18) | | 16.10 | | 2.44 |
Total from investment operations
| 4.08 | | 7.52 | | (5.51) | | 16.62 | | 2.99 |
| Distributions to shareholders from: | | | | | | | | | |
Net investment income
| (0.80) | | (0.75) | | (0.54) | | (0.60) | | (0.54) |
Net asset value at end of period
| $52.24 | | $48.96 | | $42.19 | | $48.24 | | $32.22 |
Market price at end of period(b)
| $52.22 | | $48.96 | | $42.24 | | $48.24 | | $32.26 |
Net Asset Value Total Return(c)
| 8.39% | | 18.05% | | (11.48)% | | 52.12% | | 10.23% |
Market Price Total Return(c)
| 8.35% | | 17.91% | | (11.37)% | | 51.93% | | 10.29% |
| Ratios/Supplemental Data: | | | | | | | | | |
Net assets at end of period (000’s omitted)
| $5,327,199 | | $4,774,410 | | $1,957,279 | | $1,704,452 | | $990,733 |
| Ratio to average net assets of: | | | | | | | | | |
Expenses
| 0.29% | | 0.29% | | 0.29% | | 0.29% | | 0.29% |
Net investment income
| 1.47% | | 1.65% | | 1.45% | | 1.24% | | 1.76% |
Portfolio turnover rate(d)
| 267% | | 350% | | 336% | | 126% | | 321% |
| (a) | Based on average shares outstanding. |
| (b) | The mean between the last bid and ask prices. |
| (c) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
| (d) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
Invesco Russell 2000® Dynamic Multifactor ETF (OMFS)
| | Years Ended August 31, |
| | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
| Per Share Operating Performance: | | | | | | | | | |
Net asset value at beginning of period
| $36.20 | | $34.67 | | $40.51 | | $24.92 | | $25.61 |
Net investment income(a)
| 0.55 | | 0.59 | | 0.51 | | 0.31 | | 0.31 |
Net realized and unrealized gain (loss) on investments
| 3.00 | | 1.56 | | (5.94) | | 15.59 | | (0.64) |
Total from investment operations
| 3.55 | | 2.15 | | (5.43) | | 15.90 | | (0.33) |
| Distributions to shareholders from: | | | | | | | | | |
Net investment income
| (0.57) | | (0.62) | | (0.41) | | (0.31) | | (0.36) |
Net asset value at end of period
| $39.18 | | $36.20 | | $34.67 | | $40.51 | | $24.92 |
Market price at end of period(b)
| $39.18 | | $36.28 | | $34.68 | | $40.50 | | $24.94 |
Net Asset Value Total Return(c)
| 9.99% | | 6.31% | | (13.45)% | | 64.12% | | (1.13)% |
Market Price Total Return(c)
| 9.74% | | 6.51% | | (13.41)% | | 63.95% | | (1.20)% |
| Ratios/Supplemental Data: | | | | | | | | | |
Net assets at end of period (000’s omitted)
| $278,565 | | $352,627 | | $144,553 | | $130,035 | | $43,602 |
| Ratio to average net assets of: | | | | | | | | | |
Expenses
| 0.39% | | 0.39% | | 0.39% | | 0.39% | | 0.39% |
Net investment income
| 1.51% | | 1.67% | | 1.32% | | 0.86% | | 1.27% |
Portfolio turnover rate(d)
| 271% | | 336% | | 265% | | 127% | | 282% |
| (a) | Based on average shares outstanding. |
| (b) | The mean between the last bid and ask prices. |
| (c) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
| (d) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Notes to Financial Statements
Invesco Exchange-Traded Self-Indexed Fund Trust
August 31, 2024
NOTE 1—Organization
Invesco Exchange-Traded Self-Indexed Fund Trust (the “Trust”) was organized as a Delaware statutory trust and is authorized to have multiple series of portfolios. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). This report includes the following portfolios:
| Full Name | | Short Name |
| Invesco International Developed Dynamic Multifactor ETF (IMFL) | | "International Developed Dynamic Multifactor ETF" |
| Invesco Russell 1000® Dynamic Multifactor ETF (OMFL) | | "Russell 1000® Dynamic Multifactor ETF" |
| Invesco Russell 2000® Dynamic Multifactor ETF (OMFS) | | "Russell 2000® Dynamic Multifactor ETF" |
Each portfolio (each, a “Fund”, and collectively, the “Funds”) represents a separate series of the Trust. The shares of the Funds are referred to herein as “Shares” or “Fund’s Shares.” Each Fund’s Shares are listed and traded on Cboe BZX Exchange, Inc.
The market price of each Share may differ to some degree from a Fund’s net asset value (“NAV”). Unlike conventional mutual funds, each Fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a “Creation Unit.” Creation Units are issued and redeemed principally in exchange for the deposit or delivery of a basket of securities (“Deposit Securities”), though each Fund reserves the right to issue and redeem Creation Units in exchange for the deposit or delivery of cash. Except when aggregated in Creation Units by authorized participants ("APs"), the Shares are not individually redeemable securities of the Funds.
The investment objective of each Fund is to seek to track the investment results (before fees and expenses) of its respective index listed below (each, an “Underlying Index”):
| Fund | | Underlying Index |
| International Developed Dynamic Multifactor ETF | | FTSE Developed ex US Invesco Dynamic Multifactor Index |
| Russell 1000® Dynamic Multifactor ETF | | Russell 1000® Invesco Dynamic Multifactor Index |
| Russell 2000® Dynamic Multifactor ETF | | Russell 2000® Invesco Dynamic Multifactor Index |
NOTE 2—Significant Accounting Policies
The following is a summary of the significant accounting policies followed by the Funds in preparation of their financial statements.
Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services—Investment Companies.
| A. | Security Valuation - Securities, including restricted securities, are valued according to the following policies: |
A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded or, lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.
Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day NAV per share.
Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.
Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly.
Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
Foreign securities’ (including foreign exchange contracts’) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the London world markets. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Capital Management LLC (the “Adviser”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the New York Stock Exchange (“NYSE”), closing market quotations may become not representative of market value in the Adviser’s judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board-approved policies and related Adviser procedures (“Valuation Procedures”). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American depositary receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, the potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.
Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.
Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.
Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The mean between the last bid and ask prices may be used to value debt obligations, including corporate loans, and unlisted equity securities.
Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer-specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.
Each Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.
Valuations change in response to many factors, including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
The price a Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, a Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.
| B. | Investment Transactions and Investment Income - Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest income is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Dividend income from REITs is recorded based on the income |
| | included in the distributions received from the REIT investments using published REIT classifications, including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes. |
The Funds may periodically participate in litigation related to a Fund’s investments. As such, the Funds may receive proceeds from litigation settlements. Any proceeds received are included in the Statements of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of a Fund’s NAV and, accordingly, they reduce a Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between each Fund and the Adviser.
| C. | Country Determination - For the purposes of presentation in the Schedules of Investments, the Adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include whether each Fund’s Underlying Index has made a country determination and may include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted. |
| D. | Dividends and Distributions to Shareholders - Each Fund declares and pays dividends from net investment income, if any, to its shareholders quarterly and records such dividends on the ex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them on the ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America (“GAAP”). Distributions in excess of tax basis earnings and profits, if any, are reported in such Fund’s financial statements as a tax return of capital at fiscal year-end. |
| E. | Federal Income Taxes - Each Fund intends to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute substantially all of the Fund’s taxable earnings to its shareholders. As such, the Funds will not be subject to federal income taxes on otherwise taxable income (including net realized gains) that is distributed to the shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements. |
Each Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.
Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. These differences are primarily due to differing book and tax treatments for in-kind transactions, losses deferred due to wash sales, and passive foreign investment company adjustments, if any.
The Funds file U.S. federal tax returns and tax returns in certain other jurisdictions. Generally, a Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
| F. | Expenses - Each Fund has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser pays for substantially all expenses of the Funds, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust or the Adviser (an "Interested Trustee"), or (iii) any other matters that directly benefit the Adviser). |
Expenses of the Trust that are excluded from a Fund’s unitary management fee and are directly identifiable to a specific Fund are applied to that Fund. Expenses of the Trust that are excluded from a Fund’s unitary management fee and are not readily identifiable to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of each Fund.
To the extent a Fund invests in other investment companies, the expenses shown in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses of the investment companies in which it invests. The effects of such investment companies’ expenses are included in the realized and unrealized gain or loss on the investments in the investment companies.
| G. | Accounting Estimates - The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements, including estimates and assumptions related to taxation. Actual results could differ from these estimates. In addition, the Funds monitor for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print. |
| H. | Indemnifications - Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Each Board member who is not an "interested person" (as defined in the 1940 Act) of the Trust or the Adviser (each, an "Independent Trustee") is also indemnified against certain liabilities arising out of the performance of their duties to the Trust pursuant to an Indemnification Agreement between such trustee and the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote. |
| I. | Securities Lending - Each Fund may participate in securities lending and may loan portfolio securities having a market value up to one-third of each Fund’s total assets. Such loans are secured by cash collateral equal to no less than 102% (105% for international securities) of the market value of the loaned securities determined daily by the securities lending provider. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedules of Investments. Each Fund bears the risk of loss with respect to the investment of collateral. It is the policy of these Funds to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, each Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to each Fund if, and to the extent that, the market value of the securities loaned were to increase, and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or each Fund. Upon termination, the borrower will return to each Fund the securities loaned and each Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. Each Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to each Fund. Some of these losses may be indemnified by the lending agent. Each Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. For Funds that participated in securities lending, dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Securities lending income, net on the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities. |
Invesco Advisers, Inc. (“Invesco”), an affiliate of the Adviser, serves as an affiliated securities lending agent for each Fund participating in the securities lending program. The Bank of New York Mellon (“BNYM”) also serves as a securities lending agent. To the extent a Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the fiscal year ended August 31, 2024, each Fund (except for International Developed Dynamic Multifactor ETF) had affiliated securities lending transactions with Invesco. Fees paid to Invesco for securities lending agent services, which are included in Securities lending income on the Statements of Operations, were incurred by each applicable Fund as listed below:
| | Amount |
| Russell 1000® Dynamic Multifactor ETF | $93,956 |
| Russell 2000® Dynamic Multifactor ETF | 15,811 |
| J. | Foreign Currency Translations - Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. Each Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on |
| | investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statements of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on a Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period-end, resulting from changes in exchange rates. |
Each Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which a Fund invests.
The performance of a Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause a Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that a Fund’s ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of a Fund’s assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statements of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
AP Concentration Risk. Only APs may engage in creation or redemption transactions directly with each Fund. Each Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities held by each Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to each Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished trading market for Fund Shares, and Shares may be more likely to trade at a premium or discount to a Fund’s NAV and to face trading halts and/or delisting. Investments in non-U.S. securities, which may have lower trading volumes or could experience extended market closures or trading halts, may increase the risk that APs may not be able to effectively create or redeem Creation Units or the risk that the Shares may be halted and/or delisted.
Currency Risk. Because each Fund’s NAV is determined in U.S. dollars, a Fund’s NAV could decline if the currency of a non-U.S. market in which the Fund invests depreciates against the U.S. dollar. Generally, an increase in the value of the U.S. dollar against a foreign currency will reduce the value of a security denominated in that foreign currency, thereby decreasing a Fund’s overall NAV. Exchange rates may be volatile and may change quickly and unpredictably in response to both global economic developments and economic conditions, causing an adverse impact on a Fund. As a result, investors have the potential for losses regardless of the length of time they intend to hold Shares.
Equity Risk. Equity risk is the risk that the value of equity securities, including common stocks, may fall due to both changes in general economic conditions that impact the market as a whole, as well as factors that directly relate to a specific company or its industry. Such general economic conditions include changes in interest rates, periods of market turbulence or instability, or general and prolonged periods of economic decline and cyclical change. It is possible that a drop in the stock market may depress the price of most or all of the common stocks that each Fund holds. In addition, equity risk includes the risk that investor sentiment toward one or more industries will become negative, resulting in those investors exiting their investments in those industries, which could cause a reduction in the value of companies in those industries more broadly. The value of a company’s common stock may fall solely because of factors, such as an increase in production costs that negatively impact other companies in the same region, industry or sector of the market. A company’s common stock also may decline significantly in price over a short period of time due to factors specific to that company, including decisions made by its management or lower demand for the company’s products or services. For example, an adverse event, such as an unfavorable earnings report or the failure to make anticipated dividend payments, may depress the value of common stock.
Foreign Investment Risk. Investments in the securities of non-U.S. issuers involve risks beyond those associated with investments in U.S. securities. Foreign securities may have relatively low market liquidity, greater market volatility, decreased publicly available information and less reliable financial information about issuers and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice, including recordkeeping standards, comparable to those applicable to domestic issuers. Foreign securities are also subject to the risks of expropriation, nationalization, political instability or other adverse political or economic developments and the difficulty of enforcing obligations in other countries. Investments in foreign securities also may be subject to dividend withholding or confiscatory
taxes, currency blockage and/or transfer restrictions and higher transactional costs. To the extent a Fund invests in securities denominated in foreign currencies, fluctuations in the value of the U.S. dollar relative to the values of other currencies may adversely affect investments in foreign securities and may negatively impact the Fund’s returns. From time to time, certain companies in which the Funds invest may operate in, or have dealings with, countries subject to sanctions or embargoes imposed by the U.S. Government and the United Nations and/or in countries the U.S. Government identified as state sponsors of terrorism. One or more of these companies may be subject to constraints under U.S. law or regulations that could negatively affect the company’s performance. Additionally, one or more of these companies could suffer damage to its reputation if the market identifies it as a company that invests or deals with countries that the U.S. Government identifies as state sponsors of terrorism or subjects to sanctions.
Geographic Concentration Risk. A Fund may from time to time have a substantial amount of its assets invested in securities of issuers located in a single country or a limited number of countries. Adverse economic, political or social conditions in those countries may therefore have a significant negative impact on a Fund’s investment performance. For example, a natural or other disaster could occur in a country or geographic region in which a Fund invests, which could affect the economy or particular business operations of companies in that specific country or geographic region and adversely impact the Fund’s investments in the affected region.
Index Risk. Unlike many investment companies that are "actively managed", each Fund is a "passive" investor and therefore does not utilize an investing strategy that seeks returns in excess of its respective Underlying Index. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its Underlying Index, even if that security generally is underperforming. If a specific security is removed from an Underlying Index, its respective Fund may be forced to sell such security at an inopportune time or for a price lower than the security’s current market value. An Underlying Index may not contain the appropriate mix of securities for any particular economic cycle. Additionally, each Fund rebalances its portfolio in accordance with its Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to each Fund’s rebalance schedule. Further, unlike with an actively managed fund, the Adviser does not use techniques or defensive strategies designed to lessen the impact of periods of market volatility or market decline. This means that, based on certain market and economic conditions, a Fund’s performance could be lower than other types of funds with investment advisers that actively manage their portfolio assets to take advantage of market opportunities or defend against market events.
Industry Concentration Risk. In following its methodology, each Fund’s Underlying Index from time to time may be concentrated to a significant degree in securities of issuers operating in a single industry or industry group. To the extent that each Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the corresponding Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, each Fund may face more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which each Fund invests, may include, but are not limited to, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand in a particular industry; competition for resources, adverse labor relations, political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in an industry. In addition, at times, such industry or industry group may be out of favor and underperform other industries or the market as a whole.
Market Risk. Securities in each Underlying Index are subject to market fluctuations. You should anticipate that the value of the Shares will decline, more or less, in correlation with any decline in value of the securities in an Underlying Index. Additionally, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises or other events could result in increased premiums or discounts to each Fund’s NAV.
Momentum Investing Risk. For certain Funds, the momentum style of investing is subject to the risk that the securities may be more volatile than the market as a whole, or that the returns on securities that previously have exhibited price momentum are less than returns on other styles of investing. Momentum can turn quickly, and stocks that previously have exhibited high momentum may not experience continued positive momentum. In addition, there may be periods when the momentum style of investing is out of favor and therefore, the investment performance of a Fund may suffer.
Non-Correlation Risk. Each Fund’s return may not match the return of its corresponding Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of its corresponding Underlying Index. In addition, the performance of each Fund and its corresponding Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its corresponding Underlying Index resulting from legal restrictions, costs or liquidity constraints.
Portfolio Turnover Risk. The Funds may engage in frequent trading of their portfolio securities in connection with the rebalancing or adjustment of their respective Underlying Index. A portfolio turnover rate of 200%, for example, is equivalent to a Fund buying and selling all of its securities two times during the course of a year. A high portfolio turnover rate (such as 100% or more) could result in high brokerage costs for a Fund. While a high portfolio turnover rate can result in an increase in taxable capital gains distributions to a Fund’s shareholders, a Fund will seek to utilize the in-kind creation and redemption mechanism to minimize the realization of capital gains to the extent possible.
Small- and Mid-Capitalization Company Risk. Investing in securities of small- and mid-capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. These companies’ securities may be more volatile and less liquid than those of more established companies. These securities may have returns that vary, sometimes significantly, from the overall securities market. Often small- and mid-capitalization companies and the industries in which they focus are still evolving and, as a result, they may be more sensitive to changing market conditions.
NOTE 3—Investment Advisory Agreement and Other Agreements
The Trust has entered into an Investment Advisory Agreement with the Adviser on behalf of each Fund, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Funds’ investments, managing the Funds’ business affairs and providing certain clerical, bookkeeping and other administrative services.
Pursuant to the Investment Advisory Agreement, each Fund accrues daily and pays monthly to the Adviser an annual unitary management fee. Out of the unitary management fee, the Adviser pays for substantially all expenses of the Funds, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser). The unitary management fee is paid by each Fund to the Adviser at the following annual rates:
| | Unitary Management Fees
(as a % of average daily net assets) |
| International Developed Dynamic Multifactor ETF | 0.34% |
| Russell 1000® Dynamic Multifactor ETF | 0.29% |
| Russell 2000® Dynamic Multifactor ETF | 0.39% |
Through at least August 31, 2026, the Adviser has contractually agreed to waive the management fee payable by each Fund in an amount equal to the lesser of: (i) 100% of the net advisory fees earned by the Adviser or an affiliate of the Adviser that are attributable to the Fund’s investments in money market funds that are managed by affiliates of the Adviser and other funds (including ETFs) managed by the Adviser or affiliates of the Adviser or (ii) the management fee available to be waived. This waiver does not apply to a Fund’s investment of cash collateral received for securities lending. There is no guarantee that the Adviser will extend the waiver of these fees past that date.
For the fiscal year ended August 31, 2024, the Adviser waived fees for each Fund in the following amounts:
| International Developed Dynamic Multifactor ETF | $183 |
| Russell 1000® Dynamic Multifactor ETF | 2,248 |
| Russell 2000® Dynamic Multifactor ETF | 136 |
The Trust has entered into a Distribution Agreement with Invesco Distributors, Inc. (the “Distributor”), which serves as the distributor of Creation Units for each Fund. The Distributor does not maintain a secondary market in the Shares. The Funds are not charged any fees pursuant to the Distribution Agreement. The Distributor is an affiliate of the Adviser.
The Adviser has entered into a licensing agreement on behalf of each Fund with the following entities (each, a “Licensor”):
| Fund | | Licensor |
| International Developed Dynamic Multifactor ETF | | FTSE International Ltd. |
| Russell 1000® Dynamic Multifactor ETF | | Frank Russell Company |
| Russell 2000® Dynamic Multifactor ETF | | Frank Russell Company |
Each Underlying Index name trademark is owned by the Licensor. These trademarks have been licensed to the Adviser for use by the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust’s sub-licensing agreement with the Adviser. The Funds are not sponsored, endorsed, sold or promoted by the Licensor, and the Licensor makes no representation regarding the advisability of investing in any of the Funds.
The Trust has entered into service agreements whereby BNYM, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for each Fund.
For the fiscal year ended August 31, 2024, the Funds incurred brokerage commissions with Invesco Capital Markets, Inc. ("ICMI"), an affiliate of the Adviser and Distributor, for portfolio transactions executed on behalf of the Funds, as listed below:
| International Developed Dynamic Multifactor ETF | $3,700 |
| Russell 1000® Dynamic Multifactor ETF | 1,692,197 |
| Russell 2000® Dynamic Multifactor ETF | 461,581 |
Portfolio transactions with ICMI that have not settled at period-end, if any, are shown in the Statements of Assets and Liabilities under the receivable caption Investments sold - affiliated broker and/or payable caption Investments purchased - affiliated broker.
NOTE 4—Additional Valuation Information
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 — Prices are determined using quoted prices in an active market for identical assets.
Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When significant events due to market movements occur, foreign securities held by certain Funds may be fair valued utilizing an independent pricing service.
Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.
The following is a summary of the tiered valuation input levels, as of August 31, 2024. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
| | Level 1 | | Level 2 | | Level 3 | | Total |
| International Developed Dynamic Multifactor ETF | | | | | | | |
| Investments in Securities | | | | | | | |
| Common Stocks & Other Equity Interests | $466,185,639 | | $- | | $- | | $466,185,639 |
| Money Market Funds | - | | 2,060,012 | | - | | 2,060,012 |
| Total Investments | $466,185,639 | | $2,060,012 | | $- | | $468,245,651 |
| Russell 1000® Dynamic Multifactor ETF | | | | | | | |
| Investments in Securities | | | | | | | |
| Common Stocks & Other Equity Interests | $5,321,569,421 | | $- | | $68,475 | | $5,321,637,896 |
| Money Market Funds | 2,893,789 | | 54,821,390 | | - | | 57,715,179 |
| Total Investments | $5,324,463,210 | | $54,821,390 | | $68,475 | | $5,379,353,075 |
| Russell 2000® Dynamic Multifactor ETF | | | | | | | |
| Investments in Securities | | | | | | | |
| Common Stocks & Other Equity Interests | $278,365,152 | | $- | | $- | | $278,365,152 |
| Money Market Funds | 79,018 | | 40,758,402 | | - | | 40,837,420 |
| Total Investments | $278,444,170 | | $40,758,402 | | $- | | $319,202,572 |
NOTE 5—Distributions to Shareholders and Tax Components of Net Assets
Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2024 and 2023:
| | 2024 | | 2023 |
| | Ordinary
Income* | | Ordinary
Income* |
| International Developed Dynamic Multifactor ETF | $14,142,570 | | $3,933,666 |
| Russell 1000® Dynamic Multifactor ETF | 88,481,799 | | 44,995,732 |
| Russell 2000® Dynamic Multifactor ETF | 5,511,079 | | 3,921,465 |
| * | Includes short-term capital gain distributions, if any. |
Tax Components of Net Assets at Fiscal Year-End:
| | Undistributed
Ordinary
Income | | Net
Unrealized
Appreciation-
Investments | | Net
Unrealized
Appreciation-
Foreign
Currencies | | Capital Loss
Carryforwards | | Shares of
Beneficial
Interest | | Total
Net Assets |
| International Developed Dynamic Multifactor ETF | $4,441,904 | | $18,879,198 | | $47,016 | | $(11,333,473) | | $454,944,769 | | $466,979,414 |
| Russell 1000® Dynamic Multifactor ETF | 5,637,559 | | 74,795,890 | | - | | (946,213,059) | | 6,192,978,324 | | 5,327,198,714 |
| Russell 2000® Dynamic Multifactor ETF | 1,082,019 | | 29,590,964 | | - | | (145,042,758) | | 392,934,642 | | 278,564,867 |
Capital loss carryforwards are calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforwards actually available for the Funds to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
The Funds have capital loss carryforwards as of August 31, 2024, as follows:
| | No expiration | | |
| | Short-Term | | Long-Term | | Total* |
| International Developed Dynamic Multifactor ETF | $9,976,987 | | $1,356,486 | | $11,333,473 |
| Russell 1000® Dynamic Multifactor ETF | 946,213,059 | | - | | 946,213,059 |
| Russell 2000® Dynamic Multifactor ETF | 143,677,784 | | 1,364,974 | | 145,042,758 |
| * | Capital loss carryforwards are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization. |
NOTE 6—Investment Transactions
For the fiscal year ended August 31, 2024, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Government obligations, money market funds and in-kind transactions, if any) were as follows:
| | Purchases | | Sales |
| International Developed Dynamic Multifactor ETF | $574,411,336 | | $548,213,567 |
| Russell 1000® Dynamic Multifactor ETF | 14,894,604,932 | | 15,118,678,789 |
| Russell 2000® Dynamic Multifactor ETF | 945,761,409 | | 947,097,164 |
For the fiscal year ended August 31, 2024, in-kind transactions associated with creations and redemptions were as follows:
| | In-kind
Purchases | | In-kind
Sales |
| International Developed Dynamic Multifactor ETF | $199,826,209 | | $30,550,978 |
| Russell 1000® Dynamic Multifactor ETF | 7,748,273,962 | | 7,284,925,779 |
| Russell 2000® Dynamic Multifactor ETF | 349,873,627 | | 442,337,027 |
Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.
As of August 31, 2024, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:
| | Gross
Unrealized
Appreciation | | Gross
Unrealized
(Depreciation) | | Net
Unrealized
Appreciation | | Cost |
| International Developed Dynamic Multifactor ETF | $30,446,262 | | $(11,567,064) | | $18,879,198 | | $449,366,453 |
| Russell 1000® Dynamic Multifactor ETF | 259,871,800 | | (185,075,910) | | 74,795,890 | | 5,304,557,185 |
| Russell 2000® Dynamic Multifactor ETF | 34,392,036 | | (4,801,072) | | 29,590,964 | | 289,611,608 |
NOTE 7—Reclassification of Permanent Differences
Primarily as a result of differing book/tax treatment of in-kind transactions and passive foreign investment companies, amounts were reclassified between undistributed net investment income (loss), undistributed net realized gain (loss) and Shares of beneficial interest. These reclassifications had no effect on the net assets of each Fund. For the fiscal year ended August 31, 2024, the reclassifications were as follows:
| | Undistributed Net
Investment Income | | Undistributed Net
Realized Gain (Loss) | | Shares of
Beneficial Interest |
| International Developed Dynamic Multifactor ETF | $2,315,095 | | $(6,083,784) | | $3,768,689 |
| Russell 1000® Dynamic Multifactor ETF | 178,511 | | (813,751,565) | | 813,573,054 |
| Russell 2000® Dynamic Multifactor ETF | 55,886 | | (50,787,504) | | 50,731,618 |
NOTE 8—Trustees’ and Officer’s Fees
The Adviser, as a result of each Fund’s unitary management fee, pays remuneration to the Independent Trustees and an Officer of the Trust on behalf of the Funds. Interested Trustees do not receive any Trustees’ fees.
The Trust has adopted a deferred compensation plan (the “Plan”). Under the Plan, each Independent Trustee who has executed a Deferred Fee Agreement (a “Participating Trustee”) may defer receipt of all or a portion of their compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select Invesco ETFs. The Deferral Fees payable to a Participating Trustee are valued as of the date such Deferral Fees would have been paid to a Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected. Obligations under the Plan represent unsecured claims against the general assets of the Funds.
NOTE 9—Capital
Shares are issued and redeemed by each Fund only in Creation Units consisting of a specified number of Shares as set forth in each Fund’s prospectus. Only APs are permitted to purchase or redeem Creation Units from the Funds. Such transactions are principally permitted in exchange for Deposit Securities, with a balancing cash component to equate the transaction to the NAV per Share of a Fund on the transaction date. However, for all Funds, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the AP or as a result of other market circumstances.
To the extent that the Funds permit transactions in exchange for Deposit Securities, each Fund may issue Shares in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash at least equal to 105% of the market value of the missing Deposit Securities. In accordance with the Trust’s Participant Agreement, Creation Units will be issued to an AP, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the AP to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the AP’s delivery and maintenance of collateral consisting of cash in the form of U.S. dollars in immediately available funds having a value (marked-to-market daily) at least equal to 105%, which the Adviser may change from time to time, of the value of the missing Deposit Securities.
Certain transaction fees may be charged by the Funds for creations and redemptions, which are treated as increases in capital.
Transactions in each Fund’s Shares are disclosed in detail in the Statements of Changes in Net Assets.
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Invesco Exchange-Traded Self-Indexed Fund Trust and Shareholders of Invesco International Developed Dynamic Multifactor ETF, Invesco Russell 1000® Dynamic Multifactor ETF and Invesco Russell 2000® Dynamic Multifactor ETF
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Invesco International Developed Dynamic Multifactor ETF, Invesco Russell 1000® Dynamic Multifactor ETF and Invesco Russell 2000® Dynamic Multifactor ETF (three of the funds constituting Invesco Exchange-Traded Self-Indexed Fund Trust, hereafter collectively referred to as the “Funds”) as of August 31, 2024, the related statements of operations for the year ended August 31, 2024, the statements of changes in net assets for each of the two years in the period ended August 31, 2024, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2024, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2024 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2024 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/PricewaterhouseCoopers LLP
Chicago, Illinois
October 25, 2024
We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.
Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.
The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.
Each Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended August 31, 2024:
| | Qualified
Business
Income* | | Qualified
Dividend
Income* | | Corporate
Dividends
Received
Deduction* | | U.S.
Treasury
Obligations* | | Business
Interest
Income* |
| Invesco International Developed Dynamic Multifactor ETF | 0% | | 53% | | 0% | | 0% | | 0% |
| Invesco Russell 1000® Dynamic Multifactor ETF | 6% | | 90% | | 98% | | 0% | | 0% |
| Invesco Russell 2000® Dynamic Multifactor ETF | 9% | | 80% | | 83% | | 0% | | 0% |
* The above percentages are based on ordinary income dividends paid to shareholders during the Trust’s fiscal year.
The Funds intend to elect to pass through to shareholders the credit for taxes paid to foreign countries. The foreign source income and foreign taxes paid per share are as follows:
| | Foreign Taxes
Per Share | | Foreign Source
Income Per Share |
| Invesco International Developed Dynamic Multifactor ETF | $0.0579 | | $0.7896 |
Approval of Investment Advisory Contracts
At a meeting held on April 18, 2024, the Board of Trustees of the Invesco Exchange-Traded Self-Indexed Fund Trust (the “Trust”), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the “Adviser”) and the Trust for the following series (each, a “Fund” and collectively, the “Funds”):
Invesco Bloomberg Pricing Power ETF
Invesco BulletShares 2024 Corporate Bond ETF
Invesco BulletShares 2025 Corporate Bond ETF
Invesco BulletShares 2026 Corporate Bond ETF
Invesco BulletShares 2027 Corporate Bond ETF
Invesco BulletShares 2028 Corporate Bond ETF
Invesco BulletShares 2029 Corporate Bond ETF
Invesco BulletShares 2030 Corporate Bond ETF
Invesco BulletShares 2031 Corporate Bond ETF
Invesco BulletShares 2032 Corporate Bond ETF
Invesco BulletShares 2024 High Yield Corporate Bond ETF
Invesco BulletShares 2025 High Yield Corporate Bond ETF
Invesco BulletShares 2026 High Yield Corporate Bond ETF
Invesco BulletShares 2027 High Yield Corporate Bond ETF
Invesco BulletShares 2028 High Yield Corporate Bond ETF
Invesco BulletShares 2029 High Yield Corporate Bond ETF
Invesco BulletShares 2030 High Yield Corporate Bond ETF
Invesco BulletShares 2024 Municipal Bond ETF
Invesco BulletShares 2025 Municipal Bond ETF
Invesco BulletShares 2026 Municipal Bond ETF
Invesco BulletShares 2027 Municipal Bond ETF
Invesco BulletShares 2028 Municipal Bond ETF
Invesco BulletShares 2029 Municipal Bond ETF
Invesco BulletShares 2030 Municipal Bond ETF
Invesco BulletShares 2031 Municipal Bond ETF
Invesco BulletShares 2032 Municipal Bond ETF
Invesco International Developed Dynamic Multifactor ETF
Invesco Investment Grade Defensive ETF
Invesco Racial and Gender Diversity ETF
Invesco RAFITM Strategic US ETF
Invesco Russell 1000® Dynamic Multifactor ETF
Invesco Russell 2000® Dynamic Multifactor ETF
The Trustees reviewed information from the Adviser describing: (i) the nature, extent and quality of services provided or to be provided, (ii) the investment performance of each Fund, as applicable, and the Adviser, (iii) the fees paid or to be paid by the Funds and comparisons to amounts paid by other comparable registered investment companies, (iv) the costs of services provided or to be provided and estimated profits realized by the Adviser, as applicable, (v) the extent to which economies of scale may be realized as a Fund grows and whether fee levels reflect any possible economies of scale for the benefit of Fund shareholders and (vi) any further benefits realized by the Adviser or its affiliates from the Adviser’s relationship with the Funds.
Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions performed or to be performed by the Adviser for the Funds, information describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. (“Invesco”), and the background and experience of the persons responsible for the day-to-day management of the Funds. The Trustees reviewed matters related to the Adviser’s execution and/or oversight of execution of portfolio transactions on behalf of the Funds.
The Trustees reviewed information on the performance of the Funds (except Invesco Racial and Gender Diversity ETF which had not yet commenced operations as of December 31, 2023) and their underlying indexes for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2023, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund’s performance and the performance of its underlying index, as well as the Adviser’s analysis of the tracking error between certain Funds and their underlying indexes. In reviewing the tracking error reports, the Trustees considered information provided by Invesco’s independent performance and risk management group with respect to general expected tracking error ranges. The Trustees also considered that certain Funds were created in connection with the purchases by Invesco of the exchange-traded funds (“ETFs”) businesses of Guggenheim Capital LLC (“Guggenheim”) on April 6, 2018 or May 18, 2018 and Massachusetts Mutual Life Insurance Company (“Oppenheimer”) on May 24, 2019 (each, a “Transaction”), and that each such Fund’s performance prior to the closing of the applicable Transaction is that of its predecessor Guggenheim ETF or Oppenheimer ETF. The Trustees noted that, for each applicable period, the correlation and tracking error for each Fund was within the targeted range set forth in the Trust’s registration statement. The Board concluded that each Fund’s correlation to its underlying index and the tracking error for each Fund were within an acceptable range given that Fund’s particular circumstances.
The Trustees considered the services provided by the Adviser in its oversight of the Funds’ administrator, custodian and transfer agent. They noted the significant amount of time, effort and resources that had been devoted to this oversight function.
Approval of Investment Advisory Contracts—(continued)
Based on its review, the Board concluded that the nature, extent and quality of services provided or to be provided by the Adviser to the Funds under the Investment Advisory Agreement were or were expected to be appropriate and reasonable.
Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser on each Fund’s net expense ratio and unitary advisory fee. The Trustees noted that the annual advisory fee charged or to be charged to each Fund, as set forth below, is a unitary advisory fee and that the Adviser pays all other operating expenses of each Fund, except that each Fund pays its brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses, costs incurred in connection with proxies (except certain proxies) and other extraordinary expenses:
| • | 0.10% of the Fund’s average daily net assets for each of Invesco BulletShares 2024 Corporate Bond ETF, Invesco BulletShares 2025 Corporate Bond ETF, Invesco BulletShares 2026 Corporate Bond ETF, Invesco BulletShares 2027 Corporate Bond ETF, Invesco BulletShares 2028 Corporate Bond ETF, Invesco BulletShares 2029 Corporate Bond ETF, Invesco BulletShares 2030 Corporate Bond ETF, Invesco BulletShares 2031 Corporate Bond ETF and Invesco BulletShares 2032 Corporate Bond ETF; |
| • | 0.13% of the Fund’s average daily net assets for Invesco Investment Grade Defensive ETF; |
| • | 0.18% of the Fund’s average daily net assets for each of Invesco BulletShares 2024 Municipal Bond ETF, Invesco BulletShares 2025 Municipal Bond ETF, Invesco BulletShares 2026 Municipal Bond ETF, Invesco BulletShares 2027 Municipal Bond ETF, Invesco BulletShares 2028 Municipal Bond ETF, Invesco BulletShares 2029 Municipal Bond ETF, Invesco BulletShares 2030 Municipal Bond ETF, Invesco BulletShares 2031 Municipal Bond ETF and Invesco BulletShares 2032 Municipal Bond ETF; |
| • | 0.19% of the Fund’s average daily net assets for Invesco RAFITM Strategic US ETF; |
| • | 0.25% of the Fund’s average daily net assets for Invesco Racial and Gender Diversity ETF; |
| • | 0.29% of the Fund’s average daily net assets for Invesco Russell 1000® Dynamic Multifactor ETF; |
| • | 0.34% of the Fund’s average daily net assets for Invesco International Developed Dynamic Multifactor ETF; |
| • | 0.39% of the Fund’s average daily net assets for Invesco Russell 2000® Dynamic Multifactor ETF; |
| • | 0.40% of the Fund’s average daily net assets for Invesco Bloomberg Pricing Power ETF; and |
| • | 0.42% of the Fund’s average daily net assets for each of Invesco BulletShares 2024 High Yield Corporate Bond ETF, Invesco BulletShares 2025 High Yield Corporate Bond ETF, Invesco BulletShares 2026 High Yield Corporate Bond ETF, Invesco BulletShares 2027 High Yield Corporate Bond ETF, Invesco BulletShares 2028 High Yield Corporate Bond ETF, Invesco BulletShares 2029 High Yield Corporate Bond ETF and Invesco BulletShares 2030 High Yield Corporate Bond ETF. |
The Trustees compared each Fund’s net expense ratio to information compiled by the Adviser from Lipper Inc. databases on the net expense ratios of comparable ETFs, open-end (non-ETF) index funds and open-end (non-ETF) actively-managed funds, as applicable. The Trustees noted that the net expense ratios for certain Funds were equal to or lower than the median net expense ratios of their ETF and open-end index peer funds, as applicable, as illustrated in the table below. The Trustees also noted that the net expense ratios for all of the Funds were lower than the median net expense ratios of their open-end actively-managed peer funds.
| Invesco Fund | | Equal
to/Lower
than ETF
Peer Median | | Equal to/Lower
than Open-End
Index Fund
Peer Median* | | Lower than
Open-End
Active Fund
Peer Median |
| Invesco Bloomberg Pricing Power ETF | | | | | | X |
| Invesco BulletShares 2024 Corporate Bond ETF | | X | | | | X |
| Invesco BulletShares 2025 Corporate Bond ETF | | X | | | | X |
| Invesco BulletShares 2026 Corporate Bond ETF | | X | | | | X |
| Invesco BulletShares 2027 Corporate Bond ETF | | X | | | | X |
| Invesco BulletShares 2028 Corporate Bond ETF | | X | | | | X |
| Invesco BulletShares 2029 Corporate Bond ETF | | X | | | | X |
| Invesco BulletShares 2030 Corporate Bond ETF | | X | | | | X |
| Invesco BulletShares 2031 Corporate Bond ETF | | X | | | | X |
Approval of Investment Advisory Contracts—(continued)
| Invesco Fund | | Equal
to/Lower
than ETF
Peer Median | | Equal to/Lower
than Open-End
Index Fund
Peer Median* | | Lower than
Open-End
Active Fund
Peer Median |
| Invesco BulletShares 2032 Corporate Bond ETF | | X | | | | X |
| Invesco BulletShares 2024 High Yield Corporate Bond ETF | | | | N/A | | X |
| Invesco BulletShares 2025 High Yield Corporate Bond ETF | | | | N/A | | X |
| Invesco BulletShares 2026 High Yield Corporate Bond ETF | | | | N/A | | X |
| Invesco BulletShares 2027 High Yield Corporate Bond ETF | | | | N/A | | X |
| Invesco BulletShares 2028 High Yield Corporate Bond ETF | | | | N/A | | X |
| Invesco BulletShares 2029 High Yield Corporate Bond ETF | | | | N/A | | X |
| Invesco BulletShares 2030 High Yield Corporate Bond ETF | | | | N/A | | X |
| Invesco BulletShares 2024 Municipal Bond ETF | | | | N/A | | X |
| Invesco BulletShares 2025 Municipal Bond ETF | | X | | N/A | | X |
| Invesco BulletShares 2026 Municipal Bond ETF | | X | | N/A | | X |
| Invesco BulletShares 2027 Municipal Bond ETF | | X | | N/A | | X |
| Invesco BulletShares 2028 Municipal Bond ETF | | X | | N/A | | X |
| Invesco BulletShares 2029 Municipal Bond ETF | | X | | N/A | | X |
| Invesco BulletShares 2030 Municipal Bond ETF | | X | | N/A | | X |
| Invesco BulletShares 2031 Municipal Bond ETF | | X | | N/A | | X |
| Invesco BulletShares 2032 Municipal Bond ETF | | X | | | | X |
| Invesco International Developed Dynamic Multifactor ETF | | | | | | X |
| Invesco Investment Grade Defensive ETF | | X | | X | | X |
| Invesco Racial and Gender Diversity ETF | | X | | X | | X |
| Invesco RAFITM Strategic US ETF | | X | | | | X |
| Invesco Russell 1000® Dynamic Multifactor ETF | | X | | | | X |
| Invesco Russell 2000® Dynamic Multifactor ETF | | | | | | X |
| * | The information provided by the Adviser indicated that certain Funds did not have any open-end index fund peers. Those Funds have been designated in this column with an “N/A” for not available. |
The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, including products that have investment strategies comparable to that of Invesco Russell 1000® Dynamic Multifactor ETF and Invesco International Developed Dynamic Multifactor ETF. The Trustees considered the Adviser’s explanation of the differences between the services provided or to be provided to the Funds and to the other investment products it advises, noting the Adviser’s statement that the management and oversight of the Funds requires substantially more labor and expense.
Based on all of the information provided, the Board concluded that the unitary advisory fee charged or to be charged to each Fund was reasonable and appropriate in light of the services provided or to be provided, the nature of the index, the distinguishing factors of the Fund and the administrative, operational and management oversight costs for the Adviser.
In conjunction with their review of the unitary advisory fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Funds. The Trustees reviewed information provided by the Adviser regarding its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund. The Trustees did not consider the revenues received by the Adviser under the Investment Advisory Agreement or the estimated profitability of the Adviser in managing Invesco Racial and Gender Diversity ETF because the Fund had not yet commenced operations as of December 31, 2023. With respect to the Adviser’s profitability information, the Trustees considered that there is no recognized standard or uniform methodology for determining profitability for this purpose. Furthermore, the Trustees noted that there are limitations inherent in allocating costs and calculating profitability for an organization such as the Adviser’s. Based on the information provided, the Board concluded that the overall and estimated profitability to the Adviser was not unreasonable.
Approval of Investment Advisory Contracts—(continued)
Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of the Fund’s shareholders. The Trustees reviewed each Fund’s asset size and unitary advisory fee. The Trustees noted that any reduction in fixed costs associated with the management of the Funds would be enjoyed by the Adviser, but a unitary advisory fee provides a level of certainty in expenses for the Funds. The Trustees also noted that the Adviser has reduced advisory fees for the Invesco ETFs numerous times since 2011, including through permanent advisory fee reductions and various advisory fee waivers. The Board considered whether the unitary advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund and concluded that the unitary advisory fee rates were reasonable and appropriate.
Fall-out Benefits. The Trustees considered that the Adviser identified no additional benefits it receives from its relationship with the Funds, and noted that the Adviser is not a party to any soft-dollar, commission recapture or directed brokerage arrangements with respect to the Funds. The Trustees considered benefits received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser’s relationship with the Funds, including brokerage fees, advisory fees from affiliated money market cash management vehicles and fees as the Funds’ securities lending agent. The Trustees also considered that Invesco Distributors, Inc. and Invesco Indexing LLC, affiliates of the Adviser, serve as each Fund’s distributor and index provider and are paid a distribution fee and licensing fee, respectively, by the Adviser. The Board concluded that each Fund’s unitary advisory fee was reasonable, taking into account any ancillary benefits received by affiliates of the Adviser.
Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Investment Advisory Agreement for each Fund. No single factor was determinative in the Board’s analysis.
Other Information Required in Form N-CSR (Items 8-11)
Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.
Proxy Disclosures for Open-End Management Investment Companies
Not applicable.
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.
Statement Regarding Basis for Approval of Investment Advisory Contracts
The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory Contracts section of this report.
©2024 Invesco Capital Management LLC
3500 Lacey Road, Suite 700
| Downers Grove, IL 60515 | P-SIEII-NCSR | invesco.com/ETFs |
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
This information is filed under Item 7 of this Form N-CSR.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
This information is filed under Item 7 of this Form N-CSR.
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Item 15. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may recommend nominees to the Board that would require disclosure herein.
Item 16. Controls and Procedures.
(a) Based on their evaluation of the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) as of a date within 90 days of the filing date of this report, the Registrant's PEO and PFO have concluded that such disclosure controls and procedures are effective.
(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.
Item 17. Disclosure of Securities Lending Activity for Closed-End Management Investment Companies.
Item 18. Recovery of Erroneously Awarded Compensation.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Invesco Exchange-Traded Self-Indexed Fund Trust
By: /s/ Brian Hartigan .
Name: Brian Hartigan
Title:Principal Executive Officer
Date: November 6, 2024
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
By: /s/ Brian Hartigan ..
Name:Brian Hartigan
Title:Principal Executive Officer
Date: November 6, 2024
By: /s/ Kelli Gallegos ____
Name:Kelli Gallegos
Title:Principal Financial Officer
Date:November 6, 2024
