Invesco Exchange-Traded Self-Indexed Fund Trust N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-23304

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)

Anna Paglia

President

3500 Lacey Road

Downers Grove, IL 60515

(Name and address of agent for service)

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

Date of fiscal year end: August 31

Date of reporting period: February 28, 2021

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

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

Item 1. Reports to Stockholders.

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

	Invesco Semi-Annual Report to Shareholders
	February 28, 2021
	BSCL	Invesco BulletShares 2021 Corporate Bond ETF
	BSCM	Invesco BulletShares 2022 Corporate Bond ETF
	BSCN	Invesco BulletShares 2023 Corporate Bond ETF
	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
	BSJL	Invesco BulletShares 2021 High Yield Corporate Bond ETF
	BSJM	Invesco BulletShares 2022 High Yield Corporate Bond ETF
	BSJN	Invesco BulletShares 2023 High Yield Corporate Bond ETF
	BSJO	Invesco BulletShares 2024 High Yield Corporate Bond ETF

Invesco Semi-Annual Report to Shareholders (continued)
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
BSML	Invesco BulletShares 2021 Municipal Bond ETF
BSMM	Invesco BulletShares 2022 Municipal Bond ETF
BSMN	Invesco BulletShares 2023 Municipal 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
BSAE	Invesco BulletShares 2021 USD Emerging Markets Debt ETF
BSBE	Invesco BulletShares 2022 USD Emerging Markets Debt ETF
BSCE	Invesco BulletShares 2023 USD Emerging Markets Debt ETF
BSDE	Invesco BulletShares 2024 USD Emerging Markets Debt ETF

Table of Contents

Schedules of Investments
Invesco BulletShares 2021 Corporate Bond ETF (BSCL)	4
Invesco BulletShares 2022 Corporate Bond ETF (BSCM)	9
Invesco BulletShares 2023 Corporate Bond ETF (BSCN)	16
Invesco BulletShares 2024 Corporate Bond ETF (BSCO)	23
Invesco BulletShares 2025 Corporate Bond ETF (BSCP)	29
Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)	36
Invesco BulletShares 2027 Corporate Bond ETF (BSCR)	42
Invesco BulletShares 2028 Corporate Bond ETF (BSCS)	48
Invesco BulletShares 2029 Corporate Bond ETF (BSCT)	53
Invesco BulletShares 2030 Corporate Bond ETF (BSCU)	58
Invesco BulletShares 2021 High Yield Corporate Bond ETF (BSJL)	63
Invesco BulletShares 2022 High Yield Corporate Bond ETF (BSJM)	66
Invesco BulletShares 2023 High Yield Corporate Bond ETF (BSJN)	71
Invesco BulletShares 2024 High Yield Corporate Bond ETF (BSJO)	76
Invesco BulletShares 2025 High Yield Corporate Bond ETF (BSJP)	81
Invesco BulletShares 2026 High Yield Corporate Bond ETF (BSJQ)	88
Invesco BulletShares 2027 High Yield Corporate Bond ETF (BSJR)	93
Invesco BulletShares 2028 High Yield Corporate Bond ETF (BSJS)	97
Invesco BulletShares 2021 Municipal Bond ETF (BSML)	101
Invesco BulletShares 2022 Municipal Bond ETF (BSMM)	111
Invesco BulletShares 2023 Municipal Bond ETF (BSMN)	117
Invesco BulletShares 2024 Municipal Bond ETF (BSMO)	125
Invesco BulletShares 2025 Municipal Bond ETF (BSMP)	134
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)	139
Invesco BulletShares 2027 Municipal Bond ETF (BSMR)	147
Invesco BulletShares 2028 Municipal Bond ETF (BSMS)	153
Invesco BulletShares 2029 Municipal Bond ETF (BSMT)	156
Invesco BulletShares 2030 Municipal Bond ETF (BSMU)	161
Invesco BulletShares 2021 USD Emerging Markets Debt ETF (BSAE)	164
Invesco BulletShares 2022 USD Emerging Markets Debt ETF (BSBE)	166
Invesco BulletShares 2023 USD Emerging Markets Debt ETF (BSCE)	170
Invesco BulletShares 2024 USD Emerging Markets Debt ETF (BSDE)	174
Statements of Assets and Liabilities	178
Statements of Operations	184
Statements of Changes in Net Assets	190
Financial Highlights	201
Notes to Financial Statements	233
Fund Expenses	249
Approval of Investment Advisory Contracts	252

  3  

Invesco BulletShares 2021 Corporate Bond ETF (BSCL)

February 28, 2021

(Unaudited)

Schedule of Investments^(a)

	Principal     Amount		Value
U.S. Dollar Denominated Bonds & Notes-93.45%
Aerospace & Defense-1.45%
General Dynamics Corp.
3.00%, 05/11/2021	$	14,697,000	$	14,775,621
3.88%, 07/15/2021		3,676,000		3,691,377
Lockheed Martin Corp., 3.35%, 09/15/2021		4,768,000		4,847,880
Northrop Grumman Corp., 3.50%, 03/15/2021		5,158,000		5,164,235
				28,479,113
Air Freight & Logistics-0.26%
United Parcel Service, Inc., 2.05%, 04/01/2021		5,058,000		5,065,481
Airlines-0.25%
Delta Air Lines, Inc., 3.40%, 04/19/2021		4,878,000		4,888,784
Automobiles-4.22%
American Honda Finance Corp.
1.65%, 07/12/2021		5,923,000		5,953,504
1.70%, 09/09/2021		8,047,000		8,109,118
General Motors Financial Co., Inc.
3.55%, 04/09/2021		7,332,000		7,353,633
3.20%, 07/06/2021		15,972,000		16,088,249
4.38%, 09/25/2021		9,652,000		9,874,667
Toyota Motor Corp. (Japan), 3.18%, 07/20/2021		5,974,000		6,043,135
Toyota Motor Credit Corp.
1.90%, 04/08/2021		9,146,000		9,161,364
2.95%, 04/13/2021		7,423,000		7,446,434
2.75%, 05/17/2021		5,370,000		5,398,413
3.40%, 09/15/2021		7,543,000		7,667,924
				83,096,441
Banks-29.80%
Bank of America Corp.
2.63%, 04/19/2021		15,014,000		15,061,146
5.00%, 05/13/2021		7,000,000		7,066,427
Bank of Montreal (Canada)
1.90%, 08/27/2021		16,033,000		16,170,851
Series D, 3.10%, 04/13/2021		10,604,000		10,639,509
Bank of Nova Scotia (The) (Canada)
2.45%, 03/22/2021		10,265,000		10,277,433
3.13%, 04/20/2021		10,088,000		10,127,408
2.80%, 07/21/2021		7,107,000		7,177,361
Barclays PLC (United Kingdom), 3.20%, 08/10/2021		10,020,000		10,148,696
BBVA USA, 3.50%, 06/11/2021		6,035,000		6,072,282
BPCE S.A. (France), 2.75%, 12/02/2021		8,800,000		8,963,689
Citibank N.A., 3.40%, 07/23/2021		13,445,000		13,577,385
Citigroup, Inc.
2.70%, 03/30/2021		16,130,500		16,161,436
2.35%, 08/02/2021		14,282,000		14,408,026
2.90%, 12/08/2021		20,940,000		21,324,455
Citizens Bank N.A., 2.55%, 05/13/2021		7,108,000		7,126,897
Cooperatieve Rabobank U.A. (Netherlands), 3.13%, 04/26/2021		7,820,000		7,854,943

	Principal     Amount		Value
Banks-(continued)
Deutsche Bank AG (Germany)
3.38%, 05/12/2021	$	5,007,000	$	5,033,484
4.25%, 10/14/2021		27,014,000		27,621,405
Fifth Third Bank
2.25%, 06/14/2021		8,850,000		8,886,095
3.35%, 07/26/2021		4,230,000		4,271,547
2.88%, 10/01/2021		6,190,000		6,271,104
HSBC Holdings PLC (United Kingdom)
3.40%, 03/08/2021		3,201,000		3,202,741
5.10%, 04/05/2021		1,444,000		1,450,550
2.95%, 05/25/2021		11,000,000		11,066,374
Huntington National Bank (The), 3.25%, 05/14/2021		6,375,000		6,397,875
JPMorgan Chase & Co.
4.63%, 05/10/2021		8,242,000		8,311,733
4.35%, 08/15/2021		13,554,000		13,807,347
KeyBank N.A.
3.35%, 06/15/2021		4,500,000		4,540,392
2.50%, 11/22/2021		3,850,000		3,909,192
KeyCorp, 5.10%, 03/24/2021		7,193,000		7,214,620
Lloyds Banking Group PLC (United Kingdom), 3.10%, 07/06/2021		7,885,000		7,963,279
Mitsubishi UFJ Financial Group, Inc. (Japan)
2.95%, 03/01/2021		13,754,000		13,754,000
3.54%, 07/26/2021		5,711,000		5,786,569
2.19%, 09/13/2021		7,415,000		7,489,323
Mizuho Financial Group, Inc. (Japan), 2.27%, 09/13/2021		8,900,000		8,996,429
PNC Bank N.A.
2.15%, 04/29/2021		8,971,000		8,984,769
2.55%, 12/09/2021		6,100,000		6,193,792
Royal Bank of Canada (Canada), 3.20%, 04/30/2021		11,145,000		11,199,540
Santander UK Group Holdings PLC (United Kingdom), 2.88%, 08/05/2021		10,650,000		10,769,064
Skandinaviska Enskilda Banken AB (Sweden)
2.63%, 03/15/2021		7,631,000		7,637,764
1.88%, 09/13/2021		7,251,000		7,312,289
Sumitomo Mitsui Financial Group, Inc. (Japan)
2.93%, 03/09/2021		12,875,000		12,881,958
2.06%, 07/14/2021		13,552,000		13,645,849
2.44%, 10/19/2021		11,540,000		11,699,896
Svenska Handelsbanken AB (Sweden)
2.45%, 03/30/2021		10,690,000		10,708,914
3.35%, 05/24/2021		10,270,000		10,343,842
1.88%, 09/07/2021		7,100,000		7,160,040
Synchrony Bank, 3.65%, 05/24/2021		5,477,000		5,502,727
Toronto-Dominion Bank (The) (Canada)
2.13%, 04/07/2021		13,036,000		13,060,901
3.25%, 06/11/2021		7,838,000		7,902,837
1.80%, 07/13/2021		10,475,000		10,535,660
Truist Bank, 2.85%, 04/01/2021		4,500,000		4,500,000

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

  4  

Invesco BulletShares 2021 Corporate Bond ETF (BSCL)—(continued)

February 28, 2021

(Unaudited)

	Principal     Amount		Value
Banks-(continued)
Truist Financial Corp.
2.05%, 05/10/2021	$	9,571,000	$	9,589,651
3.20%, 09/03/2021		3,548,000		3,592,869
U.S. Bancorp, 4.13%, 05/24/2021		7,062,000		7,101,304
U.S. Bank N.A., 3.15%, 04/26/2021		7,970,000		7,986,450
Wells Fargo & Co.
2.50%, 03/04/2021		17,717,000		17,719,297
4.60%, 04/01/2021		19,728,000		19,798,000
2.10%, 07/26/2021		22,934,000		23,110,073
				587,069,489
Beverages-1.38%
Molson Coors Beverage Co., 2.10%, 07/15/2021		8,040,000		8,077,271
PepsiCo, Inc.
2.00%, 04/15/2021		7,330,000		7,340,169
3.00%, 08/25/2021		6,416,000		6,503,686
1.70%, 10/06/2021		5,127,000		5,167,084
				27,088,210
Biotechnology-1.91%
AbbVie, Inc., 2.30%, 05/14/2021		13,210,000		13,239,780
Gilead Sciences, Inc.
4.40%, 12/01/2021		9,101,000		9,288,482
0.75%, 09/29/2023		15,011,000		15,038,296
				37,566,558
Capital Markets-9.66%
Bank of New York Mellon Corp. (The)
2.50%, 04/15/2021		7,071,000		7,076,994
2.05%, 05/03/2021		10,195,000		10,211,503
3.55%, 09/23/2021		11,512,000		11,694,175
BlackRock, Inc., 4.25%, 05/24/2021		5,846,000		5,901,754
Charles Schwab Corp. (The), 3.25%, 05/21/2021		4,343,000		4,361,154
Credit Suisse AG (Switzerland)
3.00%, 10/29/2021		14,680,000		14,944,366
2.10%, 11/12/2021		14,705,000		14,894,529
Goldman Sachs Group, Inc. (The)
2.63%, 04/25/2021		11,558,000		11,574,953
5.25%, 07/27/2021		29,619,000		30,218,843
Morgan Stanley
2.50%, 04/21/2021		18,979,000		19,039,471
5.50%, 07/28/2021		19,793,000		20,210,912
2.63%, 11/17/2021		25,645,000		26,072,273
Northern Trust Corp., 3.38%, 08/23/2021		3,211,000		3,259,660
State Street Corp.
4.38%, 03/07/2021		4,810,000		4,812,784
1.95%, 05/19/2021		6,086,000		6,108,884
				190,382,255
Communications Equipment-0.96%
Cisco Systems, Inc.
2.90%, 03/04/2021		4,240,000		4,240,664
1.85%, 09/20/2021		14,655,000		14,763,154
				19,003,818
Consumer Finance-3.25%
Ally Financial, Inc., 4.25%, 04/15/2021		4,208,000		4,226,812

	Principal     Amount		Value
Consumer Finance-(continued)
American Express Co., 3.38%, 05/17/2021	$	9,195,000	$	9,230,401
American Express Credit Corp., 2.25%, 05/05/2021		13,279,000		13,304,353
Capital One Financial Corp.
3.45%, 04/30/2021		9,673,000		9,698,363
4.75%, 07/15/2021		8,976,000		9,123,503
Capital One N.A.
2.95%, 07/23/2021		4,300,000		4,336,024
2.25%, 09/13/2021		3,500,000		3,532,309
Discover Bank, 3.20%, 08/09/2021		5,402,000		5,456,739
Synchrony Financial, 3.75%, 08/15/2021		5,140,000		5,189,607
				64,098,111
Diversified Financial Services-0.50%
Berkshire Hathaway, Inc.
2.20%, 03/15/2021		6,444,000		6,448,815
3.75%, 08/15/2021		3,400,000		3,454,940
				9,903,755
Diversified Telecommunication Services-0.71%
Orange S.A. (France), 4.13%, 09/14/2021		7,499,000		7,651,862
Qwest Corp., 6.75%, 12/01/2021		6,136,000		6,377,605
				14,029,467
Electric Utilities-3.06%
Duke Energy Carolinas LLC, 3.90%, 06/15/2021		4,215,000		4,225,580
Duke Energy Corp.
1.80%, 09/01/2021		5,722,000		5,757,971
3.55%, 09/15/2021		3,608,000		3,641,712
Duke Energy Progress LLC, 3.00%, 09/15/2021		3,614,000		3,642,453
Emera US Finance L.P. (Canada), 2.70%, 06/15/2021		5,503,000		5,528,803
Entergy Louisiana LLC, 0.62%, 11/17/2023		8,000,000		8,017,223
NextEra Energy Capital Holdings, Inc., 2.40%, 09/01/2021		11,053,000		11,172,663
Ohio Power Co., Series M, 5.38%, 10/01/2021		3,650,000		3,757,814
Southern California Edison Co., 3.88%, 06/01/2021		3,599,000		3,630,592
Southern Co. (The), 2.35%, 07/01/2021		10,938,000		10,991,530
				60,366,341
Electrical Equipment-0.27%
Emerson Electric Co., 2.63%, 12/01/2021		5,304,000		5,388,565
Energy Equipment & Services-0.26%
Halliburton Co., 3.25%, 11/15/2021		5,080,000		5,150,255
Entertainment-0.58%
TWDC Enterprises 18 Corp.
3.75%, 06/01/2021		5,413,000		5,459,988
2.75%, 08/16/2021		5,921,000		5,989,685
				11,449,673

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

  5  

Invesco BulletShares 2021 Corporate Bond ETF (BSCL)—(continued)

February 28, 2021

(Unaudited)

	Principal     Amount		Value
Equity REITs-0.50%
ERP Operating L.P., 4.63%, 12/15/2021	$	6,450,000	$	6,597,955
MPT Operating Partnership L.P./MPT Finance Corp., 5.25%, 08/01/2026		3,170,000		3,291,411
				9,889,366
Food & Staples Retailing-1.71%
Kroger Co. (The), 2.95%, 11/01/2021		3,488,000		3,542,936
Sysco Corp., 2.50%, 07/15/2021		3,627,000		3,650,730
Walgreens Boots Alliance, Inc., 3.30%, 11/18/2021		9,238,000		9,383,611
Walmart, Inc.
4.25%, 04/15/2021		3,725,000		3,742,118
3.13%, 06/23/2021		13,281,000		13,402,743
				33,722,138
Food Products-1.10%
General Mills, Inc.
3.20%, 04/16/2021		4,339,000		4,354,294
3.15%, 12/15/2021		7,288,000		7,400,417
JM Smucker Co. (The), 3.50%, 10/15/2021		5,455,000		5,563,910
Tyson Foods, Inc., 2.25%, 08/23/2021		4,287,000		4,320,968
				21,639,589
Gas Utilities-0.22%
National Fuel Gas Co., 4.90%, 12/01/2021		4,267,000		4,364,057
Health Care Equipment & Supplies-0.94%
Becton, Dickinson and Co., 3.13%, 11/08/2021		8,836,000		9,002,604
Stryker Corp.
2.63%, 03/15/2021		5,110,000		5,114,466
0.60%, 12/01/2023		4,370,000		4,375,559
				18,492,629
Health Care Providers & Services-3.02%
Anthem, Inc., 3.70%, 08/15/2021		5,790,000		5,832,212
Cigna Corp., 3.40%, 09/17/2021		9,274,000		9,435,746
CVS Health Corp.
3.35%, 03/09/2021		15,277,000		15,285,585
2.13%, 06/01/2021		13,635,000		13,677,518
UnitedHealth Group, Inc.
2.13%, 03/15/2021		5,475,000		5,478,770
3.38%, 11/15/2021		4,219,000		4,278,345
2.88%, 12/15/2021		5,454,000		5,561,645
				59,549,821
Household Products-0.32%
Procter & Gamble Co. (The), 1.70%, 11/03/2021		6,197,000		6,263,187
Industrial Conglomerates-1.05%
Honeywell International, Inc.
4.25%, 03/01/2021		5,973,000		5,973,000
1.85%, 11/01/2021		11,019,000		11,129,044
Roper Technologies, Inc., 2.80%, 12/15/2021		3,473,000		3,533,043
				20,635,087
Insurance-0.64%
Marsh & McLennan Cos., Inc., 4.80%, 07/15/2021		4,959,000		4,985,907

	Principal     Amount		Value
Insurance-(continued)
Progressive Corp. (The), 3.75%, 08/23/2021	$	4,457,000	$	4,533,165
Willis Towers Watson PLC, 5.75%, 03/15/2021		3,174,000		3,179,979
				12,699,051
Interactive Media & Services-0.32%
Alphabet, Inc., 3.63%, 05/19/2021		6,310,000		6,358,231
Internet & Direct Marketing Retail-0.38%
Amazon.com, Inc., 3.30%, 12/05/2021		7,329,000		7,463,627
IT Services-0.84%
Global Payments, Inc., 3.80%, 04/01/2021		5,878,000		5,878,000
Mastercard, Inc., 2.00%, 11/21/2021		5,208,000		5,276,926
VeriSign, Inc., 4.63%, 05/01/2023		5,308,000		5,351,127
				16,506,053
Machinery-2.39%
Caterpillar Financial Services Corp.
1.70%, 08/09/2021		6,968,000		7,014,455
3.15%, 09/07/2021		6,204,000		6,298,018
Caterpillar, Inc., 3.90%, 05/27/2021		9,131,000		9,210,477
CNH Industrial Capital LLC, 4.88%, 04/01/2021		4,976,000		4,993,751
John Deere Capital Corp.
2.80%, 03/04/2021		3,304,000		3,304,500
3.90%, 07/12/2021		3,676,000		3,725,278
3.13%, 09/10/2021		4,382,000		4,448,979
3.15%, 10/15/2021		3,677,000		3,737,501
Xylem, Inc., 4.88%, 10/01/2021		4,289,000		4,398,448
				47,131,407
Media-0.38%
Time Warner Cable LLC, 4.00%, 09/01/2021		7,494,000		7,558,483
Metals & Mining-0.19%
Kinross Gold Corp. (Canada), 5.13%, 09/01/2021		3,624,000		3,663,397
Multiline Retail-0.27%
Nordstrom, Inc., 4.00%, 10/15/2021		5,174,000		5,235,336
Multi-Utilities-0.90%
Consolidated Edison, Inc.
2.00%, 05/15/2021		3,655,000		3,662,643
Series A, 0.65%, 12/01/2023		4,300,000		4,304,662
PSEG Power LLC, 3.00%, 06/15/2021		5,577,000		5,607,773
Puget Energy, Inc., 6.00%, 09/01/2021		4,065,000		4,176,617
				17,751,695
Oil, Gas & Consumable Fuels-6.00%
Canadian Natural Resources Ltd. (Canada), 3.45%, 11/15/2021		4,232,000		4,289,241
Chevron Corp., 2.10%, 05/16/2021		9,789,000		9,811,244
Diamondback Energy, Inc., 5.38%, 05/31/2025		6,277,000		6,492,322
Enbridge Energy Partners L.P., 4.20%, 09/15/2021		4,802,000		4,854,084
Energy Transfer Operating L.P., 4.65%, 06/01/2021		6,073,000		6,075,129

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

  6  

Invesco BulletShares 2021 Corporate Bond ETF (BSCL)—(continued)

February 28, 2021

(Unaudited)

	Principal     Amount		Value
Oil, Gas & Consumable Fuels-(continued)
Enterprise Products Operating LLC, 2.85%, 04/15/2021	$	4,706,000	$	4,710,420
Exxon Mobil Corp., 2.22%, 03/01/2021		19,189,000		19,189,000
Kinder Morgan Energy Partners L.P., 5.00%, 10/01/2021		4,257,000		4,320,744
Marathon Petroleum Corp., 5.13%, 03/01/2021		8,264,000		8,264,000
Ovintiv, Inc., 3.90%, 11/15/2021		3,542,000		3,577,727
Shell International Finance B.V. (Netherlands)
1.88%, 05/10/2021		10,918,000		10,952,778
1.75%, 09/12/2021		7,257,000		7,315,578
Sunoco Logistics Partners Operations L.P., 4.40%, 04/01/2021		3,906,000		3,907,296
Total Capital International S.A. (France)
2.75%, 06/19/2021		7,441,000		7,497,845
2.22%, 07/12/2021		5,461,000		5,490,315
Total Capital S.A. (France), 4.25%, 12/15/2021		4,255,000		4,389,701
Williams Cos., Inc. (The), 4.00%, 11/15/2021		3,630,000		3,689,255
WPX Energy, Inc., 5.75%, 06/01/2026		3,200,000		3,368,800
				118,195,479
Pharmaceuticals-3.29%
Bristol-Myers Squibb Co., 0.54%, 11/13/2023		10,885,000		10,904,804
Johnson & Johnson, 1.65%, 03/01/2021		7,059,000		7,059,000
Pfizer, Inc.
3.00%, 09/15/2021		7,309,000		7,413,466
2.20%, 12/15/2021		7,247,000		7,351,154
Sanofi (France), 4.00%, 03/29/2021		15,309,000		15,353,360
Utah Acquisition Sub, Inc., 3.15%, 06/15/2021		16,561,000		16,659,673
				64,741,457
Professional Services-0.18%
Equifax, Inc., 2.30%, 06/01/2021		3,532,000		3,543,621
Road & Rail-0.44%
Norfolk Southern Corp., 3.25%, 12/01/2021		4,170,000		4,229,414
Union Pacific Corp., 3.20%, 06/08/2021		4,402,000		4,436,321
				8,665,735
Semiconductors & Semiconductor Equipment-1.88%
Intel Corp.
1.70%, 05/19/2021		3,687,000		3,693,704
3.30%, 10/01/2021		14,685,000		14,942,180
Lam Research Corp., 2.80%, 06/15/2021		6,078,000		6,109,468
NVIDIA Corp., 2.20%, 09/16/2021		7,310,000		7,373,053
Xilinx, Inc., 3.00%, 03/15/2021		4,931,000		4,936,182
				37,054,587

Investment Abbreviations:

REIT -Real Estate Investment Trust

	Principal     Amount		Value
Software-3.25%
Microsoft Corp., 1.55%, 08/08/2021	$	20,041,000	$	20,146,161
Oracle Corp.
2.80%, 07/08/2021		10,953,000		11,050,852
1.90%, 09/15/2021		32,506,000		32,752,310
				63,949,323
Specialty Retail-1.10%
Home Depot, Inc. (The), 2.00%, 04/01/2021		8,671,000		8,671,000
Lowe’s Cos., Inc.
3.75%, 04/15/2021		3,546,000		3,554,093
3.80%, 11/15/2021		4,031,000		4,094,222
TJX Cos., Inc. (The), 2.75%, 06/15/2021		5,421,000		5,425,011
				21,744,326
Technology Hardware, Storage & Peripherals-2.07%
Apple, Inc.
2.85%, 05/06/2021		22,516,000		22,623,454
1.55%, 08/04/2021		9,219,000		9,252,924
HP, Inc.
4.38%, 09/15/2021		3,610,000		3,687,578
4.65%, 12/09/2021		5,100,000		5,260,764
				40,824,720
Tobacco-0.93%
Altria Group, Inc., 4.75%, 05/05/2021		12,613,000		12,709,247
Philip Morris International, Inc., 2.90%, 11/15/2021		5,488,000		5,593,276
				18,302,523
Trading Companies & Distributors-0.62%
Air Lease Corp.
2.50%, 03/01/2021		4,671,000		4,671,000
3.88%, 04/01/2021		3,216,000		3,216,000
3.38%, 06/01/2021		4,365,000		4,395,967
				12,282,967
Total U.S. Dollar Denominated Bonds & Notes (Cost $1,834,105,424)				1,841,254,208
	Shares
Money Market Funds-6.56%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(b)(c) (Cost $129,269,307)		129,269,307		129,269,307
TOTAL INVESTMENTS IN SECURITIES-100.01% (Cost $1,963,374,731)				1,970,523,515
OTHER ASSETS LESS LIABILITIES-(0.01)%				(284,824	)
NET ASSETS-100.00%			$	1,970,238,691

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

  7  

Invesco BulletShares 2021 Corporate Bond ETF (BSCL)—(continued)

February 28, 2021

(Unaudited)

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2021.

	Value August 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value February 28, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	571,429,616		$	(442,160,309	)		$	-		$	-		$	129,269,307		$	8,841
Invesco Premier U.S. Government Money Portfolio, Institutional Class			29,211,229			71,522,244			(100,733,473	)			-			-			-			207
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			4,967,699			15,957,161			(20,924,860	)			-			-			-			658	*
Invesco Private Prime Fund			1,698,896			15,105,432			(16,804,699	)			-			371			-			2,043	*
Total		$	35,877,824		$	674,014,453		$	(580,623,341	)		$	-		$	371		$	129,269,307		$	11,749

* 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.

^(c) The rate shown is the 7-day SEC standardized yield as of February 28, 2021.

Portfolio Composition

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

as of February 28, 2021
Financials	44.02
Health Care	9.16
Information Technology	9.00
Industrials	6.91
Energy	6.26
Consumer Discretionary	5.97
Consumer Staples	5.44
Utilities	4.18
Sector Types Each Less Than 3%	2.51
Money Market Funds Plus Other Assets Less Liabilities	6.55

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

  8  

Invesco BulletShares 2022 Corporate Bond ETF (BSCM)

February 28, 2021

(Unaudited)

Schedule of Investments^(a)

	Principal     Amount		Value
U.S. Dollar Denominated Bonds & Notes-99.07%
Aerospace & Defense-0.93%
General Dynamics Corp., 2.25%, 11/15/2022	$	6,556,000	$	6,740,542
Howmet Aerospace, Inc., 5.87%, 02/23/2022		4,200,000		4,341,750
Northrop Grumman Corp., 2.55%, 10/15/2022		9,838,000		10,162,897
				21,245,189
Air Freight & Logistics-0.62%
FedEx Corp., 2.63%, 08/01/2022		3,222,000		3,322,945
United Parcel Service, Inc.
2.35%, 05/16/2022		3,919,000		4,012,625
2.45%, 10/01/2022		6,551,000		6,779,087
				14,114,657
Airlines-0.29%
Delta Air Lines, Inc., 3.63%, 03/15/2022		6,549,000		6,651,074
Automobiles-3.93%
American Honda Finance Corp.
1.95%, 05/20/2022		3,918,000		3,998,500
2.20%, 06/27/2022		5,319,000		5,449,074
0.40%, 10/21/2022		3,555,000		3,558,904
2.60%, 11/16/2022		3,228,000		3,349,329
General Motors Financial Co., Inc.
3.45%, 01/14/2022		8,187,000		8,376,255
3.45%, 04/10/2022		8,088,000		8,308,886
3.15%, 06/30/2022		8,188,000		8,445,567
Toyota Motor Corp. (Japan), 2.16%, 07/02/2022		3,321,000		3,403,902
Toyota Motor Credit Corp.
2.60%, 01/11/2022		7,835,000		7,988,294
3.30%, 01/12/2022		6,807,000		6,981,184
1.15%, 05/26/2022		8,043,000		8,130,436
2.80%, 07/13/2022		3,224,000		3,333,078
0.45%, 07/22/2022		4,937,000		4,952,691
2.15%, 09/08/2022		5,708,000		5,867,758
0.35%, 10/14/2022		7,452,000		7,467,346
				89,611,204
Banks-23.44%
Bank of America Corp.
5.70%, 01/24/2022		7,360,000		7,719,730
2.50%, 10/21/2022		12,737,000		12,913,031
Bank of Montreal (Canada)
2.35%, 09/11/2022		7,214,000		7,449,320
2.55%, 11/06/2022		6,307,000		6,535,944
Bank of Nova Scotia (The) (Canada)
2.70%, 03/07/2022		9,494,000		9,732,229
2.45%, 09/19/2022		6,460,000		6,678,477
Barclays Bank PLC (United Kingdom), 7.63%, 11/21/2022		17,550,000		19,304,848
BBVA USA, 2.88%, 06/29/2022		4,800,000		4,950,801
Canadian Imperial Bank of Commerce (Canada), 2.55%, 06/16/2022		6,314,000		6,502,976
CIT Group, Inc., 5.00%, 08/15/2022		7,254,000		7,663,416

	Principal     Amount		Value
Banks-(continued)
Citigroup, Inc.
4.50%, 01/14/2022	$	16,293,000	$	16,891,636
2.75%, 04/25/2022		14,764,000		15,142,672
4.05%, 07/30/2022		5,584,000		5,862,308
2.70%, 10/27/2022		11,145,000		11,559,646
Citizens Bank N.A., 2.65%, 05/26/2022		5,002,000		5,132,367
Cooperatieve Rabobank U.A. (Netherlands)
2.75%, 01/10/2022		6,325,000		6,462,241
3.88%, 02/08/2022		19,832,000		20,504,680
3.95%, 11/09/2022		9,805,000		10,356,505
Deutsche Bank AG (Germany), 3.30%, 11/16/2022		7,000,000		7,300,448
Fifth Third Bancorp
3.50%, 03/15/2022		3,155,000		3,251,123
2.60%, 06/15/2022		4,478,000		4,600,871
First Republic Bank, 2.50%, 06/06/2022		4,003,000		4,102,006
HSBC Holdings PLC (United Kingdom), 4.00%, 03/30/2022		12,249,000		12,742,089
Huntington Bancshares, Inc., 2.30%, 01/14/2022		6,625,000		6,730,104
Huntington National Bank (The), 2.50%, 08/07/2022		4,452,000		4,585,464
JPMorgan Chase & Co.
4.50%, 01/24/2022		11,340,000		11,772,882
3.25%, 09/23/2022		19,495,000		20,399,125
KeyBank N.A.
2.40%, 06/09/2022		3,879,000		3,985,946
2.30%, 09/14/2022		4,800,000		4,951,604
Lloyds Banking Group PLC (United Kingdom), 3.00%, 01/11/2022		9,500,000		9,716,304
Manufacturers and Traders Trust Co., 2.50%, 05/18/2022		4,452,000		4,564,413
Mitsubishi UFJ Financial Group, Inc. (Japan)
3.00%, 02/22/2022		7,124,000		7,310,248
2.62%, 07/18/2022		14,500,000		14,953,888
2.67%, 07/25/2022		13,130,000		13,558,089
Mizuho Financial Group, Inc. (Japan)
2.95%, 02/28/2022		9,708,000		9,960,450
2.60%, 09/11/2022		6,550,000		6,775,558
MUFG Union Bank N.A., 2.10%, 12/09/2022		4,550,000		4,684,661
People’s United Financial, Inc., 3.65%, 12/06/2022		3,062,000		3,205,857
PNC Bank N.A.
2.63%, 02/17/2022		8,200,000		8,372,766
2.45%, 07/28/2022		5,095,000		5,248,539
2.70%, 11/01/2022		6,218,000		6,450,012
PNC Financial Services Group, Inc. (The)
3.30%, 03/08/2022		6,414,000		6,596,049
2.85%, 11/09/2022(b)		3,156,000		3,294,903
Royal Bank of Canada (Canada), 2.75%, 02/01/2022		7,857,000		8,039,090
Santander Holdings USA, Inc., 3.70%, 03/28/2022		4,616,000		4,758,617
Skandinaviska Enskilda Banken AB (Sweden), 2.80%, 03/11/2022		3,251,000		3,334,718

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

  9  

Invesco BulletShares 2022 Corporate Bond ETF (BSCM)—(continued)

February 28, 2021

(Unaudited)

	Principal     Amount		Value
Banks-(continued)
Sumitomo Mitsui Banking Corp. (Japan), 3.20%, 07/18/2022	$	4,585,000	$	4,762,721
Sumitomo Mitsui Financial Group, Inc. (Japan)
2.85%, 01/11/2022		4,705,000		4,808,969
2.78%, 07/12/2022		12,735,000		13,159,957
2.78%, 10/18/2022		7,675,000		7,971,254
Synchrony Bank, 3.00%, 06/15/2022		5,395,000		5,555,879
Truist Bank
2.63%, 01/15/2022		7,050,000		7,187,428
2.45%, 08/01/2022		6,118,000		6,299,891
Truist Financial Corp.
2.70%, 01/27/2022		6,363,000		6,493,655
2.75%, 04/01/2022		6,361,000		6,517,586
U.S. Bancorp
3.00%, 03/15/2022		6,141,000		6,303,646
2.95%, 07/15/2022		9,137,000		9,443,721
Series V, 2.63%, 01/24/2022		7,880,000		8,036,269
UBS AG (Switzerland), 7.63%, 08/17/2022		12,750,000		14,015,576
US Bank N.A., 1.80%, 01/21/2022		5,600,000		5,671,500
Wells Fargo & Co.
3.50%, 03/08/2022		16,286,000		16,824,983
2.63%, 07/22/2022		24,437,000		25,214,409
				534,876,095
Beverages-1.62%
Constellation Brands, Inc.
2.70%, 05/09/2022		3,258,000		3,342,145
2.65%, 11/07/2022		4,544,000		4,706,407
Diageo Investment Corp. (United Kingdom), 2.88%, 05/11/2022		6,542,000		6,745,825
Molson Coors Beverage Co., 3.50%, 05/01/2022		3,192,000		3,301,678
PepsiCo, Inc.
2.75%, 03/05/2022		8,160,000		8,365,773
2.25%, 05/02/2022		4,892,000		4,996,977
3.10%, 07/17/2022		5,222,000		5,401,348
				36,860,153
Biotechnology-3.71%
AbbVie, Inc.
2.90%, 11/06/2022		20,090,000		20,924,974
3.20%, 11/06/2022		6,581,000		6,858,511
2.30%, 11/21/2022		20,470,000		21,131,383
Amgen, Inc.
2.70%, 05/01/2022		3,206,000		3,271,837
2.65%, 05/11/2022		9,777,000		9,996,438
3.63%, 05/15/2022		5,414,000		5,567,313
Biogen, Inc., 3.63%, 09/15/2022		6,446,000		6,768,268
Gilead Sciences, Inc.
1.95%, 03/01/2022		3,222,000		3,276,059
3.25%, 09/01/2022		6,551,000		6,801,377
				84,596,160
Capital Markets-6.44%
Ares Capital Corp., 3.63%, 01/19/2022		4,111,000		4,206,944
Bank of New York Mellon Corp. (The)
2.60%, 02/07/2022		7,884,000		8,044,951
1.95%, 08/23/2022		6,563,000		6,733,310

	Principal     Amount		Value
Capital Markets-(continued)
BlackRock, Inc., 3.38%, 06/01/2022	$	5,016,000	$	5,213,261
CME Group, Inc., 3.00%, 09/15/2022		5,218,000		5,431,900
Credit Suisse AG (Switzerland), 2.80%, 04/08/2022		9,650,000		9,915,312
E*TRADE Financial Corp., 2.95%, 08/24/2022		4,039,000		4,182,314
Goldman Sachs Group, Inc. (The)
5.75%, 01/24/2022		29,101,000		30,523,603
3.00%, 04/26/2022		21,122,000		21,204,406
Moody’s Corp., 4.50%, 09/01/2022		3,228,000		3,385,649
Morgan Stanley
2.75%, 05/19/2022		21,122,000		21,744,370
4.88%, 11/01/2022		12,770,000		13,693,117
Nasdaq, Inc., 0.45%, 12/21/2022		4,000,000		4,001,626
Northern Trust Corp., 2.38%, 08/02/2022		3,150,000		3,241,111
TD Ameritrade Holding Corp., 2.95%, 04/01/2022		5,252,000		5,379,491
				146,901,365
Chemicals-1.03%
Celanese US Holdings LLC, 4.63%, 11/15/2022		3,321,000		3,542,117
Eastman Chemical Co., 3.60%, 08/15/2022		4,866,000		5,052,391
Ecolab, Inc., 2.38%, 08/10/2022		3,254,000		3,344,739
Linde, Inc.
2.45%, 02/15/2022		4,568,000		4,639,035
2.20%, 08/15/2022		3,156,000		3,229,916
Mosaic Co. (The), 3.25%, 11/15/2022		3,509,000		3,660,860
				23,469,058
Commercial Services & Supplies-0.35%
Cintas Corp. No. 2, 2.90%, 04/01/2022		4,290,000		4,401,569
Waste Management, Inc., 2.90%, 09/15/2022		3,453,000		3,567,415
				7,968,984
Communications Equipment-0.61%
Cisco Systems, Inc., 3.00%, 06/15/2022		3,590,000		3,712,827
Nokia OYJ (Finland), 3.38%, 06/12/2022		3,323,000		3,422,358
Telefonaktiebolaget LM Ericsson (Sweden), 4.13%, 05/15/2022		6,566,000		6,810,583
				13,945,768
Consumer Finance-2.30%
Ally Financial, Inc., 4.13%, 02/13/2022		4,249,000		4,393,540
American Express Co.
2.50%, 08/01/2022		11,717,000		12,060,922
2.65%, 12/02/2022		8,329,000		8,665,478
American Express Credit Corp., 2.70%, 03/03/2022		11,707,000		11,967,379
Capital One Financial Corp., 3.05%, 03/09/2022		5,359,000		5,496,487
Capital One N.A.
2.65%, 08/08/2022		2,700,000		2,784,994
2.15%, 09/06/2022		3,699,000		3,794,964
Discover Financial Services, 3.85%, 11/21/2022		3,059,000		3,235,315
				52,399,079

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

  10  

Invesco BulletShares 2022 Corporate Bond ETF (BSCM)—(continued)

February 28, 2021

(Unaudited)

	Principal     Amount			Value
Diversified Consumer Services-0.15%
Block Financial LLC, 5.50%, 11/01/2022	$	3,299,000		$	3,484,846
Diversified Financial Services-0.54%
Berkshire Hathaway, Inc., 3.40%, 01/31/2022		3,816,000			3,928,568
National Rural Utilities Cooperative Finance Corp., 1.75%, 01/21/2022		3,256,000			3,297,897
ORIX Corp. (Japan), 2.90%, 07/18/2022		4,900,000	��		5,063,896
					12,290,361
Diversified Telecommunication Services-1.36%
AT&T, Inc.
3.00%, 06/30/2022		12,838,000			13,235,139
2.63%, 12/01/2022		7,209,000			7,450,080
Verizon Communications, Inc.
2.95%, 03/15/2022		4,651,000			4,779,802
2.45%, 11/01/2022		5,314,000			5,461,910
					30,926,931
Electric Utilities-2.70%
Alabama Power Co., Series 17A, 2.45%, 03/30/2022		3,650,000			3,727,317
Duke Energy Corp.
2.40%, 08/15/2022		3,258,000			3,347,469
3.05%, 08/15/2022		3,254,000			3,360,591
Duke Energy Progress LLC, 2.80%, 05/15/2022		3,242,000			3,319,224
Entergy Corp., 4.00%, 07/15/2022		4,291,000			4,472,949
Eversource Energy, Series K, 2.75%, 03/15/2022		5,511,000			5,637,191
Exelon Corp., 3.50%, 06/01/2022		7,510,000			7,781,435
Exelon Generation Co. LLC
3.40%, 03/15/2022		3,489,000			3,587,107
4.25%, 06/15/2022		3,284,000			3,400,195
ITC Holdings Corp., 2.70%, 11/15/2022		3,154,000			3,271,507
Oncor Electric Delivery Co. LLC, 7.00%, 09/01/2022		3,139,000			3,439,082
Pacific Gas and Electric Co., 1.75%, 06/16/2022		16,272,000			16,315,582
					61,659,649
Electrical Equipment-0.84%
ABB Finance USA, Inc. (Switzerland), 2.88%, 05/08/2022		8,170,000			8,416,921
Eaton Corp., 2.75%, 11/02/2022		10,442,000			10,856,297
					19,273,218
Electronic Equipment, Instruments & Components-0.29%
Jabil, Inc., 4.70%, 09/15/2022		3,196,000			3,391,745
Tyco Electronics Group S.A. (Switzerland), 3.50%, 02/03/2022		3,249,000			3,318,701
					6,710,446
Energy Equipment & Services-0.37%
Baker Hughes, a GE Co. LLC/Baker Hughes Co-Obligor, Inc., 2.77%, 12/15/2022		8,104,000			8,438,387

	Principal     Amount		Value
Entertainment-0.59%
TWDC Enterprises 18 Corp.
2.45%, 03/04/2022	$	3,416,000	$	3,488,888
2.35%, 12/01/2022		6,448,000		6,673,719
Walt Disney Co. (The), 1.65%, 09/01/2022		3,146,000		3,209,655
				13,372,262
Equity REITs-1.99%
American Tower Corp.
2.25%, 01/15/2022		3,871,000		3,936,465
4.70%, 03/15/2022		4,811,000		5,022,175
Equinix, Inc., 5.38%, 05/15/2027		8,328,000		8,998,648
Kimco Realty Corp., 3.40%, 11/01/2022		3,285,000		3,421,097
MPT Operating Partnership L.P./MPT Finance Corp., 5.00%, 10/15/2027		9,134,000		9,745,750
Public Storage, 2.37%, 09/15/2022		3,253,000		3,350,243
Simon Property Group L.P.
2.35%, 01/30/2022		3,565,000		3,611,987
2.63%, 06/15/2022		3,872,000		3,965,129
SL Green Operating Partnership L.P., 3.25%, 10/15/2022		3,272,000		3,395,331
				45,446,825
Food & Staples Retailing-1.12%
Costco Wholesale Corp., 2.30%, 05/18/2022		5,229,000		5,352,988
Kroger Co. (The), 3.40%, 04/15/2022		3,383,000		3,474,689
Walgreen Co., 3.10%, 09/15/2022		7,876,000		8,193,985
Walmart, Inc., 2.35%, 12/15/2022		8,286,000		8,583,483
				25,605,145
Food Products-0.97%
General Mills, Inc., 2.60%, 10/12/2022		3,323,000		3,435,800
Kraft Heinz Foods Co. (The), 3.50%, 06/06/2022		104,000		107,680
McCormick & Co., Inc., 2.70%, 08/15/2022		4,828,000		4,978,399
Mondelez International, Inc., 0.63%, 07/01/2022		6,776,000		6,802,614
Tyson Foods, Inc., 4.50%, 06/15/2022		6,549,000		6,824,333
				22,148,826
Health Care Equipment & Supplies-1.15%
Abbott Laboratories, 2.55%, 03/15/2022		4,830,000		4,943,160
Becton, Dickinson and Co., 2.89%, 06/06/2022		11,362,000		11,688,704
DH Europe Finance II S.a.r.l., 2.05%, 11/15/2022		4,595,000		4,728,167
Zimmer Biomet Holdings, Inc., 3.15%, 04/01/2022		4,862,000		4,984,510
				26,344,541
Health Care Providers & Services-4.33%
Aetna, Inc., 2.75%, 11/15/2022		6,551,000		6,771,602
Anthem, Inc.
3.13%, 05/15/2022		5,581,000		5,766,400
2.95%, 12/01/2022		4,875,000		5,075,700
Cardinal Health, Inc., 2.62%, 06/15/2022		5,452,000		5,591,290
Centene Corp., 4.25%, 12/15/2027		16,104,000		16,755,246
Cigna Corp., 3.90%, 02/15/2022		5,191,000		5,363,922

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

  11  

Invesco BulletShares 2022 Corporate Bond ETF (BSCM)—(continued)

February 28, 2021

(Unaudited)

	Principal     Amount		Value
Health Care Providers & Services-(continued)
CommonSpirit Health, 2.95%, 11/01/2022	$	3,357,000	$	3,492,534
CVS Health Corp.
3.50%, 07/20/2022		9,821,000		10,195,258
2.75%, 12/01/2022		8,184,000		8,474,540
Humana, Inc., 3.15%, 12/01/2022		3,921,000		4,078,244
Laboratory Corp. of America Holdings
3.20%, 02/01/2022		3,227,000		3,310,154
3.75%, 08/23/2022		3,225,000		3,354,981
UnitedHealth Group, Inc.
2.88%, 03/15/2022		7,165,000		7,313,727
3.35%, 07/15/2022		7,018,000		7,308,172
2.38%, 10/15/2022		5,849,000		6,047,099
				98,898,869
Hotels, Restaurants & Leisure-0.68%
McDonald’s Corp., 2.63%, 01/15/2022		8,817,000		8,997,379
Starbucks Corp.
1.30%, 05/07/2022		3,226,000		3,265,429
2.70%, 06/15/2022		3,159,000		3,246,010
				15,508,818
Household Durables-0.53%
Lennar Corp.
4.13%, 01/15/2022		3,908,000		3,994,660
4.75%, 11/15/2022		3,710,000		3,903,755
NVR, Inc., 3.95%, 09/15/2022		3,970,000		4,143,109
				12,041,524
Household Products-0.84%
Clorox Co. (The), 3.05%, 09/15/2022		3,917,000		4,054,201
Procter & Gamble Co. (The)
2.30%, 02/06/2022		6,551,000		6,680,260
2.15%, 08/11/2022		8,156,000		8,388,471
				19,122,932
Industrial Conglomerates-1.34%
3M Co., 2.00%, 06/26/2022		4,073,000		4,167,564
General Electric Co., 2.70%, 10/09/2022		6,245,000		6,481,116
Honeywell International, Inc., 0.48%, 08/19/2022		16,519,000		16,538,726
Roper Technologies, Inc., 3.13%, 11/15/2022		3,263,000		3,391,912
				30,579,318
Insurance-1.42%
American International Group, Inc., 4.88%, 06/01/2022		9,821,000		10,365,527
Aon Corp., 2.20%, 11/15/2022		3,265,000		3,368,051
Berkshire Hathaway Finance Corp., 3.00%, 05/15/2022		5,074,000		5,249,043
Chubb INA Holdings, Inc., 2.88%, 11/03/2022		6,468,000		6,719,221
Marsh & McLennan Cos., Inc., 2.75%, 01/30/2022		3,262,000		3,329,151
MetLife, Inc., 3.05%, 12/15/2022		3,153,000		3,308,550
				32,339,543
Internet & Direct Marketing Retail-0.88%
Amazon.com, Inc., 2.50%, 11/29/2022		8,154,000		8,429,841

	Principal     Amount		Value
Internet & Direct Marketing Retail-(continued)
eBay, Inc.
3.80%, 03/09/2022	$	4,886,000	$	5,041,885
2.60%, 07/15/2022		6,550,000		6,712,176
				20,183,902
IT Services-2.64%
Fiserv, Inc., 3.50%, 10/01/2022		4,595,000		4,784,183
International Business Machines Corp.
2.50%, 01/27/2022		6,600,000		6,735,320
1.88%, 08/01/2022		6,500,000		6,672,443
2.88%, 11/09/2022		5,900,000		6,158,778
PayPal Holdings, Inc., 2.20%, 09/26/2022		6,514,000		6,699,979
VeriSign, Inc., 4.75%, 07/15/2027		3,592,000		3,800,785
Visa, Inc.
2.15%, 09/15/2022		6,551,000		6,732,734
2.80%, 12/14/2022		14,836,000		15,451,318
Western Union Co. (The), 3.60%, 03/15/2022		3,146,000		3,239,620
				60,275,160
Machinery-2.54%
Caterpillar Financial Services Corp.
0.95%, 05/13/2022		7,190,000		7,247,132
2.85%, 06/01/2022		3,295,000		3,400,395
2.40%, 06/06/2022		3,938,000		4,046,300
1.90%, 09/06/2022		5,023,000		5,144,680
1.95%, 11/18/2022		4,989,000		5,129,612
2.55%, 11/29/2022		4,120,000		4,283,346
Caterpillar, Inc., 2.60%, 06/26/2022		3,223,000		3,301,337
CNH Industrial Capital LLC, 4.38%, 04/05/2022		3,288,000		3,421,128
Deere & Co., 2.60%, 06/08/2022		6,551,000		6,707,862
Flowserve Corp., 3.50%, 09/15/2022		3,458,000		3,577,647
John Deere Capital Corp.
2.65%, 01/06/2022		4,265,000		4,352,703
2.75%, 03/15/2022		3,325,000		3,410,053
2.15%, 09/08/2022		3,938,000		4,049,642
				58,071,837
Media-1.90%
Charter Communications Operating LLC/ Charter Communications Operating Capital Corp., 4.46%, 07/23/2022		19,422,000		20,346,664
Comcast Cable Communications Holdings, Inc., 9.46%, 11/15/2022		7,103,000		8,209,436
Omnicom Group, Inc./Omnicom Capital, Inc., 3.63%, 05/01/2022		8,321,000		8,626,230
ViacomCBS, Inc., 3.38%, 03/01/2022		2,695,000		2,753,996
WPP Finance 2010 (United Kingdom), 3.63%, 09/07/2022		3,214,000		3,360,280
				43,296,606
Metals & Mining-0.32%
Newmont Corp., 3.50%, 03/15/2022		3,218,000		3,295,022
Nucor Corp., 4.13%, 09/15/2022		3,890,000		4,071,246
				7,366,268
Multiline Retail-0.29%
Target Corp., 2.90%, 01/15/2022		6,547,000		6,702,379

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

  12  

Invesco BulletShares 2022 Corporate Bond ETF (BSCM)—(continued)

February 28, 2021

(Unaudited)

	Principal     Amount		Value
Multi-Utilities-0.87%
CenterPoint Energy, Inc., 2.50%, 09/01/2022	$	3,288,000	$	3,388,356
DTE Energy Co.
2.25%, 11/01/2022		3,321,000		3,421,385
Series H, 0.55%, 11/01/2022		4,908,000		4,919,916
Public Service Enterprise Group, Inc., 2.65%, 11/15/2022		4,515,000		4,680,199
Sempra Energy, 2.88%, 10/01/2022		3,433,000		3,542,639
				19,952,495
Oil, Gas & Consumable Fuels-6.98%
BP Capital Markets PLC (United Kingdom), 2.50%, 11/06/2022		6,535,000		6,773,240
Cenovus Energy, Inc. (Canada), 3.00%, 08/15/2022		3,295,000		3,379,535
Chevron Corp.
2.41%, 03/03/2022		4,539,000		4,622,517
2.50%, 03/03/2022		4,515,000		4,610,695
2.36%, 12/05/2022		13,076,000		13,487,404
Enbridge, Inc. (Canada), 2.90%, 07/15/2022		4,538,991		4,674,214
Energy Transfer Operating L.P., 5.20%, 02/01/2022		7,047,000		7,250,144
Energy Transfer Partners L.P./Regency Energy Finance Corp.
5.88%, 03/01/2022		6,232,000		6,470,926
5.00%, 10/01/2022		4,595,000		4,847,190
Enterprise Products Operating LLC, 4.05%, 02/15/2022		4,286,000		4,436,401
Exxon Mobil Corp.
2.40%, 03/06/2022		7,518,000		7,654,607
1.90%, 08/16/2022		4,884,000		5,001,461
Husky Energy, Inc. (Canada), 3.95%, 04/15/2022		3,231,000		3,314,530
Kinder Morgan Energy Partners L.P., 3.95%, 09/01/2022		6,529,000		6,811,145
Marathon Oil Corp., 2.80%, 11/01/2022		3,238,000		3,330,395
ONEOK Partners L.P., 3.38%, 10/01/2022		5,797,000		6,002,129
ONEOK, Inc., 4.25%, 02/01/2022		3,581,000		3,669,384
Ovintiv Exploration, Inc., 5.75%, 01/30/2022		3,937,000		4,065,842
Phillips 66, 4.30%, 04/01/2022		13,007,000		13,552,060
Plains All American Pipeline L.P./PAA Finance Corp., 3.65%, 06/01/2022		4,744,000		4,871,956
Sabine Pass Liquefaction LLC, 6.25%, 03/15/2022		6,518,000		6,806,650
Shell International Finance B.V. (Netherlands), 2.38%, 08/21/2022		6,445,000		6,642,110
Total Capital International S.A. (France), 2.88%, 02/17/2022		6,515,000		6,679,686
TransCanada PipeLines Ltd. (Canada), 2.50%, 08/01/2022		6,650,000		6,846,197
Williams Cos., Inc. (The)
3.60%, 03/15/2022		8,221,000		8,442,012
3.35%, 08/15/2022		4,833,000		4,994,391
				159,236,821

	Principal     Amount		Value
Personal Products-0.41%
Unilever Capital Corp. (United Kingdom)
3.00%, 03/07/2022	$	3,600,000	$	3,700,764
2.20%, 05/05/2022		5,600,000		5,720,771
				9,421,535
Pharmaceuticals-3.27%
AstraZeneca PLC (United Kingdom), 2.38%, 06/12/2022		6,548,000		6,705,024
Bristol-Myers Squibb Co.
2.00%, 08/01/2022		4,882,000		4,998,315
3.25%, 08/15/2022		5,521,000		5,754,930
Eli Lilly and Co., 2.35%, 05/15/2022		4,928,000		5,050,696
GlaxoSmithKline Capital PLC (United Kingdom), 2.85%, 05/08/2022		13,118,000		13,519,812
Johnson & Johnson, 2.25%, 03/03/2022		6,550,000		6,671,181
Merck & Co., Inc.
2.35%, 02/10/2022		8,073,000		8,236,023
2.40%, 09/15/2022		6,548,000		6,737,353
Novartis Capital Corp. (Switzerland)
2.40%, 05/17/2022		6,534,000		6,690,458
2.40%, 09/21/2022		9,839,000		10,163,413
				74,527,205
Professional Services-0.15%
Equifax, Inc., 3.30%, 12/15/2022		3,246,000		3,387,477
Road & Rail-0.76%
Burlington Northern Santa Fe LLC
3.05%, 03/15/2022		4,087,000		4,175,424
3.05%, 09/01/2022		3,872,000		4,005,232
Norfolk Southern Corp., 3.00%, 04/01/2022		3,891,000		3,979,534
Union Pacific Corp., 4.16%, 07/15/2022		4,883,000		5,093,397
				17,253,587
Semiconductors & Semiconductor Equipment-1.57%
Intel Corp.
2.35%, 05/11/2022		4,883,000		4,994,416
3.10%, 07/29/2022		6,515,000		6,774,704
2.70%, 12/15/2022		9,820,000		10,242,331
QUALCOMM, Inc., 3.00%, 05/20/2022		10,083,000		10,425,385
Texas Instruments, Inc., 1.85%, 05/15/2022		3,244,000		3,301,963
				35,738,799
Software-3.67%
IBM Credit LLC, 2.20%, 09/08/2022		4,401,000		4,528,403
Microsoft Corp.
2.40%, 02/06/2022		12,238,000		12,465,619
2.38%, 02/12/2022		9,869,000		10,056,300
2.65%, 11/03/2022		6,685,000		6,912,745
2.13%, 11/15/2022		5,011,000		5,169,607
Oracle Corp.
2.50%, 05/15/2022		16,419,000		16,797,368
2.50%, 10/15/2022		16,312,000		16,903,615
VMware, Inc., 2.95%, 08/21/2022		10,471,000		10,838,133
				83,671,790
Specialty Retail-0.73%
AutoZone, Inc., 3.70%, 04/15/2022		3,236,000		3,330,082

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

  13  

Invesco BulletShares 2022 Corporate Bond ETF (BSCM)—(continued)

February 28, 2021

(Unaudited)

	Principal     Amount		Value
Specialty Retail-(continued)
Home Depot, Inc. (The), 2.63%, 06/01/2022	$	8,136,000	$	8,360,578
Lowe’s Cos., Inc., 3.12%, 04/15/2022		4,883,000		5,002,188
				16,692,848
Technology Hardware, Storage & Peripherals-2.62%
Apple, Inc.
2.15%, 02/09/2022		8,149,000		8,300,283
2.50%, 02/09/2022		9,823,000		10,018,340
2.30%, 05/11/2022		6,613,000		6,767,607
2.70%, 05/13/2022		8,200,000		8,447,886
1.70%, 09/11/2022		6,507,000		6,655,483
2.10%, 09/12/2022		6,644,000		6,815,821
Hewlett Packard Enterprise Co., 4.40%, 10/15/2022		8,768,000		9,273,928
HP, Inc., 4.05%, 09/15/2022		3,225,000		3,404,330
				59,683,678
Textiles, Apparel & Luxury Goods-0.43%
Ralph Lauren Corp., 1.70%, 06/15/2022		3,289,000		3,345,836
VF Corp., 2.05%, 04/23/2022		6,450,000		6,575,862
				9,921,698
Tobacco-1.36%
Altria Group, Inc., 2.85%, 08/09/2022		12,189,000		12,594,985
Philip Morris International, Inc.
2.63%, 02/18/2022		3,258,000		3,325,926
2.38%, 08/17/2022		4,864,000		4,999,394
2.50%, 08/22/2022		4,907,000		5,063,285
2.50%, 11/02/2022		4,887,000		5,054,167
				31,037,757
Trading Companies & Distributors-1.02%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)
3.50%, 05/26/2022		663,000		682,906
4.63%, 07/01/2022		4,051,000		4,242,871
Air Lease Corp.
3.75%, 02/01/2022		3,965,000		4,059,008
2.63%, 07/01/2022		3,974,000		4,071,255

Investment Abbreviations:

REIT -Real Estate Investment Trust

	Principal     Amount		Value
Trading Companies & Distributors-(continued)
International Lease Finance Corp., 5.88%, 08/15/2022	$	4,948,000	$	5,308,621
United Rentals North America, Inc., 3.88%, 11/15/2027(c)		4,759,000		4,967,206
				23,331,867
Wireless Telecommunication Services-0.18%
Vodafone Group PLC (United Kingdom), 2.50%, 09/26/2022		4,058,000		4,189,239
Total U.S. Dollar Denominated Bonds & Notes (Cost $2,220,979,650)				2,260,774,175
	Shares
Money Market Funds-0.19%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(d)(e) (Cost $4,417,676)		4,417,676		4,417,676
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.26% (Cost $2,225,397,326)				2,265,191,851
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-0.01%
Invesco Private Government Fund, 0.01%(d)(e)(f)		45,417		45,417
Invesco Private Prime Fund, 0.11%(d)(e)(f)		68,098		68,125
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $113,542)				113,542
TOTAL INVESTMENTS IN SECURITIES-99.27% (Cost $2,225,510,868)				2,265,305,393
OTHER ASSETS LESS LIABILITIES-0.73%				16,661,035
NET ASSETS-100.00%			$	2,281,966,428

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

  14  

Invesco BulletShares 2022 Corporate Bond ETF (BSCM)—(continued)

February 28, 2021

(Unaudited)

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  Step coupon bond. The interest rate represents the coupon rate at which the bond will accrue at a specified future date.

^(c)  All or a portion of this security was out on loan at February 28, 2021.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2021.

	Value August 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value February 28, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	171,871,806		$	(167,454,130	)		$	-		$	-		$	4,417,676		$	2,012
Invesco Premier U.S. Government Money Portfolio, Institutional Class			36,116,520			35,006,356			(71,122,876	)			-			-			-			246
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			2,751,447			13,569,077			(16,275,107	)			-			-			45,417			244	*
Invesco Private Prime Fund			917,158			16,660,748			(17,509,992	)			-			211			68,125			919	*
Total		$	39,785,125		$	237,107,987		$	(272,362,105	)		$	-		$	211		$	4,531,218		$	3,421

* 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 February 28, 2021.

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

Portfolio Composition

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

as of February 28, 2021
Financials	34.14
Health Care	12.46
Information Technology	11.40
Industrials	8.84
Consumer Discretionary	7.62
Energy	7.35
Consumer Staples	6.32
Communication Services	4.03
Utilities	3.57
Sector Types Each Less Than 3%	3.34
Money Market Funds Plus Other Assets Less Liabilities	0.93

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

  15  

Invesco BulletShares 2023 Corporate Bond ETF (BSCN)

February 28, 2021

(Unaudited)

Schedule of Investments^(a)

	Principal     Amount		Value
U.S. Dollar Denominated Bonds & Notes-99.05%
Aerospace & Defense-3.19%
Boeing Co. (The)
1.17%, 02/04/2023	$	6,300,000	$	6,325,082
4.51%, 05/01/2023		14,104,000		15,127,160
2.20%, 02/04/2026		14,200,000		14,215,787
General Dynamics Corp.
3.38%, 05/15/2023		3,522,000		3,746,165
1.88%, 08/15/2023		2,351,000		2,433,902
Lockheed Martin Corp., 3.10%, 01/15/2023		2,351,000		2,459,484
Northrop Grumman Corp., 3.25%, 08/01/2023		4,998,000		5,317,111
Precision Castparts Corp., 2.50%, 01/15/2023		4,705,000		4,869,264
Raytheon Technologies Corp., 3.65%, 08/16/2023		268,000		287,024
				54,780,979
Air Freight & Logistics-0.29%
United Parcel Service, Inc., 2.50%, 04/01/2023		4,806,000		5,004,207
Airlines-0.52%
Delta Air Lines, Inc., 3.80%, 04/19/2023		2,335,000		2,394,031
Southwest Airlines Co., 4.75%, 05/04/2023		5,965,000		6,489,225
				8,883,256
Automobiles-6.22%
American Honda Finance Corp.
2.05%, 01/10/2023		3,541,000		3,650,941
1.95%, 05/10/2023		4,008,000		4,139,952
0.88%, 07/07/2023		6,079,000		6,141,584
3.45%, 07/14/2023		2,240,000		2,397,415
0.65%, 09/08/2023		3,626,000		3,643,104
General Motors Co.
4.88%, 10/02/2023		7,099,000		7,820,095
5.40%, 10/02/2023		4,775,000		5,323,502
General Motors Financial Co., Inc.
3.25%, 01/05/2023		3,998,000		4,181,781
5.20%, 03/20/2023		7,154,000		7,800,723
3.70%, 05/09/2023		5,710,000		6,050,076
4.25%, 05/15/2023		3,535,000		3,796,561
4.15%, 06/19/2023		4,805,000		5,165,577
1.70%, 08/18/2023		5,970,000		6,105,360
Stellantis N.V., 5.25%, 04/15/2023		7,050,000		7,661,235
Toyota Motor Corp. (Japan), 3.42%, 07/20/2023		3,527,000		3,783,181
Toyota Motor Credit Corp.
2.63%, 01/10/2023		3,288,000		3,425,619
2.70%, 01/11/2023		2,814,000		2,937,512
2.90%, 03/30/2023		8,324,000		8,767,550
0.50%, 08/14/2023		6,677,000		6,696,252
1.35%, 08/25/2023		4,773,000		4,887,190
2.25%, 10/18/2023		2,414,000		2,530,642
				106,905,852

	Principal     Amount		Value
Banks-19.29%
Banco Santander S.A. (Spain), 3.85%, 04/12/2023	$	5,500,000	$	5,885,520
Bank of America Corp.
3.30%, 01/11/2023		20,283,000		21,414,242
4.10%, 07/24/2023		9,572,000		10,415,160
Bank of Montreal (Canada), 0.45%, 12/08/2023		4,251,000		4,258,101
Canadian Imperial Bank of Commerce (Canada), 3.50%, 09/13/2023		4,802,000		5,180,084
CIT Group, Inc., 5.00%, 08/01/2023		3,606,000		3,941,809
Citigroup, Inc.
3.50%, 05/15/2023		5,877,000		6,251,387
3.88%, 10/25/2023		4,715,000		5,144,336
Citizens Bank N.A., 3.70%, 03/29/2023		2,354,000		2,506,481
Comerica, Inc., 3.70%, 07/31/2023		3,995,000		4,298,074
Cooperatieve Rabobank U.A. (Netherlands)
2.75%, 01/10/2023		5,100,000		5,328,319
4.63%, 12/01/2023		8,250,000		9,126,215
Fifth Third Bancorp, 1.63%, 05/05/2023		2,351,000		2,410,328
Fifth Third Bank, 1.80%, 01/30/2023		3,050,000		3,138,291
HSBC Holdings PLC (United Kingdom), 3.60%, 05/25/2023		9,510,000		10,185,311
Huntington National Bank (The)
1.80%, 02/03/2023		2,502,000		2,569,342
3.55%, 10/06/2023		3,550,000		3,833,811
JPMorgan Chase & Co.
2.97%, 01/15/2023		7,155,000		7,325,355
3.20%, 01/25/2023		13,116,000		13,833,780
3.38%, 05/01/2023		9,501,000		10,093,972
2.70%, 05/18/2023		9,499,000		9,957,196
KeyBank N.A.
3.38%, 03/07/2023		2,250,000		2,387,732
1.25%, 03/10/2023		3,200,000		3,258,857
M&T Bank Corp., 3.55%, 07/26/2023		2,357,000		2,532,776
Mitsubishi UFJ Financial Group, Inc. (Japan)
3.46%, 03/02/2023		7,154,000		7,581,970
3.76%, 07/26/2023		10,208,000		10,993,091
2.53%, 09/13/2023		2,402,000		2,531,844
Mizuho Financial Group, Inc. (Japan), 3.55%, 03/05/2023		4,070,000		4,327,132
Natwest Group PLC (United Kingdom)
6.10%, 06/10/2023(b)		2,600,000		2,889,960
3.88%, 09/12/2023		12,750,000		13,758,907
6.00%, 12/19/2023		9,500,000		10,781,697
PNC Bank N.A.
2.95%, 01/30/2023		3,600,000		3,768,505
3.50%, 06/08/2023		3,550,000		3,792,156
3.80%, 07/25/2023		3,400,000		3,659,428
Regions Financial Corp., 3.80%, 08/14/2023		4,797,000		5,169,530
Royal Bank of Canada (Canada), 0.50%, 10/26/2023		5,980,000		5,991,978
Santander Holdings USA, Inc., 3.40%, 01/18/2023		4,799,000		5,025,559

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

  16  

Invesco BulletShares 2023 Corporate Bond ETF (BSCN)—(continued)

February 28, 2021

(Unaudited)

	Principal     Amount		Value
Banks-(continued)
Sumitomo Mitsui Banking Corp. (Japan)
3.00%, 01/18/2023	$	2,536,000	$	2,661,836
3.95%, 07/19/2023		3,400,000		3,690,124
Sumitomo Mitsui Financial Group, Inc. (Japan)
3.10%, 01/17/2023		7,156,000		7,518,981
3.75%, 07/19/2023		3,549,000		3,828,537
Toronto-Dominion Bank (The) (Canada), 3.50%, 07/19/2023		7,627,000		8,205,579
Truist Bank
3.00%, 02/02/2023		2,355,000		2,470,467
1.25%, 03/09/2023		5,850,000		5,954,252
2.75%, 05/01/2023		2,831,000		2,972,519
U.S. Bank N.A.
1.95%, 01/09/2023		3,750,000		3,863,408
2.85%, 01/23/2023		3,600,000		3,768,767
3.40%, 07/24/2023		5,950,000		6,367,592
Wells Fargo & Co.
3.07%, 01/24/2023		12,931,000		13,242,922
4.13%, 08/15/2023		7,148,000		7,770,901
Series M, 3.45%, 02/13/2023		9,405,000		9,964,184
Wells Fargo Bank N.A., 3.55%, 08/14/2023		12,950,000		13,942,149
				331,770,454
Beverages-2.63%
Coca-Cola Co. (The)
2.50%, 04/01/2023		3,356,000		3,502,345
3.20%, 11/01/2023		7,102,000		7,644,690
Constellation Brands, Inc.
3.20%, 02/15/2023		2,793,000		2,930,453
4.25%, 05/01/2023		4,998,000		5,386,106
Diageo Capital PLC (United Kingdom)
2.63%, 04/29/2023		6,236,000		6,513,732
3.50%, 09/18/2023		2,403,000		2,585,622
Keurig Dr Pepper, Inc., 3.13%, 12/15/2023		2,393,000		2,557,891
PepsiCo, Inc.
2.75%, 03/01/2023		5,884,000		6,175,049
0.75%, 05/01/2023		4,584,000		4,627,784
0.40%, 10/07/2023		3,356,000		3,368,433
				45,292,105
Biotechnology-1.40%
AbbVie, Inc., 2.85%, 05/14/2023		4,533,000		4,748,638
Amgen, Inc., 2.25%, 08/19/2023		3,355,000		3,490,723
Gilead Sciences, Inc., 2.50%, 09/01/2023		3,353,000		3,512,067
Shire Acquisitions Investments Ireland DAC, 2.88%, 09/23/2023		11,642,000		12,292,562
				24,043,990
Capital Markets-6.96%
Ameriprise Financial, Inc., 4.00%, 10/15/2023		3,600,000		3,938,177
Ares Capital Corp., 3.50%, 02/10/2023		3,529,000		3,703,391

	Principal     Amount		Value
Capital Markets-(continued)
Bank of New York Mellon Corp. (The)
1.85%, 01/27/2023	$	3,524,000	$	3,621,607
2.95%, 01/29/2023		4,705,000		4,930,486
3.50%, 04/28/2023		3,627,000		3,874,989
3.45%, 08/11/2023		3,541,000		3,812,361
2.20%, 08/16/2023		5,878,000		6,132,317
0.35%, 12/07/2023		3,506,000		3,510,418
Charles Schwab Corp. (The), 2.65%, 01/25/2023		3,873,000		4,038,628
Credit Suisse AG (Switzerland), 1.00%, 05/05/2023		9,580,000		9,705,770
Goldman Sachs Group, Inc. (The)
3.63%, 01/22/2023		10,776,000		11,423,006
0.48%, 01/27/2023		2,500,000		2,500,271
3.20%, 02/23/2023		8,328,000		8,756,988
Jefferies Group LLC, 5.13%, 01/20/2023		3,531,000		3,828,690
Morgan Stanley
3.13%, 01/23/2023		11,951,000		12,558,856
3.75%, 02/25/2023		11,954,000		12,731,945
4.10%, 05/22/2023		9,498,000		10,220,772
State Street Corp.
3.10%, 05/15/2023		4,801,000		5,093,413
3.70%, 11/20/2023		4,803,000		5,245,797
				119,627,882
Chemicals-1.35%
DuPont de Nemours, Inc., 2.17%, 05/01/2023		9,667,000		9,713,518
Linde, Inc., 2.70%, 02/21/2023		2,357,000		2,450,940
LYB International Finance B.V., 4.00%, 07/15/2023		3,604,000		3,897,384
Mosaic Co. (The), 4.25%, 11/15/2023		4,332,000		4,712,924
Nutrien Ltd. (Canada), 1.90%, 05/13/2023		2,354,000		2,429,575
				23,204,341
Commercial Services & Supplies-0.14%
Waste Management, Inc., 2.40%, 05/15/2023		2,351,000		2,443,485
Communications Equipment-0.36%
Cisco Systems, Inc.
2.60%, 02/28/2023		2,313,000		2,413,150
2.20%, 09/20/2023		3,539,000		3,703,861
				6,117,011
Consumer Finance-2.59%
Ally Financial, Inc.
3.05%, 06/05/2023		3,778,000		3,972,931
1.45%, 10/02/2023		5,770,000		5,866,333
American Express Co., 3.40%, 02/27/2023		7,618,000		8,056,161
Capital One Bank USA N.A., 3.38%, 02/15/2023		6,750,000		7,122,077
Capital One Financial Corp.
3.20%, 01/30/2023		5,979,000		6,281,644
2.60%, 05/11/2023		4,813,000		5,026,900
3.50%, 06/15/2023		3,950,000		4,222,937
Discover Bank, 3.35%, 02/06/2023		3,850,000		4,053,308
				44,602,291

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

  17  

Invesco BulletShares 2023 Corporate Bond ETF (BSCN)—(continued)

February 28, 2021

(Unaudited)

	Principal     Amount		Value
Containers & Packaging-0.21%
Packaging Corp. of America, 4.50%, 11/01/2023	$	3,310,000	$	3,629,440
Diversified Financial Services-0.95%
Berkshire Hathaway, Inc.
3.00%, 02/11/2023		2,353,000		2,475,018
2.75%, 03/15/2023		9,503,000		9,931,690
Jefferies Financial Group, Inc., 5.50%, 10/18/2023		3,531,000		3,846,848
				16,253,556
Diversified Telecommunication Services-1.22%
Telefonica Emisiones S.A.U. (Spain), 4.57%, 04/27/2023		3,651,000		3,966,017
Verizon Communications, Inc., 5.15%, 09/15/2023		15,239,000		17,005,502
				20,971,519
Electric Utilities-1.98%
Duke Energy Carolinas LLC
2.50%, 03/15/2023		2,363,000		2,453,036
3.05%, 03/15/2023		2,458,000		2,588,947
Florida Power & Light Co., 2.75%, 06/01/2023		2,372,000		2,471,091
Georgia Power Co., Series A, 2.10%, 07/30/2023		3,292,000		3,423,329
NextEra Energy Capital Holdings, Inc., 2.80%, 01/15/2023		2,338,000		2,438,145
Pacific Gas and Electric Co., 4.25%, 08/01/2023		2,330,000		2,492,481
PPL Capital Funding, Inc., 3.40%, 06/01/2023		2,824,000		2,988,204
Southern California Edison Co., Series C, 3.50%, 10/01/2023		2,822,000		3,021,908
Southern Co. (The), 2.95%, 07/01/2023		5,975,000		6,292,285
Virginia Electric & Power Co., Series C, 2.75%, 03/15/2023		3,286,000		3,426,150
Xcel Energy, Inc., 0.50%, 10/15/2023		2,381,000		2,385,606
				33,981,182
Electrical Equipment-0.14%
Emerson Electric Co., 2.63%, 02/15/2023.		2,348,000		2,436,422
Energy Equipment & Services-0.62%
Halliburton Co., 3.50%, 08/01/2023		2,835,000		3,009,194
Schlumberger Investment S.A., 3.65%, 12/01/2023		7,150,000		7,701,415
				10,710,609
Entertainment-0.20%
RELX Capital, Inc. (United Kingdom), 3.50%, 03/16/2023		3,293,000		3,485,802
Equity REITs-3.15%
American Tower Corp.
3.50%, 01/31/2023		4,816,000		5,088,640
3.00%, 06/15/2023		3,304,000		3,488,708
Boston Properties L.P.
3.85%, 02/01/2023		5,099,000		5,386,020
3.13%, 09/01/2023		2,355,000		2,489,865
Brixmor Operating Partnership L.P., 3.25%, 09/15/2023		2,365,000		2,505,471

	Principal     Amount		Value
Equity REITs-(continued)
CC Holdings GS V LLC/Crown Castle GS III Corp., 3.85%, 04/15/2023	$	4,698,000	$	5,019,226
Crown Castle International Corp.
5.25%, 01/15/2023		7,879,000		8,546,063
3.15%, 07/15/2023		3,524,000		3,723,335
ERP Operating L.P., 3.00%, 04/15/2023		2,376,000		2,496,205
GLP Capital L.P./GLP Financing II, Inc., 5.38%, 11/01/2023		2,417,000		2,649,310
Omega Healthcare Investors, Inc., 4.38%, 08/01/2023		3,299,000		3,562,886
Realty Income Corp., 4.65%, 08/01/2023		3,530,000		3,848,889
Simon Property Group L.P.
2.75%, 02/01/2023		2,348,000		2,441,082
2.75%, 06/01/2023		2,816,000		2,949,654
				54,195,354
Food & Staples Retailing-1.48%
Kroger Co. (The), 3.85%, 08/01/2023		2,656,000		2,850,467
Walmart, Inc.
2.55%, 04/11/2023		8,331,000		8,684,478
3.40%, 06/26/2023		13,029,000		13,918,631
				25,453,576
Food Products-1.26%
Campbell Soup Co., 3.65%, 03/15/2023		3,497,000		3,713,722
Conagra Brands, Inc., 3.20%, 01/25/2023		3,856,000		4,032,841
General Mills, Inc., 3.70%, 10/17/2023		3,802,000		4,114,718
Hershey Co. (The), 3.38%, 05/15/2023		2,237,000		2,381,096
Kellogg Co., 2.65%, 12/01/2023		2,564,000		2,714,247
Kraft Heinz Foods Co. (The), 4.00%, 06/15/2023		2,227,000		2,380,049
Mondelez International, Inc., 2.13%, 04/13/2023		2,212,000		2,289,085
				21,625,758
Gas Utilities-0.15%
National Fuel Gas Co., 3.75%, 03/01/2023		2,377,000		2,497,656
Health Care Equipment & Supplies-0.31%
Abbott Laboratories, 3.40%, 11/30/2023		4,883,000		5,261,907
Health Care Providers & Services-3.88%
Aetna, Inc., 2.80%, 06/15/2023		6,194,000		6,492,426
Anthem, Inc., 3.30%, 01/15/2023		4,904,000		5,156,333
Cardinal Health, Inc., 3.20%, 03/15/2023		2,523,000		2,656,001
Cigna Corp.
3.00%, 07/15/2023		3,967,000		4,186,360
3.75%, 07/15/2023		10,378,000		11,164,198
CVS Health Corp.
3.70%, 03/09/2023		16,316,000		17,357,986
4.00%, 12/05/2023		2,300,000		2,499,654
HCA, Inc., 4.75%, 05/01/2023		5,886,000		6,381,532
UnitedHealth Group, Inc.
2.75%, 02/15/2023		2,945,000		3,067,128
2.88%, 03/15/2023		3,626,000		3,811,083
3.50%, 06/15/2023		3,625,000		3,887,070
				66,659,771
Hotels, Restaurants & Leisure-0.82%
McDonald’s Corp., 3.35%, 04/01/2023		4,984,000		5,274,951

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

  18  

Invesco BulletShares 2023 Corporate Bond ETF (BSCN)—(continued)

February 28, 2021

(Unaudited)

	Principal     Amount		Value
Hotels, Restaurants & Leisure-(continued)
Starbucks Corp.
3.10%, 03/01/2023	$	4,805,000	$	5,053,501
3.85%, 10/01/2023		3,536,000		3,813,245
				14,141,697
Household Durables-0.17%
Mohawk Industries, Inc., 3.85%, 02/01/2023		2,816,000		2,972,566
Household Products-0.41%
Colgate-Palmolive Co., 1.95%, 02/01/2023		2,044,000		2,108,539
Procter & Gamble Co. (The), 3.10%, 08/15/2023		4,583,000		4,912,200
				7,020,739
Industrial Conglomerates-0.89%
3M Co.
1.75%, 02/14/2023		2,350,000		2,416,037
2.25%, 03/15/2023		3,081,000		3,204,432
General Electric Co., 3.10%, 01/09/2023(b)		5,770,000		6,062,501
Roper Technologies, Inc., 3.65%, 09/15/2023		3,333,000		3,592,642
				15,275,612
Insurance-0.95%
Aflac, Inc., 3.63%, 06/15/2023		3,288,000		3,533,044
Allstate Corp. (The), 3.15%, 06/15/2023		2,345,000		2,495,605
Lincoln National Corp., 4.00%, 09/01/2023		2,339,000		2,540,250
Loews Corp., 2.63%, 05/15/2023		2,354,000		2,455,005
MetLife, Inc., Series D, 4.37%, 09/15/2023		4,904,000		5,391,732
				16,415,636
Internet & Direct Marketing Retail-1.15%
Amazon.com, Inc.
2.40%, 02/22/2023		4,807,000		4,999,443
0.40%, 06/03/2023		4,810,000		4,822,970
Booking Holdings, Inc., 2.75%, 03/15/2023		2,357,000		2,462,314
eBay, Inc., 2.75%, 01/30/2023		3,546,000		3,696,928
QVC, Inc., 4.38%, 03/15/2023		3,627,000		3,807,624
				19,789,279
IT Services-1.40%
DXC Technology Co., 4.00%, 04/15/2023		2,336,000		2,494,631
Fidelity National Information Services, Inc., 3.50%, 04/15/2023		3,310,000		3,499,550
Global Payments, Inc.
3.75%, 06/01/2023		2,583,000		2,749,029
4.00%, 06/01/2023		2,561,000		2,751,857
International Business Machines Corp., 3.38%, 08/01/2023		7,110,000		7,650,867
PayPal Holdings, Inc., 1.35%, 06/01/2023		4,805,000		4,903,558
				24,049,492
Life Sciences Tools & Services-0.17%
Agilent Technologies, Inc., 3.88%, 07/15/2023		2,750,000		2,947,278

	Principal     Amount		Value
Machinery-2.40%
Caterpillar Financial Services Corp.
3.45%, 05/15/2023	$	2,332,000	$	2,490,458
0.65%, 07/07/2023		4,701,000		4,735,055
0.45%, 09/14/2023		4,699,000		4,704,931
3.75%, 11/24/2023		2,235,000		2,438,688
CNH Industrial Capital LLC, 1.95%, 07/02/2023		2,855,000		2,944,401
CNH Industrial N.V. (United Kingdom), 4.50%, 08/15/2023		2,816,000		3,075,952
Cummins, Inc., 3.65%, 10/01/2023		2,382,000		2,566,563
John Deere Capital Corp.
2.70%, 01/06/2023		2,356,000		2,462,439
2.80%, 01/27/2023		2,353,000		2,466,239
2.80%, 03/06/2023(b)		4,729,000		4,972,178
1.20%, 04/06/2023		2,348,000		2,391,317
0.40%, 10/10/2023		2,331,000		2,338,020
Trane Technologies Global Holding Co. Ltd., 4.25%, 06/15/2023		3,361,000		3,635,286
				41,221,527
Media-0.98%
Discovery Communications LLC, 2.95%, 03/20/2023		4,080,000		4,277,306
Interpublic Group of Cos., Inc. (The), 3.75%, 02/15/2023		2,374,000		2,518,365
Time Warner Entertainment Co. L.P., 8.38%, 03/15/2023		4,801,000		5,562,757
ViacomCBS, Inc., 4.25%, 09/01/2023		4,178,000		4,516,532
				16,874,960
Metals & Mining-0.29%
Nucor Corp., 4.00%, 08/01/2023		2,349,000		2,529,877
Reliance Steel & Aluminum Co., 4.50%, 04/15/2023		2,354,000		2,527,357
				5,057,234
Multiline Retail-0.56%
Dollar General Corp., 3.25%, 04/15/2023		4,326,000		4,556,674
Dollar Tree, Inc., 3.70%, 05/15/2023		4,805,000		5,115,629
				9,672,303
Multi-Utilities-1.35%
Black Hills Corp., 4.25%, 11/30/2023		2,494,000		2,722,527
Delmarva Power & Light Co., 3.50%, 11/15/2023		2,366,000		2,550,245
DTE Energy Co., Series D, 3.70%, 08/01/2023		2,854,000		3,065,818
PSEG Power LLC, 3.85%, 06/01/2023		3,300,000		3,537,994
Public Service Electric & Gas Co., 2.38%, 05/15/2023		2,468,000		2,567,980
Sempra Energy
2.90%, 02/01/2023		2,441,000		2,550,279
4.05%, 12/01/2023		2,465,000		2,677,991
WEC Energy Group, Inc., 0.55%, 09/15/2023		3,604,000		3,613,684
				23,286,518
Oil, Gas & Consumable Fuels-9.71%
BP Capital Markets America, Inc., 2.94%, 04/06/2023		3,530,000		3,719,277

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

  19  

Invesco BulletShares 2023 Corporate Bond ETF (BSCN)—(continued)

February 28, 2021

(Unaudited)

	Principal     Amount		Value
Oil, Gas & Consumable Fuels-(continued)
BP Capital Markets PLC (United Kingdom), 3.99%, 09/26/2023	$	3,531,000	$	3,850,677
Canadian Natural Resources Ltd. (Canada), 2.95%, 01/15/2023		4,805,000		5,002,998
Chevron Corp.
1.14%, 05/11/2023		5,741,000		5,841,835
2.57%, 05/16/2023		3,623,000		3,786,929
3.19%, 06/24/2023		10,723,000		11,358,098
Chevron USA, Inc., 0.43%, 08/11/2023(b)		2,367,000		2,369,561
Continental Resources, Inc., 4.50%, 04/15/2023		3,699,000		3,803,941
Enbridge, Inc. (Canada), 4.00%, 10/01/2023		3,775,000		4,072,393
Energy Transfer Operating L.P.
3.60%, 02/01/2023		3,779,000		3,966,718
4.20%, 09/15/2023		2,380,000		2,564,403
Energy Transfer Partners L.P./Regency Energy Finance Corp., 4.50%, 11/01/2023		2,835,000		3,074,272
Enterprise Products Operating LLC, 3.35%, 03/15/2023		5,972,000		6,268,108
EOG Resources, Inc., 2.63%, 03/15/2023		5,977,000		6,226,975
Exxon Mobil Corp.
2.73%, 03/01/2023		5,973,000		6,244,814
1.57%, 04/15/2023		13,050,000		13,387,257
Kinder Morgan Energy Partners L.P.
3.45%, 02/15/2023		2,968,000		3,112,084
3.50%, 09/01/2023		2,861,000		3,047,175
Kinder Morgan, Inc., 3.15%, 01/15/2023		4,804,000		5,033,310
Marathon Petroleum Corp., 4.50%, 05/01/2023		5,979,000		6,452,430
MPLX L.P.
3.38%, 03/15/2023		2,349,000		2,462,756
4.50%, 07/15/2023		4,751,000		5,130,054
ONEOK, Inc., 7.50%, 09/01/2023		2,336,000		2,680,839
Phillips 66, 3.70%, 04/06/2023		2,369,000		2,523,021
Plains All American Pipeline L.P./PAA Finance Corp., 3.85%, 10/15/2023		3,354,000		3,570,908
Sabine Pass Liquefaction LLC, 5.63%, 04/15/2023		6,950,000		7,574,265
Shell International Finance B.V. (Netherlands)
2.25%, 01/06/2023		4,801,000		4,974,091
3.40%, 08/12/2023		4,806,000		5,153,347
0.38%, 09/15/2023		4,800,000		4,797,900
Total Capital Canada Ltd. (France), 2.75%, 07/15/2023		4,818,000		5,088,732
Total Capital International S.A. (France), 2.70%, 01/25/2023		4,802,000		5,019,720
TransCanada PipeLines Ltd. (Canada), 3.75%, 10/16/2023		2,938,000		3,157,003
Valero Energy Corp., 2.70%, 04/15/2023		4,095,000		4,269,362
Williams Cos., Inc. (The)
3.70%, 01/15/2023		4,101,000		4,309,574
4.50%, 11/15/2023		2,838,000		3,102,144
				166,996,971

	Principal     Amount		Value
Personal Products-0.30%
Unilever Capital Corp. (United Kingdom)
3.13%, 03/22/2023	$	2,481,000	$	2,618,773
0.38%, 09/14/2023(b)		2,502,000		2,511,609
				5,130,382
Pharmaceuticals-4.28%
AstraZeneca PLC (United Kingdom), 3.50%, 08/17/2023		3,895,000		4,173,531
Bristol-Myers Squibb Co.
4.00%, 08/15/2023		2,798,000		3,047,070
3.25%, 11/01/2023		2,235,000		2,399,498
GlaxoSmithKline Capital PLC (United Kingdom), 0.53%, 10/01/2023		5,818,000		5,830,299
GlaxoSmithKline Capital, Inc. (United Kingdom)
2.80%, 03/18/2023		5,818,000		6,098,165
3.38%, 05/15/2023		5,893,000		6,283,549
Johnson & Johnson
2.05%, 03/01/2023		2,216,000		2,289,892
3.38%, 12/05/2023		3,575,000		3,884,432
Merck & Co., Inc., 2.80%, 05/18/2023		8,148,000		8,596,983
Mylan, Inc., 4.20%, 11/29/2023		2,239,000		2,431,307
Pfizer, Inc.
3.00%, 06/15/2023		4,737,000		5,024,779
3.20%, 09/15/2023		4,428,000		4,732,201
Sanofi (France), 3.38%, 06/19/2023		4,660,000		4,978,117
Takeda Pharmaceutical Co. Ltd. (Japan), 4.40%, 11/26/2023		6,710,000		7,387,568
Zoetis, Inc., 3.25%, 02/01/2023		6,194,000		6,484,377
				73,641,768
Professional Services-0.18%
Thomson Reuters Corp. (Canada), 4.30%, 11/23/2023		2,830,000		3,091,881
Road & Rail-0.80%
Burlington Northern Santa Fe LLC
3.00%, 03/15/2023		3,289,000		3,443,629
3.85%, 09/01/2023		3,861,000		4,141,420
Norfolk Southern Corp., 2.90%, 02/15/2023		2,770,000		2,889,405
Union Pacific Corp., 3.50%, 06/08/2023		3,057,000		3,254,543
				13,728,997
Semiconductors & Semiconductor Equipment-1.28%
Analog Devices, Inc.
2.88%, 06/01/2023		2,372,000		2,485,933
3.13%, 12/05/2023		2,589,000		2,767,307
Maxim Integrated Products, Inc., 3.38%, 03/15/2023		2,374,000		2,488,797
Micron Technology, Inc., 2.50%, 04/24/2023		5,972,000		6,223,362
QUALCOMM, Inc., 2.60%, 01/30/2023		5,343,000		5,567,266
Texas Instruments, Inc., 2.25%, 05/01/2023		2,422,000		2,510,643
				22,043,308
Software-3.36%
Adobe, Inc., 1.70%, 02/01/2023		2,356,000		2,419,944
IBM Credit LLC, 3.00%, 02/06/2023		3,610,000		3,800,889
Intuit, Inc., 0.65%, 07/15/2023		2,337,000		2,354,314

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

  20  

Invesco BulletShares 2023 Corporate Bond ETF (BSCN)—(continued)

February 28, 2021

(Unaudited)

	Principal     Amount		Value
Software-(continued)
Microsoft Corp. 2.38%, 05/01/2023	$	4,802,000	$	4,995,298
2.00%, 08/08/2023		7,150,000		7,434,395
3.63%, 12/15/2023		7,153,000		7,747,452
Oracle Corp. 2.63%, 02/15/2023		5,977,000		6,238,872
3.63%, 07/15/2023		4,778,000		5,149,076
2.40%, 09/15/2023		11,949,000		12,532,169
salesforce.com, inc., 3.25%, 04/11/2023		4,805,000		5,087,283
				57,759,692
Specialty Retail-0.72%
AutoZone, Inc., 3.13%, 07/15/2023		2,351,000		2,484,051
Home Depot, Inc. (The), 2.70%, 04/01/2023		4,709,000		4,911,251
Lowe’s Cos., Inc., 3.88%, 09/15/2023		2,355,000		2,534,099
TJX Cos., Inc. (The), 2.50%, 05/15/2023		2,351,000		2,450,045
				12,379,446
Technology Hardware, Storage & Peripherals-3.47%
Apple, Inc. 2.40%, 01/13/2023		3,541,000		3,676,400
2.85%, 02/23/2023		7,148,000		7,478,474
2.40%, 05/03/2023		26,261,000		27,441,333
0.75%, 05/11/2023		9,505,000		9,591,035
Hewlett Packard Enterprise Co.
2.25%, 04/01/2023		4,804,000		4,968,066
4.45%, 10/02/2023		5,984,000		6,545,735
				59,701,043
Textiles, Apparel & Luxury Goods-0.14%
NIKE, Inc., 2.25%, 05/01/2023		2,356,000		2,445,372
Tobacco-0.80%
Philip Morris International, Inc.
2.63%, 03/06/2023		2,664,000		2,777,340
1.13%, 05/01/2023		3,358,000		3,412,978
2.13%, 05/10/2023		2,325,000		2,403,014
3.60%, 11/15/2023		2,237,000		2,430,574
Reynolds American, Inc. (United Kingdom), 4.85%, 09/15/2023		2,462,000		2,723,982
				13,747,888
Trading Companies & Distributors-1.32%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)
3.30%, 01/23/2023		4,452,000		4,629,140
4.13%, 07/03/2023		4,151,000		4,414,525
4.50%, 09/15/2023		3,953,000		4,268,429
Investment Abbreviations:
REIT -Real Estate Investment Trust

	Principal     Amount		Value
Trading Companies & Distributors-(continued)
Air Lease Corp. 2.75%, 01/15/2023	$	2,819,000	$	2,915,290
3.88%, 07/03/2023		2,433,000		2,594,741
3.00%, 09/15/2023		3,625,000		3,804,575
				22,626,700
Wireless Telecommunication Services-0.66%
Rogers Communications, Inc. (Canada)
3.00%, 03/15/2023		2,377,000		2,485,519
4.10%, 10/01/2023		4,008,000		4,354,400
Vodafone Group PLC (United Kingdom), 2.95%, 02/19/2023		4,314,000		4,524,092
				11,364,011
Total U.S. Dollar Denominated Bonds & Notes (Cost $1,653,107,104)				1,703,220,705
	Shares
Money Market Funds-0.22%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(c)(d) (Cost $3,803,024)		3,803,024		3,803,024
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.27% (Cost $1,656,910,128)				1,707,023,729
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-0.28%
Invesco Private Government Fund, 0.01%(c)(d)(e)		1,901,330		1,901,330
Invesco Private Prime Fund, 0.11%(c)(d)(e)		2,909,631		2,910,795
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $4,812,125)				4,812,125
TOTAL INVESTMENTS IN SECURITIES-99.55% (Cost $1,661,722,253)				1,711,835,854
OTHER ASSETS LESS LIABILITIES-0.45%				7,693,122
NET ASSETS-100.00%			$	1,719,528,976

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

  21  

Invesco BulletShares 2023 Corporate Bond ETF (BSCN)—(continued)

February 28, 2021

(Unaudited)

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  All or a portion of this security was out on loan at February 28, 2021.

^(c)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2021.

	Value August 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value February 28, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	85,281,164		$	(81,478,140	)		$	-		$	-		$	3,803,024		$	959
Invesco Premier U.S. Government Money Portfolio, Institutional Class			3,985,444			17,208,908			(21,194,352	)			-			-			-			67
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			653,734			21,129,025			(19,881,429	)			-			-			1,901,330			285	*
Invesco Private Prime Fund			217,916			19,930,447			(17,238,009	)			-			441			2,910,795			958	*
Total		$	4,857,094		$	143,549,544		$	(139,791,930	)		$	-		$	441		$	8,615,149		$	2,269

* 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 February 28, 2021.

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

Portfolio Composition

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

as of February 28, 2021
Financials	30.74
Energy	10.33
Health Care	10.04
Information Technology	9.87
Industrials	9.87
Consumer Discretionary	9.78
Consumer Staples	6.88
Utilities	3.48
Real Estate	3.15
Communication Services	3.06
Materials	1.85
Money Market Funds Plus Other Assets Less Liabilities	0.95

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

  22  

Invesco BulletShares 2024 Corporate Bond ETF (BSCO)

February 28, 2021

(Unaudited)

Schedule of Investments^(a)

	Principal
	Amount		Value
U.S. Dollar Denominated Bonds & Notes-98.82%
Aerospace & Defense-1.01%
Boeing Co. (The), 1.95%, 02/01/2024	$	4,710,000	$	4,825,835
General Dynamics Corp., 2.38%, 11/15/2024		2,423,000		2,567,488
Howmet Aerospace, Inc., 5.13%, 10/01/2024		5,892,000		6,414,326
				13,807,649
Air Freight & Logistics-0.48%
FedEx Corp., 4.00%, 01/15/2024		3,710,000		4,074,493
United Parcel Service, Inc., 2.80%, 11/15/2024		2,373,000		2,553,901
				6,628,394
Airlines-0.31%
Delta Air Lines, Inc., 2.90%, 10/28/2024		4,248,000		4,238,631
Auto Components-0.55%
Aptiv Corp., 4.15%, 03/15/2024		3,303,000		3,615,762
Magna International, Inc. (Canada), 3.63%, 06/15/2024		3,545,000		3,854,470
				7,470,232
Automobiles-2.57%
American Honda Finance Corp.
2.90%, 02/16/2024		2,238,000		2,393,671
2.40%, 06/27/2024		2,373,000		2,506,944
0.55%, 07/12/2024		4,240,000		4,224,459
2.15%, 09/10/2024		3,539,000		3,714,899
General Motors Financial Co., Inc.
3.95%, 04/13/2024		5,867,000		6,371,654
3.50%, 11/07/2024		3,553,000		3,844,605
Toyota Motor Corp. (Japan), 2.36%, 07/02/2024		2,377,000		2,515,777
Toyota Motor Credit Corp.
0.45%, 01/11/2024		4,700,000		4,697,757
2.90%, 04/17/2024(b)		2,354,000		2,516,997
2.00%, 10/07/2024		2,380,000		2,495,598
				35,282,361
Banks-17.40%
Bank of America Corp.
4.13%, 01/22/2024		11,833,000		13,047,940
4.00%, 04/01/2024		10,858,000		11,939,443
4.20%, 08/26/2024		14,134,000		15,672,877
Barclays Bank PLC (United Kingdom), 3.75%, 05/15/2024		2,700,000		2,966,427
Barclays PLC (United Kingdom), 4.38%, 09/11/2024		5,800,000		6,380,957
BBVA USA, 2.50%, 08/27/2024		2,750,000		2,903,830
BNP Paribas S.A. (France), 4.25%, 10/15/2024		4,800,000		5,382,591
BPCE S.A. (France), 4.00%, 04/15/2024		7,050,000		7,760,726
CIT Group, Inc., 4.75%, 02/16/2024		2,330,000		2,540,434
Citigroup, Inc.
3.75%, 06/16/2024		2,946,000		3,245,176
4.00%, 08/05/2024		3,542,000		3,901,307
Cooperatieve Rabobank U.A. (Netherlands), 0.38%, 01/12/2024		4,000,000		4,001,937

	Principal     Amount		Value
Banks-(continued)
Deutsche Bank AG (Germany)
3.70%, 05/30/2024	$	3,800,000	$	4,093,013
3.70%, 05/30/2024		3,686,000		3,977,608
Fifth Third Bancorp, 4.30%, 01/16/2024		3,545,000		3,894,566
HSBC Holdings PLC (United Kingdom), 4.25%, 03/14/2024		9,410,000		10,290,521
HSBC USA, Inc., 3.50%, 06/23/2024		3,500,000		3,817,133
Intesa Sanpaolo S.p.A. (Italy), 5.25%, 01/12/2024		3,144,000		3,513,124
JPMorgan Chase & Co.
3.88%, 02/01/2024		7,068,000		7,747,677
3.63%, 05/13/2024		9,408,000		10,311,784
3.88%, 09/10/2024		14,136,000		15,577,608
Lloyds Banking Group PLC (United Kingdom), 4.50%, 11/04/2024		4,810,000		5,351,543
Mitsubishi UFJ Financial Group, Inc. (Japan), 2.80%, 07/18/2024		4,811,000		5,136,274
Natwest Group PLC (United Kingdom), 5.13%, 05/28/2024		10,670,000		11,933,427
PNC Bank N.A., 3.30%, 10/30/2024		2,555,000		2,802,545
PNC Financial Services Group, Inc. (The)
3.90%, 04/29/2024		3,554,000		3,895,887
2.20%, 11/01/2024		3,045,000		3,219,307
Santander UK PLC (United Kingdom), 4.00%, 03/13/2024		4,703,000		5,169,014
Sumitomo Mitsui Banking Corp. (Japan)
3.95%, 01/10/2024		2,152,000		2,352,210
3.40%, 07/11/2024		2,253,000		2,450,642
Sumitomo Mitsui Financial Group, Inc. (Japan)
0.51%, 01/12/2024(b)		2,440,000		2,438,255
2.70%, 07/16/2024		9,410,000		10,009,932
2.45%, 09/27/2024		4,700,000		4,960,028
Truist Bank, 2.15%, 12/06/2024		6,100,000		6,405,858
Truist Financial Corp., 2.85%, 10/26/2024		4,708,000		5,066,106
U.S. Bancorp, 3.60%, 09/11/2024		4,713,000		5,177,729
US Bancorp, 3.70%, 01/30/2024		3,545,000		3,867,497
Wells Fargo & Co.
4.48%, 01/16/2024		3,430,000		3,799,813
3.30%, 09/09/2024		10,598,000		11,533,917
				238,536,663
Beverages-1.05%
Coca-Cola Co. (The), 1.75%, 09/06/2024		4,711,000		4,895,655
Diageo Capital PLC (United Kingdom), 2.13%, 10/24/2024		2,850,000		2,996,370
PepsiCo, Inc., 3.60%, 03/01/2024		5,893,000		6,427,983
				14,320,008
Biotechnology-2.55%
AbbVie, Inc., 2.60%, 11/21/2024		17,713,000		18,818,204
Amgen, Inc., 3.63%, 05/22/2024		6,591,000		7,170,648
Gilead Sciences, Inc., 3.70%, 04/01/2024		8,246,000		8,928,632
				34,917,484

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

  23  

Invesco BulletShares 2024 Corporate Bond ETF (BSCO)—(continued)

February 28, 2021

(Unaudited)

	Principal     Amount		Value
Capital Markets-8.45%
Ameriprise Financial, Inc., 3.70%, 10/15/2024	$	2,667,000	$	2,945,079
Bank of New York Mellon Corp. (The)
3.40%, 05/15/2024		2,353,000		2,562,247
3.25%, 09/11/2024		2,381,000		2,597,539
2.10%, 10/24/2024		4,708,000		4,959,030
Series 12, 3.65%, 02/04/2024		3,495,000		3,804,497
BlackRock, Inc., 3.50%, 03/18/2024		4,690,000		5,134,521
Brookfield Finance, Inc. (Canada), 4.00%, 04/01/2024		3,730,000		4,078,517
Credit Suisse AG (Switzerland)
0.50%, 02/02/2024		2,500,000		2,496,960
3.63%, 09/09/2024		14,370,000		15,781,308
Goldman Sachs Group, Inc. (The)
4.00%, 03/03/2024		14,137,000		15,525,242
3.85%, 07/08/2024		10,675,000		11,681,877
Moody’s Corp., 4.88%, 02/15/2024		2,375,000		2,649,647
Morgan Stanley
3.70%, 10/23/2024		14,167,000		15,624,218
Series F, 3.88%, 04/29/2024		14,132,000		15,543,198
Nasdaq, Inc., 4.25%, 06/01/2024		2,373,000		2,609,250
State Street Corp., 3.30%, 12/16/2024		4,701,000		5,175,049
Stifel Financial Corp., 4.25%, 07/18/2024		2,401,000		2,671,645
				115,839,824
Chemicals-1.15%
Dow Chemical Co. (The), 3.50%, 10/01/2024		3,826,000		4,157,880
LyondellBasell Industries N.V., 5.75%, 04/15/2024		4,770,000		5,400,030
Nutrien Ltd. (Canada), 3.63%, 03/15/2024		3,349,000		3,627,662
Sherwin-Williams Co. (The), 3.13%, 06/01/2024		2,379,000		2,559,373
				15,744,945
Communications Equipment-0.60%
Cisco Systems, Inc., 3.63%, 03/04/2024		4,705,000		5,156,023
Motorola Solutions, Inc., 4.00%, 09/01/2024		2,793,000		3,093,618
				8,249,641
Construction & Engineering-0.18%
Fluor Corp., 3.50%, 12/15/2024(b)		2,447,000		2,481,968
Consumer Finance-2.34%
Ally Financial, Inc., 5.13%, 09/30/2024		3,310,000		3,775,376
American Express Co.
3.00%, 10/30/2024		7,747,000		8,374,795
3.63%, 12/05/2024		2,840,000		3,140,564
Capital One Financial Corp., 3.75%, 04/24/2024		3,540,000		3,849,580
Discover Bank, 2.45%, 09/12/2024		3,600,000		3,795,233
Discover Financial Services, 3.95%, 11/06/2024		2,378,000		2,612,772
Synchrony Financial, 4.25%, 08/15/2024		5,889,000		6,461,344
				32,009,664
Diversified Financial Services-0.64%
MidAmerican Energy Co., 3.50%, 10/15/2024		2,377,000		2,608,213

	Principal     Amount		Value
Diversified Financial Services-(continued)
National Rural Utilities Cooperative Finance Corp., 0.35%, 02/08/2024	$	2,500,000	$	2,494,347
ORIX Corp. (Japan), 3.25%, 12/04/2024		3,381,000		3,674,289
				8,776,849
Diversified Telecommunication Services-1.53%
AT&T, Inc.
3.90%, 03/11/2024		2,490,000		2,704,949
4.45%, 04/01/2024		5,672,000		6,269,040
Verizon Communications, Inc.
4.15%, 03/15/2024		2,984,000		3,258,851
3.50%, 11/01/2024		8,005,000		8,729,497
				20,962,337
Electric Utilities-1.45%
Avangrid, Inc., 3.15%, 12/01/2024		2,843,000		3,075,469
Duke Energy Corp., 3.75%, 04/15/2024		4,709,000		5,114,985
Edison International, 3.55%, 11/15/2024		2,379,000		2,574,706
Evergy, Inc., 2.45%, 09/15/2024		3,775,000		3,977,114
Florida Power & Light Co., 3.25%, 06/01/2024		2,330,000		2,501,087
Interstate Power and Light Co., 3.25%, 12/01/2024		2,378,000		2,582,980
				19,826,341
Electronic Equipment, Instruments & Components-0.61%
Arrow Electronics, Inc., 3.25%, 09/08/2024		2,347,000		2,519,145
Ingram Micro, Inc., 5.45%, 12/15/2024		2,345,000		2,691,152
Keysight Technologies, Inc., 4.55%, 10/30/2024		2,840,000		3,196,062
				8,406,359
Energy Equipment & Services-0.23%
Boardwalk Pipelines L.P., 4.95%, 12/15/2024		2,840,000		3,194,722
Entertainment-0.53%
Walt Disney Co. (The), 1.75%, 08/30/2024(b)		7,032,000		7,296,757
Equity REITs-2.82%
American Tower Corp.
0.60%, 01/15/2024		2,380,000		2,375,372
5.00%, 02/15/2024		4,702,000		5,270,605
Boston Properties L.P., 3.80%, 02/01/2024		3,338,000		3,611,231
Brixmor Operating Partnership L.P., 3.65%, 06/15/2024		2,360,000		2,552,848
Crown Castle International Corp., 3.20%, 09/01/2024		3,538,000		3,818,141
CyrusOne L.P./CyrusOne Finance Corp., 2.90%, 11/15/2024		2,912,000		3,091,423
Simon Property Group L.P.
3.75%, 02/01/2024		2,876,000		3,108,548
2.00%, 09/13/2024		4,705,000		4,892,428
3.38%, 10/01/2024		4,243,000		4,593,164
VEREIT Operating Partnership L.P., 4.60%, 02/06/2024		2,388,000		2,629,740
WP Carey, Inc., 4.60%, 04/01/2024		2,508,000		2,776,776
				38,720,276

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

  24  

Invesco BulletShares 2024 Corporate Bond ETF (BSCO)—(continued)

February 28, 2021

(Unaudited)

	Principal     Amount		Value
Food & Staples Retailing-2.24%
Costco Wholesale Corp., 2.75%, 05/18/2024	$	4,701,000	$	5,030,486
Kroger Co. (The), 4.00%, 02/01/2024		2,381,000		2,597,064
Walgreens Boots Alliance, Inc., 3.80%, 11/18/2024		9,423,000		10,361,760
Walmart, Inc.
3.30%, 04/22/2024		7,128,000		7,701,151
2.65%, 12/15/2024		4,708,000		5,056,581
				30,747,042
Food Products-1.33%
Bunge Ltd. Finance Corp., 4.35%, 03/15/2024		2,841,000		3,130,299
General Mills, Inc., 3.65%, 02/15/2024		2,361,000		2,573,926
McCormick & Co., Inc., 3.15%, 08/15/2024		3,307,000		3,566,985
Mondelez International, Inc., 4.00%, 02/01/2024		2,326,000		2,539,637
Tyson Foods, Inc., 3.95%, 08/15/2024		5,863,000		6,465,627
				18,276,474
Gas Utilities-0.19%
Southern California Gas Co., 3.15%, 09/15/2024		2,401,000		2,573,192
Health Care Equipment & Supplies-1.64%
Becton, Dickinson and Co.
3.36%, 06/06/2024		8,241,000		8,894,518
3.73%, 12/15/2024		6,481,000		7,122,142
DH Europe Finance II S.a.r.l., 2.20%, 11/15/2024(b)		3,305,000		3,479,964
Stryker Corp., 3.38%, 05/15/2024		2,825,000		3,046,879
				22,543,503
Health Care Providers & Services-5.09%
Aetna, Inc., 3.50%, 11/15/2024		3,543,000		3,878,285
AmerisourceBergen Corp., 3.40%, 05/15/2024		2,353,000		2,540,096
Anthem, Inc.
3.50%, 08/15/2024		3,772,000		4,109,403
3.35%, 12/01/2024		4,004,000		4,360,565
Cardinal Health, Inc., 3.08%, 06/15/2024 .		3,543,000		3,783,832
Centene Corp., 4.63%, 12/15/2029		16,629,000		17,928,556
Cigna Corp., 3.50%, 06/15/2024		3,372,000		3,647,304
CommonSpirit Health, 2.76%, 10/01/2024		3,632,000		3,866,048
CVS Health Corp., 3.38%, 08/12/2024		3,080,000		3,334,676
HCA, Inc., 5.00%, 03/15/2024		9,419,000		10,541,971
Humana, Inc., 3.85%, 10/01/2024		2,847,000		3,125,185
Laboratory Corp. of America Holdings, 3.25%, 09/01/2024		2,843,000		3,076,235
McKesson Corp., 3.80%, 03/15/2024		5,181,000		5,635,495
				69,827,651
Hotels, Restaurants & Leisure-0.19%
McDonald’s Corp., 3.25%, 06/10/2024		2,374,000		2,574,810
Household Durables-0.43%
D.R. Horton, Inc., 2.50%, 10/15/2024		2,373,000		2,509,497
Lennar Corp., 4.50%, 04/30/2024		3,052,000		3,350,257
				5,859,754

	Principal     Amount		Value
Household Products-0.39%
Clorox Co. (The), 3.50%, 12/15/2024	$	2,520,000	$	2,774,780
Colgate-Palmolive Co., 3.25%, 03/15/2024		2,377,000		2,580,303
				5,355,083
Industrial Conglomerates-0.54%
General Electric Co.
3.38%, 03/11/2024		2,040,000		2,203,670
3.45%, 05/15/2024		2,509,000		2,705,826
Roper Technologies, Inc., 2.35%, 09/15/2024		2,376,000		2,505,080
				7,414,576
Insurance-2.87%
Aflac, Inc., 3.63%, 11/15/2024		3,545,000		3,921,812
American International Group, Inc., 4.13%, 02/15/2024		4,702,000		5,189,540
Aon PLC, 3.50%, 06/14/2024		2,843,000		3,078,346
Assured Guaranty US Holdings, Inc., 5.00%, 07/01/2024(b)		2,381,000		2,699,857
Brown & Brown, Inc., 4.20%, 09/15/2024		2,377,000		2,647,808
Chubb INA Holdings, Inc., 3.35%, 05/15/2024		3,305,000		3,588,946
CNA Financial Corp., 3.95%, 05/15/2024		2,605,000		2,846,193
Marsh & McLennan Cos., Inc., 3.50%, 06/03/2024		2,832,000		3,068,737
MetLife, Inc., 3.60%, 04/10/2024		4,709,000		5,148,691
Prudential Financial, Inc., 3.50%, 05/15/2024		3,305,000		3,619,725
Willis North America, Inc., 3.60%, 05/15/2024		3,247,000		3,526,046
				39,335,701
Interactive Media & Services-0.32%
Alphabet, Inc., 3.38%, 02/25/2024		4,031,000		4,381,451
Internet & Direct Marketing Retail-1.91%
Amazon.com, Inc.
2.80%, 08/22/2024		9,422,000		10,128,046
3.80%, 12/05/2024		5,862,000		6,514,950
eBay, Inc., 3.45%, 08/01/2024		3,537,000		3,833,773
Expedia Group, Inc., 4.50%, 08/15/2024		2,382,000		2,617,251
QVC, Inc., 4.85%, 04/01/2024		2,838,000		3,054,397
				26,148,417
IT Services-2.67%
DXC Technology Co., 4.25%, 04/15/2024		2,375,000		2,582,557
Fidelity National Information Services, Inc., 3.88%, 06/05/2024		1,909,000		2,094,150
Fiserv, Inc., 2.75%, 07/01/2024		9,596,000		10,199,067
International Business Machines Corp., 3.63%, 02/12/2024		9,417,000		10,297,776
Mastercard, Inc., 3.38%, 04/01/2024		4,753,000		5,172,292
PayPal Holdings, Inc., 2.40%, 10/01/2024		5,958,000		6,306,097
				36,651,939
Leisure Products-0.18%
Hasbro, Inc., 3.00%, 11/19/2024		2,343,000		2,509,880

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

  25  

Invesco BulletShares 2024 Corporate Bond ETF (BSCO)—(continued)

February 28, 2021

(Unaudited)

	Principal     Amount		Value
Machinery-2.49%
Caterpillar Financial Services Corp.
2.15%, 11/08/2024	$	4,715,000	$	4,973,636
3.25%, 12/01/2024		2,957,000		3,240,348
Caterpillar, Inc., 3.40%, 05/15/2024		4,809,000		5,215,735
CNH Industrial Capital LLC, 4.20%, 01/15/2024		2,381,000		2,608,566
Illinois Tool Works, Inc., 3.50%, 03/01/2024		3,307,000		3,581,443
John Deere Capital Corp.
3.35%, 06/12/2024		2,351,000		2,562,648
2.65%, 06/24/2024		2,840,000		3,030,761
Parker-Hannifin Corp., 3.30%, 11/21/2024		2,340,000		2,546,860
Trane Technologies Luxembourg Finance S.A., 3.55%, 11/01/2024		2,342,000		2,563,412
Wabtec Corp., 4.40%, 03/15/2024		3,539,000		3,864,924
				34,188,333
Media-2.49%
Charter Communications Operating LLC/ Charter Communications Operating Capital Corp., 4.50%, 02/01/2024		5,173,000		5,692,484
Comcast Corp.
3.00%, 02/01/2024		5,869,000		6,281,891
3.60%, 03/01/2024		5,634,000		6,137,002
Interpublic Group of Cos., Inc. (The), 4.20%, 04/15/2024		2,351,000		2,601,318
Omnicom Group, Inc./Omnicom Capital, Inc., 3.65%, 11/01/2024		3,541,000		3,872,761
ViacomCBS, Inc.
3.88%, 04/01/2024		2,290,000		2,483,056
3.70%, 08/15/2024		2,883,000		3,141,330
WPP Finance 2010 (United Kingdom), 3.75%, 09/19/2024		3,536,000		3,882,931
				34,092,773
Metals & Mining-0.28%
ArcelorMittal S.A. (Luxembourg), 3.60%, 07/16/2024		3,555,000		3,770,433
Multiline Retail-0.38%
Target Corp., 3.50%, 07/01/2024		4,708,000		5,168,873
Multi-Utilities-0.41%
Eastern Energy Gas Holdings LLC, Series A, 2.50%, 11/15/2024		2,843,000		3,012,206
Sempra Energy, 3.55%, 06/15/2024		2,438,000		2,644,885
				5,657,091
Oil, Gas & Consumable Fuels-11.97%
BP Capital Markets PLC (United Kingdom)
3.81%, 02/10/2024		5,867,000		6,399,650
3.54%, 11/04/2024		3,536,000		3,892,229
Canadian Natural Resources Ltd. (Canada), 3.80%, 04/15/2024		2,377,000		2,560,332
Cheniere Corpus Christi Holdings LLC, 7.00%, 06/30/2024		6,059,000		7,027,961
Chevron Corp., 2.90%, 03/03/2024		4,708,000		5,020,342
Chevron USA, Inc., 3.90%, 11/15/2024		2,956,000		3,275,746
Cimarex Energy Co., 4.38%, 06/01/2024		3,533,000		3,843,198
ConocoPhillips, 3.35%, 11/15/2024		2,030,000		2,210,970

	Principal     Amount		Value
Oil, Gas & Consumable Fuels-(continued)
Continental Resources, Inc., 3.80%, 06/01/2024	$	4,709,000	$	4,831,363
Diamondback Energy, Inc., 2.88%, 12/01/2024		4,703,000		4,977,657
Enable Midstream Partners L.P., 3.90%, 05/15/2024		2,823,000		3,017,860
Enbridge, Inc. (Canada), 3.50%, 06/10/2024		2,330,000		2,511,256
Enterprise Products Operating LLC, 3.90%, 02/15/2024		4,005,000		4,353,170
Equinor ASA (Norway), 3.70%, 03/01/2024		4,801,000		5,244,942
Exxon Mobil Corp.
3.18%, 03/15/2024		4,701,000		5,022,689
2.02%, 08/16/2024		4,708,000		4,923,270
Husky Energy, Inc. (Canada), 4.00%, 04/15/2024		3,541,000		3,787,682
Kinder Morgan Energy Partners L.P.
4.15%, 02/01/2024		3,076,000		3,347,995
4.30%, 05/01/2024		2,845,000		3,126,385
4.25%, 09/01/2024		3,066,000		3,399,365
Marathon Petroleum Corp., 3.63%, 09/15/2024		3,535,000		3,844,453
MPLX L.P., 4.88%, 12/01/2024		5,409,000		6,109,423
Ovintiv Exploration, Inc., 5.63%, 07/01/2024		4,510,000		4,949,036
Phillips 66, 0.90%, 02/15/2024		3,770,000		3,773,961
Plains All American Pipeline L.P./PAA Finance Corp., 3.60%, 11/01/2024		3,542,000		3,786,897
Sabine Pass Liquefaction LLC, 5.75%, 05/15/2024		9,410,000		10,699,755
Shell International Finance B.V. (Netherlands), 2.00%, 11/07/2024(b)		5,864,000		6,108,244
Spectra Energy Partners L.P., 4.75%, 03/15/2024		4,710,000		5,216,724
Suncor Energy, Inc. (Canada), 3.60%, 12/01/2024		3,542,000		3,876,737
Sunoco Logistics Partners Operations L.P., 4.25%, 04/01/2024		2,357,000		2,551,099
Total Capital International S.A. (France)
3.70%, 01/15/2024		4,701,000		5,127,017
3.75%, 04/10/2024		5,892,000		6,471,325
Valero Energy Corp., 1.20%, 03/15/2024		4,349,000		4,380,661
Williams Cos., Inc. (The)
4.30%, 03/04/2024		4,707,000		5,140,486
4.55%, 06/24/2024		5,891,000		6,537,670
WPX Energy, Inc., 5.25%, 09/15/2024		2,393,000		2,665,204
				164,012,754
Paper & Forest Products-0.21%
Georgia-Pacific LLC, 8.00%, 01/15/2024		2,389,000		2,893,967
Personal Products-0.73%
Estee Lauder Cos., Inc. (The), 2.00%, 12/01/2024		2,353,000		2,471,472
Unilever Capital Corp. (United Kingdom)
3.25%, 03/07/2024		2,400,000		2,590,745
2.60%, 05/05/2024		4,703,000		4,998,780
				10,060,997

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

  26  

Invesco BulletShares 2024 Corporate Bond ETF (BSCO)—(continued)

February 28, 2021

(Unaudited)

	Principal     Amount		Value
Pharmaceuticals-1.65%
Novartis Capital Corp. (Switzerland), 3.40%, 05/06/2024	$	10,130,000	$	11,045,706
Perrigo Finance Unlimited Co., 3.90%, 12/15/2024		3,400,000		3,723,214
Pfizer, Inc., 3.40%, 05/15/2024		4,711,000		5,138,869
Wyeth LLC, 6.45%, 02/01/2024		2,332,000		2,720,192
				22,627,981
Professional Services-0.28%
Equifax, Inc., 2.60%, 12/01/2024		3,551,000		3,777,498
Road & Rail-0.63%
Burlington Northern Santa Fe LLC
3.75%, 04/01/2024		2,310,000		2,513,238
3.40%, 09/01/2024		3,073,000		3,348,724
CSX Corp., 3.40%, 08/01/2024		2,583,000		2,816,087
				8,678,049
Semiconductors & Semiconductor Equipment-2.17%
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.63%, 01/15/2024		6,405,000		6,892,296
Intel Corp., 2.88%, 05/11/2024		6,054,000		6,487,485
KLA Corp., 4.65%, 11/01/2024		5,968,000		6,722,086
QUALCOMM, Inc., 2.90%, 05/20/2024		5,490,000		5,873,113
Xilinx, Inc., 2.95%, 06/01/2024		3,543,000		3,781,291
				29,756,271
Software-2.34%
Microsoft Corp., 2.88%, 02/06/2024		10,703,000		11,445,281
Oracle Corp.
3.40%, 07/08/2024		9,502,000		10,310,540
2.95%, 11/15/2024		9,503,000		10,247,516
				32,003,337
Specialty Retail-0.41%
Home Depot, Inc. (The), 3.75%, 02/15/2024		5,180,000		5,636,354
Technology Hardware, Storage & Peripherals-3.28%
Apple, Inc.
3.00%, 02/09/2024		8,395,000		8,987,453
3.45%, 05/06/2024		12,033,000		13,154,974
2.85%, 05/11/2024		8,254,000		8,834,919
1.80%, 09/11/2024		3,608,000		3,768,390
Hewlett Packard Enterprise Co.
1.45%, 04/01/2024		4,708,000		4,809,503
4.65%, 10/01/2024		4,803,000		5,409,953
				44,965,192
Tobacco-1.16%
Altria Group, Inc., 4.00%, 01/31/2024		6,422,000		7,019,239

Investment Abbreviations:

REIT -Real Estate Investment Trust

	Principal     Amount		Value
Tobacco-(continued)
BAT Capital Corp. (United Kingdom), 2.79%, 09/06/2024	$	4,701,000	$	4,999,497
Philip Morris International, Inc., 3.25%, 11/10/2024		3,545,000		3,860,635
				15,879,371
Trading Companies & Distributors-0.75%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland), 3.15%, 02/15/2024		4,400,000		4,617,488
Air Lease Corp.
0.70%, 02/15/2024		3,000,000		2,970,783
4.25%, 09/15/2024		2,412,000		2,647,893
				10,236,164
Wireless Telecommunication Services-0.75%
Vodafone Group PLC (United Kingdom), 3.75%, 01/16/2024		9,406,000		10,253,581
Total U.S. Dollar Denominated Bonds & Notes (Cost $1,300,299,134)				1,354,569,597
	Shares
Money Market Funds-0.30%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(c)(d) (Cost $4,071,190)		4,071,190		4,071,190
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.12% (Cost $1,304,370,324)				1,358,640,787
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-0.89%
Invesco Private Government Fund, 0.01%(c)(d)(e)		4,899,728		4,899,728
Invesco Private Prime Fund, 0.11%(c)(d)(e)		7,346,654		7,349,592
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $12,249,320)				12,249,320
TOTAL INVESTMENTS IN SECURITIES-100.01% (Cost $1,316,619,644)				1,370,890,107
OTHER ASSETS LESS LIABILITIES-(0.01)%				(85,294	)
NET ASSETS-100.00%			$	1,370,804,813

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

  27  

Invesco BulletShares 2024 Corporate Bond ETF (BSCO)—(continued)

February 28, 2021

(Unaudited)

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  All or a portion of this security was out on loan at February 28, 2021.

^(c)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2021.

	Value August 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation		Realized Gain		Value February 28, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	—		$	50,096,883		$	(46,025,693	)		$-		$ -		$	4,071,190		$	615
Invesco Premier U.S. Government Money Portfolio, Institutional Class			8,284,417			10,627,687			(18,912,104	)		-		-			-			52
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			3,209,607			18,105,365			(16,415,244	)		-		-			4,899,728			451	*
Invesco Private Prime Fund			1,069,891			19,329,259			(13,049,883	)		-		325			7,349,592			1,634	*
Total		$	12,563,915		$	98,159,194		$	(94,402,924	)		$-		$325		$	16,320,510		$	2,752

* 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 February 28, 2021.

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

Portfolio Composition

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

as of February 28, 2021
Financials	31.70
Energy	12.20
Information Technology	11.67
Health Care	10.93
Consumer Staples	6.90
Industrials	6.67
Consumer Discretionary	6.62
Communication Services	5.62
Sector Types Each Less Than 3%	6.51
Money Market Funds Plus Other Assets Less Liabilities	1.18

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

  28  

Invesco BulletShares 2025 Corporate Bond ETF (BSCP)

February 28, 2021

(Unaudited)

Schedule of Investments^(a)

	Principal     Amount		Value
U.S. Dollar Denominated Bonds & Notes-98.92%
Aerospace & Defense-2.88%
Boeing Co. (The), 4.88%, 05/01/2025	$	7,616,000	$	8,499,164
General Dynamics Corp.
3.25%, 04/01/2025		1,612,000		1,751,383
3.50%, 05/15/2025		1,610,000		1,765,695
Howmet Aerospace, Inc., 6.88%, 05/01/2025		2,578,000		2,987,129
L3Harris Technologies, Inc., 3.83%, 04/27/2025		1,289,000		1,426,441
Lockheed Martin Corp., 2.90%, 03/01/2025		1,610,000		1,723,293
Northrop Grumman Corp., 2.93%, 01/15/2025		3,226,000		3,441,684
Precision Castparts Corp., 3.25%, 06/15/2025		1,848,000		2,013,226
Raytheon Technologies Corp., 3.95%, 08/16/2025		3,227,000		3,613,737
				27,221,752
Air Freight & Logistics-0.68%
FedEx Corp.
3.20%, 02/01/2025		1,505,000		1,630,077
3.80%, 05/15/2025		2,152,000		2,375,725
United Parcel Service, Inc., 3.90%, 04/01/2025		2,146,000		2,387,895
				6,393,697
Airlines-0.40%
Southwest Airlines Co., 5.25%, 05/04/2025		3,327,000		3,805,763
Auto Components-0.31%
BorgWarner, Inc., 3.38%, 03/15/2025(b)		1,229,000		1,333,498
Magna International, Inc. (Canada), 4.15%, 10/01/2025		1,383,000		1,556,316
				2,889,814
Automobiles-3.30%
American Honda Finance Corp.
1.20%, 07/08/2025		1,612,000		1,621,867
1.00%, 09/10/2025		1,608,000		1,598,176
General Motors Co.
4.00%, 04/01/2025		1,041,000		1,141,008
6.13%, 10/01/2025		4,315,000		5,130,848
General Motors Financial Co., Inc.
4.00%, 01/15/2025		2,144,000		2,339,225
2.90%, 02/26/2025		2,682,000		2,845,309
4.35%, 04/09/2025		2,147,000		2,376,084
2.75%, 06/20/2025		2,693,000		2,830,841
4.30%, 07/13/2025		1,818,000		2,014,519
Toyota Motor Credit Corp.
1.80%, 02/13/2025		3,004,000		3,099,452
3.00%, 04/01/2025		2,690,000		2,898,248
3.40%, 04/14/2025		1,072,000		1,177,094
0.80%, 10/16/2025		2,148,000		2,120,788
				31,193,459
Banks-13.52%
Banco Santander S.A. (Spain), 2.75%, 05/28/2025		3,200,000		3,386,545

	Principal     Amount		Value
Banks-(continued)
Bank of America Corp.
4.00%, 01/22/2025	$	5,482,000	$	6,062,185
3.88%, 08/01/2025		3,849,000		4,297,852
Series L, 3.95%, 04/21/2025		5,479,000		6,055,859
CIT Group, Inc., 5.25%, 03/07/2025		1,034,000		1,178,114
Citigroup, Inc.
3.88%, 03/26/2025		2,148,000		2,360,056
3.30%, 04/27/2025		3,223,000		3,523,943
4.40%, 06/10/2025		5,390,000		6,044,286
5.50%, 09/13/2025		3,047,000		3,598,860
Citizens Bank, N.A., 2.25%, 04/28/2025		1,600,000		1,674,612
Citizens Financial Group, Inc., 4.30%, 12/03/2025		910,000		1,024,101
Cooperatieve Rabobank U.A. (Netherlands), 4.38%, 08/04/2025		3,300,000		3,722,029
Fifth Third Bancorp, 2.38%, 01/28/2025		1,614,000		1,692,042
Fifth Third Bank, 3.95%, 07/28/2025		1,600,000		1,799,861
HSBC Holdings PLC (United Kingdom), 4.25%, 08/18/2025		3,210,000		3,576,121
Huntington Bancshares, Inc., 4.00%, 05/15/2025		1,130,000		1,264,436
JPMorgan Chase & Co.
3.13%, 01/23/2025		5,379,000		5,794,267
3.90%, 07/15/2025		5,474,000		6,092,066
KeyBank N.A., 3.30%, 06/01/2025		1,500,000		1,645,654
Lloyds Banking Group PLC (United Kingdom), 4.58%, 12/10/2025		2,800,000		3,165,975
Mitsubishi UFJ Financial Group, Inc. (Japan)
2.19%, 02/25/2025		5,700,000		5,919,166
3.78%, 03/02/2025		1,592,000		1,750,948
1.41%, 07/17/2025		3,700,000		3,725,581
MUFG Americas Holdings Corp., 3.00%, 02/10/2025		862,000		923,335
PNC Bank N.A., 3.25%, 06/01/2025		2,100,000		2,299,557
Regions Financial Corp., 2.25%, 05/18/2025.		1,596,000		1,668,989
Santander Holdings USA, Inc.
3.45%, 06/02/2025		2,148,000		2,306,184
4.50%, 07/17/2025		2,365,000		2,638,216
Sumitomo Mitsui Banking Corp. (Japan), 3.65%, 07/23/2025		1,050,000		1,159,892
Sumitomo Mitsui Financial Group, Inc. (Japan)
2.35%, 01/15/2025		2,800,000		2,925,015
1.47%, 07/08/2025		5,250,000		5,312,444
Truist Bank
1.50%, 03/10/2025		2,600,000		2,661,866
3.63%, 09/16/2025		2,800,000		3,108,585
Truist Financial Corp.
4.00%, 05/01/2025		1,823,000		2,032,608
3.70%, 06/05/2025(b)		2,147,000		2,383,606
1.20%, 08/05/2025(b)		1,616,000		1,631,420
U.S. Bank N.A., 2.05%, 01/21/2025		2,100,000		2,189,635
US Bancorp, 1.45%, 05/12/2025		3,223,000		3,291,226
Wells Fargo & Co.
3.00%, 02/19/2025		5,376,000		5,764,396
3.55%, 09/29/2025		5,479,000		6,040,783
				127,692,316

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

  29  

Invesco BulletShares 2025 Corporate Bond ETF (BSCP)—(continued)

February 28, 2021

(Unaudited)

	Principal     Amount		Value
Beverages-1.77%
Coca-Cola Co. (The)
2.95%, 03/25/2025	$	2,145,000	$	2,321,155
2.88%, 10/27/2025		3,759,000		4,087,591
Diageo Capital PLC (United Kingdom), 1.38%, 09/29/2025		1,700,000		1,726,966
Keurig Dr Pepper, Inc., 3.40%, 11/15/2025		1,079,000		1,183,487
PepsiCo, Inc.
2.25%, 03/19/2025		3,222,000		3,392,746
2.75%, 04/30/2025		2,152,000		2,302,406
3.50%, 07/17/2025		1,496,000		1,655,320
				16,669,671
Biotechnology-2.38%
AbbVie, Inc., 3.60%, 05/14/2025		8,061,000		8,832,874
Amgen, Inc.
1.90%, 02/21/2025		1,079,000		1,117,812
3.13%, 05/01/2025		2,148,000		2,317,183
Baxalta, Inc., 4.00%, 06/23/2025		1,715,000		1,904,294
Biogen, Inc., 4.05%, 09/15/2025		3,763,000		4,227,149
Gilead Sciences, Inc., 3.50%, 02/01/2025		3,763,000		4,089,092
				22,488,404
Building Products-0.26%
Fortune Brands Home & Security, Inc., 4.00%, 06/15/2025		1,084,000		1,200,272
Masco Corp., 4.45%, 04/01/2025		1,075,000		1,213,803
				2,414,075
Capital Markets-7.30%
Ameriprise Financial, Inc., 3.00%, 04/02/2025		1,079,000		1,156,572
Ares Capital Corp.
4.25%, 03/01/2025		1,081,000		1,167,457
3.25%, 07/15/2025		1,611,000		1,685,398
Bank of New York Mellon Corp. (The)
1.60%, 04/24/2025		2,668,000		2,742,031
Series G, 3.00%, 02/24/2025		1,607,000		1,731,923
Brookfield Asset Management, Inc. (Canada), 4.00%, 01/15/2025		1,074,000		1,180,182
Charles Schwab Corp. (The)
4.20%, 03/24/2025		1,285,000		1,445,944
3.85%, 05/21/2025		1,609,000		1,794,437
CME Group, Inc., 3.00%, 03/15/2025		1,612,000		1,737,714
Credit Suisse AG (Switzerland), 2.95%, 04/09/2025		3,300,000		3,561,662
Goldman Sachs Group, Inc. (The)
3.50%, 01/23/2025		5,384,000		5,844,582
3.50%, 04/01/2025		7,619,000		8,323,934
3.75%, 05/22/2025		4,931,000		5,437,528
4.25%, 10/21/2025		4,305,000		4,847,984
Moody’s Corp., 3.75%, 03/24/2025		1,525,000		1,683,514
Morgan Stanley
4.00%, 07/23/2025		6,544,000		7,349,591
5.00%, 11/24/2025		4,302,000		5,016,883
Nomura Holdings, Inc. (Japan), 1.85%, 07/16/2025		3,200,000		3,262,983
Northern Trust Corp., 3.95%, 10/30/2025		1,595,000		1,802,254
Owl Rock Capital Corp., 3.75%, 07/22/2025		1,129,000		1,179,457
S&P Global, Inc., 4.00%, 06/15/2025		1,511,000		1,692,454

	Principal     Amount		Value
Capital Markets-(continued)
State Street Corp., 3.55%, 08/18/2025	$	2,795,000	$	3,104,045
TD Ameritrade Holding Corp., 3.63%, 04/01/2025		1,084,000		1,191,288
				68,939,817
Chemicals-0.80%
Air Products and Chemicals, Inc., 1.50%, 10/15/2025		1,239,000		1,264,423
Eastman Chemical Co., 3.80%, 03/15/2025		1,515,000		1,658,045
EI du Pont de Nemours and Co., 1.70%, 07/15/2025		1,070,000		1,095,123
LYB International Finance III LLC
2.88%, 05/01/2025(b)		1,089,000		1,157,439
1.25%, 10/01/2025		1,085,000		1,082,415
Nutrien Ltd. (Canada), 3.38%, 03/15/2025		1,153,000		1,250,350
				7,507,795
Commercial Services & Supplies-0.38%
Republic Services, Inc., 3.20%, 03/15/2025		1,080,000		1,166,812
Waste Management, Inc.
3.13%, 03/01/2025		1,240,000		1,337,687
0.75%, 11/15/2025		1,070,000		1,050,189
				3,554,688
Communications Equipment-0.13%
Cisco Systems, Inc., 3.50%, 06/15/2025		1,078,000		1,197,759
Consumer Finance-1.53%
Ally Financial, Inc.
4.63%, 03/30/2025		1,033,000		1,160,843
5.80%, 05/01/2025		1,612,000		1,888,523
Capital One Financial Corp.
3.20%, 02/05/2025		2,152,000		2,314,743
4.25%, 04/30/2025		1,609,000		1,800,889
4.20%, 10/29/2025		3,250,000		3,643,361
Discover Financial Services, 3.75%, 03/04/2025		1,117,000		1,218,699
Synchrony Financial, 4.50%, 07/23/2025		2,171,000		2,420,362
				14,447,420
Containers & Packaging-0.15%
WRKCo, Inc., 3.75%, 03/15/2025		1,300,000		1,427,147
Diversified Consumer Services-0.12%
Yale University, Series 2020, 0.87%, 04/15/2025		1,108,000		1,110,349
Diversified Financial Services-0.12%
National Rural Utilities Cooperative Finance Corp., 2.85%, 01/27/2025		1,085,000		1,159,292
Diversified Telecommunication Services-1.67%
AT&T, Inc., 3.40%, 05/15/2025		5,040,000		5,500,241
Verizon Communications, Inc.
3.38%, 02/15/2025		5,514,000		6,007,024
0.85%, 11/20/2025		4,300,000		4,228,850
				15,736,115
Electric Utilities-2.40%
Avangrid, Inc., 3.20%, 04/15/2025		1,656,000		1,787,037
Duke Energy Corp., 0.90%, 09/15/2025(b)		1,385,000		1,368,234
Duke Energy Progress LLC, 3.25%, 08/15/2025		1,091,000		1,191,126
Entergy Corp., 0.90%, 09/15/2025		1,715,000		1,684,831

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

  30  

Invesco BulletShares 2025 Corporate Bond ETF (BSCP)—(continued)

February 28, 2021

(Unaudited)

	Principal     Amount		Value
Electric Utilities-(continued)
Exelon Corp., 3.95%, 06/15/2025	$	1,730,000	$	1,917,790
Exelon Generation Co. LLC, 3.25%, 06/01/2025		1,934,000		2,072,346
Florida Power & Light Co.
2.85%, 04/01/2025		2,378,000		2,550,071
3.13%, 12/01/2025		1,287,000		1,399,190
NextEra Energy Capital Holdings, Inc., 2.75%, 05/01/2025		2,688,000		2,863,937
Pacific Gas and Electric Co., 3.45%, 07/01/2025		1,894,000		2,030,657
Pinnacle West Capital Corp., 1.30%, 06/15/2025(b)		1,070,000		1,073,687
Southern Power Co., 4.15%, 12/01/2025		1,133,000		1,275,944
Xcel Energy, Inc., 3.30%, 06/01/2025		1,294,000		1,400,496
				22,615,346
Electrical Equipment-0.13%
Emerson Electric Co., 3.15%, 06/01/2025		1,088,000		1,181,727
Energy Equipment & Services-0.37%
Halliburton Co., 3.80%, 11/15/2025(b)		2,151,000		2,391,829
Schlumberger Finance Canada Ltd., 1.40%, 09/17/2025		1,135,000		1,141,764
				3,533,593
Entertainment-0.63%
TWDC Enterprises 18 Corp., 3.15%, 09/17/2025		1,614,000		1,764,119
Walt Disney Co. (The), 3.35%, 03/24/2025		3,831,000		4,180,494
				5,944,613
Equity REITs-3.52%
Alexandria Real Estate Equities, Inc., 3.45%, 04/30/2025		1,341,000		1,466,470
American Tower Corp.
2.40%, 03/15/2025		1,720,000		1,799,521
4.00%, 06/01/2025		1,611,000		1,783,197
1.30%, 09/15/2025		1,088,000		1,093,743
AvalonBay Communities, Inc., 3.45%, 06/01/2025		1,124,000		1,228,799
Boston Properties L.P., 3.20%, 01/15/2025		1,831,000		1,966,366
Brixmor Operating Partnership L.P., 3.85%, 02/01/2025		1,548,000		1,682,101
Crown Castle International Corp., 1.35%, 07/15/2025		1,128,000		1,133,581
Equinix, Inc., 1.00%, 09/15/2025		1,507,000		1,484,453
Essex Portfolio L.P., 3.50%, 04/01/2025		1,078,000		1,172,963
GLP Capital L.P./GLP Financing II, Inc., 5.25%, 06/01/2025		1,754,000		1,983,283
Healthpeak Properties, Inc.
3.40%, 02/01/2025		1,294,000		1,401,130
4.00%, 06/01/2025		1,643,000		1,829,888
Host Hotels & Resorts L.P., Series E, 4.00%, 06/15/2025		1,028,000		1,103,294
Kimco Realty Corp., 3.30%, 02/01/2025		1,072,000		1,157,978
Prologis L.P., 3.75%, 11/01/2025		1,596,000		1,793,154
Realty Income Corp., 3.88%, 04/15/2025		1,077,000		1,193,373
Simon Property Group L.P., 3.50%, 09/01/2025		2,363,000		2,570,791
SITE Centers Corp., 3.63%, 02/01/2025		969,000		1,009,258

	Principal     Amount		Value
Equity REITs-(continued)
Ventas Realty L.P., 3.50%, 02/01/2025	$	1,294,000	$	1,403,786
Welltower, Inc., 4.00%, 06/01/2025		2,683,000		2,981,738
				33,238,867
Food & Staples Retailing-0.90%
Sysco Corp.
3.55%, 03/15/2025		1,069,000		1,169,090
5.65%, 04/01/2025		1,616,000		1,890,030
3.75%, 10/01/2025		1,685,000		1,863,669
Walmart, Inc., 3.55%, 06/26/2025		3,221,000		3,575,136
				8,497,925
Food Products-1.70%
Archer-Daniels-Midland Co., 2.75%, 03/27/2025		1,071,000		1,146,872
Bunge Ltd. Finance Corp., 1.63%, 08/17/2025		1,235,000		1,249,351
Campbell Soup Co., 3.95%, 03/15/2025		1,828,000		2,026,251
General Mills, Inc., 4.00%, 04/17/2025		1,716,000		1,909,846
JM Smucker Co. (The), 3.50%, 03/15/2025		2,150,000		2,350,685
Kraft Heinz Foods Co. (The), 3.95%, 07/15/2025		3,523,000		3,908,635
Mead Johnson Nutrition Co. (United Kingdom), 4.13%, 11/15/2025		1,609,000		1,814,161
Mondelez International, Inc., 1.50%, 05/04/2025		1,615,000		1,644,805
				16,050,606
Health Care Equipment & Supplies-1.94%
Abbott Laboratories, 2.95%, 03/15/2025		2,146,000		2,308,812
Boston Scientific Corp.
3.85%, 05/15/2025		1,353,000		1,500,405
1.90%, 06/01/2025		1,068,000		1,106,490
Danaher Corp., 3.35%, 09/15/2025		1,071,000		1,174,992
Medtronic, Inc., 3.50%, 03/15/2025		4,062,000		4,466,626
Stryker Corp.
1.15%, 06/15/2025		1,401,000		1,404,335
3.38%, 11/01/2025		1,542,000		1,689,556
Zimmer Biomet Holdings, Inc., 3.55%, 04/01/2025		4,299,000		4,680,956
				18,332,172
Health Care Providers & Services-4.51%
AmerisourceBergen Corp., 3.25%, 03/01/2025		1,070,000		1,158,027
Anthem, Inc., 2.38%, 01/15/2025		2,686,000		2,824,800
Cardinal Health, Inc., 3.75%, 09/15/2025		1,092,000		1,206,566
Centene Corp., 3.38%, 02/15/2030		4,259,000		4,386,770
Cigna Corp.
3.25%, 04/15/2025		1,628,000		1,757,773
4.13%, 11/15/2025		4,727,000		5,324,492
CVS Health Corp.
4.10%, 03/25/2025		4,428,000		4,940,770
3.88%, 07/20/2025		5,726,000		6,360,474
HCA, Inc., 5.25%, 04/15/2025		3,010,000		3,462,400
Humana, Inc., 4.50%, 04/01/2025		1,300,000		1,468,379
Laboratory Corp. of America Holdings, 3.60%, 02/01/2025		2,149,000		2,344,093
McKesson Corp., 0.90%, 12/03/2025		1,070,000		1,050,651

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

  31  

Invesco BulletShares 2025 Corporate Bond ETF (BSCP)—(continued)

February 28, 2021

(Unaudited)

	Principal     Amount		Value
Health Care Providers & Services-(continued)
Quest Diagnostics, Inc., 3.50%, 03/30/2025	$	1,292,000	$	1,410,751
UnitedHealth Group, Inc., 3.75%, 07/15/2025		4,393,000		4,897,009
				42,592,955
Hotels, Restaurants & Leisure-1.35%
Las Vegas Sands Corp., 2.90%, 06/25/2025		1,247,000		1,290,174
Marriott International, Inc., Series EE, 5.75%, 05/01/2025		3,434,000		3,958,704
McDonald’s Corp.
3.38%, 05/26/2025		1,507,000		1,645,475
3.30%, 07/01/2025		1,614,000		1,762,043
1.45%, 09/01/2025		1,070,000		1,088,023
Starbucks Corp., 3.80%, 08/15/2025		2,667,000		2,969,627
				12,714,046
Household Durables-0.25%
DR Horton, Inc., 2.60%, 10/15/2025		1,071,000		1,133,212
Lennar Corp., 4.75%, 05/30/2025		1,072,000		1,205,330
				2,338,542
Household Products-0.22%
Procter & Gamble Co. (The), 0.55%, 10/29/2025		2,148,000		2,117,599
Industrial Conglomerates-1.38%
3M Co.
2.00%, 02/14/2025		1,654,000		1,726,764
2.65%, 04/15/2025		1,072,000		1,144,211
3.00%, 08/07/2025		1,181,000		1,289,154
GE Capital International Funding Co. Unlimited Co., 3.37%, 11/15/2025		4,225,000		4,600,916
Honeywell International, Inc., 1.35%, 06/01/2025		2,690,000		2,743,437
Roper Technologies, Inc., 1.00%, 09/15/2025		1,505,000		1,492,388
				12,996,870
Insurance-1.82%
Allstate Corp. (The), 0.75%, 12/15/2025		1,290,000		1,275,977
American International Group, Inc.
2.50%, 06/30/2025		3,228,000		3,406,660
3.75%, 07/10/2025		2,682,000		2,956,338
Aon PLC, 3.88%, 12/15/2025		1,611,000		1,797,910
Chubb INA Holdings, Inc., 3.15%, 03/15/2025		1,720,000		1,865,692
CNO Financial Group, Inc., 5.25%, 05/30/2025		1,086,000		1,248,007
Marsh & McLennan Cos., Inc., 3.50%, 03/10/2025		1,029,000		1,120,095
MetLife, Inc.
3.00%, 03/01/2025		1,063,000		1,151,446
3.60%, 11/13/2025		1,075,000		1,195,599
Unum Group, 4.50%, 03/15/2025		1,064,000		1,191,094
				17,208,818
Interactive Media & Services-0.22%
Alphabet, Inc., 0.45%, 08/15/2025(b)		2,150,000		2,115,370

	Principal     Amount		Value
Internet & Direct Marketing Retail-1.23%
Amazon.com, Inc.
0.80%, 06/03/2025	$	2,691,000	$	2,683,641
5.20%, 12/03/2025		1,857,000		2,201,457
Booking Holdings, Inc.
3.65%, 03/15/2025		1,075,000		1,176,487
4.10%, 04/13/2025		2,147,000		2,388,730
eBay, Inc., 1.90%, 03/11/2025		1,722,000		1,774,678
QVC, Inc., 4.45%, 02/15/2025		1,297,000		1,381,305
				11,606,298
IT Services-2.61%
Automatic Data Processing, Inc., 3.38%, 09/15/2025		2,151,000		2,382,440
DXC Technology Co., 4.13%, 04/15/2025		1,079,000		1,178,134
Fidelity National Information Services, Inc., 5.00%, 10/15/2025		1,386,000		1,601,737
Fiserv, Inc., 3.85%, 06/01/2025		1,930,000		2,127,534
International Business Machines Corp., 7.00%, 10/30/2025		1,289,000		1,632,825
Mastercard, Inc., 2.00%, 03/03/2025		1,615,000		1,690,720
PayPal Holdings, Inc., 1.65%, 06/01/2025		2,151,000		2,205,464
VeriSign, Inc., 5.25%, 04/01/2025		1,071,000		1,198,851
Visa, Inc., 3.15%, 12/14/2025		8,601,000		9,432,156
Western Union Co. (The), 2.85%, 01/10/2025		1,090,000		1,153,210
				24,603,071
Life Sciences Tools & Services-0.28%
Thermo Fisher Scientific, Inc., 4.13%, 03/25/2025		2,366,000		2,642,751
Machinery-1.43%
Caterpillar Financial Services Corp.
1.45%, 05/15/2025		1,287,000		1,307,993
0.80%, 11/13/2025		2,178,000		2,150,757
Cummins, Inc., 0.75%, 09/01/2025		1,085,000		1,077,470
Deere & Co., 2.75%, 04/15/2025(b)		1,502,000		1,610,584
John Deere Capital Corp.
2.05%, 01/09/2025(b)		1,181,000		1,231,141
3.45%, 03/13/2025		1,950,000		2,144,363
Otis Worldwide Corp., 2.06%, 04/05/2025		2,795,000		2,908,166
Wabtec Corp., 3.20%, 06/15/2025		1,029,000		1,095,899
				13,526,373
Media-2.63%
Charter Communications Operating LLC/ Charter Communications Operating Capital Corp., 4.91%, 07/23/2025		9,853,000		11,217,652
Comcast Corp.
3.38%, 02/15/2025		2,168,000		2,358,108
3.10%, 04/01/2025		1,718,000		1,856,098
3.38%, 08/15/2025		3,223,000		3,537,551
Fox Corp., 3.05%, 04/07/2025		1,348,000		1,446,454
ViacomCBS, Inc.
3.50%, 01/15/2025		1,291,000		1,394,682
4.75%, 05/15/2025		2,687,000		3,060,983
				24,871,528
Metals & Mining-0.12%
Nucor Corp., 2.00%, 06/01/2025		1,089,000		1,126,590

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

  32  

Invesco BulletShares 2025 Corporate Bond ETF (BSCP)—(continued)

February 28, 2021

(Unaudited)

	Principal     Amount		Value
Multiline Retail-1.08%
Dollar General Corp., 4.15%, 11/01/2025	$	1,073,000	$	1,211,669
Dollar Tree, Inc., 4.00%, 05/15/2025		2,152,000		2,389,794
Kohl’s Corp.
9.50%, 05/15/2025		1,288,000		1,661,131
4.25%, 07/17/2025		1,395,000		1,517,060
Target Corp., 2.25%, 04/15/2025		3,221,000		3,389,368
				10,169,022
Multi-Utilities-0.90%
Dominion Energy, Inc., 3.90%, 10/01/2025		1,660,000		1,849,163
DTE Energy Co., Series F, 1.05%, 06/01/2025		1,718,000		1,708,881
NiSource, Inc., 0.95%, 08/15/2025		2,698,000		2,661,391
Public Service Enterprise Group, Inc., 0.80%, 08/15/2025		1,174,000		1,155,062
WEC Energy Group, Inc., 3.55%, 06/15/2025		1,028,000		1,125,839
				8,500,336
Oil, Gas & Consumable Fuels-10.31%
BP Capital Markets America, Inc., 3.19%, 04/06/2025		1,649,000		1,778,599
BP Capital Markets PLC (United Kingdom), 3.51%, 03/17/2025		2,167,000		2,377,357
Canadian Natural Resources Ltd. (Canada)
3.90%, 02/01/2025		1,643,000		1,786,467
2.05%, 07/15/2025		1,343,000		1,372,893
Cenovus Energy, Inc. (Canada), 5.38%, 07/15/2025		2,178,000		2,463,424
Cheniere Corpus Christi Holdings LLC, 5.88%, 03/31/2025		3,219,000		3,704,820
Chevron Corp.
1.55%, 05/11/2025		5,481,000		5,608,293
3.33%, 11/17/2025		1,613,000		1,773,294
Chevron USA, Inc., 0.69%, 08/12/2025		1,613,000		1,590,837
Columbia Pipeline Group, Inc., 4.50%, 06/01/2025		2,168,000		2,450,029
Devon Energy Corp., 5.85%, 12/15/2025		1,041,000		1,217,193
Diamondback Energy, Inc., 4.75%, 05/31/2025		1,074,000		1,207,037
Enbridge Energy Partners L.P., 5.88%, 10/15/2025		1,082,000		1,286,804
Enbridge, Inc. (Canada), 2.50%, 01/15/2025 .		1,070,000		1,121,003
Energy Transfer Operating L.P., 4.05%, 03/15/2025		2,147,000		2,330,916
Enterprise Products Operating LLC, 3.75%, 02/15/2025		2,468,000		2,708,367
EOG Resources, Inc., 3.15%, 04/01/2025		1,076,000		1,158,287
Equinor ASA (Norway), 2.88%, 04/06/2025		2,690,000		2,882,650
Exxon Mobil Corp.
2.71%, 03/06/2025		3,782,000		4,018,594
2.99%, 03/19/2025		6,013,000		6,474,750
Kinder Morgan, Inc., 4.30%, 06/01/2025		3,243,000		3,627,654
Marathon Oil Corp., 3.85%, 06/01/2025		1,973,000		2,131,181
Marathon Petroleum Corp., 4.70%, 05/01/2025		2,689,000		3,054,011
MPLX L.P.
4.00%, 02/15/2025		1,096,000		1,200,079
4.88%, 06/01/2025		2,550,000		2,887,256
ONEOK Partners L.P., 4.90%, 03/15/2025		1,084,000		1,212,543
Phillips 66, 3.85%, 04/09/2025		1,385,000		1,526,695

	Principal     Amount		Value
Oil, Gas & Consumable Fuels-(continued)
Phillips 66 Partners L.P., 3.61%, 02/15/2025	$	1,053,000	$	1,132,858
Plains All American Pipeline L.P./PAA Finance Corp., 4.65%, 10/15/2025		2,156,000		2,386,623
Sabine Pass Liquefaction LLC, 5.63%, 03/01/2025		4,300,000		4,949,852
Shell International Finance B.V. (Netherlands)
2.38%, 04/06/2025		3,219,000		3,395,544
3.25%, 05/11/2025		6,011,000		6,540,811
Spectra Energy Partners L.P., 3.50%, 03/15/2025		1,070,000		1,157,317
Suncor Energy, Inc. (Canada), 3.10%, 05/15/2025		1,184,000		1,270,196
Total Capital International S.A. (France), 2.43%, 01/10/2025		2,144,000		2,255,613
Valero Energy Corp.
3.65%, 03/15/2025		1,238,000		1,339,254
2.85%, 04/15/2025		2,257,000		2,377,675
Williams Cos., Inc. (The)
3.90%, 01/15/2025		1,614,000		1,757,697
4.00%, 09/15/2025		1,615,000		1,788,572
WPX Energy, Inc., 4.50%, 01/15/2030		1,966,000		2,092,414
				97,395,459
Personal Products-0.16%
Unilever Capital Corp. (United Kingdom), 3.10%, 07/30/2025		1,409,000		1,535,484
Pharmaceuticals-3.78%
AstraZeneca PLC (United Kingdom), 3.38%, 11/16/2025		4,294,000		4,712,769
Bristol-Myers Squibb Co.
3.88%, 08/15/2025		5,057,000		5,667,302
0.75%, 11/13/2025		2,150,000		2,136,672
Eli Lilly and Co., 2.75%, 06/01/2025		1,383,000		1,481,294
GlaxoSmithKline Capital, Inc. (United Kingdom), 3.63%, 05/15/2025		2,152,000		2,385,661
Johnson & Johnson
2.63%, 01/15/2025		1,612,000		1,726,732
0.55%, 09/01/2025		2,134,000		2,112,351
Merck & Co., Inc., 2.75%, 02/10/2025		5,376,000		5,747,983
Novartis Capital Corp. (Switzerland)
1.75%, 02/14/2025		2,149,000		2,218,665
3.00%, 11/20/2025		3,761,000		4,083,999
Pfizer, Inc., 0.80%, 05/28/2025		1,609,000		1,610,039
Zoetis, Inc., 4.50%, 11/13/2025		1,614,000		1,844,337
				35,727,804
Professional Services-0.23%
Verisk Analytics, Inc., 4.00%, 06/15/2025		1,930,000		2,147,554
Road & Rail-0.71%
Burlington Northern Santa Fe LLC, 3.00%, 04/01/2025		1,135,000		1,222,954
Canadian Pacific Railway Co. (Canada), 2.90%, 02/01/2025		1,504,000		1,605,404
CSX Corp., 3.35%, 11/01/2025		1,314,000		1,445,910
Union Pacific Corp.
3.75%, 07/15/2025		1,088,000		1,211,607
3.25%, 08/15/2025		1,091,000		1,188,845
				6,674,720

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

  33  

Invesco BulletShares 2025 Corporate Bond ETF (BSCP)—(continued)

February 28, 2021

(Unaudited)

	Principal     Amount		Value
Semiconductors & Semiconductor Equipment-2.84%
Analog Devices, Inc., 3.90%, 12/15/2025	$	1,850,000	$	2,070,363
Applied Materials, Inc., 3.90%, 10/01/2025		1,504,000		1,688,092
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.13%, 01/15/2025		2,145,000		2,292,433
Broadcom, Inc., 4.70%, 04/15/2025		4,937,000		5,563,582
Intel Corp.
3.40%, 03/25/2025		3,219,000		3,521,113
3.70%, 07/29/2025		4,854,000		5,383,277
Lam Research Corp., 3.80%, 03/15/2025		1,074,000		1,186,208
QUALCOMM, Inc., 3.45%, 05/20/2025		3,174,000		3,481,019
Texas Instruments, Inc., 1.38%, 03/12/2025		1,600,000		1,636,588
				26,822,675
Software-3.46%
Adobe, Inc.
1.90%, 02/01/2025		1,137,000		1,183,350
3.25%, 02/01/2025		2,148,000		2,335,764
Intuit, Inc., 0.95%, 07/15/2025		1,030,000		1,030,744
Microsoft Corp.
2.70%, 02/12/2025		4,933,000		5,273,221
3.13%, 11/03/2025		6,472,000		7,087,821
Oracle Corp.
2.50%, 04/01/2025		7,616,000		8,051,722
2.95%, 05/15/2025		5,479,000		5,887,803
VMware, Inc., 4.50%, 05/15/2025		1,611,000		1,809,318
				32,659,743
Specialty Retail-1.25%
AutoZone, Inc., 3.63%, 04/15/2025(b)		1,079,000		1,185,861
Home Depot, Inc. (The), 3.35%, 09/15/2025		2,151,000		2,370,118
Lowe’s Cos., Inc.
4.00%, 04/15/2025		1,602,000		1,783,261
3.38%, 09/15/2025		1,615,000		1,770,958
Ross Stores, Inc., 4.60%, 04/15/2025		1,501,000		1,701,956
TJX Cos., Inc. (The), 3.50%, 04/15/2025		2,688,000		2,944,494
				11,756,648
Technology Hardware, Storage & Peripherals-2.86%
Apple, Inc.
2.75%, 01/13/2025		3,303,000		3,527,420
2.50%, 02/09/2025		3,221,000		3,418,152
1.13%, 05/11/2025		4,851,000		4,894,701
3.20%, 05/13/2025		4,314,000		4,714,745
0.55%, 08/20/2025(b)		2,688,000		2,645,840
Hewlett Packard Enterprise Co., 4.90%, 10/15/2025		5,363,000		6,171,268
NetApp, Inc., 1.88%, 06/22/2025		1,608,000		1,652,957
				27,025,083
Textiles, Apparel & Luxury Goods-0.57%
NIKE, Inc., 2.40%, 03/27/2025		2,146,000		2,272,563
Tapestry, Inc., 4.25%, 04/01/2025		1,295,000		1,403,391
VF Corp., 2.40%, 04/23/2025		1,607,000		1,687,071
				5,363,025
Thrifts & Mortgage Finance-0.12%
Radian Group, Inc., 6.63%, 03/15/2025		1,029,000		1,150,242
Tobacco-1.17%
Altria Group, Inc., 2.35%, 05/06/2025		1,612,000		1,682,418

	Principal     Amount		Value
Tobacco-(continued)
Philip Morris International, Inc.
1.50%, 05/01/2025	$	1,610,000	$	1,641,001
3.38%, 08/11/2025		1,616,000		1,767,979
Reynolds American, Inc. (United Kingdom), 4.45%, 06/12/2025		5,373,000		5,988,040
				11,079,438
Trading Companies & Distributors-1.43%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)
3.50%, 01/15/2025		2,052,000		2,168,335
6.50%, 07/15/2025		2,451,000		2,867,971
4.45%, 10/01/2025		1,953,000		2,132,104
Air Lease Corp.
2.30%, 02/01/2025		1,607,000		1,640,592
3.25%, 03/01/2025		1,538,000		1,625,544
3.38%, 07/01/2025		1,849,000		1,962,966
WW Grainger, Inc., 1.85%, 02/15/2025		1,087,000		1,127,277
				13,524,789
Water Utilities-0.15%
American Water Capital Corp., 3.40%, 03/01/2025		1,336,000		1,454,216
Wireless Telecommunication Services-0.56%
Rogers Communications, Inc. (Canada), 3.63%, 12/15/2025		1,555,000		1,720,723
Vodafone Group PLC (United Kingdom), 4.13%, 05/30/2025		3,219,000		3,613,986
				5,334,709
Total U.S. Dollar Denominated Bonds & Notes (Cost $906,344,857)				934,025,940
	Shares
Money Market Funds-0.27%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(c)(d) (Cost $2,570,214)		2,570,214		2,570,214
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.19% (Cost $908,915,071)				936,596,154
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-1.17%
Invesco Private Government Fund, 0.01%(c)(d)(e)		4,421,220		4,421,220
Invesco Private Prime Fund, 0.11%(c)(d)(e)		6,637,800		6,640,455
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $11,061,564)				11,061,675
TOTAL INVESTMENTS IN SECURITIES-100.36% (Cost $919,976,635)				947,657,829
OTHER ASSETS LESS LIABILITIES-(0.36)%				(3,443,356	)
NET ASSETS-100.00%.			$	944,214,473

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

  34  

Invesco BulletShares 2025 Corporate Bond ETF (BSCP)—(continued)

February 28, 2021

(Unaudited)

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 February 28, 2021.

^(c)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2021.

	Value August 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value February 28, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	18,666,342		$	(16,096,128	)		$	-		$	-		$	2,570,214		$	225
Invesco Premier U.S. Government Money Portfolio, Institutional Class			131,824			1,316,769			(1,448,593	)			-			-			-			6
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			3,365,192			13,359,642			(12,303,614	)			-			-			4,421,220			337	*
Invesco Private Prime Fund			1,121,731			15,138,809			(9,620,529	)			111			333			6,640,455			1,479	*
Total		$	4,618,747		$	48,481,562		$	(39,468,864	)		$	111		$	333		$	13,631,889		$	2,047

* 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 February 28, 2021.

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

Portfolio Composition

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

as of February 28, 2021
Financials	25.17
Health Care	12.89
Information Technology	11.90
Energy	10.68
Consumer Discretionary	9.46
Industrials	9.15
Consumer Staples	5.92
Communication Services	5.71
Real Estate	3.52
Utilities	3.45
Materials	1.07
Money Market Funds Plus Other Assets Less Liabilities	1.08

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

  35  

Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)

February 28, 2021

(Unaudited)

Schedule of Investments^(a)

	Principal     Amount		Value
U.S. Dollar Denominated Bonds & Notes-98.80%(a)
Aerospace & Defense-1.44%
Boeing Co. (The), 2.75%, 02/01/2026	$	1,643,000	$	1,697,979
General Dynamics Corp., 2.13%, 08/15/2026		588,000		617,356
Lockheed Martin Corp., 3.55%, 01/15/2026		2,366,000		2,630,635
Raytheon Technologies Corp., 2.65%, 11/01/2026		929,000		999,383
				5,945,353
Air Freight & Logistics-0.39%
FedEx Corp., 3.25%, 04/01/2026		888,000		973,169
United Parcel Service, Inc., 2.40%, 11/15/2026		592,000		638,651
				1,611,820
Airlines-0.42%
Delta Air Lines, Inc., 7.38%, 01/15/2026		1,482,000		1,729,285
Automobiles-1.49%
American Honda Finance Corp., 2.30%, 09/09/2026		588,000		622,725
General Motors Financial Co., Inc.
1.25%, 01/08/2026		1,774,000		1,748,638
5.25%, 03/01/2026		1,543,000		1,784,525
4.00%, 10/06/2026		882,000		978,306
Toyota Motor Credit Corp., 0.80%, 01/09/2026(b)		1,008,000		996,049
				6,130,243
Banks-19.74%
Bank of America Corp.
4.45%, 03/03/2026		2,368,000		2,705,862
3.50%, 04/19/2026		2,964,000		3,291,666
4.25%, 10/22/2026		2,364,000		2,702,808
Barclays PLC (United Kingdom), 5.20%, 05/12/2026		2,200,000		2,509,045
BPCE S.A. (France), 3.38%, 12/02/2026		800,000		881,816
Citigroup, Inc.
3.70%, 01/12/2026		2,366,000		2,638,138
4.60%, 03/09/2026		1,774,000		2,031,692
3.40%, 05/01/2026		2,368,000		2,609,414
3.20%, 10/21/2026		3,549,000		3,865,489
4.30%, 11/20/2026		1,177,000		1,339,432
Cooperatieve Rabobank U.A. (Netherlands), 3.75%, 07/21/2026		1,700,000		1,886,152
Fifth Third Bank N.A., 3.85%, 03/15/2026		800,000		893,879
HSBC Holdings PLC (United Kingdom)
4.30%, 03/08/2026		3,555,000		4,025,928
4.38%, 11/23/2026		1,700,000		1,920,373
JPMorgan Chase & Co.
3.30%, 04/01/2026		2,963,000		3,249,587
3.20%, 06/15/2026		2,076,000		2,268,734
2.95%, 10/01/2026		3,556,000		3,859,359
7.63%, 10/15/2026		545,000		723,994
4.13%, 12/15/2026		2,347,000		2,684,171
KeyBank N.A., 3.40%, 05/20/2026		800,000		883,136
Lloyds Banking Group PLC (United Kingdom), 4.65%, 03/24/2026		1,700,000		1,930,822

	Principal     Amount		Value
Banks-(continued)
Mitsubishi UFJ Financial Group, Inc. (Japan)
3.85%, 03/01/2026	$	2,730,000	$	3,061,666
2.76%, 09/13/2026		1,100,000		1,178,466
Mizuho Financial Group, Inc. (Japan), 2.84%, 09/13/2026		1,200,000		1,295,325
Natwest Group PLC (United Kingdom), 4.80%, 04/05/2026		1,700,000		1,953,768
Sumitomo Mitsui Financial Group, Inc. (Japan)
0.95%, 01/12/2026		1,200,000		1,179,920
3.78%, 03/09/2026		1,780,000		1,985,101
2.63%, 07/14/2026		2,664,000		2,829,079
3.01%, 10/19/2026		1,646,000		1,784,747
Truist Bank
3.30%, 05/15/2026		800,000		875,268
3.80%, 10/30/2026		1,150,000		1,293,606
U.S. Bancorp
Series V, 2.38%, 07/22/2026		1,581,000		1,671,561
Series W, 3.10%, 04/27/2026		1,098,000		1,197,052
Wells Fargo & Co.
3.00%, 04/22/2026		4,149,000		4,481,872
4.10%, 06/03/2026		2,860,000		3,238,609
3.00%, 10/23/2026		4,146,000		4,494,342
				81,421,879
Beverages-2.32%
Anheuser-Busch InBev Finance, Inc. (Belgium), 3.65%, 02/01/2026		1,938,000		2,139,248
Coca-Cola Co. (The)
2.55%, 06/01/2026		586,000		631,148
2.25%, 09/01/2026		1,157,000		1,229,695
Constellation Brands, Inc., 3.70%, 12/06/2026		713,000		798,247
Molson Coors Beverage Co., 3.00%, 07/15/2026		2,371,000		2,548,841
PepsiCo, Inc.
2.85%, 02/24/2026		888,000		963,051
2.38%, 10/06/2026		1,182,000		1,256,478
				9,566,708
Biotechnology-4.05%
AbbVie, Inc.
3.20%, 05/14/2026		2,367,000		2,578,087
2.95%, 11/21/2026		4,726,000		5,101,013
Amgen, Inc., 2.60%, 08/19/2026		1,479,000		1,570,491
Gilead Sciences, Inc., 3.65%, 03/01/2026		3,241,000		3,591,905
Shire Acquisitions Investments Ireland DAC, 3.20%, 09/23/2026		3,554,000		3,881,156
				16,722,652
Building Products-0.34%
Johnson Controls International PLC, 3.90%, 02/14/2026		655,000		731,754
Masco Corp., 4.38%, 04/01/2026		582,000		668,266
				1,400,020
Capital Markets-7.84%
Ameriprise Financial, Inc., 2.88%, 09/15/2026		632,000		683,615

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

  36  

Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)—(continued)

February 28, 2021

(Unaudited)

	Principal     Amount		Value
Capital Markets-(continued)
Ares Capital Corp.
3.88%, 01/15/2026	$	1,472,000	$	1,569,834
2.15%, 07/15/2026		750,000		738,952
Bank of New York Mellon Corp. (The)
0.75%, 01/28/2026		830,000		819,270
2.80%, 05/04/2026(b)		878,000		947,079
2.45%, 08/17/2026		890,000		943,330
Brookfield Finance, Inc. (Canada), 4.25%, 06/02/2026		734,000		836,157
Charles Schwab Corp. (The), 0.90%, 03/11/2026		1,573,000		1,557,858
FS KKR Capital Corp., 3.40%, 01/15/2026		1,218,000		1,215,731
Goldman Sachs BDC, Inc., 2.88%, 01/15/2026		756,000		770,548
Goldman Sachs Group, Inc. (The)
3.75%, 02/25/2026		2,084,000		2,320,454
3.50%, 11/16/2026		3,261,000		3,579,477
Morgan Stanley
3.88%, 01/27/2026		3,564,000		4,005,672
3.13%, 07/27/2026		3,553,000		3,875,393
6.25%, 08/09/2026		900,000		1,127,346
4.35%, 09/08/2026		2,661,000		3,051,381
Nasdaq, Inc., 3.85%, 06/30/2026		648,000		729,260
Owl Rock Capital Corp.
4.25%, 01/15/2026		605,000		643,494
3.40%, 07/15/2026		1,210,000		1,243,563
Raymond James Financial, Inc., 3.63%, 09/15/2026		648,000		730,833
State Street Corp., 2.65%, 05/19/2026		887,000		960,164
				32,349,411
Chemicals-0.87%
Ecolab, Inc., 2.70%, 11/01/2026		925,000		997,640
FMC Corp., 3.20%, 10/01/2026		584,000		637,172
Linde, Inc., 3.20%, 01/30/2026		860,000		946,347
Westlake Chemical Corp., 3.60%, 08/15/2026		916,000		1,003,965
				3,585,124
Commercial Services & Supplies-0.15%
Republic Services, Inc., 2.90%, 07/01/2026		583,000		627,726
Communications Equipment-0.93%
Cisco Systems, Inc.
2.95%, 02/28/2026		884,000		960,577
2.50%, 09/20/2026		1,772,000		1,895,022
Hughes Satellite Systems Corp., 5.25%, 08/01/2026		890,000		990,681
				3,846,280
Consumer Finance-0.93%
Capital One Financial Corp., 3.75%, 07/28/2026		1,761,000		1,937,593
Discover Bank, 3.45%, 07/27/2026		1,150,000		1,263,129
Synchrony Financial, 3.70%, 08/04/2026		583,000		634,543
				3,835,265
Containers & Packaging-0.17%
International Paper Co., 3.80%, 01/15/2026		618,000		689,980

	Principal     Amount		Value
Diversified Financial Services-0.95%
Berkshire Hathaway, Inc., 3.13%, 03/15/2026	$	2,961,000	$	3,245,091
Voya Financial, Inc., 3.65%, 06/15/2026		592,000		664,684
				3,909,775
Diversified Telecommunication Services-1.44%
AT&T, Inc., 4.13%, 02/17/2026(b)		2,742,000		3,102,795
Verizon Communications, Inc., 2.63%, 08/15/2026		2,663,000		2,837,304
				5,940,099
Electric Utilities-3.94%
Cleco Corporate Holdings LLC, 3.74%, 05/01/2026		632,000		694,484
Commonwealth Edison Co., 2.55%, 06/15/2026		629,000		673,744
Duke Energy Carolinas LLC, 2.95%, 12/01/2026		705,000		768,402
Duke Energy Corp., 2.65%, 09/01/2026		1,781,000		1,888,257
Emera US Finance L.P. (Canada), 3.55%, 06/15/2026		895,000		982,623
Entergy Arkansas LLC, 3.50%, 04/01/2026		709,000		784,325
Entergy Corp., 2.95%, 09/01/2026		884,000		946,195
Exelon Corp., 3.40%, 04/15/2026		884,000		972,694
Fortis, Inc. (Canada), 3.06%, 10/04/2026		1,300,000		1,405,045
Pacific Gas and Electric Co., 3.15%, 01/01/2026(b)		2,308,000		2,446,497
PPL Capital Funding, Inc., 3.10%, 05/15/2026		766,000		829,607
Southern Co. (The), 3.25%, 07/01/2026		2,070,000		2,248,877
Virginia Electric & Power Co., Series A, 3.15%, 01/15/2026		885,000		963,943
Xcel Energy, Inc., 3.35%, 12/01/2026		591,000		651,259
				16,255,952
Electrical Equipment-0.21%
Emerson Electric Co., 0.88%, 10/15/2026		887,000		873,167
Electronic Equipment, Instruments & Components-0.18%
Avnet, Inc., 4.63%, 04/15/2026		654,000		730,379
Energy Equipment & Services-0.17%
Boardwalk Pipelines L.P., 5.95%, 06/01/2026		602,000		711,649
Entertainment-1.30%
Activision Blizzard, Inc., 3.40%, 09/15/2026		1,009,000		1,120,893
TWDC Enterprises 18 Corp.
3.00%, 02/13/2026		1,167,000		1,266,947
1.85%, 07/30/2026		1,097,000		1,131,863
Walt Disney Co. (The), 1.75%, 01/13/2026		1,774,000		1,824,903
				5,344,606
Equity REITs-4.91%
American Tower Corp.
4.40%, 02/15/2026		597,000		675,335
3.38%, 10/15/2026		1,167,000		1,272,908
Boston Properties L.P.
3.65%, 02/01/2026(b)		1,184,000		1,313,723
2.75%, 10/01/2026		1,215,000		1,298,209
Brixmor Operating Partnership L.P., 4.13%, 06/15/2026		804,000		899,448

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

  37  

Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)—(continued)

February 28, 2021

(Unaudited)

	Principal     Amount		Value
Equity REITs-(continued)
CBRE Services, Inc., 4.88%, 03/01/2026	$	760,000	$	884,752
Crown Castle International Corp.
4.45%, 02/15/2026		1,066,000		1,209,466
3.70%, 06/15/2026		881,000		974,604
ERP Operating L.P., 2.85%, 11/01/2026		580,000		623,775
GLP Capital L.P./GLP Financing II, Inc., 5.38%, 04/15/2026		1,139,000		1,310,004
Healthpeak Properties, Inc., 3.25%, 07/15/2026		773,000		847,974
Kimco Realty Corp., 2.80%, 10/01/2026		596,000		638,872
LifeStorage L.P., 3.50%, 07/01/2026		703,000		775,862
Omega Healthcare Investors, Inc., 5.25%, 01/15/2026		705,000		800,022
Public Storage, 0.88%, 02/15/2026		590,000		582,018
Realty Income Corp., 4.13%, 10/15/2026		764,000		875,334
Sabra Health Care L.P., 5.13%, 08/15/2026		583,000		659,228
Simon Property Group L.P.
3.30%, 01/15/2026		983,000		1,066,147
3.25%, 11/30/2026		881,000		961,109
Ventas Realty L.P., 4.13%, 01/15/2026		583,000		658,534
VEREIT Operating Partnership L.P., 4.88%, 06/01/2026		824,000		956,293
Welltower, Inc., 4.25%, 04/01/2026		834,000		948,310
				20,231,927
Food & Staples Retailing-1.31%
Kroger Co. (The)
3.50%, 02/01/2026		593,000		652,612
2.65%, 10/15/2026		919,000		981,822
Sysco Corp., 3.30%, 07/15/2026		1,188,000		1,297,377
Walgreens Boots Alliance, Inc., 3.45%, 06/01/2026		2,248,000		2,469,448
				5,401,259
Food Products-1.81%
Archer-Daniels-Midland Co., 2.50%, 08/11/2026		1,180,000		1,256,804
Bunge Ltd. Finance Corp., 3.25%, 08/15/2026		831,000		898,598
Hershey Co. (The), 2.30%, 08/15/2026		592,000		626,475
Ingredion, Inc., 3.20%, 10/01/2026		550,000		599,188
Kellogg Co., 3.25%, 04/01/2026		885,000		977,174
Kraft Heinz Foods Co. (The), 3.00%, 06/01/2026		2,346,000		2,502,529
McCormick & Co., Inc., 0.90%, 02/15/2026		600,000		589,208
				7,449,976
Gas Utilities-0.33%
National Fuel Gas Co., 5.50%, 01/15/2026		605,000		699,125
Southern California Gas Co., Series TT, 2.60%, 06/15/2026		625,000		666,355
				1,365,480
Health Care Equipment & Supplies-1.10%
Abbott Laboratories, 3.75%, 11/30/2026		2,015,000		2,290,662
Baxter International, Inc., 2.60%, 08/15/2026		868,000		931,452
Stryker Corp., 3.50%, 03/15/2026		1,182,000		1,307,657
				4,529,771

	Principal     Amount		Value
Health Care Providers & Services-2.06%
Cigna Corp., 4.50%, 02/25/2026	$	1,462,000	$	1,676,406
CVS Health Corp., 2.88%, 06/01/2026		2,076,000		2,233,025
HCA, Inc., 5.25%, 06/15/2026		1,748,000		2,041,181
Quest Diagnostics, Inc., 3.45%, 06/01/2026		590,000		650,672
UnitedHealth Group, Inc.
1.25%, 01/15/2026		590,000		594,891
3.10%, 03/15/2026		1,180,000		1,290,488
				8,486,663
Hotels, Restaurants & Leisure-0.95%
Marriott International, Inc., Series R, 3.13%, 06/15/2026		878,000		920,486
McDonald’s Corp., 3.70%, 01/30/2026		2,123,000		2,367,597
Starbucks Corp., 2.45%, 06/15/2026		595,000		632,247
				3,920,330
Household Durables-0.24%
PulteGroup, Inc., 5.50%, 03/01/2026		844,000		994,975
Household Products-0.46%
Procter & Gamble Co. (The)
2.70%, 02/02/2026		713,000		771,936
2.45%, 11/03/2026		1,039,000		1,113,668
				1,885,604
Industrial Conglomerates-0.89%
3M Co., 2.25%, 09/19/2026(b)		766,000		810,971
Honeywell International, Inc., 2.50%, 11/01/2026		1,775,000		1,908,950
Roper Technologies, Inc., 3.80%, 12/15/2026		829,000		936,562
				3,656,483
Insurance-2.65%
Allstate Corp. (The), 3.28%, 12/15/2026		651,000		726,707
American International Group, Inc., 3.90%, 04/01/2026		1,772,000		1,983,951
Arch Capital Finance LLC, 4.01%, 12/15/2026		591,000		673,055
Chubb INA Holdings, Inc., 3.35%, 05/03/2026		1,775,000		1,957,411
CNA Financial Corp., 4.50%, 03/01/2026		592,000		678,160
Loews Corp., 3.75%, 04/01/2026		591,000		659,840
Manulife Financial Corp. (Canada), 4.15%, 03/04/2026		1,181,000		1,347,961
Marsh & McLennan Cos., Inc., 3.75%, 03/14/2026		744,000		830,339
Old Republic International Corp., 3.88%, 08/26/2026		654,000		737,181
Prudential Financial, Inc., 1.50%, 03/10/2026		583,000		595,382
Trinity Acquisition PLC, 4.40%, 03/15/2026		653,000		743,314
				10,933,301
Interactive Media & Services-0.62%
Alphabet, Inc., 2.00%, 08/15/2026		2,450,000		2,571,394
Internet & Direct Marketing Retail-0.56%
Booking Holdings, Inc., 3.60%, 06/01/2026		1,184,000		1,309,590
Expedia Group, Inc., 5.00%, 02/15/2026		881,000		993,771
				2,303,361

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

  38  

Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)—(continued)

February 28, 2021

(Unaudited)

	Principal     Amount		Value
IT Services-2.45%
Broadridge Financial Solutions, Inc., 3.40%, 06/27/2026	$	592,000	$	650,746
Fidelity National Information Services, Inc., 3.00%, 08/15/2026		1,447,000		1,583,090
Fiserv, Inc., 3.20%, 07/01/2026		2,367,000		2,570,925
Global Payments, Inc., 4.80%, 04/01/2026		869,000		999,284
International Business Machines Corp., 3.45%, 02/19/2026		1,600,000		1,761,788
Mastercard, Inc., 2.95%, 11/21/2026		892,000		973,816
PayPal Holdings, Inc., 2.65%, 10/01/2026		1,479,000		1,585,153
				10,124,802
Leisure Products-0.21%
Hasbro, Inc., 3.55%, 11/19/2026		795,000		868,898
Life Sciences Tools & Services-0.37%
Thermo Fisher Scientific, Inc., 2.95%, 09/19/2026		1,419,000		1,539,181
Machinery-1.58%
CNH Industrial Capital LLC, 1.88%, 01/15/2026		605,000		621,600
Fortive Corp., 3.15%, 06/15/2026		1,255,000		1,369,159
Illinois Tool Works, Inc., 2.65%, 11/15/2026		1,215,000		1,311,018
John Deere Capital Corp.
0.70%, 01/15/2026		1,069,000		1,050,675
2.65%, 06/10/2026		535,000		576,582
Wabtec Corp., 3.45%, 11/15/2026		821,000		885,467
Xylem, Inc., 3.25%, 11/01/2026		631,000		694,931
				6,509,432
Media-1.62%
Comcast Corp., 3.15%, 03/01/2026		2,609,000		2,849,426
Discovery Communications LLC, 4.90%, 03/11/2026		831,000		957,041
Omnicom Group, Inc./Omnicom Capital, Inc., 3.60%, 04/15/2026		1,654,000		1,834,434
ViacomCBS, Inc., 4.00%, 01/15/2026		946,000		1,056,725
				6,697,626
Multiline Retail-0.31%
Target Corp., 2.50%, 04/15/2026		1,198,000		1,284,077
Multi-Utilities-0.33%
DTE Energy Co., 2.85%, 10/01/2026		712,000		767,896
San Diego Gas & Electric Co., 2.50%, 05/15/2026		554,000		588,239
				1,356,135
Oil, Gas & Consumable Fuels-9.04%
Chevron Corp., 2.95%, 05/16/2026		2,668,000		2,886,206
ConocoPhillips, 4.95%, 03/15/2026		1,503,000		1,761,298
Diamondback Energy, Inc., 3.25%, 12/01/2026		884,000		937,804
Enbridge, Inc. (Canada), 4.25%, 12/01/2026		912,000		1,037,640
Energy Transfer Operating L.P., 4.75%, 01/15/2026		1,187,000		1,324,743
Enterprise Products Operating LLC, 3.70%, 02/15/2026		1,033,000		1,143,872
EOG Resources, Inc., 4.15%, 01/15/2026		885,000		1,001,318
Equinor ASA (Norway), 1.75%, 01/22/2026		907,000		932,986

	Principal     Amount		Value
Oil, Gas & Consumable Fuels-(continued)
Exxon Mobil Corp.
3.04%, 03/01/2026	$	2,960,000	$	3,205,099
2.28%, 08/16/2026		1,157,000		1,213,747
HollyFrontier Corp., 5.88%, 04/01/2026		1,185,000		1,332,873
Magellan Midstream Partners L.P., 5.00%, 03/01/2026		804,000		935,340
MPLX L.P., 1.75%, 03/01/2026		1,754,000		1,763,867
ONEOK, Inc., 5.85%, 01/15/2026		665,000		786,093
Ovintiv Exploration, Inc., 5.38%, 01/01/2026		753,000		833,822
Phillips 66, 1.30%, 02/15/2026		726,000		725,877
Phillips 66 Partners L.P., 3.55%, 10/01/2026		612,000		659,361
Pioneer Natural Resources Co.
1.13%, 01/15/2026		900,000		890,982
4.45%, 01/15/2026		586,000		664,893
Plains All American Pipeline L.P./PAA Finance Corp., 4.50%, 12/15/2026		917,000		1,016,131
Sabine Pass Liquefaction LLC, 5.88%, 06/30/2026		1,776,000		2,113,385
Shell International Finance B.V. (Netherlands)
2.88%, 05/10/2026		2,077,000		2,239,853
2.50%, 09/12/2026		1,171,000		1,247,341
Spectra Energy Partners L.P., 3.38%, 10/15/2026		703,000		768,523
Sunoco Logistics Partners Operations L.P., 3.90%, 07/15/2026		641,000		694,808
TransCanada PipeLines Ltd. (Canada), 4.88%, 01/15/2026		1,006,000		1,168,001
Transcontinental Gas Pipe Line Co. LLC, 7.85%, 02/01/2026		1,289,000		1,653,249
Valero Energy Corp., 3.40%, 09/15/2026		1,548,000		1,658,564
Valero Energy Partners L.P., 4.38%, 12/15/2026		591,000		670,151
				37,267,827
Personal Products-0.43%
Unilever Capital Corp. (United Kingdom), 2.00%, 07/28/2026		1,703,000		1,776,283
Pharmaceuticals-3.12%
AstraZeneca PLC (United Kingdom), 0.70%, 04/08/2026		1,421,000		1,378,648
Johnson & Johnson, 2.45%, 03/01/2026		2,368,000		2,534,510
Merck & Co., Inc., 0.75%, 02/24/2026(b)		1,189,000		1,180,794
Perrigo Finance Unlimited Co., 4.38%, 03/15/2026		800,000		897,983
Pfizer, Inc.
2.75%, 06/03/2026		1,484,000		1,606,597
3.00%, 12/15/2026		2,076,000		2,292,902
Utah Acquisition Sub, Inc., 3.95%, 06/15/2026		2,672,000		2,978,350
				12,869,784
Professional Services-0.14%
Thomson Reuters Corp. (Canada), 3.35%, 05/15/2026		515,000		563,092
Road & Rail-0.78%
Canadian National Railway Co. (Canada), 2.75%, 03/01/2026		636,000		683,841
CSX Corp., 2.60%, 11/01/2026		867,000		928,719

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

  39  

Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)—(continued)

February 28, 2021

(Unaudited)

	Principal     Amount		Value
Road & Rail-(continued)
Norfolk Southern Corp., 2.90%, 06/15/2026	$	713,000	$	773,687
Union Pacific Corp., 2.75%, 03/01/2026		770,000		824,290
				3,210,537
Semiconductors & Semiconductor Equipment-0.91%
Analog Devices, Inc., 3.50%, 12/05/2026		1,065,000		1,183,633
Intel Corp., 2.60%, 05/19/2026		1,188,000		1,270,644
NVIDIA Corp., 3.20%, 09/16/2026		1,184,000		1,303,250
				3,757,527
Software-2.15%
Microsoft Corp., 2.40%, 08/08/2026		4,737,000		5,049,242
Oracle Corp., 2.65%, 07/15/2026		3,568,000		3,816,286
				8,865,528
Specialty Retail-1.76%
Home Depot, Inc. (The)
3.00%, 04/01/2026		1,535,000		1,672,937
2.13%, 09/15/2026		1,280,000		1,345,332
Lowe’s Cos., Inc., 2.50%, 04/15/2026		1,601,000		1,697,398
O’Reilly Automotive, Inc., 3.55%, 03/15/2026		584,000		646,505
Ross Stores, Inc., 0.88%, 04/15/2026		596,000		584,725
TJX Cos., Inc. (The), 2.25%, 09/15/2026		1,248,000		1,315,184
				7,262,081
Technology Hardware, Storage & Peripherals-3.96%
Apple, Inc.
0.70%, 02/08/2026		2,960,000		2,919,519
3.25%, 02/23/2026		3,850,000		4,231,284
2.45%, 08/04/2026		2,662,000		2,828,106
2.05%, 09/11/2026		2,367,000		2,470,032
Hewlett Packard Enterprise Co., 1.75%, 04/01/2026		877,000		890,569
Western Digital Corp., 4.75%, 02/15/2026		2,722,000		3,014,615
				16,354,125
Textiles, Apparel & Luxury Goods-0.31%
NIKE, Inc., 2.38%, 11/01/2026		1,198,000		1,268,840
Tobacco-1.31%
Altria Group, Inc., 2.63%, 09/16/2026		547,000		577,445
BAT Capital Corp. (United Kingdom), 3.22%, 09/06/2026		1,097,000		1,179,557
BAT International Finance PLC (United Kingdom), 1.67%, 03/25/2026		1,804,000		1,804,648
Investment Abbreviations:
REIT -Real Estate Investment Trust

	Principal     Amount		Value
Tobacco-(continued)
Philip Morris International, Inc.
2.75%, 02/25/2026	$	925,000	$	993,359
0.88%, 05/01/2026		877,000		861,215
				5,416,224
Trading Companies & Distributors-0.72%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland), 1.75%, 01/30/2026		1,150,000		1,121,985
Air Lease Corp., 2.88%, 01/15/2026		1,795,000		1,864,125
				2,986,110
Wireless Telecommunication Services-0.14%
Rogers Communications, Inc. (Canada), 2.90%, 11/15/2026		521,000		563,529
Total U.S. Dollar Denominated Bonds & Notes (Cost $392,300,605)				407,499,535
	Shares
Money Market Funds-0.42%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(c)(d) (Cost $1,738,464)		1,738,464		1,738,464
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.22% (Cost $394,039,069)				409,237,999
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-0.76%
Invesco Private Government Fund, 0.01%(c)(d)(e)		1,253,046		1,253,046
Invesco Private Prime Fund, 0.11%(c)(d)(e)		1,878,818		1,879,570
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $3,132,616)				3,132,616
TOTAL INVESTMENTS IN SECURITIES-99.98% (Cost $397,171,685)				412,370,615
OTHER ASSETS LESS LIABILITIES-0.02%				75,520
NET ASSETS-100.00%.			$	412,446,135

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

  40  

Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)—(continued)

February 28, 2021

(Unaudited)

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  All or a portion of this security was out on loan at February 28, 2021.

^(c)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2021.

	Value August 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value February 28, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	8,504,257		$	(6,765,793	)		$	-		$	-		$	1,738,464		$	115
Invesco Premier U.S. Government Money Portfolio, Institutional Class			550,632			1,830,394			(2,381,026	)			-			-			-			9
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			1,816,835			5,912,143			(6,475,932	)			-			-			1,253,046			103	*
Invesco Private Prime Fund			605,612			8,025,819			(6,751,931	)			-			70			1,879,570			403	*
Total		$	2,973,079		$	24,272,613		$	(22,374,682	)		$	-		$	70		$	4,871,080		$	630

* 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 February 28, 2021.

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

Portfolio Composition

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

as of February 28, 2021

Financials	32.11
Health Care	10.70
Information Technology	10.58
Energy	9.21
Consumer Staples	7.64
Industrials	7.06
Consumer Discretionary	5.83
Communication Services	5.12
Real Estate	4.91
Utilities	4.60
Materials	1.04
Money Market Funds Plus Other Assets Less Liabilities	1.20

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

  41  

Invesco BulletShares 2027 Corporate Bond ETF (BSCR)

February 28, 2021

(Unaudited)

Schedule of Investments^(a)

	Principal     Amount		Value
U.S. Dollar Denominated Bonds & Notes-99.02%
Aerospace & Defense-2.37%
Boeing Co. (The), 5.04%, 05/01/2027	$	1,992,000	$	2,291,164
General Dynamics Corp.
3.50%, 04/01/2027		748,000		837,303
2.63%, 11/15/2027		443,000		469,255
Howmet Aerospace, Inc., 5.90%, 02/01/2027		623,000		717,229
Huntington Ingalls Industries, Inc., 3.48%, 12/01/2027		602,000		662,875
Northrop Grumman Corp., 3.20%, 02/01/2027		794,000		872,769
Raytheon Technologies Corp., 3.13%, 05/04/2027		1,058,000		1,157,086
				7,007,681
Air Freight & Logistics-0.37%
United Parcel Service, Inc., 3.05%, 11/15/2027		993,000		1,096,443
Airlines-0.79%
Southwest Airlines Co., 5.13%, 06/15/2027		1,992,000		2,327,850
Auto Components-0.67%
BorgWarner, Inc., 2.65%, 07/01/2027		1,092,000		1,152,453
Lear Corp., 3.80%, 09/15/2027		746,000		822,518
				1,974,971
Automobiles-2.15%
American Honda Finance Corp., 2.35%, 01/08/2027		492,000		519,608
General Motors Co.
4.20%, 10/01/2027		743,000		829,447
6.80%, 10/01/2027		1,001,000		1,266,427
General Motors Financial Co., Inc.
4.35%, 01/17/2027		1,248,000		1,403,269
2.70%, 08/20/2027		899,000		931,736
Toyota Motor Credit Corp.
3.20%, 01/11/2027		751,000		828,853
1.15%, 08/13/2027		597,000		587,004
				6,366,344
Banks-11.72%
Banco Santander S.A. (Spain), 4.25%, 04/11/2027		1,000,000		1,135,501
Bank of America Corp.
3.25%, 10/21/2027		2,490,000		2,726,855
Series L, 4.18%, 11/25/2027		1,995,000		2,254,855
Citigroup, Inc., 4.45%, 09/29/2027		3,839,000		4,415,660
Fifth Third Bancorp, 2.55%, 05/05/2027		748,000		794,631
Fifth Third Bank, 2.25%, 02/01/2027		700,000		732,810
JPMorgan Chase & Co.
8.00%, 04/29/2027		475,000		653,064
4.25%, 10/01/2027		1,498,000		1,735,038
3.63%, 12/01/2027		1,095,000		1,214,179
KeyCorp, 2.25%, 04/06/2027		799,000		834,759
Lloyds Banking Group PLC (United Kingdom), 3.75%, 01/11/2027		1,250,000		1,391,472
Manufacturers and Traders Trust Co., 3.40%, 08/17/2027		500,000		554,234

	Principal     Amount		Value
Banks-(continued)
Mitsubishi UFJ Financial Group, Inc. (Japan)
3.68%, 02/22/2027	$	993,000	$	1,117,503
3.29%, 07/25/2027		993,000		1,103,322
Mizuho Financial Group, Inc. (Japan)
3.66%, 02/28/2027		600,000		674,614
3.17%, 09/11/2027		1,100,000		1,212,887
PNC Bank N.A., 3.10%, 10/25/2027		900,000		994,380
PNC Financial Services Group, Inc. (The), 3.15%, 05/19/2027		735,000		810,122
Santander Holdings USA, Inc., 4.40%, 07/13/2027		1,043,000		1,168,362
Sumitomo Mitsui Financial Group, Inc. (Japan)
3.45%, 01/11/2027		1,231,000		1,360,920
3.36%, 07/12/2027		1,748,000		1,925,918
3.35%, 10/18/2027		735,000		812,441
Truist Financial Corp., 1.13%, 08/03/2027		748,000		733,782
U.S. Bancorp, Series X, 3.15%, 04/27/2027		1,294,000		1,426,590
Wells Fargo & Co., 4.30%, 07/22/2027		2,494,000		2,871,047
				34,654,946
Beverages-1.99%
Coca-Cola Co. (The)
3.38%, 03/25/2027		1,001,000		1,117,630
2.90%, 05/25/2027(b)		497,000		541,534
1.45%, 06/01/2027		1,492,000		1,496,115
Constellation Brands, Inc., 3.50%, 05/09/2027		497,000		551,708
PepsiCo, Inc.
2.63%, 03/19/2027		497,000		534,830
3.00%, 10/15/2027		1,496,000		1,640,472
				5,882,289
Biotechnology-1.69%
Amgen, Inc.
2.20%, 02/21/2027		1,746,000		1,817,729
3.20%, 11/02/2027		996,000		1,094,491
Gilead Sciences, Inc.
2.95%, 03/01/2027		1,249,000		1,348,934
1.20%, 10/01/2027		748,000		732,449
				4,993,603
Capital Markets-5.15%
Bank of New York Mellon Corp. (The), 3.25%, 05/16/2027		743,000		822,518
BlackRock, Inc., 3.20%, 03/15/2027		698,000		774,412
Cboe Global Markets, Inc., 3.65%, 01/12/2027		649,000		726,990
Charles Schwab Corp. (The), 3.20%, 03/02/2027		635,000		698,845
Goldman Sachs Group, Inc. (The)
5.95%, 01/15/2027		794,000		979,059
3.85%, 01/26/2027		2,992,000		3,333,629
Jefferies Group LLC/Jefferies Group Capital Finance, Inc., 4.85%, 01/15/2027		746,000		874,793
Morgan Stanley
3.63%, 01/20/2027		2,986,000		3,342,082
3.95%, 04/23/2027		1,992,000		2,245,038

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

  42  

Invesco BulletShares 2027 Corporate Bond ETF (BSCR)—(continued)

February 28, 2021

(Unaudited)

	Principal     Amount		Value
Capital Markets-(continued)
S&P Global, Inc., 2.95%, 01/22/2027	$	503,000	$	544,362
TD Ameritrade Holding Corp., 3.30%, 04/01/2027		799,000		881,728
				15,223,456
Chemicals-1.60%
Air Products and Chemicals, Inc., 1.85%, 05/15/2027		647,000		667,377
Ecolab, Inc., 3.25%, 12/01/2027		496,000		551,166
LYB International Finance II B.V., 3.50%, 03/02/2027		994,000		1,091,023
Mosaic Co. (The), 4.05%, 11/15/2027		702,000		793,835
Sherwin-Williams Co. (The), 3.45%, 06/01/2027		1,491,000		1,638,186
				4,741,587
Commercial Services & Supplies-0.90%
Cintas Corp. No. 2, 3.70%, 04/01/2027		996,000		1,124,254
Republic Services, Inc., 3.38%, 11/15/2027		651,000		723,721
Waste Management, Inc., 3.15%, 11/15/2027		745,000		821,029
				2,669,004
Communications Equipment-0.16%
Nokia OYJ (Finland), 4.38%, 06/12/2027		438,000		474,956
Construction Materials-0.19%
Martin Marietta Materials, Inc., 3.50%, 12/15/2027		499,000		558,830
Consumer Finance-2.38%
American Express Credit Corp., 3.30%, 05/03/2027		1,998,000		2,217,519
Capital One Financial Corp.
3.75%, 03/09/2027		1,350,000		1,515,098
3.65%, 05/11/2027		1,000,000		1,110,609
Discover Financial Services, 4.10%, 02/09/2027		994,000		1,122,552
Synchrony Financial, 3.95%, 12/01/2027		984,000		1,080,776
				7,046,554
Containers & Packaging-0.42%
International Paper Co., 3.00%, 02/15/2027		630,000		684,146
Packaging Corp. of America, 3.40%, 12/15/2027		499,000		558,009
				1,242,155
Diversified Financial Services-0.19%
ORIX Corp. (Japan), 3.70%, 07/18/2027		500,000		563,390
Diversified Telecommunication Services-4.01%
AT&T, Inc.
4.25%, 03/01/2027		1,663,000		1,896,781
2.30%, 06/01/2027		2,458,000		2,538,369
Telefonica Emisiones S.A. (Spain), 4.10%, 03/08/2027		1,500,000		1,695,876
TELUS Corp. (Canada)
2.80%, 02/16/2027		592,000		642,850
3.70%, 09/15/2027		503,000		570,053
Verizon Communications, Inc.
4.13%, 03/16/2027		3,237,000		3,721,093
3.00%, 03/22/2027		743,000		803,949
				11,868,971

	Principal     Amount		Value
Electric Utilities-2.53%
American Electric Power Co., Inc., 3.20%, 11/13/2027	$	500,000	$	546,772
Duke Energy Corp., 3.15%, 08/15/2027		743,000		809,086
Duke Energy Florida LLC, 3.20%, 01/15/2027		645,000		708,897
Edison International, 5.75%, 06/15/2027		596,000		700,604
ITC Holdings Corp., 3.35%, 11/15/2027		440,000		484,305
NextEra Energy Capital Holdings, Inc., 3.55%, 05/01/2027		1,485,000		1,663,394
NSTAR Electric Co., 3.20%, 05/15/2027		693,000		766,370
Pacific Gas and Electric Co., 2.10%, 08/01/2027		981,000		973,411
Virginia Electric & Power Co., Series A, 3.50%, 03/15/2027		750,000		834,964
				7,487,803
Electrical Equipment-0.43%
Eaton Corp., 3.10%, 09/15/2027		696,000		765,085
Emerson Electric Co., 1.80%, 10/15/2027		497,000		509,507
				1,274,592
Electronic Equipment, Instruments & Components-0.28%
Keysight Technologies, Inc., 4.60%, 04/06/2027		698,000		816,505
Energy Equipment & Services-0.69%
Baker Hughes, a GE Co. LLC/Baker Hughes Co-Obligor, Inc., 3.34%, 12/15/2027		1,343,000		1,478,829
Boardwalk Pipelines L.P., 4.45%, 07/15/2027		497,000		559,253
				2,038,082
Entertainment-0.56%
TWDC Enterprises 18 Corp., 2.95%, 06/15/2027(b)		994,000		1,087,242
Walt Disney Co. (The), 3.70%, 03/23/2027		496,000		561,371
				1,648,613
Equity REITs-3.71%
American Tower Corp.
2.75%, 01/15/2027		747,000		785,583
3.55%, 07/15/2027		746,000		822,695
Crown Castle International Corp.
4.00%, 03/01/2027		497,000		558,992
3.65%, 09/01/2027		994,000		1,102,078
Digital Realty Trust L.P., 3.70%, 08/15/2027		992,000		1,112,210
Healthcare Trust of America Holdings L.P., 3.75%, 07/01/2027		493,000		556,216
Mid-America Apartments L.P., 3.60%, 06/01/2027		613,000		679,603
Omega Healthcare Investors, Inc., 4.50%, 04/01/2027		679,000		751,439
Public Storage, 3.09%, 09/15/2027		499,000		551,463
Realty Income Corp., 3.00%, 01/15/2027		595,000		644,857
Regency Centers L.P., 3.60%, 02/01/2027		514,000		561,420
Simon Property Group L.P.
3.38%, 06/15/2027		743,000		816,240
3.38%, 12/01/2027		744,000		817,500

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

  43  

Invesco BulletShares 2027 Corporate Bond ETF (BSCR)—(continued)

February 28, 2021

(Unaudited)

	Principal     Amount		Value
Equity REITs-(continued)
VEREIT Operating Partnership L.P., 3.95%, 08/15/2027	$	595,000	$	665,238
Welltower, Inc., 2.70%, 02/15/2027		512,000		547,307
				10,972,841
Food & Staples Retailing-1.49%
Costco Wholesale Corp.
3.00%, 05/18/2027		995,000		1,092,444
1.38%, 06/20/2027		1,244,000		1,250,076
Kroger Co. (The), 3.70%, 08/01/2027		603,000		681,271
Sysco Corp., 3.25%, 07/15/2027		748,000		820,007
Walmart, Inc., 5.88%, 04/05/2027		435,000		548,817
				4,392,615
Food Products-2.01%
Bunge Ltd. Finance Corp., 3.75%, 09/25/2027		584,000		651,756
Conagra Brands, Inc., 1.38%, 11/01/2027		1,001,000		977,143
General Mills, Inc., 3.20%, 02/10/2027		743,000		815,512
JM Smucker Co. (The), 3.38%, 12/15/2027		499,000		552,575
Kellogg Co., 3.40%, 11/15/2027		584,000		650,045
McCormick & Co., Inc., 3.40%, 08/15/2027		743,000		823,849
Tyson Foods, Inc., 3.55%, 06/02/2027		1,341,000		1,484,680
				5,955,560
Gas Utilities-0.18%
Atmos Energy Corp., 3.00%, 06/15/2027		481,000		519,812
Health Care Equipment & Supplies-0.65%
Becton, Dickinson and Co., 3.70%, 06/06/2027		1,715,000		1,917,932
Health Care Providers & Services-5.28%
AmerisourceBergen Corp., 3.45%, 12/15/2027		743,000		821,968
Anthem, Inc., 3.65%, 12/01/2027		1,596,000		1,796,259
Cardinal Health, Inc., 3.41%, 06/15/2027		1,350,000		1,481,852
Cigna Corp.
3.40%, 03/01/2027		1,325,000		1,462,441
3.05%, 10/15/2027		538,000		587,925
CVS Health Corp.
3.63%, 04/01/2027		748,000		829,271
1.30%, 08/21/2027		2,245,000		2,190,152
HCA, Inc., 4.50%, 02/15/2027		1,192,000		1,359,604
Humana, Inc., 3.95%, 03/15/2027		594,000		671,982
Kaiser Foundation Hospitals, 3.15%, 05/01/2027		567,000		628,089
Laboratory Corp. of America Holdings, 3.60%, 09/01/2027		594,000		668,483
SSM Health Care Corp., Series A, 3.82%, 06/01/2027		472,000		547,559
UnitedHealth Group, Inc.
3.45%, 01/15/2027		742,000		828,486
3.38%, 04/15/2027		625,000		697,477
2.95%, 10/15/2027		944,000		1,027,637
				15,599,185
Hotels, Restaurants & Leisure-1.05%
Darden Restaurants, Inc., 3.85%, 05/01/2027		497,000		539,617

	Principal     Amount		Value
Hotels, Restaurants & Leisure-(continued)
McDonald’s Corp.
3.50%, 03/01/2027	$	850,000	$	943,338
3.50%, 07/01/2027		996,000		1,110,269
Starbucks Corp., 2.00%, 03/12/2027		497,000		514,341
				3,107,565
Household Durables-0.92%
D.R. Horton, Inc., 1.40%, 10/15/2027		497,000		490,780
Leggett & Platt, Inc., 3.50%, 11/15/2027		440,000		476,701
Lennar Corp., 4.75%, 11/29/2027		895,000		1,037,081
PulteGroup, Inc., 5.00%, 01/15/2027(b)		598,000		701,828
				2,706,390
Household Products-0.66%
Kimberly-Clark Corp., 1.05%, 09/15/2027		597,000		586,178
Procter & Gamble Co. (The)
2.80%, 03/25/2027		496,000		538,792
2.85%, 08/11/2027		747,000		823,081
				1,948,051
Industrial Conglomerates-1.14%
3M Co., 2.88%, 10/15/2027		844,000		923,950
Carlisle Cos., Inc., 3.75%, 12/01/2027		594,000		667,781
General Electric Co., 3.45%, 05/01/2027		1,001,000		1,096,392
Roper Technologies, Inc., 1.40%, 09/15/2027		698,000		688,592
				3,376,715
Insurance-1.44%
American Equity Investment Life Holding Co., 5.00%, 06/15/2027		496,000		557,424
Aon Corp., 8.21%, 01/01/2027		500,000		666,269
Brighthouse Financial, Inc., 3.70%, 06/22/2027		1,298,000		1,411,473
CNA Financial Corp., 3.45%, 08/15/2027		497,000		552,746
Manulife Financial Corp. (Canada), 2.48%, 05/19/2027		497,000		522,159
Progressive Corp. (The), 2.45%, 01/15/2027		503,000		538,041
				4,248,112
Interactive Media & Services-0.33%
Alphabet, Inc., 0.80%, 08/15/2027(b)		1,001,000		970,372
Internet & Direct Marketing Retail-2.55%
Amazon.com, Inc.
1.20%, 06/03/2027		1,244,000		1,234,845
3.15%, 08/22/2027		3,493,000		3,860,929
Booking Holdings, Inc., 4.50%, 04/13/2027		748,000		873,037
eBay, Inc., 3.60%, 06/05/2027		850,000		948,015
QVC, Inc., 4.75%, 02/15/2027		577,000		609,459
				7,526,285
IT Services-2.33%
Fiserv, Inc., 2.25%, 06/01/2027		1,001,000		1,037,720
International Business Machines Corp.
3.30%, 01/27/2027		600,000		658,374
1.70%, 05/15/2027		1,230,000		1,243,362
Mastercard, Inc., 3.30%, 03/26/2027		1,001,000		1,111,917

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

  44  

Invesco BulletShares 2027 Corporate Bond ETF (BSCR)—(continued)

February 28, 2021

(Unaudited)

	Principal     Amount		Value
IT Services-(continued)
Visa, Inc.
1.90%, 04/15/2027	$	1,504,000	$	1,553,949
0.75%, 08/15/2027(b)		496,000		480,853
2.75%, 09/15/2027		748,000		811,817
				6,897,992
Leisure Products-0.18%
Hasbro, Inc., 3.50%, 09/15/2027		496,000		537,944
Life Sciences Tools & Services-0.28%
Thermo Fisher Scientific, Inc., 3.20%, 08/15/2027		754,000		826,419
Machinery-1.22%
Caterpillar Financial Services Corp., 1.10%, 09/14/2027		748,000		733,160
CNH Industrial N.V. (United Kingdom), 3.85%, 11/15/2027		498,000		562,230
John Deere Capital Corp.
1.75%, 03/09/2027		500,000		511,195
2.80%, 09/08/2027		492,000		533,670
Otis Worldwide Corp., 2.29%, 04/05/2027		497,000		518,820
Parker-Hannifin Corp., 3.25%, 03/01/2027		676,000		747,138
				3,606,213
Media-1.51%
Comcast Corp.
2.35%, 01/15/2027		1,398,000		1,466,286
3.30%, 02/01/2027		1,243,000		1,373,484
3.30%, 04/01/2027		799,000		881,982
ViacomCBS, Inc., 2.90%, 01/15/2027		696,000		735,917
				4,457,669
Multiline Retail-0.23%
Dollar General Corp., 3.88%, 04/15/2027		603,000		682,040
Multi-Utilities-1.00%
DTE Energy Co., 3.80%, 03/15/2027		504,000		568,154
NiSource, Inc., 3.49%, 05/15/2027		994,000		1,097,133
Sempra Energy, 3.25%, 06/15/2027		743,000		815,605
WEC Energy Group, Inc., 1.38%, 10/15/2027		497,000		488,717
				2,969,609
Oil, Gas & Consumable Fuels-8.06%
BP Capital Markets America, Inc., 3.54%, 04/06/2027		496,000		550,907
BP Capital Markets PLC (United Kingdom), 3.28%, 09/19/2027		1,495,000		1,638,263
Canadian Natural Resources Ltd. (Canada), 3.85%, 06/01/2027		1,248,000		1,375,124
Cenovus Energy, Inc. (Canada), 4.25%, 04/15/2027		951,000		1,040,548
Cheniere Corpus Christi Holdings LLC, 5.13%, 06/30/2027		1,495,000		1,741,793
Chevron Corp., 2.00%, 05/11/2027		996,000		1,030,672
Chevron USA, Inc., 1.02%, 08/12/2027		748,000		728,016
Cimarex Energy Co., 3.90%, 05/15/2027		746,000		821,000
Concho Resources, Inc., 3.75%, 10/01/2027(b)		864,000		963,805
Enable Midstream Partners L.P., 4.40%, 03/15/2027		686,000		748,817
Enbridge, Inc. (Canada), 3.70%, 07/15/2027		701,000		782,341

	Principal     Amount		Value
Oil, Gas & Consumable Fuels-(continued)
Energy Transfer Operating L.P., 4.20%, 04/15/2027	$	595,000	$	656,692
Enterprise Products Operating LLC, 3.95%, 02/15/2027		574,000		648,281
Equinor ASA (Norway), 3.00%, 04/06/2027		496,000		538,019
Exxon Mobil Corp., 3.29%, 03/19/2027(b)		1,001,000		1,110,131
Hess Corp., 4.30%, 04/01/2027		996,000		1,103,306
Marathon Oil Corp., 4.40%, 07/15/2027		999,000		1,126,903
MPLX L.P., 4.13%, 03/01/2027		1,227,000		1,370,749
ONEOK, Inc., 4.00%, 07/13/2027		504,000		552,342
Sabine Pass Liquefaction LLC, 5.00%, 03/15/2027		1,497,000		1,736,722
Sunoco Logistics Partners Operations L.P., 4.00%, 10/01/2027		740,000		803,456
TC PipeLines L.P., 3.90%, 05/25/2027		504,000		560,170
Valero Energy Corp., 2.15%, 09/15/2027		597,000		595,612
Williams Cos., Inc. (The), 3.75%, 06/15/2027		1,448,000		1,602,462
				23,826,131
Personal Products-0.52%
Estee Lauder Cos., Inc. (The), 3.15%, 03/15/2027		436,000		480,924
Unilever Capital Corp. (United Kingdom), 2.90%, 05/05/2027		975,000		1,060,009
				1,540,933
Pharmaceuticals-3.00%
AstraZeneca PLC (United Kingdom), 3.13%, 06/12/2027		744,000		814,122
Bristol-Myers Squibb Co.
3.25%, 02/27/2027		745,000		824,919
1.13%, 11/13/2027		1,001,000		980,517
Eli Lilly and Co., 3.10%, 05/15/2027		423,000		465,291
Johnson & Johnson
2.95%, 03/03/2027		994,000		1,098,181
0.95%, 09/01/2027		1,497,000		1,470,551
Novartis Capital Corp. (Switzerland)
2.00%, 02/14/2027		1,249,000		1,300,490
3.10%, 05/17/2027		994,000		1,094,697
Zoetis, Inc., 3.00%, 09/12/2027		748,000		818,060
				8,866,828
Road & Rail-0.85%
Burlington Northern Santa Fe LLC, 3.25%, 06/15/2027		502,000		554,096
CSX Corp., 3.25%, 06/01/2027		852,000		938,849
Union Pacific Corp.
2.15%, 02/05/2027		477,000		500,096
3.00%, 04/15/2027		475,000		515,783
				2,508,824
Semiconductors & Semiconductor Equipment-4.40%
Applied Materials, Inc., 3.30%, 04/01/2027		1,198,000		1,327,150
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.88%, 01/15/2027		4,764,000		5,210,187
Intel Corp.
3.75%, 03/25/2027		995,000		1,124,825
3.15%, 05/11/2027		1,000,000		1,099,917
Maxim Integrated Products, Inc., 3.45%, 06/15/2027		441,000		491,191

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

  45  

Invesco BulletShares 2027 Corporate Bond ETF (BSCR)—(continued)

February 28, 2021

(Unaudited)

	Principal     Amount		Value
Semiconductors & Semiconductor Equipment-(continued)
Micron Technology, Inc., 4.19%, 02/15/2027	$	900,000	$	1,022,229
QUALCOMM, Inc., 3.25%, 05/20/2027		1,991,000		2,201,022
Texas Instruments, Inc., 2.90%, 11/03/2027		499,000		547,225
				13,023,746
Software-4.94%
Adobe, Inc., 2.15%, 02/01/2027(b)		850,000		890,057
Autodesk, Inc., 3.50%, 06/15/2027		494,000		547,773
Citrix Systems, Inc., 4.50%, 12/01/2027		750,000		867,475
Intuit, Inc., 1.35%, 07/15/2027		497,000		495,514
Microsoft Corp., 3.30%, 02/06/2027		3,985,000		4,435,487
Oracle Corp.
2.80%, 04/01/2027		2,245,000		2,409,511
3.25%, 11/15/2027		2,740,000		3,021,442
VMware, Inc.
4.65%, 05/15/2027		496,000		566,343
3.90%, 08/21/2027		1,249,000		1,377,545
				14,611,147
Specialty Retail-1.97%
AutoZone, Inc., 3.75%, 06/01/2027		594,000		666,768
Home Depot, Inc. (The)
2.50%, 04/15/2027		738,000		789,833
2.80%, 09/14/2027		994,000		1,079,123
Lowe’s Cos., Inc., 3.10%, 05/03/2027		1,478,000		1,626,010
O’Reilly Automotive, Inc., 3.60%, 09/01/2027		742,000		828,624
TJX Cos., Inc. (The), 3.75%, 04/15/2027		748,000		844,735
				5,835,093
Technology Hardware, Storage & Peripherals-3.44%
Apple, Inc.
3.35%, 02/09/2027		2,245,000		2,491,975
3.20%, 05/11/2027		1,993,000		2,198,520
3.00%, 06/20/2027		997,000		1,095,968
2.90%, 09/12/2027		1,993,000		2,167,247
3.00%, 11/13/2027		1,497,000		1,642,930
NetApp, Inc., 2.38%, 06/22/2027		546,000		567,919
				10,164,559
Textiles, Apparel & Luxury Goods-0.76%
NIKE, Inc., 2.75%, 03/27/2027		1,001,000		1,079,734
Tapestry, Inc., 4.13%, 07/15/2027		595,000		651,543
VF Corp., 2.80%, 04/23/2027		475,000		509,262
				2,240,539
Tobacco-0.53%
BAT Capital Corp. (United Kingdom), 4.70%, 04/02/2027		895,000		1,023,249
Philip Morris International, Inc., 3.13%, 08/17/2027		488,000		533,387
				1,556,636

Investment Abbreviations:

REIT -Real Estate Investment Trust

	Principal     Amount		Value
Trading Companies & Distributors-0.93%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)
3.65%, 07/21/2027	$	1,050,000	$	1,113,547
4.63%, 10/15/2027		500,000		558,771
Air Lease Corp.
3.63%, 04/01/2027		495,000		532,743
3.63%, 12/01/2027		498,000		530,865
				2,735,926
Water Utilities-0.22%
American Water Capital Corp., 2.95%, 09/01/2027		601,000		649,591
Total U.S. Dollar Denominated Bonds & Notes (Cost $281,695,051)				292,737,899
	Shares
Money Market Funds-0.17%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(c)(d) (Cost $511,829)		511,829		511,829
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)- 99.19% (Cost $282,206,880)				293,249,728
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-1.78%
Invesco Private Government Fund, 0.01%(c)(d)(e)		2,099,205		2,099,205
Invesco Private Prime Fund, 0.11%(c)(d)(e)		3,147,549		3,148,808
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $5,248,013)				5,248,013
TOTAL INVESTMENTS IN SECURITIES-100.97% (Cost $287,454,893)				298,497,741
OTHER ASSETS LESS LIABILITIES-(0.97)%				(2,862,446	)
NET ASSETS-100.00%.			$	295,635,295

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

  46  

Invesco BulletShares 2027 Corporate Bond ETF (BSCR)—(continued)

February 28, 2021

(Unaudited)

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  All or a portion of this security was out on loan at February 28, 2021.

^(c)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2021.

	Value August 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value February 28, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	8,259,091		$	(7,747,262	)		$	-		$	-		$	511,829		$	66
Invesco Premier U.S. Government Money Portfolio, Institutional Class			423,814			481,845			(905,659	)			-			-			-			4
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			318,646			10,993,921			(9,213,362	)			-			-			2,099,205			141	*
Invesco Private Prime Fund			106,232			10,362,256			(7,319,866	)			-			186			3,148,808			823	*
Total		$	848,692		$	30,097,113		$	(25,186,149	)		$	-		$	186		$	5,759,842		$	1,034

* 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 February 28, 2021.

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

Portfolio Composition

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

as of February 28, 2021

Financials	21.26
Information Technology	15.55
Health Care	10.90
Consumer Discretionary	10.48
Industrials	9.00
Energy	8.56
Consumer Staples	7.20
Communication Services	6.41
Utilities	3.93
Real Estate	3.52
Materials	2.21
Money Market Funds Plus Other Assets Less Liabilities	0.98

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

  47  

Invesco BulletShares 2028 Corporate Bond ETF (BSCS)

February 28, 2021

(Unaudited)

Schedule of Investments^(a)

	Principal     Amount		Value
U.S. Dollar Denominated Bonds & Notes-98.86%
Aerospace & Defense-5.23%
Boeing Co. (The), 3.25%, 02/01/2028	$	1,272,000	$	1,330,834
General Dynamics Corp., 3.75%, 05/15/2028		1,129,000		1,280,196
L3Harris Technologies, Inc., 4.40%, 06/15/2028		972,000		1,129,594
Northrop Grumman Corp., 3.25%, 01/15/2028		2,254,000		2,448,448
Raytheon Technologies Corp., 4.13%, 11/16/2028		3,386,000		3,889,114
				10,078,186
Air Freight & Logistics-0.72%
C.H. Robinson Worldwide, Inc., 4.20%, 04/15/2028(b)		643,000		734,518
FedEx Corp., 3.40%, 02/15/2028		587,000		646,935
				1,381,453
Airlines-0.72%
Delta Air Lines Pass-Through Trust, Series 2020-1, Class AA, 2.00%, 06/10/2028		781,903		790,327
Delta Air Lines, Inc., 4.38%, 04/19/2028		585,000		605,729
				1,396,056
Automobiles-1.51%
American Honda Finance Corp., 3.50%, 02/15/2028		579,000		651,389
General Motors Co., 5.00%, 10/01/2028(b)		859,000		1,002,130
Toyota Motor Corp. (Japan), 3.67%, 07/20/2028		543,000		618,239
Toyota Motor Credit Corp., 3.05%, 01/11/2028		590,000		645,136
				2,916,894
Banks-10.83%
Banco Santander S.A. (Spain), 4.38%, 04/12/2028		1,400,000		1,602,591
Barclays PLC (United Kingdom), 4.84%, 05/09/2028		2,300,000		2,610,742
Citigroup, Inc., 4.13%, 07/25/2028		2,364,000		2,670,423
Fifth Third Bancorp, 3.95%, 03/14/2028		751,000		872,055
KeyCorp, 4.10%, 04/30/2028		863,000		1,002,670
Lloyds Banking Group PLC (United Kingdom), 4.38%, 03/22/2028		1,625,000		1,866,081
Mitsubishi UFJ Financial Group, Inc. (Japan)
3.96%, 03/02/2028		1,451,000		1,652,678
4.05%, 09/11/2028		1,132,000		1,303,005
Mizuho Financial Group, Inc. (Japan), 4.02%, 03/05/2028		1,425,000		1,613,471
PNC Bank N.A.
3.25%, 01/22/2028		800,000		882,440
4.05%, 07/26/2028		1,500,000		1,724,446
Sumitomo Mitsui Financial Group, Inc. (Japan)
3.54%, 01/17/2028		864,000		959,616
3.94%, 07/19/2028		860,000		976,884
U.S. Bancorp, 3.90%, 04/26/2028		972,000		1,119,808
				20,856,910

	Principal     Amount		Value
Beverages-3.19%
Anheuser-Busch InBev Worldwide, Inc. (Belgium), 4.00%, 04/13/2028	$	2,798,000	$	3,169,542
Coca-Cola Co. (The), 1.00%, 03/15/2028		1,457,000		1,405,658
Constellation Brands, Inc., 3.60%, 02/15/2028		801,000		891,953
Diageo Capital PLC (United Kingdom), 3.88%, 05/18/2028		600,000		685,058
				6,152,211
Capital Markets-2.97%
Bank of New York Mellon Corp. (The)
3.40%, 01/29/2028		863,000		962,322
3.85%, 04/28/2028		1,020,000		1,170,988
3.00%, 10/30/2028		591,000		638,160
Brookfield Finance, Inc. (Canada), 3.90%, 01/25/2028		699,000		785,924
Charles Schwab Corp. (The), 3.20%, 01/25/2028		804,000		885,860
CME Group, Inc., 3.75%, 06/15/2028		587,000		669,611
Northern Trust Corp., 3.65%, 08/03/2028		536,000		605,609
				5,718,474
Chemicals-0.54%
PPG Industries, Inc., 3.75%, 03/15/2028		916,000		1,048,703
Commercial Services & Supplies-0.84%
Republic Services, Inc., 3.95%, 05/15/2028		913,000		1,041,159
Waste Management, Inc., 1.15%, 03/15/2028		591,000		570,021
				1,611,180
Communications Equipment-0.49%
Motorola Solutions, Inc., 4.60%, 02/23/2028		804,000		935,868
Construction & Engineering-0.37%
Fluor Corp., 4.25%, 09/15/2028(b)		698,000		713,705
Consumer Finance-1.45%
Capital One Financial Corp., 3.80%, 01/31/2028		1,606,000		1,798,672
Discover Bank, 4.65%, 09/13/2028		850,000		992,669
				2,791,341
Containers & Packaging-0.35%
WRKCo, Inc., 4.00%, 03/15/2028		604,000		679,630
Diversified Financial Services-0.87%
Berkshire Hathaway Energy Co., 3.25%, 04/15/2028		699,000		772,602
National Rural Utilities Cooperative Finance Corp., 3.40%, 02/07/2028		804,000		893,673
				1,666,275
Diversified Telecommunication Services-1.28%
AT&T, Inc., 1.65%, 02/01/2028(b)		2,526,000		2,473,689
Electric Utilities-3.25%
Commonwealth Edison Co., 3.70%, 08/15/2028		598,000		683,942
Duke Energy Florida LLC, 3.80%, 07/15/2028		649,000		736,391

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

  48  

Invesco BulletShares 2028 Corporate Bond ETF (BSCS)—(continued)

February 28, 2021

(Unaudited)

	Principal     Amount		Value
Electric Utilities-(continued)
Duke Energy Progress LLC, 3.70%, 09/01/2028	$	589,000	$	667,733
Edison International, 4.13%, 03/15/2028		590,000		641,638
Pacific Gas and Electric Co., 3.75%, 07/01/2028		998,000		1,076,799
Southwestern Electric Power Co., Series M, 4.10%, 09/15/2028		666,000		754,830
Virginia Electric & Power Co., Series A, 3.80%, 04/01/2028		816,000		921,312
Xcel Energy, Inc., 4.00%, 06/15/2028		679,000		769,950
				6,252,595
Electronic Equipment, Instruments & Components-1.04%
Arrow Electronics, Inc., 3.88%, 01/12/2028		555,000		614,860
Jabil, Inc., 3.95%, 01/12/2028		586,000		658,807
Trimble, Inc., 4.90%, 06/15/2028		615,000		722,696
				1,996,363
Energy Equipment & Services-0.29%
Patterson-UTI Energy, Inc., 3.95%, 02/01/2028		596,000		564,305
Entertainment-0.60%
Walt Disney Co. (The), 2.20%, 01/13/2028		1,124,000		1,162,849
Equity REITs-6.01%
American Homes 4 Rent L.P., 4.25%, 02/15/2028		576,000		644,986
American Tower Corp.
3.60%, 01/15/2028		805,000		888,039
1.50%, 01/31/2028		753,000		734,364
Crown Castle International Corp., 3.80%, 02/15/2028		1,127,000		1,248,598
Digital Realty Trust L.P., 4.45%, 07/15/2028		700,000		812,393
Equinix, Inc., 1.55%, 03/15/2028		663,000		648,623
ERP Operating L.P., 3.50%, 03/01/2028		536,000		590,936
GLP Capital L.P./GLP Financing II, Inc., 5.75%, 06/01/2028		591,000		694,842
Omega Healthcare Investors, Inc., 4.75%, 01/15/2028		593,000		659,594
Realty Income Corp., 3.65%, 01/15/2028		598,000		665,691
Simon Property Group L.P., 1.75%, 02/01/2028		900,000		885,903
Ventas Realty L.P., 4.00%, 03/01/2028		697,000		783,245
VEREIT Operating Partnership L.P.
3.40%, 01/15/2028		702,000		756,395
2.20%, 06/15/2028		591,000		589,277
Welltower, Inc., 4.25%, 04/15/2028		857,000		976,152
				11,579,038
Food & Staples Retailing-2.05%
CVS Pass-Through Trust, 6.04%, 12/10/2028		342,070		395,709
Walmart, Inc., 3.70%, 06/26/2028		3,113,000		3,554,937
				3,950,646
Food Products-2.37%
Campbell Soup Co., 4.15%, 03/15/2028		1,132,000		1,297,489
General Mills, Inc., 4.20%, 04/17/2028		1,559,000		1,800,938

	Principal     Amount		Value
Food Products-(continued)
Kellogg Co., 4.30%, 05/15/2028	$	644,000	$	746,687
Mondelez International, Inc., 4.13%, 05/07/2028		614,000		710,116
				4,555,230
Health Care Equipment & Supplies-1.54%
Abbott Laboratories, 1.15%, 01/30/2028		763,000		741,076
Boston Scientific Corp., 4.00%, 03/01/2028		557,000		636,522
Edwards Lifesciences Corp., 4.30%, 06/15/2028		698,000		798,184
Stryker Corp., 3.65%, 03/07/2028		697,000		782,649
				2,958,431
Health Care Providers & Services-9.06%
Anthem, Inc., 4.10%, 03/01/2028		1,397,000		1,605,577
Cigna Corp., 4.38%, 10/15/2028		4,243,000		4,930,924
CVS Health Corp., 4.30%, 03/25/2028		7,530,000		8,650,028
McKesson Corp., 3.95%, 02/16/2028		700,000		793,818
UnitedHealth Group, Inc., 3.85%, 06/15/2028		1,292,000		1,473,203
				17,453,550
Hotels, Restaurants & Leisure-1.61%
McDonald’s Corp., 3.80%, 04/01/2028		1,185,000		1,337,951
Starbucks Corp.
3.50%, 03/01/2028		694,000		769,769
4.00%, 11/15/2028		862,000		997,227
				3,104,947
Household Products-0.35%
Clorox Co. (The), 3.90%, 05/15/2028		591,000		676,484
Industrial Conglomerates-0.92%
3M Co., 3.63%, 09/14/2028		647,000		732,109
Roper Technologies, Inc., 4.20%, 09/15/2028		909,000		1,045,722
				1,777,831
Insurance-1.75%
American International Group, Inc., 4.20%, 04/01/2028		862,000		990,912
Lincoln National Corp., 3.80%, 03/01/2028		558,000		631,124
Prudential Financial, Inc., 3.88%, 03/27/2028		694,000		801,848
Willis North America, Inc., 4.50%, 09/15/2028		823,000		954,067
				3,377,951
Internet & Direct Marketing Retail-1.22%
Booking Holdings, Inc., 3.55%, 03/15/2028		558,000		623,184
Expedia Group, Inc., 3.80%, 02/15/2028		1,128,000		1,205,787
QVC, Inc., 4.38%, 09/01/2028		511,000		526,011
				2,354,982
IT Services-0.31%
Mastercard, Inc., 3.50%, 02/26/2028		538,000		604,959
Machinery-1.53%
Trane Technologies Global Holding Co. Ltd., 3.75%, 08/21/2028		612,000		687,171
Wabtec Corp., 4.95%, 09/15/2028		1,397,000		1,636,866
Xylem, Inc., 1.95%, 01/30/2028		613,000		624,805
				2,948,842

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

  49  

Invesco BulletShares 2028 Corporate Bond ETF (BSCS)—(continued)

February 28, 2021

(Unaudited)

	Principal     Amount		Value
Marine-0.29%
Kirby Corp., 4.20%, 03/01/2028	$	506,000	$	549,370
Media-4.62%
Charter Communications Operating LLC/ Charter Communications Operating Capital Corp.
3.75%, 02/15/2028		1,133,000		1,238,911
4.20%, 03/15/2028		1,397,000		1,560,867
Comcast Corp.
3.15%, 02/15/2028		1,883,000		2,054,331
3.55%, 05/01/2028		1,127,000		1,256,441
Discovery Communications LLC, 3.95%, 03/20/2028		1,938,000		2,156,238
ViacomCBS, Inc., 3.38%, 02/15/2028		588,000		638,992
				8,905,780
Metals & Mining-0.35%
Nucor Corp., 3.95%, 05/01/2028		591,000		676,532
Multiline Retail-1.15%
Dollar General Corp., 4.13%, 05/01/2028		535,000		620,202
Dollar Tree, Inc., 4.20%, 05/15/2028		1,400,000		1,599,230
				2,219,432
Multi-Utilities-0.64%
Sempra Energy, 3.40%, 02/01/2028		1,129,000		1,239,878
Oil, Gas & Consumable Fuels-9.52%
BP Capital Markets PLC (United Kingdom), 3.72%, 11/28/2028		914,000		1,028,837
Chevron USA, Inc., 3.85%, 01/15/2028		643,000		731,898
Concho Resources, Inc., 4.30%, 08/15/2028		933,000		1,058,881
Continental Resources, Inc., 4.38%, 01/15/2028(b)		1,118,000		1,177,780
Enable Midstream Partners L.P., 4.95%, 05/15/2028		912,000		1,025,695
Energy Transfer Operating L.P., 4.95%, 06/15/2028		1,014,000		1,151,787
Equinor ASA (Norway), 3.63%, 09/10/2028		1,129,000		1,269,304
Kinder Morgan, Inc., 4.30%, 03/01/2028		1,398,000		1,591,400
MPLX L.P., 4.00%, 03/15/2028		1,403,000		1,562,928
ONEOK, Inc., 4.55%, 07/15/2028		916,000		1,026,340
Phillips 66, 3.90%, 03/15/2028		913,000		1,032,154
Phillips 66 Partners L.P., 3.75%, 03/01/2028		540,000		578,741
Sabine Pass Liquefaction LLC, 4.20%, 03/15/2028		1,502,000		1,680,937
TransCanada PipeLines Ltd. (Canada), 4.25%, 05/15/2028		1,607,000		1,846,279
Valero Energy Corp., 4.35%, 06/01/2028		855,000		962,575
Valero Energy Partners L.P., 4.50%, 03/15/2028		536,000		603,678
				18,329,214
Personal Products-0.82%
Unilever Capital Corp. (United Kingdom), 3.50%, 03/22/2028		1,400,000		1,576,042
Pharmaceuticals-6.54%
Bristol-Myers Squibb Co., 3.90%, 02/20/2028		1,660,000		1,903,708
GlaxoSmithKline Capital, Inc. (United Kingdom), 3.88%, 05/15/2028		1,989,000		2,293,835
Johnson & Johnson, 2.90%, 01/15/2028		1,673,000		1,832,492

	Principal     Amount		Value
Pharmaceuticals-(continued)
Pfizer, Inc., 3.60%, 09/15/2028	$	1,111,000	$	1,254,866
Pharmacia LLC, 6.60%, 12/01/2028		825,000		1,117,515
Sanofi (France), 3.63%, 06/19/2028		1,132,000		1,281,760
Takeda Pharmaceutical Co. Ltd. (Japan), 5.00%, 11/26/2028		1,860,000		2,247,065
Zoetis, Inc., 3.90%, 08/20/2028		588,000		665,250
				12,596,491
Road & Rail-1.80%
Canadian Pacific Railway Co. (Canada), 4.00%, 06/01/2028		507,000		580,755
CSX Corp., 3.80%, 03/01/2028		863,000		971,978
Union Pacific Corp., 3.95%, 09/10/2028		1,669,000		1,909,219
				3,461,952
Semiconductors & Semiconductor Equipment-0.77%
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.50%, 01/15/2028		1,383,000		1,480,696
Software-0.99%
salesforce.com, inc., 3.70%, 04/11/2028		1,672,000		1,897,948
Specialty Retail-1.51%
Home Depot, Inc. (The), 0.90%, 03/15/2028(b)		590,000		570,097
Lowe’s Cos., Inc., 1.30%, 04/15/2028		1,130,000		1,090,799
O’Reilly Automotive, Inc., 4.35%, 06/01/2028		587,000		679,754
TJX Cos., Inc. (The), 1.15%, 05/15/2028		591,000		571,014
				2,911,664
Technology Hardware, Storage & Peripherals-0.46%
Apple, Inc., 1.20%, 02/08/2028		900,000		880,257
Tobacco-1.36%
BAT Capital Corp. (United Kingdom), 2.26%, 03/25/2028		1,986,000		1,975,717
Philip Morris International, Inc., 3.13%, 03/02/2028(b)		586,000		639,514
				2,615,231
Trading Companies & Distributors-0.34%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland), 3.88%, 01/23/2028		601,000		645,106
Water Utilities-0.39%
American Water Capital Corp., 3.75%, 09/01/2028		674,000		760,470
Wireless Telecommunication Services-2.05%
Vodafone Group PLC (United Kingdom), 4.38%, 05/30/2028		3,385,000		3,949,902
Total U.S. Dollar Denominated Bonds & Notes (Cost $185,041,381)				190,435,543

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

  50  

Invesco BulletShares 2028 Corporate Bond ETF (BSCS)—(continued)

February 28, 2021

(Unaudited)

	Shares		Value
Money Market Funds-0.17%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(c)(d) (Cost $328,499)		328,499	$	328,499
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.03% (Cost $185,369,880)				190,764,042
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-2.29%
Invesco Private Government Fund, 0.01%(c)(d)(e)		1,758,986		1,758,986

	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 0.11%(c)(d)(e)		2,637,424	$	2,638,479
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $4,397,465)				4,397,465
TOTAL INVESTMENTS IN SECURITIES-101.32% (Cost $189,767,345)				195,161,507
OTHER ASSETS LESS LIABILITIES-(1.32)%				(2,534,723	)
NET ASSETS-100.00%.			$	192,626,784

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 February 28, 2021.

^(c)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2021.

	Value August 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value February 28, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	3,794,893		$	(3,466,394	)		$	-		$	-		$	328,499		$	41
Invesco Premier U.S. Government Money Portfolio, Institutional Class			335,319			1,156,078			(1,491,397	)			-			-			-			4
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			894,764			9,244,363			(8,380,141	)			-			-			1,758,986			95	*
Invesco Private Prime Fund			298,263			10,662,270			(8,322,114	)			-			60			2,638,479			450	*
Total		$	1,528,346		$	24,857,604		$	(21,660,046	)		$	-		$	60		$	4,725,964		$	590

* 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 February 28, 2021.

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

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

  51  

Invesco BulletShares 2028 Corporate Bond ETF (BSCS)—(continued)

February 28, 2021

(Unaudited)

Portfolio Composition

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

as of February 28, 2021

Financials	17.87
Health Care	17.14
Industrials	12.76
Consumer Staples	10.14
Energy	9.81
Communication Services	8.55
Consumer Discretionary	7.00
Real Estate	6.01
Utilities	4.28
Information Technology	4.06
Materials	1.24
Money Market Funds Plus Other Assets Less Liabilities	1.14

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

  52  

Invesco BulletShares 2029 Corporate Bond ETF (BSCT)

February 28, 2021

(Unaudited)

Schedule of Investments^(a)

	Principal     Amount		Value
U.S. Dollar Denominated Bonds & Notes-98.90%
Aerospace & Defense-0.95%
Boeing Co. (The), 3.20%, 03/01/2029	$	487,000	$	498,526
Raytheon Technologies Corp., 7.50%, 09/15/2029		244,000		342,575
				841,101
Air Freight & Logistics-0.44%
United Parcel Service, Inc., 3.40%, 03/15/2029		347,000		386,127
Airlines-0.29%
Delta Air Lines, Inc., 3.75%, 10/28/2029		257,000		255,426
Automobiles-0.89%
General Motors Financial Co., Inc., 5.65%, 01/17/2029		219,000		267,199
Toyota Motor Corp. (Japan), 2.76%, 07/02/2029		250,000		270,394
Toyota Motor Credit Corp., 3.65%, 01/08/2029		219,000		248,393
				785,986
Banks-7.21%
KeyCorp, 2.55%, 10/01/2029		380,000		395,997
Mitsubishi UFJ Financial Group, Inc. (Japan)
3.74%, 03/07/2029		700,000		787,841
3.20%, 07/18/2029		800,000		866,333
PNC Bank N.A., 2.70%, 10/22/2029		250,000		261,229
PNC Financial Services Group, Inc. (The), 3.45%, 04/23/2029		650,000		726,867
Sumitomo Mitsui Financial Group, Inc. (Japan)
3.04%, 07/16/2029		1,130,000		1,208,648
2.72%, 09/27/2029		200,000		209,095
Truist Financial Corp., 3.88%, 03/19/2029		263,000		298,332
Wells Fargo & Co., 4.15%, 01/24/2029		1,183,000		1,360,635
Zions Bancorporation N.A., 3.25%, 10/29/2029		250,000		258,600
				6,373,577
Beverages-4.28%
Anheuser-Busch InBev Worldwide, Inc. (Belgium), 4.75%, 01/23/2029		2,000,000		2,355,971
Coca-Cola Co. (The), 2.13%, 09/06/2029		437,000		446,756
Diageo Capital PLC (United Kingdom), 2.38%, 10/24/2029		600,000		624,263
PepsiCo, Inc., 7.00%, 03/01/2029		254,000		353,873
				3,780,863
Biotechnology-3.12%
AbbVie, Inc., 3.20%, 11/21/2029		2,560,000		2,756,080
Building Products-0.43%
Fortune Brands Home & Security, Inc., 3.25%, 09/15/2029		357,000		381,512
Capital Markets-3.52%
Bank of New York Mellon Corp. (The), 3.30%, 08/23/2029		377,000		415,408
BlackRock, Inc., 3.25%, 04/30/2029		487,000		543,748
Brookfield Finance, Inc. (Canada), 4.85%, 03/29/2029		484,000		573,557

	Principal     Amount		Value
Capital Markets-(continued)
Charles Schwab Corp. (The)
4.00%, 02/01/2029	$	265,000	$	306,208
3.25%, 05/22/2029		290,000		320,944
Lazard Group LLC, 4.38%, 03/11/2029		217,000		247,462
Northern Trust Corp., 3.15%, 05/03/2029		220,000		242,020
S&P Global, Inc., 2.50%, 12/01/2029		217,000		226,839
TD Ameritrade Holding Corp., 2.75%, 10/01/2029		220,000		233,182
				3,109,368
Chemicals-3.01%
Dow Chemical Co. (The), 7.38%, 11/01/2029		400,000		556,745
FMC Corp., 3.45%, 10/01/2029		220,000		240,525
Huntsman International LLC, 4.50%, 05/01/2029		330,000		372,296
Methanex Corp. (Canada), 5.25%, 12/15/2029		77,000		79,118
Nutrien Ltd. (Canada), 4.20%, 04/01/2029		380,000		439,525
Rohm & Haas Co., 7.85%, 07/15/2029		400,000		550,761
Sherwin-Williams Co. (The), 2.95%, 08/15/2029		397,000		420,959
				2,659,929
Commercial Services & Supplies-0.27%
Waste Connections, Inc., 3.50%, 05/01/2029		217,000		241,064
Communications Equipment-0.78%
Juniper Networks, Inc., 3.75%, 08/15/2029		267,000		293,371
Motorola Solutions, Inc., 4.60%, 05/23/2029		345,000		400,418
				693,789
Consumer Finance-0.45%
Synchrony Financial, 5.15%, 03/19/2029		334,000		395,307
Containers & Packaging-0.78%
Packaging Corp. of America, 3.00%, 12/15/2029		220,000		235,551
WRKCo, Inc., 4.90%, 03/15/2029		380,000		455,303
				690,854
Diversified Financial Services-0.54%
MidAmerican Energy Co., 3.65%, 04/15/2029		417,000		477,265
Diversified Telecommunication Services-4.79%
AT&T, Inc., 4.35%, 03/01/2029		1,400,000		1,608,599
Verizon Communications, Inc.
3.88%, 02/08/2029		485,000		551,065
4.02%, 12/03/2029		1,820,000		2,079,083
				4,238,747
Electric Utilities-4.19%
Avangrid, Inc., 3.80%, 06/01/2029		325,000		365,580
Duke Energy Corp., 3.40%, 06/15/2029		307,000		336,534
Duke Energy Florida LLC, 2.50%, 12/01/2029		352,000		370,456
Duke Energy Progress LLC, 3.45%, 03/15/2029		257,000		285,441
Evergy, Inc., 2.90%, 09/15/2029		349,000		368,903
Eversource Energy, Series O, 4.25%, 04/01/2029		200,000		232,993
Nevada Power Co., Series CC, 3.70%, 05/01/2029		217,000		245,606

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

  53  

Invesco BulletShares 2029 Corporate Bond ETF (BSCT)—(continued)

February 28, 2021

(Unaudited)

	Principal     Amount		Value
Electric Utilities-(continued)
NextEra Energy Capital Holdings, Inc.
3.50%, 04/01/2029	$	250,000	$	273,677
2.75%, 11/01/2029		483,000		504,716
Southern California Edison Co., Series A, 4.20%, 03/01/2029		220,000		252,000
Virginia Electric & Power Co., Series A, 2.88%, 07/15/2029		219,000		236,543
Xcel Energy, Inc., 2.60%, 12/01/2029		220,000		229,896
				3,702,345
Electronic Equipment, Instruments & Components-0.53%
Amphenol Corp., 4.35%, 06/01/2029		178,000		205,898
Keysight Technologies, Inc., 3.00%, 10/30/2029		247,000		263,414
				469,312
Energy Equipment & Services-0.78%
Baker Hughes, a GE Co. LLC/Baker Hughes Co-Obligor, Inc., 3.14%, 11/07/2029		207,000		222,340
Boardwalk Pipelines L.P., 4.80%, 05/03/2029		212,000		240,063
NOV, Inc., 3.60%, 12/01/2029		220,000		228,996
				691,399
Entertainment-1.64%
RELX Capital, Inc. (United Kingdom), 4.00%, 03/18/2029		465,000		526,912
Walt Disney Co. (The), 2.00%, 09/01/2029		920,000		926,106
				1,453,018
Equity REITs-8.07%
American Tower Corp.
3.95%, 03/15/2029		257,000		286,926
3.80%, 08/15/2029		770,000		856,229
Boston Properties L.P., 3.40%, 06/21/2029		417,000		449,367
Camden Property Trust, 3.15%, 07/01/2029		257,000		277,196
Crown Castle International Corp., 4.30%, 02/15/2029		265,000		301,989
CyrusOne L.P./CyrusOne Finance Corp., 3.45%, 11/15/2029		237,000		249,688
Digital Realty Trust L.P., 3.60%, 07/01/2029		440,000		486,035
ERP Operating L.P., 3.00%, 07/01/2029		257,000		275,190
Essex Portfolio L.P., 4.00%, 03/01/2029		265,000		298,919
GLP Capital L.P./GLP Financing II, Inc., 5.30%, 01/15/2029		350,000		401,070
Healthpeak Properties, Inc., 3.50%, 07/15/2029		259,000		284,904
Hudson Pacific Properties L.P., 4.65%, 04/01/2029		220,000		250,522
Omega Healthcare Investors, Inc., 3.63%, 10/01/2029		267,000		279,208
Public Storage, 3.39%, 05/01/2029		220,000		244,811
Realty Income Corp., 3.25%, 06/15/2029		220,000		238,331
Simon Property Group L.P., 2.45%, 09/13/2029		590,000		596,811
Ventas Realty L.P., 4.40%, 01/15/2029		375,000		426,174
VEREIT Operating Partnership L.P., 3.10%, 12/15/2029		257,000		268,257
Welltower, Inc., 4.13%, 03/15/2029		285,000		321,964
Weyerhaeuser Co., 4.00%, 11/15/2029		300,000		340,526
				7,134,117

	Principal     Amount		Value
Food & Staples Retailing-1.66%
Ahold Finance USA LLC (Netherlands), 6.88%, 05/01/2029	$	204,000	$	273,331
Kroger Co. (The), 4.50%, 01/15/2029		235,000		280,516
Walmart, Inc.
3.25%, 07/08/2029		590,000		656,434
2.38%, 09/24/2029		247,000		259,549
				1,469,830
Food Products-1.26%
Kraft Heinz Foods Co. (The), 4.63%, 01/30/2029		530,000		611,683
Tyson Foods, Inc., 4.35%, 03/01/2029		434,000		503,703
				1,115,386
Gas Utilities-0.32%
Piedmont Natural Gas Co., Inc., 3.50%, 06/01/2029		257,000		284,834
Health Care Equipment & Supplies-1.01%
Boston Scientific Corp., 4.00%, 03/01/2029		420,000		476,032
DH Europe Finance II S.a.r.l., 2.60%, 11/15/2029		397,000		412,982
				889,014
Health Care Providers & Services-2.87%
Anthem, Inc., 2.88%, 09/15/2029		407,000		433,290
CommonSpirit Health, 3.35%, 10/01/2029		447,000		480,820
HCA, Inc., 4.13%, 06/15/2029		870,000		980,133
Laboratory Corp. of America Holdings, 2.95%, 12/01/2029		337,000		359,573
Quest Diagnostics, Inc., 4.20%, 06/30/2029		245,000		285,180
				2,538,996
Hotels, Restaurants & Leisure-0.61%
Starbucks Corp., 3.55%, 08/15/2029		487,000		543,748
Household Durables-0.81%
Leggett & Platt, Inc., 4.40%, 03/15/2029		265,000		300,878
Whirlpool Corp., 4.75%, 02/26/2029		354,000		417,807
				718,685
Household Products-0.35%
Kimberly-Clark Corp., 3.20%, 04/25/2029		277,000		307,674
Industrial Conglomerates-1.50%
3M Co.
3.38%, 03/01/2029		397,000		441,244
2.38%, 08/26/2029		483,000		502,454
Roper Technologies, Inc., 2.95%, 09/15/2029		357,000		379,094
				1,322,792
Insurance-4.05%
American International Group, Inc., 4.25%, 03/15/2029		265,000		308,251
Aon Corp., 3.75%, 05/02/2029		377,000		425,365
CNA Financial Corp., 3.90%, 05/01/2029		247,000		280,923
CNO Financial Group, Inc., 5.25%, 05/30/2029		220,000		258,752
Hartford Financial Services Group, Inc. (The), 2.80%, 08/19/2029		307,000		324,656
Marsh & McLennan Cos., Inc., 4.38%, 03/15/2029		700,000		820,715
PartnerRe Finance B LLC, 3.70%, 07/02/2029		197,000		219,786

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

  54  

Invesco BulletShares 2029 Corporate Bond ETF (BSCT)—(continued)

February 28, 2021

(Unaudited)

	Principal     Amount		Value
Insurance-(continued)
Principal Financial Group, Inc., 3.70%, 05/15/2029	$	267,000	$	300,057
Progressive Corp. (The), 4.00%, 03/01/2029		281,000		326,016
Reinsurance Group of America, Inc., 3.90%, 05/15/2029		285,000		316,041
				3,580,562
IT Services-5.94%
Broadridge Financial Solutions, Inc., 2.90%, 12/01/2029		377,000		395,716
Fidelity National Information Services, Inc., 3.75%, 05/21/2029		487,000		546,043
Fiserv, Inc., 3.50%, 07/01/2029		1,354,000		1,487,058
International Business Machines Corp., 3.50%, 05/15/2029		1,510,000		1,660,546
Mastercard, Inc., 2.95%, 06/01/2029		437,000		474,068
PayPal Holdings, Inc., 2.85%, 10/01/2029		650,000		693,329
				5,256,760
Leisure Products-0.48%
Hasbro, Inc., 3.90%, 11/19/2029		387,000		424,704
Life Sciences Tools & Services-0.98%
PerkinElmer, Inc., 3.30%, 09/15/2029		373,000		400,980
Thermo Fisher Scientific, Inc., 2.60%, 10/01/2029		443,000		463,567
				864,547
Machinery-2.07%
Caterpillar, Inc., 2.60%, 09/19/2029		265,000		280,549
Deere & Co., 5.38%, 10/16/2029		254,000		323,859
John Deere Capital Corp., 3.45%, 03/07/2029		237,000		266,344
Parker-Hannifin Corp., 3.25%, 06/14/2029		487,000		530,384
Trane Technologies Luxembourg Finance S.A., 3.80%, 03/21/2029		377,000		426,891
				1,828,027
Media-1.61%
Charter Communications Operating LLC/ Charter Communications Operating Capital Corp., 5.05%, 03/30/2029		590,000		689,659
Discovery Communications LLC, 4.13%, 05/15/2029		377,000		425,672
ViacomCBS, Inc., 4.20%, 06/01/2029		267,000		304,247
				1,419,578
Metals & Mining-0.28%
ArcelorMittal S.A. (Luxembourg), 4.25%, 07/16/2029		220,000		244,904
Multiline Retail-0.61%
Target Corp., 3.38%, 04/15/2029		483,000		540,356
Multi-Utilities-0.64%
DTE Energy Co., Series C, 3.40%, 06/15/2029		219,000		240,493
Eastern Energy Gas Holdings LLC, Series B, 3.00%, 11/15/2029		307,000		325,967
				566,460
Oil, Gas & Consumable Fuels-9.37%
Chevron USA, Inc., 3.25%, 10/15/2029		160,000		177,586
Cimarex Energy Co., 4.38%, 03/15/2029		220,000		246,126
ConocoPhillips, 6.95%, 04/15/2029		720,000		981,572

	Principal     Amount		Value
Oil, Gas & Consumable Fuels-(continued)
Diamondback Energy, Inc., 3.50%, 12/01/2029	$	570,000	$	598,006
Enable Midstream Partners L.P., 4.15%, 09/15/2029		287,000		304,331
Enbridge, Inc. (Canada), 3.13%, 11/15/2029		437,000		464,748
Energy Transfer Operating L.P., 5.25%, 04/15/2029		700,000		808,696
Enterprise Products Operating LLC, 3.13%, 07/31/2029		590,000		632,372
Exxon Mobil Corp., 2.44%, 08/16/2029		590,000		613,280
Husky Energy, Inc. (Canada), 4.40%, 04/15/2029		377,000		414,385
MPLX L.P., 4.80%, 02/15/2029		375,000		437,330
ONEOK, Inc., 4.35%, 03/15/2029		354,000		390,966
Phillips 66 Partners L.P., 3.15%, 12/15/2029		307,000		311,019
Shell International Finance B.V. (Netherlands), 2.38%, 11/07/2029		700,000		718,498
Total Capital International S.A. (France), 3.46%, 02/19/2029		590,000		654,347
Valero Energy Corp., 4.00%, 04/01/2029		483,000		530,822
				8,284,084
Paper & Forest Products-0.32%
Georgia-Pacific LLC, 7.75%, 11/15/2029		199,000		284,282
Personal Products-0.86%
Estee Lauder Cos., Inc. (The), 2.38%, 12/01/2029		337,000		351,213
Unilever Capital Corp. (United Kingdom), 2.13%, 09/06/2029		400,000		408,947
				760,160
Pharmaceuticals-3.99%
AstraZeneca PLC (United Kingdom), 4.00%, 01/17/2029		485,000		556,050
Eli Lilly and Co., 3.38%, 03/15/2029		547,000		610,218
GlaxoSmithKline Capital PLC (United Kingdom), 3.38%, 06/01/2029		487,000		545,524
Merck & Co., Inc., 3.40%, 03/07/2029		810,000		909,923
Pfizer, Inc., 3.45%, 03/15/2029		810,000		907,551
				3,529,266
Road & Rail-1.16%
CSX Corp., 4.25%, 03/15/2029		464,000		540,381
Union Pacific Corp., 3.70%, 03/01/2029		433,000		486,650
				1,027,031
Semiconductors & Semiconductor Equipment-2.95%
Intel Corp., 2.45%, 11/15/2029		917,000		958,071
KLA Corp., 4.10%, 03/15/2029		345,000		397,868
Lam Research Corp., 4.00%, 03/15/2029		433,000		499,706
Micron Technology, Inc., 5.33%, 02/06/2029		305,000		367,563
Texas Instruments, Inc., 2.25%, 09/04/2029		377,000		387,194
				2,610,402
Specialty Retail-2.22%
Home Depot, Inc. (The), 2.95%, 06/15/2029		813,000		880,141
Lowe’s Cos., Inc., 3.65%, 04/05/2029		700,000		782,836
O’Reilly Automotive, Inc., 3.90%, 06/01/2029		267,000		300,819
				1,963,796

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

  55  

Invesco BulletShares 2029 Corporate Bond ETF (BSCT)—(continued)

February 28, 2021

(Unaudited)

	Principal     Amount		Value
Technology Hardware, Storage & Peripherals-0.94%
Apple, Inc., 2.20%, 09/11/2029	$	810,000	$	831,751
Tobacco-2.45%
Altria Group, Inc., 4.80%, 02/14/2029		1,300,000		1,518,619
BAT Capital Corp. (United Kingdom), 3.46%, 09/06/2029		217,000		230,371
Philip Morris International, Inc., 3.38%, 08/15/2029		377,000		414,488
				2,163,478
Trading Companies & Distributors-0.29%
GATX Corp., 4.70%, 04/01/2029		220,000		259,226
Water Utilities-0.34%
American Water Capital Corp., 3.45%, 06/01/2029		269,000		299,392
Total U.S. Dollar Denominated Bonds & Notes (Cost $88,232,565)				87,446,911

	Shares		Value
Money Market Funds-0.15%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(b)(c) (Cost $127,392)		127,392	$	127,392
TOTAL INVESTMENTS IN SECURITIES-99.05% (Cost $88,359,957)				87,574,303
OTHER ASSETS LESS LIABILITIES-0.95%				841,955
NET ASSETS-100.00%			$	88,416,258

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)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2021.

	Value August 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value February 28, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	1,057,682		$	(930,290	)		$	-		$	-		$	127,392		$	17
Invesco Premier U.S. Government Money Portfolio, Institutional Class			41,737			113,247			(154,984	)			-			-			-			-
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			217,049			1,052,953			(1,270,002	)			-			-			-			24	*
Invesco Private Prime Fund			73,454			995,072			(1,068,539	)			-			13			-			82	*
Total		$	332,240		$	3,218,954		$	(3,423,815	)		$	-		$	13		$	127,392		$	123

* 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.

^(c)  The rate shown is the 7-day SEC standardized yield as of February 28, 2021.

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

  56  

Invesco BulletShares 2029 Corporate Bond ETF (BSCT)—(continued)

February 28, 2021

(Unaudited)

 Portfolio Composition

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

as of February 28, 2021
Financials	15.77
Health Care	11.97
Information Technology	11.14
Consumer Staples	10.86
Energy	10.15
Real Estate	8.07
Communication Services	8.04
Industrials	7.40
Consumer Discretionary	5.62
Utilities	5.49
Materials	4.39
Money Market Funds Plus Other Assets Less Liabilities	1.10

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

  57  

Invesco BulletShares 2030 Corporate Bond ETF (BSCU)

February 28, 2021

(Unaudited)

Schedule of Investments^(a)

	Principal     Amount		Value
U.S. Dollar Denominated Bonds & Notes-99.28%
Aerospace & Defense-3.81%
Boeing Co. (The), 5.15%, 05/01/2030	$	510,000	$	591,752
Raytheon Technologies Corp., 2.25%, 07/01/2030		133,000		134,053
Textron, Inc., 3.00%, 06/01/2030		51,000		52,989
				778,794
Auto Components-0.41%
Magna International, Inc. (Canada), 2.45%, 06/15/2030		81,000		82,939
Automobiles-0.70%
General Motors Financial Co., Inc., 3.60%, 06/21/2030		133,000		143,151
Banks-6.71%
Banco Santander S.A. (Spain), 3.49%, 05/28/2030		200,000		216,602
Citizens Financial Group, Inc., 3.25%, 04/30/2030		80,000		86,621
Mitsubishi UFJ Financial Group, Inc. (Japan)
2.56%, 02/25/2030		200,000		206,773
2.05%, 07/17/2030		200,000		198,432
Sumitomo Mitsui Financial Group, Inc. (Japan)
2.75%, 01/15/2030		200,000		209,495
2.13%, 07/08/2030		200,000		199,399
SVB Financial Group, 3.13%, 06/05/2030		67,000		71,929
Truist Financial Corp., 1.95%, 06/05/2030		80,000		80,252
U.S. Bancorp, 1.38%, 07/22/2030		107,000		101,821
				1,371,324
Beverages-2.75%
Coca-Cola Co. (The), 1.65%, 06/01/2030		133,000		129,810
Constellation Brands, Inc., 2.88%, 05/01/2030		50,000		52,362
Diageo Capital PLC (United Kingdom), 2.00%, 04/29/2030		200,000		200,082
Keurig Dr Pepper, Inc., 3.20%, 05/01/2030		97,000		104,526
PepsiCo, Inc., 1.63%, 05/01/2030		77,000		75,277
				562,057
Biotechnology-2.58%
Amgen, Inc., 2.45%, 02/21/2030		163,000		167,122
Biogen, Inc., 2.25%, 05/01/2030		193,000		192,227
Gilead Sciences, Inc., 1.65%, 10/01/2030		77,000		73,698
Regeneron Pharmaceuticals, Inc., 1.75%, 09/15/2030		100,000		94,388
				527,435
Building Products-0.24%
Johnson Controls International PLC/Tyco Fire & Security Finance S.C.A., 1.75%, 09/15/2030		51,000		49,557
Capital Markets-3.11%
Brookfield Finance, Inc. (Canada), 4.35%, 04/15/2030		87,000		100,573
Cboe Global Markets, Inc., 1.63%, 12/15/2030		40,000		38,495
CI Financial Corp. (Canada), 3.20%, 12/17/2030		80,000		80,278
Franklin Resources, Inc., 1.60%, 10/30/2030		61,000		57,950
Nomura Holdings, Inc. (Japan), 2.68%, 07/16/2030		200,000		203,676

	Principal     Amount		Value
Capital Markets-(continued)
Northern Trust Corp., 1.95%, 05/01/2030	$	107,000	$	107,079
S&P Global, Inc., 1.25%, 08/15/2030		51,000		47,946
				635,997
Chemicals-2.69%
Air Products and Chemicals, Inc., 2.05%, 05/15/2030		107,000		108,264
Dow Chemical Co. (The), 2.10%, 11/15/2030		53,000		52,053
EI du Pont de Nemours and Co., 2.30%, 07/15/2030		40,000		40,821
Linde, Inc., 1.10%, 08/10/2030		51,000		47,327
LYB International Finance III LLC
3.38%, 05/01/2030		67,000		72,105
2.25%, 10/01/2030		100,000		98,992
Nutrien Ltd. (Canada), 2.95%, 05/13/2030		67,000		71,155
Sherwin-Williams Co. (The), 2.30%, 05/15/2030		58,000		58,628
				549,345
Commercial Services & Supplies-0.25%
Republic Services, Inc., 2.30%, 03/01/2030		50,000		50,917
Communications Equipment-0.49%
Motorola Solutions, Inc., 2.30%, 11/15/2030		103,000		100,540
Construction & Engineering-0.64%
Quanta Services, Inc., 2.90%, 10/01/2030		127,000		131,346
Construction Materials-0.41%
Martin Marietta Materials, Inc., Series CB, 2.50%, 03/15/2030		38,000		39,262
Vulcan Materials Co., 3.50%, 06/01/2030		40,000		44,065
				83,327
Containers & Packaging-0.96%
Avery Dennison Corp., 2.65%, 04/30/2030		58,000		59,942
Bemis Co., Inc., 2.63%, 06/19/2030		60,000		61,991
Sonoco Products Co., 3.13%, 05/01/2030		70,000		74,322
				196,255
Distributors-0.18%
Genuine Parts Co., 1.88%, 11/01/2030		38,000		35,922
Diversified Consumer Services-0.55%
Block Financial LLC, 3.88%, 08/15/2030		71,000		74,359
Yale University, 1.48%, 04/15/2030		38,000		37,241
				111,600
Diversified Telecommunication Services-0.37%
Verizon Communications, Inc., 1.50%, 09/18/2030		80,000		75,114
Electric Utilities-5.46%
AEP Texas, Inc., Series I, 2.10%, 07/01/2030		67,000		67,185
Alabama Power Co., Series 20-A, 1.45%, 09/15/2030		41,000		38,990
Duke Energy Carolinas LLC, 2.45%, 02/01/2030		68,000		70,406
Duke Energy Corp., 2.45%, 06/01/2030		110,000		111,513
Duke Energy Florida LLC, 1.75%, 06/15/2030		38,000		37,188
Entergy Corp., 2.80%, 06/15/2030		67,000		69,693
Eversource Energy, Series R, 1.65%, 08/15/2030		51,000		48,978

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

  58  

Invesco BulletShares 2030 Corporate Bond ETF (BSCU)—(continued)

February 28, 2021

(Unaudited)

	Principal     Amount		Value
Electric Utilities-(continued)
NextEra Energy Capital Holdings, Inc., 2.25%, 06/01/2030	$	263,000	$	264,440
Pacific Gas and Electric Co., 4.55%, 07/01/2030		367,000		407,996
				1,116,389
Electrical Equipment-0.37%
Acuity Brands Lighting, Inc., 2.15%, 12/15/2030		38,000		37,021
Emerson Electric Co., 1.95%, 10/15/2030		38,000		38,387
				75,408
Electronic Equipment, Instruments & Components-0.61%
FLIR Systems, Inc., 2.50%, 08/01/2030		60,000		61,596
Jabil, Inc., 3.60%, 01/15/2030		60,000		64,168
				125,764
Energy Equipment & Services-1.31%
Halliburton Co., 2.92%, 03/01/2030		117,000		119,627
Schlumberger Investment S.A., 2.65%, 06/26/2030		143,000		148,063
				267,690
Entertainment-0.54%
Activision Blizzard, Inc., 1.35%, 09/15/2030		28,000		26,079
RELX Capital, Inc. (United Kingdom), 3.00%, 05/22/2030		80,000		85,337
				111,416
Equity REITs-3.73%
American Tower Corp.
2.90%, 01/15/2030		80,000		83,701
1.88%, 10/15/2030		100,000		95,393
Brixmor Operating Partnership L.P., 4.05%, 07/01/2030		90,000		99,260
Camden Property Trust, 2.80%, 05/15/2030		80,000		84,229
Host Hotels & Resorts L.P., Series I, 3.50%, 09/15/2030		100,000		101,255
Kimco Realty Corp., 2.70%, 10/01/2030		60,000		61,429
Prologis L.P., 1.25%, 10/15/2030		61,000		57,222
Regency Centers L.P., 3.70%, 06/15/2030		80,000		87,807
Simon Property Group L.P., 2.65%, 07/15/2030		90,000		91,277
				761,573
Food & Staples Retailing-1.69%
Costco Wholesale Corp., 1.60%, 04/20/2030		233,000		226,766
Kroger Co. (The), 2.20%, 05/01/2030		78,000		78,486
Walgreens Boots Alliance, Inc., 3.20%, 04/15/2030(b)		38,000		40,667
				345,919
Food Products-3.28%
Campbell Soup Co., 2.38%, 04/24/2030		68,000		68,420
Hormel Foods Corp., 1.80%, 06/11/2030		133,000		130,813
Ingredion, Inc., 2.90%, 06/01/2030		80,000		83,993
JM Smucker Co. (The), 2.38%, 03/15/2030		68,000		68,944
Kellogg Co., 2.10%, 06/01/2030		68,000		67,797
McCormick & Co., Inc., 2.50%, 04/15/2030		78,000		80,311
Mondelez International, Inc., 2.75%, 04/13/2030		163,000		169,952
				670,230

	Principal     Amount		Value
Gas Utilities-0.58%
CenterPoint Energy Resources Corp., 1.75%, 10/01/2030	$	38,000	$	36,549
Southern California Gas Co., Series XX, 2.55%, 02/01/2030		80,000		82,992
				119,541
Health Care Equipment & Supplies-2.65%
Abbott Laboratories, 1.40%, 06/30/2030		51,000		48,690
Becton, Dickinson and Co., 2.82%, 05/20/2030		97,000		101,894
Boston Scientific Corp., 2.65%, 06/01/2030		133,000		137,100
DENTSPLY SIRONA, Inc., 3.25%, 06/01/2030		97,000		103,038
Smith & Nephew PLC (United Kingdom), 2.03%, 10/14/2030		77,000		74,805
Stryker Corp., 1.95%, 06/15/2030		77,000		75,817
				541,344
Health Care Providers & Services-4.54%
AmerisourceBergen Corp., 2.80%, 05/15/2030		68,000		71,017
Anthem, Inc., 2.25%, 05/15/2030		133,000		133,384
Centene Corp., 3.00%, 10/15/2030		133,000		135,254
Cigna Corp., 2.40%, 03/15/2030		183,000		185,001
CommonSpirit Health, 2.78%, 10/01/2030		80,000		83,022
CVS Health Corp., 1.75%, 08/21/2030		100,000		95,910
Sutter Health, Series 20A, 2.29%, 08/15/2030		90,000		91,309
UnitedHealth Group, Inc., 2.00%, 05/15/2030		133,000		132,574
				927,471
Hotels, Restaurants & Leisure-2.35%
Marriott International, Inc., Series FF, 4.63%, 06/15/2030		133,000		150,864
McDonald’s Corp., 2.13%, 03/01/2030		81,000		81,209
Starbucks Corp.
2.25%, 03/12/2030		100,000		101,492
2.55%, 11/15/2030		143,000		147,324
				480,889
Household Durables-0.38%
NVR, Inc., 3.00%, 05/15/2030		73,000		77,287
Household Products-0.65%
Clorox Co. (The), 1.80%, 05/15/2030		38,000		37,308
Procter & Gamble Co. (The), 1.20%, 10/29/2030		100,000		94,731
				132,039
Industrial Conglomerates-1.42%
General Electric Co., 3.63%, 05/01/2030		143,000		155,397
Honeywell International, Inc., 1.95%, 06/01/2030		133,000		133,998
				289,395
Insurance-5.43%
Alleghany Corp., 3.63%, 05/15/2030		100,000		111,175
Allstate Corp. (The), 1.45%, 12/15/2030		50,000		47,662
American International Group, Inc., 3.40%, 06/30/2030		133,000		145,473
Aon Corp., 2.80%, 05/15/2030		117,000		123,129
Berkshire Hathaway Finance Corp.
1.85%, 03/12/2030		58,000		58,257
1.45%, 10/15/2030		61,000		59,036
Brighthouse Financial, Inc., 5.63%, 05/15/2030		70,000		84,710
CNA Financial Corp., 2.05%, 08/15/2030		40,000		39,095

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

  59  

Invesco BulletShares 2030 Corporate Bond ETF (BSCU)—(continued)

February 28, 2021

(Unaudited)

	Principal     Amount		Value
Insurance-(continued)
Loews Corp., 3.20%, 05/15/2030	$	58,000	$	63,630
Marsh & McLennan Cos., Inc., 2.25%, 11/15/2030		87,000		87,757
Principal Financial Group, Inc., 2.13%, 06/15/2030		71,000		70,330
Prudential Financial, Inc., 2.10%, 03/10/2030(b)		78,000		79,978
Prudential PLC (United Kingdom), 3.13%, 04/14/2030		80,000		86,957
Reinsurance Group of America, Inc., 3.15%, 06/15/2030		50,000		53,051
				1,110,240
Interactive Media & Services-0.80%
Alphabet, Inc., 1.10%, 08/15/2030		173,000		162,618
Internet & Direct Marketing Retail-2.76%
Amazon.com, Inc., 1.50%, 06/03/2030		253,000		245,278
Booking Holdings, Inc., 4.63%, 04/13/2030		173,000		205,750
eBay, Inc., 2.70%, 03/11/2030		110,000		113,775
				564,803
IT Services-3.33%
Automatic Data Processing, Inc., 1.25%, 09/01/2030		77,000		73,053
Fiserv, Inc., 2.65%, 06/01/2030		133,000		137,008
Global Payments, Inc., 2.90%, 05/15/2030		133,000		138,258
International Business Machines Corp., 1.95%, 05/15/2030		200,000		197,164
PayPal Holdings, Inc., 2.30%, 06/01/2030		133,000		135,789
				681,272
Life Sciences Tools & Services-0.33%
Agilent Technologies, Inc., 2.10%, 06/04/2030		68,000		68,067
Machinery-1.82%
Cummins, Inc., 1.50%, 09/01/2030		63,000		60,249
Flowserve Corp., 3.50%, 10/01/2030		60,000		63,259
IDEX Corp., 3.00%, 05/01/2030		38,000		40,186
John Deere Capital Corp., 2.45%, 01/09/2030		40,000		42,117
Otis Worldwide Corp., 2.57%, 02/15/2030		163,000		167,173
				372,984
Media-1.07%
Discovery Communications LLC, 3.63%, 05/15/2030		107,000		117,204
Omnicom Group, Inc., 2.45%, 04/30/2030		101,000		102,459
				219,663
Metals & Mining-1.37%
Newmont Corp., 2.25%, 10/01/2030		117,000		116,151
Nucor Corp., 2.70%, 06/01/2030		58,000		60,751
Reliance Steel & Aluminum Co., 2.15%, 08/15/2030		38,000		37,198
Teck Resources Ltd. (Canada), 3.90%, 07/15/2030		60,000		64,944
				279,044
Multi-Utilities-1.12%
NiSource, Inc., 3.60%, 05/01/2030		117,000		129,732

	Principal     Amount		Value
Multi-Utilities-(continued)
Public Service Enterprise Group, Inc., 1.60%, 08/15/2030	$	41,000	$	38,461
San Diego Gas & Electric Co., Series VVV, 1.70%, 10/01/2030		63,000		60,700
				228,893
Oil, Gas & Consumable Fuels-8.84%
Baker Hughes a GE Co. LLC/Baker Hughes Co.-Obligor, Inc., 4.49%, 05/01/2030		78,000		91,391
BP Capital Markets America, Inc., 1.75%, 08/10/2030		77,000		73,905
Canadian Natural Resources Ltd. (Canada), 2.95%, 07/15/2030		58,000		59,233
Chevron Corp., 2.24%, 05/11/2030		173,000		176,245
Enterprise Products Operating LLC, 2.80%, 01/31/2030(b)		143,000		149,575
EOG Resources, Inc., 4.38%, 04/15/2030(b)		90,000		105,327
Equinor ASA (Norway), 2.38%, 05/22/2030		87,000		88,571
Exxon Mobil Corp., 2.61%, 10/15/2030		253,000		263,610
Magellan Midstream Partners L.P., 3.25%, 06/01/2030		100,000		106,924
MPLX L.P., 2.65%, 08/15/2030		120,000		118,825
ONEOK, Inc., 3.10%, 03/15/2030		100,000		102,052
Phillips 66, 2.15%, 12/15/2030		70,000		67,864
Pioneer Natural Resources Co., 1.90%, 08/15/2030		87,000		83,129
Plains All American Pipeline L.P./PAA Finance Corp., 3.80%, 09/15/2030		87,000		90,126
Transcontinental Gas Pipe Line Co. LLC, 3.25%, 05/15/2030		80,000		85,413
Williams Cos., Inc. (The), 3.50%, 11/15/2030		133,000		143,847
				1,806,037
Personal Products-0.46%
Estee Lauder Cos., Inc. (The), 2.60%, 04/15/2030		90,000		94,957
Pharmaceuticals-4.84%
AstraZeneca PLC (United Kingdom), 1.38%, 08/06/2030		50,000		46,827
Bristol-Myers Squibb Co., 1.45%, 11/13/2030		100,000		95,658
Johnson & Johnson, 1.30%, 09/01/2030		100,000		95,421
Merck & Co., Inc., 1.45%, 06/24/2030		133,000		128,062
Perrigo Finance Unlimited Co., 3.15%, 06/15/2030		200,000		204,852
Pfizer, Inc., 1.70%, 05/28/2030(b)		77,000		75,667
Takeda Pharmaceutical Co. Ltd. (Japan), 2.05%, 03/31/2030		200,000		195,906
Zoetis, Inc., 2.00%, 05/15/2030		150,000		147,355
				989,748
Professional Services-0.36%
Equifax, Inc., 3.10%, 05/15/2030		70,000		74,447
Road & Rail-0.20%
Canadian Pacific Railway Co. (Canada), 2.05%, 03/05/2030		40,000		40,146
Semiconductors & Semiconductor Equipment-1.98%
Applied Materials, Inc., 1.75%, 06/01/2030		61,000		60,167
Lam Research Corp., 1.90%, 06/15/2030		41,000		40,740
QUALCOMM, Inc., 2.15%, 05/20/2030		133,000		134,522

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

  60  

Invesco BulletShares 2030 Corporate Bond ETF (BSCU)—(continued)

February 28, 2021

(Unaudited)

	Principal     Amount		Value
Semiconductors & Semiconductor Equipment-(continued)
Texas Instruments, Inc., 1.75%, 05/04/2030	$	61,000	$	59,978
Xilinx, Inc., 2.38%, 06/01/2030		107,000		108,349
				403,756
Software-1.40%
Autodesk, Inc., 2.85%, 01/15/2030		38,000		40,091
Citrix Systems, Inc., 3.30%, 03/01/2030		100,000		105,251
Intuit, Inc., 1.65%, 07/15/2030		38,000		37,269
ServiceNow, Inc., 1.40%, 09/01/2030		113,000		104,580
				287,191
Specialty Retail-1.44%
AutoNation, Inc., 4.75%, 06/01/2030		88,000		103,342
Best Buy Co., Inc., 1.95%, 10/01/2030		51,000		49,142
Lowe’s Cos., Inc., 1.70%, 10/15/2030		97,000		92,826
Tractor Supply Co., 1.75%, 11/01/2030		51,000		48,661
				293,971
Technology Hardware, Storage & Peripherals-1.79%
Apple, Inc.
1.65%, 05/11/2030		183,000		178,571
1.25%, 08/20/2030		100,000		94,456
NetApp, Inc., 2.70%, 06/22/2030		90,000		92,749
				365,776
Textiles, Apparel & Luxury Goods-0.84%
Ralph Lauren Corp., 2.95%, 06/15/2030		81,000		85,696
VF Corp., 2.95%, 04/23/2030		80,000		85,084
				170,780
Tobacco-1.04%
Altria Group, Inc., 3.40%, 05/06/2030		97,000		103,613
Philip Morris International, Inc.
2.10%, 05/01/2030		50,000		49,584
1.75%, 11/01/2030		61,000		58,564
				211,761

	Principal     Amount		Value
Trading Companies & Distributors-1.11%
Air Lease Corp.
3.00%, 02/01/2030	$	50,000	$	49,735
3.13%, 12/01/2030		100,000		99,992
GATX Corp., 4.00%, 06/30/2030		67,000		76,307
				226,034
Water Utilities-0.54%
American Water Capital Corp., 2.80%, 05/01/2030		67,000		70,939
Essential Utilities, Inc., 2.70%, 04/15/2030		38,000		39,454
				110,393
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.28% (Cost $20,923,881)				20,290,556
	Shares
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-1.90%
Invesco Private Government Fund, 0.01%(c)(d)(e)		155,147		155,147
Invesco Private Prime Fund, 0.11%(c)(d)(e)		232,627		232,720
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $387,867)				387,867
TOTAL INVESTMENTS IN SECURITIES-101.18% (Cost $21,311,748)				20,678,423
OTHER ASSETS LESS LIABILITIES-(1.18)%				(241,850	)
NET ASSETS-100.00%			$	20,436,573

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 February 28, 2021.

^(c)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the period ended February 28, 2021.

	Value August 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value February 28, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	347,478		$	(347,478	)		$	-		$	-		$	-		$	4
Invesco Premier U.S. Government Money Portfolio, Institutional Class			-			10,749			(10,749	)			-			-			-			-

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

  61  

Invesco BulletShares 2030 Corporate Bond ETF (BSCU)—(continued)

February 28, 2021

(Unaudited)

	Value August 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value February 28, 2021			Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		$	-		$	278,566		$	(123,419	)		$	-		$	-		$	155,147		$	4	*
Invesco Private Prime Fund			-			409,854			(177,139	)			-			5			232,720			37	*
Total		$	-		$	1,046,647		$	(658,785	)		$	-		$	5		$	387,867		$	45

* 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 February 28, 2021.

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

 Portfolio Composition

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

 as of February 28, 2021

Financials	15.25
Health Care	14.94
Industrials	10.22
Energy	10.15
Consumer Staples	9.87
Information Technology	9.61
Consumer Discretionary	9.60
Utilities	7.71
Materials	5.42
Real Estate	3.73
Communication Services	2.78
Money Market Funds Plus Other Assets Less Liabilities	0.72

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

  62  

Invesco BulletShares 2021 High Yield Corporate Bond ETF (BSJL)

February 28, 2021

(Unaudited)

Schedule of Investments^(a)

	Principal     Amount		Value
U.S. Dollar Denominated Bonds & Notes-80.45%
Aerospace & Defense-1.98%
Bombardier, Inc. (Canada), 8.75%, 12/01/2021(b)	$	15,488,000	$	16,081,732
Airlines-0.67%
Air Canada (Canada), 7.75%, 04/15/2021(b)		5,398,000		5,439,835
Automobiles-4.91%
Ford Motor Credit Co. LLC
5.88%, 08/02/2021		24,873,000		25,331,907
3.81%, 10/12/2021		14,302,000		14,498,080
				39,829,987
Chemicals-0.88%
Blue Cube Spinco LLC, 10.00%, 10/15/2025		6,740,000		7,139,345
Communications Equipment-1.67%
Hughes Satellite Systems Corp., 7.63%, 06/15/2021		13,349,000		13,582,607
Construction & Engineering-0.72%
Great Lakes Dredge & Dock Corp., 8.00%, 05/15/2022		5,795,000		5,854,399
Consumer Finance-1.06%
Navient Corp., 6.63%, 07/26/2021		8,452,000		8,594,628
Containers & Packaging-1.87%
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 6.00%, 02/15/2025(b)		751,000		777,060
Flex Acquisition Co., Inc., 6.88%, 01/15/2025(b)		9,171,000		9,313,242
Silgan Holdings, Inc., 4.75%, 03/15/2025		4,969,000		5,042,914
				15,133,216
Diversified Telecommunication Services-5.57%
Altice France S.A. (France), 7.38%, 05/01/2026(b)		26,350,000		27,521,257
Lumen Technologies, Inc., Series S, 6.45%, 06/15/2021		17,451,000		17,695,314
				45,216,571
Electric Utilities-5.59%
NRG Energy, Inc.
7.25%, 05/15/2026		13,479,000		14,051,858
6.63%, 01/15/2027		16,565,000		17,249,797
Vistra Operations Co. LLC, 5.50%, 09/01/2026(b)		13,491,000		14,013,776
				45,315,431
Electrical Equipment-1.80%
Sensata Technologies UK Financing Co. PLC, 6.25%, 02/15/2026(b)		14,090,000		14,572,935
Food & Staples Retailing-0.47%
Simmons Foods, Inc., 7.75%, 01/15/2024(b)		3,652,000		3,792,072
Food Products-0.31%
TreeHouse Foods, Inc., 6.00%, 02/15/2024(b)		2,460,000		2,511,254

	Principal     Amount		Value
Health Care Equipment & Supplies-0.69%
Teleflex, Inc., 4.88%, 06/01/2026	$	5,399,000	$	5,580,190
Health Care Providers & Services-2.37%
Acadia Healthcare Co., Inc.
5.63%, 02/15/2023		9,967,000		9,967,000
6.50%, 03/01/2024		5,099,000		5,181,859
Encompass Health Corp., 5.13%, 03/15/2023		4,048,000		4,062,755
				19,211,614
Hotels, Restaurants & Leisure-5.84%
Boyne USA, Inc., 7.25%, 05/01/2025(b)		7,819,000		8,157,915
KFC Holding Co./Pizza Hut Holdings LLC/ Taco Bell of America LLC, 5.25%, 06/01/2026(b)		14,921,000		15,452,561
Stars Group Holdings B.V./Stars Group US Co-Borrower LLC (Canada), 7.00%, 07/15/2026(b)		13,482,000		14,189,805
Travel + Leisure Co., 5.63%, 03/01/2021		4,809,000		4,809,000
Yum! Brands, Inc., 3.75%, 11/01/2021		4,716,000		4,756,675
				47,365,956
Household Durables-1.97%
KB Home, 7.00%, 12/15/2021		6,374,000		6,562,830
Prestige Brands, Inc., 6.38%, 03/01/2024(b)		9,255,000		9,402,524
				15,965,354
Independent Power and Renewable Electricity Producers-2.41%
Clearway Energy Operating LLC, 5.75%, 10/15/2025		8,088,000		8,471,573
Enviva Partners L.P./Enviva Partners Finance Corp., 6.50%, 01/15/2026(b)		10,604,000		11,114,318
				19,585,891
Industrial Conglomerates-1.64%
Icahn Enterprises L.P./Icahn Enterprises Finance Corp.
6.25%, 02/01/2022		3,483,000		3,484,741
6.75%, 02/01/2024		9,575,000		9,778,469
				13,263,210
Insurance-1.16%
Genworth Holdings, Inc., 7.63%, 09/24/2021		9,421,000		9,397,448
IT Services-0.25%
WEX, Inc., 4.75%, 02/01/2023(b)		2,032,000		2,034,032
Media-14.29%
Altice Financing S.A. (Luxembourg), 7.50%, 05/15/2026(b)		15,023,000		15,700,688
CCO Holdings LLC/CCO Holdings Capital Corp.
5.75%, 02/15/2026(b)		29,191,000		30,205,387
5.88%, 05/01/2027(b)		9,341,000		9,677,276
CSC Holdings LLC, 6.75%, 11/15/2021		16,354,000		16,916,169
DISH DBS Corp., 6.75%, 06/01/2021		26,977,000		27,307,468
Sirius XM Radio, Inc., 5.38%, 07/15/2026(b)		15,531,000		16,079,244
				115,886,232

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

  63  

Invesco BulletShares 2021 High Yield Corporate Bond ETF (BSJL)—(continued)

February 28, 2021

(Unaudited)

	Principal     Amount		Value
Mortgage REITs-1.27%
Starwood Property Trust, Inc., 5.00%, 12/15/2021	$	10,166,000	$	10,337,551
Oil, Gas & Consumable Fuels-2.21%
DCP Midstream Operating L.P., 4.75%, 09/30/2021(b)		9,558,000		9,647,606
Western Midstream Operating L.P., 5.38%, 06/01/2021		8,264,000		8,264,000
				17,911,606
Paper & Forest Products-0.62%
Eldorado International Finance GmbH (Brazil), 8.63%, 06/16/2021(b)		4,960,000		5,002,830
Pharmaceuticals-6.00%
Bausch Health Cos., Inc.
7.00%, 03/15/2024(b)		21,688,000		22,177,336
9.00%, 12/15/2025(b)		17,707,000		19,290,448
Elanco Animal Health, Inc., 4.91%, 08/27/2021		7,089,000		7,199,766
				48,667,550
Software-2.34%
CDK Global, Inc., 5.88%, 06/15/2026		6,828,000		7,121,604
Open Text Corp. (Canada), 5.88%, 06/01/2026(b)		11,463,000		11,857,041
				18,978,645
Technology Hardware, Storage & Peripherals-2.64%
Dell International LLC/EMC Corp., 5.88%, 06/15/2021(b)		14,495,000		14,513,119
Dell, Inc., 4.63%, 04/01/2021		6,920,000		6,924,152
				21,437,271

	Principal     Amount		Value
Trading Companies & Distributors-1.98%
United Rentals North America, Inc., 5.88%, 09/15/2026	$	15,333,000	$	16,099,650
Wireless Telecommunication Services-5.27%
Sprint Communications, Inc., 11.50%, 11/15/2021		6,114,000		6,538,158
Sprint Corp., 7.25%, 09/15/2021		15,809,000		16,285,009
T-Mobile USA, Inc.
6.00%, 04/15/2024		5,666,000		5,708,495
5.13%, 04/15/2025		410,000		419,010
6.50%, 01/15/2026		13,360,000		13,794,200
				42,744,872
Total U.S. Dollar Denominated Bonds & Notes (Cost $649,333,974)				652,533,914
U.S. Treasury Securities-18.98%
U.S. Treasury Bills-18.98%(c)
0.07%–0.08%, 03/25/2021		35,000,000		34,999,358
0.02%–0.06%, 04/22/2021		119,000,000		118,996,133
Total U.S. Treasury Securities (Cost $153,990,580)				153,995,491
TOTAL INVESTMENTS IN SECURITIES-99.43% (Cost $803,324,554)				806,529,405
OTHER ASSETS LESS LIABILITIES-0.57%				4,621,031
NET ASSETS-100.00%.			$	811,150,436

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 February 28, 2021 was $308,525,293, which represented 38.04% of the Fund’s Net Assets.

^(c) Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.

Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2021.

	Value August 31, 2020		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain		Value February 28, 2021		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	-	$	246,174,520	$	(246,174,520	)		$    -		$    -		$-		$3,105
Invesco Premier U.S. Government Money Portfolio, Institutional Class		46,929,383		18,093,959		(65,023,342	)		-		-		-		266

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

  64  

Invesco BulletShares 2021 High Yield Corporate Bond ETF (BSJL)—(continued)

February 28, 2021

(Unaudited)

	Value August 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value February 28, 2021			Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		$	27,160,687		$	19,274,122		$	(46,434,809	)		$	-			$	-		$	-		$	1,359	*
Invesco Private Prime Fund			9,053,616			16,230,518			(25,284,809	)			(268	)			943			-			2,924	*
Total		$	83,143,686		$	299,773,119		$	(382,917,480	)		$	(268	)		$	943		$	-		$	7,654

* 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.

 Portfolio Composition

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

 as of February 28, 2021

Communication Services	25.13
U.S. Treasury Securities	18.98
Consumer Discretionary	12.72
Health Care	9.06
Industrials	8.79
Utilities	8.00
Information Technology	6.90
Financials	3.49
Materials	3.37
Sector Types Each Less Than 3%	2.99
Other Assets Less Liabilities	0.57

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

  65  

Invesco BulletShares 2022 High Yield Corporate Bond ETF (BSJM)

February 28, 2021

(Unaudited)

Schedule of Investments^(a)

	Principal     Amount		Value
U.S. Dollar Denominated Bonds & Notes-96.94%
Aerospace & Defense-2.70%
Bombardier, Inc. (Canada)
5.75%, 03/15/2022(b)	$	3,801,000	$	3,861,816
6.00%, 10/15/2022(b)		9,164,000		9,009,815
TransDigm, Inc., 8.00%, 12/15/2025(b)		8,501,000		9,263,965
				22,135,596
Air Freight & Logistics-1.09%
XPO Logistics, Inc., 6.25%, 05/01/2025(b)		8,277,000		8,900,258
Airlines-0.36%
United Airlines Holdings, Inc., 4.25%, 10/01/2022(c)		2,889,000		2,928,724
Auto Components-1.86%
Adient US LLC, 9.00%, 04/15/2025(b)		4,365,000		4,839,694
Clarios Global L.P., 6.75%, 05/15/2025(b)		3,798,000		4,083,154
Goodyear Tire & Rubber Co. (The), 9.50%, 05/31/2025		5,620,000		6,321,938
				15,244,786
Automobiles-4.46%
Cooper-Standard Automotive, Inc., 13.00%, 06/01/2024(b)		1,812,000		2,082,668
Ford Motor Credit Co. LLC
3.22%, 01/09/2022		5,744,000		5,822,980
3.34%, 03/28/2022		6,481,000		6,568,169
2.98%, 08/03/2022		6,900,000		6,978,384
4.25%, 09/20/2022		7,720,000		7,964,261
3.55%, 10/07/2022		4,600,000		4,715,598
Mclaren Finance PLC (United Kingdom), 5.75%, 08/01/2022(b)(c)		2,502,000		2,413,179
				36,545,239
Beverages-0.41%
Ajecorp B.V. (Spain), 6.50%, 05/14/2022(b)(c)		3,330,000		3,332,531
Building Products-0.22%
JELD-WEN, Inc., 6.25%, 05/15/2025(b)		1,685,000		1,807,163
Capital Markets-1.35%
APX Group, Inc., 7.88%, 12/01/2022		5,257,000		5,279,999
MSCI, Inc., 5.38%, 05/15/2027(b)		3,344,000		3,569,720
NFP Corp., 7.00%, 05/15/2025(b)		2,100,000		2,249,625
				11,099,344
Chemicals-1.38%
Ashland LLC, 4.75%, 08/15/2022		3,254,000		3,382,126
Cooke Omega Investments, Inc./Alpha VesselCo. Holdings, Inc. (Canada), 8.50%, 12/15/2022(b)		2,418,000		2,489,029
Olin Corp., 5.50%, 08/15/2022		1,501,000		1,562,563
Tronox, Inc., 6.50%, 05/01/2025(b)		3,617,000		3,883,754
				11,317,472
Commercial Services & Supplies-4.49%
ADT Security Corp. (The), 3.50%, 07/15/2022		7,852,000		7,925,613
Allied Universal Holdco LLC/Allied Universal Finance Corp., 6.63%, 07/15/2026(b)		15,230,000		16,143,800
Brink’s Co. (The), 5.50%, 07/15/2025(b)		2,613,000		2,755,082

	Principal     Amount		Value
Commercial Services & Supplies-(continued)
Clean Harbors, Inc., 4.88%, 07/15/2027(b)	$	3,639,000	$	3,799,807
CoreCivic, Inc., 5.00%, 10/15/2022		1,852,000		1,867,770
Midas Intermediate Holdco II LLC/Midas Intermediate Holdco II Finance, Inc., 7.88%, 10/01/2022(b)		2,680,000		2,653,200
Quad/Graphics, Inc., 7.00%, 05/01/2022(c)		1,629,000		1,626,581
				36,771,853
Consumer Finance-3.93%
Credit Acceptance Corp., 6.63%, 03/15/2026		2,782,000		2,917,623
Navient Corp.
7.25%, 01/25/2022		5,794,000		6,022,139
6.50%, 06/15/2022		7,215,000		7,504,538
OneMain Finance Corp.
6.13%, 05/15/2022		7,158,000		7,489,057
8.88%, 06/01/2025		4,007,000		4,409,503
PRA Group, Inc., 7.38%, 09/01/2025(b)		2,326,000		2,485,133
SLM Corp., 5.13%, 04/05/2022		1,332,000		1,369,463
				32,197,456
Containers & Packaging-2.63%
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 5.25%, 04/30/2025(b)		5,060,000		5,345,106
Ball Corp., 5.00%, 03/15/2022		5,311,000		5,504,187
Graphic Packaging International LLC, 4.88%, 11/15/2022		1,668,000		1,742,668
LABL Escrow Issuer LLC, 10.50%, 07/15/2027(b)		5,263,000		5,886,271
Sealed Air Corp., 4.88%, 12/01/2022(b)		2,942,000		3,072,551
				21,550,783
Diversified Consumer Services-0.55%
Service Corp. International, 4.63%, 12/15/2027		4,241,000		4,484,327
Diversified Financial Services-1.34%
Oxford Finance LLC/Oxford Finance Co-Issuer II, Inc., 6.38%, 12/15/2022(b)		2,115,000		2,139,291
Tempo Acquisition LLC/Tempo Acquisition Finance Corp., 5.75%, 06/01/2025(b)		2,284,000		2,435,315
United Wholesale Mortgage LLC, 5.50%, 11/15/2025(b)		6,090,000		6,386,887
				10,961,493
Diversified Telecommunication Services-5.26%
Altice France Holding S.A. (Luxembourg), 10.50%, 05/15/2027(b)		11,970,000		13,480,315
Altice France S.A. (France), 8.13%, 02/01/2027(b)		13,615,000		14,856,075
Cogent Communications Group, Inc., 5.38%, 03/01/2022(b)		3,386,000		3,475,204
Lumen Technologies, Inc., Series T, 5.80%, 03/15/2022		10,858,000		11,295,035
				43,106,629

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

  66  

Invesco BulletShares 2022 High Yield Corporate Bond ETF (BSJM)—(continued)

February 28, 2021

(Unaudited)

	Principal     Amount		Value
Electric Utilities-0.44%
FirstEnergy Corp., Series A, 3.35%, 07/15/2022	$	3,522,000	$	3,593,920
Electronic Equipment, Instruments & Components-0.31%
MTS Systems Corp., 5.75%, 08/15/2027(b)		2,312,000		2,516,612
Energy Equipment & Services-0.27%
Welltec A/S (Denmark), 9.50%, 12/01/2022(b)		2,310,000		2,229,150
Entertainment-1.31%
Cinemark USA, Inc.
5.13%, 12/15/2022		2,894,000		2,874,104
8.75%, 05/01/2025(b)		1,971,000		2,152,086
Netflix, Inc., 5.50%, 02/15/2022		5,458,000		5,679,731
				10,705,921
Equity REITs-2.21%
Diversified Healthcare Trust, 9.75%, 06/15/2025		7,228,000		8,149,570
GEO Group, Inc. (The), 5.88%, 01/15/2022		997,000		998,371
HAT Holdings I LLC/HAT Holdings II LLC, 6.00%, 04/15/2025(b)		3,089,000		3,247,311
Mack-Cali Realty L.P., 4.50%, 04/18/2022		2,101,000		2,148,574
Service Properties Trust, 5.00%, 08/15/2022		3,514,000		3,571,032
				18,114,858
Food Products-2.06%
Pilgrim’s Pride Corp., 5.88%, 09/30/2027(b)		5,909,000		6,346,857
Post Holdings, Inc., 5.75%, 03/01/2027(b)		10,053,000		10,545,848
				16,892,705
Health Care Equipment & Supplies-0.47%
Teleflex, Inc., 4.63%, 11/15/2027		3,629,000		3,832,460
Health Care Providers & Services-1.77%
ModivCare, Inc., 5.88%, 11/15/2025(b)		3,603,000		3,825,935
Molina Healthcare, Inc., 5.38%, 11/15/2022		4,926,000		5,212,324
Tenet Healthcare Corp., 7.50%, 04/01/2025(b)		5,060,000		5,509,910
				14,548,169
Hotels, Restaurants & Leisure-9.52%
1011778 BC ULC/New Red Finance, Inc. (Canada), 5.75%, 04/15/2025(b)		3,252,000		3,472,551
Aramark Services, Inc., 6.38%, 05/01/2025(b)		11,589,000		12,255,367
Boyd Gaming Corp., 8.63%, 06/01/2025(b)		4,569,000		5,031,611
International Game Technology PLC, 6.25%, 02/15/2022(b)		10,500,000		10,716,562
IRB Holding Corp., 7.00%, 06/15/2025(b)		4,316,000		4,690,521
KFC Holding Co./Pizza Hut Holdings LLC/ Taco Bell of America LLC, 4.75%, 06/01/2027(b)		5,888,000		6,175,040
Marriott Ownership Resorts, Inc., 6.13%, 09/15/2025(b)		3,804,000		4,051,260
MGM Resorts International
7.75%, 03/15/2022		7,816,000		8,270,305
6.75%, 05/01/2025		2,549,000		2,733,051
Six Flags Theme Parks, Inc., 7.00%, 07/01/2025(b)		5,801,000		6,264,529

	Principal     Amount		Value
Hotels, Restaurants & Leisure-(continued)
Travel + Leisure Co., 4.25%, 03/01/2022	$	5,011,000	$	5,083,660
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 7.75%, 04/15/2025(b)		4,012,000		4,358,697
Yum! Brands, Inc., 7.75%, 04/01/2025(b)(c)		4,542,000		4,973,490
				78,076,644
Household Durables-0.60%
KB Home, 7.50%, 09/15/2022		2,317,000		2,522,089
Meritage Homes Corp., 7.00%, 04/01/2022		2,297,000		2,408,439
				4,930,528
Industrial Conglomerates-0.00%
Icahn Enterprises L.P./Icahn Enterprises Finance Corp., 6.25%, 02/01/2022		34,000		34,017
Insurance-1.31%
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 6.75%, 10/15/2027(b)		10,396,000		10,770,256
Leisure Products-0.57%
Mattel, Inc., 5.88%, 12/15/2027(b)		4,281,000		4,668,430
Machinery-0.67%
CD&R Smokey Buyer, Inc., 6.75%, 07/15/2025(b)		5,195,000		5,526,181
Media-14.14%
CCO Holdings LLC/CCO Holdings Capital Corp.
5.13%, 05/01/2027(b)		21,118,000		22,122,900
5.00%, 02/01/2028(b)		16,241,000		17,028,688
Clear Channel International B.V., 6.63%, 08/01/2025(b)		2,634,000		2,782,163
CSC Holdings LLC
5.88%, 09/15/2022		4,331,000		4,564,268
5.50%, 04/15/2027(b)		8,720,000		9,175,620
DISH DBS Corp., 5.88%, 07/15/2022		15,685,000		16,323,379
Sirius XM Radio, Inc.
3.88%, 08/01/2022(b)		7,755,000		7,803,469
5.00%, 08/01/2027(b)		11,336,000		11,820,444
Univision Communications, Inc., 9.50%, 05/01/2025(b)		2,876,000		3,148,357
Videotron Ltd. (Canada)
5.00%, 07/15/2022		6,277,000		6,539,849
5.13%, 04/15/2027(b)		4,562,000		4,772,993
Ziggo B.V. (Netherlands), 5.50%, 01/15/2027(b)		9,455,000		9,841,284
				115,923,414
Metals & Mining-3.80%
Cleveland-Cliffs, Inc., 9.88%, 10/17/2025(b)		6,828,000		7,988,760
Commercial Metals Co., 5.38%, 07/15/2027		1,062,000		1,128,375
Compass Minerals International, Inc., 6.75%, 12/01/2027(b)		3,341,000		3,597,221
Ferroglobe PLC/Globe Specialty Metals, Inc., 9.38%, 03/01/2022(b)		2,460,000		2,324,700
Freeport-McMoRan, Inc., 3.55%, 03/01/2022		7,972,000		8,109,318
Kaiser Aluminum Corp., 6.50%, 05/01/2025(b)		2,502,000		2,683,395
Mountain Province Diamonds, Inc. (Canada), 8.00%, 12/15/2022(b)(c)		1,048,000		982,175

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

  67  

Invesco BulletShares 2022 High Yield Corporate Bond ETF (BSJM)—(continued)

February 28, 2021

(Unaudited)

	Principal     Amount		Value
Metals & Mining-(continued)
Taseko Mines Ltd. (Canada), 8.75%, 06/15/2022(b)	$	1,971,000	$	2,015,347
United States Steel Corp., 12.00%, 06/01/2025(b)		1,944,000		2,336,105
				31,165,396
Mortgage REITs-0.44%
Ladder Capital Finance Holdings LLLP/ Ladder Capital Finance Corp., 5.25%, 03/15/2022(b)		3,582,000		3,606,626
Multiline Retail-0.37%
Macy’s Retail Holdings LLC, 3.88%, 01/15/2022		3,032,000		3,054,134
Oil, Gas & Consumable Fuels-5.38%
Apache Corp., 3.25%, 04/15/2022		2,538,000		2,550,690
Blue Racer Midstream LLC/Blue Racer Finance Corp., 7.63%, 12/15/2025(b)		4,341,000		4,675,626
CITGO Petroleum Corp., 6.25%, 08/15/2022(b)		4,654,000		4,667,031
DCP Midstream Operating L.P., 4.95%, 04/01/2022		2,581,000		2,654,597
Double Eagle III Midco 1 LLC/Double Eagle Finance Corp., 7.75%, 12/15/2025(b)		4,557,000		4,861,750
EQT Corp., 3.00%, 10/01/2022(c)		4,943,000		4,991,985
Murphy Oil Corp.
4.00%, 06/01/2022(c)		221,000		221,136
4.95%, 12/01/2022		2,423,000		2,442,663
NuStar Logistics L.P., 4.75%, 02/01/2022		1,902,000		1,921,971
QEP Resources, Inc., 5.38%, 10/01/2022		3,654,000		3,815,470
Range Resources Corp., 5.00%, 08/15/2022		1,000,000		1,012,500
SM Energy Co., 6.13%, 11/15/2022		1,640,000		1,622,575
Southwestern Energy Co., 4.10%, 03/15/2022		1,617,000		1,624,338
Teine Energy Ltd. (Canada), 6.88%, 09/30/2022(b)		2,362,000		2,369,381
Western Midstream Operating L.P., 4.00%, 07/01/2022		4,557,000		4,656,685
				44,088,398
Paper & Forest Products-0.33%
Norbord, Inc. (Canada), 5.75%, 07/15/2027(b)		2,502,000		2,692,778
Personal Products-0.45%
Edgewell Personal Care Co., 4.70%, 05/24/2022		3,504,000		3,670,037
Pharmaceuticals-3.64%
Bausch Health Americas, Inc.
9.25%, 04/01/2026(b)		10,837,000		12,010,647
8.50%, 01/31/2027(b)		12,646,000		14,007,532
Catalent Pharma Solutions, Inc., 5.00%, 07/15/2027(b)		3,632,000		3,806,118
				29,824,297
Professional Services-0.78%
Nielsen Finance LLC/Nielsen Finance Co., 5.00%, 04/15/2022(b)		6,403,000		6,422,721

	Principal     Amount		Value
Road & Rail-0.49%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 10.50%, 05/15/2025(b)(c)	$	3,370,000	$	4,028,161
Software-1.04%
Boxer Parent Co., Inc., 7.13%, 10/02/2025(b)		3,712,000		4,023,585
CDK Global, Inc., 4.88%, 06/01/2027		4,311,000		4,518,467
				8,542,052
Specialty Retail-2.33%
Gap, Inc. (The), 8.63%, 05/15/2025(b)		5,269,000		5,882,628
Hillman Group, Inc. (The), 6.38%, 07/15/2022(b)		2,386,000		2,401,903
L Brands, Inc., 5.63%, 02/15/2022		5,665,000		5,859,734
Murphy Oil USA, Inc., 5.63%, 05/01/2027		2,327,000		2,464,409
Sally Holdings LLC/Sally Capital, Inc., 8.75%, 04/30/2025(b)		2,282,000		2,514,479
				19,123,153
Technology Hardware, Storage & Peripherals-1.14%
NCR Corp., 8.13%, 04/15/2025(b)		3,090,000		3,379,687
Vericast Corp., 8.38%, 08/15/2022(b)		5,877,000		5,928,424
				9,308,111
Textiles, Apparel & Luxury Goods-1.26%
G-III Apparel Group Ltd., 7.88%, 08/15/2025(b)		2,632,000		2,840,915
Hanesbrands, Inc., 5.38%, 05/15/2025(b)		1,432,000		1,517,920
William Carter Co. (The), 5.50%, 05/15/2025(b)		3,590,000		3,794,181
Wolverine World Wide, Inc., 6.38%, 05/15/2025(b)		2,026,000		2,170,353
				10,323,369
Thrifts & Mortgage Finance-0.25%
Ocwen Loan Servicing LLC, 8.38%, 11/15/2022(b)		2,015,000		2,052,781
Trading Companies & Distributors-2.98%
Fortress Transportation and Infrastructure Investors LLC, 6.75%, 03/15/2022(b)		5,227,000		5,230,267
United Rentals North America, Inc., 5.50%, 05/15/2027		7,009,000		7,425,159
WESCO Distribution, Inc., 7.13%, 06/15/2025(b)		10,842,000		11,746,765
				24,402,191
Wireless Telecommunication Services-4.58%
C&W Senior Financing DAC (Ireland), 6.88%, 09/15/2027(b)		8,800,000		9,443,500
Sprint Communications, Inc., 6.00%, 11/15/2022		16,398,000		17,547,664
T-Mobile USA, Inc.
4.00%, 04/15/2022		3,875,000		4,021,475
5.38%, 04/15/2027		3,881,000		4,116,286
Trilogy International Partners LLC/Trilogy International Finance, Inc. (New Zealand), 8.88%, 05/01/2022(b)(c)		2,474,000		2,420,846
				37,549,771
Total U.S. Dollar Denominated Bonds & Notes (Cost $785,796,223)				794,600,895

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

  68  

Invesco BulletShares 2022 High Yield Corporate Bond ETF (BSJM)—(continued)

February 28, 2021

(Unaudited)

	Shares		Value
Money Market Funds-1.56%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(d)(e) (Cost $12,803,810)		12,803,810	$	12,803,810
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-98.50% (Cost $798,600,033)				807,404,705
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-1.93%
Invesco Private Government Fund, 0.01%(d)(e)(f)		6,334,594		6,334,594

	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 0.11%(d)(e)(f)		9,498,092	$	9,501,891
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $15,836,485)				15,836,485
TOTAL INVESTMENTS IN SECURITIES-100.43% (Cost $814,436,518)				823,241,190
OTHER ASSETS LESS LIABILITIES-(0.43)%				(3,521,822	)
NET ASSETS-100.00%			$	819,719,368

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 February 28, 2021 was $504,948,838, which represented 61.60% of the Fund’s Net Assets.

^(c) All or a portion of this security was out on loan at February 28, 2021.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2021.

	Value August 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value February 28, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	130,304,634		$	(117,500,824	)		$	-			$	-		$	12,803,810		$	1,612
Invesco Premier U.S. Government Money Portfolio, Institutional Class			34,889,820			18,700,891			(53,590,711	)			-				-			-			170
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			13,169,364			30,502,331			(37,337,101	)			-				-			6,334,594			947	*
Invesco Private Prime Fund			4,401,169			31,475,891			(26,376,543	)			(79	)			1,453			9,501,891			3,640	*
Total		$	52,460,353		$	210,983,747		$	(234,805,179	)		$	(79	)		$	1,453		$	28,640,295		$	6,369

* 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 February 28, 2021.

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

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

  69  

Invesco BulletShares 2022 High Yield Corporate Bond ETF (BSJM)—(continued)

February 28, 2021

(Unaudited)

 Portfolio Composition

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

 as of February 28, 2021

Communication Services	25.29
Consumer Discretionary	21.44
Industrials	13.56
Financials	8.88
Materials	8.14
Energy	5.95
Health Care	5.88
Sector Types Each Less Than 3%	7.80
Money Market Funds Plus Other Assets Less Liabilities	3.06

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

  70  

Invesco BulletShares 2023 High Yield Corporate Bond ETF (BSJN)

February 28, 2021

(Unaudited)

Schedule of Investments^(a)

	Principal     Amount		Value
U.S. Dollar Denominated Bonds & Notes-97.09%
Aerospace & Defense-1.86%
Bombardier, Inc. (Canada), 6.13%, 01/15/2023(b)	$	5,675,000	$	5,619,669
SSL Robotics LLC, 9.75%, 12/31/2023(b)		3,797,000		4,259,759
				9,879,428
Air Freight & Logistics-0.47%
XPO Logistics, Inc., 6.13%, 09/01/2023(b)		2,430,000		2,474,044
Auto Components-1.32%
Dana, Inc., 5.63%, 06/15/2028		2,040,000		2,168,285
Goodyear Tire & Rubber Co. (The), 5.13%, 11/15/2023		4,771,000		4,806,783
				6,975,068
Automobiles-6.21%
Ford Motor Co., 8.50%, 04/21/2023		9,633,000		10,788,960
Ford Motor Credit Co. LLC
3.09%, 01/09/2023		4,160,000		4,228,952
4.14%, 02/15/2023		2,500,000		2,578,125
3.10%, 05/04/2023		2,702,000		2,743,287
4.38%, 08/06/2023		2,700,000		2,831,328
3.37%, 11/17/2023		2,840,000		2,921,082
Jaguar Land Rover Automotive PLC (United Kingdom), 5.63%, 02/01/2023(b)		2,203,000		2,191,985
PM General Purchaser LLC, 9.50%, 10/01/2028(b)		2,722,000		3,000,188
Winnebago Industries, Inc., 6.25%, 07/15/2028(b)		1,530,000		1,655,269
				32,939,176
Capital Markets-1.16%
APX Group, Inc., 7.63%, 09/01/2023		1,850,000		1,926,914
DKT Finance ApS (Denmark), 9.38%, 06/17/2023(b)		1,850,000		1,923,075
FS Energy and Power Fund, 7.50%, 08/15/2023(b)		2,272,000		2,292,118
				6,142,107
Chemicals-2.17%
Avient Corp., 5.25%, 03/15/2023		2,721,000		2,933,551
CF Industries, Inc., 3.45%, 06/01/2023		3,344,000		3,490,300
CVR Partners L.P./CVR Nitrogen Finance Corp., 9.25%, 06/15/2023(b)		2,925,000		2,973,584
LSB Industries, Inc., 9.63%, 05/01/2023(b)(c)		2,025,000		2,084,039
				11,481,474
Commercial Services & Supplies-4.27%
ADT Security Corp. (The), 4.13%, 06/15/2023		3,120,000		3,256,737
CoreCivic, Inc., 4.63%, 05/01/2023(c)		1,581,000		1,533,570
Grinding Media, Inc./Moly-Cop AltaSteel Ltd., 7.38%, 12/15/2023(b)		3,969,000		4,053,341
Interface, Inc., 5.50%, 12/01/2028(b)		1,346,000		1,412,459
Modulaire Global Finance (2) PLC (United Kingdom), 10.00%, 08/15/2023(b)(c)		1,402,000		1,421,278
Modulaire Global Finance PLC (United Kingdom), 8.00%, 02/15/2023(b)		2,600,000		2,647,099

	Principal       Amount		Value
Commercial Services & Supplies-(continued)
Prime Security Services Borrower LLC/Prime Finance, Inc., 6.25%, 01/15/2028(b)	$	5,825,000	$	6,042,505
Stericycle, Inc., 3.88%, 01/15/2029(b)		2,270,000		2,289,068
				22,656,057
Communications Equipment-0.71%
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc., 10.75%, 06/01/2028(b)		1,390,000		1,605,450
Plantronics, Inc., 5.50%, 05/31/2023(b)		2,161,000		2,180,481
				3,785,931
Construction & Engineering-0.10%
Michael Baker International LLC, 8.75%, 03/01/2023(b)		500,000		509,375
Consumer Finance-2.81%
Navient Corp.
5.50%, 01/25/2023		4,572,000		4,740,593
7.25%, 09/25/2023		2,295,000		2,494,378
OneMain Finance Corp.
5.63%, 03/15/2023		4,175,000		4,448,984
8.25%, 10/01/2023		1,332,000		1,520,005
TMX Finance LLC/TitleMax Finance Corp., 11.13%, 04/01/2023(b)		1,662,000		1,683,365
				14,887,325
Containers & Packaging-4.67%
Ball Corp., 4.00%, 11/15/2023		4,542,000		4,811,681
Berry Global, Inc., 5.13%, 07/15/2023(c)		1,798,000		1,829,465
Cascades, Inc./Cascades USA, Inc. (Canada), 5.38%, 01/15/2028(b)		2,720,000		2,878,100
Crown Americas LLC/Crown Americas Capital Corp. IV, 4.50%, 01/15/2023		4,542,000		4,786,133
OI European Group B.V., 4.00%, 03/15/2023(b)		1,654,000		1,696,384
Owens-Brockway Glass Container, Inc.
5.88%, 08/15/2023(b)		3,047,000		3,281,238
6.63%, 05/13/2027(b)		3,156,000		3,390,728
Sealed Air Corp., 5.25%, 04/01/2023(b)		1,948,000		2,063,214
				24,736,943
Diversified Telecommunication Services-1.21%
Lumen Technologies, Inc., Series W, 6.75%, 12/01/2023		3,410,000		3,787,606
Uniti Group L.P./Uniti Group Finance, Inc./CSL Capital LLC, 6.00%, 04/15/2023(b)		2,562,000		2,605,234
				6,392,840
Electric Utilities-2.01%
FirstEnergy Corp., Series B, 4.25%, 03/15/2023		3,816,000		4,041,863
InterGen N.V. (Netherlands), 7.00%, 06/30/2023(b)		1,902,000		1,852,073
PG&E Corp., 5.00%, 07/01/2028		4,540,000		4,778,690
				10,672,626

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

  71  

Invesco BulletShares 2023 High Yield Corporate Bond ETF (BSJN)—(continued)

February 28, 2021

(Unaudited)

	Principal     Amount		Value
Electrical Equipment-0.72%
EnerSys, 5.00%, 04/30/2023(b)	$	1,301,000	$	1,363,611
Sensata Technologies B.V., 4.88%, 10/15/2023(b)		2,273,000		2,426,427
				3,790,038
Energy Equipment & Services-0.53%
CGG Holding (U.S.), Inc. (France), 9.00%, 05/01/2023(b)		1,543,000		1,585,432
Precision Drilling Corp. (Canada), 7.75%, 12/15/2023		1,200,000		1,208,490
				2,793,922
Entertainment-0.64%
Cinemark USA, Inc., 4.88%, 06/01/2023		3,415,000		3,386,263
Equity REITs-0.89%
GEO Group, Inc. (The), 5.13%, 04/01/2023(c)		1,369,000		1,256,913
Mack-Cali Realty L.P., 3.15%, 05/15/2023		1,192,000		1,207,204
RHP Hotel Properties L.P./RHP Finance Corp., 5.00%, 04/15/2023		100,000		100,470
Service Properties Trust, 4.50%, 06/15/2023		2,142,000		2,162,081
				4,726,668
Food & Staples Retailing-1.64%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons L.P./Albertson’s LLC, 3.50%, 02/15/2023(b)		3,576,000		3,678,667
Fresh Market, Inc. (The), 9.75%, 05/01/2023(b)		3,579,000		3,702,028
Ingles Markets, Inc., 5.75%, 06/15/2023		1,287,000		1,309,786
				8,690,481
Food Products-0.85%
JBS USA LUX S.A./JBS USA Finance, Inc., 6.75%, 02/15/2028(b)		4,089,000		4,492,707
Gas Utilities-0.34%
LBC Tank Terminals Holding Netherlands B.V. (Belgium), 6.88%, 05/15/2023(b)		1,808,000		1,811,390
Health Care Equipment & Supplies-2.53%
CHS/Community Health Systems, Inc., 5.63%, 03/15/2027(b)		8,630,000		9,099,778
Hologic, Inc., 4.63%, 02/01/2028(b)		1,840,000		1,951,918
Teleflex, Inc., 4.25%, 06/01/2028(b)		2,275,000		2,354,625
				13,406,321
Health Care Providers & Services-5.91%
Acadia Healthcare Co., Inc.
5.50%, 07/01/2028(b)		2,045,000		2,161,309
5.00%, 04/15/2029(b)		2,126,000		2,216,355
Avantor Funding, Inc., 4.63%, 07/15/2028(b)		7,039,000		7,347,097
HCA, Inc., 5.88%, 05/01/2023		5,679,000		6,205,472
Molina Healthcare, Inc., 4.38%, 06/15/2028(b)		4,080,000		4,237,080
Tenet Healthcare Corp., 6.75%, 06/15/2023		8,500,000		9,184,930
				31,352,243

	Principal     Amount		Value
Hotels, Restaurants & Leisure-4.58%
Brinker International, Inc., 3.88%, 05/15/2023	$	1,243,000	$	1,249,992
Carlson Travel, Inc., 6.75%, 12/15/2023(b)		1,397,485		1,151,032
Carnival Corp., 10.50%, 02/01/2026(b)(c)		3,470,000		4,038,212
Cirsa Finance International S.a.r.l. (Spain), 7.88%, 12/20/2023(b)		2,300,000		2,327,313
Diamond Resorts International, Inc., 7.75%, 09/01/2023(b)		1,744,000		1,793,033
Hilton Domestic Operating Co., Inc., 5.75%, 05/01/2028(b)		2,085,000		2,262,235
MGM Resorts International, 6.00%, 03/15/2023		5,611,000		5,989,742
Travel + Leisure Co., 3.90%, 03/01/2023		1,745,000		1,783,172
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 4.25%, 05/30/2023(b)		2,269,000		2,295,944
Yum! Brands, Inc., 3.88%, 11/01/2023		1,336,000		1,394,310
				24,284,985
Household Durables-2.75%
Apex Tool Group LLC/BC Mountain Finance, Inc., 9.00%, 02/15/2023(b)(c)		1,446,000		1,438,770
Ashton Woods USA LLC/Ashton Woods Finance Co., 6.63%, 01/15/2028(b)		1,125,000		1,207,519
Installed Building Products, Inc., 5.75%, 02/01/2028(b)		1,365,000		1,455,172
KB Home, 7.63%, 05/15/2023		1,572,000		1,725,270
Newell Brands, Inc., 4.35%, 04/01/2023		4,904,000		5,161,460
Prestige Brands, Inc., 5.13%, 01/15/2028(b)		1,827,000		1,915,061
Taylor Morrison Communities, Inc./Taylor Morrison Holdings II, Inc., 5.88%, 04/15/2023(b)		1,586,000		1,686,941
				14,590,193
Household Products-0.26%
Central Garden & Pet Co., 5.13%, 02/01/2028		1,320,000		1,397,299
Independent Power and Renewable Electricity Producers-1.21%
Clearway Energy Operating LLC, 4.75%, 03/15/2028(b)		3,799,000		4,063,752
TerraForm Power Operating LLC, 4.25%, 01/31/2023(b)		2,291,000		2,341,116
				6,404,868
IT Services-1.67%
Gartner, Inc., 4.50%, 07/01/2028(b)		3,638,000		3,824,447
Rackspace Technology Global, Inc., 5.38%, 12/01/2028(b)(c)		2,520,000		2,604,420
Unisys Corp., 6.88%, 11/01/2027(b)		2,217,000		2,444,243
				8,873,110
Leisure Products-0.52%
Mattel, Inc., 3.15%, 03/15/2023		1,135,000		1,153,324
Vista Outdoor, Inc., 5.88%, 10/01/2023		1,601,000		1,629,298
				2,782,622

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

  72  

Invesco BulletShares 2023 High Yield Corporate Bond ETF (BSJN)—(continued)

February 28, 2021

(Unaudited)

	Principal     Amount		Value
Machinery-0.59%
Cleaver-Brooks, Inc., 7.88%, 03/01/2023(b)(c)	$	1,540,000	$	1,518,663
Titan International, Inc., 6.50%, 11/30/2023		1,651,000		1,632,253
				3,150,916
Media-4.23%
CCO Holdings LLC/CCO Holdings Capital Corp., 4.00%, 03/01/2023(b)		2,578,000		2,605,404
CSC Holdings LLC, 5.38%, 02/01/2028(b)		4,810,000		5,097,157
DISH DBS Corp., 5.00%, 03/15/2023		7,166,000		7,389,937
GCI LLC, 4.75%, 10/15/2028(b)		2,864,000		2,966,030
Quebecor Media, Inc. (Canada), 5.75%, 01/15/2023		4,097,000		4,378,669
				22,437,197
Metals & Mining-6.10%
Alcoa Nederland Holding B.V.
5.50%, 12/15/2027(b)		3,410,000		3,618,862
6.13%, 05/15/2028(b)		2,300,000		2,499,812
Allegheny Technologies, Inc., 7.88%, 08/15/2023		2,265,000		2,475,362
Arconic Corp., 6.13%, 02/15/2028(b)		2,720,000		2,875,598
Commercial Metals Co., 4.88%, 05/15/2023		1,439,000		1,519,793
Constellium SE, 5.63%, 06/15/2028(b)		1,400,000		1,481,375
Freeport-McMoRan, Inc.
3.88%, 03/15/2023		6,984,000		7,296,185
4.13%, 03/01/2028		3,065,000		3,223,997
4.38%, 08/01/2028		2,983,000		3,178,759
Joseph T. Ryerson & Son, Inc., 8.50%, 08/01/2028(b)		2,044,000		2,242,012
New Gold, Inc. (Canada), 7.50%, 07/15/2027(b)		1,841,000		1,945,781
				32,357,536
Mortgage REITs-0.26%
Starwood Property Trust, Inc., 5.50%, 11/01/2023(b)		1,305,000		1,362,094
Multiline Retail-0.55%
Macy’s Retail Holdings LLC, 2.88%, 02/15/2023		2,905,000		2,891,114
Oil, Gas & Consumable Fuels-10.56%
Antero Resources Corp., 5.63%, 06/01/2023(c)		2,655,000		2,661,505
Buckeye Partners L.P., 4.15%, 07/01/2023		2,269,000		2,304,759
Callon Petroleum Co., 6.25%, 04/15/2023		2,470,000		2,303,275
Calumet Specialty Products Partners L.P./Calumet Finance Corp., 7.75%, 04/15/2023		1,595,000		1,552,964
Cheniere Energy, Inc., 4.63%, 10/15/2028(b)		9,438,000		9,850,912
DCP Midstream Operating L.P., 3.88%, 03/15/2023		2,278,000		2,352,035
Endeavor Energy Resources L.P./EER Finance, Inc., 5.75%, 01/30/2028(b)		4,550,000		4,816,175
Energy Ventures Gom LLC/EnVen Finance Corp., 11.00%, 02/15/2023(b)		1,350,000		1,314,563

	Principal     Amount		Value
Oil, Gas & Consumable Fuels-(continued)
EQM Midstream Partners L.P., 4.75%, 07/15/2023	$	5,241,000	$	5,412,957
Frontera Energy Corp. (Colombia), 9.70%, 06/25/2023(b)		1,438,000		1,436,217
NGL Energy Partners L.P./NGL Energy Finance Corp., 7.50%, 11/01/2023		2,520,000		2,423,925
Occidental Petroleum Corp., 2.70%, 02/15/2023		5,432,000		5,319,992
PBF Logistics L.P./PBF Logistics Finance Corp., 6.88%, 05/15/2023		2,384,000		2,322,910
QEP Resources, Inc., 5.25%, 05/01/2023		3,038,000		3,227,116
Range Resources Corp., 5.00%, 03/15/2023(c)		2,417,000		2,433,617
Rockpoint Gas Storage Canada Ltd. (Canada), 7.00%, 03/31/2023(b)		1,813,000		1,796,130
Seven Generations Energy Ltd. (Canada), 6.75%, 05/01/2023(b)		1,778,000		1,792,446
Targa Resources Partners L.P./Targa Resources Partners Finance Corp., 4.25%, 11/15/2023		2,677,000		2,684,750
				56,006,248
Paper & Forest Products-0.29%
Norbord, Inc. (Canada), 6.25%, 04/15/2023(b)		1,394,000		1,533,254
Personal Products-1.14%
Avon Products, Inc. (United Kingdom), 7.00%, 03/15/2023		2,276,000		2,441,010
Edgewell Personal Care Co., 5.50%, 06/01/2028(b)		3,405,000		3,618,817
				6,059,827
Pharmaceuticals-2.89%
AdaptHealth LLC, 6.13%, 08/01/2028(b)		1,520,000		1,614,681
Elanco Animal Health, Inc., 5.27%, 08/28/2023		3,574,000		3,848,751
Par Pharmaceutical, Inc., 7.50%, 04/01/2027(b)		9,147,000		9,845,008
				15,308,440
Professional Services-0.63%
Jaguar Holding Co. II/PPD Development L.P., 5.00%, 06/15/2028(b)		3,185,000		3,364,156
Real Estate Management & Development-0.97%
Cushman & Wakefield US Borrower LLC, 6.75%, 05/15/2028(b)		2,952,000		3,200,485
Realogy Group LLC/Realogy Co.-Issuer Corp., 4.88%, 06/01/2023(b)		1,866,000		1,941,806
				5,142,291
Road & Rail-1.39%
BCD Acquisition, Inc., 9.63%, 09/15/2023(b)		3,097,000		3,175,974
Kenan Advantage Group, Inc. (The), 7.88%, 07/31/2023(b)		1,721,000		1,710,063
Uber Technologies, Inc., 6.25%, 01/15/2028(b)		2,316,000		2,478,699
				7,364,736
Semiconductors & Semiconductor Equipment-0.36%
Entegris, Inc., 4.38%, 04/15/2028(b)		1,820,000		1,914,149

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

  73  

Invesco BulletShares 2023 High Yield Corporate Bond ETF (BSJN)—(continued)

February 28, 2021

(Unaudited)

	Principal     Amount		Value
Specialty Retail-2.24%
Caleres, Inc., 6.25%, 08/15/2023	$	916,000	$	925,160
Gap, Inc. (The)
8.38%, 05/15/2023(b)(c)		2,275,000		2,605,125
8.88%, 05/15/2027(b)		4,540,000		5,322,832
L Brands, Inc., 5.63%, 10/15/2023		1,931,000		2,093,928
Sally Holdings LLC/Sally Capital, Inc., 5.50%, 11/01/2023		900,000		907,313
				11,854,358
Technology Hardware, Storage & Peripherals-2.67%
EMC Corp., 3.38%, 06/01/2023		4,547,000		4,723,424
Presidio Holdings, Inc., 8.25%, 02/01/2028(b)		1,840,000		2,037,809
Seagate HDD Cayman, 4.75%, 06/01/2023		2,450,000		2,621,990
Xerox Corp., 4.38%, 03/15/2023		4,545,000		4,749,048
				14,132,271
Thrifts & Mortgage Finance-0.92%
Quicken Loans LLC, 5.25%, 01/15/2028(b)		4,590,000		4,851,286
Trading Companies & Distributors-3.17%
Fortress Transportation and Infrastructure Investors LLC, 9.75%, 08/01/2027(b)		1,805,000		2,062,348
United Rentals North America, Inc., 4.88%, 01/15/2028		7,580,000		8,047,838
WESCO Distribution, Inc., 7.25%, 06/15/2028(b)		6,014,000		6,691,507
				16,801,693
Wireless Telecommunication Services-4.12%
Sprint Corp., 7.88%, 09/15/2023		14,067,000		16,124,299
T-Mobile USA, Inc.
6.00%, 03/01/2023		397,000		399,561
4.75%, 02/01/2028		5,019,000		5,314,240
				21,838,100
Total U.S. Dollar Denominated Bonds & Notes (Cost $506,224,104)				514,685,170

Investment Abbreviations:

REIT -Real Estate Investment Trust

	Shares		Value
Money Market Funds-1.48%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(d)(e) (Cost $7,872,916)		7,872,916	$	7,872,916
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-98.57% (Cost $514,097,020)				522,558,086
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-3.24%
Invesco Private Government Fund, 0.01%(d)(e)(f)		6,861,211		6,861,211
Invesco Private Prime Fund, 0.11%(d)(e)(f)		10,287,702		10,291,817
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $17,153,028)				17,153,028
TOTAL INVESTMENTS IN SECURITIES-101.81% (Cost $531,250,048)				539,711,114
OTHER ASSETS LESS LIABILITIES-(1.81)%				(9,596,540	)
NET ASSETS-100.00%			$	530,114,574

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

  74  

Invesco BulletShares 2023 High Yield Corporate Bond ETF (BSJN)—(continued)

February 28, 2021

(Unaudited)

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  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 February 28, 2021 was $262,549,986, which represented 49.53% of the Fund’s Net Assets.

^(c)  All or a portion of this security was out on loan at February 28, 2021.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2021.

	Value August 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation		Realized Gain			Value February 28, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	85,942,238		$	(78,069,322	)		$-		$	-		$	7,872,916		$	1,298
Invesco Premier U.S. Government Money Portfolio, Institutional Class			7,208,077			11,401,325			(18,609,402	)		-			-			-			72
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			8,260,253			30,521,361			(31,920,403	)		-			-			6,861,211			891	*
Invesco Private Prime Fund			2,753,473			38,792,130			(31,255,067	)		-			1,281			10,291,817			4,058	*
Total		$	18,221,803		$	166,657,054		$	(159,854,194	)		$-		$	1,281		$	25,025,944		$	6,319

* 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 February 28, 2021.

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

 Portfolio Composition

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

 as of February 28, 2021

Consumer Discretionary	18.17
Materials	13.23
Industrials	13.20
Health Care	11.33
Energy	11.09
Communication Services	10.69
Financials	5.38
Information Technology	4.92
Consumer Staples	3.89
Utilities	3.56
Real Estate	1.63
Money Market Funds Plus Other Assets Less Liabilities	2.91

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

  75  

Invesco BulletShares 2024 High Yield Corporate Bond ETF (BSJO)

February 28, 2021

(Unaudited)

Schedule of Investments^(a)

	Principal     Amount		Value
U.S. Dollar Denominated Bonds & Notes-95.22%
Aerospace & Defense-1.51%
Bombardier, Inc. (Canada), 7.50%, 12/01/2024(b)		$2,283,000	$	2,146,020
Triumph Group, Inc., 8.88%, 06/01/2024(b)		1,600,000		1,771,000
				3,917,020
Airlines-0.29%
United Airlines Holdings, Inc., 5.00%, 02/01/2024(c)		729,000		749,503
Auto Components-1.89%
Dana, Inc., 5.50%, 12/15/2024(c)		974,000		992,871
FXI Holdings, Inc., 7.88%, 11/01/2024(b)		1,191,000		1,211,843
Tenneco, Inc.
5.38%, 12/15/2024		493,000		487,875
7.88%, 01/15/2029(b)		1,140,000		1,279,969
Tupy Overseas S.A. (Brazil), 6.63%, 07/17/2024(b)		903,000		922,640
				4,895,198
Automobiles-3.42%
Allison Transmission, Inc., 5.88%, 06/01/2029(b)(c)		1,190,000		1,286,824
Ford Motor Credit Co. LLC
3.81%, 01/09/2024		1,800,000		1,856,250
3.66%, 09/08/2024		1,900,000		1,959,670
4.06%, 11/01/2024		3,550,000		3,736,375
				8,839,119
Banks-2.44%
Freedom Mortgage Corp., 8.13%, 11/15/2024(b)		1,001,000		1,041,666
Intesa Sanpaolo S.p.A. (Italy), 5.02%, 06/26/2024(b)		4,830,000		5,263,293
				6,304,959
Capital Markets-1.20%
Donnelley Financial Solutions, Inc., 8.25%, 10/15/2024		547,000		571,615
MSCI, Inc., 4.00%, 11/15/2029(b)		2,380,000		2,526,822
				3,098,437
Chemicals-2.83%
Cornerstone Chemical Co., 6.75%, 08/15/2024(b)		1,043,000		986,829
INEOS Group Holdings S.A. (Luxembourg), 5.63%, 08/01/2024(b)		1,100,000		1,120,157
OCI N.V. (Netherlands), 5.25%, 11/01/2024(b)		1,400,000		1,449,875
Olin Corp., 5.63%, 08/01/2029		1,760,000		1,900,809
Scotts Miracle-Gro Co. (The), 4.50%, 10/15/2029		950,000		1,010,330
WR Grace & Co.-Conn, 5.63%, 10/01/2024(b)		775,000		846,079
				7,314,079
Commercial Services & Supplies-0.98%
ACCO Brands Corp., 5.25%, 12/15/2024(b)		860,000		884,635
Clean Harbors, Inc., 5.13%, 07/15/2029(b)		720,000		777,913
Pitney Bowes, Inc., 4.63%, 03/15/2024(c)		859,000		864,369
				2,526,917

	Principal     Amount		Value
Construction & Engineering-0.80%
AECOM, 5.88%, 10/15/2024		$1,856,000	$	2,064,800
Construction Materials-0.18%
US Concrete, Inc., 6.38%, 06/01/2024		454,000		465,180
Consumer Finance-2.39%
Credit Acceptance Corp., 5.13%, 12/31/2024(b)		930,000		946,368
Enova International, Inc., 8.50%, 09/01/2024(b)		574,000		586,137
goeasy Ltd. (Canada), 5.38%, 12/01/2024(b)		1,308,000		1,356,370
Navient Corp.
6.13%, 03/25/2024		1,974,000		2,087,475
5.88%, 10/25/2024		1,144,000		1,206,920
				6,183,270
Containers & Packaging-2.03%
Graphic Packaging International LLC, 4.13%, 08/15/2024		727,000		775,087
Mauser Packaging Solutions Holding Co., 5.50%, 04/15/2024(b)		3,385,000		3,402,636
Sealed Air Corp., 5.13%, 12/01/2024(b)		986,000		1,081,519
				5,259,242
Distributors-0.55%
Wolverine Escrow LLC, 8.50%, 11/15/2024(b)		1,456,000		1,425,970
Diversified Consumer Services-1.50%
Blackboard, Inc., 10.38%, 11/15/2024(b)(c)		574,000		604,494
Cengage Learning, Inc., 9.50%, 06/15/2024(b)		1,420,000		1,412,012
Service Corp. International, 5.13%, 06/01/2029		1,710,000		1,850,767
				3,867,273
Diversified Financial Services-1.18%
Fairstone Financial, Inc. (Canada), 7.88%, 07/15/2024(b)		986,000		1,037,627
Lions Gate Capital Holdings LLC, 5.88%, 11/01/2024(b)		1,175,000		1,200,080
Stena International S.A. (Sweden), 5.75%, 03/01/2024(b)		800,000		804,916
				3,042,623
Diversified Telecommunication Services-2.12%
Cincinnati Bell, Inc., 7.00%, 07/15/2024(b)		1,434,000		1,493,081
Lumen Technologies, Inc., Series Y, 7.50%, 04/01/2024		2,379,000		2,673,401
McGraw Hill LLC/McGraw-Hill Global Education Finance, Inc., 8.00%, 11/30/2024(b)		1,300,000		1,308,125
				5,474,607
Electric Utilities-1.37%
NextEra Energy Operating Partners L.P., 4.25%, 07/15/2024(b)		1,607,000		1,701,411
NRG Energy, Inc., 5.25%, 06/15/2029(b)		1,729,000		1,833,086
				3,534,497

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

  76  

Invesco BulletShares 2024 High Yield Corporate Bond ETF (BSJO)—(continued)

February 28, 2021

(Unaudited)

	Principal     Amount		Value
Electrical Equipment-0.40%
Sensata Technologies B.V., 5.63%, 11/01/2024(b)	$	937,000	$	1,035,971
Electronic Equipment, Instruments & Components-0.55%
CDW LLC/CDW Finance Corp., 5.50%, 12/01/2024		1,298,000		1,435,101
Energy Equipment & Services-1.19%
Global Partners L.P./GLP Finance Corp., 6.88%, 01/15/2029		730,000		791,274
Oceaneering International, Inc., 4.65%, 11/15/2024		1,070,000		1,067,994
Weatherford International Ltd., 8.75%, 09/01/2024(b)		1,147,000		1,207,934
				3,067,202
Entertainment-0.90%
Live Nation Entertainment, Inc., 4.88%, 11/01/2024(b)		1,293,000		1,309,654
Netflix, Inc., 5.75%, 03/01/2024		912,000		1,025,430
				2,335,084
Equity REITs-3.57%
GEO Group, Inc. (The), 5.88%, 10/15/2024(c)		526,000		411,924
HAT Holdings I LLC/HAT Holdings II LLC, 5.25%, 07/15/2024(b)		1,160,000		1,201,192
MGM Growth Properties Operating Partnership L.P./MGP Finance Co.-Issuer, Inc., 5.63%, 05/01/2024		2,318,000		2,507,786
Rayonier A.M. Products, Inc., 5.50%, 06/01/2024(b)		1,080,000		1,031,400
SBA Communications Corp., 4.88%, 09/01/2024		2,602,000		2,672,124
Uniti Group L.P./Uniti Fiber Holdings, Inc./CSL Capital LLC, 7.13%, 12/15/2024(b)		1,370,000		1,410,394
				9,234,820
Food & Staples Retailing-1.61%
Performance Food Group, Inc., 5.50%, 06/01/2024(b)		826,000		830,130
PetSmart, Inc./PetSmart Finance Corp., 7.75%, 02/15/2029(b)		2,000,000		2,147,800
Simmons Foods, Inc., 5.75%, 11/01/2024(b)		1,143,000		1,180,833
				4,158,763
Food Products-2.92%
JBS USA LUX S.A./JBS USA Food Co./JBS USA Finance, Inc., 6.50%, 04/15/2029(b)		3,265,000		3,677,957
Lamb Weston Holdings, Inc., 4.63%, 11/01/2024(b)		1,917,000		1,994,639
Post Holdings, Inc., 5.50%, 12/15/2029(b)		1,760,000		1,886,412
				7,559,008
Gas Utilities-1.18%
AmeriGas Partners L.P./AmeriGas Finance Corp., 5.63%, 05/20/2024		1,659,000		1,839,931
Suburban Propane Partners L.P./Suburban Energy Finance Corp., 5.50%, 06/01/2024		1,195,000		1,216,647
				3,056,578
Health Care Equipment & Supplies-0.88%
CHS/Community Health Systems, Inc., 6.00%, 01/15/2029(b)		2,157,000		2,289,116

	Principal     Amount		Value
Health Care Providers & Services-2.53%
Owens & Minor, Inc., 4.38%, 12/15/2024	$	600,000	$	613,875
Tenet Healthcare Corp.
4.63%, 07/15/2024		4,432,000		4,502,912
4.63%, 09/01/2024(b)		1,396,000		1,432,212
				6,548,999
Hotels, Restaurants & Leisure-8.13%
1011778 BC ULC/New Red Finance, Inc. (Canada), 4.25%, 05/15/2024(b)		1,871,000		1,891,581
Carnival Corp.
7.63%, 03/01/2026(b)		3,420,000		3,599,550
9.88%, 08/01/2027(b)		2,060,000		2,371,740
Cedar Fair L.P./Canada’s Wonderland Co./Magnum Management Corp., 5.38%, 06/01/2024		1,042,000		1,047,210
Diamond Resorts International, Inc., 10.75%, 09/01/2024(b)		1,473,000		1,515,128
Enterprise Development Authority (The), 12.00%, 07/15/2024(b)		998,000		1,129,237
Gateway Casinos & Entertainment Ltd. (Canada), 8.25%, 03/01/2024(b)		527,000		500,650
Golden Nugget, Inc., 6.75%, 10/15/2024(b)		3,079,000		3,134,822
Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc., 6.13%, 12/01/2024		624,000		652,794
Jacobs Entertainment, Inc., 7.88%, 02/01/2024(b)		860,000		898,352
Mohegan Gaming & Entertainment, 7.88%, 10/15/2024(b)(c)		1,144,000		1,197,625
Six Flags Entertainment Corp., 4.88%, 07/31/2024(b)		2,407,000		2,412,897
Travel + Leisure Co., 5.65%, 04/01/2024		626,000		668,972
				21,020,558
Household Durables-1.02%
Newell Brands, Inc., 4.00%, 12/01/2024		500,000		528,750
Taylor Morrison Communities, Inc./Taylor Morrison Holdings II, Inc., 5.63%, 03/01/2024(b)		898,000		972,543
TRI Pointe Group, Inc./TRI Pointe Homes, Inc., 5.88%, 06/15/2024		1,035,000		1,133,972
				2,635,265
Household Products-0.21%
Spectrum Brands, Inc., 6.13%, 12/15/2024		517,000		530,752
Industrial Conglomerates-1.12%
Icahn Enterprises L.P./Icahn Enterprises Finance Corp., 4.75%, 09/15/2024		2,743,000		2,887,872
Interactive Media & Services-0.35%
Match Group Holdings II LLC, 5.63%, 02/15/2029(b)		827,000		901,430
IT Services-0.25%
Flexential Intermediate Corp., 11.25%, 08/01/2024(b)		600,000		649,875
Machinery-0.92%
JPW Industries Holding Corp., 9.00%, 10/01/2024(b)		509,000		514,090

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

  77  

Invesco BulletShares 2024 High Yield Corporate Bond ETF (BSJO)—(continued)

February 28, 2021

(Unaudited)

	Principal     Amount		Value
Machinery-(continued)
Maxim Crane Works Holdings Capital LLC, 10.13%, 08/01/2024(b)	$	816,000	$	858,925
Welbilt, Inc., 9.50%, 02/15/2024(c)		982,000		1,007,164
				2,380,179
Marine-0.50%
Stena AB (Sweden), 7.00%, 02/01/2024(b)		1,300,000		1,285,238
Media-15.63%
AMC Networks, Inc., 5.00%, 04/01/2024		2,292,000		2,323,515
CCO Holdings LLC/CCO Holdings Capital Corp., 5.38%, 06/01/2029(b)		3,533,000		3,811,612
Clear Channel Worldwide Holdings, Inc., 9.25%, 02/15/2024		6,278,000		6,548,739
CSC Holdings LLC
5.25%, 06/01/2024		1,713,000		1,846,828
6.50%, 02/01/2029(b)		4,200,000		4,638,795
DISH DBS Corp., 5.88%, 11/15/2024		4,787,000		5,021,779
Entercom Media Corp., 7.25%, 11/01/2024(b)(c)		935,000		947,412
Lamar Media Corp., 4.88%, 01/15/2029		940,000		991,709
MDC Partners, Inc., 7.50%, 05/01/2024(b)(d)		2,079,000		2,097,732
Salem Media Group, Inc., 6.75%, 06/01/2024(b)		400,000		394,000
Sirius XM Radio, Inc.
4.63%, 07/15/2024(b)		3,480,000		3,584,400
5.50%, 07/01/2029(b)		2,960,000		3,209,750
Videotron Ltd. (Canada), 5.38%, 06/15/2024(b)		1,375,000		1,503,033
Virgin Media Secured Finance PLC (United Kingdom), 5.50%, 05/15/2029(b)		3,270,000		3,510,051
				40,429,355
Metals & Mining-3.32%
Alcoa Nederland Holding B.V., 6.75%, 09/30/2024(b)		1,630,000		1,694,181
Celtic Resources Holdings DAC (United Kingdom), 4.13%, 10/09/2024(b)(c)		1,000,000		1,062,376
Cleveland-Cliffs, Inc., 4.88%, 01/15/2024(b)		937,000		960,706
Coeur Mining, Inc., 5.88%, 06/01/2024(c)		530,000		545,264
Compass Minerals International, Inc., 4.88%, 07/15/2024(b)		671,000		693,576
Constellium SE, 5.75%, 05/15/2024(b)		900,000		915,656
Freeport-McMoRan, Inc., 4.55%, 11/14/2024		1,724,000		1,901,787
Warrior Met Coal, Inc., 8.00%, 11/01/2024(b)(c)		788,000		812,255
				8,585,801
Multiline Retail-0.42%
Macy’s Retail Holdings LLC, 3.63%, 06/01/2024(c)		1,104,000		1,097,100
Oil, Gas & Consumable Fuels-6.25%
Antero Midstream Partners L.P./Antero Midstream Finance Corp., 5.38%, 09/15/2024		1,551,000		1,566,510
Antero Resources Corp., 7.63%, 02/01/2029(b)		200,000		213,625
Baytex Energy Corp. (Canada), 5.63%, 06/01/2024(b)		900,000		829,688

	Principal     Amount		Value
Oil, Gas & Consumable Fuels-(continued)
Calumet Specialty Products Partners L.P./Calumet Finance Corp., 9.25%, 07/15/2024(b)	$	500,000	$	547,500
EnLink Midstream Partners L.P., 4.40%, 04/01/2024		1,245,000		1,255,894
EQM Midstream Partners L.P., 4.00%, 08/01/2024		1,140,000		1,153,184
Genesis Energy L.P./Genesis Energy Finance Corp., 5.63%, 06/15/2024		731,000		717,751
Murphy Oil Corp., 6.88%, 08/15/2024(c)		1,349,000		1,370,921
Occidental Petroleum Corp., 6.95%, 07/01/2024		1,415,000		1,563,575
PDC Energy, Inc., 6.13%, 09/15/2024		933,000		955,005
Range Resources Corp., 8.25%, 01/15/2029(b)		1,500,000		1,614,862
SM Energy Co., 5.00%, 01/15/2024		660,000		631,950
Sunoco L.P./Sunoco Finance Corp., 4.50%, 05/15/2029(b)		1,910,000		1,911,194
Targa Resources Partners L.P./Targa Resources Partners Finance Corp., 6.88%, 01/15/2029		1,650,000		1,832,531
				16,164,190
Paper & Forest Products-0.35%
Louisiana-Pacific Corp., 4.88%, 09/15/2024		886,000		910,166
Pharmaceuticals-1.02%
Bausch Health Cos., Inc., 7.25%, 05/30/2029(b)		1,740,000		1,930,643
Endo DAC/Endo Finance LLC/Endo Finco, Inc., 5.88%, 10/15/2024(b)		700,000		703,938
				2,634,581
Real Estate Management & Development-0.94%
Kennedy-Wilson, Inc., 5.88%, 04/01/2024		2,390,000		2,418,680
Road & Rail-0.32%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 6.38%, 04/01/2024(b)		826,000		838,906
Semiconductors & Semiconductor Equipment-0.85%
Qorvo, Inc., 4.38%, 10/15/2029		2,046,000		2,210,642
Software-3.86%
BY Crown Parent LLC, 7.38%, 10/15/2024(b)		807,000		822,047
CDK Global, Inc.
5.00%, 10/15/2024		1,150,000		1,273,625
5.25%, 05/15/2029(b)		1,140,000		1,228,133
Solera LLC/Solera Finance, Inc., 10.50%, 03/01/2024(b)		4,573,000		4,738,771
Veritas US, Inc./Veritas Bermuda Ltd., 10.50%, 02/01/2024(b)(c)		1,901,000		1,917,729
				9,980,305
Specialty Retail-0.64%
AAG FH L.P./AAG FH Finco, Inc. (Canada), 9.75%, 07/15/2024(b)		305,000		293,563
L Brands, Inc., 7.50%, 06/15/2029		1,193,000		1,350,106
				1,643,669
Technology Hardware, Storage & Peripherals-2.88%
Dell International LLC/EMC Corp., 7.13%, 06/15/2024(b)		3,822,000		3,961,044

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

  78  

Invesco BulletShares 2024 High Yield Corporate Bond ETF (BSJO)—(continued)

February 28, 2021

(Unaudited)

	Principal     Amount		Value
Technology Hardware, Storage & Peripherals-(continued)
Diebold Nixdorf, Inc., 8.50%, 04/15/2024	$	997,000	$	1,018,186
NCR Corp., 6.13%, 09/01/2029(b)		1,150,000		1,232,444
Seagate HDD Cayman, 4.88%, 03/01/2024		1,148,000		1,235,478
				7,447,152
Textiles, Apparel & Luxury Goods-0.84%
Hanesbrands, Inc., 4.63%, 05/15/2024(b)		2,062,000		2,163,811
Trading Companies & Distributors-0.33%
WESCO Distribution, Inc., 5.38%, 06/15/2024		825,000		845,625
Wireless Telecommunication Services-2.66%
Sprint Corp., 7.13%, 06/15/2024		5,974,000		6,886,290
Total U.S. Dollar Denominated Bonds & Notes (Cost $242,211,441)				246,230,778
	Shares
Money Market Funds-3.32%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(e)(f) (Cost $8,588,762)		8,588,762		8,588,762
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-98.54% (Cost $250,800,203)				254,819,540

	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-3.87%
Invesco Private Government Fund, 0.01%(e)(f)(g)		3,786,048	$	3,786,048
Invesco Private Prime Fund, 0.11%(e)(f)(g)		6,222,211		6,224,699
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $10,010,747)				10,010,747
TOTAL INVESTMENTS IN SECURITIES-102.41% (Cost $260,810,950)				264,830,287
OTHER ASSETS LESS LIABILITIES-(2.41)%				(6,221,630	)
NET ASSETS-100.00%.			$	258,608,657

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 February 28, 2021 was $144,962,157, which represented 56.05% of the Fund’s Net Assets.

^(c) All or a portion of this security was out on loan at February 28, 2021.

^(d) Step coupon bond. The interest rate represents the coupon rate at which the bond will accrue at a specified future date.

^(e)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2021.

	Value August 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value February 28, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	48,054,450		$	(39,465,688	)		$	-		$	-		$	8,588,762		$	503
Invesco Premier U.S. Government Money Portfolio, Institutional Class			3,661,538			5,224,030			(8,885,568	)			-			-			-			26

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

  79  

Invesco BulletShares 2024 High Yield Corporate Bond ETF (BSJO)—(continued)

February 28, 2021

(Unaudited)

	Value August 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value February 28, 2021			Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		$	4,302,260		$	20,543,707		$	(21,059,919	)		$	-		$	-		$	3,786,048		$	507	*
Invesco Private Prime Fund			1,434,103			24,984,321			(20,194,402	)			-			677			6,224,699			2,642	*
Total		$	9,397,901		$	98,806,508		$	(89,605,577	)		$	-		$	677		$	18,599,509		$	3,678

* 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 February 28, 2021.

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

 Portfolio Composition

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

 as of February 28, 2021

Communication Services	21.66
Consumer Discretionary	17.86
Materials	8.71
Information Technology	8.39
Industrials	7.72
Energy	7.44
Financials	7.21
Consumer Staples	4.74
Real Estate	4.51
Health Care	4.43
Utilities	2.55
Money Market Funds Plus Other Assets Less Liabilities	4.78

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

  80  

Invesco BulletShares 2025 High Yield Corporate Bond ETF (BSJP)

February 28, 2021

(Unaudited)

Schedule of Investments^(a)

	Principal     Amount		Value
U.S. Dollar Denominated Bonds & Notes-95.12%
Aerospace & Defense-2.05%
Bombardier, Inc. (Canada), 7.50%, 03/15/2025(b)	$	1,591,000	$	1,457,260
Kratos Defense & Security Solutions, Inc., 6.50%, 11/30/2025(b)		319,000		334,119
Spirit AeroSystems, Inc.
5.50%, 01/15/2025(b)		530,000		551,714
7.50%, 04/15/2025(b)		1,270,000		1,346,200
TransDigm, Inc., 6.50%, 05/15/2025		795,000		811,695
				4,500,988
Air Freight & Logistics-0.25%
Western Global Airlines LLC, 10.38%, 08/15/2025(b)		490,000		548,800
Airlines-1.44%
American Airlines, Inc., 11.75%, 07/15/2025(b)		2,660,000		3,168,725
Auto Components-0.66%
American Axle & Manufacturing, Inc., 6.25%, 04/01/2025(c)		739,000		762,168
Dana Financing Luxembourg S.a.r.l., 5.75%, 04/15/2025(b)		420,000		433,020
GC EOS Buyer, Inc., 9.25%, 08/01/2025(b)		232,000		253,460
				1,448,648
Automobiles-6.35%
Ford Motor Co., 9.00%, 04/22/2025		3,550,000		4,314,120
Ford Motor Credit Co. LLC
4.69%, 06/09/2025		700,000		746,813
5.13%, 06/16/2025		1,900,000		2,055,230
4.13%, 08/04/2025		1,700,000		1,792,437
3.38%, 11/13/2025		2,100,000		2,136,981
Jaguar Land Rover Automotive PLC (United Kingdom), 7.75%, 10/15/2025(b)		880,000		952,050
Tesla, Inc., 5.30%, 08/15/2025(b)		1,891,000		1,970,327
				13,967,958
Banks-1.08%
Deutsche Bank AG (Germany), 4.50%, 04/01/2025		1,500,000		1,597,774
Freedom Mortgage Corp., 8.25%, 04/15/2025(b)		755,000		787,087
				2,384,861
Beverages-0.37%
Primo Water Holdings, Inc. (Canada), 5.50%, 04/01/2025(b)		793,000		816,877
Building Products-0.46%
Forterra Finance LLC/FRTA Finance Corp., 6.50%, 07/15/2025(b)		530,000		570,744
JELD-WEN, Inc., 4.63%, 12/15/2025(b)		427,000		432,826
				1,003,570
Capital Markets-0.38%
MSCI, Inc., 3.63%, 09/01/2030(b)		425,000		443,742
StoneX Group, Inc., 8.63%, 06/15/2025(b)		365,000		388,497
				832,239

	Principal     Amount		Value
Chemicals-3.37%
Adams Homes, Inc., 7.50%, 02/15/2025(b)	$	250,000	$	261,406
Avient Corp., 5.75%, 05/15/2025(b)		675,000		716,479
Chemours Co. (The), 7.00%, 05/15/2025(c)		784,000		808,994
Consolidated Energy Finance S.A. (Switzerland), 6.88%, 06/15/2025(b)		506,000		515,804
Koppers, Inc., 6.00%, 02/15/2025(b)		520,000		537,225
Kraton Polymers LLC/Kraton Polymers Capital Corp., 4.25%, 12/15/2025(b)		400,000		405,508
OCI N.V. (Netherlands), 4.63%, 10/15/2025(b)		390,000		404,986
Olin Corp., 9.50%, 06/01/2025(b)		505,000		625,496
PQ Corp., 5.75%, 12/15/2025(b)		292,000		299,847
Rain CII Carbon LLC/CII Carbon Corp., 7.25%, 04/01/2025(b)		544,000		558,413
SPCM S.A. (France), 4.88%, 09/15/2025(b)		600,000		618,750
Trinseo Materials Operating S.C.A./Trinseo Materials Finance, Inc., 5.38%, 09/01/2025(b)		522,000		530,339
Tronox Finance PLC, 5.75%, 10/01/2025(b)		467,000		483,443
Venator Finance S.a.r.l./Venator Materials LLC
9.50%, 07/01/2025(b)		220,000		249,700
5.75%, 07/15/2025(b)		391,000		385,135
				7,401,525
Commercial Services & Supplies-2.72%
Core & Main L.P., 6.13%, 08/15/2025(b)		792,000		811,384
Covanta Holding Corp.
5.88%, 07/01/2025		420,000		436,756
5.00%, 09/01/2030		420,000		436,275
Garda World Security Corp. (Canada), 8.75%, 05/15/2025(b)		150,000		156,092
GFL Environmental, Inc. (Canada)
4.25%, 06/01/2025(b)		530,000		544,355
3.75%, 08/01/2025(b)		810,000		826,706
Intrado Corp., 8.50%, 10/15/2025(b)		898,000		892,949
KAR Auction Services, Inc., 5.13%, 06/01/2025(b)		1,012,000		1,028,445
Matthews International Corp., 5.25%, 12/01/2025(b)		299,000		304,575
Ritchie Bros. Auctioneers, Inc. (Canada), 5.38%, 01/15/2025(b)		537,000		552,775
				5,990,312
Communications Equipment-0.99%
CommScope Technologies LLC, 6.00%, 06/15/2025(b)		1,383,000		1,410,508
ViaSat, Inc., 5.63%, 09/15/2025(b)		745,000		760,831
				2,171,339
Construction & Engineering-0.83%
PowerTeam Services LLC, 9.03%, 12/04/2025(b)		1,050,000		1,165,500
Tutor Perini Corp., 6.88%, 05/01/2025(b)(c)		641,000		649,814
				1,815,314
Construction Materials-0.61%
Picasso Finance Sub, Inc., 6.13%, 06/15/2025(b)		700,000		744,765

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

  81  

Invesco BulletShares 2025 High Yield Corporate Bond ETF (BSJP)—(continued)

February 28, 2021

(Unaudited)

	Principal     Amount		Value
Construction Materials-(continued)
Summit Materials LLC/Summit Materials Finance Corp., 5.13%, 06/01/2025(b)	$	319,000	$	324,948
Werner FinCo L.P./Werner FinCo, Inc., 8.75%, 07/15/2025(b)		259,000		269,009
				1,338,722
Consumer Finance-2.31%
Ally Financial, Inc., 5.75%, 11/20/2025		1,115,000		1,273,968
Curo Group Holdings Corp., 8.25%, 09/01/2025(b)		735,000		742,350
Finance of America Funding LLC, 7.88%, 11/15/2025(b)		360,000		365,508
Navient Corp., 6.75%, 06/25/2025		529,000		569,839
OneMain Finance Corp., 6.88%, 03/15/2025		1,340,000		1,513,872
SLM Corp., 4.20%, 10/29/2025		590,000		619,500
				5,085,037
Containers & Packaging-2.24%
Ball Corp., 5.25%, 07/01/2025		1,054,000		1,187,726
Mauser Packaging Solutions Holding Co., 7.25%, 04/15/2025(b)		1,444,000		1,428,676
Owens-Brockway Glass Container, Inc.
5.38%, 01/15/2025(b)		297,000		320,760
6.38%, 08/15/2025(b)		319,000		355,087
Pactiv LLC, 7.95%, 12/15/2025		278,000		313,445
Plastipak Holdings, Inc., 6.25%, 10/15/2025(b)		527,000		542,481
Sealed Air Corp., 5.50%, 09/15/2025(b)		439,000		488,662
Trident TPI Holdings, Inc., 6.63%, 11/01/2025(b)		289,000		294,388
				4,931,225
Diversified Consumer Services-0.55%
Laureate Education, Inc., 8.25%, 05/01/2025(b)		843,000		884,623
WW International, Inc., 8.63%, 12/01/2025(b)		316,000		330,396
				1,215,019
Diversified Financial Services-1.91%
eG Global Finance PLC (United Kingdom), 8.50%, 10/30/2025(b)		700,000		743,085
Genworth Mortgage Holdings, Inc., 6.50%, 08/15/2025(b)		790,000		855,179
LPL Holdings, Inc., 5.75%, 09/15/2025(b)		943,000		973,836
Stena International S.A. (Sweden), 6.13%, 02/01/2025(b)		279,000		276,210
Tempo Acquisition LLC/Tempo Acquisition Finance Corp., 6.75%, 06/01/2025(b)		1,310,000		1,346,025
				4,194,335
Diversified Telecommunication Services-0.78%
Cincinnati Bell, Inc., 8.00%, 10/15/2025(b)		257,000		274,187
Level 3 Financing, Inc., 5.38%, 05/01/2025		843,000		866,499
Lumen Technologies, Inc., 5.63%, 04/01/2025		526,000		564,437
				1,705,123
Electric Utilities-1.02%
DPL, Inc., 4.13%, 07/01/2025(b)		450,000		482,063

	Principal     Amount		Value
Electric Utilities-(continued)
Drax Finco PLC (United Kingdom), 6.63%, 11/01/2025(b)	$	600,000	$	623,625
PG&E Corp., 5.25%, 07/01/2030		1,070,000		1,145,916
				2,251,604
Electrical Equipment-0.37%
Sensata Technologies B.V., 5.00%, 10/01/2025(b)		739,000		812,216
Electronic Equipment, Instruments & Components-0.68%
Brightstar Escrow Corp., 9.75%, 10/15/2025(b)		410,000		436,650
CDW LLC/CDW Finance Corp., 4.13%, 05/01/2025		642,000		663,507
TTM Technologies, Inc., 5.63%, 10/01/2025(b)		390,000		402,966
				1,503,123
Energy Equipment & Services-0.60%
CSI Compressco L.P./CSI Compressco Finance, Inc., 7.50%, 04/01/2025(b)		375,000		377,109
Exterran Energy Solutions L.P./EES Finance Corp., 8.13%, 05/01/2025		395,000		360,890
Tervita Corp. (Canada), 11.00%, 12/01/2025(b)		530,000		573,725
				1,311,724
Entertainment-1.13%
AMC Entertainment Holdings, Inc., 10.50%, 04/15/2025(b)(c)		500,000		527,037
Banijay Entertainment S.A.S.U. (France), 5.38%, 03/01/2025(b)		400,000		409,250
Netflix, Inc.
5.88%, 02/15/2025		853,000		977,197
3.63%, 06/15/2025(b)		530,000		565,444
				2,478,928
Equity REITs-3.84%
CTR Partnership L.P./CareTrust Capital Corp., 5.25%, 06/01/2025		335,000		346,613
FelCor Lodging L.P., 6.00%, 06/01/2025		498,000		513,734
Iron Mountain, Inc., 5.25%, 07/15/2030(b)		1,380,000		1,421,400
iStar, Inc., 4.25%, 08/01/2025		585,000		586,176
MGM Growth Properties Operating Partnership L.P./MGP Finance Co.-Issuer, Inc., 4.63%, 06/15/2025(b)		839,000		890,179
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co.-Issuer, 7.50%, 06/01/2025(b)		680,000		738,531
Uniti Group L.P./Uniti Fiber Holdings, Inc./CSL Capital LLC, 7.88%, 02/15/2025(b)		2,386,000		2,574,601
VICI Properties L.P./VICI Note Co., Inc., 3.50%, 02/15/2025(b)		793,000		805,391
XHR L.P., 6.38%, 08/15/2025(b)		530,000		561,469
				8,438,094
Food & Staples Retailing-1.21%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons L.P./Albertson’s LLC, 5.75%, 03/15/2025(c)		215,000		222,503
Dole Food Co., Inc., 7.25%, 06/15/2025(b)		320,000		328,366

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

  82  

Invesco BulletShares 2025 High Yield Corporate Bond ETF (BSJP)—(continued)

February 28, 2021

(Unaudited)

	Principal     Amount		Value
Food & Staples Retailing-(continued)
Performance Food Group, Inc., 6.88%, 05/01/2025(b)(c)	$	289,000	$	309,049
Rite Aid Corp., 7.50%, 07/01/2025(b)		634,000		665,266
US Foods, Inc., 6.25%, 04/15/2025(b)		1,060,000		1,131,640
				2,656,824
Food Products-0.97%
B&G Foods, Inc., 5.25%, 04/01/2025		953,000		978,159
Chobani LLC/Chobani Finance Corp., Inc., 7.50%, 04/15/2025(b)		568,000		591,779
Del Monte Foods, Inc., 11.88%, 05/15/2025(b)		500,000		565,938
				2,135,876
Gas Utilities-0.85%
AmeriGas Partners L.P./AmeriGas Finance Corp., 5.50%, 05/20/2025		753,000		828,097
Ferrellgas L.P./Ferrellgas Finance Corp., 10.00%, 04/15/2025(b)		690,000		766,762
Suburban Propane Partners L.P./Suburban Energy Finance Corp., 5.75%, 03/01/2025		262,000		265,303
				1,860,162
Health Care Equipment & Supplies-0.27%
Hill-Rom Holdings, Inc., 5.00%, 02/15/2025(b)		319,000		328,291
Ortho-Clinical Diagnostics, Inc./Ortho-Clinical Diagnostics S.A., 7.38%, 06/01/2025(b)		246,000		263,989
				592,280
Health Care Providers & Services-6.27%
Air Methods Corp., 8.00%, 05/15/2025(b)		530,000		499,525
Akumin, Inc., 7.00%, 11/01/2025(b)		420,000		439,950
Change Healthcare Holdings LLC/Change Healthcare Finance, Inc., 5.75%, 03/01/2025(b)		1,261,000		1,293,446
Community Health Systems, Inc., 6.63%, 02/15/2025(b)		1,557,000		1,640,302
Encompass Health Corp., 5.75%, 09/15/2025(c)		373,000		386,987
Global Medical Response, Inc., 6.50%, 10/01/2025(b)		635,000		661,194
HCA, Inc.
5.38%, 02/01/2025		2,818,000		3,167,390
7.69%, 06/15/2025		139,000		168,697
Legacy LifePoint Health LLC, 6.75%, 04/15/2025(b)		700,000		742,000
Prime Healthcare Services, Inc., 7.25%, 11/01/2025(b)		740,000		792,725
RP Escrow Issuer LLC, 5.25%, 12/15/2025(b)		845,000		875,631
Surgery Center Holdings, Inc., 6.75%, 07/01/2025(b)		386,000		394,926
Team Health Holdings, Inc., 6.38%, 02/01/2025(b)		758,000		686,464
Tenet Healthcare Corp.
5.13%, 05/01/2025		1,495,000		1,511,819
7.00%, 08/01/2025(c)		515,000		533,797
				13,794,853

	Principal     Amount		Value
Hotels, Restaurants & Leisure-10.76%
Aramark Services, Inc., 5.00%, 04/01/2025(b)	$	636,000	$	651,264
Caesars Entertainment, Inc., 6.25%, 07/01/2025(b)		3,618,000		3,835,080
Caesars Resort Collection LLC/CRC Finco, Inc.
5.75%, 07/01/2025(b)		1,060,000		1,114,325
5.25%, 10/15/2025(b)		1,802,000		1,791,179
Cedar Fair L.P./Canada’s Wonderland Co./Magnum Management Corp., 5.50%, 05/01/2025(b)		1,070,000		1,122,831
Constellation Merger Sub, Inc., 8.50%, 09/15/2025(b)(c)		462,000		431,344
Dave & Buster’s, Inc., 7.63%, 11/01/2025(b)		580,000		616,250
ESH Hospitality, Inc., 5.25%, 05/01/2025(b)		1,382,000		1,410,822
Golden Nugget, Inc., 8.75%, 10/01/2025(b)(c)		650,000		692,737
Hilton Domestic Operating Co., Inc., 5.38%, 05/01/2025(b)		525,000		552,694
International Game Technology PLC, 6.50%, 02/15/2025(b)		1,100,000		1,218,250
MGM Resorts International, 5.75%, 06/15/2025		729,000		804,106
Powdr Corp., 6.00%, 08/01/2025(b)		320,000		335,600
Sabre GLBL, Inc.
9.25%, 04/15/2025(b)		820,000		973,750
7.38%, 09/01/2025(b)		900,000		968,850
Scientific Games International, Inc.
8.63%, 07/01/2025(b)		580,000		625,315
5.00%, 10/15/2025(b)		1,328,000		1,365,690
Seaworld Parks & Entertainment, Inc., 8.75%, 05/01/2025(b)		240,000		260,250
SeaWorld Parks & Entertainment, Inc., 9.50%, 08/01/2025(b)		530,000		574,740
Sizzling Platter LLC/Sizzling Platter Finance Corp., 8.50%, 11/28/2025(b)		345,000		358,800
Station Casinos LLC, 5.00%, 10/01/2025(b)		576,000		581,806
Sugarhouse HSP Gaming Prop Mezz L.P./Sugarhouse HSP Gaming Finance Corp., 5.88%, 05/15/2025(b)		238,000		231,728
Travel + Leisure Co., 6.60%, 10/01/2025		379,000		426,809
Vail Resorts, Inc., 6.25%, 05/15/2025(b)		630,000		673,565
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.50%, 03/01/2025(b)		1,913,000		2,030,171
				23,647,956
Household Durables-2.10%
American Greetings Corp., 8.75%, 04/15/2025(b)		278,000		287,556
Ashton Woods USA LLC/Ashton Woods Finance Co., 6.75%, 08/01/2025(b)		259,000		268,361
At Home Holding III, Inc., 8.75%, 09/01/2025(b)		290,000		316,644
Beazer Homes USA, Inc., 6.75%, 03/15/2025		239,000		247,639
Brookfield Residential Properties, Inc./Brookfield Residential US Corp. (Canada), 6.38%, 05/15/2025(b)		369,000		380,031
Century Communities, Inc., 5.88%, 07/15/2025		415,000		428,963

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

  83  

Invesco BulletShares 2025 High Yield Corporate Bond ETF (BSJP)—(continued)

February 28, 2021

(Unaudited)

	Principal     Amount		Value
Household Durables-(continued)
Empire Communities Corp. (Canada), 7.00%, 12/15/2025(b)	$	420,000	$	443,100
M/I Homes, Inc., 5.63%, 08/01/2025		261,000		272,065
Mattamy Group Corp. (Canada), 4.63%, 03/01/2030(b)		640,000		665,901
Meritage Homes Corp., 6.00%, 06/01/2025		419,000		471,637
New Home Co., Inc. (The), 7.25%, 10/15/2025(b)		250,000		256,825
Newell Brands, Inc., 4.88%, 06/01/2025		522,000		574,696
				4,613,418
Household Products-0.91%
Central Garden & Pet Co., 4.13%, 10/15/2030		528,000		549,257
Spectrum Brands, Inc.
5.75%, 07/15/2025		1,071,000		1,104,469
5.50%, 07/15/2030(b)		315,000		340,038
				1,993,764
Industrial Conglomerates-0.87%
Brand Industrial Services, Inc., 8.50%, 07/15/2025(b)		1,074,000		1,076,685
Icahn Enterprises L.P./Icahn Enterprises Finance Corp., 6.38%, 12/15/2025		799,000		827,924
				1,904,609
Insurance-1.00%
Acrisure LLC/Acrisure Finance, Inc., 7.00%, 11/15/2025(b)		959,000		984,773
AssuredPartners, Inc., 7.00%, 08/15/2025(b)		534,000		547,647
USI, Inc., 6.88%, 05/01/2025(b)		657,000		671,365
				2,203,785
Interactive Media & Services-0.26%
TripAdvisor, Inc., 7.00%, 07/15/2025(b)		530,000		571,406
IT Services-0.15%
Cardtronics, Inc./Cardtronics USA, Inc., 5.50%, 05/01/2025(b)(c)		309,000		319,815
Leisure Products-0.75%
Mattel, Inc., 6.75%, 12/31/2025(b)		1,573,000		1,654,009
Machinery-1.96%
Meritor, Inc., 6.25%, 06/01/2025(b)		320,000		341,600
Navistar International Corp.
9.50%, 05/01/2025(b)		640,000		717,200
6.63%, 11/01/2025(b)		1,186,000		1,231,957
RBS Global, Inc./Rexnord LLC, 4.88%, 12/15/2025(b)		520,000		534,950
Tennant Co., 5.63%, 05/01/2025		319,000		330,165
Terex Corp., 5.63%, 02/01/2025(b)		633,000		650,803
TriMas Corp., 4.88%, 10/15/2025(b)		167,000		170,732
Wabash National Corp., 5.50%, 10/01/2025(b)		329,000		336,368
				4,313,775
Media-1.83%
AMC Networks, Inc., 4.75%, 08/01/2025		849,000		874,470
E.W. Scripps Co. (The), 5.13%, 05/15/2025(b)		418,000		425,054
Houghton Mifflin Harcourt Publishers, Inc., 9.00%, 02/15/2025(b)		347,000		368,688

	Principal     Amount		Value
Media-(continued)
Meredith Corp., 6.50%, 07/01/2025(b)	$	320,000	$	341,800
Outfront Media Capital LLC/Outfront Media Capital Corp., 6.25%, 06/15/2025(b)		420,000		445,987
Univision Communications, Inc., 5.13%, 02/15/2025(b)		1,565,000		1,569,421
				4,025,420
Metals & Mining-1.73%
Cleveland-Cliffs, Inc., 5.75%, 03/01/2025(c)		396,000		406,128
Freeport-McMoRan, Inc.
4.25%, 03/01/2030		620,000		673,667
4.63%, 08/01/2030		888,000		982,816
Hudbay Minerals, Inc. (Peru), 7.63%, 01/15/2025(b)		620,000		646,657
New Gold, Inc. (Canada), 6.38%, 05/15/2025(b)		87,000		89,991
TMS International Holding Corp., 7.25%, 08/15/2025(b)		232,000		237,849
United States Steel Corp., 6.88%, 08/15/2025(c)		785,000		775,187
				3,812,295
Mortgage REITs-0.67%
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 5.25%, 10/01/2025(b)		364,000		362,408
New Residential Investment Corp., 6.25%, 10/15/2025(b)		580,000		583,697
Starwood Property Trust, Inc., 4.75%, 03/15/2025		525,000		538,282
				1,484,387
Multiline Retail-0.69%
Macy’s, Inc., 8.38%, 06/15/2025(b)		1,380,000		1,526,887
Oil, Gas & Consumable Fuels-11.96%
Antero Resources Corp., 5.00%, 03/01/2025(c)		619,000		616,524
Apache Corp., 4.63%, 11/15/2025		545,000		565,437
Calumet Specialty Products Partners L.P./Calumet Finance Corp., 11.00%, 04/15/2025(b)		594,000		602,839
Cheniere Energy Partners L.P., 5.25%, 10/01/2025		1,592,000		1,638,248
Comstock Resources, Inc., 7.50%, 05/15/2025(b)		666,000		695,554
Crestwood Midstream Partners L.P./ Crestwood Midstream Finance Corp., 5.75%, 04/01/2025(c)		529,000		533,258
CrownRock L.P./CrownRock Finance, Inc., 5.63%, 10/15/2025(b)		1,268,000		1,283,096
CVR Energy, Inc., 5.25%, 02/15/2025(b)		641,000		633,628
DCP Midstream Operating L.P., 5.38%, 07/15/2025		888,000		948,309
Delek Logistics Partners L.P./Delek Logistics Finance Corp., 6.75%, 05/15/2025		250,000		248,336
Endeavor Energy Resources L.P./EER Finance, Inc., 6.63%, 07/15/2025(b)		650,000		684,216
EnLink Midstream Partners L.P., 4.15%, 06/01/2025		780,000		776,100

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

  84  

Invesco BulletShares 2025 High Yield Corporate Bond ETF (BSJP)—(continued)

February 28, 2021

(Unaudited)

	Principal     Amount		Value
Oil, Gas & Consumable Fuels-(continued)
EQM Midstream Partners L.P., 6.00%, 07/01/2025(b)	$	740,000	$	783,475
Genesis Energy L.P./Genesis Energy Finance Corp., 6.50%, 10/01/2025		564,000		548,307
Hilcorp Energy I L.P./Hilcorp Finance Co., 5.75%, 10/01/2025(b)		550,000		561,630
Laredo Petroleum, Inc., 9.50%, 01/15/2025		610,000		580,647
Martin Midstream Partners L.P./Martin Midstream Finance Corp., 11.50%, 02/28/2025(b)		310,000		314,650
MEG Energy Corp. (Canada), 6.50%, 01/15/2025(b)		541,000		558,582
Murphy Oil Corp., 5.75%, 08/15/2025		597,000		592,585
Neptune Energy Bondco PLC (United Kingdom), 6.63%, 05/15/2025(b)		900,000		911,250
New Fortress Energy, Inc., 6.75%, 09/15/2025(b)		1,340,000		1,392,528
NuStar Logistics L.P., 5.75%, 10/01/2025		630,000		671,895
Occidental Petroleum Corp.
3.50%, 06/15/2025		805,000		792,426
8.00%, 07/15/2025		530,000		616,125
5.88%, 09/01/2025		950,000		1,032,175
5.50%, 12/01/2025		798,000		848,673
Par Petroleum LLC/Par Petroleum Finance Corp., 7.75%, 12/15/2025(b)		319,000		313,019
Range Resources Corp., 4.88%, 05/15/2025(c)		809,000		801,112
Seven Generations Energy Ltd. (Canada), 5.38%, 09/30/2025(b)		757,000		788,730
SM Energy Co., 5.63%, 06/01/2025		360,000		344,414
Southwestern Energy Co., 6.45%, 01/23/2025		902,000		948,791
SunCoke Energy Partners L.P./SunCoke Energy Partners Finance Corp., 7.50%, 06/15/2025(b)		619,000		643,559
Targa Resources Partners L.P./Targa Resources Partners Finance Corp., 5.50%, 03/01/2030		995,000		1,064,958
Vermilion Energy, Inc. (Canada), 5.63%, 03/15/2025(b)		319,000		296,238
Western Midstream Operating L.P.
4.35%, 02/01/2025		1,090,000		1,119,212
3.95%, 06/01/2025		543,000		549,448
				26,299,974
Paper & Forest Products-0.15%
Clearwater Paper Corp., 5.38%, 02/01/2025(b)		300,000		326,813
Pharmaceuticals-2.69%
Bausch Health Cos., Inc.
6.13%, 04/15/2025(b)		3,448,000		3,529,511
5.50%, 11/01/2025(b)		1,857,000		1,913,081
P&L Development LLC/PLD Finance Corp., 7.75%, 11/15/2025(b)		440,000		467,500
				5,910,092

	Principal     Amount		Value
Professional Services-0.50%
Jaguar Holding Co. II/PPD Development L.P., 4.63%, 06/15/2025(b)	$	530,000	$	553,389
Nielsen Co. (Luxembourg) S.a.r.l. (The), 5.00%, 02/01/2025(b)		529,000		543,151
				1,096,540
Real Estate Management & Development-0.65%
Five Point Operating Co. L.P./Five Point Capital Corp., 7.88%, 11/15/2025(b)		659,000		696,619
Greystar Real Estate Partners LLC, 5.75%, 12/01/2025(b)		699,000		722,591
				1,419,210
Road & Rail-0.70%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 5.25%, 03/15/2025(b)		390,000		393,064
Uber Technologies, Inc., 7.50%, 05/15/2025(b)		1,060,000		1,143,517
				1,536,581
Semiconductors & Semiconductor Equipment-0.85%
ams AG (Austria), 7.00%, 07/31/2025(b)		500,000		546,562
Microchip Technology, Inc., 4.25%, 09/01/2025(b)		1,270,000		1,331,842
				1,878,404
Software-1.28%
Ascend Learning LLC, 6.88%, 08/01/2025(b)		314,000		323,780
PTC, Inc., 3.63%, 02/15/2025(b)		541,000		554,863
Veritas US, Inc./Veritas Bermuda Ltd., 7.50%, 09/01/2025(b)		1,870,000		1,940,592
				2,819,235
Specialty Retail-1.78%
Asbury Automotive Group, Inc., 4.75%, 03/01/2030		450,000		471,938
Carvana Co., 5.63%, 10/01/2025(b)		530,000		553,187
L Brands, Inc., 6.63%, 10/01/2030(b)		1,110,000		1,248,056
Lithia Motors, Inc., 5.25%, 08/01/2025(b)		319,000		330,597
Penske Automotive Group, Inc., 3.50%, 09/01/2025		580,000		590,875
Sally Holdings LLC/Sally Capital, Inc., 5.63%, 12/01/2025		708,000		724,992
				3,919,645
Technology Hardware, Storage & Peripherals-0.94%
Diebold Nixdorf, Inc., 9.38%, 07/15/2025(b)		800,000		895,500
Everi Payments, Inc., 7.50%, 12/15/2025(b)		320,000		333,166
Xerox Holdings Corp., 5.00%, 08/15/2025(b)		800,000		846,000
				2,074,666
Textiles, Apparel & Luxury Goods-1.21%
Abercrombie & Fitch Management Co., 8.75%, 07/15/2025(b)		389,000		429,602
Burlington Coat Factory Warehouse Corp., 6.25%, 04/15/2025(b)		320,000		339,600
Levi Strauss & Co., 5.00%, 05/01/2025		1,838,000		1,882,801
				2,652,003

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

  85  

Invesco BulletShares 2025 High Yield Corporate Bond ETF (BSJP) —(continued)

February 28, 2021

(Unaudited)

	Principal     Amount		Value
Thrifts & Mortgage Finance-0.47%
PennyMac Financial Services, Inc., 5.38%, 10/15/2025(b)	$	690,000	$	721,913
Provident Funding Associates L.P./PFG Finance Corp., 6.38%, 06/15/2025(b)		306,000		308,645
				1,030,558
Trading Companies & Distributors-0.84%
Beacon Roofing Supply, Inc., 4.88%, 11/01/2025(b)		1,388,000		1,400,242
Boise Cascade Co., 4.88%, 07/01/2030(b)		420,000		448,487
				1,848,729
Wireless Telecommunication Services-0.86%
Sprint Corp., 7.63%, 02/15/2025		1,594,000		1,898,852
Total U.S. Dollar Denominated Bonds & Notes (Cost $204,606,826)				209,139,129
	Shares
Money Market Funds-3.38%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(d)(e) (Cost $7,424,830)		7,424,830		7,424,830
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-98.50% (Cost $212,031,656)				216,563,959

	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-3.44%
Invesco Private Government Fund, 0.01%(d)(e)(f)		3,029,968	$	3,029,968
Invesco Private Prime Fund, 0.11%(d)(e)(f)		4,543,134		4,544,952
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $7,574,920)				7,574,920
TOTAL INVESTMENTS IN SECURITIES-101.94% (Cost $219,606,576)				224,138,879
OTHER ASSETS LESS LIABILITIES-(1.94)%				(4,274,474	)
NET ASSETS-100.00%			$	219,864,405

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 February 28, 2021 was $141,979,097, which represented 64.58% of the Fund’s Net Assets.

^(c)  All or a portion of this security was out on loan at February 28, 2021.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2021.

	Value August 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value February 28, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	38,626,068		$	(31,201,238	)		$	-		$	-		$	7,424,830		$	368
Invesco Premier U.S. Government Money Portfolio, Institutional Class			2,169,837			2,535,356			(4,705,193	)			-			-			-			16

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

  86  

Invesco BulletShares 2025 High Yield Corporate Bond ETF (BSJP) —(continued)

February 28, 2021

(Unaudited)

	Value August 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation		Realized Gain			Value February 28, 2021			Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		$	3,309,287		$	17,526,240		$	(17,805,559	)		$-		$	-		$	3,029,968		$	417	*
Invesco Private Prime Fund			1,103,113			20,218,574			(16,777,242	)		-			507			4,544,952			2,024	*
Total		$	6,582,237		$	78,906,238		$	(70,489,232	)		$-		$	507		$	14,999,750		$	2,825

* 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 February 28, 2021.

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

 Portfolio Composition

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

 as of February 28, 2021

Consumer Discretionary	25.05
Industrials	12.79
Energy	12.56
Health Care	9.23
Materials	8.10
Financials	7.82
Information Technology	4.89
Communication Services	4.86
Real Estate	4.49
Consumer Staples	3.46
Utilities	1.87
Money Market Funds Plus Other Assets Less Liabilities	4.88

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

  87  

Invesco BulletShares 2026 High Yield Corporate Bond ETF (BSJQ)

February 28, 2021

(Unaudited)

Schedule of Investments^(a)

	Principal     Amount		Value
U.S. Dollar Denominated Bonds & Notes-96.57%
Aerospace & Defense-1.63%
BWX Technologies, Inc., 5.38%, 07/15/2026(b)	$	233,000	$	241,984
Signature Aviation US Holdings, Inc., 5.38%, 05/01/2026(b)		287,000		294,175
TransDigm, Inc., 6.38%, 06/15/2026		647,000		667,740
				1,203,899
Auto Components-2.22%
American Axle & Manufacturing, Inc., 6.25%, 03/15/2026		246,000		251,532
Dana Financing Luxembourg S.a.r.l., 6.50%, 06/01/2026(b)		230,000		239,459
Gates Global LLC/Gates Corp., 6.25%, 01/15/2026(b)		423,000		445,258
Goodyear Tire & Rubber Co. (The), 5.00%, 05/31/2026		551,000		563,844
Tenneco, Inc., 5.00%, 07/15/2026(c)		148,000		139,353
				1,639,446
Automobiles-3.06%
Cooper-Standard Automotive, Inc., 5.63%, 11/15/2026(b)		210,000		183,078
Ford Motor Co., 4.35%, 12/08/2026		795,000		848,408
Ford Motor Credit Co. LLC, 4.39%, 01/08/2026		800,000		845,872
J.B. Poindexter & Co., Inc., 7.13%, 04/15/2026(b)		365,000		385,988
				2,263,346
Banks-0.58%
Freedom Mortgage Corp., 7.63%, 05/01/2026(b)		400,000		428,500
Building Products-1.43%
American Woodmark Corp., 4.88%, 03/15/2026(b)		218,000		222,809
Cornerstone Building Brands, Inc., 8.00%, 04/15/2026(b)		401,000		416,791
Masonite International Corp., 5.75%, 09/15/2026(b)		171,000		178,449
PGT Innovations, Inc., 6.75%, 08/01/2026(b)		223,000		236,938
				1,054,987
Capital Markets-0.44%
MSCI, Inc., 4.75%, 08/01/2026(b)		312,000		322,140
Chemicals-1.51%
Consolidated Energy Finance S.A. (Switzerland), 6.50%, 05/15/2026(b)		200,000		202,500
GCP Applied Technologies, Inc., 5.50%, 04/15/2026(b)		215,000		222,001
Ingevity Corp., 4.50%, 02/01/2026(b)		185,000		188,452
Scotts Miracle-Gro Co. (The), 5.25%, 12/15/2026		103,000		108,259
Tronox, Inc., 6.50%, 04/15/2026(b)(c)		383,000		395,976
				1,117,188
Commercial Services & Supplies-1.80%
Cimpress PLC (Ireland), 7.00%, 06/15/2026(b)		400,000		423,304

	Principal     Amount		Value
Commercial Services & Supplies-(continued)
Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 09/30/2026	$	195,000	$	210,478
GFL Environmental, Inc. (Canada), 5.13%, 12/15/2026(b)		311,000		328,525
Waste Pro USA, Inc., 5.50%, 02/15/2026(b)		361,000		372,160
				1,334,467
Communications Equipment-0.70%
Hughes Satellite Systems Corp., 6.63%, 08/01/2026		464,000		519,170
Construction & Engineering-0.33%
New Enterprise Stone & Lime Co., Inc., 6.25%, 03/15/2026(b)		235,000		242,491
Consumer Finance-2.13%
Navient Corp., 6.75%, 06/15/2026		355,000		380,516
OneMain Finance Corp., 7.13%, 03/15/2026		1,032,000		1,193,255
				1,573,771
Containers & Packaging-2.82%
Ball Corp., 4.88%, 03/15/2026		456,000		509,095
Berry Global, Inc., 4.50%, 02/15/2026(b)(c)		304,000		311,030
Cascades, Inc./Cascades USA, Inc. (Canada), 5.13%, 01/15/2026(b)		230,000		246,153
Crown Cork & Seal Co., Inc., 7.38%, 12/15/2026		197,000		238,333
Flex Acquisition Co., Inc., 7.88%, 07/15/2026(b)		307,000		319,280
LABL Escrow Issuer LLC, 6.75%, 07/15/2026(b)		428,000		459,832
				2,083,723
Distributors-1.26%
American Builders & Contractors Supply Co., Inc., 5.88%, 05/15/2026(b)		368,000		381,029
Wolverine Escrow LLC, 9.00%, 11/15/2026(b)		556,000		548,008
				929,037
Diversified Consumer Services-0.97%
Carriage Services, Inc., 6.63%, 06/01/2026(b)		241,000		253,908
frontdoor, inc., 6.75%, 08/15/2026(b)		214,000		228,178
Graham Holdings Co., 5.75%, 06/01/2026(b)		227,000		238,023
				720,109
Diversified Financial Services-1.50%
Compass Group Diversified Holdings LLC, 8.00%, 05/01/2026(b)		368,000		386,289
Verscend Escrow Corp., 9.75%, 08/15/2026(b)		676,000		727,481
				1,113,770
Diversified Telecommunication Services-4.31%
Connect Finco S.a.r.l./Connect US Finco LLC (United Kingdom), 6.75%, 10/01/2026(b)		1,290,000		1,339,181
Level 3 Financing, Inc., 5.25%, 03/15/2026		474,000		488,220
Lumen Technologies, Inc., 5.13%, 12/15/2026(b)		769,000		803,205
Radiate Holdco LLC/Radiate Finance, Inc., 4.50%, 09/15/2026(b)		550,000		558,250
				3,188,856

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

  88  

Invesco BulletShares 2026 High Yield Corporate Bond ETF (BSJQ)—(continued)

February 28, 2021

(Unaudited)

	Principal     Amount		Value
Electric Utilities-0.81%
NextEra Energy Operating Partners L.P., 3.88%, 10/15/2026(b)	$	284,000	$	304,410
Terraform Global Operating LLC, 6.13%, 03/01/2026(b)		285,000		293,782
				598,192
Electronic Equipment, Instruments & Components-0.32%
Itron, Inc., 5.00%, 01/15/2026(b)		230,000		235,750
Energy Equipment & Services-0.42%
Precision Drilling Corp. (Canada), 7.13%, 01/15/2026(b)		209,000		203,122
USA Compression Partners L.P./USA Compression Finance Corp., 6.88%, 04/01/2026		104,000		107,575
				310,697
Entertainment-1.71%
AMC Entertainment Holdings, Inc., 10.50%, 04/24/2026(b)		125,000		130,625
Live Nation Entertainment, Inc., 5.63%, 03/15/2026(b)		227,000		233,016
Netflix, Inc., 4.38%, 11/15/2026(c)		615,000		690,968
WMG Acquisition Corp., Series 19-A, 5.50%, 04/15/2026(b)		203,000		209,122
				1,263,731
Equity REITs-2.33%
iStar, Inc., 5.50%, 02/15/2026		280,000		286,825
MGM Growth Properties Operating Partnership L.P./MGP Finance Co.-Issuer, Inc., 4.50%, 09/01/2026		302,000		320,875
Rayonier A.M. Products, Inc., 7.63%, 01/15/2026(b)		310,000		331,313
VICI Properties L.P./VICI Note Co., Inc., 4.25%, 12/01/2026(b)		763,000		788,045
				1,727,058
Food & Staples Retailing-2.02%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons L.P./Albertson’s LLC, 3.25%, 03/15/2026(b)		480,000		475,464
Rite Aid Corp., 8.00%, 11/15/2026(b)		575,000		606,266
Sigma Holdco B.V. (Netherlands), 7.88%, 05/15/2026(b)		400,000		410,126
				1,491,856
Food Products-2.73%
FAGE International S.A./FAGE USA Dairy Industry, Inc. (Luxembourg), 5.63%, 08/15/2026(b)		200,000		206,500
H-Food Holdings LLC/Hearthside Finance Co., Inc., 8.50%, 06/01/2026(b)		210,000		218,720
Lamb Weston Holdings, Inc., 4.88%, 11/01/2026(b)		452,000		469,233
Post Holdings, Inc., 5.00%, 08/15/2026(b)		1,079,000		1,126,503
				2,020,956

	Principal     Amount		Value
Gas Utilities-0.98%
AmeriGas Partners L.P./AmeriGas Finance Corp., 5.88%, 08/20/2026	$	438,000	$	494,859
Superior Plus L.P./Superior General Partner, Inc. (Canada), 7.00%, 07/15/2026(b)		217,000		232,392
				727,251
Health Care Providers & Services-4.82%
AHP Health Partners, Inc., 9.75%, 07/15/2026(b)		255,000		279,495
Hadrian Merger Sub, Inc., 8.50%, 05/01/2026(b)		160,000		166,969
HCA, Inc.
5.88%, 02/15/2026		924,000		1,069,253
5.38%, 09/01/2026		627,000		716,797
Tenet Healthcare Corp., 4.88%, 01/01/2026(b)		1,289,000		1,334,025
				3,566,539
Hotels, Restaurants & Leisure-4.69%
Aramark Services, Inc., 4.75%, 06/01/2026		339,000		344,593
Boyd Gaming Corp.
6.38%, 04/01/2026		482,000		498,639
6.00%, 08/15/2026		458,000		475,464
CCM Merger, Inc., 6.38%, 05/01/2026(b)		170,000		180,625
IRB Holding Corp., 6.75%, 02/15/2026(b)		299,000		308,344
Marriott Ownership Resorts, Inc./ILG LLC, 6.50%, 09/15/2026.		463,000		481,233
Merlin Entertainments Ltd. (United Kingdom), 5.75%, 06/15/2026(b)(c)		200,000		211,712
MGM Resorts International, 4.63%, 09/01/2026		227,000		238,492
Travel + Leisure Co., 6.63%, 07/31/2026(b)		370,000		418,118
Wyndham Hotels & Resorts, Inc., 5.38%, 04/15/2026(b)		307,000		314,483
				3,471,703
Household Durables-3.34%
LGI Homes, Inc., 6.88%, 07/15/2026(b)		233,000		242,902
Newell Brands, Inc., 4.70%, 04/01/2026		1,224,000		1,358,640
SRS Distribution, Inc., 8.25%, 07/01/2026(b)(c)		197,000		209,066
Tempur Sealy International, Inc., 5.50%, 06/15/2026		391,000		403,219
TopBuild Corp., 5.63%, 05/01/2026(b)		247,000		256,232
				2,470,059
Household Products-0.47%
Kronos Acquisition Holdings, Inc./KIK Custom Products, Inc. (Canada), 5.00%, 12/31/2026(b)		340,000		350,278
Independent Power and Renewable Electricity Producers-1.32%
AES Andres B.V./Dominican Power Partners/Empresa Generadora de Electricidad Itabo S.A. (Dominican Republic), 7.95%, 05/11/2026(b)		166,000		174,924
Calpine Corp., 5.25%, 06/01/2026(b)		528,000		543,972
Clearway Energy Operating LLC, 5.00%, 09/15/2026		247,000		254,873
				973,769

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

  89  

Invesco BulletShares 2026 High Yield Corporate Bond ETF (BSJQ)—(continued)

February 28, 2021

(Unaudited)

	Principal     Amount		Value
Industrial Conglomerates-1.16%
Icahn Enterprises L.P./Icahn Enterprises Finance Corp., 6.25%, 05/15/2026	$	818,000	$	861,599
Insurance-2.07%
AmWINS Group, Inc., 7.75%, 07/01/2026(b)		434,000		464,298
HUB International Ltd., 7.00%, 05/01/2026(b)		1,021,000		1,064,806
				1,529,104
Interactive Media & Services-0.39%
Cumulus Media New Holdings, Inc., 6.75%, 07/01/2026(b)(c)		280,000		286,430
IT Services-0.40%
Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., 4.63%, 11/01/2026(b)		280,000		293,524
Life Sciences Tools & Services-1.19%
Charles River Laboratories International, Inc., 5.50%, 04/01/2026(b)		249,000		260,049
IQVIA, Inc., 5.00%, 10/15/2026(b)		600,000		621,900
				881,949
Machinery-1.20%
Mueller Water Products, Inc., 5.50%, 06/15/2026(b)		275,000		284,677
SPX FLOW, Inc., 5.88%, 08/15/2026(b)		181,000		188,806
Titan Acquisition Ltd./Titan Co-Borrower LLC (Canada), 7.75%, 04/15/2026(b)		405,000		418,162
				891,645
Media-7.25%
CCO Holdings LLC/CCO Holdings Capital Corp., 5.50%, 05/01/2026(b)		922,000		955,104
DISH DBS Corp., 7.75%, 07/01/2026		1,300,000		1,432,295
Gray Television, Inc., 5.88%, 07/15/2026(b)		429,000		444,819
JCK Legacy Co., 9.00%, 07/15/2026(d)		88,000		87,560
Meredith Corp., 6.88%, 02/01/2026		788,000		805,506
Sinclair Television Group, Inc., 5.88%, 03/15/2026(b)		203,000		208,229
TEGNA, Inc., 4.75%, 03/15/2026(b)		370,000		393,125
Townsquare Media, Inc., 6.88%, 02/01/2026(b)		400,000		419,000
Virgin Media Secured Finance PLC (United Kingdom), 5.50%, 08/15/2026(b)		590,000		615,370
				5,361,008
Metals & Mining-4.33%
Alcoa Nederland Holding B.V., 7.00%, 09/30/2026(b)		310,000		326,081
Baffinland Iron Mines Corp./Baffinland Iron Mines L.P. (Canada), 8.75%, 07/15/2026(b)		402,000		425,041
Cleveland-Cliffs, Inc., 6.75%, 03/15/2026(b)		585,000		627,413
Constellium SE, 5.88%, 02/15/2026(b)		250,000		257,469
JW Aluminum Continuous Cast Co., 10.25%, 06/01/2026(b)		207,000		219,122
Novelis Corp., 5.88%, 09/30/2026(b)		919,000		959,206
United States Steel Corp., 6.25%, 03/15/2026		402,000		386,814
				3,201,146
Multiline Retail-0.13%
99 Escrow Issuer, Inc., 7.50%, 01/15/2026(b)		100,000		97,937

	Principal     Amount		Value
Oil, Gas & Consumable Fuels-13.99%
Antero Midstream Partners L.P./Antero Midstream Finance Corp., 7.88%, 05/15/2026(b)	$	340,000	$	370,600
Antero Resources Corp., 8.38%, 07/15/2026(b)		360,000		394,079
Berry Petroleum Co. LLC, 7.00%, 02/15/2026(b)		209,000		201,907
Blue Racer Midstream LLC/Blue Racer Finance Corp., 6.63%, 07/15/2026(b)		156,000		157,950
Buckeye Partners L.P., 3.95%, 12/01/2026		393,000		391,153
Cheniere Energy Partners L.P., 5.63%, 10/01/2026		678,000		706,273
CNX Midstream Partners L.P./CNX Midstream Finance Corp., 6.50%, 03/15/2026(b)		309,000		319,043
Comstock Resources, Inc., 9.75%, 08/15/2026		560,000		609,700
Endeavor Energy Resources L.P./EER Finance, Inc., 5.50%, 01/30/2026(b)		337,000		344,583
EnLink Midstream Partners L.P., 4.85%, 07/15/2026		305,000		304,619
EQM Midstream Partners L.P., 4.13%, 12/01/2026		200,000		195,828
Genesis Energy L.P./Genesis Energy Finance Corp., 6.25%, 05/15/2026		99,000		93,988
Hess Midstream Operations L.P., 5.63%, 02/15/2026(b)		537,000		557,274
Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp., 6.00%, 08/01/2026(b)		294,000		303,826
Moss Creek Resources Holdings, Inc., 7.50%, 01/15/2026(b)		430,000		357,706
Northriver Midstream Finance L.P. (Canada), 5.63%, 02/15/2026(b)		370,000		384,106
Occidental Petroleum Corp.
5.55%, 03/15/2026		722,000		771,760
3.40%, 04/15/2026		607,000		590,119
Parkland Corp. (Canada), 6.00%, 04/01/2026(b)		307,000		321,007
PDC Energy, Inc., 5.75%, 05/15/2026		507,000		520,359
QEP Resources, Inc., 5.63%, 03/01/2026		309,000		348,051
SM Energy Co., 6.75%, 09/15/2026		100,000		94,988
Southwestern Energy Co., 7.50%, 04/01/2026(c)		426,000		449,098
Talos Production, Inc., 12.00%, 01/15/2026(b)		400,000		378,750
Targa Resources Partners L.P./Targa Resources Partners Finance Corp., 5.88%, 04/15/2026		640,000		667,632
TransMontaigne Partners L.P./TLP Finance Corp., 6.13%, 02/15/2026		160,000		161,630
Western Midstream Operating L.P., 4.65%, 07/01/2026		341,000		353,649
				10,349,678
Paper & Forest Products-0.24%
Mercer International, Inc. (Germany), 5.50%, 01/15/2026		176,000		180,675
Personal Products-0.45%
Coty, Inc., 6.50%, 04/15/2026(b)		340,000		335,784
Pharmaceuticals-0.41%
HLF Financing S.a.r.l. LLC/Herbalife International, Inc., 7.25%, 08/15/2026(b)		295,000		307,095

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

  90  

Invesco BulletShares 2026 High Yield Corporate Bond ETF (BSJQ)—(continued)

February 28, 2021

(Unaudited)

	Principal     Amount		Value
Real Estate Management & Development-0.51%
Hunt Cos., Inc., 6.25%, 02/15/2026(b)	$	370,000	$	380,325
Semiconductors & Semiconductor Equipment-0.47%
Entegris, Inc., 4.63%, 02/10/2026(b)		333,000		344,282
Software-3.47%
ACI Worldwide, Inc., 5.75%, 08/15/2026(b)		232,000		246,461
Banff Merger Sub, Inc., 9.75%, 09/01/2026(b)		946,000		1,009,401
Boxer Parent Co., Inc., 9.13%, 03/01/2026(b)		220,000		234,300
BY Crown Parent LLC/BY Bond Finance, Inc., 4.25%, 01/31/2026(b)		480,000		495,000
Fair Isaac Corp., 5.25%, 05/15/2026(b)		235,000		266,725
Nuance Communications, Inc., 5.63%, 12/15/2026		303,000		317,960
				2,569,847
Specialty Retail-1.30%
Guitar Center, Inc., 8.50%, 01/15/2026(b)(c)		220,000		231,689
Penske Automotive Group, Inc., 5.50%, 05/15/2026		308,000		317,817
Specialty Building Products Holdings LLC/SBP Finance Corp., 6.38%, 09/30/2026(b)		400,000		415,500
				965,006
Textiles, Apparel & Luxury Goods-1.60%
Hanesbrands, Inc., 4.88%, 05/15/2026(b)		559,000		602,865
Under Armour, Inc., 3.25%, 06/15/2026(c)		374,000		382,260
Wolverine World Wide, Inc., 5.00%, 09/01/2026(b)		194,000		198,486
				1,183,611
Trading Companies & Distributors-0.24%
Beacon Roofing Supply, Inc., 4.50%, 11/15/2026(b)		173,000		179,650
Wireless Telecommunication Services-3.12%
Sprint Corp., 7.63%, 03/01/2026		924,000		1,135,120

	Principal     Amount		Value
Wireless Telecommunication Services-(continued)
T-Mobile USA, Inc.
4.50%, 02/01/2026	$	543,000	$	555,622
2.25%, 02/15/2026		620,000		618,388
				2,309,130
Total U.S. Dollar Denominated Bonds & Notes (Cost $69,984,664)				71,452,164
	Shares
Money Market Funds-2.01%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(e)(f) (Cost $1,486,898)		1,486,898		1,486,898
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-98.58% (Cost $71,471,562)				72,939,062
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-4.07%
Invesco Private Government Fund, 0.01%(e)(f)(g)		1,205,300		1,205,300
Invesco Private Prime Fund, 0.11%(e)(f)(g)		1,807,228		1,807,951
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $3,013,251)				3,013,251
TOTAL INVESTMENTS IN SECURITIES-102.65% (Cost $74,484,813)				75,952,313
OTHER ASSETS LESS LIABILITIES-(2.65)%				(1,961,120	)
NET ASSETS-100.00%			$	73,991,193

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 February 28, 2021 was $43,405,321, which represented 58.66% of the Fund’s Net Assets.

^(c)  All or a portion of this security was out on loan at February 28, 2021.

^(d) Security valued using significant unobservable inputs (Level 3). See Note 5.

^(e) Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2021.

	Value August 31, 2020			Purchases at Cost			Proceeds from Sales			Change in Unrealized Appreciation			Realized Gain			Value February 28, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	4,470,645		$	(2,983,747)		$	-		$	-		$	1,486,898		$	61
Invesco Premier U.S. Government Money Portfolio, Institutional Class			396,085			325,218			(721,303)			-			-			-			2

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

  91  

Invesco BulletShares 2026 High Yield Corporate Bond ETF (BSJQ)—(continued)

February 28, 2021

(Unaudited)

	Value August 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value February 28, 2021			Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		$	1,511,325		$	9,247,832		$	(9,553,857	)		$	-		$	-		$	1,205,300		$	141	*
Invesco Private Prime Fund			503,790			10,254,124			(8,950,041	)			-			78			1,807,951			723	*
Total		$	2,411,200		$	24,297,819		$	(22,208,948	)		$	-		$	78		$	4,500,149		$	927

* 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 February 28, 2021.

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

 Portfolio Composition

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

 as of February 28, 2021

Consumer Discretionary	18.57
Communication Services	16.78
Energy	14.41
Materials	8.90
Industrials	7.79
Financials	6.72
Health Care	6.42
Consumer Staples	5.67
Information Technology	5.36
Utilities	3.11
Real Estate	2.84
Money Market Funds Plus Other Assets Less Liabilities	3.43

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

  92  

Invesco BulletShares 2027 High Yield Corporate Bond ETF (BSJR)

February 28, 2021

(Unaudited)

Schedule of Investments^(a)

	Principal   Amount		Value
U.S. Dollar Denominated Bonds & Notes-97.89%
Aerospace & Defense-2.01%
Moog, Inc., 4.25%, 12/15/2027(b)		$135,000	$	138,881
Rolls-Royce PLC (United Kingdom), 5.75%, 10/15/2027(b)		200,000		216,500
TransDigm, Inc., 7.50%, 03/15/2027		145,000		154,798
				510,179
Auto Components-1.67%
American Axle & Manufacturing, Inc., 6.50%, 04/01/2027(c)		133,000		139,037
Dana, Inc., 5.38%, 11/15/2027		107,000		112,016
Goodyear Tire & Rubber Co. (The), 4.88%, 03/15/2027(c)		165,000		172,734
				423,787
Automobiles-4.60%
Allison Transmission, Inc., 4.75%, 10/01/2027(b)		105,000		108,675
Ford Motor Credit Co. LLC
4.27%, 01/09/2027		225,000		238,359
4.13%, 08/17/2027		400,000		421,500
3.82%, 11/02/2027		200,000		206,875
Jaguar Land Rover Automotive PLC (United Kingdom), 4.50%, 10/01/2027(b)		200,000		193,081
				1,168,490
Building Products-0.85%
Advanced Drainage Systems, Inc., 5.00%, 09/30/2027(b)		97,000		102,195
JELD-WEN, Inc., 4.88%, 12/15/2027(b)		108,000		112,385
				214,580
Capital Markets-0.69%
APX Group, Inc., 6.75%, 02/15/2027(b)		165,000		175,931
Chemicals-4.21%
Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B.V., 4.75%, 06/15/2027(b)		150,000		156,937
Chemours Co. (The), 5.38%, 05/15/2027(c)		135,000		142,341
HB Fuller Co., 4.00%, 02/15/2027		85,000		88,742
Hexion, Inc., 7.88%, 07/15/2027(b)(c)		118,000		125,301
Methanex Corp. (Canada), 5.13%, 10/15/2027		200,000		207,090
Olin Corp., 5.13%, 09/15/2027		136,000		141,192
WR Grace & Co.-Conn, 4.88%, 06/15/2027(b)		200,000		207,610
				1,069,213
Commercial Services & Supplies-4.78%
Allied Universal Holdco LLC/Allied Universal Finance Corp., 9.75%, 07/15/2027(b)		282,000		311,689
Brink’s Co. (The), 4.63%, 10/15/2027(b)		165,000		170,349
CoreCivic, Inc., 4.75%, 10/15/2027(c)		68,000		60,945
Garda World Security Corp. (Canada), 4.63%, 02/15/2027(b)		180,000		179,100
Harsco Corp., 5.75%, 07/31/2027(b)		136,000		142,035
Prime Security Services Borrower LLC/Prime Finance, Inc., 3.38%, 08/31/2027(b)		272,000		265,507
RR Donnelley & Sons Co., 8.25%, 07/01/2027		70,000		82,731
				1,212,356

	Principal   Amount		Value
Communications Equipment-0.75%
CommScope Technologies LLC, 5.00%, 03/15/2027(b)		$194,000	$	190,402
Construction & Engineering-1.04%
AECOM, 5.13%, 03/15/2027		242,000		264,942
Consumer Finance-0.72%
Navient Corp., 5.00%, 03/15/2027		185,000		181,555
Containers & Packaging-1.99%
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 5.25%, 08/15/2027(b)		250,000		259,155
Graphic Packaging International LLC, 4.75%, 07/15/2027(b)		65,000		72,089
Pactiv LLC, 8.38%, 04/15/2027(c)		50,000		57,428
Sealed Air Corp., 4.00%, 12/01/2027(b)		112,000		117,350
				506,022
Diversified Consumer Services-0.85%
Sotheby’s, 7.38%, 10/15/2027(b)(c)		200,000		216,338
Diversified Financial Services-0.43%
LPL Holdings, Inc., 4.63%, 11/15/2027(b)		107,000		109,774
Diversified Telecommunication Services-3.49%
Cablevision Lightpath LLC, 3.88%, 09/15/2027(b)		200,000		198,750
Frontier Communications Corp., 5.88%, 10/15/2027(b)		311,000		333,353
Zayo Group Holdings, Inc., 4.00%, 03/01/2027(b)		355,000		353,948
				886,051
Electric Utilities-3.70%
FirstEnergy Corp., Series B, 4.40%, 07/15/2027		407,000		448,221
NextEra Energy Operating Partners L.P., 4.50%, 09/15/2027(b)		146,000		163,476
Vistra Operations Co. LLC, 5.00%, 07/31/2027(b)		313,000		327,868
				939,565
Electrical Equipment-0.33%
EnerSys, 4.38%, 12/15/2027(b)		80,000		84,400
Energy Equipment & Services-0.85%
USA Compression Partners L.P./USA Compression Finance Corp., 6.88%, 09/01/2027		205,000		215,596
Entertainment-2.97%
Live Nation Entertainment, Inc.
6.50%, 05/15/2027(b)		321,000		354,731
4.75%, 10/15/2027(b)		253,000		255,977
Scripps Escrow, Inc., 5.88%, 07/15/2027(b)		138,000		143,968
				754,676
Equity REITs-5.71%
Iron Mountain, Inc., 4.88%, 09/15/2027(b)		268,000		279,281
MGM Growth Properties Operating Partnership L.P./MGP Finance Co.-Issuer, Inc., 5.75%, 02/01/2027		204,000		230,839
RHP Hotel Properties L.P./RHP Finance Corp., 4.75%, 10/15/2027		184,000		186,852

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

  93  

Invesco BulletShares 2027 High Yield Corporate Bond ETF (BSJR)—(continued)

February 28, 2021

(Unaudited)

	Principal   Amount		Value
Equity REITs-(continued)
SBA Communications Corp., 3.88%, 02/15/2027		$405,000	$	420,301
Service Properties Trust, 5.50%, 12/15/2027		116,000		124,692
VICI Properties L.P./VICI Note Co., Inc., 3.75%, 02/15/2027(b)		204,000		207,411
				1,449,376
Food & Staples Retailing-2.84%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons L.P./Albertson’s LLC, 4.63%, 01/15/2027(b)		359,000		372,179
Performance Food Group, Inc., 5.50%, 10/15/2027(b)		284,000		299,089
Rite Aid Corp., 7.70%, 02/15/2027		50,000		49,375
				720,643
Gas Utilities-1.03%
AmeriGas Partners L.P./AmeriGas Finance Corp., 5.75%, 05/20/2027		141,000		159,260
Suburban Propane Partners L.P./Suburban Energy Finance Corp., 5.88%, 03/01/2027		97,000		101,647
				260,907
Health Care Equipment & Supplies-0.25%
Varex Imaging Corp., 7.88%, 10/15/2027(b)		58,000		63,945
Health Care Providers & Services-3.69%
Community Health Systems, Inc., 8.00%, 12/15/2027(b)		185,000		203,153
Legacy LifePoint Health LLC, 4.38%, 02/15/2027(b)		165,000		164,436
Tenet Healthcare Corp., 5.13%, 11/01/2027(b)		398,000		418,182
US Renal Care, Inc., 10.63%, 07/15/2027(b)		137,000		150,957
				936,728
Hotels, Restaurants & Leisure-8.02%
Affinity Gaming, 6.88%, 12/15/2027(b)		130,000		138,044
Boyd Gaming Corp., 4.75%, 12/01/2027		272,000		277,175
Caesars Entertainment, Inc., 8.13%, 07/01/2027(b)		486,000		530,680
Cedar Fair L.P./Canada’s Wonderland Co./Magnum Management Corp., 5.38%, 04/15/2027		136,000		139,264
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.88%, 04/01/2027		165,000		171,909
Peninsula Pacific Entertainment LLC/Peninsula Pacific Entertainment Finance, Inc., 8.50%, 11/15/2027(b)		151,000		162,608
Penn National Gaming, Inc., 5.63%, 01/15/2027(b)		103,000		107,578
Six Flags Entertainment Corp., 5.50%, 04/15/2027(b)(c)		130,000		132,910
Travel + Leisure Co., Series J, 6.00%, 04/01/2027		105,000		117,141
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.25%, 05/15/2027(b)		243,000		258,516
				2,035,825
Household Durables-1.59%
Beazer Homes USA, Inc., 5.88%, 10/15/2027		106,000		110,704

	Principal   Amount		Value
Household Durables-(continued)
Mattamy Group Corp. (Canada), 5.25%, 12/15/2027(b)		$106,000	$	111,631
Meritage Homes Corp., 5.13%, 06/06/2027		85,000		95,625
Tri Pointe Homes, Inc., 5.25%, 06/01/2027		78,000		84,642
				402,602
Household Products-1.62%
Kronos Acquisition Holdings, Inc./KIK Custom Products, Inc. (Canada), 7.00%, 12/31/2027(b)		140,000		138,740
Reynolds Group Issuer, Inc./LLC, 4.00%, 10/15/2027(b)		272,000		271,660
				410,400
Industrial Conglomerates-1.12%
Icahn Enterprises L.P./Icahn Enterprises Finance Corp., 5.25%, 05/15/2027		271,000		285,228
Insurance-0.56%
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 4.25%, 10/15/2027(b)		141,000		141,264
Interactive Media & Services-2.98%
Match Group Holdings II LLC, 5.00%, 12/15/2027(b)		116,000		121,967
Nexstar Broadcasting, Inc., 5.63%, 07/15/2027(b)		433,000		458,034
Twitter, Inc., 3.88%, 12/15/2027(b)		165,000		176,294
				756,295
Machinery-2.75%
Granite US Holdings Corp., 11.00%, 10/01/2027(b)		78,000		87,555
Park-Ohio Industries, Inc., 6.63%, 04/15/2027		87,000		88,709
Vertical US Newco, Inc. (Germany), 5.25%, 07/15/2027(b)		500,000		522,187
				698,451
Media-5.27%
Belo Corp.
7.75%, 06/01/2027		30,000		34,771
7.25%, 09/15/2027		96,000		110,742
Clear Channel Worldwide Holdings, Inc., 5.13%, 08/15/2027(b)		297,000		302,123
Sinclair Television Group, Inc., 5.13%, 02/15/2027(b)		105,000		104,430
Telesat Canada/Telesat LLC (Canada)
4.88%, 06/01/2027(b)		107,000		111,013
6.50%, 10/15/2027(b)(c)		146,000		150,881
Terrier Media Buyer, Inc., 8.88%, 12/15/2027(b)		245,000		262,762
Ziggo Bond Co. B.V. (Netherlands), 6.00%, 01/15/2027(b)		250,000		261,094
				1,337,816
Mortgage REITs-0.67%
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 4.25%, 02/01/2027(b)		176,000		170,280
Oil, Gas & Consumable Fuels-12.42%
Apache Corp., 4.88%, 11/15/2027		204,000		214,506
Ascent Resources Utica Holdings LLC/ARU Finance Corp., 9.00%, 11/01/2027(b)		97,000		124,402

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

  94  

Invesco BulletShares 2027 High Yield Corporate Bond ETF (BSJR)—(continued)

February 28, 2021

(Unaudited)

	Principal   Amount		Value
Oil, Gas & Consumable Fuels-(continued)
Baytex Energy Corp. (Canada), 8.75%, 04/01/2027(b)		$130,000	$	114,906
DCP Midstream Operating L.P., 5.63%, 07/15/2027		116,000		125,655
EQM Midstream Partners L.P., 6.50%, 07/01/2027(b)		243,000		261,012
EQT Corp., 3.90%, 10/01/2027		339,000		352,984
Genesis Energy L.P./Genesis Energy Finance Corp., 8.00%, 01/15/2027		200,000		202,542
MEG Energy Corp. (Canada), 7.13%, 02/01/2027(b)		325,000		343,819
Murphy Oil Corp., 5.88%, 12/01/2027		135,000		133,102
NuStar Logistics L.P., 5.63%, 04/28/2027		156,000		163,312
Occidental Petroleum Corp.
3.00%, 02/15/2027		183,000		172,146
8.50%, 07/15/2027		130,000		155,880
Parkland Corp. (Canada), 5.88%, 07/15/2027(b)		146,000		155,399
SM Energy Co., 6.63%, 01/15/2027		80,000		75,600
Southwestern Energy Co., 7.75%, 10/01/2027(c)		115,000		123,116
Tallgrass Energy Partners L.P./Tallgrass Energy Finance Corp., 6.00%, 03/01/2027(b)		133,000		134,504
Targa Resources Partners L.P./Targa Resources Partners Finance Corp.
5.38%, 02/01/2027		116,000		120,619
6.50%, 07/15/2027		166,000		178,892
				3,152,396
Pharmaceuticals-1.99%
Endo DAC/Endo Finance LLC/Endo Finco, Inc., 9.50%, 07/31/2027(b)		260,000		293,313
Horizon Therapeutics USA, Inc., 5.50%, 08/01/2027(b)		200,000		212,838
				506,151
Professional Services-1.08%
AMN Healthcare, Inc., 4.63%, 10/01/2027(b)		136,000		141,355
Korn Ferry, 4.63%, 12/15/2027(b)		127,000		132,709
				274,064
Road & Rail-1.45%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.
5.75%, 07/15/2027(b)(c)		113,000		117,026
5.75%, 07/15/2027(b)		75,000		77,578
Watco Cos. LLC/Watco Finance Corp., 6.50%, 06/15/2027(b)		160,000		172,228
				366,832
Software-0.93%
LogMeIn, Inc., 5.50%, 09/01/2027(b)		225,000		235,406

Investment Abbreviations:

REIT -Real Estate Investment Trust

	Principal   Amount		Value
Specialty Retail-1.73%
Lithia Motors, Inc., 4.63%, 12/15/2027(b)		$110,000	$	115,706
Michaels Stores, Inc.
8.00%, 07/15/2027(b)(c)		133,000		142,203
4.75%, 10/01/2027(b)		105,000		107,520
Sonic Automotive, Inc., 6.13%, 03/15/2027		70,000		72,581
				438,010
Technology Hardware, Storage & Peripherals-1.72%
NCR Corp., 5.75%, 09/01/2027(b)		139,000		145,381
Presidio Holdings, Inc., 4.88%, 02/01/2027(b)		131,000		136,793
Seagate HDD Cayman, 4.88%, 06/01/2027		138,000		153,745
				435,919
Thrifts & Mortgage Finance-0.68%
Nationstar Mortgage Holdings, Inc., 6.00%, 01/15/2027(b)		165,000		173,534
Trading Companies & Distributors-1.86%
Herc Holdings, Inc., 5.50%, 07/15/2027(b)		318,000		335,291
Univar Solutions USA, Inc., 5.13%, 12/01/2027(b)		130,000		136,070
				471,361
Total U.S. Dollar Denominated Bonds & Notes (Cost $24,424,076)				24,847,290
	Shares
Money Market Funds-0.66%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(d)(e) (Cost $168,561)		168,561		168,561
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-98.55% (Cost $24,592,637)				25,015,851
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-5.68%
Invesco Private Government Fund, 0.01%(d)(e)(f)		576,637		576,637
Invesco Private Prime Fund, 0.11%(d)(e)(f)		864,610		864,955
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $1,441,592)				1,441,592
TOTAL INVESTMENTS IN SECURITIES-104.23% (Cost $26,034,229)				26,457,443
OTHER ASSETS LESS LIABILITIES-(4.23)%				(1,073,247	)
NET ASSETS-100.00%			$	25,384,196

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

  95  

Invesco BulletShares 2027 High Yield Corporate Bond ETF (BSJR)—(continued)

February 28, 2021

(Unaudited)

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  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 February 28, 2021 was $16,477,632, which represented 64.91% of the Fund’s Net Assets.

^(c)  All or a portion of this security was out on loan at February 28, 2021.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2021.

	Value August 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value February 28, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	2,234,511		$	(2,065,950	)		$	-		$	-		$	168,561		$	9
Invesco Premier U.S. Government Money Portfolio, Institutional Class			41,482			74,099			(115,581	)			-			-			-			-
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			137,046			5,064,728			(4,625,137	)			-			-			576,637			53	*
Invesco Private Prime Fund			45,688			4,599,861			(3,780,636	)			-			42			864,955			238	*
Total		$	224,216		$	11,973,199		$	(10,587,304	)		$	-		$	42		$	1,610,153		$	300

* 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 February 28, 2021.

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

 Portfolio Composition

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

 as of February 28, 2021

Consumer Discretionary	18.90
Industrials	16.82
Communication Services	14.71
Energy	13.27
Materials	6.21
Health Care	5.94
Real Estate	5.71
Utilities	4.73
Consumer Staples	4.46
Financials	3.75
Information Technology	3.39
Money Market Funds Plus Other Assets Less Liabilities	2.11

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

  96  

Invesco BulletShares 2028 High Yield Corporate Bond ETF (BSJS)

February 28, 2021

(Unaudited)

Schedule of Investments^(a)

	Principal   Amount		Value
U.S. Dollar Denominated Bonds & Notes-97.68%
Aerospace & Defense-1.12%
BWX Technologies, Inc., 4.13%, 06/30/2028(b)	$	42,000	$	43,759
Spirit AeroSystems, Inc., 4.60%, 06/15/2028		72,000		69,733
				113,492
Airlines-0.53%
Cargo Aircraft Management, Inc., 4.75%, 02/01/2028(b)		52,000		54,048
Auto Components-1.49%
American Axle & Manufacturing, Inc., 6.88%, 07/01/2028(c)		42,000		44,520
ANGI Group LLC, 3.88%, 08/15/2028(b)		51,000		52,243
Dealer Tire LLC/DT Issuer LLC, 8.00%, 02/01/2028(b)		51,000		54,698
				151,461
Automobiles-2.77%
Ford Motor Co., 6.63%, 10/01/2028		65,000		76,700
Jaguar Land Rover Automotive PLC (United Kingdom), 5.88%, 01/15/2028(b)		200,000		204,400
				281,100
Banks-0.51%
CIT Group, Inc., 6.13%, 03/09/2028		42,000		52,125
Biotechnology-0.47%
Emergent BioSolutions, Inc., 3.88%, 08/15/2028(b)		47,000		47,749
Capital Markets-1.54%
NFP Corp., 6.88%, 08/15/2028(b)		151,000		156,123
Chemicals-4.25%
Chemours Co. (The), 5.75%, 11/15/2028(b)		82,000		84,204
Element Solutions, Inc., 3.88%, 09/01/2028(b)		82,000		82,059
HB Fuller Co., 4.25%, 10/15/2028		31,000		31,669
Illuminate Buyer LLC/Illuminate Holdings IV, Inc., 9.00%, 07/01/2028(b)		50,000		55,688
Ingevity Corp., 3.88%, 11/01/2028(b)		65,000		64,472
Innophos Holdings, Inc., 9.38%, 02/15/2028(b)		25,000		27,203
Minerals Technologies, Inc., 5.00%, 07/01/2028(b)		42,000		43,896
Weekley Homes LLC/Weekley Finance Corp., 4.88%, 09/15/2028(b)		41,000		42,940
				432,131
Commercial Services & Supplies-0.49%
GFL Environmental, Inc. (Canada), 4.00%, 08/01/2028(b)		51,000		49,821
Communications Equipment-1.52%
Avaya, Inc., 6.13%, 09/15/2028(b)		102,000		109,969
ViaSat, Inc., 6.50%, 07/15/2028(b)(c)		42,000		44,916
				154,885
Construction & Engineering-1.38%
MasTec, Inc., 4.50%, 08/15/2028(b)		62,000		64,880
New Enterprise Stone & Lime Co., Inc., 9.75%, 07/15/2028(b)		20,000		22,500
Pike Corp., 5.50%, 09/01/2028(b)		51,000		53,167
				140,547

	Principal   Amount		Value
Consumer Finance-0.52%
FirstCash, Inc., 4.63%, 09/01/2028(b)	$	51,000	$	53,081
Containers & Packaging-2.27%
Graham Packaging Co., Inc., 7.13%, 08/15/2028(b)		50,000		54,146
Graphic Packaging International LLC, 3.50%, 03/15/2028(b)		50,000		51,433
Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC (Canada), 6.00%, 09/15/2028(b)		60,000		62,662
Silgan Holdings, Inc., 4.13%, 02/01/2028		60,000		62,463
				230,704
Diversified Financial Services-0.54%
AG Issuer LLC, 6.25%, 03/01/2028(b)		52,000		54,730
Diversified Telecommunication Services-13.92%
Advantage Sales & Marketing, Inc., 6.50%, 11/15/2028(b)		79,000		81,123
Altice France Holding S.A. (Luxembourg), 6.00%, 02/15/2028(b)		200,000		196,121
Altice France S.A. (France), 5.50%, 01/15/2028(b)		200,000		204,272
CommScope, Inc., 7.13%, 07/01/2028(b)		72,000		75,605
Consolidated Communications, Inc., 6.50%, 10/01/2028(b)		77,000		82,602
Frontier Communications Corp., 5.00%, 05/01/2028(b)		158,000		163,431
Level 3 Financing, Inc., 4.25%, 07/01/2028(b)		123,000		125,583
Lumen Technologies, Inc., Series G, 6.88%, 01/15/2028		50,000		56,572
Radiate Holdco LLC/Radiate Finance, Inc., 6.50%, 09/15/2028(b)		102,000		107,291
Switch Ltd., 3.75%, 09/15/2028(b)		61,000		62,258
Windstream Escrow LLC/Windstream Escrow Finance Corp., 7.75%, 08/15/2028(b)		143,000		146,665
Zayo Group Holdings, Inc., 6.13%, 03/01/2028(b)		110,000		113,610
				1,415,133
Electric Utilities-1.71%
Pattern Energy Operations L.P./Pattern Energy Operations, Inc., 4.50%, 08/15/2028(b)		65,000		67,755
Talen Energy Supply LLC
6.63%, 01/15/2028(b)		60,000		62,126
7.63%, 06/01/2028(b)		41,000		43,724
				173,605
Energy Equipment & Services-1.48%
Archrock Partners L.P./Archrock Partners Finance Corp., 6.25%, 04/01/2028(b)		82,000		85,587
Harvest Midstream I L.P., 7.50%, 09/01/2028(b)		61,000		64,927
				150,514
Entertainment-2.61%
Allen Media LLC/Allen Media Co.-Issuer, Inc., 10.50%, 02/15/2028(b)		31,000		32,700
Netflix, Inc., 5.88%, 11/15/2028		194,000		232,461
				265,161

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

  97  

Invesco BulletShares 2028 High Yield Corporate Bond ETF (BSJS)—(continued)

February 28, 2021

(Unaudited)

	Principal   Amount		Value
Equity REITs-3.56%
Diversified Healthcare Trust, 4.75%, 02/15/2028	$	52,000	$	51,350
Iron Mountain, Inc.
5.25%, 03/15/2028(b)		84,000		87,937
5.00%, 07/15/2028(b)		52,000		54,016
MGM Growth Properties Operating Partnership L.P./MGP Finance Co.-Issuer, Inc., 4.50%, 01/15/2028		37,000		39,220
Park Intermediate Holdings LLC/PK Domestic
Property LLC/PK Finance Co.-Issuer, 5.88%, 10/01/2028(b)		74,000		77,654
QualityTech L.P./QTS Finance Corp., 3.88%, 10/01/2028(b)		51,000		51,992
				362,169
Food & Staples Retailing-1.27%
C&S Group Enterprises LLC, 5.00%, 12/15/2028(b)		41,000		40,385
SEG Holding LLC/SEG Finance Corp., 5.63%, 10/15/2028(b)		33,000		35,063
United Natural Foods, Inc., 6.75%, 10/15/2028(b)		51,000		53,486
				128,934
Food Products-2.51%
Chobani LLC/Chobani Finance Corp., Inc., 4.63%, 11/15/2028(b)		43,000		44,505
Lamb Weston Holdings, Inc., 4.88%, 05/15/2028(b)		52,000		56,777
Post Holdings, Inc., 5.63%, 01/15/2028(b)		96,000		100,954
TreeHouse Foods, Inc., 4.00%, 09/01/2028		51,000		52,508
				254,744
Health Care Equipment & Supplies-1.17%
Ortho-Clinical Diagnostics, Inc./Ortho-Clinical Diagnostics S.A., 7.25%, 02/01/2028(b)		39,000		42,681
Radiology Partners, Inc., 9.25%, 02/01/2028(b)		70,000		76,571
				119,252
Health Care Providers & Services-5.70%
HCA, Inc., 5.63%, 09/01/2028		153,000		178,330
MPH Acquisition Holdings LLC, 5.75%, 11/01/2028(b)(c)		133,000		132,168
Tenet Healthcare Corp., 6.13%, 10/01/2028(b)		256,000		269,430
				579,928
Hotels, Restaurants & Leisure-5.95%
1011778 BC ULC/New Red Finance, Inc. (Canada), 4.38%, 01/15/2028(b)		77,000		78,285
Aramark Services, Inc., 5.00%, 02/01/2028(b)		118,000		121,098
Cedar Fair L.P./Canada’s Wonderland
Co./Magnum Management Corp., 6.50%, 10/01/2028(b)		31,000		32,841
Churchill Downs, Inc., 4.75%, 01/15/2028(b)		52,000		54,100
Marriott Ownership Resorts, Inc., 4.75%, 01/15/2028		37,000		37,224
MGM Resorts International, 4.75%, 10/15/2028		77,000		80,286
Scientific Games International, Inc., 7.00%, 05/15/2028(b)		72,000		76,420

	Principal   Amount		Value
Hotels, Restaurants & Leisure-(continued)
Station Casinos LLC, 4.50%, 02/15/2028(b)	$	71,000	$	70,867
Wyndham Hotels & Resorts, Inc., 4.38%, 08/15/2028(b)		52,000		53,208
				604,329
Household Durables-1.68%
CP Atlas Buyer, Inc., 7.00%, 12/01/2028(b)		34,000		35,381
M/I Homes, Inc., 4.95%, 02/01/2028		42,000		44,142
Tri Pointe Homes, Inc., 5.70%, 06/15/2028		36,000		40,140
Williams Scotsman International, Inc., 4.63%, 08/15/2028(b)		50,000		51,469
				171,132
Household Products-0.62%
Energizer Holdings, Inc., 4.75%, 06/15/2028(b)		62,000		63,457
Independent Power and Renewable Electricity Producers-3.50%
Calpine Corp.
4.50%, 02/15/2028(b)		128,000		131,712
5.13%, 03/15/2028(b)		143,000		143,917
TerraForm Power Operating LLC, 5.00%, 01/31/2028(b)		72,000		79,695
				355,324
Interactive Media & Services-1.98%
Cars.com, Inc., 6.38%, 11/01/2028(b)		41,000		42,999
Match Group Holdings II LLC, 4.63%, 06/01/2028(b)		52,000		54,083
Nexstar Broadcasting, Inc., 4.75%, 11/01/2028(b)		102,000		104,358
				201,440
IT Services-1.22%
Arches Buyer, Inc., 4.25%, 06/01/2028(b)		72,000		72,734
Booz Allen Hamilton, Inc., 3.88%, 09/01/2028(b)		50,000		51,385
				124,119
Machinery-0.28%
Meritor, Inc., 4.50%, 12/15/2028(b)		28,000		28,419
Media-3.58%
DISH DBS Corp., 7.38%, 07/01/2028		102,000		107,036
iHeartCommunications, Inc., 4.75%, 01/15/2028(b)		50,000		51,147
Lamar Media Corp., 3.75%, 02/15/2028		61,000		61,877
National CineMedia LLC, 5.88%, 04/15/2028(b)		42,000		38,745
TEGNA, Inc., 4.63%, 03/15/2028(b)		102,000		104,803
				363,608
Metals & Mining-0.54%
Kaiser Aluminum Corp., 4.63%, 03/01/2028(b)		52,000		54,372
Oil, Gas & Consumable Fuels-4.46%
Apache Corp., 4.38%, 10/15/2028		101,000		102,414
CVR Energy, Inc., 5.75%, 02/15/2028(b)(c)		42,000		41,694
EQM Midstream Partners L.P., 5.50%, 07/15/2028		87,000		89,795
Hess Midstream Operations L.P., 5.13%, 06/15/2028(b)		57,000		58,853
Holly Energy Partners L.P./Holly Energy Finance Corp., 5.00%, 02/01/2028(b)		52,000		52,485

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

  98  

Invesco BulletShares 2028 High Yield Corporate Bond ETF (BSJS)—(continued)

February 28, 2021

(Unaudited)

	Principal   Amount		Value
Oil, Gas & Consumable Fuels-(continued)
Occidental Petroleum Corp., 6.38%, 09/01/2028	$	61,000	$	67,824
Southwestern Energy Co., 8.38%, 09/15/2028		36,000		39,870
				452,935
Paper & Forest Products-0.28%
Clearwater Paper Corp., 4.75%, 08/15/2028(b)		28,000		28,727
Pharmaceuticals-3.01%
Bausch Health Cos., Inc., 5.00%, 01/30/2028(b)		128,000		130,720
Elanco Animal Health, Inc., 5.90%, 08/28/2028		75,000		87,234
Endo DAC/Endo Finance LLC/Endo Finco, Inc., 6.00%, 06/30/2028(b)		100,000		87,900
				305,854
Professional Services-2.32%
ASGN, Inc., 4.63%, 05/15/2028(b)		57,000		59,519
KBR, Inc., 4.75%, 09/30/2028(b)		26,000		26,747
Nielsen Finance LLC/Nielsen Finance Co., 5.63%, 10/01/2028(b)		102,000		108,056
Science Applications International Corp., 4.88%, 04/01/2028(b)		40,000		41,769
				236,091
Real Estate Management & Development-1.12%
Forestar Group, Inc., 5.00%, 03/01/2028(b)		31,000		32,468
Howard Hughes Corp. (The), 5.38%, 08/01/2028(b)		77,000		81,543
				114,011
Semiconductors & Semiconductor Equipment-0.74%
ON Semiconductor Corp., 3.88%, 09/01/2028(b)		72,000		75,218
Software-2.15%
Black Knight InfoServ LLC, 3.63%, 09/01/2028(b)		102,000		101,525
Castle US Holding Corp., 9.50%, 02/15/2028(b)		25,000		25,797
Fair Isaac Corp., 4.00%, 06/15/2028(b)		36,000		37,317
PTC, Inc., 4.00%, 02/15/2028(b)		52,000		53,638
				218,277
Specialty Retail-3.13%
Asbury Automotive Group, Inc., 4.50%, 03/01/2028		41,000		42,333
Carvana Co., 5.88%, 10/01/2028(b)		61,000		64,035
Group 1 Automotive, Inc., 4.00%, 08/15/2028(b)		56,000		56,630
Ken Garff Automotive LLC, 4.88%, 09/15/2028(b)		30,000		30,806
L Brands, Inc., 5.25%, 02/01/2028		52,000		55,737
White Cap Buyer LLC, 6.88%, 10/15/2028(b)		65,000		69,022
				318,563

	Principal   Amount		Value
Technology Hardware, Storage & Peripherals-1.85%
Dell, Inc., 7.10%, 04/15/2028	$	31,000	$	38,983
NCR Corp., 5.00%, 10/01/2028(b)		66,000		67,128
Xerox Holdings Corp., 5.50%, 08/15/2028(b)		77,000		82,247
				188,358
Thrifts & Mortgage Finance-1.58%
MGIC Investment Corp., 5.25%, 08/15/2028		67,000		70,553
Nationstar Mortgage Holdings, Inc., 5.50%, 08/15/2028(b)		87,000		89,555
				160,108
Trading Companies & Distributors-1.21%
H&E Equipment Services, Inc., 3.88%, 12/15/2028(b)		128,000		123,296
Wireless Telecommunication Services-3.15%
Sprint Capital Corp., 6.88%, 11/15/2028		253,000		320,519
Total U.S. Dollar Denominated Bonds & Notes (Cost $9,839,429)				9,929,594
	Shares
Money Market Funds-0.98%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(d)(e) (Cost $99,240)		99,240		99,240
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-98.66% (Cost $9,938,669)				10,028,834
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-2.67%
Invesco Private Government Fund, 0.01%(d)(e)(f)		108,918		108,918
Invesco Private Prime Fund, 0.11%(d)(e)(f)		162,688		162,753
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $271,671)				271,671
TOTAL INVESTMENTS IN SECURITIES-101.33% (Cost $10,210,340)				10,300,505
OTHER ASSETS LESS LIABILITIES-(1.33)%				(135,007	)
NET ASSETS-100.00%			$	10,165,498

Investment Abbreviations:

REIT -Real Estate Investment Trust

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

  99  

Invesco BulletShares 2028 High Yield Corporate Bond ETF (BSJS)—(continued)

February 28, 2021

(Unaudited)

Notes to Schedule of Investments:

^(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  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 February 28, 2021 was $7,695,976, which represented 75.71% of the Fund’s Net Assets.

^(c) All or a portion of this security was out on loan at February 28, 2021.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the period ended February 28, 2021.

	Value August 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value February 28, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	2,048,574		$	(1,949,334	)		$	-		$	-		$	99,240		$	8
Invesco Premier U.S. Government Money Portfolio, Institutional Class			-			107,783			(107,783	)			-			-			-			-
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			-			625,638			(516,720	)			-			-			108,918			5	*
Invesco Private Prime Fund			-			630,950			(468,212	)			-			15			162,753			44	*
Total		$	-		$	3,412,945		$	(3,042,049	)		$	-		$	15		$	370,911		$	57

* 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 February 28, 2021.

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

 Portfolio Composition

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

 as of February 28, 2021

Communication Services	25.24
Consumer Discretionary	15.02
Health Care	10.36
Information Technology	7.48
Materials	7.34
Industrials	7.34
Energy	5.94
Utilities	5.20
Real Estate	4.68
Financials	4.68
Consumer Staples	4.40
Money Market Funds Plus Other Assets Less Liabilities	2.32

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

  100  

Invesco BulletShares 2021 Municipal Bond ETF (BSML)

February 28, 2021

(Unaudited)

Schedule of Investments

	Interest Rate	Maturity   Date	Principal Amount (000)		Value
Municipal Obligations-97.10%
Alabama-0.25%
Alabama (State of), Series 2014 A, Ref. GO Bonds	5.00%	08/01/2021	$	100	$	102,014
Alaska-0.06%
Anchorage (City of), AK Municipality, Series 2007 B, Ref. GO Bonds, (INS -NATL)(a)	5.00%	09/01/2021		25		25,600
Arizona-1.69%
Arizona (State of) Transportation Board, Series 2011 A, Ref. RB(b)(c)	5.00%	07/01/2021		400		406,448
Arizona (State of) Transportation Board, Series 2014, Ref. RB	5.00%	07/01/2021		15		15,242
Chandler (City of), AZ, Series 2014, Ref. GO Bonds	4.00%	07/01/2021		5		5,064
Maricopa (County of), AZ Special Health Care District, Series 2018 C, GO Bonds	5.00%	07/01/2021		100		101,575
Maricopa County Community College District (2004), Series 2011 D, GO Bonds	4.00%	07/01/2021		25		25,320
Mesa (City of), AZ, Series 2011, RB	5.00%	07/01/2035		25		25,376
Salt River Project Agricultural Improvement & Power District, Series 2011 A, Ref. RB(b)	5.00%	12/01/2026		100		103,605
						682,630
Arkansas-0.47%
Arkansas (State of) (Four-Lane Highway Construction), Series 2013, GO Bonds	5.00%	06/15/2021		150		152,093
University of Arkansas (Fayetteville Campus), Series 2011 A, RB(b)(c)	4.63%	11/01/2021		35		36,046
						188,139
California-17.30%
ABAG Finance Authority for Nonprofit Corps. (Episcopal Senior Communities), Series 2011, Ref. RB	6.13%	07/01/2041		150		151,731
California (State of), Series 2011, GO Bonds	5.00%	09/01/2021		100		102,430
California (State of), Series 2011, GO Bonds	5.00%	10/01/2021		235		241,667
California (State of), Series 2011, GO Bonds	5.00%	10/01/2024		130		133,665
California (State of), Series 2011, GO Bonds	5.25%	10/01/2024		75		77,223
California (State of), Series 2011, GO Bonds	5.00%	09/01/2030		100		102,405
California (State of), Series 2011, GO Bonds	5.25%	09/01/2030		125		128,161
California (State of), Series 2011, Ref. GO Bonds	5.00%	09/01/2021		175		179,252
California (State of), Series 2011, Ref. GO Bonds	5.25%	09/01/2023		170		174,325
California (State of), Series 2011, Ref. GO Bonds	5.25%	09/01/2024		600		615,234
California (State of), Series 2013 B, Ref. GO Bonds	5.00%	09/01/2021		5		5,122
California (State of), Series 2013, GO Bonds	5.00%	10/01/2021		10		10,284
California (State of), Series 2014, GO Bonds	5.00%	12/01/2021		25		25,913
California (State of), Series 2015, GO Bonds	5.00%	08/01/2021		50		51,012
California (State of), Series 2016 C, Ref. GO Bonds	5.00%	09/01/2021		125		128,037
California (State of), Series 2016, Ref. GO Bonds	5.00%	08/01/2021		135		137,731
California (State of), Series 2016, Ref. GO Bonds	5.00%	09/01/2030		100		102,405
California (State of), Series 2019, Ref. GO Bonds	5.00%	04/01/2021		145		145,571
California (State of), Series 2019, Ref. GO Bonds	5.00%	10/01/2021		20		20,567
California (State of) Department of Water Resources, Series 2015 O, Ref. RB(b)	5.00%	05/01/2021		320		322,570
California (State of) Department of Water Resources (Central Valley), Series 2017, Ref. RB	5.00%	12/01/2021		100		103,659
California (State of) Public Works Board, Series 2011 D, RB(b)	5.00%	12/01/2031		140		145,015
California (State of) Public Works Board, Series 2011 G, RB(b)(c)	5.00%	12/01/2021		40		41,464
California (State of) Public Works Board, Series 2011 G, RB(b)(c)	5.00%	12/01/2021		75		77,744
California (State of) Public Works Board, Series 2014 A, RB	5.00%	09/01/2021		160		163,848
California (State of) Public Works Board, Series 2015 E, Ref. RB	5.00%	09/01/2021		100		102,405
California (State of) Public Works Board, Series 2015 F, Ref. RB	5.00%	05/01/2021		75		75,598
California (State of) Public Works Board (Judicial Council), Series 2011 D, RB(b)	5.00%	12/01/2021		125		129,477
California State University, Series 2015 A, Ref. RB	5.00%	11/01/2021		150		154,887
California State University, Series 2017 A, Ref. RB	5.00%	11/01/2021		105		108,421
Cucamonga Valley Water District, Series 2011 A, Ref. RB(b)(c)	5.25%	09/01/2021		30		30,760
East Side Union High School District (Election of 2016), Series 2017 A, GO Bonds	3.00%	08/01/2021		180		182,129
Golden Empire Schools Financing Authority (Kern High School District), Series 2018, RB	5.00%	05/01/2021		120		120,941
Los Angeles (City of), CA, Series 2011 B, Ref. GO Bonds	5.00%	09/01/2021		25		25,608
Los Angeles (City of), CA, Series 2012 A, Ref. GO Bonds	5.00%	09/01/2021		10		10,243

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

  101  

Invesco BulletShares 2021 Municipal Bond ETF (BSML)—(continued)

February 28, 2021

(Unaudited)

	Interest Rate	Maturity   Date	Principal Amount (000)		Value
California-(continued)
Los Angeles (City of), CA, Series 2012 C, Ref. RB	5.00%	06/01/2021	$	100	$	101,201
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2012 A, Ref. RB	5.00%	07/01/2021		100		101,616
Los Angeles Unified School District, Series 2015 A, Ref. GO Bonds	5.00%	07/01/2021		500		508,060
Los Angeles Unified School District, Series 2016 A, Ref. GO Bonds	5.00%	07/01/2021		120		121,934
Los Angeles Unified School District (Election of 2008), Series 2016 A, GO Bonds	5.00%	07/01/2024		220		223,518
M-S-R Public Power Agency, Series 2018 R, Ref. RB	5.00%	07/01/2021		15		15,238
Orange (County of), CA Sanitation District, Series 2018 A, Ref. COP	5.00%	08/15/2021		55		56,106
Sacramento (City of), CA Municipal Utility District, Series 2011 X, Ref. RB	5.00%	08/15/2027		100		102,190
Sacramento (City of), CA Municipal Utility District, Series 2017 E, Ref. RB	5.00%	08/15/2021		200		204,416
Sacramento (County of), CA Sanitation Districts Financing Authority, Series 2011 A, Ref. RB(b)(c)	5.00%	12/01/2021		40		41,464
San Francisco (City & County of), CA, Series 2011 R1, Ref. GO Bonds	5.00%	06/15/2024		100		103,801
San Francisco (City and County of), CA Public Utilities Commission, Series 2011 A, RB(b)(c)	4.50%	11/01/2021		160		164,670
San Francisco (City and County of), CA Public Utilities Commission, Series 2011 A, RB(b)(c)	5.00%	11/01/2021		600		619,506
Southwestern Community College District, Series 2011 C, GO Bonds(b)(c)	5.00%	08/01/2021		90		91,824
Southwestern Community College District (Election of 2008), Series 2011 C, GO Bonds(b)(c)	5.25%	08/01/2021		5		5,107
University of California, Series 2013 AF, RB	5.00%	05/15/2021		200		201,982
						6,990,137
Colorado-1.08%
Colorado (State of), Series 2018 A, COP	5.00%	12/15/2021		75		77,845
Colorado (State of), Series 2020 A, COP	5.00%	12/15/2021		10		10,379
Colorado Springs (City of), CO, Series 2011 A, Ref. RB	5.00%	11/15/2021		125		129,275
Denver City & County School District No. 1, Series 2021, GO Bonds	5.00%	12/01/2021		200		207,334
Douglas County School District No. Re-1 Douglas & Elbert Counties, Series 2009, Ref. GO Bonds	5.25%	12/15/2021		10		10,402
						435,235
Connecticut-1.66%
Connecticut (State of), Series 2013 A, GO Bonds	5.00%	10/15/2021		45		46,356
Connecticut (State of), Series 2014 A, GO Bonds	4.00%	03/01/2021		125		125,000
Connecticut (State of), Series 2014 A, RB	5.00%	09/01/2021		50		51,210
Connecticut (State of), Series 2016 G, Ref. GO Bonds	5.00%	11/01/2021		25		25,808
Connecticut (State of), Series 2017 A, GO Bonds	5.00%	04/15/2021		35		35,204
Connecticut (State of), Series 2018 C, GO Bonds	5.00%	06/15/2021		25		25,348
Connecticut (State of), Series 2018 E, GO Bonds	5.00%	09/15/2021		35		35,913
Connecticut (State of), Series 2018 F, Ref. GO Bonds	5.00%	09/15/2021		10		10,261
Connecticut (State of) Health & Educational Facilities Authority (Hartford Healthcare), Series 2011 A, RB(b)(c)	5.00%	07/01/2021		10		10,161
Connecticut (State of) Health & Educational Facilities Authority (Western Connecticut Health Network), Series 2011 M, RB(b)(c)	5.38%	07/01/2021		300		305,106
						670,367
Delaware-0.15%
Delaware (State of), Series 2014, GO Bonds	5.00%	03/01/2021		50		50,000
Delaware (State of) Transportation Authority, Series 2012, RB	5.00%	07/01/2021		10		10,162
						60,162
District of Columbia-0.88%
District of Columbia, Series 2011 G, RB(b)(c)	5.00%	12/01/2021		200		207,288
District of Columbia, Series 2011 G, RB	5.00%	12/01/2027		45		46,591
District of Columbia, Series 2011 G, RB	5.00%	12/01/2028		100		103,536
						357,415
Florida-4.40%
Citizens Property Insurance Corp., Series 2012 A-1, RB	5.00%	06/01/2021		75		75,891
Davie (Town of), FL, Series 2011, RB(b)(c)	5.00%	10/01/2021		15		15,425
Florida (State of), Series 2011 D, Ref. GO Bonds(b)(c)	5.00%	06/01/2021		125		126,507
Florida (State of) (Capital Outlay), Series 2011 E, Ref. GO Bonds(b)(c)	5.00%	06/01/2021		50		50,603
Florida (State of) (Capital Outlay), Series 2011 E, Ref. GO Bonds(b)(c)	5.00%	06/01/2021		200		202,412
Florida (State of) (Capital Outlay), Series 2015 A, Ref. GO Bonds	5.00%	06/01/2021		35		35,420
Florida (State of) Department of Environmental Protection, Series 2011 B, Ref. RB	5.00%	07/01/2021		20		20,319

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

  102  

Invesco BulletShares 2021 Municipal Bond ETF (BSML)—(continued)

February 28, 2021

(Unaudited)

	Interest Rate	Maturity   Date	Principal Amount (000)		Value
Florida-(continued)
Florida (State of) Department of Environmental Protection, Series 2014, Ref. RB	5.00%	07/01/2021	$	15	$	15,239
Hillsborough County School Board, Series 2017, Ref. COP	5.00%	07/01/2021		5		5,080
Jacksonville (City of), FL, Series 2010 B-1, RB	5.00%	10/01/2021		355		364,862
Mid-Bay Bridge Authority, Series 2011 A, RB(b)(c)	7.25%	10/01/2021		300		312,354
Orange (County of), FL Convention Center, Series 2017, Ref. RB	5.00%	10/01/2021		105		107,841
Palm Beach (County of), FL Solid Waste Authority, Series 2011, Ref. RB	5.00%	10/01/2031		75		77,057
School Board of Miami-Dade County (The), Series 2015 A, Ref. COP	5.00%	05/01/2021		120		120,946
School District of Broward County, Series 2011 A, COP	5.00%	07/01/2021		45		45,715
Tohopekaliga Water Authority, Series 2011 A, Ref. RB(b)(c)	5.25%	10/01/2021		195		200,803
						1,776,474
Georgia-3.30%
Atlanta (City of), GA, Series 2019 F, Ref. RB	5.00%	07/01/2021		400		406,408
Georgia (State of) Road & Tollway Authority (Garvee), Series 2017 B, Ref. RB	5.00%	06/01/2021		300		303,603
Gwinnett (County of), GA Water & Sewerage Authority, Series 2011, Ref. RB	5.00%	08/01/2024		510		520,210
Valdosta & Lowndes (County of), GA Hospital Authority (South Medical Center), Series 2011 B, RB(b)(c)	5.00%	10/01/2021		100		102,831
						1,333,052
Hawaii-0.63%
Hawaii (State of), Series 2011 EA, Ref. GO Bonds	5.00%	12/01/2021		10		10,366
Hawaii (State of), Series 2011 EA, Ref. GO Bonds	5.00%	12/01/2023		110		113,932
Hawaii (State of), Series 2012 EE, GO Bonds	5.00%	11/01/2021		35		36,138
Hawaii (State of), Series 2012 EF, Ref. GO Bonds	5.00%	11/01/2021		85		87,763
Hawaii (State of), Series 2015, Ref. GO Bonds	5.00%	10/01/2021		5		5,142
						253,341
Illinois-4.74%
Chicago (City of), IL Transit Authority, Series 2011, RB(b)(c)	5.25%	12/01/2021		25		25,958
Chicago (City of), IL Transit Authority, Series 2011, RB(b)(c)	5.25%	12/01/2021		60		62,298
Chicago (City of), IL Transit Authority, Series 2011, RB(b)(c)	5.25%	12/01/2021		25		25,958
Chicago (City of), IL Transit Authority, Series 2011, RB(b)(c)	5.25%	12/01/2021		175		181,702
Chicago (City of), IL Transit Authority, Series 2011, RB(b)(c)	5.25%	12/01/2021		50		51,915
Chicago (City of), IL Transit Authority, Series 2011, RB(b)(c)	5.25%	12/01/2021		130		134,979
Chicago (City of), IL Transit Authority, Series 2011, RB(b)(c)	5.25%	12/01/2021		20		20,766
Chicago (City of), IL Transit Authority, Series 2011, RB(b)(c)	5.25%	12/01/2021		75		77,872
Chicago (City of), IL Transit Authority (State of Good Repair), Series 2017, Ref. RB	5.00%	06/01/2021		30		30,339
Cook (County of), IL, Series 2011 A, Ref. GO Bonds	5.25%	11/15/2024		300		309,858
Greater Chicago Metropolitan Water Reclamation District, Series 2011 B, GO Bonds	5.00%	12/01/2030		45		46,671
Greater Chicago Metropolitan Water Reclamation District, Series 2011 C, GO Bonds	5.00%	12/01/2031		30		31,114
Illinois (State of), Series 2012, Ref. GO Bonds	5.00%	08/01/2021		55		55,940
Illinois (State of) Finance Authority (Trinity Health), Series 2011 L, RB(b)(c)	5.00%	12/01/2021		310		321,175
Illinois (State of) Finance Authority (University of Chicago), Series 2014 A, Ref. RB	5.00%	10/01/2021		110		113,056
Illinois (State of) Toll Highway Authority, Series 2014 A, Ref. RB	5.00%	12/01/2021		15		15,537
McLean & Woodford Counties Community Unit School District No. 5, Series 2017 A, Ref. GO Bonds	4.00%	12/01/2021		340		349,721
Regional Transportation Authority, Series 1999, Ref. RB, (INS - AGM)(a)	5.75%	06/01/2021		60		60,823
						1,915,682
Indiana-0.28%
Indiana (State of) Finance Authority, Series 2011 A, RB	5.25%	10/01/2031		60		61,721
Indiana (State of) Finance Authority (University Health), Series 2016 A, Ref. RB	5.00%	12/01/2021		50		51,799
						113,520
Kansas-0.05%
Wyandotte (County of) & Kansas City (City of), KS Unified Government, Series 2011 A, Ref. RB(b)(c)	5.00%	09/01/2021		20		20,480
Kentucky-0.96%
Kentucky (State of) Economic Development Finance Authority (Baptist Healthcare System Obligated Group), Series 2011, RB(b)(c)	5.00%	08/15/2021		50		51,081
Kentucky (State of) Property & Building Commission (No. 100), Series 2011 A, Ref. RB	5.00%	08/01/2021		125		127,444
Kentucky (State of) Property & Building Commission (No. 108), Series 2015 B, Ref. RB	5.00%	08/01/2021		75		76,466

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

  103  

Invesco BulletShares 2021 Municipal Bond ETF (BSML)—(continued)

February 28, 2021

(Unaudited)

	Interest Rate	Maturity   Date	Principal Amount (000)		Value
Kentucky-(continued)
Kentucky (State of) Property & Building Commission (No. 112), Series 2016 B, Ref. RB	5.00%	11/01/2021	$	50	$	51,567
Kentucky (State of) Property & Building Commission (No. 117), Series 2017 D, Ref. RB	5.00%	05/01/2021		55		55,426
Louisville and Jefferson (Counties of), KY Metropolitan Sewer District, Series 2016 C, Ref. RB	5.00%	05/15/2021		25		25,246
						387,230
Maryland-2.03%
Maryland (State of), Series 2013 A, GO Bonds(b)(c)	4.00%	03/01/2021		265		265,000
Maryland (State of), Series 2014 B, GO Bonds	5.00%	08/01/2021		10		10,202
Maryland (State of), Series 2014 C, Ref. GO Bonds	5.00%	08/01/2021		160		163,230
Maryland (State of), Series 2014 C, Ref. GO Bonds	5.00%	08/01/2021		10		10,202
Maryland (State of), Series 2015 A, GO Bonds	5.00%	08/01/2021		75		76,514
Maryland (State of) Department of Transportation, Series 2016, RB	5.00%	11/01/2021		150		154,836
Maryland (State of) Health & Higher Educational Facilities Authority, Series 2012 B, RB(b)(c)	5.00%	11/15/2021		10		10,343
Montgomery (County of), MD (Trinity Health), Series 2011, Ref. RB(b)(c)	5.00%	12/01/2021		85		88,097
Prince George’s (County of), MD, Series 2011 B, Ref. GO Bonds(b)(c)	5.00%	09/15/2021		25		25,654
Washington (District of), MD Suburban Sanitary Commission, Series 2011, RB	3.00%	06/01/2021		15		15,108
						819,186
Massachusetts-6.37%
Massachusetts (Commonwealth of), Series 2011 A, GO Bonds(b)(c)	5.00%	04/01/2021		5		5,020
Massachusetts (Commonwealth of), Series 2011 D, GO Bonds(b)(c)	4.00%	10/01/2021		200		204,502
Massachusetts (Commonwealth of), Series 2011 D, GO Bonds(b)(c)	4.25%	10/01/2021		20		20,479
Massachusetts (Commonwealth of), Series 2011 D, GO Bonds(b)(c)	5.00%	10/01/2021		100		102,831
Massachusetts (Commonwealth of), Series 2011 D, GO Bonds(b)(c)	5.00%	10/01/2021		25		25,708
Massachusetts (Commonwealth of), Series 2013 C, GO Bonds(b)(c)	4.00%	08/01/2021		10		10,161
Massachusetts (Commonwealth of), Series 2014 A, GO Bonds(b)(c)	4.25%	12/01/2021		100		103,084
Massachusetts (Commonwealth of), Series 2016 C, Ref. GO Bonds	5.00%	10/01/2021		250		257,092
Massachusetts (Commonwealth of) (Green Bonds), Series 2013 D, GO Bonds(b)(c)	5.00%	08/01/2021		370		377,470
Massachusetts (Commonwealth of) Federal Highway Grant Anticipation Note, Series 2013 A, RB	5.00%	06/15/2021		70		70,976
Massachusetts (Commonwealth of) Health & Educational Facilities Authority, Series 2010 A, RB	5.00%	12/15/2021		200		207,714
Massachusetts (Commonwealth of) School Building Authority, Series 2011 B, RB(b)(c)	5.00%	10/15/2021		200		206,042
Massachusetts (Commonwealth of) School Building Authority, Series 2011 B, RB(b)(c)	5.25%	10/15/2021		100		103,175
Massachusetts (State of) Bay Transportation Authority, Series 2006 B, RB	5.25%	07/01/2021		130		132,198
Massachusetts (State of) Bay Transportation Authority, Series 2017, RB	4.00%	12/01/2021		515		529,878
Massachusetts (State of) Development Finance Agency (Broad Institute), Series 2011 A, RB(b)(c)	5.00%	04/01/2021		20		20,079
Massachusetts (State of) Development Finance Agency (Partners Healthcare), Series 2012, RB(b)(c)	5.00%	07/01/2021		95		96,515
Massachusetts (State of) School Building Authority, Series 2012 A, Ref. RB	5.00%	08/15/2021		35		35,771
Massachusetts (State of) Water Resources Authority, Series 2011 B, RB(b)(c)	5.00%	08/01/2021		20		20,404
Massachusetts (State of) Water Resources Authority, Series 2014 F, Ref. RB	5.00%	08/01/2021		25		25,504
Massachusetts Clean Water Trust (The), Series 2014, Ref. RB	5.00%	08/01/2021		10		10,203
University of Massachusetts Building Authority, Series 2015-2, Ref. RB	5.00%	11/01/2021		10		10,322
						2,575,128
Michigan-2.38%
Detroit (City of), MI, Series 2011 A, RB(b)(c)	5.25%	07/01/2021		255		259,322
Detroit (City of), MI, Series 2011 C, RB(b)(c)	5.00%	07/01/2021		50		50,806
Michigan (State of) (Garvee), Seris 2016, Ref. RB	5.00%	03/15/2021		15		15,026
Michigan (State of) Building Authority, Series 2011 A, Ref. RB(b)(c)	5.20%	10/15/2021		25		25,786
Michigan (State of) Building Authority, Series 2011, Ref. RB(b)(c)	5.38%	10/15/2021		45		46,464
Michigan (State of) Building Authority, Series 2015 I, Ref. RB	5.00%	04/15/2021		30		30,174
Michigan (State of) Building Authority (Facilities Program), Series 2011 A, Ref. RB(b)(c)	5.38%	10/15/2021		30		30,976
Michigan (State of) Finance Authority, Series 2014 C-3, RB, (INS - AGM)(a)	5.00%	07/01/2021		200		203,156
Michigan (State of) Finance Authority (Clean Water), Series 2011, Ref. RB	5.00%	10/01/2021		50		51,410
Michigan (State of) Finance Authority (Trinity Health Corp.), Series 2015, Ref. RB	5.00%	12/01/2021		220		227,913
Michigan (State of) Strategic Fund (Cadillac Place Office Building), Series 2011, RB	5.25%	10/15/2031		20		20,612
						961,645
Minnesota-0.74%
Minnesota (State of) Public Facilities Authority, Series 2016 B, Ref. RB	3.00%	03/01/2021		300		300,000

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

  104  

Invesco BulletShares 2021 Municipal Bond ETF (BSML)—(continued)

February 28, 2021

(Unaudited)

	Interest Rate	Maturity   Date	Principal Amount (000)		Value
Missouri-0.69%
Jackson (County of), MO (Truman Sports Complex), Series 2014, Ref. RB	5.00%	12/01/2021	$	145	$	149,548
Missouri (State of) Health & Educational Facilities Authority (Washington University), Series 2011 B, RB(b)(c)	5.00%	11/15/2021		25		25,857
St Louis (City of), MO, Series 2017 A, Ref. RB, (INS - AGM)(a)	5.00%	07/01/2021		100		101,575
						276,980
Nebraska-0.01%
West Haymarket Joint Public Agency, Series 2011, GO Bonds(b)(c)	4.25%	12/15/2021		5		5,162
Nevada-1.09%
Clark (County of), NV, Series 2016 A, Ref. GO Bonds	5.00%	11/01/2021		425		438,702
New Jersey-3.43%
New Jersey (State of), Series 2013, GO Bonds	5.00%	06/01/2021		35		35,403
New Jersey (State of), Series 2016 T, Ref. GO Bonds	5.00%	06/01/2021		45		45,518
New Jersey (State of) Economic Development Authority, Series 2012, Ref. RB(b)	5.00%	03/01/2021		10		10,000
New Jersey (State of) Economic Development Authority, Series 2013 NN, Ref. RB(b)	5.00%	03/01/2021		55		55,000
New Jersey (State of) Economic Development Authority, Series 2013 NN, Ref. RB	5.00%	03/01/2021		145		145,000
New Jersey (State of) Economic Development Authority, Series 2015 XX, Ref. RB	5.00%	06/15/2021		40		40,536
New Jersey (State of) Transportation Trust Fund Authority, Series 2006 A, RB	5.25%	12/15/2021		50		51,937
New Jersey (State of) Transportation Trust Fund Authority, Series 2011 A, RB(b)(c)	5.00%	06/15/2021		25		25,342
New Jersey (State of) Transportation Trust Fund Authority, Series 2011 A, RB(b)(c)	5.25%	06/15/2021		50		50,719
New Jersey (State of) Transportation Trust Fund Authority, Series 2011 A, RB(b)(c)	6.00%	06/15/2021		300		304,938
New Jersey (State of) Transportation Trust Fund Authority, Series 2011 A, RB	5.25%	06/15/2031		185		187,214
New Jersey (State of) Transportation Trust Fund Authority, Series 2011 B, RB(b)(c)	5.00%	06/15/2021		105		106,434
New Jersey (State of) Transportation Trust Fund Authority, Series 2011 B, RB(b)(c)	5.25%	06/15/2021		100		101,438
New Jersey (State of) Transportation Trust Fund Authority, Series 2011 B, RB	5.25%	06/15/2026		75		75,934
New Jersey (State of) Transportation Trust Fund Authority, Series 2011 B, RB	5.50%	06/15/2031		100		101,268
New Jersey (State of) Transportation Trust Fund Authority, Series 2012 AA, RB	5.00%	06/15/2021		50		50,670
						1,387,351
New Mexico-0.56%
New Mexico (State of) Finance Authority (Garvee), Series 2010 B, Ref. RB	5.00%	06/15/2021		75		76,040
New Mexico (State of) Severance Tax Permanent Fund, Series 2016 B, Ref. RB	4.00%	07/01/2021		150		151,917
						227,957
New York-21.41%
Erie (County of), NY Industrial Development Agency (The) (City of Buffalo School District), Series 2012, RB	5.00%	05/01/2021		30		30,232
Metropolitan Transportation Authority, Series 2012 F, Ref. RB	5.00%	11/15/2021		400		412,264
Metropolitan Transportation Authority, Series 2014 C, RB	5.00%	11/15/2021		295		304,045
New York & New Jersey (States of) Port Authority, Series 2012, RB	4.00%	12/01/2021		25		25,722
New York & New Jersey (States of) Port Authority, Series 2013 179, RB	5.00%	12/01/2021		520		538,907
New York & New Jersey (States of) Port Authority, Series 2015, Ref. RB	5.00%	10/15/2021		25		25,754
New York (City of), NY, Series 1993 E-3, GO Bonds	5.00%	08/01/2023		10		10,200
New York (City of), NY, Series 1994 A4, GO Bonds	5.00%	08/01/2021		75		76,507
New York (City of), NY, Series 1994 A-4, GO Bonds	5.00%	08/01/2023		35		35,701
New York (City of), NY, Series 2008 J8, GO Bonds	4.00%	08/01/2021		25		25,399
New York (City of), NY, Series 2011 A-1, GO Bonds(b)(c)	5.00%	08/01/2021		55		56,113
New York (City of), NY, Series 2011 AA, Ref. RB(b)(c)	5.00%	06/15/2021		195		197,726
New York (City of), NY, Series 2011 AA, Ref. RB	5.00%	06/15/2033		35		35,477
New York (City of), NY, Series 2011 D-1, GO Bonds(b)(c)	5.00%	10/01/2021		50		51,418
New York (City of), NY, Series 2011 HH, RB	5.00%	06/15/2026		200		202,768
New York (City of), NY, Series 2012 B, GO Bonds	5.00%	08/01/2021		10		10,201
New York (City of), NY, Series 2012 F, Ref. GO Bonds	5.00%	08/01/2021		15		15,302
New York (City of), NY, Series 2012 I, GO Bonds	5.00%	08/01/2021		5		5,101
New York (City of), NY, Series 2013 B, Ref. GO Bonds(b)	5.00%	08/01/2021		15		15,300
New York (City of), NY, Series 2013 B, Ref. GO Bonds	5.00%	08/01/2021		40		40,804
New York (City of), NY, Series 2013 E, GO Bonds	5.00%	08/01/2021		25		25,503
New York (City of), NY, Series 2014 A, Ref. GO Bonds	5.00%	08/01/2021		10		10,201

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

  105  

Invesco BulletShares 2021 Municipal Bond ETF (BSML)—(continued)

February 28, 2021

(Unaudited)

	Interest Rate	Maturity   Date	Principal Amount (000)		Value
New York-(continued)
New York (City of), NY, Series 2016 E, Ref. GO Bonds	5.00%	08/01/2021	$	200	$	204,020
New York (City of), NY, Series 2017 A, Ref. GO Bonds	5.00%	08/01/2021		200		204,020
New York (City of), NY, Series 2017 C, Ref. GO Bonds	5.00%	08/01/2021		5		5,101
New York (City of), NY, Series 2018 A, Ref. GO Bonds(b)	5.00%	08/01/2021		10		10,200
New York (City of), NY, Series 2018 A, Ref. GO Bonds	5.00%	08/01/2021		65		66,306
New York (City of), NY, Series 2019 E, Ref. GO Bonds	5.00%	08/01/2021		90		91,809
New York (City of), NY Municipal Water Finance Authority, Series 2011 HH, RB	5.00%	06/15/2029		100		101,375
New York (City of), NY Municipal Water Finance Authority, Series 2012 CC, Ref. RB	5.00%	06/15/2045		10		10,366
New York (City of), NY Transitional Finance Authority, Series 2002 B, RB	5.00%	02/01/2025		300		301,080
New York (City of), NY Transitional Finance Authority, Series 2011 A, RB	5.00%	11/01/2024		20		20,639
New York (City of), NY Transitional Finance Authority, Series 2011 A, RB	5.00%	07/15/2025		75		76,286
New York (City of), NY Transitional Finance Authority, Series 2011 A, RB	5.00%	11/01/2026		25		25,792
New York (City of), NY Transitional Finance Authority, Series 2011 D, RB	5.00%	02/01/2031		500		501,735
New York (City of), NY Transitional Finance Authority, Series 2011 S-1, RB	5.00%	07/15/2023		70		71,224
New York (City of), NY Transitional Finance Authority, Series 2015 C, Ref. RB	5.00%	11/01/2021		40		41,292
New York (City of), NY Transitional Finance Authority, Series 2017 A-1, RB(b)	5.00%	08/01/2021		40		40,809
New York (City of), NY Transitional Finance Authority, Series 2018 C-1, RB	5.00%	05/01/2021		500		503,990
New York (City of), NY Water & Sewer System, Series 2012 FF, RB(b)	5.00%	06/15/2021		415		420,802
New York (City of), NY Water & Sewer System, Series 2016 CC, Ref. RB	5.00%	06/15/2023		50		51,912
New York (State of) Dormitory Authority, Series 1993 A, RB	5.25%	05/15/2021		50		50,518
New York (State of) Dormitory Authority, Series 2005 A, RB, (INS - AMBAC)(a)	5.50%	05/15/2021		60		60,640
New York (State of) Dormitory Authority, Series 2005 A, RB, (INS - NATL)(a)	5.50%	07/01/2021		25		25,444
New York (State of) Dormitory Authority, Series 2011 A, RB	5.00%	03/15/2021		15		15,027
New York (State of) Dormitory Authority, Series 2011 E, RB	5.00%	08/15/2021		125		127,755
New York (State of) Dormitory Authority, Series 2012 A, Ref. RB	5.00%	12/15/2021		215		223,224
New York (State of) Dormitory Authority, Series 2012 A, Ref. RB	5.00%	03/15/2025		90		92,338
New York (State of) Dormitory Authority, Series 2012, RB	5.00%	05/15/2021		150		151,480
New York (State of) Dormitory Authority, Series 2013 A, RB(b)	5.00%	07/01/2021		90		91,439
New York (State of) Dormitory Authority, Series 2015 A, Ref. RB	5.00%	03/15/2021		200		200,354
New York (State of) Dormitory Authority, Series 2016 A, RB	5.00%	03/15/2021		25		25,044
New York (State of) Dormitory Authority, Series 2016 A, Ref. RB	5.00%	10/01/2021		150		154,228
New York (State of) Dormitory Authority, Series 2018 A, Ref. RB	5.00%	03/15/2021		25		25,044
New York (State of) Dormitory Authority, Seris 2016 A, Ref. RB	5.00%	07/01/2021		25		25,406
New York (State of) Dormitory Authority (Columbia University), Series 2012 A, RB	5.00%	10/01/2021		100		102,837
New York (State of) Municipal Bond Bank Agency, Series 2012, RB	5.00%	12/01/2021		55		57,004
New York (State of) Power Authority, Series 2011 A, RB(b)(c)	5.00%	11/15/2021		10		10,343
New York (State of) Thruway Authority, Series 2012 A, RB	5.00%	04/01/2021		20		20,078
New York (State of) Thruway Authority, Series 2012 A, Ref. RB	5.00%	03/15/2021		5		5,009
New York (State of) Thruway Authority, Series 2012 A, Ref. RB	5.00%	03/15/2023		25		25,651
New York (State of) Thruway Authority, Series 2012 A, Ref. RB	5.00%	03/15/2024		35		35,911
New York (State of) Thruway Authority, Series 2012 A, Ref. RB	5.00%	03/15/2026		45		46,122
New York (State of) Thruway Authority, Series 2012 A, Ref. RB	5.00%	03/15/2028		200		204,966
New York (State of) Thruway Authority Highway & Bridge Trust Fund, Series 2011 A-1, RB	5.00%	04/01/2024		50		50,191
New York Liberty Development Corp. (4 World Trade Center), Series 2011, Ref. RB	5.00%	11/15/2031		55		56,631
New York Local Government Assistance Corp., Series 1993 E, Ref. RB	5.00%	04/01/2021		10		10,040
New York Local Government Assistance Corp., Series 2018 A, Ref. RB	5.00%	04/01/2021		25		25,099
New York State Environmental Facilities Corp., Series 2014, Ref. RB	5.00%	06/15/2021		75		76,044
New York State Environmental Facilities Corp., Series 2017, Ref. RB	5.00%	06/15/2021		500		506,960
New York State Urban Development Corp., Series 2011 A, RB(b)(c)	5.00%	03/15/2021		200		200,350
New York State Urban Development Corp., Series 2011 A, RB(b)(c)	5.00%	03/15/2021		45		45,079
New York State Urban Development Corp., Series 2016 A, Ref. RB	5.00%	03/15/2021		20		20,035
Sales Tax Asset Receivable Corp., Series 2014 A, Ref. RB	5.00%	10/15/2021		400		412,132
Triborough Bridge & Tunnel Authority, Series 2012 B, Ref. RB	4.00%	11/15/2021		85		87,316
Triborough Bridge & Tunnel Authority, Series 2012 B, Ref. RB	5.00%	11/15/2021		470		486,107
						8,651,249
North Carolina-1.00%
North Carolina (State of), Series 2011 B, Ref. RB	5.00%	11/01/2021		235		242,656

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

  106  

Invesco BulletShares 2021 Municipal Bond ETF (BSML)—(continued)

February 28, 2021

(Unaudited)

	Interest Rate	Maturity   Date	Principal Amount (000)		Value
North Carolina-(continued)
North Carolina (State of) (Garvee), Series 2017, Ref. RB	5.00%	03/01/2021	$	150	$	150,000
Wake (County of), NC, Series 2010 C, Ref. GO Bonds	5.00%	03/01/2021		10		10,000
						402,656
Ohio-1.69%
Columbus (City of), OH, Series 2012 1, Ref. GO Bonds	5.00%	07/01/2021		300		304,836
Hancock (County of), OH (Blanchard Valley Regional Health Center), Series 2011 A, RB(b)(c)	5.75%	06/01/2021		15		15,205
Lucas (County of), OH (ProMedica Healthcare System), Series 2011 A, RB(b)(c)	6.50%	11/15/2021		200		208,844
Ohio (State of), Series 2010 A, Ref. GO Bonds	5.00%	09/15/2021		50		51,315
Ohio (State of), Series 2012 A, Ref. GO Bonds(b)(c)	4.50%	08/01/2021		75		76,359
Ohio (State of), Series 2014 A, Ref. GO Bonds	5.00%	09/15/2021		15		15,395
Ohio (State of), Series 2014 B, Ref. GO Bonds	5.00%	08/01/2021		10		10,203
						682,157
Oklahoma-0.26%
Cleveland (County of), OK Educational Facilities Authority (Norman Public Schools), Series 2019, RB	5.00%	06/01/2021		50		50,551
Tulsa (County of), OK Industrial Authority (Broken Arrow Public Schools), Series 2012, RB	4.50%	09/01/2021		55		56,180
						106,731
Oregon-0.82%
Oregon (State of), Series 2017 A, GO Bonds	5.00%	05/01/2021		20		20,160
Oregon (State of) Department of Transportation, Series 2017 C, Ref. RB	5.00%	11/15/2021		300		310,260
						330,420
Pennsylvania-3.30%
Allegheny (County of), PA Port Authority, Series 2011, Ref. RB(b)(c)	5.75%	03/01/2021		275		275,000
Central Bradford Progress Authority (Guthrie Healthcare System), Series 2011, RB(b)(c)	5.50%	12/01/2021		45		46,790
Hospitals & Higher Education Facilities Authority of Philadelphia (The) (Children’s Hospital), Series 2011 D, RB	5.00%	07/01/2028		50		50,748
Pennsylvania (Commonwealth of), Series 2011, GO Bonds(b)(c)	5.00%	11/15/2021		35		36,199
Pennsylvania (Commonwealth of), Series 2011, GO Bonds(b)(c)	5.00%	11/15/2021		45		46,542
Pennsylvania (Commonwealth of), Series 2011, GO Bonds(b)(c)	5.00%	11/15/2021		250		258,568
Pennsylvania (Commonwealth of), Series 2012, Ref. GO Bonds	5.00%	07/01/2021		300		304,836
Pennsylvania (Commonwealth of), Series 2013, GO Bonds	5.00%	04/01/2021		55		55,218
Pennsylvania (Commonwealth of), Series 2013, GO Bonds	5.00%	10/15/2021		15		15,453
Pennsylvania (Commonwealth of), Series 2015 D, GO Bonds	5.00%	08/15/2021		25		25,552
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2011 A, RB(b)	5.00%	12/01/2021		40		41,458
Pennsylvania (State of) Higher Educational Facilities Authority, Series 2011 A, RB(b)(c)	5.00%	03/01/2021		75		75,000
Pennsylvania (State of) Higher Educational Facilities Authority (University of Pennsylvania Health System), Series 2011 A, RB(b)(c)	5.25%	08/15/2021		100		102,321
						1,333,685
Rhode Island-0.15%
Rhode Island Commerce Corp., Seris 2016 A, Ref. RB	5.00%	06/15/2021		35		35,480
Rhode Island Health and Educational Building Corp. (Brown University), Series 2012, RB	5.00%	09/01/2021		25		25,604
						61,084
South Carolina-1.24%
Florence (County of), SC, Series 2014, GO Bonds	4.00%	06/01/2021		35		35,338
South Carolina (State of) Public Service Authority, Series 2011 B, Ref. RB(b)	5.00%	12/01/2021		20		20,721
South Carolina (State of) Public Service Authority, Series 2014 C, Ref. RB	5.00%	12/01/2021		20		20,704
South Carolina (State of) Public Service Authority, Series 2015 C, Ref. RB	5.00%	12/01/2021		35		36,232
South Carolina (State of) Public Service Authority (Santee Cooper), Series 2011 B, Ref. RB(b)	4.00%	12/01/2021		175		180,003
South Carolina (State of) Public Service Authority (Santee Cooper), Series 2011 C, Ref. RB	5.00%	12/01/2036		200		205,906
						498,904
Tennessee-0.46%
Knoxville (City of), TN, Series 2012 B, RB	3.00%	04/01/2047		30		30,035
Memphis (City of), TN, Series 2012 A, Ref. GO Bonds	5.00%	04/01/2021		10		10,039
Memphis Center City Revenue Finance Corp. (Pyramid & Pinch District Redevelopment), Series 2011 B, RB(b)(c)	5.25%	11/01/2021		50		51,702

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

  107  

Invesco BulletShares 2021 Municipal Bond ETF (BSML)—(continued)

February 28, 2021

(Unaudited)

	Interest Rate	Maturity   Date	Principal Amount (000)		Value
Tennessee-(continued)
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2017, GO Bonds	5.00%	07/01/2021	$	15	$	15,243
Tennessee (State of), Series 2012 A, Ref. GO Bonds	5.00%	08/01/2021		20		20,403
Tennessee (State of) School Bond Authority, Series 2014, Ref. RB	5.00%	11/01/2021		55		56,777
						184,199
Texas-5.10%
Austin (City of), TX, Series 2010, Ref. GO Bonds	5.00%	09/01/2021		55		56,334
Austin (City of), TX, Series 2017, Ref. RB	5.00%	11/15/2021		375		387,851
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2013 D, Ref. RB	5.25%	11/01/2024		100		103,287
Dallas-Fort Worth (Cities of), TX International Airport, Series 2012 C, Ref. RB	5.00%	11/01/2031		100		103,005
Dallas-Fort Worth (Cities of), TX International Airport, Series 2020, Ref. RB	5.00%	11/01/2021		300		309,507
Harris (County of), TX Flood Control District, Series 2008 A, Ref. RB	5.25%	10/01/2021		200		205,952
Houston (City of), TX, Series 2012 F, Ref. RB(b)(c)	5.00%	11/15/2021		55		56,885
Houston (City of), TX, Series 2014 C, Ref. RB	4.00%	05/15/2021		20		20,158
Houston (City of), TX, Series 2017 A, Ref. GO Bonds	5.00%	03/01/2021		400		400,000
Houston (City of), TX Combined Utility System, Series 2011 D, RB(b)(c)	5.00%	11/15/2021		65		67,227
Lower Colorado River Authority, Series 2011 A, Ref. RB(b)	5.00%	05/15/2021		10		10,098
Odessa Junior College District, Series 2011, GO Bonds(b)(c)	5.25%	08/15/2021		55		56,277
Odessa Junior College District, Series 2011, GO Bonds(b)(c)	5.38%	08/15/2021		50		51,189
Texas (State of), Series 2015 A, Ref. GO Bonds	5.00%	10/01/2021		70		71,982
Texas (State of), Series 2016, GO Bonds	5.00%	04/01/2021		25		25,098
Texas (State of) Transportation Commission, Series 2014 A, Ref. RB	5.00%	04/01/2021		50		50,196
Texas (State of) Transportation Commission State Highway Fund, Series 2016 A, RB	5.00%	10/01/2021		60		61,699
University of Texas System Board of Regents, Series 2010, Ref. RB	5.00%	08/15/2021		25		25,553
						2,062,298
Utah-0.75%
Utah (State of), Series 2018, GO Bonds	5.00%	07/01/2021		300		304,866
Virginia-0.75%
Loudoun (County of), VA Economic Development Authority (Sycolin Road), Series 2011 A, RB	5.00%	06/01/2031		255		257,945
Virginia (State of) College Building Authority, Series 2012 A, Ref. RB	5.00%	09/01/2021		5		5,122
Virginia (State of) College Building Authority, Series 2012 A, Ref. RB(b)	5.00%	09/01/2021		5		5,117
Virginia (State of) Commonwealth Transportation Board, Series 2011, RB(b)(c)	4.50%	05/15/2021		35		35,311
						303,495
Washington-3.30%
Energy Northwest, Series 2012 A, Ref. RB	5.00%	07/01/2021		5		5,081
Energy Northwest, Series 2018 A, Ref. RB	5.00%	07/01/2021		135		137,176
Energy Northwest (Bonneville Power Administration), Series 2016 A, Ref. RB	5.00%	07/01/2026		210		213,287
Energy Northwest (Columbia Generating Station), Series 2011 A, Ref. RB	5.00%	07/01/2023		40		40,640
Seattle (City of), WA, Series 2015, Ref. RB	5.00%	05/01/2021		60		60,479
Seattle (Port of), WA, Series 2015 B, Ref. RB	5.00%	03/01/2021		20		20,000
Washington (State of), Series 2011 A, GO Bonds(b)(c)	5.00%	08/01/2021		100		102,019
Washington (State of), Series 2011 A, GO Bonds(b)(c)	5.00%	08/01/2021		15		15,303
Washington (State of), Series 2011 C, GO Bonds(b)(c)	5.00%	06/01/2021		75		75,885
Washington (State of), Series 2011 C, GO Bonds(b)(c)	5.25%	06/01/2021		200		202,484
Washington (State of), Series 2011 C, GO Bonds(b)(c)	5.25%	06/01/2021		50		50,621
Washington (State of), Series 2011 R, Ref. GO Bonds	5.00%	07/01/2021		20		20,323
Washington (State of), Series 2012 R, Ref. GO Bonds	4.00%	07/01/2021		5		5,064
Washington (State of), Series 2013 A, GO Bonds	5.00%	08/01/2021		45		45,910
Washington (State of), Series 2013 C, RB	5.00%	09/01/2021		30		30,718
Washington (State of), Series 2014 R, Ref. GO Bonds	5.00%	07/01/2021		50		50,808
Washington (State of), Series 2014 R, Ref. GO Bonds	5.00%	07/01/2021		25		25,404
Washington (State of), Series 2016 R, Ref. GO Bonds	5.00%	08/01/2021		45		45,910
Washington (State of) (Senior 520 Corridor Program), Series 2011 C, GO Bonds(b)(c)	5.00%	06/01/2021		135		136,593

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

  108  

Invesco BulletShares 2021 Municipal Bond ETF (BSML)—(continued)

February 28, 2021

(Unaudited)

	Interest Rate	Maturity   Date	Principal Amount (000)		Value
Washington-(continued)
Washington (State of) Health Care Facilities Authority (Swedish Health Services), Series 2011 A, RB(b)(c)	6.13%	05/15/2021	$	25	$	25,304
Washington (State of) Health Care Facilities Authority (Swedish Health Services), Series 2011 A, RB(b)(c)	6.25%	05/15/2021		25		25,310
						1,334,319
West Virginia-0.13%
West Virginia University, Series 2011 B, RB(b)(c)	5.00%	10/01/2021		50		51,415
Wisconsin-1.54%
Wisconsin (State of), Series 2011 2, Ref. GO Bonds	5.00%	11/01/2021		35		36,128
Wisconsin (State of), Series 2011 C, GO Bonds(b)(c)	4.00%	05/01/2021		30		30,191
Wisconsin (State of), Series 2011, Ref. GO Bonds	4.00%	11/01/2021		35		35,896
Wisconsin (State of), Series 2012 A, GO Bonds(b)(c)	4.00%	05/01/2021		10		10,064
Wisconsin (State of), Series 2012 B, GO Bonds(b)(c)	3.00%	05/01/2021		300		301,404
Wisconsin (State of), Series 2016 1, Ref. GO Bonds	5.00%	11/01/2021		200		206,448
						620,131
TOTAL INVESTMENTS IN SECURITIES(d) -97.10% (Cost $39,171,972)						39,231,198
OTHER ASSETS LESS LIABILITIES-2.90%						1,172,270
NET ASSETS-100.00%					$	40,403,468

Investment Abbreviations:
AGM	-Assured Guaranty Municipal Corp.
AMBAC	-American Municipal Bond Assurance Corp.
COP	-Certificates of Participation
GO	-General Obligation
INS	-Insurer
NATL	-National Public Finance Guarantee Corp.
RB	-Revenue Bonds
Ref.	-Refunding

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)  Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.

^(d)  Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the borrower’s obligations but may be called upon to satisfy the borrower’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.

  109  

Invesco BulletShares 2021 Municipal Bond ETF (BSML)—(continued)

February 28, 2021

(Unaudited)

 Portfolio Composition

 Revenue Type Breakdown (% of the Fund’s Net Assets)

 as of February 28, 2021

Ad Valorem Property Tax	25.14
Water Revenue	10.04
Sales Tax Revenue	9.90
Income Tax Revenue	7.60
Miscellaneous Revenue	7.35
Lease Revenue	6.68
Port, Airport & Marina Revenue	4.91
Health, Hospital, Nursing Home Revenue	4.50
College & University Revenue	3.97
Appropriations	3.60
General Fund	3.50
Highway Tolls Revenue	3.10
Revenue Types Each Less Than 3%	6.81
Other Assets Less Liabilities	2.90

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

  110  

Invesco BulletShares 2022 Municipal Bond ETF (BSMM)

February 28, 2021

(Unaudited)

Schedule of Investments

	Interest Rate	Maturity   Date	Principal Amount (000)		Value
Municipal Obligations-97.92%
Arizona-1.12%
Arizona (State of) Department of Transportation State Highway Fund Revenue, Series 2013 A, RB(a)(b)	5.00%	07/01/2022	$	360	$	383,299
Salt River Project Agricultural Improvement & Power District, Series 2012 A, Ref. RB	5.00%	12/01/2030		35		37,037
Salt River Project Agricultural Improvement & Power District, Series 2012 A, Ref. RB	5.00%	12/01/2031		115		121,666
						542,002
Arkansas-0.10%
Arkansas (State of) (Four-Lane Highway Construction), Series 2013, GO Bonds	3.25%	06/15/2022		50		50,445
California-14.68%
Bay Area Toll Authority (San Francisco Bay Area), Series 2012 F-1, RB(a)(b)	5.00%	04/01/2022		75		78,976
California (State of), Series 2011, Ref. GO Bonds	5.25%	09/01/2022		530		570,577
California (State of), Series 2012, GO Bonds	5.00%	04/01/2042		100		104,891
California (State of), Series 2012, Ref. GO Bonds	5.25%	02/01/2029		180		188,347
California (State of), Series 2017, Ref. GO Bonds	5.00%	11/01/2022		100		108,074
California (State of), Series 2019, Ref. GO Bonds	5.00%	04/01/2022		145		152,639
California (State of) Department of Water Resources, Series 2020 BB, Ref. RB	5.00%	12/01/2022		500		542,480
California (State of) Public Works Board, Series 2012 A, RB	5.00%	04/01/2027		50		52,585
California (State of) Public Works Board (Department of Corrections & Rehabilitation), Series 2012, Ref. RB	5.00%	06/01/2027		100		105,964
California (State of) Public Works Board (Various Capital), Series 2012 A, RB	5.00%	04/01/2026		155		163,013
California (State of) Public Works Board (Various Capital), Series 2012 G, Ref. RB	5.00%	11/01/2030		135		145,737
California (State of) Statewide Communities Development Authority (Episcopal Communities and Services), Series 2012, Ref. RB	5.00%	05/15/2047		100		103,326
California State University, Series 2012 A, RB(a)(b)	5.00%	11/01/2022		350		378,444
Coachella Valley Unified School District (2005 Election), Series 2012 D, GO Bonds(a)(b)	5.00%	08/01/2022		245		261,993
Los Angeles (City of), CA, Series 2012 B, Ref. RB	5.00%	06/01/2031		145		153,366
Los Angeles (City of), CA, Series 2012 C, Ref. RB	5.00%	06/01/2025		135		142,999
Los Angeles (City of), CA Department of Water & Power, Series 2012 A, RB	5.00%	07/01/2043		200		212,264
Los Angeles (City of), CA Department of Water & Power, Series 2013 A, RB	5.00%	07/01/2022		100		106,472
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2017 B, Ref. RB	5.00%	07/01/2022		30		31,942
Metropolitan Water District of Southern California, Series 2012 G, Ref. RB	5.00%	07/01/2028		40		42,564
Metropolitan Water District of Southern California, Series 2017 B, Ref. RB	5.00%	08/01/2022		135		143,699
Mount Diablo Unified School District (2010 Election), Series 2012 E, GO Bonds.	5.00%	06/01/2037		300		319,077
San Diego (City of), CA Public Facilities Financing Authority (Capital Improvement), Series 2012 A, RB(a)(b)	5.00%	04/15/2022		1,000		1,054,920
San Diego (County of), CA Regional Transportation Commission, Series 2012 A, RB(a)(b)	5.00%	04/01/2022		100		105,302
San Diego Unified School District, Series 2020 D-2, GO Bonds	5.00%	07/01/2022		150		159,771
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2012, Ref. RB	5.00%	05/01/2027		115		121,340
San Francisco (City of), CA Public Utilities Commission, Series 2012, RB(a)(b)	5.00%	05/01/2022		1,000		1,057,100
San Jose (City of), CA Redevelopment Agency Successor Agency, Series 2017 B, Ref. RB	5.00%	08/01/2022		100		106,759
South Carolina (State of) Public Service Authority, Series 2015 A, Ref. RB	5.00%	07/01/2022		155		164,988
University of California, Series 2012 G, RB	5.00%	05/15/2024		170		179,700
University of California, Series 2012 G, RB	5.00%	05/15/2037		10		10,556
						7,069,865
Colorado-1.41%
Colorado (State of), Series 2020 A, COP	5.00%	12/15/2022		100		108,422
Denver City & County School District No. 1, Series 2021, GO Bonds	5.00%	12/01/2022		500		542,760
Regional Transportation District (Fastracks), Series 2012 A, RB(a)(b)	5.00%	11/01/2022		25		26,879
						678,061

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

  111  

Invesco BulletShares 2022 Municipal Bond ETF (BSMM)—(continued)

February 28, 2021

(Unaudited)

	Interest Rate	Maturity   Date	Principal Amount (000)		Value
Connecticut-0.77%
Connecticut (State of) Health & Educational Facilities Authority (Yale University), Series 2017 A-1, Ref. RB(b)	5.00%	07/01/2022	$	200	$	213,000
South Central Connecticut Regional Water Authority, Series 2012, Ref. RB(a)(b)	5.00%	08/01/2022		150		160,316
						373,316
District of Columbia-0.98%
District of Columbia, Series 2012 C, RB	5.00%	12/01/2026		115		124,422
District of Columbia, Series 2012 C, RB	5.00%	12/01/2029		150		162,125
Metropolitan Washington Airports Authority (Dulles Metrorail and Capital Improvement), Series 2014 A, Ref. RB	5.00%	10/01/2053		180		186,107
						472,654
Florida-8.87%
Citizens Property Insurance Corp., Series 2015 A-1, RB	5.00%	06/01/2022		100		103,574
Florida (State of), Series 2013 B, Ref. GO Bonds	4.00%	06/01/2026		360		375,894
Florida (State of) (Capital Outlay), Series 2012 C, Ref. GO Bonds	4.00%	06/01/2026		700		730,905
Florida (State of) Municipal Power Agency (St. Lucie), Series 2012 A, RB	5.00%	10/01/2026		175		186,961
Miami-Dade (County of), FL, Series 2012 A, Ref. RB(a)(b)	5.00%	10/01/2022		500		538,350
Miami-Dade (County of), FL, Series 2012 B, Ref. RB(a)(b)	5.00%	10/01/2022		100		107,670
Miami-Dade (County of), FL Expressway Authority, Series 2013 A, RB	5.00%	07/01/2029		1,000		1,059,520
Miami-Dade (County of), FL Transit System, Series 2012, RB(a)(b)	5.00%	07/01/2022		1,000		1,064,720
Volusia County School Board, Series 2019, COP	5.00%	08/01/2022		100		106,759
						4,274,353
Georgia-0.34%
Albany-Dougherty (County of), GA Hospital Authority, Series 2012, RB	4.00%	12/01/2042		25		26,010
Georgia (State of), Series 2012 A, GO Bonds	5.00%	07/01/2024		80		84,913
Georgia (State of) Road & Tollway Authority (Garvee), Series 2020, RB	5.00%	06/01/2022		50		53,014
						163,937
Guam-3.39%
Guam (Territory of) Power Authority, Series 2012 A, Ref. RB, (INS - AGM)(c)	5.00%	10/01/2027		535		570,588
Guam (Territory of) Power Authority, Series 2012 A, Ref. RB, (INS - AGM)(c)	5.00%	10/01/2030		1,000		1,062,060
						1,632,648
Illinois-1.95%
Chicago (City of), IL, Series 2012, RB	5.00%	11/01/2042		200		212,644
Chicago (City of), IL (O’Hare International Airport), Series 2015 B, Ref. RB(a)	5.00%	01/01/2022		215		223,615
Cook (County of), IL, Series 2021 A, Ref. GO Bonds	5.00%	11/15/2022		100		108,101
Illinois (State of), Series 2013, RB	5.00%	06/15/2022		100		105,080
Illinois (State of), Series 2016 C, Ref. RB	5.00%	06/15/2022		105		110,334
Springfield (City of), IL, Series 2012, Ref. RB(a)(b)	5.00%	03/01/2022		170		178,248
						938,022
Indiana-0.44%
Indianapolis (City of), IN Department of Public Utilities, Series 2020 A, Ref. RB	5.00%	08/15/2022		200		214,010
Maryland-1.31%
Maryland (State of), Series 2014 B, GO Bonds(a)(b)	5.00%	08/01/2022		100		106,877
Maryland (State of) Department of Transportation, Series 2018, RB	5.00%	10/01/2022		315		339,057
Montgomery (County of), MD, Series 2014 A, GO Bonds	5.00%	11/01/2022		90		97,251
Montgomery (County of), MD, Series 2016 A, GO Bonds	5.00%	12/01/2022		80		86,768
						629,953
Massachusetts-3.09%
Massachusetts (Commonwealth of), Series 2005, Ref. RB, (INS - NATL)(c)	5.50%	01/01/2022		200		208,550
Massachusetts (Commonwealth of), Series 2013 A, RB(a)(b)	5.00%	06/15/2022		25		26,564
Massachusetts (Commonwealth of), Series 2014 C, GO Bonds	5.00%	07/01/2022		100		106,472
Massachusetts (Commonwealth of), Series 2014 C, GO Bonds(a)(b)	5.00%	07/01/2022		20		21,294
Massachusetts (Commonwealth of) (Green Bonds), Series 2014 E, GO Bonds	5.00%	09/01/2031		240		256,886
Massachusetts (State of) Bay Transportation Authority, Series 2020, RB	5.00%	07/01/2022		500		532,220

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

  112  

Invesco BulletShares 2022 Municipal Bond ETF (BSMM)—(continued)

February 28, 2021

(Unaudited)

	Interest Rate	Maturity   Date	Principal Amount (000)		Value
Massachusetts-(continued)
Massachusetts (State of) Development Finance Agency (Partners Healthcare System), Series 2017, Ref. RB	5.00%	07/01/2022	$	200	$	212,610
Massachusetts (State of) School Building Authority, Series 2012 A, Ref. RB(a)(b)	5.00%	08/15/2022		5		5,346
Massachusetts (State of) School Building Authority, Series 2012 A, Ref. RB(a)(b)	5.00%	08/15/2022		70		74,946
Massachusetts Clean Water Trust (The), Series 2014, Ref. RB	5.00%	08/01/2022		40		42,751
						1,487,639
Michigan-1.56%
Michigan (State of) Finance Authority, Series 2015 A, Ref. RB(a)(b)	5.00%	06/01/2022		210		222,604
Michigan (State of) Hospital Finance Authority (Trinity Health Credit Group), Series 2009 B, RB(a)(b)	5.00%	06/01/2022		500		530,010
						752,614
Minnesota-0.55%
Minnesota (State of), Series 2016 D, Ref. GO Bonds	5.00%	08/01/2022		250		267,268
Nevada-3.34%
Clark (County of), NV, Series 2012, Ref. GO Bonds.	4.00%	06/01/2030		200		207,496
Clark County School District, Series 2017 A, Ref. GO Bonds	5.00%	06/15/2022		325		344,373
Las Vegas Valley Water District, Series 2012 B, GO Bonds	5.00%	06/01/2037		1,000		1,055,890
						1,607,759
New Jersey-1.78%
New Jersey (State of) Economic Development Authority, Series 2015 XX, Ref. RB	5.00%	06/15/2022		220		233,057
New Jersey (State of) Transportation Trust Fund Authority, Series 2006 A, RB	5.25%	12/15/2022		30		32,598
New Jersey (State of) Transportation Trust Fund Authority, Series 2012 AA, RB	5.00%	06/15/2038		265		276,051
New Jersey (State of) Turnpike Authority, Series 2013 A, RB(a)(b)	5.00%	07/01/2022		195		207,620
North Hudson Sewerage Authority, Series 2012 A, COP(a)(b)	5.00%	06/01/2022		100		106,002
						855,328
New York-20.21%
Long Island (City of), NY Power Authority, Series 2012 A, RB(a)(b)	5.00%	09/01/2022		135		144,831
Long Island (City of), NY Power Authority, Series 2012 A, RB	5.00%	09/01/2037		265		282,530
Metropolitan Transportation Authority, Series 2012 A, Ref. RB	5.00%	11/15/2027		200		215,276
Metropolitan Transportation Authority, Series 2012 A, Ref. RB	5.00%	11/15/2031		250		268,915
Metropolitan Transportation Authority, Series 2012 D, Ref. RB	5.00%	11/15/2025		200		213,612
Metropolitan Transportation Authority, Series 2015 A-1, RB	5.00%	11/15/2022		100		107,194
Nassau (County of), NY, Series 2016 A, Ref. GO Bonds	5.00%	01/01/2022		600		622,758
New York & New Jersey (States of) Port Authority, Series 2012, RB	4.00%	12/01/2026		500		528,635
New York (City of), NY, Series 2012 A-1, GO Bonds(a)(b)	5.00%	10/01/2022		100		107,687
New York (City of), NY, Series 2012 EE, RB	4.00%	06/15/2039		245		254,361
New York (City of), NY, Series 2012 F, Ref. GO Bonds	5.00%	08/01/2027		100		104,276
New York (City of), NY, Series 2012 G-1, GO Bonds(a)(b)	5.00%	04/01/2022		300		315,804
New York (City of), NY, Series 2015 A, Ref. GO Bonds.	5.00%	08/01/2022		100		106,774
New York (City of), NY Transitional Finance Authority, Series 2011 D, RB	5.25%	02/01/2022		100		100,382
New York (City of), NY Transitional Finance Authority, Series 2012 C-1, RB	5.00%	11/01/2025		100		107,918
New York (City of), NY Transitional Finance Authority, Series 2020 A, RB	5.00%	11/01/2022		1,000		1,079,520
New York (State of) Dormitory Authority, Series 2005 A, RB, (INS - AMBAC)(c)	5.50%	05/15/2022		600		637,806
New York (State of) Dormitory Authority, Series 2012 D, RB	5.00%	02/15/2027		100		104,497
New York (State of) Dormitory Authority, Series 2014 A, RB	5.00%	03/15/2022		100		105,030
New York (State of) Dormitory Authority, Series 2020 A, RB, (INS - AGM)(c)	5.00%	10/01/2022		1,000		1,076,540
New York (State of) Dormitory Authority, Series 2020 A, Ref. RB	5.00%	09/15/2022		1,000		1,074,390
New York (State of) Power Authority, Series 2011 A, RB(a)	5.00%	11/15/2022		100		108,263
New York (State of) Thruway Authority, Series 2012 I, RB(a)(b)	5.00%	01/01/2022		800		832,464
New York State Environmental Facilities Corp., Series 2012 D, RB	5.00%	06/15/2024		200		212,480
New York Transportation Development Corp. (Terminal 4 JFK International Airport), Series 2020, Ref. RB	5.00%	12/01/2022		100		107,900
Sales Tax Asset Receivable Corp., Series 2014 A, Ref. RB	5.00%	10/15/2022		600		647,358
Triborough Bridge & Tunnel Authority, Series 2013 A, Ref. RB	5.00%	11/15/2022		250		270,342
						9,737,543

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

  113  

Invesco BulletShares 2022 Municipal Bond ETF (BSMM)—(continued)

February 28, 2021

(Unaudited)

	Interest Rate	Maturity   Date	Principal Amount (000)		Value
North Carolina-1.31%
North Carolina (State of) (Garvee), Series 2017, Ref. RB	5.00%	03/01/2022	$	100	$	104,841
North Carolina (State of) Capital Facilities Finance Agency (Duke University), Series 2007 C, Ref. RB(a)(b)	5.00%	04/01/2022		400		421,028
North Carolina Medical Care Commission (Novant Health), Series 2013, Ref. RB	4.00%	11/01/2046		100		103,032
						628,901
Ohio-4.22%
Allen (County of), OH (Catholic Health Partners), Series 2012 A, Ref. RB(a)(b)	5.00%	05/01/2022		100		105,662
Columbus (City of), OH, Series 2012 A, GO Bonds(a)(b)	5.00%	08/15/2022		110		117,773
Columbus (City of), OH, Series 2021 A, GO Bonds	5.00%	04/01/2022		100		105,257
Hamilton (County of), OH (Christ Hospital), Series 2012, RB(a)(b)	5.00%	06/01/2022		1,000		1,060,020
Ohio (State of), Series 2015 B, GO Bonds(a)(b)	5.00%	06/15/2022		65		69,066
Ohio (State of) (Garvee), Series 2012 1, RB	5.00%	12/15/2024		295		313,013
Ohio (State of) Higher Educational Facility Commission (Cleveland Clinic Health System Obligated Group), Series 2012 A, RB	5.00%	01/01/2027		50		51,825
Ohio (State of) Higher Educational Facility Commission (Cleveland Clinic Health), Series 2012, RB(a)(b)	5.00%	01/01/2022		200		208,100
						2,030,716
Oklahoma-3.44%
Oklahoma (State of) Turnpike Authority, Series 2017 C, RB(a)(b)	5.00%	01/03/2022		95		98,873
Oklahoma (State of) Turnpike Authority, Series 2020 A, Ref. RB	5.00%	01/01/2022		1,500		1,559,970
						1,658,843
Oregon-0.87%
Hillsboro School District No. 1J, Series 2012, Ref. GO Bonds(a)(b)	4.00%	06/15/2022		200		209,942
Oregon (State of) Department of Transportation, Series 2012 A, Ref. RB(a)(b)	5.00%	11/15/2022		195		211,078
						421,020
Pennsylvania-4.83%
Lehigh (County of), PA (Lehigh Valley Health Network), Series 2012, RB	3.25%	07/01/2032		200		203,158
Pennsylvania (Commonwealth of) , Series 2016, Ref. GO Bonds	5.00%	01/15/2022		90		93,799
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (La Salle University), Series 2012, RB	5.00%	05/01/2037		400		410,120
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2012 B, RB(a)(b)	5.00%	12/01/2022		105		113,863
Philadelphia (City of), PA, Series 2012, Ref. RB(a)(b)	5.00%	11/01/2022		400		431,876
Pittsburgh (City of), PA, Series 2012 B, GO Bonds(a)(b)	5.00%	09/01/2022		1,000		1,072,660
						2,325,476
Tennessee-1.21%
Nashville & Davidson (Counties of), TN Metropolitan Government, Series 2021 A, Ref. GO Bonds	5.00%	07/01/2022		50		53,250
Nashville & Davidson (County of), TN, Series 2017, GO Bonds	5.00%	07/01/2022		400		426,000
Wilson (County of), TN, Series 2012, Ref. GO Bonds	5.00%	04/01/2022		100		105,257
						584,507
Texas-8.25%
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2013 B, RB	5.00%	11/01/2044		200		213,822
Dallas (City of), TX, Series 2012 A, Ref. RB(a)(b)	5.00%	10/01/2022		200		215,340
Dallas (City of), TX, Series 2017, Ref. GO Bonds	5.00%	02/15/2022		100		104,586
Dallas Independent School District, Series 2012, Ref. GO Bonds, (CEP - Texas Permanent School Fund)	4.00%	08/15/2024		500		527,295
Fort Worth Independent School District, Series 2016, Ref. GO Bonds, (CEP - Texas Permanent School Fund)	5.00%	02/15/2022		320		334,835
Houston (City of), TX, Series 2012 D, Ref. RB(a)(b)	4.00%	11/15/2022		170		180,826
Houston (City of), TX, Series 2012 D, Ref. RB	4.00%	11/15/2037		130		136,993
Lower Colorado River Authority, Series 2012 A, Ref. RB	5.00%	05/15/2039		500		524,980
Lower Colorado River Authority, Series 2020, Ref. RB	5.00%	05/15/2022		200		211,702
Lower Colorado River Authority, Series 2021, Ref. RB	5.00%	05/15/2022		200		211,674
North Central Texas Health Facility Development Corp. (Childrens Medical Center Dallas), Series 2012, RB(a)(b)	5.00%	08/15/2022		100		106,990
North Texas Tollway Authority, Series 2012 B, Ref. RB(a)(b)	5.00%	01/01/2022		100		104,007
San Antonio (City of), TX, Series 2016, Ref. GO Bonds	5.00%	02/01/2022		100		104,465

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

  114  

Invesco BulletShares 2022 Municipal Bond ETF (BSMM)—(continued)

February 28, 2021

(Unaudited)

	Interest Rate	Maturity   Date	Principal Amount (000)		Value
Texas-(continued)
San Antonio Public Facilities Corp., Series 2012, Ref. RB	4.00%	09/15/2042	$	250	$	260,777
Texas (State of), Series 2011, Ref. GO Bonds	5.00%	10/01/2022		100		102,819
Texas (State of) Transportation Commission (Central Texas Turnpike System), Series 2012 A, Ref. RB(a)(b)	5.00%	08/15/2022		250		267,665
Texas Municipal Gas Acquisition & Supply Corp. III, Series 2021, Ref. RB	5.00%	12/15/2022		100		108,069
University of Texas Pernanent Fund (Permanent University Fund Boards), Series 2007 B, Ref. RB	5.25%	07/01/2022		240		256,262
						3,973,107
Utah-0.22%
Utah (State of), Series 2020, GO Bonds	5.00%	07/01/2022		100		106,500
Virginia-3.66%
Fairfax (County of), VA Economic Development Authority (Public Uses Complex), Series 2014, Ref. RB	5.00%	05/15/2022		200		211,652
Fairfax (County of), VA Industrial Development Authority (Inova Health System), Series 2012, RB	5.00%	05/15/2040		100		104,793
Hampton Roads Transportation Accountability Commission, Series 2019 A, RB	5.00%	07/01/2022		500		531,390
University of Virginia, Series 2013, RB(a)(b)	5.00%	12/01/2022		500		542,205
Virginia (State of) College Building Authority, Series 2015 D, RB	5.00%	02/01/2022		355		370,819
						1,760,859
Washington-4.02%
Central Puget Sound Regional Transit Authority, Series 2012 P-1, Ref. RB	5.00%	02/01/2026		150		156,443
Energy Northwest (No. 1), Series 2017 A, Ref. RB	5.00%	07/01/2026		160		170,077
Seattle (Port of), WA, Series 2012 A, Ref. RB	5.00%	08/01/2031		1,000		1,065,650
Washington (State of), Series 2012 R, Ref. GO Bonds	5.00%	07/01/2022		200		212,944
Washington (State of), Series 2012, Ref. GO Bonds	3.00%	07/01/2028		40		41,111
Washington (State of) (Senior 520 Corridor Program), Series 2012 F, RB	5.00%	09/01/2022		150		160,641
Washington (State of) Health Care Facilities Authority (Providence Health & Services), Series 2012 A, RB	4.00%	10/01/2034		125		129,091
						1,935,957
TOTAL INVESTMENTS IN SECURITIES(d) -97.92% (Cost $47,041,621)						47,173,303
OTHER ASSETS LESS LIABILITIES-2.08%						1,001,079
NET ASSETS-100.00%					$	48,174,382

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
NATL	-National Public Finance Guarantee Corp.
RB	-Revenue Bonds
Ref.	-Refunding

Notes to Schedule of Investments:

^(a)  Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.

^(b)  Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.

^(c) Principal and/or interest payments are secured by the bond insurance company listed.

^(d)  This table provides a listing of those entities that have either issued, guaranteed, backed or otherwise enhanced the credit quality of more than 5% of the securities held in the portfolio. In instances where the entity has guaranteed, backed or otherwise enhanced the credit quality of a security, it is not primarily responsible for the issuer’s obligations but may be called upon to satisfy the issuer’s obligations.

Entities	Percentage
Assured Guaranty Municipal Corp		5.7%

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

  115  

Invesco BulletShares 2022 Municipal Bond ETF (BSMM)—(continued)

February 28, 2021

(Unaudited)

 Portfolio Composition

 Revenue Type Breakdown (% of the Fund’s Net Assets)

 as of February 28, 2021

Ad Valorem Property Tax	20.26
Sales Tax Revenue	9.84
Electric Power Revenue	9.36
Lease Revenue	7.85
Water Revenue	7.31
Miscellaneous Revenue	6.56
Highway Tolls Revenue	6.13
Income Tax Revenue	5.72
Appropriations	5.41
Health, Hospital, Nursing Home Revenue	5.15
College & University Revenue	4.54
Port, Airport & Marina Revenue	4.00
Revenue Types Each Less Than 3%	5.79
Other Assets Less Liabilities	2.08

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

  116  

Invesco BulletShares 2023 Municipal Bond ETF (BSMN)

February 28, 2021

(Unaudited)

Schedule of Investments

	Interest Rate	Maturity   Date	Principal Amount (000)		Value
Municipal Obligations-97.74%
Alabama-1.07%
Jefferson (County of), AL, Series 2013 A, Revenue Wts., (INS - AGM)(a)	5.50%	10/01/2053	$	185	$	207,002
Jefferson (County of), AL, Series 2018 A, Ref. GO Bonds	5.00%	04/01/2023		85		92,882
						299,884
Alaska-0.10%
Alaska (State of), Series 2013 B, GO Bonds	5.00%	08/01/2024		25		27,247
Arizona-0.86%
Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group), Series 2016, Ref. RB	5.00%	01/01/2023		120		130,242
Maricopa (County of), AZ Special Health Care District, Series 2018 C, GO Bonds	5.00%	07/01/2023		100		110,288
						240,530
Arkansas-0.15%
Russellville (City of), AR, Series 2015, Ref. RB(b)(c)	4.00%	07/01/2023		40		43,405
California-18.29%
Alameda (County of), CA Joint Powers Authority, Series 2013 A, RB	5.25%	12/01/2025		65		73,222
Anaheim (City of), CA Housing & Public Improvements Authority, Series 2017 B, Ref. RB	5.00%	10/01/2027		95		103,914
Bay Area Toll Authority, Series 2017 A, Ref. RB	5.00%	04/01/2023		35		38,430
California (State of), Series 2003, GO Bonds	5.25%	02/01/2023		30		32,893
California (State of), Series 2013, Ref. GO Bonds	5.00%	11/01/2027		90		100,836
California (State of), Series 2013, Ref. GO Bonds	5.00%	09/01/2031		100		111,235
California (State of), Series 2013, Ref. GO Bonds	5.00%	02/01/2032		100		108,706
California (State of), Series 2014, GO Bonds	4.00%	05/01/2023		155		167,457
California (State of), Series 2014, Ref. GO Bonds	5.00%	10/01/2023		80		89,617
California (State of), Series 2014, Ref. GO Bonds	5.00%	12/01/2025		100		112,505
California (State of), Series 2014, Ref. GO Bonds	5.00%	12/01/2027		150		168,580
California (State of), Series 2015, Ref. GO Bonds	5.00%	08/01/2023		100		111,295
California (State of), Series 2018, Ref. GO Bonds	5.00%	10/01/2029		100		109,427
California (State of), Series 2020, Ref. GO Bonds	5.00%	11/01/2023		110		123,619
California (State of) Department of Water Resources, Series 2020 BB, Ref. RB	5.00%	12/01/2023		500		564,435
California (State of) Educational Facilities Authority (Occidental College), Series 2013 A, RB(b)(c)	5.00%	10/01/2023		35		39,226
California (State of) Public Works Board, Series 2013 I, RB	5.25%	11/01/2027		65		73,182
California (State of) Public Works Board (University of California - Davidson Library), Series 2013 C, RB(b)(c)	5.00%	03/01/2023		100		109,647
California (State of) Public Works Board (Various State Universities), Series 2013 H, RB(b)(c)	5.00%	09/01/2023		100		111,951
California Infrastructure & Economic Development Bank (Academy Motion Picture Arts & Sciences Obligated Group), Series 2015 A, Ref. RB	5.00%	11/01/2041		50		55,401
California State University, Series 2016 A, Ref. RB	5.00%	11/01/2023		75		84,457
Desert Community College District (Riverside & Imperial), Series 2018, GO Bonds(b)(c)	5.00%	08/01/2023		100		111,553
Los Angeles (City of), CA Department of Water & Power, Series 2013 B, RB	5.00%	07/01/2029		540		597,953
Los Angeles (City of), CA Department of Water & Power System, Series 2013 A, RB	5.00%	07/01/2027		30		32,566
Los Angeles Community College District (Election of 2008), Series 2013 F, GO Bonds(b)(c)	4.00%	08/01/2023		50		54,573
Los Angeles Unified School District, Series 2014 B, Ref. GO Bonds	5.00%	07/01/2023		100		110,880
Los Angeles Unified School District, Series 2016 A, GO Bonds	4.00%	07/01/2023		125		135,700
Los Angeles Unified School District, Series 2020 RYQ, GO Bonds	5.00%	07/01/2023		185		205,128
Regents of the University of California, Series 2013 AI, RB	5.00%	05/15/2038		25		27,417
San Bernardino Community College District, Series 2013 A, Ref. GO Bonds(b)(c)	4.00%	08/01/2023		100		109,146
San Diego (City of), CA Association of Governments (Green Bonds), Series 2019, RB	5.00%	11/15/2023		100		108,062
San Diego (City of), CA Public Facilities Financing Authority, Series 2016 B, Ref. RB	5.00%	08/01/2023		30		33,373
San Diego (County of), CA Water Authority, Series 2015 A, Ref. RB	5.00%	05/01/2023		100		110,308
San Diego Community College District (Election of 2006), Series 2013, GO Bonds(b)(c)	5.00%	08/01/2023		80		89,242
San Diego Unified School District, Series 2004 D-1, Ref. GO Bonds, (INS - NATL)(a)	5.50%	07/01/2023		165		185,278
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2016 D, Ref. RB	5.00%	05/01/2023		45		49,608

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

  117  

Invesco BulletShares 2023 Municipal Bond ETF (BSMN)—(continued)

February 28, 2021

(Unaudited)

	Interest Rate	Maturity   Date	Principal Amount (000)		Value
California-(continued)
San Francisco (City of), CA Public Utilities Commission, Series 2015, Ref. RB	5.00%	11/01/2023	$	45	$	50,597
San Francisco Community College District, Series 2015, Ref. GO Bonds	5.00%	06/15/2023		100		110,782
San Jose (City of), CA Financing Authority, Series 2013 A, Ref. RB(b)(c)	5.00%	06/01/2023		100		110,542
Tuolumne Wind Project Authority, Series 2016 A, Ref. RB	5.00%	01/01/2023		110		119,812
University of California, Series 2013 AF, RB	5.00%	05/15/2025		90		99,202
University of California, Series 2015 I, Ref. RB	5.00%	05/15/2023		175		193,179
						5,134,936
Colorado-1.69%
Adams 12 Five Star Schools, Series 2012, Ref. GO Bonds	4.00%	12/15/2023		185		197,040
Board of Governors of Colorado State University System, Series 2013 E, RB(b)(c)	5.00%	03/01/2023		35		38,347
Colorado (State of) Health Facilities Authority (Catholic Health Initiatives), Series 2013 A, RB(b)(c)	5.25%	01/01/2023		85		92,593
Colorado (State of) Health Facilities Authority (Catholic Health Initiatives), Series 2013 A, RB(b)(c)	5.25%	01/01/2023		95		103,577
Denver (City & County of), CO, Series 2013 B, RB	5.25%	11/15/2032		5		5,608
Regional Transportation District, Series 2013 A, Ref. COP	5.00%	06/01/2025		35		38,457
						475,622
Connecticut-1.64%
Connecticut (State of), Series 2012 A, RB	5.00%	01/01/2027		25		27,100
Connecticut (State of), Series 2012 C, Ref. GO Bonds	5.00%	06/01/2023		150		158,668
Connecticut (State of), Series 2013 A, GO Bonds	5.00%	10/15/2027		100		111,270
Connecticut (State of), Series 2016 A, GO Bonds	5.00%	03/15/2023		10		10,951
Connecticut (State of), Series 2020 A, GO Bonds	5.00%	01/15/2023		95		103,280
Connecticut (State of) Municipal Electric Energy Cooperative, Series 2013 A, RB	5.00%	01/01/2038		25		26,923
Connecticut (State of) Special Tax Revenue, Series 2014 A, RB	5.00%	09/01/2023		20		22,305
						460,497
District of Columbia-0.79%
District of Columbia, Series 2013 A, GO Bonds	5.00%	06/01/2027		80		88,259
District of Columbia, Series 2013 A, GO Bonds	5.00%	06/01/2028		20		22,041
District of Columbia Water & Sewer Authority, Series 2013 A, RB(b)(c)	5.00%	10/01/2023		100		112,238
						222,538
Florida-3.33%
Florida (State of), Series 2019 A, Ref. GO Bonds	5.00%	07/01/2023		195		216,748
JEA Water & Sewer System, Series 2017 A, Ref. RB	5.00%	10/01/2023		500		559,420
Miami-Dade (County of), FL, Series 2013 B, Ref. RB(b)(c)	4.13%	10/01/2023		45		49,495
School Board of Miami-Dade County (The), Series 2013 A, COP	5.00%	05/01/2032		100		109,099
						934,762
Georgia-1.94%
Atlanta (City of), GA, Series 2015, Ref. RB	5.00%	11/01/2023		65		73,085
Forsyth County School District, Series 2013, Ref. GO Bonds	5.00%	02/01/2023		20		21,825
Georgia (State of), Series 2012 C, Ref. GO Bonds	5.00%	09/01/2023		120		128,477
Georgia (State of), Series 2013 C, Ref. GO Bonds	4.00%	10/01/2023		85		90,104
Georgia (State of), Series 2013 D, GO Bonds	-%	02/01/2026		90		97,728
Georgia (State of), Series 2019 A, GO Bonds	5.00%	07/01/2023		50		55,514
Gwinnett (County of) GA, Development Authority (Public Schools), Series 2006, COP, (INS - NATL)(a)	5.25%	01/01/2023		50		54,582
Gwinnett County School District, Series 2010, Ref. GO Bonds	5.00%	02/01/2023		20		21,825
						543,140
Guam-0.44%
Guam (Government of) Waterworks Authority, Series 2013, RB(b)(c)	5.50%	07/01/2023		110		123,191
Hawaii-1.60%
Hawaii (State of), Series 2016, Ref. GO Bonds	5.00%	10/01/2023		400		448,304
Illinois-4.29%
Chicago O’Hare International Airport, Series 2013 B, Ref. RB	5.00%	01/01/2025		40		43,359
Chicago O’Hare International Airport, Series 2016 C, Ref. RB	5.00%	01/01/2023		50		54,258
Illinois (State of), Series 2013, GO Bonds	5.25%	07/01/2028		250		269,077
Illinois (State of), Series 2013, GO Bonds	5.25%	07/01/2029		100		107,356

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

  118  

Invesco BulletShares 2023 Municipal Bond ETF (BSMN)—(continued)

February 28, 2021

(Unaudited)

	Interest Rate	Maturity   Date	Principal Amount (000)		Value
Illinois-(continued)
Illinois (State of), Series 2013, RB	5.00%	06/15/2025	$	145	$	157,937
Illinois (State of), Series 2014, GO Bonds	5.00%	05/01/2023		80		86,451
Illinois (State of), Series 2017 D, GO Bonds	5.00%	11/01/2023		175		191,263
Illinois (State of) Finance Authority, Series 2016, RB	4.00%	01/01/2023		110		117,570
Illinois (State of) Finance Authority (State Clean Water), Series 2017, RB	5.00%	07/01/2023		10		11,081
McLean & Woodford Counties Community Unit School District No. 5, Series 2017 A, Ref. GO Bonds	4.00%	12/01/2023		55		59,887
Metropolitan Water Reclamation District of Greater Chicago, Series 2016 A, Ref. GO Bonds	5.00%	12/01/2023		50		56,179
Springfield (City of), IL Electric Revenue, Series 2015, Ref. RB	5.00%	03/01/2023		45		48,934
						1,203,352
Indiana-2.22%
Indiana (State of) Finance Authority (University Health), Series 2019, Ref. RB	5.00%	12/01/2023		150		168,712
Lake Central Multi-District School Building Corp., Series 2012 B, RB(b)(c)	5.00%	01/15/2023		35		38,099
St. Joseph (County of), IN Hospital Authority (Beacon Health System Obligated Group), Series 2013 C, Ref. RB	4.00%	08/15/2044		400		416,276
						623,087
Iowa-0.55%
Iowa (State of), Series 2016 A, Ref. RB	5.00%	06/01/2023		30		33,168
Iowa (State of) Finance Authority (Green Bonds), Series 2015, Ref. RB	5.00%	08/01/2023		110		122,538
						155,706
Kentucky-0.62%
Kentucky (State of) Asset Liability Commission, Series 2013 A, RB	5.25%	09/01/2023		40		44,795
Kentucky (State of) Property & Building Commission (No. 108), Series 2015 B, Ref. RB	5.00%	08/01/2023		50		55,290
Louisville (City of) & Jefferson (County of), KY Metropolitan Government, Series 2013 C, RB(b)(c)	4.50%	05/15/2023		15		16,389
Louisville (City of) & Jefferson (County of), KY Sewer District, Series 2013 A, RB	4.00%	05/15/2035		55		58,346
						174,820
Louisiana-1.61%
Louisiana (State of), Series 2012 A, GO Bonds(b)(c)	5.00%	08/01/2022		80		85,502
Louisiana (State of), Series 2012 A-1, Ref. RB	5.00%	05/01/2023		40		42,331
Louisiana (State of), Series 2013 A, GO Bonds(b)(c)	4.00%	05/15/2023		25		27,070
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority, Series 2013 A, RB(b)(c)	5.00%	02/01/2023		100		109,164
Louisiana (State of) University & Agricultural & Mechanical College, Series 2013, RB(b)(c)	5.00%	07/01/2023		5		5,548
Terrebonne Levee & Conservation District, Series 2013, RB(b)(c)	5.00%	07/01/2023		165		183,077
						452,692
Maryland-2.83%
Maryland (State of), Series 2015 B, Ref. GO Bonds	4.00%	08/01/2023		500		545,095
Maryland (State of) Department of Transportation, Series 2017, RB	5.00%	05/01/2023		150		165,393
Montgomery (County of), MD, Series 2019 A, GO Bonds	5.00%	11/01/2023		75		84,393
						794,881
Massachusetts-2.56%
Massachusetts (Commonwealth of), Series 2015 A, GO Bonds	5.00%	05/01/2023		300		330,786
Massachusetts (Commonwealth of), Series 2016 B, Ref. GO Bonds	5.00%	07/01/2023		130		144,305
Massachusetts (Commonwealth of), Series 2018 C, GO Bonds	5.00%	05/01/2032		100		109,735
Massachusetts (Commonwealth of), Series 2019 A, Ref. GO Bonds	5.00%	07/01/2023		25		27,751
Massachusetts (State of) School Building Authority, Series 2012 A, Ref. RB	5.00%	08/15/2023		100		106,923
						719,500
Michigan-1.06%
Livonia Public Schools, Series 2013 I, GO Bonds(b)(c)	5.00%	05/01/2023		105		115,683
Michigan (State of) Building Authority (Facilities Program), Series 2015 I, Ref. RB	5.00%	04/15/2023		100		110,039
Michigan (State of) Finance Authority, Series 2016 C-3, Ref. RB	5.00%	04/01/2023		40		43,561
Western Michigan University, Series 2013, Ref. RB(b)(c)	5.25%	11/15/2023		25		28,336
						297,619

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

  119  

Invesco BulletShares 2023 Municipal Bond ETF (BSMN)—(continued)

February 28, 2021

(Unaudited)

	Interest Rate	Maturity   Date	Principal Amount (000)		Value
Minnesota-0.20%
Minneapolis-St. Paul (Cities of), MN Metropolitan Airports Commission, Series 2016 B, Ref. RB	5.00%	01/01/2023	$	10	$	10,844
Minnesota (State of), Series 2013, Ref. GO Bonds	5.00%	10/01/2023		40		44,886
						55,730
Missouri-0.18%
Metropolitan St. Louis Sewer District, Series 2013 B, RB(b)(c)	5.00%	05/01/2023		25		27,572
Missouri (State of) Board of Public Buildings, Series 2020 B, Ref. RB	5.00%	10/01/2023		20		22,421
						49,993
Nebraska-0.10%
Omaha (City of), NE Public Power District, Series 2016 A, Ref. RB	5.00%	02/01/2023		25		27,256
Nevada-0.65%
Clark County School District, Series 2016 A, Ref. GO Bonds	5.00%	06/15/2023		50		55,185
Clark County School District, Series 2016 B, Ref. GO Bonds	5.00%	06/15/2023		60		66,222
Las Vegas Valley Water District, Series 2019 B, Ref. GO Bonds	5.00%	06/01/2023		30		33,204
Nevada (State of), Series 2015 D, Ref. GO Bonds	5.00%	04/01/2023		25		27,428
						182,039
New Jersey-5.27%
New Jersey (State of), Series 2013, GO Bonds	4.00%	06/01/2028		265		283,510
New Jersey (State of) Economic Development Authority, Series 2013 NN, Ref. RB	5.00%	03/01/2023		100		108,764
New Jersey (State of) Economic Development Authority, Series 2013 NN, Ref. RB	5.00%	03/01/2029		70		75,228
New Jersey (State of) Economic Development Authority (Princeton University), Series 2016 B, Ref. RB	5.00%	07/01/2023		180		199,852
New Jersey (State of) Economic Development Authority (Rutgers University), Series 2013, RB(b)(c)	5.00%	06/15/2023		150		166,122
New Jersey (State of) Transportation Trust Fund Authority, Series 2005 B, RB, (INS - AMBAC)(a)	5.25%	12/15/2023		55		61,909
New Jersey (State of) Transportation Trust Fund Authority, Series 2006 A, RB	5.50%	12/15/2023		150		169,877
New Jersey (State of) Transportation Trust Fund Authority, Series 2013 AA, RB	5.00%	06/15/2029		100		108,449
Rutgers The State University of New Jersey, Series 2013 J, Ref. RB(b)(c)	5.00%	05/01/2023		150		165,435
Rutgers The State University of New Jersey, Series 2013 L, Ref. RB(b)(c)	5.00%	05/01/2023		30		33,087
Rutgers The State University of New Jersey, Series 2018 N, RB	4.00%	05/01/2023		100		107,428
						1,479,661
New Mexico-0.41%
New Mexico (State of), Series 2015 A, RB	5.00%	07/01/2023		55		61,011
New Mexico (State of), Series 2016 B, Ref. RB	4.00%	07/01/2023		50		54,305
						115,316
New York-19.78%
Battery Park (City of), NY Authority, Series 2013 A, RB	5.00%	11/01/2025		400		449,524
Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB	5.00%	02/15/2023		25		27,209
Metropolitan Transportation Authority, Series 2012 A, Ref. RB	5.00%	11/15/2023		200		215,738
Metropolitan Transportation Authority, Series 2013 E, RB(b)(c)	5.00%	11/15/2023		150		169,268
Metropolitan Transportation Authority, Series 2016 B, Ref. RB	5.00%	11/15/2023		100		110,894
New York & New Jersey (States of) Port Authority, Series 2015, Ref. RB	5.00%	05/01/2023		50		55,085
New York (City of), NY, Series 2012 I, GO Bonds	5.00%	08/01/2023		100		106,698
New York (City of), NY, Series 2016 C, Ref. GO Bonds	5.00%	08/01/2023		445		494,920
New York (City of), NY, Series 2017 A, Ref. GO Bonds	4.00%	08/01/2023		70		76,171
New York (City of), NY, Series 2018 AA, Ref. RB	5.00%	06/15/2023		125		138,416
New York (City of), NY, Series 2019 BB-2, RB	5.00%	06/15/2025		100		112,906
New York (City of), NY, Series 2019 DD, RB	5.00%	06/15/2025		100		112,906
New York (City of), NY Transitional Finance Authority, Series 2012 E-1, RB	5.00%	02/01/2023		200		208,628
New York (City of), NY Transitional Finance Authority, Series 2013 F-1, RB	5.00%	02/01/2026		200		218,098
New York (City of), NY Transitional Finance Authority, Series 2014 B1, RB	5.00%	11/01/2023		150		168,530
New York (City of), NY Transitional Finance Authority, Series 2015 C, Ref. RB	5.00%	11/01/2023		275		308,971
New York (City of), NY Transitional Finance Authority, Series 2018 A1, RB	5.00%	08/01/2023		105		116,834
New York (City of), NY Transitional Finance Authority, Series 2018 S-3, Ref. RB	5.00%	07/15/2023		100		111,061
New York (City of), NY Trust for Cultural Resources (Museum of Modern Arts (The)), Series 2016, Ref. RB	4.00%	02/01/2023		190		202,990
New York (City of), NY Water & Sewer System, Series 2017 CC-2, Ref. RB	5.00%	06/15/2025		200		225,812

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

  120  

Invesco BulletShares 2023 Municipal Bond ETF (BSMN)—(continued)

February 28, 2021

(Unaudited)

	Interest Rate	Maturity   Date	Principal Amount (000)		Value
New York-(continued)
New York (State of) Dormitory Authority, Series 2012 D, RB	5.00%	02/15/2023	$	100	$	104,508
New York (State of) Dormitory Authority, Series 2012, RB	5.00%	05/15/2023		100		105,693
New York (State of) Dormitory Authority, Series 2013 A, RB(b)(c)	5.00%	02/15/2023		250		273,427
New York (State of) Dormitory Authority, Series 2014 A, RB	5.00%	03/15/2023		200		219,282
New York (State of) Dormitory Authority, Series 2015 A, Ref. RB	5.00%	03/15/2023		35		38,359
New York (State of) Dormitory Authority, Series 2015 A, Ref. RB	5.00%	03/15/2023		65		71,267
New York (State of) Dormitory Authority, Series 2016 A, Ref. RB	4.00%	10/01/2023		25		27,080
New York (State of) Dormitory Authority, Series 2017 A, RB	5.00%	03/15/2023		55		60,303
New York (State of) Dormitory Authority, Series 2017 B, Ref. RB	5.00%	07/01/2023		45		49,640
New York State Urban Development Corp., Series 2013 C, RB	5.00%	03/15/2026		200		218,902
New York State Urban Development Corp., Series 2013 C, RB	5.00%	03/15/2029		50		54,619
New York State Urban Development Corp., Series 2013 E, RB	5.00%	03/15/2031		200		218,430
Sales Tax Asset Receivable Corp., Series 2014 A, Ref. RB	4.00%	10/15/2023		125		137,116
Suffolk (County of), NY Water Authority, Series 2013, Ref. RB	3.00%	06/01/2028		10		10,476
Triborough Bridge & Tunnel Authority, Series 2013 A, Ref. RB	5.00%	11/15/2025		170		185,688
Utility Debt Securitization Authority, Series 2013 TE, RB	5.00%	12/15/2027		105		118,395
Utility Debt Securitization Authority, Series 2013 TE, RB	5.00%	12/15/2029		25		28,174
						5,552,018
North Carolina-1.16%
Mecklenburg County Public Facilities Corp., Series 2017, Ref. RB	5.00%	02/01/2023		15		16,348
North Carolina (State of), Series 2016 A, Ref. GO Bonds	5.00%	06/01/2023		100		110,705
North Carolina (State of) (Garvee), Series 2017, Ref. RB	5.00%	03/01/2023		90		98,303
North Carolina State University at Raleigh, Series 2013 A, RB(b)(c)	5.00%	10/01/2023		90		100,890
						326,246
Ohio-2.26%
Cincinnati City School District, Series 2006, Ref. GO Bonds, (INS - NATL)(a)	5.25%	12/01/2023		10		11,339
Hamilton (County of), OH, Series 2016 A, Ref. RB	5.00%	12/01/2023		10		11,186
Northeast Ohio Regional Sewer District, Series 2013, RB(b)(c)	5.00%	05/15/2023		50		55,179
Ohio (State of), Series 2015 A, Ref. GO Bonds	5.00%	09/01/2023		25		27,955
Ohio (State of), Series 2016 A, Ref. GO Bonds	5.00%	09/01/2023		185		206,865
Ohio (State of), Series 2016-1, RB.	5.00%	12/15/2023		50		56,453
Ohio (State of), Series 2020 B, Ref. GO Bonds	5.00%	09/15/2023		100		111,990
Ohio (State of) (Garvee), Series 2018-1, RB	5.00%	12/15/2023		115		129,842
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2016, RB	5.00%	12/01/2023		20		22,583
						633,392
Oklahoma-0.48%
Cleveland (County of), OK Educational Facilities Authority (Moore Public Schools), Series 2016, RB	5.00%	06/01/2023		40		43,704
Oklahoma (State of) Municipal Power Authority, Series 2019 A, Ref. RB	5.00%	01/01/2023		40		43,376
Oklahoma (State of) Turnpike Authority, Series 2017 D, Ref. RB	4.00%	01/01/2023		45		48,054
						135,134
Oregon-0.18%
Oregon (State of) Department of Transportation, Series 2013 A, RB(b)(c)	5.00%	11/15/2023		25		28,204
Oregon (State of) Department of Transportation, Series 2017 A, RB	5.00%	11/15/2023		20		22,527
						50,731
Pennsylvania-3.00%
Northampton (County of), PA General Purpose Authority (Lafayette College), Series 2013 A, Ref. RB(b)(c)	5.00%	11/01/2023		60		67,493
Pennsylvania (Commonwealth of), First Series 2013, GO Bonds(b)(c)	5.00%	04/01/2023		125		137,396
Pennsylvania (Commonwealth of), Series 2013, GO Bonds(b)(c)	5.00%	04/01/2023		65		71,446
Pennsylvania (Commonwealth of), Series 2015, GO Bonds	5.00%	03/15/2023		100		109,641
Pennsylvania (Commonwealth of), Series 2016, Ref. GO Bonds	5.00%	01/15/2023		100		108,853
Pennsylvania (Commonwealth of), Series 2016, Ref. GO Bonds	5.00%	09/15/2023		235		262,859

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

  121  

Invesco BulletShares 2023 Municipal Bond ETF (BSMN)—(continued)

February 28, 2021

(Unaudited)

		Interest Rate	Maturity   Date	Principal Amount (000)		Value
Pennsylvania-(continued)
Pennsylvania (Commonwealth of), Series 2017, Ref. GO Bonds		5.00%	01/01/2023	$	25	$	27,168
Westmoreland (County of), PA Municipal Authority, Series 2013, RB(b)(c)		5.00%	08/15/2023		50		55,752
							840,608
South Carolina-0.70%
Charleston Educational Excellence Finance Corp., Series 2013, Ref. RB		4.00%	12/01/2028		25		26,996
Horry County School District, Series 2016, GO Bonds		5.00%	03/01/2023		70		76,620
South Carolina (State of) Public Service Authority, Series 2013 E, RB		5.00%	12/01/2048		20		22,016
South Carolina (State of) Public Service Authority (Santee Cooper), Series 2013 B, Ref. RB		5.13%	12/01/2043		30		33,150
South Carolina (State of) Public Service Authority (Santee Cooper), Series 2013 E, RB		5.50%	12/01/2053		20		22,262
South Carolina (State of) Transportation Infrastructure Bank, Series 2015 A, Ref. RB		5.00%	10/01/2023		15		16,742
							197,786
Tennessee-0.45%
Chattanooga (City of), TN Health Educational & Housing Facility Board (Catholic Health Initiatives), Series 2013 A, RB(b)(c)		5.25%	01/01/2023		25		27,233
Memphis (City of), TN, Series 2014 A, Ref. GO Bonds		5.00%	11/01/2023		25		28,081
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2013 A, GO Bonds(b)(c)		5.00%	01/01/2023		15		16,315
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2013 A, GO Bonds(b)(c)		5.00%	01/01/2023		35		38,068
Tennessee State School Bond Authority, Series 2014, Ref. RB		5.00%	11/01/2023		15		16,870
							126,567
Texas-9.57%
Bexar (County of), TX, Series 2013 A, GO Bonds(b)(c)		4.00%	06/15/2023		25		27,148
Bexar (County of), TX, Series 2013 B, GO Bonds(b)(c)		5.00%	06/15/2023		400		443,480
Board of Regents of the University of Texas System, Series 2016 J, RB		5.00%	08/15/2023		25		27,879
Dallas (City of), TX, Series 2014, Ref. GO Bonds		5.00%	02/15/2023		20		21,833
Dallas (City of), TX, Series 2015 A, Ref. RB		5.00%	10/01/2023		125		140,026
Dallas Independent School District, Series 2014 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.00%	08/15/2023		25		27,906
Dallas-Fort Worth (Cities of), TX International Airport, Series 2013 F, Ref. RB		5.25%	11/01/2033		270		301,922
Hidalgo (County of), TX Regional Mobility Authority, Series 2013, Ref. RB(b)(c)		5.00%	12/01/2023		75		84,526
Houston (City of), TX, Series 2014 A, Ref. GO Bonds		5.00%	03/01/2023		25		27,370
Houston (City of), TX, Series 2017 A, Ref. GO Bonds	��	5.00%	03/01/2023		185		202,534
Houston Community College System, Series 2013, GO Bonds(b)(c)		5.00%	02/15/2023		65		71,078
North Texas Tollway Authority, Series 2017 A, Ref. RB		5.00%	01/01/2026		70		75,879
North Texas Tollway Authority, Series 2017 B, Ref. RB		5.00%	01/01/2023		345		373,714
North Texas Tollway Authority, Series 2017 B, Ref. RB		5.00%	01/01/2025		50		54,122
Red River Education Finance Corp. (Texas Christian University), Series 2013, RB(b)(c)		5.00%	03/15/2023		100		109,749
San Marcos Consolidated Independent School District, Series 2013, GO Bonds(b)(c)		5.00%	08/01/2023		90		100,189
Tarrant County Cultural Education Facilities Finance Corp. (Baylor Health Care System), Series 2013 A, RB(b)(c)		4.00%	05/15/2023		25		27,041
Tarrant County Cultural Education Facilities Finance Corp. (Scott & White Healthcare), Series 2013, RB(b)(c)		5.00%	08/15/2023		35		39,026
Texas (State of) (Water Financial Assistance), Series 2018 B3, Ref. GO Bonds		5.00%	08/01/2023		75		83,606
Texas (State of) Water Development Board, Series 2017 A, RB		5.00%	04/15/2023		30		33,032
Texas Public Finance Authority, Series 2018 A, Ref. GO Bonds		5.00%	10/01/2023		135		151,489
Texas State University Board of Regents, Series 2017 A, Ref. RB		5.00%	03/15/2023		25		27,410
University of Houston, Series 2017 A, Ref. RB		5.00%	02/15/2023		10		10,931
University of Texas System (The), Series 2016 D, RB		5.00%	08/15/2023		200		223,034
							2,684,924
Virginia-1.55%
Virginia (State of) College Building Authority, Series 2012 A, Ref. RB(b)(c)		5.00%	09/01/2022		100		107,032
Virginia (State of) Public School Authority, Series 2012, Ref. RB(b)(c)		5.00%	08/01/2022		155		165,545
Virginia (State of) Public School Authority, Series 2012, Ref. RB		5.00%	08/01/2023		5		5,337
Virginia Public School Authority, Series 2015, Ref. RB		5.00%	08/01/2023		140		155,813
							433,727

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

  122  

Invesco BulletShares 2023 Municipal Bond ETF (BSMN)—(continued)

February 28, 2021

(Unaudited)

	Interest Rate	Maturity   Date	Principal Amount (000)		Value
Washington-2.51%
Energy Northwest (Columbia Generating Station), Series 2015 A, Ref. RB	5.00%	07/01/2023	$	300	$	332,790
King (County of), WA, Series 2016 B, Ref. RB(b)(c)	5.00%	07/01/2023		15		16,662
Washington (State of), Series 2012 R, Ref. GO Bonds	5.00%	07/01/2023		125		133,011
Washington (State of) (Senior 520 Corridor Program), Series 2013 C, RB	5.00%	09/01/2023		200		223,054
						705,517
West Virginia-0.20%
West Virginia (State of) Commissioner of Highways (Surface Transportation), Series 2017 A, RB	5.00%	09/01/2023		50		55,817
Wisconsin-1.45%
Milwaukee (City of), WI, Series 2018 N1, GO Bonds	5.00%	02/01/2023		375		406,800
TOTAL INVESTMENTS IN SECURITIES(d) -97.74% (Cost $27,267,247)						27,434,975
OTHER ASSETS LESS LIABILITIES-2.26%						633,614
NET ASSETS-100.00%					$	28,068,589

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
NATL	-National Public Finance Guarantee Corp.
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)  Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.

^(c)  Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.

^(d)  Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the borrower’s obligations but may be called upon to satisfy the borrower’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.

  123  

Invesco BulletShares 2023 Municipal Bond ETF (BSMN)—(continued)

February 28, 2021

(Unaudited)

 Portfolio Composition

 Revenue Type Breakdown (% of the Fund’s Net Assets)

 as of February 28, 2021

Ad Valorem Property Tax	26.32
Water Revenue	9.53
Miscellaneous Revenue	8.91
Lease Revenue	8.40
Income Tax Revenue	7.27
General Fund	5.22
College & University Revenue	5.15
Sales Tax Revenue	5.02
Electric Power Revenue	4.28
Health, Hospital, Nursing Home Revenue	4.00
Appropriations	3.37
Highway Tolls Revenue	3.25
Port, Airport & Marina Revenue	3.00
Revenue Types Each Less Than 3%	4.02
Other Assets Less Liabilities	2.26

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

  124  

Invesco BulletShares 2024 Municipal Bond ETF (BSMO)

February 28, 2021

(Unaudited)

Schedule of Investments

	Interest Rate	Maturity   Date	Principal Amount (000)		Value
Municipal Obligations-97.61%
Alabama-0.94%
Alabama (State of) Federal Aid Highway Finance Authority (Garvee), Series 2017 A, RB	5.00%	09/01/2024	$	100	$	115,845
Alabama (State of) Public School & College Authority, Series 2014 B, Ref. RB	5.00%	01/01/2027		30		34,530
Alabama Public School and College Authority, Series 2014 B, Ref. RB	5.00%	01/01/2026		100		115,281
						265,656
Arizona-1.48%
Arizona (State of) Department of Transportation State Highway Fund Revenue, Series 2015, Ref. RB	5.00%	07/01/2032		170		193,307
Mesa (City of), AZ, Series 2014, Ref. RB	3.00%	07/01/2028		20		21,345
Mesa (City of), AZ, Series 2014, Ref. RB	3.25%	07/01/2029		145		155,333
Phoenix Civic Improvement Corp., Series 2014 B, Ref. RB	5.00%	07/01/2027		40		46,011
						415,996
California-18.44%
Anaheim (City of), CA Public Financing Authority, Series 2014 A, Ref. RB	5.00%	05/01/2046		100		108,779
Bay Area Toll Authority, Series 2014 F, Ref. RB(a)(b)	5.00%	04/01/2024		50		57,167
California (State of), Series 2014 AS, RB	5.00%	12/01/2026		100		116,714
California (State of), Series 2014, GO Bonds	5.00%	10/01/2024		100		116,177
California (State of), Series 2014, GO Bonds	5.00%	12/01/2024		225		253,136
California (State of), Series 2014, Ref. GO Bonds	5.00%	12/01/2024		100		112,505
California (State of), Series 2015 B, Ref. GO Bonds	5.00%	09/01/2024		125		144,806
California (State of), Series 2015, Ref. GO Bonds	5.00%	03/01/2024		100		113,803
California (State of), Series 2017, Ref. GO Bonds	5.00%	11/01/2024		40		46,603
California (State of), Series 2019, GO Bonds	4.00%	10/01/2024		125		140,786
California (State of), Series 2019, Ref. GO Bonds	5.00%	04/01/2024		35		39,952
California (State of), Series 2019, Ref. GO Bonds	5.00%	04/01/2033		235		266,389
California (State of), Series 2020, Ref. GO Bonds	5.00%	03/01/2024		25		28,451
California (State of) (Green Bonds), Series 2014, GO Bonds	5.00%	10/01/2028		100		115,829
California (State of) Department of Water Resources, Series 2014, RB(a)(b)	5.00%	12/01/2024		50		58,668
California (State of) Infrastructure & Economic Development Bank, Series 2017, RB	5.00%	10/01/2024		100		116,410
California (State of) Public Works Board, Series 2014 A, RB	5.00%	09/01/2026		100		115,468
California (State of) Public Works Board, Series 2014 A, RB	5.00%	09/01/2033		100		114,829
California (State of) Public Works Board, Series 2014 A, RB	4.50%	09/01/2035		100		111,789
California (State of) Public Works Board, Series 2014 B, RB	5.00%	10/01/2039		70		80,220
California (State of) Public Works Board, Series 2017 B, Ref. RB	5.00%	10/01/2024		75		87,017
California (State of) Public Works Board (Coalinga State Health), Series 2013 E, RB	5.00%	06/01/2024		125		137,816
California (State of) Public Works Board (Various Correctional Facilities), Series 2014 A, RB	5.00%	09/01/2039		100		114,307
California State University, Series 2014 A, Ref. RB	5.00%	11/01/2029		200		232,144
Inland Valley Development Agency, Series 2014 A, Ref. RB, (INS - AGM)(c)	5.00%	09/01/2044		100		110,264
Los Angeles (City of), CA Department of Water, Series 2013 B, RB	5.00%	07/01/2024		30		33,331
Los Angeles (City of), CA Department of Water & Power, Series 2015 E, RB	5.00%	07/01/2044		200		226,784
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2016 A, Ref. RB	5.00%	06/01/2024		5		5,756
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2016 A, Ref. RB	5.00%	07/01/2024		40		46,184
Los Angeles (County of), CA Public Works Financing Authority, Series 2015 A, RB	5.00%	12/01/2039		200		229,486
Los Angeles Community College District, Series 2015 A, Ref. GO Bonds(a)(b)	4.00%	08/01/2024		25		28,121
Los Angeles Community College District, Series 2015 A, Ref. GO Bonds	5.00%	08/01/2024		20		23,124
Los Angeles Community College District, Series 2015 A, Ref. GO Bonds(a)(b)	5.00%	08/01/2024		50		57,939
Los Angeles Community College District, Series 2015 A, Ref. GO Bonds(a)(b)	5.00%	08/01/2024		40		46,351
Los Angeles Community College District, Series 2015 A, Ref. GO Bonds(a)(b)	5.00%	08/01/2024		105		121,671
Los Angeles Community College District, Series 2015 A, Ref. GO Bonds(a)(b)	5.00%	08/01/2024		165		191,197
Los Angeles Community College District, Series 2015 C, Ref. GO Bonds	5.00%	08/01/2024		5		5,781
Los Angeles Unified School District, Series 2014 D, Ref. GO Bonds	5.00%	07/01/2024		25		28,811
Los Angeles Unified School District, Series 2017 A, Ref. GO Bonds	5.00%	07/01/2024		200		230,490
Metropolitan Water District of Southern California, Series 2017 B, Ref. RB	5.00%	08/01/2024		70		80,722
Metropolitan Water District of Southern California, Series 2019 A, Ref. RB	5.00%	07/01/2024		100		115,317

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

  125  

Invesco BulletShares 2024 Municipal Bond ETF (BSMO)—(continued)

February 28, 2021

(Unaudited)

	Interest Rate	Maturity   Date	Principal Amount (000)		Value
California-(continued)
San Diego (City of), CA Public Facilities Financing Authority, Series 2016 B, Ref. RB	5.00%	08/01/2024	$	10	$	11,544
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2016 D, Ref. RB	5.00%	05/01/2024		25		28,640
San Francisco (City of), CA Public Utilities Commission, Series 2015, Ref. RB	5.00%	11/01/2024		30		34,964
San Joaquin Delta Community College District (Election of 2004), Series 2014 C, GO Bonds(a)(b)	5.00%	08/01/2024		20		23,138
Southern California Public Power Authority (Apex Power), Series 2014 A, RB	5.00%	07/01/2037		200		226,430
Southern California Public Power Authority (Green Bonds), Series 2020, Ref. RB	5.00%	04/01/2024		255		288,239
Twin Rivers Unified School District, Series 2014 A, GO Bonds(a)(b)	5.00%	02/01/2024		5		5,666
University of California, Series 2013 AF, RB	5.00%	05/15/2024		110		121,299
University of California, Series 2014 AM, RB	5.00%	05/15/2027		35		40,080
						5,191,094
Colorado-0.85%
Denver (City & County of), CO Airport System Revenue, Series 2016 A, Ref. RB	5.00%	11/15/2024		25		29,135
Denver City & County School District No. 1, Series 2014 B, Ref. GO Bonds	5.00%	12/01/2027		25		29,067
Douglas County School District No. Re-1 Douglas & Elbert Counties, Series 2019, GO Bonds	5.00%	12/15/2024		20		23,422
Regional Transportation District, Series 2013 A, Ref. COP	5.00%	06/01/2024		110		120,917
University of Colorado, Series 2017 A-2, Ref. RB	3.25%	06/01/2037		35		36,253
						238,794
Connecticut-1.89%
Connecticut (State of), Series 2014 A, GO Bonds	5.00%	03/01/2027		100		113,061
Connecticut (State of), Series 2014 A, RB	5.00%	09/01/2026		75		86,347
Connecticut (State of), Series 2017 A, GO Bonds	5.00%	04/15/2024		90		102,545
Connecticut (State of) Health & Educational Facilities Authority (Yale University), Series 2014 E, RB	5.00%	07/01/2024		200		229,198
						531,151
District of Columbia-0.76%
District of Columbia, Series 2014 A, Ref. RB	5.00%	12/01/2024		25		29,250
District of Columbia, Series 2014 C, GO Bonds	5.00%	06/01/2031		20		22,827
District of Columbia, Series 2014 C, GO Bonds	5.00%	06/01/2032		35		39,923
District of Columbia, Series 2018 B, Ref. GO Bonds	5.00%	06/01/2024		25		28,744
District of Columbia, Series 2019 A, GO Bonds	5.00%	10/15/2024		40		46,595
District of Columbia, Series 2019 C, Ref. RB	5.00%	10/01/2024		25		29,083
District of Columbia (Georgetown University), Series 2017, Ref. RB(a)	5.00%	04/01/2024		15		17,056
						213,478
Florida-3.08%
Alachua (County of), FL Health Facilities Authority (Shands Teaching Hospital & Clinics), Series 2014, RB	4.00%	12/01/2044		145		153,922
Florida (State of), Series 2017 A, Ref. RB	5.00%	07/01/2024		100		115,317
Miami Beach (City of), FL Redevelopment Agency (City Center), Series 2015, Ref. RB, (INS - AGM)(c)	5.00%	02/01/2040		100		111,533
Miami-Dade (County of), FL, Series 2015 B, Ref. GO Bonds	5.00%	07/01/2028		90		103,333
Miami-Dade (County of), FL, Series 2015 B, Ref. GO Bonds	5.00%	07/01/2029		110		125,863
Miami-Dade (County of), FL, Series 2015 B, Ref. GO Bonds	3.00%	07/01/2030		25		26,419
Miami-Dade (County of), FL, Series 2015 B, Ref. GO Bonds	4.00%	07/01/2034		25		27,477
Orlando (City of), FL Utilities Commission, Series 2013 A, Ref. RB	5.00%	10/01/2024		120		139,459
School Board of Miami-Dade County (The), Series 2014 D, Ref. COP	5.00%	11/01/2028		25		28,772
School Board of Miami-Dade County (The), Series 2014 D, Ref. COP	5.00%	11/01/2030		30		34,374
						866,469
Georgia-1.58%
Atlanta (City of), GA, Series 2014 A, Ref. RB	5.00%	01/01/2028		50		56,201
Atlanta (City of), GA, Series 2014 A, Ref. RB	5.00%	01/01/2030		100		112,281
Atlanta (City of), GA, Series 2015, GO Bonds	5.00%	12/01/2031		50		57,872
Forsyth (County of), GA, Series 2019, GO Bonds	5.00%	09/01/2024		20		23,214
Georgia (State of), Series 2016 A-1, GO Bonds	5.00%	02/01/2024		10		11,358
Georgia (State of), Series 2016 C-1, Ref. GO Bonds	5.00%	01/01/2024		25		28,304
Georgia (State of), Series 2016 F, Ref. GO Bonds	5.00%	01/01/2024		25		28,304

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

  126  

Invesco BulletShares 2024 Municipal Bond ETF (BSMO)—(continued)

February 28, 2021

(Unaudited)

	Interest Rate	Maturity   Date	Principal Amount (000)		Value
Georgia-(continued)
Georgia (State of), Series 2019 A, GO Bonds	5.00%	07/01/2024	$	100	$	115,317
Georgia (State of), Series 2020 A, GO Bonds	5.00%	08/01/2024		10		11,566
						444,417
Hawaii-0.66%
Hawaii (State of), Series 2015 EZ, Ref. GO Bonds	5.00%	10/01/2024		100		116,177
Hawaii (State of), Series 2016 FE, Ref. GO Bonds	5.00%	10/01/2024		10		11,618
Hawaii (State of), Series 2016, GO Bonds	5.00%	10/01/2024		50		58,088
						185,883
Illinois-4.98%
Chicago (City of), IL, Series 2014 A, Ref. GO Bonds	5.00%	01/01/2034		100		107,138
Chicago (City of), IL Midway International Airport, Series 2014 B, Ref. RB	5.00%	01/01/2027		150		168,422
Chicago O’Hare International Airport, Series 2017 E, RB	5.00%	01/01/2024		60		67,531
Du Page & Will Counties Community School District No. 204 Indian Prairie, Series 2017, Ref. GO Bonds	4.00%	12/30/2024		20		22,599
Illinois (State of), Series 2013, RB	5.00%	06/15/2024		95		103,838
Illinois (State of), Series 2014, GO Bonds	5.25%	02/01/2029		210		228,896
Illinois (State of), Series 2014, GO Bonds	5.25%	02/01/2030		100		108,634
Illinois (State of) Finance Authority (Advocate Health Care Network), Series 2014, Ref. RB(a)(b)	5.00%	08/01/2024		25		28,886
Illinois (State of) Finance Authority (Advocate Health Care), Series 2014, Ref. RB(a)(b)	5.00%	08/01/2024		30		34,663
Illinois (State of) Finance Authority (Clean Water Initiative), Series 2016, RB	5.00%	07/01/2024		10		11,500
Illinois (State of) Finance Authority (University of Chicago), Series 2014 A, Ref. RB	5.00%	10/01/2024		80		92,787
Illinois (State of) Finance Authority (University of Chicago), Series 2014 A, Ref. RB	5.00%	10/01/2026		35		40,291
Illinois (State of) Toll Highway Authority, Series 2014 D, Ref. RB	5.00%	01/01/2024		200		225,344
Sales Tax Securitization Corp., Series 2018 C, Ref. RB	5.00%	01/01/2024		60		66,937
Springfield (City of), IL, Series 2015, Ref. RB	5.00%	03/01/2024		60		67,648
Winnebago & Boone Counties School District No. 205 Rockford, Series 2015 B, GO Bonds	4.00%	02/01/2035		25		26,909
						1,402,023
Indiana-0.52%
Indiana (State of) Finance Authority, Series 2016 C, Ref. RB	5.00%	12/01/2024		10		11,671
Indiana (State of) Finance Authority (CWA Authority), Series 2014 A, RB	5.00%	10/01/2039		25		28,301
Indiana (State of) Finance Authority (Green Bonds), Series 2015 B, Ref. RB	5.00%	02/01/2024		20		22,709
Indiana (State of) Finance Authority (Indiana University Health Obligated Group), Series 2016 A, Ref. RB	5.00%	12/01/2024		25		29,118
Indiana (State of) Finance Authority (Indianapolis Power & Light Co.), Series 2016 A, Ref. RB	3.13%	12/01/2024		50		54,065
						145,864
Iowa-0.22%
Iowa (State of), Series 2016 A, Ref. RB	5.00%	06/01/2024		55		63,139
Kansas-0.32%
Kansas (State of) Department of Transportation, Series 2015 A, Ref. RB	3.00%	09/01/2024		25		27,137
Kansas (State of) Department of Transportation, Series 2015 A, Ref. RB	5.00%	09/01/2024		55		63,694
						90,831
Kentucky-0.61%
Louisville (City of) & Jefferson (County of), KY Metropolitan Government, Series 2017 B, Ref. RB	5.00%	05/15/2024		150		171,770
Louisiana-0.90%
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority, Series 2014, RB(a)(b)	5.00%	02/01/2024		70		79,341
Louisiana (State of) Public Facilities Authority (Hurricane Recovery Program), Series 2014, Ref. RB	5.00%	06/01/2024		5		5,694
New Orleans (City of), LA, Series 2014, Ref. RB(a)(b)	5.00%	06/01/2024		100		114,790
New Orleans (City of), LA, Series 2014, Ref. RB(a)(b)	5.00%	12/01/2024		15		17,454
New Orleans (City of), LA, Series 2014, Ref. RB(a)(b)	5.00%	12/01/2024		30		34,908
						252,187
Maine-0.08%
Maine (State of) Municipal Bond Bank, Series 2015 A, Ref. RB	5.00%	09/01/2024		20		23,146

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

  127  

Invesco BulletShares 2024 Municipal Bond ETF (BSMO)—(continued)

February 28, 2021

(Unaudited)

	Interest Rate	Maturity   Date	Principal Amount (000)		Value
Maryland-3.22%
Baltimore (City of), MD (Wastewater), Series 2013 C, RB(a)(b)	5.00%	01/01/2024	$	80	$	90,517
Baltimore (City of), MD (Water), Series 2013 A, RB(a)(b)	5.00%	01/01/2024		45		50,916
Maryland (State of), Series 2016, GO Bonds	4.00%	06/01/2027		120		133,054
Maryland (State of), Series 2016, GO Bonds	4.00%	06/01/2030		25		27,408
Maryland (State of), Series 2017 A, GO Bonds	5.00%	03/15/2024		20		22,825
Maryland (State of), Series 2017 A, GO Bonds	5.00%	08/01/2024		10		11,570
Maryland (State of), Series 2017 B, Ref. GO Bonds	5.00%	08/01/2024		50		57,847
Maryland (State of), Series 2017 C, Ref. GO Bonds	5.00%	08/01/2024		65		75,202
Maryland (State of), Series 2018 A, GO Bonds	5.00%	03/15/2024		35		39,944
Maryland (State of), Series 2018 B, GO Bonds	5.00%	08/01/2024		30		34,708
Maryland (State of) Department of Transportation, Series 2016, RB	4.00%	11/01/2027		25		27,922
Maryland (State of) Department of Transportation, Series 2016, RB	4.00%	11/01/2029		100		111,112
Maryland (State of) Department of Transportation, Series 2017, RB	5.00%	09/01/2024		45		52,147
Maryland (State of) Health & Higher Educational Facilities Authority (Loyola University), Series 2014, Ref. RB	5.00%	10/01/2045		100		111,207
Montgomery (County of), MD, Series 2014 A, GO Bonds(a)(b)	5.00%	11/01/2024		40		46,718
Montgomery (County of), MD, Series 2014 B, Ref. GO Bonds	5.00%	11/01/2024		10		11,671
						904,768
Massachusetts-3.66%
Massachusetts (Commonwealth of), Series 2014 C, Ref. GO Bonds	5.00%	08/01/2024		200		231,020
Massachusetts (Commonwealth of), Series 2016 A, GO Bonds	4.00%	03/01/2041		30		32,408
Massachusetts (Commonwealth of), Series 2016 A, Ref. GO Bonds	5.00%	07/01/2024		45		51,828
Massachusetts (Commonwealth of), Series 2017 E, Ref. GO Bonds	5.00%	11/01/2024		175		203,889
Massachusetts (Commonwealth of) Federal Highway (Garvee), Series 2014 A, RB	5.00%	06/15/2024		25		28,748
Massachusetts (State of) Bay Transportation Authority, Series 2005 A, RB	5.00%	07/01/2024		10		11,532
Massachusetts (State of) College Building Authority (Green Bonds), Series 2014 B, RB(a)(b)	5.00%	05/01/2024		285		326,564
Massachusetts (State of) Water Resources Authority (Green Bonds), Series 2017 C, Ref. RB	5.00%	08/01/2024		25		28,896
Massachusetts Clean Water Trust (The), Series 2006, Ref. RB	5.00%	08/01/2024		100		115,621
						1,030,506
Michigan-1.34%
Michigan (State of) Building Authority (Facilities Program), Series 2015 I, Ref. RB	5.00%	04/15/2024		225		257,116
Michigan (State of) Finance Authority (Detroit Water & Sewerage Department), Series 2014 C-3, Ref. RB, (INS - AGM)(c)	5.00%	07/01/2030		20		22,820
University of Michigan, Series 2017 A, Ref. RB	5.00%	04/01/2024		85		96,999
						376,935
Minnesota-0.80%
Minneapolis-St. Paul (Cities of), MN Metropolitan Airports Commission, Series 2014 A, Ref. RB	5.00%	01/01/2029		100		112,100
Western Minnesota Municipal Power Agency, Series 2014 A, RB(a)(b)	5.00%	01/01/2024		100		113,146
						225,246
Mississippi-0.06%
Mississippi (State of), Series 2015 C, Ref. GO Bonds	5.00%	10/01/2024		15		17,427
Missouri-0.65%
Curators of the University of Missouri (The), Series 2014 A, Ref. RB	5.00%	11/01/2024		15		17,452
Jackson (County of), MO (Truman Sports Complex), Series 2014, Ref. RB	5.00%	12/01/2024		30		34,008
Missouri (State of) Highway & Transportation Commission, Series 2014 A, Ref. RB	5.00%	05/01/2024		90		103,012
Springfield (City of), MO, Series 2015, Ref. RB	5.00%	08/01/2024		25		28,832
						183,304
Nebraska-0.04%
Omaha (City of), NE Public Power District, Series 2016 A, Ref. RB	5.00%	02/01/2024		10		11,339
Nevada-1.24%
Clark (County of), NV, Series 2016, Ref. RB	5.00%	07/01/2024		70		80,495
Clark (County of), NV Department of Aviation, Series 2014 A-2, Ref. RB	5.00%	07/01/2029		100		114,850
Clark County School District, Series 2016 A, Ref. GO Bonds	5.00%	06/15/2024		30		34,349

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

  128  

Invesco BulletShares 2024 Municipal Bond ETF (BSMO)—(continued)

February 28, 2021

(Unaudited)

	Interest Rate	Maturity   Date	Principal Amount (000)		Value
Nevada-(continued)
Clark County School District, Series 2017 A, Ref. GO Bonds	5.00%	06/15/2024	$	75	$	85,872
Las Vegas Valley Water District, Series 2015, Ref. GO Bonds	5.00%	06/01/2033		30		34,543
						350,109
New Jersey-4.45%
New Jersey (State of), Series 2014, GO Bonds	5.00%	06/01/2024		100		114,101
New Jersey (State of) Economic Development Authority, Series 2014 PP, Ref. RB	5.00%	06/15/2031		185		204,917
New Jersey (State of) Economic Development Authority, Series 2014 UU, RB	5.00%	06/15/2026		75		84,440
New Jersey (State of) Transportation Trust Fund Authority, Series 2009 D, RB	5.00%	06/15/2032		130		145,683
New Jersey (State of) Transportation Trust Fund Authority, Series 2010 D, RB	5.00%	12/15/2024		25		28,829
New Jersey (State of) Transportation Trust Fund Authority, Series 2014 AA, RB	5.00%	06/15/2026		100		112,587
New Jersey (State of) Transportation Trust Fund Authority, Series 2014 AA, RB	5.00%	06/15/2038		100		109,623
New Jersey (State of) Transportation Trust Fund Authority, Series 2018 A, Ref. RB	5.00%	12/15/2024		25		28,829
New Jersey (State of) Turnpike Authority, Series 2014 A, RB(a)(b)	5.00%	07/01/2024		100		115,347
New Jersey (State of) Turnpike Authority, Series 2014 A, RB	5.00%	01/01/2027		100		114,278
New Jersey (State of) Turnpike Authority, Series 2014 A, RB	5.00%	01/01/2030		125		142,314
New Jersey (State of) Turnpike Authority, Series 2014 A, RB	5.00%	01/01/2034		45		51,138
						1,252,086
New Mexico-0.36%
New Mexico (State of) Finance Authority, Series 2014 B1, Ref. RB	5.00%	06/15/2027		15		17,169
New Mexico (State of) Severance Tax Permanent Fund, Series 2015 A, RB	5.00%	07/01/2024		25		28,793
New Mexico (State of) Severance Tax Permanent Fund, Series 2016 B, Ref. RB	4.00%	07/01/2024		50		55,934
						101,896
New York-17.39%
Erie (County of), NY Industrial Development Agency (The) (City of Buffalo School District), Series 2016 A, Ref. RB	5.00%	05/01/2024		5		5,697
Metropolitan Transportation Authority, Series 2014 C, RB	5.00%	11/15/2024		100		114,268
Metropolitan Transportation Authority, Series 2014 D-1, RB	5.25%	11/15/2044		100		111,389
Metropolitan Transportation Authority (Green Bonds), Series 2017 B-2, RB	5.00%	11/15/2024		15		17,401
New York & New Jersey (States of) Port Authority, Series 2014, RB	5.00%	09/01/2028		25		28,679
New York & New Jersey (States of) Port Authority, Series 2014, RB	5.00%	09/01/2033		100		114,344
New York & New Jersey (States of) Port Authority, Series 2015, Ref. RB	5.00%	10/15/2024		125		145,266
New York & New Jersey (States of) Port Authority, Series 2018, Ref. RB	5.00%	07/15/2024		20		23,044
New York (City of), NY, Series 2013 G, GO Bonds	5.00%	08/01/2025		50		56,538
New York (City of), NY, Series 2013 I, GO Bonds	5.00%	08/01/2024		25		27,805
New York (City of), NY, Series 2014 DD, Ref. RB	3.25%	06/15/2028		10		10,746
New York (City of), NY, Series 2014 DD, Ref. RB	5.00%	06/15/2036		65		74,102
New York (City of), NY, Series 2014 I, GO Bonds	5.00%	03/01/2036		15		16,798
New York (City of), NY, Series 2015 A, Ref. GO Bonds	5.00%	08/01/2024		25		28,804
New York (City of), NY, Series 2016 C, Ref. GO Bonds	5.00%	08/01/2024		5		5,761
New York (City of), NY, Series 2017 A, Ref. GO Bonds	5.00%	08/01/2024		10		11,522
New York (City of), NY, Series 2017 C, Ref. GO Bonds	5.00%	08/01/2024		10		11,522
New York (City of), NY, Series 2019 BB-2, RB	5.00%	06/15/2026		200		233,728
New York (City of), NY, Series 2020 GG, RB	5.00%	06/15/2026		75		87,648
New York (City of), NY Transitional Finance Authority, Series 2014 B1, RB	5.00%	11/01/2024		200		228,916
New York (City of), NY Transitional Finance Authority, Series 2014 B-1, RB	5.00%	08/01/2029		10		11,481
New York (City of), NY Transitional Finance Authority, Series 2014 B-1, RB	5.00%	11/01/2029		100		113,847
New York (City of), NY Transitional Finance Authority, Series 2014 B-1, RB	5.00%	08/01/2032		15		17,194
New York (City of), NY Transitional Finance Authority, Series 2014 D1, RB	5.00%	02/01/2031		15		16,915
New York (City of), NY Transitional Finance Authority, Series 2017 C, Ref. RB	5.00%	11/01/2024		80		93,111
New York (City of), NY Transitional Finance Authority, Series 2019 A-1, RB	5.00%	05/01/2024		35		40,037
New York (City of), NY Water & Sewer System, Series 2014 DD, Ref. RB	5.00%	06/15/2028		200		229,344
New York (State of) Dormitory Authority, Series 2013 A, RB	5.00%	07/01/2024		5		5,499
New York (State of) Dormitory Authority, Series 2014 A, RB	5.00%	03/15/2024		25		28,495
New York (State of) Dormitory Authority, Series 2014 A, RB	5.00%	02/15/2028		15		16,976
New York (State of) Dormitory Authority, Series 2014 A, RB	5.00%	03/15/2028		55		62,323
New York (State of) Dormitory Authority, Series 2014 A, RB	5.00%	03/15/2033		100		113,055

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

  129  

Invesco BulletShares 2024 Municipal Bond ETF (BSMO)—(continued)

February 28, 2021

(Unaudited)

	Interest Rate	Maturity   Date	Principal Amount (000)		Value
New York-(continued)
New York (State of) Dormitory Authority, Series 2014 C, RB	5.00%	03/15/2032	$	15	$	17,007
New York (State of) Dormitory Authority, Series 2017 A, RB	5.00%	03/15/2024		10		11,398
New York (State of) Dormitory Authority, Series 2017 A, Ref. RB	5.00%	02/15/2024		25		28,392
New York (State of) Dormitory Authority, Series 2017 A, Ref. RB	5.00%	07/01/2024		20		22,820
New York (State of) Dormitory Authority, Series 2017 F, Ref. RB	5.00%	10/01/2024		55		62,800
New York (State of) Dormitory Authority, Series 2017 G, Ref. RB	5.00%	10/01/2024		490		565,293
New York (State of) Dormitory Authority, Series 2018 C, Ref. RB	5.00%	03/15/2024		150		170,971
New York (State of) Dormitory Authority (New York University), Series 2015 A, Ref. RB	5.00%	07/01/2024		10		11,496
New York (State of) Dormitory Authority (New York University), Series 2016 A, RB	5.00%	07/01/2024		100		114,957
New York (State of) Thruway Authority, Series 2014 J, RB	5.00%	01/01/2036		300		335,853
New York City (City of), NY, Series 2014, Ref. RB	5.00%	06/15/2045		10		11,327
New York City (City of), NY Transitional Finance Authority, Series 2013, RB	5.00%	05/01/2024		25		27,548
New York City (City of), NY Transitional Finance Authority, Series 2018 A-1, RB	5.00%	08/01/2024		50		57,699
New York State Environmental Facilities Corp., Series 2014, Ref. RB	5.00%	06/15/2024		25		28,783
New York State Environmental Facilities Corp., Series 2017, Ref. RB	5.00%	06/15/2024		100		115,133
New York State Urban Development Corp., Series 2014, Ref. RB	5.00%	03/15/2030		200		226,692
New York State Urban Development Corp., Series 2014, Ref. RB	5.00%	03/15/2031		200		226,628
New York State Urban Development Corp., Series 2016 A, Ref. RB	5.00%	03/15/2024		275		313,269
Sales Tax Asset Receivable Corp., Series 2014 A, Ref. RB	5.00%	10/15/2024		30		34,946
Sales Tax Asset Receivable Corp., Series 2014 A, Ref. RB	3.00%	10/15/2029		10		10,598
Sales Tax Asset Receivable Corp., Series 2014 A, Ref. RB	5.00%	10/15/2030		20		23,094
Suffolk (County of), NY, Series 2017 A, Ref. GO Bonds, (INS - AGM)(c)	4.00%	02/01/2024		200		219,822
Triborough Bridge & Tunnel Authority, Series 2016 A, Ref. RB	5.00%	11/15/2024		10		11,642
Utility Debt Securitization Authority, Series 2016 B, Ref. RB	5.00%	06/15/2024		135		143,405
						4,893,828
North Carolina-1.23%
Mecklenburg (County of), NC, Series 2010, Ref. GO Bonds	4.00%	02/01/2024		20		22,148
Mecklenburg (County of), NC, Series 2013 A, Ref. GO Bonds	5.00%	12/01/2024		105		122,934
North (State of) Carolina Medical Care Commission (Presbyterian Homes), Series 2016 C, Ref. RB	5.00%	10/01/2031		45		51,204
North Carolina (State of), Series 2014 C, Ref. RB	5.00%	05/01/2024		10		11,453
North Carolina (State of), Series 2019 B, GO Bonds	5.00%	06/01/2024		10		11,504
North Carolina (State of), Series 2020 A, GO Bonds	5.00%	06/01/2024		100		115,044
Wake (County of), NC, Series 2010 C, Ref. GO Bonds.	5.00%	03/01/2024		10		11,396
						345,683
Ohio-2.14%
Cuyahoga (County of), OH, Series 2020 D, Ref. RB	4.00%	12/01/2024		30		33,818
Franklin (County of), OH Convention Facilities Authority, Series 2014, Ref. RB(a)(b)	5.00%	12/01/2024		195		228,487
Ohio (State of), Series 2015 A, Ref. GO Bonds	5.00%	09/01/2024		10		11,596
Ohio (State of), Series 2017 A, GO Bonds	5.00%	03/15/2030		40		45,312
Ohio (State of), Series 2017 A, GO Bonds	5.00%	03/15/2033		205		231,962
Ohio (State of), Series 2020 B, Ref. GO Bonds.	5.00%	09/15/2024		20		23,223
Ohio (State of) (Garvee), Series 2016 I, RB	5.00%	12/15/2024		5		5,849
Ohio (State of) Water Development Authority, Series 2014, RB	5.00%	12/01/2024		10		11,712
Ohio (State of) Water Development Authority, Series 2016 A, RB	5.00%	06/01/2024		10		11,501
						603,460
Oklahoma-0.32%
Canadian (County of), OK Educational Facilities Authority (Mustang Public Schools), Series 2017, RB	4.00%	09/01/2024		15		16,834
Oklahoma (State of) Capitol Improvement Authority, Series 2014 A, Ref. RB	5.00%	07/01/2026		55		62,839
Oklahoma (State of) Capitol Improvement Authority, Series 2014 A, Ref. RB	5.00%	07/01/2027		10		11,387
						91,060
Oregon-0.29%
Oregon (State of) Department of Transportation, Series 2015 A, Ref. RB(a)(b)	5.00%	11/15/2024		35		40,940
Washington & Multnomah Counties School District No. 48J Beaverton, Series 2014, GO Bonds(a)(b)	5.00%	06/15/2024		35		40,300
						81,240

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

  130  

Invesco BulletShares 2024 Municipal Bond ETF (BSMO)—(continued)

February 28, 2021

(Unaudited)

	Interest Rate	Maturity   Date	Principal Amount (000)		Value
Pennsylvania-4.09%
Commonwealth Financing Authority, Series 2015 B-1, Ref. RB, (INS - AGM)(c)	5.00%	06/01/2024	$	60	$	68,690
Erie (City & County of), PA City Water Authority, Series 2014, Ref. RB(a)(b)	5.00%	12/01/2024		125		146,211
Pennsylvania (Commonwealth of), Series 2013, GO Bonds	5.00%	10/15/2024		90		101,071
Pennsylvania (Commonwealth of), Series 2015, GO Bonds	5.00%	03/15/2024		150		170,702
Pennsylvania (Commonwealth of), Series 2015, Ref. GO Bonds	5.00%	08/15/2024		200		230,958
Pennsylvania (Commonwealth of), Series 2016, GO Bonds	5.00%	09/15/2024		175		202,664
Pennsylvania (Commonwealth of), Series 2016, Ref. GO Bonds	5.00%	09/15/2024		100		115,808
Philadelphia (City of), PA, Series 2019 A, Ref. GO Bonds	5.00%	08/01/2024		100		114,885
						1,150,989
Rhode Island-0.31%
Rhode Island (State of), Series 2014 D, Ref. GO Bonds	5.00%	08/01/2024		75		86,605
South Carolina-1.35%
Horry County School District, Series 2016, GO Bonds.	5.00%	03/01/2024		50		56,901
South Carolina (State of) Public Service Authority, Series 2014 C, Ref. RB	5.00%	12/01/2024		50		58,215
South Carolina (State of) Public Service Authority, Series 2014 C, Ref. RB	5.00%	12/01/2026		130		150,448
South Carolina (State of) Public Service Authority, Series 2014 C, Ref. RB	5.00%	12/01/2030		100		114,666
						380,230
Tennessee-0.73%
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2013, Ref. GO Bonds	5.00%	07/01/2024		25		27,733
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2015 C, GO Bonds	4.00%	07/01/2024		50		55,951
Tennessee (State of) School Bond Authority, Series 2015 B, RB	5.00%	11/01/2024		55		64,145
Tennessee State School Bond Authority, Series 2014, Ref. RB	5.00%	11/01/2024		50		58,313
						206,142
Texas-11.17%
Austin (City of), TX, Series 2015, Ref. GO Bonds	5.00%	09/01/2024		35		40,546
Austin (City of), TX, Series 2017, Ref. RB	5.00%	11/15/2024		5		5,837
Bexar (County of), TX, Series 2014, Ref. GO Bonds(a)(b)	5.00%	06/15/2024		85		97,872
Board of Regents of The University of Texas System, Series 2010 B, Ref. RB	5.00%	08/15/2024		10		11,563
Board of Regents of The University of Texas System, Series 2016 I, Ref. RB	5.00%	08/15/2024		35		40,470
Dallas (City of), TX, Series 2014, Ref. GO Bonds	5.00%	02/15/2024		100		113,551
Dallas (City of), TX Area Rapid Transit, Series 2014 A, Ref. RB(a)(b)	5.00%	12/01/2024		30		35,152
Dallas (City of), TX Area Rapid Transit, Series 2019, Ref. RB	5.00%	12/01/2024		120		140,105
Dallas Area Rapid Transit, Series 2014 A, Ref. RB(a)(b)	5.00%	12/01/2024		45		52,728
Dallas Area Rapid Transit, Series 2014 A, Ref. RB(a)(b)	5.00%	12/01/2024		65		76,163
Dallas Independent School District, Series 2014 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)	5.00%	08/15/2024		40		46,326
Dallas Independent School District, Series 2014 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)	4.00%	08/15/2033		35		38,801
Dallas-Fort Worth (Cities of), TX International Airport, Series 2020 A, Ref. RB	5.00%	11/01/2024		500		580,360
Goose Creek Consolidated Independent School District, Series 2014 C, Ref. GO Bonds(a)(b)	5.00%	02/15/2024		30		34,104
Harris (County of), TX, Series 2016 A, Ref. RB	5.00%	08/15/2024		20		23,148
Houston (City of), TX, Series 2014 D, Ref. RB	5.00%	11/15/2024		35		40,859
Houston (City of), TX, Series 2014 D, Ref. RB	5.00%	11/15/2028		55		63,701
Houston Independent School District, Series 2014, Ref. GO Bonds, (CEP - Texas Permanent School Fund)	4.00%	02/15/2033		10		10,944
Houston Independent School District, Series 2017, Ref. GO Bonds, (CEP - Texas Permanent School Fund)	5.00%	02/15/2024		105		119,395
Irving Independent School District, Series 2015 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)	5.00%	02/15/2024		50		56,807
Mansfield Independent School District, Series 2014, GO Bonds(a)(b)	4.00%	02/15/2024		10		11,074
North Texas Tollway Authority, Series 2016 A, Ref. RB	5.00%	01/01/2024		125		140,879
North Texas Tollway Authority, Series 2019 B, Ref. RB	5.00%	01/01/2024		30		33,766
Permanent University Fund - University of Texas System, Series 2014 B, Ref. RB	5.00%	07/01/2024		15		17,281
Plano Independent School District, Series 2016 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)	5.00%	02/15/2024		135		153,507
San Antonio (City of), TX, Series 2015, Ref. RB	5.00%	02/01/2024		10		11,336

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

  131  

Invesco BulletShares 2024 Municipal Bond ETF (BSMO)—(continued)

February 28, 2021

(Unaudited)

	Interest Rate	Maturity   Date	Principal Amount (000)		Value
Texas-(continued)
Texas (State of), Series 2014 A, Ref. GO Bonds(a)(b)	5.00%	10/01/2024	$	100	$	116,414
Texas (State of), Series 2014, GO Bonds(a)(b)	5.00%	04/01/2024		65		74,231
Texas (State of), Series 2014, GO Bonds(a)(b)	5.00%	04/01/2024		100		114,202
Texas (State of), Series 2014, GO Bonds	5.00%	04/01/2026		20		22,823
Texas (State of), Series 2018 A, Ref. GO Bonds	5.00%	10/01/2024		10		11,633
Texas (State of) (Water Financial Assistance), Series 2018 B3, Ref. GO Bonds	5.00%	08/01/2024		30		34,697
Texas (State of) Transportation Commission State Highway Fund, Series 2015, Ref. RB	5.00%	10/01/2024		75		87,104
Texas (State of) Transportation Commission State Highway Fund, Series 2016 A, RB	5.00%	10/01/2024		20		23,228
Texas (State of) Water Development Board, Series 2017 A, RB	5.00%	04/15/2024		35		40,055
Texas (State of) Water Development Board, Series 2018 B, RB	5.00%	10/15/2024		30		34,946
United Independent School District, Series 2014, GO Bonds(a)(b)	5.00%	08/15/2024		50		57,767
University of Houston, Series 2017 A, Ref. RB	5.00%	02/15/2024		275		311,916
University of Texas System Board of Regents, Series 2017 C, Ref. RB	5.00%	08/15/2024		35		40,470
White Settlement Independent School District, Series 2014, Ref. GO Bonds(a)(b)	5.00%	08/15/2024		45		52,074
White Settlement Independent School District, Series 2014, Ref. GO Bonds(a)(b)	5.00%	08/15/2024		110		127,292
						3,145,127
Utah-0.16%
Utah (County of), UT (IHC Health Services, Inc.), Series 2016 B, RB	4.00%	05/15/2047		10		10,627
Utah (State of), Series 2018, GO Bonds	5.00%	07/01/2024		15		17,303
Utah (State of) Transit Authority, Series 2015 A, Ref. RB	5.00%	06/15/2024		15		17,169
						45,099
Virginia-1.87%
Fairfax (County of), VA, Series 2014 B, Ref. GO Bonds	5.00%	10/01/2024		10		11,629
Virginia (Commonwealth of), Series 2013 B, GO Bonds	4.00%	06/01/2024		100		108,215
Virginia (Commonwealth of) Transportation Board (Garvee), Series 2017, Ref. RB	5.00%	03/15/2024		35		39,876
Virginia (Commonwealth of) Transportation Board (Garvee), Series 2017, Ref. RB	5.00%	09/15/2024		10		11,596
Virginia (State of) College Building Authority, Series 2015 D, RB	5.00%	02/01/2024		65		73,743
Virginia (State of) College Building Authority, Series 2016 A, Ref. RB	3.00%	09/01/2024		25		27,228
Virginia (State of) Public Building Authority, Series 2014 C, Ref. RB	5.00%	08/01/2024		175		202,207
Virginia College Building Authority (21st Century College), Series 2020, RB	5.00%	02/01/2024		10		11,345
Virginia Commonwealth Transportation Board, Series 2017 A, Ref. RB	5.00%	05/15/2024		35		40,116
						525,955
Washington-2.51%
Energy Northwest, Series 2014 C, Ref. RB	5.00%	07/01/2027		150		172,059
Snohomish County School District No. 201 Snohomish, Series 2016, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)	5.00%	12/01/2024		200		233,672
Washington (State of), Series 2014 D, GO Bonds	5.00%	02/01/2028		200		226,402
Washington (State of), Series 2014 R, Ref. GO Bonds	4.00%	07/01/2026		45		49,981
Washington (State of), Series 2015 R, Ref. GO Bonds	5.00%	07/01/2024		20		23,071
						705,185
West Virginia-0.04%
West Virginia (State of) Commissioner of Highways (Surface Transportation), Series 2017 A, RB	5.00%	09/01/2024		10		11,562
Wisconsin-0.88%
Wisconsin (State of), Series 2013, Ref. GO Bonds	5.00%	05/01/2024		30		33,127
Wisconsin (State of), Series 2016 2, Ref. GO Bonds	5.00%	11/01/2024		25		29,167
Wisconsin (State of), Series 2016 D, GO Bonds	4.00%	05/01/2026		20		22,217
Wisconsin (State of), Series 2016, Ref. GO Bonds	5.00%	11/01/2024		20		23,333

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

  132  

Invesco BulletShares 2024 Municipal Bond ETF (BSMO)—(continued)

February 28, 2021

(Unaudited)

	Interest Rate	Maturity   Date	Principal Amount (000)		Value
Wisconsin-(continued)
Wisconsin (State of), Series 2018 A, GO Bonds	5.00%	05/01/2024	$	100	$	110,422
Wisconsin (State of) Department of Transportation, Series 2014 A2, Ref. RB	5.00%	07/01/2027		25		28,686
						246,952
TOTAL INVESTMENTS IN SECURITIES(d)-97.61% (Cost $27,306,983)						27,474,631
OTHER ASSETS LESS LIABILITIES-2.39%						672,104
NET ASSETS-100.00%					$	28,146,735

Investment Abbreviations:
AGM	-Assured Guaranty Municipal Corp.
CEP	-Credit Enhancement Provider
COP	-Certificates of Participation
GO	-General Obligation
INS	-Insurer
RB	-Revenue Bonds
Ref.	-Refunding

Notes to Schedule of Investments:

^(a)  Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.

^(b)  Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.

^(c)  Principal and/or interest payments are secured by the bond insurance company listed.

^(d) Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the borrower’s obligations but may be called upon to satisfy the borrower’s obligations. No concentration of any single entity was greater than 5% each.

Portfolio Composition

Revenue Type Breakdown (% of the Fund’s Net Assets)

as of February 28, 2021

Ad Valorem Property Tax	26.58
Miscellaneous Revenue	10.09
Lease Revenue	8.69
Sales Tax Revenue	6.95
Water Revenue	5.85
Port, Airport & Marina Revenue	5.76
Income Tax Revenue	5.31
Electric Power Revenue	5.24
General Fund	5.06
College & University Revenue	4.53
Highway Tolls Revenue	4.10
Health, Hospital, Nursing Home Revenue	3.12
Revenue Types Each Less Than 3%	6.33
Other Assets Less Liabilities	2.39

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

  133  

Invesco BulletShares 2025 Municipal Bond ETF (BSMP)

February 28, 2021

(Unaudited)

Schedule of Investments

	Interest Rate	Maturity   Date		Principal Amount (000)		Value
Municipal Obligations-97.74%
Alaska-0.44%
Matanuska-Susitna (Borough of), AK, Series 2015, Ref. RB	5.00%	09/01/2032		$	100	$	113,835
Arizona-4.16%
Arizona (State of) Transportation Board, Seris 2016, Ref. RB	5.00%	07/01/2025			200		238,240
Arizona State University, Series 2015 D, RB	5.00%	07/01/2041			25		28,510
Arizona State University, Series 2015 D, RB	5.00%	07/01/2046			125		141,654
City of Phoenix Civic Improvement Corp., Series 2017 D, Ref. RB	5.00%	07/01/2025			65		76,937
Salt River Project Agricultural Improvement & Power District, Series 2015 A, Ref. RB	5.00%	12/01/2045			500		582,505
							1,067,846
California-13.76%
California (State of), Series 2015 C, Ref. GO Bonds	5.00%	08/01/2031			100		116,765
California (State of), Series 2015, GO Bonds	5.00%	03/01/2027			100		117,549
California (State of), Series 2015, Ref. GO Bonds	5.00%	03/01/2027			100		117,549
California (State of), Series 2015, Ref. GO Bonds	5.00%	08/01/2027			100		119,058
California (State of), Series 2015, Ref. GO Bonds	5.00%	08/01/2029			100		118,865
California (State of), Series 2016, Ref. GO Bonds	5.00%	09/01/2025			50		59,883
California (State of) Statewide Communities Development Authority (Beverly Community Hospital Association), Series 2015, RB	5.00%	02/01/2045			200		208,060
Chino Basin Regional Financing Authority, Series 2020 B, RN	4.00%	11/01/2025			200		230,032
Los Angeles (City of), CA Department of Water & Power, Series 2015 A, Ref. RB	5.00%	07/01/2028			65		75,886
Los Angeles (City of), CA Department of Water & Power, Series 2015 A, Ref. RB	5.00%	07/01/2029			45		52,461
Los Angeles (County of), CA Public Works Financing Authority, Series 2016 D, RB	5.00%	12/01/2045			200		232,764
Los Angeles (County of), CA Sanitation Districts Financing Authority (Capital), Series 2015 A, Ref. RB	5.00%	10/01/2034			400		474,552
Los Angeles Unified School District, Series 2016 B, Ref. GO Bonds	5.00%	07/01/2025			40		47,686
Metropolitan Water District of Southern California, Series 2019 A, Ref. RB	5.00%	07/01/2025			100		119,309
Municipal Improvement Corp. of Los Angeles, Series 2016 B, Ref. RB	5.00%	11/01/2025			100		119,789
Pasadena (City of), CA, Series 2015 A, Ref. COP	4.00%	02/01/2038			200		218,698
San Diego (County of), CA Water Authority, Series 2015, Ref. RB	5.00%	05/01/2029			100		118,423
San Diego Unified School District, Series 2015 R-4, Ref. GO Bonds	5.00%	07/01/2025			120		143,456
San Francisco (City & County of), CA (Moscone Convention Center Expansion), Series 2017, COP	3.00%	04/01/2031			65		69,256
San Francisco (City of), CA Public Utilities Commission, Series 2015, Ref. RB	5.00%	11/01/2027			250		294,922
San Francisco Bay Area Rapid Transit District, Series 2015 A, Ref. RB	5.00%	07/01/2025			100		118,647
San Francisco Bay Area Rapid Transit District, Series 2015 D, Ref. GO Bonds	5.00%	08/01/2029			65		77,262
San Jose (City of), CA Redevelopment Agency Successor Agency, Series 2017 B, Ref. RB	5.00%	08/01/2025			100		118,434
Ventura County Community College District, Series 2015, Ref. GO Bonds	3.13%	08/01/2031			150		161,918
							3,531,224
Connecticut-3.02%
Connecticut (State of), Series 2015 A, GO Bonds	5.00%	03/15/2027			200		233,536
Connecticut (State of), Series 2015 A, GO Bonds	5.00%	03/15/2028			210		244,871
Connecticut (State of) Health & Educational Facilities Authority (Yale University), Series 2018 A, Ref. RB	5.00%	07/01/2025			250		297,917
							776,324
Delaware-0.91%
Delaware (State of), Series 2017 A, Ref. GO Bonds	5.00%	01/01/2025			200		234,490
Florida-1.40%
Florida (State of), Series 2016 A, Ref. RB	5.00%	07/01/2025			45		53,711
Jacksonville (City of), FL, Series 2015, Ref. RB	3.25%	10/01/2032			100		107,007
Palm Beach (County of), FL Solid Waste Authority, Series 2015, Ref. RB	5.00%	10/01/2028	��		100		117,431
School District of Broward County, Series 2015 B, Ref. COP	5.00%	07/01/2030			70		81,745
							359,894
Georgia-3.49%
Atlanta (City of), GA, Series 2015, Ref. RB	5.00%	11/01/2040			150		173,754

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

  134  

Invesco BulletShares 2025 Municipal Bond ETF (BSMP)—(continued)

February 28, 2021

(Unaudited)

	Interest Rate	Maturity   Date	Principal Amount (000)		Value
Georgia-(continued)
Gainesville & Hall (County of), GA Hospital Authority (Northeast Georgia Health System, Inc.), Series 2014 S, Ref. RB	5.25%	08/15/2049	$	100	$	113,865
Gainesville & Hall (County of), GA Hospital Authority (Northeast Georgia Health System, Inc.), Series 2014 S, Ref. RB	5.50%	08/15/2054		100		114,541
Georgia (State of) Road & Tollway Authority (Garvee), Series 2020, RB	5.00%	06/01/2025		50		59,282
Metropolitan Atlanta Rapid Transit Authority, Series 2015 A, RB	5.00%	07/01/2041		200		231,898
Private Colleges & Universities Authority (Emory University), Series 2020 B, Ref. RB	5.00%	09/01/2025		170		202,849
						896,189
Hawaii-3.04%
Hawaii (State of), Series 2015 EZ, Ref. GO Bonds	5.00%	10/01/2027		150		179,076
Hawaii (State of), Series 2016 FE, Ref. GO Bonds	5.00%	10/01/2025		130		156,110
Honolulu (City & County of), HI, Series 2015 B, Ref. GO Bonds	5.00%	10/01/2027		250		298,460
Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2020 B, Ref. GO Bonds	5.00%	03/01/2025		125		147,263
						780,909
Illinois-3.01%
Chicago O’Hare International Airport, Series 2015 B, Ref. RB	5.00%	01/01/2033		135		155,663
Cook (County of), IL, Series 2021 A, Ref. GO Bonds	5.00%	11/15/2025		50		59,683
Illinois (State of) Finance Authority (Ascension Health), Series 2016 C, Ref. RB	5.00%	02/15/2025		475		556,116
						771,462
Kansas-0.09%
Sedgwick County Unified School District No. 259 Wichita, Series 2017 A, Ref. GO Bonds	4.00%	10/01/2025		20		23,074
Kentucky-0.44%
Louisville (City of) & Jefferson (County of), KY Sewer District, Seris 2016 A, RB	3.00%	05/15/2047		110		114,155
Louisiana-2.06%
East Baton Rouge (Parish of), LA Sewerage Commission, Series 2014 B, Ref. RB(a)(b)	5.00%	02/01/2025		100		117,462
Louisiana (State of), Series 2015 A, Ref. RB	5.00%	05/01/2041		150		171,568
Louisiana (State of) Public Facilities Authority (Lafayette General Health System), Series 2016 A, Ref. RB(a)(b)	5.00%	11/01/2025		200		241,026
						530,056
Maryland-1.22%
Maryland (State of) Department of Transportation, Series 2018, RB	5.00%	10/01/2025		100		120,034
Maryland (State of) Health & Higher Educational Facilities Authority (John Hopkins Health System (The)), Series 2015 A, Ref. RB	4.00%	05/15/2040		75		82,062
Maryland (State of) Health & Higher Educational Facilities Authority (Meritus Medical Center), Series 2015 A, Ref. RB	5.00%	07/01/2040		100		111,787
						313,883
Massachusetts-3.55%
Massachusetts (Commonwealth of), Series 2015 A, Ref. GO Bonds	4.50%	07/01/2034		85		96,921
Massachusetts (Commonwealth of), Series 2016 B, Ref. GO Bonds	5.00%	07/01/2025		50		59,560
Massachusetts (Commonwealth of), Series 2016 E, GO Bonds	3.00%	04/01/2044		100		103,668
Massachusetts (Commonwealth of), Series 2020 E, GO Bonds	5.00%	11/01/2025		250		300,878
Massachusetts (State of) School Building Authority, Series 2015 C, Ref. RB	5.00%	08/15/2037		200		234,172
University of Massachusetts Building Authority, Series 2015 1, RB	5.00%	11/01/2040		100		117,192
						912,391
Michigan-0.71%
Michigan (State of) Finance Authority (Beaumont Health Credit Group), Series 2016, RB	5.00%	11/01/2044		100		113,612
Michigan (State of) Finance Authority (Great Lakes Water), Series 2014 C-3, RB, (INS - AGM)(c)	5.00%	07/01/2025		60		68,845
						182,457
Missouri-1.15%
Health & Educational Facilities Authority of the State of Missouri (BJC Health System), Series 2015 A, RB	4.00%	01/01/2045		10		10,757
Missouri (State of) Highway & Transportation Commission, Series 2014 A, Ref. RB	5.00%	05/01/2025		250		285,002
						295,759

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

  135  

Invesco BulletShares 2025 Municipal Bond ETF (BSMP)—(continued)

February 28, 2021

(Unaudited)

	Interest Rate	Maturity   Date	Principal Amount (000)		Value
Nevada-1.31%
Clark County School District, Series 2017 A, Ref. GO Bonds	5.00%	06/15/2025	$	170	$	200,622
Nevada (State of), Series 2015 B, Ref. GO Bonds	5.00%	11/01/2025		115		135,769
						336,391
New Jersey-4.60%
New Jersey (State of), Series 2020 A, GO Bonds	5.00%	06/01/2025		180		211,919
New Jersey (State of) Economic Development Authority, Series 2015 XX, Ref. RB	5.00%	06/15/2025		250		291,128
New Jersey (State of) Health Care Facilities Financing Authority (Hackensack Meridian Health), Series 2017 A, Ref. RB	5.00%	07/01/2025		200		237,012
New Jersey (State of) Transportation Trust Fund Authority, Series 2014 AA, RB	5.00%	06/15/2025		100		113,114
New Jersey (State of) Transportation Trust Fund Authority, Series 2015 AA, RB	5.25%	06/15/2031		100		113,988
New Jersey (State of) Turnpike Authority, Series 2014 C, Ref. RB	5.00%	01/01/2025		70		81,433
New Jersey (State of) Turnpike Authority, Series 2015 E, RB	5.00%	01/01/2045		115		132,274
						1,180,868
New York-19.05%
Metropolitan Transportation Authority, Series 2015 C-1, Ref. RB	5.00%	11/15/2029		265		307,000
Metropolitan Transportation Authority (Green Bonds), Series 2017 A2, Ref. RB	5.00%	11/15/2025		200		234,848
New York & New Jersey (States of) Port Authority, Series 2015, Ref. RB	5.00%	05/01/2027		75		88,240
New York & New Jersey (States of) Port Authority, Series 2015, Ref. RB	5.00%	05/01/2030		70		82,074
New York (City of), NY, Series 2015 FF, Ref. RB	5.00%	06/15/2029		90		106,087
New York (City of), NY, Series 2015 FF, Ref. RB	5.00%	06/15/2039		200		234,362
New York (City of), NY, Series 2019 E, Ref. GO Bonds	5.00%	08/01/2025		110		130,646
New York (City of), NY Transitional Finance Authority, Series 2015 A-1, RB	5.00%	08/01/2031		300		352,872
New York (City of), NY Transitional Finance Authority, Series 2015 B-1, RB	5.00%	11/01/2032		180		213,073
New York (City of), NY Transitional Finance Authority, Series 2015 S, RB	5.00%	07/15/2040		200		233,162
New York (City of), NY Transitional Finance Authority, Series 2017, RB	5.00%	11/01/2025		100		120,095
New York (City of), NY Transitional Finance Authority, Series 2020, Ref. RB	5.00%	11/01/2025		50		60,048
New York (State of) Dormitory Authority, Series 2015 A, Ref. RB	5.00%	03/15/2025		200		235,610
New York (State of) Dormitory Authority, Series 2015 A, Ref. RB	5.00%	03/15/2030		100		117,306
New York (State of) Dormitory Authority, Series 2015 A, Ref. RB	5.00%	03/15/2032		85		99,599
New York (State of) Dormitory Authority, Series 2015 B, RB	5.00%	02/15/2025		105		123,270
New York (State of) Dormitory Authority, Series 2015 B, RB	5.00%	02/15/2027		40		46,882
New York (State of) Dormitory Authority, Series 2018 A, RB	5.00%	10/01/2025		100		118,786
New York (State of) Dormitory Authority, Series 2020 A, RB, (INS - AGM)(c)	5.00%	10/01/2025		200		238,668
New York (State of) Dormitory Authority (Barnard College), Series 2015 A, Ref. RB	5.00%	07/01/2043		200		229,486
New York (State of) Thruway Authority, Series 2014 K, Ref. RB	5.00%	01/01/2025		110		127,921
New York (State of) Thruway Authority, Series 2014 K, Ref. RB	5.00%	01/01/2028		200		232,254
New York Convention Center Development Corp., Series 2015, Ref. RB	4.00%	11/15/2045		210		223,904
New York Convention Center Development Corp. (Hotel Unit Fee Secured), Series 2015, Ref. RB	5.00%	11/15/2033		95		108,597
New York Transportation Development Corp. (Terminal 4 JFK International Airport), Series 2020, Ref. RB	5.00%	12/01/2025		100		117,583
Sales Tax Asset Receivable Corp., Series 2014 A, Ref. RB	5.00%	10/15/2025		120		139,456
Triborough Bridge & Tunnel Authority, Series 2008 B-3, RB	5.00%	11/15/2034		405		478,706
Utility Debt Securitization Authority, Series 2015, Ref. RB	5.00%	12/15/2036		75		89,278
						4,889,813
North Carolina-1.40%
North Carolina (State of), Series 2019 A, RB	5.00%	05/01/2025		100		118,332
North Carolina (State of) Capital Facilities Finance Agency (Duke University), Series 2015 B, Ref. RB(a)(b)	5.00%	10/01/2025		200		240,404
						358,736
Ohio-1.71%
Bowling Green State University, Series 2016 A, RB	5.00%	06/01/2042		100		116,582
Columbus (City of), OH, Series 2014, Ref. RB	5.00%	06/01/2025		25		29,219
Columbus (City of), OH, Series 2021 A, GO Bonds	5.00%	04/01/2025		100		117,962
Ohio (State of), Series 2017 A, GO Bonds	5.00%	05/01/2032		150		175,604
						439,367

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

  136  

Invesco BulletShares 2025 Municipal Bond ETF (BSMP)—(continued)

February 28, 2021

(Unaudited)

	Interest Rate	Maturity   Date	Principal Amount (000)			Value
Pennsylvania-6.29%
Pennsylvania (Commonwealth of), Series 2015, GO Bonds	5.00%	03/15/2025	$	95		$	111,649
Pennsylvania (Commonwealth of), Series 2015, GO Bonds	5.00%	03/15/2028		500			586,310
Pennsylvania (Commonwealth of), Series 2016, Ref. GO Bonds	5.00%	09/15/2025		120			143,300
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Thomas Jefferson University), Series 2015, Ref. RB	5.00%	09/01/2039		100			112,547
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (University of Pennsylvania Health System), Series 2015, Ref. RB	5.00%	08/15/2040		100			116,239
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016, Ref. RB	5.00%	06/01/2030		150	��		177,380
Pennsylvania (State of) Turnpike Commission, Series 2016, Ref. RB	5.00%	06/01/2027		200			238,314
Westmoreland (County of), PA Municipal Authority, Series 2016, Ref. RB, (INS - BAM)(c)	5.00%	08/15/2038		110			128,693
							1,614,432
South Carolina-0.91%
Charleston (City of), SC, Series 2015, RB(a)(b)	5.00%	01/01/2025		200			234,270
Texas-10.57%
Austin (City of), TX, Series 2015, Ref. GO Bonds	2.95%	09/01/2027		180			196,760
Corpus Christi (City of), TX, Series 2015, RB	5.00%	07/15/2040		100			115,978
Harris (County of), TX, Series 2015 A, Ref. GO Bonds	5.00%	10/01/2027		70			83,954
Houston (City of), TX, Series 2016 B, Ref. RB	5.00%	11/15/2025		200			241,096
North Texas Municipal Water District, Series 2015, Ref. RB	5.00%	09/01/2029		200			237,180
North Texas Tollway Authority, Series 2015 A, Ref. RB	5.00%	01/01/2032		100			115,184
North Texas Tollway Authority, Series 2015 A, Ref. RB	5.00%	01/01/2033		200			229,960
SA Energy Acquisition Public Facility Corp., Series 2007, RB	5.50%	08/01/2025		100			119,399
Tarrant (County of), TX Regional Water District, Series 2015, Ref. RB	5.00%	03/01/2029		150			175,934
Texas (State of), Series 2015 A, Ref. GO Bonds	5.00%	10/01/2027		150			179,976
Texas (State of), Series 2015 A, Ref. GO Bonds	5.00%	10/01/2028		100			119,884
Texas (State of) Water Development Board, Series 2015 A, RB	5.00%	10/15/2030		305			365,472
Texas (State of) Water Development Board, Series 2015 A, RB	5.00%	10/15/2040		115			136,359
Texas (State of) Water Development Board, Series 2015 A, RB	5.00%	10/15/2045		100			117,679
Texas Municipal Gas Acquisition & Supply Corp. III, Series 2021, Ref. RB	5.00%	12/15/2025		100			118,677
Texas State University System, Series 2017 A, Ref. RB	5.00%	03/15/2025		135			158,954
							2,712,446
Utah-0.92%
Utah (State of) Transit Authority, Series 2015 A, Ref. RB(a)(b)	5.00%	06/15/2025		140			166,484
Utah (State of) Transit Authority, Series 2015 A, Ref. RB	5.00%	06/15/2037		60			68,379
							234,863
Vermont-0.09%
University of Vermont & State Agricultural College, Series 2015, Ref. RB	5.00%	10/01/2045		20			22,636
Virginia-0.95%
Virginia (State of) Commonwealth Transportation Board, Series 2017 A, Ref. RB	5.00%	05/15/2025		120			142,234
Virginia Public School Authority, Series 2014, Ref. RB	4.00%	08/01/2025		90			100,562
							242,796
Washington-5.58%
Central Puget Sound Regional Transit Authority (Green Bonds), Series 2015 S-1, Ref. RB	5.00%	11/01/2029		75			89,423
Central Puget Sound Regional Transit Authority (Green Bonds), Series 2015 S-1, Ref. RB	5.00%	11/01/2030		30			35,724
Central Puget Sound Regional Transit Authority (Green Bonds), Series 2015 S-1, Ref. RB	5.00%	11/01/2036		75			88,743
Energy Northwest, Series 2015 A, Ref. RB	5.00%	07/01/2029		100			118,224
Energy Northwest (Columbia Generating Station), Series 2015 A, Ref. RB	5.00%	07/01/2032		75			88,247
King (County of), WA, Series 2015, Ref. RB	5.00%	07/01/2036		40			46,122
Washington (State of), Series 2015 A-1, GO Bonds	5.00%	08/01/2031		200			237,346
Washington (State of), Series 2015 R, Ref. GO Bonds	5.00%	07/01/2026		15			17,556
Washington (State of), Series 2015 R, Ref. GO Bonds	5.00%	07/01/2029		115			134,115
Washington (State of), Series 2015 R, Ref. GO Bonds	5.00%	07/01/2033		200			232,336

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

  137  

Invesco BulletShares 2025 Municipal Bond ETF (BSMP)—(continued)

February 28, 2021

(Unaudited)

	Interest Rate	Maturity   Date	Principal Amount (000)		Value
Washington-(continued)
Washington (State of), Series 2017 R, Ref. GO Bonds	5.00%	08/01/2025	$	250	$	299,092
Washington (State of) Health Care Facilities Authority (Seattle Cancer Care Alliance), Series 2014, Ref. RB	5.00%	03/01/2038		40		45,208
						1,432,136
Wisconsin-1.91%
Wisconsin (State of), Series 2015, Ref. GO Bonds	5.00%	05/01/2027		165		194,426
Wisconsin (State of), Series 2017 A, GO Bonds	5.00%	05/01/2027		250		294,585
						489,011
TOTAL INVESTMENTS IN SECURITIES(d)-97.74% (Cost $24,947,826)						25,091,713
OTHER ASSETS LESS LIABILITIES-2.26%						581,154
NET ASSETS-100.00%					$	25,672,867

Investment Abbreviations:

AGM-Assured Guaranty Municipal Corp.

BAM -Build America Mutual Assurance Co.

COP -Certificates of Participation

GO   -General Obligation

INS   -Insurer

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)  Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.

^(c)  Principal and/or interest payments are secured by the bond insurance company listed.

^(d)  Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the borrower’s obligations but may be called upon to satisfy the borrower’s obligations. No concentration of any single entity was greater than 5% each.

Portfolio Composition

Revenue Type Breakdown (% of the Fund’s Net Assets)

as of February 28, 2021

Ad Valorem Property Tax	23.89
Water Revenue	10.15
Sales Tax Revenue	8.66
Miscellaneous Revenue	7.91
Lease Revenue	7.47
Health, Hospital, Nursing Home Revenue	6.10
Appropriations	5.77
Highway Tolls Revenue	5.22
College & University Revenue	4.56
Income Tax Revenue	4.41
Revenue Types Each Less Than 3%	13.60
Other Assets Less Liabilities	2.26

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

  138  

Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)

February 28, 2021

(Unaudited)

Schedule of Investments

	Interest Rate	Maturity   Date	Principal Amount (000)		Value
Municipal Obligations-97.84%
Alabama-0.44%
Alabama (State of) Federal Aid Highway Finance Authority (Garvee), Series 2017 B, Ref. RB	5.00%	09/01/2026	$	20	$	24,659
Tuscaloosa City Board of Education, Series 2016, RB(a)(b)	5.00%	08/01/2026		35		43,170
UAB Medicine Finance Authority, Series 2016 B, Ref. RB	3.63%	09/01/2041		20		21,333
						89,162
Arizona-1.14%
Arizona State University (Green Bonds), Series 2016 B, RB	5.00%	07/01/2042		200		233,810
California-19.69%
Alameda (County of), CA Joint Powers Authority (Juvenile Justice), Series 2016, Ref. RB	4.00%	12/01/2034		25		28,291
Alameda Corridor Transportation Authority, Series 2016 B, Ref. RB, (INS - AGM)(c)	4.00%	10/01/2037		100		110,865
Anaheim City School District, Series 2016, GO Bonds	3.00%	08/01/2046		100		103,182
California (State of), Series 2016, GO Bonds	5.00%	09/01/2029		25		30,507
California (State of), Series 2016, GO Bonds	3.00%	09/01/2046		5		5,174
California (State of), Series 2016, Ref. GO Bonds	5.00%	09/01/2032		420		510,245
California (State of), Series 2016, Ref. GO Bonds	5.00%	09/01/2033		100		121,368
California (State of), Series 2017, Ref. GO Bonds	5.00%	11/01/2026		130		160,774
California (State of), Series 2017, Ref. GO Bonds	5.00%	08/01/2036		100		120,642
California (State of), Series 2018, GO Bonds	5.00%	10/01/2026		15		18,234
California (State of), Series 2018, GO Bonds	5.00%	10/01/2026		60		74,036
California (State of), Series 2018, Ref. GO Bonds	5.00%	08/01/2026		50		61,415
California (State of), Series 2020, GO Bonds	3.00%	03/01/2026		100		111,560
California (State of) Educational Facilities Authority (Pepperdine University), Series 2016, Ref. RB	5.00%	10/01/2046		20		23,384
California (State of) Health Facilities Financing Authority (Adventist Health System), Series 2016 A, Ref. RB	4.00%	03/01/2039		55		60,035
California (State of) Health Facilities Financing Authority (Cedars Sinai Medical Center), Series 2016 B, Ref. RB	4.00%	08/15/2039		70		78,249
California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2015, Ref. RB	5.00%	11/15/2026		10		12,052
California (State of) Health Facilities Financing Authority (Providence St. Joseph Health System), Series 2016 A, Ref. RB	4.00%	10/01/2047		25		27,778
California (State of) Health Facilities Financing Authority (Providence St. Joseph Healthcare), Series 2016 A, Ref. RB	3.00%	10/01/2047		30		30,947
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2016 B, Ref. RB(a)(b)	5.00%	11/15/2026		40		49,574
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2016 B, Ref. RB	5.00%	11/15/2046		60		69,883
California (State of) Public Finance Authority (Henry Mayo Newhall Hospital), Series 2017, Ref. RB	5.00%	10/15/2047		200		225,694
California (State of) Public Works Board, Series 2015 F, Ref. RB	5.00%	05/01/2026		35		41,321
California (State of) Public Works Board, Series 2016 A, Ref. RB	4.00%	11/01/2032		220		254,674
California (State of) Public Works Board, Series 2016 C, Ref. RB	5.00%	11/01/2026		25		30,856
California State University, Series 2016 A, Ref. RB	5.00%	11/01/2041		100		118,334
California State University, Series 2016 A, Ref. RB	5.00%	11/01/2045		100		117,623
Central Unified School District (Election of 2016), Series 2018 B, GO Bonds	4.00%	08/01/2048		200		221,620
Fresno Unified School District, Series 2002 A, Ref. GO Bonds, (INS - NATL)(c)	6.00%	08/01/2026		30		33,962
Grossmont Union High School District (Election 2008), Series 2016 B, Ref. GO Bonds	3.00%	08/01/2045		5		5,166
Hayward Unified School District, Series 2017, GO Bonds, (INS - AGM)(c)	3.50%	08/01/2037		45		48,304
Imperial Irrigation District Electric System, Series 2016 C, Ref. RB	5.00%	11/01/2038		25		29,666
Irvine Ranch Water District, Series 2016, RB	5.25%	02/01/2046		30		36,710
Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2020 A, Ref. RB	5.00%	05/15/2026		120		147,071
Los Angeles (City of), CA Department of Water, Series 2016 A, Ref. RB	5.00%	07/01/2041		50		58,612
Los Angeles (City of), CA Department of Water, Series 2016 A, Ref. RB	5.00%	07/01/2046		100		116,409
Los Angeles (City of), CA Department of Water, Series 2016 B, Ref. RB	5.00%	07/01/2026		5		6,065
Los Angeles Unified School District, Series 2016 B, Ref. GO Bonds	2.00%	07/01/2029		45		46,438
Los Angeles Unified School District, Series 2016 B, Ref. GO Bonds	3.00%	07/01/2032		170		181,575
Montebello Unified School District (Election of 2016), Series 2016 A, GO Bonds	5.00%	08/01/2041		100		115,472

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

  139  

Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)

February 28, 2021

(Unaudited)

	Interest Rate	Maturity   Date	Principal Amount (000)		Value
California-(continued)
Palomar Health, Series 2016 B, Ref. GO Bonds	4.00%	08/01/2035	$	20	$	22,093
San Diego (City of), CA Public Facilities Financing Authority, Series 2015, Ref. RB	4.00%	05/15/2026		20		22,853
San Diego (City of), CA Public Facilities Financing Authority, Series 2016 B, Ref. RB	5.00%	08/01/2037		60		71,896
San Diego (County of), CA Regional Transportation Commission, Series 2016 A, RB	5.00%	04/01/2041		15		17,854
San Diego Unified School District, Series 2016 1, Ref. GO Bonds	4.00%	07/01/2032		20		22,984
San Diego Unified School District, Series 2016 R-5, Ref. GO Bonds	5.00%	07/01/2029		30		36,798
San Francisco (City of), CA Public Utilities Commission, Series 2016, Ref. RB	5.00%	11/01/2032		40		48,971
Sweetwater Union High School District (Election of 2006), Series 2016 B, GO Bonds, (INS - AGM)(c)	3.38%	08/01/2040		80		83,713
University of California, Series 2016 AR, Ref. RB	5.00%	05/15/2046		25		29,624
Victor Valley Union High School District, Series 2016 A, Ref. GO Bonds, (INS - BAM)(c)	3.00%	08/01/2034		20		21,156
						4,021,709
Colorado-1.77%
Colorado (State of) Higher Education, Series 2014 A, Ref. COP	5.00%	11/01/2026		30		36,821
Denver (City & County of), CO (Convention Center Expansion), Series 2018 A, COP	5.38%	06/01/2043		215		252,423
Denver (City & County of), CO Airport System Revenue, Series 2016 A, Ref. RB	5.00%	11/15/2032		10		12,105
Denver City & County School District No. 1, Series 2016, Ref. GO Bonds	4.00%	12/01/2026		25		28,863
Denver City & County School District No. 1, Series 2017, GO Bonds	5.00%	12/01/2031		10		12,275
Denver City & County School District No. 1, Series 2017, GO Bonds	5.00%	12/01/2038		15		18,141
						360,628
Connecticut-1.64%
Connecticut (State of), Series 2015 F, GO Bonds	5.00%	11/15/2026		25		29,835
Connecticut (State of), Series 2016 A, RB	5.00%	09/01/2026		100		122,508
Connecticut (State of), Series 2018 E, GO Bonds	5.00%	09/15/2026		130		159,185
Connecticut (State of), Series 2019 A, GO Bonds	5.00%	04/15/2026		20		24,215
						335,743
District of Columbia-1.81%
District of Columbia, Series 2016 A, GO Bonds	5.00%	06/01/2030		50		60,552
District of Columbia, Series 2016 A, GO Bonds	5.00%	06/01/2032		175		211,136
District of Columbia, Series 2016 A, Ref. GO Bonds	5.00%	06/01/2041		15		18,104
District of Columbia, Series 2016 E, Ref. GO Bonds	5.00%	06/01/2031		35		42,984
District of Columbia Water & Sewer Authority, Series 2016 A, Ref. RB	5.00%	10/01/2030		15		18,059
District of Columbia Water & Sewer Authority, Series 2016 A, Ref. RB	5.00%	10/01/2031		15		18,018
						368,853
Florida-3.86%
Central Florida Expressway Authority, Series 2016 B, Ref. RB	4.00%	07/01/2035		100		112,984
Florida (State of) Municipal Power Agency, Series 2016 A, Ref. RB	5.00%	10/01/2029		40		48,642
Miami-Dade (County of), FL, Series 2015, Ref. RB	5.00%	07/01/2026		10		11,846
Miami-Dade (County of), FL, Series 2015, Ref. RB	5.00%	10/01/2026		100		119,733
Miami-Dade (County of), FL, Series 2016 A, Ref. GO Bonds	5.00%	07/01/2031		65		78,855
Miami-Dade (County of), FL, Series 2016 A, Ref. RB	5.00%	10/01/2041		100		116,392
Orange (County of), FL School Board, Series 2016 C, Ref. COP	5.00%	08/01/2033		10		12,041
Orange (County of), FL School Board, Series 2016 C, Ref. COP	5.00%	08/01/2034		10		12,018
Orange (County of), FL School Board, Series 2017, Ref. COP	5.00%	08/01/2026		50		60,761
Port St. Lucie (City of), FL, Series 2016, Ref. RB	5.00%	09/01/2029		20		24,441
School Board of Miami-Dade County (The), Series 2015 D, Ref. COP	5.00%	02/01/2028		25		29,787
School District of Broward County, Series 2015 A, Ref. COP	5.00%	07/01/2026		55		64,689
South Florida Water Management District, Series 2016, Ref. COP	5.00%	10/01/2026		10		11,985
South Florida Water Management District, Series 2016, Ref. COP	5.00%	10/01/2027		25		30,113
South Florida Water Management District, Series 2016, Ref. COP	5.00%	10/01/2028		25		30,030
South Florida Water Management District, Series 2016, Ref. COP	5.00%	10/01/2032		20		23,838
						788,155
Georgia-1.87%
DeKalb (County of), GA, Series 2006 B, Ref. RB, (INS - AGM)(c)	5.25%	10/01/2032		70		86,730
Main Street Natural Gas, Inc., Series 2007 A, RB	5.50%	09/15/2026		170		210,159

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

  140  

Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)

February 28, 2021

(Unaudited)

	Interest Rate	Maturity   Date	Principal Amount (000)		Value
Georgia-(continued)
Metropolitan Atlanta Rapid Transit Authority, Series 2016 B, Ref. RB	5.00%	07/01/2030	$	35	$	42,403
Sandy Springs (City of), GA Public Facilities Authority (City Center), Series 2015, RB(a)(b)	5.00%	05/01/2026		35		42,799
						382,091
Hawaii-1.12%
Hawaii (State of), Series 2016 FH, Ref. GO Bonds	5.00%	10/01/2026		85		104,989
Hawaii (State of), Series 2017 FN, Ref. GO Bonds	5.00%	10/01/2026		100		123,517
						228,506
Illinois-4.38%
Chicago (City of), IL, Series 2016 C, Ref. GO Bonds	5.00%	01/01/2038		100		110,761
Chicago O’Hare International Airport, Series 2015 B, Ref. RB	5.00%	01/01/2026		50		58,623
Chicago O’Hare International Airport, Series 2016 C, Ref. RB	5.00%	01/01/2029		10		11,823
Chicago O’Hare International Airport, Series 2016 C, Ref. RB	5.00%	01/01/2034		20		23,343
Cook (County of), IL, Series 2016 A, Ref. GO Bonds	5.00%	11/15/2026		100		122,608
Illinois (State of), Series 2016, GO Bonds	4.00%	01/01/2031		85		90,938
Illinois (State of), Series 2017 D, GO Bonds	5.00%	11/01/2026		400		459,832
Illinois (State of) Finance Authority (Clean Water Initiative), Series 2016, RB	4.00%	07/01/2026		15		17,319
						895,247
Indiana-0.42%
Indiana University, Seris 2016 A, Ref. RB	5.00%	06/01/2028		25		30,434
Indianapolis (City of), IN Department of Public Utilities, Series 2018 A, Ref. RB	5.00%	10/01/2026		45		55,251
						85,685
Iowa-0.80%
Iowa (State of) Finance Authority (Green Bonds), Series 2017, Ref. RB	5.00%	08/01/2026		45		55,516
Iowa (State of) Higher Education Loan Authority (Grinnell College), Series 2017, RB	5.00%	12/01/2041		90		108,071
						163,587
Kentucky-0.23%
Kentucky (State of) Turnpike Authority, Series 2016 A, Ref. RB	5.00%	07/01/2028		20		23,862
Louisville (City of) & Jefferson (County of), KY Metropolitan Government (Norton Healthcare, Inc.), Series 2016, Ref. RB	5.00%	10/01/2029		20		24,080
						47,942
Louisiana-0.88%
Louisiana State Citizens Property Insurance Corp., Series 2016 A, Ref. RB	5.00%	06/01/2026		150		179,867
Maryland-2.10%
Maryland (State of), Series 2017 A, GO Bonds	5.00%	08/01/2026		40		49,323
Maryland (State of), Series 2017 B, Ref. GO Bonds	5.00%	08/01/2026		65		80,150
Maryland (State of), Series 2018 B, GO Bonds	5.00%	08/01/2026		25		30,827
Maryland (State of) Department of Transportation, Series 2018, RB	5.00%	10/01/2028		75		91,819
Montgomery (County of), MD, Series 2017 C, Ref. GO Bonds	5.00%	10/01/2026		100		123,888
Montgomery (County of), MD, Series 2018 A, GO Bonds	5.00%	11/01/2026		25		31,044
Washington (State of) Suburban Sanitary Commission, Series 2017, Ref. RB	3.00%	06/01/2026		20		22,436
						429,487
Massachusetts-4.91%
Massachusetts (Commonwealth of), Series 2016 G, GO Bonds	3.00%	09/01/2046		400		416,032
Massachusetts (Commonwealth of), Series 2017 D, Ref. GO Bonds	5.00%	07/01/2026		25		30,694
Massachusetts (Commonwealth of), Series 2017 E, Ref. GO Bonds	5.00%	11/01/2026		90		111,531
Massachusetts (Commonwealth of), Series 2018 B, Ref. GO Bonds	5.00%	07/01/2026		20		24,556
Massachusetts (State of) Development Finance Agency (Harvard University), Series 2020 A, Ref. RB	5.00%	10/15/2026		300		372,624
Massachusetts (State of) School Building Authority, Series 2016 B, RB	5.00%	11/15/2046		40		47,926
						1,003,363
Michigan-2.25%
Michigan (State of) (Garvee), Series 2016, Ref. RB	5.00%	03/15/2026		115		139,489
Michigan (State of) Building Authority, Series 2016 I, Ref. RB	5.00%	10/15/2032		20		24,214
Michigan (State of) Finance Authority (Henry Ford Health System), Series 2016, Ref. RB	4.00%	11/15/2046		165		182,652

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

  141  

Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)

February 28, 2021

(Unaudited)

	Interest Rate	Maturity   Date	Principal Amount (000)		Value
Michigan-(continued)
Port Huron Area School District, Series 2016, GO Bonds, (INS - AGM)(c)	4.00%	05/01/2045	$	20	$	21,666
University of Michigan, Series 2017 A, Ref. RB	5.00%	04/01/2026		75		91,423
						459,444
Minnesota-0.29%
University of Minnesota, Series 2016 A, RB	5.00%	04/01/2041		50		59,322
Missouri-0.19%
Hazelwood School District, Series 2017 A, Ref. GO Bonds	3.00%	03/01/2029		35		37,935
Nevada-1.30%
Clark (County of), NV, Series 2016 B, Ref. GO Bonds	5.00%	11/01/2026		10		12,355
Clark County School District, Series 2015 C, Ref. GO Bonds	5.00%	06/15/2026		25		29,889
Clark County School District, Series 2017 A, Ref. GO Bonds	5.00%	06/15/2026		95		115,168
Las Vegas Valley Water District, Series 2016 A, Ref. GO Bonds	5.00%	06/01/2041		40		47,761
Nevada (State of), Series 2016, Ref. RB	5.00%	12/01/2026		20		24,439
Nevada (State of), Series 2016, Ref. RB	5.00%	12/01/2028		30		36,400
						266,012
New Jersey-2.80%
New Jersey (State of) Economic Development Authority, Series 2017 B, Ref. RB	5.00%	11/01/2026		200		240,402
New Jersey (State of) Health Care Facilities Financing Authority (Barnabas Health Obligated Group), Series 2016 A, Ref. RB	5.00%	07/01/2043		280		331,394
						571,796
New Mexico-1.43%
New Mexico (State of) (Capital), Series 2017 A, GO Bonds	5.00%	03/01/2026		240		291,444
New York-14.90%
Erie (County of), NY Industrial Development Agency (The) (City of Buffalo School District), Series 2015 A, Ref. RB	5.00%	05/01/2026		10		11,928
Erie (County of), NY Industrial Development Agency (The) (City of Buffalo School District), Series 2016 A, Ref. RB	5.00%	05/01/2030		20		24,374
Metropolitan Transportation Authority, Series 2006 B, RB, (INS - AGM)(c)	5.25%	11/15/2026		350		429,331
Metropolitan Transportation Authority, Series 2016 B, Ref. RB	5.00%	11/15/2037		100		115,470
Metropolitan Transportation Authority, Series 2016 C-1, RB	5.00%	11/15/2056		125		142,346
Metropolitan Transportation Authority, Series 2016 D, Ref. RB	5.00%	11/15/2030		75		88,299
Metropolitan Transportation Authority (Green Bonds), Series 2016 A-2, Ref. RB	5.00%	11/15/2026		160		191,510
New York & New Jersey (States of) Port Authority, Series 2015, Ref. RB	5.00%	05/01/2026		65		76,592
New York & New Jersey (States of) Port Authority, Series 2016 198, Ref. RB	5.25%	11/15/2056		100		119,627
New York & New Jersey (States of) Port Authority, Series 2016, Ref. RB	5.00%	11/15/2046		25		29,793
New York (City of), NY, Series 2016 A-1, GO Bonds	4.00%	08/01/2035		25		28,123
New York (City of), NY, Series 2016 C, Ref. GO Bonds	5.00%	08/01/2029		55		65,649
New York (City of), NY, Series 2016 C, Ref. GO Bonds	5.00%	08/01/2031		25		29,708
New York (City of), NY, Series 2016 CC1, Ref. RB	5.00%	06/15/2038		100		121,483
New York (City of), NY, Series 2016, Ref. RB	5.00%	06/15/2037		415		505,453
New York (City of), NY Transitional Finance Authority, Series 2016 A-1, RB	5.00%	05/01/2040		35		41,436
New York (City of), NY Transitional Finance Authority, Series 2016 E-1, RB	5.00%	02/01/2030		90		107,570
New York (City of), NY Transitional Finance Authority, Series 2016 S-1, RB	5.00%	07/15/2028		10		11,921
New York (City of), NY Transitional Finance Authority, Series 2016, RB	4.00%	05/01/2030		15		17,119
New York (City of), NY Transitional Finance Authority, Series 2017 C, Ref. RB	5.00%	11/01/2026		30		37,064
New York (State of) Dormitory Authority, Series 2016 A, RB	5.00%	02/15/2033		40		48,350
New York (State of) Dormitory Authority, Series 2016 D, Ref. RB	5.00%	02/15/2026		35		42,396
New York (State of) Dormitory Authority, Series 2017 A, Ref. RB	5.00%	02/15/2026		100		121,131
New York (State of) Dormitory Authority, Series 2017 A, Ref. RB	5.00%	07/01/2026		10		12,097
New York (State of) Dormitory Authority, Series 2017 B, Ref. RB	5.00%	02/15/2026		50		60,566
New York (State of) Dormitory Authority, Series 2018 1, Ref. RB	5.00%	01/15/2026		45		53,293
New York (State of) Dormitory Authority, Series 2018 A, RB	5.00%	03/15/2026		15		18,231
New York (State of) Dormitory Authority, Series 2018 A, RB	5.00%	10/01/2026		60		73,082
New York (State of) Dormitory Authority, Series 2018 C, Ref. RB	5.00%	03/15/2026		5		6,077
New York (State of) Dormitory Authority, Series 2018 E, Ref. RB	5.00%	03/15/2026		35		42,540

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

  142  

Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)

February 28, 2021

(Unaudited)

	Interest Rate	Maturity   Date	Principal Amount (000)		Value
New York-(continued)
New York (State of) Dormitory Authority, Series 2019 A, RB	5.00%	10/01/2026	$	125	$	152,178
New York (State of) Dormitory Authority (New York University), Series 2019 A, RB	5.00%	07/01/2026		20		24,450
New York City (City of), NY Transitional Finance Authority, Series 2016 E-1, RB	5.00%	02/01/2037		35		41,297
New York City (City of), NY Transitional Finance Authority, Series 2016 S-1, RB	5.00%	07/15/2030		15		17,796
New York State Environmental Facilities Corp., Series 2016, Ref. RB	5.00%	06/15/2029		25		30,394
New York State Urban Development Corp., Series 2016 A, Ref. RB	5.00%	03/15/2028		25		30,076
New York State Urban Development Corp., Series 2016 A, Ref. RB	4.00%	03/15/2036		40		44,721
Utility Debt Securitization Authority, Series 2016 A, Ref. RB	5.00%	12/15/2032		25		30,250
						3,043,721
North Carolina-1.19%
North Carolina (State of), Series 2016 A, Ref. GO Bonds	5.00%	06/01/2026		85		104,311
North Carolina (State of), Series 2018 A, GO Bonds	5.00%	06/01/2026		25		30,680
North Carolina (State of), Series 2019 A, RB	5.00%	05/01/2026		20		24,416
North Carolina (State of) Capital Facilities Finance Agency (Duke University), Series 2016 B, Ref. RB	5.00%	10/01/2026		15		18,463
North Carolina (State of) Capital Facilities Finance Agency (Duke University), Series 2016 B, Ref. RB	5.00%	10/01/2044		55		65,834
						243,704
Ohio-2.39%
Columbus (City of), OH, Series 2015, Ref. RB	5.00%	06/01/2030		25		30,319
Hamilton (County of), OH, Series 2016 A, Ref. RB	5.00%	12/01/2026		35		42,720
Hamilton (County of), OH, Series 2016 A, Ref. RB	5.00%	12/01/2029		30		36,134
Miami University, Series 2017, Ref. RB	5.00%	09/01/2041		50		58,349
Ohio (State of), Series 2016 S, GO Bonds	5.00%	05/01/2031		70		84,584
Ohio (State of), Series 2017 C, Ref. GO Bonds	5.00%	08/01/2026		5		6,153
Ohio (State of), Series 2018 A, GO Bonds	5.00%	02/01/2031		85		101,956
Ohio (State of), Series 2018 A, GO Bonds	5.00%	02/01/2033		50		59,707
Ohio (State of) Water Development Authority, Series 2019 A, RB	5.00%	06/01/2026		40		49,088
Ohio (State of) Water Development Authority, Series 2019 A, RB	5.00%	12/01/2026		15		18,688
						487,698
Oklahoma-0.59%
Canadian (County of), OK Educational Facilities Authority (Mustang Public Schools), Series 2017, RB	5.00%	09/01/2026		50		61,344
Grand River Dam Authority, Series 2016 A, Ref. RB	5.00%	06/01/2026		10		12,191
Grand River Dam Authority, Series 2016 A, Ref. RB	5.00%	06/01/2029		15		18,235
Tulsa (County of), OK Industrial Authority (Jenks Public Schools), Series 2015, RB	5.00%	09/01/2026		25		29,719
						121,489
Pennsylvania-3.73%
Lycoming (County of), PA Authority (Pennsylvania College of Technology), Series 2016 A, Ref. RB	3.00%	10/01/2037		100		102,241
Pennsylvania (Commonwealth of), First Series 2016, GO Bonds	5.00%	02/01/2029		300		360,165
Pennsylvania (Commonwealth of), Second Series 2016, GO Bonds	5.00%	09/15/2028		150		184,223
Pennsylvania (Commonwealth of), Series 2015, GO Bonds	5.00%	03/15/2026		35		41,379
Pennsylvania (Commonwealth of), Series 2016, GO Bonds	4.00%	09/15/2030		65		74,954
						762,962
Rhode Island-0.52%
Rhode (State of) Island Turnpike & Bridge Authority, Series 2016 A, Ref. RB	5.00%	10/01/2040		40		45,821
Rhode Island Commerce Corp. (Garvee), Series 2016 B, RB	5.00%	06/15/2026		50		60,816
						106,637
South Carolina-0.99%
South Carolina (State of) Public Service Authority, Series 2016 A, Ref. RB	5.00%	12/01/2031		150		179,982
South Carolina (State of) Public Service Authority, Series 2016 B, Ref. RB	4.00%	12/01/2056		20		21,970
						201,952
Tennessee-0.69%
Nashville & Davidson (County of), TN, Series 2016, Ref. GO Bonds	5.00%	01/01/2026		50		60,516

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

  143  

Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)

February 28, 2021

(Unaudited)

	Interest Rate	Maturity   Date	Principal Amount (000)		Value
Tennessee-(continued)
Tennessee (State of) School Bond Authority, Series 2017 B, Ref. RB	5.00%	11/01/2026	$	35	$	43,461
Tennessee Energy Acquisition Corp., Series 2006 A, RB	5.25%	09/01/2026		30		36,452
						140,429
Texas-9.49%
Bexar (County of), TX, Series 2017, Ref. GO Bonds	5.00%	06/15/2030		60		72,945
Board of Regents of The University of Texas System, Series 2016 D, RB	5.00%	08/15/2026		135		165,997
Board of Regents of The University of Texas System (Green Bonds), Series 2016 B, RB	5.00%	08/15/2026		35		43,036
Dallas (City of), TX, Series 2015 A, Ref. RB	5.00%	10/01/2026		160		191,552
Dallas (County of), TX Utility & Reclamation District, Series 2016, Ref. GO Bonds	5.00%	02/15/2026		30		35,846
Fort Bend Independent School District, Series 2017 E, Ref. GO Bonds, (CEP - Texas Permanent School Fund)	5.00%	02/15/2026		5		6,061
Houston (City of), TX, Series 2018 B, Ref. RB	5.00%	07/01/2026		60		73,034
Houston Independent School District, Series 2016 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)	5.00%	02/15/2028		20		24,059
Houston Independent School District, Series 2016 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)	5.00%	02/15/2031		45		53,842
Houston Independent School District, Series 2017, Ref. GO Bonds, (CEP - Texas Permanent School Fund)	5.00%	02/15/2026		50		60,798
Humble Independent School District, Series 2015 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)	4.00%	02/15/2026		25		28,211
New Hope Cultural Education Facilities Finance Corp. (Cardinal Bay, Inc.), Series 2016, RB	5.00%	07/01/2046		100		100,597
New Hope Cultural Education Facilities Finance Corp. (Cardinal Bay, Inc.), Series 2016, RB	5.00%	07/01/2051		200		200,728
North East Independent School District, Series 2007, Ref. GO Bonds, (CEP - Texas Permanent School Fund)	5.25%	02/01/2026		30		36,701
Permanent University Fund - University of Texas System, Series 2007 B, Ref. RB	5.25%	07/01/2026		35		43,389
San Antonio (City of), TX Water System, Series 2016 A, Ref. RB	5.00%	05/15/2031		15		18,153
Texas (State of), Series 2016 A, GO Bonds	5.00%	04/01/2026		200		243,906
Texas (State of) Transportation Commission State Highway Fund, Series 2016 A, RB	5.00%	10/01/2026		35		43,209
Texas A&M University, Series 2016 C, Ref. RB	4.00%	05/15/2029		30		34,649
University of Houston, Series 2017 A, Ref. RB	5.00%	02/15/2036		395		460,949
						1,937,662
Utah-0.61%
Utah (County of), UT (IHC Health Services, Inc.), Series 2016 B, RB	3.00%	05/15/2047		95		97,392
Utah (State of) Transit Authority, Series 2016, Ref. RB	3.00%	12/15/2028		25		26,901
						124,293
Virginia-1.72%
Richmond (City of), VA, Series 2016, Ref. RB	5.00%	01/15/2026		20		24,257
Virginia (Commonwealth of), Series 2015 B, Ref. GO Bonds	5.00%	06/01/2026		25		29,769
Virginia (State of) College Building Authority, Series 2016 A, RB	4.00%	02/01/2030		10		11,316
Virginia (State of) College Building Authority (21st Century College), Series 2019 C, Ref. RB	5.00%	02/01/2026		35		42,433
Virginia (State of) Commonwealth Transportation Board (Garvee), Series 2017, Ref. RB	5.00%	03/15/2026		200		243,364
						351,139
Washington-3.33%
Energy Northwest (Bonneville Power Administration), Series 2016 A, Ref. RB	5.00%	07/01/2028		50		60,949
King County School District No. 405 Bellevue, Series 2016, Ref. GO Bonds	5.00%	12/01/2030		50		61,374
King County School District No. 405 Bellevue, Series 2016, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)	5.00%	12/01/2029		15		18,431
King County School District No. 411 Issaquah, Series 2016, GO Bonds, (CEP - Oregon School Bond Guaranty)	3.00%	12/01/2030		10		10,912
University of Washington, Series 2016 A, Ref. RB	5.25%	12/01/2046		200		238,160
Washington (State of), Series 2016 B, Ref. GO Bonds	5.00%	07/01/2030		10		11,934
Washington (State of), Series 2016 B, Ref. GO Bonds	5.00%	08/01/2030		40		48,633
Washington (State of), Series 2016 B, Ref. GO Bonds	5.00%	08/01/2032		10		12,129
Washington (State of), Series 2016 R, Ref. GO Bonds	5.00%	08/01/2028		35		42,761
Washington (State of), Series 2016 R, Ref. GO Bonds	5.00%	08/01/2030		25		30,395

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

  144  

Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)

February 28, 2021

(Unaudited)

	Interest Rate	Maturity   Date	Principal Amount (000)		Value
Washington-(continued)
Washington (State of), Series 2016 R, Ref. GO Bonds	5.00%	07/01/2032	$	30	$	35,725
Washington (State of), Series 2020 C, GO Bonds	5.00%	02/01/2026		90		109,259
						680,662
Wisconsin-2.37%
Wisconsin (State of), Series 2018 A, RB	5.00%	06/01/2026		200		245,554
Wisconsin (State of), Series 2019 A, Ref. RB	5.00%	05/01/2026		60		73,077
Wisconsin (State of) Department of Transportation, Series 2017 2, Ref. RB	5.00%	07/01/2026		20		24,497
Wisconsin (State of) Health & Educational Facilities Authority (Ascension Health Credit Group), Series 2016 A, Ref. RB(a)(b)	3.13%	05/15/2026		25		28,051
Wisconsin (State of) Health & Educational Facilities Authority (Ascension Health Credit Group), Series 2016 A, Ref. RB	4.50%	11/15/2039		100		113,865
						485,044
TOTAL INVESTMENTS IN SECURITIES(d)-97.84% (Cost $19,788,961)						19,987,180
OTHER ASSETS LESS LIABILITIES-2.16%						440,521
NET ASSETS-100.00%					$	20,427,701

Investment Abbreviations:
AGM	-Assured Guaranty Municipal 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.
RB	-Revenue Bonds
Ref.	-Refunding

Notes to Schedule of Investments:

^(a) Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.

^(b)  Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.

^(c)  Principal and/or interest payments are secured by the bond insurance company listed.

^(d)  Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the borrower’s obligations but may be called upon to satisfy the borrower’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.

  145  

Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)

February 28, 2021

(Unaudited)

 Portfolio Composition

 Revenue Type Breakdown (% of the Fund’s Net Assets)

 as of February 28, 2021

Ad Valorem Property Tax	16.23
Miscellaneous Revenue	12.25
Health, Hospital, Nursing Home Revenue	11.44
College & University Revenue	9.37
Lease Revenue	9.03
Water Revenue	8.18
General Fund	7.12
Sales Tax Revenue	5.74
Transit Revenue	5.28
Port, Airport & Marina Revenue	3.15
Income Tax Revenue	3.08
Revenue Types Each Less Than 3%	6.97
Other Assets Less Liabilities	2.16

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

  146  

Invesco BulletShares 2027 Municipal Bond ETF (BSMR)

February 28, 2021

(Unaudited)

Schedule of Investments

	Interest Rate	Maturity   Date	Principal Amount (000)		Value
Municipal Obligations-97.66%
Arizona-2.12%
Arizona (State of), Series 2019 A, Ref. COP	5.00%	10/01/2027	$	100	$	126,011
Salt River Project Agricultural Improvement & Power District, Series 2016 A, Ref. RB	5.00%	01/01/2027		200		249,224
						375,235
California-18.95%
Bay Area Toll Authority (San Francisco Bay Area), Series 2017, Ref. RB	5.00%	04/01/2027		25		31,071
Beverly Hills Unified School District, Series 2019 A, GO Bonds	3.00%	08/01/2044		150		157,761
California (State of), Series 2017, Ref. GO Bonds	5.00%	11/01/2030		50		62,949
California (State of), Series 2019, Ref. GO Bonds	5.00%	04/01/2027		200		250,048
California (State of), Series 2019, Ref. GO Bonds	5.00%	10/01/2027		100		126,522
California (State of), Series 2020, GO Bonds	3.00%	03/01/2027		370		418,340
California (State of), Series 2020, GO Bonds	5.00%	11/01/2027		75		95,072
California (State of) Health Facilities Financing Authority (Kaiser Permanente), Series 2017 A-1, RB	5.00%	11/01/2027		135		171,932
California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2017 A, Ref. RB	4.00%	11/15/2040		50		56,477
East Bay Municipal Utility District Water System Revenue, Series 2017 B, Ref. RB	5.00%	06/01/2031		25		31,253
Etiwanda School District (Election of 2016), Series 2017 A, GO Bonds	5.00%	08/01/2046		180		211,954
Jurupa Unified School District, Series 2017 B, GO Bonds	4.00%	08/01/2041		55		62,253
Los Angeles (City of), CA Department of Airports, Series 2020 B, Ref. RB	5.00%	05/15/2027		30		37,764
Los Angeles (City of), CA Department of Water, Series 2017 A, Ref. RB	5.00%	07/01/2044		300		357,318
Los Angeles (City of), CA Department of Water, Series 2020 B, Ref. RB	4.00%	07/01/2027		45		54,294
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2017 A, RB	5.00%	07/01/2042		200		243,178
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2017 A, RB	5.00%	07/01/2027		10		12,670
Los Angeles Unified School District, Series 2019 A, Ref. GO Bonds	5.00%	07/01/2027		10		12,607
Marin (County of), CA Healthcare District (Election of 2013), Series 2017 A, GO Bonds	4.00%	08/01/2047		45		50,879
Norman Y Mineta San Jose International Airport SJC, Series 2017 B, Ref. RB	5.00%	03/01/2042		10		11,836
Riverside (County of), CA Transportation Commission, Series 2017 B, Ref. RB	5.00%	06/01/2038		200		245,722
San Diego (City of), CA Association of Governments (Mid Coast Corridor; Green Bonds), Series 2019, RB	1.80%	11/15/2027		250		258,175
San Francisco Bay Area Rapid Transit District (Election of 2016) (Green Bonds), Series 2017 A, GO Bonds	5.00%	08/01/2047		90		108,877
San Jose Unified School District, Series 2018 E, GO Bonds	4.00%	08/01/2042		100		114,153
Santa Monica (City of), CA Public Financing Authority (Green Bonds), Series 2017, RB	4.00%	07/01/2047		20		22,265
Turlock (City of), CA Irrigation District, Series 2016, Ref. RB	5.00%	01/01/2046		130		155,307
						3,360,677
Colorado-0.98%
Arapahoe County School District No. 6 Littleton, Series 2019 A, GO Bonds	5.50%	12/01/2027		85		110,859
Colorado (State of), Series 2020 A, COP	5.00%	12/15/2027		10		12,673
Regional Transportation District (Fastracks), Series 2013 A, Ref. RB	5.00%	11/01/2027		40		50,705
						174,237
Connecticut-1.16%
Connecticut (State of), Series 2016 A, RB	5.00%	09/01/2027		25		30,537
Connecticut (State of), Series 2016 B, Ref. GO Bonds	5.00%	05/15/2027		25		30,233
Connecticut (State of), Series 2020 A, RB	5.00%	05/01/2027		20		24,865
University of Connecticut, Series 2017 A, RB	5.00%	01/15/2033		100		119,515
						205,150
District of Columbia-4.10%
Washington (State of) Metropolitan Area Transit Authority, Series 2017 B, RB	5.00%	07/01/2035		600		727,206
Florida-3.62%
Florida (State of), Series 2016 A, Ref. GO Bonds	5.00%	07/01/2027		40		49,253
Florida (State of), Series 2016 A, Ref. RB	5.00%	07/01/2027		45		55,144
Miami (City of), FL Health Facilities Authority (Miami Jewish Health), Series 2017, Ref. RB	5.13%	07/01/2046		100		82,487

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

  147  

Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)

February 28, 2021

(Unaudited)

	Interest Rate	Maturity   Date	Principal Amount (000)		Value
Florida-(continued)
Miami-Dade (County of), FL Water & Sewer System, Series 2017 B, Ref. RB	5.00%	10/01/2027	$	45	$	56,770
Orange (County of), FL School Board, Series 2016 B, Ref. COP	5.00%	08/01/2027		10		12,277
School Board of Miami-Dade County (The), Series 2016 B, Ref. COP	5.00%	08/01/2027		20		24,281
Tampa (City of) & Hillsborough (County of), FL Expressway Authority, Series 2017, RB	5.00%	07/01/2047		305		361,114
						641,326
Georgia-5.64%
Atlanta (City of), GA, Series 2018, Ref. RB	5.00%	11/01/2041		55		67,261
Georgia (State of), Series 2016 E, Ref. GO Bonds	5.00%	12/01/2027		200		247,588
Georgia (State of), Series 2016 F, Ref. GO Bonds	5.00%	01/01/2027		540		673,607
Georgia (State of), Series 2016 F, Ref. GO Bonds	5.00%	07/01/2027		10		12,444
						1,000,900
Hawaii-1.13%
Hawaii (State of), Series 2016 FB, GO Bonds	5.00%	04/01/2027		10		12,117
Hawaii (State of), Series 2017 FK, GO Bonds	5.00%	05/01/2027		35		43,848
Hawaii (State of), Series 2017 FN, Ref. GO Bonds	5.00%	10/01/2027		50		63,261
Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2020 B, Ref. GO Bonds	5.00%	03/01/2027		65		81,184
						200,410
Idaho-0.49%
Idaho (State of) Housing & Finance Association, Series 2017 A, Ref. RB	5.00%	07/15/2027		70		86,658
Illinois-5.62%
Chicago (City of), IL, Series 2017 A, Ref. GO Bonds	6.00%	01/01/2038		200		237,114
Chicago O’Hare International Airport, Series 2017 C, Ref. RB	5.00%	01/01/2041		100		116,820
Illinois (State of), Series 2016, Ref. GO Bonds	5.00%	02/01/2027		100		116,738
Illinois (State of), Series 2017 C, GO Bonds	5.00%	11/01/2029		100		114,511
Illinois (State of), Series 2017 D, GO Bonds	5.00%	11/01/2027		200		233,026
Illinois (State of) Finance Authority, Series 2017, RB	5.00%	01/01/2027		95		117,401
Illinois (State of) Finance Authority (Clean Water Initiative), Series 2017, RB	5.00%	07/01/2030		25		30,819
Illinois (State of) Finance Authority (The University of Chicago), Series 2018 A, RB	5.00%	10/01/2048		25		29,650
						996,079
Indiana-0.56%
Illinois (State of) Finance Authority, Series 2016 C, Ref. RB	5.00%	06/01/2027		40		49,490
Indianapolis (City of), IN Department of Public Utilities, Series 2016 B, Ref. RB	5.00%	10/01/2027		40		49,206
						98,696
Kansas-0.07%
Johnson (County of), KS Public Building Commission, Series 2018 A, RB	4.00%	09/01/2027		10		11,738
Louisiana-1.20%
Jefferson (Parish of), LA Sales Tax District, Series 2019 B, RB, (INS - AGM)(a)	5.00%	12/01/2042		50		59,895
Louisiana (State of), Series 2016 B, Ref. GO Bonds	5.00%	08/01/2027		100		122,241
Louisiana (State of) (Garvee), Series 2019 A, RB	5.00%	09/01/2027		25		31,462
						213,598
Maryland-3.02%
Maryland (State of), Series 2017 A, GO Bonds	5.00%	03/15/2027		15		18,803
Maryland (State of), Series 2017 A, GO Bonds	5.00%	08/01/2027		25		31,633
Maryland (State of), Series 2017 A, GO Bonds	5.00%	08/01/2029		15		18,764
Maryland (State of), Series 2019 A, GO Bonds	5.00%	08/01/2027		245		310,004
Maryland (State of) Department of Transportation, Series 2017, RB	5.00%	09/01/2030		20		24,899
Maryland (State of) Health & Higher Educational Facilities Authority (MedStar Health), Series 2017 A, RB	5.00%	05/15/2045		110		130,849
						534,952
Massachusetts-3.85%
Massachusetts (Commonwealth of), Series 2005, Ref. RB, (INS - NATL)(a)	5.50%	01/01/2027		50		61,861
Massachusetts (Commonwealth of), Series 2017 C, Ref. GO Bonds	5.00%	10/01/2027		15		19,022

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

  148  

Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)

February 28, 2021

(Unaudited)

	Interest Rate	Maturity   Date	Principal Amount (000)		Value
Massachusetts-(continued)
Massachusetts (Commonwealth of), Series 2018 B, Ref. GO Bonds	5.00%	07/01/2027	$	30	$	37,820
Massachusetts (State of) Development Finance Agency (Caregroup), Series 2016 I, Ref. RB	5.00%	07/01/2027		465		564,463
						683,166
Minnesota-0.28%
Minneapolis-St. Paul (Cities of), MN Metropolitan Airports Commission, Series 2016 A, Ref. RB	5.00%	01/01/2027		30		36,959
Minnesota (State of), Series 2017 D, Ref. GO Bonds	5.00%	10/01/2027		10		12,718
						49,677
Mississippi-0.07%
Mississippi (State of), Series 2017 A, Ref. GO Bonds	5.00%	10/01/2027		10		12,682
Missouri-1.82%
Health & Educational Facilities Authority of the State of Missouri (Mercy Health), Series 2018 A, Ref. RB	5.00%	06/01/2027		200		247,216
St. Louis (City of), MO, Series 2005, RB, (INS - NATL)(a)	5.50%	07/01/2027		60		75,878
						323,094
Nebraska-0.17%
Omaha (City of), NE Public Power District, Series 2016 A, Ref. RB	5.00%	02/01/2027		25		30,175
New Jersey-2.34%
New Jersey (State of) Economic Development Authority, Series 2017 A, RB	4.00%	11/01/2027		75		86,180
New Jersey (State of) Economic Development Authority, Series 2017 A, RB	5.00%	11/01/2027		100		122,345
New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2017 B, Ref. RB	5.00%	07/01/2029		100		125,690
New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2017 I, Ref. RB	5.00%	07/01/2030		25		31,269
New Jersey (State of) Health Care Facilities Financing Authority (AHS Hospital Corp.), Series 2016, Ref. RB	4.00%	07/01/2041		25		27,553
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		22,406
						415,443
New Mexico-0.63%
New Mexico (State of) Hospital Equipment Loan Council (Presbyterian Healthcare), Series 2017, Ref. RB	4.00%	08/01/2039		100		112,652
New York-17.61%
Albany (County of), NY, Series 2018, GO Bonds	5.00%	04/01/2027		45		54,577
Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB	5.00%	02/15/2039		200		235,588
Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB	5.00%	02/15/2042		450		526,797
Metropolitan Transportation Authority (Green Bonds), Series 2017 A, RB	5.00%	11/15/2047		100		117,526
Metropolitan Transportation Authority (Green Bonds), Series 2017 B, Ref. RB	5.00%	11/15/2027		205		248,780
Metropolitan Transportation Authority (Green Bonds), Series 2017 C1, Ref. RB	5.00%	11/15/2027		50		60,692
New York & New Jersey (States of) Port Authority, Series 2018, Ref. RB	5.00%	07/15/2027		70		87,537
New York & New Jersey (States of) Port Authority, Two Hundred Fifth Series 2017, Ref. RB	5.25%	11/15/2057		100		120,586
New York (City of), NY, Series 2008 J9, GO Bonds	5.00%	08/01/2027		35		42,554
New York (City of), NY, Series 2017, Ref. RB	5.00%	06/15/2037		140		168,965
New York (City of), NY, Series 2018 DD, Ref. RB	5.00%	06/15/2032		15		18,607
New York (City of), NY Transitional Finance Authority, Series 2017 A, RB	3.50%	02/01/2038		45		48,643
New York (City of), NY Transitional Finance Authority, Series 2017 A-2, RB	5.00%	08/01/2037		25		30,503
New York (City of), NY Transitional Finance Authority, Series 2017 C, Ref. RB	5.00%	11/01/2027		35		43,730
New York (City of), NY Transitional Finance Authority, Series 2017 C, Ref. RB	5.00%	11/01/2031		35		42,888
New York (City of), NY Transitional Finance Authority, Series 2017 F-1, RB	5.00%	05/01/2036		100		121,578
New York (City of), NY Trust for Cultural Resources (Museum of Modern Arts (The)), Series 2016, Ref. RB	4.00%	04/01/2027		35		40,958
New York (State of) Dormitory Authority, Series 2016 A, RB	5.00%	03/15/2027		60		73,288
New York (State of) Dormitory Authority, Series 2017 A, Ref. RB	5.00%	02/15/2032		140		169,697
New York (State of) Dormitory Authority, Series 2017 B, Ref. RB	5.00%	02/15/2041		150		181,557
New York (State of) Dormitory Authority, Series 2018 1, Ref. RB	5.00%	01/15/2027		35		42,447
New York (State of) Dormitory Authority, Series 2019 A, Ref. RB	5.00%	03/15/2027		195		242,948
New York (State of) Dormitory Authority (Montefiore Obligated Group), Series 2018 A, Ref. RB	5.00%	08/01/2027		35		42,525

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

  149  

Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)

February 28, 2021

(Unaudited)

	Interest Rate	Maturity   Date	Principal Amount (000)		Value
New York-(continued)
New York (State of) Dormitory Authority (New School (The)), Series 2016 A, Ref. RB	5.00%	07/01/2046	$	100	$	114,015
New York (State of) Dormitory Authority (New York University), Series 2019 A, RB	5.00%	07/01/2027		30		37,609
New York State Urban Development Corp., Series 2016 A, Ref. RB	5.00%	03/15/2027		40		48,254
New York State Urban Development Corp., Series 2017 A, Ref. RB	5.00%	03/15/2033		20		24,305
Triborough Bridge & Tunnel Authority, Series 2017 A, RB	5.00%	11/15/2027		10		12,492
Utility Debt Securitization Authority, Series 2017, RB	5.00%	12/15/2039		100		122,965
						3,122,611
North Carolina-0.62%
Mecklenburg (County of), NC, Series 2017 A, GO Bonds	4.00%	04/01/2029		40		47,103
North Carolina (State of), Series 2017 B, Ref. RB	5.00%	05/01/2027		20		25,083
North Carolina (State of), Series 2017 B, Ref. RB	5.00%	05/01/2029		30		37,268
						109,454
Ohio-1.89%
Franklin (County of), OH (Trinity Health Credit), Series 2017, RB	4.00%	12/01/2046		145		159,390
Hamilton (County of), OH, Series 2016 A, Ref. RB	5.00%	12/01/2027		20		24,954
Ohio (State of), Series 2017 B, Ref. GO Bonds	5.00%	09/15/2027		10		12,639
Ohio (State of), Series 2017 U, Ref. GO Bonds	5.00%	05/01/2027		10		12,528
Ohio (State of) Water Development Authority, Series 2019 A, RB	5.00%	12/01/2027		50		63,876
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2017 A, RB	5.00%	12/01/2029		20		24,874
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2017 A, RB	5.00%	12/01/2031		30		37,000
						335,261
Oklahoma-0.67%
Tulsa (County of), OK Industrial Authority (Broken Arrow Public Schools), Series 2019 A, RB	5.00%	09/01/2027		95		118,062
Oregon-1.18%
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		86,820
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		123,217
						210,037
Pennsylvania-3.67%
Geisinger Authority (Geisinger Health System), Series 2017 A-1, Ref. RB	5.00%	02/15/2045		100		117,765
Pennsylvania (Commonwealth of), Second Series 2016, GO Bonds	5.00%	09/15/2027		100		123,487
Pennsylvania (Commonwealth of), Series 2016, Ref. GO Bonds	5.00%	09/15/2027		40		49,395
Pennsylvania (Commonwealth of), Series 2017, Ref. GO Bonds	5.00%	01/01/2027		195		241,609
Pennsylvania (Commonwealth of), Series 2019, Ref. GO Bonds	5.00%	07/15/2027		35		43,940
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 B, Ref. RB	5.00%	06/01/2027		15		18,016
Philadelphia (City of), PA Authority for Industrial Development (Children’s Hospital of Philadelphia), Series 2017, Ref. RB	4.00%	07/01/2035		50		56,716
						650,928
Rhode Island-0.16%
Rhode Island Health and Educational Building Corp. (Brown University), Series 2017 A, Ref. RB	4.00%	09/01/2037		25		28,551
South Carolina-0.40%
Lexington County Health Services District, Inc. (Lexmed Obligated Group), Series 2017, Ref. RB	4.00%	11/01/2031		10		11,398
South Carolina (State of) Transportation Infrastructure Bank, Series 2017 A, Ref. RB	5.00%	10/01/2039		50		59,922
						71,320
South Dakota-0.19%
South Dakota (State of) Health & Educational Facilities Authority (Avera Health), Series 2017, Ref. RB	4.00%	07/01/2042		30		32,874
Tennessee-0.17%
Tennessee Energy Acquisition Corp., Series 2006 C, RB	5.00%	02/01/2027		25		29,924
Texas-7.04%
Bexar (County of), TX Hospital District, Series 2018, GO Bonds	5.00%	02/15/2048		75		89,219
Fort Bend Independent School District, Series 2018, Ref. GO Bonds, (CEP - Texas Permanent School Fund)	5.00%	08/15/2029		45		56,118

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

  150  

Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)

February 28, 2021

(Unaudited)

	Interest Rate	Maturity   Date	Principal Amount (000)		Value
Texas-(continued)
Fort Bend Independent School District, Series 2018, Ref. GO Bonds, (CEP - Texas Permanent School Fund)	5.00%	08/15/2030	$	40	$	49,657
Houston (City of), TX, Series 2017 B, Ref. RB	5.00%	11/15/2027		50		63,510
Metropolitan Transit Authority of Harris County, Series 2016 A, Ref. RB	5.00%	11/01/2027		175		217,747
Round Rock Independent School District, Series 2019 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)	5.00%	08/01/2027		30		37,938
San Antonio (City of), TX, Series 2017, RB	5.00%	02/01/2047		140		168,917
San Antonio (City of), TX, Series 2018, Ref. RB	5.00%	02/01/2027		150		186,646
Texas (State of), Series 2017, Ref. GO Bonds	5.00%	10/01/2032		65		80,979
Texas (State of), Series 2017, Ref. GO Bonds	5.00%	10/01/2033		175		217,285
Texas (State of) Water Development Board, Series 2016, RB	5.00%	04/15/2027		25		31,288
Texas (State of) Water Development Board, Series 2017 A, RB	4.00%	10/15/2032		15		17,762
Texas A&M University, Series 2017 E, Ref. RB	5.00%	05/15/2027		25		31,401
						1,248,467
Virginia-1.54%
University of Virginia, Series 2017 A, Ref. RB	5.00%	04/01/2039		160		193,720
Virginia (State of) College Building Authority, Series 2016 A, RB	5.00%	02/01/2027		50		60,564
Virginia (State of) College Building Authority, Series 2019 A, RB	5.00%	02/01/2027		5		6,235
Virginia (State of) Commonwealth Transportation Board (Garvee), Series 2017, Ref. RB	5.00%	03/15/2027		10		12,509
						273,028
Washington-2.83%
Energy Northwest, Series 2018, Ref. RB	5.00%	07/01/2027		35		44,073
King County School District No. 405 Bellevue, Series 2016, Ref. GO Bonds	5.00%	12/01/2027		100		123,886
Puyallup School District No. 3 (Washing State School District Credit Enhancement Program), Series 2017, GO Bonds	5.00%	12/01/2035		25		30,735
Washington (State of), Series 2017 A, GO Bonds	5.00%	08/01/2033		10		12,399
Washington (State of), Series 2017 C, Ref. GO Bonds	5.00%	08/01/2027		20		25,235
Washington (State of), Series 2017 C, Ref. GO Bonds	5.00%	08/01/2029		35		43,733
Washington (State of), Series 2017 D, GO Bonds	5.00%	02/01/2040		80		96,545
Washington (State of), Series 2017 F, Ref. GO Bonds	5.00%	08/01/2030		30		37,290
Washington (State of), Series 2017 R, Ref. GO Bonds	5.00%	08/01/2027		10		12,618
Washington (State of), Series 2017 R, Ref. GO Bonds	5.00%	08/01/2032		60		74,474
						500,988
Wisconsin-1.87%
Wisconsin (State of), Series 2017 2, Ref. GO Bonds	5.00%	11/01/2027		20		25,071
Wisconsin (State of), Series 2017 3, Ref. GO Bonds	5.00%	11/01/2032		10		12,311
Wisconsin (State of), Series 2017, Ref. GO Bonds	5.00%	11/01/2027		235		294,579
						331,961
TOTAL INVESTMENTS IN SECURITIES(b)-97.66% (Cost $17,401,631)						17,317,217
OTHER ASSETS LESS LIABILITIES-2.34%						414,653
NET ASSETS-100.00%					$	17,731,870

Investment Abbreviations:
AGM	-Assured Guaranty Municipal Corp.
CEP	-Credit Enhancement Provider
COP	-Certificates of Participation
GO	-General Obligation
INS	-Insurer
NATL	-National Public Finance Guarantee Corp.
RB	-Revenue Bonds
Ref.	-Refunding

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

  151  

Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)

February 28, 2021

(Unaudited)

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 borrower’s obligations but may be called upon to satisfy the borrower’s obligations. No concentration of any single entity was greater than 5% each.

 Portfolio Composition

 Revenue Type Breakdown (% of the Fund’s Net Assets)

 as of February 28, 2021

Miscellaneous Revenue	18.74
Ad Valorem Property Tax	14.73
Health, Hospital, Nursing Home Revenue	10.36
General Fund	8.09
Water Revenue	6.54
Sales Tax Revenue	6.53
Transit Revenue	5.85
Income Tax Revenue	5.38
Electric Power Revenue	5.36
Lease Revenue	4.52
College & University Revenue	3.83
Revenue Types Each Less Than 3%	7.73
Other Assets Less Liabilities	2.34

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

  152  

Invesco BulletShares 2028 Municipal Bond ETF (BSMS)

February 28, 2021

(Unaudited)

Schedule of Investments

	Interest Rate	Maturity   Date	Principal Amount (000)		Value
Municipal Obligations-94.93%
Arizona-2.11%
Salt River Project Agricultural Improvement & Power District, Series 2017, Ref. RB	5.00%	01/01/2037	$	175	$	215,458
Arkansas-0.36%
Fort Smith (City of), AR, Series 2018, Ref. RB	5.00%	10/01/2034		30		36,779
California-17.64%
California (State of), Series 2019, Ref. GO Bonds	5.00%	11/01/2037		200		252,816
California (State of) Statewide Communities Development Authority (Adventist Health System), Series 2018, Ref. RB	4.00%	03/01/2048		120		131,780
California State University, Series 2018 A, Ref. RB	5.00%	11/01/2043		195		243,060
Chaffey Community College District, Series 2019 A, GO Bonds	3.00%	06/01/2046		185		194,011
Los Angeles (City of), CA Department of Water, Series 2018 B, Ref. RB	5.00%	07/01/2043		200		244,952
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2019 A, RB	5.00%	07/01/2031		55		70,233
Los Angeles County Facilities, Inc. (Vermont Corridor County Administration Building), Series 2018 A, RB	5.00%	12/01/2043		150		185,342
San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2018 A, RB	4.00%	10/01/2043		200		229,544
San Francisco (City of), CA Public Utilities Commission (Green Bonds), Series 2017 D, Ref. RB	5.00%	11/01/2028		85		107,217
Santa Ana Unified School District, Series 2021 B, GO Bonds, (INS - AGM)(a)	2.13%	08/01/2050		100		88,807
Santa Barbara Unified School District (Election of 2016), Series 2019 B, GO Bonds	4.00%	08/01/2044		50		57,294
						1,805,056
Colorado-0.49%
University of Colorado, Series 2017 A-2, Ref. RB	5.00%	06/01/2031		40		50,246
Connecticut-1.24%
Connecticut (State of), Series 2019 B, Ref. GO Bonds	5.00%	02/15/2028		100		126,421
District of Columbia-2.76%
District of Columbia, Series 2018 B, Ref. GO Bonds	5.00%	06/01/2030		30		38,156
District of Columbia Water & Sewer Authority, Series 2018 B, RB	5.00%	10/01/2049		200		243,750
						281,906
Florida-1.05%
Gainesville (City of), FL, Series 2017 A, RB	5.00%	10/01/2028		85		107,567
Georgia-5.13%
Georgia (State of), Series 2018 A, GO Bonds	3.25%	07/01/2037		200		225,598
Georgia (State of) Road & Tollway Authority (Garvee), Series 2020, RB	5.00%	06/01/2028		50		64,211
Municipal Electric Authority of Georgia (Plant Vogtle Units 3 & 4), Series 2019, RB	5.00%	01/01/2056		200		235,260
						525,069
Illinois-3.53%
Cook (County of), IL, Series 2021 A, Ref. GO Bonds	5.00%	11/15/2028		50		63,733
Illinois (State of), Series 2017 D, GO Bonds	5.00%	11/01/2028		100		115,344
Illinois (State of) Toll Highway Authority, Series 2017 A, RB	5.00%	01/01/2039		150		182,373
						361,450
Indiana-2.13%
Indiana (State of) Finance Authority (Green Bonds), Series 2018 A, RB	5.00%	02/01/2033		175		218,269
Louisiana-0.28%
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Bossier City), Series 2018, RB	4.00%	12/01/2043		25		28,310
Maryland-1.56%
Maryland (State of), Series 2018, GO Bonds	5.00%	08/01/2031		125		159,123

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

  153  

Invesco BulletShares 2028 Municipal Bond ETF (BSMS)—(continued)

February 28, 2021

(Unaudited)

	Interest Rate	Maturity   Date	Principal Amount (000)		Value
Massachusetts-3.36%
Massachusetts (State of) Health & Educational Facilities Authority (Institute of Technology), Series 1998 I, RB	5.20%	01/01/2028	$	90	$	116,533
Massachusetts (State of) School Building Authority, Series 2018 A, RB	4.00%	02/15/2043		200		227,640
						344,173
Minnesota-0.12%
Minnesota (State of), Series 2018 A, GO Bonds	5.00%	08/01/2034		10		12,662
Nevada-1.75%
Clark (County of), NV, Series 2018 B, GO Bonds	5.00%	12/01/2033		50		62,368
Las Vegas (City of), NV Convention & Visitors Authority, Series 2018 B, RB	5.00%	07/01/2043		100		117,138
						179,506
New Jersey-5.12%
New Jersey (State of) Transportation Trust Fund Authority, Series 2019 BB, RB	3.50%	06/15/2046		150		155,278
New Jersey (State of) Transportation Trust Fund Authority, Series 2019, RB	5.25%	06/15/2043		200		237,226
South Jersey Port Corp., Series 2017 A, RB	5.00%	01/01/2049		115		131,276
						523,780
New York-18.82%
Metropolitan Transportation Authority, Series 2017 C-1, Ref. RB	4.00%	11/15/2035		150		165,679
Metropolitan Transportation Authority, Series 2017 D, Ref. RB	5.00%	11/15/2032		200		239,760
Metropolitan Transportation Authority, Series 2017 D, Ref. RB	5.00%	11/15/2035		70		82,885
New York & New Jersey (States of) Port Authority, Two Hundred Ninth Series 2018, Ref. RB	5.00%	07/15/2036		100		123,536
New York (City of), NY, Series 2018 F-1, GO Bonds	5.00%	04/01/2043		100		118,518
New York (City of), NY, Series 2018 F-1, GO Bonds	5.00%	04/01/2033		90		109,901
New York (City of), NY, Series 2019 DD-1, RB	4.00%	06/15/2049		200		224,218
New York (City of), NY Transitional Finance Authority, Series 2018 C-2, RB	5.00%	05/01/2036		75		92,532
New York (City of), NY Transitional Finance Authority, Series 2020, Ref. RB	5.00%	11/01/2028		100		128,725
New York (State of) Dormitory Authority, Series 2018 A, RB	5.00%	07/01/2039		120		148,840
New York (State of) Dormitory Authority, Series 2018 A, RB	5.00%	03/15/2045		100		119,541
New York (State of) Dormitory Authority (Bid Group 4), Series 2018 C, Ref. RB	5.00%	03/15/2038		150		182,200
Port Authority of New York & New Jersey, Series 2018, Ref. RB	5.00%	07/15/2030		150		189,402
						1,925,737
Ohio-2.01%
Columbus (City of), OH, Series 2016 3, Ref. GO Bonds	5.00%	02/15/2028		15		18,665
Ohio (State of) Turnpike & Infrastructure Commission, Series 2018 A, RB	5.00%	02/15/2030		150		187,382
						206,047
Oregon-1.23%
University of Oregon, Series 2018 A, RB	5.00%	04/01/2048		105		126,043
Pennsylvania-2.40%
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2018 A, RB	5.00%	12/01/2048		200		245,360
Texas-11.45%
Dallas (City of), TX, Series 2018 C, RB	4.00%	10/01/2043		150		175,944
Dallas (County of), TX Utility & Reclamation District, Series 2016, Ref. GO Bonds	5.00%	02/15/2028		20		25,025
Grand Parkway Transportation Corp., Series 2018 A, RB	5.00%	10/01/2033		60		74,861
Houston (City of), TX, Series 2018 B, Ref. RB	5.00%	07/01/2028		50		63,357
Hurst-Euless-Bedford Independent School District, Series 2017 A, Ref. GO Bonds	5.00%	08/15/2028		120		150,101
Texas (State of) Water Development Board, Series 2018 A, RB	5.00%	10/15/2028		20		25,645
Texas (State of) Water Development Board, Series 2018 B, RB	5.00%	04/15/2030		200		258,552
Texas (State of) Water Development Board, Series 2018 B, RB	5.00%	04/15/2049		150		185,718
Texas Municipal Gas Acquisition & Supply Corp. III, Series 2021, Ref. RB	5.00%	12/15/2028		50		63,030
Texas Water Development Board, Series 2018 A, RB	4.00%	04/15/2048		130		149,726
						1,171,959
Utah-0.23%
Salt Lake City Corp., Series 2018 B, RB	5.00%	07/01/2048		20		23,908

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

  154  

Invesco BulletShares 2028 Municipal Bond ETF (BSMS)—(continued)

February 28, 2021

(Unaudited)

	Interest Rate	Maturity   Date	Principal Amount (000)		Value
Virginia-0.74%
Virginia (State of) Commonwealth Transportation Board (Garvee), Series 2017, Ref. RB	5.00%	03/15/2028	$	60	$	75,712
Washington-5.78%
Energy Northwest, Series 2017 A, Ref. RB	5.00%	07/01/2028		100		125,283
Washington (State of), Series 2017 R, Ref. GO Bonds	5.00%	08/01/2028		45		56,619
Washington (State of), Series 2018 C, GO Bonds	5.00%	02/01/2041		40		49,196
Washington (State of) Convention Center Public Facilities District, Series 2018, RB	5.00%	07/01/2058		200		229,292
Whatcom (County of), WA Bellingham School District No. 501, Series 2018, GO Bonds	5.00%	12/01/2036		105		131,519
						591,909
West Virginia-3.64%
West Virginia (State of), Series 2018 B, GO Bonds	5.00%	06/01/2037		125		154,714
West Virginia (State of) Hospital Finance Authority (University Health System), Series 2018 A, RB	4.00%	06/01/2051		200		218,104
						372,818
TOTAL INVESTMENTS IN SECURITIES(b)-94.93% (Cost $9,675,128)						9,715,268
OTHER ASSETS LESS LIABILITIES-5.07%						519,053
NET ASSETS-100.00%					$	10,234,321

Investment Abbreviations:
AGM	-Assured Guaranty Municipal Corp.
GO	-General Obligation
INS	-Insurer
RB	-Revenue Bonds
Ref.	-Refunding

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 borrower’s obligations but may be called upon to satisfy the borrower’s obligations. No concentration of any single entity was greater than 5% each.

 Portfolio Composition

 Revenue Type Breakdown (% of the Fund’s Net Assets)

 as of February 28, 2021

Water Revenue	18.10
Ad Valorem Property Tax	12.13
Sales Tax Revenue	11.23
Transit Revenue	7.01
College & University Revenue	6.69
Miscellaneous Revenue	6.69
General Fund	5.96
Port, Airport & Marina Revenue	5.19
Electric Power Revenue	4.38
Appropriations	3.84
Health, Hospital, Nursing Home Revenue	3.42
Revenue Types Each Less Than 3%	10.29
Other Assets Less Liabilities	5.07

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

  155  

Invesco BulletShares 2029 Municipal Bond ETF (BSMT)

February 28, 2021

(Unaudited)

Schedule of Investments

	Interest Rate	Maturity   Date	Principal Amount (000)		Value
Municipal Obligations-97.69%
Arizona-1.53%
Maricopa (County of), AZ Special Health Care District, Series 2018 C, GO Bonds	5.00%	07/01/2029	$	125	$	155,592
California-14.59%
California (State of), Series 2019, GO Bonds	5.00%	04/01/2032		65		83,364
California (State of), Series 2019, Ref. GO Bonds	5.00%	10/01/2029		75		98,682
California (State of), Series 2019, Ref. GO Bonds	5.00%	04/01/2032		25		32,063
California (State of), Series 2019, Ref. GO Bonds	5.00%	10/01/2032		50		64,810
California (State of), Series 2020, GO Bonds	5.00%	03/01/2029		30		39,059
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2019, RB	4.00%	11/15/2045		100		112,930
California State University, Series 2019 A, RB	5.00%	11/01/2049		100		124,944
East Bay Municipal Utility District Water System Revenue (Green Bonds), Series 2019 A, RB	5.00%	06/01/2049		200		250,204
Los Angeles (City of), CA Department of Water & Power, Series 2019 A, RB	5.00%	07/01/2045		100		122,515
Los Angeles (City of), CA Department of Water & Power, Series 2019 A, RB	5.00%	07/01/2049		100		122,104
Los Angeles (City of), CA Department of Water & Power, Series 2019 A, RB	5.25%	07/01/2049		70		87,025
Metropolitan Water District of Southern California, Series 2019 A, Ref. RB	5.00%	07/01/2029		65		85,876
Mount San Antonio Community College District (Election of 2018), Series 2019 A, GO Bonds	4.00%	08/01/2049		125		144,226
Orange (County of), CA Local Transportation Authority, Series 2019, RB	5.00%	02/15/2039		50		62,727
San Jose (City of), CA, Series 2019 C, Ref. GO Bonds	5.00%	09/01/2030		20		25,982
San Mateo Foster (City of), CA Public Financing Authority (Clean Water Program), Series 2019, RB	4.00%	08/01/2044		25		29,059
						1,485,570
Colorado-0.72%
Colorado (State of), Series 2018 A, COP	5.00%	12/15/2029		30		38,513
Colorado (State of) Health Facilities Authority (Adventhealth Obligated), Series 2019, Ref. RB	4.00%	11/15/2038		30		34,741
						73,254
Connecticut-1.89%
Connecticut (State of), Series 2018 E, GO Bonds	5.00%	09/15/2029		25		31,736
Connecticut (State of), Series 2019 A, GO Bonds	5.00%	04/15/2039		125		154,490
Connecticut (State of), Series 2019 B, Ref. GO Bonds	5.00%	02/15/2029		5		6,438
						192,664
District of Columbia-3.79%
District of Columbia, Series 2019 A, GO Bonds	5.00%	10/15/2031		100		129,465
District of Columbia, Series 2019 A, RB	5.00%	03/01/2029		30		39,354
District of Columbia, Series 2019 C, Ref. RB	3.00%	10/01/2029		30		34,659
District of Columbia, Series 2019 C, Ref. RB	5.00%	10/01/2034		50		64,750
District of Columbia, Series 2020 A, RB	5.00%	03/01/2029		90		118,061
						386,289
Florida-4.21%
Florida (State of) Higher Educational Facilities Financial Authority (St. Leo Univeristy), Series 2019, Ref. RB	5.00%	03/01/2039		100		113,423
Gainesville (City of), FL, Series 2019 A, RB	5.00%	10/01/2047		100		123,970
Palm Beach County School District, Series 2018 C, Ref. COP	5.00%	08/01/2029		150		190,842
						428,235
Georgia-2.35%
Development Authority for Fulton County (Georgia Institute of Technology), Series 2019, RB	4.00%	06/15/2049		100		111,221
Georgia (State of), Series 2018 A, GO Bonds	5.00%	07/01/2029		100		128,479
						239,700
Hawaii-1.06%
Hawaii (State of), Series 2019 FW, GO Bonds	5.00%	01/01/2029		25		32,397
Hawaii (State of), Series 2019 FW, GO Bonds	5.00%	01/01/2034		60		75,723
						108,120

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

  156  

Invesco BulletShares 2029 Municipal Bond ETF (BSMT)—(continued)

February 28, 2021

(Unaudited)

	Interest Rate	Maturity   Date	Principal Amount (000)		Value
Illinois-4.50%
Chicago (City of), IL, Series 2019 A, GO Bonds	5.50%	01/01/2035	$	100	$	119,784
Illinois (State of) Finance Authority (Green Bonds), Series 2019, RB	5.00%	07/01/2037		170		216,945
Illinois (State of) Toll Highway Authority, Series 2019 A, RB	5.00%	01/01/2044		100		121,130
						457,859
Indiana-1.84%
Indiana (State of) Finance Authority, Series 2016 C, Ref. RB	5.00%	06/01/2029		50		65,538
Indianapolis Local Public Improvement Bond Bank (Courthouse and Jail), Series 2019 A, RB	5.00%	02/01/2054		100		121,883
						187,421
Iowa-0.45%
Iowa (State of), Series 2019 A, Ref. RB	5.00%	06/01/2029		35		45,812
Kansas-1.18%
University of Kansas Hospital Authority, Series 2019 A, RB	5.00%	09/01/2048		100		119,855
Louisiana-1.80%
Louisiana (State of), Series 2019 A, GO Bonds	5.00%	03/01/2036		110		138,702
Louisiana (State of) (Garvee), Series 2019 A, RB	5.00%	09/01/2029		35		44,804
						183,506
Maryland-2.41%
Baltimore (City of), MD (Wastewater), Series 2019 A, RB	4.00%	07/01/2044		100		115,617
Maryland (State of), Series 2019, GO Bonds	5.00%	03/15/2031		80		103,566
Prince George’s (County of), MD, Series 2020 B, Ref. GO Bonds	5.00%	09/15/2029		20		26,485
						245,668
Massachusetts-4.41%
Massachusetts (Commonwealth of), Series 2018 B, GO Bonds	5.00%	01/01/2029		40		50,498
Massachusetts (Commonwealth of), Series 2018 B, Ref. GO Bonds	5.00%	07/01/2029		45		59,074
Massachusetts (Commonwealth of), Series 2019 A, GO Bonds	5.00%	01/01/2031		70		89,657
Massachusetts (Commonwealth of), Series 2019 A, GO Bonds	5.00%	01/01/2036		60		75,289
Massachusetts (Commonwealth of), Series 2019 C, Ref. GO Bonds	5.00%	05/01/2029		15		19,631
Massachusetts (Commonwealth of), Series 2019 G, GO Bonds	5.00%	09/01/2029		10		13,167
Massachusetts (Commonwealth of), Series 2020 A, GO Bonds	5.00%	03/01/2029		15		19,569
Massachusetts (Commonwealth of), Series 2020, GO Bonds	5.00%	07/01/2029		10		13,128
Massachusetts (State of) Development Finance Agency (Atrius Health), Series 2019 A, Ref. RB	4.00%	06/01/2049		100		108,919
						448,932
Michigan-2.23%
Lansing (City of), MI Board of Water & Light, Series 2019 A, RB	5.00%	07/01/2048		80		99,032
Michigan (State of) Building Authority (Facilities Program), Series 2019, Ref. RB	5.00%	04/15/2036		100		128,026
						227,058
Minnesota-0.83%
Minnesota (State of), Series 2019 A, GO Bonds	5.00%	08/01/2033		65		84,265
Mississippi-0.29%
Mississippi (State of), Series 2019 B, GO Bonds	4.00%	10/01/2037		25		29,647
Missouri-0.59%
Springfield School District No. R-12, Series 2017, Ref. GO Bonds	4.00%	03/01/2029		50		60,176
Nebraska-0.31%
Omaha (City of), NE Public Power District, Series 2018 A, RB	5.00%	02/01/2029		15		18,960
Omaha (City of), NE Public Power District, Series 2019 A, RB	5.00%	02/01/2033		10		12,804
						31,764
Nevada-0.56%
Clark (County of), NV Department of Aviation, Series 2019 B, Ref. RB	5.00%	07/01/2031		25		31,822
Clark (County of), NV Department of Aviation, Series 2019 B, Ref. RB	5.00%	07/01/2032		20		25,302
						57,124

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

  157  

Invesco BulletShares 2029 Municipal Bond ETF (BSMT)—(continued)

February 28, 2021

(Unaudited)

	Interest Rate	Maturity   Date	Principal Amount (000)		Value
New Jersey-3.37%
New Jersey (State of), Series 2020 A, GO Bonds	5.00%	06/01/2029	$	125	$	158,424
New Jersey (State of) Transportation Trust Fund Authority, Series 2018 A, Ref. RB	5.00%	12/15/2029		150		184,189
						342,613
New York-16.34%
Battery Park (City of), NY Authority, Series 2019 B, Ref. RB	5.00%	11/01/2038		100		128,902
Metropolitan Transportation Authority (Green Bonds), Series 2019 C, RB, (INS - BAM)(a)	5.00%	11/15/2044		100		122,419
New York & New Jersey (States of) Port Authority, Series 2019 217, RB	4.00%	11/01/2039		20		23,181
New York (City of), NY, Series 2019 A-1, GO Bonds	5.00%	08/01/2039		100		123,169
New York (City of), NY, Series 2019 E, Ref. GO Bonds	5.00%	08/01/2029		30		38,642
New York (City of), NY, Series 2019 FF-2, Ref. RB	5.00%	06/15/2038		50		62,026
New York (City of), NY, Series 2019, Ref. RB	5.00%	06/15/2040		95		117,038
New York (City of), NY, Series 2019, Ref. RB	5.00%	06/15/2040		35		43,569
New York (City of), NY Transitional Finance Authority, Series 2019 A2, RB	5.00%	05/01/2037		100		124,885
New York (City of), NY Transitional Finance Authority, Series 2019 B-1, RB	4.00%	11/01/2045		95		107,478
New York (State of) Dormitory Authority, Series 2019 A, Ref. RB	5.00%	03/15/2037		35		43,126
New York (State of) Dormitory Authority, Series 2019 A, Ref. RB	5.00%	03/15/2038		100		122,712
New York (State of) Dormitory Authority, Series 2019, RB	5.00%	07/01/2039		325		407,904
New York State Environmental Facilities Corp., Series 2019 B, Ref. RB	5.00%	06/15/2044		35		43,808
Triborough Bridge & Tunnel Authority, Series 2018 B, Ref. RB	5.00%	11/15/2029		25		32,793
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2019 A, RB	5.00%	11/15/2049		100		122,009
						1,663,661
North Carolina-2.01%
North Carolina (State of), Series 2019 A, RB	5.00%	05/01/2029		50		65,436
North Carolina (State of), Series 2019 A, RB	5.00%	05/01/2032		15		19,286
North Carolina (State of), Series 2019 A, RB	4.00%	05/01/2034		100		119,880
						204,602
Ohio-3.29%
Columbus (City of), OH, Series 2018 A, GO Bonds	5.00%	04/01/2029		50		64,633
Ohio (State of), Series 2019 A, GO Bonds	5.00%	06/15/2031		20		26,070
Ohio (State of), Series 2019 A, GO Bonds	5.00%	06/15/2037		55		69,874
Ohio (State of), Series 2019, RB	5.00%	12/15/2029		50		66,164
Ohio (State of) Water Development Authority, Series 2019 B, RB	5.00%	12/01/2037		45		57,980
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2019 B, RB	5.00%	12/01/2044		40		50,401
						335,122
Oregon-2.02%
Oregon (State of), Series 2019 A, GO Bonds	5.00%	05/01/2033		60		77,089
Portland (City of), OR, Series 2019 A, Ref. RB	5.00%	03/01/2034		100		128,495
						205,584
Pennsylvania-2.34%
Allegheny (County of), PA Hospital Development Authority (University of Pittsburgh Medical Center), Series 2019, Ref. RB	4.00%	07/15/2036		100		114,254
Philadelphia (City of), PA, Series 2019 B, GO Bonds	5.00%	02/01/2037		100		124,450
						238,704
Rhode Island-1.29%
Rhode Island Health & Educational Building Corp. (Brown University), Series 2019 A, Ref. RB	5.00%	09/01/2029		100		131,198
Texas-10.49%
Cypress-Fairbanks Independent School District, Series 2019, Ref. GO Bonds, (CEP - Texas Permanent School Fund)	5.00%	02/15/2032		60		76,999
Dallas (County of), TX Hospital District, Series 2019, Ref. GO Bonds	5.00%	08/15/2029		75		95,430
Dallas Independent School District, Series 2019 B, GO Bonds, (CEP - Texas Permanent School Fund)	4.00%	02/15/2031		25		30,303
Frisco Independent School District, Series 2019, Ref. GO Bonds, (CEP - Texas Permanent School Fund)	5.00%	08/15/2036		75		94,960
Houston (City of), TX, Series 2018 D, Ref. RB	5.00%	07/01/2029		35		43,814
Lower Colorado River Authority, Series 2019, Ref. RB	5.00%	05/15/2032		20		25,593
North Texas Tollway Authority, Series 2019 A, Ref. RB	5.00%	01/01/2038		125		153,512

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

  158  

Invesco BulletShares 2029 Municipal Bond ETF (BSMT)—(continued)

February 28, 2021

(Unaudited)

	Interest Rate	Maturity   Date	Principal Amount (000)		Value
Texas-(continued)
North Texas Tollway Authority, Series 2019 A, Ref. RB	4.00%	01/01/2039	$	75	$	85,961
Tarrant County Cultural Education Facilities Finance Corp. (Christus Health), Series 2018 B, RB	5.00%	07/01/2032		25		31,316
Texas (State of) Water Development Board, Series 2019 A, RB	4.00%	10/15/2049		100		115,784
Texas (State of) Water Development Board, Series 2019, RB	5.00%	04/15/2032		10		13,086
Texas (State of) Water Development Board, Series 2019, RB	4.00%	10/15/2036		50		60,144
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		113,181
Travis (County of), TX, Series 2019 A, GO Bonds	5.00%	03/01/2032		100		127,498
						1,067,581
Utah-0.96%
Utah (State of), Series 2020, GO Bonds	5.00%	07/01/2029		75		97,763
Virginia-1.76%
Richmond (City of), VA, Series 2017 D, Ref. GO Bonds	5.00%	03/01/2029		10		13,118
Virginia College Building Authority, Series 2017 E, Ref. RB	5.00%	02/01/2029		100		126,784
Virginia College Building Authority (21st Century College), Series 2019 C, Ref. RB	5.00%	02/01/2029		30		39,153
						179,055
Washington-2.28%
Washington (State of), Series 2019 A, GO Bonds	5.00%	08/01/2029		35		45,950
Washington (State of), Series 2019 A, GO Bonds	5.00%	08/01/2031		50		64,938
Washington (State of), Series 2019 A, GO Bonds	5.00%	08/01/2035		35		44,766
Washington (State of), Series 2019 C, GO Bonds	5.00%	02/01/2035		60		75,925
						231,579
TOTAL INVESTMENTS IN SECURITIES(b)-97.69% (Cost $9,992,982)						9,945,973
OTHER ASSETS LESS LIABILITIES-2.31%						235,227
NET ASSETS-100.00%					$	10,181,200

Investment Abbreviations:
BAM	-Build America Mutual Assurance Co.
CEP	-Credit Enhancement Provider
COP	-Certificates of Participation
GO	-General Obligation
INS	-Insurer
RB	-Revenue Bonds
Ref.	-Refunding

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 borrower’s obligations but may be called upon to satisfy the borrower’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.

  159  

Invesco BulletShares 2029 Municipal Bond ETF (BSMT)—(continued)

February 28, 2021

(Unaudited)

 Portfolio Composition

 Revenue Type Breakdown (% of the Fund’s Net Assets)

 as of February 28, 2021

Ad Valorem Property Tax	16.52
Water Revenue	10.47
General Fund	10.34
Miscellaneous Revenue	8.55
Lease Revenue	7.65
Income Tax Revenue	7.63
Electric Power Revenue	6.97
Appropriations	6.71
Health, Hospital, Nursing Home Revenue	5.13
Highway Tolls Revenue	5.06
College & University Revenue	4.72
Revenue Types Each Less Than 3%	7.94
Other Assets Less Liabilities	2.31

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

  160  

Invesco BulletShares 2030 Municipal Bond ETF (BSMU)

February 28, 2021

(Unaudited)

Schedule of Investments

	Interest Rate	Maturity   Date	Principal Amount (000)		Value
Municipal Obligations-96.65%
California-14.44%
California (State of), Series 2019, Ref. GO Bonds	5.00%	04/01/2030	$	90	$	118,641
California (State of), Series 2020, Ref. GO Bonds	4.00%	03/01/2036		100		118,818
California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2020 A, Ref. RB	4.00%	08/15/2050		100		114,050
Long Beach (City of), CA Bond Finance Authority, Series 2007 A, RB	5.50%	11/15/2030		50		66,616
Los Angeles Unified School District, Series 2020 RYQ, GO Bonds	5.00%	07/01/2033		130		170,942
University of California, Series 2020 BE, Ref. RB	5.00%	05/15/2043		100		127,915
						716,982
Colorado-3.05%
Colorado (State of), Series 2020 A, COP	5.00%	12/15/2033		25		33,028
Colorado (State of), Series 2020 A, COP	4.00%	12/15/2038		100		118,529
						151,557
Connecticut-2.58%
Connecticut (State of), Series 2019 A, GO Bonds	5.00%	04/15/2030		100		128,069
District of Columbia-5.14%
Washington (State of) Metropolitan Area Transit Authority, Series 2020 A, RB	5.00%	07/15/2045		205		255,258
Florida-1.82%
Palm Beach County School District, Series 2020 A, COP	5.00%	08/01/2034		50		64,188
School District of Broward County, Series 2020 A, COP	5.00%	07/01/2033		20		25,994
						90,182
Georgia-0.85%
Private Colleges & Universities Authority (Emory University), Series 2020 B, Ref. RB	4.00%	09/01/2035		35		42,143
Illinois-2.74%
Illinois (State of) Finance Authority (Northshore University), Series 2020, Ref. RB	4.00%	08/15/2040		100		116,491
Illinois (State of) Toll Highway Authority, Series 2019 B, Ref. RB	5.00%	01/01/2030		15		19,600
						136,091
Maryland-2.53%
Montgomery (County of), MD, Series 2020 B, Ref. GO Bonds	4.00%	11/01/2030		100		125,618
Massachusetts-2.70%
Massachusetts (Commonwealth of), Series 2019 A, GO Bonds	5.00%	01/01/2030		25		32,186
Massachusetts (State of) Development Finance Agency (Wellforce, Inc.), Series 2020 C, Ref. RB, (INS - AGM)(a)	3.00%	10/01/2045		100		101,953
						134,139
New York-33.50%
New York & New Jersey (States of) Port Authority, Series 2019, Ref. RB	5.00%	09/01/2030		100		129,720
New York (City of), NY, Series 2019 L-6, GO Bonds	5.00%	04/01/2030		20		25,611
New York (City of), NY, Series 2020 D-1, GO Bonds	4.00%	03/01/2041		125		141,513
New York (City of), NY, Series 2020 D-1, GO Bonds	5.00%	03/01/2043		100		123,182
New York (City of), NY Transitional Finance Authority, Series 2020, RB	5.00%	05/01/2041		50		63,221
New York (City of), NY Transitional Finance Authority, Series 2020, RB	3.00%	05/01/2046		100		103,175
New York (State of) Dormitory Authority, Series 2020 D, Ref. RB	4.00%	02/15/2037		200		231,380
New York (State of) Dormitory Authority, Series 2020 D, Ref. RB.	4.00%	02/15/2047		100		112,226
New York (State of) Dormitory Authority (General Purpose), Series 2020 D, Ref. RB	5.00%	02/15/2048		15		18,350
New York (State of) Power Authority, Series 2002 A, Ref. RB	4.00%	11/15/2055		100		114,162
New York (State of) Thruway Authority, Series 2019 B, RB	4.00%	01/01/2038		200		229,848
New York State Urban Development Corp., Series 2020, Ref. RB	4.00%	03/15/2042		200		228,732
New York State Urban Development Corp., Series 2020, Ref. RB	5.00%	03/15/2044		115		142,049
						1,663,169
North Carolina-2.14%
Brunswick (County of), NC, Series 2020, RB	3.00%	04/01/2050		100		106,101

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

  161  

Invesco BulletShares 2030 Municipal Bond ETF (BSMU)—(continued)

February 28, 2021

(Unaudited)

	Interest Rate	Maturity   Date	Principal Amount (000)		Value
Ohio-3.44%
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2020 A, RB	5.00%	12/01/2050	$	135	$	170,775
Pennsylvania-2.25%
Pennsylvania (Commonwealth of) Economic Development Financing Authority, Series 2020 A-1, RB	4.00%	04/15/2045		100		111,649
Tennessee-2.48%
Metropolitan Nashville Airport Authority (The), Series 2019 A, RB	5.00%	07/01/2054		100		122,829
Texas-9.29%
Dallas-Fort Worth (Cities of), TX International Airport, Series 2020, Ref. RB	4.00%	11/01/2045		100		115,802
Harris (County of), TX Port Authority of Houston, Series 2020 A-2, Ref. GO Bonds	4.00%	10/01/2037		160		192,936
Matagorda (County of), TX Navigation District No. 1 (AEP TEX), Series 2005 A, Ref. RB, (INS - AMBAC)(a)	4.40%	05/01/2030		125		152,545
						461,283
Virginia-2.67%
Fairfax (County of), VA, Series 2020 A, Ref. GO Bonds	5.00%	10/01/2031		100		132,395
Washington-2.77%
Washington (State of), Series 2020 A, GO Bonds	5.00%	08/01/2033		55		72,383
Washington (State of), Series 2020 C, GO Notes	5.00%	02/01/2034		50		64,875
						137,258
Wisconsin-2.26%
Wisconsin (State of) Public Finance Authority (Blue Ridge Healthcare), Series 2020, Ref. RB	4.00%	01/01/2045		100		112,318
TOTAL INVESTMENTS IN SECURITIES(b)-96.65% (Cost $4,841,106)						4,797,816
OTHER ASSETS LESS LIABILITIES-3.35%						166,374
NET ASSETS-100.00%					$	4,964,190

Investment Abbreviations:
AGM	-Assured Guaranty Municipal Corp.
AMBAC	-American Municipal Bond Assurance Corp.
COP	-Certificates of Participation
GO	-General Obligation
INS	-Insurer
RB	-Revenue Bonds
Ref.	-Refunding

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 borrower’s obligations but may be called upon to satisfy the borrower’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.

  162  

Invesco BulletShares 2030 Municipal Bond ETF (BSMU)—(continued)

February 28, 2021

(Unaudited)

Portfolio Composition

Revenue Type Breakdown (% of the Fund’s Net Assets)

as of February 28, 2021

Ad Valorem Property Tax	19.02
Income Tax Revenue	18.11
Health, Hospital, Nursing Home Revenue	11.21
Port, Airport & Marina Revenue	7.42
General Fund	7.36
Water Revenue	5.58
Transit Revenue	5.14
Highway Tolls Revenue	5.03
Lease Revenue	4.87
Miscellaneous Revenue	4.38
College & University Revenue	3.43
Revenue Types Each Less Than 3%	5.10
Other Assets Less Liabilities	3.35

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

  163  

Invesco BulletShares 2021 USD Emerging Markets Debt ETF (BSAE)

February 28, 2021

(Unaudited)

Schedule of Investments

	Principal Amount	Value
U.S. Dollar Denominated Bonds & Notes-76.65%
Brazil-4.15%
Itau Unibanco Holding S.A., 6.20%, 12/21/2021(a)	$  200,000	$207,950
Minerva Luxembourg S.A, 6.50%, 09/20/2026(a)	200,000	210,250
		418,200
Chile-1.01%
Chile Government International Bond, 3.25%, 09/14/2021	100,000	101,572
China-9.50%
Alibaba Group Holding Ltd., 3.13%, 11/28/2021	100,000	101,460
China Evergrande Group, 6.25%, 06/28/2021(a)	200,000	197,972
Huarong Finance II Co. Ltd., 3.63%, 11/22/2021(a)	200,000	202,949
Industrial & Commercial Bank of China Ltd., 2.45%, 10/20/2021	250,000	252,607
Sinopec Group Overseas Development (2016) Ltd., 2.00%, 09/29/2021(a)	200,000	201,318
		956,306
Colombia-3.03%
Colombia Government International Bond, 4.38%, 07/12/2021	300,000	304,736
Hungary-1.99%
Hungary Government International Bond, 6.38%, 03/29/2021	200,000	200,971
India-2.02%
Indian Oil Corp. Ltd., 5.63%, 08/02/2021(a)	200,000	203,844
Indonesia-10.10%
Indonesia Government International Bond
4.88%, 05/05/2021(a)	200,000	201,373
4.88%, 05/05/2021(a)	200,000	201,374
Perusahaan Penerbit SBSN Indonesia III, 3.40%, 03/29/2021(a)	200,000	200,112
PT Perusahaan Perseroan (Persero) Perusahaan Listrik Negara, 5.50%, 11/22/2021(a)	400,000	414,030
		1,016,889
Malaysia-4.02%
Export-Import Bank of Malaysia Bhd., 2.48%, 10/20/2021(a)	200,000	202,376
RHB Bank Bhd., 2.50%, 10/06/2021(a)	200,000	202,198
		404,574
Mexico-3.01%
Comision Federal de Electricidad
4.88%, 05/26/2021(a)	200,000	201,977
4.88%, 05/26/2021	100,000	100,989
		302,966
Poland-2.00%
Republic of Poland Government International Bond, 5.13%, 04/21/2021	200,000	201,311

	Principal Amount		Value
Russia-6.03%
Alfa Bank AO Via Alfa Bond Issuance PLC
7.75%, 04/28/2021(a)	$	200,000	$	202,200
7.75%, 04/28/2021(a)		200,000		202,200
Sberbank of Russia Via SB Capital S.A., Series 7, 5.72%, 06/16/2021(a)		200,000		202,856
				607,256
Supranational-3.99%
Asian Development Bank, 1.63%, 03/16/2021		200,000		200,108
Black Sea Trade & Development Bank, 4.88%, 05/06/2021(a)		200,000		201,632
				401,740
Turkey-10.02%
Hazine Mustesarligi Varlik Kiralama A.S.
4.25%, 06/08/2021(a)		200,000		201,300
4.25%, 06/08/2021(a)		200,000		201,300
Turkey Government International Bond, 5.63%, 03/30/2021		200,000		200,523
Turkiye Vakiflar Bankasi T.A.O.
5.50%, 10/27/2021(a)		200,000		202,993
5.50%, 10/27/2021(a)		200,000		202,992
				1,009,108
United Arab Emirates-12.15%
Abu Dhabi Government International Bond
2.13%, 05/03/2021(a)		200,000		200,678
2.13%, 05/03/2021(a)		200,000		200,678
Abu Dhabi National Energy Co. PJSC, 5.88%, 12/13/2021(a)		200,000		208,386
Dolphin Energy Ltd. LLC, 5.50%, 12/15/2021(a)		200,000		207,664
EIB Sukuk Co. Ltd., 3.54%, 05/31/2021(a)		200,000		201,338
Unity 1 Sukuk Ltd., 3.86%, 11/30/2021(a)		200,000		204,646
				1,223,390
United States-3.63%
Novelis Corp., 5.88%, 09/30/2026(a)		350,000		365,312
Total U.S. Dollar Denominated Bonds & Notes (Cost $7,642,054)				7,718,175
U.S. Treasury Securities-15.66%
U.S. Treasury Bills-15.66%
0.06%, 04/22/2021(b) (Cost $1,577,074)		1,577,200		1,577,149
	Shares
Money Market Funds-2.07%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(c)(d) (Cost $208,821)		208,821		208,821
TOTAL INVESTMENTS IN SECURITIES-94.38% (Cost $9,427,949)				9,504,145
OTHER ASSETS LESS LIABILITIES-5.62%				565,960
NET ASSETS-100.00%			$	10,070,105

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

  164  

Invesco BulletShares 2021 USD Emerging Markets Debt ETF (BSAE)—(continued)

February 28, 2021

(Unaudited)

Notes to Schedule of Investments:

^(a)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at February 28, 2021 was $6,053,898, which represented 60.12% of the Fund’s Net Assets.

^(b)  Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.

^(c)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2021.

	Value August 31, 2020		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation		Realized Gain		Value February 28, 2021		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$          -		$3,567,538		$(3,358,717)		$-		$-		$208,821		$31
Invesco Premier U.S. Government Money Portfolio, Institutional Class		31,602		6,501		(38,103)		-		-		-		-
Total		$31,602		$3,574,039		$(3,396,820)		$-		$-		$208,821		$31

^(d) The rate shown is the 7-day SEC standardized yield as of February 28, 2021.

 Portfolio Composition

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

 as of February 28, 2021

Financials	26.66
Sovereign Debt	24.00
U.S. Treasury Securities	15.66
Utilities	9.18
Energy	6.08
Materials	3.63
Sector Types Each Less Than 3%	7.10
Money Market Funds Plus Other Assets Less Liabilities	7.69

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

  165  

Invesco BulletShares 2022 USD Emerging Markets Debt ETF (BSBE)

February 28, 2021

(Unaudited)

Schedule of Investments

	Principal   Amount		Value
U.S. Dollar Denominated Bonds & Notes-98.64%
Brazil-7.87%
Banco Bradesco S.A., 5.75%, 03/01/2022(a)		$200,000	$	207,550
Banco do Brasil S.A.
5.88%, 01/26/2022(a)		200,000		206,252
5.88%, 01/26/2022(a)		200,000		206,252
3.88%, 10/10/2022		200,000		207,290
Caixa Economica Federal, 3.50%, 11/07/2022(a)		150,000		155,175
Cielo USA, Inc., 3.75%, 11/16/2022(a)		92,571		95,268
Embraer S.A., 5.15%, 06/15/2022		100,000		103,313
Itau Unibanco Holding S.A.
5.65%, 03/19/2022(a)		200,000		208,500
5.65%, 03/19/2022(a)		200,000		208,500
5.50%, 08/06/2022(a)		200,000		210,810
5.50%, 08/06/2022(a)		200,000		210,810
NBM US Holdings, Inc., 7.00%, 05/14/2026(a)		200,000		216,070
				2,235,790
Chile-0.54%
Banco del Estado de Chile, 3.88%, 02/08/2022(a)		150,000		154,575
China-8.67%
Azure Nova International Finance Ltd., 3.50%, 03/21/2022(a)		200,000		204,705
Beijing Gas Singapore Capital Corp., 2.75%, 05/31/2022(a)		200,000		203,984
China Cinda Finance 2017 I Ltd., 3.65%, 03/09/2022(a)		200,000		204,956
COSL Finance BVI Ltd., 3.25%, 09/06/2022(a)		200,000		205,606
Export-Import Bank of China (The), 2.63%, 03/14/2022(a)		200,000		204,173
Shimao Group Holdings Ltd., 4.75%, 07/03/2022(a)		200,000		204,098
Sinopec Group Overseas Development (2012) Ltd.
3.90%, 05/17/2022(a)		200,000		207,563
3.90%, 05/17/2022(a)		200,000		207,564
Sinopec Group Overseas Development 2017 Ltd.
3.00%, 04/12/2022(a)		200,000		204,547
2.50%, 09/13/2022(a)		200,000		204,737
State Grid Overseas Investment (2016) Ltd., 2.75%, 05/04/2022(a)		200,000		204,614
State Grid Overseas Investment 2016 Ltd., 2.75%, 05/04/2022(a)		200,000		204,614
				2,461,161
Colombia-2.79%
Banco Davivienda S.A., 5.88%, 07/09/2022(a)		200,000		211,802
Bancolombia S.A., 5.13%, 09/11/2022		100,000		105,728
Grupo Aval Ltd.
4.75%, 09/26/2022(a)		200,000		210,750
4.75%, 09/26/2022(a)		250,000		263,437
				791,717
India-7.62%
Axis Bank Ltd.
3.00%, 08/08/2022(a)		200,000		204,277
3.00%, 08/08/2022(a)		200,000		204,277
Bank of Baroda, 3.50%, 04/04/2022(a)		200,000		204,401

	Principal   Amount		Value
India-(continued)
Bharat Petroleum Corp. Ltd., 4.63%, 10/25/2022(a)		$200,000	$	209,443
Canara Bank, 3.25%, 08/10/2022(a)		200,000		204,690
ICICI Bank Ltd., 3.25%, 09/09/2022(a)		200,000		205,413
JSW Steel Ltd., 5.25%, 04/13/2022(a)		200,000		206,218
Reliance Industries Ltd.
5.40%, 02/14/2022(a)		250,000		260,872
5.40%, 02/14/2022(a)		250,000		260,872
State Bank of India, 3.25%, 01/24/2022(a)		200,000		203,850
				2,164,313
Indonesia-9.15%
Indonesia Government International Bond
3.70%, 01/08/2022(a)		200,000		205,442
3.75%, 04/25/2022(a)		300,000		310,532
3.75%, 04/25/2022(a)		200,000		207,022
Medco Platinum Road Pte. Ltd.
6.75%, 01/30/2025(a)		200,000		211,364
6.75%, 01/30/2025(a)		200,000		211,364
Perusahaan Penerbit SBSN Indonesia III
3.40%, 03/29/2022(a)		200,000		205,647
3.40%, 03/29/2022(a)		200,000		205,647
3.30%, 11/21/2022(a)		200,000		209,017
3.30%, 11/21/2022(a)		200,000		209,017
PT Bukit Makmur Mandiri Utama, 7.75%, 02/13/2022(a)		200,000		204,242
PT Pertamina (Persero)
4.88%, 05/03/2022(a)		200,000		208,801
4.88%, 05/03/2022(a)		200,000		208,801
				2,596,896
Ireland-0.37%
Park Aerospace Holdings Ltd., 5.25%, 08/15/2022(a)		100,000		104,549
Malaysia-3.71%
IOI Investment L Bhd., 4.38%, 06/27/2022(a)		200,000		206,641
Petronas Capital Ltd.
3.13%, 03/18/2022(a)		200,000		205,631
3.13%, 03/18/2022(a)		200,000		205,631
7.88%, 05/22/2022(a)		200,000		217,828
7.88%, 05/22/2022(a)		200,000		217,828
				1,053,559
Mauritius Island-0.72%
Neerg Energy Ltd., 6.00%, 02/13/2022(a)		200,000		203,259
Mexico-6.52%
Alpek S.A.B. de C.V., 4.50%, 11/20/2022(a)		200,000		212,952
Alpha Holding S.A. de C.V., 10.00%, 12/19/2022(a)		200,000		169,900
America Movil S.A.B. de C.V., 3.13%, 07/16/2022		400,000		414,254
Banco Santander (Mexico) S.A., Institucion de Banca Multiple, Grupo Financiero Santander, 4.13%, 11/09/2022(a)		150,000		157,594
Banco Santander Mexico S.A. Institucion de Banca Multiple Grupo Financiero Santand, 4.13%, 11/09/2022(a)		200,000		210,125

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

  166  

Invesco BulletShares 2022 USD Emerging Markets Debt ETF (BSBE)—(continued)

February 28, 2021

(Unaudited)

	Principal   Amount		Value
Mexico-(continued)
Grupo Bimbo S.A.B. de C.V.
4.50%, 01/25/2022(a)		$100,000	$	103,374
4.50%, 01/25/2022(a)		100,000		103,374
Mexico Government International Bond, 8.00%, 09/24/2022		200,000		223,002
Petroleos Mexicanos
4.88%, 01/24/2022(b)		150,000		153,787
5.38%, 03/13/2022		100,000		102,861
				1,851,223
Morocco-1.86%
Morocco Government International Bond, 4.25%, 12/11/2022(a)		500,000		526,840
Peru-3.71%
Banco BBVA Peru S.A.
5.00%, 08/26/2022(a)		100,000		106,009
5.00%, 08/26/2022(a)		100,000		106,009
Inkia Energy Ltd.
5.88%, 11/09/2027(a)		200,000		212,450
5.88%, 11/09/2027(a)		200,000		212,450
Orazul Energy Egenor SCA, 5.63%, 04/28/2027(a)		200,000		210,276
Southern Copper Corp., 3.50%, 11/08/2022		100,000		104,650
Volcan Cia Minera SAA, 5.38%, 02/02/2022(a)		100,000		102,092
				1,053,936
Philippines-0.74%
Union Bank of the Philippines, 3.37%, 11/29/2022(a)		200,000		208,834
Poland-2.22%
Republic of Poland Government International Bond, 5.00%, 03/23/2022		600,000		630,766
Russia-9.60%
Gazprom Neft OAO Via GPN Capital S.A.
4.38%, 09/19/2022(a)		200,000		208,646
4.38%, 09/19/2022(a)		200,000		208,646
Gazprom PJSC Via Gaz Capital S.A.
6.51%, 03/07/2022(a)		200,000		211,146
4.95%, 07/19/2022(a)		200,000		210,441
Rosneft Oil Co. Via Rosneft International Finance DAC
4.20%, 03/06/2022(a)		200,000		205,896
4.20%, 03/06/2022(a)		200,000		205,896
Russian Foreign Bond - Eurobond
4.50%, 04/04/2022(a)		200,000		208,105
4.50%, 04/04/2022(a)		200,000		208,105
Sberbank of Russia Via SB Capital S.A.
6.13%, 02/07/2022(a)		200,000		209,495
5.13%, 10/29/2022(a)		200,000		210,610
5.13%, 10/29/2022(a)		200,000		210,610
VTB Bank OJSC Via VTB Capital S.A.
6.95%, 10/17/2022(a)		200,000		213,639
6.95%, 10/17/2022(a)		200,000		213,639
				2,724,874
South Africa-3.64%
MTN (Mauritius) Investments Ltd., 5.37%, 02/13/2022(a)		200,000		205,661

	Principal   Amount		Value
South Africa-(continued)
Republic of South Africa Government International Bond, 5.88%, 05/30/2022		$200,000	$	210,994
Sasol Financing International Ltd., 4.50%, 11/14/2022		200,000		206,750
Transnet SOC Ltd.
4.00%, 07/26/2022(a)		200,000		205,332
4.00%, 07/26/2022(a)		200,000		205,332
				1,034,069
Supranational-4.29%
Asian Development Bank
2.00%, 02/16/2022		200,000		203,466
1.88%, 02/18/2022		100,000		101,625
0.63%, 04/07/2022		350,000		351,618
1.88%, 07/19/2022		250,000		255,790
1.88%, 08/10/2022		100,000		102,416
1.75%, 09/13/2022		200,000		204,706
				1,219,621
Tanzania-0.93%
AngloGold Ashanti Holdings PLC, 5.13%, 08/01/2022		250,000		262,855
Thailand-2.58%
Bangkok Bank PCL, 3.88%, 09/27/2022(a)		200,000		209,537
PTT Global Chemical PCL, 4.25%, 09/19/2022(a)		500,000		524,304
				733,841
Turkey-10.11%
Anadolu Efes Biracilik Ve Malt Sanayii A.S., 3.38%, 11/01/2022(a)		200,000		204,263
Hazine Mustesarligi Varlik Kiralama A.S., 5.80%, 02/21/2022(a)		200,000		205,650
QNB Finansbank A.S.
4.88%, 05/19/2022(a)		200,000		204,072
4.88%, 05/19/2022(a)		200,000		204,072
T.C. Ziraat Bankasi A.S., 5.13%, 05/03/2022(a)		200,000		203,028
Turkey Government International Bond
5.13%, 03/25/2022		200,000		205,215
6.25%, 09/26/2022		400,000		418,308
Turkiye Garanti Bankasi A.S.
5.25%, 09/13/2022(a)		200,000		205,663
5.25%, 09/13/2022(a)		200,000		205,663
Turkiye Ihracat Kredi Bankasi A.S., 4.25%, 09/18/2022(a)		200,000		201,823
Turkiye Is Bankasi A.S., 5.50%, 04/21/2022(a)		200,000		204,134
Turkiye Vakiflar Bankasi T.A.O., 5.63%, 05/30/2022(a)		200,000		204,304
Yapi ve Kredi Bankasi A.S., 5.50%, 12/06/2022(a)		200,000		203,300
				2,869,495
United Arab Emirates-7.63%
Abu Dhabi Government International Bond
2.50%, 10/11/2022(a)		400,000		413,271
2.50%, 10/11/2022(a)		200,000		206,635
BOS Funding Ltd., 4.23%, 03/07/2022(a)		200,000		205,754
DAE Funding LLC
4.50%, 08/01/2022(a)		100,000		100,750
4.50%, 08/01/2022(a)		200,000		201,500
DIB Sukuk Ltd., 3.66%, 02/14/2022(a)		200,000		205,431

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

  167  

Invesco BulletShares 2022 USD Emerging Markets Debt ETF (BSBE)—(continued)

February 28, 2021

(Unaudited)

	Principal   Amount		Value
United Arab Emirates-(continued)
Emirates NBD Bank PJSC, 3.25%, 11/14/2022(a)		$200,000	$	208,478
First Abu Dhabi Bank PJSC, 3.00%, 03/30/2022(a)		200,000		205,430
MDGH - GMTN B.V.
5.50%, 03/01/2022(a)		200,000		209,884
5.50%, 03/01/2022(a)		200,000		209,884
				2,167,017
United Kingdom-0.76%
Jaguar Land Rover Automotive PLC, 7.75%, 10/15/2025(a)		200,000		216,375
United States-2.61%
JBS Investments II GmbH
7.00%, 01/15/2026(a)		200,000		212,352
7.00%, 01/15/2026(a)		200,000		212,352
5.75%, 01/15/2028(a)		200,000		210,502
Pilgrim’s Pride Corp., 5.88%, 09/30/2027(a)		100,000		107,410
				742,616
Total U.S. Dollar Denominated Bonds & Notes (Cost $27,691,791)				28,008,181

	Shares		Value
Money Market Funds-1.66%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(c)(d) (Cost $470,893)		470,893	$	470,893
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.30% (Cost $28,162,684)				28,479,074
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-0.27%
Invesco Private Prime Fund, 0.11%(c)(d)(e) (Cost $78,448)		78,416		78,448
TOTAL INVESTMENTS IN SECURITIES-100.57% (Cost $28,241,132)				28,557,522
OTHER ASSETS LESS LIABILITIES-(0.57)%				(162,812	)
NET ASSETS-100.00%			$	28,394,710

Notes to Schedule of Investments:

^(a)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at February 28, 2021 was $23,438,787, which represented 82.55% of the Fund’s Net Assets.

^(b)  All or a portion of this security was out on loan at February 28, 2021.

^(c)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2021.

	Value August 31, 2020		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain		Value February 28, 2021		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$          -		$  1,138,574		$  (667,681	)		$-		$ -		$470,893		$12
Invesco Premier U.S. Government Money Portfolio, Institutional Class		68,228		26,233		(94,461	)		-		-		-		1
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		-		238,775		(238,775	)		-		-		-		1	*
Invesco Private Prime Fund		-		236,851		(158,408	)		-		5		78,448		12	*
Total		$68,228		$  1,640,433		$(1,159,325	)		$-		$5		$549,341		$26

* 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 February 28, 2021.

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

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

  168  

Invesco BulletShares 2022 USD Emerging Markets Debt ETF (BSBE)—(continued)

February 28, 2021

(Unaudited)

 Portfolio Composition

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

 as of February 28, 2021

Financials	39.20
Sovereign Debt	19.06
Energy	18.91
Consumer Staples	5.55
Materials	4.99
Utilities	4.40
Sector Types Each Less Than 3%	6.53
Money Market Funds Plus Other Assets Less Liabilities	1.36

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

  169  

Invesco BulletShares 2023 USD Emerging Markets Debt ETF (BSCE)

February 28, 2021

(Unaudited)

Schedule of Investments

	Principal   Amount		Value
U.S. Dollar Denominated Bonds & Notes-97.96%
Brazil-9.20%
Banco Bradesco S.A., 2.85%, 01/27/2023(a)	$	200,000	$	203,952
Banco do Brasil S.A.
5.88%, 01/19/2023(a)		200,000		213,040
5.88%, 01/19/2023(a)		200,000		213,040
4.88%, 04/19/2023(a)		200,000		212,390
Banco Nacional de Desenvolvimento Economico e Social, 5.75%, 09/26/2023(a)		200,000		223,731
Brazilian Government International Bond, 2.63%, 01/05/2023.		200,000		207,000
Embraer Overseas Ltd., 5.70%, 09/16/2023(a) .		61,000		64,157
Gerdau Trade, Inc., 4.75%, 04/15/2023(a)		200,000		213,252
Itau Unibanco Holding S.A.
2.90%, 01/24/2023(a)		200,000		203,230
5.13%, 05/13/2023(a)		200,000		211,350
5.13%, 05/13/2023(a)		500,000		528,375
Petrobras Global Finance B.V., 4.38%, 05/20/2023		150,000		160,462
				2,653,979
Cayman Islands-0.73%
FAB Sukuk Co. Ltd., 3.63%, 03/05/2023(a)		200,000		211,488
Chile-3.40%
Banco de Credito e Inversiones S.A.
4.00%, 02/11/2023(a)		200,000		212,106
4.00%, 02/11/2023(a)		275,000		291,646
Falabella S.A., 3.75%, 04/30/2023(a)		200,000		210,892
Inversiones CMPC S.A., 4.38%, 05/15/2023(a)		250,000		266,051
				980,695
China-7.06%
China Government International Bond
3.25%, 10/19/2023(a)		490,000		526,954
0.40%, 10/21/2023(a)		250,000		250,044
CNPC General Capital Ltd.
3.40%, 04/16/2023(a)		200,000		210,219
3.40%, 04/16/2023(a)(b)		200,000		210,219
Industrial & Commercial Bank of China Ltd., 1.00%, 09/09/2023(a)		200,000		200,509
Sinopec Group Overseas Development (2013) Ltd., 4.38%, 10/17/2023(a)		200,000		218,040
State Grid Overseas Investment (2016) Ltd., 3.75%, 05/02/2023(a)		200,000		213,211
Sunac China Holdings Ltd., 6.50%, 07/09/2023(a)		200,000		205,356
				2,034,552
Colombia-1.81%
Banco de Bogota S.A., 5.38%, 02/19/2023(a)		200,000		213,852
Colombia Government International Bond, 2.63%, 03/15/2023		300,000		308,597
				522,449
Hong Kong-1.43%
BOSCI BVI Ltd., 1.25%, 09/10/2023(a)		200,000		199,609
China Overseas Finance Cayman VII Ltd., 4.25%, 04/26/2023(a)		200,000		212,263
				411,872

	Principal   Amount		Value
Hungary-3.10%
Hungary Government International Bond
5.38%, 02/21/2023	$	400,000	$	438,388
5.75%, 11/22/2023		400,000		454,608
				892,996
India-4.97%
Export-Import Bank of India, 4.00%, 01/14/2023(a)		200,000		210,454
IIFL Finance Ltd., 5.88%, 04/20/2023(a)		400,000		399,878
Indian Oil Corp. Ltd., 5.75%, 08/01/2023(a)		200,000		219,584
Shriram Transport Finance Co. Ltd., 5.10%, 07/16/2023(a)		200,000		204,350
Yes Bank Ifsc Banking Unit Branch, 3.75%, 02/06/2023(a)		400,000		398,514
				1,432,780
Indonesia-9.58%
Indonesia Government International Bond
2.95%, 01/11/2023		500,000		519,596
3.38%, 04/15/2023(a)		200,000		210,497
3.38%, 04/15/2023(a)		700,000		736,739
5.38%, 10/17/2023(a)		200,000		223,808
5.38%, 10/17/2023(a)		200,000		223,808
Perusahaan Penerbit SBSN Indonesia III, 3.75%, 03/01/2023(a)		500,000		529,178
PT Pertamina (Persero), 4.30%, 05/20/2023(a)		300,000		319,885
				2,763,511
Ireland-1.48%
Avolon Holdings Funding Ltd.
5.13%, 10/01/2023(a)		200,000		214,558
5.13%, 10/01/2023(a)		100,000		107,279
Park Aerospace Holdings Ltd., 4.50%, 03/15/2023(a)		100,000		104,593
				426,430
Mexico-7.62%
Alpek S.A.B. de C.V., 5.38%, 08/08/2023(a)		200,000		217,675
Credito Real S.A.B. de C.V. SOFOM E.N.R., 9.50%, 02/07/2026(a)		200,000		219,900
Fresnillo PLC, 5.50%, 11/13/2023(a)		200,000		222,802
Mexico Government International Bond, 4.00%, 10/02/2023		350,000		379,433
Petroleos Mexicanos
3.50%, 01/30/2023		200,000		202,475
4.63%, 09/21/2023		485,000		501,551
Unifin Financiera S.A.B. de C.V., 7.25%, 09/27/2023(a)		200,000		201,810
Unifin Financiera S.A.B. de C.V., SOFOM, E.N.R., 7.25%, 09/27/2023(a)		250,000		252,262
				2,197,908
Peru-4.18%
Banco de Credito del Peru, 4.25%, 04/01/2023(a)		200,000		213,375

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

  170  

Invesco BulletShares 2023 USD Emerging Markets Debt ETF (BSCE)—(continued)

February 28, 2021

(Unaudited)

	Principal   Amount		Value
Peru-(continued)
Banco Internacional del Peru SAA Interbank
3.38%, 01/18/2023(a)	$	200,000	$	207,600
3.38%, 01/18/2023(a)		500,000		519,000
Gas Natural de Lima y Callao S.A., 4.38%, 04/01/2023(a)		250,000		265,308
				1,205,283
Philippines-2.19%
BDO Unibank, Inc., 2.95%, 03/06/2023(a)		400,000		418,000
Rizal Commercial Banking Corp., 4.13%, 03/16/2023(a)		200,000		212,258
				630,258
Poland-1.53%
Republic of Poland Government International Bond, 3.00%, 03/17/2023		420,000		442,331
Russia-10.05%
Gazprom Neft OAO Via GPN Capital S.A., 6.00%, 11/27/2023(a)		500,000		556,533
Lukoil International Finance B.V.
4.56%, 04/24/2023(a)		200,000		213,734
4.56%, 04/24/2023(a)		500,000		534,334
Mobile Telesystems OJSC Via MTS International Funding DAC, 5.00%, 05/30/2023(a)		200,000		214,542
Russian Foreign Bond - Eurobond
4.88%, 09/16/2023(a)		400,000		439,928
4.88%, 09/16/2023(a)		400,000		439,928
Vnesheconombank Via VEB Finance PLC, 5.94%, 11/21/2023(a)		450,000		498,970
				2,897,969
South Africa-2.11%
Eskom Holdings SOC Ltd., 6.75%, 08/06/2023(a)		200,000		209,055
Growthpoint Properties International Pty Ltd., 5.87%, 05/02/2023(a)		375,000		398,333
				607,388
Supranational-5.25%
Asian Development Bank
1.63%, 01/24/2023		500,000		513,369
2.75%, 03/17/2023		300,000		315,446
0.25%, 07/14/2023		335,000		334,538
0.25%, 10/06/2023		300,000		299,550
Asian Infrastructure Investment Bank (The), 0.25%, 09/29/2023.		50,000		49,823
				1,512,726
Thailand-1.49%
Bangkok Bank PCL, 5.00%, 10/03/2023(a)		200,000		221,542
Siam Commercial Bank PCL (The), 2.75%, 05/16/2023(a)		200,000		208,362
				429,904
Turkey-9.71%
Hazine Mustesarligi Varlik Kiralama A.S.
5.00%, 04/06/2023(a)		200,000		206,856
5.00%, 04/06/2023(a)		500,000		517,139
KOC Holding A.S., 5.25%, 03/15/2023(a)		200,000		207,172
Petkim Petrokimya Holding A.S., 5.88%, 01/26/2023(a)		200,000		205,090

	Principal Amount		Value
Turkey-(continued)
Roenesans Gayrimenkul Yatirim A.S., 7.25%, 04/26/2023(a)	$	200,000	$	193,368
Turkey Government International Bond
3.25%, 03/23/2023		200,000		199,165
7.25%, 12/23/2023		500,000		544,982
Turkiye Garanti Bankasi A.S., 5.88%, 03/16/2023(a)		200,000		209,415
Yapi ve Kredi Bankasi A.S.
6.10%, 03/16/2023(a)		100,000		103,435
6.10%, 03/16/2023(a)		400,000		413,738
				2,800,360
United Arab Emirates-9.24%
Abu Dhabi Government International Bond
0.75%, 09/02/2023(a)		600,000		602,353
0.75%, 09/02/2023(a)		575,000		577,255
Abu Dhabi National Energy Co. PJSC, 3.63%, 01/12/2023(a)		200,000		210,715
ADCB Finance Cayman Ltd.
4.50%, 03/06/2023(a)		200,000		213,228
4.00%, 03/29/2023(a)		200,000		212,522
AHB Sukuk Co. Ltd., 4.38%, 09/19/2023(a)		200,000		217,000
DP World Crescent Ltd., 3.91%, 05/31/2023(a)(b)		400,000		422,104
MDGH - GMTN B.V., 2.75%, 05/11/2023(a)		200,000		208,997
				2,664,174
United Kingdom-0.69%
Jaguar Land Rover Automotive PLC, 5.63%, 02/01/2023(a)		200,000		199,000
United States-1.14%
JBS USA LUX S.A./JBS USA Finance, Inc.
6.75%, 02/15/2028(a)		200,000		219,746
6.75%, 02/15/2028(a)		100,000		109,873
				329,619
Total U.S. Dollar Denominated Bonds & Notes (Cost $27,708,388)				28,247,672
	Shares
Money Market Funds-6.65%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(c)(d) (Cost $1,919,344)		1,919,344		1,919,344
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-104.61% (Cost $29,627,732)				30,167,016
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-1.13%
Invesco Private Government Fund, 0.01%(c)(d)(e)		129,936		129,936

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

  171  

Invesco BulletShares 2023 USD Emerging Markets Debt ETF (BSCE)—(continued)

February 28, 2021

(Unaudited)

	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 0.11%(c)(d)(e)		194,826	$	194,903
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $324,839)				324,839
TOTAL INVESTMENTS IN SECURITIES-105.74% (Cost $29,952,571)				30,491,855
OTHER ASSETS LESS LIABILITIES-(5.74)%				(1,655,559	)
NET ASSETS-100.00%			$	28,836,296

Notes to Schedule of Investments:

^(a)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at February 28, 2021 was $22,376,358, which represented 77.60% of the Fund’s Net Assets.

^(b) All or a portion of this security was out on loan at February 28, 2021.

^(c) Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2021.

	Value August 31, 2020		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain		Value February 28, 2021		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$            -		$2,398,660		$  (479,316	)		$-		$  -		$1,919,344		$  16
Invesco Premier U.S. Government Money Portfolio, Institutional Class		96,114		52,162		(148,276	)		-		-		-		1
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		147,005		1,786,853		(1,803,922	)		-		-		129,936		23	*
Invesco Private Prime Fund		49,015		1,786,985		(1,641,113	)		-		16		194,903		93	*
Total		$292,134		$6,024,660		$(4,072,627	)		$-		$16		$2,244,183		$133

* 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 February 28, 2021.

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

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

  172  

Invesco BulletShares 2023 USD Emerging Markets Debt ETF (BSCE)—(continued)

February 28, 2021

(Unaudited)

Portfolio Composition

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

as of February 28, 2021

Financials	38.02
Sovereign Debt	32.12
Energy	11.61
Materials	3.89
Real Estate	3.50
Utilities	3.12
Sector Types Each Less Than 3%	5.70
Money Market Funds Plus Other Assets Less Liabilities	2.04

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

  173  

Invesco BulletShares 2024 USD Emerging Markets Debt ETF (BSDE)

February 28, 2021

(Unaudited)

Schedule of Investments

	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes-98.79%
Brazil-10.16%
Banco Daycoval S.A., 4.25%, 12/13/2024(a)	$	150,000	$	154,238
Banco do Brasil S.A., 4.75%, 03/20/2024(a)		200,000		215,440
Brazilian Government International Bond, 8.88%, 04/15/2024		300,000		369,343
Cemig Geracao e Transmissao S.A., 9.25%, 12/05/2024(a)		200,000		230,102
CSN Inova Ventures, 6.75%, 01/28/2028(a)		200,000		216,250
GTL Trade Finance, Inc./Gerdau Holdings, Inc., 5.89%, 04/29/2024(a)		200,000		224,400
Petrobras Global Finance B.V., 6.25%, 03/17/2024		290,000		328,063
Rio Oil Finance Trust, Series 2014-1, 9.25%, 07/06/2024(a)		116,133		129,198
				1,867,034
Chile-2.37%
Empresa Nacional del Petroleo
4.38%, 10/30/2024(a)		200,000		217,958
4.38%, 10/30/2024(a)		200,000		217,958
				435,916
China-6.99%
Alibaba Group Holding Ltd., 3.60%, 11/28/2024		200,000		218,930
Export-Import Bank of China (The), 3.63%, 07/31/2024(a)		200,000		220,049
Kaisa Group Holdings Ltd., 9.38%, 06/30/2024(a)		200,000		191,502
State Grid Overseas Investment (2014) Ltd.
4.13%, 05/07/2024(a)		200,000		220,331
4.13%, 05/07/2024(a)		200,000		220,330
Tencent Holdings Ltd., 3.28%, 04/11/2024(a)		200,000		213,996
				1,285,138
Colombia-3.66%
Colombia Government International Bond 4.00%, 02/26/2024		200,000		213,115
8.13%, 05/21/2024		200,000		240,231
SURA Asset Management S.A., 4.88%, 04/17/2024(a)		200,000		219,302
				672,648
Hong Kong-1.25%
King Power Capital Ltd., 5.63%, 11/03/2024(a)		200,000		229,766
Hungary-1.86%
Hungary Government International Bond, 5.38%, 03/25/2024		300,000		341,461
India-7.18%
ABJA Investment Co. Pte Ltd., 5.95%, 07/31/2024(a)		200,000		215,501
Bharti Airtel International Netherlands B.V.
5.35%, 05/20/2024(a)		200,000		222,262
5.35%, 05/20/2024(a)		200,000		222,262
Indian Oil Corp. Ltd., 4.75%, 01/16/2024(a)		200,000		217,700
Oil India Ltd., 5.38%, 04/17/2024(a)		200,000		222,161
ONGC Videsh Ltd., 4.63%, 07/15/2024(a)		200,000		219,982
				1,319,868

	Principal Amount		Value
Indonesia-10.87%
Indonesia Government International Bond
5.88%, 01/15/2024(a)	$	200,000	$	227,268
5.88%, 01/15/2024(a)		200,000		227,268
4.45%, 02/11/2024		200,000		219,365
Perusahaan Penerbit SBSN Indonesia III
3.90%, 08/20/2024(a)		200,000		218,475
4.35%, 09/10/2024(a)		400,000		443,558
4.35%, 09/10/2024(a)		200,000		221,779
PT Perusahaan Gas Negara Tbk
5.13%, 05/16/2024(a)		200,000		220,199
5.13%, 05/16/2024(a)		200,000		220,199
				1,998,111
Ireland-1.18%
Park Aerospace Holdings Ltd., 5.50%, 02/15/2024(a)		200,000		217,661
Mexico-10.03%
Banco Inbursa S.A., Institucion De Banca Multiple Grupo, Financiero Inbursa
4.13%, 06/06/2024(a)		150,000		160,725
4.13%, 06/06/2024(a)		150,000		160,725
Cemex S.A.B. de C.V., 5.45%, 11/19/2029(a)		200,000		218,930
Comision Federal de Electricidad
4.88%, 01/15/2024(a)		200,000		219,231
4.88%, 01/15/2024(a)		400,000		438,462
Grupo Bimbo S.A.B. de C.V.
3.88%, 06/27/2024(a)		200,000		218,986
3.88%, 06/27/2024(a)		200,000		218,987
Petroleos Mexicanos, 4.88%, 01/18/2024(b)		200,000		207,550
				1,843,596
Morocco-2.40%
OCP S.A., 5.63%, 04/25/2024(a)		400,000		440,404
Peru-1.22%
Minsur S.A., 6.25%, 02/07/2024(a)		200,000		224,029
Philippines-5.17%
Philippine Government International Bond, 4.20%, 01/21/2024		300,000		330,487
Philippine National Bank, 3.28%, 09/27/2024(a)		200,000		212,937
Power Sector Assets and Liabilities Management Corp.
7.39%, 12/02/2024(a)		200,000		250,000
7.39%, 12/02/2024(a)		125,000		156,250
				949,674
Poland-2.40%
Republic of Poland Government International Bond, 4.00%, 01/22/2024		400,000		440,488
South Africa-4.64%
MTN (Mauritius) Investments Ltd.
4.76%, 11/11/2024(a)		200,000		212,363
4.76%, 11/11/2024(a)		200,000		212,362
Republic of South Africa Government
International Bond, 4.67%, 01/17/2024		200,000		212,476
Sasol Financing USA LLC, 5.88%, 03/27/2024		200,000		216,140
				853,341

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

  174  

Invesco BulletShares 2024 USD Emerging Markets Debt ETF (BSDE)—(continued)

February 28, 2021

(Unaudited)

	Principal Amount		Value
Supranational-5.43%
Asian Development Bank
2.63%, 01/30/2024	$	450,000	$	479,349
1.50%, 10/18/2024		400,000		413,233
Asian Infrastructure Investment Bank (The), 2.25%, 05/16/2024		100,000		105,684
				998,266
Turkey-10.28%
Coca-Cola Icecek A.S., 4.22%, 09/19/2024(a)		200,000		209,604
Hazine Mustesarligi Varlik Kiralama A.S., 4.49%, 11/25/2024(a)		200,000		204,816
Turk Telekomunikasyon A.S., 4.88%, 06/19/2024(a)		200,000		208,508
Turkey Government International Bond
5.75%, 03/22/2024		200,000		209,929
6.35%, 08/10/2024		200,000		213,786
5.60%, 11/14/2024		200,000		209,500
Turkiye Is Bankasi A.S., 6.13%, 04/25/2024(a)		400,000		415,255
Turkiye Vakiflar Bankasi T.A.O., 8.13%, 03/28/2024(a)		200,000		218,581
				1,889,979
United Arab Emirates-10.47%
Abu Dhabi Government International Bond, 2.13%, 09/30/2024(a)		400,000		418,146
Abu Dhabi National Energy Co. PJSC, 3.88%, 05/06/2024(a)		200,000		218,126
EMG Sukuk Ltd., 4.56%, 06/18/2024(a)		200,000		213,118
Emirates Telecommunications Group Co. PJSC, 3.50%, 06/18/2024(a)		200,000		218,062
MAF Global Securities Ltd., 4.75%, 05/07/2024(a)		200,000		219,087
MDGH - GMTN B.V.
3.00%, 04/19/2024(a)		200,000		212,956
2.50%, 11/07/2024(a)		200,000		210,685
Sharjah Sukuk Ltd., 3.76%, 09/17/2024(a)		200,000		215,084
				1,925,264

	Principal Amount		Value
Vietnam-1.23%
Vietnam Government International Bond, 4.80%, 11/19/2024(a)	$	200,000	$	225,495
Total U.S. Dollar Denominated Bonds & Notes (Cost $17,295,238)				18,158,139
	Shares
Money Market Funds-0.03%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(c)(d) (Cost $5,990)		5,990		5,990
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-98.82% (Cost $17,301,228)				18,164,129
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-0.82%
Invesco Private Government Fund, 0.01%(c)(d)(e)		59,929		59,929
Invesco Private Prime Fund, 0.11%(c)(d)(e)		89,858		89,894
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $149,818)				149,823
TOTAL INVESTMENTS IN SECURITIES-99.64% (Cost $17,451,046)				18,313,952
OTHER ASSETS LESS LIABILITIES-0.36%				65,829
NET ASSETS-100.00%			$	18,379,781

Notes to Schedule of Investments:

^(a)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at February 28, 2021 was $13,189,009, which represented 71.76% of the Fund’s Net Assets.

^(b)  All or a portion of this security was out on loan at February 28, 2021.

^(c)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2021.

	Value August 31, 2020		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain		Value February 28, 2021		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$          -		$    878,897		$  (872,907	)		$ -		$  -		$  5,990		$  9
Invesco Premier U.S. Government Money Portfolio, Institutional Class		50,313		29,665		(79,978	)		-		-		-		-

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

  175  

Invesco BulletShares 2024 USD Emerging Markets Debt ETF (BSDE)—(continued)

February 28, 2021

(Unaudited)

	Value August 31, 2020		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain		Value February 28, 2021		Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		$170,775		$  510,265		$  (621,111	)		$ -		$  -		$  59,929		$14	*
Invesco Private Prime Fund		56,925		720,206		(687,260	)		5		18		89,894		76	*
Total		$278,013		$2,139,033		$(2,261,256	)		$5		$18		$155,813		$99

* 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 February 28, 2021.

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

Portfolio Composition

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

as of February 28, 2021

Sovereign Debt	29.97
Financials	23.20
Utilities	10.82
Materials	9.56
Energy	8.88
Communication Services	8.20
Consumer Staples	3.52
Sector Types Each Less Than 3%	4.64
Money Market Funds Plus Other Assets Less Liabilities	1.21

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

  176  

(This Page Intentionally Left Blank)

  177  

Statements of Assets and Liabilities

February 28, 2021

(Unaudited)

	Invesco BulletShares 2021 Corporate Bond  ETF (BSCL)		Invesco BulletShares 2022 Corporate Bond  ETF (BSCM)		Invesco BulletShares 2023 Corporate Bond ETF (BSCN)			Invesco BulletShares 2024 Corporate Bond ETF (BSCO)
Assets:
Unaffiliated investments in securities, at value(a)	$	1,841,254,208	$	2,260,774,175	$	1,703,220,705		$	1,354,569,597
Affiliated investments in securities, at value		129,269,307		4,531,218		8,615,149			16,320,510
Cash		86,873		-		21,765			-
Deposits with brokers:
Cash segregated as collateral		-		1,033,440		7,591,916			117,395
Receivable for:
Dividends and interest		16,697,813		16,964,539		12,880,704			12,264,419
Securities lending		-		1,738		344			1,682
Investments sold		16,420,000		-		9,689,349			-
Fund shares sold		-		1,153,132		8,066,362			-
Total assets		2,003,728,201		2,284,458,242		1,750,086,294			1,383,273,603
Liabilities:
Due to custodian		-		17,685		-			-
Payable for:
Investments purchased		26,997,950		1,153,132		18,025,737			-
Collateral upon return of securities loaned		-		113,542		4,812,125			12,249,320
Collateral upon receipt of securities in-kind		-		1,033,440		7,591,916			117,395
Fund shares repurchased		6,345,343		-		-			-
Accrued unitary management fees		146,217		174,015		127,540			102,075
Other payables		-		-		-			-
Total liabilities		33,489,510		2,491,814		30,557,318			12,468,790
							��
Net Assets	$	1,970,238,691	$	2,281,966,428	$	1,719,528,976		$	1,370,804,813
Net assets consist of:
Shares of beneficial interest	$	1,961,015,328	$	2,239,726,681	$	1,667,704,237		$	1,315,937,499
Distributable earnings (loss)		9,223,363		42,239,747		51,824,739			54,867,314
Net Assets	$	1,970,238,691	$	2,281,966,428	$	1,719,528,976		$	1,370,804,813
Shares outstanding (unlimited amount authorized, $0.01 par value)		93,150,000		105,300,000		78,900,000			61,650,000
Net asset value	$	21.15	$	21.67	$	21.79		$	22.24
Market price	$	21.16	$	21.67	$	21.81		$	22.25
Unaffiliated investments in securities, at cost	$	1,834,105,424	$	2,220,979,650	$	1,653,107,104		$	1,300,299,134
Affiliated investments in securities, at cost	$	129,269,307	$	4,531,218	$	8,615,149		$	16,320,510
(a) Includes securities on loan with an aggregate value of:	$	-	$	109,594	$	4,424,482		$	11,907,984

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

  178  

Invesco BulletShares 2025 Corporate Bond  ETF (BSCP)			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)				Invesco BulletShares 2030 Corporate Bond ETF (BSCU)				Invesco BulletShares 2021 High Yield Corporate Bond ETF (BSJL)
	$	934,025,940		$	407,499,535		$	292,737,899		$	190,435,543		$	87,446,911			$	20,290,556			$	806,529,405
		13,631,889			4,871,080			5,759,842			4,725,964			127,392				387,867				-
		3,625			2,185			130			1,183			-				4,016				-
		-			867,581			-			613,612			-				-				-
		7,684,714			3,256,455			2,406,105			1,874,828			848,646				143,345				9,930,075
		1,973			431			2,095			398			4				64				-
		-			-			-			-			-				-				2,309,047
		-			4,048,504			-			522,233			-				-				-
		955,348,141			420,545,771			300,906,071			198,173,761			88,422,953				20,825,848				818,768,527
		-			-			-			-			-				-				5,008,828
		-			4,068,914			-			522,233			-				-				-
		11,061,564			3,132,616			5,248,013			4,397,465			-				387,867				-
		-			867,581			-			613,612			-				-				-
		-			-			-			-			-				-				2,304,571
		72,104			30,525			22,763			13,667			6,695				1,408				279,877
		-			-			-			-			-				-				24,815
		11,133,668			8,099,636			5,270,776			5,546,977			6,695				389,275				7,618,091
	$	944,214,473		$	412,446,135		$	295,635,295		$	192,626,784		$	88,416,258			$	20,436,573			$	811,150,436
	$	915,822,472		$	397,467,174		$	283,940,887		$	187,220,805		$	89,223,117			$	21,064,407			$	881,829,959
		28,392,001			14,978,961			11,694,408			5,405,979			(806,859	)			(627,834	)			(70,679,523	)
	$	944,214,473		$	412,446,135		$	295,635,295		$	192,626,784		$	88,416,258			$	20,436,573			$	811,150,436
		42,450,000			19,200,000			13,500,000			8,400,001			4,200,001				1,050,001				35,200,000
	$	22.24		$	21.48		$	21.90		$	22.93		$	21.05			$	19.46			$	23.04
	$	22.25		$	21.49		$	21.91		$	22.95		$	21.06			$	19.48			$	23.03
	$	906,344,857		$	392,300,605		$	281,695,051		$	185,041,381		$	88,232,565			$	20,923,881			$	803,324,554
	$	13,631,778		$	4,871,080		$	5,759,842		$	4,725,964		$	127,392			$	387,867			$	-
	$	10,736,784		$	3,059,431		$	5,106,969		$	4,245,204		$	-			$	377,471			$	-

  179  

Statements of Assets and Liabilities—(continued)

February 28, 2021

(Unaudited)

	Invesco BulletShares 2022 High  Yield Corporate Bond ETF (BSJM)				Invesco BulletShares 2023 High  Yield Corporate Bond ETF (BSJN)				Invesco BulletShares 2024 High  Yield Corporate Bond ETF (BSJO)				Invesco BulletShares 2025 High  Yield Corporate Bond ETF (BSJP)
Assets:
Unaffiliated investments in securities, at value(a)		$	794,600,895			$	514,685,170			$	246,230,778			$	209,139,129
Affiliated investments in securities, at value			28,640,295				25,025,944				18,599,509				14,999,750
Cash			6,311				95,943				322,177				1,395
Deposits with brokers:
Cash segregated as collateral			20,127				275,500				5,735,521				35,483
Receivable for:
Dividends and interest			12,561,945				7,612,229				3,753,675				3,362,848
Securities lending			6,819				3,716				9,551				5,746
Investments sold			-				-				-				-
Fund shares sold			19,174				5,096,828				697,459				33,801
Total assets			835,855,566				552,795,330				275,348,670				227,578,152
Liabilities:
Payable for:
Investments purchased			19,174				5,089,969				915,786				33,801
Collateral upon return of securities loaned			15,836,485				17,153,028				10,010,747				7,574,920
Collateral upon receipt of securities in-kind			20,126				275,500				5,735,521				35,483
Fund shares repurchased			-				-				-				-
Accrued unitary management fees			260,413				162,259				77,959				69,543
Accrued tax expenses			-				-				-				-
Other payables			-				-				-				-
Total liabilities			16,136,198				22,680,756				16,740,013				7,713,747
Net Assets		$	819,719,368			$	530,114,574			$	258,608,657			$	219,864,405
Net assets consist of:
Shares of beneficial interest		$	856,194,344			$	541,716,948			$	259,531,402			$	218,419,405
Distributable earnings (loss)			(36,474,976	)			(11,602,374	)			(922,745	)			1,445,000
Net Assets		$	819,719,368			$	530,114,574			$	258,608,657			$	219,864,405
Shares outstanding (unlimited amount authorized, $0.01 par value)			35,300,000				21,000,000				10,400,000				9,000,000
Net asset value		$	23.22			$	25.24			$	24.87			$	24.43
Market price		$	23.19			$	25.20			$	24.82			$	24.38
Unaffiliated investments in securities, at cost		$	785,796,223			$	506,224,104			$	242,211,441			$	204,606,826
Affiliated investments in securities, at cost		$	28,640,295			$	25,025,944			$	18,599,509			$	14,999,750
(a) Includes securities on loan with an aggregate value of:		$	15,222,891			$	16,545,192			$	9,658,351			$	7,236,627

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

  180  

Invesco BulletShares 2026 High  Yield Corporate Bond ETF (BSJQ)			Invesco BulletShares 2027 High  Yield Corporate Bond ETF (BSJR)			Invesco BulletShares 2028 High  Yield Corporate Bond ETF (BSJS)			Invesco BulletShares 2021 Municipal Bond ETF (BSML)			Invesco BulletShares 2022 Municipal Bond ETF (BSMM)			Invesco BulletShares 2023 Municipal Bond ETF (BSMN)			Invesco BulletShares 2024 Municipal Bond ETF (BSMO)
	$	71,452,164		$	24,847,290		$	9,929,594		$	39,231,198		$	47,173,303		$	27,434,975		$	27,474,631
		4,500,149			1,610,153			370,911			-			-			-			-
		598			3,326			-			656,495			639,375			325,962			366,341
		44,555			230,289			-			-			-			-			-
		1,074,302			358,672			139,911			521,270			580,145			311,369			309,060
		543			412			56			-			-			-			-
		-			2,558,481			-			-			-			-			-
		42,447			2,538,417			-			-			-			-			-
		77,114,758			32,147,040			10,440,472			40,408,963			48,392,823			28,072,306			28,150,032
		42,447			2,511,651			-			-			211,824			-			-
		3,013,251			1,441,592			271,671			-			-			-			-
		44,555			230,289			-			-			-			-			-
		-			2,543,566			-			-			-			-			-
		23,312			6,932			3,303			5,495			6,385			3,481			3,297
		-			-			-			-			232			236			-
		-			28,814			-			-			-			-			-
		3,123,565			6,762,844			274,974			5,495			218,441			3,717			3,297
	$	73,991,193		$	25,384,196		$	10,165,498		$	40,403,468		$	48,174,382		$	28,068,589		$	28,146,735
	$	73,928,732		$	24,489,066		$	10,025,460		$	40,344,860		$	48,044,113		$	27,901,594		$	27,982,922
		62,461			895,130			140,038			58,608			130,269			166,995			163,813
	$	73,991,193		$	25,384,196		$	10,165,498		$	40,403,468		$	48,174,382		$	28,068,589		$	28,146,735
		2,900,001			1,000,001			400,001			1,600,001			1,900,001			1,100,001			1,100,001
	$	25.51		$	25.38		$	25.41		$	25.25		$	25.35		$	25.52		$	25.59
	$	25.48		$	25.35		$	25.35		$	25.31		$	25.44		$	25.61		$	25.65
	$	69,984,664		$	24,424,076		$	9,839,429		$	39,171,972		$	47,041,621		$	27,267,247		$	27,306,983
	$	4,500,149		$	1,610,153		$	370,911		$	-		$	-		$	-		$	-
	$	2,897,738		$	1,382,104		$	260,667		$	-		$	-		$	-		$	-

  181  

Statements of Assets and Liabilities—(continued)

February 28, 2021

(Unaudited)

	Invesco BulletShares 2025 Municipal Bond ETF (BSMP)			Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)			Invesco BulletShares 2027 Municipal Bond ETF (BSMR)				Invesco BulletShares 2028 Municipal Bond ETF (BSMS)
Assets:
Unaffiliated investments in securities, at value(a)		$	25,091,713		$	19,987,180		$	17,317,217			$	9,715,268
Affiliated investments in securities, at value			-			-			-				-
Cash			304,287			220,459			264,151				1,905,036
Deposits with brokers:
Cash segregated as collateral			-			-			-				-
Receivable for:
Dividends and interest			280,279			222,922			152,994				93,032
Securities lending			-			-			-				-
Investments sold			-			-			-				-
Fund shares sold			-			-			-				-
Total assets			25,676,279			20,430,561			17,734,362				11,713,336
Liabilities:
Payable for:
Investments purchased			-			-			-				1,477,890
Collateral upon return of securities loaned			-			-			-				-
Collateral upon receipt of securities in-kind			-			-			-				-
Accrued unitary management fees			3,349			2,860			2,492				1,122
Accrued tax expenses			63			-			-				3
Total liabilities			3,412			2,860			2,492				1,479,015
Net Assets		$	25,672,867		$	20,427,701		$	17,731,870			$	10,234,321
Net assets consist of:
Shares of beneficial interest		$	25,540,307		$	20,229,083		$	17,815,586			$	10,189,727
Distributable earnings (loss)			132,560			198,618			(83,716	)			44,594
Net Assets		$	25,672,867		$	20,427,701		$	17,731,870			$	10,234,321
Shares outstanding (unlimited amount authorized, $0.01 par value)			1,000,001			800,001			700,001				400,001
Net asset value		$	25.67		$	25.53		$	25.33			$	25.59
Market price		$	25.75		$	25.60		$	25.38			$	25.66
Unaffiliated investments in securities, at cost		$	24,947,826		$	19,788,961		$	17,401,631			$	9,675,128
Affiliated investments in securities, at cost		$	-		$	-		$	-			$	-
(a) Includes securities on loan with an aggregate value of:		$	-		$	-		$	-			$	-
										��

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

  182  

Invesco BulletShares 2029  Municipal Bond ETF (BSMT)				Invesco BulletShares 2030 Municipal Bond ETF (BSMU)				Invesco BulletShares 2021 USD Emerging Markets Debt ETF (BSAE)			Invesco BulletShares 2022 USD Emerging Markets Debt ETF (BSBE)			Invesco BulletShares 2023 USD Emerging Markets Debt ETF (BSCE)			Invesco BulletShares 2024 USD Emerging Markets Debt ETF (BSDE)
	$	9,945,973			$	4,797,816			$	9,295,324		$	28,008,181		$	28,247,672		$	18,158,139
		-				-				208,821			549,341			2,244,183			155,813
		139,018				116,164				-			-			-			-
		-				-				-			13,390,103			8,584,383			964,537
		97,652				50,916				103,789			346,930			335,035			214,630
		-				-				-			76			16			85
		-				-				464,402			-			-			425,892
		-				-				-			10,908,524			8,174,754			760,317
		10,182,643				4,964,896				10,072,336			53,203,155			47,586,043			20,679,413
		-				-				-			11,336,928			9,837,625			1,181,656
		-				-				-			78,448			324,839			149,818
		-				-				-			13,390,103			8,584,383			964,537
		1,440				706				2,231			2,966			2,900			3,621
		3				-				-			-			-			-
		1,443				706				2,231			24,808,445			18,749,747			2,299,632
	$	10,181,200			$	4,964,190			$	10,070,105		$	28,394,710		$	28,836,296		$	18,379,781
	$	10,229,502			$	5,000,025			$	9,978,531		$	28,122,777		$	28,375,059		$	18,153,520
		(48,302	)			(35,835	)			91,574			271,933			461,237			226,261
	$	10,181,200			$	4,964,190			$	10,070,105		$	28,394,710		$	28,836,296		$	18,379,781
		400,001				200,001				400,001			1,100,001			1,100,001			700,001
	$	25.45			$	24.82			$	25.18		$	25.81		$	26.21		$	26.26
	$	25.54			$	24.92			$	25.17		$	25.85		$	26.25		$	26.24
	$	9,992,982			$	4,841,106			$	9,219,128		$	27,691,791		$	27,708,388		$	17,295,238
	$	-			$	-			$	208,821		$	549,341		$	2,244,183		$	155,808
	$	-			$	-			$	-		$	32,808		$	313,643		$	145,285

  183  

Statements of Operations

For the six months ended February 28, 2021

(Unaudited)

	Invesco BulletShares 2021 Corporate Bond ETF (BSCL)				Invesco BulletShares 2022 Corporate Bond ETF (BSCM)				Invesco BulletShares 2023 Corporate Bond ETF (BSCN)				Invesco BulletShares 2024 Corporate Bond ETF (BSCO)
Investment income:
Unaffiliated interest income		$	18,447,985			$	21,019,933			$	15,428,946			$	13,491,503
Affiliated dividend income			9,048				2,258				1,026				667
Securities lending income			8,010				23,393				3,292				7,097
Total investment income			18,465,043				21,045,584				15,433,264				13,499,267
Expenses:
Unitary management fees			1,026,445				1,068,508				737,958				591,001
Less: Waivers			(36,579	)			(14,356	)			(5,257	)			(3,564	)
Net expenses			989,866				1,054,152				732,701				587,437
Net investment income			17,475,177				19,991,432				14,700,563				12,911,830
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities			3,812,559				4,822,694				3,275,386				2,201,555
Affiliated investment securities			371				211				441				325
In-kind redemptions			1,217,423				684,932				-				497,816
Net realized gain			5,030,353				5,507,837				3,275,827				2,699,696
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities			(18,564,985	)			(17,188,769	)			(7,749,521	)			(4,706,411	)
Affiliated investment securities			-				-				-				-
Change in net unrealized appreciation (depreciation)			(18,564,985	)			(17,188,769	)			(7,749,521	)			(4,706,411	)
Net realized and unrealized gain (loss)			(13,534,632	)			(11,680,932	)			(4,473,694	)			(2,006,715	)
Net increase (decrease) in net assets resulting from operations		$	3,940,545			$	8,310,500			$	10,226,869			$	10,905,115

^(a)  For the period September 14, 2020 (commencement of investment operations) through February 28, 2021.

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

  184  

Invesco BulletShares 2025 Corporate Bond ETF (BSCP)				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)				Invesco BulletShares 2030 Corporate Bond ETF (BSCU)(a)				Invesco BulletShares 2021 High Yield Corporate Bond ETF (BSJL)
	$	8,097,679			$	3,827,355			$	3,022,472			$	1,893,307			$	572,166			$	88,401			$	17,761,335
		231				124				70				45				17				4				3,371
		9,199				1,610				12,616				2,077				288				96				59,908
		8,107,109				3,829,089				3,035,158				1,895,429				572,471				88,501				17,824,614
		383,789				166,910				129,112				76,499				26,863				4,653				1,983,502
		(1,086	)			(671	)			(395	)			(284	)			(80	)			(20	)			(18,702	)
		382,703				166,239				128,717				76,215				26,783				4,633				1,964,800
		7,724,406				3,662,850				2,906,441				1,819,214				545,688				83,868				15,859,814
		904,017				186,980				166,071				125,502				2,477				1,195				(250,328	)
		333				70				186				60				13				5				943
		295,878				-				784,817				-				-				-				1,852,841
		1,200,228				187,050				951,074				125,562				2,490				1,200				1,603,456
		(10,314,439	)			(5,433,188	)			(3,551,315	)			(2,897,698	)			(2,103,794	)			(633,325	)			(2,450,181	)
		111				-				-				-				-				-				(268	)
		(10,314,328	)			(5,433,188	)			(3,551,315	)			(2,897,698	)			(2,103,794	)			(633,325	)			(2,450,449	)
		(9,114,100	)			(5,246,138	)			(2,600,241	)			(2,772,136	)			(2,101,304	)			(632,125	)			(846,993	)
	$	(1,389,694	)		$	(1,583,288	)		$	306,200			$	(952,922	)		$	(1,555,616	)		$	(548,257	)		$	15,012,821

  185  

Statements of Operations—(continued)

For the six months ended February 28, 2021

(Unaudited)

	Invesco BulletShares 2022 High Yield Corporate Bond ETF (BSJM)				Invesco BulletShares 2023 High Yield Corporate Bond ETF (BSJN)				Invesco BulletShares 2024 High Yield Corporate Bond ETF (BSJO)				Invesco BulletShares 2025 High Yield Corporate Bond ETF (BSJP)
Investment income:
Unaffiliated interest income		$	15,636,598			$	10,654,880			$	4,983,341			$	4,285,671
Affiliated dividend income			1,782				1,370				529				384
Securities lending income			48,662				35,082				46,924				21,477
Total investment income			15,687,042				10,691,332				5,030,794				4,307,532
Expenses:
Unitary management fees			1,491,716				921,541				421,077				340,607
Tax expenses			-				-				-				-
Total expenses			1,491,716				921,541				421,077				340,607
Less: Waivers			(11,971	)			(7,183	)			(2,826	)			(1,622	)
Net expenses			1,479,745				914,358				418,251				338,985
Net investment income			14,207,297				9,776,974				4,612,543				3,968,547
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities			1,241,027				259,531				27,750				375,797
Affiliated investment securities			1,453				1,281				677				507
In-kind redemptions			648,669				1,796,518				468,262				160,603
Net realized gain			1,891,149				2,057,330				496,689				536,907
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities			5,136,558				4,801,258				3,488,933				3,555,358
Affiliated investment securities			(79	)			-				-				-
Change in net unrealized appreciation (depreciation)			5,136,479				4,801,258				3,488,933				3,555,358
Net realized and unrealized gain (loss)			7,027,628				6,858,588				3,985,622				4,092,265
Net increase in net assets resulting from operations		$	21,234,925			$	16,635,562			$	8,598,165			$	8,060,812

^(a) For the period September 14, 2020 (commencement of investment operations) through February 28, 2021.

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

  186  

Invesco BulletShares 2026 High  Yield Corporate Bond ETF (BSJQ)				Invesco BulletShares 2027 High  Yield Corporate Bond ETF (BSJR)				Invesco BulletShares 2028 High  Yield Corporate Bond ETF (BSJS)(a)				Invesco BulletShares 2021 Municipal Bond ETF (BSML)				Invesco BulletShares 2022 Municipal Bond ETF (BSMM)			Invesco BulletShares 2023 Municipal Bond ETF (BSMN)				Invesco BulletShares 2024 Municipal Bond ETF (BSMO)
	$	1,539,669			$	497,351			$	175,422			$	103,748			$	120,667		$	86,445			$	93,647
		63				9				8				-				-			-				-
		2,535				2,016				196				-				-			-				-
		1,542,267				499,376				175,626				103,748				120,667			86,445				93,647
		130,391				40,682				15,860				27,282				33,158			18,572				16,572
		-				-				-				2				240			237				8
		130,391				40,682				15,860				27,284				33,398			18,809				16,580
		(280	)			(49	)			(38	)			-				-			-				-
		130,111				40,633				15,822				27,284				33,398			18,809				16,580
		1,412,156				458,743				159,804				76,464				87,269			67,636				77,067
		(16,768	)			142,108				26,454				-				1,488			-				-
		78				42				15				-				-			-				-
		789,565				385,153				-				-				-			-				-
		772,875				527,303				26,469				-				1,488			-				-
		568,289				(193,394	)			90,165				(33,219	)			904			(10,757	)			(47,849	)
		-				-				-				-				-			-				-
		568,289				(193,394	)			90,165				(33,219	)			904			(10,757	)			(47,849	)
		1,341,164				333,909				116,634				(33,219	)			2,392			(10,757	)			(47,849	)
	$	2,753,320			$	792,652			$	276,438			$	43,245			$	89,661		$	56,879			$	29,218

  187  

Statements of Operations—(continued)

For the six months ended February 28, 2021

(Unaudited)

	Invesco BulletShares 2025 Municipal Bond ETF (BSMP)				Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)			Invesco BulletShares 2027 Municipal Bond ETF (BSMR)				Invesco BulletShares 2028 Municipal Bond ETF (BSMS)
Investment income:
Unaffiliated interest income		$	103,798			$	131,326		$	100,448			$	56,358
Affiliated dividend income			-				-			-				-
Securities lending income			-				-			-				-
Foreign withholding tax			-				-			-				-
Total investment income			103,798				131,326			100,448				56,358
Expenses:
Unitary management fees			15,534				15,921			14,518				5,532
Tax expenses			68				2			-				3
Total expenses			15,602				15,923			14,518				5,535
Less: Waivers			-				-			-				-
Net expenses			15,602				15,923			14,518				5,535
Net investment income			88,196				115,403			85,930				50,823
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities			-				-			-				3,433
Affiliated investment securities			-				-			-				-
Net realized gain (loss)			-				-			-				3,433
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities			(137,605	)			22,346			(49,413	)			(100,141	)
Affiliated investment securities			-				-			-				-
Change in net unrealized appreciation (depreciation)			(137,605	)			22,346			(49,413	)			(100,141	)
Net realized and unrealized gain (loss)			(137,605	)			22,346			(49,413	)			(96,708	)
Net increase (decrease) in net assets resulting from operations		$	(49,409	)		$	137,749		$	36,517			$	(45,885	)

^(a)  For the period September 14, 2020 (commencement of investment operations) through February 28, 2021.

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

  188  

Invesco BulletShares 2029 Municipal Bond  ETF (BSMT)				Invesco BulletShares 2030 Municipal Bond ETF (BSMU)(a)				Invesco BulletShares 2021 USD Emerging Markets Debt  ETF (BSAE)				Invesco BulletShares 2022 USD Emerging Markets Debt  ETF (BSBE)				Invesco BulletShares 2023 USD Emerging Markets Debt  ETF (BSCE)				Invesco BulletShares 2024 USD Emerging Markets Debt  ETF (BSDE)
	$	56,969			$	40,004			$	185,225			$	213,603			$	211,234			$	280,120
		-				-				31				13				17				9
		-				-				-				121				733				778
		-				-				-				(314	)			(1,012	)			(1,080	)
		56,969				40,004				185,256				213,423				210,972				279,827
		5,799				4,129				14,558				15,559				15,664				22,678
		4				-				-				-				-				-
		5,803				4,129				14,558				15,559				15,664				22,678
		-				-				(102	)			(58	)			(68	)			(52	)
		5,803				4,129				14,456				15,501				15,596				22,626
		51,166				35,875				170,800				197,922				195,376				257,201
		-				-				24,202				34,891				26,236				(87,155	)
		-				-				-				5				16				18
		-				-				24,202				34,896				26,252				(87,137	)
		(180,172	)			(43,290	)			(109,797	)			(66,215	)			7,362				252,852
		-				-				-				-				-				5
		(180,172	)			(43,290	)			(109,797	)			(66,215	)			7,362				252,857
		(180,172	)			(43,290	)			(85,595	)			(31,319	)			33,614				165,720
	$	(129,006	)		$	(7,415	)		$	85,205			$	166,603			$	228,990			$	422,921

  189  

Statements of Changes in Net Assets

For the six months ended February 28, 2021 and the year ended August 31, 2020

(Unaudited)

	Invesco BulletShares 2021 Corporate Bond ETF (BSCL)								Invesco BulletShares 2022 Corporate Bond ETF  (BSCM)
	Six Months Ended February 28, 2021				Year Ended August 31, 2020				Six Months Ended February 28, 2021				Year Ended August 31, 2020
Operations:
Net investment income		$	17,475,177			$	44,017,949			$	19,991,432			$	42,543,772
Net realized gain (loss)			5,030,353				3,914,230				5,507,837				7,779,852
Change in net unrealized appreciation (depreciation)			(18,564,985	)			5,442,347				(17,188,769	)			26,312,413
Net increase (decrease) in net assets resulting from operations			3,940,545				53,374,526				8,310,500				76,636,037
Distributions to Shareholders from:
Distributable earnings			(22,379,024	)			(45,210,380	)			(27,287,457	)			(44,102,171	)
Shareholder Transactions:
Proceeds from shares sold			105,353,258				574,470,776				280,926,304				769,119,905
Value of shares repurchased			(149,388,549	)			(170,441,189	)			(19,543,085	)			(131,081,123	)
Transaction fees			-				-				-				-
Net increase (decrease) in net assets resulting from share transactions			(44,035,291	)			404,029,587				261,383,219				638,038,782
Net increase (decrease) in net assets			(62,473,770	)			412,193,733				242,406,262				670,572,648
Net assets:
Beginning of period			2,032,712,461				1,620,518,728				2,039,560,166				1,368,987,518
End of period		$	1,970,238,691			$	2,032,712,461			$	2,281,966,428			$	2,039,560,166
Changes in Shares Outstanding:
Shares sold			4,950,000				27,000,000				12,900,000				35,700,000
Shares repurchased			(7,050,000	)			(8,100,000	)			(900,000	)			(6,150,000	)
Shares outstanding, beginning of period			95,250,000				76,350,000				93,300,000				63,750,000
Shares outstanding, end of period			93,150,000				95,250,000				105,300,000				93,300,000

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

  190  

Invesco BulletShares 2023       Corporate Bond ETF (BSCN)								Invesco BulletShares 2024 Corporate Bond ETF (BSCO)								Invesco BulletShares 2025 Corporate Bond ETF (BSCP)								Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)
Six Months Ended February 28,              2021				Year Ended August 31, 2020				Six Months Ended February 28, 2021				Year Ended August 31, 2020				Six Months Ended February 28, 2021				Year Ended August 31, 2020				Six Months Ended February 28, 2021				Year Ended August 31, 2020
	$	14,700,563			$	28,478,963			$	12,911,830			$	22,728,427			$	7,724,406			$	12,501,392			$	3,662,850			$	5,606,420
		3,275,827				283,883				2,699,696				(946,246	)			1,200,228				1,566,047				187,050				(29,218	)
		(7,749,521	)			30,381,610				(4,706,411	)			35,559,432				(10,314,328	)			22,194,705				(5,433,188	)			13,439,884
		10,226,869				59,144,456				10,905,115				57,341,613				(1,389,694	)			36,262,144				(1,583,288	)			19,017,086
		(15,074,643	)			(28,952,201	)			(13,005,387	)			(22,970,429	)			(7,753,035	)			(12,735,015	)			(3,698,273	)			(5,773,325	)
		383,298,993				555,967,612				294,321,431				530,671,776				323,891,128				332,520,312				124,045,577				159,454,420
		-				(69,240,676	)			(6,667,299	)			(55,489,981	)			(3,367,625	)			(34,774,432	)			-				(11,750,028	)
		-				-				-				-				-				-				-				55,068
		383,298,993				486,726,936				287,654,132				475,181,795				320,523,503				297,745,880				124,045,577				147,759,460
		378,451,219				516,919,191				285,553,860				509,552,979				311,380,774				321,273,009				118,764,016				161,003,221
		1,341,077,757				824,158,566				1,085,250,953				575,697,974				632,833,699				311,560,690				293,682,119				132,678,898
	$	1,719,528,976			$	1,341,077,757			$	1,370,804,813			$	1,085,250,953			$	944,214,473			$	632,833,699			$	412,446,135			$	293,682,119
		17,550,000				25,950,000				13,200,000				24,600,000				14,400,000				15,300,000				5,700,000				7,650,000
		-				(3,300,000	)			(300,000	)			(2,700,000	)			(150,000	)			(1,650,000	)			-				(600,000	)
		61,350,000				38,700,000				48,750,000				26,850,000				28,200,000				14,550,000				13,500,000				6,450,000
		78,900,000				61,350,000				61,650,000				48,750,000				42,450,000				28,200,000				19,200,000				13,500,000

  191  

Statements of Changes in Net Assets—(continued)

For the six months ended February 28, 2021 and the year ended August 31, 2020

(Unaudited)

	Invesco BulletShares 2027 Corporate Bond ETF (BSCR)								Invesco BulletShares 2028 Corporate Bond ETF (BSCS)
	Six Months Ended February 28, 2021				Year Ended August 31, 2020				Six Months Ended February 28, 2021				Year Ended August 31, 2020
Operations:
Net investment income		$	2,906,441			$	3,996,644			$	1,819,214			$	2,628,318
Net realized gain (loss)			951,074				50,292				125,562				709,008
Change in net unrealized appreciation (depreciation)			(3,551,315	)			9,841,463				(2,897,698	)			5,742,085
Net increase (decrease) in net assets resulting from operations			306,200				13,888,399				(952,922	)			9,079,411
Distributions to Shareholders from:
Distributable earnings			(2,924,346	)			(4,062,137	)			(1,835,177	)			(2,657,051	)
Shareholder Transactions:
Proceeds from shares sold			73,286,680				152,675,975				66,396,390				95,862,123
Value of shares repurchased			(6,649,169	)			(3,336,772	)			-				(9,855,620	)
Transaction fees			-				40,755				-				106,411
Net increase (decrease) in net assets resulting from share transactions			66,637,511				149,379,958				66,396,390				86,112,914
Net increase (decrease) in net assets			64,019,365				159,206,220				63,608,291				92,535,274
Net assets:
Beginning of period			231,615,930				72,409,710				129,018,493				36,483,219
End of period		$	295,635,295			$	231,615,930			$	192,626,784			$	129,018,493
Changes in Shares Outstanding:
Shares sold			3,300,000				7,200,000				2,850,000				4,350,000
Shares repurchased			(300,000	)			(150,000	)			-				(450,000	)
Shares outstanding, beginning of period			10,500,000				3,450,000				5,550,001				1,650,001
Shares outstanding, end of period			13,500,000				10,500,000				8,400,001				5,550,001

^(a)  For the period September 10, 2019 (commencement of investment operations) through August 31, 2020.

^(b)  For the period September 14, 2020 (commencement of investment operations) through February 28, 2021.

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

  192  

Invesco BulletShares 2029 Corporate Bond ETF (BSCT)								Invesco BulletShares 2030 Corporate Bond ETF (BSCU)				Invesco BulletShares 2021 High  Yield Corporate Bond ETF (BSJL)								Invesco BulletShares 2022 High Yield Corporate Bond ETF (BSJM)
Six Months Ended February 28, 2021				Period Ended August 31, 2020(a)				Period Ended February 28, 2021(b)				Six Months Ended February 28, 2021				Year Ended August 31, 2020				Six Months Ended February 28, 2021				Year Ended August 31, 2020
	$	545,688			$	372,465			$	83,868			$	15,859,814			$	42,164,434			$	14,207,297			$	29,668,069
		2,490				1,696				1,200				1,603,456				(77,344,552	)			1,891,149				(51,423,855	)
		(2,103,794	)			1,318,140				(633,325	)			(2,450,449	)			(120,964	)			5,136,479				1,891,106
		(1,555,616	)			1,692,301				(548,257	)			15,012,821				(35,301,082	)			21,234,925				(19,864,680	)
		(571,050	)			(372,494	)			(79,577	)			(15,800,865	)			(43,521,860	)			(14,181,224	)			(29,866,686	)
		64,727,957				24,465,583				21,064,407				18,450,879				424,390,137				176,845,911				357,749,225
		-				-				-				(198,706,579	)			(201,879,059	)			(41,793,553	)			(142,145,426	)
		-				29,577				-				-				-				-				-
		64,727,957				24,495,160				21,064,407				(180,255,700	)			222,511,078				135,052,358				215,603,799
		62,601,291				25,814,967				20,436,573				(181,043,744	)			143,688,136				142,106,059				165,872,433
		25,814,967				-				-				992,194,180				848,506,044				677,613,309				511,740,876
	$	88,416,258			$	25,814,967			$	20,436,573			$	811,150,436			$	992,194,180			$	819,719,368			$	677,613,309
		3,000,000				1,200,001				1,050,001				800,000				17,600,000				7,600,000				15,000,000
		-				-				-				(8,600,000	)			(9,100,000	)			(1,800,000	)			(6,500,000	)
		1,200,001				-				-				43,000,000				34,500,000				29,500,000				21,000,000
		4,200,001				1,200,001				1,050,001				35,200,000				43,000,000				35,300,000				29,500,000

  193  

Statements of Changes in Net Assets—(continued)

For the six months ended February 28, 2021 and the year ended August 31, 2020

(Unaudited)

	Invesco BulletShares 2023 High Yield Corporate Bond ETF (BSJN)								Invesco BulletShares 2024 High Yield Corporate Bond ETF (BSJO)
	Six Months Ended February 28, 2021				Year Ended August 31, 2020				Six Months Ended February 28, 2021				Year Ended August 31, 2020
Operations:
Net investment income		$	9,776,974			$	16,749,316			$	4,612,543			$	6,914,444
Net realized gain (loss)			2,057,330				(21,798,181	)			496,689				(5,822,561	)
Change in net unrealized appreciation (depreciation)			4,801,258				3,694,568				3,488,933				(315,939	)
Net increase (decrease) in net assets resulting from operations			16,635,562				(1,354,297	)			8,598,165				775,944
Distributions to Shareholders from:
Distributable earnings			(9,873,165	)			(16,901,342	)			(4,549,216	)			(6,970,883	)
Shareholder Transactions:
Proceeds from shares sold			168,962,519				225,232,589				91,801,801				124,971,617
Value of shares repurchased			(35,517,219	)			(60,935,200	)			(12,482,864	)			(41,923,673	)
Transaction fees			-				174,480				-				126,656
Net increase (decrease) in net assets resulting from share transactions			133,445,300				164,471,869				79,318,937				83,174,600
Net increase (decrease) in net assets			140,207,697				146,216,230				83,367,886				76,979,661
Net assets:
Beginning of period			389,906,877				243,690,647				175,240,771				98,261,110
End of period		$	530,114,574			$	389,906,877			$	258,608,657			$	175,240,771
Changes in Shares Outstanding:
Shares sold			6,700,000				8,900,000				3,700,000				5,100,000
Shares repurchased			(1,400,000	)			(2,600,000	)			(500,000	)			(1,800,000	)
Shares outstanding, beginning of period			15,700,000				9,400,000				7,200,000				3,900,000
Shares outstanding, end of period			21,000,000				15,700,000				10,400,000				7,200,000

^(a)  For the period September 10, 2019 (commencement of investment operations) through August 31, 2020.

^(b)  For the period September 14, 2020 (commencement of investment operations) through February 28, 2021.

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

  194  

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)								Invesco BulletShares 2028 High  Yield Corporate Bond ETF (BSJS)
Six Months Ended February  28, 2021				Year Ended August 31, 2020				Six Months Ended February  28, 2021				Year Ended August 31, 2020				Six Months Ended February  28, 2021				Period Ended August 31, 2020(a)				Period Ended February 28, 2021(b)
	$	3,968,547			$	5,625,814			$	1,412,156			$	2,582,580			$	458,743			$	647,475			$	159,804
		536,907				(3,283,617	)			772,875				(1,561,684	)			527,303				(640,975	)			26,469
		3,555,358				(631,688	)			568,289				482,883				(193,394	)			616,608				90,165
		8,060,812				1,710,509				2,753,320				1,503,779				792,652				623,108				276,438
		(4,010,026	)			(5,677,725	)			(1,394,200	)			(2,614,898	)			(478,456	)			(634,455	)			(136,400	)
		87,522,825				88,216,937				20,458,301				83,092,040				12,751,676				31,101,013				10,025,460
		(2,462,697	)			(29,485,331	)			(22,606,472	)			(32,958,978	)			(7,607,100	)			(11,216,921	)			-
		751				109,821				-				56,606				-				52,679				-
		85,060,879				58,841,427				(2,148,171	)			50,189,668				5,144,576				19,936,771				10,025,460
		89,111,665				54,874,211				(789,051	)			49,078,549				5,458,772				19,925,424				10,165,498
		130,752,740				75,878,529				74,780,244				25,701,695				19,925,424				-				-
	$	219,864,405			$	130,752,740			$	73,991,193			$	74,780,244			$	25,384,196			$	19,925,424			$	10,165,498
		3,600,000				3,700,000				800,000				3,300,000				500,000				1,300,001				400,001
		(100,000	)			(1,300,000	)			(900,000	)			(1,300,000	)			(300,000	)			(500,000	)			-
		5,500,000				3,100,000				3,000,001				1,000,001				800,001				-				-
		9,000,000				5,500,000				2,900,001				3,000,001				1,000,001				800,001				400,001

  195  

Statements of Changes in Net Assets��(continued)

For the six months ended February 28, 2021 and the year ended August 31, 2020

(Unaudited)

	Invesco BulletShares 2021 Municipal Bond ETF (BSML)								Invesco BulletShares 2022 Municipal Bond ETF (BSMM)
	Six Months Ended February  28, 2021				Period Ended August 31, 2020(a)				Six Months Ended February  28, 2021				Period Ended August 31, 2020(a)
Operations:
Net investment income		$	76,464			$	116,507			$	87,269			$	124,169
Net realized gain			-				-				1,488				890
Change in net unrealized appreciation (depreciation)			(33,219	)			92,445				904				130,778
Net increase (decrease) in net assets resulting from operations			43,245				208,952				89,661				255,837
Distributions to Shareholders from:
Distributable earnings			(77,082	)			(118,503	)			(91,243	)			(123,778	)
Shareholder Transactions:
Proceeds from shares sold			15,145,638				25,125,540				20,280,784				27,667,555
Transaction fees			37,864				37,814				50,702				44,864
Net increase in net assets resulting from share transactions			15,183,502				25,163,354				20,331,486				27,712,419
Net increase in net assets			15,149,665				25,253,803				20,329,904				27,844,478
Net assets:
Beginning of period			25,253,803				-				27,844,478				-
End of period		$	40,403,468			$	25,253,803			$	48,174,382			$	27,844,478
Changes in Shares Outstanding:
Shares sold			600,000				1,000,001				800,000				1,100,001
Shares outstanding, beginning of period			1,000,001				-				1,100,001				-
Shares outstanding, end of period			1,600,001				1,000,001				1,900,001				1,100,001

^(a)  For the period September 23, 2019 (commencement of investment operations) through August 31, 2020.

^(c)  For the period October 2, 2018 (commencement of investment operations) through August 31, 2019.

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

  196  

Invesco BulletShares 2023 Municipal Bond ETF (BSMN)								Invesco BulletShares 2024 Municipal Bond ETF (BSMO)								Invesco BulletShares 2025 Municipal Bond ETF (BSMP)								Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)
Six Months Ended February 28, 2021				Period Ended August 31, 2020(a)				Six Months Ended February 28, 2021				Period Ended August 31, 2020(a)				Six Months Ended February 28, 2021				Period Ended August 31, 2020(c)				Six Months Ended February 28, 2021				Period Ended August 31, 2020(a)
	$	67,636			$	107,747			$	77,067			$	122,951			$	88,196			$	131,855			$	115,403			$	163,233
		-				1,102				-				70				-				178				-				-
		(10,757	)			178,485				(47,849	)			215,497				(137,605	)			281,492				22,346				175,873
		56,879				287,334				29,218				338,518				(49,409	)			413,525				137,749				339,106
		(69,771	)			(107,428	)			(80,902	)			(123,875	)			(100,069	)			(131,372	)			(115,004	)			(164,122	)
		12,765,246				15,104,416				15,397,532				12,547,750				15,501,413				10,000,025				7,665,174				12,564,798
		31,913				-				38,494				-				38,754				-				-				-
		12,797,159				15,104,416				15,436,026				12,547,750				15,540,167				10,000,025				7,665,174				12,564,798
		12,784,267				15,284,322				15,384,342				12,762,393				15,390,689				10,282,178				7,687,919				12,739,782
		15,284,322				-				12,762,393				-				10,282,178				-				12,739,782				-
	$	28,068,589			$	15,284,322			$	28,146,735			$	12,762,393			$	25,672,867			$	10,282,178			$	20,427,701			$	12,739,782
		500,000				600,001				600,000				500,001				600,000				400,001				300,000				500,001
		600,001				-				500,001				-				400,001				-				500,001				-
		1,100,001				600,001				1,100,001				500,001				1,000,001				400,001				800,001				500,001

  197  

Statements of Changes in Net Assets—(continued)

For the six months ended February 28, 2021 and the year ended August 31, 2020

(Unaudited)

	Invesco BulletShares 2027 Municipal Bond ETF (BSMR)								Invesco BulletShares 2028 Municipal Bond ETF (BSMS)
	Six Months Ended February  28, 2021				Period Ended August 31, 2020(a)				Six Months Ended February  28, 2021				Period Ended August 31, 2020(a)
Operations:
Net investment income		$	85,930			$	85,718			$	50,823			$	85,066
Net realized gain (loss)			-				-				3,433				-
Change in net unrealized appreciation (depreciation)			(49,413	)			(35,001	)			(100,141	)			140,281
Net increase (decrease) in net assets resulting from operations			36,517				50,717				(45,885	)			225,347
Distributions to Shareholders from:
Distributable earnings			(85,232	)			(85,718	)			(50,048	)			(84,808	)
Return of capital			-				(8,108	)			-				-
Total distributions to shareholders			(85,232	)			(93,826	)			(50,048	)			(84,808	)
Shareholder Transactions:
Proceeds from shares sold			2,569,911				15,221,804				5,176,748				5,000,025
Transaction fees			6,425				25,554				12,942				-
Net increase in net assets resulting from share transactions			2,576,336				15,247,358				5,189,690				5,000,025
Net increase (decrease) in net assets			2,527,621				15,204,249				5,093,757				5,140,564
Net assets:
Beginning of period			15,204,249				-				5,140,564				-
End of period		$	17,731,870			$	15,204,249			$	10,234,321			$	5,140,564
Changes in Shares Outstanding:
Shares sold			100,000				600,001				200,000				200,001
Shares outstanding, beginning of period			600,001				-				200,001				-
Shares outstanding, end of period			700,001				600,001				400,001				200,001

^(a) For the period September 23, 2019 (commencement of investment operations) through August 31, 2020.

^(b)  For the period September 14, 2020 (commencement of investment operations) through February 28, 2021.

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

  198  

Invesco BulletShares 2029  Municipal Bond ETF (BSMT)								Invesco BulletShares 2030 Municipal Bond ETF (BSMU)				Invesco BulletShares 2021 USD  Emerging Markets Debt ETF (BSAE)								Invesco BulletShares 2022 USD  Emerging Markets Debt ETF (BSBE)
Six Months Ended February  28, 2021				Period Ended August 31, 2020(a)				Period Ended February 28, 2021(b)				Six Months Ended February  28, 2021				Year Ended August 31, 2020				Six Months Ended February  28, 2021				Year Ended August  31, 2020
	$	51,166			$	88,406			$	35,875			$	170,800			$	383,358			$	197,922			$	415,415
		-				-				-				24,202				(4,806	)			34,896				(47,334	)
		(180,172	)			133,163				(43,290	)			(109,797	)			(43,564	)			(66,215	)			37,062
		(129,006	)			221,569				(7,415	)			85,205				334,988				166,603				405,143
		(52,709	)			(88,142	)			(28,420	)			(174,544	)			(383,358	)			(229,941	)			(436,417	)
		-				-				-				-				(5,139	)			-				-
		(52,709	)			(88,142	)			(28,420	)			(174,544	)			(388,497	)			(229,941	)			(436,417	)
		5,216,422				5,000,025				5,000,025				-				-				18,124,485				-
		13,041				-				-				-				-				-				-
		5,229,463				5,000,025				5,000,025				-				-				18,124,485				-
		5,047,748				5,133,452				4,964,190				(89,339	)			(53,509	)			18,061,147				(31,274	)
		5,133,452				-				-				10,159,444				10,212,953				10,333,563				10,364,837
	$	10,181,200			$	5,133,452			$	4,964,190			$	10,070,105			$	10,159,444			$	28,394,710			$	10,333,563
		200,000				200,001				200,001				-				-				700,000				-
		200,001				-				-				400,001				400,001				400,001				400,001
		400,001				200,001				200,001				400,001				400,001				1,100,001				400,001

  199  

Statements of Changes in Net Assets—(continued)

For the six months ended February 28, 2021 and the year ended August 31, 2020

(Unaudited)

	Invesco BulletShares 2023 USD  Emerging Markets Debt ETF (BSCE)								Invesco BulletShares 2024 USD  Emerging Markets Debt ETF (BSDE)
	Six Months Ended February 28, 2021				Year Ended August 31, 2020				Six Months Ended February  28, 2021				Year Ended August  31, 2020
Operations:
Net investment income		$	195,376			$	410,827			$	257,201			$	496,277
Net realized gain (loss)			26,252				(85,056	)			(87,137	)			(514,321	)
Change in net unrealized appreciation.			7,362				87,867				252,857				54,147
Net increase in net assets resulting from operations.			228,990				413,638				422,921				36,103
Distributions to Shareholders from:
Distributable earnings			(194,741	)			(453,757	)			(265,236	)			(543,136	)
Shareholder Transactions:
Proceeds from shares sold			18,376,099				-				2,630,174				7,925,466
Value of shares repurchased			-				-				-				(2,434,008	)
Transaction fees			-				-				-				32,173
Net increase (decrease) in net assets			18,410,348				(40,119	)			2,787,859				5,016,598
Net assets:
Beginning of period			10,425,948				10,466,067				15,591,922				10,575,324
End of period		$	28,836,296			$	10,425,948			$	18,379,781			$	15,591,922
Changes in Shares Outstanding:
Shares sold			700,000				-				100,000				300,000
Shares repurchased			-				-				-				(100,000	)
Shares outstanding, beginning of period			400,001				400,001				600,001				400,001
Shares outstanding, end of period			1,100,001				400,001				700,001				600,001

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

  200  

Financial Highlights

Invesco BulletShares 2021 Corporate Bond ETF (BSCL)

	Six Months Ended February 28, 2021				Years Ended August 31,								Three Months Ended August 31,				Years Ended May 31,
	(Unaudited)				2020				2019				2018				2018				2017				2016
Per Share Operating Performance:
Net asset value at beginning of period		$	21.34			$	21.22			$	20.74			$	20.76			$	21.31			$	21.14			$	21.11
Net investment income(a)			0.18				0.51				0.57				0.13				0.50				0.52				0.57
Net realized and unrealized gain (loss) on investments			(0.15	)			0.14				0.49				(0.00	)(b)			(0.53	)			0.16				0.01
Total from investment operations			0.03				0.65				1.06				0.13				(0.03	)			0.68				0.58
Distributions to shareholders from:
Net investment income			(0.18	)			(0.52	)			(0.58	)			(0.15	)			(0.50	)			(0.50	)			(0.55	)
Net realized gains			(0.04	)			(0.01	)			(0.00	)(b)			-				(0.02	)			(0.01	)			-
Total distributions			(0.22	)			(0.53	)			(0.58	)			(0.15	)			(0.52	)			(0.51	)			(0.55	)
Net asset value at end of period		$	21.15			$	21.34			$	21.22			$	20.74			$	20.76			$	21.31			$	21.14
Market price at end of period		$	21.16	(c)		$	21.36	(c)		$	21.28	(c)		$	20.81	(c)		$	20.79	(c)		$	21.36			$	21.17
Net Asset Value Total Return(d)			0.18	%			3.10	%			5.19	%			0.62	%			(0.15	)%			3.28	%			2.81	%
Market Price Total Return(d)			0.14	%			2.92	%			5.12	%			0.81	%			(0.25	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	1,970,239			$	2,032,712			$	1,620,519			$	995,661			$	921,704			$	667,988			$	361,425
Ratio to average net assets of:
Expenses, after Waivers			0.10	%(e)			0.10	%			0.10	%			0.10	%(e)			0.22	%			0.24	%			0.24	%
Expenses, prior to Waivers			0.10	%(e)			0.10	%			0.10	%			0.10	%(e)			0.22	%
Net investment income			1.70	%(e)			2.42	%			2.73	%			2.57	%(e)			2.36	%			2.44	%			2.75	%
Portfolio turnover rate(f)			6	%			18	%			6	%			3	%			7	%			5	%			6	%

^(a)  Based on average shares outstanding.

^(b)  Amount represents less than $0.005.

^(c)  The mean between the last bid and ask prices.

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

^(e)  Annualized.

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

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

  201  

Financial Highlights—(continued)

Invesco BulletShares 2022 Corporate Bond ETF (BSCM)

	Six Months Ended February 28, 2021 (Unaudited)												Three Months Ended August  31, 2018
					Years Ended August 31,												Years Ended May 31,
					2020				2019								2018				2017				2016
Per Share Operating Performance:
Net asset value at beginning of period		$	21.86			$	21.47			$	20.69			$	20.69			$	21.33			$	21.08			$	21.03
Net investment income(a)			0.20				0.54				0.61				0.15				0.54				0.55				0.59
Net realized and unrealized gain (loss) on investments			(0.11	)			0.41				0.79				0.01				(0.64	)			0.25				0.05
Total from investment operations			0.09				0.95				1.40				0.16				(0.10	)			0.80				0.64
Distributions to shareholders from:
Net investment income			(0.21	)			(0.55	)			(0.62	)			(0.16	)			(0.53	)			(0.54	)			(0.59	)
Net realized gains			(0.07	)			(0.01	)			-				-				(0.01	)			(0.01	)			(0.00	)(b)
Total distributions			(0.28	)			(0.56	)			(0.62	)			(0.16	)			(0.54	)			(0.55	)			(0.59	)
Net asset value at end of period		$	21.67			$	21.86			$	21.47			$	20.69			$	20.69			$	21.33			$	21.08
Market price at end of period		$	21.67	(c)		$	21.85	(c)		$	21.53	(c)		$	20.74	(c)		$	20.74	(c)		$	21.37			$	21.11
Net Asset Value Total Return(d)			0.39	%			4.51	%			6.89	%			0.78	%			(0.50	)%			3.82	%			3.15	%
Market Price Total Return(d)			0.43	%			4.18	%			6.93	%			0.77	%			(0.45	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	2,281,966			$	2,039,560			$	1,368,988			$	825,429			$	760,420			$	518,404			$	306,685
Ratio to average net assets of:
Expenses, after Waivers			0.10	%(e)			0.10	%			0.10	%			0.10	%(e)			0.22	%			0.24	%			0.24	%
Expenses, prior to Waivers			0.10	%(e)			0.10	%			0.10	%			0.10	%(e)			0.22	%
Net investment income			1.87	%(e)			2.49	%			2.91	%			2.80	%(e)			2.58	%			2.63	%			2.87	%
Portfolio turnover rate(f)			9	%			19	%			4	%			0	%(g)			8	%			10	%			5	%

^(a)  Based on average shares outstanding.

^(b)  Amount represents less than $0.005.

^(c)  The mean between the last bid and ask prices.

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

^(e)  Annualized.

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

^(g)  Amount represents less than 0.5%.

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

  202  

Financial Highlights—(continued)

Invesco BulletShares 2023 Corporate Bond ETF (BSCN)

	Six Months Ended February 28, 2021				Years Ended August 31,								Three Months Ended August 31,				Years Ended May 31,
	(Unaudited)				2020				2019				2018				2018				2017				2016
Per Share Operating Performance:
Net asset value at beginning of period		$	21.86			$	21.30			$	20.27			$	20.27			$	20.97			$	20.82			$	20.56
Net investment income(a)			0.22				0.56				0.64				0.15				0.58				0.61				0.65
Net realized and unrealized gain (loss) on investments			(0.07	)			0.57				1.03				0.02				(0.68	)			0.19				0.22
Total from investment operations			0.15				1.13				1.67				0.17				(0.10	)			0.80				0.87
Distributions to shareholders from:
Net investment income			(0.22	)			(0.57	)			(0.64	)			(0.17	)			(0.56	)			(0.60	)			(0.61	)
Net realized gains			(0.00	)(b)			(0.00	)(b)			(0.00	)(b)			-				(0.04	)			(0.05	)			(0.00	)(b)
Total distributions			(0.22	)			(0.57	)			(0.64	)			(0.17	)			(0.60	)			(0.65	)			(0.61	)
Net asset value at end of period		$	21.79			$	21.86			$	21.30			$	20.27			$	20.27			$	20.97			$	20.82
Market price at end of period		$	21.81	(c)		$	21.88	(c)		$	21.35	(c)		$	20.31	(c)		$	20.30	(c)		$	21.03			$	20.91
Net Asset Value Total Return(d)			0.69	%			5.43	%			8.44	%			0.84	%			(0.50	)%			3.92	%			4.37	%
Market Price Total Return(d)			0.69	%			5.28	%			8.47	%			0.88	%			(0.65	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	1,719,529			$	1,341,078			$	824,159			$	383,069			$	349,603			$	188,736			$	131,162
Ratio to average net assets of:
Expenses, after Waivers			0.10	%(e)			0.10	%			0.10	%			0.10	%(e)			0.21	%			0.24	%			0.16	%(f)
Expenses, prior to Waivers			0.10	%(e)			0.10	%			0.10	%			0.10	%(e)			0.22	%			0.24	%			0.22	%
Net investment income			1.99	%(e)			2.63	%			3.11	%			3.00	%(e)			2.80	%			2.92	%			3.21	%
Portfolio turnover rate(g)			6	%			9	%			6	%			0	%(h)			7	%			15	%			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)  Annualized.

^(f)  Reflects fees voluntarily waived or reimbursed by the Adviser.

^(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.

  203  

Financial Highlights—(continued)

Invesco BulletShares 2024 Corporate Bond ETF (BSCO)

	Six Months Ended February 28, 2021												Three Months Ended August 31,
					Years Ended August 31,												Years Ended May 31,
	(Unaudited)				2020				2019				2018				2018				2017				2016
Per Share Operating Performance:
Net asset value at beginning of period		$	22.26			$	21.44			$	20.15			$	20.13			$	20.88			$	20.74			$	20.52
Net investment income(a)			0.24				0.58				0.68				0.17				0.64				0.64				0.67
Net realized and unrealized gain (loss) on investments			(0.02	)			0.83				1.30				0.03				(0.76	)			0.15				0.22
Total from investment operations			0.22				1.41				1.98				0.20				(0.12	)			0.79				0.89
Distributions to shareholders from:
Net investment income			(0.24	)			(0.59	)			(0.69	)			(0.18	)			(0.63	)			(0.62	)			(0.65	)
Net realized gains.			-				-				-				-				-				(0.03	)			(0.02	)
Total distributions			(0.24	)			(0.59	)			(0.69	)			(0.18	)			(0.63	)			(0.65	)			(0.67	)
Net asset value at end of period		$	22.24			$	22.26			$	21.44			$	20.15			$	20.13			$	20.88			$	20.74
Market price at end of period		$	22.25	(b)		$	22.28	(b)		$	21.50	(b)		$	20.20	(b)		$	20.18	(b)		$	20.92			$	20.80
Net Asset Value Total Return(c)			1.00	%			6.72	%			10.08	%			1.01	%			(0.62	)%			3.88	%			4.50	%
Market Price Total Return(c)			0.96	%			6.51	%			10.11	%			1.01	%			(0.58	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	1,370,805			$	1,085,251			$	575,698			$	311,363			$	292,963			$	162,864			$	96,423
Ratio to average net assets of:
Expenses, after Waivers			0.10	%(d)			0.10	%			0.10	%			0.10	%(d)			0.21	%			0.24	%			0.11	%(e)
Expenses, prior to Waivers			0.10	%(d)			0.10	%			0.10	%			0.10	%(d)			0.22	%			0.24	%			0.21	%
Net investment income			2.18	%(d)			2.70	%			3.29	%			3.29	%(d)			3.10	%			3.12	%			3.33	%
Portfolio turnover rate(f)			3	%			6	%			5	%			2	%			5	%			18	%			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)  Annualized.

^(e)  Reflects fees voluntarily waived or reimbursed by the Adviser.

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

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

  204  

Financial Highlights—(continued)

Invesco BulletShares 2025 Corporate Bond ETF (BSCP)

	Six Months Ended February 28, 2021												Three Months Ended August 31,												For the Period October 7, 2015(a) Through May 31,
					Years Ended August 31,												Years Ended May 31,
	(Unaudited)				2020				2019				2018				2018				2017				2016
Per Share Operating Performance:
Net asset value at beginning of period		$	22.44			$	21.41			$	19.89			$	19.84			$	20.67			$	20.65			$	20.02
Net investment income(b)			0.22				0.60				0.70				0.17				0.64				0.62				0.42
Net realized and unrealized gain
(loss) on investments			(0.19	)			1.05				1.51				0.07				(0.85	)			0.05				0.53
Total from investment operations			0.03				1.65				2.21				0.24				(0.21	)			0.67				0.95
Distributions to shareholders from:
Net investment income			(0.23	)			(0.62	)			(0.69	)			(0.19	)			(0.62	)			(0.59	)			(0.32	)
Net realized gains			-				-				-				-				-				(0.06	)			-
Total distributions			(0.23	)			(0.62	)			(0.69	)			(0.19	)			(0.62	)			(0.65	)			(0.32	)
Net asset value at end of period		$	22.24			$	22.44			$	21.41			$	19.89			$	19.84			$	20.67			$	20.65
Market price at end of period		$	22.25	(c)		$	22.45	(c)		$	21.44	(c)		$	19.96	(c)		$	19.85	(c)		$	20.71			$	20.71
Net Asset Value Total Return(d)			0.10	%			7.86	%			11.39	%			1.19	%			(1.04	)%			3.29	%			4.81	%
Market Price Total Return(d)			0.10	%			7.75	%			11.14	%			1.50	%			(1.19	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	944,214			$	632,834			$	311,561			$	116,344			$	104,181			$	68,198			$	27,878
Ratio to average net assets of:
Expenses, after Waivers			0.10	%(e)			0.10	%			0.10	%			0.10	%(e)			0.22	%			0.24	%			0.24	%(e)
Expenses, prior to Waivers			0.10	%(e)			0.10	%			0.10	%			0.10	%(e)			0.22	%
Net investment income			2.01	%(e)			2.77	%			3.42	%			3.38	%(e)			3.14	%			3.04	%			3.22	%(e)
Portfolio turnover rate(f)			3	%			9	%			3	%			1	%			14	%			18	%			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)  Annualized.

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

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

  205  

Financial Highlights—(continued)

Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)

	Six Months Ended February 28, 2021				Years Ended August 31,								Three Months Ended August 31,				Year Ended May 31,				For the Period September 14, 2016(a) Through May 31,
	(Unaudited)				2020				2019				2018				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	21.75			$	20.57			$	18.84			$	18.82			$	19.66			$	19.88
Net investment income(b)			0.24				0.57				0.66				0.16				0.61				0.41
Net realized and unrealized gain (loss) on investments			(0.27	)			1.20				1.71				0.04				(0.89	)			(0.32	)
Total from investment operations			(0.03	)			1.77				2.37				0.20				(0.28	)			0.09
Distributions to shareholders from:
Net investment income			(0.24	)			(0.58	)			(0.66	)			(0.18	)			(0.59	)			(0.31	)
Net realized gains			-				(0.02	)			(0.00	)(c)			-				(0.00	)(c)			-
Total distributions			(0.24	)			(0.60	)			(0.66	)			(0.18	)			(0.59	)			(0.31	)
Transaction fees(b)			-				0.01				0.02				-				0.03				-
Net asset value at end of period		$	21.48			$	21.75			$	20.57			$	18.84			$	18.82			$	19.66
Market price at end of period		$	21.49	(d)		$	21.78	(d)		$	20.62	(d)		$	18.88	(d)		$	18.81	(d)		$	19.69
Net Asset Value Total Return(e)			(0.16	)%			8.85	%			13.05	%			1.07	%			(1.28	)%			0.49	%
Market Price Total Return(e)			(0.25	)%			8.73	%			13.07	%			1.34	%			(1.50	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	412,446			$	293,682			$	132,679			$	53,693			$	53,638			$	26,538
Ratio to average net assets of:
Expenses, after Waivers			0.10	%(f)			0.10	%			0.10	%			0.10	%(f)			0.21	%			0.24	%(f)
Expenses, prior to Waivers			0.10	%(f)			0.10	%			0.10	%			0.10	%(f)			0.22	%
Net investment income			2.19	%(f)			2.76	%			3.42	%			3.41	%(f)			3.16	%			3.00	%(f)
Portfolio turnover rate(g)			1	%			7	%			4	%			0	%			0	%(h)			4	%

^(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)  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.

  206  

Financial Highlights—(continued)

Invesco BulletShares 2027 Corporate Bond ETF (BSCR)

	Six Months Ended February 28, 2021				Years Ended August 31,								Three Months Ended August 31,				For the Period September 27, 2017(a) Through May 31,
	(Unaudited)				2020				2019				2018				2018
Per Share Operating Performance:
Net asset value at beginning of period		$	22.06			$	20.99			$	19.13			$	19.10			$	19.99
Net investment income(b)			0.25				0.60				0.71				0.17				0.44
Net realized and unrealized gain (loss) on investments			(0.16	)			1.08				1.84				0.04				(1.03	)
Total from investment operations			0.09				1.68				2.55				0.21				(0.59	)
Distributions to shareholders from:
Net investment income			(0.25	)			(0.61	)			(0.72	)			(0.19	)			(0.34	)
Net realized gains			-				(0.01	)			-				-				-
Total distributions			(0.25	)			(0.62	)			(0.72	)			(0.19	)			(0.34	)
Transaction fees(b)			-				0.01				0.03				0.01				0.04
Net asset value at end of period		$	21.90			$	22.06			$	20.99			$	19.13			$	19.10
Market price at end of period(c)		$	21.91			$	22.07			$	21.05			$	19.16			$	19.09
Net Asset Value Total Return(d)			0.39	%			8.25	%			13.87	%			1.16	%			(2.77	)%
Market Price Total Return(d)			0.39	%			7.98	%			14.01	%			1.37	%			(2.82	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	295,635			$	231,616			$	72,410			$	25,822			$	22,924
Ratio to average net assets of:
Expenses, after Waivers			0.10	%(e)			0.10	%			0.11	%(f)			0.10	%(e)			0.19	%(e)
Expenses, prior to Waivers			0.10	%(e)			0.10	%			0.11	%(f)			0.10	%(e)			0.20	%(e)
Net investment income			2.25	%(e)			2.83	%			3.64	%(f)			3.60	%(e)			3.35	%(e)
Portfolio turnover rate(g)			2	%			7	%			3	%			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)  Annualized.

^(f)  Ratios include non-recurring costs associated with a proxy statement of 0.01%.

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

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

  207  

Financial Highlights—(continued)

Invesco BulletShares 2028 Corporate Bond ETF (BSCS)

													For the Period
	Six Months Ended												August 7, 2018(a)
	February 28, 2021				Years Ended August 31,								Through August 31,
	(Unaudited)				2020				2019				2018
Per Share Operating Performance:
Net asset value at beginning of period		$	23.25			$	22.11			$	20.06			$	20.00
Net investment income(b)			0.27				0.64				0.77				0.05
Net realized and unrealized gain (loss) on investments			(0.32	)			1.12				1.97				0.01
Total from investment operations			(0.05	)			1.76				2.74				0.06
Distributions to shareholders from:
Net investment income			(0.27	)			(0.65	)			(0.76	)			-
Net realized gains			-				(0.00	)(c)			-				-
Total distributions.			(0.27	)			(0.65	)			(0.76	)			-
Transaction fees(b)			-				0.03				0.07				-
Net asset value at end of period		$	22.93			$	23.25			$	22.11			$	20.06
Market price at end of period(d)		$	22.95			$	23.25			$	22.17			$	20.09
Net Asset Value Total Return(e)			(0.22	)%			8.33	%			14.38	%			0.30	%(f)
Market Price Total Return(e)			(0.13	)%			8.03	%			14.51	%			0.45	%(f)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	192,627			$	129,018			$	36,483			$	6,018
Ratio to average net assets of:
Expenses			0.10	%(g)			0.10	%			0.12	%(h)			0.10	%(g)
Net investment income			2.38	%(g)			2.89	%			3.74	%(h)			3.91	%(g)
Portfolio turnover rate(i)			2	%			3	%			1	%			0	%

^(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 (August 9, 2018, the first day of trading on the Exchange) to August 31, 2018 was 0.30%. The market price total return from Fund Inception to August 31, 2018 was 0.30%.

^(g)  Annualized.

^(h)  Ratios include non-recurring costs associated with a proxy statement of 0.02%.

⁽ⁱ⁾ 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.

  208  

Financial Highlights—(continued)

Invesco BulletShares 2029 Corporate Bond ETF (BSCT)

					For the Period
	Six Months Ended				September 10, 2019(a)
	February 28,				Through
	2021				August 31,
	(Unaudited)				2020
Per Share Operating Performance:
Net asset value at beginning of period		$	21.51			$	20.00
Net investment income(b)			0.21				0.51
Net realized and unrealized gain (loss) on investments			(0.45	)			1.47
Total from investment operations			(0.24	)			1.98
Distributions to shareholders from:
Net investment income			(0.22	)			(0.51	)
Transaction fees(b)			-				0.04
Net asset value at end of period		$	21.05			$	21.51
Market price at end of period(c)		$	21.06			$	21.51
Net Asset Value Total Return(d)			(1.15	)%			10.29	%(e)
Market Price Total Return(d)			(1.10	)%			10.28	%(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	88,416			$	25,815
Ratio to average net assets of:
Expenses			0.10	%(f)			0.10	%(f)
Net investment income			2.03	%(f)			2.55	%(f)
Portfolio turnover rate(g)			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 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%.

^(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.

  209  

Financial Highlights—(continued)

Invesco BulletShares 2030 Corporate Bond ETF (BSCU)

	For the Period
	September 14, 2020(a)
	Through
	February 28,
	2021
	(Unaudited)
Per Share Operating Performance:
Net asset value at beginning of period		$	25.00
Net investment income(b)			0.16
Net realized and unrealized gain (loss) on investments			(5.57	)
Total from investment operations			(5.41	)
Distributions to shareholders from:
Net investment income			(0.13	)
Net asset value at end of period		$	19.46
Market price at end of period(c)		$	19.48
Net Asset Value Total Return(d)			(21.67	)%(e)
Market Price Total Return(d)			(21.59	)%(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	20,437
Ratio to average net assets of:
Expenses			0.10	%(f)
Net investment income			1.80	%(f)
Portfolio turnover rate(g)			2	%

^(a)  Commencement of investment operations.

^(b)  Based on average shares outstanding.

^(c)  The mean between the last bid and ask prices.

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

^(e)  The net asset value total return from Fund Inception (September 16, 2020, the first day of trading on the exchange) to February 28, 2021 was (1.99)%. The market price total return from Fund Inception to February 28, 2021 was (1.98)%.

^(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.

  210  

Financial Highlights—(continued)

Invesco BulletShares 2021 High Yield Corporate Bond ETF (BSJL)

	Six Months Ended February 28, 2021				Years Ended August 31,								Three Months Ended August 31,				Years Ended May 31,
	(Unaudited)				2020				2019				2018				2018				2017				2016
Per Share Operating Performance:
Net asset value at beginning of period		$	23.07			$	24.59			$	24.73			$	24.62			$	25.17			$	23.85			$	25.09
Net investment income(a)			0.38				1.01				1.30				0.30				1.25				1.33				1.26
Net realized and unrealized gain (loss) on investments			(0.02	)			(1.48	)			(0.13	)			0.14				(0.53	)			1.24				(1.29	)
Total from investment operations			0.36				(0.47	)			1.17				0.44				0.72				2.57				(0.03	)
Distributions to shareholders from:
Net investment income			(0.39	)			(1.05	)			(1.28	)			(0.33	)			(1.23	)			(1.25	)			(1.21	)
Net realized gains			-				-				(0.03	)			-				(0.04	)			-				-
Total distributions			(0.39	)			(1.05	)			(1.31	)			(0.33	)			(1.27	)			(1.25	)			(1.21	)
Net asset value at end of period		$	23.04			$	23.07			$	24.59			$	24.73			$	24.62			$	25.17			$	23.85
Market price at end of period		$	23.03	(b)		$	23.09	(b)		$	24.67	(b)		$	24.78	(b)		$	24.58	(b)		$	25.24			$	23.92
Net Asset Value Total Return(c)			1.56	%			(1.91	)%			4.89	%			1.81	%			2.92	%			11.02	%			0.04	%
Market Price Total Return(c)			1.43	%			(2.13	)%			5.01	%			2.18	%			2.47	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	811,150			$	992,194			$	848,506			$	457,526			$	391,478			$	168,624			$	50,093
Ratio to average net assets of:
Expenses, after Waivers			0.42	%(d)			0.41	%			0.42	%(e)			0.41	%(d)			0.43	%			0.44	%			0.43	%
Expenses, prior to Waivers			0.42	%(d)			0.42	%			0.42	%(e)			0.42	%(d)
Net investment income			3.36	%(d)			4.30	%			5.31	%			4.87	%(d)			5.04	%			5.44	%			5.37	%
Portfolio turnover rate(f)			21	%			68	%			52	%			14	%			33	%			50	%			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)  Annualized.

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

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

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

  211  

Financial Highlights—(continued)

Invesco BulletShares 2022 High Yield Corporate Bond ETF (BSJM)

	Six Months Ended February 28, 2021				Years Ended August 31,								Three Months Ended August 31,				Years Ended May 31,
	(Unaudited)				2020				2019				2018				2018				2017				2016
Per Share Operating Performance:
Net asset value at beginning of period		$	22.97			$	24.37			$	24.56			$	24.54			$	25.46			$	23.97			$	25.22
Net investment income(a)			0.46				1.07				1.32				0.33				1.36				1.36				1.28
Net realized and unrealized gain (loss) on investments			0.25				(1.40	)			(0.17	)			0.06				(0.91	)			1.39				(1.30	)
Total from investment operations			0.71				(0.33	)			1.15				0.39				0.45				2.75				(0.02	)
Distributions to shareholders from:
Net investment income			(0.46	)			(1.07	)			(1.34	)			(0.37	)			(1.37	)			(1.26	)			(1.21	)
Net realized gains			-				-				-				-				-				-				(0.02	)
Total distributions			(0.46	)			(1.07	)			(1.34	)			(0.37	)			(1.37	)			(1.26	)			(1.23	)
Net asset value at end of period		$	23.22			$	22.97			$	24.37			$	24.56			$	24.54			$	25.46			$	23.97
Market price at end of period		$	23.19	(b)		$	22.97	(b)		$	24.43	(b)		$	24.61	(b)		$	24.49	(b)		$	25.52			$	24.00
Net Asset Value Total Return(c)			3.11	%			(1.28	)%			4.90	%			1.59	%			1.79	%			11.74	%			0.11	%
Market Price Total Return(c)			2.98	%			(1.50	)%			4.94	%			2.00	%			1.35	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	819,719			$	677,613			$	511,741			$	243,192			$	208,598			$	129,836			$	38,345
Ratio to average net assets of:
Expenses, after Waivers			0.42	%(d)			0.41	%			0.42	%			0.42	%(d)			0.43	%			0.44	%			0.43	%
Expenses, prior to Waivers			0.42	%(d)			0.42	%			0.42	%
Net investment income			4.00	%(d)			4.59	%			5.45	%			5.34	%(d)			5.47	%			5.50	%			5.46	%
Portfolio turnover rate(e)			19	%			63	%			27	%			17	%			29	%			17	%			11	%

^(a)  Based on average shares outstanding.

^(b)  The mean between the last bid and ask prices.

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

^(d)  Annualized.

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

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

  212  

Financial Highlights—(continued)

Invesco BulletShares 2023 High Yield Corporate Bond ETF (BSJN)

	Six Months Ended February 28, 2021				Years Ended August 31,								Three Months Ended August 31,				Years Ended May 31,								For the Period October 7, 2015(a) Through May 31,
	(Unaudited)				2020				2019				2018				2018				2017				2016
Per Share Operating Performance:
Net asset value at beginning of period		$	24.83			$	25.92			$	26.14			$	25.98			$	26.95			$	25.58			$	24.97
Net investment income(b)			0.55				1.26				1.45				0.35				1.43				1.43				0.87
Net realized and unrealized gain (loss) on investments			0.42				(1.09	)			(0.22	)			0.20				(0.93	)			1.27				0.40
Total from investment operations .			0.97				0.17				1.23				0.55				0.50				2.70				1.27
Distributions to shareholders from:
Net investment income			(0.56	)			(1.27	)			(1.47	)			(0.39	)			(1.43	)			(1.33	)			(0.66	)
Net realized gains			-				-				(0.02	)			-				(0.04	)			-				-
Total distributions			(0.56	)			(1.27	)			(1.49	)			(0.39	)			(1.47	)			(1.33	)			(0.66	)
Transaction fees(b)			-				0.01				0.04				-				-				-				-
Net asset value at end of period		$	25.24			$	24.83			$	25.92			$	26.14			$	25.98			$	26.95			$	25.58
Market price at end of period		$	25.20	(c)		$	24.81	(c)		$	25.98	(c)		$	26.22	(c)		$	25.93	(c)		$	27.03			$	25.60
Net Asset Value Total Return(d)			3.94	%			0.84	%			5.06	%			2.14	%			1.90	%			10.80	%			5.20	%
Market Price Total Return(d)			3.86	%			0.54	%			4.97	%			2.65	%			1.40	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	530,115			$	389,907			$	243,691			$	112,421			$	101,314			$	37,725			$	10,230
Ratio to average net assets of:
Expenses, after Waivers			0.42	%(e)			0.41	%			0.42	%			0.42	%(e)			0.43	%			0.44	%			0.43	%(e)
Expenses, prior to Waivers			0.42	%(e)			0.42	%
Net investment income			4.46	%(e)			5.10	%			5.64	%			5.39	%(e)			5.45	%			5.45	%			5.35	%(e)
Portfolio turnover rate(f)			23	%			47	%			19	%			6	%			18	%			14	%			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)  Annualized.

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

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

  213  

Financial Highlights—(continued)

Invesco BulletShares 2024 High Yield Corporate Bond ETF (BSJO)

	Six Months Ended February 28, 2021				Years Ended August 31,								Three Months Ended August 31,				Year Ended May 31,				For the Period September 14, 2016(a) Through May 31,
	(Unaudited)				2020				2019				2018				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	24.34			$	25.20			$	24.85			$	24.67			$	25.67			$	24.98
Net investment income(b)			0.56				1.17				1.34				0.33				1.30				0.91
Net realized and unrealized gain (loss) on investments			0.52				(0.87	)			0.39				0.21				(1.02	)			0.48
Total from investment operations			1.08				0.30				1.73				0.54				0.28				1.39
Distributions to shareholders from:
Net investment income			(0.55	)			(1.18	)			(1.37	)			(0.36	)			(1.27	)			(0.70	)
Net realized gains			-				-				(0.05	)			-				(0.05	)			-
Total distributions			(0.55	)			(1.18	)			(1.42	)			(0.36	)			(1.32	)			(0.70	)
Transaction fees(b)			-				0.02				0.04				-				0.04				-
Net asset value at end of period		$	24.87			$	24.34			$	25.20			$	24.85			$	24.67			$	25.67
Market price at end of period		$	24.82	(c)		$	24.34	(c)		$	25.22	(c)		$	24.92	(c)		$	24.71	(c)		$	25.65
Net Asset Value Total Return(d)			4.50	%			1.45	%			7.44	%			2.22	%			1.21	%			5.67	%
Market Price Total Return(d)			4.29	%			1.38	%			7.22	%			2.34	%			1.44	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	258,609			$	175,241			$	98,261			$	47,210			$	41,936			$	23,103
Ratio to average net assets of:
Expenses, after Waivers			0.42	%(e)			0.42	%			0.42	%(f)			0.42	%(e)			0.44	%			0.42	%(e)
Expenses, prior to Waivers			0.42	%(e)			0.42	%			0.43	%(f)
Net investment income			4.60	%(e)			4.84	%			5.43	%(f)			5.30	%(e)			5.14	%			5.10	%(e)
Portfolio turnover rate(g)			25	%			34	%			22	%			8	%			24	%			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)  Annualized.

^(f) Ratios include non-recurring costs associated with a proxy statement of 0.01%.

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

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

  214  

Financial Highlights—(continued)

Invesco BulletShares 2025 High Yield Corporate Bond ETF (BSJP)

	Six Months Ended February 28, 2021				Years Ended August 31,								Three Months Ended August 31,				For the Period September 27, 2017(a) Through May 31,
	(Unaudited)				2020				2019				2018				2018
Per Share Operating Performance:
Net asset value at beginning of period		$	23.77			$	24.48			$	24.28			$	23.96			$	25.01
Net investment income(b)			0.58				1.27				1.43				0.38				0.90
Net realized and unrealized gain (loss) on investments			0.67				(0.71	)			0.15				0.31				(1.29	)
Total from investment operations			1.25				0.56				1.58				0.69				(0.39	)
Distributions to shareholders from:
Net investment income			(0.59	)			(1.29	)			(1.43	)			(0.38	)			(0.73	)
Transaction fees(b)			0.00	(c)			0.02				0.05				0.01				0.07
Net asset value at end of period		$	24.43			$	23.77			$	24.48			$	24.28			$	23.96
Market price at end of period(d)		$	24.38			$	23.74			$	24.53			$	24.31			$	24.03
Net Asset Value Total Return(e)			5.31	%			2.58	%			7.06	%			2.94	%			(1.31	)%
Market Price Total Return(e)			5.23	%			2.26	%			7.15	%			2.76	%			(1.03	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	219,864			$	130,753			$	75,879			$	21,856			$	14,374
Ratio to average net assets of:
Expenses, after Waivers			0.42	%(f)			0.42	%			0.42	%(g)			0.42	%(f)			0.42	%(f)
Expenses, prior to Waivers			0.42	%(f)			0.42	%			0.43	%(g)
Net investment income			4.89	%(f)			5.42	%			5.98	%(g)			6.33	%(f)			5.50	%(f)
Portfolio turnover rate(h)			24	%			26	%			14	%			9	%			5	%

^(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) Annualized.

^(g) Ratios include non-recurring costs associated with a proxy statement of 0.01%.

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

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

  215  

Financial Highlights—(continued)

Invesco BulletShares 2026 High Yield Corporate Bond ETF (BSJQ)

	Six Months Ended February 28, 2021				Years Ended August 31,								For the Period August 7, 2018(a) Through August 31,
	(Unaudited)				2020				2019				2018
Per Share Operating Performance:
Net asset value at beginning of period		$	24.93			$	25.70			$	25.14			$	25.00
Net investment income(b)			0.57				1.24				1.45				0.09
Net realized and unrealized gain (loss) on investments			0.58				(0.74	)			0.51				0.05
Total from investment operations			1.15				0.50				1.96				0.14
Distributions to shareholders from:
Net investment income			(0.57	)			(1.28	)			(1.51	)			-
Net realized gains			-				(0.02	)			-				-
Total distributions.			(0.57	)			(1.30	)			(1.51	)			-
Transaction fees(b)			-				0.03				0.11				-
Net asset value at end of period		$	25.51			$	24.93			$	25.70			$	25.14
Market price at end of period(c)		$	25.48			$	24.88			$	25.75			$	25.15
Net Asset Value Total Return(d)			4.66	%			2.31	%			8.62	%			0.56	%(e)
Market Price Total Return(d)			4.75	%			1.91	%			8.80	%			0.60	%(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	73,991			$	74,780			$	25,702			$	5,029
Ratio to average net assets of:
Expenses, after Waivers			0.42	%(f)			0.42	%			0.44	%(g)			0.42	%(f)
Expenses, prior to Waivers			0.42	%(f)			0.42	%			0.45	%(g)
Net investment income			4.55	%(f)			5.07	%			5.79	%(g)			5.54	%(f)
Portfolio turnover rate(h)			6	%			35	%			48	%			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 (August 9, 2018, the first day of trading on the Exchange) to August 31, 2018 was 0.48%. The market price total return from Fund Inception to August 31, 2018 was 0.56%.

^(f)  Annualized.

^(g)  Ratios include non-recurring costs associated with a proxy statement of 0.03%.

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

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

  216  

Financial Highlights—(continued)

Invesco BulletShares 2027 High Yield Corporate Bond ETF (BSJR)

	Six Months Ended February  28, 2021 (Unaudited)				For the Period September 10, 2019(a) Through August 31, 2020
Per Share Operating Performance:
Net asset value at beginning of period		$	24.91			$	25.00
Net investment income(b)			0.59				1.15
Net realized and unrealized gain (loss) on investments			0.48				(0.27	)
Total from investment operations			1.07				0.88
Distributions to shareholders from:
Net investment income			(0.60	)			(1.06	)
Transaction fees(b)			-				0.09
Net asset value at end of period		$	25.38			$	24.91
Market price at end of period(c)		$	25.35			$	24.84
Net Asset Value Total Return(d)			4.35	%			4.12	%(e)
Market Price Total Return(d)			4.53	%			3.84	%(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	25,384			$	19,925
Ratio to average net assets of:
Expenses, after Waivers			0.42	%(f)			0.41	%(f)
Expenses, prior to Waivers			0.42	%(f)			0.42	%(f)
Net investment income			4.74	%(f)			4.90	%(f)
Portfolio turnover rate(g)			21	%			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.

  217  

Financial Highlights—(continued)

Invesco BulletShares 2028 High Yield Corporate Bond ETF (BSJS)

	For the Period September 14, 2020(a) Through February 28, 2021 (Unaudited)
Per Share Operating Performance:
Net asset value at beginning of period		$	25.00
Net investment income(b)			0.49
Net realized and unrealized gain on investments			0.31
Total from investment operations			0.80
Distributions to shareholders from:
Net investment income			(0.39	)
Net asset value at end of period		$	25.41
Market price at end of period(c)		$	25.35
Net Asset Value Total Return(d)			3.20	%(e)
Market Price Total Return(d)			2.96	%(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	10,165
Ratio to average net assets of:
Expenses			0.42	%(f)
Net investment income			4.23	%(f)
Portfolio turnover rate(g)			27	%

^(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 February 28, 2021 was 3.66%. The market price total return from Fund Inception to February 28, 2021 was 3.49%.

^(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.

  218  

Financial Highlights—(continued)

Invesco BulletShares 2021 Municipal Bond ETF (BSML)

	Six Months Ended February  28, 2021 (Unaudited)				For the Period September 23, 2019(a) Through August 31, 2020
Per Share Operating Performance:
Net asset value at beginning of period		$	25.25			$	25.00
Net investment income(b)			0.06				0.21
Net realized and unrealized gain (loss) on investments			(0.03	)			0.19
Total from investment operations			0.03				0.40
Distributions to shareholders from:
Net investment income			(0.06	)			(0.22	)
Transaction fees(b)			0.03				0.07
Net asset value at end of period		$	25.25			$	25.25
Market price at end of period(c)		$	25.31			$	25.35
Net Asset Value Total Return(d)			0.26	%(e)			1.90	%(e)
Market Price Total Return(d)			0.09	%(e)			2.30	%(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	40,403			$	25,254
Ratio to average net assets of:
Expenses			0.18	%(f)			0.18	%(f)
Net investment income			0.50	%(f)			0.88	%(f)
Portfolio turnover rate(g)			6	%			2	%

^(a)  Commencement of investment operations.

^(b)  Based on average shares outstanding.

^(c)  The mean between the last bid and ask prices.

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

^(e)  The net asset value total return from Fund Inception (September 25, 2019, the first day of trading on the exchange) to August 31, 2020 was 1.94%. The market price total return from Fund Inception to August 31, 2020 was 2.30%.

^(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.

  219  

Financial Highlights—(continued)

Invesco BulletShares 2022 Municipal Bond ETF (BSMM)

	Six Months Ended February  28, 2021 (Unaudited)				For the Period September 23, 2019(a) Through August 31, 2020
Per Share Operating Performance:
Net asset value at beginning of period		$	25.31			$	25.00
Net investment income(b)			0.06				0.24
Net realized and unrealized gain on investments			0.01				0.24
Total from investment operations			0.07				0.48
Distributions to shareholders from:
Net investment income			(0.06	)			(0.26	)
Transaction fees(b)			0.03				0.09
Net asset value at end of period		$	25.35			$	25.31
Market price at end of period(c)		$	25.44			$	25.40
Net Asset Value Total Return(d)			0.40	%			2.30	%(e)
Market Price Total Return(d)			0.40	%			2.65	%(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	48,174			$	27,844
Ratio to average net assets of:
Expenses			0.18	%(f)			0.18	%(f)
Net investment income			0.47	%(f)			1.02	%(f)
Portfolio turnover rate(g)			0	%			5	%

^(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 2.38%. The market price total return from Fund Inception to August 31, 2020 was 2.65%.

^(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.

  220  

Financial Highlights—(continued)

Invesco BulletShares 2023 Municipal Bond ETF (BSMN)

	Six Months Ended February  28, 2021 (Unaudited)				For the Period September 23, 2019(a) Through August 31, 2020
Per Share Operating Performance:
Net asset value at beginning of period		$	25.47			$	25.00
Net investment income(b)			0.08				0.26
Net realized and unrealized gain on investments			0.01				0.47
Total from investment operations			0.09				0.73
Distributions to shareholders from:
Net investment income			(0.08	)			(0.26	)
Transaction fees(b)			0.04				-
Net asset value at end of period		$	25.52			$	25.47
Market price at end of period(c)		$	25.61			$	25.53
Net Asset Value Total Return(d)			0.52	%			2.94	%(e)
Market Price Total Return(d)			0.64	%			3.18	%(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	28,069			$	15,284
Ratio to average net assets of:
Expenses			0.18	%(f)			0.18	%(f)
Net investment income			0.66	%(f)			1.08	%(f)
Portfolio turnover rate(g)			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 3.03%. The market price total return from Fund Inception to August 31, 2020 was 3.14%.

^(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.

  221  

Financial Highlights—(continued)

Invesco BulletShares 2024 Municipal Bond ETF (BSMO)

	Six Months Ended February  28, 2021 (Unaudited)				For the Period September 23, 2019(a) Through August 31, 2020
Per Share Operating Performance:
Net asset value at beginning of period		$	25.52			$	25.00
Net investment income(b)			0.11				0.30
Net realized and unrealized gain on investments			0.02				0.52
Total from investment operations			0.13				0.82
Distributions to shareholders from:
Net investment income			(0.11	)			(0.30	)
Transaction fees(b)			0.05				-
Net asset value at end of period		$	25.59			$	25.52
Market price at end of period(c)		$	25.65			$	25.62
Net Asset Value Total Return(d)			0.70	%(e)			3.30	%(e)
Market Price Total Return(d)			0.54	%(e)			3.71	%(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	28,147			$	12,762
Ratio to average net assets of:
Expenses			0.18	%(f)			0.18	%(f)
Net investment income			0.84	%(f)			1.26	%(f)
Portfolio turnover rate(g)			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.

  222  

Financial Highlights—(continued)

Invesco BulletShares 2025 Municipal Bond ETF (BSMP)

	Six Months Ended February  28, 2021 (Unaudited)				For the Period September 23, 2019(a) Through August 31, 2020
Per Share Operating Performance:
Net asset value at beginning of period		$	25.71			$	25.00
Net investment income(b)			0.13				0.33
Net realized and unrealized gain (loss) on investments			(0.09	)			0.71
Total from investment operations			0.04				1.04
Distributions to shareholders from:
Net investment income			(0.14	)			(0.33	)
Transaction fees(b)			0.06				-
Net asset value at end of period		$	25.67			$	25.71
Market price at end of period(c)		$	25.75			$	25.78
Net Asset Value Total Return(d)			0.40	%			4.19	%(e)
Market Price Total Return(d)			0.44	%			4.48	%(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	25,673			$	10,282
Ratio to average net assets of:
Expenses			0.18	%(f)			0.18	%(f)
Net investment income			1.02	%(f)			1.39	%(f)
Portfolio turnover rate(g)			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.

  223  

Financial Highlights—(continued)

Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)

	Six Months Ended February  28, 2021 (Unaudited)				For the Period September 23, 2019(a) Through August 31, 2020
Per Share Operating Performance:
Net asset value at beginning of period		$	25.48			$	25.00
Net investment income(b)			0.17				0.40
Net realized and unrealized gain on investments			0.05				0.48
Total from investment operations			0.22				0.88
Distributions to shareholders from:
Net investment income			(0.17	)			(0.40	)
Net asset value at end of period		$	25.53			$	25.48
Market price at end of period(c)		$	25.60			$	25.54
Net Asset Value Total Return(d)			0.84	%			3.58	%(e)
Market Price Total Return(d)			0.88	%			3.83	%(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	20,428			$	12,740
Ratio to average net assets of:
Expenses			0.18	%(f)			0.18	%(f)
Net investment income			1.30	%(f)			1.70	%(f)
Portfolio turnover rate(g)			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.

  224  

Financial Highlights—(continued)

Invesco BulletShares 2027 Municipal Bond ETF (BSMR)

	Six Months Ended February  28, 2021 (Unaudited)				For the Period September 23, 2019(a) Through August 31, 2020
Per Share Operating Performance:
Net asset value at beginning of period		$	25.34			$	25.00
Net investment income(b)			0.13				0.37
Net realized and unrealized gain (loss) on investments			(0.01	)			0.26
Total from investment operations			0.12				0.63
Distributions to shareholders from:
Net investment income			(0.14	)			(0.36	)
Return of capital			-				(0.04	)
Total distributions			(0.14	)			(0.40	)
Transaction fees(b)			0.01				0.11
Net asset value at end of period		$	25.33			$	25.34
Market price at end of period(c)		$	25.38			$	25.42
Net Asset Value Total Return(d)			0.49	%			3.02	%(e)
Market Price Total Return(d)			0.38	%			3.34	%(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	17,732			$	15,204
Ratio to average net assets of:
Expenses			0.18	%(f)			0.18	%(f)
Net investment income			1.07	%(f)			1.58	%(f)
Portfolio turnover rate(g)			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.

  225  

Financial Highlights—(continued)

Invesco BulletShares 2028 Municipal Bond ETF (BSMS)

	Six Months Ended February  28, 2021 (Unaudited)				For the Period September 23, 2019(a) Through August 31, 2020
Per Share Operating Performance:
Net asset value at beginning of period		$	25.70			$	25.00
Net investment income(b)			0.21				0.43
Net realized and unrealized gain (loss) on investments			(0.15	)			0.69
Total from investment operations			0.06				1.12
Distributions to shareholders from:
Net investment income			(0.22	)			(0.42	)
Transaction fees(b)			0.05				-
Net asset value at end of period		$	25.59			$	25.70
Market price at end of period(c)		$	25.66			$	25.76
Net Asset Value Total Return(d)			0.45	%			4.56	%(e)
Market Price Total Return(d)			0.45	%			4.80	%(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	10,234			$	5,141
Ratio to average net assets of:
Expenses			0.18	%(f)			0.18	%(f)
Net investment income			1.65	%(f)			1.80	%(f)
Portfolio turnover rate(g)			2	%			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.

  226  

Financial Highlights—(continued)

Invesco BulletShares 2029 Municipal Bond ETF (BSMT)

	Six Months Ended February  28, 2021 (Unaudited)				For the Period September 23, 2019(a) Through August 31, 2020
Per Share Operating Performance:
Net asset value at beginning of period		$	25.67			$	25.00
Net investment income(b)			0.20				0.44
Net realized and unrealized gain (loss) on investments			(0.25	)			0.67
Total from investment operations			(0.05	)			1.11
Distributions to shareholders from:
Net investment income			(0.22	)			(0.44	)
Transaction fees(b)			0.05				-
Net asset value at end of period		$	25.45			$	25.67
Market price at end of period(c)		$	25.54			$	25.70
Net Asset Value Total Return(d)			(0.02	)%			4.52	%(e)
Market Price Total Return(d)			0.22	%			4.64	%(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	10,181			$	5,133
Ratio to average net assets of:
Expenses			0.18	%(f)			0.18	%(f)
Net investment income			1.59	%(f)			1.88	%(f)
Portfolio turnover rate(g)			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.

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

  227  

Financial Highlights—(continued)

Invesco BulletShares 2030 Municipal Bond ETF (BSMU)

	For the Period September 14, 2020(a) Through February  28, 2021 (Unaudited)
Per Share Operating Performance:
Net asset value at beginning of period		$	25.00
Net investment income(b)			0.18
Net realized and unrealized gain (loss) on investments			(0.22	)
Total from investment operations			(0.04	)
Distributions to shareholders from:
Net investment income			(0.14	)
Net asset value at end of period		$	24.82
Market price at end of period(c)		$	24.92
Net Asset Value Total Return(d)			(0.16	)%(e)
Market Price Total Return(d)			0.24	%(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	4,964
Ratio to average net assets of:
Expenses			0.18	%(f)
Net investment income			1.56	%(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 16, 2020, the first day of trading on the exchange) to February 28, 2021 was (0.01)%. The market price total return from Fund Inception to February 28, 2021 was 0.28%.

^(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.

  228  

Financial Highlights—(continued)

Invesco BulletShares 2021 USD Emerging Markets Debt ETF (BSAE)

	Six Months Ended February  28, 2021 (Unaudited)				Year Ended August 31, 2020				For the Period October 2,  2018(a) Through August 31, 2019
Per Share Operating Performance:
Net asset value at beginning of period		$	25.40			$	25.53			$	25.00
Net investment income(b)			0.43				0.96				0.88
Net realized and unrealized gain (loss) on investments			(0.21	)			(0.12	)			0.58
Total from investment operations			0.22				0.84				1.46
Distributions to shareholders from:
Net investment income			(0.44	)			(0.95	)			(0.88	)
Net realized gains			-				(0.01	)			(0.01	)
Return of capital			-				(0.01	)			(0.04	)
Total distributions			(0.44	)			(0.97	)			(0.93	)
Net asset value at end of period		$	25.18			$	25.40			$	25.53
Market price at end of period(c)		$	25.17			$	25.44			$	25.58
Net Asset Value Total Return(d)			0.86	%			3.37	%			5.98	%(e)
Market Price Total Return(d)			0.66	%			3.34	%			6.18	%(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	10,070			$	10,159			$	10,213
Ratio to average net assets of:
Expenses			0.29	%(f)			0.29	%			0.32	%(g)
Net investment income			3.40	%(f)			3.77	%			3.84	%(g)
Portfolio turnover rate(h)			11	%			13	%			13	%

^(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 (October 4, 2018, the first day of trading on the Exchange) to August 31, 2019 was 6.62%. The market price total return from Fund Inception to August 31, 2019 was 6.70%.

^(f)  Annualized.

^(g)  Ratios are annualized except for non-recurring costs associated with a proxy statement of 0.03%.

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

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

 229 

Financial Highlights—(continued)

Invesco BulletShares 2022 USD Emerging Markets Debt ETF (BSBE)

	Six Months Ended February  28, 2021 (Unaudited)				Year Ended August 31, 2020				For the Period October 2,  2018(a) Through August 31, 2019
Per Share Operating Performance:
Net asset value at beginning of period		$	25.83			$	25.91			$	25.00
Net investment income(b)			0.47				1.04				0.95
Net realized and unrealized gain (loss) on investments			(0.00	)			(0.03	)			0.92
Total from investment operations			0.47				1.01				1.87
Distributions to shareholders from:
Net investment income			(0.49	)			(1.04	)			(0.96	)
Net realized gains			-				(0.05	)			-
Total distributions			(0.49	)			(1.09	)			(0.96	)
Net asset value at end of period		$	25.81			$	25.83			$	25.91
Market price at end of period(c)		$	25.85			$	25.90			$	25.95
Net Asset Value Total Return(d)			1.85	%			4.01	%			7.63	%(e)
Market Price Total Return(d)			1.73	%			4.14	%			7.79	%(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	28,395			$	10,334			$	10,365
Ratio to average net assets of:
Expenses			0.29	%(f)			0.29	%			0.32	%(g)
Net investment income			3.69	%(f)			4.03	%			4.11	%(g)
Portfolio turnover rate(h)			8	%			7	%			15	%

^(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 (October 4, 2018, the first day of trading on the Exchange) to August 31, 2019 was 8.41%. The market price total return from Fund Inception to August 31, 2019 was 8.45%.

^(f)  Annualized.

^(g)  Ratios are annualized except for non-recurring costs associated with a proxy statement of 0.03%.

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

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

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Financial Highlights—(continued)

Invesco BulletShares 2023 USD Emerging Markets Debt ETF (BSCE)

	Six Months Ended February  28, 2021 (Unaudited)				Year Ended August 31, 2020				For the Period October 2,  2018(a) Through August 31, 2019
Per Share Operating Performance:
Net asset value at beginning of period		$	26.06			$	26.17			$	25.00
Net investment income(b)			0.47				1.03				0.98
Net realized and unrealized gain (loss) on investments			0.17				(0.01	)			1.17
Total from investment operations			0.64				1.02				2.15
Distributions to shareholders from:
Net investment income			(0.49	)			(1.03	)			(0.98	)
Net realized gains			-				(0.10	)			-
Total distributions			(0.49	)			(1.13	)			(0.98	)
Net asset value at end of period		$	26.21			$	26.06			$	26.17
Market price at end of period(c)		$	26.25			$	26.13			$	26.19
Net Asset Value Total Return(d)			2.46	%			4.05	%			8.79	%(e)
Market Price Total Return(d)			2.34	%			4.25	%			8.87	%(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	28,836			$	10,426			$	10,466
Ratio to average net assets of:
Expenses			0.29	%(f)			0.29	%			0.32	%(g)
Net investment income			3.62	%(f)			3.97	%			4.24	%(g)
Portfolio turnover rate(h)			6	%			11	%			16	%

^(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 (October 4, 2018, the first day of trading on the Exchange) to August 31, 2019 was 9.68%. The market price total return from Fund Inception to August 31, 2019 was 9.57%.

^(f) Annualized.

^(g)  Ratios are annualized except for non-recurring costs associated with a proxy statement of 0.03%.

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

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

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Financial Highlights—(continued)

Invesco BulletShares 2024 USD Emerging Markets Debt ETF (BSDE)

	Six Months Ended February  28, 2021 (Unaudited)				Year Ended August 31, 2020				For the Period October 2,  2018(a) Through August 31, 2019
Per Share Operating Performance:
Net asset value at beginning of period		$	25.99			$	26.44			$	25.00
Net investment income(b)			0.43				1.01				1.05
Net realized and unrealized gain (loss) on investments			0.28				(0.41	)			1.46
Total from investment operations			0.71				0.60				2.51
Distributions to shareholders from:
Net investment income			(0.44	)			(1.02	)			(1.07	)
Net realized gains			-				(0.10	)			-
Total distributions			(0.44	)			(1.12	)			(1.07	)
Transaction fees(b)			-				0.07				-
Net asset value at end of period		$	26.26			$	25.99			$	26.44
Market price at end of period(c)		$	26.24			$	26.05			$	26.53
Net Asset Value Total Return(d)			2.76	%			2.65	%			10.29	%(e)
Market Price Total Return(d)			2.45	%			2.57	%			10.66	%(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	18,380			$	15,592			$	10,575
Ratio to average net assets of:
Expenses			0.29	%(f)			0.29	%			0.32	%(g)
Net investment income			3.29	%(f)			3.91	%			4.52	%(g)
Portfolio turnover rate(h)			8	%			39	%			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 (October 4, 2018, the first day of trading on the Exchange) to August 31, 2019 was 11.26%. The market price total return from Fund Inception to August 31, 2019 was 11.46%.

^(f)  Annualized.

^(g)  Ratios are annualized except for non-recurring costs associated with a proxy statement of 0.03%.

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

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

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Notes to Financial Statements

Invesco Exchange-Traded Self-Indexed Fund Trust

February 28, 2021

(Unaudited)

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 2021 Corporate Bond ETF (BSCL)	“BulletShares 2021 Corporate Bond ETF”
Invesco BulletShares 2022 Corporate Bond ETF (BSCM)	“BulletShares 2022 Corporate Bond ETF”
Invesco BulletShares 2023 Corporate Bond ETF (BSCN)	“BulletShares 2023 Corporate Bond ETF”
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 2021 High Yield Corporate Bond ETF (BSJL)	“BulletShares 2021 High Yield Corporate Bond ETF”
Invesco BulletShares 2022 High Yield Corporate Bond ETF (BSJM)	“BulletShares 2022 High Yield Corporate Bond ETF”
Invesco BulletShares 2023 High Yield Corporate Bond ETF (BSJN)	“BulletShares 2023 High Yield 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 2021 Municipal Bond ETF (BSML)	“BulletShares 2021 Municipal Bond ETF”
Invesco BulletShares 2022 Municipal Bond ETF (BSMM)	“BulletShares 2022 Municipal Bond ETF”
Invesco BulletShares 2023 Municipal Bond ETF (BSMN)	“BulletShares 2023 Municipal 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 2021 USD Emerging Markets Debt ETF (BSAE)	“BulletShares 2021 USD Emerging Markets Debt ETF”
Invesco BulletShares 2022 USD Emerging Markets Debt ETF (BSBE)	“BulletShares 2022 USD Emerging Markets Debt ETF”
Invesco BulletShares 2023 USD Emerging Markets Debt ETF (BSCE)	“BulletShares 2023 USD Emerging Markets Debt ETF”
Invesco BulletShares 2024 USD Emerging Markets Debt ETF (BSDE)	“BulletShares 2024 USD Emerging Markets Debt 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.

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 cash. Except when aggregated in Creation Units by Authorized Participants, the Shares are not individually redeemable securities of the Funds.

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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 2021 Corporate Bond ETF	Nasdaq BulletShares® USD Corporate Bond 2021 Index
BulletShares 2022 Corporate Bond ETF	Nasdaq BulletShares® USD Corporate Bond 2022 Index
BulletShares 2023 Corporate Bond ETF	Nasdaq BulletShares® USD Corporate Bond 2023 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 2021 High Yield Corporate Bond ETF	Nasdaq BulletShares® USD High Yield Corporate Bond 2021 Index
BulletShares 2022 High Yield Corporate Bond ETF	Nasdaq BulletShares® USD High Yield Corporate Bond 2022 Index
BulletShares 2023 High Yield Corporate Bond ETF	Nasdaq BulletShares® USD High Yield Corporate Bond 2023 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 2021 Municipal Bond ETF	Invesco BulletShares® Municipal Bond 2021 Index
BulletShares 2022 Municipal Bond ETF	Invesco BulletShares® Municipal Bond 2022 Index
BulletShares 2023 Municipal Bond ETF	Invesco BulletShares® Municipal Bond 2023 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 2021 USD Emerging Markets Debt ETF	Nasdaq BulletShares® USD Emerging Markets Debt 2021 Index
BulletShares 2022 USD Emerging Markets Debt ETF	Nasdaq BulletShares® USD Emerging Markets Debt 2022 Index
BulletShares 2023 USD Emerging Markets Debt ETF	Nasdaq BulletShares® USD Emerging Markets Debt 2023 Index
BulletShares 2024 USD Emerging Markets Debt ETF	Nasdaq BulletShares® USD Emerging Markets Debt 2024 Index

NOTE 2–Significant Accounting Policies

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

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

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

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

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

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

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

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

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

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

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

B. Other Risks

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

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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, may increase this risk.

Call Risk. If interest rates fall, it is possible that issuers of callable securities with high interest coupons will “call” (or prepay) their bonds before their maturity date. If an issuer exercises such a call during a period of declining interest rates, a Fund may have to replace such called security with a lower yielding security. If that were to happen, such Fund’s net investment income could fall.

Cash Transaction Risk. Most exchange-traded funds (“ETFs”) generally make in-kind redemptions to avoid being taxed on gains on the distributed portfolio securities at the fund level. However, unlike most ETFs, certain Funds currently intend to effect creations and redemptions principally for cash, rather than principally in-kind, because of the nature of the Fund’s investments. As such, each Fund may be required to sell portfolio securities to obtain the cash needed to distribute redemption proceeds. Therefore, a 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 Fund 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 each Fund and conventional ETFs.

Changing Global Fixed-Income Market Conditions Risk. The current historically low interest rate environment was created in part by the Federal Reserve Board (“FRB”) and certain foreign central banks keeping the federal funds rates at, near or below zero. In recent years, the FRB and other foreign central banks began “tapering” their quantitative easing programs, leading to fluctuations in the Federal Funds Rate and equivalent foreign rates. However, in response to the impact of the COVID-19 pandemic, in March 2020 the FRB announced cuts to the Federal Funds Rate and a new round of quantitative easing. Because there is little precedent for this situation, it is difficult to predict the impact of these rate changes or any future rate changes on various markets. Any additional changes to the monetary policy by the FRB or other regulatory actions may affect interest rates and/or reduce liquidity for fixed-income investments, particularly those with longer maturities. 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 could also result in higher than normal shareholder redemptions, which could potentially increase portfolio turnover rate and a Fund’s transaction costs.

Emerging Markets Investment Risk. For certain Funds, investments in the securities of issuers in emerging market countries involve risks often not associated with investments in the securities of issuers in developed countries. Securities in emerging markets may be subject to greater price fluctuations than securities in more developed markets. Companies in emerging market countries generally may be subject to less stringent financial reporting, accounting, auditing and recordkeeping standards than companies in more developed countries. In addition, information about such companies may be less available and reliable. Emerging markets usually are subject to greater market volatility, political, social and economic instability, uncertainty regarding the existence of trading markets and more governmental limitations on foreign investment than are more developed markets. Securities law in many emerging market countries is relatively new and unsettled. Therefore, laws regarding foreign investment in emerging market securities, securities regulation, title to securities, and shareholder rights may change quickly and unpredictably, and the ability to bring and enforce actions may be limited. In addition, the enforcement of systems of taxation at federal, regional and local levels in emerging market countries may be inconsistent and subject to sudden change. Investments in emerging markets securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information. In addition, lack of relevant data and reliable public information about securities in emerging markets may contribute to incorrect weightings and data and computational errors when a Fund’s index provider selects securities for inclusion in the Fund’s Underlying Index or rebalances the Underlying Index.

Emerging Markets Sovereign Debt Risk. For certain Funds, government obligors in emerging market countries are among the world’s largest debtors to commercial banks, other governments, international financial organizations and other financial institutions. Historically, certain issuers of the government debt securities in which the Fund may invest have experienced substantial difficulties in meeting their external debt obligations, resulting in defaults on certain obligations and the restructuring of certain indebtedness. Such restructuring arrangements have included obtaining additional credit to finance outstanding obligations and the reduction and rescheduling of payments of interest and principal through the negotiation of new or amended credit agreements.

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

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

Industry Concentration Risk. In following its methodology, each Fund’s Underlying Index from time to time may be concentrated to a significant degree in securities of issuers located 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 the Underlying Index are subject to market fluctuations. You should anticipate that the value of the Shares will decline, more or less, in correlation with any decline in value of the securities in the Underlying Index. Additionally, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or other events could result in increased premiums or discounts to each Fund’s NAV.

Municipal Securities Risk. Certain Funds 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 an issuer’s ability 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 each Fund issues and redeems Creation Units principally for cash, it will incur higher costs in buying and selling securities than if it issued and redeemed Creation Units in-kind. Additionally, a Fund’s use of a representative sampling approach may cause the Fund not to be as well-correlated with the return of its corresponding Underlying Index as would be the case if the Fund purchased all of the securities in its corresponding Underlying Index in the proportions represented in the Underlying Index. In addition, the performance of each Fund and its corresponding Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its corresponding Underlying Index resulting from legal restrictions, costs or liquidity constraints.

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

Non-Investment Grade Securities Risk. Non-investment grade securities 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.

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Sampling Risk. Certain Funds’ use of a representative sampling approach may result in the Fund holding a smaller number of securities than are in its respective Underlying Index. As a result, an adverse development 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. Treasury Obligations Risk. Certain Funds will invest in obligations issued or guaranteed by the U.S. Treasury.

U.S. Treasury securities are backed by the “full faith and credit” of the United States; however, the U.S. Government does not guarantee the market value of their securities, and consequently, the value of such securities may fluctuate. Because U.S. Treasury securities trade actively outside the United States, their prices may rise and fall as changes in global economic conditions affect the demand for these securities. Although the Fund may hold securities that carry U.S. Government guarantees, these guarantees do not extend to Shares of the Fund.

C. Investment Transactions and Investment Income - Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest income is recorded on an accrual basis from settlement date 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 each Fund’s investments. As such, the Funds may receive proceeds from litigation settlements. Any proceeds received are included in the Statements of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

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

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

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

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

Each Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund’s uncertain tax positions and concluded that no liability for unrecognized tax 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.

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

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

G. Expenses - 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.

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

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

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

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

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

K. Foreign Currency Translations - Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at 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

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securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statements of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on 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.

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 has agreed to pay for substantially all expenses of the Funds, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, litigation expenses, acquired fund fees and expenses, if any, 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 (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 2021 Corporate Bond ETF	0.10%
BulletShares 2022 Corporate Bond ETF	0.10%
BulletShares 2023 Corporate Bond ETF	0.10%
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 2021 High Yield Corporate Bond ETF	0.42%
BulletShares 2022 High Yield Corporate Bond ETF	0.42%
BulletShares 2023 High Yield Corporate Bond ETF	0.42%
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 2021 Municipal Bond ETF	0.18%
BulletShares 2022 Municipal Bond ETF	0.18%
BulletShares 2023 Municipal Bond ETF	0.18%
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%
BulletShares 2028 Municipal Bond ETF	0.18%
BulletShares 2029 Municipal Bond ETF	0.18%
BulletShares 2030 Municipal Bond ETF	0.18%
BulletShares 2021 USD Emerging Markets Debt ETF	0.29%
BulletShares 2022 USD Emerging Markets Debt ETF	0.29%

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	Unitary Management Fees (as a % of average daily net assets)
BulletShares 2023 USD Emerging Markets Debt ETF	0.29%
BulletShares 2024 USD Emerging Markets Debt ETF	0.29%

Further, through at least August 31, 2023, the Adviser has contractually agreed to waive a portion of each Fund’s management fee in an amount equal to 100% of the net advisory fees an affiliate of the Adviser receives that are attributable to the Fund’s investments of otherwise uninvested cash in money market funds managed by that affiliate (excluding investments of cash collateral from securities lending). There is no guarantee that the Adviser will extend the waiver of these fees past that date.

For the six months ended February 28, 2021, the Adviser waived fees for each Fund in the following amounts:

BulletShares 2021 Corporate Bond ETF	$	36,579
BulletShares 2022 Corporate Bond ETF		14,356
BulletShares 2023 Corporate Bond ETF		5,257
BulletShares 2024 Corporate Bond ETF		3,564
BulletShares 2025 Corporate Bond ETF		1,086
BulletShares 2026 Corporate Bond ETF		671
BulletShares 2027 Corporate Bond ETF		395
BulletShares 2028 Corporate Bond ETF		284
BulletShares 2029 Corporate Bond ETF		80
BulletShares 2030 Corporate Bond ETF*		20
BulletShares 2021 High Yield Corporate Bond ETF		18,702
BulletShares 2022 High Yield Corporate Bond ETF		11,971
BulletShares 2023 High Yield Corporate Bond ETF		7,183
BulletShares 2024 High Yield Corporate Bond ETF		2,826
BulletShares 2025 High Yield Corporate Bond ETF		1,622
BulletShares 2026 High Yield Corporate Bond ETF		280
BulletShares 2027 High Yield Corporate Bond ETF		49
BulletShares 2028 High Yield Corporate Bond ETF*		38
BulletShares 2021 Municipal Bond ETF		-
BulletShares 2022 Municipal Bond ETF		-
BulletShares 2023 Municipal Bond ETF		-
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 2021 USD Emerging Markets Debt ETF		102
BulletShares 2022 USD Emerging Markets Debt ETF		58
BulletShares 2023 USD Emerging Markets Debt ETF		68
BulletShares 2024 USD Emerging Markets Debt ETF		52

* For the period September 14, 2020 (commencement of investment operations) through February 28, 2021.

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”).

“Nasdaq” is a trademark of The Nasdaq OMX Group, Inc. and has been licensed for use in the name of each Underlying Index by 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 The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for each Fund.

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NOTE 4–Security Transactions with Affiliated Funds

Each Fund is permitted to purchase or sell securities from or to certain other affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by each Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price.

For the six months ended February 28, 2021, the following Funds engaged in transactions with affiliates as listed below:

	Securities Purchases			Securities Sales			Net Realized Gains (Losses)*
BulletShares 2021 Corporate Bond ETF		$	4,516,628		$	-		$	-
BulletShares 2022 Corporate Bond ETF			2,985,455			2,865,502			19,552
BulletShares 2023 Corporate Bond ETF			-			5,935,268			188,165
BulletShares 2024 Corporate Bond ETF			-			1,140,303			42,270
BulletShares 2025 Corporate Bond ETF			196,396			3,484,764			19,049
BulletShares 2026 Corporate Bond ETF			-			1,031,864			62,640
BulletShares 2027 Corporate Bond ETF			-			3,475,759			69,189
BulletShares 2030 Corporate Bond ETF			-			196,396			1,200
BulletShares 2021 High Yield Corporate Bond ETF			28,260,109			-			-
BulletShares 2022 High Yield Corporate Bond ETF			25,974,439			9,250,507			13,990
BulletShares 2023 High Yield Corporate Bond ETF			8,900,930			3,047,526			13,919
BulletShares 2024 High Yield Corporate Bond ETF			2,110,245			5,066,121			72,977
BulletShares 2025 High Yield Corporate Bond ETF			-			20,059,928			434,327
BulletShares 2026 High Yield Corporate Bond ETF			-			690,938			(2,541	)
BulletShares 2027 High Yield Corporate Bond ETF			490,304			1,458,141			73,494
BulletShares 2028 High Yield Corporate Bond ETF			65,691			1,539,244			45,822

* Net realized gains (losses) from securities sold to affiliates are included in net realized gain (loss) from investment securities in the Statements of Operations.

NOTE 5–Additional Valuation Information

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

Level 1 –	Prices are determined using quoted prices in an active market for identical assets.
Level 2 –	Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 –	Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect a Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of February 28, 2021, for each Fund (except for BulletShares 2030 Corporate Bond ETF, BulletShares 2021 High Yield Corporate Bond ETF, BulletShares 2021 Municipal Bond ETF, BulletShares 2022 Municipal Bond ETF, BulletShares 2023 Municipal Bond ETF, 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 and BulletShares 2030 Municipal Bond ETF). As of February 28, 2021, all of the securities in BulletShares 2030 Coporate Bond ETF, BulletShares 2021 High Yield Corporate Bond ETF, BulletShares 2021 Municipal Bond ETF, BulletShares 2022 Municipal Bond ETF, BulletShares 2023 Municipal Bond ETF, 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 and BulletShares 2030 Municipal Bond ETF 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

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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 2021 Corporate Bond ETF
Investments in Securities
U.S. Dollar Denominated Bonds & Notes	$	-	$	1,841,254,208	$	-	$	1,841,254,208
Money Market Funds		129,269,307		-		-		129,269,307
Total Investments	$	129,269,307	$	1,841,254,208	$	-	$	1,970,523,515
BulletShares 2022 Corporate Bond ETF
Investments in Securities
U.S. Dollar Denominated Bonds & Notes	$	-	$	2,260,774,175	$	-	$	2,260,774,175
Money Market Funds		4,417,676		113,542		-		4,531,218
Total Investments	$	4,417,676	$	2,260,887,717	$	-	$	2,265,305,393
BulletShares 2023 Corporate Bond ETF
Investments in Securities
U.S. Dollar Denominated Bonds & Notes	$	-	$	1,703,220,705	$	-	$	1,703,220,705
Money Market Funds		3,803,024		4,812,125		-		8,615,149
Total Investments	$	3,803,024	$	1,708,032,830	$	-	$	1,711,835,854
BulletShares 2024 Corporate Bond ETF
Investments in Securities
U.S. Dollar Denominated Bonds & Notes	$	-	$	1,354,569,597	$	-	$	1,354,569,597
Money Market Funds		4,071,190		12,249,320		-		16,320,510
Total Investments	$	4,071,190	$	1,366,818,917	$	-	$	1,370,890,107
BulletShares 2025 Corporate Bond ETF
Investments in Securities
U.S. Dollar Denominated Bonds & Notes	$	-	$	934,025,940	$	-	$	934,025,940
Money Market Funds		2,570,214		11,061,675		-		13,631,889
Total Investments	$	2,570,214	$	945,087,615	$	-	$	947,657,829
BulletShares 2026 Corporate Bond ETF
Investments in Securities
U.S. Dollar Denominated Bonds & Notes	$	-	$	407,499,535	$	-	$	407,499,535
Money Market Funds		1,738,464		3,132,616		-		4,871,080
Total Investments	$	1,738,464	$	410,632,151	$	-	$	412,370,615
BulletShares 2027 Corporate Bond ETF
Investments in Securities
U.S. Dollar Denominated Bonds & Notes	$	-	$	292,737,899	$	-	$	292,737,899
Money Market Funds		511,829		5,248,013		-		5,759,842
Total Investments	$	511,829	$	297,985,912	$	-	$	298,497,741
BulletShares 2028 Corporate Bond ETF
Investments in Securities
U.S. Dollar Denominated Bonds & Notes	$	-	$	190,435,543	$	-	$	190,435,543
Money Market Funds		328,499		4,397,465		-		4,725,964
Total Investments	$	328,499	$	194,833,008	$	-	$	195,161,507
BulletShares 2029 Corporate Bond ETF
Investments in Securities
U.S. Dollar Denominated Bonds & Notes	$	-	$	87,446,911	$	-	$	87,446,911
Money Market Funds		127,392		-		-		127,392
Total Investments	$	127,392	$	87,446,911	$	-	$	87,574,303
BulletShares 2022 High Yield Corporate Bond ETF
Investments in Securities
U.S. Dollar Denominated Bonds & Notes	$	-	$	794,600,895	$	-	$	794,600,895
Money Market Funds		12,803,810		15,836,485		-		28,640,295
Total Investments	$	12,803,810	$	810,437,380	$	-	$	823,241,190

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	Level 1		Level 2		Level 3		Total
BulletShares 2023 High Yield Corporate Bond ETF
Investments in Securities
U.S. Dollar Denominated Bonds & Notes	$	-	$	514,685,170	$	-	$	514,685,170
Money Market Funds		7,872,916		17,153,028		-		25,025,944
Total Investments	$	7,872,916	$	531,838,198	$	-	$	539,711,114
BulletShares 2024 High Yield Corporate Bond ETF
Investments in Securities
U.S. Dollar Denominated Bonds & Notes	$	-	$	246,230,778	$	-	$	246,230,778
Money Market Funds		8,588,762		10,010,747		-		18,599,509
Total Investments	$	8,588,762	$	256,241,525	$	-	$	264,830,287
BulletShares 2025 High Yield Corporate Bond ETF
Investments in Securities
U.S. Dollar Denominated Bonds & Notes	$	-	$	209,139,129	$	-	$	209,139,129
Money Market Funds		7,424,830		7,574,920		-		14,999,750
Total Investments	$	7,424,830	$	216,714,049	$	-	$	224,138,879
BulletShares 2026 High Yield Corporate Bond ETF
Investments in Securities
U.S. Dollar Denominated Bonds & Notes	$	-	$	71,364,604	$	87,560	$	71,452,164
Money Market Funds		1,486,898		3,013,251		-		4,500,149
Total Investments	$	1,486,898	$	74,377,855	$	87,560	$	75,952,313
BulletShares 2027 High Yield Corporate Bond ETF
Investments in Securities
U.S. Dollar Denominated Bonds & Notes	$	-	$	24,847,290	$	-	$	24,847,290
Money Market Funds		168,561		1,441,592		-		1,610,153
Total Investments	$	168,561	$	26,288,882	$	-	$	26,457,443
BulletShares 2028 High Yield Corporate Bond ETF
Investments in Securities
U.S. Dollar Denominated Bonds & Notes	$	-	$	9,929,594	$	-	$	9,929,594
Money Market Funds		99,240		271,671		-		370,911
Total Investments	$	99,240	$	10,201,265	$	-	$	10,300,505
BulletShares 2021 USD Emerging Markets Debt ETF
Investments in Securities
U.S. Dollar Denominated Bonds & Notes	$	-	$	7,718,175	$	-	$	7,718,175
U.S. Treasury Securities		-		1,577,149		-		1,577,149
Money Market Funds		208,821		-		-		208,821
Total Investments	$	208,821	$	9,295,324	$	-	$	9,504,145
BulletShares 2022 USD Emerging Markets Debt ETF
Investments in Securities
U.S. Dollar Denominated Bonds & Notes	$	-	$	28,008,181	$	-	$	28,008,181
Money Market Funds		470,893		78,448		-		549,341
Total Investments	$	470,893	$	28,086,629	$	-	$	28,557,522
BulletShares 2023 USD Emerging Markets Debt ETF
Investments in Securities
U.S. Dollar Denominated Bonds & Notes	$	-	$	28,247,672	$	-	$	28,247,672
Money Market Funds		1,919,344		324,839		-		2,244,183
Total Investments	$	1,919,344	$	28,572,511	$	-	$	30,491,855
BulletShares 2024 USD Emerging Markets Debt ETF
Investments in Securities
U.S. Dollar Denominated Bonds & Notes	$	-	$	18,158,139	$	-	$	18,158,139
Money Market Funds		5,990		149,823		-		155,813
Total Investments	$	5,990	$	18,307,962	$	-	$	18,313,952

 244 

NOTE 6–Tax Information

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 following table presents available capital loss carryforwards for each Fund as of August 31, 2020:

	No expiration
	Short-Term		Long-Term		Total*
BulletShares 2021 Corporate Bond ETF	$	-	$	-	$	-
BulletShares 2022 Corporate Bond ETF		-		-		-
BulletShares 2023 Corporate Bond ETF		859,557		235,786		1,095,343
BulletShares 2024 Corporate Bond ETF		1,727,244		281,688		2,008,932
BulletShares 2025 Corporate Bond ETF		427,488		32,196		459,684
BulletShares 2026 Corporate Bond ETF		-		-		-
BulletShares 2027 Corporate Bond ETF		-		-		-
BulletShares 2028 Corporate Bond ETF		96,932		-		96,932
BulletShares 2029 Corporate Bond ETF		-		-		-
BulletShares 2021 High Yield Corporate Bond ETF		30,798,498		44,781,606		75,580,104
BulletShares 2022 High Yield Corporate Bond ETF		24,196,458		23,007,435		47,203,893
BulletShares 2023 High Yield Corporate Bond ETF		12,573,863		9,450,621		22,024,484
BulletShares 2024 High Yield Corporate Bond ETF		3,554,114		1,947,984		5,502,098
BulletShares 2025 High Yield Corporate Bond ETF		1,944,957		1,636,040		3,580,997
BulletShares 2026 High Yield Corporate Bond ETF		-		-		-
BulletShares 2027 High Yield Corporate Bond ETF		35,640		-		35,640
BulletShares 2021 Municipal Bond ETF		-		-		-
BulletShares 2022 Municipal Bond ETF		-		-		-
BulletShares 2023 Municipal Bond ETF		-		-		-
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 2021 USD Emerging Markets Debt ETF		4,898		-		4,898
BulletShares 2022 USD Emerging Markets Debt ETF		31,244		16,090		47,334
BulletShares 2023 USD Emerging Markets Debt ETF		-		-		-
BulletShares 2024 USD Emerging Markets Debt ETF		-		-		-

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

NOTE 7–Investment Transactions

For the six months ended February 28, 2021, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Treasury obligations, money market funds and in-kind transactions, if any) were as follows:

	Purchases		Sales
BulletShares 2021 Corporate Bond ETF	$	88,095,945	$	530,406,320
BulletShares 2022 Corporate Bond ETF		213,443,350		180,445,801
BulletShares 2023 Corporate Bond ETF		95,482,044		87,995,548
BulletShares 2024 Corporate Bond ETF		47,256,580		37,874,038
BulletShares 2025 Corporate Bond ETF		23,049,729		21,853,893
BulletShares 2026 Corporate Bond ETF		2,736,079		3,211,191
BulletShares 2027 Corporate Bond ETF		5,720,579		5,042,514
BulletShares 2028 Corporate Bond ETF		4,158,003		3,268,007
BulletShares 2029 Corporate Bond ETF		499,561		181,234

 245 

	Purchases		Sales
BulletShares 2030 Corporate Bond ETF*	$	6,195,855	$	196,396
BulletShares 2021 High Yield Corporate Bond ETF		170,544,961		273,041,619
BulletShares 2022 High Yield Corporate Bond ETF		161,466,327		135,507,765
BulletShares 2023 High Yield Corporate Bond ETF		97,486,640		97,193,758
BulletShares 2024 High Yield Corporate Bond ETF		50,237,454		55,224,395
BulletShares 2025 High Yield Corporate Bond ETF		37,846,743		42,010,015
BulletShares 2026 High Yield Corporate Bond ETF		3,624,849		4,279,381
BulletShares 2027 High Yield Corporate Bond ETF		4,146,104		4,248,307
BulletShares 2028 High Yield Corporate Bond ETF*		6,883,100		1,915,896
BulletShares 2021 Municipal Bond ETF		6,865,036		1,440,000
BulletShares 2022 Municipal Bond ETF		19,735,177		106,703
BulletShares 2023 Municipal Bond ETF		12,716,359		-
BulletShares 2024 Municipal Bond ETF		15,251,440		-
BulletShares 2025 Municipal Bond ETF		15,309,584		-
BulletShares 2026 Municipal Bond ETF		7,646,335		-
BulletShares 2027 Municipal Bond ETF		2,594,867		-
BulletShares 2028 Municipal Bond ETF		4,875,468		129,114
BulletShares 2029 Municipal Bond ETF		5,215,310		-
BulletShares 2030 Municipal Bond ETF*		4,878,993		-
BulletShares 2021 USD Emerging Markets Debt ETF		998,733		4,248,048
BulletShares 2022 USD Emerging Markets Debt ETF		1,371,433		1,003,203
BulletShares 2023 USD Emerging Markets Debt ETF		2,367,790		736,604
BulletShares 2024 USD Emerging Markets Debt ETF		1,350,328		1,242,093

* For the period September 14, 2020 (commencement of investment operations) through February 28, 2021.

For the six months ended February 28, 2021, in-kind transactions associated with creations and redemptions were as follows:

	Cost of Securities Received		Value of Securities Delivered
BulletShares 2021 Corporate Bond ETF	$	13,505,027	$	89,687,871
BulletShares 2022 Corporate Bond ETF		271,963,796		19,102,782
BulletShares 2023 Corporate Bond ETF		380,109,710		-
BulletShares 2024 Corporate Bond ETF		292,070,377		6,204,860
BulletShares 2025 Corporate Bond ETF		321,563,308		3,249,237
BulletShares 2026 Corporate Bond ETF		123,734,880		-
BulletShares 2027 Corporate Bond ETF		72,750,701		6,492,331
BulletShares 2028 Corporate Bond ETF		65,635,655		-
BulletShares 2029 Corporate Bond ETF		64,009,642		-
BulletShares 2030 Corporate Bond ETF*		14,951,718		-
BulletShares 2021 High Yield Corporate Bond ETF		12,930,644		168,449,919
BulletShares 2022 High Yield Corporate Bond ETF		173,290,309		40,727,288
BulletShares 2023 High Yield Corporate Bond ETF		167,064,424		34,522,860
BulletShares 2024 High Yield Corporate Bond ETF		89,994,546		12,381,106
BulletShares 2025 High Yield Corporate Bond ETF		85,674,564		2,435,823
BulletShares 2026 High Yield Corporate Bond ETF		19,960,012		22,229,165
BulletShares 2027 High Yield Corporate Bond ETF		12,463,894		7,453,505
BulletShares 2028 High Yield Corporate Bond ETF*		4,866,436		-
BulletShares 2021 Municipal Bond ETF		-		-
BulletShares 2022 Municipal Bond ETF		-		-
BulletShares 2023 Municipal Bond ETF		-		-
BulletShares 2024 Municipal Bond ETF		-		-
BulletShares 2025 Municipal Bond ETF		-		-
BulletShares 2026 Municipal Bond ETF		-		-

 246 

	Cost of Securities Received		Value of Securities Delivered
BulletShares 2027 Municipal Bond ETF	$	-	$	-
BulletShares 2028 Municipal Bond ETF		-		-
BulletShares 2029 Municipal Bond ETF		-		-
BulletShares 2030 Municipal Bond ETF*		-		-
BulletShares 2021 USD Emerging Markets Debt ETF		-		-
BulletShares 2022 USD Emerging Markets Debt ETF		16,255,991		-
BulletShares 2023 USD Emerging Markets Debt ETF		16,384,173		-
BulletShares 2024 USD Emerging Markets Debt ETF		2,593,384		-

* For the period September 14, 2020 (commencement of investment operations) through February 28, 2021.

Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes. At February 28, 2021, the aggregate cost of investments, including any derivatives, on a tax basis includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

	Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)			Cost
BulletShares 2021 Corporate Bond ETF	$	7,206,183	$	(76,309	)	$	7,129,874		$	1,963,393,641
BulletShares 2022 Corporate Bond ETF		40,171,399		(1,350,003	)		38,821,396			2,226,483,997
BulletShares 2023 Corporate Bond ETF		50,231,302		(212,967	)		50,018,335			1,661,817,519
BulletShares 2024 Corporate Bond ETF		54,597,946		(327,839	)		54,270,107			1,316,620,000
BulletShares 2025 Corporate Bond ETF		30,248,441		(2,568,355	)		27,680,086			919,977,743
BulletShares 2026 Corporate Bond ETF		15,621,531		(423,273	)		15,198,258			397,172,357
BulletShares 2027 Corporate Bond ETF		11,784,581		(748,457	)		11,036,124			287,461,617
BulletShares 2028 Corporate Bond ETF		5,890,170		(496,858	)		5,393,312			189,768,195
BulletShares 2029 Corporate Bond ETF		238,579		(1,024,233	)		(785,654	)		88,359,957
BulletShares 2030 Corporate Bond ETF*		10,632		(643,957	)		(633,325	)		21,311,748
BulletShares 2021 High Yield Corporate Bond ETF		3,451,445		(247,582	)		3,203,863			803,325,542
BulletShares 2022 High Yield Corporate Bond ETF		9,948,497		(1,150,956	)		8,797,541			814,443,649
BulletShares 2023 High Yield Corporate Bond ETF		10,394,894		(1,933,923	)		8,460,971			531,250,143
BulletShares 2024 High Yield Corporate Bond ETF		4,735,528		(716,191	)		4,019,337			260,810,950
BulletShares 2025 High Yield Corporate Bond ETF		5,021,361		(490,792	)		4,530,569			219,608,310
BulletShares 2026 High Yield Corporate Bond ETF		1,627,280		(164,164	)		1,463,116			74,489,197
BulletShares 2027 High Yield Corporate Bond ETF		501,017		(90,857	)		410,160			26,047,283
BulletShares 2028 High Yield Corporate Bond ETF*		140,540		(50,375	)		90,165			10,210,340
BulletShares 2021 Municipal Bond ETF		62,570		(3,344	)		59,226			39,171,972
BulletShares 2022 Municipal Bond ETF		165,598		(33,916	)		131,682			47,041,621
BulletShares 2023 Municipal Bond ETF		196,569		(28,841	)		167,728			27,267,247
BulletShares 2024 Municipal Bond ETF		237,407		(69,759	)		167,648			27,306,983
BulletShares 2025 Municipal Bond ETF		289,449		(145,562	)		143,887			24,947,826
BulletShares 2026 Municipal Bond ETF		297,054		(98,835	)		198,219			19,788,961
BulletShares 2027 Municipal Bond ETF		142,668		(227,082	)		(84,414	)		17,401,631
BulletShares 2028 Municipal Bond ETF		115,663		(75,523	)		40,140			9,675,128
BulletShares 2029 Municipal Bond ETF		91,493		(138,502	)		(47,009	)		9,992,982
BulletShares 2030 Municipal Bond ETF*		11,231		(54,521	)		(43,290	)		4,841,106
BulletShares 2021 USD Emerging Markets Debt ETF		78,872		(2,858	)		76,014			9,428,131
BulletShares 2022 USD Emerging Markets Debt ETF		346,105		(29,715	)		316,390			28,241,132
BulletShares 2023 USD Emerging Markets Debt ETF		573,590		(34,306	)		539,284			29,952,571
BulletShares 2024 USD Emerging Markets Debt ETF		869,488		(6,582	)		862,906			17,451,046

* In the Fund’s initial year of operations, the cost of investments for tax purposes will not reflect any tax adjustments until its fiscal year-end reporting period.

 247 

NOTE 8–Trustees’ and Officer’s Fees

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

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

NOTE 9–Capital

Shares are issued and redeemed by the Funds only in Creation Units consisting of a specified number of Shares as set forth in the each Fund’s prospectus. Only Authorized Participants are permitted to purchase or redeem Creation Units from the Funds. Such transactions are generally in exchange for the deposit or delivery of cash. However, the Funds also reserve the right to permit or require Creation Units to be issued in exchange for the deposit or delivery of a basket of securities (“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 Authorized Participant, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the Authorized Participant to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the Authorized Participant’s delivery and maintenance of collateral consisting of cash in the form of U.S. dollars in immediately available funds having a value (marked-to-market daily) at least equal to 105%, which the Adviser may change from time to time, of the value of the missing Deposit Securities.

Certain transaction fees may be charged by the Funds for creations and redemptions, which are treated as increases in capital. Transactions in each Fund’s Shares are disclosed in detail in the Statements of Changes in Net Assets.

NOTE 10–Coronavirus (COVID-19) Pandemic

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

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

 248 

Calculating your ongoing Fund expenses

Example

As a shareholder of a Fund of the Invesco Exchange-Traded Self-Indexed Fund Trust, you incur a unitary management fee. In addition to the unitary management fee, a shareholder may pay distribution fees, if any, brokerage expenses, taxes, interest, litigation expenses, acquired fund fees and expenses, if any, and other extraordinary expenses, 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 (iii) any other matters that directly benefit the Adviser). The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held through the six-month period ended February 28, 2021.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Beginning Account Value September 1, 2020		Ending Account Value February 28, 2021		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period(1)
Invesco BulletShares 2021 Corporate Bond ETF (BSCL) Actual		$1,000.00		$1,001.80		0.10	%		$0.50
Hypothetical (5% return before expenses)		1,000.00		1,024.30		0.10			0.50
Invesco BulletShares 2022 Corporate Bond ETF (BSCM) Actual		1,000.00		1,003.90		0.10			0.50
Hypothetical (5% return before expenses)		1,000.00		1,024.30		0.10			0.50
Invesco BulletShares 2023 Corporate Bond ETF (BSCN) Actual		1,000.00		1,006.90		0.10			0.50
Hypothetical (5% return before expenses)		1,000.00		1,024.30		0.10			0.50
Invesco BulletShares 2024 Corporate Bond ETF (BSCO) Actual		1,000.00		1,010.00		0.10			0.50
Hypothetical (5% return before expenses)		1,000.00		1,024.30		0.10			0.50
Invesco BulletShares 2025 Corporate Bond ETF (BSCP) Actual		1,000.00		1,001.00		0.10			0.50
Hypothetical (5% return before expenses)		1,000.00		1,024.30		0.10			0.50

 249 

Calculating your ongoing Fund expenses–(continued)

	Beginning Account Value September 1, 2020			Ending Account Value February 28, 2021				Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period(1)
Invesco BulletShares 2026 Corporate Bond ETF (BSCQ) Actual		$	1,000.00		$	998.40			0.10	%		$	0.50
Hypothetical (5% return before expenses)			1,000.00			1,024.30			0.10				0.50
Invesco BulletShares 2027 Corporate Bond ETF (BSCR) Actual			1,000.00			1,003.90			0.10				0.50
Hypothetical (5% return before expenses)			1,000.00			1,024.30			0.10				0.50
Invesco BulletShares 2028 Corporate Bond ETF (BSCS) Actual			1,000.00			997.80			0.10				0.50
Hypothetical (5% return before expenses)			1,000.00			1,024.30			0.10				0.50
Invesco BulletShares 2029 Corporate Bond ETF (BSCT) Actual			1,000.00			988.50			0.10				0.49
Hypothetical (5% return before expenses)			1,000.00			1,024.30			0.10				0.50
Invesco BulletShares 2030 Corporate Bond ETF (BSCU) Actual			1,000.00			783.30	(2)		0.10				0.41	(3)
Hypothetical (5% return before expenses)			1,000.00			1,024.30	(2)		0.10				0.50	(3)
Invesco BulletShares 2021 High Yield Corporate Bond ETF (BSJL) Actual			1,000.00			1,015.60			0.42				2.10
Hypothetical (5% return before expenses)			1,000.00			1,022.71			0.42				2.11
Invesco BulletShares 2022 High Yield Corporate Bond ETF (BSJM) Actual			1,000.00			1,031.10			0.42				2.12
Hypothetical (5% return before expenses)			1,000.00			1,022.71			0.42				2.11
Invesco BulletShares 2023 High Yield Corporate Bond ETF (BSJN) Actual			1,000.00			1,039.40			0.42				2.12
Hypothetical (5% return before expenses)			1,000.00			1,022.71			0.42				2.11
Invesco BulletShares 2024 High Yield Corporate Bond ETF (BSJO) Actual			1,000.00			1,045.00			0.42				2.13
Hypothetical (5% return before expenses)			1,000.00			1,022.71			0.42				2.11
Invesco BulletShares 2025 High Yield Corporate Bond ETF (BSJP) Actual			1,000.00			1,053.10			0.42				2.14
Hypothetical (5% return before expenses)			1,000.00			1,022.71			0.42				2.11
Invesco BulletShares 2026 High Yield Corporate Bond ETF (BSJQ) Actual			1,000.00			1,046.60			0.42				2.13
Hypothetical (5% return before expenses)			1,000.00			1,022.71			0.42				2.11
Invesco BulletShares 2027 High Yield Corporate Bond ETF (BSJR) Actual			1,000.00			1,043.50			0.42				2.13
Hypothetical (5% return before expenses)			1,000.00			1,022.71			0.42				2.11
Invesco BulletShares 2028 High Yield Corporate Bond ETF (BSJS) Actual			1,000.00			1,032.00	(2)		0.42				1.94	(3)
Hypothetical (5% return before expenses)			1,000.00			1,022.71	(2)		0.42				2.11	(3)
Invesco BulletShares 2021 Municipal Bond ETF (BSML) Actual			1,000.00			1,002.60			0.18				0.89
Hypothetical (5% return before expenses)			1,000.00			1,023.90			0.18				0.90
Invesco BulletShares 2022 Municipal Bond ETF (BSMM) Actual			1,000.00			1,004.00			0.18				0.89
Hypothetical (5% return before expenses)			1,000.00			1,023.90			0.18				0.90

 250 

Calculating your ongoing Fund expenses–(continued)

	Beginning Account Value September 1, 2020			Ending Account Value February 28, 2021				Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period(1)
Invesco BulletShares 2023 Municipal Bond ETF (BSMN) Actual		$	1,000.00		$	1,005.20			0.18	%		$	0.89
Hypothetical (5% return before expenses)			1,000.00			1,023.90			0.18				0.90
Invesco BulletShares 2024 Municipal Bond ETF (BSMO) Actual			1,000.00			1,007.00			0.18				0.90
Hypothetical (5% return before expenses)			1,000.00			1,023.90			0.18				0.90
Invesco BulletShares 2025 Municipal Bond ETF (BSMP) Actual			1,000.00			1,004.00			0.18				0.89
Hypothetical (5% return before expenses)			1,000.00			1,023.90			0.18				0.90
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ) Actual			1,000.00			1,008.40			0.18				0.90
Hypothetical (5% return before expenses)			1,000.00			1,023.90			0.18				0.90
Invesco BulletShares 2027 Municipal Bond ETF (BSMR) Actual			1,000.00			1,004.90			0.18				0.89
Hypothetical (5% return before expenses)			1,000.00			1,023.90			0.18				0.90
Invesco BulletShares 2028 Municipal Bond ETF (BSMS) Actual			1,000.00			1,004.50			0.18				0.89
Hypothetical (5% return before expenses)			1,000.00			1,023.90			0.18				0.90
Invesco BulletShares 2029 Municipal Bond ETF (BSMT) Actual			1,000.00			999.80			0.18				0.89
Hypothetical (5% return before expenses)			1,000.00			1,023.90			0.18				0.90
Invesco BulletShares 2030 Municipal Bond ETF (BSMU) Actual			1,000.00			998.40	(2)		0.18				0.82	(3)
Hypothetical (5% return before expenses)			1,000.00			1,023.90	(2)		0.18				0.90	(3)
Invesco BulletShares 2021 USD Emerging Markets Debt ETF (BSAE) Actual			1,000.00			1,008.60			0.29				1.44
Hypothetical (5% return before expenses)			1,000.00			1,023.36			0.29				1.45
Invesco BulletShares 2022 USD Emerging Markets Debt ETF (BSBE) Actual			1,000.00			1,018.50			0.29				1.45
Hypothetical (5% return before expenses)			1,000.00			1,023.36			0.29				1.45
Invesco BulletShares 2023 USD Emerging Markets Debt ETF (BSCE) Actual			1,000.00			1,024.60			0.29				1.46
Hypothetical (5% return before expenses)			1,000.00			1,023.36			0.29				1.45
Invesco BulletShares 2024 USD Emerging Markets Debt ETF (BSDE) Actual			1,000.00			1,027.60			0.29				1.46
Hypothetical (5% return before expenses)			1,000.00			1,023.36			0.29				1.45

⁽¹⁾  Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the six-month period ended February 28, 2021. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 181/365.

⁽²⁾  The actual ending account value is based on the actual total return of the Fund for the period September 14, 2020 (commencement of investment operations) through February 28, 2021, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

⁽³⁾  Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the period September 14, 2020 (commencement of investment operations) to February 28, 2021. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 168/365. Hypothetical expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 181/365.

 251 

Approval of Investment Advisory Contracts

Invesco BulletShares 2029 Corporate Bond ETF	Invesco BulletShares 2029 Municipal Bond ETF
Invesco BulletShares 2027 High Yield Corporate Bond ETF	Invesco BulletShares 2030 Municipal Bond ETF
Invesco BulletShares 2025 USD Emerging Markets Debt ETF

At a meeting held on June 20, 2019, the Board of Trustees of the Invesco Exchange-Traded Self-Indexed Fund Trust (the “Trust”), including the Independent Trustees, approved the Investment Advisory Agreement (the “Agreement”) between Invesco Capital Management LLC (the “Adviser”) and the Trust for Invesco BulletShares 2029 Corporate Bond ETF, Invesco BulletShares 2027 High Yield Corporate Bond ETF, Invesco BulletShares 2025 USD Emerging Markets Debt ETF, Invesco BulletShares 2029 Municipal Bond ETF and Invesco BulletShares 2030 Municipal Bond ETF (each, a “Fund” and collectively, the “Funds”).

The Trustees reviewed information provided by 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 each Fund grows, (iv) whether the fee levels reflect any possible economies of scale for the benefit of Fund shareholders, and (v) any benefits to be realized by the Adviser from its 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, information describing the Adviser’s current organization and staffing, including operational support that would be provided by the Adviser’s parent organization, Invesco Ltd., and the background and experience 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 also 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.

The Trustees also 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 and that was expected to be provided for each Fund.

Based on their review, the Trustees concluded that the nature, extent and quality of the services to be provided by the Adviser to each Fund under the 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 and open-end (non-ETF) actively managed funds. The Trustees noted that the fee data provided by the Adviser included only one open-end (non-ETF) index peer fund for the Invesco BulletShares 2027 High Yield Corporate Bond ETF and Invesco BulletShares 2025 USD Emerging Markets Debt ETF. The Trustees also considered fee and expense data on Adviser-identified selected peers. The Trustees noted that the fee data provided by the Adviser included two Adviser-identified selected peers for Invesco BulletShares 2029 Municipal Bond ETF and Invesco BulletShares 2030 Municipal Bond ETF and three Adviser-identified selected peers for Invesco BulletShares 2027 High Yield Corporate Bond ETF.

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 expenses of each Fund except for the fee payment under the Agreement, payments under the Fund’s 12b-1 plan, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses. The Trustees noted each Fund’s proposed unitary advisory fee as compared to the median net expense ratio of its peer groups and select peer group as shown below:

Fund	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 2029 Corporate Bond ETF	Lower than median (23)	Higher than median (3)	Lower than median (57)	Same as median (6)

 252 

Approval of Investment Advisory Contracts–(continued)

Fund	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 2027 High Yield Corporate Bond ETF	Higher than median (17)	Lower than median (1)	Lower than median (104)	Lower than median (3)
Invesco BulletShares 2025 USD Emerging Markets Debt ETF	Lower than median (8)	Lower than median (1)	Lower than median (66)	Lower than median (5)
Invesco BulletShares 2029 Municipal Bond ETF	Same as median (4)	N/A	Lower than median (63)	Lower than median (2)
Invesco BulletShares 2030 Municipal Bond ETF	Same as median (4)	N/A	Lower than median (63)	Lower than median (2)

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

The Trustees considered each Fund’s proposed unitary advisory fee in light of the administrative, operational and management oversight services to be provided by the Adviser. The Board concluded that the unitary advisory fee to be charged to each Fund is reasonable and appropriate in light of the services expected to be provided by the Adviser.

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 noted other information the Board received at its April 2019 meeting on 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 shareholders. The Trustees noted that any reduction in fixed costs associated with the management of each Fund would be enjoyed by the Adviser, but that a unitary advisory fee provides a level of certainty in expenses for each Fund. The Trustees considered whether the proposed unitary advisory fee rate for each Fund is reasonable in relation to the proposed services and product strategy of each Fund, and they concluded that the unitary advisory fee was reasonable and appropriate.

Fall-Out Benefits. The Trustees noted that the Adviser had not identified any further benefits that it would derive from its relationships with each Fund, and had noted that it does not have any soft-dollar arrangements. The Trustees considered that an affiliate of the Adviser, Invesco Indexing LLC, would serve as the index provider for each Fund and would be paid a licensing fee by the Adviser.

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

 253 

Approval of Investment Advisory Contracts for

Invesco BulletShares 2030 Corporate Bond ETF Invesco BulletShares 2028 High Yield Corporate Bond ETF

At a meeting held on June 25, 2020, the Board of Trustees of the Invesco Exchange-Traded Self-Indexed Fund Trust (the “Trust”), including the Independent Trustees, approved the Investment Advisory Agreement (the “Agreement”) between Invesco Capital Management LLC (the “Adviser”) and the Trust for Invesco BulletShares 2030 Corporate Bond ETF and Invesco BulletShares 2028 High Yield Corporate Bond ETF (each, a “Fund” and collectively, the “Funds”).

The Trustees reviewed information provided by 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 each Fund grows, (iv) whether the fee levels reflect any possible economies of scale for the benefit of Fund shareholders, and (v) any 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 each of the Funds’ portfolio managers also manages 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 Funds’ portfolio managers. The Trustees also noted other information the Board received and considered at its March 12, 2020 and April 14, 2020 meetings 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.

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 and that was expected to be provided for each Fund.

Based on their review, the Trustees concluded that the nature, extent and quality of the services to be provided by the Adviser to each Fund under the 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 and open-end (non-ETF) actively managed funds.

The Trustees noted that the fee data provided by the Adviser included three open-end (non-ETF) index peer funds for Invesco BulletShares 2030 Corporate Bond ETF and one open-end (non-ETF) index peer fund for the Invesco BulletShares 2028 High Yield Corporate Bond ETF. The Trustees also considered fee and expense data on Adviser-identified select peers. The Trustees noted that the fee data provided by the Adviser included six Adviser-identified select peers for Invesco BulletShares 2030 Corporate Bond ETF and three Adviser-identified select peers for Invesco BulletShares 2028 High Yield Corporate Bond ETF.

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 expenses of each Fund except for the fee payment under the Agreement, payments under the Fund’s 12b-1 plan, if any, brokerage expenses, taxes, interest, litigation expenses, acquired fund fees and expenses, if any, and other extraordinary expenses. The Trustees noted each Fund’s proposed unitary advisory fee as compared to the median net expense ratio of its peer groups and select peer group as shown below:

Fund	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 2030 Corporate Bond ETF	Same as median (27)	Higher than median (3)	Lower than median (57)	Same as median (6)
Invesco BulletShares 2028 High Yield Corportate Bond ETF	Higher than median (19)	Lower than median (1)	Lower than median (114)	Lower than median (3)

 254 

Approval of Investment Advisory Contracts–(continued)

Based on all 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, including the licensing fees payable by the Adviser to Invesco Indexing LLC.

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 noted other information the Board received and considered at its March 12, 2020 and April 14, 2020 meetings on 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 shareholders. The Trustees noted that any reduction in fixed costs associated with the management of each Fund would be enjoyed by the Adviser, but that a unitary advisory fee provides a level of certainty in expenses for each Fund. The Trustees considered whether the proposed unitary advisory fee rate for each Fund is reasonable in relation to the proposed services and product strategy of each Fund, and they concluded that the unitary advisory fee was reasonable and appropriate.

Fall-Out Benefits. The Trustees considered that the Adviser identified no additional benefits that it would derive from its relationships with the Funds, and noted that the Adviser does not have any soft-dollar arrangements. The Trustees also 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 advisory fees for money market cash management vehicles. The Trustees considered that an affiliate of the Adviser, Invesco Indexing LLC, would serve as the index provider for each Fund and would be paid a licensing fee. The Board concluded that the advisory fee was reasonable, taking into account any ancillary benefits received by affiliates of the Adviser.

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

 255 

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Proxy Voting Policies and Procedures

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

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

Quarterly Portfolios

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

Frequency Distribution of Discounts and Premiums

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

©2021 Invesco Capital Management LLC 3500 Lacey Road, Suite 700
Downers Grove, IL 60515	P-SIFT-SAR-1	invesco.com/ETFs

	Invesco Semi-Annual Report to Shareholders
	February 28, 2021
	DEF	Invesco Defensive Equity ETF
	ISDX	Invesco RAFITM Strategic Developed ex-US ETF
	ISEM	Invesco RAFITM Strategic Emerging Markets ETF
	IUS	Invesco RAFITM Strategic US ETF
	IUSS	Invesco RAFITM Strategic US Small Company ETF

Table of Contents

Schedules of Investments
Invesco Defensive Equity ETF (DEF)	3
Invesco RAFITM Strategic Developed ex-US ETF (ISDX)	6
Invesco RAFITM Strategic Emerging Markets ETF (ISEM)	16
Invesco RAFITM Strategic US ETF (IUS)	22
Invesco RAFITM Strategic US Small Company ETF (IUSS)	29
Statements of Assets and Liabilities	41
Statements of Operations	42
Statements of Changes in Net Assets	44
Financial Highlights	46
Notes to Financial Statements	51
Fund Expenses	61

2

Invesco Defensive Equity ETF (DEF)

February 28, 2021

(Unaudited)

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity  Interests-99.87%
Communication Services-9.21%
Activision Blizzard, Inc.		29,545	$	2,824,798
Alphabet, Inc., Class C(b)		1,371		2,792,535
AT&T, Inc.		77,549		2,162,842
Charter Communications, Inc., Class A(b)		3,788		2,323,635
Comcast Corp., Class A		47,835		2,521,861
Electronic Arts, Inc.		18,327		2,455,268
T-Mobile US, Inc.(b)		18,607		2,232,282
Verizon Communications, Inc.		39,698		2,195,299
Walt Disney Co. (The)(b)		15,805		2,987,777
				22,496,297
Consumer Discretionary-8.11%
Amazon.com, Inc.(b)		788		2,437,229
Dollar General Corp.		11,721		2,215,152
Garmin Ltd.		20,431		2,533,853
McDonald’s Corp.		11,739		2,419,877
NIKE,Inc.,Class B		17,651		2,379,002
Target Corp.		14,019		2,571,645
Tractor Supply Co.		18,069		2,872,248
Yum! Brands, Inc.		22,897		2,370,526
				19,799,532
Consumer Staples-10.18%
Clorox Co. (The)		12,166		2,202,654
Colgate-Palmolive Co.		28,791		2,165,083
Conagra Brands, Inc.		68,321		2,318,132
Costco Wholesale Corp.		6,525		2,159,775
General Mills, Inc.		41,129		2,262,506
Kroger Co. (The)		78,177		2,518,081
McCormick & Co., Inc.		26,202		2,208,305
Mondelez International, Inc., Class A		42,272		2,247,180
Monster Beverage Corp.(b)		27,753		2,435,048
Procter & Gamble Co. (The)		17,891		2,210,075
Walmart, Inc.		16,454		2,137,704
				24,864,543
Financials-5.18%
Aon PLC, Class A.		11,783		2,683,107
Intercontinental Exchange, Inc.		22,152		2,443,587
Nasdaq, Inc.		19,431		2,687,113
Progressive Corp. (The)		26,063		2,240,115
Willis Towers Watson PLC		11,752		2,592,961
				12,646,883
Health Care-19.22%
Abbott Laboratories		22,953		2,749,310
AbbVie, Inc.		22,454		2,419,194
AmerisourceBergen Corp.		24,133		2,442,742
Amgen, Inc.		10,617		2,387,976
Bio-Rad Laboratories, Inc., Class A(b)		4,519		2,641,356
Bristol-Myers Squibb Co.		40,211		2,466,141
Danaher Corp.		10,948		2,404,947
Eli Lilly and Co.		15,501		3,176,000
IDEXX Laboratories, Inc.(b)		5,446		2,832,846
Incyte Corp.(b)		30,142		2,370,970
Intuitive Surgical, Inc.(b)		3,249		2,393,863
Johnson & Johnson		15,933		2,524,743
McKesson Corp.		13,660		2,315,643

	Shares		Value
Health Care-(continued)
Merck & Co., Inc.		29,233	$	2,122,900
PerkinElmer, Inc.		16,956		2,137,982
Quest Diagnostics, Inc.		19,643		2,270,534
STERIS PLC		12,956		2,264,709
Thermo Fisher Scientific, Inc.		5,306		2,388,124
West Pharmaceutical Services, Inc.		9,344		2,622,394
				46,932,374
Industrials-11.96%
Cummins, Inc.		10,925		2,766,210
Expeditors International of Washington, Inc.		26,917		2,472,057
General Dynamics Corp.		15,893		2,598,029
Jacobs Engineering Group, Inc.		22,236		2,558,919
L3Harris Technologies, Inc.		12,953		2,356,280
Lockheed Martin Corp.		6,752		2,229,848
Masco Corp.		45,139		2,402,297
Northrop Grumman Corp.		8,033		2,342,905
PACCAR, Inc.		27,924		2,540,805
Rollins, Inc.		67,076		2,224,911
Union Pacific Corp.		11,852		2,441,038
United Parcel Service, Inc., Class B		14,424		2,276,540
				29,209,839
Information Technology-25.47%
Accenture PLC, Class A		9,893		2,482,154
Akamai Technologies, Inc.(b)		23,368		2,208,276
Amphenol Corp., Class A		18,352		2,306,479
ANSYS, Inc.(b)		7,297		2,488,204
Automatic Data Processing, Inc.		14,038		2,442,893
Broadridge Financial Solutions, Inc.		16,450		2,343,960
Cisco Systems, Inc.		54,599		2,449,857
Citrix Systems, Inc.		18,507		2,472,165
Fidelity National Information Services, Inc.		16,512		2,278,656
Fiserv, Inc.(b)		21,300		2,457,381
International Business Machines Corp.		19,321		2,297,847
IPG Photonics Corp.(b)		11,785		2,679,320
Jack Henry & Associates, Inc.		15,538		2,306,461
Juniper Networks, Inc.		111,838		2,603,589
Keysight Technologies, Inc.(b)		19,641		2,779,594
Microsoft Corp.		11,523		2,677,715
NortonLifeLock, Inc.		125,177		2,442,203
Oracle Corp.		40,844		2,634,846
Seagate Technology PLC		38,404		2,812,325
Synopsys, Inc.(b)		10,527		2,581,326
Texas Instruments, Inc.		15,056		2,593,697
Tyler Technologies, Inc.(b)		5,486		2,542,322
VeriSign, Inc.(b)		11,940		2,316,718
Visa, Inc., Class A		11,636		2,471,370
Western Union Co. (The)		109,509		2,542,799
				62,212,157
Materials-2.83%
Ball Corp.		26,132		2,231,412
Linde PLC (United Kingdom)		9,715		2,373,083
Sherwin-Williams Co. (The)		3,386		2,303,631
				6,908,126
Real Estate-3.97%
American Tower Corp.		11,123		2,404,014

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

3

Invesco Defensive Equity ETF (DEF)—(continued)

February 28, 2021

(Unaudited)

	Shares		Value
Real Estate-(continued)
Crown Castle International Corp.		15,403	$	2,399,017
Digital Realty Trust, Inc.		18,877		2,543,298
Equinix, Inc.		3,608		2,339,211
				9,685,540
Utilities-3.74%
American Water Works Co., Inc.		16,500		2,341,020
Atmos Energy Corp.		24,962		2,112,035
Dominion Energy, Inc.		32,834		2,243,219
NextEra Energy, Inc.		33,125		2,434,025
				9,130,299
Total Common Stocks & Other Equity Interests (Cost $223,767,201)				243,885,590

	Shares		Value
Money Market Funds-0.05%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(c)(d) (Cost $124,995)		124,995	$	124,995
TOTAL INVESTMENTS IN SECURITIES-99.92% (Cost $223,892,196)				244,010,585
OTHER ASSETS LESS LIABILITIES-0.08%				194,572
NET ASSETS-100.00%			$	244,205,157

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) Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28,2021.

	Value August 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value February 28, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	4,729,948		$	(4,604,953	)		$	-			$	-		$	124,995		$	38
Invesco Premier U.S. Government Money Portfolio, Institutional Class			116,684			341,857			(458,541	)			-				-			-			2
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			1,654,316			1,291,033			(2,945,349	)			-				-			-			110	*
Invesco Private Prime Fund			551,445			1,759,712			(2,311,206	)			(23	)			72			-			283	*
Total		$	2,322,445		$	8,122,550		$	(10,320,049	)		$	(23	)		$	72		$	124,995		$	433

* 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 February 28, 2021.

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

4

Invesco Defensive Equity ETF (DEF)—(continued)

February 28, 2021

(Unaudited)

Portfolio Composition

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

as of February 28, 2021

Information Technology	25.47
Health Care	19.22
Industrials	11.96
Consumer Staples	10.18
Communication Services	9.21
Consumer Discretionary	8.11
Financials	5.18
Real Estate	3.97
Utilities	3.74
Materials	2.83
Money Market Funds Plus Other Assets Less Liabilities	0.13

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

5

Invesco RAFI^TM Strategic Developed ex-US ETF (ISDX)

February 28, 2021

(Unaudited)

Schedule of Investments

	Shares		Value
Common Stocks & Other Equity Interests-99.66%
Australia-6.68%
AGL Energy Ltd.		14,865	$	107,835
Alumina Ltd.		41,000		51,422
Ampol Ltd.		7,621		145,026
Aristocrat Leisure Ltd.		2,717		63,862
Aurizon Holdings Ltd.		33,715		99,449
BHP Group Ltd.		85,337		3,245,917
BHP Group PLC		100,072		3,175,274
BlueScope Steel Ltd.		16,535		213,527
Boral Ltd.(a)		42,042		168,603
Brambles Ltd.		16,017		122,764
Coca-Cola Amatil Ltd.		8,244		85,462
Computershare Ltd.		5,254		53,978
Crown Resorts Ltd.		8,171		62,944
CSL Ltd.		963		195,775
Downer EDI Ltd.		25,677		102,378
Fortescue Metals Group Ltd.		17,042		318,105
Glencore PLC(a)		678,134		2,756,126
Incitec Pivot Ltd.(a)		49,885		102,732
Lendlease Corp. Ltd.		14,662		150,973
Metcash Ltd.(b)		41,721		108,852
Newcrest Mining Ltd.		6,062		115,641
OceanaGold Corp.(a)		30,561		44,417
Orica Ltd.		6,011		58,451
Origin Energy Ltd.		42,744		148,916
Qantas Airways Ltd.(a)		41,559		160,875
Ramsay Health Care Ltd.		1,913		97,749
Rio Tinto Ltd.		27,098		2,668,354
Rio Tinto PLC		26,233		2,269,168
Santos Ltd.		33,013		184,789
Sonic Healthcare Ltd.		3,973		97,598
South32 Ltd.		154,362		331,035
Tabcorp Holdings Ltd.		29,205		100,617
Telstra Corp. Ltd.		294,986		703,405
Treasury Wine Estates Ltd.		7,758		65,468
Wesfarmers Ltd.		22,659		863,798
Woolworths Group Ltd.		18,533		565,321
				19,806,606
Austria-0.31%
ANDRITZ AG		2,118		102,113
OMV AG		5,082		245,878
UNIQA Insurance Group AG		11,015		85,835
Verbund AG(b)		915		70,192
Vienna Insurance Group AG Wiener
Versicherung Gruppe		2,056		55,527
voestalpine AG(b)		7,225		287,997
Wienerberger AG		2,461		82,685
				930,227
Belgium-1.08%
Ackermans & van Haaren N.V		598		96,974
Anheuser-Busch InBev S.A./N.V		39,859		2,296,157
Bekaert S.A.		2,494		92,330
Etablissements Franz Colruyt N.V		732		44,105
Groupe Bruxelles Lambert S.A.		1,505		150,087
Proximus SADP		3,265		64,202
Solvay S.A., Class A		1,933		237,209

	Shares		Value
Belgium-(continued)
UCB S.A.		858	$	85,856
Umicore S.A.		2,107		124,447
				3,191,367
Brazil-0.06%
Yara International ASA		3,944		190,788
Canada-15.03%
Aecon Group, Inc.		5,502		79,966
Agnico Eagle Mines Ltd.		2,704		151,732
Air Canada(a)		26,731		529,975
Alamos Gold, Inc., Class A		8,929		63,617
Alimentation Couche-Tard, Inc., Class B		39,332		1,188,348
AltaGas Ltd.		16,706		254,549
ARC Resources Ltd.		34,887		209,983
AutoCanada, Inc.		8,500		204,712
B2Gold Corp.		14,934		65,351
Barrick Gold Corp.		22,759		426,956
Baytex Energy Corp.(a)		389,859		378,773
BCE, Inc.(b)		14,714		632,609
BlackBerry Ltd.(a)		13,844		140,736
Boyd Group Services, Inc.		299		49,736
Brookfield Asset Management, Inc., Class A(b)		61,068		2,479,380
BRP, Inc.		4,722		342,960
CAE, Inc.		8,111		215,781
Cameco Corp.		5,803		91,537
Canadian National Railway Co.		13,941		1,529,656
Canadian Natural Resources Ltd.		86,995		2,385,147
Canadian Pacific Railway Ltd.		2,288		819,632
Canadian Solar, Inc.(a)		3,209		150,598
Canadian Tire Corp. Ltd., Class A		4,478		581,645
Canfor Corp.(a)		6,136		125,822
Capital Power Corp.		6,292		170,520
Cascades, Inc.		8,142		107,981
CCL Industries, Inc., Class B		4,275		226,345
Celestica, Inc.(a)		23,489		195,742
Cenovus Energy, Inc.		186,590		1,388,371
Centerra Gold, Inc.		6,386		62,296
CGI, Inc., Class A(a)		6,928		519,874
Chartwell Retirement Residences(b)		7,460		64,524
CI Financial Corp.		12,724		179,101
Cineplex, Inc.		4,711		51,427
Cogeco Communications, Inc.		768		69,805
Cogeco, Inc.		713		52,591
Constellation Software, Inc.		153		199,132
Crescent Point Energy Corp.		205,191		756,905
Dollarama, Inc.		3,582		137,027
Empire Co. Ltd., Class A		17,047		476,266
Enbridge, Inc.(b)		78,884		2,678,068
Enerflex Ltd.		13,757		94,973
Enerplus Corp.		42,704		207,786
Fairfax Financial Holdings Ltd.		2,469		1,011,022
Finning International, Inc.		10,981		288,056
George Weston Ltd.		6,045		446,308
Gibson Energy, Inc.		7,920		135,503
Gildan Activewear, Inc.		11,747		358,812
Great Canadian Gaming Corp.(a)		3,887		130,181
Hydro One Ltd.(c)		9,707		207,175
IAMGOLD Corp.(a)		19,674		58,587

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

6

Invesco RAFI^TM Strategic Developed ex-US ETF (ISDX)—(continued)

February 28, 2021

(Unaudited)

	Shares		Value
Canada-(continued)
IGM Financial, Inc.		3,630	$	99,553
Imperial Oil Ltd.		25,244		556,126
Intact Financial Corp.		3,512		394,587
Inter Pipeline Ltd.		20,081		284,084
Keyera Corp.(b)		10,864		211,702
Kinross Gold Corp.		27,158		169,684
Kirkland Lake Gold Ltd.		2,880		94,681
Linamar Corp.		5,822		327,016
Loblaw Cos. Ltd.		9,251		448,155
Magna International, Inc.		34,503		2,921,308
Maple Leaf Foods, Inc.		3,043		63,408
Martinrea International, Inc.		14,106		165,796
MEG Energy Corp.(a)		49,441		256,578
Methanex Corp.		12,218		473,472
Metro, Inc.		7,481		312,595
New Gold, Inc.(a)		41,789		67,668
NFI Group, Inc.		6,252		145,189
North West Co., Inc. (The)		2,145		52,744
Nutrien Ltd.		43,709		2,371,541
Open Text Corp.		5,053		226,228
Pan American Silver Corp.		2,948		97,917
Parkland Corp.		9,313		297,486
Pembina Pipeline Corp.(b)		22,001		562,364
Precision Drilling Corp.(a)		5,557		129,049
Premium Brands Holdings Corp.		842		68,511
Quebecor, Inc., Class B		3,210		83,419
Restaurant Brands International, Inc.		5,185		312,615
Ritchie Bros. Auctioneers, Inc.		1,658		90,954
Rogers Communications, Inc., Class B		8,132		354,121
Russel Metals, Inc.		6,960		136,231
Saputo, Inc.		6,615		187,268
Secure Energy Services, Inc.		71,633		184,458
Seven Generations Energy Ltd., Class A(a)		115,202		764,373
Shaw Communications, Inc., Class B		7,728		135,209
Shopify, Inc., Class A(a)		81		105,487
SNC-Lavalin Group, Inc.		8,082		163,427
Spin Master Corp.(a)(c)		3,289		73,392
Stantec, Inc.		3,191		126,203
Stella-Jones, Inc.		2,165		78,682
Suncor Energy, Inc.		137,168		2,737,943
Superior Plus Corp.(b)		11,286		118,031
Teck Resources Ltd., Class B		82,420		1,725,221
TELUS Corp.		19,353		389,812
TFI International, Inc.		4,993		350,575
Thomson Reuters Corp.		6,296		550,527
Toromont Industries Ltd.		1,528		111,884
TransAlta Corp.		19,213		168,759
Transcontinental, Inc., Class A		10,375		179,227
Vermilion Energy, Inc.		31,650		199,250
West Fraser Timber Co. Ltd.		3,831		263,268
Whitecap Resources, Inc.(b)		98,547		442,917
WSP Global, Inc.		2,859		248,909
Yamana Gold, Inc.		24,595		98,302
				44,551,485
Chile-0.16%
Antofagasta PLC(b)		4,870		121,366
Lundin Mining Corp.		31,431		361,730
				483,096

	Shares		Value
China-0.06%
Wilmar International Ltd.		41,380	$	164,313
Colombia-0.11%
Millicom International Cellular S.A., SDR(a)		5,139		193,873
Parex Resources, Inc.(a)		9,012		144,790
				338,663
Denmark-1.21%
AP Moller - Maersk A/S, Class B(b)		460		994,148
Carlsberg A/S, Class B		1,586		251,119
Chr. Hansen Holding A/S(a)		436		37,634
Coloplast A/S, Class B		410		62,829
Dfds A/S(a)		1,649		80,051
DSV Panalpina A/S		641		118,443
H Lundbeck A/S		1,456		55,780
ISS A/S(a)		7,651		138,627
Novo Nordisk A/S, Class B		12,171		870,074
Novozymes A/S, Class B		1,559		96,906
Orsted A/S(c)		840		136,841
Pandora A/S		2,645		258,876
Rockwool International A/S, Class B		204		74,391
Vestas Wind Systems A/S		2,174		409,693
				3,585,412
Finland-0.90%
Elisa OYJ		851		50,976
Fortum OYJ		8,060		202,415
Huhtamaki OYJ		1,198		54,210
Kesko OYJ, Class B		6,662		170,137
Kone OYJ, Class B		2,338		187,526
Neste OYJ		3,068		202,806
Nokia OYJ(a)		101,275		405,661
Nokian Renkaat OYJ		2,537		90,288
Outokumpu OYJ(a)		21,292		104,514
Sampo OYJ, Class A		9,013		403,357
Stora Enso OYJ, Class R		16,629		329,509
UPM-Kymmene OYJ		9,335		358,054
Wartsila OYJ Abp		8,948		103,202
				2,662,655
France-8.42%
Accor S.A.(a)		4,217		176,899
Aeroports de Paris(a)(b)		566		72,274
Air France-KLM(a)(b)		11,197		75,810
Air Liquide S.A.		4,161		629,813
Airbus SE(a)		9,670		1,125,739
Alstom S.A.(a)		3,453		173,266
Arkema S.A.		1,419		157,598
Atos SE(a)		1,901		149,106
Bollore S.A.		29,194		140,538
Bouygues S.A.		10,085		410,814
Bureau Veritas S.A.(a)		2,505		68,078
Capgemini SE		2,625		424,246
Carrefour S.A.		33,872		593,890
Casino Guichard Perrachon S.A.(a)(b)		3,591		115,856
Cie de Saint-Gobain(a)		21,688		1,169,352
Cie Generale des Etablissements Michelin S.C.A		4,313		626,906
Criteo S.A., ADR(a)		7,551		259,679
Danone S.A.		6,091		417,423
Dassault Systemes SE		344		71,776
Eiffage S.A.(a)		2,447		252,940

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

7 ��  

Invesco RAFI^TM Strategic Developed ex-US ETF (ISDX)—(continued)

February 28, 2021

(Unaudited)

	Shares		Value
France-(continued)
Electricite de France S.A.(a)		27,057	$	325,397
Elior Group S.A.(c)		8,080		66,103
Elis S.A.(a)		5,377		93,592
Engie S.A.(a)		94,101		1,380,347
EssilorLuxottica S.A.		1,747		286,269
Faurecia SE(a)		3,305		171,737
Hermes International		70		78,441
Kering S.A.		417		265,681
Korian S.A.(a)		1,935		67,643
Legrand S.A.		2,088		182,275
L’Oreal S.A.		1,297		476,698
LVMH Moet Hennessy Louis Vuitton SE		1,515		965,427
Nexity S.A.		1,451		71,259
Orange S.A.		63,924		740,839
Orpea S.A.(a)		480		57,959
Pernod Ricard S.A.		1,495		285,532
Publicis Groupe S.A.		6,942		409,008
Rallye S.A.(a)(b)		13,628		115,792
Renault S.A.(a)		24,861		1,120,295
Rexel S.A.(a)		15,752		297,504
Rubis S.C.A		1,328		61,189
Safran S.A.(a)		4,378		601,813
Sanofi		13,907		1,279,529
Schneider Electric SE		6,655		992,363
SCOR SE(a)		8,215		274,013
SEB S.A.		365		65,880
Sodexo S.A.(a)		2,101		202,026
SPIE S.A.(a)		4,162		94,065
Suez S.A.		11,581		242,484
Teleperformance		292		103,883
Thales S.A.		1,551		147,672
TOTAL SE.		82,053		3,821,996
Ubisoft Entertainment S.A.(a)		584		47,905
Valeo S.A.		11,458		406,662
Veolia Environnement S.A.		16,999		461,156
Vinci S.A.		8,705		909,110
Vivendi S.A.		16,653		577,497
Wendel SE		897		103,107
				24,962,151
Germany-9.32%
adidas AG(a)		1,356		475,504
Aurubis AG		1,239		108,732
BASF SE		26,738		2,198,150
Bayer AG		16,582		1,008,777
Bayerische Motoren Werke AG		13,907		1,206,943
Beiersdorf AG		509		50,600
Brenntag SE		2,315		180,567
CECONOMY AG(a)		45,157		283,376
Continental AG(a)		4,270		616,250
Covestro AG(c)		7,096		516,443
Daimler AG		49,020		3,941,909
Deutsche Lufthansa AG(a)(b)		25,837		385,270
Deutsche Post AG		12,114		603,745
Deutsche Telekom AG		71,723		1,308,473
E.ON SE		37,543		385,064
Evonik Industries AG		11,533		390,426
Freenet AG		3,421		72,854
Fresenius Medical Care AG& Co. KGaA		2,433		169,394
Fresenius SE & Co. KGaA		9,798		421,482

	Shares		Value
Germany-(continued)
FUCHS PETROLUB SE, Preference Shares		1,273	$	70,058
GEA Group AG		2,808		97,547
Hannover Rueck SE		1,069		182,047
HeidelbergCement AG		5,717		454,385
Henkel AG& Co. KGaA, Preference Shares		4,779		473,225
HOCHTIEF AG		1,002		89,818
HUGO BOSS AG		1,967		74,826
Infineon Technologies AG		9,399		410,706
Jungheinrich AG, Preference Shares		2,391		103,608
K+S AG		15,377		172,424
KION Group AG		1,033		87,695
Knorr-Bremse AG		465		59,569
LANXESS AG		1,891		140,748
Leoni AG(a)		5,693		77,809
Merck KGaA		2,800		457,287
METRO AG		12,018		133,184
MTU Aero Engines AG		545		130,320
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		4,271		1,259,747
OSRAM Licht AG(a)		1,238		77,058
ProSiebenSat.1 Media SE(a)		7,762		159,977
Rheinmetall AG		984		98,680
Salzgitter AG(a)		5,306		159,336
SAP SE		5,168		640,214
Schaeffler AG, Preference Shares		7,074		60,792
Siemens AG		13,918		2,162,053
Siemens Energy AG(a)		6,792		257,629
Symrise AG		493		57,878
Telefonica Deutschland Holding AG		23,354		62,647
thyssenkrupp AG(a)		47,561		643,973
TUI AG(b)		65,876		397,693
Uniper SE		10,771		379,142
United Internet AG		1,267		56,102
Volkswagen AG, Preference Shares		17,198		3,611,783
				27,623,919
Hong Kong-1.24%
AIA Group Ltd.		134,705		1,685,256
CK Hutchison Holdings Ltd.		85,910		648,975
CLP Holdings Ltd.		22,417		218,612
HKT Trust & HKT Ltd.		42,797		58,149
Hong Kong & China Gas Co. Ltd. (The)		56,598		85,364
Melco Resorts & Entertainment Ltd., ADR		12,999		281,558
MTR Corp. Ltd.		16,129		96,786
NWS Holdings Ltd.		44,967		50,837
Pacific Century Premium Developments Ltd.(a)		9,924		1,062
Pacific Century Premium Developments Ltd., Rts., expiring 03/17/2021(a)		4,962		6
PCCW Ltd.		86,932		49,868
Swire Pacific Ltd., Class A		20,510		150,308
Techtronic Industries Co. Ltd.		7,346		112,122
WH Group Ltd.(c)		163,577		146,764
Yue Yuen Industrial Holdings Ltd.		40,223		85,762
				3,671,429
Indonesia-0.05%
First Pacific Co. Ltd.		290,181		95,015
Golden Agri-Resources Ltd.		393,523		56,822
				151,837

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

8

Invesco RAFI^TM Strategic Developed ex-US ETF (ISDX)—(continued)

February 28, 2021

(Unaudited)

	Shares		Value
Ireland-0.59%
CRH PLC		15,122	$	657,112
Flutter Entertainment PLC(a)		629		121,534
ICON PLC(a)		695		125,573
Kerry Group PLC, Class A		771		93,537
Kingspan Group PLC(a)		820		59,968
Ryanair Holdings PLC, ADR(a)		4,623		497,065
Smurfit Kappa Group PLC		4,052		192,601
				1,747,390
Israel-0.33%
Check Point Software Technologies Ltd.(a)		2,612		287,947
Nice Ltd., ADR(a)		516		118,443
Teva Pharmaceutical Industries Ltd., ADR(a)		46,805		503,622
Tower Semiconductor Ltd.(a)		2,778		81,645
				991,657
Italy-1.41%
A2A S.p.A		37,774		63,938
Atlantia S.p.A.(a)		12,169		229,316
Enel S.p.A.		164,055		1,561,976
Eni S.p.A.		112,435		1,294,043
Ferrari N.V.		343		67,238
Hera S.p.A.		13,694		49,101
Leonardo S.p.A.		15,804		127,183
Pirelli & C S.p.A.(a)(b)(c)		10,596		61,413
Prysmian S.p.A.		4,486		145,330
Saipem S.p.A.(b)		25,356		71,341
Saras S.p.A.(a)(b)		51,142		40,070
Societa Cattolica di Assicurazioni SC(a)(b)		15,965		88,055
Telecom Italia S.p.A.		814,743		388,553
				4,187,557
Japan-19.21%
Aeon Co. Ltd.		22,146		665,793
AGC, Inc.		7,256		265,613
Air Water, Inc.		3,652		60,055
Aisin Seiki Co. Ltd.		6,183		210,375
Ajinomoto Co., Inc.		6,548		130,235
Alfresa Holdings Corp.		6,550		126,278
Alps Alpine Co. Ltd.		6,999		92,102
Amada Co. Ltd.		6,648		80,557
ANA Holdings, Inc.(a)		3,749		89,872
Asahi Group Holdings Ltd.		5,210		225,535
Asahi Kasei Corp.		32,556		350,189
Astellas Pharma, Inc.		22,010		345,830
Bandai Namco Holdings, Inc.		1,464		111,951
Bridgestone Corp.		15,047		587,672
Brother Industries Ltd.		4,047		79,504
Canon, Inc.		21,568		464,095
Central Japan Railway Co.		1,922		314,079
Chubu Electric Power Co., Inc.		21,612		265,231
Chugai Pharmaceutical Co. Ltd.		1,172		52,396
Chugoku Electric Power Co., Inc. (The)		7,893		94,162
Coca-Cola Bottlers Japan Holdings, Inc.		2,998		51,496
COMSYS Holdings Corp.		1,398		42,187
Cosmo Energy Holdings Co. Ltd.		5,813		139,241
Dai Nippon Printing Co. Ltd.		6,363		114,312
Daicel Corp.		7,042		51,556
Daiichi Sankyo Co. Ltd.		6,746		190,590
Daikin Industries Ltd.		1,811		352,205
Daito Trust Construction Co. Ltd.		1,523		168,825

	Shares		Value
Japan-(continued)
Daiwa House Industry Co. Ltd.		14,662	$	413,272
Denka Co. Ltd.		1,826		68,556
Denso Corp.		10,836		649,712
Dentsu Group, Inc.		5,804		199,931
DIC Corp.		2,161		52,920
Dowa Holdings Co. Ltd.		1,398		55,046
East Japan Railway Co.		6,105		450,225
Ebara Corp.		2,562		95,949
EDION Corp.		4,608		46,106
Eisai Co. Ltd.		1,616		111,015
Electric Power Development Co. Ltd.		5,606		91,346
ENEOS Holdings, Inc.		195,173		856,790
FANUC Corp.		1,495		369,610
Fast Retailing Co. Ltd.		248		244,415
Fuji Electric Co. Ltd.		2,530		104,962
FUJIFILM Holdings Corp.		5,291		301,449
Fujikura Ltd.(a)		15,477		74,523
Fujitsu Ltd.		3,229		465,529
Furukawa Electric Co. Ltd.		3,381		88,254
H2O Retailing Corp.		6,070		49,681
Hakuhodo DY Holdings, Inc.		6,997		115,194
Hankyu Hanshin Holdings, Inc.		3,345		110,987
Hanwa Co. Ltd.		4,906		127,646
Haseko Corp.		6,480		80,164
Hino Motors Ltd.		11,098		104,167
Hirose Electric Co. Ltd.		328		47,842
Hitachi Construction Machinery Co. Ltd.		1,891		58,129
Hitachi Ltd.		29,008		1,327,605
Hitachi Metals Ltd.		5,292		83,895
Hokkaido Electric Power Co., Inc.		16,969		71,195
Hokuriku Electric Power Co.		8,755		54,236
Honda Motor Co. Ltd.		55,574		1,518,713
Hoya Corp.		1,782		202,386
Idemitsu Kosan Co. Ltd.		8,823		230,554
IHI Corp.		8,048		147,907
Iida Group Holdings Co. Ltd.		3,591		81,298
INPEX Corp.		34,418		253,273
Isetan Mitsukoshi Holdings Ltd.		14,708		107,266
Isuzu Motors Ltd.		17,339		181,299
ITOCHU Corp.		29,339		872,404
J Front Retailing Co. Ltd.		7,556		72,127
Japan Airlines Co. Ltd.(a)		4,691		111,397
Japan Display, Inc.(a)		104,255		45,992
Japan Tobacco, Inc.		16,798		303,512
JFE Holdings, Inc.(a)		43,643		457,977
JGC Holdings Corp.		5,050		64,796
JSR Corp.		3,160		94,171
JTEKT Corp.		10,003		104,875
Kajima Corp.		12,376		157,749
Kamigumi Co. Ltd.		2,154		40,274
Kaneka Corp.		1,675		64,931
Kanematsu Corp.		3,652		46,447
Kansai Electric Power Co., Inc. (The)		30,750		306,663
Kao Corp.		2,621		175,750
Kawasaki Heavy Industries Ltd.(a)		7,357		164,901
Kawasaki Kisen Kaisha Ltd.(a)		4,768		89,730
KDDI Corp.		12,318		380,385
Keio Corp.		782		58,353
Keyence Corp.		333		158,030
Kikkoman Corp.(b)		823		54,305

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

9

Invesco RAFI^TM Strategic Developed ex-US ETF (ISDX)—(continued)

February 28, 2021

(Unaudited)

	Shares		Value
Japan-(continued)
Kintetsu Group Holdings Co. Ltd.		1,892	$	79,026
Kirin Holdings Co. Ltd.		10,469		205,223
Kobe Steel Ltd.(a)		36,709		226,029
Koito Manufacturing Co. Ltd.		1,468		97,830
Komatsu Ltd.		15,654		468,709
Konami Holdings Corp.		1,284		82,314
Konica Minolta, Inc.(b)		25,468		128,846
K’s Holdings Corp.		4,289		57,528
Kubota Corp.		15,004		339,048
Kuraray Co. Ltd.		7,981		89,294
Kyocera Corp.		4,936		317,731
Kyushu Electric Power Co., Inc.		21,923		188,282
Kyushu Railway Co.		2,161		56,226
Lawson, Inc.(b)		973		45,435
Lixil Corp.		10,979		307,812
Makita Corp.		1,926		81,982
Marubeni Corp.		112,630		836,955
Maruha Nichiro Corp., Class C		1,915		44,289
Mazda Motor Corp.		40,065		315,511
Medipal Holdings Corp.		7,787		154,220
MEIJI Holdings Co. Ltd.		1,398		88,704
MINEBEA MITSUMI, Inc.		4,571		112,194
Mitsubishi Chemical Holdings Corp.		55,845		387,780
Mitsubishi Corp.		43,872		1,236,602
Mitsubishi Electric Corp.		34,559		508,783
Mitsubishi Estate Co. Ltd.		11,185		192,961
Mitsubishi Gas Chemical Co., Inc.		4,314		100,379
Mitsubishi Heavy Industries Ltd.		15,636		450,265
Mitsubishi Materials Corp.		5,524		129,778
Mitsubishi Motors Corp.(a)		28,123		79,718
Mitsui & Co. Ltd.		47,832		1,016,217
Mitsui Chemicals, Inc.		6,478		199,435
Mitsui E&S Holdings Co. Ltd.(a)		8,164		35,096
Mitsui Fudosan Co. Ltd.		12,250		275,953
Mitsui Mining & Smelting Co. Ltd.		2,412		83,992
Mitsui OSK Lines Ltd.		6,569		207,478
MS&AD Insurance Group Holdings, Inc.		17,553		494,265
Murata Manufacturing Co. Ltd.		3,764		320,827
Nagase & Co. Ltd.		3,850		60,131
Nagoya Railroad Co. Ltd.		2,186		55,481
NEC Corp.		4,927		268,224
NGK Insulators Ltd.		4,567		80,589
NGK Spark Plug Co. Ltd.		3,450		58,353
NH Foods Ltd.		2,254		94,886
NHK Spring Co. Ltd.		7,881		58,882
Nidec Corp.		2,354		298,724
Nikon Corp.		9,589		85,054
Nintendo Co. Ltd.		428		260,118
Nippon Electric Glass Co. Ltd.		3,277		74,158
Nippon Express Co. Ltd.		1,181		87,793
Nippon Light Metal Holdings Co. Ltd.		2,570		50,657
Nippon Paper Industries Co. Ltd.		5,554		72,566
Nippon Sheet Glass Co. Ltd.(a)		12,189		61,666
Nippon Steel Corp.(a)		64,388		947,327
Nippon Steel Trading Corp.		1,604		56,157
Nippon Suisan Kaisha Ltd.		9,544		45,418
Nippon Telegraph & Telephone Corp.		35,843		927,867
Nippon Yusen KK		9,764		279,980
Nissan Motor Co. Ltd.(a)		199,591		1,076,637
Nisshin Seifun Group, Inc.		2,796		44,955

	Shares		Value
Japan-(continued)
Nisshinbo Holdings, Inc.		5,834	$	43,369
Nissin Foods Holdings Co. Ltd.		542		40,953
Nitori Holdings Co. Ltd.		418		77,978
Nitto Denko Corp.		2,836		241,968
NOK Corp.		3,345		45,682
Nomura Real Estate Holdings, Inc.		2,825		63,612
Nomura Research Institute Ltd.		2,843		88,327
NSK Ltd.		12,101		118,466
NTN Corp.(a)		22,703		66,059
NTT Data Corp.		9,893		150,893
Obayashi Corp.		18,061		154,775
Odakyu Electric Railway Co. Ltd.		2,380		69,586
Oji Holdings Corp.		24,211		152,483
Olympus Corp.		5,664		118,554
Omron Corp.		1,578		127,081
Ono Pharmaceutical Co. Ltd.		2,289		61,533
Oriental Land Co. Ltd.		473		79,203
Osaka Gas Co. Ltd.		7,796		139,470
Otsuka Holdings Co. Ltd.		4,422		175,319
Pan Pacific International Holdings Corp.		2,568		60,139
Panasonic Corp.		71,835		920,694
Persol Holdings Co. Ltd.		3,761		74,380
Recruit Holdings Co. Ltd.		6,145		304,597
Renesas Electronics Corp.(a)		10,169		111,578
Ricoh Co. Ltd.		24,376		210,951
Rohm Co. Ltd.		1,368		134,437
Santen Pharmaceutical Co. Ltd.		2,423		33,250
Secom Co. Ltd.		1,895		164,101
Seibu Holdings, Inc.		4,412		53,007
Seiko Epson Corp.		8,705		142,496
Seino Holdings Co. Ltd.		4,201		58,752
Sekisui Chemical Co. Ltd.		8,181		145,513
Sekisui House Ltd.		12,972		243,149
Seven & i Holdings Co. Ltd.(b)		15,964		604,906
Sharp Corp.(b)		5,263		99,441
Shikoku Electric Power Co., Inc.		7,304		50,937
Shimano, Inc.		356		79,560
Shimizu Corp.		14,708		111,131
Shin-Etsu Chemical Co. Ltd.		2,796		455,328
Shionogi & Co. Ltd.		2,040		103,647
Shiseido Co. Ltd.		1,576		117,054
Showa Denko K.K.		3,505		85,339
SMC Corp.		314		185,382
Softbank Corp.		30,117		407,346
Sojitz Corp.		60,047		157,811
Sompo Holdings, Inc.		10,591		405,587
Sony Corp.		14,780		1,542,647
Stanley Electric Co. Ltd.		2,119		62,751
Subaru Corp.		16,144		301,317
SUMCO Corp.		3,226		73,580
Sumitomo Chemical Co. Ltd.		65,386		316,067
Sumitomo Corp.		41,962		606,744
Sumitomo Electric Industries Ltd.		28,354		411,577
Sumitomo Forestry Co. Ltd.		4,875		87,397
Sumitomo Heavy Industries Ltd.		3,324		91,259
Sumitomo Metal Mining Co. Ltd.		4,201		202,755
Sumitomo Realty & Development Co. Ltd.		3,502		120,634
Sumitomo Rubber Industries Ltd.		6,667		74,154
Suntory Beverage & Food Ltd.		1,668		57,066
Suzuken Co. Ltd.		2,596		98,928

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

10

Invesco RAFI^TM Strategic Developed ex-US ETF (ISDX)—(continued)

February 28, 2021

(Unaudited)

	Shares		Value
Japan-(continued)
Suzuki Motor Corp.		8,708	$	375,897
Sysmex Corp.		543		56,497
Taiheiyo Cement Corp.		4,564		113,607
Taisei Corp.		4,415		155,607
Taisho Pharmaceutical Holdings Co. Ltd.		780		47,807
Takashimaya Co. Ltd.(b)		7,401		75,163
Takeda Pharmaceutical Co. Ltd.		14,092		473,790
TDK Corp.		1,830		261,772
Teijin Ltd.		5,404		92,823
Terumo Corp.		2,917		108,176
THK Co. Ltd.		1,612		51,973
TIS, Inc.		1,926		40,024
Tobu Railway Co. Ltd.		2,308		65,640
Toho Gas Co. Ltd.		756		44,420
Toho Holdings Co. Ltd.		2,682		46,345
Tohoku Electric Power Co., Inc.		21,705		190,892
Tokio Marine Holdings, Inc.		16,631		819,999
Tokyo Electric Power Co. Holdings, Inc.(a)		158,863		509,960
Tokyo Electron Ltd.		1,070		437,380
Tokyo Gas Co. Ltd.		9,465		195,625
Tokyu Corp.		7,111		97,715
Tokyu Fudosan Holdings Corp.		14,539		90,886
Toppan Printing Co. Ltd.		8,374		131,419
Toray Industries, Inc.		42,332		276,783
Toshiba Corp.		12,628		397,662
Tosoh Corp.		6,120		112,014
TOTO Ltd.		1,498		90,127
Toyo Seikan Group Holdings Ltd.		8,181		102,282
Toyo Suisan Kaisha Ltd.		856		36,477
Toyota Industries Corp.		3,131		267,431
Toyota Motor Corp.		47,520		3,511,592
Toyota Tsusho Corp.		11,108		465,005
Trend Micro, Inc.		756		36,331
Ube Industries Ltd.		3,966		79,588
Unicharm Corp.		1,724		68,222
West Japan Railway Co.		3,188		194,919
Yakult Honsha Co. Ltd.		756		37,396
Yamada Holdings Co. Ltd.		20,623		98,527
Yamaha Corp.		1,070		59,556
Yamaha Motor Co. Ltd.		8,923		194,222
Yamato Holdings Co. Ltd.		2,745		72,193
Yamazaki Baking Co. Ltd.		2,568		43,218
Yaskawa Electric Corp.		1,294		64,615
Yokogawa Electric Corp.		3,167		59,927
Yokohama Rubber Co. Ltd. (The)		3,565		61,569
Z Holdings Corp.		38,845		236,446
				56,960,311
Luxembourg-0.42%
ArcelorMittal S.A.(a)		53,454		1,255,995
Macau-0.08%
Galaxy Entertainment Group Ltd.		14,460		132,160
Sands China Ltd.(a)		24,550		114,880
				247,040
Netherlands-2.49%
Akzo Nobel N.V.(b)		4,202		436,389
ASM International N.V.		454		123,218
ASML Holding N.V.		1,174		663,125
EXOR N.V		13,342		1,076,936

	Shares		Value
Netherlands-(continued)
Heineken Holding N.V.		2,158	$	186,500
Heineken N.V.(b)		2,574		255,257
Koninklijke Ahold Delhaize N.V.		28,613		758,514
Koninklijke BAM Groep N.V.(a)		35,624		96,167
Koninklijke DSM N.V.		1,516		251,269
Koninklijke KPN N.V.		74,762		245,741
Koninklijke Philips N.V.(a)		10,093		550,739
NXP Semiconductors N.V.		11,452		2,090,562
Randstad N.V.(a)		4,024		270,299
Signify N.V.(a)(c)		5,322		232,877
Wolters Kluwer N.V.		1,777		141,667
				7,379,260
New Zealand-0.14%
Air New Zealand Ltd.(a)(b)		96,225		111,245
Contact Energy Ltd.		12,885		64,082
Fletcher Building Ltd.		33,178		155,839
Spark New Zealand Ltd.		21,562		71,961
				403,127
Norway-0.45%
Equinor ASA		30,607		580,189
Mowi ASA		5,037		122,474
Norsk Hydro ASA		60,371		336,485
Orkla ASA		9,711		90,051
Telenor ASA		12,767		207,768
				1,336,967
Peru-0.07%
Hudbay Minerals, Inc.		30,339		218,316
Portugal-0.11%
Galp Energia SGPS S.A.		13,595		153,201
Jeronimo Martins SGPS S.A.		4,903		76,474
Sonae SGPS S.A.		105,491		87,070
				316,745
Russia-0.25%
Evraz PLC.		19,013		151,784
VEON Ltd., ADR(a)		326,328		580,864
				732,648
Singapore-0.24%
ComfortDelGro Corp. Ltd.		52,813		63,946
Genting Singapore Ltd.		85,166		54,762
Jardine Cycle & Carriage Ltd.		3,773		59,701
Keppel Corp. Ltd.		22,850		87,296
Sembcorp Industries Ltd.		37,682		49,026
Singapore Airlines Ltd.(a)		33,990		127,300
Singapore Technologies Engineering Ltd.		17,379		49,143
Singapore Telecommunications Ltd.		122,791		217,010
				708,184
South Africa-0.41%
Anglo American PLC		31,085		1,204,927
South Korea-7.35%
CJ CheilJedang Corp.		269		97,328
CJ Corp.		1,600		132,016
Coway Co. Ltd.		785		45,207
DB Insurance Co. Ltd.		2,451		90,317
DL E&C Co. Ltd.(a)		618		61,057
DL Holdings Co. Ltd.		493		37,957
Doosan Co. Ltd.		1,581		65,646

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

11

Invesco RAFI^TM Strategic Developed ex-US ETF (ISDX)—(continued)

February 28, 2021

(Unaudited)

	Shares		Value
South Korea-(continued)
Doosan Heavy Industries & Construction Co. Ltd.(a)		23,351	$	220,312
E-MART, Inc.		1,015		152,679
GS Engineering & Construction Corp.		3,008		97,322
GS Holdings Corp.		2,563		88,969
Hankook Tire & Technology Co. Ltd.		3,352		142,165
Hanwha Corp.		13,983		365,288
Hanwha Solutions Corp.(a)		5,918		237,299
Hyundai Engineering & Construction Co. Ltd.		3,205		113,537
Hyundai Glovis Co. Ltd.		555		95,341
Hyundai Heavy Industries Holdings Co. Ltd.		526		126,643
Hyundai Marine & Fire Insurance Co. Ltd.		4,166		81,206
Hyundai Mobis Co. Ltd.		2,157		581,728
Hyundai Motor Co.		8,639		1,822,379
Hyundai Steel Co.		10,307		366,502
Kia Motors Corp.		14,271		1,008,560
Korea Electric Power Corp.(a)		24,398		492,955
Korea Gas Corp.(a)		3,263		92,503
Korea Shipbuilding & Offshore Engineering Co. Ltd.(a)		1,606		160,100
Korea Zinc Co. Ltd.		141		50,640
Korean Air Lines Co. Ltd.(a)		7,016		175,790
KT Corp., ADR(a)		13,061		147,459
KT&G Corp.		1,784		124,332
LG Chem Ltd.		719		531,810
LG Corp.		1,881		157,210
LG Display Co. Ltd.(a)		27,742		558,050
LG Electronics, Inc.		6,487		845,879
LG Household & Health Care Ltd.		39		52,521
LG International Corp.		4,260		103,514
LG Uplus Corp.		6,711		70,485
Lotte Chemical Corp.		618		174,921
Lotte Shopping Co. Ltd.		1,071		112,963
NAVER Corp.		438		146,195
POSCO		4,745		1,188,890
Posco International Corp.		4,200		83,551
Samsung C&T Corp.		1,644		177,789
Samsung Electro-Mechanics Co. Ltd.		660		111,322
Samsung Electronics Co. Ltd.		94,284		6,923,391
Samsung Fire & Marine Insurance Co. Ltd.		922		141,972
Samsung Heavy Industries Co. Ltd.(a)		13,853		80,886
Samsung SDI Co. Ltd.		349		209,369
Samsung SDS Co. Ltd.		313		54,187
SK Holdings Co. Ltd.		2,563		598,832
SK Hynix, Inc.		8,477		1,067,642
SK Innovation Co. Ltd.(a)		3,194		740,576
SK Networks Co. Ltd.		10,582		52,368
SK Telecom Co. Ltd.		1,079		237,697
S-Oil Corp.(a)		1,228		92,906
				21,788,163
Spain-1.67%
Acciona S.A.		500		80,961
ACS Actividades de Construccion y Servicios S.A.		12,784		393,207
Aena SME S.A.(a)(c)		863		147,594
Amadeus IT Group S.A.(a)		4,220		294,529
Endesa S.A.		5,454		136,042
Ferrovial S.A.		4,108		102,917
Grifols S.A.(b)		2,275		57,492

	Shares		Value
Spain-(continued)
Iberdrola S.A.		85,021	$	1,075,845
Industria de Diseno Textil S.A.		9,206		305,169
Mapfre S.A.		58,996		112,570
Naturgy Energy Group S.A.		8,940		224,732
Repsol S.A.		76,158		962,769
Telefonica S.A.		247,555		1,059,501
				4,953,328
Sweden-1.83%
Alfa Laval AB(a)		2,960		92,076
Assa Abloy AB, Class B		7,773		195,896
Atlas Copco AB, Class A		6,540		375,345
Boliden AB		5,400		215,033
Electrolux AB, Series B		7,665		181,996
Epiroc AB, Class A		5,716		121,940
Essity AB, Class B		5,635		170,256
Getinge AB, Class B		2,309		58,741
Hennes & Mauritz AB, Class B(a)(b)		17,375		411,617
Hexagon AB, Class B		1,799		150,686
Husqvarna AB, Class B		8,872		109,103
ICA Gruppen AB(b)		1,377		65,718
Lundin Energy AB		3,218		104,622
NCC AB, Class B		3,002		50,069
Sandvik AB(a)		11,036		297,837
Securitas AB, Class B		7,315		112,728
Skanska AB, Class B		8,459		206,236
SKF AB, Class B		7,319		200,486
SSAB AB, Class A(a)(b)		38,760		168,373
Svenska Cellulosa AB S.C.A., Class B(a)		10,039		173,589
Swedish Match AB		1,018		73,586
Tele2 AB, Class B		5,784		73,366
Telefonaktiebolaget LM Ericsson, Class B		38,489		482,940
Telia Co. AB		64,078		260,199
Trelleborg AB, Class B(a)		5,487		140,374
Volvo AB, Class B(a)		36,100		929,564
				5,422,376
Switzerland-4.66%
ABB Ltd.		25,572		737,811
Adecco Group AG		5,639		355,544
Aryzta AG(a)		186,739		160,893
Chocoladefabriken Lindt & Spruengli AG, PC		12		101,072
Cie Financiere Richemont S.A.		7,009		678,061
Clariant AG.		2,516		52,832
Coca-Cola HBC AG		2,879		90,082
DKSH Holding AG		834		62,598
Dufry AG(a)		2,727		187,242
Geberit AG		200		118,458
Georg Fischer AG		76		98,138
Givaudan S.A.		37		140,063
IWG PLC(a)		16,056		80,812
Kuehne + Nagel International AG		678		161,543
LafargeHolcim Ltd.(a)		12,229		677,573
Logitech International S.A., Class R		767		82,199
Lonza Group AG		223		141,343
Nestle S.A.		22,169		2,326,361
Novartis AG		22,175		1,915,236
Partners Group Holding AG		91		109,616
Roche Holding AG		4,540		1,494,193
Schindler Holding AG, PC		270		74,024
SGS S.A.		52		149,056

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

12

Invesco RAFI^TM Strategic Developed ex-US ETF (ISDX)—(continued)

February 28, 2021

(Unaudited)

	Shares		Value
Switzerland-(continued)
Sika AG		732	$	194,219
Sonova Holding AG, Class A(a)		335		86,146
STMicroelectronics N.V		5,239		203,428
Swatch Group AG (The), BR		1,221		365,774
Swiss Re AG		10,895		1,028,243
Swisscom AG		321		161,865
Zurich Insurance Group AG		4,327		1,775,633
				13,810,058
United Kingdom-11.64%
Admiral Group PLC		1,772		76,503
Aggreko PLC		8,208		91,805
Ashtead Group PLC		3,041		164,963
Associated British Foods PLC(a)		5,931		196,358
AstraZeneca PLC		5,719		555,304
Babcock International Group PLC(a)(b)		18,641		67,683
BAE Systems PLC		48,869		330,619
Balfour Beatty PLC(a)		19,646		75,644
Barratt Developments PLC(a)		21,151		196,471
Beazley PLC(a)		10,239		49,502
Bellway PLC		1,955		76,751
Berkeley Group Holdings PLC		1,786		101,204
BP PLC		860,602		3,510,360
BT Group PLC(a)		454,454		785,003
Bunzl PLC		5,003		156,471
Burberry Group PLC(a)		5,435		137,954
Capita PLC(a)(b)		123,456		78,086
Centrica PLC(a)		754,549		556,584
CNH Industrial N.V.(a)		37,206		552,767
Coca-Cola European Partners PLC		7,072		360,318
Compass Group PLC(a)		24,472		497,818
Croda International PLC		731		63,038
DCC PLC		1,850		149,240
Diageo PLC		16,961		666,933
Direct Line Insurance Group PLC		37,420		167,728
Dixons Carphone PLC(a)		124,607		220,728
Drax Group PLC		23,301		124,510
DS Smith PLC(a)		22,332		124,078
easyJet PLC(a)		9,857		135,826
Entain PLC(a)		4,729		93,422
Experian PLC		5,077		161,341
Firstgroup PLC(a)		127,379		160,280
G4S PLC(a)		77,156		261,913
GlaxoSmithKline PLC		47,382		788,843
Hays PLC(a)		42,615		90,681
Hiscox Ltd.(a)		5,348		70,583
IMI PLC		3,932		71,960
Imperial Brands PLC		22,998		428,606
Inchcape PLC(a)		16,670		165,242
Informa PLC(a)		17,119		131,829
InterContinental Hotels Group PLC(a)		2,001		139,936
International Consolidated Airlines Group S.A.(a)		206,973		555,444
Intertek Group PLC		1,046		78,327
ITV PLC(a)		110,822		170,202
J Sainsbury PLC		110,908		350,747
John Wood Group PLC(a)		40,323		168,619
Johnson Matthey PLC		5,794		247,473
Kingfisher PLC(a)		107,528		398,989
Legal & General Group PLC		296,814		1,076,033

	Shares		Value
United Kingdom-(continued)
Man Group PLC		32,327	$	67,749
Marks & Spencer Group PLC(a)		165,218		327,777
Meggitt PLC(a)		22,183		131,252
Melrose Industries PLC(a)		139,642		323,893
Micro Focus International PLC(a)		19,032		111,384
Mondi PLC		9,298		224,177
National Grid PLC		65,199		735,072
Next PLC(a)		2,463		260,330
Pearson PLC(b)		26,205		275,146
Pennon Group PLC		3,754		45,872
Persimmon PLC		4,975		180,149
Petrofac Ltd.(a)(b)		28,009		51,025
Phoenix Group Holdings PLC		10,424		103,474
Playtech PLC(a)		14,615		96,690
Reckitt Benckiser Group PLC		4,922		412,887
RELX PLC		14,466		342,307
Rentokil Initial PLC(a)		7,845		51,188
Rolls-Royce Holdings PLC(a)		209,619		315,635
Royal Dutch Shell PLC, Class A		361,649		7,305,223
Royal Mail PLC(a)		77,698		491,766
RSA Insurance Group PLC		23,497		221,877
Sage Group PLC (The)		6,976		54,481
Signature Aviation PLC(a)		22,161		123,747
Smith & Nephew PLC		6,493		125,774
Smiths Group PLC		5,036		103,078
SSE PLC		24,876		460,650
St James’s Place PLC(b)		10,230		167,912
Subsea 7 S.A.(a)		13,960		146,505
Tate & Lyle PLC		7,531		76,547
Taylor Wimpey PLC(a)		70,018		154,278
Tesco PLC		153,462		482,320
Travis Perkins PLC(a)		7,264		145,990
Unilever PLC		24,735		1,290,947
Vodafone Group PLC		1,186,556		2,024,220
Weir Group PLC (The)(a)		4,165		115,414
Whitbread PLC(a)(b)		4,938		234,385
WM Morrison Supermarkets PLC		88,798		212,108
WPP PLC		54,485		650,387
				34,524,335
United States-1.68%
Atlassian Corp. PLC, Class A(a)		360		85,572
Bausch Health Cos., Inc.(a)		18,029		570,349
Carnival PLC		51,769		1,140,320
Constellium SE(a)		15,263		202,082
Ferguson PLC		3,522		415,201
James Hardie Industries PLC, CDI		2,904		82,085
Primo Water Corp.		7,490		107,735
Samsonite International S.A.(a)(c)		58,396		113,670
Spotify Technology S.A.(a)		909		279,408
Stellantis N.V		114,479		1,866,717
Tenaris S.A.		12,029		126,239
				4,989,378
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.66% (Cost $255,391,596)				295,491,710

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

13

Invesco RAFI^TM Strategic Developed ex-US ETF (ISDX)—(continued)

February 28, 2021

(Unaudited)

	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-4.14%
Invesco Private Government Fund, 0.01%(d)(e)(f)		4,876,284	$	4,876,284
Invesco Private Prime Fund, 0.11%(d)(e)(f)		7,384,217		7,387,171
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $12,263,332)				12,263,455
TOTAL INVESTMENTS IN SECURITIES-103.80% (Cost $267,654,928)				307,755,165
OTHER ASSETS LESS LIABILITIES-(3.80)%				(11,273,889	)
NET ASSETS-100.00%			$	296,481,276

Investment Abbreviations:

ADR-American Depositary Receipt

BR-Bearer Shares

CDI-CREST Depository Interest

PC-Participation Certificate

Rts.-Rights

SDR-Swedish Depository Receipt

Notes to Schedule of Investments:

^(a)  Non-income producing security.

^(b)  All or a portion of this security was out on loan at February 28, 2021.

^(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 February 28, 2021 was $1,702,272, which represented less than 1% of the Fund’s Net Assets.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2021.

	Value August 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value February 28, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	4,199,802		$	(4,199,802	)		$	-		$	-		$	-		$	25
Invesco Premier U.S. Government Money Portfolio, Institutional Class			202,131			397,850			(599,981	)			-			-			-			3
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			3,545,303			24,098,217			(22,767,236	)			-			-			4,876,284			492	*
Invesco Private Prime Fund			1,181,207			27,532,443			(21,327,353	)			123			751			7,387,171			2,407	*
Total		$	4,928,641		$	56,228,312		$	(48,894,372	)		$	123		$	751		$	12,263,455		$	2,927

* 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 February 28, 2021.

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

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

14

Invesco RAFI^TM Strategic Developed ex-US ETF (ISDX)—(continued)

February 28, 2021

(Unaudited)

 Portfolio Composition

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

 as of February 28, 2021

Industrials	17.37
Consumer Discretionary	17.28
Materials	15.58
Energy	12.39
Information Technology	7.96
Consumer Staples	7.64
Communication Services	5.90
Financials	5.66
Health Care	4.88
Utilities	4.41
Real Estate	0.59
Money Market Funds Plus Other Assets Less Liabilities	0.34

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

15

Invesco RAFI^TM Strategic Emerging Markets ETF (ISEM)

February 28, 2021

(Unaudited)

Schedule of Investments

	Shares		Value
Common Stocks & Other Equity Interests-99.90%
Brazil-9.10%
Ambev S.A.		26,800	$	67,420
B3 S.A. - Brasil, Bolsa, Balcao		3,900		37,999
Banco Bradesco S.A., Preference Shares		90,284		372,602
Banco do Estado do Rio Grande do Sul S.A., Class B, Preference Shares		3,900		8,845
Banco Pan S.A., Preference Shares		10,100		25,173
BB Seguridade Participacoes S.A.		3,087		14,086
Braskem S.A., Class A, Preference Shares(a)		5,007		28,085
BRF S.A.(a)		7,407		28,761
CCR S.A.		6,426		12,972
Centrais Eletricas Brasileiras S.A.		4,578		26,623
Cia Brasileira de Distribuicao, ADR		7,673		114,865
Cia de Saneamento Basico do Estado de Sao Paulo		1,834		12,110
Cia de Saneamento do Parana, Preference Shares		9,400		6,679
Cia Energetica de Minas Gerais, Preference Shares		14,617		31,369
Cia Energetica de Sao Paulo, Class B, Preference Shares		1,500		7,342
Cia Paranaense de Energia, Class B, Preference Shares		1,600		16,818
Cia Siderurgica Nacional S.A.		6,518		38,443
Cogna Educacao(a)		19,843		13,316
Cosan Ltd., Class A		4,899		90,289
Cosan S.A.		973		14,212
EDP - Energias do Brasil S.A.		2,633		8,509
Embraer S.A.(a)		17,310		37,987
Equatorial Energia S.A.		3,265		11,776
Gerdau S.A., Preference Shares		18,209		84,526
IRB Brasil Resseguros S.A.		7,700		8,290
Lojas Americanas S.A., Preference Shares		1,586		7,089
Lojas Renner S.A.		1,401		9,216
Metalurgica Gerdau S.A., Preference Shares		32,400		67,323
Oi S.A.(a)		160,153		54,026
Pagseguro Digital Ltd., Class A(a)		475		27,578
Petrobras Distribuidora S.A.		9,700		34,671
Petroleo Brasileiro S.A., Preference Shares		116,561		465,152
Suzano S.A.(a)		1,300		17,068
TIM S.A.		4,637		10,650
Ultrapar Participacoes S.A.		12,207		42,318
Usinas Siderurgicas de Minas Gerais S.A. Usiminas, Class A, Preference Shares		13,497		39,331
Vale S.A.		19,067		323,380
Via Varejo S.A.(a)		4,900		10,436
				2,227,335
Chile-0.73%
Cencosud S.A.		14,001		27,444
Embotelladora Andina S.A., Class B, Preference Shares		3,192		8,639
Empresas CMPC S.A.		5,543		16,174
Empresas COPEC S.A.		2,921		32,964
Enel Americas S.A.		143,525		21,861
Enel Chile S.A.(a)		132,715		9,818

	Shares		Value
Chile-(continued)
Falabella S.A.		5,013	$	20,789
Sociedad Quimica y Minera de Chile S.A., Class B, Preference Shares		775		41,581
				179,270
China-53.41%
51job, Inc., ADR(a)		158		10,365
AAC Technologies Holdings, Inc.		1,940		10,454
Agile Group Holdings Ltd.		6,727		9,504
Air China Ltd., H Shares		50,565		41,717
Alibaba Group Holding Ltd., ADR(a)		5,592		1,329,554
Aluminum Corp. of China Ltd., H Shares(a)		246,330		124,477
Angang Steel Co. Ltd., H Shares		178,445		83,272
Anhui Conch Cement Co. Ltd., H Shares		11,103		71,421
Autohome, Inc., ADR		186		21,211
BAIC Motor Corp. Ltd., H Shares(b)		114,071		40,880
Baidu, Inc., ADR(a)		1,777		503,708
BBMG Corp., H Shares		136,372		28,303
Beijing Enterprises Holdings Ltd.		4,486		15,527
Beijing Jingneng Clean Energy Co. Ltd., H Shares		58,000		16,075
Beijing North Star Co. Ltd., H Shares		30,000		5,956
BEST, Inc., ADR		3,522		7,713
Bilibili, Inc., ADR(a)		229		28,847
BYD Co. Ltd., H Shares		5,080		129,139
Cheetah Mobile, Inc., ADR		3,246		8,991
China Biologic Products Holdings, Inc.		77		9,205
China BlueChemical Ltd., H Shares		51,470		12,474
China Coal Energy Co. Ltd., H Shares		104,913		43,143
China Conch Venture Holdings Ltd.		2,024		9,002
China Eastern Airlines Corp. Ltd., H Shares		50,390		22,995
China Gas Holdings Ltd.		2,720		10,957
China Jinmao Holdings Group Ltd.		13,898		5,787
China Life Insurance Co. Ltd.		61,541		50,156
China Life Insurance Co. Ltd., H Shares		304,344		641,852
China Longyuan Power Group Corp. Ltd., H Shares		62,180		92,500
China Mengniu Dairy Co. Ltd.		5,913		32,319
China Molybdenum Co. Ltd., H Shares		76,943		59,512
China National Building Material Co. Ltd., H Shares		30,293		45,924
China Oilfield Services Ltd., H Shares		11,440		13,155
China Overseas Land & Investment Ltd.		11,850		30,002
China Pacific Insurance (Group) Co. Ltd., H Shares		93,073		427,730
China Petroleum & Chemical Corp., H Shares		2,048,398		1,132,813
China Power International Development Ltd.		46,244		9,896
China Railway Group Ltd., H Shares		336,287		177,738
China Railway Signal & Communication Corp. Ltd., H Shares(b)		33,915		14,034
China Reinsurance Group Corp., H Shares		542,711		60,166
China Resources Beer Holdings Co. Ltd.		2,164		16,319
China Resources Cement Holdings Ltd.		6,393		7,615
China Resources Gas Group Ltd.		1,537		7,678
China Resources Land Ltd.		7,947		37,751
China Resources Pharmaceutical Group Ltd.(b)		18,946		12,090
China Resources Power Holdings Co. Ltd.		19,457		22,649
China Shenhua Energy Co. Ltd., H Shares		172,822		328,385

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

16

Invesco RAFI^TM Strategic Emerging Markets ETF (ISEM)—(continued)

February 28, 2021

(Unaudited)

	Shares		Value
China-(continued)
China Southern Airlines Co. Ltd., H Shares		56,978	$	38,929
China Taiping Insurance Holdings Co. Ltd.		32,467		69,979
China Tower Corp. Ltd., H Shares(b)		512,536		76,642
China Yongda Automobiles Services Holdings Ltd.		7,500		10,925
CIFI Holdings Group Co. Ltd.		11,830		11,209
COSCO SHIPPING Energy Transportation Co. Ltd., H Shares		13,394		5,732
COSCO SHIPPING Holdings Co. Ltd., H Shares(a)		29,793		33,106
Country Garden Holdings Co. Ltd.(c)		36,755		45,723
CSPC Pharmaceutical Group Ltd.		9,168		9,573
Datang International Power Generation Co. Ltd., H Shares		156,350		22,775
Dongfeng Motor Group Co. Ltd., H Shares		85,965		79,124
ENN Energy Holdings Ltd.		1,526		23,390
Fanhua, Inc., ADR		377		4,954
FIH Mobile Ltd.(a)		64,346		9,705
FinVolution Group, ADR		7,020		39,452
Fosun International Ltd.		15,000		22,508
Fuyao Glass Industry Group Co. Ltd., H Shares(b)		8,620		52,893
GCL-Poly Energy Holdings Ltd.(a)		321,930		118,275
GDS Holdings Ltd., ADR(a)(c)		121		12,361
Geely Automobile Holdings Ltd.		14,328		46,545
GOME Retail Holdings Ltd.(a)(c)		69,415		20,402
Great Wall Motor Co. Ltd., H Shares		76,550		222,525
Guangdong Investment Ltd.		5,236		9,369
Guangshen Railway Co. Ltd., H Shares		74,629		14,623
Guangzhou Automobile Group Co. Ltd., H Shares		45,719		42,434
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., H Shares		6,456		16,512
Guangzhou R&F Properties Co. Ltd., H Shares		34,048		45,471
Hebei Construction Group Corp. Ltd., H Shares		13,000		5,396
Hengan International Group Co. Ltd.		1,331		9,214
Hisense Home Appliances Group Co. Ltd., H Shares		7,605		11,647
Hollysys Automation Technologies Ltd.		639		9,623
Huadian Power International Corp. Ltd., H Shares(c)		25,612		7,033
Huaneng Power International, Inc., H Shares		224,952		76,846
Huazhu Group Ltd., ADR		314		18,256
HUYA, Inc., ADR(a)		621		16,363
iQIYI, Inc., ADR(a)(c)		1,551		39,287
JD.com, Inc., ADR(a)		7,189		674,831
Jiangsu Expressway Co. Ltd., H Shares		19,757		22,947
Jiangxi Copper Co. Ltd., H Shares		51,217		124,257
JinkoSolar Holding Co. Ltd., ADR(a)		1,282		65,818
JOYY, Inc., ADR(c)		600		70,740
Kingboard Holdings Ltd.		6,339		29,254
Kunlun Energy Co. Ltd.		38,339		35,238
Legend Holdings Corp., H Shares(b)		27,105		40,462
Lenovo Group Ltd.		85,674		108,344
LexinFintech Holdings Ltd., ADR(a)		1,100		12,496
Longfor Group Holdings Ltd.(b)		3,872		22,960
Maanshan Iron & Steel Co. Ltd., H Shares		55,924		17,590
Meituan, B Shares(a)(b)		1,662		72,845
Metallurgical Corp. of China Ltd., H Shares		655,335		193,457
Momo, Inc., ADR		1,534		24,299
NetEase, Inc., ADR		1,064		116,880

	Shares		Value
China-(continued)
New China Life Insurance Co. Ltd., H Shares		25,439	$	97,069
New Oriental Education & Technology Group, Inc., ADR(a)		238		42,274
People’s Insurance Co. Group of China Ltd. (The), H Shares		234,705		72,917
PetroChina Co. Ltd., H Shares		3,476,824		1,245,989
PICC Property & Casualty Co. Ltd., H Shares		169,051		127,921
Pinduoduo, Inc., ADR(a)		948		162,260
Ping An Insurance (Group) Co. of China Ltd., H Shares		58,534		719,097
Qingdao Port International Co. Ltd., H Shares(b)		19,035		10,772
Qudian, Inc., ADR(a)(c)		11,630		24,888
Red Star Macalline Group Corp. Ltd., H Shares(b)		31,572		19,658
Seazen Group Ltd.(a)		8,000		9,694
Shandong Chenming Paper Holdings Ltd., H Shares(c)		40,592		41,129
Shandong Gold Mining Co. Ltd., H Shares(b)		5,850		11,810
Shanghai Electric Group Co. Ltd., H Shares(a)		119,965		45,621
Shanghai Fosun Pharmaceutical Group Co. Ltd., H Shares(c)		4,413		20,821
Shanghai Jin Jiang Capital Co. Ltd., H Shares		59,797		12,102
Shanghai Pharmaceuticals Holding Co. Ltd., H Shares		19,685		36,085
Shenzhen Expressway Co. Ltd., H Shares		10,744		10,401
Shenzhen International Holdings Ltd.		4,000		6,621
Shenzhou International Group Holdings Ltd.		900		18,691
Shimao Group Holdings Ltd.		3,871		12,750
SINA Corp.(a)(c)		585		25,254
Sino Biopharmaceutical Ltd.		7,500		8,344
Sino-Ocean Group Holding Ltd.		63,500		13,998
Sinopec Engineering Group Co. Ltd., H Shares		18,248		9,739
Sinopec Shanghai Petrochemical Co. Ltd., H Shares		123,271		30,193
Sinopharm Group Co. Ltd., H Shares		32,024		74,968
Sinotrans Ltd., H Shares		102,174		36,748
Sogou, Inc., ADR(a)		2,915		24,078
Sohu.com Ltd., ADR(a)		1,363		24,888
Sun Art Retail Group Ltd.		5,339		4,611
Sunac China Holdings Ltd.		6,652		28,469
Sunny Optical Technology Group Co. Ltd.		500		12,504
TAL Education Group, ADR(a)		427		33,110
Tencent Holdings Ltd.		3,007		256,806
Tencent Music Entertainment Group, ADR(a)		4,483		115,303
Tingyi Cayman Islands Holding Corp.		5,078		10,199
Trip.com Group Ltd., ADR(a)		3,785		149,318
Tsingtao Brewery Co. Ltd., H Shares		1,377		11,298
Vipshop Holdings Ltd., ADR(a)		3,120		116,438
Want Want China Holdings Ltd.		13,232		9,552
Weibo Corp., ADR(a)(c)		550		30,344
Weichai Power Co. Ltd., H Shares		31,554		92,335
WuXi AppTec Co. Ltd., H Shares(b)(c)		800		16,676
Xinyuan Real Estate Co. Ltd., ADR		6,076		16,891
Yangzijiang Shipbuilding Holdings Ltd.		16,311		13,125
Yanzhou Coal Mining Co. Ltd., H Shares		40,669		37,695
Yiren Digital Ltd., ADR(a)		1,817		8,849
Yum China Holdings, Inc.		1,587		94,966
Zhengqi Financial Holding Corp., Rts., TBA(a)(d)		1,142		0
Zijin Mining Group Co. Ltd., H Shares		125,067		185,407

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

17

Invesco RAFI^TM Strategic Emerging Markets ETF (ISEM)—(continued)

February 28, 2021

(Unaudited)

	Shares		Value
China-(continued)
ZTE Corp., H Shares		9,486	$	24,188
ZTO Express Cayman, Inc., ADR		1,517		51,184
				13,068,228
Colombia-0.37%
Grupo Argos S.A.		4,670		17,176
Grupo Aval Acciones y Valores S.A., Preference Shares		134,907		44,321
Grupo de Inversiones Suramericana S.A.		2,535		16,594
Interconexion Electrica S.A. ESP		1,756		11,557
				89,648
Czech Republic-0.10%
CEZ A.S.		1,026		25,168
Greece-0.49%
Hellenic Telecommunications Organization S.A.		694		10,732
Motor Oil Hellas Corinth Refineries S.A.		695		9,600
OPAP S.A.		854		11,548
Public Power Corp. S.A.(a)		4,293		46,376
Star Bulk Carriers Corp.		2,385		33,581
Tsakos Energy Navigation Ltd.		796		7,363
				119,200
Hong Kong-0.10%
Nine Dragons Paper Holdings Ltd.		9,511		15,350
Skyworth Group Ltd.(a)		28,000		8,807
				24,157
Hungary-0.19%
Gedeon Richter PLC		397		11,397
MOL Hungarian Oil & Gas PLC(a)		4,890		35,315
				46,712
India-4.65%
Dr. Reddy’s Laboratories Ltd., ADR		429		25,727
Infosys Ltd., ADR		21,904		374,997
Reliance Infrastructure Ltd., GDR(a)(b)		11,806		16,056
Tata Motors Ltd., ADR(a)		13,740		302,143
Tata Steel Ltd., GDR(b)(c)		11,446		108,279
Vedanta Ltd., ADR.		26,008		292,590
WNS (Holdings) Ltd., ADR(a)		244		18,229
				1,138,021
Indonesia-0.55%
PT Adaro Energy Tbk		131,200		10,872
PT Astra International Tbk		112,767		42,763
PT Indofood Sukses Makmur Tbk		20,871		8,867
PT Perusahaan Gas Negara Tbk		156,823		15,858
PT Telkom Indonesia (Persero) Tbk		165,260		40,503
PT United Tractors Tbk		10,006		15,845
				134,708
Malaysia-0.80%
Axiata Group Bhd		17,102		15,000
Genting Bhd		20,382		23,215
Genting Malaysia Bhd		17,200		12,281
IJM Corp. Bhd		20,600		7,991
Kuala Lumpur Kepong Bhd		1,500		8,709
Maxis Bhd		5,639		6,618
MISC Bhd		6,632		11,109
Petronas Chemicals Group Bhd		9,912		18,195
Petronas Gas Bhd		2,543		10,304

	Shares		Value
Malaysia-(continued)
Sime Darby Bhd		71,422	$	40,056
Telekom Malaysia Bhd		7,574		11,490
Tenaga Nasional Bhd		12,398		30,937
				195,905
Mexico-4.19%
Alfa S.A.B. de C.V., Class A		55,500		30,231
Arca Continental S.A.B. de C.V		2,933		13,293
Banco Santander (Mexico) S.A., Institucion de Banca Multiple, Grupo Financiero Santander(a)		13,800		13,074
Cemex S.A.B. de C.V., ADR(a)		53,102		351,004
Coca-Cola FEMSA S.A.B. de C.V., ADR		2,057		86,826
El Puerto de Liverpool S.A.B. de C.V., Series C1		8,870		26,864
Fomento Economico Mexicano, S.A.B. de C.V., ADR		3,128		214,268
Grupo Bimbo S.A.B. de C.V., Series A		8,240		15,487
Grupo Financiero Banorte S.A.B. de C.V., Class O(a)		13,867		69,671
Grupo Financiero Inbursa S.A.B. de C.V., Class O(a)		14,450		13,033
Grupo Mexico S.A.B. de C.V., Class B		14,100		66,978
Grupo Televisa S.A.B., ADR(a)		7,730		57,279
Kimberly-Clark de Mexico S.A.B. de C.V., Class A		6,200		9,918
Orbia Advance Corp. S.A.B. de C.V		7,878		18,382
Wal-Mart de Mexico S.A.B. de C.V., Series V		13,766		39,289
				1,025,597
Peru-0.17%
Cia de Minas Buenaventura S.A.A., ADR(a)		2,311		25,560
Nexa Resources S.A.		1,662		15,739
				41,299
				��
Philippines-0.04%
Ayala Corp.		643		9,913
Poland-0.92%
Enea S.A.(a)		5,950		10,415
Grupa Lotos S.A.		616		6,958
KGHM Polska Miedz S.A.(a)		1,024		52,055
Orange Polska S.A.(a)		4,649		7,882
PGE Polska Grupa Energetyczna S.A.(a)		19,907		35,519
Polski Koncern Naftowy ORLEN S.A.		3,560		56,237
Polskie Gornictwo Naftowe i Gazownictwo S.A.		15,089		22,685
Tauron Polska Energia S.A.(a)		47,625		32,732
				224,483
Russia-6.23%
Alrosa PJSC		21,756		29,042
Bashneft PJSC, Preference Shares		1,444		22,279
Federal Grid Co. Unified Energy System PJSC		3,008,358		8,665
Gazprom PJSC		157,404		462,260
Inter RAO UES PJSC		261,638		17,919
Lukoil PJSC		3,850		289,431
Magnit PJSC		698		46,087
MMC Norilsk Nickel PJSC		151		47,303
Mobile TeleSystems PJSC		5,110		21,595
Nizhnekamskneftekhim PJSC, Preference Shares		8,520		9,085
Novatek PJSC		1,926		33,033
Polymetal International PLC		352		7,008

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

18

Invesco RAFI^TM Strategic Emerging Markets ETF (ISEM)—(continued)

February 28, 2021

(Unaudited)

	Shares		Value
Russia-(continued)
Polyus PJSC		62	$	11,683
Rosneft Oil Co. PJSC		25,593		180,572
RusHydro PJSC		782,768		8,209
Severstal PAO		1,131		20,469
Sistema PJSFC		75,401		35,220
Surgutneftegas PJSC		390,136		170,030
Tatneft PJSC		8,618		60,643
Transneft PJSC, Preference Shares		14		26,897
Yandex N.V., Class A(a)		253		16,344
				1,523,774
South Africa-3.29%
Aspen Pharmacare Holdings Ltd.(a)		1,724		16,214
Barloworld Ltd.		3,271		19,642
Bid Corp. Ltd.		1,474		27,575
Bidvest Group Ltd. (The)		2,428		26,971
DataTec Ltd.(a)		5,415		9,213
Discovery Ltd.		2,115		19,780
Exxaro Resources Ltd.		2,477		27,981
Foschini Group Ltd. (The)(a)		2,487		17,243
Gold Fields Ltd.		1,369		11,369
Impala Platinum Holdings Ltd.		1,553		25,230
Momentum Metropolitan Holdings		10,825		11,935
Mr Price Group Ltd.		1,110		12,782
Netcare Ltd.		9,218		8,332
Pick n Pay Stores Ltd.		3,183		10,859
Remgro Ltd.		3,073		21,021
Sanlam Ltd.		12,987		52,115
Sappi Ltd.(a)		11,465		33,609
Sasol Ltd.(a)		19,388		241,200
Shoprite Holdings Ltd.		3,557		31,251
Sibanye Stillwater Ltd.		3,703		17,119
SPAR Group Ltd. (The)		1,433		18,010
Steinhoff International Holdings N.V., (Acquired 06/19/2020 - 01/29/2021; Cost $48,675)(a)(e)		794,087		102,235
Tiger Brands Ltd.		960		12,782
Woolworths Holdings Ltd.		9,699		29,540
				804,008
Switzerland-0.04%
Mediclinic International PLC(a)		2,579		10,121
Taiwan-12.48%
Acer, Inc.		23,169		22,335
ASE Technology Holding Co. Ltd.		17,457		64,870
Asia Cement Corp.		9,028		13,824
Asustek Computer, Inc.		5,034		54,944
AU Optronics Corp.(a)		152,784		103,675
Catcher Technology Co. Ltd.		2,850		19,646
Cheng Shin Rubber Industry Co. Ltd.		10,108		15,660
China Airlines Ltd.(a)		30,401		15,281
China Development Financial Holding Corp.		131,439		43,888
China Steel Corp.		64,512		57,326
Chunghwa Telecom Co. Ltd.		10,824		42,554
Compal Electronics, Inc.		68,252		54,401
Delta Electronics, Inc.		5,427		54,655
Eva Airways Corp.		21,716		12,319
Far Eastern New Century Corp.		17,520		18,210
Far EasTone Telecommunications Co. Ltd.		5,180		11,494
Formosa Chemicals & Fibre Corp.		16,552		51,107

	Shares		Value
Taiwan-(continued)
Formosa Plastics Corp.		14,272	$	49,960
Foxconn Technology Co. Ltd.		7,653		19,234
Hon Hai Precision Industry Co. Ltd.		111,589		448,719
Hotai Motor Co. Ltd.		492		10,440
Innolux Corp.		191,264		116,740
Inventec Corp.		26,325		23,440
Largan Precision Co. Ltd.		121		14,315
Lite-On Technology Corp.		11,514		24,555
MediaTek, Inc.		2,766		88,981
Mercuries & Associates Holding Ltd.		15,518		11,589
Mercuries Life Insurance Co. Ltd.(a)		37,539		11,321
Micro-Star International Co. Ltd.		2,040		10,913
Nan Ya Plastics Corp.		20,667		53,945
Nanya Technology Corp.		4,468		15,480
Novatek Microelectronics Corp.		1,218		20,728
Pegatron Corp.		27,819		74,510
Pou Chen Corp.		21,628		23,451
Powertech Technology, Inc.		2,877		10,329
President Chain Store Corp.		1,192		11,213
Qisda Corp.		14,000		15,356
Quanta Computer, Inc.		19,874		60,651
Shin Kong Financial Holding Co. Ltd.		88,000		26,192
Sino-American Silicon Products, Inc.		2,234		13,395
Synnex Technology International Corp.		11,879		21,048
Taiwan Cement Corp.		16,481		24,852
Taiwan Mobile Co. Ltd.		3,381		11,787
Taiwan Semiconductor Manufacturing Co. Ltd.		39,496		859,333
Teco Electric and Machinery Co. Ltd.		7,556		8,234
TPK Holding Co. Ltd.(a)		5,240		9,444
Uni-President Enterprises Corp.		17,385		41,945
United Microelectronics Corp.		71,003		138,169
Walsin Lihwa Corp.		22,141		14,786
Wistron Corp.		44,194		50,775
WPG Holdings Ltd.		19,406		31,597
WT Microelectronics Co. Ltd.		6,128		9,846
Yageo Corp.		580		12,349
Zhen Ding Technology Holding Ltd.		2,101		9,052
				3,054,863
Tanzania-0.04%
AngloGold Ashanti Ltd.		462		9,248
Thailand-1.07%
Advanced Info Service PCL, NVDR		1,870		10,270
Airports of Thailand PCL, NVDR		3,790		8,049
Charoen Pokphand Foods PCL, NVDR		10,858		10,359
CP ALL PCL, NVDR(a)		7,819		15,438
Indorama Ventures PCL, NVDR		9,006		11,805
IRPC PCL, NVDR		106,062		12,389
PTT Exploration & Production PCL, NVDR		7,477		28,533
PTT Global Chemical PCL, NVDR		15,440		32,151
PTT PCL, NVDR		65,512		86,958
Siam Cement PCL (The), NVDR		1,488		18,072
Thai Beverage PCL		19,532		10,797
Thai Oil PCL, NVDR		8,507		16,726
				261,547
Turkey-0.79%
BIM Birlesik Magazalar A.S.		1,280		11,406
Eregli Demir ve Celik Fabrikalari TAS		28,813		56,670
Is Yatirim Menkul Degerler A.S.		11,630		32,516

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

19

Invesco RAFI^TM Strategic Emerging Markets ETF (ISEM)—(continued)

February 28, 2021

(Unaudited)

	Shares		Value
Turkey-(continued)
KOC Holding A.S		12,902	$	37,534
Tupras-Turkiye Petrol Rafinerileri A.S.(a)		1,500		20,444
Turk Hava Yollari AO(a)		9,241		16,805
Turkcell Iletisim Hizmetleri A.S.		7,909		16,899
				192,274
United States-0.15%
JBS S.A		8,171		37,856
Total Common Stocks & Other Equity Interests (Cost $21,989,711)				24,443,335
Money Market Funds-0.07%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(f)(g) (Cost $17,750)		17,750		17,750
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.97% (Cost $22,007,461)				24,461,085

	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-0.93%
Invesco Private Government Fund, 0.01%(f)(g)(h)		90,323	$	90,323
Invesco Private Prime Fund, 0.11%(f)(g)(h)		135,430		135,484
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $225,807)				225,807
TOTAL INVESTMENTS IN SECURITIES-100.90% (Cost $22,233,268)				24,686,892
OTHER ASSETS LESS LIABILITIES-(0.90)%				(219,295	)
NET ASSETS-100.00%			$	24,467,597

Investment Abbreviations:

ADR-American Depositary Receipt

GDR-Global Depositary Receipt

NVDR-Non-Voting Depositary Receipt

Rts.-Rights

TBA-To Be Announced

Notes to Schedule of Investments:

^(a)  Non-income producing security.

^(b)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at February 28, 2021 was $516,057, which represented 2.11% of the Fund’s Net Assets.

^(c)  All or a portion of this security was out on loan at February 28, 2021.

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

^(e)  Restricted security. The value of this security at February 28, 2021 represented less than 1% of the Fund’s Net Assets.

^(f)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2021.

	Value August 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation		Realized Gain			Value February 28, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	579,934		$	(562,184	)		$-		$	-		$	17,750		$	4
Invesco Premier U.S. Government Money Portfolio, Institutional Class			15,111			260,468			(275,579	)		-			-			-			-
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			78,501			1,111,827			(1,100,005	)		-			-			90,323			13	*
Invesco Private Prime Fund			26,168			1,179,891			(1,070,592	)		-			17			135,484			66	*
Total		$	119,780		$	3,132,120		$	(3,008,360	)		$-		$	17		$	243,557		$	83

* 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.

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

20

Invesco RAFI^TM Strategic Emerging Markets ETF (ISEM)—(continued)

February 28, 2021

(Unaudited)

^(g)  The rate shown is the 7-day SEC standardized yield as of February 28, 2021.

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

 Portfolio Composition

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

 as of February 28, 2021

Energy	20.64
Consumer Discretionary	16.80
Information Technology	13.76
Materials	13.54
Financials	13.14
Communication Services	7.17
Industrials	5.04
Consumer Staples	4.21
Utilities	3.17
Sector Types Each Less Than 3%	2.43
Money Market Funds Plus Other Assets Less Liabilities	0.10

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

21

Invesco RAFI^TM Strategic US ETF (IUS)

February 28, 2021

(Unaudited)

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.77%
Communication Services-10.24%
Activision Blizzard, Inc.		1,400	$	133,854
Alphabet, Inc., Class A(b)		1,926		3,894,199
Altice USA, Inc., Class A(b)		4,888		164,286
AMC Entertainment Holdings, Inc., Class A(c)		8,987		71,986
AT&T, Inc.		89,851		2,505,944
Charter Communications, Inc., Class A(b)		888		544,717
Comcast Corp., Class A		32,872		1,733,012
Discovery, Inc., Class A(b)(c)		6,377		338,172
DISH Network Corp., Class A(b)		4,146		130,640
Electronic Arts, Inc.		873		116,956
Facebook, Inc., Class A(b)		6,711		1,728,888
IAC/InterActiveCorp.(b)		164		40,152
Interpublic Group of Cos., Inc. (The)		4,710		123,025
Liberty Global PLC, Class C (United Kingdom)(b)		9,720		236,196
Liberty Media Corp.-Liberty SiriusXM, Class C(b)		3,363		148,376
Live Nation Entertainment, Inc.(b)		827		73,487
Lumen Technologies, Inc.		31,134		382,637
Match Group, Inc.(b)		344		52,580
News Corp., Class A		7,499		175,852
Omnicom Group, Inc.		2,232		153,405
Sinclair Broadcast Group, Inc., Class A		2,375		73,459
Sirius XM Holdings, Inc.(c)		6,148		35,966
Take-Two Interactive Software, Inc.(b)		291		53,678
Telephone & Data Systems, Inc.		2,838		50,772
T-Mobile US, Inc.(b)		1,060		127,168
Twitter, Inc.(b)		2,158		166,295
Verizon Communications, Inc.		26,867		1,485,745
ViacomCBS, Inc., Class B		6,782		437,371
Walt Disney Co. (The)(b)		6,713		1,269,026
				16,447,844
Consumer Discretionary-14.85%
Adient PLC(b)		3,948		146,392
Advance Auto Parts, Inc.		533		85,467
Amazon.com, Inc.(b)		538		1,663,996
American Axle & Manufacturing Holdings, Inc.(b)		6,163		60,212
Aptiv PLC		1,596		239,145
Aramark		3,292		122,199
Autoliv, Inc. (Sweden)		834		75,060
AutoNation, Inc.(b)		1,952		146,439
AutoZone, Inc.(b)		106		122,952
Bed Bath & Beyond, Inc.		9,937		266,908
Best Buy Co., Inc.		2,433		244,152
Booking Holdings, Inc.(b)		286		665,954
BorgWarner, Inc.		2,592		116,640
Brunswick Corp.		630		55,673
Burlington Stores, Inc.(b)		235		60,823
Capri Holdings Ltd.(b)		3,276		152,891
CarMax, Inc.(b)		1,170		139,827
Carnival Corp.		21,169		566,271
Chipotle Mexican Grill, Inc.(b)		38		54,796
Core-Mark Holding Co., Inc.		1,555		50,662
D.R. Horton, Inc.		2,197		168,883
Dana, Inc.		4,264		101,526
Darden Restaurants, Inc.		1,026		140,901
Dick’s Sporting Goods, Inc.		1,728		123,327
Dollar General Corp.		980		185,210

	Shares		Value
Consumer Discretionary-(continued)
Dollar Tree, Inc.(b)		1,650	$	162,030
eBay, Inc.		6,374		359,621
Expedia Group, Inc.		1,469		236,509
Foot Locker, Inc.		2,242		107,818
Ford Motor Co.		189,497		2,217,115
Gap, Inc. (The)		7,269		181,362
Garmin Ltd.		482		59,778
General Motors Co.		38,810		1,992,117
Gentex Corp.		1,498		52,999
Genuine Parts Co.		1,322		139,273
Goodyear Tire & Rubber Co. (The)		12,851		216,025
Group 1 Automotive, Inc.		879		133,995
Hanesbrands, Inc.		4,981		88,114
Harley-Davidson, Inc.		2,841		101,338
Hasbro, Inc.		683		64,004
Hilton Worldwide Holdings, Inc.		1,347		166,597
Home Depot, Inc. (The)		3,854		995,642
Hyatt Hotels Corp., Class A		1,129		99,296
Kohl’s Corp.		7,805		431,226
L Brands, Inc.		4,745		259,362
Las Vegas Sands Corp.		1,794		112,304
Lear Corp.		1,228		203,958
Leggett & Platt, Inc.		1,244		53,828
Lennar Corp., Class A		3,070		254,718
Lithia Motors, Inc., Class A		468		175,009
LKQ Corp.(b)		3,274		128,963
Lowe’s Cos., Inc.		3,941		629,575
lululemon athletica, inc.(b)		154		47,999
Macy’s, Inc.		25,449		387,079
Marriott International, Inc., Class A		1,847		273,485
Marriott Vacations Worldwide Corp.		530		89,946
McDonald’s Corp.		2,249		463,609
MGM Resorts International		9,017		340,752
Mohawk Industries, Inc.(b)		937		163,966
Murphy USA, Inc.		376		46,868
Newell Brands, Inc.		9,410		218,030
NIKE, Inc., Class B		4,365		588,315
Nordstrom, Inc.(c)		3,805		138,692
Norwegian Cruise Line Holdings Ltd.(b)(c)		8,089		239,111
NVR, Inc.(b)		21		94,518
ODP Corp. (The)		2,197		84,079
O’Reilly Automotive, Inc.(b)		250		111,832
Penske Automotive Group, Inc.		1,127		76,613
Polaris, Inc.		524		61,706
PulteGroup, Inc.		2,826		127,481
PVH Corp.		1,938		193,722
Qurate Retail, Inc., Class A		12,894		160,143
Ralph Lauren Corp.		1,029		120,475
Ross Stores, Inc.		1,508		175,893
Royal Caribbean Cruises Ltd.		4,076		380,168
Service Corp. International		896		42,793
Signet Jewelers Ltd.		4,254		211,764
Skechers U.S.A., Inc., Class A(b)		1,288		47,141
Starbucks Corp.		6,593		712,242
Tapestry, Inc.		5,283		222,626
Target Corp.		3,649		669,373
Taylor Morrison Home Corp., Class A(b)		2,462		67,730
Tenneco, Inc., Class A(b)		12,359		137,679

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

22

Invesco RAFI^TM Strategic US ETF (IUS)—(continued)

February 28, 2021

(Unaudited)

	Shares		Value
Consumer Discretionary-(continued)
Tesla, Inc.(b)		616	$	416,108
Thor Industries, Inc.		519		60,754
TJX Cos., Inc. (The)		5,705		376,473
Toll Brothers, Inc.		2,313		123,560
Tractor Supply Co.		529		84,090
Ulta Beauty, Inc.(b)		304		97,988
Vail Resorts, Inc.		197		60,908
VF Corp.		1,704		134,838
Whirlpool Corp.		947		180,006
Williams-Sonoma, Inc.		586		76,936
Wynn Resorts Ltd.		812		106,965
Yum! Brands, Inc.		633		65,534
				23,858,872
Consumer Staples-6.97%
Altria Group, Inc.		11,953		521,151
Archer-Daniels-Midland Co.		5,786		327,372
BJ’s Wholesale Club Holdings, Inc.(b)		1,516		60,913
Brown-Forman Corp., Class B		607		43,449
Bunge Ltd.		3,717		284,648
Campbell Soup Co.		740		33,655
Casey’s General Stores, Inc.		261		52,711
Church & Dwight Co., Inc.		634		49,927
Clorox Co. (The)		314		56,850
Coca-Cola Co. (The)		12,903		632,118
Colgate-Palmolive Co.		2,494		187,549
Conagra Brands, Inc.		2,467		83,705
Constellation Brands, Inc., Class A		803		171,954
Costco Wholesale Corp.		1,998		661,338
Estee Lauder Cos., Inc. (The), Class A		935		267,279
General Mills, Inc.		2,445		134,499
Hershey Co. (The)		649		94,527
Hormel Foods Corp.		1,702		78,922
Ingredion, Inc.		555		50,061
JM Smucker Co. (The)		712		79,744
Kellogg Co.		1,575		90,893
Keurig Dr Pepper, Inc.		1,419		43,308
Kimberly-Clark Corp.		1,122		143,986
Kraft Heinz Co. (The)		11,221		408,220
Kroger Co. (The)		13,752		442,952
McCormick & Co., Inc.		605		50,989
Molson Coors Beverage Co., Class B		3,535		157,131
Mondelez International, Inc., Class A		6,681		355,162
Monster Beverage Corp.(b)		788		69,139
PepsiCo, Inc.		4,610		595,566
Performance Food Group Co.(b)		3,118		169,120
Philip Morris International, Inc.		5,929		498,155
Post Holdings, Inc.(b)		583		56,003
Procter & Gamble Co. (The)		9,394		1,160,441
Rite Aid Corp.(b)		4,446		87,053
Sysco Corp.		5,530		440,354
Tyson Foods, Inc., Class A		3,953		267,499
United Natural Foods, Inc.(b)		3,347		88,528
US Foods Holding Corp.(b)		5,419		197,577
Walgreens Boots Alliance, Inc.		15,949		764,436
Walmart, Inc.		9,580		1,244,634
				11,203,518
Energy-9.58%
Antero Resources Corp.(b)		22,376		201,384
Apache Corp.		10,581		208,763

	Shares		Value
Energy-(continued)
Baker Hughes Co., Class A		13,359	$	327,028
Cabot Oil & Gas Corp.		3,170		58,677
Cheniere Energy, Inc.(b)		1,408		94,885
Chevron Corp.		20,051		2,005,100
Cimarex Energy Co.		2,017		116,966
CNX Resources Corp.(b)		4,605		58,069
ConocoPhillips		14,194		738,230
CVR Energy, Inc.		2,874		63,458
Delek US Holdings, Inc.		2,731		67,073
Devon Energy Corp.		13,702		295,141
EOG Resources, Inc.		6,172		398,464
EQT Corp.		8,031		142,872
Exxon Mobil Corp.		59,273		3,222,673
Halliburton Co.		17,245		376,458
Helmerich & Payne, Inc.		2,725		78,289
Hess Corp.		2,185		143,183
HollyFrontier Corp.		4,559		172,695
Marathon Oil Corp.		24,997		277,467
Marathon Petroleum Corp.		22,888		1,250,143
Murphy Oil Corp.		5,754		93,963
NOV, Inc.		6,886		103,979
Occidental Petroleum Corp.		27,460		730,711
ONEOK, Inc.		4,007		177,470
Ovintiv, Inc.		22,284		514,092
Patterson-UTI Energy, Inc.		12,927		95,660
PBF Energy, Inc., Class A		8,760		124,392
PDC Energy, Inc.(b)		3,075		107,471
Peabody Energy Corp.(b)		19,431		83,553
Phillips 66		8,392		696,956
Pioneer Natural Resources Co.		1,798		267,129
Range Resources Corp.(b)		7,870		75,867
Schlumberger Ltd.		26,255		732,777
Southwestern Energy Co.(b)		15,975		64,699
Targa Resources Corp.		6,112		189,044
Technip Energies N.V., ADR (France)(b)		2,917		36,953
TechnipFMC PLC (United Kingdom)		14,583		119,872
Valero Energy Corp.		9,336		718,685
World Fuel Services Corp.		5,264		163,605
				15,393,896
Financials-6.72%
Affiliated Managers Group, Inc.		759		106,237
Alleghany Corp.		158		102,136
Allstate Corp. (The)		4,174		444,948
American Express Co.		5,755		778,421
Aon PLC, Class A.		687		156,437
Arthur J. Gallagher & Co.		733		87,813
Assurant, Inc.		879		108,310
AXIS Capital Holdings Ltd.		1,166		58,918
Berkshire Hathaway, Inc., Class B(b)		18,049		4,340,965
Cboe Global Markets, Inc.		388		38,396
Chubb Ltd.		4,984		810,299
Cincinnati Financial Corp.		1,668		163,247
Everest Re Group Ltd.		533		128,885
Fidelity National Financial, Inc.		2,737		104,772
First American Financial Corp.		1,181		62,050
Franklin Resources, Inc.		3,515		91,988
Hanover Insurance Group, Inc. (The)		641		73,939
Hartford Financial Services Group, Inc. (The)		5,406		274,030
Janus Henderson Group PLC		2,354		68,807

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

23

Invesco RAFI^TM Strategic US ETF (IUS)—(continued)

February 28, 2021

(Unaudited)

	Shares		Value
Financials-(continued)
Kemper Corp.		635	$	48,019
Lazard Ltd., Class A		1,719		66,508
LPL Financial Holdings, Inc.		758		99,707
Markel Corp.(b)		97		105,614
Marsh & McLennan Cos., Inc.		1,428		164,534
MGIC Investment Corp.		5,303		64,591
Moody’s Corp.		295		81,093
Mr. Cooper Group, Inc.(b)		4,355		136,965
MSCI, Inc.		118		48,913
Nasdaq, Inc.		414		57,252
Old Republic International Corp.		4,770		92,204
OneMain Holdings, Inc.		2,473		116,008
Progressive Corp. (The)		3,914		336,408
Radian Group, Inc.		2,877		58,691
Raymond James Financial, Inc.		1,374		160,401
S&P Global, Inc.		386		127,133
StoneX Group, Inc.(b)		2,198		126,803
T. Rowe Price Group, Inc.		1,041		168,788
Travelers Cos., Inc. (The)		3,713		540,242
W.R. Berkley Corp.		1,195		82,849
Willis Towers Watson PLC		498		109,879
				10,793,200
Health Care-11.21%
Abbott Laboratories		4,208		504,034
AbbVie, Inc.		6,305		679,301
Agilent Technologies, Inc.		904		110,351
Alexion Pharmaceuticals, Inc.(b)		872		133,198
Align Technology, Inc.(b)		153		86,768
AmerisourceBergen Corp.		4,569		462,474
Amgen, Inc.		2,531		569,272
Anthem, Inc.		1,912		579,699
Baxter International, Inc.		1,843		143,183
Becton, Dickinson and Co.		824		198,708
Biogen, Inc.(b)		1,159		316,268
Boston Scientific Corp.(b)		2,571		99,703
Bristol-Myers Squibb Co.		7,097		435,259
Cardinal Health, Inc.		9,513		490,110
Centene Corp.(b)		3,576		209,339
Cerner Corp.		1,433		99,078
Cigna Corp.		3,261		684,484
Cooper Cos., Inc. (The)		120		46,336
CVS Health Corp.		17,724		1,207,536
Danaher Corp.		1,345		295,456
DaVita, Inc.(b)		1,594		162,795
DENTSPLY SIRONA, Inc.		1,314		69,734
Edwards Lifesciences Corp.(b)		860		71,466
Elanco Animal Health, Inc.(b)		1,779		58,458
Eli Lilly and Co.		2,283		467,764
Encompass Health Corp.		485		39,013
Gilead Sciences, Inc.		5,913		363,058
HCA Healthcare, Inc.		2,277		391,712
Henry Schein, Inc.(b)		1,146		70,880
Hologic, Inc.(b)		733		52,842
Humana, Inc.		732		277,904
Illumina, Inc.(b)		160		70,306
Intuitive Surgical, Inc.(b)		143		105,362
IQVIA Holdings, Inc.(b)		797		153,654
Jazz Pharmaceuticals PLC(b)		401		67,384
Johnson & Johnson		8,907		1,411,403

	Shares		Value
Health Care-(continued)
Laboratory Corp. of America Holdings(b)		599	$	143,706
McKesson Corp.		5,335		904,389
Medtronic PLC		5,858		685,210
Merck & Co., Inc.		10,263		745,299
Mettler-Toledo International, Inc.(b)		55		61,383
Molina Healthcare, Inc.(b)		291		63,077
Perrigo Co. PLC		925		37,333
Pfizer, Inc.		30,716		1,028,679
Quest Diagnostics, Inc.		724		83,687
Regeneron Pharmaceuticals, Inc.(b)		141		63,530
ResMed, Inc.		188		36,243
STERIS PLC		232		40,554
Stryker Corp.		814		197,550
Tenet Healthcare Corp.(b)		3,836		195,713
Thermo Fisher Scientific, Inc.		892		401,471
UnitedHealth Group, Inc.		4,498		1,494,325
Universal Health Services, Inc., Class B		1,023		128,213
Vertex Pharmaceuticals, Inc.(b)		228		48,461
Viatris, Inc.(b)		7,309		108,539
Waters Corp.(b)		448		122,698
Zimmer Biomet Holdings, Inc.		895		145,939
Zoetis, Inc.		644		99,975
				18,020,266
Industrials-12.66%
3M Co.		3,018		528,331
A.O. Smith Corp.		856		50,821
AECOM(b)		2,297		132,973
AGCO Corp.		947		122,618
Allison Transmission Holdings, Inc.		1,219		46,224
American Airlines Group, Inc.(c)		6,031		126,289
AMETEK, Inc.		753		88,831
Avis Budget Group, Inc.(b)		6,248		347,076
Boeing Co. (The)		4,571		969,098
Booz Allen Hamilton Holding Corp.		549		42,350
Builders FirstSource, Inc.(b)		1,859		80,430
C.H. Robinson Worldwide, Inc.		1,077		97,845
CACI International, Inc., Class A(b)		140		30,988
Carlisle Cos., Inc.		465		67,541
Caterpillar, Inc.		4,760		1,027,589
Cintas Corp.		305		98,924
CSX Corp.		4,947		452,898
Cummins, Inc.		1,288		326,122
Deere & Co.		2,212		772,253
Delta Air Lines, Inc.		5,605		268,704
Dover Corp.		734		90,473
Eaton Corp. PLC		3,487		453,973
EMCOR Group, Inc.		689		67,088
Emerson Electric Co.		3,811		327,365
Equifax, Inc.		226		36,585
Expeditors International of Washington, Inc.		837		76,870
Fastenal Co.		1,312		60,837
FedEx Corp.		3,537		900,166
Fluor Corp.		6,212		106,598
Fortive Corp.		1,148		75,561
Fortune Brands Home & Security, Inc.		822		68,341
General Dynamics Corp.		2,023		330,700
General Electric Co.		100,520		1,260,521
Honeywell International, Inc.		3,911		791,391
Howmet Aerospace, Inc.(b)		8,472		238,148

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

24

Invesco RAFI^TM Strategic US ETF (IUS)—(continued)

February 28, 2021

(Unaudited)

	Shares		Value
Industrials-(continued)
Hubbell, Inc.		317	$	56,271
Huntington Ingalls Industries, Inc.		346		60,865
IDEX Corp.		221		43,133
IHS Markit Ltd.		1,223		110,266
Illinois Tool Works, Inc.		1,197		242,009
J.B. Hunt Transport Services, Inc.		485		71,232
Jacobs Engineering Group, Inc.		835		96,092
Johnson Controls International PLC		12,046		672,046
Kansas City Southern		475		100,861
KAR Auction Services, Inc.		2,775		38,600
Knight-Swift Transportation Holdings, Inc.		1,068		46,138
L3Harris Technologies, Inc.		708		128,792
Leidos Holdings, Inc.		715		63,242
Lockheed Martin Corp.		1,091		360,303
Macquarie Infrastructure Corp.		1,245		39,018
ManpowerGroup, Inc.		1,427		134,766
Masco Corp.		1,419		75,519
MasTec, Inc.(b)		933		80,938
Nielsen Holdings PLC		4,844		108,554
Norfolk Southern Corp.		1,617		407,581
Northrop Grumman Corp.		787		229,536
Old Dominion Freight Line, Inc.		291		62,498
Oshkosh Corp.		823		87,238
Owens Corning.		1,377		111,565
PACCAR, Inc.		2,803		255,045
Parker-Hannifin Corp.		823		236,168
Pentair PLC		974		54,476
Quanta Services, Inc.		1,752		146,905
Raytheon Technologies Corp.		10,898		784,547
Republic Services, Inc.		1,588		141,475
Robert Half International, Inc.		924		71,878
Rockwell Automation, Inc.		422		102,664
Roper Technologies, Inc.		207		78,167
Ryder System, Inc.		2,418		163,868
Science Applications International Corp.		402		34,624
Sensata Technologies Holding PLC(b)		1,246		71,383
Snap-on, Inc.		396		80,432
Southwest Airlines Co.		2,579		149,917
Spirit AeroSystems Holdings, Inc., Class A		2,688		115,127
Stanley Black & Decker, Inc.		1,000		174,840
Textron, Inc.		4,159		209,364
Trane Technologies PLC		1,704		261,121
TransDigm Group, Inc.(b)		189		108,991
Trinity Industries, Inc.		1,958		62,852
Union Pacific Corp.		3,606		742,692
United Airlines Holdings, Inc.(b)		4,140		218,095
United Parcel Service, Inc., Class B		5,353		844,864
United Rentals, Inc.(b)		959		285,187
Univar Solutions, Inc.(b)		2,832		56,385
Verisk Analytics, Inc.		292		47,844
W.W. Grainger, Inc.		250		93,177
Wabtec Corp.		1,189		86,119
Waste Connections, Inc.		808		78,934
Waste Management, Inc.		1,803		199,935
WESCO International, Inc.(b)		1,550		124,434
XPO Logistics, Inc.(b)		1,764		205,682
Xylem, Inc.		746		74,272
				20,351,049

	Shares		Value
Information Technology-20.16%
Accenture PLC, Class A		2,215	$	555,743
Adobe, Inc.(b)		627		288,213
Akamai Technologies, Inc.(b)		558		52,731
Amdocs Ltd.		850		64,439
Amphenol Corp., Class A		1,096		137,745
Analog Devices, Inc.		1,365		212,694
Apple, Inc.		63,763		7,731,901
Applied Materials, Inc.		4,340		512,945
Arrow Electronics, Inc.(b)		1,980		198,515
Autodesk, Inc.(b)		222		61,272
Automatic Data Processing, Inc.		1,308		227,618
Avnet, Inc.		3,839		146,151
Broadcom, Inc.		2,341		1,099,966
Broadridge Financial Solutions, Inc.		368		52,436
Cadence Design Systems, Inc.(b)		425		59,963
CDW Corp.		921		144,496
Cisco Systems, Inc.		26,840		1,204,311
Citrix Systems, Inc.		370		49,425
Cognizant Technology Solutions Corp., Class A		4,151		305,015
CommScope Holding Co., Inc.(b)		3,589		52,364
Corning, Inc.		8,633		330,126
Dell Technologies, Inc., Class C(b)		13,197		1,069,881
DXC Technology Co.		11,325		285,617
EchoStar Corp., Class A(b)		1,213		27,535
F5 Networks, Inc.(b)		228		43,315
Fiserv, Inc.(b)		1,180		136,137
FleetCor Technologies, Inc.(b)		284		78,756
Flex Ltd.(b)		4,304		78,290
GoDaddy, Inc., Class A(b)		403		32,691
Hewlett Packard Enterprise Co.		33,200		483,392
HP, Inc.		21,974		636,587
Intel Corp.		26,142		1,588,911
International Business Machines Corp.		6,799		808,605
Intuit, Inc.		377		147,083
Jabil, Inc.		3,293		142,159
Juniper Networks, Inc.		2,607		60,691
Keysight Technologies, Inc.(b)		475		67,222
KLA Corp.		541		168,375
Lam Research Corp.		789		447,513
Marvell Technology Group Ltd.		2,308		111,430
Mastercard, Inc., Class A		1,464		518,036
Maxim Integrated Products, Inc.		1,087		101,276
Microchip Technology, Inc.		874		133,399
Micron Technology, Inc.(b)		11,148		1,020,376
Microsoft Corp.		14,072		3,270,051
Motorola Solutions, Inc.		504		88,442
NCR Corp.(b)		2,341		81,373
NetApp, Inc.		2,505		156,813
NVIDIA Corp.		516		283,067
ON Semiconductor Corp.(b)		3,742		150,690
Oracle Corp.		17,051		1,099,960
Palo Alto Networks, Inc.(b)		200		71,662
Paychex, Inc.		1,017		92,618
PayPal Holdings, Inc.(b)		1,801		467,990
Perspecta, Inc.		1,491		43,537
Qorvo, Inc.(b)		642		112,177
QUALCOMM, Inc.		7,736		1,053,566
salesforce.com, inc.(b)		1,106		239,449
Sanmina Corp.(b)		1,349		48,051
Seagate Technology PLC		2,428		177,802

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

25

Invesco RAFI^TM Strategic US ETF (IUS)—(continued)

February 28, 2021

(Unaudited)

	Shares		Value
Information Technology-(continued)
ServiceNow, Inc.(b)		116	$	61,881
Skyworks Solutions, Inc.		696		123,763
SS&C Technologies Holdings, Inc.		864		57,266
SYNNEX Corp.		712		63,482
Synopsys, Inc.(b)		306		75,034
TE Connectivity Ltd.		2,393		311,162
Teradyne, Inc.		729		93,757
Texas Instruments, Inc.		3,691		635,849
Trimble, Inc.(b)		973		72,138
VeriSign, Inc.(b)		146		28,328
Visa, Inc., Class A		3,894		827,047
VMware, Inc., Class A(b)(c)		1,813		250,575
Western Digital Corp.		3,411		233,756
Western Union Co. (The)		2,932		68,081
Workday, Inc., Class A(b)		197		48,300
Xerox Holdings Corp.		6,187		157,645
Xilinx, Inc.		824		107,367
Zebra Technologies Corp., Class A(b)		146		72,917
				32,400,942
Materials-4.70%
Air Products and Chemicals, Inc.		637		162,830
Albemarle Corp.		717		112,720
Alcoa Corp.(b)		9,657		237,079
Ashland Global Holdings, Inc.		536		45,088
Avery Dennison Corp.		485		84,977
Axalta Coating Systems Ltd.(b)		1,588		43,416
Ball Corp.		1,553		132,611
Berry Global Group, Inc.(b)		1,248		69,139
Celanese Corp.		1,259		174,888
CF Industries Holdings, Inc.		3,023		136,881
Chemours Co. (The)		4,351		102,379
Crown Holdings, Inc.(b)		866		82,755
Domtar Corp.		2,080		77,064
DuPont de Nemours, Inc.		12,714		894,048
Eastman Chemical Co.		1,622		177,220
Ecolab, Inc.		728		152,414
FMC Corp.		485		49,320
Freeport-McMoRan, Inc.		13,920		472,027
Graphic Packaging Holding Co.		2,868		45,515
Huntsman Corp.		3,733		101,911
International Flavors & Fragrances, Inc.		433		58,676
International Paper Co.		6,491		322,278
Linde PLC (United Kingdom)		2,510		613,118
Louisiana-Pacific Corp.		1,650		78,556
LyondellBasell Industries N.V., Class A		5,283		544,624
Martin Marietta Materials, Inc.		326		109,820
Mosaic Co. (The)		9,292		273,185
Newmont Corp.		2,326		126,488
Nucor Corp.		4,818		288,213
O-I Glass, Inc.		4,974		58,096
Olin Corp.		4,626		143,128
Packaging Corp. of America		661		87,265
PPG Industries, Inc.		1,452		195,759
Reliance Steel & Aluminum Co.		953		125,987
RPM International, Inc.		576		45,873
Sherwin-Williams Co. (The)		234		159,200
Sonoco Products Co.		751		44,737
Steel Dynamics, Inc.		3,820		158,836
Ternium S.A., ADR (Mexico)(b)		6,909		212,175

	Shares		Value
Materials-(continued)
United States Steel Corp.		9,912	$	164,638
Vulcan Materials Co.		577		96,353
Westrock Co.		6,720		292,925
				7,554,212
Real Estate-0.84%
CBRE Group, Inc., Class A(b)		3,052		231,250
Equinix, Inc.		129		83,636
Host Hotels & Resorts, Inc.		7,915		131,310
Iron Mountain, Inc.		2,291		79,704
Jones Lang LaSalle, Inc.(b)		816		141,968
Park Hotels & Resorts, Inc.		5,537		120,430
Public Storage		569		133,112
Realogy Holdings Corp.(b)		7,968		120,157
SBA Communications Corp., Class A		158		40,310
Service Properties Trust		7,639		98,085
Weyerhaeuser Co.		4,772		161,627
				1,341,589
Utilities-1.84%
AES Corp. (The)		7,622		202,440
Alliant Energy Corp.		998		46,068
Ameren Corp.		1,433		100,697
American Electric Power Co., Inc.		2,887		216,092
Atmos Energy Corp.		523		44,251
CenterPoint Energy, Inc.		6,091		118,409
CMS Energy Corp.		1,319		71,371
Consolidated Edison, Inc.		2,476		162,550
DTE Energy Co.		1,468		172,813
Entergy Corp.		1,400		121,534
Eversource Energy		1,590		126,373
Exelon Corp.		11,183		431,664
FirstEnergy Corp.		3,047		100,978
MDU Resources Group, Inc.		1,880		52,828
NiSource, Inc.		2,735		59,076
NRG Energy, Inc.		2,559		93,429
PG&E Corp.(b)		14,833		155,895
Public Service Enterprise Group, Inc.		3,698		199,063
UGI Corp.		2,107		80,719
Vistra Corp.		6,909		119,180
WEC Energy Group, Inc.		1,458		117,573
Xcel Energy, Inc.		2,715		159,072
				2,952,075
Total Common Stocks & Other Equity Interests (Cost $129,010,680)				160,317,463
Money Market Funds-0.06%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(d)(e) (Cost $92,370)		92,370		92,370
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.83% (Cost $129,103,050)				160,409,833

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

26

Invesco RAFI^TM Strategic US ETF (IUS)—(continued)

February 28, 2021

(Unaudited)

	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-0.39%
Invesco Private Government Fund, 0.01%(d)(e)(f)		251,796	$	251,796
Invesco Private Prime Fund, 0.11%(d)(e)(f)		377,543		377,694
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $629,490)				629,490
TOTAL INVESTMENTS IN SECURITIES-100.22% (Cost $129,732,540)				161,039,323
OTHER ASSETS LESS LIABILITIES-(0.22)%				(346,670	)
NET ASSETS-100.00%.			$	160,692,653

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 February 28, 2021.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2021.

	Value August 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value February 28, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	1,691,796		$	(1,599,426	)		$	-		$	-		$	92,370		$	11
Invesco Premier U.S. Government Money Portfolio, Institutional Class			11,956			619,890			(631,846	)			-			-			-			1
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			1,089,743			4,660,299			(5,498,246	)			-			-			251,796			112	*
Invesco Private Prime Fund			363,253			4,943,389			(4,929,099	)			-			151			377,694			489	*
Total		$	1,464,952		$	11,915,374		$	(12,658,617	)		$	-		$	151		$	721,860		$	613

* 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 February 28, 2021.

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

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

27

Invesco RAFI^TM Strategic US ETF (IUS)—(continued)

February 28, 2021

(Unaudited)

Portfolio Composition

Sector Breakdown (% of the Fund’s Net Assets) as of February 28, 2021

Information Technology	20.16
Consumer Discretionary	14.85
Industrials	12.66
Health Care	11.21
Communication Services	10.24
Energy	9.58
Consumer Staples	6.97
Financials	6.72
Materials	4.70
Sector Types Each Less Than 3%	2.68
Money Market Funds Plus Other Assets Less Liabilities	0.23

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

28

Invesco RAFI^TM Strategic US Small Company ETF (IUSS)

February 28, 2021

(Unaudited)

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.97%
Communication Services-4.59%
AMC Networks, Inc., Class A(b)(c)		1,181	$	77,462
ANGI Homeservices, Inc., Class A(b)		2,087		31,190
ATN International, Inc.		106		5,160
Bandwidth, Inc., Class A(b)		20		3,167
Boingo Wireless, Inc.(b)		353		4,024
Cable One, Inc.		11		21,063
Cardlytics, Inc.(b)		19		2,516
Cargurus, Inc., (Acquired 07/05/2019 - 06/19/2020; Cost $7,408)(b)(d)		241		6,254
Cars.com, Inc.(b)		3,194		37,274
Cincinnati Bell, Inc.(b)		681		10,406
Cinemark Holdings, Inc.(c)		3,338		74,938
Clear Channel Outdoor Holdings, Inc.(b)		501		862
Cogent Communications Holdings, Inc.		99		5,925
comScore, Inc.(b)		1,190		4,344
Consolidated Communications Holdings, Inc.(b)		3,466		18,231
E.W. Scripps Co. (The), Class A		1,410		26,536
Entercom Communications Corp., Class A		15,014		67,113
Eros STX Global Corp. (United Arab Emirates)(b)		2,230		4,081
Eventbrite, Inc., Class A(b)		575		11,425
EverQuote, Inc., Class A(b)		16		784
Globalstar, Inc.(b)		3,316		5,869
Glu Mobile, Inc.(b)		322		4,019
Gogo, Inc.(b)(c)		710		8,414
Gravity Co. Ltd., ADR (South Korea)(b)		42		4,913
Gray Television, Inc.(b)		1,850		33,577
Iridium Communications, Inc.(b)		684		26,204
John Wiley & Sons, Inc., Class A		666		35,085
Liberty Latin America Ltd., Class A (Chile)(b)		2,236		24,529
Liberty TripAdvisor Holdings, Inc., Class A(b)		11,956		67,312
Lions Gate Entertainment Corp., Class A(b)		5,337		77,493
Madison Square Garden Sports Corp., Class A(b)		153		29,430
Manchester United PLC, Class A (United Kingdom)		177		3,340
Marcus Corp. (The)(c)		926		18,187
Match Group, Inc.(b)		503		76,884
Meredith Corp.		2,891		71,639
MSG Networks, Inc., Class A(b)		367		6,224
National CineMedia, Inc.		1,931		9,114
Netflix, Inc.(b)		80		43,108
New York Times Co. (The), Class A		445		22,771
Nexstar Media Group, Inc., Class A		571		78,541
ORBCOMM, Inc.(b)		1,131		8,630
QuinStreet, Inc.(b)		390		9,317
Roku, Inc.(b)		61		24,124
Scholastic Corp.		619		17,827
Shenandoah Telecommunications Co.		244		10,821
Snap, Inc., Class A(b)		378		24,819
Spok Holdings, Inc.		297		3,184
TechTarget, Inc.(b)		95		7,945
TEGNA, Inc.		3,005		54,781
Tribune Publishing Co.		474		8,049
TripAdvisor, Inc.(b)		1,942		96,362
TrueCar, Inc.(b)		1,459		7,908
United States Cellular Corp.(b)		550		16,187
Vonage Holdings Corp.(b)		1,056		13,960
WideOpenWest, Inc.(b)		1,005		14,120

	Shares		Value
Communication Services-(continued)
World Wrestling Entertainment, Inc., Class A		315	$	15,561
Yelp, Inc.(b)		1,661		62,636
Zillow Group, Inc., Class C(b)		303		48,883
Zynga, Inc., Class A(b)		2,505		27,931
				1,532,453
Consumer Discretionary-21.54%
1-800-Flowers.com, Inc., Class A(b)		371		10,492
Abercrombie & Fitch Co., Class A		2,798		76,581
Accel Entertainment, Inc.(b)		59		654
Acushnet Holdings Corp.		277		11,695
Adtalem Global Education, Inc.(b)		770		30,261
American Eagle Outfitters, Inc.(c)		4,721		121,330
American Public Education, Inc.(b)		142		4,181
America’s Car-Mart, Inc.(b)		64		8,640
Asbury Automotive Group, Inc.(b)		585		99,128
At Home Group, Inc.(b)		3,069		77,308
Beazer Homes USA, Inc.(b)		1,829		32,318
Big Lots, Inc.		1,261		80,124
Biglari Holdings, Inc., Class B(b)		57		6,677
BJ’s Restaurants, Inc.(b)		665		36,927
Bloomin’ Brands, Inc.		2,706		67,217
Bluegreen Vacations Holding Corp.		979		15,547
Boot Barn Holdings, Inc.(b)		304		18,368
Boyd Gaming Corp.(b)		1,489		87,404
Bright Horizons Family Solutions, Inc.(b)		214		34,167
Brinker International, Inc.		1,064		72,980
Buckle, Inc. (The)		459		17,644
Caesars Entertainment, Inc.(b)		861		80,452
Caleres, Inc.		3,411		54,098
Callaway Golf Co.		912		25,490
Camping World Holdings, Inc., Class A		1,209		37,842
Carrols Restaurant Group, Inc.(b)		1,265		7,818
Carter’s, Inc.		514		42,904
Cato Corp. (The), Class A		688		8,490
Cavco Industries, Inc.(b)		53		11,178
Century Communities, Inc.(b)		406		22,464
Cheesecake Factory, Inc. (The)(c)		1,186		65,171
Chegg, Inc.(b)		145		13,997
Chico’s FAS, Inc.		13,398		36,041
Children’s Place, Inc. (The)(b)		645		44,666
Choice Hotels International, Inc.		162		16,989
Churchill Downs, Inc.		158		36,440
Chuy’s Holdings, Inc.(b)		277		11,357
Citi Trends, Inc.		525		40,892
Columbia Sportswear Co.		343		35,353
Conn’s, Inc.(b)		1,899		26,947
Cooper Tire & Rubber Co.		1,132		64,796
Cooper-Standard Holdings, Inc.(b)		2,277		81,562
Cracker Barrel Old Country Store, Inc.		364		56,373
Crocs, Inc.(b)		716		54,932
Dave & Buster’s Entertainment, Inc.		2,723		110,581
Deckers Outdoor Corp.(b)		203		66,200
Denny’s Corp.(b)		650		11,408
Designer Brands, Inc., Class A		5,913		73,853
Dillard’s, Inc., Class A(c)		1,476		117,637
Dine Brands Global, Inc.		293		23,179
Domino’s Pizza, Inc.		81		28,067

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

29

Invesco RAFI^TM Strategic US Small Company ETF (IUSS)—(continued)

February 28, 2021

(Unaudited)

	Shares		Value
Consumer Discretionary-(continued)
Dorman Products, Inc.(b)		154	$	15,355
El Pollo Loco Holdings, Inc.(b)		203		3,721
Ethan Allen Interiors, Inc.		633		16,217
Etsy, Inc.(b)		193		42,512
Everi Holdings, Inc.(b)		1,169		17,664
Express, Inc.(b)		7,327		19,710
Farfetch Ltd., Class A (United Kingdom)(b)		327		21,543
Fiesta Restaurant Group, Inc.(b)		733		11,186
Five Below, Inc.(b)		172		32,013
Floor & Decor Holdings, Inc., Class A(b)		324		30,809
Fossil Group, Inc.(b)		4,517		68,387
Fox Factory Holding Corp.(b)		103		13,096
frontdoor, inc.(b)		175		9,165
Funko, Inc., Class A(b)(c)		962		13,064
GameStop Corp., Class A(b)(c)		7,966		810,461
Genesco, Inc.(b)		1,453		65,298
Gentherm, Inc.(b)		377		26,688
G-III Apparel Group Ltd.(b)		2,562		73,760
Golden Entertainment, Inc.(b)		657		15,525
GoPro, Inc., Class A(b)		1,152		8,663
Graham Holdings Co., Class B		106		63,688
Grand Canyon Education, Inc.(b)		189		19,786
Groupon, Inc.(b)		721		31,291
Grubhub, Inc.(b)		326		20,887
Guess?, Inc.		2,350		59,244
H&R Block, Inc.		2,833		54,479
Haverty Furniture Cos., Inc., (Acquired 06/19/2019 - 06/17/2020; Cost $9,346)(d)		575		20,798
Helen of Troy Ltd.(b)		136		29,485
Hibbett Sports, Inc.(b)		619		39,777
Hilton Grand Vacations, Inc.(b)		1,283		50,691
Hooker Furniture Corp.		320		10,819
Houghton Mifflin Harcourt Co.(b)		10,674		65,111
Installed Building Products, Inc.(b)		166		18,154
International Game Technology PLC		3,686		67,417
iRobot Corp.(b)		153		18,989
Jack in the Box, Inc.		202		20,675
Johnson Outdoors, Inc., Class A		74		8,930
KB Home.		1,411		56,976
Lands’ End, Inc.(b)		671		22,170
Laureate Education, Inc., Class A(b)		4,364		60,005
La-Z-Boy, Inc.		677		28,847
LCI Industries		250		35,235
LGI Homes, Inc.(b)		112		12,236
Lindblad Expeditions Holdings, Inc.(b)		370		7,707
Liquidity Services, Inc.(b)		187		2,919
M.D.C. Holdings, Inc.		679		38,411
M/I Homes, Inc.(b)		595		29,691
Magnite, Inc.(b)		291		14,221
Malibu Boats, Inc., Class A(b)		139		10,361
Marine Products Corp.		72		1,210
MarineMax, Inc.(b)		471		21,030
Mattel, Inc.(b)		2,885		58,277
MercadoLibre, Inc. (Argentina)(b)		31		50,781
Meritage Homes Corp.(b)		603		50,839
Michaels Cos., Inc. (The)(b)		5,355		80,325
Modine Manufacturing Co.(b)		3,669		50,889
Monarch Casino & Resort, Inc.(b)		95		6,428
Monro, Inc.		255		15,807
Motorcar Parts of America, Inc.(b)		170		3,618

	Shares			Value
Consumer Discretionary-(continued)
Movado Group, Inc.		760		$	17,328
National Vision Holdings, Inc.(b)		596			28,304
Noodles & Co.(b)		370			3,493
Ollie’s Bargain Outlet Holdings, Inc.(b)		161			13,312
OneSpaWorld Holdings Ltd. (Bahamas)		829			9,044
Overstock.com, Inc.(b)		208			13,971
Oxford Industries, Inc.		285			21,728
Papa John’s International, Inc.		76			6,854
Patrick Industries, Inc.		371			29,283
Penn National Gaming, Inc.(b)		2,036			235,728
Perdoceo Education Corp.(b)		441			5,676
PetMed Express, Inc.		112	��		3,888
Planet Fitness, Inc., Class A(b)		437			37,621
Playa Hotels & Resorts N.V.(b)		3,382			24,249
PlayAGS, Inc.(b)		858			7,010
Pool Corp.		124			41,512
Quotient Technology, Inc.(b)		1,074			14,413
Red Robin Gourmet Burgers, Inc.(b)		641			19,672
Red Rock Resorts, Inc., Class A		1,795			54,155
Regis Corp.(b)		1,195			14,041
Rent-A-Center, Inc.		743			42,916
RH(b)		176			86,305
Ruth’s Hospitality Group, Inc.		686			15,644
Sally Beauty Holdings, Inc.(b)		2,301			37,046
Scientific Games Corp.(b)		517			24,211
SeaWorld Entertainment, Inc.(b)		1,230			61,082
Shake Shack, Inc., Class A(b)		102			12,085
Shoe Carnival, Inc.		256			12,534
Shutterstock, Inc.		126			11,117
Six Flags Entertainment Corp.		1,138			50,755
Skyline Champion Corp.(b)		461			20,399
Sleep Number Corp.(b)		561			76,930
Smith & Wesson Brands, Inc.		503			8,657
Sonic Automotive, Inc., Class A		1,542			71,102
Sonos, Inc.(b)		801			31,191
Stamps.com, Inc.(b)		70			12,735
Standard Motor Products, Inc.		226			9,494
Steven Madden Ltd.		1,039			38,433
Stitch Fix, Inc., Class A(b)		424			32,355
Stoneridge, Inc.(b)		426			13,061
Strategic Education, Inc.		97			8,819
Stride, Inc.(b)		405			9,740
Sturm Ruger & Co., Inc.		82			5,592
Tempur Sealy International, Inc.		1,702			56,864
Terminix Global Holdings, Inc.(b)		1,028			46,270
Texas Roadhouse, Inc.		665			60,435
TopBuild Corp.(b)		291			55,409
Travel + Leisure Co.		1,823			110,164
Tri Pointe Homes, Inc.(b)		3,042			57,798
Tupperware Brands Corp.(b)		5,140			157,130
Under Armour, Inc., Class A(b)(c)		5,708			124,948
Unifi, Inc.(b)		399			9,947
Universal Electronics, Inc.(b)		145		��	8,438
Urban Outfitters, Inc.(b)		1,656			56,138
Veoneer, Inc. (Sweden)(b)(c)		1,369			37,620
Vera Bradley, Inc.(b)		761			7,222
Vista Outdoor, Inc.(b)		1,525			48,205
Visteon Corp.(b)		306			38,914
Wayfair, Inc., Class A(b)		128			36,989
Wendy’s Co. (The)		1,221			24,945

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

30

Invesco RAFI^TM Strategic US Small Company ETF (IUSS)—(continued)

February 28, 2021

(Unaudited)

	Shares		Value
Consumer Discretionary-(continued)
Wingstop, Inc.		20	$	2,723
Winmark Corp.		18		3,177
Winnebago Industries, Inc.		285		19,836
Wolverine World Wide, Inc.		1,778		62,141
WW International, Inc.(b)		227		6,694
Wyndham Hotels & Resorts, Inc.		787		51,375
YETI Holdings, Inc.(b)		119		8,184
Zumiez, Inc.(b)		357		16,094
				7,191,006
Consumer Staples-3.63%
Alico, Inc.		60		1,778
Andersons, Inc. (The)		2,996		78,315
B&G Foods, Inc.(c)		793		24,052
Boston Beer Co., Inc. (The), Class A(b)		24		24,689
Calavo Growers, Inc.		134		10,084
Cal-Maine Foods, Inc.(b)		278		10,592
Central Garden & Pet Co., Class A(b)		603		25,031
Chefs’ Warehouse, Inc. (The)(b)		572		17,812
Coca-Cola Consolidated, Inc.		77		19,763
Coty, Inc., Class A		10,321		79,162
Darling Ingredients, Inc.(b)		1,741		109,753
Edgewell Personal Care Co.		830		25,390
elf Beauty, Inc.(b)		206		5,284
Energizer Holdings, Inc.		419		17,514
Farmer Brothers Co.(b)		473		3,694
Flowers Foods, Inc.		1,458		31,712
Fresh Del Monte Produce, Inc.		957		24,633
Freshpet, Inc.(b)		23		3,585
Hain Celestial Group, Inc. (The)(b)		605		25,519
Herbalife Nutrition Ltd.(b)		713		32,071
Hostess Brands, Inc.(b)		1,190		17,124
Ingles Markets, Inc., Class A		550		28,578
Inter Parfums, Inc.		115		8,415
J&J Snack Foods Corp.		94		14,923
John B. Sanfilippo & Son, Inc.		98		8,473
Lamb Weston Holdings, Inc.		718		57,275
Lancaster Colony Corp.		105		18,340
Medifast, Inc.		78		19,733
MGP Ingredients, Inc.		86		5,494
National Beverage Corp.(c)		132		6,291
Natural Grocers by Vitamin Cottage, Inc.		136		1,915
Nomad Foods Ltd. (United Kingdom)(b)		1,409		33,281
Nu Skin Enterprises, Inc., Class A		656		33,574
Pilgrim’s Pride Corp.(b)		700		15,673
PriceSmart, Inc.		325		31,346
Sanderson Farms, Inc.		186		28,365
Seaboard Corp.		4		13,253
Seneca Foods Corp., Class A(b)		281		15,303
Simply Good Foods Co. (The)(b)		434		12,660
SpartanNash Co.		2,193		39,978
Spectrum Brands Holdings, Inc.		993		77,007
Sprouts Farmers Market, Inc.(b)		1,621		34,219
Tootsie Roll Industries, Inc.(c)		214		6,593
TreeHouse Foods, Inc.(b)		683		34,164
Turning Point Brands, Inc.		57		2,804
Universal Corp.		498		25,308
USANA Health Sciences, Inc.(b)		98		9,512
Vector Group Ltd.		1,131		15,438

	Shares		Value
Consumer Staples-(continued)
WD-40 Co.		36	$	11,223
Weis Markets, Inc.		261		13,950
				1,210,645
Energy-6.80%
Arch Resources, Inc.		1,265		60,619
Archrock, Inc.		3,677		37,910
Berry Corp.		4,400		21,824
Bonanza Creek Energy, Inc.(b)		649		20,723
Cactus, Inc., Class A		527		16,795
Callon Petroleum Co.(b)		4,495		114,937
Centennial Resource Development, Inc.,
Class A(b)		29,490		116,780
ChampionX Corp.(b)		2,573		54,728
Clean Energy Fuels Corp.(b)		1,645		21,451
Comstock Resources, Inc.(b)		854		4,876
CONSOL Energy, Inc.(b)		2,621		28,333
Continental Resources, Inc.(b)(c)		2,199		53,172
Core Laboratories N.V		543		19,298
DHT Holdings, Inc.		1,482		8,270
DMC Global, Inc.		153		9,637
Dorian LPG Ltd.(b)		971		12,089
Dril-Quip, Inc.(b)		439		14,908
Equitrans Midstream Corp.		4,729		34,191
Exterran Corp.(b)		2,672		14,616
Frank’s International N.V.(b)		2,950		13,363
Golar LNG Ltd. (Cameroon)(b)		2,595		29,297
Green Plains, Inc.(b)		2,485		62,920
Helix Energy Solutions Group, Inc.(b)		7,557		37,029
International Seaways, Inc.		377		6,537
Kosmos Energy Ltd. (Ghana)		18,245		56,195
Laredo Petroleum, Inc.(b)		1,118		36,436
Liberty Oilfield Services, Inc., Class A		3,385		39,571
Magnolia Oil & Gas Corp., Class A(b)		4,364		52,630
Matador Resources Co.(b)		3,747		78,275
Nabors Industries Ltd.(c)		2,704		300,171
NACCO Industries, Inc., Class A		78		1,945
Navigator Holdings Ltd., (Acquired 06/19/2019; Cost $7,349)(b)(d)		947		9,489
Newpark Resources, Inc.(b)		5,974		20,670
Nordic American Tankers Ltd.(c)		1,175		3,490
Northern Oil and Gas, Inc.(b)(c)		1,025		13,612
Oceaneering International, Inc.(b)		3,814		45,005
Oil States International, Inc.(b)		5,307		38,900
Par Pacific Holdings, Inc.(b)		3,062		54,105
ProPetro Holding Corp.(b)		4,008		45,972
QEP Resources, Inc.		51,052		175,619
Renewable Energy Group, Inc.(b)		632		49,151
REX American Resources Corp.(b)		74		6,961
RPC, Inc.(b)		1,745		11,081
Scorpio Tankers, Inc. (Monaco)(c)		926		13,668
Select Energy Services, Inc., Class A(b)		3,334		21,071
SM Energy Co.		13,127		181,940
Teekay Corp. (Bermuda)(b)(c)		5,024		15,976
Texas Pacific Land Corp.		27		29,809
Tidewater, Inc.(b)		1,735		21,618
US Silica Holdings, Inc.		9,676		128,788
W&T Offshore, Inc.(b)(c)		1,685		5,544
				2,271,995

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

31

Invesco RAFI^TM Strategic US Small Company ETF (IUSS)—(continued)

February 28, 2021

(Unaudited)

	Shares		Value
Financials-4.64%
AMERISAFE, Inc.		167	$	9,773
Argo Group International Holdings Ltd.		818		37,800
Artisan Partners Asset Management, Inc.,
Class A		768		36,480
BGC Partners, Inc., Class A		7,018		31,441
Blucora, Inc.(b)		830		13,446
Brightsphere Investment Group, Inc.		1,511		27,349
Brown & Brown, Inc.		1,112		51,041
Cannae Holdings, Inc.(b)		99		3,698
Citizens, Inc.(b)		667		4,049
Cohen & Steers, Inc.		109		7,017
Compass Diversified Holdings		857		20,268
Cowen, Inc., Class A		604		20,445
Crawford & Co., Class A		666		6,260
Credit Acceptance Corp.(b)(c)		106		38,480
Diamond Hill Investment Group, Inc.		53		7,518
Donegal Group, Inc., Class A		301		4,124
Donnelley Financial Solutions, Inc.(b)		899		23,365
eHealth, Inc.(b)(c)		23		1,367
Employers Holdings, Inc.		570		18,975
Encore Capital Group, Inc.(b)		485		16,209
Enova International, Inc.(b)		2,554		78,408
Erie Indemnity Co., Class A		98		23,726
Essent Group Ltd.		1,243		51,249
Evercore, Inc., Class A		677		81,084
EZCORP, Inc., Class A(b)		1,871		8,981
FactSet Research Systems, Inc.		115		34,950
Federated Hermes, Inc., Class B		1,034		27,629
FirstCash, Inc.		381		24,125
Focus Financial Partners, Inc., Class A(b)		294		13,821
Freedom Holding Corp. (Kazakhstan)(b)		59		3,185
Goosehead Insurance, Inc., Class A		31		4,016
Green Dot Corp., Class A(b)		526		24,859
Greenhill & Co., Inc.		605		9,129
Hamilton Lane, Inc., Class A		68		6,079
Heritage Insurance Holdings, Inc.		644		6,253
Houlihan Lokey, Inc.		331		21,038
James River Group Holdings Ltd.		838		38,473
Kinsale Capital Group, Inc.		48		8,451
LendingTree, Inc.(b)		40		10,755
MarketAxess Holdings, Inc.		33		18,346
Mercury General Corp.		524		30,602
Moelis & Co., Class A		773		39,918
Morningstar, Inc.		71		15,922
NMI Holdings, Inc., Class A(b)		874		19,980
Oppenheimer Holdings, Inc., Class A		337		12,772
Piper Sandler Cos		310		32,959
PJT Partners, Inc., Class A		176		12,271
PRA Group, Inc.(b)		370		13,638
Primerica, Inc.		402		56,774
ProAssurance Corp.		1,480		36,630
Protective Insurance Corp., Class B		385		8,820
RLI Corp.		248		25,876
Safety Insurance Group, Inc.		152		12,020
SEI Investments Co.		794		44,464
Selective Insurance Group, Inc.		759		51,483
SiriusPoint Ltd. (Bermuda)(b)		1,717		17,531
State Auto Financial Corp.		200		3,748
Stewart Information Services Corp.		511		24,119
Trupanion, Inc.(b)		71		6,870

	Shares		Value
Financials-(continued)
United Fire Group, Inc.		494	$	14,548
United Insurance Holdings Corp.		569		3,539
Universal Insurance Holdings, Inc.		671		9,991
Virtu Financial, Inc., Class A		604		16,471
Virtus Investment Partners, Inc.		72		18,065
Waddell & Reed Financial, Inc., Class A		1,775		44,535
Walker & Dunlop, Inc.		543		54,115
Westwood Holdings Group, Inc.		177		3,053
WisdomTree Investments, Inc.		1,487		7,881
World Acceptance Corp.(b)		293		37,079
				1,549,336
Health Care-7.88%
ABIOMED, Inc.(b)		99		32,130
AC Immune S.A. (Switzerland)(b)		171		1,298
Acadia Healthcare Co., Inc.(b)		1,354		74,795
Acceleron Pharma, Inc.(b)		2		272
Accuray, Inc.(b)		605		3,013
AdaptHealth Corp.(b)		44		1,354
Addus HomeCare Corp.(b)		51		5,486
Alkermes PLC(b)		800		15,232
Allscripts Healthcare Solutions, Inc.(b)		3,313		51,120
Alnylam Pharmaceuticals, Inc.(b)		12		1,777
Amedisys, Inc.(b)		90		22,828
AMN Healthcare Services, Inc.(b)		508		37,018
Amneal Pharmaceuticals, Inc.(b)		1,918		10,338
Amphastar Pharmaceuticals, Inc.(b)		211		3,699
AngioDynamics, Inc.(b)		488		10,224
ANI Pharmaceuticals, Inc.(b)		82		2,386
Anika Therapeutics, Inc.(b)		135		4,954
Antares Pharma, Inc.(b)		125		531
Apollo Medical Holdings, Inc.(b)		177		4,381
Arrowhead Pharmaceuticals, Inc.(b)		97		7,727
AtriCure, Inc.(b)		46		3,002
Atrion Corp.		5		3,125
Avanos Medical, Inc.(b)		270		12,415
AxoGen, Inc.(b)		72		1,591
BioMarin Pharmaceutical, Inc.(b)		257		19,900
Bio-Rad Laboratories, Inc., Class A(b)		90		52,605
Bio-Techne Corp.		60		21,701
Brookdale Senior Living, Inc.(b)		9,193		53,503
Bruker Corp.		364		22,197
Cantel Medical Corp.		270		20,056
Cardiovascular Systems, Inc.(b)		59		2,437
CareDx, Inc.(b)		30		2,372
Catalent, Inc.(b)		370		42,073
Charles River Laboratories International, Inc.(b) .		170		48,644
Chemed Corp.		53		23,596
Codexis, Inc.(b)		42		929
Collegium Pharmaceutical, Inc.(b)		133		3,137
Community Health Systems, Inc.(b)		15,854		135,710
Computer Programs & Systems, Inc.		137		4,309
CONMED Corp.		143		17,598
Corcept Therapeutics, Inc.(b)		459		11,544
CorVel Corp.(b)		70		7,105
CRISPR Therapeutics AG (Switzerland)(b)		33		4,148
Cross Country Healthcare, Inc.(b)		801		8,899
CryoLife, Inc.(b)		137		3,459
CryoPort, Inc.(b)		21		1,248
DexCom, Inc.(b)		32		12,729

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

32

Invesco RAFI^TM Strategic US Small Company ETF (IUSS)—(continued)

February 28, 2021

(Unaudited)

	Shares		Value
Health Care-(continued)
Dicerna Pharmaceuticals, Inc.(b)		129	$	3,480
Eagle Pharmaceuticals, Inc.(b)		91		4,049
Emergent BioSolutions, Inc.(b)		115		11,040
Enanta Pharmaceuticals, Inc.(b)		81		3,995
Endo International PLC(b)		2,975		23,592
Ensign Group, Inc. (The)		390		31,988
Evolent Health, Inc., Class A(b)		994		20,029
Exact Sciences Corp.(b)		68		9,256
Exelixis, Inc.(b)		848		18,368
FibroGen, Inc.(b)		75		3,752
Fluidigm Corp.(b)(c)		97		446
Glaukos Corp.(b)		71		6,714
Global Cord Blood Corp. (Hong Kong)(b)		682		2,837
Globus Medical, Inc., Class A(b)		317		19,812
Guardant Health, Inc.(b)		21		3,091
GW Pharmaceuticals PLC, ADR (United Kingdom)(b)		3		643
Haemonetics Corp.(b)		175		22,137
Halozyme Therapeutics, Inc.(b)		37		1,674
Hanger, Inc.(b)		336		7,385
HealthEquity, Inc.(b)		154		12,682
HealthStream, Inc.(b)		168		3,914
Heska Corp.(b)		20		3,768
Hill-Rom Holdings, Inc.		343		36,588
HMS Holdings Corp.(b)		360		13,243
Horizon Therapeutics PLC(b)		471		42,819
ICU Medical, Inc.(b)		79		16,392
IDEXX Laboratories, Inc.(b)		109		56,699
Incyte Corp.(b)		313		24,621
Innoviva, Inc.(b)		372		4,252
Inogen, Inc.(b)		94		4,934
Inovalon Holdings, Inc., Class A(b)		500		12,280
Inspire Medical Systems, Inc.(b)		5		1,164
Insulet Corp.(b)		32		8,291
Integer Holdings Corp.(b)		199		17,550
Integra LifeSciences Holdings Corp.(b)		334		22,826
Intersect ENT, Inc.(b)		39		890
Invacare Corp.		804		7,316
Ionis Pharmaceuticals, Inc.(b)		341		17,868
iRhythm Technologies, Inc.(b)		7		1,126
Ironwood Pharmaceuticals, Inc.(b)		18		166
Lannett Co., Inc.(b)		847		5,133
Lantheus Holdings, Inc.(b)		297		5,548
LeMaitre Vascular, Inc.		60		3,083
Lexicon Pharmaceuticals, Inc.(b)(c)		695		4,997
LHC Group, Inc.(b)		110		19,988
LivaNova PLC(b)		269		20,858
Luminex Corp.		125		4,065
Magellan Health, Inc.(b)		552		51,513
Masimo Corp.(b)		58		14,542
MEDNAX, Inc.(b)		3,146		76,857
Medpace Holdings, Inc.(b)		98		15,918
MeiraGTx Holdings PLC(b)		55		816
Meridian Bioscience, Inc.(b)		173		3,647
Merit Medical Systems, Inc.(b)		259		14,431
Mesa Laboratories, Inc.		9		2,447
ModivCare, Inc.(b)		132		16,930
Molecular Templates, Inc.(b)		5		55
Myriad Genetics, Inc.(b)		775		23,630
National HealthCare Corp.		174		12,102

	Shares		Value
Health Care-(continued)
National Research Corp		56	$	2,894
Natus Medical, Inc.(b)		253		6,555
Neogen Corp.(b)		101		8,274
NeoGenomics, Inc.(b)		164		8,359
Neurocrine Biosciences, Inc.(b)		68		7,447
Nevro Corp.(b)		18		2,973
NextGen Healthcare, Inc.(b)		511		9,556
Novocure Ltd.(b)		33		4,920
NuVasive, Inc.(b)		258		15,565
Omnicell, Inc.(b)		174		22,081
OPKO Health, Inc.(b)(c)		2,070		9,315
Option Care Health, Inc.(b)		158		3,032
OraSure Technologies, Inc.(b)		169		1,791
Orthofix Medical, Inc.(b)		136		6,325
OrthoPediatrics Corp.(b)		6		327
Owens & Minor, Inc		5,811		197,632
Pacira BioSciences, Inc.(b)		112		8,232
Patterson Cos., Inc		2,156		66,965
Penumbra, Inc.(b)(c)		34		9,671
PerkinElmer, Inc		387		48,797
PetIQ, Inc.(b)(c)		138		4,757
Phibro Animal Health Corp., Class A		266		5,738
PRA Health Sciences, Inc.(b)		322		47,466
Premier, Inc., Class A		711		24,046
Prestige Consumer Healthcare, Inc.(b)		410		17,101
PTC Therapeutics, Inc.(b)		28		1,599
Quidel Corp.(b)		33		5,421
R1 RCM, Inc.(b)		611		16,888
RadNet, Inc.(b)		456		8,409
Repligen Corp.(b)		43		9,133
Seagen, Inc.(b)		47		7,102
Select Medical Holdings Corp.(b)		2,059		65,167
Simulations Plus, Inc		15		1,076
STAAR Surgical Co.(b)		43		4,472
Supernus Pharmaceuticals, Inc.(b)		308		8,276
Surgalign Holdings, Inc.(b)		957		2,335
Surgery Partners, Inc.(b)		573		22,616
SurModics, Inc.(b)		36		1,877
Syneos Health, Inc.(b)		456		35,272
Tabula Rasa HealthCare, Inc.(b)(c)		27		1,095
Tactile Systems Technology, Inc.(b)		26		1,321
Tandem Diabetes Care, Inc.(b)		24		2,304
Taro Pharmaceutical Industries Ltd.(b)		120		8,580
Teladoc Health, Inc.(b)		40		8,844
Teleflex, Inc		102		40,608
Tivity Health, Inc.(b)		834		19,849
Travere Therapeutics, Inc.(b)		59		1,818
United Therapeutics Corp.(b)		163		27,250
US Physical Therapy, Inc		71		8,324
Vanda Pharmaceuticals, Inc.(b)		302		5,632
Varex Imaging Corp.(b)		407		9,333
Varian Medical Systems, Inc.(b)		333		58,365
Veeva Systems, Inc., Class A(b)		109		30,532
Veracyte, Inc.(b)		39		2,264
Vericel Corp.(b)		54		2,607
Vocera Communications, Inc.(b)		121		5,184
Voyager Therapeutics, Inc.(b)		70		397

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

33

Invesco RAFI^TM Strategic US Small Company ETF (IUSS)—(continued)

February 28, 2021

(Unaudited)

	Shares		Value
Health Care-(continued)
West Pharmaceutical Services, Inc.		134	$	37,607
Zynex, Inc.(b)(c)		14		203
				2,632,411
Industrials-22.52%
AAON, Inc.		110		8,481
AAR Corp.		982		39,064
ABM Industries, Inc.		1,282		55,357
ACCO Brands Corp.		3,369		27,289
Acuity Brands, Inc.		505		62,267
Advanced Drainage Systems, Inc.		325		35,757
Aegion Corp.(b)		748		19,336
Aerojet Rocketdyne Holdings, Inc.(b)(c)		416		21,328
AeroVironment, Inc.(b)		64		7,045
Air Transport Services Group, Inc.(b)		789		20,940
Alamo Group, Inc.		97		14,805
Alaska Air Group, Inc.		1,027		66,776
Albany International Corp., Class A		254		20,079
Allegiant Travel Co.		79		19,923
Allegion PLC		402		43,730
Altra Industrial Motion Corp.		909		52,649
AMERCO		110		63,219
Ameresco, Inc., Class A(b)		65		3,713
American Woodmark Corp.(b)		288		26,902
Apogee Enterprises, Inc.		684		25,582
Applied Industrial Technologies, Inc.		507		43,283
ArcBest Corp.		1,071		63,178
Arcosa, Inc.		649		36,818
Argan, Inc.		77		3,852
Armstrong World Industries, Inc.		265		22,679
ASGN, Inc.(b)		561		52,156
Astec Industries, Inc.		269		18,270
Astronics Corp.(b)		1,032		16,306
Atkore, Inc.(b)		598		40,455
Atlas Air Worldwide Holdings, Inc.(b)		843		46,475
Axon Enterprise, Inc.(b)		82		13,570
AZZ, Inc.		380		19,414
Barnes Group, Inc.		655		34,289
Barrett Business Services, Inc.		137		9,754
Beacon Roofing Supply, Inc.(b)		1,714		81,981
Bloom Energy Corp., Class A(b)		414		11,811
Boise Cascade Co.		912		45,545
Brady Corp., Class A		354		18,553
BrightView Holdings, Inc.(b)		686		10,914
Brink’s Co. (The)		711		54,626
BWX Technologies, Inc.		415		24,074
CAI International, Inc.		745		32,780
Casella Waste Systems, Inc., Class A(b)		112		6,487
CBIZ, Inc.(b)		476		14,351
Chart Industries, Inc.(b)		400		57,236
Cimpress PLC (Ireland)(b)		389		38,542
CIRCOR International, Inc.(b)		644		22,933
Clarivate PLC (United Kingdom)(b)		320		7,280
Clean Harbors, Inc.(b)		554		47,173
Colfax Corp.(b)		1,158		51,357
Columbus McKinnon Corp.		331		16,663
Comfort Systems USA, Inc.		542		33,571
Copa Holdings S.A., Class A (Panama)		276		25,301
Copart, Inc.(b)		528		57,636
CoreCivic, Inc.		2,725		19,566

	Shares		Value
Industrials-(continued)
CoreLogic, Inc.		554	$	46,902
Cornerstone Building Brands, Inc.(b)		1,687		19,215
Costamare, Inc. (Monaco)		1,682		16,231
CoStar Group, Inc.(b)		56		46,131
Covanta Holding Corp.		2,401		33,734
CRA International, Inc.		113		6,234
Crane Co.		705		59,121
CSW Industrials, Inc.		92		11,552
Cubic Corp.		308		21,391
Curtiss-Wright Corp.		396		43,754
Deluxe Corp.		1,494		59,058
Donaldson Co., Inc.		794		46,775
Douglas Dynamics, Inc.		204		9,829
Ducommun, Inc.(b)		181		9,846
DXP Enterprises, Inc.(b)		489		14,690
Dycom Industries, Inc.(b)		594		45,489
Echo Global Logistics, Inc.(b)		878		24,461
Encore Wire Corp.		281		18,414
Energy Recovery, Inc.(b)		109		1,918
Enerpac Tool Group Corp.		540		13,338
EnerSys.		487		43,966
Ennis, Inc.		333		6,600
EnPro Industries, Inc.		402		32,297
ESCO Technologies, Inc.		135		14,265
Evoqua Water Technologies Corp.(b)		448		10,998
Exponent, Inc.		135		13,023
Federal Signal Corp.		400		14,564
Flowserve Corp.		1,658		61,346
Forrester Research, Inc.(b)		76		3,434
Forward Air Corp.		354		30,363
Franklin Electric Co., Inc.		272		20,416
FTI Consulting, Inc.(b)		216		24,743
GATX Corp.		647		61,743
Genco Shipping & Trading Ltd.		1,674		17,577
Generac Holdings, Inc.(b)		180		59,321
Gibraltar Industries, Inc.(b)		255		22,274
GMS, Inc.(b)		1,091		39,931
Gorman-Rupp Co. (The)		157		5,022
Graco, Inc.		634		43,968
GrafTech International Ltd.		1,723		20,383
Granite Construction, Inc.		1,652		56,796
Great Lakes Dredge & Dock Corp.(b)		1,088		16,527
Greenbrier Cos., Inc. (The)		1,104		51,943
Griffon Corp.		809		19,901
H&E Equipment Services, Inc.		992		30,683
Harsco Corp.(b)		1,384		22,642
Hawaiian Holdings, Inc.		733		19,659
Healthcare Services Group, Inc.		577		16,416
Heartland Express, Inc.		363		6,607
HEICO Corp.		286		35,973
Heidrick & Struggles International, Inc.		352		12,633
Helios Technologies, Inc.		230		15,042
Herc Holdings, Inc.(b)		1,151		101,012
Heritage-Crystal Clean, Inc.(b)		213		5,585
Herman Miller, Inc.		1,110		42,574
Hexcel Corp.		1,374		73,866
Hillenbrand, Inc.		854		39,677
HNI Corp.		994		35,376
Hub Group, Inc., Class A(b)		633		36,448
Huron Consulting Group, Inc.(b)		242		12,318

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

34

Invesco RAFI^TM Strategic US Small Company ETF (IUSS)—(continued)

February 28, 2021

(Unaudited)

	Shares		Value
Industrials-(continued)
Hyster-Yale Materials Handling, Inc.		233	$	19,933
ICF International, Inc.		205		17,107
Ingersoll Rand, Inc.(b)		1,033		47,869
Insperity, Inc.		622		55,171
Insteel Industries, Inc.		233		7,195
Interface, Inc.		1,482		18,406
ITT, Inc.		704		58,418
JELD-WEN Holding, Inc.(b)		1,643		48,715
JetBlue Airways Corp.(b)		3,486		64,247
John Bean Technologies Corp.		216		31,875
Kadant, Inc.		79		13,746
Kaman Corp.		282		13,722
KBR, Inc.		2,058		63,798
Kelly Services, Inc., Class A		2,446		50,926
Kennametal, Inc.		1,101		41,133
Kforce, Inc.		370		19,000
Kimball International, Inc., Class B		581		7,518
Kirby Corp.(b)		783		48,984
Knoll, Inc.		1,195		19,490
Korn Ferry		910		56,011
Kratos Defense & Security Solutions, Inc.(b)		395		10,863
Landstar System, Inc.		356		57,010
Lawson Products, Inc.(b)		73		3,869
LB Foster Co., Class A(b)		328		5,560
Lennox International, Inc.		222		62,109
Lincoln Electric Holdings, Inc.		555		65,551
Lindsay Corp.		49		7,852
Luxfer Holdings PLC (United Kingdom)		227		4,349
Lydall, Inc.(b)		722		25,147
Manitowoc Co., Inc. (The)(b)		527		8,585
ManTech International Corp., Class A		329		25,715
Marten Transport Ltd.		496		8,025
Masonite International Corp.(b)		353		38,731
Matrix Service Co.(b)		1,083		14,696
Matson, Inc.		833		57,702
Matthews International Corp., Class A		738		26,347
Maxar Technologies, Inc.		1,539		73,641
McGrath RentCorp.		219		17,008
Mercury Systems, Inc.(b)		136		8,889
Meritor, Inc.(b)		1,730		52,540
Middleby Corp. (The)(b)		502		73,498
Moog, Inc., Class A		717		55,682
MRC Global, Inc.(b)		6,272		54,817
MSA Safety, Inc.		134		21,573
MSC Industrial Direct Co., Inc., Class A		644		55,468
Mueller Industries, Inc.		799		32,471
Mueller Water Products, Inc., Class A		1,317		16,976
MYR Group, Inc.(b)		409		24,111
National Presto Industries, Inc.		48		4,912
Navistar International Corp.(b)		1,033		45,514
NN, Inc.(b)		2,083		12,727
Nordson Corp.		194		37,328
NOW, Inc.(b)		3,662		38,927
NV5 Global, Inc.(b)		84		8,674
nVent Electric PLC.		2,279		59,847
Omega Flex, Inc.		16		2,760
Park Aerospace Corp.		351		4,875
Park-Ohio Holdings Corp.		576		18,622
PGT Innovations, Inc.(b)		624		14,720
Pitney Bowes, Inc.		11,937		101,226

	Shares		Value
Industrials-(continued)
Powell Industries, Inc.		165	$	5,136
Primoris Services Corp.		1,362		45,586
Proto Labs, Inc.(b)		81		11,800
Quanex Building Products Corp.		853		20,753
Raven Industries, Inc.		285		11,172
RBC Bearings, Inc.(b)		112		22,295
Regal Beloit Corp.		623		85,145
Resideo Technologies, Inc.(b)		4,544		109,147
Resources Connection, Inc.		646		8,243
REV Group, Inc.		1,180		14,656
Rexnord Corp.		870		39,107
Rollins, Inc.		410		13,600
Rush Enterprises, Inc., Class A		1,558		66,106
Saia, Inc.(b)		174		34,892
Schneider National, Inc., Class B		1,926		44,548
SEACOR Holdings, Inc.(b)		374		15,899
Shyft Group, Inc. (The)		255		8,387
Simpson Manufacturing Co., Inc.		274		26,704
SiteOne Landscape Supply, Inc.(b)		138		21,874
SkyWest, Inc.		526		29,651
SP Plus Corp.(b)		653		21,647
Spirit Airlines, Inc.(b)		1,289		46,249
SPX Corp.(b)		329		18,289
SPX FLOW, Inc.(b)		518		31,888
Standex International Corp.		178		17,455
Steelcase, Inc., Class A		2,551		35,561
Stericycle, Inc.(b)		670		43,463
Sunrun, Inc.(b)		385		24,093
Systemax, Inc.		279		10,072
Team, Inc.(b)		2,051		22,746
Teledyne Technologies, Inc.(b)		116		43,036
Tennant Co.		155		11,811
Terex Corp.		2,008		82,689
Tetra Tech, Inc.		391		54,103
Thermon Group Holdings, Inc.(b)		335		6,844
Timken Co. (The)		1,094		85,715
Titan Machinery, Inc.(b)		702		17,199
Toro Co. (The)		448		45,145
TPI Composites, Inc.(b)		311		14,822
TransUnion		563		47,410
Trex Co., Inc.(b)		175		16,037
TriMas Corp.(b)		519		17,433
TriNet Group, Inc.(b)		378		30,342
Triton International Ltd. (Bermuda)		1,448		83,665
Triumph Group, Inc.		1,872		27,275
TrueBlue, Inc.(b)		1,175		24,475
Tutor Perini Corp.(b)		3,100		45,570
UFP Industries, Inc.		742		45,262
UniFirst Corp.		160		38,766
Universal Logistics Holdings, Inc.		253		5,923
Upwork, Inc.(b)		129		6,951
US Ecology, Inc.(b)		253		9,667
Valmont Industries, Inc.		273		64,573
Veritiv Corp.(b)		3,179		75,597
Viad Corp.		760		31,798
Vicor Corp.(b)		32		3,152
Wabash National Corp.		2,164		35,879
Watsco, Inc.		260		63,206
Watts Water Technologies, Inc., Class A		225		25,670
Werner Enterprises, Inc.		645		27,683

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

35

Invesco RAFI^TM Strategic US Small Company ETF (IUSS)—(continued)

February 28, 2021

(Unaudited)

	Shares			Value
Industrials-(continued)
WillScot Mobile Mini Holdings Corp.(b)		456		$	12,645
Woodward, Inc.		644			73,558
					7,521,362
Information Technology-13.61%
2U, Inc.(b)		141			5,588
3D Systems Corp.(b)		804			28,815
8x8, Inc.(b)		102			3,489
A10 Networks, Inc.(b)		164			1,532
Acacia Communications, Inc.(b)		99			11,384
ACI Worldwide, Inc.(b)		618			23,645
ACM Research, Inc., Class A(b)		14			1,360
ADTRAN, Inc.		496			8,353
Advanced Energy Industries, Inc.		161			16,816
Advanced Micro Devices, Inc.(b)		682			57,636
Agilysys, Inc.(b)		70			4,171
Alarm.com Holdings, Inc.(b)		73			6,415
Altair Engineering, Inc., Class A(b)		126			7,760
Alteryx, Inc., Class A(b)		30			2,868
Ambarella, Inc.(b)		98			11,024
Amkor Technology, Inc.		4,072			97,280
Anaplan, Inc.(b)		59			3,834
ANSYS, Inc.(b)		160			54,558
AppFolio, Inc., Class A(b)		19			3,116
Appian Corp.(b)(c)		29			4,985
Applied Optoelectronics, Inc.(b)(c)		288			2,686
Arista Networks, Inc.(b)		181			50,651
Arlo Technologies, Inc.(b)		912			6,348
Aspen Technology, Inc.(b)		225			33,865
AudioCodes Ltd. (Israel)		59			1,681
Avalara, Inc.(b)		26			4,080
Avaya Holdings Corp.(b)		2,142			63,553
Avid Technology, Inc.(b)		191			3,703
Axcelis Technologies, Inc.(b)		190			7,005
Badger Meter, Inc.		106			11,511
Belden, Inc.		996			44,033
Benchmark Electronics, Inc.		1,309	��		37,176
Benefitfocus, Inc.(b)		61			927
Black Knight, Inc.(b)		320			24,541
Blackbaud, Inc.		214			14,727
Blackline, Inc.(b)		51			6,325
Bottomline Technologies (DE), Inc.(b)		176			7,899
Box,Inc.,Class A(b)		323			5,927
Brightcove, Inc.(b)		135			2,940
Brooks Automation, Inc.		276			22,952
CalAmp Corp.(b)		683			7,629
Calix, Inc.(b)		196			7,744
Cardtronics PLC, Class A(b)		801			30,879
Casa Systems, Inc.(b)		361			2,964
CDK Global, Inc.		922			46,229
CEVA, Inc.(b)		72			4,409
ChannelAdvisor Corp.(b)		96			2,170
Ciena Corp.(b)		794			41,423
Cirrus Logic, Inc.(b)		341			27,887
Cloudera, Inc.(b)		1,262			20,369
CMC Materials, Inc.		136			23,188
Cognex Corp.		364			30,063
Cognyte Software Ltd. (Israel)(b)		469			13,540
Coherent, Inc.(b)		151			36,533
Cohu, Inc.		394			17,119

	Shares		Value
Information Technology-(continued)
CommVault Systems, Inc.(b)		304	$	19,374
Comtech Telecommunications Corp.		488		13,117
Conduent, Inc.(b)		19,191		103,248
Cornerstone OnDemand, Inc.(b)		176		8,892
Coupa Software, Inc.(b)		23		7,964
Cree, Inc.(b)		449		50,944
CSG Systems International, Inc.		255		11,768
CTS Corp.		322		10,359
Daktronics, Inc.		953		5,156
Diebold Nixdorf, Inc.(b)		3,976		57,732
Digi International, Inc.(b)		302		7,055
Diodes, Inc.(b)		288		22,614
DocuSign, Inc.(b)		137		31,052
Dolby Laboratories, Inc., Class A		772		75,370
Dropbox, Inc., Class A(b)		1,046		23,582
DSP Group, Inc.(b)		94		1,464
Ebix, Inc.		373		9,094
Elastic N.V.(b)		19		2,553
Enphase Energy, Inc.(b)		73		12,852
Entegris, Inc.		514		54,078
Envestnet, Inc.(b)		161		10,307
EPAM Systems, Inc.(b)		104		38,855
ePlus, Inc.(b)		115		10,874
Euronet Worldwide, Inc.(b)		400		60,124
Everbridge, Inc.(b)		14		2,145
EVERTEC, Inc.		296		11,514
Evo Payments, Inc., Class A(b)		444		11,304
ExlService Holdings, Inc.(b)		215		18,193
Extreme Networks, Inc.(b)		2,321		21,284
Fabrinet (Thailand)(b)		260		22,966
Fair Isaac Corp.(b)		68		31,113
FARO Technologies, Inc.(b)		81		7,570
FireEye, Inc.(b)		693		13,389
First Solar, Inc.(b)		565		45,776
Five9, Inc.(b)		26		4,816
FLIR Systems, Inc.		858		45,817
FormFactor, Inc.(b)		343		15,562
Fortinet, Inc.(b)		304		51,330
Gartner, Inc.(b)		384		68,751
Genpact Ltd.		996		40,278
GreenSky, Inc., Class A(b)		3,799		20,211
GTT Communications, Inc.(b)(c)		976		1,835
Guidewire Software, Inc.(b)		147		16,316
Hackett Group, Inc. (The)		212		3,311
Harmonic, Inc.(b)		595		4,608
HubSpot, Inc.(b)		40		20,600
Ichor Holdings Ltd.(b)		304		12,999
II-VI, Inc.(b)		425		35,827
Impinj, Inc.(b)		48		3,071
Infinera Corp.(b)		644		6,327
Inphi Corp.(b)		70		11,521
Inseego Corp.(b)(c)		27		394
Insight Enterprises, Inc.(b)		839		70,132
InterDigital, Inc.		333		21,102
IPG Photonics Corp.(b)		169		38,422
Itron, Inc.(b)		320		37,517
j2 Global, Inc.(b)		348		38,760
Jack Henry & Associates, Inc.		168		24,938
Knowles Corp.(b)		999		20,769
Kulicke & Soffa Industries, Inc. (Singapore)		643		32,060

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

36

Invesco RAFI^TM Strategic US Small Company ETF (IUSS)—(continued)

February 28, 2021

(Unaudited)

	Shares		Value
Information Technology-(continued)
Lattice Semiconductor Corp.(b)		263	$	12,656
Limelight Networks, Inc.(b)(c)		349		1,141
Littelfuse, Inc.		176		45,799
LivePerson, Inc.(b)		28		1,837
LiveRamp Holdings, Inc.(b)		417		26,338
Lumentum Holdings, Inc.(b)		370		33,300
MACOM Technology Solutions Holdings, Inc.(b)		137		8,816
MagnaChip Semiconductor Corp. (South Korea)(b)		353		6,598
Manhattan Associates, Inc.(b)		147		18,074
MAXIMUS, Inc.		475		38,608
MaxLinear, Inc.(b)		344		13,681
Methode Electronics, Inc.		383		14,910
MicroStrategy, Inc., Class A(b)		97		72,790
Mimecast Ltd.(b)		105		4,502
MKS Instruments, Inc.		311		51,284
Model N, Inc.(b)		22		932
MongoDB, Inc.(b)		10		3,859
Monolithic Power Systems, Inc.		63		23,595
MTS Systems Corp.		584		34,082
National Instruments Corp.		693		30,769
Net 1 UEPS Technologies, Inc. (South Africa)(b)(c)		603		3,220
NETGEAR, Inc.(b)		328		13,120
NetScout Systems, Inc.(b)		953		26,894
New Relic, Inc.(b)		84		5,136
NIC, Inc.		221		7,671
nLight, Inc.(b)		76		2,897
Novanta, Inc.(b)		69		9,131
Nuance Communications, Inc.(b)		1,756		78,318
Nutanix, Inc., Class A(b)		222		6,723
Okta, Inc.(b)		28		7,321
OneSpan, Inc.(b)		99		2,313
Onto Innovation, Inc.(b)		171		10,681
Opera Ltd., ADR (Norway)(b)		1,098		13,242
OSI Systems, Inc.(b)		168		15,896
Paycom Software, Inc.(b)		45		16,841
Paylocity Holding Corp.(b)		45		8,604
PC Connection, Inc.		381		17,530
PDF Solutions, Inc.(b)		127		2,332
Pegasystems, Inc.		58		7,676
Perficient, Inc.(b)		237		13,199
Photronics, Inc.(b)		869		10,350
Plantronics, Inc.		934		37,818
Plexus Corp.(b)		442		37,119
Pluralsight, Inc., Class A(b)		108		2,224
Power Integrations, Inc.		186		16,437
Progress Software Corp.		255		10,848
Proofpoint, Inc.(b)		122		14,752
PROS Holdings, Inc.(b)		63		2,986
PTC, Inc.(b)		550		75,317
Pure Storage, Inc., Class A(b)		960		22,445
Q2 Holdings, Inc.(b)		27		3,291
QAD, Inc., Class A		64		4,109
Qualys, Inc.(b)		92		8,939
Rambus, Inc.(b)		657		13,784
Rapid7, Inc.(b)		33		2,516
RealPage, Inc.(b)		248		21,521
Ribbon Communications, Inc.(b)		1,579		13,643
RingCentral, Inc., Class A(b)		25		9,454

	Shares		Value
Information Technology-(continued)
Rogers Corp.(b)		119	$	21,596
Sabre Corp.		7,903		116,095
SailPoint Technologies Holding, Inc.(b)		197		11,107
ScanSource, Inc.(b)		966		27,473
Semtech Corp.(b)		315		23,093
Silicon Laboratories, Inc.(b)		173		26,943
SMART Global Holdings, Inc.(b)		205		9,571
Smartsheet, Inc., Class A(b)		46		3,186
SolarEdge Technologies, Inc.(b)		111		33,112
Splunk, Inc.(b)		138		19,735
SPS Commerce, Inc.(b)		92		9,267
Square, Inc., Class A(b)		504		115,935
Stratasys Ltd.(b)		527		18,176
Super Micro Computer, Inc.(b)		827		26,985
SVMK, Inc.(b)		175		3,258
Switch, Inc., Class A		381		6,607
Sykes Enterprises, Inc.(b)		545		22,269
Synaptics, Inc.(b)		308		41,281
Tenable Holdings, Inc.(b)		28		1,145
Teradata Corp.(b)		1,340		53,734
Trade Desk, Inc. (The), Class A(b)		26		20,940
TTEC Holdings, Inc.		142		11,948
TTM Technologies, Inc.(b)		2,360		33,323
Tucows, Inc., Class A(b)		33		2,608
Twilio,Inc.,Class A(b)		104		40,860
Tyler Technologies, Inc.(b)		60		27,805
Ultra Clean Holdings, Inc.(b)		456		21,149
Unisys Corp.(b)		396		9,722
Universal Display Corp.		70		14,818
Upland Software, Inc.(b)		62		3,065
Varonis Systems, Inc.(b)		21		3,854
Veeco Instruments, Inc.(b)		363		7,804
Verint Systems, Inc.(b)		447		22,033
Verra Mobility Corp.(b)		455		6,484
ViaSat, Inc.(b)(c)		799		40,861
Viavi Solutions, Inc.(b)		1,184		19,163
Vishay Intertechnology, Inc.		2,002		47,788
WEX, Inc.(b)		271		56,463
Workiva, Inc.(b)		37		3,743
Xperi Holding Corp.		744		15,698
Yext, Inc.(b)		97		1,641
Zendesk, Inc.(b)		99		14,468
Zscaler, Inc.(b)		29		5,946
Zuora, Inc., Class A(b)		137		2,045
				4,544,927
Materials-7.38%
AdvanSix, Inc.(b)		1,232		34,250
Allegheny Technologies, Inc.(b)		4,907		96,472
American Vanguard Corp.		267		5,212
AptarGroup, Inc.		355		46,175
Avient Corp.		1,266		54,716
Balchem Corp.		120		14,323
Cabot Corp.		1,330		65,476
Carpenter Technology Corp.		1,321		53,712
Century Aluminum Co.(b)		1,370		18,810
Chase Corp.		40		4,307
Clearwater Paper Corp.(b)		369		12,919
Cleveland-Cliffs, Inc.		8,600		114,724
Coeur Mining, Inc.(b)		1,522		13,713

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

37

Invesco RAFI^TM Strategic US Small Company ETF (IUSS)—(continued)

February 28, 2021

(Unaudited)

	Shares		Value
Materials-(continued)
Commercial Metals Co.		2,352	$	59,153
Compass Minerals International, Inc.		372		23,469
Eagle Materials, Inc.		683		85,634
Element Solutions, Inc.		3,094		55,847
Ferro Corp.(b)		888		14,093
Ferroglobe PLC(b)		8,989		33,619
Forterra, Inc.(b)		302		7,028
FutureFuel Corp.		243		3,567
GCP Applied Technologies, Inc.(b)		409		10,139
Glatfelter Corp.		928		14,894
Gold Resource Corp.		368		990
Greif, Inc., Class A		1,267		61,196
H.B. Fuller Co.		787		44,127
Hawkins, Inc.		154		9,640
Haynes International, Inc.		215		6,005
Hecla Mining Co.		4,485		29,287
Ingevity Corp.(b)		334		23,206
Innospec, Inc.		224		22,501
Intrepid Potash, Inc.(b)		352		10,451
Kaiser Aluminum Corp.		313		35,713
Koppers Holdings, Inc.(b)		781		26,093
Kraton Corp.(b)		1,661		61,773
Livent Corp.(b)		1,081		20,128
Materion Corp.		202		13,833
Mercer International, Inc. (Germany)		1,239		19,043
Mesabi Trust(b)(c)		209		5,541
Minerals Technologies, Inc.		523		37,253
Myers Industries, Inc.		411		9,100
Neenah, Inc.		216		11,949
NewMarket Corp.		52		19,707
Orion Engineered Carbons S.A. (Germany)		1,845		32,656
PQ Group Holdings, Inc.		583		8,955
Quaker Chemical Corp.		49		13,837
Rayonier Advanced Materials, Inc.(b)		8,207		75,915
Resolute Forest Products, Inc.(b)		18,250		170,090
Royal Gold, Inc.		172		17,838
Schnitzer Steel Industries, Inc., Class A		1,203		41,552
Schweitzer-Mauduit International, Inc., Class A		462		21,575
Scotts Miracle-Gro Co. (The)		137		29,202
Sealed Air Corp.		1,352		56,649
Sensient Technologies Corp.		372		28,960
Silgan Holdings, Inc.		765		28,733
Stepan Co.		188		22,690
Summit Materials, Inc., Class A(b)		1,844		51,097
SunCoke Energy, Inc.		5,260		33,611
TimkenSteel Corp.(b)		2,895		23,392
Tredegar Corp.		553		8,428
Trinseo S.A.		2,142		138,609
Tronox Holdings PLC, Class A		3,381		62,008
US Concrete, Inc.(b)		498		25,627
Valvoline, Inc.		1,280		31,949
Venator Materials PLC(b)		5,172		19,809
Verso Corp., Class A		1,165		14,562
W.R. Grace & Co.		470		27,852
Warrior Met Coal, Inc.		2,595		49,746
Westlake Chemical Corp.		714		61,111
Worthington Industries, Inc.		903		57,693
				2,463,934

	Shares		Value
Real Estate-5.45%
Alexander & Baldwin, Inc.		996	$	17,400
Alexander’s, Inc.		19		5,151
Altisource Portfolio Solutions S.A.(b)		369		3,753
American Assets Trust, Inc.		360		11,189
Americold Realty Trust		580		20,323
Apple Hospitality REIT, Inc.		3,875		55,219
Armada Hoffler Properties, Inc.		969		12,510
Brandywine Realty Trust.		2,386		29,181
Camden Property Trust		395		41,139
Centerspace		111		7,618
Chatham Lodging Trust		1,471		20,491
CorePoint Lodging, Inc.		2,361		21,509
CoreSite Realty Corp.		149		18,135
Corporate Office Properties Trust		721		18,746
CubeSmart		838		30,972
Cushman & Wakefield PLC(b)		4,061		62,864
CyrusOne, Inc.		401		26,318
DiamondRock Hospitality Co.(b)		3,804		38,496
Diversified Healthcare Trust		13,326		59,967
Easterly Government Properties, Inc.		338		7,429
EastGroup Properties, Inc.		123		16,741
Empire State Realty Trust, Inc., Class A		2,601		28,637
Equity LifeStyle Properties, Inc.		440		27,126
eXp World Holdings, Inc.(b)		410		24,760
Extra Space Storage, Inc.		465		58,450
Federal Realty Investment Trust		506		51,192
Forestar Group, Inc.(b)		109		2,321
Franklin Street Properties Corp.		1,347		6,681
GEO Group, Inc. (The)(c)		2,963		21,334
Healthcare Realty Trust, Inc.		581		16,768
Hersha Hospitality Trust		2,346		26,087
Highwoods Properties, Inc.		818		32,687
Howard Hughes Corp. (The)(b)		526		49,902
Lamar Advertising Co., Class A		745		64,509
Life Storage, Inc.		320		26,848
Marcus & Millichap, Inc.(b)		148		5,605
New Senior Investment Group, Inc.		3,120		19,063
Newmark Group, Inc., Class A		6,492		65,050
NexPoint Residential Trust, Inc.		212		8,700
Office Properties Income Trust		853		21,572
Outfront Media, Inc.		2,348		47,617
Pebblebrook Hotel Trust		2,577		58,395
Piedmont Office Realty Trust, Inc., Class A		1,443		24,618
PotlatchDeltic Corp.		485		24,614
PS Business Parks, Inc.		150		21,729
QTS Realty Trust, Inc., Class A(c)		220		13,666
Rayonier, Inc.		795		25,949
RE/MAX Holdings, Inc., Class A		176		7,343
Redfin Corp.(b)		90		6,817
RLJ Lodging Trust		4,271		67,055
RMR Group, Inc. (The), Class A		282		11,334
Ryman Hospitality Properties, Inc.		1,033		79,841
Saul Centers, Inc.		194		6,871
St. Joe Co. (The)		177		8,908
Summit Hotel Properties, Inc.		2,713		28,079
Sun Communities, Inc.		185		28,111
Sunstone Hotel Investors, Inc.		3,520		46,499
Tanger Factory Outlet Centers, Inc.(c)		2,835		44,623
UDR, Inc.		987		40,635
Uniti Group, Inc.		3,336		39,732

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

38

Invesco RAFI^TM Strategic US Small Company ETF (IUSS)—(continued)

February 28, 2021

(Unaudited)

	Shares		Value
Real Estate-(continued)
Universal Health Realty Income Trust		29	$	1,797
Urban Edge Properties		1,716		28,314
Washington Prime Group, Inc.(c)		2,989		18,621
Xenia Hotels & Resorts, Inc.		2,781		55,537
				1,819,148
Utilities-1.93%
ALLETE, Inc.		594		36,905
American States Water Co.		125		9,131
Atlantic Power Corp.(b)		2,198		6,308
Avangrid, Inc.		769		35,189
Avista Corp.		773		31,082
Black Hills Corp.		636		37,626
California Water Service Group		285		15,661
Chesapeake Utilities Corp.		98		10,362
Hawaiian Electric Industries, Inc.		1,120		39,155
IDACORP, Inc.		398		34,324
MGE Energy, Inc.		201		12,804
Middlesex Water Co.		59		4,052
National Fuel Gas Co.		987		44,849
New Jersey Resources Corp.		915		35,950
Northwest Natural Holding Co.		226		10,846
NorthWestern Corp.		476		27,836
ONE Gas, Inc.		390		26,118
Ormat Technologies, Inc.		234		20,047
Otter Tail Corp.		351		14,223
PNM Resources, Inc.		808		38,792
Portland General Electric Co.		1,040		43,846

	Shares		Value
Utilities-(continued)
SJW Group		182	$	11,408
South Jersey Industries, Inc.		828		20,791
Southwest Gas Holdings, Inc.		579		36,101
Spire, Inc.		519		34,472
Unitil Corp.		137		5,732
				643,610
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.97% (Cost $24,293,337)				33,380,827
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-6.34%
Invesco Private Government Fund, 0.01%(e)(f)(g) .		845,664		845,664
Invesco Private Prime Fund, 0.11%(e)(f)(g)		1,271,163		1,271,672
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $2,117,336)				2,117,336
TOTAL INVESTMENTS IN SECURITIES-106.31% (Cost $26,410,673)				35,498,163
OTHER ASSETS LESS LIABILITIES-(6.31)%				(2,107,530	)
NET ASSETS-100.00%			$	33,390,633

Investment Abbreviations:

ADR -American Depositary Receipt

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 February 28, 2021.

^(d)  Restricted security. The aggregate value of these securities at February 28, 2021 was $36,541, which represented less than 1% of the Fund’s Net Assets.

^(e)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2021.

	Value August 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value February 28, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	347,320		$	(347,320	)		$	-		$	-		$	-		$	2
Invesco Premier U.S. Government Money Portfolio, Institutional Class			63,744			60,572			(124,316	)			-			-			-			-

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

39

Invesco RAFI^TM Strategic US Small Company ETF (IUSS)—(continued)

February 28, 2021

(Unaudited)

	Value August 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation		Realized Gain			Value February 28, 2021			Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		$	943,582		$	4,822,564		$	(4,920,482	)		$ -		$	-		$	845,664		$	104	*
Invesco Private Prime Fund			317,504			6,134,991			(5,180,951	)		-			128			1,271,672			484	*
Total		$	1,324,830		$	11,365,447		$	(10,573,069	)		$ -		$	128		$	2,117,336		$	590

* 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 February 28, 2021.

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

Portfolio Composition

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

as of February 28, 2021

Industrials	22.52
Consumer Discretionary	21.54
Information Technology	13.61
Health Care	7.88
Materials	7.38
Energy	6.80
Real Estate	5.45
Financials	4.64
Communication Services	4.59
Consumer Staples	3.63
Utilities	1.93
Money Market Funds Plus Other Assets Less Liabilities	0.03

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

40

Statements of Assets and Liabilities

February 28, 2021

(Unaudited)

	Invesco Defensive Equity ETF (DEF)			Invesco RAFITM Strategic Developed ex-US ETF (ISDX)		Invesco RAFITM Strategic Emerging Markets ETF (ISEM)		Invesco RAFITM Strategic US ETF (IUS)		Invesco RAFITM Strategic US Small Company ETF (IUSS)
Assets:
Unaffiliated investments in securities, at value(a)	$	243,885,590		$	295,491,710	$	24,443,335	$	160,317,463	$	33,380,827
Affiliated investments in securities, at value		124,995			12,263,455		243,557		721,860		2,117,336
Cash		277			-		-		84		-
Foreign currencies, at value		-			149,480		2,527		-		-
Receivable for:
Dividends		374,691			702,420		10,223		293,382		15,478
Securities lending		-			4,964		159		12,771		2,357
Investments sold.		-			152,399		4		-		90,095
Foreign tax reclaims.		3,497			101,812		266		-		-
Total assets		244,389,050			308,866,240		24,700,071		161,345,560		35,606,093
Liabilities:
Due to custodian		-			69,146		-		-		2,677
Payable for:
Investments purchased		-			185		1		-		1,743
Investments purchased - affiliated broker		-			-		-		-		87,903
Collateral upon return of securities loaned		-			12,263,332		225,807		629,490		2,117,336
Accrued unitary management fees		-			52,301		6,666		23,417		5,801
Accrued advisory fees		92,366			-		-		-		-
Accrued trustees’ and officer’s fees		14,336			-		-		-		-
Accrued expenses.		77,191			-		-		-		-
Total liabilities		183,893			12,384,964		232,474		652,907		2,215,460
Net Assets	$	244,205,157		$	296,481,276	$	24,467,597	$	160,692,653	$	33,390,633
Net assets consist of:
Shares of beneficial interest	$	251,241,398		$	257,162,997	$	22,644,840	$	128,554,010	$	22,381,176
Distributable earnings (loss)		(7,036,241	)		39,318,279		1,822,757		32,138,643		11,009,457
Net Assets	$	244,205,157		$	296,481,276	$	24,467,597	$	160,692,653	$	33,390,633
Shares outstanding (unlimited amount authorized, $0.01 par value)		4,220,000			10,350,001		850,001		4,850,001		975,001
Net asset value	$	57.87		$	28.65	$	28.79	$	33.13	$	34.25
Market price	$	57.84		$	28.70	$	29.01	$	33.12	$	34.24
Unaffiliated investments in securities, at cost	$	223,767,201		$	255,391,596	$	21,989,710	$	129,010,680	$	24,293,337
Affiliated investments in securities, at cost	$	124,995		$	12,263,332	$	243,557	$	721,860	$	2,117,336
Foreign currencies, at cost	$	-		$	149,437	$	1,292	$	-	$	-
(a) Includes securities on loan with an aggregate value of:	$	-		$	11,246,323	$	210,588	$	607,584	$	2,036,508

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

41

Statements of Operations

For the six months ended February 28, 2021

(Unaudited)

	Invesco Defensive Equity ETF (DEF)			Invesco RAFITM Strategic Developed ex-US ETF (ISDX)			Invesco RAFITM Strategic Emerging Markets ETF (ISEM)			Invesco RAFITM Strategic US ETF (IUS)			Invesco RAFITM Strategic US Small Company ETF (IUSS)
Investment income:
Unaffiliated dividend income	$	2,276,442		$	3,369,652		$	183,009		$	1,457,313		$	176,038
Affiliated dividend income		40			28			4			12			2
Non-cash dividend income		-			317,213			-			40,249			-
Securities lending income		5,921			43,881			919			22,958			30,618
Foreign withholding tax		-			(334,419	)		(14,937	)		(26	)		(199	)
Total investment income		2,282,403			3,396,355			168,995			1,520,506			206,459
Expenses:
Unitary management fees		-			307,002			38,070			141,399			36,147
Advisory fees		663,337			-			-			-			-
Accounting & administration fees		15,410			-			-			-			-
Custodian & transfer agent fees		2,472			-			-			-			-
Trustees’ and officer’s fees		6,749			-			-			-			-
Tax expenses		1,650			-			541			-			-
Other expenses		36,526			-			-			-			-
Total expenses		726,144			307,002			38,611			141,399			36,147
Less: Waivers		(5,010	)		(194	)		(23	)		(76	)		(9	)
Net expenses		721,134			306,808			38,588			141,323			36,138
Net investment income		1,561,269			3,089,547			130,407			1,379,183			170,321
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(3,583,912	)		(35,855	)		(510,836	)		41,796			(12,379	)
Affiliated investment securities		72			751			17			151			128
In-kind redemptions		27,043,846			1,761,829			-			2,101,462			3,498,999
Foreign currencies		-			8,716			(944	)		-			-
Net realized gain (loss)		23,460,006			1,735,441			(511,763	)		2,143,409			3,486,748
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(19,198,136	)		53,336,728			4,880,444			23,098,251			9,079,336
Affiliated investment securities		(23	)		123			-			-			-
Foreign currencies		-			(13,007	)		114			-			-
Change in net unrealized appreciation (depreciation)		(19,198,159	)		53,323,844			4,880,558			23,098,251			9,079,336
Net realized and unrealized gain		4,261,847			55,059,285			4,368,795			25,241,660			12,566,084
Net increase in net assets resulting from operations	$	5,823,116		$	58,148,832		$	4,499,202		$	26,620,843		$	12,736,405

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

42

(This Page Intentionally Left Blank)

43

Statements of Changes in Net Assets

For the six months ended February 28, 2021 and the year ended August 31, 2020

(Unaudited)

	Invesco Defensive Equity ETF (DEF)								Invesco RAFITM Strategic  Developed ex-US ETF (ISDX)
	Six Months Ended February  28, 2021				Year Ended August 31, 2020				Six Months Ended February  28, 2021				Year Ended August  31, 2020
Operations:
Net investment income		$	1,561,269			$	3,873,136			$	3,089,547			$	5,916,837
Net realized gain (loss)			23,460,006				(1,001,701	)			1,735,441				(1,760,890	)
Change in net unrealized appreciation (depreciation)			(19,198,159	)			15,395,389				53,323,844				(2,427,464	)
Net increase (decrease) in net assets resulting from operations			5,823,116				18,266,824				58,148,832				1,728,483
Distributions to Shareholders from:
Distributable earnings			(3,462,014	)			(3,269,976	)			(2,549,381	)			(6,252,168	)
Shareholder Transactions:
Proceeds from shares sold			115,078,381				266,472,439				-				36,888,443
Value of shares repurchased			(180,969,274	)			(218,786,765	)			(9,150,610	)			(17,278,105	)
Net increase (decrease) in net assets resulting from share transactions			(65,890,893	)			47,685,674				(9,150,610	)			19,610,338
Net increase (decrease) in net assets			(63,529,791	)			62,682,522				46,448,841				15,086,653
Net assets:
Beginning of period			307,734,948				245,052,426				250,032,435				234,945,782
End of period		$	244,205,157			$	307,734,948			$	296,481,276			$	250,032,435
Changes in Shares Outstanding:
Shares sold			2,010,000				4,950,000				-				1,750,000
Shares repurchased			(3,190,000	)			(4,150,000	)			(350,000	)			(850,000	)
Shares outstanding, beginning of period			5,400,000				4,600,000				10,700,001				9,800,001
Shares outstanding, end of period			4,220,000				5,400,000				10,350,001				10,700,001

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

44

Invesco RAFITM Strategic Emerging Markets ETF (ISEM)								Invesco RAFITM Strategic US ETF (IUS)								Invesco RAFITM Strategic US Small Company ETF (IUSS)
Six Months Ended February  28, 2021				Year Ended August 31, 2020				Six Months Ended February  28, 2021				Year Ended August 31, 2020				Six Months Ended February  28, 2021				Year Ended August 31, 2020
	$	130,407			$	670,048			$	1,379,183			$	2,654,781			$	170,321			$	276,408
		(511,763	)			(535,107	)			2,143,409				4,531,351				3,486,748				105,646
		4,880,558				(205,952	)			23,098,251				11,519,964				9,079,336				1,360,895
		4,499,202				(71,011	)			26,620,843				18,706,096				12,736,405				1,742,949
		(407,363	)			(569,630	)			(1,371,327	)			(2,563,760	)			(145,439	)			(296,297	)
		-				-				-				31,758,289				809,964				8,272,407
		-				(4,269,423	)			(7,770,041	)			(21,875,480	)			(9,177,250	)			(5,276,381	)
		-				(4,269,423	)			(7,770,041	)			9,882,809				(8,367,286	)			2,996,026
		4,091,839				(4,910,064	)			17,479,475				26,025,145				4,223,680				4,442,678
		20,375,758				25,285,822				143,213,178				117,188,033				29,166,953				24,724,275
	$	24,467,597			$	20,375,758			$	160,692,653			$	143,213,178			$	33,390,633			$	29,166,953
		-				-				-				1,250,000				25,000				400,000
		-				(200,000	)			(250,000	)			(850,000	)			(300,000	)			(250,000	)
		850,001				1,050,001				5,100,001				4,700,001				1,250,001				1,100,001
		850,001				850,001				4,850,001				5,100,001				975,001				1,250,001

45

Financial Highlights

Invesco Defensive Equity ETF (DEF)

	Six Months Ended
	February 28,
	2021				Years Ended August 31,
	(Unaudited)				2020				2019				2018				2017				2016
Per Share Operating Performance:
Net asset value at beginning of period		$	56.99			$	53.27			$	49.47			$	43.25			$	39.08			$	35.61
Net investment income(a)			0.34				0.75				0.68				0.58				0.67				1.14
Net realized and unrealized gain on investments			1.33				3.62				3.73				6.40				4.35				3.48
Total from investment operations			1.67				4.37				4.41				6.98				5.02				4.62
Distributions to shareholders from:
Net investment income			(0.79	)			(0.65	)			(0.61	)			(0.76	)			(0.85	)			(1.15	)
Net asset value at end of period		$	57.87			$	56.99			$	53.27			$	49.47			$	43.25			$	39.08
Market price at end of period		$	57.84	(b)		$	57.08	(b)		$	53.30	(b)		$	49.53	(b)		$	43.25			$	39.00
Net Asset Value Total Return(c)			2.92	%			8.22	%			9.27	%			16.25	%			13.08	%			13.37	%
Market Price Total Return(c)			2.71	%			8.34	%			9.20	%			16.39	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	244,205			$	307,735			$	245,052			$	190,471			$	175,171			$	168,040
Ratio to average net assets of:
Expenses, after Waivers			0.54	%(d)			0.53	%			0.55	%			0.59	%			0.61	%			0.65	%
Expenses, prior to Waivers			0.55	%(d)			0.53	%			0.55	%			0.59	%			0.63	%			0.74	%
Net investment income			1.18	%(d)			1.42	%			1.37	%			1.25	%			1.67	%			3.12	%
Portfolio turnover rate(e)			50	%			136	%			145	%			136	%			194	%			92	%

^(a)  Based on average shares outstanding.

^(b)  The mean between the last bid and ask prices.

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

^(d)  Annualized.

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

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

46

Financial Highlights—(continued)

Invesco RAFI^TM Strategic Developed ex-US ETF (ISDX)

	Six Months Ended February  28, 2021 (Unaudited)				Year Ended August 31, 2020				For the Period September 10, 2018(a) Through August 31, 2019
Per Share Operating Performance:
Net asset value at beginning of period		$	23.37			$	23.97			$	25.00
Net investment income(b)			0.29				0.59				0.70
Net realized and unrealized gain (loss) on investments			5.23				(0.56	)			(1.24	)
Total from investment operations			5.52				0.03				(0.54	)
Distributions to shareholders from:
Net investment income			(0.24	)			(0.63	)			(0.49	)
Net asset value at end of period		$	28.65			$	23.37			$	23.97
Market price at end of period(c)		$	28.70			$	23.34			$	23.94
Net Asset Value Total Return(d)			23.83	%			0.43	%			(2.10	)%(e)
Market Price Total Return(d)			24.20	%			0.41	%			(2.22	)%(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	296,481			$	250,032			$	234,946
Ratio to average net assets of:
Expenses			0.23	%(f)			0.23	%			0.24	%(g)
Net investment income			2.31	%(f)			2.56	%			2.97	%(g)
Portfolio turnover rate(h)			3	%			26	%			47	%

^(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, 2018, the first day of trading on the exchange) to August 31, 2019 was (2.10)%. The market price total return from Fund Inception to August 31, 2019 was (2.22)%.

^(f)  Annualized.

^(g)  Ratios are annualized except for non-recurring costs associated with a proxy statement of 0.01%.

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

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

47

Financial Highlights—(continued)

Invesco RAFI^TM Strategic Emerging Markets ETF (ISEM)

	Six Months Ended February  28, 2021 (Unaudited)				Year Ended August 31, 2020				For the Period September 10, 2018(a) Through August 31, 2019
Per Share Operating Performance:
Net asset value at beginning of period		$	23.97			$	24.08			$	25.00
Net investment income(b)			0.15				0.67				1.06
Net realized and unrealized gain (loss) on investments			5.15				(0.20	)(c)			(1.60	)
Total from investment operations			5.30				0.47				(0.54	)
Distributions to shareholders from:
Net investment income			(0.48	)			(0.58	)			(0.38	)
Net asset value at end of period		$	28.79			$	23.97			$	24.08
Market price at end of period(d)		$	29.01			$	24.09			$	24.09
Net Asset Value Total Return(e)			22.51	%			2.03	%(c)			(2.22	)%(f)
Market Price Total Return(e)			22.82	%			2.48	%			(2.19	)%(f)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	24,468			$	20,376			$	25,286
Ratio to average net assets of:
Expenses			0.35	%(g)			0.35	%			0.39	%(h)
Net investment income			1.20	%(g)			2.84	%			4.35	%(h)
Portfolio turnover rate(i)			6	%			19	%(c)			22	%

^(a)  Commencement of investment operations.

^(b)  Based on average shares outstanding.

^(c)  Amount includes the effect of the Adviser pay-in for an economic loss of $0.07 per share. Had the pay-in not been made, the net asset value total return would have been 1.73%. In addition, the portfolio turnover calculation includes the value of securities purchased and sold related to this transaction.

^(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, 2018, the first day of trading on the exchange) to August 31, 2019 was (1.95)%. The market price total return from Fund Inception to August 31, 2019 was (2.19)%.

^(g)  Annualized.

^(h)  Ratios are annualized except for non-recurring costs associated with a proxy statement of 0.04%.

⁽ⁱ⁾  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.

48

Financial Highlights—(continued)

Invesco RAFI^TM Strategic US ETF (IUS)

	Six Months Ended February  28, 2021 (Unaudited)				Year Ended August 31, 2020				For the Period September 10, 2018(a) Through August 31, 2019
Per Share Operating Performance:
Net asset value at beginning of period		$	28.08			$	24.93			$	25.00
Net investment income(b)			0.28				0.54				0.58
Net realized and unrealized gain (loss) on investments			5.04				3.13				(0.26	)
Total from investment operations			5.32				3.67				0.32
Distributions to shareholders from:
Net investment income			(0.27	)			(0.52	)			(0.39	)
Net asset value at end of period		$	33.13			$	28.08			$	24.93
Market price at end of period(c)		$	33.12			$	28.14			$	24.94
Net Asset Value Total Return(d)			19.11	%			15.17	%			1.45	%(e)
Market Price Total Return(d)			18.82	%			15.38	%			1.50	%(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	160,693			$	143,213			$	117,188
Ratio to average net assets of:
Expenses			0.19	%(f)			0.19	%			0.20	%(g)
Net investment income			1.85	%(f)			2.09	%			2.41	%(g)
Portfolio turnover rate(h)			1	%			15	%			8	%

^(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, 2018, the first day of trading on the exchange) to August 31, 2019 was 0.92%. The market price total return from Fund Inception to August 31, 2019 was 0.97%.

^(f)  Annualized.

^(g)  Ratios are annualized except for non-recurring costs associated with a proxy statement of 0.02%.

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

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

49

Financial Highlights—(continued)

Invesco RAFI^TM Strategic US Small Company ETF (IUSS)

	Six Months Ended February  28, 2021 (Unaudited)				Year Ended August 31, 2020				For the Period September 10, 2018(a) Through August 31, 2019
Per Share Operating Performance:
Net asset value at beginning of period		$	23.33			$	22.48			$	25.00
Net investment income(b)			0.15				0.24				0.23
Net realized and unrealized gain (loss) on investments			10.89				0.87				(2.55	)
Total from investment operations			11.04				1.11				(2.32	)
Distributions to shareholders from:
Net investment income			(0.12	)			(0.26	)			(0.20	)
Net asset value at end of period		$	34.25			$	23.33			$	22.48
Market price at end of period(c)		$	34.24			$	23.38			$	22.48
Net Asset Value Total Return(d)			47.51	%			5.13	%			(9.20	)%(e)
Market Price Total Return(d)			47.15	%			5.36	%			(9.20	)%(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	33,391			$	29,167			$	24,724
Ratio to average net assets of:
Expenses			0.23	%(f)			0.23	%			0.28	%(g)
Net investment income			1.08	%(f)			1.07	%			1.05	%(g)
Portfolio turnover rate(h)			4	%			28	%			20	%

^(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, 2018, the first day of trading on the exchange) to August 31, 2019 was (9.34)%. The market price total return from Fund Inception to August 31, 2019 was (9.31)%.

^(f)  Annualized.

^(g)  Ratios are annualized except for non-recurring costs associated with a proxy statement of 0.05%.

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

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

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Notes to Financial Statements

Invesco Exchange-Traded Self-Indexed Fund Trust

February 28, 2021

(Unaudited)

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 Defensive Equity ETF (DEF)	“Defensive Equity ETF”
Invesco RAFITM Strategic Developed ex-US ETF (ISDX)	“RAFITM Strategic Developed ex-US ETF”
Invesco RAFITM Strategic Emerging Markets ETF (ISEM)	“RAFITM Strategic Emerging Markets ETF”
Invesco RAFITM Strategic US ETF (IUS)	“RAFITM Strategic US ETF”
Invesco RAFITM Strategic US Small Company ETF (IUSS)	“RAFITM Strategic US Small Company 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, except for Shares of Defensive Equity ETF, which are listed and traded on NYSE Arca, Inc.

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

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

Fund	Underlying Index
Defensive Equity ETF	Invesco Defensive Equity Index
RAFITM Strategic Developed ex-US ETF	Invesco Strategic Developed ex-US Index
RAFITM Strategic Emerging Markets ETF	Invesco Strategic Emerging Markets Index
RAFITM Strategic US ETF	Invesco Strategic US Index
RAFITM Strategic US Small Company ETF	Invesco Strategic US Small Company Index

NOTE 2–Significant Accounting Policies

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

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

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

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

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

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

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

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

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

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

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

B. Other Risks

ADR and GDR Risk. Certain Funds may invest in American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”). ADRs are certificates that evidence ownership of shares of a foreign issuer and are alternatives to purchasing the underlying foreign securities directly in their national markets and currencies. GDRs are certificates issued by an international bank that generally are traded and denominated in the currencies of countries other than the home country of the issuer of the underlying shares. ADRs and GDRs may be subject to certain of the risks associated with direct investments in the securities of foreign companies, such as currency, political, economic and market risks, because their values depend on the performance of the non-dollar denominated underlying foreign securities. Moreover, ADRs and GDRs may not track the price of the underlying foreign securities on which they are based, and their value may change materially at times when U.S. markets are not open for trading.

Authorized Participant Concentration Risk. Only authorized participants (“APs”) may engage in creation or redemption transactions directly with each Fund. Each Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that APs will establish or maintain

52

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, may increase this risk.

China Exposure Risk. Investments in companies located or operating in Greater China involve risks not associated with investments in Western nations, such as nationalization, expropriation, or confiscation of property; difficulty in obtaining information necessary for investigations into and/or litigation against Chinese companies, as well as in obtaining and/or enforcing judgments; limited legal remedies for shareholders; alteration or discontinuation of economic reforms; military conflicts, either internal or with other countries; inflation, currency fluctuations and fluctuations in inflation and interest rates that may have negative effects on the economy and securities markets of Greater China; and Greater China’s dependency on the economies of other Asian countries, many of which are developing countries. Events in any one country within Greater China may impact the other countries in the region or Greater China as a whole. Export growth continues to be a major driver of China’s rapid economic growth. As a result, a reduction in spending on Chinese products and services, the institution of additional tariffs or other trade barriers (or the threat thereof), including as a result of trade tensions between China and the United States, or a downturn in any of the economies of China’s key trading partners may have an adverse impact on the Chinese economy. Further, health events, such as the recent coronavirus outbreak, may cause uncertainty and volatility in the Chinese economy, especially in the consumer discretionary (leisure, retail, gaming, tourism), industrials, and commodities sectors. Additionally, the inability of the Public Company Accounting Oversight Board (“PCAOB”) to inspect audit work papers and practices of PCAOB-registered accounting firms in China with respect to their audit work of U.S. reporting companies may impose significant additional risks associated with investments in China.

From time to time, certain companies in which a Fund invests 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.

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

Emerging Markets Investment Risk. For certain Funds, investments in the securities of issuers in emerging market countries involve risks often not associated with investments in the securities of issuers in developed countries. Securities in emerging markets may be subject to greater price fluctuations than securities in more developed markets. Companies in emerging market countries generally may be subject to less stringent financial reporting, accounting, auditing and recordkeeping standards than companies in more developed countries. In addition, information about such companies may be less available and reliable. Emerging markets usually are subject to greater market volatility, political, social and economic instability, uncertainty regarding the existence of trading markets and more governmental limitations on foreign investment than are more developed markets. Securities law in many emerging market countries is relatively new and unsettled. Therefore, laws regarding foreign investment in emerging market securities, securities regulation, title to securities, and shareholder rights may change quickly and unpredictably, and the ability to bring and enforce actions may be limited. In addition, the enforcement of systems of taxation at federal, regional and local levels in emerging market countries may be inconsistent and subject to sudden change. Investments in emerging markets securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information. In addition, lack of relevant data and reliable public information about securities in emerging markets may contribute to incorrect weightings and data and computational errors when a Fund’s index provider selects securities for inclusion in the Fund’s Underlying Index or rebalances the Underlying Index.

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

53

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. Foreign securities also are subject to the risks of expropriation, nationalization, political instability, and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice comparable to those applicable to domestic issuers or other adverse political or economic developments and the difficulty of enforcing obligations in other countries. Investments in foreign securities also may be subject to dividend withholding or confiscatory taxes, currency blockage and/or transfer restrictions and higher transactional costs. If a Fund invests in securities denominated in foreign currencies, fluctuations in the value of the U.S. dollar relative to the values of other currencies may adversely affect investments in foreign securities and may negatively impact the Fund’s returns.

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

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

Industry Concentration Risk. In following its methodology, each Fund’s Underlying Index from time to time may be concentrated to a significant degree in securities of issuers located 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 the Underlying Index are subject to market fluctuations. You should anticipate that the value of the Shares will decline, more or less, in correlation with any decline in value of the securities in the Underlying Index. Additionally, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or other events could result in increased premiums or discounts to each Fund’s NAV.

Non-Correlation Risk. Each Fund’s return may not match the return of its corresponding Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of its corresponding Underlying Index. 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. Because each Fund is non-diversified and can invest a greater portion of its assets in securities of individual issuers than a diversified fund, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase a Fund’s volatility and cause the performance of a relatively small number of issuers to have a greater impact on a Fund’s performance.

Portfolio Turnover Risk. Certain Funds 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 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 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

54

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.

C. Investment Transactions and Investment Income - Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest income is recorded on an accrual basis from settlement date 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 each Fund’s investments. As such, the Funds may receive proceeds from litigation settlements. Any proceeds received are included in the Statements of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

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

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

E. Dividends and Distributions to Shareholders - Each Fund (except Defensive Equity ETF) declares and pays dividends from net investment income, if any, to its shareholders quarterly and records such dividends on the ex-dividend date. Defensive Equity ETF declares and pays dividends from net investment income, if any, to its shareholders annually 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.

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

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

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

55

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

G. Expenses - 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.

Each Fund (except Defensive Equity ETF) has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of each Fund (except Defensive Equity ETF), including the cost of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, litigation expenses, acquired fund fees and expenses, if any, 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 (iii) any other matters that directly benefit the Adviser).

Defensive Equity ETF is responsible for all of its expenses, including the investment advisory fees, costs of transfer agency, custody, fund administration, legal, audit and other services, interest, taxes, acquired fund fees and expenses, if any, brokerage commissions and other expenses connected with executions of portfolio transactions, sub-licensing fees related to its Underlying Index, any distribution fees or expenses, litigation expenses, fees payable to the Trust’s Board members who are not “interested persons” (as defined in the 1940 Act) of the Trust or the Adviser (the “Independent Trustees”), expenses incurred in connection with the Board members’ services, including travel expenses and legal fees of counsel for the Independent Trustees, and extraordinary expenses.

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

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

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

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

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NOTE 3—Investment Advisory Agreement and Other Agreements

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

Pursuant to an Investment Advisory Agreement, Defensive Equity ETF accrues daily and pays monthly to the Adviser an annual fee equal to 0.50% of its average daily net assets. The Adviser has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses of Defensive Equity ETF (excluding interest expenses, brokerage commissions and other trading expenses, sub-licensing fees, offering costs, taxes, acquired fund fees and expense, if applicable, and extraordinary expenses) from exceeding 0.60% of the Fund’s average daily net assets per year (the “Expense Cap”) through at least August 31, 2023.

Pursuant to another Investment Advisory Agreement, each Fund listed below accrues daily and pays monthly to the Adviser an annual unitary management fee. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Funds, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, litigation expenses, acquired fund fees and expenses, if any, 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 (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)
RAFITM Strategic Developed ex-US ETF		0.23	%
RAFITM Strategic Emerging Markets ETF		0.35	%
RAFITM Strategic US ETF		0.19	%
RAFITM Strategic US Small Company ETF		0.23	%

Further, through at least August 31, 2023, the Adviser has contractually agreed to waive a portion of each Fund’s management fee in an amount equal to 100% of the net advisory fees an affiliate of the Adviser receives that are attributable to certain of the Fund’s investments of otherwise uninvested cash in money market funds managed by that affiliate (excluding investments of cash collateral from securities lending). There is no guarantee that the Adviser will extend the waiver of these fees past that date. This agreement is not subject to recapture by the Adviser.

For the six months ended February 28, 2021, the Adviser waived fees and/or paid Fund expenses for each Fund in the following amounts:

Defensive Equity ETF	$	5,010
RAFITM Strategic Developed ex-US ETF		194
RAFITM Strategic Emerging Markets ETF		23
RAFITM Strategic US ETF		76
RAFITM Strategic US Small Company ETF		9

The offering costs excluded from the Expense Cap for Defensive Equity ETF, as applicable, are: (a) initial legal fees pertaining to the Fund’s Shares offered for sale; (b) initial SEC and state registration fees; and (c) initial fees paid to be listed on an exchange.

The fees waived and/or expenses borne by the Adviser for Defensive Equity ETF pursuant to the Expense Cap are subject to recapture by the Adviser up to three years from the date the fees were waived or the expenses were incurred, but no recapture payment will be made by the Fund if it would result in the Fund exceeding (i) the Expense Cap or (ii) the expense cap in effect at the time the fees and/or expenses subject to recapture were waived and/or borne by the Adviser. For the six months ended February 28, 2021, there were no amounts available for potential recapture by the Adviser.

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”).

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 The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for each Fund.

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For the six months ended February 28, 2021, the following 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:

Defensive Equity ETF	$	5,970
RAFITM Strategic US ETF		304
RAFITM Strategic US Small Company ETF		384

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 or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

Level 1	–	Prices are determined using quoted prices in an active market for identical assets.
Level 2	–	Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3	–	Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect a Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of February 28, 2021, for each Fund (except for Defensive Equity ETF). As of February 28, 2021, all of the securities in Defensive Equity ETF were valued based on Level 1 inputs (see the Schedules of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1			Level 2			Level 3			Total
RAFITM Strategic Developed ex-US ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	295,491,704		$	6		$	-		$	295,491,710
Money Market Funds			-			12,263,455			-			12,263,455
Total Investments		$	295,491,704		$	12,263,461		$	-		$	307,755,165
RAFITM Strategic Emerging Markets ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	24,443,335		$	-		$	0		$	24,443,335
Money Market Funds			17,750			225,807			-			243,557
Total Investments		$	24,461,085		$	225,807		$	0		$	24,686,892
RAFITM Strategic US ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	160,317,463		$	-		$	-		$	160,317,463
Money Market Funds			92,370			629,490			-			721,860
Total Investments		$	160,409,833		$	629,490		$	-		$	161,039,323
RAFITM Strategic US Small Company ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	33,380,827		$	-		$	-		$	33,380,827
Money Market Funds			-			2,117,336			-			2,117,336
Total Investments		$	33,380,827		$	2,117,336		$	-		$	35,498,163

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NOTE 5—Tax Information

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 following table presents available capital loss carryforwards for each Fund as of August 31, 2020:

	No expiration
	Short-Term			Long-Term			Total*
Defensive Equity ETF		$	49,245,495		$	-		$	49,245,495
RAFITM Strategic Developed ex-US ETF			2,378,841			861,872			3,240,713
RAFITM Strategic Emerging Markets ETF			-			98,242			98,242
RAFITM Strategic US ETF			1,620,615			36,134			1,656,749
RAFITM Strategic US Small Company ETF			1,390,577			177,534			1,568,111

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

NOTE 6—Investment Transactions

For the six months ended February 28, 2021, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Treasury obligations, money market funds and in-kind transactions, if any) were as follows:

	Purchases			Sales
Defensive Equity ETF		$	131,505,937		$	133,439,051
RAFITM Strategic Developed ex-US ETF			8,258,088			8,707,129
RAFITM Strategic Emerging Markets ETF			1,189,137			1,428,153
RAFITM Strategic US ETF			2,062,988			2,085,813
RAFITM Strategic US Small Company ETF			1,175,130			1,136,564

For the six months ended February 28, 2021, in-kind transactions associated with creations and redemptions were as follows:

	Cost of Securities Received			Value of Securities     Delivered
Defensive Equity ETF		$	114,517,604		$	180,403,546
RAFITM Strategic Developed ex-US ETF			-			8,474,561
RAFITM Strategic Emerging Markets ETF			-			-
RAFITM Strategic US ETF			-			7,773,550
RAFITM Strategic US Small Company ETF			807,004			9,159,834

Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.

At February 28, 2021, the aggregate cost of investments, including any derivatives, on a tax basis includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

	Gross Unrealized Appreciation			Gross Unrealized (Depreciation)				Net Unrealized Appreciation			Cost
Defensive Equity ETF		$	26,432,242		$	(8,278,069	)		$	18,154,173		$	225,856,412
RAFITM Strategic Developed ex-US ETF			52,600,208			(12,999,487	)			39,600,721			268,154,444
RAFITM Strategic Emerging Markets ETF			5,291,614			(2,878,160	)			2,413,454			22,273,438
RAFITM Strategic US ETF			35,475,178			(4,338,281	)			31,136,897			129,902,426
RAFITM Strategic US Small Company ETF			9,917,252			(868,939	)			9,048,313			26,449,850

NOTE 7—Trustees’ and Officer’s Fees

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

The Trust has adopted a deferred compensation plan (the “Plan”). Under the Plan, each Independent Trustee who has executed a Deferred Fee Agreement (a “Participating Trustee”) may defer receipt of all or a portion of their compensation (“Deferral

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Fees”). Such Deferral Fees are deemed to be invested in select Invesco ETFs. The Deferral Fees payable to a Participating Trustee are valued as of the date such Deferral Fees would have been paid to a Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected. Obligations under the Plan represent unsecured claims against the general assets of the Funds.

NOTE 8—Capital

Shares are issued and redeemed by each Fund only in Creation Units consisting of a specified number of Shares as set forth in each Fund’s prospectus. Only Authorized Participants are permitted to purchase or redeem Creation Units from the Funds. Such transactions are principally permitted in exchange for Deposit Securities, with a balancing cash component to equate the transaction to the NAV per Share of a Fund on the transaction date. However, for all Funds, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the Authorized Participant or as a result of other market circumstances.

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

Certain transaction fees may be charged by the Funds for creations and redemptions, which are treated as increases in capital. Transactions in each Fund’s Shares are disclosed in detail in the Statements of Changes in Net Assets.

NOTE 9—Coronavirus (COVID-19) Pandemic

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

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

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Calculating your ongoing Fund expenses

Example

As a shareholder of a Fund of the Invesco Exchange-Traded Self-Indexed Fund Trust (excluding Invesco Defensive Equity ETF), you incur a unitary management fee. In addition to the unitary management fee, a shareholder may pay distribution fees, if any, brokerage expenses, taxes, interest, litigation expenses, acquired fund fees and expenses 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 (iii) any other matters that directly benefit the Adviser). As a shareholder of Invesco Defensive Equity ETF, you incur advisory fees and other Fund expenses. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held through the six-month period ended February 28, 2021.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Beginning Account Value September 1, 2020			Ending Account Value February 28, 2021			Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period(1)
Invesco Defensive Equity ETF (DEF)
Actual		$	1,000.00		$	1,029.20		0.54	%		$	2.72
Hypothetical (5% return before expenses)			1,000.00			1,022.12		0.54				2.71
Invesco RAFITM Strategic Developed ex-US ETF (ISDX)
Actual			1,000.00			1,238.30		0.23				1.28
Hypothetical (5% return before expenses)			1,000.00			1,023.65		0.23				1.15
Invesco RAFITM Strategic Emerging Markets ETF (ISEM)
Actual			1,000.00			1,225.10		0.35				1.93
Hypothetical (5% return before expenses)			1,000.00			1,023.06		0.35				1.76
Invesco RAFITM Strategic US ETF (IUS)
Actual			1,000.00			1,191.10		0.19				1.03
Hypothetical (5% return before expenses)			1,000.00			1,023.85		0.19				0.95

61

Calculating your ongoing Fund expenses—(continued)

	Beginning Account Value September 1, 2020			Ending Account Value February 28, 2021			Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period(1)
Invesco RAFITM Strategic US Small Company ETF (IUSS)
Actual		$	1,000.00		$	1,475.10		0.23	%		$	1.41
Hypothetical (5% return before expenses)			1,000.00			1,023.65		0.23				1.15

⁽¹⁾  Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the six-month period ended February 28, 2021. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 181/365.

62

Proxy Voting Policies and Procedures

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

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

Quarterly Portfolios

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

Frequency Distribution of Discounts and Premiums

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

©2021 Invesco Capital Management LLC 3500 Lacey Road, Suite 700
Downers Grove, IL 60515	P-SIFT-SAR-2	invesco.com/ETFs

	Invesco Semi-Annual Report to Shareholders
	February 28, 2021
	IIGD	Invesco Investment Grade Defensive ETF
	IIGV	Invesco Investment Grade Value ETF

Table of Contents

Schedules of Investments
Invesco Investment Grade Defensive ETF (IIGD)	3
Invesco Investment Grade Value ETF (IIGV)	7
Statements of Assets and Liabilities	11
Statements of Operations	12
Statements of Changes in Net Assets	13
Financial Highlights	14
Notes to Financial Statements	16
Fund Expenses	24

2

Invesco Investment Grade Defensive ETF (IIGD)

February 28, 2021

(Unaudited)

Schedule of Investments^(a)

	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes-99.12%
Aerospace & Defense-0.66%
Precision Castparts Corp., 3.25%, 06/15/2025	$	550,000	$	599,174
Air Freight & Logistics-0.83%
United Parcel Service, Inc., 2.50%, 04/01/2023		725,000		754,900
Banks-15.73%
Citibank N.A., 3.65%, 01/23/2024		700,000		761,116
Comerica, Inc., 3.70%, 07/31/2023		710,000		763,863
Fifth Third Bancorp, 3.65%, 01/25/2024		695,000		753,304
Fifth Third Bank, 3.95%, 07/28/2025		700,000		787,439
Huntington National Bank (The), 3.55%, 10/06/2023		650,000		701,965
JPMorgan Chase & Co., 3.88%, 09/10/2024		660,000		727,308
KeyBank N.A., 3.30%, 06/01/2025		600,000		658,262
Manufacturers and Traders Trust Co., 2.90%, 02/06/2025		646,000		696,754
Regions Financial Corp., 3.80%, 08/14/2023		670,000		722,032
Truist Bank 1.25%, 03/09/2023		500,000		508,911
3.20%, 04/01/2024		679,000		731,656
2.15%, 12/06/2024		700,000		735,098
Truist Financial Corp. 2.20%, 03/16/2023		706,000		730,858
4.00%, 05/01/2025		650,000		724,737
1.20%, 08/05/2025(b)		716,000		722,832
U.S. Bank N.A. 3.40%, 07/24/2023		700,000		749,128
2.05%, 01/21/2025		700,000		729,878
US Bancorp, 1.45%, 05/12/2025		706,000		720,945
Wells Fargo & Co., 3.00%, 04/22/2026		700,000		756,161
Wells Fargo Bank N.A., 3.55%, 08/14/2023		550,000		592,138
				14,274,385
Beverages-1.65%
Coca-Cola Co. (The), 2.88%, 10/27/2025		693,000		753,578
PepsiCo, Inc., 2.25%, 03/19/2025		709,000		746,573
				1,500,151
Biotechnology-1.44%
Biogen, Inc., 4.05%, 09/15/2025		500,000		561,673
Gilead Sciences, Inc., 3.65%, 03/01/2026		672,000		744,758
				1,306,431
Capital Markets-9.01%
Ameriprise Financial, Inc., 4.00%, 10/15/2023		670,000		732,939
Bank of New York Mellon Corp. (The), 2.20%, 08/16/2023		723,000		754,281
Charles Schwab Corp. (The), 0.90%, 03/11/2026		710,000		703,165
CME Group, Inc., 3.00%, 03/15/2025		670,000		722,251
Goldman Sachs Group, Inc. (The), 3.50%, 04/01/2025		678,000		740,731
Morgan Stanley 3.88%, 01/27/2026		700,000		786,748
Series F, 3.88%, 04/29/2024		667,000		733,605
National Securities Clearing Corp., 1.20%, 04/23/2023(c)		760,000		773,136
S&P Global, Inc., 4.00%, 06/15/2025		630,000		705,656

	Principal Amount		Value
Capital Markets-(continued)
State Street Corp., 3.55%, 08/18/2025	$	676,000	$	750,746
TD Ameritrade Holding Corp., 3.30%, 04/01/2027		700,000		772,478
				8,175,736
Chemicals-2.44%
DuPont de Nemours, Inc., 4.21%, 11/15/2023		660,000		723,242
Linde, Inc., 3.20%, 01/30/2026		674,000		741,671
LYB International Finance B.V., 4.00%, 07/15/2023		691,000		747,251
				2,212,164
Communications Equipment-0.78%
Cisco Systems, Inc., 2.50%, 09/20/2026		665,000		711,168
Consumer Finance-1.63%
American Express Co., 3.70%, 08/03/2023		691,000		744,039
Capital One Bank USA N.A., 3.38%, 02/15/2023		700,000		738,586
				1,482,625
Diversified Financial Services-5.63%
Berkshire Hathaway Energy Co., 4.05%, 04/15/2025(c)		640,000		712,799
Berkshire Hathaway, Inc., 3.13%, 03/15/2026		683,000		748,530
ERAC USA Finance LLC 2.70%, 11/01/2023(c)		693,000		730,351
3.80%, 11/01/2025(c)		700,000		777,819
MidAmerican Energy Co., 3.65%, 04/15/2029		622,000		711,892
National Rural Utilities Cooperative Finance Corp., 3.40%, 02/07/2028		629,000		699,155
Nuveen LLC, 4.00%, 11/01/2028(c)		634,000		730,122
				5,110,668
Electric Utilities-5.63%
Duke Energy Carolinas LLC, 3.95%, 11/15/2028		652,000		754,370
Entergy Arkansas LLC, 3.50%, 04/01/2026		647,000		715,738
Entergy Louisiana LLC, 0.62%, 11/17/2023		650,000		651,399
Florida Power & Light Co., 2.85%, 04/01/2025		677,000		725,987
Georgia Power Co., Series A, 2.10%, 07/30/2023		729,000		758,082
NSTAR Electric Co., 3.20%, 05/15/2027		692,000		765,264
Southern California Edison Co., Series E, 3.70%, 08/01/2025		675,000		741,739
				5,112,579
Electrical Equipment-0.82%
Emerson Electric Co., 0.88%, 10/15/2026		755,000		743,225
Energy Equipment & Services-0.83%
Schlumberger Investment S.A., 3.65%, 12/01/2023		702,000		756,139
Equity REITs-0.83%
Federal Realty Investment Trust, 3.95%, 01/15/2024		694,000		756,036
Food & Staples Retailing-0.82%
Walmart, Inc., 3.40%, 06/26/2023		693,000		740,319

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

3

Invesco Investment Grade Defensive ETF (IIGD)–(continued)

February 28, 2021

(Unaudited)

	Principal Amount		Value
Food Products-1.61%
Archer-Daniels-Midland Co., 2.50%, 08/11/2026	$	669,000	$	712,544
Cargill, Inc., 1.38%, 07/23/2023(c)		734,000		751,646
				1,464,190
Gas Utilities-0.80%
Southern California Gas Co., Series XX, 2.55%, 02/01/2030		700,000		726,185
Health Care Equipment & Supplies-3.22%
Abbott Laboratories, 3.75%, 11/30/2026		655,000		744,607
Ascension Health, Series B, 2.53%, 11/15/2029		704,000		735,892
Medtronic, Inc., 3.50%, 03/15/2025		633,000		696,055
Providence St. Joseph Health Obligated Group, Series 19A, 2.53%, 10/01/2029		715,000		745,642
				2,922,196
Health Care Providers & Services-1.41%
McKesson Corp., 3.80%, 03/15/2024		500,000		543,862
UnitedHealth Group, Inc., 3.75%, 07/15/2025		662,000		737,951
				1,281,813
Industrial Conglomerates-0.82%
Honeywell International, Inc., 2.50%, 11/01/2026		695,000		747,448
Insurance-11.26%
Athene Global Funding, 0.95%, 01/08/2024(c)		700,000		700,925
Chubb INA Holdings, Inc., 3.35%, 05/03/2026		667,000		735,545
Equitable Financial Life Global Funding, 1.40%, 07/07/2025(c)		734,000		740,697
Five Corners Funding Trust, 4.42%, 11/15/2023(c)		728,000		803,315
MassMutual Global Funding II, 0.85%, 06/09/2023(c)		650,000		656,766
MetLife, Inc., Series D, 4.37%, 09/15/2023		737,000		810,299
Metropolitan Life Global Funding I 0.90%, 06/08/2023(c)		720,000		727,963
3.45%, 12/18/2026(c)		600,000		673,892
New York Life Global Funding, 0.85%, 01/15/2026(c)		700,000		691,472
Northwestern Mutual Global Funding, 0.80%, 01/14/2026(c)		700,000		690,866
Nuveen Finance LLC, 4.13%, 11/01/2024(c)		679,000		759,374
Pacific Life Global Funding II, 0.50%, 09/23/2023(c)		730,000		731,448
Principal Life Global Funding II, 3.00%, 04/18/2026(c)		707,000		765,490
Prudential Financial, Inc., 3.50%, 05/15/2024		668,000		731,612
				10,219,664
Interactive Media & Services-0.79%
Alphabet, Inc., 1.10%, 08/15/2030		765,000		719,093
Internet & Direct Marketing Retail-0.79%
Amazon.com, Inc., 3.15%, 08/22/2027		647,000		715,150
IT Services-1.61%
Automatic Data Processing, Inc., 3.38%, 09/15/2025		648,000		717,722
Visa, Inc., 3.15%, 12/14/2025		674,000		739,132
				1,456,854
Life Sciences Tools & Services-0.79%
Agilent Technologies, Inc., 3.88%, 07/15/2023		672,000		720,208

	Principal Amount		Value
Machinery-4.22%
Caterpillar Financial Services Corp., 0.65%, 07/07/2023	$	751,000	$	756,441
Caterpillar, Inc., 3.40%, 05/15/2024		779,000		844,886
Deere & Co., 2.75%, 04/15/2025(b)		701,000		751,677
Illinois Tool Works, Inc., 2.65%, 11/15/2026		690,000		744,529
John Deere Capital Corp., 2.80%, 03/06/2023		693,000		728,636
				3,826,169
Media-0.79%
Sky Ltd. (United Kingdom), 3.75%, 09/16/2024(c)		650,000		719,602
Multiline Retail-0.82%
Target Corp., 2.25%, 04/15/2025		709,000		746,061
Multi-Utilities-4.07%
Consolidated Edison, Inc., Series A, 0.65%, 12/01/2023		720,000		720,781
Eastern Energy Gas Holdings LLC, Series A, 2.50%, 11/15/2024		690,000		731,066
PSEG Power LLC, 3.85%, 06/01/2023		687,000		736,546
Public Service Enterprise Group, Inc., 2.88%, 06/15/2024		700,000		747,632
WEC Energy Group, Inc., 0.55%, 09/15/2023		755,000		757,029
				3,693,054
Oil, Gas & Consumable Fuels-5.58%
Chevron Corp., 1.55%, 05/11/2025		724,000		740,814
Chevron USA, Inc., 0.69%, 08/12/2025		736,000		725,887
ConocoPhillips, 4.95%, 03/15/2026		634,000		742,956
Enterprise Products Operating LLC, 3.35%, 03/15/2023		739,000		775,642
EOG Resources, Inc., 2.63%, 03/15/2023		703,000		732,402
Exxon Mobil Corp., 1.57%, 04/15/2023		714,000		732,452
Midwest Connector Capital Co. LLC, 3.90%, 04/01/2024(c)		600,000		615,203
				5,065,356
Paper & Forest Products-0.55%
Georgia-Pacific LLC, 0.63%, 05/15/2024(c)		500,000		499,295
Pharmaceuticals-2.52%
Johnson & Johnson, 2.45%, 03/01/2026		733,000		784,542
Merck & Co., Inc., 2.75%, 02/10/2025		693,000		740,951
Pfizer, Inc., 3.00%, 12/15/2026		685,000		756,570
				2,282,063
Road & Rail-0.82%
Burlington Northern Santa Fe LLC, 3.85%, 09/01/2023		693,000		743,332
Semiconductors & Semiconductor Equipment-2.49%
Intel Corp., 3.70%, 07/29/2025		643,000		713,112
Texas Instruments, Inc., 1.38%, 03/12/2025		761,000		778,402
Xilinx, Inc., 2.95%, 06/01/2024		719,000		767,358
				2,258,872
Software-1.63%
Microsoft Corp., 2.40%, 08/08/2026		670,000		714,163
Oracle Corp., 2.50%, 04/01/2025		719,000		760,135
				1,474,298

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

4

Invesco Investment Grade Defensive ETF (IIGD)–(continued)

February 28, 2021

(Unaudited)

	Principal Amount		Value
Specialty Retail-1.34%
Ross Stores, Inc., 4.60%, 04/15/2025	$	400,000	$	453,552
TJX Cos., Inc. (The), 3.50%, 04/15/2025		692,000		758,032
				1,211,584
Technology Hardware, Storage & Peripherals-0.80%
Apple, Inc., 2.40%, 05/03/2023		695,000		726,238
Textiles, Apparel & Luxury Goods-0.86%
VF Corp., 2.40%, 04/23/2025		739,000		775,822
Tobacco-0.80%
Philip Morris International, Inc., 2.88%, 05/01/2024		678,000		722,360
Total U.S. Dollar Denominated Bonds & Notes (Cost $88,864,733)				89,952,607
	Shares
Money Market Funds-0.32%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(d)(e) (Cost $286,480)		286,480		286,480
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.44% (Cost $89,151,213)				90,239,087

	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-0.83%
Invesco Private Government Fund, 0.01%(d)(e)(f)		303,160	$	303,160
Invesco Private Prime Fund, 0.11%(d)(e)(f)		454,559		454,741
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $757,901)				757,901
TOTAL INVESTMENTS IN SECURITIES-100.27% (Cost $89,909,114)				90,996,988
OTHER ASSETS LESS LIABILITIES-(0.27)%				(241,574	)
NET ASSETS-100.00%			$	90,755,414

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 February 28, 2021.

^(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 February 28, 2021 was $14,252,181, which represented 15.70% of the Fund’s Net Assets.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2021.

	Value August 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value February 28, 2021			Dividend Income
Investments in Affiliated Money   Market Funds:
Invesco Government & Agency   Portfolio, Institutional Class		$	-		$	3,636,174		$	(3,349,694	)		$	-		$	-		$	286,480		$	27
Invesco Premier U.S. Government Money Portfolio, Institutional Class			648,673			934,288			(1,582,961	)			-			-			-			2
Investments Purchased with
Cash Collateral from Securities on Loan:
Invesco Private Government Fund			810,727			2,885,335			(3,392,902	)			-			-			303,160			48	*
Invesco Private Prime Fund			270,242			3,863,794			(3,679,351	)			-			56			454,741			237	*
Total		$	1,729,642		$	11,319,591		$	(12,004,908	)		$	-		$	56		$	1,044,381		$	314

* 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.

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

5

Invesco Investment Grade Defensive ETF (IIGD)–(continued)

February 28, 2021

(Unaudited)

^(e)  The rate shown is the 7-day SEC standardized yield as of February 28, 2021.

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

Portfolio Composition

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

as of February 28, 2021

Financials	43.26
Utilities	10.50
Health Care	9.38
Industrials	8.17
Information Technology	7.31
Energy	6.41
Consumer Staples	4.88
Consumer Discretionary	3.81
Sector Types Each Less Than 3%	5.40
Money Market Funds Plus Other Assets Less Liabilities	0.88

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

6

Invesco Investment Grade Value ETF (IIGV)

February 28, 2021

(Unaudited)

Schedule of Investments^(a)

	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes-99.03%
Aerospace & Defense-2.59%
General Dynamics Corp., 3.75%, 05/15/2028	$	200,000	$	226,784
L3Harris Technologies, Inc., 4.40%, 06/15/2028		230,000		267,291
Raytheon Technologies Corp., 4.13%, 11/16/2028		230,000		264,175
Textron, Inc., 3.00%, 06/01/2030		260,000		270,136
				1,028,386
Air Freight & Logistics-0.58%
C.H. Robinson Worldwide, Inc., 4.20%, 04/15/2028(b)		200,000		228,466
Airlines-1.15%
Delta Air Lines, Inc./SkyMiles IP Ltd., 4.75%, 10/20/2028(c)		200,000		221,313
Southwest Airlines Co., 5.13%, 06/15/2027		200,000		233,720
				455,033
Auto Components-0.57%
Lear Corp., 3.80%, 09/15/2027		206,000		227,130
Automobiles-0.56%
Harley-Davidson Financial Services, Inc., 3.35%, 06/08/2025(c)		210,000		222,087
Banks-2.33%
Citigroup, Inc., 4.45%, 09/29/2027		100,000		115,021
PNC Bank N.A., 4.05%, 07/26/2028		250,000		287,408
PNC Financial Services Group, Inc. (The), 2.55%, 01/22/2030		250,000		261,488
U.S. Bank N.A., 2.05%, 01/21/2025		250,000		260,671
				924,588
Beverages-0.68%
Keurig Dr Pepper, Inc., 4.60%, 05/25/2028		230,000		270,886
Biotechnology-1.01%
Gilead Sciences, Inc., 3.65%, 03/01/2026		150,000		166,241
Regeneron Pharmaceuticals, Inc., 1.75%, 09/15/2030		250,000		235,970
				402,211
Building Products-0.66%
Fortune Brands Home & Security, Inc., 3.25%, 09/15/2029		246,000		262,891
Capital Markets-7.62%
Apollo Management Holdings L.P., 4.87%, 02/15/2029(c)		233,000		271,377
Ares Capital Corp., 4.25%, 03/01/2025		250,000		269,995
Cboe Global Markets, Inc., 3.65%, 01/12/2027		195,000		218,433
FMR LLC, 7.57%, 06/15/2029(c)		250,000		355,760
Franklin Resources, Inc., 1.60%, 10/30/2030		200,000		190,001
Goldman Sachs Group, Inc. (The), 3.50%, 04/01/2025		200,000		218,505
Jefferies Group LLC/Jefferies Group Capital Finance, Inc., 4.15%, 01/23/2030		240,000		270,993
KKR Group Finance Co. VI LLC, 3.75%, 07/01/2029(c)		190,000		216,191
Morgan Stanley, 3.88%, 01/27/2026		240,000		269,742
National Securities Clearing Corp., 1.20%, 04/23/2023(c)		250,000		254,321

	Principal Amount		Value
Capital Markets-(continued)
Northern Trust Corp., 1.95%, 05/01/2030	$	270,000	$	270,201
TD Ameritrade Holding Corp., 3.30%, 04/01/2027		195,000		215,190
				3,020,709
Chemicals-1.97%
Air Products and Chemicals, Inc., 2.05%, 05/15/2030		250,000		252,954
Dow Chemical Co. (The), 7.38%, 11/01/2029		200,000		278,373
Nutrition & Biosciences, Inc., 2.30%, 11/01/2030(c)		250,000		249,675
				781,002
Commercial Services & Supplies-0.54%
Cintas Corp. No. 2, 3.70%, 04/01/2027		190,000		214,466
Communications Equipment-0.67%
Cisco Systems, Inc., 2.50%, 09/20/2026		250,000		267,356
Construction Materials-0.67%
Vulcan Materials Co., 3.50%, 06/01/2030		240,000		264,387
Consumer Finance-0.58%
GE Capital Funding LLC, 4.40%, 05/15/2030(c)		200,000		228,526
Containers & Packaging-1.39%
Sonoco Products Co., 3.13%, 05/01/2030		260,000		276,053
WRKCo, Inc., 4.90%, 03/15/2029		229,000		274,380
				550,433
Diversified Consumer Services-0.66%
Block Financial LLC, 3.88%, 08/15/2030		250,000		261,830
Diversified Financial Services-3.92%
Berkshire Hathaway, Inc., 3.13%, 03/15/2026		310,000		339,743
Equitable Holdings, Inc., 4.35%, 04/20/2028		194,000		220,789
ERAC USA Finance LLC, 3.80%, 11/01/2025(c)		207,000		230,012
National Rural Utilities Cooperative Finance Corp., 3.40%, 02/07/2028		240,000		266,768
Nuveen LLC, 4.00%, 11/01/2028(c)		230,000		264,871
Pine Street Trust I, 4.57%, 02/15/2029(c)		200,000		233,169
				1,555,352
Diversified Telecommunication Services-1.33%
AT&T, Inc., 4.30%, 02/15/2030		230,000		262,289
Verizon Communications, Inc., 4.33%, 09/21/2028		230,000		266,618
				528,907
Electric Utilities-5.66%
AEP Texas, Inc., Series I, 2.10%, 07/01/2030		270,000		270,746
American Electric Power Co., Inc., Series J, 4.30%, 12/01/2028		190,000		218,413
Consolidated Edison Co. of New York, Inc., Series 20A, 3.35%, 04/01/2030		240,000		264,309
DTE Electric Co., 2.25%, 03/01/2030(b)		260,000		266,817
Duke Energy Progress LLC, 3.45%, 03/15/2029		250,000		277,667
Eversource Energy, Series R, 1.65%, 08/15/2030		200,000		192,071
Exelon Corp., 4.05%, 04/15/2030		190,000		216,698

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

7

Invesco Investment Grade Value ETF (IIGV)–(continued)

February 28, 2021

(Unaudited)

	Principal Amount		Value
Electric Utilities-(continued)
Jersey Central Power & Light Co., 4.30%, 01/15/2026(c)	$	250,000	$	276,101
Xcel Energy, Inc., 4.00%, 06/15/2028		230,000		260,808
				2,243,630
Electronic Equipment, Instruments & Components-0.71%
Amphenol Corp., 2.80%, 02/15/2030		270,000		282,702
Energy Equipment & Services-0.73%
Schlumberger Holdings Corp., 3.90%, 05/17/2028(c)		259,000		288,696
Entertainment-0.66%
Walt Disney Co. (The), 2.65%, 01/13/2031		250,000		260,681
Equity REITs-7.22%
American Tower Corp., 3.80%, 08/15/2029		250,000		277,996
AvalonBay Communities, Inc., 2.30%, 03/01/2030		260,000		265,321
Boston Properties L.P., 3.25%, 01/30/2031		250,000		263,218
Camden Property Trust, 2.80%, 05/15/2030		250,000		263,216
ERP Operating L.P., 3.00%, 07/01/2029		250,000		267,695
Healthcare Trust of America Holdings L.P., 3.10%, 02/15/2030		260,000		274,591
Prologis L.P., 2.25%, 04/15/2030		250,000		254,795
Realty Income Corp., 3.25%, 01/15/2031		200,000		216,682
Regency Centers L.P., 3.70%, 06/15/2030		250,000		274,397
Simon Property Group L.P., 2.45%, 09/13/2029 .		231,000		233,667
Ventas Realty L.P., 4.40%, 01/15/2029		240,000		272,752
				2,864,330
Food & Staples Retailing-2.01%
Costco Wholesale Corp., 1.60%, 04/20/2030		270,000		262,776
Mars, Inc., 3.20%, 04/01/2030(c)		240,000		264,142
Sysco Corp., 5.95%, 04/01/2030		210,000		268,581
				795,499
Food Products-2.56%
Campbell Soup Co., 4.15%, 03/15/2028		240,000		275,086
Hormel Foods Corp., 1.80%, 06/11/2030		220,000		216,383
Ingredion, Inc., 2.90%, 06/01/2030		250,000		262,479
Mondelez International, Inc., 2.75%, 04/13/2030(b)		250,000		260,664
				1,014,612
Gas Utilities-1.48%
Piedmont Natural Gas Co., Inc., 3.50%, 06/01/2029		277,000		307,000
Southern California Gas Co., Series XX, 2.55%, 02/01/2030		270,000		280,100
				587,100
Health Care Equipment & Supplies-3.30%
Ascension Health, Series B, 2.53%, 11/15/2029		210,000		219,513
Boston Scientific Corp., 2.65%, 06/01/2030		260,000		268,015
DENTSPLY SIRONA, Inc., 3.25%, 06/01/2030		250,000		265,561
Edwards Lifesciences Corp., 4.30%, 06/15/2028		250,000		285,883
Providence St. Joseph Health Obligated Group, Series 19A, 2.53%, 10/01/2029		260,000		271,142
				1,310,114
Health Care Providers & Services-4.05%
Cigna Corp., 4.38%, 10/15/2028		230,000		267,290

	Principal Amount		Value
Health Care Providers & Services-(continued)
CommonSpirit Health, 3.35%, 10/01/2029	$	260,000	$	279,672
CVS Health Corp., 4.30%, 03/25/2028		234,000		268,806
Health Care Service Corp., 2.20%, 06/01/2030(c)		270,000		270,480
Quest Diagnostics, Inc., 2.95%, 06/30/2030		250,000		265,496
Sutter Health, Series 20A, 2.29%, 08/15/2030		250,000		253,635
				1,605,379
Household Durables-0.67%
NVR, Inc., 3.00%, 05/15/2030		250,000		264,680
Household Products-1.33%
Kimberly-Clark Corp., 3.10%, 03/26/2030		240,000		263,199
Procter & Gamble Co. (The), 3.00%, 03/25/2030		240,000		262,274
				525,473
Industrial Conglomerates-2.77%
3M Co., 2.38%, 08/26/2029		210,000		218,458
Carlisle Cos., Inc., 2.75%, 03/01/2030		290,000		298,809
General Electric Co., 3.63%, 05/01/2030		270,000		293,407
Roper Technologies, Inc., 4.20%, 09/15/2028		250,000		287,602
				1,098,276
Insurance-6.42%
Aflac, Inc., 3.60%, 04/01/2030		290,000		325,490
Athene Global Funding, 0.95%, 01/08/2024(c)		200,000		200,264
Athene Holding Ltd., 4.13%, 01/12/2028		256,000		282,708
Berkshire Hathaway Finance Corp., 1.45%, 10/15/2030		200,000		193,562
Brighthouse Financial, Inc., 3.70%, 06/22/2027		264,000		287,079
Fidelity National Financial, Inc., 3.40%, 06/15/2030		260,000		278,511
Marsh & McLennan Cos., Inc., 4.38%, 03/15/2029		223,000		261,456
Metropolitan Life Global Funding I, 3.45%, 12/18/2026(c)		200,000		224,631
Principal Financial Group, Inc., 2.13%, 06/15/2030		230,000		227,829
Reinsurance Group of America, Inc., 3.90%, 05/15/2029		240,000		266,140
				2,547,670
Interactive Media & Services-0.59%
Alphabet, Inc., 1.10%, 08/15/2030		250,000		234,998
Internet & Direct Marketing Retail-0.69%
Booking Holdings, Inc., 4.63%, 04/13/2030		230,000		273,540
IT Services-3.41%
Amdocs Ltd., 2.54%, 06/15/2030		270,000		271,613
Broadridge Financial Solutions, Inc., 2.90%, 12/01/2029		250,000		262,411
Fiserv, Inc., 3.50%, 07/01/2029		240,000		263,585
International Business Machines Corp., 3.50%, 05/15/2029		250,000		274,925
Mastercard, Inc., 3.35%, 03/26/2030		250,000		279,194
				1,351,728
Life Sciences Tools & Services-0.55%
PerkinElmer, Inc., 3.30%, 09/15/2029		201,000		216,078

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

8

Invesco Investment Grade Value ETF (IIGV)–(continued)

February 28, 2021

(Unaudited)

	Principal Amount		Value
Machinery-1.25%
Cummins, Inc., 1.50%, 09/01/2030	$	250,000	$	239,083
Otis Worldwide Corp., 2.57%, 02/15/2030		250,000		256,401
				495,484
Media-2.34%
Comcast Corp., 4.15%, 10/15/2028		100,000		115,874
Fox Corp., 4.71%, 01/25/2029		230,000		268,958
Interpublic Group of Cos., Inc. (The), 4.75%, 03/30/2030		230,000		272,964
ViacomCBS, Inc., 7.88%, 07/30/2030		190,000		269,085
				926,881
Multiline Retail-0.59%
Nordstrom, Inc., 8.75%, 05/15/2025(c)		210,000		234,213
Multi-Utilities-2.53%
Ameren Corp., 3.50%, 01/15/2031		250,000		276,698
Dominion Energy, Inc., Series C, 3.38%, 04/01/2030		240,000		261,454
San Diego Gas & Electric Co., Series VVV, 1.70%, 10/01/2030		250,000		240,872
Sempra Energy, 3.40%, 02/01/2028		206,000		226,231
				1,005,255
Oil, Gas & Consumable Fuels-7.52%
Chevron Corp., 1.55%, 05/11/2025		270,000		276,270
Chevron Phillips Chemical Co. LLC/Chevron
Phillips Chemical Co. L.P., 3.40%, 12/01/2026(c)		250,000		275,296
Colonial Enterprises, Inc., 3.25%, 05/15/2030(c) .		242,000		263,304
ConocoPhillips, 6.95%, 04/15/2029		200,000		272,659
Gray Oak Pipeline LLC, 2.60%, 10/15/2025(c)		250,000		255,297
Midwest Connector Capital Co. LLC, 3.90%, 04/01/2024(c)		250,000		256,334
ONEOK, Inc., 4.55%, 07/15/2028		250,000		280,115
Phillips 66, 2.15%, 12/15/2030		150,000		145,422
Phillips 66 Partners L.P., 3.15%, 12/15/2029		240,000		243,142
Pioneer Natural Resources Co., 1.90%, 08/15/2030		290,000		277,096
Tennessee Gas Pipeline Co. LLC, 2.90%, 03/01/2030(c)		270,000		276,590
Valero Energy Corp., 3.40%, 09/15/2026		150,000		160,714
				2,982,239
Paper & Forest Products-0.67%
Georgia-Pacific LLC, 2.30%, 04/30/2030(c)		260,000		266,810
Personal Products-0.53%
Estee Lauder Cos., Inc. (The), 2.60%, 04/15/2030		200,000		211,015
Pharmaceuticals-1.35%
Bristol-Myers Squibb Co., 3.40%, 07/26/2029		240,000		267,675
Eli Lilly and Co., 3.38%, 03/15/2029		240,000		267,737
				535,412
Road & Rail-0.53%
Union Pacific Corp., 3.95%, 09/10/2028		184,000		210,483

	Principal Amount		Value
Semiconductors & Semiconductor Equipment-1.21%
Lam Research Corp., 4.00%, 03/15/2029	$	231,000	$	266,587
NVIDIA Corp., 2.85%, 04/01/2030		200,000		214,138
				480,725
Software-2.16%
Adobe, Inc., 2.30%, 02/01/2030		260,000		267,699
Citrix Systems, Inc., 4.50%, 12/01/2027		250,000		289,158
salesforce.com, inc., 3.70%, 04/11/2028		100,000		113,514
ServiceNow, Inc., 1.40%, 09/01/2030		200,000		185,098
				855,469
Technology Hardware, Storage & Peripherals-0.68%
Hewlett Packard Enterprise Co., 4.90%, 10/15/2025		236,000		271,568
Textiles, Apparel & Luxury Goods-1.37%
NIKE, Inc., 2.85%, 03/27/2030		250,000		269,358
Ralph Lauren Corp., 2.95%, 06/15/2030		260,000		275,072
				544,430
Tobacco-0.69%
Altria Group, Inc., 4.80%, 02/14/2029		233,000		272,183
Trading Companies & Distributors-0.65%
Air Lease Corp., 2.88%, 01/15/2026		250,000		259,628
Water Utilities-0.67%
American Water Capital Corp., 3.75%, 09/01/2028		237,000		267,406
Total U.S. Dollar Denominated Bonds & Notes (Cost $39,292,930)				39,279,033
	Shares
Money Market Funds-0.20%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(d)(e) (Cost $79,322)		79,322		79,322
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.23% (Cost $39,372,252)				39,358,355
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-1.36%
Invesco Private Government Fund, 0.01%(d)(e)(f)		216,204		216,204
Invesco Private Prime Fund, 0.11%(d)(e)(f)		324,176		324,306
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $540,510)				540,510
TOTAL INVESTMENTS IN SECURITIES-100.59% (Cost $39,912,762)				39,898,865
OTHER ASSETS LESS LIABILITIES-(0.59)%				(235,497	)
NET ASSETS-100.00%			$	39,663,368

Investment Abbreviations:

REIT-Real Estate Investment Trust

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

9

Invesco Investment Grade Value ETF (IIGV)–(continued)

February 28, 2021

(Unaudited)

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  All or a portion of this security was out on loan at February 28, 2021.

^(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 February 28, 2021 was $6,099,460, which represented 15.38% of the Fund’s Net Assets.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2021.

											Change in
	Value			Purchases			Proceeds				Unrealized			Realized			Value			Dividend
	August 31, 2020			at Cost			from Sales				Appreciation			Gain			February 28, 2021			Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency
Portfolio, Institutional Class		$	-		$	1,919,909		$	(1,840,587	)		$	-		$	-		$	79,322		$	15
Invesco Premier U.S. Government
Money Portfolio, Institutional Class			65,733			354,393			(420,126	)			-			-			-			2
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			-			2,251,302			(2,035,098	)			-			-			216,204			25	*
Invesco Private Prime Fund			-			1,632,243			(1,307,946	)			-			9			324,306			61	*
Total		$	65,733		$	6,157,847		$	(5,603,757	)		$	-		$	9		$	619,832		$	103

* 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 February 28, 2021.

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

Portfolio Composition

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

as of February 28, 2021

Financials	21.56
Industrials	10.72
Utilities	10.34
Health Care	10.26
Information Technology	8.84
Energy	8.25
Consumer Staples	7.80
Real Estate	6.53
Consumer Discretionary	5.11
Communication Services	4.92
Materials	4.70
Money Market Funds Plus Other Assets Less Liabilities	0.97

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

10

Statements of Assets and Liabilities

February 28, 2021

(Unaudited)

	Invesco Investment Grade Defensive ETF (IIGD)			Invesco Investment Grade Value ETF (IIGV)
Assets:
Unaffiliated investments in securities, at value(a)		$	89,952,607		$	39,279,033
Affiliated investments in securities, at value			1,044,381			619,832
Receivable for:
Dividends and interest			651,817			340,514
Securities lending			457			26
Investments sold			4,470,661			1,011,833
Total assets			96,119,923			41,251,238
Liabilities:
Payable for:
Investments purchased			4,597,509			1,043,435
Collateral upon return of securities loaned			757,901			540,510
Accrued unitary management fees			9,099			3,925
Total liabilities			5,364,509			1,587,870
Net Assets		$	90,755,414		$	39,663,368
Net assets consist of:
Shares of beneficial interest		$	89,096,052		$	38,868,249
Distributable earnings			1,659,362			795,119
Net Assets		$	90,755,414		$	39,663,368
Shares outstanding (unlimited amount authorized, $0.01 par value)			3,400,001			1,450,001
Net asset value		$	26.69		$	27.35
Market price		$	26.70		$	27.37
Unaffiliated investments in securities, at cost		$	88,864,733		$	39,292,930
Affiliated investments in securities, at cost		$	1,044,381		$	619,832
(a) Includes securities on loan with an aggregate value of:		$	742,411		$	523,486

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

11

Statements of Operations

For the six months ended February 28, 2021

(Unaudited)

	Invesco Investment Grade Defensive ETF (IIGD)				Invesco Investment Grade Value ETF (IIGV)
Investment income:
Unaffiliated interest income		$	610,887			$	460,447
Affiliated dividend income			29				17
Securities lending income			2,051				252
Total investment income			612,967				460,716
Expenses:
Unitary management fees			55,250				28,160
Less: Waivers			(209	)			(115	)
Net expenses			55,041				28,045
Net investment income			557,926				432,671
Realized and unrealized gain (loss) from:
Net realized gain from:
Unaffiliated investment securities			637,585				442,530
Affiliated investment securities			56				9
In-kind redemptions			162,303				447,208
Net realized gain			799,944				889,747
Change in net unrealized appreciation (depreciation) on investment securities			(1,868,763	)			(1,506,159	)
Net realized and unrealized gain (loss)			(1,068,819	)			(616,412	)
Net increase (decrease) in net assets resulting from operations		$	(510,893	)		$	(183,741	)

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

12

Statements of Changes in Net Assets

For the six months ended February 28, 2021 and the year ended August 31, 2020

(Unaudited)

	Invesco Investment Grade						Invesco Investment Grade
	Defensive ETF (IIGD)						Value ETF (IIGV)
	Six Months Ended			Year Ended			Six Months Ended			Year Ended
	February 28,			August 31,			February 28,			August 31,
	2021			2020			2021			2020
Operations:
Net investment income		$     557,926			$   1,500,778			$     432,671			$   1,108,446
Net realized gain		799,944			1,306,254			889,747			1,355,267
Change in net unrealized appreciation (depreciation)		(1,868,763	)		1,920,469			(1,506,159	)		309,388
Net increase (decrease) in net assets resulting from operations		(510,893	)		4,727,501			(183,741	)		2,773,101
Distributions to Shareholders from:
Distributable earnings		(1,901,350	)		(1,567,509	)		(1,160,144	)		(1,350,305	)
Shareholder Transactions:
Proceeds from shares sold		13,638,283			21,277,639			9,895,434			13,794,077
Value of shares repurchased		(4,117,543	)		(6,571,405	)		(9,897,484	)		(16,446,175	)
Transaction fees		-			36,426			-			6,776
Net increase (decrease) in net assets resulting from share transactions		9,520,740			14,742,660			(2,050	)		(2,645,322	)
Net increase (decrease) in net assets.		7,108,497			17,902,652			(1,345,935	)		(1,222,526	)
Net assets:
Beginning of period		83,646,917			65,744,265			41,009,303			42,231,829
End of period		$90,755,414			$83,646,917			$39,663,368			$41,009,303
Changes in Shares Outstanding:
Shares sold		500,000			800,000			350,000			500,000
Shares repurchased		(150,000	)		(250,000	)		(350,000	)		(600,000	)
Shares outstanding, beginning of period		3,050,001			2,500,001			1,450,001			1,550,001
Shares outstanding, end of period		3,400,001			3,050,001			1,450,001			1,450,001

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

13

Financial Highlights

Invesco Investment Grade Defensive ETF (IIGD)

	Six Months Ended February 28, 2021				Years Ended August 31,								For the Period July 23, 2018(a) Through August 31,
	(Unaudited)				2020				2019				2018
Per Share Operating Performance:
Net asset value at beginning of period		$	27.43			$	26.30			$	25.16			$	25.00
Net investment income(b)			0.18				0.53				0.66				0.08
Net realized and unrealized gain (loss) on investments			(0.33	)			1.14				1.03				0.13
Total from investment operations			(0.15	)			1.67				1.69				0.21
Distributions to shareholders from:
Net investment income			(0.18	)			(0.53	)			(0.78	)			(0.05	)
Net realized gains			(0.41	)			(0.02	)			(0.01	)			-
Total distributions			(0.59	)			(0.55	)			(0.79	)			(0.05	)
Transaction fees(b)			-				0.01				0.24				-
Net asset value at end of period		$	26.69			$	27.43			$	26.30			$	25.16
Market price at end of period(c)		$	26.70			$	27.41			$	26.37			$	25.17
Net Asset Value Total Return(d)			(0.58	)%			6.50	%			7.81	%			0.83	%(e)
Market Price Total Return(d)			(0.47	)%			6.13	%			8.05	%			0.87	%(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)			$90,755				$83,647				$65,744				$6,291
Ratio to average net assets of:
Expenses, after Waivers			0.13	%(f)			0.13	%			0.15	%(g)			0.12	%(f)
Expenses, prior to Waivers			0.13	%(f)			0.13	%			0.15	%(g)			0.13	%(f)
Net investment income			1.31	%(f)			1.98	%			2.57	%(g)			3.16	%(f)
Portfolio turnover rate(h)			29	%			74	%			71	%			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 (July 25, 2018, the first day of trading on the Exchange) to August 31, 2018 was 0.67%. The market price total return from Fund Inception to August 31, 2018 was 0.83%.

^(f)  Annualized.

^(g)  Ratios include non-recurring costs associated with a proxy statement of 0.02%.

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

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

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Financial Highlights–(continued)

Invesco Investment Grade Value ETF (IIGV)

	Six Months Ended February 28, 2021				Years Ended August 31,								For the Period July 23, 2018(a) Through August 31,
	(Unaudited)				2020				2019				2018
Per Share Operating Performance:
Net asset value at beginning of period		$	28.28			$	27.25			$	25.23			$	25.00
Net investment income(b)			0.28				0.73				0.86				0.10
Net realized and unrealized gain (loss) on investments			(0.45	)			1.19				1.95				0.19
Total from investment operations			(0.17	)			1.92				2.81				0.29
Distributions to shareholders from:
Net investment income			(0.28	)			(0.73	)			(0.95	)			(0.06	)
Net realized gains			(0.48	)			(0.16	)			(0.02	)			-
Total distributions			(0.76	)			(0.89	)			(0.97	)			(0.06	)
Transaction fees(b)			-				0.00	(c)			0.18				-
Net asset value at end of period		$	27.35			$	28.28			$	27.25			$	25.23
Market price at end of period(d)		$	27.37			$	28.32			$	27.32			$	25.23
Net Asset Value Total Return(e)			(0.65	)%			7.25	%			12.23	%			1.14	%(f)
Market Price Total Return(e)			(0.71	)%			7.13	%			12.51	%			1.14	%(f)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)			$39,663				$41,009				$42,232				$6,307
Ratio to average net assets of:
Expenses, after Waivers			0.13	%(g)			0.13	%			0.15	%(h)			0.13	%(g)
Expenses, prior to Waivers.			0.13	%(g)			0.13	%			0.16	%(h)			0.13	%(g)
Net investment income			2.00	%(g)			2.69	%			3.31	%(h)			3.76	%(g)
Portfolio turnover rate(i)			34	%			178	%			112	%			16	%

^(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 (July 25, 2018, the first day of trading on the Exchange) to August 31, 2018 was 0.78%. The market price total return from Fund Inception to August 31, 2018 was 0.78%.

^(g)  Annualized.

^(h)  Ratios include non-recurring costs associated with a proxy statement of 0.03%.

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

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

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Notes to Financial Statements

Invesco Exchange-Traded Self-Indexed Fund Trust

February 28, 2021

(Unaudited)

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 Investment Grade Defensive ETF (IIGD)	“Investment Grade Defensive ETF”
Invesco Investment Grade Value ETF (IIGV)	“Investment Grade Value ETF”

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

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

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

Fund	Underlying Index
Investment Grade Defensive ETF	Invesco Investment Grade Defensive Index
Investment Grade Value ETF	Invesco Investment Grade Value Index

NOTE 2–Significant Accounting Policies

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

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

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

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

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

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

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

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

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

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

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

B. Other Risks

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

Call Risk. If interest rates fall, it is possible that issuers of callable securities with high interest coupons will “call” (or prepay) their bonds before their maturity date. If an issuer exercises such a call during a period of declining interest rates, a Fund may have to replace such called security with a lower yielding security. If that were to happen, such Fund’s net investment income could fall.

Cash Transaction Risk. Most exchange-traded funds (“ETFs”) generally make in-kind redemptions to avoid being taxed on gains on the distributed portfolio securities at the fund level. However, unlike most ETFs, certain Funds currently intend to effect creations and redemptions principally for cash, rather than principally in-kind, because of the nature of the Fund’s investments. As such, each Fund may be required to sell portfolio securities to obtain the cash needed to distribute redemption proceeds. Therefore, a Fund may recognize a capital gain on these sales that might not have been incurred if the

17

Fund had made a redemption in-kind. This may decrease the tax efficiency of each Fund 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 each Fund and conventional ETFs.

Changing U.S. Fixed-Income Market Conditions Risk. The current historically low interest rate environment was created in part by the Federal Reserve Board (“FRB”) keeping the federal funds rates at, near or below zero. In recent years, the FRB began “tapering” its quantitative easing program, leading to fluctuations in the Federal Funds Rate. However, in response to the impact of the COVID-19 pandemic, in March 2020 the FRB announced cuts to the Federal Funds Rate and a new round of quantitative easing. Because there is little precedent for this situation, it is difficult to predict the impact of these rate changes or any future rate changes on various markets. Any additional changes to the monetary policy by the FRB or other regulatory actions may affect interest rates and/or reduce liquidity for fixed-income investments, particularly those with longer maturities. 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 FRB policies could also result in higher than normal shareholder redemptions, which could potentially increase portfolio turnover rate and a Fund’s transaction costs.

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

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

Industry Concentration Risk. In following its methodology, each Fund’s Underlying Index from time to time may be concentrated to a significant degree in securities of issuers located 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.

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 each Fund issues and redeems Creation Units principally for cash, it will incur higher costs in buying and selling securities than if it issued and redeemed Creation Units in-kind. Additionally, a Fund’s use of a representative sampling approach may cause the Fund not to be as well-correlated with the return of its corresponding Underlying Index as would be the case if the Fund purchased all of the securities in its corresponding Underlying Index in the proportions represented in the Underlying Index. In addition, the performance of each Fund and its corresponding Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its corresponding Underlying Index resulting from legal restrictions, costs or liquidity constraints.

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

Portfolio Turnover Risk. Certain Funds 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 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 realization of capital gains to the extent possible.

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Sampling Risk. Certain Funds’ use of a representative sampling approach may result in the Fund holding a smaller number of securities than are in its respective Underlying Index. As a result, an adverse development 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.

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

C. Investment Transactions and Investment Income - Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest income is recorded on an accrual basis from settlement date 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 each Fund’s investments. As such, the Funds may receive proceeds from litigation settlements. Any proceeds received are included in the Statements of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

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

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

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

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

Each Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund’s uncertain tax positions and concluded that no liability for unrecognized tax

19

benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

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

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

G. Expenses - 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.

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

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

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

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

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

K. Foreign Currency Translations - Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at 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

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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.

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 has agreed to pay for substantially all expenses of the Funds, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, litigation expenses, acquired fund fees and expenses, if any, 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 (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)
Investment Grade Defensive ETF	0.13%
Investment Grade Value ETF	0.13%

Further, through at least August 31, 2023, the Adviser has contractually agreed to waive a portion of each Fund’s management fee in an amount equal to 100% of the net advisory fees an affiliate of the Adviser receives that are attributable to the Fund’s investments of otherwise uninvested cash in money market funds managed by that affiliate (excluding investments of cash collateral from securities lending). There is no guarantee that the Adviser will extend the waiver of these fees past that date.

For the six months ended February 28, 2021, the Adviser waived fees for each Fund in the following amounts:

Investment Grade Defensive ETF	$	209
Investment Grade Value ETF		115

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”).

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 The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for each Fund.

NOTE 4–Additional Valuation Information

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

Level 1 –  Prices are determined using quoted prices in an active market for identical assets.

21

Level 2 –

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

Level 3 –

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

The following is a summary of the tiered valuation input levels, as of February 28, 2021. 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
Investment Grade Defensive ETF
Investments in Securities
U.S. Dollar Denominated Bonds & Notes		$	-		$	89,952,607		$	-		$	89,952,607
Money Market Funds			286,480			757,901			-			1,044,381
Total Investments		$	286,480		$	90,710,508		$	-		$	90,996,988
Investment Grade Value ETF
Investments in Securities
U.S. Dollar Denominated Bonds & Notes		$	-		$	39,279,033		$	-		$	39,279,033
Money Market Funds			79,322			540,510			-			619,832
Total Investments		$	79,322		$	39,819,543		$	-		$	39,898,865

NOTE 5–Tax Information

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 did not have any capital loss carryforwards as of August 31, 2020.

NOTE 6–Investment Transactions

For the six months ended February 28, 2021, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Treasury obligations, money market funds and in-kind transactions, if any) were as follows:

	Purchases	Sales
Investment Grade Defensive ETF	$  24,436,253	$  25,160,472
Investment Grade Value ETF	14,321,193	14,586,348

For the six months ended February 28, 2021, in-kind transactions associated with creations and redemptions were as follows:
	Cost of Securities Received	Value of Securities Delivered
Investment Grade Defensive ETF	$13,458,281	$3,880,985
Investment Grade Value ETF	9,805,298	9,821,446

Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.

At February 28, 2021, the aggregate cost of investments, including any derivatives, on a tax basis includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

	Gross Unrealized Appreciation	Gross Unrealized (Depreciation)	Net Unrealized Appreciation (Depreciation)	Cost
Investment Grade Defensive ETF	$1,508,806	$(420,932)	$1,087,874	$89,909,114
Investment Grade Value ETF	596,463	(611,011)	(14,548)	39,913,413

22

NOTE 7–Trustees’ and Officer’s Fees

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

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

NOTE 8–Capital

Shares are issued and redeemed by each Fund only in Creation Units consisting of a specified number of Shares as set forth in each Fund’s prospectus. Only Authorized Participants are permitted to purchase or redeem Creation Units from the Funds. Such transactions are generally in exchange for the deposit or delivery of cash. However, the Funds also reserve the right to permit or require Creation Units to be issued in exchange for the deposit or delivery of a basket of securities (“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 Authorized Participant, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the Authorized Participant to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the Authorized Participant’s delivery and maintenance of collateral consisting of cash in the form of U.S. dollars in immediately available funds having a value (marked-to-market daily) at least equal to 105%, which the Adviser may change from time to time, of the value of the missing Deposit Securities.

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

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

NOTE 9–Coronavirus (COVID-19) Pandemic

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

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

23

Calculating your ongoing Fund expenses

Example

As a shareholder of a Fund of the Invesco Exchange-Traded Self-Indexed Fund Trust, you incur a unitary management fee. In addition to the unitary management fee, a shareholder may pay distribution fees, if any, brokerage expenses, taxes, interest, litigation expenses, acquired fund fees and expenses, if any, and other extraordinary expenses, 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 (iii) any other matters that directly benefit the Adviser). The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held through the six-month period ended February 28, 2021.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Beginning Account Value September 1, 2020			Ending Account Value February 28, 2021			Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period(1)
Invesco Investment Grade Defensive ETF (IIGD)
Actual		$	1,000.00		$	994.20		0.13	%		$	0.64
Hypothetical (5% return before expenses)			1,000.00			1,024.15		0.13				0.65
Invesco Investment Grade Value ETF (IIGV)
Actual			1,000.00			993.50		0.13				0.64
Hypothetical (5% return before expenses)			1,000.00			1,024.15		0.13				0.65

⁽¹⁾  Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the six-month period ended February 28, 2021. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 181/365.

24

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Proxy Voting Policies and Procedures

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

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

Quarterly Portfolios

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

Frequency Distribution of Discounts and Premiums

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

©2021 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 P-SIFT-SAR-3                     invesco.com/ETFs

	Invesco Semi-Annual Report to Shareholders February 28, 2021 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
Invesco International Developed Dynamic Multifactor ETF (IMFL)	3
Invesco Russell 1000® Dynamic Multifactor ETF (OMFL)	10
Invesco Russell 2000® Dynamic Multifactor ETF (OMFS)	19
Statements of Assets and Liabilities	31
Statements of Operations	32
Statements of Changes in Net Assets	33
Financial Highlights	34
Notes to Financial Statements	37
Fund Expenses	46
Approval of Investment Advisory Contracts	48

2

Invesco International Developed Dynamic Multifactor ETF (IMFL)

February 28, 2021

(Unaudited)

Schedule of Investments

	Shares		Value
Common Stocks & Other Equity Interests-99.98%
Australia-5.27%
Adbri Ltd.		1,221	$	3,072
AGL Energy Ltd.		2,218		16,090
Alumina Ltd.		4,422		5,546
Ampol Ltd.		938		17,850
Ansell Ltd.		420		11,729
Aurizon Holdings Ltd.		2,394		7,062
Bank of Queensland Ltd.		803		5,465
Beach Energy Ltd.		8,293		10,594
Bendigo & Adelaide Bank Ltd.		1,235		9,341
BlueScope Steel Ltd.		1,100		14,205
Coca-Cola Amatil Ltd.		753		7,806
CSR Ltd.		2,281		9,660
Downer EDI Ltd.		2,731		10,889
GPT Group (The)		2,640		8,727
Harvey Norman Holdings Ltd.		1,822		7,391
Incitec Pivot Ltd.(a)		4,267		8,787
JB Hi-Fi Ltd.		312		10,486
Metcash Ltd.(a)		4,779		12,469
Mineral Resources Ltd.		653		19,170
Nufarm Ltd.		1,498		5,567
Oil Search Ltd.		2,605		8,551
Orora Ltd.		2,180		4,928
Perpetual Ltd.		84		1,994
Platinum Asset Management Ltd.		480		1,721
Santos Ltd.		1,981		11,088
Suncorp Group Ltd.		1,365		10,504
Whitehaven Coal Ltd.		4,032		4,745
Worley Ltd.		1,509		12,968
				258,405
Austria-1.55%
ANDRITZ AG		329		15,862
Erste Group Bank AG(a)		366		12,124
OMV AG		276		13,353
Raiffeisen Bank International AG(a)		607		12,393
Telekom Austria AG		306		2,336
Vienna Insurance Group AG Wiener Versicherung Gruppe		181		4,888
voestalpine AG		381		15,187
				76,143
Belgium-1.28%
Ackermans & van Haaren N.V.		65		10,541
Ageas S.A./N.V.		440		24,813
Galapagos N.V.(a)		156		12,925
Proximus SADP		349		6,863
Telenet Group Holding N.V.		185		7,419
				62,561
Cambodia-0.05%
NagaCorp.Ltd.		2,000		2,650
Canada-3.17%
Canadian Tire Corp. Ltd., Class A		169		21,951
Canadian Utilities Ltd., Class A		279		6,638
Cenovus Energy, Inc.		4,697		34,949
Fairfax Financial Holdings Ltd.		85		34,807
George Weston Ltd.		114		8,417
IGM Financial, Inc.		109		2,989

	Shares		Value
Canada-(continued)
Imperial Oil Ltd.		311	$	6,851
Power Corp. of Canada		842		20,405
Teck Resources Ltd., Class B		893		18,692
				155,699
China-1.63%
China Travel International Investment Hong Kong Ltd.		6,000		1,044
Kerry Logistics Network Ltd.		2,730		7,954
Lee & Man Paper Manufacturing Ltd.		6,189		5,736
Lenovo Group Ltd.		32,000		40,467
Minth Group Ltd.		992		4,361
MMG Ltd.(a)		4,000		2,522
Nexteer Automotive Group Ltd.		3,510		4,642
Shangri-La Asia Ltd.		2,000		2,047
Shui On Land Ltd.		13,000		1,994
SITC International Holdings Co. Ltd.		1,707		4,489
Towngas China Co. Ltd.		5,000		2,224
Uni-President China Holdings Ltd.		2,000		2,403
				79,883
Denmark-0.56%
ISS A/S(a)		869		15,745
Pandora A/S		119		11,647
				27,392
Finland-1.16%
Kesko OYJ, Class B		372		9,500
Kojamo OYJ		258		4,973
Neles OYJ		503		6,252
Nokian Renkaat OYJ		365		12,990
Stora Enso OYJ, Class R		802		15,892
Wartsila OYJ Abp		618		7,128
				56,735
France-6.74%
ALD S.A.(b)		124		1,824
Carrefour S.A.		889		15,587
Casino Guichard Perrachon S.A.(a)		207		6,678
Cie Plastic Omnium S.A.		261		9,415
CNP Assurances(a)		407		7,366
Eiffage S.A.(a)		186		19,226
Eurazeo SE(a)		47		3,500
Faurecia SE(a)		344		17,875
Imerys S.A.		126		6,537
JCDecaux S.A.(a)		341		8,117
Klepierre S.A.		341		8,092
Natixis S.A.(a)		2,510		12,296
Publicis Groupe S.A.		547		32,228
Renault S.A.(a)		658		29,651
Rexel S.A.(a)		1,422		26,857
Rubis S.C.A.		129		5,944
SCOR SE(a)		737		24,583
Sodexo S.A.(a)		103		9,904
Technip Energies N.V.(a)		114		1,479
Unibail-Rodamco-Westfield		479		35,361
Valeo S.A.		933		33,114
Wendel SE		128		14,713
				330,347

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

3

Invesco International Developed Dynamic Multifactor ETF (IMFL)–(continued)

February 28, 2021

(Unaudited)

	Shares		Value
Germany-4.31%
1&1 Drillisch AG		55	$	1,564
Aroundtown S.A.		2,206		16,103
Covestro AG(b)		295		21,470
Deutsche Lufthansa AG(a)		1,405		20,951
Fraport AG Frankfurt Airport Services Worldwide(a)		167		10,601
HOCHTIEF AG		87		7,799
LANXESS AG		209		15,556
METRO AG		616		6,826
Porsche Automobil Holding SE, Preference Shares .		288		23,205
ProSiebenSat.1 Media SE(a)		734		15,128
Rheinmetall AG		203		20,358
Talanx AG		134		5,605
thyssenkrupp AG(a)		1,177		15,936
Traton SE		116		3,245
TUI AG		3,259		19,675
Uniper SE		208		7,322
				211,344
Hong Kong-2.36%
Bank of East Asia Ltd. (The)		3,800		8,974
Cafe de Coral Holdings Ltd.		535		1,186
Cathay Pacific Airways Ltd.		4,159		3,860
Dah Sing Banking Group Ltd.		1,600		1,757
Dah Sing Financial Holdings Ltd.		591		1,912
Dairy Farm International Holdings Ltd.		1,000		4,330
Hang Lung Group Ltd.		4,000		10,003
Huabao International Holdings Ltd.		1,000		1,092
Hutchison Port Holdings Trust, Class U		23,700		5,688
Hutchison Telecommunications Hong Kong Holdings Ltd.		6,000		1,036
Hysan Development Co. Ltd.		2,824		12,032
Kerry Properties Ltd.		2,813		9,048
Lifestyle International Holdings Ltd.		2,000		1,787
Melco International Development Ltd.		3,286		6,812
NWS Holdings Ltd.		6,233		7,047
PCCW Ltd.		8,000		4,589
Shun Tak Holdings Ltd.		8,000		2,712
Swire Pacific Ltd., Class A		1,384		10,143
Swire Pacific Ltd., Class B		3,176		3,685
VTech Holdings Ltd.		693		5,811
Wharf Holdings Ltd. (The)		2,223		5,244
Yue Yuen Industrial Holdings Ltd.		3,205		6,834
				115,582
Indonesia-0.15%
First Pacific Co. Ltd.(a)		9,702		3,177
Golden Agri-Resources Ltd.		29,800		4,303
				7,480
Ireland-0.60%
AIB Group PLC(a)		3,687		8,337
Glanbia PLC		506		6,603
Smurfit Kappa Group PLC		302		14,339
				29,279
Israel-2.82%
Airport City Ltd.(a)		322		4,413
Alony Hetz Properties & Investments Ltd.		433		5,205
Amot Investments Ltd.		600		3,170
Bank Leumi Le-Israel BM		5,295		32,367

	Shares		Value
Israel-(continued)
Electra Ltd.		4	$	2,091
First International Bank of Israel Ltd.		173		4,540
Gazit-Globe Ltd.		317		1,990
Harel Insurance Investments & Financial Services Ltd.		524		4,761
ICL Group Ltd.		3,251		18,862
Israel Discount Bank Ltd., Class A		5,475		20,345
Melisron Ltd.		80		4,226
Mivne Real Estate KD Ltd.		2,061		4,791
Mizrahi Tefahot Bank Ltd.		400		9,583
Paz Oil Co. Ltd.		39		3,637
Phoenix Holdings Ltd. (The)		568		4,424
Shufersal Ltd.		523		4,201
Tower Semiconductor Ltd.(a)		318		9,695
				138,301
Italy-2.08%
A2A S.p.A.		7,256		12,282
Banca Mediolanum S.p.A.(a)		471		4,131
Buzzi Unicem S.p.A.		279		7,095
Hera S.p.A.		1,520		5,450
Italgas S.p.A.		808		4,788
Leonardo S.p.A.		1,852		14,904
Mediobanca Banca di Credito Finanziario S.p.A.		1,773		18,546
Pirelli & C S.p.A.(a)(b)		1,843		10,682
Poste Italiane S.p.A.(b)		541		6,175
Telecom Italia S.p.A.		20,807		9,923
Telecom Italia S.p.A., RSP		11,828		6,377
UnipolSai Assicurazioni S.p.A.		541		1,579
				101,932
Japan-30.72%
77 Bank Ltd. (The)		300		3,948
AEON Financial Service Co. Ltd.		100		1,280
Aeon Mall Co. Ltd.		400		6,728
AGC, Inc.		327		11,970
Aica Kogyo Co. Ltd.		37		1,280
Ain Holdings, Inc.		18		1,161
Air Water, Inc.		531		8,732
Aisin Seiki Co. Ltd.		218		7,417
Alfresa Holdings Corp.		800		15,423
Alps Alpine Co. Ltd.		349		4,593
Amada Co. Ltd.		300		3,635
Amano Corp.		100		2,241
ASKUL Corp.		42		1,390
Bank of Kyoto Ltd. (The)		39		2,339
Benesse Holdings, Inc.		100		2,017
Bic Camera, Inc.		600		6,499
Brother Industries Ltd.		531		10,432
Canon Marketing Japan, Inc.		149		3,257
Chubu Electric Power Co., Inc.		1,100		13,500
Chugoku Bank Ltd. (The)		100		795
Chugoku Electric Power Co., Inc. (The)		1,300		15,509
COMSYS Holdings Corp.		135		4,074
Concordia Financial Group Ltd.		1,800		6,944
Cosmo Energy Holdings Co. Ltd.		300		7,186
Dai Nippon Printing Co. Ltd.		400		7,186
Daicel Corp.		600		4,393
Daido Steel Co. Ltd.		159		6,544
Daiichikosho Co. Ltd.		55		2,184
Daito Trust Construction Co. Ltd.		110		12,194

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

4

Invesco International Developed Dynamic Multifactor ETF (IMFL)–(continued)

February 28, 2021

(Unaudited)

	Shares		Value
Japan-(continued)
Daiwa Securities Group, Inc.		1,100	$	5,344
Denka Co. Ltd.		236		8,861
DIC Corp.		361		8,840
DMG Mori Co. Ltd.		442		6,634
Dowa Holdings Co. Ltd.		200		7,875
Ebara Corp.		234		8,763
Electric Power Development Co. Ltd.		763		12,433
Ezaki Glico Co. Ltd.		41		1,668
Fuji Electric Co. Ltd.		139		5,767
Fuji Media Holdings, Inc.		200		2,418
Fuji Oil Holdings, Inc.		70		1,943
Fuji Seal International, Inc.		135		2,775
Fukuoka Financial Group, Inc.		700		12,582
Fukuyama Transporting Co. Ltd.		34		1,329
Furukawa Electric Co. Ltd.		270		7,048
Fuyo General Lease Co. Ltd.		22		1,456
Glory Ltd.		148		3,231
GS Yuasa Corp.		351		10,328
GungHo Online Entertainment, Inc.		100		2,045
Gunma Bank Ltd. (The)		1,100		3,531
Hachijuni Bank Ltd. (The)		300		988
Hakuhodo DY Holdings, Inc.		400		6,585
Haseko Corp.		437		5,406
Heiwa Corp.		61		921
Hino Motors Ltd.		1,100		10,325
Hirogin Holdings, Inc.		300		1,763
Hitachi Capital Corp.		153		4,132
Hitachi Transport System Ltd.		60		1,881
Hokuhoku Financial Group, Inc.		600		5,418
Hokuriku Electric Power Co.		800		4,956
Horiba Ltd.		35		2,083
Hulic Co. Ltd.		432		4,817
Idemitsu Kosan Co. Ltd.		220		5,749
IHI Corp.		558		10,255
Iida Group Holdings Co. Ltd.		144		3,260
INPEX Corp.		800		5,887
Isetan Mitsukoshi Holdings Ltd.		800		5,834
Isuzu Motors Ltd.		731		7,643
Itoham Yonekyu Holdings, Inc.		600		3,998
Iyo Bank Ltd. (The)		300		1,735
Izumi Co. Ltd.		100		3,693
J Front Retailing Co. Ltd.		1,136		10,844
Japan Airlines Co. Ltd.(a)		69		1,639
Japan Aviation Electronics Industry Ltd.		200		3,173
Japan Post Insurance Co. Ltd.		146		2,986
JFE Holdings, Inc.(a)		2,000		20,987
JGC Holdings Corp.		500		6,415
JTEKT Corp.		1,000		10,484
Kajima Corp.		900		11,472
Kaken Pharmaceutical Co. Ltd.		146		5,804
Kamigumi Co. Ltd.		144		2,692
Kandenko Co. Ltd.		500		4,102
Kaneka Corp.		261		10,118
Kansai Electric Power Co., Inc. (The)		1,400		13,962
Kawasaki Heavy Industries Ltd.(a)		655		14,681
Kewpie Corp.		233		5,037
Kinden Corp.		230		3,754
Kissei Pharmaceutical Co. Ltd.		40		797
Kobe Steel Ltd.(a)		774		4,766
KOKUYO Co. Ltd.		340		4,851

	Shares		Value
Japan-(continued)
Konica Minolta, Inc.		2,100	$	10,624
K’s Holdings Corp.		400		5,365
Kuraray Co. Ltd.		426		4,766
Kyoritsu Maintenance Co. Ltd.		24		875
Kyowa Exeo Corp.		100		2,555
Kyudenko Corp.		160		5,256
Kyushu Electric Power Co., Inc.		2,100		18,035
Kyushu Railway Co.		232		6,036
Lawson, Inc.		80		3,736
Lintec Corp.		66		1,439
Lixil Corp.		500		14,018
Mabuchi Motor Co. Ltd.		36		1,592
Maeda Corp.		600		5,294
Maeda Road Construction Co. Ltd.		58		1,178
Marubeni Corp.		1,000		7,431
Matsumotokiyoshi Holdings Co. Ltd.		64		2,511
Mazda Motor Corp.		1,900		14,962
Mebuki Financial Group, Inc.		1,700		3,622
Medipal Holdings Corp.		657		13,012
Megmilk Snow Brand Co. Ltd.		200		4,010
Mitsubishi Chemical Holdings Corp.		2,600		18,054
Mitsubishi Gas Chemical Co., Inc.		300		6,980
Mitsubishi Heavy Industries Ltd.		538		15,493
Mitsubishi Materials Corp.		228		5,357
Mitsubishi Motors Corp.(a)		1,300		3,685
Mitsubishi Shokuhin Co. Ltd.		59		1,583
Mitsui Chemicals, Inc.		500		15,393
Mitsui Mining & Smelting Co. Ltd.		251		8,740
Mitsui OSK Lines Ltd.		518		16,361
Morinaga & Co. Ltd.		46		1,658
Morinaga Milk Industry Co. Ltd.		100		4,552
Nagase & Co. Ltd.		500		7,809
Nankai Electric Railway Co. Ltd.		200		4,824
NGK Insulators Ltd.		150		2,647
NGK Spark Plug Co. Ltd.		316		5,345
NH Foods Ltd.		133		5,599
NHK Spring Co. Ltd.		696		5,200
Nichirei Corp.		111		2,889
Nifco, Inc.		100		3,431
Nihon Unisys Ltd.		55		1,590
Nikon Corp.		213		1,889
Nippo Corp.		68		1,775
Nippon Express Co. Ltd.		128		9,515
Nippon Kayaku Co. Ltd.		300		2,906
Nippon Paper Industries Co. Ltd.		442		5,775
Nippon Shokubai Co. Ltd.		57		3,028
Nippon Steel Corp.(a)		1,141		16,787
Nippon Yusen KK		746		21,391
Nipro Corp.		237		2,943
Nishi-Nippon Railroad Co. Ltd.		52		1,457
Nissan Shatai Co. Ltd.		300		2,157
Nisshinbo Holdings, Inc.		500		3,717
NOK Corp.		500		6,828
Nomura Real Estate Holdings, Inc.		264		5,945
NS Solutions Corp.		30		880
NSK Ltd.		700		6,853
Obayashi Corp.		1,500		12,854
Oji Holdings Corp.		3,365		21,193
OKUMA Corp.		37		2,032
Open House Co. Ltd.		39		1,494

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

5

Invesco International Developed Dynamic Multifactor ETF (IMFL)–(continued)

February 28, 2021

(Unaudited)

	Shares		Value
Japan-(continued)
Osaka Gas Co. Ltd.		300	$	5,367
OSG Corp.		145		2,598
Paltac Corp.		58		3,141
Park24 Co. Ltd.(a)		100		2,150
Penta-Ocean Construction Co. Ltd.		1,100		8,177
Persol Holdings Co. Ltd.		163		3,224
Pilot Corp.		76		2,283
Rengo Co. Ltd.		1,000		8,100
Resona Holdings, Inc.		2,000		8,029
Resorttrust, Inc.		49		841
Ricoh Co. Ltd.		1,713		14,824
Sankyo Co. Ltd.		38		1,054
Sankyu, Inc.		123		5,126
Sanwa Holdings Corp.		543		6,702
Sapporo Holdings Ltd.		300		6,153
Sawai Pharmaceutical Co. Ltd.		138		6,191
Sega Sammy Holdings, Inc.		230		3,862
Seibu Holdings, Inc.		329		3,953
Seiko Epson Corp.		500		8,185
Seino Holdings Co. Ltd.		300		4,196
Sekisui Chemical Co. Ltd.		231		4,109
Seven Bank Ltd.		1,600		3,604
Sharp Corp.		146		2,759
Shikoku Electric Power Co., Inc.		700		4,882
Shimamura Co. Ltd.		17		1,693
Shimizu Corp.		1,500		11,334
Ship Healthcare Holdings, Inc.		181		10,040
Shizuoka Bank Ltd. (The)		400		2,921
Showa Denko K.K.		665		16,191
SKY Perfect JSAT Holdings, Inc.		400		1,690
Skylark Holdings Co. Ltd.(a)		200		3,094
Sojitz Corp.		5,600		14,717
Sotetsu Holdings, Inc.		51		1,181
SUMCO Corp.		300		6,842
Sumitomo Bakelite Co. Ltd.		100		3,975
Sumitomo Chemical Co. Ltd.		4,100		19,819
Sumitomo Electric Industries Ltd.		934		13,558
Sumitomo Forestry Co. Ltd.		545		9,771
Sumitomo Heavy Industries Ltd.		428		11,751
Sumitomo Osaka Cement Co. Ltd.		151		4,989
Sumitomo Rubber Industries Ltd.		827		9,198
Suzuken Co. Ltd.		349		13,300
T&D Holdings, Inc.		1,200		16,174
Taiheiyo Cement Corp.		543		13,516
Taisei Corp.		300		10,573
Taiyo Yuden Co. Ltd.		100		4,937
Takara Holdings, Inc.		152		2,036
Takashimaya Co. Ltd.		614		6,236
TechnoPro Holdings, Inc.		31		2,252
Teijin Ltd.		849		14,583
Toda Corp.		1,100		7,516
Tohoku Electric Power Co., Inc.		1,900		16,710
Tokai Carbon Co. Ltd.		900		12,173
Tokai Rika Co. Ltd.		231		3,753
Tokuyama Corp.		300		7,479
Tokyo Electric Power Co. Holdings, Inc.(a)		6,587		21,145
Tokyo Gas Co. Ltd.		332		6,862
Tokyo Tatemono Co. Ltd.		300		4,255
Tokyu Fudosan Holdings Corp.		1,200		7,501
Toppan Printing Co. Ltd.		735		11,535

	Shares		Value
Japan-(continued)
Toray Industries, Inc.		2,467	$	16,130
Toshiba TEC Corp.		24		879
Tosoh Corp.		635		11,622
Toyo Seikan Group Holdings Ltd.		700		8,752
Toyo Tire Corp.		134		2,336
Toyobo Co. Ltd.		400		5,038
Toyoda Gosei Co. Ltd.		200		5,183
Toyota Boshoku Corp.		300		4,652
Toyota Tsusho Corp.		282		11,805
TS Tech Co. Ltd.		147		4,080
Tsumura & Co.		100		3,140
TV Asahi Holdings Corp.		60		1,151
Ube Industries Ltd.		463		9,291
Ulvac, Inc.		49		2,201
Wacoal Holdings Corp.		66		1,407
West Japan Railway Co.		100		6,114
Yamada Holdings Co. Ltd.		1,500		7,166
Yamaguchi Financial Group, Inc.		300		1,847
Yamaha Motor Co. Ltd.		665		14,475
Yamato Kogyo Co. Ltd.		69		1,719
Yamazaki Baking Co. Ltd.		262		4,409
Yaoko Co. Ltd.		16		981
Yokohama Rubber Co. Ltd. (The)		500		8,635
Zenkoku Hosho Co. Ltd.		41		1,880
Zensho Holdings Co. Ltd.		69		1,837
Zeon Corp.		300		4,393
				1,506,474
Kazakhstan-0.25%
KAZ Minerals PLC.		1,041		12,147
Luxembourg-0.27%
L’Occitane International S.A.		1,250		3,279
RTL Group S.A.(a)		180		10,195
				13,474
Malaysia-0.02%
Wing Tai Holdings Ltd.		700		1,006
Netherlands-3.02%
Aalberts N.V.		173		8,114
ABN AMRO Bank N.V., CVA(a)(b)		1,132		13,081
Aegon N.V.		7,947		38,160
ASR Nederland N.V.		401		16,841
EXOR N.V.		133		10,735
NN Group N.V.		513		23,786
Randstad N.V.(a)		220		14,778
Signify N.V.(a)(b)		520		22,754
				148,249
New Zealand-0.31%
Fletcher Building Ltd.		1,923		9,032
SKYCITY Entertainment Group Ltd.		2,874		6,353
				15,385
Norway-0.34%
Leroy Seafood Group ASA		360		2,914
Norsk Hydro ASA		2,431		13,549
				16,463
Poland-1.69%
Bank Polska Kasa Opieki S.A.(a)		736		13,397
Grupa Lotos S.A.		463		5,229

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

6

Invesco International Developed Dynamic Multifactor ETF (IMFL)–(continued)

February 28, 2021

(Unaudited)

	Shares		Value
Poland-(continued)
PGE Polska Grupa Energetyczna S.A.(a)		3,430	$	6,120
Polski Koncern Naftowy ORLEN S.A.		1,458		23,032
Powszechna Kasa Oszczednosci Bank Polski S.A.(a) .		1,761		14,249
Powszechny Zaklad Ubezpieczen S.A.(a)		1,686		13,249
Santander Bank Polska S.A.(a)		139		7,852
				83,128
Portugal-0.22%
Galp Energia SGPS S.A.		968		10,908
Russia-0.44%
Evraz PLC		2,709		21,626
Singapore-1.65%
Ascott Residence Trust		2,500		1,861
BOC Aviation Ltd.(b)		800		7,735
CapitaLand Ltd.		2,600		6,218
City Developments Ltd.		600		3,321
ComfortDelGro Corp. Ltd.		9,600		11,624
Frasers Property Ltd.		1,700		1,483
Genting Singapore Ltd.		6,700		4,308
Jardine Cycle & Carriage Ltd.		453		7,168
Olam International Ltd.		2,900		3,489
SATS Ltd.(a)		1,000		3,309
Sembcorp Industries Ltd.		4,300		5,594
SIA Engineering Co. Ltd.		900		1,381
Singapore Post Ltd.		4,800		2,509
Singapore Press Holdings Ltd.		7,500		7,896
StarHub Ltd.		2,700		2,579
Suntec REIT		3,400		3,708
UOL Group Ltd.		1,200		6,669
				80,852
South Korea-9.56%
Amorepacific Corp., Preference Shares		23		1,552
Amorepacific Group		38		2,188
BGF retail Co. Ltd.		27		3,821
BNK Financial Group, Inc.		886		4,653
Cheil Worldwide, Inc.		130		2,251
CJ CheilJedang Corp.		20		7,236
CJ CheilJedang Corp., Preference Shares		6		985
CJ Corp.		60		4,951
CJ ENM Co. Ltd.		29		3,570
CJ Logistics Corp.(a)		35		5,109
Daewoo Engineering & Construction Co. Ltd.		829		4,331
Daewoo Shipbuilding & Marine Engineering Co. Ltd.(a)		223		5,052
DB Insurance Co. Ltd.		209		7,701
DGB Financial Group, Inc.		719		4,525
DL E&C Co. Ltd.(a)		71		7,015
DL Holdings Co. Ltd.		57		4,389
Doosan Bobcat, Inc.(a)		81		2,332
Doosan Infracore Co. Ltd.		623		4,359
E-MART, Inc.		91		13,688
Fila Holdings Corp.		175		6,231
GS Engineering & Construction Corp.		274		8,865
GS Holdings Corp.		239		8,296
GS Retail Co. Ltd.		124		3,995
Hana Financial Group, Inc.		773		25,491
Hankook Tire & Technology Co. Ltd.		265		11,239
Hanwha Aerospace Co. Ltd.		162		5,321
Hanwha Corp.		198		5,173

	Shares		Value
South Korea-(continued)
Hanwha Corp., Preference Shares		106	$	1,288
Hanwha Life Insurance Co. Ltd.		1,287		3,671
HDC Hyundai Development Co.-Engineering & Construction, Class E		216		5,152
Hotel Shilla Co. Ltd.		67		4,866
Hyundai Department Store Co. Ltd.		70		5,109
Hyundai Engineering & Construction Co. Ltd.		340		12,045
Hyundai Glovis Co. Ltd.		53		9,105
Hyundai Heavy Industries Holdings Co. Ltd.		47		11,316
Hyundai Marine & Fire Insurance Co. Ltd.		283		5,516
Hyundai Steel Co.		351		12,481
Hyundai Wia Corp.		74		5,078
Industrial Bank of Korea(a)		996		7,385
KB Financial Group, Inc.		385		15,009
KEPCO Plant Service & Engineering Co. Ltd.		58		1,386
Korea Aerospace Industries Ltd.		138		4,066
Korea Electric Power Corp.(a)		274		5,536
Korea Gas Corp.(a)		124		3,515
Korean Air Lines Co. Ltd.(a)		378		9,471
Kumho Petrochemical Co. Ltd.(a)		82		15,400
LG Display Co. Ltd.(a)		657		13,216
LG Innotek Co. Ltd.		33		5,845
LG Uplus Corp.		573		6,018
Lotte Chemical Corp.		40		11,322
LOTTE Fine Chemical Co. Ltd.		82		3,897
Lotte Shopping Co. Ltd.		53		5,590
LS Corp.		81		5,040
Mando Corp.(a)		154		8,567
NH Investment & Securities Co. Ltd.(a)		404		3,902
POSCO.		92		23,051
Posco International Corp.		230		4,575
Samsung Card Co. Ltd.		119		3,490
Samsung Engineering Co. Ltd.(a)		737		8,462
Samsung Fire & Marine Insurance Co. Ltd.		42		6,467
Samsung Life Insurance Co. Ltd.		104		6,943
Shinhan Financial Group Co. Ltd.		505		14,811
Shinsegae, Inc.		32		7,605
SK Holdings Co. Ltd.		72		16,822
SK Networks Co. Ltd.		626		3,098
S-Oil Corp.(a)		42		3,178
Woori Financial Group, Inc.		631		5,381
				468,994
Spain-2.09%
Acciona S.A.		36		5,829
ACS Actividades de Construccion y Servicios S.A.		1,088		33,464
Bankia S.A.		5,643		11,195
Bankinter S.A.		3,218		21,452
Inmobiliaria Colonial SOCIMI S.A.		1,238		12,142
Mapfre S.A.		4,638		8,850
Merlin Properties SOCIMI S.A.		912		9,504
				102,436
Sweden-3.35%
Castellum AB		358		8,396
Electrolux AB, Series B		654		15,528
Fastighets AB Balder, Class B(a)		125		6,024
Holmen AB, Class B		434		19,189
Husqvarna AB, Class B		526		6,468
Industrivarden AB, Class A(a)		251		8,964
Industrivarden AB, Class C(a)		202		6,707

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

7

Invesco International Developed Dynamic Multifactor ETF (IMFL)–(continued)

February 28, 2021

(Unaudited)

	Shares		Value
Sweden-(continued)
Kinnevik AB, Class B		330	$	15,415
L E Lundbergforetagen AB, Class B(a)		79		3,952
Lundin Energy AB		372		12,094
Saab AB, Class B(a)		145		3,856
Securitas AB, Class B.		1,327		20,450
Skanska AB, Class B.		766		18,676
Svenska Cellulosa AB S.C.A., Class B(a)		1,076		18,606
				164,325
Switzerland-2.01%
Adecco Group AG		467		29,445
Baloise Holding AG.		115		20,185
DKSH Holding AG		144		10,808
Flughafen Zurich AG(a)		32		5,677
Georg Fischer AG		7		9,039
Helvetia Holding AG		150		16,519
Sulzer AG		62		6,972
				98,645
Taiwan-0.04%
FIT Hon Teng Ltd.(b)		5,000		1,850
United Kingdom-9.77%
Aviva PLC		4,191		21,205
Bellway PLC		580		22,770
BT Group PLC(a)		9,563		16,519
Centrica PLC(a)		27,426		20,230
CNH Industrial N.V.(a)		1,336		19,849
Direct Line Insurance Group PLC		2,299		10,305
DS Smith PLC(a)		5,869		32,608
easyJet PLC(a)		1,053		14,510
IMI PLC		392		7,174

	Shares		Value
United Kingdom-(continued)
International Consolidated Airlines Group S.A.(a)		3,213	$	8,623
ITV PLC(a)		17,507		26,887
J Sainsbury PLC		7,672		24,263
Johnson Matthey PLC		673		28,745
M&G PLC		12,216		31,409
Meggitt PLC(a)		3,557		21,046
Melrose Industries PLC(a)		6,983		16,197
Pearson PLC		897		9,418
Phoenix Group Holdings PLC		586		5,817
Rolls-Royce Holdings PLC(a)		12,200		18,370
RSA Insurance Group PLC.		1,455		13,739
St James’s Place PLC		824		13,525
Tate & Lyle PLC		1,118		11,364
Taylor Wimpey PLC(a)		11,198		24,674
TechnipFMC PLC		571		4,669
Travis Perkins PLC(a)		780		15,676
WM Morrison Supermarkets PLC		9,050		21,617
WPP PLC		1,509		18,013
				479,222
United States-0.50%
Samsonite International S.A.(a)(b)		6,000		11,679
Tenaris S.A.		1,249		13,108
				24,787
TOTAL INVESTMENTS IN SECURITIES-99.98% (Cost $4,997,866)				4,903,704
OTHER ASSETS LESS LIABILITIES-0.02%				811
NET ASSETS-100.00%			$	4,904,515

Investment Abbreviations:

CVA-Dutch Certificates

REIT-Real Estate Investment Trust

RSP-Registered Savings Plan Shares

Notes to Schedule of Investments:

^(a)  Non-income producing security.

^(b)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at February 28, 2021 was $97,250, which represented 1.98% of the Fund’s Net Assets.

Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the period ended February 28, 2021.

	Value August 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value February 28, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	1,554,143		$	(1,554,143	)		$	-		$	-		$	-		$	1

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

8

Invesco International Developed Dynamic Multifactor ETF (IMFL)–(continued)

February 28, 2021

(Unaudited)

Portfolio Composition

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

as of February 28, 2021

Industrials	22.92
Financials	18.75
Materials	16.38
Consumer Discretionary	12.96
Real Estate	5.12
Consumer Staples	4.96
Utilities	4.91
Energy	4.60
Communication Services	4.31
Information Technology	3.13
Health Care	1.94
Other Assets Less Liabilities	0.02

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

9

Invesco Russell 1000^® Dynamic Multifactor ETF (OMFL)

February 28, 2021

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.85%
Communication Services-4.92%
Activision Blizzard, Inc.		24,931	$	2,383,653
Alphabet, Inc., Class A(b)		140		283,067
Alphabet, Inc., Class C(b)		143		291,271
Altice USA, Inc., Class A(b)		75,397		2,534,093
Cable One, Inc.		914		1,750,173
Charter Communications, Inc., Class A(b)		2,466		1,512,694
Comcast Corp., Class A		17,251		909,473
Discovery, Inc., Class C(b)		10,547		474,615
DISH Network Corp., Class A(b)		31,376		988,658
Electronic Arts, Inc.		18,814		2,520,512
Facebook, Inc., Class A(b)		1,064		274,108
Fox Corp., Class A		10,932		364,145
IAC/InterActiveCorp.(b)		50,653		12,401,374
Interpublic Group of Cos., Inc. (The)		79,466		2,075,652
Liberty Broadband Corp., Class C(b)		41,341		6,180,893
Liberty Media Corp.-Liberty SiriusXM, Class C(b)		10,730		473,408
Live Nation Entertainment, Inc.(b)		6,645		590,475
Lumen Technologies, Inc.		60,055		738,076
Madison Square Garden Entertainment Corp.(b)		3,685		397,132
Match Group, Inc.(b)		14,404		2,201,651
Netflix, Inc.(b)		980		528,073
New York Times Co. (The), Class A		34,089		1,744,334
News Corp., Class A		45,554		1,068,241
Nexstar Media Group, Inc., Class A		4,754		653,913
Omnicom Group, Inc.		7,202		494,993
Pinterest, Inc., Class A(b)		20,720		1,669,618
Roku, Inc.(b)		8,425		3,331,919
Spotify Technology S.A.(b)		6,054		1,860,878
Take-Two Interactive Software, Inc.(b)		15,924		2,937,341
T-Mobile US, Inc.(b)		6,397		767,448
Twitter, Inc.(b)		73,508		5,664,526
Verizon Communications, Inc.		8,425		465,902
ViacomCBS, Inc., Class B		24,393		1,573,105
Zillow Group, Inc., Class A(b)(c)		10,751		1,825,735
Zillow Group, Inc., Class C(b)		15,684		2,530,300
Zynga, Inc., Class A(b)		168,035		1,873,590
				68,335,039
Consumer Discretionary-15.05%
Advance Auto Parts, Inc.		6,442		1,032,975
Amazon.com, Inc.(b)		268		828,905
Aptiv PLC		23,333		3,496,217
AutoNation, Inc.(b)		38,876		2,916,478
AutoZone, Inc.(b)		871		1,010,290
Best Buy Co., Inc.		84,775		8,507,171
Booking Holdings, Inc.(b)		356		828,950
BorgWarner, Inc.		20,100		904,500
Bright Horizons Family Solutions, Inc.(b)		5,656		903,037
Brunswick Corp.		22,420		1,981,255
Burlington Stores, Inc.(b)		6,145		1,590,449
Capri Holdings Ltd.(b)		15,011		700,563
CarMax, Inc.(b)		20,510		2,451,150
Carvana Co.(b)		7,120		2,018,520
Chegg, Inc.(b)		26,410		2,549,357
Chipotle Mexican Grill, Inc.(b)		2,442		3,521,364

	Shares		Value
Consumer Discretionary-(continued)
Choice Hotels International, Inc.		2,893	$	303,389
D.R. Horton, Inc.		103,721		7,973,033
Darden Restaurants, Inc.		7,842		1,076,942
Dick’s Sporting Goods, Inc.		46,705		3,333,336
Dollar General Corp.		17,407		3,289,749
Dollar Tree, Inc.(b)		16,720		1,641,904
Domino’s Pizza, Inc.		7,407		2,566,600
eBay, Inc.		107,155		6,045,685
Etsy, Inc.(b)		17,115		3,769,921
Expedia Group, Inc.		23,977		3,860,297
Extended Stay America, Inc.		20,365		327,673
Five Below, Inc.(b)		9,549		1,777,260
Floor & Decor Holdings, Inc., Class A(b)		33,093		3,146,813
Foot Locker, Inc.		37,389		1,798,037
Ford Motor Co.(b)		219,129		2,563,809
frontdoor, inc.(b)		9,681		506,994
Gap, Inc. (The)		138,357		3,452,007
Garmin Ltd.		14,145		1,754,263
General Motors Co.(b)		105,391		5,409,720
Gentex Corp.		43,547		1,540,693
Genuine Parts Co.		13,736		1,447,088
Grand Canyon Education, Inc.(b)		3,468		363,065
Grubhub, Inc.(b)		24,988		1,600,981
Hanesbrands, Inc.		92,664		1,639,226
Harley-Davidson, Inc.		37,127		1,324,320
Hasbro, Inc.		6,790		636,291
Hilton Worldwide Holdings, Inc.		5,034		622,605
Home Depot, Inc. (The)		2,016		520,813
L Brands, Inc.(b)		173,898		9,505,265
Lear Corp.		14,298		2,374,755
Leggett & Platt, Inc.		13,010		562,943
Lennar Corp., Class A		94,088		7,806,481
Lennar Corp., Class B		6,378		421,968
LKQ Corp.(b)		46,012		1,812,413
Lowe’s Cos., Inc.		13,400		2,140,650
lululemon athletica, inc.(b)		6,247		1,947,065
Mattel, Inc.(b)		53,333		1,077,327
McDonald’s Corp.		2,799		576,986
MGM Resorts International		20,560		776,962
Mohawk Industries, Inc.(b)		8,609		1,506,489
Newell Brands, Inc.		93,625		2,169,291
NIKE, Inc., Class B		5,829		785,633
NVR, Inc.(b)		466		2,097,391
Ollie’s Bargain Outlet Holdings, Inc.(b)		15,450		1,277,406
O’Reilly Automotive, Inc.(b)		2,799		1,252,077
Peloton Interactive, Inc., Class A(b)		24,696		2,975,127
Penske Automotive Group, Inc.		17,087		1,161,574
Polaris, Inc.		9,843		1,159,112
Pool Corp.		10,186		3,409,967
PulteGroup, Inc.		77,624		3,501,619
Qurate Retail, Inc., Class A		288,655		3,585,095
Ross Stores, Inc.		8,524		994,239
Service Corp. International		29,533		1,410,496
Starbucks Corp.		5,905		637,917
Tapestry, Inc.		17,860		752,620
Target Corp.		25,209		4,624,339
Tempur Sealy International, Inc.		56,689		1,893,980
Terminix Global Holdings, Inc.(b)		39,418		1,774,204

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

10

Invesco Russell 1000^® Dynamic Multifactor ETF (OMFL)–(continued)

February 28, 2021

(Unaudited)

	Shares		Value
Consumer Discretionary-(continued)
Thor Industries, Inc.		40,232	$	4,709,558
TJX Cos., Inc. (The)		17,164		1,132,652
Toll Brothers, Inc.		69,007		3,686,354
Tractor Supply Co.		37,283		5,926,506
Travel + Leisure Co.		10,545		637,234
Ulta Beauty, Inc.(b)		7,493		2,415,219
Vail Resorts, Inc.		3,769		1,165,299
VF Corp.		4,088		323,483
Wayfair, Inc., Class A(b)		8,562		2,474,247
Wendy’s Co. (The)		23,701		484,211
Whirlpool Corp.		46,233		8,787,969
Williams-Sonoma, Inc.		55,426		7,276,880
Yum China Holdings, Inc. (China)		52,278		3,128,316
Yum! Brands, Inc.		12,283		1,271,659
				208,924,673
Consumer Staples-4.49%
Albertsons Cos., Inc., Class A(c)		19,722		318,905
Archer-Daniels-Midland Co.		53,601		3,032,745
Beyond Meat, Inc.(b)(c)		10,235		1,488,988
Boston Beer Co., Inc. (The), Class A(b)		2,585		2,659,215
Brown-Forman Corp., Class B		7,354		526,399
Bunge Ltd.		8,910		682,328
Campbell Soup Co.		22,661		1,030,622
Casey’s General Stores, Inc.		14,143		2,856,320
Church & Dwight Co., Inc.		27,515		2,166,806
Clorox Co. (The)		21,440		3,881,712
Colgate-Palmolive Co.		24,036		1,807,507
Conagra Brands, Inc.		61,943		2,101,726
Constellation Brands, Inc., Class A		5,446		1,166,207
Costco Wholesale Corp.		5,259		1,740,729
Estee Lauder Cos., Inc. (The), Class A		6,093		1,741,745
Flowers Foods, Inc.		45,061		980,077
General Mills, Inc.		67,065		3,689,246
Grocery Outlet Holding Corp.(b)		19,679		708,247
Hain Celestial Group, Inc. (The)		39,985		1,686,567
Herbalife Nutrition Ltd.(b)		16,769		754,270
Hershey Co. (The)		8,714		1,269,194
Hormel Foods Corp.		23,766		1,102,029
Ingredion, Inc.		7,907		713,211
JM Smucker Co. (The)		28,080		3,144,960
Kellogg Co.		14,164		817,404
Keurig Dr Pepper, Inc.		13,467		411,013
Kimberly-Clark Corp.		10,098		1,295,876
Kraft Heinz Co. (The)		33,642		1,223,896
Kroger Co. (The)		175,678		5,658,588
Lamb Weston Holdings, Inc.		3,929		313,416
McCormick & Co., Inc.		15,734		1,326,062
Molson Coors Beverage Co., Class B		10,516		467,436
Mondelez International, Inc., Class A		18,645		991,168
Monster Beverage Corp.(b)		17,883		1,569,054
Nu Skin Enterprises, Inc., Class A		38,298		1,960,092
PepsiCo, Inc.		3,111		401,910
Philip Morris International, Inc.		7,275		611,246
Post Holdings, Inc.(b)		3,365		323,242
Reynolds Consumer Products, Inc.		10,125		279,551
Spectrum Brands Holdings, Inc.		15,829		1,227,539
Sprouts Farmers Market, Inc.(b)		44,795		945,623
Sysco Corp.		8,959		713,405

	Shares		Value
Consumer Staples-(continued)
US Foods Holding Corp.(b)		8,401	$	306,301
Walmart, Inc.		1,829		237,624
				62,330,201
Energy-0.60%
Antero Midstream Corp.		45,803		403,983
Baker Hughes Co., Class A		16,010		391,925
Cabot Oil & Gas Corp.		91,893		1,700,939
Cheniere Energy, Inc.(b)		14,483		976,009
EQT Corp.		208,486		3,708,966
Williams Cos., Inc. (The)		47,992		1,096,137
				8,277,959
Financials-10.59%
Affiliated Managers Group, Inc.		11,371		1,591,599
Aflac, Inc.		22,148		1,060,668
AGNC Investment Corp.		64,704		1,037,205
Alleghany Corp.		502		324,508
Allstate Corp. (The)		16,608		1,770,413
Ally Financial, Inc.		71,476		2,966,254
American Express Co.		5,013		678,058
American Financial Group, Inc.		6,258		667,729
American International Group, Inc.		12,078		530,828
Ameriprise Financial, Inc.		18,799		4,159,091
Aon PLC, Class A		3,159		719,336
Apollo Global Management, Inc.		17,291		855,213
Arch Capital Group Ltd.(b)		16,939		606,755
Arthur J. Gallagher & Co.		24,155		2,893,769
Assurant, Inc.		17,333		2,135,772
Athene Holding Ltd., Class A(b)		15,829		721,644
AXIS Capital Holdings Ltd.		8,999		454,719
Bank of New York Mellon Corp. (The)		8,635		364,052
Bank OZK		21,921		903,584
Berkshire Hathaway, Inc., Class B(b)		2,213		532,249
BlackRock, Inc.		2,715		1,885,567
Brighthouse Financial, Inc.(b)		8,730		348,240
Brown & Brown, Inc.		35,582		1,633,214
Capital One Financial Corp.		9,471		1,138,319
Charles Schwab Corp. (The)		12,428		767,056
Chubb Ltd.		8,469		1,376,890
Cincinnati Financial Corp.		5,263		515,090
Citizens Financial Group, Inc.		24,472		1,063,064
Comerica, Inc.		5,798		394,844
Commerce Bancshares, Inc.		13,691		1,013,545
Cullen/Frost Bankers, Inc.		4,796		500,702
Discover Financial Services		18,845		1,772,749
East West Bancorp, Inc.		17,565		1,267,490
Eaton Vance Corp.		40,713		2,974,899
Erie Indemnity Co., Class A		7,432		1,799,287
Evercore, Inc., Class A		23,368		2,798,785
Everest Re Group Ltd.		3,499		846,093
FactSet Research Systems, Inc.		5,636		1,712,837
Fidelity National Financial, Inc.		15,337		587,100
Fifth Third Bancorp		35,650		1,236,698
First American Financial Corp.		15,046		790,517
First Citizens BancShares, Inc., Class A		1,474		1,087,650
First Republic Bank		13,063		2,152,129
Franklin Resources, Inc.		13,510		353,557
Globe Life, Inc.		8,596		802,866
Goldman Sachs Group, Inc. (The)		8,052		2,572,453
Hanover Insurance Group, Inc. (The)		4,272		492,775

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

11

Invesco Russell 1000^® Dynamic Multifactor ETF (OMFL)–(continued)

February 28, 2021

(Unaudited)

	Shares		Value
Financials-(continued)
Hartford Financial Services Group, Inc. (The).		12,461	$	631,648
Huntington Bancshares, Inc.		47,088		722,330
Interactive Brokers Group, Inc., Class A		39,445		2,855,424
Intercontinental Exchange, Inc.		10,597		1,168,955
Invesco Ltd., (Acquired 06/04/2020 - 02/24/2021; Cost $561,671)(d)(e)		55,081		1,234,916
Jefferies Financial Group, Inc.		117,809		3,421,173
Kemper Corp.		13,618		1,029,793
KeyCorp.		34,804		700,953
KKR & Co., Inc., Class A		31,957		1,455,961
Lazard Ltd., Class A		27,993		1,083,049
Lincoln National Corp.		5,561		316,254
Loews Corp.		14,315		684,400
LPL Financial Holdings, Inc.		13,803		1,815,647
M&T Bank Corp.		2,568		387,614
Markel Corp.(b)		944		1,027,827
MarketAxess Holdings, Inc.		4,089		2,273,239
Marsh & McLennan Cos., Inc.		7,900		910,238
Mercury General Corp.		8,606		502,590
MetLife, Inc.		35,049		2,018,822
MGIC Investment Corp.		36,359		442,853
Moody’s Corp.		4,050		1,113,304
Morgan Stanley		33,585		2,581,679
Morningstar, Inc.		5,063		1,135,378
MSCI, Inc.		7,147		2,962,574
Nasdaq, Inc.		12,559		1,736,784
New York Community Bancorp, Inc.		27,579		336,740
Northern Trust Corp.		9,165		871,866
Old Republic International Corp.		30,205		583,863
OneMain Holdings, Inc.		21,007		985,438
Pinnacle Financial Partners, Inc.		6,421		521,193
PNC Financial Services Group, Inc. (The)		4,304		724,621
Popular, Inc.		10,583		707,156
Primerica, Inc.		6,461		912,487
Principal Financial Group, Inc.		34,015		1,924,569
Progressive Corp. (The)		86,418		7,427,627
Prosperity Bancshares, Inc.		4,504		330,909
Prudential Financial, Inc.		13,669		1,185,376
Raymond James Financial, Inc.		23,753		2,772,925
Regions Financial Corp.		84,967		1,752,869
Reinsurance Group of America, Inc.		2,356		287,974
RenaissanceRe Holdings Ltd. (Bermuda)		5,397		901,191
Rocket Cos., Inc., Class A(b)(c)		58,525		1,278,771
S&P Global, Inc.		3,981		1,311,182
Santander Consumer USA Holdings, Inc.		17,304		432,600
Signature Bank.		2,640		576,418
SLM Corp.		202,165		3,192,185
State Street Corp.		18,144		1,320,339
SVB Financial Group(b)		16,283		8,228,777
Synchrony Financial		29,829		1,153,786
Synovus Financial Corp.		13,812		584,386
T. Rowe Price Group, Inc.		16,409		2,660,555
Tradeweb Markets, Inc., Class A		25,521		1,857,674
Travelers Cos., Inc. (The)		20,302		2,953,941
Truist Financial Corp.		6,772		385,733
Unum Group		13,735		363,703
Virtu Financial, Inc., Class A		19,855		541,446
Voya Financial, Inc.(c)		15,021		905,466
W.R. Berkley Corp.		15,137		1,049,448
Western Alliance Bancorporation		16,689		1,527,210

	Shares		Value
Financials-(continued)
Willis Towers Watson PLC		4,648	$	1,025,535
Zions Bancorporation N.A		7,421		394,575
				147,041,801
Health Care-13.70%
10X Genomics, Inc., Class A(b)		9,993		1,778,654
Abbott Laboratories		6,842		819,535
AbbVie, Inc.		8,629		929,688
ABIOMED, Inc.(b)		10,952		3,554,472
Acadia Healthcare Co., Inc.		59,144		3,267,115
ACADIA Pharmaceuticals, Inc.(b)		5,389		263,899
Acceleron Pharma, Inc.(b)		8,553		1,164,576
Adaptive Biotechnologies Corp.(b)		14,502		820,378
Agilent Technologies, Inc.		20,011		2,442,743
Alexion Pharmaceuticals, Inc.(b)		21,719		3,317,577
Align Technology, Inc.(b)		6,305		3,575,628
Amedisys, Inc.(b)		10,176		2,581,041
AmerisourceBergen Corp.		27,250		2,758,245
Amgen, Inc.		2,057		462,660
Anthem, Inc.		6,076		1,842,182
Avantor, Inc.(b)		76,744		2,138,855
Baxter International, Inc.		8,695		675,514
Becton, Dickinson and Co.		1,037		250,072
Biogen, Inc.(b)		3,110		848,657
Bio-Rad Laboratories, Inc., Class A(b)		10,663		6,232,523
Bio-Techne Corp.		6,723		2,431,642
Bristol-Myers Squibb Co.		6,406		392,880
Bruker Corp.		7,341		447,654
Cardinal Health, Inc.		37,857		1,950,393
Catalent, Inc.(b)		41,310		4,697,360
Centene Corp.(b)		43,627		2,553,925
Cerner Corp.		13,639		943,000
Change Healthcare, Inc.(b)		52,175		1,193,242
Charles River Laboratories International, Inc.(b)		15,709		4,494,973
Chemed Corp.		2,516		1,120,148
Cigna Corp.		9,740		2,044,426
Cooper Cos., Inc. (The)		2,644		1,020,928
CVS Health Corp.		17,025		1,159,913
Danaher Corp.		4,784		1,050,901
DaVita, Inc.(b)		57,866		5,909,855
DENTSPLY SIRONA, Inc.		7,944		421,588
DexCom, Inc.(b)		6,661		2,649,613
Edwards Lifesciences Corp.(b)		9,678		804,242
Elanco Animal Health, Inc.(b)		19,246		632,424
Eli Lilly and Co.		5,219		1,069,321
Encompass Health Corp.		28,999		2,332,680
Envista Holdings Corp.(b)		31,947		1,231,237
Exact Sciences Corp.(b)		6,351		864,498
Exelixis, Inc.(b)		46,307		1,003,010
Gilead Sciences, Inc.		13,786		846,460
Globus Medical, Inc., Class A(b)		5,476		342,250
Guardant Health, Inc.(b)		7,998		1,177,146
Haemonetics Corp.(b)		3,224		407,836
HCA Healthcare, Inc.		11,851		2,038,727
Henry Schein, Inc.(b)		20,467		1,265,884
Hill-Rom Holdings, Inc.		3,771		402,253
Hologic, Inc.(b)		61,334		4,421,568
Horizon Therapeutics PLC(b)		59,003		5,363,963
Humana, Inc.		8,720		3,310,548

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

12

Invesco Russell 1000^® Dynamic Multifactor ETF (OMFL)–(continued)

February 28, 2021

(Unaudited)

	Shares		Value
Health Care-(continued)
ICU Medical, Inc.(b)		2,012	$	417,490
IDEXX Laboratories, Inc.(b)		6,534		3,398,791
Illumina, Inc.(b)		989		434,576
Incyte Corp.(b)		4,197		330,136
Insulet Corp.(b)		8,304		2,151,566
Intuitive Surgical, Inc.(b)		1,400		1,031,520
Iovance Biotherapeutics, Inc.(b)		7,129		265,912
IQVIA Holdings, Inc.(b)		7,578		1,460,963
Jazz Pharmaceuticals PLC(b)		5,751		966,398
Laboratory Corp. of America Holdings(b)		19,381		4,649,696
Masimo Corp.(b)		9,468		2,373,912
McKesson Corp.		45,129		7,650,268
Medtronic PLC		3,102		362,841
Mettler-Toledo International, Inc.(b)		2,498		2,787,893
Moderna, Inc.(b)		7,985		1,236,158
Molina Healthcare, Inc.(b)		44,630		9,673,999
Novocure Ltd.(b)		14,138		2,107,976
Penumbra, Inc.(b)(c)		7,583		2,156,833
PerkinElmer, Inc.		18,417		2,322,199
Perrigo Co. PLC		9,431		380,635
Pfizer, Inc.		11,843		396,622
PPD, Inc.(b)		14,040		492,242
PRA Health Sciences, Inc.(b)		7,234		1,066,364
Premier, Inc., Class A		8,104		274,077
QIAGEN N.V.(b)(c)		18,950		947,500
Quest Diagnostics, Inc.		27,788		3,212,015
Quidel Corp.(b)		11,071		1,818,522
Regeneron Pharmaceuticals, Inc.(b)		5,877		2,648,000
Repligen Corp.(b)		11,653		2,474,981
ResMed, Inc.		12,374		2,385,460
Royalty Pharma PLC, Class A		21,639		1,007,728
Seagen, Inc.(b)		7,027		1,061,850
STERIS PLC		13,792		2,410,842
Stryker Corp.		3,482		845,047
Syneos Health, Inc.(b)		15,575		1,204,726
Tandem Diabetes Care, Inc.(b)		13,154		1,262,652
Teladoc Health, Inc.(b)		9,165		2,026,290
Teleflex, Inc.		1,889		752,049
Thermo Fisher Scientific, Inc.		2,046		920,864
United Therapeutics Corp.(b)		6,784		1,134,149
UnitedHealth Group, Inc.		1,468		487,699
Universal Health Services, Inc., Class B		8,326		1,043,498
Varian Medical Systems, Inc.(b)		10,610		1,859,615
Veeva Systems, Inc., Class A(b)		10,434		2,922,668
Vertex Pharmaceuticals, Inc.(b)		2,091		444,442
Viatris, Inc.(b)		30,862		458,301
Waters Corp.(b)		2,989		818,627
West Pharmaceutical Services, Inc.		12,858		3,608,598
Zimmer Biomet Holdings, Inc.		6,248		1,018,799
Zoetis, Inc.		8,667		1,345,465
				190,229,956
Industrials-18.14%
3M Co.		4,731		828,209
A.O. Smith Corp.		38,974		2,313,886
ADT, Inc.		34,146		259,851
AECOM(b)		44,951		2,602,213
AGCO Corp.		28,641		3,708,437
Air Lease Corp.		7,750		355,415
Allegion PLC		4,320		469,930

	Shares		Value
Industrials-(continued)
Allison Transmission Holdings, Inc.		9,929	$	376,508
AMERCO		2,202		1,265,533
AMETEK, Inc.		16,847		1,987,441
Axon Enterprise, Inc.(b)		14,407		2,384,214
Booz Allen Hamilton Holding Corp.		35,697		2,753,667
BWX Technologies, Inc.		5,747		333,383
C.H. Robinson Worldwide, Inc.		50,108		4,552,312
CACI International, Inc., Class A(b)		3,816		844,633
Carlisle Cos., Inc.		5,212		757,043
Carrier Global Corp.		66,026		2,411,930
Caterpillar, Inc.		14,622		3,156,597
Cintas Corp.		6,673		2,164,321
Clean Harbors, Inc.(b)		3,632		309,265
Copart, Inc.(b)		16,497		1,800,812
CoreLogic, Inc.		41,677		3,528,375
CoStar Group, Inc.(b)		2,554		2,103,883
CSX Corp.		29,294		2,681,866
Cummins, Inc.		27,557		6,977,432
Deere & Co.		16,172		5,645,969
Donaldson Co., Inc.		10,251		603,886
Dover Corp.		14,388		1,773,465
Eaton Corp. PLC		32,687		4,255,521
Emerson Electric Co.		17,015		1,461,588
Equifax, Inc.		6,936		1,122,800
Expeditors International of Washington, Inc.		29,429		2,702,759
Fastenal Co.		56,319		2,611,512
FedEx Corp.		22,794		5,801,073
Fortive Corp.		23,586		1,552,431
Fortune Brands Home & Security, Inc.		45,299		3,766,159
FTI Consulting, Inc.(b)		4,027		461,293
Generac Holdings, Inc.(b)		17,088		5,631,521
General Dynamics Corp.		4,457		728,586
General Electric Co.		54,421		682,439
Graco, Inc.		35,223		2,442,715
HEICO Corp.		2,865		360,360
HEICO Corp., Class A.		9,534		1,103,656
Honeywell International, Inc.		4,716		954,283
Howmet Aerospace, Inc.(b)		43,511		1,223,094
Hubbell, Inc.		9,879		1,753,621
IAA, Inc.(b)		31,368		1,839,106
IDEX Corp.		7,570		1,477,437
IHS Markit Ltd.		15,434		1,391,529
Illinois Tool Works, Inc.		7,335		1,482,990
Ingersoll Rand, Inc.(b)		25,657		1,188,964
ITT, Inc.		10,527		873,530
J.B. Hunt Transport Services, Inc.		16,874		2,478,284
Jacobs Engineering Group, Inc.		29,092		3,347,907
JetBlue Airways Corp.(b)		17,573		323,870
Johnson Controls International PLC		51,178		2,855,221
Kansas City Southern		13,200		2,802,888
Knight-Swift Transportation Holdings, Inc.		50,121		2,165,227
L3Harris Technologies, Inc.		4,569		831,147
Landstar System, Inc.		14,634		2,343,489
Leidos Holdings, Inc.		18,585		1,643,843
Lennox International, Inc.		6,997		1,957,551
Lincoln Electric Holdings, Inc.		16,077		1,898,854
Lockheed Martin Corp.		1,989		656,867
ManpowerGroup, Inc.		9,518		898,880
Masco Corp.		52,375		2,787,397
Middleby Corp. (The)(b)		15,748		2,305,665

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

13

Invesco Russell 1000^® Dynamic Multifactor ETF (OMFL)–(continued)

February 28, 2021

(Unaudited)

	Shares		Value
Industrials-(continued)
MSA Safety, Inc.		5,669	$	912,652
MSC Industrial Direct Co., Inc., Class A		19,828		1,707,786
Nordson Corp.		9,233		1,776,522
Norfolk Southern Corp.		11,189		2,820,299
Northrop Grumman Corp.		2,422		706,401
nVent Electric PLC.		13,322		349,836
Old Dominion Freight Line, Inc.		18,613		3,997,514
Oshkosh Corp.		6,268		664,408
Otis Worldwide Corp.		26,967		1,718,068
Owens Corning		34,953		2,831,892
PACCAR, Inc.		43,929		3,997,100
Parker-Hannifin Corp.		15,031		4,313,296
Pentair PLC		35,530		1,987,193
Quanta Services, Inc.		103,735		8,698,180
Regal Beloit Corp.		30,637		4,187,159
Republic Services, Inc.		16,023		1,427,489
Robert Half International, Inc.		19,113		1,486,800
Rockwell Automation, Inc.		9,578		2,330,136
Rollins, Inc.		39,702		1,316,915
Roper Technologies, Inc.		3,941		1,488,200
Ryder System, Inc.		29,038		1,967,905
Schneider National, Inc., Class B		29,612		684,926
Science Applications International Corp.		16,934		1,458,525
Sensata Technologies Holding PLC(b)		10,172		582,754
Snap-on, Inc.		9,028		1,833,677
Southwest Airlines Co.		18,302		1,063,895
Stanley Black & Decker, Inc.		12,077		2,111,543
Stericycle, Inc.(b)		7,963		516,560
Teledyne Technologies, Inc.(b)		3,497		1,297,387
Textron, Inc.		42,031		2,115,841
Timken Co. (The)		44,158		3,459,779
Toro Co. (The)		15,868		1,599,018
Trane Technologies PLC		37,215		5,702,827
TransDigm Group, Inc.(b)		1,282		739,291
TransUnion		13,807		1,162,687
Trex Co., Inc.(b)		33,515		3,071,315
Trinity Industries, Inc.		24,069		772,615
Union Pacific Corp.		4,451		916,728
United Parcel Service, Inc., Class B		15,484		2,443,840
United Rentals, Inc.(b)		33,087		9,839,412
Valmont Industries, Inc.		6,404		1,514,738
Verisk Analytics, Inc.		11,737		1,923,107
Vertiv Holdings Co.		166,360		3,481,915
W.W. Grainger, Inc.		6,674		2,487,467
Wabtec Corp.		10,453		757,111
Waste Management, Inc.		13,631		1,511,542
Watsco, Inc.		12,323		2,995,721
Woodward, Inc.		3,373		385,264
XPO Logistics, Inc.(b)		61,739		7,198,767
Xylem, Inc.		23,893		2,378,787
				251,809,323
Information Technology-19.13%
Accenture PLC, Class A		3,313		831,232
Adobe, Inc.(b)		1,184		544,249
Advanced Micro Devices, Inc.(b)		16,874		1,426,022
Akamai Technologies, Inc.(b)		20,625		1,949,063
Alteryx, Inc., Class A(b)		5,068		484,501
Amdocs Ltd.		10,342		784,027
Amphenol Corp., Class A		15,895		1,997,684

	Shares		Value
Information Technology-(continued)
Analog Devices, Inc.		9,887	$	1,540,592
Anaplan, Inc.(b)		7,929		515,306
ANSYS, Inc.(b)		4,593		1,566,167
Apple, Inc.		14,049		1,703,582
Applied Materials, Inc.		29,843		3,527,144
Arista Networks, Inc.(b)		9,340		2,613,706
Arrow Electronics, Inc.(b)		23,808		2,386,990
Aspen Technology, Inc.(b)		6,060		912,091
Atlassian Corp. PLC, Class A(b)		10,726		2,549,570
Autodesk, Inc.(b)		6,420		1,771,920
Automatic Data Processing, Inc.		4,054		705,477
Avalara, Inc.(b)		13,298		2,086,988
Bill.com Holdings, Inc.(b)		13,466		2,222,025
Black Knight, Inc.(b)		25,659		1,967,789
Broadcom, Inc.		2,284		1,073,183
Broadridge Financial Solutions, Inc.		13,761		1,960,805
Cadence Design Systems, Inc.(b)		33,548		4,733,287
CDK Global, Inc.		6,357		318,740
CDW Corp.		8,710		1,366,512
Ceridian HCM Holding, Inc.(b)		16,299		1,461,368
Ciena Corp.(b)		18,811		981,370
Cirrus Logic, Inc.(b)		5,527		451,998
Citrix Systems, Inc.		13,169		1,759,115
Cloudflare, Inc., Class A(b)		14,008		1,036,172
Cognex Corp.		21,190		1,750,082
Cognizant Technology Solutions Corp., Class A		42,538		3,125,692
Concentrix Corp.(b)		12,814		1,582,657
Corning, Inc.		113,546		4,341,999
Coupa Software, Inc.(b)		7,356		2,547,089
Cree, Inc.(b)		17,618		1,998,938
Crowdstrike Holdings, Inc., Class A(b)		13,435		2,901,960
Datadog, Inc., Class A(b)		18,996		1,812,408
Dell Technologies, Inc., Class C(b)		163,293		13,238,164
DocuSign, Inc.(b)		10,067		2,281,786
Dolby Laboratories, Inc., Class A		16,978		1,657,562
Dropbox, Inc., Class A(b)		22,546		508,300
Dynatrace, Inc.(b)		13,853		689,325
Elastic N.V.(b)		10,276		1,380,992
Enphase Energy, Inc.(b)		18,384		3,236,687
Entegris, Inc.		41,492		4,365,373
EPAM Systems, Inc.(b)		9,857		3,682,674
Everbridge, Inc.(b)		7,174		1,099,272
F5 Networks, Inc.(b)		11,713		2,225,236
Fair Isaac Corp.(b)		3,706		1,695,680
Fastly, Inc., Class A(b)(c)		15,871		1,167,788
Fidelity National Information Services, Inc.		2,969		409,722
First Solar, Inc.(b)		19,878		1,610,516
Fiserv, Inc.(b)		2,818		325,113
Five9, Inc.(b)		13,353		2,473,510
FleetCor Technologies, Inc.(b)		1,473		408,478
Fortinet, Inc.(b)		8,022		1,354,515
Gartner, Inc.(b)		5,186		928,501
Genpact Ltd.		16,834		680,767
Global Payments, Inc.		2,884		571,003
Globant S.A. (Argentina)(b)		11,217		2,408,514
GoDaddy, Inc., Class A(b)		15,147		1,228,725
Guidewire Software, Inc.(b)		4,691		520,654
HP, Inc.		152,389		4,414,709
HubSpot, Inc.(b)		6,057		3,119,355

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

14

Invesco Russell 1000^® Dynamic Multifactor ETF (OMFL)–(continued)

February 28, 2021

(Unaudited)

	Shares		Value
Information Technology-(continued)
Inphi Corp.(b)		11,101	$	1,827,114
International Business Machines Corp.		6,131		729,160
Intuit, Inc.		4,004		1,562,121
IPG Photonics Corp.(b)		7,753		1,762,645
Jabil, Inc.		26,084		1,126,046
Jack Henry & Associates, Inc.		6,746		1,001,376
Juniper Networks, Inc.		27,712		645,135
Keysight Technologies, Inc.(b)		13,038		1,845,138
KLA Corp.		14,225		4,427,247
Lam Research Corp.		7,143		4,051,438
Littelfuse, Inc.		5,628		1,464,518
Lumentum Holdings, Inc.(b)		10,785		970,650
Manhattan Associates, Inc.(b)		9,407		1,156,591
Marvell Technology Group Ltd.		105,312		5,084,463
Maxim Integrated Products, Inc.		35,102		3,270,453
Microchip Technology, Inc.		16,776		2,560,521
Micron Technology, Inc.(b)		31,834		2,913,766
Microsoft Corp.		3,897		905,585
MKS Instruments, Inc.		8,869		1,462,498
MongoDB, Inc.(b)		6,640		2,562,575
Monolithic Power Systems, Inc.		8,728		3,268,811
Motorola Solutions, Inc.		8,303		1,457,010
NetApp, Inc.		12,894		807,164
NortonLifeLock, Inc.		222,468		4,340,351
Nuance Communications, Inc.(b)		71,284		3,179,266
NVIDIA Corp.		809		443,801
Okta, Inc.(b)		9,438		2,467,565
ON Semiconductor Corp.(b)		66,059		2,660,196
Oracle Corp.		7,096		457,763
PagerDuty, Inc.(b)		8,566		383,243
Palo Alto Networks, Inc.(b)		5,707		2,044,875
Paychex, Inc.		12,616		1,148,939
Paycom Software, Inc.(b)		4,692		1,755,934
Paylocity Holding Corp.(b)		7,429		1,420,351
PayPal Holdings, Inc.(b)		3,212		834,638
Pegasystems, Inc.		6,767		895,612
PTC, Inc.(b)		16,995		2,327,295
Pure Storage, Inc., Class A(b)		22,309		521,584
Qorvo, Inc.(b)		16,237		2,837,091
QUALCOMM, Inc.		12,225		1,664,923
RealPage, Inc.(b)		15,381		1,334,763
RingCentral, Inc., Class A(b)		8,320		3,146,291
salesforce.com, inc.(b)		2,744		594,076
ServiceNow, Inc.(b)		3,240		1,728,410
Skyworks Solutions, Inc.		16,618		2,955,013
Slack Technologies, Inc., Class A(b)		19,993		818,313
Smartsheet, Inc., Class A(b)		9,563		662,238
SolarEdge Technologies, Inc.(b)		11,318		3,376,273
Splunk, Inc.(b)		6,021		861,063
Square, Inc., Class A(b)		8,679		1,996,430
SS&C Technologies Holdings, Inc.		25,694		1,702,998
StoneCo.Ltd., Class A (Brazil)(b)		24,948		2,140,788
SYNNEX Corp.		31,549		2,812,909
Synopsys, Inc.(b)		15,910		3,901,291
Teradyne, Inc.		35,136		4,518,841
Texas Instruments, Inc.		6,601		1,137,154
Trade Desk, Inc. (The), Class A(b)		2,799		2,254,287
Trimble, Inc.(b)		56,680		4,202,255
Twilio, Inc., Class A(b)		6,941		2,726,980
Tyler Technologies, Inc.(b)		4,707		2,181,318

	Shares		Value
Information Technology-(continued)
Ubiquiti, Inc.		1,220	$	389,082
Universal Display Corp.		3,058		647,348
VeriSign, Inc.(b)		3,951		766,613
VMware, Inc., Class A(b)(c)		4,193		579,515
Vontier Corp.(b)		36,160		1,135,424
Western Union Co. (The)		17,006		394,879
Workday, Inc., Class A(b)		5,467		1,340,399
Xilinx, Inc.		19,573		2,550,362
Zebra Technologies Corp., Class A(b)		8,968		4,478,888
Zendesk, Inc.(b)		15,214		2,223,374
Zoom Video Communications, Inc., Class A(b)		2,870		1,072,261
Zscaler, Inc.(b)		8,707		1,785,196
				265,632,905
Materials-8.02%
Air Products and Chemicals, Inc.		5,992		1,531,675
Albemarle Corp.		43,346		6,814,425
Amcor PLC		286,303		3,132,155
AptarGroup, Inc.		11,630		1,512,714
Avery Dennison Corp.		14,290		2,503,751
Axalta Coating Systems Ltd.(b)		21,880		598,199
Ball Corp.		47,128		4,024,260
Berry Global Group, Inc.(b)		66,613		3,690,360
Celanese Corp.		19,282		2,678,463
Chemours Co. (The)		123,854		2,914,285
Corteva, Inc.		61,060		2,756,859
Crown Holdings, Inc.(b)		61,765		5,902,263
Dow, Inc.		43,240		2,564,564
DuPont de Nemours, Inc.		12,384		870,843
Eagle Materials, Inc.		6,544		820,487
Eastman Chemical Co.		56,694		6,194,386
Ecolab, Inc.		4,652		973,943
Element Solutions, Inc.		43,064		777,305
FMC Corp.		16,718		1,700,053
Freeport-McMoRan, Inc.		195,506		6,629,608
Graphic Packaging Holding Co.		57,634		914,652
Huntsman Corp.		70,805		1,932,976
International Flavors & Fragrances, Inc.		6,623		897,483
International Paper Co.		98,420		4,886,553
Linde PLC (United Kingdom)		3,640		889,143
LyondellBasell Industries N.V., Class A		14,955		1,541,711
Martin Marietta Materials, Inc.		3,410		1,148,727
Mosaic Co. (The)		14,640		430,416
Newmont Corp.		97,921		5,324,944
Nucor Corp.		38,557		2,306,480
Olin Corp.		108,096		3,344,490
Packaging Corp. of America		26,476		3,495,362
PPG Industries, Inc.		13,307		1,794,050
Reliance Steel & Aluminum Co.		16,337		2,159,751
Royal Gold, Inc.		3,646		378,127
RPM International, Inc.		27,613		2,199,099
Scotts Miracle-Gro Co. (The)		23,894		5,093,006
Sealed Air Corp.		40,619		1,701,936
Sherwin-Williams Co. (The)		2,309		1,570,905
Silgan Holdings, Inc.		38,741		1,455,112
Sonoco Products Co.		14,132		841,843
Southern Copper Corp. (Peru)		6,052		431,689
Steel Dynamics, Inc.		65,853		2,738,168
Valvoline, Inc.		54,449		1,359,047

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

15

Invesco Russell 1000^® Dynamic Multifactor ETF (OMFL)–(continued)

February 28, 2021

(Unaudited)

	Shares		Value
Materials-(continued)
Vulcan Materials Co.		6,700	$	1,118,833
Westlake Chemical Corp.		8,960		766,886
Westrock Co.		47,028		2,049,951
				111,361,938
Real Estate-2.54%
Alexandria Real Estate Equities, Inc.		5,287		844,281
American Campus Communities, Inc.		7,744		317,194
American Homes 4 Rent, Class A		29,091		905,894
American Tower Corp.		2,169		468,786
Americold Realty Trust		16,051		562,427
Apartment Income REIT Corp.		6,725		274,918
Apartment Investment & Management Co.		6,769		32,221
AvalonBay Communities, Inc.		2,270		398,953
Camden Property Trust		5,527		575,637
CBRE Group, Inc., Class A(b)		27,754		2,102,921
CoreSite Realty Corp.		6,800		827,628
Corporate Office Properties Trust		14,316		372,216
Crown Castle International Corp.		6,788		1,057,231
CubeSmart		25,943		958,853
CyrusOne, Inc.		12,899		846,561
Digital Realty Trust, Inc.		13,537		1,823,840
Duke Realty Corp.		38,336		1,504,688
Equinix, Inc.		2,263		1,467,194
Equity Commonwealth		16,360		461,516
Equity LifeStyle Properties, Inc.		5,238		322,923
Equity Residential		4,322		282,702
Essex Property Trust, Inc.		1,852		471,871
Extra Space Storage, Inc.		11,402		1,433,231
First Industrial Realty Trust, Inc.		15,846		676,783
Gaming and Leisure Properties, Inc.		23,288		1,033,987
Healthcare Trust of America, Inc., Class A		10,452		283,876
Healthpeak Properties, Inc.		17,499		509,046
Host Hotels & Resorts, Inc.		27,498		456,192
Invitation Homes, Inc.		19,671		573,213
Iron Mountain, Inc.		17,480		608,129
Jones Lang LaSalle, Inc.(b)		2,403		418,074
Lamar Advertising Co., Class A		5,139		444,986
Life Storage, Inc.		11,128		933,639
Medical Properties Trust, Inc.		32,213		695,479
Mid-America Apartment Communities, Inc.		6,254		842,601
Omega Healthcare Investors, Inc.		10,016		371,994
Prologis, Inc.		10,427		1,033,003
Public Storage		5,062		1,184,204
Realty Income Corp.		5,553		334,624
Rexford Industrial Realty, Inc.		11,138		531,505
SBA Communications Corp., Class A		4,785		1,220,797
STORE Capital Corp.		10,105		337,911
Sun Communities, Inc.		3,207		487,304
UDR, Inc.		8,284		341,052
Ventas, Inc.		12,231		647,020
VICI Properties, Inc.		49,425		1,408,613
Welltower, Inc.		4,817		327,074
Weyerhaeuser Co.		20,552		696,096
WP Carey, Inc.		7,639		523,577
				35,234,465
Utilities-2.67%
AES Corp. (The)		131,241		3,485,761
Alliant Energy Corp.		17,676		815,924
Ameren Corp.		24,226		1,702,361

	Shares		Value
Utilities-(continued)
American Electric Power Co., Inc.		9,114	$	682,183
American Water Works Co., Inc.		18,310		2,597,823
Atmos Energy Corp.		5,214		441,156
CenterPoint Energy, Inc.		45,514		884,792
CMS Energy Corp.		22,670		1,226,674
Consolidated Edison, Inc.		12,149		797,582
Dominion Energy, Inc.		10,321		705,131
DTE Energy Co.		16,362		1,926,135
Duke Energy Corp.		20,400		1,746,036
Edison International.		7,816		421,986
Entergy Corp.		12,278		1,065,853
Essential Utilities, Inc.		8,920		375,175
Evergy, Inc.		13,952		748,246
Eversource Energy		18,248		1,450,351
Exelon Corp.		44,897		1,733,024
IDACORP, Inc.		3,089		266,395
MDU Resources Group, Inc.		17,954		504,507
National Fuel Gas Co.		8,047		365,656
NextEra Energy, Inc.		15,680		1,152,166
NiSource, Inc.		32,518		702,389
NRG Energy, Inc.		13,861		506,065
OGE Energy Corp.		8,366		244,873
PG&E Corp.(b)		83,568		878,300
Pinnacle West Capital Corp.		11,370		795,104
PPL Corp.		25,174		659,307
Public Service Enterprise Group, Inc.		32,524		1,750,767
Sempra Energy		5,691		660,042
Southern Co. (The)		22,425		1,271,946
UGI Corp.		14,404		551,817
Vistra Corp.		25,595		441,514
WEC Energy Group, Inc.		17,699		1,427,247
Xcel Energy, Inc.		34,559		2,024,812
				37,009,100
Total Common Stocks & Other Equity Interests (Cost $1,299,486,153)				1,386,187,360
Money Market Funds-0.07%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(d)(f) (Cost $948,230)		948,230		948,230
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateralfrom securities on loan)-99.92% (Cost $1,300,434,383)				1,387,135,590
Investments Purchased with Cash Collateral from Securitieson Loan
Money Market Funds-0.65%
Invesco Private Government Fund, 0.01%(d)(f)(g)		3,605,704		3,605,704

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

16

Invesco Russell 1000^® Dynamic Multifactor ETF (OMFL)–(continued)

February 28, 2021

(Unaudited)

	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 0.11%(d)(f)(g)		5,406,394	$	5,408,556
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $9,014,260)				9,014,260
TOTAL INVESTMENTS IN SECURITIES-100.57% (Cost $1,309,448,643)				1,396,149,850
OTHER ASSETS LESS LIABILITIES-(0.57)%				(7,922,154	)
NET ASSETS-100.00%			$	1,388,227,696

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 February 28, 2021.

^(d) Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2021.

											Change in
	Value			Purchases			Proceeds				Unrealized			Realized			Value			Dividend
	August 31, 2020			at Cost			from Sales				Appreciation			Gain			February 28, 2021			Income
Invesco Ltd.		$	2,584,435		$	3,629,638		$	(7,444,614	)		$	543,438		$	1,922,019		$	1,234,916		$	48,193
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class			-			21,221,723			(20,273,493	)			-			-			948,230			98
Invesco Premier U.S. Government Money Portfolio, Institutional Class			-			4,272,083			(4,272,083	)			-			-			-			4
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			10,933,477			38,946,426			(46,274,199	)			-			-			3,605,704			1,006	*
Invesco Private Prime Fund			3,647,831			47,387,970			(45,628,609	)			-			1,364			5,408,556			3,825	*
Total		$	17,165,743		$	115,457,840		$	(123,892,998	)		$	543,438		$	1,923,383		$	11,197,406		$	53,126

* 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) Restricted security. The value of this security at February 28, 2021 represented less than 1% of the Fund’s Net Assets.

(f) The rate shown is the 7-day SEC standardized yield as of February 28, 2021.

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

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

17

Invesco Russell 1000^® Dynamic Multifactor ETF (OMFL)–(continued)

February 28, 2021

(Unaudited)

Portfolio Composition

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

as of February 28, 2021

Information Technology	19.13
Industrials	18.14
Consumer Discretionary	15.05
Health Care	13.70
Financials	10.59
Materials	8.02
Communication Services	4.92
Consumer Staples	4.49
Sector Types Each Less Than 3%	5.81
Money Market Funds Plus Other Assets Less Liabilities	0.15

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

18

Invesco Russell 2000^® Dynamic Multifactor ETF (OMFS)

February 28, 2021

(Unaudited)

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.95%
Communication Services-2.92%
Alaska Communications Systems Group, Inc.		27,392	$	89,572
AMC Networks, Inc., Class A(b)(c)		876		57,457
ATN International, Inc.		301		14,653
Bandwidth, Inc., Class A(b)		481		76,171
Boingo Wireless, Inc.(b)		4,183		47,686
Cardlytics, Inc.(b)		641		84,888
Cincinnati Bell, Inc.(b)		18,667		285,232
Cogent Communications Holdings, Inc.		296		17,716
Consolidated Communications Holdings, Inc.(b)		28,653		150,715
E.W. Scripps Co. (The), Class A		1,306		24,579
Entravision Communications Corp., Class A		6,834		21,390
EverQuote, Inc., Class A(b)		750		36,735
Fluent, Inc.(b)		7,283		46,101
Glu Mobile, Inc.(b)		8,276		103,284
Gogo, Inc.(b)(c)		5,484		64,985
Gray Television, Inc.(b)		1,752		31,799
IDT Corp., Class B(b)		5,870		105,367
iHeartMedia, Inc., Class A(b)		1,601		22,526
Iridium Communications, Inc.(b)		945		36,203
Ooma, Inc.(b)		1,509		23,842
ORBCOMM, Inc.(b)		11,576		88,325
QuinStreet, Inc.(b)		2,800		66,892
Shenandoah Telecommunications Co.		1,156		51,269
Sinclair Broadcast Group, Inc., Class A		1,185		36,652
TechTarget, Inc.(b)		2,098		175,456
TEGNA, Inc.		1,632		29,751
Tribune Publishing Co.		1,289		21,887
Vonage Holdings Corp.(b)		6,709		88,693
WideOpenWest, Inc.(b)		6,820		95,821
Yelp, Inc.(b)		854		32,204
				2,027,851
Consumer Discretionary-21.95%
1-800-Flowers.com, Inc., Class A(b)		4,886		138,176
Aaron’s Co., Inc. (The)(b)		4,300		94,428
Abercrombie & Fitch Co., Class A		7,894		216,059
Academy Sports & Outdoors, Inc.(b)		1,136		27,219
Acushnet Holdings Corp.		661		27,907
Adient PLC(b)		3,433		127,296
Adtalem Global Education, Inc.(b)		522		20,515
American Axle & Manufacturing Holdings, Inc.(b) .		3,164		30,912
American Eagle Outfitters, Inc.(c)		4,095		105,242
American Public Education, Inc.(b)		1,504		44,278
America’s Car-Mart, Inc.(b)		312		42,120
Asbury Automotive Group, Inc.(b)		609		103,195
Aspen Group, Inc.(b)		2,643		23,470
At Home Group, Inc.(b)		6,021		151,669
Bally’s Corp.		2,271		135,170
Beazer Homes USA, Inc.(b)		3,391		59,919
Bed Bath & Beyond, Inc.(c)		5,503		147,811
Big Lots, Inc.		5,588		355,062
Biglari Holdings, Inc., Class B(b)		211		24,717
BJ’s Restaurants, Inc.(b)		1,569		87,127
Bloomin’ Brands, Inc.		1,897		47,121
Boot Barn Holdings, Inc.(b)		698		42,173
Boyd Gaming Corp.(b)		1,123		65,920
Brinker International, Inc.		1,591		109,127

	Shares		Value
Consumer Discretionary-(continued)
Buckle, Inc. (The)		1,734	$	66,655
Callaway Golf Co.		1,275		35,636
Camping World Holdings, Inc., Class A		5,815		182,009
CarParts.com, Inc.(b)		5,339		94,660
Carriage Services, Inc.		1,621		53,428
Carrols Restaurant Group, Inc.(b)		3,133		19,362
Cavco Industries, Inc.(b)		274		57,789
Century Communities, Inc.(b)		3,536		195,647
Cheesecake Factory, Inc. (The)(c)		1,016		55,829
Children’s Place, Inc. (The)(b)		267		18,490
Churchill Downs, Inc.		198		45,665
Chuy’s Holdings, Inc.(b)		1,002		41,082
Citi Trends, Inc.		3,930		306,108
Clarus Corp.		1,844		32,012
Conn’s, Inc.(b)		1,334		18,929
Container Store Group, Inc. (The)(b)		9,307		142,676
Cooper Tire & Rubber Co.		3,904		223,465
Cooper-Standard Holdings, Inc.(b)		2,516		90,123
Core-Mark Holding Co., Inc.		4,932		160,685
Cracker Barrel Old Country Store, Inc.		216		33,452
Crocs, Inc.(b)		1,157		88,765
Dana, Inc.		2,686		63,954
Deckers Outdoor Corp.(b)		158		51,525
Del Taco Restaurants, Inc.		1,575		15,813
Dine Brands Global, Inc.		310		24,524
Dorman Products, Inc.(b)		476		47,462
Duluth Holdings, Inc., Class B(b)		2,152		30,085
El Pollo Loco Holdings, Inc.(b)		1,198		21,959
Envela Corp.(b)(c)		3,015		15,829
Escalade, Inc.		4,104		81,095
Ethan Allen Interiors, Inc.		2,272		58,209
Everi Holdings, Inc.(b)		1,585		23,949
Fiesta Restaurant Group, Inc.(b)		2,285		34,869
Fossil Group, Inc.(b)		13,379		202,558
Fox Factory Holding Corp.(b)		436		55,437
Franchise Group, Inc.		1,004		35,220
GameStop Corp., Class A(b)		2,071		210,704
GAN, Ltd. (United Kingdom)(b)		1,288		32,896
Genesco, Inc.(b)		351		15,774
Gentherm, Inc.(b)		1,068		75,604
G-III Apparel Group Ltd.(b)		706		20,326
Golden Entertainment, Inc.(b)		919		21,716
Goodyear Tire & Rubber Co. (The)		1,738		29,216
GoPro, Inc., Class A(b)		16,056		120,741
Green Brick Partners, Inc.(b)		3,741		73,810
Group 1 Automotive, Inc.		952		145,123
GrowGeneration Corp.(b)		2,428		110,790
Guess?, Inc.		988		24,907
Hamilton Beach Brands Holding Co., Class A		907		15,936
Haverty Furniture Cos., Inc., (Acquired 06/02/2020 - 02/26/2021; Cost $101,497)(d)		5,412		195,752
Helen of Troy Ltd.(b)		130		28,184
Hibbett Sports, Inc.(b)		4,650		298,809
Hilton Grand Vacations, Inc.(b)		683		26,985
Hooker Furniture Corp.		2,416		81,685
Installed Building Products, Inc.(b)		648		70,865
International Game Technology PLC		1,669		30,526

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

19

Invesco Russell 2000^® Dynamic Multifactor ETF (OMFS)–(continued)

February 28, 2021

(Unaudited)

	Shares		Value
Consumer Discretionary-(continued)
iRobot Corp.(b)		1,564	$	194,108
Jack in the Box, Inc.		718		73,487
Johnson Outdoors, Inc., Class A		431		52,013
KB Home.		1,358		54,836
Kontoor Brands, Inc.		1,489		62,910
Lakeland Industries, Inc.(b)		2,864		89,901
Lands’ End, Inc.(b)		1,462		48,304
Laureate Education, Inc., Class A(b)		1,649		22,674
La-Z-Boy, Inc.		2,732		116,411
LCI Industries		499		70,329
LGI Homes, Inc.(b)		883		96,468
Lifetime Brands, Inc.		5,878		76,238
Liquidity Services, Inc.(b)		5,185		80,938
Lithia Motors, Inc., Class A		257		96,105
Lovesac Co. (The)(b)		1,938		111,803
Lumber Liquidators Holdings, Inc.(b)		6,845		169,551
M.D.C. Holdings, Inc.		1,304		73,767
M/I Homes, Inc.(b)		1,677		83,682
Magnite, Inc.(b)		4,564		223,043
Malibu Boats, Inc., Class A(b)		2,134		159,068
MarineMax, Inc.(b)		9,557		426,720
Marriott Vacations Worldwide Corp.		235		39,882
MasterCraft Boat Holdings, Inc.(b)		3,373		86,450
Meritage Homes Corp.(b)		1,238		104,376
Michaels Cos., Inc. (The)(b)		12,146		182,190
Modine Manufacturing Co.(b)		15,206		210,907
Monarch Casino & Resort, Inc.(b)		467		31,597
Motorcar Parts of America, Inc.(b)		806		17,152
Movado Group, Inc.		845		19,266
Murphy USA, Inc.		494		61,577
National Vision Holdings, Inc.(b)		1,385		65,774
Nautilus, Inc.(b)		2,936		54,052
Noodles & Co.(b)		7,707		72,754
ODP Corp. (The)		4,646		177,802
OneWater Marine, Inc., Class A(b)		1,186		42,233
Overstock.com, Inc.(b)		1,367		91,821
Oxford Industries, Inc.		276		21,042
Papa John’s International, Inc.		734		66,199
Patrick Industries, Inc.		1,686		133,076
Penn National Gaming, Inc.(b)		496		57,427
PetMed Express, Inc.(c)		2,414		83,790
Purple Innovation, Inc.(b)		1,063		39,108
RCI Hospitality Holdings, Inc.		2,353		151,180
Red Rock Resorts, Inc., Class A		1,450		43,747
Rent-A-Center, Inc.		3,283		189,626
RH(b)		73		35,797
Rocky Brands, Inc.		1,247		54,357
Sally Beauty Holdings, Inc.(b)		1,157		18,628
Scientific Games Corp.(b)		1,514		70,901
SeaWorld Entertainment, Inc.(b)		487		24,184
Shake Shack, Inc., Class A(b)		471		55,804
Shoe Carnival, Inc.		923		45,190
Shutterstock, Inc.		862		76,054
Signet Jewelers Ltd.		7,927		394,606
Skyline Champion Corp.(b)		1,297		57,392
Sleep Number Corp.(b)		1,806		247,657
Smith & Wesson Brands, Inc.		10,433		179,552
Sonic Automotive, Inc., Class A		3,263		150,457
Sonos, Inc.(b)		2,815		109,616
Sportsman’s Warehouse Holdings, Inc.(b)		14,176		240,141

	Shares		Value
Consumer Discretionary-(continued)
Stamps.com, Inc.(b)		508	$	92,420
Standard Motor Products, Inc.		646		27,138
Steven Madden Ltd.		390		14,426
Stitch Fix, Inc., Class A(b)		1,436		109,581
Stoneridge, Inc.(b)		1,075		32,960
Stride, Inc.(b)		3,537		85,065
Sturm Ruger & Co., Inc.		1,643		112,053
Superior Group of Cos., Inc.		4,489		106,928
Taylor Morrison Home Corp., Class A(b)		2,817		77,496
Tenneco, Inc., Class A(b)		2,097		23,361
Texas Roadhouse, Inc.		613		55,709
TopBuild Corp.(b)		399		75,974
Tri Pointe Homes, Inc.(b)		4,681		88,939
Tupperware Brands Corp.(b)		6,158		188,250
Turtle Beach Corp.(b)		7,001		209,330
Universal Electronics, Inc.(b)		740		43,061
Urban Outfitters, Inc.(b)		1,738		58,918
Vista Outdoor, Inc.(b)		8,547		270,171
Visteon Corp.(b)		572		72,741
Vivint Smart Home, Inc.(b)		1,938		32,946
VOXX International Corp.(b)		6,211		128,754
Waitr Holdings, Inc.(b)		29,952		95,247
Wingstop, Inc.		449		61,131
Winmark Corp.		127		22,414
Winnebago Industries, Inc.		907		63,127
Wolverine World Wide, Inc.		849		29,673
Workhorse Group, Inc.(b)(c)		2,467		39,891
XPEL, Inc.(b)(e)		2,095		101,293
YETI Holdings, Inc.(b)		814		55,979
Zumiez, Inc.(b)		1,643		74,066
				15,216,699
Consumer Staples-3.92%
Alico, Inc.		491		14,553
Andersons, Inc. (The)		1,795		46,921
B&G Foods, Inc.(c)		5,397		163,691
BellRing Brands, Inc., Class A(b)		2,288		51,983
BJ’s Wholesale Club Holdings, Inc.(b)		3,048		122,469
Calavo Growers, Inc.		246		18,512
Cal-Maine Foods, Inc.(b)		544		20,726
Celsius Holdings, Inc.(b)		1,611		95,903
Central Garden & Pet Co.(b)		616		28,090
Central Garden & Pet Co., Class A(b)		2,279		94,601
Coca-Cola Consolidated, Inc.		143		36,702
Darling Ingredients, Inc.(b)		983		61,968
Edgewell Personal Care Co.		2,116		64,728
elf Beauty, Inc.(b)		3,383		86,774
Fresh Del Monte Produce, Inc.		545		14,028
Freshpet, Inc.(b)		395		61,573
Hostess Brands, Inc.(b)		2,148		30,910
Ingles Markets, Inc., Class A		788		40,944
John B. Sanfilippo & Son, Inc.		329		28,445
Lancaster Colony Corp.		98		17,118
Medifast, Inc.		574		145,216
MGP Ingredients, Inc.		385		24,594
National Beverage Corp.(c)		468		22,305
Natural Grocers by Vitamin Cottage, Inc.		3,596		50,632
Nature’s Sunshine Products, Inc.(b)		2,209		36,404
NewAge, Inc.(b)(c)		4,215		11,085
Oil-Dri Corp.of America		640		21,491

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

20

Invesco Russell 2000^® Dynamic Multifactor ETF (OMFS)–(continued)

February 28, 2021

(Unaudited)

	Shares		Value
Consumer Staples-(continued)
Performance Food Group Co.(b)		518	$	28,096
PriceSmart, Inc.		584		56,327
Primo Water Corp.		3,792		54,188
Rite Aid Corp.(b)		2,062		40,374
Sanderson Farms, Inc.		181		27,603
Seneca Foods Corp., Class A(b)		1,373		74,774
Simply Good Foods Co. (The)(b)		708		20,652
SpartanNash Co.		9,176		167,279
Turning Point Brands, Inc.		1,604		78,917
United Natural Foods, Inc.(b)		19,204		507,946
Universal Corp.		645		32,779
USANA Health Sciences, Inc.(b)		276		26,789
Vector Group Ltd.		2,619		35,749
Village Super Market, Inc., Class A		1,594		36,742
WD-40 Co.		187		58,297
Weis Markets, Inc.		1,134		60,612
				2,719,490
Energy-2.74%
Antero Resources Corp.(b)		49,484		445,356
Archrock, Inc.		4,035		41,601
Aspen Aerogels, Inc.(b)		2,526		56,204
Bonanza Creek Energy, Inc.(b)		2,798		89,340
Cactus, Inc., Class A		581		18,516
Clean Energy Fuels Corp.(b)		15,454		201,520
CNX Resources Corp.(b)		8,540		107,689
DHT Holdings, Inc.		3,945		22,013
DMC Global, Inc.		739		46,550
Goodrich Petroleum Corp.(b)		2,579		25,042
Green Plains, Inc.(b)		2,048		51,855
Liberty Oilfield Services, Inc., Class A		3,477		40,646
Overseas Shipholding Group, Inc., Class A(b)		6,176		13,587
PDC Energy, Inc.(b)		778		27,191
Range Resources Corp.(b)		11,925		114,957
Renewable Energy Group, Inc.(b)		3,915		304,470
REX American Resources Corp.(b)		364		34,242
Southwestern Energy Co.(b)		49,224		199,357
US Silica Holdings, Inc.		3,090		41,128
World Fuel Services Corp.		599		18,617
				1,899,881
Financials-12.20%
Alerus Financial Corp.		1,518		41,760
Allegiance Bancshares, Inc.		642		24,171
Altabancorp		784		26,985
A-Mark Precious Metals, Inc.		2,595		73,802
American Equity Investment Life Holding Co.		1,808		49,955
AMERISAFE, Inc.		615		35,990
Apollo Commercial Real Estate Finance, Inc.		1,191		15,828
Arbor Realty Trust, Inc.		1,859		30,990
Ares Commercial Real Estate Corp.		1,128		15,578
Arrow Financial Corp.		548		17,459
Artisan Partners Asset Management, Inc., Class A		2,028		96,330
Atlantic Capital Bancshares, Inc.(b)		1,256		25,560
Atlantic Union Bankshares Corp.		608		22,332
Atlanticus Holdings Corp.(b)		2,659		69,878
Axos Financial, Inc.(b)		1,864		86,247
B. Riley Financial, Inc.		1,854		122,030
Banc of California, Inc.		1,111		20,620
BancFirst Corp.		285		18,206

	Shares		Value
Financials-(continued)
Banco Latinoamericano de Comercio Exterior S.A., Class E (Panama)		964	$	14,711
BancorpSouth Bank.		770		23,146
Bank First Corp.		273		19,083
Bank of Marin Bancorp		390		14,430
Bank of NT Butterfield & Son Ltd. (The) (Bermuda)		1,339		48,860
BankUnited, Inc.		969		38,944
Banner Corp.		510		26,408
Bar Harbor Bankshares		1,031		28,858
BGC Partners, Inc., Class A		3,665		16,419
Bridgewater Bancshares, Inc.(b)		1,108		16,011
Brightsphere Investment Group, Inc.		7,291		131,967
Broadmark Realty Capital, Inc.		2,174		22,305
Brookline Bancorp, Inc.		1,380		19,637
BRP Group, Inc., Class A(b)		3,835		101,743
Bryn Mawr Bank Corp.		605		22,887
Cadence BanCorp.		2,040		41,861
Cambridge Bancorp		290		22,104
Camden National Corp.		479		19,414
Cannae Holdings, Inc.(b)		513		19,161
Capitol Federal Financial, Inc.		2,038		27,126
Capstead Mortgage Corp.		2,857		16,371
Cathay General Bancorp		696		26,197
Century Bancorp, Inc., Class A		215		19,490
ChoiceOne Financial Services, Inc.		439		11,142
CIT Group, Inc.		671		30,430
Citizens, Inc.(b)		2,800		16,996
City Holding Co.		364		27,376
CNO Financial Group, Inc.		4,056		97,587
Coastal Financial Corp.(b)		1,242		34,776
Cohen & Steers, Inc.		261		16,803
Columbia Banking System, Inc.		692		30,649
Community Bank System, Inc.		323		22,994
Community Trust Bancorp, Inc.		445		18,183
Cowen, Inc., Class A(c)		3,004		101,685
Customers Bancorp, Inc.(b)		662		17,728
CVB Financial Corp.		1,456		31,173
Diamond Hill Investment Group, Inc.		415		58,868
Donegal Group, Inc., Class A		1,559		21,358
Donnelley Financial Solutions, Inc.(b)		7,343		190,845
Dynex Capital, Inc.		1,102		20,740
Eagle Bancorp, Inc.		569		27,818
Eastern Bankshares, Inc.(b)		2,244		39,517
Ellington Financial, Inc.		1,733		27,243
Ellington Residential Mortgage REIT		1,824		22,344
Employers Holdings, Inc.		865		28,796
Encore Capital Group, Inc.(b)		1,368		45,719
Enova International, Inc.(b)		2,133		65,483
Enstar Group Ltd.(b)		139		29,550
Essent Group Ltd.		342		14,101
EZCORP, Inc., Class A(b)		3,190		15,312
Farmers National Banc Corp.		1,181		16,345
FB Financial Corp.		393		16,667
FBL Financial Group, Inc., Class A		360		20,534
Federal Agricultural Mortgage Corp., Class C		290		25,012
Federated Hermes, Inc., Class B		943		25,197
Fidelity D&D Bancorp, Inc.		224		11,357
First Bancorp		2,367		24,830
First Bancorp, Inc. (The)		575		14,697

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

21

Invesco Russell 2000^® Dynamic Multifactor ETF (OMFS)–(continued)

February 28, 2021

(Unaudited)

	Shares		Value
Financials-(continued)
First Bancorp/Southern Pines NC		676	$	27,223
First Bancshares, Inc. (The)		636		20,397
First Busey Corp.		853		19,525
First Capital, Inc.		249		11,964
First Commonwealth Financial Corp.		1,521		20,397
First Financial Bancorp		817		18,325
First Financial Bankshares, Inc.		404		18,043
First Financial Corp.		500		21,190
First Foundation, Inc.		2,457		56,142
First Internet Bancorp		748		24,497
First Interstate BancSystem, Inc., Class A		920		41,786
First Merchants Corp.		635		26,702
First Mid Bancshares, Inc.		700		25,473
First Savings Financial Group, Inc.		249		15,565
FirstCash, Inc.		277		17,540
Focus Financial Partners, Inc., Class A(b)		1,116		52,463
Fulton Financial Corp.		1,197		18,494
Genworth Financial, Inc., Class A(b)		17,027		53,124
German American Bancorp, Inc.		943		37,154
Glacier Bancorp, Inc.		450		24,390
Goosehead Insurance, Inc., Class A		635		82,258
Great Southern Bancorp, Inc.		301		15,890
Green Dot Corp., Class A(b)		2,632		124,388
Guaranty Bancshares, Inc.		515		15,707
Hamilton Lane, Inc., Class A		550		49,170
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		1,149		64,608
HarborOne Bancorp, Inc.		1,614		19,287
HCI Group, Inc.		830		48,032
Heartland Financial USA, Inc.		574		26,829
Heritage Financial Corp.		1,162		30,084
Heritage Insurance Holdings, Inc.		2,087		20,265
Hilltop Holdings, Inc.		819		27,060
Hingham Institution for Savings (The)		147		35,630
Home BancShares, Inc.		1,562		38,175
HomeStreet, Inc.		1,761		75,653
Hope Bancorp, Inc.		1,430		18,819
Horace Mann Educators Corp.		1,178		45,400
Horizon Bancorp, Inc.		1,512		27,004
Houlihan Lokey, Inc.		859		54,598
Independent Bank Corp.		292		24,969
Independent Bank Corp.		817		16,887
Independent Bank Group, Inc.		620		43,208
International Bancshares Corp.		469		20,439
Investors Bancorp, Inc.		1,943		25,920
Investors Title Co.		214		32,479
James River Group Holdings Ltd.		2,466		113,214
Kinsale Capital Group, Inc.		252		44,367
KKR Real Estate Finance Trust, Inc.		1,112		20,494
Lakeland Bancorp, Inc.		1,183		18,549
Lakeland Financial Corp.		1,074		74,052
Live Oak Bancshares, Inc.		790		43,537
Meridian Corp.		753		18,403
Meta Financial Group, Inc.		1,910		84,594
Metrocity Bankshares, Inc.		938		13,404
MFA Financial, Inc.		80,986		325,564
Moelis & Co., Class A		1,685		87,013
Mr. Cooper Group, Inc.(b)		8,356		262,796
National Bank Holdings Corp., Class A		920		35,650
Navient Corp.		2,676		33,129

	Shares		Value
Financials-(continued)
NBT Bancorp, Inc.		600	$	21,738
Nelnet, Inc., Class A		743		53,942
NI Holdings, Inc.(b)		816		14,549
Nicolet Bankshares, Inc.(b)		388		28,731
Northeast Bank		890		23,113
Northwest Bancshares, Inc.		1,274		17,989
OFG Bancorp		895		17,282
Old National Bancorp		1,662		30,132
Oportun Financial Corp.(b)		1,050		17,136
Oppenheimer Holdings, Inc., Class A		1,607		60,905
Orchid Island Capital, Inc.		7,911		45,330
Pacific Premier Bancorp, Inc.		702		28,291
Palomar Holdings, Inc.(b)		661		56,271
Park National Corp.		388		48,112
PennyMac Financial Services, Inc.		237		14,033
Peoples Bancorp, Inc.		655		20,397
Piper Sandler Cos		713		75,806
PJT Partners, Inc., Class A		1,954		136,233
PRA Group, Inc.(b)		1,211		44,637
PROG Holdings, Inc.		794		39,700
Protective Insurance Corp., Class B		1,190		27,263
QCR Holdings, Inc.		654		27,076
Radian Group, Inc.		895		18,258
Ready Capital Corp.		1,833		24,049
Red River Bancshares, Inc.		273		14,169
Regional Management Corp.		874		28,291
Renasant Corp.		1,023		40,183
RLI Corp.		294		30,676
Safety Insurance Group, Inc.		333		26,334
Sandy Spring Bancorp, Inc.		650		24,427
SB Financial Group, Inc.		822		14,212
Seacoast Banking Corp. of Florida(b)		753		27,070
Selective Insurance Group, Inc.		469		31,812
ServisFirst Bancshares, Inc.		996		49,362
Silvercrest Asset Management Group, Inc., Class A		1,316		18,477
Silvergate Capital Corp., Class A(b)		1,429		182,283
Simmons First National Corp., Class A		896		26,235
SiriusPoint Ltd. (Bermuda)(b)		3,882		39,635
Southside Bancshares, Inc.		751		25,970
Standard AVB Financial Corp.		543		17,740
StepStone Group, Inc., Class A(b)		1,721		61,973
Stewart Information Services Corp.		2,143		101,150
Stifel Financial Corp.		890		54,361
Stock Yards Bancorp, Inc.		943		46,462
StoneX Group, Inc.(b)		1,478		85,266
Texas Capital Bancshares, Inc.(b)		373		28,423
Tompkins Financial Corp.		254		19,642
Towne Bank		659		19,006
TriCo.Bancshares.		631		27,177
Triumph Bancorp, Inc.(b)		1,489		114,206
Trupanion, Inc.(b)		702		67,926
TrustCo.Bank Corp.		1,985		13,657
Trustmark Corp.		635		19,152
UMB Financial Corp.		464		39,148
United Community Banks, Inc.		801		26,481
Univest Financial Corp.		763		19,189
Valley National Bancorp		2,543		31,152
Veritex Holdings, Inc.		835		24,282
Virtus Investment Partners, Inc.		565		141,758

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

22

Invesco Russell 2000^® Dynamic Multifactor ETF (OMFS)–(continued)

February 28, 2021

(Unaudited)

	Shares		Value
Financials-(continued)
Waddell & Reed Financial, Inc., Class A		3,911	$	98,127
Walker & Dunlop, Inc.		918		91,488
Washington Trust Bancorp, Inc.		427		20,304
Waterstone Financial, Inc.		1,138		22,111
Watford Holdings Ltd., Class A (Bermuda)(b)		3,756		130,070
WesBanco, Inc.		603		19,465
West Bancorporation, Inc.		633		14,451
Westamerica Bancorporation		387		23,263
WisdomTree Investments, Inc.		4,647		24,629
World Acceptance Corp.(b)		744		94,153
WSFS Financial Corp.		646		34,328
				8,459,277
Health Care-15.98%
Accuray, Inc.(b)		16,686		83,096
AdaptHealth Corp.(b)		1,734		53,355
Addus HomeCare Corp.(b)		341		36,681
Adverum Biotechnologies, Inc.(b)		2,147		27,546
Affimed N.V. (Germany)(b)		7,794		44,192
Akero Therapeutics, Inc.(b)		641		19,486
Albireo Pharma, Inc.(b)		764		26,633
Allscripts Healthcare Solutions, Inc.(b)		4,547		70,160
Alphatec Holdings, Inc.(b)		3,511		56,352
Amicus Therapeutics, Inc.(b)		1,420		17,438
AMN Healthcare Services, Inc.(b)		451		32,864
Amphastar Pharmaceuticals, Inc.(b)		1,305		22,877
AnaptysBio, Inc.(b)		843		24,194
Anavex Life Sciences Corp.(b)		6,218		80,958
Apellis Pharmaceuticals, Inc.(b)		480		23,122
Apollo Medical Holdings, Inc.(b)		1,032		25,542
Aratana Therapeutics, Inc., CVR(f)		540		135
Arcturus Therapeutics Holdings, Inc.(b)(c)		958		50,458
Arcus Biosciences, Inc.(b)		1,854		65,372
Arena Pharmaceuticals, Inc.(b)		1,397		112,249
Aspira Women’s Health, Inc.(b)(c)		11,727		81,268
Atara Biotherapeutics, Inc.(b)		760		12,753
Athersys, Inc.(b)		7,655		15,616
AtriCure, Inc.(b)		1,228		80,152
Atrion Corp.		38		23,746
Avanos Medical, Inc.(b)		1,153		53,015
Avid Bioservices, Inc.(b)		3,726		76,681
Axonics Modulation Technologies, Inc.(b)		1,155		58,108
Beam Therapeutics, Inc.(b)(c)		259		23,085
BioCryst Pharmaceuticals, Inc.(b)		4,380		47,216
Biohaven Pharmaceutical Holding Co. Ltd.(b)		220		18,696
BioLife Solutions, Inc.(b)		1,338		52,490
Bioxcel Therapeutics, Inc.(b)		1,097		58,810
Blueprint Medicines Corp.(b)		206		20,233
Cabaletta Bio, Inc.(b)		948		10,305
CareDx, Inc.(b)		1,556		123,049
Cassava Sciences, Inc.(b)		6,889		334,668
Castle Biosciences, Inc.(b)		1,162		88,405
Catalyst Pharmaceuticals, Inc.(b)		5,022		19,536
CEL-SCI Corp.(b)(c)		2,418		42,920
Cerus Corp.(b)		7,074		43,434
Champions Oncology, Inc.(b)		1,638		19,132
ChemoCentryx, Inc.(b)		619		41,993
Codexis, Inc.(b)		1,246		27,549
Co-Diagnostics, Inc.(b)(c)		5,093		70,080
Coherus Biosciences, Inc.(b)		1,547		25,123

	Shares		Value
Health Care-(continued)
Collegium Pharmaceutical, Inc.(b)		1,177	$	27,765
Community Health Systems, Inc.(b)		27,384		234,407
Computer Programs & Systems, Inc.		1,341		42,174
CONMED Corp.		216		26,581
Corcept Therapeutics, Inc.(b)		4,483		112,747
CorVel Corp.(b)		279		28,319
Covetrus, Inc.(b)		1,500		55,740
CryoPort, Inc.(b)		1,898		112,817
Cymabay Therapeutics, Inc.(b)		1,715		8,232
Cytokinetics, Inc.(b)		2,035		38,116
CytoSorbents Corp.(b)		6,028		56,784
Denali Therapeutics, Inc.(b)		275		19,745
Dicerna Pharmaceuticals, Inc.(b)		562		15,163
Emergent BioSolutions, Inc.(b)		632		60,672
Endo International PLC(b)		6,266		49,689
Ensign Group, Inc. (The)		1,090		89,402
Evolent Health, Inc., Class A(b)		2,603		52,450
Fate Therapeutics, Inc.(b)		729		65,406
Fennec Pharmaceuticals, Inc. (Canada)(b)		1,769		12,949
Five Prime Therapeutics, Inc.(b)		952		21,163
Five Star Senior Living, Inc.(b)		5,888		39,332
Fluidigm Corp.(b)(c)		5,690		26,174
FONAR Corp.(b)		815		15,803
Frequency Therapeutics, Inc.(b)(c)		2,064		101,569
Fulgent Genetics, Inc.(b)		1,468		148,650
GenMark Diagnostics, Inc.(b)		6,187		120,956
Genprex, Inc.(b)		4,331		22,348
Geron Corp.(b)		9,702		17,367
Glaukos Corp.(b)		463		43,781
Halozyme Therapeutics, Inc.(b)		1,274		57,649
Hanger, Inc.(b)		1,015		22,310
Harvard Bioscience, Inc.(b)		7,267		31,902
Heska Corp.(b)		348		65,563
HMS Holdings Corp.(b)		930		34,210
iBio, Inc.(b)		17,503		30,805
iCAD, Inc.(b)		1,529		28,271
IGM Biosciences, Inc.(b)		260		22,732
ImmunoGen, Inc.(b)		2,935		25,681
Immunovant, Inc.(b)		449		7,085
InfuSystem Holdings, Inc.(b)		3,488		59,505
Innoviva, Inc.(b)		1,479		16,905
Inovalon Holdings, Inc., Class A(b)		1,631		40,057
Inovio Pharmaceuticals, Inc.(b)(c)		5,284		58,652
Insmed, Inc.(b)		868		31,048
Inspire Medical Systems, Inc.(b)		300		69,837
Integer Holdings Corp.(b)		295		26,016
Intellia Therapeutics, Inc.(b)		1,520		91,899
Intra-Cellular Therapies, Inc.(b)		1,935		68,557
Invacare Corp.		2,864		26,062
Invitae Corp.(b)(c)		349		14,005
iRhythm Technologies, Inc.(b)		200		32,180
Ironwood Pharmaceuticals, Inc.(b)		1,373		12,673
Joint Corp. (The)(b)		2,633		104,820
Karuna Therapeutics, Inc.(b)		184		22,993
Keros Therapeutics, Inc.(b)		201		13,159
Kezar Life Sciences, Inc.(b)		2,068		11,333
Kiniksa Pharmaceuticals Ltd., Class A(b)		718		14,769
Kodiak Sciences, Inc.(b)		189		24,383
Kura Oncology, Inc.(b)		2,216		62,048
LeMaitre Vascular, Inc.		753		38,697

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

23

Invesco Russell 2000^® Dynamic Multifactor ETF (OMFS)–(continued)

February 28, 2021

(Unaudited)

	Shares		Value
Health Care-(continued)
LHC Group, Inc.(b)		216	$	39,249
Ligand Pharmaceuticals, Inc.(b)		279		41,353
Luminex Corp.		1,022		33,235
MacroGenics, Inc.(b)		1,793		44,843
Madrigal Pharmaceuticals, Inc.(b)		219		26,541
Magellan Health, Inc.(b)		917		85,574
MannKind Corp.(b)		14,755		84,251
Marinus Pharmaceuticals, Inc.(b)		1,554		23,481
Medpace Holdings, Inc.(b)		343		55,714
MEI Pharma, Inc.(b)		13,167		49,376
Meridian Bioscience, Inc.(b)		8,548		180,192
Merit Medical Systems, Inc.(b)		1,555		86,645
Mersana Therapeutics, Inc.(b)		2,809		51,068
Mesa Laboratories, Inc.		162		44,049
Mirati Therapeutics, Inc.(b)		100		20,092
ModivCare, Inc.(b)		1,072		137,495
Morphic Holding, Inc.(b)		1,017		36,775
NanoString Technologies, Inc.(b)		1,439		100,428
NantKwest, Inc.(b)(c)		2,088		67,881
Natera, Inc.(b)		350		40,632
National HealthCare Corp.		275		19,126
Neogen Corp.(b)		290		23,757
NeoGenomics, Inc.(b)		846		43,121
Nevro Corp.(b)		204		33,697
NextGen Healthcare, Inc.(b)		2,010		37,587
NGM Biopharmaceuticals, Inc.(b)		550		14,696
Nkarta, Inc.(b)		377		18,383
Novavax, Inc.(b)		191		44,165
Ocular Therapeutix, Inc.(b)		3,681		67,510
Omnicell, Inc.(b)		363		46,065
Ontrak, Inc.(b)(c)		865		50,983
OPKO Health, Inc.(b)(c)		6,871		30,920
OptimizeRx Corp.(b)		2,881		153,212
OraSure Technologies, Inc.(b)		6,638		70,363
ORIC Pharmaceuticals, Inc.(b)		461		14,936
OrthoPediatrics Corp.(b)		395		21,512
Owens & Minor, Inc.		12,906		438,933
Pacific Biosciences of California, Inc.(b)		4,418		135,058
Pacira BioSciences, Inc.(b)		1,098		80,703
Patterson Cos., Inc.		1,581		49,106
Pennant Group, Inc. (The)(b)		1,232		65,025
Personalis, Inc.(b)		2,281		70,323
PetIQ, Inc.(b)(c)		1,326		45,707
Phathom Pharmaceuticals, Inc.(b)		267		11,761
Phibro Animal Health Corp., Class A		810		17,472
Phreesia, Inc.(b)		1,190		72,888
Prestige Consumer Healthcare, Inc.(b)		963		40,167
Progyny, Inc.(b)		368		15,489
Protagonist Therapeutics, Inc.(b)		2,222		52,373
Protara Therapeutics, Inc.(b)		526		9,047
Provention Bio, Inc.(b)		1,649		20,975
PTC Therapeutics, Inc.(b)		353		20,156
Puma Biotechnology, Inc.(b)		2,539		25,288
Quanterix Corp.(b)		1,389		105,217
R1 RCM, Inc.(b)		5,242		144,889
RadNet, Inc.(b)		1,878		34,630
Replimune Group, Inc.(b)		829		28,708
Retractable Technologies, Inc.(b)(c)		3,073		48,246
Revance Therapeutics, Inc.(b)		1,365		35,845
Rigel Pharmaceuticals, Inc.(b)		6,072		25,199

	Shares		Value
Health Care-(continued)
Rocket Pharmaceuticals, Inc.(b)		878	$	48,799
Sangamo Therapeutics, Inc.(b)		1,907		21,911
Scholar Rock Holding Corp.(b)		1,326		71,737
SeaSpine Holdings Corp.(b)		1,436		27,169
Select Medical Holdings Corp.(b)		2,180		68,997
Seres Therapeutics, Inc.(b)		1,733		32,996
Sharps Compliance Corp.(b)		4,808		61,158
Shockwave Medical, Inc.(b)		635		74,143
SI-BONE, Inc.(b)		818		25,677
SIGA Technologies, Inc.(b)		5,468		34,558
Silk Road Medical, Inc.(b)		881		48,252
Simulations Plus, Inc.		1,247		89,435
Sorrento Therapeutics, Inc.(b)(c)		4,466		43,186
Spero Therapeutics, Inc.(b)		747		13,573
SpringWorks Therapeutics, Inc.(b)		497		42,767
STAAR Surgical Co.(b)		1,242		129,180
Stoke Therapeutics, Inc.(b)(c)		483		28,927
Supernus Pharmaceuticals, Inc.(b)		1,472		39,553
Surgery Partners, Inc.(b)		2,544		100,412
SurModics, Inc.(b)		412		21,486
Sutro Biopharma, Inc.(b)		1,656		36,763
Syndax Pharmaceuticals, Inc.(b)		2,034		49,650
TCR2 Therapeutics, Inc.(b)		1,365		36,118
Tenet Healthcare Corp.(b)		886		45,204
TG Therapeutics, Inc.(b)		1,635		71,564
Translate Bio, Inc.(b)		2,774		64,745
Travere Therapeutics, Inc.(b)		2,028		62,503
Triple-S Management Corp., Class B(b)		4,860		122,958
Turning Point Therapeutics, Inc.(b)		286		33,722
Twist Bioscience Corp.(b)		316		43,494
Ultragenyx Pharmaceutical, Inc.(b)		202		28,591
US Physical Therapy, Inc.		289		33,882
Vanda Pharmaceuticals, Inc.(b)		1,319		24,599
Vapotherm, Inc.(b)		1,772		43,060
Vaxart, Inc.(b)(c)		5,848		41,813
VBI Vaccines, Inc.(b)		14,145		47,669
Veracyte, Inc.(b)		1,368		79,426
Vericel Corp.(b)		2,408		116,258
Viemed Healthcare, Inc.(b)		6,194		58,409
Vir Biotechnology, Inc.(b)		702		43,966
Vocera Communications, Inc.(b)		2,714		116,268
XBiotech, Inc.(b)		842		15,998
Xencor, Inc.(b)		645		31,779
XOMA Corp.(b)		637		23,059
Y-mAbs Therapeutics, Inc.(b)		537		18,886
Zentalis Pharmaceuticals, Inc.(b)		309		12,990
Zynex, Inc.(b)		3,445		50,021
				11,082,303
Industrials-18.91%
AAON, Inc.		608		46,877
ABM Industries, Inc.		1,581		68,268
Acacia Research Corp.(b)		4,218		29,948
ACCO Brands Corp.		4,616		37,390
Advanced Drainage Systems, Inc.		709		78,004
Aegion Corp.(b)		997		25,772
Aerojet Rocketdyne Holdings, Inc.(b)(c)		448		22,969
AeroVironment, Inc.(b)		654		71,992
Air Transport Services Group, Inc.(b)		3,340		88,644
Alamo Group, Inc.		388		59,220

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

24

Invesco Russell 2000^® Dynamic Multifactor ETF (OMFS)–(continued)

February 28, 2021

(Unaudited)

	Shares		Value
Industrials-(continued)
Albany International Corp., Class A		401	$	31,699
Allegiant Travel Co.		129		32,533
Allied Motion Technologies, Inc.		407		19,756
Alpha Pro Tech Ltd.(b)(c)		4,081		57,052
Altra Industrial Motion Corp.		1,579		91,456
Ameresco, Inc., Class A(b)		2,125		121,380
American Superconductor Corp.(b)		3,802		90,450
American Woodmark Corp.(b)		496		46,331
API Group Corp.(b)(e)		8,346		154,401
Apogee Enterprises, Inc.		1,465		54,791
Applied Industrial Technologies, Inc.		804		68,637
ArcBest Corp.		4,494		265,101
Arcosa, Inc.		1,423		80,727
Argan, Inc.		962		48,119
ASGN, Inc.(b)		570		52,993
Astec Industries, Inc.		1,873		127,214
Atkore, Inc.(b)		750		50,737
Atlas Air Worldwide Holdings, Inc.(b)		3,352		184,796
Avis Budget Group, Inc.(b)		1,805		100,268
AZZ, Inc.		790		40,361
Barnes Group, Inc.		313		16,386
Barrett Business Services, Inc.		277		19,722
Beacon Roofing Supply, Inc.(b)		2,216		105,991
Bloom Energy Corp., Class A(b)		2,052		58,544
Boise Cascade Co.		3,056		152,617
Brady Corp., Class A		404		21,174
BrightView Holdings, Inc.(b)		923		14,685
Builders FirstSource, Inc.(b)		6,275		271,488
Caesarstone Ltd.		1,164		14,678
CAI International, Inc.		2,417		106,348
Casella Waste Systems, Inc., Class A(b)		926		53,634
CBIZ, Inc.(b)		1,063		32,049
CECO Environmental Corp.(b)		2,423		19,869
Chart Industries, Inc.(b)		728		104,170
Columbus McKinnon Corp.		975		49,081
Comfort Systems USA, Inc.		1,013		62,745
Construction Partners, Inc.(b)		3,034		87,804
Cornerstone Building Brands, Inc.(b)		3,501		39,876
Covanta Holding Corp.		1,902		26,723
Covenant Logistics Group, Inc., Class A(b)		4,383		79,683
CRA International, Inc.		389		21,461
CSW Industrials, Inc.		819		102,842
Cubic Corp.		490		34,031
Daseke, Inc.(b)		20,450		112,884
Ducommun, Inc.(b)		568		30,899
Dycom Industries, Inc.(b)		2,647		202,707
Echo Global Logistics, Inc.(b)		6,701		186,690
EMCOR Group, Inc.		362		35,248
Encore Wire Corp.		747		48,951
Energy Recovery, Inc.(b)		2,391		42,082
EnerSys.		479		43,244
Ennis, Inc.		1,180		23,388
EnPro Industries, Inc.		820		65,879
ESCO Technologies, Inc.		333		35,188
EVI Industries, Inc.(b)		539		19,727
Evoqua Water Technologies Corp.(b)		1,919		47,111
ExOne Co. (The)(b)		1,650		56,265
Exponent, Inc.		360		34,729
Federal Signal Corp.		1,296		47,187
Fluor Corp.		1,231		21,124

	Shares		Value
Industrials-(continued)
Forrester Research, Inc.(b)		443	$	20,015
Forward Air Corp.		759		65,099
Franklin Electric Co., Inc.		749		56,220
FuelCell Energy, Inc.(b)		7,220		122,307
GATX Corp.		455		43,421
Gibraltar Industries, Inc.(b)		1,176		102,724
GMS, Inc.(b)		3,458		126,563
Gorman-Rupp Co. (The)		550		17,595
GP Strategies Corp.(b)		1,218		15,992
Granite Construction, Inc.		1,167		40,121
Great Lakes Dredge & Dock Corp.(b)		4,342		65,955
Greenbrier Cos., Inc. (The)		2,681		126,141
Griffon Corp.		2,644		65,042
H&E Equipment Services, Inc.		1,500		46,395
Harsco Corp.(b)		1,334		21,824
Hawaiian Holdings, Inc.		684		18,345
HC2 Holdings, Inc.(b)(c)		12,376		43,316
Healthcare Services Group, Inc.		1,707		48,564
Heartland Express, Inc.		1,022		18,600
Heidrick & Struggles International, Inc.		879		31,547
Helios Technologies, Inc.		913		59,710
Herc Holdings, Inc.(b)		1,566		137,432
Herman Miller, Inc.		690		26,465
Hillenbrand, Inc.		1,412		65,602
HNI Corp.		1,913		68,084
Hub Group, Inc., Class A(b)		1,486		85,564
Hyster-Yale Materials Handling, Inc.		798		68,269
ICF International, Inc.		288		24,034
IES Holdings, Inc.(b)		1,556		71,327
Insperity, Inc.		452		40,092
Insteel Industries, Inc.		2,859		88,286
JELD-WEN Holding, Inc.(b)		1,614		47,855
John Bean Technologies Corp.		197		29,071
Kadant, Inc.		656		114,144
Kaman Corp.		281		13,673
KAR Auction Services, Inc.		1,471		20,462
KBR, Inc.		831		25,761
Kelly Services, Inc., Class A		2,230		46,429
Kennametal, Inc.		674		25,181
Kforce, Inc.		1,328		68,193
Korn Ferry		821		50,533
Kratos Defense & Security Solutions, Inc.(b)		1,594		43,835
Lawson Products, Inc.(b)		267		14,151
Lindsay Corp.		556		89,099
LSI Industries, Inc.		8,620		77,752
Luxfer Holdings PLC (United Kingdom)		936		17,934
Lydall, Inc.(b)		2,377		82,791
ManTech International Corp., Class A		463		36,188
Marten Transport Ltd.		4,031		65,222
Masonite International Corp.(b)		1,043		114,438
MasTec, Inc.(b)		330		28,628
Mastech Digital, Inc.(b)		1,566		25,056
Matson, Inc.		2,106		145,883
Matthews International Corp., Class A		743		26,525
Maxar Technologies, Inc.		9,318		445,866
Mayville Engineering Co., Inc.(b)		1,972		27,628
McGrath RentCorp.		418		32,462
Meritor, Inc.(b)		3,100		94,147
Miller Industries, Inc.		1,024		40,417
Moog, Inc., Class A		351		27,259

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

25

Invesco Russell 2000^® Dynamic Multifactor ETF (OMFS)–(continued)

February 28, 2021

(Unaudited)

	Shares		Value
Industrials-(continued)
Mueller Industries, Inc.		2,021	$	82,133
Mueller Water Products, Inc., Class A		3,553		45,798
MYR Group, Inc.(b)		3,474		204,792
National Presto Industries, Inc.		373		38,169
Navistar International Corp.(b)		1,408		62,036
NN, Inc.(b)		2,343		14,316
Northwest Pipe Co.(b)		759		25,829
NV5 Global, Inc.(b)		1,282		132,379
Omega Flex, Inc.		114		19,665
Orion Energy Systems, Inc.(b)		10,139		85,168
PAE, Inc.(b)		1,287		10,515
Park-Ohio Holdings Corp.		477		15,421
PGT Innovations, Inc.(b)		4,251		100,281
Pitney Bowes, Inc.		43,537		369,194
Plug Power, Inc.(b)		600		29,028
Preformed Line Products Co.		343		25,162
Primoris Services Corp.		3,720		124,508
Proto Labs, Inc.(b)		371		54,047
Quanex Building Products Corp.		3,003		73,063
Radiant Logistics, Inc.(b)		6,734		45,589
RBC Bearings, Inc.(b)		145		28,864
Red Violet, Inc.(b)(c)		533		12,366
Resideo Technologies, Inc.(b)		7,577		182,000
Resources Connection, Inc.		1,317		16,805
Rexnord Corp.	��	996		44,770
Rush Enterprises, Inc., Class A		2,826		119,907
Saia, Inc.(b)		523		104,877
SEACOR Holdings, Inc.(b)		825		35,071
Shyft Group, Inc. (The)		3,890		127,942
Simpson Manufacturing Co., Inc.		442		43,077
SiteOne Landscape Supply, Inc.(b)		316		50,089
SPX Corp.(b)		625		34,744
SPX FLOW, Inc.(b)		717		44,139
Standex International Corp.		418		40,989
Steelcase, Inc., Class A		1,017		14,177
Sterling Construction Co., Inc.(b)		3,730		84,969
Sunrun, Inc.(b)		215		13,455
Systemax, Inc.		1,006		36,317
Tennant Co.		396		30,175
Terex Corp.		1,775		73,094
Tetra Tech, Inc.		322		44,555
Textainer Group Holdings Ltd. (China)(b)		13,746		357,946
Titan Machinery, Inc.(b)		5,194		127,253
TPI Composites, Inc.(b)		3,950		188,257
Transcat, Inc.(b)		534		23,939
TriMas Corp.(b)		992		33,321
TriNet Group, Inc.(b)		463		37,165
Triton International Ltd. (Bermuda)		1,554		89,790
TrueBlue, Inc.(b)		1,241		25,850
Tutor Perini Corp.(b)		3,341		49,113
UFP Industries, Inc.		1,125		68,625
UniFirst Corp.		147		35,617
Universal Logistics Holdings, Inc.		1,418		33,195
Upwork, Inc.(b)		1,727		93,051
US Xpress Enterprises, Inc., Class A(b)		11,707		108,290
Vectrus, Inc.(b)		904		49,358
Veritiv Corp.(b)		1,505		35,789
Vicor Corp.(b)		676		66,579
VSE Corp.		765		29,498
Wabash National Corp.		7,779		128,976

	Shares		Value
Industrials-(continued)
Watts Water Technologies, Inc., Class A		402	$	45,864
Werner Enterprises, Inc.		1,523		65,367
WESCO International, Inc.(b)		1,072		86,060
Willdan Group, Inc.(b)		1,230		53,948
WillScot Mobile Mini Holdings Corp.(b)		1,183		32,805
				13,109,155
Information Technology-12.22%
3D Systems Corp.(b)(c)		1,539		55,158
8x8, Inc.(b)		816		27,915
A10 Networks, Inc.(b)		3,193		29,823
ACI Worldwide, Inc.(b)		376		14,386
ADTRAN, Inc.		4,362		73,456
Advanced Energy Industries, Inc.		454		47,420
Agilysys, Inc.(b)		1,659		98,860
Alarm.com Holdings, Inc.(b)		892		78,389
Alpha & Omega Semiconductor Ltd.(b)		4,066		143,083
Altair Engineering, Inc., Class A(b)		1,152		70,952
Ambarella, Inc.(b)		392		44,096
American Software, Inc., Class A		2,706		54,661
Amkor Technology, Inc.		1,198		28,620
AppFolio, Inc., Class A(b)		279		45,762
Appian Corp.(b)(c)		384		66,010
Arlo Technologies, Inc.(b)		4,347		30,255
Atomera, Inc.(b)(c)		2,670		74,707
Avaya Holdings Corp.(b)		2,042		60,586
Avid Technology, Inc.(b)		5,828		113,005
Axcelis Technologies, Inc.(b)		1,314		48,447
AXT, Inc.(b)		9,554		123,533
Badger Meter, Inc.		628		68,195
Benchmark Electronics, Inc.		824		23,402
Blackline, Inc.(b)		289		35,842
BM Technologies, Inc.(b)(f)		1,417		17,854
Bottomline Technologies (DE), Inc.(b)		313		14,047
Box, Inc., Class A(b)		898		16,478
Brightcove, Inc.(b)		4,424		96,355
Brooks Automation, Inc.		634		52,723
Calix, Inc.(b)		4,635		183,129
Cambium Networks Corp.(b)		953		40,302
Cerence, Inc.(b)		975		108,439
CEVA, Inc.(b)		1,814		111,071
ChannelAdvisor Corp.(b)		4,953		111,938
Clearfield, Inc.(b)		2,535		82,159
CMC Materials, Inc.		146		24,893
Cognyte Software Ltd. (Israel)(b)		588		16,976
Cohu, Inc.		1,720		74,734
CommVault Systems, Inc.(b)		631		40,214
CSG Systems International, Inc.		600		27,690
CTS Corp.		1,572		50,571
CyberOptics Corp.(b)		1,382		36,969
Diebold Nixdorf, Inc.(b)		1,733		25,163
Digi International, Inc.(b)		1,391		32,494
Digimarc Corp.(b)(c)		320		11,709
Digital Turbine, Inc.(b)		1,632		134,754
Diodes, Inc.(b)		563		44,207
Domo,Inc.,Class B(b)		1,145		72,971
DSP Group, Inc.(b)		1,372		21,362
DZS, Inc.(b)		2,106		35,044
Eastman Kodak Co.(b)(c)		7,362		63,460
Ebix, Inc.		1,026		25,014

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

26

Invesco Russell 2000^® Dynamic Multifactor ETF (OMFS)–(continued)

February 28, 2021

(Unaudited)

	Shares		Value
Information Technology-(continued)
eGain Corp.(b)		3,065	$	35,615
Envestnet, Inc.(b)		273		17,477
ePlus, Inc.(b)		399		37,729
EVERTEC, Inc.		918		35,710
Evo Payments, Inc., Class A(b)		979		24,925
ExlService Holdings, Inc.(b)		529		44,764
Fabrinet (Thailand)(b)		722		63,774
FARO Technologies, Inc.(b)		897		83,834
FormFactor, Inc.(b)		1,855		84,161
Genasys, Inc.(b)		9,940		68,288
Hackett Group, Inc. (The)		1,715		26,788
Harmonic, Inc.(b)		2,314		17,922
I3 Verticals, Inc., Class A(b)		447		14,840
Ichor Holdings Ltd.(b)		734		31,386
II-VI, Inc.(b)		720		60,696
Impinj, Inc.(b)		978		62,563
Information Services Group, Inc.(b)		7,383		26,874
Inseego Corp.(b)(c)		3,378		49,285
Insight Enterprises, Inc.(b)		892		74,562
Intellicheck, Inc.(b)		2,743		33,382
InterDigital, Inc.		750		47,528
International Money Express, Inc.(b)		4,275		62,971
Itron, Inc.(b)		289		33,882
j2 Global, Inc.(b)		207		23,056
Kimball Electronics, Inc.(b)		2,019		47,406
Knowles Corp.(b)		993		20,644
Lattice Semiconductor Corp.(b)		1,360		65,443
Limelight Networks, Inc.(b)(c)		5,821		19,035
LivePerson, Inc.(b)		612		40,159
LiveRamp Holdings, Inc.(b)		413		26,085
Luna Innovations, Inc.(b)		2,665		31,287
MACOM Technology Solutions Holdings, Inc.(b)		1,271		81,789
MAXIMUS, Inc.		336		27,310
MaxLinear, Inc.(b)		1,903		75,682
Methode Electronics, Inc.		1,075		41,850
MicroStrategy, Inc., Class A(b)		251		188,353
Mimecast Ltd.(b)		383		16,423
Mitek Systems, Inc.(b)		6,397		97,746
Model N, Inc.(b)		511		21,641
MoneyGram International, Inc.(b)		28,526		190,268
MTS Systems Corp.		638		37,234
Napco Security Technologies, Inc.(b)		478		14,880
NeoPhotonics Corp.(b)		2,411		23,170
NETGEAR, Inc.(b)		2,813		112,520
NetScout Systems, Inc.(b)		1,337		37,730
NIC, Inc.		1,878		65,185
nLight, Inc.(b)		2,611		99,531
Novanta, Inc.(b)		286		37,846
OneSpan, Inc.(b)		1,534		35,834
Onto Innovation, Inc.(b)		833		52,029
OSI Systems, Inc.(b)		269		25,453
PAR Technology Corp.(b)		1,542		133,969
PC Connection, Inc.		368		16,932
PDF Solutions, Inc.(b)		2,105		38,648
Perficient, Inc.(b)		820		45,666
PFSweb, Inc.(b)		8,408		59,024
Photronics, Inc.(b)		1,019		12,136
Plexus Corp.(b)		621		52,152
Power Integrations, Inc.		810		71,580
Powerfleet, Inc.(b)		2,202		17,330

	Shares		Value
Information Technology-(continued)
Progress Software Corp.		696	$	29,608
Q2 Holdings, Inc.(b)		220		26,814
QAD, Inc., Class A		283		18,169
Qualys, Inc.(b)		245		23,804
Rambus, Inc.(b)		2,582		54,170
Rapid7, Inc.(b)		412		31,411
Repay Holdings Corp.(b)		2,161		47,110
Ribbon Communications, Inc.(b)		7,120		61,517
Rogers Corp.(b)		282		51,177
SailPoint Technologies Holding, Inc.(b)		1,379		77,748
Sanmina Corp.(b)		1,684		59,984
Sapiens International Corp. N.V. (Israel)		1,286		40,355
ScanSource, Inc.(b)		542		15,414
Semtech Corp.(b)		602		44,133
ShotSpotter, Inc.(b)		772		32,409
Silicon Laboratories, Inc.(b)		192		29,902
SiTime Corp.(b)		735		71,611
SMART Global Holdings, Inc.(b)		483		22,551
Smith Micro Software, Inc.(b)		5,565		36,729
Sprout Social, Inc., Class A(b)		1,190		80,884
SPS Commerce, Inc.(b)		695		70,007
StarTek, Inc.(b)		1,834		14,874
SunPower Corp.(b)(c)		1,639		56,988
Super Micro Computer, Inc.(b)		3,359		109,604
SVMK, Inc.(b)		1,237		23,033
Sykes Enterprises, Inc.(b)		1,350		55,161
Synaptics, Inc.(b)		786		105,348
Tenable Holdings, Inc.(b)		935		38,251
TTEC Holdings, Inc.		692		58,225
TTM Technologies, Inc.(b)		2,792		39,423
Tucows, Inc., Class A(b)		804		63,532
Ultra Clean Holdings, Inc.(b)		2,524		117,063
Unisys Corp.(b)		8,658		212,554
Upland Software, Inc.(b)		836		41,323
Varonis Systems, Inc.(b)		469		86,080
Veeco Instruments, Inc.(b)		1,529		32,874
Verint Systems, Inc.(b)		477		23,511
Veritone, Inc.(b)(c)		2,091		75,381
Verra Mobility Corp.(b)		1,332		18,981
Viavi Solutions, Inc.(b)		1,291		20,895
VirnetX Holding Corp.		6,405		44,579
Vishay Intertechnology, Inc.		1,451		34,635
Vishay Precision Group, Inc.(b)		577		18,649
Workiva, Inc.(b)		975		98,621
Xperi Holding Corp.		1,686		35,575
Yext, Inc.(b)		1,761		29,796
Zix Corp.(b)		3,094		22,834
				8,474,562
Materials-4.95%
AdvanSix, Inc.(b)		1,895		52,681
Alcoa Corp.(b)		1,062		26,072
Allegheny Technologies, Inc.(b)		1,241		24,398
American Vanguard Corp.		916		17,880
Arconic Corp.(b)		2,250		49,320
Avient Corp.		913		39,460
Balchem Corp.		249		29,721
Caledonia Mining Corp. PLC (South Africa)		6,206		87,877
Century Aluminum Co.(b)		5,156		70,792
Chase Corp.		196		21,105

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

27

Invesco Russell 2000^® Dynamic Multifactor ETF (OMFS)–(continued)

February 28, 2021

(Unaudited)

	Shares		Value
Materials-(continued)
Clearwater Paper Corp.(b)		6,965	$	243,845
Cleveland-Cliffs, Inc.		4,053		54,067
Coeur Mining, Inc.(b)		2,819		25,399
Commercial Metals Co.		3,185		80,103
Compass Minerals International, Inc.		823		51,923
Domtar Corp.		1,003		37,161
Ferro Corp.(b)		2,284		36,247
Forterra, Inc.(b)		3,859		89,799
FutureFuel Corp.		4,570		67,088
GCP Applied Technologies, Inc.(b)		1,198		29,698
Glatfelter Corp.		1,838		29,500
Greif, Inc., Class A		906		43,760
H.B. Fuller Co.		930		52,145
Hawkins, Inc.		1,354		84,760
Hecla Mining Co.		19,021		124,207
Ingevity Corp.(b)		227		15,772
Innospec, Inc.		246		24,711
Kaiser Aluminum Corp.		226		25,787
Koppers Holdings, Inc.(b)		564		18,843
Kraton Corp.(b)		3,128		116,330
Livent Corp.(b)		7,563		140,823
Louisiana-Pacific Corp.		1,186		56,466
Materion Corp.		946		64,782
Minerals Technologies, Inc.		877		62,469
Myers Industries, Inc.		3,068		67,926
Neenah, Inc.		251		13,885
Novagold Resources, Inc. (Canada)(b)		3,437		28,699
O-I Glass, Inc.		5,842		68,235
Olympic Steel, Inc.		812		14,486
Orion Engineered Carbons S.A. (Germany)		1,562		27,647
Pactiv Evergreen, Inc.		1,002		14,008
Quaker Chemical Corp.		209		59,017
Ranpak Holdings Corp.(b)		3,250		58,533
Rayonier Advanced Materials, Inc.(b)		15,756		145,743
Ryerson Holding Corp.(b)		1,548		19,706
Schnitzer Steel Industries, Inc., Class A		3,982		137,538
Schweitzer-Mauduit International, Inc., Class A		962		44,925
Sensient Technologies Corp.		575		44,764
Stepan Co.		639		77,121
Summit Materials, Inc., Class A(b)		892		24,717
SunCoke Energy, Inc.		4,676		29,880
Trecora Resources(b)		2,190		15,549
Tredegar Corp.		1,285		19,583
Trinseo S.A.		2,788		180,412
Tronox Holdings PLC, Class A		3,610		66,207
UFP Technologies, Inc.(b)		419		20,749
United States Lime & Minerals, Inc.		223		31,251
United States Steel Corp.(c)		2,817		46,790
US Concrete, Inc.(b)		1,044		53,724
Verso Corp., Class A		1,941		24,263
Warrior Met Coal, Inc.		2,089		40,046
Worthington Industries, Inc.		1,021		65,232
				3,435,627
Real Estate-3.07%
Agree Realty Corp.		273		17,625
Alexander & Baldwin, Inc.		881		15,391
Alexander’s, Inc.		83		22,502
Bluerock Residential Growth REIT, Inc.		1,371		14,697
Broadstone Net Lease, Inc., Class A		4,079		73,789

	Shares		Value
Real Estate-(continued)
CareTrust REIT, Inc.		1,558	$	34,556
Centerspace		660		45,296
Community Healthcare Trust, Inc.		728		31,908
CTO Realty Growth, Inc.		588		30,429
DiamondRock Hospitality Co.(b)		1,542		15,605
Easterly Government Properties, Inc.		1,349		29,651
EastGroup Properties, Inc.		221		30,080
Essential Properties Realty Trust, Inc.		713		16,542
eXp World Holdings, Inc.(b)		1,175		70,958
Farmland Partners, Inc.(c)		3,959		47,350
Four Corners Property Trust, Inc.		1,375		37,249
FRP Holdings, Inc.(b)		300		13,542
GEO Group, Inc. (The)(c)		1,741		12,535
Getty Realty Corp.		764		21,377
Gladstone Commercial Corp.		1,075		20,081
Gladstone Land Corp.		2,224		39,787
Global Medical REIT, Inc.		2,704		36,423
Global Net Lease, Inc.		1,625		30,193
Healthcare Realty Trust, Inc.		608		17,547
Independence Realty Trust, Inc.		2,502		35,128
Indus Realty Trust, Inc.		486		29,490
Industrial Logistics Properties Trust		2,220		47,219
Innovative Industrial Properties, Inc.		554		108,030
iStar, Inc.(c)		5,195		92,055
Kite Realty Group Trust		1,243		23,828
Lexington Realty Trust		3,290		35,269
LTC Properties, Inc.		655		26,796
Marcus & Millichap, Inc.(b)		495		18,746
Monmouth Real Estate Investment Corp.		2,035		35,246
National Health Investors, Inc.		265		18,092
National Storage Affiliates Trust		1,044		40,246
NexPoint Residential Trust, Inc.		840		34,474
Office Properties Income Trust		1,063		26,883
Physicians Realty Trust		1,297		22,049
Piedmont Office Realty Trust, Inc., Class A		1,066		18,186
PotlatchDeltic Corp.		630		31,973
QTS Realty Trust, Inc., Class A(c)		603		37,458
Rafael Holdings, Inc., Class B(b)		612		21,897
RE/MAX Holdings, Inc., Class A		605		25,241
Realogy Holdings Corp.(b)		9,602		144,798
Redfin Corp.(b)		1,127		85,359
Retail Opportunity Investments Corp.		1,189		18,798
RLJ Lodging Trust		1,041		16,344
Sabra Health Care REIT, Inc.		965		16,617
Safehold, Inc.		332		25,315
SITE Centers Corp.		1,293		17,249
St. Joe Co. (The)		1,533		77,156
STAG Industrial, Inc.		595		18,772
Summit Hotel Properties, Inc.		1,553		16,074
Sunstone Hotel Investors, Inc.		1,454		19,207
Tanger Factory Outlet Centers, Inc.(c)		1,551		24,413
Terreno Realty Corp.		455		25,498
UMH Properties, Inc.		1,478		25,229
Uniti Group, Inc.		9,031		107,559
Urban Edge Properties		1,011		16,682
Washington REIT		828		18,647
				2,127,136
Utilities-1.09%
American States Water Co.		230		16,802

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

28

Invesco Russell 2000^® Dynamic Multifactor ETF (OMFS)–(continued)

February 28, 2021

(Unaudited)

	Shares		Value
Utilities-(continued)
Artesian Resources Corp., Class A		630	$	23,310
Atlantic Power Corp.(b)		7,056		20,251
Avista Corp.		527		21,191
Black Hills Corp.		257		15,204
Brookfield Infrastructure Corp., Class A (Canada)(c)		653		43,242
California Water Service Group		553		30,387
Chesapeake Utilities Corp.		447		47,261
Clearway Energy, Inc., Class A		3,743		97,879
Clearway Energy, Inc., Class C		3,061		84,055
Genie Energy Ltd., Class B		2,200		16,610
MGE Energy, Inc.		281		17,900
Middlesex Water Co.		647		44,429
New Jersey Resources Corp.		484		19,016
NorthWestern Corp.		327		19,123
ONE Gas, Inc.		201		13,461
Ormat Technologies, Inc.		218		18,676
Otter Tail Corp.		509		20,625
PNM Resources, Inc.		527		25,301
Portland General Electric Co.		325		13,702
SJW Group		364		22,816
Southwest Gas Holdings, Inc.		422		26,312
Spark Energy, Inc., Class A(c)		2,534		25,264
Spire, Inc.		214		14,214
Sunnova Energy International, Inc.(b)		767		34,392
York Water Co. (The)		586		24,383
				755,806
Total Common Stocks & Other Equity Interests (Cost $65,050,101)				69,307,787

	Shares		Value
Money Market Funds-0.03%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(g)(h) (Cost $20,513)		20,513	$	20,513
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.98% (Cost $65,070,614)				69,328,300
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-3.60%
Invesco Private Government Fund, 0.01%(g)(h)(i)		998,232		998,232
Invesco Private Prime Fund, 0.11%(g)(h)(i)		1,496,750		1,497,348
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $2,495,580)				2,495,580
TOTAL INVESTMENTS IN SECURITIES-103.58% (Cost $67,566,194)				71,823,880
OTHER ASSETS LESS LIABILITIES-(3.58)%				(2,482,863	)
NET ASSETS-100.00%			$	69,341,017

Investment Abbreviations:

CVR - Contingent Value Rights

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 February 28, 2021.

^(d)  Restricted security. The value of this security at February 28, 2021 represented less than 1% of the Fund’s Net Assets.

^(e)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at February 28, 2021 was $255,694, which represented less than 1% of the Fund’s Net Assets.

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

^(g)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2021.

											Change in			Realized
	Value			Purchases			Proceeds				Unrealized			Gain				Value			Dividend
	August 31, 2020			at Cost			from Sales				Appreciation			(Loss)				February 28, 2021			Income
Invesco Mortgage Capital, Inc.		$	153,018		$	149,148		$	(330,901	)		$	33,781		$	(5,046	)		$	-		$	2,550
Investments in Affiliated Money Market Funds:
Invesco Government & Agency
Portfolio, Institutional Class			-			692,468			(671,955	)			-			-				20,513			4
Invesco Premier U.S. Government Money Portfolio, Institutional Class			-			77,818			(77,818	)			-			-				-			-

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

29

Invesco Russell 2000^® Dynamic Multifactor ETF (OMFS)–(continued)

February 28, 2021

(Unaudited)

											Change in			Realized
	Value			Purchases			Proceeds				Unrealized			Gain				Value			Dividend
	August 31, 2020			at Cost			from Sales				Appreciation			(Loss)				February 28, 2021			Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		$	2,107,189		$	7,826,395		$	(8,935,352	)		$	-		$	-			$	998,232		$	206	*
Invesco Private Prime Fund			702,405			8,278,089			(7,483,409	)			-			263				1,497,348			944	*
Total		$	2,962,612		$	17,023,918		$	(17,499,435	)		$	33,781		$	(4,783	)		$	2,516,093		$	3,704

* 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 February 28, 2021.

⁽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 2J.

Portfolio Composition

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

as of February 28, 2021

Consumer Discretionary	21.95
Industrials	18.91
Health Care	15.98
Information Technology	12.22
Financials	12.20
Materials	4.95
Consumer Staples	3.92
Real Estate	3.07
Sector Types Each Less Than 3%	6.75
Money Market Funds Plus Other Assets Less Liabilities	0.05

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

30

Statements of Assets and Liabilities

February 28, 2021

(Unaudited)

	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)		$	4,903,704			$	1,384,952,444		$	69,307,787
Affiliated investments in securities, at value			-				11,197,406			2,516,093
Cash			204,922				-			-
Receivable for:
Dividends			2,407				1,371,576			33,264
Securities lending			-				31,403			4,612
Investments sold			25,102				-			38,522
Total assets			5,136,135				1,397,552,829			71,900,278
Liabilities:
Due to custodian			-				153			-
Due to foreign custodian			124				-			-
Payable for:
Investments purchased			231,265				-			37,834
Collateral upon return of securities loaned			-				9,014,260			2,495,580
Accrued unitary management fees			231				310,720			25,847
Total liabilities			231,620				9,325,133			2,559,261
Net Assets		$	4,904,515			$	1,388,227,696		$	69,341,017
Net assets consist of:
Shares of beneficial interest		$	5,000,025			$	1,132,159,808		$	52,417,562
Distributable earnings (loss)			(95,510	)			256,067,888			16,923,455
Net Assets		$	4,904,515			$	1,388,227,696		$	69,341,017
Shares outstanding (unlimited amount authorized, $0.01 par value)			200,001				32,810,001			1,820,001
Net asset value		$	24.52			$	42.31		$	38.10
Market price		$	24.52			$	42.54		$	38.39
Unaffiliated investments in securities, at cost		$	4,997,866			$	1,298,924,482		$	65,050,101
Affiliated investments in securities, at cost		$	-			$	10,524,161		$	2,516,093
Foreign currencies (due to foreign custodian), at cost		$	(124	)		$	-		$	-
(a) Includes securities on loan with an aggregate value of:		$	-			$	9,031,357		$	2,406,803

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

31

Statements of Operations

For the six months ended February 28, 2021

(Unaudited)

	Invesco International Developed Dynamic Multifactor ETF (IMFL)(a)				Invesco Russell 1000® Dynamic Multifactor ETF (OMFL)				Invesco Russell 2000® Dynamic Multifactor ETF (OMFS)
Investment income:
Unaffiliated dividend income		$	2,545			$	12,864,810			$	513,194
Affiliated dividend income			1				48,295				2,554
Securities lending income			1				72,332				38,388
Foreign withholding tax			(103	)			(4,701	)			(675	)
Total investment income			2,444				12,980,736				553,461
Expenses:
Unitary management fees			235				1,701,721				118,142
Less: Waivers			(4	)			(559	)			(16	)
Net expenses			231				1,701,162				118,126
Net investment income			2,213				11,279,574				435,335
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities			(551	)			88,861,268				4,438,014
Affiliated investment securities			-				1,791,078				(4,783	)
Unaffiliated in-kind redemptions			-				212,343,222				22,662,886
Affiliated in-kind redemptions			-				132,305				-
Foreign currencies			(2,963	)			-				-
Net realized gain (loss)			(3,514	)			303,127,873				27,096,117
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities			(94,162	)			53,145,956				1,238,580
Affiliated investment securities			-				543,438				33,781
Foreign currencies			(47	)			-				-
Change in net unrealized appreciation (depreciation)			(94,209	)			53,689,394				1,272,361
Net realized and unrealized gain (loss)			(97,723	)			356,817,267				28,368,478
Net increase (decrease) in net assets resulting from operations		$	(95,510	)		$	368,096,841			$	28,803,813

^(a) For the period February 22, 2021 (commencement of investment operations) through February 28, 2021.

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

32

Statements of Changes in Net Assets

For the six months ended February 28, 2021 and the year ended August 31, 2020

(Unaudited)

	Invesco International Developed Dynamic Multifactor ETF (IMFL)				Invesco Russell 1000® Dynamic Multifactor  ETF (OMFL)								Invesco Russell 2000® Dynamic Multifactor  ETF (OMFS)
	Period Ended February 28, 2021(a)				Six Months Ended February 28, 2021				Year Ended August 31, 2020				Six Months Ended February 28, 2021				Year Ended August 31, 2020
Operations:
Net investment income		$	2,213			$	11,279,574			$	19,606,018			$	435,335			$	563,526
Net realized gain (loss)			(3,514	)			303,127,873				50,003,481				27,096,117				(7,738,749	)
Change in net unrealized appreciation (depreciation)			(94,209	)			53,689,394				40,149,833				1,272,361				3,320,847
Net increase (decrease) in net assets resulting from operations			(95,510	)			368,096,841				109,759,332				28,803,813				(3,854,376	)
Distributions to Shareholders from:
Distributable earnings			-				(11,450,203	)			(19,330,423	)			(335,468	)			(605,377	)
Shareholder Transactions:
Proceeds from shares sold			5,000,025				1,006,079,402				1,926,522,814				79,951,882				91,550,548
Value of shares repurchased			-				(965,231,780	)			(2,078,760,160	)			(82,681,206	)			(56,295,368	)
Net increase (decrease) in net assets resulting from share transactions			5,000,025				40,847,622				(152,237,346	)			(2,729,324	)			35,255,180
Net increase (decrease) in net assets			4,904,515				397,494,260				(61,808,437	)			25,739,021				30,795,427
Net assets:
Beginning of period			-				990,733,436				1,052,541,873				43,601,996				12,806,569
End of period		$	4,904,515			$	1,388,227,696			$	990,733,436			$	69,341,017			$	43,601,996
Changes in Shares Outstanding:
Shares sold			200,001				25,440,000				61,100,001				2,290,000				3,450,001
Shares repurchased			-				(23,380,000	)			(65,700,000	)			(2,220,000	)			(2,200,000	)
Shares outstanding, beginning of period			-				30,750,001				35,350,000				1,750,001				500,000
Shares outstanding, end of period			200,001				32,810,001				30,750,001				1,820,001				1,750,001

^(a)  For the period February 22, 2021 (commencement of investment operations) through February 28, 2021.

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

33

Financial Highlights

Invesco International Developed Dynamic Multifactor ETF (IMFL)

	For the Period February 22,  2021(a) Through February 28, 2021 (Unaudited)
Per Share Operating Performance:
Net asset value at beginning of period		$	25.00
Net investment income(b)			0.01
Net realized and unrealized gain (loss) on investments			(0.49	)
Total from investment operations.			(0.48	)
Net asset value at end of period		$	24.52
Market price at end of period(c)		$	24.52
Net Asset Value Total Return(d)			(1.92	)%(e)
Market Price Total Return(d)			(1.92	)%(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	4,905
Ratio to average net assets of:
Expenses, after Waivers			0.33	%(f)
Expenses, prior to Waivers			0.34	%(f)
Net investment income(g)			3.21	%(f)
Portfolio turnover rate(g)			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 (February 24, 2021, the first day of trading on the exchange) to February 28, 2021 was (1.88)%. The market price total return from Fund Inception to February 28, 2021 was (1.88)%.

^(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.

34

Financial Highlights–(continued)

Invesco Russell 1000^® Dynamic Multifactor ETF (OMFL)

	Six Months Ended February 28, 2021 (Unaudited)				Year Ended August 31, 2020				Two Months Ended August 31, 2019				Year Ended June 30, 2019				For the Period November 08, 2017(a) Through June 30, 2018
Per Share Operating Performance:
Net asset value at beginning of period		$	32.22			$	29.77			$	29.71			$	26.65			$	25.00
Net investment income(b)			0.36				0.55				0.07				0.54				0.22
Net realized and unrealized gain (loss) on investments			10.10				2.44				(0.01	)			2.99				1.59
Total from investment operations			10.46				2.99				0.06				3.53				1.81
Distributions to shareholders from:
Net investment income			(0.37	)			(0.54	)			-				(0.47	)			(0.16	)
Net asset value at end of period		$	42.31			$	32.22			$	29.77			$	29.71			$	26.65
Market price at end of period(c)		$	42.54			$	32.26			$	29.79			$	29.71
Net Asset Value Total Return(d)			32.73	%			10.23	%			0.20	%			13.37	%			7.26	%
Market Price Total Return(d)			33.29	%			10.29	%			0.27	%			13.32	%			7.28	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	1,388,228			$	990,733			$	1,052,542			$	998,325			$	150,592
Ratio to average net assets of:
Expenses, after Waivers			0.29	%(e)			0.29	%			0.29	%(f)			0.29	%			0.29	%(e)
Expenses, prior to Waivers			0.29	%(e)			0.29	%			0.29	%(f)			0.29	%			0.29	%(e)
Net investment income			1.92	%(e)			1.76	%			1.48	%(f)			1.92	%			1.42	%(e)
Portfolio turnover rate(g)			87	%			321	%			83	%			138	%			213	%

^(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)  Annualized.

^(f)  Ratios are annualized except for non-recurring costs associated with a proxy statement of less than 0.005%.

^(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.

35

Financial Highlights–(continued)

Invesco Russell 2000^® Dynamic Multifactor ETF (OMFS)

	Six Months Ended February 28, 2021 (Unaudited)				Year Ended August 31, 2020				Two Months Ended August 31, 2019				Year Ended June 30, 2019				For the Period November 08,  2017(a) Through June 30, 2018
Per Share Operating
Performance:
Net asset value at beginning of period		$	24.92			$	25.61			$	26.82			$	27.12			$	25.00
Net investment income(b)			0.23				0.31				0.03				0.43				0.22
Net realized and unrealized gain (loss) on investments			13.13				(0.64	)			(1.24	)			(0.29	)			2.08
Total from investment operations			13.36				(0.33	)			(1.21	)			0.14				2.30
Distributions to shareholders from:
Net investment income			(0.18	)			(0.36	)			-				(0.44	)			(0.18	)
Net asset value at end of period		$	38.10			$	24.92			$	25.61			$	26.82			$	27.12
Market price at end of period(c)		$	38.39			$	24.94			$	25.65			$	26.82
Net Asset Value Total Return(d)			53.87	%			(1.13	)%			(4.51	)%			0.63	%			9.22	%
Market Price Total Return(d)			54.92	%			(1.20	)%			(4.36	)%			0.59	%			9.21	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	69,341			$	43,602			$	12,807			$	12,071			$	13,561
Ratio to average net assets of:
Expenses, after Waivers			0.39	%(e)			0.39	%			0.41	%(f)			0.39	%			0.39	%(e)
Expenses, prior to Waivers			0.39	%(e)			0.39	%			0.41	%(f)			0.39	%			0.39	%(e)
Net investment income			1.44	%(e)			1.27	%			0.87	%(f)			1.62	%			1.30	%(e)
Portfolio turnover rate(g)			88	%			282	%			64	%			189	%			173	%

(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) Annualized.

(f) Ratios are annualized except for non-recurring costs associated with a proxy statement of 0.02%.

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

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

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Notes to Financial Statements

Invesco Exchange-Traded Self-Indexed Fund Trust

February 28, 2021

(Unaudited)

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”). Except when aggregated in Creation Units by Authorized Participants, the Shares are not individually redeemable securities of the Funds.

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

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

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

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

37

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

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

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

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

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

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

B. Other Risks

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

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

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

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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. Foreign securities also are subject to the risks of expropriation, nationalization, political instability, and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice comparable to those applicable to domestic issuers or other adverse political or economic developments and the difficulty of enforcing obligations in other countries. Investments in foreign securities also may be subject to dividend withholding or confiscatory taxes, currency blockage and/or transfer restrictions and higher transactional costs. If a Fund invests in securities denominated in foreign currencies, fluctuations in the value of the U.S. dollar relative to the values of other currencies may adversely affect investments in foreign securities and may negatively impact the Fund’s returns.

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

Industry Concentration Risk. In following its methodology, each Fund’s Underlying Index from time to time may be concentrated to a significant degree in securities of issuers located 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 the Underlying Index are subject to market fluctuations. You should anticipate that the value of the Shares will decline, more or less, in correlation with any decline in value of the securities in the Underlying Index. Additionally, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or other events could result in increased premiums or discounts to each Fund’s NAV.

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.

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

Portfolio Turnover Risk. Certain Funds 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 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

39

capital gains distributions to a Fund’s shareholders, a Fund will seek to utilize the in-kind creation and redemption mechanism to minimize 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.

C. Investment Transactions and Investment Income - Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest income is recorded on an accrual basis from settlement date 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 each Fund’s investments. As such, the Funds may receive proceeds from litigation settlements. Any proceeds received are included in the Statements of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

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

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

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

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

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

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

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

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

Each Fund has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Funds, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, litigation expenses, acquired fund fees and expenses, if any, and other extra ordinary 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 (iii) any other matters that directly benefit the Adviser).

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

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

I. Indemnifications - Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Each Board member who is not an “interested person” (as defined in the 1940 Act) of the Trust (each, an “Independent Trustee”) is also indemnified against certain liabilities arising out of the performance of their duties to the Trust pursuant to an Indemnification Agreement between such trustee and the Trust.

Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

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

K. Foreign Currency Translations - Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at 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 with holding) 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 with holding taxes recorded on a Fund’s books

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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.

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 has agreed to pay for substantially all expenses of the Funds, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, litigation expenses, acquired fund fees and expenses, if any, and other extra ordinary 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 (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%

With respect to Russell 1000^® Dynamic Multifactor ETF and Russell 2000^® Dynamic Multifactor ETF, the Adviser has agreed to waive a portion of each Fund’s unitary management fee to the extent necessary to prevent the operating expenses of each Fund (excluding distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extra ordinary expenses, as set forth in the Investment Advisory Agreement) from exceeding the Fund’s unitary management fee through at least May 24, 2021.

Further, through at least August 31, 2023, the Adviser has contractually agreed to waive a portion of each Fund’s management fee in an amount equal to 100% of the net advisory fees an affiliate of the Adviser receives that are attributable to the Fund’s investments of otherwise uninvested cash in money market funds managed by that affiliate (excluding investments of cash collateral from securities lending). There is no guarantee that the Adviser will extend the waiver of these fees past that date.

For the six months ended February 28, 2021, the Adviser waived fees for each Fund in the following amounts:

International Developed Dynamic Multifactor ETF*	$	4
Russell 1000® Dynamic Multifactor ETF		559
Russell 2000® Dynamic Multifactor ETF		16

* For the period February 22, 2021 (commencement of investment operations) through February 28, 2021.

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

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

Fund	Licensor
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 where by The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for each Fund.

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For the six months ended February 28, 2021, the following 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:

Russell 1000® Dynamic Multifactor ETF	$	81,811
Russell 2000® Dynamic Multifactor ETF		21,200

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 or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

Level 1 —	Prices are determined using quoted prices in an active market for identical assets.
Level 2 —	Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 —	Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect a Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of February 28, 2021, for each Fund (except for International Developed Dynamic Multifactor ETF). As of February 28, 2021, all of the securities in International Developed Dynamic Multifactor ETF were valued based on Level 1 inputs (see the Schedules of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1		Level 2		Level 3		Total
Russell 1000® Dynamic Multifactor ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	1,386,187,360	$	-	$	-	$	1,386,187,360
Money Market Funds		948,230		9,014,260		-		9,962,490
Total Investments	$	1,387,135,590	$	9,014,260	$	-	$	1,396,149,850
Russell 2000® Dynamic Multifactor ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	69,289,798	$	-	$	17,989	$	69,307,787
Money Market Funds		20,513		2,495,580		-		2,516,093
Total Investments	$	69,310,311	$	2,495,580	$	17,989	$	71,823,880

NOTE 5–Tax Information

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.

43

The following table presents available capital loss carryforwards for each Fund as of August 31, 2020:

	No expiration
	Short-Term		Long-Term		Total*
Russell 1000® Dynamic Multifactor ETF	$	133,302,042	$	712,256	$	134,014,298
Russell 2000® Dynamic Multifactor ETF		13,395,418		314,981		13,710,399

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

NOTE 6–Investment Transactions

For the six months ended February 28, 2021, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Treasury obligations, money market funds and in-kind transactions, if any) were as follows:

	Purchases		Sales
International Developed Dynamic Multifactor ETF*	$	5,023,524	$	25,107
Russell 1000® Dynamic Multifactor ETF		987,193,024		1,025,811,153
Russell 2000® Dynamic Multifactor ETF		49,969,554		52,275,989

* For the period February 22, 2021 (commencement of investment operations) through February 28, 2021.

For the six months ended February 28, 2021, in-kind transactions associated with creations and redemptions were as follows:

	Cost of		Value of
	Securities		Securities
	Received		Delivered
International Developed Dynamic Multifactor ETF*	$	-	$	-
Russell 1000® Dynamic Multifactor ETF		1,000,032,872		921,821,006
Russell 2000® Dynamic Multifactor ETF		79,477,195		79,782,688

* For the period February 22, 2021 (commencement of investment operations) through February 28, 2021.

Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes. At February 28, 2021, the aggregate cost of investments, including any derivatives, on a tax basis includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

						Net
	Gross		Gross			Unrealized
	Unrealized		Unrealized			Appreciation
	Appreciation		(Depreciation)			(Depreciation)			Cost
International Developed Dynamic Multifactor ETF*	$	40,513	$	(134,675	)	$	(94,162	)	$	4,997,866
Russell 1000® Dynamic Multifactor ETF		127,717,935		(44,320,338	)		83,397,597			1,312,752,253
Russell 2000® Dynamic Multifactor ETF		6,727,907		(3,307,401	)		3,420,506			68,403,374

* In the Fund’s initial year of operations, the cost of investments for tax purposes will not reflect any tax adjustments until its fiscal year-end reporting period.

NOTE 7–Trustees’ and Officer’s Fees

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

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

NOTE 8–Capital

Shares are issued and redeemed by each Fund only in Creation Units consisting of a specified number of Shares as set forth in each Fund’s prospectus. Only Authorized Participants are permitted to purchase or redeem Creation Units from the Funds. Such transactions are principally permitted in exchange for Deposit Securities, with a balancing cash component to equate the transaction to the NAV per Share of a Fund on the transaction date. However, for all Funds, cash in an amount equivalent to the

44

value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the Authorized Participant or as a result of other market circumstances.

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

Certain transaction fees may be charged by the Funds for creations and redemptions, which are treated as increases in capital. Transactions in each Fund’s Shares are disclosed in detail in the Statements of Changes in Net Assets.

NOTE 9–Coronavirus (COVID-19) Pandemic

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

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

45

Calculating your ongoing Fund expenses

Example

As a shareholder of a Fund of the Invesco Exchange-Traded Self-Indexed Fund Trust, you incur a unitary management fee. In addition to the unitary management fee, a shareholder may pay distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extra ordinary 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 (iii) any other matters that directly benefit the Adviser). The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held through the six-month period ended February 28, 2021.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

								Annualized
	Beginning			Ending				Expense Ratio			Expenses Paid
	Account Value			Account Value				Based on the			During the
	September 1, 2020			February 28, 2021				Six-Month Period			Six-Month Period(1)
Invesco International Developed Dynamic Multifactor ETF (IMFL)
Actual		$	1,000.00		$	980.80	(2)		0.33	%		$	0.06	(3)
Hypothetical (5% return before expenses)			1,000.00			1,023.16	(2)		0.33				1.66	(3)
Invesco Russell 1000® Dynamic Multifactor ETF (OMFL)
Actual			1,000.00			1,327.30			0.29				1.67
Hypothetical (5% return before expenses)			1,000.00			1,023.36			0.29				1.45

46

Calculating your ongoing Fund expenses–(continued)

							Annualized
	Beginning			Ending			Expense Ratio			Expenses Paid
	Account Value			Account Value			Based on the			During the
	September 1, 2020			February 28, 2021			Six-Month Period			Six-Month Period(1)
Invesco Russell 2000® Dynamic Multifactor ETF (OMFS)
Actual		$	1,000.00		$	1,538.70		0.39	%		$	2.45
Hypothetical (5% return before expenses)			1,000.00			1,022.86		0.39				1.96

⁽¹⁾  Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the six-month period ended February 28, 2021. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 181/365.

⁽²⁾  The actual ending account value is based on the actual total return of the Fund for the period February 22, 2021 (commencement of investment operations) through February 28, 2021, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

⁽³⁾  Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the period February 22, 2021 (commencement of investment operations) to February 28, 2021. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 7/365. Hypothetical expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 181/365.

47

Approval of Investment Advisory Contracts

Invesco International Developed Dynamic Multifactor ETF

At a meeting held on December 15, 2020, the Board of Trustees of the Invesco Exchange-Traded Self-Indexed Fund Trust (the “Trust”), including the Independent Trustees, approved the Investment Advisory Agreement (the “Agreement”) between Invesco Capital Management LLC (the “Adviser”) and the Trust for Invesco International Developed Dynamic Multifactor ETF (the “Fund”).

The Trustees reviewed information provided by the Adviser describing: (i) the nature, extent and quality of services to be provided, (ii) the proposed unitary advisory fee for the Fund and comparisons to amounts paid by other comparable registered investment companies, (iii) the extent to which economies of scale may be realized as the Fund grows and whether the fee levels reflect any possible economies of scale for the benefit of Fund shareholders, and (iv) any benefits to be realized by the Adviser or its affiliates from the Adviser’s relationship with the 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 the Fund, including the identity of the persons who will be responsible for the day-to-day management of the Fund, and they considered the quality of services provided by the Adviser to other exchange-traded funds (“ETFs”). The Trustees noted that the Fund’s portfolio managers 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 Fund’s portfolio managers. The Trustees also noted other information the Board received and considered at its March 12, 2020 and April 14, 2020 meetings 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.

In response to questions from the Independent Trustees, the Adviser provided supplemental information regarding the role of Invesco Indexing LLC (“Invesco Indexing”) which will provide certain data to FTSE International Limited, the Fund’s index provider. The Trustees considered the services to be provided by the Adviser in its oversight of the Fund’s 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 and that was expected to be provided for the Fund.

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

Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser on the Fund’s proposed unitary advisory fee, as compared to information compiled by the Adviser from Lipper Inc. (“Lipper”) databases representing two comparable Lipper peer groups on the median net expense ratios of passive ETFs, open-end (non- ETF) index funds and open-end (non- ETF) actively managed funds from each Lipper peer group. The Trustees also considered fee and expense data on three Adviser-identified select peers.

The Trustees noted that the proposed annual advisory fee to be charged to the Fund was a unitary fee, and that the Adviser has agreed to pay all other operating expenses of the Fund except for the fee payment under the Agreement, payments under the Fund’s 12b-1 plan, if any, brokerage expenses, taxes, interest, litigation expenses, acquired fund fees and expenses, if any, costs incurred in connection with proxies (except certain proxies) and other extra ordinary expenses. The Trustees noted the Fund’s proposed unitary advisory fee as compared to the median net expense ratios for the various types of funds in the comparable Lipper peer groups as shown below:

	Large-Cap Core Peers
	Passive ETF Peer Group	Open-End Index Fund Peer Group	Open-End Active Fund Peer Group
Fund	(Number of Peers)	(Number of Peers)	(Number of Peers)
Invesco International Developed Dynamic Multifactor ETF	Higher than median (7)	Lower than median (4)	Lower than median (21)

48

Approval of Investment Advisory Contracts–(continued)

	Multi-Cap Core Peers
	Passive ETF Peer Group	Open-End Index Fund Peer Group	Open-End Active Fund Peer Group
Fund	(Number of Peers)	(Number of Peers)	(Number of Peers)
Invesco International Developed Dynamic Multifactor ETF	Higher than median (31)	Higher than median (31)	Lower than median (76)

The Trustees also noted that the Fund’s proposed unitary advisory fee was lower than the median net expense ratio of its Adviser-identified select peers.

Based on all of the information provided, the Board concluded that the 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, including the licensing fees payable by the Adviser to the Fund’s index provider.

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 Fund because the Fund had not yet commenced operations. However, the Trustees noted other information the Board received and considered at its March 12, 2020 and April 14, 2020 meetings on 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 the Fund grows and whether fee levels reflect economies of scale for the benefit of shareholders. The Trustees noted that any reduction in fixed costs associated with the management of the Fund would be enjoyed by the Adviser, but that a unitary advisory fee provides a level of certainty in expenses for the Fund. The Trustees considered whether the proposed unitary advisory fee rate for the Fund is reasonable in relation to the proposed services and product strategy of the Fund, and they concluded that the unitary advisory fee was reasonable and appropriate.

Fall-Out Benefits. The Trustees considered that the Adviser identified no additional benefits that it would derive from its relationship with the Fund, and noted that the Adviser does not have any soft-dollar arrangements. The Trustees also considered benefits to be received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser’s relationship with the Fund, including brokerage fees and advisory fees for money market cash management vehicles. The Board concluded that the 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 Agreement for the Fund. No single factor was determinative in the Board’s analysis.

49

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Proxy Voting Policies and Procedures

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

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

Quarterly Portfolios

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

Frequency Distribution of Discounts and Premiums

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

©2021 Invesco Capital Management LLC          3500 Lacey Road, Suite 700
Downers Grove, IL 60515	O-FAC-SAR-1	invesco.com/ETFs

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Schedule of Investments.

(a) The Schedules of Investments are included as a part of the report to shareholders filed under Item 1 of this Form N-CSR.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the Board that would require disclosure herein.

Item 11. Controls and Procedures.

(a) Based on their evaluation of the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) as of a date within 90 days of the filing date of this report, the Registrant’s President (principal executive officer) and Treasurer (principal financial officer) have concluded that such disclosure controls and procedures are effective.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

(a)(1)	Not applicable.
(a)(2)	Certifications of the Registrant’s President and Treasurer pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 and Section  302 of the Sarbanes-Oxley Act of 2002 are attached as Exhibit 99.CERT.
(a)(3)	Not applicable.
(a)(4)	Not applicable.
(b)	Certifications of the Registrant’s President and Treasurer pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 and Section  906 of the Sarbanes-Oxley Act of 2002 are attached as Exhibit 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Invesco Exchange-Traded Self-Indexed Fund Trust

By:	/s/ Anna Paglia
Name: Anna Paglia
Title: President
Date: May 7, 2021

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By	/s/ Anna Paglia
Name: Anna Paglia
Title: President
Date: May 7, 2021
By:	/s/ Kelli Gallegos
Name: Kelli Gallegos
Title: Treasurer
Date: May 7, 2021