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)

Brian Hartigan

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 29, 2024

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.

(a) 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 29, 2024

BSCO	Invesco BulletShares 2024 Corporate Bond ETF
BSCP	Invesco BulletShares 2025 Corporate Bond ETF
BSCQ	Invesco BulletShares 2026 Corporate Bond ETF
BSCR	Invesco BulletShares 2027 Corporate Bond ETF
BSCS	Invesco BulletShares 2028 Corporate Bond ETF
BSCT	Invesco BulletShares 2029 Corporate Bond ETF
BSCU	Invesco BulletShares 2030 Corporate Bond ETF
BSCV	Invesco BulletShares 2031 Corporate Bond ETF
BSCW	Invesco BulletShares 2032 Corporate Bond ETF
BSCX	Invesco BulletShares 2033 Corporate Bond ETF
BSJO	Invesco BulletShares 2024 High Yield Corporate Bond ETF
BSJP	Invesco BulletShares 2025 High Yield Corporate Bond ETF
BSJQ	Invesco BulletShares 2026 High Yield Corporate Bond ETF
BSJR	Invesco BulletShares 2027 High Yield Corporate Bond ETF
BSJS	Invesco BulletShares 2028 High Yield Corporate Bond ETF
BSJT	Invesco BulletShares 2029 High Yield Corporate Bond ETF
BSJU	Invesco BulletShares 2030 High Yield Corporate Bond ETF
BSJV	Invesco BulletShares 2031 High Yield Corporate Bond ETF
BSMO	Invesco BulletShares 2024 Municipal Bond ETF
BSMP	Invesco BulletShares 2025 Municipal Bond ETF
BSMQ	Invesco BulletShares 2026 Municipal Bond ETF
BSMR	Invesco BulletShares 2027 Municipal Bond ETF
BSMS	Invesco BulletShares 2028 Municipal Bond ETF
BSMT	Invesco BulletShares 2029 Municipal Bond ETF
BSMU	Invesco BulletShares 2030 Municipal Bond ETF
BSMV	Invesco BulletShares 2031 Municipal Bond ETF
BSMW	Invesco BulletShares 2032 Municipal Bond ETF
BSSX	Invesco BulletShares 2033 Municipal Bond ETF

Beginning in July 2024, amendments adopted by the Securities and Exchange Commission will substantially impact the design, content, and delivery of shareholder reports. These newly designed shareholder reports will highlight key fund information in a clear and concise format and must be mailed to each shareholder that has not elected to receive the reports electronically. Other information, including financial statements, will no longer be included in the shareholder report but will be available at invesco.com/reports, delivered upon request, and filed on a semi-annual basis on Form N-CSR.

If you would like to receive shareholder reports and other communications electronically instead of by mail, you may make that request by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery. If you do not make this request or enroll in e-delivery, you will receive future shareholder reports and other communications by mail.

Table of Contents

Schedules of Investments
Invesco BulletShares 2024 Corporate Bond ETF (BSCO)	3
Invesco BulletShares 2025 Corporate Bond ETF (BSCP)	10
Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)	19
Invesco BulletShares 2027 Corporate Bond ETF (BSCR)	28
Invesco BulletShares 2028 Corporate Bond ETF (BSCS)	37
Invesco BulletShares 2029 Corporate Bond ETF (BSCT)	45
Invesco BulletShares 2030 Corporate Bond ETF (BSCU)	52
Invesco BulletShares 2031 Corporate Bond ETF (BSCV)	58
Invesco BulletShares 2032 Corporate Bond ETF (BSCW)	64
Invesco BulletShares 2033 Corporate Bond ETF (BSCX)	70
Invesco BulletShares 2024 High Yield Corporate Bond ETF (BSJO)	76
Invesco BulletShares 2025 High Yield Corporate Bond ETF (BSJP)	79
Invesco BulletShares 2026 High Yield Corporate Bond ETF (BSJQ)	83
Invesco BulletShares 2027 High Yield Corporate Bond ETF (BSJR)	88
Invesco BulletShares 2028 High Yield Corporate Bond ETF (BSJS)	93
Invesco BulletShares 2029 High Yield Corporate Bond ETF (BSJT)	100
Invesco BulletShares 2030 High Yield Corporate Bond ETF (BSJU)	107
Invesco BulletShares 2031 High Yield Corporate Bond ETF (BSJV)	112
Invesco BulletShares 2024 Municipal Bond ETF (BSMO)	116
Invesco BulletShares 2025 Municipal Bond ETF (BSMP)	134
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)	155
Invesco BulletShares 2027 Municipal Bond ETF (BSMR)	182
Invesco BulletShares 2028 Municipal Bond ETF (BSMS)	204
Invesco BulletShares 2029 Municipal Bond ETF (BSMT)	225
Invesco BulletShares 2030 Municipal Bond ETF (BSMU)	242
Invesco BulletShares 2031 Municipal Bond ETF (BSMV)	257
Invesco BulletShares 2032 Municipal Bond ETF (BSMW)	270
Invesco BulletShares 2033 Municipal Bond ETF (BSSX)	285
Statements of Assets and Liabilities	294
Statements of Operations	300
Statements of Changes in Net Assets	306
Financial Highlights	316
Notes to Financial Statements	344
Fund Expenses	360
Approval of Investment Advisory Contracts	363

 2 

Invesco BulletShares 2024 Corporate Bond ETF (BSCO)

February 29, 2024

(Unaudited)

Schedule of Investments^(a)

	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes-96.99%
Aerospace & Defense-0.18%
General Dynamics Corp., 2.38%, 11/15/2024	$	6,640,000	$	6,495,087
Air Freight & Logistics-0.18%
United Parcel Service, Inc., 2.80%, 11/15/2024		6,637,000		6,517,770
Automobile Components-0.27%
Magna International, Inc. (Canada), 3.63%, 06/15/2024		9,952,000		9,890,167
Automobiles-4.31%
American Honda Finance Corp.
2.40%, 06/27/2024		6,825,000		6,757,118
0.55%, 07/12/2024		11,947,000		11,732,270
0.75%, 08/09/2024		13,267,000		12,999,273
2.15%, 09/10/2024		9,301,000		9,144,194
Ford Motor Credit Co. LLC, 4.06%, 11/01/2024		19,266,000		19,003,724
PACCAR Financial Corp., 3.15%, 06/13/2024		6,549,000		6,505,449
Toyota Motor Corp. (Japan)
0.68%, 03/25/2024(b)		16,003,000		15,957,684
2.36%, 07/02/2024(b)		6,640,000		6,570,455
Toyota Motor Credit Corp.
2.50%, 03/22/2024		14,662,000		14,638,636
2.90%, 04/17/2024		6,554,000		6,532,854
0.50%, 06/18/2024		10,585,000		10,432,630
0.63%, 09/13/2024(b)		13,268,000		12,937,456
4.40%, 09/20/2024		16,591,000		16,505,561
2.00%, 10/07/2024(b)		6,640,000		6,504,740
				156,222,044
Banks-18.39%
Banco Santander S.A. (Spain), 3.89%, 05/24/2024		18,272,000		18,202,783
Bank of America Corp.
4.00%, 04/01/2024(b)		28,391,000		28,350,849
4.20%, 08/26/2024		37,037,000		36,763,196
Bank of Montreal (Canada)
2.15%, 03/08/2024		15,271,000		15,265,083
5.20%, 12/12/2024		12,640,000		12,602,702
Series H, 4.25%, 09/14/2024(b)		18,952,000		18,810,263
Bank of Nova Scotia (The) (Canada)
2.44%, 03/11/2024(b)		10,776,000		10,769,151
5.25%, 12/06/2024		13,159,000		13,130,368
Barclays Bank PLC (United Kingdom), 3.75%, 05/15/2024		7,380,000		7,349,343
BNP Paribas S.A. (France), 4.25%, 10/15/2024		12,101,000		11,967,662
BPCE S.A. (France), 4.00%, 04/15/2024 .		18,502,000		18,459,914
Canadian Imperial Bank of Commerce (Canada), 1.00%, 10/18/2024		8,211,000		7,986,645
Citigroup, Inc.
3.75%, 06/16/2024		7,612,000		7,566,317
4.00%, 08/05/2024(b)		9,479,000		9,402,040
Cooperatieve Rabobank U.A. (Netherlands), 3.88%, 08/22/2024		12,640,000		12,538,749

	Principal Amount		Value
Banks-(continued)
Credit Suisse AG (Switzerland)
4.75%, 08/09/2024	$	13,400,000	$	13,340,039
3.63%, 09/09/2024		37,306,000		36,939,617
HSBC Holdings PLC (United Kingdom), 4.25%, 03/14/2024		24,696,000		24,682,080
HSBC USA, Inc.
3.75%, 05/24/2024(b)		12,220,000		12,170,509
3.50%, 06/23/2024		8,931,000		8,874,123
JPMorgan Chase & Co.
3.63%, 05/13/2024(b)		26,482,000		26,377,012
3.88%, 09/10/2024		37,043,000		36,708,388
Lloyds Banking Group PLC (United Kingdom), 4.50%, 11/04/2024		12,633,000		12,490,153
Mitsubishi UFJ Financial Group, Inc. (Japan), 2.80%, 07/18/2024		12,591,000		12,456,092
National Bank of Canada (Canada), 0.75%, 08/06/2024		6,620,000		6,479,982
NatWest Group PLC (United Kingdom), 5.13%, 05/28/2024		6,553,000		6,531,424
PNC Bank N.A.
2.50%, 08/27/2024(b)		7,585,000		7,470,633
3.30%, 10/30/2024(b)		6,315,000		6,224,006
PNC Financial Services Group, Inc. (The)
3.90%, 04/29/2024(b)		9,162,000		9,130,041
2.20%, 11/01/2024		8,215,000		8,036,296
Royal Bank of Canada (Canada)
3.97%, 07/26/2024		18,064,000		17,951,201
0.65%, 07/29/2024(b)		10,543,000		10,332,646
5.66%, 10/25/2024(b)		14,529,000		14,535,756
Santander UK PLC (United Kingdom), 4.00%, 03/13/2024		12,219,000		12,213,913
Sumitomo Mitsui Banking Corp. (Japan), 3.40%, 07/11/2024(b)		6,623,000		6,569,784
Sumitomo Mitsui Financial Group, Inc. (Japan)
2.70%, 07/16/2024		24,916,000		24,652,125
2.45%, 09/27/2024		12,634,000		12,412,153
Toronto-Dominion Bank (The) (Canada)
2.35%, 03/08/2024		18,147,000		18,139,997
4.29%, 09/13/2024		18,599,000		18,471,167
1.25%, 12/13/2024(b)		6,619,000		6,408,854
Truist Bank, 2.15%, 12/06/2024		15,794,000		15,388,257
Truist Financial Corp., 2.85%, 10/26/2024		12,639,000		12,418,570
U.S. Bancorp, 3.60%, 09/11/2024		12,634,000		12,503,328
Wells Fargo & Co., 3.30%, 09/09/2024		27,775,000		27,454,181
				666,527,392
Beverages-1.57%
Coca-Cola Co. (The), 1.75%, 09/06/2024(b)		13,274,000		13,042,198
Constellation Brands, Inc.
3.60%, 05/09/2024		7,516,000		7,485,952
5.00%, 02/02/2026(b)		2,510,000		2,495,164
Diageo Capital PLC (United Kingdom), 2.13%, 10/24/2024		7,960,000		7,793,695

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

 3 

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

February 29, 2024

(Unaudited)

 

	Principal Amount		Value
Beverages-(continued)
Keurig Dr Pepper, Inc., 0.75%, 03/15/2024	$	14,055,000	$	14,033,622
PepsiCo, Inc., 3.60%, 03/01/2024		12,050,000		12,050,000
				56,900,631
Biotechnology-2.71%
AbbVie, Inc., 2.60%, 11/21/2024		49,629,000		48,610,637
Amgen, Inc.
3.63%, 05/22/2024		18,000,500		17,917,915
5.51%, 03/02/2026(b)		10,141,000		10,129,913
Gilead Sciences, Inc., 3.70%, 04/01/2024		21,576,000		21,537,442
				98,195,907
Broadline Retail-3.32%
Amazon.com, Inc.
2.73%, 04/13/2024		19,905,000		19,837,932
0.45%, 05/12/2024		33,183,000		32,874,306
2.80%, 08/22/2024		26,539,000		26,223,946
4.70%, 11/29/2024(b)		15,935,000		15,887,681
3.80%, 12/05/2024		15,938,000		15,770,307
eBay, Inc., 3.45%, 08/01/2024		9,864,000		9,770,007
				120,364,179
Capital Markets-8.69%
Ameriprise Financial, Inc., 3.70%, 10/15/2024(b)		7,011,000		6,931,391
Bank of New York Mellon Corp. (The)
0.50%, 04/26/2024		7,299,000		7,239,817
3.40%, 05/15/2024(b)		6,111,000		6,082,112
3.25%, 09/11/2024(b)		6,621,000		6,543,811
2.10%, 10/24/2024		12,642,000		12,369,462
Series J, 0.85%, 10/25/2024		8,846,000		8,587,037
BlackRock, Inc., 3.50%, 03/18/2024		12,587,000		12,576,294
Charles Schwab Corp. (The), 0.75%, 03/18/2024(b)		18,330,000		18,292,611
Deutsche Bank AG (Germany)
3.70%, 05/30/2024		9,242,000		9,188,320
3.70%, 05/30/2024		9,327,000		9,269,072
FS KKR Capital Corp., 1.65%, 10/12/2024		6,640,000		6,447,696
Goldman Sachs Group, Inc. (The)
4.00%, 03/03/2024		35,919,000		35,919,000
3.00%, 03/15/2024		28,246,000		28,220,019
3.85%, 07/08/2024		29,786,000		29,600,979
5.70%, 11/01/2024		25,224,000		25,241,089
Morgan Stanley
3.70%, 10/23/2024		37,715,000		37,256,007
Series F, 3.88%, 04/29/2024		36,665,000		36,548,049
State Street Corp., 3.30%, 12/16/2024 .		12,639,000		12,443,479
Stifel Financial Corp., 4.25%, 07/18/2024		6,375,000		6,336,437
				315,092,682
Chemicals-1.05%
Celanese US Holdings LLC, 5.90%, 07/05/2024		6,890,000		6,884,329
LyondellBasell Industries N.V., 5.75%, 04/15/2024(b)		10,285,000		10,284,615

	Principal Amount		Value
Chemicals-(continued)
Nutrien Ltd. (Canada), 5.90%, 11/07/2024	$	6,640,000	$	6,650,025
Sherwin-Williams Co. (The)
3.13%, 06/01/2024(b)		6,632,000		6,587,093
4.05%, 08/08/2024		7,550,000		7,493,681
				37,899,743
Communications Equipment-0.35%
Cisco Systems, Inc., 3.63%, 03/04/2024(b)		12,745,000		12,745,000
Construction & Engineering-0.17%
Quanta Services, Inc., 0.95%, 10/01/2024		6,380,000		6,200,746
Construction Materials-0.19%
Vulcan Materials Co., 5.80%, 03/01/2026		6,767,000		6,767,000
Consumer Finance-4.04%
Ally Financial, Inc., 5.13%, 09/30/2024(b)		8,851,000		8,813,229
American Express Co.
3.38%, 05/03/2024		24,596,000		24,492,045
3.00%, 10/30/2024		20,420,000		20,088,465
3.63%, 12/05/2024		7,586,000		7,484,473
Capital One Financial Corp., 3.75%, 04/24/2024		8,982,000		8,954,560
Discover Bank, 2.45%, 09/12/2024		9,475,000		9,313,502
Discover Financial Services, 3.95%, 11/06/2024		6,621,000		6,538,009
General Motors Financial Co., Inc.
1.05%, 03/08/2024		10,232,000		10,226,704
3.95%, 04/13/2024(b)		15,453,000		15,414,347
1.20%, 10/15/2024		10,835,000		10,537,961
3.50%, 11/07/2024		9,957,000		9,807,859
Synchrony Financial, 4.25%, 08/15/2024		14,966,000		14,829,980
				146,501,134
Consumer Staples Distribution & Retail-2.13%
Costco Wholesale Corp., 2.75%, 05/18/2024(b)		13,270,000		13,190,403
Dollar General Corp., 4.25%, 09/20/2024		9,357,000		9,279,223
Target Corp., 3.50%, 07/01/2024		13,198,000		13,109,053
Walgreens Boots Alliance, Inc., 3.80%, 11/18/2024		15,350,000		15,135,663
Walmart, Inc.
3.30%, 04/22/2024		18,494,000		18,440,475
2.65%, 12/15/2024		8,362,000		8,187,539
				77,342,356
Diversified REITs-0.17%
W.P. Carey, Inc., 4.60%, 04/01/2024		6,110,000		6,100,608
Diversified Telecommunication Services-1.70%
AT&T, Inc., 0.90%, 03/25/2024		27,685,000		27,604,380
Bell Canada (Canada), Series US-3, 0.75%, 03/17/2024(b)		7,330,000		7,313,214

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

 4 

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

February 29, 2024

(Unaudited)

 

	Principal Amount		Value
Diversified Telecommunication Services-(continued)
Verizon Communications, Inc.
0.75%, 03/22/2024	$	12,210,000	$	12,180,423
3.50%, 11/01/2024(b)		14,810,000		14,592,909
				61,690,926
Electric Utilities-3.17%
Avangrid, Inc., 3.15%, 12/01/2024		7,650,000		7,505,098
Duke Energy Corp., 3.75%, 04/15/2024		13,274,000		13,240,257
Edison International, 3.55%, 11/15/2024		6,632,000		6,529,228
Entergy Louisiana LLC, 0.95%, 10/01/2024		13,273,000		12,925,342
Evergy, Inc., 2.45%, 09/15/2024		9,982,000		9,796,802
Eversource Energy, 4.20%, 06/27/2024		11,940,000		11,883,454
Florida Power & Light Co., 3.25%, 06/01/2024		6,372,000		6,329,455
Interstate Power and Light Co., 3.25%, 12/01/2024(b)		6,636,000		6,523,624
MidAmerican Energy Co., 3.50%, 10/15/2024		6,200,000		6,127,337
NextEra Energy Capital Holdings, Inc.
2.94%, 03/21/2024		13,447,000		13,428,880
4.20%, 06/20/2024		11,513,000		11,458,396
Southern California Edison Co., 1.10%, 04/01/2024		9,081,000		9,048,748
				114,796,621
Electronic Equipment, Instruments & Components-1.06%
Arrow Electronics, Inc.
3.25%, 09/08/2024		6,355,000		6,276,002
6.13%, 03/01/2026		6,230,000		6,226,131
CDW LLC/CDW Finance Corp., 5.50%, 12/01/2024		8,254,000		8,224,451
Keysight Technologies, Inc., 4.55%, 10/30/2024		8,650,000		8,589,624
TD SYNNEX Corp., 1.25%, 08/09/2024		9,290,000		9,105,768
				38,421,976
Entertainment-1.05%
Walt Disney Co. (The), 1.75%, 08/30/2024		19,912,000		19,554,185
Warnermedia Holdings, Inc., 6.41%, 03/15/2026(b)		18,334,000		18,332,546
				37,886,731
Financial Services-3.20%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)
1.65%, 10/29/2024		29,828,000		29,026,553
Series 3NC1, 1.75%, 10/29/2024		8,550,000		8,321,269
Fidelity National Information Services, Inc., 0.60%, 03/01/2024		9,180,000		9,180,000
Fiserv, Inc., 2.75%, 07/01/2024		25,418,000		25,166,802
Global Payments, Inc., 1.50%, 11/15/2024(b)		6,640,000		6,450,642
Mastercard, Inc., 3.38%, 04/01/2024		12,697,000		12,671,985

	Principal Amount		Value
Financial Services-(continued)
ORIX Corp. (Japan), 3.25%, 12/04/2024(b)	$	8,922,000	$	8,767,045
PayPal Holdings, Inc., 2.40%, 10/01/2024		16,665,000		16,363,055
				115,947,351
Food Products-1.19%
Hormel Foods Corp., 0.65%, 06/03/2024		12,114,000		11,969,801
McCormick & Co., Inc., 3.15%, 08/15/2024		9,101,000		8,999,632
Mondelez International, Inc., 2.13%, 03/17/2024		6,172,000		6,163,548
Tyson Foods, Inc., 3.95%, 08/15/2024		16,067,000		15,938,250
				43,071,231
Gas Utilities-0.55%
Eastern Energy Gas Holdings LLC, Series A, 2.50%, 11/15/2024(b)		7,962,000		7,795,346
ONE Gas, Inc., 1.10%, 03/11/2024		5,662,000		5,656,913
Southern California Gas Co., 3.15%, 09/15/2024		6,640,000		6,554,329
				20,006,588
Ground Transportation-1.12%
Burlington Northern Santa Fe LLC
3.75%, 04/01/2024		6,639,000		6,629,153
3.40%, 09/01/2024		8,728,000		8,632,401
Canadian Pacific Railway Co. (Canada), 1.35%, 12/02/2024		19,126,000		18,532,610
CSX Corp., 3.40%, 08/01/2024(b)		6,820,000		6,756,123
				40,550,287
Health Care Equipment & Supplies-1.96%
Baxter International, Inc., 1.32%, 11/29/2024		19,086,000		18,481,836
Becton, Dickinson and Co.
3.36%, 06/06/2024		13,149,000		13,064,453
3.73%, 12/15/2024		11,656,000		11,494,741
DH Europe Finance II S.a.r.l., 2.20%, 11/15/2024		9,287,000		9,079,218
Stryker Corp., 3.38%, 05/15/2024		7,960,000		7,928,472
Zimmer Biomet Holdings, Inc., 1.45%, 11/22/2024		11,369,000		11,031,771
				71,080,491
Health Care Providers & Services-4.26%
Aetna, Inc., 3.50%, 11/15/2024		9,954,000		9,804,617
Cardinal Health, Inc., 3.08%, 06/15/2024		9,952,000		9,871,716
Cencora, Inc., 3.40%, 05/15/2024		6,637,000		6,605,377
Cigna Group (The)
0.61%, 03/15/2024(b)		6,310,000		6,299,935
5.69%, 03/15/2026(b)		8,922,000		8,921,836
CommonSpirit Health, 2.76%, 10/01/2024(b)		10,297,000		10,122,822
CVS Health Corp., 3.38%, 08/12/2024		8,629,000		8,535,495
Elevance Health, Inc.
3.50%, 08/15/2024		10,621,000		10,518,352
3.35%, 12/01/2024		11,091,000		10,904,549
HCA, Inc., 5.00%, 03/15/2024		24,692,000		24,685,599

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

 5 

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

February 29, 2024

(Unaudited)

 

	Principal Amount		Value
Health Care Providers & Services-(continued)
Humana, Inc.
3.85%, 10/01/2024	$	7,597,000	$	7,516,212
5.70%, 03/13/2026		6,181,000		6,135,878
Laboratory Corp. of America Holdings, 3.25%, 09/01/2024(b)		7,959,000		7,857,917
McKesson Corp., 3.80%, 03/15/2024		7,952,000		7,947,091
UnitedHealth Group, Inc.
0.55%, 05/15/2024(b)		12,655,000		12,530,970
5.00%, 10/15/2024		6,197,000		6,179,697
				154,438,063
Hotels, Restaurants & Leisure-0.42%
Hyatt Hotels Corp., 1.80%, 10/01/2024		9,250,000		9,043,770
McDonald’s Corp., 3.25%, 06/10/2024		6,110,000		6,073,826
				15,117,596
Household Durables-0.34%
D.R. Horton, Inc., 2.50%, 10/15/2024		6,538,000		6,414,431
Lennar Corp., 4.50%, 04/30/2024		5,811,000		5,798,332
				12,212,763
Household Products-0.17%
Colgate-Palmolive Co., 3.25%, 03/15/2024		6,195,000		6,191,035
Insurance-1.64%
Aon Global Ltd., 3.50%, 06/14/2024		7,964,000		7,911,964
Brown & Brown, Inc., 4.20%, 09/15/2024(b)		6,195,000		6,138,097
Chubb INA Holdings, Inc., 3.35%, 05/15/2024		9,287,000		9,245,340
CNA Financial Corp., 3.95%, 05/15/2024		6,819,000		6,795,248
Marsh & McLennan Cos., Inc., 3.50%, 06/03/2024		7,441,000		7,397,294
MetLife, Inc., 3.60%, 04/10/2024		13,270,000		13,242,806
Willis North America, Inc., 3.60%, 05/15/2024		8,629,000		8,590,812
				59,321,561
Leisure Products-0.18%
Hasbro, Inc., 3.00%, 11/19/2024		6,635,000		6,510,712
Life Sciences Tools & Services-1.14%
Revvity, Inc., 0.85%, 09/15/2024(b)		9,748,000		9,495,266
Thermo Fisher Scientific, Inc., 1.22%, 10/18/2024		32,834,000		31,975,880
				41,471,146
Machinery-3.96%
Caterpillar Financial Services Corp.
0.45%, 05/17/2024		14,584,000		14,438,674
0.60%, 09/13/2024		9,950,000		9,702,602
2.15%, 11/08/2024		13,276,000		12,991,139
3.25%, 12/01/2024		8,294,000		8,169,695
Caterpillar, Inc., 3.40%, 05/15/2024		12,641,000		12,583,580
Illinois Tool Works, Inc., 3.50%, 03/01/2024		8,400,000		8,400,000

	Principal Amount		Value
Machinery-(continued)
John Deere Capital Corp.
0.45%, 06/07/2024	$	7,965,000	$	7,862,859
3.35%, 06/12/2024(b)		6,636,000		6,595,419
2.65%, 06/24/2024		7,889,000		7,820,181
0.63%, 09/10/2024		6,537,000		6,378,447
4.55%, 10/11/2024		7,963,000		7,921,361
Parker-Hannifin Corp.
3.65%, 06/15/2024		18,581,000		18,475,744
3.30%, 11/21/2024		6,633,000		6,521,664
Trane Technologies Financing Ltd., 3.55%, 11/01/2024		6,640,000		6,552,635
Wabtec Corp., 4.15%, 03/15/2024		9,030,000		9,025,179
				143,439,179
Media-0.54%
Omnicom Group, Inc./Omnicom Capital, Inc., 3.65%, 11/01/2024		9,958,000		9,830,278
WPP Finance 2010 (United Kingdom), 3.75%, 09/19/2024(b)		9,949,000		9,833,000
				19,663,278
Metals & Mining-0.25%
Freeport-McMoRan, Inc., 4.55%, 11/14/2024		9,316,000		9,226,892
Multi-Utilities-0.42%
Black Hills Corp., 1.04%, 08/23/2024		7,968,000		7,794,510
WEC Energy Group, Inc., 0.80%, 03/15/2024		7,328,000		7,316,668
				15,111,178
Oil, Gas & Consumable Fuels-7.40%
Boardwalk Pipelines L.P., 4.95%, 12/15/2024		7,960,000		7,902,124
Canadian Natural Resources Ltd. (Canada), 3.80%, 04/15/2024		6,113,000		6,096,105
Chevron Corp., 2.90%, 03/03/2024		12,040,000		12,040,000
Chevron USA, Inc., 3.90%, 11/15/2024 .		8,300,000		8,221,269
ConocoPhillips Co., 2.13%, 03/08/2024		5,520,000		5,517,712
Continental Resources, Inc., 3.80%, 06/01/2024		11,390,000		11,330,504
Enbridge, Inc. (Canada)
3.50%, 06/10/2024(b)		6,501,000		6,461,054
5.97%, 03/08/2026		8,640,000		8,637,706
Energy Transfer L.P.
4.25%, 04/01/2024		6,464,000		6,456,966
3.90%, 05/15/2024		7,955,000		7,926,527
Equinor ASA (Norway), 3.70%, 03/01/2024		11,656,000		11,656,000
Exxon Mobil Corp.
3.18%, 03/15/2024		12,290,000		12,273,269
2.02%, 08/16/2024		13,270,000		13,071,718
Kinder Morgan Energy Partners L.P.
4.30%, 05/01/2024		7,570,000		7,546,389
4.25%, 09/01/2024		8,199,000		8,138,565
Marathon Petroleum Corp., 3.63%, 09/15/2024		9,950,000		9,839,524
MPLX L.P., 4.88%, 12/01/2024		14,650,000		14,568,567
Plains All American Pipeline L.P./PAA Finance Corp., 3.60%, 11/01/2024		9,950,000		9,819,726

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

 6 

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

February 29, 2024

(Unaudited)

 

	Principal Amount		Value
Oil, Gas & Consumable Fuels-(continued)
Shell International Finance B.V. (Netherlands), 2.00%, 11/07/2024(b)	$	15,939,000	$	15,590,567
Spectra Energy Partners L.P., 4.75%, 03/15/2024		12,350,000		12,340,240
TotalEnergies Capital International S.A. (France), 3.75%, 04/10/2024		16,590,000		16,550,304
TransCanada PipeLines Ltd. (Canada)
1.00%, 10/12/2024		18,310,000		17,785,572
6.20%, 03/09/2026(b)		10,619,000		10,619,233
Williams Cos., Inc. (The)
4.30%, 03/04/2024		11,500,000		11,500,000
4.55%, 06/24/2024		16,502,000		16,429,593
				268,319,234
Passenger Airlines-0.30%
Delta Air Lines, Inc., 2.90%, 10/28/2024		11,230,000		11,014,723
Personal Care Products-0.90%
Estee Lauder Cos., Inc. (The), 2.00%, 12/01/2024(b)		6,540,000		6,376,616
Unilever Capital Corp. (United Kingdom)
3.25%, 03/07/2024		6,010,000		6,008,803
2.60%, 05/05/2024		13,996,000		13,926,051
0.63%, 08/12/2024		6,640,000		6,499,844
				32,811,314
Pharmaceuticals-1.71%
AstraZeneca Finance LLC (United Kingdom), 0.70%, 05/28/2024		21,236,000		20,995,560
Novartis Capital Corp. (Switzerland), 3.40%, 05/06/2024(b)		28,530,000		28,420,942
Pfizer, Inc., 3.40%, 05/15/2024		12,620,000		12,565,838
				61,982,340
Professional Services-0.27%
Equifax, Inc., 2.60%, 12/01/2024		9,951,000		9,729,100
Retail REITs-0.66%
Simon Property Group L.P.
2.00%, 09/13/2024		13,049,000		12,779,728
3.38%, 10/01/2024		11,360,000		11,219,233
				23,998,961
Semiconductors & Semiconductor Equipment-1.73%
Intel Corp.
2.88%, 05/11/2024		16,440,000		16,343,950
2.70%, 06/17/2024		590,000		584,831
KLA Corp., 4.65%, 11/01/2024		9,799,700		9,730,254
NVIDIA Corp., 0.58%, 06/14/2024		15,280,000		15,076,462
QUALCOMM, Inc., 2.90%, 05/20/2024		11,610,000		11,540,868
Xilinx, Inc., 2.95%, 06/01/2024(b)		9,560,000		9,494,009
				62,770,374
Software-2.41%
Oracle Corp.
3.40%, 07/08/2024(b)		25,817,500		25,608,454
2.95%, 11/15/2024		26,542,000		26,046,951
Roper Technologies, Inc., 2.35%, 09/15/2024(b)		6,640,000		6,521,662

	Principal Amount		Value
Software-(continued)
Salesforce, Inc., 0.63%, 07/15/2024(b)	$	13,270,000	$	13,040,630
VMware LLC, 1.00%, 08/15/2024		16,539,000		16,184,683
				87,402,380
Specialized REITs-0.26%
Crown Castle, Inc., 3.20%, 09/01/2024		9,560,000		9,446,969
Specialty Retail-0.36%
Dell International LLC/EMC Corp., 4.00%, 07/15/2024		13,098,000		13,010,881
Technology Hardware, Storage & Peripherals-2.69%
Apple, Inc.
3.45%, 05/06/2024		30,547,000		30,437,991
2.85%, 05/11/2024		23,230,000		23,103,753
1.80%, 09/11/2024(b)		9,560,000		9,391,895
Hewlett Packard Enterprise Co.
1.45%, 04/01/2024		13,270,000		13,224,017
5.90%, 10/01/2024		21,174,000		21,199,817
				97,357,473
Tobacco-0.98%
BAT Capital Corp. (United Kingdom), 2.79%, 09/06/2024(b)		12,755,000		12,561,010
Philip Morris International, Inc.
3.25%, 11/10/2024(b)		9,953,000		9,803,058
5.13%, 11/15/2024(b)		13,275,000		13,242,972
				35,607,040
Trading Companies & Distributors-0.40%
Air Lease Corp.
0.80%, 08/18/2024		8,414,000		8,219,083
4.25%, 09/15/2024(b)		6,200,000		6,147,550
				14,366,633
Wireless Telecommunication Services-0.88%
Sprint LLC, 7.13%, 06/15/2024		31,880,000		31,984,408
Total U.S. Dollar Denominated Bonds & Notes (Cost $3,544,563,836)				3,515,719,881
	Shares
Money Market Funds-4.40%
Invesco Government & Agency Portfolio, Institutional Class, 5.24%(c)(d) (Cost $159,365,458)		159,365,458		159,365,458
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-101.39% (Cost $3,703,929,294)				3,675,085,339
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-2.63%
Invesco Private Government Fund, 5.29%(c)(d)(e)		28,984,397		28,984,397

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

 7 

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

February 29, 2024

(Unaudited)

 

	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 5.49%(c)(d)(e)		66,540,261	$	66,573,531
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $95,566,976)				95,557,928
TOTAL INVESTMENTS IN SECURITIES-104.02% (Cost $3,799,496,270)				3,770,643,267
OTHER ASSETS LESS LIABILITIES-(4.02)%				(145,763,470	)
NET ASSETS-100.00%			$	3,624,879,797

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 29, 2024.

^(c)  Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 29, 2024.

	Value August 31, 2023			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value February 29, 2024			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	16,589,150		$	417,196,741		$	(274,420,433	)		$	-			$	-		$	159,365,458		$	1,321,437
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			48,524,883			168,174,447			(187,714,933	)			-				-			28,984,397			1,171,265	*
Invesco Private Prime Fund			124,841,911			321,944,399			(380,291,248	)			(12,281	)			90,750			66,573,531			3,176,557	*
Total		$	189,955,944		$	907,315,587		$	(842,426,614	)		$	(12,281	)		$	90,750		$	254,923,386		$	5,669,259

* 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 29, 2024.

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

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

 8 

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

February 29, 2024

(Unaudited)

 

Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of February 29, 2024
Financials	35.96
Health Care	11.78
Consumer Discretionary	9.20
Information Technology	8.24
Energy	7.40
Consumer Staples	6.94
Industrials	6.58
Communication Services	4.17
Utilities	4.14
Sector Types Each Less Than 3%	2.58
Money Market Funds Plus Other Assets Less Liabilities	3.01

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

 9 

Invesco BulletShares 2025 Corporate Bond ETF (BSCP)

February 29, 2024

(Unaudited)

Schedule of Investments^(a)

	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes-98.92%
Aerospace & Defense-2.24%
Boeing Co. (The), 4.88%, 05/01/2025	$	27,293,000	$	27,047,751
General Dynamics Corp.
3.25%, 04/01/2025(b)		5,869,000		5,748,056
3.50%, 05/15/2025(b)		5,870,000		5,759,772
Howmet Aerospace, Inc., 6.88%, 05/01/2025(b)		4,699,000		4,751,549
L3Harris Technologies, Inc., 3.83%, 04/27/2025		4,677,000		4,592,406
Lockheed Martin Corp., 4.95%, 10/15/2025(b)		3,900,000		3,894,939
Northrop Grumman Corp., 2.93%, 01/15/2025		11,736,000		11,482,369
Precision Castparts Corp., 3.25%, 06/15/2025		6,648,000		6,495,606
RTX Corp., 3.95%, 08/16/2025		11,739,000		11,518,416
				81,290,864
Air Freight & Logistics-0.21%
United Parcel Service, Inc., 3.90%, 04/01/2025		7,795,000		7,690,702
Automobile Components-0.14%
Magna International, Inc. (Canada), 4.15%, 10/01/2025		5,081,000		4,989,257
Automobiles-5.51%
American Honda Finance Corp.
1.50%, 01/13/2025(b)		8,610,000		8,337,862
5.00%, 05/23/2025		5,845,000		5,830,124
1.20%, 07/08/2025(b)		5,840,000		5,541,194
1.00%, 09/10/2025		5,871,000		5,519,626
5.80%, 10/03/2025		7,409,000		7,481,879
Series A, 4.60%, 04/17/2025		6,240,000		6,198,458
Ford Motor Credit Co. LLC
2.30%, 02/10/2025		9,750,000		9,433,413
4.69%, 06/09/2025(b)		4,680,000		4,615,354
5.13%, 06/16/2025		13,650,000		13,515,554
4.13%, 08/04/2025		10,950,000		10,688,905
3.38%, 11/13/2025		16,433,000		15,772,993
General Motors Co.
4.00%, 04/01/2025		3,910,000		3,849,686
6.13%, 10/01/2025		15,650,000		15,782,008
Honda Motor Co. Ltd. (Japan), 2.27%, 03/10/2025(b)		7,821,000		7,600,283
PACCAR Financial Corp., 3.55%, 08/11/2025		4,696,000		4,600,236

	Principal Amount		Value
Automobiles-(continued)
Toyota Motor Credit Corp.
4.80%, 01/10/2025(b)	$	9,390,000	$	9,357,247
1.45%, 01/13/2025		9,001,000		8,715,624
1.80%, 02/13/2025(b)		10,920,000		10,566,214
3.00%, 04/01/2025		9,780,000		9,558,367
3.40%, 04/14/2025		3,893,000		3,816,639
3.95%, 06/30/2025		10,172,000		10,018,227
3.65%, 08/18/2025(b)		5,864,000		5,748,757
5.60%, 09/11/2025(b)		4,699,000		4,740,819
0.80%, 10/16/2025(b)		7,821,000		7,315,316
5.40%, 11/10/2025(b)		5,090,000		5,121,396
				199,726,181
Banks-19.98%
Banco Santander S.A. (Spain)
3.50%, 03/24/2025(b)		9,777,000		9,579,569
2.75%, 05/28/2025(b)		11,740,000		11,332,234
5.15%, 08/18/2025		13,693,000		13,594,846
Bank of America Corp.
4.00%, 01/22/2025		19,555,000		19,275,185
3.88%, 08/01/2025		14,027,000		13,811,688
Series L, 3.95%, 04/21/2025		19,500,000		19,182,479
Bank of America N.A., 5.65%, 08/18/2025		15,644,000		15,761,143
Bank of Montreal (Canada)
1.50%, 01/10/2025(b)		10,564,000		10,217,284
3.70%, 06/07/2025		10,138,000		9,935,962
5.92%, 09/25/2025(b)		9,392,000		9,492,306
Bank of Nova Scotia (The) (Canada)
1.45%, 01/10/2025(b)		10,563,000		10,208,502
3.45%, 04/11/2025		13,691,000		13,404,105
5.45%, 06/12/2025(b)		12,718,000		12,727,323
Canadian Imperial Bank of Commerce (Canada)
3.30%, 04/07/2025		10,564,000		10,322,577
5.14%, 04/28/2025		9,750,000		9,717,821
3.95%, 08/04/2025		10,527,000		10,323,068
Citibank N.A., 5.86%, 09/29/2025(b)		13,690,000		13,854,816
Citigroup, Inc.
3.88%, 03/26/2025		7,824,000		7,681,844
3.30%, 04/27/2025(b)		11,699,000		11,441,392
4.40%, 06/10/2025		19,563,000		19,278,167
5.50%, 09/13/2025		11,114,000		11,095,924
Citizens Bank N.A., 2.25%, 04/28/2025(b)		5,843,000		5,608,166
Cooperatieve Rabobank U.A. (Netherlands)
1.38%, 01/10/2025		7,820,000		7,561,865
5.00%, 01/13/2025(b)		7,820,000		7,795,804
5.50%, 07/18/2025		6,628,000		6,661,471
4.38%, 08/04/2025		11,740,000		11,517,510
Credit Suisse AG (Switzerland)
7.95%, 01/09/2025		9,780,000		9,956,215
3.70%, 02/21/2025		15,067,000		14,780,445
2.95%, 04/09/2025		9,595,000		9,319,042
Fifth Third Bancorp, 2.38%, 01/28/2025 .		5,865,000		5,695,355

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

 10 

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

February 29, 2024

(Unaudited)

	Principal Amount		Value
Banks-(continued)
Fifth Third Bank N.A., 3.95%, 07/28/2025	$	5,840,000	$	5,717,397
HSBC Holdings PLC (United Kingdom), 4.25%, 08/18/2025(b)		11,740,000		11,491,530
HSBC USA, Inc., 5.63%, 03/17/2025		9,780,000		9,794,118
Huntington Bancshares, Inc., 4.00%, 05/15/2025(b)		3,661,000		3,596,160
JPMorgan Chase & Co.
3.13%, 01/23/2025		19,559,000		19,182,591
3.90%, 07/15/2025(b)		19,562,000		19,234,012
KeyBank N.A.
3.30%, 06/01/2025		5,840,000		5,623,478
4.15%, 08/08/2025(b)		9,750,000		9,445,237
Lloyds Banking Group PLC (United Kingdom), 4.58%, 12/10/2025		10,385,000		10,180,270
Manufacturers & Traders Trust Co., 5.40%, 11/21/2025(b)		3,907,000		3,871,102
Mitsubishi UFJ Financial Group, Inc. (Japan)
2.19%, 02/25/2025(b)		20,274,000		19,639,017
3.78%, 03/02/2025(b)		5,845,000		5,749,871
1.41%, 07/17/2025(b)		13,696,000		12,976,472
Morgan Stanley Bank N.A., 5.48%, 07/16/2025(b)		9,390,000		9,431,358
National Bank of Canada (Canada), 5.25%, 01/17/2025		8,220,000		8,201,074
PNC Bank N.A., 3.25%, 06/01/2025		7,788,000		7,581,828
Regions Financial Corp., 2.25%, 05/18/2025		5,837,000		5,591,245
Royal Bank of Canada (Canada)
1.60%, 01/21/2025(b)		7,819,000		7,564,027
3.38%, 04/14/2025(b)		10,918,000		10,697,192
4.95%, 04/25/2025		12,522,000		12,487,391
Santander Holdings USA, Inc.
3.45%, 06/02/2025		7,790,000		7,555,122
4.50%, 07/17/2025		8,562,000		8,397,661
Sumitomo Mitsui Banking Corp. (Japan), 3.65%, 07/23/2025		3,850,000		3,763,725
Sumitomo Mitsui Financial Group, Inc. (Japan)
2.35%, 01/15/2025		9,780,000		9,526,688
1.47%, 07/08/2025		18,386,000		17,479,913
Toronto-Dominion Bank (The) (Canada)
1.45%, 01/10/2025(b)		6,262,000		6,061,941
3.77%, 06/06/2025(b)		12,911,000		12,682,594
Truist Bank
1.50%, 03/10/2025		9,780,000		9,399,253
3.63%, 09/16/2025(b)		9,784,000		9,498,331
Truist Financial Corp.
4.00%, 05/01/2025(b)		6,652,000		6,534,086
3.70%, 06/05/2025		7,825,000		7,659,612
1.20%, 08/05/2025		5,867,000		5,520,093
U.S. Bancorp, 1.45%, 05/12/2025(b)		11,700,000		11,198,569
U.S. Bank N.A., 2.05%, 01/21/2025(b)		7,820,000		7,596,623
UBS AG (Switzerland), 5.80%, 09/11/2025(b)		7,820,000		7,879,046

	Principal Amount		Value
Banks-(continued)
Wells Fargo & Co.
3.00%, 02/19/2025	$	19,562,000	$	19,128,183
3.55%, 09/29/2025		19,557,000		19,057,720
Wells Fargo Bank N.A., 5.55%, 08/01/2025		15,650,000		15,718,513
				723,847,151
Beverages-1.21%
Diageo Capital PLC (United Kingdom)
1.38%, 09/29/2025(b)		5,840,000		5,511,934
5.20%, 10/24/2025		3,910,000		3,913,979
Keurig Dr Pepper, Inc., 3.40%, 11/15/2025		3,910,000		3,789,673
PepsiCo, Inc.
2.25%, 03/19/2025		11,738,000		11,398,060
2.75%, 04/30/2025		7,820,000		7,617,263
3.50%, 07/17/2025		5,451,000		5,342,680
5.25%, 11/10/2025(b)		6,240,000		6,267,700
				43,841,289
Biotechnology-2.45%
AbbVie, Inc., 3.60%, 05/14/2025		29,344,000		28,765,159
Amgen, Inc.
1.90%, 02/21/2025		3,894,000		3,762,219
5.25%, 03/02/2025		15,650,000		15,614,508
3.13%, 05/01/2025(b)		7,800,000		7,602,995
Baxalta, Inc., 4.00%, 06/23/2025		6,265,000		6,155,600
Biogen, Inc., 4.05%, 09/15/2025(b)		13,644,000		13,376,921
Gilead Sciences, Inc., 3.50%, 02/01/2025(b)		13,648,000		13,412,783
				88,690,185
Broadline Retail-1.20%
Amazon.com, Inc.
3.00%, 04/13/2025		11,700,000		11,434,568
0.80%, 06/03/2025(b)		9,780,000		9,292,000
4.60%, 12/01/2025(b)		9,782,000		9,741,347
5.20%, 12/03/2025(b)		6,821,000		6,853,052
eBay, Inc., 1.90%, 03/11/2025(b)		6,260,000		6,044,484
				43,365,451
Building Products-0.11%
Fortune Brands Innovations, Inc., 4.00%, 06/15/2025		3,911,000		3,837,450
Capital Markets-6.98%
Ameriprise Financial, Inc., 3.00%, 04/02/2025(b)		3,910,000		3,811,470
Ares Capital Corp.
4.25%, 03/01/2025		4,670,000		4,581,053
3.25%, 07/15/2025		9,780,000		9,397,124
Bank of New York Mellon Corp. (The)
1.60%, 04/24/2025		9,746,000		9,366,353
3.35%, 04/25/2025(b)		3,580,000		3,501,910
Series G, 3.00%, 02/24/2025(b)		5,843,000		5,714,929
Blue Owl Capital Corp., 3.75%, 07/22/2025		3,912,000		3,770,170
Brookfield Corp. (Canada), 4.00%, 01/15/2025		3,900,000		3,848,311

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

 11 

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

February 29, 2024

(Unaudited)

	Principal Amount		Value
Capital Markets-(continued)
Charles Schwab Corp. (The)
4.20%, 03/24/2025	$	4,698,000	$	4,641,920
3.85%, 05/21/2025		5,870,000		5,761,257
CME Group, Inc., 3.00%, 03/15/2025(b)		5,870,000		5,737,035
Deutsche Bank AG (Germany)
4.50%, 04/01/2025(b)		11,676,000		11,454,892
4.16%, 05/13/2025		3,890,000		3,831,143
Goldman Sachs Group, Inc. (The)
3.50%, 01/23/2025		19,560,000		19,225,514
3.50%, 04/01/2025		27,300,000		26,741,756
3.75%, 05/22/2025		17,492,000		17,148,767
4.25%, 10/21/2025(b)		15,597,000		15,325,755
Moody’s Corp., 3.75%, 03/24/2025		5,478,000		5,386,388
Morgan Stanley
4.00%, 07/23/2025		23,471,000		23,073,312
5.00%, 11/24/2025		15,602,000		15,516,512
Nasdaq, Inc., 5.65%, 06/28/2025		3,910,000		3,924,196
Nomura Holdings, Inc. (Japan)
5.10%, 07/03/2025		6,228,000		6,169,194
1.85%, 07/16/2025(b)		11,580,000		11,001,123
Northern Trust Corp., 3.95%, 10/30/2025		5,840,000		5,727,769
State Street Corp., 3.55%, 08/18/2025(b)		10,140,000		9,938,367
UBS Group AG (Switzerland), 3.75%, 03/26/2025		18,664,000		18,283,380
				252,879,600
Chemicals-0.92%
Air Products and Chemicals, Inc., 1.50%, 10/15/2025		4,303,000		4,069,643
Celanese US Holdings LLC, 6.05%, 03/15/2025		7,824,000		7,845,140
Eastman Chemical Co., 3.80%, 03/15/2025		5,478,000		5,389,952
EIDP, Inc., 1.70%, 07/15/2025		3,911,000		3,717,595
Linde, Inc., 4.70%, 12/05/2025		4,692,000		4,671,699
LYB International Finance III LLC, 1.25%, 10/01/2025		3,832,000		3,582,504
Nutrien Ltd. (Canada), 5.95%, 11/07/2025		3,895,000		3,928,146
				33,204,679
Commercial Services & Supplies-0.30%
Republic Services, Inc., 3.20%, 03/15/2025(b)		3,915,000		3,830,457
Waste Management, Inc.
3.13%, 03/01/2025(b)		3,285,000		3,214,865
0.75%, 11/15/2025		3,910,000		3,632,628
				10,677,950
Communications Equipment-0.11%
Cisco Systems, Inc., 3.50%, 06/15/2025 .		3,894,000		3,822,174
Consumer Finance-4.12%
Ally Financial, Inc.
4.63%, 03/30/2025		3,910,000		3,867,960
5.80%, 05/01/2025(b)		5,850,000		5,842,040
5.75%, 11/20/2025(b)		8,219,000		8,180,923

	Principal Amount		Value
Consumer Finance-(continued)
American Express Co.
2.25%, 03/04/2025(b)	$	13,652,000	$	13,224,388
3.95%, 08/01/2025		17,607,000		17,303,029
Capital One Financial Corp.
3.20%, 02/05/2025		7,786,000		7,615,017
4.25%, 04/30/2025		5,840,000		5,762,720
4.20%, 10/29/2025		11,701,000		11,442,644
Discover Financial Services, 3.75%, 03/04/2025		3,907,000		3,834,352
General Motors Financial Co., Inc.
4.00%, 01/15/2025		7,820,000		7,709,684
2.90%, 02/26/2025		9,750,000		9,486,446
3.80%, 04/07/2025		8,608,000		8,449,127
4.35%, 04/09/2025		7,823,000		7,723,143
2.75%, 06/20/2025(b)		9,777,000		9,437,607
4.30%, 07/13/2025		6,256,000		6,154,117
6.05%, 10/10/2025		9,744,000		9,820,084
Synchrony Financial
4.88%, 06/13/2025(b)		5,845,000		5,753,695
4.50%, 07/23/2025		7,828,000		7,653,834
				149,260,810
Consumer Staples Distribution & Retail-1.34%
Dollar General Corp., 4.15%, 11/01/2025		3,895,000		3,818,141
Dollar Tree, Inc., 4.00%, 05/15/2025		7,795,000		7,657,574
Sysco Corp., 3.75%, 10/01/2025		5,872,000		5,727,510
Target Corp., 2.25%, 04/15/2025		11,734,000		11,370,893
Walmart, Inc.
3.55%, 06/26/2025(b)		6,810,000		6,692,924
3.90%, 09/09/2025(b)		13,651,000		13,446,386
				48,713,428
Containers & Packaging-0.23%
Amcor Flexibles North America, Inc., 4.00%, 05/17/2025(b)		3,895,000		3,821,647
WRKCo, Inc., 3.75%, 03/15/2025		4,699,000		4,613,417
				8,435,064
Distributors-0.10%
Genuine Parts Co., 1.75%, 02/01/2025		3,900,000		3,765,699
Diversified Consumer Services-0.10%
Yale University, Series 2020, 0.87%, 04/15/2025		3,895,000		3,716,370
Diversified REITs-0.10%
VICI Properties L.P., 4.38%, 05/15/2025		3,821,000		3,756,017
Diversified Telecommunication Services-0.56%
Verizon Communications, Inc.
3.38%, 02/15/2025(b)		10,382,299		10,181,051
0.85%, 11/20/2025(b)		10,981,000		10,197,440
				20,378,491
Electric Utilities-2.82%
Avangrid, Inc., 3.20%, 04/15/2025(b)		5,866,000		5,708,050
Berkshire Hathaway Energy Co., 4.05%, 04/15/2025		9,744,000		9,607,901
Constellation Energy Generation LLC, 3.25%, 06/01/2025		7,005,000		6,806,351

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

 12 

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

February 29, 2024

(Unaudited)

 

	Principal Amount		Value
Electric Utilities-(continued)
Duke Energy Corp.
0.90%, 09/15/2025	$	5,081,000	$	4,755,474
5.00%, 12/08/2025(b)		3,910,000		3,898,506
Duke Energy Progress LLC, 3.25%, 08/15/2025		3,894,000		3,799,198
Entergy Corp., 0.90%, 09/15/2025(b)		6,227,000		5,823,021
Exelon Corp., 3.95%, 06/15/2025(b)		6,311,000		6,194,971
Florida Power & Light Co.
2.85%, 04/01/2025		8,611,000		8,399,360
3.13%, 12/01/2025		4,696,000		4,559,523
National Rural Utilities Cooperative Finance Corp.
2.85%, 01/27/2025		3,900,000		3,813,922
1.88%, 02/07/2025		4,675,000		4,526,825
5.45%, 10/30/2025		3,910,000		3,924,124
NextEra Energy Capital Holdings, Inc., 4.45%, 06/20/2025		7,827,000		7,723,596
Pacific Gas and Electric Co., 3.45%, 07/01/2025		6,843,769		6,649,294
Pinnacle West Capital Corp., 1.30%, 06/15/2025		3,903,000		3,706,039
Southern Co. (The), 5.15%, 10/06/2025(b)		3,910,000		3,906,223
Southern Power Co., 4.15%, 12/01/2025		3,897,000		3,832,291
Xcel Energy, Inc., 3.30%, 06/01/2025		4,691,000		4,566,264
				102,200,933
Electrical Equipment-0.11%
Emerson Electric Co., 3.15%, 06/01/2025(b)		3,890,000		3,802,442
Electronic Equipment, Instruments & Components-0.13%
CDW LLC/CDW Finance Corp., 4.13%, 05/01/2025		4,677,000		4,584,653
Energy Equipment & Services-0.18%
Halliburton Co., 3.80%, 11/15/2025		2,736,000		2,673,876
Schlumberger Finance Canada Ltd., 1.40%, 09/17/2025		3,898,000		3,685,341
				6,359,217
Entertainment-1.19%
Netflix, Inc., 5.88%, 02/15/2025		6,242,000		6,261,733
Take-Two Interactive Software, Inc., 3.55%, 04/14/2025		4,680,000		4,585,283
TWDC Enterprises 18 Corp., 3.15%, 09/17/2025(b)		5,866,000		5,692,216
Walt Disney Co. (The), 3.35%, 03/24/2025		13,650,000		13,378,337
Warnermedia Holdings, Inc., 3.64%, 03/15/2025		13,625,000		13,340,133
				43,257,702
Financial Services-2.91%
AerCap Ireland Capital DAC/AerCap
Global Aviation Trust (Ireland)
3.50%, 01/15/2025		6,264,000		6,144,670
6.50%, 07/15/2025(b)		9,707,000		9,800,647
4.45%, 10/01/2025		4,673,000		4,584,627

	Principal Amount		Value
Financial Services-(continued)
Blackstone Private Credit Fund
4.70%, 03/24/2025(b)	$	7,010,000	$	6,902,884
7.05%, 09/29/2025(b)		6,215,000		6,298,727
Corebridge Financial, Inc., 3.50%, 04/04/2025		7,798,000		7,618,312
Fidelity National Information Services, Inc., 4.50%, 07/15/2025(b)		5,839,000		5,784,139
Fiserv, Inc., 3.85%, 06/01/2025		7,039,000		6,899,551
Mastercard, Inc., 2.00%, 03/03/2025		5,865,000		5,681,819
PayPal Holdings, Inc., 1.65%, 06/01/2025(b)		7,826,000		7,492,826
Radian Group, Inc., 6.63%, 03/15/2025 .		4,111,000		4,119,519
Visa, Inc., 3.15%, 12/14/2025(b)		31,295,000		30,351,036
Western Union Co. (The), 2.85%, 01/10/2025(b)		3,901,000		3,806,800
				105,485,557
Food Products-1.10%
Bunge Ltd. Finance Corp., 1.63%, 08/17/2025		4,698,000		4,450,387
Campbell Soup Co., 3.95%, 03/15/2025 .		6,650,000		6,545,281
General Mills, Inc.
4.00%, 04/17/2025(b)		6,258,000		6,159,708
5.24%, 11/18/2025(b)		3,898,000		3,895,386
JM Smucker Co. (The), 3.50%, 03/15/2025(b)		7,784,000		7,626,772
Mead Johnson Nutrition Co. (United Kingdom), 4.13%, 11/15/2025(b)		5,864,000		5,757,247
Mondelez International, Inc., 1.50%, 05/04/2025(b)		5,840,000		5,584,621
				40,019,402
Ground Transportation-0.59%
Burlington Northern Santa Fe LLC, 3.00%, 04/01/2025(b)		3,892,000		3,805,126
Canadian Pacific Railway Co. (Canada), 2.90%, 02/01/2025		5,480,000		5,350,116
CSX Corp., 3.35%, 11/01/2025		4,696,000		4,560,527
Union Pacific Corp.
3.75%, 07/15/2025		3,890,000		3,818,140
3.25%, 08/15/2025		3,898,000		3,799,189
				21,333,098
Health Care Equipment & Supplies-1.11%
Abbott Laboratories, 2.95%, 03/15/2025(b)		7,820,000		7,651,679
Boston Scientific Corp., 1.90%, 06/01/2025		3,910,000		3,750,356
GE HealthCare Technologies, Inc., 5.60%, 11/15/2025		11,660,000		11,702,683
Stryker Corp.
1.15%, 06/15/2025		5,084,000		4,824,850
3.38%, 11/01/2025		5,864,000		5,695,784
Zimmer Biomet Holdings, Inc., 3.55%, 04/01/2025(b)		6,751,000		6,607,307
				40,232,659
Health Care Providers & Services-3.91%
Cardinal Health, Inc., 3.75%, 09/15/2025		3,910,000		3,815,968

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

 13 

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

February 29, 2024

(Unaudited)

 

	Principal Amount		Value
Health Care Providers & Services-(continued)
Cencora, Inc., 3.25%, 03/01/2025	$	3,900,000	$	3,816,710
Cigna Group (The)
3.25%, 04/15/2025		5,891,000		5,751,758
4.13%, 11/15/2025		17,120,000		16,835,871
CVS Health Corp.
4.10%, 03/25/2025		7,430,000		7,337,162
3.88%, 07/20/2025		22,129,522		21,684,083
Elevance Health, Inc., 2.38%, 01/15/2025		9,780,000		9,516,413
HCA, Inc.
5.38%, 02/01/2025		20,342,000		20,273,954
5.25%, 04/15/2025(b)		10,951,000		10,901,996
Humana, Inc., 4.50%, 04/01/2025		4,670,000		4,622,597
Laboratory Corp. of America Holdings, 3.60%, 02/01/2025		7,802,000		7,648,668
McKesson Corp., 0.90%, 12/03/2025		3,912,000		3,632,631
Quest Diagnostics, Inc., 3.50%, 03/30/2025(b)		4,694,000		4,609,620
UnitedHealth Group, Inc.
3.75%, 07/15/2025		15,602,000		15,313,414
5.15%, 10/15/2025(b)		5,866,000		5,880,324
				141,641,169
Health Care REITs-0.49%
Healthpeak OP LLC, 4.00%, 06/01/2025		3,484,000		3,416,872
Ventas Realty L.P., 3.50%, 02/01/2025		4,674,000		4,580,911
Welltower OP LLC, 4.00%, 06/01/2025(b)		9,782,000		9,607,449
				17,605,232
Hotel & Resort REITs-0.11%
Host Hotels & Resorts L.P., Series E, 4.00%, 06/15/2025		3,895,000		3,815,242
Hotels, Restaurants & Leisure-1.01%
Booking Holdings, Inc., 3.65%, 03/15/2025(b)		3,910,000		3,844,800
Las Vegas Sands Corp., 2.90%, 06/25/2025		3,890,000		3,722,536
Marriott International, Inc., Series EE, 5.75%, 05/01/2025		4,697,000		4,715,163
McDonald’s Corp.
3.38%, 05/26/2025(b)		5,446,000		5,324,714
3.30%, 07/01/2025(b)		5,870,000		5,734,758
1.45%, 09/01/2025		3,913,000		3,705,816
Starbucks Corp., 3.80%, 08/15/2025(b)		9,776,000		9,575,587
				36,623,374
Household Durables-0.21%
DR Horton, Inc., 2.60%, 10/15/2025		3,894,000		3,727,787
Lennar Corp., 4.75%, 05/30/2025		3,901,000		3,863,392
				7,591,179
Household Products-0.31%
Colgate-Palmolive Co., 3.10%, 08/15/2025		3,909,000		3,812,728
Procter & Gamble Co. (The), 0.55%, 10/29/2025(b)		7,822,000		7,296,770
				11,109,498

	Principal Amount		Value
Industrial Conglomerates-0.63%
3M Co.
2.00%, 02/14/2025(b)	$	5,869,000	$	5,671,329
2.65%, 04/15/2025(b)		3,909,000		3,785,416
3.00%, 08/07/2025(b)		4,282,000		4,147,833
Honeywell International, Inc., 1.35%, 06/01/2025(b)		9,750,000		9,321,563
				22,926,141
Insurance-0.87%
Allstate Corp. (The), 0.75%, 12/15/2025(b)		4,692,000		4,331,519
Aon Global Ltd., 3.88%, 12/15/2025		5,867,000		5,723,492
Chubb INA Holdings, Inc., 3.15%, 03/15/2025		6,262,000		6,126,506
CNO Financial Group, Inc., 5.25%, 05/30/2025		3,907,000		3,886,043
Marsh & McLennan Cos., Inc., 3.50%, 03/10/2025(b)		3,911,000		3,840,426
MetLife, Inc.
3.00%, 03/01/2025(b)		3,910,000		3,821,369
3.60%, 11/13/2025		3,910,000		3,817,792
				31,547,147
Interactive Media & Services-0.20%
Alphabet, Inc., 0.45%, 08/15/2025(b)		7,820,000		7,359,230
IT Services-0.45%
International Business Machines Corp.
4.00%, 07/27/2025		7,820,000		7,700,167
7.00%, 10/30/2025(b)		4,691,000		4,843,729
VeriSign, Inc., 5.25%, 04/01/2025		3,910,000		3,897,237
				16,441,133
Life Sciences Tools & Services-0.21%
Danaher Corp., 3.35%, 09/15/2025(b)		3,910,000		3,815,212
Illumina, Inc., 5.80%, 12/12/2025		3,910,000		3,911,848
				7,727,060
Machinery-3.14%
Caterpillar Financial Services Corp.
4.90%, 01/17/2025		5,846,000		5,826,141
5.40%, 03/10/2025		4,690,000		4,701,742
3.40%, 05/13/2025		9,784,000		9,580,065
1.45%, 05/15/2025		4,696,000		4,492,155
5.15%, 08/11/2025(b)		6,240,000		6,242,734
3.65%, 08/12/2025		6,261,000		6,137,335
0.80%, 11/13/2025		7,821,000		7,294,122
CNH Industrial Capital LLC, 3.95%, 05/23/2025(b)		3,912,000		3,840,094
Cummins, Inc., 0.75%, 09/01/2025		3,915,000		3,674,129
Deere & Co., 2.75%, 04/15/2025		5,448,000		5,308,701
John Deere Capital Corp.
2.05%, 01/09/2025(b)		4,307,000		4,196,311
1.25%, 01/10/2025(b)		6,256,000		6,050,839
5.15%, 03/03/2025(b)		3,909,000		3,912,264
3.45%, 03/13/2025		7,046,000		6,920,145
3.40%, 06/06/2025(b)		7,825,000		7,663,294
4.95%, 06/06/2025(b)		4,690,000		4,685,234
4.05%, 09/08/2025(b)		5,866,000		5,785,987
Otis Worldwide Corp., 2.06%, 04/05/2025		10,170,000		9,803,698

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

 14 

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

February 29, 2024

(Unaudited)

 

	Principal Amount		Value
Machinery-(continued)
Stanley Black & Decker, Inc., 2.30%, 02/24/2025	$	3,900,000	$	3,779,840
Wabtec Corp., 3.20%, 06/15/2025		3,916,000		3,799,042
				113,693,872
Media-1.65%
Charter Communications Operating LLC/ Charter Communications Operating Capital Corp., 4.91%, 07/23/2025		35,163,000		34,685,868
Comcast Corp.
3.38%, 02/15/2025(b)		3,267,000		3,211,513
3.38%, 08/15/2025		11,736,000		11,465,472
5.25%, 11/07/2025(b)		5,851,000		5,879,238
Fox Corp., 3.05%, 04/07/2025(b)		4,696,000		4,573,633
				59,815,724
Metals & Mining-0.21%
Nucor Corp.
3.95%, 05/23/2025		3,916,000		3,855,825
2.00%, 06/01/2025		3,890,000		3,733,494
				7,589,319
Multi-Utilities-0.95%
Dominion Energy, Inc., 3.90%, 10/01/2025		5,844,000		5,709,322
DTE Energy Co., Series F, 1.05%, 06/01/2025		6,225,000		5,896,677
NiSource, Inc., 0.95%, 08/15/2025		9,749,000		9,149,539
Public Service Enterprise Group, Inc., 0.80%, 08/15/2025(b)		4,302,000		4,029,483
Sempra, 3.30%, 04/01/2025		5,867,000		5,729,965
WEC Energy Group, Inc., 5.00%, 09/27/2025		3,895,000		3,874,939
				34,389,925
Office REITs-0.31%
Alexandria Real Estate Equities, Inc., 3.45%, 04/30/2025		4,673,000		4,564,820
Boston Properties L.P., 3.20%, 01/15/2025		6,649,000		6,501,765
				11,066,585
Oil, Gas & Consumable Fuels-7.65%
Canadian Natural Resources Ltd. (Canada)
3.90%, 02/01/2025(b)		4,681,000		4,605,951
2.05%, 07/15/2025(b)		4,695,000		4,482,125
Cheniere Corpus Christi Holdings LLC, 5.88%, 03/31/2025		11,664,000		11,665,886
Chevron Corp.
1.55%, 05/11/2025		19,560,000		18,775,174
3.33%, 11/17/2025(b)		5,865,000		5,725,212
Chevron USA, Inc., 0.69%, 08/12/2025		5,865,000		5,517,902
Columbia Pipeline Group, Inc., 4.50%, 06/01/2025		7,813,000		7,702,093
DCP Midstream Operating L.P., 5.38%, 07/15/2025		6,451,000		6,442,332
Devon Energy Corp., 5.85%, 12/15/2025		3,793,000		3,816,141
Enbridge Energy Partners L.P., 5.88%, 10/15/2025		3,914,000		3,940,640

	Principal Amount		Value
Oil, Gas & Consumable Fuels-(continued)
Enbridge, Inc. (Canada)
2.50%, 01/15/2025	$	3,916,000	$	3,817,707
2.50%, 02/14/2025		3,889,000		3,780,945
Energy Transfer L.P.
4.05%, 03/15/2025		7,826,000		7,702,152
5.75%, 04/01/2025		3,910,000		3,906,070
Enterprise Products Operating LLC, 3.75%, 02/15/2025(b)		8,972,000		8,826,922
EOG Resources, Inc., 3.15%, 04/01/2025		3,896,000		3,810,079
Equinor ASA (Norway), 2.88%, 04/06/2025		9,752,000		9,521,897
Exxon Mobil Corp.
2.71%, 03/06/2025		13,690,000		13,370,688
2.99%, 03/19/2025		21,514,000		21,032,855
Kinder Morgan, Inc., 4.30%, 06/01/2025(b)		11,738,000		11,569,816
Marathon Petroleum Corp., 4.70%, 05/01/2025		9,780,000		9,690,205
MPLX L.P.
4.00%, 02/15/2025		3,902,000		3,839,718
4.88%, 06/01/2025		9,305,000		9,224,086
Occidental Petroleum Corp.
5.88%, 09/01/2025		4,710,000		4,724,271
5.50%, 12/01/2025(b)		3,613,000		3,607,477
ONEOK Partners L.P., 4.90%, 03/15/2025		3,910,000		3,881,072
Ovintiv, Inc., 5.65%, 05/15/2025		4,680,000		4,682,307
Phillips 66, 3.85%, 04/09/2025		5,086,000		5,000,509
Plains All American Pipeline L.P./PAA
Finance Corp., 4.65%, 10/15/2025		7,821,000		7,721,182
Sabine Pass Liquefaction LLC, 5.63%, 03/01/2025(b)		15,651,000		15,633,097
Shell International Finance B.V. (Netherlands), 3.25%, 05/11/2025		21,450,000		20,982,356
Spectra Energy Partners L.P., 3.50%, 03/15/2025		3,916,000		3,839,090
TotalEnergies Capital International S.A. (France), 2.43%, 01/10/2025		7,795,000		7,617,704
Western Midstream Operating L.P., 3.10%, 02/01/2025(b)		5,191,000		5,060,743
Williams Cos., Inc. (The)
3.90%, 01/15/2025(b)		5,872,000		5,786,932
4.00%, 09/15/2025(b)		5,869,000		5,756,840
				277,060,176
Passenger Airlines-0.28%
Southwest Airlines Co., 5.25%, 05/04/2025		10,185,000		10,159,271
Personal Care Products-0.11%
Unilever Capital Corp. (United Kingdom), 3.10%, 07/30/2025(b)		3,914,000		3,819,140
Pharmaceuticals-3.51%
AstraZeneca PLC (United Kingdom), 3.38%, 11/16/2025		15,651,000		15,227,116
Bristol-Myers Squibb Co., 0.75%, 11/13/2025		7,820,000		7,277,571
Eli Lilly and Co., 2.75%, 06/01/2025		4,390,000		4,272,184

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

 15 

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

February 29, 2024

(Unaudited)

 

	Principal Amount		Value
Pharmaceuticals-(continued)
GlaxoSmithKline Capital, Inc. (United Kingdom), 3.63%, 05/15/2025(b)	$	7,820,000	$	7,685,814
Haleon UK Capital PLC, 3.13%, 03/24/2025		10,940,000		10,671,697
Johnson & Johnson
2.63%, 01/15/2025		5,866,000		5,737,942
0.55%, 09/01/2025(b)		7,826,000		7,344,789
Merck & Co., Inc., 2.75%, 02/10/2025		19,556,000		19,112,010
Novartis Capital Corp. (Switzerland)
1.75%, 02/14/2025(b)		7,826,000		7,578,582
3.00%, 11/20/2025(b)		13,690,000		13,269,894
Pfizer, Inc., 0.80%, 05/28/2025(b)		5,844,000		5,549,335
Royalty Pharma PLC, 1.20%, 09/02/2025(b)		7,821,000		7,325,400
Viatris, Inc., 1.65%, 06/22/2025		5,872,000		5,574,969
Zoetis, Inc.
4.50%, 11/13/2025		5,865,000		5,795,499
5.40%, 11/14/2025		4,697,000		4,707,537
				127,130,339
Professional Services-0.40%
Automatic Data Processing, Inc., 3.38%, 09/15/2025		7,822,000		7,646,076
Verisk Analytics, Inc., 4.00%, 06/15/2025		7,009,000		6,887,490
				14,533,566
Residential REITs-0.21%
AvalonBay Communities, Inc., 3.45%, 06/01/2025		4,089,000		3,999,617
Essex Portfolio L.P., 3.50%, 04/01/2025.		3,840,000		3,754,071
				7,753,688
Retail REITs-0.80%
Brixmor Operating Partnership L.P., 3.85%, 02/01/2025		5,454,000		5,351,337
Kimco Realty OP LLC, 3.30%, 02/01/2025		3,890,000		3,806,701
Realty Income Corp.
3.88%, 04/15/2025		3,885,000		3,818,958
4.63%, 11/01/2025(b)		4,256,000		4,206,745
Simon Property Group L.P., 3.50%, 09/01/2025		8,549,000		8,343,650
SITE Centers Corp., 3.63%, 02/01/2025(b)		3,560,000		3,503,187
				29,030,578
Semiconductors & Semiconductor Equipment-1.85%
Applied Materials, Inc., 3.90%, 10/01/2025(b)		5,480,000		5,387,124
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.13%, 01/15/2025		3,865,000		3,785,364
Intel Corp.
3.40%, 03/25/2025		11,736,000		11,512,134
3.70%, 07/29/2025		17,600,000		17,247,208
Lam Research Corp., 3.80%, 03/15/2025		3,910,000		3,853,270
Microchip Technology, Inc., 4.25%, 09/01/2025		9,388,000		9,215,987

	Principal Amount		Value
Semiconductors & Semiconductor Equipment-(continued)
QUALCOMM, Inc., 3.45%, 05/20/2025(b)	$	10,681,000	$	10,468,464
Texas Instruments, Inc., 1.38%, 03/12/2025		5,870,000		5,648,618
				67,118,169
Software-3.29%
Adobe, Inc.
1.90%, 02/01/2025		3,895,000		3,779,433
3.25%, 02/01/2025(b)		7,821,000		7,678,749
Intuit, Inc., 0.95%, 07/15/2025		3,897,000		3,678,605
Microsoft Corp.
2.70%, 02/12/2025(b)		17,551,000		17,161,592
3.13%, 11/03/2025		23,472,000		22,824,283
Oracle Corp.
2.50%, 04/01/2025(b)		27,298,000		26,436,087
2.95%, 05/15/2025		19,501,000		18,922,536
5.80%, 11/10/2025		7,821,000		7,888,876
Roper Technologies, Inc., 1.00%, 09/15/2025(b)		5,474,000		5,130,543
VMware LLC, 4.50%, 05/15/2025		5,872,000		5,810,161
				119,310,865
Specialized REITs-0.84%
American Tower Corp.
2.40%, 03/15/2025		5,865,000		5,671,918
4.00%, 06/01/2025		5,868,000		5,756,277
1.30%, 09/15/2025		3,910,000		3,677,827
Crown Castle, Inc., 1.35%, 07/15/2025(b)		3,911,000		3,702,240
Equinix, Inc., 1.00%, 09/15/2025		5,476,000		5,122,954
GLP Capital L.P./GLP Financing II, Inc., 5.25%, 06/01/2025		6,650,000		6,595,615
				30,526,831
Specialty Retail-1.58%
AutoZone, Inc., 3.63%, 04/15/2025		3,899,000		3,828,465
Dell International LLC/EMC Corp., 5.85%, 07/15/2025		7,774,000		7,811,266
Home Depot, Inc. (The)
2.70%, 04/15/2025		3,916,000		3,816,486
3.35%, 09/15/2025(b)		7,825,000		7,643,418
4.00%, 09/15/2025		5,849,000		5,758,581
Leidos, Inc., 3.63%, 05/15/2025		3,910,000		3,820,912
Lowe’s Cos., Inc.
4.00%, 04/15/2025(b)		5,865,000		5,782,391
4.40%, 09/08/2025(b)		7,800,000		7,706,761
3.38%, 09/15/2025		5,865,000		5,709,890
Ross Stores, Inc., 4.60%, 04/15/2025		5,460,000		5,408,248
				57,286,418
Technology Hardware, Storage & Peripherals-2.46%
Apple, Inc.
2.75%, 01/13/2025		11,701,000		11,459,879
2.50%, 02/09/2025		11,700,000		11,404,963
1.13%, 05/11/2025		17,607,000		16,815,742
3.20%, 05/13/2025		15,651,000		15,328,802
0.55%, 08/20/2025(b)		9,751,000		9,170,433

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

 16 

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

February 29, 2024

(Unaudited)

 

	Principal Amount		Value
Technology Hardware, Storage & Peripherals-(continued)
Hewlett Packard Enterprise Co., 4.90%, 10/15/2025	$	19,448,000	$	19,322,320
NetApp, Inc., 1.88%, 06/22/2025		5,869,000		5,605,907
				89,108,046
Textiles, Apparel & Luxury Goods-0.47%
NIKE, Inc., 2.40%, 03/27/2025(b)		7,820,000		7,605,199
Tapestry, Inc., 7.05%, 11/27/2025		3,910,000		3,984,922
VF Corp., 2.40%, 04/23/2025		5,834,927		5,595,000
				17,185,121
Tobacco-1.06%
Altria Group, Inc., 2.35%, 05/06/2025(b)		5,870,000		5,670,385
Philip Morris International, Inc.
1.50%, 05/01/2025(b)		5,870,000		5,628,341
3.38%, 08/11/2025(b)		5,842,000		5,698,731
5.00%, 11/17/2025		5,870,000		5,851,686
Reynolds American, Inc. (United Kingdom), 4.45%, 06/12/2025		15,850,000		15,611,246
				38,460,389
Trading Companies & Distributors-0.59%
Air Lease Corp.
2.30%, 02/01/2025		5,837,000		5,654,676
3.25%, 03/01/2025		5,480,000		5,351,852
3.38%, 07/01/2025(b)		6,655,000		6,466,747
WW Grainger, Inc., 1.85%, 02/15/2025		3,890,000		3,761,387
				21,234,662
Water Utilities-0.11%
American Water Capital Corp., 3.40%, 03/01/2025		4,083,000		4,002,967
Wireless Telecommunication Services-1.00%
Rogers Communications, Inc. (Canada)
2.95%, 03/15/2025		7,797,000		7,591,055
3.63%, 12/15/2025		5,478,000		5,311,024

	Principal Amount		Value
Wireless Telecommunication Services-(continued)
Sprint LLC, 7.63%, 02/15/2025	$	11,700,000	$	11,850,347
Vodafone Group PLC (United Kingdom), 4.13%, 05/30/2025		11,700,000		11,514,605
				36,267,031
Total U.S. Dollar Denominated Bonds & Notes (Cost $3,640,959,187)				3,584,093,562
	Shares
Money Market Funds-0.13%
Invesco Government & Agency Portfolio, Institutional Class, 5.24%(c)(d) (Cost $4,686,966)		4,686,966		4,686,966
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.05% (Cost $3,645,646,153)				3,588,780,528
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-7.05%
Invesco Private Government Fund, 5.29%(c)(d)(e)		71,521,019		71,521,019
Invesco Private Prime Fund, 5.49%(c)(d)(e)		183,819,283		183,911,193
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $255,463,933)				255,432,212
TOTAL INVESTMENTS IN SECURITIES-106.10% (Cost $3,901,110,086)				3,844,212,740
OTHER ASSETS LESS LIABILITIES-(6.10)%				(220,986,075	)
NET ASSETS-100.00%			$	3,623,226,665

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 29, 2024.

^(c)  Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 29, 2024.

Change in

Unrealized

Value

Purchases

Proceeds

Appreciation

Realized

Value

Dividend

August 31, 2023

at Cost

from Sales

(Depreciation)

Gain

February 29, 2024

Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class

$  96,692

$ 77,529,216

$ (72,938,942)

$  -

$  -

$ 4,686,966

$ 227,225

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

 17 

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

February 29, 2024

(Unaudited)

 

											Change in
											Unrealized
	Value			Purchases			Proceeds				Appreciation				Realized			Value			Dividend
	August 31, 2023			at Cost			from Sales				(Depreciation)				Gain			February 29, 2024			Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		$	68,301,916		$	241,682,877		$	(238,463,774	)		$	-			$	-		$	71,521,019		$	2,212,655	*
Invesco Private Prime Fund			177,073,153			561,710,118			(554,976,740	)			(39,100	)			143,762			183,911,193			5,954,174	*
Total		$	245,471,761		$	880,922,211		$	(866,379,456	)		$	(39,100	)		$	143,762		$	260,119,178		$	8,394,054

* 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 29, 2024.

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

Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of February 29, 2024
Financials	34.86
Health Care	10.89
Consumer Discretionary	10.32
Industrials	8.60
Information Technology	8.29
Energy	7.83
Consumer Staples	5.43
Communication Services	4.60
Utilities	3.88
Sector Types Each Less Than 3%	4.22
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.

 18 

Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)

February 29, 2024

(Unaudited)

Schedule of Investments^(a)

	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes-98.94%
Aerospace & Defense-2.31%
Boeing Co. (The)
2.75%, 02/01/2026(b)	$	8,257,000	$	7,845,076
2.20%, 02/04/2026(b)		32,455,000		30,463,435
General Dynamics Corp.
1.15%, 06/01/2026		2,950,000		2,718,514
2.13%, 08/15/2026		2,950,000		2,761,879
Lockheed Martin Corp., 3.55%, 01/15/2026(b)		5,899,000		5,750,657
RTX Corp.
5.00%, 02/27/2026(b)		2,954,000		2,948,353
2.65%, 11/01/2026(b)		4,249,000		4,002,010
5.75%, 11/08/2026		7,381,000		7,489,025
				63,978,949
Air Freight & Logistics-0.25%
FedEx Corp., 3.25%, 04/01/2026(b)		4,430,000		4,272,636
United Parcel Service, Inc., 2.40%, 11/15/2026		2,949,000		2,780,389
				7,053,025
Automobiles-3.74%
American Honda Finance Corp.
4.95%, 01/09/2026		5,020,000		5,004,726
4.75%, 01/12/2026		2,950,000		2,932,267
5.25%, 07/07/2026(b)		5,603,000		5,647,444
1.30%, 09/09/2026		4,421,000		4,035,096
2.30%, 09/09/2026(b)		2,955,000		2,775,269
Ford Motor Co., 4.35%, 12/08/2026(b)		8,850,000		8,600,223
Ford Motor Credit Co. LLC
4.39%, 01/08/2026(b)		7,080,000		6,887,280
6.95%, 03/06/2026		7,672,000		7,812,874
6.95%, 06/10/2026		5,310,000		5,417,441
2.70%, 08/10/2026(b)		8,850,000		8,218,800
PACCAR Financial Corp.
4.45%, 03/30/2026		2,954,000		2,928,532
5.20%, 11/09/2026(b)		2,911,000		2,936,637
Toyota Motor Corp. (Japan)
1.34%, 03/25/2026(b)		5,902,000		5,480,567
5.28%, 07/13/2026		2,950,000		2,973,059
Toyota Motor Credit Corp.
4.80%, 01/05/2026(b)		5,310,000		5,290,070
0.80%, 01/09/2026(b)		4,130,000		3,832,941
4.45%, 05/18/2026		8,265,000		8,180,507
1.13%, 06/18/2026(b)		5,901,000		5,417,281
5.00%, 08/14/2026		3,834,000		3,834,401
5.40%, 11/20/2026		5,310,000		5,365,533
				103,570,948
Banks-21.65%
Bank of America Corp.
4.45%, 03/03/2026		11,806,000		11,620,860
3.50%, 04/19/2026		14,754,000		14,305,748
4.25%, 10/22/2026(b)		11,801,000		11,549,271
Bank of America N.A., 5.53%, 08/18/2026		11,805,000		11,924,876

	Principal Amount		Value
Banks-(continued)
Bank of Montreal (Canada)
5.30%, 06/05/2026(b)	$	7,967,000	$	7,989,498
5.27%, 12/11/2026(b)		6,790,000		6,809,264
Bank of Nova Scotia (The) (Canada)
4.75%, 02/02/2026(b)		7,381,000		7,325,367
1.05%, 03/02/2026		5,608,000		5,173,363
1.35%, 06/24/2026(b)		4,421,000		4,059,624
1.30%, 09/15/2026(b)		5,307,000		4,836,451
5.35%, 12/07/2026(b)		6,790,000		6,816,940
Barclays PLC (United Kingdom), 5.20%, 05/12/2026		12,100,000		11,966,551
BPCE S.A. (France), 3.38%, 12/02/2026		3,500,000		3,353,679
Canadian Imperial Bank of Commerce (Canada), 5.93%, 10/02/2026		5,017,000		5,111,999
Citibank N.A., 5.49%, 12/04/2026		11,800,000		11,901,207
Citigroup, Inc.
3.70%, 01/12/2026		11,801,000		11,492,149
4.60%, 03/09/2026(b)		8,852,000		8,708,764
3.40%, 05/01/2026		11,806,000		11,361,400
3.20%, 10/21/2026(b)		17,702,000		16,815,189
4.30%, 11/20/2026(b)		5,901,000		5,749,292
Cooperatieve Rabobank U.A. (Netherlands)
4.85%, 01/09/2026		5,900,000		5,877,178
3.75%, 07/21/2026(b)		8,600,000		8,245,502
5.50%, 10/05/2026(b)		4,135,000		4,184,966
Credit Suisse AG (Switzerland), 1.25%, 08/07/2026		9,625,000		8,729,017
Fifth Third Bank N.A., 3.85%, 03/15/2026(b)		4,335,000		4,176,930
HSBC Holdings PLC (United Kingdom)
4.30%, 03/08/2026(b)		17,708,000		17,359,445
4.38%, 11/23/2026		8,707,000		8,474,787
JPMorgan Chase & Co.
3.30%, 04/01/2026		14,752,000		14,231,140
3.20%, 06/15/2026(b)		10,331,000		9,944,751
2.95%, 10/01/2026(b)		17,702,000		16,832,983
7.63%, 10/15/2026		2,948,000		3,133,245
4.13%, 12/15/2026(b)		11,799,000		11,521,474
JPMorgan Chase Bank N.A., 5.11%, 12/08/2026		16,230,000		16,254,898
KeyBank N.A.
4.70%, 01/26/2026(b)		2,950,000		2,868,499
3.40%, 05/20/2026(b)		3,540,000		3,339,456
Lloyds Banking Group PLC (United Kingdom), 4.65%, 03/24/2026		8,758,000		8,593,811
Manufacturers & Traders Trust Co., 4.65%, 01/27/2026(b)		7,670,000		7,472,495
Mitsubishi UFJ Financial Group, Inc. (Japan)
3.85%, 03/01/2026(b)		14,015,000		13,669,878
2.76%, 09/13/2026(b)		5,900,000		5,567,727
Mizuho Financial Group, Inc. (Japan), 2.84%, 09/13/2026(b)		5,900,000		5,558,442
Morgan Stanley Bank N.A.
4.75%, 04/21/2026		8,856,000		8,801,394
5.88%, 10/30/2026		9,733,000		9,914,134

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

 19 

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

February 29, 2024

(Unaudited)

 

	Principal Amount		Value
Banks-(continued)
NatWest Group PLC (United Kingdom), 4.80%, 04/05/2026	$	8,850,000	$	8,742,416
PNC Financial Services Group, Inc. (The), 1.15%, 08/13/2026		4,202,000		3,817,753
Royal Bank of Canada (Canada)
4.88%, 01/12/2026		5,901,000		5,884,124
1.15%, 07/14/2026(b)		4,421,000		4,043,178
5.20%, 07/20/2026(b)		5,906,000		5,928,435
Sumitomo Mitsui Financial Group, Inc. (Japan)
0.95%, 01/12/2026(b)		5,840,000		5,399,754
5.46%, 01/13/2026(b)		10,620,000		10,662,262
3.78%, 03/09/2026(b)		8,849,000		8,613,227
5.88%, 07/13/2026(b)		5,020,000		5,095,171
2.63%, 07/14/2026(b)		13,278,000		12,551,006
1.40%, 09/17/2026		11,800,000		10,756,518
3.01%, 10/19/2026(b)		8,852,000		8,389,143
Toronto-Dominion Bank (The) (Canada)
5.10%, 01/09/2026(b)		4,424,000		4,431,472
5.53%, 07/17/2026		10,619,000		10,715,262
5.26%, 12/11/2026		2,950,000		2,969,704
Truist Bank
3.30%, 05/15/2026(b)		4,430,000		4,226,951
3.80%, 10/30/2026		5,012,000		4,805,328
U.S. Bancorp
Series V, 2.38%, 07/22/2026(b)		7,968,000		7,470,498
Series W, 3.10%, 04/27/2026(b)		5,897,000		5,634,008
UBS AG (Switzerland), 1.25%, 06/01/2026(b)		5,730,000		5,255,038
Wells Fargo & Co.
3.00%, 04/22/2026(b)		20,650,000		19,705,714
4.10%, 06/03/2026		14,380,000		14,008,278
3.00%, 10/23/2026(b)		20,652,000		19,530,017
Wells Fargo Bank N.A.
4.81%, 01/15/2026		10,620,000		10,569,992
5.45%, 08/07/2026		12,981,000		13,095,068
5.25%, 12/11/2026		13,280,000		13,331,839
				599,255,800
Beverages-1.42%
Constellation Brands, Inc.
5.00%, 02/02/2026		2,910,000		2,892,800
3.70%, 12/06/2026		3,536,000		3,407,260
Diageo Capital PLC (United Kingdom), 5.38%, 10/05/2026		4,720,000		4,760,612
Molson Coors Beverage Co., 3.00%, 07/15/2026		11,798,000		11,241,434
PepsiCo, Inc.
4.55%, 02/13/2026(b)		2,951,000		2,934,802
2.85%, 02/24/2026		4,421,000		4,252,440
2.38%, 10/06/2026(b)		6,001,000		5,656,571
5.13%, 11/10/2026(b)		4,130,000		4,157,332
				39,303,251
Biotechnology-2.65%
AbbVie, Inc.
3.20%, 05/14/2026		11,802,000		11,364,626
2.95%, 11/21/2026		23,547,000		22,333,518
Amgen, Inc., 2.60%, 08/19/2026(b)		7,381,000		6,968,585

	Principal Amount		Value
Biotechnology-(continued)
Gilead Sciences, Inc., 3.65%, 03/01/2026(b)	$	16,232,000	$	15,764,625
Shire Acquisitions Investments Ireland DAC, 3.20%, 09/23/2026		17,703,000		16,868,967
				73,300,321
Broadline Retail-0.69%
Amazon.com, Inc., 1.00%, 05/12/2026(b)		16,227,000		14,941,636
eBay, Inc., 1.40%, 05/10/2026		4,421,000		4,078,910
				19,020,546
Building Products-0.10%
Johnson Controls International PLC, 3.90%, 02/14/2026		2,873,000		2,800,933
Capital Markets-6.99%
Ameriprise Financial, Inc., 2.88%, 09/15/2026		2,951,000		2,801,728
Ares Capital Corp.
3.88%, 01/15/2026(b)		6,790,000		6,516,771
2.15%, 07/15/2026(b)		5,905,000		5,366,543
Bank of New York Mellon Corp. (The)
0.75%, 01/28/2026(b)		4,132,000		3,814,681
2.80%, 05/04/2026(b)		4,421,000		4,228,425
2.45%, 08/17/2026(b)		4,422,000		4,165,281
1.05%, 10/15/2026		2,950,000		2,668,314
Blackstone Secured Lending Fund
3.63%, 01/15/2026(b)		4,704,000		4,483,688
2.75%, 09/16/2026(b)		4,122,000		3,784,252
Blue Owl Capital Corp.
4.25%, 01/15/2026		2,947,000		2,841,778
3.40%, 07/15/2026		5,900,000		5,496,811
Brookfield Finance, Inc. (Canada), 4.25%, 06/02/2026		2,955,000		2,903,931
Charles Schwab Corp. (The)
0.90%, 03/11/2026(b)		7,380,000		6,771,257
1.15%, 05/13/2026(b)		5,903,000		5,417,237
5.88%, 08/24/2026		6,000,000		6,094,654
Deutsche Bank AG (Germany), 1.69%, 03/19/2026(b)		4,720,000		4,399,361
FS KKR Capital Corp., 3.40%, 01/15/2026(b)		5,903,000		5,583,108
Goldman Sachs BDC, Inc., 2.88%, 01/15/2026		2,950,000		2,812,686
Goldman Sachs Group, Inc. (The)
3.75%, 02/25/2026(b)		10,331,000		10,073,234
3.50%, 11/16/2026		16,229,000		15,570,101
Morgan Stanley
3.88%, 01/27/2026(b)		17,700,000		17,269,746
3.13%, 07/27/2026		17,702,000		16,890,064
6.25%, 08/09/2026		4,265,000		4,367,026
4.35%, 09/08/2026		13,273,000		12,977,020
Nasdaq, Inc., 3.85%, 06/30/2026(b)		2,950,000		2,865,739
Nomura Holdings, Inc. (Japan)
5.71%, 01/09/2026		3,700,000		3,709,108
1.65%, 07/14/2026(b)		7,500,000		6,867,542

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

 20 

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

February 29, 2024

(Unaudited)

 

	Principal Amount		Value
Capital Markets-(continued)
State Street Corp.
2.65%, 05/19/2026(b)	$	4,381,000	$	4,165,625
5.27%, 08/03/2026(b)		7,083,000		7,110,357
UBS Group AG (Switzerland), 4.55%, 04/17/2026		11,703,000		11,500,910
				193,516,978
Chemicals-0.92%
Ecolab, Inc., 2.70%, 11/01/2026		4,429,000		4,205,485
EIDP, Inc., 4.50%, 05/15/2026		3,536,000		3,482,527
FMC Corp.
5.15%, 05/18/2026(b)		2,890,000		2,851,178
3.20%, 10/01/2026		2,988,000		2,801,023
Linde, Inc., 3.20%, 01/30/2026(b)		4,276,000		4,146,797
PPG Industries, Inc., 1.20%, 03/15/2026(b)		4,132,000		3,820,413
Westlake Corp., 3.60%, 08/15/2026(b)		4,425,000		4,259,106
				25,566,529
Commercial Services & Supplies-0.10%
Republic Services, Inc., 2.90%, 07/01/2026(b)		2,950,000		2,819,271
Communications Equipment-0.46%
Cisco Systems, Inc.
2.95%, 02/28/2026(b)		4,430,000		4,272,115
2.50%, 09/20/2026(b)		8,856,000		8,359,730
				12,631,845
Consumer Finance-2.39%
American Express Co.
4.90%, 02/13/2026		7,083,000		7,062,963
1.65%, 11/04/2026		6,487,000		5,935,928
Capital One Financial Corp., 3.75%, 07/28/2026		8,854,000		8,506,209
Discover Bank, 3.45%, 07/27/2026		5,900,000		5,596,715
General Motors Financial Co., Inc.
1.25%, 01/08/2026(b)		8,851,000		8,205,427
5.25%, 03/01/2026		7,380,000		7,358,082
5.40%, 04/06/2026		9,738,000		9,745,066
1.50%, 06/10/2026		7,373,000		6,756,369
4.00%, 10/06/2026		4,421,000		4,275,776
Synchrony Financial, 3.70%, 08/04/2026		2,898,000		2,736,336
				66,178,871
Consumer Staples Distribution & Retail-1.36%
Kroger Co. (The)
3.50%, 02/01/2026		2,950,000		2,862,086
2.65%, 10/15/2026		4,371,000		4,110,272
Sysco Corp., 3.30%, 07/15/2026		5,906,000		5,669,950
Target Corp., 2.50%, 04/15/2026(b)		5,899,000		5,635,005
Walgreens Boots Alliance, Inc., 3.45%, 06/01/2026(b)		8,540,000		8,148,731
Walmart, Inc.
4.00%, 04/15/2026(b)		4,421,000		4,354,996
1.05%, 09/17/2026(b)		7,381,000		6,745,569
				37,526,609
Containers & Packaging-0.30%
Berry Global, Inc., 1.57%, 01/15/2026(b)		8,905,000		8,296,181

	Principal Amount		Value
Diversified Telecommunication Services-1.72%
AT&T, Inc.
5.54%, 02/20/2026(b)	$	10,331,000	$	10,329,703
1.70%, 03/25/2026		17,706,000		16,470,957
Verizon Communications, Inc.
1.45%, 03/20/2026		11,312,000		10,491,348
2.63%, 08/15/2026		11,034,000		10,406,067
				47,698,075
Electric Utilities-3.34%
Cleco Corporate Holdings LLC, 3.74%, 05/01/2026		3,123,000		3,001,797
Commonwealth Edison Co., 2.55%, 06/15/2026		2,950,000		2,792,480
Duke Energy Carolinas LLC, 2.95%, 12/01/2026		3,542,000		3,377,372
Duke Energy Corp., 2.65%, 09/01/2026(b)		8,851,000		8,330,333
Emera US Finance L.P. (Canada), 3.55%, 06/15/2026		4,354,000		4,176,919
Entergy Arkansas LLC, 3.50%, 04/01/2026		3,536,000		3,431,032
Entergy Corp., 2.95%, 09/01/2026		4,371,000		4,150,490
Exelon Corp., 3.40%, 04/15/2026		4,421,000		4,258,026
Florida Power & Light Co., 4.45%, 05/15/2026		2,955,000		2,929,555
Fortis, Inc. (Canada), 3.06%, 10/04/2026		6,491,000		6,134,279
National Rural Utilities Cooperative Finance Corp.
4.45%, 03/13/2026		3,537,000		3,493,959
1.00%, 06/15/2026(b)		3,536,000		3,228,609
NextEra Energy Capital Holdings, Inc., 4.95%, 01/29/2026		5,900,000		5,856,347
Pacific Gas and Electric Co., 3.15%, 01/01/2026(b)		11,518,775		11,016,533
PPL Capital Funding, Inc., 3.10%, 05/15/2026		3,840,000		3,662,230
San Diego Gas & Electric Co., 2.50%, 05/15/2026(b)		2,955,000		2,803,402
Southern Co. (The), 3.25%, 07/01/2026		10,332,000		9,884,483
Southwestern Electric Power Co., Series N, 1.65%, 03/15/2026(b)		2,953,000		2,748,555
Virginia Electric & Power Co., Series A, 3.15%, 01/15/2026(b)		4,426,000		4,276,188
Xcel Energy, Inc., 3.35%, 12/01/2026		2,954,000		2,792,435
				92,345,024
Electrical Equipment-0.14%
Emerson Electric Co., 0.88%, 10/15/2026		4,421,000		4,000,464
Electronic Equipment, Instruments & Components-0.75%
Avnet, Inc., 4.63%, 04/15/2026		3,216,000		3,147,739
CDW LLC/CDW Finance Corp., 2.67%, 12/01/2026(b)		5,827,000		5,403,144
Jabil, Inc., 1.70%, 04/15/2026(b)		2,950,000		2,731,511
TD SYNNEX Corp., 1.75%, 08/09/2026		4,084,000		3,721,083

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

 21 

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

February 29, 2024

(Unaudited)

 

	Principal Amount		Value
Electronic Equipment, Instruments & Components-(continued)
Tyco Electronics Group S.A., 4.50%, 02/13/2026	$	2,950,000	$	2,918,675
Vontier Corp., 1.80%, 04/01/2026		2,976,000		2,745,877
				20,668,029
Energy Equipment & Services-0.12%
Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc., 2.06%, 12/15/2026(b)		3,536,000		3,262,910
Entertainment-1.03%
Netflix, Inc., 4.38%, 11/15/2026(b)		5,902,000		5,808,362
Take-Two Interactive Software, Inc., 5.00%, 03/28/2026		3,245,000		3,228,064
TWDC Enterprises 18 Corp.
3.00%, 02/13/2026(b)		5,901,000		5,686,627
1.85%, 07/30/2026(b)		5,898,000		5,485,983
Walt Disney Co. (The), 1.75%, 01/13/2026(b)		8,847,000		8,348,207
				28,557,243
Financial Services-3.33%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)
1.75%, 01/30/2026		5,906,000		5,490,071
2.45%, 10/29/2026		22,130,000		20,422,917
Berkshire Hathaway, Inc., 3.13%, 03/15/2026(b)		14,755,000		14,259,426
Blackstone Private Credit Fund, 2.63%, 12/15/2026(b)		7,324,000		6,619,147
Fidelity National Information Services, Inc., 1.15%, 03/01/2026(b)		7,379,000		6,826,112
Fiserv, Inc., 3.20%, 07/01/2026(b)		11,804,000		11,283,180
Global Payments, Inc.
1.20%, 03/01/2026(b)		6,496,000		5,981,566
4.80%, 04/01/2026(b)		4,425,000		4,370,978
Mastercard, Inc., 2.95%, 11/21/2026		4,421,000		4,219,457
PayPal Holdings, Inc., 2.65%, 10/01/2026(b)		7,373,000		6,950,935
Voya Financial, Inc., 3.65%, 06/15/2026		2,606,000		2,503,024
Western Union Co. (The), 1.35%, 03/15/2026		3,536,000		3,258,256
				92,185,069
Food Products-1.29%
Archer-Daniels-Midland Co., 2.50%, 08/11/2026(b)		5,898,000		5,553,102
Bunge Ltd. Finance Corp., 3.25%, 08/15/2026		4,132,000		3,943,457
Conagra Brands, Inc., 5.30%, 10/01/2026(b)		2,950,000		2,951,917
Hershey Co. (The), 2.30%, 08/15/2026(b)		2,951,000		2,786,040
Ingredion, Inc., 3.20%, 10/01/2026		2,955,000		2,820,520
Kellanova, 3.25%, 04/01/2026		4,430,000		4,260,392
Kraft Heinz Foods Co. (The), 3.00%, 06/01/2026		11,063,000		10,556,450
McCormick & Co., Inc., 0.90%, 02/15/2026		2,950,000		2,714,219
				35,586,097

	Principal Amount		Value
Gas Utilities-0.21%
National Fuel Gas Co., 5.50%, 01/15/2026(b)	$	2,950,000	$	2,941,480
Southern California Gas Co., Series TT, 2.60%, 06/15/2026		2,950,000		2,795,915
				5,737,395
Ground Transportation-0.80%
Canadian National Railway Co. (Canada), 2.75%, 03/01/2026		2,950,000		2,831,608
Canadian Pacific Railway Co. (Canada), 1.75%, 12/02/2026		5,906,000		5,418,658
CSX Corp., 2.60%, 11/01/2026(b)		4,130,000		3,899,164
Norfolk Southern Corp., 2.90%, 06/15/2026(b)		3,540,000		3,375,570
Union Pacific Corp.
4.75%, 02/21/2026(b)		2,950,000		2,944,070
2.75%, 03/01/2026(b)		3,835,000		3,674,427
				22,143,497
Health Care Equipment & Supplies-0.71%
Abbott Laboratories, 3.75%, 11/30/2026(b)		10,033,000		9,770,202
Baxter International, Inc., 2.60%, 08/15/2026		4,421,000		4,148,775
Stryker Corp., 3.50%, 03/15/2026		5,905,000		5,725,461
				19,644,438
Health Care Providers & Services-3.23%
Cigna Group (The)
4.50%, 02/25/2026(b)		7,194,000		7,096,174
1.25%, 03/15/2026(b)		4,661,000		4,307,113
CVS Health Corp.
5.00%, 02/20/2026		8,851,000		8,814,895
2.88%, 06/01/2026(b)		10,331,000		9,819,704
Elevance Health, Inc.
4.90%, 02/08/2026(b)		2,955,000		2,935,459
1.50%, 03/15/2026(b)		4,427,000		4,113,858
HCA, Inc.
5.88%, 02/15/2026		8,854,000		8,892,640
5.25%, 06/15/2026		8,856,000		8,803,759
5.38%, 09/01/2026(b)		5,901,000		5,885,841
Laboratory Corp. of America Holdings, 1.55%, 06/01/2026		2,950,000		2,721,085
McKesson Corp.
5.25%, 02/15/2026(b)		2,915,000		2,915,044
1.30%, 08/15/2026		2,955,000		2,698,205
Quest Diagnostics, Inc., 3.45%, 06/01/2026		2,955,000		2,844,044
UnitedHealth Group, Inc.
1.25%, 01/15/2026		2,953,000		2,760,300
3.10%, 03/15/2026(b)		5,901,000		5,701,386
1.15%, 05/15/2026		5,902,000		5,436,881
Universal Health Services, Inc., 1.65%, 09/01/2026		4,068,000		3,699,719
				89,446,107
Health Care REITs-0.61%
Healthpeak OP LLC, 3.25%, 07/15/2026(b)		3,840,000		3,670,205

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

 22 

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

February 29, 2024

(Unaudited)

 

	Principal Amount		Value
Health Care REITs-(continued)
Omega Healthcare Investors, Inc., 5.25%, 01/15/2026(b)	$	3,540,000	$	3,510,710
Sabra Health Care L.P., 5.13%, 08/15/2026		2,950,000		2,897,672
Ventas Realty L.P., 4.13%, 01/15/2026		2,916,000		2,838,841
Welltower OP LLC, 4.25%, 04/01/2026		4,129,000		4,048,044
				16,965,472
Hotels, Restaurants & Leisure-1.19%
Booking Holdings, Inc., 3.60%, 06/01/2026(b)		5,904,000		5,723,230
Expedia Group, Inc., 5.00%, 02/15/2026(b)		4,424,000		4,395,469
Marriott International, Inc., Series R, 3.13%, 06/15/2026(b)		4,421,000		4,222,677
McDonald’s Corp., 3.70%, 01/30/2026		10,331,000		10,095,933
Starbucks Corp.
4.75%, 02/15/2026		5,901,000		5,864,466
2.45%, 06/15/2026		2,955,000		2,791,345
				33,093,120
Household Durables-0.21%
DR Horton, Inc., 1.30%, 10/15/2026		3,536,000		3,200,779
PulteGroup, Inc., 5.50%, 03/01/2026		2,684,000		2,690,508
				5,891,287
Household Products-0.74%
Colgate-Palmolive Co., 4.80%, 03/02/2026(b)		2,950,000		2,957,759
Procter & Gamble Co. (The)
4.10%, 01/26/2026(b)		3,834,000		3,791,348
2.70%, 02/02/2026(b)		3,536,000		3,406,596
1.00%, 04/23/2026(b)		5,900,000		5,463,053
2.45%, 11/03/2026		5,161,000		4,880,944
				20,499,700
Independent Power and Renewable Electricity Producers-0.16%
AES Corp. (The), 1.38%, 01/15/2026		4,708,000		4,351,551
Industrial Conglomerates-0.43%
3M Co., 2.25%, 09/19/2026		3,786,000		3,529,048
Honeywell International, Inc., 2.50%, 11/01/2026		8,851,000		8,345,268
				11,874,316
Insurance-1.39%
Allstate Corp. (The), 3.28%, 12/15/2026(b)		3,243,000		3,092,992
Arch Capital Finance LLC, 4.01%, 12/15/2026		2,900,000		2,799,084
Chubb INA Holdings, Inc., 3.35%, 05/03/2026		8,851,000		8,537,798
CNA Financial Corp., 4.50%, 03/01/2026(b)		2,950,000		2,903,958
Loews Corp., 3.75%, 04/01/2026(b)		2,907,000		2,829,982
Manulife Financial Corp. (Canada), 4.15%, 03/04/2026		5,901,000		5,787,197
Marsh & McLennan Cos., Inc., 3.75%, 03/14/2026		3,506,000		3,420,249
Old Republic International Corp., 3.88%, 08/26/2026		3,183,000		3,075,729

	Principal Amount		Value
Insurance-(continued)
Prudential Financial, Inc., 1.50%, 03/10/2026(b)	$	2,950,000	$	2,750,689
Trinity Acquisition PLC, 4.40%, 03/15/2026		3,248,000		3,184,248
				38,381,926
Interactive Media & Services-0.40%
Alphabet, Inc., 2.00%, 08/15/2026(b)		11,802,000		11,092,689
IT Services-0.84%
CGI, Inc. (Canada), 1.45%, 09/14/2026		3,504,000		3,178,492
DXC Technology Co., 1.80%, 09/15/2026		4,082,000		3,707,656
International Business Machines Corp.
4.50%, 02/06/2026(b)		5,020,000		4,977,339
3.45%, 02/19/2026(b)		7,970,000		7,734,711
Kyndryl Holdings, Inc., 2.05%, 10/15/2026(b)		3,920,000		3,580,782
				23,178,980
Leisure Products-0.14%
Hasbro, Inc., 3.55%, 11/19/2026(b)		3,981,000		3,781,028
Life Sciences Tools & Services-0.34%
Thermo Fisher Scientific, Inc.
4.95%, 08/10/2026		3,536,000		3,539,598
5.00%, 12/05/2026		5,900,000		5,915,851
				9,455,449
Machinery-2.56%
Caterpillar Financial Services Corp.
4.80%, 01/06/2026(b)		5,315,000		5,301,887
0.90%, 03/02/2026		4,425,000		4,087,982
4.35%, 05/15/2026		7,381,000		7,296,602
1.15%, 09/14/2026(b)		2,950,000		2,690,312
CNH Industrial Capital LLC
1.88%, 01/15/2026		2,950,000		2,766,139
1.45%, 07/15/2026		3,545,000		3,243,919
Fortive Corp., 3.15%, 06/15/2026		5,309,000		5,070,678
Illinois Tool Works, Inc., 2.65%, 11/15/2026(b)		5,901,000		5,610,784
John Deere Capital Corp.
4.80%, 01/09/2026		7,083,000		7,067,687
0.70%, 01/15/2026		5,316,000		4,923,125
5.05%, 03/03/2026(b)		3,248,000		3,257,077
4.75%, 06/08/2026		3,541,000		3,531,156
2.65%, 06/10/2026(b)		2,952,000		2,813,335
1.05%, 06/17/2026(b)		3,248,000		2,979,001
5.15%, 09/08/2026(b)		3,242,000		3,264,558
Wabtec Corp., 3.45%, 11/15/2026		4,421,000		4,205,453
Xylem, Inc., 3.25%, 11/01/2026(b)		2,950,000		2,818,437
				70,928,132
Media-1.12%
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 6.15%, 11/10/2026(b)		6,487,000		6,545,542
Comcast Corp., 3.15%, 03/01/2026(b)		12,978,000		12,528,254

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

 23 

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

February 29, 2024

(Unaudited)

 

	Principal Amount		Value
Media-(continued)
Discovery Communications LLC, 4.90%, 03/11/2026(b)	$	4,134,000	$	4,071,846
Omnicom Group, Inc./Omnicom Capital, Inc., 3.60%, 04/15/2026		8,257,000		8,002,470
				31,148,112
Multi-Utilities-0.92%
Ameren Corp., 5.70%, 12/01/2026		3,545,000		3,586,985
CenterPoint Energy, Inc., 1.45%, 06/01/2026		2,950,000		2,718,981
Dominion Energy, Inc., Series A, 1.45%, 04/15/2026		3,288,000		3,038,599
DTE Energy Co., 2.85%, 10/01/2026		3,536,000		3,331,932
Sempra, 5.40%, 08/01/2026		3,250,000		3,259,393
WEC Energy Group, Inc.
4.75%, 01/09/2026(b)		5,906,000		5,851,150
5.60%, 09/12/2026		3,536,000		3,571,901
				25,358,941
Office REITs-0.40%
Boston Properties L.P.
3.65%, 02/01/2026		5,827,000		5,605,734
2.75%, 10/01/2026		5,897,000		5,461,239
				11,066,973
Oil, Gas & Consumable Fuels-6.69%
Boardwalk Pipelines L.P., 5.95%, 06/01/2026		3,243,000		3,269,505
Chevron Corp., 2.95%, 05/16/2026		13,282,000		12,763,170
Diamondback Energy, Inc., 3.25%, 12/01/2026(b)		4,430,000		4,236,502
Enbridge, Inc. (Canada)
1.60%, 10/04/2026		2,950,000		2,698,857
5.90%, 11/15/2026		4,421,000		4,505,282
4.25%, 12/01/2026		4,423,000		4,329,709
Energy Transfer L.P.
4.75%, 01/15/2026		5,901,000		5,835,331
3.90%, 07/15/2026		3,243,000		3,140,286
6.05%, 12/01/2026(b)		5,817,000		5,924,661
Enterprise Products Operating LLC
5.05%, 01/10/2026		4,421,000		4,419,706
3.70%, 02/15/2026(b)		5,161,000		5,035,605
EOG Resources, Inc., 4.15%, 01/15/2026(b)		4,422,000		4,356,312
Equinor ASA (Norway), 1.75%, 01/22/2026(b)		4,430,000		4,173,531
Exxon Mobil Corp.
3.04%, 03/01/2026		14,750,000		14,235,475
2.28%, 08/16/2026(b)		5,831,000		5,512,722
HF Sinclair Corp., 5.88%, 04/01/2026(b) .		4,698,000		4,714,394
Kinder Morgan, Inc., 1.75%, 11/15/2026(b)		2,946,000		2,691,915
Magellan Midstream Partners L.P., 5.00%, 03/01/2026		3,793,000		3,766,153
MPLX L.P., 1.75%, 03/01/2026		8,847,000		8,256,161
Occidental Petroleum Corp., 5.55%, 03/15/2026(b)		5,026,000		5,036,013
ONEOK, Inc.
5.85%, 01/15/2026(b)		3,536,000		3,569,089
5.55%, 11/01/2026		4,426,000		4,460,797

	Principal Amount		Value
Oil, Gas & Consumable Fuels-(continued)
Ovintiv, Inc., 5.38%, 01/01/2026	$	2,708,000	$	2,696,058
Phillips 66, 1.30%, 02/15/2026(b)		2,954,000		2,735,285
Pioneer Natural Resources Co.
1.13%, 01/15/2026		4,422,000		4,106,697
5.10%, 03/29/2026		6,487,000		6,481,924
Plains All American Pipeline L.P./PAA
Finance Corp., 4.50%, 12/15/2026		4,421,000		4,337,926
Sabine Pass Liquefaction LLC, 5.88%, 06/30/2026		8,851,000		8,925,545
Shell International Finance B.V. (Netherlands)
2.88%, 05/10/2026(b)		10,331,000		9,890,513
2.50%, 09/12/2026(b)		5,906,000		5,579,497
Spectra Energy Partners L.P., 3.38%, 10/15/2026		3,536,000		3,381,368
TransCanada PipeLines Ltd. (Canada), 4.88%, 01/15/2026(b)		5,012,000		4,974,474
Transcontinental Gas Pipe Line Co. LLC, 7.85%, 02/01/2026		5,906,000		6,138,392
Valero Energy Corp., 3.40%, 09/15/2026(b)		2,515,000		2,404,869
Williams Cos., Inc. (The), 5.40%, 03/02/2026(b)		6,490,000		6,507,127
				185,090,851
Passenger Airlines-0.18%
Delta Air Lines, Inc., 7.38%, 01/15/2026(b)		4,805,000		4,960,322
Personal Care Products-0.30%
Kenvue, Inc., 5.35%, 03/22/2026(b)		4,384,000		4,414,240
Unilever Capital Corp. (United Kingdom), 2.00%, 07/28/2026(b)		4,133,000		3,872,333
				8,286,573
Pharmaceuticals-2.32%
AstraZeneca Finance LLC (United Kingdom), 1.20%, 05/28/2026(b)		7,381,000		6,790,664
AstraZeneca PLC (United Kingdom), 0.70%, 04/08/2026		7,080,000		6,480,266
Eli Lilly and Co., 5.00%, 02/27/2026(b)		4,430,000		4,429,657
Johnson & Johnson, 2.45%, 03/01/2026(b)		11,800,000		11,294,315
Merck & Co., Inc., 0.75%, 02/24/2026		5,899,000		5,456,509
Pfizer, Inc.
2.75%, 06/03/2026(b)		7,375,000		7,060,740
3.00%, 12/15/2026(b)		10,331,000		9,856,945
Utah Acquisition Sub, Inc., 3.95%, 06/15/2026		13,262,000		12,803,524
				64,172,620
Professional Services-0.38%
Broadridge Financial Solutions, Inc.,
3.40%, 06/27/2026		2,907,000		2,779,864
Concentrix Corp., 6.65%, 08/02/2026		4,719,000		4,788,469
Thomson Reuters Corp. (Canada), 3.35%, 05/15/2026		2,948,000		2,831,679
				10,400,012
Real Estate Management & Development-0.13%
CBRE Services, Inc., 4.88%, 03/01/2026		3,541,000		3,502,824

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

 24 

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

February 29, 2024

(Unaudited)

 

	Principal Amount		Value
Residential REITs-0.21%
Camden Property Trust, 5.85%, 11/03/2026	$	2,990,000	$	3,054,622
ERP Operating L.P., 2.85%, 11/01/2026		2,920,000		2,757,142
				5,811,764
Retail REITs-0.90%
Brixmor Operating Partnership L.P., 4.13%, 06/15/2026		3,508,000		3,381,552
Kimco Realty OP LLC, 2.80%, 10/01/2026		2,950,000		2,766,851
Realty Income Corp.
5.05%, 01/13/2026(b)		2,950,000		2,938,460
4.88%, 06/01/2026		3,520,000		3,493,949
4.13%, 10/15/2026		3,835,000		3,734,905
Simon Property Group L.P.
3.30%, 01/15/2026		4,659,000		4,498,671
3.25%, 11/30/2026		4,423,000		4,218,884
				25,033,272
Semiconductors & Semiconductor Equipment-1.21%
Analog Devices, Inc., 3.50%, 12/05/2026(b)		5,315,000		5,135,095
Intel Corp.
4.88%, 02/10/2026(b)		8,851,000		8,823,271
2.60%, 05/19/2026(b)		5,897,000		5,611,002
Marvell Technology, Inc., 1.65%, 04/15/2026		2,948,000		2,736,432
NVIDIA Corp., 3.20%, 09/16/2026(b)		5,904,000		5,693,179
Skyworks Solutions, Inc., 1.80%, 06/01/2026(b)		2,924,000		2,696,797
Texas Instruments, Inc., 1.13%, 09/15/2026		2,950,000		2,691,593
				33,387,369
Software-2.65%
Fortinet, Inc., 1.00%, 03/15/2026		2,950,000		2,707,734
Intuit, Inc., 5.25%, 09/15/2026(b)		4,421,000		4,459,495
Microsoft Corp., 2.40%, 08/08/2026		23,603,000		22,359,334
Oracle Corp.
1.65%, 03/25/2026		16,231,000		15,079,843
2.65%, 07/15/2026(b)		17,702,000		16,680,001
Roper Technologies, Inc., 3.80%, 12/15/2026		4,132,000		3,997,557
VMware LLC, 1.40%, 08/15/2026		8,851,000		8,048,653
				73,332,617
Specialized REITs-1.94%
American Tower Corp.
4.40%, 02/15/2026(b)		2,950,000		2,902,397
1.60%, 04/15/2026(b)		4,133,000		3,829,113
1.45%, 09/15/2026		3,536,000		3,215,751
3.38%, 10/15/2026(b)		5,899,000		5,629,330
Crown Castle, Inc.
4.45%, 02/15/2026(b)		5,312,000		5,214,599
3.70%, 06/15/2026		4,426,000		4,263,685
1.05%, 07/15/2026(b)		5,901,000		5,337,576
Equinix, Inc., 1.45%, 05/15/2026(b)		4,132,000		3,803,793
Extra Space Storage L.P., 3.50%, 07/01/2026		3,440,000		3,295,300

	Principal Amount		Value
Specialized REITs-(continued)
GLP Capital L.P./GLP Financing II, Inc., 5.38%, 04/15/2026	$	5,758,000	$	5,700,516
Public Storage Operating Co.
0.88%, 02/15/2026		2,953,000		2,727,342
1.50%, 11/09/2026		3,833,000		3,501,276
Weyerhaeuser Co., 4.75%, 05/15/2026(b)		4,430,000		4,387,118
				53,807,796
Specialty Retail-2.79%
Dell International LLC/EMC Corp.
6.02%, 06/15/2026		20,545,000		20,776,350
4.90%, 10/01/2026		10,168,000		10,077,965
Home Depot, Inc. (The)
3.00%, 04/01/2026(b)		7,671,000		7,390,562
2.13%, 09/15/2026(b)		5,903,000		5,520,873
4.95%, 09/30/2026(b)		4,424,500		4,428,095
Lowe’s Cos., Inc.
4.80%, 04/01/2026		5,897,000		5,862,638
2.50%, 04/15/2026		7,963,000		7,561,509
O’Reilly Automotive, Inc.
3.55%, 03/15/2026(b)		2,920,000		2,826,697
5.75%, 11/20/2026(b)		4,428,000		4,492,400
Ross Stores, Inc., 0.88%, 04/15/2026		2,925,000		2,676,168
TJX Cos., Inc. (The), 2.25%, 09/15/2026(b)		5,901,000		5,546,912
				77,160,169
Technology Hardware, Storage & Peripherals-2.61%
Apple, Inc.
0.70%, 02/08/2026(b)		14,752,000		13,643,009
3.25%, 02/23/2026		19,177,000		18,614,776
4.42%, 05/08/2026		5,901,000		5,877,305
2.45%, 08/04/2026(b)		13,282,000		12,574,219
2.05%, 09/11/2026(b)		11,801,000		11,041,613
Hewlett Packard Enterprise Co., 1.75%, 04/01/2026(b)		4,421,000		4,109,129
HP, Inc., 1.45%, 06/17/2026		3,057,000		2,809,978
IBM International Capital Pte. Ltd., 4.70%, 02/05/2026		3,540,000		3,512,123
				72,182,152
Textiles, Apparel & Luxury Goods-0.36%
NIKE, Inc., 2.38%, 11/01/2026(b)		5,898,000		5,551,537
Tapestry, Inc., 7.00%, 11/27/2026(b)		4,430,000		4,552,041
				10,103,578
Tobacco-1.26%
Altria Group, Inc., 2.63%, 09/16/2026(b)		2,920,000		2,743,764
B.A.T Capital Corp. (United Kingdom), 3.22%, 09/06/2026(b)		5,920,000		5,616,146
B.A.T. International Finance PLC (United Kingdom), 1.67%, 03/25/2026		8,851,000		8,203,011
Philip Morris International, Inc.
4.88%, 02/13/2026(b)		10,028,000		9,984,373
2.75%, 02/25/2026(b)		4,371,000		4,176,043
0.88%, 05/01/2026		4,421,000		4,041,622
				34,764,959

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

 25 

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

February 29, 2024

(Unaudited)

 

	Principal Amount		Value
Trading Companies & Distributors-0.53%
Air Lease Corp.
2.88%, 01/15/2026(b)	$	8,553,000	$	8,160,520
1.88%, 08/15/2026		7,083,000		6,506,628
				14,667,148
Wireless Telecommunication Services-1.03%
Rogers Communications, Inc. (Canada), 2.90%, 11/15/2026		2,955,000		2,782,486
Sprint LLC, 7.63%, 03/01/2026		8,856,000		9,156,147
T-Mobile USA, Inc.
2.25%, 02/15/2026		10,625,000		10,018,837
2.63%, 04/15/2026(b)		7,013,000		6,643,000
				28,600,470
Total U.S. Dollar Denominated Bonds & Notes (Cost $2,802,451,659)				2,738,426,577
	Shares
Money Market Funds-0.17%
Invesco Government & Agency Portfolio, Institutional Class, 5.24%(c)(d) (Cost $4,870,552)		4,870,552		4,870,552
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.11% (Cost $2,807,322,211)				2,743,297,129

	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-13.21%
Invesco Private Government Fund, 5.29%(c)(d)(e)		101,750,797	$	101,750,797
Invesco Private Prime Fund, 5.49%(c)(d)(e)		263,628,076		263,759,890
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $365,542,672)				365,510,687
TOTAL INVESTMENTS IN SECURITIES-112.32% (Cost $3,172,864,883)				3,108,807,816
OTHER ASSETS LESS LIABILITIES-(12.32)%				(341,056,249	)
NET ASSETS-100.00%			$	2,767,751,567

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 29, 2024.

^(c)  Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 29, 2024.

	Value August 31, 2023			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)						Realized Gain			Value February 29, 2024			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	391,146		$	68,631,862		$	(64,152,456	)			$	-				$	-		$	4,870,552		$	145,490
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			59,624,954			193,621,235			(151,495,392	)				-					-			101,750,797			1,763,585	*
Invesco Private Prime Fund			154,066,675			453,578,723			(343,956,769	)				(32,903	)				104,164			263,759,890			4,753,726	*
Total		$	214,082,775		$	715,831,820		$	(559,604,617	)			$	(32,903	)			$	104,164		$	370,381,239		$	6,662,801

* 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.

 26 

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

February 29, 2024

(Unaudited)

 

^(d)  The rate shown is the 7-day SEC standardized yield as of February 29, 2024.

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

Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of February 29, 2024
Financials	35.75
Health Care	9.25
Consumer Discretionary	9.12
Information Technology	8.52
Industrials	7.78
Energy	6.81
Consumer Staples	6.37
Communication Services	5.30
Utilities	4.63
Real Estate	4.19
Materials	1.22
Money Market Funds Plus Other Assets Less Liabilities	1.06

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

 27 

Invesco BulletShares 2027 Corporate Bond ETF (BSCR)

February 29, 2024

(Unaudited)

Schedule of Investments^(a)

	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes-99.00%
Aerospace & Defense-2.10%
Boeing Co. (The), 5.04%, 05/01/2027(b)	$	8,797,000	$	8,717,305
General Dynamics Corp.
3.50%, 04/01/2027(b)		3,280,000		3,157,172
2.63%, 11/15/2027(b)		2,191,000		2,027,615
Howmet Aerospace, Inc., 5.90%, 02/01/2027		2,731,000		2,759,260
Huntington Ingalls Industries, Inc., 3.48%, 12/01/2027		2,627,000		2,463,098
L3Harris Technologies, Inc., 5.40%, 01/15/2027		5,470,000		5,506,731
Lockheed Martin Corp., 5.10%, 11/15/2027		3,280,000		3,317,469
Northrop Grumman Corp., 3.20%, 02/01/2027(b)		3,268,000		3,115,005
RTX Corp., 3.13%, 05/04/2027(b)		4,810,000		4,541,148
				35,604,803
Air Freight & Logistics-0.24%
United Parcel Service, Inc., 3.05%, 11/15/2027(b)		4,370,000		4,111,454
Automobile Components-0.58%
BorgWarner, Inc., 2.65%, 07/01/2027(b)		4,809,000		4,442,973
Lear Corp., 3.80%, 09/15/2027		2,411,000		2,309,229
United Rentals (North America), Inc., 3.88%, 11/15/2027(b)		3,285,000		3,096,725
				9,848,927
Automobiles-3.97%
American Honda Finance Corp., 2.35%, 01/08/2027		2,176,000		2,031,004
Ford Motor Credit Co. LLC
4.27%, 01/09/2027		3,941,000		3,776,772
5.80%, 03/05/2027(b)		6,600,000		6,589,736
4.95%, 05/28/2027		6,550,000		6,370,233
4.13%, 08/17/2027		5,456,000		5,165,633
3.82%, 11/02/2027(b)		3,280,000		3,060,184
7.35%, 11/04/2027		6,600,000		6,900,538
General Motors Co.
4.20%, 10/01/2027(b)		3,282,000		3,167,917
6.80%, 10/01/2027(b)		4,372,000		4,567,230
Honda Motor Co. Ltd. (Japan), 2.53%, 03/10/2027(b)		4,367,000		4,080,028
Toyota Motor Credit Corp.
3.20%, 01/11/2027(b)		3,282,000		3,137,259
1.90%, 01/13/2027		3,282,000		3,027,087
3.05%, 03/22/2027(b)		6,112,000		5,800,489
1.15%, 08/13/2027		2,615,000		2,318,669
4.55%, 09/20/2027(b)		4,372,000		4,335,514
5.45%, 11/10/2027		3,062,000		3,124,092
				67,452,385
Banks-12.51%
Banco Santander S.A. (Spain)
4.25%, 04/11/2027(b)		4,370,000		4,215,323
5.29%, 08/18/2027		7,660,000		7,611,858

	Principal Amount		Value
Banks-(continued)
Bank of America Corp.
3.25%, 10/21/2027(b)	$	10,871,000	$	10,278,992
Series L, 4.18%, 11/25/2027		8,737,000		8,450,107
Bank of Montreal (Canada)
2.65%, 03/08/2027(b)		5,457,000		5,097,588
Series H, 4.70%, 09/14/2027		4,376,000		4,334,306
Bank of Nova Scotia (The) (Canada)
1.95%, 02/02/2027(b)		3,282,000		3,014,512
2.95%, 03/11/2027(b)		3,062,000		2,883,119
Canadian Imperial Bank of Commerce (Canada), 3.45%, 04/07/2027(b)		4,368,000		4,166,408
Citigroup, Inc., 4.45%, 09/29/2027		16,841,000		16,318,958
Credit Suisse AG (Switzerland), 5.00%, 07/09/2027		5,210,000		5,163,133
Fifth Third Bancorp, 2.55%, 05/05/2027		3,266,000		3,000,398
Fifth Third Bank N.A., 2.25%, 02/01/2027(b)		2,628,000		2,412,137
JPMorgan Chase & Co.
8.00%, 04/29/2027(b)		2,188,000		2,377,987
4.25%, 10/01/2027(b)		6,557,000		6,426,449
3.63%, 12/01/2027(b)		4,803,000		4,575,633
KeyBank N.A., 5.85%, 11/15/2027(b)		4,380,000		4,327,304
KeyCorp, 2.25%, 04/06/2027		3,497,000		3,125,038
Lloyds Banking Group PLC (United Kingdom), 3.75%, 01/11/2027(b)		5,460,000		5,241,148
Manufacturers and Traders Trust Co., 3.40%, 08/17/2027		2,185,000		1,996,586
Mitsubishi UFJ Financial Group, Inc. (Japan)
3.68%, 02/22/2027(b)		4,373,000		4,215,473
3.29%, 07/25/2027(b)		4,367,000		4,133,233
Mizuho Financial Group, Inc. (Japan)
3.66%, 02/28/2027(b)		2,180,000		2,086,066
3.17%, 09/11/2027(b)		4,810,000		4,507,383
PNC Bank N.A., 3.10%, 10/25/2027(b)		4,374,000		4,067,925
PNC Financial Services Group, Inc. (The), 3.15%, 05/19/2027(b)		3,286,000		3,096,365
Royal Bank of Canada (Canada)
4.88%, 01/19/2027(b)		5,470,000		5,446,514
2.05%, 01/21/2027		2,191,000		2,024,514
3.63%, 05/04/2027(b)		5,245,000		5,030,556
4.24%, 08/03/2027(b)		5,458,000		5,321,408
6.00%, 11/01/2027		5,903,000		6,080,441
Santander Holdings USA, Inc., 4.40%, 07/13/2027		4,584,000		4,396,580
Sumitomo Mitsui Financial Group, Inc. (Japan)
3.45%, 01/11/2027(b)		5,457,000		5,228,642
2.17%, 01/14/2027(b)		2,200,000		2,033,292
3.36%, 07/12/2027(b)		7,644,000		7,261,395
3.35%, 10/18/2027(b)		3,277,000		3,096,010
Toronto-Dominion Bank (The) (Canada)
1.95%, 01/12/2027(b)		3,279,000		3,018,944
2.80%, 03/10/2027(b)		4,808,000		4,511,770
4.11%, 06/08/2027		6,549,000		6,365,836
4.69%, 09/15/2027		6,559,000		6,487,288

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

 28 

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

February 29, 2024

(Unaudited)

 

	Principal Amount		Value
Banks-(continued)
Truist Financial Corp., 1.13%, 08/03/2027(b)	$	3,284,000	$	2,861,660
U.S. Bancorp, Series X, 3.15%, 04/27/2027(b)		5,679,000		5,363,424
Wells Fargo & Co., 4.30%, 07/22/2027(b)		10,937,000		10,620,086
				212,271,789
Beverages-1.68%
Coca-Cola Co. (The)
3.38%, 03/25/2027(b)		4,376,000		4,222,322
2.90%, 05/25/2027		2,186,000		2,076,531
1.45%, 06/01/2027(b)		6,557,000		5,937,467
Constellation Brands, Inc.
3.50%, 05/09/2027		2,191,000		2,084,083
4.35%, 05/09/2027		2,615,000		2,558,655
Diageo Capital PLC (United Kingdom), 5.30%, 10/24/2027		3,284,000		3,325,020
PepsiCo, Inc.
2.63%, 03/19/2027(b)		2,191,000		2,060,871
3.00%, 10/15/2027		6,550,000		6,178,034
				28,442,983
Biotechnology-1.13%
Amgen, Inc.
2.20%, 02/21/2027		7,533,000		6,949,283
3.20%, 11/02/2027(b)		4,374,000		4,114,983
Gilead Sciences, Inc.
2.95%, 03/01/2027(b)		5,460,000		5,160,075
1.20%, 10/01/2027		3,302,000		2,906,948
				19,131,289
Broadline Retail-2.37%
Amazon.com, Inc.
3.30%, 04/13/2027(b)		8,740,000		8,382,094
1.20%, 06/03/2027		5,463,000		4,889,857
3.15%, 08/22/2027		15,313,000		14,543,819
4.55%, 12/01/2027(b)		8,797,000		8,773,102
eBay, Inc., 3.60%, 06/05/2027(b)		3,723,000		3,561,163
				40,150,035
Building Products-0.15%
Carlisle Cos., Inc., 3.75%, 12/01/2027		2,629,000		2,500,526
Capital Markets-5.76%
Ares Capital Corp.
7.00%, 01/15/2027		3,935,000		4,014,953
2.88%, 06/15/2027(b)		2,187,000		1,987,845
Bank of New York Mellon Corp. (The)
2.05%, 01/26/2027(b)		3,710,000		3,429,157
3.25%, 05/16/2027(b)		3,272,000		3,112,288
BlackRock, Inc., 3.20%, 03/15/2027(b)		3,065,000		2,933,428
Blackstone Secured Lending Fund, 2.13%, 02/15/2027(b)		2,707,000		2,430,665
Blue Owl Capital Corp., 2.63%, 01/15/2027		2,184,000		1,980,873
Cboe Global Markets, Inc., 3.65%, 01/12/2027		2,832,000		2,743,272
Charles Schwab Corp. (The)
3.20%, 03/02/2027		2,845,000		2,701,343
2.45%, 03/03/2027(b)		6,550,000		6,074,373
3.30%, 04/01/2027		3,260,000		3,098,175

	Principal Amount		Value
Capital Markets-(continued)
FactSet Research Systems, Inc., 2.90%, 03/01/2027(b)	$	2,188,000	$	2,040,035
FS KKR Capital Corp., 3.25%, 07/15/2027(b)		2,175,000		1,975,693
Goldman Sachs Group, Inc. (The)
5.95%, 01/15/2027		3,540,000		3,615,174
3.85%, 01/26/2027(b)		13,101,000		12,655,485
Jefferies Financial Group, Inc., 4.85%, 01/15/2027(b)		3,284,000		3,262,762
Morgan Stanley
3.63%, 01/20/2027(b)		13,127,000		12,660,375
3.95%, 04/23/2027		8,736,000		8,411,683
Nomura Holdings, Inc. (Japan)
2.33%, 01/22/2027(b)		5,460,000		5,011,262
5.39%, 07/06/2027(b)		2,190,000		2,186,988
Northern Trust Corp., 4.00%, 05/10/2027(b)		4,367,000		4,243,991
S&P Global, Inc.
2.95%, 01/22/2027		2,186,000		2,075,214
2.45%, 03/01/2027		5,400,000		5,036,003
				97,681,037
Chemicals-1.89%
Air Products and Chemicals, Inc., 1.85%, 05/15/2027(b)		2,835,000		2,593,255
Albemarle Corp., 4.65%, 06/01/2027(b)		2,837,000		2,787,560
Celanese US Holdings LLC, 6.17%, 07/15/2027(b)		8,737,000		8,873,033
Ecolab, Inc.
1.65%, 02/01/2027		2,188,000		2,000,485
3.25%, 12/01/2027		2,180,000		2,066,155
LYB International Finance II B.V., 3.50%, 03/02/2027(b)		2,588,000		2,467,336
Mosaic Co. (The), 4.05%, 11/15/2027		3,062,000		2,943,141
Olin Corp., 5.13%, 09/15/2027(b)		2,175,000		2,111,794
Sherwin-Williams Co. (The), 3.45%, 06/01/2027		6,550,000		6,240,998
				32,083,757
Commercial Services & Supplies-0.59%
Cintas Corp. No. 2, 3.70%, 04/01/2027(b)		4,370,000		4,238,999
Republic Services, Inc., 3.38%, 11/15/2027(b)		2,847,000		2,703,654
Waste Management, Inc., 3.15%, 11/15/2027(b)		3,284,000		3,092,480
				10,035,133
Communications Equipment-0.12%
Nokia OYJ (Finland), 4.38%, 06/12/2027		2,176,000		2,087,534
Construction Materials-0.12%
Martin Marietta Materials, Inc., 3.50%, 12/15/2027(b)		2,157,000		2,046,504
Consumer Finance-4.06%
Ally Financial, Inc.
4.75%, 06/09/2027(b)		3,279,000		3,186,283
7.10%, 11/15/2027(b)		3,286,000		3,422,849

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

 29 

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

February 29, 2024

(Unaudited)

 

	Principal Amount		Value
Consumer Finance-(continued)
American Express Co.
2.55%, 03/04/2027	$	7,648,000	$	7,100,667
3.30%, 05/03/2027(b)		7,220,000		6,846,500
5.85%, 11/05/2027(b)		6,564,000		6,741,076
Capital One Financial Corp.
3.75%, 03/09/2027		5,897,000		5,631,391
3.65%, 05/11/2027(b)		4,367,000		4,160,639
Discover Financial Services, 4.10%, 02/09/2027		4,376,000		4,198,449
General Motors Financial Co., Inc.
4.35%, 01/17/2027(b)		5,463,000		5,318,914
2.35%, 02/26/2027(b)		4,368,000		4,005,997
5.00%, 04/09/2027(b)		5,469,000		5,418,139
5.40%, 05/08/2027		5,240,000		5,244,065
2.70%, 08/20/2027		3,933,000		3,610,104
Synchrony Financial, 3.95%, 12/01/2027		4,368,000		4,048,297
				68,933,370
Consumer Staples Distribution & Retail-1.64%
Costco Wholesale Corp.
3.00%, 05/18/2027(b)		4,367,000		4,168,172
1.38%, 06/20/2027		5,463,000		4,916,438
Dollar General Corp.
3.88%, 04/15/2027(b)		2,615,000		2,516,907
4.63%, 11/01/2027		2,403,000		2,358,303
Kroger Co. (The), 3.70%, 08/01/2027(b) .		2,620,000		2,517,124
Sysco Corp., 3.25%, 07/15/2027(b)		3,266,000		3,083,788
Target Corp., 1.95%, 01/15/2027(b)		4,370,000		4,042,899
Walmart, Inc., 3.95%, 09/09/2027(b)		4,369,000		4,284,068
				27,887,699
Containers & Packaging-0.12%
Packaging Corp. of America, 3.40%, 12/15/2027(b)		2,186,000		2,066,737
Diversified REITs-0.25%
Digital Realty Trust L.P., 3.70%, 08/15/2027		4,371,000		4,172,203
Diversified Telecommunication Services-2.54%
AT&T, Inc.
4.25%, 03/01/2027		6,596,000		6,432,350
2.30%, 06/01/2027		10,918,000		10,000,800
Telefonica Emisiones S.A. (Spain), 4.10%, 03/08/2027(b)		5,460,000		5,289,802
TELUS Corp. (Canada)
2.80%, 02/16/2027		2,612,000		2,447,552
3.70%, 09/15/2027		2,181,000		2,071,817
Verizon Communications, Inc.
4.13%, 03/16/2027		14,220,000		13,830,622
3.00%, 03/22/2027		3,278,000		3,086,714
				43,159,657
Electric Utilities-4.35%
Alabama Power Co., 3.75%, 09/01/2027		2,395,000		2,302,879
American Electric Power Co., Inc.
5.75%, 11/01/2027		2,185,000		2,231,086
3.20%, 11/13/2027(b)		2,173,000		2,034,465

	Principal Amount		Value
Electric Utilities-(continued)
Duke Energy Corp.
4.85%, 01/05/2027	$	2,630,000	$	2,611,546
3.15%, 08/15/2027(b)		3,272,000		3,069,487
5.00%, 12/08/2027		2,185,000		2,171,403
Duke Energy Florida LLC, 3.20%, 01/15/2027(b)		2,833,000		2,706,078
Edison International, 5.75%, 06/15/2027		2,629,000		2,654,778
Eversource Energy
2.90%, 03/01/2027		2,831,000		2,648,874
4.60%, 07/01/2027		2,697,000		2,636,222
Exelon Corp., 2.75%, 03/15/2027		2,810,000		2,615,515
FirstEnergy Corp., Series B, 4.15%, 07/15/2027(b)		6,554,000		6,231,632
ITC Holdings Corp., 3.35%, 11/15/2027(b)		2,178,000		2,044,318
National Rural Utilities Cooperative Finance Corp., 4.80%, 02/05/2027(b)		2,620,000		2,607,504
NextEra Energy Capital Holdings, Inc.
1.88%, 01/15/2027		4,371,000		3,990,349
3.55%, 05/01/2027		6,509,000		6,197,729
4.63%, 07/15/2027		5,464,000		5,378,419
Pacific Gas and Electric Co., 2.10%, 08/01/2027(b)		4,371,000		3,916,871
Southern California Edison Co.
4.88%, 02/01/2027(b)		2,200,000		2,188,731
5.85%, 11/01/2027		3,285,000		3,365,727
Series D, 4.70%, 06/01/2027		2,628,000		2,600,399
Virginia Electric & Power Co.
Series A, 3.50%, 03/15/2027		3,281,000		3,142,915
Series B, 3.75%, 05/15/2027		2,611,000		2,512,115
Xcel Energy, Inc., 1.75%, 03/15/2027		2,179,000		1,960,346
				73,819,388
Electrical Equipment-0.12%
Emerson Electric Co., 1.80%, 10/15/2027		2,178,000		1,962,973
Electronic Equipment, Instruments & Components-0.47%
Eaton Corp., 3.10%, 09/15/2027		3,051,000		2,889,100
Jabil, Inc., 4.25%, 05/15/2027		2,180,000		2,105,551
Keysight Technologies, Inc., 4.60%, 04/06/2027(b)		3,062,000		3,015,526
				8,010,177
Energy Equipment & Services-0.33%
Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc., 3.34%, 12/15/2027(b)		5,889,000		5,555,376
Entertainment-1.49%
Take-Two Interactive Software, Inc., 3.70%, 04/14/2027(b)		2,614,000		2,500,393
TWDC Enterprises 18 Corp., 2.95%, 06/15/2027(b)		4,369,000		4,145,366
Walt Disney Co. (The), 3.70%, 03/23/2027(b)		2,176,000		2,108,971
Warnermedia Holdings, Inc., 3.76%, 03/15/2027		17,500,000		16,564,085
				25,318,815

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

 30 

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

February 29, 2024

(Unaudited)

 

	Principal Amount		Value
Financial Services-3.27%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)
6.10%, 01/15/2027	$	3,940,000	$	3,991,409
3.65%, 07/21/2027		4,370,000		4,113,826
4.63%, 10/15/2027		2,627,000		2,546,473
Blackstone Private Credit Fund, 3.25%, 03/15/2027		4,350,000		3,980,572
Blue Owl Credit Income Corp., 7.75%, 09/16/2027		2,629,000		2,690,522
Corebridge Financial, Inc., 3.65%, 04/05/2027		5,421,000		5,147,537
Fidelity National Information Services, Inc., 4.70%, 07/15/2027		2,185,000		2,169,696
Fiserv, Inc., 2.25%, 06/01/2027(b)		4,405,000		4,031,747
Global Payments, Inc.
2.15%, 01/15/2027(b)		3,282,000		3,013,609
4.95%, 08/15/2027		2,178,000		2,159,059
Mastercard, Inc., 3.30%, 03/26/2027(b)		4,371,000		4,194,766
ORIX Corp. (Japan)
3.70%, 07/18/2027		2,190,000		2,096,530
5.00%, 09/13/2027		2,186,000		2,184,732
PayPal Holdings, Inc., 3.90%, 06/01/2027		2,180,000		2,108,216
Visa, Inc.
1.90%, 04/15/2027(b)		6,557,000		6,043,639
0.75%, 08/15/2027		2,176,000		1,912,187
2.75%, 09/15/2027(b)		3,282,000		3,076,531
				55,461,051
Food Products-2.22%
Bunge Ltd. Finance Corp., 3.75%, 09/25/2027(b)		2,615,000		2,504,009
Conagra Brands, Inc., 1.38%, 11/01/2027		4,367,000		3,799,438
General Mills, Inc.
4.70%, 01/30/2027		2,200,000		2,179,859
3.20%, 02/10/2027(b)		3,280,000		3,119,252
JBS USA LUX S.A./JBS USA Food Co./JBS USA Finance, Inc., 2.50%, 01/15/2027(b)		4,403,000		4,042,382
JM Smucker Co. (The), 3.38%, 12/15/2027(b)		2,181,000		2,057,975
Kellanova, 3.40%, 11/15/2027		2,620,000		2,471,828
Kraft Heinz Foods Co. (The), 3.88%, 05/15/2027(b)		5,899,000		5,700,016
McCormick & Co., Inc., 3.40%, 08/15/2027(b)		3,267,000		3,096,502
Mondelez International, Inc., 2.63%, 03/17/2027(b)		3,268,000		3,050,169
Tyson Foods, Inc., 3.55%, 06/02/2027		5,895,000		5,589,612
				37,611,042
Gas Utilities-0.29%
Atmos Energy Corp., 3.00%, 06/15/2027		2,180,000		2,051,397
Southern California Gas Co., 2.95%, 04/15/2027(b)		3,050,000		2,869,582
				4,920,979

	Principal Amount		Value
Ground Transportation-0.57%
Burlington Northern Santa Fe LLC, 3.25%, 06/15/2027	$	2,175,000	$	2,076,310
CSX Corp., 3.25%, 06/01/2027		3,721,000		3,534,026
Union Pacific Corp.
2.15%, 02/05/2027		2,174,000		2,018,592
3.00%, 04/15/2027(b)		2,174,000		2,061,816
				9,690,744
Health Care Equipment & Supplies-1.22%
Baxter International, Inc., 1.92%, 02/01/2027		6,288,000		5,721,591
Becton, Dickinson and Co., 3.70%, 06/06/2027		7,534,000		7,225,127
GE HealthCare Technologies, Inc., 5.65%, 11/15/2027(b)		7,701,000		7,825,114
				20,771,832
Health Care Providers & Services-4.72%
Cardinal Health, Inc., 3.41%, 06/15/2027		5,338,000		5,063,111
Cencora, Inc., 3.45%, 12/15/2027		3,268,000		3,097,184
Centene Corp., 4.25%, 12/15/2027		10,515,000		10,013,454
Cigna Group (The)
3.40%, 03/01/2027		5,798,000		5,521,832
3.05%, 10/15/2027(b)		2,386,000		2,231,651
CommonSpirit Health, 6.07%, 11/01/2027		2,224,000		2,281,179
CVS Health Corp.
3.63%, 04/01/2027(b)		3,286,000		3,154,436
1.30%, 08/21/2027		9,848,000		8,661,713
Elevance Health, Inc., 3.65%, 12/01/2027(b)		6,993,000		6,686,970
HCA, Inc.
4.50%, 02/15/2027		5,243,000		5,132,720
3.13%, 03/15/2027		4,369,000		4,106,726
Humana, Inc.
1.35%, 02/03/2027(b)		3,013,000		2,702,682
3.95%, 03/15/2027(b)		2,356,000		2,276,370
Kaiser Foundation Hospitals, 3.15%, 05/01/2027		2,519,000		2,395,671
Laboratory Corp. of America Holdings, 3.60%, 09/01/2027		2,612,000		2,484,759
SSM Health Care Corp., Series A, 3.82%, 06/01/2027		2,176,000		2,094,674
UnitedHealth Group, Inc.
3.45%, 01/15/2027(b)		3,302,000		3,187,156
3.38%, 04/15/2027(b)		2,726,000		2,621,201
3.70%, 05/15/2027(b)		2,615,000		2,532,905
2.95%, 10/15/2027		4,152,000		3,900,839
				80,147,233
Health Care REITs-0.41%
Healthcare Realty Holdings L.P., 3.75%, 07/01/2027		2,178,000		2,045,011
Omega Healthcare Investors, Inc., 4.50%, 04/01/2027		3,055,000		2,939,177
Welltower OP LLC, 2.70%, 02/15/2027(b)		2,173,000		2,032,046
				7,016,234

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

 31 

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

February 29, 2024

(Unaudited)

 

	Principal Amount		Value
Hotels, Restaurants & Leisure-1.56%
Darden Restaurants, Inc., 3.85%, 05/01/2027(b)	$	2,204,000	$	2,117,369
Expedia Group, Inc., 4.63%, 08/01/2027		3,275,000		3,206,664
Hyatt Hotels Corp., 5.75%, 01/30/2027		2,621,000		2,655,254
Marriott International, Inc., 5.00%, 10/15/2027		4,377,000		4,360,943
McDonald’s Corp.
3.50%, 03/01/2027(b)		3,717,000		3,582,133
3.50%, 07/01/2027		4,369,000		4,185,713
Starbucks Corp.
4.85%, 02/08/2027		4,370,000		4,348,126
2.00%, 03/12/2027(b)		2,186,000		2,005,870
				26,462,072
Household Durables-0.55%
D.R. Horton, Inc., 1.40%, 10/15/2027(b)		2,185,000		1,927,496
Leggett & Platt, Inc., 3.50%, 11/15/2027		2,192,000		2,047,932
Lennar Corp., 4.75%, 11/29/2027		3,502,000		3,448,282
PulteGroup, Inc., 5.00%, 01/15/2027(b)		1,940,000		1,932,211
				9,355,921
Household Products-0.80%
Colgate-Palmolive Co., 3.10%, 08/15/2027(b)		2,186,000		2,088,716
Kimberly-Clark Corp., 1.05%, 09/15/2027		2,611,000		2,298,875
Procter & Gamble Co. (The)
1.90%, 02/01/2027(b)		4,367,000		4,047,603
2.80%, 03/25/2027		2,179,000		2,063,928
2.85%, 08/11/2027		3,282,000		3,102,117
				13,601,239
Independent Power and Renewable Electricity Producers-0.17%
NSTAR Electric Co., 3.20%, 05/15/2027		3,067,000		2,924,797
Industrial Conglomerates-0.43%
3M Co., 2.88%, 10/15/2027		3,717,000		3,442,885
Honeywell International, Inc., 1.10%, 03/01/2027(b)		4,365,000		3,922,610
				7,365,495
Insurance-1.45%
American Equity Investment Life Holding Co., 5.00%, 06/15/2027		2,196,000		2,114,583
Aon Corp., 8.21%, 01/01/2027		2,280,000		2,451,754
Aon Corp./Aon Global Holdings PLC, 2.85%, 05/28/2027		2,608,000		2,431,306
Berkshire Hathaway Finance Corp., 2.30%, 03/15/2027		3,280,000		3,075,218
Brighthouse Financial, Inc., 3.70%, 06/22/2027(b)		3,300,000		3,113,294
CNA Financial Corp., 3.45%, 08/15/2027		2,197,000		2,082,456
Manulife Financial Corp. (Canada), 2.48%, 05/19/2027(b)		2,176,000		2,020,187

	Principal Amount		Value
Insurance-(continued)
Progressive Corp. (The)
2.45%, 01/15/2027(b)	$	2,177,000	$	2,031,256
2.50%, 03/15/2027		2,204,000		2,053,098
Willis North America, Inc., 4.65%, 06/15/2027(b)		3,278,000		3,219,581
				24,592,733
Interactive Media & Services-0.88%
Alphabet, Inc., 0.80%, 08/15/2027(b)		4,367,000		3,860,055
Meta Platforms, Inc., 3.50%, 08/15/2027(b)		11,608,000		11,128,786
				14,988,841
IT Services-0.90%
International Business Machines Corp.
3.30%, 01/27/2027(b)		2,180,000		2,084,779
2.20%, 02/09/2027		2,830,000		2,618,444
1.70%, 05/15/2027(b)		5,460,000		4,931,873
4.15%, 07/27/2027		3,284,000		3,203,153
VeriSign, Inc., 4.75%, 07/15/2027		2,409,000		2,363,594
				15,201,843
Leisure Products-0.12%
Hasbro, Inc., 3.50%, 09/15/2027		2,176,000		2,043,579
Life Sciences Tools & Services-0.28%
Illumina, Inc., 5.75%, 12/13/2027		2,171,000		2,190,503
Thermo Fisher Scientific, Inc., 4.80%, 11/21/2027(b)		2,629,000		2,631,511
				4,822,014
Machinery-2.21%
Caterpillar Financial Services Corp.
1.70%, 01/08/2027		2,186,000		2,012,334
4.50%, 01/08/2027(b)		2,180,000		2,166,236
3.60%, 08/12/2027		3,066,000		2,953,604
1.10%, 09/14/2027		3,280,000		2,893,018
CNH Industrial N.V., 3.85%, 11/15/2027.		2,191,000		2,103,384
John Deere Capital Corp.
4.50%, 01/08/2027(b)		3,280,000		3,255,968
1.70%, 01/11/2027(b)		2,177,000		1,995,098
2.35%, 03/08/2027(b)		2,189,000		2,042,783
1.75%, 03/09/2027		2,174,000		1,990,424
2.80%, 09/08/2027		2,175,000		2,037,670
4.15%, 09/15/2027		3,937,000		3,862,148
Otis Worldwide Corp., 2.29%, 04/05/2027(b)		2,175,000		2,013,433
Parker-Hannifin Corp.
3.25%, 03/01/2027(b)		3,062,000		2,913,060
4.25%, 09/15/2027(b)		5,297,000		5,186,226
				37,425,386
Media-1.17%
Comcast Corp.
2.35%, 01/15/2027(b)		6,112,000		5,700,158
3.30%, 02/01/2027		5,459,000		5,231,842
3.30%, 04/01/2027(b)		3,497,000		3,336,405
5.35%, 11/15/2027(b)		3,281,000		3,333,111
Paramount Global, 2.90%, 01/15/2027		2,552,000		2,300,274
				19,901,790

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

 32 

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

February 29, 2024

(Unaudited)

 

	Principal Amount		Value
Metals & Mining-0.45%
ArcelorMittal S.A. (Luxembourg), 6.55%, 11/29/2027(b)	$	5,255,000	$	5,474,977
Nucor Corp., 4.30%, 05/23/2027		2,186,000		2,138,161
				7,613,138
Multi-Utilities-0.85%
Ameren Corp., 1.95%, 03/15/2027(b)		2,238,000		2,046,873
NiSource, Inc., 3.49%, 05/15/2027		4,370,000		4,154,986
Public Service Enterprise Group, Inc., 5.85%, 11/15/2027		3,062,000		3,139,339
Sempra, 3.25%, 06/15/2027(b)		3,280,000		3,088,135
WEC Energy Group, Inc., 1.38%, 10/15/2027(b)		2,180,000		1,919,022
				14,348,355
Office REITs-0.20%
Boston Properties L.P., 6.75%, 12/01/2027(b)		3,274,000		3,382,958
Oil, Gas & Consumable Fuels-6.32%
Boardwalk Pipelines L.P., 4.45%, 07/15/2027		2,189,000		2,134,413
BP Capital Markets America, Inc., 3.54%, 04/06/2027		2,187,000		2,100,502
BP Capital Markets PLC (United Kingdom), 3.28%, 09/19/2027		6,550,000		6,203,875
Canadian Natural Resources Ltd. (Canada), 3.85%, 06/01/2027		5,465,000		5,240,010
Cheniere Corpus Christi Holdings LLC, 5.13%, 06/30/2027		5,260,000		5,238,349
Chevron Corp., 2.00%, 05/11/2027		4,367,000		4,019,229
Chevron USA, Inc., 1.02%, 08/12/2027(b)		3,283,000		2,904,448
Coterra Energy, Inc., 3.90%, 05/15/2027		3,010,000		2,896,095
DCP Midstream Operating L.P., 5.63%, 07/15/2027		2,191,000		2,200,437
Enbridge, Inc. (Canada), 3.70%, 07/15/2027(b)		3,046,000		2,912,745
Energy Transfer L.P.
4.40%, 03/15/2027		3,063,000		2,986,667
4.20%, 04/15/2027		2,618,000		2,540,731
4.00%, 10/01/2027		3,280,000		3,140,903
Enterprise Products Operating LLC
4.60%, 01/11/2027(b)		4,370,000		4,339,812
3.95%, 02/15/2027(b)		2,519,000		2,458,899
EQT Corp., 3.90%, 10/01/2027(b)		5,105,000		4,834,615
Equinor ASA (Norway), 3.00%, 04/06/2027		2,180,000		2,063,236
Exxon Mobil Corp., 3.29%, 03/19/2027(b)		4,369,000		4,210,576
Hess Corp., 4.30%, 04/01/2027(b)		4,367,000		4,262,139
Marathon Oil Corp., 4.40%, 07/15/2027(b)		4,367,000		4,244,283
MPLX L.P., 4.13%, 03/01/2027		5,459,000		5,295,444
Occidental Petroleum Corp., 8.50%, 07/15/2027(b)		2,145,000		2,328,558
ONEOK, Inc., 4.00%, 07/13/2027		2,177,000		2,099,882
Phillips 66 Co., 4.95%, 12/01/2027(b)		3,283,000		3,273,518

	Principal Amount		Value
Oil, Gas & Consumable Fuels-(continued)
Sabine Pass Liquefaction LLC, 5.00%, 03/15/2027	$	6,563,000	$	6,516,801
Targa Resources Corp., 5.20%, 07/01/2027		3,274,000		3,259,367
Targa Resources Partners L.P./Targa Resources Partners Finance Corp., 6.50%, 07/15/2027(b)		3,085,000		3,118,957
TC PipeLines L.P., 3.90%, 05/25/2027		2,191,000		2,090,881
Valero Energy Corp., 2.15%, 09/15/2027		2,459,000		2,229,741
Williams Cos., Inc. (The), 3.75%, 06/15/2027		6,335,000		6,065,266
				107,210,379
Passenger Airlines-0.44%
Southwest Airlines Co., 5.13%, 06/15/2027(b)		7,559,000		7,531,623
Personal Care Products-0.37%
Estee Lauder Cos., Inc. (The), 3.15%, 03/15/2027(b)		2,175,000		2,074,265
Unilever Capital Corp. (United Kingdom), 2.90%, 05/05/2027(b)		4,375,000		4,139,665
				6,213,930
Pharmaceuticals-3.44%
AstraZeneca PLC (United Kingdom), 3.13%, 06/12/2027(b)		3,268,000		3,106,540
Bristol-Myers Squibb Co.
3.25%, 02/27/2027(b)		2,238,000		2,149,507
1.13%, 11/13/2027(b)		4,367,000		3,830,239
Eli Lilly and Co.
4.50%, 02/09/2027(b)		4,370,000		4,353,869
3.10%, 05/15/2027(b)		1,743,000		1,658,559
Haleon US Capital LLC, 3.38%, 03/24/2027		8,600,000		8,172,669
Johnson & Johnson
2.95%, 03/03/2027(b)		4,370,000		4,181,287
0.95%, 09/01/2027(b)		6,554,000		5,801,137
Merck & Co., Inc., 1.70%, 06/10/2027		6,599,000		5,980,124
Novartis Capital Corp. (Switzerland)
2.00%, 02/14/2027		5,463,000		5,065,129
3.10%, 05/17/2027		4,367,000		4,159,361
Royalty Pharma PLC, 1.75%, 09/02/2027(b)		4,374,000		3,896,706
Viatris, Inc., 2.30%, 06/22/2027(b)		3,270,000		2,959,154
Zoetis, Inc., 3.00%, 09/12/2027(b)		3,302,000		3,089,238
				58,403,519
Professional Services-0.19%
Equifax, Inc., 5.10%, 12/15/2027(b)		3,302,000		3,292,813
Residential REITs-0.15%
Mid-America Apartments L.P., 3.60%, 06/01/2027		2,616,000		2,500,856
Retail REITs-0.92%
Realty Income Corp.
3.00%, 01/15/2027(b)		2,627,000		2,478,324
3.95%, 08/15/2027		2,589,000		2,501,945
Regency Centers L.P., 3.60%, 02/01/2027		2,301,000		2,199,037

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

 33 

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

February 29, 2024

(Unaudited)

 

	Principal Amount		Value
Retail REITs-(continued)
Simon Property Group L.P.
1.38%, 01/15/2027(b)	$	2,393,000	$	2,171,448
3.38%, 06/15/2027		3,268,000		3,102,637
3.38%, 12/01/2027		3,285,000		3,100,385
				15,553,776
Semiconductors & Semiconductor Equipment-2.83%
Applied Materials, Inc., 3.30%, 04/01/2027(b)		5,246,000		5,022,889
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.88%, 01/15/2027		12,778,000		12,351,649
Intel Corp.
3.75%, 03/25/2027		4,368,000		4,229,388
3.15%, 05/11/2027(b)		4,368,000		4,142,425
3.75%, 08/05/2027(b)		5,463,000		5,268,432
Micron Technology, Inc., 4.19%, 02/15/2027		3,917,000		3,809,192
QUALCOMM, Inc., 3.25%, 05/20/2027(b) .		8,755,000		8,350,950
Texas Instruments, Inc.
4.60%, 02/08/2027		2,840,000		2,831,003
2.90%, 11/03/2027(b)		2,191,000		2,058,915
				48,064,843
Software-3.48%
Adobe, Inc., 2.15%, 02/01/2027(b)		3,717,000		3,461,330
Autodesk, Inc., 3.50%, 06/15/2027		2,174,000		2,081,465
Intuit, Inc., 1.35%, 07/15/2027(b)		2,184,000		1,949,934
Microsoft Corp., 3.30%, 02/06/2027		17,505,000		16,914,887
Oracle Corp.
2.80%, 04/01/2027		9,904,000		9,241,892
3.25%, 11/15/2027		12,009,000		11,269,129
Roper Technologies, Inc., 1.40%, 09/15/2027		3,063,000		2,710,053
VMware LLC
4.65%, 05/15/2027		2,174,000		2,128,853
3.90%, 08/21/2027		5,459,000		5,205,646
Workday, Inc., 3.50%, 04/01/2027		4,376,000		4,171,332
				59,134,521
Specialized REITs-1.19%
American Tower Corp.
2.75%, 01/15/2027(b)		3,279,000		3,053,967
3.65%, 03/15/2027(b)		2,844,000		2,719,490
3.55%, 07/15/2027		3,281,000		3,111,183
Crown Castle, Inc.
4.00%, 03/01/2027		2,192,000		2,112,417
2.90%, 03/15/2027		3,282,000		3,057,352
3.65%, 09/01/2027		4,370,000		4,128,450
Public Storage Operating Co., 3.09%, 09/15/2027		2,179,000		2,052,326
				20,235,185
Specialty Retail-1.49%
AutoZone, Inc., 3.75%, 06/01/2027(b)		2,608,000		2,506,304
Home Depot, Inc. (The)
2.50%, 04/15/2027		3,278,000		3,056,167
2.88%, 04/15/2027		3,281,000		3,101,613
2.80%, 09/14/2027		4,367,000		4,097,639

	Principal Amount		Value
Specialty Retail-(continued)
Lowe’s Cos., Inc.
3.35%, 04/01/2027(b)	$	3,297,000	$	3,143,921
3.10%, 05/03/2027(b)		6,549,000		6,194,268
O’Reilly Automotive, Inc., 3.60%, 09/01/2027(b)		3,280,000		3,126,091
				25,226,003
Technology Hardware, Storage & Peripherals-2.41%
Apple, Inc.
3.35%, 02/09/2027		9,830,000		9,460,572
3.20%, 05/11/2027		8,734,000		8,340,849
3.00%, 06/20/2027(b)		4,371,000		4,148,768
2.90%, 09/12/2027(b)		8,803,000		8,310,353
3.00%, 11/13/2027(b)		6,555,000		6,203,260
IBM International Capital Pte. Ltd., 4.60%, 02/05/2027		2,280,000		2,252,204
NetApp, Inc., 2.38%, 06/22/2027		2,392,000		2,194,023
				40,910,029
Textiles, Apparel & Luxury Goods-0.36%
NIKE, Inc., 2.75%, 03/27/2027(b)		4,372,000		4,124,508
VF Corp., 2.80%, 04/23/2027		2,176,000		1,976,663
				6,101,171
Tobacco-0.93%
B.A.T Capital Corp. (United Kingdom), 4.70%, 04/02/2027		3,932,000		3,849,812
Philip Morris International, Inc.
4.75%, 02/12/2027		3,280,000		3,240,102
3.13%, 08/17/2027(b)		2,178,000		2,052,613
5.13%, 11/17/2027(b)		6,599,000		6,612,964
				15,755,491
Trading Companies & Distributors-0.60%
Air Lease Corp.
2.20%, 01/15/2027(b)		3,267,000		2,996,719
3.63%, 04/01/2027		2,186,000		2,055,042
3.63%, 12/01/2027(b)		2,180,000		2,049,401
5.85%, 12/15/2027(b)		3,060,000		3,099,597
				10,200,759
Water Utilities-0.14%
American Water Capital Corp., 2.95%, 09/01/2027(b)		2,630,000		2,453,346
Wireless Telecommunication Services-0.44%
Rogers Communications, Inc. (Canada), 3.20%, 03/15/2027(b)		5,630,000		5,303,250
T-Mobile USA, Inc., 5.38%, 04/15/2027		2,185,000		2,182,412
				7,485,662
Total U.S. Dollar Denominated Bonds & Notes (Cost $1,715,536,671)				1,680,257,733

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

 34 

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

February 29, 2024

(Unaudited)

 

	Shares		Value
Money Market Funds-0.02%
Invesco Government & Agency Portfolio, Institutional Class, 5.24%(c)(d) (Cost $373,925)		373,925	$	373,925
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.02% (Cost $1,715,910,596)				1,680,631,658
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-19.07%
Invesco Private Government Fund, 5.29%(c)(d)(e)		91,051,376		91,051,376

	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 5.49%(c)(d)(e)		232,439,660	$	232,555,880
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $323,641,637)				323,607,256
TOTAL INVESTMENTS IN SECURITIES-118.09% (Cost $2,039,552,233)				2,004,238,914
OTHER ASSETS LESS LIABILITIES-(18.09)%				(307,039,673	)
NET ASSETS-100.00%			$	1,697,199,241

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 29, 2024.

^(c)  Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 29, 2024.

	Value August 31,  2023			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)						Realized Gain			Value February 29,  2024			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	53,994		$	25,160,327		$	(24,840,396	)			$	-				$	-		$	373,925		$	49,992
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			58,041,712			188,268,534			(155,258,870	)				-					-			91,051,376			1,781,203	*
Invesco Private Prime Fund			149,226,869			480,089,493			(396,820,736	)				(37,686	)				97,940			232,555,880			4,782,325	*
Total		$	207,322,575		$	693,518,354		$	(576,920,002	)			$	(37,686	)			$	97,940		$	323,981,181		$	6,613,520

* 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 29, 2024.

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

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

 35 

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

February 29, 2024

(Unaudited)

 

Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of February 29, 2024
Financials	27.05
Consumer Discretionary	11.00
Health Care	10.79
Information Technology	10.21
Industrials	7.64
Consumer Staples	7.64
Energy	6.65
Communication Services	6.52
Utilities	5.80
Real Estate	3.12
Materials	2.58
Money Market Funds Plus Other Assets Less Liabilities	1.00

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

 36 

Invesco BulletShares 2028 Corporate Bond ETF (BSCS)

February 29, 2024

(Unaudited)

Schedule of Investments^(a)

	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes-98.73%
Aerospace & Defense-2.78%
Boeing Co. (The), 3.25%, 02/01/2028(b)	$	4,878,000	$	4,528,300
General Dynamics Corp., 3.75%, 05/15/2028(b)		4,430,000		4,269,615
HEICO Corp., 5.25%, 08/01/2028		2,670,000		2,692,900
Huntington Ingalls Industries, Inc., 2.04%, 08/16/2028		2,656,000		2,310,447
L3Harris Technologies, Inc., 4.40%, 06/15/2028		3,768,000		3,665,108
Lockheed Martin Corp., 4.45%, 05/15/2028		2,220,000		2,189,347
Northrop Grumman Corp., 3.25%, 01/15/2028(b)		8,867,000		8,320,057
RTX Corp., 4.13%, 11/16/2028(b)		13,304,000		12,774,934
				40,750,708
Air Freight & Logistics-0.32%
C.H. Robinson Worldwide, Inc., 4.20%, 04/15/2028(b)		2,665,000		2,572,724
FedEx Corp., 3.40%, 02/15/2028(b)		2,217,000		2,093,925
				4,666,649
Automobiles-3.53%
American Honda Finance Corp.
4.70%, 01/12/2028(b)		2,180,000		2,171,450
3.50%, 02/15/2028(b)		2,220,000		2,110,436
2.00%, 03/24/2028(b)		3,327,000		2,984,034
5.13%, 07/07/2028(b)		3,550,000		3,581,126
5.65%, 11/15/2028(b)		3,550,000		3,653,868
Ford Motor Credit Co. LLC
2.90%, 02/16/2028		3,330,000		2,985,554
6.80%, 05/12/2028(b)		6,652,000		6,867,416
6.80%, 11/07/2028		6,650,000		6,895,810
General Motors Co., 5.00%, 10/01/2028		3,326,000		3,307,419
Toyota Motor Corp. (Japan)
5.12%, 07/13/2028		2,190,000		2,233,888
3.67%, 07/20/2028(b)		2,180,000		2,115,740
Toyota Motor Credit Corp.
3.05%, 01/11/2028(b)		2,219,000		2,090,296
4.63%, 01/12/2028(b)		4,430,000		4,404,363
1.90%, 04/06/2028		3,330,000		2,976,541
5.25%, 09/11/2028		3,324,000		3,375,671
				51,753,612
Banks-12.95%
Banco Santander S.A. (Spain)
4.38%, 04/12/2028		5,540,000		5,327,413
5.59%, 08/08/2028(b)		6,580,000		6,641,324
6.61%, 11/07/2028(b)		5,480,000		5,760,580
Bank of Montreal (Canada)
5.20%, 02/01/2028(b)		5,324,000		5,346,567
5.72%, 09/25/2028(b)		4,430,000		4,543,847
Bank of Nova Scotia (The) (Canada), 5.25%, 06/12/2028(b)		3,321,000		3,338,628
Barclays PLC (United Kingdom), 4.84%, 05/09/2028		8,865,000		8,545,634

	Principal Amount		Value
Banks-(continued)
Canadian Imperial Bank of Commerce (Canada)
5.00%, 04/28/2028	$	4,430,000	$	4,416,096
5.99%, 10/03/2028(b)		3,100,000		3,209,552
Citibank N.A., 5.80%, 09/29/2028(b)		11,060,000		11,398,712
Citigroup, Inc., 4.13%, 07/25/2028		9,316,000		8,865,340
Credit Suisse AG (Switzerland), 7.50%, 02/15/2028		11,083,000		11,932,159
Fifth Third Bancorp, 3.95%, 03/14/2028(b)		2,845,000		2,707,366
KeyCorp, 4.10%, 04/30/2028		3,324,000		3,114,280
Lloyds Banking Group PLC (United Kingdom), 4.38%, 03/22/2028		6,655,000		6,426,825
Manufacturers & Traders Trust Co., 4.70%, 01/27/2028		5,325,000		5,124,326
Mitsubishi UFJ Financial Group, Inc. (Japan)
3.96%, 03/02/2028(b)		5,768,000		5,558,083
4.05%, 09/11/2028		4,384,000		4,251,823
Mizuho Financial Group, Inc. (Japan), 4.02%, 03/05/2028		5,760,000		5,544,988
National Bank of Canada (Canada), 5.60%, 12/18/2028		4,430,000		4,477,554
PNC Bank N.A.
3.25%, 01/22/2028		3,104,000		2,889,177
4.05%, 07/26/2028(b)		5,539,000		5,240,843
Regions Financial Corp., 1.80%, 08/12/2028(b)		2,837,000		2,415,096
Royal Bank of Canada (Canada)
4.90%, 01/12/2028(b)		3,330,000		3,323,646
5.20%, 08/01/2028(b)		4,430,000		4,460,771
Sumitomo Mitsui Financial Group, Inc. (Japan)
5.52%, 01/13/2028(b)		8,425,000		8,564,489
3.54%, 01/17/2028(b)		3,275,000		3,103,475
5.80%, 07/13/2028		3,330,000		3,425,770
3.94%, 07/19/2028		3,294,000		3,158,705
5.72%, 09/14/2028(b)		4,880,000		4,991,017
1.90%, 09/17/2028		8,870,000		7,726,364
Synovus Bank, 5.63%, 02/15/2028		2,218,000		2,143,502
Toronto-Dominion Bank (The) (Canada)
5.16%, 01/10/2028		5,546,000		5,567,059
5.52%, 07/17/2028(b)		5,543,000		5,638,900
U.S. Bancorp, 3.90%, 04/26/2028(b)		3,770,000		3,612,356
UBS AG (Switzerland), 5.65%, 09/11/2028(b)		6,648,000		6,776,793
				189,569,060
Beverages-2.04%
Anheuser-Busch InBev Worldwide, Inc. (Belgium), 4.00%, 04/13/2028(b)		11,086,000		10,755,784
Coca-Cola Co. (The)
1.50%, 03/05/2028(b)		3,330,000		2,963,763
1.00%, 03/15/2028(b)		5,763,000		5,028,429
Constellation Brands, Inc., 3.60%, 02/15/2028(b)		3,105,000		2,937,175

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

 37 

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

February 29, 2024

(Unaudited)

 

	Principal Amount		Value
Beverages-(continued)
Diageo Capital PLC (United Kingdom), 3.88%, 05/18/2028(b)	$	2,214,000	$	2,145,966
PepsiCo, Inc.
3.60%, 02/18/2028(b)		3,321,000		3,196,216
4.45%, 05/15/2028(b)		2,852,000		2,847,716
				29,875,049
Biotechnology-1.45%
Amgen, Inc.
5.15%, 03/02/2028		16,450,000		16,488,760
1.65%, 08/15/2028(b)		5,469,000		4,766,954
				21,255,714
Broadline Retail-0.60%
Amazon.com, Inc., 1.65%, 05/12/2028(b)		9,963,000		8,846,542
Building Products-0.31%
Lennox International, Inc., 5.50%, 09/15/2028		2,220,000		2,241,778
Masco Corp., 1.50%, 02/15/2028		2,656,000		2,309,749
				4,551,527
Capital Markets-4.45%
Ameriprise Financial, Inc., 5.70%, 12/15/2028		2,660,000		2,737,263
Ares Capital Corp., 2.88%, 06/15/2028(b)		5,483,000		4,805,098
Ares Management Corp., 6.38%, 11/10/2028		2,220,000		2,314,805
Bank of New York Mellon Corp. (The)
3.40%, 01/29/2028(b)		3,321,000		3,148,423
3.85%, 04/28/2028(b)		3,994,000		3,858,251
1.65%, 07/14/2028(b)		2,184,000		1,912,201
3.00%, 10/30/2028(b)		2,219,000		2,036,345
Blackstone Secured Lending Fund, 2.85%, 09/30/2028		2,839,000		2,472,756
Brookfield Finance, Inc. (Canada), 3.90%, 01/25/2028(b)		4,642,000		4,455,043
Charles Schwab Corp. (The)
3.20%, 01/25/2028		3,103,000		2,907,630
2.00%, 03/20/2028(b)		5,541,000		4,917,937
CME Group, Inc., 3.75%, 06/15/2028(b)		2,214,000		2,138,937
FS KKR Capital Corp., 3.13%, 10/12/2028(b)		3,325,000		2,874,412
Jefferies Financial Group, Inc., 5.88%, 07/21/2028(b)		4,437,000		4,526,639
Nasdaq, Inc., 5.35%, 06/28/2028(b)		4,434,000		4,481,265
Nomura Holdings, Inc. (Japan)
5.84%, 01/18/2028		2,400,000		2,431,439
6.07%, 07/12/2028		3,990,000		4,089,312
2.17%, 07/14/2028		4,435,000		3,866,233
Northern Trust Corp., 3.65%, 08/03/2028(b)		2,221,000		2,125,953
S&P Global, Inc., 4.75%, 08/01/2028(b)		3,100,000		3,091,939
				65,191,881
Chemicals-0.92%
Celanese US Holdings LLC, 6.35%, 11/15/2028(b)		4,430,000		4,558,542
Ecolab, Inc., 5.25%, 01/15/2028(b)		2,180,000		2,213,573

	Principal Amount		Value
Chemicals-(continued)
Nutrien Ltd. (Canada), 4.90%, 03/27/2028(b)	$	3,330,000	$	3,304,862
PPG Industries, Inc., 3.75%, 03/15/2028(b)		3,543,000		3,396,619
				13,473,596
Commercial Services & Supplies-0.36%
Republic Services, Inc., 3.95%, 05/15/2028		3,543,000		3,413,888
Waste Management, Inc., 1.15%, 03/15/2028		2,221,000		1,927,371
				5,341,259
Communications Equipment-0.21%
Motorola Solutions, Inc., 4.60%, 02/23/2028(b)		3,103,000		3,048,192
Consumer Finance-2.11%
Ally Financial, Inc., 2.20%, 11/02/2028(b)		3,322,000		2,827,210
Capital One Financial Corp., 3.80%, 01/31/2028		6,210,000		5,875,364
Discover Bank, 4.65%, 09/13/2028(b)		3,990,000		3,812,053
General Motors Financial Co., Inc.
6.00%, 01/09/2028(b)		4,390,000		4,484,015
2.40%, 04/10/2028(b)		4,430,000		3,951,176
5.80%, 06/23/2028		5,990,000		6,086,295
2.40%, 10/15/2028(b)		4,430,000		3,897,799
				30,933,912
Consumer Staples Distribution & Retail-1.68%
CVS Pass-Through Trust, 6.04%, 12/10/2028		438,593		441,345
Dollar General Corp.
4.13%, 05/01/2028(b)		2,175,000		2,100,374
5.20%, 07/05/2028(b)		2,220,000		2,219,464
Dollar Tree, Inc., 4.20%, 05/15/2028(b)		5,544,000		5,349,973
Walmart, Inc.
3.90%, 04/15/2028(b)		3,330,000		3,250,513
3.70%, 06/26/2028(b)		6,560,000		6,348,504
1.50%, 09/22/2028(b)		5,540,000		4,867,442
				24,577,615
Containers & Packaging-0.17%
WRKCo, Inc., 4.00%, 03/15/2028(b)		2,567,000		2,451,929
Distributors-0.24%
LKQ Corp., 5.75%, 06/15/2028		3,540,000		3,579,142
Diversified REITs-0.98%
CubeSmart L.P., 2.25%, 12/15/2028		2,439,000		2,123,836
Digital Realty Trust L.P.
5.55%, 01/15/2028(b)		3,989,000		4,031,572
4.45%, 07/15/2028		2,848,000		2,757,165
VICI Properties L.P., 4.75%, 02/15/2028		5,542,000		5,372,348
				14,284,921
Diversified Telecommunication Services-1.36%
AT&T, Inc., 1.65%, 02/01/2028(b)		9,980,000		8,785,318
Verizon Communications, Inc., 2.10%, 03/22/2028(b)		12,514,000		11,147,959
				19,933,277

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

 38 

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

February 29, 2024

(Unaudited)

 

	Principal Amount		Value
Electric Utilities-6.42%
Berkshire Hathaway Energy Co., 3.25%, 04/15/2028	$	2,662,000	$	2,494,843
CenterPoint Energy Houston Electric LLC, 5.20%, 10/01/2028		2,217,000		2,237,529
Commonwealth Edison Co., 3.70%, 08/15/2028(b)		2,437,000		2,322,925
Constellation Energy Generation LLC, 5.60%, 03/01/2028(b)		3,330,000		3,376,238
Duke Energy Corp., 4.30%, 03/15/2028(b)		3,995,000		3,883,689
Duke Energy Florida LLC, 3.80%, 07/15/2028(b)		2,657,000		2,552,190
Duke Energy Progress LLC, 3.70%, 09/01/2028		2,216,000		2,115,307
Edison International
4.13%, 03/15/2028		2,440,000		2,333,112
5.25%, 11/15/2028		2,660,000		2,646,719
Entergy Corp., 1.90%, 06/15/2028(b)		2,884,000		2,536,353
Eversource Energy, 5.45%, 03/01/2028(b)		5,762,000		5,794,790
Exelon Corp., 5.15%, 03/15/2028(b)		4,430,000		4,420,848
Florida Power & Light Co.
5.05%, 04/01/2028(b)		4,430,000		4,465,080
4.40%, 05/15/2028		3,330,000		3,271,007
Georgia Power Co., 4.65%, 05/16/2028(b)		3,330,000		3,283,496
National Rural Utilities Cooperative Finance Corp.
3.40%, 02/07/2028		3,107,000		2,940,324
4.80%, 03/15/2028(b)		2,663,000		2,651,820
NextEra Energy Capital Holdings, Inc.
4.90%, 02/28/2028(b)		5,538,000		5,493,677
1.90%, 06/15/2028		6,650,000		5,824,225
Oncor Electric Delivery Co. LLC, 4.30%, 05/15/2028(b)		2,660,000		2,591,170
Pacific Gas and Electric Co.
3.00%, 06/15/2028(b)		3,543,000		3,219,450
3.75%, 07/01/2028		3,878,000		3,612,320
San Diego Gas & Electric Co., 4.95%, 08/15/2028		2,659,000		2,659,704
Southern California Edison Co.
5.30%, 03/01/2028(b)		3,323,000		3,356,390
5.65%, 10/01/2028		2,440,000		2,499,955
Southern Co. (The), 4.85%, 06/15/2028		3,330,000		3,301,678
Southwestern Electric Power Co., Series M, 4.10%, 09/15/2028		2,545,000		2,440,844
Virginia Electric & Power Co., Series A, 3.80%, 04/01/2028(b)		3,106,000		2,980,068
Xcel Energy, Inc., 4.00%, 06/15/2028(b)		2,797,000		2,671,304
				93,977,055
Electrical Equipment-0.27%
Emerson Electric Co., 2.00%, 12/21/2028(b)		4,435,000		3,914,315
Electronic Equipment, Instruments & Components-1.41%
Arrow Electronics, Inc., 3.88%, 01/12/2028		2,221,000		2,099,295
Avnet, Inc., 6.25%, 03/15/2028(b)		2,220,000		2,258,862

	Principal Amount		Value
Electronic Equipment, Instruments & Components-(continued)
CDW LLC/CDW Finance Corp., 3.28%, 12/01/2028	$	2,179,000	$	1,953,375
Eaton Corp., 4.35%, 05/18/2028(b)		2,220,000		2,187,350
Jabil, Inc., 3.95%, 01/12/2028(b)		2,191,000		2,072,314
TD SYNNEX Corp., 2.38%, 08/09/2028(b)		2,600,000		2,263,622
Teledyne Technologies, Inc., 2.25%, 04/01/2028(b)		3,104,000		2,783,115
Trane Technologies Global Holding Co. Ltd., 3.75%, 08/21/2028(b)		2,436,000		2,324,924
Trimble, Inc., 4.90%, 06/15/2028(b)		2,659,000		2,639,574
				20,582,431
Energy Equipment & Services-0.29%
Patterson-UTI Energy, Inc., 3.95%, 02/01/2028(b)		2,141,000		2,005,869
Schlumberger Investment S.A., 4.50%, 05/15/2028(b)		2,214,000		2,194,428
				4,200,297
Entertainment-1.11%
Netflix, Inc., 5.88%, 11/15/2028(b)		8,430,000		8,727,659
Take-Two Interactive Software, Inc., 4.95%, 03/28/2028(b)		3,552,000		3,525,214
Walt Disney Co. (The), 2.20%, 01/13/2028(b)		4,432,000		4,042,861
				16,295,734
Financial Services-3.11%
AerCap Ireland Capital DAC/AerCap
Global Aviation Trust (Ireland)
3.88%, 01/23/2028		2,441,000		2,300,387
5.75%, 06/06/2028(b)		4,430,000		4,464,732
3.00%, 10/29/2028(b)		16,630,000		14,956,667
Block Financial LLC, 2.50%, 07/15/2028 .		2,218,000		1,954,659
Fidelity National Information Services, Inc., 1.65%, 03/01/2028(b)		3,293,000		2,903,632
Fiserv, Inc.
5.45%, 03/02/2028		3,990,000		4,027,617
5.38%, 08/21/2028		3,104,000		3,130,774
LPL Holdings, Inc., 6.75%, 11/17/2028		3,330,000		3,477,684
Mastercard, Inc.
3.50%, 02/26/2028(b)		2,222,000		2,139,399
4.88%, 03/09/2028(b)		3,329,000		3,367,474
MGIC Investment Corp., 5.25%, 08/15/2028		2,840,000		2,746,921
				45,469,946
Food Products-1.87%
Campbell Soup Co., 4.15%, 03/15/2028(b)		4,432,000		4,278,634
General Mills, Inc.
4.20%, 04/17/2028(b)		6,205,000		6,028,596
5.50%, 10/17/2028		2,216,000		2,253,696
Hormel Foods Corp., 1.70%, 06/03/2028(b)		3,321,000		2,933,567
J. M. Smucker Co. (The), 5.90%, 11/15/2028(b)		3,325,000		3,424,135

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

 39 

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

February 29, 2024

(Unaudited)

 

	Principal Amount		Value
Food Products-(continued)
JBS USA LUX S.A./JBS USA Food Co./JBS USA Finance, Inc., 5.13%, 02/01/2028	$	3,896,000	$	3,819,939
Kellanova, 4.30%, 05/15/2028(b)		2,663,000		2,590,030
Mondelez International, Inc., 4.13%, 05/07/2028		2,049,000		2,009,933
				27,338,530
Gas Utilities-0.27%
CenterPoint Energy Resources Corp., 5.25%, 03/01/2028(b)		3,990,000		4,019,599
Ground Transportation-1.04%
Canadian Pacific Railway Co. (Canada), 4.00%, 06/01/2028		2,214,000		2,133,429
CSX Corp., 3.80%, 03/01/2028		3,549,000		3,416,993
Ryder System, Inc.
5.65%, 03/01/2028(b)		2,220,000		2,257,952
5.25%, 06/01/2028		2,885,000		2,892,274
Union Pacific Corp., 3.95%, 09/10/2028(b)		4,678,000		4,539,712
				15,240,360
Health Care Equipment & Supplies-1.72%
Abbott Laboratories, 1.15%, 01/30/2028(b)		2,880,000		2,527,705
Baxter International, Inc., 2.27%, 12/01/2028(b)		5,540,000		4,858,099
Becton, Dickinson and Co., 4.69%, 02/13/2028		3,605,000		3,553,355
Edwards Lifesciences Corp., 4.30%, 06/15/2028(b)		2,636,000		2,561,223
Medtronic Global Holdings S.C.A., 4.25%, 03/30/2028(b)		4,430,000		4,334,522
Stryker Corp.
3.65%, 03/07/2028		2,620,000		2,499,545
4.85%, 12/08/2028(b)		2,663,000		2,655,919
Zimmer Biomet Holdings, Inc., 5.35%, 12/01/2028		2,220,000		2,245,932
				25,236,300
Health Care Providers & Services-5.28%
Centene Corp., 2.45%, 07/15/2028		10,197,000		8,996,088
Cigna Group (The), 4.38%, 10/15/2028		16,840,000		16,353,537
CVS Health Corp., 4.30%, 03/25/2028		22,171,000		21,526,014
Elevance Health, Inc., 4.10%, 03/01/2028(b)		5,483,000		5,305,784
HCA, Inc.
5.20%, 06/01/2028(b)		4,430,000		4,415,436
5.63%, 09/01/2028		6,650,000		6,703,563
Humana, Inc.
5.75%, 03/01/2028(b)		2,222,000		2,266,445
5.75%, 12/01/2028		2,220,000		2,268,330
UnitedHealth Group, Inc.
5.25%, 02/15/2028(b)		4,430,000		4,505,613
3.85%, 06/15/2028(b)		5,102,000		4,914,784
				77,255,594
Health Care REITs-0.70%
Healthpeak OP LLC, 2.13%, 12/01/2028(b)		2,180,000		1,897,589

	Principal Amount		Value
Health Care REITs-(continued)
Omega Healthcare Investors, Inc., 4.75%, 01/15/2028	$	2,439,000	$	2,341,188
Ventas Realty L.P., 4.00%, 03/01/2028 .		2,880,000		2,742,329
Welltower OP LLC, 4.25%, 04/15/2028(b)		3,321,000		3,214,786
				10,195,892
Hotels, Restaurants & Leisure-1.53%
Booking Holdings, Inc., 3.55%, 03/15/2028		2,220,000		2,114,595
Expedia Group, Inc., 3.80%, 02/15/2028		4,439,000		4,200,344
Marriott International, Inc., 5.55%, 10/15/2028(b)		3,100,000		3,156,323
McDonald’s Corp.
3.80%, 04/01/2028(b)		4,653,000		4,474,631
4.80%, 08/14/2028(b)		2,657,000		2,650,942
Starbucks Corp.
3.50%, 03/01/2028(b)		2,659,000		2,523,525
4.00%, 11/15/2028(b)		3,323,000		3,215,085
				22,335,445
Household Durables-0.19%
Mohawk Industries, Inc., 5.85%, 09/18/2028(b)		2,660,000		2,718,753
Household Products-0.48%
Clorox Co. (The), 3.90%, 05/15/2028(b) .		2,214,000		2,133,532
Colgate-Palmolive Co., 4.60%, 03/01/2028(b)		2,222,000		2,239,768
Procter & Gamble Co. (The), 3.95%, 01/26/2028(b)		2,662,000		2,617,650
				6,990,950
Independent Power and Renewable Electricity Producers-0.27%
AES Corp. (The), 5.45%, 06/01/2028(b)		3,989,000		3,979,107
Industrial Conglomerates-0.32%
3M Co., 3.63%, 09/14/2028(b)		2,656,000		2,507,358
Honeywell International, Inc., 4.95%, 02/15/2028(b)		2,215,000		2,238,308
				4,745,666
Industrial REITs-0.23%
Prologis L.P., 4.88%, 06/15/2028(b)		3,330,000		3,327,506
Insurance-0.32%
Lincoln National Corp., 3.80%, 03/01/2028(b)		2,220,000		2,113,469
Willis North America, Inc., 4.50%, 09/15/2028		2,664,000		2,574,003
				4,687,472
Interactive Media & Services-0.45%
Meta Platforms, Inc., 4.60%, 05/15/2028(b)		6,580,000		6,553,311
IT Services-0.47%
DXC Technology Co., 2.38%, 09/15/2028(b)		2,883,000		2,488,387
International Business Machines Corp., 4.50%, 02/06/2028(b)		4,430,000		4,369,944
				6,858,331

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

 40 

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

February 29, 2024

(Unaudited)

 

	Principal Amount		Value
Life Sciences Tools & Services-0.32%
Revvity, Inc., 1.90%, 09/15/2028	$	2,197,000	$	1,898,033
Thermo Fisher Scientific, Inc., 1.75%, 10/15/2028(b)		3,104,000		2,727,732
				4,625,765
Machinery-2.19%
CNH Industrial Capital LLC, 4.55%, 04/10/2028		2,660,000		2,605,969
Ingersoll Rand, Inc., 5.40%, 08/14/2028 .		2,215,000		2,234,469
John Deere Capital Corp.
4.75%, 01/20/2028		4,875,000		4,871,377
4.90%, 03/03/2028		2,880,000		2,897,369
1.50%, 03/06/2028		2,221,000		1,960,247
4.95%, 07/14/2028		6,650,000		6,689,874
Otis Worldwide Corp., 5.25%, 08/16/2028(b)		3,330,000		3,357,675
Wabtec Corp., 4.70%, 09/15/2028		5,540,000		5,406,995
Xylem, Inc., 1.95%, 01/30/2028		2,214,000		1,980,973
				32,004,948
Marine Transportation-0.14%
Kirby Corp., 4.20%, 03/01/2028		2,222,000		2,124,787
Media-2.01%
Charter Communications Operating LLC/ Charter Communications Operating Capital Corp.
3.75%, 02/15/2028		4,436,000		4,089,409
4.20%, 03/15/2028		5,544,000		5,198,645
Comcast Corp.
3.15%, 02/15/2028		7,319,000		6,866,453
3.55%, 05/01/2028		4,433,000		4,209,819
Discovery Communications LLC, 3.95%, 03/20/2028(b)		7,540,000		7,061,927
Paramount Global, 3.38%, 02/15/2028		2,217,000		1,954,902
				29,381,155
Metals & Mining-0.41%
Freeport-McMoRan, Inc.
4.13%, 03/01/2028		2,118,000		2,011,973
4.38%, 08/01/2028		1,881,000		1,791,467
Nucor Corp., 3.95%, 05/01/2028(b)		2,220,000		2,148,499
				5,951,939
Multi-Utilities-1.53%
DTE Electric Co., Series A, 1.90%, 04/01/2028		2,549,000		2,272,324
DTE Energy Co., 4.88%, 06/01/2028		3,543,000		3,495,165
National Grid PLC (United Kingdom), 5.60%, 06/12/2028(b)		3,104,000		3,144,742
NiSource, Inc., 5.25%, 03/30/2028		4,660,000		4,683,313
Public Service Enterprise Group, Inc., 5.88%, 10/15/2028		2,660,000		2,732,363
Sempra, 3.40%, 02/01/2028		4,434,000		4,172,046
WEC Energy Group, Inc., 2.20%, 12/15/2028(b)		2,222,000		1,953,938
				22,453,891
Oil, Gas & Consumable Fuels-5.58%
BP Capital Markets PLC (United Kingdom), 3.72%, 11/28/2028(b)		3,547,000		3,370,548

	Principal Amount		Value
Oil, Gas & Consumable Fuels-(continued)
Chevron USA, Inc., 3.85%, 01/15/2028	$	2,657,000	$	2,586,597
Continental Resources, Inc., 4.38%, 01/15/2028(b)		4,431,000		4,262,009
Enbridge, Inc. (Canada), 6.00%, 11/15/2028(b)		3,292,000		3,411,660
Energy Transfer L.P.
5.55%, 02/15/2028(b)		4,435,000		4,473,518
4.95%, 05/15/2028		3,550,000		3,505,613
4.95%, 06/15/2028		4,435,000		4,371,090
6.10%, 12/01/2028(b)		2,215,000		2,291,145
EQT Corp., 5.70%, 04/01/2028(b)		2,218,000		2,235,914
Equinor ASA (Norway), 3.63%, 09/10/2028		4,430,000		4,242,127
Kinder Morgan, Inc., 4.30%, 03/01/2028		5,543,000		5,379,368
MPLX L.P., 4.00%, 03/15/2028		5,539,000		5,313,743
Occidental Petroleum Corp., 6.38%, 09/01/2028		2,536,000		2,629,351
ONEOK, Inc.
4.55%, 07/15/2028		3,509,000		3,430,307
5.65%, 11/01/2028		3,330,000		3,390,075
Ovintiv, Inc., 5.65%, 05/15/2028(b)		3,103,000		3,132,402
Phillips 66, 3.90%, 03/15/2028(b)		3,544,000		3,415,494
Sabine Pass Liquefaction LLC, 4.20%, 03/15/2028		5,987,000		5,778,485
TransCanada PipeLines Ltd. (Canada), 4.25%, 05/15/2028(b)		6,209,000		5,984,475
Valero Energy Corp., 4.35%, 06/01/2028(b)		2,621,000		2,552,505
Valero Energy Partners L.P., 4.50%, 03/15/2028		2,022,000		1,967,758
Williams Cos., Inc. (The), 5.30%, 08/15/2028(b)		3,990,000		4,021,735
				81,745,919
Passenger Airlines-0.12%
Delta Air Lines, Inc., 4.38%, 04/19/2028(b)		1,804,000		1,731,515
Personal Care Products-1.10%
Estee Lauder Cos., Inc. (The), 4.38%, 05/15/2028(b)		3,100,000		3,049,579
Kenvue, Inc., 5.05%, 03/22/2028		4,390,000		4,420,068
Unilever Capital Corp. (United Kingdom)
3.50%, 03/22/2028		5,760,000		5,512,141
4.88%, 09/08/2028(b)		3,100,000		3,124,461
				16,106,249
Pharmaceuticals-3.70%
AstraZeneca Finance LLC (United Kingdom)
4.88%, 03/03/2028		4,829,000		4,826,000
1.75%, 05/28/2028		5,542,000		4,901,898
Bristol-Myers Squibb Co., 3.90%, 02/20/2028(b)		6,432,000		6,211,935
GlaxoSmithKline Capital, Inc. (United Kingdom), 3.88%, 05/15/2028(b)		7,760,000		7,507,804
Johnson & Johnson, 2.90%, 01/15/2028(b)		6,650,000		6,294,508

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

 41 

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

February 29, 2024

(Unaudited)

 

	Principal Amount		Value
Pharmaceuticals-(continued)
Merck & Co., Inc.
4.05%, 05/17/2028(b)	$	2,215,000	$	2,171,887
1.90%, 12/10/2028(b)		4,430,000		3,912,205
Pfizer, Inc., 3.60%, 09/15/2028(b)		4,438,000		4,242,492
Sanofi S.A., 3.63%, 06/19/2028		4,398,000		4,248,938
Takeda Pharmaceutical Co. Ltd. (Japan), 5.00%, 11/26/2028(b)		7,655,000		7,646,282
Zoetis, Inc., 3.90%, 08/20/2028		2,220,000		2,134,796
				54,098,745
Professional Services-0.91%
Automatic Data Processing, Inc., 1.70%, 05/15/2028(b)		4,439,000		3,960,257
Concentrix Corp., 6.60%, 08/02/2028(b)		3,550,000		3,572,233
Equifax, Inc., 5.10%, 06/01/2028		3,105,000		3,088,325
Jacobs Engineering Group, Inc., 6.35%, 08/18/2028		2,660,000		2,747,225
				13,368,040
Real Estate Management & Development-0.19%
Piedmont Operating Partnership L.P., 9.25%, 07/20/2028		2,660,000		2,812,037
Residential REITs-0.45%
American Homes 4 Rent L.P., 4.25%, 02/15/2028		2,221,000		2,134,957
ERP Operating L.P., 3.50%, 03/01/2028		2,218,000		2,095,241
Invitation Homes Operating Partnership L.P., 2.30%, 11/15/2028(b)		2,631,000		2,303,364
				6,533,562
Retail REITs-0.54%
Realty Income Corp.
3.40%, 01/15/2028		2,616,000		2,454,397
3.65%, 01/15/2028		2,437,000		2,312,977
Simon Property Group L.P., 1.75%, 02/01/2028		3,551,000		3,145,473
				7,912,847
Semiconductors & Semiconductor Equipment-2.14%
Analog Devices, Inc., 1.70%, 10/01/2028(b)		3,330,000		2,909,749
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.50%, 01/15/2028(b)		3,442,000		3,244,511
Intel Corp.
4.88%, 02/10/2028(b)		7,760,000		7,744,993
1.60%, 08/12/2028		4,432,000		3,856,157
Marvell Technology, Inc., 2.45%, 04/15/2028		3,330,000		2,991,755
Micron Technology, Inc., 5.38%, 04/15/2028		2,658,000		2,673,616
NVIDIA Corp., 1.55%, 06/15/2028(b)		5,542,000		4,910,071
Texas Instruments, Inc., 4.60%, 02/15/2028(b)		3,070,000		3,065,090
				31,395,942
Software-2.13%
Intuit, Inc., 5.13%, 09/15/2028(b)		3,330,000		3,373,987
Oracle Corp.
2.30%, 03/25/2028		8,867,000		7,950,843
4.50%, 05/06/2028(b)		3,328,000		3,265,103

	Principal Amount		Value
Software-(continued)
Roper Technologies, Inc., 4.20%, 09/15/2028	$	3,551,000	$	3,435,226
Salesforce, Inc.
3.70%, 04/11/2028		6,649,000		6,413,286
1.50%, 07/15/2028(b)		4,438,000		3,883,566
VMware LLC, 1.80%, 08/15/2028		3,324,000		2,883,719
				31,205,730
Specialized REITs-2.56%
American Tower Corp.
3.60%, 01/15/2028		3,100,000		2,923,712
1.50%, 01/31/2028		2,886,000		2,508,017
5.50%, 03/15/2028		3,108,000		3,123,100
5.25%, 07/15/2028(b)		2,848,000		2,840,061
5.80%, 11/15/2028(b)		3,324,000		3,390,024
Crown Castle, Inc.
5.00%, 01/11/2028		4,430,000		4,365,579
3.80%, 02/15/2028		4,430,000		4,174,531
4.80%, 09/01/2028		2,660,000		2,598,241
Equinix, Inc., 1.55%, 03/15/2028(b)		2,878,000		2,506,239
Extra Space Storage L.P., 5.70%, 04/01/2028		2,218,000		2,250,416
GLP Capital L.P./GLP Financing II, Inc., 5.75%, 06/01/2028		2,191,000		2,175,575
Public Storage Operating Co.
1.85%, 05/01/2028		2,887,000		2,552,638
1.95%, 11/09/2028(b)		2,440,000		2,143,596
				37,551,729
Specialty Retail-1.66%
AutoZone, Inc., 6.25%, 11/01/2028		2,220,000		2,310,054
Dell International LLC/EMC Corp., 5.25%, 02/01/2028(b)		4,382,000		4,416,891
Home Depot, Inc. (The)
0.90%, 03/15/2028		2,213,000		1,910,830
1.50%, 09/15/2028		4,433,000		3,864,886
Lowe’s Cos., Inc.
1.30%, 04/15/2028(b)		4,436,000		3,849,763
1.70%, 09/15/2028		4,431,000		3,852,157
O’Reilly Automotive, Inc., 4.35%, 06/01/2028(b)		2,221,000		2,166,990
TJX Cos., Inc. (The), 1.15%, 05/15/2028(b)		2,222,000		1,916,744
				24,288,315
Technology Hardware, Storage & Peripherals-2.16%
Apple, Inc.
1.20%, 02/08/2028(b)		11,084,000		9,742,762
4.00%, 05/10/2028(b)		6,650,000		6,508,638
1.40%, 08/05/2028(b)		10,196,000		8,916,762
Hewlett Packard Enterprise Co., 5.25%, 07/01/2028(b)		2,440,000		2,444,481
HP, Inc., 4.75%, 01/15/2028(b)		3,988,000		3,950,347
				31,562,990
Textiles, Apparel & Luxury Goods-0.35%
Tapestry, Inc., 7.35%, 11/27/2028(b)		4,900,000		5,129,157
Tobacco-1.73%
Altria Group, Inc., 6.20%, 11/01/2028(b) .		2,220,000		2,308,645

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

 42 

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

February 29, 2024

(Unaudited)

 

	Principal Amount		Value
Tobacco-(continued)
B.A.T Capital Corp. (United Kingdom), 2.26%, 03/25/2028(b)	$	7,762,000	$	6,873,194
B.A.T. International Finance PLC (United Kingdom), 4.45%, 03/16/2028		4,433,000		4,277,332
Philip Morris International, Inc.
4.88%, 02/15/2028		6,869,000		6,834,097
3.13%, 03/02/2028		2,214,000		2,062,217
5.25%, 09/07/2028		2,883,000		2,906,550
				25,262,035
Trading Companies & Distributors-0.34%
Air Lease Corp.
5.30%, 02/01/2028(b)		3,106,000		3,092,974
2.10%, 09/01/2028		2,215,000		1,923,269
				5,016,243
Water Utilities-0.18%
American Water Capital Corp., 3.75%, 09/01/2028(b)		2,770,000		2,630,601
Wireless Telecommunication Services-2.08%
Sprint Capital Corp., 6.88%, 11/15/2028		10,972,000		11,677,906
T-Mobile USA, Inc.
4.75%, 02/01/2028(b)		6,651,000		6,539,972
4.95%, 03/15/2028		4,434,000		4,410,060
4.80%, 07/15/2028(b)		3,990,000		3,940,782
Vodafone Group PLC (United Kingdom), 4.38%, 05/30/2028(b)		3,994,000		3,927,133
				30,495,853
Total U.S. Dollar Denominated Bonds & Notes (Cost $1,468,079,058)				1,445,397,173

	Shares		Value
Money Market Funds-0.11%
Invesco Government & Agency Portfolio, Institutional Class, 5.24%(c)(d) (Cost $1,667,749)		1,667,749	$	1,667,749
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-98.84% (Cost $1,469,746,807)				1,447,064,922
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-22.69%
Invesco Private Government Fund, 5.29%(c)(d)(e)		87,833,257		87,833,257
Invesco Private Prime Fund, 5.49%(c)(d)(e)		244,222,260		244,344,371
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $332,218,346)				332,177,628
TOTAL INVESTMENTS IN SECURITIES-121.53% (Cost $1,801,965,153)				1,779,242,550
OTHER ASSETS LESS LIABILITIES-(21.53)%				(315,226,049	)
NET ASSETS-100.00%			$	1,464,016,501

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 29, 2024.

^(c)  Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 29, 2024.

	Value August 31, 2023			Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)			Realized Gain			Value February 29, 2024			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	70,749	$	23,107,203		$ (21,510,203)		$	-		$	-		$	1,667,749	$	58,394

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

 43 

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

February 29, 2024

(Unaudited)

 

	Value August 31, 2023			Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)						Realized Gain			Value February 29, 2024					Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		$	44,945,202	$	201,185,074	$	(158,297,019	)			$	-				$	-			$	87,833,257		$	1,744,076	*
Invesco Private Prime Fund			116,108,652		453,850,252		(325,678,329	)				(44,130	)				107,926				244,344,371			4,696,744	*
Total		$	161,124,603	$	678,142,529	$	(505,485,551	)			$	(44,130	)			$	107,926			$	333,845,377		$	6,499,214

* 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 29, 2024.

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

Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of February 29, 2024
Financials	22.94
Health Care	12.47
Industrials	9.10
Consumer Staples	8.90
Utilities	8.67
Information Technology	8.52
Consumer Discretionary	8.10
Communication Services	7.01
Energy	5.87
Real Estate	5.65
Materials	1.50
Money Market Funds Plus Other Assets Less Liabilities	1.27

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

 44 

Invesco BulletShares 2029 Corporate Bond ETF (BSCT)

February 29, 2024

(Unaudited)

Schedule of Investments^(a)

	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes-98.91%
Aerospace & Defense-1.48%
Boeing Co. (The), 3.20%, 03/01/2029(b)	$	3,400,000	$	3,078,142
Howmet Aerospace, Inc., 3.00%, 01/15/2029		2,380,000		2,136,871
Lockheed Martin Corp., 4.50%, 02/15/2029		2,210,000		2,173,008
Northrop Grumman Corp., 4.60%, 02/01/2029		1,700,000		1,666,096
RTX Corp.
5.75%, 01/15/2029		1,680,000		1,731,037
7.50%, 09/15/2029(b)		1,390,000		1,542,898
				12,328,052
Air Freight & Logistics-0.29%
United Parcel Service, Inc., 3.40%, 03/15/2029(b)		2,565,000		2,425,594
Automobiles-2.76%
American Honda Finance Corp., 2.25%, 01/12/2029		2,189,000		1,943,720
Ford Motor Credit Co. LLC
2.90%, 02/10/2029(b)		2,552,000		2,225,134
5.11%, 05/03/2029		5,065,000		4,883,526
General Motors Co., 5.40%, 10/15/2029 .		3,401,000		3,394,928
PACCAR Financial Corp., 4.60%, 01/31/2029		2,050,000		2,029,374
Toyota Motor Corp. (Japan), 2.76%, 07/02/2029(b)		1,677,000		1,545,974
Toyota Motor Credit Corp.
4.65%, 01/05/2029(b)		2,730,000		2,702,598
3.65%, 01/08/2029		1,675,000		1,587,336
4.45%, 06/29/2029		2,721,000		2,675,364
				22,987,954
Banks-5.57%
Cooperatieve Rabobank U.A. (Netherlands), 4.80%, 01/09/2029		1,700,000		1,684,864
KeyCorp, 2.55%, 10/01/2029		2,526,000		2,114,055
Mitsubishi UFJ Financial Group, Inc. (Japan)
3.74%, 03/07/2029(b)		5,055,000		4,777,720
3.20%, 07/18/2029(b)		5,948,000		5,413,565
PNC Bank N.A., 2.70%, 10/22/2029		2,564,000		2,212,480
PNC Financial Services Group, Inc. (The), 3.45%, 04/23/2029(b)		5,106,000		4,717,223
Royal Bank of Canada (Canada), 4.95%, 02/01/2029(b)		3,400,000		3,377,452
Sumitomo Mitsui Financial Group, Inc. (Japan)
2.47%, 01/14/2029(b)		1,705,000		1,516,339
3.04%, 07/16/2029		8,491,000		7,644,162
2.72%, 09/27/2029		1,670,000		1,470,182
Truist Financial Corp., 3.88%, 03/19/2029(b)		2,190,000		2,015,498
Wells Fargo & Co., 4.15%, 01/24/2029(b)		8,495,000		8,136,639
Zions Bancorporation N.A., 3.25%, 10/29/2029		1,670,000		1,363,012
				46,443,191

	Principal Amount		Value
Beverages-3.06%
Anheuser-Busch InBev Worldwide, Inc. (Belgium), 4.75%, 01/23/2029	$	14,421,000	$	14,309,920
Coca-Cola Co. (The), 2.13%, 09/06/2029(b)		3,402,000		2,995,286
Diageo Capital PLC (United Kingdom), 2.38%, 10/24/2029(b)		3,409,000		2,996,743
Keurig Dr Pepper, Inc., 3.95%, 04/15/2029(b)		3,423,000		3,263,046
PepsiCo, Inc., 7.00%, 03/01/2029		1,719,000		1,898,911
				25,463,906
Biotechnology-2.79%
AbbVie, Inc., 3.20%, 11/21/2029(b)		18,428,000		16,866,638
Amgen, Inc.
3.00%, 02/22/2029(b)		2,567,000		2,355,897
4.05%, 08/18/2029(b)		4,254,000		4,069,205
				23,291,740
Broadline Retail-1.19%
Amazon.com, Inc.
3.45%, 04/13/2029(b)		5,107,000		4,841,894
4.65%, 12/01/2029(b)		5,105,000		5,110,128
				9,952,022
Building Products-0.26%
Fortune Brands Innovations, Inc., 3.25%, 09/15/2029(b)		2,360,000		2,136,817
Capital Markets-4.18%
Ares Capital Corp., 5.88%, 03/01/2029		3,500,000		3,422,515
Bank of New York Mellon Corp. (The), 3.30%, 08/23/2029		2,520,000		2,313,481
BlackRock, Inc., 3.25%, 04/30/2029(b)		3,355,000		3,145,268
Blue Owl Capital Corp., 5.95%, 03/15/2029		2,020,000		1,974,703
Brookfield Finance, Inc. (Canada), 4.85%, 03/29/2029		3,370,000		3,324,811
Charles Schwab Corp. (The)
4.00%, 02/01/2029(b)		2,040,000		1,960,463
3.25%, 05/22/2029		2,011,000		1,855,474
Golub Capital BDC, Inc., 6.00%, 07/15/2029		2,020,000		1,961,958
Lazard Group LLC, 4.38%, 03/11/2029		1,670,000		1,591,041
Nomura Holdings, Inc. (Japan)
2.71%, 01/22/2029		1,670,000		1,473,929
5.61%, 07/06/2029(b)		2,020,000		2,032,537
Northern Trust Corp., 3.15%, 05/03/2029		1,686,000		1,562,873
S&P Global, Inc.
2.70%, 03/01/2029(b)		4,132,000		3,742,490
4.25%, 05/01/2029(b)		3,090,000		2,997,381
2.50%, 12/01/2029(b)		1,685,000		1,485,708
				34,844,632
Chemicals-2.56%
Air Products and Chemicals, Inc., 4.60%, 02/08/2029		2,600,000		2,570,232
Celanese US Holdings LLC, 6.33%, 07/15/2029(b)		2,530,000		2,599,825

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

 45 

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

February 29, 2024

(Unaudited)

 

	Principal Amount		Value
Chemicals-(continued)
Dow Chemical Co. (The), 7.38%, 11/01/2029(b)	$	2,620,000	$	2,908,238
FMC Corp., 3.45%, 10/01/2029		1,675,000		1,490,075
Huntsman International LLC, 4.50%, 05/01/2029		2,551,000		2,425,047
Nutrien Ltd. (Canada), 4.20%, 04/01/2029(b)		2,520,000		2,424,214
Olin Corp., 5.63%, 08/01/2029(b)		2,293,000		2,245,615
Rohm & Haas Co., 7.85%, 07/15/2029(b)		2,007,000		2,228,518
Sherwin-Williams Co. (The), 2.95%, 08/15/2029		2,680,000		2,410,041
				21,301,805
Commercial Services & Supplies-0.50%
Waste Connections, Inc., 3.50%, 05/01/2029(b)		1,682,000		1,578,037
Waste Management, Inc., 4.88%, 02/15/2029		2,550,000		2,554,059
				4,132,096
Communications Equipment-0.50%
Juniper Networks, Inc., 3.75%, 08/15/2029(b)		1,679,000		1,558,899
Motorola Solutions, Inc., 4.60%, 05/23/2029(b)		2,680,000		2,605,515
				4,164,414
Consumer Finance-1.90%
American Express Co., 4.05%, 05/03/2029(b)		3,400,000		3,291,696
General Motors Financial Co., Inc.
5.80%, 01/07/2029		5,100,000		5,165,372
5.65%, 01/17/2029		1,705,000		1,721,221
4.30%, 04/06/2029(b)		3,740,000		3,550,532
Synchrony Financial, 5.15%, 03/19/2029(b)		2,191,000		2,091,300
				15,820,121
Consumer Staples Distribution & Retail-1.32%
Ahold Finance USA LLC (Netherlands), 6.88%, 05/01/2029(b)		1,683,000		1,827,696
Kroger Co. (The), 4.50%, 01/15/2029(b)		2,022,000		1,978,768
Sysco Corp., 5.75%, 01/17/2029(b)		1,680,000		1,720,197
Target Corp., 3.38%, 04/15/2029(b)		3,400,000		3,195,609
Walmart, Inc., 3.25%, 07/08/2029(b)		2,463,000		2,315,793
				11,038,063
Containers & Packaging-0.48%
Packaging Corp. of America, 3.00%, 12/15/2029		1,686,000		1,513,823
WRKCo, Inc., 4.90%, 03/15/2029		2,524,000		2,502,726
				4,016,549
Diversified Consumer Services-0.36%
RELX Capital, Inc. (United Kingdom), 4.00%, 03/18/2029		3,174,000		3,033,343

	Principal Amount		Value
Diversified REITs-0.51%
Digital Realty Trust L.P., 3.60%, 07/01/2029	$	3,029,000	$	2,792,888
Hudson Pacific Properties L.P., 4.65%, 04/01/2029		1,708,000		1,424,664
				4,217,552
Diversified Telecommunication Services-3.10%
AT&T, Inc., 4.35%, 03/01/2029(b)		10,167,000		9,816,606
Verizon Communications, Inc.
3.88%, 02/08/2029(b)		3,411,000		3,240,491
4.02%, 12/03/2029		13,440,000		12,741,817
				25,798,914
Electric Utilities-5.90%
American Electric Power Co., Inc., 5.20%, 01/15/2029(b)		3,370,000		3,368,532
Avangrid, Inc., 3.80%, 06/01/2029		2,524,000		2,356,667
Duke Energy Corp.
4.85%, 01/05/2029(b)		2,215,000		2,179,102
3.40%, 06/15/2029		2,022,000		1,863,478
Duke Energy Florida LLC, 2.50%, 12/01/2029		2,381,000		2,094,831
Duke Energy Progress LLC, 3.45%, 03/15/2029		2,021,000		1,891,582
Edison International, 6.95%, 11/15/2029		1,856,000		1,979,842
Evergy, Inc., 2.90%, 09/15/2029		2,685,000		2,381,153
Eversource Energy
5.95%, 02/01/2029(b)		2,720,000		2,787,441
Series O, 4.25%, 04/01/2029		1,677,000		1,600,208
MidAmerican Energy Co., 3.65%, 04/15/2029		2,858,000		2,698,012
National Rural Utilities Cooperative Finance Corp., 4.85%, 02/07/2029		1,800,000		1,784,351
Nevada Power Co., Series CC, 3.70%, 05/01/2029		1,677,000		1,584,820
NextEra Energy Capital Holdings, Inc.
4.90%, 03/15/2029		3,070,000		3,033,872
3.50%, 04/01/2029(b)		1,672,000		1,548,553
2.75%, 11/01/2029		3,362,000		2,964,787
Pacific Gas and Electric Co., 6.10%, 01/15/2029(b)		2,890,000		2,960,767
PacifiCorp, 5.10%, 02/15/2029		1,680,000		1,675,658
Southern California Edison Co., Series A, 4.20%, 03/01/2029		1,676,000		1,615,473
Southern Co. (The), 5.50%, 03/15/2029		2,020,000		2,050,588
Tampa Electric Co., 4.90%, 03/01/2029		1,800,000		1,791,576
Virginia Electric & Power Co., Series A, 2.88%, 07/15/2029(b)		1,679,000		1,520,592
Xcel Energy, Inc., 2.60%, 12/01/2029		1,689,000		1,471,603
				49,203,488
Electronic Equipment, Instruments & Components-0.63%
Amphenol Corp., 4.35%, 06/01/2029		1,670,000		1,624,119
CDW LLC/CDW Finance Corp., 3.25%, 02/15/2029(b)		2,379,000		2,123,329
Keysight Technologies, Inc., 3.00%, 10/30/2029		1,688,000		1,502,895
				5,250,343

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

 46 

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

February 29, 2024

(Unaudited)

 

	Principal Amount		Value
Energy Equipment & Services-0.38%
Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc., 3.14%, 11/07/2029(b)	$	1,756,000	$	1,604,267
NOV, Inc., 3.60%, 12/01/2029(b)		1,674,000		1,529,682
				3,133,949
Entertainment-1.61%
Netflix, Inc., 6.38%, 05/15/2029(b)		2,691,000		2,858,190
Walt Disney Co. (The), 2.00%, 09/01/2029		6,809,000		5,876,946
Warnermedia Holdings, Inc., 4.05%, 03/15/2029		5,080,000		4,707,465
				13,442,601
Financial Services-3.41%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland), 5.10%, 01/19/2029(b)		2,720,000		2,675,928
Blackstone Private Credit Fund, 4.00%, 01/15/2029(b)		2,160,000		1,966,225
Corebridge Financial, Inc., 3.85%, 04/05/2029		3,358,000		3,116,145
Fidelity National Information Services, Inc., 3.75%, 05/21/2029		2,032,000		1,934,729
Fiserv, Inc., 3.50%, 07/01/2029		10,203,000		9,380,428
Global Payments, Inc., 5.30%, 08/15/2029		1,687,000		1,665,417
Mastercard, Inc., 2.95%, 06/01/2029		3,412,000		3,133,500
PayPal Holdings, Inc., 2.85%, 10/01/2029(b)		5,107,000		4,553,944
				28,426,316
Food Products-0.61%
JBS USA LUX S.A./JBS USA Food Co./JBS USA Finance, Inc., 3.00%, 02/02/2029(b)		2,020,000		1,771,996
Tyson Foods, Inc., 4.35%, 03/01/2029		3,410,000		3,283,182
				5,055,178
Gas Utilities-0.22%
Piedmont Natural Gas Co., Inc., 3.50%, 06/01/2029(b)		2,025,000		1,866,510
Ground Transportation-0.68%
CSX Corp., 4.25%, 03/15/2029		3,199,000		3,118,559
Union Pacific Corp., 3.70%, 03/01/2029		2,631,000		2,510,916
				5,629,475
Health Care Equipment & Supplies-0.53%
Becton, Dickinson and Co., 4.87%, 02/08/2029		2,100,000		2,074,575
DH Europe Finance II S.a.r.l., 2.60%, 11/15/2029(b)		2,681,000		2,384,727
				4,459,302
Health Care Providers & Services-5.59%
Centene Corp., 4.63%, 12/15/2029(b)		11,116,000		10,530,242
Cigna Group (The), 5.00%, 05/15/2029(b)		3,410,000		3,387,986
CommonSpirit Health, 3.35%, 10/01/2029(b)		3,086,000		2,807,507
CVS Health Corp., 5.00%, 01/30/2029		3,409,000		3,399,774

	Principal Amount		Value
Health Care Providers & Services-(continued)
Elevance Health, Inc., 2.88%, 09/15/2029	$	2,787,000	$	2,504,138
HCA, Inc.
5.88%, 02/01/2029		3,400,000		3,461,810
3.38%, 03/15/2029		1,677,000		1,530,240
4.13%, 06/15/2029		6,801,000		6,406,887
Humana, Inc., 3.70%, 03/23/2029(b)		2,004,000		1,875,175
Laboratory Corp. of America Holdings, 2.95%, 12/01/2029		2,192,000		1,954,972
Quest Diagnostics, Inc., 4.20%, 06/30/2029(b)		1,696,000		1,631,138
UnitedHealth Group, Inc.
4.25%, 01/15/2029(b)		4,260,000		4,152,600
4.00%, 05/15/2029(b)		3,064,000		2,948,486
				46,590,955
Health Care REITs-1.10%
Healthpeak OP LLC, 3.50%, 07/15/2029.		2,190,000		2,001,622
Omega Healthcare Investors, Inc., 3.63%, 10/01/2029		1,706,000		1,499,722
Ventas Realty L.P., 4.40%, 01/15/2029		2,526,000		2,421,924
Welltower OP LLC
2.05%, 01/15/2029		1,670,000		1,447,952
4.13%, 03/15/2029(b)		1,856,000		1,766,966
				9,138,186
Hotels, Restaurants & Leisure-0.71%
Marriott International, Inc., 4.90%, 04/15/2029		2,720,000		2,688,822
Starbucks Corp., 3.55%, 08/15/2029(b)		3,411,000		3,201,227
				5,890,049
Household Durables-0.47%
Leggett & Platt, Inc., 4.40%, 03/15/2029(b)		1,676,000		1,588,521
Whirlpool Corp., 4.75%, 02/26/2029(b)		2,383,000		2,328,593
				3,917,114
Household Products-0.70%
Clorox Co. (The), 4.40%, 05/01/2029(b)		1,676,000		1,634,817
Kimberly-Clark Corp., 3.20%, 04/25/2029(b)		2,344,000		2,179,139
Procter & Gamble Co. (The), 4.35%, 01/29/2029		2,046,000		2,029,039
				5,842,995
Industrial Conglomerates-0.95%
3M Co.
3.38%, 03/01/2029(b)		2,699,000		2,493,648
2.38%, 08/26/2029		3,370,000		2,928,514
Honeywell International, Inc., 4.25%, 01/15/2029(b)		2,550,000		2,495,099
				7,917,261
Insurance-2.32%
Aon Corp., 3.75%, 05/02/2029(b)		2,529,000		2,374,808
CNA Financial Corp., 3.90%, 05/01/2029		1,653,000		1,552,421
CNO Financial Group, Inc., 5.25%, 05/30/2029		1,707,000		1,658,897

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

 47 

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

February 29, 2024

(Unaudited)

 

	Principal Amount		Value
Insurance-(continued)
Hartford Financial Services Group, Inc. (The), 2.80%, 08/19/2029(b)	$	2,019,000	$	1,806,175
Marsh & McLennan Cos., Inc., 4.38%, 03/15/2029(b)		5,101,000		4,986,625
PartnerRe Finance B LLC, 3.70%, 07/02/2029(b)		1,671,000		1,570,465
Principal Financial Group, Inc., 3.70%, 05/15/2029		1,670,000		1,559,146
Progressive Corp. (The), 4.00%, 03/01/2029		1,855,000		1,785,967
Reinsurance Group of America, Inc., 3.90%, 05/15/2029		2,204,000		2,081,126
				19,375,630
IT Services-1.24%
International Business Machines Corp., 3.50%, 05/15/2029(b)		11,045,000		10,326,971
Leisure Products-0.55%
Hasbro, Inc., 3.90%, 11/19/2029(b)		3,075,000		2,819,866
Polaris, Inc., 6.95%, 03/15/2029		1,680,000		1,771,491
				4,591,357
Life Sciences Tools & Services-1.04%
Revvity, Inc., 3.30%, 09/15/2029		2,856,000		2,572,696
Thermo Fisher Scientific, Inc.
5.00%, 01/31/2029(b)		3,342,000		3,363,231
2.60%, 10/01/2029		3,020,000		2,694,790
				8,630,717
Machinery-2.50%
Caterpillar, Inc., 2.60%, 09/19/2029(b)		1,672,000		1,507,110
CNH Industrial Capital LLC, 5.50%, 01/12/2029(b)		1,680,000		1,704,114
Deere & Co., 5.38%, 10/16/2029(b)		1,682,000		1,738,403
John Deere Capital Corp.
4.50%, 01/16/2029		3,350,000		3,301,196
3.45%, 03/07/2029(b)		2,013,000		1,902,148
3.35%, 04/18/2029		2,010,000		1,889,284
Parker-Hannifin Corp.
3.25%, 06/14/2029		3,360,000		3,091,638
4.50%, 09/15/2029(b)		3,355,000		3,283,581
Trane Technologies Financing Ltd., 3.80%, 03/21/2029		2,518,000		2,382,155
				20,799,629
Media-1.79%
Charter Communications Operating LLC/ Charter Communications Operating Capital Corp.
2.25%, 01/15/2029(b)		4,260,000		3,596,663
5.05%, 03/30/2029		4,270,000		4,087,118
Comcast Corp., 4.55%, 01/15/2029(b)		3,410,000		3,356,642
Discovery Communications LLC, 4.13%, 05/15/2029		2,552,000		2,365,102
Paramount Global, 4.20%, 06/01/2029(b)		1,688,000		1,486,592
				14,892,117

	Principal Amount		Value
Metals & Mining-0.19%
ArcelorMittal S.A. (Luxembourg), 4.25%, 07/16/2029	$	1,673,000	$	1,587,088
Multi-Utilities-1.57%
Ameren Corp., 5.00%, 01/15/2029		2,360,000		2,341,927
Consumers Energy Co.
4.90%, 02/15/2029		1,684,000		1,680,604
4.60%, 05/30/2029		2,020,000		1,986,774
DTE Energy Co.
5.10%, 03/01/2029(b)		4,100,000		4,067,114
Series C, 3.40%, 06/15/2029(b)		1,617,000		1,481,483
Sempra, 3.70%, 04/01/2029		1,670,000		1,555,219
				13,113,121
Office REITs-0.31%
Boston Properties L.P., 3.40%, 06/21/2029		2,902,000		2,563,464
Oil, Gas & Consumable Fuels-8.56%
Boardwalk Pipelines L.P., 4.80%, 05/03/2029		1,696,000		1,651,429
BP Capital Markets America, Inc., 4.70%, 04/10/2029(b)		4,270,000		4,220,497
Cheniere Energy Partners L.P., 4.50%, 10/01/2029(b)		5,101,000		4,782,823
Chevron USA, Inc., 3.25%, 10/15/2029		1,675,000		1,561,292
ConocoPhillips Co., 6.95%, 04/15/2029		4,073,000		4,465,651
DCP Midstream Operating L.P., 5.13%, 05/15/2029		2,019,000		1,995,796
Diamondback Energy, Inc., 3.50%, 12/01/2029(b)		3,068,000		2,818,439
Enbridge, Inc. (Canada), 3.13%, 11/15/2029		3,372,000		3,045,649
Energy Transfer L.P.
5.25%, 04/15/2029		5,119,000		5,102,334
4.15%, 09/15/2029		1,834,000		1,732,550
Enterprise Products Operating LLC, 3.13%, 07/31/2029(b)		4,269,000		3,907,772
Exxon Mobil Corp., 2.44%, 08/16/2029		4,214,000		3,765,906
Kinder Morgan, Inc., 5.00%, 02/01/2029		4,266,000		4,232,584
MPLX L.P., 4.80%, 02/15/2029		2,524,000		2,474,009
ONEOK, Inc., 4.35%, 03/15/2029		2,351,000		2,264,590
Phillips 66 Co., 3.15%, 12/15/2029		1,910,000		1,728,126
Shell International Finance B.V. (Netherlands), 2.38%, 11/07/2029(b)		5,101,000		4,494,673
Targa Resources Corp., 6.15%, 03/01/2029		3,400,000		3,506,595
Targa Resources Partners L.P./Targa Resources Partners Finance Corp., 6.88%, 01/15/2029		2,312,000		2,383,510
TotalEnergies Capital International S.A. (France), 3.46%, 02/19/2029(b)		4,243,000		3,987,169
Valero Energy Corp., 4.00%, 04/01/2029(b)		1,483,000		1,416,207
Western Midstream Operating L.P., 6.35%, 01/15/2029(b)		2,040,000		2,107,451
Williams Cos., Inc. (The), 4.90%, 03/15/2029		3,740,000		3,692,404
				71,337,456

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

 48 

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

February 29, 2024

(Unaudited)

 

	Principal Amount		Value
Paper & Forest Products-0.23%
Georgia-Pacific LLC, 7.75%, 11/15/2029	$	1,686,000	$	1,916,676
Passenger Airlines-0.17%
Delta Air Lines, Inc., 3.75%, 10/28/2029(b)		1,593,000		1,449,749
Personal Care Products-0.53%
Estee Lauder Cos., Inc. (The), 2.38%, 12/01/2029(b)		2,191,000		1,917,591
Unilever Capital Corp. (United Kingdom), 2.13%, 09/06/2029(b)		2,895,000		2,523,237
				4,440,828
Pharmaceuticals-3.26%
AstraZeneca PLC (United Kingdom), 4.00%, 01/17/2029(b)		3,409,000		3,294,857
Eli Lilly and Co.
4.50%, 02/09/2029(b)		3,410,000		3,391,773
3.38%, 03/15/2029		3,138,000		2,958,544
GlaxoSmithKline Capital PLC (United Kingdom), 3.38%, 06/01/2029(b)		3,362,000		3,160,706
Haleon US Capital LLC, 3.38%, 03/24/2029(b)		3,400,000		3,143,860
Merck & Co., Inc., 3.40%, 03/07/2029(b) .		5,948,000		5,587,309
Pfizer, Inc., 3.45%, 03/15/2029(b)		5,965,000		5,610,592
				27,147,641
Professional Services-0.27%
Broadridge Financial Solutions, Inc., 2.90%, 12/01/2029		2,519,000		2,224,687
Residential REITs-0.83%
Camden Property Trust, 3.15%, 07/01/2029		2,019,000		1,838,358
ERP Operating L.P., 3.00%, 07/01/2029 .		2,023,000		1,835,086
Essex Portfolio L.P., 4.00%, 03/01/2029.		1,670,000		1,580,353
Sun Communities Operating L.P., 5.50%, 01/15/2029		1,670,000		1,654,857
				6,908,654
Retail REITs-0.85%
Realty Income Corp.
3.25%, 06/15/2029(b)		1,688,000		1,545,448
3.10%, 12/15/2029		1,995,000		1,795,572
Simon Property Group L.P., 2.45%, 09/13/2029		4,270,000		3,726,660
				7,067,680
Semiconductors & Semiconductor Equipment-3.64%
Intel Corp.
4.00%, 08/05/2029(b)		2,901,000		2,775,628
2.45%, 11/15/2029(b)		6,811,000		5,971,658
KLA Corp., 4.10%, 03/15/2029(b)		2,686,000		2,609,224
Lam Research Corp., 4.00%, 03/15/2029(b)		3,360,000		3,245,187
Marvell Technology, Inc., 5.75%, 02/15/2029		1,700,000		1,733,157
Micron Technology, Inc.
5.33%, 02/06/2029(b)		2,353,000		2,357,581
6.75%, 11/01/2029(b)		4,243,000		4,505,443
Qorvo, Inc., 4.38%, 10/15/2029(b)		2,901,000		2,701,275

	Principal Amount		Value
Semiconductors & Semiconductor Equipment-(continued)
Texas Instruments, Inc.
4.60%, 02/08/2029	$	2,200,000	$	2,188,640
2.25%, 09/04/2029(b)		2,520,000		2,225,597
				30,313,390
Software-1.07%
Oracle Corp., 6.15%, 11/09/2029(b)		4,245,000		4,440,249
Roper Technologies, Inc., 2.95%, 09/15/2029		2,343,000		2,099,216
Workday, Inc., 3.70%, 04/01/2029		2,514,000		2,352,009
				8,891,474
Specialized REITs-2.36%
American Tower Corp.
3.95%, 03/15/2029		2,040,000		1,916,119
3.80%, 08/15/2029		5,613,000		5,199,019
Crown Castle, Inc.
4.30%, 02/15/2029(b)		2,010,000		1,910,462
5.60%, 06/01/2029(b)		2,530,000		2,546,476
GLP Capital L.P./GLP Financing II, Inc., 5.30%, 01/15/2029		2,517,000		2,444,172
Public Storage Operating Co.
5.13%, 01/15/2029(b)		1,707,000		1,724,856
3.39%, 05/01/2029		1,670,000		1,557,980
Weyerhaeuser Co., 4.00%, 11/15/2029(b)		2,524,000		2,371,676
				19,670,760
Specialty Retail-2.44%
Dell International LLC/EMC Corp., 5.30%, 10/01/2029		5,945,000		5,961,947
Home Depot, Inc. (The)
4.90%, 04/15/2029		2,550,000		2,561,067
2.95%, 06/15/2029(b)		5,960,000		5,444,182
Lowe’s Cos., Inc., 3.65%, 04/05/2029(b) .		5,055,000		4,767,365
O’Reilly Automotive, Inc., 3.90%, 06/01/2029		1,674,000		1,590,094
				20,324,655
Technology Hardware, Storage & Peripherals-1.78%
Apple, Inc.
3.25%, 08/08/2029(b)		3,412,000		3,191,675
2.20%, 09/11/2029(b)		5,961,000		5,272,208
HP, Inc., 4.00%, 04/15/2029(b)		3,424,000		3,263,795
IBM International Capital Pte. Ltd., 4.60%, 02/05/2029		1,700,000		1,667,683
Western Digital Corp., 2.85%, 02/01/2029		1,705,000		1,437,984
				14,833,345
Tobacco-2.17%
Altria Group, Inc., 4.80%, 02/14/2029(b)		6,495,000		6,381,051
B.A.T Capital Corp. (United Kingdom), 3.46%, 09/06/2029		1,673,000		1,514,695
B.A.T. International Finance PLC (United Kingdom), 5.93%, 02/02/2029(b)		3,400,000		3,474,363
Philip Morris International, Inc.
3.38%, 08/15/2029(b)		2,567,000		2,358,748
5.63%, 11/17/2029(b)		4,243,000		4,346,689
				18,075,546

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

 49 

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

February 29, 2024

(Unaudited)

 

	Principal Amount		Value
Trading Companies & Distributors-0.41%
Air Lease Corp., 5.10%, 03/01/2029(b)	$	1,800,000	$	1,773,083
GATX Corp., 4.70%, 04/01/2029		1,696,000		1,659,274
				3,432,357
Water Utilities-0.21%
American Water Capital Corp., 3.45%, 06/01/2029		1,850,000		1,721,341
Wireless Telecommunication Services-2.32%
Rogers Communications, Inc. (Canada), 5.00%, 02/15/2029		4,270,000		4,233,609
T-Mobile USA, Inc.
4.85%, 01/15/2029(b)		3,410,000		3,367,893
2.63%, 02/15/2029		3,359,000		2,980,942
2.40%, 03/15/2029		1,686,000		1,485,887
3.38%, 04/15/2029		7,917,000		7,266,320
				19,334,651
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-98.91% (Cost $841,502,310)				824,131,471

	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-23.45%
Invesco Private Government Fund, 5.29%(c)(d)(e)		54,887,171	$	54,887,171
Invesco Private Prime Fund, 5.49%(c)(d)(e)		140,408,286		140,478,490
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $195,381,612)				195,365,661
TOTAL INVESTMENTS IN SECURITIES-122.36% (Cost $1,036,883,922)				1,019,497,132
OTHER ASSETS LESS LIABILITIES-(22.36)%				(186,309,762	)
NET ASSETS-100.00%			$	833,187,370

Investment Abbreviations:

BDC -Business Development Company

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 29, 2024.

^(c)  Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 29, 2024.

	Value August 31,  2023			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)					Realized Gain			Value February 29,  2024			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	133,085		$	10,983,223		$	(11,116,308	)		$	-				$	-		$	-		$	26,362
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			15,281,535			88,829,824			(49,224,188	)			-					-			54,887,171			740,125	*
Invesco Private Prime Fund			39,295,374			215,397,501			(114,232,665	)			(17,079	)				35,359			140,478,490			1,975,642	*
Total		$	54,709,994		$	315,210,548		$	(174,573,161	)		$	(17,079	)			$	35,359		$	195,365,661		$	2,742,129

* 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 29, 2024.

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

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

 50 

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

February 29, 2024

(Unaudited)

 

Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of February 29, 2024
Financials	17.38
Health Care	13.21
Energy	8.94
Information Technology	8.86
Communication Services	8.82
Consumer Discretionary	8.48
Consumer Staples	8.39
Utilities	7.90
Industrials	7.51
Real Estate	5.96
Materials	3.46
Money Market Funds Plus Other Assets Less Liabilities	1.09

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

 51 

Invesco BulletShares 2030 Corporate Bond ETF (BSCU)

February 29, 2024

(Unaudited)

Schedule of Investments^(a)

	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes-99.05%
Aerospace & Defense-2.75%
Boeing Co. (The), 5.15%, 05/01/2030	$	13,169,000	$	12,959,656
RTX Corp., 2.25%, 07/01/2030		2,926,000		2,478,029
Textron, Inc., 3.00%, 06/01/2030		1,909,000		1,675,629
				17,113,314
Automobile Components-0.30%
Magna International, Inc. (Canada), 2.45%, 06/15/2030		2,191,000		1,886,569
Automobiles-3.11%
American Honda Finance Corp.
4.60%, 04/17/2030(b)		2,045,000		2,004,485
5.85%, 10/04/2030(b)		1,460,000		1,519,518
Ford Motor Credit Co. LLC
7.35%, 03/06/2030		3,370,000		3,574,553
7.20%, 06/10/2030		2,490,000		2,624,487
4.00%, 11/13/2030		4,830,000		4,273,175
Toyota Motor Credit Corp.
4.55%, 05/17/2030(b)		2,050,000		2,012,089
5.55%, 11/20/2030(b)		3,220,000		3,326,532
				19,334,839
Banks-6.30%
Banco Santander S.A. (Spain), 3.49%, 05/28/2030		2,910,000		2,611,806
Bank of Nova Scotia (The) (Canada), 4.85%, 02/01/2030(b)		3,635,000		3,588,582
Citizens Financial Group, Inc., 3.25%, 04/30/2030(b)		2,158,000		1,868,484
Huntington National Bank (The), 5.65%, 01/10/2030(b)		2,634,000		2,626,700
Mitsubishi UFJ Financial Group, Inc. (Japan)
2.56%, 02/25/2030(b)		3,364,000		2,915,163
2.05%, 07/17/2030(b)		3,659,000		3,039,300
Sumitomo Mitsui Financial Group, Inc. (Japan)
5.71%, 01/13/2030(b)		3,885,000		3,986,682
2.75%, 01/15/2030		3,657,000		3,200,569
2.13%, 07/08/2030(b)		4,390,000		3,657,184
5.85%, 07/13/2030(b)		1,900,000		1,958,339
2.14%, 09/23/2030		2,490,000		2,048,012
Truist Bank, 2.25%, 03/11/2030		3,655,000		3,005,887
Truist Financial Corp., 1.95%, 06/05/2030(b)		2,188,000		1,792,102
U.S. Bancorp, 1.38%, 07/22/2030(b)		3,658,000		2,898,217
				39,197,027
Beverages-1.95%
Coca-Cola Co. (The), 1.65%, 06/01/2030		4,393,000		3,675,637
Constellation Brands, Inc., 2.88%, 05/01/2030		1,760,000		1,546,615
Diageo Capital PLC (United Kingdom), 2.00%, 04/29/2030(b)		2,930,000		2,472,100
Keurig Dr Pepper, Inc., 3.20%, 05/01/2030		2,190,000		1,979,816
PepsiCo, Inc., 1.63%, 05/01/2030		2,930,000		2,438,808
				12,112,976

	Principal Amount		Value
Biotechnology-3.27%
Amgen, Inc.
2.45%, 02/21/2030	$	3,655,000	$	3,177,887
5.25%, 03/02/2030		8,050,000		8,113,795
Biogen, Inc., 2.25%, 05/01/2030		4,394,000		3,678,819
Gilead Sciences, Inc., 1.65%, 10/01/2030(b)		2,930,000		2,393,414
Regeneron Pharmaceuticals, Inc., 1.75%, 09/15/2030(b)		3,661,000		2,962,417
				20,326,332
Broadline Retail-1.17%
Amazon.com, Inc., 1.50%, 06/03/2030(b)		5,855,000		4,844,091
eBay, Inc., 2.70%, 03/11/2030(b)		2,775,000		2,426,184
				7,270,275
Building Products-0.24%
Johnson Controls International PLC/Tyco Fire & Security Finance S.C.A., 1.75%, 09/15/2030		1,832,000		1,497,923
Capital Markets-2.22%
Brookfield Finance, Inc. (Canada), 4.35%, 04/15/2030		2,190,000		2,077,301
Cboe Global Markets, Inc., 1.63%, 12/15/2030(b)		1,480,000		1,201,503
CI Financial Corp. (Canada), 3.20%, 12/17/2030		2,709,000		2,161,179
Franklin Resources, Inc., 1.60%, 10/30/2030(b)		2,490,000		2,011,871
Nomura Holdings, Inc. (Japan), 2.68%, 07/16/2030		2,930,000		2,479,008
Northern Trust Corp., 1.95%, 05/01/2030(b)		2,926,000		2,475,691
S&P Global, Inc., 1.25%, 08/15/2030(b)		1,741,000		1,390,876
				13,797,429
Chemicals-2.25%
Air Products and Chemicals, Inc., 2.05%, 05/15/2030(b)		2,638,000		2,245,604
Celanese US Holdings LLC, 6.55%, 11/15/2030(b)		2,926,000		3,044,152
Dow Chemical Co. (The), 2.10%, 11/15/2030(b)		2,419,000		2,021,191
EIDP, Inc., 2.30%, 07/15/2030(b)		1,460,000		1,249,727
Linde, Inc., 1.10%, 08/10/2030(b)		2,050,000		1,642,712
LYB International Finance III LLC, 2.25%, 10/01/2030(b)		1,460,000		1,216,668
Nutrien Ltd. (Canada), 2.95%, 05/13/2030		1,467,000		1,299,945
Sherwin-Williams Co. (The), 2.30%, 05/15/2030		1,460,000		1,240,368
				13,960,367
Commercial Services & Supplies-0.59%
Republic Services, Inc., 2.30%, 03/01/2030		1,730,000		1,487,279
Waste Management, Inc., 4.63%, 02/15/2030		2,193,000		2,158,408
				3,645,687

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

 52 

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

February 29, 2024

(Unaudited)

 

	Principal Amount		Value
Communications Equipment-0.35%
Motorola Solutions, Inc., 2.30%, 11/15/2030	$	2,630,000	$	2,168,914
Construction & Engineering-0.41%
Quanta Services, Inc., 2.90%, 10/01/2030		2,910,000		2,523,786
Construction Materials-0.52%
Martin Marietta Materials, Inc., Series CB, 2.50%, 03/15/2030		1,400,000		1,214,543
Vulcan Materials Co., 3.50%, 06/01/2030(b)		2,216,000		2,019,646
				3,234,189
Consumer Finance-0.94%
General Motors Financial Co., Inc.
5.85%, 04/06/2030(b)		2,930,000		2,970,819
3.60%, 06/21/2030(b)		3,223,000		2,884,637
				5,855,456
Consumer Staples Distribution & Retail-1.32%
Costco Wholesale Corp., 1.60%, 04/20/2030		5,118,000		4,265,792
Kroger Co. (The), 2.20%, 05/01/2030(b)		1,467,000		1,236,623
Walgreens Boots Alliance, Inc., 3.20%, 04/15/2030(b)		1,462,000		1,263,345
Walmart, Inc., 4.00%, 04/15/2030		1,480,000		1,435,399
				8,201,159
Containers & Packaging-0.65%
Amcor Flexibles North America, Inc., 2.63%, 06/19/2030		1,480,000		1,263,679
Avery Dennison Corp., 2.65%, 04/30/2030		1,384,000		1,202,480
Sonoco Products Co., 3.13%, 05/01/2030		1,755,000		1,560,518
				4,026,677
Distributors-0.19%
Genuine Parts Co., 1.88%, 11/01/2030		1,466,000		1,181,163
Diversified Consumer Services-0.52%
RELX Capital, Inc. (United Kingdom), 3.00%, 05/22/2030		2,200,000		1,965,905
Yale University, Series 2020, 1.48%, 04/15/2030(b)		1,495,000		1,253,493
				3,219,398
Diversified REITs-0.45%
VICI Properties L.P., 4.95%, 02/15/2030(b)		2,930,000		2,791,695
Diversified Telecommunication Services-0.81%
Verizon Communications, Inc.
1.50%, 09/18/2030(b)		2,933,000		2,355,739
1.68%, 10/30/2030		3,353,000		2,703,994
				5,059,733
Electric Utilities-5.55%
AEP Texas, Inc., Series I, 2.10%, 07/01/2030		1,760,000		1,458,053
Alabama Power Co., Series 20-A, 1.45%, 09/15/2030		1,756,000		1,413,153
Berkshire Hathaway Energy Co., 3.70%, 07/15/2030(b)		3,220,000		2,975,990
Duke Energy Carolinas LLC, 2.45%, 02/01/2030		1,460,000		1,277,652
Duke Energy Corp., 2.45%, 06/01/2030(b)		2,486,000		2,127,559

	Principal Amount		Value
Electric Utilities-(continued)
Duke Energy Florida LLC, 1.75%, 06/15/2030	$	1,465,000	$	1,209,963
Entergy Corp., 2.80%, 06/15/2030		1,760,000		1,523,667
Eversource Energy, Series R, 1.65%, 08/15/2030		1,753,000		1,396,863
FirstEnergy Corp., 2.65%, 03/01/2030(b)		1,754,000		1,501,203
Florida Power & Light Co., 4.63%, 05/15/2030		1,457,000		1,435,462
NextEra Energy Capital Holdings, Inc.
5.00%, 02/28/2030		1,754,000		1,741,083
2.25%, 06/01/2030		5,857,000		4,928,427
Pacific Gas and Electric Co., 4.55%, 07/01/2030		9,075,000		8,525,598
PG&E Wildfire Recovery Funding LLC, Series A-1, 3.59%, 06/01/2030(b)		1,173,173		1,118,268
San Diego Gas & Electric Co., Series VVV, 1.70%, 10/01/2030		2,337,000		1,904,238
				34,537,179
Electrical Equipment-0.39%
Acuity Brands Lighting, Inc., 2.15%, 12/15/2030		1,465,000		1,201,480
Emerson Electric Co., 1.95%, 10/15/2030		1,460,000		1,225,847
				2,427,327
Electronic Equipment, Instruments & Components-0.40%
Jabil, Inc., 3.60%, 01/15/2030(b)		1,464,000		1,319,588
Teledyne FLIR LLC, 2.50%, 08/01/2030		1,393,000		1,176,479
				2,496,067
Energy Equipment & Services-1.15%
Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc., 4.49%, 05/01/2030		1,468,000		1,427,856
Halliburton Co., 2.92%, 03/01/2030(b)		2,910,000		2,586,399
Schlumberger Investment S.A., 2.65%, 06/26/2030(b)		3,603,000		3,168,425
				7,182,680
Financial Services-1.91%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland), 6.15%, 09/30/2030(b)		2,500,000		2,584,605
Block Financial LLC, 3.88%, 08/15/2030(b)		1,904,000		1,717,707
Fiserv, Inc., 2.65%, 06/01/2030		2,930,000		2,525,890
Global Payments, Inc., 2.90%, 05/15/2030(b)		2,930,000		2,526,780
PayPal Holdings, Inc., 2.30%, 06/01/2030(b)		2,930,000		2,495,127
				11,850,109
Food Products-2.64%
Campbell Soup Co., 2.38%, 04/24/2030		1,482,000		1,258,411
Hormel Foods Corp., 1.80%, 06/11/2030(b)		2,930,000		2,431,247
Ingredion, Inc., 2.90%, 06/01/2030		1,656,000		1,453,895
JBS USA LUX S.A./JBS USA Food Co./JBS USA Finance, Inc., 5.50%, 01/15/2030		3,643,000		3,552,897
JM Smucker Co. (The), 2.38%, 03/15/2030(b)		1,460,000		1,253,771
Kellanova, 2.10%, 06/01/2030		1,462,000		1,232,879
Kraft Heinz Foods Co. (The), 3.75%, 04/01/2030(b)		2,164,000		2,020,905

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

 53 

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

February 29, 2024

(Unaudited)

 

	Principal Amount		Value
Food Products-(continued)
McCormick & Co., Inc., 2.50%, 04/15/2030(b)	$	1,467,000	$	1,257,780
Mondelez International, Inc., 2.75%, 04/13/2030		2,198,000		1,943,813
				16,405,598
Gas Utilities-0.46%
CenterPoint Energy Resources Corp., 1.75%, 10/01/2030		1,467,000		1,192,861
Southern California Gas Co., Series XX, 2.55%, 02/01/2030		1,905,000		1,655,501
				2,848,362
Ground Transportation-0.48%
Canadian Pacific Railway Co. (Canada), 2.05%, 03/05/2030		1,452,000		1,225,132
Norfolk Southern Corp., 5.05%, 08/01/2030		1,760,000		1,759,520
				2,984,652
Health Care Equipment & Supplies-2.75%
Abbott Laboratories, 1.40%, 06/30/2030(b)		1,910,000		1,576,321
Becton, Dickinson and Co., 2.82%, 05/20/2030(b)		2,189,000		1,923,284
Boston Scientific Corp., 2.65%, 06/01/2030.		3,498,000		3,059,032
DENTSPLY SIRONA, Inc., 3.25%, 06/01/2030		2,172,000		1,891,530
GE HealthCare Technologies, Inc., 5.86%, 03/15/2030(b)		3,645,000		3,770,024
Smith & Nephew PLC (United Kingdom), 2.03%, 10/14/2030(b)		2,927,000		2,398,102
Stryker Corp., 1.95%, 06/15/2030(b)		2,930,000		2,452,899
				17,071,192
Health Care Providers & Services-6.03%
Cencora, Inc., 2.80%, 05/15/2030		1,465,000		1,286,819
Centene Corp.
3.38%, 02/15/2030		5,796,000		5,117,998
3.00%, 10/15/2030		6,440,000		5,507,198
Cigna Group (The), 2.40%, 03/15/2030		4,320,000		3,706,210
CommonSpirit Health, 2.78%, 10/01/2030		1,613,000		1,381,914
CVS Health Corp.
5.13%, 02/21/2030(b)		4,390,000		4,365,192
1.75%, 08/21/2030		3,663,000		2,976,831
Elevance Health, Inc., 2.25%, 05/15/2030		3,218,000		2,733,492
Sutter Health, Series 20-A, 2.29%, 08/15/2030		2,015,000		1,720,995
UnitedHealth Group, Inc.
5.30%, 02/15/2030(b)		3,660,000		3,731,806
2.00%, 05/15/2030		3,660,000		3,080,299
Universal Health Services, Inc., 2.65%, 10/15/2030		2,250,000		1,879,583
				37,488,337
Hotel & Resort REITs-0.31%
Host Hotels & Resorts L.P., Series I, 3.50%, 09/15/2030		2,200,000		1,941,629
Hotels, Restaurants & Leisure-2.26%
Booking Holdings, Inc., 4.63%, 04/13/2030(b)		4,390,000		4,315,248

	Principal Amount		Value
Hotels, Restaurants & Leisure-(continued)
Marriott International, Inc., Series FF, 4.63%, 06/15/2030	$	2,928,000	$	2,837,831
McDonald’s Corp., 2.13%, 03/01/2030(b)		2,195,000		1,879,371
Starbucks Corp.
2.25%, 03/12/2030		2,172,000		1,858,304
2.55%, 11/15/2030		3,663,000		3,148,211
				14,038,965
Household Durables-0.59%
Mohawk Industries, Inc., 3.63%, 05/15/2030(b)		1,460,000		1,332,028
NVR, Inc., 3.00%, 05/15/2030		2,630,000		2,318,292
				3,650,320
Household Products-0.67%
Clorox Co. (The), 1.80%, 05/15/2030(b)		1,457,000		1,203,816
Procter & Gamble Co. (The), 1.20%, 10/29/2030		3,657,000		2,945,721
				4,149,537
Industrial Conglomerates-0.40%
Honeywell International, Inc., 1.95%, 06/01/2030		2,924,000		2,473,559
Industrial REITs-0.28%
Prologis L.P., 1.25%, 10/15/2030		2,194,000		1,742,960
Insurance-3.72%
Alleghany Corp., 3.63%, 05/15/2030		1,490,000		1,387,011
Allstate Corp. (The), 1.45%, 12/15/2030		1,759,000		1,390,176
Aon Corp., 2.80%, 05/15/2030		2,930,000		2,549,136
Berkshire Hathaway Finance Corp.
1.85%, 03/12/2030		1,468,000		1,249,424
1.45%, 10/15/2030(b)		2,190,000		1,787,828
Brighthouse Financial, Inc., 5.63%, 05/15/2030(b)		1,800,000		1,792,856
CNA Financial Corp., 2.05%, 08/15/2030		1,465,000		1,212,600
Fidelity National Financial, Inc., 3.40%, 06/15/2030		1,904,000		1,681,744
Loews Corp., 3.20%, 05/15/2030		1,487,000		1,343,809
Marsh & McLennan Cos., Inc., 2.25%, 11/15/2030(b)		2,190,000		1,850,426
Principal Financial Group, Inc., 2.13%, 06/15/2030		1,756,000		1,461,777
Prudential Financial, Inc., 2.10%, 03/10/2030		1,502,000		1,286,266
Prudential Funding (Asia) PLC (Hong Kong), 3.13%, 04/14/2030(b)		2,925,000		2,609,167
Reinsurance Group of America, Inc., 3.15%, 06/15/2030		1,752,000		1,547,898
				23,150,118
Interactive Media & Services-1.33%
Alphabet, Inc., 1.10%, 08/15/2030(b)		6,600,000		5,345,877
Meta Platforms, Inc., 4.80%, 05/15/2030		2,930,000		2,930,115
				8,275,992
IT Services-0.53%
International Business Machines Corp., 1.95%, 05/15/2030		3,950,000		3,308,153

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

 54 

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

February 29, 2024

(Unaudited)

 

	Principal Amount		Value
Life Sciences Tools & Services-0.55%
Agilent Technologies, Inc., 2.10%, 06/04/2030	$	1,462,000	$	1,226,161
Thermo Fisher Scientific, Inc., 4.98%, 08/10/2030		2,191,000		2,193,149
				3,419,310
Machinery-2.05%
Cummins, Inc., 1.50%, 09/01/2030(b)		2,523,000		2,040,280
Flowserve Corp., 3.50%, 10/01/2030(b)		1,465,000		1,288,722
IDEX Corp., 3.00%, 05/01/2030		1,480,000		1,292,453
John Deere Capital Corp.
2.45%, 01/09/2030		1,606,000		1,410,692
4.70%, 06/10/2030(b)		2,930,000		2,908,207
Otis Worldwide Corp., 2.57%, 02/15/2030		4,350,000		3,797,023
				12,737,377
Media-0.64%
Discovery Communications LLC, 3.63%, 05/15/2030(b)		2,930,000		2,576,580
Omnicom Group, Inc., 2.45%, 04/30/2030		1,660,000		1,418,634
				3,995,214
Metals & Mining-1.48%
Freeport-McMoRan, Inc.
4.25%, 03/01/2030		1,318,000		1,232,861
4.63%, 08/01/2030		1,705,000		1,626,723
Newmont Corp., 2.25%, 10/01/2030(b)		2,926,000		2,448,727
Nucor Corp., 2.70%, 06/01/2030(b)		1,466,000		1,294,077
Reliance, Inc., 2.15%, 08/15/2030		1,464,000		1,215,845
Teck Resources Ltd. (Canada), 3.90%, 07/15/2030(b)		1,493,000		1,362,066
				9,180,299
Multi-Utilities-0.64%
NiSource, Inc., 3.60%, 05/01/2030		2,930,000		2,683,286
Public Service Enterprise Group, Inc., 1.60%, 08/15/2030(b)		1,611,000		1,295,958
				3,979,244
Oil, Gas & Consumable Fuels-9.71%
BP Capital Markets America, Inc., 1.75%, 08/10/2030(b)		2,923,000		2,410,019
Canadian Natural Resources Ltd. (Canada), 2.95%, 07/15/2030(b)		1,440,000		1,251,801
Chevron Corp., 2.24%, 05/11/2030(b)		4,400,000		3,807,927
Devon Energy Corp., 4.50%, 01/15/2030		1,667,000		1,592,153
Enbridge, Inc. (Canada), 6.20%, 11/15/2030		2,173,000		2,279,553
Energy Transfer L.P., 6.40%, 12/01/2030		2,910,000		3,055,779
Enterprise Products Operating LLC, 2.80%, 01/31/2030		3,654,000		3,246,262
EOG Resources, Inc., 4.38%, 04/15/2030(b)		2,173,000		2,110,230
Equinor ASA (Norway), 2.38%, 05/22/2030		2,190,000		1,902,848
Exxon Mobil Corp., 2.61%, 10/15/2030		5,905,000		5,181,749
MPLX L.P., 2.65%, 08/15/2030		4,341,000		3,697,428
Occidental Petroleum Corp.
8.88%, 07/15/2030		2,890,000		3,336,162
6.63%, 09/01/2030(b)		4,400,000		4,634,168

	Principal Amount		Value
Oil, Gas & Consumable Fuels-(continued)
ONEOK, Inc.
3.10%, 03/15/2030	$	2,275,000	$	2,019,594
3.25%, 06/01/2030		1,460,000		1,308,293
5.80%, 11/01/2030		1,460,000		1,494,673
Phillips 66, 2.15%, 12/15/2030		2,487,000		2,067,058
Pioneer Natural Resources Co., 1.90%, 08/15/2030		3,400,000		2,833,746
Plains All American Pipeline L.P./PAA Finance Corp., 3.80%, 09/15/2030		2,147,000		1,957,625
Targa Resources Partners L.P./Targa Resources Partners Finance Corp., 5.50%, 03/01/2030(b)		2,749,000		2,725,070
Transcontinental Gas Pipe Line Co. LLC, 3.25%, 05/15/2030(b)		2,045,000		1,840,645
Western Midstream Operating L.P., 4.05%, 02/01/2030(b)		3,195,000		2,956,620
Williams Cos., Inc. (The), 3.50%, 11/15/2030		2,930,000		2,645,554
				60,354,957
Personal Care Products-0.94%
Estee Lauder Cos., Inc. (The), 2.60%, 04/15/2030(b)		2,045,000		1,789,418
Kenvue, Inc., 5.00%, 03/22/2030(b)		2,850,000		2,859,651
Unilever Capital Corp. (United Kingdom), 1.38%, 09/14/2030		1,468,000		1,186,873
				5,835,942
Pharmaceuticals-5.41%
AstraZeneca Finance LLC (United Kingdom), 4.90%, 03/03/2030(b)		1,900,000		1,904,322
AstraZeneca PLC (United Kingdom), 1.38%, 08/06/2030		3,800,000		3,080,348
Bristol-Myers Squibb Co., 1.45%, 11/13/2030(b)		3,655,000		2,933,507
Johnson & Johnson, 1.30%, 09/01/2030(b)		5,122,000		4,194,892
Merck & Co., Inc.
4.30%, 05/17/2030		2,190,000		2,132,866
1.45%, 06/24/2030		3,663,000		2,995,835
Pfizer, Inc., 1.70%, 05/28/2030(b)		2,928,000		2,440,207
Royalty Pharma PLC, 2.20%, 09/02/2030(b)		2,915,000		2,400,720
Takeda Pharmaceutical Co. Ltd. (Japan), 2.05%, 03/31/2030		7,315,000		6,158,903
Viatris, Inc., 2.70%, 06/22/2030		4,240,000		3,572,581
Zoetis, Inc., 2.00%, 05/15/2030		2,198,000		1,845,511
				33,659,692
Professional Services-0.64%
Automatic Data Processing, Inc., 1.25%, 09/01/2030(b)		2,930,000		2,377,449
Equifax, Inc., 3.10%, 05/15/2030		1,801,000		1,589,684
				3,967,133
Residential REITs-0.31%
Camden Property Trust, 2.80%, 05/15/2030		2,200,000		1,935,310
Retail REITs-1.39%
Brixmor Operating Partnership L.P., 4.05%, 07/01/2030		2,339,000		2,153,559

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

 55 

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

February 29, 2024

(Unaudited)

 

	Principal Amount		Value
Retail REITs-(continued)
Kimco Realty OP LLC, 2.70%, 10/01/2030(b)	$	1,436,000	$	1,222,244
Realty Income Corp., 4.85%, 03/15/2030		1,800,000		1,765,377
Regency Centers L.P., 3.70%, 06/15/2030		1,760,000		1,605,522
Simon Property Group L.P., 2.65%, 07/15/2030		2,189,000		1,900,928
				8,647,630
Semiconductors & Semiconductor Equipment-2.28%
Applied Materials, Inc., 1.75%, 06/01/2030 .		2,200,000		1,835,855
Intel Corp., 5.13%, 02/10/2030(b)		3,705,000		3,736,555
Lam Research Corp., 1.90%, 06/15/2030		2,196,000		1,842,969
QUALCOMM, Inc., 2.15%, 05/20/2030(b)		3,508,000		3,005,945
Texas Instruments, Inc., 1.75%, 05/04/2030		2,190,000		1,834,381
Xilinx, Inc., 2.38%, 06/01/2030		2,193,000		1,899,912
				14,155,617
Software-1.31%
Autodesk, Inc., 2.85%, 01/15/2030		1,460,000		1,297,400
Intuit, Inc., 1.65%, 07/15/2030		1,459,000		1,197,348
Oracle Corp., 4.65%, 05/06/2030(b)		2,200,000		2,145,440
ServiceNow, Inc., 1.40%, 09/01/2030		4,390,000		3,522,996
				8,163,184
Specialized REITs-0.91%
American Tower Corp.
2.90%, 01/15/2030		2,185,000		1,916,278
2.10%, 06/15/2030		2,242,000		1,846,195
1.88%, 10/15/2030		2,342,000		1,883,241
				5,645,714
Specialty Retail-1.90%
AutoNation, Inc., 4.75%, 06/01/2030		1,468,000		1,397,251
Best Buy Co., Inc., 1.95%, 10/01/2030		1,871,000		1,539,216
Dell International LLC/EMC Corp., 6.20%, 07/15/2030		2,199,000		2,302,743
Leidos, Inc., 4.38%, 05/15/2030		2,200,000		2,071,715
Lowe’s Cos., Inc., 1.70%, 10/15/2030(b)		3,663,000		2,975,879
Tractor Supply Co., 1.75%, 11/01/2030		1,904,000		1,532,391
				11,819,195
Technology Hardware, Storage & Peripherals-1.68%
Apple, Inc.
4.15%, 05/10/2030(b)		1,466,000		1,440,023
1.65%, 05/11/2030		5,120,000		4,285,514
1.25%, 08/20/2030(b)		3,655,000		2,961,353
NetApp, Inc., 2.70%, 06/22/2030		2,060,000		1,769,473
				10,456,363
Textiles, Apparel & Luxury Goods-1.10%
Ralph Lauren Corp., 2.95%, 06/15/2030(b)		2,191,000		1,950,028
Tapestry, Inc., 7.70%, 11/27/2030(b)		2,930,000		3,109,488
VF Corp., 2.95%, 04/23/2030(b)		2,195,000		1,810,880
				6,870,396

Investment Abbreviations:

REIT -Real Estate Investment Trust

	Principal Amount		Value
Tobacco-2.75%
Altria Group, Inc., 3.40%, 05/06/2030	$	2,197,000	$	1,978,555
B.A.T Capital Corp. (United Kingdom), 6.34%, 08/02/2030		2,928,000		3,025,398
Philip Morris International, Inc.
5.13%, 02/15/2030		6,440,000		6,412,273
2.10%, 05/01/2030		2,197,000		1,854,712
5.50%, 09/07/2030		2,046,000		2,066,397
1.75%, 11/01/2030		2,194,000		1,774,063
				17,111,398
Trading Companies & Distributors-0.79%
Air Lease Corp.
3.00%, 02/01/2030		1,900,000		1,655,768
3.13%, 12/01/2030		2,190,000		1,888,650
GATX Corp., 4.00%, 06/30/2030		1,460,000		1,353,120
				4,897,538
Water Utilities-0.41%
American Water Capital Corp., 2.80%, 05/01/2030		1,465,000		1,286,557
Essential Utilities, Inc., 2.70%, 04/15/2030		1,500,000		1,291,850
				2,578,407
Total U.S. Dollar Denominated Bonds & Notes (Cost $626,554,428)				615,837,564
	Shares
Money Market Funds-0.03%
Invesco Government & Agency Portfolio, Institutional Class, 5.24%(c)(d) (Cost $169,285)		169,285		169,285
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.08% (Cost $626,723,713)				616,006,849
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-16.61%
Invesco Private Government Fund, 5.29%(c)(d)(e)		28,704,127		28,704,127
Invesco Private Prime Fund, 5.49%(c)(d)(e)		74,503,891		74,541,143
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $103,256,996)				103,245,270
TOTAL INVESTMENTS IN SECURITIES-115.69% (Cost $729,980,709)				719,252,119
OTHER ASSETS LESS LIABILITIES-(15.69)%				(97,520,107	)
NET ASSETS-100.00%			$	621,732,012

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

 56 

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

February 29, 2024

(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 29, 2024.

^(c)  Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 29, 2024.

	Value August 31,  2023			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)						Realized Gain			Value February 29,  2024			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	42,585		$	8,561,806		$	(8,435,106	)			$	-				$	-		$	169,285		$	23,156
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			12,326,202			70,397,898			(54,019,973	)				-					-			28,704,127			485,596	*
Invesco Private Prime Fund			31,695,872			150,539,650			(107,708,621	)				(12,387	)				26,629			74,541,143			1,290,879	*
Total		$	44,064,659		$	229,499,354		$	(170,163,700	)			$	(12,387	)			$	26,629		$	103,414,555		$	1,799,631

* 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 29, 2024.

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

Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of February 29, 2024
Health Care	18.01
Financials	15.10
Consumer Discretionary	11.14
Energy	10.86
Consumer Staples	10.26
Industrials	8.73
Utilities	7.07
Information Technology	6.55
Materials	4.89
Real Estate	3.65
Communication Services	2.79
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.

 57 

Invesco BulletShares 2031 Corporate Bond ETF (BSCV)

February 29, 2024

(Unaudited)

Schedule of Investments^(a)

	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes-99.11%
Aerospace & Defense-2.23%
Boeing Co. (The), 3.63%, 02/01/2031	$	2,805,000	$	2,513,189
General Dynamics Corp., 2.25%, 06/01/2031		980,000		823,935
L3Harris Technologies, Inc., 1.80%, 01/15/2031		1,281,000		1,031,530
RTX Corp.
6.00%, 03/15/2031		2,010,000		2,094,348
1.90%, 09/01/2031		1,980,000		1,579,877
Textron, Inc., 2.45%, 03/15/2031		981,000		819,750
				8,862,629
Air Freight & Logistics-0.43%
FedEx Corp., 2.40%, 05/15/2031(b)		2,031,000		1,697,327
Automobiles-3.30%
American Honda Finance Corp., 1.80%, 01/13/2031		1,110,000		911,765
Ford Motor Co., 7.45%, 07/16/2031		2,145,000		2,313,807
Ford Motor Credit Co. LLC
6.05%, 03/05/2031		2,000,000		1,992,220
3.63%, 06/17/2031		2,010,000		1,714,516
Mercedes-Benz Finance North America LLC (Germany), 8.50%, 01/18/2031		3,000,000		3,648,056
Toyota Motor Corp. (Japan), 2.36%, 03/25/2031(b)		983,000		848,794
Toyota Motor Credit Corp.
1.65%, 01/10/2031		1,083,000		879,214
1.90%, 09/12/2031		990,000		804,934
				13,113,306
Banks-1.62%
Mizuho Financial Group, Inc. (Japan), 2.56%, 09/13/2031		1,960,000		1,593,280
Royal Bank of Canada (Canada), 2.30%, 11/03/2031		3,012,000		2,467,109
Sumitomo Mitsui Financial Group, Inc. (Japan)
1.71%, 01/12/2031		985,000		782,850
2.22%, 09/17/2031		1,960,000		1,592,032
				6,435,271
Beverages-2.66%
Anheuser-Busch InBev Worldwide, Inc. (Belgium), 4.90%, 01/23/2031(b)		1,499,000		1,507,859
Coca-Cola Co. (The)
2.00%, 03/05/2031(b)		1,510,000		1,263,762
1.38%, 03/15/2031		2,605,000		2,086,768
Constellation Brands, Inc., 2.25%, 08/01/2031		2,003,000		1,635,377
Keurig Dr Pepper, Inc., 2.25%, 03/15/2031		980,000		814,930
PepsiCo, Inc.
1.40%, 02/25/2031		1,510,000		1,207,748
1.95%, 10/21/2031		2,515,000		2,062,921
				10,579,365
Biotechnology-0.53%
Amgen, Inc., 2.30%, 02/25/2031		2,505,000		2,096,993
Broadline Retail-1.79%
Amazon.com, Inc., 2.10%, 05/12/2031		6,021,000		5,060,650

	Principal Amount		Value
Broadline Retail-(continued)
eBay, Inc., 2.60%, 05/10/2031(b)	$	1,480,000	$	1,255,818
Kohl’s Corp., 4.63%, 05/01/2031		1,010,000		796,577
				7,113,045
Building Products-0.77%
Carrier Global Corp., 2.70%, 02/15/2031		1,510,000		1,289,731
Johnson Controls International PLC/Tyco Fire & Security Finance S.C.A., 2.00%, 09/16/2031		988,000		793,374
Masco Corp., 2.00%, 02/15/2031		1,187,000		964,674
				3,047,779
Capital Markets-4.01%
Ares Capital Corp., 3.20%, 11/15/2031		1,385,000		1,128,313
Bank of New York Mellon Corp. (The)
1.65%, 01/28/2031		990,000		797,549
1.80%, 07/28/2031		975,000		786,273
BlackRock, Inc., 1.90%, 01/28/2031		2,505,000		2,072,957
Brookfield Finance, Inc. (Canada), 2.72%, 04/15/2031		976,000		820,845
Charles Schwab Corp. (The)
1.65%, 03/11/2031		1,500,000		1,190,595
2.30%, 05/13/2031		1,480,000		1,226,867
1.95%, 12/01/2031		1,670,000		1,327,174
Jefferies Financial Group, Inc., 2.63%, 10/15/2031		1,971,000		1,613,323
Moody’s Corp., 2.00%, 08/19/2031(b)		1,190,000		961,860
Nasdaq, Inc., 1.65%, 01/15/2031		1,270,000		1,011,834
Nomura Holdings, Inc. (Japan), 2.61%, 07/14/2031		1,980,000		1,629,353
State Street Corp., 2.20%, 03/03/2031		1,685,000		1,395,625
				15,962,568
Chemicals-0.54%
Air Products and Chemicals, Inc., 4.75%, 02/08/2031		1,200,000		1,185,427
Ecolab, Inc., 1.30%, 01/30/2031		1,190,000		944,411
				2,129,838
Commercial Services & Supplies-0.67%
Republic Services, Inc., 1.45%, 02/15/2031		1,330,000		1,050,565
Waste Management, Inc., 1.50%, 03/15/2031		2,010,000		1,599,550
				2,650,115
Communications Equipment-0.36%
Motorola Solutions, Inc., 2.75%, 05/24/2031		1,706,000		1,425,039
Construction Materials-0.68%
Eagle Materials, Inc., 2.50%, 07/01/2031		1,480,000		1,230,965
Martin Marietta Materials, Inc., 2.40%, 07/15/2031		1,775,000		1,477,859
				2,708,824
Consumer Finance-3.00%
Ally Financial, Inc.
8.00%, 11/01/2031		4,005,000		4,399,068
8.00%, 11/01/2031		976,000		1,063,212

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

 58 

Invesco BulletShares 2031 Corporate Bond ETF (BSCV)–(continued)

February 29, 2024

(Unaudited)

 

	Principal Amount		Value
Consumer Finance-(continued)
General Motors Financial Co., Inc.
2.35%, 01/08/2031	$	2,010,000	$	1,640,173
5.75%, 02/08/2031		2,000,000		1,995,108
2.70%, 06/10/2031		2,010,000		1,657,914
Synchrony Financial, 2.88%, 10/28/2031(b)		1,485,000		1,166,776
				11,922,251
Consumer Staples Distribution & Retail-1.36%
Dollar Tree, Inc., 2.65%, 12/01/2031		1,585,000		1,320,151
Kroger Co. (The), 1.70%, 01/15/2031		980,000		782,137
Walmart, Inc., 1.80%, 09/22/2031		4,030,000		3,306,363
				5,408,651
Containers & Packaging-0.34%
Amcor Flexibles North America, Inc., 2.69%, 05/25/2031		1,580,000		1,335,539
Diversified REITs-0.85%
American Assets Trust L.P., 3.38%, 02/01/2031		988,000		797,204
COPT Defense Properties L.P., 2.75%, 04/15/2031		1,190,000		961,274
Physicians Realty L.P., 2.63%, 11/01/2031		968,000		788,706
W.P. Carey, Inc., 2.40%, 02/01/2031		990,000		815,793
				3,362,977
Diversified Telecommunication Services-5.27%
AT&T, Inc., 2.75%, 06/01/2031		6,015,000		5,128,013
Orange S.A. (France), 9.00%, 03/01/2031		4,930,000		5,961,592
Verizon Communications, Inc.
1.75%, 01/20/2031		4,508,000		3,616,665
2.55%, 03/21/2031		7,401,000		6,240,124
				20,946,394
Electric Utilities-5.56%
Appalachian Power Co., Series AA, 2.70%, 04/01/2031		990,000		837,370
Baltimore Gas and Electric Co., 2.25%, 06/15/2031		1,205,000		1,004,547
Berkshire Hathaway Energy Co., 1.65%, 05/15/2031		990,000		784,493
Consolidated Edison Co. of New York, Inc., 2.40%, 06/15/2031		1,771,000		1,492,031
Duke Energy Carolinas LLC, 2.55%, 04/15/2031		1,080,000		925,923
Duke Energy Corp., 2.55%, 06/15/2031		2,031,000		1,694,228
Duke Energy Florida LLC, 2.40%, 12/15/2031		1,250,000		1,033,578
Duke Energy Progress LLC, 2.00%, 08/15/2031		1,286,000		1,040,375
Entergy Corp., 2.40%, 06/15/2031		1,270,000		1,046,849
Entergy Texas, Inc., 1.75%, 03/15/2031		1,176,000		942,958
FirstEnergy Corp., Series C, 7.38%, 11/15/2031		945,000		1,097,854
Pacific Gas and Electric Co., 2.50%, 02/01/2031		4,030,000		3,305,413
PacifiCorp, 5.30%, 02/15/2031		1,400,000		1,385,901
PG&E Wildfire Recovery Funding LLC, Series A-1, 4.02%, 06/01/2031		1,067,186		1,026,480
Progress Energy, Inc., 7.75%, 03/01/2031		1,305,000		1,476,714

	Principal Amount		Value
Electric Utilities-(continued)
Public Service Co. of Colorado, 1.88%, 06/15/2031	$	1,510,000	$	1,216,268
Virginia Electric & Power Co., 2.30%, 11/15/2031(b)		980,000		808,431
Virginia Power Fuel Securitization, LLC, Series A-2, 4.88%, 05/01/2031		1,000,000		998,399
				22,117,812
Electrical Equipment-0.41%
Emerson Electric Co., 2.20%, 12/21/2031		1,972,000		1,637,104
Electronic Equipment, Instruments & Components-1.67%
Amphenol Corp., 2.20%, 09/15/2031		1,480,000		1,215,092
CDW LLC/CDW Finance Corp., 3.57%, 12/01/2031		1,970,000		1,711,595
Jabil, Inc., 3.00%, 01/15/2031		1,190,000		1,017,013
Teledyne Technologies, Inc., 2.75%, 04/01/2031		2,022,000		1,717,088
Vontier Corp., 2.95%, 04/01/2031		1,207,000		994,137
				6,654,925
Energy Equipment & Services-0.23%
Helmerich & Payne, Inc., 2.90%, 09/29/2031		1,080,000		898,754
Entertainment-1.40%
Electronic Arts, Inc., 1.85%, 02/15/2031		1,470,000		1,197,066
Walt Disney Co. (The), 2.65%, 01/13/2031		5,005,000		4,355,193
				5,552,259
Financial Services-2.02%
Fidelity National Information Services, Inc., 2.25%, 03/01/2031		2,515,000		2,107,424
Global Payments, Inc., 2.90%, 11/15/2031		1,480,000		1,236,233
Mastercard, Inc.
1.90%, 03/15/2031		1,200,000		996,877
2.00%, 11/18/2031		1,525,000		1,253,695
ORIX Corp. (Japan), 2.25%, 03/09/2031(b)		980,000		822,379
Visa, Inc., 1.10%, 02/15/2031		2,024,000		1,599,893
				8,016,501
Food Products-2.05%
Bunge Ltd. Finance Corp., 2.75%, 05/14/2031		1,980,000		1,684,915
Flowers Foods, Inc., 2.40%, 03/15/2031		1,005,000		840,797
General Mills, Inc., 2.25%, 10/14/2031(b)		1,010,000		829,090
Kellanova, Series B, 7.45%, 04/01/2031		1,262,000		1,413,526
McCormick & Co., Inc., 1.85%, 02/15/2031		989,000		795,378
Mondelez International, Inc., 1.50%, 02/04/2031		1,008,000		802,576
Pilgrim’s Pride Corp., 4.25%, 04/15/2031		1,980,000		1,771,360
				8,137,642
Gas Utilities-0.64%
Atmos Energy Corp., 1.50%, 01/15/2031		1,190,000		948,511
National Fuel Gas Co., 2.95%, 03/01/2031		978,000		817,745
Southern Co. Gas Capital Corp., Series 20-A, 1.75%, 01/15/2031		979,000		784,682
				2,550,938
Ground Transportation-1.25%
Canadian Pacific Railway Co. (Canada), 2.45%, 12/02/2031		2,782,000		2,475,493

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

 59 

Invesco BulletShares 2031 Corporate Bond ETF (BSCV)–(continued)

February 29, 2024

(Unaudited)

 

	Principal Amount		Value
Ground Transportation-(continued)
Norfolk Southern Corp., 2.30%, 05/15/2031	$	980,000	$	818,550
Union Pacific Corp., 2.38%, 05/20/2031		2,000,000		1,691,109
				4,985,152
Health Care Equipment & Supplies-1.26%
Baxter International, Inc., 1.73%, 04/01/2031		1,270,000		1,003,594
Becton, Dickinson and Co., 1.96%, 02/11/2031		1,980,000		1,611,987
STERIS Irish FinCo Unlimited Co., 2.70%, 03/15/2031		1,335,000		1,134,275
Zimmer Biomet Holdings, Inc., 2.60%, 11/24/2031		1,480,000		1,241,772
				4,991,628
Health Care Providers & Services-6.04%
Cencora, Inc., 2.70%, 03/15/2031(b)		2,010,000		1,718,080
Centene Corp.
2.50%, 03/01/2031		4,410,000		3,616,004
2.63%, 08/01/2031		2,625,000		2,149,599
Cigna Group (The)
2.38%, 03/15/2031		3,040,000		2,538,961
5.13%, 05/15/2031		1,500,000		1,483,847
CVS Health Corp.
5.25%, 01/30/2031		1,500,000		1,498,877
1.88%, 02/28/2031		2,485,000		1,999,175
2.13%, 09/15/2031		2,010,000		1,622,573
Elevance Health, Inc., 2.55%, 03/15/2031		2,010,000		1,704,904
HCA, Inc., 2.38%, 07/15/2031		1,730,000		1,408,678
Laboratory Corp. of America Holdings, 2.70%, 06/01/2031		980,000		838,863
Quest Diagnostics, Inc., 2.80%, 06/30/2031		1,075,000		919,690
UnitedHealth Group, Inc., 2.30%, 05/15/2031		3,000,000		2,516,046
				24,015,297
Health Care REITs-1.96%
Healthcare Realty Holdings L.P., 2.00%, 03/15/2031		1,581,000		1,240,251
Healthpeak OP LLC, 2.88%, 01/15/2031		1,170,000		996,637
Omega Healthcare Investors, Inc., 3.38%, 02/01/2031		1,385,000		1,167,245
Sabra Health Care L.P., 3.20%, 12/01/2031		1,610,000		1,306,512
Ventas Realty L.P., 2.50%, 09/01/2031		991,000		806,456
Welltower OP LLC
2.75%, 01/15/2031		1,190,000		1,016,475
2.80%, 06/01/2031		1,500,000		1,274,513
				7,808,089
Hotels, Restaurants & Leisure-0.95%
Expedia Group, Inc., 2.95%, 03/15/2031		1,010,000		865,371
Marriott International, Inc., Series HH, 2.85%, 04/15/2031		2,220,000		1,896,080
Starbucks Corp., 4.90%, 02/15/2031(b)		1,010,000		998,278
				3,759,729

	Principal Amount		Value
Household Products-0.67%
Kimberly-Clark Corp., 2.00%, 11/02/2031(b)	$	1,190,000	$	980,756
Procter & Gamble Co. (The), 1.95%, 04/23/2031		1,980,000		1,667,312
				2,648,068
Independent Power and Renewable Electricity Producers-0.41%
AES Corp. (The), 2.45%, 01/15/2031		2,020,000		1,649,260
Industrial Conglomerates-0.61%
Honeywell International, Inc., 1.75%, 09/01/2031		3,040,000		2,445,921
Insurance-1.67%
Aon Corp./Aon Global Holdings PLC, 2.60%, 12/02/2031		990,000		823,616
Assured Guaranty US Holdings, Inc., 3.15%, 06/15/2031		1,000,000		875,342
Brown & Brown, Inc., 2.38%, 03/15/2031		1,385,000		1,134,854
Fidelity National Financial, Inc., 2.45%, 03/15/2031		1,190,000		967,856
First American Financial Corp., 2.40%, 08/15/2031		1,280,000		1,004,684
Lincoln National Corp., 3.40%, 01/15/2031		980,000		858,171
Primerica, Inc., 2.80%, 11/19/2031		1,190,000		988,868
				6,653,391
IT Services-0.59%
Kyndryl Holdings, Inc., 3.15%, 10/15/2031		1,328,000		1,095,877
VeriSign, Inc., 2.70%, 06/15/2031		1,481,000		1,231,890
				2,327,767
Leisure Products-0.22%
Brunswick Corp., 2.40%, 08/18/2031		1,100,000		866,637
Life Sciences Tools & Services-1.26%
Agilent Technologies, Inc., 2.30%, 03/12/2031		1,731,000		1,445,971
Illumina, Inc., 2.55%, 03/23/2031		980,000		805,479
Revvity, Inc., 2.25%, 09/15/2031		970,000		789,508
Thermo Fisher Scientific, Inc., 2.00%, 10/15/2031		2,425,000		1,982,167
				5,023,125
Machinery-1.11%
Caterpillar, Inc., 1.90%, 03/12/2031(b)		980,000		823,233
IDEX Corp., 2.63%, 06/15/2031		987,000		832,689
John Deere Capital Corp.
1.45%, 01/15/2031		1,169,000		944,942
2.00%, 06/17/2031		1,172,000		971,289
Xylem, Inc., 2.25%, 01/30/2031		998,000		838,874
				4,411,027
Media-3.08%
Charter Communications Operating LLC/ Charter Communications Operating Capital Corp., 2.80%, 04/01/2031		3,210,000		2,595,519
Comcast Corp.
1.95%, 01/15/2031		3,012,000		2,475,667
1.50%, 02/15/2031		3,535,000		2,820,643
Interpublic Group of Cos., Inc. (The), 2.40%, 03/01/2031		986,000		822,788

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

 60 

Invesco BulletShares 2031 Corporate Bond ETF (BSCV)–(continued)

February 29, 2024

(Unaudited)

 

	Principal Amount		Value
Media-(continued)
Omnicom Group, Inc., 2.60%, 08/01/2031	$	1,580,000	$	1,326,307
Paramount Global, 4.95%, 01/15/2031		2,515,000		2,209,461
				12,250,385
Metals & Mining-0.22%
Steel Dynamics, Inc., 3.25%, 01/15/2031		990,000		878,374
Multi-Utilities-1.77%
Ameren Corp., 3.50%, 01/15/2031		1,585,000		1,427,906
CenterPoint Energy, Inc., 2.65%, 06/01/2031		990,000		830,668
Dominion Energy, Inc., Series C, 2.25%, 08/15/2031		1,735,000		1,405,682
DTE Electric Co., Series C, 2.63%, 03/01/2031		1,173,000		1,008,439
NiSource, Inc., 1.70%, 02/15/2031		1,480,000		1,176,588
Public Service Enterprise Group, Inc., 2.45%, 11/15/2031		1,484,000		1,208,890
				7,058,173
Office REITs-0.86%
Alexandria Real Estate Equities, Inc., 3.38%, 08/15/2031		1,480,000		1,303,711
Boston Properties L.P., 3.25%, 01/30/2031		2,490,000		2,100,012
				3,403,723
Oil, Gas & Consumable Fuels-6.86%
Boardwalk Pipelines L.P., 3.40%, 02/15/2031		970,000		856,968
Burlington Resources LLC, 7.20%, 08/15/2031		860,000		970,999
Cheniere Energy Partners L.P., 4.00%, 03/01/2031		3,010,000		2,686,826
Conoco Funding Co., 7.25%, 10/15/2031		796,000		904,491
Devon Energy Corp., 7.88%, 09/30/2031		1,330,000		1,511,494
Diamondback Energy, Inc., 3.13%, 03/24/2031		1,545,000		1,355,301
Hess Corp., 7.30%, 08/15/2031		1,275,000		1,434,926
Kinder Morgan, Inc.
2.00%, 02/15/2031		1,510,000		1,225,662
7.80%, 08/01/2031		1,050,000		1,177,142
Occidental Petroleum Corp.
6.13%, 01/01/2031		2,315,000		2,376,243
7.50%, 05/01/2031		1,747,000		1,930,379
ONEOK, Inc., 6.35%, 01/15/2031		1,190,000		1,247,440
Ovintiv, Inc., 7.38%, 11/01/2031		979,000		1,067,477
Pioneer Natural Resources Co., 2.15%, 01/15/2031		1,969,000		1,648,229
Targa Resources Partners L.P./Targa Resources Partners Finance Corp., 4.88%, 02/01/2031		2,001,000		1,897,690
TransCanada PipeLines Ltd. (Canada), 2.50%, 10/12/2031		2,010,000		1,648,322
Valero Energy Corp., 2.80%, 12/01/2031		910,000		769,157
Williams Cos., Inc. (The), 2.60%, 03/15/2031		3,039,000		2,563,441
				27,272,187

	Principal Amount		Value
Personal Care Products-0.59%
Estee Lauder Cos., Inc. (The), 1.95%, 03/15/2031	$	1,190,000	$	976,733
Unilever Capital Corp. (United Kingdom), 1.75%, 08/12/2031		1,680,000		1,353,922
				2,330,655
Pharmaceuticals-2.33%
AstraZeneca Finance LLC (United Kingdom), 2.25%, 05/28/2031		1,510,000		1,267,303
Bristol-Myers Squibb Co., 5.75%, 02/01/2031		2,010,000		2,096,125
Merck & Co., Inc., 2.15%, 12/10/2031		4,030,000		3,339,860
Pfizer, Inc., 1.75%, 08/18/2031		2,010,000		1,623,233
Royalty Pharma PLC, 2.15%, 09/02/2031(b)		1,180,000		942,272
				9,268,793
Professional Services-0.82%
Broadridge Financial Solutions, Inc., 2.60%, 05/01/2031		1,980,000		1,659,858
Equifax, Inc., 2.35%, 09/15/2031		1,965,000		1,604,845
				3,264,703
Real Estate Management & Development-0.20%
CBRE Services, Inc., 2.50%, 04/01/2031		990,000		815,276
Residential REITs-1.02%
AvalonBay Communities, Inc., 2.45%, 01/15/2031		1,205,000		1,029,319
ERP Operating L.P., 1.85%, 08/01/2031		991,000		797,340
Invitation Homes Operating Partnership L.P., 2.00%, 08/15/2031		1,300,000		1,016,117
Sun Communities Operating L.P., 2.70%, 07/15/2031		1,486,000		1,212,843
				4,055,619
Retail REITs-1.12%
Brixmor Operating Partnership L.P., 2.50%, 08/16/2031		990,000		806,705
Kimco Realty OP LLC, 2.25%, 12/01/2031		1,013,000		806,879
Realty Income Corp., 3.25%, 01/15/2031		1,925,000		1,706,772
Simon Property Group L.P., 2.20%, 02/01/2031		1,388,000		1,139,577
				4,459,933
Semiconductors & Semiconductor Equipment-2.69%
Analog Devices, Inc., 2.10%, 10/01/2031		1,980,000		1,636,514
Intel Corp., 2.00%, 08/12/2031		2,536,000		2,060,531
Marvell Technology, Inc., 2.95%, 04/15/2031		1,520,000		1,303,468
Micron Technology, Inc., 5.30%, 01/15/2031		2,000,000		1,980,414
NVIDIA Corp., 2.00%, 06/15/2031		2,515,000		2,101,438
Skyworks Solutions, Inc., 3.00%, 06/01/2031		965,000		810,104
Texas Instruments, Inc., 1.90%, 09/15/2031		980,000		809,550
				10,702,019
Software-3.68%
Autodesk, Inc., 2.40%, 12/15/2031		2,002,000		1,663,515
Fortinet, Inc., 2.20%, 03/15/2031		990,000		819,885
Oracle Corp., 2.88%, 03/25/2031		6,510,000		5,616,602
Roper Technologies, Inc., 1.75%, 02/15/2031		1,980,000		1,584,354

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

 61 

Invesco BulletShares 2031 Corporate Bond ETF (BSCV)–(continued)

February 29, 2024

(Unaudited)

 

	Principal Amount		Value
Software-(continued)
Salesforce, Inc., 1.95%, 07/15/2031	$	3,040,000	$	2,490,649
VMware LLC, 2.20%, 08/15/2031		3,040,000		2,453,339
				14,628,344
Specialized REITs-3.54%
American Tower Corp.
2.70%, 04/15/2031		1,387,000		1,164,818
2.30%, 09/15/2031		1,385,000		1,119,133
Crown Castle, Inc.
2.25%, 01/15/2031		2,220,000		1,815,394
2.10%, 04/01/2031		1,980,000		1,590,495
2.50%, 07/15/2031		1,510,000		1,237,789
Equinix, Inc., 2.50%, 05/15/2031		2,031,000		1,694,337
Extra Space Storage L.P.
5.90%, 01/15/2031		1,220,000		1,250,066
2.40%, 10/15/2031		1,190,000		961,891
GLP Capital L.P./GLP Financing II, Inc., 4.00%, 01/15/2031		1,420,000		1,253,944
Public Storage Operating Co.
2.30%, 05/01/2031		1,280,000		1,077,269
2.25%, 11/09/2031		1,080,000		890,941
				14,056,077
Specialty Retail-2.82%
AutoZone, Inc., 1.65%, 01/15/2031		1,190,000		947,552
Home Depot, Inc. (The)
1.38%, 03/15/2031		2,515,000		1,991,102
1.88%, 09/15/2031		2,010,000		1,629,052
Leidos, Inc., 2.30%, 02/15/2031		2,030,000		1,665,041
Lowe’s Cos., Inc., 2.63%, 04/01/2031		3,040,000		2,590,735
O’Reilly Automotive, Inc., 1.75%, 03/15/2031		980,000		785,963
Ross Stores, Inc., 1.88%, 04/15/2031		985,000		800,783
TJX Cos., Inc. (The), 1.60%, 05/15/2031		980,000		791,311
				11,201,539
Technology Hardware, Storage & Peripherals-2.23%
Apple, Inc.
1.65%, 02/08/2031		5,500,000		4,527,887
1.70%, 08/05/2031		2,023,000		1,648,582
HP, Inc., 2.65%, 06/17/2031		2,025,000		1,694,495
IBM International Capital Pte. Ltd., 4.75%, 02/05/2031		1,010,000		983,876
				8,854,840

	Principal Amount		Value
Tobacco-1.13%
B.A.T Capital Corp. (United Kingdom), 2.73%, 03/25/2031	$	2,485,000	$	2,049,973
Philip Morris International, Inc., 5.13%, 02/13/2031		2,500,000		2,463,229
				4,513,202
Water Utilities-0.22%
American Water Capital Corp., 2.30%, 06/01/2031		1,076,000		892,366
Wireless Telecommunication Services-1.54%
T-Mobile USA, Inc.
2.88%, 02/15/2031		2,010,000		1,730,855
3.50%, 04/15/2031		4,931,000		4,405,004
				6,135,859
Total U.S. Dollar Denominated Bonds & Notes (Cost $397,354,151)				393,991,004
	Shares
Money Market Funds-0.03%
Invesco Government & Agency Portfolio, Institutional Class, 5.24%(c)(d) (Cost $111,706)		111,706		111,706
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.14% (Cost $397,465,857)				394,102,710
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-2.37%
Invesco Private Government Fund, 5.29%(c)(d)(e)		2,643,109		2,643,109
Invesco Private Prime Fund, 5.49%(c)(d)(e)		6,793,170		6,796,567
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $9,440,361)				9,439,676
TOTAL INVESTMENTS IN SECURITIES-101.51% (Cost $406,906,218)				403,542,386
OTHER ASSETS LESS LIABILITIES-(1.51)%				(6,017,965	)
NET ASSETS-100.00%.			$	397,524,421

Investment Abbreviations:

REIT -Real Estate Investment Trust

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

 62 

Invesco BulletShares 2031 Corporate Bond ETF (BSCV)–(continued)

February 29, 2024

(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 29, 2024.

^(c)  Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 29, 2024.

	Value August 31,  2023			Purchases at Cost			Proceeds from  Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value February 29,  2024			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	42,663		$	5,961,164		$	(5,892,121	)		$	-			$	-		$	111,706		$	11,702
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			932,243			13,770,098			(12,059,232	)			-				-			2,643,109			53,155	*
Invesco Private Prime Fund			2,397,193			25,829,471			(21,433,035	)			(737	)			3,675			6,796,567			142,114	*
Total		$	3,372,099		$	45,560,733		$	(39,384,388	)		$	(737	)		$	3,675		$	9,551,382		$	206,971

* 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 29, 2024.

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

Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of February 29, 2024
Financials	12.32
Health Care	11.42
Communication Services	11.29
Information Technology	11.22
Real Estate	9.55
Consumer Discretionary	9.07
Utilities	8.62
Consumer Staples	8.46
Industrials	8.30
Energy	7.09
Materials	1.77
Money Market Funds Plus Other Assets Less Liabilities	0.89

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

 63 

Invesco BulletShares 2032 Corporate Bond ETF (BSCW)

February 29, 2024

(Unaudited)

Schedule of Investments^(a)

	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes-98.73%
Aerospace & Defense-0.80%
Lockheed Martin Corp., 3.90%, 06/15/2032	$	1,510,000	$	1,402,415
RTX Corp., 2.38%, 03/15/2032		1,890,000		1,540,114
				2,942,529
Automobiles-2.92%
Ford Motor Co.
3.25%, 02/12/2032		4,730,000		3,881,694
6.10%, 08/19/2032(b)		3,310,000		3,306,455
General Motors Co., 5.60%, 10/15/2032(b)		2,370,000		2,366,118
Honda Motor Co. Ltd. (Japan), 2.97%, 03/10/2032		1,420,000		1,248,292
				10,802,559
Banks-4.32%
Bank of Nova Scotia (The) (Canada), 2.45%, 02/02/2032		1,610,000		1,322,382
Canadian Imperial Bank of Commerce (Canada), 3.60%, 04/07/2032(b)		1,890,000		1,690,162
Citigroup, Inc., 6.63%, 06/15/2032		1,890,000		2,013,091
Citizens Financial Group, Inc., 2.64%, 09/30/2032		1,180,000		897,327
KeyBank N.A., 4.90%, 08/08/2032		1,425,000		1,250,981
Royal Bank of Canada (Canada), 3.88%, 05/04/2032		1,890,000		1,726,407
Toronto-Dominion Bank (The) (Canada)
2.45%, 01/12/2032		1,180,000		979,715
3.20%, 03/10/2032		2,840,000		2,478,074
4.46%, 06/08/2032		3,790,000		3,615,770
				15,973,909
Beverages-1.66%
Constellation Brands, Inc., 4.75%, 05/09/2032		1,330,000		1,287,088
Diageo Capital PLC (United Kingdom), 2.13%, 04/29/2032		1,420,000		1,150,042
Keurig Dr Pepper, Inc., 4.05%, 04/15/2032(b)		1,610,000		1,496,123
PepsiCo, Inc., 3.90%, 07/18/2032		2,370,000		2,224,790
				6,158,043
Biotechnology-0.86%
Amgen, Inc.
2.00%, 01/15/2032		1,900,000		1,523,166
3.35%, 02/22/2032		1,890,000		1,673,100
				3,196,266
Broadline Retail-2.32%
Amazon.com, Inc.
3.60%, 04/13/2032		4,730,000		4,363,975
4.70%, 12/01/2032		4,260,000		4,239,598
				8,603,573
Building Products-0.22%
Carlisle Cos., Inc., 2.20%, 03/01/2032		1,040,000		823,963
Capital Markets-4.86%
Ameriprise Financial, Inc., 4.50%, 05/13/2032		950,000		913,577
BlackRock, Inc., 2.10%, 02/25/2032		1,890,000		1,540,015

	Principal Amount		Value
Capital Markets-(continued)
Brookfield Finance I (UK) PLC/Brookfield Finance, Inc. (Canada), 2.34%, 01/30/2032	$	1,138,000	$	913,820
Charles Schwab Corp. (The), 2.90%, 03/03/2032		1,890,000		1,603,996
CME Group, Inc., 2.65%, 03/15/2032		1,420,000		1,218,719
Credit Suisse USA, Inc. (Switzerland), 7.13%, 07/15/2032		1,410,000		1,574,181
FactSet Research Systems, Inc., 3.45%, 03/01/2032		950,000		826,529
Jefferies Financial Group, Inc., 2.75%, 10/15/2032		950,000		767,363
Moody’s Corp., 4.25%, 08/08/2032		950,000		898,266
Morgan Stanley, 7.25%, 04/01/2032		1,860,000		2,121,699
Nomura Holdings, Inc. (Japan), 3.00%, 01/22/2032		1,420,000		1,182,341
Northern Trust Corp., 6.13%, 11/02/2032		1,890,000		1,990,563
S&P Global, Inc., 2.90%, 03/01/2032		2,820,000		2,432,104
				17,983,173
Chemicals-1.30%
Albemarle Corp., 5.05%, 06/01/2032(b)		1,140,000		1,083,197
Celanese US Holdings LLC, 6.38%, 07/15/2032		1,890,000		1,937,521
Ecolab, Inc., 2.13%, 02/01/2032		1,230,000		1,011,372
Sherwin-Williams Co. (The), 2.20%, 03/15/2032		950,000		770,455
				4,802,545
Commercial Services & Supplies-1.66%
Cintas Corp. No. 2, 4.00%, 05/01/2032		1,510,000		1,417,718
Republic Services, Inc., 1.75%, 02/15/2032		1,420,000		1,115,163
Waste Connections, Inc.
2.20%, 01/15/2032		1,230,000		998,288
3.20%, 06/01/2032		945,000		824,179
Waste Management, Inc., 4.15%, 04/15/2032		1,891,000		1,782,495
				6,137,843
Communications Equipment-0.31%
Motorola Solutions, Inc., 5.60%, 06/01/2032		1,140,000		1,143,351
Construction & Engineering-0.21%
Quanta Services, Inc., 2.35%, 01/15/2032		950,000		761,485
Consumer Finance-0.94%
Discover Financial Services, 6.70%, 11/29/2032		1,425,000		1,492,169
General Motors Financial Co., Inc., 3.10%, 01/12/2032		2,370,000		1,980,910
				3,473,079
Consumer Staples Distribution & Retail-1.87%
Costco Wholesale Corp., 1.75%, 04/20/2032		1,890,000		1,512,310
Dollar General Corp., 5.00%, 11/01/2032(b)		1,330,000		1,293,533
Target Corp., 4.50%, 09/15/2032		1,890,000		1,830,516
Walmart, Inc., 4.15%, 09/09/2032		2,370,000		2,287,323
				6,923,682

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

 64 

Invesco BulletShares 2032 Corporate Bond ETF (BSCW)–(continued)

February 29, 2024

(Unaudited)

	Principal Amount		Value
Containers & Packaging-0.67%
Avery Dennison Corp., 2.25%, 02/15/2032	$	950,000	$	771,615
Sonoco Products Co., 2.85%, 02/01/2032		950,000		802,500
WRKCo, Inc., 4.20%, 06/01/2032		945,000		888,334
				2,462,449
Distributors-0.21%
Genuine Parts Co., 2.75%, 02/01/2032		951,000		784,533
Diversified Consumer Services-0.25%
RELX Capital, Inc. (United Kingdom), 4.75%, 05/20/2032		950,000		933,343
Diversified REITs-0.93%
CubeSmart L.P., 2.50%, 02/15/2032		950,000		768,277
VICI Properties L.P., 5.13%, 05/15/2032		2,839,000		2,666,866
				3,435,143
Diversified Telecommunication Services-3.92%
AT&T, Inc., 2.25%, 02/01/2032		4,730,000		3,795,014
Bell Canada (Canada), Series US-5, 2.15%, 02/15/2032		1,140,000		913,375
Deutsche Telekom International Finance B.V. (Germany), 9.25%, 06/01/2032		950,000		1,199,489
TELUS Corp. (Canada), 3.40%, 05/13/2032		1,700,000		1,476,197
Verizon Communications, Inc., 2.36%, 03/15/2032		8,760,000		7,105,577
				14,489,652
Electric Utilities-8.75%
AEP Texas, Inc., 4.70%, 05/15/2032		950,000		909,072
Alabama Power Co., 3.05%, 03/15/2032		1,329,000		1,151,620
American Electric Power Co., Inc., 5.95%, 11/01/2032		950,000		983,642
Appalachian Power Co., Series BB, 4.50%, 08/01/2032		950,000		889,505
CenterPoint Energy Houston Electric LLC, Series AI, 4.45%, 10/01/2032		950,000		905,594
Duke Energy Carolinas LLC, 2.85%, 03/15/2032		950,000		807,833
Duke Energy Corp., 4.50%, 08/15/2032		2,180,000		2,047,480
Duke Energy Progress LLC, 3.40%, 04/01/2032		950,000		841,624
Entergy Louisiana LLC, 2.35%, 06/15/2032		1,000,000		810,839
Eversource Energy, 3.38%, 03/01/2032		1,270,000		1,091,687
Exelon Corp., 3.35%, 03/15/2032		1,230,000		1,073,060
Florida Power & Light Co., 2.45%, 02/03/2032		2,840,000		2,370,756
Georgia Power Co., 4.70%, 05/15/2032		1,330,000		1,286,230
National Rural Utilities Cooperative Finance Corp.
2.75%, 04/15/2032		950,000		798,762
4.02%, 11/01/2032		760,000		699,521
NextEra Energy Capital Holdings, Inc.
2.44%, 01/15/2032		1,890,000		1,536,297
5.00%, 07/15/2032		1,890,000		1,841,609
Oncor Electric Delivery Co. LLC, 4.55%, 09/15/2032		1,320,000		1,269,200
Pacific Gas and Electric Co., 5.90%, 06/15/2032		1,140,000		1,147,213
Public Service Electric and Gas Co., 3.10%, 03/15/2032		1,000,000		873,103

	Principal Amount		Value
Electric Utilities-(continued)
San Diego Gas & Electric Co., Series XXX, 3.00%, 03/15/2032	$	950,000	$	822,341
Southern California Edison Co.
2.75%, 02/01/2032		950,000		799,904
5.95%, 11/01/2032		1,420,000		1,481,486
Southern Co. (The), 5.70%, 10/15/2032		950,000		973,128
Union Electric Co., 2.15%, 03/15/2032		980,000		789,115
Virginia Electric & Power Co., 2.40%, 03/30/2032		1,140,000		941,739
Wisconsin Electric Power Co., 4.75%, 09/30/2032		950,000		932,092
Wisconsin Power and Light Co., 3.95%, 09/01/2032		1,140,000		1,053,869
Xcel Energy, Inc., 4.60%, 06/01/2032		1,327,000		1,238,218
				32,366,539
Electronic Equipment, Instruments & Components-1.11%
Allegion US Holding Co., Inc., 5.41%, 07/01/2032		1,126,000		1,125,881
Arrow Electronics, Inc., 2.95%, 02/15/2032		920,000		769,405
Eaton Corp., 4.00%, 11/02/2032		1,330,000		1,249,641
Tyco Electronics Group S.A., 2.50%, 02/04/2032		1,140,000		965,725
				4,110,652
Entertainment-2.78%
Take-Two Interactive Software, Inc., 4.00%, 04/14/2032		950,000		873,842
TWDC Enterprises 18 Corp., 7.00%, 03/01/2032		950,000		1,074,025
Warnermedia Holdings, Inc., 4.28%, 03/15/2032		9,460,000		8,349,613
				10,297,480
Financial Services-4.12%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland), 3.30%, 01/30/2032		7,570,000		6,406,283
Corebridge Financial, Inc., 3.90%, 04/05/2032		2,840,000		2,501,818
Fidelity National Information Services, Inc., 5.10%, 07/15/2032		1,390,000		1,390,611
Global Payments, Inc., 5.40%, 08/15/2032		1,420,000		1,401,969
ORIX Corp. (Japan)
4.00%, 04/13/2032		910,000		847,071
5.20%, 09/13/2032		874,000		884,542
PayPal Holdings, Inc., 4.40%, 06/01/2032		1,890,000		1,813,979
				15,246,273
Food Products-1.48%
Archer-Daniels-Midland Co., 2.90%, 03/01/2032		1,420,000		1,211,534
J. M. Smucker Co. (The), 2.13%, 03/15/2032		900,000		717,978
Mondelez International, Inc.
3.00%, 03/17/2032		1,420,000		1,224,757
1.88%, 10/15/2032		1,180,000		929,242
Pilgrim’s Pride Corp., 3.50%, 03/01/2032		1,684,000		1,408,422
				5,491,933

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

 65 

Invesco BulletShares 2032 Corporate Bond ETF (BSCW)–(continued)

February 29, 2024

(Unaudited)

	Principal Amount		Value
Gas Utilities-0.77%
CenterPoint Energy Resources Corp., 4.40%, 07/01/2032	$	936,000	$	886,700
Southern Co. Gas Capital Corp., 5.15%, 09/15/2032		942,000		935,691
Southwest Gas Corp., 4.05%, 03/15/2032		1,140,000		1,043,044
				2,865,435
Ground Transportation-1.65%
Canadian National Railway Co. (Canada), 3.85%, 08/05/2032(b)		1,510,000		1,389,641
CSX Corp., 4.10%, 11/15/2032		1,800,000		1,682,684
Norfolk Southern Corp., 3.00%, 03/15/2032		1,140,000		981,153
Union Pacific Corp., 2.80%, 02/14/2032		2,370,000		2,035,343
				6,088,821
Health Care Equipment & Supplies-1.81%
Baxter International, Inc., 2.54%, 02/01/2032(b)		2,920,000		2,394,934
Becton, Dickinson and Co., 4.30%, 08/22/2032		950,000		890,841
GE HealthCare Technologies, Inc., 5.91%, 11/22/2032		3,300,000		3,431,047
				6,716,822
Health Care Providers & Services-2.55%
Elevance Health, Inc.
4.10%, 05/15/2032		1,140,000		1,050,854
5.50%, 10/15/2032		1,230,000		1,253,202
HCA, Inc., 3.63%, 03/15/2032		3,790,000		3,312,065
Humana, Inc., 2.15%, 02/03/2032		1,420,000		1,126,335
UnitedHealth Group, Inc., 4.20%, 05/15/2032		2,840,000		2,677,422
				9,419,878
Health Care REITs-0.47%
Welltower OP LLC
2.75%, 01/15/2032		950,000		790,857
3.85%, 06/15/2032		1,040,000		934,287
				1,725,144
Hotels, Restaurants & Leisure-1.26%
Marriott International, Inc., Series GG, 3.50%, 10/15/2032		1,890,000		1,651,309
McDonald’s Corp., 4.60%, 09/09/2032		1,420,000		1,387,354
Starbucks Corp., 3.00%, 02/14/2032(b)		1,890,000		1,642,381
				4,681,044
Household Products-1.17%
Church & Dwight Co., Inc., 5.60%, 11/15/2032		950,000		986,101
Clorox Co. (The), 4.60%, 05/01/2032		1,140,000		1,106,750
Colgate-Palmolive Co., 3.25%, 08/15/2032		950,000		853,244
Procter & Gamble Co. (The), 2.30%, 02/01/2032		1,610,000		1,376,192
				4,322,287
Industrial Conglomerates-0.98%
GE Capital Funding LLC, 4.55%, 05/15/2032		890,000		855,713
General Electric Co., 6.75%, 03/15/2032		2,510,000		2,788,075
				3,643,788

	Principal Amount		Value
Industrial REITs-0.20%
Prologis L.P., 2.25%, 01/15/2032	$	910,000	$	743,664
Insurance-2.54%
Aon Corp./Aon Global Holdings PLC, 5.00%, 09/12/2032		1,005,000		982,315
Berkshire Hathaway Finance Corp., 2.88%, 03/15/2032		1,890,000		1,652,670
Brown & Brown, Inc., 4.20%, 03/17/2032(b)		1,135,000		1,031,171
Fairfax Financial Holdings Ltd. (Canada), 5.63%, 08/16/2032		1,400,000		1,378,300
Manulife Financial Corp. (Canada), 3.70%, 03/16/2032		1,350,000		1,230,640
Marsh & McLennan Cos., Inc., 5.75%, 11/01/2032		950,000		988,124
MetLife, Inc., 6.50%, 12/15/2032		1,190,000		1,303,643
Progressive Corp. (The), 3.00%, 03/15/2032		950,000		823,340
				9,390,203
Interactive Media & Services-1.41%
Meta Platforms, Inc., 3.85%, 08/15/2032		5,640,000		5,226,090
IT Services-0.92%
International Business Machines Corp.
2.72%, 02/09/2032(b)		950,000		823,603
4.40%, 07/27/2032		1,420,000		1,356,877
5.88%, 11/29/2032		1,140,000		1,208,796
				3,389,276
Life Sciences Tools & Services-0.67%
Bio-Rad Laboratories, Inc., 3.70%, 03/15/2032		1,510,000		1,345,589
Thermo Fisher Scientific, Inc., 4.95%, 11/21/2032		1,140,000		1,136,029
				2,481,618
Machinery-0.96%
Flowserve Corp., 2.80%, 01/15/2032		950,000		777,811
John Deere Capital Corp.
3.90%, 06/07/2032		950,000		885,411
4.35%, 09/15/2032		1,140,000		1,104,984
Stanley Black & Decker, Inc., 3.00%, 05/15/2032		943,000		797,358
				3,565,564
Media-1.34%
Charter Communications Operating LLC/ Charter Communications Operating Capital Corp., 2.30%, 02/01/2032(b)		1,895,000		1,440,680
Comcast Corp., 5.50%, 11/15/2032		1,890,000		1,939,149
Paramount Global, 4.20%, 05/19/2032		1,920,000		1,566,249
				4,946,078
Metals & Mining-1.21%
ArcelorMittal S.A. (Luxembourg), 6.80%, 11/29/2032		1,890,000		1,999,067
Newmont Corp., 2.60%, 07/15/2032(b)		1,890,000		1,556,375
Nucor Corp., 3.13%, 04/01/2032		1,040,000		910,016
				4,465,458
Multi-Utilities-0.89%
Ameren Illinois Co., 3.85%, 09/01/2032		950,000		866,904

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

 66 

Invesco BulletShares 2032 Corporate Bond ETF (BSCW)–(continued)

February 29, 2024

(Unaudited)

	Principal Amount		Value
Multi-Utilities-(continued)
Dominion Energy, Inc., 5.38%, 11/15/2032(b)	$	1,610,000	$	1,601,918
DTE Electric Co., Series A, 3.00%, 03/01/2032		950,000		821,041
				3,289,863
Office REITs-0.69%
Alexandria Real Estate Equities, Inc., 2.00%, 05/18/2032		1,700,000		1,315,422
Boston Properties L.P., 2.55%, 04/01/2032		1,610,000		1,252,848
				2,568,270
Oil, Gas & Consumable Fuels-5.52%
Boardwalk Pipelines L.P., 3.60%, 09/01/2032		950,000		826,363
BP Capital Markets America, Inc., 2.72%, 01/12/2032		3,790,000		3,217,111
Cenovus Energy, Inc. (Canada), 2.65%, 01/15/2032		950,000		777,055
Cheniere Energy Partners L.P., 3.25%, 01/31/2032		2,260,000		1,890,745
ConocoPhillips, 5.90%, 10/15/2032		960,000		1,026,708
Kinder Morgan, Inc., 7.75%, 01/15/2032		1,930,000		2,174,156
Marathon Oil Corp., 6.80%, 03/15/2032		1,030,000		1,100,241
MPLX L.P., 4.95%, 09/01/2032		1,890,000		1,811,085
ONEOK, Inc., 6.10%, 11/15/2032		1,420,000		1,472,955
Suncor Energy, Inc. (Canada), 7.15%, 02/01/2032		925,000		1,013,368
Targa Resources Partners L.P./Targa Resources Partners Finance Corp., 4.00%, 01/15/2032		1,890,000		1,688,091
Valero Energy Corp., 7.50%, 04/15/2032		1,430,000		1,627,927
Williams Cos., Inc. (The), 4.65%, 08/15/2032		1,890,000		1,798,711
				20,424,516
Personal Care Products-0.54%
Unilever Capital Corp. (United Kingdom), 5.90%, 11/15/2032		1,890,000		2,015,576
Pharmaceuticals-2.07%
Bristol-Myers Squibb Co., 2.95%, 03/15/2032		3,260,000		2,818,247
Haleon US Capital LLC, 3.63%, 03/24/2032		3,785,000		3,392,134
Zoetis, Inc., 5.60%, 11/16/2032		1,420,000		1,467,798
				7,678,179
Residential REITs-1.38%
American Homes 4 Rent L.P., 3.63%, 04/15/2032		1,140,000		995,319
AvalonBay Communities, Inc., 2.05%, 01/15/2032(b)		1,330,000		1,086,046
Essex Portfolio L.P., 2.65%, 03/15/2032		1,230,000		1,001,601
Invitation Homes Operating Partnership L.P., 4.15%, 04/15/2032		1,140,000		1,029,009
Sun Communities Operating L.P., 4.20%, 04/15/2032		1,140,000		1,013,608
				5,125,583
Retail REITs-1.53%
Kimco Realty OP LLC, 3.20%, 04/01/2032		1,141,000		970,275

	Principal Amount		Value
Retail REITs-(continued)
Realty Income Corp.
5.63%, 10/13/2032	$	1,420,000	$	1,438,152
2.85%, 12/15/2032		1,320,000		1,088,530
Simon Property Group L.P.
2.25%, 01/15/2032		1,330,000		1,071,338
2.65%, 02/01/2032		1,330,000		1,106,813
				5,675,108
Semiconductors & Semiconductor Equipment-3.80%
Advanced Micro Devices, Inc., 3.92%, 06/01/2032(b)		950,000		888,666
Broadcom, Inc., 4.30%, 11/15/2032 .		3,790,000		3,511,292
Intel Corp
4.15%, 08/05/2032		2,370,000		2,226,327
4.00%, 12/15/2032		1,422,000		1,313,279
KLA Corp., 4.65%, 07/15/2032(b)		1,890,000		1,843,381
Micron Technology, Inc., 2.70%, 04/15/2032		1,890,000		1,552,267
QUALCOMM, Inc.
1.65%, 05/20/2032		2,340,000		1,827,494
4.25%, 05/20/2032		950,000		908,110
				14,070,816
Software-1.80%
Oracle Corp., 6.25%, 11/09/2032		4,260,000		4,501,411
Workday, Inc., 3.80%, 04/01/2032		2,370,000		2,142,953
				6,644,364
Specialized REITs-1.82%
American Tower Corp., 4.05%, 03/15/2032		1,230,000		1,119,446
Equinix, Inc., 3.90%, 04/15/2032		2,270,000		2,060,646
Extra Space Storage L.P., 2.35%, 03/15/2032		1,140,000		905,059
GLP Capital L.P./GLP Financing II, Inc., 3.25%, 01/15/2032		1,510,000		1,254,128
Weyerhaeuser Co., 7.38%, 03/15/2032		1,250,000		1,412,495
				6,751,774
Specialty Retail-3.32%
AutoNation, Inc., 3.85%, 03/01/2032		1,326,000		1,158,509
AutoZone, Inc., 4.75%, 08/01/2032		1,420,000		1,364,395
Dick’s Sporting Goods, Inc., 3.15%, 01/15/2032(b)		1,419,000		1,189,936
Home Depot, Inc. (The)
3.25%, 04/15/2032		2,370,000		2,106,069
4.50%, 09/15/2032(b)		2,370,000		2,319,447
Lowe’s Cos., Inc., 3.75%, 04/01/2032		2,840,000		2,581,499
O’Reilly Automotive, Inc., 4.70%, 06/15/2032		1,610,000		1,558,424
				12,278,279
Technology Hardware, Storage & Peripherals-1.23%
Apple, Inc., 3.35%, 08/08/2032		2,840,000		2,579,857
HP, Inc., 4.20%, 04/15/2032(b)		1,320,000		1,218,981
Western Digital Corp., 3.10%, 02/01/2032		950,000		744,720
				4,543,558
Textiles, Apparel & Luxury Goods-0.21%
Tapestry, Inc., 3.05%, 03/15/2032		950,000		770,340
Tobacco-2.29%
Altria Group, Inc., 2.45%, 02/04/2032		3,310,000		2,652,345

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

 67 

Invesco BulletShares 2032 Corporate Bond ETF (BSCW)–(continued)

February 29, 2024

(Unaudited)

 

	Principal Amount		Value
Tobacco-(continued)
B.A.T Capital Corp. (United Kingdom)
4.74%, 03/16/2032	$	1,700,000	$	1,600,239
7.75%, 10/19/2032		1,190,000		1,330,802
Philip Morris International, Inc., 5.75%, 11/17/2032		2,840,000		2,898,083
				8,481,469
Trading Companies & Distributors-0.32%
Air Lease Corp., 2.88%, 01/15/2032		1,420,000		1,179,731
Water Utilities-0.39%
American Water Capital Corp., 4.45%, 06/01/2032(b)		1,510,000		1,445,413
Wireless Telecommunication Services-2.55%
Rogers Communications, Inc. (Canada), 3.80%, 03/15/2032		3,690,000		3,280,514
Sprint Capital Corp., 8.75%, 03/15/2032		3,780,000		4,568,236
T-Mobile USA, Inc., 2.70%, 03/15/2032		1,890,000		1,573,646
				9,422,396
Total U.S. Dollar Denominated Bonds & Notes (Cost $363,975,425)				365,380,402
	Shares
Money Market Funds-0.02%
Invesco Government & Agency Portfolio, Institutional Class, 5.24%(c)(d) (Cost $73,943)		73,943		73,943
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-98.75% (Cost $364,049,368)				365,454,345

	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-3.84%
Invesco Private Government Fund, 5.29%(c)(d)(e)		4,642,632	$	4,642,632
Invesco Private Prime Fund, 5.49%(c)(d)(e)		9,555,001		9,559,779
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $14,202,900)				14,202,411
TOTAL INVESTMENTS IN SECURITIES-102.59% (Cost $378,252,268)				379,656,756
OTHER ASSETS LESS LIABILITIES-(2.59)%				(9,583,769	)
NET ASSETS-100.00%.			$	370,072,987

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 29, 2024.

^(c)  Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 29, 2024.

	Value August 31, 2023		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)		Realized Gain		Value February 29, 2024		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$   67,027		$ 5,878,789		$ (5,871,873)		$      -		$     -		$    73,943		$ 14,672

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

 68 

Invesco BulletShares 2032 Corporate Bond ETF (BSCW)–(continued)

February 29, 2024

(Unaudited)

 

	Value August 31, 2023			Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value February 29, 2024			Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		$	1,137,562	$	10,696,231	$	(7,191,161	)		$	-			$	-		$	4,642,632	$	54,773	*
Invesco Private Prime Fund			2,925,157		13,734,199		(7,101,105	)			(477	)			2,005			9,559,779		143,363	*
Total		$	4,129,746	$	30,309,219	$	(20,164,139	)		$	(477	)		$	2,005		$	14,276,354	$	212,808

* 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 29, 2024.

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

Portfolio Composition

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

as of February 29, 2024

Financials	16.77
Communication Services	11.99
Utilities	10.80
Consumer Discretionary	10.50
Information Technology	9.16
Consumer Staples	9.02
Health Care	7.97
Real Estate	7.03
Industrials	6.80
Energy	5.52
Materials	3.17
Money Market Funds Plus Other Assets Less Liabilities	1.27

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

 69 

Invesco BulletShares 2033 Corporate Bond ETF (BSCX)

February 29, 2024

(Unaudited)

Schedule of Investments^(a)

	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes-98.38%
Aerospace & Defense-2.50%
HEICO Corp., 5.35%, 08/01/2033	$	515,000	$	512,750
L3Harris Technologies, Inc., 5.40%, 07/31/2033		1,291,000		1,292,541
Lockheed Martin Corp., 5.25%, 01/15/2033		860,000		878,304
Northrop Grumman Corp., 4.70%, 03/15/2033		856,000		826,642
RTX Corp., 5.15%, 02/27/2033		1,075,000		1,064,898
				4,575,135
Air Freight & Logistics-0.42%
United Parcel Service, Inc., 4.88%, 03/03/2033		770,000		763,788
Automobile Components-0.24%
Magna International, Inc. (Canada), 5.50%, 03/21/2033		425,000		436,057
Automobiles-1.11%
Ford Motor Credit Co. LLC, 7.12%, 11/07/2033		1,075,000		1,146,604
Toyota Motor Corp. (Japan), 5.12%, 07/13/2033		430,000		451,825
Toyota Motor Credit Corp., 4.70%, 01/12/2033		430,000		424,425
				2,022,854
Banks-5.83%
Banco Santander S.A. (Spain)
6.92%, 08/08/2033		1,720,000		1,787,551
6.94%, 11/07/2033		1,290,000		1,407,680
Canadian Imperial Bank of Commerce (Canada), 6.09%, 10/03/2033		950,000		986,801
Citigroup, Inc., 6.00%, 10/31/2033		560,000		579,096
KeyBank N.A., 5.00%, 01/26/2033		862,000		787,365
Royal Bank of Canada (Canada)
5.00%, 02/01/2033		1,447,000		1,423,566
5.00%, 05/02/2033		775,000		763,125
Sumitomo Mitsui Financial Group, Inc. (Japan)
5.77%, 01/13/2033		1,505,000		1,555,070
5.78%, 07/13/2033		550,000		570,097
5.81%, 09/14/2033		770,000		798,464
				10,658,815
Beverages-1.90%
Brown-Forman Corp., 4.75%, 04/15/2033		560,000		552,678
Constellation Brands, Inc., 4.90%, 05/01/2033		640,000		620,987
Diageo Capital PLC (United Kingdom)
5.50%, 01/24/2033		640,000		658,162
5.63%, 10/05/2033		770,000		801,203
PepsiCo, Inc., 4.45%, 02/15/2033		850,000		843,158
				3,476,188

	Principal Amount		Value
Biotechnology-2.79%
Amgen, Inc.
4.20%, 03/01/2033	$	640,000	$	592,331
5.25%, 03/02/2033		3,652,000		3,643,278
Gilead Sciences, Inc., 5.25%, 10/15/2033		860,000		870,472
				5,106,081
Building Products-0.29%
Fortune Brands Innovations, Inc., 5.88%, 06/01/2033		515,000		523,259
Capital Markets-2.11%
Ameriprise Financial, Inc., 5.15%, 05/15/2033		640,000		640,355
BlackRock, Inc., 4.75%, 05/25/2033		1,070,000		1,051,191
Goldman Sachs Group, Inc. (The), 6.13%, 02/15/2033		890,000		955,049
Nomura Holdings, Inc. (Japan)
6.18%, 01/18/2033		640,000		671,566
6.09%, 07/12/2033		515,000		537,970
				3,856,131
Chemicals-2.30%
Air Products and Chemicals, Inc., 4.80%, 03/03/2033		510,000		503,008
Celanese US Holdings LLC, 6.70%, 11/15/2033		860,000		904,146
Dow Chemical Co. (The), 6.30%, 03/15/2033		515,000		551,901
Eastman Chemical Co., 5.75%, 03/08/2033		425,000		428,083
EIDP, Inc., 4.80%, 05/15/2033		515,000		504,100
FMC Corp., 5.65%, 05/18/2033		430,000		416,735
LYB International Finance III LLC, 5.63%, 05/15/2033		460,000		467,382
Mosaic Co. (The), 5.45%, 11/15/2033		430,000		425,455
				4,200,810
Commercial Services & Supplies-1.12%
Republic Services, Inc.
2.38%, 03/15/2033		596,000		477,903
5.00%, 12/15/2033		560,000		551,287
Waste Connections, Inc., 4.20%, 01/15/2033		640,000		598,621
Waste Management, Inc., 4.63%, 02/15/2033		430,000		415,634
				2,043,445
Consumer Finance-0.72%
Ally Financial, Inc., 6.70%, 02/14/2033		430,000		424,011
General Motors Financial Co., Inc., 6.40%, 01/09/2033		860,000		894,569
				1,318,580
Consumer Staples Distribution & Retail-1.36%
Dollar General Corp., 5.45%, 07/05/2033		863,000		857,654
Target Corp., 4.40%, 01/15/2033		430,000		415,536
Walmart, Inc., 4.10%, 04/15/2033		1,275,000		1,215,493
				2,488,683

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

 70 

Invesco BulletShares 2033 Corporate Bond ETF (BSCX)–(continued)

February 29, 2024

(Unaudited)

	Principal Amount		Value
Containers & Packaging-0.46%
Amcor Finance (USA), Inc., 5.63%, 05/26/2033	$	410,000	$	417,146
WRKCo, Inc., 3.00%, 06/15/2033		510,000		430,601
				847,747
Distributors-0.29%
LKQ Corp., 6.25%, 06/15/2033		520,000		534,729
Diversified Telecommunication Services-3.19%
AT&T, Inc., 2.55%, 12/01/2033		3,216,000		2,537,626
Bell Canada (Canada), 5.10%, 05/11/2033		729,000		720,047
Verizon Communications, Inc.
5.05%, 05/09/2033		860,000		851,950
4.50%, 08/10/2033		1,825,000		1,722,910
				5,832,533
Electric Utilities-9.01%
American Electric Power Co., Inc., 5.63%, 03/01/2033		730,000		735,661
CenterPoint Energy Houston Electric LLC, 4.95%, 04/01/2033		520,000		512,723
Consolidated Edison Co. of New York, Inc., 5.20%, 03/01/2033		430,000		433,768
Constellation Energy Generation LLC, 5.80%, 03/01/2033		515,000		526,741
Duke Energy Carolinas LLC, 4.95%, 01/15/2033		1,074,000		1,059,085
Duke Energy Corp., 5.75%, 09/15/2033		515,000		524,989
Duke Energy Florida LLC, 5.88%, 11/15/2033		520,000		544,727
Duke Energy Progress LLC, 5.25%, 03/15/2033		460,000		459,518
Entergy Louisiana LLC, 4.00%, 03/15/2033		645,000		587,731
Eversource Energy, 5.13%, 05/15/2033		685,000		662,006
Exelon Corp., 5.30%, 03/15/2033		733,000		726,279
Florida Power & Light Co.
5.10%, 04/01/2033		640,000		637,703
4.80%, 05/15/2033		640,000		625,716
Georgia Power Co., 4.95%, 05/17/2033		855,000		837,491
National Rural Utilities Cooperative Finance Corp., 5.80%, 01/15/2033		560,000		579,561
NextEra Energy Capital Holdings, Inc., 5.05%, 02/28/2033		855,000		834,537
Oncor Electric Delivery Co. LLC, 5.65%, 11/15/2033		690,000		713,279
Pacific Gas and Electric Co.
6.15%, 01/15/2033		645,000		660,357
6.40%, 06/15/2033		990,000		1,030,085
PECO Energy Co., 4.90%, 06/15/2033		495,000		491,112
PPL Electric Utilities Corp., 5.00%, 05/15/2033		515,000		512,137
Public Service Electric and Gas Co.
4.65%, 03/15/2033		425,000		411,661
5.20%, 08/01/2033		430,000		434,817
Southern Co. (The), 5.20%, 06/15/2033		640,000		630,604
Virginia Electric & Power Co., 5.00%, 04/01/2033		640,000		627,573
Xcel Energy, Inc., 5.45%, 08/15/2033		685,000		678,644
				16,478,505

	Principal Amount		Value
Electronic Equipment, Instruments & Components-0.97%
Eaton Corp., 4.15%, 03/15/2033	$	1,110,000	$	1,045,210
Trimble, Inc., 6.10%, 03/15/2033		690,000		721,438
				1,766,648
Energy Equipment & Services-0.23%
Schlumberger Investment S.A., 4.85%, 05/15/2033		430,000		425,488
Financial Services-2.74%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland), 3.40%, 10/29/2033		1,280,000		1,064,352
Apollo Global Management, Inc., 6.38%, 11/15/2033		430,000		462,085
Brookfield Capital Finance LLC (Canada), 6.09%, 06/14/2033		475,000		491,688
Equitable Holdings, Inc., 5.59%, 01/11/2033		430,000		433,715
Fiserv, Inc.
5.60%, 03/02/2033		770,000		777,328
5.63%, 08/21/2033		1,120,000		1,132,179
Mastercard, Inc., 4.85%, 03/09/2033		640,000		639,534
				5,000,881
Food Products-2.83%
Archer-Daniels-Midland Co., 4.50%, 08/15/2033		430,000		411,673
General Mills, Inc., 4.95%, 03/29/2033		863,000		847,604
J.M. Smucker Co. (The), 6.20%, 11/15/2033 .		860,000		909,609
JBS USA LUX S.A./JBS USA Food Co./JBS USA Finance, Inc., 5.75%, 04/01/2033		1,765,000		1,712,832
McCormick & Co., Inc., 4.95%, 04/15/2033		425,000		415,070
Pilgrim’s Pride Corp., 6.25%, 07/01/2033		860,000		870,281
				5,167,069
Gas Utilities-0.76%
CenterPoint Energy Resources Corp., 5.40%, 03/01/2033		515,000		519,797
Southern California Gas Co., 5.20%, 06/01/2033		430,000		426,997
Southern Co. Gas Capital Corp., 5.75%, 09/15/2033		430,000		440,824
				1,387,618
Ground Transportation-1.21%
CSX Corp., 5.20%, 11/15/2033		490,000		493,692
Norfolk Southern Corp., 4.45%, 03/01/2033 .		430,000		410,042
Ryder System, Inc., 6.60%, 12/01/2033		520,000		557,089
Union Pacific Corp., 4.50%, 01/20/2033		770,000		747,171
				2,207,994
Health Care Equipment & Supplies-0.45%
Medtronic Global Holdings S.C.A., 4.50%, 03/30/2033		850,000		818,527
Health Care Providers & Services-5.95%
Cigna Group (The), 5.40%, 03/15/2033		690,000		695,520
CVS Health Corp.
5.25%, 02/21/2033		1,495,000		1,480,314
5.30%, 06/01/2033		1,075,000		1,067,698
Elevance Health, Inc., 4.75%, 02/15/2033		850,000		821,962
HCA, Inc., 5.50%, 06/01/2033		1,075,000		1,069,013
Humana, Inc., 5.88%, 03/01/2033		641,000		659,110

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

 71 

Invesco BulletShares 2033 Corporate Bond ETF (BSCX)–(continued)

February 29, 2024

(Unaudited)

	Principal Amount		Value
Health Care Providers & Services-(continued)
McKesson Corp., 5.10%, 07/15/2033	$	515,000	$	513,608
Providence St. Joseph Health Obligated Group, 5.40%, 10/01/2033		482,000		480,580
Quest Diagnostics, Inc., 6.40%, 11/30/2033		640,000		684,002
UnitedHealth Group, Inc.
5.35%, 02/15/2033		1,709,000		1,744,291
4.50%, 04/15/2033		1,275,000		1,224,058
UPMC, 5.04%, 05/15/2033		434,000		428,726
				10,868,882
Health Care REITs-0.26%
Omega Healthcare Investors, Inc., 3.25%, 04/15/2033		594,000		473,270
Hotels, Restaurants & Leisure-1.02%
Darden Restaurants, Inc., 6.30%, 10/10/2033		430,000		449,489
Marriott International, Inc., Series II, 2.75%, 10/15/2033		598,000		481,974
McDonald’s Corp., 4.95%, 08/14/2033		515,000		511,153
Starbucks Corp., 4.80%, 02/15/2033		425,000		419,318
				1,861,934
Household Products-0.62%
Colgate-Palmolive Co., 4.60%, 03/01/2033		430,000		426,739
Procter & Gamble Co. (The), 4.05%, 01/26/2033		725,000		698,667
				1,125,406
Industrial Conglomerates-0.52%
Honeywell International, Inc., 5.00%, 02/15/2033		945,000		947,025
Industrial REITs-0.63%
Prologis L.P.
4.63%, 01/15/2033		554,000		533,499
4.75%, 06/15/2033		640,000		620,981
				1,154,480
Insurance-2.64%
Allstate Corp. (The), 5.25%, 03/30/2033		640,000		638,009
American International Group, Inc., 5.13%, 03/27/2033		640,000		631,692
Aon Corp./Aon Global Holdings PLC, 5.35%, 02/28/2033		640,000		638,680
Marsh & McLennan Cos., Inc., 5.40%, 09/15/2033		515,000		524,526
MetLife, Inc., 5.38%, 07/15/2033		860,000		864,292
Progressive Corp. (The), 4.95%, 06/15/2033		430,000		427,370
Travelers Property Casualty Corp., 6.38%, 03/15/2033		429,000		476,372
Willis North America, Inc., 5.35%, 05/15/2033		640,000		629,764
				4,830,705
Interactive Media & Services-0.82%
Meta Platforms, Inc., 4.95%, 05/15/2033		1,504,000		1,505,880
IT Services-0.34%
International Business Machines Corp., 4.75%, 02/06/2033		635,000		620,217

	Principal Amount		Value
Life Sciences Tools & Services-0.47%
Thermo Fisher Scientific, Inc., 5.09%, 08/10/2033	$	860,000	$	865,338
Machinery-1.76%
Ingersoll Rand, Inc., 5.70%, 08/14/2033		860,000		875,220
John Deere Capital Corp., Series I, 5.15%, 09/08/2033		860,000		875,099
Nordson Corp., 5.80%, 09/15/2033		430,000		444,196
nVent Finance S.a.r.l. (United Kingdom), 5.65%, 05/15/2033		425,000		425,301
Trane Technologies Financing Ltd., 5.25%, 03/03/2033		602,000		607,524
				3,227,340
Media-3.60%
Charter Communications Operating LLC/ Charter Communications Operating Capital Corp., 4.40%, 04/01/2033		850,000		743,556
Comcast Corp.
4.25%, 01/15/2033		1,465,000		1,372,452
4.65%, 02/15/2033		855,000		830,820
7.05%, 03/15/2033		640,000		719,282
4.80%, 05/15/2033		850,000		830,858
Fox Corp., 6.50%, 10/13/2033		1,075,000		1,129,665
Time Warner Cable Enterprises LLC, 8.38%, 07/15/2033		860,000		955,007
				6,581,640
Metals & Mining-0.37%
Rio Tinto Alcan, Inc. (Canada), 6.13%, 12/15/2033		640,000		680,994
Multi-Utilities-2.01%
Ameren Illinois Co., 4.95%, 06/01/2033		430,000		423,617
Arizona Public Service Co., 5.55%, 08/01/2033		430,000		431,746
Consumers Energy Co., 4.63%, 05/15/2033		595,000		575,279
Dominion Energy, Inc., Series F, 5.25%, 08/01/2033		430,000		423,107
DTE Electric Co., 5.20%, 04/01/2033		513,000		516,582
National Grid PLC (United Kingdom), 5.81%, 06/12/2033		692,000		699,757
Sempra, 5.50%, 08/01/2033		605,000		601,609
				3,671,697
Office REITs-0.65%
Alexandria Real Estate Equities, Inc., 1.88%, 02/01/2033		860,000		644,044
Boston Properties L.P., 2.45%, 10/01/2033		730,000		538,772
				1,182,816
Oil, Gas & Consumable Fuels-11.18%
BP Capital Markets America, Inc.
4.81%, 02/13/2033		1,935,000		1,888,435
4.89%, 09/11/2033		1,290,000		1,265,629
ConocoPhillips Co., 5.05%, 09/15/2033		855,000		852,776
Diamondback Energy, Inc., 6.25%, 03/15/2033		947,000		995,946
Enbridge, Inc. (Canada)
5.70%, 03/08/2033		1,977,000		2,000,091
2.50%, 08/01/2033		850,000		672,349

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

 72 

Invesco BulletShares 2033 Corporate Bond ETF (BSCX)–(continued)

February 29, 2024

(Unaudited)

	Principal Amount		Value
Oil, Gas & Consumable Fuels-(continued)
Energy Transfer L.P.
5.75%, 02/15/2033	$	1,280,000	$	1,289,627
6.55%, 12/01/2033		1,285,000		1,363,803
Enterprise Products Operating LLC
5.35%, 01/31/2033		864,000		875,958
Series D, 6.88%, 03/01/2033		410,000		457,191
Hess Corp., 7.13%, 03/15/2033		460,000		516,164
Kinder Morgan Energy Partners L.P., 7.30%, 08/15/2033		460,000		511,174
Kinder Morgan, Inc.
4.80%, 02/01/2033		640,000		604,348
5.20%, 06/01/2033		1,294,000		1,260,283
MPLX L.P., 5.00%, 03/01/2033		940,000		899,493
ONEOK, Inc., 6.05%, 09/01/2033		1,285,000		1,324,822
Ovintiv, Inc., 6.25%, 07/15/2033		515,000		529,815
Phillips 66 Co., 5.30%, 06/30/2033		460,000		456,372
Targa Resources Corp.
4.20%, 02/01/2033		635,000		571,881
6.13%, 03/15/2033		770,000		793,252
Western Midstream Operating L.P., 6.15%, 04/01/2033		645,000		655,868
Williams Cos., Inc. (The), 5.65%, 03/15/2033		640,000		651,087
				20,436,364
Personal Care Products-1.27%
Estee Lauder Cos., Inc. (The), 4.65%, 05/15/2033		605,000		587,197
Kenvue, Inc., 4.90%, 03/22/2033		1,050,000		1,038,608
Unilever Capital Corp. (United Kingdom), 5.00%, 12/08/2033		690,000		691,475
				2,317,280
Pharmaceuticals-2.85%
AstraZeneca Finance LLC (United Kingdom), 4.88%, 03/03/2033		430,000		429,173
Bristol-Myers Squibb Co., 5.90%, 11/15/2033		860,000		910,506
Eli Lilly and Co., 4.70%, 02/27/2033		850,000		843,292
Johnson & Johnson
4.95%, 05/15/2033		425,000		441,252
4.38%, 12/05/2033		725,000		716,482
Merck & Co., Inc.
4.50%, 05/17/2033		1,275,000		1,240,356
6.50%, 12/01/2033		560,000		631,659
				5,212,720
Professional Services-0.72%
Concentrix Corp., 6.85%, 08/02/2033		475,000		464,848
Jacobs Engineering Group, Inc., 5.90%, 03/01/2033		430,000		430,196
Verisk Analytics, Inc., 5.75%, 04/01/2033		405,000		418,491
				1,313,535
Retail REITs-1.10%
Kimco Realty OP LLC, 4.60%, 02/01/2033		550,000		515,918
NNN REIT, Inc., 5.60%, 10/15/2033		430,000		429,123
Realty Income Corp., 4.90%, 07/15/2033		515,000		491,655
Simon Property Group L.P., 5.50%, 03/08/2033		563,000		568,062
				2,004,758

	Principal Amount		Value
Semiconductors & Semiconductor Equipment-2.87%
Intel Corp., 5.20%, 02/10/2033	$	1,915,000	$	1,917,812
Marvell Technology, Inc., 5.95%, 09/15/2033		430,000		444,389
Micron Technology, Inc.
5.88%, 02/09/2033		649,000		663,338
5.88%, 09/15/2033		770,000		785,357
QUALCOMM, Inc., 5.40%, 05/20/2033		605,000		628,184
Texas Instruments, Inc., 4.90%, 03/14/2033		815,000		816,406
				5,255,486
Software-1.27%
Intuit, Inc., 5.20%, 09/15/2033		1,075,000		1,086,526
Oracle Corp., 4.90%, 02/06/2033		1,275,000		1,233,302
				2,319,828
Specialized REITs-1.81%
American Tower Corp.
5.65%, 03/15/2033		690,000		694,947
5.55%, 07/15/2033		726,000		725,849
5.90%, 11/15/2033		640,000		656,836
Crown Castle, Inc., 5.10%, 05/01/2033		640,000		618,988
Public Storage Operating Co., 5.10%, 08/01/2033		605,000		604,846
				3,301,466
Specialty Retail-3.05%
AutoZone, Inc.
4.75%, 02/01/2033		472,000		452,456
6.55%, 11/01/2033		430,000		464,779
Booz Allen Hamilton, Inc., 5.95%, 08/04/2033		550,000		564,859
Dell International LLC/EMC Corp., 5.75%, 02/01/2033		862,000		887,711
Leidos, Inc., 5.75%, 03/15/2033		640,000		650,891
Lowe’s Cos., Inc.
5.00%, 04/15/2033		1,075,000		1,060,923
5.15%, 07/01/2033		861,000		857,625
Tractor Supply Co., 5.25%, 05/15/2033		640,000		636,895
				5,576,139
Technology Hardware, Storage & Peripherals-0.98%
Apple, Inc., 4.30%, 05/10/2033		860,000		851,143
HP, Inc., 5.50%, 01/15/2033		945,000		948,241
				1,799,384
Textiles, Apparel & Luxury Goods-0.63%
Tapestry, Inc., 7.85%, 11/27/2033		1,070,000		1,158,211
Tobacco-2.38%
Altria Group, Inc., 6.88%, 11/01/2033		430,000		464,942
B.A.T Capital Corp. (United Kingdom), 6.42%, 08/02/2033		1,075,000		1,106,555
Philip Morris International, Inc.
5.38%, 02/15/2033		1,922,000		1,913,629
5.63%, 09/07/2033		855,000		864,613
				4,349,739

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

 73 

Invesco BulletShares 2033 Corporate Bond ETF (BSCX)–(continued)

February 29, 2024

(Unaudited)

 

	Principal Amount		Value
Wireless Telecommunication Services-1.78%
T-Mobile USA, Inc.
5.20%, 01/15/2033	$	1,070,000	$	1,064,022
5.05%, 07/15/2033		2,238,000		2,189,693
				3,253,715
Total U.S. Dollar Denominated Bonds & Notes (Cost $181,504,336)				179,833,814
	Shares
Money Market Funds-0.36%
Invesco Government & Agency Portfolio, Institutional Class, 5.24%(b)(c) (Cost $669,642)		669,642		669,642
TOTAL INVESTMENTS IN SECURITIES-98.74% (Cost $182,173,978)				180,503,456
OTHER ASSETS LESS LIABILITIES-1.26%				2,294,733
NET ASSETS-100.00%.			$	182,798,189

 

Investment Abbreviations:

REIT -Real Estate Investment Trust

Notes to Schedule of Investments:

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

^(b)  Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the period ended February 29, 2024.

	Value August 31, 2023			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value February 29, 2024			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	3,299,630		$	(2,629,988	)		$	-		$	-		$	669,642		$	6,491
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Prime Fund			-			2,979,857			(2,980,084	)			-			227			-			1,886	*
Total		$	-		$	6,279,487		$	(5,610,072	)		$	-		$	227		$	669,642		$	8,377

* 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 29, 2024.

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

 74 

Invesco BulletShares 2033 Corporate Bond ETF (BSCX)–(continued)

February 29, 2024

(Unaudited)

 

Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of February 29, 2024
Financials	14.04
Health Care	12.51
Utilities	11.78
Energy	11.41
Consumer Staples	10.35
Communication Services	9.40
Industrials	8.54
Information Technology	6.43
Consumer Discretionary	6.34
Real Estate	4.44
Materials	3.14
Money Market Funds Plus Other Assets Less Liabilities	1.62

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 29, 2024

(Unaudited)

Schedule of Investments^(a)

	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes-76.09%
Aerospace & Defense-2.75%
TransDigm, Inc., 7.50%, 03/15/2027	$	20,530,000	$	20,527,906
Automobile Components-4.06%
Goodyear Tire & Rubber Co. (The), 9.50%, 05/31/2025(b)		29,981,000		30,308,842
Broadline Retail-2.07%
QVC, Inc., 4.85%, 04/01/2024(b)		15,500,000		15,475,278
Capital Markets-1.73%
StoneX Group, Inc., 8.63%, 06/15/2025(c)		12,800,000		12,890,746
Chemicals-0.19%
TPC Group, Inc., 13.00%, 12/16/2027(c)		1,410,000		1,443,860
Consumer Finance-2.49%
Navient Corp., 5.88%, 10/25/2024		18,660,000		18,628,877
Consumer Staples Distribution & Retail-1.37%
Performance Food Group, Inc., 6.88%, 05/01/2025(b)(c)		10,200,000		10,239,474
Containers & Packaging-2.57%
Graphic Packaging International LLC, 4.13%, 08/15/2024		11,148,000		11,014,417
Sealed Air Corp., 5.13%, 12/01/2024(c)		8,200,000		8,165,314
				19,179,731
Diversified Consumer Services-2.42%
Grand Canyon University, 4.13%, 10/01/2024(b)		18,600,000		18,071,760
Electrical Equipment-4.94%
WESCO Distribution, Inc.
7.13%, 06/15/2025(b)(c)		19,310,000		19,441,984
7.25%, 06/15/2028(b)(c)		17,060,000		17,449,757
				36,891,741
Energy Equipment & Services-1.14%
Talos Energy Ventures GOM LLC/Talos Finance Corp., 11.75%, 04/15/2026(c)		8,241,000		8,540,107
Entertainment-3.62%
Cinemark USA, Inc., 8.75%, 05/01/2025(c)		5,620,000		5,640,843
Live Nation Entertainment, Inc., 4.88%, 11/01/2024(b)(c)		21,551,000		21,388,505
				27,029,348
Health Care Providers & Services-0.84%
Owens & Minor, Inc., 4.38%, 12/15/2024		6,400,000		6,305,149
Hotels, Restaurants & Leisure-4.01%
SeaWorld Parks & Entertainment, Inc., 8.75%, 05/01/2025(b)(c)		7,300,000		7,334,773
Six Flags Theme Parks, Inc., 7.00%, 07/01/2025(c)		13,600,000		13,641,859
Travel + Leisure Co., 5.65%, 04/01/2024		8,964,000		8,973,683
				29,950,315
Household Durables-2.26%
Tri Pointe Group, Inc./Tri Pointe Homes, Inc., 5.88%, 06/15/2024		16,902,000		16,907,155

	Principal Amount		Value
Independent Power and Renewable Electricity Producers-3.46%
NextEra Energy Operating Partners L.P., 4.25%, 07/15/2024(c)	$	26,122,000	$	25,814,476
Industrial Conglomerates-4.89%
Icahn Enterprises L.P./Icahn Enterprises Finance Corp., 4.75%, 09/15/2024		36,760,000		36,562,393
Media-8.02%
DISH DBS Corp., 5.88%, 11/15/2024(b)		39,697,000		37,552,171
Videotron Ltd. (Canada), 5.38%, 06/15/2024(c)		22,395,000		22,338,733
				59,890,904
Metals & Mining-0.00%
Celtic Resources Holdings DAC (United Kingdom), 4.13%, 10/09/2024(c)(d)		1,200,000		0
Mortgage REITs-1.96%
Starwood Property Trust, Inc., 3.75%, 12/31/2024(b)(c)		14,900,000		14,615,729
Oil, Gas & Consumable Fuels-7.16%
Blue Racer Midstream LLC/Blue Racer Finance Corp., 7.63%, 12/15/2025(b)(c)		22,390,000		22,603,869
Calumet Specialty Products Partners L.P./Calumet Finance Corp.
9.25%, 07/15/2024(c)		4,549,000		4,563,275
11.00%, 04/15/2025(c)		15,260,000		15,387,269
EQM Midstream Partners L.P., 4.00%, 08/01/2024		11,000,000		10,927,402
				53,481,815
Pharmaceuticals-3.44%
Perrigo Finance Unlimited Co., 3.90%, 12/15/2024(b)		26,130,000		25,704,854
Specialty Retail-2.58%
Bath & Body Works, Inc., 7.50%, 06/15/2029(b)		18,670,000		19,292,831
Technology Hardware, Storage & Peripherals-4.85%
Vericast Corp., 11.00%, 09/15/2026(c)		34,400,000		36,213,568
Textiles, Apparel & Luxury Goods-1.20%
Abercrombie & Fitch Management Co., 8.75%, 07/15/2025(c)		8,900,000		8,980,732
Trading Companies & Distributors-2.07%
Fortress Transportation and Infrastructure Investors LLC, 9.75%, 08/01/2027(c)		14,930,000		15,489,726
Total U.S. Dollar Denominated Bonds & Notes (Cost $570,546,163)				568,437,317
U.S. Treasury Securities-15.28%
U.S. Treasury Bills-15.28%(e)
5.29%, 05/16/2024		35,000,000		34,613,414
5.28%–5.29%, 03/21/2024		27,000,000		26,920,725
5.23%–5.27%, 04/18/2024		53,000,000		52,627,940
Total U.S. Treasury Securities (Cost $114,165,965)				114,162,079

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 29, 2024

(Unaudited)

 

	Shares		Value
Money Market Funds-8.00%
Invesco Government & Agency Portfolio, Institutional Class, 5.24%(f)(g) (Cost $59,794,271)		59,794,271	$	59,794,271
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.37% (Cost $744,506,399)				742,393,667
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-9.08%
Invesco Private Government Fund, 5.29%(f)(g)(h)		18,989,460		18,989,460

	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 5.49%(f)(g)(h)		48,805,638	$	48,830,041
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $67,826,753)				67,819,501
TOTAL INVESTMENTS IN SECURITIES-108.45% (Cost $812,333,152)				810,213,168
OTHER ASSETS LESS LIABILITIES-(8.45)%				(63,152,254	)
NET ASSETS-100.00%.			$	747,060,914

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 29, 2024.

^(c)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at February 29, 2024 was $292,184,599, which represented 39.11% of the Fund’s Net Assets.

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

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

^(f)  Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 29, 2024.

	Value August 31,  2023			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)						Realized Gain			Value February 29,  2024					Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	23,700,787		$	274,210,986		$	(238,117,502	)			$	-				$	-			$	59,794,271			$	1,199,568
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			11,964,297			105,361,045			(98,335,882	)				-					-				18,989,460				411,445	*
Invesco Private Prime Fund			30,765,338			211,309,386			(193,261,879	)				(7,204	)				24,400				48,830,041				1,151,106	*
Total		$	66,430,422		$	590,881,417		$	(529,715,263	)			$	(7,204	)			$	24,400			$	127,613,772			$	2,762,119

* 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.

^(g)  The rate shown is the 7-day SEC standardized yield as of February 29, 2024.

^(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 2I.

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 29, 2024

(Unaudited)

 

Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of February 29, 2024
Consumer Discretionary	18.60
U.S. Treasury Securities	15.28
Industrials	14.65
Communication Services	11.64
Energy	8.30
Financials	6.18
Information Technology	4.85
Health Care	4.28
Utilities	3.46
Sector Types Each Less Than 3%	4.13
Money Market Funds Plus Other Assets Less Liabilities	8.63

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

 78 

Invesco BulletShares 2025 High Yield Corporate Bond ETF (BSJP)

February 29, 2024

(Unaudited)

Schedule of Investments^(a)

	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes-92.30%
Aerospace & Defense-2.43%
Spirit AeroSystems, Inc., 9.38%, 11/30/2029(b)	$	12,840,000	$	13,900,635
Triumph Group, Inc., 7.75%, 08/15/2025		5,025,000		5,017,587
				18,918,222
Automobile Components-1.19%
Clarios Global L.P., 6.75%, 05/15/2025(b)		6,420,000		6,421,096
Dana Financing Luxembourg S.a.r.l., 5.75%, 04/15/2025(b)		2,820,000		2,809,397
				9,230,493
Automobiles-1.30%
Jaguar Land Rover Automotive PLC (United Kingdom), 7.75%, 10/15/2025(b)(c)		9,970,000		10,065,499
Banks-1.40%
Freedom Mortgage Corp., 12.00%, 10/01/2028(b)		10,002,000		10,849,029
Broadline Retail-1.04%
QVC, Inc., 4.45%, 02/15/2025(c)		8,352,000		8,116,671
Chemicals-1.19%
Avient Corp., 5.75%, 05/15/2025(b)(c)		9,280,000		9,234,642
Commercial Services & Supplies-4.68%
Aptim Corp., 7.75%, 06/15/2025(b)		6,350,000		6,101,130
Brink’s Co. (The), 5.50%, 07/15/2025(b)		5,706,000		5,679,621
GFL Environmental, Inc. (Canada)
4.25%, 06/01/2025(b)(c)		7,130,000		7,010,928
3.75%, 08/01/2025(b)		10,697,000		10,395,851
Matthews International Corp., 5.25%, 12/01/2025(b)		4,280,000		4,210,857
OPENLANE, Inc., 5.13%, 06/01/2025(b)(c)		2,997,000		2,960,437
				36,358,824
Communications Equipment-2.37%
CommScope Technologies LLC, 6.00%, 06/15/2025(b)		10,700,000		8,730,986
Viasat, Inc., 5.63%, 09/15/2025(b)(c)		9,983,000		9,698,834
				18,429,820
Construction & Engineering-0.79%
Tutor Perini Corp., 6.88%, 05/01/2025(b)(c)		6,180,000		6,116,531
Construction Materials-0.95%
Williams Scotsman, Inc., 6.13%, 06/15/2025(b)(c)		7,426,000		7,419,279
Consumer Finance-5.12%
Finance of America Funding LLC, 7.88%, 11/15/2025(b)		4,316,000		3,432,234
Navient Corp., 6.75%, 06/25/2025(c)		7,131,000		7,179,555
OneMain Finance Corp., 6.88%, 03/15/2025(c)		17,811,000		18,003,537
PRA Group, Inc., 7.38%, 09/01/2025(b)		4,205,000		4,201,174
SLM Corp., 4.20%, 10/29/2025(c)		7,138,000		6,928,571
				39,745,071

	Principal Amount		Value
Consumer Staples Distribution & Retail-1.01%
Aramark Services, Inc., 5.00%, 04/01/2025(b)(c)	$	7,872,000	$	7,828,468
Containers & Packaging-3.08%
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 5.25%, 04/30/2025(b)(c)		9,985,000		9,888,482
Ball Corp., 5.25%, 07/01/2025(c)		1,220,000		1,220,574
Owens-Brockway Glass Container, Inc., 6.38%, 08/15/2025(b)(c)		4,278,000		4,327,668
Pactiv LLC, 7.95%, 12/15/2025		2,703,000		2,776,611
Sealed Air Corp., 5.50%, 09/15/2025(b)		5,710,000		5,704,575
				23,917,910
Electric Utilities-2.28%
DPL, Inc., 4.13%, 07/01/2025(c)		5,832,000		5,677,359
Mallinckrodt International Finance S.A., 14.75%, 11/14/2028(b)		11,090,000		12,048,326
				17,725,685
Electrical Equipment-1.12%
Sensata Technologies B.V., 5.00%, 10/01/2025(b)		8,740,000		8,666,237
Electronic Equipment, Instruments & Components-1.26%
Likewize Corp., 9.75%, 10/15/2025(b)		5,988,000		6,097,611
Tempo Acquisition LLC/Tempo Acquisition Finance Corp., 5.75%, 06/01/2025(b)		3,700,000		3,667,604
				9,765,215
Energy Equipment & Services-0.56%
CSI Compressco L.P./CSI Compressco Finance, Inc., 7.50%, 04/01/2025(b)		4,320,000		4,327,603
Financial Services-2.87%
PennyMac Financial Services, Inc., 5.38%, 10/15/2025(b)(c)		8,120,000		7,998,674
Provident Funding Associates L.P./PFG Finance Corp., 6.38%, 06/15/2025(b)		3,248,000		3,048,044
United Wholesale Mortgage LLC, 5.50%, 11/15/2025(b)(c)		11,410,000		11,225,512
				22,272,230
Food Products-0.49%
B&G Foods, Inc., 5.25%, 04/01/2025		3,787,000		3,777,394
Gas Utilities-1.26%
AmeriGas Partners L.P./AmeriGas Finance Corp., 5.50%, 05/20/2025		9,987,000		9,812,723
Health Care Equipment & Supplies-1.00%
Radiology Partners, Inc., 3.50% PIK Rate, 5.00% Cash Rate, 01/31/2029(d)		8,033,674		7,772,580
Health Care Providers & Services-4.10%
Encompass Health Corp., 5.75%, 09/15/2025(c)		4,980,000		4,966,191
Global Medical Response, Inc., 6.50%, 10/01/2025(b)		7,400,000		6,502,121
ModivCare, Inc., 5.88%, 11/15/2025(b)(c)		7,132,000		6,969,390

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

 79 

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

February 29, 2024

(Unaudited)

 

	Principal Amount		Value
Health Care Providers & Services-(continued)
Prime Healthcare Services, Inc., 7.25%, 11/01/2025(b)	$	10,935,000	$	10,919,308
Surgery Center Holdings, Inc., 6.75%, 07/01/2025(b)		2,527,000		2,515,970
				31,872,980
Health Care REITs-0.91%
Diversified Healthcare Trust, 9.75%, 06/15/2025		7,136,000		7,111,443
Hotel & Resort REITs-1.95%
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, 7.50%, 06/01/2025(b)		9,277,000		9,314,155
XHR L.P., 6.38%, 08/15/2025(b)		5,811,000		5,822,796
				15,136,951
Hotels, Restaurants & Leisure-13.56%
1011778 BC ULC/New Red Finance, Inc. (Canada), 5.75%, 04/15/2025(b)(c)		6,241,000		6,223,395
Carnival Corp., 10.50%, 06/01/2030(b)(c)		14,267,000		15,577,242
Cedar Fair L.P./Canada’s Wonderland Co./Magnum Management Corp., 5.50%, 05/01/2025(b)		12,485,000		12,453,631
Dave & Buster’s, Inc., 7.63%, 11/01/2025(b)(c)		6,280,000		6,300,541
Hilton Domestic Operating Co., Inc., 5.38%, 05/01/2025(b)(c)		7,131,000		7,114,467
IRB Holding Corp., 7.00%, 06/15/2025(b)		10,702,000		10,724,902
MGM Resorts International
6.75%, 05/01/2025		10,701,000		10,722,744
5.75%, 06/15/2025(c)		9,630,000		9,622,541
Sizzling Platter LLC/Sizzling Platter Finance Corp., 8.50%, 11/28/2025(b)(c)		4,990,000		5,004,646
Sugarhouse HSP Gaming Prop Mezz L.P./Sugarhouse HSP Gaming Finance Corp., 5.88%, 05/15/2025(b)		3,301,000		3,269,801
Travel + Leisure Co., 6.60%, 10/01/2025(c)		4,993,000		5,052,941
Vail Resorts, Inc., 6.25%, 05/15/2025(b)(c)		7,396,000		7,427,322
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.50%, 03/01/2025(b)		5,875,000		5,877,012
				105,371,185
Household Durables-2.36%
American Greetings Corp., 8.75%, 04/15/2025(b)(c)		1,997,000		2,000,744
Beazer Homes USA, Inc., 6.75%, 03/15/2025		2,645,000		2,641,039
Empire Communities Corp. (Canada), 7.00%, 12/15/2025(b)(c)		6,774,000		6,702,598
Newell Brands, Inc., 4.88%, 06/01/2025(c)		7,130,000		6,986,886
				18,331,267
Independent Power and Renewable Electricity Producers-0.75%
TransAlta Corp. (Canada), 7.75%, 11/15/2029		5,636,000		5,865,329
Industrial Conglomerates-1.36%
Icahn Enterprises L.P./Icahn Enterprises Finance Corp., 6.38%, 12/15/2025		10,668,000		10,582,811

	Principal Amount		Value
Interactive Media & Services-0.91%
TripAdvisor, Inc., 7.00%, 07/15/2025(b)(c)	$	7,045,000	$	7,057,787
Machinery-1.28%
CD&R Smokey Buyer, Inc., 6.75%, 07/15/2025(b)(c)		9,988,000		9,955,789
Media-1.96%
AMC Networks, Inc., 4.75%, 08/01/2025(c)		11,052,000		10,550,284
Clear Channel International B.V. (United Kingdom), 6.63%, 08/01/2025(b)(c)		4,683,000		4,687,168
				15,237,452
Mortgage REITs-2.49%
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 5.25%, 10/01/2025(b)		4,678,000		4,612,562
Rithm Capital Corp., 6.25%, 10/15/2025(b)(c)		7,847,000		7,752,679
Starwood Property Trust, Inc., 4.75%, 03/15/2025(c)		7,050,000		6,963,038
				19,328,279
Oil, Gas & Consumable Fuels-10.02%
CITGO Petroleum Corp., 7.00%, 06/15/2025(b)		12,800,000		12,782,162
CrownRock L.P./CrownRock Finance, Inc., 5.63%, 10/15/2025(b)		10,850,000		10,806,275
Delek Logistics Partners L.P./Delek Logistics Finance Corp., 6.75%, 05/15/2025		3,135,000		3,137,195
EQM Midstream Partners L.P., 6.00%, 07/01/2025(b)		5,708,000		5,704,687
New Fortress Energy, Inc., 6.75%, 09/15/2025(b)(c)		15,620,000		15,553,840
NuStar Logistics L.P., 5.75%, 10/01/2025		7,502,000		7,440,011
Range Resources Corp., 4.88%, 05/15/2025(c)		8,444,000		8,333,909
SM Energy Co., 5.63%, 06/01/2025		4,367,000		4,337,894
Southwestern Energy Co., 5.70%, 01/23/2025(c)		5,552,000		5,525,405
Vermilion Energy, Inc. (Canada), 5.63%, 03/15/2025(b)(c)		4,278,000		4,261,893
				77,883,271
Passenger Airlines-0.87%
American Airlines Group, Inc., 3.75%, 03/01/2025(b)		6,950,000		6,795,926
Pharmaceuticals-3.09%
Bausch Health Cos., Inc., 5.50%, 11/01/2025(b)		20,918,000		19,486,267
P&L Development LLC/PLD Finance Corp., 7.75%, 11/15/2025(b)		5,600,000		4,518,001
				24,004,268
Software-4.92%
Boxer Parent Co., Inc., 7.13%, 10/02/2025(b)		8,560,000		8,574,381

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)–(continued)

February 29, 2024

(Unaudited)

 

	Principal Amount		Value
Software-(continued)
PTC, Inc., 3.63%, 02/15/2025(b)(c)	$	7,137,000	$	6,972,817
Veritas US, Inc./Veritas Bermuda Ltd., 7.50%, 09/01/2025(b)(c)		24,664,000		22,646,948
				38,194,146
Specialty Retail-2.37%
JELD-WEN, Inc., 4.63%, 12/15/2025(b)(c)		2,850,000		2,781,134
Penske Automotive Group, Inc., 3.50%, 09/01/2025(c)		7,850,000		7,623,112
Sally Holdings LLC/Sally Capital, Inc., 5.63%, 12/01/2025		8,000,000		8,003,461
				18,407,707
Technology Hardware, Storage & Peripherals-1.36%
Xerox Holdings Corp., 5.00%, 08/15/2025(b)(c)		10,702,000		10,535,611
Textiles, Apparel & Luxury Goods-0.65%
G-III Apparel Group Ltd., 7.88%, 08/15/2025(b)		5,004,000		5,046,509
Total U.S. Dollar Denominated Bonds & Notes (Cost $716,549,985)				717,068,837
	Shares
Money Market Funds-10.87%
Invesco Government & Agency Portfolio, Institutional Class, 5.24%(e)(f) (Cost $84,391,775)		84,391,775		84,391,775
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-103.17% (Cost $800,941,760)				801,460,612

	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-13.64%
Invesco Private Government Fund, 5.29%(e)(f)(g)		29,676,706	$	29,676,706
Invesco Private Prime Fund, 5.49%(e)(f)(g)		76,273,396		76,311,533
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $106,000,044)				105,988,239
TOTAL INVESTMENTS IN SECURITIES-116.81% (Cost $906,941,804)				907,448,851
OTHER ASSETS LESS LIABILITIES-(16.81)%				(130,569,953	)
NET ASSETS-100.00%			$	776,878,898

Investment Abbreviations:

PIK   -Pay-in-Kind

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 29, 2024 was $515,319,441, which represented 66.33% of the Fund’s Net Assets.

^(c)  All or a portion of this security was out on loan at February 29, 2024.

^(d)  All or a portion of this security is Pay-in-Kind. Pay-in-Kind securities pay interest income in the form of securities.

^(e)  Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 29, 2024.

	Value August 31,  2023			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)			Realized Gain			Value February 29,  2024			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	34,363,349		$	300,736,043		$	(250,707,617	)		$	-		$	-		$	84,391,775		$	991,500

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 29, 2024

(Unaudited)

 

	Value August 31, 2023			Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value February 29, 2024						Dividend  Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		$	25,736,260	$	107,414,297	$	(103,473,851	)		$	-			$	-			$	29,676,706			$	769,491	*
Invesco Private Prime Fund			66,178,954		233,431,824		(223,332,330	)			(12,139	)			45,224				76,311,533				2,074,470	*
Total		$	126,278,563	$	641,582,164	$	(577,513,798	)		$	(12,139	)		$	45,224			$	190,380,014			$	3,835,461

* 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 29, 2024.

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

Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of February 29, 2024
Consumer Discretionary	22.47
Industrials	12.53
Financials	11.88
Energy	10.58
Information Technology	9.91
Health Care	8.19
Materials	5.22
Utilities	4.29
Sector Types Each Less Than 3%	7.23
Money Market Funds Plus Other Assets Less Liabilities	7.70

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

 82 

Invesco BulletShares 2026 High Yield Corporate Bond ETF (BSJQ)

February 29, 2024

(Unaudited)

Schedule of Investments^(a)

	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes-96.85%
Aerospace & Defense-0.96%
Bombardier, Inc. (Canada), 7.13%, 06/15/2026(b)(c)	$	4,360,000	$	4,399,476
Automobile Components-1.78%
FXI Holdings, Inc., 12.25%, 11/15/2026(b)		1,960,000		1,925,700
Gates Global LLC/Gates Corp., 6.25%, 01/15/2026(b)(c)		2,370,000		2,363,784
Goodyear Tire & Rubber Co. (The), 5.00%, 05/31/2026(c)		3,920,000		3,821,434
				8,110,918
Automobiles-0.50%
Mclaren Finance PLC (United Kingdom), 7.50%, 08/01/2026(b)		2,600,000		2,278,682
Banks-0.48%
Freedom Mortgage Corp., 7.63%, 05/01/2026(b)		2,184,000		2,169,475
Chemicals-1.49%
Consolidated Energy Finance S.A. (Switzerland), 6.50%, 05/15/2026(b)		925,000		842,832
Rayonier A.M. Products, Inc., 7.63%, 01/15/2026(b)		2,020,000		1,805,183
SCIL IV LLC/SCIL USA Holdings LLC, 5.38%, 11/01/2026(b)		3,170,000		3,075,961
Scotts Miracle-Gro Co. (The), 5.25%, 12/15/2026(c)		1,090,000		1,061,491
				6,785,467
Commercial Services & Supplies-5.20%
Allied Universal Holdco LLC/Allied Universal Finance Corp., 6.63%, 07/15/2026(b)		8,236,000		8,217,768
Cimpress PLC (Ireland), 7.00%, 06/15/2026		2,280,000		2,271,530
CoreCivic, Inc., 8.25%, 04/15/2026(c)		2,589,000		2,647,848
CPI CG, Inc., 8.63%, 03/15/2026(b)		1,170,000		1,149,238
Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 09/30/2026(c)		1,670,000		1,604,514
GFL Environmental, Inc. (Canada), 5.13%, 12/15/2026(b)		2,180,000		2,134,566
Ritchie Bros. Holdings, Inc. (Canada), 7.75%, 03/15/2031(b)		3,490,000		3,673,225
Waste Pro USA, Inc., 5.50%, 02/15/2026(b)		2,051,000		2,012,185
				23,710,874
Communications Equipment-1.06%
Hughes Satellite Systems Corp.
5.25%, 08/01/2026(c)		3,270,000		2,797,011
6.63%, 08/01/2026		3,126,000		2,063,160
				4,860,171
Construction & Engineering-0.34%
Brundage-Bone Concrete Pumping Holdings, Inc., 6.00%, 02/01/2026(b)		1,585,000		1,565,453
Consumer Finance-3.64%
Credit Acceptance Corp., 6.63%, 03/15/2026(c)		1,744,000		1,738,856

	Principal Amount		Value
Consumer Finance-(continued)
goeasy Ltd. (Canada), 4.38%, 05/01/2026(b)	$	1,397,000	$	1,337,692
LFS Topco LLC, 5.88%, 10/15/2026(b)		1,250,000		1,156,686
Navient Corp., 6.75%, 06/15/2026(c)		2,180,000		2,190,935
OneMain Finance Corp., 7.13%, 03/15/2026(c)		6,970,000		7,088,609
SLM Corp., 3.13%, 11/02/2026(c)		2,177,000		2,002,243
World Acceptance Corp., 7.00%, 11/01/2026(b)(c)		1,180,000		1,092,987
				16,608,008
Consumer Staples Distribution & Retail-1.13%
Albertson’s Cos., Inc./Safeway, Inc./New Albertson’s L.P./Albertson’s LLC, 3.25%, 03/15/2026(b)		3,270,000		3,110,033
Sigma Holdco B.V. (Netherlands), 7.88%, 05/15/2026(b)		2,120,000		2,027,517
				5,137,550
Containers & Packaging-4.07%
Berry Global, Inc., 4.50%, 02/15/2026(b)		1,270,000		1,232,267
Cascades, Inc./Cascades USA, Inc. (Canada), 5.13%, 01/15/2026(b)(c)		860,000		838,332
Crown Cork & Seal Co., Inc., 7.38%, 12/15/2026(c)		1,460,000		1,538,519
LABL, Inc., 6.75%, 07/15/2026(b)(c)		2,924,000		2,838,216
Mauser Packaging Solutions Holding Co., 7.88%, 08/15/2026(b)(c)		11,980,000		12,147,025
				18,594,359
Diversified Consumer Services-0.37%
Graham Holdings Co., 5.75%, 06/01/2026(b)		1,685,000		1,669,127
Diversified Telecommunication Services-3.73%
Connect Finco S.a.r.l./Connect US Finco LLC (United Kingdom), 6.75%, 10/01/2026(b)		9,045,000		8,881,353
Iliad Holding S.A.S.U. (France), 6.50%, 10/15/2026(b)		5,230,000		5,174,539
Radiate Holdco LLC/Radiate Finance, Inc., 4.50%, 09/15/2026(b)		3,756,000		2,961,767
				17,017,659
Electric Utilities-2.44%
Talen Energy Supply LLC, 8.63%, 06/01/2030(b)		5,230,000		5,522,574
Terraform Global Operating L.P., 6.13%, 03/01/2026(b)		1,355,000		1,336,342
Vistra Operations Co. LLC, 5.50%, 09/01/2026(b)		4,360,000		4,297,634
				11,156,550
Energy Equipment & Services-1.82%
Permian Resources Operating LLC
5.38%, 01/15/2026(b)		1,263,000		1,243,397
7.75%, 02/15/2026(b)		1,310,000		1,326,717
9.88%, 07/15/2031(b)(c)		2,180,000		2,416,432

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

 83 

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February 29, 2024

(Unaudited)

 

	Principal Amount		Value
Energy Equipment & Services-(continued)
Precision Drilling Corp. (Canada), 7.13%, 01/15/2026(b)	$	1,142,000	$	1,142,267
TechnipFMC PLC (United Kingdom), 6.50%, 02/01/2026(b)		886,000		883,064
Welltec International ApS (Denmark), 8.25%, 10/15/2026(b)(c)		1,277,000		1,301,959
				8,313,836
Entertainment-0.64%
Cinemark USA, Inc., 5.88%, 03/15/2026(b)(c)		1,690,000		1,666,136
Live Nation Entertainment, Inc., 5.63%, 03/15/2026(b)		1,283,000		1,267,890
				2,934,026
Financial Services-4.91%
Albion Financing 1 S.a.r.l./Aggreko Holdings, Inc. (Luxembourg), 6.13%, 10/15/2026(b)(c)		2,460,000		2,435,277
Block, Inc., 2.75%, 06/01/2026(c)		4,360,000		4,071,957
GGAM Finance Ltd. (Ireland), 7.75%, 05/15/2026(b)(c)		1,675,000		1,703,291
Jefferson Capital Holdings LLC, 6.00%, 08/15/2026(b)(c)		1,310,000		1,258,863
Nationstar Mortgage Holdings, Inc., 5.00%, 02/01/2026(b)		2,180,000		2,120,403
PHH Mortgage Corp., 7.88%, 03/15/2026(b)		1,501,000		1,387,474
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 2.88%, 10/15/2026(b)(c)		5,014,000		4,618,521
Verscend Escrow Corp., 9.75%, 08/15/2026(b)		4,790,000		4,802,238
				22,398,024
Gas Utilities-1.24%
AmeriGas Partners L.P./AmeriGas Finance Corp., 5.88%, 08/20/2026		2,940,000		2,851,739
Ferrellgas L.P./Ferrellgas Finance Corp., 5.38%, 04/01/2026(b)		2,830,000		2,803,866
				5,655,605
Ground Transportation-0.41%
Hertz Corp. (The), 4.63%, 12/01/2026(b)(c)		2,090,000		1,852,263
Health Care Providers & Services-2.79%
Heartland Dental LLC/Heartland Dental Finance Corp., 8.50%, 05/01/2026(b)		1,350,000		1,332,288
Tenet Healthcare Corp., 4.88%, 01/01/2026		8,670,000		8,666,456
US Acute Care Solutions LLC, 6.38%, 03/01/2026(b)(c)		3,027,000		2,743,520
				12,742,264
Health Care REITs-0.41%
MPT Operating Partnership L.P./MPT Finance Corp., 5.25%, 08/01/2026(c)		2,090,000		1,863,707
Hotel & Resort REITs-0.45%
RLJ Lodging Trust L.P., 3.75%, 07/01/2026(b)		2,180,000		2,057,157

	Principal Amount		Value
Hotels, Restaurants & Leisure-6.47%
Carnival Corp., 7.63%, 03/01/2026(b)(c)	$	5,890,000	$	5,970,930
CCM Merger, Inc., 6.38%, 05/01/2026(b)		1,155,000		1,140,229
CEC Entertainment LLC, 6.75%, 05/01/2026(b)		2,830,000		2,804,169
Empire Resorts, Inc., 7.75%, 11/01/2026(b)		1,250,000		1,151,020
Life Time, Inc.
5.75%, 01/15/2026(b)		4,032,000		4,002,153
8.00%, 04/15/2026(b)(c)		2,071,000		2,091,772
Merlin Entertainments Ltd. (United Kingdom), 5.75%, 06/15/2026(b)		1,670,000		1,651,886
MGM Resorts International, 4.63%, 09/01/2026(c)		1,740,000		1,688,407
Mohegan Tribal Gaming Authority, 8.00%, 02/01/2026(b)		5,118,000		4,830,138
Raptor Acquisition Corp./Raptor Co-Issuer LLC, 4.88%, 11/01/2026(b)		1,496,000		1,441,244
Travel + Leisure Co., 6.63%, 07/31/2026(b)(c)		2,710,000		2,741,016
				29,512,964
Household Durables-2.63%
Newell Brands, Inc., 5.20%, 04/01/2026		8,648,000		8,406,732
WASH Multifamily Acquisition, Inc., 5.75%, 04/15/2026(b)(c)		3,700,000		3,592,071
				11,998,803
Household Products-0.44%
Kronos Acquisition Holdings, Inc./KIK Custom Products, Inc. (Canada), 5.00%, 12/31/2026(b)		2,070,000		1,991,495
Independent Power and Renewable Electricity Producers-1.18%
Calpine Corp., 5.25%, 06/01/2026(b)(c)		1,835,000		1,809,434
NextEra Energy Operating Partners L.P., 3.88%, 10/15/2026(b)(c)		2,390,000		2,234,418
Sunnova Energy Corp., 5.88%, 09/01/2026(b)		1,670,000		1,359,255
				5,403,107
Industrial Conglomerates-1.16%
Icahn Enterprises L.P./Icahn Enterprises Finance Corp., 6.25%, 05/15/2026		5,440,000		5,306,047
Insurance-2.88%
HUB International Ltd., 7.25%, 06/15/2030(b)		12,855,000		13,121,973
Interactive Media & Services-0.43%
Millennium Escrow Corp., 6.63%, 08/01/2026(b)		3,280,000		1,960,554
IT Services-0.83%
Cogent Communications Group, Inc., 3.50%, 05/01/2026(b)(c)		2,100,000		1,992,307
Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., 4.63%, 11/01/2026(b)(c)		1,880,000		1,805,668
				3,797,975
Life Sciences Tools & Services-0.98%
IQVIA, Inc., 5.00%, 10/15/2026(b)		4,580,000		4,481,974

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

 84 

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

February 29, 2024

(Unaudited)

 

	Principal Amount		Value
Machinery-1.14%
Chart Industries, Inc., 9.50%, 01/01/2031(b)(c)	$	2,220,000	$	2,386,855
Titan Acquisition Ltd./Titan Co- Borrower LLC (Canada), 7.75%, 04/15/2026(b)		2,830,000		2,832,264
				5,219,119
Marine Transportation-1.51%
NCL Corp. Ltd., 8.13%, 01/15/2029(b)(c)		3,440,000		3,621,931
Viking Cruises Ltd., 9.13%, 07/15/2031(b)(c)		3,010,000		3,260,639
				6,882,570
Media-5.72%
CCO Holdings LLC/CCO Holdings Capital Corp., 5.50%, 05/01/2026(b)		3,272,000		3,217,652
DISH DBS Corp., 5.25%, 12/01/2026(b)		11,140,000		8,918,962
Gannett Holdings LLC, 6.00%, 11/01/2026(b)(c)		1,224,000		1,107,249
Gray Television, Inc., 5.88%, 07/15/2026(b)(c)		2,920,000		2,774,000
Sirius XM Radio, Inc., 3.13%, 09/01/2026(b)(c)		4,362,000		4,071,600
Summer (BC) Bidco B LLC, 5.50%, 10/31/2026(b)		1,850,000		1,787,387
TEGNA, Inc., 4.75%, 03/15/2026(b)(c)		2,295,000		2,219,930
Townsquare Media, Inc., 6.88%, 02/01/2026(b)(c)		2,100,000		2,027,675
				26,124,455
Metals & Mining-2.79%
Baffinland Iron Mines Corp./Baffinland Iron Mines L.P. (Canada), 8.75%, 07/15/2026(b)		2,402,000		2,153,087
Cleveland-Cliffs, Inc., 6.75%, 03/15/2026(b)		3,608,000		3,639,116
Constellium SE, 5.88%, 02/15/2026(b)		1,085,000		1,077,286
JW Aluminum Continuous Cast Co., 10.25%, 06/01/2026(b)		1,143,000		1,164,614
Novelis Corp., 3.25%, 11/15/2026(b)		3,270,000		3,036,490
Taseko Mines Ltd. (Canada), 7.00%, 02/15/2026(b)		1,670,000		1,646,189
				12,716,782
Mortgage REITs-0.36%
Starwood Property Trust, Inc., 3.63%, 07/15/2026(b)(c)		1,745,000		1,629,315
Oil, Gas & Consumable Fuels-13.55%
Aethon United BR L.P./Aethon United Finance Corp., 8.25%, 02/15/2026(b)(c)		3,128,000		3,143,792
Antero Midstream Partners L.P./Antero Midstream Finance Corp., 7.88%, 05/15/2026(b)		2,395,000		2,447,882
Athabasca Oil Corp. (Canada), 9.75%, 11/01/2026(b)		655,000		690,986
Berry Petroleum Co. LLC, 7.00%, 02/15/2026(b)		1,739,000		1,705,057
Blue Racer Midstream LLC/Blue Racer Finance Corp., 6.63%, 07/15/2026(b)		1,310,000		1,300,974

	Principal Amount		Value
Oil, Gas & Consumable Fuels-(continued)
Buckeye Partners L.P., 3.95%, 12/01/2026	$	2,612,000	$	2,472,519
California Resources Corp., 7.13%, 02/01/2026(b)		2,380,000		2,394,578
Callon Petroleum Co., 6.38%, 07/01/2026(c)		1,397,000		1,400,217
Chesapeake Energy Corp., 5.50%, 02/01/2026(b)		2,179,000		2,161,835
Chord Energy Corp., 6.38%, 06/01/2026(b)		1,745,000		1,748,560
CITGO Petroleum Corp., 6.38%, 06/15/2026(b)		2,760,000		2,779,521
Civitas Resources, Inc., 5.00%, 10/15/2026(b)		1,742,000		1,689,401
Crescent Energy Finance LLC, 7.25%, 05/01/2026(b)(c)		3,049,000		3,040,463
EQM Midstream Partners L.P., 4.13%, 12/01/2026		2,179,000		2,090,716
Genesis Energy L.P./Genesis Energy Finance Corp., 6.25%, 05/15/2026		1,475,000		1,462,666
Harbour Energy PLC (United Kingdom), 5.50%, 10/15/2026(b)(c)		2,090,000		2,039,474
Hess Midstream Operations L.P., 5.63%, 02/15/2026(b)		3,469,000		3,423,122
Ithaca Energy (North Sea) PLC (United Kingdom), 9.00%, 07/15/2026(b)		2,610,000		2,631,180
Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp., 6.00%, 08/01/2026(b)		1,740,000		1,707,836
Moss Creek Resources Holdings, Inc., 7.50%, 01/15/2026(b)		2,604,000		2,590,915
New Fortress Energy, Inc., 6.50%, 09/30/2026(b)(c)		6,540,000		6,321,650
Northriver Midstream Finance L.P. (Canada), 5.63%, 02/15/2026(b)		2,192,000		2,150,900
SM Energy Co., 6.75%, 09/15/2026(c)		1,755,000		1,746,687
Strathcona Resources Ltd. (Canada), 6.88%, 08/01/2026(b)(c)		2,182,000		2,170,315
Summit Midstream Holdings LLC/Summit Midstream Finance Corp.
9.00%, 10/15/2026(b)(c)(d)		3,280,000		3,248,370
12.00%, 10/15/2026(b)		910,000		903,175
TransMontaigne Partners L.P./TLP Finance Corp., 6.13%, 02/15/2026		1,250,000		1,160,098
W&T Offshore, Inc., 11.75%, 02/01/2026(b)(c)		1,150,000		1,184,153
				61,807,042
Paper & Forest Products-0.27%
Mercer International, Inc. (Germany), 5.50%, 01/15/2026(c)		1,257,000		1,214,421
Passenger Airlines-2.88%
Air Canada (Canada), 3.88%, 08/15/2026(b)		5,230,000		4,959,240
United AirLines, Inc., 4.38%, 04/15/2026(b)		8,495,000		8,185,311
				13,144,551

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

 85 

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

February 29, 2024

(Unaudited)

 

	Principal Amount		Value
Personal Care Products-0.94%
Coty, Inc.
5.00%, 04/15/2026(b)(c)	$	2,830,000	$	2,776,074
6.50%, 04/15/2026(b)		1,530,000		1,529,742
				4,305,816
Pharmaceuticals-0.65%
Perrigo Finance Unlimited Co., 4.38%, 03/15/2026		3,050,000		2,946,816
Real Estate Management & Development-0.35%
Forestar Group, Inc., 3.85%, 05/15/2026(b)		1,671,000		1,589,472
Retail REITs-1.02%
NMG Holding Co., Inc./Neiman Marcus Group LLC, 7.13%, 04/01/2026(b)(c)		4,739,000		4,652,506
Software-1.30%
ACI Worldwide, Inc., 5.75%, 08/15/2026(b)		1,744,000		1,713,653
Boxer Parent Co., Inc., 9.13%, 03/01/2026(b)		1,465,000		1,464,817
Consensus Cloud Solutions, Inc., 6.00%, 10/15/2026(b)(c)		1,160,000		1,102,534
Fair Isaac Corp., 5.25%, 05/15/2026(b)(c)		1,670,000		1,653,801
				5,934,805
Specialty Retail-1.80%
Guitar Center, Inc., 8.50%, 01/15/2026(b)		2,300,000		2,015,870
LSF9 Atlantis Holdings LLC/Victra Finance Corp., 7.75%, 02/15/2026(b)		3,246,000		3,218,497
Specialty Building Products Holdings LLC/SBP Finance Corp., 6.38%, 09/30/2026(b)		3,030,000		2,966,222
				8,200,589
Technology Hardware, Storage & Peripherals-3.18%
Seagate HDD Cayman
8.25%, 12/15/2029(b)(c)		2,178,000		2,335,572
8.50%, 07/15/2031(b)(c)		2,180,000		2,358,874
Western Digital Corp., 4.75%, 02/15/2026(c)		10,020,000		9,802,410
				14,496,856
Textiles, Apparel & Luxury Goods-1.37%
Hanesbrands, Inc., 4.88%, 05/15/2026(b)(c)		3,923,000		3,790,258
Under Armour, Inc., 3.25%, 06/15/2026(c)		2,600,000		2,450,590
				6,240,848

Investment Abbreviations:

REIT -Real Estate Investment Trust

	Principal Amount		Value
Tobacco-0.23%
Turning Point Brands, Inc., 5.63%, 02/15/2026(b)	$	1,090,000	$	1,069,650
Trading Companies & Distributors-0.55%
Alta Equipment Group, Inc., 5.63%, 04/15/2026(b)(c)		1,310,000		1,270,476
Beacon Roofing Supply, Inc., 4.50%, 11/15/2026(b)(c)		1,305,000		1,259,756
				2,530,232
Water Utilities-0.38%
Solaris Midstream Holdings LLC, 7.63%, 04/01/2026(b)		1,744,000		1,744,540
Total U.S. Dollar Denominated Bonds & Notes (Cost $445,417,135)				441,905,928
	Shares
Money Market Funds-2.18%
Invesco Government & Agency Portfolio, Institutional Class, 5.24%(e)(f) (Cost $9,950,190)		9,950,190		9,950,190
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.03% (Cost $455,367,325)				451,856,118
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-26.19%
Invesco Private Government Fund, 5.29%(e)(f)(g)		30,627,316		30,627,316
Invesco Private Prime Fund, 5.49%(e)(f)(g)		88,820,530		88,864,940
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $119,502,845)				119,492,256
TOTAL INVESTMENTS IN SECURITIES-125.22% (Cost $574,870,170)				571,348,374
OTHER ASSETS LESS LIABILITIES-(25.22)%				(115,060,224	)
NET ASSETS-100.00%			$	456,288,150

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

 86 

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

February 29, 2024

(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 29, 2024 was $351,477,593, which represented 77.03% of the Fund’s Net Assets.

^(c)  All or a portion of this security was out on loan at February 29, 2024.

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

^(e)  Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 29, 2024.

	Value August 31,  2023			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value February 29,  2024			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	4,437,939		$	47,939,560		$	(42,427,309	)		$	-			$	-		$	9,950,190		$	126,619
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			18,066,546			68,201,216			(55,640,446	)			-				-			30,627,316			611,633	*
Invesco Private Prime Fund			46,453,822			149,062,881			(106,669,703	)			(12,027	)			29,967			88,864,940			1,647,957	*
Total		$	68,958,307		$	265,203,657		$	(204,737,458	)		$	(12,027	)		$	29,967		$	129,442,446		$	2,386,209

* 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 29, 2024.

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

Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of February 29, 2024
Energy	15.37
Consumer Discretionary	14.92
Industrials	14.15
Financials	12.27
Communication Services	10.52
Materials	8.62
Information Technology	6.37
Utilities	5.24
Health Care	4.42
Sector Types Each Less Than 3%	4.97
Money Market Funds Plus Other Assets Less Liabilities	3.15

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

 87 

Invesco BulletShares 2027 High Yield Corporate Bond ETF (BSJR)

February 29, 2024

(Unaudited)

Schedule of Investments^(a)

	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes-97.37%
Aerospace & Defense-1.24%
Moog, Inc., 4.25%, 12/15/2027(b)	$	748,000	$	700,795
Rolls-Royce PLC (United Kingdom), 5.75%, 10/15/2027(b)		1,515,000		1,509,055
				2,209,850
Automobile Components-2.36%
American Axle & Manufacturing, Inc., 6.50%, 04/01/2027(c)		757,000		748,326
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.
5.75%, 07/15/2027(b)		605,000		577,076
5.75%, 07/15/2027(b)		530,000		504,035
Dana, Inc., 5.38%, 11/15/2027(c)		595,000		574,957
Goodyear Tire & Rubber Co. (The), 4.88%, 03/15/2027(c)		1,040,000		999,150
United Rentals (North America), Inc., 5.50%, 05/15/2027		787,000		782,597
				4,186,141
Automobiles-0.67%
Allison Transmission, Inc., 4.75%, 10/01/2027(b)		605,000		580,688
Jaguar Land Rover Automotive PLC (United Kingdom), 4.50%, 10/01/2027(b)(c)		655,000		617,089
				1,197,777
Banks-0.44%
Freedom Mortgage Corp., 6.63%, 01/15/2027(b)		813,000		775,713
Broadline Retail-1.99%
QVC, Inc., 4.75%, 02/15/2027(c)		850,000		766,926
Rakuten Group, Inc. (Japan), 11.25%, 02/15/2027(b)		2,600,000		2,768,812
				3,535,738
Building Products-0.30%
Advanced Drainage Systems, Inc., 5.00%, 09/30/2027(b)		550,000		531,943
Capital Markets-0.51%
APX Group, Inc., 6.75%, 02/15/2027(b)(c)		898,000		900,074
Chemicals-2.86%
Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B B.V., 4.75%, 06/15/2027(b)(c)		785,000		758,761
Cerdia Finanz GmbH (Germany), 10.50%, 02/15/2026(b)(d)		730,000		751,912
Chemours Co. (The), 5.38%, 05/15/2027(c)		740,000		676,811
HB Fuller Co., 4.00%, 02/15/2027(c)		474,000		452,585
Methanex Corp. (Canada), 5.13%, 10/15/2027		1,060,000		1,019,975
Olympus Water US Holding Corp., 7.13%, 10/01/2027(b)(c)		492,000		490,121

	Principal Amount		Value
Chemicals-(continued)
SNF Group SACA (France), 3.13%, 03/15/2027(b)	$	460,000	$	427,091
Suburban Propane Partners L.P./Suburban Energy Finance Corp., 5.88%, 03/01/2027		510,000		502,888
				5,080,144
Commercial Services & Supplies-3.99%
Allied Universal Holdco LLC/Allied Universal Finance Corp., 9.75%, 07/15/2027(b)		1,599,000		1,595,181
Brink’s Co. (The), 4.63%, 10/15/2027(b)		938,000		887,345
Clean Harbors, Inc., 4.88%, 07/15/2027(b)		856,000		826,811
CoreCivic, Inc., 4.75%, 10/15/2027		370,000		349,162
Enviri Corp., 5.75%, 07/31/2027(b)		704,000		658,493
Garda World Security Corp. (Canada), 4.63%, 02/15/2027(b)(c)		869,000		830,924
Pitney Bowes, Inc., 6.88%, 03/15/2027(b)(c)		569,000		511,281
Prime Security Services Borrower LLC/Prime Finance, Inc., 3.38%, 08/31/2027(b)(c)		1,564,000		1,433,493
				7,092,690
Construction & Engineering-1.17%
AECOM, 5.13%, 03/15/2027		1,509,000		1,479,826
Howard Midstream Energy Partners LLC, 6.75%, 01/15/2027(b)		605,000		603,240
				2,083,066
Construction Materials-0.44%
Eco Material Technologies, Inc., 7.88%, 01/31/2027(b)(c)		780,000		779,067
Consumer Finance-1.64%
Navient Corp.
5.00%, 03/15/2027(c)		1,060,000		1,006,171
11.50%, 03/15/2031		760,000		832,289
OneMain Finance Corp., 3.50%, 01/15/2027(c)		1,175,000		1,083,049
				2,921,509
Consumer Staples Distribution & Retail-2.00%
Albertson’s Cos., Inc./Safeway, Inc./New Albertson’s L.P./Albertson’s LLC, 4.63%, 01/15/2027(b)		2,053,000		1,981,283
Performance Food Group, Inc., 5.50%, 10/15/2027(b)		1,612,000		1,580,497
				3,561,780
Containers & Packaging-4.12%
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, 6.00%, 06/15/2027(b)(c)		910,000		894,485
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 5.25%, 08/15/2027(b)(c)		1,520,000		1,104,199
Graphic Packaging International LLC, 4.75%, 07/15/2027(b)		437,000		423,202
LABL, Inc., 10.50%, 07/15/2027(b)		1,076,000		1,045,869
Mauser Packaging Solutions Holding Co., 9.25%, 04/15/2027(b)		2,102,000		2,046,535

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

 88 

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February 29, 2024

(Unaudited)

 

	Principal Amount		Value
Containers & Packaging-(continued)
Owens-Brockway Glass Container, Inc., 6.63%, 05/13/2027(b)(c)	$	934,000	$	932,648
Pactiv LLC, 8.38%, 04/15/2027		250,000		260,312
Sealed Air Corp., 4.00%, 12/01/2027(b)(c)		648,000		603,388
				7,310,638
Distributors-0.54%
BCPE Empire Holdings, Inc., 7.63%, 05/01/2027(b)		1,007,000		965,960
Diversified Consumer Services-1.06%
Service Corp. International, 4.63%, 12/15/2027		832,000		798,919
Sotheby’s, 7.38%, 10/15/2027(b)(c)		1,125,000		1,082,069
				1,880,988
Diversified Telecommunication Services-3.38%
Altice France S.A. (France), 8.13%, 02/01/2027(b)(c)		2,661,000		2,448,026
Frontier Communications Holdings LLC, 5.88%, 10/15/2027(b)(c)		1,751,000		1,693,745
Zayo Group Holdings, Inc., 4.00%, 03/01/2027(b)(c)		2,241,000		1,868,254
				6,010,025
Electric Utilities-1.40%
NRG Energy, Inc., 6.63%, 01/15/2027		582,000		582,668
Vistra Operations Co. LLC, 5.00%, 07/31/2027(b)		1,978,000		1,898,148
				2,480,816
Electrical Equipment-0.24%
EnerSys, 4.38%, 12/15/2027(b)		454,000		427,793
Energy Equipment & Services-3.28%
CGG S.A. (France), 8.75%, 04/01/2027(b)(c)		740,000		660,942
Enerflex Ltd. (Canada), 9.00%, 10/15/2027(b)		931,000		938,177
Nabors Industries, Inc., 7.38%, 05/15/2027(b)		1,050,000		1,047,134
Permian Resources Operating LLC, 8.00%, 04/15/2027(b)		862,000		889,741
Transocean, Inc., 11.50%, 01/30/2027(b)		1,073,000		1,116,730
USA Compression Partners L.P./USA Compression Finance Corp., 6.88%, 09/01/2027		1,175,000		1,170,032
				5,822,756
Entertainment-1.87%
Live Nation Entertainment, Inc.
6.50%, 05/15/2027(b)		1,876,000		1,893,676
4.75%, 10/15/2027(b)(c)		1,488,000		1,425,935
				3,319,611
Financial Services-3.34%
Albion Financing 2 S.a.r.l. (Luxembourg), 8.75%, 04/15/2027(b)(c)		670,000		673,294
Castlelake Aviation Finance DAC, 5.00%, 04/15/2027(b)		642,000		609,917
GGAM Finance Ltd. (Ireland), 8.00%, 02/15/2027(b)(c)		1,040,000		1,066,620
Nationstar Mortgage Holdings, Inc., 6.00%, 01/15/2027(b)(c)		908,000		893,549

	Principal Amount		Value
Financial Services-(continued)
Oxford Finance LLC/Oxford Finance Co.-Issuer II, Inc., 6.38%, 02/01/2027(b)	$	585,000	$	550,708
Pactiv Evergreen Group Issuer, Inc./Pactiv Evergreen Group Issuer LLC, 4.00%, 10/15/2027(b)(c)		1,514,000		1,411,941
United Wholesale Mortgage LLC, 5.75%, 06/15/2027(b)		757,000		735,149
				5,941,178
Food Products-0.39%
Post Holdings, Inc., 5.75%, 03/01/2027(b)		683,000		689,543
Gas Utilities-0.43%
AmeriGas Partners L.P./AmeriGas Finance Corp., 5.75%, 05/20/2027		800,000		757,077
Ground Transportation-0.50%
Watco Cos. LLC/Watco Finance Corp., 6.50%, 06/15/2027(b)		907,000		882,626
Health Care Equipment & Supplies-0.91%
Neogen Food Safety Corp., 8.63%, 07/20/2030(b)(c)		520,000		551,792
Teleflex, Inc., 4.63%, 11/15/2027		727,000		694,969
Varex Imaging Corp., 7.88%, 10/15/2027(b)		369,000		373,426
				1,620,187
Health Care Providers & Services-5.49%
Catalent Pharma Solutions, Inc., 5.00%, 07/15/2027(b)(c)		755,000		744,069
Community Health Systems, Inc.
5.63%, 03/15/2027(b)(c)		2,886,000		2,643,882
8.00%, 12/15/2027(b)		1,049,000		1,004,491
Legacy LifePoint Health LLC, 4.38%, 02/15/2027(b)(c)		908,000		843,300
Tenet Healthcare Corp.
6.25%, 02/01/2027(c)		2,280,000		2,276,481
5.13%, 11/01/2027		2,280,000		2,234,619
				9,746,842
Health Care REITs-0.98%
MPT Operating Partnership L.P./MPT Finance Corp., 5.00%, 10/15/2027(c)		2,129,000		1,744,594
Hotel & Resort REITs-0.93%
RHP Hotel Properties L.P./RHP Finance Corp., 4.75%, 10/15/2027		1,059,000		1,012,293
Service Properties Trust, 5.50%, 12/15/2027(c)		681,000		641,886
				1,654,179
Hotels, Restaurants & Leisure-10.44%
Academy Ltd., 6.00%, 11/15/2027(b)(c)		585,000		579,632
Affinity Interactive, 6.88%, 12/15/2027(b)(c)		816,000		753,429
Boyd Gaming Corp., 4.75%, 12/01/2027(c)		1,523,000		1,465,841
Caesars Entertainment, Inc., 8.13%, 07/01/2027(b)(c)		2,516,000		2,585,067
Carnival Corp., 5.75%, 03/01/2027(b)(c)		4,640,000		4,585,708
Cedar Fair L.P./Canada’s Wonderland Co./Magnum Management Corp., 5.38%, 04/15/2027		787,000		779,200

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

 89 

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

February 29, 2024

(Unaudited)

 

	Principal Amount		Value
Hotels, Restaurants & Leisure-(continued)
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.88%, 04/01/2027	$	938,000	$	916,012
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 4.75%, 06/01/2027(b)		1,135,000		1,107,132
Lindblad Expeditions LLC, 6.75%, 02/15/2027(b)(c)		543,000		545,623
PENN Entertainment, Inc., 5.63%, 01/15/2027(b)(c)		605,000		578,909
Sabre GLBL, Inc.
8.63%, 06/01/2027(b)(c)		1,291,000		1,137,959
11.25%, 12/15/2027(b)(c)		839,000		789,184
Six Flags Entertainment Corp., 5.50%, 04/15/2027(b)(c)		757,000		741,515
Travel + Leisure Co., Series J, 6.00%, 04/01/2027		605,000		603,301
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.25%, 05/15/2027(b)		1,413,000		1,384,184
				18,552,696
Household Durables-1.38%
Beazer Homes USA, Inc., 5.88%, 10/15/2027(c)		529,000		514,675
Mattamy Group Corp. (Canada), 5.25%, 12/15/2027(b)		787,000		759,647
Newell Brands, Inc., 6.38%, 09/15/2027(c)		757,000		735,676
Tri Pointe Homes, Inc., 5.25%, 06/01/2027		444,000		433,391
				2,443,389
Household Products-0.69%
Energizer Holdings, Inc., 6.50%, 12/31/2027(b)		454,000		450,513
Kronos Acquisition Holdings, Inc./KIK Custom Products, Inc. (Canada), 7.00%, 12/31/2027(b)		800,000		772,652
				1,223,165
Independent Power and Renewable Electricity Producers-0.44%
NextEra Energy Operating Partners L.P., 4.50%, 09/15/2027(b)(c)		832,000		777,147
Industrial Conglomerates-1.17%
Icahn Enterprises L.P./Icahn Enterprises Finance Corp., 5.25%, 05/15/2027		2,258,000		2,077,089
Insurance-1.70%
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer
4.25%, 10/15/2027(b)		1,115,000		1,030,406
6.75%, 10/15/2027(b)		2,040,000		1,983,757
				3,014,163
Interactive Media & Services-1.81%
Match Group Holdings II LLC, 5.00%, 12/15/2027(b)		701,000		669,211
Nexstar Media, Inc., 5.63%, 07/15/2027(b)(c)		2,681,000		2,543,624
				3,212,835

	Principal Amount		Value
IT Services-1.08%
Cablevision Lightpath LLC, 3.88%, 09/15/2027(b)(c)	$	680,000	$	617,106
Cogent Communications Group, Inc., 7.00%, 06/15/2027(b)		681,000		680,632
Unisys Corp., 6.88%, 11/01/2027(b)(c)		697,000		627,077
				1,924,815
Machinery-1.57%
Park-Ohio Industries, Inc., 6.63%, 04/15/2027		478,000		437,826
TK Elevator U.S. Newco, Inc. (Germany), 5.25%, 07/15/2027(b)(c)		2,440,000		2,347,283
				2,785,109
Media-11.83%
Belo Corp.
7.75%, 06/01/2027		300,000		305,917
7.25%, 09/15/2027		335,000		338,202
CCO Holdings LLC/CCO Holdings Capital Corp., 5.13%, 05/01/2027(b)		5,081,000		4,808,506
Clear Channel Outdoor Holdings, Inc., 5.13%, 08/15/2027(b)(c)		1,952,000		1,827,347
CMG Media Corp., 8.88%, 12/15/2027(b)		1,336,000		894,268
CSC Holdings LLC, 5.50%, 04/15/2027(b)		2,040,000		1,832,324
DISH Network Corp., 11.75%, 11/15/2027(b)		5,268,000		5,498,756
Odeon Finco PLC (United Kingdom), 12.75%, 11/01/2027(b)		630,000		644,007
Scripps Escrow, Inc., 5.88%, 07/15/2027(b)(c)		629,000		511,192
Sinclair Television Group, Inc., 5.13%, 02/15/2027(b)		410,000		377,405
Sirius XM Radio, Inc., 5.00%, 08/01/2027(b)(c)		2,280,000		2,174,726
Videotron Ltd. (Canada), 5.13%, 04/15/2027(b)(c)		898,000		880,702
Ziggo Bond Co. B.V. (Netherlands), 6.00%, 01/15/2027(b)(c)		950,000		929,026
				21,022,378
Metals & Mining-0.75%
Compass Minerals International, Inc., 6.75%, 12/01/2027(b)(c)		747,000		729,386
New Gold, Inc. (Canada), 7.50%, 07/15/2027(b)		605,000		599,776
				1,329,162
Mortgage REITs-1.14%
Blackstone Mortgage Trust, Inc., 3.75%, 01/15/2027(b)		541,000		474,311
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 4.25%, 02/01/2027(b)		914,000		842,125
Starwood Property Trust, Inc., 4.38%, 01/15/2027(b)(c)		757,000		710,656
				2,027,092
Oil, Gas & Consumable Fuels-6.39%
Ascent Resources Utica Holdings LLC/ARU Finance Corp., 9.00%, 11/01/2027(b)		527,000		669,032

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

 90 

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February 29, 2024

(Unaudited)

 

	Principal Amount		Value
Oil, Gas & Consumable Fuels-(continued)
Baytex Energy Corp. (Canada), 8.75%, 04/01/2027(b)	$	618,000	$	641,577
Calumet Specialty Products Partners L.P./Calumet Finance Corp., 8.13%, 01/15/2027(b)		507,000		502,358
EnQuest PLC (United Kingdom), 11.63%, 11/01/2027(b)(c)		400,000		392,080
EQM Midstream Partners L.P.
7.50%, 06/01/2027(b)		787,000		805,764
6.50%, 07/01/2027(b)		1,412,000		1,427,230
FTAI Infra Escrow Holdings LLC, 10.50%, 06/01/2027(b)		828,000		858,751
Genesis Energy L.P./Genesis Energy Finance Corp., 8.00%, 01/15/2027		1,539,000		1,551,132
MEG Energy Corp. (Canada), 7.13%, 02/01/2027(b)		450,000		457,341
Murphy Oil Corp., 5.88%, 12/01/2027(c)		724,000		719,532
Murphy Oil USA, Inc., 5.63%, 05/01/2027		444,000		437,769
NuStar Logistics L.P., 5.63%, 04/28/2027		862,000		853,919
Parkland Corp. (Canada), 5.88%, 07/15/2027(b)		747,000		733,795
SM Energy Co., 6.63%, 01/15/2027(c)		648,000		645,936
Tallgrass Energy Partners L.P./Tallgrass Energy Finance Corp., 6.00%, 03/01/2027(b)		655,000		647,035
				11,343,251
Passenger Airlines-0.44%
Allegiant Travel Co., 7.25%, 08/15/2027(b)(c)		812,000		791,410
Pharmaceuticals-0.54%
Bausch Health Cos., Inc., 6.13%, 02/01/2027(b)		1,510,000		968,287
Professional Services-0.68%
AMN Healthcare, Inc., 4.63%, 10/01/2027(b)(c)		757,000		713,279
Korn Ferry, 4.63%, 12/15/2027(b)		525,000		496,623
				1,209,902
Retail REITs-0.55%
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC, 4.50%, 04/01/2027(b)		1,105,000		972,689
Software-0.77%
Gen Digital, Inc., 6.75%, 09/30/2027(b)		1,362,000		1,370,238
Specialized REITs-2.03%
Iron Mountain, Inc., 4.88%, 09/15/2027(b)		1,514,000		1,453,695
SBA Communications Corp., 3.88%, 02/15/2027(c)		2,275,000		2,148,812
				3,602,507

	Principal Amount		Value
Specialty Retail-0.61%
JELD-WEN, Inc., 4.88%, 12/15/2027(b)	$	525,000	$	500,044
Lithia Motors, Inc., 4.63%, 12/15/2027(b)(c)		605,000		576,965
				1,077,009
Technology Hardware, Storage & Peripherals-1.59%
Presidio Holdings, Inc., 4.88%, 02/01/2027(b)		820,000		788,819
Seagate HDD Cayman
4.88%, 06/01/2027(c)		765,000		741,575
9.63%, 12/01/2032		1,140,000		1,289,340
				2,819,734
Trading Companies & Distributors-1.01%
Herc Holdings, Inc., 5.50%, 07/15/2027(b)(c)		1,826,000		1,789,218
Wireless Telecommunication Services-0.29%
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc., 4.75%, 04/30/2027(b)(c)		530,000		509,179
Total U.S. Dollar Denominated Bonds & Notes (Cost $172,799,403)				172,952,769
	Shares
Money Market Funds-0.87%
Invesco Government & Agency Portfolio, Institutional Class, 5.24%(e)(f) (Cost $1,537,942)		1,537,942		1,537,942
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-98.24% (Cost $174,337,345)				174,490,711
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-30.55%
Invesco Private Government Fund, 5.29%(e)(f)(g)		15,501,866		15,501,866
Invesco Private Prime Fund, 5.49%(e)(f)(g)		38,743,454		38,762,826
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $54,269,566)				54,264,692
TOTAL INVESTMENTS IN SECURITIES-128.79% (Cost $228,606,911)				228,755,403
OTHER ASSETS LESS LIABILITIES-(28.79)%				(51,133,350	)
NET ASSETS-100.00%			$	177,622,053

Investment Abbreviations:

REIT -Real Estate Investment Trust

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

 91 

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

February 29, 2024

(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 29, 2024 was $132,509,062, which represented 74.60% of the Fund’s Net Assets.

^(c)  All or a portion of this security was out on loan at February 29, 2024.

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

^(e)  Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 29, 2024.

	Value August 31, 2023					Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)				Realized Gain				Value February 29, 2024					Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class			$	775,448		$	7,606,755		$(6,844,261)			$	-			$	-				$	1,537,942		$	32,040
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund				7,741,004			33,507,855		(25,746,993	)			-				-					15,501,866			252,038	*
Invesco Private Prime Fund				19,905,247			71,130,425		(52,282,314	)			(4,874	)			14,342					38,762,826			677,348	*
Total			$	28,421,699		$	112,245,035	$	(84,873,568	)		$	(4,874	)		$	14,342				$	55,802,634		$	961,426

* 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 29, 2024.

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

Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of February 29, 2024
Communication Services	19.18
Consumer Discretionary	19.05
Industrials	12.32
Energy	9.67
Financials	8.77
Materials	8.16
Health Care	6.95
Real Estate	4.49
Information Technology	3.44
Consumer Staples	3.08
Utilities	2.26
Money Market Funds Plus Other Assets Less Liabilities	2.63

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

 92 

Invesco BulletShares 2028 High Yield Corporate Bond ETF (BSJS)

February 29, 2024

(Unaudited)

Schedule of Investments^(a)

	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes-97.49%
Aerospace & Defense-2.70%
Bombardier, Inc. (Canada), 6.00%, 02/15/2028(b)(c)	$	650,000	$	631,644
BWX Technologies, Inc., 4.13%, 06/30/2028(b)		326,000		303,545
Spirit AeroSystems, Inc., 4.60%, 06/15/2028		580,000		509,768
TransDigm, Inc., 6.75%, 08/15/2028(b)		1,830,000		1,854,167
Triumph Group, Inc., 9.00%, 03/15/2028(b)		1,000,000		1,046,584
				4,345,708
Automobile Components-4.17%
American Axle & Manufacturing, Inc., 6.88%, 07/01/2028		320,000		309,507
ANGI Group LLC, 3.88%, 08/15/2028(b)(c)		420,000		361,331
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 4.75%, 04/01/2028(b)(c)		440,000		399,122
Benteler International AG (Austria), 10.50%, 05/15/2028(b)(c)		435,000		467,553
Clarios Global L.P./Clarios US Finance Co., 6.75%, 05/15/2028(b)(c)		650,000		658,424
Dana, Inc., 5.63%, 06/15/2028(c)		350,000		339,223
Dealer Tire LLC/DT Issuer LLC, 8.00%, 02/01/2028(b)		410,000		408,351
GrafTech Global Enterprises, Inc., 9.88%, 12/15/2028(b)(c)		400,000		318,100
Tenneco, Inc., 8.00%, 11/17/2028(b)		1,660,000		1,514,277
United Rentals (North America), Inc., 4.88%, 01/15/2028(c)		1,460,000		1,410,813
ZF North America Capital, Inc. (Germany), 6.88%, 04/14/2028(b)		520,000		531,327
				6,718,028
Automobiles-0.77%
Jaguar Land Rover Automotive PLC (United Kingdom), 5.88%, 01/15/2028(b)(c)		485,000		478,014
PM General Purchaser LLC, 9.50%, 10/01/2028(b)		500,000		505,516
Winnebago Industries, Inc., 6.25%, 07/15/2028(b)		260,000		256,741
				1,240,271
Biotechnology-0.31%
Grifols S.A. (Spain), 4.75%, 10/15/2028(b)		600,000		500,340
Broadline Retail-0.23%
QVC, Inc., 4.38%, 09/01/2028(c)		440,000		361,368
Building Products-1.06%
Adams Homes, Inc., 9.25%, 10/15/2028(b)		220,000		225,247
AmeriTex HoldCo Intermediate LLC, 10.25%, 10/15/2028(b)(c)		460,000		482,425
New Enterprise Stone & Lime Co., Inc.
5.25%, 07/15/2028(b)		487,000		464,504
9.75%, 07/15/2028(b)		190,000		192,562
Shea Homes L.P./Shea Homes Funding Corp., 4.75%, 02/15/2028		360,000		343,760
				1,708,498

	Principal Amount		Value
Capital Markets-1.88%
Coinbase Global, Inc., 3.38%, 10/01/2028(b)	$	868,000	$	734,268
NFP Corp.
4.88%, 08/15/2028(b)(c)		460,000		459,273
6.88%, 08/15/2028(b)		1,810,000		1,839,755
				3,033,296
Chemicals-5.77%
ASP Unifrax Holdings, Inc., 5.25%, 09/30/2028(b)		671,000		426,431
Calderys Financing LLC (France), 11.25%, 06/01/2028(b)		480,000		514,489
Chemours Co. (The), 5.75%, 11/15/2028(b)(c)		680,000		597,127
Consolidated Energy Finance S.A. (Switzerland), 5.63%, 10/15/2028(b)		420,000		341,332
CVR Partners L.P./CVR Nitrogen Finance Corp., 6.13%, 06/15/2028(b)(c)		460,000		435,360
Element Solutions, Inc., 3.88%, 09/01/2028(b)		700,000		635,156
HB Fuller Co., 4.25%, 10/15/2028		261,000		241,992
Herens Holdco S.a.r.l. (Luxembourg), 4.75%, 05/15/2028(b)(c)		301,000		263,199
Illuminate Buyer LLC/Illuminate Holdings IV, Inc., 9.00%, 07/01/2028(b)		400,000		394,010
Ingevity Corp., 3.88%, 11/01/2028(b)(c)		480,000		424,198
Innophos Holdings, Inc., 9.38%, 02/15/2028(b)		230,000		192,321
Iris Holding, Inc., 10.00%, 12/15/2028(b)		320,000		278,152
LSB Industries, Inc., 6.25%, 10/15/2028(b)(c)		500,000		474,618
Minerals Technologies, Inc., 5.00%, 07/01/2028(b)		320,000		303,901
NOVA Chemicals Corp. (Canada), 8.50%, 11/15/2028(b)		350,000		369,987
Olympus Water US Holding Corp.
4.25%, 10/01/2028(b)		690,000		618,751
9.75%, 11/15/2028(b)		1,480,000		1,574,420
SCIH Salt Holdings, Inc., 4.88%, 05/01/2028(b)		960,000		878,414
Weekley Homes LLC/Weekley Finance Corp., 4.88%, 09/15/2028(b)		353,000		328,872
				9,292,730
Commercial Services & Supplies-4.63%
Allied Universal Holdco LLC/Allied Universal
Finance Corp./Atlas Luxco 4 S.a.r.l.
4.63%, 06/01/2028(b)		680,000		603,145
4.63%, 06/01/2028(b)		1,070,000		952,686
Garda World Security Corp. (Canada), 7.75%, 02/15/2028(b)		350,000		355,792
GEO Group, Inc. (The), 10.50%, 06/30/2028(c)		250,000		255,733
GFL Environmental, Inc. (Canada)
4.00%, 08/01/2028(b)		650,000		596,536
3.50%, 09/01/2028(b)(c)		650,000		589,920
Interface, Inc., 5.50%, 12/01/2028(b)		240,000		225,365
Madison IAQ LLC, 4.13%, 06/30/2028(b)(c)		580,000		528,930

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

 93 

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

February 29, 2024

(Unaudited)

 

	Principal Amount		Value
Commercial Services & Supplies-(continued)
MPH Acquisition Holdings LLC
5.50%, 09/01/2028(b)	$	920,000	$	803,721
5.75%, 11/01/2028(b)		853,000		681,389
Prime Security Services Borrower LLC/Prime Finance, Inc., 6.25%, 01/15/2028(b)(c)		1,130,000		1,115,754
R.R. Donnelley & Sons Co., 9.75%, 07/31/2028(b)		250,000		255,872
Ritchie Bros. Holdings, Inc. (Canada), 6.75%, 03/15/2028(b)		480,000		491,856
				7,456,699
Communications Equipment-0.16%
Viasat, Inc., 6.50%, 07/15/2028(b)(c)		342,000		253,730
Construction & Engineering-1.16%
Fluor Corp., 4.25%, 09/15/2028(c)		520,000		492,089
Howard Midstream Energy Partners LLC, 8.88%, 07/15/2028(b)		480,000		506,282
Pike Corp., 5.50%, 09/01/2028(b)		631,000		599,280
Railworks Holdings L.P./Railworks Rally, Inc., 8.25%, 11/15/2028(b)		267,000		265,558
				1,863,209
Construction Materials-0.64%
Camelot Return Merger Sub, Inc., 8.75%, 08/01/2028(b)(c)		622,000		638,859
Williams Scotsman, Inc., 4.63%, 08/15/2028(b)		420,000		394,823
				1,033,682
Consumer Finance-1.87%
Credit Acceptance Corp., 9.25%, 12/15/2028(b)		520,000		550,732
Enova International, Inc., 11.25%, 12/15/2028(b)		348,000		364,759
FirstCash, Inc., 4.63%, 09/01/2028(b)		440,000		407,524
goeasy Ltd. (Canada), 9.25%, 12/01/2028(b)(c)		480,000		509,760
Navient Corp., 4.88%, 03/15/2028(c)		440,000		402,198
OneMain Finance Corp., 3.88%, 09/15/2028		520,000		454,947
PRA Group, Inc., 8.38%, 02/01/2028(b)		330,000		322,781
				3,012,701
Consumer Staples Distribution & Retail-2.01%
Albertson’s Cos., Inc./Safeway, Inc./New Albertson’s L.P./Albertson’s LLC, 6.50%, 02/15/2028(b)(c)		650,000		654,514
Aramark Services, Inc., 5.00%, 02/01/2028(b)(c)		1,000,000		959,354
C&S Group Enterprises LLC, 5.00%, 12/15/2028(b)		351,000		278,471
GPS Hospitality Holding Co. LLC/GPS Finco, Inc., 7.00%, 08/15/2028(b)		335,000		272,681
SEG Holding LLC/SEG Finance Corp., 5.63%, 10/15/2028(b)		270,000		276,589
United Natural Foods, Inc., 6.75%, 10/15/2028(b)		421,000		351,061
US Foods, Inc., 6.88%, 09/15/2028(b)(c)		440,000		448,250
				3,240,920

	Principal Amount		Value
Containers & Packaging-3.41%
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, 3.25%, 09/01/2028(b)(c)	$	520,000	$	451,344
Ball Corp., 6.88%, 03/15/2028		650,000		666,355
Cascades, Inc./Cascades USA, Inc. (Canada), 5.38%, 01/15/2028(b)(c)		380,000		367,769
Graham Packaging Co., Inc., 7.13%, 08/15/2028(b)		432,000		383,303
Graphic Packaging International LLC, 3.50%, 03/15/2028(b)		380,000		347,912
Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC (Canada), 6.00%, 09/15/2028(b)(c)		597,000		556,565
LABL, Inc.
5.88%, 11/01/2028(b)		440,000		394,943
9.50%, 11/01/2028(b)		250,000		250,372
Pactiv Evergreen Group Issuer LLC/Pactiv Evergreen Group Issuer, Inc., 4.38%, 10/15/2028(b)(c)		420,000		389,629
Sealed Air Corp., 6.13%, 02/01/2028(b)		672,000		670,494
Silgan Holdings, Inc., 4.13%, 02/01/2028(c)		460,000		429,934
Trident TPI Holdings, Inc., 12.75%, 12/31/2028(b)		540,000		576,649
				5,485,269
Distributors-0.27%
Evergreen Acqco 1 L.P./TVI, Inc., 9.75%, 04/26/2028(b)(c)		416,000		439,252
Diversified Consumer Services-1.01%
Adtalem Global Education, Inc., 5.50%, 03/01/2028(b)		345,000		328,759
eG Global Finance PLC (United Kingdom), 12.00%, 11/30/2028(b)		930,000		983,010
Grand Canyon University, 5.13%, 10/01/2028(c)		340,000		306,697
				1,618,466
Diversified REITs-1.73%
Uniti Group L.P./Uniti Group Finance, Inc./CSL Capital LLC
10.50%, 02/15/2028(b)		2,270,000		2,352,021
4.75%, 04/15/2028(b)		500,000		435,021
				2,787,042
Diversified Telecommunication Services-3.29%
Altice France S.A. (France), 5.50%, 01/15/2028(b)		960,000		784,350
Consolidated Communications, Inc.
5.00%, 10/01/2028(b)(c)		320,000		264,581
6.50%, 10/01/2028(b)(c)		650,000		559,000
Frontier Communications Holdings LLC, 5.00%, 05/01/2028(b)(c)		1,300,000		1,204,462
Iliad Holding S.A.S.U. (France), 7.00%, 10/15/2028(b)(c)		745,000		737,722

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

 94 

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

February 29, 2024

(Unaudited)

 

	Principal Amount		Value
Diversified Telecommunication Services-(continued)
Windstream Escrow LLC/Windstream Escrow Finance Corp., 7.75%, 08/15/2028(b)(c)	$	1,201,000	$	1,122,572
Zayo Group Holdings, Inc., 6.13%, 03/01/2028(b)		828,000		630,175
				5,302,862
Electric Utilities-0.84%
Pattern Energy Operations L.P./Pattern Energy Operations, Inc., 4.50%, 08/15/2028(b)		560,000		514,290
PG&E Corp., 5.00%, 07/01/2028(c)		870,000		830,628
				1,344,918
Electrical Equipment-0.41%
Vertiv Group Corp., 4.13%, 11/15/2028(b)		720,000		664,991
Energy Equipment & Services-1.38%
Archrock Partners L.P./Archrock Partners Finance Corp., 6.25%, 04/01/2028(b)		660,000		644,080
Bristow Group, Inc., 6.88%, 03/01/2028(b)		320,000		313,626
Harvest Midstream I L.P., 7.50%, 09/01/2028(b)		700,000		706,309
Nine Energy Service, Inc., 13.00%, 02/01/2028		130,000		108,463
Oceaneering International, Inc., 6.00%, 02/01/2028		170,000		167,314
Transocean Aquila Ltd., 8.00%, 09/30/2028(b)		280,000		285,477
				2,225,269
Entertainment-0.64%
Cinemark USA, Inc., 5.25%, 07/15/2028(b)(c)		670,000		626,628
Live Nation Entertainment, Inc., 3.75%, 01/15/2028(b)(c)		440,000		406,076
				1,032,704
Financial Services-2.87%
AG Issuer LLC, 6.25%, 03/01/2028(b)		440,000		426,161
Burford Capital Global Finance LLC, 6.25%, 04/15/2028(b)		335,000		322,115
GGAM Finance Ltd. (Ireland), 8.00%, 06/15/2028(b)		520,000		538,378
Jefferies Finance LLC/JFIN Co-Issuer Corp., 5.00%, 08/15/2028(b)		870,000		783,619
LD Holdings Group LLC, 6.13%, 04/01/2028(b)		500,000		408,707
Macquarie Airfinance Holdings Ltd. (United Kingdom), 8.38%, 05/01/2028(b)		440,000		461,252
Midcap Financial Issuer Trust, 6.50%, 05/01/2028(b)		870,000		798,234
Nationstar Mortgage Holdings, Inc., 5.50%, 08/15/2028(b)		740,000		699,573
Werner FinCo L.P./Werner FinCo, Inc., 11.50%, 06/15/2028(b)		170,000		182,594
				4,620,633
Food Products-1.73%
B&G Foods, Inc., 8.00%, 09/15/2028(b)(c)		480,000		500,308
Chobani LLC/Chobani Finance Corp., Inc., 4.63%, 11/15/2028(b)		363,000		336,065

	Principal Amount		Value
Food Products-(continued)
Lamb Weston Holdings, Inc., 4.88%, 05/15/2028(b)	$	440,000	$	426,566
Post Holdings, Inc., 5.63%, 01/15/2028(b)(c)		820,000		805,733
TKC Holdings, Inc., 6.88%, 05/15/2028(b)		370,000		346,746
TreeHouse Foods, Inc., 4.00%, 09/01/2028		420,000		371,091
				2,786,509
Gas Utilities-0.28%
AmeriGas Partners L.P./AmeriGas Finance Corp., 9.38%, 06/01/2028(b)		440,000		446,948
Ground Transportation-0.27%
Uber Technologies, Inc., 6.25%, 01/15/2028(b)		440,000		440,964
Health Care Equipment & Supplies-1.25%
Bausch & Lomb Corp., 8.38%, 10/01/2028(b)		1,220,000		1,276,425
Hologic, Inc., 4.63%, 02/01/2028(b)		340,000		326,107
Teleflex, Inc., 4.25%, 06/01/2028(b)		440,000		411,247
				2,013,779
Health Care Providers & Services-3.47%
Acadia Healthcare Co., Inc., 5.50%, 07/01/2028(b)		380,000		367,722
Avantor Funding, Inc., 4.63%, 07/15/2028(b)		1,349,000		1,274,924
Cano Health LLC, 6.25%, 10/01/2028(b)		100,000		1,500
Heartland Dental LLC/Heartland Dental Finance Corp., 10.50%, 04/30/2028(b)		610,000		641,263
Molina Healthcare, Inc., 4.38%, 06/15/2028(b)		700,000		652,747
Tenet Healthcare Corp.
4.63%, 06/15/2028(c)		520,000		495,458
6.13%, 10/01/2028(c)		2,182,000		2,159,122
				5,592,736
Health Care REITs-0.39%
CTR Partnership L.P./CareTrust Capital Corp., 3.88%, 06/30/2028(b)		320,000		289,720
Diversified Healthcare Trust, 4.75%, 02/15/2028		420,000		334,735
				624,455
Hotel & Resort REITs-0.60%
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, 5.88%, 10/01/2028(b)(c)		630,000		612,933
RHP Hotel Properties L.P./RHP Finance Corp., 7.25%, 07/15/2028(b)		340,000		348,525
				961,458
Hotels, Restaurants & Leisure-4.46%
1011778 BC ULC/New Red Finance, Inc. (Canada), 4.38%, 01/15/2028(b)(c)		650,000		610,720
Acushnet Co., 7.38%, 10/15/2028(b)		302,000		311,667
Carnival Corp., 4.00%, 08/01/2028(b)		2,100,000		1,938,708
Cedar Fair L.P./Canada’s Wonderland Co./Magnum Management Corp., 6.50%, 10/01/2028		260,000		260,631
Churchill Downs, Inc., 4.75%, 01/15/2028(b)		610,000		577,525

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

 95 

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

February 29, 2024

(Unaudited)

 

	Principal Amount		Value
Hotels, Restaurants & Leisure-(continued)
Full House Resorts, Inc., 8.25%, 02/15/2028(b)	$	362,000	$	339,760
Hilton Domestic Operating Co., Inc., 5.75%, 05/01/2028(b)(c)		440,000		439,152
Light & Wonder International, Inc., 7.00%, 05/15/2028(b)		610,000		613,265
Lindblad Expeditions Holdings, Inc., 9.00%, 05/15/2028(b)		240,000		253,420
Marriott Ownership Resorts, Inc., 4.75%, 01/15/2028(c)		303,000		281,868
MGM Resorts International, 4.75%, 10/15/2028(c)		657,000		617,246
Station Casinos LLC, 4.50%, 02/15/2028(b)		580,000		541,234
Wyndham Hotels & Resorts, Inc., 4.38%, 08/15/2028(b)		422,000		392,721
				7,177,917
Household Durables-1.15%
CP Atlas Buyer, Inc., 7.00%, 12/01/2028(b)		444,000		397,344
Dream Finders Homes, Inc., 8.25%, 08/15/2028(b)		240,000		249,609
Installed Building Products, Inc., 5.75%, 02/01/2028(b)		240,000		236,114
LGI Homes, Inc., 8.75%, 12/15/2028(b)		350,000		367,063
M/I Homes, Inc., 4.95%, 02/01/2028		340,000		324,029
Tri Pointe Homes, Inc., 5.70%, 06/15/2028		286,000		281,524
				1,855,683
Household Products-0.63%
Central Garden & Pet Co., 5.13%, 02/01/2028		240,000		232,274
Energizer Holdings, Inc., 4.75%, 06/15/2028(b)		492,000		450,366
Prestige Brands, Inc., 5.13%, 01/15/2028(b)		340,000		328,950
				1,011,590
Independent Power and Renewable Electricity Producers-2.46%
Atlantica Sustainable Infrastructure PLC (Spain), 4.13%, 06/15/2028(b)		340,000		310,953
Calpine Corp.
4.50%, 02/15/2028(b)		1,060,000		999,497
5.13%, 03/15/2028(b)(c)		1,180,000		1,123,262
Clearway Energy Operating LLC, 4.75%, 03/15/2028(b)		740,000		692,757
Sunnova Energy Corp., 11.75%, 10/01/2028(b)(c)		300,000		252,766
TerraForm Power Operating LLC, 5.00%, 01/31/2028(b)		610,000		577,083
				3,956,318
Insurance-0.67%
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 6.75%, 04/15/2028(b)		1,090,000		1,083,520
Interactive Media & Services-0.94%
Cars.com, Inc., 6.38%, 11/01/2028(b)		330,000		318,072

	Principal Amount		Value
Interactive Media & Services-(continued)
Match Group Holdings II LLC, 4.63%, 06/01/2028(b)(c)	$	440,000	$	414,055
Nexstar Media, Inc., 4.75%, 11/01/2028(b)(c)		871,000		774,420
				1,506,547
IT Services-2.22%
Acuris Finance US, Inc./Acuris Finance S.a.r.l., 5.00%, 05/01/2028(b)		285,000		255,467
Ahead DB Holdings LLC, 6.63%, 05/01/2028(b)		338,000		301,804
Arches Buyer, Inc., 4.25%, 06/01/2028(b)(c) .		830,000		709,988
Cablevision Lightpath LLC, 5.63%, 09/15/2028(b)		350,000		291,613
EquipmentShare.com, Inc., 9.00%, 05/15/2028(b)(c)		910,000		933,637
ION Trading Technologies S.a.r.l. (Luxembourg), 5.75%, 05/15/2028(b)		360,000		323,438
Newfold Digital Holdings Group, Inc., 11.75%, 10/15/2028(b)		450,000		489,157
Virtusa Corp., 7.13%, 12/15/2028(b)		300,000		266,346
				3,571,450
Machinery-1.43%
ATS Corp. (Canada), 4.13%, 12/15/2028(b)		310,000		283,211
GrafTech Finance, Inc., 4.63%, 12/15/2028(b)		420,000		276,647
Maxim Crane Works Holdings Capital, LLC, 11.50%, 09/01/2028(b)		420,000		437,147
Titan International, Inc., 7.00%, 04/30/2028		350,000		347,789
TK Elevator Holdco GmbH (Germany), 7.63%, 07/15/2028(b)		335,000		328,042
Trinity Industries, Inc., 7.75%, 07/15/2028(b)		320,000		329,945
Wabash National Corp., 4.50%, 10/15/2028(b)		320,000		293,200
				2,295,981
Media-8.60%
Advantage Sales & Marketing, Inc., 6.50%, 11/15/2028(b)		645,000		600,898
CCO Holdings LLC/CCO Holdings Capital Corp., 5.00%, 02/01/2028(b)		2,178,000		2,011,909
Clear Channel Outdoor Holdings, Inc.
7.75%, 04/15/2028(b)		870,000		753,084
9.00%, 09/15/2028(b)(c)		650,000		678,402
CSC Holdings LLC
5.38%, 02/01/2028(b)		870,000		759,219
11.25%, 05/15/2028(b)		870,000		898,501
DISH DBS Corp., 5.75%, 12/01/2028(b)		2,010,000		1,395,694
GCI LLC, 4.75%, 10/15/2028(b)(c)		502,000		450,856
iHeartCommunications, Inc., 4.75%, 01/15/2028(b)(c)		412,000		297,064
Lamar Media Corp., 3.75%, 02/15/2028		501,000		465,123
McGraw-Hill Education, Inc., 5.75%, 08/01/2028(b)		690,000		641,683
Sirius XM Radio, Inc., 4.00%, 07/15/2028(b)		1,740,000		1,569,368
Sunrise HoldCo IV B.V. (Netherlands), 5.50%, 01/15/2028(b)		380,000		367,943

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)–(continued)

February 29, 2024

(Unaudited)

 

	Principal Amount		Value
Media-(continued)
TEGNA, Inc., 4.63%, 03/15/2028(c)	$	870,000	$	784,349
Univision Communications, Inc., 8.00%, 08/15/2028(b)(c)		1,260,000		1,267,812
Urban One, Inc., 7.38%, 02/01/2028(b)(c)		580,000		498,127
Virgin Media Vendor Financing Notes IV DAC (United Kingdom), 5.00%, 07/15/2028(b)		440,000		406,296
				13,846,328
Metals & Mining-0.61%
Century Aluminum Co., 7.50%, 04/01/2028(b)		200,000		192,454
Constellium SE, 5.63%, 06/15/2028(b)		255,000		246,177
Kaiser Aluminum Corp., 4.63%, 03/01/2028(b)		440,000		406,363
Warrior Met Coal, Inc., 7.88%, 12/01/2028(b)		140,000		141,309
				986,303
Oil, Gas & Consumable Fuels-8.15%
Ascent Resources Utica Holdings LLC/ARU Finance Corp., 8.25%, 12/31/2028(b)(c)		450,000		457,286
Callon Petroleum Co., 8.00%, 08/01/2028(b)		568,000		593,653
Calumet Specialty Products Partners L.P./Calumet Finance Corp., 9.75%, 07/15/2028(b)		260,000		257,858
Civitas Resources, Inc., 8.38%, 07/01/2028(b)		1,174,000		1,229,969
Conuma Resources Ltd. (Canada), 13.13%, 05/01/2028(b)		149,000		147,696
Crescent Energy Finance LLC, 9.25%, 02/15/2028(b)		870,000		911,297
CVR Energy, Inc., 5.75%, 02/15/2028(b)		340,000		315,872
Delek Logistics Partners L.P./Delek Logistics Finance Corp., 7.13%, 06/01/2028(b)		350,000		335,431
Encino Acquisition Partners Holdings LLC, 8.50%, 05/01/2028(b)(c)		615,000		614,631
EQM Midstream Partners L.P., 5.50%, 07/15/2028		740,000		726,457
Global Marine, Inc., 7.00%, 06/01/2028		227,000		199,157
Greenfire Resources Ltd. (Canada), 12.00%, 10/01/2028(b)		260,000		272,873
Hess Midstream Operations L.P., 5.13%, 06/15/2028(b)(c)		480,000		461,578
Kinetik Holdings L.P., 6.63%, 12/15/2028(b)		700,000		709,120
Martin Midstream Partners L.P./Martin Midstream Finance Corp., 11.50%, 02/15/2028(b)		320,000		336,339
Matador Resources Co., 6.88%, 04/15/2028(b)(c)		440,000		447,221
Murphy Oil Corp., 6.38%, 07/15/2028		323,000		323,707
Northern Oil and Gas, Inc., 8.13%, 03/01/2028(b)		619,000		627,338
Sitio Royalties Operating Partnership L.P./Sitio Finance Corp., 7.88%, 11/01/2028(b)		510,000		521,763
SM Energy Co., 6.50%, 07/15/2028(c)		350,000		350,721
Southwestern Energy Co., 8.38%, 09/15/2028		260,000		270,604

	Principal Amount		Value
Oil, Gas & Consumable Fuels-(continued)
Sunoco L.P. and Sunoco Finance Corp., 7.00%, 09/15/2028(b)(c)	$	440,000	$	451,099
Venture Global LNG, Inc., 8.13%, 06/01/2028(b)		1,900,000		1,931,752
Vital Energy, Inc., 10.13%, 01/15/2028		606,000		634,727
				13,128,149
Paper & Forest Products-0.72%
Ahlstrom Holding 3 Oy (Finland), 4.88%, 02/04/2028(b)		280,000		256,161
Clearwater Paper Corp., 4.75%, 08/15/2028(b)		220,000		203,804
Domtar Corp., 6.75%, 10/01/2028(b)		560,000		518,105
Mercer International, Inc. (Germany), 12.88%, 10/01/2028(b)		170,000		182,519
				1,160,589
Passenger Airlines-0.68%
American Airlines, Inc., 7.25%, 02/15/2028(b)(c)		650,000		656,001
Cargo Aircraft Management, Inc., 4.75%, 02/01/2028(b)(c)		490,000		433,979
				1,089,980
Personal Care Products-0.40%
Edgewell Personal Care Co., 5.50%, 06/01/2028(b)		650,000		635,173
Pharmaceuticals-2.94%
AdaptHealth LLC, 6.13%, 08/01/2028(b)		286,000		261,749
Bausch Health Cos., Inc.
4.88%, 06/01/2028(b)		1,287,000		734,798
11.00%, 09/30/2028(b)		1,500,000		1,012,500
Cheplapharm Arzneimittel GmbH (Germany), 5.50%, 01/15/2028(b)		420,000		395,361
Elanco Animal Health, Inc., 6.65%, 08/28/2028		640,000		646,371
Organon & Co./Organon Foreign Debt Co-Issuer B.V., 4.13%, 04/30/2028(b)(c)		1,830,000		1,676,454
				4,727,233
Professional Services-1.41%
ASGN, Inc., 4.63%, 05/15/2028(b)(c)		480,000		448,125
Clarivate Science Holdings Corp., 3.88%, 07/01/2028(b)		800,000		731,109
CoreLogic, Inc., 4.50%, 05/01/2028(b)(c)		656,000		581,672
KBR, Inc., 4.75%, 09/30/2028(b)		206,000		189,953
Science Applications International Corp., 4.88%, 04/01/2028(b)		340,000		322,284
				2,273,143
Real Estate Management & Development-0.87%
Cushman & Wakefield U.S. Borrower LLC, 6.75%, 05/15/2028(b)(c)		562,000		554,101
Forestar Group, Inc., 5.00%, 03/01/2028(b)		240,000		227,157
Howard Hughes Corp. (The), 5.38%, 08/01/2028(b)(c)		650,000		613,941
				1,395,199
Residential REITs-0.13%
Ashton Woods USA LLC/Ashton Woods Finance Co., 6.63%, 01/15/2028(b)		215,000		213,902

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 29, 2024

(Unaudited)

 

	Principal Amount		Value
Semiconductors & Semiconductor Equipment-0.55%
Entegris, Inc., 4.38%, 04/15/2028(b)	$	341,000	$	318,967
ON Semiconductor Corp., 3.88%, 09/01/2028(b)		612,000		560,219
				879,186
Software-1.87%
Alteryx, Inc., 8.75%, 03/15/2028(b)		370,000		375,510
Consensus Cloud Solutions, Inc., 6.50%, 10/15/2028(b)(c)		370,000		329,503
Fair Isaac Corp., 4.00%, 06/15/2028(b)		789,000		733,715
Helios Software Holdings, Inc./ION Corporate Solutions Finance S.a.r.l., 4.63%, 05/01/2028(b)		280,000		249,990
MicroStrategy, Inc., 6.13%, 06/15/2028(b)		401,000		387,096
NCR Voyix Corp., 5.00%, 10/01/2028(b)(c)		570,000		530,416
PTC, Inc., 4.00%, 02/15/2028(b)		440,000		410,951
				3,017,181
Specialized REITs-0.69%
Iron Mountain, Inc.
5.25%, 03/15/2028(b)		720,000		694,700
5.00%, 07/15/2028(b)(c)		440,000		416,967
				1,111,667
Specialty Retail-2.64%
Asbury Automotive Group, Inc., 4.50%, 03/01/2028		350,000		326,720
Bath & Body Works, Inc., 5.25%, 02/01/2028		400,000		388,741
Group 1 Automotive, Inc., 4.00%, 08/15/2028(b)		650,000		593,923
Ken Garff Automotive LLC, 4.88%, 09/15/2028(b)		340,000		313,200
Michaels Cos., Inc. (The), 5.25%, 05/01/2028(b)(c)		740,000		575,467
PetSmart, Inc./PetSmart Finance Corp., 4.75%, 02/15/2028(b)		1,050,000		985,472
SRS Distribution, Inc., 4.63%, 07/01/2028(b)		570,000		532,289
White Cap Buyer LLC, 6.88%, 10/15/2028(b)		545,000		531,868
				4,247,680
Technology Hardware, Storage & Peripherals-0.66%
Presidio Holdings, Inc., 8.25%, 02/01/2028(b)		480,000		473,688
Xerox Holdings Corp., 5.50%, 08/15/2028(b)(c)		650,000		588,585
				1,062,273

Investment Abbreviations:

REIT -Real Estate Investment Trust

	Principal Amount		Value
Trading Companies & Distributors-1.13%
Fortress Transportation and Infrastructure Investors LLC, 5.50%, 05/01/2028(b)	$	870,000	$	834,209
H&E Equipment Services, Inc., 3.88%, 12/15/2028(b)		1,090,000		984,611
				1,818,820
Wireless Telecommunication Services-0.28%
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc.
6.00%, 02/15/2028(b)		240,000		230,631
10.75%, 06/01/2028(b)		220,000		226,385
				457,016
Total U.S. Dollar Denominated Bonds & Notes (Cost $156,936,736)				156,958,263
	Shares
Money Market Funds-0.70%
Invesco Government & Agency Portfolio, Institutional Class, 5.24%(d)(e) (Cost $1,119,839)		1,119,839		1,119,839
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-98.19% (Cost $158,056,575)				158,078,102
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-22.80%
Invesco Private Government Fund, 5.29%(d)(e)(f)		10,278,466		10,278,466
Invesco Private Prime Fund, 5.49%(d)(e)(f)		26,417,128		26,430,337
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $36,712,162)				36,708,803
TOTAL INVESTMENTS IN SECURITIES-120.99% (Cost $194,768,737)				194,786,905
OTHER ASSETS LESS LIABILITIES-(20.99)%				(33,792,603	)
NET ASSETS-100.00%.			$	160,994,302

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 29, 2024

(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 29, 2024 was $138,505,030, which represented 86.03% of the Fund’s Net Assets.

^(c)  All or a portion of this security was out on loan at February 29, 2024.

^(d)  Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 29, 2024.

	Value August 31, 2023				Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)						Realized Gain			Value February 29, 2024					Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	648,228			$	7,209,591		$	(6,737,980	)			$	-				$	-			$	1,119,839			$	22,575
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			3,187,584				28,628,555			(21,537,673	)				-					-				10,278,466				138,866	*
Invesco Private Prime Fund			8,736,644				53,957,745			(36,267,538	)				(3,309	)				6,795				26,430,337				374,763	*
Total		$	12,572,456			$	89,795,891		$	(64,543,191	)			$	(3,309	)			$	6,795			$	37,828,642			$	536,204

* 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 29, 2024.

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

Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of February 29, 2024
Industrials	14.88
Consumer Discretionary	14.69
Communication Services	13.75
Materials	11.15
Energy	9.54
Health Care	7.97
Financials	7.30
Information Technology	5.46
Consumer Staples	4.77
Real Estate	4.41
Utilities	3.57
Money Market Funds Plus Other Assets Less Liabilities	2.51

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

 99 

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February 29, 2024

(Unaudited)

Schedule of Investments^(a)

	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes-97.81%
Aerospace & Defense-1.42%
Bombardier, Inc. (Canada), 7.50%, 02/01/2029(b)	$	150,000	$	152,267
BWX Technologies, Inc., 4.13%, 04/15/2029(b)		70,000		65,027
TransDigm, Inc.
4.63%, 01/15/2029		220,000		201,934
4.88%, 05/01/2029		160,000		147,130
				566,358
Automobile Components-1.66%
American Axle & Manufacturing, Inc., 5.00%, 10/01/2029		110,000		95,485
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 5.38%, 03/01/2029(b)		120,000		109,387
Goodyear Tire & Rubber Co. (The), 5.00%, 07/15/2029		160,000		147,450
NESCO Holdings II, Inc., 5.50%, 04/15/2029(b)		170,000		158,799
Patrick Industries, Inc., 4.75%, 05/01/2029(b)		60,000		54,979
Real Hero Merger Sub 2, Inc., 6.25%, 02/01/2029(b)		110,000		95,805
				661,905
Automobiles-0.93%
Allison Transmission, Inc., 5.88%, 06/01/2029(b)		90,000		88,731
Dornoch Debt Merger Sub, Inc., 6.63%, 10/15/2029(b)		120,000		107,863
Jaguar Land Rover Automotive PLC (United Kingdom), 5.50%, 07/15/2029(b)		90,000		86,611
Thor Industries, Inc., 4.00%, 10/15/2029(b)		100,000		88,625
				371,830
Beverages-0.65%
Primo Water Holdings, Inc. (Canada), 4.38%, 04/30/2029(b)		160,000		145,289
Triton Water Holdings, Inc., 6.25%, 04/01/2029(b)		130,000		113,606
				258,895
Building Products-1.32%
Cornerstone Building Brands, Inc., 6.13%, 01/15/2029(b)		70,000		63,160
GYP Holdings III Corp., 4.63%, 05/01/2029(b)		60,000		55,981
Park River Holdings, Inc.
5.63%, 02/01/2029(b)		50,000		42,115
6.75%, 08/01/2029(b)		60,000		51,439
PGT Innovations, Inc., 4.38%, 10/01/2029(b)		130,000		130,994
Shea Homes L.P./Shea Homes Funding Corp., 4.75%, 04/01/2029.		60,000		56,417
Summit Materials LLC/Summit Materials Finance Corp., 5.25%, 01/15/2029(b)		130,000		125,971
				526,077
Capital Markets-0.66%
APX Group, Inc., 5.75%, 07/15/2029(b)		140,000		133,283
Aretec Group, Inc., 7.50%, 04/01/2029(b)		80,000		73,575
Armor Holdco, Inc., 8.50%, 11/15/2029(b)		60,000		56,561
				263,419

	Principal Amount		Value
Chemicals-3.37%
Axalta Coating Systems LLC, 3.38%, 02/15/2029(b)	$	150,000	$	133,448
Chemours Co. (The), 4.63%, 11/15/2029(b)		110,000		90,590
INEOS Quattro Finance 2 PLC (United Kingdom), 9.63%, 03/15/2029(b)		70,000		73,724
LSF11 A5 HoldCo LLC, 6.63%, 10/15/2029(b)		69,000		60,017
Methanex Corp. (Canada), 5.25%, 12/15/2029		130,000		123,728
NOVA Chemicals Corp. (Canada), 4.25%, 05/15/2029(b)		101,000		83,670
Olympus Water US Holding Corp., 6.25%, 10/01/2029(b)		70,000		62,160
Rain Carbon, Inc., 12.25%, 09/01/2029(b)		80,000		80,110
SCIH Salt Holdings, Inc., 6.63%, 05/01/2029(b)		130,000		118,355
Scotts Miracle-Gro Co. (The), 4.50%, 10/15/2029		70,000		62,196
SK Invictus Intermediate II S.a.r.l., 5.00%, 10/30/2029(b)		120,000		102,005
Tronox, Inc., 4.63%, 03/15/2029(b)		190,000		168,430
WR Grace Holdings LLC, 5.63%, 08/15/2029(b)		210,000		184,388
				1,342,821
Commercial Services & Supplies-5.12%
ACCO Brands Corp., 4.25%, 03/15/2029(b)		110,000		97,646
ADT Security Corp. (The), 4.13%, 08/01/2029(b)		180,000		162,850
Allied Universal Holdco LLC/Allied Universal Finance Corp., 6.00%, 06/01/2029(b)		201,000		166,641
APi Group DE, Inc.
4.13%, 07/15/2029(b)		60,000		54,048
4.75%, 10/15/2029(b)		70,000		65,104
Clean Harbors, Inc., 5.13%, 07/15/2029(b)		50,000		48,246
Covanta Holding Corp., 4.88%, 12/01/2029(b)		140,000		122,489
Deluxe Corp., 8.00%, 06/01/2029(b)		85,000		74,277
First Student Bidco, Inc./First Transit Parent, Inc., 4.00%, 07/31/2029(b)		110,000		95,852
Garda World Security Corp. (Canada), 6.00%, 06/01/2029(b)		90,000		78,859
GFL Environmental, Inc. (Canada)
4.75%, 06/15/2029(b)		160,000		149,950
4.38%, 08/15/2029(b)		100,000		91,187
Madison IAQ LLC, 5.88%, 06/30/2029(b)		190,000		169,817
Neptune Bidco US, Inc., 9.29%, 04/15/2029(b)		520,000		489,877
Pitney Bowes, Inc., 7.25%, 03/15/2029(b)		60,000		52,021
Signal Parent, Inc., 6.13%, 04/01/2029(b)		50,000		39,063
Stericycle, Inc., 3.88%, 01/15/2029(b)		90,000		81,087
				2,039,014
Communications Equipment-0.18%
Viavi Solutions, Inc., 3.75%, 10/01/2029(b)		80,000		69,652
Construction & Engineering-0.69%
Arcosa, Inc., 4.38%, 04/15/2029(b)		70,000		64,675
Dycom Industries, Inc., 4.50%, 04/15/2029(b)		90,000		82,921

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

 100 

Invesco BulletShares 2029 High Yield Corporate Bond ETF (BSJT)–(continued)

February 29, 2024

(Unaudited)

	Principal Amount		Value
Construction & Engineering-(continued)
Great Lakes Dredge & Dock Corp., 5.25%, 06/01/2029(b)	$	60,000	$	52,483
VM Consolidated, Inc., 5.50%, 04/15/2029(b)		78,000		73,606
				273,685
Construction Materials-0.37%
ACProducts Holdings, Inc., 6.38%, 05/15/2029(b)		110,000		84,295
Global Infrastructure Solutions, Inc., 5.63%, 06/01/2029(b)		70,000		63,407
				147,702
Consumer Finance-2.17%
Bread Financial Holdings, Inc., 9.75%, 03/15/2029(b)		190,000		194,587
Navient Corp., 5.50%, 03/15/2029		140,000		126,875
OneMain Finance Corp.
9.00%, 01/15/2029		190,000		199,732
5.38%, 11/15/2029		140,000		130,083
Paysafe Finance PLC/Paysafe Holdings US Corp., 4.00%, 06/15/2029(b)		60,000		53,788
PRA Group, Inc., 5.00%, 10/01/2029(b)		60,000		50,314
PROG Holdings, Inc., 6.00%, 11/15/2029(b)		120,000		110,419
				865,798
Consumer Staples Distribution & Retail-2.13%
Albertson’s Cos., Inc./Safeway, Inc./New Albertson’s L.P./Albertson’s LLC, 3.50%, 03/15/2029(b)		280,000		249,743
American Builders & Contractors Supply Co., Inc., 3.88%, 11/15/2029(b)		80,000		71,518
Performance Food Group, Inc., 4.25%, 08/01/2029(b)		210,000		190,790
Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc., 4.63%, 03/01/2029(b)		180,000		157,917
US Foods, Inc., 4.75%, 02/15/2029(b)		190,000		178,548
				848,516
Containers & Packaging-1.82%
Ardagh Metal Packaging Finance USA LLC/ Ardagh Metal Packaging Finance PLC, 4.00%, 09/01/2029(b)		190,000		154,528
Ball Corp., 6.00%, 06/15/2029		200,000		201,219
Clydesdale Acquisition Holdings, Inc., 6.63%, 04/15/2029(b)		110,000		109,462
Graphic Packaging International LLC, 3.50%, 03/01/2029(b)		60,000		53,557
LABL, Inc., 8.25%, 11/01/2029(b)		80,000		67,750
Sealed Air Corp., 5.00%, 04/15/2029(b)		80,000		75,858
TriMas Corp., 4.13%, 04/15/2029(b)		70,000		63,875
				726,249
Distributors-0.11%
Resideo Funding, Inc., 4.00%, 09/01/2029(b)		50,000		44,317
Diversified Consumer Services-0.62%
Carriage Services, Inc., 4.25%, 05/15/2029(b)		80,000		69,632

	Principal Amount		Value
Diversified Consumer Services-(continued)
Service Corp. International, 5.13%, 06/01/2029	$	140,000	$	136,962
WW International, Inc., 4.50%, 04/15/2029(b)		90,000		41,794
				248,388
Diversified REITs-0.45%
Uniti Group L.P./Uniti Group Finance, Inc./CSL Capital LLC, 6.50%, 02/15/2029(b)		235,000		181,175
Diversified Telecommunication Services-3.23%
Altice France S.A. (France)
5.13%, 01/15/2029(b)		100,000		75,692
5.13%, 07/15/2029(b)		450,000		340,364
5.50%, 10/15/2029(b)		400,000		303,362
CommScope, Inc., 4.75%, 09/01/2029(b)		220,000		150,925
Frontier Communications Holdings LLC
6.75%, 05/01/2029(b)		182,000		163,615
5.88%, 11/01/2029		140,000		120,058
Go Daddy Operating Co. LLC/GD Finance Co., Inc., 3.50%, 03/01/2029(b)		150,000		133,693
				1,287,709
Electric Utilities-1.74%
DPL, Inc., 4.35%, 04/15/2029		80,000		72,600
Leeward Renewable Energy Operations LLC, 4.25%, 07/01/2029(b)		70,000		60,359
NextEra Energy Operating Partners L.P., 7.25%, 01/15/2029(b)		130,000		132,253
NRG Energy, Inc.
3.38%, 02/15/2029(b)		100,000		87,375
5.25%, 06/15/2029(b)		130,000		123,336
Vistra Operations Co. LLC, 4.38%, 05/01/2029(b)(c)		240,000		219,182
				695,105
Electrical Equipment-0.41%
Sensata Technologies B.V., 4.00%, 04/15/2029(b)		180,000		163,415
Electronic Equipment, Instruments & Components-1.57%
Coherent Corp., 5.00%, 12/15/2029(b)		180,000		168,020
Imola Merger Corp., 4.75%, 05/15/2029(b)		396,000		367,308
TTM Technologies, Inc., 4.00%, 03/01/2029(b)		100,000		89,139
				624,467
Energy Equipment & Services-0.89%
Global Partners L.P./GLP Finance Corp., 6.88%, 01/15/2029		73,000		72,012
Helix Energy Solutions Group, Inc., 9.75%, 03/01/2029(b)		80,000		84,616
Permian Resources Operating LLC, 5.88%, 07/01/2029(b)		130,000		127,148
Precision Drilling Corp. (Canada), 6.88%, 01/15/2029(b)		70,000		69,203
				352,979
Entertainment-1.44%
AMC Entertainment Holdings, Inc., 7.50%, 02/15/2029(b)		170,000		117,688
Banijay Entertainment (France), 8.13%, 05/01/2029(b)		80,000		82,813

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

 101 

Invesco BulletShares 2029 High Yield Corporate Bond ETF (BSJT)–(continued)

February 29, 2024

(Unaudited)

	Principal Amount		Value
Entertainment-(continued)
Jacobs Entertainment, Inc., 6.75%, 02/15/2029(b)	$	90,000	$	85,881
Lions Gate Capital Holdings LLC, 5.50%, 04/15/2029(b)		137,000		103,686
Playtika Holding Corp., 4.25%, 03/15/2029(b)		110,000		93,951
WMG Acquisition Corp., 3.75%, 12/01/2029(b)		100,000		88,641
				572,660
Financial Services-3.41%
Cobra AcquisitionCo LLC, 6.38%, 11/01/2029(b)		40,000		32,872
Compass Group Diversified Holdings LLC, 5.25%, 04/15/2029(b)		182,000		171,219
Hightower Holding LLC, 6.75%, 04/15/2029(b)		50,000		47,013
Jane Street Group/JSG Finance, Inc., 4.50%, 11/15/2029(b)		110,000		101,327
Macquarie Airfinance Holdings Ltd. (United Kingdom), 8.13%, 03/30/2029(b)		90,000		93,658
NCR Atleos Corp., 9.50%, 04/01/2029(b)		280,000		296,450
PennyMac Financial Services, Inc.
4.25%, 02/15/2029(b)		120,000		108,329
7.88%, 12/15/2029(b)		150,000		153,673
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 3.63%, 03/01/2029(b)		150,000		133,198
Superior Plus L.P./Superior General Partner, Inc. (Canada), 4.50%, 03/15/2029(b)		110,000		99,673
United Wholesale Mortgage LLC, 5.50%, 04/15/2029(b)		130,000		121,512
				1,358,924
Food Products-0.85%
Post Holdings, Inc., 5.50%, 12/15/2029(b)(c)		240,000		229,824
TKC Holdings, Inc., 10.50%, 05/15/2029(b)		120,000		109,067
				338,891
Gas Utilities-0.36%
Ferrellgas L.P./Ferrellgas Finance Corp., 5.88%, 04/01/2029(b)		150,000		142,546
Ground Transportation-1.16%
Carriage Purchaser, Inc., 7.88%, 10/15/2029(b)		50,000		43,312
Hertz Corp. (The), 5.00%, 12/01/2029(b)		180,000		138,099
Uber Technologies, Inc., 4.50%, 08/15/2029(b)		300,000		281,461
				462,872
Health Care Equipment & Supplies-3.55%
Hologic, Inc., 3.25%, 02/15/2029(b)		200,000		178,520
Medline Borrower L.P.
3.88%, 04/01/2029(b)		870,000		780,823
5.25%, 10/01/2029(b)(c)		490,000		453,706
				1,413,049
Health Care Providers & Services-2.91%
Acadia Healthcare Co., Inc., 5.00%, 04/15/2029(b)		90,000		85,134
AHP Health Partners, Inc., 5.75%, 07/15/2029(b)		50,000		45,220
Avantor Funding, Inc., 3.88%, 11/01/2029(b)		170,000		152,551
Catalent Pharma Solutions, Inc., 3.13%, 02/15/2029(b)		100,000		96,661

	Principal Amount		Value
Health Care Providers & Services-(continued)
Community Health Systems, Inc., 6.00%, 01/15/2029(b)	$	130,000	$	111,935
HealthEquity, Inc., 4.50%, 10/01/2029(b)		110,000		101,240
LifePoint Health, Inc., 5.38%, 01/15/2029(b)		101,000		80,650
ModivCare Escrow Issuer, Inc., 5.00%, 10/01/2029(b)		100,000		73,860
Option Care Health, Inc., 4.38%, 10/31/2029(b)		90,000		82,255
Owens & Minor, Inc., 4.50%, 03/31/2029(b)		90,000		80,522
Tenet Healthcare Corp., 4.25%, 06/01/2029(c)		270,000		248,560
				1,158,588
Hotel & Resort REITs-0.98%
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, 4.88%, 05/15/2029(b)		138,000		126,919
RHP Hotel Properties L.P./RHP Finance Corp., 4.50%, 02/15/2029(b)		110,000		102,344
RLJ Lodging Trust L.P., 4.00%, 09/15/2029(b)		90,000		78,641
XHR L.P., 4.88%, 06/01/2029(b)		90,000		83,201
				391,105
Hotels, Restaurants & Leisure-6.61%
1011778 BC ULC/New Red Finance, Inc. (Canada), 3.50%, 02/15/2029(b)		150,000		135,375
Bloomin’ Brands, Inc./OSI Restaurant Partners LLC, 5.13%, 04/15/2029(b)		50,000		46,311
Boyne USA, Inc., 4.75%, 05/15/2029(b)		130,000		119,621
Caesars Entertainment, Inc., 4.63%, 10/15/2029(b)		220,000		200,997
Carnival Corp.
6.00%, 05/01/2029(b)(c)		400,000		391,135
7.00%, 08/15/2029(b)		100,000		103,803
Carrols Restaurant Group, Inc., 5.88%, 07/01/2029(b)		60,000		61,278
Cedar Fair L.P., 5.25%, 07/15/2029		90,000		85,068
Everi Holdings, Inc., 5.00%, 07/15/2029(b)		70,000		69,452
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., 4.63%, 01/15/2029(b)		180,000		163,528
Hilton Domestic Operating Co., Inc., 3.75%, 05/01/2029(b)		140,000		127,271
Hilton Grand Vacations Borrower Escrow LLC/ Hilton Grand Vacations Borrower Escrow, Inc., 5.00%, 06/01/2029(b)		160,000		148,382
Light & Wonder International, Inc., 7.25%, 11/15/2029(b)		107,000		109,592
MajorDrive Holdings IV LLC, 6.38%, 06/01/2029(b)		90,000		77,715
Marriott Ownership Resorts, Inc., 4.50%, 06/15/2029(b)		100,000		90,796
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., 4.88%, 05/01/2029(b)		150,000		137,675
Papa John’s International, Inc., 3.88%, 09/15/2029(b)		80,000		70,972
PENN Entertainment, Inc., 4.13%, 07/01/2029(b)		80,000		67,266
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp., 5.63%, 09/01/2029(b)		130,000		93,735

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

 102 

Invesco BulletShares 2029 High Yield Corporate Bond ETF (BSJT)–(continued)

February 29, 2024

(Unaudited)

	Principal Amount		Value
Hotels, Restaurants & Leisure-(continued)
Raising Cane’s Restaurants, L.L.C., 9.38%, 05/01/2029(b)	$	90,000	$	95,982
SeaWorld Parks & Entertainment, Inc., 5.25%, 08/15/2029(b)		135,000		125,997
Travel + Leisure Co., 4.50%, 12/01/2029(b)		120,000		109,989
				2,631,940
Household Durables-0.85%
Brookfield Residential Properties, Inc./ Brookfield Residential US LLC (Canada), 5.00%, 06/15/2029(b)		40,000		35,836
Century Communities, Inc., 3.88%, 08/15/2029(b)		100,000		88,349
LGI Homes, Inc., 4.00%, 07/15/2029(b)		50,000		42,943
Newell Brands, Inc., 6.63%, 09/15/2029		100,000		95,909
SWF Escrow Issuer Corp., 6.50%, 10/01/2029(b)		110,000		77,505
				340,542
Household Products-0.33%
Energizer Holdings, Inc., 4.38%, 03/31/2029(b)		150,000		133,056
Independent Power and Renewable Electricity Producers-0.28%
Calpine Corp., 4.63%, 02/01/2029(b)		120,000		110,564
Industrial Conglomerates-0.69%
Icahn Enterprises L.P./Icahn Enterprises Finance Corp.
9.75%, 01/15/2029(b)		140,000		146,475
4.38%, 02/01/2029		150,000		126,749
				273,224
Insurance-1.82%
Acrisure LLC/Acrisure Finance, Inc.
4.25%, 02/15/2029(b)		130,000		115,445
6.00%, 08/01/2029(b)		90,000		81,100
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 5.88%, 11/01/2029(b)		90,000		82,457
AmWINS Group, Inc., 4.88%, 06/30/2029(b)		150,000		138,518
AssuredPartners, Inc., 5.63%, 01/15/2029(b)		100,000		92,091
BroadStreet Partners, Inc., 5.88%, 04/15/2029(b)		130,000		120,686
HUB International Ltd., 5.63%, 12/01/2029(b)		100,000		92,930
				723,227
Interactive Media & Services-0.32%
Match Group Holdings II LLC, 5.63%, 02/15/2029(b)		60,000		57,662
Scripps Escrow II, Inc., 3.88%, 01/15/2029(b)		90,000		71,280
				128,942
IT Services-0.84%
Conduent Business Services LLC/Conduent State & Local Solutions, Inc., 6.00%, 11/01/2029(b)		100,000		91,862
Newfold Digital Holdings Group, Inc., 6.00%, 02/15/2029(b)		70,000		54,877
Twilio, Inc., 3.63%, 03/15/2029		90,000		80,211
ZoomInfo Technologies LLC/ZoomInfo Finance Corp., 3.88%, 02/01/2029(b)		120,000		107,612
				334,562

	Principal Amount		Value
Leisure Products-0.25%
Vista Outdoor, Inc., 4.50%, 03/15/2029(b)	$	100,000	$	98,843
Machinery-0.78%
Mueller Water Products, Inc., 4.00%, 06/15/2029(b)		80,000		72,824
OT Merger Corp., 7.88%, 10/15/2029(b)		50,000		32,555
Roller Bearing Co. of America, Inc., 4.38%, 10/15/2029(b)		100,000		91,228
Terex Corp., 5.00%, 05/15/2029(b)		120,000		112,168
				308,775
Media-7.40%
Altice Financing S.A. (Luxembourg), 5.75%, 08/15/2029(b)		400,000		344,938
AMC Networks, Inc., 4.25%, 02/15/2029		180,000		116,681
CCO Holdings LLC/CCO Holdings Capital Corp.
5.38%, 06/01/2029(b)		302,000		273,420
6.38%, 09/01/2029(b)		300,000		282,068
Clear Channel Outdoor Holdings, Inc., 7.50%, 06/01/2029(b)		190,000		157,426
CSC Holdings LLC, 6.50%, 02/01/2029(b)		400,000		349,084
Lamar Media Corp., 4.88%, 01/15/2029		70,000		66,384
LCPR Senior Secured Financing DAC, 5.13%, 07/15/2029(b)		70,000		58,893
McGraw-Hill Education, Inc., 8.00%, 08/01/2029(b)		110,000		100,476
Outfront Media Capital LLC/Outfront Media Capital Corp., 4.25%, 01/15/2029(b)		90,000		80,917
Sirius XM Radio, Inc., 5.50%, 07/01/2029(b)(c)		250,000		236,657
Stagwell Global LLC, 5.63%, 08/15/2029(b)		200,000		178,760
TEGNA, Inc., 5.00%, 09/15/2029		200,000		176,204
Univision Communications, Inc., 4.50%, 05/01/2029(b)		190,000		166,781
Videotron Ltd. (Canada), 3.63%, 06/15/2029(b)		88,000		79,124
Virgin Media Secured Finance PLC (United Kingdom), 5.50%, 05/15/2029(b)		300,000		281,421
				2,949,234
Metals & Mining-1.83%
ATI, Inc., 4.88%, 10/01/2029		70,000		64,560
Big River Steel LLC/BRS Finance Corp., 6.63%, 01/31/2029(b)		140,000		140,983
Cleveland-Cliffs, Inc., 4.63%, 03/01/2029(b)		61,000		56,072
Coeur Mining, Inc., 5.13%, 02/15/2029(b)(c)		50,000		46,098
Constellium SE, 3.75%, 04/15/2029(b)		100,000		89,187
Hudbay Minerals, Inc. (Canada), 6.13%, 04/01/2029(b)		110,000		108,053
SunCoke Energy, Inc., 4.88%, 06/30/2029(b)		100,000		89,899
TMS International Corp., 6.25%, 04/15/2029(b)		50,000		43,557
United States Steel Corp., 6.88%, 03/01/2029		90,000		91,138
				729,547

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

 103 

Invesco BulletShares 2029 High Yield Corporate Bond ETF (BSJT)–(continued)

February 29, 2024

(Unaudited)

	Principal Amount		Value
Mortgage REITs-0.44%
Apollo Commercial Real Estate Finance, Inc., 4.63%, 06/15/2029(b)	$	90,000	$	74,554
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 4.75%, 06/15/2029(b)		110,000		98,858
				173,412
Oil, Gas & Consumable Fuels-9.62%
Antero Midstream Partners L.P./Antero Midstream Finance Corp., 5.38%, 06/15/2029(b)		139,000		132,342
Ascent Resources Utica Holdings LLC/ARU Finance Corp., 5.88%, 06/30/2029(b)		80,000		74,439
Chesapeake Energy Corp.
5.88%, 02/01/2029(b)		88,000		87,125
6.75%, 04/15/2029(b)		201,000		201,955
CITGO Petroleum Corp., 8.38%, 01/15/2029(b)		200,000		210,205
CNX Resources Corp., 6.00%, 01/15/2029(b)		91,000		87,543
Comstock Resources, Inc., 6.75%, 03/01/2029(b)(c)		256,000		236,484
CrownRock L.P./CrownRock Finance, Inc., 5.00%, 05/01/2029(b)		70,000		68,927
CVR Energy, Inc., 8.50%, 01/15/2029(b)		130,000		130,917
DT Midstream, Inc., 4.13%, 06/15/2029(b)		200,000		182,938
EQM Midstream Partners L.P., 4.50%, 01/15/2029(b)		150,000		140,738
Genesis Energy L.P./Genesis Energy Finance Corp., 8.25%, 01/15/2029		130,000		132,273
Hilcorp Energy I L.P./Hilcorp Finance Co., 5.75%, 02/01/2029(b)		120,000		116,151
ITT Holdings LLC, 6.50%, 08/01/2029(b)		220,000		195,484
MEG Energy Corp. (Canada), 5.88%, 02/01/2029(b)		109,000		106,362
Murphy Oil USA, Inc., 4.75%, 09/15/2029		100,000		93,336
Parkland Corp. (Canada), 4.50%, 10/01/2029(b)		160,000		146,353
Range Resources Corp., 8.25%, 01/15/2029		106,000		110,671
Rockcliff Energy II LLC, 5.50%, 10/15/2029(b) .		130,000		119,882
Southwestern Energy Co., 5.38%, 02/01/2029		126,000		121,872
Sunoco L.P./Sunoco Finance Corp., 4.50%, 05/15/2029		150,000		138,699
Teine Energy Ltd. (Canada), 6.88%, 04/15/2029(b)		70,000		66,500
Venture Global Calcasieu Pass LLC, 3.88%, 08/15/2029(b)		260,000		233,614
Venture Global LNG, Inc., 9.50%, 02/01/2029(b)		600,000		640,103
Vital Energy, Inc., 7.75%, 07/31/2029(b)		60,000		59,729
				3,834,642
Paper & Forest Products-0.53%
Glatfelter Corp., 4.75%, 11/15/2029(b)		85,000		71,613
Mercer International, Inc. (Germany), 5.13%, 02/01/2029		160,000		138,064
				209,677
Passenger Airlines-1.39%
American Airlines, Inc., 8.50%, 05/15/2029(b)		190,000		199,858
United AirLines, Inc., 4.63%, 04/15/2029(b)		385,000		355,503
				555,361

	Principal Amount		Value
Personal Care Products-0.37%
Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International US LLC, 4.75%, 01/15/2029(b)	$	90,000	$	84,347
Edgewell Personal Care Co., 4.13%, 04/01/2029(b)		70,000		63,854
				148,201
Pharmaceuticals-1.37%
AdaptHealth LLC, 4.63%, 08/01/2029(b)		90,000		75,012
HLF Financing S.a.r.l. LLC/Herbalife International, Inc., 4.88%, 06/01/2029(b)		110,000		78,796
Jazz Securities DAC, 4.38%, 01/15/2029(b)		290,000		267,452
Kedrion S.p.A. (Italy), 6.50%, 09/01/2029(b)		140,000		126,165
				547,425
Professional Services-0.93%
AMN Healthcare, Inc., 4.00%, 04/15/2029(b)		70,000		61,504
Clarivate Science Holdings Corp., 4.88%, 07/01/2029(b)		170,000		154,381
Dun & Bradstreet Corp. (The), 5.00%, 12/15/2029(b)		80,000		73,676
TriNet Group, Inc., 3.50%, 03/01/2029(b)		90,000		79,782
				369,343
Real Estate Management & Development-0.96%
Howard Hughes Corp. (The), 4.13%, 02/01/2029(b)		130,000		115,572
Hunt Cos., Inc., 5.25%, 04/15/2029(b)		111,000		101,701
Kennedy-Wilson, Inc., 4.75%, 03/01/2029		110,000		89,214
Realogy Group LLC/Realogy Co-Issuer Corp., 5.75%, 01/15/2029(b)		103,000		76,735
				383,222
Residential REITs-0.14%
Ashton Woods USA LLC/Ashton Woods Finance Co., 4.63%, 08/01/2029(b)		60,000		54,557
Semiconductors & Semiconductor Equipment-0.31%
Entegris, Inc., 3.63%, 05/01/2029(b)		70,000		62,014
Synaptics, Inc., 4.00%, 06/15/2029(b)		70,000		62,773
				124,787
Software-6.08%
Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc., 8.00%, 06/15/2029(b)		140,000		143,620
Central Parent, Inc./CDK Global, Inc., 7.25%, 06/15/2029(b)		150,000		151,164
Cloud Software Group, Inc.
6.50%, 03/31/2029(b)		790,000		736,188
9.00%, 09/30/2029(b)(c)		760,000		710,219
CrowdStrike Holdings, Inc., 3.00%, 02/15/2029		140,000		123,668
Elastic N.V., 4.13%, 07/15/2029(b)		100,000		89,904
NCR Voyix Corp., 5.13%, 04/15/2029(b)		260,000		241,394
Open Text Corp. (Canada), 3.88%, 12/01/2029(b)		160,000		141,560
Rocket Software, Inc., 6.50%, 02/15/2029(b)		100,000		84,750
				2,422,467

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

 104 

Invesco BulletShares 2029 High Yield Corporate Bond ETF (BSJT)–(continued)

February 29, 2024

(Unaudited)

 

	Principal Amount		Value
Specialized REITs-1.62%
Iron Mountain, Inc.
7.00%, 02/15/2029(b)	$	210,000	$	213,374
4.88%, 09/15/2029(b)		180,000		167,559
SBA Communications Corp., 3.13%, 02/01/2029(c)		300,000		265,705
				646,638
Specialty Retail-4.40%
Arko Corp., 5.13%, 11/15/2029(b)		80,000		69,442
Asbury Automotive Group, Inc., 4.63%, 11/15/2029(b)		150,000		136,764
At Home Group, Inc., 7.13%, 07/15/2029(b)		20,000		6,000
Foot Locker, Inc., 4.00%, 10/01/2029(b)		72,000		61,011
Gap, Inc. (The), 3.63%, 10/01/2029(b)		150,000		126,879
LBM Acquisition LLC, 6.25%, 01/15/2029(b)		140,000		126,276
LCM Investments Holdings II LLC, 4.88%, 05/01/2029(b)		180,000		161,821
Lithia Motors, Inc., 3.88%, 06/01/2029(b)		150,000		134,013
Michaels Cos., Inc. (The), 7.88%, 05/01/2029(b)		210,000		135,869
Penske Automotive Group, Inc., 3.75%, 06/15/2029		100,000		88,667
PetSmart, Inc./PetSmart Finance Corp., 7.75%, 02/15/2029(b)		210,000		207,684
Sonic Automotive, Inc., 4.63%, 11/15/2029(b) .		120,000		106,027
SRS Distribution, Inc.
6.13%, 07/01/2029(b)		80,000		74,669
6.00%, 12/01/2029(b)		150,000		139,781
Upbound Group, Inc., 6.38%, 02/15/2029(b)		90,000		86,211
Victoria’s Secret & Co., 4.63%, 07/15/2029(b)		110,000		92,919
				1,754,033
Technology Hardware, Storage & Peripherals-0.27%
Seagate HDD Cayman
4.09%, 06/01/2029		90,000		82,214
3.13%, 07/15/2029		30,000		24,851
				107,065
Textiles, Apparel & Luxury Goods-0.47%
Crocs, Inc., 4.25%, 03/15/2029(b)		60,000		53,908
Kontoor Brands, Inc., 4.13%, 11/15/2029(b)		70,000		62,667
Wolverine World Wide, Inc., 4.00%, 08/15/2029(b)		90,000		72,196
				188,771
Investment Abbreviations:
REIT -Real Estate Investment Trust

	Principal Amount		Value
Tobacco-0.37%
Vector Group Ltd., 5.75%, 02/01/2029(b)	$	160,000	$	146,748
Trading Companies & Distributors-0.37%
Beacon Roofing Supply, Inc., 4.13%, 05/15/2029(b)		60,000		54,013
BlueLinx Holdings, Inc., 6.00%, 11/15/2029(b)		50,000		47,749
Foundation Building Materials, Inc., 6.00%, 03/01/2029(b)		50,000		43,683
				145,445
Total U.S. Dollar Denominated Bonds & Notes (Cost $39,315,895)				38,972,361
	Shares
Money Market Funds-0.59%
Invesco Government & Agency Portfolio, Institutional Class, 5.24%(d)(e) (Cost $236,579)		236,579		236,579
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-98.40% (Cost $39,552,474)				39,208,940
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-6.69%
Invesco Private Government Fund, 5.29%(d)(e)(f)		746,085		746,085
Invesco Private Prime Fund, 5.49%(d)(e)(f)		1,917,546		1,918,505
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $2,664,712)				2,664,590
TOTAL INVESTMENTS IN SECURITIES-105.09% (Cost $42,217,186)				41,873,530
OTHER ASSETS LESS LIABILITIES-(5.09)%				(2,027,394	)
NET ASSETS-100.00%			$	39,846,136

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

 105 

Invesco BulletShares 2029 High Yield Corporate Bond ETF (BSJT)–(continued)

February 29, 2024

(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 29, 2024 was $34,517,782, which represented 86.63% of the Fund’s Net Assets.

^(c)  All or a portion of this security was out on loan at February 29, 2024.

^(d)  Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 29, 2024.

	Value August 31,  2023			Purchases at Cost			Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value February 29,  2024			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	137,190		$	1,722,748		$(1,623,359	)		$	-			$	-			$	236,579		$	5,929
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			23,345			3,135,482		(2,412,742	)			-				-				746,085			3,758	*
Invesco Private Prime Fund			60,032			4,981,162		(3,122,534	)			(116	)			(39	)			1,918,505			10,424	*
Total		$	220,567		$	9,839,392		$(7,158,635	)		$	(116	)		$	(39	)		$	2,901,169		$	20,111

* 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 29, 2024.

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

Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of February 29, 2024
Consumer Discretionary	15.91
Industrials	14.26
Communication Services	12.40
Energy	10.51
Information Technology	9.24
Financials	8.50
Materials	7.92
Health Care	7.83
Consumer Staples	4.70
Real Estate	4.16
Utilities	2.38
Money Market Funds Plus Other Assets Less Liabilities	2.19

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

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Invesco BulletShares 2030 High Yield Corporate Bond ETF (BSJU)

February 29, 2024

(Unaudited)

Schedule of Investments^(a)

	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes-97.77%
Aerospace & Defense-3.29%
Bombardier, Inc. (Canada), 8.75%, 11/15/2030(b)	$	300,000	$	314,628
Spirit AeroSystems, Inc., 9.75%, 11/15/2030(b)		480,000		514,851
TransDigm, Inc., 6.88%, 12/15/2030(b)		580,000		587,488
				1,416,967
Air Freight & Logistics-0.70%
Rand Parent LLC, 8.50%, 02/15/2030(b)(c)		310,000		301,497
Automobile Components-0.92%
Dana, Inc., 4.25%, 09/01/2030		165,000		142,476
ZF North America Capital, Inc. (Germany), 7.13%, 04/14/2030(b)		245,000		255,455
				397,931
Banks-1.19%
Freedom Mortgage Corp., 12.25%, 10/01/2030(b)		200,000		220,302
Verde Purchaser LLC, 10.50%, 11/30/2030(b)		280,000		292,950
				513,252
Building Products-1.65%
Advanced Drainage Systems, Inc., 6.38%, 06/15/2030(b)		200,000		200,199
Masonite International Corp., 3.50%, 02/15/2030(b)		142,000		125,478
MIWD Holdco II LLC/MIWD Finance Corp., 5.50%, 02/01/2030(b)		190,000		173,638
Oscar AcquisitionCo LLC/Oscar Finance, Inc., 9.50%, 04/15/2030(b)		215,000		209,333
				708,648
Capital Markets-0.97%
Aretec Group, Inc., 10.00%, 08/15/2030(b)		260,000		283,400
NFP Corp., 7.50%, 10/01/2030(b)		129,000		135,864
				419,264
Chemicals-0.96%
Avient Corp., 7.13%, 08/01/2030(b)		295,000		301,826
SNF Group SACA (France), 3.38%, 03/15/2030(b)		130,000		112,264
				414,090
Commercial Services & Supplies-0.79%
Covanta Holding Corp., 5.00%, 09/01/2030		165,000		143,496
VT Topco, Inc., 8.50%, 08/15/2030(b)		190,000		198,358
				341,854
Communications Equipment-0.34%
Ciena Corp., 4.00%, 01/31/2030(b)		165,000		147,825
Construction & Engineering-1.31%
Brand Industrial Services, Inc., 10.38%, 08/01/2030(b)		530,000		564,279
Consumer Finance-2.31%
FirstCash, Inc., 5.63%, 01/01/2030(b)		225,000		213,415
Navient Corp., 9.38%, 07/25/2030		200,000		209,239

	Principal Amount		Value
Consumer Finance-(continued)
OneMain Finance Corp.
7.88%, 03/15/2030	$	280,000	$	284,996
4.00%, 09/15/2030		340,000		286,869
				994,519
Consumer Staples Distribution & Retail-0.41%
US Foods, Inc., 4.63%, 06/01/2030(b)		190,000		174,274
Containers & Packaging-3.07%
Ball Corp., 2.88%, 08/15/2030		520,000		440,733
Clydesdale Acquisition Holdings, Inc., 8.75%, 04/15/2030(b)		440,000		419,269
Crown Americas LLC, 5.25%, 04/01/2030		190,000		183,194
Graphic Packaging International LLC, 3.75%, 02/01/2030(b)		165,000		147,009
OI European Group B.V., 4.75%, 02/15/2030(b)		145,000		133,625
				1,323,830
Distributors-0.77%
Windsor Holdings III LLC, 8.50%, 06/15/2030(b)		320,000		331,495
Diversified Consumer Services-0.68%
Service Corp. International, 3.38%, 08/15/2030		340,000		292,148
Diversified REITs-0.44%
Uniti Group L.P./Uniti Fiber Holdings, Inc./CSL Capital LLC, 6.00%, 01/15/2030(b)		260,000		190,102
Diversified Telecommunication Services-4.85%
Frontier Communications Holdings LLC
6.00%, 01/15/2030(b)		370,000		316,770
8.75%, 05/15/2030(b)		485,000		495,183
Intelsat Jackson Holdings S.A. (Luxembourg), 6.50%, 03/15/2030(b)		1,203,000		1,122,257
Level 3 Financing, Inc., 10.50%, 05/15/2030(b)		150,000		154,500
				2,088,710
Electric Utilities-0.87%
PG&E Corp., 5.25%, 07/01/2030		400,000		376,437
Electrical Equipment-0.43%
Sensata Technologies B.V., 5.88%, 09/01/2030(b)		190,000		185,222
Electronic Equipment, Instruments & Components-2.12%
EMRLD Borrower L.P./Emerald Co-Issuer, Inc., 6.63%, 12/15/2030(b)		910,000		914,323
Energy Equipment & Services-3.73%
Nabors Industries, Inc., 9.13%, 01/31/2030(b)		260,000		266,698
Noble Finance II LLC, 8.00%, 04/15/2030(b)		240,000		246,936
Transocean, Inc., 8.75%, 02/15/2030(b)		468,000		480,899
Weatherford International Ltd., 8.63%, 04/30/2030(b)		590,000		612,157
				1,606,690

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

 107 

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February 29, 2024

(Unaudited)

 

	Principal Amount		Value
Entertainment-1.16%
Roblox Corp., 3.88%, 05/01/2030(b)	$	370,000	$	324,329
WMG Acquisition Corp., 3.88%, 07/15/2030(b)		200,000		176,657
				500,986
Financial Services-2.17%
Burford Capital Global Finance LLC, 6.88%, 04/15/2030(b)		130,000		124,846
Midcap Financial Issuer Trust, 5.63%, 01/15/2030(b)		150,000		127,246
Mobius Merger Sub, Inc., 9.00%, 06/01/2030(b)		190,000		186,350
Nationstar Mortgage Holdings, Inc., 5.13%, 12/15/2030(b)		240,000		214,525
Scientific Games Holdings L.P./Scientific Games US FinCo, Inc., 6.63%, 03/01/2030(b)		300,000		281,445
				934,412
Food Products-1.74%
Darling Ingredients, Inc., 6.00%, 06/15/2030(b)(c)		400,000		394,440
Lamb Weston Holdings, Inc., 4.13%, 01/31/2030(b)		390,000		353,735
				748,175
Health Care Equipment & Supplies-0.50%
Embecta Corp.
5.00%, 02/15/2030(b)		187,000		149,262
6.75%, 02/15/2030(b)		75,000		65,147
				214,409
Health Care Providers & Services-11.18%
Catalent Pharma Solutions, Inc., 3.50%, 04/01/2030(b)		260,000		250,631
Community Health Systems, Inc., 5.25%, 05/15/2030(b)		610,000		487,300
DaVita, Inc., 4.63%, 06/01/2030(b)		1,105,000		973,049
LifePoint Health, Inc.
9.88%, 08/15/2030(b)		325,000		337,590
11.00%, 10/15/2030(b)		440,000		465,983
Molina Healthcare, Inc., 3.88%, 11/15/2030(b)		260,000		228,309
Owens & Minor, Inc., 6.63%, 04/01/2030(b)		200,000		193,456
Pediatrix Medical Group, Inc., 5.38%, 02/15/2030(b)		145,000		130,498
Star Parent, Inc., 9.00%, 10/01/2030(b)(c)		400,000		422,648
Tenet Healthcare Corp.
4.38%, 01/15/2030		580,000		531,770
6.13%, 06/15/2030		800,000		793,288
				4,814,522
Health Care Technology-1.96%
athenahealth Group, Inc., 6.50%, 02/15/2030(b)		940,000		842,486
Hotels, Restaurants & Leisure-6.73%
1011778 BC ULC/New Red Finance, Inc. (Canada), 4.00%, 10/15/2030(b)		1,160,000		1,019,911
Brinker International, Inc., 8.25%, 07/15/2030(b)		140,000		146,848
Caesars Entertainment, Inc., 7.00%, 02/15/2030(b)		800,000		820,199

	Principal Amount		Value
Hotels, Restaurants & Leisure-(continued)
Churchill Downs, Inc., 5.75%, 04/01/2030(b)	$	485,000	$	466,318
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., 6.75%, 01/15/2030(b)		505,000		446,518
				2,899,794
Household Durables-1.49%
KB Home, 7.25%, 07/15/2030		140,000		144,015
M/I Homes, Inc., 3.95%, 02/15/2030		110,000		98,275
Mattamy Group Corp. (Canada), 4.63%, 03/01/2030(b)		245,000		220,172
Taylor Morrison Communities, Inc., 5.13%, 08/01/2030(b)		190,000		179,529
				641,991
Household Products-0.55%
Central Garden & Pet Co., 4.13%, 10/15/2030		190,000		168,965
Spectrum Brands, Inc., 5.50%, 07/15/2030(b)		70,000		68,558
				237,523
Industrial REITs-0.36%
Greystar Real Estate Partners LLC, 7.75%, 09/01/2030(b)		150,000		155,771
Insurance-1.25%
Jones Deslauriers Insurance Management, Inc. (Canada)
8.50%, 03/15/2030(b)		265,000		275,887
10.50%, 12/15/2030(b)		120,000		125,486
Ryan Specialty LLC, 4.38%, 02/01/2030(b)		145,000		134,856
				536,229
Interactive Media & Services-0.77%
Ziff Davis, Inc., 4.63%, 10/15/2030(b)		170,000		152,602
ZipRecruiter, Inc., 5.00%, 01/15/2030(b)(c)		205,000		180,714
				333,316
Life Sciences Tools & Services-1.02%
Fortrea Holdings, Inc., 7.50%, 07/01/2030(b)(c)		230,000		235,463
IQVIA, Inc., 6.50%, 05/15/2030(b)		200,000		203,022
				438,485
Machinery-1.86%
Chart Industries, Inc., 7.50%, 01/01/2030(b)		580,000		599,002
SPX FLOW, Inc., 8.75%, 04/01/2030(b)		205,000		201,148
				800,150
Media-5.37%
Cable One, Inc., 4.00%, 11/15/2030(b)(c)		240,000		181,560
Gray Television, Inc., 4.75%, 10/15/2030(b)(c)		320,000		206,526
Lamar Media Corp., 4.00%, 02/15/2030		225,000		200,989
Sinclair Television Group, Inc., 4.13%, 12/01/2030(b)		295,000		215,829
Sirius XM Radio, Inc., 4.13%, 07/01/2030(b)		600,000		516,794
Univision Communications, Inc., 7.38%, 06/30/2030(b)(c)		360,000		348,047
Virgin Media Finance PLC (United Kingdom), 5.00%, 07/15/2030(b)(c)		370,000		319,804
Virgin Media Secured Finance PLC (United Kingdom), 4.50%, 08/15/2030(b)		370,000		323,750
				2,313,299

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

 108 

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February 29, 2024

(Unaudited)

 

	Principal Amount		Value
Metals & Mining-2.85%
Arsenal AIC Parent LLC, 8.00%, 10/01/2030(b)	$	260,000	$	272,675
ATI, Inc., 7.25%, 08/15/2030		170,000		174,921
Carpenter Technology Corp., 7.63%, 03/15/2030		120,000		124,067
Cleveland-Cliffs, Inc., 6.75%, 04/15/2030(b)		300,000		298,180
Commercial Metals Co., 4.13%, 01/15/2030		110,000		100,923
Vibrantz Technologies, Inc., 9.00%, 02/15/2030(b)		280,000		258,005
				1,228,771
Oil, Gas & Consumable Fuels-12.91%
Baytex Energy Corp. (Canada), 8.50%, 04/30/2030(b)		300,000		312,187
Callon Petroleum Co., 7.50%, 06/15/2030(b)		245,000		258,296
Civitas Resources, Inc., 8.63%, 11/01/2030(b)		400,000		428,356
CNX Midstream Partners L.P., 4.75%, 04/15/2030(b)		145,000		127,033
Comstock Resources, Inc., 5.88%, 01/15/2030(b)		385,000		337,118
EQM Midstream Partners L.P., 7.50%, 06/01/2030(b)		200,000		212,785
Genesis Energy L.P./Genesis Energy Finance Corp., 8.88%, 04/15/2030		200,000		207,556
Hess Midstream Operations L.P.
4.25%, 02/15/2030(b)		300,000		273,448
5.50%, 10/15/2030(b)		150,000		144,289
Hilcorp Energy I L.P./Hilcorp Finance Co., 6.00%, 04/15/2030(b)		190,000		184,647
Kinetik Holdings L.P., 5.88%, 06/15/2030(b)(c)		400,000		390,056
NuStar Logistics L.P., 6.38%, 10/01/2030		245,000		245,919
Parkland Corp. (Canada), 4.63%, 05/01/2030(b)		325,000		297,185
PBF Holding Co. LLC/PBF Finance Corp., 7.88%, 09/15/2030(b)		200,000		205,095
Range Resources Corp., 4.75%, 02/15/2030(b)		190,000		176,700
Southwestern Energy Co., 5.38%, 03/15/2030		480,000		459,235
Sunoco L.P./Sunoco Finance Corp., 4.50%, 04/30/2030		300,000		273,246
Tallgrass Energy Partners L.P./Tallgrass Energy Finance Corp., 6.00%, 12/31/2030(b)		295,000		274,613
Venture Global Calcasieu Pass LLC, 6.25%, 01/15/2030(b)		400,000		399,663
Vermilion Energy, Inc. (Canada), 6.88%, 05/01/2030(b)		146,000		140,855
Vital Energy, Inc., 9.75%, 10/15/2030		200,000		214,400
				5,562,682
Personal Care Products-1.44%
BellRing Brands, Inc., 7.00%, 03/15/2030(b)		335,000		342,189
Coty, Inc./HFC Prestige Products, Inc./HFC
Prestige International US LLC, 6.63%, 07/15/2030(b)		275,000		279,674
				621,863
Pharmaceuticals-1.11%
AdaptHealth LLC, 5.13%, 03/01/2030(b)		245,000		205,125
Perrigo Finance Unlimited Co., 4.65%, 06/15/2030		305,000		273,335
				478,460

	Principal Amount		Value
Real Estate Management & Development-1.19%
Anywhere Real Estate Group LLC/Anywhere Co-Issuer Corp., 7.00%, 04/15/2030(b)	$	240,000	$	217,795
Kennedy-Wilson, Inc., 4.75%, 02/01/2030		220,000		174,301
Realogy Group LLC/Realogy Co-Issuer Corp., 5.25%, 04/15/2030(b)		170,000		119,272
				511,368
Residential REITs-0.31%
Ashton Woods USA LLC/Ashton Woods Finance Co., 4.63%, 04/01/2030(b)		146,000		131,435
Semiconductors & Semiconductor Equipment-0.76%
Entegris, Inc., 5.95%, 06/15/2030(b)		335,000		328,730
Software-3.22%
Capstone Borrower, Inc., 8.00%, 06/15/2030(b)		160,000		165,522
Gen Digital, Inc., 7.13%, 09/30/2030(b)(c)		240,000		245,402
McAfee Corp., 7.38%, 02/15/2030(b)		745,000		658,392
NCR Voyix Corp., 5.25%, 10/01/2030(b)		170,000		153,761
RingCentral, Inc., 8.50%, 08/15/2030(b)		160,000		165,548
				1,388,625
Specialized REITs-1.13%
Iron Mountain, Inc., 5.25%, 07/15/2030(b)		520,000		487,079
Specialty Retail-1.24%
Asbury Automotive Group, Inc., 4.75%, 03/01/2030		165,000		150,332
Bath & Body Works, Inc., 6.63%, 10/01/2030(b)		380,000		382,495
				532,827
Trading Companies & Distributors-1.33%
Beacon Roofing Supply, Inc., 6.50%, 08/01/2030(b)		240,000		241,493
Boise Cascade Co., 4.88%, 07/01/2030(b)		145,000		133,945
Fortress Transportation and Infrastructure Investors LLC, 7.88%, 12/01/2030(b)		190,000		199,377
				574,815
Wireless Telecommunication Services-0.37%
Ontario Gaming GTA L.P. (Canada), 8.00%, 08/01/2030(b)		156,000		159,225
Total U.S. Dollar Denominated Bonds & Notes (Cost $41,263,529)				42,120,785
	Shares
Money Market Funds-0.64%
Invesco Government & Agency Portfolio, Institutional Class, 5.24%(d)(e) (Cost $275,165)		275,165		275,165
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-98.41% (Cost $41,538,694)				42,395,950

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

 109 

Invesco BulletShares 2030 High Yield Corporate Bond ETF (BSJU)–(continued)

February 29, 2024

(Unaudited)

 

	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-6.03%
Invesco Private Government Fund, 5.29%(d)(e)(f)		727,775	$	727,775
Invesco Private Prime Fund, 5.49%(d)(e)(f)		1,870,484		1,871,419
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $2,599,300)				2,599,194
TOTAL INVESTMENTS IN SECURITIES-104.44% (Cost $44,137,994)				44,995,144
OTHER ASSETS LESS LIABILITIES-(4.44)%				(1,914,782	)
NET ASSETS-100.00%			$	43,080,362

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 29, 2024 was $35,425,660, which represented 82.23% of the Fund’s Net Assets.

^(c)  All or a portion of this security was out on loan at February 29, 2024.

^(d)  Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 29, 2024.

	Value August 31,  2023			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value February 29,  2024			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	56,115		$	2,388,008		$	(2,168,958	)		$	-			$	-			$	275,165		$	3,977
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			-			4,720,373			(3,992,598	)			-				-				727,775			4,089	*
Invesco Private Prime Fund			-			5,993,413			(4,121,824	)			(106	)			(64	)			1,871,419			12,165	*
Total		$	56,115		$	13,101,794		$	(10,283,380	)		$	(106	)		$	(64	)		$	2,874,359		$	20,231

^*  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 29, 2024.

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

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

 110 

Invesco BulletShares 2030 High Yield Corporate Bond ETF (BSJU)–(continued)

February 29, 2024

(Unaudited)

 

Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of February 29, 2024
Energy	16.64
Health Care	15.76
Communication Services	12.52
Industrials	11.96
Consumer Discretionary	11.83
Financials	7.89
Information Technology	6.45
Materials	6.29
Consumer Staples	4.14
Real Estate	3.42
Utilities	0.87
Money Market Funds Plus Other Assets Less Liabilities	2.23

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

 111 

Invesco BulletShares 2031 High Yield Corporate Bond ETF (BSJV)

February 29, 2024

(Unaudited)

Schedule of Investments^(a)

	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes-98.05%
Aerospace & Defense-1.24%
TransDigm, Inc., 7.13%, 12/01/2031(b)	$	250,000	$	256,767
Air Freight & Logistics-0.88%
GN Bondco LLC, 9.50%, 10/15/2031(b)(c)		185,000		183,458
Automobile Components-2.97%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 8.00%, 02/15/2031(b)		130,000		125,655
Goodyear Tire & Rubber Co. (The)
5.25%, 04/30/2031		120,000		108,807
5.25%, 07/15/2031		150,000		135,518
United Rentals (North America), Inc., 3.88%, 02/15/2031		279,000		246,821
				616,801
Automobiles-1.04%
Allison Transmission, Inc., 3.75%, 01/30/2031(b)		250,000		216,234
Building Products-1.00%
Summit Materials LLC/Summit Materials Finance Corp., 7.25%, 01/15/2031(b)		200,000		207,718
Capital Markets-1.20%
Coinbase Global, Inc., 3.63%, 10/01/2031(b)		190,000		148,938
NFP Corp., 8.50%, 10/01/2031(b)		90,000		99,429
				248,367
Chemicals-2.68%
Ashland, Inc., 3.38%, 09/01/2031(b)		120,000		100,656
Axalta Coating Systems Dutch Holding B B.V., 7.25%, 02/15/2031(b)		130,000		135,031
Scotts Miracle-Gro Co. (The), 4.00%, 04/01/2031		90,000		76,429
Suburban Propane Partners L.P./Suburban Energy Finance Corp., 5.00%, 06/01/2031(b)		170,000		152,879
W. R. Grace Holdings LLC, 7.38%, 03/01/2031(b)		90,000		91,351
				556,346
Commercial Services & Supplies-1.86%
Clean Harbors, Inc., 6.38%, 02/01/2031(b)		130,000		129,330
GFL Environmental, Inc. (Canada), 6.75%, 01/15/2031(b)		250,000		256,028
				385,358
Communications Equipment-0.64%
Viasat, Inc., 7.50%, 05/30/2031(b)(c)		190,000		133,713
Construction & Engineering-0.56%
Pike Corp., 8.63%, 01/31/2031(b)		110,000		116,303
Construction Materials-2.43%
Knife River Corp., 7.75%, 05/01/2031(b)		110,000		114,016
Smyrna Ready Mix Concrete, LLC, 8.88%, 11/15/2031(b)		240,000		254,585
Williams Scotsman, Inc., 7.38%, 10/01/2031(b)		130,000		134,937
				503,538
Consumer Staples Distribution & Retail-0.78%
Ingles Markets, Inc., 4.00%, 06/15/2031(b)		100,000		86,751
Safeway, Inc., 7.25%, 02/01/2031		70,000		74,336
				161,087

	Principal Amount		Value
Containers & Packaging-2.27%
Ball Corp., 3.13%, 09/15/2031	$	220,000	$	185,557
Owens-Brockway Glass Container, Inc., 7.25%, 05/15/2031(b)		170,000		172,506
Sealed Air Corp., 7.25%, 02/15/2031(b)		110,000		113,700
				471,763
Diversified Consumer Services-0.85%
Service Corp. International, 4.00%, 05/15/2031		200,000		175,921
Diversified Telecommunication Services-0.93%
Frontier Communications Holdings LLC, 8.63%, 03/15/2031(b)		190,000		192,678
Electric Utilities-2.90%
NRG Energy, Inc., 3.63%, 02/15/2031(b)		260,000		218,904
Vistra Operations Co. LLC, 7.75%, 10/15/2031(b)		370,000		383,045
				601,949
Electrical Equipment-0.42%
Atkore, Inc., 4.25%, 06/01/2031(b)		100,000		87,944
Electronic Equipment, Instruments & Components-0.80%
Sensata Technologies, Inc., 3.75%, 02/15/2031(b)(c)		195,000		166,932
Entertainment-2.16%
Light and Wonder International, Inc., 7.50%, 09/01/2031(b)		140,000		145,958
WMG Acquisition Corp., 3.00%, 02/15/2031(b)		200,000		167,194
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 7.13%, 02/15/2031(b)		130,000		134,330
				447,482
Financial Services-4.01%
Block, Inc., 3.50%, 06/01/2031		250,000		213,503
Burford Capital Global Finance LLC, 9.25%, 07/01/2031(b)		100,000		105,125
Nationstar Mortgage Holdings, Inc., 5.75%, 11/15/2031(b)		130,000		119,215
PennyMac Financial Services, Inc., 5.75%, 09/15/2031(b)		130,000		119,648
Rocket Mortgage LLC/Rocket Mortgage
Co-Issuer, Inc., 3.88%, 03/01/2031(b)		320,000		274,992
				832,483
Food Products-1.12%
Post Holdings, Inc., 4.50%, 09/15/2031(b)		260,000		231,658
Ground Transportation-0.59%
XPO, Inc., 7.13%, 06/01/2031(b)		120,000		122,688
Health Care Providers & Services-4.94%
Community Health Systems, Inc., 4.75%, 02/15/2031(b)		270,000		205,706
DaVita, Inc., 3.75%, 02/15/2031(b)(c)		380,000		312,276
Encompass Health Corp., 4.63%, 04/01/2031		100,000		90,579
Tenet Healthcare Corp.
6.75%, 05/15/2031(b)		340,000		343,400
6.88%, 11/15/2031		70,000		71,706
				1,023,667

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

 112 

Invesco BulletShares 2031 High Yield Corporate Bond ETF (BSJV)–(continued)

February 29, 2024

(Unaudited)

	Principal Amount		Value
Health Care REITs-1.62%
Diversified Healthcare Trust, 4.38%, 03/01/2031	$	150,000	$	114,159
MPT Operating Partnership L.P./MPT Finance Corp., 3.50%, 03/15/2031		330,000		221,243
				335,402
Hotel & Resort REITs-1.27%
Service Properties Trust, 8.63%, 11/15/2031(b)(c)		250,000		264,252
Hotels, Restaurants & Leisure-6.81%
Boyd Gaming Corp., 4.75%, 06/15/2031(b)		230,000		209,149
Churchill Downs, Inc., 6.75%, 05/01/2031(b)		150,000		150,277
Hilton Domestic Operating Co., Inc., 4.00%, 05/01/2031(b)		280,000		249,036
Hilton Grand Vacations Borrower Escrow LLC/ Hilton Grand Vacations Borrower Escrow, Inc., 4.88%, 07/01/2031(b)		130,000		114,834
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp., 5.88%, 09/01/2031(b)		190,000		134,813
Six Flags Entertainment Corp., 7.25%, 05/15/2031(b)		200,000		201,424
Station Casinos LLC, 4.63%, 12/01/2031(b)		130,000		115,695
Yum! Brands, Inc., 3.63%, 03/15/2031		270,000		237,669
				1,412,897
Household Durables-1.01%
KB Home, 4.00%, 06/15/2031		50,000		43,467
Tempur Sealy International, Inc., 3.88%, 10/15/2031(b)		200,000		166,559
				210,026
Household Products-1.39%
Central Garden & Pet Co., 4.13%, 04/30/2031(b)		100,000		87,585
Prestige Brands, Inc., 3.75%, 04/01/2031(b)		110,000		95,128
Spectrum Brands, Inc., 3.88%, 03/15/2031(b)		110,000		104,569
				287,282
Independent Power and Renewable Electricity Producers-2.83%
Calpine Corp.
5.00%, 02/01/2031(b)		210,000		187,962
3.75%, 03/01/2031(b)		230,000		197,389
Clearway Energy Operating LLC, 3.75%, 02/15/2031(b)		240,000		202,645
				587,996
Insurance-1.78%
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 7.00%, 01/15/2031(b)		370,000		368,814
Interactive Media & Services-0.80%
Match Group Holdings II LLC, 3.63%, 10/01/2031(b)		130,000		109,637
Scripps Escrow II, Inc., 5.38%, 01/15/2031(b)		100,000		57,120
				166,757
IT Services-0.55%
Twilio, Inc., 3.88%, 03/15/2031		130,000		113,230

	Principal Amount		Value
Machinery-1.11%
Hillenbrand, Inc., 3.75%, 03/01/2031	$	90,000	$	76,821
J.B. Poindexter & Co., Inc., 8.75%, 12/15/2031(b)		150,000		153,854
				230,675
Media-11.53%
CCO Holdings LLC/CCO Holdings Capital Corp.
4.25%, 02/01/2031(b)		760,000		611,980
7.38%, 03/01/2031(b)		270,000		261,779
CSC Holdings LLC
3.38%, 02/15/2031(b)		250,000		176,679
4.50%, 11/15/2031(b)		380,000		282,505
Gray Television, Inc., 5.38%, 11/15/2031(b)		330,000		213,840
Lamar Media Corp., 3.63%, 01/15/2031		140,000		120,994
Outfront Media Capital LLC/Outfront Media Capital Corp., 7.38%, 02/15/2031(b)		120,000		125,320
Sirius XM Radio, Inc., 3.88%, 09/01/2031(b)		380,000		314,483
Sunrise FinCo I B.V. (Netherlands), 4.88%, 07/15/2031(b)		320,000		283,546
				2,391,126
Metals & Mining-2.44%
ATI, Inc., 5.13%, 10/01/2031		90,000		82,479
Cleveland-Cliffs, Inc., 4.88%, 03/01/2031(b)		80,000		72,118
Commercial Metals Co., 3.88%, 02/15/2031		80,000		70,174
Kaiser Aluminum Corp., 4.50%, 06/01/2031(b)		140,000		119,792
Novelis Corp., 3.88%, 08/15/2031(b)		190,000		161,020
				505,583
Oil, Gas & Consumable Fuels-12.40%
Civitas Resources, Inc., 8.75%, 07/01/2031(b)		340,000		362,005
CNX Resources Corp., 7.38%, 01/15/2031(b)		130,000		131,188
CQP Holdco L.P./ BIP-V Chinook Holdco LLC, 5.50%, 06/15/2031(b)		350,000		326,407
DT Midstream, Inc., 4.38%, 06/15/2031(b)		250,000		225,270
EQM Midstream Partners L.P., 4.75%, 01/15/2031(b)		280,000		260,628
Hilcorp Energy I L.P./Hilcorp Finance Co., 6.00%, 02/01/2031(b)		80,000		77,446
Murphy Oil USA, Inc., 3.75%, 02/15/2031(b)		110,000		93,970
Northern Oil and Gas, Inc., 8.75%, 06/15/2031(b)		130,000		136,012
Tallgrass Energy Partners L.P./Tallgrass Energy Finance Corp., 6.00%, 09/01/2031(b)		120,000		110,021
Venture Global Calcasieu Pass LLC, 4.13%, 08/15/2031(b)		310,000		272,315
Venture Global LNG, Inc., 8.38%, 06/01/2031(b)		570,000		576,969
				2,572,231
Pharmaceuticals-2.07%
Organon & Co./Organon Foreign Debt Co-Issuer B.V., 5.13%, 04/30/2031(b)		500,000		428,905
Professional Services-0.49%
TriNet Group, Inc., 7.13%, 08/15/2031(b)		100,000		101,964
Real Estate Management & Development-1.75%
Cushman & Wakefield U.S. Borrower LLC, 8.88%, 09/01/2031(b)		90,000		93,778

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

 113 

Invesco BulletShares 2031 High Yield Corporate Bond ETF (BSJV)–(continued)

February 29, 2024

(Unaudited)

 

	Principal Amount		Value
Real Estate Management & Development-(continued)
Howard Hughes Corp. (The), 4.38%, 02/01/2031(b)	$	170,000	$	145,055
Kennedy-Wilson, Inc., 5.00%, 03/01/2031		160,000		124,556
				363,389
Software-0.70%
Open Text Holdings, Inc. (Canada), 4.13%, 12/01/2031(b)		170,000		145,658
Specialized REITs-1.20%
Iron Mountain, Inc., 4.50%, 02/15/2031(b)		280,000		248,035
Specialty Retail-3.45%
Gap, Inc. (The), 3.88%, 10/01/2031(b)		190,000		153,487
LCM Investments Holdings II LLC, 8.25%, 08/01/2031(b)		220,000		224,727
Lithia Motors, Inc., 4.38%, 01/15/2031(b)		140,000		124,331
Sonic Automotive, Inc., 4.88%, 11/15/2031(b)		110,000		94,635
Valvoline, Inc., 3.63%, 06/15/2031(b)		140,000		118,454
				715,634
Technology Hardware, Storage & Peripherals-0.17%
Seagate HDD Cayman, 4.13%, 01/15/2031		40,000		35,171
Textiles, Apparel & Luxury Goods-1.56%
Crocs, Inc., 4.13%, 08/15/2031(b)		90,000		76,670
Hanesbrands, Inc., 9.00%, 02/15/2031(b)		150,000		150,488
Levi Strauss & Co., 3.50%, 03/01/2031(b)		110,000		95,421
				322,579
Wireless Telecommunication Services-2.85%
VMED O2 UK Financing I PLC (United Kingdom)
4.25%, 01/31/2031(b)		340,000		288,685
4.75%, 07/15/2031(b)		350,000		303,028
				591,713
Total U.S. Dollar Denominated Bonds & Notes (Cost $20,281,388)				20,340,174

	Shares		Value
Money Market Funds-0.43%
Invesco Government & Agency Portfolio, Institutional Class, 5.24%(d)(e) (Cost $88,526)		88,526	$	88,526
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-98.48% (Cost $20,369,914)				20,428,700
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-3.25%
Invesco Private Government Fund, 5.29%(d)(e)(f)		4,879		4,879
Invesco Private Prime Fund, 5.49%(d)(e)(f)		669,070		669,405
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $674,292)				674,284
TOTAL INVESTMENTS IN SECURITIES-101.73% (Cost $21,044,206)				21,102,984
OTHER ASSETS LESS LIABILITIES-(1.73)%				(359,337	)
NET ASSETS-100.00%			$	20,743,647

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 29, 2024 was $17,721,034, which represented 85.43% of the Fund’s Net Assets.

^(c)  All or a portion of this security was out on loan at February 29, 2024.

^(d)  Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the period ended February 29, 2024.

	Value August 31,  2023			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value February 29,  2024			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	1,136,587		$	(1,048,061	)		$	-		$	-		$	88,526		$	1,910

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

 114 

Invesco BulletShares 2031 High Yield Corporate Bond ETF (BSJV)–(continued)

February 29, 2024

(Unaudited)

 

	Value August 31, 2023			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value February 29, 2024			Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		$	-		$	392,686		$	(387,808)			$	-			$	-			$	4,879		$	95	*
Invesco Private Prime Fund			-			2,981,549			(2,312,132)				(8	)			(4	)			669,405			1,267	*
Total		$	-		$	4,510,822		$	(3,748,001	)		$	(8	)		$	(4	)		$	762,810		$	3,272

^*  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 29, 2024.

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

Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of February 29, 2024
Communication Services	18.27
Consumer Discretionary	17.69
Energy	12.40
Materials	9.82
Industrials	8.16
Health Care	7.00
Financials	6.99
Real Estate	5.84
Utilities	5.73
Consumer Staples	3.28
Information Technology	2.87
Money Market Funds Plus Other Assets Less Liabilities	1.95

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

 115 

Invesco BulletShares 2024 Municipal Bond ETF (BSMO)

February 29, 2024

(Unaudited)

 

Schedule of Investments

	Interest Rate		Maturity Date		Principal Amount (000)			Value
Municipal Obligations-98.00%
Alabama-0.92%
Alabama (State of) Federal Aid Highway Finance Authority (Garvee), Series 2015, RB(a)(b)		3.00%		09/01/2024	$	400		$	399,064
Alabama (State of) Federal Aid Highway Finance Authority (Garvee), Series 2017 A, RB(a)		5.00%		09/01/2024		450			454,021
Alabama (State of) Federal Aid Highway Finance Authority (Garvee), Series 2017 B, Ref. RB(a)		5.00%		09/01/2024		900			908,041
Alabama (State of) Public School & College Authority, Series 2014 B, Ref. RB		5.00%		01/01/2026		100			100,561
Alabama (State of) Public School & College Authority, Series 2014 B, Ref. RB		5.00%		01/01/2027		30			30,145
Jefferson (County of), AL, Series 2018 A, Ref. GO Wts.		5.00%		04/01/2024		100			100,114
									1,991,946
Alaska-0.47%
North Slope (Borough of), AK, Series 2020 A, GO Bonds.		5.00%		06/30/2024		1,000			1,005,500
Arizona-1.77%
Arizona (State of) Department of Transportation, Series 2015, Ref. RB(a)(b)		5.00%		07/01/2024		255			256,290
Arizona (State of) Health Facilities Authority (Scottsdale Lincoln Hospital), Series 2014, Ref. RB		5.00%		12/01/2029		500			504,836
Arizona (State of) Transportation Board (Maricopa County Regional Area Road Fund), Series 2018, RB		5.00%		07/01/2024		1,000			1,005,744
Chandler (City of), AZ, Series 2014, Ref. GO Bonds		5.00%		07/01/2024		150			150,906
Chandler (City of), AZ, Series 2014, Ref. GO Bonds(a)(b)		5.00%		07/01/2024		1,000			1,005,548
Mesa (City of), AZ, Series 2014, Ref. RB		3.00%		07/01/2028		20			19,929
Mesa (City of), AZ, Series 2014, Ref. RB		3.25%		07/01/2029		245			245,147
Phoenix Civic Improvement Corp., Series 2014 B, Ref. RB		5.00%		07/01/2026		500			502,562
Phoenix Civic Improvement Corp., Series 2014 B, Ref. RB		5.00%		07/01/2027		40			40,205
Phoenix Civic Improvement Corp., Series 2018 B, Ref. RB		5.00%		07/01/2024		100			100,552
									3,831,719
Arkansas-0.28%
Little Rock (City of), AR, Series 2014, RB		4.00%		07/01/2041		100			100,008
Pulaski (County of), AR Public Facilities Board, Series 2014, RB(a)(b)		5.00%		12/01/2024		500			505,628
									605,636
California-18.58%
Anaheim (City of), CA Public Financing Authority, Series 2014 A, Ref. RB(a)(b)		5.00%		05/01/2024		175			175,498
Anaheim Union High School District, Series 2015, GO Bonds		4.00%		08/01/2040		60			59,947
Bay Area Toll Authority (San Francisco Bay Area), Series 2014 F, Ref. RB(a)(b)		5.00%		04/01/2024		50			50,068
Bay Area Toll Authority (San Francisco Bay Area), Series 2014 S-6, RB(a)(b)		5.00%		10/01/2024		50			50,541
California (State of), Series 2013, Ref. GO Bonds		3.00%		02/01/2025		100			99,818
California (State of), Series 2014, GO Bonds		5.00%		05/01/2024		2,560			2,567,244
California (State of), Series 2014, GO Bonds		5.00%		10/01/2024		100			101,105
California (State of), Series 2014, GO Bonds		5.00%		05/01/2032		1,000			1,002,797
California (State of), Series 2014, GO Bonds		5.00%		10/01/2039		1,595			1,606,165
California (State of), Series 2014, GO Bonds		5.00%		05/01/2044		100			100,137
California (State of), Series 2014, Ref. GO Bonds		5.00%		12/01/2024		40			40,054
California (State of), Series 2014, Ref. GO Bonds		5.00%		11/01/2026		350			354,118
California (State of), Series 2014, Ref. GO Bonds		5.00%		10/01/2031		85			85,895
California (State of), Series 2014, Ref. GO Bonds		5.00%		10/01/2033		1,260			1,272,480
California (State of), Series 2014, Ref. GO Bonds		5.00%		10/01/2034		15			15,142
California (State of), Series 2015 B, Ref. GO Bonds		5.00%		09/01/2024		125			126,172
California (State of), Series 2015, Ref. GO Bonds		5.00%		03/01/2024		280			280,000
California (State of), Series 2016, GO Bonds		5.00%		09/01/2024		75			75,703
California (State of), Series 2016, GO Bonds		5.00%		09/01/2024		580			585,437
California (State of), Series 2017, Ref. GO Bonds		5.00%		08/01/2024		85			85,652
California (State of), Series 2017, Ref. GO Bonds		5.00%		11/01/2024		40			40,510
California (State of), Series 2018, GO Bonds		3.00%		10/01/2032		170			168,708
California (State of), Series 2018, Ref. GO Bonds		5.00%		10/01/2024		100			101,105
California (State of), Series 2019, GO Bonds		4.00%		10/01/2024		125			125,675

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

 116 

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

February 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)			Value
California-(continued)
California (State of), Series 2019, GO Bonds		5.00%		10/01/2033	$	125		$	125,154
California (State of), Series 2019, Ref. GO Bonds		5.00%		04/01/2024		35			35,046
California (State of), Series 2019, Ref. GO Bonds		5.00%		04/01/2024		1,760			1,762,318
California (State of), Series 2019, Ref. GO Bonds		5.00%		04/01/2033		735			735,912
California (State of), Series 2019, Ref. GO Bonds		5.00%		04/01/2036		1,500			1,501,620
California (State of), Series 2019, Ref. GO Bonds		5.00%		04/01/2037		500			500,490
California (State of), Series 2020, GO Bonds		5.00%		11/01/2024		900			911,473
California (State of), Series 2020, Ref. GO Bonds		5.00%		03/01/2024		25			25,000
California (State of), Series 2021, GO Bonds		5.00%		10/01/2024		610			616,740
California (State of), Series 2021, Ref. GO Bonds		5.00%		12/01/2024		135			136,957
California (State of), Series 2022, Ref. GO Bonds		5.00%		09/01/2024		545			550,109
California (State of) (Bid Group B), Series 2016, Ref. GO Bonds		5.00%		08/01/2024		280			282,147
California (State of) (Green Bonds), Series 2014, GO Bonds		5.00%		10/01/2028		1,100			1,112,279
California (State of) Department of Water Resources (Central Valley), Series 2014 A, RB(a)(b)		5.00%		12/01/2024		195			197,913
California (State of) Department of Water Resources (Central Valley), Series 2014 AS, RB(a)(b)		5.00%		12/01/2024		100			101,494
California (State of) Department of Water Resources (Central Valley), Series 2014 AS, RB		5.00%		12/01/2024		35			35,536
California (State of) Department of Water Resources (Central Valley), Series 2014 AS, RB(a)(b)		5.00%		12/01/2024		2,000			2,029,878
California (State of) Educational Facilities Authority (Pepperdine University), Series 2014, Ref. RB(a)(b)		5.00%		12/01/2024		40			40,598
California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2015, Ref. RB		5.00%		11/15/2024		120			121,719
California (State of) Health Facilities Financing Authority (Providence Health & Services), Series 2014 A, RB		5.00%		10/01/2038		25			25,148
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2018 A, RB		5.00%		11/15/2024		85			86,029
California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds), Series 2017, RB		5.00%		10/01/2024		100			101,128
California (State of) Public Works Board, Series 2014 B, RB		5.00%		10/01/2039		70			70,458
California (State of) Public Works Board (Vaious Capital), Series 2023 B, Ref. RB		5.00%		12/01/2024		250			253,606
California (State of) Public Works Board (Various Capital), Series 2017 B, Ref. RB(a)		5.00%		10/01/2024		5			5,057
California (State of) Public Works Board (Various Capital), Series 2017 B, Ref. RB		5.00%		10/01/2024		70			70,769
California (State of) Public Works Board (Various Correctional Facilities), Series 2014 A, RB		5.00%		09/01/2026		100			100,801
California (State of) Public Works Board (Various Correctional Facilities), Series 2014 A, RB		5.00%		09/01/2029		400			403,144
California (State of) Public Works Board (Various Correctional Facilities), Series 2014 A, RB		5.00%		09/01/2031		1,000			1,007,519
California (State of) Public Works Board (Various Correctional Facilities), Series 2014 A, RB		5.00%		09/01/2033		100			100,723
California (State of) Public Works Board (Various Correctional Facilities), Series 2014 A, RB		5.00%		09/01/2034		115			115,814
California (State of) Public Works Board (Various Correctional Facilities), Series 2014 A, RB		4.50%		09/01/2035		100			100,369
California (State of) Public Works Board (Various Correctional Facilities), Series 2014 A, RB		5.00%		09/01/2039		100			100,557
California (State of) Statewide Communities Development Authority (Buck Institute for Research on Aging), Series 2014, Ref. RB(a)(b)		5.00%		11/15/2024		340			344,611
California (State of) Statewide Communities Development Authority (Huntington Memorial Hospital), Series 2014 B, Ref. RB(a)(b)		4.00%		07/01/2024		100			100,268
California State University, Series 2014 A, Ref. RB(a)(b)		5.00%		11/01/2024		250			253,203
California State University, Series 2014 A, Ref. RB(a)(b)		5.00%		11/01/2024		30			30,384
California State University, Series 2014 A, Ref. RB(a)(b)		5.00%		11/01/2024		60			60,769
California State University, Series 2014, Ref. RB(a)(b)		5.00%		11/01/2024		2,000			2,025,626
California State University, Series 2015 A, Ref. RB		5.00%		11/01/2024		50			50,670
Contra Costa (County of), CA Transportation Authority, Series 2015 A, Ref. RB		5.00%		03/01/2024		25			25,000
Contra Costa (County of), CA Water District, Series 2014 T, Ref. RB		5.00%		10/01/2026		180			182,195
East Bay Municipal Utility District, Series 2014 B, Ref. RB		5.00%		06/01/2024		375			376,848
Fremont Union High School District, Series 2015, Ref. GO Bonds(a)(b)		5.00%		08/01/2024		135			136,068
Inland Valley Development Agency, Series 2014 A, Ref. RB, (INS - AGM)(c)		5.00%		09/01/2044		100			100,183
Kern Community College District, Series 2022 D, GO Bonds		5.00%		08/01/2024		15			15,122
Los Angeles (City of), CA Department of Water & Power, Series 2014 A, RB		5.00%		07/01/2039		180			180,729
Los Angeles (City of), CA Department of Water & Power, Series 2014 A, RB		5.00%		07/01/2044		235			235,723
Los Angeles (City of), CA Department of Water & Power, Series 2014 D, RB		5.00%		07/01/2033		600			602,957
Los Angeles (City of), CA Department of Water & Power, Series 2014 D, RB		5.00%		07/01/2039		125			125,490
Los Angeles (City of), CA Department of Water & Power, Series 2015 E, RB		5.00%		07/01/2044		200			200,589
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2016 A, Ref. RB		5.00%		06/01/2024		5			5,024
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2016 A, Ref. RB		5.00%		07/01/2024		40			40,264

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

 117 

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

February 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)			Value
California-(continued)
Los Angeles (County of), CA Public Works Financing Authority, Series 2015 A, RB		5.00%		12/01/2039	$	200		$	201,898
Los Angeles Community College District, Series 2015 A, Ref. GO Bonds(a)(b)		4.00%		08/01/2024		25			25,092
Los Angeles Community College District, Series 2015 A, Ref. GO Bonds		5.00%		08/01/2024		20			20,166
Los Angeles Community College District, Series 2015 A, Ref. GO Bonds(a)(b)		5.00%		08/01/2024		50			50,385
Los Angeles Community College District, Series 2015 A, Ref. GO Bonds(a)(b)		5.00%		08/01/2024		40			40,308
Los Angeles Community College District, Series 2015 A, Ref. GO Bonds(a)(b)		5.00%		08/01/2024		125			125,964
Los Angeles Community College District, Series 2015 A, Ref. GO Bonds(a)(b)		5.00%		08/01/2024		190			191,465
Los Angeles Community College District, Series 2015 A, Ref. GO Bonds(a)(b)		5.00%		08/01/2024		625			629,818
Los Angeles Community College District, Series 2015 A, Ref. GO Bonds(a)(b)		5.00%		08/01/2024		200			201,542
Los Angeles Community College District, Series 2015 A, Ref. GO Bonds(a)(b)		5.00%		08/01/2024		60			60,463
Los Angeles Community College District, Series 2015 C, Ref. GO Bonds		5.00%		08/01/2024		5			5,042
Los Angeles Unified School District, Series 2014 C, Ref. GO Bonds		5.00%		07/01/2026		90			90,391
Los Angeles Unified School District, Series 2014 C, Ref. GO Bonds		5.00%		07/01/2028		100			100,480
Los Angeles Unified School District, Series 2014 C, Ref. GO Bonds		5.00%		07/01/2029		10			10,050
Los Angeles Unified School District, Series 2014 C, Ref. GO Bonds		5.00%		07/01/2030		250			251,200
Los Angeles Unified School District, Series 2014 D, Ref. GO Bonds		5.00%		07/01/2024		25			25,153
Los Angeles Unified School District, Series 2014 D, Ref. GO Bonds		5.00%		07/01/2026		450			451,954
Los Angeles Unified School District, Series 2017 A, Ref. GO Bonds		5.00%		07/01/2024		250			251,534
Los Angeles Unified School District (Sustainability Bonds), Series 2023 A, COP		5.00%		10/01/2024		450			454,637
Metropolitan Water District of Southern California, Series 2017 A, Ref. RB		2.25%		07/01/2024		1,000			994,798
Metropolitan Water District of Southern California, Series 2017 B, Ref. RB		5.00%		08/01/2024		150			150,956
Metropolitan Water District of Southern California, Series 2019 A, Ref. RB		5.00%		07/01/2024		175			176,102
Natomas Unified School District (Election of 2014), Series 2015, GO Bonds		4.00%		08/01/2040		100			99,912
Ohlone Community College District, Series 2014 B, GO Bonds(a)(b)		4.00%		08/01/2024		20			20,074
Orange (County of), CA Sanitation District, Series 2015 A, Ref. RB		5.00%		02/01/2030		1,500			1,512,858
Orange (County of), CA Sanitation District, Series 2015 A, Ref. RB		5.00%		02/01/2035		1,000			1,007,143
Orange (County of), CA Transportation Authority (I-405 Improvement), Series 2021, RB(a)		4.00%		10/15/2024		500			502,906
Orange (County of), CA Transportation Authority (I-405 Improvement), Series 2021, RB(a)		5.00%		10/15/2024		500			505,921
Pomona Unified School District, Series 2015 F, GO Bonds, (INS - BAM)(c)		5.00%		08/01/2039		100			100,560
Regents of the University of California Medical Center, Series 2016 L, Ref. RB		5.00%		05/15/2024		15			15,052
San Bernardino (County of), CA (Captial Facilities), Series 1992 B, COP(a)		6.88%		08/01/2024		180			182,678
San Diego (City of), CA Public Facilities Financing Authority, Series 2016 B, Ref. RB		5.00%		08/01/2024		10			10,082
San Diego (County of), CA Regional Transportation Commission, Series 2014 A, RB(a)(b)		5.00%		04/01/2024		50			50,064
San Francisco (City & County of), CA, Series 2022 R-1, Ref. GO Bonds		5.00%		06/15/2024		250			251,370
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2016 D, Ref. RB		5.00%		05/01/2024		25			25,072
San Francisco (City of), CA Public Utilities Commission, Series 2015, Ref. RB		5.00%		11/01/2024		115			116,549
San Francisco Bay Area Rapid Transit District, Series 2015 A, Ref. RB		5.00%		07/01/2024		35			35,224
San Francisco Community College District, Series 2015, Ref. GO Bonds		5.00%		06/15/2024		5			5,028
San Francisco Unified School District, Series 2015 F, GO Bonds		3.50%		06/15/2035		60			60,035
San Joaquin Delta Community College District (Election of 2004), Series 2014 C, GO Bonds(a)(b)		5.00%		08/01/2024		20			20,158
San Jose (City of), CA Redevelopment Agency Successor Agency, Series 2017 B, Ref. RB		5.00%		08/01/2024		190			191,480
Santa Clara (County of), CA (Election of 2008), Series 2013 B, GO Bonds		3.00%		08/01/2031		70			69,811
Santa Clara Valley Transportation Authority, Series 2023 A, Ref. RB		5.00%		04/01/2024		500			500,704
Santa Clara Valley Water District, Series 2023, COP		4.00%		12/01/2024		65			65,367
Silicon Valley Clean Water (WIFIA Rescue), Series 2021 A, RN		0.25%		03/01/2024		90			90,000
Southern California Public Power Authority (Apex Power), Series 2014 A, RB		5.00%		07/01/2032		10			10,047
Southern California Public Power Authority (Apex Power), Series 2014 A, RB		5.00%		07/01/2037		200			200,557
Southern California Public Power Authority (Green Bonds), Series 2020, Ref. RB(a)		5.00%		04/01/2024		255			255,328
University of California, Series 2014 AM, RB(a)(b)		4.00%		05/15/2024		1,100			1,101,881
University of California, Series 2014 AM, RB(a)(b)		5.00%		05/15/2024		35			35,128
University of California, Series 2014 AM, RB(a)(b)		5.25%		05/15/2024		195			195,807
Washington Township Health Care District (Election of 2004), Series 2013 B, GO Bonds		5.00%		08/01/2043		250			250,811
Washington Township Health Care District (Election of 2012), Series 2013 A, GO Bonds		5.00%		08/01/2043		500			501,622
West Valley-Mission Community College District, Series 2022 B, GO Bonds		5.00%		08/01/2024		25			25,205
									40,149,031

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

 118 

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

February 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)			Value
Colorado-2.27%
Adams 12 Five Star Schools, Series 2014 B, Ref. GO Bonds		5.00%		12/15/2026	$	35		$	35,515
Colorado (State of), Series 2013 I, COP(a)(b)		5.00%		03/15/2024		470			470,238
Colorado (State of), Series 2018 A, COP		5.00%		12/15/2024		40			40,591
Colorado Springs (City of), CO, Series 2010 C, VRD RB(d)		3.20%		11/01/2040		2,000			2,000,000
Colorado Springs (City of), CO, Series 2014 A-2, RB		5.00%		11/15/2044		2,000			2,012,772
Denver (City & County of), CO, Series 2016 A, Ref. RB		5.00%		11/15/2024		35			35,443
Denver City & County School District No. 1, Series 2014 B, Ref. GO Bonds		5.00%		12/01/2024		45			45,639
Denver City & County School District No. 1, Series 2014 B, Ref. GO Bonds		5.00%		12/01/2026		15			15,200
Denver City & County School District No. 1, Series 2014 B, Ref. GO Bonds		5.00%		12/01/2027		25			25,318
Denver City & County School District No. 1, Series 2022 A, GO Bonds		5.00%		12/01/2024		125			126,775
Douglas County School District No. Re-1 Douglas & Elbert Counties, Series 2019, GO Bonds		5.00%		12/15/2024		30			30,427
University of Colorado, Series 2017 A-2, Ref. RB		3.00%		06/01/2033		40			37,314
University of Colorado, Series 2017 A-2, Ref. RB		3.25%		06/01/2037		35			32,038
									4,907,270
Connecticut-1.95%
Connecticut (State of), Series 2014 A, GO Bonds(a)(b)		4.00%		04/09/2024		5			5,003
Connecticut (State of), Series 2014 A, GO Bonds(a)(b)		5.00%		04/09/2024		100			100,152
Connecticut (State of), Series 2014 A, GO Bonds(a)(b)		5.00%		04/09/2024		500			500,761
Connecticut (State of), Series 2014 A, RB		5.00%		09/01/2024		150			151,252
Connecticut (State of), Series 2014 A, RB		5.00%		09/01/2033		45			45,260
Connecticut (State of), Series 2016 B, Ref. GO Bonds		5.00%		05/15/2024		325			326,096
Connecticut (State of), Series 2017 A, GO Bonds		5.00%		04/15/2024		90			90,172
Connecticut (State of), Series 2018 B, RB		5.00%		10/01/2024		475			479,678
Connecticut (State of), Series 2018 E, GO Bonds		5.00%		09/15/2024		30			30,291
Connecticut (State of), Series 2019 A, GO Bonds		5.00%		04/15/2024		270			270,517
Connecticut (State of), Series 2020, RB		5.00%		05/01/2024		595			596,483
Connecticut (State of) (Green Bonds), Series 2014 G, GO Bonds		5.00%		11/15/2028		100			101,172
Connecticut (State of) (Transportation Infrastructure), Series 2014 A, RB		5.00%		09/01/2026		75			75,624
Connecticut (State of) (Transportation Infrastructure), Series 2022 A, RB		5.00%		07/01/2024		10			10,053
Connecticut (State of) Health & Educational Facilities Authority (Hartford Healthcare), Series 2014 E, RB		5.00%		07/01/2042		500			501,156
Connecticut (State of) Health & Educational Facilities Authority (Yale New Haven Health), Series 2014 E, RB		5.00%		07/01/2024		200			200,934
Hartford (County of), CT Metropolitan District (Green Bonds), Series 2014 A, RB(a)(b)		5.00%		11/01/2024		725			733,577
									4,218,181
Delaware-0.01%
Delaware (State of) Transportation Authority, Series 2022, Ref. RB		5.00%		07/01/2024		15			15,081
District of Columbia-0.91%
District of Columbia, Series 2014 A, Ref. RB		5.00%		12/01/2024		35			35,489
District of Columbia, Series 2014 C, GO Bonds(a)		5.00%		06/01/2031		20			20,079
District of Columbia, Series 2014 C, GO Bonds(a)		5.00%		06/01/2032		35			35,137
District of Columbia, Series 2014 D, Ref. GO Bonds(a)		5.00%		06/01/2032		400			401,571
District of Columbia, Series 2018 B, Ref. GO Bonds		5.00%		06/01/2024		225			225,944
District of Columbia, Series 2019 A, GO Bonds		5.00%		10/15/2024		115			116,305
District of Columbia, Series 2019 C, Ref. RB		5.00%		10/01/2024		55			55,586
District of Columbia (Georgetown University), Series 2017, Ref. RB(a)		5.00%		04/01/2024		1,015			1,016,189
Washington Metropolitan Area Transit Authority (Green Bonds), Series 2021 A, RB		5.00%		07/15/2024		50			50,313
									1,956,613
Florida-3.85%
Alachua (County of), FL Health Facilities Authority (Shands Teaching Hospital & Clinics, Inc.), Series 2014 A, RB		4.00%		12/01/2044		145			137,091
Alachua (County of), FL Health Facilities Authority (Shands Teaching Hospital & Clinics, Inc.), Series 2014 A, RB		5.00%		12/01/2044		1,000			1,004,529
Brevard (County of), FL Health Facilities Authority (Health First, Inc.), Series 2014, Ref. RB(a)(b)		5.00%		04/01/2024		1,000			1,000,713
Broward (County of), FL School Board, Series 2017 C, Ref. COP		5.00%		07/01/2024		105			105,535
Citizens Property Insurance, Inc., Series 2015 A-1, RB(a)(b)		5.00%		12/01/2024		155			156,859

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

 119 

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

February 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)			Value
Florida-(continued)
Florida (State of), Series 2017 A, Ref. RB		5.00%		07/01/2024	$	100		$	100,601
Florida (State of), Series 2021 B, Ref. GO Bonds		5.00%		06/01/2024		1,000			1,004,220
Florida (State of) (Capital Outlay), Series 2015 A, Ref. GO Bonds		5.00%		06/01/2026		165			165,825
Florida (State of) Department of Environmental Protection (FL Forever), Series 2016 A, Ref. RB		5.00%		07/01/2024		65			65,354
Hillsborough (County of), FL Aviation Authority (Tampa International Airport), Series 2015 A, RB		5.00%		10/01/2044		500			501,733
Jacksonville (City of), FL, Series 2022 A, Ref. RB		5.00%		10/01/2024		1,000			1,010,820
Jacksonville (City of), FL (Brooks Rehabilitation), Series 2015, RB		4.00%		11/01/2040		155			147,834
JEA Electric System, Series 2017 III-B, Ref. RB		3.38%		10/01/2034		175			173,901
Lakeland (City of), FL (Lakeland Regional Health), Series 2015, RB		5.00%		11/15/2045		65			65,409
Miami (City of) & Dade (County of), FL School Board, Series 2012 A, COP		4.00%		08/01/2029		55			55,049
Miami (City of) & Dade (County of), FL School Board, Series 2014 D, Ref. COP		5.00%		11/01/2028		25			25,275
Miami (City of) & Dade (County of), FL School Board, Series 2014 D, Ref. COP		5.00%		11/01/2030		30			30,314
Miami (City of) & Dade (County of), FL School Board, Series 2015 B, Ref. COP		5.00%		05/01/2024		100			100,220
Miami Beach (City of), FL Redevelopment Agency (City Center), Series 2015, Ref. RB, (INS - AGM)(c)		5.00%		02/01/2040		100			100,051
Miami-Dade (County of), FL, Series 2015 B, Ref. GO Bonds		5.00%		07/01/2028		1,270			1,278,290
Miami-Dade (County of), FL, Series 2015 B, Ref. GO Bonds		5.00%		07/01/2029		110			110,736
Miami-Dade (County of), FL, Series 2015 B, Ref. GO Bonds		3.00%		07/01/2030		25			25,006
Miami-Dade (County of), FL, Series 2015 B, Ref. GO Bonds		4.00%		07/01/2034		25			25,001
Miami-Dade (County of), FL Expressway Authority, Series 2014 A, RB		5.00%		07/01/2039		500			500,162
Orlando (City of), FL Utilities Commission, Series 2013 A, Ref. RB		5.00%		10/01/2024		120			121,243
South Florida Water Management District, Series 2016, Ref. COP		5.00%		10/01/2024		185			186,885
Volusia County School Board, Series 2019, COP		5.00%		08/01/2024		125			125,811
									8,324,467
Georgia-0.70%
Atlanta (City of), GA, Series 2015, GO Bonds(a)(b)		4.75%		12/01/2024		270			273,403
Atlanta (City of), GA, Series 2015, GO Bonds(a)(b)		5.00%		12/01/2024		50			50,721
Atlanta (City of), GA, Series 2015, Ref. RB		5.00%		11/01/2024		115			116,421
Forsyth (County of), GA, Series 2019, GO Bonds		5.00%		09/01/2024		20			20,186
Fulton (County of), GA, Series 2013, Ref. RB		4.00%		01/01/2035		70			70,002
Georgia (State of), Series 2014 A-2, GO Bonds		4.00%		02/01/2026		10			10,007
Georgia (State of), Series 2014 A-2, GO Bonds		5.00%		02/01/2027		20			20,030
Georgia (State of), Series 2016 C-1, Ref. GO Bonds		5.00%		07/01/2024		130			130,759
Georgia (State of), Series 2016 E, Ref. GO Bonds		5.00%		12/01/2024		15			15,212
Georgia (State of), Series 2017 C, Ref. GO Bonds		5.00%		07/01/2024		320			321,869
Georgia (State of) (Bidding Group 1), Series 2020 A, GO Bonds		5.00%		08/01/2024		10			10,075
Georgia (State of) (Bidding Group 1), Series 2021 A, Ref. GO Bonds		5.00%		07/01/2024		15			15,088
Georgia (State of) (Bidding Group 3), Series 2022 C, Ref. GO Bonds		4.00%		07/01/2024		90			90,238
Georgia (State of) (Tranche 2), Series 2019 A, GO Bonds		5.00%		07/01/2024		240			241,402
Private Colleges & Universities Authority (Emory University), Series 2016 B, Ref. RB		3.00%		10/01/2043		155			127,195
									1,512,608
Hawaii-0.65%
Hawaii (State of), Series 2014 EO, GO Bonds		5.00%		08/01/2029		800			805,617
Hawaii (State of), Series 2015 EY, Ref. GO Bonds		5.00%		10/01/2024		50			50,538
Hawaii (State of), Series 2015 EZ, Ref. GO Bonds		5.00%		10/01/2024		240			242,583
Hawaii (State of), Series 2016 FE, Ref. GO Bonds		5.00%		10/01/2024		75			75,807
Hawaii (State of), Series 2016 FG, GO Bonds		5.00%		10/01/2024		50			50,538
Hawaii (State of), Series 2016, Ref. GO Bonds		5.00%		10/01/2024		75			75,807
Honolulu (City & County of), HI, Series 2019, GO Bonds		5.00%		09/01/2024		95			95,854
									1,396,744
Idaho-0.08%
Idaho (State of) Health Facilities Authority (St. Luke’s Health System), Series 2014 A, RB		5.00%		03/01/2044		150			150,018
Idaho (State of) Housing & Finance Association, Series 2015, Ref. RB		5.00%		07/15/2024		15			15,102
									165,120
Illinois-4.82%
Chicago (City of), IL, Series 2014, RB		5.00%		11/01/2044		1,000			1,004,572

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

 120 

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

February 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)			Value
Illinois-(continued)
Chicago (City of), IL Metropolitan Water Reclamation District, Series 2021 C, Ref. GO Bonds		5.00%		12/01/2024	$	1,000		$	1,012,137
Chicago (City of), IL Metropolitan Water Reclamation District (Green Bonds), Series 2015 C, GO Bonds		5.00%		12/01/2027		30			30,333
Chicago (City of), IL Metropolitan Water Reclamation District (Green Bonds), Series 2015 C, GO Bonds		5.00%		12/01/2028		145			146,568
Chicago (City of), IL Transit Authority, Series 2014, RB		5.25%		12/01/2049		545			547,159
Du Page & Will Counties Community School District No. 204 Indian Prairie, Series 2017, Ref. GO Bonds		4.00%		12/30/2024		285			286,655
Illinois (State of), Series 2013, RB		5.00%		06/15/2024		1,545			1,548,115
Illinois (State of), Series 2014, GO Bonds		5.00%		05/01/2024		50			50,106
Illinois (State of), Series 2014, GO Bonds		5.00%		05/01/2027		10			10,024
Illinois (State of), Series 2014, GO Bonds		5.00%		05/01/2028		10			10,024
Illinois (State of), Series 2014, GO Bonds		5.25%		02/01/2029		210			210,426
Illinois (State of), Series 2014, GO Bonds		5.25%		02/01/2030		100			100,128
Illinois (State of), Series 2014, GO Bonds		5.00%		02/01/2039		100			100,038
Illinois (State of), Series 2014, GO Bonds		5.00%		05/01/2039		1,020			1,020,802
Illinois (State of), Series 2014, GO Bonds, (INS - AGM)(c)		4.25%		05/01/2034		20			20,005
Illinois (State of), Series 2018 A, GO Bonds		4.00%		05/01/2024		150			150,086
Illinois (State of), Series 2022 B, Ref. GO Bonds		5.00%		03/01/2024		50			50,000
Illinois (State of), Series 2023 D, Ref. GO Bonds		5.00%		07/01/2024		500			502,330
Illinois (State of) Finance Authority (Advocate Health Care Network), Series 2014, Ref. RB(a)(b)		5.00%		08/01/2024		25			25,162
Illinois (State of) Finance Authority (Advocate Health Care Network), Series 2014, Ref. RB(a)(b)		5.00%		08/01/2024		30			30,195
Illinois (State of) Finance Authority (Clean Water Initiative), Series 2016, RB		5.00%		07/01/2024		10			10,054
Illinois (State of) Finance Authority (The University of Chicago), Series 2014 A, Ref. RB		5.00%		10/01/2024		120			121,250
Illinois (State of) Finance Authority (The University of Chicago), Series 2014 A, Ref. RB		5.00%		10/01/2026		35			35,297
Illinois (State of) Finance Authority (The University of Chicago), Series 2014 A, Ref. RB		5.00%		10/01/2027		1,500			1,511,692
Illinois (State of) Finance Authority (The University of Chicago), Series 2014 A, Ref. RB		5.00%		10/01/2029		40			40,273
Illinois (State of) Regional Transportation Authority, Series 2017 A, Ref. RB		5.00%		07/01/2024		230			231,231
Illinois (State of) Toll Highway Authority, Series 2014 B, RB(a)(b)		5.00%		04/02/2024		1,000			1,001,176
Springfield (City of), IL, Series 2015, Ref. RB		5.00%		03/01/2024		90			90,000
University of Illinois, Series 2014 A, RB		5.00%		04/01/2044		500			500,005
Winnebago & Boone Counties School District No. 205 Rockford, Series 2015 B, GO Bonds		4.00%		02/01/2035		25			25,012
									10,420,855
Indiana-0.33%
Indiana (State of) Finance Authority, Series 2016 C, Ref. RB		5.00%		12/01/2024		10			10,138
Indiana (State of) Finance Authority (Indiana University Health Obligated Group), Series 2016 A, Ref. RB		5.00%		12/01/2024		25			25,282
Indiana (State of) Finance Authority (Indianapolis Power & Light Co.), Series 2016 A, Ref. RB		3.13%		12/01/2024		550			546,963
Indianapolis (City of), IN Department of Public Utilities, Series 2020 A, Ref. RB		5.00%		08/15/2024		135			135,998
									718,381
Iowa-0.03%
Iowa (State of), Series 2016 A, Ref. RB		5.00%		06/01/2024		55			55,209
Iowa (State of) Higher Education Loan Authority (Grinnell College), Series 2014, Ref. RB		4.00%		12/01/2044		5			4,928
									60,137
Kansas-0.31%
Johnson (County of), KS Public Building Commission (Courthouse & Medical Examiners), Series 2018 A, RB		5.00%		09/01/2024		335			337,715
Kansas (State of) Department of Transportation, Series 2015 A, Ref. RB		3.00%		09/01/2024		25			24,916
Kansas (State of) Department of Transportation, Series 2015 A, Ref. RB		5.00%		09/01/2024		55			55,478
Sedgwick County Unified School District No. 259 Wichita, Series 2017 A, Ref. GO Bonds		4.00%		10/01/2024		235			236,094
Wyandotte (County of), KS Unified Government, Series 2014 A, Ref. RB		5.00%		09/01/2044		20			20,047
									674,250
Kentucky-0.12%
Kentucky (Commonwealth of) Property & Building Commission (No. 112), Series 2016 B, Ref. RB		5.00%		11/01/2024		50			50,480
Louisville (City of) & Jefferson (County of), KY Sewer District, Series 2013 B, Ref. RB		4.00%		05/15/2037		25			25,009

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

 121 

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

February 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)			Value
Kentucky-(continued)
Louisville (City of) & Jefferson (County of), KY Sewer District, Series 2014 A, RB		4.00%		05/15/2045	$	25		$	24,527
Louisville (City of) & Jefferson (County of), KY Sewer District, Series 2017 B, Ref. RB		5.00%		05/15/2024		150			150,524
									250,540
Louisiana-1.24%
Louisiana (State of), Series 2014 B, Ref. RB(a)(b)		4.00%		05/01/2024		1,000			1,001,127
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (LCTCS Act 360), Series 2014, RB(a)(b)		5.00%		10/01/2024		1,000			1,009,677
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (LCTCS ACT 360), Series 2014, RB(a)(b)		5.00%		10/01/2024		125			126,210
Louisiana (State of) Public Facilities Authority (Hurricane Recovery Program), Series 2014, Ref. RB		5.00%		06/01/2024		5			5,019
Louisiana (State of) Public Facilities Authority (Hurricane Recovery Program), Series 2014, Ref. RB(a)(b)		5.00%		06/01/2024		290			291,103
New Orleans (City of), LA, Series 2014, Ref. RB(a)(b)		5.00%		06/01/2024		150			150,589
New Orleans (City of), LA, Series 2014, Ref. RB(a)(b)		5.00%		12/01/2024		15			15,191
New Orleans (City of), LA, Series 2014, Ref. RB(a)(b)		5.00%		12/01/2024		30			30,382
Shreveport (City of), LA, Series 2014 B, RB		4.00%		12/01/2038		55			54,321
									2,683,619
Maine-0.57%
Maine (State of) Health & Higher Educational Facilities Authority (Mainhealth), Series 2015, RB(a)(b)		4.00%		07/01/2024		210			210,426
Maine (State of) Health & Higher Educational Facilities Authority (Mainhealth), Series 2015, RB(a)(b)		5.00%		07/01/2024		1,000			1,005,222
Maine (State of) Municipal Bond Bank, Series 2015 A, Ref. RB		5.00%		09/01/2024		20			20,159
									1,235,807
Maryland-3.31%
Maryland (State of), First Series 2016, GO Bonds		4.00%		06/01/2027		120			120,041
Maryland (State of), First Series 2016, GO Bonds		4.00%		06/01/2029		300			300,146
Maryland (State of), First Series 2016, GO Bonds		4.00%		06/01/2030		25			25,013
Maryland (State of), Second Series 2018 B, GO Bonds		5.00%		08/01/2024		1,330			1,339,928
Maryland (State of), Series 2017 A, GO Bonds		5.00%		03/15/2024		20			20,010
Maryland (State of), Series 2017 A, GO Bonds		5.00%		08/01/2024		10			10,075
Maryland (State of), Series 2017 B, Ref. GO Bonds		5.00%		08/01/2024		1,630			1,642,167
Maryland (State of), Series 2017 C, Ref. GO Bonds		5.00%		08/01/2024		65			65,485
Maryland (State of), Series 2018 A, GO Bonds		5.00%		03/15/2024		35			35,018
Maryland (State of), Series 2020 C, Ref. GO Bonds		5.00%		08/01/2024		50			50,373
Maryland (State of), Series 2020, GO Bonds		5.00%		08/01/2024		1,500			1,511,197
Maryland (State of) Department of Transportation, Series 2016, RB		4.00%		11/01/2027		525			526,190
Maryland (State of) Department of Transportation, Series 2016, RB		4.00%		11/01/2029		100			100,307
Maryland (State of) Department of Transportation, Series 2017, RB		5.00%		09/01/2024		45			45,415
Maryland (State of) Health & Higher Educational Facilities Authority (Loyola University), Series 2014, Ref. RB		5.00%		10/01/2045		100			100,486
Montgomery (County of), MD, Series 2014 A, GO Bonds(a)(b)		5.00%		11/01/2024		40			40,497
Montgomery (County of), MD, Series 2014 A, GO Bonds(a)(b)		5.00%		11/01/2024		180			182,236
Montgomery (County of), MD, Series 2014 A, GO Bonds(a)(b)		5.00%		11/01/2024		100			101,242
Montgomery (County of), MD, Series 2014 B, Ref. GO Bonds		5.00%		11/01/2024		10			10,125
Montgomery (County of), MD, Series 2021 A, Ref. GO Bonds		5.00%		08/01/2024		400			403,002
Prince George’s (County of), MD, Series 2014 A, GO Bonds		4.00%		09/01/2024		530			531,964
									7,160,917
Massachusetts-2.71%
Massachusetts (Commonwealth of), Series 2004 C, Ref. GO Bonds, (INS - AMBAC)(c)		5.50%		12/01/2024		5			5,090
Massachusetts (Commonwealth of), Series 2014 C, Ref. GO Bonds		5.00%		08/01/2024		200			201,509
Massachusetts (Commonwealth of), Series 2016 A, GO Bonds(a)(b)		4.00%		04/19/2024		30			30,022
Massachusetts (Commonwealth of), Series 2016 A, Ref. GO Bonds		5.00%		07/01/2024		45			45,266
Massachusetts (Commonwealth of), Series 2017 E, Ref. GO Bonds		5.00%		11/01/2024		175			177,196
Massachusetts (Commonwealth of), Series 2019 G, GO Bonds		5.00%		09/01/2031		320			323,096
Massachusetts (Commonwealth of), Series 2020 B, Ref. GO Bonds		5.00%		07/01/2024		1,000			1,005,907
Massachusetts (Commonwealth of), Series 2021 B, Ref. GO Bonds		5.00%		11/01/2024		500			506,275

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

 122 

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

February 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)			Value
Massachusetts-(continued)
Massachusetts (Commonwealth of) (Accelerated Bridge Program), Series 2014 A, RB		5.00%		06/01/2044	$	985		$	986,908
Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2005 A, RB		5.00%		07/01/2024		1,050			1,056,203
Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2021 A-1, Ref. RB		5.00%		07/01/2024		15			15,089
Massachusetts (Commonwealth of) Clean Water Trust (The), Series 2006, Ref. RB		5.00%		08/01/2024		100			100,755
Massachusetts (Commonwealth of) College Building Authority (Green Bonds), Series 2014 B, RB(a)(b)		5.00%		05/01/2024		285			285,742
Massachusetts (Commonwealth of) Development Finance Agency (Baystate Medical Center), Series 2014 N, RB		5.00%		07/01/2044		500			501,132
Massachusetts (Commonwealth of) Development Finance Agency (Children’s Hospital), Series 2014 P, RB(a)(b)		5.00%		10/01/2024		20			20,205
Massachusetts (Commonwealth of) Federal Highway (Garvee), Series 2014 A, RB		5.00%		06/15/2024		525			527,535
Massachusetts (Commonwealth of) Water Resources Authority (Green Bonds), Series 2017 C, Ref. RB		5.00%		08/01/2024		25			25,190
University of Massachusetts Building Authority, Series 2014 1, RB(a)(b)		5.00%		11/01/2024		50			50,608
									5,863,728
Michigan-2.42%
Michigan (State of), Series 2021 A, RB		5.00%		11/15/2024		1,000			1,012,592
Michigan (State of) (Garvee), Series 2016, Ref. RB		5.00%		03/15/2024		135			135,070
Michigan (State of) Building Authority (Facilities Program), Series 2015 I, Ref. RB		5.00%		04/15/2024		225			225,365
Michigan (State of) Finance Authority (Beaumont Health Credit Group), Series 2015, Ref. RB(a)(b)		5.00%		08/01/2024		85			85,534
Michigan (State of) Finance Authority (Beaumont Health Credit Group), Series 2015, Ref. RB(a)(b)		5.00%		08/01/2024		35			35,220
Michigan (State of) Finance Authority (Beaumont Health Credit Group), Series 2015, Ref. RB(a)(b)		5.00%		08/01/2024		115			115,723
Michigan (State of) Finance Authority (Beaumont Health Credit Group), Series 2015, Ref. RB(a)(b)		5.00%		08/01/2024		300			301,885
Michigan (State of) Finance Authority (Clean Water Revolving Fund), Series 2016 B, Ref. RB		5.00%		10/01/2024		150			151,580
Michigan (State of) Finance Authority (Detroit Distributable State Aid Fouth Lien and UTGO Refunding), Series 2016 C-3, Ref. RB		5.00%		04/01/2024		160			160,169
Michigan (State of) Finance Authority (Detroit regional Convention facility Authority), Series 2014 H-1, Ref. RB		5.00%		10/01/2039		500			501,631
Michigan (State of) Finance Authority (Detroit Water & Sewerage Department), Series 2014 C-3, RB, (INS - AGM)(c)		5.00%		07/01/2027		1,000			1,005,679
Michigan (State of) Finance Authority (Detroit Water & Sewerage Department), Series 2014 C-3, RB, (INS - AGM)(c)		5.00%		07/01/2030		20			20,123
Michigan (State of) Finance Authority (Detroit Water & Sewerage Department), Series 2014 C-3, RB, (INS - AGM)(c)		5.00%		07/01/2032		20			20,090
Michigan (State of) Finance Authority (Detroit Water & Sewerage Department), Series 2014 D-2, Ref. RB, (INS - AGM)(c)		5.00%		07/01/2024		830			833,929
Michigan (State of) Finance Authority (Detroit Water & Sewerage Department), Series 2014 D-4, Ref. RB		5.00%		07/01/2030		50			50,243
Michigan (State of) Finance Authority (Detroit Water & Sewerage Department), Series 2014 D-4, Ref. RB		5.00%		07/01/2031		30			30,126
Michigan (State of) Finance Authority (Henry Ford Health System), Series 2016, Ref. RB		5.00%		11/15/2024		20			20,197
Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2015, Ref. RB		5.00%		12/01/2024		170			171,976
Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2017, Ref. RB		5.00%		12/01/2024		100			101,162
Royal Oak (City of), MI Hospital Finance Authority (Beaumont Health Credit Group), Series 2014 D, Ref. RB(a)(b)		5.00%		03/01/2024		70			70,000
University of Michigan, Series 2017 A, Ref. RB		5.00%		04/01/2024		85			85,106
Wayne (County of), MI Airport Authority (Detroit Metropolitan Airport), Series 2014 B, RB		5.00%		12/01/2044		100			100,443
									5,233,843
Minnesota-0.94%
Metropolitan Council, Series 2021 B, GO Bonds		5.00%		12/01/2024		1,000			1,014,201
Minnesota (State of), Series 2014 A, GO Bonds		5.00%		08/01/2026		1,000			1,007,102
									2,021,303
Mississippi-0.01%
Mississippi (State of), Series 2015 C, Ref. GO Bonds		5.00%		10/01/2024		15			15,171
Missouri-1.47%
Curators of the University of Missouri (The), Series 2014 A, Ref. RB		5.00%		11/01/2024		15			15,178
Jackson (County of), MO (Truman Sports Complex), Series 2014, Ref. RB		5.00%		12/01/2024		30			30,366

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

 123 

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

February 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)			Value
Missouri-(continued)
Jackson (County of), MO (Truman Sports Complex), Series 2014, Ref. RB		5.00%		12/01/2027	$	75		$	75,706
Jackson (County of), MO (Truman Sports Complex), Series 2014, Ref. RB		5.00%		12/01/2030		10			10,093
Jackson (County of), MO (Truman Sports Complex), Series 2014, Ref. RB		5.00%		12/01/2031		100			100,927
Missouri (State of) Board of Public Buildings, Series 2020 B, Ref. RB		5.00%		10/01/2024		1,000			1,010,763
Missouri (State of) Health & Educational Facilities Authority (Mercy Health), Series 2014 F, RB		5.00%		11/15/2034		50			50,615
Missouri (State of) Health & Educational Facilities Authority (Mercy Health), Series 2014 F, RB		4.00%		11/15/2045		335			324,262
Missouri (State of) Health & Educational Facilities Authority (Mercy Health), Series 2014 F, RB		5.00%		11/15/2045		400			401,996
Missouri (State of) Health & Educational Facilities Authority (SSM Health Care), Series 2014 A, Ref. RB(a)(b)		4.00%		06/01/2024		190			190,318
Missouri (State of) Health & Educational Facilities Authority (SSM Health Care), Series 2014 A, Ref. RB(a)(b)		5.00%		06/01/2024		10			10,041
Missouri (State of) Health & Educational Facilities Authority (SSM Health Care), Series 2014 A, Ref. RB(a)(b)		5.00%		06/01/2024		25			25,101
Missouri (State of) Highway & Transportation Commission, Series 2014 A, Ref. RB		5.00%		05/01/2024		590			591,660
Springfield (City of), MO, Series 2015, Ref. RB		5.00%		08/01/2024		25			25,162
St. Louis (City of), MO, Series 2017 A, Ref. RB, (INS - AGM)(c)		5.00%		07/01/2024		310			311,568
									3,173,756
Montana-0.11%
Forsyth (City of), MT (Puget Sound Energy), Series 2013 A, Ref. RB		3.90%		03/01/2031		250			244,169
Nebraska-0.05%
Omaha (City of), NE Public Power District, Series 2014 CC, Ref. RB		4.00%		02/01/2035		45			45,004
Omaha (City of), NE Public Power District, Series 2015 B, Ref. RB(a)(b)		5.00%		08/01/2024		60			60,448
Omaha (City of), NE Public Power District, Series 2015 B, Ref. RB		4.00%		02/01/2039		10			9,773
									115,225
Nevada-1.24%
Clark (County of), NV, Series 2016 A, Ref. GO Bonds		5.00%		11/01/2024		105			106,208
Clark (County of), NV, Series 2016, Ref. RB		5.00%		07/01/2024		120			120,658
Clark (County of), NV (Las Vegas McCarran International Airport), Series 2019, Ref. RB		5.00%		07/01/2024		100			100,509
Clark (County of), NV Department of Aviation, Series 2014 A-2, Ref. RB		5.00%		07/01/2029		500			501,961
Clark (County of), NV Department of Aviation, Series 2014 A-2, Ref. RB		5.00%		07/01/2033		75			75,291
Clark County School District, Series 2016 A, Ref. GO Bonds		5.00%		06/15/2024		30			30,141
Clark County School District, Series 2017 A, Ref. GO Bonds		5.00%		06/15/2024		75			75,351
Las Vegas Valley Water District, Series 2015 B, Ref. GO Bonds		5.00%		12/01/2024		175			177,420
Las Vegas Valley Water District, Series 2015, Ref. GO Bonds		5.00%		06/01/2033		30			30,393
Las Vegas Valley Water District, Series 2015, Ref. GO Bonds		5.00%		06/01/2039		95			95,909
Las Vegas Valley Water District, Series 2016 A, Ref. GO Bonds		5.00%		06/01/2024		60			60,257
Nevada (State of), Series 2016, Ref. RB		5.00%		12/01/2024		1,290			1,308,319
									2,682,417
New Jersey-3.93%
New Jersey (State of), Series 2013, GO Bonds		3.00%		06/01/2025		100			99,901
New Jersey (State of), Series 2014, GO Bonds		5.00%		06/01/2024		125			125,476
New Jersey (State of), Series 2020 A, GO Bonds		5.00%		06/01/2024		360			361,370
New Jersey (State of) Economic Development Authority, Series 2012 II, Ref. RB		3.00%		03/01/2024		60			60,000
New Jersey (State of) Economic Development Authority, Series 2014 PP, Ref. RB(a)(b)		5.00%		06/15/2024		185			185,689
New Jersey (State of) Economic Development Authority, Series 2014 RR, Ref. RB		4.00%		06/15/2034		40			40,067
New Jersey (State of) Economic Development Authority, Series 2014 UU, RB(a)		5.00%		06/15/2026		75			75,269
New Jersey (State of) Economic Development Authority, Series 2014, RB(a)		5.00%		06/15/2040		150			150,538
New Jersey (State of) Economic Development Authority, Series 2015 XX, Ref. RB		5.00%		06/15/2024		5			5,021
New Jersey (State of) Educational Facilities Authority (Montclair University), Series 2014 A, RB		5.00%		07/01/2044		400			400,750
New Jersey (State of) Educational Facilities Authority (Montclair University), Series 2014, RB		5.00%		06/15/2026		1,000			1,004,828
New Jersey (State of) Health Care Facilities Financing Authority (Hackensack Meridian Health Obligated Group), Series 2017 A, Ref. RB		5.00%		07/01/2024		500			502,595
New Jersey (State of) Health Care Facilities Financing Authority (RWJ Barnabas Health Obligated Group), Series 2021, RB		5.00%		07/01/2024		95			95,474
New Jersey (State of) Health Care Facilities Financing Authority (Virtua Health), Series 2013, Ref. RB		5.00%		07/01/2028		235			235,242
New Jersey (State of) Transportation Trust Fund Authority, Series 2009 D, RB.		5.00%		06/15/2032		1,130			1,139,928

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

 124 

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

February 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)			Value
New Jersey-(continued)
New Jersey (State of) Transportation Trust Fund Authority, Series 2010 D, RB		5.00%		12/15/2024	$	25		$	25,318
New Jersey (State of) Transportation Trust Fund Authority, Series 2014 AA, RB		5.00%		06/15/2026		100			100,300
New Jersey (State of) Transportation Trust Fund Authority, Series 2014 AA, RB		5.00%		06/15/2038		800			801,485
New Jersey (State of) Transportation Trust Fund Authority, Series 2014 AA, RB		4.25%		06/15/2044		150			149,996
New Jersey (State of) Transportation Trust Fund Authority, Series 2014 AA, RB		5.00%		06/15/2044		1,000			1,001,386
New Jersey (State of) Transportation Trust Fund Authority, Series 2018 A, Ref. RB		5.00%		12/15/2024		25			25,317
New Jersey (State of) Transportation Trust Fund Authority, Series 2018 A, Ref. RN		5.00%		06/15/2024		1,000			1,004,293
New Jersey (State of) Turnpike Authority, Series 2014 A, RB(a)(b)		5.00%		07/01/2024		100			100,555
New Jersey (State of) Turnpike Authority, Series 2014 A, RB		5.00%		01/01/2027		100			100,466
New Jersey (State of) Turnpike Authority, Series 2014 A, RB		5.00%		01/01/2030		125			125,609
New Jersey (State of) Turnpike Authority, Series 2014 A, RB		5.00%		01/01/2033		35			35,148
New Jersey (State of) Turnpike Authority, Series 2014 A, RB		5.00%		01/01/2034		445			446,734
South Jersey Transportation Authority, Series 2014 A, Ref. RB		5.00%		11/01/2039		100			100,364
									8,499,119
New Mexico-0.37%
New Mexico (State of), Series 2021, GO Bonds		5.00%		03/01/2024		600			600,000
New Mexico (State of) (Capital), Series 2017 A, GO Bonds		5.00%		03/01/2024		115			115,000
New Mexico (State of) Finance Authority, Series 2014 B-1, Ref. RB		5.00%		06/15/2027		15			15,057
New Mexico (State of) Severance Tax Permanent Fund, Series 2015 A, RB		5.00%		07/01/2024		25			25,143
New Mexico (State of) Severance Tax Permanent Fund, Series 2016 B, Ref. RB		4.00%		07/01/2024		50			50,126
									805,326
New York-16.42%
Dobbs Ferry Local Development Corp. (Mercy College), Series 2014, RB		5.00%		07/01/2044		105			105,166
Erie (County of), NY Industrial Development Agency (The) (City of Buffalo School District), Series 2021, Ref. RB		5.00%		05/01/2024		200			200,534
Erie (County of), NY Industrial Development Agency (The) (City of Buffalo School District), Series 2022, Ref. RB		5.00%		05/01/2024		100			100,267
Long Island (City of), NY Power Authority, Series 2014 A, Ref. RB		5.00%		09/01/2044		455			457,139
Metropolitan Transportation Authority, Series 2005 B, RB, (INS - AMBAC)(c)		5.25%		11/15/2024		200			202,806
Metropolitan Transportation Authority, Series 2012 A, Ref. RB		3.00%		11/15/2028		760			760,044
Metropolitan Transportation Authority, Series 2014 B, RB		5.25%		11/15/2044		1,355			1,356,978
Metropolitan Transportation Authority, Series 2014 C, RB		5.00%		11/15/2024		100			101,232
Metropolitan Transportation Authority, Subseries 2014 D-1, RB		5.25%		11/15/2044		100			100,612
Metropolitan Transportation Authority (Green Bonds), Series 2017 B-2, RB		5.00%		11/15/2024		15			15,203
Nassau (County of), NY, Series 2014 A, GO Bonds		5.00%		04/01/2024		50			50,062
Nassau (County of), NY, Series 2017 C, Ref. GO Bonds		5.00%		10/01/2024		55			55,579
New York & New Jersey (States of) Port Authority, One Hudred Eighty Four Series 2014, RB		5.00%		09/01/2028		25			25,173
New York & New Jersey (States of) Port Authority, One Hudred Eighty Four Series 2014, RB		5.00%		09/01/2033		100			100,616
New York & New Jersey (States of) Port Authority, One Hudred Eighty Four Series 2014, RB		5.00%		09/01/2039		825			829,640
New York & New Jersey (States of) Port Authority, One Hundred Eighty Nineth Series 2015, Ref. RB		5.00%		05/01/2024		130			130,359
New York & New Jersey (States of) Port Authority, One Hundred Eighty Third Series 2014, RB		4.00%		12/15/2040		155			153,519
New York & New Jersey (States of) Port Authority, One Hundred Ninety Fourth Series 2015, Ref. RB		5.00%		10/15/2024		125			126,449
New York & New Jersey (States of) Port Authority, Two Hundred Ninth Series 2018, Ref. RB		5.00%		07/15/2024		20			20,133
New York (City of), NY, Series 2013 G, GO Bonds		5.00%		08/01/2024		125			125,144
New York (City of), NY, Series 2013 G, GO Bonds		5.00%		08/01/2025		50			50,068
New York (City of), NY, Series 2014 A, Ref. GO Bonds		5.00%		08/01/2024		15			15,116
New York (City of), NY, Series 2014 A, Ref. GO Bonds		5.00%		08/01/2027		40			40,243
New York (City of), NY, Series 2014 A, Ref. GO Bonds		5.00%		08/01/2028		350			351,928
New York (City of), NY, Series 2014 A, Ref. GO Bonds		5.00%		08/01/2029		50			50,265
New York (City of), NY, Series 2014 J, Ref. GO Bonds		5.00%		08/01/2030		1,400			1,407,315
New York (City of), NY, Series 2015 A, Ref. GO Bonds		5.00%		08/01/2024		25			25,194
New York (City of), NY, Series 2015 C, Ref. GO Bonds		5.00%		08/01/2024		145			146,124
New York (City of), NY, Series 2016 C, Ref. GO Bonds		5.00%		08/01/2024		25			25,194
New York (City of), NY, Series 2016 E, Ref. GO Bonds		5.00%		08/01/2024		1,000			1,007,750
New York (City of), NY, Series 2017 1, GO Bonds		5.00%		08/01/2024		55			55,426
New York (City of), NY, Series 2017 A, Ref. GO Bonds		5.00%		08/01/2024		10			10,078
New York (City of), NY, Series 2017 C, Ref. GO Bonds		5.00%		08/01/2024		10			10,077

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 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)			Value
New York-(continued)
New York (City of), NY, Series 2017 C, Ref. GO Bonds		5.00%		08/01/2024	$	20		$	20,155
New York (City of), NY, Series 2018 A, Ref. GO Bonds		5.00%		08/01/2024		95			95,736
New York (City of), NY, Series 2020 C, GO Bonds		5.00%		08/01/2024		235			236,821
New York (City of), NY, Series 2022 B-1, Ref. GO Bonds		5.00%		08/01/2024		1,000			1,007,750
New York (City of), NY, Subseries 2008 J-4, GO Bonds		5.00%		08/01/2024		60			60,465
New York (City of), NY, Subseries 2014 I-1, GO Bonds		5.00%		03/01/2027		200			200,239
New York (City of), NY, Subseries 2014 I-1, GO Bonds		5.00%		03/01/2036		15			15,005
New York (City of), NY Municipal Water Finance Authority, Series 2014 CC-1, RB		5.00%		06/15/2047		500			500,782
New York (City of), NY Municipal Water Finance Authority, Series 2014 DD, RB		5.00%		06/15/2035		500			501,921
New York (City of), NY Municipal Water Finance Authority, Series 2014 DD, Ref. RB		3.25%		06/15/2028		10			10,017
New York (City of), NY Municipal Water Finance Authority, Series 2014 DD, Ref. RB		5.00%		06/15/2028		200			200,887
New York (City of), NY Municipal Water Finance Authority, Series 2014 DD, Ref. RB		5.00%		06/15/2036		65			65,235
New York (City of), NY Municipal Water Finance Authority, Series 2014 EE, Ref. RB		5.00%		06/15/2036		100			100,362
New York (City of), NY Municipal Water Finance Authority, Series 2015 EE, Ref. RB		5.00%		06/15/2028		500			502,217
New York (City of), NY Municipal Water Finance Authority, Series 2015 EE, Ref. RB		5.00%		06/15/2045		10			10,017
New York (City of), NY Municipal Water Finance Authority, Series 2018 AA, Ref. RB		5.00%		06/15/2024		190			190,982
New York (City of), NY Municipal Water Finance Authority, Series 2019 BB-2, RB		5.00%		06/15/2026		1,200			1,215,784
New York (City of), NY Municipal Water Finance Authority, Series 2020 AA, Ref. RB		4.00%		06/15/2024		160			160,385
New York (City of), NY Municipal Water Finance Authority, Series 2020 GG, RB		5.00%		06/15/2026		75			75,986
New York (City of), NY Municipal Water Finance Authority, Series 2022 CC-2, RB		5.00%		06/15/2026		25			25,329
New York (City of), NY Transitional Finance Authority, Series 2014 A-1, RB		5.00%		08/01/2034		1,045			1,051,523
New York (City of), NY Transitional Finance Authority, Series 2014 B-1, RB		5.00%		11/01/2025		30			30,085
New York (City of), NY Transitional Finance Authority, Series 2014 B-1, RB		5.00%		08/01/2029		710			714,605
New York (City of), NY Transitional Finance Authority, Series 2014 B-1, RB		5.00%		08/01/2032		15			15,095
New York (City of), NY Transitional Finance Authority, Series 2014 B-1, RB		5.00%		08/01/2033		170			171,075
New York (City of), NY Transitional Finance Authority, Series 2014 B-1, RB		5.00%		08/01/2036		205			206,171
New York (City of), NY Transitional Finance Authority, Series 2014 B-1, RB		5.00%		08/01/2039		75			75,343
New York (City of), NY Transitional Finance Authority, Series 2014 D1, RB(a)(b)		5.00%		04/02/2024		1,000			1,001,144
New York (City of), NY Transitional Finance Authority, Series 2014 D-1, RB(a)(b)		5.00%		04/02/2024		15			15,017
New York (City of), NY Transitional Finance Authority, Series 2015 C, Ref. RB		5.00%		11/01/2024		65			65,812
New York (City of), NY Transitional Finance Authority, Series 2017 C, Ref. RB		5.00%		11/01/2024		80			80,999
New York (City of), NY Transitional Finance Authority, Series 2017, RB		5.00%		08/01/2024		340			342,552
New York (City of), NY Transitional Finance Authority, Series 2018, RB(a)		5.00%		08/01/2024		20			20,135
New York (City of), NY Transitional Finance Authority, Series 2018, RB		5.00%		08/01/2024		30			30,225
New York (City of), NY Transitional Finance Authority, Series 2019 A-1, RB		5.00%		05/01/2024		35			35,097
New York (City of), NY Transitional Finance Authority, Series 2022 B-1, Ref. RB		5.00%		11/01/2024		300			303,746
New York (City of), NY Transitional Finance Authority, Subseries 2014 B-1, RB		5.00%		11/01/2024		200			200,530
New York (City of), NY Transitional Finance Authority, Subseries 2014 B-1, RB		5.00%		11/01/2029		1,370			1,373,238
New York (City of), NY Transitional Finance Authority, Subseries 2014 B-1, RB		5.00%		11/01/2031		1,080			1,082,518
New York (City of), NY Transitional Finance Authority, Subseries 2014 B-1, RB		5.00%		11/01/2033		50			50,115
New York (City of), NY Transitional Finance Authority, Subseries 2018 B-1, RB		5.00%		08/01/2024		105			105,788
New York (State of) Dormitory Authority, Series 2014 A, RB(a)		5.00%		03/15/2024		25			25,013
New York (State of) Dormitory Authority, Series 2014 A, RB		5.00%		03/15/2028		125			125,150
New York (State of) Dormitory Authority, Series 2014 A, RB		5.00%		02/15/2029		350			350,440
New York (State of) Dormitory Authority, Series 2014 A, RB		5.00%		03/15/2030		400			400,475
New York (State of) Dormitory Authority, Series 2014 A, RB		5.00%		03/15/2031		310			310,344
New York (State of) Dormitory Authority, Series 2014 A, RB		5.00%		03/15/2032		460			460,476
New York (State of) Dormitory Authority, Series 2014 A, RB		5.00%		03/15/2033		100			100,100
New York (State of) Dormitory Authority, Series 2014 A, RB		5.00%		03/15/2034		325			325,314
New York (State of) Dormitory Authority, Series 2014 A, RB		5.00%		03/15/2035		95			95,086
New York (State of) Dormitory Authority, Series 2014 C, RB		5.00%		03/15/2029		1,000			1,001,256
New York (State of) Dormitory Authority, Series 2014 C, RB		5.00%		03/15/2030		50			50,062
New York (State of) Dormitory Authority, Series 2014 C, RB		5.00%		03/15/2031		500			500,613
New York (State of) Dormitory Authority, Series 2014 C, RB		5.00%		03/15/2032		15			15,018
New York (State of) Dormitory Authority, Series 2014 C, RB		5.00%		03/15/2033		225			225,272
New York (State of) Dormitory Authority, Series 2014 C, RB		5.00%		03/15/2039		2,000			2,001,426
New York (State of) Dormitory Authority, Series 2016 A, Ref. RB		5.00%		10/01/2024		25			25,263
New York (State of) Dormitory Authority, Series 2017 A, RB(a)		5.00%		03/15/2024		10			10,005

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 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)			Value
New York-(continued)
New York (State of) Dormitory Authority, Series 2017 A, Ref. RB		5.00%		07/01/2024	$	20		$	20,117
New York (State of) Dormitory Authority, Series 2017 F, Ref. RB		5.00%		10/01/2024		55			55,579
New York (State of) Dormitory Authority, Series 2017 G, Ref. RB		5.00%		10/01/2024		490			495,021
New York (State of) Dormitory Authority, Series 2019 A, Ref. RB(a)		5.00%		03/15/2024		965			965,537
New York (State of) Dormitory Authority (Bidding Group 2), Series 2018 C, Ref. RB(a)		5.00%		03/15/2024		150			150,080
New York (State of) Dormitory Authority (New York University), Series 2015 A, Ref. RB		5.00%		07/01/2024		10			10,061
New York (State of) Dormitory Authority (New York University), Series 2016 A, RB		5.00%		07/01/2024		100			100,610
New York (State of) Thruway Authority, Series 2014 J, RB(a)(b)		5.00%		05/14/2024		300			300,938
New York (State of) Thruway Authority, Series 2014 J, RB(a)(b)		5.00%		05/14/2024		1,440			1,444,504
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2014, Ref. RB		5.00%		06/15/2024		25			25,131
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2014, Ref. RB		5.00%		06/15/2030		505			507,154
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2014, Ref. RB		5.00%		06/15/2031		400			401,672
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2017, Ref. RB		5.00%		06/15/2024		100			100,525
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2022, Ref. RB		5.00%		06/15/2024		50			50,263
New York State Urban Development Corp., Series 2014 A, Ref. RB(a)(b)		5.00%		03/15/2024		200			200,096
New York State Urban Development Corp., Series 2014 A, Ref. RB(a)(b)		5.00%		03/15/2024		200			200,096
New York State Urban Development Corp., Series 2014 A, Ref. RB(a)(b)		5.00%		03/15/2024		150			150,072
New York State Urban Development Corp., Series 2014 A, Ref. RB(a)(b)		5.00%		03/15/2024		95			95,047
New York State Urban Development Corp., Series 2016 A, Ref. RB		5.00%		03/15/2024		275			275,144
New York State Urban Development Corp., Series 2020, Ref. RB		5.00%		03/15/2024		100			100,052
Sales Tax Asset Receivable Corp., Series 2014 A, Ref. RB(a)(b)		3.00%		10/15/2024		10			9,994
Sales Tax Asset Receivable Corp., Series 2014 A, Ref. RB(a)(b)		4.00%		10/15/2024		20			20,113
Sales Tax Asset Receivable Corp., Series 2014 A, Ref. RB(a)		5.00%		10/15/2024		330			333,848
Sales Tax Asset Receivable Corp., Series 2014 A, Ref. RB(a)(b)		5.00%		10/15/2024		440			445,130
Sales Tax Asset Receivable Corp., Series 2014 A, Ref. RB(a)(b)		5.00%		10/15/2024		150			151,749
Sales Tax Asset Receivable Corp., Series 2014 A, Ref. RB(a)(b)		5.00%		10/15/2024		285			288,323
Sales Tax Asset Receivable Corp., Series 2014 A, Ref. RB(a)(b)		5.00%		10/15/2024		100			101,166
Sales Tax Asset Receivable Corp., Series 2014 A, Ref. RB(a)(b)		5.00%		10/15/2024		1,000			1,011,659
Triborough Bridge & Tunnel Authority, Series 2016 A, Ref. RB		5.00%		11/15/2024		55			55,727
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2014 A, RB		5.00%		11/15/2044		1,000			1,001,341
									35,466,383
North Carolina-1.79%
Buncombe County Metropolitan Sewerage District, Series 2008 A, VRD Ref. RB(d)		3.30%		07/01/2031		2,000			2,000,000
Guilford (County of), NC, Series 2017, Ref. GO Bonds		5.00%		03/01/2024		25			25,000
Mecklenburg (County of), NC, Series 2013 A, Ref. GO Bonds		5.00%		12/01/2024		105			106,530
North Carolina (State of), Series 2014 B, Ref. RB		5.00%		06/01/2024		75			75,320
North Carolina (State of), Series 2014 C, Ref. RB		5.00%		05/01/2024		10			10,027
North Carolina (State of), Series 2016 A, Ref. GO Bonds		5.00%		06/01/2024		100			100,429
North Carolina (State of), Series 2017 B, Ref. RB		5.00%		05/01/2024		25			25,069
North Carolina (State of), Series 2019 B, GO Bonds		5.00%		06/01/2024		10			10,043
North Carolina (State of), Series 2020 A, GO Bonds		5.00%		06/01/2024		100			100,429
North Carolina (State of) Medical Care Commission (Novant Health Obligated Group), Series 2013, Ref. RB		4.00%		11/01/2046		110			110,001
North Carolina (State of) Medical Care Commission (Presbyterian Homes), Series 2016 C, Ref. RB		5.00%		10/01/2031		45			46,197
University of North Carolina at Greensboro, Series 2014, RB(a)(b)		4.00%		04/01/2024		60			60,012
Wake (County of), NC, Series 2010 C, Ref. GO Bonds		5.00%		03/01/2024		135			135,000
Wake (County of), NC, Series 2014, GO Bonds		5.00%		09/01/2024		1,000			1,009,375
Wake (County of), NC, Series 2021, RB		5.00%		03/01/2024		60			60,000
									3,873,432
Ohio-1.78%
Allen (County of), OH, Series 2017 A, Ref. RB		5.00%		08/01/2024		50			50,294
Columbus (City of), OH, Series 2014, Ref. RB		5.00%		06/01/2027		125			126,701

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 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)			Value
Ohio-(continued)
Columbus (City of), OH, Series 2017-1, Ref. GO Bonds		5.00%		04/01/2024	$	100		$	100,129
Columbus (City of), OH, Series 2023 A, GO Bonds		5.00%		08/15/2024		35			35,290
Cuyahoga (County of), OH, Series 2020 D, Ref. RB		4.00%		12/01/2024		50			50,284
Franklin (County of), OH Convention Facilities Authority, Series 2014, Ref. RB(a)(b)		5.00%		12/01/2024		195			197,338
Hamilton (County of), OH, Series 2016 A, Ref. RB		5.00%		12/01/2024		100			101,273
Northeast Ohio Regional Sewer District, Series 2014, Ref. RB(a)(b)		5.00%		11/15/2024		115			116,400
Ohio (State of), Series 2014 R, GO Bonds(a)(b)		5.00%		05/01/2024		335			335,872
Ohio (State of), Series 2014 R, GO Bonds		5.00%		05/01/2029		1,200			1,202,894
Ohio (State of), Series 2015 A, Ref. GO Bonds		5.00%		09/01/2024		10			10,092
Ohio (State of), Series 2016 A, Ref. GO Bonds		5.00%		12/15/2024		80			81,201
Ohio (State of), Series 2016 S, GO Bonds		5.00%		05/01/2024		65			65,181
Ohio (State of), Series 2017 A, GO Bonds(a)(b)		5.00%		03/15/2024		205			205,097
Ohio (State of), Series 2017 A, GO Bonds(a)(b)		5.00%		03/15/2024		40			40,019
Ohio (State of), Series 2020 B, Ref. GO Bonds		5.00%		08/01/2024		1,000			1,007,546
Ohio (State of), Series 2020 B, Ref. GO Bonds		5.00%		09/15/2024		20			20,199
Ohio (State of) (Garvee), Series 2016 I, RB		5.00%		12/15/2024		5			5,073
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2014, RB		5.00%		12/01/2024		45			45,639
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2016 A, RB		5.00%		06/01/2024		10			10,043
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2016 A, RB		5.00%		12/01/2024		40			40,568
									3,847,133
Oklahoma-0.97%
Canadian (County of), OK Educational Facilities Authority (Mustang Public Schools), Series 2017, RB		4.00%		09/01/2024		15			15,045
Cleveland (County of), OK Educational Facilities Authority (Norman Public Schools), Series 2019, RB		5.00%		06/01/2024		100			100,363
Grand River Dam Authority, Series 2014 A, RB		5.00%		06/01/2039		1,000			1,001,835
Oklahoma (State of) Capitol Improvement Authority, Series 2014 A, Ref. RB		5.00%		07/01/2026		780			782,779
Oklahoma (State of) Capitol Improvement Authority, Series 2014 A, Ref. RB		5.00%		07/01/2027		10			10,032
Tulsa (City of), OK Public Facilities Authority, Series 2019, RB		5.00%		06/01/2024		175			175,687
									2,085,741
Oregon-1.34%
Clackamas County School District No. 12 North Clackamas, Series 2014, Ref. GO Bonds(a)(b)		5.00%		06/15/2024		10			10,047
Clackamas County School District No. 12 North Clackamas, Series 2014, Ref. GO Bonds(a)(b)		5.00%		06/15/2024		1,015			1,019,783
Multnomah County School District No. 1, Series 2020, GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00%		06/15/2024		430			432,162
Oregon (State of) Department of Transportation, Series 2014 A, Ref. RB		5.00%		11/15/2024		25			25,322
Oregon (State of) Department of Transportation, Series 2014 A, Ref. RB(a)(b)		5.00%		11/15/2024		25			25,313
Oregon (State of) Department of Transportation, Series 2015 A, Ref. RB(a)(b)		4.00%		11/15/2024		20			20,126
Oregon (State of) Department of Transportation, Series 2015 A, Ref. RB(a)(b)		5.00%		11/15/2024		35			35,460
Oregon (State of) Department of Transportation, Series 2015 A, Ref. RB(a)(b)		5.00%		11/15/2024		30			30,394
Oregon (State of) Department of Transportation, Series 2015 A, Ref. RB(a)(b)		5.00%		11/15/2024		235			238,089
Oregon (State of) Department of Transportation, Series 2015 A, Ref. RB(a)(b)		5.00%		11/15/2024		15			15,197
Oregon (State of) Department of Transportation, Series 2017 A, RB		5.00%		11/15/2024		1,000			1,012,869
Washington & Multnomah Counties School District No. 48J Beaverton, Series 2014, GO Bonds(a)(b)		5.00%		06/15/2024		35			35,165
									2,899,927
Pennsylvania-4.23%
Commonwealth Financing Authority, Series 2015 B-1, Ref. RB, (INS - AGM)(c)		5.00%		06/01/2024		60			60,212
Delaware Valley Regional Finance Authority, Series 2020 B, Ref. RB		5.00%		11/01/2024		5			5,056
Erie (City & County of), PA Water Authority, Series 2014, Ref. RB(a)(b)		5.00%		12/01/2024		125			126,591
Pennsylvania (Commonwealth of), First Series 2013-1, GO Bonds(a)(b)		4.00%		03/19/2024		35			35,008
Pennsylvania (Commonwealth of), First Series 2014, GO Bonds		4.00%		06/15/2032		15			15,030
Pennsylvania (Commonwealth of), First Series 2014, Ref. GO Bonds		5.00%		07/01/2024		15			15,084
Pennsylvania (Commonwealth of), First Series 2015, GO Bonds		5.00%		03/15/2024		150			150,074
Pennsylvania (Commonwealth of), First Series 2015, Ref. GO Bonds		5.00%		08/15/2024		2,000			2,015,762
Pennsylvania (Commonwealth of), First Series 2016, Ref. GO Bonds		5.00%		09/15/2024		290			292,747
Pennsylvania (Commonwealth of), Second Series 2013, GO Bonds(a)(b)		5.00%		03/19/2024		90			90,055
Pennsylvania (Commonwealth of), Second Series 2016, GO Bonds		5.00%		09/15/2024		175			176,658

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 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)			Value
Pennsylvania-(continued)
Pennsylvania (Commonwealth of) Economic Development Financing Authority (UPMC), Series 2014 A, RB		4.00%		02/01/2040	$	1,000		$	996,230
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (University of Pennsylvania Health System), Series 2016 C, Ref. RB		5.00%		08/15/2024		65			65,452
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2014 B, RB		5.25%		12/01/2039		325			328,477
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2014 C, RB(a)		5.00%		12/01/2039		1,275			1,288,858
Philadelphia (City of), PA, Series 2015 A, RB(a)(b)		5.00%		07/01/2024		200			201,044
Philadelphia (City of), PA, Series 2015 A, RB(a)(b)		5.00%		07/01/2024		2,000			2,010,444
Philadelphia (City of), PA, Series 2016, Ref. RB		5.00%		10/01/2024		150			151,511
Philadelphia (City of), PA, Series 2019 A, Ref. GO Bonds		5.00%		08/01/2024		100			100,669
Philadelphia (City of), PA Authority for Industrial Development (Children’s Hospital of Philadelphia), Series 2014 A, RB(a)(b)		4.00%		07/01/2024		1,000			1,002,188
West View Municipal Authority, Series 2014, RB(a)(b)		4.00%		11/15/2024		10			10,050
									9,137,200
Rhode Island-0.12%
Rhode Island (State of), Series 2014 D, Ref. GO Bonds		5.00%		08/01/2024		100			100,751
Rhode Island (State of), Series 2014 D, Ref. GO Bonds		5.00%		08/01/2027		40			40,310
Rhode Island Commerce Corp., Series 2016, Ref. RB		5.00%		06/15/2024		115			115,523
									256,584
South Carolina-0.50%
Horry County School District, Series 2016, GO Bonds		5.00%		03/01/2024		50			50,000
South Carolina (State of) Public Service Authority, Series 2014 A, RB		5.50%		12/01/2054		300			300,391
South Carolina (State of) Public Service Authority, Series 2014 C, Ref. RB		5.00%		12/01/2024		50			50,438
South Carolina (State of) Public Service Authority, Series 2014 C, Ref. RB		5.00%		12/01/2026		130			130,636
South Carolina (State of) Public Service Authority, Series 2014 C, Ref. RB		5.00%		12/01/2028		30			30,161
South Carolina (State of) Public Service Authority, Series 2014 C, Ref. RB		5.00%		12/01/2030		100			100,561
South Carolina (State of) Public Service Authority, Series 2015 B, Ref. RB(a)		5.00%		12/01/2024		400			405,238
South Carolina (State of) Transportation Infrastructure Bank, Series 2015 A, Ref. RB		5.00%		10/01/2024		10			10,107
									1,077,532
South Dakota-0.03%
South Dakota (State of) Health & Educational Facilities Authority (Avera Health), Series 2014, RB		4.13%		07/01/2041		5			4,920
South Dakota (State of) Health & Educational Facilities Authority (Sanford Obligated Group), Series 2014 B, RB		5.00%		11/01/2034		10			10,083
South Dakota (State of) Health & Educational Facilities Authority (Sanford Obligated Group), Series 2014 B, RB		4.00%		11/01/2044		55			53,791
									68,794
Tennessee-0.16%
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2013, Ref. GO Bonds		5.00%		07/01/2024		25			25,019
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2015 C, GO Bonds		4.00%		07/01/2024		80			80,193
Shelby (County of), TN, Series 2012 A, Ref. GO Bonds		5.00%		03/01/2024		80			80,000
Tennessee (State of) School Bond Authority, Series 2014, Ref. RB, (CEP - Colorado Higher Education Intercept Program)		5.00%		11/01/2024		80			80,946
Tennessee (State of) School Bond Authority, Series 2015 B, RB, (CEP - Colorado Higher Education Intercept Program)		5.00%		11/01/2024		70			70,828
									336,986
Texas-8.75%
Arlington Higher Education Finance Corp. (Lifeschool Dallas), Series 2014 A, RB(a)(b)		5.00%		08/15/2024		250			251,670
Austin (City of), TX, Series 2015, Ref. GO Bonds		5.00%		09/01/2024		35			35,314
Austin (City of), TX, Series 2017, Ref. RB		5.00%		11/15/2024		5			5,060
Austin Independent School District, Series 2023, GO Bonds		5.00%		08/01/2024		1,000			1,007,260
Bexar (County of), TX, Series 2014, Ctfs. of Obligation(a)(b)		5.00%		06/15/2024		1,000			1,004,571
Bexar (County of), TX (Flood Control Tax), Series 2014, Ref. GO Bonds(a)(b)		5.00%		06/15/2024		85			85,389
Bexar (County of), TX (Venue), Series 2015, Ref. RB(a)(b)		4.00%		08/15/2024		1,200			1,203,536
Board of Regents of the University of Texas System, Series 2010 B, Ref. RB		5.00%		08/15/2024		10			10,081
Board of Regents of the University of Texas System, Series 2016 D, RB.		5.00%		08/15/2024		25			25,204

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 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)			Value
Texas-(continued)
Board of Regents of the University of Texas System, Series 2016 I, Ref. RB		5.00%		08/15/2024	$	35		$	35,285
Board of Regents of the University of Texas System, Series 2016 J, RB		5.00%		08/15/2024		150			151,222
Board of Regents of the University of Texas System, Series 2017 C, Ref. RB		5.00%		08/15/2024		35			35,285
Camino Real Regional Mobility Authority, Series 2014, RB		4.00%		06/01/2039		65			64,995
Camino Real Regional Mobility Authority, Series 2014, RB		4.00%		06/01/2044		200			192,805
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2020 A, Ref. RB		5.00%		11/01/2024		500			505,882
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2021 B, Ref. RB		5.00%		11/01/2024		425			430,000
Dallas (City of), TX, Series 2014, Ref. GO Bonds		5.00%		02/15/2026		540			540,535
Dallas (City of), TX, Series 2014, Ref. GO Bonds		5.00%		02/15/2027		125			125,098
Dallas (City of), TX Area Rapid Transit, Series 2014 A, Ref. RB(a)(b)		5.00%		12/01/2024		30			30,404
Dallas (City of), TX Area Rapid Transit, Series 2014 A, Ref. RB(a)(b)		5.00%		12/01/2024		45			45,606
Dallas (City of), TX Area Rapid Transit, Series 2014 A, Ref. RB(a)(b)		5.00%		12/01/2024		65			65,875
Dallas (City of), TX Area Rapid Transit, Series 2019, Ref. RB		5.00%		12/01/2024		120			121,527
Dallas (City of), TX Independent School District, Series 2014 A, Ref. GO Bonds(a)(b)		4.00%		08/15/2024		35			35,111
Dallas (City of), TX Independent School District, Series 2014 A, Ref. GO Bonds(a)(b)		5.00%		08/15/2024		40			40,303
Dallas (City of), TX Independent School District, Series 2014 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		08/15/2024		40			40,317
Denton Independent School District, Series 2014 A, GO Bonds(a)(b)		5.00%		08/15/2024		100			100,735
Harris (County of) & Houston (City of), TX Sports Authority, Series 2014 A, Ref. RB		5.00%		11/15/2030		1,000			1,008,574
Harris (County of), TX, Series 2016 A, Ref. RB		5.00%		08/15/2024		165			166,308
Harris (County of), TX, Series 2020 A, Ref. GO Bonds		5.00%		10/01/2024		960			970,003
Harris (County of), TX Metropolitan Transit Authority, Series 2016 A, Ref. RB		5.00%		11/01/2024		265			268,100
Houston (City of), TX, Series 2012 B, Ref. RB, (SIFMA Municipal Swap Index + 0.01%)(d)(e)		3.57%		03/12/2024		2,000			2,000,000
Houston (City of), TX, Series 2014 C, Ref. RB		5.00%		05/15/2026		55			55,190
Houston (City of), TX, Series 2014 D, Ref. RB		5.00%		11/15/2024		35			35,416
Houston (City of), TX, Series 2014 D, Ref. RB		5.00%		11/15/2028		55			55,685
Houston (City of), TX, Series 2016 B, Ref. RB		5.00%		11/15/2024		170			172,023
Houston (City of), TX, Series 2017 A, Ref. GO Bonds		5.00%		03/01/2024		165			165,000
Houston (City of), TX, Series 2017 B, Ref. RB		5.00%		11/15/2024		40			40,476
Houston (City of), TX, Series 2021 A, GO Bonds		5.00%		03/01/2024		1,010			1,010,000
Houston Independent School District, Series 2014, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		02/15/2030		1,000			1,000,078
Houston Independent School District, Series 2014, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		02/15/2033		10			10,000
Permanent University Fund - University of Texas System, Series 2014 B, Ref. RB(a)(b)		4.00%		07/01/2024		150			150,353
Permanent University Fund - University of Texas System, Series 2014 B, Ref. RB		5.00%		07/01/2024		15			15,088
San Antonio (City of), TX, Series 2014, RB		5.00%		02/01/2044		430			430,155
San Antonio Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		08/15/2024		200			201,558
San Jacinto River Authority (Groundwater Reduction Plan Division), Series 2011, RB, (INS - AGM)(c)		5.00%		10/01/2032		215			215,132
Texas (State of), Series 2014 A, Ref. GO Bonds(a)(b)		5.00%		10/01/2024		370			373,792
Texas (State of), Series 2014 A, Ref. GO Bonds(a)(b)		5.00%		10/01/2024		1,100			1,111,273
Texas (State of), Series 2014 A, Ref. GO Bonds(a)(b)		5.00%		10/01/2024		1,000			1,010,248
Texas (State of), Series 2014, GO Bonds(a)(b)		5.00%		04/01/2024		285			285,345
Texas (State of), Series 2014, GO Bonds(a)(b)		5.00%		04/01/2024		100			100,121
Texas (State of), Series 2014, GO Bonds(a)(b)		5.00%		04/01/2024		65			65,079
Texas (State of), Series 2014, GO Bonds		5.00%		04/01/2026		20			20,002
Texas (State of), Series 2014, Ref. GO Bonds(a)(b)		4.00%		04/01/2024		90			90,039
Texas (State of), Series 2014, Ref. GO Bonds(a)(b)		5.00%		04/01/2024		90			90,105
Texas (State of), Series 2014, Ref. GO Bonds(a)(b)		5.00%		04/01/2024		110			110,129
Texas (State of), Series 2014, Ref. GO Bonds(a)(b)		5.00%		04/01/2024		30			30,036
Texas (State of), Series 2018 A, Ref. GO Bonds		5.00%		10/01/2024		10			10,107
Texas (State of) (Water Financial Assistance), Subseries 2018 B-3, Ref. GO Bonds		5.00%		08/01/2024		30			30,223
Texas (State of) Transportation Commission (Central Texas Turnpike System), Series 2015 C, Ref. RB		5.00%		08/15/2031		100			100,563
Texas (State of) Transportation Commission State Highway Fund, Series 2014 A, Ref. RB		5.00%		04/01/2024		435			435,560
Texas (State of) Transportation Commission State Highway Fund, Series 2014 A, Ref. RB(a)(b)		5.00%		04/01/2024		150			150,159
Texas (State of) Transportation Commission State Highway Fund, Series 2015, Ref. RB		5.00%		10/01/2024		75			75,811
Texas (State of) Transportation Commission State Highway Fund, Series 2016 A, RB		5.00%		10/01/2024		20			20,216

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 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)			Value
Texas-(continued)
Texas (State of) Water Development Board, Series 2017 A, RB		5.00%		04/15/2024	$	35		$	35,072
Texas (State of) Water Development Board, Series 2018 B, RB		5.00%		10/15/2024		225			227,609
Texas A&M University, Series 2016 C, Ref. RB		5.00%		05/15/2024		170			170,556
United Independent School District, Series 2014, GO Bonds(a)(b)		5.00%		08/15/2024		50			50,367
White Settlement Independent School District, Series 2014, Ref. GO Bonds(a)(b)		5.00%		08/15/2024		45			45,301
White Settlement Independent School District, Series 2014, Ref. GO Bonds(a)(b)		5.00%		08/15/2024		110			110,735
									18,906,657
Utah-0.26%
Utah (County of), UT (IHC Health Services, Inc.), Series 2014 A, RB		5.00%		05/15/2045		500			500,834
Utah (State of), Series 2018, GO Bonds		5.00%		07/01/2024		15			15,085
Utah (State of) Transit Authority, Series 2015 A, Ref. RB		5.00%		06/15/2024		40			40,192
									556,111
Virginia-1.19%
Fairfax (County of), VA, Series 2014 B, Ref. GO Bonds		5.00%		10/01/2024		10			10,113
Fairfax (County of), VA, Series 2020 A, Ref. GO Bonds		4.00%		10/01/2024		1,200			1,206,817
Virginia (Commonwealth of), Series 2013 B, GO Bonds		4.00%		06/01/2024		100			100,058
Virginia (Commonwealth of) College Building Authority, Series 2016 A, Ref. RB, (CEP - Colorado Higher Education Intercept Program)		3.00%		09/01/2024		340			339,335
Virginia (Commonwealth of) Public Building Authority, Series 2014 C, Ref. RB		5.00%		08/01/2024		500			503,712
Virginia (Commonwealth of) Public Building Authority, Series 2021 A-1, RB		5.00%		08/01/2024		200			201,485
Virginia (Commonwealth of) Public School Authority, Series 2014 B, Ref. RB, (CEP - Colorado Higher Education Intercept Program)		5.00%		08/01/2024		20			20,152
Virginia (Commonwealth of) Transportation Board, Series 2017 A, Ref. RB		5.00%		05/15/2024		140			140,481
Virginia (Commonwealth of) Transportation Board (Garvee), Series 2017, Ref. RB		5.00%		03/15/2024		35			35,018
Virginia (Commonwealth of) Transportation Board (Garvee), Series 2017, Ref. RB		5.00%		09/15/2024		10			10,098
									2,567,269
Washington-2.38%
Central Puget Sound Regional Transit Authority (Green Bonds), Series 2021 S-1, Ref. RB		5.00%		11/01/2024		10			10,122
Energy Northwest, Series 2018 A, Ref. RB		5.00%		07/01/2024		205			206,218
Energy Northwest (Columbia Generating Station), Series 2014 A, Ref. RB		5.00%		07/01/2024		400			402,376
Energy Northwest (No. 1), Series 2014 C, Ref. RB		5.00%		07/01/2026		1,000			1,004,505
Energy Northwest (No. 1), Series 2014 C, Ref. RB		5.00%		07/01/2027		150			150,661
King & Snohomish Counties School District No. 417 Northshore, Series 2014, GO Bonds, (CEP - Oregon School Bond Guaranty)		4.00%		12/01/2033		25			25,039
King County Rural Library District, Series 2012, Ref. GO Bonds		4.00%		12/01/2024		20			20,109
King County School District No. 411 Issaquah, Series 2015, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00%		12/01/2024		70			70,968
Seattle (City of), WA, Series 2015, Ref. RB		5.00%		05/01/2024		150			150,410
Seattle (Port of), WA, Series 2015 A, RB		5.00%		04/01/2040		500			501,631
Snohomish County School District No. 201 Snohomish, Series 2016, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00%		12/01/2024		200			202,796
Washington (State of), Series 2014 B, Ref. GO Bonds		5.00%		07/01/2024		30			30,179
Washington (State of), Series 2014 R, Ref. GO Bonds		4.00%		07/01/2026		45			45,088
Washington (State of), Series 2015 A-1, GO Bonds		5.00%		08/01/2024		175			176,335
Washington (State of), Series 2015 A-1, GO Bonds		5.00%		08/01/2037		350			351,887
Washington (State of), Series 2015 R, Ref. GO Bonds		5.00%		07/01/2024		20			20,119
Washington (State of), Series 2017 R, Ref. GO Bonds		5.00%		08/01/2024		190			191,449
Washington (State of), Series R-2018D, Ref. GO Bonds		5.00%		08/01/2024		1,400			1,410,679
Washington (State of) Health Care Facilities Authority (Providence Health & Services), Series 2014 D, Ref. RB		5.00%		10/01/2038		155			154,451
Washington (State of) Health Care Facilities Authority (Providence Health & Services), Series 2014 D, Ref. RB		5.00%		10/01/2041		25			24,642
									5,149,664

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 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)			Value
West Virginia-0.12%
West Virginia (State of) Commissioner of Highways (Surface Transportation), Series 2017 A, RB		5.00%		09/01/2024	$	10		$	10,085
West Virginia University, Series 2014 A, RB(a)(b)		5.00%		10/01/2024		250			252,491
									262,576
Wisconsin-1.54%
Wisconsin (State of), Series 2015 C, GO Bonds(a)(b)		5.00%		05/01/2024		1,000			1,002,605
Wisconsin (State of), Series 2016 2, Ref. GO Bonds		5.00%		11/01/2024		25			25,312
Wisconsin (State of), Series 2016 D, GO Bonds		4.00%		05/01/2026		20			20,030
Wisconsin (State of), Series 2016-1, Ref. GO Bonds		5.00%		11/01/2024		50			50,624
Wisconsin (State of), Series 2017 2, Ref. GO Bonds		5.00%		11/01/2024		1,000			1,012,485
Wisconsin (State of), Series 2023-1, Ref. GO Bonds		5.00%		05/01/2024		900			902,489
Wisconsin (State of) Department of Transportation, Series 2017 1, Ref. RB		5.00%		07/01/2024		70			70,409
Wisconsin (State of) Health & Educational Facilities Authority (Hospital Sisters Services, Inc.), Series 2014, Ref. RB		5.00%		11/15/2029		235			237,090
									3,321,044
TOTAL INVESTMENTS IN SECURITIES(f)-98.00% (Cost $212,403,387)									211,751,512
OTHER ASSETS LESS LIABILITIES-2.00%									4,316,839
NET ASSETS-100.00%								$	216,068,351

Investment Abbreviations:
AGM	-Assured Guaranty Municipal Corp.
AMBAC	-American Municipal Bond Assurance Corp.
BAM	-Build America Mutual Assurance Co.
CEP	-Credit Enhancement Provider
COP	-Certificates of Participation
Ctfs.	-Certificates
GO	-General Obligation
INS	-Insurer
RB	-Revenue Bonds
Ref.	-Refunding
RN	-Revenue Notes
SIFMA	-Securities Industry and Financial Markets Association
VRD	-Variable Rate Demand
Wts.	-Warrants

Notes to Schedule of Investments:

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

^(b)  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)  Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the issuer or agent based on current market conditions. Rate shown is the rate in effect on February 29, 2024.

^(e)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 29, 2024.

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

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

 132 

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

February 29, 2024

(Unaudited)

 

Portfolio Composition
Revenue Type Breakdown (% of the Fund’s Net Assets) as of February 29, 2024
Ad Valorem Property Tax	34.13
Miscellaneous Revenue	9.02
Water Revenue	7.55
Sales Tax Revenue	7.12
General Fund	6.31
Health, Hospital, Nursing Home Revenue	6.20
Income Tax Revenue	4.76
College & University Revenue	4.17
Electric Power Revenue	3.05
Revenue Types Each Less Than 3%	15.69
Other Assets Less Liabilities	2.00

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

 133 

Invesco BulletShares 2025 Municipal Bond ETF (BSMP)

February 29, 2024

(Unaudited)

Schedule of Investments

					Principal
	Interest		Maturity		Amount
	Rate		Date		(000)			Value
Municipal Obligations-98.57%
Alabama-0.37%
Alabama (State of), Series 2014 A, Ref. GO Bonds		5.00%		08/01/2025	$	285		$	287,116
Alabama (State of) Public School & College Authority (Social Bonds), Series 2020 A, Ref. RB		5.00%		11/01/2025		300			310,406
Birmingham (City of), AL, Series 2015 A-1, GO Bonds(a)(b)		5.00%		09/01/2025		200			205,714
									803,236
Alaska-0.15%
Alaska (State of) International Airports System, Series 2016 A, Ref. RB		5.00%		10/01/2031		105			107,793
Alaska (State of) International Airports System, Series 2016 B, Ref. RB		5.00%		10/01/2034		20			20,519
Alaska (State of) International Airports System, Series 2016 B, Ref. RB		5.00%		10/01/2035		80			81,992
Matanuska-Susitna (Borough of), AK, Series 2015, Ref. RB		5.00%		09/01/2032		100			102,188
									312,492
Arizona-1.41%
Arizona (State of), Series 2019 A, Ref. COP(a)		5.00%		10/01/2025		100			103,194
Arizona (State of) Industrial Development Authority (Equitable School Revolving Fund), Series 2022 A, RB		4.00%		11/01/2027		40			40,478
Arizona (State of) Sports & Tourism Authority, Series 2022, Ref. RB, (INS - BAM)(c)		5.00%		07/01/2025		100			102,232
Arizona (State of) Transportation Board (Maricopa County Regional Area Road Fund), Series 2016, Ref. RB		5.00%		07/01/2025		200			205,277
Arizona State University, Series 2015 D, RB		5.00%		07/01/2041		25			25,513
Arizona State University, Series 2015 D, RB		5.00%		07/01/2046		125			126,787
Lake Havasu (Ciity of), AZ, Series 2015 B, Ref. RB, (INS - AGM)(c)		5.00%		07/01/2040		15			15,155
Mesa (City of), AZ, Series 2017, Ref. RB		4.00%		07/01/2025		75			75,905
Phoenix (City of), AZ, Series 2014, GO Bonds		4.00%		07/01/2025		15			15,037
Phoenix (City of), AZ, Series 2016, Ref. GO Bonds		5.00%		07/01/2025		40			41,076
Phoenix Civic Improvement Corp., Series 2015 A, Ref. RB		5.00%		07/01/2035		35			35,823
Phoenix Civic Improvement Corp., Series 2015 B, Ref. RB		5.00%		07/01/2034		110			112,418
Phoenix Civic Improvement Corp., Series 2017 D, Ref. RB		5.00%		07/01/2025		130			133,106
Phoenix Civic Improvement Corp., Series 2017, Ref. RB		5.00%		07/01/2025		140			143,565
Phoenix Civic Improvement Corp., Series 2021 B, Ref. RB		5.00%		07/01/2025		80			82,037
Pima (County of), AZ, Series 2016, Ref. RB		5.00%		07/01/2025		50			51,346
Pima (County of), AZ, Series 2016, Ref. RB(a)		5.00%		07/01/2025		10			10,249
Salt River Project Agricultural Improvement & Power District, Series 2015 A, Ref. RB		5.00%		12/01/2032		205			209,689
Salt River Project Agricultural Improvement & Power District, Series 2015 A, Ref. RB		5.00%		12/01/2034		625			638,988
Salt River Project Agricultural Improvement & Power District, Series 2015 A, Ref. RB		5.00%		12/01/2035		165			168,632
Salt River Project Agricultural Improvement & Power District, Series 2015 A, Ref. RB(a)		5.00%		12/01/2045		605			618,279
Salt River Project Agricultural Improvement & Power District, Series 2016 A, Ref. RB		5.00%		01/01/2025		55			55,877
Salt River Project Agricultural Improvement & Power District, Series 2017, Ref. RB		5.00%		01/01/2025		25			25,399
									3,036,062
Arkansas-0.01%
Arkansas (State of), Series 2015, Ref. GO Bonds		4.00%		06/01/2025		25			25,058
California-17.45%
Alameda Unified School District (Election of 2014), Series 2015 A, GO Bonds		5.00%		08/01/2039		30			30,782
Anaheim (City of), CA Housing & Public Improvements Authority, Series 2020 C, Ref. RB		5.00%		10/01/2045		50			51,199
Antelope Valley Community College District, Series 2015, Ref. GO Bonds(a)(b)		5.00%		02/15/2025		125			127,312
Bay Area Toll Authority (San Francisco Bay Area), Series 2023 F-1, RB		5.00%		04/01/2025		1,000			1,022,751
Beaumont (City of), CA Public Improvement Authority, Series 2018 A, RB, (INS - AGM)(c)		5.00%		09/01/2049		100			104,946
California (State of), Series 2014, Ref. GO Bonds		5.00%		11/01/2025		1,000			1,012,498
California (State of), Series 2015 B, Ref. GO Bonds		5.00%		09/01/2025		50			51,554
California (State of), Series 2015 C, Ref. GO Bonds		5.00%		09/01/2028		865			890,190
California (State of), Series 2015 C, Ref. GO Bonds		3.00%		09/01/2029		65			65,102
California (State of), Series 2015 C, Ref. GO Bonds		5.00%		08/01/2030		80			81,419
California (State of), Series 2015 C, Ref. GO Bonds		5.00%		09/01/2030		60			61,735

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 29, 2024

(Unaudited)

 

					Principal
	Interest		Maturity		Amount
	Rate		Date		(000)			Value
California-(continued)
California (State of), Series 2015 C, Ref. GO Bonds		5.00%		08/01/2031	$	100		$	101,767
California (State of), Series 2015 C, Ref. GO Bonds		5.00%		09/01/2032		75			77,116
California (State of), Series 2015 C, Ref. GO Bonds		3.38%		09/01/2033		50			50,119
California (State of), Series 2015 C, Ref. GO Bonds		5.00%		09/01/2034		175			179,724
California (State of), Series 2015, GO Bonds		5.00%		03/01/2027		100			102,089
California (State of), Series 2015, GO Bonds		5.00%		03/01/2045		325			329,343
California (State of), Series 2015, GO Bonds		5.00%		08/01/2045		815			830,331
California (State of), Series 2015, Ref. GO Bonds		5.00%		03/01/2027		360			367,521
California (State of), Series 2015, Ref. GO Bonds		5.00%		08/01/2027		150			154,494
California (State of), Series 2015, Ref. GO Bonds		5.00%		03/01/2028		200			203,850
California (State of), Series 2015, Ref. GO Bonds		3.00%		03/01/2029		225			225,210
California (State of), Series 2015, Ref. GO Bonds		5.00%		08/01/2029		100			102,716
California (State of), Series 2015, Ref. GO Bonds		5.00%		08/01/2033		55			56,420
California (State of), Series 2015, Ref. GO Bonds		5.00%		08/01/2034		1,750			1,794,686
California (State of), Series 2015, Ref. GO Bonds		5.00%		08/01/2035		1,150			1,178,456
California (State of), Series 2016, Ref. GO Bonds		5.00%		09/01/2025		50			51,554
California (State of), Series 2017, Ref. GO Bonds		5.00%		08/01/2025		155			159,512
California (State of), Series 2018, Ref. GO Bonds		5.00%		10/01/2025		650			671,473
California (State of), Series 2020, GO Bonds		5.00%		11/01/2025		1,250			1,293,770
California (State of), Series 2020, GO Bonds		4.00%		11/01/2050		30			29,578
California (State of), Series 2021, GO Bonds		4.00%		10/01/2025		2,000			2,035,484
California (State of), Series 2021, Ref. GO Bonds		5.00%		10/01/2025		725			748,950
California (State of), Series 2021, Ref. GO Bonds		5.00%		12/01/2025		410			425,183
California (State of), Series 2022, GO Bonds		5.00%		09/01/2025		1,090			1,123,880
California (State of) (Bid Group B), Series 2020, Ref. GO Bonds		5.00%		11/01/2025		1,000			1,035,016
California (State of) Department of Water Resources (Central Valley), Series 2014 AS, RB		5.00%		12/01/2025		20			20,287
California (State of) Department of Water Resources (Central Valley), Series 2020 BB, Ref. RB		5.00%		12/01/2025		50			51,964
California (State of) Educational Facilities Authority (University of Southern California), Series 2015 A, Ref. RB(a)		5.00%		10/01/2025		100			103,491
California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2015, Ref. RB		5.00%		11/15/2029		500			517,598
California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2015 A, RB		5.00%		08/15/2054		500			506,847
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2015 A, Ref. RB(a)(b)		5.00%		08/15/2025		100			102,890
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2016 A, RB(a)(b)		3.25%		11/15/2025		40			40,314
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2016 A, RB(a)(b)		5.00%		11/15/2025		20			20,743
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2016 A, RB(a)(b)		5.00%		11/15/2025		230			238,548
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2016 A, RB(a)(b)		5.00%		11/15/2025		500			518,582
California (State of) Infrastructure & Economic Development Bank (Bay Area Toll Bridges), Series 2003 A, RB(a)		5.00%		07/01/2025		120			123,625
California (State of) Infrastructure & Economic Development Bank (Segerstrom Center Arts), Series 2017, Ref. RB		5.00%		01/01/2025		200			203,009
California (State of) Municipal Finance Authority (Community Medical Centers), Series 2015 A, Ref. RB(a)(b)		5.00%		02/01/2025		200			203,367
California (State of) Municipal Finance Authority (Community Medical Centers), Series 2015 A, Ref. RB(a)(b)		5.00%		02/01/2025		60			61,010
California (State of) Public Works Board, Series 2015 F, Ref. RB		5.00%		05/01/2027		150			153,395
California (State of) Public Works Board (Vaious Capital), Series 2023 B, Ref. RB		5.00%		12/01/2025		300			311,162
California (State of) Public Works Board (Various Capital), Series 2017 B, Ref. RB(a)		5.00%		10/01/2025		5			5,171
California (State of) Public Works Board (Various Capital), Series 2017 B, Ref. RB		5.00%		10/01/2025		120			123,983
California State University, Series 2015 A, Ref. RB		5.00%		11/01/2027		100			103,569
California State University, Series 2015 A, Ref. RB		5.00%		11/01/2031		150			155,149
California State University, Series 2015 A, Ref. RB		5.00%		11/01/2038		1,000			1,031,339
California State University, Series 2015 A, Ref. RB		5.00%		11/01/2043		660			677,360
California State University, Series 2015 A, Ref. RB		5.00%		11/01/2047		50			51,196
Chino Basin Regional Financing Authority, Series 2020 B, RN		4.00%		11/01/2025		200			203,311
Coronado Community Development Agency Successor Agency, Series 2018 A, Ref. RB		5.00%		09/01/2033		80			82,222
East Bay Municipal Utility District, Series 2015 A, Ref. RB		5.00%		06/01/2029		50			51,342
Long Beach (City of), CA, Series 2020, Ref. RB		5.00%		05/15/2025		30			30,778

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 29, 2024

(Unaudited)

 

					Principal
	Interest		Maturity		Amount
	Rate		Date		(000)			Value
California-(continued)
Los Angeles (City of), CA Department of Airports, Series 2015 C, Ref. RB		5.00%		05/15/2038	$	75		$	76,617
Los Angeles (City of), CA Department of Water & Power, Series 2015 A, Ref. RB		5.00%		07/01/2028		65			66,232
Los Angeles (City of), CA Department of Water & Power, Series 2015 A, Ref. RB		5.00%		07/01/2029		45			45,861
Los Angeles (City of), CA Department of Water & Power, Series 2015 A, Ref. RB		5.00%		07/01/2035		40			40,636
Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB		5.00%		07/01/2025		1,000			1,028,361
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020 A, RB		5.00%		06/01/2025		215			220,620
Los Angeles (County of), CA Public Works Financing Authority, Series 2016 D, RB		5.00%		12/01/2045		200			204,850
Los Angeles (County of), CA Sanitation Districts Financing Authority (Capital), Series 2015 A, Ref. RB		5.00%		10/01/2034		400			413,921
Los Angeles Community College District (Election of 2016), Series 2022 C-1, GO Bonds		5.00%		08/01/2025		90			92,847
Los Angeles Unified School District, Series 2014 C, Ref. GO Bonds		5.00%		07/01/2025		1,020			1,025,775
Los Angeles Unified School District, Series 2016 B, Ref. GO Bonds		5.00%		07/01/2025		40			41,119
Los Angeles Unified School District, Series 2017 A, Ref. GO Bonds		5.00%		07/01/2025		85			87,377
Los Angeles Unified School District (Sustainability Bonds), Series 2023 A, COP		5.00%		10/01/2025		250			257,829
Los Rios Community College District, Series 2021 E, GO Bonds		3.00%		08/01/2025		1,050			1,051,076
Metropolitan Water District of Southern California, Series 2015 A, RB(a)(b)		5.00%		07/01/2025		500			514,378
Metropolitan Water District of Southern California, Series 2019 A, Ref. RB		5.00%		07/01/2025		250			257,156
Municipal Improvement Corp. of Los Angeles (Real Property), Series 2016 B, Ref. RB		5.00%		11/01/2025		100			103,502
Orange (County of), CA Local Transportation Authority, Series 2019, RB		5.00%		02/15/2025		40			40,808
Orange (County of), CA Water District, Series 2021 A, COP		4.00%		02/15/2025		50			50,421
Peralta Community College District, Series 2016 A, Ref. GO Bonds		4.00%		08/01/2039		20			20,021
Riverside (County of), CA Public Financing Authority (Capital Facilities), Series 2015, RB(a)(b)		4.13%		11/01/2025		105			107,405
Riverside (County of), CA Public Financing Authority (Capital Facilities), Series 2015, RB(a)(b)		5.25%		11/01/2025		80			83,282
Sacramento (City of), CA Municipal Utility District, Series 2022 J, Ref. RB		5.00%		08/15/2025		100			103,205
Sacramento (County of), CA Water Financing Authority, Series 2022 A, RB		4.00%		11/01/2025		165			167,984
San Bernardino (County of), CA (Arrowhead), Series 2019 A, Ref. COP		5.00%		10/01/2025		20			20,673
San Diego (City of), CA Public Facilities Financing Authority, Series 2016 B, Ref. RB		5.00%		08/01/2025		10			10,314
San Diego (County of), CA Water Authority, Series 2015, Ref. RB		5.00%		05/01/2029		100			102,795
San Diego Community College District, Series 2016, Ref. GO Bonds		5.00%		08/01/2025		10			10,314
San Diego Unified School District, Series 2015 R-4, Ref. GO Bonds		5.00%		07/01/2025		120			123,467
San Diego Unified School District, Series 2015 R-4, Ref. GO Bonds		5.00%		07/01/2027		25			25,737
San Diego Unified School District, Series 2015 R-4, Ref. GO Bonds		5.00%		07/01/2028		65			66,966
San Diego Unified School District (Election of 2012), Series 2016 F, GO Bonds		5.00%		07/01/2045		75			76,519
San Francisco (City & County of), CA, Series 2022 R-1, Ref. GO Bonds		5.00%		06/15/2025		10			10,279
San Francisco (City & County of), CA (Moscone Convention Center Expansion), Series 2017 B, COP		5.00%		04/01/2029		25			25,961
San Francisco (City & County of), CA (Moscone Convention Center Expansion), Series 2017 B, COP		3.00%		04/01/2031		115			115,065
San Francisco (City & County of), CA (Moscone Convention Center Expansion), Series 2017, COP		3.00%		04/01/2032		20			19,986
San Francisco (City of), CA Public Utilities Commission, Series 2015, Ref. RB		5.00%		11/01/2027		250			256,730
San Francisco Bay Area Rapid Transit District, Series 2015 A, Ref. RB		5.00%		07/01/2025		100			102,902
San Francisco Bay Area Rapid Transit District, Series 2015 A, Ref. RB		5.00%		07/01/2028		115			118,008
San Francisco Bay Area Rapid Transit District (Election of 2004), Series 2015 D, Ref. GO Bonds		5.00%		08/01/2029		65			66,885
San Francisco Bay Area Rapid Transit District (Election of 2004), Series 2015 D, Ref. GO Bonds		4.00%		08/01/2035		150			150,969
San Francisco Unified School District, Series 2020, Ref. GO Bonds		4.00%		06/15/2025		1,185			1,202,121
San Joaquin Hills Transportation Corridor Agency, Series 2014 A, Ref. RB(a)(b)		5.00%		01/15/2025		1,100			1,118,366
San Joaquin Hills Transportation Corridor Agency, Series 2014 B, Ref. RB		5.25%		01/15/2049		1,000			1,010,810
San Jose (City of), CA Redevelopment Agency Successor Agency, Series 2017 B, Ref. RB		5.00%		08/01/2025		100			102,981
San Mateo & Foster (Cities of), CA Public Financing Authority (Clean Water Program), Series 2021 B, RB(a)		5.00%		08/01/2025		115			118,316
San Mateo County Community College District, Series 2015 A, GO Bonds(a)(b)		5.00%		09/01/2025		55			56,775
San Mateo County Transit District, Series 2015 A, Ref. RB		5.00%		06/01/2029		1,000			1,028,566
Santa Clara (County of), CA Financing Authority, Series 2016 Q, Ref. RB		3.00%		05/15/2034		250			241,619
Santa Clara Valley Transportation Authority, Series 2023 A, Ref. RB		5.00%		04/01/2025		500			511,536
South San Francisco Unified School District (Measure J), Series 2016 C, GO Bonds		4.00%		09/01/2037		25			25,157
University of California, Series 2015 AO, Ref. RB		5.00%		05/15/2027		35			35,915
University of California, Series 2015 AO, Ref. RB		5.00%		05/15/2031		40			41,018
University of California, Series 2015 I, Ref. RB		5.00%		05/15/2028		1,025			1,051,277
University of California, Series 2017 AY, Ref. RB		5.00%		05/15/2025		20			20,507
University of California, Series 2022 S, Ref. RB		5.00%		05/15/2025		305			312,732
University of California, Series 2023 BM, Ref. RB		5.00%		05/15/2025		10			10,253

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 29, 2024

(Unaudited)

 

					Principal
	Interest		Maturity		Amount
	Rate		Date		(000)			Value
California-(continued)
University of California (Limited), Series 2015 I, Ref. RB		5.00%		05/15/2025	$	30		$	30,760
University of California (Limited), Series 2015 I, Ref. RB		5.00%		05/15/2029		40			41,014
University of California (Limited), Series 2015 I, Ref. RB		5.00%		05/15/2030		120			123,066
University of California (Limited), Series 2015 I, Ref. RB		5.00%		05/15/2032		60			61,507
University of California (Limited), Series 2015 I, Ref. RB		5.00%		05/15/2040		115			117,096
Ventura County Community College District, Series 2015, Ref. GO Bonds		3.13%		08/01/2031		180			180,251
Vista Joint Powers Financing Authority, Series 2015, Ref. RB		5.25%		05/01/2037		45			46,140
Yosemite Community College District, Series 2015, Ref. GO Bonds(a)(b)		5.00%		08/01/2025		20			20,605
Yosemite Community College District, Series 2015, Ref. GO Bonds(a)(b)		5.00%		08/01/2025		40			41,209
									37,474,432
Colorado-0.88%
Adams & Weld Counties School District No. 27J Brighton, Series 2015, GO Bonds		5.00%		12/01/2040		10			10,234
Adams (County of), CO , Series 2015, Ref. COP		4.00%		12/01/2045		35			34,654
Adams 12 Five Star Schools, Series 2014, Ref. GO Bonds		5.00%		12/15/2025		45			46,694
Arapahoe County School District No. 5 Cherry Creek, Series 2017, GO Bonds		5.00%		12/15/2031		105			108,533
Arapahoe County School District No. 6 Littleton, Series 2019 A, GO Bonds		5.00%		12/01/2025		25			25,896
Board of Governors of Colorado State University System, Series 2015 A, RB		4.13%		03/01/2055		350			346,380
Boulder Larimer & Weld Counties St. Vrain Valley School District RE-1J, Series 2016 A, Ref. GO Bonds		4.00%		12/15/2032		25			25,393
Colorado (State of), Series 2018 A, COP		5.00%		12/15/2025		35			36,299
Colorado (State of), Series 2021 A, COP		5.00%		12/15/2025		80			82,968
Colorado (State of) Health Facilities Authority (SCL Health System), Series 2019 A, Ref. RB		5.00%		01/01/2025		200			202,780
Colorado (State of) Higher Education, Series 2014 A, Ref. COP		5.00%		11/01/2025		95			98,217
Colorado (State of) Regional Transportation District, Series 2015, COP		5.00%		06/01/2027		165			168,409
Denver City & County School District No. 1, Series 2014 B, Ref. GO Bonds		5.00%		12/01/2025		150			152,074
Douglas County School District No. Re-1 Douglas & Elbert Counties, Series 2022, Ref. GO Bonds		5.00%		12/15/2025		30			31,103
Park Creek Metropolitan District, Series 2015, Ref. RB		5.00%		12/01/2045		250			250,946
University of Colorado, Series 2017 A-2, Ref. RB		5.00%		06/01/2025		190			194,521
University of Northern Colorado, Series 2015 A, Ref. RB, (CEP - Colorado Higher Education Intercept Program)		4.00%		06/01/2040		75			75,153
									1,890,254
Connecticut-2.18%
Connecticut (State of), Series 2015 A, GO Bonds		5.00%		03/15/2027		200			203,990
Connecticut (State of), Series 2015 A, GO Bonds		5.00%		03/15/2028		210			214,152
Connecticut (State of), Series 2015 B, GO Bonds		5.00%		06/15/2025		50			51,264
Connecticut (State of), Series 2015 F, GO Bonds		5.00%		11/15/2027		135			139,522
Connecticut (State of), Series 2015 F, GO Bonds		3.25%		11/15/2029		200			200,464
Connecticut (State of), Series 2020 A, GO Bonds		5.00%		01/15/2025		1,000			1,016,351
Connecticut (State of), Series 2021 A, GO Bonds		4.00%		01/15/2025		105			105,829
Connecticut (State of), Series 2021 D, RB		5.00%		11/01/2025		1,000			1,031,892
Connecticut (State of), Series 2022 D, Ref. GO Bonds		5.00%		09/15/2025		100			102,912
Connecticut (State of) (Transportation Infrastructure), Series 2014 A, Ref. RB		5.00%		09/01/2025		500			504,655
Connecticut (State of) (Transportation Infrastructure), Series 2015 A, RB		5.00%		08/01/2028		300			308,134
Connecticut (State of) (Transportation Infrastructure), Series 2015 A, RB		5.00%		08/01/2029		80			82,125
Connecticut (State of) (Transportation Infrastructure), Series 2015 A, RB		5.00%		08/01/2033		95			97,271
Connecticut (State of) (Transportation Infrastructure), Series 2015 A, RB		5.00%		08/01/2034		250			255,585
Connecticut (State of) (Transportation Infrastructure), Series 2015 A, RB		5.00%		08/01/2035		40			40,810
Connecticut (State of) (Transportation Infrastructure), Series 2018 A, RB		5.00%		01/01/2025		75			76,092
Connecticut (State of) Health & Educational Facilities Authority (Yale University), Series 2018 A, Ref. RB		5.00%		07/01/2025		250			256,991
									4,688,039
Delaware-0.24%
Delaware (State of), Series 2017 A, Ref. GO Bonds		5.00%		01/01/2025		200			203,255
Delaware (State of), Series 2020 A, GO Bonds		5.00%		01/01/2025		300			304,882
									508,137

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 29, 2024

(Unaudited)

 

					Principal
	Interest		Maturity		Amount
	Rate		Date		(000)			Value
District of Columbia-0.88%
District of Columbia, Series 2015 A, GO Bonds		5.00%		06/01/2028	$	10		$	10,245
District of Columbia, Series 2015 A, GO Bonds		5.00%		06/01/2029		10			10,255
District of Columbia, Series 2015 A, GO Bonds		5.00%		06/01/2030		100			102,478
District of Columbia, Series 2015 A, GO Bonds		5.00%		06/01/2032		1,000			1,024,783
District of Columbia, Series 2015 A, GO Bonds		5.00%		06/01/2034		50			51,122
District of Columbia, Series 2015 A, GO Bonds		5.00%		06/01/2036		150			153,146
District of Columbia, Series 2015 A, GO Bonds		5.00%		06/01/2038		100			101,645
District of Columbia, Series 2017 D, GO Bonds		5.00%		06/01/2025		5			5,119
District of Columbia, Series 2018 B, Ref. GO Bonds		5.00%		06/01/2025		275			281,544
District of Columbia, Series 2019 A, RB		5.00%		03/01/2025		35			35,675
District of Columbia Water & Sewer Authority, Series 2014 C, Ref. RB		5.00%		10/01/2025		50			50,478
District of Columbia Water & Sewer Authority (Green Bonds), Series 2015 A, RB		5.00%		10/01/2045		60			60,694
									1,887,184
Florida-3.08%
Broward (County of), FL School Board, Series 2015 A, Ref. COP		5.00%		07/01/2025		70			71,663
Broward (County of), FL School Board, Series 2015 B, Ref. COP		5.00%		07/01/2030		165			168,195
Broward (County of), FL School Board, Series 2015 B, Ref. COP		5.00%		07/01/2031		90			91,579
Central Florida Expressway Authority, Series 2016 B, Ref. RB		5.00%		07/01/2025		25			25,624
Florida (State of), Series 2015 E, Ref. GO Bonds		4.00%		06/01/2032		135			136,071
Florida (State of), Series 2016 A, Ref. RB		5.00%		07/01/2025		45			46,217
Florida (State of), Series 2017 A, Ref. RB		5.00%		07/01/2025		505			518,657
Florida (State of) Department of Environmental Protection (FL Forever), Series 2014, Ref. RB		5.00%		07/01/2025		500			502,978
Florida (State of) Department of Environmental Protection (FL Forever), Series 2016 A, Ref. RB		5.00%		07/01/2025		65			66,664
Florida (State of) Department of Transportation, Series 2015 A, Ref. GO Bonds		5.00%		07/01/2025		100			102,691
Florida (State of) Department of Transportation, Series 2022 A, Ref. RB		5.00%		07/01/2025		85			87,131
Florida (State of) Municipal Power Agency, Series 2017 A, Ref. RB		5.00%		10/01/2025		55			56,543
Florida Keys Aqueduct Authority, Series 2019 A, RB		5.00%		09/01/2049		975			986,122
Florida Keys Aqueduct Authority, Series 2021 B, RB		5.00%		09/01/2025		100			102,975
FSU Financial Assistance, Inc., Series 2015 A, RB		4.25%		10/01/2045		50			50,020
Gainesville (City of), FL, Series 2017 A, RB(a)		5.00%		10/01/2025		10			10,296
Gainesville (City of), FL, Series 2017 A, RB		5.00%		10/01/2025		40			41,228
Hillsborough (County of), FL, Series 2015, RB.		3.75%		10/01/2045		200			191,383
Hillsborough (County of), FL, Series 2015, Ref. RB		5.00%		11/01/2025		130			134,167
Jacksonville (City of), FL, Series 2015, Ref. RB		5.00%		10/01/2027		75			76,973
Jacksonville (City of), FL, Series 2015, Ref. RB		5.00%		10/01/2029		30			30,766
Jacksonville (City of), FL, Series 2015, Ref. RB		3.25%		10/01/2032		100			100,091
Lake (County of), FL School Board, Series 2015 B, Ref. COP, (INS - AGM)(c)		5.00%		06/01/2031		100			101,395
Lee (County of), FL, Series 2015, Ref. RB		5.00%		10/01/2033		45			46,058
Miami (City of) & Dade (County of), FL School Board, Series 2015 A, Ref. COP		5.00%		05/01/2025		45			45,862
Miami (City of) & Dade (County of), FL School Board, Series 2015 A, Ref. COP		5.00%		05/01/2028		200			203,478
Miami (City of) & Dade (County of), FL School Board, Series 2015 A, Ref. COP		5.00%		05/01/2030		125			127,131
Miami Beach (City of), FL, Series 2015, RB		4.00%		09/01/2045		260			260,158
Miami Beach (City of), FL, Series 2015, RB		5.00%		09/01/2045		210			211,012
Miami-Dade (County of), FL, Series 2014 B, Ref. RB		5.00%		10/01/2025		665			671,753
Miami-Dade (County of), FL, Series 2017 A, RB		5.00%		10/01/2032		410			419,646
Miami-Dade (County of), FL, Series 2017 A, RB		5.00%		10/01/2034		10			10,220
Miami-Dade (County of), FL, Series 2017 B, Ref. RB		5.00%		10/01/2030		55			56,311
Miami-Dade (County of), FL Educational Facilities Authority (University of Miami), Series 2015 A, Ref. RB		5.00%		04/01/2040		15			15,100
Miami-Dade (County of), FL Educational Facilities Authority (University of Miami), Series 2015 A, Ref. RB		5.00%		04/01/2045		185			185,705
Orange (County of), FL School Board, Series 2015 C, Ref. COP(a)(b)		5.00%		08/01/2025		40			41,097
Orange (County of), FL School Board, Series 2015 C, Ref. COP(a)(b)		5.00%		08/01/2025		35			35,960
Orlando (City of), FL Utilities Commission, Series 2013 A, Ref. RB		5.00%		10/01/2025		85			87,635
Palm Beach (County of), FL Solid Waste Authority, Series 2015, Ref. RB		5.00%		10/01/2028		100			101,921
Palm Beach County School District, Series 2015 D, Ref. COP		5.00%		08/01/2027		55			56,403
Palm Beach County School District, Series 2015 D, Ref. COP		5.00%		08/01/2030		220			225,000

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

 138 

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

February 29, 2024

(Unaudited)

 

					Principal
	Interest		Maturity		Amount
	Rate		Date		(000)			Value
Florida-(continued)
Tallahassee (City of), FL (Tallahassee Memorial Health Care, Inc.), Series 2016, RB		5.00%		12/01/2055	$	35		$	34,970
Tampa Bay (City of), FL Water, Series 2016 C, Ref. RB		5.00%		10/01/2025		65			66,975
Volusia (County of), FL Educational Facility Authority, Series 2015 B, RB(a)(b)		5.00%		04/15/2025		15			15,307
									6,617,131
Georgia-2.77%
Atlanta (City of), GA, Series 2015, Ref. RB(a)(b)		5.00%		05/01/2025		25			25,565
Atlanta (City of), GA, Series 2015, Ref. RB(a)(b)		5.00%		05/01/2025		350			357,911
Atlanta (City of), GA, Series 2015, Ref. RB		5.00%		11/01/2025		35			35,781
Atlanta (City of), GA, Series 2015, Ref. RB		5.00%		11/01/2028		700			716,192
Atlanta (City of), GA, Series 2015, Ref. RB		5.00%		11/01/2030		110			112,502
Atlanta (City of), GA, Series 2015, Ref. RB		5.00%		11/01/2031		20			20,453
Atlanta (City of), GA, Series 2015, Ref. RB		5.00%		11/01/2040		755			766,432
DeKalb (County of), GA, Series 2006 B, Ref. RB		5.25%		10/01/2025		100			103,560
Forsyth (County of), GA, Series 2019, GO Bonds		5.00%		09/01/2025		60			61,847
Gainesville (City of) & Hall (County of), GA Hospital Authority (Northeast Georgia Health System, Inc.), Series 2014 S, Ref. RB(a)(b)		5.25%		02/15/2025		100			102,034
Gainesville (City of) & Hall (County of), GA Hospital Authority (Northeast Georgia Health System, Inc.), Series 2014 S, Ref. RB(a)(b)		5.50%		02/15/2025		100			102,266
Georgia (State of), Series 2015 A, GO Bonds		4.00%		02/01/2033		5			5,032
Georgia (State of), Series 2015 A, GO Bonds		3.50%		02/01/2035		100			100,266
Georgia (State of), Series 2016 C-1, Ref. GO Bonds		4.00%		07/01/2025		140			141,944
Georgia (State of), Series 2016 E, Ref. GO Bonds		5.00%		12/01/2025		440			456,066
Georgia (State of), Series 2017 A-1, GO Bonds		5.00%		02/01/2025		10			10,177
Georgia (State of), Series 2018 A, GO Bonds		5.00%		07/01/2025		50			51,339
Georgia (State of) (Bidding Group 3), Series 2022 C, Ref. GO Bonds		4.00%		07/01/2025		600			608,331
Georgia (State of) (Tranche 1), Series 2015 A, GO Bonds		5.00%		02/01/2027		370			376,497
Georgia (State of) Higher Education Facilities Authority (USG Real Estate Foundation I, LLC), Series 2015, RB		4.13%		06/15/2040		50			49,391
Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4), Series 2015 A, RB		5.00%		07/01/2060		175			175,310
Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4), Series 2015 A, RB		5.50%		07/01/2060		100			100,721
Georgia (State of) Road & Tollway Authority (Garvee), Series 2020, RB		5.00%		06/01/2025		50			51,208
Glynn (County of) & Brunswick (City of), GA Memorial Hospital Authority (Southeast Georgia Health System), Series 2015, Ref. RAC		5.00%		08/01/2034		75			75,952
Gwinnett (County of), GA Water & Sewerage Authority, Series 2021, Ref. RB		4.00%		08/01/2025		500			507,636
Gwinnett County School District, Series 2010, Ref. GO Bonds		5.00%		02/01/2025		100			101,774
Gwinnett County School District, Series 2015, Ref. GO Bonds		5.00%		02/01/2031		55			56,477
Gwinnett County School District, Series 2015, Ref. GO Bonds		5.00%		02/01/2035		480			492,474
Private Colleges & Universities Authority (Emory University), Series 2020 B, Ref. RB		5.00%		09/01/2025		170			175,183
									5,940,321
Hawaii-0.89%
Hawaii (State of), Series 2015 EZ, Ref. GO Bonds(a)(b)		5.00%		10/01/2025		150			154,674
Hawaii (State of), Series 2016 FE, Ref. GO Bonds		5.00%		10/01/2025		130			134,233
Hawaii (State of), Series 2017 FN, Ref. GO Bonds		5.00%		10/01/2025		20			20,651
Hawaii (State of) Department of Budget & Finance (Queens Health System), Series 2015 A, Ref. RB		5.00%		07/01/2035		100			102,073
Honolulu (City & County of), HI, Series 2015 A, GO Bonds		5.00%		10/01/2038		50			50,945
Honolulu (City & County of), HI, Series 2015 B, Ref. GO Bonds		5.00%		10/01/2027		250			257,433
Honolulu (City & County of), HI, Series 2015 B, Ref. GO Bonds		5.00%		10/01/2028		195			200,676
Honolulu (City & County of), HI, Series 2015 B, Ref. GO Bonds		5.00%		10/01/2029		110			113,082
Honolulu (City & County of), HI, Series 2015 B, Ref. GO Bonds		5.00%		10/01/2030		75			77,090
Honolulu (City & County of), HI, Series 2015 B, Ref. RB(a)(b)		5.00%		07/01/2025		15			15,384
Honolulu (City & County of), HI, Series 2015 B, Ref. RB(a)(b)		5.00%		07/01/2025		5			5,128
Honolulu (City & County of), HI, Series 2015 C, Ref. GO Bonds		5.00%		10/01/2027		400			411,892
Honolulu (City & County of), HI, Series 2015 C, Ref. GO Bonds		5.00%		10/01/2029		30			30,841
Honolulu (City & County of), HI, Series 2015 C, Ref. GO Bonds		4.00%		10/01/2032		50			50,539
Honolulu (City & County of), HI, Series 2015, Ref. RB		3.50%		07/01/2033		75			75,076

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

 139 

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

February 29, 2024

(Unaudited)

 

					Principal
	Interest		Maturity		Amount
	Rate		Date		(000)			Value
Hawaii-(continued)
Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2020 B, Ref. GO Bonds		5.00%		03/01/2025	$	200		$	203,837
Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2023, Ref. GO Bonds		5.00%		03/01/2025		5			5,097
									1,908,651
Illinois-5.34%
Bolingbrook (Village of), IL, Series 2014, Ref. GO Bonds, (INS - AGM)(c)		4.00%		01/01/2038		105			105,115
Chicago (City of), IL, Series 2004, Ref. RB		5.00%		11/01/2025		300			307,704
Chicago (City of), IL, Series 2005 D, Ref. GO Bonds		5.50%		01/01/2040		105			105,571
Chicago (City of), IL (O’Hare International Airport), Series 2015 B, Ref. RB		5.00%		01/01/2029		25			25,348
Chicago (City of), IL (O’Hare International Airport), Series 2015 B, Ref. RB		5.00%		01/01/2030		25			25,353
Chicago (City of), IL (O’Hare International Airport), Series 2015 B, Ref. RB		5.00%		01/01/2031		725			735,240
Chicago (City of), IL (O’Hare International Airport), Series 2015 B, Ref. RB		5.00%		01/01/2032		235			238,301
Chicago (City of), IL (O’Hare International Airport), Series 2015 B, Ref. RB		5.00%		01/01/2033		135			136,887
Chicago (City of), IL (O’Hare International Airport), Series 2016 C, Ref. RB		5.00%		01/01/2025		25			25,378
Chicago (City of), IL Metropolitan Water Reclamation District, Series 2016 A, Ref. GO Bonds		5.00%		12/01/2025		1,020			1,052,495
Cook (County of), IL, Series 2021 A, Ref. GO Bonds		5.00%		11/15/2025		50			51,446
Cook (County of), IL, Series 2022 A, Ref. GO Bonds		5.00%		11/15/2025		25			25,723
Du Page & Will Counties Community School District No. 204 Indian Prairie, Series 2017, Ref. GO Bonds		4.00%		12/30/2025		105			106,738
Illinois (State of), Series 2017 D, GO Bonds		5.00%		11/01/2025		75			76,966
Illinois (State of), Series 2020 B, GO Bonds		5.00%		10/01/2025		25			25,623
Illinois (State of), Series 2020 D, GO Bonds		5.00%		10/01/2025		45			46,122
Illinois (State of), Series 2021 A, GO Bonds		5.00%		03/01/2025		1,485			1,507,722
Illinois (State of) Finance Authority, Series 2015, RB(a)(b)		5.00%		05/01/2025		450			458,365
Illinois (State of) Finance Authority (Ascension Health), Series 2016 C, Ref. RB		5.00%		02/15/2025		475			483,435
Illinois (State of) Finance Authority (Clean Water Initiative), Series 2016, RB		4.00%		01/01/2025		50			50,332
Illinois (State of) Finance Authority (Northshore Edward Elmhurst Health Credit Group), Series 2017, Ref. RB		5.00%		07/15/2025		10			10,242
Illinois (State of) Finance Authority (OSF Healthcare System), Series 2015 A, Ref. RB		5.00%		11/15/2035		750			761,200
Illinois (State of) Finance Authority (OSF Healthcare System), Series 2015 A, Ref. RB		4.13%		11/15/2037		40			40,026
Illinois (State of) Finance Authority (OSF Healthcare System), Series 2015 A, Ref. RB		5.00%		11/15/2045		90			91,064
Illinois (State of) Finance Authority (Rush University Medical Center), Series 2015 A, Ref. RB		5.00%		11/15/2025		15			15,290
Illinois (State of) Finance Authority (Rush University Medical Center), Series 2015 A, Ref. RB		5.00%		11/15/2028		20			20,374
Illinois (State of) Finance Authority (Silver Cross Hospital & Medical), Series 2015, Ref. RB		5.00%		08/15/2035		230			234,074
Illinois (State of) Finance Authority (The University of Chicago), Series 2015 A, RB		5.00%		10/01/2035		15			15,325
Illinois (State of) Finance Authority (The University of Chicago), Series 2015 A, RB		5.00%		10/01/2040		800			809,621
Illinois (State of) Finance Authority (University of Chicago Medical), Series 2015 A, RB		5.00%		10/01/2034		250			255,804
Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion), Series 2015 A, RB		5.00%		06/15/2053		250			251,779
Illinois (State of) Municipal Electric Agency, Series 2015 A, Ref. RB		5.00%		02/01/2029		20			20,445
Illinois (State of) Municipal Electric Agency, Series 2015 A, Ref. RB		5.00%		02/01/2030		80			81,669
Illinois (State of) Municipal Electric Agency, Series 2015 A, Ref. RB		4.00%		02/01/2033		230			230,463
Illinois (State of) Municipal Electric Agency, Series 2015 A, Ref. RB		4.00%		02/01/2034		45			45,053
Illinois (State of) Toll Highway Authority, Series 2014 C, RB		5.00%		01/01/2036		1,000			1,013,338
Illinois (State of) Toll Highway Authority, Series 2014 C, RB		5.00%		01/01/2039		10			10,096
Illinois (State of) Toll Highway Authority, Series 2015 A, RB		5.00%		01/01/2036		1,000			1,021,274
Illinois (State of) Toll Highway Authority, Series 2015 A, RB		5.00%		01/01/2037		15			15,283
Illinois (State of) Toll Highway Authority, Series 2015 A, RB		5.00%		01/01/2040		270			273,355
Sales Tax Securitization Corp., Series 2017 A, Ref. RB		5.00%		01/01/2025		20			20,257
Sales Tax Securitization Corp., Series 2021 A, Ref. RB		5.00%		01/01/2025		45			45,578
Southwestern Illinois Development Authority (Southwestern Illinois Prevention District Council), Series 2016 B, RB		4.00%		10/15/2040		120			120,013
Springfield (City of), IL, Series 2015, Ref. RB		5.00%		03/01/2028		20			20,251
Springfield (City of), IL, Series 2015, Ref. RB		5.00%		03/01/2029		190			192,361
Springfield (City of), IL, Series 2015, Ref. RB		5.00%		03/01/2031		20			20,249
Springfield (City of), IL, Series 2015, Ref. RB, (INS - AGM)(c)		4.00%		03/01/2040		170			167,643
Springfield (City of), IL, Series 2015, Ref. RB, (INS - AGM)(c)		5.00%		03/01/2040		80			80,483
									11,472,474

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

 140 

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

February 29, 2024

(Unaudited)

 

					Principal
	Interest		Maturity		Amount
	Rate		Date		(000)			Value
Indiana-1.68%
Indiana (State of) Finance Authority, Series 2015 B, Ref. RB		5.00%		02/01/2025	$	135		$	137,395
Indiana (State of) Finance Authority, Series 2016 C, Ref. RB		5.00%		12/01/2025		10			10,358
Indiana (State of) Finance Authority (CWA Authority), Series 2021, Ref. RB		5.00%		10/01/2025		1,500			1,544,402
Indiana (State of) Finance Authority (Deaconess Health System Obligated Group), Series 2015 A, Ref. RB(a)(b)		4.00%		03/01/2025		80			80,556
Indiana (State of) Finance Authority (Green Bonds), Series 2019, RB		5.00%		02/01/2025		305			310,410
Indiana (State of) Finance Authority (Indiana University Health Obligated Group), Series 2015 A, Ref. RB		4.00%		12/01/2040		560			559,331
Indiana (State of) Finance Authority (Indiana University Health Obligated Group), Series 2016 A, Ref. RB		5.00%		12/01/2025		80			82,329
Indiana (State of) Municipal Power Agency, Series 2014 A, Ref. RB		5.00%		01/01/2030		160			161,936
Indiana (State of) Municipal Power Agency, Series 2014 A, Ref. RB		5.00%		01/01/2032		90			91,075
Indiana University, Series 2015 A, Ref. RB		4.00%		06/01/2042		500			489,336
Indianapolis (City of), IN Department of Public Utilities, Series 2018 A, Ref. RB		5.00%		10/01/2025		45			46,346
Richmond (City of), VA Hospital Authority, Series 2015 A, Ref. RB		5.00%		01/01/2035		85			85,490
									3,598,964
Iowa-0.04%
Iowa (State of), Series 2016 A, Ref. RB		5.00%		06/01/2025		25			25,564
Iowa (State of) Finance Authority, Series 2017, Ref. RB		5.00%		08/01/2025		40			41,159
Iowa (State of) Finance Authority (Green Bonds), Series 2015, Ref. RB		5.00%		08/01/2025		20			20,579
									87,302
Kansas-0.86%
Johnson (County of), KS Public Building Commission (Courthouse & Medical Examiners), Series 2018 A, RB		5.00%		09/01/2025		25			25,688
Johnson (County of), KS Unified School District No. 233 (Olathe), Series 2016 B, Ref. GO Bonds		5.00%		09/01/2025		50			51,488
Kansas (State of) Department of Transportation, Series 2015, RB		5.00%		09/01/2025		85			87,466
Kansas (State of) Department of Transportation, Series 2015, RB		5.00%		09/01/2027		55			56,579
Kansas (State of) Department of Transportation, Series 2015, RB		5.00%		09/01/2029		145			149,057
Kansas (State of) Department of Transportation, Series 2015, RB		5.00%		09/01/2032		1,000			1,026,948
Kansas (State of) Department of Transportation, Series 2015, RB		5.00%		09/01/2033		305			313,039
Kansas (State of) Department of Transportation, Series 2015, RB		5.00%		09/01/2034		25			25,633
Sedgwick County Unified School District No. 259 Wichita, Series 2017 A, Ref. GO Bonds		4.00%		10/01/2025		20			20,321
University of Kansas Hospital Authority (KU Health System), Series 2015, Ref. RB		5.00%		09/01/2045		50			50,625
Wyandotte (County of) & Kansas City (City of), KS Unified Government, Series 2016 A, RB		5.00%		09/01/2040		45			45,625
									1,852,469
Kentucky-0.49%
Kentucky (Commonwealth of) Asset Liability Commission, Series 2014 A, Ref. RN		5.00%		09/01/2025		100			100,796
Kentucky (Commonwealth of) Asset Liability Commission, Series 2021 A, Ref. RN		5.00%		11/01/2025		400			411,577
Kentucky (Commonwealth of) Economic Development Finance Authority (Next Generation Kentucky Information Highway), Series 2015 A, RB		4.25%		07/01/2035		125			125,111
Kentucky (Commonwealth of) Municipal Power Agency, Series 2015 A, Ref. RB, (INS - NATL)(c)		4.00%		09/01/2039		230			224,389
Kentucky (Commonwealth of) Property & Building Commission (No. 112), Series 2016 B, Ref. RB		5.00%		11/01/2025		100			102,747
Louisville (City of) & Jefferson (County of), KY Sewer District, Series 2016 A, RB		3.00%		05/15/2047		110			85,822
									1,050,442
Louisiana-1.27%
East Baton Rouge (Parish of), LA Sewerage Commission, Series 2014 B, Ref. RB(a)(b)		5.00%		02/01/2025		335			340,912
Louisiana (State of), Series 2015 A, Ref. RB(a)(b)		4.00%		05/01/2025		1,010			1,019,696
Louisiana (State of), Series 2015 A, Ref. RB(a)(b)		4.50%		05/01/2025		1,160			1,177,677
Louisiana (State of), Series 2015 A, Ref. RB(a)(b)		5.00%		05/01/2025		150			153,132
New Orleans (City of), LA, Series 2015, RB(a)(b)		5.00%		06/01/2025		25			25,579
									2,716,996
Maine-0.02%
Maine (State of) Municipal Bond Bank (Transcap), Series 2021 A, Ref. RB		5.00%		09/01/2025		45			46,219

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

 141 

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

February 29, 2024

(Unaudited)

 

					Principal
	Interest		Maturity		Amount
	Rate		Date		(000)			Value
Maryland-1.66%
Maryland (State of), First series 2016, GO Bonds		4.00%		06/01/2025	$	400		$	400,513
Maryland (State of), Series 2015 A, GO Bonds		2.75%		08/01/2025		500			496,011
Maryland (State of), Series 2017 A, GO Bonds		5.00%		03/15/2025		380			387,718
Maryland (State of), Series 2017 A, GO Bonds		5.00%		08/01/2025		100			102,869
Maryland (State of), Series 2017 B, Ref. GO Bonds		5.00%		08/01/2025		300			308,608
Maryland (State of) Department of Transportation (Second Issue), Series 2018, RB		5.00%		10/01/2025		500			515,814
Maryland (State of) Health & Higher Educational Facilities Authority (Johns Hopkins Health System), Series 2015 A, Ref. RB		4.00%		05/15/2040		75			75,003
Maryland (State of) Health & Higher Educational Facilities Authority (Meritus Medical Center), Series 2015 A, Ref. RB		5.00%		07/01/2040		100			100,837
Maryland (State of) Health & Higher Educational Facilities Authority (Meritus Medical Center), Series 2015, Ref. RB		5.00%		07/01/2045		425			427,676
Maryland (State of) Stadium Authority (Football Stadium Issue), Series 2023 A, RB		5.00%		03/01/2025		470			478,369
Maryland (State of) Transportation Authority, Series 2021 A, Ref. RB		5.00%		07/01/2025		100			102,691
Montgomery (County of), MD, Series 2016 A, GO Bonds		5.00%		12/01/2025		150			151,985
Prince George’s (County of), MD, Series 2023 A, Ref. GO Bonds		5.00%		08/01/2025		15			15,432
									3,563,526
Massachusetts-4.37%
Massachusetts (Commonwealth of), Series 2014 C, Ref. GO Bonds		5.00%		08/01/2025		80			82,318
Massachusetts (Commonwealth of), Series 2015 A, Ref. GO Bonds		5.00%		07/01/2029		35			35,982
Massachusetts (Commonwealth of), Series 2015 A, Ref. GO Bonds		5.00%		07/01/2030		40			41,129
Massachusetts (Commonwealth of), Series 2015 A, Ref. GO Bonds		4.50%		07/01/2034		85			86,234
Massachusetts (Commonwealth of), Series 2015 A, Ref. GO Bonds		5.00%		07/01/2036		175			179,482
Massachusetts (Commonwealth of), Series 2015 C, GO Bonds		5.00%		07/01/2045		110			111,890
Massachusetts (Commonwealth of), Series 2015 E, GO Bonds		4.00%		09/01/2037		25			25,082
Massachusetts (Commonwealth of), Series 2015, GO Bonds		4.00%		09/01/2029		5			5,061
Massachusetts (Commonwealth of), Series 2016 A, Ref. GO Bonds		5.00%		07/01/2025		45			46,217
Massachusetts (Commonwealth of), Series 2016 B, Ref. GO Bonds		5.00%		07/01/2025		50			51,352
Massachusetts (Commonwealth of), Series 2016 E, GO Bonds		4.00%		04/01/2033		145			145,899
Massachusetts (Commonwealth of), Series 2016 E, GO Bonds		3.00%		04/01/2044		295			248,336
Massachusetts (Commonwealth of), Series 2016 E, GO Bonds		4.00%		04/01/2046		220			216,826
Massachusetts (Commonwealth of), Series 2017 C, Ref. GO Bonds		5.00%		10/01/2025		2,340			2,416,935
Massachusetts (Commonwealth of), Series 2019 A, Ref. GO Bonds		5.00%		01/01/2025		50			50,801
Massachusetts (Commonwealth of), Series 2019 E, Ref. GO Bonds		3.00%		12/01/2025		50			49,978
Massachusetts (Commonwealth of), Series 2020 E, GO Bonds		5.00%		11/01/2025		250			258,713
Massachusetts (Commonwealth of) (Rail Enhancement Program), Series 2015 A, RB		5.00%		06/01/2040		845			861,271
Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2015 A, RB		5.00%		07/01/2045		500			507,490
Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2015 B, Ref. RB(a)(b)		5.00%		07/01/2025		40			41,050
Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2016 A, Ref. RB		5.00%		07/01/2025		500			513,456
Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2021, RB(a)		4.00%		05/01/2025		230			232,208
Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2021, RB		4.00%		05/01/2025		20			20,240
Massachusetts (Commonwealth of) Development Finance Agency (Boston Medical Center) (Green Bonds), Series 2015, RB		5.00%		07/01/2044		710			710,249
Massachusetts (Commonwealth of) Development Finance Agency (Emerson College), Series 2015, Ref. RB		5.00%		01/01/2035		275			277,496
Massachusetts (Commonwealth of) Port Authority, Series 2015 A, RB		5.00%		07/01/2045		100			101,369
Massachusetts (Commonwealth of) School Building Authority, Series 2015 C, Ref. RB(a)(b)		5.00%		08/15/2025		70			72,023
Massachusetts (Commonwealth of) School Building Authority, Series 2015 C, Ref. RB		5.00%		08/15/2025		500			515,807
Massachusetts (Commonwealth of) School Building Authority, Series 2015 C, Ref. RB		5.00%		08/15/2027		230			237,290
Massachusetts (Commonwealth of) School Building Authority, Series 2015 C, Ref. RB		3.05%		08/15/2028		125			123,913
Massachusetts (Commonwealth of) School Building Authority, Series 2015 C, Ref. RB		5.00%		08/15/2029		200			206,129
Massachusetts (Commonwealth of) School Building Authority, Series 2015 C, Ref. RB		4.00%		08/15/2032		65			65,317
Massachusetts (Commonwealth of) School Building Authority, Series 2015 C, Ref. RB		5.00%		08/15/2037		600			613,108
Massachusetts (Commonwealth of) School Building Authority, Series 2015 D, Ref. RB		5.00%		08/15/2037		25			25,546
University of Massachusetts Building Authority, Series 2015 1, RB		5.00%		11/01/2040		200			203,477
									9,379,674

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

 142 

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

February 29, 2024

(Unaudited)

 

					Principal
	Interest		Maturity		Amount
	Rate		Date		(000)			Value
Michigan-1.79%
Ann Arbor School District, Series 2023, GO Bonds		4.00%		05/01/2025	$	10		$	10,120
Mattawan Consolidated School District, Series 2015 I, GO Bonds(a)(b)		5.00%		05/01/2025		1,000			1,023,522
Michigan (State of) (Garvee), Series 2016, Ref. RB		5.00%		03/15/2025		500			510,155
Michigan (State of) Building Authority, Series 2015 I, Ref. RB		5.00%		04/15/2028		140			144,277
Michigan (State of) Building Authority, Series 2015 I, Ref. RB		5.00%		04/15/2029		25			25,759
Michigan (State of) Building Authority, Series 2015 I, Ref. RB		5.00%		04/15/2033		575			592,244
Michigan (State of) Building Authority (Facilities Program), Series 2015 I, Ref. RB		5.00%		04/15/2030		10			10,309
Michigan (State of) Building Authority (Facilities Program), Series 2015 I, Ref. RB		5.00%		04/15/2032		375			386,365
Michigan (State of) Building Authority (Facilities Program), Series 2015 I, Ref. RB		5.00%		04/15/2034		15			15,449
Michigan (State of) Building Authority (Facilities Program), Series 2015 I, Ref. RB		5.00%		04/15/2038		30			30,685
Michigan (State of) Building Authority (Facilities Program), Series 2015 I, Ref. RB		5.00%		10/15/2045		300			304,851
Michigan (State of) Finance Authority (Beaumont Health Credit Group), Series 2016, RB		5.00%		11/01/2044		100			101,446
Michigan (State of) Finance Authority (Detroit Water & Sewerage Department), Series 2014 C-3, RB, (INS - AGM)(c)		5.00%		07/01/2025		60			60,301
Michigan (State of) Finance Authority (Detroit Water & Sewerage Department), Series 2015 C, RB		5.00%		07/01/2034		25			25,330
Michigan (State of) Finance Authority (Detroit Water & Sewerage Department), Series 2015 D-1, Ref. RB		5.00%		07/01/2034		50			50,780
Michigan (State of) Finance Authority (Sparrow Obligated Group), Series 2015, Ref. RB(a)(b)		5.00%		05/15/2025		55			56,153
Michigan (State of) Finance Authority (Sparrow Obligated Group), Series 2015, Ref. RB(a)(b)		5.00%		05/15/2025		45			45,944
Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2015, Ref. RB		5.00%		12/01/2025		35			35,768
Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2015, Ref. RB		5.50%		12/01/2027		350			359,285
Michigan (State of) Strategic Fund (Michigan Senate Offices), Series 2015 A, RB		5.25%		10/15/2040		50			51,128
									3,839,871
Minnesota-1.04%
Metropolitan Council, Series 2021 B, GO Bonds		5.00%		12/01/2025		175			181,390
Minneapolis & St. Paul (Cities of), MN Metropolitan Airports Commission, Series 2016 A, Ref. RB		5.00%		01/01/2025		80			81,262
Minnesota (State of), Series 2015 A, GO Bonds		5.00%		08/01/2027		25			25,703
Minnesota (State of), Series 2015 A, GO Bonds		5.00%		08/01/2029		225			231,330
Minnesota (State of), Series 2015 D, Ref. GO Bonds		5.00%		08/01/2025		110			113,156
Minnesota (State of), Series 2015 D, Ref. GO Bonds		5.00%		08/01/2027		5			5,141
Minnesota (State of), Series 2016 D, Ref. GO Bonds		5.00%		08/01/2025		465			478,342
Minnesota (State of), Series 2019 A, GO Bonds		5.00%		08/01/2025		65			66,865
Minnesota (State of), Series 2020 A, GO Bonds		5.00%		08/01/2025		30			30,861
St. Paul (City of), MN Housing & Redevelopment Authority (Healthpartners Obligated Group), Series 2015 A, Ref. RB		5.00%		07/01/2028		300			305,728
St. Paul (City of), MN Housing & Redevelopment Authority (Healthpartners Obligated Group), Series 2015 A, Ref. RB		5.00%		07/01/2032		40			40,644
St. Paul (City of), MN Housing & Redevelopment Authority (Healthpartners Obligated Group), Series 2015, Ref. RB		5.00%		07/01/2033		180			182,876
St. Paul (City of), MN Housing & Redevelopment Authority (Healthpartners Obligated Group), Series 2015, Ref. RB		4.00%		07/01/2035		500			500,424
									2,243,722
Mississippi-0.24%
Mississippi (State of), Series 2015 A, GO Bonds(a)(b)		4.00%		10/01/2025		310			314,925
Mississippi (State of), Series 2015 C, Ref. GO Bonds		5.00%		10/01/2025		100			103,241
Mississippi (State of), Series 2015 F, GO Bonds(a)(b)		5.00%		11/01/2025		100			103,386
									521,552
Missouri-0.95%
Missouri (State of) Health & Educational Facilities Authority (St. Anthony’s Medical Center), Series 2015 B, Ref. RB		4.00%		02/01/2040		60			59,774
Missouri (State of) Health & Educational Facilities Authority (St. Louis University), Series 2015 A, RB		5.00%		10/01/2038		80			81,796
Missouri (State of) Health & Educational Facilities Authority (The Children’s Mercy Hospital), Series 2017 A, RB		4.00%		05/15/2042		25			24,508
Missouri (State of) Highway & Transportation Commission, Series 2014 A, Ref. RB		5.00%		05/01/2025		250			250,801
Missouri (State of) Joint Municipal Electric Utility Commission (Prairie State), Series 2015 A, Ref. RB		5.00%		12/01/2029		1,000			1,017,327

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

 143 

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

February 29, 2024

(Unaudited)

 

					Principal
	Interest		Maturity		Amount
	Rate		Date		(000)			Value
Missouri-(continued)
Missouri (State of) Joint Municipal Electric Utility Commission (Prairie State), Series 2015 A, Ref. RB		5.00%		12/01/2030	$	100		$	101,659
Springfield (City of), MO, Series 2015, Ref. RB		5.00%		08/01/2025		500			512,672
									2,048,537
Nebraska-0.68%
Douglas (County of), NE Hospital Authority No. 3 (NE Methodist Health), Series 2015, Ref. RB		4.13%		11/01/2036		65			65,465
Gretna (City of), NE, Series 2022, COP		5.00%		12/15/2025		100			101,324
Lincoln (City of), NE, Series 2015 A, Ref. RB		4.00%		09/01/2040		100			100,211
Omaha (City of), NE Public Power District, Series 2015 C, Ref. RB		5.00%		02/01/2043		1,000			1,008,325
Public Power Generation Agency (Whelan Energy Center Unit 2), Series 2015, Ref. RB		5.00%		01/01/2028		75			75,951
University of Nebraska, Series 2015, RB(a)(b)		4.00%		07/01/2025		100			101,206
									1,452,482
Nevada-0.63%
Clark (County of), NV, Series 2015, Ref. GO Bonds		4.00%		11/01/2035		285			286,414
Clark (County of), NV Department of Aviation, Series 2015 A, Ref. RB		5.00%		07/01/2040		210			213,191
Clark County School District, Series 2015 C, Ref. GO Bonds		5.00%		06/15/2028		415			429,038
Clark County School District, Series 2017 A, Ref. GO Bonds		5.00%		06/15/2025		170			174,146
Las Vegas Valley Water District, Series 2019 B, Ref. GO Bonds		5.00%		06/01/2025		65			66,587
Nevada (State of), Series 2015 B, Ref. GO Bonds		5.00%		11/01/2025		115			117,672
Nevada (State of), Series 2016, Ref. RB		5.00%		12/01/2025		70			72,568
									1,359,616
New Jersey-3.51%
Essex (County of), NJ, Series 2017, Ref. GO Bonds		5.00%		08/01/2025		15			15,445
New Jersey (State of), Series 2014, GO Bonds(a)(b)		5.00%		06/01/2025		300			306,769
New Jersey (State of), Series 2014, GO Bonds(a)(b)		5.00%		06/01/2025		30			30,677
New Jersey (State of), Series 2020 A, GO Bonds		5.00%		06/01/2025		1,720			1,760,503
New Jersey (State of) Economic Development Authority, Series 2005 N-1, Ref. RB, (INS - AGM)(c)		5.50%		09/01/2025		90			93,202
New Jersey (State of) Economic Development Authority, Series 2015 WW, RB(a)(b)		5.00%		06/15/2025		10			10,252
New Jersey (State of) Economic Development Authority, Series 2015 WW, RB(a)(b)		5.00%		06/15/2025		400			410,065
New Jersey (State of) Economic Development Authority, Series 2015 WW, RB(a)(b)		5.00%		06/15/2025		50			51,258
New Jersey (State of) Economic Development Authority, Series 2015 WW, RB(a)(b)		5.00%		06/15/2025		55			56,384
New Jersey (State of) Economic Development Authority, Series 2015 WW, RB(a)(b)		5.25%		06/15/2025		5			5,141
New Jersey (State of) Economic Development Authority, Series 2015 WW, RB		5.25%		06/15/2028		100			102,428
New Jersey (State of) Economic Development Authority, Series 2015 XX, Ref. RB		5.00%		06/15/2025		1,025			1,047,802
New Jersey (State of) Economic Development Authority, Series 2015 XX, Ref. RB		4.38%		06/15/2027		35			35,475
New Jersey (State of) Health Care Facilities Financing Authority (Barnabas Health Obligated Group), Series 2021, RB		5.00%		07/01/2025		200			204,673
New Jersey (State of) Health Care Facilities Financing Authority (Hackensack Meridian Health Obligated Group), Series 2017 A, Ref. RB		5.00%		07/01/2025		200			204,831
New Jersey (State of) Transportation Trust Fund Authority, Series 2014 AA, RB		5.00%		06/15/2025		270			271,082
New Jersey (State of) Transportation Trust Fund Authority, Series 2015 AA, RB		5.25%		06/15/2031		100			102,405
New Jersey (State of) Transportation Trust Fund Authority, Series 2015 AA, RB		4.75%		06/15/2038		135			136,794
New Jersey (State of) Transportation Trust Fund Authority, Series 2015 AA, RB		5.00%		06/15/2045		260			262,458
New Jersey (State of) Transportation Trust Fund Authority, Series 2019, Ref. RB		5.00%		12/15/2025		35			36,150
New Jersey (State of) Turnpike Authority, Series 2014 C, Ref. RB		5.00%		01/01/2025		70			71,116
New Jersey (State of) Turnpike Authority, Series 2015 E, RB		5.00%		01/01/2032		1,000			1,015,315
New Jersey (State of) Turnpike Authority, Series 2015 E, RB		5.00%		01/01/2045		1,285			1,300,207
New Jersey (State of) Turnpike Authority, Series 2017 E, Ref. RB		5.00%		01/01/2025		5			5,080
									7,535,512
New Mexico-0.14%
Albuquerque (City of) & Bernalillo (County of), NM Water Utility Authority, Series 2015, Ref. RB		5.00%		07/01/2025		55			56,393
New Mexico (State of) (Capital), Series 2015, GO Bonds(a)		5.00%		03/01/2025		75			76,395
New Mexico (State of) Hospital Equipment Loan Council (Presbyterian Healthcare), Series 2015, RB(a)(b)		5.00%		08/01/2025		110			112,788
New Mexico (State of) Severance Tax Permanent Fund, Series 2015 A, RB		5.00%		07/01/2025		50			51,280
									296,856

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

 144 

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

February 29, 2024

(Unaudited)

 

					Principal
	Interest		Maturity		Amount
	Rate		Date		(000)			Value
New York-17.28%
Erie (County of), NY Industrial Development Agency (The) (City of Buffalo School District), Series 2022, Ref. RB		5.00%		05/01/2025	$	100		$	102,249
Metropolitan Transportation Authority, Series 2015 B, RB		4.00%		11/15/2045		235			228,907
Metropolitan Transportation Authority, Series 2015 D-1, Ref. RB		5.00%		11/15/2029		350			359,452
Metropolitan Transportation Authority, Series 2015 D-1, Ref. RB, (INS - BAM)(c)		5.00%		11/15/2033		105			107,620
Metropolitan Transportation Authority, Series 2015 F, Ref. RB		5.00%		11/15/2032		60			61,550
Metropolitan Transportation Authority, Series 2015 F, Ref. RB		5.00%		11/15/2036		55			56,248
Metropolitan Transportation Authority, Series 2016 A, Ref. RB		5.00%		11/15/2025		20			20,712
Metropolitan Transportation Authority, Series 2016 B, Ref. RB		5.00%		11/15/2025		200			206,515
Metropolitan Transportation Authority, Subseries 2015 C-1, Ref. RB		5.00%		11/15/2027		15			15,453
Metropolitan Transportation Authority, Subseries 2015 C-1, Ref. RB		5.00%		11/15/2029		290			297,832
Metropolitan Transportation Authority, Subseries 2015 C-1, Ref. RB		5.00%		11/15/2034		170			174,280
Metropolitan Transportation Authority (Green Bonds), Series 2017 A-2, Ref. RB		5.00%		11/15/2025		200			206,515
Metropolitan Transportation Authority (Green Bonds), Series 2017 C-1, Ref. RB		5.00%		11/15/2025		200			206,515
New York & New Jersey (States of) Port Authority, One Hundred Eighty Nineth Series 2015, Ref. RB		5.00%		05/01/2027		75			76,658
New York & New Jersey (States of) Port Authority, One Hundred Eighty Nineth Series 2015, Ref. RB		5.00%		05/01/2030		70			71,443
New York & New Jersey (States of) Port Authority, One Hundred Eighty Nineth Series 2015, Ref. RB		5.00%		05/01/2045		60			60,717
New York & New Jersey (States of) Port Authority, One Hundred Ninety Fourth Series 2015, Ref. RB		5.00%		10/15/2029		175			180,376
New York & New Jersey (States of) Port Authority, One Hundred Ninety Fourth Series 2015, Ref. RB		5.00%		10/15/2030		100			102,992
New York & New Jersey (States of) Port Authority, One Hundred Ninety Fourth Series 2015, Ref. RB		5.00%		10/15/2032		245			252,175
New York & New Jersey (States of) Port Authority, One Hundred Ninety Fourth Series 2015, Ref. RB		5.00%		10/15/2035		365			375,282
New York & New Jersey (States of) Port Authority, One Hundred Ninety Fourth Series 2015, Ref. RB		5.25%		10/15/2055		1,000			1,018,472
New York & New Jersey (States of) Port Authority, Two Hundred Thirtieth Series 2022, Ref. RB		4.00%		12/01/2025		100			101,896
New York (City of), NY, Series 2015 C, Ref. GO Bonds		5.00%		08/01/2026		690			701,180
New York (City of), NY, Series 2015 C, Ref. GO Bonds		5.00%		08/01/2028		420			426,729
New York (City of), NY, Series 2015 C, Ref. GO Bonds		5.00%		08/01/2031		125			126,958
New York (City of), NY, Series 2015 C, Ref. GO Bonds		5.00%		08/01/2032		1,000			1,015,482
New York (City of), NY, Series 2015 F-1, GO Bonds		3.50%		06/01/2033		10			10,035
New York (City of), NY, Series 2015 F-1, GO Bonds		5.00%		06/01/2036		650			662,793
New York (City of), NY, Series 2015 F-1, GO Bonds		3.75%		06/01/2037		75			75,047
New York (City of), NY, Series 2017 1, GO Bonds		5.00%		08/01/2025		175			179,679
New York (City of), NY, Series 2017 A, Ref. GO Bonds		5.00%		08/01/2025		50			51,337
New York (City of), NY, Series 2017 C, Ref. GO Bonds		5.00%		08/01/2025		200			205,348
New York (City of), NY, Series 2018 A, Ref. GO Bonds		5.00%		08/01/2025		50			51,337
New York (City of), NY, Series 2019 E, Ref. GO Bonds		5.00%		08/01/2025		110			112,941
New York (City of), NY, Series 2020 C-1, Ref. GO Bonds		5.00%		08/01/2025		500			513,369
New York (City of), NY, Series 2022 B-1, Ref. GO Bonds		5.00%		08/01/2025		70			71,872
New York (City of), NY, Series 2023 F-1, Ref. GO Bonds		5.00%		08/01/2025		95			97,540
New York (City of), NY Municipal Water Finance Authority, Series 2015 FF, Ref. RB(a)(b)		5.00%		06/15/2025		20			20,516
New York (City of), NY Municipal Water Finance Authority, Series 2015 FF, Ref. RB		5.00%		06/15/2029		90			92,188
New York (City of), NY Municipal Water Finance Authority, Series 2015 FF, Ref. RB		5.00%		06/15/2039		460			468,566
New York (City of), NY Municipal Water Finance Authority, Series 2015 GG, Ref. RB		5.00%		06/15/2031		170			174,068
New York (City of), NY Municipal Water Finance Authority, Series 2015 GG, Ref. RB		5.00%		06/15/2039		100			101,636
New York (City of), NY Municipal Water Finance Authority, Series 2015 HH, Ref. RB		5.00%		06/15/2029		15			15,365
New York (City of), NY Municipal Water Finance Authority, Series 2015, Ref. RB		3.50%		06/15/2032		70			70,383
New York (City of), NY Municipal Water Finance Authority, Series 2015, Ref. RB		5.00%		06/15/2046		315			318,655
New York (City of), NY Municipal Water Finance Authority, Series 2020 DD-2, RB		5.00%		06/15/2027		425			440,350
New York (City of), NY Municipal Water Finance Authority, Series 2021 BB-2, Ref. RB		5.00%		06/15/2027		170			176,140
New York (City of), NY Municipal Water Finance Authority, Series 2021 DD, Ref. RB		5.00%		06/15/2025		410			420,884
New York (City of), NY Municipal Water Finance Authority, Series 2021, RB		5.00%		06/15/2027		15			15,542
New York (City of), NY Municipal Water Finance Authority, Series 2022 CC-2, RB		5.00%		06/15/2027		2,025			2,098,140
New York (City of), NY Transitional Finance Authority, Series 2015 A-1, RB		5.00%		08/01/2031		300			307,270
New York (City of), NY Transitional Finance Authority, Series 2015 A-1, RB		5.00%		08/01/2037		85			86,812
New York (City of), NY Transitional Finance Authority, Series 2015 B-1, RB		5.00%		11/01/2033		200			205,724
New York (City of), NY Transitional Finance Authority, Series 2015 C, Ref. RB		5.00%		11/01/2027		200			204,131
New York (City of), NY Transitional Finance Authority, Series 2015 C, Ref. RB		5.00%		11/01/2027		200			206,182
New York (City of), NY Transitional Finance Authority, Series 2015 E-1, RB		5.00%		02/01/2032		185			187,748
New York (City of), NY Transitional Finance Authority, Series 2015 E-1, RB		5.00%		02/01/2033		400			405,905

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

 145 

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

February 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)			Value
New York-(continued)
New York (City of), NY Transitional Finance Authority, Series 2015 E-1, RB		5.00%		02/01/2041	$	330		$	333,748
New York (City of), NY Transitional Finance Authority, Series 2015 S, RB		5.00%		07/15/2027		300			307,825
New York (City of), NY Transitional Finance Authority, Series 2015 S, RB		5.00%		07/15/2034		35			35,795
New York (City of), NY Transitional Finance Authority, Series 2015 S, RB		5.00%		07/15/2035		25			25,338
New York (City of), NY Transitional Finance Authority, Series 2015 S, RB		5.00%		07/15/2040		1,200			1,218,102
New York (City of), NY Transitional Finance Authority, Series 2015 S, RB		5.00%		07/15/2041		200			202,831
New York (City of), NY Transitional Finance Authority, Series 2015 S-1, RB		5.00%		07/15/2028		610			619,504
New York (City of), NY Transitional Finance Authority, Series 2015 S-1, RB		5.00%		07/15/2040		355			358,200
New York (City of), NY Transitional Finance Authority, Series 2015 S-2, RB		5.00%		07/15/2035		500			511,088
New York (City of), NY Transitional Finance Authority, Series 2015, RB		5.00%		08/01/2028		200			205,097
New York (City of), NY Transitional Finance Authority, Series 2016 S-1, RB(a)		5.00%		07/15/2025		50			51,358
New York (City of), NY Transitional Finance Authority, Series 2017, RB		5.00%		11/01/2025		100			103,452
New York (City of), NY Transitional Finance Authority, Series 2020, Ref. RB(a)		5.00%		11/01/2025		5			5,158
New York (City of), NY Transitional Finance Authority, Series 2020, Ref. RB		5.00%		11/01/2025		45			46,553
New York (City of), NY Transitional Finance Authority, Series 2021 B-1, RB		5.00%		08/01/2025		45			46,297
New York (City of), NY Transitional Finance Authority, Subseries 2015 B-1, RB		5.00%		11/01/2029		75			77,269
New York (City of), NY Transitional Finance Authority, Subseries 2015 B-1, RB		5.00%		11/01/2032		180			185,181
New York (City of), NY Transitional Finance Authority, Subseries 2015 B-1, RB		5.00%		11/01/2035		150			154,170
New York (City of), NY Transitional Finance Authority, Subseries 2015 B-1, RB		5.00%		11/01/2038		75			76,865
New York (State of) Dormitory Authority, Series 2015 A, Ref. RB(a)		5.00%		03/15/2025		200			204,290
New York (State of) Dormitory Authority, Series 2015 A, Ref. RB(a)(b)		5.00%		03/15/2025		450			459,653
New York (State of) Dormitory Authority, Series 2015 A, Ref. RB		5.00%		03/15/2030		100			101,765
New York (State of) Dormitory Authority, Series 2015 A, Ref. RB		5.00%		03/15/2032		85			86,465
New York (State of) Dormitory Authority, Series 2015 A, Ref. RB		5.00%		07/01/2032		1,000			1,023,150
New York (State of) Dormitory Authority, Series 2015 A, Ref. RB		5.00%		03/15/2033		1,000			1,017,138
New York (State of) Dormitory Authority, Series 2015 B, RB(a)		5.00%		02/15/2025		105			107,051
New York (State of) Dormitory Authority, Series 2015 B, RB(a)(b)		5.00%		02/15/2025		40			40,781
New York (State of) Dormitory Authority, Series 2015 B, RB		5.00%		03/15/2030		245			251,317
New York (State of) Dormitory Authority, Series 2015 B, RB		5.00%		03/15/2031		200			205,096
New York (State of) Dormitory Authority, Series 2015 B, RB		5.00%		02/15/2032		1,000			1,015,780
New York (State of) Dormitory Authority, Series 2015 B, RB		5.00%		03/15/2032		600			615,108
New York (State of) Dormitory Authority, Series 2015 B, RB		5.00%		02/15/2033		650			660,196
New York (State of) Dormitory Authority, Series 2015 B, RB		5.00%		03/15/2033		175			179,354
New York (State of) Dormitory Authority, Series 2015 B, RB		5.00%		02/15/2034		435			441,783
New York (State of) Dormitory Authority, Series 2015 B, RB		5.00%		03/15/2042		40			40,612
New York (State of) Dormitory Authority, Series 2015 B, RB		5.00%		02/15/2044		1,575			1,589,868
New York (State of) Dormitory Authority, Series 2015 B, Ref. RB		5.00%		02/15/2031		150			152,381
New York (State of) Dormitory Authority, Series 2015 B, Ref. RB		5.00%		03/15/2045		200			202,616
New York (State of) Dormitory Authority, Series 2015 E, Ref. RB(a)(b)		4.00%		09/15/2025		150			152,753
New York (State of) Dormitory Authority, Series 2015 E, Ref. RB		5.00%		03/15/2030		1,000			1,027,443
New York (State of) Dormitory Authority, Series 2016 D, Ref. RB(a)		5.00%		02/15/2025		100			101,953
New York (State of) Dormitory Authority, Series 2018 A, RB		5.00%		10/01/2025		100			103,116
New York (State of) Dormitory Authority, Series 2020 A, RB, (INS - AGM)(c)		5.00%		10/01/2025		200			206,701
New York (State of) Dormitory Authority, Series 2021 A, Ref. RB(a)		5.00%		03/15/2025		100			101,940
New York (State of) Dormitory Authority, Series 2022 A, RB, (INS - BAM)(c)		5.00%		10/01/2025		50			51,675
New York (State of) Dormitory Authority (Barnard College), Series 2015 A, Ref. RB		5.00%		07/01/2043		200			202,778
New York (State of) Dormitory Authority (Icahn School of Medicine at Mount Sinai), Series 2015 A, Ref. RB		5.00%		07/01/2035		130			131,274
New York (State of) Dormitory Authority (Icahn School of Medicine at Mount Sinai), Series 2015 A, Ref. RB		5.00%		07/01/2040		45			45,394
New York (State of) Dormitory Authority (New York University), Series 2015 A, Ref. RB		5.00%		07/01/2030		325			332,609
New York (State of) Dormitory Authority (New York University), Series 2015 A, Ref. RB		5.00%		07/01/2035		105			107,307
New York (State of) Thruway Authority, Series 2014 K, Ref. RB		5.00%		01/01/2025		110			111,754
New York (State of) Thruway Authority, Series 2014 K, Ref. RB		5.00%		01/01/2028		200			203,025
New York (State of) Thruway Authority, Series 2014 K, Ref. RB		5.00%		01/01/2032		885			897,300
New York (State of) Utility Debt Securitization Authority, Series 2015, Ref. RB		5.00%		06/15/2027		355			364,335
New York (State of) Utility Debt Securitization Authority, Series 2015, Ref. RB		5.00%		12/15/2027		80			83,053
New York (State of) Utility Debt Securitization Authority, Series 2015, Ref. RB		3.00%		12/15/2032		145			145,364

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

 146 

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

February 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)			Value
New York-(continued)
New York (State of) Utility Debt Securitization Authority, Series 2015, Ref. RB		5.00%		12/15/2033	$	485		$	501,970
New York (State of) Utility Debt Securitization Authority, Series 2015, Ref. RB		5.00%		12/15/2034		100			103,481
New York (State of) Utility Debt Securitization Authority, Series 2015, Ref. RB		5.00%		12/15/2036		325			336,143
New York (State of) Utility Debt Securitization Authority, Series 2015, Ref. RB		4.00%		12/15/2037		50			50,417
New York (State of) Utility Debt Securitization Authority, Series 2015, Ref. RB		5.00%		12/15/2037		75			77,400
New York Convention Center Development Corp. (Hotel Unit Fee Secured), Series 2015, Ref. RB		5.00%		11/15/2032		5			5,104
New York Convention Center Development Corp. (Hotel Unit Fee Secured), Series 2015, Ref. RB		5.00%		11/15/2033		95			96,971
New York Convention Center Development Corp. (Hotel Unit Fee Secured), Series 2015, Ref. RB		5.00%		11/15/2040		265			268,728
New York Convention Center Development Corp. (Hotel Unit Fee Secured), Series 2015, Ref. RB		4.00%		11/15/2045		210			203,559
New York State Environmental Facilities Corp., Series 2015 A, Ref. RB		5.00%		06/15/2040		275			279,588
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2022, Ref. RB		5.00%		06/15/2025		90			92,424
New York State Urban Development Corp., Series 2015 A, Ref. RB		5.00%		03/15/2025		100			102,041
New York State Urban Development Corp., Series 2015 A, Ref. RB(a)(b)		5.00%		09/15/2025		20			20,619
New York State Urban Development Corp., Series 2015 A, Ref. RB		5.00%		03/15/2028		15			15,428
New York State Urban Development Corp., Series 2015 A, Ref. RB		5.00%		03/15/2030		70			71,763
New York State Urban Development Corp., Series 2015 A, Ref. RB		5.00%		03/15/2033		150			153,191
New York State Urban Development Corp., Series 2020, Ref. RB		5.00%		03/15/2025		1,000			1,020,412
New York State Urban Development Corp. (Bidding Group 1), Series 2021 A, Ref. RB		5.00%		03/15/2025		65			66,327
New York Transportation Development Corp. (Terminal 4 JFK International Airport), Series 2020, Ref. RB		5.00%		12/01/2025		100			102,637
Suffolk (County of), NY Water Authority, Series 2015, Ref. RB		4.00%		06/01/2031		155			157,869
Triborough Bridge & Tunnel Authority, Series 2008 B-3, RB		5.00%		11/15/2034		405			417,358
Triborough Bridge & Tunnel Authority, Series 2015 A, RB		5.00%		11/15/2050		500			504,172
Triborough Bridge & Tunnel Authority, Series 2021 A, RB		5.00%		11/01/2025		500			516,685
									37,094,007
North Carolina-1.43%
Charlotte (City of), NC, Series 2015, Ref. RB		5.00%		07/01/2025		110			112,960
Charlotte-Mecklenburg Hospital Authority (The) (Carolinas Health Care Systems), Series 2016, Ref. RB		5.00%		01/15/2025		135			136,860
Guilford (County of), NC, Series 2017, Ref. GO Bonds		5.00%		03/01/2025		100			101,908
Mecklenburg (County of), NC, Series 2013 A, Ref. GO Bonds		5.00%		12/01/2025		65			67,385
North Carolina (State of), Series 2013 B, Ref. GO Bonds		5.00%		06/01/2025		20			20,496
North Carolina (State of), Series 2014 A, Ref. GO Bonds		5.00%		06/01/2025		1,000			1,024,780
North Carolina (State of), Series 2014 B, Ref. RB		5.00%		06/01/2025		145			148,575
North Carolina (State of), Series 2017 B, Ref. RB		5.00%		05/01/2025		40			40,913
North Carolina (State of), Series 2019 A, RB		5.00%		05/01/2025		120			122,740
North Carolina (State of), Series 2019 B, GO Bonds		5.00%		06/01/2025		25			25,620
North Carolina (State of) (Garvee), Series 2015, RB		5.00%		03/01/2029		270			274,961
North Carolina (State of) (Garvee), Series 2015, RB		5.00%		03/01/2030		130			132,292
North Carolina (State of) (Vehicle-Garvee), Series 2015, RB		5.00%		03/01/2027		150			152,853
North Carolina (State of) Capital Facilities Finance Agency (Duke University), Series 2015 B, Ref. RB(a)(b)		5.00%		10/01/2025		300			308,880
North Carolina (State of) Medical Care Commission (Duke University Health system), Series 2016, Ref. RB		5.00%		06/01/2025		65			66,459
North Carolina (State of) Medical Care Commission (Vidant Health), Series 2015, Ref. RB		4.00%		06/01/2034		90			90,601
Raleigh (City of), NC Combined Enterprise System, Series 2015 A, Ref. RB		4.00%		12/01/2035		135			136,330
Wake (County of), NC, Series 2021, RB		5.00%		03/01/2025		100			101,938
									3,066,551
Ohio-1.38%
Bowling Green State University, Series 2016 A, RB		5.00%		06/01/2042		100			101,481
Cincinnati City School District (Classroom Construction & Improvement), Series 2006, Ref. GO Bonds, (INS - NATL)(c)		5.25%		12/01/2025		200			207,627
Columbus (City of), OH, Series 2014, Ref. RB		5.00%		06/01/2025		25			25,348
Columbus (City of), OH, Series 2016 1, Ref. GO Bonds		5.00%		07/01/2025		150			154,037
Columbus (City of), OH, Series 2016 A, GO Bonds		4.00%		08/15/2027		500			506,678
Columbus (City of), OH, Series 2021 A, GO Bonds		5.00%		04/01/2025		100			102,136

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

 147 

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

February 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)			Value
Ohio-(continued)
Franklin (County of), OH, Series 2015, RB		5.00%		05/15/2045	$	200		$	200,597
Ohio (State of), Series 2015 C, GO Bonds(a)(b)		5.00%		05/01/2025		25			25,576
Ohio (State of), Series 2017 A, GO Bonds		5.00%		05/01/2032		150			153,218
Ohio (State of), Series 2017 A, GO Bonds		5.00%		05/01/2034		270			275,545
Ohio (State of), Series 2017 A, GO Bonds		5.00%		05/01/2035		180			183,594
Ohio (State of), Series 2017 B, Ref. GO Bonds		5.00%		09/15/2025		135			139,218
Ohio (State of) (Cleveland Clinic Health System Obligated Group), Series 2017, Ref. RB		5.00%		01/01/2025		15			15,215
Ohio (State of) (Garvee), Series 2016-1, RB		5.00%		12/15/2025		180			186,615
Ohio (State of) (Garvee), Series 2018 1, RB		5.00%		12/15/2025		100			103,675
Ohio (State of) Higher Educational Facility Commission, Series 2015, Ref. RB		5.00%		07/01/2041		440			446,236
Willoughby-Eastlake City School District, Series 2016, GO Bonds(a)(b)		5.00%		12/01/2025		140			144,894
									2,971,690
Oklahoma-0.18%
Canadian (County of), OK Educational Facilities Authority (Mustang Public Schools), Series 2017, RB		4.00%		09/01/2025		75			75,642
Cleveland (County of), OK Educational Facilities Authority (Norman Public Schools), Series 2019, RB		5.00%		06/01/2025		65			66,410
Oklahoma (State of) Capitol Improvement Authority (Department of Transportation), Series 2020, Ref. RB		5.00%		07/01/2025		130			133,072
Tulsa (City of), OK Public Facilities Authority, Series 2019, RB		5.00%		06/01/2025		100			102,318
									377,442
Oregon-0.48%
Oregon (State of) Department of Transportation, Series 2015 A, Ref. RB		5.00%		11/15/2025		10			10,135
Oregon (State of) Department of Transportation, Series 2017 A, RB		5.00%		11/15/2025		500			517,307
Oregon (State of) Facilities Authority, Series 2015 A, Ref. RB		5.00%		04/01/2045		100			101,008
Oregon (State of) Lottery, Series 2014 C, Ref. RB		5.00%		04/01/2025		300			300,432
Oregon (State of) Lottery, Series 2015 D, Ref. RB		5.00%		04/01/2027		100			101,987
									1,030,869
Pennsylvania-3.22%
Allegheny (County of), PA, Series 2016 C-75, Ref. GO Bonds		5.00%		11/01/2025		100			103,271
Allegheny (County of), PA Sanitary Authority, Series 2015, Ref. RB		5.00%		12/01/2040		410			415,640
Chartiers Valley School District, Series 2015 B, GO Bonds(a)(b)		5.00%		04/15/2025		85			86,786
Commonwealth Financing Authority, Series 2015 A, RB		5.00%		06/01/2033		600			610,396
Commonwealth Financing Authority, Series 2015 A, RB		5.00%		06/01/2035		285			289,348
Lehigh (County of), PA (Lehigh Valley Health Network), Series 2015, RB		4.13%		07/01/2040		130			130,499
Monroeville Finance Authority, Series 2012, RB		5.00%		02/15/2025		105			106,658
Pennsylvania (Commonwealth of), First Series 2015, GO Bonds		5.00%		03/15/2025		95			96,852
Pennsylvania (Commonwealth of), First Series 2015, GO Bonds		5.00%		03/15/2028		500			508,977
Pennsylvania (Commonwealth of), First Series 2015, GO Bonds		5.00%		03/15/2029		195			198,024
Pennsylvania (Commonwealth of), First Series 2015, GO Bonds		5.00%		03/15/2033		100			101,551
Pennsylvania (Commonwealth of), First Series 2015-1, GO Bonds		5.00%		03/15/2031		1,350			1,371,214
Pennsylvania (Commonwealth of), First Series 2016, Ref. GO Bonds		5.00%		09/15/2025		120			123,640
Pennsylvania (Commonwealth of), First series 2021, GO Bonds		5.00%		05/15/2025		65			66,493
Pennsylvania (Commonwealth of), Second Series 2015 D, GO Bonds		5.00%		08/15/2032		20			20,435
Pennsylvania (Commonwealth of), Second Series 2016, GO Bonds		5.00%		09/15/2025		45			46,365
Pennsylvania (Commonwealth of), Series 2015 D, GO Bonds		4.00%		08/15/2035		15			15,113
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Thomas Jefferson University), Series 2015 A, Ref. RB		5.00%		09/01/2045		35			35,168
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Thomas Jefferson University), Series 2015, Ref. RB		5.00%		09/01/2039		100			100,758
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (University of Pennsylvania Health System), Series 2015, Ref. RB		5.00%		08/15/2040		100			101,799
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2015 A-1, Ref. RB		5.00%		12/01/2025		5			5,113
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2015 A-1, Ref. RB		5.00%		12/01/2026		25			25,540
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2015 A-1, Ref. RB		5.00%		12/01/2038		50			51,076
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2015 A-1, Ref. RB		5.00%		12/01/2040		65			65,879
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2015 A-1, Ref. RB		4.00%		12/01/2041		95			95,253
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2015 A-1, Ref. RB		5.00%		12/01/2045		1,250			1,261,313

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

 148 

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

February 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)			Value
Pennsylvania-(continued)
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 B, Ref. RB		5.00%		06/01/2025	$	50		$	51,165
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016, Ref. RB		5.00%		06/01/2025		75			76,748
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016, Ref. RB		5.00%		06/01/2027		200			206,088
Philadelphia (City of), PA, Series 2015 B, GO Bonds		4.00%		08/01/2035		25			25,176
Philadelphia (City of), PA, Series 2016, Ref. RB		5.00%		10/01/2025		50			51,534
Philadelphia (City of), PA Authority for Industrial Development, First Series 2015, Ref. RB		5.00%		04/01/2040		185			186,814
Philadelphia (City of), PA Redevelopment Authority, Series 2015 A, Ref. RB		5.00%		04/15/2031		75			76,547
Reading School District, Series 2015 A, Ref. GO Bonds, (INS - AGM)(c)		4.13%		02/01/2036		85			85,365
Westmoreland (County of), PA Municipal Authority, Series 2016, Ref. RB, (INS - BAM)(c)		5.00%		08/15/2038		110			112,237
									6,904,835
South Carolina-0.89%
Charleston (City of), SC, Series 2015, RB(a)(b)		5.00%		01/01/2025		200			203,107
Charleston Educational Excellence Finance Corp. (Charleston County School), Series 2023, Ref. RB		5.00%		12/01/2025		90			93,115
Greenville County School District, Series 2023, Ref. RB		5.00%		12/01/2025		100			103,530
South Carolina (State of) Jobs-Economic Development Authority (Furman University), Series 2015, Ref. RB		4.00%		10/01/2038		25			25,076
South Carolina (State of) Public Service Authority, Series 2015 A, Ref. RB		5.00%		12/01/2028		100			101,843
South Carolina (State of) Public Service Authority, Series 2015 A, Ref. RB		5.00%		12/01/2050		210			211,071
South Carolina (State of) Public Service Authority, Series 2015 E, Ref. RB		5.25%		12/01/2055		350			352,896
South Carolina (State of) Transportation Infrastructure Bank, Series 2016 A, Ref. RB		4.00%		10/01/2028		5			5,040
South Carolina (State of) Transportation Infrastructure Bank, Series 2016 A, Ref. RB		4.00%		10/01/2031		150			151,085
South Carolina (State of) Transportation Infrastructure Bank, Series 2021 B, Ref. RB		5.00%		10/01/2025		600			619,352
Spartanburg (City of), SC Sanitary Sewer District, Series 2014 B, Ref. RB		4.00%		03/01/2040		45			44,691
									1,910,806
South Dakota-0.02%
South Dakota (State of) Health & Educational Facilities Authority (Sanford Obligated Group), Series 2015, Ref. RB		5.00%		11/01/2035		45			46,243
Tennessee-0.88%
Chattanooga (City of), TN, Series 2015 A, Ref. RB		5.00%		09/01/2031		130			133,398
Chattanooga (City of), TN, Series 2015 A, Ref. RB		5.00%		09/01/2032		400			410,401
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2015 C, GO Bonds(a)(b)		5.00%		07/01/2025		40			41,050
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2016, Ref. GO Bonds		5.00%		01/01/2025		170			172,711
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2017, GO Bonds		5.00%		07/01/2025		5			5,134
Tennessee (State of) School Bond Authority, Series 2015 B, RB(a)(b)		5.00%		11/01/2025		10			10,339
Tennessee (State of) School Bond Authority, Series 2015 B, RB(a)(b)		5.00%		11/01/2025		1,000			1,033,864
Tennessee (State of) School Bond Authority, Series 2015 B, RB, (CEP - Colorado Higher Education Intercept Program)		5.00%		11/01/2025		85			87,892
									1,894,789
Texas-10.84%
Alamo Regional Mobility Authority, Series 2016, RB(a)(b)		5.00%		06/15/2025		1,000			1,023,259
Austin (City of), TX, Series 1998, Ref. RB, (INS - NATL)(c)		5.25%		05/15/2025		490			495,596
Austin (City of), TX, Series 2015, Ref. GO Bonds		2.95%		09/01/2027		180			180,010
Austin Community College District, Series 2015, GO Bonds		5.00%		08/01/2035		150			153,118
Bexar (County of), TX, Series 2016, Ref. GO Bonds(a)(b)		4.00%		06/15/2025		250			253,017
Board of Regents of the University of Texas System, Series 2016 C, RB		5.00%		08/15/2025		10			10,286
Central Texas Regional Mobility Authority, Series 2015 A, RB(a)(b)		5.00%		07/01/2025		500			512,470
Clear Creek Independent School District, Series 2015 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2031		20			20,316
Clint Independent School District, Series 2015, GO Bonds(a)(b)		5.00%		08/15/2025		70			71,823
Corpus Christi (City of), TX, Series 2015, RB		5.00%		07/15/2040		100			101,717
Cypress-Fairbanks Independent School District, Series 2015, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		02/15/2032		295			295,832
Dallas (City of), TX, Series 2014, Ref. GO Bonds		5.00%		02/15/2025		75			75,101
Dallas (City of), TX, Series 2015 A, Ref. RB		5.00%		10/01/2044		1,000			1,011,750
Dallas (City of), TX Area Rapid Transit, Series 2016 A, Ref. RB(a)(b)		5.00%		12/01/2025		155			160,419

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

 149 

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

February 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)			Value
Texas-(continued)
Dallas (City of), TX Area Rapid Transit, Series 2016 A, Ref. RB(a)(b)		5.00%		12/01/2025	$	1,500		$	1,552,437
Dallas (City of), TX Area Rapid Transit, Series 2016 A, Ref. RB(a)(b)		5.00%		12/01/2025		175			181,118
Dallas (City of), TX Area Rapid Transit, Series 2016 A, Ref. RB(a)(b)		5.00%		12/01/2025		10			10,350
Dallas (City of), TX Area Rapid Transit, Series 2016 A, Ref. RB(a)(b)		5.00%		12/01/2025		25			25,874
Dallas (City of), TX Area Rapid Transit, Series 2016 A, Ref. RB(a)(b)		5.00%		12/01/2025		175			181,118
Dallas (City of), TX Area Rapid Transit, Series 2016 A, Ref. RB(a)(b)		5.00%		12/01/2025		200			206,992
Dallas (City of), TX Independent School District, Series 2015, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2025		20			20,363
Dallas (City of), TX Independent School District, Series 2016 A, GO Bonds(a)(b)		4.00%		02/15/2025		65			65,418
Dallas (City of), TX Independent School District, Series 2016 A, GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2025		205			208,717
Dallas (City of), TX Independent School District, Series 2016 A, GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2027		95			96,838
Dallas College, Series 2022, GO Bonds		5.00%		02/15/2025		25			25,446
Harris (County of), TX, Series 2015 A, Ref. GO Bonds		5.00%		10/01/2027		70			71,963
Harris (County of), TX, Series 2015 A, Ref. GO Bonds		5.00%		10/01/2029		155			159,299
Harris (County of), TX, Series 2016 A, Ref. RB		5.00%		08/15/2025		380			390,866
Harris (County of), TX, Series 2022 A, Ref. RB		5.00%		08/15/2025		215			220,994
Harris (County of), TX Metropolitan Transit Authority, Series 2016 A, Ref. RB		5.00%		11/01/2025		130			134,253
Harris County Cultural Education Facilities Finance Corp. (Houston Methodist Hospital), Series 2015, RB		5.00%		12/01/2045		95			96,032
Harris County Cultural Education Facilities Finance Corp. (Memorial Hermann Health System), Series 2014 A, RB		5.00%		12/01/2025		25			25,306
Houston (City of), TX, Series 2014 C, Ref. RB		5.00%		05/15/2025		255			255,907
Houston (City of), TX, Series 2016 B, Ref. RB		5.00%		11/15/2025		200			206,452
Houston (City of), TX, Series 2017 A, Ref. GO Bonds		5.00%		03/01/2025		1,300			1,322,893
Humble Independent School District, Series 2015 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.50%		02/15/2025		85			86,911
Kerrville Health Facilities Development Corp., Series 2015, Ref. RB		5.00%		08/15/2035		25			25,348
Lewisville Independent School District, Series 2016 B, Ref. GO Bonds		5.00%		08/15/2028		115			117,649
Lone Star College System, Series 2015 B, Ref. GO Bonds		5.00%		02/15/2025		105			106,855
Lower Colorado River Authority, Series 2015, Ref. RB		5.00%		05/15/2040		100			101,569
Lower Colorado River Authority, Series 2015, Ref. RB		4.00%		05/15/2045		250			242,515
Lower Colorado River Authority, Series 2015, Ref. RB		5.00%		05/15/2045		1,080			1,095,041
North East Independent School District, Series 2015, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		08/01/2030		15			15,414
North East Independent School District, Series 2015, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		08/01/2031		310			318,160
North Texas Municipal Water District, Series 2015, Ref. RB		5.00%		09/01/2029		200			204,978
North Texas Municipal Water District, Series 2015, Ref. RB		5.00%		09/01/2031		10			10,237
North Texas Municipal Water District, Series 2015, Ref. RB		5.00%		09/01/2032		145			148,354
North Texas Municipal Water District, Series 2015, Ref. RB		5.00%		09/01/2035		135			137,767
North Texas Tollway Authority, Series 2008 I, Ref. RB(a)(b)		6.20%		01/01/2025		100			102,374
North Texas Tollway Authority, Series 2014 A, Ref. RB		5.00%		01/01/2025		250			250,743
North Texas Tollway Authority, Series 2015 A, Ref. RB		5.00%		01/01/2032		225			227,912
North Texas Tollway Authority, Series 2015 A, Ref. RB		5.00%		01/01/2033		260			263,240
North Texas Tollway Authority, Series 2015 A, Ref. RB		5.00%		01/01/2034		355			359,279
North Texas Tollway Authority, Series 2015 A, Ref. RB		5.00%		01/01/2035		220			222,539
North Texas Tollway Authority, Series 2015 B, Ref. RB		5.00%		01/01/2029		60			60,846
North Texas Tollway Authority, Series 2015 B, Ref. RB		5.00%		01/01/2034		215			217,729
North Texas Tollway Authority, Series 2015 B, Ref. RB		4.00%		01/01/2035		100			100,405
North Texas Tollway Authority, Series 2016 A, Ref. RB		5.00%		01/01/2025		155			155,192
North Texas Tollway Authority, Series 2022 A, Ref. RB		5.00%		01/01/2025		50			50,707
Northwest Independent School District, Series 2015, GO Bonds(a)(b)		5.00%		02/15/2025		65			66,141
Permanent University Fund - University of Texas System, Series 2014 B, Ref. RB		5.00%		07/01/2025		145			145,963
Pflugerville Independent School District, Series 2023 A, GO Bonds		5.00%		02/15/2025		1,000			1,017,007
Plano Independent School District, Series 2023, GO Bonds		5.00%		02/15/2025		1,000			1,018,134
Port Arthur Independent School District, Series 2015 A, GO Bonds(a)(b)		5.00%		02/15/2025		450			457,478

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

 150 

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

February 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)			Value
Texas-(continued)
Port Arthur Independent School District, Series 2015 A, GO Bonds(a)(b)		5.00%		02/15/2025	$	150		$	152,493
Rockwall Independent School District, Series 2016, GO Bonds(a)(b)		5.00%		02/15/2025		175			177,990
SA Energy Acquisition Public Facility Corp., Series 2007, RB		5.50%		08/01/2025		100			101,750
San Antonio (City of), TX, Series 2012, Ref. RB		5.25%		02/01/2025		270			275,316
San Antonio (City of), TX Water System, Series 2015 B, Ref. RB		5.00%		05/15/2036		275			279,864
Tarrant (County of), TX Regional Water District, Series 2015, Ref. RB		5.00%		03/01/2029		150			152,510
Tarrant County Cultural Education Facilities Finance Corp., Series 2016 A, Ref. RB		5.00%		02/15/2025		50			50,780
Texas (State of), Series 2015 A, Ref. GO Bonds		5.00%		10/01/2027		175			180,344
Texas (State of), Series 2015 A, Ref. GO Bonds		5.00%		10/01/2028		130			133,990
Texas (State of), Series 2015 A, Ref. GO Bonds		5.00%		10/01/2035		205			209,924
Texas (State of), Series 2015, Ref. GO Bonds		5.00%		10/01/2029		75			77,290
Texas (State of), Series 2015, Ref. GO Bonds		5.00%		10/01/2034		50			51,294
Texas (State of), Series 2016 A, GO Bonds		5.00%		04/01/2025		25			25,529
Texas (State of), Series 2016, GO Bonds		5.00%		04/01/2025		115			117,432
Texas (State of), Series 2016, Ref. GO Bonds		5.00%		10/01/2025		90			92,917
Texas (State of), Series 2018 A, Ref. GO Bonds		5.00%		10/01/2025		105			108,403
Texas (State of) (Water Financial Assistance), Series 2022 B, Ref. GO Bonds		5.00%		08/01/2039		405			410,623
Texas (State of) (Water Financial Assistance), Series 2022 B, Ref. GO Bonds		5.00%		08/01/2041		575			581,018
Texas (State of) Transportation Commission State Highway Fund, Series 2015, Ref. RB		5.00%		10/01/2025		40			41,309
Texas (State of) Transportation Commission State Highway Fund, Series 2016 A, RB		5.00%		10/01/2025		1,000			1,032,722
Texas (State of) Water Development Board, Series 2015 A, RB		5.00%		10/15/2030		305			314,334
Texas (State of) Water Development Board, Series 2015 A, RB		4.00%		10/15/2033		500			504,212
Texas (State of) Water Development Board, Series 2015 A, RB		5.00%		10/15/2040		115			117,370
Texas (State of) Water Development Board, Series 2015 A, RB		5.00%		10/15/2045		100			101,747
Texas (State of) Water Development Board, Series 2021, RB		5.00%		08/01/2025		400			411,309
Texas A&M University, Series 2017 E, Ref. RB		5.00%		05/15/2025		125			127,856
Texas State University Board of Regents, Series 2017 A, Ref. RB		5.00%		03/15/2025		135			137,466
Ysleta Independent School District, Series 2016, GO Bonds(a)(b)		5.00%		08/15/2025		155			159,458
									23,277,087
Utah-0.41%
Utah (State of), Series 2018, GO Bonds		5.00%		07/01/2025		320			328,317
Utah (State of) Transit Authority, Series 2015 A, Ref. RB(a)(b)		4.00%		06/15/2025		30			30,381
Utah (State of) Transit Authority, Series 2015 A, Ref. RB(a)(b)		4.00%		06/15/2025		40			40,508
Utah (State of) Transit Authority, Series 2015 A, Ref. RB(a)(b)		4.00%		06/15/2025		45			45,571
Utah (State of) Transit Authority, Series 2015 A, Ref. RB(a)(b)		5.00%		06/15/2025		60			61,510
Utah (State of) Transit Authority, Series 2015 A, Ref. RB(a)(b)		5.00%		06/15/2025		80			82,013
Utah (State of) Transit Authority, Series 2015 A, Ref. RB(a)(b)		5.00%		06/15/2025		130			133,271
Utah (State of) Transit Authority, Series 2015 A, Ref. RB		5.00%		06/15/2025		25			25,568
Utah (State of) Transit Authority, Series 2015 A, Ref. RB(a)(b)		5.00%		06/15/2025		15			15,378
Utah (State of) Transit Authority, Series 2015 A, Ref. RB(a)(b)		5.00%		06/15/2025		115			117,894
									880,411
Vermont-0.02%
University of Vermont & State Agricultural College, Series 2015, Ref. RB		5.00%		10/01/2045		20			20,204
University of Vermont and State Agricultural College, Series 2015, Ref. RB		5.00%		10/01/2040		15			15,210
									35,414
Virginia-1.35%
Fairfax (County of), VA, Series 2020 A, Ref. GO Bonds		4.00%		10/01/2025		75			76,307
Richmond (City of), VA, Series 2016, Ref. RB		5.00%		01/15/2025		150			152,466
University of Virginia, Series 2015 A-1, RB		4.00%		04/01/2045		150			150,154
Upper Occoquan Sewage Authority, Series 2014, Ref. RB(a)(b)		5.00%		07/01/2025		500			512,799
Virginia (Commonwealth of) College Building Authority, Series 2015 A, RB(a)(b)		5.00%		02/01/2025		40			40,673
Virginia (Commonwealth of) College Building Authority, Series 2015 A, RB		5.00%		02/01/2025		215			218,852
Virginia (Commonwealth of) College Building Authority, Series 2016 A, Ref. RB, (CEP - Colorado Higher Education Intercept Program)		3.00%		09/01/2025		40			39,898
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2020, RB		5.00%		02/01/2025		365			371,540

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

 151 

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

February 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)			Value
Virginia-(continued)
Virginia (Commonwealth of) College Building Authority (Public Higher Education Financing), Series 2015 B, Ref. RB, (CEP - Colorado Higher Education Intercept Program)		5.00%		09/01/2025	$	45		$	46,399
Virginia (Commonwealth of) Public Building Authority, Series 2015 A, RB		4.00%		08/01/2033		1,000			1,007,954
Virginia (Commonwealth of) Public Building Authority, Series 2016 B, Ref. RB		5.00%		08/01/2025		65			66,874
Virginia (Commonwealth of) Public School Authority, Series 2014 B, Ref. RB, (CEP - Colorado Higher Education Intercept Program)		4.00%		08/01/2025		90			90,325
Virginia (Commonwealth of) Transportation Board, Series 2017 A, Ref. RB		5.00%		05/15/2025		120			122,856
									2,897,097
Washington-4.28%
Central Puget Sound Regional Transit Authority (Green Bonds), Series 2015 S-1, Ref. RB(a)(b)		4.00%		11/01/2025		1,000			1,016,979
Central Puget Sound Regional Transit Authority (Green Bonds), Series 2015 S-1, Ref. RB(a)(b)		5.00%		11/01/2025		85			87,809
Central Puget Sound Regional Transit Authority (Green Bonds), Series 2015 S-1, Ref. RB(a)(b)		5.00%		11/01/2025		75			77,478
Central Puget Sound Regional Transit Authority (Green Bonds), Series 2015 S-1, Ref. RB(a)(b)		5.00%		11/01/2025		75			77,478
Central Puget Sound Regional Transit Authority (Green Bonds), Series 2015 S-1, Ref. RB(a)(b)		5.00%		11/01/2025		150			154,956
Central Puget Sound Regional Transit Authority (Green Bonds), Series 2015 S-1, Ref. RB(a)(b)		5.00%		11/01/2025		20			20,661
Energy Northwest (Bonneville Power Administration), Series 2016 A, Ref. RB		5.00%		07/01/2025		200			205,435
Energy Northwest (Columbia Generating Station), Series 2015 A, Ref. RB		5.00%		07/01/2029		100			102,498
Energy Northwest (Columbia Generating Station), Series 2015 A, Ref. RB		5.00%		07/01/2032		75			76,815
Energy Northwest (Columbia Generating Station), Series 2015 A, Ref. RB		5.00%		07/01/2033		170			174,091
Energy Northwest (Columbia Generating Station), Series 2015 C, Ref. RB		5.00%		07/01/2031		500			512,230
Energy Northwest (No. 3), Series 2018, Ref. RB		5.00%		07/01/2025		500			513,588
King (County of), WA, Series 2015, Ref. GO Bonds(a)(b)		5.00%		01/01/2025		115			116,787
King (County of), WA, Series 2015, Ref. GO Bonds(a)(b)		5.00%		01/01/2025		100			101,554
King (County of), WA, Series 2015, Ref. RB(a)(b)		5.00%		01/01/2025		40			40,621
King (County of), WA, Series 2015, Ref. RB(a)(b)		5.00%		01/01/2025		55			55,855
King (County of), WA, Series 2015, Ref. RB.		4.00%		07/01/2045		75			73,830
King (County of), WA, Series 2016 B, Ref. RB		5.00%		07/01/2025		90			92,245
King County School District No. 411 Issaquah, Series 2015, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00%		12/01/2025		50			51,230
Pierce County School District No 10 Tacoma, Series 2015, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00%		12/01/2028		35			36,181
Pierce County School District No. 10 Tacoma, Series 2015, Ref. GO Bonds(a)(b)		5.00%		12/01/2025		50			51,791
Seattle (City of), WA, Series 2019 B, Ref. RB		5.00%		02/01/2025		300			305,321
Seattle (Port of), WA, Series 2022 A, Ref. RB		5.00%		08/01/2025		65			66,693
Snohomish (County of), WA Public Utility District No. 1, Series 2015, RB		5.00%		12/01/2045		20			20,238
Snohomish County School District No. 201 Snohomish, Series 2016, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00%		12/01/2027		10			10,341
Washington (State of), Series 2014 D, Ref. GO Bonds		5.00%		07/01/2032		345			350,219
Washington (State of), Series 2014 R, Ref. GO Bonds		5.00%		07/01/2028		45			45,725
Washington (State of), Series 2014 R, Ref. GO Bonds		5.00%		07/01/2029		10			10,159
Washington (State of), Series 2014 R, Ref. GO Bonds		5.00%		07/01/2030		125			126,952
Washington (State of), Series 2015 A-1, GO Bonds		5.00%		08/01/2031		200			205,348
Washington (State of), Series 2015 A-1, GO Bonds		5.00%		08/01/2035		1,000			1,023,401
Washington (State of), Series 2015 R, Ref. GO Bonds		5.00%		07/01/2026		15			15,228
Washington (State of), Series 2015 R, Ref. GO Bonds		5.00%		07/01/2029		865			878,794
Washington (State of), Series 2015 R, Ref. GO Bonds		4.00%		07/01/2031		400			403,580
Washington (State of), Series 2015 R, Ref. GO Bonds		5.00%		07/01/2031		140			142,187
Washington (State of), Series 2015 R, Ref. GO Bonds		5.00%		07/01/2032		200			203,025
Washington (State of), Series 2015 R, Ref. GO Bonds		5.00%		07/01/2033		200			202,927
Washington (State of), Series 2017 R, Ref. GO Bonds		5.00%		08/01/2025		250			257,243
Washington (State of), Series R-2015-C, Ref. GO Bonds		5.00%		07/01/2030		700			710,703
Washington (State of), Series R-2015-C, Ref. GO Bonds		5.00%		07/01/2032		295			299,487
Washington (State of) Health Care Facilities Authority (Central Washington Health Services Association), Series 2015, Ref. RB		4.00%		07/01/2036		110			110,008
Washington (State of) Health Care Facilities Authority (Central Washington Health Services Association), Series 2015, Ref. RB		5.00%		07/01/2039		75			75,343

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

 152 

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

February 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)			Value
Washington-(continued)
Washington (State of) Health Care Facilities Authority (Multicare Health System), Series 2015 B, Ref. RB		5.00%		08/15/2030	$	35		$	35,641
Washington (State of) Health Care Facilities Authority (Seattle Cancer Care Alliance), Series 2014, Ref. RB		5.00%		03/01/2038		40			40,354
									9,179,029
Wisconsin-0.89%
Waushara (County of), WI, Series 2022 A, RB		4.50%		06/01/2027		500			508,873
Wisconsin (State of), Series 2015, Ref. GO Bonds		3.00%		05/01/2025		50			50,023
Wisconsin (State of), Series 2015, Ref. GO Bonds		5.00%		05/01/2025		60			61,391
Wisconsin (State of), Series 2015, Ref. GO Bonds		5.00%		05/01/2027		175			178,808
Wisconsin (State of), Series 2015-4, Ref. GO Bonds		5.00%		05/01/2025		295			298,619
Wisconsin (State of), Series 2016-1, Ref. GO Bonds		5.00%		11/01/2025		30			30,680
Wisconsin (State of), Series 2017 A, GO Bonds(a)(b)		5.00%		05/01/2025		115			117,679
Wisconsin (State of), Series 2017 A, GO Bonds		5.00%		05/01/2027		330			337,181
Wisconsin (State of), Series 2019 A, Ref. RB(a)		5.00%		05/01/2025		45			46,017
Wisconsin (State of) Department of Transportation, Series 2017-1, Ref. RB		5.00%		07/01/2025		35			35,937
Wisconsin (State of) Department of Transportation, Series 2017-2, Ref. RB		5.00%		07/01/2025		50			51,339
Wisconsin (State of) Public Finance Authority (Renown Regional Medical Center), Series 2015 A, RB		4.25%		06/01/2041		200			200,085
									1,916,632
TOTAL INVESTMENTS IN SECURITIES(d)-98.57% (Cost $213,094,409)									211,640,113
OTHER ASSETS LESS LIABILITIES-1.43%									3,066,354
NET ASSETS-100.00%								$	214,706,467

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.
RAC	-Revenue Anticipation Certificates
RB	-Revenue Bonds
Ref.	-Refunding
RN	-Revenue Notes

Notes to Schedule of Investments:

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

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

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

 153 

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

February 29, 2024

(Unaudited)

 

Portfolio Composition
Revenue Type Breakdown (% of the Fund’s Net Assets) as of February 29, 2024
Ad Valorem Property Tax	37.26
Sales Tax Revenue	7.36
Water Revenue	5.90
Highway Tolls Revenue	5.60
Miscellaneous Revenue	5.42
Electric Power Revenue	4.99
College & University Revenue	4.89
Appropriations	4.36
Income Tax Revenue	4.26
Lease Revenue	4.25
Health, Hospital, Nursing Home Revenue	3.60
General Fund	3.26
Revenue Types Each Less Than 3%	7.42
Other Assets Less Liabilities	1.43

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

 154 

Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)

February 29, 2024

(Unaudited)

Schedule of Investments

	Interest Rate		Maturity Date		Principal Amount (000)			Value
Municipal Obligations-98.64%
Alabama-0.67%
Alabama (State of) Economic Settlement Authority, Series 2016 A, RB		4.00%		09/15/2033	$	200		$	201,242
Alabama (State of) Federal Aid Highway Finance Authority (Garvee), Series 2016 A, RB(a)(b)		5.00%		09/01/2026		120			126,372
Alabama (State of) Federal Aid Highway Finance Authority (Garvee), Series 2016 A, RB(a)(b)		5.00%		09/01/2026		200			210,620
Alabama (State of) Federal Aid Highway Finance Authority (Garvee), Series 2017 B, Ref. RB(a)		5.00%		09/01/2026		20			21,087
Alabama (State of) Public School & College Authority (Social Bonds), Series 2020 A, Ref. RB		5.00%		11/01/2026		50			52,944
Auburn University, Series 2016 A, Ref. RB		5.00%		06/01/2038		40			41,295
Birmingham (City of), AL Special Care Facilities Financing Authority (Ascension Senior Credit Group), Series 2016, Ref. RB		5.00%		11/15/2046		150			152,910
Tuscaloosa (City of), AL Board of Education, Series 2016, Revenue Wts.(a)(b)		5.00%		08/01/2026		60			63,059
UAB Medicine Finance Authority, Series 2016 B, Ref. RB		5.00%		09/01/2034		50			51,843
UAB Medicine Finance Authority, Series 2016 B, Ref. RB		5.00%		09/01/2035		85			87,936
UAB Medicine Finance Authority, Series 2016 B, Ref. RB		3.63%		09/01/2041		20			18,908
UAB Medicine Finance Authority, Series 2016 B, Ref. RB		5.00%		09/01/2041		125			127,183
									1,155,399
Alaska-0.09%
North Slope (Borough of), AK, Series 2021 C, GO Bonds		4.00%		06/30/2026		150			153,981
Arizona-1.16%
Allegheny (County of), PA Sanitary Authority, Series 2016, Ref. RB		5.00%		07/01/2033		500			521,463
Arizona (State of) Sports & Tourism Authority, Series 2022, Ref. RB, (INS - BAM)(c)		5.00%		07/01/2026		100			103,975
Arizona (State of) Transportation Board (Garvee), Series 2016, Ref. RB		5.00%		07/01/2026		130			136,419
Arizona State University (Green Bonds), Series 2016 B, RB		5.00%		07/01/2042		200			205,098
Glendale (City of), AZ Industrial Development Authority (Sun Health Services), Series 2019 A, Ref. RB		5.00%		11/15/2042		20			20,103
Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group), Series 2016, Ref. RB		5.00%		01/01/2026		30			31,069
Maricopa (County of), AZ Special Health Care District (Maricopa Integrated Health), Series 2018 C, GO Bonds		5.00%		07/01/2026		30			31,433
Mesa (City of), AZ, Series 2016, Ref. RB		4.00%		07/01/2031		120			122,499
Mesa (City of), AZ, Series 2017, Ref. RB		4.00%		07/01/2026		5			5,139
Phoenix (City of), AZ, Series 2016, Ref. GO Bonds		5.00%		07/01/2026		80			84,024
Phoenix (City of), AZ Industrial Development Authority (The) (Eastern Kentucky University), Series 2016, RB		4.00%		10/01/2047		70			65,231
Phoenix Civic Improvement Corp., Series 2016, Ref. RB		5.00%		07/01/2033		20			20,878
Phoenix Civic Improvement Corp., Series 2017, Ref. RB		5.00%		07/01/2026		25			26,223
Phoenix Civic Improvement Corp., Series 2017, Ref. RB		5.00%		07/01/2029		50			52,403
Phoenix Civic Improvement Corp., Series 2017, Ref. RB		5.00%		07/01/2030		50			52,311
Phoenix Civic Improvement Corp., Series 2017, Ref. RB		5.00%		07/01/2032		10			10,460
Phoenix Civic Improvement Corp., Series 2017, Ref. RB		5.00%		07/01/2033		100			104,461
Phoenix Civic Improvement Corp., Series 2017, Ref. RB		5.00%		07/01/2034		25			26,075
Phoenix Civic Improvement Corp., Series 2017, Ref. RB		5.00%		07/01/2037		100			103,889
Phoenix Civic Improvement Corp., Series 2021 B, Ref. RB		5.00%		07/01/2026		70			73,586
Pima (County of), AZ, Series 2016, Ref. RB		5.00%		07/01/2026		5			5,250
Salt River Project Agricultural Improvement & Power District, Series 2017, Ref. RB		5.00%		01/01/2026		70			72,710
Salt River Project Agricultural Improvement & Power District, Series 2021 A, Ref. RB		5.00%		01/01/2026		110			114,259
									1,988,958
California-18.61%
Alameda (City of), CA Corridor Transportation Authority, Series 2016 B, Ref. RB, (INS - AGM)(c)		4.00%		10/01/2037		100			100,351
Alameda (County of), CA Joint Powers Authority (Juvenile Justice), Series 2016, Ref. RB		4.00%		12/01/2034		25			25,547
Bay Area Toll Authority (San Francisco Bay Area), Series 2017, Ref. RB		5.00%		04/01/2026		20			20,973
California (State of), Series 2015, GO Bonds		5.00%		03/01/2026		95			97,010
California (State of), Series 2016, GO Bonds		5.00%		09/01/2029		25			26,400
California (State of), Series 2016, GO Bonds		3.00%		09/01/2046		5			4,154
California (State of), Series 2016, Ref. GO Bonds		5.00%		09/01/2029		700			739,207

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

 155 

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

February 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)		Value
California-(continued)
California (State of), Series 2016, Ref. GO Bonds		4.00%		09/01/2031	$	400	$	408,745
California (State of), Series 2016, Ref. GO Bonds		3.00%		09/01/2032		100		99,623
California (State of), Series 2016, Ref. GO Bonds		5.00%		09/01/2032		420		441,977
California (State of), Series 2016, Ref. GO Bonds		5.00%		09/01/2032		180		189,419
California (State of), Series 2016, Ref. GO Bonds		5.00%		09/01/2033		100		105,160
California (State of), Series 2016, Ref. GO Bonds		4.00%		09/01/2034		735		748,385
California (State of), Series 2016, Ref. GO Bonds		4.00%		09/01/2035		500		507,773
California (State of), Series 2017, Ref. GO Bonds		5.00%		08/01/2026		250		263,405
California (State of), Series 2017, Ref. GO Bonds		5.00%		11/01/2026		235		249,148
California (State of), Series 2017, Ref. GO Bonds		5.00%		08/01/2033		150		157,489
California (State of), Series 2017, Ref. GO Bonds		5.00%		08/01/2034		500		524,000
California (State of), Series 2017, Ref. GO Bonds		5.00%		08/01/2036		100		104,465
California (State of), Series 2018, GO Bonds		5.00%		10/01/2026		210		222,180
California (State of), Series 2018, GO Bonds		5.00%		10/01/2026		2,015		2,109,783
California (State of), Series 2018, GO Bonds		5.00%		10/01/2047		350		360,694
California (State of), Series 2018, Ref. GO Bonds		5.00%		10/01/2029		150		157,038
California (State of), Series 2019, Ref. GO Bonds		5.00%		10/01/2026		75		79,350
California (State of), Series 2020, GO Bonds		3.00%		03/01/2026		100		100,112
California (State of), Series 2021, GO Bonds		5.00%		12/01/2032		20		20,943
California (State of), Series 2021, Ref. GO Bonds		5.00%		12/01/2026		400		424,975
California (State of), Series 2022, GO Bonds		5.00%		04/01/2026		20		20,903
California (State of) (Bid Group C), Series 2016, Ref. GO Bonds		5.00%		08/01/2028		100		105,509
California (State of) (Bid Group C), Series 2016, Ref. GO Bonds		5.00%		08/01/2030		25		26,300
California (State of) (Bid Group C), Series 2016, Ref. GO Bonds		5.00%		08/01/2033		210		220,485
California (State of) (Bid Group C), Series 2018, Ref. GO Bonds		5.00%		08/01/2026		50		52,681
California (State of) Department of Water Resources, Series 2017 AX, Ref. RB		5.00%		12/01/2026		45		48,106
California (State of) Department of Water Resources, Series 2019 BA, RB		5.00%		12/01/2026		50		53,451
California (State of) Department of Water Resources, Series 2021, RB		5.00%		12/01/2026		40		42,761
California (State of) Department of Water Resources (Central Valley), Series 2016 AW, Ref. RB		5.00%		12/01/2028		90		96,215
California (State of) Department of Water Resources (Central Valley), Series 2016 AW, Ref. RB		5.00%		12/01/2029		10		10,669
California (State of) Department of Water Resources (Central Valley), Series 2016 AW, Ref. RB		4.00%		12/01/2034		10		10,278
California (State of) Department of Water Resources (Central Valley), Series 2016 AW, Ref. RB		4.00%		12/01/2035		35		35,833
California (State of) Department of Water Resources (Central Valley), Series 2020 BB, Ref. RB		5.00%		12/01/2026		175		187,077
California (State of) Educational Facilities Authority (Pepperdine University), Series 2016, Ref. RB(a)(b)		5.00%		04/01/2026		20		20,965
California (State of) Health Facilities Financing Authority (Adventist Health System), Series 2016 A, Ref. RB		4.00%		03/01/2039		55		55,122
California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2015, Ref. RB		5.00%		11/15/2026		45		46,648
California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2016 A, RB		5.00%		08/15/2033		95		99,773
California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2016 B, Ref. RB		5.00%		08/15/2032		95		99,874
California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2016 B, Ref. RB		4.00%		08/15/2035		70		71,110
California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2016 B, Ref. RB		5.00%		08/15/2035		285		298,793
California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2016 B, Ref. RB		4.00%		08/15/2036		210		213,101
California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2016 B, Ref. RB		4.00%		08/15/2039		170		170,581
California (State of) Health Facilities Financing Authority (Lucile Salter Packard Children’s Hospital at Stanford), Series 2016 B, RB		5.00%		08/15/2055		150		153,128
California (State of) Health Facilities Financing Authority (Providence St. Joseph Health), Series 2016 A, Ref. RB		4.00%		10/01/2035		105		105,664
California (State of) Health Facilities Financing Authority (Providence St. Joseph Health), Series 2016 A, Ref. RB		4.00%		10/01/2036		100		100,069
California (State of) Health Facilities Financing Authority (Providence St. Joseph Health), Series 2016 A, Ref. RB		4.00%		10/01/2047		25		23,681

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

 156 

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

February 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)		Value
California-(continued)
California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2017 A, Ref. RB		5.00%		11/15/2026	$	25	$	26,592
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2016 B, Ref. RB(a)(b)		5.00%		11/15/2026		40		42,378
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2016 B, Ref. RB		5.00%		11/15/2046		60		61,400
California (State of) Infrastructure & Economic Development Bank (Bay Area Toll Bridges), Series 2003 A, RB(a)		5.00%		07/01/2026		10		10,570
California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds), Series 2016, RB		5.00%		10/01/2027		110		115,793
California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds), Series 2016, RB		5.00%		10/01/2028		160		168,411
California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds), Series 2016, RB		5.00%		10/01/2029		50		52,551
California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds), Series 2016, RB		5.00%		10/01/2030		95		99,701
California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds), Series 2016, RB		5.00%		10/01/2031		25		26,197
California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds), Series 2017, RB		5.00%		10/01/2026		55		58,529
California (State of) Municipal Finance Authority (Humangood - California Obligated Group), Series 2019 A, Ref. RB		5.00%		10/01/2044		200		204,661
California (State of) Public Finance Authority (Henry Mayo Newhall Hospital), Series 2017, Ref. RB		5.00%		10/15/2047		200		200,426
California (State of) Public Works Board, Series 2015 F, Ref. RB		5.00%		05/01/2026		35		35,793
California (State of) Public Works Board, Series 2022 A, Ref. RB		5.00%		08/01/2026		1,265		1,332,831
California (State of) Public Works Board (Various Capital), Series 2016 C, Ref. RB		5.00%		11/01/2026		25		26,505
California (State of) Public Works Board (Various Capital), Series 2016 C, Ref. RB		5.00%		11/01/2029		70		73,957
California (State of) Public Works Board (Various Capital), Series 2016 C, Ref. RB		4.00%		11/01/2032		220		225,562
California (State of) Public Works Board (Various Capital), Series 2016 C, Ref. RB		5.00%		11/01/2033		55		57,973
California (State of) Public Works Board (Various Capital), Series 2016 C, Ref. RB		5.00%		11/01/2034		70		73,771
California (State of) Public Works Board (Various Capital), Series 2016 D, Ref. RB		4.00%		04/01/2031		60		61,644
California (State of) Public Works Board (Various Capital), Series 2016 D, Ref. RB		4.00%		04/01/2032		55		56,356
California (State of) Public Works Board (Various Capital), Series 2017 B, Ref. RB(a)		5.00%		10/01/2026		5		5,302
California (State of) Public Works Board (Various Capital), Series 2017 B, Ref. RB		5.00%		10/01/2026		25		26,450
California (State of) Statewide Communities Development Authority (Adventist Health System), Series 2015 A, Ref. RB		4.13%		03/01/2034		225		227,267
California (State of) Statewide Communities Development Authority (Enloe Medical Center), Series 2015, Ref. RB(a)(b)		4.00%		02/15/2026		20		20,456
California (State of) Statewide Communities Development Authority (Enloe Medical Center), Series 2015, Ref. RB(a)(b)		5.00%		02/15/2026		25		26,040
California State University, Series 2016 A, Ref. RB		5.00%		11/01/2026		65		68,420
California State University, Series 2016 A, Ref. RB		5.00%		11/01/2027		100		105,475
California State University, Series 2016 A, Ref. RB		5.00%		11/01/2028		40		42,146
California State University, Series 2016 A, Ref. RB		5.00%		11/01/2029		75		79,014
California State University, Series 2016 A, Ref. RB		5.00%		11/01/2031		35		36,771
California State University, Series 2016 A, Ref. RB		5.00%		11/01/2032		30		31,489
California State University, Series 2016 A, Ref. RB		5.00%		11/01/2033		5		5,247
California State University, Series 2016 A, Ref. RB		4.00%		11/01/2034		10		10,162
California State University, Series 2016 A, Ref. RB		5.00%		11/01/2036		45		47,045
California State University, Series 2016 A, Ref. RB		5.00%		11/01/2041		100		103,905
California State University, Series 2016 A, Ref. RB		5.00%		11/01/2045		400		413,826
Chabot-Las Positas Community College District, Series 2016, Ref. GO Bonds.		4.00%		08/01/2034		220		223,713
Coachella Valley Unified School District (Election of 2005), Series 2016 F, GO Bonds, (INS - BAM)(c)		5.00%		08/01/2046		175		179,294
East Side Union High School District, Series 2003 B, Ref. GO Bonds, (INS - NATL)(c)		5.25%		02/01/2026		100		102,499
Eastern Municipal Water District, Series 2016 A, Ref. RB.		5.00%		07/01/2042		125		129,932
Eastern Municipal Water District Financing Authority, Series 2016 B, Ref. RB		5.00%		07/01/2033		10		10,543
Eastern Municipal Water District Financing Authority, Series 2016 B, Ref. RB		4.00%		07/01/2034		15		15,351
Eastern Municipal Water District Financing Authority, Series 2016 B, Ref. RB		4.00%		07/01/2035		50		51,109
Grossmont Union High School District (Election of 2008), Series 2016 B, Ref. GO Bonds		3.00%		08/01/2045		125		102,428
Hayward Unified School District, Series 2017, GO Bonds, (INS - AGM)(c)		3.50%		08/01/2037		45		44,258

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

 157 

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

February 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)		Value
California-(continued)
Imperial Irrigation District, Series 2016 C, Ref. RB		5.00%		11/01/2036	$	250	$	261,200
Imperial Irrigation District, Series 2016 C, Ref. RB		5.00%		11/01/2038		25		26,050
Irvine Facilities Financing Authority (Gateway Preserve Land Acquisition), Series 2023, RB		5.25%		05/01/2043		225		233,758
Irvine Ranch Water District, Series 2016, RB		5.25%		02/01/2046		30		31,274
Livermore Valley Joint Unified School District (Measure J), Series 2019, GO Bonds		4.00%		08/01/2046		160		159,745
Los Angeles (City of), CA Department of Airports, Series 2020 A, Ref. RB		5.00%		05/15/2026		120		126,441
Los Angeles (City of), CA Department of Water & Power, Series 2016 A, Ref. RB		5.00%		07/01/2041		50		51,566
Los Angeles (City of), CA Department of Water & Power, Series 2016 A, Ref. RB		5.00%		07/01/2046		1,100		1,130,252
Los Angeles (City of), CA Department of Water & Power, Series 2016 B, RB		5.00%		07/01/2027		15		15,623
Los Angeles (City of), CA Department of Water & Power, Series 2016 B, Ref. RB		5.00%		07/01/2026		25		26,139
Los Angeles (City of), CA Department of Water & Power, Series 2016 B, Ref. RB		5.00%		07/01/2027		10		10,423
Los Angeles (City of), CA Department of Water & Power, Series 2016 B, Ref. RB		5.00%		07/01/2030		40		41,675
Los Angeles (City of), CA Department of Water & Power, Series 2016 B, Ref. RB		5.00%		07/01/2031		25		26,044
Los Angeles (City of), CA Department of Water & Power, Series 2020 A, Ref. RB		5.00%		07/01/2026		215		227,259
Los Angeles (City of), CA Department of Water & Power, Series 2021 A, RB		5.00%		07/01/2026		250		263,701
Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB		5.00%		07/01/2026		570		602,501
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2016 A, Ref. RB		5.00%		06/01/2030		200		210,304
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2016 A, Ref. RB		5.00%		06/01/2031		90		94,481
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2016 A, Ref. RB		5.00%		06/01/2032		60		62,885
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2016 A, Ref. RB		5.00%		06/01/2033		1,000		1,046,380
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2016 A, Ref. RB		5.00%		06/01/2034		35		36,626
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2016 A, Ref. RB		5.00%		06/01/2035		10		10,460
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2021 A, RB		5.00%		06/01/2026		25		26,350
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2017 A, RB		5.00%		07/01/2026		50		52,816
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2019 A, RB		5.00%		07/01/2026		50		52,816
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020 A, RB		5.00%		06/01/2026		35		36,906
Los Angeles Community College District, Series 2016, Ref. GO Bonds		5.00%		08/01/2036		55		57,849
Los Angeles Community College District, Series 2016, Ref. GO Bonds		5.00%		08/01/2038		5		5,231
Los Angeles Community College District (Election of 2008), Series 2019 K, GO Bonds		4.00%		08/01/2034		310		317,484
Los Angeles Community College District (Election of 2008), Series 2019 K, GO Bonds		4.00%		08/01/2035		220		224,894
Los Angeles Community College District (Election of 2008), Series 2019 K, GO Bonds		4.00%		08/01/2036		20		20,389
Los Angeles Unified School District, Series 2016 A, Ref. GO Bonds		5.00%		07/01/2026		260		268,200
Los Angeles Unified School District, Series 2016 B, Ref. GO Bonds		5.00%		07/01/2030		105		110,917
Los Angeles Unified School District, Series 2017 A, Ref. GO Bonds		5.00%		07/01/2026		375		396,121
Los Angeles Unified School District, Series 2020 C, GO Bonds		5.00%		07/01/2026		680		718,299
Los Angeles Unified School District (Sustainability Bonds), Series 2023 A, COP		5.00%		10/01/2026		500		528,615
Madera Unified School District (Election of 2014), Series 2017, GO Bonds, (INS - BAM)(c)		4.00%		08/01/2042		200		200,001
Metropolitan Water District of Southern California, Series 2020 A, Ref. RB		5.00%		07/01/2026		150		158,483
Metropolitan Water District of Southern California, Series 2021 B, Ref. RB		5.00%		10/01/2026		150		159,819
Montebello Unified School District (Election of 2016), Series 2016 A, GO Bonds		5.00%		08/01/2041		100		103,659
Mountain View Whisman School District (Election of 2012), Series 2016 B, GO Bonds(a)(b)		4.00%		09/01/2026		105		108,835
Municipal Improvement Corp. of Los Angeles, Series 2016 B, Ref. RB		4.00%		11/01/2036		25		25,297
Municipal Improvement Corp. of Los Angeles (Real Property), Series 2016 B, Ref. RB		5.00%		11/01/2029		250		264,989
Municipal Improvement Corp. of Los Angeles (Real Property), Series 2016 B, Ref. RB		5.00%		11/01/2030		195		206,538
Municipal Improvement Corp. of Los Angeles (Real Property), Series 2016 B, Ref. RB		4.00%		11/01/2035		100		101,495
Oakland Unified School District, Series 2016, Ref. GO Bonds		5.00%		08/01/2029		45		47,454
Palomar Health, Series 2016 B, Ref. GO Bonds		4.00%		08/01/2035		20		20,150
Palomar Health, Series 2016 B, Ref. GO Bonds		4.00%		08/01/2036		200		201,714
Palomar Health, Series 2016, Ref. RB		5.00%		11/01/2039		110		110,801
Pasadena Unified School District (Election of 2008), Series 2016, GO Bonds		4.00%		08/01/2035		20		20,347
Regents of the University of California Medical Center, Series 2016 L, Ref. RB		5.00%		05/15/2032		40		42,176
Regents of the University of California Medical Center, Series 2016 L, Ref. RB		5.00%		05/15/2033		25		26,354
Regents of the University of California Medical Center, Series 2016 L, Ref. RB		5.00%		05/15/2034		15		15,792
Regents of the University of California Medical Center, Series 2016 L, Ref. RB		4.00%		05/15/2038		140		140,881
Regents of the University of California Medical Center, Series 2016 L, Ref. RB		5.00%		05/15/2041		165		170,544
Regents of the University of California Medical Center, Series 2016 L, Ref. RB		4.00%		05/15/2044		105		105,177
Sacramento (City of), CA Municipal Utility District, Series 2021 I, Ref. RB		5.00%		08/15/2026		20		21,191
Sacramento (County of), CA, Series 2016 B, Ref. RB		5.00%		07/01/2041		130		133,737

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

 158 

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

February 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)		Value
California-(continued)
Sacramento Area Flood Control Agency (Consolidated Capital Assessment District No.2), Series 2016, Ref. RB.		5.00%		10/01/2043	$	150	$	155,828
San Bernardino (County of), CA (Arrowhead), Series 2019 A, Ref. COP		5.00%		10/01/2026		125		132,828
San Diego (City of), CA Association of Governments (Mid Coast Corridor; Green Bonds), Series 2019, RB(a)(b)		5.00%		11/15/2025		75		77,724
San Diego (City of), CA Public Facilities Financing Authority, Series 2015, Ref. RB		4.00%		05/15/2026		120		121,546
San Diego (City of), CA Public Facilities Financing Authority, Series 2016 A, Ref. RB		5.00%		05/15/2029		5		5,280
San Diego (City of), CA Public Facilities Financing Authority, Series 2016 A, Ref. RB		5.00%		05/15/2032		145		153,048
San Diego (City of), CA Public Facilities Financing Authority, Series 2016 A, Ref. RB		5.00%		05/15/2035		100		105,328
San Diego (City of), CA Public Facilities Financing Authority, Series 2016 A, Ref. RB		5.00%		05/15/2036		100		104,992
San Diego (City of), CA Public Facilities Financing Authority, Series 2016 A, Ref. RB		5.00%		05/15/2037		5		5,232
San Diego (City of), CA Public Facilities Financing Authority, Series 2016 B, Ref. RB		5.00%		08/01/2028		880		933,700
San Diego (City of), CA Public Facilities Financing Authority, Series 2016 B, Ref. RB		5.00%		08/01/2037		60		63,004
San Diego (County of), CA Regional Transportation Commission, Series 2016 A, RB		5.00%		04/01/2041		125		129,454
San Diego Community College District, Series 2016, Ref. GO Bonds(a)(b)		4.00%		08/01/2026		115		118,856
San Diego Community College District, Series 2016, Ref. GO Bonds(a)(b)		5.00%		08/01/2026		10		10,567
San Diego Community College District, Series 2016, Ref. GO Bonds		5.00%		08/01/2028		100		105,992
San Diego Unified School District, Series 2005 C-2, Ref. GO Bonds, (INS - AGM)(c)		5.50%		07/01/2026		35		37,364
San Diego Unified School District, Series 2016 R-5, Ref. GO Bonds		5.00%		07/01/2029		130		137,607
San Diego Unified School District, Series 2016 SR-1, Ref. GO Bonds		4.00%		07/01/2032		50		50,982
San Diego Unified School District, Series 2016 SR-1, Ref. GO Bonds		4.00%		07/01/2033		35		35,591
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Second Series 2022 B, Ref. RB		5.00%		05/01/2026		5		5,249
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2016 C, RB		5.00%		05/01/2046		100		102,689
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2019 D, Ref. RB		5.00%		05/01/2026		40		41,983
San Francisco (City & County of), CA Public Utilities Commission, Series 2016, Ref. RB		5.00%		11/01/2026		20		21,300
San Francisco (City & County of), CA Public Utilities Commission, Series 2016, Ref. RB		5.00%		11/01/2029		10		10,671
San Francisco (City & County of), CA Public Utilities Commission, Series 2016, Ref. RB		4.00%		11/01/2030		5		5,151
San Francisco (City & County of), CA Public Utilities Commission, Series 2016, Ref. RB		5.00%		11/01/2033		625		664,891
San Francisco (City & County of), CA Public Utilities Commission, Series 2016, Ref. RB		4.00%		11/01/2036		15		15,247
San Francisco (City & County of), CA Public Utilities Commission, Series 2017 D, Ref. RB		5.00%		11/01/2026		40		42,599
San Francisco (City & County of), CA Redevelopment Agency Successor Agency (Mission Bay South Redevelopment), Series 2016 C, Ref. RB, (INS - NATL)(c)		5.00%		08/01/2041		150		155,594
San Francisco (City of), CA Public Utilities Commission, Series 2016, Ref. RB		5.00%		11/01/2028		170		181,354
San Francisco (County of), CA Transportation Authority, Series 2017, RB		4.00%		02/01/2026		150		153,688
San Jose (City of), CA Redevelopment Agency Successor Agency, Series 2017 B, Ref. RB		5.00%		08/01/2026		30		31,616
San Jose Unified School District (Election of 2012), Series 2019 N, GO Bonds		4.00%		08/01/2030		10		10,285
Santa Clara (County of), CA Water District (Green Bonds), Series 2022 B, COP		5.00%		12/01/2026		65		69,243
Santa Clara Unified School District (Election of 2018), Series 2019, GO Bonds		4.00%		07/01/2048		165		163,318
Santa Clara Valley Transportation Authority, Series 2018 A, Ref. RB		5.00%		06/01/2026		100		105,401
Santa Clara Valley Transportation Authority, Series 2023 A, Ref. RB		5.00%		04/01/2026		500		524,738
Santa Clara Valley Water District, Series 2023, COP.		4.00%		06/01/2026		20		20,592
Silicon Valley Clean Water (WIFIA WWTP), Series 2021 B, RN		0.50%		03/01/2026		500		462,603
Sonoma (County of), CA Junior College District, Series 2016 A, GO Bonds		5.00%		08/01/2041		5		5,226
Stockton Unified School District, Series 2016, Ref. GO Bonds		5.00%		08/01/2031		20		20,795
Sweetwater Union High School District (Election of 2006), Series 2016 B, GO Bonds, (INS - AGM)(c)		3.38%		08/01/2040		80		73,364
University of California, Series 2016 AR, Ref. RB		5.00%		05/15/2031		130		136,449
University of California, Series 2016 AR, Ref. RB		5.00%		05/15/2046		25		25,817
University of California, Series 2017 AY, Ref. RB		5.00%		05/15/2026		200		210,339
University of California (Limited), Series 2016 K, RB		5.00%		05/15/2035		120		125,376
University of California (Limited), Series 2016 K, RB		4.00%		05/15/2036		55		55,856
University of California (Limited), Series 2016 K, RB		5.00%		05/15/2051		300		308,336
Victor Valley Union High School District, Series 2016 A, Ref. GO Bonds, (INS - BAM)(c)		3.00%		08/01/2034		20		19,687
West Hollywood (City of), CA Public Financing Authority (Park Phase II), Series 2016, Ref. RB		3.00%		04/01/2041		125		109,093
								32,037,407

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

 159 

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

February 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Colorado-3.20%
Adams & Arapahoe Joint School District No. 28J Aurora, Series 2017 A, Ref. GO Bonds		5.00%		12/01/2030	$	125	$	132,009
Adams 12 Five Star Schools, Series 2016 B, Ref. GO Bonds		5.00%		12/15/2028		100		105,701
Adams 12 Five Star Schools, Series 2016 B, Ref. GO Bonds		5.00%		12/15/2030		150		158,099
Arapahoe County School District No. 6 Littleton, Series 2019 A, GO Bonds		5.00%		12/01/2026		20		21,243
Aurora (City of), CO (Green Bonds), Series 2016, Ref. RB(a)(b)		5.00%		08/01/2026		110		115,846
Colorado (State of), Series 2021 A, COP		5.00%		12/15/2026		1,540		1,635,234
Colorado (State of) Health Facilities Authority (SCL Health System), Series 2019 A, Ref. RB		5.00%		01/01/2026		95		98,421
Colorado (State of) Health Facilities Authority (Vail Valley Medical Center), Series 2015, RB		5.00%		01/15/2035		190		195,806
Colorado (State of) Higher Education, Series 2014 A, Ref. COP		5.00%		11/01/2026		30		31,727
Colorado (State of) Regional Transportation District, Series 2015, COP		5.00%		06/01/2026		160		163,384
Colorado Springs (City of), CO, Series 2018 A-1, Ref. RB		5.00%		11/15/2026		30		31,789
Commerce (City of), CO, Series 2016, RB(a)(b)		5.00%		08/01/2026		55		57,673
Denver (City & County of), CO, Series 2016 A, Ref. RB		5.00%		11/15/2031		125		131,613
Denver (City & County of), CO, Series 2016 A, Ref. RB		5.00%		11/15/2032		10		10,513
Denver (City & County of), CO, Series 2018 A-1, RB		5.00%		08/01/2041		25		25,777
Denver (City & County of), CO (Convention Center Expansion), Series 2018 A, COP		5.38%		06/01/2043		215		222,133
Denver City & County School District No. 1, Series 2016, Ref. GO Bonds		4.00%		12/01/2026		90		91,371
Denver City & County School District No. 1, Series 2017, GO Bonds		5.00%		12/01/2028		10		10,585
Denver City & County School District No. 1, Series 2017, GO Bonds		5.00%		12/01/2030		105		110,945
Denver City & County School District No. 1, Series 2017, GO Bonds		5.00%		12/01/2031		1,555		1,640,512
Denver City & County School District No. 1, Series 2017, GO Bonds		5.00%		12/01/2037		5		5,212
Denver City & County School District No. 1, Series 2017, GO Bonds		5.00%		12/01/2038		90		93,597
Eagle County School District No. Re50J, Series 2017, GO Bonds		5.00%		12/01/2035		100		104,772
Jefferson County School District R-1, Series 2012, Ref. GO Bonds		5.00%		12/15/2026		40		42,474
St. Vrain Valley School District Re-1J (Boulder, Larimer & Weld Counties and the City and County of Broomfield), Series 2016 C, GO Bonds		5.00%		12/15/2032		105		110,957
University of Colorado, Series 2017 A-2, Ref. RB		5.00%		06/01/2026		55		57,578
Weld County School District No. RE-4, Series 2016, GO Bonds		5.25%		12/01/2041		100		104,379
								5,509,350
Connecticut-1.84%
Connecticut (State of), Series 2015 A, GO Bonds		5.00%		03/15/2026		10		10,201
Connecticut (State of), Series 2015 F, GO Bonds		5.00%		11/15/2026		845		874,236
Connecticut (State of), Series 2016 A, GO Bonds		4.00%		03/15/2036		5		5,030
Connecticut (State of), Series 2016 E, GO Bonds		5.00%		10/15/2026		130		137,471
Connecticut (State of), Series 2016 E, GO Bonds		5.00%		10/15/2029		200		210,551
Connecticut (State of), Series 2016 F, GO Bonds		5.00%		10/15/2030		200		210,575
Connecticut (State of), Series 2018 B, RB		5.00%		10/01/2026		55		58,105
Connecticut (State of), Series 2018 C, GO Bonds		5.00%		06/15/2026		100		104,896
Connecticut (State of), Series 2018 E, GO Bonds		5.00%		09/15/2026		175		184,685
Connecticut (State of), Series 2019 A, GO Bonds		5.00%		04/15/2026		35		36,570
Connecticut (State of), Series 2020 A, GO Bonds		5.00%		01/15/2026		160		166,202
Connecticut (State of), Series 2022 D, Ref. GO Bonds		5.00%		09/15/2026		500		527,670
Connecticut (State of), Series 2022 E, GO Bonds		5.00%		11/15/2026		85		90,070
Connecticut (State of) (Transportation Infrastructure), Series 2016 A, RB		5.00%		09/01/2026		150		158,150
Connecticut (State of) (Transportation Infrastructure), Series 2016 A, RB		5.00%		09/01/2029		25		26,258
Connecticut (State of) (Transportation Infrastructure), Series 2016 A, RB		5.00%		09/01/2030		100		105,054
Connecticut (State of) (Transportation Infrastructure), Series 2016 A, RB		4.00%		09/01/2035		55		55,462
Connecticut (State of) Health & Educational Facilities Authority (Trinity Health Corp.), Series 2016, RB		5.00%		12/01/2045		195		198,883
								3,160,069
Delaware-0.01%
Delaware (State of) Transportation Authority, Series 2016, Ref. RB		5.00%		07/01/2026		25		26,269
District of Columbia-1.39%
District of Columbia, Series 2016 A, GO Bonds		5.00%		06/01/2030		135		141,131
District of Columbia, Series 2016 A, GO Bonds		5.00%		06/01/2031		30		31,342
District of Columbia, Series 2016 A, GO Bonds		5.00%		06/01/2032		175		182,598
District of Columbia, Series 2016 A, GO Bonds		5.00%		06/01/2041		500		514,254

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

 160 

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

February 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)		Value
District of Columbia-(continued)
District of Columbia, Series 2016 D, GO Bonds		5.00%		06/01/2033	$	10	$	10,512
District of Columbia, Series 2016 D, GO Bonds		5.00%		06/01/2034		275		288,917
District of Columbia, Series 2016 D, GO Bonds		5.00%		06/01/2036		635		664,237
District of Columbia, Series 2016 D, GO Bonds		5.00%		06/01/2041		15		15,515
District of Columbia, Series 2016 E, Ref. GO Bonds		5.00%		06/01/2031		85		89,646
District of Columbia Water & Sewer Authority, Series 2016 A, Ref. RB		5.00%		10/01/2030		15		15,590
District of Columbia Water & Sewer Authority, Series 2016 A, Ref. RB		5.00%		10/01/2031		15		15,581
District of Columbia Water & Sewer Authority, Series 2016 A, Ref. RB		5.00%		10/01/2032		55		57,107
District of Columbia Water & Sewer Authority, Series 2016 A, Ref. RB		5.00%		10/01/2036		250		258,149
Washington Convention & Sports Authority, Series 2018 A, Ref. RB		5.00%		10/01/2026		100		105,340
								2,389,919
Florida-3.67%
Broward (County of), FL School Board, Series 2015 A, Ref. COP		5.00%		07/01/2026		125		127,812
Broward (County of), FL School Board, Series 2017, Ref. COP		5.00%		07/01/2026		500		524,457
Central Florida Expressway Authority, Series 2016 A, Ref. RB		4.00%		07/01/2031		10		10,191
Central Florida Expressway Authority, Series 2016 B, Ref. RB		5.00%		07/01/2028		20		20,820
Central Florida Expressway Authority, Series 2016 B, Ref. RB		4.00%		07/01/2030		15		15,312
Central Florida Expressway Authority, Series 2016 B, Ref. RB		4.00%		07/01/2031		65		66,241
Central Florida Expressway Authority, Series 2016 B, Ref. RB		5.00%		07/01/2034		290		298,477
Central Florida Expressway Authority, Series 2016 B, Ref. RB		4.00%		07/01/2035		100		101,259
Central Florida Expressway Authority, Series 2016 B, Ref. RB		4.00%		07/01/2038		20		20,071
Central Florida Expressway Authority, Series 2016 B, Ref. RB		4.00%		07/01/2039		140		139,809
Central Florida Expressway Authority, Series 2021, Ref. RB, (INS - AGM)(c)		5.00%		07/01/2026		375		392,911
Florida (State of), Series 2015 E, Ref. GO Bonds		5.00%		06/01/2026		50		51,208
Florida (State of), Series 2016 A, Ref. GO Bonds		5.00%		07/01/2026		20		21,015
Florida (State of), Series 2016 B, Ref. RB		5.00%		07/01/2026		160		167,937
Florida (State of), Series 2021 B, Ref. GO Bonds		5.00%		06/01/2026		195		204,573
Florida (State of) Department of Environmental Protection (FL Forever), Series 2016 A, Ref. RB		5.00%		07/01/2026		100		104,730
Florida (State of) Department of Management Services, Series 2018 A, Ref. COP		5.00%		11/01/2026		140		147,837
Florida (State of) Municipal Power Agency, Series 2016 A, Ref. RB		5.00%		10/01/2026		80		84,048
Florida (State of) Municipal Power Agency, Series 2016 A, Ref. RB		5.00%		10/01/2028		75		78,596
Florida (State of) Municipal Power Agency, Series 2016 A, Ref. RB		5.00%		10/01/2029		40		41,827
Florida (State of) Municipal Power Agency, Series 2016 A, Ref. RB		5.00%		10/01/2031		35		36,475
Halifax Hospital Medical Center, Series 2016, Ref. RB		5.00%		06/01/2036		500		509,567
Miami (City of) & Dade (County of), FL School Board, Series 2015 B, Ref. COP		5.00%		05/01/2026		15		15,276
Miami (City of) & Dade (County of), FL School Board, Series 2015 D, Ref. COP		5.00%		02/01/2028		30		31,100
Miami (City of) & Dade (County of), FL School Board, Series 2015, Ref. COP		5.00%		02/01/2029		130		134,719
Miami (City of) & Dade (County of), FL School Board, Series 2015, Ref. COP		5.00%		02/01/2031		25		25,874
Miami (City of) & Dade (County of), FL School Board, Series 2016, Ref. COP		5.00%		02/01/2032		75		77,539
Miami-Dade (County of), FL, Series 2015 B, Ref. RB		5.00%		10/01/2026		25		25,552
Miami-Dade (County of), FL, Series 2015, Ref. RB		5.00%		10/01/2026		100		102,724
Miami-Dade (County of), FL, Series 2016 A, Ref. GO Bonds		5.00%		07/01/2029		30		31,343
Miami-Dade (County of), FL, Series 2016 A, Ref. GO Bonds		5.00%		07/01/2030		40		41,745
Miami-Dade (County of), FL, Series 2016 A, Ref. GO Bonds		5.00%		07/01/2031		75		78,168
Miami-Dade (County of), FL, Series 2016 A, Ref. GO Bonds		5.00%		07/01/2032		10		10,413
Miami-Dade (County of), FL, Series 2016 A, Ref. GO Bonds		5.00%		07/01/2033		35		36,414
Miami-Dade (County of), FL, Series 2016 A, Ref. RB		5.00%		10/01/2041		200		204,516
Miami-Dade (County of), FL, Series 2016, Ref. RB		5.00%		10/01/2030		35		36,339
Miami-Dade (County of), FL, Series 2016, Ref. RB		5.00%		10/01/2034		315		327,802
Miami-Dade (County of), FL Expressway Authority, Series 2016 A, Ref. RB		5.00%		07/01/2029		125		129,303
Miami-Dade (County of), FL Transit System, Series 2015, Ref. RB		5.00%		07/01/2026		10		10,218
Miami-Dade (County of), FL Transit System, Series 2017, Ref. RB		4.00%		07/01/2038		15		15,106
Orange (County of), FL Convention Center, Series 2017, Ref. RB		5.00%		10/01/2026		190		200,049
Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group), Series 2016 A, Ref. RB		5.00%		10/01/2035		235		244,346
Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group), Series 2016 A, Ref. RB		5.00%		10/01/2036		50		51,825

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

 161 

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

February 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Florida-(continued)
Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group), Series 2016 A, Ref. RB		5.00%		10/01/2039	$	10	$	10,289
Orange (County of), FL School Board, Series 2016 C, Ref. COP		5.00%		08/01/2033		10		10,391
Orange (County of), FL School Board, Series 2016 C, Ref. COP		3.38%		08/01/2034		10		9,998
Orange (County of), FL School Board, Series 2016 C, Ref. COP		5.00%		08/01/2034		10		10,377
Orange (County of), FL School Board, Series 2017, Ref. COP		5.00%		08/01/2026		50		52,430
Palm Beach County School District, Series 2017, Ref. COP		5.00%		08/01/2026		45		47,295
Port St. Lucie (City of), FL, Series 2016, Ref. RB		5.00%		09/01/2029		20		20,897
Port St. Lucie (City of), FL, Series 2016, Ref. RB		4.00%		09/01/2031		600		609,433
Port St. Lucie (City of), FL, Series 2016, Ref. RB		4.00%		09/01/2033		5		5,063
Reedy Creek Improvement District, Series 2016, GO Bonds		5.00%		06/01/2035		200		206,344
South Broward Hospital District, Series 2016, Ref. RB		4.00%		05/01/2033		50		50,683
South Florida Water Management District, Series 2016, Ref. COP		5.00%		10/01/2026		10		10,408
South Florida Water Management District, Series 2016, Ref. COP		5.00%		10/01/2027		50		52,099
South Florida Water Management District, Series 2016, Ref. COP		5.00%		10/01/2028		25		26,055
South Florida Water Management District, Series 2016, Ref. COP		5.00%		10/01/2032		20		20,750
South Florida Water Management District, Series 2016, Ref. COP		5.00%		10/01/2035		100		103,382
South Florida Water Management District, Series 2016, Ref. COP		5.00%		10/01/2036		25		25,785
Tampa Bay (City of), FL Water, Series 2016 C, Ref. RB		5.00%		10/01/2026		50		52,708
								6,319,931
Georgia-1.63%
Atlanta (City of), GA, Series 2004, RB, (INS - AGM)(c)		5.75%		11/01/2026		30		32,308
DeKalb (County of), GA, Series 2006 B, Ref. RB, (INS - AGM)(c)		5.25%		10/01/2032		120		126,819
Fulton (County of), GA Development Authority (Piedmont Healthcare, Inc.), Series 2016 A, Ref. RB		5.00%		07/01/2046		100		101,712
Georgia (State of), Series 2016 E, Ref. GO Bonds		5.00%		12/01/2026		70		74,371
Georgia (State of), Series 2016 F, Ref. GO Bonds		5.00%		07/01/2026		45		47,315
Georgia (State of), Series 2017 A-1, GO Bonds		5.00%		02/01/2026		195		202,917
Georgia (State of) (Bidding Group 1), Series 2020 A, GO Bonds		5.00%		08/01/2026		50		52,681
Georgia (State of) (Bidding Group 1), Series 2021 A, Ref. GO Bonds		5.00%		07/01/2026		200		210,291
Georgia (State of) (Bidding Group 1), Series 2022 A, GO Bonds		5.00%		07/01/2026		20		21,029
Georgia (State of) (Bidding Group 3), Series 2022 C, Ref. GO Bonds		4.00%		07/01/2026		30		30,865
Georgia (State of) (Tranche 1), Series 2015 A, GO Bonds		5.00%		02/01/2026		100		101,813
Georgia (State of) (Tranche 2), Series 2016 A, GO Bonds		5.00%		02/01/2030		30		31,342
Georgia (State of) (Tranche 2), Series 2019 A, GO Bonds		5.00%		07/01/2026		30		31,544
Georgia (State of) Municipal Electric Authority (No. 1), Series 2016 A, Ref. RB		5.00%		01/01/2028		25		25,960
Georgia (State of) Road & Tollway Authority (Garvee), Series 2020, RB		5.00%		06/01/2026		70		73,281
Gwinnett County School District, Series 2022 B, GO Bonds		5.00%		08/01/2026		30		31,644
Henry County School District, Series 2016, GO Bonds(a)(b)		4.00%		08/01/2026		50		51,334
Henry County School District, Series 2016, GO Bonds(a)(b)		4.00%		08/01/2026		10		10,267
Henry County School District, Series 2016, GO Bonds		5.00%		08/01/2026		115		121,029
Henry County School District, Series 2016, GO Bonds		4.00%		08/01/2028		15		15,334
Main Street Natural Gas, Inc., Series 2007 A, RB		5.50%		09/15/2026		170		175,615
Metropolitan Atlanta Rapid Transit Authority, Series 2015 B, RB		5.00%		07/01/2045		600		616,984
Metropolitan Atlanta Rapid Transit Authority, Series 2015 C, Ref. RB		5.00%		07/01/2026		75		78,842
Metropolitan Atlanta Rapid Transit Authority, Series 2015 C, Ref. RB		5.00%		07/01/2028		25		26,236
Metropolitan Atlanta Rapid Transit Authority, Series 2015 C, Ref. RB		5.00%		07/01/2029		75		78,780
Metropolitan Atlanta Rapid Transit Authority, Series 2016 B, Ref. RB		5.00%		07/01/2030		35		36,775
Metropolitan Atlanta Rapid Transit Authority, Series 2016 B, Ref. RB		5.00%		07/01/2033		50		52,413
Metropolitan Atlanta Rapid Transit Authority, Series 2016 B, Ref. RB		5.00%		07/01/2034		35		36,674
Private Colleges & Universities Authority (Emory University), Series 2016 A, Ref. RB		5.00%		10/01/2046		50		51,293
Private Colleges & Universities Authority (Emory University), Series 2016 B, Ref. RB		4.00%		10/01/2038		60		60,381
Private Colleges & Universities Authority (Emory University), Series 2016 B, Ref. RB		5.00%		10/01/2038		100		103,603
Richmond County Board of Education, Series 2023, GO Bonds.		5.00%		10/01/2026		25		26,418
Sandy Springs (City of), GA Public Facilities Authority (City Center), Series 2015, RB(a)(b)		5.00%		05/01/2026		65		67,985
								2,805,855
Hawaii-0.80%
Hawaii (State of), Series 2015 EZ, Ref. GO Bonds		5.00%		10/01/2026		65		66,973

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

 162 

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

February 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Hawaii-(continued)
Hawaii (State of), Series 2016 FB, GO Bonds		4.00%		04/01/2026	$	40	$	40,915
Hawaii (State of), Series 2016 FB, GO Bonds		4.00%		04/01/2028		75		76,516
Hawaii (State of), Series 2016 FB, GO Bonds		3.00%		04/01/2032		50		49,893
Hawaii (State of), Series 2016 FG, GO Bonds		5.00%		10/01/2028		75		78,779
Hawaii (State of), Series 2016 FG, GO Bonds		5.00%		10/01/2030		25		26,259
Hawaii (State of), Series 2016 FG, GO Bonds		5.00%		10/01/2031		180		189,023
Hawaii (State of), Series 2016 FH, Ref. GO Bonds		5.00%		10/01/2026		85		89,691
Hawaii (State of), Series 2016 FH, Ref. GO Bonds		4.00%		10/01/2031		430		439,566
Hawaii (State of), Series 2017 FN, Ref. GO Bonds		5.00%		10/01/2026		100		105,519
Honolulu (City & County of), HI, Series 2016 B, Ref. RB		5.00%		07/01/2035		5		5,212
Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2019 A, GO Bonds		5.00%		09/01/2026		90		94,890
Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2020 B, Ref. GO Bonds		5.00%		03/01/2026		45		46,903
Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2021, GO Bonds		5.00%		03/01/2026		60		62,538
Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2023, Ref. GO Bonds		5.00%		03/01/2026		5		5,211
								1,377,888
Illinois-5.17%
Chicago (City of), IL, Series 1999, RB		5.00%		11/01/2030		175		182,438
Chicago (City of), IL, Series 2016 C, Ref. GO Bonds		5.00%		01/01/2038		100		100,371
Chicago (City of), IL (O’Hare International Airport), Series 2016 B, Ref. RB		5.00%		01/01/2041		300		305,869
Chicago (City of), IL (O’Hare International Airport), Series 2016 C, Ref. RB		5.00%		01/01/2026		20		20,738
Chicago (City of), IL (O’Hare International Airport), Series 2016 C, Ref. RB		5.00%		01/01/2028		80		82,719
Chicago (City of), IL (O’Hare International Airport), Series 2016 C, Ref. RB		5.00%		01/01/2029		10		10,332
Chicago (City of), IL (O’Hare International Airport), Series 2016 C, Ref. RB		5.00%		01/01/2030		60		61,915
Chicago (City of), IL (O’Hare International Airport), Series 2016 C, Ref. RB		5.00%		01/01/2034		220		226,902
Chicago (City of), IL (O’Hare International Airport), Series 2016 C, Ref. RB		5.00%		01/01/2036		50		51,417
Chicago (City of), IL (O’Hare International Airport), Series 2016 C, Ref. RB		5.00%		01/01/2037		260		266,802
Chicago (City of), IL (O’Hare International Airport), Series 2016 C, Ref. RB		5.00%		01/01/2038		100		102,409
Chicago (City of), IL Metropolitan Water Reclamation District, Series 2016 A, Ref. GO Bonds		5.00%		12/01/2026		75		79,336
Chicago (City of), IL Metropolitan Water Reclamation District, Series 2016 A, Ref. GO Bonds		5.00%		12/01/2029		190		199,423
Chicago (City of), IL Midway International Airport, Series 2016 B, Ref. RB		5.00%		01/01/2046		250		252,939
Chicago (City of), IL Transit Authority, Series 2017, RB		5.00%		12/01/2046		25		25,571
Cook (County of), IL, Series 2016 A, Ref. GO Bonds		5.00%		11/15/2026		135		142,008
Cook (County of), IL, Series 2016 A, Ref. GO Bonds		5.00%		11/15/2028		40		41,833
Cook (County of), IL, Series 2016 A, Ref. GO Bonds		5.00%		11/15/2029		100		104,556
Cook (County of), IL, Series 2016 A, Ref. GO Bonds		5.00%		11/15/2030		20		20,948
Cook (County of), IL, Series 2016 A, Ref. GO Bonds		5.00%		11/15/2031		500		523,442
Du Page & Will Counties Community School District No. 204 Indian Prairie, Series 2017, Ref. GO Bonds		4.00%		12/30/2026		145		149,652
Illinois (State of), Series 2016 C, Ref. RB, (INS - BAM)(c)		4.00%		06/15/2028		15		15,275
Illinois (State of), Series 2016, GO Bonds		4.00%		01/01/2031		85		85,764
Illinois (State of), Series 2016, GO Bonds		4.13%		11/01/2031		205		208,271
Illinois (State of), Series 2016, GO Bonds		5.00%		11/01/2032		100		103,794
Illinois (State of), Series 2016, GO Bonds		5.00%		01/01/2033		570		584,683
Illinois (State of), Series 2016, GO Bonds		4.00%		06/01/2033		95		95,591
Illinois (State of), Series 2016, GO Bonds		5.00%		11/01/2033		25		25,900
Illinois (State of), Series 2016, GO Bonds		5.00%		11/01/2034		485		501,554
Illinois (State of), Series 2016, GO Bonds		4.25%		01/01/2036		175		176,332
Illinois (State of), Series 2016, Ref. GO Bonds		5.00%		02/01/2026		80		82,430
Illinois (State of), Series 2017 D, GO Bonds		5.00%		11/01/2026		400		417,752
Illinois (State of), Series 2018 B, Ref. GO Bonds		5.00%		10/01/2026		75		78,196
Illinois (State of), Series 2021 A, GO Bonds		5.00%		12/01/2026		5		5,229
Illinois (State of), Series 2023 D, Ref. GO Bonds		5.00%		07/01/2026		45		46,724
Illinois (State of) Finance Authority (Art Institute of Chicago), Series 2016, Ref. RB		5.00%		03/01/2030		150		155,193
Illinois (State of) Finance Authority (Ascension Health), Series 2016 C, Ref. RB		5.00%		02/15/2026		215		222,742
Illinois (State of) Finance Authority (Carle Foundation (The)), Series 2016 A, Ref. RB		5.00%		02/15/2045		360		365,839
Illinois (State of) Finance Authority (Clean Water Initiative), Series 2016, RB		4.00%		07/01/2026		120		122,481
Illinois (State of) Regional Transportation Authority, Series 2017 A, Ref. RB		5.00%		07/01/2026		55		57,703

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

 163 

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

February 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Illinois-(continued)
Illinois (State of) Toll Highway Authority, Series 2015 B, RB		5.00%		01/01/2036	$	55	$	56,777
Illinois (State of) Toll Highway Authority, Series 2015 B, RB		5.00%		01/01/2040		1,120		1,144,748
Illinois (State of) Toll Highway Authority, Series 2016 A, Ref. RB		4.00%		12/01/2031		60		60,963
Illinois (State of) Toll Highway Authority, Series 2016 A, Ref. RB		5.00%		12/01/2031		170		176,120
Illinois (State of) Toll Highway Authority, Series 2016 A, Ref. RB		5.00%		12/01/2032		285		295,036
Illinois (State of) Toll Highway Authority, Series 2016 B, RB		5.00%		01/01/2041		275		281,985
Illinois (State of) Toll Highway Authority, Series 2019 B, Ref. RB		5.00%		01/01/2026		160		165,992
Illinois (State of) Toll Highway Authority, Series 2019, Ref. RB		5.00%		01/01/2026		105		108,932
Northern Illinois Municipal Power Agency, Series 2016 A, Ref. RB		5.00%		12/01/2041		75		76,505
Rosemont (Village of), IL, Series 2017 A, GO Bonds, (INS - AGM)(c)		5.00%		12/01/2046		140		144,153
Sales Tax Securitization Corp., Series 2017 A, Ref. RB		5.00%		01/01/2026		35		36,115
Sales Tax Securitization Corp., Series 2021 A, Ref. RB		5.00%		01/01/2026		30		30,956
Will & Kendall Counties Community Consolidated School District 202 Plainfield, Series 2018 A, Ref. GO Bonds		4.00%		01/01/2026		15		15,233
								8,896,588
Indiana-1.17%
Carmel (City of), IN Local Public Improvement Bond Bank, Series 2016, RB, (CEP - Colorado Higher Education Intercept Program)		5.00%		07/15/2032		250		259,840
Indiana (State of) Finance Authority (Green Bonds), Series 2016 E, Ref. RB.		5.00%		02/01/2026		500		520,205
Indiana (State of) Municipal Power Agency, Series 2016 A, Ref. RB		5.00%		01/01/2042		615		628,705
Indiana University, Series 2016 A, Ref. RB.		5.00%		06/01/2028		25		26,163
Indianapolis (City of), IN Department of Public Utilities, Series 2018 A, Ref. RB		5.00%		10/01/2026		545		574,937
								2,009,850
Iowa-0.08%
Iowa (State of) Finance Authority (Green Bonds), Series 2017, Ref. RB		5.00%		08/01/2026		45		47,348
Iowa (State of) Higher Education Loan Authority (Grinnell College), Series 2017, RB		5.00%		12/01/2041		90		93,520
								140,868
Kansas-0.26%
Johnson (County of), KS Public Building Commission (Courthouse & Medical Examiners), Series 2018 A, RB		5.00%		09/01/2026		145		152,592
Johnson (County of), KS Unified School District No. 233 (Olathe), Series 2016 B, Ref. GO Bonds		4.00%		09/01/2031		70		71,538
Wyandotte County Unified School District No. 500, Series 2016 A, GO Bonds(a)(b)		5.50%		09/01/2026		210		223,662
								447,792
Kentucky-0.55%
Kentucky (Commonwealth of) Property & Building Commission (No. 112), Series 2016 B, Ref. RB		5.00%		11/01/2026		235		248,093
Kentucky (Commonwealth of) Turnpike Authority (Revitalization), Series 2016 A, Ref. RB		5.00%		07/01/2028		50		52,226
Kentucky (Commonwealth of) Turnpike Authority (Revitalization), Series 2017 B, Ref. RB		5.00%		07/01/2026		20		20,928
Louisville (City of) & Jefferson (County of), KY Metropolitan Government (Norton Healthcare, Inc.), Series 2016 A, Ref. RB		5.00%		10/01/2029		35		36,336
Louisville (City of) & Jefferson (County of), KY Metropolitan Government (Norton Healthcare, Inc.), Series 2016 A, Ref. RB		5.00%		10/01/2030		210		217,993
Louisville (City of) & Jefferson (County of), KY Metropolitan Government (Norton Healthcare, Inc.), Series 2016 A, Ref. RB		5.00%		10/01/2031		85		88,132
Louisville (City of) & Jefferson (County of), KY Metropolitan Government (Norton Healthcare, Inc.), Series 2016 A, Ref. RB		5.00%		10/01/2032		95		98,432
Louisville (City of) & Jefferson (County of), KY Metropolitan Government (Norton Healthcare, Inc.), Series 2016 A, Ref. RB		5.00%		10/01/2033		65		67,284
Louisville (City of) & Jefferson (County of), KY Metropolitan Government (Norton Healthcare, Inc.), Series 2016, Ref. RB		4.00%		10/01/2034		75		75,594
University of Kentucky, Series 2018 A, RB, (CEP - Colorado Higher Education Intercept Program)		4.00%		10/01/2032		35		35,402
								940,420
Louisiana-0.47%
Louisiana (State of), Series 2016 A, GO Bonds		5.00%		09/01/2036		90		94,014
Louisiana (State of), Series 2016 B, Ref. GO Bonds		5.00%		08/01/2026		200		209,912
Louisiana (State of) (Garvee), Series 2019 A, RB		5.00%		09/01/2026		250		262,843

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

 164 

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

February 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Louisiana-(continued)
Louisiana (State of) Public Facilities Authority (Ochsner Clinic Foundation), Series 2016, Ref. RB		5.00%		05/15/2047	$	75	$	76,168
Louisiana State Citizens Property Insurance Corp., Series 2016 A, Ref. RB		5.00%		06/01/2026		150		156,332
Shreveport (City of), LA, Series 2016 B, RB, (INS - BAM)(c)		4.00%		12/01/2037		5		5,026
								804,295
Maine-0.03%
Maine (State of) Municipal Bond Bank (Transcap), Series 2021 A, Ref. RB		5.00%		09/01/2026		50		52,618
Maryland-2.11%
Howard (County of), MD, Series 2017 D, Ref. GO Bonds		5.00%		02/15/2026		45		46,872
Maryland (State of), Second Series 2018 B, GO Bonds.		5.00%		08/01/2026		25		26,340
Maryland (State of), Series 2015 B, Ref. GO Bonds		4.00%		08/01/2026		175		180,123
Maryland (State of), Series 2017 A, GO Bonds		5.00%		08/01/2026		40		42,145
Maryland (State of), Series 2017 B, Ref. GO Bonds		5.00%		08/01/2026		65		68,485
Maryland (State of), Series 2018 A, GO Bonds		5.00%		03/15/2026		100		104,364
Maryland (State of) (Bidding Group 1), Second Series 2019 A, GO Bonds		5.00%		08/01/2026		105		110,630
Maryland (State of) (Bidding Group 1), Series 2020 A, GO Bonds.		5.00%		08/01/2026		150		158,043
Maryland (State of) Department of Transportation, Series 2017, RB		5.00%		05/01/2026		35		35,834
Maryland (State of) Department of Transportation, Series 2018, RB		5.00%		10/01/2029		10		10,579
Maryland (State of) Department of Transportation, Series 2019, RB		5.00%		10/01/2026		1,500		1,585,846
Maryland (State of) Department of Transportation (Second Issue), Series 2018, RB		5.00%		10/01/2026		165		174,443
Maryland (State of) Department of Transportation (Second Issue), Series 2018, RB		5.00%		10/01/2028		250		264,239
Maryland (State of) Stadium Authority (Baltimore City Public Schools), Series 2016, RB(a)(b)		5.00%		05/01/2026		500		522,962
Maryland (State of) Transportation Authority, Series 2021 A, Ref. RB		5.00%		07/01/2026		35		36,744
Montgomery (County of), MD, Series 2017 C, Ref. GO Bonds		5.00%		10/01/2026		100		105,800
Montgomery (County of), MD, Series 2018 A, GO Bonds		5.00%		11/01/2026		60		63,612
Prince George’s (County of), MD, Series 2018 A, GO Bonds		5.00%		07/15/2026		70		73,673
Washington (State of) Suburban Sanitary Commission, Series 2017, Ref. RB		3.00%		06/01/2026		20		20,049
								3,630,783
Massachusetts-5.21%
Massachusetts (Commonwealth of), Series 2015 A, Ref. GO Bonds		5.00%		07/01/2026		165		173,414
Massachusetts (Commonwealth of), Series 2016 A, Ref. GO Bonds		5.00%		07/01/2029		10		10,492
Massachusetts (Commonwealth of), Series 2016 A, Ref. GO Bonds		5.00%		07/01/2031		40		41,948
Massachusetts (Commonwealth of), Series 2016 A, Ref. GO Bonds		5.00%		07/01/2032		50		52,424
Massachusetts (Commonwealth of), Series 2016 A, Ref. RB		5.00%		06/01/2026		5		5,251
Massachusetts (Commonwealth of), Series 2016 B, Ref. GO Bonds		5.00%		07/01/2026		85		89,334
Massachusetts (Commonwealth of), Series 2016 B, Ref. GO Bonds		4.00%		07/01/2033		35		35,733
Massachusetts (Commonwealth of), Series 2016 B, Ref. GO Bonds		5.00%		07/01/2034		60		62,869
Massachusetts (Commonwealth of), Series 2016 B, Ref. GO Bonds		5.00%		07/01/2036		100		104,431
Massachusetts (Commonwealth of), Series 2016 B, Ref. GO Bonds		5.00%		07/01/2038		110		114,303
Massachusetts (Commonwealth of), Series 2016 C, Ref. GO Bonds		5.00%		04/01/2026		150		156,708
Massachusetts (Commonwealth of), Series 2016 G, GO Bonds		4.00%		09/01/2032		10		10,238
Massachusetts (Commonwealth of), Series 2016 G, GO Bonds		4.00%		09/01/2034		40		40,825
Massachusetts (Commonwealth of), Series 2016 G, GO Bonds		4.00%		09/01/2035		290		295,204
Massachusetts (Commonwealth of), Series 2016 H, GO Bonds		5.00%		12/01/2026		105		111,499
Massachusetts (Commonwealth of), Series 2016 I, GO Bonds		5.00%		12/01/2029		5		5,290
Massachusetts (Commonwealth of), Series 2016 I, GO Bonds		5.00%		12/01/2034		15		15,835
Massachusetts (Commonwealth of), Series 2016 I, GO Bonds		5.00%		12/01/2035		25		26,342
Massachusetts (Commonwealth of), Series 2016 J, GO Bonds		5.00%		12/01/2037		75		78,550
Massachusetts (Commonwealth of), Series 2017 C, Ref. GO Bonds		5.00%		10/01/2026		50		52,874
Massachusetts (Commonwealth of), Series 2017 D, Ref. GO Bonds		5.00%		07/01/2026		25		26,275
Massachusetts (Commonwealth of), Series 2017 E, Ref. GO Bonds		5.00%		11/01/2026		240		254,322
Massachusetts (Commonwealth of), Series 2018 B, Ref. GO Bonds		5.00%		07/01/2026		20		21,020
Massachusetts (Commonwealth of), Series 2018 C, Ref. GO Bonds		5.00%		09/01/2026		125		131,916
Massachusetts (Commonwealth of), Series 2019 A, Ref. GO Bonds		5.00%		01/01/2026		115		119,474
Massachusetts (Commonwealth of), Series 2019 C, Ref. GO Bonds		5.00%		05/01/2026		200		209,356
Massachusetts (Commonwealth of), Series 2019 F, GO Bonds		5.00%		05/01/2026		75		78,509

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

 165 

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

February 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Massachusetts-(continued)
Massachusetts (Commonwealth of) (Rail Enhancement & Accelerated Bridge Program), Series 2016 A, RB		5.00%		06/01/2041	$	30	$	31,029
Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2005 A, RB		5.00%		07/01/2026		100		105,238
Massachusetts (Commonwealth of) Clean Water Trust (The), Series 2014, Ref. RB		5.00%		08/01/2026		20		21,092
Massachusetts (Commonwealth of) Development Finance Agency (Bentley University), Series 2016, RB		5.00%		07/01/2040		175		179,904
Massachusetts (Commonwealth of) Development Finance Agency (Berklee College of Music), Series 2016, Ref. RB		5.00%		10/01/2046		250		254,403
Massachusetts (Commonwealth of) Development Finance Agency (Boston Medical Center), Series 2016 E, Ref. RB		5.00%		07/01/2037		220		225,002
Massachusetts (Commonwealth of) Development Finance Agency (Caregroup), Series 2016 I, Ref. RB		5.00%		07/01/2028		10		10,380
Massachusetts (Commonwealth of) Development Finance Agency (Dana-Farber Cancer Institute), Series 2016, RB		5.00%		12/01/2046		1,500		1,533,898
Massachusetts (Commonwealth of) Development Finance Agency (Harvard University), Series 2016 A, Ref. RB		5.00%		07/15/2030		1,000		1,052,743
Massachusetts (Commonwealth of) Development Finance Agency (Harvard University), Series 2016 A, Ref. RB		5.00%		07/15/2031		30		31,575
Massachusetts (Commonwealth of) Development Finance Agency (Harvard University), Series 2016 A, Ref. RB		5.00%		07/15/2033		745		782,894
Massachusetts (Commonwealth of) Development Finance Agency (Harvard University), Series 2016 A, Ref. RB		4.00%		07/15/2036		150		152,408
Massachusetts (Commonwealth of) Development Finance Agency (Harvard University), Series 2020 A, Ref. RB		5.00%		10/15/2026		300		318,021
Massachusetts (Commonwealth of) Development Finance Agency (Partners Healthcare System), Series 2016, Ref. RB		5.00%		07/01/2031		250		260,965
Massachusetts (Commonwealth of) Development Finance Agency (Partners Healthcare System), Series 2016, Ref. RB		5.00%		07/01/2041		200		205,261
Massachusetts (Commonwealth of) Development Finance Agency (Partners Healthcare System), Series 2016, Ref. RB		5.00%		07/01/2047		50		50,836
Massachusetts (Commonwealth of) School Building Authority, Series 2016 B, RB		5.00%		11/15/2035		50		52,421
Massachusetts (Commonwealth of) School Building Authority, Series 2016 B, RB		5.00%		11/15/2036		10		10,454
Massachusetts (Commonwealth of) School Building Authority, Series 2016 B, RB		5.00%		11/15/2046		40		41,083
Massachusetts (Commonwealth of) School Building Authority, Series 2016 C, Ref. RB		5.00%		11/15/2034		400		420,132
Massachusetts (Commonwealth of) School Building Authority, Series 2016 C, Ref. RB		4.00%		11/15/2035		200		204,551
Massachusetts (Commonwealth of) School Building Authority, Series 2019 A, RB(a)(b)		5.00%		02/15/2026		250		260,644
Massachusetts (Commonwealth of) Transportation Trust Fund, Series 2018, Ref. RB		5.00%		01/01/2026		65		67,576
Massachusetts (Commonwealth of) Transportation Trust Fund, Series 2019 A, Ref. RB		5.00%		01/01/2026		70		72,698
Massachusetts (Commonwealth of) Water Resources Authority, Series 2016 C, Ref. RB(a)(b)		5.00%		08/01/2026		20		21,082
Massachusetts (Commonwealth of) Water Resources Authority, Series 2016 C, Ref. RB(a)(b)		5.00%		08/01/2026		5		5,270
Massachusetts (Commonwealth of) Water Resources Authority, Series 2016 C, Ref. RB		5.00%		08/01/2028		20		21,135
Massachusetts (Commonwealth of) Water Resources Authority (Green Bonds), Series 2016 C, Ref. RB(a)(b)		5.00%		08/01/2026		160		168,656
Massachusetts (Commonwealth of) Water Resources Authority (Green Bonds), Series 2016 C, Ref. RB		4.00%		08/01/2036		90		91,255
								8,977,042
Michigan-2.35%
Great Lakes Water Authority, Series 2016 B, Ref. RB		5.00%		07/01/2030		400		417,555
Great Lakes Water Authority, Series 2016 C, Ref. RB		5.00%		07/01/2030		185		193,119
Great Lakes Water Authority, Series 2016 C, Ref. RB		5.25%		07/01/2033		150		157,018
Great Lakes Water Authority, Series 2016 C, Ref. RB		5.00%		07/01/2036		200		206,871
Great Lakes Water Authority, Series 2016 D, Ref. RB		5.00%		07/01/2030		500		520,532
Great Lakes Water Authority, Series 2016 D, Ref. RB		5.00%		07/01/2036		30		31,106
Great Lakes Water Authority, Series 2018 A, Ref. RB		5.00%		07/01/2026		75		78,307
Livonia Public Schools, Series 2016, GO Bonds, (INS - AGM)(c)		5.00%		05/01/2045		45		46,101
Michigan (State of), Series 2017 A, Ref. GO Bonds.		5.00%		05/01/2026		50		52,221
Michigan (State of), Series 2018, GO Bonds		4.00%		05/01/2029		10		10,240
Michigan (State of) (Garvee), Series 2016, Ref. RB		5.00%		03/15/2026		115		119,764

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

 166 

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

February 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Michigan-(continued)
Michigan (State of) Building Authority, Series 2016 I, Ref. RB		5.00%		10/15/2031	$	40	$	42,025
Michigan (State of) Building Authority, Series 2016 I, Ref. RB		5.00%		10/15/2032		115		120,802
Michigan (State of) Building Authority, Series 2016 I, Ref. RB		5.00%		10/15/2033		40		42,002
Michigan (State of) Building Authority, Series 2016 I, Ref. RB		5.00%		04/15/2035		135		141,585
Michigan (State of) Building Authority (Facilities Program), Series 2016 I, Ref. RB		5.00%		10/15/2046		150		154,240
Michigan (State of) Finance Authority (Clean Water Revolving Fund), Series 2016 B, Ref. RB		5.00%		10/01/2026		500		527,593
Michigan (State of) Finance Authority (Henry Ford Health System), Series 2016, Ref. RB		5.00%		11/15/2037		500		516,107
Michigan (State of) Finance Authority (Henry Ford Health System), Series 2016, Ref. RB		4.00%		11/15/2046		165		154,556
Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2016, Ref. RB		5.00%		12/01/2045		15		15,296
Michigan (State of) Hospital Finance Authority (Ascension Senior Credit Group), Series 2010, Ref. RB		5.00%		11/15/2047		45		45,985
Oakland University Board of Trustees, Series 2016, RB		5.00%		03/01/2047		150		152,178
Port Huron Area School District, Series 2016, GO Bonds, (INS - AGM)(c)		4.00%		05/01/2045		20		19,682
University of Michigan, Series 2015, Ref. RB(a)(b)		5.00%		04/01/2026		125		130,590
University of Michigan, Series 2015, Ref. RB(a)(b)		5.00%		04/01/2026		75		78,354
University of Michigan, Series 2017 A, Ref. RB		5.00%		04/01/2026		75		78,184
								4,052,013
Minnesota-0.52%
Minneapolis & St. Paul (Cities of), MN Metropolitan Airports Commission, Series 2016 A, Ref. RB		5.00%		01/01/2026		25		25,923
Minnesota (State of), Series 2017 A, GO Bonds		5.00%		10/01/2026		500		528,871
Minnesota (State of), Series 2017 D, Ref. GO Bonds		5.00%		10/01/2026		85		89,908
Minnesota (State of), Series 2022 A, Ref. RB		5.00%		03/01/2026		100		104,150
St. Cloud (City of), MN (CentraCare Health System), Series 2016 A, Ref. RB		3.25%		05/01/2039		100		88,759
University of Minnesota, Series 2016 A, RB		5.00%		04/01/2041		50		51,186
								888,797
Mississippi-0.35%
Mississippi (State of), Series 2016 B, GO Bonds(a)(b)		5.00%		12/01/2026		80		84,756
Mississippi (State of), Series 2016 B, GO Bonds(a)(b)		5.00%		12/01/2026		45		47,675
Mississippi (State of), Series 2016 B, GO Bonds(a)(b)		5.00%		12/01/2026		25		26,486
Mississippi (State of), Series 2016 B, GO Bonds(a)(b)		5.00%		12/01/2026		5		5,297
Mississippi (State of), Series 2018 A, GO Bonds(a)(b)		5.00%		11/01/2026		125		132,327
Mississippi (State of), Series 2018 A, GO Bonds		4.00%		11/01/2038		100		100,635
Mississippi (State of) Hospital Equipment & Facilities Authority (Baptist Memorial Health Care), Series 2016, RB		5.00%		09/01/2041		200		202,820
								599,996
Missouri-0.55%
Hazelwood School District, Series 2017 A, Ref. GO Bonds		3.00%		03/01/2029		35		35,064
Kansas City (City of), MO, Series 2022 A, Ref. GO Bonds		5.00%		02/01/2026		80		83,172
Metropolitan St. Louis Sewer District, Series 2017 A, Ref. RB		5.00%		05/01/2026		40		41,803
Missouri (State of) Board of Public Buildings, Series 2020 B, Ref. RB		5.00%		10/01/2026		55		57,993
Missouri (State of) Environmental Improvement & Energy Resources Authority, Series 2015 B, Ref. RB		5.00%		07/01/2026		15		15,384
Missouri (State of) Health & Educational Facilities Authority (St. Luke’s Health System, Inc.), Series 2016, Ref. RB		5.00%		11/15/2028		25		26,016
Missouri (State of) Health & Educational Facilities Authority (St. Luke’s Health System, Inc.), Series 2016, Ref. RB		5.00%		11/15/2029		75		78,020
Missouri (State of) Health & Educational Facilities Authority (St. Luke’s Health System, Inc.), Series 2016, Ref. RB		5.00%		11/15/2030		15		15,585
Missouri (State of) Health & Educational Facilities Authority (St. Luke’s Health System, Inc.), Series 2016, Ref. RB		5.00%		11/15/2031		55		57,088
Missouri (State of) Health & Educational Facilities Authority (St. Luke’s Health System, Inc.), Series 2016, Ref. RB		4.00%		11/15/2033		15		15,088
Missouri (State of) Highway & Transportation Commission, Series 2014 A, Ref. RB		5.00%		05/01/2026		190		199,133
Missouri (State of) Highway & Transportation Commission, Series 2019 B, RB		5.00%		11/01/2026		20		21,188
Missouri (State of) Joint Municipal Electric Utility Commission (Prairie State), Series 2016 A, Ref. RB		4.00%		12/01/2032		25		25,424
Missouri (State of) Joint Municipal Electric Utility Commission (Prairie State), Series 2016 A, Ref. RB		4.00%		12/01/2033		50		50,715
Missouri (State of) Joint Municipal Electric Utility Commission (Prairie State), Series 2016 A, Ref. RB		5.00%		12/01/2034		5		5,163

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

 167 

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

February 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Missouri-(continued)
Missouri (State of) Joint Municipal Electric Utility Commission (Prairie State), Series 2016 A, Ref. RB		4.00%		12/01/2035	$	95	$	96,035
Missouri (State of) Joint Municipal Electric Utility Commission (Prairie State), Series 2016 A, Ref. RB		5.00%		12/01/2040		80		81,666
St. Louis County Reorganized School District No. R-6, Series 2018, GO Bonds(a)		5.00%		02/01/2026		15		15,555
St. Louis County Reorganized School District No. R-6, Series 2018, GO Bonds		5.00%		02/01/2026		20		20,793
								940,885
Nebraska-0.17%
Omaha (City of), NE Public Power District, Series 2016 A, Ref. RB		5.00%		02/01/2028		60		62,358
Sarpy (County of), NE Hospital Authority No. 1 (NE Medicine), Series 2016, Ref. RB		3.00%		05/15/2046		310		235,351
								297,709
Nevada-0.72%
Clark (County of), NV, Series 2016 B, Ref. GO Bonds		5.00%		11/01/2026		150		158,793
Clark (County of), NV, Series 2016 B, Ref. GO Bonds		4.00%		11/01/2032		20		20,401
Clark (County of), NV Department of Aviation, Series 2019, Ref. RB		5.00%		07/01/2026		45		47,201
Clark (County of), NV Water Reclamation District, Series 2016, Ref. GO Bonds		4.00%		07/01/2035		250		254,193
Clark County School District, Series 2015 C, Ref. GO Bonds		5.00%		06/15/2026		25		25,890
Clark County School District, Series 2017 A, Ref. GO Bonds		5.00%		06/15/2026		95		99,437
Las Vegas Valley Water District, Series 2016 A, Ref. GO Bonds		5.00%		06/01/2037		75		77,657
Las Vegas Valley Water District, Series 2016 A, Ref. GO Bonds		5.00%		06/01/2038		200		206,605
Las Vegas Valley Water District, Series 2016 A, Ref. GO Bonds		5.00%		06/01/2041		90		92,561
Las Vegas Valley Water District, Series 2016 A, Ref. GO Bonds		5.00%		06/01/2046		75		76,712
Nevada (State of), Series 2015 D, Ref. GO Bonds		5.00%		04/01/2026		25		25,523
Nevada (State of), Series 2016, Ref. RB		5.00%		12/01/2026		90		94,307
Nevada (State of), Series 2016, Ref. RB		5.00%		12/01/2028		50		52,348
Truckee Meadows Water Authority, Series 2016, Ref. RB		5.00%		07/01/2032		5		5,207
								1,236,835
New Jersey-3.76%
Bayonne (City of), NJ, Series 2016, Ref. GO Bonds(a)(b)		5.00%		07/01/2026		135		141,448
New Jersey (State of), Series 2020 A, GO Bonds		5.00%		06/01/2026		150		156,964
New Jersey (State of) Economic Development Authority, Series 2015 XX, Ref. RB		4.25%		06/15/2026		25		25,286
New Jersey (State of) Economic Development Authority, Series 2016 AAA, RB(a)(b)		5.00%		12/15/2026		85		90,122
New Jersey (State of) Economic Development Authority, Series 2016 BBB, Ref. RB(a)(b)		4.75%		12/15/2026		15		15,804
New Jersey (State of) Economic Development Authority, Series 2016 BBB, Ref. RB(a)(b)		5.50%		12/15/2026		445		477,730
New Jersey (State of) Economic Development Authority, Series 2017 B, Ref. RB		5.00%		11/01/2026		335		352,300
New Jersey (State of) Economic Development Authority, Series 2023 RRR, Ref. RB		5.00%		03/01/2026		555		575,650
New Jersey (State of) Educational Facilities Authority (Montclair University), Series 2016 B, Ref. RB		5.00%		07/01/2031		145		151,094
New Jersey (State of) Health Care Facilities Financing Authority (AHS Hospital Corp.), Series 2016, Ref. RB		4.00%		07/01/2032		5		5,068
New Jersey (State of) Health Care Facilities Financing Authority (AHS Hospital Corp.), Series 2016, Ref. RB		5.00%		07/01/2033		10		10,481
New Jersey (State of) Health Care Facilities Financing Authority (Princeton HealthCare System), Series 2016 A, Ref. RB		5.00%		07/01/2039		100		102,967
New Jersey (State of) Health Care Facilities Financing Authority (RWJ Barnabas Health Obligated Group), Series 2016 A, Ref. RB		5.00%		07/01/2029		65		68,156
New Jersey (State of) Health Care Facilities Financing Authority (RWJ Barnabas Health Obligated Group), Series 2016 A, Ref. RB		5.00%		07/01/2030		170		178,320
New Jersey (State of) Health Care Facilities Financing Authority (RWJ Barnabas Health Obligated Group), Series 2016 A, Ref. RB		5.00%		07/01/2031		45		47,191
New Jersey (State of) Health Care Facilities Financing Authority (RWJ Barnabas Health Obligated Group), Series 2016 A, Ref. RB		5.00%		07/01/2043		280		286,457
New Jersey (State of) Health Care Facilities Financing Authority (RWJ Barnabas Health Obligated Group), Series 2016, Ref. RB		4.00%		07/01/2035		310		312,912
New Jersey (State of) Transportation Trust Fund Authority, Series 2016 A-1, RB		5.00%		06/15/2029		50		52,159
New Jersey (State of) Transportation Trust Fund Authority, Series 2016 A-1, RN		5.00%		06/15/2028		230		240,244
New Jersey (State of) Transportation Trust Fund Authority, Series 2016 A-1, RN		4.10%		06/15/2031		210		214,292
New Jersey (State of) Transportation Trust Fund Authority, Series 2018 A, Ref. RN		5.00%		06/15/2030		300		312,721
New Jersey (State of) Transportation Trust Fund Authority, Series 2018 A, Ref. RN		5.00%		06/15/2031		200		208,196

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

 168 

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

February 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)		Value
New Jersey-(continued)
New Jersey (State of) Transportation Trust Fund Authority, Series 2019, Ref. RB		5.00%		12/15/2026	$	590	$	622,099
New Jersey (State of) Transportation Trust Fund Authority, Series 2021 A, Ref. RB		5.00%		06/15/2026		165		172,148
New Jersey (State of) Turnpike Authority, Series 2005 D-3, RB, (INS - AGM)(c)		5.25%		01/01/2026		250		259,788
New Jersey (State of) Turnpike Authority, Series 2005 D-4, RB, (INS - AGM)(c)		5.25%		01/01/2026		1,020		1,059,748
New Jersey (State of) Turnpike Authority, Series 2016 A, Ref. RB		5.00%		01/01/2033		30		31,007
New Jersey (State of) Turnpike Authority, Series 2016 A, Ref. RB		5.00%		01/01/2034		240		247,931
New Jersey (State of) Turnpike Authority, Series 2016 A, Ref. RB		5.00%		01/01/2035		15		15,478
Newark (City of), NJ Housing Authority, Series 2016, Ref. RB, (INS - AGM)(c)		5.00%		12/01/2038		35		36,357
								6,470,118
New Mexico-0.14%
New Mexico (State of) (Capital), Series 2017 A, GO Bonds		5.00%		03/01/2026		240		250,056
New York-15.51%
Albany (County of), NY, Series 2018, GO Bonds		4.00%		04/01/2029		5		5,113
Build NYC Resource Corp. (New York Law School), Series 2016, Ref. RB		5.00%		07/01/2041		100		100,138
Dutchess County Local Development Corp. (Health Quest Systems, Inc.), Series 2016 B, RB		4.00%		07/01/2041		185		177,688
Erie (County of), NY Industrial Development Agency (The) (City of Buffalo School District), Series 2015 A, Ref. RB		5.00%		05/01/2026		10		10,312
Erie (County of), NY Industrial Development Agency (The) (City of Buffalo School District), Series 2016 A, Ref. RB		5.00%		05/01/2030		20		21,014
Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB		5.00%		02/15/2026		85		88,634
Long Island (City of), NY Power Authority, Series 2016 B, Ref. RB		5.00%		09/01/2036		160		167,194
Long Island (City of), NY Power Authority, Series 2016 B, Ref. RB		5.00%		09/01/2046		500		514,847
Metropolitan Transportation Authority, Series 2006 B, RB, (INS - AGM)(c)		5.25%		11/15/2026		350		371,486
Metropolitan Transportation Authority, Series 2016 A, Ref. RB		4.00%		11/15/2026		60		62,027
Metropolitan Transportation Authority, Series 2016 A, Ref. RB		5.25%		11/15/2029		65		69,071
Metropolitan Transportation Authority, Series 2016 A, Ref. RB		5.25%		11/15/2034		15		15,827
Metropolitan Transportation Authority, Series 2016 A, Ref. RB		5.25%		11/15/2035		30		31,593
Metropolitan Transportation Authority, Series 2016 B, Ref. RB		5.00%		11/15/2034		15		15,671
Metropolitan Transportation Authority, Series 2016 B, Ref. RB		5.00%		11/15/2035		20		20,868
Metropolitan Transportation Authority, Series 2016 B, Ref. RB		5.00%		11/15/2037		750		778,623
Metropolitan Transportation Authority, Series 2016 D, Ref. RB		5.00%		11/15/2029		5		5,237
Metropolitan Transportation Authority, Series 2016 D, Ref. RB		5.00%		11/15/2030		75		78,473
Metropolitan Transportation Authority, Series 2016 D, Ref. RB		4.00%		11/15/2033		145		146,273
Metropolitan Transportation Authority (Green Bonds), Series 2016 A-2, Ref. RB		5.00%		11/15/2026		160		168,558
Metropolitan Transportation Authority (Green Bonds), Series 2017 C-1, Ref. RB		5.00%		11/15/2026		300		316,059
Metropolitan Transportation Authority (Green Bonds), Subseries 2016 B-1, RB		5.00%		11/15/2036		1,000		1,044,321
Metropolitan Transportation Authority (Green Bonds), Subseries 2016 B-1, RB		5.00%		11/15/2046		200		205,003
Metropolitan Transportation Authority (Green Bonds), Subseries 2016 B-1, RB		5.00%		11/15/2051		100		102,356
New York & New Jersey (States of) Port Authority, One Hundred Eighty Nineth Series 2015, Ref. RB		5.00%		05/01/2026		65		66,474
New York & New Jersey (States of) Port Authority, One Hundred Ninty Eighth Series 2016, Ref. RB		5.00%		11/15/2046		25		25,604
New York & New Jersey (States of) Port Authority, One Hundred Ninty Eighth Series 2016, Ref. RB		5.25%		11/15/2056		100		102,893
New York (City of), NY, Series 2008 J-10, GO Bonds		5.00%		08/01/2026		45		47,123
New York (City of), NY, Series 2015 A, Ref. GO Bonds		5.00%		08/01/2026		45		46,173
New York (City of), NY, Series 2016 B-1, GO Bonds		5.00%		12/01/2029		45		47,475
New York (City of), NY, Series 2016 B-1, GO Bonds		5.00%		12/01/2041		195		202,277
New York (City of), NY, Series 2016 C, Ref. GO Bonds		5.00%		08/01/2026		375		389,668
New York (City of), NY, Series 2016 C, Ref. GO Bonds		5.00%		08/01/2027		100		103,817
New York (City of), NY, Series 2016 C, Ref. GO Bonds		5.00%		08/01/2028		65		67,420
New York (City of), NY, Series 2016 C, Ref. GO Bonds		5.00%		08/01/2029		55		56,996
New York (City of), NY, Series 2016 C, Ref. GO Bonds		5.00%		08/01/2031		25		25,874
New York (City of), NY, Series 2016 C, Ref. GO Bonds		4.00%		08/01/2035		10		10,101
New York (City of), NY, Series 2016 E, Ref. GO Bonds		5.00%		08/01/2026		130		136,134
New York (City of), NY, Series 2016 E, Ref. GO Bonds		5.00%		08/01/2028		25		26,213
New York (City of), NY, Series 2016 E, Ref. GO Bonds		5.00%		08/01/2029		50		52,367
New York (City of), NY, Series 2016 E, Ref. GO Bonds		4.00%		08/01/2033		35		35,652
New York (City of), NY, Series 2017 C, Ref. GO Bonds		5.00%		08/01/2026		2,000		2,094,362
New York (City of), NY, Series 2020 A-1, Ref. GO Bonds		5.00%		08/01/2026		80		83,774

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

 169 

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

February 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)		Value
New York-(continued)
New York (City of), NY, Series 2020 C, GO Bonds		5.00%		08/01/2026	$	80	$	83,775
New York (City of), NY, Series 2021 F-1, GO Bonds		5.00%		03/01/2026		150		155,989
New York (City of), NY, Series 2022 B-1, Ref. GO Bonds		5.00%		08/01/2026		10		10,472
New York (City of), NY, Subseries 2016 A-1, GO Bonds		4.00%		08/01/2029		555		568,261
New York (City of), NY, Subseries 2016 A-1, GO Bonds		5.00%		08/01/2030		20		20,923
New York (City of), NY, Subseries 2016 A-1, GO Bonds		5.00%		08/01/2031		45		47,055
New York (City of), NY, Subseries 2016 A-1, GO Bonds		4.00%		08/01/2032		80		81,619
New York (City of), NY, Subseries 2016 A-1, GO Bonds		4.00%		08/01/2034		125		127,035
New York (City of), NY, Subseries 2016 A-1, GO Bonds		4.00%		08/01/2035		25		25,316
New York (City of), NY, Subseries 2016 A-1, GO Bonds		5.00%		08/01/2038		500		518,707
New York (City of), NY Municipal Water Finance Authority, Series 2016, Ref. RB		5.25%		06/15/2046		1,000		1,038,266
New York (City of), NY Municipal Water Finance Authority, Series 2017 DD, RB		5.00%		06/15/2047		405		419,732
New York (City of), NY Municipal Water Finance Authority, Series 2021 AA-2, RB		5.00%		06/15/2028		175		185,507
New York (City of), NY Municipal Water Finance Authority, Series 2021 DD, Ref. RB		5.00%		06/15/2026		215		226,161
New York (City of), NY Municipal Water Finance Authority, Series 2021, RB		5.00%		06/15/2028		105		111,304
New York (City of), NY Municipal Water Finance Authority, Subseries 2016 CC-1, Ref. RB		5.00%		06/15/2037		415		435,028
New York (City of), NY Municipal Water Finance Authority, Subseries 2016 CC-1, Ref. RB		5.00%		06/15/2038		120		125,368
New York (City of), NY Municipal Water Finance Authority, Subseries 2016, Ref. RB		4.00%		06/15/2033		75		77,316
New York (City of), NY Municipal Water Finance Authority, Subseries 2016, Ref. RB		4.00%		06/15/2037		30		30,254
New York (City of), NY Transitional Finance Authority, Series 2015 C, Ref. RB		5.00%		11/01/2026		245		252,653
New York (City of), NY Transitional Finance Authority, Series 2016 A-1, RB		5.00%		05/01/2040		35		36,107
New York (City of), NY Transitional Finance Authority, Series 2016 B-1, RB		5.00%		08/01/2034		10		10,458
New York (City of), NY Transitional Finance Authority, Series 2016 S-1, RB		5.00%		07/15/2028		10		10,353
New York (City of), NY Transitional Finance Authority, Series 2016 S-1, RB		5.00%		07/15/2030		40		41,302
New York (City of), NY Transitional Finance Authority, Series 2016 S-1, RB		5.00%		07/15/2035		100		103,053
New York (City of), NY Transitional Finance Authority, Series 2016 S-1, RB		4.00%		07/15/2036		105		106,194
New York (City of), NY Transitional Finance Authority, Series 2016 S-1, RB		5.00%		07/15/2043		200		203,600
New York (City of), NY Transitional Finance Authority, Series 2016, RB		4.00%		05/01/2030		25		25,543
New York (City of), NY Transitional Finance Authority, Series 2016, RB		5.00%		05/01/2035		100		103,966
New York (City of), NY Transitional Finance Authority, Series 2017 C, Ref. RB		5.00%		11/01/2026		30		31,766
New York (City of), NY Transitional Finance Authority, Series 2020, Ref. RB		5.00%		11/01/2026		465		492,380
New York (City of), NY Transitional Finance Authority, Series 2021 A-1, Ref. RB		5.00%		11/01/2026		435		460,613
New York (City of), NY Transitional Finance Authority, Series 2022 F-1, RB		5.00%		02/01/2026		30		31,161
New York (City of), NY Transitional Finance Authority, Subseries 2016 B-1, RB		5.00%		08/01/2029		250		262,157
New York (City of), NY Transitional Finance Authority, Subseries 2016 B-1, RB		5.00%		08/01/2030		655		686,071
New York (City of), NY Transitional Finance Authority, Subseries 2016 B-1, RB		5.00%		08/01/2033		200		209,202
New York (City of), NY Transitional Finance Authority, Subseries 2016 E-1, RB		5.00%		02/01/2030		245		253,882
New York (City of), NY Transitional Finance Authority, Subseries 2016 E-1, RB		5.00%		02/01/2031		350		362,557
New York (City of), NY Transitional Finance Authority, Subseries 2016 E-1, RB		5.00%		02/01/2035		185		191,359
New York (City of), NY Transitional Finance Authority, Subseries 2016 E-1, RB		5.00%		02/01/2037		195		201,044
New York (City of), NY Transitional Finance Authority, Subseries 2016 E-1, RB		5.00%		02/01/2038		40		41,165
New York (City of), NY Transitional Finance Authority, Subseries 2016 E-1, RB		5.00%		02/01/2039		250		257,048
New York (City of), NY Transitional Finance Authority, Subseries 2016 F-3, RB		5.00%		02/01/2030		135		139,894
New York (City of), NY Transitional Finance Authority, Subseries 2016 F-3, RB		4.00%		02/01/2033		5		5,085
New York (City of), NY Trust for Cultural Resources (Lincoln Center for Performing Arts), Series 2016 A, Ref. RB		5.00%		12/01/2026		30		31,588
New York (City of), NY Trust for Cultural Resources (Museum of Modern Arts (The)), Series 2016, Ref. RB		4.00%		04/01/2029		30		31,071
New York (City of), NY Trust for Cultural Resources (Museum of Modern Arts (The)), Series 2016, Ref. RB		4.00%		04/01/2031		235		243,057
New York (State of) Dormitory Authority, Series 2016 A, RB		5.00%		07/01/2026		5		5,262
New York (State of) Dormitory Authority, Series 2016 A, RB		5.00%		02/15/2029		50		52,460
New York (State of) Dormitory Authority, Series 2016 A, RB		5.00%		07/01/2029		25		26,176
New York (State of) Dormitory Authority, Series 2016 A, RB		5.00%		03/15/2032		100		104,890
New York (State of) Dormitory Authority, Series 2016 A, RB		5.00%		07/01/2032		90		94,173
New York (State of) Dormitory Authority, Series 2016 A, RB		5.00%		02/15/2033		40		41,698
New York (State of) Dormitory Authority, Series 2016 A, RB		5.00%		03/15/2033		395		413,823
New York (State of) Dormitory Authority, Series 2016 A, RB		5.00%		03/15/2034		20		20,928

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

 170 

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

February 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)			Value
New York-(continued)
New York (State of) Dormitory Authority, Series 2016 A, RB		5.00%		07/01/2034	$	50		$	52,295
New York (State of) Dormitory Authority, Series 2016 A, RB		5.00%		02/15/2036		10			10,379
New York (State of) Dormitory Authority, Series 2016 A, RB		5.00%		02/15/2039		15			15,462
New York (State of) Dormitory Authority, Series 2016 A, RB		5.00%		02/15/2041		210			215,673
New York (State of) Dormitory Authority, Series 2016 D, Ref. RB(a)		5.00%		02/15/2026		35			36,443
New York (State of) Dormitory Authority, Series 2016 D, Ref. RB(a)(b)		5.00%		08/15/2026		50			52,845
New York (State of) Dormitory Authority, Series 2017 A, Ref. RB(a)		5.00%		02/15/2026		100			104,374
New York (State of) Dormitory Authority, Series 2017 A, Ref. RB		5.00%		07/01/2026		10			10,496
New York (State of) Dormitory Authority, Series 2017 B, Ref. RB(a)		5.00%		02/15/2026		35			36,429
New York (State of) Dormitory Authority, Series 2017 B, Ref. RB(a)		5.00%		02/15/2026		15			15,656
New York (State of) Dormitory Authority, Series 2018 1, Ref. RB		5.00%		01/15/2026		140			145,297
New York (State of) Dormitory Authority, Series 2018 A, RB		5.00%		10/01/2026		60			63,235
New York (State of) Dormitory Authority, Series 2018 A, RB		5.00%		10/01/2030		155			163,006
New York (State of) Dormitory Authority, Series 2018 A, Ref. RB		5.00%		03/15/2033		45			46,988
New York (State of) Dormitory Authority, Series 2018 A, Ref. RB		5.00%		03/15/2034		35			36,537
New York (State of) Dormitory Authority, Series 2018 A, Ref. RB		5.00%		03/15/2035		10			10,429
New York (State of) Dormitory Authority, Series 2018 E, Ref. RB(a)		5.00%		03/15/2026		35			36,607
New York (State of) Dormitory Authority, Series 2018, RB		5.00%		10/01/2031		35			36,763
New York (State of) Dormitory Authority, Series 2018, RB		5.00%		10/01/2033		95			99,545
New York (State of) Dormitory Authority, Series 2019 A, RB		5.00%		10/01/2026		125			131,739
New York (State of) Dormitory Authority (Bidding Group 1), Series 2018 A, RB(a)		5.00%		03/15/2026		15			15,655
New York (State of) Dormitory Authority (Bidding Group 2), Series 2018 C, Ref. RB(a)		5.00%		03/15/2026		5			5,223
New York (State of) Dormitory Authority (Bidding Group B), Series 2016 A, RB		5.00%		03/15/2031		455			477,816
New York (State of) Dormitory Authority (Columbia University) (Green Bonds), Series 2016 A, RB		5.00%		10/01/2026		320			339,627
New York (State of) Dormitory Authority (General Purpose), Series 2016 D, Ref. RB(a)(b)		5.00%		08/15/2026		70			73,983
New York (State of) Dormitory Authority (Group B), Series 2016 A, RB(a)(b)		5.00%		09/15/2026		265			280,214
New York (State of) Dormitory Authority (Group B), Series 2016 A, RB		5.00%		03/15/2028		225			237,127
New York (State of) Dormitory Authority (New York University), Series 2016 A, RB		5.00%		07/01/2031		40			41,864
New York (State of) Dormitory Authority (New York University), Series 2016 A, RB		5.00%		07/01/2033		350			366,147
New York (State of) Dormitory Authority (New York University), Series 2016 A, RB		5.00%		07/01/2036		150			156,439
New York (State of) Dormitory Authority (New York University), Series 2016 A, RB		4.00%		07/01/2039		55			55,242
New York (State of) Dormitory Authority (New York University), Series 2016 A, RB		5.00%		07/01/2039		140			144,989
New York (State of) Dormitory Authority (New York University), Series 2019 A, RB		5.00%		07/01/2026		20			21,029
New York (State of) Thruway Authority, Series 2016 A, RB		5.00%		01/01/2035		15			15,455
New York (State of) Thruway Authority, Series 2016 A, RB		5.00%		01/01/2041		5			5,104
New York (State of) Thruway Authority, Series 2016 A, RB		5.00%		01/01/2046		1,265			1,285,829
New York (State of) Thruway Authority, Series 2016 A, RB		5.00%		01/01/2051		200			202,765
New York (State of) Thruway Authority, Series 2016 A, RB		5.25%		01/01/2056		250			255,647
New York (State of) Utility Debt Securitization Authority, Series 2016 A, Ref. RB		5.00%		12/15/2032		25			26,130
New York (State of) Utility Debt Securitization Authority, Series 2016 A, Ref. RB		5.00%		12/15/2034		150			156,645
New York (State of) Utility Debt Securitization Authority, Series 2016 B, Ref. RB		5.00%		12/15/2034		150			156,645
New York Convention Center Development Corp. (Hotel Unit Fee Secured), Series 2016 A, RB		5.00%		11/15/2046		150			152,753
New York State Environmental Facilities Corp., Series 2016 A, Ref. RB		4.00%		06/15/2036		100			101,755
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2016 A, Ref. RB		5.00%		06/15/2028		35			36,732
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2016 A, Ref. RB		5.00%		06/15/2029		55			57,660
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2016 A, Ref. RB		5.00%		06/15/2030		30			31,417
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2016 A, Ref. RB		5.00%		06/15/2032		225			235,120
New York State Urban Development Corp., Series 2016 A, Ref. RB(a)(b)		5.00%		03/15/2026		580			604,292
New York State Urban Development Corp., Series 2016 A, Ref. RB(a)(b)		5.00%		03/15/2026		95			99,151
New York State Urban Development Corp., Series 2016 A, Ref. RB		5.00%		03/15/2029		30			31,170
New York State Urban Development Corp., Series 2016 A, Ref. RB		5.00%		03/15/2033		135			139,966
New York State Urban Development Corp., Series 2016 A, Ref. RB		5.00%		03/15/2034		215			222,823
New York State Urban Development Corp., Series 2016 A, Ref. RB		4.00%		03/15/2036		40			40,637
New York State Urban Development Corp., Series 2016, Ref. RB(a)		5.00%		03/15/2026		10			10,437

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

 171 

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

February 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)			Value
New York-(continued)
New York State Urban Development Corp., Series 2016, Ref. RB		5.00%		03/15/2026	$	40		$	41,713
New York State Urban Development Corp., Series 2017 C-1, Ref. RB		5.00%		03/15/2026		20			20,857
New York State Urban Development Corp., Series 2020, Ref. RB		5.00%		03/15/2026		75			78,213
Triborough Bridge & Tunnel Authority, Series 2016 A, Ref. RB		5.00%		11/15/2031		500			520,436
Triborough Bridge & Tunnel Authority, Series 2016 A, Ref. RB		5.00%		11/15/2041		500			511,549
Westchester (County of), NY, Series 2018 A, GO Bonds		4.00%		12/01/2029		100			104,221
									26,689,285
North Carolina-0.86%
Mecklenburg (County of), NC, Series 2013 A, Ref. GO Bonds		5.00%		12/01/2026		50			53,122
North Carolina (State of), Series 2013 C, Ref. GO Bonds		5.00%		05/01/2026		45			47,115
North Carolina (State of), Series 2014 B, Ref. RB		5.00%		06/01/2026		30			31,466
North Carolina (State of), Series 2016 A, Ref. GO Bonds		5.00%		06/01/2026		90			94,418
North Carolina (State of), Series 2017 B, Ref. RB		5.00%		05/01/2026		70			73,275
North Carolina (State of), Series 2018 A, GO Bonds		5.00%		06/01/2026		325			340,956
North Carolina (State of), Series 2019 A, RB		5.00%		05/01/2026		30			31,404
North Carolina (State of), Series 2020 B, RB		5.00%		05/01/2026		45			47,105
North Carolina (State of) (Garvee), Series 2019, RB		5.00%		03/01/2026		65			67,659
North Carolina (State of) Capital Facilities Finance Agency (Duke University), Series 2016 B, Ref. RB		5.00%		10/01/2026		15			15,866
North Carolina (State of) Capital Facilities Finance Agency (Duke University), Series 2016 B, Ref. RB		5.00%		10/01/2044		55			56,463
North Carolina (State of) Eastern Municipal Power Agency, Series 1993 B, Ref. RB(a)		6.00%		01/01/2026		25			26,277
North Carolina (State of) Medical Care Commission (Deerfield Episcopal Retirement Community), Series 2016, Ref. RB		5.00%		11/01/2037		150			153,541
North Carolina (State of) Municipal Power Agency No. 1 (Catawba), Series 2015 A, Ref. RB		5.00%		01/01/2028		35			36,215
North Carolina (State of) Municipal Power Agency No. 1 (Catawba), Series 2016 A, Ref. RB		5.00%		01/01/2028		100			104,390
North Carolina (State of) Municipal Power Agency No. 1 (Catawba), Series 2016 A, Ref. RB		5.00%		01/01/2029		50			52,145
North Carolina (State of) Turnpike Authority, Series 2017 A, Ref. RB		5.00%		07/01/2054		250			252,798
									1,484,215
Ohio-2.22%
Allen (County of), OH, Series 2017 A, Ref. RB		5.00%		08/01/2026		145			151,360
American Municipal Power, Inc. (Greenup Hydroelectric), Series 2016 A, RB		5.00%		02/15/2041		100			101,949
Cincinnati City School District (Classroom Construction & Improvement), Series 2006, Ref. GO Bonds, (INS - NATL)(c)		5.25%		12/01/2026		25			26,684
Columbus (City of), OH, Series 2015, Ref. RB		5.00%		06/01/2029		100			104,425
Columbus (City of), OH, Series 2015, Ref. RB		5.00%		06/01/2030		25			26,084
Columbus (City of), OH, Series 2015, Ref. RB		5.00%		06/01/2032		1,015			1,058,563
Columbus (City of), OH, Series 2016-1, Ref. GO Bonds		5.00%		07/01/2026		135			141,759
Columbus (City of), OH, Series 2022 A, GO Bonds		5.00%		04/01/2026		505			527,169
Columbus City School District (Construction and Improvement), Series 2016 A, Ref. GO Bonds		5.00%		12/01/2031		100			104,314
Cuyahoga (County of), OH, Series 2020 D, Ref. RB		5.00%		12/01/2026		25			26,418
Hamilton (County of), OH, Series 2016 A, Ref. RB		5.00%		12/01/2026		35			37,033
Hamilton (County of), OH, Series 2016 A, Ref. RB		5.00%		12/01/2029		95			100,276
Hamilton (County of), OH, Series 2016 A, Ref. RB		4.00%		12/01/2031		45			45,975
Miami University, Series 2017, Ref. RB		5.00%		09/01/2041		50			51,073
Ohio (State of), Series 2016 S, GO Bonds		5.00%		05/01/2031		70			72,940
Ohio (State of), Series 2017 B, Ref. GO Bonds		5.00%		09/15/2026		15			15,849
Ohio (State of), Series 2017 C, Ref. GO Bonds		5.00%		08/01/2026		5			5,267
Ohio (State of), Series 2018 A, GO Bonds		5.00%		02/01/2031		100			103,798
Ohio (State of), Series 2018 A, GO Bonds		5.00%		02/01/2033		125			129,677
Ohio (State of), Series 2018 A, GO Bonds		5.00%		06/15/2033		15			15,591
Ohio (State of), Series 2018 A, GO Bonds		5.00%		02/01/2034		30			31,117
Ohio (State of), Series 2018 A, GO Bonds		5.00%		06/15/2034		50			51,949
Ohio (State of) (Cleveland Clinic Health System Obligated Group), Series 2017, Ref. RB		5.00%		01/01/2026		5			5,184
Ohio (State of) (Garvee), Series 2016 1, RB		5.00%		12/15/2028		45			47,031
Ohio (State of) (Garvee), Series 2016-1, RB		5.00%		12/15/2026		10			10,465
Ohio (State of) (Garvee), Series 2016-1, RB		5.00%		12/15/2027		65			67,978
Ohio (State of) (University Hospitals Health System, Inc.), Series 2016 A, Ref. RB		5.00%		01/15/2041		335			340,950
Ohio (State of) Water Development Authority, Series 2016 A, RB		5.00%		12/01/2032		200			208,994

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

 172 

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

February 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)			Value
Ohio-(continued)
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2017 A, RB		5.00%		12/01/2026	$	5		$	5,304
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2019 A, RB		5.00%		06/01/2026		45			47,159
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2019 A, RB		5.00%		12/01/2026		25			26,520
University of Cincinnati, Series 2016 C, RB		5.00%		06/01/2046		125			128,258
									3,817,113
Oklahoma-0.66%
Canadian (County of), OK Educational Facilities Authority (Mustang Public Schools), Series 2017, RB		5.00%		09/01/2026		50			52,347
Grand River Dam Authority, Series 2016 A, Ref. RB		5.00%		06/01/2026		10			10,442
Grand River Dam Authority, Series 2016 A, Ref. RB		5.00%		06/01/2029		15			15,776
Grand River Dam Authority, Series 2016 A, Ref. RB		5.00%		06/01/2032		45			46,979
Grand River Dam Authority, Series 2016 A, Ref. RB		4.00%		06/01/2033		600			613,700
Oklahoma (State of) Turnpike Authority, Series 2017 A, RB		5.00%		01/01/2037		190			195,214
Oklahoma (State of) Turnpike Authority, Series 2017 A, RB		5.00%		01/01/2042		170			172,764
Tulsa (County of), OK Industrial Authority (Jenks Public Schools), Series 2015, RB		5.00%		09/01/2026		25			25,692
									1,132,914
Oregon-0.99%
Clackamas County School District No. 12 North Clackamas, Series 2016, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)		4.00%		06/15/2032		25			25,483
Hillsboro School District No. 1J, Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00%		06/15/2026		80			83,827
Multnomah County School District No. 1, Series 2020, GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00%		06/15/2026		40			41,958
Oregon (State of), Series 2016 C, GO Bonds		5.00%		08/01/2041		100			103,250
Oregon (State of) (Seismic), Series 2016 F, Ref. GO Bonds		5.00%		05/01/2029		30			31,297
Oregon (State of) Facilities Authority, Series 2016 A, Ref. RB		5.00%		10/01/2035		15			15,429
Oregon (State of) Facilities Authority (Legacy Health), Series 2016 A, Ref. RB		5.00%		06/01/2046		100			101,448
Oregon (State of) Tri-County Metropolitan Transportation District, Series 2017 A, RB(a)(b)		5.00%		09/01/2026		1,000			1,054,335
Oregon Health & Science University, Series 2016 B, Ref. RB		5.00%		07/01/2036		160			165,158
Portland Community College District, Series 2018, GO Bonds		5.00%		06/15/2029		25			26,207
University of Oregon, Series 2016 A, RB		5.00%		04/01/2046		60			61,075
									1,709,467
Pennsylvania-3.83%
Allegheny (County of), PA, Series 2016 C-75, Ref. GO Bonds		4.00%		11/01/2032		105			106,810
Allegheny (County of), PA Port Authority, Series 2020, Ref. RB		5.00%		03/01/2026		100			103,757
Chester (County of), PA, Series 2016 A, Ref. GO Bonds		4.00%		07/15/2028		45			46,389
Erie (City & County of), PA Water Authority, Series 2016, Ref. RB(a)(b)		5.00%		12/01/2026		65			68,864
Lancaster (County of), PA Hospital Authority (University of Pennsylvania), Series 2016 A, Ref. RB		5.00%		08/15/2042		140			143,653
Lancaster (County of), PA Hospital Authority (University of Pennsylvania), Series 2016, Ref. RB		5.00%		08/15/2026		50			52,429
Lehigh (County of), PA (Lehigh Valley Health Network), Series 2016 A, Ref. RB		4.00%		07/01/2035		600			602,087
Lycoming (County of), PA Authority (Pennsylvania College of Technology), Series 2016 A, Ref. RB		3.00%		10/01/2037		100			92,576
Monroeville Finance Authority, Series 2012, RB		5.00%		02/15/2026		65			67,203
Northampton (County of), PA General Purpose Authority (St. Luke’s University Health Network), Series 2016, Ref. RB		5.00%		08/15/2046		10			10,139
Pennsylvania (Commonwealth of), First Series 2015, GO Bonds		5.00%		03/15/2026		35			35,646
Pennsylvania (Commonwealth of), First Series 2016, GO Bonds		5.00%		02/01/2029		300			310,998
Pennsylvania (Commonwealth of), First Series 2016, GO Bonds		4.00%		02/01/2032		200			203,045
Pennsylvania (Commonwealth of), First Series 2016, GO Bonds		4.00%		02/01/2033		20			20,290
Pennsylvania (Commonwealth of), First Series 2016, GO Bonds, (INS - AGM)(c)		4.00%		02/01/2034		15			15,259
Pennsylvania (Commonwealth of), First Series 2016, Ref. GO Bonds		5.00%		09/15/2026		85			89,683
Pennsylvania (Commonwealth of), First Series 2017, Ref. GO Bonds		5.00%		01/01/2026		130			134,822
Pennsylvania (Commonwealth of), First Series 2020, GO Bonds		5.00%		05/01/2026		30			31,371
Pennsylvania (Commonwealth of), Second Series 2015 D, GO Bonds		3.25%		08/15/2026		515			515,288
Pennsylvania (Commonwealth of), Second Series 2016, GO Bonds		5.00%		09/15/2028		300			314,072
Pennsylvania (Commonwealth of), Second Series 2016, GO Bonds		4.00%		09/15/2030		65			66,386
Pennsylvania (Commonwealth of), Second Series 2016, GO Bonds		4.00%		09/15/2031		25			25,513
Pennsylvania (Commonwealth of), Second Series 2016, GO Bonds		4.00%		09/15/2032		90			91,761
Pennsylvania (Commonwealth of), Second Series 2016, GO Bonds		4.00%		09/15/2034		260			265,331

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

 173 

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

February 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)			Value
Pennsylvania-(continued)
Pennsylvania (Commonwealth of), Series 2022, GO Bonds		5.00%		10/01/2026	$	100		$	105,621
Pennsylvania (Commonwealth of) Economic Development Financing Authority (State System Higher Education), Series 2016, Ref. RB		4.00%		03/15/2033		25			25,187
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Trustees University of Pennsylvania), Series 2016 A, Ref. RB		4.00%		08/15/2031		500			511,307
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 A, Ref. RB		5.00%		12/01/2026		145			153,540
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 A, Ref. RB		5.00%		12/01/2028		35			36,753
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 A, Ref. RB		5.00%		12/01/2030		155			163,187
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 A, Ref. RB		5.00%		12/01/2032		230			240,894
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 A, Ref. RB		4.00%		12/01/2034		35			35,751
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 A, Ref. RB		5.00%		12/01/2035		5			5,229
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 A-1, RB		5.00%		12/01/2034		60			62,115
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 A-1, RB		5.00%		12/01/2035		235			243,122
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 A-1, RB		5.00%		12/01/2036		45			46,447
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 A-1, RB		5.00%		12/01/2041		25			25,747
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 A-1, RB		5.00%		12/01/2046		60			61,171
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 B, Ref. RB		4.00%		06/01/2033		165			168,112
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 B, Ref. RB		5.00%		06/01/2035		100			103,337
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 B, Ref. RB		5.00%		06/01/2039		150			153,834
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016, Ref. RB		5.00%		06/01/2026		40			41,177
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016, Ref. RB		5.00%		12/01/2030		100			105,174
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017 A, RB, (INS - AGM)(c)		4.00%		12/01/2037		385			389,402
Pennsylvania State University (The), Series 2016 A, RB		5.00%		09/01/2041		300			309,883
Philadelphia (City of), PA, Series 2019 A, Ref. GO Bonds		5.00%		08/01/2026		145			151,738
Pittsburgh (City of), PA Water & Sewer Authority, Series 2017 A, Ref. RB, (INS - AGM)(c)		5.00%		09/01/2026		45			47,290
									6,599,390
Rhode Island-0.15%
Rhode Island (State of), Series 2015 A, Ref. GO Bonds		5.00%		08/01/2026		20			20,580
Rhode Island (State of) Turnpike & Bridge Authority, Series 2016 A, Ref. RB		5.00%		10/01/2040		40			40,900
Rhode Island Commerce Corp. (Garvee), Series 2016 B, RB		5.00%		06/15/2026		50			52,380
Rhode Island Commerce Corp. (Garvee), Series 2016 B, RB		5.00%		06/15/2030		110			114,470
Rhode Island Health & Educational Building Corp. (Providence College), Series 2017, RB		5.00%		11/01/2047		25			25,653
									253,983
South Carolina-0.46%
South Carolina (State of) Jobs-Economic Development Authority (Carealliance Health Services), Series 2016 A, RB		5.25%		08/15/2046		85			86,539
South Carolina (State of) Public Service Authority, Series 2016 A, Ref. RB		5.00%		12/01/2029		225			232,766
South Carolina (State of) Public Service Authority, Series 2016 A, Ref. RB		5.00%		12/01/2031		150			154,920
South Carolina (State of) Public Service Authority, Series 2016 A, Ref. RB		5.00%		12/01/2032		145			149,729
South Carolina (State of) Public Service Authority, Series 2016 B, Ref. RB		5.00%		12/01/2035		20			20,731
South Carolina (State of) Public Service Authority, Series 2016 B, Ref. RB		4.00%		12/01/2056		20			18,058
South Carolina (State of) Public Service Authority, Series 2016 B, Ref. RB		5.00%		12/01/2056		55			55,536
South Carolina (State of) Transportation Infrastructure Bank, Series 2021 B, Ref. RB		5.00%		10/01/2026		65			68,570
									786,849
Tennessee-1.03%
Clarksville (City of), TN, Series 2016, Ref. RB(a)(b)		5.00%		02/01/2026		45			46,750
Memphis (City of), TN, Series 2015 A, Ref. GO Bonds		5.00%		04/01/2026		445			454,543
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2015 C, GO Bonds		5.00%		07/01/2026		100			102,627
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2016, Ref. GO Bonds		5.00%		01/01/2026		50			51,936
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2016, Ref. GO Bonds(a)(b)		5.00%		07/01/2026		100			105,007
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2017, GO Bonds		4.75%		07/01/2026		20			20,867
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2018, GO Bonds		5.00%		07/01/2026		150			157,545
Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Vanderbilt University Medical Center), Series 2016 A, RB		5.00%		07/01/2029		35			36,498

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

 174 

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

February 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)			Value
Tennessee-(continued)
Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Vanderbilt University Medical Center), Series 2016 A, RB		5.00%		07/01/2031	$	25		$	25,960
Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Vanderbilt University Medical Center), Series 2016 A, RB		5.00%		07/01/2035		65			66,721
Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Vanderbilt University Medical Center), Series 2016 A, RB		5.00%		07/01/2040		200			202,886
Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Vanderbilt University Medical Center), Series 2016 A, RB		5.00%		07/01/2046		225			226,818
Tennessee (State of), Series 2016 B, Ref. GO Bonds		5.00%		08/01/2028		30			31,538
Tennessee (State of), Series 2016 B, Ref. GO Bonds		5.00%		08/01/2030		100			104,890
Tennessee (State of) School Bond Authority, Series 2017 B, Ref. RB, (CEP - Colorado Higher Education Intercept Program)		5.00%		11/01/2026		35			37,033
Tennessee Energy Acquisition Corp., Series 2006 A, RB		5.25%		09/01/2026		30			30,738
Tennessee Energy Acquisition Corp., Series 2006 B, RB		5.63%		09/01/2026		75			76,367
									1,778,724
Texas-9.33%
Aledo Independent School District, Series 2016, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		02/15/2040		500			502,367
Allen (County of), OH, Series 2017, GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2042		20			20,526
Austin (City of), TX, Series 2016, Ref. RB		5.00%		11/15/2045		150			154,500
Austin (City of), TX, Series 2017 A, RB		5.00%		11/15/2041		40			41,139
Austin (City of), TX, Series 2021, Ref. RB		5.00%		11/15/2026		15			15,879
Bexar (County of), TX, Series 2017, Ref. GO Bonds(a)(b)		5.00%		06/15/2026		60			62,792
Bexar (County of), TX, Series 2017, Ref. GO Bonds(a)(b)		5.00%		06/15/2026		220			230,236
Bexar (County of), TX, Series 2017, Ref. GO Bonds		5.00%		06/15/2028		500			523,278
Board of Regents of the University of Texas System, Series 2014 B, Ref. RB		5.00%		08/15/2026		115			121,089
Board of Regents of the University of Texas System, Series 2016 D, RB		5.00%		08/15/2026		135			142,148
Board of Regents of the University of Texas System, Series 2016 J, RB		5.00%		08/15/2026		405			426,444
Board of Regents of the University of Texas System, Series 2016 J, RB		5.00%		08/15/2028		125			131,164
Board of Regents of the University of Texas System (Green Bonds), Series 2016 B, RB		5.00%		08/15/2026		35			36,853
Cypress-Fairbanks Independent School District, Series 2016, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2026		100			104,082
Cypress-Fairbanks Independent School District, Series 2016, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2028		175			182,516
Cypress-Fairbanks Independent School District, Series 2023 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2026		5			5,204
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2020 A, Ref. RB		5.00%		11/01/2026		40			42,218
Dallas (City of), TX, Series 2015 A, Ref. RB		5.00%		10/01/2026		160			164,413
Dallas (City of), TX, Series 2016 A, Ref. RB		4.00%		10/01/2041		25			24,442
Dallas (City of), TX, Series 2017, Ref. GO Bonds		5.00%		02/15/2026		500			519,542
Dallas (City of), TX Area Rapid Transit, Series 2016 B, Ref. RB		5.00%		12/01/2032		45			47,268
Dallas (City of), TX Area Rapid Transit, Series 2016 B, Ref. RB		4.00%		12/01/2036		100			100,436
Dallas (City of), TX Area Rapid Transit, Series 2019, Ref. RB		5.00%		12/01/2026		25			26,534
Dallas (County of), TX Utility & Reclamation District, Series 2016, Ref. GO Bonds		5.00%		02/15/2026		30			30,965
Denton (City of), TX, Series 2017, RB		5.00%		12/01/2035		165			171,316
El Paso (City of), TX, Series 2016, GO Bonds		5.00%		08/15/2042		100			101,744
El Paso (City of), TX, Series 2016, Ref. GO Bonds		4.00%		08/15/2032		160			161,358
El Paso Independent School District, Series 2017, GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		08/15/2037		150			155,632
Fort Bend Independent School District, Series 2017 E, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2026		75			77,989
Harris (County of), TX, Series 2016 A, Ref. RB		5.00%		08/15/2026		15			15,776
Harris (County of), TX, Series 2016 A, Ref. RB		5.00%		08/15/2030		30			31,346
Harris (County of), TX, Series 2016 A, Ref. RB		5.00%		08/15/2031		60			62,677
Harris (County of), TX, Series 2016 A, Ref. RB		5.00%		08/15/2034		55			57,335
Harris (County of), TX, Series 2016 A, Ref. RB		5.00%		08/15/2035		15			15,615
Harris (County of), TX, Series 2016 A, Ref. RB		5.00%		08/15/2036		95			98,647
Harris (County of), TX Metropolitan Transit Authority, Series 2016 A, Ref. RB		5.00%		11/01/2028		40			42,140

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

 175 

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

February 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)			Value
Texas-(continued)
Harris (County of), TX Metropolitan Transit Authority, Series 2016 A, Ref. RB		5.00%		11/01/2029	$	30		$	31,597
Harris (County of), TX Toll Road Authority (The), Series 2022 A, Ref. RB		5.00%		08/15/2026		125			131,497
Houston (City of), TX, Series 2016 B, Ref. RB		5.00%		11/15/2026		10			10,594
Houston (City of), TX, Series 2016 B, Ref. RB		4.00%		11/15/2031		300			305,881
Houston (City of), TX, Series 2016 B, Ref. RB		5.00%		11/15/2032		80			83,838
Houston (City of), TX, Series 2016 B, Ref. RB		5.00%		11/15/2033		45			47,067
Houston (City of), TX, Series 2016 B, Ref. RB		5.00%		11/15/2035		45			46,898
Houston (City of), TX, Series 2016 B, Ref. RB		5.00%		11/15/2036		190			197,271
Houston (City of), TX, Series 2017 A, Ref. GO Bonds		5.00%		03/01/2026		200			208,340
Houston (City of), TX, Series 2017 B, Ref. RB		5.00%		11/15/2026		90			95,344
Houston (City of), TX, Series 2018 B, Ref. RB		5.00%		07/01/2026		60			62,824
Houston (City of), TX, Series 2021 A, GO Bonds		5.00%		03/01/2026		15			15,626
Houston Independent School District, Series 2016 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2028		20			20,820
Houston Independent School District, Series 2016 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2029		145			151,031
Houston Independent School District, Series 2016 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2030		190			197,829
Houston Independent School District, Series 2016 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2031		1,230			1,279,733
Houston Independent School District, Series 2016 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		02/15/2033		55			55,778
Houston Independent School District, Series 2017, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2026		110			114,490
Humble Independent School District, Series 2015 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		02/15/2026		25			25,192
Lone Star College System, Series 2016, Ref. GO Bonds		4.00%		02/15/2032		45			45,543
Lone Star College System, Series 2016, Ref. GO Bonds		5.00%		02/15/2033		25			25,905
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2021, Ref. RB		5.00%		05/15/2026		150			156,739
New Hope Cultural Education Facilities Finance Corp. (Cardinal Bay, Inc.), Series 2016, RB, (Acquired 09/23/2019; Cost $103,857)(d)(e)		5.00%		07/01/2046		100			68,500
New Hope Cultural Education Facilities Finance Corp. (Cardinal Bay, Inc.), Series 2016, RB, (Acquired 09/23/2019; Cost $207,026)(d)(e)		5.00%		07/01/2051		200			137,000
North East Independent School District, Series 2007, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.25%		02/01/2026		30			31,260
North Texas Tollway Authority, Series 2016 A, Ref. RB		5.00%		01/01/2028		150			155,680
North Texas Tollway Authority, Series 2016 A, Ref. RB		5.00%		01/01/2030		100			103,596
North Texas Tollway Authority, Series 2016 A, Ref. RB		5.00%		01/01/2031		1,105			1,144,471
North Texas Tollway Authority, Series 2016 A, Ref. RB		5.00%		01/01/2032		10			10,354
North Texas Tollway Authority, Series 2016 A, Ref. RB		5.00%		01/01/2036		625			645,868
North Texas Tollway Authority, Series 2016 A, Ref. RB		5.00%		01/01/2039		20			20,550
North Texas Tollway Authority, Series 2017 A, Ref. RB		5.00%		01/01/2029		20			20,741
North Texas Tollway Authority, Series 2017 A, Ref. RB		5.00%		01/01/2031		115			119,108
North Texas Tollway Authority, Series 2017 B, Ref. RB		5.00%		01/01/2028		15			15,505
North Texas Tollway Authority, Series 2017 B, Ref. RB		5.00%		01/01/2030		45			46,521
North Texas Tollway Authority, Series 2017 B, Ref. RB		5.00%		01/01/2031		120			123,944
North Texas Tollway Authority, Series 2022 B, Ref. RB		5.00%		01/01/2026		45			46,588
Pearland (City of), TX, Series 2021 B, Ctfs. of Obligations		5.00%		03/01/2030		630			651,710
Permanent University Fund - University of Texas System, Series 2007 B, Ref. RB		5.25%		07/01/2026		35			36,924
Plano Independent School District, Series 2016 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2029		85			88,142
San Antonio (City of), TX, Series 2015, RB		4.00%		02/01/2033		55			55,229
San Antonio (City of), TX, Series 2015, RB		4.00%		02/01/2035		50			50,111
San Antonio (City of), TX, Series 2015, Ref. RB		5.00%		02/01/2026		70			72,815
San Antonio (City of), TX, Series 2016, Ref. RB		5.00%		02/01/2026		210			218,446
San Antonio (City of), TX, Series 2016, Ref. RB		4.00%		02/01/2028		30			30,283
San Antonio (City of), TX, Series 2016, Ref. RB		5.00%		02/01/2029		30			31,408
San Antonio (City of), TX, Series 2016, Ref. RB		5.00%		02/01/2030		20			20,932

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

 176 

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

February 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)			Value
Texas-(continued)
San Antonio (City of), TX, Series 2016, Ref. RB		4.00%		02/01/2032	$	125		$	125,795
San Antonio (City of), TX, Series 2016, Ref. RB		5.00%		02/01/2032		50			52,278
San Antonio (City of), TX, Series 2018 A, RB		5.00%		02/01/2026		30			31,207
San Antonio (City of), TX, Series 2019, Ref. RB		4.00%		02/01/2026		130			132,831
San Antonio (City of), TX Water System, Series 2016 A, Ref. RB		5.00%		05/15/2031		15			15,644
San Antonio (City of), TX Water System, Series 2016 A, Ref. RB		5.00%		05/15/2032		20			20,843
San Antonio (City of), TX Water System, Series 2016 C, Ref. RB		5.00%		05/15/2034		20			21,000
San Antonio (City of), TX Water System, Series 2016 C, Ref. RB		5.00%		05/15/2036		200			209,305
San Jacinto Community College District, Series 2016 A, GO Bonds		4.00%		02/15/2041		15			14,739
Tarrant County Cultural Education Facilities Finance Corp. (Baylor Scott & White Health), Series 2016 A, Ref. RB		5.00%		11/15/2029		135			140,290
Tarrant County Cultural Education Facilities Finance Corp. (Baylor Scott & White Health), Series 2016 A, Ref. RB		4.00%		11/15/2035		125			126,092
Tarrant County Cultural Education Facilities Finance Corp. (Baylor Scott & White Health), Series 2016, Ref. RB		5.00%		11/15/2028		35			36,347
Tarrant County Cultural Education Facilities Finance Corp. (Baylor Scott & White Health), Series 2016, Ref. RB		4.00%		11/15/2034		95			96,037
Tarrant County Cultural Education Facilities Finance Corp. (Texas Health Resources System), Series 2016 A, Ref. RB		5.00%		02/15/2041		250			256,745
Tarrant County Cultural Education Facilities Finance Corp. (Texas Health Resources System), Series 2016, Ref. RB		5.00%		02/15/2034		40			41,744
Texas (State of), Series 2016 A, GO Bonds		5.00%		04/01/2026		270			281,908
Texas (State of), Series 2016 A, GO Bonds		5.00%		04/01/2038		250			258,357
Texas (State of), Series 2016, GO Bonds		5.00%		04/01/2029		20			20,820
Texas (State of), Series 2016, GO Bonds		5.00%		04/01/2030		260			270,549
Texas (State of), Series 2016, GO Bonds		5.00%		04/01/2031		140			145,537
Texas (State of), Series 2016, GO Bonds		5.00%		04/01/2033		20			20,754
Texas (State of), Series 2016, GO Bonds		5.00%		04/01/2037		30			31,033
Texas (State of), Series 2018 A, Ref. GO Bonds		5.00%		10/01/2026		10			10,567
Texas (State of) Transportation Commission State Highway Fund, Series 2016 A, RB		5.00%		10/01/2026		85			89,799
Texas (State of) Water Development Board, Series 2016, RB		4.00%		10/15/2030		40			40,945
Texas (State of) Water Development Board, Series 2016, RB		4.00%		10/15/2032		20			20,399
Texas (State of) Water Development Board, Series 2016, RB		4.00%		10/15/2035		400			404,840
Texas (State of) Water Development Board, Series 2017 A, RB		5.00%		04/15/2026		10			10,463
Texas (State of) Water Development Board, Series 2018 B, RB		5.00%		10/15/2026		40			42,309
Texas (State of) Water Development Board, Series 2021, RB		5.00%		08/01/2026		50			52,621
Texas A&M University, Series 2016 C, Ref. RB		4.00%		05/15/2028		100			102,278
Texas A&M University, Series 2016 C, Ref. RB		4.00%		05/15/2029		30			30,657
Trinity River Authority, Series 2016, Ref. RB		5.00%		08/01/2026		500			525,973
University of Houston, Series 2017 A, Ref. RB		5.00%		02/15/2030		75			77,615
University of Houston, Series 2017 A, Ref. RB		5.00%		02/15/2036		395			406,735
									16,068,189
Utah-0.44%
Intermountain Power Agency, Series 2023 A, RB		5.00%		07/01/2026		225			236,265
Utah (County of), UT (IHC Health Services, Inc.), Series 2016 B, RB		3.00%		05/15/2047		95			76,174
Utah (State of), Series 2018, GO Bonds		5.00%		07/01/2026		160			168,011
Utah (State of) Transit Authority, Series 2016, Ref. RB		3.00%		12/15/2027		145			145,234
Utah (State of) Transit Authority, Series 2016, Ref. RB		3.00%		12/15/2028		130			130,029
									755,713
Vermont-0.10%
Vermont (State of) Educational & Health Buildings Financing Agency (University of Vermont Medical Center), Series 2016 A, Ref. RB		5.00%		12/01/2034		5			5,159

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

 177 

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

February 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)			Value
Vermont-(continued)
Vermont (State of) Educational & Health Buildings Financing Agency (University of Vermont Medical Center), Series 2016 A, Ref. RB		5.00%		12/01/2035	$	75		$	77,204
Vermont (State of) Educational & Health Buildings Financing Agency (University of Vermont Medical Center), Series 2016 A, Ref. RB		5.00%		12/01/2036		80			82,058
									164,421
Virginia-1.56%
Chesapeake Bay Bridge & Tunnel District, Series 2016, RB		5.00%		07/01/2046		255			257,210
Chesapeake Bay Bridge & Tunnel District, Series 2016, RB, (INS - AGM)(c)		5.00%		07/01/2041		75			77,105
Fairfax (County of), VA, Series 2016 A, Ref. GO Bonds(a)(b)		5.00%		04/01/2026		100			104,390
Fairfax (County of), VA, Series 2016 A, Ref. GO Bonds		4.00%		10/01/2027		95			97,323
Fairfax (County of), VA Industrial Development Authority (Inova Health System), Series 2016 A, Ref. RB		5.00%		05/15/2030		120			125,229
Fairfax (County of), VA Industrial Development Authority (Inova Health System), Series 2016 A, Ref. RB		5.00%		05/15/2031		20			20,863
Hampton (City of), VA Roads Transportation Accountability Commission, Series 2021 A, RB(a)		5.00%		07/01/2026		770			805,008
Hampton Roads Sanitation District, Series 2016 A, Ref. RB(a)(b)		5.00%		08/01/2026		100			104,980
Hampton Roads Sanitation District, Series 2016 A, Ref. RB(a)(b)		5.00%		08/01/2026		25			26,245
Hampton Roads Sanitation District, Series 2016 A, Ref. RB(a)(b)		5.00%		08/01/2026		10			10,498
Hampton Roads Sanitation District, Series 2016 A, Ref. RB(a)(b)		5.00%		08/01/2026		40			41,992
Richmond (City of), VA, Series 2016, Ref. RB		5.00%		01/15/2026		20			20,779
Richmond (City of), VA, Series 2016, Ref. RB(a)(b)		5.00%		01/15/2026		20			20,787
Richmond (City of), VA, Series 2016, Ref. RB(a)(b)		5.00%		01/15/2026		40			41,574
Richmond (City of), VA, Series 2016, Ref. RB(a)(b)		5.00%		01/15/2026		135			140,312
Richmond (City of), VA, Series 2016, Ref. RB		4.00%		01/15/2037		150			152,020
Virginia (Commonwealth of), Series 2015 B, Ref. GO Bonds		5.00%		06/01/2026		25			25,613
Virginia (Commonwealth of) College Building Authority, Series 2016 A, Ref. RB, (CEP - Colorado Higher Education Intercept Program)		5.00%		09/01/2028		85			89,145
Virginia (Commonwealth of) College Building Authority, Series 2016 A, Ref. RB, (CEP - Colorado Higher Education Intercept Program)		5.00%		09/01/2029		65			68,074
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2017, RB		5.00%		02/01/2026		70			72,882
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2019 C, Ref. RB		5.00%		02/01/2026		35			36,441
Virginia (Commonwealth of) Public Building Authority, Series 2020 B, Ref. RB		5.00%		08/01/2026		30			31,558
Virginia (Commonwealth of) Transportation Board, Series 2017 A, Ref. RB		5.00%		05/15/2026		80			83,803
Virginia (Commonwealth of) Transportation Board (Garvee), Series 2017, Ref. RB		5.00%		03/15/2026		225			234,774
									2,688,605
Washington-2.83%
Central Puget Sound Regional Transit Authority (Green Bonds), Series 2016 S-1, RB		5.00%		11/01/2035		145			152,225
Central Puget Sound Regional Transit Authority (Green Bonds), Series 2021 S-1, Ref. RB		5.00%		11/01/2026		10			10,586
Energy Northwest (Bonneville Power Administration), Series 2016 A, Ref. RB		5.00%		07/01/2026		20			21,001
Energy Northwest (Bonneville Power Administration), Series 2016 A, Ref. RB		5.00%		07/01/2028		50			52,410
Energy Northwest (No. 1), Series 2017 A, Ref. RB		5.00%		07/01/2026		345			362,273
Energy Northwest (No. 1), Series 2022 A, Ref. RB		5.00%		07/01/2026		295			309,770
King (County of), WA, Series 2016 A, Ref. RB		4.00%		07/01/2035		600			603,296
King (County of), WA, Series 2016 B, Ref. RB		5.00%		07/01/2028		100			104,682
King (County of), WA, Series 2016 B, Ref. RB		4.00%		07/01/2030		50			51,212
King (County of), WA, Series 2016 B, Ref. RB		4.00%		07/01/2032		125			127,567
King County School District No. 401 Highline, Series 2015, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00%		12/01/2026		40			41,398
King County School District No. 401 Highline, Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00%		12/01/2028		25			26,421
King County School District No. 401 Highline, Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty)		4.00%		12/01/2029		25			25,798
King County School District No. 401 Highline, Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00%		12/01/2031		75			79,038

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

 178 

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

February 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)			Value
Washington-(continued)
King County School District No. 401 Highline, Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty)		3.13%		12/01/2032	$	20		$	19,976
King County School District No. 405 Bellevue, Series 2016, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00%		12/01/2029		15			15,869
King County School District No. 405 Bellevue, Series 2016, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00%		12/01/2030		100			105,791
King County School District No. 411 Issaquah, Series 2016, GO Bonds, (CEP - Oregon School Bond Guaranty)		3.00%		12/01/2030		110			109,944
King County School District No. 411 Issaquah, Series 2016, GO Bonds, (CEP - Oregon School Bond Guaranty)		4.00%		12/01/2031		65			66,312
King County School District No. 411 Issaquah, Series 2016, GO Bonds, (CEP - Oregon School Bond Guaranty)		4.00%		12/01/2032		5			5,094
King County School District No. 411 Issaquah, Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00%		12/01/2032		30			31,502
North Thurston Public Schools, Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00%		12/01/2026		45			47,675
Seattle (City of), WA, Series 2015 A, Ref. GO Bonds		5.00%		06/01/2026		20			20,469
Seattle (City of), WA, Series 2019 B, Ref. RB		5.00%		02/01/2026		70			72,749
Seattle (Port of), WA, Series 2016, Ref. RB		5.00%		02/01/2030		35			36,165
University of Washington, Series 2016 A, Ref. RB		5.25%		12/01/2046		200			207,366
Washington (State of), Series 2016 A, GO Bonds		5.00%		08/01/2031		160			167,590
Washington (State of), Series 2016 A, Ref. GO Bonds		5.00%		08/01/2033		45			47,113
Washington (State of), Series 2016 B, Ref. GO Bonds		5.00%		07/01/2026		250			259,002
Washington (State of), Series 2016 B, Ref. GO Bonds		5.00%		07/01/2029		40			41,448
Washington (State of), Series 2016 B, Ref. GO Bonds		5.00%		08/01/2029		10			10,474
Washington (State of), Series 2016 B, Ref. GO Bonds		5.00%		07/01/2030		270			279,820
Washington (State of), Series 2016 B, Ref. GO Bonds		5.00%		08/01/2030		40			41,907
Washington (State of), Series 2016 B, Ref. GO Bonds		5.00%		07/01/2031		55			56,990
Washington (State of), Series 2016 B, Ref. GO Bonds		5.00%		07/01/2032		100			103,601
Washington (State of), Series 2016 B, Ref. GO Bonds		5.00%		08/01/2032		75			78,540
Washington (State of), Series 2016 B, Ref. GO Bonds		5.00%		07/01/2033		5			5,179
Washington (State of), Series 2016 R, Ref. GO Bonds		5.00%		07/01/2032		75			77,701
Washington (State of), Series 2017 A, GO Bonds		5.00%		08/01/2034		40			41,850
Washington (State of), Series 2017 A, GO Bonds		5.00%		08/01/2036		5			5,212
Washington (State of), Series 2020 C, GO Bonds		5.00%		02/01/2026		90			93,688
Washington (State of), Series R-2017 A, Ref. GO Bonds		5.00%		08/01/2028		395			413,362
Washington (State of), Series R-2017 A, Ref. GO Bonds		5.00%		08/01/2030		25			26,192
Washington (State of), Series R-2017 A, Ref. GO Bonds		5.00%		08/01/2032		280			293,216
Washington (State of), Series R-2017A, Ref. GO Bonds		5.00%		08/01/2034		50			52,313
Washington (State of) Higher Education Facilities Authority (Whitworth University), Series 2016 A, Ref. RB		5.00%		10/01/2040		70			71,029
									4,872,816
Wisconsin-1.99%
Wisconsin (State of), Series 2016 2, Ref. GO Bonds		5.00%		11/01/2026		40			41,687
Wisconsin (State of), Series 2016-2, Ref. GO Bonds		5.00%		11/01/2029		1,500			1,565,180
Wisconsin (State of), Series 2018 A, RB		5.00%		06/01/2026		200			209,730
Wisconsin (State of), Series 2019 A, Ref. RB(a)		5.00%		05/01/2026		60			62,755
Wisconsin (State of), Series 2021 1, Ref. GO Bonds		5.00%		05/01/2026		125			130,767
Wisconsin (State of) Department of Transportation, Series 2015 1, Ref. RB		5.00%		07/01/2026		70			71,728
Wisconsin (State of) Department of Transportation, Series 2017 2, Ref. RB		5.00%		07/01/2026		20			21,015
Wisconsin (State of) Department of Transportation, Series 2017, Ref. RB		5.00%		07/01/2026		85			89,295
Wisconsin (State of) Health & Educational Facilities Authority (Ascension Health Credit Group), Series 2016 A, Ref. RB(a)(b)		3.13%		05/15/2026		25			25,001
Wisconsin (State of) Health & Educational Facilities Authority (Ascension Health Credit Group), Series 2016 A, Ref. RB		4.00%		11/15/2033		25			25,301
Wisconsin (State of) Health & Educational Facilities Authority (Ascension Health Credit Group), Series 2016 A, Ref. RB		4.00%		11/15/2035		240			242,097

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

 179 

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

February 29, 2024

(Unaudited)

 

	Interest Rate	Maturity Date		Principal Amount (000)			Value
Wisconsin-(continued)
Wisconsin (State of) Health & Educational Facilities Authority (Ascension Health Credit Group), Series 2016 A, Ref. RB	4.50%		11/15/2039	$	100		$	101,019
Wisconsin (State of) Health & Educational Facilities Authority (Ascension Health Credit Group), Series 2016 A, Ref. RB	5.00%		11/15/2039		350			358,522
Wisconsin (State of) Health & Educational Facilities Authority (Ascension Health Credit Group), Series 2016, Ref. RB	4.00%		11/15/2032		35			35,456
Wisconsin (State of) Health & Educational Facilities Authority (Ascension Health Credit Group), Series 2016, Ref. RB	4.00%		11/15/2039		325			324,670
Wisconsin (State of) Health & Educational Facilities Authority (Medical College of Wisconsin), Series 2016, Ref. RB	5.00%		12/01/2041		25			25,810
Wisconsin (State of) Public Finance Authority (KU Campus Development Corp. -Central District Development), Series 2016, RB	5.00%		03/01/2041		65			66,118
Wisconsin (State of) Public Finance Authority (KU Campus Development Corp. -Central District Development), Series 2016, RB	5.00%		03/01/2046		30			30,367
								3,426,518
TOTAL INVESTMENTS IN SECURITIES(f)-98.64% (Cost $170,634,847)								169,789,893
OTHER ASSETS LESS LIABILITIES-1.36%								2,337,689
NET ASSETS-100.00%							$	172,127,582

Investment Abbreviations:
AGM	-Assured Guaranty Municipal Corp.
BAM	-Build America Mutual Assurance Co.
CEP	-Credit Enhancement Provider
COP	-Certificates of Participation
Ctfs.	-Certificates
GO	-General Obligation
INS	-Insurer
NATL	-National Public Finance Guarantee Corp.
RB	-Revenue Bonds
Ref.	-Refunding
RN	-Revenue Notes
Wts.	-Warrants

Notes to Schedule of Investments:

^(a)  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)  Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at February 29, 2024 was $205,500, which represented less than 1% of the Fund’s Net Assets.

^(e)  Restricted security. The aggregate value of these securities at February 29, 2024 was $205,500, which represented less than 1% of the Fund’s Net Assets.

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

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

 180 

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

February 29, 2024

(Unaudited)

 

Portfolio Composition
Revenue Type Breakdown (% of the Fund’s Net Assets) as of February 29, 2024
Ad Valorem Property Tax	36.98
Health, Hospital, Nursing Home Revenue	7.74
General Fund	6.92
Highway Tolls Revenue	6.45
Water Revenue	6.42
Sales Tax Revenue	4.92
Miscellaneous Revenue	4.87
College & University Revenue	4.72
Lease Revenue	3.70
Income Tax Revenue	3.29
Revenue Types Each Less Than 3%	12.63
Other Assets Less Liabilities	1.36

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

 181 

Invesco BulletShares 2027 Municipal Bond ETF (BSMR)

February 29, 2024

(Unaudited)

Schedule of Investments

	Interest Rate		Maturity Date		Principal Amount (000)			Value
Municipal Obligations-98.67%
Alabama-0.76%
Alabama (State of), Series 2016 C, Ref. GO Bonds		5.00%		08/01/2027	$	25		$	26,359
Alabama (State of) Federal Aid Highway Finance Authority (Garvee), Series 2017 A, RB(a)(b)		4.00%		09/01/2027		70			73,260
Alabama (State of) Federal Aid Highway Finance Authority (Garvee), Series 2017 A, RB(a)(b)		5.00%		09/01/2027		75			80,981
Alabama (State of) Federal Aid Highway Finance Authority (Garvee), Series 2017 A, RB(a)		5.00%		09/01/2027		25			26,994
Alabama (State of) Federal Aid Highway Finance Authority (Garvee), Series 2017 A, RB(a)(b)		5.00%		09/01/2027		75			80,981
Alabama (State of) Public School & College Authority (Social Bonds), Series 2020 A, Ref. RB		5.00%		11/01/2027		60			64,987
Birmingham (City of), AL Water Works Board, Series 2016 B, Ref. RB(a)(b)		5.00%		01/01/2027		75			79,621
Birmingham (City of), AL Water Works Board, Series 2016 B, Ref. RB(a)(b)		5.00%		01/01/2027		65			69,005
Jefferson (County of), AL, Series 2017, Ref. Revenue Wts.		5.00%		09/15/2030		150			159,597
Tuscaloosa (City of), AL Board of Education, Series 2017, Revenue Wts.(a)(b)		4.00%		02/01/2027		260			269,369
									931,154
Alaska-0.01%
Alaska (State of) Municipal Bond Bank Authority, Series 2017 A, RB		5.50%		10/01/2042		10			10,516
Arizona-1.24%
Arizona (State of), Series 2019 A, Ref. COP(a)		5.00%		10/01/2027		100			108,179
Arizona (State of) Sports & Tourism Authority, Series 2022, Ref. RB, (INS - BAM)(c)		5.00%		07/01/2027		100			105,598
Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group), Series 2016, Ref. RB		5.00%		01/01/2031		80			84,250
Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group), Series 2016, Ref. RB		5.00%		01/01/2034		105			110,292
Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group), Series 2016, Ref. RB		5.00%		01/01/2035		225			236,064
Phoenix (City of), AZ, Series 2022, Ref. GO Bonds		5.00%		07/01/2027		10			10,756
Phoenix Civic Improvement Corp., Series 2017 D, Ref. RB		5.00%		07/01/2032		210			224,498
Phoenix Civic Improvement Corp., Series 2017, Ref. RB		5.00%		07/01/2027		40			41,996
Phoenix Civic Improvement Corp., Series 2017, Ref. RB		5.00%		07/01/2033		5			5,344
Phoenix Civic Improvement Corp., Series 2017, Ref. RB		5.00%		07/01/2036		25			26,578
Salt River Project Agricultural Improvement & Power District, Series 2016 A, Ref. RB		5.00%		01/01/2027		315			335,293
Salt River Project Agricultural Improvement & Power District, Series 2016 A, Ref. RB		5.00%		01/01/2034		90			95,151
Salt River Project Agricultural Improvement & Power District, Series 2016 A, Ref. RB		5.00%		01/01/2036		140			147,584
									1,531,583
Arkansas-0.04%
University of Arkansas (Fayetteville Campus), Series 2017, RB		5.00%		11/01/2047		50			52,029
California-19.48%
Adelanto Public Utility Authority (Utility System), Series 2017 A, Ref. RB, (INS - AGM)(c)		5.00%		07/01/2039		130			137,973
Anaheim (City of), CA Housing & Public Improvements Authority, Series 2022, Ref. RB		5.00%		10/01/2034		1,155			1,248,530
Anaheim (City of), CA Public Financing Authority (Anaheim Public Improvements), Series 2019 A, Ref. RB, (INS - BAM)(c)		5.00%		09/01/2036		200			210,775
Anaheim Union High School District, Series 2018, GO Bonds		4.00%		08/01/2042		100			100,450
Bay Area Toll Authority (San Francisco Bay Area), Series 2017 F-1, RB(a)(b)		5.00%		04/01/2027		35			37,637
Bay Area Toll Authority (San Francisco Bay Area), Series 2017 F-1, RB		4.00%		04/01/2056		10			9,796
Bay Area Toll Authority (San Francisco Bay Area), Series 2017, Ref. RB		5.00%		04/01/2027		25			26,914
Bay Area Toll Authority (San Francisco Bay Area), Series 2017, Ref. RB		4.00%		04/01/2029		125			129,813
Bay Area Toll Authority (San Francisco Bay Area), Series 2017, Ref. RB		4.00%		04/01/2030		10			10,385
Bay Area Toll Authority (San Francisco Bay Area), Series 2017, Ref. RB		4.00%		04/01/2031		145			150,385
Bay Area Toll Authority (San Francisco Bay Area), Series 2017, Ref. RB		4.00%		04/01/2032		185			191,651
Bay Area Toll Authority (San Francisco Bay Area), Series 2017, Ref. RB		4.00%		04/01/2033		65			67,165
Bay Area Toll Authority (San Francisco Bay Area), Series 2017, Ref. RB		4.00%		04/01/2034		75			77,298
Bay Area Toll Authority (San Francisco Bay Area), Series 2017, Ref. RB		4.00%		04/01/2035		290			298,005
Bay Area Toll Authority (San Francisco Bay Area), Series 2017, Ref. RB		4.00%		04/01/2038		30			30,355
California (State of), Series 2017, GO Bonds		5.00%		11/01/2027		20			21,728
California (State of), Series 2017, GO Bonds		5.00%		08/01/2031		425			458,908

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

 182 

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

February 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)			Value
California-(continued)
California (State of), Series 2017, GO Bonds		4.00%		11/01/2032	$	25		$	25,990
California (State of), Series 2017, GO Bonds		5.00%		11/01/2035		30			32,215
California (State of), Series 2017, GO Bonds		5.00%		11/01/2047		160			169,182
California (State of), Series 2017, Ref. GO Bonds		5.00%		08/01/2027		15			15,834
California (State of), Series 2017, Ref. GO Bonds		5.00%		11/01/2027		800			869,120
California (State of), Series 2017, Ref. GO Bonds		5.00%		08/01/2029		80			86,620
California (State of), Series 2017, Ref. GO Bonds		5.00%		11/01/2029		305			332,072
California (State of), Series 2017, Ref. GO Bonds		5.00%		08/01/2030		605			655,083
California (State of), Series 2017, Ref. GO Bonds		5.00%		11/01/2030		60			65,311
California (State of), Series 2017, Ref. GO Bonds		4.00%		11/01/2032		25			25,990
California (State of), Series 2017, Ref. GO Bonds		5.00%		08/01/2033		65			69,705
California (State of), Series 2017, Ref. GO Bonds		4.00%		11/01/2034		200			207,302
California (State of), Series 2017, Ref. GO Bonds		5.00%		08/01/2035		385			411,861
California (State of), Series 2017, Ref. GO Bonds		5.00%		11/01/2035		5			5,369
California (State of), Series 2017, Ref. GO Bonds		4.00%		11/01/2036		50			51,415
California (State of), Series 2017, Ref. GO Bonds		5.00%		11/01/2036		20			21,430
California (State of), Series 2017, Ref. GO Bonds		4.00%		08/01/2037		150			153,289
California (State of), Series 2017, Ref. GO Bonds		4.00%		11/01/2037		15			15,337
California (State of), Series 2017, Ref. GO Bonds		5.00%		11/01/2037		50			53,506
California (State of), Series 2019, Ref. GO Bonds		5.00%		04/01/2027		415			444,739
California (State of), Series 2019, Ref. GO Bonds		5.00%		10/01/2027		180			195,171
California (State of), Series 2020, GO Bonds		3.00%		03/01/2027		370			371,918
California (State of), Series 2020, GO Bonds		5.00%		11/01/2027		75			81,480
California (State of), Series 2021, Ref. GO Bonds		5.00%		09/01/2027		250			270,544
California (State of), Series 2021, Ref. GO Bonds		5.00%		12/01/2027		1,000			1,088,534
California (State of), Series 2022, GO Bonds		5.00%		04/01/2027		25			26,792
California (State of), Series 2022, Ref. GO Bonds		5.00%		04/01/2042		100			106,062
California (State of) (Bid Group C), Series 2016, Ref. GO Bonds		5.00%		08/01/2027		45			47,501
California (State of) Department of Water Resources (Central Valley), Series 2017 AX, Ref. RB(a)(b)		5.00%		12/01/2027		15			16,429
California (State of) Department of Water Resources (Central Valley), Series 2017 AX, Ref. RB		5.00%		12/01/2030		150			164,252
California (State of) Department of Water Resources (Central Valley), Series 2017 AX, Ref. RB		5.00%		12/01/2032		50			54,679
California (State of) Educational Facilities Authority (Loma Linda University), Series 2017 A, Ref. RB		5.00%		04/01/2042		250			257,439
California (State of) Health Facilities Financing Authority (Children’s Hospital Los Angeles), Series 2017 A, Ref. RB		5.00%		08/15/2047		600			608,129
California (State of) Health Facilities Financing Authority (Kaiser Permanente), Subseries 2017 A-1, RB		5.00%		11/01/2027		435			474,974
California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2017 A, Ref. RB		5.00%		11/15/2031		50			54,353
California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2017 A, Ref. RB		5.00%		11/15/2033		50			54,226
California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2017 A, Ref. RB		5.00%		11/15/2036		40			43,027
California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2017 A, Ref. RB		4.00%		11/15/2040		50			50,956
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2017 A, Ref. RB		5.00%		11/15/2032		25			26,969
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2017 A, Ref. RB		5.00%		11/15/2033		70			75,360
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2017 A, Ref. RB		5.00%		11/15/2034		100			107,399
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2017 A, Ref. RB		5.00%		11/15/2038		250			263,698
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2017 A, Ref. RB		5.00%		11/15/2048		200			206,877
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2018 A, RB		5.00%		11/15/2033		15			16,149
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2018 A, RB		5.00%		11/15/2035		60			64,131
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2018 A, RB		5.00%		11/15/2036		30			31,926
California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds), Series 2017, RB		5.00%		10/01/2027		30			32,431
California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds), Series 2017, RB		5.00%		10/01/2029		10			10,791
California (State of) Municipal Finance Authority (Community Medical Centers), Series 2017 A, Ref. RB		5.00%		02/01/2047		200			203,203

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

 183 

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

February 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)			Value
California-(continued)
California (State of) Municipal Finance Authority (Eisenhower Medical Centers), Series 2017 A, Ref. RB		5.00%		07/01/2042	$	150		$	153,019
California (State of) Municipal Finance Authority (Orange County Civic Center Infrastructure
Improvement Program - Phase I), Series 2017 A, RB		5.00%		06/01/2042		45			47,007
California (State of) Public Works Board, Series 2022 C, Ref. RB		5.00%		08/01/2027		5			5,407
California (State of) Public Works Board (Various Capital), Series 2016 C, Ref. RB		5.00%		11/01/2027		40			42,351
California (State of) Public Works Board (Various Capital), Series 2017 B, Ref. RB(a)(b)		5.00%		10/01/2027		15			16,307
California (State of) Public Works Board (Various Capital), Series 2017 B, Ref. RB		5.00%		10/01/2029		235			252,718
California (State of) Public Works Board (Various Capital), Series 2019 C, RB		5.00%		11/01/2027		10			10,879
California State University, Series 2017 A, Ref. RB		5.00%		11/01/2028		40			43,163
California State University, Series 2017 A, Ref. RB		5.00%		11/01/2031		15			16,152
California State University, Series 2017 A, Ref. RB		5.00%		11/01/2032		150			161,321
California State University, Series 2017 A, Ref. RB		5.00%		11/01/2035		65			69,606
California State University, Series 2017 A, Ref. RB		5.00%		11/01/2037		75			79,736
California State University, Series 2017 A, Ref. RB		5.00%		11/01/2038		55			58,331
California State University, Series 2017 A, Ref. RB		5.00%		11/01/2042		185			194,855
Ceres Unified School District, Series 2017, GO Bonds, (INS - BAM)(c)		5.00%		08/01/2051		270			280,274
Coast Community College District (Election of 2012), Series 2017 D, GO Bonds(a)(b)		5.00%		08/01/2027		15			16,293
Contra Costa (County of), CA Transportation Authority, Series 2018 B, Ref. RB		5.00%		03/01/2029		65			70,175
Desert Community College District, Series 2017, Ref. GO Bonds		5.00%		08/01/2033		60			65,018
Desert Community College District (Election of 2016), Series 2021 A-1, GO Bonds		4.00%		08/01/2051		125			123,802
East Bay Municipal Utility District, Series 2017 B, Ref. RB		5.00%		06/01/2031		25			27,160
East Bay Municipal Utility District, Series 2017 B, Ref. RB		5.00%		06/01/2032		45			48,801
East Bay Municipal Utility District, Series 2017 B, Ref. RB		5.00%		06/01/2034		150			162,261
East Bay Municipal Utility District, Series 2017 B, Ref. RB		5.00%		06/01/2035		65			70,211
Eastern Municipal Water District Financing Authority, Series 2017 D, RB		5.00%		07/01/2047		100			104,970
El Monte Union High School District, Series 2021 B, GO Bonds		4.00%		06/01/2046		110			110,086
Etiwanda School District (Election of 2016), Series 2017 A, GO Bonds		5.00%		08/01/2046		180			187,750
Fairfield (City of), CA, Series 2017, Ref. RB		5.00%		04/01/2042		85			89,298
Fontana Redevelopment Agency Successor Agency, Series 2017 A, Ref. RB		5.00%		10/01/2032		70			75,631
Hacienda La Puente Unified School District (Election of 2016), Series 2017 A, GO Bonds		5.25%		08/01/2042		100			107,394
Hartnell Community College District (Election of 2002), Series 2009 D, GO Bonds		7.00%		08/01/2034		60			69,021
Hayward Area Recreation & Park District (Election of 2016), Series 2017 A, Ref. GO Bonds		4.00%		08/01/2046		150			148,883
Hayward Unified School District, Series 2022, COP.		5.25%		08/01/2052		150			156,347
Jurupa Unified School District, Series 2017 B, GO Bonds.		4.00%		08/01/2041		55			55,376
Los Angeles (City of), CA (Green Bonds), Series 2017 A, RB		5.00%		06/01/2030		100			107,421
Los Angeles (City of), CA Department of Airports, Series 2020 B, Ref. RB		5.00%		05/15/2027		30			32,472
Los Angeles (City of), CA Department of Water & Power, Series 2017 A, RB		5.00%		07/01/2042		350			366,375
Los Angeles (City of), CA Department of Water & Power, Series 2017 A, RB		5.00%		07/01/2047		200			207,884
Los Angeles (City of), CA Department of Water & Power, Series 2017 A, Ref. RB		5.00%		07/01/2044		300			313,497
Los Angeles (City of), CA Department of Water & Power, Series 2017 A, Ref. RB		5.25%		07/01/2044		150			157,751
Los Angeles (City of), CA Department of Water & Power, Series 2017 B, Ref. RB		5.00%		07/01/2028		35			37,522
Los Angeles (City of), CA Department of Water & Power, Series 2017 B, Ref. RB		5.00%		07/01/2031		75			80,102
Los Angeles (City of), CA Department of Water & Power, Series 2017 B, Ref. RB		5.00%		07/01/2034		25			26,674
Los Angeles (City of), CA Department of Water & Power, Series 2020 A, Ref. RB		5.00%		07/01/2027		100			108,692
Los Angeles (City of), CA Department of Water & Power, Series 2020 B, Ref. RB		4.00%		07/01/2027		60			63,009
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2017 A, RB		5.00%		07/01/2038		210			224,235
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2017 A, RB		5.00%		07/01/2042		200			211,717
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2021 A, RB		5.00%		06/01/2027		175			189,518
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2017 A, RB		5.00%		07/01/2027		10			10,852
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2017 A, RB		5.00%		07/01/2029		35			38,012
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2019 A, RB		5.00%		07/01/2027		5			5,426
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020 A, RB		5.00%		06/01/2027		275			297,724
Los Angeles Unified School District, Series 2019 A, Ref. GO Bonds		5.00%		07/01/2027		160			173,693
Los Angeles Unified School District, Series 2020 A, Ref. GO Bonds		5.00%		07/01/2027		55			59,707
Los Angeles Unified School District, Series 2020 C, GO Bonds		5.00%		07/01/2027		15			16,284
Los Angeles Unified School District (Election of 2008), Series 2018 B-1, GO Bonds		5.00%		07/01/2027		55			59,707
Marin (County of), CA Healthcare District (Election of 2013), Series 2017 A, GO Bonds		4.00%		08/01/2047		45			44,268

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

 184 

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

February 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)			Value
California-(continued)
Metropolitan Water District of Southern California, Series 2019 A, Ref. RB		5.00%		07/01/2027	$	10		$	10,846
Richmond (City of), CA, Series 2017 A, Ref. RB		5.25%		08/01/2047		150			158,515
Riverside (County of), CA Public Financing Authority (Desert Communities and Interstate 215 Corridor), Series 2017 A, Ref. RB, (INS - BAM)(c)		4.00%		10/01/2040		15			15,107
Riverside (County of), CA Transportation Commission, Series 2017 B, Ref. RB		5.00%		06/01/2029		15			16,414
Riverside (County of), CA Transportation Commission, Series 2017 B, Ref. RB		5.00%		06/01/2030		25			27,381
Riverside (County of), CA Transportation Commission, Series 2017 B, Ref. RB		5.00%		06/01/2031		35			38,323
Riverside (County of), CA Transportation Commission, Series 2017 B, Ref. RB		5.00%		06/01/2032		75			81,932
Riverside (County of), CA Transportation Commission, Series 2017 B, Ref. RB		5.00%		06/01/2033		50			54,525
Riverside (County of), CA Transportation Commission, Series 2017 B, Ref. RB		5.00%		06/01/2038		200			214,410
Riverside Unified School District (Election of 2016), Series 2019 B, GO Bonds		4.00%		08/01/2042		250			251,125
Roseville (City of), CA, Series 2017 A, Ref. RB		4.00%		02/01/2037		75			76,455
Roseville Joint Union High School District (Election of 2016), Series 2017 A, GO Bonds		4.00%		08/01/2045		50			49,971
Sacramento (City of), CA Municipal Utility District, Series 2016 D, Ref. RB		5.00%		08/15/2027		45			48,957
Sacramento (City of), CA Municipal Utility District, Series 2018 D, Ref. RB		5.00%		08/15/2027		10			10,879
Sacramento (County of), CA Sanitation Districts Financing Authority, Series 2020 A, Ref. RB		5.00%		12/01/2027		50			54,802
San Bernardino Community College District (Election of 2018), Series 2019 A, GO Bonds(a)(b)		4.00%		08/16/2027		25			26,290
San Diego (City of), CA Public Facilities Financing Authority, Series 2016 A, Ref. RB		5.00%		05/15/2027		45			47,497
San Diego Unified School District, Series 2017 I, GO Bonds		4.00%		07/01/2035		25			25,742
San Diego Unified School District (Election of 2012), Series 2017 I, GO Bonds		4.00%		07/01/2034		85			87,611
San Diego Unified School District (Election of 2012), Series 2017 I, GO Bonds		4.00%		07/01/2047		340			340,669
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2017 B, RB		5.00%		05/01/2047		500			520,244
San Francisco (City of), CA Municipal Transportation Agency, Series 2017, RB		4.00%		03/01/2046		155			155,174
San Francisco (City of), CA Public Utilities Commission, Series 2016, Ref. RB		5.00%		11/01/2027		45			47,992
San Francisco (City of), CA Public Utilities Commission (Green Bonds), Series 2017 D, Ref. RB		5.00%		11/01/2027		10			10,941
San Francisco (City of), CA Public Utilities Commission (Green Bonds), Series 2017 D, Ref. RB		5.00%		11/01/2030		40			43,497
San Francisco (County of), CA Transportation Authority, Series 2017, RB		3.00%		02/01/2030		200			199,605
San Francisco (County of), CA Transportation Authority, Series 2017, RB		3.00%		02/01/2034		15			14,860
San Francisco Bay Area Rapid Transit District, Series 2019 A, RB		4.00%		07/01/2036		250			257,948
San Francisco Bay Area Rapid Transit District (Green Bonds) (Election of 2016), Series 2017 A, GO Bonds		5.00%		08/01/2047		90			94,210
San Jose (City of), CA, Series 2017 B, Ref. RB		5.00%		03/01/2042		10			10,451
San Jose (City of), CA Redevelopment Agency Successor Agency, Series 2017 A, Ref. RB		5.00%		08/01/2034		80			86,264
San Jose (City of), CA Redevelopment Agency Successor Agency, Series 2017 A, Ref. RB		5.00%		08/01/2035		200			215,206
San Jose Unified School District (Election of 2012), Series 2018 E, GO Bonds		4.00%		08/01/2042		100			101,165
Santa Ana College Improvement District #1 Rancho Santiago Community College District (Election of 2012), Series 2017 B, GO Bonds		4.00%		08/01/2041		50			50,342
Santa Clara (County of), CA, Series 2017 C, Ref. GO Bonds		5.00%		08/01/2031		285			308,376
Santa Clara Valley Transportation Authority, Series 2023 A, Ref. RB		5.00%		04/01/2027		500			538,751
Santa Monica (City of), CA Public Financing Authority (Green Bonds), Series 2017, RB		4.00%		07/01/2047		20			20,070
Tuolumne (City of), CA Wind Project Authority, Series 2016 A, Ref. RB		5.00%		01/01/2027		40			42,848
Turlock (City of), CA Irrigation District, Series 2016, Ref. RB		5.00%		01/01/2046		130			135,722
University of California, Series 2017 AV, RB		5.00%		05/15/2036		15			16,047
University of California, Series 2017 AV, RB		5.00%		05/15/2042		350			372,368
University of California, Series 2017 AV, RB		5.25%		05/15/2042		30			32,145
University of California, Series 2017 AY, Ref. RB		5.00%		05/15/2031		85			91,546
University of California, Series 2017 AY, Ref. RB		4.00%		05/15/2033		55			56,922
University of California (Limited), Series 2017 M, RB		5.00%		05/15/2031		30			32,272
University of California (Limited), Series 2017 M, RB		5.00%		05/15/2032		5			5,364
University of California (Limited), Series 2017 M, RB		5.00%		05/15/2042		375			398,493
University of California (Limited), Series 2017 M, RB		4.00%		05/15/2047		130			129,425
University of California (Limited), Series 2017 M, RB		5.00%		05/15/2047		350			369,205
University of California (Limited), Series 2017 M, RB		5.00%		05/15/2052		100			105,051
									23,976,638
Colorado-0.91%
Adams & Weld Counties School District No. 27J Brighton, Series 2017, GO Bonds		5.00%		12/01/2042		215			225,652

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

 185 

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

February 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)			Value
Colorado-(continued)
Arapahoe County School District No. 6 Littleton, Series 2019 A, GO Bonds		5.50%		12/01/2027	$	85		$	93,810
Board of Trustees of the Colorado School of Mines, Series 2017 B, RB		5.00%		12/01/2047		100			104,086
Colorado (State of), Series 2020 A, COP		5.00%		12/15/2027		45			48,826
Colorado (State of), Series 2021 A, COP		5.00%		12/15/2027		45			48,826
Colorado (State of) Educational & Cultural Facilities Authority (University of Denver), Series 2017 A, RB		5.00%		03/01/2040		25			25,999
Colorado (State of) Regional Transportation District (Fastracks), Series 2013 A, Ref. RB		5.00%		11/01/2027		40			43,354
Colorado (State of) Regional Transportation District (Fastracks), Series 2017 B, Ref. RB		5.00%		11/01/2034		145			154,916
Colorado Springs (City of), CO, Series 2017 A-2, RB		5.00%		11/15/2042		100			105,031
Denver (City & County of), CO, Series 2017 B, Ref. RB		5.00%		11/15/2033		10			10,792
Denver (City & County of), CO, Series 2022 C, Ref. RB		5.00%		11/15/2027		35			37,904
Douglas County School District No. Re-1 Douglas & Elbert Counties, Series 2022, Ref. GO Bonds		5.00%		12/15/2027		30			32,663
Rampart Range Metropolitan District No. 1, Series 2017, Ref. RB, (INS - AGM)(c)		5.00%		12/01/2042		105			109,417
Rampart Range Metropolitan District No. 1, Series 2017, Ref. RB, (INS - AGM)(c)		5.00%		12/01/2047		30			31,082
Regional Transportation District, Series 2017 B, Ref. RB		4.00%		11/01/2036		15			15,383
University of Colorado, Series 2017 A-2, Ref. RB		5.00%		06/01/2027		30			32,149
									1,119,890
Connecticut-1.33%
Connecticut (State of), Series 2016 B, Ref. GO Bonds		5.00%		05/15/2027		70			73,149
Connecticut (State of), Series 2016 E, GO Bonds		5.00%		10/15/2027		95			100,142
Connecticut (State of), Series 2017 A, GO Bonds		3.50%		04/15/2031		30			30,222
Connecticut (State of), Series 2017 A, GO Bonds		5.00%		04/15/2032		15			15,932
Connecticut (State of), Series 2018 B, RB		5.00%		10/01/2027		130			140,586
Connecticut (State of), Series 2018 E, GO Bonds		5.00%		09/15/2027		250			270,089
Connecticut (State of), Series 2020 A, RB		5.00%		05/01/2027		20			21,424
Connecticut (State of), Series 2021 D, RB		5.00%		11/01/2027		40			43,339
Connecticut (State of), Series 2022 A, GO Bonds		4.00%		01/15/2027		20			20,650
Connecticut (State of), Series 2022 D, Ref. GO Bonds		5.00%		09/15/2027		100			108,036
Connecticut (State of), Series 2022 E, GO Bonds		5.00%		11/15/2027		15			16,267
Connecticut (State of), Series 2022 F, Ref. GO Bonds		5.00%		11/15/2027		155			168,090
Connecticut (State of) (Green Bonds), Series 2017 A, RB		5.00%		05/01/2032		30			32,114
Connecticut (State of) (Green Bonds), Series 2017 A, RB		5.00%		05/01/2033		45			48,074
Connecticut (State of) (Green Bonds), Series 2017 A, RB		5.00%		05/01/2034		25			26,673
Connecticut (State of) (Social Bonds), Series 2021 B, GO Bonds		4.00%		06/01/2027		175			181,640
Connecticut (State of) (Transportation Infrastructure), Series 2016 A, RB		5.00%		09/01/2027		25			26,286
Connecticut (State of) Health & Educational Facilities Authority (Yale University), Series 1997 S, RB		5.00%		07/01/2027		140			151,002
University of Connecticut, Series 2017 A, RB		5.00%		01/15/2030		50			52,710
University of Connecticut, Series 2017 A, RB		5.00%		01/15/2033		100			105,214
									1,631,639
Delaware-0.04%
Delaware (State of) Health Facilities Authority (Bayhealth Medical Center), Series 2017 A, Ref. RB		4.00%		07/01/2040		10			10,004
Delaware (State of) Transportation Authority, Series 2020, Ref. RB		5.00%		07/01/2027		40			43,064
									53,068
District of Columbia-2.31%
District of Columbia, Series 2017 A, Ref. GO Bonds		5.00%		06/01/2032		500			532,702
District of Columbia, Series 2017 A, Ref. GO Bonds		5.00%		06/01/2033		80			85,191
District of Columbia, Series 2017 A, Ref. GO Bonds		5.00%		06/01/2034		150			159,651
District of Columbia, Series 2017 A, Ref. GO Bonds		4.00%		06/01/2036		5			5,124
District of Columbia, Series 2017 A, Ref. GO Bonds		5.00%		06/01/2037		180			189,995
District of Columbia, Series 2017 D, GO Bonds		4.00%		06/01/2033		20			20,664
District of Columbia, Series 2017 D, GO Bonds		4.00%		06/01/2034		65			67,088
District of Columbia (Catholic University of America (The)), Series 2017 B, RB		5.00%		10/01/2047		300			305,683
District of Columbia (Georgetown University), Series 2017, Ref. RB		5.00%		04/01/2030		10			10,549
District of Columbia Water & Sewer Authority, Series 2017 B, RB		4.00%		10/01/2044		495			496,049
Washington Convention & Sports Authority, Series 2018 A, Ref. RB		5.00%		10/01/2029		15			16,056
Washington Convention & Sports Authority, Series 2018 A, Ref. RB		5.00%		10/01/2030		20			21,391

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

 186 

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

February 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)			Value
District of Columbia-(continued)
Washington Metropolitan Area Transit Authority, Series 2017 B, RB		5.00%		07/01/2030	$	110		$	117,451
Washington Metropolitan Area Transit Authority, Series 2017 B, RB		5.00%		07/01/2035		600			635,857
Washington Metropolitan Area Transit Authority, Series 2017 B, RB		5.00%		07/01/2042		175			182,345
									2,845,796
Florida-3.52%
Brevard County School District, Series 2017 A, Ref. COP		5.00%		07/01/2032		60			63,939
Central Florida Expressway Authority, Series 2016 B, Ref. RB		5.00%		07/01/2027		10			10,431
Central Florida Expressway Authority, Series 2017, Ref. RB		5.00%		07/01/2037		530			560,340
Central Florida Expressway Authority, Series 2017, Ref. RB		5.00%		07/01/2038		15			15,797
Central Florida Expressway Authority, Series 2017, Ref. RB		5.00%		07/01/2039		165			173,306
Central Florida Expressway Authority, Series 2021, Ref. RB, (INS - AGM)(c)		5.00%		07/01/2027		10			10,720
East Central Regional Wastewater Treatment Facilities Operation Board, Series 2017, Ref. RB		5.00%		10/01/2044		285			295,347
Escambia (County of), FL, Series 2017, RB		5.00%		10/01/2043		100			104,928
Florida (State of), Series 2016 A, Ref. GO Bonds		5.00%		07/01/2027		40			42,024
Florida (State of), Series 2016 A, Ref. RB		5.00%		07/01/2027		45			47,080
Florida (State of), Series 2017 C, Ref. GO Bonds		4.00%		06/01/2033		200			206,516
Florida (State of), Series 2022 C, Ref. GO Bonds		5.00%		06/01/2027		250			268,793
Florida (State of) Department of Transportation, Series 2022 A, Ref. RB		5.00%		07/01/2027		50			53,714
Florida (State of) Higher Educational Facilities Financial Authority, Series 2017, RB		5.00%		03/01/2047		110			110,272
Florida (State of) Municipal Power Agency, Series 2017 A, Ref. RB		5.00%		10/01/2027		75			80,286
Gainesville (City of), FL, Series 2017 A, RB		5.00%		10/01/2032		45			48,333
Gainesville (City of), FL, Series 2017 A, RB		5.00%		10/01/2033		50			53,570
Gainesville (City of), FL, Series 2017 A, RB		5.00%		10/01/2034		150			159,926
Gainesville (City of), FL, Series 2017 A, RB		5.00%		10/01/2035		70			74,278
JEA Electric System, Series 2017 B, Ref. RB		5.00%		10/01/2030		110			117,605
JEA Electric System, Series 2017 B, Ref. RB		5.00%		10/01/2032		40			42,735
Miami (City of) & Dade (County of), FL School Board, Series 2016 B, Ref. COP		5.00%		08/01/2027		20			20,926
Miami Beach (City of), FL, Series 2017, Ref. RB		5.00%		09/01/2047		150			155,673
Miami-Dade (County of), FL, Series 2017 A, RB		3.38%		10/01/2047		40			33,103
Miami-Dade (County of), FL, Series 2017 B, Ref. RB		5.00%		10/01/2027		45			48,457
Miami-Dade (County of), FL, Series 2017 B, Ref. RB		4.00%		10/01/2034		20			20,747
Orange (County of), FL Convention Center, Series 2017, Ref. RB		5.00%		10/01/2027		50			53,735
Orange (County of), FL School Board, Series 2016 B, Ref. COP		5.00%		08/01/2027		310			323,792
Orlando (City of), FL Utilities Commission, Series 2020 A, Ref. RB		5.00%		10/01/2027		20			21,614
Pinellas (County of), FL School Board, Series 2017 A, COP		5.00%		07/01/2041		25			26,043
Reedy Creek Improvement District, Series 2017 A, GO Bonds		5.00%		06/01/2037		200			208,829
South Broward Hospital District, Series 2017, Ref. RB		4.00%		05/01/2032		50			51,090
South Miami Health Facilities Authority, Inc. (Baptist Health South Florida Obligated Group), Series 2017, Ref. RB		5.00%		08/15/2029		80			84,980
South Miami Health Facilities Authority, Inc. (Baptist Health South Florida Obligated Group), Series 2017, Ref. RB		5.00%		08/15/2032		30			31,704
South Miami Health Facilities Authority, Inc. (Baptist Health South Florida Obligated Group), Series 2017, Ref. RB		4.00%		08/15/2033		15			15,313
South Miami Health Facilities Authority, Inc. (Baptist Health South Florida Obligated Group), Series 2017, Ref. RB		5.00%		08/15/2037		20			20,809
South Miami Health Facilities Authority, Inc. (Baptist Health South Florida Obligated Group), Series 2017, Ref. RB		4.00%		08/15/2042		255			244,679
Tampa (City of) & Hillsborough (County of), FL Expressway Authority, Series 2017, RB		5.00%		07/01/2047		305			314,664
Volusia (County of), FL Educational Facility Authority (Embry-Riddle), Series 2017, Ref. RB		5.00%		10/15/2047		110			113,283
									4,329,381
Georgia-1.69%
Atlanta (City of), GA, Series 2001 A, RB, (INS - NATL)(c)		5.50%		11/01/2027		65			68,850
Atlanta (City of), GA, Series 2004, RB, (INS - AGM)(c)		5.75%		11/01/2027		45			49,877
Atlanta (City of), GA, Series 2017 A, Ref. RB		5.00%		11/01/2032		90			96,602
Atlanta (City of), GA, Series 2017 A, Ref. RB		5.00%		11/01/2038		10			10,558
Atlanta (City of), GA, Series 2018 C, Ref. RB.		5.00%		11/01/2027		40			43,223
Atlanta (City of), GA, Series 2018 C, Ref. RB		5.00%		11/01/2029		90			97,202

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

 187 

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

February 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)			Value
Georgia-(continued)
Atlanta (City of), GA, Series 2018 C, Ref. RB		5.00%		11/01/2031	$	10		$	10,751
Atlanta (City of), GA, Series 2018 C, Ref. RB		5.00%		11/01/2032		40			42,934
Atlanta (City of), GA, Series 2018 C, Ref. RB		5.00%		11/01/2033		55			58,995
Atlanta (City of), GA, Series 2018 C, Ref. RB		5.00%		11/01/2034		10			10,699
Atlanta (City of), GA, Series 2018 C, Ref. RB		5.00%		11/01/2035		15			16,011
Atlanta (City of), GA, Series 2018, Ref. RB		5.00%		11/01/2041		55			57,718
Atlanta (City of), GA Department of Aviation, Series 2020 A, Ref. RB		5.00%		07/01/2027		30			32,219
Cobb (County of), GA Kennestone Hospital Authority (Wellstar Health System, Inc.), Series 2017, Ref. RAC		5.00%		04/01/2047		200			204,201
Development Authority of Gwinnett County, Series 2017, Ref. RB		5.00%		07/01/2040		20			20,838
Gainesville (City of) & Hall (County of), GA Hospital Authority (Northeast Georgia Health System, Inc.), Series 2017 A, Ref. RB		5.00%		02/15/2042		10			10,259
Georgia (State of), Series 2016 E, Ref. GO Bonds		5.00%		12/01/2027		390			414,862
Georgia (State of), Series 2016 F, Ref. GO Bonds		5.00%		01/01/2027		540			574,941
Georgia (State of), Series 2016 F, Ref. GO Bonds		5.00%		07/01/2027		10			10,658
Georgia (State of), Series 2016 F, Ref. GO Bonds		5.00%		07/01/2028		125			133,336
Georgia (State of) (Tranche 2), Series 2016 A, GO Bonds		5.00%		02/01/2027		30			31,301
Georgia (State of) Road & Tollway Authority (Garvee), Series 2020, RB		5.00%		06/01/2027		35			37,518
Gwinnett County School District, Series 2022 B, GO Bonds		5.00%		08/01/2027		40			43,283
									2,076,836
Hawaii-0.66%
Hawaii (State of), Series 2016 FB, GO Bonds		5.00%		04/01/2027		235			244,868
Hawaii (State of), Series 2017 FK, GO Bonds		5.00%		05/01/2027		35			37,449
Hawaii (State of), Series 2017 FK, GO Bonds		4.00%		05/01/2031		190			195,176
Hawaii (State of), Series 2017 FK, GO Bonds		5.00%		05/01/2033		60			63,682
Hawaii (State of), Series 2017 FK, GO Bonds		4.00%		05/01/2036		15			15,261
Hawaii (State of), Series 2017 FN, Ref. GO Bonds		5.00%		10/01/2027		50			54,001
Hawaii (State of), Series 2017 FN, Ref. GO Bonds		5.00%		10/01/2031		20			21,435
Honolulu (City & County of), HI, Series 2022 A, Ref. GO Bonds		5.00%		11/01/2027		60			64,965
Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2020 B, Ref. GO Bonds		5.00%		03/01/2027		110			117,329
									814,166
Idaho-0.09%
Idaho (State of) Housing & Finance Association, Series 2017 A, Ref. RAC		5.00%		07/15/2027		70			75,009
Idaho State Building Authority, Series 2017 A, RB(a)(b)		4.00%		09/01/2027		30			31,346
									106,355
Illinois-6.57%
Chicago (City of), IL, Series 2017 A, Ref. GO Bonds		6.00%		01/01/2038		200			209,645
Chicago (City of), IL, Series 2017, Ref. RB		5.00%		11/01/2029		5			5,282
Chicago (City of), IL, Series 2017-2, Ref. RB, (INS - AGM)(c)		5.00%		11/01/2033		600			640,498
Chicago (City of), IL, Series 2017-2, Ref. RB, (INS - AGM)(c)		5.00%		11/01/2035		150			159,376
Chicago (City of), IL, Series 2020 A, Ref. GO Bonds		5.00%		01/01/2027		125			130,366
Chicago (City of), IL (O’Hare International Airport), Series 2016 C, Ref. RB		5.00%		01/01/2027		15			15,507
Chicago (City of), IL (O’Hare International Airport), Series 2017 B, Ref. RB		5.00%		01/01/2034		90			94,453
Chicago (City of), IL (O’Hare International Airport), Series 2017 B, Ref. RB		5.00%		01/01/2035		5			5,243
Chicago (City of), IL (O’Hare International Airport), Series 2017 B, Ref. RB		5.00%		01/01/2036		310			324,404
Chicago (City of), IL (O’Hare International Airport), Series 2017 B, Ref. RB		5.00%		01/01/2038		125			129,992
Chicago (City of), IL (O’Hare International Airport), Series 2017 B, Ref. RB		5.00%		01/01/2039		10			10,372
Chicago (City of), IL (O’Hare International Airport), Series 2017 C, Ref. RB		5.00%		01/01/2041		245			253,083
Chicago (City of), IL (O’Hare International Airport), Series 2017 D, RB		5.00%		01/01/2047		115			117,759
Chicago (City of), IL (O’Hare International Airport), Series 2017 D, RB		5.00%		01/01/2052		320			326,647
Chicago (City of), IL Board of Education, Series 2017, RB		5.75%		04/01/2033		100			106,742
Chicago (City of), IL Board of Education, Series 2017, RB		5.00%		04/01/2042		205			208,371
Chicago (City of), IL Board of Education, Series 2017, RB		5.00%		04/01/2046		210			212,235
Chicago (City of), IL Board of Education, Series 2018 A, Ref. GO Bonds, (INS - AGM)(c)		5.00%		12/01/2027		100			104,943
Chicago (City of), IL Metropolitan Water Reclamation District, Series 2016 A, Ref. GO Bonds		5.00%		12/01/2027		50			52,534
Chicago (City of), IL Park District, Series 2023 C, Ref. GO Bonds		5.00%		01/01/2027		55			57,685

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

 188 

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

February 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)			Value
Illinois-(continued)
Chicago (City of), IL Transit Authority (FTA Section 5307 Urbanized Area Formula Funds), Series 2021, Ref. RB		5.00%		06/01/2027	$	35		$	36,894
Cook (County of), IL, Series 2017, Ref. RB		5.00%		11/15/2033		100			106,236
Cook (County of), IL, Series 2018, Ref. RB		5.00%		11/15/2033		85			90,301
Cook (County of), IL, Series 2021 A, Ref. GO Bonds		5.00%		11/15/2027		25			26,855
Cook (County of), IL, Series 2021 B, Ref. GO Bonds		4.00%		11/15/2027		150			156,282
Illinois (State of), Series 2016, Ref. GO Bonds		5.00%		02/01/2027		100			104,852
Illinois (State of), Series 2016, Ref. GO Bonds, (INS - AGM)(c)		4.00%		02/01/2031		250			254,635
Illinois (State of), Series 2017 A, GO Bonds		5.00%		12/01/2031		50			53,199
Illinois (State of), Series 2017 C, GO Bonds		5.00%		11/01/2029		365			388,386
Illinois (State of), Series 2017 D, GO Bonds		5.00%		11/01/2027		470			499,971
Illinois (State of), Series 2022 B, Ref. GO Bonds		5.00%		03/01/2027		45			47,258
Illinois (State of) Finance Authority (Ascension Health), Series 2016 C, Ref. RB		5.00%		02/15/2030		120			125,718
Illinois (State of) Finance Authority (Ascension Health), Series 2016 C, Ref. RB		5.00%		02/15/2032		30			31,339
Illinois (State of) Finance Authority (Ascension Health), Series 2016 C, Ref. RB		4.00%		02/15/2033		545			555,268
Illinois (State of) Finance Authority (Ascension Health), Series 2016 C, Ref. RB		3.75%		02/15/2034		220			220,769
Illinois (State of) Finance Authority (Ascension Health), Series 2016 C, Ref. RB		5.00%		02/15/2036		150			155,506
Illinois (State of) Finance Authority (Clean Water Initiative), Series 2017, RB		5.00%		01/01/2027		140			148,666
Illinois (State of) Finance Authority (Clean Water Initiative), Series 2017, RB		5.00%		01/01/2030		20			21,066
Illinois (State of) Finance Authority (Clean Water Initiative), Series 2017, RB		5.00%		07/01/2030		95			100,063
Illinois (State of) Finance Authority (Clean Water Initiative), Series 2017, RB		5.00%		07/01/2031		30			31,582
Illinois (State of) Finance Authority (Clean Water Initiative), Series 2017, RB		5.00%		07/01/2033		25			26,298
Illinois (State of) Finance Authority (Clean Water Initiative), Series 2017, RB		5.00%		07/01/2034		225			236,617
Illinois (State of) Finance Authority (Clean Water Initiative), Series 2017, RB		5.00%		07/01/2036		75			78,623
Illinois (State of) Finance Authority (Edward-Elmhurst Healthcare), Series 2017, Ref. RB(a)(b)		4.00%		01/01/2027		45			46,557
Illinois (State of) Finance Authority (Edward-Elmhurst Healthcare), Series 2017, Ref. RB(a)(b)		5.00%		01/01/2027		85			90,237
Illinois (State of) Finance Authority (Southern Illinois Healthcare), Series 2017, RB		5.00%		03/01/2047		600			606,971
Illinois (State of) Finance Authority (The University of Chicago), Series 2018 A, RB		5.00%		10/01/2048		25			25,737
Illinois (State of) Toll Highway Authority, Series 2019 B, Ref. RB		5.00%		01/01/2027		200			212,043
Illinois (State of) Toll Highway Authority, Series 2019, Ref. RB		5.00%		01/01/2027		135			143,129
Kane McHenry Cook & De Kalb Counties Unit School District No. 300, Series 2017, Ref. GO Bonds		5.00%		01/01/2029		45			47,871
Macon County School District No. 61 Decatur, Series 2020 C, Ref. GO Bonds, (INS - AGM)(c)		4.00%		01/01/2040		200			200,300
Sales Tax Securitization Corp., Series 2020 A, Ref. RB		5.00%		01/01/2027		35			37,039
Will & Kendall Counties Community Consolidated School District 202 Plainfield, Series 2018 A, Ref. GO Bonds		4.00%		01/01/2027		10			10,280
									8,081,685
Indiana-0.44%
Indiana (State of) Finance Authority, Series 2016 C, Ref. RB		5.00%		06/01/2027		165			173,984
Indiana (State of) Finance Authority (Franciscan Alliance, Inc.), Series 2017 B, RB		5.00%		11/01/2029		120			128,591
Indiana (State of) Finance Authority (Franciscan Alliance, Inc.), Series 2017 C, Ref. RB		5.00%		11/01/2032		15			16,021
Indiana (State of) Finance Authority (Franciscan Alliance, Inc.), Series 2017 C, Ref. RB		4.00%		11/01/2033		15			15,356
Indiana (State of) Finance Authority (Franciscan Alliance, Inc.), Series 2017 C, Ref. RB		4.00%		11/01/2034		55			56,246
Indiana (State of) Finance Authority (Green Bonds), Series 2016 E, Ref. RB.		5.00%		02/01/2027		80			84,043
Indiana (State of) Finance Authority (Green Bonds), Series 2019 A, RB		5.00%		02/01/2027		25			26,646
Indianapolis (City of), IN Department of Public Utilities, Series 2016 B, Ref. RB		5.00%		10/01/2027		40			42,005
									542,892
Iowa-0.13%
Iowa (State of), Series 2016 A, Ref. RB		5.00%		06/01/2027		70			73,082
Iowa (State of) Finance Authority (Green Bonds), Series 2017, Ref. RB		5.00%		08/01/2030		80			86,257
									159,339
Kansas-0.33%
Butler (County of), KS Unified School District No. 385 (Andover), Series 2017, Ref. GO Bonds(a)(b)		5.00%		09/01/2027		5			5,399
Butler (County of), KS Unified School District No. 385 (Andover), Series 2017, Ref. GO Bonds(a)(b)		5.00%		09/01/2027		50			53,987
Johnson (County of), KS Public Building Commission (Courthouse & Medical Examiners), Series 2018 A, RB		4.00%		09/01/2027		10			10,275

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

 189 

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

February 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)			Value
Kansas-(continued)
Kansas (State of) Department of Transportation, Series 2017 A, RB		5.00%		09/01/2035	$	75		$	79,683
University of Kansas Hospital Authority, Series 2017 A, Ref. RB		5.00%		03/01/2047		250			255,638
									404,982
Kentucky-0.60%
Kentucky (Commonwealth of) Economic Development Finance Authority (Owensboro Health, Inc.), Series 2017 A, Ref. RB		5.00%		06/01/2037		150			153,389
Kentucky (Commonwealth of) Economic Development Finance Authority (Owensboro Health, Inc.), Series 2017 A, Ref. RB		5.25%		06/01/2041		20			20,406
Kentucky (Commonwealth of) Economic Development Finance Authority (Owensboro Health, Inc.), Series 2017 A, Ref. RB, (INS - AGM)(c)		4.00%		06/01/2037		135			135,688
Kentucky (Commonwealth of) Economic Development Finance Authority (Owensboro Health, Inc.), Series 2017 B, Ref. RB, (INS - AGM)(c)		4.00%		06/01/2037		50			50,255
Kentucky (Commonwealth of) Property & Building Commission (No. 112), Series 2016 B, Ref. RB		5.00%		11/01/2027		240			252,942
Kentucky (Commonwealth of) Property & Building Commission (No. 115), Series 2017, RB		5.00%		04/01/2037		15			15,772
Kentucky (Commonwealth of) Property & Building Commission (No. 115), Series 2017, RB		5.00%		04/01/2038		30			31,446
Kentucky (Commonwealth of) Turnpike Authority (Revitalization), Series 2016 A, Ref. RB		5.00%		07/01/2027		70			73,165
									733,063
Louisiana-1.05%
Jefferson (Parish of), LA Sales Tax District, Series 2017 B, RB, (INS - AGM)(c)		5.00%		12/01/2042		50			51,987
Lafayette (Parish of), LA School Board, Series 2018, RB(a)(b)		5.00%		04/01/2027		25			26,700
Louisiana (State of), Series 2016 B, Ref. GO Bonds		5.00%		08/01/2027		100			105,091
Louisiana (State of), Series 2017 B, GO Bonds		5.00%		10/01/2029		120			129,209
Louisiana (State of), Series 2017 B, GO Bonds		5.00%		10/01/2030		135			145,007
Louisiana (State of), Series 2017 C, Ref. RB		5.00%		05/01/2040		20			20,999
Louisiana (State of) (Garvee), Series 2019 A, RB		5.00%		09/01/2027		100			107,801
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Ragin Cajun Facilities, Inc.), Series 2018, RB, (INS - AGM)(c)		5.00%		10/01/2048		150			153,118
Louisiana (State of) Public Facilities Authority (Ochsner Clinic Foundation), Series 2017, Ref. RB		4.00%		05/15/2037		5			5,044
Louisiana (State of) Public Facilities Authority (Ochsner Clinic Foundation), Series 2017, Ref. RB		5.00%		05/15/2046		70			71,634
Louisiana Local Government Environmental Facilities & Community Development Authority (Louisiana Insurance Guaranty Association Project), Series 2022, RB		5.00%		08/15/2030		75			79,368
Louisiana Local Government Environmental Facilities & Community Development Authority (Louisiana Insurance Guaranty Association Project), Series 2022, RB		5.00%		08/15/2031		120			126,913
Louisiana Local Government Environmental Facilities & Community Development Authority (Louisiana Insurance Guaranty Association Project), Series 2022, RB		5.00%		08/15/2034		70			73,587
Louisiana Local Government Environmental Facilities & Community Development Authority (Louisiana Insurance Guaranty Association Project), Series 2022, RB		5.00%		08/15/2037		40			41,658
Shreveport (City of), LA, Series 2017 A, RB, (INS - AGM)(c)		5.00%		12/01/2041		150			156,293
									1,294,409
Maryland-2.48%
Howard (County of), MD, Series 2017 B, Ref. GO Bonds		5.00%		02/15/2027		10			10,681
Maryland (State of), Second Series 2020 B, Ref. GO Bonds		5.00%		08/01/2027		20			21,594
Maryland (State of), Series 2017 A, GO Bonds		5.00%		03/15/2027		15			16,054
Maryland (State of), Series 2017 A, GO Bonds		5.00%		08/01/2027		25			26,993
Maryland (State of), Series 2017 A, GO Bonds		5.00%		03/15/2029		145			155,284
Maryland (State of), Series 2017 A, GO Bonds		5.00%		08/01/2029		15			16,195
Maryland (State of), Series 2017 A, GO Bonds		5.00%		03/15/2031		105			112,339
Maryland (State of), Series 2018 A, GO Bonds		5.00%		03/15/2027		90			96,324
Maryland (State of) (Bidding Group 1), Second Series 2019 A, GO Bonds		5.00%		08/01/2027		620			669,415
Maryland (State of) Department of Transportation, Series 2017, RB		5.00%		09/01/2027		125			135,098
Maryland (State of) Department of Transportation, Series 2017, RB		5.00%		09/01/2030		20			21,534
Maryland (State of) Department of Transportation, Series 2019, RB		4.00%		10/01/2032		40			41,207
Maryland (State of) Department of Transportation, Series 2021 A, RB		5.00%		10/01/2027		145			157,014
Maryland (State of) Department of Transportation (Second Issue), Series 2018, RB		5.00%		10/01/2027		70			74,068
Maryland (State of) Health & Higher Educational Facilities Authority (Goucher College), Series 2017 A, Ref. RB		5.00%		07/01/2044		135			135,537

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

 190 

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

February 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)			Value
Maryland-(continued)
Maryland (State of) Health & Higher Educational Facilities Authority (MedStar Health), Series 2017 A, RB		5.00%		05/15/2045	$	110		$	111,861
Maryland (State of) Health & Higher Educational Facilities Authority (University of Maryland Medical System), Series 2017 B, Ref. RB		3.75%		07/01/2036		85			85,958
Maryland (State of) Health & Higher Educational Facilities Authority (University of Maryland Medical System), Series 2017 B, Ref. RB		4.00%		07/01/2039		15			15,118
Montgomery (County of), MD, Series 2019 A, GO Bonds		5.00%		11/01/2027		25			27,151
Montgomery (County of), MD, Series 2020 A, GO Bonds		4.00%		08/01/2027		200			209,051
Prince George’s (County of), MD, Series 2017 A, GO Bonds		3.00%		09/15/2029		110			109,495
Prince George’s (County of), MD, Series 2019 A, GO Bonds		5.00%		07/15/2027		640			690,290
Washington (State of) Suburban Sanitary Commission, Series 2017, Ref. RB		3.00%		06/01/2030		15			14,931
Washington (State of) Suburban Sanitary Commission, Series 2017, Ref. RB		3.00%		06/01/2031		100			99,423
									3,052,615
Massachusetts-2.95%
Massachusetts (Commonwealth of), Series 2005, Ref. RB, (INS - NATL)(c)		5.50%		01/01/2027		50			53,798
Massachusetts (Commonwealth of), Series 2015 A, Ref. GO Bonds		5.00%		07/01/2027		10			10,772
Massachusetts (Commonwealth of), Series 2016 A, Ref. GO Bonds		5.00%		07/01/2027		10			10,512
Massachusetts (Commonwealth of), Series 2016 A, Ref. RB		5.00%		06/01/2027		20			21,035
Massachusetts (Commonwealth of), Series 2016 B, Ref. GO Bonds		5.00%		07/01/2027		300			323,178
Massachusetts (Commonwealth of), Series 2017 A, GO Bonds		5.00%		04/01/2032		190			202,361
Massachusetts (Commonwealth of), Series 2017 A, GO Bonds		5.00%		04/01/2037		5			5,277
Massachusetts (Commonwealth of), Series 2017 A, GO Bonds		5.00%		04/01/2042		150			156,495
Massachusetts (Commonwealth of), Series 2017 A, GO Bonds		5.00%		04/01/2047		200			207,192
Massachusetts (Commonwealth of), Series 2017 A, Ref. RB		5.00%		06/01/2043		90			94,639
Massachusetts (Commonwealth of), Series 2017 B, GO Bonds		5.00%		04/01/2037		60			63,326
Massachusetts (Commonwealth of), Series 2017 C, Ref. GO Bonds		5.00%		10/01/2027		40			43,343
Massachusetts (Commonwealth of), Series 2017 D, Ref. GO Bonds		5.00%		07/01/2027		45			48,477
Massachusetts (Commonwealth of), Series 2017 E, GO Bonds		5.00%		11/01/2031		70			75,384
Massachusetts (Commonwealth of), Series 2017 E, GO Bonds		4.00%		11/01/2032		10			10,396
Massachusetts (Commonwealth of), Series 2017 E, Ref. GO Bonds		5.00%		11/01/2027		40			43,427
Massachusetts (Commonwealth of), Series 2017 F, GO Bonds		5.00%		11/01/2041		200			210,587
Massachusetts (Commonwealth of), Series 2017 F, GO Bonds		5.00%		11/01/2044		30			31,419
Massachusetts (Commonwealth of), Series 2017 F, GO Bonds		5.00%		11/01/2045		40			41,824
Massachusetts (Commonwealth of), Series 2018 B, Ref. GO Bonds		5.00%		07/01/2027		205			220,838
Massachusetts (Commonwealth of), Series 2019 A, Ref. GO Bonds		5.00%		01/01/2027		70			74,510
Massachusetts (Commonwealth of), Series 2019 F, GO Bonds		5.00%		05/01/2027		150			160,965
Massachusetts (Commonwealth of), Series 2019 G, GO Bonds		5.00%		09/01/2027		30			32,444
Massachusetts (Commonwealth of) (Rail Enhancement & Accelerated Bridge Program), Series 2017 A, RB		5.00%		06/01/2042		75			78,529
Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2016 A, Ref. RB		5.00%		07/01/2027		800			842,644
Massachusetts (Commonwealth of) Development Finance Agency (Caregroup), Series 2016 I, Ref. RB		5.00%		07/01/2027		465			482,933
Massachusetts (Commonwealth of) Development Finance Agency (Harvard University), Series 2020 A, Ref. RB		5.00%		10/15/2027		30			32,634
Massachusetts (Commonwealth of) Water Resources Authority, Series 2007 B, Ref. RB, (INS - AGM)(c)		5.25%		08/01/2027		25			27,229
Massachusetts (Commonwealth of) Water Resources Authority (Green Bonds), Series 2017 C, Ref. RB		5.00%		08/01/2032		20			21,488
									3,627,656
Michigan-1.13%
Great Lakes Water Authority, Series 2016 C, Ref. RB		5.00%		07/01/2027		25			26,139
Karegnondi Water Authority (Genesee, Lapeer and Sanilac Counties), Series 2018, Ref. RB		5.00%		11/01/2045		165			170,130
Macomb (County of), MI Interceptor Drain Drainage District, Series 2017 A, Ref. RB		5.00%		05/01/2042		180			187,812
Michigan (State of), Series 2020 B, RB		5.00%		11/15/2027		30			32,523
Michigan (State of) (Garvee), Series 2016, Ref. RB		5.00%		03/15/2027		125			133,369
Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2017 A, Ref. RB		5.00%		12/01/2034		245			259,539
Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2017 A, Ref. RB		5.00%		12/01/2037		125			131,016
Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2017, Ref. RB		5.00%		12/01/2035		145			153,113

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

 191 

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

February 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)			Value
Michigan-(continued)
Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2017, Ref. RB		4.00%		12/01/2036	$	65		$	65,992
Michigan (State of) Hospital Finance Authority (Trinity Health Credit Group), Series 2008, Ref. RB		5.00%		12/01/2032		85			90,473
University of Michigan, Series 2017 A, Ref. RB(a)(b)		5.00%		04/01/2027		30			32,104
Wayne (County of), MI Airport Authority (Detroit Metropolitan Airport), Series 2017 A, RB		5.00%		12/01/2047		100			102,982
									1,385,192
Minnesota-0.50%
Minneapolis & St. Paul (Cities of), MN Metropolitan Airports Commission, Series 2016 A, Ref. RB		5.00%		01/01/2027		30			31,781
Minneapolis & St. Paul (Cities of), MN Metropolitan Airports Commission, Series 2016 A, Ref. RB		5.00%		01/01/2031		20			21,189
Minneapolis & St. Paul (Cities of), MN Metropolitan Airports Commission, Series 2016 A, Ref. RB		5.00%		01/01/2032		20			21,184
Minnesota (State of), Series 2017 A, GO Bonds		5.00%		10/01/2027		70			75,900
Minnesota (State of), Series 2017 D, Ref. GO Bonds		5.00%		10/01/2027		50			54,214
Minnesota (State of), Series 2018 A, GO Bonds		5.00%		08/01/2027		15			16,201
Minnesota (State of), Series 2019 A, GO Bonds		5.00%		08/01/2027		295			318,612
Minnesota (State of), Series 2021 A, GO Bonds		5.00%		09/01/2027		10			10,822
Minnesota (State of), Series 2021 B, GO Bonds		5.00%		09/01/2027		20			21,643
Minnesota (State of) Higher Education Facilities Authority (Gustavus Adolphus College), Series 2017, Ref. RB		5.00%		10/01/2047		20			20,458
University of Minnesota, Series 2017 B, Ref. RB		5.00%		12/01/2030		15			16,092
University of Minnesota, Series 2017 B, Ref. RB		5.00%		12/01/2031		10			10,725
									618,821
Mississippi-1.19%
Mississippi (State of), Series 2017 A, Ref. GO Bonds		5.00%		10/01/2027		10			10,818
Mississippi (State of), Series 2017 A, Ref. GO Bonds(a)(b)		5.00%		10/01/2027		160			173,087
Mississippi (State of), Series 2017 A, Ref. GO Bonds(a)(b)		5.00%		10/01/2027		20			21,636
Mississippi (State of), Series 2017 A, Ref. GO Bonds(a)(b)		5.00%		10/01/2027		85			91,952
Mississippi (State of), Series 2017 A, Ref. GO Bonds(a)(b)		5.00%		10/01/2027		50			54,090
Mississippi (State of), Series 2017 A, Ref. GO Bonds		5.00%		10/01/2029		25			26,911
Mississippi (State of), Series 2017 A, Ref. GO Bonds		5.00%		10/01/2030		1,010			1,084,933
									1,463,427
Missouri-0.26%
Metropolitan St. Louis Sewer District, Series 2017 A, Ref. RB		5.00%		05/01/2047		20			20,741
Missouri (State of) Board of Public Buildings, Series 2020 B, Ref. RB		5.00%		10/01/2027		25			26,973
Missouri (State of) Health & Educational Facilities Authority (Mercy Health), Series 2018 A, Ref. RB		5.00%		06/01/2027		200			212,660
St. Louis (City of), MO, Series 2005, RB, (INS - NATL)(c)		5.50%		07/01/2027		60			65,186
									325,560
Nebraska-0.24%
Douglas (County of), NE (Creighton University), Series 2017, Ref. RB		5.00%		07/01/2047		70			71,889
Omaha (City of), NE (Omaha Convention Center), Series 2004, Ref. GO Bonds		5.25%		04/01/2027		75			80,534
Omaha (City of), NE Public Power District, Series 2016 A, Ref. RB		5.00%		02/01/2027		25			25,987
Omaha (City of), NE Public Power District, Series 2017 A, Ref. RB		5.00%		02/01/2037		110			117,063
									295,473
Nevada-1.30%
Carson (City Of), NV (Carson Tahoe Regional Healthcare), Series 2017, Ref. RB		5.00%		09/01/2047		100			101,317
Clark (County of), NV, Series 2016 B, Ref. GO Bonds		5.00%		11/01/2027		50			52,810
Clark (County of), NV, Series 2017, Ref. GO Bonds		5.00%		06/01/2030		990			1,051,820
Clark (County of), NV, Series 2017, Ref. GO Bonds		4.00%		06/01/2032		50			51,280
Clark (County of), NV, Series 2020 C, Ref. RB		5.00%		07/01/2027		25			26,808
Clark County School District, Series 2017 C, Ref. GO Bonds		4.00%		06/15/2037		50			50,796
Las Vegas Valley Water District, Series 2021 C, GO Bonds		5.00%		06/01/2027		60			64,414
Nevada (State of), Series 2017, RB		5.00%		12/01/2031		185			197,809
									1,597,054
New Hampshire-0.05%
New Hampshire (State of) Health and Education Facilities Authority (Concord Hospital Trust), Series 2017, RB		5.00%		10/01/2047		55			56,371

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

 192 

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

February 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)			Value
New Jersey-3.19%
Atlantic City (City of), NJ, Series 2017 A, Ref. GO Bonds, (INS - BAM)(c)		5.00%		03/01/2037	$	100		$	103,431
New Jersey (State of), Series 2020 A, GO Bonds		5.00%		06/01/2027		700			749,913
New Jersey (State of), Series 2020, GO Bonds		5.00%		06/01/2040		220			232,053
New Jersey (State of), Series 2020, GO Bonds		5.00%		06/01/2041		250			263,301
New Jersey (State of) Economic Development Authority, Series 2017 A, RB		4.00%		11/01/2027		275			284,845
New Jersey (State of) Economic Development Authority, Series 2017 A, RB		5.00%		11/01/2027		100			107,382
New Jersey (State of) Economic Development Authority, Series 2017 A, Ref. RB		5.00%		07/01/2033		100			103,642
New Jersey (State of) Economic Development Authority, Series 2017 A, Ref. RB		4.00%		07/01/2034		50			50,752
New Jersey (State of) Economic Development Authority, Series 2017 A, Ref. RB, (INS - BAM)(c)		5.00%		07/01/2027		20			21,082
New Jersey (State of) Economic Development Authority, Series 2017 DDD, RB(a)(b)		5.00%		06/15/2027		60			64,543
New Jersey (State of) Economic Development Authority, Series 2018 A, RB		5.00%		06/15/2047		200			206,250
New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2017 B, Ref. RB		5.00%		07/01/2029		100			107,741
New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2017 B, Ref. RB		5.00%		07/01/2031		75			80,662
New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2017 B, Ref. RB		5.00%		07/01/2032		15			16,113
New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2017 B, Ref. RB		5.00%		07/01/2034		115			123,325
New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2017 I, Ref. RB		5.00%		07/01/2029		45			48,483
New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2017 I, Ref. RB		5.00%		07/01/2030		25			26,902
New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2017 I, Ref. RB		5.00%		07/01/2032		20			21,484
New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2017 I, Ref. RB		5.00%		07/01/2034		10			10,724
New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2017 I, Ref. RB		5.00%		07/01/2035		20			21,433
New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2017 I, Ref. RB		5.00%		07/01/2036		10			10,697
New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2017, Ref. RB		4.00%		07/01/2038		100			102,465
New Jersey (State of) Health Care Facilities Financing Authority (AHS Hospital Corp.), Series 2016, Ref. RB		4.00%		07/01/2041		25			25,000
New Jersey (State of) Health Care Facilities Financing Authority (Hackensack Meridian Health Obligated Group), Series 2017 A, Ref. RB		4.00%		07/01/2036		20			20,100
New Jersey (State of) Health Care Facilities Financing Authority (Hackensack Meridian Health Obligated Group), Series 2017 A, Ref. RB		5.00%		07/01/2037		210			221,389
New Jersey (State of) Health Care Facilities Financing Authority (Hackensack Meridian Health Obligated Group), Series 2017 A, Ref. RB		4.00%		07/01/2047		35			33,939
New Jersey (State of) Health Care Facilities Financing Authority (Hackensack Meridian Health Obligated Group), Series 2017 A, Ref. RB		5.00%		07/01/2052		185			189,315
New Jersey (State of) Health Care Facilities Financing Authority (Inspira Meridian Health Obligated Group), Series 2017, RB		5.00%		07/01/2042		100			102,975
New Jersey (State of) Transportation Trust Fund Authority, Series 2016 A-1, RN		5.00%		06/15/2027		145			151,694
New Jersey (State of) Transportation Trust Fund Authority, Series 2019, Ref. RB		5.00%		12/15/2027		60			64,593
New Jersey (State of) Turnpike Authority, Series 2017 A, RB		5.00%		01/01/2029		35			37,147
New Jersey (State of) Turnpike Authority, Series 2017 A, RB		5.00%		01/01/2030		50			52,981
New Jersey (State of) Turnpike Authority, Series 2017 A, RB		5.00%		01/01/2031		10			10,570
New Jersey (State of) Turnpike Authority, Series 2017 A, RB		5.00%		01/01/2032		65			68,638
New Jersey (State of) Turnpike Authority, Series 2017 A, RB		5.00%		01/01/2033		50			52,768
New Jersey (State of) Turnpike Authority, Series 2017 A-1, RB		5.00%		01/01/2034		15			15,814
New Jersey (State of) Turnpike Authority, Series 2017 E, Ref. RB		5.00%		01/01/2027		25			26,582
Newark (City of), NJ Housing Authority, Series 2017, Ref. RB		4.00%		01/01/2037		100			101,453
									3,932,181
New Mexico-0.67%
New Mexico (State of) (Capital), Series 2017 A, GO Bonds		5.00%		03/01/2027		25			26,688
New Mexico (State of) Finance Authority, Series 2018 A, Ref. RB		5.00%		06/15/2027		20			21,490
New Mexico (State of) Hospital Equipment Loan Council (Presbyterian Healthcare), Series 2017 A, Ref. RB		4.00%		08/01/2035		20			20,413
New Mexico (State of) Hospital Equipment Loan Council (Presbyterian Healthcare), Series 2017 A, Ref. RB		4.00%		08/01/2036		135			137,249
New Mexico (State of) Severance Tax Permanent Fund, Series 2022 A, RB		5.00%		07/01/2027		500			537,306
New Mexico (State of) Severance Tax Permanent Fund, Series 2022 B, RB		5.00%		07/01/2027		80			85,969
									829,115
New York-18.46%
Albany (County of), NY, Series 2018, GO Bonds		5.00%		04/01/2027		45			47,103

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

 193 

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

February 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)			Value
New York-(continued)
Buffalo & Fort Erie Public Bridge Authority, Series 2017, RB		5.00%		01/01/2042	$	150		$	154,157
Build NYC Resource Corp. (Manhattan College), Series 2017, Ref. RB		5.00%		08/01/2047		235			236,893
Hempstead Town Local Development Corp., Series 2017, Ref. RB		5.00%		07/01/2047		100			103,200
Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB		5.00%		02/15/2031		205			217,513
Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB		5.00%		02/15/2034		120			127,223
Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB		5.00%		02/15/2035		100			105,920
Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB		4.00%		02/15/2036		25			25,655
Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB		5.00%		02/15/2037		5			5,265
Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB		5.00%		02/15/2039		855			895,174
Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB		5.00%		02/15/2042		450			468,462
Long Island (City of), NY Power Authority, Series 2017, RB		5.00%		09/01/2047		250			259,641
Metropolitan Transportation Authority (Green Bonds), Series 2017 A, RB		5.00%		11/15/2047		100			103,334
Metropolitan Transportation Authority (Green Bonds), Series 2017 B, Ref. RB		5.00%		11/15/2027		205			219,955
Metropolitan Transportation Authority (Green Bonds), Series 2017 B-1, RB		5.00%		11/15/2034		125			134,009
Metropolitan Transportation Authority (Green Bonds), Series 2017 B-1, RB		5.00%		11/15/2035		105			112,377
Metropolitan Transportation Authority (Green Bonds), Series 2017 B-1, RB		5.00%		11/15/2042		260			272,500
Metropolitan Transportation Authority (Green Bonds), Series 2017 B-2, RB		5.00%		11/15/2033		95			102,123
Metropolitan Transportation Authority (Green Bonds), Series 2017 C-1, Ref. RB		5.00%		11/15/2027		50			53,648
Nassau (County of), NY, Series 2017 C, Ref. GO Bonds		5.00%		10/01/2027		10			10,836
New York & New Jersey (States of) Port Authority, Two Hundred Fifth Series 2017, Ref. RB		5.00%		11/15/2047		300			313,240
New York & New Jersey (States of) Port Authority, Two Hundred Fifth Series 2017, Ref. RB		5.25%		11/15/2057		100			104,864
New York & New Jersey (States of) Port Authority, Two Hundred Ninth Series 2018, Ref. RB		5.00%		07/15/2027		70			75,383
New York & New Jersey (States of) Port Authority, Two Hundred Thirtieth Series 2022, Ref. RB		4.00%		12/01/2027		135			141,568
New York & New Jersey (States of) Port Authority, Two Hundrend Fifth Series 2017, Ref. RB		5.00%		11/15/2031		80			86,507
New York & New Jersey (States of) Port Authority, Two Hundrend Fifth Series 2017, Ref. RB		5.00%		11/15/2032		50			54,033
New York & New Jersey (States of) Port Authority, Two Hundrend Fifth Series 2017, Ref. RB		5.00%		11/15/2033		85			91,669
New York (City of), NY, Series 2008 J-9, GO Bonds		5.00%		08/01/2027		35			36,740
New York (City of), NY, Series 2017 A, Ref. GO Bonds		5.00%		08/01/2027		140			149,975
New York (City of), NY, Series 2017 B-1, GO Bonds		5.25%		10/01/2030		130			140,559
New York (City of), NY, Series 2017 B-1, GO Bonds		5.25%		10/01/2032		120			129,545
New York (City of), NY, Series 2017 B-1, GO Bonds		3.00%		10/01/2034		45			42,932
New York (City of), NY, Series 2017 B-1, GO Bonds		5.00%		10/01/2037		250			265,059
New York (City of), NY, Series 2017 B-1, GO Bonds		4.00%		10/01/2041		1,000			1,001,755
New York (City of), NY, Series 2017 C, Ref. GO Bonds		5.00%		08/01/2028		250			265,301
New York (City of), NY, Series 2020 C, GO Bonds		5.00%		08/01/2027		300			321,374
New York (City of), NY, Series 2021 F-1, GO Bonds		5.00%		03/01/2027		450			477,848
New York (City of), NY Municipal Water Finance Authority, Series 2017 BB-1, RB		5.00%		06/15/2046		420			436,307
New York (City of), NY Municipal Water Finance Authority, Series 2017 EE, Ref. RB		5.00%		06/15/2036		70			74,463
New York (City of), NY Municipal Water Finance Authority, Series 2017 EE, Ref. RB		5.00%		06/15/2037		15			15,906
New York (City of), NY Municipal Water Finance Authority, Series 2017 EE, Ref. RB		4.00%		06/15/2039		115			115,896
New York (City of), NY Municipal Water Finance Authority, Series 2017, Ref. RB		5.00%		06/15/2029		100			107,311
New York (City of), NY Municipal Water Finance Authority, Series 2017, Ref. RB		5.00%		06/15/2037		140			148,458
New York (City of), NY Municipal Water Finance Authority, Series 2018 DD, Ref. RB		5.00%		06/15/2032		25			27,053
New York (City of), NY Municipal Water Finance Authority, Series 2018 DD-1, RB		4.00%		06/15/2048		155			151,417
New York (City of), NY Municipal Water Finance Authority, Series 2018 EE, Ref. RB		5.00%		06/15/2040		200			212,723
New York (City of), NY Municipal Water Finance Authority, Series 2020, Ref. RB		5.00%		06/15/2027		265			285,701
New York (City of), NY Transitional Finance Authority, Series 2017 A-2, RB		5.00%		08/01/2037		25			26,513
New York (City of), NY Transitional Finance Authority, Series 2017 A-2, RB		5.00%		08/01/2039		150			157,990
New York (City of), NY Transitional Finance Authority, Series 2017 A-3, RB		5.00%		08/01/2040		250			262,691
New York (City of), NY Transitional Finance Authority, Series 2017 A-3, RB		5.00%		08/01/2041		250			262,138
New York (City of), NY Transitional Finance Authority, Series 2017 A-E-1, RB		5.00%		02/01/2038		5			5,236
New York (City of), NY Transitional Finance Authority, Series 2017 A-E-1, RB		5.00%		02/01/2039		1,015			1,060,359
New York (City of), NY Transitional Finance Authority, Series 2017 B-1, RB		5.00%		08/01/2030		140			150,260
New York (City of), NY Transitional Finance Authority, Series 2017 B-1, RB		5.00%		08/01/2032		40			42,800
New York (City of), NY Transitional Finance Authority, Series 2017 B-1, RB		5.00%		08/01/2034		280			299,317
New York (City of), NY Transitional Finance Authority, Series 2017 B-1, RB		4.00%		08/01/2035		85			87,249
New York (City of), NY Transitional Finance Authority, Series 2017 C, Ref. RB		5.00%		11/01/2027		35			37,440
New York (City of), NY Transitional Finance Authority, Series 2017 C, Ref. RB		5.00%		11/01/2028		125			133,680

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

 194 

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

February 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)			Value
New York-(continued)
New York (City of), NY Transitional Finance Authority, Series 2017 C, Ref. RB		5.00%		11/01/2031	$	35		$	37,307
New York (City of), NY Transitional Finance Authority, Series 2017 C, Ref. RB		4.00%		11/01/2034		20			20,549
New York (City of), NY Transitional Finance Authority, Series 2017 E-1, RB		5.00%		02/01/2030		20			21,231
New York (City of), NY Transitional Finance Authority, Series 2017 E-1, RB		3.50%		02/01/2038		45			44,372
New York (City of), NY Transitional Finance Authority, Series 2017 E-1, RB		5.00%		02/01/2043		200			207,513
New York (City of), NY Transitional Finance Authority, Series 2017 F-1, RB		5.00%		05/01/2031		210			223,810
New York (City of), NY Transitional Finance Authority, Series 2017 F-1, RB		5.00%		05/01/2036		100			105,951
New York (City of), NY Transitional Finance Authority, Series 2017 F-1, RB		4.00%		05/01/2037		325			329,495
New York (City of), NY Transitional Finance Authority, Series 2017 S-1, Ref. RB		5.00%		07/15/2032		100			106,286
New York (City of), NY Transitional Finance Authority, Series 2017, RB		5.00%		11/01/2027		25			27,087
New York (City of), NY Transitional Finance Authority, Series 2018 S-1, Ref. RB		5.00%		07/15/2031		15			15,952
New York (City of), NY Transitional Finance Authority, Series 2018 S-1, Ref. RB		4.00%		07/15/2036		55			56,191
New York (City of), NY Transitional Finance Authority, Series 2021 A-1, Ref. RB		5.00%		11/01/2027		120			130,018
New York (City of), NY Transitional Finance Authority, Series 2021, Ref. RB		5.00%		11/01/2027		75			81,261
New York (City of), NY Transitional Finance Authority, Series 2022 B-1, Ref. RB		5.00%		11/01/2027		25			27,087
New York (City of), NY Trust for Cultural Resources (Museum of Modern Arts (The)), Series 2016, Ref. RB		4.00%		04/01/2027		35			36,177
New York (State of) Dormitory Authority, Series 2017 A, RB		5.00%		03/15/2029		40			42,668
New York (State of) Dormitory Authority, Series 2017 A, RB		5.00%		03/15/2030		15			15,993
New York (State of) Dormitory Authority, Series 2017 A, RB		5.00%		03/15/2035		30			31,641
New York (State of) Dormitory Authority, Series 2017 A, RB		5.00%		03/15/2038		30			31,350
New York (State of) Dormitory Authority, Series 2017 A, RB		5.00%		03/15/2039		35			36,484
New York (State of) Dormitory Authority, Series 2017 A, RB		5.00%		03/15/2040		120			124,855
New York (State of) Dormitory Authority, Series 2017 A, RB		5.00%		03/15/2041		700			727,154
New York (State of) Dormitory Authority, Series 2017 A, Ref. RB(a)(b)		5.00%		02/15/2027		30			32,124
New York (State of) Dormitory Authority, Series 2017 A, Ref. RB		5.00%		02/15/2029		125			132,669
New York (State of) Dormitory Authority, Series 2017 A, Ref. RB		5.00%		02/15/2032		310			328,112
New York (State of) Dormitory Authority, Series 2017 A, Ref. RB		4.00%		02/15/2035		130			133,013
New York (State of) Dormitory Authority, Series 2017 B, Ref. RB		5.00%		02/15/2030		45			48,230
New York (State of) Dormitory Authority, Series 2017 B, Ref. RB		5.00%		02/15/2032		90			96,260
New York (State of) Dormitory Authority, Series 2017 B, Ref. RB		5.00%		02/15/2037		130			137,966
New York (State of) Dormitory Authority, Series 2018 1, Ref. RB		5.00%		01/15/2027		35			37,153
New York (State of) Dormitory Authority, Series 2018 A, RB		5.00%		10/01/2027		1,000			1,054,197
New York (State of) Dormitory Authority, Series 2019 A, RB		5.00%		10/01/2030		15			16,028
New York (State of) Dormitory Authority, Series 2019 A, RB		5.00%		10/01/2034		220			234,681
New York (State of) Dormitory Authority, Series 2019 A, Ref. RB		5.00%		03/15/2027		195			208,466
New York (State of) Dormitory Authority, Series 2022 A, RB, (INS - BAM)(c)		5.00%		10/01/2027		50			54,054
New York (State of) Dormitory Authority (Bidding Group 2), Series 2018 C, Ref. RB(a)		5.00%		03/15/2027		40			42,843
New York (State of) Dormitory Authority (Bidding Group 3), Series 2017 B, Ref. RB		5.00%		02/15/2041		150			157,214
New York (State of) Dormitory Authority (Bidding Group 3), Series 2017 B, Ref. RB		5.00%		02/15/2042		290			303,511
New York (State of) Dormitory Authority (Maimonides Medical Center), Series 2020, RB, (CEP - Federal Housing Administration)		4.00%		08/01/2043		350			348,440
New York (State of) Dormitory Authority (Memorial Sloan Kettering Cancer), Series 2017, Ref. RB		5.00%		07/01/2027		40			43,024
New York (State of) Dormitory Authority (Montefiore Obligated Group), Series 2018 A, Ref. RB		5.00%		08/01/2027		35			35,853
New York (State of) Dormitory Authority (New School (The)), Series 2016 A, Ref. RB		5.00%		07/01/2046		100			101,501
New York (State of) Dormitory Authority (New York University), Series 1998 A, RB, (INS - NATL)(c)		5.75%		07/01/2027		95			99,932
New York (State of) Dormitory Authority (New York University), Series 2017 A, Ref. RB		5.00%		07/01/2042		600			624,515
New York (State of) Dormitory Authority (New York University), Series 2019 A, RB		5.00%		07/01/2027		30			32,318
New York (State of) Utility Debt Securitization Authority, Series 2017, RB		5.00%		12/15/2039		260			277,744
New York (State of) Utility Debt Securitization Authority, Series 2017, RB		5.00%		12/15/2041		1,000			1,064,811
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2017, Ref. RB		5.00%		06/15/2027		35			37,768
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2017, Ref. RB		5.00%		06/15/2031		175			188,350
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2017, Ref. RB		5.00%		06/15/2033		15			16,135
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2017, Ref. RB		5.00%		06/15/2034		95			102,165

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

 195 

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

February 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)			Value
New York-(continued)
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2017, Ref. RB		5.00%		06/15/2035	$	80		$	86,033
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2017, Ref. RB		5.00%		06/15/2042		5			5,282
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2021, RB		5.00%		06/15/2027		25			26,977
New York State Urban Development Corp., Series 2017 A, Ref. RB		5.00%		03/15/2030		200			211,264
New York State Urban Development Corp., Series 2017 A, Ref. RB		5.00%		03/15/2032		175			184,665
New York State Urban Development Corp., Series 2017 A, Ref. RB		5.00%		03/15/2033		225			237,304
New York State Urban Development Corp., Series 2017 C, Ref. RB		5.00%		03/15/2034		5			5,319
New York State Urban Development Corp., Series 2017 C, Ref. RB		5.00%		03/15/2040		150			157,671
New York State Urban Development Corp., Series 2017 C-2, Ref. RB		5.00%		03/15/2035		230			244,390
New York State Urban Development Corp., Series 2017 C-3, Ref. RB		5.00%		03/15/2041		180			188,854
New York State Urban Development Corp., Series 2017, Ref. RB		5.00%		03/15/2029		35			37,021
Suffolk (County of), NY, Series 2017 D, Ref. GO Bonds, (INS - BAM)(c)		4.00%		10/15/2027		90			94,109
Triborough Bridge & Tunnel Authority, Series 2017 A, RB		5.00%		11/15/2027		10			10,675
Triborough Bridge & Tunnel Authority, Series 2017 A, RB		5.00%		11/15/2047		10			10,370
Triborough Bridge & Tunnel Authority, Series 2017 B, Ref. RB		5.00%		11/15/2029		55			58,697
Triborough Bridge & Tunnel Authority, Series 2017 B, Ref. RB		5.00%		11/15/2030		75			79,928
Triborough Bridge & Tunnel Authority, Series 2017 B, Ref. RB		5.00%		11/15/2031		215			228,997
Triborough Bridge & Tunnel Authority, Series 2017 B, Ref. RB		5.00%		11/15/2032		215			228,869
Triborough Bridge & Tunnel Authority, Series 2017 B, Ref. RB		5.00%		11/15/2033		175			186,234
Triborough Bridge & Tunnel Authority, Series 2017 B, Ref. RB		5.00%		11/15/2034		60			63,836
Triborough Bridge & Tunnel Authority, Series 2017 B, Ref. RB		5.00%		11/15/2037		90			95,143
Triborough Bridge & Tunnel Authority, Series 2017 B, Ref. RB		5.00%		11/15/2038		175			184,446
Triborough Bridge & Tunnel Authority (Green Bonds), Series 2022 E-1, Ref. RB		5.00%		11/15/2027		105			113,369
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2017 C-2, RB		5.00%		11/15/2042		10			10,529
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2017, Ref. RB		5.00%		11/15/2027		20			21,711
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2023, Ref. RB		5.00%		11/15/2027		5			5,428
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels) (Green Bonds), Series 2023, Ref. RB		5.00%		11/15/2027		15			16,289
									22,717,167
North Carolina-0.91%
Charlotte-Mecklenburg Hospital Authority (The) (Atrium Health), Series 2022 A, Ref. RB		5.00%		01/15/2027		70			74,286
Mecklenburg (County of), NC, Series 2017 A, GO Bonds		4.00%		04/01/2029		40			41,402
North Carolina (State of), Series 2016 A, Ref. GO Bonds		5.00%		06/01/2027		80			84,121
North Carolina (State of), Series 2017 B, Ref. RB		5.00%		05/01/2027		50			53,624
North Carolina (State of), Series 2017 B, Ref. RB		5.00%		05/01/2029		530			567,483
North Carolina (State of), Series 2018 A, GO Bonds		5.00%		06/01/2027		85			91,390
North Carolina (State of), Series 2019 A, RB		5.00%		05/01/2027		70			75,073
North Carolina (State of), Series 2022 A, RB		5.00%		05/01/2027		25			26,812
North Carolina (State of) (Build North Carolina Programs), Series 2020 B, RB		5.00%		05/01/2027		45			48,261
North Carolina (State of) Municipal Power Agency No. 1, Series 2015 A, Ref. RB		5.00%		01/01/2027		20			20,694
North Carolina (State of) Municipal Power Agency No. 1 (Catawba), Series 2016 A, Ref. RB		5.00%		01/01/2027		15			15,659
Wake (County of), NC, Series 2021, RB		5.00%		03/01/2027		20			21,350
									1,120,155
Ohio-2.56%
Chillicothe (City of), OH, Series 2017, Ref. RB		5.00%		12/01/2047		100			101,230
Columbus (City of), OH, Series 2017 A, GO Bonds		4.00%		04/01/2033		10			10,318
Columbus (City of), OH, Series 2017, Ref. GO Bonds		4.00%		04/01/2027		30			31,205
Columbus (City of), OH, Series 2017-1, Ref. GO Bonds		5.00%		04/01/2029		15			16,159
Columbus (City of), OH, Series 2018 A, GO Bonds		5.00%		04/01/2027		80			85,659
Cuyahoga (County of), OH (MetroHealth System), Series 2017, Ref. RB		5.00%		02/15/2052		500			495,512
Cuyahoga (County of), OH (MetroHealth System), Series 2017, Ref. RB		5.50%		02/15/2052		125			126,689
Franklin (County of), OH (Trinity Health Credit Group), Series 2017 A, RB		5.00%		12/01/2047		210			214,918
Franklin (County of), OH (Trinity Health Credit Group), Series 2017, RB		4.00%		12/01/2046		145			141,239
Hamilton (County of), OH, Series 2016 A, Ref. RB		5.00%		12/01/2027		20			21,607
Ohio (State of), Series 2017 B, Ref. GO Bonds		5.00%		09/15/2027		35			37,862

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

 196 

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

February 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)			Value
Ohio-(continued)
Ohio (State of), Series 2017 C, Ref. GO Bonds		5.00%		08/01/2027	$	110		$	118,655
Ohio (State of), Series 2017 U, Ref. GO Bonds		5.00%		05/01/2027		10			10,725
Ohio (State of), Series 2019 A, GO Bonds(a)(b)		5.00%		05/01/2027		70			75,007
Ohio (State of), Series 2019 A, GO Bonds		5.00%		05/01/2031		45			48,000
Ohio (State of), Series 2019-1, RB		5.00%		12/15/2027		125			135,863
Ohio (State of) Turnpike & Infrastructure Commission, Series 2010 A, Ref. RB		5.25%		02/15/2027		25			26,849
Ohio (State of) Water Development Authority, Series 2019 A, RB		5.00%		06/01/2027		40			42,942
Ohio (State of) Water Development Authority, Series 2019 A, RB		5.00%		12/01/2027		65			70,585
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2017 A, RB		5.00%		12/01/2027		30			32,232
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2017 A, RB .		5.00%		06/01/2029		10			10,712
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2017 A, RB		5.00%		12/01/2029		20			21,430
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2017 A, RB		5.00%		06/01/2030		25			26,755
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2017 A, RB		5.00%		12/01/2031		620			662,133
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2023 A, Ref. RB		5.00%		12/01/2027		5			5,430
Ohio State University (The), Series 2017 A, Ref. RB		5.00%		12/01/2044		240			247,701
Ohio State University (The), Series 2020 A, Ref. RB		5.00%		12/01/2027		35			37,955
University of Cincinnati, Series 2017 A, RB		5.00%		06/01/2045		280			289,480
									3,144,852
Oklahoma-0.53%
Cleveland (County of), OK Educational Facilities Authority (Moore Public Schools), Series 2021, RB		4.00%		06/01/2027		25			25,713
Grand River Dam Authority, Series 2016 A, Ref. RB		5.00%		06/01/2027		30			31,609
Oklahoma (State of) Turnpike Authority, Second Series 2017 C, RB		5.00%		01/01/2047		20			20,613
Oklahoma (State of) Turnpike Authority, Series 2017 D, Ref. RB		5.00%		01/01/2027		20			21,221
Oklahoma (State of) Turnpike Authority, Series 2017 E, Ref. RB		4.00%		01/01/2029		70			72,009
Oklahoma (State of) Turnpike Authority, Series 2018 A, RB		4.00%		01/01/2039		325			328,110
Oklahoma (State of) Turnpike Authority, Series 2020 A, Ref. RB		5.00%		01/01/2027		50			53,053
Tulsa (County of), OK Industrial Authority (Broken Arrow Public Schools), Series 2019 A, RB		5.00%		09/01/2027		95			102,017
									654,345
Oregon-1.02%
Clackamas County School District No. 12 North Clackamas, Series 2017 B, GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00%		06/15/2037		130			137,096
Hillsboro School District No. 1J, Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00%		06/15/2027		20			21,425
Hillsboro School District No. 1J, Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00%		06/15/2032		70			74,517
Hillsboro School District No. 1J, Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00%		06/15/2033		15			15,939
Hillsboro School District No. 1J, Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00%		06/15/2034		55			58,425
Hillsboro School District No. 1J, Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00%		06/15/2036		55			58,161
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			75,016
Multnomah & Clackamas Counties School District No. 10JT Gresham-Barlow, Series 2017 B, GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00%		06/15/2031		100			106,906
Oregon (State of) Department of Transportation, Series 2017 B, Ref. RB		5.00%		11/15/2027		40			42,894
Oregon (State of) Facilities Authority (Reed College), Series 2017 A, Ref. RB(a)(b)		4.00%		07/01/2027		50			51,955
Oregon (State of) Lottery, Series 2017 C, Ref. RB		5.00%		04/01/2030		40			42,619
Oregon (State of) Lottery, Series 2017 C, Ref. RB		5.00%		04/01/2031		130			138,235
Oregon Health & Science University, Series 2017 A, RB		5.00%		07/01/2042		100			103,911
Portland (Port of), OR, Series 2017 24A, RB		5.00%		07/01/2047		100			103,371
Washington & Clackamas Counties School District No. 23J Tigard-Tualatin, Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00%		06/15/2033		25			26,719
Washington & Multnomah Counties School District No. 48J Beaverton, Series 2017 C, GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00%		06/15/2027		30			32,216
Washington & Multnomah Counties School District No. 48J Beaverton, Series 2017 D, GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00%		06/15/2036		155			163,957
									1,253,362

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

 197 

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

February 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)			Value
Pennsylvania-4.57%
Allegheny (County of), PA Higher Education Building Authority (Carnegie Mellon University), Series 2017, RB		5.00%		08/01/2027	$	100		$	107,834
Allegheny (County of), PA Higher Education Building Authority (Carnegie Mellon University), Series 2017, RB		5.00%		08/01/2029		15			16,144
Allegheny (County of), PA Hospital Development Authority (Allegheny Health Network Obligated Group Issue), Series 2018 A, Ref. RB		5.00%		04/01/2027		15			15,735
Allegheny (County of), PA Port Authority, Series 2020, Ref. RB		5.00%		03/01/2027		100			106,100
Chester (County of), PA, Series 2017, Ref. GO Bonds		5.00%		11/15/2030		25			27,228
Chester (County of), PA, Series 2017, Ref. GO Bonds		4.00%		11/15/2032		60			62,594
Delaware (County of), PA Authority (Haverford College), Series 2017 A, Ref. RB		5.00%		10/01/2042		70			72,486
Delaware River Joint Toll Bridge Commission (Pennsylvania - New Jersey), Series 2017, RB		5.00%		07/01/2034		160			170,130
Delaware River Joint Toll Bridge Commission (Pennsylvania - New Jersey), Series 2017, RB		5.00%		07/01/2035		10			10,616
Delaware River Joint Toll Bridge Commission (Pennsylvania - New Jersey), Series 2017, RB		5.00%		07/01/2036		70			73,978
Delaware River Joint Toll Bridge Commission (Pennsylvania - New Jersey), Series 2017, RB		5.00%		07/01/2047		35			36,197
Geisinger Authority (Geisinger Health System), Series 2017 A-1, Ref. RB		5.00%		02/15/2045		275			281,544
Geisinger Authority (Geisinger Health System), Series 2017 A-2, Ref. RB		5.00%		02/15/2032		20			21,019
Geisinger Authority (Geisinger Health System), Series 2017 A-2, Ref. RB		4.00%		02/15/2039		95			95,104
Northampton (County of), PA General Purpose Authority (LaFayette College), Series 2017, Ref. RB		4.00%		11/01/2034		80			81,481
Northampton (County of), PA General Purpose Authority (LaFayette College), Series 2017, Ref. RB		5.00%		11/01/2034		55			58,574
Pennsylvania (Commonwealth of), First Series 2016, Ref. GO Bonds		5.00%		09/15/2027		40			41,976
Pennsylvania (Commonwealth of), First series 2017, Ref. GO Bonds		4.00%		01/01/2030		100			102,651
Pennsylvania (Commonwealth of), First Series 2017, Ref. GO Bonds		5.00%		01/01/2027		255			270,998
Pennsylvania (Commonwealth of), Second Series 2016, GO Bonds		5.00%		09/15/2027		100			104,940
Pennsylvania (Commonwealth of), Series 2019, Ref. GO Bonds		5.00%		07/15/2027		90			96,861
Pennsylvania (Commonwealth of), Series 2022, GO Bonds		5.00%		10/01/2027		30			32,443
Pennsylvania (Commonwealth of) Economic Development Financing Authority, Series 2017 A, Ref. RB		3.38%		11/15/2033		45			45,180
Pennsylvania (Commonwealth of) Economic Development Financing Authority, Series 2017 A, Ref. RB		4.00%		11/15/2034		55			56,118
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority, Series 2017 A, RB		5.00%		08/15/2033		10			10,593
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (University of Pennsylvania Health System), Series 2017 A, RB		5.00%		08/15/2042		100			102,910
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (University of Pennsylvania Health System), Series 2017, RB		5.00%		08/15/2037		185			193,516
Pennsylvania (Commonwealth of) Turnpike Commission, Second Series 2017, Ref. RB		5.00%		12/01/2031		25			26,738
Pennsylvania (Commonwealth of) Turnpike Commission, Second Series 2017, Ref. RB		5.00%		12/01/2033		40			42,582
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2009 E, RB		6.00%		12/01/2030		85			94,707
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 A, Ref. RB		5.00%		12/01/2027		15			15,740
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 B, Ref. RB		5.00%		06/01/2027		15			15,616
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017 A-1, RB		5.00%		12/01/2047		200			208,473
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017 B-1, RB		5.00%		06/01/2036		155			163,018
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017 B-1, RB		5.00%		06/01/2037		165			172,979
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017 B-2, Ref. RB, (INS - AGM)(c)		5.00%		06/01/2033		300			317,887
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017 B-2, Ref. RB, (INS - AGM)(c)		5.00%		06/01/2034		35			37,518
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017 B-2, Ref. RB, (INS - AGM)(c)		5.00%		06/01/2035		280			299,981
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017, Ref. RB		5.00%		12/01/2031		10			10,695
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017, Ref. RB		4.00%		12/01/2036		300			305,344
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017-3, Ref. RB		5.00%		12/01/2031		135			144,191
Pennsylvania State University (The), Series 2017 A, RB		5.00%		09/01/2047		215			223,701
Philadelphia (City of), PA, Fifteenth Series 2017, Ref. RB		5.00%		08/01/2042		95			98,122
Philadelphia (City of), PA, Series 2017 A, RB		5.00%		10/01/2047		85			88,089
Philadelphia (City of), PA, Series 2017 A, RB		5.25%		10/01/2052		50			52,290
Philadelphia (City of), PA, Series 2017 A, Ref. GO Bonds		5.00%		08/01/2032		160			170,009
Philadelphia (City of), PA, Series 2017 A, Ref. GO Bonds		5.00%		08/01/2033		25			26,465
Philadelphia (City of), PA, Series 2017 A, Ref. GO Bonds		5.00%		08/01/2034		50			52,901
Philadelphia (City of), PA, Series 2017 A, Ref. GO Bonds		5.00%		08/01/2036		100			105,285
Philadelphia (City of), PA, Series 2017, Ref. GO Bonds		5.00%		08/01/2031		125			133,168
Philadelphia (City of), PA, Series 2017, Ref. GO Bonds		5.00%		08/01/2041		30			31,454

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

 198 

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

February 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)			Value
Pennsylvania-(continued)
Philadelphia (City of), PA Authority for Industrial Development (Children’s Hospital of Philadelphia), Series 2017, Ref. RB		4.00%		07/01/2035	$	50		$	50,960
Philadelphia (City of), PA Authority for Industrial Development (Children’s Hospital of Philadelphia), Series 2017, Ref. RB		4.00%		07/01/2036		210			213,278
Philadelphia (City of), PA Authority for Industrial Development (Children’s Hospital of Philadelphia), Series 2017, Ref. RB		4.00%		07/01/2037		30			30,343
Philadelphia (City of), PA Authority for Industrial Development (Thomas Jefferson University), Series 2017 A, Ref. RB		5.00%		09/01/2042		100			102,019
Philadelphia (City of), PA Authority for Industrial Development (Thomas Jefferson University), Series 2017 A, Ref. RB		5.00%		09/01/2047		50			50,822
Philadelphia School District (The), Series 2016 F, Ref. GO Bonds		5.00%		09/01/2027		25			26,014
Westmoreland (County of), PA Municipal Authority, Series 2017, Ref. RB, (INS - BAM)(c)		5.00%		08/15/2036		15			15,826
									5,621,165
Rhode Island-0.16%
Rhode Island Commerce Corp. (Garvee), Series 2016 B, RB		5.00%		06/15/2027		100			104,784
Rhode Island Health & Educational Building Corp. (Brown University), Series 2017 A, Ref. RB		5.00%		09/01/2029		60			64,669
Rhode Island Health & Educational Building Corp. (Brown University), Series 2017 A, Ref. RB		4.00%		09/01/2037		25			25,520
									194,973
South Carolina-0.43%
Lexington County Health Services District, Inc. (Lexmed Obligated Group), Series 2017, Ref. RB		4.00%		11/01/2030		35			35,912
Lexington County Health Services District, Inc. (Lexmed Obligated Group), Series 2017, Ref. RB		4.00%		11/01/2031		10			10,268
Mount Pleasent (Town of), SC, Series 2017 A, RB		4.00%		06/01/2044		375			374,115
South Carolina (State of) Transportation Infrastructure Bank, Series 2017 A, Ref. RB		5.00%		10/01/2038		50			52,708
South Carolina (State of) Transportation Infrastructure Bank, Series 2017 A, Ref. RB		5.00%		10/01/2039		50			52,648
South Carolina (State of) Transportation Infrastructure Bank, Series 2017, Ref. RB		5.00%		10/01/2037		5			5,287
									530,938
South Dakota-0.20%
South Dakota (State of) Health & Educational Facilities Authority (Avera Health), Series 2017, Ref. RB		4.00%		07/01/2042		30			29,088
South Dakota (State of) Health & Educational Facilities Authority (Regional Health), Series 2017, RB		5.00%		09/01/2040		215			221,851
									250,939
Tennessee-0.72%
Knox (County of), TN Health, Educational & Housing Facility Board (Covenant Health), Series 2016 A, Ref. RB		5.00%		01/01/2047		160			162,848
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2016, Ref. GO Bonds		5.00%		01/01/2027		90			94,179
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2017 A, RB		5.00%		05/15/2042		460			478,252
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2017, GO Bonds		4.00%		07/01/2030		50			51,598
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2018, GO Bonds		5.00%		07/01/2027		30			32,258
Tennessee (State of) School Bond Authority, Series 2017 B, Ref. RB, (CEP - Colorado Higher Education Intercept Program)		5.00%		11/01/2027		25			27,069
Tennessee Energy Acquisition Corp., Series 2006 C, RB		5.00%		02/01/2027		45			45,651
									891,855
Texas-7.37%
Alamo Community College District, Series 2022, GO Bonds		5.00%		02/15/2027		150			159,820
Aldine Independent School District, Series 2017, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2036		120			126,323
Austin (City of), TX, Series 2017, Ref. RB		5.00%		11/15/2029		15			16,211
Austin (City of), TX, Series 2017, Ref. RB		5.00%		11/15/2042		60			62,998
Bexar (County of), TX, Series 2018, Ctfs. of Obligation		5.00%		06/15/2042		100			104,078
Bexar (County of), TX Hospital District, Series 2018, Ctfs. of Obligation		5.00%		02/15/2048		75			77,037
Board of Regents of the University of Texas System, Series 2016 E, RB		5.00%		08/15/2027		100			107,830
Board of Regents of the University of Texas System, Series 2016 J, RB		5.00%		08/15/2027		270			285,149
Board of Regents of the University of Texas System, Series 2017 B, RB		5.00%		08/15/2027		35			37,740
Central Texas Regional Mobility Authority, Series 2021 C, RB		5.00%		01/01/2027		75			77,186
Cypress-Fairbanks Independent School District, Series 2016, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2027		100			104,198

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

 199 

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

February 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)			Value
Texas-(continued)
Dallas (City of), TX, Series 2017, RB		5.00%		10/01/2046	$	150		$	156,812
Denton Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		08/15/2027		200			215,248
El Paso (County of), TX Hospital District, Series 2017, Ref. GO Bonds		4.00%		08/15/2038		115			109,552
Fort Bend Independent School District, Series 2018, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		08/15/2029		45			48,013
Fort Bend Independent School District, Series 2018, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		08/15/2030		125			133,095
Harris (County of), TX, Series 2022 A, Ref. GO Bonds		5.00%		08/15/2027		250			269,402
Harris (County of), TX Metropolitan Transit Authority, Series 2016 A, Ref. RB		5.00%		11/01/2027		175			184,315
Harris County Cultural Education Facilities Finance Corp. (Memorial Hermann Health System), Series 2019, Ref. RB		5.00%		12/01/2027		100			107,335
Harris County Cultural Education Facilities Finance Corp. (Teco), Series 2017, Ref. RB		5.00%		11/15/2031		65			68,888
Hays (County of), TX, Series 2017, GO Bonds		4.00%		02/15/2042		65			65,036
Houston (City of), TX, Series 2016 A, Ref. GO Bonds		5.00%		03/01/2027		115			119,256
Houston (City of), TX, Series 2016 B, Ref. RB		5.00%		11/15/2027		65			68,412
Houston (City of), TX, Series 2017 A, Ref. GO Bonds		5.00%		03/01/2030		115			122,212
Houston (City of), TX, Series 2017 B, Ref. RB		5.00%		11/15/2027		50			54,168
Houston (City of), TX, Series 2017 B, Ref. RB		5.00%		11/15/2042		1,000			1,051,386
Houston Independent School District, Series 2016 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2027		85			88,404
Houston Independent School District, Series 2017, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2034		65			68,856
Lewisville Independent School District, Series 2017 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		08/15/2029		75			77,484
Liberty Hill Independent School District, Series 2019, GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/01/2049		100			103,142
Lone Star College System, Series 2017 A, GO Bonds		5.00%		08/15/2042		20			20,812
New Hope Cultural Education Facilities Finance Corp. (Children’s Health System of Texas), Series 2017 A, Ref. RB		5.00%		08/15/2029		110			117,666
New Hope Cultural Education Facilities Finance Corp. (Children’s Health System of Texas), Series 2017 A, Ref. RB		4.00%		08/15/2037		100			100,326
North Texas Tollway Authority, Series 2017 A, Ref. RB		4.00%		01/01/2032		85			86,834
North Texas Tollway Authority, Series 2017 A, Ref. RB		4.00%		01/01/2033		150			152,985
North Texas Tollway Authority, Series 2017 A, Ref. RB		5.00%		01/01/2033		30			31,694
North Texas Tollway Authority, Series 2017 B, Ref. RB		5.00%		01/01/2048		180			185,001
North Texas Tollway Authority, Series 2017 B, Ref. RB, (INS - AGM)(c)		4.00%		01/01/2034		405			412,635
North Texas Tollway Authority, Series 2017 B, Ref. RB, (INS - AGM)(c)		4.00%		01/01/2035		100			101,725
North Texas Tollway Authority, Series 2017 B, Ref. RB, (INS - AGM)(c)		4.00%		01/01/2036		40			40,568
Round Rock Independent School District, Series 2019 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		08/01/2027		30			32,269
San Antonio (City of), TX, Series 2016, Ref. RB		5.00%		02/01/2027		305			319,049
San Antonio (City of), TX, Series 2017, RB		5.00%		02/01/2047		140			144,888
San Antonio (City of), TX, Series 2017, Ref. RB		5.00%		02/01/2042		250			259,037
San Antonio (City of), TX, Series 2018, Ref. RB		5.00%		02/01/2027		150			159,443
Socorro Independent School District, Series 2018, GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		08/15/2039		300			314,656
Texas (State of), Series 2017 A, Ref. GO Bonds		5.00%		10/01/2032		65			69,485
Texas (State of), Series 2017 A, Ref. GO Bonds		5.00%		10/01/2033		105			112,099
Texas (State of), Series 2017 A, Ref. GO Bonds		5.00%		10/01/2034		80			85,255
Texas (State of), Series 2017 B, Ref. GO Bonds		5.00%		10/01/2033		175			186,832
Texas (State of), Series 2017, Ref. GO Bonds		5.00%		10/01/2031		5			5,352
Texas (State of), Series 2017, Ref. GO Bonds		5.00%		10/01/2032		15			16,035
Texas (State of) Water Development Board, Series 2016, RB		5.00%		04/15/2027		25			26,363
Texas (State of) Water Development Board, Series 2017 A, RB		5.00%		04/15/2027		25			26,769
Texas (State of) Water Development Board, Series 2017 A, RB		4.00%		10/15/2032		15			15,522
Texas (State of) Water Development Board, Series 2017 A, RB		4.00%		10/15/2033		25			25,826
Texas (State of) Water Development Board, Series 2017 A, RB		4.00%		10/15/2042		100			100,337
Texas (State of) Water Development Board, Series 2017 A, RB		5.00%		10/15/2042		190			200,345
Texas (State of) Water Development Board, Series 2017 A, RB		5.00%		10/15/2047		820			856,980

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

 200 

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

February 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)			Value
Texas-(continued)
Texas (State of) Water Development Board, Series 2017, RB		5.00%		10/15/2031	$	100		$	107,440
Texas (State of) Water Development Board, Series 2018, RB		5.00%		08/01/2027		280			301,746
Texas A&M University, Series 2017 E, Ref. RB		5.00%		05/15/2027		25			26,788
Texas State University Board of Regents, Series 2017 A, Ref. RB		5.00%		03/15/2030		125			133,081
Trinity River Authority, Series 2017, Ref. RB		5.00%		08/01/2030		25			26,803
									9,072,232
Utah-0.31%
University of Utah (The) (Green Bonds), Series 2022 B, RB		5.00%		08/01/2027		80			86,213
Utah (State of), Series 2017, GO Bonds		5.00%		07/01/2027		75			79,793
Utah (State of), Series 2020, GO Bonds		5.00%		07/01/2027		150			161,341
Utah (State of) Transit Authority, Series 2006 C, Ref. RB, (INS - AGM)(c)		5.25%		06/15/2027		50			53,180
									380,527
Virginia-1.84%
Fairfax (County of), VA, Series 2020 A, Ref. GO Bonds		4.50%		10/01/2027		30			31,945
Henrico (County of), VA Economic Development Authority (Lifespire of Virginia), Series 2017 C, Ref. RB		5.00%		12/01/2047		100			99,305
Richmond (City of), VA, Series 2016, Ref. RB		5.00%		01/15/2027		45			46,796
Richmond (City of), VA, Series 2017 B, Ref. GO Bonds		4.00%		07/15/2029		100			104,697
University of Virginia, Series 2017 A, Ref. RB		5.00%		04/01/2039		360			379,365
Virginia (Commonwealth of) College Building Authority, Series 2016 A, RB		5.00%		02/01/2027		50			51,937
Virginia (Commonwealth of) College Building Authority, Series 2016 A, Ref. RB, (CEP - Colorado Higher Education Intercept Program)		5.00%		09/01/2027		110			115,256
Virginia (Commonwealth of) College Building Authority, Series 2019 A, RB		5.00%		02/01/2027		105			112,126
Virginia (Commonwealth of) College Building Authority (21st Centuity College and Equipment), Series 2020, RB		5.00%		02/01/2027		250			266,968
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2017 C, RB		4.00%		02/01/2033		195			199,129
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2017, RB		5.00%		02/01/2027		75			80,090
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2017, RB		5.00%		02/01/2030		15			15,868
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2017, RB		5.00%		02/01/2031		20			21,132
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2017, Ref. RB		5.00%		02/01/2027		15			16,018
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2019 C, Ref. RB		5.00%		02/01/2027		60			64,072
Virginia (Commonwealth of) Public Building Authority, Series 2017 A, Ref. RB		5.00%		08/01/2029		60			64,662
Virginia (Commonwealth of) Public Building Authority, Series 2017 A, Ref. RB		4.00%		08/01/2031		90			93,124
Virginia (Commonwealth of) Public Building Authority, Series 2020 B, Ref. RB		5.00%		08/01/2027		45			48,495
Virginia (Commonwealth of) Transportation Board, Series 2017 A, Ref. RB		5.00%		05/15/2027		30			32,213
Virginia (Commonwealth of) Transportation Board, Series 2017 A, Ref. RB		5.00%		05/15/2029		25			27,089
Virginia (Commonwealth of) Transportation Board, Series 2017 A, Ref. RB		5.00%		05/15/2031		70			75,567
Virginia (Commonwealth of) Transportation Board, Series 2017 A, Ref. RB		4.00%		05/15/2034		25			25,863
Virginia (Commonwealth of) Transportation Board, Series 2017 A, Ref. RB		4.00%		05/15/2036		150			154,366
Virginia (Commonwealth of) Transportation Board (Garvee), Series 2017, Ref. RB		5.00%		03/15/2027		130			139,056
									2,265,139
Washington-3.13%
Auburn School District No. 408 of King & Pierce Counties, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00%		12/01/2035		540			577,841
Central Puget Sound Regional Transit Authority (Green Bonds), Series 2021 S-1, Ref. RB		5.00%		11/01/2027		35			37,935
Energy Northwest, Series 2017 A, Ref. RB		5.00%		07/01/2033		150			160,064
Energy Northwest (Columbia Generating Station), Series 2017 A, Ref. RB		5.00%		07/01/2029		95			101,748
Energy Northwest (No. 1), Series 2020 A, Ref. RB		5.00%		07/01/2027		95			102,340
Energy Northwest (No. 3), Series 2018, Ref. RB		5.00%		07/01/2027		35			37,704

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

 201 

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

February 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)			Value
Washington-(continued)
Franklin County School District No. 1 Pasco, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00%		12/01/2030	$	30		$	32,290
Franklin County School District No. 1 Pasco, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00%		12/01/2031		60			64,668
King (County of), WA, Series 2017, Ref. GO Bonds		4.00%		07/01/2030		40			41,514
King (County of), WA, Series 2017, Ref. RB		5.00%		07/01/2049		100			103,873
King County School District No. 405 Bellevue, Series 2016, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00%		12/01/2027		100			105,791
King County School District No. 411 Issaquah, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00%		12/01/2033		80			85,870
King County School District No. 414 Lake Washington, Series 2020, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)		4.00%		12/01/2027		70			73,151
Puyallup School District No. 3 (Washing State School District Credit Enhancement Program), Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00%		12/01/2035		100			106,476
Seattle (City of), WA, Series 2017 C, Ref. RB(a)(b)		5.00%		09/01/2027		50			53,814
Seattle (City of), WA, Series 2017 C, Ref. RB		4.00%		09/01/2035		150			154,111
Seattle (City of), WA (Green Bonds), Series 2020 A, RB		5.00%		07/01/2027		55			59,067
Seattle (Port of), WA, Series 2016, Ref. RB		5.00%		02/01/2027		60			62,098
Washington (State of), Series 2016 B, Ref. GO Bonds		5.00%		08/01/2027		195			204,204
Washington (State of), Series 2017 A, GO Bonds		5.00%		08/01/2033		40			42,761
Washington (State of), Series 2017 A, GO Bonds		5.00%		08/01/2035		50			53,234
Washington (State of), Series 2017 A, GO Bonds		5.00%		08/01/2036		50			52,984
Washington (State of), Series 2017 A, GO Bonds		5.00%		08/01/2040		10			10,494
Washington (State of), Series 2017 A, GO Bonds		5.00%		08/01/2042		150			156,826
Washington (State of), Series 2017 C, Ref. GO Bonds		5.00%		08/01/2027		20			21,553
Washington (State of), Series 2017 C, Ref. GO Bonds		5.00%		08/01/2029		235			251,775
Washington (State of), Series 2017 C, Ref. GO Bonds		5.00%		08/01/2034		210			224,004
Washington (State of), Series 2017 D, GO Bonds		5.00%		02/01/2029		60			63,639
Washington (State of), Series 2017 D, GO Bonds		5.00%		02/01/2030		10			10,618
Washington (State of), Series 2017 D, GO Bonds		5.00%		02/01/2033		25			26,487
Washington (State of), Series 2017 D, GO Bonds		5.00%		02/01/2040		80			83,372
Washington (State of), Series 2017 D, GO Bonds		5.00%		02/01/2042		160			166,251
Washington (State of), Series 2017 R, Ref. GO Bonds		5.00%		08/01/2027		10			10,777
Washington (State of), Series 2017 R, Ref. GO Bonds		5.00%		08/01/2032		70			74,856
Washington (State of), Series 2017, Ref. GO Bonds		5.00%		08/01/2035		30			31,940
Washington (State of), Series 2018 C, GO Bonds		5.00%		02/01/2027		100			106,526
Washington (State of), Series 2019 A, GO Bonds		5.00%		08/01/2027		25			26,942
Washington (State of), Series 2020 C, GO Bonds		5.00%		02/01/2027		25			26,632
Washington (State of), Series R-2017 A, Ref. GO Bonds		5.00%		08/01/2027		35			36,652
Washington (State of), Series R-2018D, Ref. GO Bonds		5.00%		08/01/2030		30			32,152
Washington (State of) Health Care Facilities Authority (Virginia Mason Medical Center), Series 2017, Ref. RB		5.00%		08/15/2031		25			25,853
Washington (State of) Health Care Facilities Authority (Virginia Mason Medical Center), Series 2017, Ref. RB		5.00%		08/15/2034		150			154,627
									3,855,514
West Virginia-0.04%
West Virginia (State of) Commissioner of Highways (Surface Transportation), Series 2017 A, RB		5.00%		09/01/2027		45			48,448
Wisconsin-1.26%
Fond Du Lac (County of), WI, Series 2019 A, GO Bonds		3.00%		03/01/2029		130			129,794
Middleton-Cross Plains Area School District, Series 2019 A, GO Bonds		3.25%		03/01/2036		100			99,822
Wisconsin (State of), Series 2017 2, Ref. GO Bonds		5.00%		11/01/2027		20			21,435
Wisconsin (State of), Series 2017 3, Ref. GO Bonds		5.00%		11/01/2028		70			75,028
Wisconsin (State of), Series 2017 3, Ref. GO Bonds		5.00%		11/01/2029		260			278,621
Wisconsin (State of), Series 2017 3, Ref. GO Bonds		5.00%		11/01/2030		40			42,781
Wisconsin (State of), Series 2017, Ref. GO Bonds		5.00%		11/01/2027		235			251,859
Wisconsin (State of), Series 2017-3, Ref. GO Bonds		4.00%		11/01/2034		35			36,072
Wisconsin (State of), Series 2019 A, Ref. RB(a)		5.00%		05/01/2027		215			230,379

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

 202 

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

February 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)			Value
Wisconsin-(continued)
Wisconsin (State of), Series 2019 A, Ref. RB(a)(b)		5.00%		05/01/2027	$	150		$	160,729
Wisconsin (State of) Department of Transportation, Series 2017-2, Ref. RB		5.00%		07/01/2029		70			75,025
Wisconsin (State of) Public Finance Authority (Prime Healthcare Foundation, Inc.), Series 2018 A, RB		5.20%		12/01/2037		150			153,300
									1,554,845
TOTAL INVESTMENTS IN SECURITIES(d)-98.67% (Cost $121,924,600)									121,435,342
OTHER ASSETS LESS LIABILITIES-1.33%									1,642,424
NET ASSETS-100.00%								$	123,077,766

Investment Abbreviations:
AGM	-Assured Guaranty Municipal Corp.
BAM	-Build America Mutual Assurance Co.
CEP	-Credit Enhancement Provider
COP	-Certificates of Participation
Ctfs.	-Certificates
GO	-General Obligation
INS	-Insurer
NATL	-National Public Finance Guarantee Corp.
RAC	-Revenue Anticipation Certificates
RB	-Revenue Bonds
Ref.	-Refunding
RN	-Revenue Notes
Wts.	-Warrants

Notes to Schedule of Investments:

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

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

Portfolio Composition
Revenue Type Breakdown (% of the Fund’s Net Assets) as of February 29, 2024
Ad Valorem Property Tax	21.14
Appropriations	13.63
Health, Hospital, Nursing Home Revenue	8.79
Water Revenue	7.96
Miscellaneous Revenue	7.83
College & University Revenue	5.97
Income Tax Revenue	5.92
General Fund	5.23
Highway Tolls Revenue	4.79
Sales Tax Revenue	4.63
Electric Power Revenue	3.69
Revenue Types Each Less Than 3%	9.09
Other Assets Less Liabilities	1.33

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

 203 

Invesco BulletShares 2028 Municipal Bond ETF (BSMS)

February 29, 2024

(Unaudited)

Schedule of Investments

	Interest Rate		Maturity Date		Principal Amount (000)			Value
Municipal Obligations-98.60%
Alabama-0.59%
Alabama (State of) Public School & College Authority (Social Bonds), Series 2020 A, Ref. RB		5.00%		11/01/2028	$	100		$	110,691
Auburn University, Series 2018 A, RB		5.00%		06/01/2043		30			31,884
Auburn University, Series 2018 A, RB		5.00%		06/01/2048		45			47,395
Birmingham (City of) & Jefferson (County of), AL Civic Center Authority), Series 2018 B, RB		5.00%		07/01/2043		300			304,567
Jefferson County Board of Education, Series 2018, Revenue Wts		5.00%		02/01/2046		100			103,876
									598,413
Alaska-0.02%
North Slope (Borough of), AK, Series 2022 A, GO Bonds		5.00%		06/30/2028		20			21,917
Arizona-1.71%
Arizona (State of) Industrial Development Authority, Series 2019, RB		5.00%		11/01/2044		10			10,452
Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group), Series 2017 A, RB		4.00%		01/01/2041		50			50,115
Maricopa (County of), AZ Industrial Development Authority (Banner Health), Series 2017 A, RB		5.00%		01/01/2041		250			260,076
Maricopa (County of), AZ Special Health Care District, Series 2021 D, GO Bonds		5.00%		07/01/2028		50			54,690
Maricopa (County of), AZ Special Health Care District (Maricopa Integrated Health), Series 2018 C, GO Bonds		5.00%		07/01/2028		150			164,068
Maricopa (County of), AZ Special Health Care District (Maricopa Integrated Health), Series 2018 C, GO Bonds		5.00%		07/01/2030		50			54,388
Maricopa (County of), AZ Special Health Care District (Maricopa Integrated Health), Series 2018 C, GO Bonds		5.00%		07/01/2031		55			59,692
Maricopa (County of), AZ Special Health Care District (Maricopa Integrated Health), Series 2018, GO Bonds		5.00%		07/01/2034		460			495,472
Salt River Project Agricultural Improvement & Power District, Series 2016 A, Ref. RB		5.00%		01/01/2028		20			21,201
Salt River Project Agricultural Improvement & Power District, Series 2017, Ref. RB		5.00%		01/01/2030		25			27,141
Salt River Project Agricultural Improvement & Power District, Series 2017, Ref. RB		5.00%		01/01/2033		100			108,446
Salt River Project Agricultural Improvement & Power District, Series 2017, Ref. RB		5.00%		01/01/2034		25			27,103
Salt River Project Agricultural Improvement & Power District, Series 2017, Ref. RB		5.00%		01/01/2036		175			188,988
Salt River Project Agricultural Improvement & Power District, Series 2017, Ref. RB		5.00%		01/01/2037		175			188,176
Salt River Project Agricultural Improvement & Power District, Series 2017, Ref. RB		5.00%		01/01/2038		15			16,064
									1,726,072
Arkansas-0.16%
Fort Smith (City of), AR, Series 2018, Ref. RB		5.00%		10/01/2034		30			32,349
Little Rock (City of), AR, Series 2022 A, GO Bonds		3.88%		02/01/2043		125			125,132
									157,481
California-15.67%
Bay Area Toll Authority (San Francisco Bay Area), Series 2017, Ref. RB		5.00%		04/01/2028		15			16,554
Brentwood Union School District (Election of 2016), Series 2018, GO Bonds		4.00%		08/01/2048		190			189,270
Cabrillo Unified School District (Election of 2018), Series 2020 B, GO Bonds		5.00%		08/01/2050		75			79,035
California (State of), Series 2003, GO Bonds, (INS - AMBAC)(a)		5.00%		02/01/2028		5			5,458
California (State of), Series 2017, Ref. GO Bonds		5.00%		08/01/2028		105			113,547
California (State of), Series 2017, Ref. GO Bonds		5.00%		11/01/2028		100			108,756
California (State of), Series 2018, GO Bonds		5.00%		10/01/2028		110			121,893
California (State of), Series 2018, GO Bonds		5.00%		10/01/2030		45			49,929
California (State of), Series 2019, GO Bonds		5.00%		11/01/2031		55			61,026
California (State of), Series 2019, GO Bonds		5.00%		11/01/2032		260			288,019
California (State of), Series 2019, Ref. GO Bonds		5.00%		04/01/2028		45			49,313
California (State of), Series 2019, Ref. GO Bonds		5.00%		04/01/2028		500			547,923
California (State of), Series 2019, Ref. GO Bonds		5.00%		10/01/2028		75			83,109
California (State of), Series 2019, Ref. GO Bonds		5.00%		11/01/2034		225			248,862
California (State of), Series 2019, Ref. GO Bonds		5.00%		11/01/2036		75			82,248
California (State of), Series 2019, Ref. GO Bonds		5.00%		11/01/2037		200			218,242

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

 204 

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

February 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)			Value
California-(continued)
California (State of), Series 2019, Ref. GO Bonds		5.00%		11/01/2039	$	60		$	65,198
California (State of), Series 2020, Ref. GO Bonds		5.00%		11/01/2028		235			260,888
California (State of), Series 2021 B, Ref. GO Bonds		5.00%		10/01/2028		150			166,218
California (State of), Series 2021, Ref. GO Bonds		5.00%		09/01/2028		90			99,547
California (State of), Series 2021, Ref. GO Bonds		5.00%		12/01/2028		50			55,611
California (State of), Series 2022, GO Bonds		5.00%		04/01/2028		215			235,607
California (State of), Series 2022, Ref. GO Bonds		4.00%		09/01/2028		25			26,563
California (State of), Series 2022, Ref. GO Bonds		5.00%		04/01/2035		30			33,102
California (State of) (Bid Group A), Series 2018, GO Bonds		5.00%		10/01/2048		250			267,415
California (State of) Department of Water Resources (Central Valley), Series 2020 BB, Ref. RB		5.00%		12/01/2028		60			67,563
California (State of) Department of Water Resources (Central Valley), Series 2021, RB		5.00%		12/01/2028		30			33,781
California (State of) Educational Facilities Authority (University of San Francisco), Series 2018 A, RB		5.00%		10/01/2048		20			20,790
California (State of) Health Facilities Financing Authority (Clean Water Revolving Fund), Series 2018, RB		5.00%		10/01/2031		80			88,393
California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2017 A, Ref. RB		5.00%		11/15/2028		10			10,924
California (State of) Infrastructure & Economic Development Bank (Bay Area Toll Bridges), Series 2003 A, RB(b)(c)		5.00%		01/01/2028		10			10,995
California (State of) Infrastructure & Economic Development Bank (Bay Area Toll Bridges), Series 2003 A, RB(b)(c)		5.00%		01/01/2028		130			142,936
California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds), Series 2018, RB		5.00%		10/01/2028		30			33,242
California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds), Series 2018, RB		5.00%		10/01/2035		115			126,297
California (State of) Infrastructure & Economic Development Bank (Segerstrom Center Arts), Series 2017, Ref. RB		5.00%		01/01/2028		200			216,086
California (State of) Infrastructure & Economic Development Bank (The Broad) (Sustainability Bonds), Series 2021, Ref. RB		5.00%		06/01/2028		20			22,262
California (State of) Infrastructure & Economic Development Bank (UCSF 2130 Third Street), Series 2017, RB		5.00%		05/15/2042		250			268,375
California (State of) Infrastructure & Economic Development Bank (UCSF 2130 Third Street), Series 2017, RB		5.00%		05/15/2047		125			132,860
California (State of) Municipal Finance Authority (Orange County Civic Center Infrastructure Improvement Program - Phase II), Series 2018 A, RB		5.00%		06/01/2048		240			254,129
California (State of) Municipal Finance Authority (Orange County Civic Center Infrastructure Improvement Program - Phase II), Series 2018, RB		5.00%		06/01/2043		45			47,973
California (State of) Public Finance Authority (Sharp Healthcare), Series 2017 A, Ref. RB		4.00%		08/01/2047		25			25,063
California (State of) Public Works Board (Various Capital), Series 2017 B, Ref. RB(b)(c)		5.00%		10/01/2027		5			5,436
California (State of) Public Works Board (Various Capital), Series 2017 B, Ref. RB		5.00%		10/01/2028		90			97,088
California (State of) Public Works Board (Various Capital), Series 2019 C, RB		5.00%		11/01/2028		25			27,871
California (State of) Public Works Board (Various Capital), Series 2023, Ref. RB		5.00%		09/01/2028		5			5,553
California (State of) Statewide Communities Development Authority (Huntington Memorial Hospital), Series 2018, RB		4.00%		07/01/2048		150			148,549
California (State of) Statewide Communities Development Authority (Methodist Hospital of Southern California), Series 2018, RB		5.00%		01/01/2048		250			253,064
California State University, Series 2018 A, Ref. RB		5.00%		11/01/2034		50			55,869
California State University, Series 2018 A, Ref. RB		5.00%		11/01/2043		195			210,831
California State University, Series 2018 A, Ref. RB		5.00%		11/01/2048		150			160,604
Chaffey Community College District (Election of 2018), Series 2019 A, GO Bonds		5.00%		06/01/2048		150			159,317
Chaffey Joint Union High School District, Series 2019 D, GO Bonds		4.00%		08/01/2049		75			75,285
Contra Costa (County of), CA Transportation Authority, Series 2018 B, Ref. RB		5.00%		03/01/2028		20			21,567
Corona-Norco Unified School District (Election of 2014), Series 2019 C, GO Bonds		4.00%		08/01/2049		60			59,954
East Bay Municipal Utility District, Series 2017 B, Ref. RB		5.00%		06/01/2028		20			21,706
Hartnell Community College District, Series 2020 B, GO Bonds		3.00%		08/01/2045		75			63,910
Hayward Unified School District, Series 2019, Ref. GO Bonds, (INS - BAM)(a)		4.00%		08/01/2043		250			249,220
Long Beach Community College District, Series 2019 C, GO Bonds		4.00%		08/01/2049		150			150,028
Los Angeles (City of), CA, Series 2022 C, Ref. RB		5.00%		06/01/2028		65			72,185
Los Angeles (City of), CA Department of Airports, Series 2019 C, Ref. RB		5.00%		05/15/2028		55			60,921

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

 205 

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

February 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)			Value
California-(continued)
Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2019 E, RB		5.00%		05/15/2044	$	20		$	21,615
Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2019 E, RB		5.00%		05/15/2049		290			309,470
Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2020, Ref. RB		5.00%		05/15/2028		30			33,306
Los Angeles (City of), CA Department of Water & Power, Series 2018 A, RB		5.00%		07/01/2048		35			37,218
Los Angeles (City of), CA Department of Water & Power, Series 2018 A, Ref. RB		5.00%		07/01/2028		25			27,498
Los Angeles (City of), CA Department of Water & Power, Series 2018 A, Ref. RB		5.00%		07/01/2037		35			37,900
Los Angeles (City of), CA Department of Water & Power, Series 2018 A, Ref. RB		5.00%		07/01/2038		170			183,486
Los Angeles (City of), CA Department of Water & Power, Series 2018 B, Ref. RB		5.00%		07/01/2037		265			290,120
Los Angeles (City of), CA Department of Water & Power, Series 2018 B, Ref. RB		5.00%		07/01/2043		420			453,001
Los Angeles (City of), CA Department of Water & Power, Series 2018 D, Ref. RB		5.00%		07/01/2033		30			33,096
Los Angeles (City of), CA Department of Water & Power, Series 2018 D, Ref. RB		5.00%		07/01/2037		10			10,931
Los Angeles (City of), CA Department of Water & Power, Series 2018 D, Ref. RB		5.00%		07/01/2048		140			149,719
Los Angeles (City of), CA Department of Water & Power, Series 2020 B, Ref. RB		4.00%		07/01/2028		100			106,628
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2017 A, RB		5.00%		07/01/2028		20			21,724
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2019 A, RB		5.00%		07/01/2037		60			65,593
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2019 A, RB		5.00%		07/01/2038		50			54,455
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2019 B, RB		5.00%		07/01/2032		15			16,636
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2019 B, RB		5.00%		07/01/2034		25			27,668
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2021 A, RB		5.00%		06/01/2028		20			22,211
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2019 A, RB		5.00%		07/01/2030		15			16,674
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2019 A, RB		5.00%		07/01/2031		55			61,071
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2019 A, RB		5.00%		07/01/2039		55			59,774
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2019 A, RB		5.00%		07/01/2044		225			241,668
Los Angeles Community College District (Election of 2016), Series 2023 D, GO Bonds		5.00%		08/01/2028		10			11,142
Los Angeles County Facilities, Inc. (Vermont Corridor County Administration Building), Series 2018 A, RB		5.00%		12/01/2043		150			160,987
Los Angeles Unified School District, Series 2019 A, Ref. GO Bonds		5.00%		07/01/2028		40			44,442
Los Angeles Unified School District, Series 2020 A, Ref. GO Bonds		5.00%		07/01/2028		45			49,998
Los Angeles Unified School District, Series 2020 C, GO Bonds		5.00%		07/01/2028		135			149,993
Los Angeles Unified School District, Series 2020 RYQ, GO Bonds		5.00%		07/01/2028		15			16,666
Los Angeles Unified School District, Series 2021 A, Ref. GO Bonds		5.00%		07/01/2028		75			83,329
Los Angeles Unified School District (Election of 2008), Series 2018 B-1, GO Bonds		5.00%		07/01/2028		1,035			1,138,507
Los Angeles Unified School District (Election of 2008), Series 2018 B-1, GO Bonds		5.00%		07/01/2029		35			38,369
Los Angeles Unified School District (Election of 2008), Series 2018 B-1, GO Bonds		5.00%		07/01/2030		10			10,941
Los Angeles Unified School District (Election of 2008), Series 2018 B-1, GO Bonds		5.00%		07/01/2033		25			27,289
Los Angeles Unified School District (Election of 2008), Series 2018 B-1, GO Bonds		5.00%		07/01/2038		10			10,748
Los Angeles Unified School District (Election of 2008), Series 2018 B-1, GO Bonds		5.25%		07/01/2042		225			242,341
Los Angeles Unified School District (Sustainability Bonds), Series 2022 QRR, GO Bonds		5.00%		07/01/2028		20			22,221
Metropolitan Water District of Southern California, Series 2022 B, Ref. RB		3.00%		07/01/2028		150			150,192
Mountain View Shoreline Regional Park Community, Series 2018 A, RB, (INS - AGM)(a)		5.00%		08/01/2043		100			106,146
Mt. San Jacinto Community College District (Election of 2014), Series 2018 B, GO Bonds		4.00%		08/01/2043		130			130,764
Oxnard Union High School District, Series 2020 B, GO Bonds		5.00%		08/01/2045		75			79,923
Pittsburg Unified School District Financing Authority (Pittsburg Unified School District Bond Program), Series 2019, RB, (INS - AGM)(a)		5.00%		09/01/2047		25			26,437
Rancho Santiago Community College District, Series 2005, GO Bonds, (INS - AGM)(a)		5.13%		09/01/2028		45			50,194
Redwood City School District (Election of 2015), Series 2018, GO Bonds		5.25%		08/01/2044		200			218,089
Sacramento (City of), CA (Convention Center Complex), Series 2018 A, RB		5.00%		06/01/2048		150			156,365
Sacramento (City of), CA Municipal Utility District, Series 2016 D, Ref. RB		5.00%		08/15/2028		130			144,865
Sacramento (City of), CA Municipal Utility District, Series 2018 F, Ref. RB		5.00%		08/15/2028		25			27,859
Sacramento (City of), CA Municipal Utility District, Series 2021 I, Ref. RB		5.00%		08/15/2028		25			27,859
Sacramento (County of), CA Sanitation Districts Financing Authority, Series 2021, Ref. RB		5.00%		12/01/2028		55			61,933
San Diego (City of), CA Public Facilities Financing Authority, Series 2018 A, RB		5.00%		08/01/2043		130			139,972
San Diego (County of), CA Water Authority (Green Bonds), Series 2021 S-1, Ref. RB		5.00%		05/01/2028		280			310,068
San Diego Unified School District (Election of 1998), Series 2006 G-1, Ref. GO Bonds, (INS - AGM)(a)		5.25%		07/01/2028		40			44,957
San Francisco (City & County of), CA, Series 2020 R-1, Ref. GO Bonds		5.00%		06/15/2030		35			38,838

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

 206 

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

February 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)		Value
California-(continued)
San Francisco (City & County of), CA, Series 2020 R-1, Ref. GO Bonds		5.00%		06/15/2031	$	70	$	77,593
San Francisco (City & County of), CA, Series 2020 R-1, Ref. GO Bonds		4.00%		06/15/2032		20		21,176
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2019 D, Ref. RB		5.00%		05/01/2028		50		55,122
San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2018 A, RB		4.00%		10/01/2043		200		200,369
San Francisco (City of), CA Public Utilities Commission (Green Bonds), Series 2017 D, Ref. RB		5.00%		11/01/2028		85		92,660
San Francisco (County of), CA Transportation Authority, Series 2017, RB		4.00%		02/01/2028		25		26,083
San Lorenzo Unified School District, Series 2021, GO Bonds		4.00%		08/01/2047		80		80,034
San Mateo (City of), CA Joint Powers Financing Authority (Capital), Series 2018 A, RB		5.00%		07/15/2043		150		161,408
San Mateo County Community College District (Election of 2014), Series 2018 B, GO Bonds		5.00%		09/01/2045		185		198,889
Santa Ana Unified School District, Series 2021 B, GO Bonds, (INS - AGM)(a)		2.13%		08/01/2050		100		61,591
Santa Monica Community College District (Election of 2016), Series 2018 A, GO Bonds		5.00%		08/01/2043		20		21,568
Sierra Joint Community College District (Election of 2018), Series 2019, GO Bonds		4.00%		08/01/2049		20		20,055
Southern California Public Power Authority (No.1), Series 2007 A, RB		5.00%		11/01/2028		100		104,897
Tuolumne (City of), CA Wind Project Authority, Series 2016 A, Ref. RB		5.00%		01/01/2028		75		80,583
University of California, Series 2018 AZ, Ref. RB		4.00%		05/15/2030		45		47,738
University of California, Series 2018 AZ, Ref. RB		4.00%		05/15/2031		10		10,570
University of California, Series 2018 AZ, Ref. RB		5.00%		05/15/2032		15		16,593
University of California, Series 2018 AZ, Ref. RB		5.00%		05/15/2034		185		204,456
University of California, Series 2018 AZ, Ref. RB		5.00%		05/15/2035		30		33,097
University of California, Series 2018 AZ, Ref. RB		5.00%		05/15/2036		35		38,473
University of California, Series 2018 AZ, Ref. RB		5.00%		05/15/2037		45		49,230
University of California, Series 2018 AZ, Ref. RB		5.00%		05/15/2038		30		32,686
University of California, Series 2018 AZ, Ref. RB		5.00%		05/15/2043		180		193,604
University of California, Series 2018 AZ, Ref. RB		5.00%		05/15/2048		125		133,337
University of California, Series 2018 AZ, Ref. RB		5.25%		05/15/2058		65		69,572
University of California, Series 2018 O, Ref. RB		5.00%		05/15/2035		5		5,508
University of California, Series 2018 O, Ref. RB		5.00%		05/15/2036		40		43,902
University of California, Series 2018 O, Ref. RB		5.00%		05/15/2039		50		54,258
University of California, Series 2018 O, Ref. RB		4.00%		05/15/2048		85		84,219
University of California (Limited), Series 2018 O, Ref. RB		5.00%		05/15/2037		70		76,463
University of California (Limited), Series 2018 O, Ref. RB		5.00%		05/15/2038		125		135,983
University of California (Limited), Series 2018 O, Ref. RB		5.00%		05/15/2043		275		295,335
University of California (Limited), Series 2018 O, Ref. RB		5.00%		05/15/2048		175		186,389
Upland (City of), CA (San Antonio Regional Hospital), Series 2017, Ref. COP		5.00%		01/01/2047		45		45,938
								15,836,235
Colorado-2.36%
Arapahoe County School District No. 6 Littleton, Series 2019 A, GO Bonds		5.50%		12/01/2028		60		67,952
Arapahoe County School District No. 6 Littleton, Series 2019 A, GO Bonds		5.50%		12/01/2043		30		32,850
Board of Governors of Colorado State University System, Series 2017 F, Ref. RB		4.00%		03/01/2045		250		245,625
Colorado (State of), Series 2018 A, COP		5.00%		12/15/2031		150		164,661
Colorado (State of), Series 2018 A, COP		5.00%		12/15/2032		65		71,168
Colorado (State of), Series 2018 M, Ref. COP		5.00%		03/15/2031		80		86,543
Colorado (State of), Series 2018 N, COP		5.00%		03/15/2038		205		218,661
Colorado (State of) Health Facilities Authority (Adventist Health System/Sunbelt Obligated Group), Series 2018 A, RB		5.00%		11/15/2048		180		186,256
Colorado (State of) Health Facilities Authority (Adventist Health System/Sunbelt Obligated Group), Series 2018, RB		4.00%		11/15/2048		25		23,895
Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A, Ref. RB		5.00%		08/01/2028		25		26,811
Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A, Ref. RB		5.00%		08/01/2028		10		10,724
Colorado (State of) Health Facilities Authority (SCL Health System), Series 2019 A, Ref. RB		5.00%		01/01/2028		10		10,842
Colorado (State of) Regional Transportation District (Fastracks), Series 2013 A, Ref. RB		5.00%		11/01/2028		30		33,249
Colorado Springs (City of), CO, Series 2018 A-4, RB		5.00%		11/15/2048		90		95,042
Denver (City & County of), CO, Series 2020 B, Ref. GO Bonds		5.00%		08/01/2028		120		132,534
Denver City & County School District No. 1, Series 2018 A, GO Bonds		5.50%		12/01/2028		30		33,068
Douglas County School District No. Re-1 Douglas & Elbert Counties, Series 2019, GO Bonds		5.00%		12/15/2028		30		33,482
Jefferson County School District R-1, Series 2018, GO Bonds		5.00%		12/15/2030		110		121,629

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

 207 

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

February 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)			Value
Colorado-(continued)
Jefferson County School District R-1, Series 2018, GO Bonds		5.00%		12/15/2031	$	55		$	60,790
Jefferson County School District R-1, Series 2018, GO Bonds		5.00%		12/15/2032		15			16,572
Jefferson County School District R-1, Series 2018, GO Bonds		5.00%		12/15/2033		75			82,829
Larimer County School District No. R-1 Poudre, Series 2018, GO Bonds		5.00%		12/15/2031		5			5,512
Larimer County School District No. R-1 Poudre, Series 2018, GO Bonds		5.00%		12/15/2034		100			110,004
Loveland (City of), CO Electric & Communications Enterprise, Series 2019 A, RB		5.00%		12/01/2044		100			104,953
University of Colorado, Series 2017 A-2, Ref. RB(b)(c)		4.00%		06/01/2028		65			68,786
University of Colorado, Series 2017 A-2, Ref. RB(b)(c)		4.00%		06/01/2028		50			52,913
University of Colorado, Series 2017 A-2, Ref. RB(b)(c)		5.00%		06/01/2028		45			49,420
University of Colorado, Series 2017 A-2, Ref. RB		4.00%		06/01/2038		230			234,161
									2,380,932
Connecticut-2.33%
Connecticut (State of), Series 2018 A, GO Bonds		5.00%		04/15/2037		40			42,944
Connecticut (State of), Series 2018 B, RB		5.00%		10/01/2028		40			44,197
Connecticut (State of), Series 2018 B, RB		5.00%		10/01/2030		30			32,943
Connecticut (State of), Series 2018 C, GO Bonds		5.00%		06/15/2032		595			647,385
Connecticut (State of), Series 2018 E, GO Bonds		4.00%		09/15/2036		350			360,105
Connecticut (State of), Series 2019 A, GO Bonds		5.00%		04/15/2028		20			21,879
Connecticut (State of), Series 2019 B, Ref. GO Bonds		5.00%		02/15/2028		100			108,994
Connecticut (State of), Series 2020 A, GO Bonds		5.00%		01/15/2028		15			16,318
Connecticut (State of), Series 2021 A, GO Bonds		4.00%		01/15/2028		230			240,508
Connecticut (State of), Series 2021 A, RB		5.00%		05/01/2028		10			10,950
Connecticut (State of), Series 2021 D, RB		5.00%		11/01/2028		120			132,829
Connecticut (State of), Series 2022 A, GO Bonds		4.00%		01/15/2028		95			99,340
Connecticut (State of) (Social Bonds), Series 2021 D, Ref. GO Bonds		5.00%		07/15/2028		115			126,485
Connecticut (State of) (Transportation Infrastructure), Series 2018 A, RB		5.00%		01/01/2032		35			37,797
Connecticut (State of) (Transportation Infrastructure), Series 2018 A, RB		5.00%		01/01/2036		60			64,457
Connecticut (State of) (Transportation Infrastructure), Series 2018 A, RB		5.00%		01/01/2038		155			165,243
Connecticut (State of) (Transportation Infrastructure), Series 2018 B, RB		5.00%		10/01/2033		25			27,320
Connecticut (State of) (Transportation Infrastructure), Series 2018, RB		5.00%		01/01/2030		65			70,395
University of Connecticut, Series 2018 A, RB		5.00%		11/15/2043		100			106,373
									2,356,462
Delaware-0.16%
Delaware (State of), Series 2017 A, Ref. GO Bonds		5.00%		01/01/2028		40			43,658
Delaware (State of), Series 2020 A, GO Bonds		5.00%		01/01/2028		10			10,914
Delaware (State of) Transportation Authority, Series 2020, Ref. RB		5.00%		07/01/2028		100			110,152
									164,724
District of Columbia-1.21%
District of Columbia, Series 2018 B, Ref. GO Bonds		5.00%		06/01/2030		50			54,800
District of Columbia, Series 2018 B, Ref. GO Bonds		5.00%		06/01/2031		10			10,948
District of Columbia, Series 2018 B, Ref. GO Bonds		5.00%		06/01/2032		55			60,148
District of Columbia, Series 2020 A, RB		5.00%		03/01/2028		25			27,336
District of Columbia, Series 2020 B, Ref. RB		5.00%		10/01/2028		340			376,605
District of Columbia, Series 2021 E, Ref. GO Bonds		5.00%		02/01/2028		25			27,282
District of Columbia (KIPP DC), Series 2017 B, Ref. RB		5.00%		07/01/2048		10			10,130
District of Columbia Water & Sewer Authority, Series 2018 B, RB		5.00%		10/01/2043		80			84,381
District of Columbia Water & Sewer Authority, Series 2018 B, RB		5.00%		10/01/2049		200			209,321
District of Columbia Water & Sewer Authority (Green Bonds), Series 2018 A, RB		5.00%		10/01/2049		125			130,826
Washington Convention & Sports Authority, Series 2018 A, Ref. RB		5.00%		10/01/2028		135			145,047
Washington Metropolitan Area Transit Authority, Series 2020 A, RB		5.00%		07/15/2028		75			82,588
									1,219,412
Florida-2.49%
Broward (County of), FL School Board, Series 2019 A, Ref. COP		5.00%		07/01/2028		55			60,253
Central Florida Expressway Authority, Series 2018, RB		5.00%		07/01/2048		85			89,042
Central Florida Expressway Authority, Series 2021, Ref. RB, (INS - AGM)(a)		5.00%		07/01/2028		145			158,847

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

 208 

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

February 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)			Value
Florida-(continued)
Duval County (County of), FL School Board, Series 2022 A, COP, (INS - AGM)(a)		5.00%		07/01/2028	$	30		$	32,878
Florida (State of), Series 2022 C, Ref. GO Bonds		5.00%		06/01/2028		100			109,990
Florida (State of) Department of Management Services, Series 2018, Ref. COP		5.00%		11/01/2028		30			33,110
Florida (State of) Department of Transportation, Series 2022 A, Ref. RB		5.00%		07/01/2028		40			43,940
Florida (State of) North Broward Hospital District, Series 2017 B, Ref. RB		5.00%		01/01/2048		200			204,349
Fort Myers (City of), FL, Series 2019 A, Ref. RB		4.00%		10/01/2044		10			10,045
Gainesville (City of), FL, Series 2017 A, RB		5.00%		10/01/2028		85			91,596
Hillsborough (County of), FL Aviation Authority (Tampa International Airport), Series 2018 F, RB		5.00%		10/01/2043		10			10,622
Hillsborough (County of), FL School Board (Master Lease Program), Series 2017, Ref. COP		5.00%		07/01/2028		35			37,276
Hillsborough (County of), FL School Board (Master Lease Program), Series 2018, Ref. COP		5.00%		07/01/2030		75			81,147
JEA Electric System, Series 2017 B, Ref. RB		5.00%		10/01/2028		100			107,295
JEA Water & Sewer System, Series 2017 A, Ref. RB		5.00%		10/01/2028		25			26,984
Lee Memorial Health System, Series 2019 A-1, Ref. RB		5.00%		04/01/2028		15			16,190
Miami-Dade (County of), FL, Series 2017 B, Ref. RB		5.00%		10/01/2028		40			42,864
Miami-Dade (County of), FL, Series 2019, RB		5.00%		10/01/2043		115			121,484
Orlando (City of), FL, Series 2018 B, RB		5.00%		10/01/2048		820			867,842
Palm Beach County School District, Series 2017 B, Ref. COP		5.00%		08/01/2028		30			32,910
Pasco (County of), FL School Board, Series 2018 A, COP, (INS - BAM)(a)		5.00%		08/01/2043		20			21,314
South Broward Hospital District (South Broward Hospital District Obligated Group), Series 2018, RB		4.00%		05/01/2048		20			18,905
South Miami Health Facilities Authority, Inc. (Baptist Health South Florida Obligated Group), Series 2017, Ref. RB		5.00%		08/15/2028		35			37,345
Tampa (City of) & Hillsborough (County of), FL Expressway Authority, Series 2017 C, RB		5.00%		07/01/2048		150			156,403
Tampa (City of), FL (Green Bonds), Series 2018, RB		5.25%		05/01/2043		100			106,542
									2,519,173
Georgia-2.26%
Atlanta (City of), GA, Series 2018 C, Ref. RB		5.00%		11/01/2028		30			32,474
Georgia (State of), Series 2016 F, Ref. GO Bonds		5.00%		01/01/2028		10			10,658
Georgia (State of), Series 2017 C, Ref. GO Bonds		5.00%		07/01/2028		790			851,625
Georgia (State of), Series 2018 A, GO Bonds		5.00%		07/01/2028		30			33,084
Georgia (State of), Series 2018 A, GO Bonds		5.00%		07/01/2030		55			60,573
Georgia (State of), Series 2018 A, GO Bonds		5.00%		07/01/2031		25			27,525
Georgia (State of), Series 2018 A, GO Bonds		4.00%		07/01/2034		25			26,185
Georgia (State of), Series 2018 A, GO Bonds		3.25%		07/01/2037		200			196,715
Georgia (State of), Series 2022 A, GO Bonds		5.00%		07/01/2028		50			55,141
Georgia (State of) (Bidding Group 1), Series 2020 A, GO Bonds		5.00%		08/01/2028		155			171,258
Georgia (State of) (Bidding Group 1), Series 2021 A-1, Ref. GO Bonds		5.00%		07/01/2028		30			33,084
Georgia (State of) (Tranche 2), Series 2019 A, GO Bonds		5.00%		07/01/2028		30			33,084
Georgia (State of) Local Government, Series 1998 A, COP, (INS - NATL)(a)		4.75%		06/01/2028		40			41,249
Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4), Series 2019 A, RB		5.00%		01/01/2034		400			422,818
Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4), Series 2019, RB		5.00%		01/01/2056		200			202,663
Georgia (State of) Road & Tollway Authority (Garvee), Series 2020, RB		5.00%		06/01/2028		50			54,805
Henry County School District, Series 2021, GO Bonds		4.00%		08/01/2028		25			26,456
									2,279,397
Hawaii-0.80%
Hawaii (State of), Series 2017 FK, GO Bonds		5.00%		05/01/2028		25			26,682
Hawaii (State of), Series 2017 FN, Ref. GO Bonds		5.00%		10/01/2028		90			96,903
Hawaii (State of), Series 2018 FT, GO Bonds		5.00%		01/01/2030		180			194,871
Hawaii (State of), Series 2018 FT, GO Bonds		5.00%		01/01/2031		10			10,814
Hawaii (State of), Series 2018 FT, GO Bonds		5.00%		01/01/2033		10			10,803
Hawaii (State of), Series 2018 FT, GO Bonds		3.25%		01/01/2035		10			10,047
Hawaii (State of), Series 2018 FT, GO Bonds		5.00%		01/01/2035		120			129,403
Hawaii (State of), Series 2019 FW, GO Bonds		5.00%		01/01/2028		60			65,167
Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2019, GO Bonds		5.00%		09/01/2028		85			93,751
Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2021 E, GO Bonds		5.00%		03/01/2028		160			174,567
									813,008

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

 209 

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

February 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)			Value
Idaho-0.02%
Idaho (State of) Health Facilities Authority (St. Luke’s Health System), Series 2018, Ref. RB		5.00%		03/01/2037	$	15		$	15,620
Illinois-3.18%
Champaign County Community Unit School District No. 4 Champaign, Series 2020 A, GO Bonds		5.00%		01/01/2033		55			59,085
Chicago (City of), IL (O’Hare International Airport), Series 2022 D, Ref. RB		5.00%		01/01/2028		30			32,424
Chicago (City of), IL Transit Authority (FTA Section 5307 Urbanized Area Formula Funds),
Series 2021, Ref. RB		5.00%		06/01/2028		20			21,456
Cook (County of), IL, Series 2021 A, Ref. GO Bonds		5.00%		11/15/2028		50			54,789
Cook (County of), IL, Series 2021 B, Ref. GO Bonds		4.00%		11/15/2028		145			152,027
Cook Kane Lake & McHenry Counties Community College District No. 512, Series 2020, GO Bonds		4.00%		12/15/2030		70			73,045
Illinois (State of), Series 2017 D, GO Bonds		5.00%		11/01/2028		125			132,989
Illinois (State of), Series 2018 A, GO Bonds		5.00%		05/01/2031		15			16,128
Illinois (State of), Series 2018 A, GO Bonds		5.00%		05/01/2032		10			10,742
Illinois (State of), Series 2018 A, GO Bonds		5.00%		05/01/2033		20			21,357
Illinois (State of), Series 2018 A, GO Bonds		5.00%		05/01/2034		70			74,431
Illinois (State of), Series 2018 A, GO Bonds		4.63%		05/01/2037		90			92,654
Illinois (State of), Series 2018 A, Ref. GO Bonds		5.00%		10/01/2028		55			59,423
Illinois (State of), Series 2018 B, Ref. GO Bonds		5.00%		10/01/2030		50			54,123
Illinois (State of), Series 2018 B, Ref. GO Bonds		5.00%		10/01/2031		70			75,730
Illinois (State of), Series 2018 B, Ref. GO Bonds		5.00%		10/01/2033		120			128,738
Illinois (State of), Series 2020 B, GO Bonds		5.00%		10/01/2028		540			583,422
Illinois (State of), Series 2023 D, Ref. GO Bonds		5.00%		07/01/2028		30			32,293
Illinois (State of) Finance Authority (Clean Water Initiative), Series 2017, RB		5.00%		01/01/2028		110			116,077
Illinois (State of) Finance Authority (Edward-Elmhurst Healthcare), Series 2018, Ref. RB(b)(c)		4.25%		01/01/2028		245			259,911
Illinois (State of) Finance Authority (Northwestern Memorial Healthcare), Series 2017 A, Ref. RB		5.00%		07/15/2028		75			81,103
Illinois (State of) Finance Authority (OSF Healthcare System), Series 2018 A, Ref. RB		5.00%		05/15/2032		10			10,664
Illinois (State of) Finance Authority (University of Chicago Medical), Series 2021 A, Ref. RB		5.00%		10/01/2028		100			109,903
Illinois (State of) Regional Transportation Authority, Series 2017 A, Ref. RB		5.00%		07/01/2028		165			177,064
Illinois (State of) Toll Highway Authority, Series 2017 A, RB		5.00%		01/01/2039		250			265,153
Illinois (State of) Toll Highway Authority, Series 2017 A, RB		5.00%		01/01/2042		130			136,868
Illinois (State of) Toll Highway Authority, Series 2019 B, Ref. RB		5.00%		01/01/2028		140			151,790
Illinois (State of) Toll Highway Authority, Series 2019, Ref. RB		5.00%		01/01/2028		15			16,263
Sales Tax Securitization Corp., Series 2018 A, Ref. RB		5.00%		01/01/2037		85			89,696
Sales Tax Securitization Corp., Series 2018 A, Ref. RB		5.00%		01/01/2038		25			26,274
Sales Tax Securitization Corp., Series 2018 A, Ref. RB		5.00%		01/01/2040		15			15,641
Sales Tax Securitization Corp., Series 2018 A, Ref. RB		5.00%		01/01/2048		15			15,438
Sales Tax Securitization Corp., Series 2020 A, Ref. RB		5.00%		01/01/2028		30			32,356
University of Illinois, Series 2018 A, Ref. RB, (INS - AGM)(a)		4.00%		04/01/2043		35			34,633
									3,213,690
Indiana-0.66%
Indiana (State of) Finance Authority, Series 2016 C, Ref. RB		5.00%		06/01/2028		70			76,845
Indiana (State of) Finance Authority (Green Bonds), Series 2018 A, RB		5.00%		02/01/2033		175			189,132
Indiana (State of) Municipal Power Agency, Series 2017 A, Ref. RB		5.00%		01/01/2032		150			161,763
Indianapolis (City of), IN Department of Public Utilities, Series 2018 A, Ref. RB		5.00%		10/01/2030		195			213,863
Indianapolis (City of), IN Department of Public Utilities, Series 2018 A, Ref. RB		5.00%		10/01/2032		20			21,879
									663,482
Iowa-0.06%
Iowa (State of) Finance Authority, Series 2019 A, Ref. RB		5.00%		08/01/2032		20			21,992
Iowa (State of) Finance Authority (Green Bonds), Series 2017, Ref. RB		5.00%		08/01/2028		40			43,208
									65,200
Kansas-0.02%
Lawrence (City of), KS ( (Lawrence Memorial Hospital), Series 2018 A, Ref. RB		5.00%		07/01/2043		20			20,687
Kentucky-0.62%
Kentucky (Commonwealth of), Series 2018, COP		5.00%		04/15/2038		120			126,929
Kentucky (Commonwealth of) Property & Building Commission (No. 119), Series 2018, RB		5.00%		05/01/2036		200			214,058

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

 210 

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

February 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Kentucky-(continued)
Kentucky (Commonwealth of) Property & Building Commission (No. 119), Series 2018, RB, (INS - BAM)(a)		5.00%		05/01/2034	$	180	$	193,652
Kentucky (Commonwealth of) Turnpike Authority (Revitalization), Series 2017 B, Ref. RB		5.00%		07/01/2028		85		91,243
								625,882
Louisiana-0.17%
Louisiana (State of) (Garvee), Series 2019 A, RB		5.00%		09/01/2028		50		55,103
Louisiana (State of) (Garvee), Series 2019 A, RB		5.00%		09/01/2030		75		81,907
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Bossier City), Series 2018, RB		4.00%		12/01/2043		25		24,976
New Orleans (Port of), LA Board of Commissioners, Series 2018 A, RB, (INS - AGM)(a)		5.00%		04/01/2048		5		5,151
								167,137
Maine-0.06%
Maine (State of) Health & Higher Educational Facilities Authority (Mainhealth), Series 2018 A, RB		5.00%		07/01/2048		60		62,175
Maryland-2.64%
Howard (County of), MD, Series 2017 D, Ref. GO Bonds		5.00%		02/15/2028		50		54,674
Howard (County of), MD, Series 2017 D, Ref. GO Bonds		4.00%		02/15/2032		20		20,848
Maryland (State of), Second Series 2018, GO Bonds		5.00%		08/01/2030		10		11,005
Maryland (State of), Second Series 2018, GO Bonds		5.00%		08/01/2031		195		214,534
Maryland (State of), Second Series 2018, GO Bonds		4.00%		08/01/2032		200		209,376
Maryland (State of), Second Series 2018, GO Bonds		4.00%		08/01/2033		5		5,232
Maryland (State of), Second Series 2020 B, Ref. GO Bonds		5.00%		08/01/2028		340		375,663
Maryland (State of), Series 2017 A, GO Bonds		5.00%		03/15/2028		25		26,773
Maryland (State of), Series 2017 A, GO Bonds		5.00%		08/01/2028		80		86,403
Maryland (State of), Series 2022 D, Ref. GO Bonds		4.00%		08/01/2028		250		265,521
Maryland (State of) (Bidding Group 1), Series 2020 A, GO Bonds		5.00%		03/15/2028		60		65,735
Maryland (State of) (Bidding Group 1), Series 2020 A, GO Bonds		5.00%		08/01/2028		50		55,245
Maryland (State of) Department of Transportation, Series 2017, RB		5.00%		09/01/2028		85		91,799
Maryland (State of) Department of Transportation, Series 2019, RB		5.00%		10/01/2028		70		75,736
Maryland (State of) Department of Transportation, Series 2020, RB		5.00%		10/01/2028		15		16,581
Maryland (State of) Department of Transportation, Series 2021 A, RB		5.00%		10/01/2028		35		38,688
Maryland (State of) Stadium Authority, Series 2018, RB, (CEP - Colorado Higher Education Intercept Program)		5.00%		05/01/2042		100		105,272
Maryland (State of) Stadium Authority (Baltimore City Public Schools), Series 2018 A, RB, (CEP - Colorado Higher Education Intercept Program)		5.00%		05/01/2047		150		156,504
Maryland (State of) Transportation Authority, Series 2021 A, Ref. RB		5.00%		07/01/2028		5		5,499
Montgomery (County of), MD, Series 2018 A, GO Bonds		5.00%		11/01/2028		10		11,111
Montgomery (County of), MD, Series 2019 A, GO Bonds		5.00%		11/01/2028		60		66,665
Montgomery (County of), MD, Series 2020 A, GO Bonds		4.00%		08/01/2028		85		90,168
Montgomery (County of), MD, Series 2020 B, Ref. GO Bonds		4.00%		11/01/2028		120		127,754
Prince George’s (County of), MD, Series 2018 A, GO Bonds		5.00%		07/15/2028		100		110,379
Prince George’s (County of), MD, Series 2018 A, GO Bonds		5.00%		07/15/2031		100		109,966
Prince George’s (County of), MD, Series 2019 A, GO Bonds		5.00%		07/15/2028		15		16,557
Prince George’s (County of), MD, Series 2020 A, GO Bonds		5.00%		07/15/2028		65		71,746
Prince George’s (County of), MD, Series 2020 A, GO Bonds		5.00%		07/15/2030		140		154,183
Prince George’s (County of), MD, Series 2020 B, Ref. GO Bonds		5.00%		09/15/2028		25		27,699
								2,667,316
Massachusetts-4.20%
Lincoln (Town of), MA, Series 2019, GO Bonds		4.00%		03/01/2049		150		149,091
Massachusetts (Commonwealth of), Series 2016 B, Ref. GO Bonds		5.00%		07/01/2028		55		60,631
Massachusetts (Commonwealth of), Series 2017 A, Ref. RB		5.00%		06/01/2028		70		76,206
Massachusetts (Commonwealth of), Series 2018 A, GO Bonds		5.00%		01/01/2033		15		16,289
Massachusetts (Commonwealth of), Series 2018 A, GO Bonds		5.00%		01/01/2035		80		86,748
Massachusetts (Commonwealth of), Series 2018 B, GO Bonds		5.00%		01/01/2031		40		43,510
Massachusetts (Commonwealth of), Series 2018 B, GO Bonds		5.00%		01/01/2032		10		10,862
Massachusetts (Commonwealth of), Series 2018 B, Ref. GO Bonds		5.00%		07/01/2028		75		82,679
Massachusetts (Commonwealth of), Series 2018 E, GO Bonds		5.00%		09/01/2037		35		38,008

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

 211 

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

February 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)			Value
Massachusetts-(continued)
Massachusetts (Commonwealth of), Series 2018 E, GO Bonds		5.00%		09/01/2038	$	225		$	243,371
Massachusetts (Commonwealth of), Series 2019 C, Ref. GO Bonds		5.00%		05/01/2028		55			60,406
Massachusetts (Commonwealth of), Series 2019 F, GO Bonds		5.00%		05/01/2028		210			230,640
Massachusetts (Commonwealth of), Series 2020 E, GO Bonds		5.00%		11/01/2028		200			222,125
Massachusetts (Commonwealth of), Series 2021, RB		5.00%		06/01/2041		745			793,006
Massachusetts (Commonwealth of), Series 2022 D, GO Bonds		5.00%		11/01/2028		170			188,806
Massachusetts (Commonwealth of) (Rail Enhancement & Accelerated Bridge Program), Series 2018 A, RB		5.00%		06/01/2048		25			26,189
Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2006 A, RB		5.25%		07/01/2028		20			22,295
Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2020, Ref. RB		5.00%		07/01/2045		260			273,854
Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2020, Ref. RB		5.00%		07/01/2050		220			230,008
Massachusetts (Commonwealth of) Department of Transportation (Contract Assistance), Series 2018, Ref. RB		5.00%		01/01/2028		20			21,837
Massachusetts (Commonwealth of) Development Finance Agency (Partners Healthcare System), Series 2017, Ref. RB		5.00%		07/01/2028		240			259,692
Massachusetts (Commonwealth of) Development Finance Agency (Partners Healthcare System), Series 2017, Ref. RB		5.00%		07/01/2030		50			54,039
Massachusetts (Commonwealth of) Development Finance Agency (Partners Healthcare System), Series 2017, Ref. RB		5.00%		07/01/2033		70			75,453
Massachusetts (Commonwealth of) Development Finance Agency (Partners Healthcare System), Series 2017, Ref. RB		5.00%		07/01/2034		20			21,531
Massachusetts (Commonwealth of) Development Finance Agency (Partners Healthcare System), Series 2017, Ref. RB		4.00%		07/01/2036		40			40,512
Massachusetts (Commonwealth of) Development Finance Agency (Partners Healthcare System), Series 2017, Ref. RB		4.00%		07/01/2041		500			491,505
Massachusetts (Commonwealth of) Health & Educational Facilities Authority (Massachusetts Institute of Technology), Series 1998 I-1, RB		5.20%		01/01/2028		90			99,438
Massachusetts (Commonwealth of) School Building Authority, Series 2018 A, RB		4.00%		02/15/2043		200			199,309
Massachusetts (Commonwealth of) School Building Authority, Series 2018 A, RB		5.25%		02/15/2048		20			21,223
Massachusetts (Commonwealth of) School Building Authority, Series 2018 B, RB		5.25%		02/15/2048		100			106,152
									4,245,415
Michigan-1.16%
Great Lakes Water Authority, Series 2018 A, Ref. RB		5.00%		07/01/2028		95			103,464
Great Lakes Water Authority, Series 2018 B, Ref. RB		5.00%		07/01/2028		85			92,790
Michigan (State of), Series 2020 B, RB		5.00%		11/15/2028		125			138,539
Michigan (State of) Finance Authority (Charter County of Wayne Criminal Justice Center), Series 2018, RB		5.00%		11/01/2043		500			530,119
Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2019, Ref. RB		5.00%		12/01/2048		150			155,557
Michigan (State of) Hospital Finance Authority (Ascension Health Credit Group), Series 1999, RB		4.00%		11/15/2032		10			10,316
University of Michigan, Series 2017 A, Ref. RB		5.00%		04/01/2028		30			32,047
Wayne (County of), MI Airport Authority (Detroit Metropolitan Wayne County Airport), Series 2018, RB		5.00%		12/01/2038		100			107,710
									1,170,542
Minnesota-1.65%
Duluth (City of), MN Economic Development Authority (Essentia Health Obligated Group), Series 2018 A, Ref. RB		5.25%		02/15/2058		240			246,570
Duluth (City of), MN Economic Development Authority (Essentia Health Obligated Group), Series 2018, Ref. RB		4.25%		02/15/2043		300			293,356
Metropolitan Council, Series 2021 C, GO Bonds		5.00%		12/01/2028		150			166,903
Minneapolis & St. Paul (Cities of), MN Metropolitan Airports Commission, Series 2016 A, Ref. RB		5.00%		01/01/2028		40			42,487
Minneapolis (City of), MN (Fairview Health Services), Series 2018 A, Ref. RB		5.00%		11/15/2033		10			10,545
Minneapolis (City of), MN (Fairview Health Services), Series 2018 A, Ref. RB		5.00%		11/15/2034		150			157,995
Minnesota (State of), Series 2018 A, GO Bonds		5.00%		08/01/2028		25			27,644
Minnesota (State of), Series 2018 A, GO Bonds		5.00%		08/01/2032		190			209,587
Minnesota (State of), Series 2018 A, GO Bonds		5.00%		08/01/2034		175			192,917
Minnesota (State of), Series 2018 A, GO Bonds		5.00%		08/01/2037		25			27,179
Minnesota (State of), Series 2019 A, GO Bonds		5.00%		08/01/2028		100			110,577

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

 212 

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

February 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)			Value
Minnesota-(continued)
Minnesota (State of), Series 2020 A, GO Bonds		5.00%		08/01/2028	$	125		$	138,221
Minnesota (State of), Series 2021 B, GO Bonds		5.00%		09/01/2028		35			38,776
									1,662,757
Mississippi-0.53%
Mississippi (State of), Series 2017 A, Ref. GO Bonds		5.00%		10/01/2028		35			37,756
Mississippi (State of), Series 2019 A, RB		5.00%		10/15/2036		85			88,918
Mississippi (State of), Series 2021 C, GO Bonds		4.00%		10/01/2039		150			151,668
Mississippi (State of), Series 2021 C, GO Bonds		4.00%		10/01/2040		5			5,033
Mississippi (State of) Development Bank (Hinds County), Series 2018, RB		5.00%		03/01/2048		155			160,408
West Rankin Utility Authority, Series 2018, RB(b)(c)		5.00%		01/01/2028		80			87,041
									530,824
Missouri-0.35%
Missouri (State of) Board of Public Buildings, Series 2020 B, Ref. RB		4.00%		10/01/2028		85			89,894
Missouri (State of) Health & Educational Facilities Authority (Mercy Health), Series 2018 A, Ref. RB		5.00%		06/01/2030		45			48,778
Missouri (State of) Health & Educational Facilities Authority (Mercy Health), Series 2018 A, Ref. RB		5.00%		06/01/2031		125			135,311
Missouri (State of) Health & Educational Facilities Authority (St. Luke’s Health System, Inc.), Series 2018 A, Ref. RB		4.00%		11/15/2048		20			19,028
Springfield School District No. R-12, Series 2017, Ref. GO Bonds		4.00%		03/01/2030		55			57,560
									350,571
Nebraska-0.28%
Boys Town (Village of), NE (Boys Town), Series 2017, Ref. RB		3.00%		09/01/2028		250			251,055
Lincoln (City of), NE, Series 2020 A, RB		5.00%		09/01/2028		20			21,970
Omaha (City of), NE Public Power District, Series 2018 A, RB		5.00%		02/01/2028		10			10,928
									283,953
Nevada-1.49%
Clark (County of), NV, Series 2016 B, Ref. RB		5.00%		07/01/2028		40			43,837
Clark (County of), NV, Series 2017, Ref. GO Bonds		5.00%		06/01/2028		125			133,404
Clark (County of), NV, Series 2018 A, GO Bonds		5.00%		06/01/2034		60			64,900
Clark (County of), NV, Series 2018 A, GO Bonds		5.00%		06/01/2035		20			21,593
Clark (County of), NV, Series 2018 A, GO Bonds		5.00%		06/01/2036		10			10,758
Clark (County of), NV, Series 2018 A, GO Bonds		5.00%		06/01/2037		100			107,268
Clark (County of), NV, Series 2018 B, GO Bonds		5.00%		12/01/2030		10			10,956
Clark (County of), NV, Series 2018 B, GO Bonds		5.00%		12/01/2032		60			65,513
Clark (County of), NV, Series 2018 B, GO Bonds		5.00%		12/01/2033		100			109,153
Clark (County of), NV, Series 2018 B, GO Bonds		5.00%		12/01/2034		125			136,259
Clark (County of), NV, Series 2018 B, GO Bonds		5.00%		12/01/2035		15			16,300
Clark (County of), NV, Series 2018 B, GO Bonds		4.00%		12/01/2039		5			5,079
Clark (County of), NV (Las Vegas McCarran International Airport), Series 2019, Ref. RB		5.00%		07/01/2028		100			109,808
Clark (County of), NV (Stadium Improvement Bonds), Series 2018 A, GO Bonds		5.00%		05/01/2048		250			261,233
Clark County School District, Series 2018 B, GO Bonds, (INS - AGM)(a)		4.00%		06/15/2037		10			10,223
Clark County School District, Series 2018 B, GO Bonds, (INS - AGM)(a)		4.00%		06/15/2038		75			76,337
Las Vegas (City of), NV Convention & Visitors Authority, Series 2018 B, RB		5.00%		07/01/2043		120			126,767
Las Vegas Valley Water District, Series 2021 C, GO Bonds		5.00%		06/01/2028		50			54,911
Truckee Meadows Water Authority, Series 2017, Ref. RB		5.00%		07/01/2028		85			91,290
Washoe County School District, Series 2018, GO Bonds, (INS - BAM)(a)		4.13%		10/01/2048		45			45,066
									1,500,655
New Hampshire-0.07%
New Hampshire (State of) Health and Education Facilities Authority (Dartmouth College), Series 2017, Ref. RB		5.00%		06/01/2028		35			38,172
New Hampshire (State of) Health and Education Facilities Authority (Partners Healthcare System), Series 2017, Ref. RB		5.00%		07/01/2041		35			36,763
									74,935
New Jersey-6.14%
New Jersey (State of), Series 2020 A, GO Bonds		5.00%		06/01/2028		295			323,102

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

 213 

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

February 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)			Value
New Jersey-(continued)
New Jersey (State of) Economic Development Authority, Series 2017 A, Ref. RB, (INS - BAM)(a)		5.00%		07/01/2028	$	275		$	290,829
New Jersey (State of) Economic Development Authority, Series 2018 EEE, RB(b)(c)		5.00%		12/15/2028		350			389,913
New Jersey (State of) Economic Development Authority, Series 2018, RB		5.00%		06/15/2043		15			15,715
New Jersey (State of) Economic Development Authority (State House), Series 2017 B, RB		5.00%		06/15/2035		15			16,277
New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2017 B, Ref. RB		5.00%		07/01/2028		1,025			1,104,805
New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2017 I, Ref. RB		5.00%		07/01/2028		20			21,557
New Jersey (State of) Health Care Facilities Financing Authority (Hackensack Meridian Health Obligated Group), Series 2017 A, Ref. RB		5.00%		07/01/2028		100			107,081
New Jersey (State of) Transportation Trust Fund Authority, Series 2014, RB		5.00%		06/15/2032		35			38,096
New Jersey (State of) Transportation Trust Fund Authority, Series 2014, RB		5.00%		06/15/2034		265			287,652
New Jersey (State of) Transportation Trust Fund Authority, Series 2018 A, Ref. RB		5.00%		12/15/2028		110			120,835
New Jersey (State of) Transportation Trust Fund Authority, Series 2018 A, Ref. RB		5.00%		12/15/2030		25			27,312
New Jersey (State of) Transportation Trust Fund Authority, Series 2018 A, Ref. RB		4.00%		12/15/2031		60			62,448
New Jersey (State of) Transportation Trust Fund Authority, Series 2018 A, Ref. RB		5.00%		12/15/2032		60			65,295
New Jersey (State of) Transportation Trust Fund Authority, Series 2018 A, Ref. RB		5.00%		12/15/2033		500			543,329
New Jersey (State of) Transportation Trust Fund Authority, Series 2018 A, Ref. RB		5.00%		12/15/2034		145			157,191
New Jersey (State of) Transportation Trust Fund Authority, Series 2018 A, Ref. RB		5.00%		12/15/2036		115			123,740
New Jersey (State of) Transportation Trust Fund Authority, Series 2019 BB, RB		5.00%		06/15/2030		35			38,260
New Jersey (State of) Transportation Trust Fund Authority, Series 2019 BB, RB		5.00%		06/15/2035		240			259,764
New Jersey (State of) Transportation Trust Fund Authority, Series 2019 BB, RB		4.00%		06/15/2036		105			108,133
New Jersey (State of) Transportation Trust Fund Authority, Series 2019 BB, RB		5.00%		06/15/2044		225			234,977
New Jersey (State of) Transportation Trust Fund Authority, Series 2019 BB, RB		5.00%		06/15/2050		10			10,324
New Jersey (State of) Transportation Trust Fund Authority, Series 2019, RB		5.00%		06/15/2031		30			32,747
New Jersey (State of) Transportation Trust Fund Authority, Series 2019, RB		5.00%		06/15/2032		25			27,211
New Jersey (State of) Transportation Trust Fund Authority, Series 2019, RB		5.00%		06/15/2038		205			219,130
New Jersey (State of) Transportation Trust Fund Authority, Series 2019, RB		5.25%		06/15/2043		200			211,251
New Jersey (State of) Transportation Trust Fund Authority, Series 2021 A, Ref. RB		5.00%		06/15/2028		30			32,626
New Jersey (State of) Turnpike Authority, Series 2017 B, Ref. RB		5.00%		01/01/2028		15			16,320
New Jersey (State of) Turnpike Authority, Series 2017 B, Ref. RB		5.00%		01/01/2030		20			21,675
New Jersey (State of) Turnpike Authority, Series 2017 B, Ref. RB		5.00%		01/01/2031		85			91,985
New Jersey (State of) Turnpike Authority, Series 2017 B, Ref. RB		5.00%		01/01/2032		25			27,036
New Jersey (State of) Turnpike Authority, Series 2017 B, Ref. RB		5.00%		01/01/2033		235			254,136
New Jersey (State of) Turnpike Authority, Series 2017 B, Ref. RB		4.00%		01/01/2034		70			72,417
New Jersey (State of) Turnpike Authority, Series 2017 B, Ref. RB		5.00%		01/01/2034		80			86,428
New Jersey (State of) Turnpike Authority, Series 2017 B, Ref. RB		4.00%		01/01/2035		105			108,176
New Jersey (State of) Turnpike Authority, Series 2017 B, Ref. RB		5.00%		01/01/2040		85			90,170
New Jersey (State of) Turnpike Authority, Series 2017 E, Ref. RB		5.00%		01/01/2030		180			195,076
New Jersey (State of) Turnpike Authority, Series 2017 E, Ref. RB		5.00%		01/01/2032		25			27,036
New Jersey (State of) Turnpike Authority, Series 2017 E, Ref. RB		5.00%		01/01/2033		10			10,814
New Jersey (State of) Turnpike Authority, Series 2017 G, Ref. RB		4.00%		01/01/2034		30			31,036
New Jersey (State of) Turnpike Authority, Series 2017 G, Ref. RB		4.00%		01/01/2035		25			25,756
New Jersey (State of) Turnpike Authority, Series 2017 G, Ref. RB		5.00%		01/01/2036		135			145,282
New Jersey (State of) Turnpike Authority, Series 2017 G, Ref. RB		5.00%		01/01/2037		10			10,715
South Jersey Port Corp., Series 2017 A, RB		5.00%		01/01/2049		115			118,156
									6,201,814
New Mexico-0.33%
New Mexico (State of), Series 2021, GO Bonds		5.00%		03/01/2028		25			27,306
New Mexico (State of) Finance Authority, Series 2021 A, RB		5.00%		06/15/2028		120			131,796
New Mexico (State of) Severance Tax Permanent Fund, Series 2018, RB		5.00%		07/01/2028		120			131,769
New Mexico (State of) Severance Tax Permanent Fund, Series 2021 A, RB		5.00%		07/01/2028		25			27,452
New Mexico (State of) Severance Tax Permanent Fund, Series 2022 B, RB		5.00%		07/01/2028		15			16,471
									334,794
New York-21.19%
Long Island (City of), NY Power Authority, Series 2018, RB		5.00%		09/01/2033		55			60,109
Long Island (City of), NY Power Authority, Series 2018, RB		5.00%		09/01/2034		50			54,539
Long Island (City of), NY Power Authority, Series 2018, RB		5.00%		09/01/2035		75			81,540
Long Island (City of), NY Power Authority, Series 2018, RB		5.00%		09/01/2037		35			37,687

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

 214 

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

February 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)			Value
New York-(continued)
Long Island (City of), NY Power Authority, Series 2018, RB		5.00%		09/01/2038	$	15		$	16,094
Long Island (City of), NY Power Authority, Series 2019 A, RB		5.00%		09/01/2030		205			224,877
Long Island (City of), NY Power Authority, Series 2019 A, RB		5.00%		09/01/2031		750			821,783
Long Island (City of), NY Power Authority, Series 2019 A, RB		4.00%		09/01/2034		5			5,257
Metropolitan Transportation Authority, Series 2017 C-1, Ref. RB		5.00%		11/15/2029		25			26,989
Metropolitan Transportation Authority, Series 2017 C-1, Ref. RB		4.00%		11/15/2034		75			76,420
Metropolitan Transportation Authority, Series 2017 C-1, Ref. RB		5.00%		11/15/2034		60			64,186
Metropolitan Transportation Authority, Series 2017 C-1, Ref. RB		4.00%		11/15/2037		15			15,089
Metropolitan Transportation Authority, Series 2017 D, Ref. RB		5.00%		11/15/2030		180			193,719
Metropolitan Transportation Authority, Series 2017 D, Ref. RB		5.00%		11/15/2032		200			214,646
Metropolitan Transportation Authority, Series 2017 D, Ref. RB		5.00%		11/15/2033		50			53,597
Metropolitan Transportation Authority, Series 2017 D, Ref. RB		5.00%		11/15/2035		70			74,610
Metropolitan Transportation Authority (Green Bonds), Series 2017 C-1, Ref. RB		4.00%		11/15/2032		115			117,459
Metropolitan Transportation Authority (Green Bonds), Series 2017 C-1, Ref. RB		4.00%		11/15/2035		355			360,570
Metropolitan Transportation Authority (Green Bonds), Series 2017 C-1, Ref. RB		4.00%		11/15/2038		115			115,498
Monroe County Industrial Development Corp. (Rochester Schools Modernization)), Series 2018, RB		5.00%		05/01/2032		60			65,466
New York & New Jersey (States of) Port Authority, Two Hundered Ninth Series 2018, Ref. RB		5.00%		07/15/2038		5			5,372
New York & New Jersey (States of) Port Authority, Two Hundred Eleventh Series 2018, Ref. RB		5.00%		09/01/2035		25			27,241
New York & New Jersey (States of) Port Authority, Two Hundred Eleventh Series 2018, Ref. RB		5.00%		09/01/2036		50			54,256
New York & New Jersey (States of) Port Authority, Two Hundred Eleventh Series 2018, Ref. RB		5.00%		09/01/2048		85			89,636
New York & New Jersey (States of) Port Authority, Two Hundred Forty Three Series 2023, Ref. RB		5.00%		12/01/2028		5			5,554
New York & New Jersey (States of) Port Authority, Two Hundred Ninth Series 2018, Ref. RB		5.00%		07/15/2028		30			33,048
New York & New Jersey (States of) Port Authority, Two Hundred Ninth Series 2018, Ref. RB		5.00%		07/15/2030		175			191,534
New York & New Jersey (States of) Port Authority, Two Hundred Ninth Series 2018, Ref. RB		5.00%		07/15/2032		15			16,396
New York & New Jersey (States of) Port Authority, Two Hundred Ninth Series 2018, Ref. RB		5.00%		07/15/2033		30			32,787
New York & New Jersey (States of) Port Authority, Two Hundred Ninth Series 2018, Ref. RB		5.00%		07/15/2034		200			218,098
New York & New Jersey (States of) Port Authority, Two Hundred Ninth Series 2018, Ref. RB		5.00%		07/15/2035		105			114,121
New York & New Jersey (States of) Port Authority, Two Hundred Ninth Series 2018, Ref. RB		5.00%		07/15/2036		165			178,709
New York (City of), NY, Series 2005 1, GO Bonds		5.00%		09/01/2028		175			192,392
New York (City of), NY, Series 2017 1, GO Bonds		5.00%		08/01/2028		55			59,011
New York (City of), NY, Series 2018 E-1, GO Bonds		5.00%		03/01/2032		15			16,252
New York (City of), NY, Series 2018 E-1, GO Bonds		3.25%		03/01/2033		10			10,080
New York (City of), NY, Series 2018 E-1, GO Bonds		5.00%		03/01/2040		25			26,521
New York (City of), NY, Series 2020 A-1, Ref. GO Bonds		5.00%		08/01/2028		175			192,051
New York (City of), NY, Series 2020 B-1, Ref. GO Bonds		5.00%		11/01/2028		350			386,123
New York (City of), NY, Series 2020 C-1, Ref. GO Bonds		5.00%		08/01/2028		95			104,256
New York (City of), NY, Series 2022 A-1, GO Bonds		5.00%		09/01/2028		10			10,994
New York (City of), NY, Subseries 2018 D-1, GO Bonds		5.00%		12/01/2033		500			548,205
New York (City of), NY, Subseries 2018 D-1, GO Bonds		5.00%		12/01/2034		5			5,473
New York (City of), NY, Subseries 2018 D-1, GO Bonds		5.00%		12/01/2036		45			48,836
New York (City of), NY, Subseries 2018 D-1, GO Bonds		5.00%		12/01/2038		80			86,058
New York (City of), NY, Subseries 2018 D-1, GO Bonds		5.00%		12/01/2039		250			268,697
New York (City of), NY, Subseries 2018 D-1, GO Bonds		5.00%		12/01/2040		70			74,994
New York (City of), NY, Subseries 2018 D-1, GO Bonds		4.00%		12/01/2043		10			9,884
New York (City of), NY, Subseries 2018 D-1, GO Bonds		5.00%		12/01/2044		40			42,425
New York (City of), NY, Subseries 2018 F-1, GO Bonds		5.00%		04/01/2033		220			238,462
New York (City of), NY, Subseries 2018 F-1, GO Bonds		5.00%		04/01/2034		300			324,899
New York (City of), NY, Subseries 2018 F-1, GO Bonds		5.00%		04/01/2040		25			26,550
New York (City of), NY, Subseries 2018 F-1, GO Bonds		5.00%		04/01/2043		100			105,430
New York (City of), NY, Subseries 2018 F-1, GO Bonds		5.00%		04/01/2045		240			252,200
New York (City of), NY Municipal Water Finance Authority, Series 2018 FF, Ref. RB		5.00%		06/15/2030		20			21,874
New York (City of), NY Municipal Water Finance Authority, Series 2018 FF, Ref. RB		5.00%		06/15/2034		15			16,348
New York (City of), NY Municipal Water Finance Authority, Series 2018 FF, Ref. RB		5.00%		06/15/2039		70			75,055
New York (City of), NY Municipal Water Finance Authority, Series 2018 FF, Ref. RB		5.00%		06/15/2040		165			176,385
New York (City of), NY Municipal Water Finance Authority, Series 2018, Ref. RB		5.00%		06/15/2038		30			32,212
New York (City of), NY Municipal Water Finance Authority, Series 2019 DD-1, RB		4.00%		06/15/2037		25			25,596
New York (City of), NY Municipal Water Finance Authority, Series 2019 DD-1, RB		5.00%		06/15/2049		275			289,687
New York (City of), NY Municipal Water Finance Authority, Series 2022 EE, Ref. RB		5.00%		06/15/2045		180			190,503

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

 215 

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

February 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)			Value
New York-(continued)
New York (City of), NY Municipal Water Finance Authority, Series 2023 AA-2, RB		5.00%		06/15/2030	$	5		$	5,531
New York (City of), NY Transitional Finance Authority, Series 1998 A-1, RB		5.00%		11/01/2028		15			16,625
New York (City of), NY Transitional Finance Authority, Series 2017 S-1, Ref. RB		5.00%		07/15/2028		10			10,670
New York (City of), NY Transitional Finance Authority, Series 2018 C-2, RB		5.00%		05/01/2034		30			32,497
New York (City of), NY Transitional Finance Authority, Series 2018 C-2, RB		5.00%		05/01/2035		65			70,241
New York (City of), NY Transitional Finance Authority, Series 2018 C-2, RB		5.00%		05/01/2036		95			102,298
New York (City of), NY Transitional Finance Authority, Series 2018 C-2, RB		5.00%		05/01/2038		40			42,694
New York (City of), NY Transitional Finance Authority, Series 2018 C-3, RB		5.00%		05/01/2039		30			31,921
New York (City of), NY Transitional Finance Authority, Series 2018 C-3, RB		4.00%		05/01/2044		240			237,854
New York (City of), NY Transitional Finance Authority, Series 2018 S-1, RB		5.00%		07/15/2032		5			5,472
New York (City of), NY Transitional Finance Authority, Series 2018 S-1, RB		5.00%		07/15/2036		20			21,645
New York (City of), NY Transitional Finance Authority, Series 2018 S-1, RB		5.00%		07/15/2043		165			174,851
New York (City of), NY Transitional Finance Authority, Series 2018 S-1, RB		5.00%		07/15/2045		205			216,299
New York (City of), NY Transitional Finance Authority, Series 2018 S-2A, Ref. RB		5.00%		07/15/2030		10			10,984
New York (City of), NY Transitional Finance Authority, Series 2018 S-2A, Ref. RB		5.00%		07/15/2033		10			10,929
New York (City of), NY Transitional Finance Authority, Series 2018 S-2A, Ref. RB		5.00%		07/15/2035		385			418,608
New York (City of), NY Transitional Finance Authority, Series 2018 S-2A, Ref. RB		4.00%		07/15/2038		110			111,188
New York (City of), NY Transitional Finance Authority, Series 2018 S-3, RB		5.00%		07/15/2034		165			179,931
New York (City of), NY Transitional Finance Authority, Series 2018 S-3, RB		5.25%		07/15/2036		25			27,331
New York (City of), NY Transitional Finance Authority, Series 2018 S-3, RB		5.00%		07/15/2037		55			59,259
New York (City of), NY Transitional Finance Authority, Series 2018 S-3, RB		5.00%		07/15/2043		85			90,075
New York (City of), NY Transitional Finance Authority, Series 2018 S-3, Ref. RB		5.00%		07/15/2035		25			27,182
New York (City of), NY Transitional Finance Authority, Series 2018 S-4A, Ref. RB		5.00%		07/15/2034		30			32,715
New York (City of), NY Transitional Finance Authority, Series 2018 S-4A, Ref. RB		5.00%		07/15/2037		400			430,973
New York (City of), NY Transitional Finance Authority, Series 2018, RB		4.00%		08/01/2039		25			25,260
New York (City of), NY Transitional Finance Authority, Series 2020, Ref. RB		5.00%		11/01/2028		175			193,953
New York (City of), NY Transitional Finance Authority, Series 2021 A-1, Ref. RB		5.00%		11/01/2028		75			83,123
New York (City of), NY Transitional Finance Authority, Series 2022 B-1, Ref. RB		5.00%		11/01/2028		175			193,953
New York (City of), NY Transitional Finance Authority, Series 2022 S-1A, Ref. RB		5.00%		07/15/2028		100			110,422
New York (City of), NY Transitional Finance Authority, Subseries 2012 A-6, RB		5.00%		08/01/2028		10			11,023
New York (City of), NY Transitional Finance Authority, Subseries 2018 A-1, RB		5.00%		08/01/2033		90			98,041
New York (City of), NY Transitional Finance Authority, Subseries 2018 A-1, RB		5.00%		08/01/2035		10			10,843
New York (City of), NY Transitional Finance Authority, Subseries 2018 A-1, RB		5.00%		08/01/2036		25			26,995
New York (City of), NY Transitional Finance Authority, Subseries 2018 A-1, RB		5.00%		08/01/2040		55			58,556
New York (City of), NY Transitional Finance Authority, Subseries 2018 A-1, RB		5.00%		08/01/2042		500			529,868
New York (City of), NY Transitional Finance Authority, Subseries 2018 B-1, RB		5.00%		08/01/2035		145			157,217
New York (City of), NY Transitional Finance Authority, Subseries 2018 B-1, RB		5.00%		08/01/2036		180			194,361
New York (City of), NY Transitional Finance Authority, Subseries 2018 B-1, RB		5.25%		08/01/2037		55			59,648
New York (City of), NY Transitional Finance Authority, Subseries 2018 S-3, Ref. RB		5.00%		07/15/2028		190			209,802
New York (City of), NY Transitional Finance Authority, Subseries 2018 S-3, Ref. RB		5.00%		07/15/2030		235			258,118
New York (City of), NY Transitional Finance Authority, Subseries 2018 S-3, Ref. RB		5.00%		07/15/2031		100			109,673
New York (City of), NY Transitional Finance Authority, Subseries 2018 S-3, Ref. RB		5.00%		07/15/2033		115			125,684
New York (City of), NY Transitional Finance Authority, Subseries 2018 S-3, Ref. RB		5.00%		07/15/2036		110			119,045
New York (City of), NY Transitional Finance Authority, Subseries 2018 S-3, Ref. RB		5.00%		07/15/2037		125			134,679
New York (City of), NY Transitional Finance Authority, Subseries 2018, RB		5.00%		08/01/2034		95			103,319
New York (State of) Dormitory Authority, Series 2018 1, Ref. RB		5.00%		01/15/2028		50			54,258
New York (State of) Dormitory Authority, Series 2018 A, RB		5.00%		03/15/2032		15			16,233
New York (State of) Dormitory Authority, Series 2018 A, RB		5.00%		07/01/2033		30			32,829
New York (State of) Dormitory Authority, Series 2018 A, RB		5.00%		03/15/2034		200			216,043
New York (State of) Dormitory Authority, Series 2018 A, RB		4.00%		07/01/2035		75			77,361
New York (State of) Dormitory Authority, Series 2018 A, RB		5.00%		07/01/2036		70			75,990
New York (State of) Dormitory Authority, Series 2018 A, RB		5.00%		03/15/2039		120			127,654
New York (State of) Dormitory Authority, Series 2018 A, RB		5.00%		07/01/2039		120			129,031
New York (State of) Dormitory Authority, Series 2018 A, RB		5.00%		07/01/2048		150			158,235
New York (State of) Dormitory Authority, Series 2018 A, Ref. RB		5.00%		03/15/2031		80			87,768
New York (State of) Dormitory Authority, Series 2018 A, Ref. RB		5.25%		03/15/2037		20			21,883
New York (State of) Dormitory Authority, Series 2018 A, Ref. RB		5.25%		03/15/2039		100			108,639
New York (State of) Dormitory Authority, Series 2018 A, Ref. RB		5.00%		03/15/2040		100			106,700

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

 216 

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

February 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)			Value
New York-(continued)
New York (State of) Dormitory Authority, Series 2018 C, Ref. RB		5.00%		03/15/2031	$	35		$	37,961
New York (State of) Dormitory Authority, Series 2018 C, Ref. RB		5.00%		03/15/2032		15			16,239
New York (State of) Dormitory Authority, Series 2018 C, Ref. RB		5.00%		03/15/2033		10			10,815
New York (State of) Dormitory Authority, Series 2018 C, Ref. RB		5.00%		03/15/2034		50			54,012
New York (State of) Dormitory Authority, Series 2018 C, Ref. RB		5.00%		03/15/2039		5			5,319
New York (State of) Dormitory Authority, Series 2018 E, Ref. RB		5.00%		03/15/2030		300			328,416
New York (State of) Dormitory Authority, Series 2018 E, Ref. RB		5.00%		03/15/2035		230			250,110
New York (State of) Dormitory Authority, Series 2018 E, Ref. RB		5.00%		03/15/2048		400			420,742
New York (State of) Dormitory Authority, Series 2019 A, Ref. RB		5.00%		03/15/2028		25			27,339
New York (State of) Dormitory Authority, Series 2020, RB, (INS - AGM)(a)		5.00%		10/01/2032		50			54,743
New York (State of) Dormitory Authority, Series 2020, RB, (INS - AGM)(a)		5.00%		10/01/2033		10			10,937
New York (State of) Dormitory Authority, Series 2020, RB, (INS - AGM)(a)		5.00%		10/01/2034		100			109,194
New York (State of) Dormitory Authority, Series 2020, RB, (INS - AGM)(a)		5.00%		10/01/2035		25			27,214
New York (State of) Dormitory Authority (Bidding Group 1), Series 2018 C, Ref. RB		5.00%		03/15/2035		315			339,682
New York (State of) Dormitory Authority (Bidding Group 1), Series 2018 C, Ref. RB		5.00%		03/15/2036		50			53,763
New York (State of) Dormitory Authority (Bidding Group 2), Series 2018 A, RB		5.00%		03/15/2030		255			276,633
New York (State of) Dormitory Authority (Bidding Group 2), Series 2018 A, RB		5.00%		03/15/2033		325			351,345
New York (State of) Dormitory Authority (Bidding Group 2), Series 2018 E, Ref. RB		5.00%		03/15/2036		200			216,799
New York (State of) Dormitory Authority (Bidding Group 2), Series 2018 E, Ref. RB		5.00%		03/15/2037		70			75,517
New York (State of) Dormitory Authority (Bidding Group 2), Series 2018 E, Ref. RB		5.00%		03/15/2039		425			455,302
New York (State of) Dormitory Authority (Bidding Group 2), Series 2018 E, Ref. RB		5.00%		03/15/2040		240			256,320
New York (State of) Dormitory Authority (Bidding Group 2), Series 2018 E, Ref. RB		5.00%		03/15/2043		25			26,552
New York (State of) Dormitory Authority (Bidding Group 2), Series 2018 E, Ref. RB		5.00%		03/15/2044		15			15,903
New York (State of) Dormitory Authority (Bidding Group 3), Series 2018 A, RB		5.00%		03/15/2038		150			159,996
New York (State of) Dormitory Authority (Bidding Group 3), Series 2018 A, RB		5.00%		03/15/2042		155			163,879
New York (State of) Dormitory Authority (Bidding Group 4), Series 2018 A, RB		5.00%		03/15/2044		95			100,141
New York (State of) Dormitory Authority (Bidding Group 4), Series 2018 A, RB		5.00%		03/15/2045		100			105,148
New York (State of) Dormitory Authority (Bidding Group 4), Series 2018 C, Ref. RB		5.00%		03/15/2038		250			266,757
New York (State of) Dormitory Authority (Bidding Group 4), Series 2018 C, Ref. RB		5.00%		03/15/2042		5			5,286
New York (State of) Dormitory Authority (Columbia University), Series 2018 B, Ref. RB		5.00%		10/01/2038		235			253,193
New York (State of) Dormitory Authority (General Purpose), Series 2018 A, Ref. RB		5.25%		03/15/2038		50			54,459
New York (State of) Dormitory Authority (New York University), Series 2019 A, RB		5.00%		07/01/2028		10			11,019
New York (State of) Power Authority (Green Transmission), Series 2022, RB, (INS - AGM)(a)		5.00%		11/15/2028		15			16,716
New York (State of) Thruway Authority, Series 2018 L, Ref. RB		5.00%		01/01/2028		30			32,629
New York (State of) Thruway Authority, Series 2018 L, Ref. RB		5.00%		01/01/2030		95			103,251
New York (State of) Thruway Authority, Series 2018 L, Ref. RB		5.00%		01/01/2031		10			10,853
New York (State of) Thruway Authority, Series 2018 L, Ref. RB		5.00%		01/01/2035		60			64,728
New York (State of) Thruway Authority, Series 2018 L, Ref. RB		3.50%		01/01/2037		30			29,947
New York (State of) Thruway Authority (Bidding Group 1), Series 2022 A, Ref. RB		5.00%		03/15/2028		20			21,871
New York City Health and Hospitals Corp., Series 2021 A, Ref. RB		5.00%		02/15/2028		60			65,302
New York State Environmental Facilities Corp., Series 2019 B, Ref. RB		5.00%		06/15/2028		10			11,056
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2017, Ref. RB		5.00%		06/15/2028		50			53,929
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2018 A, Ref. RB		5.00%		06/15/2030		40			43,872
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2018 B, RB		5.00%		06/15/2048		150			158,165
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2021, RB		5.00%		06/15/2028		5			5,528
New York State Urban Development Corp., Series 2019 A, RB		5.00%		03/15/2035		195			213,002
New York State Urban Development Corp., Series 2019 A, RB		5.00%		03/15/2037		45			48,725
New York State Urban Development Corp., Series 2019 A, RB		5.00%		03/15/2038		110			118,512
New York State Urban Development Corp., Series 2019 A, RB		5.00%		03/15/2039		85			91,305
New York State Urban Development Corp., Series 2019 A, RB		5.00%		03/15/2040		135			144,513
New York State Urban Development Corp., Series 2019 A, RB		5.00%		03/15/2044		105			111,412
New York State Urban Development Corp., Series 2019 A, RB		5.00%		03/15/2045		50			52,993
New York State Urban Development Corp., Series 2019, RB		5.00%		03/15/2036		140			152,378
New York State Urban Development Corp., Series 2020, Ref. RB		5.00%		03/15/2028		155			169,565

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

 217 

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

February 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)			Value
New York-(continued)
Triborough Bridge & Tunnel Authority, Series 2017 B, Ref. RB		5.00%		11/15/2028	$	70		$	77,746
Triborough Bridge & Tunnel Authority, Series 2018 B, Ref. RB		5.00%		11/15/2028		215			238,791
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2017 C-1, Ref. RB		5.00%		11/15/2028		190			211,024
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2018 A, RB		5.00%		11/15/2043		5			5,281
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2018 A, RB		5.00%		11/15/2044		325			342,580
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2018 A, RB		5.00%		11/15/2046		10			10,508
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2018 A, RB		4.00%		11/15/2048		150			146,047
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2018 C, Ref. RB		5.00%		11/15/2034		10			10,930
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2018 C, Ref. RB		5.00%		11/15/2035		160			174,212
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2018 C, Ref. RB		5.00%		11/15/2036		25			27,096
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022, RB		5.00%		05/15/2028		10			10,980
									21,414,502
North Carolina-1.04%
Charlotte (City of), NC, Series 2018, Ref. RB		5.00%		07/01/2028		215			237,012
Charlotte (City of), NC, Series 2018, Ref. RB		5.00%		07/01/2031		20			22,020
Charlotte (City of), NC, Series 2018, Ref. RB		5.00%		07/01/2032		40			44,023
Charlotte (City of), NC, Series 2018, Ref. RB		5.00%		07/01/2034		20			21,987
Charlotte (City of), NC, Series 2023 B, Ref. GO Bonds		5.00%		07/01/2028		5			5,514
Mecklenburg (County of), NC, Series 2022, GO Bonds		5.00%		09/01/2028		25			27,674
North Carolina (State of), Series 2017 B, Ref. RB		5.00%		05/01/2028		25			26,802
North Carolina (State of), Series 2018 A, GO Bonds		5.00%		06/01/2030		30			33,036
North Carolina (State of), Series 2018 A, GO Bonds		5.00%		06/01/2031		250			274,794
North Carolina (State of), Series 2018 A, GO Bonds		3.00%		06/01/2034		20			19,783
North Carolina (State of), Series 2020 A, GO Bonds		5.00%		06/01/2028		80			87,959
North Carolina (State of) (Build North Carolina Programs), Series 2020 B, RB		5.00%		05/01/2028		200			219,325
North Carolina (State of) Turnpike Authority, Series 2018 A, Ref. RB		4.00%		01/01/2034		15			15,607
North Carolina (State of) Turnpike Authority, Series 2018 A, Ref. RB		4.00%		01/01/2035		15			15,590
									1,051,126
Ohio-2.14%
Allen (County of), OH, Series 2017 A, Ref. RB		5.00%		08/01/2029		60			64,516
Allen (County of), OH, Series 2017 A, Ref. RB		4.00%		08/01/2038		10			10,089
Allen (County of), OH (Mercy Health), Series 2017 A, Ref. RB		5.00%		08/01/2042		45			46,796
Cincinnati City School District (Classroom Construction & Improvement), Series 2006, Ref. GO Bonds, (INS - NATL)(a)		5.25%		12/01/2028		25			27,870
Cleveland (City of), OH, Series 2018, GO Bonds		5.00%		12/01/2043		125			131,937
Columbus (City of), OH, Series 2016 3, Ref. GO Bonds		5.00%		02/15/2028		15			16,017
Columbus (City of), OH, Series 2017-1, Ref. GO Bonds		5.00%		04/01/2028		115			124,048
Columbus (City of), OH, Series 2018 A, GO Bonds		5.00%		04/01/2030		25			27,650
Columbus (City of), OH, Series 2018 A, GO Bonds		5.00%		04/01/2031		40			44,227
Columbus (City of), OH, Series 2018 A, GO Bonds		5.00%		04/01/2032		30			33,089
Columbus (City of), OH, Series 2018 A, GO Bonds		5.00%		04/01/2033		10			11,026
Columbus (City of), OH, Series 2018 A, GO Bonds		5.00%		04/01/2034		25			27,550
Columbus (City of), OH, Series 2023 A, GO Bonds		5.00%		08/15/2028		60			66,192
Franklin (County of), OH, Series 2018, RB		5.00%		06/01/2048		150			157,863
Miami Valley Career Technology Center, Series 2018, GO Bonds		3.75%		12/01/2047		35			32,616
Northeast Ohio Regional Sewer District, Series 2017, Ref. RB		3.25%		11/15/2040		30			27,574
Northeast Ohio Regional Sewer District, Series 2017, Ref. RB		4.00%		11/15/2043		20			20,157
Ohio (State of), Series 2016 A, Ref. GO Bonds		5.00%		09/01/2028		65			71,866
Ohio (State of), Series 2017 B, Ref. GO Bonds		5.00%		09/01/2028		25			27,641
Ohio (State of), Series 2019-1, RB		5.00%		12/15/2028		80			88,826
Ohio (State of) (Cleveland Clinic Health System Obligated Group), Series 2017 A, Ref. RB		5.00%		01/01/2030		50			54,074
Ohio (State of) (Cleveland Clinic Health System Obligated Group), Series 2017 A, Ref. RB		5.00%		01/01/2031		50			54,033
Ohio (State of) (Cleveland Clinic Health System Obligated Group), Series 2017 A, Ref. RB		5.00%		01/01/2033		45			48,511
Ohio (State of) (Cleveland Clinic Health System Obligated Group), Series 2017 A, Ref. RB		4.00%		01/01/2036		345			352,518
Ohio (State of) (Cleveland Clinic Health System Obligated Group), Series 2017, Ref. RB		5.00%		01/01/2028		30			32,538
Ohio (State of) Turnpike & Infrastructure Commission, Series 2017 A, Ref. RB		5.00%		02/15/2028		15			15,995
Ohio (State of) Turnpike & Infrastructure Commission (Infrastructure), Series 2018 A, RB		5.00%		02/15/2028		25			27,219

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

 218 

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

February 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)			Value
Ohio-(continued)
Ohio (State of) Turnpike & Infrastructure Commission (Infrastructure), Series 2018 A, RB		5.00%		02/15/2030	$	165		$	178,987
Ohio (State of) Turnpike & Infrastructure Commission (Infrastructure), Series 2018 A, RB		5.00%		02/15/2031		30			32,490
Ohio (State of) Turnpike & Infrastructure Commission (Infrastructure), Series 2018 A, RB		5.00%		02/15/2033		85			91,794
Ohio (State of) Water Development Authority, Series 2018, RB		5.00%		06/01/2028		165			180,016
Ohio (State of) Water Development Authority, Series 2019 A, RB		5.00%		06/01/2028		35			38,467
									2,164,192
Oregon-0.46%
Multnomah County School District No. 1, Series 2020, GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00%		06/15/2028		10			10,992
Oregon City School District No. 62, Series 2018 B, GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00%		06/15/2049		5			5,263
Portland (City of), OR, Series 2019 A, Ref. RB		5.00%		03/01/2028		10			10,922
Portland Community College District, Series 2023, GO Bonds		5.00%		06/15/2028		50			54,851
Salem-Keizer School District No. 24J, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00%		06/15/2032		125			136,480
Salem-Keizer School District No. 24J, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00%		06/15/2033		25			27,241
Salem-Keizer School District No. 24J, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00%		06/15/2034		25			27,215
Salem-Keizer School District No. 24J, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty)		4.00%		06/15/2035		25			26,142
Salem-Keizer School District No. 24J, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00%		06/15/2037		55			59,249
University of Oregon, Series 2018 A, RB		5.00%		04/01/2048		105			109,119
									467,474
Pennsylvania-4.14%
Allegheny (County of), PA, Series 2018 C-77, GO Bonds		5.00%		11/01/2043		135			142,184
Allegheny (County of), PA Hospital Development Authority (Allegheny Health Network Obligated Group Issue), Series 2018 A, Ref. RB		5.00%		04/01/2032		30			31,788
Allegheny (County of), PA Hospital Development Authority (Allegheny Health Network Obligated Group Issue), Series 2018 A, Ref. RB		4.00%		04/01/2037		20			20,090
Allegheny (County of), PA Hospital Development Authority (Allegheny Health Network Obligated Group Issue), Series 2018 A, Ref. RB		4.00%		04/01/2044		55			51,868
Allegheny (County of), PA Hospital Development Authority (Allegheny Health Network Obligated Group Issue), Series 2018 A, Ref. RB		5.00%		04/01/2047		150			153,472
Allegheny (County of), PA Hospital Development Authority (Allegheny Health Network Obligated Group Issue), Series 2018, Ref. RB		5.00%		04/01/2033		150			158,714
Allegheny (County of), PA Hospital Development Authority (Allegheny Health Network Obligated Group Issue), Series 2018, Ref. RB		4.00%		04/01/2038		150			146,540
Allegheny (County of), PA Hospital Development Authority (University of Pittsburgh Medical Center), Series 2019 A, Ref. RB		5.00%		07/15/2028		20			21,739
Allegheny (County of), PA Port Authority, Series 2020, Ref. RB		5.00%		03/01/2028		20			21,671
Allegheny (County of), PA Sanitary Authority, Series 2018, RB		5.00%		06/01/2045		100			105,229
Bucks (County of), PA Industrial Development Authority (St. Luke’s University Health Network), Series 2019, RB		3.00%		08/15/2050		180			132,905
Delaware Valley Regional Finance Authority, Series 1998 A, RB, (INS - AMBAC)(a)		5.50%		08/01/2028		25			27,515
DuBois (City of), PA Hospital Authority (Penn Highlands Healthcare), Series 2018, Ref. RB		4.00%		07/15/2048		30			27,143
Erie Sewer Authority, Series 2018 B, Ref. RB, (INS - AGM)(a)		4.00%		12/01/2041		30			30,185
Montgomery (County of), PA Higher Education & Health Authority (Thomas Jefferson University), Series 2018, Ref. RB		4.00%		09/01/2049		5			4,657
Northampton (County of), PA General Purpose Authority (LaFayette College), Series 2018, Ref. RB		4.00%		11/01/2038		100			101,189
Pennsylvania (Commonwealth of), First Series 2017, Ref. GO Bonds		5.00%		01/01/2028		250			264,735
Pennsylvania (Commonwealth of), First Series 2018, GO Bonds		4.00%		03/01/2037		15			15,386
Pennsylvania (Commonwealth of), First Series 2018, GO Bonds, (INS - AGM)(a)		4.00%		03/01/2033		10			10,425
Pennsylvania (Commonwealth of), First Series 2018, GO Bonds, (INS - AGM)(a)		4.00%		03/01/2034		20			20,827
Pennsylvania (Commonwealth of), First Series 2018, GO Bonds, (INS - AGM)(a)		3.75%		03/01/2039		415			416,634
Pennsylvania (Commonwealth of), First Series 2018, GO Bonds, (INS - BAM)(a)		4.00%		03/01/2035		20			20,792
Pennsylvania (Commonwealth of), First Series 2018-1, GO Bonds		5.00%		03/01/2032		25			27,096
Pennsylvania (Commonwealth of), First Series 2020, GO Bonds		5.00%		05/01/2028		200			219,159
Pennsylvania (Commonwealth of), Second Series 2016, Ref. GO Bonds		5.00%		01/15/2028		400			423,909
Pennsylvania (Commonwealth of), Series 2022, GO Bonds		5.00%		10/01/2028		25			27,646
Pennsylvania (Commonwealth of) (Municipal Real Estate Funding, LLC), Series 2018 A, Ref. COP		5.00%		07/01/2043		60			62,656

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

 219 

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

February 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)			Value
Pennsylvania-(continued)
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Trustees University of Pennsylvania), Series 2018 A, RB		4.00%		02/15/2043	$	200		$	199,129
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017 B-2, Ref. RB		5.00%		06/01/2028		10			10,609
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2018 A, RB		5.00%		12/01/2048		300			315,200
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2018 A-2, RB		5.00%		12/01/2048		150			157,600
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2018 B, RB		5.00%		12/01/2043		365			383,065
Philadelphia (City of), PA, Series 2018 A, RB		5.00%		10/01/2048		65			68,344
Philadelphia (City of), PA Authority for Industrial Development, Series 2019, Ref. RB		5.00%		10/01/2028		150			163,035
State College Area School District, Series 2018, GO Bonds		5.00%		05/15/2044		185			195,446
									4,178,582
South Carolina-0.77%
Columbia (City of), SC, Series 2018, RB(b)(c)		5.00%		02/01/2028		20			21,802
Florence (County of), SC, Series 2021, GO Bonds		5.00%		06/01/2028		30			32,934
South Carolina (State of) Jobs-Economic Development Authority (Prisma Health Obligated Group), Series 2018 A, Ref. RB		5.00%		05/01/2035		35			36,697
South Carolina (State of) Jobs-Economic Development Authority (Prisma Health Obligated Group), Series 2018 A, Ref. RB		5.00%		05/01/2043		250			256,366
South Carolina (State of) Jobs-Economic Development Authority (Prisma Health Obligated Group), Series 2018, Ref. RB		5.00%		05/01/2032		110			115,663
South Carolina (State of) Jobs-Economic Development Authority (Prisma Health Obligated Group), Series 2018, Ref. RB		5.00%		05/01/2033		100			105,113
South Carolina (State of) Transportation Infrastructure Bank, Series 2021 B, Ref. RB		5.00%		10/01/2028		100			110,084
Spartanburg Regional Health Services District, Series 2017 A, Ref. RB		5.00%		04/15/2048		100			103,298
									781,957
Tennessee-0.59%
Greeneville (Town of), TN Health & Educational Facilities Board (Ballad Health Obligated Group), Series 2018 A, Ref. RB		5.00%		07/01/2035		160			168,714
Greeneville (Town of), TN Health & Educational Facilities Board (Ballad Health Obligated Group), Series 2018 A, Ref. RB		4.00%		07/01/2040		80			78,911
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2018, GO Bonds		4.00%		07/01/2028		35			36,951
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2018, GO Bonds		5.00%		07/01/2030		115			126,355
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2018, GO Bonds		5.00%		07/01/2032		75			82,157
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2018, GO Bonds		4.00%		07/01/2033		10			10,378
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2018, GO Bonds		4.00%		07/01/2036		50			51,519
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2021 C, GO Bonds		5.00%		01/01/2028		35			38,067
									593,052
Texas-9.12%
Alamo Community College District, Series 2022, GO Bonds.		5.00%		02/15/2028		55			59,839
Alvin Independent School District, Series 2019, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		3.38%		02/15/2040		15			14,303
Arlington (City of), TX, Series 2018 A, RB, (INS - AGM)(a)		5.00%		02/15/2043		15			15,680
Austin Independent School District, Series 2019, GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		08/01/2033		90			93,816
Austin Independent School District, Series 2019, GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		08/01/2035		100			103,829
Bexar (County of), TX, Series 2019, Ref. GO Bonds		4.00%		06/15/2037		5			5,134
Bexar (County of), TX Hospital District, Series 2022, Ctfs. of Obligations		5.00%		02/15/2047		100			104,255
Board of Regents of Stephen F. Austin State University, Series 2019 A, RB		5.00%		10/15/2042		145			154,199
Board of Regents of the University of Texas System, Series 2020 C, Ref. RB		5.00%		08/15/2028		10			11,028
Conroe Independent School District, Series 2020 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2028		25			27,219
Corpus Christi (Port of) and Nueces (County of), TX, Series 2018 A, RB		5.00%		12/01/2048		145			152,604
Corpus Christi Independent School District, Series 2019, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		08/15/2031		35			36,380
Corpus Christi Independent School District, Series 2019, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		08/15/2032		15			15,564
Dallas (City of), TX Area Rapid Transit, Series 2007, Ref. RB, (INS - AMBAC)(a)		5.25%		12/01/2028		20			22,362
Dallas (City of), TX Area Rapid Transit, Series 2019, Ref. RB		5.00%		12/01/2028		45			49,816

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

 220 

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

February 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)			Value
Texas-(continued)
Dallas (City of), TX Independent School District, Series 2021 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2028	$	20		$	21,822
Dallas (County of), TX Hospital District, Series 2019, Ref. GO Bonds		5.00%		08/15/2030		175			189,526
Dallas (County of), TX Utility & Reclamation District, Series 2016, Ref. GO Bonds		5.00%		02/15/2028		20			21,395
El Paso Independent School District, Series 2019, GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		08/15/2037		5			5,090
El Paso Independent School District, Series 2019, GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		08/15/2038		200			202,648
Fort Bend Independent School District, Series 2018, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		08/15/2028		40			42,713
Fort Bend Independent School District, Series 2019 B, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		02/15/2033		65			67,812
Grand Parkway Transportation Corp. (TELA Supported), Series 2018 A, RB		5.00%		10/01/2033		60			64,945
Grand Parkway Transportation Corp. (TELA Supported), Series 2018 A, RB		5.00%		10/01/2038		300			319,663
Grand Parkway Transportation Corp. (TELA Supported), Series 2018 A, RB		5.00%		10/01/2043		205			216,101
Grand Parkway Transportation Corp. (TELA Supported), Series 2018 A, RB		5.00%		10/01/2048		40			41,773
Harris (County of), TX, Series 2022 A, Ref. RB		5.00%		08/15/2028		500			550,496
Harris (County of), TX Toll Road Authority (The), Series 2018 A, Ref. RB		5.00%		08/15/2031		10			10,879
Harris (County of), TX Toll Road Authority (The), Series 2018 A, Ref. RB		5.00%		08/15/2033		15			16,307
Harris (County of), TX Toll Road Authority (The), Series 2018 A, Ref. RB		4.00%		08/15/2038		155			156,593
Harris (County of), TX Toll Road Authority (The), Series 2018 A, Ref. RB		5.00%		08/15/2043		110			115,846
Houston (City of), TX, Series 2018 B, Ref. RB		5.00%		07/01/2028		50			54,711
Houston (City of), TX, Series 2018 B, Ref. RB		5.00%		07/01/2030		40			43,675
Houston (City of), TX, Series 2018 D, Ref. RB		5.00%		07/01/2033		10			10,891
Houston (City of), TX, Series 2018 D, Ref. RB		5.00%		07/01/2035		190			206,343
Houston (City of), TX, Series 2018 D, Ref. RB		5.00%		07/01/2038		25			26,806
Houston (City of), TX, Series 2018 D, Ref. RB		5.00%		11/15/2043		220			232,946
Houston Independent School District, Series 2017, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2028		55			58,513
Hurst-Euless-Bedford Independent School District, Series 2017 A, Ref. GO Bonds		5.00%		08/15/2028		150			160,763
Katy Independent School District, Series 2018, GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		02/15/2048		25			24,796
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2018, Ref. RB		5.00%		05/15/2043		60			62,993
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2018, Ref. RB		5.00%		05/15/2048		180			187,504
Nacogdoches Independent School District, Series 2019, GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2049		100			104,331
North Texas Municipal Water District, Series 2021 A, Ref. RB		5.00%		09/01/2028		100			110,116
North Texas Tollway Authority, Series 2017 A, Ref. RB		5.00%		01/01/2038		140			148,112
North Texas Tollway Authority, Series 2017 A, Ref. RB		5.00%		01/01/2039		25			26,368
North Texas Tollway Authority, Series 2017 A, Ref. RB		5.00%		01/01/2043		15			15,714
North Texas Tollway Authority, Series 2017 A, Ref. RB		5.00%		01/01/2048		90			93,685
North Texas Tollway Authority, Series 2018, Ref. RB		5.00%		01/01/2035		55			58,736
North Texas Tollway Authority, Series 2018, Ref. RB		5.00%		01/01/2036		25			26,598
North Texas Tollway Authority, Series 2018, Ref. RB		4.00%		01/01/2037		300			305,207
Pearland Independent School District, Series 2020, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2028		55			59,645
Pecos Barstow Toyah Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2035		600			643,672
Permanent University Fund - University of Texas System, Series 2007 B, Ref. RB		5.25%		07/01/2028		30			33,299
Permanent University Fund - University of Texas System, Series 2022 A, RB		5.00%		07/01/2028		30			32,994
San Antonio (City of), TX, Series 2015, Ref. RB		3.13%		02/01/2028		75			73,124
San Antonio (City of), TX, Series 2019, Ref. GO Bonds		5.00%		08/01/2028		160			175,939
San Antonio (City of), TX Water System, Series 2018 A, Ref. RB		5.00%		05/15/2048		190			197,176
Texas (State of) Water Development Board, Series 2018 A, RB		5.00%		10/15/2028		30			32,804
Texas (State of) Water Development Board, Series 2018 A, RB		5.00%		10/15/2029		150			164,208
Texas (State of) Water Development Board, Series 2018 A, RB		5.00%		10/15/2031		75			81,919
Texas (State of) Water Development Board, Series 2018 A, RB		4.00%		10/15/2034		55			57,120
Texas (State of) Water Development Board, Series 2018 A, RB		5.00%		10/15/2043		450			476,428
Texas (State of) Water Development Board, Series 2018 A, RB		4.00%		04/15/2048		25			24,360
Texas (State of) Water Development Board, Series 2018 B, RB		5.00%		04/15/2030		240			265,412
Texas (State of) Water Development Board, Series 2018 B, RB		5.00%		10/15/2032		105			115,561

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

 221 

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

February 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Texas-(continued)
Texas (State of) Water Development Board, Series 2018 B, RB		4.00%		10/15/2034	$	80	$	83,433
Texas (State of) Water Development Board, Series 2018 B, RB		4.00%		10/15/2036		1,050		1,084,972
Texas (State of) Water Development Board, Series 2018 B, RB		5.00%		10/15/2038		85		91,733
Texas (State of) Water Development Board, Series 2018 B, RB		5.00%		04/15/2049		225		236,882
Texas (State of) Water Development Board, Series 2020, RB		5.00%		08/01/2028		75		82,570
Texas Municipal Gas Acquisition & Supply Corp. III, Series 2021, Ref. RB		5.00%		12/15/2028		250		261,272
Texas State University Board of Regents, Series 2017 A, Ref. RB		5.00%		03/15/2028		35		37,301
Trinity River Authority, Series 2017, Ref. RB		5.00%		08/01/2028		15		16,117
Trinity River Authority, Series 2018, Ref. RB		5.00%		08/01/2036		15		16,287
								9,212,673
Utah-0.37%
Intermountain Power Agency, Series 2022 A, Ref. RB		5.00%		07/01/2028		20		22,005
Salt Lake City (City of), UT, Series 2018 B, RB		5.00%		07/01/2048		20		20,993
University of Utah (The), Series 2018 A, RB		5.00%		08/01/2044		75		79,175
Utah (County of), UT (IHC Health Services, Inc.), Series 2018, Ref. RB		4.00%		05/15/2041		100		99,996
Utah (State of) Transit Authority, Series 2018, RB		4.00%		12/15/2034		145		149,945
								372,114
Virginia-1.19%
Hampton (City of), VA Roads Transportation Accountability Commission, Series 2018 A, RB(b)(c)		5.50%		01/01/2028		150		166,148
Hampton (City of), VA Roads Transportation Accountability Commission, Series 2018, RB		5.00%		07/01/2048		280		292,288
Richmond (City of), VA, Series 2017 D, Ref. GO Bonds		5.00%		03/01/2028		15		16,395
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2017 E, Ref. RB		5.00%		02/01/2028		60		65,548
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2017 E, Ref. RB		5.00%		02/01/2031		25		27,221
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2019 A, RB		5.00%		02/01/2028		75		81,934
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2019 C, Ref. RB		5.00%		02/01/2028		105		114,708
Virginia (Commonwealth of) Public Building Authority, Series 2020 B, Ref. RB		5.00%		08/01/2028		145		159,827
Virginia (Commonwealth of) Public Building Authority, Series 2021 A-1, RB		5.00%		08/01/2028		70		77,158
Virginia (Commonwealth of) Transportation Board (Garvee), Series 2017, Ref. RB		5.00%		03/15/2028		190		205,252
								1,206,479
Washington-3.11%
Central Puget Sound Regional Transit Authority (Green Bonds), Series 2021 S-1, Ref. RB		5.00%		11/01/2028		135		149,621
Energy Northwest, Series 2018 A, Ref. RB		5.00%		07/01/2032		50		54,721
Energy Northwest, Series 2018 A, Ref. RB		5.00%		07/01/2034		85		92,887
Energy Northwest, Series 2018 C, Ref. RB		5.00%		07/01/2030		40		43,835
Energy Northwest, Series 2018 C, Ref. RB		5.00%		07/01/2032		55		60,193
Energy Northwest, Series 2018 C, Ref. RB		5.00%		07/01/2033		40		43,773
Energy Northwest, Series 2018 C, Ref. RB		5.00%		07/01/2034		60		65,439
Energy Northwest (No. 1), Series 2017 A, Ref. RB		5.00%		07/01/2028		130		139,406
Energy Northwest (No. 1), Series 2020 A, Ref. RB		5.00%		07/01/2028		40		43,975
Energy Northwest (No. 1), Series 2022 A, Ref. RB		5.00%		07/01/2028		145		159,408
Energy Northwest (No. 3), Series 2017 A, Ref. RB		5.00%		07/01/2028		75		80,426
Franklin County School District No 1 Pasco, Series 2023, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)		4.00%		12/01/2028		75		79,597
King & Snohomish Counties School District No. 417 Northshore, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00%		12/01/2036		100		108,137
King County School District No. 412 Shoreline, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00%		12/01/2031		70		77,375
King County School District No. 412 Shoreline, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty)		4.00%		12/01/2036		15		15,287
Snohomish County School District No. 201 Snohomish, Series 2020, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00%		12/01/2028		200		221,404
Washington (State of), Series 2017 R, Ref. GO Bonds		5.00%		08/01/2028		45		48,303

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

 222 

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

February 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Washington-(continued)
Washington (State of), Series 2017 R, Ref. GO Bonds		5.00%		08/01/2028	$	170	$	182,479
Washington (State of), Series 2018 A, GO Bonds		5.00%		08/01/2032		25		27,402
Washington (State of), Series 2018 A, GO Bonds		5.00%		08/01/2034		240		262,265
Washington (State of), Series 2018 A, GO Bonds		5.00%		08/01/2035		45		49,064
Washington (State of), Series 2018 A, GO Bonds		5.00%		08/01/2036		30		32,548
Washington (State of), Series 2018 A, GO Bonds		5.00%		08/01/2039		150		161,022
Washington (State of), Series 2018 C, GO Bonds		5.00%		02/01/2031		85		92,351
Washington (State of), Series 2018 C, GO Bonds		5.00%		02/01/2036		55		59,300
Washington (State of), Series 2018 C, GO Bonds		5.00%		02/01/2038		60		64,161
Washington (State of), Series 2018 C, GO Bonds		5.00%		02/01/2039		20		21,315
Washington (State of), Series 2018 C, GO Bonds		5.00%		02/01/2041		190		201,313
Washington (State of), Series 2019 A, GO Bonds		5.00%		08/01/2028		70		77,158
Washington (State of) (Bid Group 1), Series 2020 A, GO Bonds		5.00%		08/01/2028		10		11,023
Washington (State of) Health Care Facilities Authority (Providence St. Joseph Health), Series 2018 B, Ref. RB		5.00%		10/01/2031		130		138,150
Washington (State of) Health Care Facilities Authority (Providence St. Joseph Health), Series 2018, Ref. RB		5.00%		10/01/2032		20		21,215
Washington (State of) Health Care Facilities Authority (Providence St. Joseph Health), Series 2018, Ref. RB		5.00%		10/01/2033		140		148,263
Whatcom (County of), WA Bellingham School District No. 501, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00%		12/01/2036		105		114,290
								3,147,106
West Virginia-0.81%
West Virginia (State of), Series 2018 B, GO Bonds		5.00%		06/01/2032		90		98,311
West Virginia (State of), Series 2018 B, GO Bonds		5.00%		06/01/2034		25		27,229
West Virginia (State of), Series 2018 B, GO Bonds		5.00%		12/01/2034		75		81,585
West Virginia (State of) (Bidding Group 2), Series 2018 B, GO Bonds		5.00%		06/01/2037		155		166,776
West Virginia (State of) (Bidding Group 2), Series 2018 B, GO Bonds		5.00%		12/01/2039		55		58,815
West Virginia (State of) (Bidding Group 2), Series 2018 B, GO Bonds		5.00%		12/01/2040		150		159,829
West Virginia (State of) (Bidding Group 2), Series 2018 B, GO Bonds		5.00%		12/01/2041		35		37,171
West Virginia (State of) Commissioner of Highways (Surface Transportation), Series 2017 A, RB		5.00%		09/01/2028		40		43,046
West Virginia (State of) Hospital Finance Authority (West Virginia University Health System Obligated Group), Series 2018 A, RB		5.00%		06/01/2052		105 107,871
West Virginia (State of) Parkways Authority, Series 2018, RB		5.00%		06/01/2043		40		42,205
								822,838
Wisconsin-0.28%
University of Wisconsin Hospitals & Clinics, Series 2018 A, Ref. RB		5.00%		04/01/2043		25		26,046
Wisconsin (State of), Series 2021-2, Ref. GO Bonds		5.00%		05/01/2028		55		60,269
Wisconsin (State of) Department of Transportation, Series 2017 1, Ref. RB		5.00%		07/01/2028		160		171,453
Wisconsin (State of) Health & Educational Facilities Authority (Ascension Senior Credit Group), Series 2019, Ref. RB		5.00%		11/15/2028		25 27,545
								285,313
TOTAL INVESTMENTS IN SECURITIES(d)-98.60% (Cost $99,853,105)								99,628,083
OTHER ASSETS LESS LIABILITIES-1.40%								1,413,810
NET ASSETS-100.00%							$	101,041,893

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

 223 

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

February 29, 2024

(Unaudited)

 

Investment Abbreviations:
AGM	-Assured Guaranty Municipal Corp.
AMBAC	-American Municipal Bond Assurance Corp.
BAM	-Build America Mutual Assurance Co.
CEP	-Credit Enhancement Provider
COP	-Certificates of Participation
Ctfs.	-Certificates
GO	-General Obligation
INS	-Insurer
NATL	-National Public Finance Guarantee Corp.
RB	-Revenue Bonds
Ref.	-Refunding
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 issuer’s obligations but may be called upon to satisfy the issuer’s obligations. No concentration of any single entity was greater than 5% each.

Portfolio Composition
Revenue Type Breakdown (% of the Fund’s Net Assets)  as of February 29, 2024
College & University Revenue	21.05
Ad Valorem Property Tax	14.77
Electric Power Revenue	9.53
Sales Tax Revenue	8.61
Water Revenue	6.31
General Fund	5.24
Appropriations	5.11
Highway Tolls Revenue	5.03
Miscellaneous Revenue	4.74
Income Tax Revenue	4.64
Health, Hospital, Nursing Home Revenue	4.59
Revenue Types Each Less Than 3%	8.98
Other Assets Less Liabilities	1.40

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

 224 

Invesco BulletShares 2029 Municipal Bond ETF (BSMT)

February 29, 2024

(Unaudited)

Schedule of Investments

	Interest Rate		Maturity Date		Principal Amount (000)			Value
Municipal Obligations-98.75%
Alabama-0.31%
Alabama (State of) Public School & College Authority (Social Bonds), Series 2020 A, Ref. RB		5.00%		11/01/2029	$	100		$	113,011
Madison (City of), AL Water & Wastewater Board, Series 2020, Ref. RB		3.00%		12/01/2050		100			76,298
University of Alabama (The), Series 2019 A, Ref. RB		4.00%		07/01/2034		45			46,881
University of Alabama (The), Series 2019 A, Ref. RB		4.00%		07/01/2035		25			25,942
									262,132
Arizona-1.04%
Arizona (State of), Series 2019 A, Ref. COP(a)		5.00%		10/01/2029		30			33,897
Arizona (State of) Industrial Development Authority (NCCU Properties LLC), Series 2019 A, RB, (INS - BAM)(b)		5.00%		06/01/2054		50			51,945
Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group), Series 2016, Ref. RB		5.00%		01/01/2029		30			33,069
Maricopa (County of), AZ Special Health Care District, Series 2021 D, GO Bonds		5.00%		07/01/2029		35			38,974
Maricopa (County of), AZ Special Health Care District (Maricopa Integrated Health), Series 2018 C, GO Bonds		5.00%		07/01/2029		160 174,425
Phoenix Civic Improvement Corp., Series 2019 A, RB		5.00%		07/01/2045		350			366,957
Phoenix Civic Improvement Corp., Series 2019 A, RB		3.00%		07/01/2049		25			19,285
Phoenix Civic Improvement Corp., Series 2019, RB		5.00%		07/01/2044		125			133,613
Salt River Project Agricultural Improvement & Power District, Series 2017, Ref. RB		5.00%		01/01/2029		20			21,729
Salt River Project Agricultural Improvement & Power District, Series 2021 A, Ref. RB		5.00%		01/01/2029		20			22,295
									896,189
Arkansas-0.18%
El Dorado Special School District No. 15, Series 2023 A, Ref. GO Bonds		5.00%		02/01/2050		150			156,234
California-16.10%
Bay Area Toll Authority (San Francisco Bay Area), Series 2019 S-8, Ref. RB(a)(c)		5.00%		10/01/2029		70			79,836
Bay Area Toll Authority (San Francisco Bay Area), Series 2019 S-H, Ref. RB(a)(c)		5.00%		04/01/2029		30			33,871
California (State of), Series 2019, GO Bonds		5.00%		04/01/2032		220			245,977
California (State of), Series 2019, Ref. GO Bonds		5.00%		04/01/2029		1,000			1,120,887
California (State of), Series 2019, Ref. GO Bonds		5.00%		10/01/2029		75			84,951
California (State of), Series 2019, Ref. GO Bonds		5.00%		10/01/2031		825			931,584
California (State of), Series 2019, Ref. GO Bonds		5.00%		04/01/2032		30			33,542
California (State of), Series 2019, Ref. GO Bonds		5.00%		10/01/2032		50			56,435
California (State of), Series 2019, Ref. GO Bonds		5.00%		04/01/2033		150			167,344
California (State of), Series 2019, Ref. GO Bonds		4.00%		10/01/2034		295			313,994
California (State of), Series 2019, Ref. GO Bonds		5.00%		04/01/2035		355			395,464
California (State of), Series 2019, Ref. GO Bonds		4.00%		10/01/2039		300			312,584
California (State of), Series 2019, Ref. GO Bonds		5.00%		10/01/2039		40			44,223
California (State of), Series 2020, GO Bonds		5.00%		03/01/2029		130			145,462
California (State of), Series 2021, GO Bonds		5.00%		10/01/2029		500			566,340
California (State of), Series 2021, Ref. GO Bonds		5.00%		10/01/2029		15			16,990
California (State of), Series 2023 A, Ref. GO Bonds		5.00%		09/01/2029		10			11,307
California (State of), Series 2023, Ref. GO Bonds		5.00%		09/01/2029		250			282,683
California (State of), Series 2023, Ref. GO Bonds		5.00%		10/01/2029		5			5,663
California (State of) (Bidding Group B), Series 2020 B, Ref. GO Bonds		5.00%		11/01/2029		350			397,121
California (State of) Department of Veterans Affairs (Veteran’s Farm & Home Purchase), Series 2020 A, RB		2.45%		12/01/2045		50			35,521
California (State of) Department of Water Resources, Series 2019 BA, RB		5.00%		12/01/2031		50			56,810
California (State of) Department of Water Resources, Series 2019 BA, RB		5.00%		12/01/2034		165			186,945
California (State of) Department of Water Resources (Central Valley), Series 2018, Ref. RB		5.00%		12/01/2029		75			84,348
California (State of) Department of Water Resources (Central Valley), Series 2019 BA, RB		5.00%		12/01/2029		20			22,751
California (State of) Department of Water Resources (Central Valley), Series 2019 BA, RB		5.00%		12/01/2030		25			28,417
California (State of) Department of Water Resources (Central Valley), Series 2019 BA, RB		5.00%		12/01/2032		10			11,352
California (State of) Department of Water Resources (Central Valley), Series 2019 BA, RB		5.00%		12/01/2033		35			39,709

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

 225 

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

February 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)			Value
California-(continued)
California (State of) Department of Water Resources (Central Valley), Series 2020 BB, Ref. RB		5.00%		12/01/2029	$	90		$	103,752
California (State of) Educational Facilities Authority (Stanford University), Series 2019 V-1, RB		5.00%		05/01/2029		50			56,817
California (State of) Health Facilities Financing Authority (Marshall Medical Center), Series 2020, Ref. RB, (INS - Cal-Mortgage)(b)		4.00%		11/01/2040		45			45,657
California (State of) Infrastructure & Economic Development Bank (Academy Motion Picture Arts & Sciences Obligated Group), Series 2020 B, Ref. RB		5.00%		11/01/2029		350			397,198
California (State of) Infrastructure & Economic Development Bank (California State Teachers’ Retirement System Headquarters Expansion) (Green Bonds), Series 2019, RB		5.00%		08/01/2049		130			138,931
California (State of) Public Works Board (Various Capital), Series 2019 C, RB		5.00%		11/01/2029		80			90,952
California (State of) Public Works Board (Various Capital), Series 2019 C, RB		5.00%		11/01/2032		15			16,931
California (State of) Public Works Board (Various Capital), Series 2019 C, RB		5.00%		11/01/2033		50			56,409
California (State of) Public Works Board (Various Capital), Series 2019 C, RB		5.00%		11/01/2034		220			247,373
California State University, Series 2019 A, RB		5.00%		11/01/2039		200			222,016
California State University, Series 2019 A, RB		5.00%		11/01/2040		100			110,531
California State University, Series 2019 A, RB		5.00%		11/01/2049		100			107,879
East Bay Municipal Utility District (Green Bonds), Series 2019 A, RB		5.00%		06/01/2049		200			215,776
Etiwanda School District (Election of 2016), Series 2020 A, GO Bonds		4.00%		08/01/2049		100			100,642
Glendale Community College District, Series 2020 B, GO Bonds		4.00%		08/01/2050		35			35,090
Long Beach (City of), CA, Series 2019 A, RB		7.15%		05/15/2044		75			81,604
Los Angeles (City of), CA Department of Airports, Series 2020 A, Ref. RB		5.00%		05/15/2033		290			331,792
Los Angeles (City of), CA Department of Airports, Series 2020 A, Ref. RB		5.00%		05/15/2034		50			57,188
Los Angeles (City of), CA Department of Airports, Series 2020 A, Ref. RB		5.00%		05/15/2036		100			113,284
Los Angeles (City of), CA Department of Airports, Series 2020, Ref. RB		5.00%		05/15/2031		10			11,486
Los Angeles (City of), CA Department of Airports, Series 2020, Ref. RB		5.00%		05/15/2037		30			33,739
Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2020 A, Ref. RB		5.00%		05/15/2032		30			34,356
Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2020 A, Ref. RB		5.00%		05/15/2039		75			83,744
Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2020 A, Ref. RB		5.00%		05/15/2040		240			266,564
Los Angeles (City of), CA Department of Water & Power, Series 2019 A, RB		5.00%		07/01/2036		40			44,497
Los Angeles (City of), CA Department of Water & Power, Series 2019 A, RB		5.00%		07/01/2039		65			71,217
Los Angeles (City of), CA Department of Water & Power, Series 2019 A, RB		5.00%		07/01/2045		100			107,866
Los Angeles (City of), CA Department of Water & Power, Series 2019 A, RB		5.00%		07/01/2049		100			107,112
Los Angeles (City of), CA Department of Water & Power, Series 2019 A, RB		5.25%		07/01/2049		120			129,859
Los Angeles (City of), CA Department of Water & Power, Series 2019 B, Ref. RB		5.00%		07/01/2030		35			39,441
Los Angeles (City of), CA Department of Water & Power, Series 2019 B, Ref. RB		5.00%		07/01/2032		215			241,577
Los Angeles (City of), CA Department of Water & Power, Series 2019 D, Ref. RB		5.00%		07/01/2032		70			79,535
Los Angeles (City of), CA Department of Water & Power, Series 2019 D, Ref. RB		5.00%		07/01/2037		15			16,752
Los Angeles (City of), CA Department of Water & Power, Series 2019 D, Ref. RB		5.00%		07/01/2044		265			288,487
Los Angeles (City of), CA Department of Water & Power, Series 2020 A, Ref. RB		5.00%		07/01/2029		25			28,491
Los Angeles (City of), CA Department of Water & Power, Series 2020 B, Ref. RB		4.00%		07/01/2029		100			108,233
Los Angeles (City of), CA Department of Water & Power, Series 2022 E, Ref. RB		5.00%		07/01/2029		15			17,095
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2021 A, RB		5.00%		06/01/2029		35			39,848
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020 A, RB		5.00%		06/01/2029		45			51,162
Los Angeles (County of), CA Public Works Financing Authority, Series 2019 E-1, RB		5.00%		12/01/2049		75			81,056
Los Angeles Unified School District, Series 2016 B, Ref. GO Bonds		2.00%		07/01/2029		45			41,901
Los Angeles Unified School District, Series 2019 A, Ref. GO Bonds		5.00%		07/01/2029		95			107,958
Los Angeles Unified School District, Series 2019 A, Ref. GO Bonds		5.00%		07/01/2032		70			79,484
Los Angeles Unified School District, Series 2019 A, Ref. GO Bonds		4.00%		07/01/2033		20			21,326
Los Angeles Unified School District, Series 2021 A, Ref. GO Bonds		5.00%		07/01/2029		30			34,092
Martinez Unified School District (Election of 2016), Series 2021, GO Bonds, (INS - AGM)(b)		4.00%		08/01/2051		25			25,122
Metropolitan Water District of Southern California, Series 2019 A, Ref. RB		5.00%		07/01/2029		90			102,470
Metropolitan Water District of Southern California, Series 2019 A, Ref. RB		5.00%		07/01/2030		10			11,253
Metropolitan Water District of Southern California, Series 2019 A, Ref. RB		5.00%		07/01/2037		40			44,171
Metropolitan Water District of Southern California, Series 2019 A, Ref. RB		5.00%		07/01/2039		175			192,409
Metropolitan Water District of Southern California, Series 2020 A, RB		5.00%		10/01/2045		160			175,663
Metropolitan Water District of Southern California, Series 2020 A, RB		5.00%		10/01/2049		15			16,428

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

 226 

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

February 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)			Value
California-(continued)
Mount San Antonio Community College District (Election of 2018), Series 2019 A, GO Bonds		4.00%		08/01/2049	$	150		$	151,856
Mt. San Antonio Community College District (Election of 2018), Series 2019 A, GO Bonds		5.00%		08/01/2044		115			125,313
Norwalk-La Mirada Unified School District, Series 2019 D, GO Bonds		4.00%		08/01/2048		100			100,071
Orange (County of), CA Local Transportation Authority, Series 2019, RB		5.00%		02/15/2032		15			16,962
Orange (County of), CA Local Transportation Authority, Series 2019, RB		5.00%		02/15/2036		55			61,731
Orange (County of), CA Local Transportation Authority, Series 2019, RB		5.00%		02/15/2039		150			165,804
Pasadena Unified School District (Election of 2020), Series 2023 C, GO Bonds		5.00%		08/01/2029		10			11,396
Pleasant Valley School District, Series 2021 B, GO Bonds		4.00%		08/01/2046		100			100,623
Rancho Santiago Community College District, Series 2005, GO Bonds, (INS - AGM)(b)		5.13%		09/01/2029		35			39,934
Riverside (City of), CA, Series 2019 A, Ref. RB		5.00%		10/01/2036		55			61,368
Riverside (City of), CA, Series 2019 A, Ref. RB		5.00%		10/01/2037		100			110,975
Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2019 G, RB		5.00%		08/15/2037		50			56,116
Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2019 G, RB		5.00%		08/15/2039		100			111,165
Sacramento (County of), CA Sanitation Districts Financing Authority, Series 2020 A, Ref. RB		5.00%		12/01/2029		50			57,816
Sacramento Transportation Authority, Series 2023 A, Ref. RB		5.00%		10/01/2029		5			5,728
Salinas Union High School District, Series 2020 B, Ref. GO Bonds		4.00%		08/01/2049		15			15,083
San Diego (County of), CA Regional Airport Authority, Series 2019 A, Ref. RB		5.00%		07/01/2039		115			126,458
San Diego (County of), CA Regional Airport Authority, Series 2019 A, Ref. RB		5.00%		07/01/2044		185			199,609
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2019 D, Ref. RB		5.00%		05/01/2037		75			83,194
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2019 F, RB		5.00%		05/01/2050		140			149,371
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2019, RB		5.00%		05/01/2049		90			96,147
San Francisco (City & County of), CA Public Utilities Commission, Series 2023 B, Ref. RB		5.00%		10/01/2029		20			22,934
San Francisco Bay Area Rapid Transit District, Series 2019, GO Bonds		4.00%		08/01/2044		250			252,573
San Francisco Bay Area Rapid Transit District (Green Bonds), Series 2020 C-1, GO Bonds		4.00%		08/01/2035		70			73,992
San Francisco Bay Area Rapid Transit District (Green Bonds), Series 2020 C-1, GO Bonds		4.00%		08/01/2045		100			100,899
San Jose (City of), CA, Series 2019 C, Ref. GO Bonds		5.00%		09/01/2029		40			45,082
San Jose (City of), CA, Series 2019 C, Ref. GO Bonds		5.00%		09/01/2030		220			247,823
San Jose (City of), CA, Series 2019 C, Ref. GO Bonds		5.00%		09/01/2031		15			16,891
University of California, Series 2018 AZ, Ref. RB		4.00%		05/15/2029		10			10,639
University of California, Series 2023 BQ, RB		5.00%		05/15/2029		190			215,798
University of California (Limited), Series 2018 O, Ref. RB		4.00%		05/15/2029		40			42,491
									13,852,169
Colorado-2.87%
Adams & Arapahoe Joint School District No. 28J Aurora, Series 2021 A, GO Bonds		5.00%		12/01/2029		50			56,629
Arapahoe County School District No. 5 Cherry Creek, Series 2020, Ref. GO Bonds		5.00%		12/15/2029		25			28,294
Colorado (State of), Series 2018 A, COP		5.00%		12/15/2029		30			33,030
Colorado (State of), Series 2020 A, COP		5.00%		12/15/2029		50			56,301
Colorado (State of), Series 2021 A, COP		5.00%		12/15/2029		30			33,780
Colorado (State of) Health Facilities Authority (Adventhealth Obligated Group), Series 2019 A, Ref. RB		5.00%		11/15/2037		45			49,169
Colorado (State of) Health Facilities Authority (Adventhealth Obligated Group), Series 2019 A, Ref. RB		4.00%		11/15/2038		30			30,376
Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A, Ref. RB		5.00%		08/01/2029		50			54,426
Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A, Ref. RB		5.00%		08/01/2031		65			70,702
Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A, Ref. RB		5.00%		08/01/2035		55			59,325
Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A, Ref. RB		5.00%		08/01/2035		15			16,179
Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A, Ref. RB		5.00%		08/01/2036		60			64,320
Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A, Ref. RB		5.00%		08/01/2036		25			26,800
Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A, Ref. RB		5.00%		08/01/2038		15			15,914
Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-1, Ref. RB		5.00%		08/01/2031		100			108,772
Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-1, Ref. RB		5.00%		08/01/2033		10			10,845
Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-1, Ref. RB		5.00%		08/01/2034		50			54,103
Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-2, Ref. RB		5.00%		08/01/2032		55			59,729
Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-2, Ref. RB		5.00%		08/01/2033		30			32,534
Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-2, Ref. RB		5.00%		08/01/2039		50			52,949
Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-2, Ref. RB		5.00%		08/01/2044		320			333,942

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

 227 

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

February 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)			Value
Colorado-(continued)
Colorado (State of) Health Facilities Authority (Sanford Health), Series 2019 A, Ref. RB		5.00%		11/01/2031	$	25		$	27,329
Colorado (State of) Health Facilities Authority (Sanford Health), Series 2019 A, Ref. RB		5.00%		11/01/2032		110			120,096
Colorado (State of) Health Facilities Authority (Sanford Health), Series 2019 A, Ref. RB		5.00%		11/01/2033		150			163,524
Colorado (State of) Health Facilities Authority (Sanford Health), Series 2019 A, Ref. RB		5.00%		11/01/2034		60			65,311
Colorado (State of) Health Facilities Authority (SCL Health System), Series 2019 A, Ref. RB		5.00%		01/01/2029		195			215,694
Colorado (State of) Regional Transportation District (Fastracks), Series 2013 A, Ref. RB		5.00%		11/01/2029		190			215,043
Colorado Springs (City of), CO, Series 2019 A, Ref. RB		5.00%		11/15/2029		15			16,991
Denver (City & County of), CO, Series 2020 B, Ref. GO Bonds		5.00%		08/01/2029		60			67,563
Denver (City & County of), CO, Series 2023 A, Ref. RB		5.00%		11/15/2029		5			5,624
Pueblo City Schools, Series 2020, GO Bonds		5.00%		12/15/2039		25			27,316
Weld County School District No. 6 Greeley, Series 2020, GO Bonds		5.00%		12/01/2044		275			296,259
									2,468,869
Connecticut-2.02%
Connecticut (State of), Series 2018 E, GO Bonds		5.00%		09/15/2029		35			38,455
Connecticut (State of), Series 2019 A, GO Bonds		5.00%		04/15/2029		150			167,505
Connecticut (State of), Series 2019 A, GO Bonds		5.00%		04/15/2032		750			833,844
Connecticut (State of), Series 2019 A, GO Bonds		5.00%		04/15/2035		150			166,055
Connecticut (State of), Series 2019 A, GO Bonds		5.00%		04/15/2036		45			49,564
Connecticut (State of), Series 2019 A, GO Bonds		5.00%		04/15/2039		125			135,515
Connecticut (State of), Series 2019 B, Ref. GO Bonds		5.00%		02/15/2029		5			5,565
Connecticut (State of), Series 2020 A, GO Bonds		5.00%		01/15/2029		50			55,545
Connecticut (State of), Series 2020 A, RB		5.00%		05/01/2029		55			61,473
Connecticut (State of), Series 2020 C, GO Bonds		4.00%		06/01/2029		25			26,593
Connecticut (State of), Series 2021 A, GO Bonds		4.00%		01/15/2029		20			21,177
Connecticut (State of), Series 2022 A, GO Bonds		4.00%		01/15/2029		20			21,177
Connecticut (State of) Health & Educational Facilities Authority, Series 1997, RB		5.00%		07/01/2029		75			84,628
Connecticut (State of) Health & Educational Facilities Authority (Yale University), Series 2017 B-1, Ref. RB		5.00%		07/01/2029		60			67,702
									1,734,798
Delaware-0.35%
Delaware (State of), Series 2020 A, GO Bonds		5.00%		01/01/2029		10			11,162
Delaware (State of), Series 2023 A, GO Bonds		5.00%		05/01/2029		60			67,464
Delaware (State of) Health Facilities Authority (Christiana Health Care Systems), Series 2020, Ref. RB		5.00%		10/01/2045		125			131,626
Delaware (State of) Transportation Authority, Series 2020, Ref. RB		5.00%		07/01/2029		80			90,014
									300,266
District of Columbia-2.96%
District of Columbia, Series 2019 A, GO Bonds		5.00%		10/15/2029		25			27,958
District of Columbia, Series 2019 A, GO Bonds		5.00%		10/15/2030		405			452,478
District of Columbia, Series 2019 A, GO Bonds		5.00%		10/15/2031		100			111,679
District of Columbia, Series 2019 A, GO Bonds		5.00%		10/15/2032		20			22,296
District of Columbia, Series 2019 A, GO Bonds		5.00%		10/15/2033		50			55,706
District of Columbia, Series 2019 A, GO Bonds		5.00%		10/15/2034		15			16,677
District of Columbia, Series 2019 A, GO Bonds		5.00%		10/15/2037		30			32,808
District of Columbia, Series 2019 A, GO Bonds		4.00%		10/15/2040		150			152,705
District of Columbia, Series 2019 A, GO Bonds		5.00%		10/15/2044		50			53,465
District of Columbia, Series 2019 A, RB		5.00%		03/01/2029		30			33,523
District of Columbia, Series 2019 A, RB		5.00%		03/01/2032		40			44,934
District of Columbia, Series 2019 A, RB		5.00%		03/01/2033		10			11,207
District of Columbia, Series 2019 A, RB		5.00%		03/01/2034		260			290,813
District of Columbia, Series 2019 A, RB		4.00%		03/01/2040		220			224,246
District of Columbia, Series 2019 C, Ref. RB		3.00%		10/01/2029		30			30,323
District of Columbia, Series 2019 C, Ref. RB		5.00%		10/01/2031		100			112,609
District of Columbia, Series 2019 C, Ref. RB		5.00%		10/01/2032		25			28,099
District of Columbia, Series 2019 C, Ref. RB		5.00%		10/01/2034		145			162,181
District of Columbia, Series 2020 A, RB		5.00%		03/01/2029		150			167,616
District of Columbia, Series 2020, RB		5.00%		12/01/2029		10			11,241

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

 228 

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

February 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)			Value
District of Columbia-(continued)
District of Columbia, Series 2020, RB		5.00%		12/01/2032	$	20		$	22,385
District of Columbia, Series 2020, RB		5.00%		12/01/2034		60			66,888
District of Columbia, Series 2022 C, Ref. RB		5.00%		12/01/2029		35			39,721
District of Columbia, Series 2023 A, GO Bonds		5.00%		01/01/2029		50			55,666
Metropolitan Washington Airports Authority (Dulles Metrorail and Capital Improvement), Series 2019, Ref. RB		4.00%		10/01/2037		135			136,256
Washington Metropolitan Area Transit Authority, Series 2020 A, RB		5.00%		07/15/2029		165			185,363
									2,548,843
Florida-2.90%
Alachua (County of), FL Health Facilities Authority (Shands Teaching Hospital & Clinics, Inc.), Series 2019, RB		3.00%		12/01/2046		5			3,778
Broward (County of), FL, Series 2019 A, RB		5.00%		10/01/2040		100			108,758
Broward (County of), FL, Series 2019 A, RB		4.00%		10/01/2042		70			71,185
Broward (County of), FL School Board, Series 2019 B, Ref. COP		5.00%		07/01/2029		100			111,829
Central Florida Expressway Authority, Series 2019 A, RB		5.00%		07/01/2044		40			42,312
Central Florida Expressway Authority, Series 2019 B, RB		5.00%		07/01/2038		70			75,454
Duval County (County of), FL School Board, Series 2022 A, COP, (INS - AGM)(b)		5.00%		07/01/2029		60			67,129
Florida (State of), Series 2021 A, Ref. GO Bonds		5.00%		07/01/2029		135			152,042
Florida (State of), Series 2021 B, Ref. GO Bonds		5.00%		06/01/2029		40			44,971
Florida (State of) Department of Transportation, Series 2019 B, RB		3.00%		07/01/2049		15			11,914
Florida (State of) Department of Transportation, Series 2020 A, Ref. RB		5.00%		07/01/2029		130			145,859
Florida (State of) Higher Educational Facilities Financial Authority (St. Leo Univeristy), Series 2019, Ref. RB		5.00%		03/01/2039		100			79,558
Florida (State of) Municipal Power Agency, Series 2018 A, Ref. RB		3.00%		10/01/2029		25			24,853
Gainesville (City of), FL, Series 2019 A, RB		5.00%		10/01/2047		100			105,892
Gainesville (City of), FL (Utilities System), Series 2019 A, RB		5.00%		10/01/2044		105			111,919
Jacksonville (City of), FL (Brooks Rehabilitation), Series 2020, Ref. RB		5.00%		11/01/2050		150			154,821
Lee Memorial Health System, Series 2019 A-1, Ref. RB		5.00%		04/01/2029		35			38,494
Lee Memorial Health System, Series 2019 A-1, Ref. RB		5.00%		04/01/2033		5			5,414
Lee Memorial Health System, Series 2019 A-1, Ref. RB		5.00%		04/01/2036		65			69,779
Lee Memorial Health System, Series 2019 A-1, Ref. RB		5.00%		04/01/2044		150			156,123
Miami-Dade (County of), FL, Series 2019 B, RB		4.00%		10/01/2044		195			195,855
Orange (County of), FL Convention Center, Series 2017, Ref. RB		5.00%		10/01/2029		100			111,556
Palm Beach County School District, Series 2018 C, Ref. COP		5.00%		08/01/2029		150			164,426
Polk County School District, Series 2019, RB		5.00%		10/01/2033		100			111,757
Tampa Bay (City of), FL Water, Series 2001 A, Ref. RB, (INS - NATL)(b)		6.00%		10/01/2029		165			194,650
Volusia (County of), FL Educational Facility Authority (Embry–Riddle Aeronautical University), Series 2020, Ref. RB		5.00%		10/15/2049		125			130,865
									2,491,193
Georgia-2.13%
Atlanta (City of), GA, Series 2004, RB, (INS - AGM)(b)		5.75%		11/01/2029		10			11,654
Atlanta (City of), GA, Series 2019 C, RB		5.00%		07/01/2035		70			77,933
Atlanta (City of), GA, Series 2019 C, RB		5.00%		07/01/2036		5			5,540
Atlanta (City of), GA, Series 2022 A-1, GO Bonds		5.00%		12/01/2029		40			45,303
Atlanta (City of), GA Department of Aviation, Series 2020 A, Ref. RB		5.00%		07/01/2029		120			134,258
Brookhaven (City of), GA Development Authority (Children’s Healthcare of Atlanta, Inc.), Series 2019 A, RB		3.00%		07/01/2046		50			39,524
DeKalb (County of), GA, Series 2022, Ref. RB		5.00%		10/01/2029		30			33,814
Fulton (County of), GA Development Authority (Georgia Institute of Technology), Series 2019, RB		5.00%		06/15/2044		150			158,133
Georgia (State of), Series 2018 A, GO Bonds		5.00%		07/01/2029		100			110,333
Georgia (State of) (Bidding Group 1), Series 2020 A, GO Bonds		5.00%		08/01/2029		160			180,686
Georgia (State of) (Tranche 2), Series 2019 A, GO Bonds		5.00%		07/01/2032		50			56,117
Georgia (State of) Ports Authority, Series 2022, RB		5.00%		07/01/2029		20			22,461
Gwinnett (County of), GA Water & Sewerage Authority, Series 2019, Ref. RB		5.00%		08/01/2029		60			67,725
Gwinnett County School District, Series 2019, GO Bonds		5.00%		02/01/2041		195			211,225
Henry County School District, Series 2021, GO Bonds		4.00%		08/01/2029		25			26,776
Main Street Natural Gas, Inc., Series 2019 A, RB		5.00%		05/15/2043		100			102,586

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

 229 

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

February 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)			Value
Georgia-(continued)
Private Colleges & Universities Authority (Emory University), Series 2019 A, Ref. RB		5.00%		09/01/2037	$	30		$	32,932
Private Colleges & Universities Authority (Emory University), Series 2022 A, Ref. RB		5.00%		09/01/2029		200			225,270
Private Colleges & Universities Authority (Emory University) (Green Bonds), Series 2019, Ref. RB		5.00%		09/01/2048		250			264,976
Savannah (City of), GA Hospital Authority (St. Josephs Candler Health System), Series 2019 A, Ref. RB		4.00%		07/01/2039		25			25,100
									1,832,346
Hawaii-0.72%
Hawaii (State of), Series 2019 FW, GO Bonds		5.00%		01/01/2029		25			27,749
Hawaii (State of), Series 2019 FW, GO Bonds		5.00%		01/01/2033		10			11,076
Hawaii (State of), Series 2019 FW, GO Bonds		5.00%		01/01/2034		60			66,429
Hawaii (State of), Series 2019 FW, GO Bonds		5.00%		01/01/2035		55			60,807
Hawaii (State of), Series 2019 FW, GO Bonds		5.00%		01/01/2038		180			195,704
Honolulu (City & County of), HI, Series 2019 A, RB		5.00%		07/01/2044		25			26,823
Honolulu (City & County of), HI, Series 2019 B, Ref. RB		5.00%		07/01/2036		25			27,546
Honolulu (City & County of), HI, Series 2022 A, Ref. GO Bonds		5.00%		11/01/2029		155			175,168
Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2019 A, GO Bonds		5.00%		09/01/2029		25			27,481
									618,783
Idaho-0.20%
Idaho (State of) Housing & Finance Association, Series 2019, Ref. RB		5.00%		07/15/2035		40			44,078
Idaho (State of) Housing & Finance Association (Garvee), Series 2021 A, Ref. RB		5.00%		07/15/2029		115			128,154
									172,232
Illinois-5.25%
Chicago (City of), IL, Series 2019 A, GO Bonds		5.50%		01/01/2035		100			108,095
Chicago (City of), IL, Series 2021 B, Ref. GO Bonds		4.00%		01/01/2029		267			272,329
Chicago (City of), IL (O’Hare International Airport), Series 2018 B, RB		5.00%		01/01/2036		20			21,922
Chicago (City of), IL (O’Hare International Airport), Series 2018 B, RB		4.00%		01/01/2044		340			336,458
Chicago (City of), IL (O’Hare International Airport), Series 2018 B, RB		5.00%		01/01/2048		365			384,377
Chicago (City of), IL (O’Hare International Airport), Series 2018 B, RB		5.00%		01/01/2053		140			146,549
Chicago (City of), IL Midway International Airport, Series 2023 B, Ref. RB, (INS - BAM)(b)		5.00%		01/01/2029		5			5,535
Chicago (City of), IL Transit Authority (FTA Section 5307 Urbanized Area Formula Funds), Series 2021, Ref. RB		5.00%		06/01/2029		200			217,561
Cook (County of), IL, Series 2022 A, Ref. GO Bonds		5.00%		11/15/2029		15			16,754
Illinois (State of), Series 2018 A, GO Bonds		5.00%		05/01/2029		50			53,731
Illinois (State of), Series 2023 B, GO Bonds		5.00%		12/01/2029		65			71,652
Illinois (State of) (Rebuild Illinois Program), Series 2019 B, GO Bonds		5.00%		11/01/2031		175			192,416
Illinois (State of) (Rebuild Illinois Program), Series 2019 B, GO Bonds		4.00%		11/01/2035		50			50,712
Illinois (State of) (Rebuild Illinois Program), Series 2019 B, GO Bonds		4.00%		11/01/2036		75			75,679
Illinois (State of) Finance Authority (Clean Water Initiative), Series 2019, RB		5.00%		07/01/2033		50			55,671
Illinois (State of) Finance Authority (Clean Water Initiative), Series 2019, RB		5.00%		07/01/2034		95			105,679
Illinois (State of) Finance Authority (Clean Water Initiative), Series 2019, RB		5.00%		07/01/2036		65			71,855
Illinois (State of) Finance Authority (Green Bonds), Series 2019, RB		5.00%		07/01/2037		220			241,716
Illinois (State of) Finance Authority (State Clean Water) (Green Bonds), Series 2019, RB		4.00%		07/01/2038		145			148,055
Illinois (State of) Finance Authority (University of Illinois at Urbana), Series 2019, RB		5.00%		10/01/2049		105			107,502
Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion), Series 2020, Ref. RB		5.00%		06/15/2050		40			41,135
Illinois (State of) Regional Transportation Authority, Series 2004 A, RB, (INS - AGM)(b)		5.75%		06/01/2029		75			84,685
Illinois (State of) Toll Highway Authority, Series 2019 A, RB		5.00%		01/01/2044		650			693,053
Illinois (State of) Toll Highway Authority, Series 2019, Ref. RB		5.00%		01/01/2029		50			55,330
Kendall Kane & Will Counties Community Unit School District No. 308, Series 2020 A, Ref. GO Bonds, (INS - AGM)(b)		5.00%		02/01/2029		145			157,191
Sales Tax Securitization Corp., Series 2017 A, Ref. RB		5.00%		01/01/2029		110			118,293
Sales Tax Securitization Corp., Series 2018 C, Ref. RB		5.00%		01/01/2043		85			89,315
Sales Tax Securitization Corp., Series 2018 C, Ref. RB		5.25%		01/01/2043		365			387,515
Sales Tax Securitization Corp., Series 2020 A, Ref. RB		5.00%		01/01/2029		75			82,602
Will (County of), IL, Series 2019, GO Bonds		4.00%		11/15/2047		130			125,137
									4,518,504

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

 230 

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

February 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)			Value
Indiana-1.24%
Indiana (State of) Finance Authority, Series 2016 C, Ref. RB		5.00%		06/01/2029	$	50		$	56,031
Indiana (State of) Finance Authority (Citizens Wastewater of Westfield), Series 2019, Ref. RB		5.00%		10/01/2048		150			157,424
Indiana (State of) Finance Authority (Green Bonds), Series 2017 C, Ref. RB		5.00%		02/01/2029		35			37,970
Indiana (State of) Finance Authority (Green Bonds), Series 2019 A, RB		5.00%		02/01/2033		85			93,997
Indiana (State of) Finance Authority (Green Bonds), Series 2019 A, RB		5.00%		02/01/2038		50			54,408
Indiana (State of) Finance Authority (Green Bonds), Series 2019 A, RB		5.00%		02/01/2039		45			48,787
Indianapolis Local Public Improvement Bond Bank, Series 2019 A, RB		5.00%		02/01/2036		330			360,227
Indianapolis Local Public Improvement Bond Bank (Courthouse and Jail), Series 2019 A, RB		5.00%		02/01/2049		150			157,398
Indianapolis Local Public Improvement Bond Bank (Courthouse and Jail), Series 2019 A, RB		5.00%		02/01/2054		100			104,398
									1,070,640
Iowa-0.77%
Iowa (State of), Series 2019 A, Ref. RB		5.00%		06/01/2029		70			78,188
Iowa (State of), Series 2019 A, Ref. RB		5.00%		06/01/2032		20			22,263
Iowa (State of), Series 2019 A, Ref. RB		5.00%		06/01/2033		105			116,711
Iowa (State of), Series 2019 A, Ref. RB		5.00%		06/01/2034		25			27,757
Iowa (State of) Finance Authority (Unitypoint Health), Series 2018 B, Ref. RB		5.00%		02/15/2048		400			413,189
									658,108
Kansas-0.12%
University of Kansas Hospital Authority, Series 2019 A, RB		5.00%		09/01/2048		100			103,743
Kentucky-0.18%
Louisville (City of) & Jefferson (County of), KY Metropolitan Government (Norton Healthcare, Inc.), Series 2020 A, RB		5.00%		10/01/2038		150			158,051
Louisiana-0.42%
Jefferson (Parish of), LA Sales Tax District, Series 2019 B, RB, (INS - AGM)(b)		4.00%		12/01/2037		30			30,762
Louisiana (State of), Series 2019 A, GO Bonds		5.00%		03/01/2036		190			208,623
Louisiana (State of), Series 2019 A, GO Bonds		5.00%		03/01/2039		10			10,823
Louisiana (State of) (Garvee), Series 2019 A, RB		5.00%		09/01/2029		100			109,526
									359,734
Maryland-2.35%
Anne Arundel (County of), MD, Series 2019, GO Bonds		5.00%		10/01/2048		100			107,406
Baltimore (City of), MD, Series 2019 A, RB		4.00%		07/01/2044		120			120,070
Baltimore (City of), MD (Wastewater), Series 2019 A, RB		5.00%		07/01/2049		10			10,534
Maryland (State of), First Series 2019, GO Bonds		5.00%		03/15/2031		80			89,410
Maryland (State of), First Series 2019, GO Bonds		5.00%		03/15/2032		510			569,738
Maryland (State of), Series 2018 A, GO Bonds		5.00%		03/15/2029		15			16,428
Maryland (State of) (Bidding Group 1), Second Series 2021 A, GO Bonds		5.00%		08/01/2029		125			141,093
Maryland (State of) (Bidding Group 1), Series 2020 A, GO Bonds		5.00%		03/15/2029		30			33,596
Maryland (State of) (Bidding Group 1), Series 2020 A, GO Bonds		5.00%		08/01/2029		100			112,875
Maryland (State of) (Bidding Group 2), Second Series 2019 A, GO Bonds		5.00%		08/01/2031		95			106,939
Maryland (State of) Department of Transportation, Series 2020, RB		5.00%		10/01/2029		95			107,340
Maryland (State of) Department of Transportation, Series 2021 A, RB		5.00%		10/01/2029		55			62,144
Maryland (State of) Health & Higher Educational Facilities Authority (Loyola University), Series 2019 A, Ref. RB		5.00%		10/01/2049		140			147,108
Maryland (State of) Transportation Authority, Series 2021 A, Ref. RB		5.00%		07/01/2029		60			67,383
Montgomery (County of), MD, Series 2018 A, GO Bonds		5.00%		11/01/2029		100			110,983
Montgomery (County of), MD, Series 2020 B, Ref. GO Bonds		4.00%		11/01/2029		20			21,587
Montgomery (County of), MD, Series 2021 A, Ref. GO Bonds		5.00%		08/01/2029		45			50,794
Prince George’s (County of), MD, Series 2018 A, GO Bonds		5.00%		07/15/2029		80			88,236
Prince George’s (County of), MD, Series 2019 A, GO Bonds		4.00%		07/15/2031		5			5,304
Prince George’s (County of), MD, Series 2019 A, GO Bonds		4.00%		07/15/2032		20			21,157
Prince George’s (County of), MD, Series 2020 A, GO Bonds		5.00%		07/15/2029		10			11,029
Prince George’s (County of), MD, Series 2020 B, Ref. GO Bonds		5.00%		09/15/2029		20			22,633
									2,023,787
Massachusetts-3.96%
Massachusetts (Commonwealth of), Series 2018 B, GO Bonds		5.00%		01/01/2029		40			43,530

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

 231 

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

February 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)			Value
Massachusetts-(continued)
Massachusetts (Commonwealth of), Series 2018 B, Ref. GO Bonds		5.00%		07/01/2029	$	245		$	275,929
Massachusetts (Commonwealth of), Series 2019 A, GO Bonds		5.00%		01/01/2031		70			77,719
Massachusetts (Commonwealth of), Series 2019 A, GO Bonds		5.00%		01/01/2036		60			66,078
Massachusetts (Commonwealth of), Series 2019 A, GO Bonds		5.00%		01/01/2038		10			10,901
Massachusetts (Commonwealth of), Series 2019 A, GO Bonds		5.00%		01/01/2039		5			5,417
Massachusetts (Commonwealth of), Series 2019 A, GO Bonds		5.25%		01/01/2044		350			377,332
Massachusetts (Commonwealth of), Series 2019 C, GO Bonds		5.00%		05/01/2043		160			171,027
Massachusetts (Commonwealth of), Series 2019 C, GO Bonds		5.00%		05/01/2045		25			26,602
Massachusetts (Commonwealth of), Series 2019 C, Ref. GO Bonds		5.00%		05/01/2029		15			16,835
Massachusetts (Commonwealth of), Series 2019 G, GO Bonds		5.00%		09/01/2029		140			158,226
Massachusetts (Commonwealth of), Series 2020 A, GO Bonds		5.00%		03/01/2029		15			16,777
Massachusetts (Commonwealth of), Series 2020 E, GO Bonds		5.00%		11/01/2029		125			141,758
Massachusetts (Commonwealth of), Series 2020, GO Bonds		5.00%		07/01/2029		10			11,262
Massachusetts (Commonwealth of), Series 2022 A, Ref. GO Bonds		5.00%		10/01/2029		30			33,964
Massachusetts (Commonwealth of) (Rail Enhancement & Accelerated Bridge Program), Series 2019 A, RB		5.00%		06/01/2049		400			422,815
Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2005 A, RB		5.00%		07/01/2029		20			22,589
Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2005 B, RB, (INS - NATL)(b)		5.50%		07/01/2029		25			28,857
Massachusetts (Commonwealth of) Bay Transportation Authority (Sustainability Bonds), Series 2021, Ref. RB		5.00%		07/01/2041		110			119,024
Massachusetts (Commonwealth of) Bay Transportation Authority (Sustainability Bonds), Series 2021, Ref. RB		5.00%		07/01/2042		30			32,377
Massachusetts (Commonwealth of) Department of Transportation (Contract Assistance), Series 2018 A, Ref. RB		5.00%		01/01/2029		40			44,687
Massachusetts (Commonwealth of) Development Finance Agency (Atrius Health), Series 2019 A, Ref. RB(a)(c)		4.00%		06/01/2029		100			107,335
Massachusetts (Commonwealth of) Development Finance Agency (Harvard University), Series 2020 A, Ref. RB		5.00%		10/15/2029		35			39,853
Massachusetts (Commonwealth of) Port Authority, Series 2019 B, RB		5.00%		07/01/2044		25			26,773
Massachusetts (Commonwealth of) School Building Authority, Series 2019 A, RB		5.00%		02/15/2044		595			635,856
Massachusetts (Commonwealth of) Transportation Trust Fund, Series 2019 A, Ref. RB		5.00%		01/01/2032		115			127,189
Massachusetts (Commonwealth of) Transportation Trust Fund, Series 2019 A, Ref. RB		5.00%		01/01/2034		105			115,534
Massachusetts (Commonwealth of) Transportation Trust Fund, Series 2019 A, Ref. RB		5.00%		01/01/2035		40			43,859
Massachusetts (Commonwealth of) Transportation Trust Fund, Series 2019 C, Ref. RB		5.00%		01/01/2035		15			16,518
Massachusetts (Commonwealth of) Water Resources Authority, Series 2007 B, Ref. RB, (INS - AGM)(b)		5.25%		08/01/2029		25			28,602
University of Massachusetts Building Authority, Series 2020 1, RB		5.00%		11/01/2034		55			61,853
University of Massachusetts Building Authority, Series 2020 1, RB		5.00%		11/01/2050		95			101,539
									3,408,617
Michigan-1.73%
Detroit City School District, Series 2005 A, Ref. GO Bonds, (INS - AGM)(b)		5.25%		05/01/2029		80			89,392
Great Lakes Water Authority, Series 2018 B, Ref. RB		5.00%		07/01/2029		95			105,838
Lansing (City of), MI Board of Water & Light, Series 2019 A, RB		5.00%		07/01/2048		145			153,481
Michigan (State of), Series 2020 B, RB		5.00%		11/15/2029		80			90,525
Michigan (State of) Building Authority (Facilities Program), Series 2019, Ref. RB		5.00%		04/15/2036		350			385,835
Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2013, Ref. RB		4.00%		12/01/2035		80			82,413
Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2013, Ref. RB		4.00%		12/01/2036		30			30,680
Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2013, Ref. RB		4.00%		12/01/2038		140			141,301
Michigan State University Board of Trustees, Series 2019 B, RB		5.00%		02/15/2048		385			408,807
									1,488,272
Minnesota-0.88%
Minnesota (State of), Series 2018 A, GO Bonds		5.00%		08/01/2029		25			27,644
Minnesota (State of), Series 2019 A, GO Bonds		5.00%		08/01/2031		25			28,190
Minnesota (State of), Series 2019 A, GO Bonds		5.00%		08/01/2032		85			95,758
Minnesota (State of), Series 2019 A, GO Bonds		5.00%		08/01/2033		65			73,068
Minnesota (State of), Series 2019 A, GO Bonds		5.00%		08/01/2039		35			38,417
Minnesota (State of), Series 2021 A, GO Bonds		5.00%		09/01/2029		250			283,095
Rochester (City of), MN (Mayo Clinic), Series 2016 B, Ref. RB		5.00%		11/15/2029		55			62,018

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

 232 

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

February 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)			Value
Minnesota-(continued)
St. Cloud (City of), MN (CentraCare Health System), Series 2019, Ref. RB		5.00%		05/01/2048	$	50		$	52,330
University of Minnesota, Series 2019 A, RB		5.00%		04/01/2044		90			96,001
									756,521
Mississippi-0.03%
Mississippi (State of), Series 2019 B, GO Bonds		4.00%		10/01/2037		25			25,650
Missouri-0.35%
Jackson County Reorganized School District No. 7, Series 2020, Ref. GO Bonds		4.00%		03/01/2031		50			52,832
Missouri (State of) Health & Educational Facilities Authority (Mercy Health), Series 2018 A, Ref. RB		5.00%		06/01/2029		50			54,213
Missouri (State of) Health & Educational Facilities Authority (SSM Health Care), Series 2022 A, RB		5.00%		06/01/2029		15			16,454
Springfield School District No R-12, Series 2019, GO Bonds		5.00%		03/01/2036		110			120,943
Springfield School District No. R-12, Series 2017, Ref. GO Bonds		4.00%		03/01/2029		50			52,378
									296,820
Nebraska-0.26%
Omaha (City of), NE Public Power District, Series 2018 A, RB		5.00%		02/01/2029		15			16,361
Omaha (City of), NE Public Power District, Series 2019 A, RB		5.00%		02/01/2031		15			16,660
Omaha (City of), NE Public Power District, Series 2019 A, RB		5.00%		02/01/2032		115			127,447
Omaha (City of), NE Public Power District, Series 2019 A, RB		5.00%		02/01/2033		60			66,380
									226,848
Nevada-0.68%
Clark (County of), NV, Series 2020 C, Ref. RB		5.00%		07/01/2029		130			145,172
Clark (County of), NV (Las Vegas McCarran International Airport), Series 2019, Ref. RB		5.00%		07/01/2029		30			33,565
Clark (County of), NV (Las Vegas McCarran International Airport), Series 2019, Ref. RB		5.00%		07/01/2031		105			116,955
Clark (County of), NV (Las Vegas McCarran International Airport), Series 2019, Ref. RB		5.00%		07/01/2033		35			38,786
Clark (County of), NV Department of Aviation, Series 2019 B, Ref. RB		5.00%		07/01/2031		50			55,825
Clark (County of), NV Department of Aviation, Series 2019 B, Ref. RB		5.00%		07/01/2032		20			22,257
Clark (County of), NV Department of Aviation, Series 2019 B, Ref. RB		5.00%		07/01/2034		5			5,546
Clark (County of), NV Department of Aviation, Series 2019 B, Ref. RB		5.00%		07/01/2035		100			110,653
Las Vegas Valley Water District, Series 2021 C, GO Bonds		5.00%		06/01/2029		50			55,979
									584,738
New Jersey-2.97%
Gloucester (County of), NJ Improvement Authority (The) (Rowan University), Series 2019, RB		5.00%		07/01/2044		25			26,760
New Jersey (State of), Series 2020 A, GO Bonds		5.00%		06/01/2029		235			262,489
New Jersey (State of), Series 2021, GO Bonds		2.00%		06/01/2029		250			230,420
New Jersey (State of) Economic Development Authority, Series 2019 MMM, Ref. RB		5.00%		06/15/2033		250			277,603
New Jersey (State of) Economic Development Authority, Series 2019 MMM, Ref. RB		5.00%		06/15/2034		10			11,074
New Jersey (State of) Economic Development Authority, Series 2019, RB		5.00%		06/15/2044		250			263,816
New Jersey (State of) Economic Development Authority, Series 2020, RB		5.00%		11/01/2031		5			5,563
New Jersey (State of) Economic Development Authority, Series 2020, RB		5.00%		11/01/2033		5			5,535
New Jersey (State of) Economic Development Authority, Series 2020, RB		5.00%		11/01/2034		20			22,082
New Jersey (State of) Economic Development Authority (Transit Transportation), Series 2020, RB		5.00%		11/01/2044		225			236,937
New Jersey (State of) Transportation Trust Fund Authority, Series 2018 A, Ref. RB		5.00%		12/15/2029		150			164,020
New Jersey (State of) Transportation Trust Fund Authority, Series 2019, Ref. RB		5.00%		12/15/2033		100			111,167
New Jersey (State of) Transportation Trust Fund Authority, Series 2019, Ref. RB		5.00%		12/15/2039		200			216,038
New Jersey (State of) Turnpike Authority, Series 2005 A, Ref. RB, (INS - AGM)(b)		5.25%		01/01/2029		120			134,664
New Jersey (State of) Turnpike Authority, Series 2019 A, RB		5.00%		01/01/2048		555			588,164
									2,556,332
New Mexico-0.89%
New Mexico (State of) Finance Authority, Series 2021 A, RB		5.00%		06/15/2029		200			224,302
New Mexico (State of) Hospital Equipment Loan Council), Series 2019 A, RB		5.00%		08/01/2044		310			325,216
New Mexico (State of) Severance Tax Permanent Fund, Series 2021 A, RB		5.00%		07/01/2029		190			213,078
									762,596
New York-18.74%
Battery Park (City of), NY Authority, Series 2019 B, Ref. RB		5.00%		11/01/2038		100			110,360
Battery Park (City of), NY Authority (Sustainability Bonds), Series 2019, RB		4.00%		11/01/2044		140			140,774

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

 233 

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

February 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)			Value
New York-(continued)
Long Island (City of), NY Power Authority, Series 2003 C, RB, (INS - AGC)(b)		5.25%		09/01/2029	$	40		$	44,932
Long Island (City of), NY Power Authority, Series 2018, RB		5.00%		09/01/2029		10			10,990
Metropolitan Transportation Authority, Series 2019 C, RB, (INS - BAM)(b)		5.00%		11/15/2043		10			10,606
Metropolitan Transportation Authority (Green Bonds), Series 2019 C, RB, (INS - BAM)(b)		5.00%		11/15/2044		100			105,827
Nassau Health Care Corp., Series 2009, Ref. RB		5.00%		08/01/2029		15			16,738
New York & New Jersey (States of) Port Authority, Series 2019 217, RB		4.00%		11/01/2049		150			148,233
New York & New Jersey (States of) Port Authority, Two Hundred Ninth Series 2018, Ref. RB		5.00%		07/15/2029		40			43,758
New York & New Jersey (States of) Port Authority, Two Hundred Seventeenth Series 2019, RB		5.00%		11/01/2036		175			194,785
New York & New Jersey (States of) Port Authority, Two Hundred Seventeenth Series 2019, RB		4.00%		11/01/2039		20			20,371
New York & New Jersey (States of) Port Authority, Two Hundred Seventeenth Series 2019, RB		5.00%		11/01/2044		220			238,244
New York & New Jersey (States of) Port Authority, Two Hundred Thirteenth Series 2019, Ref. RB		5.00%		09/01/2031		55			61,920
New York & New Jersey (States of) Port Authority, Two Hundred Thirteenth Series 2019, Ref. RB		5.00%		09/01/2033		75			84,278
New York & New Jersey (States of) Port Authority, Two Hundred Twelfth Series 2019, Ref. RB		5.00%		09/01/2032		10			11,248
New York & New Jersey (States of) Port Authority, Two Hundred Twelfth Series 2019, Ref. RB		4.00%		09/01/2037		25			25,805
New York & New Jersey (States of) Port Authority, Two Hundred Twelfth Series 2019, Ref. RB		4.00%		09/01/2039		150			152,769
New York (City of), NY, Series 2019 B-1, GO Bonds		5.00%		10/01/2031		1,000			1,118,698
New York (City of), NY, Series 2019 B-1, GO Bonds		5.00%		10/01/2034		125			139,400
New York (City of), NY, Series 2019 B-1, GO Bonds		5.00%		10/01/2043		30			32,219
New York (City of), NY, Series 2019 E, Ref. GO Bonds		5.00%		08/01/2029		30			33,379
New York (City of), NY, Series 2019 E, Ref. GO Bonds		5.00%		08/01/2030		65			72,198
New York (City of), NY, Series 2019 E, Ref. GO Bonds		5.00%		08/01/2031		10			11,055
New York (City of), NY, Series 2020 A-1, Ref. GO Bonds		5.00%		08/01/2029		30			33,588
New York (City of), NY, Series 2020 B-1, GO Bonds		5.00%		10/01/2036		30			33,103
New York (City of), NY, Subseries 2008 L-6, GO Bonds		5.00%		04/01/2031		195			216,257
New York (City of), NY, Subseries 2019 A-1, GO Bonds		5.00%		08/01/2035		250			277,059
New York (City of), NY, Subseries 2019 A-1, GO Bonds		4.00%		08/01/2038		100			102,519
New York (City of), NY, Subseries 2019 A-1, GO Bonds		5.00%		08/01/2039		235			255,206
New York (City of), NY, Subseries 2019 A-1, GO Bonds		5.00%		08/01/2041		20			21,562
New York (City of), NY, Subseries 2019 A-1, GO Bonds		5.00%		08/01/2043		335			359,109
New York (City of), NY Municipal Water Finance Authority, Series 2019 BB-1, RB		5.00%		06/15/2049		200			213,530
New York (City of), NY Municipal Water Finance Authority, Series 2019 CC, Ref. RB		5.00%		06/15/2029		50			56,392
New York (City of), NY Municipal Water Finance Authority, Series 2019 CC-1, RB		4.00%		06/15/2040		500			506,894
New York (City of), NY Municipal Water Finance Authority, Series 2019 CC-1, RB		5.00%		06/15/2044		105			113,248
New York (City of), NY Municipal Water Finance Authority, Series 2020 AA, Ref. RB		5.00%		06/15/2032		35			39,402
New York (City of), NY Municipal Water Finance Authority, Series 2020 AA, Ref. RB		5.00%		06/15/2040		135			147,287
New York (City of), NY Municipal Water Finance Authority, Series 2021 DD, Ref. RB		5.00%		06/15/2029		370			417,300
New York (City of), NY Municipal Water Finance Authority, Subseries 2019 EE-2, Ref. RB		5.00%		06/15/2040		270			292,625
New York (City of), NY Municipal Water Finance Authority, Subseries 2019 FF-2, Ref. RB		5.00%		06/15/2034		285			316,958
New York (City of), NY Municipal Water Finance Authority, Subseries 2019 FF-2, Ref. RB		5.00%		06/15/2035		5			5,542
New York (City of), NY Municipal Water Finance Authority, Subseries 2019 FF-2, Ref. RB		5.00%		06/15/2038		50			54,531
New York (City of), NY Transitional Finance Authority, Series 2002 1, Ref. RB		5.00%		11/01/2029		130			147,061
New York (City of), NY Transitional Finance Authority, Series 2018 S-4A, Ref. RB		5.00%		07/15/2029		15			16,494
New York (City of), NY Transitional Finance Authority, Series 2019 B-1, RB		5.00%		11/01/2035		640			712,120
New York (City of), NY Transitional Finance Authority, Series 2019 B-1, RB		4.00%		11/01/2037		105			108,492
New York (City of), NY Transitional Finance Authority, Series 2019 C-1, RB		5.00%		11/01/2035		15			16,552
New York (City of), NY Transitional Finance Authority, Series 2020 A-3, RB		4.00%		05/01/2044		325			323,867
New York (City of), NY Transitional Finance Authority, Series 2020, Ref. RB		5.00%		08/01/2029		45			50,648
New York (City of), NY Transitional Finance Authority, Series 2020, Ref. RB		5.00%		11/01/2029		400			452,497
New York (City of), NY Transitional Finance Authority, Series 2021, Ref. RB		5.00%		11/01/2029		150			169,686
New York (City of), NY Transitional Finance Authority, Series 2022 B-1, Ref. RB		5.00%		11/01/2029		115			130,093
New York (City of), NY Transitional Finance Authority, Subseries 2018 S-3, Ref. RB		5.00%		07/15/2029		95			104,459
New York (City of), NY Transitional Finance Authority, Subseries 2019 A-2, RB		5.00%		05/01/2035		470			519,670
New York (City of), NY Transitional Finance Authority, Subseries 2019 A-2, RB		5.00%		05/01/2036		40			44,038
New York (City of), NY Transitional Finance Authority, Subseries 2019 A-2, RB		5.00%		05/01/2037		285			311,970
New York (City of), NY Transitional Finance Authority, Subseries 2019 A-2, RB		5.00%		05/01/2039		100			108,578
New York (City of), NY Transitional Finance Authority, Subseries 2019 A-2, RB		5.00%		05/01/2040		500			541,009
New York (State of) Dormitory Authority, Series 2019 A, RB		5.00%		07/01/2036		20			22,203
New York (State of) Dormitory Authority, Series 2019 A, Ref. RB		5.00%		03/15/2032		95			105,700

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

 234 

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

February 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)			Value
New York-(continued)
New York (State of) Dormitory Authority, Series 2019 A, Ref. RB		5.00%		03/15/2035	$	145		$	160,626
New York (State of) Dormitory Authority, Series 2019 A, Ref. RB		5.00%		03/15/2037		35			38,382
New York (State of) Dormitory Authority, Series 2019 A, Ref. RB		5.00%		03/15/2038		100			109,062
New York (State of) Dormitory Authority, Series 2019 A, Ref. RB		5.00%		03/15/2041		370			399,357
New York (State of) Dormitory Authority, Series 2019 A, Ref. RB		5.00%		03/15/2042		50			53,834
New York (State of) Dormitory Authority, Series 2019 A, Ref. RB		5.00%		03/15/2045		30			32,094
New York (State of) Dormitory Authority, Series 2019, RB		4.00%		07/01/2032		30			31,516
New York (State of) Dormitory Authority, Series 2019, RB		5.00%		07/01/2036		20			22,109
New York (State of) Dormitory Authority, Series 2019, RB		5.00%		07/01/2039		350			381,410
New York (State of) Dormitory Authority, Series 2020 A, RB, (INS - AGM)(b)		5.00%		10/01/2029		25			27,502
New York (State of) Dormitory Authority, Series 2021 A, RB, (INS - AGM)(b)		5.00%		10/01/2031		50			55,634
New York (State of) Dormitory Authority, Series 2021 A, Ref. RB		5.00%		03/15/2029		225			251,514
New York (State of) Dormitory Authority, Series 2023 A-1, Ref. RB		5.00%		03/15/2029		15			16,760
New York (State of) Dormitory Authority (Bid Group 2), Series 2019 A, Ref. RB		5.00%		03/15/2031		215			239,537
New York (State of) Dormitory Authority (Bid Group 3), Series 2019 A, Ref. RB		5.00%		03/15/2040		325			351,842
New York (State of) Dormitory Authority (Bid Group 3), Series 2019 A, Ref. RB		5.00%		03/15/2043		55			59,047
New York (State of) Dormitory Authority (Bid Group 4), Series 2019 A, Ref. RB		5.00%		03/15/2044		300			321,636
New York (State of) Dormitory Authority (Bidding Group 2), Series 2019 A, Ref. RB		5.00%		03/15/2034		25			27,753
New York (State of) Dormitory Authority (Fordham University), Series 2020, RB		4.00%		07/01/2046		500			486,537
New York (State of) Dormitory Authority (Memorial Sloan Kettering Cancer), Series 2019, RB		5.00%		07/01/2035		35			38,942
New York (State of) Dormitory Authority (New York University), Series 2019 A, RB		5.00%		07/01/2029		25			28,143
New York (State of) Dormitory Authority (New York University), Series 2019 A, RB		5.00%		07/01/2032		5			5,606
New York (State of) Dormitory Authority (New York University), Series 2019 A, RB		5.00%		07/01/2034		15			16,781
New York (State of) Dormitory Authority (New York University), Series 2019 A, RB		5.00%		07/01/2038		15			16,483
New York (State of) Dormitory Authority (Rochester Institute of Technology), Series 2019 A, RB		5.00%		07/01/2049		190			200,625
New York (State of) Dormitory Authority (Rockefeller University), Series 2019 A, Ref. RB		5.00%		07/01/2035		65			72,230
New York (State of) Energy Research & Development Authority (New Yourk State Electric & Gas Corp.), Series 1994 D, Ref. RB		3.50%		10/01/2029		55			54,096
New York (State of) Thruway Authority, Series 2019 B, RB		5.00%		01/01/2029		5			5,538
New York (State of) Thruway Authority (Bidding Group 1), Series 2022 A, Ref. RB		5.00%		03/15/2029		95			106,147
New York City Health and Hospitals Corp., Series 2021 A, Ref. RB		5.00%		02/15/2029		90			100,073
New York Liberty Development Corp. (Green Bonds) (4 World Trade Center), Series 2021 A, Ref. RB		1.45%		11/15/2029		220			192,673
New York State Environmental Facilities Corp., Series 2019 B, Ref. RB		5.00%		06/15/2035		5			5,587
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2019 B, Ref. RB		5.00%		06/15/2044		70			75,275
New York State Urban Development Corp., Series 2019 A, Ref. RB		5.00%		03/15/2035		75			84,115
New York State Urban Development Corp., Series 2019 A, Ref. RB		5.00%		03/15/2036		230			256,468
New York State Urban Development Corp., Series 2019 A, Ref. RB		5.00%		03/15/2038		125			137,496
New York State Urban Development Corp., Series 2019 A, Ref. RB		5.00%		03/15/2040		330			359,384
New York State Urban Development Corp., Series 2019 A, Ref. RB		5.00%		03/15/2041		15			16,267
New York State Urban Development Corp., Series 2020, Ref. RB		5.00%		03/15/2029		120			134,141
New York State Urban Development Corp. (Bidding Group 1), Series 2023 A, RB		5.00%		03/15/2029		25			28,034
New York State Urban Development Corp. (Bidding Group 3), Series 2019 A, Ref. RB		4.00%		03/15/2046		250			246,331
New York State Urban Development Corp. (Bidding Group 4), Series 2020 E, Ref. RB		5.00%		03/15/2029		40			44,714
Onondaga (County of), NY Trust for Cultural Resources (Syracuse University), Series 2019, Ref. RB		5.00%		12/01/2039		5			5,483
Onondaga (County of), NY Trust for Cultural Resources (Syracuse University), Series 2019, Ref. RB		5.00%		12/01/2040		90			98,237
Onondaga (County of), NY Trust for Cultural Resources (Syracuse University), Series 2019, Ref. RB		5.00%		12/01/2045		95			101,947
Triborough Bridge & Tunnel Authority, Series 2018 B, Ref. RB		5.00%		11/15/2029		25			28,374
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2019 A, RB		5.00%		11/15/2049		100			105,178
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022, RB		5.00%		05/15/2029		280			314,071
									16,120,427
North Carolina-1.87%
Charlotte (City of), NC, Series 2018, Ref. RB		5.00%		07/01/2029		75			82,685
Charlotte (City of), NC (Charlotte Douglas International Airport), Series 2019, RB		4.00%		07/01/2044		230			232,224
North Carolina (State of), Series 2019 A, RB		5.00%		05/01/2029		195			218,251
North Carolina (State of), Series 2019 A, RB		5.00%		05/01/2032		40			44,753
North Carolina (State of), Series 2019 A, RB		4.00%		05/01/2034		110			115,854

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

 235 

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

February 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)			Value
North Carolina-(continued)
North Carolina (State of), Series 2019 B, GO Bonds		4.00%		06/01/2031	$	25		$	26,705
North Carolina (State of), Series 2020 B, RB		5.00%		05/01/2029		50			55,962
North Carolina (State of), Series 2022 A, RB		5.00%		05/01/2029		15			16,788
North Carolina (State of) (Garvee), Series 2019, RB		5.00%		03/01/2031		95			105,578
North Carolina (State of) (Garvee), Series 2019, RB		5.00%		03/01/2032		45			49,922
North Carolina (State of) (Garvee), Series 2019, RB		5.00%		03/01/2034		20			22,090
North Carolina (State of) Turnpike Authority, Series 2018, Ref. RB, (INS - AGM)(b)		5.00%		01/01/2032		500			546,354
North Carolina (State of) Turnpike Authority, Series 2018, Ref. RB, (INS - AGM)(b)		5.00%		01/01/2036		50			54,194
Wake (County of), NC, Series 2021, RB		5.00%		03/01/2029		30			33,493
									1,604,853
Ohio-2.91%
Allen (County of), OH (Mercy Health), Series 2020, Ref. RB		5.00%		12/01/2029		210			233,917
American Municipal Power, Inc. (Combined Hydroelectric), Series 2020 A, Ref. RB		5.00%		02/15/2029		25			27,457
Columbus (City of), OH, Series 2018 A, GO Bonds		5.00%		04/01/2029		50			55,253
Ohio (State of), Series 2019 A, GO Bonds		5.00%		06/15/2031		20			22,421
Ohio (State of), Series 2019 A, GO Bonds		5.00%		06/15/2035		55			61,215
Ohio (State of), Series 2019 A, GO Bonds		5.00%		06/15/2036		200			221,293
Ohio (State of), Series 2019 A, GO Bonds		5.00%		06/15/2037		105			115,453
Ohio (State of), Series 2019 A, GO Bonds		5.00%		06/15/2038		150			163,822
Ohio (State of), Series 2019, RB		4.00%		01/01/2040		130			130,438
Ohio (State of), Series 2019-1, RB		5.00%		12/15/2029		85			96,101
Ohio (State of) Turnpike & Infrastructure Commission (Infrastructure), Series 2018 A, RB		5.00%		02/15/2029		115			124,816
Ohio (State of) Water Development Authority, Series 2019 A, RB		5.00%		06/01/2029		220			245,575
Ohio (State of) Water Development Authority, Series 2019, RB		5.00%		12/01/2039		100			109,876
Ohio (State of) Water Development Authority (Fresh Water), Series 2019, RB		5.00%		12/01/2037		5			5,525
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2019 B, RB		5.00%		12/01/2035		280			313,934
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2019 B, RB		5.00%		12/01/2037		85			93,929
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2019 B, RB		5.00%		12/01/2039		125			137,345
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2019 B, RB		5.00%		12/01/2044		40			43,325
Ohio State University (The), Series 2020 A, Ref. RB		5.00%		12/01/2029		50			56,629
Sycamore Community City School District, Series 2020, GO Bonds		4.00%		12/01/2045		250			248,958
									2,507,282
Oklahoma-0.03%
Canadian (County of), OK Educational Facilities Authority (Mustang Public Schools), Series 2017, RB		3.00%		09/01/2029		25			24,629
Oregon-1.29%
Multnomah (County of), OR, Series 2021 A, GO Bonds		5.00%		06/15/2029		190			213,387
Oregon (State of) (Article XI-Q State), Series 2019 A, GO Bonds		5.00%		05/01/2032		115			128,536
Oregon (State of) (Article XI-Q State), Series 2019 A, GO Bonds		5.00%		05/01/2033		60			66,876
Oregon (State of) (Article XI-Q State), Series 2023 A, GO Bonds		5.00%		05/01/2029		60			67,216
Oregon (State of) Department of Transportation, Series 2019 A, Ref. RB		5.00%		11/15/2036		150			167,020
Oregon (State of) Department of Transportation, Series 2019 A, Ref. RB		5.00%		11/15/2042		250			271,565
Portland (City of), OR, Series 2019 A, Ref. RB		5.00%		03/01/2034		100			112,176
Washington & Clackamas Counties School District No. 23J Tigard-Tualatin, Series 2019 A, GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00%		06/15/2040		75			81,665
									1,108,441
Pennsylvania-5.47%
Allegheny (County of), PA Hospital Development Authority (University of Pittsburgh Medical Center), Series 2019 A, Ref. RB		5.00%		07/15/2034		55			60,022
Allegheny (County of), PA Hospital Development Authority (University of Pittsburgh Medical Center), Series 2019 A, Ref. RB		4.00%		07/15/2035		35			36,151
Allegheny (County of), PA Hospital Development Authority (University of Pittsburgh Medical Center), Series 2019 A, Ref. RB		4.00%		07/15/2036		175			179,868
Allegheny (County of), PA Hospital Development Authority (University of Pittsburgh Medical Center), Series 2019 A, Ref. RB		4.00%		07/15/2038		250			252,656
Allegheny (County of), PA Hospital Development Authority (University of Pittsburgh Medical Center), Series 2019, Ref. RB		5.00%		07/15/2033		70			76,486

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

 236 

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

February 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)			Value
Pennsylvania-(continued)
Delaware (State of) River Port Authority, Series 2018 A, RB		5.00%		01/01/2032	$	35		$	38,631
Delaware (State of) River Port Authority, Series 2018 A, RB		5.00%		01/01/2034		95			104,552
Delaware (State of) River Port Authority, Series 2018 A, RB		5.00%		01/01/2035		75			82,354
Delaware (State of) River Port Authority, Series 2018 A, RB		5.00%		01/01/2036		35			38,269
Lancaster (County of), PA Hospital Authority (Penn State Health), Series 2021, RB		5.00%		11/01/2051		200			207,531
Lehigh (County of), PA (Lehigh Valley Health Network), Series 2019 A, Ref. RB		5.00%		07/01/2044		20			20,901
Lehigh (County of), PA Industrial Development Authority (PPL Electric Utilities Corp.), Series 2016 A, Ref. RB		3.00%		09/01/2029		50			48,627
Montgomery (County of), PA Higher Education & Health Authority (Thomas Jefferson University), Series 2019, Ref. RB		5.00%		09/01/2031		55			59,570
Montgomery (County of), PA Higher Education & Health Authority (Thomas Jefferson University), Series 2019, Ref. RB		5.00%		09/01/2033		100			108,133
Pennsylvania (Commonwealth of), First Series 2020, GO Bonds		5.00%		05/01/2029		150			167,963
Pennsylvania (Commonwealth of), First Series 2021, GO Bonds		5.00%		05/15/2029		35			39,222
Pennsylvania (Commonwealth of), First Series 2023, GO Bonds		5.00%		09/01/2029		175			197,303
Pennsylvania (Commonwealth of), First Series 2023, Ref. GO Bonds		5.00%		09/01/2029		15			16,912
Pennsylvania (Commonwealth of), Series 2019, Ref. GO Bonds		5.00%		07/15/2029		90			101,203
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (University of Pennsylvania Health System), Series 2019, RB		5.00%		08/15/2032		40			44,087
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (University of Pennsylvania Health System), Series 2019, RB		5.00%		08/15/2049		200			210,536
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2019 A, RB.		5.00%		12/01/2034		165			183,779
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2019 A, RB.		5.00%		12/01/2035		140			155,276
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2019 A, RB.		5.00%		12/01/2038		40			43,633
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2019 A, RB.		5.00%		12/01/2039		50			54,206
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2019 A, RB.		5.00%		12/01/2044		360			386,088
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2019 A, RB.		5.00%		12/01/2044		200			212,521
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2019 A, RB.		5.00%		12/01/2049		30			31,670
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2019, Ref. RB		5.00%		12/01/2029		35			38,656
Philadelphia (City of), PA, Series 2019 B, GO Bonds		5.00%		02/01/2031		35			38,611
Philadelphia (City of), PA, Series 2019 B, GO Bonds		5.00%		02/01/2033		25			27,502
Philadelphia (City of), PA, Series 2019 B, GO Bonds		5.00%		02/01/2034		110			120,891
Philadelphia (City of), PA, Series 2019 B, GO Bonds		5.00%		02/01/2035		500			547,312
Philadelphia (City of), PA, Series 2019 B, GO Bonds		5.00%		02/01/2037		100			108,279
Philadelphia (City of), PA, Series 2019 B, GO Bonds		5.00%		02/01/2039		20			21,460
Philadelphia (City of), PA, Series 2019 B, RB		5.00%		11/01/2044		110			117,916
Philadelphia School District (The), Series 2019 A, GO Bonds		5.00%		09/01/2031		185			201,632
Southcentral Pennsylvania General Authority (WellSpan Health Obligated Group), Series 2019 A, Ref. RB		5.00%		06/01/2049		130			134,479
Upper Merion Area School District, Series 2021 A, GO Bonds		4.00%		01/15/2046		45			44,454
Wilkes-Barre Area School District, Series 2019, GO Bonds, (INS - BAM)(b)		5.00%		04/15/2059		145			150,114
									4,709,456
Rhode Island-0.41%
Rhode Island Health & Educational Building Corp. (Brown University), Series 2019 A, Ref. RB		5.00%		09/01/2029		315			355,835
South Carolina-0.50%
Columbia (City of), SC, Series 2019 A, RB		4.00%		02/01/2044		15			15,055
South Carolina (State of) Transportation Infrastructure Bank, Series 2016 A, Ref. RB		3.00%		10/01/2029		75			73,185
South Carolina (State of) Transportation Infrastructure Bank, Series 2021 B, Ref. RB		5.00%		10/01/2029		185			207,597
Spartanburg County School District No. 7, Series 2019 D, GO Bonds		5.00%		03/01/2048		130			137,489
									433,326
Tennessee-0.25%
Chattanooga (City of), TN Health, Educational & Housing Facility Board (CommonSpirit Health), Series 2019 A-2, Ref. RB		5.00%		08/01/2044		100			104,357

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

 237 

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

February 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)			Value
Tennessee-(continued)
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2018, GO Bonds		5.00%		07/01/2029	$	5		$	5,495
Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Lipscomb University), Series 2019, Ref. RB		5.25%		10/01/2058		100			102,053
									211,905
Texas-8.14%
Alamo Community College District, Series 2022, GO Bonds		5.00%		02/15/2029		20			22,180
Austin (City of), TX, Series 2019 B, RB		5.00%		11/15/2044		100			107,476
Austin (City of), TX, Series 2019 B, RB		5.00%		11/15/2049		235			248,500
Austin Independent School District, Series 2023, GO Bonds		5.00%		08/01/2048		100			106,203
Board of Regents of the University of Texas System, Series 2019 A, Ref. RB		5.00%		08/15/2032		40			44,642
Board of Regents of the University of Texas System, Series 2019 A, Ref. RB		5.00%		08/15/2033		100			111,525
Board of Regents of the University of Texas System, Series 2019 A, Ref. RB		5.00%		08/15/2038		40			43,556
Board of Regents of the University of Texas System, Series 2019 A, Ref. RB		5.00%		08/15/2039		30			32,535
Board of Regents of the University of Texas System, Series 2019 B, RB		5.00%		08/15/2029		150			168,881
Collin County Community College District, Series 2020 A, GO Bonds		5.00%		08/15/2031		100			111,439
Collin County Community College District, Series 2020 A, GO Bonds		5.00%		08/15/2033		55			61,074
Collin County Community College District, Series 2020 A, GO Bonds		4.00%		08/15/2034		5			5,248
Conroe Independent School District, Series 2020 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2029		30			33,343
Cypress-Fairbanks Independent School District, Series 2019 A, GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2031		20			22,169
Cypress-Fairbanks Independent School District, Series 2019, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2031		20			22,169
Cypress-Fairbanks Independent School District, Series 2019, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2032		60			66,391
Cypress-Fairbanks Independent School District, Series 2019, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2033		15			16,584
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2020 A, Ref. RB		5.00%		11/01/2029		50			56,197
Dallas (City of), TX Area Rapid Transit, Series 2019, Ref. RB		5.00%		12/01/2029		35			39,540
Dallas (City of), TX Area Rapid Transit, Series 2019, Ref. RB		5.00%		12/01/2034		200			224,764
Dallas (City of), TX Independent School District, Series 2019 B, GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		02/15/2031		25			26,183
Dallas (City of), TX Independent School District, Series 2019 B, GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		02/15/2033		30			31,323
Dallas (County of), TX Hospital District, Series 2019, Ref. GO Bonds		5.00%		08/15/2029		75			81,291
El Paso Independent School District, Series 2020, GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		08/15/2045		20			19,926
Frisco Independent School District, Series 2019, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		08/15/2036		75			82,294
Garland (City of), TX, Series 2019, Ref. RB		5.00%		03/01/2044		150			158,694
Harris (County of), TX, Series 2022 A, Ref. RB		5.00%		08/15/2029		20			22,463
Harris (County of), TX Flood Control District, Series 2020 A, GO Bonds		4.00%		10/01/2045		250			250,350
Houston (City of), TX, Series 2018 D, Ref. RB		5.00%		07/01/2029		55			60,233
Houston (City of), TX, Series 2019 A, Ref. GO Bonds		5.00%		03/01/2029		110			122,100
Houston (City of), TX, Series 2019 A, Ref. GO Bonds		5.00%		03/01/2032		20			22,197
Houston (City of), TX, Series 2019 B, RB		5.00%		11/15/2049		30			31,992
Houston Community College System, Series 2020, Ref. GO Bonds		5.00%		02/15/2035		15			16,529
Keller Independent School District, Series 2020, GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		02/15/2044		200			201,830
Lewisville Independent School District, Series 2020, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		08/15/2035		75			78,170
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2019, Ref. RB		5.00%		05/15/2029		50			55,568
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2019, Ref. RB		5.00%		05/15/2032		20			22,150
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2019, Ref. RB		5.00%		05/15/2036		250			273,426
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2020, Ref. RB		5.00%		05/15/2034		30			33,098
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2020, Ref. RB		5.00%		05/15/2035		500			549,707
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2021, Ref. RB		5.00%		05/15/2029		15			16,671
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2023, Ref. RB, (INS - AGM)(b)		5.00%		05/15/2029		10			11,139

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

 238 

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

February 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)			Value
Texas-(continued)
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2023, Ref. RB, (INS - AGM)(b)		5.00%		05/15/2029	$	10		$	11,139
North East Independent School District, Series 2007, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.25%		02/01/2029		50			55,951
North Texas Municipal Water District, Series 2021 A, Ref. RB		5.00%		09/01/2029		20			22,451
North Texas Tollway Authority, Series 2019 A, Ref. RB		4.00%		01/01/2036		50			51,713
North Texas Tollway Authority, Series 2019 A, Ref. RB		5.00%		01/01/2038		140			151,952
North Texas Tollway Authority, Series 2020 A, Ref. RB		4.00%		01/01/2035		100			103,895
North Texas Tollway Authority, Series 2020 A, Ref. RB		4.00%		01/01/2037		210			216,106
Permanent University Fund - University of Texas System, Series 2022 A, RB		5.00%		07/01/2029		90			100,979
Pflugerville Independent School District, Series 2023 A, GO Bonds.		5.00%		02/15/2048		200			211,069
Round Rock Independent School District, Series 2019 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		08/01/2032		115			121,365
San Antonio (City of), TX, Series 2018 A, RB		5.00%		02/01/2048		35			36,702
San Antonio (City of), TX, Series 2019, Ref. GO Bonds		5.00%		08/01/2031		110			123,090
San Antonio (City of), TX, Series 2019, Ref. GO Bonds		5.00%		08/01/2032		15			16,754
San Antonio (City of), TX, Series 2019, Ref. RB		4.00%		02/01/2029		25			26,287
Tarrant County Cultural Education Facilities Finance Corp. (Christus Health), Series 2018 B, RB		5.00%		07/01/2032		105			113,777
Tarrant County Cultural Education Facilities Finance Corp. (Christus Health), Series 2018 B, RB		5.00%		07/01/2048		300			309,625
Tarrant County Cultural Education Facilities Finance Corp. (Cook Children’s Medical Center), Series 2020, Ref. RB		3.00%		12/01/2050		125			93,399
Texas (State of) Water Development Board, Series 2019 A, RB		5.00%		04/15/2031		130			146,636
Texas (State of) Water Development Board, Series 2019 A, RB		5.00%		04/15/2032		135			152,052
Texas (State of) Water Development Board, Series 2019 A, RB		4.00%		10/15/2036		125			130,839
Texas (State of) Water Development Board, Series 2019 A, RB		4.00%		10/15/2049		190			185,929
Texas (State of) Water Development Board, Series 2020, RB		5.00%		08/01/2029		100			112,389
Texas (State of) Water Development Board, Series 2021, RB		5.00%		08/01/2029		45			50,575
Texas (State of) Water Development Board, Series 2023 A, RB		5.00%		10/15/2029		15			16,928
Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners LLC - North Tarrant Express Managed Lanes), Series 2019 A, Ref. RB		5.00%		12/31/2032		40			43,923
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			98,624
Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners LLC - North Tarrant Express Managed Lanes), Series 2019 A, Ref. RB		4.00%		12/31/2038		250			250,131
Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners LLC - North Tarrant Express Managed Lanes), Series 2019, Ref. RB		5.00%		12/31/2035		5			5,429
Travis (County of), TX, Series 2019 A, Ctfs. Of Obligation		5.00%		03/01/2032		100			110,641
Trinity River Authority, Series 2020, Ref. RB		5.00%		08/01/2029		50			56,141
Webb (County of), TX, Series 2020, Ctfs. Of Obligation		4.00%		02/15/2045		15			14,784
Williamson (County of), TX, Series 2020, GO Bonds		4.00%		02/15/2040		150			151,983
									7,005,008
Utah-0.57%
Board of Regents of Utah University, Series 1998 A, Ref. RB, (INS - NATL)(b)		5.50%		04/01/2029		100			108,734
Intermountain Power Agency, Series 2022 A, Ref. RB		5.00%		07/01/2029		50			56,073
Salt Lake City (City of), UT, Series 2020, RB		4.00%		02/01/2047		250			245,725
Utah (State of), Series 2020, GO Bonds		5.00%		07/01/2029		75			83,630
									494,162
Vermont-0.12%
Vermont (State of) Educational & Health Buildings Financing Agency (Middlebury College), Series 2020, Ref. RB		5.00%		11/01/2049		100			105,510
Virginia-0.92%
Charles City (County of), VA Economic Development Authority (Wate Management, Inc.), Series 2004 A, RB		2.88%		02/01/2029		30			28,444
Fairfax (County of), VA, Series 2020 A, Ref. GO Bonds		5.00%		10/01/2029		30			34,031
Loudoun (County of), VA Economic Development Authority, Series 2020, Ref. RB		4.00%		12/01/2033		15			15,907
Richmond (City of), VA, Series 2017 D, Ref. GO Bonds		5.00%		03/01/2029		10			11,174

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

 239 

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

February 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)			Value
Virginia-(continued)
Virginia (Commonwealth of) College Building Authority (21st Centuity College and Equipment), Series 2021, RB		5.00%		02/01/2029	$	25		$	27,946
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2017 E, Ref. RB		5.00%		02/01/2029		200			218,141
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2019 C, Ref. RB		5.00%		02/01/2029		30			33,535
Virginia (Commonwealth of) Public Building Authority, Series 2020 B, Ref. RB		5.00%		08/01/2029		40			45,042
Virginia (Commonwealth of) Public Building Authority, Series 2021 A-1, RB		5.00%		08/01/2029		180			202,689
Virginia (Commonwealth of) Small Business Financing Authority (95 Express Lanes LLC), Series 2020, Ref. RB		4.00%		11/01/2039		20			20,299
Virginia (Commonwealth of) Small Business Financing Authority (Sentara Healthcare), Series 2020, Ref. RB		4.00%		11/01/2036		100			103,025
Virginia (Commonwealth of) Small Business Financing Authority (Sentara Healthcare), Series 2020, Ref. RB		4.00%		11/01/2037		50			51,102
									791,335
Washington-3.01%
Central Puget Sound Regional Transit Authority, Series 2021 S-1, Ref. RB		5.00%		11/01/2029		60			67,908
Energy Northwest, Series 2019, Ref. RB.		5.00%		07/01/2036		55			60,629
Energy Northwest (Columbia Generating Station), Series 2019 A, Ref. RB		5.00%		07/01/2035		80			88,592
Energy Northwest (Columbia Generating Station), Series 2019 A, Ref. RB		5.00%		07/01/2037		100			109,544
King County School District No. 210 Federal Way, Series 2019, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)		4.00%		12/01/2029		100			107,222
Pierce County School District No. 403 Bethel, Series 2019, GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00%		12/01/2036		75			82,474
Snohomish County School District No. 201 Snohomish, Series 2020, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00%		12/01/2029		35			39,520
Spokane County School District No. 81, Series 2019, GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00%		12/01/2034		5			5,571
Washington (State of), Series 2018 C, GO Bonds		5.00%		02/01/2029		230			250,676
Washington (State of), Series 2019 A, GO Bonds		5.00%		08/01/2029		35			39,412
Washington (State of), Series 2019 A, GO Bonds		5.00%		08/01/2031		50			56,164
Washington (State of), Series 2019 A, GO Bonds		5.00%		08/01/2035		35			38,955
Washington (State of), Series 2019 A, GO Bonds		5.00%		08/01/2036		30			33,225
Washington (State of), Series 2019 A, GO Bonds		5.00%		08/01/2039		210			229,625
Washington (State of), Series 2019 A, GO Bonds		5.00%		08/01/2042		335			361,709
Washington (State of), Series 2019 A, GO Bonds		5.00%		08/01/2044		325			349,199
Washington (State of), Series 2019 C, GO Bonds		5.00%		02/01/2035		60			66,309
Washington (State of), Series 2019 C, GO Bonds		5.00%		02/01/2037		10			10,951
Washington (State of), Series 2020 A, GO Bonds		5.00%		08/01/2038		20			21,915
Washington (State of) (Bid Group 1), Series 2020 A, GO Bonds		5.00%		08/01/2029		145			163,277
Washington (State of) (Bid Group 2), Series 2023 A, Ref. GO Bonds		5.00%		08/01/2029		225			253,361
Washington (State of) Health Care Facilities Authority (Commonspirit Health), Series 2019 A, Ref. RB		5.00%		08/01/2044		150			156,535
									2,592,773
West Virginia-0.44%
West Virginia (State of) (Bidding Group 2), Series 2019 A, GO Bonds		5.00%		12/01/2040		125			135,399
West Virginia (State of) (Bidding Group 2), Series 2019 A, GO Bonds		5.00%		12/01/2041		25			27,035
West Virginia (State of) (Bidding Group 2), Series 2019 A, GO Bonds		5.00%		12/01/2043		85			91,531
West Virginia (State of) (Bidding Group 2), Series 2019 A, GO Bonds		5.00%		06/01/2044		25			26,865
West Virginia (State of) Hospital Finance Authority (Cabell Huntington Hospital Obligated Group),
Series 2018, Ref. RB		5.00%		01/01/2043		100			97,773
									378,603
Wisconsin-0.22%
Wisconsin (State of), Series 2020 1, Ref. GO Bonds		5.00%		05/01/2029		90			100,778
Wisconsin (State of), Series 2021-2, Ref. GO Bonds		5.00%		05/01/2029		30			33,593

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

 240 

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

February 29, 2024

(Unaudited)

 

	Interest Rate	Maturity Date		Principal Amount (000)			Value
Wisconsin-(continued)
Wisconsin (State of) Department of Transportation, Series 2023 1, Ref. RB	5.00%		07/01/2029	$	20		$	22,514
Wisconsin (State of) Health & Educational Facilities Authority (Ascension Senior Credit Group), Series 2019, Ref. RB	5.00%		11/15/2029		25			28,091
								184,976
TOTAL INVESTMENTS IN SECURITIES(d)-98.75% (Cost $85,182,960)								84,961,536
OTHER ASSETS LESS LIABILITIES-1.25%								1,075,124
NET ASSETS-100.00%							$	86,036,660

Investment Abbreviations:
AGC	-Assured Guaranty Corp.
AGM	-Assured Guaranty Municipal Corp.
BAM	-Build America Mutual Assurance Co.
CEP	-Credit Enhancement Provider
COP	-Certificates of Participation
Ctfs.	-Certificates
GO	-General Obligation
INS	-Insurer
NATL	-National Public Finance Guarantee Corp.
NCCU	-North Carolina Central University
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)  Principal and/or interest payments are secured by the bond insurance company listed.

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

Portfolio Composition
Revenue Type Breakdown (% of the Fund’s Net Assets)  as of February 29, 2024
General Fund	21.97
Sales Tax Revenue	14.39
Ad Valorem Property Tax	10.92
Electric Power Revenue	8.25
Highway Tolls Revenue	5.72
Water Revenue	5.70
Income Tax Revenue	5.28
College & University Revenue	4.53
Lease Revenue	4.37
Port, Airport & Marina Revenue	4.07
Miscellaneous Revenue	3.89
Health, Hospital, Nursing Home Revenue	3.87
Revenue Types Each Less Than 3%	5.79
Other Assets Less Liabilities	1.25

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

 241 

Invesco BulletShares 2030 Municipal Bond ETF (BSMU)

February 29, 2024

(Unaudited)

Schedule of Investments

	Interest Rate		Maturity Date		Principal Amount (000)			Value
Municipal Obligations-98.71%
Alabama-1.36%
Alabama (State of) Public School & College Authority (Social Bonds), Series 2020 A, Ref. RB		5.00%		11/01/2033	$	100		$	114,504
Alabama (State of) Public School & College Authority (Social Bonds), Series 2020 A, Ref. RB		5.00%		11/01/2034		195			222,680
Alabama (State of) Public School & College Authority (Social Bonds), Series 2020 A, Ref. RB		5.00%		11/01/2035		100			113,739
Alabama (State of) Public School & College Authority (Social Bonds), Series 2020 A, Ref. RB		4.00%		11/01/2036		155			163,107
Alabama (State of) Public School & College Authority (Social Bonds), Series 2020 A, Ref. RB		5.00%		11/01/2037		200			224,457
Alabama (State of) Public School & College Authority (Social Bonds), Series 2020 A, Ref. RB		5.00%		11/01/2039		250			278,007
									1,116,494
Arizona-1.11%
Arizona (State of) Sports & Tourism Authority, Series 2022, Ref. RB, (INS - BAM)(a)		5.00%		07/01/2030		100			110,941
Gilbert Water Resource Municipal Property Corp. (Green Bonds), Series 2022, RB		5.00%		07/15/2030		15			17,162
Maricopa (County of), AZ Special Health Care District, Series 2021 D, GO Bonds		5.00%		07/01/2030		20			22,618
Phoenix Civic Improvement Corp., Series 2020 A, RB		5.00%		07/01/2040		50			55,140
Phoenix Civic Improvement Corp., Series 2020 A, RB		5.00%		07/01/2044		165			179,383
Salt River Project Agricultural Improvement & Power District, Series 2019, RB		5.00%		01/01/2035		250			281,461
Salt River Project Agricultural Improvement & Power District, Series 2019, RB		5.00%		01/01/2037		205			227,857
Scottsdale Municipal Property Corp., Series 2006, Ref. RB		5.00%		07/01/2030		10			11,079
									905,641
California-16.66%
Antelope Valley Community College District, Series 2020 B, GO Bonds		4.00%		08/01/2045		45			45,482
Bay Area Toll Authority, Series 2023 F-1, RB		5.00%		04/01/2030		10			11,559
California (State of), Series 2019, GO Bonds		5.00%		10/01/2030		200			225,934
California (State of), Series 2019, Ref. GO Bonds		5.00%		04/01/2030		90			102,986
California (State of), Series 2020 B, GO Bonds		5.00%		11/01/2034		335			386,308
California (State of), Series 2020, GO Bonds		5.00%		03/01/2030		25			28,637
California (State of), Series 2020, GO Bonds		5.00%		03/01/2032		20			22,830
California (State of), Series 2020, GO Bonds		5.00%		03/01/2034		200			228,071
California (State of), Series 2020, GO Bonds		5.00%		03/01/2034		250			285,088
California (State of), Series 2020, GO Bonds		4.00%		11/01/2035		100			108,006
California (State of), Series 2020, GO Bonds		5.00%		03/01/2036		150			170,052
California (State of), Series 2020, Ref. GO Bonds		4.00%		11/01/2030		40			43,673
California (State of), Series 2020, Ref. GO Bonds		5.00%		11/01/2030		155			179,303
California (State of), Series 2020, Ref. GO Bonds		5.00%		03/01/2032		50			57,075
California (State of), Series 2020, Ref. GO Bonds		5.00%		03/01/2033		45			51,345
California (State of), Series 2020, Ref. GO Bonds		5.00%		03/01/2035		400			454,343
California (State of), Series 2020, Ref. GO Bonds		4.00%		03/01/2036		510			543,896
California (State of), Series 2020, Ref. GO Bonds		4.00%		03/01/2037		60			63,484
California (State of), Series 2020, Ref. GO Bonds		4.00%		11/01/2037		155			164,170
California (State of), Series 2020, Ref. GO Bonds		4.00%		03/01/2038		175			183,845
California (State of), Series 2020, Ref. GO Bonds		4.00%		11/01/2040		30			31,247
California (State of), Series 2021, GO Bonds		5.00%		10/01/2030		250			288,758
California (State of), Series 2021, GO Bonds		5.00%		12/01/2035		80			91,768
California (State of), Series 2021, GO Bonds		5.00%		12/01/2036		80			91,406
California (State of), Series 2021, GO Bonds		5.00%		12/01/2043		60			66,630
California (State of), Series 2021, Ref. GO Bonds		5.00%		09/01/2030		40			46,131
California (State of), Series 2021, Ref. GO Bonds		5.00%		12/01/2030		500			579,279
California (State of) Department of Water Resources, Series 2020 BB, Ref. RB		5.00%		12/01/2030		30			35,328
California (State of) Department of Water Resources, Series 2020 BB, Ref. RB		5.00%		12/01/2032		80			94,110
California (State of) Department of Water Resources, Series 2020 BB, Ref. RB		5.00%		12/01/2035		15			17,466
California (State of) Department of Water Resources, Series 2022 BF, Ref. RB		5.00%		12/01/2030		10			11,776
California (State of) Department of Water Resources (Central Valley), Series 2020 BB, Ref. RB		5.00%		12/01/2033		245			287,707
California (State of) Department of Water Resources (Central Valley), Series 2021, RB		5.00%		12/01/2030		55			64,768

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

 242 

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

February 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)			Value
California-(continued)
California (State of) Health Facilities Financing Authority (Commonspirit Health), Series 2020 A, Ref. RB		5.00%		04/01/2032	$	30		$	33,204
California (State of) Health Facilities Financing Authority (Commonspirit Health), Series 2020 A, Ref. RB		5.00%		04/01/2033		60			66,447
California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2020 A, Ref. RB		4.00%		08/15/2050		400			395,027
California (State of) Infrastructure & Economic Development Bank (Academy of Motion), Series 2020, RB		5.00%		11/01/2030		215			249,858
California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds), Series 2023, RB		5.00%		10/01/2030		25			29,240
California (State of) Public Works Board, Series 2022 A, Ref. RB		5.00%		08/01/2030		60			69,165
California (State of) Public Works Board (Various Capital), Series 2019 C, RB		5.00%		11/01/2030		60			67,920
Chino Valley Unified School District, Series 2020 B, GO Bonds		5.00%		08/01/2055		195			210,090
Eastern Municipal Water District Financing Authority, Series 2020 A, Ref. RB		5.00%		07/01/2036		5			5,749
Eastern Municipal Water District Financing Authority, Series 2020 A, Ref. RB		4.00%		07/01/2038		55			57,389
Fresno Unified School District, Series 2022 B, GO Bonds		4.00%		08/01/2055		50			49,078
Inglewood Unified School District, Series 2021 A, GO Bonds, (INS - AGM)(a)		4.00%		08/01/2051		100			99,369
Long Beach (City of), CA Bond Finance Authority, Series 2007 A, RB		5.50%		11/15/2030		50			55,091
Los Angeles (City of), CA Department of Airports, Series 2020 B, Ref. RB		5.00%		05/15/2034		200			231,104
Los Angeles (City of), CA Department of Airports, Series 2020 B, Ref. RB		4.00%		05/15/2036		120			127,474
Los Angeles (City of), CA Department of Airports, Series 2020 D, RB		5.00%		05/15/2044		215			237,776
Los Angeles (City of), CA Department of Airports, Series 2020 D, RB		4.00%		05/15/2048		30			30,286
Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2020, Ref. RB		5.00%		05/15/2030		10			11,462
Los Angeles (City of), CA Department of Water & Power, Series 2020 A, Ref. RB		5.00%		07/01/2040		260			291,674
Los Angeles (City of), CA Department of Water & Power, Series 2020 A, Ref. RB		5.00%		07/01/2041		10			11,152
Los Angeles (City of), CA Department of Water & Power, Series 2020 A, Ref. RB		5.00%		07/01/2050		245			267,321
Los Angeles (City of), CA Department of Water & Power, Series 2020 B, Ref. RB		4.00%		07/01/2030		75			82,222
Los Angeles (City of), CA Department of Water & Power, Series 2020 B, Ref. RB		5.00%		07/01/2039		15			16,888
Los Angeles (City of), CA Department of Water & Power, Series 2020 B, Ref. RB		5.00%		07/01/2040		80			89,549
Los Angeles (City of), CA Department of Water & Power, Series 2020 B, Ref. RB		5.00%		07/01/2050		25			27,218
Los Angeles (City of), CA Department of Water & Power, Series 2021 C, Ref. RB		5.00%		07/01/2034		85			98,449
Los Angeles (City of), CA Department of Water & Power, Series 2021 C, Ref. RB		5.00%		07/01/2037		20			22,852
Los Angeles (City of), CA Department of Water & Power, Series 2021 C, Ref. RB		5.00%		07/01/2041		120			133,830
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020 A, RB		4.00%		06/01/2035		25			27,059
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020 A, RB		4.00%		06/01/2036		90			96,222
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020 A, RB		5.00%		06/01/2036		275			315,693
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020 A, RB		5.00%		06/01/2037		155			176,638
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020, RB		5.00%		06/01/2033		25			28,993
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020, RB		5.00%		06/01/2034		155			179,422
Los Angeles (County of), CA Public Works Financing Authority (Green Bonds), Series 2020 A, RB		5.00%		12/01/2045		150			165,520
Los Angeles Unified School District, Series 2019 A, Ref. GO Bonds		5.00%		07/01/2030		65			73,820
Los Angeles Unified School District, Series 2020 A, Ref. GO Bonds		5.00%		07/01/2032		210			243,290
Los Angeles Unified School District, Series 2020 C, GO Bonds		5.00%		07/01/2030		40			46,445
Los Angeles Unified School District, Series 2020 C, GO Bonds		4.00%		07/01/2032		40			43,891
Los Angeles Unified School District, Series 2020 C, GO Bonds		4.00%		07/01/2037		35			36,835
Los Angeles Unified School District, Series 2020 RYQ, GO Bonds		5.00%		07/01/2032		120			139,023
Los Angeles Unified School District, Series 2020 RYQ, GO Bonds		5.00%		07/01/2033		130			150,421
Los Angeles Unified School District, Series 2020 RYQ, GO Bonds		5.00%		07/01/2035		365			420,524
Los Angeles Unified School District, Series 2020 RYQ, GO Bonds		4.00%		07/01/2036		5			5,299
Los Angeles Unified School District, Series 2020 RYQ, GO Bonds		4.00%		07/01/2038		15			15,669
Los Angeles Unified School District, Series 2020 RYQ, GO Bonds		4.00%		07/01/2040		5			5,165
Los Angeles Unified School District, Series 2023 A, COP		5.00%		10/01/2030		75			86,529
Metropolitan Water District of Southern California, Series 2020 C, Ref. RB		5.00%		07/01/2039		115			130,046
Metropolitan Water District of Southern California, Series 2020 C, Ref. RB		5.00%		07/01/2040		90			101,185
Montebello Unified School District, Series 2022 B, GO Bonds, (INS - AGM)(a)		5.00%		08/01/2050		5			5,334
Mountain House Public Financing Authority (Green Bonds), Series 2020 A, RB, (INS - BAM)(a)		4.00%		12/01/2050		250			249,833

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

 243 

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

February 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)			Value
California-(continued)
Sacramento (City of), CA Financing Authority (Westlake and Regency Park), Series 2006, Ref. RB, (INS - AMBAC)(a)		5.25%		12/01/2030	$	90		$	103,564
Sacramento (City of), CA Municipal Utility District, Series 2020 H, RB		5.00%		08/15/2035		35			40,529
Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2019 G, RB		5.00%		08/15/2030		70			79,962
Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2020 H, RB		5.00%		08/15/2038		25			28,400
Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2020 H, RB		5.00%		08/15/2050		120			130,616
Sacramento (County of), CA Sanitation Districts Financing Authority, Series 2020 A, Ref. RB		5.00%		12/01/2050		300			330,324
San Diego (City of), CA Public Facilities Financing Authority (Capital Improvement), Series 2021 A, RB		5.00%		10/15/2046		20			21,991
San Diego (County of), CA Regional Transportation Commission, Series 2020 A, Ref. RB		4.00%		04/01/2048		30			30,310
San Diego (County of), CA Water Authority, Series 2021 B, Ref. RB		5.00%		05/01/2030		50			58,331
San Diego Unified School District, Series 2020, GO Bonds		4.00%		07/01/2036		25			26,582
San Diego Unified School District, Series 2022 F-2, GO Bonds		5.00%		07/01/2030		40			46,624
San Diego Unified School District (Election of 2012), Series 2020 M-2, GO Bonds		4.00%		07/01/2050		120			120,365
San Francisco (City & County of), CA Public Utilities Commission, Series 2020 A, RB		5.00%		11/01/2045		10			11,106
San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2020 A, RB		5.00%		11/01/2050		280			306,886
San Francisco Unified School District (Election of 2016), Series 2022 C, GO Bonds		5.00%		06/15/2039		15			16,887
San Rafael City High School District, Series 2022 A, GO Bonds		5.25%		08/01/2052		100			109,361
Santa Rosa (City of), CA, Series 2020 A, RB		5.00%		09/01/2034		100			116,206
Southern California Public Power Authority (Mangolia Power), Series 2020 A-1, Ref. RB		5.00%		07/01/2036		10			11,529
Transbay Joint Powers Authority (Green Bonds), Series 2020 A, RB		5.00%		10/01/2045		45			46,290
Turlock (City of), CA Irrigation District, Series 2020, Ref. RB		5.00%		01/01/2041		250			276,177
University of California, Series 2020 BE, Ref. RB		5.00%		05/15/2038		310			350,102
University of California, Series 2020 BE, Ref. RB		5.00%		05/15/2039		195			219,211
University of California, Series 2020 BE, Ref. RB		5.00%		05/15/2043		100			110,538
University of California, Series 2020 BE, Ref. RB		4.00%		05/15/2047		195			195,105
									13,659,197
Colorado-1.94%
Arapahoe County School District No 5 Cherry Creek, Series 2021, GO Bonds		5.00%		12/15/2038		50			56,016
Colorado (State of), Series 2020 A, COP		5.00%		12/15/2030		40			45,703
Colorado (State of), Series 2020 A, COP		5.00%		12/15/2033		25			28,671
Colorado (State of), Series 2021 A, COP		5.00%		12/15/2030		165			188,527
Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A, Ref. RB		5.00%		08/01/2030		30			32,662
Colorado (State of) Health Facilities Authority (Sanford Health), Series 2019 A, Ref. RB		5.00%		11/01/2030		70			76,846
Colorado (State of) Health Facilities Authority (SCL Health System), Series 2019 A, Ref. RB		4.00%		01/01/2036		45			46,422
Colorado (State of) Health Facilities Authority (SCL Health System), Series 2019 A, Ref. RB		4.00%		01/01/2037		20			20,510
Colorado (State of) Health Facilities Authority (SCL Health System), Series 2019 A, Ref. RB		4.00%		01/01/2038		205			209,179
Colorado Springs (City of), CO, Series 2020 C, RB		5.00%		11/15/2050		250			268,912
Denver (City & County of), CO, Series 2020 A, GO Bonds		5.00%		08/01/2033		40			45,761
Denver (City & County of), CO, Series 2020 B, Ref. GO Bonds		5.00%		08/01/2030		180			206,688
Denver City & County School District No. 1, Series 2021, GO Bonds		5.00%		12/01/2034		210			240,912
Denver City & County School District No. 1, Series 2021, GO Bonds		5.00%		12/01/2038		25			27,837
Denver City & County School District No. 1, Series 2021, GO Bonds		5.00%		12/01/2039		20			22,250
E-470 Public Highway Authority, Series 2020 A, Ref. RB		5.00%		09/01/2034		15			16,962
E-470 Public Highway Authority, Series 2020 A, Ref. RB		5.00%		09/01/2036		5			5,587
Jefferson County School District R-1, Series 2020, GO Bonds		4.00%		12/15/2032		20			21,553
Jefferson County School District R-1, Series 2020, GO Bonds		4.00%		12/15/2036		5			5,240
Jefferson County School District R-1, Series 2020, GO Bonds		4.00%		12/15/2037		10			10,426
Weld County School District No. RE-5J, Series 2021, GO Bonds		4.00%		12/01/2045		10			9,973
									1,586,637
Connecticut-2.09%
Connecticut (State of), Series 2020 A, GO Bonds		4.00%		01/15/2038		35			36,228
Connecticut (State of), Series 2020 A, RB		5.00%		05/01/2034		100			113,441
Connecticut (State of), Series 2020 A, RB		5.00%		05/01/2038		245			271,140
Connecticut (State of), Series 2020 C, GO Bonds		4.00%		06/01/2032		30			32,192
Connecticut (State of), Series 2020 C, GO Bonds		4.00%		06/01/2033		25			26,769
Connecticut (State of), Series 2020 C, GO Bonds		4.00%		06/01/2035		5			5,317
Connecticut (State of), Series 2020 C, GO Bonds		4.00%		06/01/2037		250			261,159

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

 244 

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

February 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)			Value
Connecticut-(continued)
Connecticut (State of), Series 2020 C, GO Bonds		4.00%		06/01/2038	$	270		$	279,481
Connecticut (State of), Series 2020, RB		5.00%		05/01/2030		250			284,679
Connecticut (State of), Series 2020, RB		4.00%		05/01/2036		10			10,559
Connecticut (State of), Series 2020, RB		5.00%		05/01/2037		120			133,577
Connecticut (State of), Series 2021 A, GO Bonds		4.00%		01/15/2030		15			16,074
Connecticut (State of), Series 2021 B, GO Bonds		4.00%		06/01/2030		20			21,517
Connecticut (State of), Series 2022 D, Ref. GO Bonds		5.00%		09/15/2030		180			206,332
Connecticut (State of), Series 2022 E, GO Bonds		5.00%		11/15/2030		10			11,496
									1,709,961
Delaware-0.81%
Delaware (State of), Series 2020 A, GO Bonds		5.00%		01/01/2030		250			284,785
Delaware (State of), Series 2020 A, GO Bonds		4.00%		01/01/2032		100			106,737
Delaware (State of) Transportation Authority, Series 2020, Ref. RB		5.00%		07/01/2030		235			269,578
									661,100
District of Columbia-1.64%
District of Columbia, Series 2019 A, RB		5.00%		03/01/2030		10			11,259
District of Columbia, Series 2019 C, Ref. RB		5.00%		10/01/2030		10			11,271
District of Columbia, Series 2020 A, RB		5.00%		03/01/2032		200			227,702
District of Columbia, Series 2020 A, RB		5.00%		03/01/2035		50			56,674
District of Columbia, Series 2020 A, RB		5.00%		03/01/2036		195			219,568
District of Columbia, Series 2020 A, RB		5.00%		03/01/2037		170			189,743
District of Columbia, Series 2020 A, RB		5.00%		03/01/2039		60			66,077
District of Columbia, Series 2020 B, Ref. RB		5.00%		10/01/2030		50			57,620
District of Columbia, Series 2020 C, RB		5.00%		05/01/2036		15			16,918
District of Columbia, Series 2020 C, RB		4.00%		05/01/2038		25			25,783
District of Columbia, Series 2020, RB		5.00%		12/01/2030		5			5,625
District of Columbia, Series 2023 B, Ref. GO Bonds		5.00%		06/01/2030		5			5,727
Washington Metropolitan Area Transit Authority, Series 2020 A, RB		5.00%		07/15/2035		100			112,943
Washington Metropolitan Area Transit Authority, Series 2020 A, RB		5.00%		07/15/2039		105			115,617
Washington Metropolitan Area Transit Authority, Series 2020 A, RB		5.00%		07/15/2045		205			220,678
									1,343,205
Florida-2.77%
Broward (County of), FL School Board, Series 2020 A, COP		5.00%		07/01/2032		10			11,358
Broward (County of), FL School Board, Series 2020 A, COP		5.00%		07/01/2033		20			22,701
Broward (County of), FL School Board, Series 2020 A, COP		5.00%		07/01/2034		95			107,441
Central Florida Expressway Authority, Series 2021, Ref. RB, (INS - AGM)(a)		5.00%		07/01/2030		35			39,886
Duval County (County of), FL School Board, Series 2022 A, COP, (INS - AGM)(a)		5.00%		07/01/2030		25			28,506
Duval County (County of), FL School Board, Series 2022 A, COP, (INS - AGM)(a)		5.00%		07/01/2032		60			67,888
Duval County (County of), FL School Board, Series 2022 A, COP, (INS - AGM)(a)		5.00%		07/01/2034		90			101,396
Florida (State of), Series 2021 A, Ref. GO Bonds		5.00%		06/01/2030		215			246,390
Florida (State of), Series 2021 A, Ref. GO Bonds		5.00%		07/01/2030		20			22,981
Florida (State of), Series 2021 B, Ref. GO Bonds		5.00%		06/01/2030		30			34,380
Florida (State of), Series 2022 B, Ref. GO Bonds		5.00%		06/01/2030		50			57,300
Jacksonville (City of), FL, Series 2015, Ref. RB		3.00%		10/01/2030		50			49,688
JEA Electric System, Series 2020 3-A, Ref. RB		5.00%		10/01/2034		50			55,785
JEA Electric System, Series 2020 3-A, Ref. RB		5.00%		10/01/2035		115			127,324
Miami-Dade (County of), FL, Series 2020 A, Ref. RB		4.00%		10/01/2036		305			313,652
Miami-Dade (County of), FL, Series 2020 A, Ref. RB		4.00%		10/01/2037		115			117,111
Miami-Dade (County of), FL, Series 2020 C, RB		4.00%		04/01/2036		145			151,353
Miami-Dade (County of), FL, Series 2021, RB		5.00%		10/01/2030		35			39,992
Miami-Dade (County of), FL Transit System, Series 2020 A, RB		5.00%		07/01/2043		20			21,665
North Miami Beach (City of), FL, Series 2020 A, RB		5.00%		08/01/2049		250			266,176
Palm Beach County School District, Series 2020 A, COP		5.00%		08/01/2033		100			113,463
Palm Beach County School District, Series 2020 A, COP		5.00%		08/01/2034		50			56,616
Tampa (City of), FL, Series 2020 A, RB		5.00%		10/01/2046		200			215,905
									2,268,957

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

 245 

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

February 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)			Value
Georgia-1.42%
Atlanta (City of), GA, Series 2004, RB, (INS - AGM)(a)		5.75%		11/01/2030	$	105		$	125,492
DeKalb (County of), GA, Series 2022, Ref. RB		5.00%		10/01/2030		10			11,485
Gainesville (City of) & Hall (County of), GA Hospital Authority (Northeast Georgia Health System, Inc.), Series 2020, Ref. RB		5.00%		02/15/2032		100			109,929
Georgia (State of), Series 2022 A, GO Bonds		5.00%		07/01/2030		65			74,769
Georgia (State of), Series 2023 C, Ref. GO Bonds		4.00%		01/01/2030		30			32,401
Georgia (State of) (Bid Group 2), Series 2020 A, GO Bonds		5.00%		08/01/2033		90			103,479
Georgia (State of) (Bidding Group 1), Series 2020 A, GO Bonds		5.00%		08/01/2030		30			34,563
Georgia (State of) (Bidding Group 1), Series 2020 A, GO Bonds		5.00%		08/01/2032		10			11,510
Georgia (State of) (Bidding Group 1), Series 2020 A, GO Bonds		4.00%		08/01/2035		20			21,463
Georgia (State of) (Bidding Group 1), Series 2021 A, Ref. GO Bonds		5.00%		07/01/2030		10			11,503
Georgia (State of) (Bidding Group 3), Series 2022 C, Ref. GO Bonds		5.00%		07/01/2030		85			97,775
Georgia (State of) (Tranche 1), Series 2019 A, GO Bonds		5.00%		07/01/2030		55			61,778
Georgia (State of) Ports Authority, Series 2022, RB		5.00%		07/01/2030		10			11,453
Georgia (State of) Road & Tollway Authority, Series 2020, RB		5.00%		06/01/2032		15			17,026
Georgia (State of) Road & Tollway Authority (Garvee), Series 2020, RB		5.00%		06/01/2030		35			39,849
Henry County School District, Series 2021, GO Bonds		4.00%		08/01/2030		10			10,801
Private Colleges & Universities Authority (Emory University), Series 2020 B, Ref. RB		5.00%		09/01/2032		55			62,888
Private Colleges & Universities Authority (Emory University), Series 2020 B, Ref. RB		5.00%		09/01/2033		250			285,301
Private Colleges & Universities Authority (Emory University), Series 2020 B, Ref. RB		4.00%		09/01/2035		35			36,977
Private Colleges & Universities Authority (Emory University), Series 2020 B, Ref. RB		4.00%		09/01/2039		5			5,166
									1,165,608
Guam-0.05%
Guam (Territory of) Waterworks Authority, Series 2020 A, RB		5.00%		01/01/2050		40			41,273
Hawaii-1.16%
Hawaii (State of), Series 2019 FW, GO Bonds		5.00%		01/01/2030		15			16,636
Hawaii (State of), Series 2020 C, RB		5.00%		07/01/2050		125			133,452
Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2020 B, Ref. GO Bonds		5.00%		03/01/2030		40			45,461
Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2021, GO Bonds		5.00%		03/01/2030		165			187,527
State of Hawaii Airports System Revenue, Series 2020 D, Ref. RB		5.00%		07/01/2030		500			568,549
									951,625
Illinois-4.99%
Chicago (City of), IL, Series 2020 A, Ref. GO Bonds		5.00%		01/01/2030		145			157,433
Chicago (City of), IL, Series 2023 B, Ref. RB, (INS - AGM)(a)		5.00%		01/01/2030		120			134,343
Chicago (City of), IL (O’Hare International Airport), Series 2020 A, Ref. RB		5.00%		01/01/2034		135			150,827
Chicago (City of), IL (O’Hare International Airport), Series 2020 A, Ref. RB		4.00%		01/01/2035		135			140,003
Chicago (City of), IL (O’Hare International Airport), Series 2020 A, Ref. RB		4.00%		01/01/2036		80			82,415
Chicago (City of), IL (O’Hare International Airport), Series 2020 A, Ref. RB		4.00%		01/01/2037		340			347,170
Chicago (City of), IL Metropolitan Water Reclamation District, Series 2021 C, Ref. GO Bonds		5.00%		12/01/2030		10			11,478
Cook (County of), IL, Series 2021 A, Ref. GO Bonds		5.00%		11/15/2033		200			223,532
Illinois (State of), Series 2020 B, GO Bonds		4.00%		10/01/2032		50			51,758
Illinois (State of), Series 2020, GO Bonds		5.50%		05/01/2030		450			501,986
Illinois (State of), Series 2021 A, GO Bonds		5.00%		12/01/2030		200			223,533
Illinois (State of), Series 2022 B, Ref. GO Bonds		5.00%		03/01/2030		35			38,704
Illinois (State of) Finance Authority (Advocate Health Care Network), Series 2008 A, Ref. RB		5.00%		11/01/2030		200			208,796
Illinois (State of) Finance Authority (Green Bonds), Series 2020, RB		5.00%		07/01/2030		25			28,353
Illinois (State of) Finance Authority (Northshore Edward Elmhurst Health Credit Group), Series 2020, Ref. RB		5.00%		08/15/2033		5			5,617
Illinois (State of) Finance Authority (Northshore Edward Elmhurst Health Credit Group), Series 2020, Ref. RB		5.00%		08/15/2034		80			89,631
Illinois (State of) Finance Authority (Northshore University Health), Series 2020, Ref. RB		4.00%		08/15/2038		5			5,060
Illinois (State of) Finance Authority (Northshore University Health), Series 2020, Ref. RB		4.00%		08/15/2040		440			441,371
Illinois (State of) Regional Transportation Authority, Series 2000, RB, (INS - NATL)(a)		6.50%		07/01/2030		30			34,928
Illinois (State of) Toll Highway Authority, Series 2019 B, Ref. RB		5.00%		01/01/2030		60			67,722
Illinois (State of) Toll Highway Authority, Series 2019, Ref. RB		5.00%		01/01/2030		175			197,523
Rosemont (Village of), IL, Series 2020 A, GO Bonds, (INS - BAM)(a)		5.00%		12/01/2042		100			109,292

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

 246 

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

February 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)			Value
Illinois-(continued)
Sales Tax Securitization Corp., Series 2021 A, Ref. RB		5.00%		01/01/2030	$	550		$	616,995
University of Illinois, Series 2023 A, Ref. RB		5.00%		04/01/2030		195			219,615
									4,088,085
Indiana-0.28%
Indiana (State of) Finance Authority, Series 2021, Ref. RB		5.00%		10/01/2030		15			17,071
Indiana (State of) Finance Authority (Green Bonds), Series 2021 A, Ref. RB		5.00%		02/01/2030		80			90,912
Indiana (State of) Finance Authority (Stadium), Series 2022 A, Ref. RB		5.00%		02/01/2030		110			123,399
									231,382
Iowa-0.08%
Iowa (State of) Finance Authority, Series 2020 A, RB		5.00%		08/01/2044		60			65,386
Kentucky-0.06%
Kentucky Bond Development Corp. (Kentucky Communications Network Authority), Series 2019, RB, (INS - BAM)(a)		5.00%		09/01/2049		50			52,538
Louisiana-0.53%
Louisiana (State of), Series 2019 A, GO Bonds		5.00%		03/01/2030		65			72,291
Louisiana Local Government Environmental Facilities & Community Development Auth, Series 2021, Ref. RB		2.00%		06/01/2030		180			158,526
New Orleans (City of), LA, Series 2021 A, GO Bonds		5.00%		12/01/2046		75			80,270
New Orleans (City of), LA, Series 2021 A, GO Bonds		5.00%		12/01/2050		115			121,564
									432,651
Maryland-2.53%
Baltimore (City of), MD (Water), Series 2020 A, RB		5.00%		07/01/2050		100			106,646
Baltimore (County of), MD, Series 2020, GO Bonds		4.00%		03/01/2036		115			121,666
Maryland (State of), Series 2020, GO Bonds		5.00%		08/01/2032		105			120,519
Maryland (State of), Series 2020, GO Bonds		5.00%		08/01/2033		125			143,241
Maryland (State of) (Bidding Group 1), Second Series 2021 A, GO Bonds		5.00%		08/01/2030		35			40,301
Maryland (State of) (Bidding Group 1), Series 2020 A, GO Bonds		5.00%		03/15/2030		50			57,167
Maryland (State of) (Bidding Group 2), Second Series 2019 A, GO Bonds		5.00%		08/01/2030		45			50,821
Maryland (State of) (Bidding Group 2), Series 2020 A, GO Bonds		5.00%		03/15/2033		125			142,277
Maryland (State of) (Bidding Group 2), Series 2020 A, GO Bonds		5.00%		08/01/2034		250			286,148
Maryland (State of) (Bidding Group 2), Series 2020 A, GO Bonds		5.00%		08/01/2035		200			228,197
Maryland (State of) Department of Transportation, Series 2020, RB		5.00%		10/01/2030		150			172,763
Maryland (State of) Department of Transportation, Series 2020, RB		5.00%		10/01/2033		15			17,210
Maryland (State of) Department of Transportation, Series 2021 A, RB		4.00%		10/01/2030		150			160,559
Maryland (State of) Transportation Authority, Series 2020, RB		5.00%		07/01/2030		45			51,508
Maryland (State of) Transportation Authority, Series 2020, RB		5.00%		07/01/2032		15			17,087
Maryland (State of) Transportation Authority, Series 2020, RB		5.00%		07/01/2034		15			17,033
Maryland (State of) Transportation Authority, Series 2021 A, Ref. RB		5.00%		07/01/2030		75			85,847
Montgomery (County of), MD, Series 2020 B, Ref. GO Bonds		4.00%		11/01/2030		100			109,246
Prince George’s (County of), MD, Series 2019 A, GO Bonds		5.00%		07/15/2030		130			146,686
									2,074,922
Massachusetts-5.29%
Massachusetts (Commonwealth of), Series 2005, Ref. RB, (INS - NATL)(a)		5.50%		01/01/2030		25			28,918
Massachusetts (Commonwealth of), Series 2020 C, GO Bonds		2.75%		03/01/2050		15			10,874
Massachusetts (Commonwealth of), Series 2020 D, GO Bonds		5.00%		07/01/2041		70			76,464
Massachusetts (Commonwealth of), Series 2020 D, GO Bonds		5.00%		07/01/2048		225			240,242
Massachusetts (Commonwealth of), Series 2020 E, GO Bonds		5.00%		11/01/2032		85			97,384
Massachusetts (Commonwealth of), Series 2020 E, GO Bonds		5.00%		11/01/2045		410			443,304
Massachusetts (Commonwealth of), Series 2020 E, GO Bonds		5.00%		11/01/2050		380			405,046
Massachusetts (Commonwealth of), Series 2020, GO Bonds		5.00%		07/01/2030		500			573,570
Massachusetts (Commonwealth of), Series 2020, GO Bonds		5.00%		07/01/2036		190			214,062
Massachusetts (Commonwealth of), Series 2020, GO Bonds		5.00%		07/01/2040		225			247,354
Massachusetts (Commonwealth of), Series 2020, GO Bonds		5.00%		07/01/2045		610			657,337
Massachusetts (Commonwealth of), Series 2020, Ref. GO Bonds		4.00%		11/01/2034		25			26,906
Massachusetts (Commonwealth of), Series 2020, Ref. GO Bonds		4.00%		11/01/2035		195			208,400

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

 247 

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

February 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)			Value
Massachusetts-(continued)
Massachusetts (Commonwealth of), Series 2020, Ref. GO Bonds		4.00%		11/01/2037	$	10		$	10,511
Massachusetts (Commonwealth of), Series 2020, Ref. GO Bonds		4.00%		11/01/2040		5			5,147
Massachusetts (Commonwealth of) (Rail Enhancement Program), Series 2021 B, RB		5.00%		06/01/2043		105			114,580
Massachusetts (Commonwealth of) (Rail Enhancement Program) (Sustainability Bonds), Series 2021 A, RB		5.00%		06/01/2051		35			37,293
Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2004 B, Ref. RB		5.25%		07/01/2030		200			233,486
Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2007 A-1, Ref. RB		5.25%		07/01/2030		25			29,186
Massachusetts (Commonwealth of) Health & Educational Facilities Authority (Massachusetts Institute of Technology), Series 2004 M, RB		5.25%		07/01/2030		150			176,270
Massachusetts (Commonwealth of) School Building Authority (Social Bonds), Series 2020 A, RB		5.00%		08/15/2045		250			271,088
Massachusetts (Commonwealth of) School Building Authority (Social Bonds), Series 2020 A, RB		5.00%		08/15/2050		115			122,845
University of Massachusetts Building Authority, Series 2022-1, RB		5.00%		11/01/2052		100			107,228
									4,337,495
Michigan-1.53%
Detroit City School District, Series 2005 A, Ref. GO Bonds, (INS - AGM)(a)		5.25%		05/01/2030		205			234,330
Michigan (State of), Series 2020 B, RB		5.00%		11/15/2032		15			17,256
Michigan (State of), Series 2020 B, RB		5.00%		11/15/2033		625			718,302
Michigan (State of), Series 2020 B, RB		4.00%		11/15/2038		50			51,985
Michigan (State of) Building Authority, Series 2020 I, Ref. RB		5.00%		10/15/2030		70			80,311
Michigan (State of) Hospital Finance Authority (Ascension Health Senior Credit Group), Series 2010, Ref. RB		5.00%		11/15/2047		45			47,140
Walled Lake Consolidated School District, Series 2020, GO Bonds		5.00%		05/01/2050		95			100,878
									1,250,202
Minnesota-0.97%
Minnesota (State of), Series 2020 A, GO Bonds		5.00%		08/01/2035		50			56,986
Minnesota (State of), Series 2020 A, GO Bonds		5.00%		08/01/2040		140			155,373
Minnesota (State of), Series 2021 A, GO Bonds		5.00%		09/01/2030		275			317,506
Minnesota (State of), Series 2022 A, Ref. RB		5.00%		03/01/2030		30			34,060
Minnesota (State of), Series 2023 E, Ref. GO Bonds		5.00%		08/01/2030		200			230,550
									794,475
Mississippi-0.11%
Mississippi (State of), Series 2021 A, GO Bonds		4.00%		06/01/2034		30			31,652
Mississippi (State of), Series 2021 A, GO Bonds		4.00%		06/01/2035		30			31,568
Mississippi (State of), Series 2021 A, GO Bonds		4.00%		06/01/2036		25			26,094
									89,314
Missouri-0.70%
Curators of the University of Missouri (The), Series 2020 B, RB		5.00%		11/01/2030		150			172,524
Jackson County Reorganized School District No. 7, Series 2020, Ref. GO Bonds		4.00%		03/01/2030		50			52,991
Missouri (State of) Health & Educational Facilities Authority (SSM Health), Series 2022 A, RB		5.00%		06/01/2030		50			55,737
Missouri (State of) Highway & Transportation Commission, Series 2022 A, RB		5.00%		05/01/2030		25			28,422
St. Louis Municipal Finance Corp., Series 2020, RB, (INS - AGM)(a)		5.00%		10/01/2049		250			261,657
									571,331
Montana-0.17%
Montana (State of) Facility Finance Authority (SCL Health System), Series 2019 A, Ref. RB		4.00%		01/01/2037		135			138,441
Nebraska-1.04%
Omaha (City of), NE Public Power District, Series 2021 A, RB		5.00%		02/01/2046		650			701,413
Omaha (City of), NE Public Power District, Series 2021 B, Ref. RB		4.00%		02/01/2046		150			150,951
									852,364
Nevada-0.21%
Clark (County of), NV, Series 2019, Ref. RB		5.00%		07/01/2030		10			11,169
Clark (County of), NV, Series 2020 C, Ref. RB		5.00%		07/01/2030		70			79,379
Clark (County of), NV Department of Aviation, Series 2019, Ref. RB		5.00%		07/01/2030		75			83,767
									174,315

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

 248 

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

February 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)			Value
New Jersey-2.34%
Hudson County Improvement Authority (Hudson County Courthouse), Series 2020, RB		4.00%		10/01/2046	$	250		$	250,438
New Jersey (State of), Series 2020 A, GO Bonds		4.00%		06/01/2030		130			140,019
New Jersey (State of), Series 2021, GO Bonds		2.00%		06/01/2030		600			541,895
New Jersey (State of) Economic Development Authority (New Jersey Transportation Bonds), Series 2020 A, RB		5.00%		11/01/2030		20			22,285
New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB		4.00%		06/15/2035		150			156,970
New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB		4.00%		06/15/2036		10			10,410
New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB		5.00%		06/15/2045		50			53,312
New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB		5.00%		06/15/2050		405			426,531
New Jersey (State of) Transportation Trust Fund Authority, Series 2022 AA, Ref. RB		5.00%		06/15/2030		170			191,932
New Jersey (State of) Turnpike Authority, Series 2005 A, Ref. RB, (INS - AGM)(a)		5.25%		01/01/2030		5			5,737
New Jersey (State of) Turnpike Authority, Series 2022 C, Ref. RB		5.00%		01/01/2030		105			118,756
									1,918,285
New Mexico-0.20%
New Mexico (State of) Finance Authority, Series 2021 A, RB		5.00%		06/15/2030		50			57,122
New Mexico (State of) Severance Tax Permanent Fund, Series 2021 A, RB		5.00%		07/01/2030		10			11,434
New Mexico (State of) Severance Tax Permanent Fund, Series 2022 A, RB		5.00%		07/01/2030		80			91,469
									160,025
New York-26.55%
Battery Park (City of), NY Authority, Series 2023 B, Ref. RB		5.00%		11/01/2030		5			5,824
Long Island (City of), NY Power Authority, Series 2020 A, Ref. RB		5.00%		09/01/2037		155			174,788
Metropolitan Transportation Authority (Green Bonds), Series 2020 A-1, RB		5.00%		11/15/2047		70			73,635
Metropolitan Transportation Authority (Green Bonds), Series 2020 A-1, RB		5.00%		11/15/2049		20			20,964
Metropolitan Transportation Authority (Green Bonds), Series 2020 C-1, RB		4.75%		11/15/2045		115			118,414
Metropolitan Transportation Authority (Green Bonds), Series 2020 C-1, RB		5.00%		11/15/2050		500			523,361
Metropolitan Transportation Authority (Green Bonds), Series 2020 C-1, RB		5.25%		11/15/2055		530			561,537
Metropolitan Transportation Authority (Green Bonds), Series 2020 E, Ref. RB		5.00%		11/15/2032		210			234,776
Metropolitan Transportation Authority (Green Bonds), Series 2020 E, Ref. RB		5.00%		11/15/2033		10			11,154
Nassau (County of), NY Interim Finance Authority, Series 2021 A, Ref. RB		5.00%		11/15/2030		120			139,316
New York & New Jersey (States of) Port Authority, Two Hundred Thirtieth Series 2022, Ref. RB		4.00%		12/01/2030		35			38,113
New York & New Jersey (States of) Port Authority, Two Hundred Twelfth Series 2019, Ref. RB		5.00%		09/01/2030		130			146,486
New York & New Jersey (States of) Port Authority, Two Hundred Twenty Second Series 2020, Ref. RB		5.00%		07/15/2033		140			159,861
New York & New Jersey (States of) Port Authority, Two Hundred Twenty Second Series 2020, Ref. RB		5.00%		07/15/2034		55			62,664
New York & New Jersey (States of) Port Authority, Two Hundred Twenty Second Series 2020, Ref. RB		5.00%		07/15/2035		140			158,853
New York & New Jersey (States of) Port Authority, Two Hundred Twenty Second Series 2020, Ref. RB		4.00%		07/15/2037		15			15,592
New York (City of), NY, Series 2020 A-1, Ref. GO Bonds		5.00%		08/01/2030		200			227,621
New York (City of), NY, Series 2020 A-1, Ref. GO Bonds		4.00%		08/01/2034		5			5,328
New York (City of), NY, Series 2020 B-1, Ref. GO Bonds		5.00%		11/01/2032		250			285,766
New York (City of), NY, Series 2020 C, GO Bonds		5.00%		08/01/2032		365			415,470
New York (City of), NY, Series 2020 C, GO Bonds		5.00%		08/01/2035		150			168,697
New York (City of), NY, Series 2020 C, GO Bonds		4.00%		08/01/2036		15			15,742
New York (City of), NY, Series 2020 C, GO Bonds		5.00%		08/01/2038		200			221,872
New York (City of), NY, Series 2020 C, GO Bonds		4.00%		08/01/2041		165			167,362
New York (City of), NY, Series 2020 C, GO Bonds		5.00%		08/01/2042		20			21,671
New York (City of), NY, Series 2020 C-1, Ref. GO Bonds		5.00%		08/01/2030		95			108,120
New York (City of), NY, Series 2020 C-1, Ref. GO Bonds		5.00%		08/01/2033		500			568,843
New York (City of), NY, Series 2020 D-1, GO Bonds		4.00%		03/01/2036		500			524,774
New York (City of), NY, Series 2020 D-1, GO Bonds		5.00%		03/01/2043		100			107,562
New York (City of), NY, Series 2021-1, GO Bonds		5.00%		04/01/2030		40			45,265
New York (City of), NY, Series 2022 B-1, Ref. GO Bonds		5.00%		08/01/2030		75			85,358
New York (City of), NY, Series 2022 C, Ref. GO Bonds		5.00%		08/01/2030		10			11,381
New York (City of), NY, Subseries 2008 L-6, GO Bonds		5.00%		04/01/2030		55			61,291
New York (City of), NY Industrial Development Agency (Yankee Stadium), Series 2020 A, Ref. RB, (INS - AGM)(a)		5.00%		03/01/2030		5			5,571
New York (City of), NY Industrial Development Agency (Yankee Stadium), Series 2020, Ref. RB, (INS - AGM)(a)		4.00%		03/01/2032		210			218,690

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

 249 

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

February 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)			Value
New York-(continued)
New York (City of), NY Industrial Development Agency (Yankee Stadium), Series 2021, Ref. RB, (INS - AGM)(a)		5.00%		01/01/2030	$	5		$	5,544
New York (City of), NY Municipal Water Finance Authority, Series 2020 AA-2, RB		4.00%		06/15/2042		10			10,096
New York (City of), NY Municipal Water Finance Authority, Series 2020 DD-1, RB		5.00%		06/15/2030		115			132,463
New York (City of), NY Municipal Water Finance Authority, Series 2020 EE, Ref. RB		5.00%		06/15/2030		150			172,778
New York (City of), NY Municipal Water Finance Authority, Series 2020 FF, Ref. RB		4.00%		06/15/2041		150			151,863
New York (City of), NY Municipal Water Finance Authority, Series 2020 FF, Ref. RB		5.00%		06/15/2041		60			65,969
New York (City of), NY Municipal Water Finance Authority, Series 2020 GG, RB		5.00%		06/15/2030		75			86,389
New York (City of), NY Municipal Water Finance Authority, Series 2020 GG-1, RB		5.00%		06/15/2048		150			160,964
New York (City of), NY Municipal Water Finance Authority, Series 2020 GG-1, RB		5.00%		06/15/2050		250			267,086
New York (City of), NY Municipal Water Finance Authority, Series 2020, Ref. RB		5.00%		06/15/2041		5			5,497
New York (City of), NY Municipal Water Finance Authority, Series 2020, Ref. RB		5.00%		06/15/2050		190			203,895
New York (City of), NY Municipal Water Finance Authority, Series 2021 AA-2, Ref. RB		5.00%		06/15/2030		115			132,463
New York (City of), NY Municipal Water Finance Authority, Series 2021 AA-2, Ref. RB		5.00%		06/15/2032		100			116,320
New York (City of), NY Municipal Water Finance Authority, Series 2022 E, Ref. RB		5.00%		06/15/2030		235			270,685
New York (City of), NY Transitional Finance Authority, Series 2010 F-5, RB		5.00%		02/01/2030		330			374,819
New York (City of), NY Transitional Finance Authority, Series 2010, RB		5.00%		05/01/2030		20			22,823
New York (City of), NY Transitional Finance Authority, Series 2020 C-1, RB		4.00%		05/01/2039		50			51,012
New York (City of), NY Transitional Finance Authority, Series 2020, RB		5.00%		05/01/2033		245			282,076
New York (City of), NY Transitional Finance Authority, Series 2020, RB		5.00%		05/01/2034		215			246,897
New York (City of), NY Transitional Finance Authority, Series 2020, RB		5.00%		05/01/2034		40			45,934
New York (City of), NY Transitional Finance Authority, Series 2020, RB		5.00%		05/01/2037		60			67,480
New York (City of), NY Transitional Finance Authority, Series 2020, RB		5.00%		05/01/2041		435			478,695
New York (City of), NY Transitional Finance Authority, Series 2020, RB		4.00%		05/01/2043		500			499,672
New York (City of), NY Transitional Finance Authority, Series 2020, RB		3.00%		05/01/2046		100			81,907
New York (City of), NY Transitional Finance Authority, Series 2020, Ref. RB		5.00%		11/01/2030		70			80,604
New York (City of), NY Transitional Finance Authority, Series 2020, Ref. RB		5.00%		11/01/2032		15			17,275
New York (City of), NY Transitional Finance Authority, Series 2020, Ref. RB		5.00%		11/01/2033		60			69,059
New York (City of), NY Transitional Finance Authority, Series 2020, Ref. RB		4.00%		11/01/2035		75			79,452
New York (City of), NY Transitional Finance Authority, Series 2020, Ref. RB		5.00%		11/01/2036		35			39,571
New York (City of), NY Transitional Finance Authority, Series 2021 A-1, Ref. RB		5.00%		11/01/2030		5			5,757
New York (City of), NY Transitional Finance Authority, Series 2021 C-1, RB		5.00%		05/01/2032		50			57,595
New York (City of), NY Transitional Finance Authority, Series 2021 C-1, RB		4.00%		05/01/2035		55			58,429
New York (City of), NY Transitional Finance Authority, Series 2021 C-1, RB		4.00%		05/01/2036		10			10,534
New York (City of), NY Transitional Finance Authority, Series 2021 D-1, RB		5.00%		11/01/2034		10			11,472
New York (City of), NY Transitional Finance Authority, Series 2021 D-1, RB		5.00%		11/01/2036		65			73,489
New York (City of), NY Transitional Finance Authority, Series 2022 A-1, RB		5.00%		08/01/2030		100			114,635
New York (City of), NY Transitional Finance Authority, Series 2022 B-1, Ref. RB		5.00%		11/01/2030		15			17,272
New York (City of), NY Transitional Finance Authority, Series 2022 S-1A, Ref. RB		5.00%		07/15/2030		65			74,824
New York (City of), NY Transitional Finance Authority, Series 2022, Ref. RB		5.00%		11/01/2030		20			23,030
New York (City of), NY Transitional Finance Authority, Series 2023 E-1, Ref. RB		5.00%		11/01/2030		60			69,089
New York (City of), NY Transitional Finance Authority, Subseries 2021 S-1, Ref. RB		5.00%		07/15/2030		205			235,984
New York (City of), NY Trust for Cultural Resources (Lincoln Center for Performing Arts), Series 2020 A, Ref. RB		5.00%		12/01/2032		100			112,753
New York (City of), NY Trust for Cultural Resources (Lincoln Center for Performing Arts), Series 2020 A, Ref. RB		4.00%		12/01/2033		10			10,593
New York (State of) Dormitory Authority, Series 2019 D, Ref. RB		5.00%		02/15/2030		85			96,923
New York (State of) Dormitory Authority, Series 2020 A, Ref. RB		5.00%		03/15/2032		175			200,676
New York (State of) Dormitory Authority, Series 2020 A, Ref. RB		4.00%		03/15/2034		85			90,642
New York (State of) Dormitory Authority, Series 2020 A, Ref. RB		4.00%		03/15/2035		10			10,609
New York (State of) Dormitory Authority, Series 2020 D, Ref. RB		5.00%		02/15/2032		15			17,019
New York (State of) Dormitory Authority, Series 2020 D, Ref. RB		5.00%		02/15/2033		265			300,386
New York (State of) Dormitory Authority, Series 2020 D, Ref. RB		5.00%		02/15/2034		780			883,660
New York (State of) Dormitory Authority, Series 2020 D, Ref. RB		5.00%		02/15/2035		120			135,705
New York (State of) Dormitory Authority, Series 2020 D, Ref. RB		4.00%		02/15/2036		130			136,577
New York (State of) Dormitory Authority, Series 2020 D, Ref. RB		4.00%		02/15/2038		100			102,905
New York (State of) Dormitory Authority, Series 2020 D, Ref. RB		4.00%		02/15/2039		20			20,436
New York (State of) Dormitory Authority, Series 2020 D, Ref. RB		5.00%		02/15/2041		370			403,788

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

 250 

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

February 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)			Value
New York-(continued)
New York (State of) Dormitory Authority, Series 2020 D, Ref. RB		4.00%		02/15/2047	$	400		$	392,445
New York (State of) Dormitory Authority, Series 2021 A, RB, (INS - AGM)(a)		5.00%		10/01/2030		125			139,896
New York (State of) Dormitory Authority, Series 2022 A, RB, (INS - BAM)(a)		5.00%		10/01/2030		75			86,283
New York (State of) Dormitory Authority, Series 2022 A, RB, (INS - BAM)(a)		5.00%		10/01/2033		10			11,441
New York (State of) Dormitory Authority, Series 2022 A, RB, (INS - BAM)(a)		5.00%		10/01/2034		255			290,999
New York (State of) Dormitory Authority, Series 2022 A, RB, (INS - BAM)(a)		5.00%		10/01/2036		15			16,928
New York (State of) Dormitory Authority, Series 2022 A, RB, (INS - BAM)(a)		5.00%		10/01/2042		365			399,331
New York (State of) Dormitory Authority, Series 2023 A, Ref. RB		5.00%		03/15/2030		505			576,776
New York (State of) Dormitory Authority (General Purpose), Series 2020 D, Ref. RB		5.00%		02/15/2048		15			15,971
New York (State of) Power Authority (Green Bonds), Series 2020 A, Ref. RB		4.00%		11/15/2050		550			541,727
New York (State of) Thruway Authority, Series 2019 B, RB		5.00%		01/01/2036		25			27,733
New York (State of) Thruway Authority, Series 2019 B, RB		4.00%		01/01/2037		350			363,062
New York (State of) Thruway Authority, Series 2019 B, RB, (INS - AGM)(a)		4.00%		01/01/2045		35			34,970
New York (State of) Thruway Authority, Series 2020 N, RB		5.00%		01/01/2035		40			45,007
New York (State of) Thruway Authority, Series 2020 N, RB		5.00%		01/01/2036		15			16,802
New York (State of) Thruway Authority, Series 2020 N, RB		5.00%		01/01/2037		5			5,566
New York (State of) Thruway Authority, Series 2020 N, RB		5.00%		01/01/2039		5			5,477
New York (State of) Thruway Authority (Bidding Group 1), Series 2022 A, Ref. RB		5.00%		03/15/2030		25			28,508
New York (State of) Thruway Authority (Bidding Group 5), Series 2021 A-1, Ref. RB		5.00%		03/15/2030		185			210,960
New York State Environmental Facilities Corp., Series 2021, RB		5.00%		06/15/2030		45			51,890
New York State Urban Development Corp., Series 2020 A, RB		5.00%		03/15/2030		165			188,452
New York State Urban Development Corp., Series 2020 A, RB		5.00%		03/15/2035		5			5,689
New York State Urban Development Corp., Series 2020 A, RB		5.00%		03/15/2036		550			621,650
New York State Urban Development Corp., Series 2020 A, RB		5.00%		03/15/2037		25			28,054
New York State Urban Development Corp., Series 2020 A, RB		5.00%		03/15/2041		180			197,332
New York State Urban Development Corp., Series 2020 A, RB		5.00%		03/15/2042		20			21,833
New York State Urban Development Corp., Series 2020 C, Ref. RB		4.00%		03/15/2037		240			251,353
New York State Urban Development Corp., Series 2020 C, Ref. RB		5.00%		03/15/2047		350			374,713
New York State Urban Development Corp., Series 2020 E, Ref. RB		5.00%		03/15/2033		15			17,055
New York State Urban Development Corp., Series 2020 E, Ref. RB		4.00%		03/15/2035		60			63,707
New York State Urban Development Corp., Series 2020, Ref. RB		5.00%		03/15/2030		30			34,264
New York State Urban Development Corp., Series 2020, Ref. RB		5.00%		03/15/2032		40			45,973
New York State Urban Development Corp., Series 2020, Ref. RB		5.00%		03/15/2033		20			22,950
New York State Urban Development Corp., Series 2020, Ref. RB		4.00%		03/15/2034		165			176,866
New York State Urban Development Corp., Series 2020, Ref. RB		5.00%		03/15/2035		140			159,297
New York State Urban Development Corp., Series 2020, Ref. RB		5.00%		03/15/2043		55			59,758
New York State Urban Development Corp., Series 2020, Ref. RB		5.00%		03/15/2044		220			238,222
New York State Urban Development Corp., Series 2022, Ref. RB		5.00%		03/15/2030		5			5,711
New York State Urban Development Corp., Series 2022, Ref. RB		5.00%		09/15/2030		160			184,446
New York State Urban Development Corp. (Bidding Group 1), Series 2021 A, Ref. RB		5.00%		03/15/2030		90			102,792
New York State Urban Development Corp. (Bidding Group 4), Series 2020 E, Ref. RB		5.00%		03/15/2030		200			228,426
New York State Urban Development Corp. (Bidding Group 4), Series 2020 E, Ref. RB		4.00%		03/15/2046		500			493,377
New York Transportation Development Corp. (Terminal 4 JFK International Airport), Series 2020 C, Ref. RB		5.00%		12/01/2033		70			76,197
New York Transportation Development Corp. (Terminal 4 JFK International Airport), Series 2020 C, Ref. RB		5.00%		12/01/2034		25			27,168
New York Transportation Development Corp. (Terminal 4 JFK International Airport), Series 2020 C, Ref. RB		5.00%		12/01/2036		50			53,739
Triborough Bridge & Tunnel Authority, Series 2018 B, Ref. RB		5.00%		11/15/2030		185			213,664
Triborough Bridge & Tunnel Authority, Series 2018 D, RB		5.00%		11/15/2033		95			109,606
Triborough Bridge & Tunnel Authority, Series 2023, RB		5.00%		11/15/2030		140			161,128
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2020 A, RB		5.00%		11/15/2049		500			536,113
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2020 A, RB		4.00%		11/15/2054		100			94,341
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2020 A, RB		5.00%		11/15/2054		325			346,173
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022 B, RB		5.00%		05/15/2030		90			102,888

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

 251 

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

February 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)			Value
New York-(continued)
Troy Capital Resource Corp. (Rensselaer Polytechnic Institute), Series 2020 A, Ref. RB		5.00%		09/01/2037	$	20		$	21,712
Troy Capital Resource Corp. (Rensselaer Polytechnic Institute), Series 2020, Ref. RB		5.00%		09/01/2033		30			33,207
									21,765,420
North Carolina-1.40%
Charlotte (City of), NC, Series 2020, Ref. RB		5.00%		07/01/2030		10			11,497
North Carolina (State of), Series 2019 B, GO Bonds		5.00%		06/01/2030		25			28,089
North Carolina (State of), Series 2020 A, GO Bonds		5.00%		06/01/2030		500			573,935
North Carolina (State of) Turnpike Authority (Triangle Expressway), Series 2019, RB		5.00%		01/01/2043		250			261,723
North Carolina (State of) Turnpike Authority (Triangle Expressway), Series 2019, RB, (INS - AGM)(a)		5.00%		01/01/2049		110			115,609
North Carolina State University at Raleigh, Series 2020 A, Ref. RB		5.00%		10/01/2030		10			11,373
Wake (County of), NC, Series 2021, RB		5.00%		03/01/2030		20			22,790
Western Carolina University, Series 2020 B, RB		4.00%		04/01/2050		125			121,858
									1,146,874
Ohio-1.52%
Allen (County of), OH (Bon Secours Mercy Health, Inc.), Series 2020, Ref. RB		5.00%		12/01/2030		5			5,588
American Municipal Power, Inc. (Fremont Energy Center), Series 2021, Ref. RB		5.00%		02/15/2030		10			11,180
American Municipal Power, Inc. (Prairie State Energy Campus), Series 2019, Ref. RB		5.00%		02/15/2033		50			55,716
Columbus (City of), OH, Series 2021 A, GO Bonds		5.00%		04/01/2030		20			22,825
Columbus (City of), OH, Series 2021 A, GO Bonds		5.00%		04/01/2032		90			103,284
Columbus (City of), OH, Series 2021 A, GO Bonds		5.00%		04/01/2033		40			45,882
Columbus (City of), OH, Series 2021 A, GO Bonds		5.00%		04/01/2034		10			11,462
Columbus (City of), OH, Series 2021 A, GO Bonds		5.00%		04/01/2035		15			17,155
Hamilton (County of), OH (UC Health), Series 2020, RB		5.00%		09/15/2050		105			106,543
Miami University, Series 2020 A, Ref. RB		4.00%		09/01/2045		50			49,982
Ohio (State of), Series 2021 B, Ref. GO Bonds		5.00%		09/15/2030		125			143,611
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2020 A, RB		5.00%		06/01/2032		20			22,833
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2020 A, RB		5.00%		12/01/2032		5			5,706
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2020 A, RB		5.00%		12/01/2039		250			276,791
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2020 A, RB		5.00%		12/01/2040		200			220,338
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2020 A, RB		5.00%		12/01/2050		135			145,288
									1,244,184
Oklahoma-0.03%
Cleveland (County of), OK Educational Facilities Authority (Moore Public Schools), Series 2021, RB		4.00%		06/01/2030		5			5,285
Oklahoma (State of) Turnpike Authority, Series 2020 A, Ref. RB		5.00%		01/01/2030		15			16,862
									22,147
Oregon-1.22%
Medford (City of), OR Hospital Facilities Authority (Asante), Series 2020 A, Ref. RB		5.00%		08/15/2036		50			54,532
Medford (City of), OR Hospital Facilities Authority (Asante), Series 2020 A, Ref. RB		5.00%		08/15/2050		250			262,237
Oregon (State of) (Article XI-Q State), Series 2023 A, GO Bonds		5.00%		05/01/2030		15			17,145
Oregon (State of) Department of Transportation, Series 2020 A, RB		5.00%		11/15/2037		65			73,265
Oregon (State of) Department of Transportation, Series 2020 A, RB		5.00%		11/15/2039		90			100,779
Oregon (State of) Department of Transportation, Series 2020 A, RB		5.00%		11/15/2040		140			156,025
Oregon (State of) Facilities Authority, Series 2020, Ref. RB		5.00%		10/01/2040		50			52,396
Portland (City of), OR, Series 2019 A, Ref. RB		5.00%		03/01/2030		50			56,349
Salem-Keizer School District No. 24J, Series 2020 B, GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00%		06/15/2034		200			227,157
									999,885
Pennsylvania-1.79%
Allegheny (County of), PA Higher Education Building Authority (Carnegie Mellon University), Series 2020, RB		5.00%		02/01/2030		50			56,761
Allegheny (County of), PA Hospital Development Authority (University of Pittsburgh Medical Center), Series 2019, Ref. RB		5.00%		07/15/2030		35			38,484
Geisinger Authority (Geisinger Health System), Series 2020, Ref. RB		5.00%		04/01/2035		40			43,647
Geisinger Authority (Geisinger Health System), Series 2020, Ref. RB		5.00%		04/01/2050		105			109,125
Monroeville Finance Authority, Series 2022 B, Ref. RB		5.00%		02/15/2030		50			55,927
Pennsylvania (Commonwealth of), First Series 2015, GO Bonds		3.00%		03/15/2030		185			183,650

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

 252 

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

February 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)			Value
Pennsylvania-(continued)
Pennsylvania (Commonwealth of), First Series 2020, GO Bonds		5.00%		05/01/2030	$	55		$	62,663
Pennsylvania (Commonwealth of), First Series 2020, GO Bonds		4.00%		05/01/2032		20			21,411
Pennsylvania (Commonwealth of), First Series 2020, GO Bonds		4.00%		05/01/2034		25			26,651
Pennsylvania (Commonwealth of), First Series 2021, GO Bonds		5.00%		05/15/2030		40			45,605
Pennsylvania (Commonwealth of), First Series 2023, Ref. GO Bonds		5.00%		09/01/2030		35			40,116
Pennsylvania (Commonwealth of), Series 2022, GO Bonds		5.00%		10/01/2030		15			17,218
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority, Series 2020 A, Ref. RB, (INS - AGM)(a)		5.00%		05/01/2046		40			42,567
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2020 B, RB		5.00%		12/01/2045		230			248,735
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 A, RB		4.00%		12/01/2045		75			74,472
Philadelphia (City of), PA, Series 2020 A, RB		5.00%		11/01/2045		305			328,663
Philadelphia (City of), PA, Series 2020 A, RB		5.00%		11/01/2050		35			37,381
Philadelphia (City of), PA Authority for Industrial Development (Children’s Hospital of Philadelphia), Series 2021, Ref. RB		5.00%		07/01/2030		30			33,982
									1,467,058
Rhode Island-0.10%
Rhode Island Commerce Corp. (Garvee), Series 2020 A, RB		5.00%		05/15/2034		65			73,219
Rhode Island Commerce Corp. (Garvee), Series 2020 A, RB		5.00%		05/15/2035		5			5,612
Rhode Island Commerce Corp. (Garvee), Series 2020, RB		5.00%		05/15/2032		5			5,652
									84,483
South Carolina-0.43%
South Carolina (State of) Public Service Authority, Series 2020 A, Ref. RB		5.00%		12/01/2032		90			100,660
South Carolina (State of) Public Service Authority, Series 2020 A, Ref. RB		5.00%		12/01/2043		160			169,498
South Carolina (State of) Public Service Authority, Series 2020 A, Ref. RB, (INS - BAM)(a)		4.00%		12/01/2040		5			4,994
South Carolina (State of) Transportation Infrastructure Bank, Series 2021 B, Ref. RB		5.00%		10/01/2030		70			79,984
									355,136
Tennessee-0.59%
Knox (County of), TN Health, Educational & Housing Facility Board (University Health System), Series 2020 A, RB		5.00%		09/01/2030		50			53,068
Memphis (City of), TN, Series 2020 B, Ref. RB		5.00%		10/01/2045		15			16,379
Metropolitan Nashville Airport Authority (The), Series 2019 A, RB		5.00%		07/01/2049		70			73,919
Metropolitan Nashville Airport Authority (The), Series 2019 A, RB		5.00%		07/01/2054		100			104,936
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2020 A, RB		4.00%		07/01/2045		120			119,049
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2021 C, GO Bonds		5.00%		01/01/2030		40			45,403
Tennessee (State of), Series 2023 A, GO Bonds		5.00%		05/01/2030		65			74,216
									486,970
Texas-7.14%
Alamo Community College District, Series 2022, GO Bonds		5.00%		02/15/2030		35			39,476
Austin (City of), TX, Series 2020 A, Ref. RB		5.00%		11/15/2050		325			345,819
Austin (City of), TX, Series 2020 C, Ref. RB		5.00%		11/15/2045		5			5,421
Board of Regents of the University of Texas System, Series 2020 A, Ref. RB		5.00%		08/15/2030		85			97,782
Central Texas Regional Mobility Authority, Series 2020 E, RB		5.00%		01/01/2045		45			47,326
Conroe Independent School District, Series 2020 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2030		170			192,538
Cypress-Fairbanks Independent School District, Series 2019, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2030		25			27,755
Cypress-Fairbanks Independent School District, Series 2023 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2030		25			28,373
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2020 A, Ref. RB		5.00%		11/01/2032		10			11,372
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2020 A, Ref. RB		4.00%		11/01/2034		400			421,025
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2020 A, Ref. RB		4.00%		11/01/2035		180			188,692
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2020, Ref. RB		4.00%		11/01/2034		20			21,051
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2021 A, Ref. RB		5.00%		11/01/2034		5			5,674
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2021 A, Ref. RB		4.00%		11/01/2046		130			128,092
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2021 B, Ref. RB		4.00%		11/01/2045		85			83,837

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

 253 

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

February 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)			Value
Texas-(continued)
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2022 B, Ref. RB		5.00%		11/01/2030	$	5		$	5,715
Dallas (City of) TX, Series 2020 C, Ref. RB		4.00%		10/01/2037		20			20,837
Dallas (City of) TX, Series 2020 C, Ref. RB		4.00%		10/01/2039		50			51,554
Dallas (City of), TX, Series 2020 C, Ref. RB		5.00%		10/01/2038		55			61,143
Dallas (City of), TX, Series 2020 C, Ref. RB		5.00%		10/01/2045		180			195,497
Dallas (City of), TX, Series 2020 C, Ref. RB		4.00%		10/01/2049		10			9,866
Dallas (City of), TX Area Rapid Transit, Series 2021 B, Ref. RB		5.00%		12/01/2047		250			271,651
Dallas College, Series 2022, GO Bonds		5.00%		02/15/2030		50			56,599
Harris (County of), TX, Series 2021, Ref. RB		5.00%		08/15/2030		40			45,707
Harris (County of), TX, Series 2021, Ref. RB		4.00%		08/15/2040		15			15,157
Harris (County of), TX, Series 2022 A, Ref. GO Bonds		5.00%		08/15/2030		25			28,599
Harris (County of), TX Port Authority of Houston, Series 2020 A-2, Ref. GO Bonds		4.00%		10/01/2037		160			165,264
Harris (County of), TX Toll Road Authority (The), Series 2021, Ref. RB		4.00%		08/15/2045		20			19,798
Houston (City of), TX, Series 2019 A, Ref. GO Bonds		5.00%		03/01/2030		30			33,350
Houston (City of), TX, Series 2019 A, Ref. RB		5.00%		11/15/2032		140			159,487
Houston (City of), TX, Series 2020 C, Ref. RB		4.00%		11/15/2036		40			40,984
Houston (City of), TX, Series 2020 C, Ref. RB		5.00%		11/15/2045		125			136,149
Lamar Consolidated Independent School District, Series 2020, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		02/15/2043		25			25,259
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2020, RB		5.00%		05/15/2045		130			139,242
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2021, Ref. RB		5.00%		05/15/2039		100			109,436
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2021, Ref. RB		5.00%		05/15/2046		15			16,027
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2021, Ref. RB		5.00%		05/15/2051		75			79,440
Lubbock (City of), TX, Series 2021, RB		4.00%		04/15/2046		35			34,413
Matagorda (County of), TX Navigation District No. 1 (AEP TEX), Series 2005 A, Ref. RB, (INS - AMBAC)(a)		4.40%		05/01/2030		125			127,146
North Texas Municipal Water District, Series 2021 A, Ref. RB		4.00%		09/01/2030		10			10,761
North Texas Tollway Authority, Series 2021 B, RB		5.00%		01/01/2030		75			84,179
Permanent University Fund - University of Texas System, Series 2007 B, Ref. RB		5.25%		07/01/2030		250			289,313
Plainview Independent School District, Series 2020 A, GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2046		25			26,709
Plano Independent School District, Series 2023, GO Bonds		5.00%		02/15/2030		115			130,246
Round Rock Independent School District, Series 2019 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		08/01/2030		210			233,959
Royse (City of), TX Independent School District, Series 2021, GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		02/15/2051		65			62,928
San Antonio (City of), TX, Series 2019, Ref. RB		5.00%		02/01/2035		35			38,929
San Antonio (City of), TX, Series 2019, Ref. RB		5.00%		02/01/2036		105			116,053
San Antonio (City of), TX, Series 2020, RB		5.00%		02/01/2049		95			100,794
San Antonio (City of), TX Water System, Series 2020 A, Ref. RB		5.00%		05/15/2050		300			319,330
Tarrant County College District, Series 2022, GO Bonds		5.00%		08/15/2030		5			5,729
Texas (State of) Transportation Commission (Central Texas Turnpike System), Series 2020 A, Ref. RB		5.00%		08/15/2039		200			218,178
Texas (State of) Water Development Board, Series 2020, RB		5.00%		08/01/2030		200			229,143
Texas (State of) Water Development Board, Series 2020, RB		4.00%		08/01/2034		40			42,741
Texas (State of) Water Development Board, Series 2020, RB		4.00%		08/01/2035		25			26,621
Texas (State of) Water Development Board, Series 2020, RB		4.00%		08/01/2036		25			26,411
Texas (State of) Water Development Board, Series 2020, RB		4.00%		08/01/2038		140			145,932
Texas (State of) Water Development Board, Series 2021, RB		5.00%		08/01/2030		15			17,186
Texas (State of) Water Development Board, Series 2023 A, RB		5.00%		10/15/2030		55			63,246
Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners LLC - North Tarrant Express Managed Lanes), Series 2019 A, Ref. RB		5.00%		12/31/2030		10			10,996
Trinity River Authority, Series 2019, Ref. RB		5.00%		08/01/2030		45			50,495
University of Houston, Series 2022 A, Ref. RB		5.00%		02/15/2030		100			113,316
									5,855,748
Utah-0.40%
Intermountain Power Agency, Series 2022 A, Ref. RB		5.00%		07/01/2030		170			194,372

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

 254 

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

February 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)			Value
Utah-(continued)
University of Utah (The) (Green Bonds), Series 2022 B, RB		5.00%		08/01/2030	$	20		$	22,965
Utah (County of), UT (IHC Health Services, Inc.), Series 2020 A, RB		5.00%		05/15/2043		100			107,396
									324,733
Virginia-1.41%
Fairfax (County of), VA, Series 2020 A, Ref. GO Bonds		5.00%		10/01/2030		65			74,540
Fairfax (County of), VA, Series 2020 A, Ref. GO Bonds		5.00%		10/01/2031		100			114,442
Hampton (City of), VA Roads Transportation Accountability Commission, Series 2020 A, RB		4.00%		07/01/2040		150			153,319
Hampton (City of), VA Roads Transportation Accountability Commission, Series 2020 A, RB		5.00%		07/01/2050		150			159,904
Virginia (Commonwealth of) College Building Authority, Series 2022 A, RB		5.00%		02/01/2030		100			113,817
Virginia (Commonwealth of) College Building Authority (21st Centuity College and Equipment), Series 2020, RB		5.00%		02/01/2034		50			56,640
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2019 C, Ref. RB		5.00%		02/01/2030		75			83,534
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2023, Ref. RB		5.00%		02/01/2030		200			227,634
Virginia (Commonwealth of) Public Building Authority (Bidding Group 1), Series 2022 A, RB		5.00%		08/01/2030		150			172,240
									1,156,070
Washington-3.67%
Central Puget Sound Regional Transit Authority (Green Bonds), Series 2021 S-1, Ref. RB		5.00%		11/01/2030		100			115,347
Energy Northwest (Columbia Generating Station), Series 2020 A, Ref. RB		5.00%		07/01/2037		125			139,650
Energy Northwest (Columbia Generating Station), Series 2020 A, Ref. RB		4.00%		07/01/2039		250			254,773
Energy Northwest (Columbia Generating Station), Series 2020 A, Ref. RB		5.00%		07/01/2039		100			110,741
King (County of), WA, Series 2021 A, GO Bonds		5.00%		01/01/2030		75			84,956
King County School District No. 411 Issaquah, Series 2020, GO Bonds, (CEP - Oregon School Bond Guaranty)		4.00%		12/01/2033		35			37,094
North Thurston Public Schools, Series 2020, GO Bonds, (CEP - Oregon School Bond Guaranty)		4.00%		12/01/2034		50			53,045
Washington (State of), Series 2019 A, GO Bonds		5.00%		08/01/2030		15			16,856
Washington (State of), Series 2019 C, GO Bonds		5.00%		02/01/2030		155			172,551
Washington (State of), Series 2020 A, GO Bonds		5.00%		08/01/2041		75			82,468
Washington (State of), Series 2020 A, GO Bonds		5.00%		08/01/2043		205			223,876
Washington (State of), Series 2020 C, GO Bonds		5.00%		02/01/2034		50			56,489
Washington (State of), Series 2020 C, GO Bonds		5.00%		02/01/2037		150			167,371
Washington (State of), Series 2020 C, GO Bonds		5.00%		02/01/2041		115			125,603
Washington (State of), Series 2020 C, GO Bonds		5.00%		02/01/2043		260			282,357
Washington (State of), Series 2021 A, Ref. GO Bonds		5.00%		06/01/2038		80			88,798
Washington (State of), Series 2021 A, Ref. GO Bonds		5.00%		06/01/2040		30			33,039
Washington (State of), Series 2021, Ref. GO Bonds		5.00%		06/01/2037		95			106,357
Washington (State of), Series R-2023B, Ref. GO Bonds		5.00%		07/01/2030		100			114,651
Washington (State of) (Bid Group 1), Series 2020 A, GO Bonds		5.00%		08/01/2030		100			114,827
Washington (State of) (Bid Group 1), Series 2020 A, GO Bonds		5.00%		08/01/2032		70			79,838
Washington (State of) (Bid Group 1), Series 2020 A, GO Bonds		5.00%		08/01/2033		110			125,424
Washington (State of) Health Care Facilities Authority (Seattle Cancer Care Alliance), Series 2020, Ref. RB		5.00%		09/01/2050		100			104,804
Washington (State of) Health Care Facilities Authority (Seattle Cancer Care Alliance), Series 2020, Ref. RB		5.00%		09/01/2055		40			41,698
Washington (State of) Health Care Facilities Authority (Seattle Children’s Hospital), Series 2015 B, Ref. RB		5.00%		10/01/2038		250			274,829
									3,007,442

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

 255 

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

February 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Wisconsin-0.42%
Wisconsin (State of), Series 2021 1, Ref. GO Bonds		5.00%		05/01/2030	$	230	$	262,186
Wisconsin (State of), Series 2021-2, Ref. GO Bonds		5.00%		05/01/2030		75		85,495
								347,681
TOTAL INVESTMENTS IN SECURITIES(b)-98.71% (Cost $80,606,672)								80,904,740
OTHER ASSETS LESS LIABILITIES-1.29%								1,059,785
NET ASSETS-100.00%							$	81,964,525

Investment Abbreviations:
AGM	-Assured Guaranty Municipal Corp.
AMBAC	-American Municipal Bond Assurance Corp.
BAM	-Build America Mutual Assurance Co.
CEP	-Credit Enhancement Provider
COP	-Certificates of Participation
GO	-General Obligation
INS	-Insurer
NATL	-National Public Finance Guarantee Corp.
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 issuer’s obligations but may be called upon to satisfy the issuer’s obligations. No concentration of any single entity was greater than 5% each.

Portfolio Composition
Revenue Type Breakdown (% of the Fund’s Net Assets)  as of February 29, 2024
Water Revenue	29.22
Ad Valorem Property Tax	13.80
Income Tax Revenue	8.83
Sales Tax Revenue	7.33
General Fund	5.66
Miscellaneous Revenue	5.53
Electric Power Revenue	4.17
Health, Hospital, Nursing Home Revenue	4.01
College & University Revenue	3.79
Highway Tolls Revenue	3.39
Lease Revenue	3.37
Revenue Types Each Less Than 3%	9.61
Other Assets Less Liabilities	1.29

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

 256 

Invesco BulletShares 2031 Municipal Bond ETF (BSMV)

February 29, 2024

(Unaudited)

Schedule of Investments

	Interest Rate		Maturity Date		Principal Amount (000)			Value
Municipal Obligations-98.67%
Alabama-0.12%
Alabama (State of) Public School & College Authority (Social Bonds), Series 2020 A, Ref. RB		5.00%		11/01/2031	$	60		$	68,777
Arizona-0.96%
Gilbert Water Resource Municipal Property Corp. (Green Bonds), Series 2022, RB		5.00%		07/15/2031		15			17,463
Maricopa (County of), AZ Special Health Care District, Series 2021 D, GO Bonds		4.00%		07/01/2035		20			21,085
Maricopa (County of), AZ Special Health Care District, Series 2021, GO Bonds		5.00%		07/01/2034		115			129,826
Mesa (City of), AZ, Series 2021, Ref. RB		4.00%		07/01/2035		65			68,658
Phoenix Civic Improvement Corp., Series 2021 A, RB		5.00%		07/01/2045		120			131,779
Salt River Project Agricultural Improvement & Power District, Series 2020 A, Ref. RB		5.00%		01/01/2045		150			163,412
									532,223
Arkansas-0.22%
University of Arkansas, Series 2021 A, RB		5.00%		12/01/2045		110			119,982
California-19.21%
Bay Area Toll Authority, Series 2023 F-1, RB		5.00%		04/01/2031		5			5,892
California (State of), Series 2019, Ref. GO Bonds		5.00%		04/01/2031		95			110,731
California (State of), Series 2020, GO Bonds		5.00%		03/01/2031		5			5,819
California (State of), Series 2020, GO Bonds		5.00%		11/01/2031		145			167,649
California (State of), Series 2020, Ref. GO Bonds		5.00%		03/01/2031		20			22,842
California (State of), Series 2020, Ref. GO Bonds		5.00%		11/01/2031		75			86,715
California (State of), Series 2021, GO Bonds		4.00%		10/01/2033		360			392,832
California (State of), Series 2021, GO Bonds		4.00%		10/01/2034		260			283,272
California (State of), Series 2021, GO Bonds		4.00%		10/01/2035		25			27,128
California (State of), Series 2021, GO Bonds		4.00%		10/01/2039		155			163,367
California (State of), Series 2021, Ref. GO Bonds		5.00%		09/01/2031		100			117,419
California (State of), Series 2021, Ref. GO Bonds		5.00%		10/01/2032		30			34,938
California (State of), Series 2021, Ref. GO Bonds		5.00%		10/01/2037		10			11,512
California (State of), Series 2021, Ref. GO Bonds		5.00%		09/01/2041		280			315,799
California (State of), Series 2021, Ref. GO Bonds		4.00%		10/01/2041		50			51,980
California (State of), Series 2021, Ref. GO Bonds		5.00%		10/01/2041		150			168,219
California (State of), Series 2022, GO Bonds		5.00%		04/01/2031		5			5,828
California (State of), Series 2022, Ref. GO Bonds		5.00%		11/01/2031		105			123,644
California (State of), Series 2023, GO Bonds		5.00%		10/01/2031		300			352,763
California (State of) (Bid Group C), Series 2021 C, Ref. GO Bonds		5.00%		10/01/2031		50			58,794
California (State of) Department of Water Resources, Series 2021, RB		5.00%		12/01/2032		10			11,885
California (State of) Department of Water Resources, Series 2021, RB		4.00%		12/01/2034		10			10,929
California (State of) Department of Water Resources (Central Valley), Series 2020 BB, Ref. RB		5.00%		12/01/2031		10			11,770
California (State of) Department of Water Resources (Central Valley), Series 2021, RB		5.00%		12/01/2031		170			202,148
California (State of) Department of Water Resources (Central Valley), Series 2021, RB		5.00%		12/01/2033		5			5,931
California (State of) Health Facilities Financing Authority (Cedars Sinai Health System), Series 2021, Ref. RB, (INS - BAM)(a)		4.00%		08/15/2048		300			297,208
California (State of) Health Facilities Financing Authority (Cedars-Sinai Health System), Series 2021, Ref. RB		5.00%		08/15/2051		165			179,981
California (State of) Infrastructure & Economic Development Bank (Sustainability Bonds), Series 2021 B, RB		4.00%		05/01/2046		100			99,008
California (State of) Public Works Board, Series 2021 A, Ref. RB		5.00%		02/01/2031		255			296,688
California (State of) Public Works Board, Series 2022 A, Ref. RB		5.00%		08/01/2031		100			117,394
California (State of) Public Works Board, Series 2022 A, Ref. RB		5.00%		08/01/2036		5			5,774
California (State of) Public Works Board, Series 2022 C, Ref. RB		5.00%		08/01/2031		70			82,176
California (State of) Public Works Board, Series 2022 C, Ref. RB		5.00%		08/01/2033		20			23,437
California (State of) Public Works Board (Green Bonds), Series 2021 C, RB		4.00%		11/01/2039		100			105,304
California (State of) Public Works Board (Green Bonds), Series 2021, RB		5.00%		11/01/2033		15			17,653
California (State of) Public Works Board (Green Bonds), Series 2021, RB		4.00%		11/01/2035		150			162,446
California (State of) Public Works Board (Green Bonds), Series 2021, RB		5.00%		11/01/2046		50			55,531

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

 257 

Invesco BulletShares 2031 Municipal Bond ETF (BSMV)–(continued)

February 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)			Value
California-(continued)
California (State of) Public Works Board (Sacramento Region New Natural Resources Headquarters) (Green Bonds), Series 2021, RB		5.00%		11/01/2034	$	60		$	70,444
California (State of) Public Works Board (Various Capital), Series 2021 B, RB		5.00%		05/01/2034		45			52,421
California (State of) Public Works Board (Various Capital), Series 2021 B, RB		5.00%		05/01/2035		25			29,009
California (State of) Public Works Board (Various Capital), Series 2021 B, RB		4.00%		05/01/2036		20			21,494
California (State of) Public Works Board (Various Capital), Series 2023 C, Ref. RB		5.00%		09/01/2031		5			5,878
California (State of) Statewide Communities Development Authority (Montage Health), Series 2021 A, Ref. RB		4.00%		06/01/2046		200			200,461
Contra Costa (County of), CA Transportation Authority, Series 2021 A, Ref. RB		4.00%		03/01/2033		50			55,171
Contra Costa (County of), CA Transportation Authority, Series 2021 A, Ref. RB		4.00%		03/01/2034		65			71,455
Contra Costa (County of), CA Water District, Series 2021 W, Ref. RB		5.00%		10/01/2051		50			55,086
East Bay Municipal Utility District, Series 2022 B-2, Ref. RB		5.00%		06/01/2031		15			17,809
Foothill-De Anza Community College District, Series 2021 A, Ref. GO Bonds		3.00%		08/01/2039		30			27,385
Los Angeles (City of), CA, Series 2022 C, Ref. RB		5.00%		06/01/2031		100			118,285
Los Angeles (City of), CA Department of Airports, Series 2020 B, Ref. RB		5.00%		05/15/2031		100			116,081
Los Angeles (City of), CA Department of Airports, Series 2021 B, Ref. RB		5.00%		05/15/2033		125			147,201
Los Angeles (City of), CA Department of Airports, Series 2021 B, Ref. RB		5.00%		05/15/2036		40			46,593
Los Angeles (City of), CA Department of Airports, Series 2021 B, Ref. RB		5.00%		05/15/2037		25			28,897
Los Angeles (City of), CA Department of Airports, Series 2021 B, Ref. RB		5.00%		05/15/2041		15			16,953
Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2021 B, Ref. RB		5.00%		05/15/2045		20			22,317
Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2021 B, Ref. RB		5.00%		05/15/2048		85			93,587
Los Angeles (City of), CA Department of Water & Power, Series 2021 B, Ref. RB		5.00%		07/01/2037		285			328,590
Los Angeles (City of), CA Department of Water & Power, Series 2021 B, Ref. RB		5.00%		07/01/2046		105			116,231
Los Angeles (City of), CA Department of Water & Power, Series 2021 B, Ref. RB		5.00%		07/01/2048		50			54,947
Los Angeles (City of), CA Department of Water & Power, Series 2021, RB		5.00%		07/01/2045		55			61,357
Los Angeles (City of), CA Department of Water & Power, Series 2021, RB		5.00%		07/01/2051		125			137,445
Los Angeles (City of), CA Department of Water & Power, Series 2022 A, RB		5.00%		07/01/2039		50			57,192
Los Angeles (City of), CA Department of Water & Power, Series 2022 A, RB		5.00%		07/01/2041		65			73,370
Los Angeles (City of), CA Department of Water & Power, Series 2023 A, Ref. RB		5.00%		07/01/2031		100			118,919
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2020, RB		5.00%		06/01/2031		75			88,934
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2021 A, RB		5.00%		06/01/2031		205			243,842
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2021 A, RB		5.00%		06/01/2033		110			130,531
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2021 A, RB		4.00%		06/01/2038		5			5,309
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2021 A, RB		5.00%		07/01/2038		100			116,000
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2021 A, RB		4.00%		06/01/2039		10			10,556
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2021 A, RB		5.00%		07/01/2041		20			22,761
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2021 A, RB		5.00%		07/01/2046		160			178,153
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020, RB		5.00%		06/01/2031		10			11,615
Los Angeles (County of), CA Public Works Financing Authority, Series 2022 G, Ref. RB		5.00%		12/01/2040		10			11,397
Los Angeles Unified School District, Series 2021 A, Ref. GO Bonds		5.00%		07/01/2031		10			11,721
Los Angeles Unified School District, Series 2021 A, Ref. GO Bonds		4.00%		07/01/2032		220			243,060
Metropolitan Water District of Southern California, Series 2021 A, RB		5.00%		10/01/2046		60			66,869
Metropolitan Water District of Southern California, Series 2022 B, Ref. RB		5.00%		07/01/2031		5			5,950
Ontario (City of), CA International Airport Authority, Series 2021 A, RB, (INS - AGM)(a)		5.00%		05/15/2046		150			164,401
Orange (County of), CA Sanitation District, Series 2022 A, Ref. COP		5.00%		02/01/2031		25			29,488
Peninsula Corridor Joint Powers Board (Green Bonds), Series 2022 A, RB		5.00%		06/01/2051		150			163,128
Regents of the University of California Medical Center, Series 2016 L, Ref. RB		2.50%		05/15/2031		25			23,731
Rialto Public Financing Authority (Police Station), Series 2023 A, RB		5.25%		06/01/2053		200			219,390
Riverside (County of), CA Transportation Commission, Series 2021 B-1, Ref. RB		4.00%		06/01/2037		65			66,999
San Bernardino Community College District (Election of 2018), Series 2023 B, GO Bonds		4.13%		08/01/2049		200			201,014
San Diego (County of), CA Regional Airport Authority, Series 2021 A, RB		5.00%		07/01/2051		250			271,350
San Diego (County of), CA Regional Airport Authority, Series 2021 A, RB		4.00%		07/01/2056		125			120,705
San Diego (County of), CA Regional Transportation Commission, Series 2021 B, Ref. RB		5.00%		04/01/2045		120			133,575
San Diego (County of), CA Regional Transportation Commission, Series 2023 A, Ref. RB		5.00%		04/01/2031		35			41,419
San Diego (County of), CA Water Authority, Series 2021 B, Ref. RB		4.00%		05/01/2036		55			60,088
San Diego (County of), CA Water Authority, Series 2021 B, Ref. RB		4.00%		05/01/2037		25			26,862

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

 258 

Invesco BulletShares 2031 Municipal Bond ETF (BSMV)–(continued)

February 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)			Value
California-(continued)
San Diego (County of), CA Water Authority (Green Bonds), Series 2021 A, Ref. RB		5.00%		05/01/2031	$	20		$	23,809
San Diego (County of), CA Water Authority (Green Bonds), Series 2021 B, Ref. RB		5.00%		05/01/2031		45			53,570
San Diego (County of), CA Water Authority (Green Bonds), Series 2021 B, Ref. RB		4.00%		05/01/2035		90			99,101
San Diego (County of), CA Water Authority (Green Bonds), Series 2021 B, Ref. RB		4.00%		05/01/2038		10			10,618
San Diego Unified School District, Series 2021 E-2, GO Bonds		5.00%		07/01/2031		30			35,631
San Diego Unified School District (Green Bonds), Series 2021 E-2, GO Bonds		4.00%		07/01/2033		185			203,177
San Francisco (City & County of), CA, Series 2022 R-1, Ref. GO Bonds		5.00%		06/15/2031		45			53,467
San Francisco (City & County of), CA Airport Commission, Series 2021 B, Ref. RB		5.00%		05/01/2035		5			5,827
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2021 B, Ref. RB		5.00%		05/01/2034		10			11,714
San Francisco (City & County of), CA Public Utilities Commission, Series 2023 B, Ref. RB		5.00%		10/01/2031		5			5,990
San Francisco (City & County of), CA Public Utilities Commission, Series 2023, Ref. RB		5.00%		11/01/2031		10			12,000
San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2021 A, RB		5.00%		10/01/2044		145			163,503
San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2021 A, RB		5.00%		10/01/2046		55			61,652
San Francisco (City of), CA Municipal Transportation Agency, Series 2021 C, RB		4.00%		03/01/2046		15			15,027
San Francisco (County of), CA Transportation Authority, Series 2017, RB		3.00%		02/01/2031		15			14,953
University of California, Series 2020 BE, Ref. RB		5.00%		05/15/2031		5			5,810
University of California, Series 2021 Q, Ref. RB		5.00%		05/15/2035		15			17,532
University of California, Series 2021 Q, Ref. RB		4.00%		05/15/2038		110			115,675
University of California, Series 2023 BN, Ref. RB		5.00%		05/15/2031		40			47,449
University of California (Limited), Series 2021 Q, Ref. RB		5.00%		05/15/2033		25			29,476
University of California (Limited), Series 2021 Q, Ref. RB		4.00%		05/15/2036		25			26,709
University of California (Limited), Series 2021 Q, Ref. RB		5.00%		05/15/2046		365			404,205
University of California (Limited), Series 2021 Q, Ref. RB		4.00%		05/15/2051		100			98,305
West County Facilities Financing Authority (Green Bonds), Series 2021, RB		4.00%		06/01/2051		150			148,404
									10,669,436
Colorado-2.03%
Colorado (State of), Series 2021 A, COP		5.00%		12/15/2033		10			11,595
Colorado (State of), Series 2021 A, COP		5.00%		12/15/2034		15			17,343
Colorado (State of), Series 2021 A, COP		4.00%		12/15/2035		200			211,624
Colorado (State of), Series 2021 A, COP		4.00%		12/15/2036		5			5,250
Colorado (State of) Health Facilities Authority (Adventhealth Obligated Group), Series 2021, Ref. RB		5.00%		11/15/2039		35			38,885
Colorado (State of) Health Facilities Authority (Adventhealth Obligated Group), Series 2021, Ref. RB		5.00%		11/15/2040		195			215,078
Colorado (State of) Health Facilities Authority (Intermountain Healthcare), Series 2022 A, Ref. RB		5.00%		05/15/2031		100			115,596
Colorado (State of) Regional Transportation District (Denver Transit Partners Eagle P3), Series 2020 A, Ref. RB		4.00%		07/15/2034		5			5,211
Colorado (State of) Regional Transportation District (Denver Transit Partners Eagle P3), Series 2020 A, Ref. RB		4.00%		07/15/2036		10			10,305
Colorado (State of) Regional Transportation District (Green Bonds), Series 2021, Ref. RB		4.00%		11/01/2039		65			66,430
Denver (City & County of), CO, Series 2022 C, Ref. RB		5.00%		11/15/2031		10			11,654
Denver City & County School District No. 1, Series 2021, GO Bonds		5.00%		12/01/2031		160			184,544
Jefferson County School District R-1, Series 2020, GO Bonds		4.00%		12/15/2031		100			108,219
Northern Colorado Water Conservancy District, Series 2022, COP		5.25%		07/01/2052		80			87,253
Regional Transportation District (Fastracks), Series 2013 A, Ref. RB		5.00%		11/01/2031		5			5,869
Weld County School District No. 6 Greeley, Series 2021, GO Bonds		4.00%		12/01/2045		35			34,704
									1,129,560
Connecticut-2.85%
Connecticut (State of), Series 2020 A, RB		5.00%		05/01/2031		5			5,691
Connecticut (State of), Series 2021 A, GO Bonds		4.00%		01/15/2031		160			173,201
Connecticut (State of), Series 2021 A, RB		5.00%		05/01/2031		150			173,814
Connecticut (State of), Series 2021 A, RB		5.00%		05/01/2033		25			28,916
Connecticut (State of), Series 2021 A, RB		5.00%		05/01/2034		20			23,088
Connecticut (State of), Series 2021 A, RB		4.00%		05/01/2036		130			138,292
Connecticut (State of), Series 2021 A, RB		4.00%		05/01/2037		105			110,411
Connecticut (State of), Series 2021 A, RB		4.00%		05/01/2038		5			5,200
Connecticut (State of), Series 2021 A, RB		5.00%		05/01/2041		425			471,367
Connecticut (State of), Series 2021 B, GO Bonds		4.00%		06/01/2031		25			27,160

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

 259 

Invesco BulletShares 2031 Municipal Bond ETF (BSMV)–(continued)

February 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)			Value
Connecticut-(continued)
Connecticut (State of), Series 2021 B, GO Bonds		4.00%		06/01/2034	$	20		$	21,522
Connecticut (State of), Series 2021 D, RB		5.00%		11/01/2035		30			34,687
Connecticut (State of), Series 2021 D, RB		4.00%		11/01/2037		55			57,791
Connecticut (State of), Series 2021 D, RB		5.00%		11/01/2041		165			184,196
Connecticut (State of), Series 2021 D, Ref. GO Bonds		5.00%		07/15/2031		70			81,393
Connecticut (State of), Series 2022 A, GO Bonds		4.00%		01/15/2031		30			32,475
Connecticut (State of), Series 2022 D, Ref. GO Bonds		5.00%		09/15/2031		10			11,660
									1,580,864
Delaware-0.33%
Delaware (State of), Series 2020 A, GO Bonds		5.00%		01/01/2031		135			153,625
Delaware (State of) Transportation Authority, Series 2020, Ref. RB		5.00%		07/01/2031		25			28,640
									182,265
District of Columbia-1.60%
District of Columbia, Series 2020 A, RB		5.00%		03/01/2031		30			34,173
District of Columbia, Series 2020 B, Ref. RB		5.00%		10/01/2031		60			70,371
District of Columbia, Series 2021 D, GO Bonds		5.00%		02/01/2035		65			74,992
District of Columbia, Series 2021 D, GO Bonds		4.00%		02/01/2037		30			31,472
District of Columbia, Series 2021 D, GO Bonds		5.00%		02/01/2046		175			190,800
District of Columbia, Series 2021 E, Ref. GO Bonds		5.00%		02/01/2034		80			92,535
District of Columbia, Series 2021, GO Bonds		5.00%		02/01/2041		45			49,747
Washington Metropolitan Area Transit Authority, Series 2020 A, RB		5.00%		07/15/2031		90			102,830
Washington Metropolitan Area Transit Authority (Green Bonds), Series 2021 A, RB		5.00%		07/15/2031		10			11,628
Washington Metropolitan Area Transit Authority (Green Bonds), Series 2021 A, RB		5.00%		07/15/2033		15			17,406
Washington Metropolitan Area Transit Authority (Green Bonds), Series 2021 A, RB		4.00%		07/15/2034		15			15,906
Washington Metropolitan Area Transit Authority (Green Bonds), Series 2021 A, RB		5.00%		07/15/2041		175			194,173
									886,033
Florida-2.90%
Broward (County of), FL School Board, Series 2020 A, COP		5.00%		07/01/2031		170			193,258
Central Florida Expressway Authority, Series 2021 D, RB		5.00%		07/01/2031		15			17,225
Central Florida Expressway Authority, Series 2021, Ref. RB, (INS - AGM)(a)		4.00%		07/01/2034		90			95,001
Central Florida Expressway Authority, Series 2021, Ref. RB, (INS - AGM)(a)		4.00%		07/01/2035		55			57,874
Central Florida Expressway Authority, Series 2021, Ref. RB, (INS - AGM)(a)		4.00%		07/01/2039		200			205,468
Duval County (County of), FL School Board, Series 2022 A, COP, (INS - AGM)(a)		5.00%		07/01/2031		25			28,358
Florida (State of), Series 2021 A, Ref. GO Bonds		5.00%		06/01/2031		170			198,365
Florida (State of), Series 2021 A, Ref. GO Bonds		5.00%		07/01/2031		30			35,100
Florida (State of) Municipal Power Agency, Series 2016 A, Ref. RB		3.00%		10/01/2031		75			73,730
Florida Development Finance Corp. (Lakeland Regional Health System), Series 2021, Ref. RB		4.00%		11/15/2034		20			21,066
Florida Development Finance Corp. (Lakeland Regional Health System), Series 2021, Ref. RB		4.00%		11/15/2035		25			26,122
Hillsborough (County of), FL Aviation Authority (Tampa International Airport), Series 2022 B, RB		5.00%		10/01/2047		35			38,102
Jacksonville (City of), FL, Series 2015, Ref. RB		3.00%		10/01/2031		100			98,849
Miami-Dade (County of), FL, Series 2020 A, Ref. RB		5.00%		10/01/2031		30			34,029
Miami-Dade (County of), FL, Series 2021, RB		5.00%		10/01/2032		45			51,902
Miami-Dade (County of), FL, Series 2021, RB		4.00%		10/01/2033		40			43,048
Miami-Dade (County of), FL, Series 2021, RB		4.00%		10/01/2034		5			5,347
Miami-Dade (County of), FL, Series 2021, RB		3.00%		10/01/2036		5			4,605
Miami-Dade (County of), FL, Series 2021, RB		4.00%		10/01/2037		30			31,210
North Sumter (County of), FL Utility Dependent District (Sumter Water Conservation Authority), Series 2021, RB, (INS - AGM)(a)		5.00%		10/01/2046		130			138,253
Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group), Series 2023, RB		5.00%		10/01/2031		15			17,060
Pasco (County of), FL School Board, Series 2021 A, Ref. COP		5.00%		08/01/2031		15			17,225
South Florida Water Management District, Series 2016, Ref. COP		3.00%		10/01/2031		185			180,552
									1,611,749
Georgia-1.26%
Georgia (State of), Series 2021 A, Ref. GO Bonds		5.00%		07/01/2033		75			87,759
Georgia (State of) (Bid Group 2), Series 2020 A, GO Bonds		5.00%		08/01/2031		115			132,433

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

 260 

Invesco BulletShares 2031 Municipal Bond ETF (BSMV)–(continued)

February 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)			Value
Georgia-(continued)
Georgia (State of) (Bid Group 2), Series 2021 A, Ref. GO Bonds		4.00%		07/01/2037	$	185		$	196,777
Georgia (State of) (Bidding Group 3), Series 2022 C, Ref. GO Bonds		5.00%		07/01/2031		100			117,147
Georgia (State of) Municipal Electric Authority (Project One), Series 2020, Ref. RB		5.00%		01/01/2045		10			10,545
Georgia (State of) Road & Tollway Authority (Garvee), Series 2020, RB		5.00%		06/01/2031		45			51,103
Private Colleges & Universities Authority (Emory University), Series 2020 B, Ref. RB		5.00%		09/01/2031		90			103,047
									698,811
Hawaii-0.29%
Hawaii (State of) State Highway Fund, Series 2021, RB		5.00%		01/01/2041		90			100,013
Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2020, Ref. GO Bonds		5.00%		03/01/2031		55			62,030
									162,043
Illinois-5.92%
Chicago (City of), IL, Series 2021 A, Ref. GO Bonds		5.00%		01/01/2033		150			163,767
Chicago (City of), IL, Series 2023 B, Ref. RB, (INS - AGM)(a)		5.00%		11/01/2031		225			259,515
Chicago (City of), IL Metropolitan Water Reclamation District, Series 2021 C, Ref. GO Bonds		5.00%		12/01/2031		35			40,817
Chicago (City of), IL Transit Authority, Series 2022 A, Ref. RB, (INS - BAM)(a)		5.00%		12/01/2046		220			236,520
Cook (County of), IL, Series 2021 A, Ref. GO Bonds		5.00%		11/15/2031		255			287,241
Illinois (State of), Series 2016, GO Bonds		3.50%		06/01/2031		5			4,977
Illinois (State of), Series 2020 B, GO Bonds		5.00%		10/01/2031		150			167,134
Illinois (State of), Series 2021 A, GO Bonds		5.00%		03/01/2031		10			11,216
Illinois (State of), Series 2021 A, GO Bonds		5.00%		12/01/2031		215			243,363
Illinois (State of), Series 2021 A, GO Bonds		5.00%		03/01/2036		70			77,303
Illinois (State of), Series 2021 A, GO Bonds		5.00%		03/01/2046		180			189,951
Illinois (State of), Series 2022 A, GO Bonds		5.00%		03/01/2031		20			22,432
Illinois (State of), Series 2022 B, Ref. GO Bonds		5.00%		03/01/2031		50			56,080
Illinois (State of), Series 2023 B, GO Bonds		5.00%		12/01/2031		30			33,978
Illinois (State of), Series 2023, Ref. GO Bonds		5.00%		07/01/2031		95			107,084
Illinois (State of) Finance Authority, Series 2020, RB		5.00%		07/01/2034		85			97,180
Illinois (State of) Finance Authority (Carle Foundation (The)), Series 2021 A, Ref. RB		4.00%		08/15/2038		40			40,651
Illinois (State of) Finance Authority (Green Bonds), Series 2020, RB		5.00%		07/01/2035		10			11,400
Illinois (State of) Finance Authority (Green Bonds), Series 2020, RB		4.00%		07/01/2038		250			259,295
Illinois (State of) Finance Authority (University of Chicago Medical), Series 2021 A, Ref. RB		5.00%		10/01/2031		15			17,424
Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion), Series 2022, Ref. RB, (INS - BAM)(a)		4.00%		12/15/2042		20			19,943
Illinois (State of) Toll Highway Authority, Series 2019, Ref. RB		5.00%		01/01/2031		200			225,526
Illinois (State of) Toll Highway Authority, Series 2020 A, RB		5.00%		01/01/2045		390			420,941
Southwestern Illinois Development Authority (Southwestern Illinois Prevention District Council), Series 2023, RB, (INS - BAM)(a)		5.50%		12/01/2040		260			294,097
									3,287,835
Indiana-1.37%
Crown Point Multi School Building Corp., Series 2021, RB, (CEP - Colorado Higher Education Intercept Program)		5.00%		07/15/2032		40			45,407
Crown Point Multi School Building Corp., Series 2021, RB, (CEP - Colorado Higher Education Intercept Program)		5.00%		07/15/2033		40			45,425
Crown Point Multi School Building Corp., Series 2021, RB, (CEP - Colorado Higher Education Intercept Program)		5.00%		01/15/2040		130			143,326
Indiana (State of) Finance Authority (CWA Authority), Series 2021 1, Ref. RB		5.00%		10/01/2031		30			34,737
Indiana (State of) Finance Authority (CWA Authority), Series 2021 1, Ref. RB		5.00%		10/01/2037		20			22,775
Indiana (State of) Finance Authority (CWA Authority), Series 2021, Ref. RB		5.00%		10/01/2033		195			226,739
Indiana (State of) Finance Authority (CWA Authority), Series 2021-1, Ref. RB		5.00%		10/01/2034		20			23,191
Indiana (State of) Finance Authority (CWA Authority), Series 2021-1, Ref. RB		4.00%		10/01/2035		20			21,199
Indiana (State of) Finance Authority (Stadium), Series 2022 A, Ref. RB		5.00%		02/01/2031		30			34,147
Indianapolis Local Public Improvement Bond Bank, Series 2021 A, Ref. RB		5.00%		06/01/2034		100			112,790
Indianapolis Local Public Improvement Bond Bank, Series 2021 A, Ref. RB, (INS - AGM)(a)		4.00%		06/01/2036		50			52,747
									762,483

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

 261 

Invesco BulletShares 2031 Municipal Bond ETF (BSMV)–(continued)

February 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)			Value
Kansas-0.19%
Ellis County Unified School District No. 489 Hays, Series 2022 B, Ref. GO Bonds, (INS - AGM)(a)		5.00%		09/01/2047	$	100		$	107,474
Louisiana-0.36%
Louisiana (State of), Series 2021 A, GO Bonds		5.00%		03/01/2039		180			201,435
Maryland-2.29%
Maryland (State of), Second Series 2021 A A, GO Bonds		4.00%		08/01/2035		15			16,210
Maryland (State of), Second Series 2021 A, GO Bonds		5.00%		08/01/2034		75			87,439
Maryland (State of), Series 2020, GO Bonds		5.00%		08/01/2031		35			40,238
Maryland (State of), Series 2021 A, GO Bonds		5.00%		03/01/2034		10			11,584
Maryland (State of) (Bidding Group 1), Second Series 2021 A, GO Bonds		5.00%		08/01/2033		25			29,222
Maryland (State of) (Bidding Group 1), Series 2020 A, GO Bonds		5.00%		03/15/2031		10			11,417
Maryland (State of) (Bidding Group 1), Series 2021 A, GO Bonds		5.00%		03/01/2031		125			145,310
Maryland (State of) (Bidding Group 2), Series 2021 A, GO Bonds		5.00%		03/01/2035		400			462,362
Maryland (State of) Department of Transportation, Series 2016, RB		3.00%		11/01/2031		40			39,215
Maryland (State of) Department of Transportation, Series 2017, RB		3.00%		09/01/2031		100			98,089
Maryland (State of) Department of Transportation, Series 2019, RB		2.13%		10/01/2031		60			53,333
Maryland (State of) Transportation Authority, Series 2020, RB		5.00%		07/01/2031		15			17,096
Maryland (State of) Transportation Authority, Series 2021 A, Ref. RB		3.00%		07/01/2033		25			24,224
Maryland (State of) Transportation Authority, Series 2021 A, Ref. RB		5.00%		07/01/2046		160			174,844
Prince George’s (County of), MD, Series 2021 A, GO Bonds		5.00%		07/01/2031		50			58,464
									1,269,047
Massachusetts-3.28%
Massachusetts (Commonwealth of), Series 2021 A, Ref. RB		5.00%		06/01/2041		155			173,153
Massachusetts (Commonwealth of), Series 2021 A, Ref. RB		5.00%		06/01/2042		350			388,709
Massachusetts (Commonwealth of), Series 2021 C, GO Bonds		5.00%		09/01/2031		15			17,568
Massachusetts (Commonwealth of), Series 2021 D, GO Bonds		5.00%		09/01/2048		300			323,591
Massachusetts (Commonwealth of), Series 2021 D, GO Bonds		5.00%		09/01/2049		200			214,997
Massachusetts (Commonwealth of), Series 2021, GO Bonds		5.00%		09/01/2051		235			251,818
Massachusetts (Commonwealth of), Series 2022 A, GO Bonds		5.00%		02/01/2031		245			284,039
Massachusetts (Commonwealth of), Series 2023 A, GO Bonds		5.00%		05/01/2031		5			5,822
Massachusetts (Commonwealth of) (Rail Enhancement Program) (Sustainability Bonds), Series 2022, RB		5.00%		06/01/2050		130			139,900
Massachusetts (Commonwealth of) Port Authority, Series 2021 D, RB		5.00%		07/01/2051		15			16,171
University of Massachusetts Building Authority, Series 2021-1, Ref. RB		5.00%		11/01/2031		5			5,814
									1,821,582
Michigan-1.91%
Michigan (State of), Series 2020 B, RB		5.00%		11/15/2031		155			178,436
Michigan (State of), Series 2021 A, RB		5.00%		11/15/2035		50			58,095
Michigan (State of), Series 2021 A, RB		4.00%		11/15/2036		300			320,407
Michigan (State of), Series 2021, RB		5.00%		11/15/2033		230			269,330
Michigan (State of), Series 2021, RB		4.00%		11/15/2037		60			63,496
Michigan (State of), Series 2023, RB		5.00%		11/15/2031		5			5,865
Muskegon Public Schools, Series 2021 II, GO Bonds		5.00%		05/01/2051		50			53,491
Wayne (County of), MI Airport Authority (Detroit Metropolitan Wayne County Airport), Series 2021 A, RB		5.00%		12/01/2046		100			109,100
									1,058,220
Minnesota-0.90%
Minneapolis (City of), MN (Allina Health System), Series 2021, RB		4.00%		11/15/2036		30			30,895
Minnesota (State of), Series 2020 A, GO Bonds		5.00%		08/01/2031		305			350,567
Minnesota (State of), Series 2021 A, GO Bonds		5.00%		09/01/2031		25			29,373
Minnesota (State of), Series 2021 A, GO Bonds		4.00%		09/01/2036		45			47,713
Rochester (City of), MN, Series 2016 B, Ref. RB		5.00%		11/15/2031		35			40,788
									499,336

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

 262 

Invesco BulletShares 2031 Municipal Bond ETF (BSMV)–(continued)

February 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)			Value
Missouri-0.54%
Missouri (State of) Health & Educational Facilities Authority (SSM Health), Series 2022 A, RB		5.00%		06/01/2031	$	120		$	135,270
St. Charles County Francis Howell R-III School District, Series 2022, Ref. GO Bonds		5.00%		03/01/2042		150			164,513
									299,783
Nevada-0.38%
Clark (County of), NV Department of Aviation, Series 2021 A, RB		5.00%		07/01/2033		10			11,520
Clark (County of), NV Department of Aviation, Series 2021, RB		5.00%		07/01/2035		125			143,361
Las Vegas Valley Water District, Series 2021 C, GO Bonds		5.00%		06/01/2031		50			58,019
									212,900
New Jersey-3.08%
Jersey City (City of), NJ Redevelopment Agency (Bayfront Redevelopment), Series 2022, RB		4.00%		12/15/2031		110			118,176
New Jersey (State of), Series 2020 A, GO Bonds		4.00%		06/01/2031		255			277,205
New Jersey (State of) Economic Development Authority, Series 2017 A, Ref. RB, (INS - BAM)(a)		3.13%		07/01/2031		75			74,038
New Jersey (State of) Transportation Trust Fund Authority, Series 2014 BB-2, RN		5.00%		06/15/2034		90			102,554
New Jersey (State of) Transportation Trust Fund Authority, Series 2021 A, Ref. RB		5.00%		06/15/2031		150			171,996
New Jersey (State of) Transportation Trust Fund Authority, Series 2021 A, Ref. RB		4.00%		06/15/2035		10			10,495
New Jersey (State of) Transportation Trust Fund Authority, Series 2022 BB, RB		5.00%		06/15/2031		50			57,332
New Jersey (State of) Transportation Trust Fund Authority, Series 2022 BB, RB		5.00%		06/15/2033		50			57,565
New Jersey (State of) Transportation Trust Fund Authority, Series 2022 BB, RB		5.00%		06/15/2034		20			22,961
New Jersey (State of) Transportation Trust Fund Authority, Series 2022 BB, RB		5.00%		06/15/2035		80			91,439
New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB		5.00%		06/15/2036		135			153,416
New Jersey (State of) Transportation Trust Fund Authority, Series 2023 AA, Ref. RB		5.00%		06/15/2031		90			103,214
New Jersey (State of) Turnpike Authority, Series 2021 A, RB		4.00%		01/01/2051		475			472,217
									1,712,608
New Mexico-0.42%
New Mexico (State of) Severance Tax Permanent Fund, Series 2021 A, RB		5.00%		07/01/2031		200			232,690
New York-23.78%
Hudson Yards Infrastructure Corp. (Green Bonds), Series 2021 A, Ref. RB		5.00%		02/15/2031		25			29,073
Long Island (City of), NY Power Authority, Series 2021 A, Ref. RB		5.00%		09/01/2031		25			29,299
Long Island (City of), NY Power Authority, Series 2021 A, Ref. RB		4.00%		09/01/2033		35			37,831
Nassau (County of), NY Interim Finance Authority, Series 2021 A, Ref. RB		4.00%		11/15/2032		25			27,605
Nassau (County of), NY Interim Finance Authority, Series 2021 A, Ref. RB		5.00%		11/15/2032		160			188,123
Nassau (County of), NY Interim Finance Authority, Series 2021 A, Ref. RB		4.00%		11/15/2034		300			328,593
New York & New Jersey (States of) Port Authority, One Hundred Seventy Fifth Series 2012, RB		3.00%		12/01/2031		20			19,324
New York & New Jersey (States of) Port Authority, Series 2021 224, Ref. RB		5.00%		07/15/2033		35			40,675
New York & New Jersey (States of) Port Authority, Series 2021 224, Ref. RB		4.00%		07/15/2035		20			21,423
New York & New Jersey (States of) Port Authority, Series 2021 224, Ref. RB		4.00%		07/15/2037		60			62,778
New York & New Jersey (States of) Port Authority, Series 2021 224, Ref. RB		4.00%		07/15/2038		75			77,568
New York & New Jersey (States of) Port Authority, Series 2021, Ref. RB		4.00%		07/15/2040		90			92,121
New York & New Jersey (States of) Port Authority, Two Hundred Twenty Fourth Series 2021, Ref. RB		4.00%		07/15/2034		20			21,564
New York (City of), NY, Series 2008 L-5, GO Bonds		5.00%		04/01/2033		10			11,510
New York (City of), NY, Series 2008 L-5, GO Bonds		5.00%		04/01/2034		35			40,253
New York (City of), NY, Series 2020 A-1, Ref. GO Bonds		5.00%		08/01/2031		85			96,857
New York (City of), NY, Series 2020 B-1, Ref. GO Bonds		5.00%		11/01/2031		225			257,468
New York (City of), NY, Series 2020 C, GO Bonds		5.00%		08/01/2031		185			210,806
New York (City of), NY, Series 2020 C-1, Ref. GO Bonds		5.00%		08/01/2031		165			188,016
New York (City of), NY, Series 2021 A-1, GO Bonds		5.00%		08/01/2036		130			147,789
New York (City of), NY, Series 2021 A-1, GO Bonds		4.00%		08/01/2042		250			252,687
New York (City of), NY, Series 2021 A-1, GO Bonds		5.00%		08/01/2047		115			123,604
New York (City of), NY, Series 2021 F-1, GO Bonds		5.00%		03/01/2036		25			28,338
New York (City of), NY, Series 2021 F-1, GO Bonds		5.00%		03/01/2042		165			179,895
New York (City of), NY, Series 2021 F-1, GO Bonds		5.00%		03/01/2044		280			302,839
New York (City of), NY, Series 2021 F-1, GO Bonds		4.00%		03/01/2047		10			9,852
New York (City of), NY, Series 2021 F-1, GO Bonds		5.00%		03/01/2050		40			42,627
New York (City of), NY, Series 2021-1, GO Bonds		5.00%		04/01/2031		70			80,463
New York (City of), NY, Series 2021-1, GO Bonds		5.00%		04/01/2034		10			11,501

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

 263 

Invesco BulletShares 2031 Municipal Bond ETF (BSMV)–(continued)

February 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)			Value
New York-(continued)
New York (City of), NY Industrial Development Agency (Queens Baseball Stadium), Series 2021 A, Ref. RB, (INS - AGM)(a)		5.00%		01/01/2031	$	50		$	56,176
New York (City of), NY Municipal Water Finance Authority, Series 2020 EE, Ref. RB		5.00%		06/15/2031		170			199,364
New York (City of), NY Municipal Water Finance Authority, Series 2021 AA-1, RB		5.00%		06/15/2048		315			341,440
New York (City of), NY Municipal Water Finance Authority, Series 2021 BB-1, Ref. RB		5.00%		06/15/2044		235			259,876
New York (City of), NY Municipal Water Finance Authority, Series 2021 CC-1, RB		5.00%		06/15/2051		55			59,213
New York (City of), NY Municipal Water Finance Authority, Series 2021 DD, Ref. RB		5.00%		06/15/2031		270			316,638
New York (City of), NY Municipal Water Finance Authority, Series 2021 DD, Ref. RB		4.00%		06/15/2036		10			10,628
New York (City of), NY Municipal Water Finance Authority, Series 2022 CC-2, RB		5.00%		06/15/2035		25			29,375
New York (City of), NY Transitional Finance Authority, Series 2010 G-5, RB		5.00%		05/01/2031		40			46,102
New York (City of), NY Transitional Finance Authority, Series 2020, RB		5.00%		05/01/2031		35			40,339
New York (City of), NY Transitional Finance Authority, Series 2020, Ref. RB		5.00%		11/01/2031		140			161,311
New York (City of), NY Transitional Finance Authority, Series 2021 A-1, Ref. RB		5.00%		11/01/2031		15			17,549
New York (City of), NY Transitional Finance Authority, Series 2021 A-1, Ref. RB		5.00%		11/01/2033		45			52,686
New York (City of), NY Transitional Finance Authority, Series 2021 A-1, Ref. RB		5.00%		11/01/2034		75			87,486
New York (City of), NY Transitional Finance Authority, Series 2021 A-1, Ref. RB		4.00%		11/01/2035		5			5,337
New York (City of), NY Transitional Finance Authority, Series 2021 A-1, Ref. RB		4.00%		11/01/2036		270			285,116
New York (City of), NY Transitional Finance Authority, Series 2021 A-1, Ref. RB		4.00%		11/01/2037		75			78,270
New York (City of), NY Transitional Finance Authority, Series 2021 B-1, RB		5.00%		08/01/2034		10			11,622
New York (City of), NY Transitional Finance Authority, Series 2021 B-1, RB		5.00%		08/01/2035		30			34,685
New York (City of), NY Transitional Finance Authority, Series 2021 B-1, RB		4.00%		08/01/2039		200			204,427
New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB		5.00%		02/01/2035		335			384,898
New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB		5.00%		02/01/2036		145			165,483
New York (City of), NY Transitional Finance Authority, Series 2021 F-1, Ref. RB		5.00%		11/01/2033		10			11,606
New York (City of), NY Transitional Finance Authority, Series 2021, Ref. RB		5.00%		11/01/2031		215			249,973
New York (City of), NY Transitional Finance Authority, Series 2021, Ref. RB		5.00%		11/01/2034		170			196,618
New York (City of), NY Transitional Finance Authority, Series 2022 A-1, RB		5.00%		08/01/2031		15			17,476
New York (City of), NY Transitional Finance Authority, Series 2022 B-1, Ref. RB		5.00%		11/01/2031		100			116,995
New York (City of), NY Transitional Finance Authority, Subseries 2021 S-1, Ref. RB		5.00%		07/15/2031		10			11,715
New York (City of), NY Transitional Finance Authority, Subseries 2021 S-1, Ref. RB		4.00%		07/15/2034		245			262,135
New York (City of), NY Transitional Finance Authority, Subseries 2021 S-1, Ref. RB		4.00%		07/15/2035		80			85,038
New York (City of), NY Transitional Finance Authority, Subseries 2021 S-1, Ref. RB		4.00%		07/15/2036		40			42,128
New York (City of), NY Trust for Cultural Resources (Lincoln Center for Performing Arts), Series 2020 A, Ref. RB		5.00%		12/01/2031		20			22,588
New York (State of) Dormitory Authority, Series 2019 D, Ref. RB		5.00%		02/15/2031		155			176,047
New York (State of) Dormitory Authority, Series 2021 A, Ref. RB		5.00%		03/15/2031		155			180,090
New York (State of) Dormitory Authority, Series 2021 A, Ref. RB		5.00%		03/15/2033		190			219,710
New York (State of) Dormitory Authority, Series 2021 A, Ref. RB		5.00%		03/15/2034		30			34,668
New York (State of) Dormitory Authority, Series 2021 A, Ref. RB		5.00%		03/15/2035		145			167,377
New York (State of) Dormitory Authority, Series 2021 A, Ref. RB		5.00%		03/15/2036		145			165,895
New York (State of) Dormitory Authority, Series 2021 A, Ref. RB		4.00%		03/15/2037		90			94,202
New York (State of) Dormitory Authority, Series 2021 A, Ref. RB		4.00%		03/15/2040		105			106,720
New York (State of) Dormitory Authority, Series 2021 A, Ref. RB		5.00%		03/15/2049		110			117,874
New York (State of) Dormitory Authority, Series 2023 A, RB, (INS - AGM)(a)		5.00%		10/01/2036		70			80,225
New York (State of) Dormitory Authority (Bidding Group 2), Series 2020 A, Ref. RB		5.00%		03/15/2031		55			63,141
New York (State of) Dormitory Authority (Bidding Group 5), Series 2021 E, Ref. RB		5.00%		03/15/2031		435			505,413
New York (State of) Dormitory Authority (New York University), Series 2021 A, Ref. RB		5.00%		07/01/2051		75			79,882
New York (State of) Power Authority (Green Transmission), Series 2022, RB, (INS - AGM)(a)		5.00%		11/15/2031		105			123,968
New York (State of) Power Authority (Green Transmission), Series 2022, RB, (INS - AGM)(a)		5.00%		11/15/2034		35			41,028
New York (State of) Thruway Authority, Series 2021 A-1, Ref. RB		5.00%		03/15/2031		75			86,983
New York (State of) Thruway Authority, Series 2021 A-1, Ref. RB		5.00%		03/15/2035		5			5,754
New York (State of) Thruway Authority, Series 2021 O, Ref. RB		5.00%		01/01/2035		5			5,772
New York (State of) Thruway Authority, Series 2021 O, Ref. RB		4.00%		01/01/2036		60			62,997
New York (State of) Thruway Authority (Bidding Group 2), Series 2021 O, Ref. RB		4.00%		01/01/2042		700			699,028
New York (State of) Thruway Authority (Bidding Group 5), Series 2021 A-1, Ref. RB		4.00%		03/15/2036		40			42,274
New York (State of) Thruway Authority (Bidding Group 5), Series 2021 A-1, Ref. RB		4.00%		03/15/2037		15			15,700
New York (State of) Thruway Authority (Bidding Group 5), Series 2021 A-1, Ref. RB		4.00%		03/15/2045		375			371,977
New York State Environmental Facilities Corp., Series 2021, RB		5.00%		06/15/2031		25			29,355

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

 264 

Invesco BulletShares 2031 Municipal Bond ETF (BSMV)–(continued)

February 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)			Value
New York-(continued)
New York State Environmental Facilities Corp., Series 2023, Ref. RB		5.00%		06/15/2031	$	100		$	117,419
New York State Urban Development Corp., Series 2020 E, Ref. RB		5.00%		03/15/2031		5			5,700
New York State Urban Development Corp., Series 2020, Ref. RB		5.00%		03/15/2031		10			11,506
New York State Urban Development Corp., Series 2021 A, Ref. RB		5.00%		03/15/2036		20			23,141
New York State Urban Development Corp., Series 2021 A, Ref. RB		4.00%		03/15/2037		20			20,992
New York State Urban Development Corp., Series 2021 A, Ref. RB		4.00%		03/15/2038		45			46,797
New York State Urban Development Corp., Series 2023, Ref. RB		5.00%		03/15/2031		20			23,265
New York State Urban Development Corp. (Bidding Group 3), Series 2021, Ref. RB		4.00%		03/15/2044		250			248,652
New York State Urban Development Corp. (Bidding Group 3), Series 2021, Ref. RB		4.00%		03/15/2047		750			736,549
New York Transportation Development Corp. (Terminal 4 JFK International Airport), Series 2020, Ref. RB		5.00%		12/01/2031		50			54,800
Triborough Bridge & Tunnel Authority, Series 2021 A-1, Ref. RB		4.00%		05/15/2046		100			97,974
Triborough Bridge & Tunnel Authority, Series 2021 A-1, Ref. RB		5.00%		05/15/2051		225			241,210
Triborough Bridge & Tunnel Authority, Series 2021 C-1A, RB		5.00%		05/15/2038		20			22,808
Triborough Bridge & Tunnel Authority, Series 2021 C-1A, RB		5.00%		05/15/2039		10			11,319
Triborough Bridge & Tunnel Authority, Series 2021 C-1A, RB		5.00%		05/15/2040		10			11,220
Triborough Bridge & Tunnel Authority, Series 2021 C-1A, RB		5.00%		05/15/2041		40			44,569
Triborough Bridge & Tunnel Authority, Series 2021 C-1A, RB		4.00%		05/15/2046		100			97,974
Triborough Bridge & Tunnel Authority, Series 2021 C-2, Ref. RB		4.00%		05/15/2034		40			43,454
Triborough Bridge & Tunnel Authority, Series 2021 C-2, Ref. RB		4.00%		05/15/2035		50			53,992
Triborough Bridge & Tunnel Authority, Series 2021 C-3, RB		4.00%		05/15/2051		85			82,205
Triborough Bridge & Tunnel Authority, Series 2022, RB		5.00%		05/15/2031		200			232,617
Triborough Bridge & Tunnel Authority, Series 2023, Ref. RB		5.00%		11/15/2031		80			93,839
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2021 A, RB		5.00%		11/15/2051		530			569,018
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2021 C-1A, RB		5.00%		05/15/2051		15			16,145
									13,208,020
North Carolina-0.76%
Charlotte-Mecklenburg Hospital Authority (The) (Atrium Health), Series 2022 A, Ref. RB		5.00%		01/15/2031		5			5,741
Mecklenburg (County of), NC, Series 2022, GO Bonds		5.00%		09/01/2031		100			117,494
North Carolina (State of), Series 2020 A, GO Bonds		5.00%		06/01/2031		20			22,911
North Carolina (State of), Series 2021 A, Ref. RB		5.00%		05/01/2031		30			34,848
North Carolina (State of), Series 2021, RB		5.00%		03/01/2031		5			5,767
North Carolina (State of), Series 2021, RB		4.00%		03/01/2035		10			10,632
North Carolina (State of) (Build North Carolina Programs), Series 2020 B, RB		5.00%		05/01/2031		90			102,665
Wake (County of), NC, Series 2021, RB		4.00%		03/01/2033		15			16,230
Wake (County of), NC, Series 2021, RB		4.00%		03/01/2038		100			104,466
									420,754
Ohio-2.66%
American Municipal Power, Inc. (Fremont Energy Center), Series 2021, Ref. RB		4.00%		02/15/2036		100			104,419
Montgomery (County of), OH (Kettering Health Network Obligated Group), Series 2021, Ref. RB		4.00%		08/01/2041		10			9,897
Montgomery (County of), OH (Kettering Health Network Obligated Group), Series 2021, Ref. RB		4.00%		08/01/2051		10			9,073
Ohio (State of), Series 2021 A, GO Bonds		4.00%		05/01/2038		35			36,385
Ohio (State of), Series 2021 A, GO Bonds		5.00%		05/01/2040		10			11,184
Ohio (State of), Series 2021 A, GO Bonds		5.00%		06/15/2041		240			266,937
Ohio (State of), Series 2021 B, Ref. GO Bonds		5.00%		09/15/2031		90			105,209
Ohio (State of) Turnpike & Infrastructure Commission, Series 2021 A, RB		5.00%		02/15/2046		250			270,578
Ohio (State of) Turnpike & Infrastructure Commission, Series 2021 A, RB		5.00%		02/15/2051		50			53,605
Ohio (State of) Water Development Authority, Series 2021 A, RB		5.00%		12/01/2037		25			28,311
Ohio (State of) Water Development Authority, Series 2021 A, RB		5.00%		12/01/2038		55			61,949
Ohio (State of) Water Development Authority, Series 2021, RB		5.00%		06/01/2046		170			187,611
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2021 A, RB		4.00%		12/01/2039		5			5,196
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2021 A, RB		5.00%		12/01/2040		30			33,786
Ohio State University (The), Series 2021, RB		5.00%		12/01/2034		100			116,847
Ohio State University (The), Series 2021, RB		5.00%		12/01/2036		150			172,886
									1,473,873

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

 265 

Invesco BulletShares 2031 Municipal Bond ETF (BSMV)–(continued)

February 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)			Value
Oklahoma-0.53%
Cleveland (County of), OK Educational Facilities Authority (Moore Public Schools), Series 2021, RB		4.00%		06/01/2031	$	100		$	106,334
Oklahoma (State of) Turnpike Authority, Series 2020 A, Ref. RB		5.00%		01/01/2031		165			188,333
									294,667
Oregon-0.21%
Oregon (State of), Series 2023 A, GO Bonds		5.00%		05/01/2031		100			116,373
Pennsylvania-2.22%
Allegheny (County of), PA Airport Authority, Series 2021 B, RB, (INS - AGM)(a)		4.00%		01/01/2046		15			15,026
Chester (County of), PA Industrial Development Authority (Sustainability Bonds), Series 2021, RB		4.00%		12/01/2046		150			147,408
Pennsylvania (Commonwealth of), First Series 2020, GO Bonds		5.00%		05/01/2031		35			39,832
Pennsylvania (Commonwealth of), First Series 2021, GO Bonds		5.00%		05/15/2031		30			34,785
Pennsylvania (Commonwealth of), First Series 2021, GO Bonds		4.00%		05/15/2033		250			269,666
Pennsylvania (Commonwealth of), Series 2022, GO Bonds		5.00%		10/01/2031		5			5,834
Pennsylvania (Commonwealth of) Economic Development Financing Authority, Series 2023 A-1, RB		5.00%		05/15/2031		10			11,338
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (University of Pennsylvania Health System), Series 2021 A, Ref. RB		5.00%		08/15/2044		50			54,202
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 A, Ref. RB		5.00%		12/01/2046		55			60,014
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 A, Ref. RB		5.00%		12/01/2047		95			102,255
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 B, Ref. RB		5.00%		12/01/2046		95			102,397
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 B, Ref. RB		5.00%		12/01/2046		125			135,751
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 C, Ref. RB		5.00%		12/01/2046		145			158,015
Philadelphia (City of), PA, Series 2021 C, RB		5.00%		10/01/2046		90			97,548
									1,234,071
Rhode Island-0.02%
Rhode Island Commerce Corp. (Garvee), Series 2020 A, RB		5.00%		05/15/2031		10			11,321
South Carolina-0.44%
South Carolina (State of) Transportation Infrastructure Bank, Series 2021 A, Ref. RB		4.00%		10/01/2033		125			135,518
University of South Carolina (Campus Village), Series 2021 A, RB		5.00%		05/01/2046		100			108,642
									244,160
Tennessee-0.62%
Clarksville (City of), TN, Series 2021 A, RB		5.00%		02/01/2045		105			115,090
Johnson (City of), TN Health & Educational Facilities Board, Series 2023 A, Ref. RB		5.00%		07/01/2031		25			27,899
Memphis (City of), TN, Series 2022 A, Ref. GO Bonds		5.00%		10/01/2047		50			54,535
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2021 A, RB		5.00%		05/15/2046		100			108,936
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2021 C, GO Bonds		4.00%		01/01/2031		30			32,443
Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Vanderbilt University Medical Center), Series 2021 A, RB		5.00%		07/01/2031		5			5,562
									344,465
Texas-7.06%
Bexar (County of), TX, Series 2022 B, Ctfs. of Obligations		4.75%		06/15/2048		20			20,881
Board of Regents of the University of Texas System, Series 2020 C, Ref. RB		5.00%		08/15/2031		100			117,104
Board of Regents of the University of Texas System, Series 2021 A, Ref. RB		5.00%		08/15/2031		110			128,651
Board of Regents of the University of Texas System, Series 2023 A, RB		5.00%		08/15/2031		205			239,759
Central Texas Regional Mobility Authority, Series 2021 B, RB		5.00%		01/01/2046		105			110,956
Central Texas Regional Mobility Authority, Series 2021 D, Ref. RB		4.00%		01/01/2038		35			35,664
Clear Creek Independent School District, Series 2013 B, GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2031		100			114,504
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2020 A, Ref. RB		5.00%		11/01/2031		50			56,986
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2020, Ref. RB		5.00%		11/01/2031		60			68,383
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2022 B, Ref. RB		5.00%		11/01/2031		15			17,425
Dallas (City of), TX Area Rapid Transit, Series 2007, Ref. RB, (INS - AMBAC)(a)		5.25%		12/01/2031		5			5,933
Dallas College, Series 2022, GO Bonds		5.00%		02/15/2031		100			115,051
Denton Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		08/15/2031		55			63,799
Forney Independent School District, Series 2022 A, GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		08/15/2044		200			200,134
Georgetown (City of), TX, Series 2022, RB, (INS - AGM)(a)		5.00%		08/15/2042		90			97,612
Harris (County of), TX, Series 2021 A, GO Bonds		4.00%		10/01/2047		100			97,312

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

 266 

Invesco BulletShares 2031 Municipal Bond ETF (BSMV)–(continued)

February 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)			Value
Texas-(continued)
Houston (City of), TX, Series 2023 B, Ref. RB, (INS - AGM)(a)		5.00%		07/01/2031	$	110		$	127,502
Lower Colorado River Authority, Series 2022, Ref. RB, (INS - AGM)(a)		5.00%		05/15/2036		75			85,347
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2021 A, RB		5.00%		05/15/2046		150			161,722
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2022, Ref. RB		5.00%		05/15/2037		175			196,606
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2022, Ref. RB		5.00%		05/15/2038		20			22,271
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2022, Ref. RB		5.00%		05/15/2040		15			16,497
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2022, Ref. RB		5.00%		05/15/2042		10			10,903
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2022, Ref. RB		5.00%		05/15/2047		45			48,379
North Texas Municipal Water District, Series 2021 A, Ref. RB		4.00%		09/01/2031		55			59,005
North Texas Tollway Authority, Series 2021 B, RB		4.00%		01/01/2034		320			334,256
North Texas Tollway Authority, Series 2021 B, RB		4.00%		01/01/2035		75			78,088
Northwest Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		02/15/2047		150			149,603
Plano Independent School District, Series 2023, GO Bonds		5.00%		02/15/2031		45			51,835
Rockwall Independent School District, Series 2022 A, GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2047		150			161,771
Sabine-Neches Navigation District, Series 2022, GO Bonds		5.25%		02/15/2052		265			284,757
San Antonio (City of), TX, Series 2021 A, RB		5.00%		02/01/2039		85			93,445
San Antonio (City of), TX, Series 2021 A, RB		5.00%		02/01/2041		30			32,644
San Antonio (City of), TX, Series 2021 A, RB		5.00%		02/01/2046		130			139,435
San Antonio Public Facilities Corp., Series 2022, Ref. RB		5.00%		09/15/2031		5			5,727
Tarrant County College District, Series 2022, GO Bonds		5.00%		08/15/2031		10			11,659
Texas (State of) Water Development Board, Series 2020, RB		5.00%		08/01/2031		30			34,329
Texas (State of) Water Development Board, Series 2021, RB		5.00%		08/01/2031		25			29,146
Texas (State of) Water Development Board, Series 2021, RB		5.00%		08/01/2033		50			58,223
Texas (State of) Water Development Board, Series 2021, RB		5.00%		08/01/2034		50			58,036
Texas (State of) Water Development Board, Series 2021, RB		4.00%		08/01/2035		35			37,574
Texas (State of) Water Development Board, Series 2021, RB		4.00%		08/01/2036		20			21,294
Trinity River Authority, Series 2020, Ref. RB		3.00%		08/01/2031		80			79,493
University of Houston, Series 2022 A, Ref. RB		5.00%		02/15/2031		35			40,340
									3,920,041
Utah-1.61%
Granite School District Board of Education, Series 2021, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00%		06/01/2031		80			93,175
Intermountain Power Agency, Series 2022 A, Ref. RB		5.00%		07/01/2031		50			58,172
Intermountain Power Agency, Series 2022 A, Ref. RB		5.00%		07/01/2035		20			23,062
Intermountain Power Agency, Series 2022 A, Ref. RB		5.00%		07/01/2037		30			34,121
Intermountain Power Agency, Series 2022 A, Ref. RB		5.00%		07/01/2038		10			11,305
Intermountain Power Agency, Series 2022 A, Ref. RB		5.00%		07/01/2039		50			56,198
Intermountain Power Agency, Series 2022 A, Ref. RB		5.00%		07/01/2041		15			16,659
Intermountain Power Agency, Series 2022 A, Ref. RB		5.00%		07/01/2044		100			110,089
Intermountain Power Agency, Series 2022 A, Ref. RB		5.00%		07/01/2045		270			295,707
Salt Lake City (City of), UT, Series 2021 B, RB		5.00%		07/01/2046		65			70,550
University of Utah (The) (Green Bonds), Series 2022 B, RB		5.00%		08/01/2031		5			5,844
Utah (State of) Transit Authority, Series 2007 A, Ref. RB, (INS - NATL)(a)		5.00%		06/15/2031		105			120,442
									895,324
Virginia-1.30%
Norfolk (City of), VA, Series 2021 A, GO Bonds		5.00%		03/01/2033		155			179,987
Virginia (Commonwealth of) Public Building Authority, Series 2021 A-1, RB		5.00%		08/01/2031		130			151,940
Virginia (Commonwealth of) Public Building Authority, Series 2021 A-1, RB		5.00%		08/01/2033		180			209,944
Virginia (Commonwealth of) Public Building Authority, Series 2021 A-2, RB		4.00%		08/01/2036		50			53,128
Virginia (Commonwealth of) Transportation Board (I-81 Regional Corridor), Series 2021, RB		5.00%		05/15/2057		120			128,715
									723,714
Washington-4.33%
Central Puget Sound Regional Transit Authority (Green Bonds), Series 2021 S-1, Ref. RB		5.00%		11/01/2031		45			52,750
Central Puget Sound Regional Transit Authority (Green Bonds), Series 2021 S-1, Ref. RB		5.00%		11/01/2033		40			46,741
Central Puget Sound Regional Transit Authority (Green Bonds), Series 2021 S-1, Ref. RB		5.00%		11/01/2034		50			58,286
Central Puget Sound Regional Transit Authority (Green Bonds), Series 2021 S-1, Ref. RB		4.00%		11/01/2040		150			153,837

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

 267 

Invesco BulletShares 2031 Municipal Bond ETF (BSMV)–(continued)

February 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)			Value
Washington-(continued)
Energy Northwest (Columbia Generating Station), Series 2021, Ref. RB		5.00%		07/01/2041	$	310		$	343,647
King (County of), WA, Series 2021 A, GO Bonds		5.00%		01/01/2031		50			57,676
Snohomish (County of), WA Public Utility District No. 1, Series 2021 A, RB		5.00%		12/01/2046		250			273,144
Spokane County School District No. 81, Series 2012, GO Bonds, (CEP - Oregon School Bond Guaranty)		3.00%		12/01/2031		30			29,602
Spokane County School District No. 81, Series 2021, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)		4.00%		12/01/2038		55			56,743
Tacoma (City of), WA (Green Bonds), Series 2021, Ref. RB		5.00%		01/01/2046		150			162,898
Washington (State of), Series 2020 C, GO Bonds		5.00%		02/01/2031		255			288,532
Washington (State of), Series 2021 C, GO Bonds		5.00%		02/01/2033		20			23,025
Washington (State of), Series 2021 C, GO Bonds		5.00%		02/01/2034		5			5,753
Washington (State of), Series 2021 C, GO Bonds		5.00%		02/01/2038		5			5,639
Washington (State of), Series 2021 C, GO Bonds		5.00%		02/01/2041		5			5,544
Washington (State of), Series 2021 R, Ref. GO Bonds		4.00%		08/01/2036		10			10,647
Washington (State of), Series 2021, Ref. GO Bonds		5.00%		06/01/2031		20			22,759
Washington (State of), Series 2022 C, GO Bonds		5.00%		02/01/2031		25			28,880
Washington (State of), Series R-2021C, Ref. GO Bonds		4.00%		08/01/2035		5			5,361
Washington (State of) (Bid Group 1), Series 2020 A, GO Bonds		5.00%		08/01/2031		15			17,117
Washington (State of) (Bid Group 1), Series 2021 A, GO Bonds		5.00%		08/01/2036		135			155,022
Washington (State of) (Bid Group 1), Series 2021 C, GO Bonds		5.00%		02/01/2035		10			11,483
Washington (State of) (Bid Group 1), Series 2021 C, GO Bonds		5.00%		02/01/2036		10			11,433
Washington (State of) (Bid Group 1), Series 2021 C, GO Bonds		5.00%		02/01/2037		250			283,727
Washington (State of) (Bid Group 1), Series 2024 A, GO Bonds		5.00%		08/01/2031		55			64,080
Washington (State of) (Bid Group 2), Series 2021 A, GO Bonds		5.00%		08/01/2040		165			184,711
Washington (State of) (Bid Group 2), Series 2021 A, GO Bonds		5.00%		08/01/2042		10			11,103
Whatcom (County of), WA Bellingham School District No. 501, Series 2021, GO Bonds, (CEP - Oregon School Bond Guaranty)		4.00%		12/01/2037		35			36,332
									2,406,472
West Virginia-0.18%
West Virginia (State of) Parkways Authority, Series 2021, RB		5.00%		06/01/2047		90			97,480
Wisconsin-0.54%
Wisconsin (State of), Series 2021 1, Ref. GO Bonds		5.00%		05/01/2031		155			176,874
Wisconsin (State of), Series 2021-2, Ref. GO Bonds		5.00%		05/01/2031		40			45,645
Wisconsin (State of), Series 2023-2, Ref. GO Bonds		5.00%		05/01/2031		65			75,365
									297,884
TOTAL INVESTMENTS IN SECURITIES(b)-98.67% (Cost $53,931,814)									54,795,755
OTHER ASSETS LESS LIABILITIES-1.33%									737,662
NET ASSETS-100.00%								$	55,533,417

Investment Abbreviations:
AGM	-Assured Guaranty Municipal Corp.
AMBAC	-American Municipal Bond Assurance Corp.
BAM	-Build America Mutual Assurance Co.
CEP	-Credit Enhancement Provider
COP	-Certificates of Participation
Ctfs.	-Certificates
GO	-General Obligation
INS	-Insurer
NATL	-National Public Finance Guarantee Corp.
RB	-Revenue Bonds
Ref.	-Refunding
RN	-Revenue Notes

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

 268 

Invesco BulletShares 2031 Municipal Bond ETF (BSMV)–(continued)

February 29, 2024

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

Portfolio Composition
Revenue Type Breakdown (% of the Fund’s Net Assets)  as of February 29, 2024
Miscellaneous Revenue	21.05
Ad Valorem Property Tax	11.44
Port, Airport & Marina Revenue	10.88
Sales Tax Revenue	8.55
Highway Tolls Revenue	6.87
Health, Hospital, Nursing Home Revenue	5.50
Electric Power Revenue	5.40
Water Revenue	5.36
General Fund	5.33
Income Tax Revenue	4.57
Lease Revenue	4.06
Revenue Types Each Less Than 3%	9.66
Other Assets Less Liabilities	1.33

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

 269 

Invesco BulletShares 2032 Municipal Bond ETF (BSMW)

February 29, 2024

(Unaudited)

 

Schedule of Investments

					Principal
	Interest		Maturity		Amount
	Rate		Date		(000)			Value
Municipal Obligations-98.58%
Alabama-0.34%
Alabama (State of) Corrections Institution Finance Authority, Series 2022, RB		5.00%		07/01/2037	$	55		$	62,208
Alabama (State of) Corrections Institution Finance Authority, Series 2022, RB		5.00%		07/01/2042		125			136,813
									199,021
Arizona-0.13%
Gilbert Water Resource Municipal Property Corp. (Green Bonds), Series 2022, RB		5.00%		07/15/2032		20			23,670
Maricopa (County of), AZ Special Health Care District, Series 2021 D, GO Bonds		5.00%		07/01/2032		20			22,754
Maricopa County Unified School District No. 60 Higley, Series 2023, Ref. COP, (INS - AGM)(a)		5.00%		06/01/2053		25			26,775
Mesa (City of), AZ, Series 2022 A, RB, (INS - BAM)(a)		5.00%		07/01/2046		5			5,478
									78,677
Arkansas-0.28%
University of Arkansas, Series 2022 A, RB		5.00%		11/01/2047		25			27,176
University of Arkansas, Series 2022 A, RB		5.25%		11/01/2052		125			137,034
									164,210
California-16.92%
Alameda (County of), CA Transportation Commission, Series 2022, RB		5.00%		03/01/2045		30			33,724
Alhambra Unified School District, Series 2022 B, GO Bonds		5.25%		08/01/2047		15			17,004
California (State of), Series 2007, Ref. GO Bonds, (INS - AGM)(a)		5.25%		08/01/2032		250			298,699
California (State of), Series 2016, Ref. GO Bonds		2.50%		09/01/2032		85			79,667
California (State of), Series 2021, Ref. GO Bonds		5.00%		09/01/2032		5			5,868
California (State of), Series 2022, GO Bonds		5.00%		09/01/2034		5			5,958
California (State of), Series 2022, GO Bonds		5.00%		09/01/2035		105			124,228
California (State of), Series 2022, GO Bonds		5.00%		09/01/2036		25			29,458
California (State of), Series 2022, GO Bonds		5.00%		09/01/2052		195			217,082
California (State of), Series 2022, Ref. GO Bonds		5.00%		11/01/2032		220			263,481
California (State of), Series 2022, Ref. GO Bonds		5.00%		04/01/2035		100			117,789
California (State of), Series 2022, Ref. GO Bonds		5.00%		09/01/2035		520			615,223
California (State of), Series 2022, Ref. GO Bonds		5.00%		04/01/2037		10			11,646
California (State of), Series 2022, Ref. GO Bonds		5.00%		11/01/2037		65			76,022
California (State of), Series 2022, Ref. GO Bonds		4.00%		04/01/2042		125			129,793
California (State of), Series 2022, Ref. GO Bonds		5.00%		04/01/2042		250			283,477
California (State of), Series 2022, Ref. GO Bonds		4.00%		09/01/2042		250			260,018
California (State of), Series 2022, Ref. GO Bonds		5.00%		09/01/2042		60			68,398
California (State of), Series 2022, Ref. GO Bonds		5.00%		11/01/2042		10			11,423
California (State of) Department of Water Resources, Series 2022 BF, Ref. RB		5.00%		12/01/2032		210			257,031
California (State of) Health Facilities Financing Authority (Lucile Salter Packard), Series 2022, Ref. RB		4.00%		05/15/2046		500			507,313
California (State of) Infrastructure & Economic Development Bank, Series 2022, RB		5.00%		10/01/2047		110			124,125
California (State of) Infrastructure & Economic Development Bank, Series 2022, RB		5.00%		10/01/2052		100			111,696
California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund), Series 2023, RB		5.00%		10/01/2035		15			18,037
California (State of) Public Works Board (Various Capital), Series 2023 B, Ref. RB		5.00%		12/01/2035		50			59,388
California (State of) Public Works Board (Various Capital), Series 2023 B, Ref. RB		5.00%		12/01/2036		150			176,391
California (State of) Statewide Communities Development Authority (Enloe Medical Center), Series 2022 A, RB, (INS - AGM)(a)		5.25%		08/15/2052		205			224,439
Chaffey Joint Union High School District (Election of 2012), Series 2023 G, GO Bonds		5.25%		08/01/2052		100			112,180
East Bay Municipal Utility District, Series 2022 B-2, Ref. RB		5.00%		06/01/2032		5			6,055
Indio Finance Authority, Series 2022 A, Ref. RB, (INS - BAM)(a)		5.25%		11/01/2042		100			114,836
Kern High School District (Election of 2022), Series 2023 A, GO Bonds		5.00%		08/01/2032		10			12,113
Los Angeles (City of), CA, Series 2022 C, Ref. RB		5.00%		06/01/2032		5			6,021
Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2022 B, RB		4.00%		05/15/2048		45			45,391
Los Angeles (City of), CA Department of Water & Power, Series 2022 B, RB		5.00%		07/01/2032		115			139,084
Los Angeles (City of), CA Department of Water & Power, Series 2022 B, RB		5.00%		07/01/2034		5			6,002

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

 270 

Invesco BulletShares 2032 Municipal Bond ETF (BSMW)–(continued)

February 29, 2024

(Unaudited)

 

					Principal
	Interest		Maturity		Amount
	Rate		Date		(000)			Value
California-(continued)
Los Angeles (City of), CA Department of Water & Power, Series 2022 B, RB		5.00%		07/01/2043	$	125		$	142,146
Los Angeles (City of), CA Department of Water & Power, Series 2022 B, RB		5.00%		07/01/2047		25			28,013
Los Angeles (City of), CA Department of Water & Power, Series 2022 B, Ref. RB		5.00%		07/01/2042		10			11,362
Los Angeles (City of), CA Department of Water & Power, Series 2022 B, Ref. RB		5.00%		07/01/2047		55			61,440
Los Angeles (City of), CA Department of Water & Power, Series 2022 B, Ref. RB		5.00%		07/01/2052		250			276,722
Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB		5.00%		07/01/2040		20			22,892
Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB		5.00%		07/01/2040		40			46,240
Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB		5.00%		07/01/2041		35			39,780
Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB		5.00%		07/01/2041		10			11,474
Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB		5.00%		07/01/2043		30			33,897
Los Angeles (City of), CA Department of Water & Power, Series 2022 D, Ref. RB		5.00%		07/01/2039		50			58,226
Los Angeles (City of), CA Department of Water & Power, Series 2022 D, Ref. RB		5.00%		07/01/2041		5			5,737
Los Angeles (City of), CA Department of Water & Power, Series 2022 D, Ref. RB		5.00%		07/01/2047		15			16,854
Los Angeles (City of), CA Department of Water & Power, Series 2022 D, Ref. RB		5.00%		07/01/2052		200			222,561
Los Angeles (City of), CA Department of Water & Power, Series 2023 A, Ref. RB		5.00%		07/01/2032		5			6,047
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2020, RB		5.00%		06/01/2032		45			54,378
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2021 A, RB		5.00%		06/01/2032		65			77,174
Los Angeles Community College District (Election of 2008), Series 2022 L, GO Bonds		5.00%		08/01/2036		10			11,959
Los Angeles Unified School District, Series 2021 RYRR, GO Bonds		5.00%		07/01/2032		10			11,947
Los Angeles Unified School District, Series 2021 RYRR, GO Bonds		5.00%		07/01/2033		10			11,922
Los Angeles Unified School District, Series 2021 RYRR, GO Bonds		5.00%		07/01/2035		10			11,873
Metropolitan Water District of Southern California, Series 2022 B, Ref. RB		5.00%		07/01/2032		15			18,192
Pasadena Area Community College District, Series 2023 A-1, Ref. GO Bonds		5.00%		08/01/2048		150			168,014
Peralta Community College District, Series 2022 B, GO Bonds		5.25%		08/01/2042		25			29,118
Regents of the University of California Medical Center, Series 2022 P, RB		5.00%		05/15/2034		100			119,396
Regents of the University of California Medical Center, Series 2022 P, RB		5.00%		05/15/2037		100			116,730
Regents of the University of California Medical Center, Series 2022 P, RB		5.00%		05/15/2038		50			57,968
Regents of the University of California Medical Center, Series 2022 P, RB		5.00%		05/15/2039		245			282,232
Regents of the University of California Medical Center, Series 2022 P, RB		5.00%		05/15/2040		20			22,910
Regents of the University of California Medical Center, Series 2022 P, RB		5.00%		05/15/2041		25			28,492
Regents of the University of California Medical Center, Series 2022 P, RB		5.00%		05/15/2042		20			22,670
Regents of the University of California Medical Center, Series 2022 P, RB		5.00%		05/15/2047		25			27,765
Regents of the University of California Medical Center, Series 2022 P, RB		4.00%		05/15/2053		300			296,458
Riverside (City of), CA, Series 2022 A, RB		5.00%		10/01/2052		10			11,083
Sacramento (County of), CA Sanitation Districts Financing Authority, Series 2021, Ref. RB		5.00%		12/01/2032		150			183,059
Sacramento Transportation Authority, Series 2023, Ref. RB		5.00%		10/01/2032		35			42,616
San Diego (City of), CA Public Facilities Financing Authority, Series 2022 A, RB		5.00%		05/15/2047		20			22,517
San Diego (City of), CA Public Facilities Financing Authority, Series 2022 A, RB		5.00%		05/15/2052		200			221,879
San Diego (County of), CA Regional Transportation Commission, Series 2023 A, Ref. RB		5.00%		04/01/2032		5			6,032
San Diego (County of), CA Water Authority, Series 2021 B, Ref. RB		5.00%		05/01/2032		5			5,916
San Diego (County of), CA Water Authority, Series 2022 A, RB		5.00%		05/01/2047		75			84,476
San Diego Unified School District (Green Bonds), Series 2022 F2, GO Bonds		5.00%		07/01/2042		25			28,619
San Francisco (City & County of), CA, Series 2022 R-1, Ref. GO Bonds		5.00%		06/15/2032		10			12,110
San Francisco (City & County of), CA Airport Commission, Series 2021 B, Ref. RB		5.00%		05/01/2032		100			117,378
San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2023 A, RB		5.00%		10/01/2032		60			72,898
San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2023 A, RB		5.00%		10/01/2036		35			41,827
San Francisco (City of), CA Public Utilities Commission (Green Bonds), Series 2023 C, Ref. RB		5.00%		11/01/2032		250			304,199
San Francisco Bay Area Rapid Transit District (Election of 2016), Series 2022, GO Bonds		5.00%		08/01/2039		70			81,346
San Francisco Bay Area Rapid Transit District (Election of 2016), Series 2022, GO Bonds		5.25%		08/01/2047		75			85,360
San Jose (City of), CA Financing Authority (Green bonds), Series 2022 B, RB		5.00%		11/01/2047		70			79,103
San Mateo Foster City School District, Series 2023 B, GO Bonds		4.00%		08/01/2048		250			254,304
Santa Clara (County of), CA (Election of 2008), Series 2022, Ref. GO Bonds		5.00%		08/01/2034		40			47,975
Santa Clara (County of), CA Water District (Green Bonds), Series 2022 A, RB		5.00%		08/01/2047		60			67,582
Santa Clarita Community College District (Elecion of 2016), Series 2022, GO Bonds		5.25%		08/01/2048		20			22,331
Santa Rosa High School District, Series 2023 A, GO Bonds		5.00%		08/01/2053		155			169,285
State Center Community College District, Series 2022 C, GO Bonds		5.00%		08/01/2047		10			11,155
University of California, Series 2022 BK, RB		5.00%		05/15/2032		10			12,074
University of California, Series 2022 BK, RB		5.00%		05/15/2052		250			276,507

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

 271 

Invesco BulletShares 2032 Municipal Bond ETF (BSMW)–(continued)

February 29, 2024

(Unaudited)

 

					Principal
	Interest		Maturity		Amount
	Rate		Date		(000)			Value
California-(continued)
University of California, Series 2022 S, Ref. RB		5.00%		05/15/2034	$	145		$	173,457
University of California, Series 2022 S, Ref. RB		5.00%		05/15/2038		150			174,527
University of California, Series 2023 BM, Ref. RB		5.00%		05/15/2032		125			150,927
University of California, Series 2023 BN, Ref. RB		5.00%		05/15/2032		80			96,593
Ventura Unified School District, Series 2023 A, GO Bonds		5.00%		08/01/2046		10			11,239
Vista Unified School District, Series 2022 B, GO Bonds, (INS - BAM)(a)		5.25%		08/01/2048		165			187,041
									9,977,064
Colorado-2.35%
Brighton (City of), CO (Water System), Series 2022, RB		5.00%		06/01/2052		200			216,151
Colorado (State of), Series 2022, COP		6.00%		12/15/2038		100			122,263
Colorado (State of), Series 2022, COP		6.00%		12/15/2039		50			61,014
Colorado (State of), Series 2022, COP		6.00%		12/15/2040		100			121,291
Colorado (State of) Health Facilities Authority (Intermountain Healthcare), Series 2022 A, Ref. RB		5.00%		05/15/2032		75			87,978
Colorado (State of) Health Facilities Authority (Intermountain Healthcare), Series 2022 A, Ref. RB		5.00%		05/15/2047		40			43,325
Denver (City & County of), CO, Series 2022 B, RB		5.00%		11/15/2047		10			10,998
Denver (City & County of), CO, Series 2022 B, RB		5.25%		11/15/2053		100			110,842
Denver (City & County of), CO Board of Water Commissioners (The), Series 2022 A, RB		5.00%		12/15/2052		250			272,793
Denver City & County School District No. 1, Series 2022 A, GO Bonds		5.00%		12/01/2034		10			11,766
Denver City & County School District No. 1, Series 2022 A, GO Bonds		5.00%		12/01/2038		5			5,698
Denver City & County School District No. 1, Series 2022 A, GO Bonds		5.00%		12/01/2042		100			112,135
Denver City & County School District No. 1, Series 2022 A, GO Bonds		5.00%		12/01/2045		100			111,060
Parker Water & Sanitation District, Series 2012, Ref. GO Bonds		3.00%		08/01/2032		100			99,263
									1,386,577
Connecticut-1.00%
Connecticut (State of), Series 2021 A, GO Bonds		3.00%		01/15/2032		50			49,732
Connecticut (State of), Series 2022 A, GO Bonds		4.00%		01/15/2032		175			190,819
Connecticut (State of), Series 2022 A, GO Bonds		4.00%		01/15/2034		75			81,424
Connecticut (State of), Series 2022 B, GO Bonds		4.00%		01/15/2035		85			92,128
Connecticut (State of), Series 2022 F, GO Bonds		5.00%		11/15/2035		30			35,208
Connecticut (State of), Series 2022 F, GO Bonds		5.00%		11/15/2037		45			51,929
Connecticut (State of), Series 2022 F, GO Bonds		5.00%		11/15/2039		50			57,139
Connecticut (State of), Series 2022 F, GO Bonds		5.00%		11/15/2041		20			22,541
Connecticut (State of), Series 2023 B, Ref. GO Bonds		5.00%		08/01/2032		5			5,913
									586,833
Delaware-0.01%
Delaware (State of), Series 2022, Ref. GO Bonds		5.00%		03/01/2032		5			5,922
District of Columbia-1.62%
District of Columbia, Series 2022 A, RB		5.00%		07/01/2032		250			296,923
District of Columbia, Series 2022 A, RB		5.00%		07/01/2034		25			29,614
District of Columbia, Series 2022 A, RB		5.00%		07/01/2039		60			68,582
District of Columbia, Series 2022 A, RB		5.00%		07/01/2040		20			22,688
District of Columbia, Series 2022 A, RB		5.00%		07/01/2041		25			28,236
District of Columbia, Series 2022 A, RB		5.00%		07/01/2042		140			157,487
District of Columbia, Series 2022 A, RB		5.00%		07/01/2047		160			176,327
District of Columbia, Series 2022 C, Ref. RB		5.00%		12/01/2036		5			5,863
District of Columbia Water & Sewer Authority (Green Bonds), Series 2022 B, RB		5.00%		10/01/2047		135			148,078
Washington Metropolitan Area Transit Authority, Series 2021 A, RB		5.00%		07/15/2032		20			23,212
									957,010
Florida-4.29%
Bay County School Board, Series 2022 A, COP, (INS - AGM)(a)		4.25%		07/01/2047		70			70,970
Brevard (County of), FL Health Facilities Authority (Health First Obligated Group), Series 2022 A, Ref. RB		5.00%		04/01/2042		50			53,968
Brevard (County of), FL Health Facilities Authority (Health First Obligated Group), Series 2022 A, Ref. RB		5.00%		04/01/2052		85			89,362
Brevard (County of), FL Health Facilities Authority (Health First Obligated Group), Series 2022, Ref. RB		5.00%		04/01/2047		250			263,346

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

 272 

Invesco BulletShares 2032 Municipal Bond ETF (BSMW)–(continued)

February 29, 2024

(Unaudited)

 

					Principal
	Interest		Maturity		Amount
	Rate		Date		(000)			Value
Florida-(continued)
Broward (County of), FL, Series 2022, RB		5.00%		01/01/2047	$	100		$	107,690
Central Florida Expressway Authority, Series 2016 A, Ref. RB		3.00%		07/01/2032		100			99,489
Florida (State of), Series 2023 A, Ref. GO Bonds		5.00%		06/01/2032		45			53,409
Florida (State of) (Right-of-Way Acquisition), Series 2021 B, Ref. GO Bonds		5.00%		07/01/2032		50			59,467
Florida (State of) Department of Transportation, Series 2022, RB		5.00%		07/01/2052		100			107,614
Florida (State of) Municipal Power Agency, Series 2021 A, RB		3.00%		10/01/2032		15			14,589
Fort Lauderdale (City of) FL, Series 2023 A, RB		5.00%		07/01/2053		100			107,959
Jacksonville (City of), FL, Series 2023 A, Ref. RB		5.00%		10/01/2032		100			117,906
Miami-Dade (County of), FL, Series 2022 A, RB		5.00%		04/01/2046		100			107,598
Miami-Dade (County of), FL Transit System, Series 2022, RB		5.00%		07/01/2043		30			33,103
Miami-Dade (County of), FL Transit System, Series 2022, RB		5.00%		07/01/2048		45			48,667
Miami-Dade (County of), FL Transit System, Series 2022, RB		5.00%		07/01/2052		15			16,054
Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group), Series 2023 A, RB		5.00%		10/01/2032		160			184,407
Orange (County of), FL School Board, Series 2021 A, Ref. COP		5.00%		08/01/2032		40			46,813
Palm Beach County School District, Series 2022 B, COP		5.25%		08/01/2038		50			57,867
Pasco (County of), FL School Board, Series 2021 A, Ref. COP		5.00%		08/01/2032		5			5,819
Sarasota (County of), FL, Series 2022, RB		5.25%		10/01/2047		25			27,890
Sarasota (County of), FL, Series 2022, RB		5.25%		10/01/2052		35			38,941
Sarasota (County of), FL Public Hospital District (Sarasota Memorial Hospital), Series 2022, RB		5.00%		07/01/2052		100			105,504
St. Johns (County of), FL, Series 2022, RB		5.00%		06/01/2052		250			272,385
Tampa (City of), FL (Green Bonds), Series 2022 A, RB		5.00%		10/01/2052		100			108,673
Tampa (City of), FL (Green Bonds), Series 2022 A, RB		5.25%		10/01/2057		100			110,333
Tampa Bay (City of), FL Water (Sustainability Bonds), Series 2022, RB		5.00%		10/01/2052		200			217,956
									2,527,779
Georgia-2.63%
Atlanta (City of), GA, Series 2022 A-1, GO Bonds		5.00%		12/01/2034		50			59,491
Atlanta (City of), GA, Series 2022 A-1, GO Bonds		5.00%		12/01/2036		5			5,854
Atlanta (City of), GA, Series 2022 C, RB		5.00%		07/01/2041		20			22,447
Atlanta (City of), GA, Series 2022 C, RB		5.00%		07/01/2042		95			106,217
Atlanta (City of), GA (Social Bonds), Series 2022 A-1, GO Bonds		5.00%		12/01/2038		30			34,478
Atlanta (City of), GA (Social Bonds), Series 2022 A-1, GO Bonds		5.00%		12/01/2039		15			17,213
Atlanta (City of), GA Department of Aviation, Series 2022 A, RB		5.00%		07/01/2047		50			54,806
DeKalb (County of), GA, Series 2022, Ref. RB		5.00%		10/01/2032		20			23,666
DeKalb (County of), GA, Series 2022, Ref. RB		5.00%		10/01/2035		20			23,497
DeKalb (County of), GA, Series 2022, Ref. RB		5.00%		10/01/2036		65			75,765
DeKalb (County of), GA, Series 2022, Ref. RB		5.00%		10/01/2038		20			22,828
DeKalb (County of), GA, Series 2022, Ref. RB		5.00%		10/01/2039		15			16,995
DeKalb (County of), GA, Series 2022, Ref. RB		5.00%		10/01/2040		70			78,941
DeKalb (County of), GA, Series 2022, Ref. RB		5.00%		10/01/2041		10			11,232
Georgia (State of), Series 2023 A, GO Bonds		5.00%		07/01/2032		50			59,633
Georgia (State of), Series 2023 C, Ref. GO Bonds		5.00%		01/01/2032		10			11,825
Georgia (State of) (Bidding Group 1), Series 2021 A, Ref. GO Bonds		5.00%		07/01/2032		140			164,012
Georgia (State of) (Bidding Group 3), Series 2022 C, Ref. GO Bonds		5.00%		07/01/2032		65			77,524
Georgia (State of) Municipal Electric Authority, Series 2021 A, Ref. RB		5.00%		01/01/2034		40			45,202
Georgia (State of) Ports Authority, Series 2022, RB		5.00%		07/01/2041		65			72,953
Georgia (State of) Ports Authority, Series 2022, RB		5.00%		07/01/2042		15			16,771
Georgia (State of) Ports Authority, Series 2022, RB		4.00%		07/01/2047		400			398,783
Georgia (State of) Ports Authority, Series 2022, RB		5.00%		07/01/2047		70			76,834
Private Colleges & Universities Authority (Emory University), Series 2022 A, Ref. RB		5.00%		09/01/2032		65			76,760
									1,553,727
Hawaii-0.04%
Honolulu (City & County of), HI (Green Bonds), Series 2022 A, RB		4.13%		07/01/2047		25			25,145
Idaho-0.07%
Idaho (State of) Housing & Finance Association, Series 2022, RB		5.00%		08/15/2047		35			38,540
Illinois-5.57%
Chicago (City of), IL, Series 2021 A, Ref. GO Bonds		5.00%		01/01/2032		125			137,005

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

 273 

Invesco BulletShares 2032 Municipal Bond ETF (BSMW)–(continued)

February 29, 2024

(Unaudited)

 

					Principal
	Interest		Maturity		Amount
	Rate		Date		(000)			Value
Illinois-(continued)
Chicago (City of), IL, Series 2023 A, RB, (INS - AGM)(a)		5.25%		01/01/2048	$	150		$	164,522
Chicago (City of), IL, Series 2023 B, Ref. RB, (INS - AGM)(a)		5.00%		01/01/2032		205			237,034
Chicago (City of), IL, Series 2023 B, Ref. RB, (INS - AGM)(a)		5.00%		11/01/2035		80			91,777
Chicago (City of), IL, Series 2023 B, Ref. RB, (INS - AGM)(a)		5.00%		01/01/2036		100			114,859
Chicago (City of), IL, Series 2023 B, Ref. RB, (INS - AGM)(a)		5.00%		11/01/2036		45			51,212
Chicago (City of), IL, Series 2023 B, Ref. RB, (INS - AGM)(a)		5.00%		11/01/2038		45			50,527
Illinois (State of), Series 2021 B, GO Bonds		5.00%		12/01/2032		40			45,181
Illinois (State of), Series 2022 A, GO Bonds		5.00%		03/01/2034		30			33,863
Illinois (State of), Series 2022 A, GO Bonds		5.00%		03/01/2035		60			67,418
Illinois (State of), Series 2022 A, GO Bonds		5.25%		03/01/2038		25			28,032
Illinois (State of), Series 2022 A, GO Bonds		5.50%		03/01/2042		145			161,857
Illinois (State of), Series 2022 A, GO Bonds		5.50%		03/01/2047		75			82,184
Illinois (State of), Series 2022 B, GO Bonds		5.00%		10/01/2034		35			39,681
Illinois (State of), Series 2023 B, GO Bonds		5.00%		05/01/2032		225			255,891
Illinois (State of), Series 2023 B, GO Bonds		5.50%		05/01/2047		200			219,383
Illinois (State of), Series 2023 D, Ref. GO Bonds		5.00%		07/01/2034		30			33,990
Illinois (State of), Series 2023, Ref. GO Bonds		5.00%		07/01/2032		10			11,397
Illinois (State of) Finance Authority (Northshore - Edward-Elmhurst Health Credit Group), Series 2022 A, Ref. RB		5.00%		08/15/2038		10			11,094
Illinois (State of) Finance Authority (Northshore - Edward-Elmhurst Health Credit Group), Series 2022 A, Ref. RB		5.00%		08/15/2039		35			38,469
Illinois (State of) Finance Authority (Northshore Edward), Series 2022 A, Ref. RB		5.00%		08/15/2047		145			155,514
Illinois (State of) Finance Authority (Northshore Edward), Series 2022 A, Ref. RB		5.00%		08/15/2051		130			138,385
Illinois (State of) Finance Authority (University of Chicago Medical), Series 2021 A, Ref. RB		5.00%		10/01/2032		5			5,895
Illinois (State of) Finance Authority (University of Chicago Medical), Series 2022 A, RB		5.00%		08/15/2047		245			261,678
Illinois (State of) Finance Authority (University of Chicago Medical), Series 2022 A, RB		5.00%		08/15/2052		245			258,248
Illinois (State of) Toll Highway Authority, Series 2021 A, RB		5.00%		01/01/2046		545			591,929
									3,287,025
Indiana-0.67%
Indiana (State of) Finance Authority (Stadium), Series 2022 A, Ref. RB		5.00%		02/01/2032		5			5,765
Indiana (State of) Finance Authority (Stadium), Series 2022 A, Ref. RB		4.00%		02/01/2034		10			10,604
Indiana (State of) Finance Authority (Stadium), Series 2022 A, Ref. RB		5.00%		02/01/2035		120			139,176
Indiana (State of) Finance Authority (Stadium), Series 2022 A, Ref. RB		4.00%		02/01/2036		85			89,611
Merrillville Multi School Building Corp., Series 2022, RB, (CEP - Colorado Higher Education Intercept Program)		5.00%		01/15/2042		135			148,302
									393,458
Iowa-0.14%
Iowa (State of) Finance Authority, Series 2022, Ref. RB		5.00%		08/01/2047		75			83,106
Kansas-0.03%
Wyandotte County Unified School District No. 203 (Piper), Series 2022 A, Ref. GO Bonds, (INS - AGM)(a)		5.25%		09/01/2052		15			16,347
Kentucky-0.54%
Kentucky (Commonwealth of) Turnpike Authority (Revitalization), Series 2022, Ref. RB		5.00%		07/01/2032		110			127,109
Louisville (City of) & Jefferson (County of), KY Metropolitan Government (UOFL Health), Series 2022 A, RB, (INS - AGM)(a)		5.00%		05/15/2047		100			106,427
Scott County School District Finance Corp., Series 2022, RB, (INS - BAM)(a)		5.00%		09/01/2041		75			83,793
									317,329
Louisiana-0.19%
Louisiana (State of), Series 2023, RB		5.00%		09/01/2032		25			29,754
Louisiana (State of) Public Facilities Authority (Tulane University of Louisiana), Series 2023 A, Ref. RB		5.00%		10/15/2036		35			40,391
Louisiana (State of) Public Facilities Authority (Tulane University of Louisiana), Series 2023, Ref. RB		5.00%		10/15/2052		40			43,235
									113,380
Maryland-1.07%
Baltimore (County of), MD, Series 2022, GO Bonds		4.00%		03/01/2041		80			81,836
Maryland (State of), First Series 2022 A, GO Bonds		5.00%		06/01/2036		40			46,853

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

 274 

Invesco BulletShares 2032 Municipal Bond ETF (BSMW)–(continued)

February 29, 2024

(Unaudited)

 

					Principal
	Interest		Maturity		Amount
	Rate		Date		(000)			Value
Maryland-(continued)
Maryland (State of), Series 2022 A, GO Bonds		5.00%		06/01/2032	$	75		$	89,015
Maryland (State of) (Bidding Group 2), Series 2021 A, GO Bonds		5.00%		03/01/2032		225			261,244
Maryland (State of) (Bidding Group 2), Series 2022 A, GO Bonds		5.00%		06/01/2034		40			47,325
Maryland (State of) Stadium Authority, Series 2022 A, RB		4.00%		06/01/2047		10			9,895
Prince George’s (County of), MD, Series 2021 A, GO Bonds		4.00%		07/01/2032		80			87,595
Prince George’s (County of), MD, Series 2022 A, GO Bonds		5.00%		07/01/2036		5			5,860
									629,623
Massachusetts-3.13%
Boston (City of), MA, Series 2023 A, GO Bonds.		5.00%		11/01/2032		15			18,292
Massachusetts (Commonwealth of), Series 2022 C, GO Bonds		5.00%		10/01/2035		10			11,807
Massachusetts (Commonwealth of), Series 2022 C, GO Bonds		5.00%		10/01/2038		10			11,520
Massachusetts (Commonwealth of), Series 2022 C, GO Bonds		5.00%		10/01/2040		100			113,493
Massachusetts (Commonwealth of), Series 2022 C, GO Bonds		5.25%		10/01/2047		190			212,800
Massachusetts (Commonwealth of), Series 2022 C, GO Bonds		5.00%		10/01/2052		215			232,740
Massachusetts (Commonwealth of), Series 2022 C, GO Bonds		5.25%		10/01/2052		330			365,998
Massachusetts (Commonwealth of), Series 2022 E, GO Bonds		5.00%		11/01/2047		90			98,457
Massachusetts (Commonwealth of), Series 2022 E, GO Bonds		5.00%		11/01/2052		225			243,712
Massachusetts (Commonwealth of) (Rail Enhancement Program), Series 2022 B, RB		5.00%		06/01/2052		100			108,195
Massachusetts (Commonwealth of) Development Finance Agency, Series 2022, Ref. RB		5.00%		10/01/2040		35			39,808
Massachusetts (Commonwealth of) Development Finance Agency, Series 2023, RB		5.00%		07/01/2032		115			132,934
Massachusetts (Commonwealth of) Development Finance Agency (Harvard University), Series 2022, RB		5.00%		11/15/2032		60			72,217
Massachusetts (Commonwealth of) Development Finance Agency (Northern University), Series 2022, Ref. RB		5.00%		10/01/2044		20			22,386
Massachusetts (Commonwealth of) Health & Educational Facilities Authority (Massachusetts Institute of Technology), Series 2002 K, RB		5.50%		07/01/2032		30			37,288
Quincy (City of), MA, Series 2022 B, GO Bonds		5.00%		07/01/2047		20			21,983
University of Massachusetts Building Authority, Series 2022 1, RB		4.00%		11/01/2046		100			100,181
									1,843,811
Michigan-1.15%
Detroit City School District, Series 2005 A, Ref. GO Bonds, (INS - AGM)(a)		5.25%		05/01/2032		45			52,135
Great Lakes Water Authority, Series 2022 B, RB		5.25%		07/01/2047		150			165,261
Michigan (State of), Series 2018, GO Bonds		3.25%		05/01/2032		30			29,950
Michigan (State of), Series 2021 A, RB		5.00%		11/15/2032		25			29,289
Michigan (State of), Series 2023, RB		5.00%		11/15/2032		35			41,612
Michigan (State of) Building Authority (Facilities Program), Series 2022 I, RB		5.00%		10/15/2047		15			16,348
Michigan (State of) Building Authority (Facilities Program), Series 2022 I, RB		5.25%		10/15/2057		150			163,716
Michigan (State of) Finance Authority (Beaumont Health Credit Group), Series 2022, Ref. RB		5.00%		04/15/2036		10			11,404
Michigan (State of) Finance Authority (Beaumont Health Credit Group), Series 2022, Ref. RB		5.00%		04/15/2037		10			11,307
Michigan (State of) Finance Authority (Beaumont Health Credit Group), Series 2022, Ref. RB		5.00%		04/15/2038		40			44,799
Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2022 A, RB		5.00%		12/01/2032		100			114,071
									679,892
Minnesota-0.64%
Minneapolis & St. Paul (Cities of), MN Metropolitan Airports Commission, Series 2022 A, Ref. RB		5.00%		01/01/2052		10			10,770
Minnesota (State of), Series 2021 A, GO Bonds		5.00%		09/01/2032		80			93,761
Minnesota (State of), Series 2023 E, Ref. GO Bonds		5.00%		08/01/2032		50			59,634
Rochester (City of), MN, Series 2022, Ref. RB		4.00%		11/15/2039		50			52,643
Rochester (City of), MN, Series 2022, Ref. RB		5.00%		11/15/2057		150			163,393
									380,201
Mississippi-0.40%
University of Mississippi Educational Building Corp., Series 2022, RB		4.50%		10/01/2052		235			237,917
Missouri-0.63%
Missouri (State of) Health & Educational Facilities Authority (St. Luke’s Health System, Inc.), Series 2016, Ref. RB		3.00%		11/15/2032		70			69,387
Missouri (State of) Highway & Transportation Commission, Series 2022 A, RB		5.00%		05/01/2032		100			117,393

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

 275 

Invesco BulletShares 2032 Municipal Bond ETF (BSMW)–(continued)

February 29, 2024

(Unaudited)

 

					Principal
	Interest		Maturity		Amount
	Rate		Date		(000)			Value
Missouri-(continued)
Missouri Development Finance Board, Series 2022, Ref. RB, (INS - AGM)(a)		4.00%		06/01/2037	$	100		$	103,987
St. Louis School District, Series 2023, GO Bonds, (INS - AGM)(a)		5.00%		04/01/2042		75			82,859
									373,626
Montana-0.47%
Montana State Board of Regents, Series 2022, RB, (INS - AGM)(a)		5.25%		11/15/2052		250			275,688
Nebraska-0.72%
Gretna Public Schools, Series 2022, GO Bonds		4.00%		12/15/2047		65			64,431
Omaha (City of), NE Public Power District, Series 2022 A, RB		5.25%		02/01/2052		275			301,054
Omaha (City of), NE Public Power District, Series 2023 B, Ref. RB		5.00%		02/01/2032		50			58,660
									424,145
Nevada-0.45%
Clark (County of), NV, Series 2022, RB		5.00%		07/01/2036		15			17,338
Las Vegas Valley Water District, Series 2021 C, GO Bonds		3.00%		06/01/2032		20			19,735
Las Vegas Valley Water District, Series 2022 C, Ref. GO Bonds		4.00%		06/01/2041		20			20,386
Las Vegas Valley Water District, Series 2022 C, Ref. GO Bonds		4.00%		06/01/2042		205			207,392
									264,851
New Jersey-3.27%
Bergen County Improvement Authority (The), Series 2022, Ref. RB		5.00%		08/01/2047		80			88,892
New Jersey (State of), Series 2020 A, GO Bonds		4.00%		06/01/2032		500			547,778
New Jersey (State of) Economic Development Authority (Portal North Bridge), Series 2022 A, RB		5.25%		11/01/2042		50			55,915
New Jersey (State of) Economic Development Authority (Portal North Bridge), Series 2022, RB		5.00%		11/01/2036		25			28,671
New Jersey (State of) Economic Development Authority (Portal North Bridge), Series 2022, RB		5.00%		11/01/2037		20			22,769
New Jersey (State of) Economic Development Authority (Portal North Bridge), Series 2022, RB		5.25%		11/01/2040		125			141,561
New Jersey (State of) Transportation Trust Fund Authority, Series 2014 BB-2, RN		5.00%		06/15/2032		10			11,433
New Jersey (State of) Transportation Trust Fund Authority, Series 2021 A, Ref. RB		5.00%		06/15/2032		415			475,062
New Jersey (State of) Transportation Trust Fund Authority, Series 2022 A, RB		4.00%		06/15/2041		250			252,197
New Jersey (State of) Transportation Trust Fund Authority, Series 2022 A, RB		4.00%		06/15/2042		25			25,048
New Jersey (State of) Transportation Trust Fund Authority, Series 2022 AA, Ref. RB		5.00%		06/15/2032		20			23,249
New Jersey (State of) Transportation Trust Fund Authority, Series 2022 AA, Ref. RB		5.00%		06/15/2037		25			28,425
New Jersey (State of) Transportation Trust Fund Authority, Series 2022 BB, RB		5.00%		06/15/2032		10			11,536
New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB		5.00%		06/15/2035		10			11,591
New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB		5.00%		06/15/2038		25			28,372
New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB		5.25%		06/15/2039		65			74,511
New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB		5.00%		06/15/2040		30			33,549
New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB		5.00%		06/15/2042		30			33,108
New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB		5.00%		06/15/2048		25			26,883
South Jersey Transportation Authority, Series 2022 A, RB		4.63%		11/01/2047		5			5,094
									1,925,644
New Mexico-0.34%
New Mexico (State of) Severance Tax Permanent Fund, Series 2022 A, RB		5.00%		07/01/2032		80			94,488
New Mexico (State of) Severance Tax Permanent Fund, Series 2022 B, RB		5.00%		07/01/2032		90			106,299
									200,787
New York-21.92%
Hudson Yards Infrastructure Corp., Series 2021, Ref. RB		5.00%		02/15/2034		30			35,174
Long Island (City of), NY Power Authority, Series 2021 A, Ref. RB		4.00%		09/01/2032		35			37,879
Metropolitan Transportation Authority, Series 2016 D, Ref. RB		3.00%		11/15/2032		30			28,108
Metropolitan Transportation Authority (Bidding Group 1), Series 2022 A, RB		4.00%		11/15/2039		15			15,597
Metropolitan Transportation Authority (Bidding Group 2), Series 2022 A, RB		5.00%		11/15/2044		20			22,181
Metropolitan Transportation Authority (Bidding Group 2), Series 2022 A, RB		5.00%		11/15/2047		200			219,082
Metropolitan Transportation Authority (Bidding Group 2), Series 2022 A, RB		5.00%		11/15/2049		15			16,344
New York & New Jersey (States of) Port Authority, One Hundred Seventy Fifth Series 2012, RB		3.00%		12/01/2032		195			187,212
New York (City of), NY, Series 2008 L-5, GO Bonds		5.00%		04/01/2032		20			23,031
New York (City of), NY, Series 2012-1, GO Bonds		5.00%		04/01/2032		15			17,273
New York (City of), NY, Series 2022 A-1, GO Bonds		5.00%		09/01/2034		75			88,178

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

 276 

Invesco BulletShares 2032 Municipal Bond ETF (BSMW)–(continued)

February 29, 2024

(Unaudited)

 

					Principal
	Interest		Maturity		Amount
	Rate		Date		(000)			Value
New York-(continued)
New York (City of), NY, Series 2022 A-1, GO Bonds		5.00%		09/01/2035	$	10		$	11,600
New York (City of), NY, Series 2022 A-1, GO Bonds		5.00%		09/01/2038		50			56,999
New York (City of), NY, Series 2022 A-1, GO Bonds		5.25%		09/01/2041		300			341,678
New York (City of), NY, Series 2022 A-1, GO Bonds		5.00%		09/01/2042		210			232,455
New York (City of), NY, Series 2022 A-1, GO Bonds		4.00%		09/01/2046		25			24,672
New York (City of), NY, Series 2023 A, GO Bonds		5.00%		08/01/2032		5			5,860
New York (City of), NY, Series 2023 C, Ref. GO Bonds		5.00%		08/01/2032		250			292,988
New York (City of), NY, Series 2023-1, GO Bonds		5.00%		08/01/2032		5			5,860
New York (City of), NY, Subseries 2022 B-1, GO Bonds		5.25%		10/01/2039		10			11,565
New York (City of), NY, Subseries 2022 B-1, GO Bonds		5.25%		10/01/2040		15			17,194
New York (City of), NY, Subseries 2022 B-1, GO Bonds		5.25%		10/01/2041		30			34,202
New York (City of), NY, Subseries 2022 B-1, GO Bonds		5.25%		10/01/2042		150			169,516
New York (City of), NY, Subseries 2022 B-1, GO Bonds		5.25%		10/01/2043		20			22,516
New York (City of), NY, Subseries 2022 D-1, GO Bonds		5.00%		05/01/2032		95			110,916
New York (City of), NY, Subseries 2022 D-1, GO Bonds		5.25%		05/01/2043		60			67,230
New York (City of), NY Municipal Water Finance Authority, Subseries 2023 AA-1, RB		5.25%		06/15/2052		250			277,422
New York (City of), NY Municipal Water Finance Authority, Series 2021, Ref. RB		5.00%		06/15/2032		200			234,700
New York (City of), NY Municipal Water Finance Authority, Series 2022 AA-3, Ref. RB		5.00%		06/15/2047		135			148,687
New York (City of), NY Municipal Water Finance Authority, Series 2022 EE, Ref. RB		5.00%		06/15/2034		25			29,862
New York (City of), NY Municipal Water Finance Authority, Series 2022 EE, Ref. RB		5.00%		06/15/2045		120			132,604
New York (City of), NY Transitional Finance Authority, Series 2021 A-1, Ref. RB		5.00%		11/01/2032		5			5,858
New York (City of), NY Transitional Finance Authority, Series 2022 A-1, RB		5.25%		08/01/2042		25			28,413
New York (City of), NY Transitional Finance Authority, Series 2022 A-1, RB		5.00%		08/01/2043		150			166,538
New York (City of), NY Transitional Finance Authority, Series 2022 B, Ref. RB		5.25%		11/01/2035		5			5,996
New York (City of), NY Transitional Finance Authority, Series 2022 B-1, Ref. RB		5.25%		11/01/2038		5			5,833
New York (City of), NY Transitional Finance Authority, Series 2022 F-1, RB		5.00%		02/01/2039		30			34,008
New York (City of), NY Transitional Finance Authority, Series 2022 F-1, RB		5.00%		02/01/2040		15			16,885
New York (City of), NY Transitional Finance Authority, Series 2022 F-1, RB		5.00%		02/01/2041		55			61,435
New York (City of), NY Transitional Finance Authority, Series 2022 F-1, RB		5.00%		02/01/2044		75			82,619
New York (City of), NY Transitional Finance Authority, Series 2022 F-1, RB		5.00%		02/01/2047		430			467,092
New York (City of), NY Transitional Finance Authority, Series 2022 S-1A, Ref. RB		5.00%		07/15/2034		15			17,791
New York (City of), NY Transitional Finance Authority, Series 2022, RB		5.00%		02/01/2032		10			11,740
New York (City of), NY Transitional Finance Authority, Series 2022, RB		5.00%		02/01/2035		75			87,686
New York (City of), NY Transitional Finance Authority, Series 2022, RB		5.00%		02/01/2037		75			86,084
New York (City of), NY Transitional Finance Authority, Series 2022, RB		4.00%		02/01/2038		10			10,365
New York (City of), NY Transitional Finance Authority, Series 2022, RB		4.00%		02/01/2039		45			46,035
New York (City of), NY Transitional Finance Authority, Series 2022, RB		4.00%		02/01/2041		250			252,386
New York (City of), NY Transitional Finance Authority, Series 2022, RB		5.00%		02/01/2044		405			446,145
New York (City of), NY Transitional Finance Authority, Series 2022, RB		5.00%		02/01/2047		25			27,156
New York (City of), NY Transitional Finance Authority, Series 2022, Ref. RB		5.00%		11/01/2032		200			236,492
New York (City of), NY Transitional Finance Authority, Series 2022, Ref. RB		5.00%		11/01/2033		20			23,633
New York (City of), NY Transitional Finance Authority, Series 2022, Ref. RB		4.00%		11/01/2034		140			151,225
New York (City of), NY Transitional Finance Authority, Series 2022, Ref. RB		5.00%		11/01/2034		15			17,656
New York (City of), NY Transitional Finance Authority, Subseries 2022 D-1, RB		5.25%		11/01/2037		365			428,349
New York (City of), NY Transitional Finance Authority, Subseries 2022 D-1, RB		5.25%		11/01/2041		35			40,141
New York (City of), NY Transitional Finance Authority, Subseries 2022 D-1, RB		5.25%		11/01/2048		290			320,659
New York (City of), NY Transitional Finance Authority, Subseries 2023 D-1, RB		5.00%		11/01/2038		5			5,731
New York (City of), NY Transitional Finance Authority, Subseries 2023 D-1, RB		5.25%		11/01/2038		55			64,166
New York (State of) Dormitory Authority, Series 2021 A, Ref. RB		5.00%		03/15/2032		365			422,555
New York (State of) Dormitory Authority, Series 2021 E, Ref. RB		5.00%		03/15/2032		290			342,292
New York (State of) Dormitory Authority, Series 2021 E, Ref. RB		5.00%		03/15/2034		20			23,495
New York (State of) Dormitory Authority, Series 2021 E, Ref. RB		5.00%		03/15/2036		10			11,609
New York (State of) Dormitory Authority, Series 2021 E, Ref. RB		4.00%		03/15/2037		95			99,988
New York (State of) Dormitory Authority, Series 2021 E, Ref. RB		4.00%		03/15/2047		100			98,061
New York (State of) Dormitory Authority, Series 2022 A, Ref. RB		5.00%		03/15/2032		200			236,063
New York (State of) Dormitory Authority, Series 2022 A, Ref. RB		4.00%		03/15/2034		10			10,799
New York (State of) Dormitory Authority, Series 2022 A, Ref. RB		5.00%		03/15/2037		55			63,176
New York (State of) Dormitory Authority, Series 2022 A, Ref. RB		4.00%		03/15/2038		30			31,118

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

 277 

Invesco BulletShares 2032 Municipal Bond ETF (BSMW)–(continued)

February 29, 2024

(Unaudited)

 

					Principal
	Interest		Maturity		Amount
	Rate		Date		(000)			Value
New York-(continued)
New York (State of) Dormitory Authority, Series 2022 A, Ref. RB		5.00%		03/15/2041	$	680		$	761,157
New York (State of) Dormitory Authority, Series 2022 A, Ref. RB		5.00%		03/15/2046		55			60,128
New York (State of) Dormitory Authority, Series 2023 A, Ref. RB		5.00%		03/15/2032		230			271,473
New York (State of) Dormitory Authority, Series 2023 A-1, Ref. RB		5.00%		03/15/2032		15			17,669
New York (State of) Dormitory Authority (Bidding Group 3), Series 2021 E, Ref. RB		4.00%		03/15/2040		5			5,092
New York (State of) Power Authority (Green Transmission), Series 2022, RB, (INS - AGM)(a)		5.00%		11/15/2032		25			29,423
New York (State of) Thruway Authority, Series 2022 A, Ref. RB		5.00%		03/15/2032		145			170,915
New York (State of) Thruway Authority, Series 2022, Ref. RB		5.00%		03/15/2041		15			16,911
New York (State of) Thruway Authority (Bidding Group 1), Series 2022 A, Ref. RB		5.00%		03/15/2037		30			34,729
New York (State of) Thruway Authority (Bidding Group 1), Series 2022 A, Ref. RB		5.00%		03/15/2039		15			17,131
New York (State of) Thruway Authority (Bidding Group 1) (Green Bonds), Series 2022 C, RB		5.00%		03/15/2055		65			69,877
New York (State of) Thruway Authority (Bidding Group 2) (Green Bonds), Series 2022 C, RB		4.13%		03/15/2056		400			388,911
New York (State of) Thruway Authority (Bidding Group 4), Series 2022 A, Ref. RB		5.00%		03/15/2046		280			307,927
New York (State of) Thruway Authority (Bidding Group 4), Series 2022 A, Ref. RB		5.00%		03/15/2048		365			398,470
New York (State of) Thruway Authority (Green Bonds) (Bidding Group 1), Series 2022 C, RB		5.00%		03/15/2053		125			134,753
New York State Environmental Facilities Corp., Series 2023, Ref. RB		5.00%		06/15/2032		20			23,885
New York State Urban Development Corp., Series 2021 A, Ref. RB		5.00%		03/15/2032		150			175,854
New York State Urban Development Corp., Series 2022 A, Ref. RB		5.00%		03/15/2048		35			37,970
New York State Urban Development Corp., Series 2022, Ref. RB		5.00%		03/15/2036		20			23,313
New York State Urban Development Corp., Series 2022, Ref. RB		5.25%		03/15/2037		100			117,641
New York State Urban Development Corp., Series 2022, Ref. RB		5.25%		03/15/2039		80			92,787
New York State Urban Development Corp., Series 2022, Ref. RB		5.00%		03/15/2041		100			112,184
Schenectady County Capital Resource Corp. (Union College), Series 2022, Ref. RB		5.25%		07/01/2052		25			27,530
Triborough Bridge & Tunnel Authority, Series 2022 A, RB		5.00%		11/15/2041		140			158,017
Triborough Bridge & Tunnel Authority, Series 2022 A, RB		5.00%		11/15/2042		55			61,789
Triborough Bridge & Tunnel Authority, Series 2022 C, RB		5.00%		05/15/2040		15			16,934
Triborough Bridge & Tunnel Authority, Series 2022 C, RB		5.00%		05/15/2044		95			104,883
Triborough Bridge & Tunnel Authority, Series 2022 C, RB		5.25%		05/15/2052		250			275,125
Triborough Bridge & Tunnel Authority, Series 2022, RB		4.50%		05/15/2052		35			35,948
Triborough Bridge & Tunnel Authority (Green Bonds), Series 2022 D-1A, Ref. RB		5.00%		11/15/2039		35			40,141
Triborough Bridge & Tunnel Authority (Green Bonds), Series 2022 E-2B, Ref. RB		5.00%		11/15/2032		450			533,545
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022 A, RB		5.00%		05/15/2044		40			44,284
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022 A, RB		5.00%		05/15/2047		60			65,519
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022 A, RB		5.25%		05/15/2057		165			180,080
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022 A, Ref. RB		5.00%		05/15/2044		240			264,968
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022 A, Ref. RB		5.00%		05/15/2047		55			59,973
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022 C, RB		5.00%		05/15/2047		350			381,645
									12,924,439
North Carolina-0.84%
Charlotte (City of), NC, Series 2022 A, Ref. RB		5.00%		07/01/2032		45			53,558
Charlotte (City of), NC, Series 2022 A, Ref. RB		5.00%		07/01/2045		20			22,371
Mecklenburg (County of), NC, Series 2022, GO Bonds		5.00%		09/01/2034		40			47,597
North Carolina (State of), Series 2022 A, RB		5.00%		05/01/2034		85			100,238
North Carolina (State of), Series 2022 A, RB		5.00%		05/01/2036		15			17,499
Raleigh (City of), NC Combined Enterprise System, Series 2023, Ref. RB		5.00%		09/01/2032		115			137,449
Wake (County of), NC, Series 2021, RB		5.00%		03/01/2032		20			23,166
Wake (County of), NC, Series 2023 A, Ref. GO Bonds		5.00%		05/01/2032		80			95,013
									496,891
Ohio-0.52%
Columbus (City of), OH, Series 2016 A, GO Bonds		3.00%		08/15/2032		15			14,575
Columbus (City of), OH, Series 2023 A, GO Bonds		5.00%		08/15/2032		10			11,893
Ohio (State of) Water Development Authority, Series 2022 A, RB		5.00%		12/01/2041		30			34,045
Ohio State University (The), Series 2021, RB		5.00%		12/01/2032		20			23,418
Worthington City School District, Series 2023, GO Bonds		5.00%		12/01/2048		200			220,668
									304,599

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

 278 

Invesco BulletShares 2032 Municipal Bond ETF (BSMW)–(continued)

February 29, 2024

(Unaudited)

 

					Principal
	Interest		Maturity		Amount
	Rate		Date		(000)			Value
Oklahoma-1.03%
Cushing (City of), OK Educational Facilities Authority (Cushing Public Schools), Series 2022, RB		5.00%		09/01/2032	$	100		$	111,397
Oklahoma (County of), OK Finance Authority, Series 2023, RB		4.00%		09/01/2038		215			220,191
Oklahoma (State of) Turnpike Authority, Series 2023, RB		5.50%		01/01/2053		250			278,683
									610,271
Oregon-0.42%
Oregon (State of) Department of Transportation, Series 2022 A, RB		5.25%		11/15/2047		110			124,105
Oregon Health & Science University, Series 2021 A, Ref. RB		4.00%		07/01/2044		30			30,006
Portland (City of), OR, Series 2023 A, Ref. RB		5.00%		12/01/2032		80			95,249
									249,360
Pennsylvania-3.10%
Allegheny (County of), PA Sanitary Authority, Series 2022, RB		5.00%		06/01/2053		200			213,912
Bucks (County of), PA Water and Sewer Authority, Series 2022 A, RB, (INS - AGM)(a)		4.25%		12/01/2047		50			50,157
Delaware Valley Regional Finance Authority, Series 2002, RB		5.75%		07/01/2032		145			172,653
Hempfield Area School District, Series 2022 C, GO Bonds, (INS - AGM)(a)		5.00%		03/15/2048		50			53,989
Lehigh (County of), PA (Lehigh Valley Health Network), Series 2012, RB		3.25%		07/01/2032		30			29,698
Montgomery (County of), PA Higher Education & Health Authority (Thomas Jefferson University), Series 2022, Ref. RB		5.00%		05/01/2047		40			42,145
Montgomery (County of), PA Higher Education & Health Authority (Thomas Jefferson University), Series 2022, Ref. RB		5.00%		05/01/2057		140			146,040
Pennsylvania (Commonwealth of), First Series 2021, GO Bonds		4.00%		05/15/2032		75			81,007
Pennsylvania (Commonwealth of), Series 2022, GO Bonds		5.00%		10/01/2032		10			11,850
Pennsylvania (Commonwealth of), Series 2022, GO Bonds		5.00%		10/01/2036		30			35,068
Pennsylvania (Commonwealth of), Series 2022, GO Bonds		5.00%		10/01/2038		5			5,749
Pennsylvania (Commonwealth of) Turnpike Commission, First series 2023, Ref. RB		5.00%		12/01/2032		160			186,677
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2022 B, Ref. RB		5.00%		12/01/2047		15			16,452
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2022 B, Ref. RB		5.25%		12/01/2047		35			39,119
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2022 B, Ref. RB		5.25%		12/01/2052		15			16,570
Pennsylvania State University (The), Series 2022 A, RB		5.00%		09/01/2047		10			11,015
Philadelphia (City of), PA Authority for Industrial Development (Children’s Hospital of Philadelphia), Series 2021, Ref. RB		5.00%		07/01/2032		60			69,985
Philadelphia (City of), PA Hospitals & Higher Education Facilities Authority (Temple University Health System), Series 2022, Ref. RB, (INS - AGM)(a)		5.00%		07/01/2035		145			161,099
Pittsburgh (City of), PA Water & Sewer Authority, Series 2019 B, Ref. RB, (INS - AGM)(a)		5.00%		09/01/2032		160			188,547
Southeastern Pennsylvania Transportation Authority, Series 2022, RB		5.25%		06/01/2041		150			171,151
Southeastern Pennsylvania Transportation Authority, Series 2022, RB		5.25%		06/01/2052		10			10,997
Southeastern Pennsylvania Transportation Authority (Asset Improvement Program), Series 2022, RB		5.25%		06/01/2040		100			114,677
									1,828,557
Puerto Rico-0.17%
Puerto Rico (Commonwealth of) Electric Power Authority, Series 2007 VV, Ref. RB, (INS - NATL)(a)		5.25%		07/01/2032		100			99,569
Rhode Island-0.03%
Rhode Island (State of), Series 2022 A, GO Bonds		5.00%		08/01/2040		15			17,069
South Carolina-0.72%
Charleston (City of), SC, Series 2022, RB		5.00%		01/01/2052		100			110,063
South Carolina (State of) Jobs-Economic Development Authority (Bon Secours Mercy Health), Series 2022 A, RB		5.00%		10/01/2035		25			28,667
South Carolina (State of) Jobs-Economic Development Authority (Bon Secours Mercy Health), Series 2022 A, RB		5.00%		10/01/2037		140			157,373
South Carolina (State of) Transportation Infrastructure Bank, Series 2012 B, Ref. RB		3.38%		10/01/2032		50			49,243
Spartanburg County School District No. 4, Series 2022 A, GO Bonds		5.25%		03/01/2052		70			77,650
									422,996
Tennessee-0.79%
Metropolitan Nashville Airport Authority (The), Series 2022 A, RB		5.25%		07/01/2047		145			161,080
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2021 C, GO Bonds		4.00%		01/01/2032		20			21,513

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

 279 

Invesco BulletShares 2032 Municipal Bond ETF (BSMW)–(continued)

February 29, 2024

(Unaudited)

 

					Principal
	Interest		Maturity		Amount
	Rate		Date		(000)			Value
Tennessee-(continued)
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2022 B, GO Bonds		4.00%		01/01/2042	$	5		$	5,077
Tennessee (State of) School Bond Authority, Series 2022 A, RB, (CEP - Colorado Higher Education Intercept Program)		5.00%		11/01/2047		250			275,438
									463,108
Texas-11.44%
Austin (City of), TX, Series 2022, Ref. RB		5.00%		11/15/2047		60			65,697
Austin Independent School District, Series 2023, GO Bonds		5.00%		08/01/2032		10			11,835
Barbers Hill Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		02/15/2041		215			220,256
Bexar (County of), TX Hospital District, Series 2023, Ctfs. of Obligations		5.00%		02/15/2048		165			178,409
Board of Regents of the Texas A&M University System, Series 2023, RB		5.00%		07/01/2040		20			22,454
Board of Regents of the University of Texas System, Series 2022 A, Ref. RB		5.00%		08/15/2032		55			65,410
Board of Regents of the University of Texas System, Series 2023 A, RB		5.00%		08/15/2043		85			94,814
Brock Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		08/15/2048		100			98,308
Conroe Independent School District, Series 2022 A, GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		02/15/2047		10			9,826
Corpus Christi (City of), TX, Series 2022 B, RB		5.00%		07/15/2047		15			16,316
Corpus Christi (City of), TX, Series 2022 B, RB		5.00%		07/15/2052		105			113,019
Cypress-Fairbanks Independent School District, Series 2022, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2034		75			87,290
Cypress-Fairbanks Independent School District, Series 2022, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2035		10			11,612
Cypress-Fairbanks Independent School District, Series 2022, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2036		25			28,866
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2022 B, Ref. RB		5.00%		11/01/2034		25			29,372
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2022 B, Ref. RB		5.00%		11/01/2035		20			23,364
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2022 B, Ref. RB		5.00%		11/01/2037		5			5,748
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2022 B, Ref. RB		5.00%		11/01/2038		20			22,841
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2022 B, Ref. RB		5.00%		11/01/2039		20			22,731
Dallas (City of) TX, Series 2023 A, Ref. GO Bonds		5.00%		02/15/2032		75			87,519
Dallas (City of), TX Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2040		20			22,425
Dallas (City of), TX Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2048		65			70,615
Deer Park Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		08/15/2047		100			109,311
Forney Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		08/15/2048		115			124,887
Fort Bend Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		08/15/2053		100			108,043
Fort Worth (City of), TX, Series 2023, RB		4.13%		02/15/2046		100			101,059
Fort Worth Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		02/15/2048		395			389,992
Galveston (City of), TX, Series 2022 A, Ctfs. of Obligations		4.63%		05/01/2052		100			101,424
Godley Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2055		100			107,207
Harris (County of), TX, Series 2022 A, Ref. GO Bonds		5.00%		08/15/2032		175			206,370
Harris (County of), TX Flood Control District, Series 2022 A, GO Bonds		4.25%		10/01/2047		50			50,644
Harris (County of), TX Port Authority of Houston, Series 2021, RB		5.00%		10/01/2051		10			10,797
Houston (City of), TX, Series 2002 A, Ref. RB(b)		5.75%		12/01/2032		35			43,872
Humble Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2047		110			119,861
Irving Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2038		90			103,443
Irving Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2040		100			113,105
Lake Travis Independent School District, Series 2023, GO Bonds		4.00%		02/15/2048		100			97,537
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2023, Ref. RB, (INS - AGM)(a)		5.00%		05/15/2032		40			46,857
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2023, Ref. RB, (INS - AGM)(a)		5.00%		05/15/2034		35			40,936
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2023, Ref. RB, (INS - AGM)(a)		5.50%		05/15/2048		20			22,477
Montgomery Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		02/15/2048		160			158,454
New Braunfels (City of), TX, Series 2022, RB		5.00%		07/01/2053		100			107,517

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

 280 

Invesco BulletShares 2032 Municipal Bond ETF (BSMW)–(continued)

February 29, 2024

(Unaudited)

 

					Principal
	Interest		Maturity		Amount
	Rate		Date		(000)			Value
Texas-(continued)
North Texas Municipal Water District, Series 2021 A, Ref. RB		3.00%		09/01/2032	$	55		$	53,962
North Texas Tollway Authority, Series 2021 B, RB		4.00%		01/01/2032		85			89,535
North Texas Tollway Authority, Series 2022 A, Ref. RB		5.25%		01/01/2038		15			17,314
North Texas Tollway Authority, Series 2022 A, Ref. RB		5.00%		01/01/2040		20			22,454
Northwest Independent School District, Series 2022 A, GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2048		210			228,142
Permanent University Fund - University of Texas System, Series 2022 A, RB		5.00%		07/01/2032		50			59,014
Permanent University Fund - University of Texas System, Series 2022 A, RB		5.00%		07/01/2042		25			27,910
Permanent University Fund - University of Texas System, Series 2023 A, Ref. RB		5.00%		07/01/2032		100			118,604
Pflugerville (City of), TX, Series 2023, Ctfs. of Obligation		5.00%		08/01/2053		200			214,844
Pflugerville (City of), TX, Series 2023, GO Bonds		5.00%		08/01/2048		75			81,149
Pflugerville Independent School District, Series 2023 A, GO Bonds		5.00%		02/15/2034		100			116,468
Plano Independent School District, Series 2023, GO Bonds		5.00%		02/15/2032		65			76,002
Plano Independent School District, Series 2023, GO Bonds		5.00%		02/15/2034		145			170,333
Plano Independent School District, Series 2023, GO Bonds		5.00%		02/15/2036		15			17,474
Plano Independent School District, Series 2023, GO Bonds		5.00%		02/15/2037		20			23,092
San Antonio (City of), TX Water System, Series 2022 B, RB		5.25%		05/15/2052		100			110,233
San Antonio Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		08/15/2052		100			108,137
San Antonio Public Facilities Corp., Series 2022, Ref. RB		5.00%		09/15/2032		10			11,592
Sanger Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		08/15/2047		205			201,145
Seguin (City of), TX, Series 2022 A, Ctfs. of Obligations		5.25%		09/01/2057		100			108,663
Smith (County of), TX, Series 2023, GO Bonds		5.00%		08/15/2043		10			11,089
Smith (County of), TX, Series 2023, GO Bonds		5.00%		08/15/2048		100			109,126
Southwest Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/01/2046		100			109,227
Tarrant County College District, Series 2022, GO Bonds		5.00%		08/15/2038		70			79,606
Tarrant County College District, Series 2022, GO Bonds		5.00%		08/15/2040		50			56,143
Tarrant County Cultural Education Facilities Finance Corp. (Methodist Hospitals of Dallas), Series 2022, RB		5.00%		10/01/2039		10			11,025
Texas (State of) Water Development Board, Series 2022, RB		5.00%		10/15/2034		40			47,373
Texas (State of) Water Development Board, Series 2022, RB		5.00%		10/15/2035		40			47,032
Texas (State of) Water Development Board, Series 2022, RB		4.50%		10/15/2037		35			38,867
Texas (State of) Water Development Board, Series 2022, RB		4.65%		10/15/2040		5			5,475
Texas (State of) Water Development Board, Series 2022, RB		4.70%		10/15/2041		155			168,970
Texas (State of) Water Development Board, Series 2022, RB		4.75%		10/15/2042		100			108,898
Texas (State of) Water Development Board, Series 2022, RB		4.80%		10/15/2052		100			106,183
Texas (State of) Water Development Board (Master Trust), Series 2022, RB		5.00%		10/15/2047		40			43,923
Trinity River Authority, Series 2020, Ref. RB		3.00%		08/01/2032		30			29,667
University of Houston, Series 2022 A, Ref. RB		5.00%		02/15/2032		70			81,903
University of Houston, Series 2022 A, Ref. RB		5.00%		02/15/2034		40			46,556
University of Houston, Series 2022 A, Ref. RB		5.00%		02/15/2042		55			61,046
Waco Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		08/15/2048		150			147,234
West Harris (County of), TX Regional Water Authority, Series 2022, RB, (INS - AGM)(a)		5.50%		12/15/2050		40			44,702
White Settlement Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		08/15/2052		65			63,151
									6,745,783
Utah-1.80%
Intermountain Power Agency, Series 2022 A, Ref. RB		5.00%		07/01/2032		135			156,485
Intermountain Power Agency, Series 2023 A, RB		5.00%		07/01/2032		100			118,274
Intermountain Power Agency, Series 2023 A, RB		5.00%		07/01/2040		30			33,860
Intermountain Power Agency, Series 2023 A, RB		5.00%		07/01/2042		125			139,871
Intermountain Power Agency, Series 2023 A, RB		5.25%		07/01/2043		15			17,040
University of Utah (The), Series 2022 B, RB		5.00%		08/01/2042		135			151,338
University of Utah (The) (Green Bonds), Series 2022 B, RB		5.00%		08/01/2032		20			23,770
University of Utah (The) (Green Bonds), Series 2022 B, RB		5.00%		08/01/2034		35			41,173
University of Utah (The) (Green Bonds), Series 2022 B, RB		5.00%		08/01/2037		140			160,404

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

 281 

Invesco BulletShares 2032 Municipal Bond ETF (BSMW)–(continued)

February 29, 2024

(Unaudited)

 

					Principal
	Interest		Maturity		Amount
	Rate		Date		(000)			Value
Utah-(continued)
University of Utah (The) (Green Bonds), Series 2022 B, RB		5.00%		08/01/2040	$	95		$	107,357
Utah (State of) Transit Authority, Series 2006 C, Ref. RB, (INS - AGM)(a)		5.25%		06/15/2032		95			110,984
									1,060,556
Virginia-2.23%
Fairfax (County of), VA, Series 2023 A, GO Bonds		4.00%		10/01/2033		150			165,171
Fairfax (County of), VA, Series 2023 A, GO Bonds		4.00%		10/01/2034		15			16,459
Fairfax (County of), VA Industrial Development Authority (Inova Health System), Series 2022, Ref. RB		4.00%		05/15/2042		250			253,849
Northern Virginia Transportation Commission (Transforming Rail in Virginia), Series 2022, RB		5.00%		06/01/2052		150			163,441
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2017, RB		3.00%		02/01/2032		175			172,065
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2022, RB		5.25%		02/01/2041		20			22,739
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2023, Ref. RB		5.00%		02/01/2032		150			176,686
Virginia (Commonwealth of) Public Building Authority, Series 2021 A-1, RB		5.00%		08/01/2032		15			17,499
Virginia (Commonwealth of) Public Building Authority, Series 2022 A, RB		5.00%		08/01/2037		50			58,174
Virginia (Commonwealth of) Public Building Authority (Bidding Group 1), Series 2022 A, RB		5.00%		08/01/2032		25			29,671
Virginia (Commonwealth of) Public Building Authority (Bidding Group 1), Series 2022 A, RB		5.00%		08/01/2034		10			11,855
Virginia (Commonwealth of) Public Building Authority (Bidding Group 1), Series 2022 A, RB		5.00%		08/01/2035		65			76,759
Virginia (Commonwealth of) Public Building Authority (Bidding Group 2), Series 2022 A, RB		5.00%		08/01/2036		15			17,590
Virginia (Commonwealth of) Public School Authority, Series 2022 B, RB		5.00%		08/01/2052		100			109,011
Virginia (Commonwealth of) Transportation Board, Series 2022, Ref. RB		4.00%		05/15/2035		5			5,377
Virginia (Commonwealth of) Transportation Board, Series 2022, Ref. RB		4.00%		05/15/2036		15			15,960
									1,312,306
Washington-3.42%
Central Puget Sound Regional Transit Authority (Green Bonds), Series 2021 S-1, Ref. RB		5.00%		11/01/2032		50			58,464
Clark County School District No. 114 Evergreen, Series 2022, GO Bonds, (CEP - Oregon School Bond Guaranty)		5.25%		12/01/2040		45			51,147
Douglas (County of), WA Public Utility District No. 1, Series 2022 B, RB		5.00%		09/01/2047		100			108,330
Energy Northwest, Series 2022, Ref. RB		5.00%		07/01/2032		15			17,717
Energy Northwest, Series 2022, Ref. RB		5.00%		07/01/2036		295			342,159
King & Snohomish Counties School District No. 417 Northshore, Series 2022, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00%		12/01/2039		5			5,695
King (County of), WA, Series 2021 A, GO Bonds		5.00%		01/01/2032		45			52,144
King County School District No. 401 Highline, Series 2023, GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00%		12/01/2034		5			5,941
King County School District No. 401 Highline, Series 2023, GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00%		12/01/2040		315			358,710
King County School District No. 401 Highline, Series 2023, GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00%		12/01/2041		15			17,010
King County School District No. 403 Renton, Series 2023, GO Bonds, (CEP - Oregon School Bond Guaranty)		4.00%		12/01/2040		10			10,228
Seattle (City of), WA, Series 2022, Ref. RB		5.00%		07/01/2052		15			16,242
Seattle (City of), WA, Series 2023 A, Ref. RB		5.00%		03/01/2032		20			23,449
Snohomish County School District No. 6 Mukilteo, Series 2022, GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00%		12/01/2034		20			23,676
Spokane County School District No. 81, Series 2022, GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00%		12/01/2037		5			5,774
Spokane County School District No. 81, Series 2022, GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00%		12/01/2038		5			5,738
Washington (State of), Series 2022 A-2, GO Bonds		5.00%		08/01/2038		5			5,740
Washington (State of), Series 2022 A-2, GO Bonds		5.00%		08/01/2040		5			5,668
Washington (State of), Series 2022 A-2, GO Bonds		5.00%		08/01/2041		205			231,056
Washington (State of), Series 2022 A-3, GO Bonds		5.00%		08/01/2044		30			33,305
Washington (State of), Series 2022 C, GO Bonds		5.00%		02/01/2037		20			23,032
Washington (State of), Series 2022 C, GO Bonds		5.00%		02/01/2041		40			44,844
Washington (State of), Series 2022 C, GO Bonds		5.00%		02/01/2046		105			115,293
Washington (State of), Series 2022 C, Ref. GO Bonds		4.00%		07/01/2034		10			10,848
Washington (State of) (Bid Group 1), Series 2022 A-1, GO Bonds		5.00%		08/01/2032		115			136,199

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

 282 

Invesco BulletShares 2032 Municipal Bond ETF (BSMW)–(continued)

February 29, 2024

(Unaudited)

 

				Principal
	Interest	Maturity		Amount
	Rate	Date		(000)			Value
Washington-(continued)
Washington (State of) (Bid Group 2), Series 2022 A-2, GO Bonds	5.00%		08/01/2042	$	125		$	140,211
Washington (State of) (Bid Group 2), Series 2022 A-2, GO Bonds	5.00%		08/01/2043		10			11,167
Washington (State of) (Bid Group 2), Series 2022 C, GO Bonds	5.00%		02/01/2034		100			116,939
Washington (State of) (Bid Group 3), Series 2022 A-3, GO Bonds	5.00%		08/01/2045		10			11,066
Washington (State of) (Bid Group 3), Series 2022 C, GO Bonds	5.00%		02/01/2045		25			27,531
								2,015,323
Wisconsin-1.06%
Wisconsin (State of), Series 2023 A, GO Bonds	5.00%		05/01/2036		100			116,584
Wisconsin (State of), Series 2023-2, Ref. GO Bonds	5.00%		05/01/2032		105			123,685
Wisconsin (State of) Public Finance Authority (Cone Health), Series 2022 A-1, RB, (INS - BAM)(a)	5.50%		07/01/2052		350			383,980
								624,249
TOTAL INVESTMENTS IN SECURITIES(c)-98.58% (Cost $56,551,080)								58,122,411
OTHER ASSETS LESS LIABILITIES-1.42%								835,098
NET ASSETS-100.00%							$	58,957,509

Investment Abbreviations:
AGM	-Assured Guaranty Municipal Corp.
BAM	-Build America Mutual Assurance Co.
CEP	-Credit Enhancement Provider
COP	-Certificates of Participation
Ctfs.	-Certificates
GO	-General Obligation
INS	-Insurer
NATL	-National Public Finance Guarantee Corp.
RB	-Revenue Bonds
Ref.	-Refunding
RN	-Revenue Notes

Notes to Schedule of Investments:

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

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

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

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

 283 

Invesco BulletShares 2032 Municipal Bond ETF (BSMW)–(continued)

February 29, 2024

(Unaudited)

 

Portfolio Composition
Revenue Type Breakdown (% of the Fund’s Net Assets)  as of February 29, 2024
Lease Revenue	24.14
Income Tax Revenue	13.65
Intergovenmental Agreement	11.57
Ad Valorem Property Tax	8.64
Water Revenue	6.94
Miscellaneous Revenue	5.28
Local or GTD Housing	4.36
Health, Hospital, Nursing Home Revenue	4.05
Highway Tolls Revenue	3.81
Appropriations	3.60
Port, Airport & Marina Revenue	3.01
Revenue Types Each Less Than 3%	9.53
Other Assets Less Liabilities	1.42

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

 284 

Invesco BulletShares 2033 Municipal Bond ETF (BSSX)

February 29, 2024

(Unaudited)

Schedule of Investments

	Interest Rate		Maturity Date		Principal Amount (000)			Value
Municipal Obligations-98.57%
Alabama-1.16%
Madison (City of), AL Water & Wastewater Board, Series 2023, RB		5.25%		12/01/2053	$	300		$	334,992
Arizona-1.98%
Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group), Series 2016 A, Ref. RB		3.13%		01/01/2033		85			82,730
Phoenix Civic Improvement Corp., Series 2023, RB		5.00%		07/01/2036		5			5,906
Phoenix Civic Improvement Corp., Series 2023, RB		5.00%		07/01/2043		15			16,857
Salt River Project Agricultural Improvement & Power District, Series 2023 A, RB		5.00%		01/01/2047		165			182,303
University of Arizona Board of Regents, Series 2023 A, RB		5.50%		07/01/2048		250			285,316
									573,112
California-14.72%
California (State of), Series 2016, Ref. GO Bonds		3.00%		09/01/2033		285			280,130
California (State of), Series 2019, GO Bonds		3.00%		10/01/2033		165			164,846
California (State of), Series 2023, GO Bonds		5.00%		10/01/2035		250			298,409
California (State of), Series 2023, GO Bonds		5.00%		10/01/2045		600			682,665
California (State of), Series 2023, Ref. GO Bonds		5.00%		10/01/2042		55			63,156
California (State of) Health Facilities Financing Authority (The J. Paul Getty Trust), Series 2020 A-1, Ref. RB		5.00%		04/01/2033		40			49,036
California State University, Series 2016 A, Ref. RB		3.00%		11/01/2033		25			24,807
Dublin Unified School District (Election of 2020), Series 2023 B, GO Bonds		4.13%		08/01/2049		250			253,508
El Centro (City of), CA Financing Authority (Police Station), Series 2023 A, RB		4.25%		10/01/2047		100			101,729
Imperial Irrigation District, Series 2016 C, Ref. RB		3.00%		11/01/2033		40			38,844
Irvine Facilities Financing Authority (Irvine Great Park Infrastructure), Series 2023 A, RB, (INS - BAM)(a)		5.25%		09/01/2053		375			424,854
Los Angeles (City of), CA Department of Water & Power, Series 2022 B, RB		5.00%		07/01/2033		20			24,139
Los Angeles (City of), CA Department of Water & Power, Series 2023 B, RB		5.25%		07/01/2053		25			28,306
Los Angeles (City of), CA Department of Water & Power, Series 2023 D, Ref. RB		5.00%		07/01/2043		5			5,757
Los Angeles Unified School District (Sustainability Bonds), Series 2022 QRR, GO Bonds		5.00%		07/01/2038		20			23,605
Los Angeles Unified School District (Sustainability Bonds), Series 2022 QRR, GO Bonds		5.00%		07/01/2040		5			5,827
Los Angeles Unified School District (Sustainability Bonds), Series 2022 QRR, GO Bonds		5.00%		07/01/2041		20			23,185
Los Angeles Unified School District (Sustainability Bonds), Series 2022 QRR, GO Bonds		5.00%		07/01/2042		10			11,549
Los Angeles Unified School District (Sustainability Bonds), Series 2022 QRR, GO Bonds		5.25%		07/01/2047		15			17,229
Los Angeles Unified School District (Sustainability Bonds), Series 2023 A, COP		5.00%		10/01/2035		40			48,115
Metropolitan Water District of Southern California, Series 2022 A, Ref. RB		5.00%		10/01/2033		20			24,317
Metropolitan Water District of Southern California, Series 2023 A, RB		5.00%		04/01/2048		10			11,345
Oakland Unified School District (Election of 2012), Series 2023 A, GO Bonds, (INS - AGM)(a)		5.25%		08/01/2048		150			171,934
Oxnard School District (Election of 2022), Series 2023 A, GO Bonds, (INS - BAM)(a)		4.13%		08/01/2050		120			120,730
Sacramento Transportation Authority, Series 2023, Ref. RB		5.00%		10/01/2036		40			48,420
San Diego (County of), CA Regional Transportation Commission, Series 2023 A, Ref. RB		5.00%		04/01/2037		65			77,912
San Diego Unified School District (Election of 2018), Series 2023, GO Bonds		4.00%		07/01/2053		250			249,059
San Diego Unified School District (Election of 2022), Series 2023, GO Bonds		5.00%		07/01/2048		10			11,291
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Second Series 2023 B, Ref. RB		5.00%		05/01/2043		5			5,685
San Francisco (City & County of), CA Public Utilities Commission, Series 2023, Ref. RB		5.00%		11/01/2036		105			127,665
San Francisco (City & County of), CA Public Utilities Commission, Series 2023, Ref. RB		5.00%		11/01/2038		100			119,575
San Francisco (City & County of), CA Public Utilities Commission (Regional Water and Local Water), Series 2023 A, RB		5.00%		11/01/2043		50			58,074
San Joaquin Hills Transportation Corridor Agency, Series 2021 A, Ref. RB		5.00%		01/15/2033		115			132,447
Santa Clara Valley Transportation Authority, Series 2023 A, Ref. RB		5.00%		04/01/2035		10			12,201
Southern California Public Power Authority, Series 2023, RB		5.00%		07/01/2035		150			183,671
Southern California Public Power Authority (No.1), Series 2007 A, RB		5.00%		11/01/2033		60			64,755
University of California, Series 2023 BM, Ref. RB		5.00%		05/15/2033		15			18,413
University of California, Series 2023 BN, Ref. RB		5.00%		05/15/2036		55			66,362
University of California, Series 2023 BN, Ref. RB		5.00%		05/15/2042		30			34,682

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

 285 

Invesco BulletShares 2033 Municipal Bond ETF (BSSX)–(continued)

February 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)			Value
California-(continued)
University of California, Series 2023 BN, Ref. RB		5.00%		05/15/2043	$	115		$	132,204
University of California, Series 2023 BQ, RB		5.00%		05/15/2033		10			12,276
									4,252,714
Colorado-0.06%
Denver (City & County of), CO, Series 2023, Ref. COP		5.00%		12/01/2035		15			17,844
Connecticut-0.26%
Connecticut (State of), Series 2021 A, GO Bonds		3.00%		01/15/2033		20			19,744
Connecticut (State of), Series 2022 A, GO Bonds		4.00%		01/15/2033		35			38,047
Connecticut (State of), Series 2022 A, RB		5.00%		07/01/2034		5			5,929
Connecticut (State of), Series 2022 A, RB		5.00%		07/01/2037		10			11,596
									75,316
Delaware-0.50%
Delaware (State of), Series 2023 A, GO Bonds		5.00%		05/01/2033		10			12,074
Delaware (State of), Series 2023 A, GO Bonds		5.00%		05/01/2035		85			102,176
Delaware (State of), Series 2023 A, GO Bonds		5.00%		05/01/2036		15			17,904
Delaware (State of), Series 2023 A, GO Bonds		5.00%		05/01/2038		10			11,701
									143,855
District of Columbia-3.01%
District of Columbia, Series 2022 C, Ref. RB		5.00%		12/01/2033		55			65,721
District of Columbia, Series 2023 A, GO Bonds		5.00%		01/01/2038		15			17,408
District of Columbia, Series 2023 A, GO Bonds		5.00%		01/01/2045		120			134,357
District of Columbia, Series 2023 A, GO Bonds		5.25%		01/01/2048		25			28,076
District of Columbia, Series 2023 A, RB		5.00%		05/01/2040		20			22,925
District of Columbia, Series 2023 A, RB		5.00%		05/01/2042		15			16,999
District of Columbia, Series 2023 A, RB		5.00%		05/01/2043		260			293,668
Washington Metropolitan Area Transit Authority (Green Bonds), Series 2023 A, RB		5.25%		07/15/2053		20			22,141
Washington Metropolitan Area Transit Authority (Sustainability Bonds), Series 2023 A, RB		5.00%		07/15/2042		30			33,765
Washington Metropolitan Area Transit Authority (Sustainability Bonds), Series 2023 A, RB		5.50%		07/15/2051		175			198,403
Washington Metropolitan Area Transit Authority (Sustainability Bonds), Series 2023, RB		5.00%		07/15/2037		30			34,949
									868,412
Florida-3.51%
Broward (County of), FL School Board, Series 2016 A, Ref. COP		3.25%		07/01/2033		55			54,915
Florida (State of), Series 2023 A, Ref. GO Bonds		5.00%		06/01/2033		5			6,036
Florida (State of) Municipal Power Agency, Series 2021 A, RB		3.00%		10/01/2033		25			24,230
Fort Lauderdale (City of), FL, Series 2023 A, RB		5.50%		09/01/2053		70			79,917
Hillsborough (County of), FL, Series 2023, GO Bonds		5.00%		07/01/2053		150			165,314
Jacksonville (City of), FL, Series 2023 A, Ref. RB		5.25%		10/01/2048		100			111,675
Lakeland (City of), FL, Series 2023, Ref. RB		4.25%		10/01/2048		200			201,175
Lee County School Board (The), Series 2023 A, COP		4.00%		08/01/2046		20			19,897
Manatee (County of), FL School District, Series 2023 A, COP, (INS - AGM)(a)		5.00%		07/01/2035		15			17,651
Miami (City of) & Dade (County of), FL School Board, Series 2016 C, Ref. COP		3.25%		02/01/2033		100			99,813
Miami-Dade (County of), FL Educational Facilities Authority (University of Miami), Series 2007 B, Ref. RB, (INS - AMBAC)(a)		5.25%		04/01/2033		20			23,211
Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group), Series 2023 A, RB		5.00%		10/01/2053		85			90,502
Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group), Series 2023, RB		5.00%		10/01/2041		10			11,007
Orlando (City of), FL Utilities Commission, Series 2023 A, RB		5.00%		10/01/2048		100			109,767
									1,015,110
Georgia-1.50%
Georgia (State of) (Bidding Group 1), Series 2023 A, GO Bonds		5.00%		07/01/2033		25			30,289
Georgia (State of) (Bidding Group 2), Series 2023 A, GO Bonds		5.00%		07/01/2036		300			358,157
Georgia (State of) (Tranche 2), Series 2016 A, GO Bonds		2.50%		02/01/2033		50			46,143
									434,589
Hawaii-0.09%
Hawaii (State of), Series 2016 FB, GO Bonds		3.00%		04/01/2033		25			24,781

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

 286 

Invesco BulletShares 2033 Municipal Bond ETF (BSSX)–(continued)

February 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)			Value
Idaho-1.05%
Idaho (State of) Housing & Finance Association, Series 2023 A, RB		5.00%		08/15/2041	$	20		$	22,712
Idaho (State of) Housing & Finance Association, Series 2023 A, RB		5.25%		08/15/2048		250			281,616
									304,328
Illinois-4.83%
Chicago (City of), IL, Series 2023 B, Ref. RB, (INS - AGM)(a)		5.00%		01/01/2033		145			167,681
Chicago (City of), IL Board of Education, Series 2023, RB		5.25%		04/01/2039		165			180,380
Illinois (State of), Series 2022 B, GO Bonds		5.00%		10/01/2033		150			170,795
Illinois (State of), Series 2023 C, GO Bonds		5.00%		12/01/2048		500			531,330
Illinois (State of), Series 2023 D, Ref. GO Bonds		5.00%		07/01/2033		60			68,211
Illinois (State of) Finance Authority (University of Chicago Medical), Series 2021 A, Ref. RB		5.00%		10/01/2033		40			47,861
Illinois (State of) Toll Highway Authority, Series 2023 A, RB		5.00%		01/01/2042		180			200,989
Sales Tax Securitization Corp., Series 2021 A, Ref. RB		5.00%		01/01/2033		25			29,223
									1,396,470
Indiana-1.35%
Indiana (State of) Finance Authority (Indiana University Health Obligated Group), Series 2023 A, RB		5.00%		10/01/2042		100			110,982
Indiana (State of) Finance Authority (Indiana University Health Obligated Group), Series 2023 A, RB		5.00%		10/01/2053		10			10,743
Indianapolis Local Public Improvement Bond Bank, Series 2023, RB, (INS - BAM)(a)		5.25%		03/01/2067		200			213,355
Indianapolis Local Public Improvement Bond Bank (Circle City Forward Phase II), Series 2023, RB		5.25%		02/01/2048		50			56,005
									391,085
Iowa-0.99%
Iowa (State of) Finance Authority, Series 2023, RB		5.25%		08/01/2048		100			113,283
Iowa (State of) Finance Authority, Series 2023, Ref. RB		5.00%		08/01/2035		145			173,913
									287,196
Kentucky-1.15%
Christian County School District Finance Corp., Series 2023, RB, (INS - AGM)(a)		4.50%		10/01/2053		150			154,627
Louisville (City of) & Jefferson (County of), KY Metropolitan Government (Norton Healthcare, Inc.), Series 2023 A, Ref. RB		5.00%		10/01/2040		160			176,119
									330,746
Louisiana-2.07%
Ernest N. Morial New Orleans Exhibition Hall Authority, Series 2023, RB		5.50%		07/15/2053		250			280,383
Louisiana (State of), Series 2017 B, GO Bonds		3.00%		10/01/2033		90			87,792
Louisiana (State of), Series 2023 A, Ref. GO Bonds		5.00%		02/01/2033		5			5,995
Louisiana Stadium & Exposition District, Series 2023 A, Ref. RB		5.00%		07/01/2041		200			222,540
									596,710
Maryland-1.05%
Maryland (State of) Department of Transportation, Series 2019, RB		2.50%		10/01/2033		25			22,527
Maryland (State of) Health & Higher Educational Facilities Authority (Frederick Health System), Series 2023, Ref. RB		5.25%		07/01/2053		155			164,551
Maryland (State of) Stadium Authority (Football Stadium Issue), Series 2023 A, RB		5.00%		03/01/2035		100			117,631
									304,709
Massachusetts-5.42%
Boston (City of), MA, Series 2023 A, GO Bonds		5.00%		11/01/2040		95			110,576
Massachusetts (Commonwealth of), Series 2016 A, GO Bonds(b)(c)		3.00%		04/19/2024		10			9,995
Massachusetts (Commonwealth of), Series 2017 E, GO Bonds		3.00%		11/01/2033		25			24,033
Massachusetts (Commonwealth of), Series 2023 A, GO Bonds		5.00%		05/01/2043		185			208,024
Massachusetts (Commonwealth of), Series 2023 A, GO Bonds		5.00%		05/01/2048		700			765,294
Massachusetts (Commonwealth of), Series 2023 B, RB		5.00%		06/01/2050		20			21,876
Massachusetts (Commonwealth of), Series 2023 B, Ref. GO Bonds		5.00%		05/01/2043		20			22,489
Massachusetts (Commonwealth of) Bay Transportation Authority, Subseries 2023 A-1, RB		5.25%		07/01/2048		30			33,878
Massachusetts (Commonwealth of) Bay Transportation Authority, Subseries 2023 A-1, RB		4.00%		07/01/2053		10			9,838

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

 287 

Invesco BulletShares 2033 Municipal Bond ETF (BSSX)–(continued)

February 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)			Value
Massachusetts-(continued)
Massachusetts (Commonwealth of) Bay Transportation Authority (Sustainability Bonds), Subseries 2023 A-1, RB		5.25%		07/01/2053	$	225		$	251,245
Massachusetts (Commonwealth of) Development Finance Agency (Boston Medical Center), Series 2023, Ref. RB		5.25%		07/01/2048		100			108,794
									1,566,042
Michigan-2.88%
Kentwood Public Schools, Series 2023 II, GO Bonds, (INS - AGM)(a)		5.00%		05/01/2053		100			108,037
Michigan (State of), Series 2018, GO Bonds		3.13%		05/01/2033		125			123,210
Michigan (State of), Series 2023, RB		5.00%		11/15/2037		5			5,870
Michigan (State of), Series 2023, RB		5.00%		11/15/2040		100			114,821
Michigan (State of), Series 2023, RB		5.00%		11/15/2043		50			56,400
Michigan (State of), Series 2023, RB		5.25%		11/15/2049		250			281,782
Michigan (State of), Series 2023, RB		5.50%		11/15/2049		110			126,500
Michigan (State of) Finance Authority (Henry Ford Health System), Series 2016, Ref. RB		3.00%		11/15/2033		15			14,668
									831,288
Minnesota-0.79%
Minnesota (State of), Series 2023, COP		5.00%		11/01/2042		200			227,889
Missouri-1.20%
Missouri (State of) Health & Educational Facilities Authority (BJC Health System), Series 2023 A, RB		5.00%		05/01/2033		5			5,867
St. Louis (City of), MO, Series 2015 B, Ref. RB, (INS - AGM)(a)		3.25%		12/15/2033		345			340,960
									346,827
Nebraska-0.58%
Public Power Generation Agency, Series 2016, Ref. RB		3.00%		01/01/2033		170			166,963
Nevada-0.32%
Clark (County of), NV, Series 2023, RB		5.00%		07/01/2039		25			28,466
Las Vegas Valley Water District, Series 2021 C, GO Bonds		3.00%		06/01/2033		55			54,068
Nevada (State of), Series 2023 A, GO Bonds		5.00%		05/01/2043		10			11,320
									93,854
New Jersey-3.05%
New Jersey (State of) Transportation Trust Fund Authority, Series 2023 A, Ref. RB		4.25%		06/15/2040		305			317,390
New Jersey (State of) Transportation Trust Fund Authority, Series 2023 AA, Ref. RB		5.00%		06/15/2033		40			47,075
New Jersey (State of) Transportation Trust Fund Authority, Series 2023 AA, Ref. RB		5.00%		06/15/2035		125			145,879
New Jersey (State of) Transportation Trust Fund Authority, Series 2023 AA, Ref. RB		5.00%		06/15/2036		25			28,982
New Jersey (State of) Transportation Trust Fund Authority, Series 2023 AA, Ref. RB		5.00%		06/15/2037		90			103,537
New Jersey (State of) Transportation Trust Fund Authority, Series 2023 AA, Ref. RB		5.00%		06/15/2039		15			16,991
New Jersey (State of) Transportation Trust Fund Authority, Series 2023 BB, RB		5.00%		06/15/2033		10			11,771
New Jersey (State of) Transportation Trust Fund Authority, Series 2023 BB, RB		5.00%		06/15/2040		150			169,436
New Jersey (State of) Transportation Trust Fund Authority, Series 2023 BB, RB		5.00%		06/15/2041		35			39,234
									880,295
New York-18.55%
Battery Park (City of), NY Authority (Sustainability Bonds), Series 2023 A, RB		5.00%		11/01/2048		25			27,953
Battery Park (City of), NY Authority (Sustainability Bonds), Series 2023 A, RB		5.00%		11/01/2053		150			165,899
Metropolitan Transportation Authority, Series 2015 F, Ref. RB		3.25%		11/15/2033		50			47,299
New York & New Jersey (States of) Port Authority, One Hundred Eighty Nineth Series 2015, Ref. RB		3.25%		05/01/2033		65			63,748
New York & New Jersey (States of) Port Authority, Two Hundred Fortieth Series 2023, Ref. RB		5.00%		07/15/2040		25			28,662
New York (City of), NY, Series 2013 E, GO Bonds		3.00%		08/01/2033		90			88,120
New York (City of), NY, Series 2023 A, GO Bonds		5.00%		08/01/2040		5			5,687
New York (City of), NY, Series 2023 F-1, Ref. GO Bonds		5.00%		08/01/2035		130			152,836
New York (City of), NY, Subseries 2023 E-1, GO Bonds		5.00%		04/01/2035		500			586,362
New York (City of), NY, Subseries 2023 E-1, GO Bonds		5.25%		04/01/2043		40			45,281
New York (City of), NY Municipal Water Finance Authority, Series 2023 D, Ref. RB		5.25%		06/15/2047		100			112,831
New York (City of), NY Municipal Water Finance Authority, Series 2023 DD, Ref. RB		5.00%		06/15/2046		500			555,627
New York (City of), NY Transitional Finance Authority, Series 2016 E-1, RB		3.00%		02/01/2033		105			102,500
New York (City of), NY Transitional Finance Authority, Series 2022 A-1, RB		5.00%		08/01/2033		20			23,738

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

 288 

Invesco BulletShares 2033 Municipal Bond ETF (BSSX)–(continued)

February 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)			Value
New York-(continued)
New York (City of), NY Transitional Finance Authority, Series 2022 B-1, Ref. RB		5.00%		11/01/2033	$	30		$	35,749
New York (City of), NY Transitional Finance Authority, Series 2022 F-1, RB		5.00%		02/01/2038		100			115,771
New York (City of), NY Transitional Finance Authority, Series 2023 A-1, RB		5.00%		05/01/2044		110			122,675
New York (City of), NY Transitional Finance Authority, Series 2023 A-1, RB		5.00%		05/01/2046		200			220,526
New York (City of), NY Transitional Finance Authority, Series 2023 A-1, RB		5.00%		05/01/2053		40			43,056
New York (City of), NY Transitional Finance Authority, Series 2023 E-1, Ref. RB		5.00%		11/01/2033		30			36,044
New York (City of), NY Transitional Finance Authority, Series 2023 E-1, Ref. RB		5.00%		11/01/2036		125			146,708
New York (City of), NY Transitional Finance Authority, Series 2023 E-1, Ref. RB		5.00%		11/01/2039		5			5,760
New York (City of), NY Transitional Finance Authority, Series 2023 F-1, RB		5.00%		02/01/2041		5			5,647
New York (City of), NY Transitional Finance Authority, Series 2023 F-1, RB		5.25%		02/01/2047		140			156,383
New York (City of), NY Transitional Finance Authority, Series 2023, RB		5.00%		05/01/2035		5			6,002
New York (City of), NY Transitional Finance Authority, Series 2023, RB		5.00%		05/01/2039		15			17,386
New York (City of), NY Transitional Finance Authority, Series 2023, RB		5.50%		05/01/2047		10			11,512
New York (City of), NY Transitional Finance Authority, Series 2023, RB		5.25%		05/01/2048		500			557,929
New York (City of), NY Transitional Finance Authority, Series 2023, RB		5.25%		05/01/2050		135			149,580
New York (City of), NY Transitional Finance Authority, Subseries 2023 A-1, RB		5.00%		05/01/2036		25			29,483
New York (State of), Series 2023 A, GO Bonds		5.00%		03/15/2037		20			23,663
New York (State of) Dormitory Authority, Series 2019, RB		2.00%		07/01/2033		415			358,331
New York (State of) Dormitory Authority, Series 2023 A-1, Ref. RB		5.00%		03/15/2036		10			11,847
New York (State of) Dormitory Authority, Series 2023 A-1, Ref. RB		5.00%		03/15/2037		20			23,436
New York (State of) Dormitory Authority, Series 2023 A-1, Ref. RB		5.00%		03/15/2040		30			34,326
New York (State of) Dormitory Authority, Series 2023 A-1, Ref. RB		5.00%		03/15/2041		5			5,694
New York (State of) Dormitory Authority, Series 2023 A-1, Ref. RB		5.00%		03/15/2045		200			223,620
New York (State of) Dormitory Authority (State University of New York Dormitory Facilities), Series 2023, RB		5.00%		07/01/2048		130			142,417
New York (State of) Dormitory Authority (Sustainability Bonds), Series 2023, RB		5.00%		07/01/2053		55			59,756
New York (State of) Power Authority (Green Transmission) (Green Bonds), Series 2023, RB, (INS - AGM)(a)		5.13%		11/15/2058		180			199,110
New York State Urban Development Corp. (Bidding Group 3), Series 2023 A, RB		5.00%		03/15/2045		20			22,365
New York State Urban Development Corp. (Bidding Group 3), Series 2023 A, RB		5.00%		03/15/2048		85			94,050
New York State Urban Development Corp. (Bidding Group 4), Series 2023 A, RB		5.00%		03/15/2050		350			384,583
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2021 C-2, Ref. RB		3.00%		05/15/2033		40			39,618
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2023 B-1, RB		5.00%		11/15/2045		5			5,588
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2023 C, Ref. RB		5.25%		11/15/2042		15			17,354
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2023, Ref. RB		4.00%		11/15/2035		25			27,245
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2023, Ref. RB		5.00%		11/15/2035		15			17,870
									5,357,627
North Carolina-1.08%
Charlotte (City of), NC, Series 2023 A, RB		5.25%		07/01/2053		250			278,744
North Carolina (State of), Series 2013 A, RB		3.00%		05/01/2033		15			14,592
North Carolina (State of), Series 2022 A, RB		5.00%		05/01/2033		15			17,707
									311,043
Ohio-1.18%
Columbus (City of), OH, Series 2016 A, GO Bonds		3.00%		08/15/2033		85			82,555
Northeast Ohio Regional Sewer District, Series 2019, Ref. RB		3.00%		11/15/2033		5			4,988
Ohio (State of) Higher Educational Facility Commission (Kenyon College), Series 2023, Ref. RB		5.00%		07/01/2036		30			34,644
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2019 B, RB		3.00%		12/01/2033		65			64,667
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2023 B, RB		5.00%		12/01/2041		5			5,708
Ohio State University (The), Series 2023, RB		4.25%		12/01/2056		150			149,601
									342,163
Oklahoma-0.86%
Oklahoma (State of) Water Resources Board, Series 2023 B, RB		4.00%		10/01/2048		250			247,500
Oregon-1.24%
Oregon (State of), Series 2023 A, GO Bonds		5.00%		05/01/2041		65			74,132
Oregon (State of), Series 2023 A, GO Bonds		5.00%		05/01/2043		25			28,259
Oregon (State of) (Article XI-Q State), Series 2023 A, GO Bonds		5.00%		05/01/2037		20			23,382

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

 289 

Invesco BulletShares 2033 Municipal Bond ETF (BSSX)–(continued)

February 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)			Value
Oregon-(continued)
Oregon (State of) Department of Transportation, Series 2023 A, RB		5.00%		11/15/2041	$	55		$	62,756
Oregon (State of) Lottery, Series 2023 A, RB		5.00%		04/01/2041		10			11,352
Oregon (State of) Lottery, Series 2023 A, RB		5.00%		04/01/2043		5			5,605
Portland (City of), OR, Series 2023 A, Ref. RB		5.00%		12/01/2034		35			41,727
Portland (City of), OR, Series 2023 A, Ref. RB		5.00%		12/01/2047		100			111,251
									358,464
Pennsylvania-3.80%
Pennsylvania (Commonwealth of), Second Series 2016, GO Bonds, (INS - AGM)(a)		3.00%		09/15/2033		330			329,898
Pennsylvania (Commonwealth of) Turnpike Commission, First Series 2023, Ref. RB		5.00%		12/01/2033		40			47,100
Pennsylvania (Commonwealth of) Turnpike Commission, First Series 2023, Ref. RB		5.00%		12/01/2034		10			11,738
Pennsylvania (Commonwealth of) Turnpike Commission, First Series 2023, Ref. RB		5.00%		12/01/2039		505			570,079
Pennsylvania (Commonwealth of) Turnpike Commission, First Series 2023, Ref. RB		5.00%		12/01/2040		10			11,209
Philadelphia (City of), PA, Series 2023 B, Ref. RB, (INS - AGM)(a)		5.00%		09/01/2035		30			35,565
Philadelphia (City of), PA, Series 2023 B, Ref. RB, (INS - AGM)(a)		5.00%		09/01/2040		15			17,034
Philadelphia (City of), PA, Series 2023 B, Ref. RB, (INS - AGM)(a)		5.50%		09/01/2053		20			22,765
Pittsburgh (City of), PA Water & Sewer Authority, Series 2023 A, RB, (INS - AGM)(a) .		5.00%		09/01/2048		25			27,155
Westmoreland (County of), PA Municipal Authority, Series 2017, Ref. RB, (INS - BAM)(a)		3.13%		08/15/2033		25			24,761
									1,097,304
Rhode Island-0.10%
Rhode Island Health & Educational Building Corp. (Brown University), Series 2022 A, RB		5.00%		09/01/2033		5			5,936
Rhode Island Health & Educational Building Corp. (Providence College), Series 2023, RB		5.00%		11/01/2047		20			21,851
									27,787
South Carolina-0.87%
Inman Campobello Water District, Series 2023, RB, (INS - BAM)(a) .		4.38%		06/01/2053		250			251,876
Tennessee-0.35%
Johnson City (City of), TN Health & Educational Facilities Board (Ballad Health Obligated Group), Series 2023 A, Ref. RB		5.00%		07/01/2033		65			73,981
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2021 C, GO Bonds		3.00%		01/01/2033		10			9,647
Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Vanderbilt University Medical Center), Series 2023, RB		5.00%		07/01/2033		5			5,734
Nashville (City of) & Davidson (County of), TN Metropolitan Government (Belmont University), Series 2023, RB		5.25%		05/01/2048		10			10,886
									100,248
Texas-11.68%
Austin (City of), TX, Series 2023, Ref. GO Bonds		5.00%		09/01/2033		45			53,780
Austin (City of), TX, Series 2023, Ref. RB		5.00%		11/15/2037		40			46,405
Austin Community College District, Series 2023, GO Bonds		5.00%		08/01/2048		20			22,008
Austin Independent School District, Series 2023, GO Bonds		5.00%		08/01/2042		100			112,627
Bastrop Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2048		100			109,797
Birdville Independent School District, Series 2023 A, GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2048		60			65,687
Community Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2048		100			109,478
Crowley Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/01/2048		200			220,660
Cypress-Fairbanks Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2037		50			58,046
Cypress-Fairbanks Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		02/15/2048		150			146,528
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2022 B, Ref. RB		5.00%		11/01/2033		10			11,772
Dallas (City of) TX, Series 2017, Ref. GO Bonds, (INS - AGM)(a)		3.00%		02/15/2033		70			67,378
Dallas (City of) TX, Series 2023 A, Ref. GO Bonds		5.00%		02/15/2039		15			17,137
Dallas (City of) TX, Series 2023 A, Ref. GO Bonds		5.00%		02/15/2041		10			11,272
Denton Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		08/15/2038		20			23,166
Denton Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		08/15/2042		150			169,361
Denton Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		08/15/2048		145			159,369
El Paso (City of) TX, Series 2023, RB		5.25%		03/01/2049		25			27,721

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

 290 

Invesco BulletShares 2033 Municipal Bond ETF (BSSX)–(continued)

February 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)			Value
Texas-(continued)
Harris (County of), TX, Series 2022 A, Ref. RB		5.00%		08/15/2033	$	50		$	58,739
Houston (City of), TX, Series 2023 A, GO Bonds		5.25%		03/01/2042		75			85,786
Hutto Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		08/01/2048		40			43,883
Irving Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2033		55			64,840
Lamar Consolidated Independent School District, Series 2023 A, GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2041		10			11,272
Lamar Consolidated Independent School District, Series 2023 A, GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2042		10			11,226
Lamar Consolidated Independent School District, Series 2023 A, GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2053		250			271,106
Lamar Consolidated Independent School District, Series 2023, GO Bonds		5.00%		02/15/2041		15			16,748
Liberty Hill Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		02/01/2048		220			220,290
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2023, Ref. RB		5.25%		05/15/2048		15			16,635
Pflugerville Independent School District, Series 2023 A, GO Bonds		5.00%		02/15/2033		100			116,548
Rockwall Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)		5.25%		02/15/2048		100			112,252
Round Rock Independent School District, Series 2019 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		3.00%		08/01/2033		50			49,794
Royse (City of), TX Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2053		100			108,837
San Antonio (City of), TX, Series 2023 A, RB		5.00%		02/01/2036		55			64,646
San Antonio (City of), TX, Series 2023 B, RB		5.00%		02/01/2039		5			5,703
San Antonio (City of), TX, Series 2023 B, RB		5.25%		02/01/2044		25			28,146
San Antonio (City of), TX Water System, Series 2023 A, Ref. RB		5.25%		05/15/2048		15			16,730
Sherman Independent School District, Series 2023 B, GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2053		150			162,546
Tarrant County Cultural Education Facilities Finance Corp. (Baylor Scott & White Health), Series 2016 A, Ref. RB		3.00%		11/15/2033		5			4,657
Texas (State of) Water Development Board, Series 2023 A, RB		5.00%		10/15/2037		25			29,132
Texas (State of) Water Development Board, Series 2023 A, RB		4.88%		10/15/2048		25			27,053
Tomball Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2048		100			109,478
Waller Consolidated Independent School District, Series 2023 A, GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		02/15/2048		150			148,098
Walnut Creek Special Utility District, Series 2023, RB, (INS - AGM)(a)		4.75%		01/10/2054		150			156,577
									3,372,914
Utah-0.49%
University of Utah (The) (Green Bonds), Series 2023 B, RB		5.25%		08/01/2048		125			141,496
Virginia-1.47%
Alexandria (City of), VA, Series 2023, GO Bonds		4.00%		12/15/2053		100			98,949
Isle Wight (County of) VA Economic Development Authority (Riverside Health System), Series 2023, RB, (INS - AGM)(a)		4.75%		07/01/2053		70			72,440
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2023, RB		5.00%		02/01/2040		100			113,449
Virginia Port Authority Commonwealth Port Fund, Series 2023 A, RB		5.25%		07/01/2048		100			113,436
Williamsburg Economic Development Authority (William & Mary), Series 2023 A, RB, (INS - AGM)(a)		5.25%		07/01/2053		25			27,503
									425,777
Washington-2.58%
Energy Northwest, Series 2023, Ref. RB		5.00%		07/01/2039		55			63,103
Energy Northwest (Columbia Generating Station), Series 2022, Ref. RB		5.00%		07/01/2033		10			11,776
King County School District No. 401 Highline, Series 2023, GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00%		12/01/2033		10			11,863
Seattle (City of), WA, Series 2023 A, Ref. RB		5.00%		03/01/2053		20			21,679
Seattle (City of), WA, Series 2023, RB		5.00%		02/01/2049		10			10,998
Seattle (City of), WA, Series 2023, RB		5.00%		02/01/2053		75			81,846
Washington (State of) (Bid Group 2), Series 2023 B, GO Bonds		5.00%		02/01/2041		100			113,433
Washington (State of) (Bid Group 2), Series 2023 B, GO Bonds		5.00%		06/01/2047		15			16,576
Washington (State of) (Bid Group 3), Series 2023 B, GO Bonds		5.00%		02/01/2043		170			190,876

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

 291 

Invesco BulletShares 2033 Municipal Bond ETF (BSSX)–(continued)

February 29, 2024

(Unaudited)

 

	Interest Rate		Maturity Date		Principal Amount (000)			Value
Washington-(continued)
Washington (State of) (Bid Group 3), Series 2023 B, GO Bonds		5.00%		02/01/2044	$	195		$	217,949
Washington (State of) (Bid Group 3), Series 2023 B, GO Bonds		5.00%		02/01/2046		5			5,543
									745,642
West Virginia-0.29%
West Virginia (State of) Hospital Finance Authority (West Virginia University Health System Obligated Group), Series 2023 A, RB		5.00%		06/01/2043		20			21,617
West Virginia (State of) Hospital Finance Authority (West Virginia University Health System Obligated Group), Series 2023, RB		4.38%		06/01/2053		60			60,748
									82,365
Wisconsin-0.51%
Wisconsin (State of), Series 2023-2, Ref. GO Bonds		5.00%		05/01/2036		125			147,971
TOTAL INVESTMENTS IN SECURITIES(d)-98.57% (Cost $28,042,455)									28,475,304
OTHER ASSETS LESS LIABILITIES-1.43%									412,792
NET ASSETS-100.00%								$	28,888,096

Investment Abbreviations:
AGM	-Assured Guaranty Municipal Corp.
AMBAC	-American Municipal Bond Assurance Corp.
BAM	-Build America Mutual Assurance Co.
CEP	-Credit Enhancement Provider
COP	-Certificates of Participation
GO	-General Obligation
INS	-Insurer
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)  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.

Entity	Percentage
Assured Guaranty Municipal Corp.		6.73%

Portfolio Composition
Revenue Type Breakdown (% of the Fund’s Net Assets)  as of February 29, 2024
Water Revenue	30.14
Sales Tax Revenue	29.40
Sewer Revenue	15.86
Transit Revenue	8.35
Special Tax	4.02
Highway Tolls Revenue	3.03
Revenue Types Each Less Than 3%	7.77
Other Assets Less Liabilities	1.43

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

 292 

(This Page Intentionally Left Blank)

 293 

Statements of Assets and Liabilities

February 29, 2024

(Unaudited)

	Invesco BulletShares 2024 Corporate Bond ETF    (BSCO)					Invesco BulletShares 2025 Corporate Bond ETF    (BSCP)					Invesco BulletShares 2026 Corporate Bond ETF    (BSCQ)					Invesco BulletShares 2027 Corporate Bond ETF    (BSCR)
Assets:
Unaffiliated investments in securities, at value(a)		$	3,515,719,881				$	3,584,093,562				$	2,738,426,577				$	1,680,257,733
Affiliated investments in securities, at value			254,923,386					260,119,178					370,381,239					323,981,181
Cash			2,543					8,293					3,165					3,826
Deposits with brokers:
Cash segregated as collateral			-					-					1,082,932					493,965
Receivable for:
Dividends and interest			36,038,309					34,719,848					24,671,832					16,677,369
Securities lending			10,213					43,387					35,102					51,736
Fund shares sold			-					9,180,553					28,841,569					19,090
Total assets			3,806,694,332					3,888,164,821					3,163,442,416					2,021,484,900
Liabilities:
Due to custodian			-					-					-					-
Payable for:
Investments purchased			60,833,585					9,188,434					28,855,675					19,089
Collateral upon return of securities loaned			95,566,976					255,463,933					365,542,672					323,641,637
Collateral upon receipt of securities in-kind			-					-					1,082,932					493,965
Fund shares repurchased			25,129,310					-					-					-
Accrued unitary management fees			284,014					285,139					208,920					130,318
Accrued tax expenses			650					650					650					650
Total liabilities			181,814,535					264,938,156					395,690,849					324,285,659
Net Assets		$	3,624,879,797				$	3,623,226,665				$	2,767,751,567				$	1,697,199,241
Net assets consist of:
Shares of beneficial interest		$	3,661,772,514				$	3,683,312,509				$	2,835,718,506				$	1,732,587,277
Distributable earnings (loss)			(36,892,717	)				(60,085,844	)				(67,966,939	)				(35,388,036	)
Net Assets		$	3,624,879,797				$	3,623,226,665				$	2,767,751,567				$	1,697,199,241
Shares outstanding (unlimited amount authorized, $0.01 par value)			173,100,000					177,600,000					144,450,000					88,350,000
Net asset value		$	20.94				$	20.40				$	19.16				$	19.21
Market price		$	20.95				$	20.42				$	19.18				$	19.21
Unaffiliated investments in securities, at cost		$	3,544,563,836				$	3,640,959,187				$	2,802,451,659				$	1,715,536,671
Affiliated investments in securities, at cost		$	254,932,434				$	260,150,899				$	370,413,224				$	324,015,562
(a)Includes securities on loan with an aggregate value of:		$	92,169,794				$	247,128,412				$	353,920,436				$	313,189,849

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

 294 

Invesco BulletShares 2028 Corporate Bond ETF    (BSCS)						Invesco BulletShares 2029 Corporate Bond ETF    (BSCT)					Invesco BulletShares 2030 Corporate Bond ETF   (BSCU)					Invesco BulletShares 2031 Corporate Bond ETF   (BSCV)					Invesco BulletShares 2032 Corporate Bond ETF   (BSCW)				Invesco BulletShares 2033 Corporate Bond ETF   (BSCX)					Invesco BulletShares 2024 High Yield Corporate Bond ETF   (BSJO)
		$	1,445,397,173				$	824,131,471				$	615,837,564				$	393,991,004				$	365,380,402			$	179,833,814				$	682,599,396
			333,845,377					195,365,661					103,414,555					9,551,382					14,276,354				669,642					127,613,772
			-					-					940					-					1,342				295					301,255
			3,899,409					-					2,522,729					-					-				-					2,403,463
			17,026,064					9,187,222					5,774,478					3,446,492					4,566,883				2,518,104					11,020,007
			46,641					20,369					17,222					6,020					3,772				190					35,728
			21,048,629					160,297					9,828,663					24,890					15,169,551				29,963					2,289,012
			1,821,263,293					1,028,865,020					737,396,151					407,019,788					399,398,304				183,052,008					826,262,633
			8,999					77,633					-					-					-				-					-
			21,008,784					160,296					9,838,111					24,890					15,095,480				233,930					8,728,273
			332,218,346					195,381,612					103,256,996					9,440,361					14,202,900				-					67,826,753
			3,899,409					-					2,522,729					-					-				-					2,403,463
			-					-					-					-					-				-					-
			110,604					57,459					46,303					30,116					26,937				13,800					242,580
			650					650					-					-					-				6,089					650
			357,246,792					195,677,650					115,664,139					9,495,367					29,325,317				253,819					79,201,719
		$	1,464,016,501				$	833,187,370				$	621,732,012				$	397,524,421				$	370,072,987			$	182,798,189				$	747,060,914
		$	1,487,262,033				$	850,516,202				$	632,513,895				$	400,628,836				$	368,356,344			$	184,042,353				$	785,294,305
			(23,245,532	)				(17,328,832	)				(10,781,883	)				(3,104,415	)				1,716,643				(1,244,164	)				(38,233,391	)
		$	1,464,016,501				$	833,187,370				$	621,732,012				$	397,524,421				$	370,072,987			$	182,798,189				$	747,060,914
			73,350,001					45,900,001					38,250,001					24,900,001					18,450,001				8,850,001					32,900,000
		$	19.96				$	18.15				$	16.25				$	15.96				$	20.06			$	20.66				$	22.71
		$	19.96				$	18.17				$	16.27				$	15.97				$	20.08			$	20.69				$	22.71
		$	1,468,079,058				$	841,502,310				$	626,554,428				$	397,354,151				$	363,975,425			$	181,504,336				$	684,712,128
		$	333,886,095				$	195,381,612				$	103,426,281				$	9,552,067				$	14,276,843			$	669,642				$	127,621,024
		$	320,793,914				$	188,731,366				$	99,853,497				$	9,120,744				$	13,733,089			$	-				$	65,667,939

 295 

Statements of Assets and Liabilities–(continued)

February 29, 2024

(Unaudited)

 

	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)
Assets:
Unaffiliated investments in securities, at value(a)		$	717,068,837					$	441,905,928					$	172,952,769					$	156,958,263
Affiliated investments in securities, at value			190,380,014						129,442,446						55,802,634						37,828,642
Cash			1,442,872						3,084,621						200,791						1,760
Deposits with brokers:
Cash segregated as collateral			1,264,055						125,787						-						-
Receivable for:
Dividends and interest			14,037,247						7,249,671						2,923,027						2,687,305
Securities lending			55,169						32,006						8,070						6,071
Investments sold			14,796,175						70,100						-						214,325
Fund shares sold			8,053,920						11,642,420						4,440,673						4,293,270
Other assets			-						-						-						-
Total assets			947,098,289						593,552,979						236,327,964						201,989,636
Liabilities:
Payable for:
Investments purchased			62,713,846						17,489,827						4,379,952						4,233,914
Collateral upon return of securities loaned			106,000,044						119,502,845						54,269,566						36,712,162
Collateral upon receipt of securities in-kind			1,264,055						125,787						-						-
Fund shares repurchased			-						-						-						-
Accrued unitary management fees			240,796						145,720						56,393						49,258
Accrued tax expenses			650						650						-						-
Total liabilities			170,219,391						137,264,829						58,705,911						40,995,334
Net Assets		$	776,878,898					$	456,288,150					$	177,622,053					$	160,994,302
Net assets consist of:
Shares of beneficial interest		$	788,056,585					$	470,727,803					$	180,431,187					$	162,185,889
Distributable earnings (loss)			(11,177,687	)					(14,439,653	)					(2,809,134	)					(1,191,587	)
Net Assets		$	776,878,898					$	456,288,150					$	177,622,053					$	160,994,302
Shares outstanding (unlimited amount authorized, $0.01 par value)			34,000,000						19,800,001						8,000,001						7,500,001
Net asset value		$	22.85					$	23.04					$	22.20					$	21.47
Market price		$	22.87					$	23.09					$	22.25					$	21.53
Unaffiliated investments in securities, at cost		$	716,549,985					$	445,417,135					$	172,799,403					$	156,936,736
Affiliated investments in securities, at cost		$	190,391,819					$	129,453,035					$	55,807,508					$	37,832,001
(a)Includes securities on loan with an aggregate value of:		$	102,153,386					$	115,043,857					$	52,153,658					$	35,313,815

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

 296 

Invesco BulletShares 2029 High Yield Corporate Bond ETF   (BSJT)					Invesco BulletShares 2030 High Yield Corporate Bond ETF   (BSJU)				Invesco BulletShares 2031 High  Yield Corporate Bond ETF   (BSJV)				Invesco BulletShares 2024 Municipal Bond ETF   (BSMO)					Invesco BulletShares 2025 Municipal Bond ETF   (BSMP)					Invesco BulletShares 2026 Municipal Bond ETF   (BSMQ)					Invesco BulletShares 2027 Municipal Bond ETF   (BSMR)
	$	38,972,361				$	42,120,785			$	20,340,174			$	211,751,512				$	211,640,113				$	169,789,893				$	121,435,342
		2,901,169					2,874,359				762,810				-					-					-					-
		-					-				-				1,572,404					499,811					398,927					290,202
		-					-				-				-					-					-					-
		648,933					695,974				321,312				2,745,491					2,596,857					1,963,138					1,369,631
		573					966				257				-					-					-					-
		-					-				18,526				2,513,602					-					-					-
		-					-				-				-					-					-					-
		-					-				-				-					128					-					-
		42,523,036					45,692,084				21,443,079				218,583,009					214,736,909					172,151,958					123,095,175
		-					-				-				-					-					-					-
		2,664,712					2,599,300				674,292				-					-					-					-
		-					-				-				-					-					-					-
		-					-				18,526				2,483,433					-					-					-
		12,188					12,422				6,275				31,225					30,442					24,376					17,409
		-					-				339				-					-					-					-
		2,676,900					2,611,722				699,432				2,514,658					30,442					24,376					17,409
	$	39,846,136				$	43,080,362			$	20,743,647			$	216,068,351				$	214,706,467				$	172,127,582				$	123,077,766
	$	40,524,981				$	42,249,190			$	20,559,739			$	216,707,280				$	216,462,464				$	173,442,073				$	123,549,637
		(678,845	)				831,172				183,908				(638,929	)				(1,755,997	)				(1,314,491	)				(471,871	)
	$	39,846,136				$	43,080,362			$	20,743,647			$	216,068,351				$	214,706,467				$	172,127,582				$	123,077,766
		1,900,001					1,700,001				800,001				8,700,001					8,800,001					7,300,001					5,200,001
	$	20.97				$	25.34			$	25.93			$	24.84				$	24.40				$	23.58				$	23.67
	$	21.02				$	25.37			$	25.97			$	24.77				$	24.46				$	23.67				$	23.75
	$	39,315,895				$	41,263,529			$	20,281,388			$	212,403,387				$	213,094,409				$	170,634,847				$	121,924,600
	$	2,901,291				$	2,874,465			$	762,818			$	-				$	-				$	-				$	-
	$	2,548,123				$	2,511,083			$	645,098			$	-				$	-				$	-				$	-

 297 

Statements of Assets and Liabilities–(continued)

February 29, 2024

(Unaudited)

 

	Invesco BulletShares 2028 Municipal Bond ETF   (BSMS)					Invesco BulletShares 2029 Municipal Bond ETF   (BSMT)						Invesco BulletShares 2030 Municipal Bond ETF   (BSMU)						Invesco BulletShares 2031 Municipal Bond ETF   (BSMV)
Assets:
Investments in securities, at value		$	99,628,083					$	84,961,536					$	80,904,740					$	54,795,755
Cash			285,793						96,641						171,504						145,153
Receivable for:
Dividends and interest			1,142,165						990,412						899,958						600,424
Other assets			3						3						-						-
Total assets			101,056,044						86,048,592						81,976,202						55,541,332
Liabilities:
Accrued unitary management fees			14,151						11,932						11,677						7,915
Total liabilities			14,151						11,932						11,677						7,915
Net Assets		$	101,041,893					$	86,036,660					$	81,964,525					$	55,533,417
Net assets consist of:
Shares of beneficial interest		$	101,781,327					$	86,830,722					$	82,690,584					$	55,552,191
Distributable earnings (loss)			(739,434	)					(794,062	)					(726,059	)					(18,774	)
Net Assets		$	101,041,893					$	86,036,660					$	81,964,525					$	55,533,417
Shares outstanding (unlimited amount authorized, $0.01 par value)			4,300,001						3,700,001						3,700,001						2,600,001
Net asset value		$	23.50					$	23.25					$	22.15					$	21.36
Market price		$	23.59					$	23.35					$	22.25					$	21.45
Investments in securities, at cost		$	99,853,105					$	85,182,960					$	80,606,672					$	53,931,814

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

 298 

Invesco BulletShares 2032 Municipal Bond ETF   (BSMW)					Invesco BulletShares 2033 Municipal Bond ETF   (BSSX)
		$	58,122,411				$	28,475,304
			190,888					111,488
			652,223					305,431
			-					-
			58,965,522					28,892,223
			8,013					4,127
			8,013					4,127
		$	58,957,509				$	28,888,096
		$	57,274,286				$	28,462,832
			1,683,223					425,264
		$	58,957,509				$	28,888,096
			2,300,001					1,100,001
		$	25.63				$	26.26
		$	25.71				$	26.44
		$	56,551,080				$	28,042,455

 299 

Statements of Operations

For the six months ended February 29, 2024

(Unaudited)

	Invesco BulletShares 2024 Corporate Bond ETF (BSCO)					Invesco BulletShares 2025 Corporate Bond ETF (BSCP)					Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)					Invesco BulletShares 2027 Corporate Bond ETF (BSCR)
Investment income:
Unaffiliated interest income		$	58,210,924				$	61,367,676				$	43,471,021				$	27,893,726
Affiliated dividend income			1,321,437					227,225					145,490					49,992
Securities lending income, net			160,061					322,675					218,041					329,967
Total investment income			59,692,422					61,917,576					43,834,552					28,273,685
Expenses:
Unitary management fees			1,934,641					1,598,300					1,113,857					657,336
Tax expenses			650					650					650					650
Total expenses			1,935,291					1,598,950					1,114,507					657,986
Less: Waivers			(25,298	)				(4,334	)				(2,802	)				(969	)
Net expenses			1,909,993					1,594,616					1,111,705					657,017
Net investment income			57,782,429					60,322,960					42,722,847					27,616,668
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities			(115,374	)				(480,785	)				(1,976,994	)				(131,462	)
Affiliated investment securities			90,750					143,762					104,164					97,940
In-kind redemptions			(692,556	)				(116,651	)				401,292					38,189
Net realized gain (loss)			(717,180	)				(453,674	)				(1,471,538	)				4,667
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities			53,266,390					35,630,183					25,508,285					14,074,286
Affiliated investment securities			(12,281	)				(39,100	)				(32,903	)				(37,686	)
Change in net unrealized appreciation (depreciation)			53,254,109					35,591,083					25,475,382					14,036,600
Net realized and unrealized gain (loss)			52,536,929					35,137,409					24,003,844					14,041,267
Net increase in net assets resulting from operations		$	110,319,358				$	95,460,369				$	66,726,691				$	41,657,935

^(a)  For the period September 18, 2023 (commencement of investment operations) through February 29, 2024.

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

 300 

Invesco BulletShares 2028 Corporate Bond ETF (BSCS)				Invesco BulletShares 2029 Corporate Bond ETF (BSCT)				Invesco BulletShares 2030 Corporate Bond ETF (BSCU)				Invesco BulletShares 2031 Corporate Bond ETF (BSCV)				Invesco BulletShares 2032 Corporate Bond ETF (BSCW)				Invesco BulletShares 2033 Corporate Bond ETF (BSCX)(a)				Invesco BulletShares 2024 High Yield Corporate Bond ETF (BSJO)
	$	23,001,828			$	11,920,128			$	9,438,039			$	7,000,788			$	6,422,784			$	1,781,415			$	21,377,608
		58,394				26,362				23,156				11,702				14,672				6,491				1,199,568
		237,340				120,060				75,348				31,409				31,926				190				174,732
		23,297,562				12,066,550				9,536,543				7,043,899				6,469,382				1,788,096				22,751,908
		505,550				263,106				196,759				137,229				120,325				34,407				1,475,649
		650				650				-				-				-				6,089				650
		506,200				263,756				196,759				137,229				120,325				40,496				1,476,299
		(1,122	)			(508	)			(445	)			(225	)			(281	)			(126	)			(22,878	)
		505,078				263,248				196,314				137,004				120,044				40,370				1,453,421
		22,792,484				11,803,302				9,340,229				6,906,895				6,349,338				1,747,726				21,298,487
		(96,496	)			(8,930	)			(56,087	)			(125,165	)			(15,781	)			(2	)			924,439
		107,926				35,359				26,629				3,675				2,005				227				24,400
		72,446				-				-				391,538				249,050				-				241,118
		83,876				26,429				(29,458	)			270,048				235,274				225				1,189,957
		11,450,983				5,620,514				4,337,752				3,677,398				3,004,798				(1,670,522	)			4,973,136
		(44,130	)			(17,079	)			(12,387	)			(737	)			(477	)			-				(7,204	)
		11,406,853				5,603,435				4,325,365				3,676,661				3,004,321				(1,670,522	)			4,965,932
		11,490,729				5,629,864				4,295,907				3,946,709				3,239,595				(1,670,297	)			6,155,889
	$	34,283,213			$	17,433,166			$	13,636,136			$	10,853,604			$	9,588,933			$	77,429			$	27,454,376

 301 

Statements of Operations–(continued)

For the six months ended February 29, 2024

(Unaudited)

 

	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)
Investment income:
Unaffiliated interest income		$	33,257,204				$	12,810,070				$	4,920,607				$	3,744,021
Affiliated dividend income			991,500					126,619					32,040					22,575
Securities lending income, net			317,501					220,077					48,058					28,309
Total investment income			34,566,205					13,156,766					5,000,705					3,794,905
Expenses:
Unitary management fees			1,945,337					750,561					283,499					203,799
Tax expenses			650					650					-					-
Total expenses			1,945,987					751,211					283,499					203,799
Less: Waivers			(18,968	)				(2,407	)				(618	)				(434	)
Net expenses			1,927,019					748,804					282,881					203,365
Net investment income			32,639,186					12,407,962					4,717,824					3,591,540
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities			917,689					(3,152,534	)				(677,478	)				(511,684	)
Affiliated investment securities			45,224					29,967					14,342					6,795
In-kind redemptions			3,855,678					223,648					-					-
Net realized gain (loss)			4,818,591					(2,898,919	)				(663,136	)				(504,889	)
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities			7,134,161					5,683,605					3,665,245					2,531,710
Affiliated investment securities			(12,139	)				(12,027	)				(4,874	)				(3,309	)
Change in net unrealized appreciation			7,122,022					5,671,578					3,660,371					2,528,401
Net realized and unrealized gain			11,940,613					2,772,659					2,997,235					2,023,512
Net increase in net assets resulting from operations		$	44,579,799				$	15,180,621				$	7,715,059				$	5,615,052

^(a)  For the period September 18, 2023 (commencement of investment operations) through February 29, 2024.

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

 302 

Invesco BulletShares 2029 High Yield Corporate Bond ETF (BSJT)				Invesco BulletShares 2030 High Yield Corporate Bond ETF (BSJU)				Invesco BulletShares 2031 High Yield Corporate Bond ETF (BSJV)(a)				Invesco BulletShares 2024 Municipal Bond ETF (BSMO)				Invesco BulletShares 2025 Municipal Bond ETF (BSMP)				Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)				Invesco BulletShares 2027 Municipal Bond ETF (BSMR)
	$	967,559			$	887,683			$	355,772			$	2,667,252			$	2,493,146			$	1,952,597			$	1,511,619
		5,929				3,977				1,910				-				-				-				-
		1,890				1,666				460				-				-				-				-
		975,378				893,326				358,142				2,667,252				2,493,146				1,952,597				1,511,619
		55,848				48,429				20,437				188,330				171,520				123,072				91,873
		-				-				339				-				-				-				-
		55,848				48,429				20,776				188,330				171,520				123,072				91,873
		(114	)			(76	)			(36	)			-				-				-				-
		55,734				48,353				20,740				188,330				171,520				123,072				91,873
		919,644				844,973				337,402				2,478,922				2,321,626				1,829,525				1,419,746
		(110,050	)			31,867				(12,258	)			(3,339	)			(993	)			(53,408	)			139
		(39	)			(64	)			(4	)			-				-				-				-
		-				-				123,824				(6,105	)			-				-				-
		(110,089	)			31,803				111,562				(9,444	)			(993	)			(53,408	)			139
		908,324				841,473				58,786				1,210,059				1,778,337				1,747,254				1,484,726
		(116	)			(106	)			(8	)			-				-				-				-
		908,208				841,367				58,778				1,210,059				1,778,337				1,747,254				1,484,726
		798,119				873,170				170,340				1,200,615				1,777,344				1,693,846				1,484,865
	$	1,717,763			$	1,718,143			$	507,742			$	3,679,537			$	4,098,970			$	3,523,371			$	2,904,611

 303 

Statements of Operations–(continued)

For the six months ended February 29, 2024

(Unaudited)

 

	Invesco BulletShares 2028 Municipal Bond ETF (BSMS)					Invesco BulletShares 2029 Municipal Bond ETF (BSMT)				Invesco BulletShares 2030 Municipal Bond ETF (BSMU)				Invesco BulletShares 2031 Municipal Bond ETF (BSMV)
Investment income:
Interest income		$	1,206,147				$	901,409			$	1,007,229			$	676,600
Total investment income			1,206,147					901,409				1,007,229				676,600
Expenses:
Unitary management fees			73,135					54,803				59,014				38,152
Net expenses			73,135					54,803				59,014				38,152
Net investment income			1,133,012					846,606				948,215				638,448
Realized and unrealized gain (loss) from:
Net realized gain (loss) from unaffiliated investments			(86,833	)				1,555				1,694				(63	)
Change in net unrealized appreciation on unaffiliated investment securities			1,808,064					1,501,844				1,980,347				2,041,724
Net realized and unrealized gain			1,721,231					1,503,399				1,982,041				2,041,661
Net increase in net assets resulting from operations		$	2,854,243				$	2,350,005			$	2,930,256			$	2,680,109

^(a)  For the period September 18, 2023 (commencement of investment operations) through February 29, 2024.

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

 304 

Invesco BulletShares 2032 Municipal Bond ETF (BSMW)			Invesco BulletShares 2033 Municipal Bond ETF (BSSX)(a)
	$	718,450		$	219,799
		718,450			219,799
		35,693			10,681
		35,693			10,681
		682,757			209,118
		73,836			3,314
		1,942,764			432,849
		2,016,600			436,163
	$	2,699,357		$	645,281

 305 

Statements of Changes in Net Assets

For the six months ended February 29, 2024 and the year ended August 31, 2023

(Unaudited)

	Invesco BulletShares 2024 Corporate Bond ETF (BSCO)										Invesco BulletShares 2025 Corporate Bond ETF (BSCP)
	Six Months  Ended February 29, 2024					Year Ended August  31, 2023					Six Months  Ended February 29, 2024					Year Ended August 31, 2023
Operations:
Net investment income		$	57,782,429				$	105,422,754				$	60,322,960				$	73,240,881
Net realized gain (loss)			(717,180	)				(4,000,249	)				(453,674	)				(1,302,949	)
Change in net unrealized appreciation (depreciation)			53,254,109					6,133,424					35,591,083					(17,256,884	)
Net increase in net assets resulting from operations			110,319,358					107,555,929					95,460,369					54,681,048
Distributions to Shareholders from:
Distributable earnings			(57,737,487	)				(105,337,424	)				(59,458,311	)				(73,303,310	)
Shareholder Transactions:
Proceeds from shares sold			190,084,141					1,017,392,174					779,659,169					1,382,472,822
Value of shares repurchased			(510,417,799	)				(426,454,622	)				(39,354,044	)				(181,329,404	)
Net increase (decrease) in net assets resulting from share transactions			(320,333,658	)				590,937,552					740,305,125					1,201,143,418
Net increase (decrease) in net assets			(267,751,787	)				593,156,057					776,307,183					1,182,521,156
Net assets:
Beginning of period			3,892,631,584					3,299,475,527					2,846,919,482					1,664,398,326
End of period		$	3,624,879,797				$	3,892,631,584				$	3,623,226,665				$	2,846,919,482
Changes in Shares Outstanding:
Shares sold			9,150,000					49,650,000					38,400,000					68,550,000
Shares repurchased			(24,450,000	)				(20,700,000	)				(1,950,000	)				(9,000,000	)
Shares outstanding, beginning of period			188,400,000					159,450,000					141,150,000					81,600,000
Shares outstanding, end of period			173,100,000					188,400,000					177,600,000					141,150,000

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

 306 

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)
Six Months  Ended February 29, 2024					Year Ended August 31, 2023				Six Months  Ended February 29, 2024				Year Ended August 31, 2023				Six Months  Ended February 29, 2024				Year Ended August 31, 2023				Six Months  Ended February 29, 2024				Year Ended August 31, 2023
	$	42,722,847				$	56,225,144			$	27,616,668			$	27,851,945			$	22,792,484			$	19,496,485			$	11,803,302			$	9,920,657
		(1,471,538	)				(1,251,892	)			4,667				(271,098	)			83,876				(1,011,906	)			26,429				(115,395	)
		25,475,382					(17,780,727	)			14,036,600				(11,245,889	)			11,406,853				(3,137,424	)			5,603,435				(3,191,345	)
		66,726,691					37,192,525				41,657,935				16,334,958				34,283,213				15,347,155				17,433,166				6,613,917
		(42,472,901	)				(56,153,843	)			(26,911,054	)			(28,023,135	)			(21,846,890	)			(19,483,490	)			(11,423,464	)			(9,894,400	)
		829,377,457					882,847,921				625,587,042				623,350,968				736,975,529				454,080,011				432,657,937				277,316,876
		(68,287,865	)				(59,933,094	)			(5,640,483	)			(28,683,552	)			(5,823,851	)			(2,969,517	)			-				(7,978,199	)
		761,089,592					822,914,827				619,946,559				594,667,416				731,151,678				451,110,494				432,657,937				269,338,677
		785,343,382					803,953,509				634,693,440				582,979,239				743,588,001				446,974,159				438,667,639				266,058,194
		1,982,408,185					1,178,454,676				1,062,505,801				479,526,562				720,428,500				273,454,341				394,519,731				128,461,537
	$	2,767,751,567				$	1,982,408,185			$	1,697,199,241			$	1,062,505,801			$	1,464,016,501			$	720,428,500			$	833,187,370			$	394,519,731
		43,350,000					46,650,000				32,700,000				32,700,000				37,050,000				23,100,000				23,850,000				15,450,000
		(3,600,000	)				(3,150,000	)			(300,000	)			(1,500,000	)			(300,000	)			(150,000	)			-				(450,000	)
		104,700,000					61,200,000				55,950,000				24,750,000				36,600,001				13,650,001				22,050,001				7,050,001
		144,450,000					104,700,000				88,350,000				55,950,000				73,350,001				36,600,001				45,900,001				22,050,001

 307 

Statements of Changes in Net Assets–(continued)

For the six months ended February 29, 2024 and the year ended August 31, 2023

(Unaudited)

 

	Invesco BulletShares 2030 Corporate Bond ETF (BSCU)										Invesco BulletShares 2031 Corporate Bond ETF (BSCV)
	Six Months Ended February  29, 2024					Year Ended August 31, 2023					Six Months Ended February  29, 2024					Year Ended August 31, 2023
Operations:
Net investment income		$	9,340,229				$	6,892,666				$	6,906,895				$	4,906,520
Net realized gain (loss)			(29,458	)				(385,378	)				270,048					137,586
Change in net unrealized appreciation (depreciation)			4,325,365					(2,613,034	)				3,676,661					(2,929,975	)
Net increase in net assets resulting from operations			13,636,136					3,894,254					10,853,604					2,114,131
Distributions to Shareholders from:
Distributable earnings			(8,787,662	)				(6,959,857	)				(6,617,004	)				(4,917,628	)
Shareholder Transactions:
Proceeds from shares sold			359,487,849					159,096,524					208,812,938					164,738,275
Value of shares repurchased			-					-					(9,508,918	)				(7,219,590	)
Net increase (decrease) in net assets resulting from share transactions			359,487,849					159,096,524					199,304,020					157,518,685
Net increase (decrease) in net assets			364,336,323					156,030,921					203,540,620					154,715,188
Net assets:
Beginning of period			257,395,689					101,364,768					193,983,801					39,268,613
End of period		$	621,732,012				$	257,395,689				$	397,524,421				$	193,983,801
Changes in Shares Outstanding:
Shares sold			22,200,000					9,900,000					13,200,000					10,350,000
Shares repurchased			-					-					(600,000	)				(450,000	)
Shares outstanding, beginning of period			16,050,001					6,150,001					12,300,001					2,400,001
Shares outstanding, end of period			38,250,001					16,050,001					24,900,001					12,300,001

^(a)  For the period September 6, 2022 (commencement of investment operations) through August 31, 2023.

^(b)  For the period September 18, 2023 (commencement of investment operations) through February 29, 2024.

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

 308 

Invesco BulletShares 2032 Corporate Bond ETF (BSCW)									Invesco BulletShares 2033 Corporate Bond ETF (BSCX)				Invesco BulletShares 2024 High Yield Corporate Bond ETF (BSJO)								Invesco BulletShares 2025 High Yield Corporate Bond ETF (BSJP)
Six Months  Ended February 29, 2024					Period Ended August  31, 2023(a)				Period Ended February 29, 2024(b)				Six Months  Ended February 29, 2024				Year Ended August 31, 2023				Six Months  Ended February 29, 2024				Year Ended August 31, 2023
	$	6,349,338				$	2,190,423			$	1,747,726			$	21,298,487			$	33,081,339			$	32,639,186			$	38,400,101
		235,274					(86,900	)			225				1,189,957				(10,967,121	)			4,818,591				(5,396,279	)
		3,004,321					(1,599,833	)			(1,670,522	)			4,965,932				19,244,305				7,122,022				16,149,032
		9,588,933					503,690				77,429				27,454,376				41,358,523				44,579,799				49,152,854
		(6,185,557	)				(2,192,792	)			(1,321,593	)			(21,224,114	)			(33,430,307	)			(36,386,540	)			(37,484,424	)
		229,512,526					147,541,251				184,042,353				112,799,393				272,660,037				226,824,498				764,101,499
		(5,860,423	)				(2,834,641	)			-				(24,889,619	)			(109,449,136	)			(594,195,221	)			(40,099,794	)
		223,652,103					144,706,610				184,042,353				87,909,774				163,210,901				(367,370,723	)			724,001,705
		227,055,479					143,017,508				182,798,189				94,140,036				171,139,117				(359,177,464	)			735,670,135
		143,017,508					-				-				652,920,878				481,781,761				1,136,056,362				400,386,227
	$	370,072,987				$	143,017,508			$	182,798,189			$	747,060,914			$	652,920,878			$	776,878,898			$	1,136,056,362
		11,550,000					7,350,001				8,850,001				5,000,000				12,200,000				10,000,000				34,100,000
		(300,000	)				(150,000	)			-				(1,100,000	)			(4,900,000	)			(26,200,000	)			(1,800,000	)
		7,200,001					-				-				29,000,000				21,700,000				50,200,000				17,900,000
		18,450,001					7,200,001				8,850,001				32,900,000				29,000,000				34,000,000				50,200,000

 309 

Statements of Changes in Net Assets–(continued)

For the six months ended February 29, 2024 and the year ended August 31, 2023

(Unaudited)

 

	Invesco BulletShares 2026 High Yield Corporate Bond ETF (BSJQ)								Invesco BulletShares 2027 High Yield Corporate Bond ETF (BSJR)
	Six Months Ended February  29, 2024				Year Ended August 31, 2023				Six Months Ended February  29, 2024				Year Ended August 31, 2023
Operations:
Net investment income		$	12,407,962			$	16,035,319			$	4,717,824			$	4,988,098
Net realized gain (loss)			(2,898,919	)			(5,674,439	)			(663,136	)			(1,421,731	)
Change in net unrealized appreciation			5,671,578				7,517,896				3,660,371				1,797,667
Net increase in net assets resulting from operations			15,180,621				17,878,776				7,715,059				5,364,034
Distributions to Shareholders from:
Distributable earnings			(12,330,111	)			(16,049,115	)			(4,619,489	)			(4,974,891	)
Shareholder Transactions:
Proceeds from shares sold			156,159,014				127,337,268				68,218,111				60,538,932
Value of shares repurchased			(6,920,407	)			(15,796,746	)			-				-
Net increase in net assets resulting from share transactions			149,238,607				111,540,522				68,218,111				60,538,932
Net increase in net assets			152,089,117				113,370,183				71,313,681				60,928,075
Net assets:
Beginning of period			304,199,033				190,828,850				106,308,372				45,380,297
End of period		$	456,288,150			$	304,199,033			$	177,622,053			$	106,308,372
Changes in Shares Outstanding:
Shares sold			6,800,000				5,600,000				3,100,000				2,800,000
Shares repurchased			(300,000	)			(700,000	)			-				-
Shares outstanding, beginning of period			13,300,001				8,400,001				4,900,001				2,100,001
Shares outstanding, end of period			19,800,001				13,300,001				8,000,001				4,900,001

^(a)  For the period September 6, 2022 (commencement of investment operations) through August 31, 2023.

^(b)  For the period September 18, 2023 (commencement of investment operations) through February 29, 2024.

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

 310 

Invesco BulletShares 2028 High Yield Corporate Bond ETF (BSJS)									Invesco BulletShares 2029 High Yield Corporate Bond ETF (BSJT)								Invesco BulletShares 2030 High Yield Corporate Bond ETF (BSJU)								Invesco BulletShares 2031 High Yield Corporate Bond ETF (BSJV)
Six Months  Ended February 29, 2024					Year Ended August 31, 2023				Six Months  Ended February 29, 2024				Year Ended August 31, 2023				Six Months  Ended February 29, 2024				Period Ended August  31, 2023(a)				Period Ended February  29, 2024(b)
	$	3,591,540				$	2,616,860			$	919,644			$	916,442			$	844,973			$	495,915			$	337,402
		(504,889	)				(865,202	)			(110,089	)			(274,789	)			31,803				(68,303	)			111,562
		2,528,401					639,395				908,208				220,017				841,367				15,783				58,778
		5,615,052					2,391,053				1,717,763				861,670				1,718,143				443,395				507,742
		(3,398,567	)				(2,606,497	)			(882,620	)			(911,111	)			(834,342	)			(496,088	)			(323,834	)
		93,739,467					41,934,639				18,681,460				14,176,869				29,852,082				12,397,172				23,177,755
		-					-				-				(1,979,925	)			-				-				(2,618,016	)
		93,739,467					41,934,639				18,681,460				12,196,944				29,852,082				12,397,172				20,559,739
		95,955,952					41,719,195				19,516,603				12,147,503				30,735,883				12,344,479				20,743,647
		65,038,350					23,319,155				20,329,533				8,182,030				12,344,479				-				-
	$	160,994,302				$	65,038,350			$	39,846,136			$	20,329,533			$	43,080,362			$	12,344,479			$	20,743,647
		4,400,000					2,000,000				900,000				700,000				1,200,000				500,001				900,001
		-					-				-				(100,000	)			-				-				(100,000	)
		3,100,001					1,100,001				1,000,001				400,001				500,001				-				-
		7,500,001					3,100,001				1,900,001				1,000,001				1,700,001				500,001				800,001

 311 

Statements of Changes in Net Assets–(continued)

For the six months ended February 29, 2024 and the year ended August 31, 2023

(Unaudited)

 

	Invesco BulletShares 2024 Municipal Bond ETF (BSMO)										Invesco BulletShares 2025 Municipal Bond ETF (BSMP)
	Six Months Ended February  29, 2024					Year Ended August 31, 2023					Six Months Ended February  29, 2024					Year Ended August 31, 2023
Operations:
Net investment income		$	2,478,922				$	3,319,883				$	2,321,626				$	2,764,069
Net realized gain (loss)			(9,444	)				(35,194	)				(993	)				(296,759	)
Change in net unrealized appreciation (depreciation)			1,210,059					(191,761	)				1,778,337					(526,414	)
Net increase in net assets resulting from operations			3,679,537					3,092,928					4,098,970					1,940,896
Distributions to Shareholders from:
Distributable earnings			(2,448,510	)				(3,395,614	)				(2,288,981	)				(2,772,968	)
Shareholder Transactions:
Proceeds from shares sold			27,147,894					101,050,182					45,902,885					91,981,102
Value of shares repurchased			(7,451,914	)				-					-					-
Transaction fees			55,446					252,625					84,238					229,953
Net increase in net assets resulting from share transactions			19,751,426					101,302,807					45,987,123					92,211,055
Net increase in net assets			20,982,453					101,000,121					47,797,112					91,378,983
Net assets:
Beginning of period			195,085,898					94,085,777					166,909,355					75,530,372
End of period		$	216,068,351				$	195,085,898				$	214,706,467				$	166,909,355
Changes in Shares Outstanding:
Shares sold			1,100,000					4,100,000					1,900,000					3,800,000
Shares repurchased			(300,000	)				-					-					-
Shares outstanding, beginning of period			7,900,001					3,800,001					6,900,001					3,100,001
Shares outstanding, end of period			8,700,001					7,900,001					8,800,001					6,900,001

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

 312 

Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)									Invesco BulletShares 2027 Municipal Bond ETF (BSMR)								Invesco BulletShares 2028 Municipal Bond ETF (BSMS)								Invesco BulletShares 2029 Municipal Bond ETF (BSMT)
Six Months  Ended February 29, 2024					Year Ended August 31, 2023				Six Months  Ended February 29, 2024				Year Ended August 31, 2023				Six Months  Ended February 29, 2024				Year Ended August 31, 2023				Six Months  Ended February 29, 2024				Year Ended August 31, 2023
	$	1,829,525				$	2,139,596			$	1,419,746			$	1,779,822			$	1,133,012			$	1,347,779			$	846,606			$	1,019,668
		(53,408	)				(251,703	)			139				(13,991	)			(86,833	)			(251,344	)			1,555				(251,014	)
		1,747,254					(569,644	)			1,484,726				(469,520	)			1,808,064				(56,364	)			1,501,844				(5,521	)
		3,523,371					1,318,249				2,904,611				1,296,311				2,854,243				1,040,071				2,350,005				763,133
		(1,776,095	)				(2,174,116	)			(1,406,561	)			(1,774,812	)			(1,117,337	)			(1,345,331	)			(828,653	)			(1,015,265	)
		56,105,213					72,368,765				30,603,397				65,296,405				30,092,356				48,379,989				36,807,256				29,480,296
		-					-				-				-				-				-				-				-
		140,263					180,922				76,509				163,241				75,231				120,950				92,018				73,701
		56,245,476					72,549,687				30,679,906				65,459,646				30,167,587				48,500,939				36,899,274				29,553,997
		57,992,752					71,693,820				32,177,956				64,981,145				31,904,493				48,195,679				38,420,626				29,301,865
		114,134,830					42,441,010				90,899,810				25,918,665				69,137,400				20,941,721				47,616,034				18,314,169
	$	172,127,582				$	114,134,830			$	123,077,766			$	90,899,810			$	101,041,893			$	69,137,400			$	86,036,660			$	47,616,034
		2,400,000					3,100,000				1,300,000				2,800,000				1,300,000				2,100,000				1,600,000				1,300,000
		-					-				-				-				-				-				-				-
		4,900,001					1,800,001				3,900,001				1,100,001				3,000,001				900,001				2,100,001				800,001
		7,300,001					4,900,001				5,200,001				3,900,001				4,300,001				3,000,001				3,700,001				2,100,001

 313 

Statements of Changes in Net Assets–(continued)

For the six months ended February 29, 2024 and the year ended August 31, 2023

(Unaudited)

 

	Invesco BulletShares 2030 Municipal Bond ETF (BSMU)										Invesco BulletShares 2031 Municipal Bond ETF (BSMV)
	Six Months Ended February  29, 2024					Year Ended August 31, 2023					Six Months Ended February  29, 2024					Year Ended August 31, 2023
Operations:
Net investment income		$	948,215				$	982,107				$	638,448				$	468,815
Net realized gain (loss)			1,694					(371,718	)				(63	)				(75,360	)
Change in net unrealized appreciation (depreciation)			1,980,347					(285,726	)				2,041,724					(359,114	)
Net increase (decrease) in net assets resulting from operations			2,930,256					324,663					2,680,109					34,341
Distributions to Shareholders from:
Distributable earnings			(928,319	)				(982,991	)				(613,396	)				(473,004	)
Shareholder Transactions:
Proceeds from shares sold			28,253,062					28,348,103					24,462,245					16,906,619
Transaction fees			70,633					70,870					61,156					42,267
Net increase in net assets resulting from share transactions			28,323,695					28,418,973					24,523,401					16,948,886
Net increase in net assets			30,325,632					27,760,645					26,590,114					16,510,223
Net assets:
Beginning of period			51,638,893					23,878,248					28,943,303					12,433,080
End of period		$	81,964,525				$	51,638,893				$	55,533,417				$	28,943,303
Changes in Shares Outstanding:
Shares sold			1,300,000					1,300,000					1,200,000					800,000
Shares outstanding, beginning of period			2,400,001					1,100,001					1,400,001					600,001
Shares outstanding, end of period			3,700,001					2,400,001					2,600,001					1,400,001

^(a)  For the period February 27, 2023 (commencement of investment operations) through August 31, 2023.

^(b)  For the period September 18, 2023 (commencement of investment operations) through February 29, 2024.

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

 314 

Invesco BulletShares 2032 Municipal Bond ETF (BSMW)									Invesco BulletShares 2033 Municipal Bond ETF (BSSX)
Six Months  Ended February 29, 2024					Period Ended August  31, 2023(a)				Period Ended February 29, 2024(b)
	$	682,757				$	139,743			$	209,118
		73,836					156				3,314
		1,942,764					(371,433	)			432,849
		2,699,357					(231,534	)			645,281
		(644,701	)				(142,431	)			(220,017	)
		36,975,298					20,171,154				28,404,321
		92,438					37,928				58,511
		37,067,736					20,209,082				28,462,832
		39,122,392					19,835,117				28,888,096
		19,835,117					-				-
	$	58,957,509				$	19,835,117			$	28,888,096
		1,500,000					800,001				1,100,001
		800,001					-				-
		2,300,001					800,001				1,100,001

 315 

Financial Highlights

Invesco BulletShares 2024 Corporate Bond ETF (BSCO)

	Six Months Ended February 29, 2024				Years Ended August 31,
	(Unaudited)				2023				2022				2021				2020				2019
Per Share Operating Performance:
Net asset value at beginning of period		$	20.66			$	20.69			$	22.16			$	22.26			$	21.44			$	20.15
Net investment income(a)			0.31				0.57				0.41				0.44				0.58				0.68
Net realized and unrealized gain (loss) on investments			0.28				(0.03	)(b)			(1.45	)			(0.09	)			0.83				1.30
Total from investment operations			0.59				0.54				(1.04	)			0.35				1.41				1.98
Distributions to shareholders from:
Net investment income			(0.31	)			(0.57	)			(0.39	)			(0.45	)			(0.59	)			(0.69	)
Net realized gains			-				-				(0.04	)			-				-				-
Total distributions			(0.31	)			(0.57	)			(0.43	)			(0.45	)			(0.59	)			(0.69	)
Net asset value at end of period		$	20.94			$	20.66			$	20.69			$	22.16			$	22.26			$	21.44
Market price at end of period(c)		$	20.95			$	20.67			$	20.67			$	22.18			$	22.28			$	21.50
Net Asset Value Total Return(d)			2.87	%			2.67	%			(4.76	)%			1.59	%			6.72	%			10.08	%
Market Price Total Return(d)			2.87	%			2.81	%			(4.93	)%			1.59	%			6.51	%			10.11	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	3,624,880			$	3,892,632			$	3,299,476			$	1,632,038			$	1,085,251			$	575,698
Ratio to average net assets of:
Expenses			0.10	%(e)			0.10	%			0.10	%			0.10	%			0.10	%			0.10	%
Net investment income			2.99	%(e)			2.79	%			1.93	%			2.00	%			2.70	%			3.29	%
Portfolio turnover rate(f)			1	%			3	%			11	%			7	%			6	%			5	%

^(a)  Based on average shares outstanding.

^(b)  Net realized and unrealized gain (loss) on investments per share may not correlate with the Fund’s net realized and unrealized gain (loss) due to timing of shareholder transactions in relation to the fluctuating market values of the Fund’s investments.

^(c)  The mean between the last bid and ask prices.

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

^(e)  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.

 316 

Financial Highlights–(continued)

Invesco BulletShares 2025 Corporate Bond ETF (BSCP)

	Six Months Ended February 29, 2024				Years Ended August 31,
	(Unaudited)				2023				2022				2021				2020				2019
Per Share Operating Performance:
Net asset value at beginning of period		$	20.17			$	20.40			$	22.30			$	22.44			$	21.41			$	19.89
Net investment income(a)			0.38				0.64				0.41				0.41				0.60				0.70
Net realized and unrealized gain (loss) on investments			0.22				(0.25	)			(1.88	)			(0.13	)			1.05				1.51
Total from investment operations			0.60				0.39				(1.47	)			0.28				1.65				2.21
Distributions to shareholders from:
Net investment income			(0.37	)			(0.62	)			(0.39	)			(0.42	)			(0.62	)			(0.69	)
Net realized gains			-				-				(0.04	)			-				-				-
Total distributions			(0.37	)			(0.62	)			(0.43	)			(0.42	)			(0.62	)			(0.69	)
Net asset value at end of period		$	20.40			$	20.17			$	20.40			$	22.30			$	22.44			$	21.41
Market price at end of period(b)		$	20.42			$	20.18			$	20.37			$	22.31			$	22.45			$	21.44
Net Asset Value Total Return(c)			3.02	%			1.99	%			(6.63	)%			1.25	%			7.86	%			11.39	%
Market Price Total Return(c)			3.06	%			2.19	%			(6.81	)%			1.25	%			7.75	%			11.14	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	3,623,227			$	2,846,919			$	1,664,398			$	1,056,865			$	632,834			$	311,561
Ratio to average net assets of:
Expenses			0.10	%(d)			0.10	%			0.10	%			0.10	%			0.10	%			0.10	%
Net investment income			3.77	%(d)			3.20	%			1.93	%			1.85	%			2.77	%			3.42	%
Portfolio turnover rate(e)			1	%			1	%			10	%			8	%			9	%			3	%

^(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.

 317 

Financial Highlights–(continued)

Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)

	Six Months Ended February 29, 2024				Years Ended August 31,
	(Unaudited)				2023				2022				2021				2020				2019
Per Share Operating Performance:
Net asset value at beginning of period		$	18.93			$	19.26			$	21.56			$	21.75			$	20.57			$	18.84
Net investment income(a)			0.36				0.65				0.43				0.43				0.57				0.66
Net realized and unrealized gain (loss) on investments			0.23				(0.34	)			(2.31	)			(0.18	)			1.20				1.71
Total from investment operations			0.59				0.31				(1.88	)			0.25				1.77				2.37
Distributions to shareholders from:
Net investment income			(0.36	)			(0.64	)			(0.42	)			(0.44	)			(0.58	)			(0.66	)
Net realized gains			-				-				(0.00	)(b)			-				(0.02	)			(0.00	)(b)
Total distributions			(0.36	)			(0.64	)			(0.42	)			(0.44	)			(0.60	)			(0.66	)
Transaction fees(a)			-				-				-				-				0.01				0.02
Net asset value at end of period		$	19.16			$	18.93			$	19.26			$	21.56			$	21.75			$	20.57
Market price at end of period(c)		$	19.18			$	18.94			$	19.21			$	21.58			$	21.78			$	20.62
Net Asset Value Total Return(d)			3.13	%			1.64	%			(8.79	)%			1.16	%			8.85	%			13.05	%
Market Price Total Return(d)			3.18	%			1.95	%			(9.11	)%			1.11	%			8.73	%			13.07	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	2,767,752			$	1,982,408			$	1,178,455			$	578,885			$	293,682			$	132,679
Ratio to average net assets of:
Expenses			0.10	%(e)			0.10	%			0.10	%			0.10	%			0.10	%			0.10	%
Net investment income			3.84	%(e)			3.42	%			2.17	%			2.01	%			2.76	%			3.42	%
Portfolio turnover rate(f)			2	%			1	%			4	%			2	%			7	%			4	%

^(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.

 318 

Financial Highlights–(continued)

Invesco BulletShares 2027 Corporate Bond ETF (BSCR)

	Six Months Ended February 29, 2024				Years Ended August 31,
	(Unaudited)				2023				2022				2021				2020				2019
Per Share Operating Performance:
Net asset value at beginning of period		$	18.99			$	19.37			$	22.01			$	22.06			$	20.99			$	19.13
Net investment income(a)			0.40				0.68				0.46				0.47				0.60				0.71
Net realized and unrealized gain (loss) on investments			0.20				(0.39	)			(2.64	)			(0.05	)			1.08				1.84
Total from investment operations			0.60				0.29				(2.18	)			0.42				1.68				2.55
Distributions to shareholders from:
Net investment income			(0.38	)			(0.66	)			(0.45	)			(0.47	)			(0.61	)			(0.72	)
Net realized gains			-				(0.01	)			(0.01	)			-				(0.01	)			-
Total distributions			(0.38	)			(0.67	)			(0.46	)			(0.47	)			(0.62	)			(0.72	)
Transaction fees(a)			-				-				-				-				0.01				0.03
Net asset value at end of period		$	19.21			$	18.99			$	19.37			$	22.01			$	22.06			$	20.99
Market price at end of period(b)		$	19.21			$	19.00			$	19.29			$	22.04			$	22.07			$	21.05
Net Asset Value Total Return(c)			3.21	%			1.53	%			(9.99	)%			1.94	%			8.25	%			13.87	%
Market Price Total Return(c)			3.16	%			2.01	%			(10.48	)%			2.04	%			7.98	%			14.01	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	1,697,199			$	1,062,506			$	479,527			$	353,298			$	231,616			$	72,410
Ratio to average net assets of:
Expenses			0.10	%(d)			0.10	%			0.10	%			0.10	%			0.10	%			0.11	%(e)
Net investment income			4.20	%(d)			3.60	%			2.26	%			2.15	%			2.83	%			3.64	%(e)
Portfolio turnover rate(f)			0	%			1	%			4	%			2	%			7	%			3	%

^(a)  Based on average shares outstanding.

^(b)  The mean between the last bid and ask prices.

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

^(d)  Annualized.

^(e)  Ratios include non-recurring costs associated with a proxy statement of 0.01%.

^(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.

 319 

Financial Highlights–(continued)

Invesco BulletShares 2028 Corporate Bond ETF (BSCS)

	Six Months Ended February 29, 2024				Years Ended August 31,
	(Unaudited)				2023				2022				2021				2020				2019
Per Share Operating Performance:
Net asset value at beginning of period		$	19.68			$	20.03			$	23.17			$	23.25			$	22.11			$	20.06
Net investment income(a)			0.44				0.76				0.47				0.52				0.64				0.77
Net realized and unrealized gain (loss) on investments			0.26				(0.38	)			(3.13	)			(0.09	)(b)			1.12				1.97
Total from investment operations			0.70				0.38				(2.66	)			0.43				1.76				2.74
Distributions to shareholders from:
Net investment income			(0.42	)			(0.73	)			(0.47	)			(0.51	)			(0.65	)			(0.76	)
Net realized gains			-				-				(0.01	)			-				(0.00	)(c)			-
Total distributions			(0.42	)			(0.73	)			(0.48	)			(0.51	)			(0.65	)			(0.76	)
Transaction fees(a)			-				-				-				-				0.03				0.07
Net asset value at end of period		$	19.96			$	19.68			$	20.03			$	23.17			$	23.25			$	22.11
Market price at end of period(d)		$	19.96			$	19.69			$	19.96			$	23.18			$	23.25			$	22.17
Net Asset Value Total Return(e)			3.57	%			1.97	%			(11.62	)%			1.90	%			8.33	%			14.38	%
Market Price Total Return(e)			3.52	%			2.38	%			(11.96	)%			1.95	%			8.03	%			14.51	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	1,464,017			$	720,429			$	273,454			$	225,925			$	129,018			$	36,483
Ratio to average net assets of:
Expenses			0.10	%(f)			0.10	%			0.10	%			0.10	%			0.10	%			0.12	%(g)
Net investment income			4.51	%(f)			3.86	%			2.20	%			2.24	%			2.89	%			3.74	%(g)
Portfolio turnover rate(h)			0	%(i)			1	%			7	%			2	%			3	%			1	%

^(a)  Based on average shares outstanding.

^(b)  Net realized and unrealized gain (loss) on investments per share may not correlate with the Fund’s net realized and unrealized gain (loss) due to timing of shareholder transactions in relation to the fluctuating market values of the Fund’s investments.

^(c)  Amount represents less than $0.005.

^(d)  The mean between the last bid and ask prices.

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

^(f)  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.

⁽ⁱ⁾  Amount represents less than 0.5%.

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

 320 

Financial Highlights–(continued)

Invesco BulletShares 2029 Corporate Bond ETF (BSCT)

	Six Months Ended February 29, 2024				Years Ended August 31,												For the Period September 10, 2019(a) Through August 31,
	(Unaudited)				2023				2022				2021				2020
Per Share Operating Performance:
Net asset value at beginning of period		$	17.89			$	18.22			$	21.37			$	21.51			$	20.00
Net investment income(b)			0.40				0.69				0.43				0.42				0.51
Net realized and unrealized gain (loss) on investments			0.24				(0.38	)			(3.15	)			(0.14	)			1.47
Total from investment operations			0.64				0.31				(2.72	)			0.28				1.98
Distributions to shareholders from:
Net investment income			(0.38	)			(0.64	)			(0.43	)			(0.42	)			(0.51	)
Net realized gains			-				-				(0.00	)(c)			-				-
Total distributions			(0.38	)			(0.64	)			(0.43	)			(0.42	)			(0.51	)
Transaction fees(b)			-				-				-				-				0.04
Net asset value at end of period		$	18.15			$	17.89			$	18.22			$	21.37			$	21.51
Market price at end of period(d)		$	18.17			$	17.90			$	18.14			$	21.39			$	21.51
Net Asset Value Total Return(e)			3.63	%			1.79	%			(12.84	)%			1.31	%			10.29	%(f)
Market Price Total Return(e)			3.69	%			2.29	%			(13.30	)%			1.41	%			10.28	%(f)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	833,187			$	394,520			$	128,462			$	112,209			$	25,815
Ratio to average net assets of:
Expenses			0.10	%(g)			0.10	%			0.10	%			0.10	%			0.10	%(g)
Net investment income			4.49	%(g)			3.85	%			2.19	%			1.98	%			2.55	%(g)
Portfolio turnover rate(h)			0	%			1	%			6	%			0	%(i)			1	%

^(a)  Commencement of investment operations.

^(b)  Based on average shares outstanding.

^(c)  Amount represents less than $0.005.

^(d)  The mean between the last bid and ask prices.

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

^(f)  The net asset value total return from Fund Inception (September 12, 2019, the first day of trading on the exchange) to August 31, 2020 was 10.96%. The market price total return from Fund Inception to August 31, 2020 was 10.45%.

^(g)  Annualized.

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

⁽ⁱ⁾  Amount represents less than 0.5%.

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

 321 

Financial Highlights–(continued)

Invesco BulletShares 2030 Corporate Bond ETF (BSCU)

	Six Months Ended February 29, 2024				Years Ended August 31,								For the Period September 14, 2020(a) Through August 31,
	(Unaudited)				2023				2022				2021
Per Share Operating Performance:
Net asset value at beginning of period		$	16.04			$	16.48			$	19.77			$	20.00
Net investment income(b)			0.38				0.65				0.45				0.36
Net realized and unrealized gain (loss) on investments			0.18				(0.45	)			(3.32	)			(0.27	)
Total from investment operations			0.56				0.20				(2.87	)			0.09
Distributions to shareholders from:
Net investment income			(0.35	)			(0.64	)			(0.42	)			(0.32	)
Net asset value at end of period		$	16.25			$	16.04			$	16.48			$	19.77
Market price at end of period(c)		$	16.27			$	16.03			$	16.38			$	19.79
Net Asset Value Total Return(d)			3.55	%			1.27	%			(14.67	)%			0.45	%(e)
Market Price Total Return(d)			3.74	%			1.82	%			(15.27	)%			0.55	%(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	621,732			$	257,396			$	101,365			$	26,691
Ratio to average net assets of:
Expenses			0.10	%(f)			0.10	%			0.10	%			0.10	%(f)
Net investment income			4.75	%(f)			4.06	%			2.60	%			1.89	%(f)
Portfolio turnover rate(g)			0	%(h)			0	%			3	%			3	%

^(a)  Commencement of investment operations.

^(b)  Based on average shares outstanding.

^(c)  The mean between the last bid and ask prices.

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

^(e)  The net asset value total return from Fund Inception (September 16, 2020, the first day of trading on the exchange) to August 31, 2021 was 0.55%. The market price total return from Fund Inception to August 31, 2021 was 0.55%.

^(f)  Annualized.

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

^(h)  Amount represents less than 0.5%.

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

 322 

Financial Highlights–(continued)

Invesco BulletShares 2031 Corporate Bond ETF (BSCV)

	Six Months Ended February 29, 2024 (Unaudited)					Year Ended August 31, 2023					For the Period September 13, 2021(a) Through August 31, 2022
Per Share Operating Performance:
Net asset value at beginning of period		$	15.77				$	16.36				$	20.00
Net investment income(b)			0.39					0.73					0.47
Net realized and unrealized gain (loss) on investments			0.17					(0.62	)				(3.68	)
Total from investment operations			0.56					0.11					(3.21	)
Distributions to shareholders from:
Net investment income			(0.37	)				(0.70	)				(0.43	)
Net asset value at end of period		$	15.96				$	15.77				$	16.36
Market price at end of period(c)		$	15.97				$	15.77				$	16.30
Net Asset Value Total Return(d)			3.64	%				0.73	%				(16.17	)%(e)
Market Price Total Return(d)			3.70	%				1.10	%				(16.48	)%(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	397,524				$	193,984				$	39,269
Ratio to average net assets of:
Expenses			0.10	%(f)				0.10	%				0.10	%(f)
Net investment income			5.03	%(f)				4.63	%				2.81	%(f)
Portfolio turnover rate(g)			0	%				0	%				1	%

^(a)  Commencement of investment operations.

^(b)  Based on average shares outstanding.

^(c)  The mean between the last bid and ask prices.

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

^(e)  The net asset value total return from Fund Inception (September 15, 2021, the first day of trading on the exchange) to August 31, 2022 was (16.25)%. The market price total return from Fund Inception to August 31, 2022 was (16.60)%.

^(f)  Annualized.

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

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

 323 

Financial Highlights–(continued)

Invesco BulletShares 2032 Corporate Bond ETF (BSCW)

	Six Months Ended February 29, 2024 (Unaudited)					For the Period September 6, 2022(a) Through August  31, 2023
Per Share Operating Performance:
Net asset value at beginning of period		$	19.86				$	20.00
Net investment income(b)			0.52					0.99
Net realized and unrealized gain (loss) on investments			0.18					(0.25	)
Total from investment operations			0.70					0.74
Distributions to shareholders from:
Net investment income			(0.50	)				(0.88	)
Net asset value at end of period		$	20.06				$	19.86
Market price at end of period(c)		$	20.08				$	19.86
Net Asset Value Total Return(d)			3.58	%				3.74	%(e)
Market Price Total Return(d)			3.68	%				3.75	%(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	370,073				$	143,018
Ratio to average net assets of:
Expenses			0.10	%(f)				0.10	%(f)
Net investment income			5.28	%(f)				5.08	%(f)
Portfolio turnover rate(g)			0	%				7	%

^(a)  Commencement of investment operations.

^(b)  Based on average shares outstanding.

^(c)  The mean between the last bid and ask prices.

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

^(e)  The net asset value total return from Fund Inception (September 8, 2022, the first day of trading on the exchange) to August 31, 2023 was 3.40%. The market price total return from Fund Inception to August 31, 2023 was 3.43%.

^(f)  Annualized.

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

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

 324 

Financial Highlights–(continued)

Invesco BulletShares 2033 Corporate Bond ETF (BSCX)

	For the Period September 18, 2023(a) Through February 29, 2024 (Unaudited)
Per Share Operating Performance:
Net asset value at beginning of period		$	20.00
Net investment income(b)			0.47
Net realized and unrealized gain on investments			0.55
Total from investment operations			1.02
Distributions to shareholders from:
Net investment income			(0.36	)
Net asset value at end of period		$	20.66
Market price at end of period(c)		$	20.69
Net Asset Value Total Return(d)			5.14	%(e)
Market Price Total Return(d)			5.29	%(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	182,798
Ratio to average net assets of:
Expenses			0.12	%(f)
Net investment income			5.11	%(f)
Portfolio turnover rate(g)			0	%

^(a)  Commencement of investment operations.

^(b)  Based on average shares outstanding.

^(c)  The mean between the last bid and ask prices.

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

^(e)  The net asset value total return from Fund Inception (September 20, 2023, the first day of trading on the exchange) to February 29, 2024 was 5.41%. The market price total return from Fund Inception to February 29, 2024 was 5.45%.

^(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.

 325 

Financial Highlights–(continued)

Invesco BulletShares 2024 High Yield Corporate Bond ETF (BSJO)

	Six Months Ended February 29, 2024				Years Ended August 31,
	(Unaudited)				2023				2022				2021				2020				2019
Per Share Operating Performance:
Net asset value at beginning of period		$	22.51			$	22.20			$	25.09			$	24.34			$	25.20			$	24.85
Net investment income(a)			0.68				1.34				1.00				1.06				1.17				1.34
Net realized and unrealized gain (loss) on investments			0.20				0.31				(2.91	)			0.75				(0.87	)			0.39
Total from investment operations			0.88				1.65				(1.91	)			1.81				0.30				1.73
Distributions to shareholders from:
Net investment income			(0.68	)			(1.34	)			(0.98	)			(1.06	)			(1.18	)			(1.37	)
Net realized gains			-				-				-				-				-				(0.05	)
Total distributions			(0.68	)			(1.34	)			(0.98	)			(1.06	)			(1.18	)			(1.42	)
Transaction fees(a)			-				-				-				-				0.02				0.04
Net asset value at end of period		$	22.71			$	22.51			$	22.20			$	25.09			$	24.34			$	25.20
Market price at end of period(b)		$	22.71			$	22.54			$	22.14			$	25.10			$	24.34			$	25.22
Net Asset Value Total Return(c)			3.96	%			7.70	%			(7.76	)%			7.60	%			1.45	%			7.44	%
Market Price Total Return(c)			3.81	%			8.13	%			(8.04	)%			7.64	%			1.38	%			7.22	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	747,061			$	652,921			$	481,782			$	363,855			$	175,241			$	98,261
Ratio to average net assets of:
Expenses, after Waivers			0.41	%(d)			0.42	%			0.42	%			0.42	%			0.42	%			0.42	%(e)
Expenses, prior to Waivers			0.42	%(d)			0.42	%			0.42	%			0.42	%			0.42	%			0.43	%(e)
Net investment income			6.06	%(d)			6.01	%			4.24	%			4.26	%			4.84	%			5.43	%(e)
Portfolio turnover rate(f)			34	%			78	%			58	%			52	%			34	%			22	%

^(a)  Based on average shares outstanding.

^(b)  The mean between the last bid and ask prices.

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

^(d)  Annualized.

^(e)  Ratios include non-recurring costs associated with a proxy statement of 0.01%.

^(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.

 326 

Financial Highlights–(continued)

Invesco BulletShares 2025 High Yield Corporate Bond ETF (BSJP)

	Six Months Ended February 29, 2024				Years Ended August 31,
	(Unaudited)				2023				2022				2021				2020				2019
Per Share Operating Performance:
Net asset value at beginning of period		$	22.63			$	22.37			$	24.61			$	23.77			$	24.48			$	24.28
Net investment income(a)			0.79				1.49				1.10				1.10				1.27				1.43
Net realized and unrealized gain (loss) on investments			0.35				0.19				(2.26	)			0.85				(0.71	)			0.15
Total from investment operations			1.14				1.68				(1.16	)			1.95				0.56				1.58
Distributions to shareholders from:
Net investment income			(0.92	)			(1.42	)			(1.08	)			(1.11	)			(1.29	)			(1.43	)
Transaction fees(a)			-				-				-				-				0.02				0.05
Net asset value at end of period		$	22.85			$	22.63			$	22.37			$	24.61			$	23.77			$	24.48
Market price at end of period(b)		$	22.87			$	22.67			$	22.28			$	24.63			$	23.74			$	24.53
Net Asset Value Total Return(c)			5.17	%			7.79	%			(4.84	)%			8.37	%			2.58	%			7.06	%
Market Price Total Return(c)			5.07	%			8.41	%			(5.29	)%			8.60	%			2.26	%			7.15	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	776,879			$	1,136,056			$	400,386			$	292,895			$	130,753			$	75,879
Ratio to average net assets of:
Expenses, after Waivers			0.42	%(d)			0.42	%			0.42	%			0.42	%			0.42	%			0.42	%(e)
Expenses, prior to Waivers			0.42	%(d)			0.42	%			0.42	%			0.42	%			0.42	%			0.43	%(e)
Net investment income			7.05	%(d)			6.69	%			4.66	%			4.52	%			5.42	%			5.98	%(e)
Portfolio turnover rate(f)			40	%			33	%			42	%			57	%			26	%			14	%

^(a)  Based on average shares outstanding.

^(b)  The mean between the last bid and ask prices.

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

^(d)  Annualized.

^(e)  Ratios include non-recurring costs associated with a proxy statement of 0.01%.

^(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.

 327 

Financial Highlights–(continued)

Invesco BulletShares 2026 High Yield Corporate Bond ETF (BSJQ)

	Six Months Ended February 29, 2024				Years Ended August 31,
	(Unaudited)				2023				2022				2021				2020				2019
Per Share Operating Performance:
Net asset value at beginning of period		$	22.87			$	22.72			$	25.73			$	24.93			$	25.70			$	25.14
Net investment income(a)			0.79				1.46				1.18				1.12				1.24				1.45
Net realized and unrealized gain (loss) on investments			0.16				0.13				(3.02	)			0.80				(0.74	)			0.51
Total from investment operations			0.95				1.59				(1.84	)			1.92				0.50				1.96
Distributions to shareholders from:
Net investment income			(0.78	)			(1.44	)			(1.17	)			(1.12	)			(1.28	)			(1.51	)
Net realized gains			-				-				-				-				(0.02	)			-
Total distributions			(0.78	)			(1.44	)			(1.17	)			(1.12	)			(1.30	)			(1.51	)
Transaction fees(a)			-				-				-				-				0.03				0.11
Net asset value at end of period		$	23.04			$	22.87			$	22.72			$	25.73			$	24.93			$	25.70
Market price at end of period(b)		$	23.09			$	22.90			$	22.59			$	25.74			$	24.88			$	25.75
Net Asset Value Total Return(c)			4.23	%			7.29	%			(7.33	)%			7.86	%			2.31	%			8.62	%
Market Price Total Return(c)			4.31	%			8.04	%			(7.89	)%			8.12	%			1.91	%			8.80	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	456,288			$	304,199			$	190,829			$	115,768			$	74,780			$	25,702
Ratio to average net assets of:
Expenses, after Waivers			0.42	%(d)			0.42	%			0.42	%			0.42	%			0.42	%			0.44	%(e)
Expenses, prior to Waivers			0.42	%(d)			0.42	%			0.42	%			0.42	%			0.42	%			0.45	%(e)
Net investment income			6.94	%(d)			6.45	%			4.88	%			4.41	%			5.07	%			5.79	%(e)
Portfolio turnover rate(f)			16	%			14	%			32	%			37	%			35	%			48	%

^(a)  Based on average shares outstanding.

^(b)  The mean between the last bid and ask prices.

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

^(d)  Annualized.

^(e)  Ratios include non-recurring costs associated with a proxy statement of 0.03%.

^(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.

 328 

Financial Highlights–(continued)

Invesco BulletShares 2027 High Yield Corporate Bond ETF (BSJR)

	Six Months Ended February 29, 2024				Years Ended August 31,												For the Period September 10, 2019(a) Through August 31,
	(Unaudited)				2023				2022				2021				2020
Per Share Operating Performance:
Net asset value at beginning of period		$	21.70			$	21.61			$	25.59			$	24.91			$	25.00
Net investment income(b)			0.76				1.40				1.08				1.08				1.15
Net realized and unrealized gain (loss) on investments			0.47				0.04				(3.85	)			0.70				(0.27	)
Total from investment operations			1.23				1.44				(2.77	)			1.78				0.88
Distributions to shareholders from:
Net investment income			(0.73	)			(1.35	)			(1.10	)			(1.10	)			(1.06	)
Net realized gains			-				-				(0.11	)			-				-
Total distributions			(0.73	)			(1.35	)			(1.21	)			(1.10	)			(1.06	)
Transaction fees(b)			-				-				-				-				0.09
Net asset value at end of period		$	22.20			$	21.70			$	21.61			$	25.59			$	24.91
Market price at end of period(c)		$	22.25			$	21.74			$	21.48			$	25.61			$	24.84
Net Asset Value Total Return(d)			5.80	%			6.95	%			(11.14	)%			7.29	%			4.12	%(e)
Market Price Total Return(d)			5.83	%			7.78	%			(11.75	)%			7.68	%			3.84	%(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	177,622			$	106,308			$	45,380			$	43,509			$	19,925
Ratio to average net assets of:
Expenses, after Waivers			0.42	%(f)			0.42	%			0.42	%			0.42	%			0.41	%(f)
Expenses, prior to Waivers			0.42	%(f)			0.42	%			0.42	%			0.42	%			0.42	%(f)
Net investment income			6.99	%(f)			6.52	%			4.52	%			4.25	%			4.90	%(f)
Portfolio turnover rate(g)			6	%			10	%			25	%			33	%			56	%

^(a)  Commencement of investment operations.

^(b)  Based on average shares outstanding.

^(c)  The mean between the last bid and ask prices.

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

^(e)  The net asset value total return from Fund Inception (September 12, 2019, the first day of trading on the exchange) to August 31, 2020 was 4.32%. The market price total return from Fund Inception to August 31, 2020 was 3.84%.

^(f)  Annualized.

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

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

 329 

Financial Highlights–(continued)

Invesco BulletShares 2028 High Yield Corporate Bond ETF (BSJS)

	Six Months Ended February 29, 2024				Years Ended August 31,								For the Period September 14, 2020(a) Through August 31,
	(Unaudited)				2023				2022				2021
Per Share Operating Performance:
Net asset value at beginning of period		$	20.98			$	21.20			$	25.58			$	25.00
Net investment income(b)			0.77				1.42				1.16				1.03
Net realized and unrealized gain (loss) on investments			0.46				(0.27	)			(4.30	)			0.51
Total from investment operations			1.23				1.15				(3.14	)			1.54
Distributions to shareholders from:
Net investment income			(0.74	)			(1.37	)			(1.14	)			(0.96	)
Net realized gains			-				-				(0.10	)			-
Total distributions			(0.74	)			(1.37	)			(1.24	)			(0.96	)
Net asset value at end of period		$	21.47			$	20.98			$	21.20			$	25.58
Market price at end of period(c)		$	21.53			$	21.02			$	21.13			$	25.61
Net Asset Value Total Return(d)			5.98	%			5.70	%			(12.60	)%			6.25	%(e)
Market Price Total Return(d)			6.07	%			6.23	%			(12.99	)%			6.37	%(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	160,994			$	65,038			$	23,319			$	15,347
Ratio to average net assets of:
Expenses			0.42	%(f)			0.42	%			0.42	%			0.43	%(f)
Net investment income			7.40	%(f)			6.80	%			4.99	%			4.21	%(f)
Portfolio turnover rate(g)			4	%			5	%			17	%			33	%

^(a)  Commencement of investment operations.

^(b)  Based on average shares outstanding.

^(c)  The mean between the last bid and ask prices.

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

^(e)  The net asset value total return from Fund Inception (September 16, 2020, the first day of trading on the exchange) to August 31, 2021 was 6.72%. The market price total return from Fund Inception to August 31, 2021 was 6.92%.

^(f)  Annualized.

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

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

 330 

Financial Highlights–(continued)

Invesco BulletShares 2029 High Yield Corporate Bond ETF (BSJT)

	Six Months Ended February 29, 2024 (Unaudited)					Year Ended August 31, 2023					For the Period September 13, 2021(a) Through August 31, 2022
Per Share Operating Performance:
Net asset value at beginning of period		$	20.33				$	20.46				$	25.00
Net investment income(b)			0.70					1.30					1.07
Net realized and unrealized gain (loss) on investments			0.61					(0.16	)				(4.59	)
Total from investment operations			1.31					1.14					(3.52	)
Distributions to shareholders from:
Net investment income			(0.67	)				(1.27	)				(1.02	)
Net asset value at end of period		$	20.97				$	20.33				$	20.46
Market price at end of period(c)		$	21.02				$	20.38				$	20.41
Net Asset Value Total Return(d)			6.61	%				5.82	%				(14.35	)%(e)
Market Price Total Return(d)			6.59	%				6.32	%				(14.56	)%(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	39,846				$	20,330				$	8,182
Ratio to average net assets of:
Expenses			0.42	%(f)				0.42	%				0.42	%(f)
Net investment income			6.92	%(f)				6.45	%				5.01	%(f)
Portfolio turnover rate(g)			4	%				6	%				10	%

^(a)  Commencement of investment operations.

^(b)  Based on average shares outstanding.

^(c)  The mean between the last bid and ask prices.

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

^(e)  The net asset value total return from Fund Inception (September 15, 2021, the first day of trading on the exchange) to August 31, 2022 was (14.42)%. The market price total return from Fund Inception to August 31, 2022 was (14.87)%.

^(f)  Annualized.

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

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

 331 

Financial Highlights–(continued)

Invesco BulletShares 2030 High Yield Corporate Bond ETF (BSJU)

	Six Months Ended February 29, 2024					For the Period September 6, 2022(a) Through August 31,
	(Unaudited)					2023
Per Share Operating Performance:
Net asset value at beginning of period		$	24.69				$	25.00
Net investment income(b)			0.90					1.75
Net realized and unrealized gain (loss) on investments			0.46					(0.35	)
Total from investment operations			1.36					1.40
Distributions to shareholders from:
Net investment income			(0.71	)				(1.71	)
Net asset value at end of period		$	25.34				$	24.69
Market price at end of period(c)		$	25.37				$	24.73
Net Asset Value Total Return(d)			6.26	%				5.91	%(e)
Market Price Total Return(d)			6.21	%				6.06	%(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	43,080				$	12,344
Ratio to average net assets of:
Expenses			0.42	%(f)				0.42	%(f)
Net investment income			7.33	%(f)				7.25	%(f)
Portfolio turnover rate(g)			9	%				11	%

^(a)  Commencement of investment operations.

^(b)  Based on average shares outstanding.

^(c)  The mean between the last bid and ask prices.

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

^(e)  The net asset value total return from Fund Inception (September 8, 2022, the first day of trading on the exchange) to August 31, 2023 was 5.19%. The market price total return from Fund Inception to August 31, 2023 was 4.76%.

^(f)  Annualized.

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

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

 332 

Financial Highlights–(continued)

Invesco BulletShares 2031 High Yield Corporate Bond ETF (BSJV)

	For the Period September 18, 2023(a) Through February 29, 2024
	(Unaudited)
Per Share Operating Performance:
Net asset value at beginning of period		$	25.00
Net investment income(b)			0.79
Net realized and unrealized gain on investments			0.83
Total from investment operations			1.62
Distributions to shareholders from:
Net investment income			(0.69	)
Net asset value at end of period		$	25.93
Market price at end of period(c)		$	25.97
Net Asset Value Total Return(d)			6.57	%(e)
Market Price Total Return(d)			6.72	%(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	20,744
Ratio to average net assets of:
Expenses			0.43	%(f)
Net investment income			6.96	%(f)
Portfolio turnover rate(g)			12	%

^(a)  Commencement of investment operations.

^(b)  Based on average shares outstanding.

^(c)  The mean between the last bid and ask prices.

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

^(e)  The net asset value total return from Fund Inception (September 20, 2023, the first day of trading on the exchange) to February 29, 2024 was 6.78%. The market price total return from Fund Inception to February 29, 2024 was 6.81%.

^(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.

 333 

Financial Highlights–(continued)

Invesco BulletShares 2024 Municipal Bond ETF (BSMO)

	Six Months Ended February 29, 2024				Years Ended August 31,												For the Period September 23, 2019(a) Through August 31,
	(Unaudited)				2023				2022				2021				2020
Per Share Operating Performance:
Net asset value at beginning of period		$	24.69			$	24.76			$	25.79			$	25.52			$	25.00
Net investment income(b)			0.29				0.51				0.22				0.17				0.30
Net realized and unrealized gain (loss) on investments			0.14				(0.12	)			(1.17	)			0.22				0.52
Total from investment operations			0.43				0.39				(0.95	)			0.39				0.82
Distributions to shareholders from:
Net investment income			(0.29	)			(0.50	)			(0.15	)			(0.18	)			(0.30	)
Transaction fees(b)			0.01				0.04				0.07				0.06				-
Net asset value at end of period		$	24.84			$	24.69			$	24.76			$	25.79			$	25.52
Market price at end of period(c)		$	24.77			$	24.72			$	24.83			$	25.87			$	25.62
Net Asset Value Total Return(d)			1.78	%			1.76	%			(3.40	)%			1.77	%			3.30	%(e)
Market Price Total Return(d)			1.37	%			1.58	%			(3.43	)%			1.69	%			3.71	%(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	216,068			$	195,086			$	94,086			$	36,106			$	12,762
Ratio to average net assets of:
Expenses			0.18	%(f)			0.18	%			0.18	%			0.18	%			0.18	%(f)
Net investment income			2.37	%(f)			2.06	%			0.90	%			0.67	%			1.26	%(f)
Portfolio turnover rate(g)			12	%			3	%			1	%			0	%			0	%

^(a)  Commencement of investment operations.

^(b)  Based on average shares outstanding.

^(c)  The mean between the last bid and ask prices.

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

^(e)  The net asset value total return from Fund Inception (September 25, 2019, the first day of trading on the exchange) to August 31, 2020 was 3.30%. The market price total return from Fund Inception to August 31, 2020 was 3.71%.

^(f)  Annualized.

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

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

 334 

Financial Highlights–(continued)

Invesco BulletShares 2025 Municipal Bond ETF (BSMP)

	Six Months Ended February 29, 2024				Years Ended August 31,												For the Period September 23, 2019(a) Through August 31,
	(Unaudited)				2023				2022				2021				2020
Per Share Operating Performance:
Net asset value at beginning of period		$	24.19			$	24.36			$	26.02			$	25.71			$	25.00
Net investment income(b)			0.29				0.51				0.24				0.22				0.33
Net realized and unrealized gain (loss) on investments			0.20				(0.23	)			(1.73	)			0.25				0.71
Total from investment operations			0.49				0.28				(1.49	)			0.47				1.04
Distributions to shareholders from:
Net investment income			(0.29	)			(0.49	)			(0.22	)			(0.23	)			(0.33	)
Transaction fees(b)			0.01				0.04				0.05				0.07				-
Net asset value at end of period		$	24.40			$	24.19			$	24.36			$	26.02			$	25.71
Market price at end of period(c)		$	24.46			$	24.26			$	24.40			$	26.08			$	25.78
Net Asset Value Total Return(d)			2.07	%			1.34	%			(5.56	)%			2.12	%			4.19	%(e)
Market Price Total Return(d)			2.01	%			1.45	%			(5.62	)%			2.08	%			4.48	%(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	214,706			$	166,909			$	75,530			$	39,032			$	10,282
Ratio to average net assets of:
Expenses			0.18	%(f)			0.18	%			0.18	%			0.18	%			0.18	%(f)
Net investment income			2.44	%(f)			2.10	%			0.97	%			0.84	%			1.39	%(f)
Portfolio turnover rate(g)			1	%			5	%			2	%			0	%			0	%

^(a)  Commencement of investment operations.

^(b)  Based on average shares outstanding.

^(c)  The mean between the last bid and ask prices.

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

^(e)  The net asset value total return from Fund Inception (September 25, 2019, the first day of trading on the exchange) to August 31, 2020 was 4.19%. The market price total return from Fund Inception to August 31, 2020 was 4.44%.

^(f)  Annualized.

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

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

 335 

Financial Highlights–(continued)

Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)

	Six Months Ended February 29, 2024				Years Ended August 31,												For the Period September 23, 2019(a) Through August 31,
	(Unaudited)				2023				2022				2021				2020
Per Share Operating Performance:
Net asset value at beginning of period		$	23.29			$	23.58			$	25.99			$	25.48			$	25.00
Net investment income(b)			0.31				0.57				0.33				0.31				0.40
Net realized and unrealized gain (loss) on investments			0.26				(0.35	)			(2.48	)			0.49				0.48
Total from investment operations			0.57				0.22				(2.15	)			0.80				0.88
Distributions to shareholders from:
Net investment income			(0.30	)			(0.56	)			(0.30	)			(0.32	)			(0.40	)
Transaction fees(b)			0.02				0.05				0.04				0.03				-
Net asset value at end of period		$	23.58			$	23.29			$	23.58			$	25.99			$	25.48
Market price at end of period(c)		$	23.67			$	23.36			$	23.61			$	26.07			$	25.54
Net Asset Value Total Return(d)			2.55	%			1.16	%			(8.16	)%			3.27	%			3.58	%(e)
Market Price Total Return(d)			2.62	%			1.33	%			(8.32	)%			3.34	%			3.83	%(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	172,128			$	114,135			$	42,441			$	23,391			$	12,740
Ratio to average net assets of:
Expenses			0.18	%(f)			0.18	%			0.18	%			0.18	%			0.18	%(f)
Net investment income			2.68	%(f)			2.42	%			1.36	%			1.22	%			1.70	%(f)
Portfolio turnover rate(g)			1	%			7	%			11	%			0	%			0	%

^(a)  Commencement of investment operations.

^(b)  Based on average shares outstanding.

^(c)  The mean between the last bid and ask prices.

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

^(e)  The net asset value total return from Fund Inception (September 25, 2019, the first day of trading on the exchange) to August 31, 2020 was 3.58%. The market price total return from Fund Inception to August 31, 2020 was 4.20%.

^(f)  Annualized.

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

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

 336 

Financial Highlights–(continued)

Invesco BulletShares 2027 Municipal Bond ETF (BSMR)

	Six Months Ended February 29, 2024				Years Ended August 31,												For the Period September 23, 2019(a) Through August 31,
	(Unaudited)				2023				2022				2021				2020
Per Share Operating Performance:
Net asset value at beginning of period		$	23.31			$	23.56			$	25.91			$	25.34			$	25.00
Net investment income(b)			0.32				0.61				0.30				0.26				0.37
Net realized and unrealized gain (loss) on investments			0.34				(0.35	)			(2.40	)			0.57				0.26
Total from investment operations			0.66				0.26				(2.10	)			0.83				0.63
Distributions to shareholders from:
Net investment income			(0.32	)			(0.57	)			(0.28	)			(0.27	)			(0.36	)
Return of capital			-				-				-				-				(0.04	)
Total distributions			(0.32	)			(0.57	)			(0.28	)			(0.27	)			(0.40	)
Transaction fees(b)			0.02				0.06				0.03				0.01				0.11
Net asset value at end of period		$	23.67			$	23.31			$	23.56			$	25.91			$	25.34
Market price at end of period(c)		$	23.75			$	23.36			$	23.58			$	25.95			$	25.42
Net Asset Value Total Return(d)			2.94	%			1.37	%			(8.03	)%			3.32	%			3.02	%(e)
Market Price Total Return(d)			3.06	%			1.50	%			(8.09	)%			3.15	%			3.34	%(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	123,078			$	90,900			$	25,919			$	18,140			$	15,204
Ratio to average net assets of:
Expenses			0.18	%(f)			0.18	%			0.18	%			0.18	%			0.18	%(f)
Net investment income			2.78	%(f)			2.59	%			1.23	%			1.03	%			1.58	%(f)
Portfolio turnover rate(g)			0	%(h)			2	%			9	%			0	%			0	%

^(a)  Commencement of investment operations.

^(b)  Based on average shares outstanding.

^(c)  The mean between the last bid and ask prices.

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

^(e)  The net asset value total return from Fund Inception (September 25, 2019, the first day of trading on the exchange) to August 31, 2020 was 3.02%. The market price total return from Fund Inception to August 31, 2020 was 3.46%.

^(f)  Annualized.

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

^(h)  Amount represents less than 0.5%.

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

 337 

Financial Highlights–(continued)

Invesco BulletShares 2028 Municipal Bond ETF (BSMS)

	Six Months Ended February 29, 2024				Years Ended August 31,												For the Period September 23, 2019(a) Through August 31,
	(Unaudited)				2023				2022				2021				2020
Per Share Operating Performance:
Net asset value at beginning of period		$	23.05			$	23.27			$	26.31			$	25.70			$	25.00
Net investment income(b)			0.32				0.58				0.34				0.38				0.43
Net realized and unrealized gain (loss) on investments			0.42				(0.31	)			(3.03	)			0.55				0.69
Total from investment operations			0.74				0.27				(2.69	)			0.93				1.12
Distributions to shareholders from:
Net investment income			(0.31	)			(0.54	)			(0.33	)			(0.40	)			(0.42	)
Net realized gains			-				-				(0.03	)			-				-
Total distributions			(0.31	)			(0.54	)			(0.36	)			(0.40	)			(0.42	)
Transaction fees(b)			0.02				0.05				0.01				0.08				-
Net asset value at end of period		$	23.50			$	23.05			$	23.27			$	26.31			$	25.70
Market price at end of period(c)		$	23.59			$	23.12			$	23.27			$	26.36			$	25.76
Net Asset Value Total Return(d)			3.34	%			1.40	%			(10.23	)%			3.95	%			4.56	%(e)
Market Price Total Return(d)			3.42	%			1.70	%			(10.41	)%			3.91	%			4.80	%(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	101,042			$	69,137			$	20,942			$	18,419			$	5,141
Ratio to average net assets of:
Expenses			0.18	%(f)			0.18	%			0.18	%			0.18	%			0.18	%(f)
Net investment income			2.79	%(f)			2.50	%			1.36	%			1.45	%			1.80	%(f)
Portfolio turnover rate(g)			3	%			4	%			6	%			4	%			0	%

^(a)  Commencement of investment operations.

^(b)  Based on average shares outstanding.

^(c)  The mean between the last bid and ask prices.

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

^(e)  The net asset value total return from Fund Inception (September 25, 2019, the first day of trading on the exchange) to August 31, 2020 was 4.48%. The market price total return from Fund Inception to August 31, 2020 was 4.68%.

^(f)  Annualized.

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

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

 338 

Financial Highlights–(continued)

Invesco BulletShares 2029 Municipal Bond ETF (BSMT)

	Six Months Ended February 29, 2024				Years Ended August 31,												For the Period September 23, 2019(a) Through August 31,
	(Unaudited)				2023				2022				2021				2020
Per Share Operating Performance:
Net asset value at beginning of period		$	22.67			$	22.89			$	26.18			$	25.67			$	25.00
Net investment income(b)			0.31				0.58				0.36				0.36				0.44
Net realized and unrealized gain (loss) on investments			0.54				(0.29	)			(3.31	)			0.47				0.67
Total from investment operations			0.85				0.29				(2.95	)			0.83				1.11
Distributions to shareholders from:
Net investment income			(0.30	)			(0.55	)			(0.36	)			(0.39	)			(0.44	)
Transaction fees(b)			0.03				0.04				0.02				0.07				-
Net asset value at end of period		$	23.25			$	22.67			$	22.89			$	26.18			$	25.67
Market price at end of period(c)		$	23.35			$	22.70			$	22.91			$	26.24			$	25.70
Net Asset Value Total Return(d)			3.93	%			1.44	%			(11.28	)%			3.52	%			4.52	%(e)
Market Price Total Return(d)			4.24	%			1.48	%			(11.41	)%			3.63	%			4.64	%(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	86,037			$	47,616			$	18,314			$	15,711			$	5,133
Ratio to average net assets of:
Expenses			0.18	%(f)			0.18	%			0.18	%			0.18	%			0.18	%(f)
Net investment income			2.78	%(f)			2.53	%			1.48	%			1.40	%			1.88	%(f)
Portfolio turnover rate(g)			0	%(h)			6	%			13	%			0	%			0	%

^(a)  Commencement of investment operations.

^(b)  Based on average shares outstanding.

^(c)  The mean between the last bid and ask prices.

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

^(e)  The net asset value total return from Fund Inception (September 25, 2019, the first day of trading on the exchange) to August 31, 2020 was 4.60%. The market price total return from Fund Inception to August 31, 2020 was 4.68%.

^(f)  Annualized.

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

^(h)  Amount represents less than 0.5%.

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

 339 

Financial Highlights–(continued)

Invesco BulletShares 2030 Municipal Bond ETF (BSMU)

	Six Months Ended February 29, 2024				Years Ended August 31,								For the Period September 14, 2020(a) Through August 31,
	(Unaudited)				2023				2022				2021
Per Share Operating Performance:
Net asset value at beginning of period		$	21.52			$	21.71			$	25.61			$	25.00
Net investment income(b)			0.31				0.58				0.44				0.37
Net realized and unrealized gain (loss) on investments			0.60				(0.24	)			(4.01	)			0.59
Total from investment operations			0.91				0.34				(3.57	)			0.96
Distributions to shareholders from:
Net investment income			(0.30	)			(0.57	)			(0.41	)			(0.35	)
Transaction fees(b)			0.02				0.04				0.08				-
Net asset value at end of period		$	22.15			$	21.52			$	21.71			$	25.61
Market price at end of period(c)		$	22.25			$	21.56			$	21.72			$	25.69
Net Asset Value Total Return(d)			4.39	%			1.77	%			(13.72	)%			3.87	%(e)
Market Price Total Return(d)			4.66	%			1.91	%			(13.95	)%			4.19	%(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	81,965			$	51,639			$	23,878			$	7,684
Ratio to average net assets of:
Expenses			0.18	%(f)			0.18	%			0.18	%			0.18	%(f)
Net investment income			2.89	%(f)			2.68	%			1.89	%			1.52	%(f)
Portfolio turnover rate(g)			1	%			11	%			28	%			0	%

^(a)  Commencement of investment operations.

^(b)  Based on average shares outstanding.

^(c)  The mean between the last bid and ask prices.

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

^(e)  The net asset value total return from Fund Inception (September 16, 2020, the first day of trading on the exchange) to August 31, 2021 was 4.04%. The market price total return from Fund Inception to August 31, 2021 was 4.23%.

^(f)  Annualized.

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

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

 340 

Financial Highlights–(continued)

Invesco BulletShares 2031 Municipal Bond ETF (BSMV)

	Six Months Ended February 29, 2024 (Unaudited)				Year Ended August 31, 2023				For the Period September 13, 2021(a) Through August 31, 2022
Per Share Operating Performance:
Net asset value at beginning of period		$	20.67			$	20.72			$	25.00
Net investment income(b)			0.31				0.54				0.41
Net realized and unrealized gain (loss) on investments			0.65				(0.10	)			(4.37	)
Total from investment operations			0.96				0.44				(3.96	)
Distributions to shareholders from:
Net investment income			(0.30	)			(0.54	)			(0.38	)
Transaction fees(b)			0.03				0.05				0.06
Net asset value at end of period		$	21.36			$	20.67			$	20.72
Market price at end of period(c)		$	21.45			$	20.71			$	20.70
Net Asset Value Total Return(d)			4.82	%			2.38	%			(15.72	)%(e)
Market Price Total Return(d)			5.05	%			2.67	%			(15.80	)%(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	55,533			$	28,943			$	12,433
Ratio to average net assets of:
Expenses			0.18	%(f)			0.18	%			0.18	%(f)
Net investment income			3.01	%(f)			2.61	%			1.93	%(f)
Portfolio turnover rate(g)			2	%			6	%			52	%

^(a)  Commencement of investment operations.

^(b)  Based on average shares outstanding.

^(c)  The mean between the last bid and ask prices.

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

^(e)  The net asset value total return from Fund Inception (September 15, 2021, the first day of trading on the exchange) to August 31, 2022 was (15.51)%. The market price total return from Fund Inception to August 31, 2022 was (15.86)%.

^(f)  Annualized.

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

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

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Financial Highlights–(continued)

Invesco BulletShares 2032 Municipal Bond ETF (BSMW)

	Six Months Ended February 29, 2024 (Unaudited)				For the Period February 27, 2023(a) Through August 31, 2023
Per Share Operating Performance:
Net asset value at beginning of period		$	24.79			$	25.00
Net investment income(b)			0.43				0.41
Net realized and unrealized gain (loss) on investments			0.74				(0.36	)
Total from investment operations			1.17				0.05
Distributions to shareholders from:
Net investment income			(0.39	)			(0.37	)
Transaction fees(b)			0.06				0.11
Net asset value at end of period		$	25.63			$	24.79
Market price at end of period(c)		$	25.71			$	24.82
Net Asset Value Total Return(d)			5.02	%			0.62	%(e)
Market Price Total Return(d)			5.22	%			0.74	%(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	58,958			$	19,835
Ratio to average net assets of:
Expenses			0.18	%(f)			0.18	%(f)
Net investment income			3.44	%(f)			3.26	%(f)
Portfolio turnover rate(g)			3	%			3	%

^(a)  Commencement of investment operations.

^(b)  Based on average shares outstanding.

^(c)  The mean between the last bid and ask prices.

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

^(e)  The net asset value total return from Fund Inception (March 1, 2023, the first day of trading on the exchange) to August 31, 2023 was 0.78%. The market price total return from Fund Inception to August 31, 2023 was 0.90%.

^(f)  Annualized.

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

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

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Financial Highlights–(continued)

Invesco BulletShares 2033 Municipal Bond ETF (BSSX)

	For the Period September 18, 2023(a) Through February 29, 2024 (Unaudited)
Per Share Operating Performance:
Net asset value at beginning of period		$	25.00
Net investment income(b)			0.40
Net realized and unrealized gain on investments			1.15
Total from investment operations			1.55
Distributions to shareholders from:
Net investment income			(0.40	)
Transaction fees(b)			0.11
Net asset value at end of period		$	26.26
Market price at end of period(c)		$	26.44
Net Asset Value Total Return(d)			6.69	%(e)
Market Price Total Return(d)			7.41	%(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	28,888
Ratio to average net assets of:
Expenses			0.18	%(f)
Net investment income			3.55	%(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 (September 20, 2023, the first day of trading on the exchange) to February 29, 2024 was 6.73%. The market price total return from Fund Inception to February 29, 2024 was 7.33%.

^(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.

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Notes to Financial Statements

Invesco Exchange-Traded Self-Indexed Fund Trust

February 29, 2024

(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 2024 Corporate Bond ETF (BSCO)	“BulletShares 2024 Corporate Bond ETF”
Invesco BulletShares 2025 Corporate Bond ETF (BSCP)	“BulletShares 2025 Corporate Bond ETF”
Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)	“BulletShares 2026 Corporate Bond ETF”
Invesco BulletShares 2027 Corporate Bond ETF (BSCR)	“BulletShares 2027 Corporate Bond ETF”
Invesco BulletShares 2028 Corporate Bond ETF (BSCS)	“BulletShares 2028 Corporate Bond ETF”
Invesco BulletShares 2029 Corporate Bond ETF (BSCT)	“BulletShares 2029 Corporate Bond ETF”
Invesco BulletShares 2030 Corporate Bond ETF (BSCU)	“BulletShares 2030 Corporate Bond ETF”
Invesco BulletShares 2031 Corporate Bond ETF (BSCV)	“BulletShares 2031 Corporate Bond ETF”
Invesco BulletShares 2032 Corporate Bond ETF (BSCW)	“BulletShares 2032 Corporate Bond ETF”
Invesco BulletShares 2033 Corporate Bond ETF (BSCX)	“BulletShares 2033 Corporate Bond ETF”
Invesco BulletShares 2024 High Yield Corporate Bond ETF (BSJO)	“BulletShares 2024 High Yield Corporate Bond ETF”
Invesco BulletShares 2025 High Yield Corporate Bond ETF (BSJP)	“BulletShares 2025 High Yield Corporate Bond ETF”
Invesco BulletShares 2026 High Yield Corporate Bond ETF (BSJQ)	“BulletShares 2026 High Yield Corporate Bond ETF”
Invesco BulletShares 2027 High Yield Corporate Bond ETF (BSJR)	“BulletShares 2027 High Yield Corporate Bond ETF”
Invesco BulletShares 2028 High Yield Corporate Bond ETF (BSJS)	“BulletShares 2028 High Yield Corporate Bond ETF”
Invesco BulletShares 2029 High Yield Corporate Bond ETF (BSJT)	“BulletShares 2029 High Yield Corporate Bond ETF”
Invesco BulletShares 2030 High Yield Corporate Bond ETF (BSJU)	“BulletShares 2030 High Yield Corporate Bond ETF”
Invesco BulletShares 2031 High Yield Corporate Bond ETF (BSJV)	“BulletShares 2031 High Yield Corporate Bond ETF”
Invesco BulletShares 2024 Municipal Bond ETF (BSMO)	“BulletShares 2024 Municipal Bond ETF”
Invesco BulletShares 2025 Municipal Bond ETF (BSMP)	“BulletShares 2025 Municipal Bond ETF”
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)	“BulletShares 2026 Municipal Bond ETF”
Invesco BulletShares 2027 Municipal Bond ETF (BSMR)	“BulletShares 2027 Municipal Bond ETF”
Invesco BulletShares 2028 Municipal Bond ETF (BSMS)	“BulletShares 2028 Municipal Bond ETF”
Invesco BulletShares 2029 Municipal Bond ETF (BSMT)	“BulletShares 2029 Municipal Bond ETF”
Invesco BulletShares 2030 Municipal Bond ETF (BSMU)	“BulletShares 2030 Municipal Bond ETF”
Invesco BulletShares 2031 Municipal Bond ETF (BSMV)	“BulletShares 2031 Municipal Bond ETF”
Invesco BulletShares 2032 Municipal Bond ETF (BSMW)	“BulletShares 2032 Municipal Bond ETF”
Invesco BulletShares 2033 Municipal Bond ETF (BSSX)	“BulletShares 2033 Municipal Bond ETF”

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

The market price of each Share may differ to some degree from a Fund’s net asset value (“NAV”). Unlike conventional mutual funds, each Fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a “Creation Unit.” Creation Units of each Fund (except for BulletShares 2024 Municipal Bond ETF, BulletShares 2025 Municipal Bond ETF, BulletShares 2026 Municipal Bond ETF, BulletShares 2027 Municipal Bond ETF, BulletShares 2028 Municipal Bond ETF, BulletShares 2029 Municipal Bond ETF, BulletShares 2030 Municipal Bond ETF, BulletShares 2031 Municipal Bond ETF, BulletShares 2032 Municipal Bond ETF and BulletShares 2033 Municipal Bond ETF (collectively, the “BulletShares Municipal Bond ETFs”)) are issued and redeemed principally in exchange for the deposit or delivery of a basket of securities (“Deposit Securities”). Creation Units of the BulletShares Municipal Bond ETFs are issued and redeemed principally in exchange for the deposit or delivery of cash. Except when aggregated in Creation Units by authorized participants (“APs”), the Shares are not individually redeemable securities of the Funds.

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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 2024 Corporate Bond ETF	Nasdaq BulletShares® USD Corporate Bond 2024 Index
BulletShares 2025 Corporate Bond ETF	Nasdaq BulletShares® USD Corporate Bond 2025 Index
BulletShares 2026 Corporate Bond ETF	Nasdaq BulletShares® USD Corporate Bond 2026 Index
BulletShares 2027 Corporate Bond ETF	Nasdaq BulletShares® USD Corporate Bond 2027 Index
BulletShares 2028 Corporate Bond ETF	Nasdaq BulletShares® USD Corporate Bond 2028 Index
BulletShares 2029 Corporate Bond ETF	Nasdaq BulletShares® USD Corporate Bond 2029 Index
BulletShares 2030 Corporate Bond ETF	Nasdaq BulletShares® USD Corporate Bond 2030 Index
BulletShares 2031 Corporate Bond ETF	Nasdaq BulletShares® USD Corporate Bond 2031 Index
BulletShares 2032 Corporate Bond ETF	Nasdaq BulletShares® USD Corporate Bond 2032 Index
BulletShares 2033 Corporate Bond ETF	Nasdaq BulletShares® USD Corporate Bond 2033 Index
BulletShares 2024 High Yield Corporate Bond ETF	Nasdaq BulletShares® USD High Yield Corporate Bond 2024 Index
BulletShares 2025 High Yield Corporate Bond ETF	Nasdaq BulletShares® USD High Yield Corporate Bond 2025 Index
BulletShares 2026 High Yield Corporate Bond ETF	Nasdaq BulletShares® USD High Yield Corporate Bond 2026 Index
BulletShares 2027 High Yield Corporate Bond ETF	Nasdaq BulletShares® USD High Yield Corporate Bond 2027 Index
BulletShares 2028 High Yield Corporate Bond ETF	Nasdaq BulletShares® USD High Yield Corporate Bond 2028 Index
BulletShares 2029 High Yield Corporate Bond ETF	Nasdaq BulletShares® USD High Yield Corporate Bond 2029 Index
BulletShares 2030 High Yield Corporate Bond ETF	Nasdaq BulletShares® USD High Yield Corporate Bond 2030 Index
BulletShares 2031 High Yield Corporate Bond ETF	Nasdaq BulletShares® USD High Yield Corporate Bond 2031 Index
BulletShares 2024 Municipal Bond ETF	Invesco BulletShares® Municipal Bond 2024 Index
BulletShares 2025 Municipal Bond ETF	Invesco BulletShares® Municipal Bond 2025 Index
BulletShares 2026 Municipal Bond ETF	Invesco BulletShares® Municipal Bond 2026 Index
BulletShares 2027 Municipal Bond ETF	Invesco BulletShares® Municipal Bond 2027 Index
BulletShares 2028 Municipal Bond ETF	Invesco BulletShares® Municipal Bond 2028 Index
BulletShares 2029 Municipal Bond ETF	Invesco BulletShares® Municipal Bond 2029 Index
BulletShares 2030 Municipal Bond ETF	Invesco BulletShares® Municipal Bond 2030 Index
BulletShares 2031 Municipal Bond ETF	Invesco BulletShares® Municipal Bond 2031 Index
BulletShares 2032 Municipal Bond ETF	Nasdaq BulletShares® Municipal Bond 2032 Index
BulletShares 2033 Municipal Bond ETF	Nasdaq BulletShares® Municipal Bond 2033 Index

NOTE 2–Significant Accounting Policies

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

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

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

A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded or, lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

Variable rate senior loan interests are fair valued using quotes provided by an independent pricing service. Quotes provided by the pricing service may reflect appropriate factors such as ratings, tranche type, industry, company performance, spread, individual trading characteristics, institution-size trading in similar groups of securities and other market data.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day NAV per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted

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prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

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

Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

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

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer-specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

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

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

The price a Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, a Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

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B. Investment Transactions and Investment Income - Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest income is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Dividend income from REITs is recorded based on the income included in the distributions received from the REIT investments using published REIT classifications, including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.

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

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

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

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

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

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

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

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

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

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(except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust or the Adviser (an “Interested Trustee”), or (iii) any other matters that directly benefit the Adviser).

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

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

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

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

I. Securities Lending - Each Fund (except for the BulletShares Municipal Bond ETFs) may participate in securities lending and may loan portfolio securities having a market value up to one-third of each Fund’s total assets. Such loans are secured by cash collateral equal to no less than 102% (105% for international securities) of the market value of the loaned securities determined daily by the securities lending provider. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, “affiliated money market funds”) and is shown as such on the Schedules of Investments. Each Fund bears the risk of loss with respect to the investment of collateral. It is the policy of these Funds to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, each Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to each Fund if, and to the extent that, the market value of the securities loaned were to increase, and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or each Fund. Upon termination, the borrower will return to each Fund the securities loaned and each Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. Each Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to each Fund. Some of these losses may be indemnified by the lending agent. Each Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. For Funds that participated in securities lending, dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Securities lending income on the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities.

Invesco Advisers, Inc. (“Invesco”), an affiliate of the Adviser, serves as an affiliated securities lending agent for each Fund participating in the securities lending program. The Bank of New York Mellon (“BNYM”) also serves as a securities lending agent. To the extent a Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended February 29, 2024, there were no affiliated securities lending transactions with Invesco.

J. Foreign Currency Translations - Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. Each Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on

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investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statements of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on a Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period-end, resulting from changes in exchange rates.

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

The performance of a Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause a Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that a Fund’s ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value a Fund’s assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statements of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

K. Other Risks

AP Concentration Risk. Only APs may engage in creation or redemption transactions directly with each Fund. Each Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities held by each Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to each Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished trading market for Fund Shares, and Shares may be more likely to trade at a premium or discount to a Fund’s NAV and to face trading halts and/or delisting. Investments in non-U.S. securities, which may have lower trading volumes or could experience extended market closures or trading halts, may increase the risk that APs may not be able to effectively create or redeem Creation Units or the risk that the Shares may be halted and/or delisted.

Call Risk. If interest rates fall, it is possible that issuers of callable securities with high interest coupons will “call” (or prepay) their bonds before their maturity date. If an issuer exercises such a call during a period of declining interest rates, a Fund may have to replace such called security with a lower yielding security. If that were to happen, such Fund’s net investment income could fall.

Cash Transaction Risk. Most exchange-traded funds (“ETFs”) generally make in-kind redemptions to avoid being taxed at the fund level on gains on the distributed portfolio securities. However, unlike most ETFs, the BulletShares Municipal Bond ETFs currently intend to effect creations and redemptions principally for cash, rather than principally in-kind, because of the nature of the Funds’ investments. As such, each BulletShares Municipal Bond ETF may be required to sell portfolio securities to obtain the cash needed to distribute redemption proceeds. Therefore, the Fund may recognize a capital gain on these sales that might not have been incurred if the Fund had made a redemption in-kind. This may decrease the tax efficiency of each BulletShares Municipal Bond ETF compared to ETFs that utilize an in-kind redemption process and there may be a substantial difference in the after-tax rate of return between such Funds and conventional ETFs.

Changing Fixed-Income Market Conditions Risk. Increases in the federal funds and equivalent foreign interest rates or other changes to monetary policy or regulatory actions may expose fixed-income markets to heightened volatility and reduced liquidity for certain fixed-income investments, particularly those with longer maturities. It is difficult to predict the impact of interest rate changes on various markets. In addition, decreases in fixed-income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed-income markets. As a result, the value of a Fund’s investments and share price may decline. Changes in central bank policies could also result in higher than normal redemptions by APs which could potentially increase a Fund’s portfolio turnover rate and transaction costs.

Fixed-Income Securities Risk. Fixed-income securities are subject to interest rate risk and credit risk. Interest rate risk refers to fluctuations in the value of a fixed-income security resulting from changes in the general level of interest rates. When the general level of interest rates goes up, the prices of most fixed-income securities go down. When the general level of interest rates goes down, the prices of most fixed-income securities go up. Fixed-income securities with longer maturities typically are more sensitive to changes in interest rates, making them more volatile than securities with shorter maturities. Credit risk refers to the possibility that the issuer of a security will be unable and/or unwilling to make timely interest payments and/or

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repay the principal on its debt. Debt instruments are subject to varying degrees of credit risk, which may be reflected in credit ratings. There is a possibility that the credit rating of a fixed-income security may be downgraded after purchase, which may occur quickly and without advance warning following sudden market downturns or unexpected developments involving an issuer, and which may adversely affect the liquidity and value of the security.

Foreign Fixed-Income Investment Risk. For certain Funds, investments in fixed-income securities of non-U.S. issuers are subject to the same risks as other debt securities, notably credit risk, market risk, interest rate risk and liquidity risk, while also facing risks beyond those associated with investments in U.S. securities. For example, foreign securities may have relatively low market liquidity, greater market volatility, decreased publicly available information, and less reliable financial information about issuers, and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice, including recordkeeping standards, comparable to those applicable to domestic issuers. Foreign securities also are subject to the risks of expropriation, nationalization, political instability or other adverse political or economic developments and the difficulty of enforcing obligations in other countries. Investments in foreign securities also may be subject to dividend withholding or confiscatory taxes, currency blockage and/or transfer restrictions and higher transactional costs.

Index Risk. Unlike many investment companies that are “actively managed”, each Fund is a “passive” investor and therefore does not utilize an investing strategy that seeks returns in excess of its respective Underlying Index. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its Underlying Index, even if that security generally is underperforming. Additionally, each Fund rebalances its portfolio in accordance with its Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to each Fund’s rebalance schedule. Further, unlike with an actively managed fund, the Adviser does not use techniques or defensive strategies designed to lessen the impact of periods of market volatility or market decline. This means that, based on certain market and economic conditions, a Fund’s performance could be lower than other types of funds with investment advisers that actively manage their portfolio assets to take advantage of market opportunities or defend against market events.

Industry Concentration Risk. In following its methodology, each Fund’s Underlying Index from time to time may be concentrated to a significant degree in securities of issuers operating in a single industry or industry group. To the extent that each Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the corresponding Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, each Fund may face more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which each Fund invests, may include, but are not limited to, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand in a particular industry; competition for resources, adverse labor relations, political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in an industry. In addition, at times, such industry or industry group may be out of favor and underperform other industries or the market as a whole.

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

Municipal Securities Risk. The BulletShares Municipal Bond ETFs invest in municipal securities. Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions or the bankruptcy of the issuer could have a significant effect on the ability of an issuer of municipal securities to make payments of principal and/or interest. Political changes and uncertainties in the municipal market related to taxation, legislative changes or the rights of municipal security holders can significantly affect municipal securities. Because many securities are issued to finance similar projects, especially those relating to education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal market. In addition, changes in the financial condition of an individual municipal issuer can affect the overall municipal market. If the Internal Revenue Service (“IRS”) determines that an issuer of a municipal security has not complied with applicable tax requirements, interest from the security could become taxable and the security could decline significantly in value.

Non-Correlation Risk. Each Fund’s return may not match the return of its corresponding Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of its corresponding Underlying Index. Because certain Funds issue and redeem Creation Units principally for cash, such Funds will incur higher costs in buying and selling securities than if they issued and redeemed Creation Units in-kind. Additionally, a Fund’s use of a representative sampling methodology may cause the Fund not to be as well-correlated with the return of its corresponding Underlying Index as would be the case if the Fund purchased all of the securities in its corresponding Underlying Index in the proportions represented in the Underlying Index. In addition, the performance of each Fund and its corresponding Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its corresponding Underlying Index resulting from legal restrictions, costs or liquidity constraints.

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

Non-Investment Grade Securities Risk. Non-investment grade securities (commonly known as “junk bonds” or “high yield bonds”) and unrated securities of comparable credit quality are considered speculative and are subject to the increased risk of an issuer’s inability to meet principal and interest payment obligations. These securities may be subject to greater price volatility due to such factors as specific corporate developments, interest rate sensitivity, negative perceptions of the non-investment grade securities markets generally, real or perceived adverse economic and competitive industry conditions and less secondary market liquidity. If the issuer of non-investment grade securities defaults, a Fund may incur additional expenses to seek recovery.

Rule 144A Securities Risk. Certain Funds may invest in securities that are normally purchased or resold pursuant to Rule 144A under the Securities Act of 1933. Rule 144A securities are restricted securities that are not publicly traded. As such Rule 144A securities may be subject to legal restrictions on resale. Rule 144A securities are generally not traded on established markets and may be illiquid, difficult to value and subject to wide fluctuations in value. Delay or difficulty in selling such securities may result in a loss to a Fund.

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

U.S. Government Obligations Risk. Certain Funds may invest in U.S. Government obligations issued or guaranteed by the U.S. Government, its agencies and instrumentalities, including bills, notes and bonds issued by the U.S. Treasury. U.S. Government securities include securities that are issued or guaranteed by the U.S. Treasury, by various agencies of the U.S. Government, or by various instrumentalities which have been established or sponsored by the U.S. Government. U.S. Treasury securities are backed by the “full faith and credit” of the United States. Securities issued or guaranteed by federal agencies and U.S. Government-sponsored instrumentalities may or may not be backed by the full faith and credit of the United States. In the case of those U.S. Government securities not backed by the full faith and credit of the United States, the investor must look principally to the agency or instrumentality issuing or guaranteeing the security for ultimate repayment, and may not be able to assert a claim against the United States itself in the event that the agency or instrumentality does not meet its commitment. The U.S. Government, its agencies and instrumentalities do not guarantee the market value of their securities, and consequently, the value of such securities may fluctuate. Additionally, policy changes by the U.S. Government or its regulatory agencies and other governmental actions and political events within the United States, changes to the monetary policy by the Federal Reserve or other regulatory actions, the U.S. Government’s inability at times to agree on a long-term budget and deficit reduction plan or other legislation aimed at addressing financial or economic conditions, the threat of a federal government shutdown, and threats not to increase or suspend the federal government’s debt limit, may affect investor and consumer confidence; increase volatility in the financial markets, perhaps suddenly and to a significant degree; reduce prices of U.S. Treasury securities and/or increase the costs of various kinds of debt; result in higher interest rates; and even raise concerns about the U.S. Government’s credit rating and ability to service its debt. If a U.S. Government-sponsored entity is negatively impacted by legislative or regulatory action, is unable to meet its obligations, or its creditworthiness declines, the performance of a Fund that holds securities of that entity will be adversely impacted.

NOTE 3–Investment Advisory Agreement and Other Agreements

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

Pursuant to the Investment Advisory Agreement, each Fund accrues daily and pays monthly to the Adviser an annual unitary management fee. Out of the unitary management fee, the Adviser pays for substantially all expenses of the Funds, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser). The unitary management fee is paid by each Fund to the Adviser at the following annual rates:

	Unitary Management Fees (as a % of average daily net assets)
BulletShares 2024 Corporate Bond ETF		0.10	%
BulletShares 2025 Corporate Bond ETF		0.10	%
BulletShares 2026 Corporate Bond ETF		0.10	%
BulletShares 2027 Corporate Bond ETF		0.10	%

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	Unitary Management Fees (as a % of average daily net assets)
BulletShares 2028 Corporate Bond ETF		0.10	%
BulletShares 2029 Corporate Bond ETF		0.10	%
BulletShares 2030 Corporate Bond ETF		0.10	%
BulletShares 2031 Corporate Bond ETF		0.10	%
BulletShares 2032 Corporate Bond ETF		0.10	%
BulletShares 2033 Corporate Bond ETF		0.10	%
BulletShares 2024 High Yield Corporate Bond ETF		0.42	%
BulletShares 2025 High Yield Corporate Bond ETF		0.42	%
BulletShares 2026 High Yield Corporate Bond ETF		0.42	%
BulletShares 2027 High Yield Corporate Bond ETF		0.42	%
BulletShares 2028 High Yield Corporate Bond ETF		0.42	%
BulletShares 2029 High Yield Corporate Bond ETF		0.42	%
BulletShares 2030 High Yield Corporate Bond ETF		0.42	%
BulletShares 2031 High Yield Corporate Bond ETF		0.42	%
BulletShares 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 2031 Municipal Bond ETF		0.18	%
BulletShares 2032 Municipal Bond ETF		0.18	%
BulletShares 2033 Municipal Bond ETF		0.18	%

Through at least August 31, 2025, the Adviser has contractually agreed to waive the management fee payable by each Fund in an amount equal to the lesser of: (i) 100% of the net advisory fees earned by the Adviser or an affiliate of the Adviser that are attributable to the Fund’s investments in money market funds that are managed by affiliates of the Adviser and other funds (including ETFs) managed by the Adviser or affiliates of the Adviser or (ii) the management fee available to be waived. This waiver does not apply to a Fund’s investment of cash collateral received for securities lending. There is no guarantee that the Adviser will extend the waiver of these fees past that date.

For the six months ended February 29, 2024, the Adviser waived fees for each Fund in the following amounts:

BulletShares 2024 Corporate Bond ETF	$	25,298
BulletShares 2025 Corporate Bond ETF		4,334
BulletShares 2026 Corporate Bond ETF		2,802
BulletShares 2027 Corporate Bond ETF		969
BulletShares 2028 Corporate Bond ETF		1,122
BulletShares 2029 Corporate Bond ETF		508
BulletShares 2030 Corporate Bond ETF		445
BulletShares 2031 Corporate Bond ETF		225
BulletShares 2032 Corporate Bond ETF		281
BulletShares 2033 Corporate Bond ETF*		126
BulletShares 2024 High Yield Corporate Bond ETF		22,878
BulletShares 2025 High Yield Corporate Bond ETF		18,968
BulletShares 2026 High Yield Corporate Bond ETF		2,407
BulletShares 2027 High Yield Corporate Bond ETF		618
BulletShares 2028 High Yield Corporate Bond ETF		434
BulletShares 2029 High Yield Corporate Bond ETF		114
BulletShares 2030 High Yield Corporate Bond ETF		76
BulletShares 2031 High Yield Corporate Bond ETF*		36
BulletShares 2024 Municipal Bond ETF		-
BulletShares 2025 Municipal Bond ETF		-
BulletShares 2026 Municipal Bond ETF		-

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BulletShares 2027 Municipal Bond ETF	$	-
BulletShares 2028 Municipal Bond ETF		-
BulletShares 2029 Municipal Bond ETF		-
BulletShares 2030 Municipal Bond ETF		-
BulletShares 2031 Municipal Bond ETF		-
BulletShares 2032 Municipal Bond ETF		-
BulletShares 2033 Municipal Bond ETF*		-

* For the period September 18, 2023 (commencement of investment operations) through February 29, 2024.

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

The Adviser has entered into licensing agreements on behalf of each Fund with Invesco Indexing LLC (the “Licensor”).

“BulletShares^®” and the name of each Underlying Index are trademarks of the Licensor and have been licensed to the Adviser for use by the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust’s sub-licensing agreement with the Adviser. The Funds are not sponsored, endorsed, sold or promoted by the Licensor, and the Licensor makes no representation regarding the advisability of investing in any of the Funds.

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

NOTE 4–Security Transactions with Affiliated Funds

Each Fund is permitted to purchase securities from or sell securities to certain other affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by each Invesco ETF from or to another fund that is or could be considered an “affiliated person” by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers is made in reliance on Rule 17a-7 of the 1940 Act and, to the extent applicable, related SEC staff positions. Each such transaction is effected at the security’s “current market price”, as provided for in these procedures and Rule 17a-7.

For the six months ended February 29, 2024, the following Funds engaged in transactions with affiliates as listed below:

	Securities Purchases	Securities Sales	Net Realized Gains (Losses)*
BulletShares 2024 Corporate Bond ETF	$10,076,610	$ 3,751,795	$     (3,766)
BulletShares 2026 Corporate Bond ETF	3,751,795	13,407,285	(540,369)
BulletShares 2024 High Yield Corporate Bond ETF	10,401,132	13,445,457	(76,398)
BulletShares 2025 High Yield Corporate Bond ETF	14,216,197	3,399,379	21,929
BulletShares 2026 High Yield Corporate Bond ETF	4,747,954	5,650,854	140,867
BulletShares 2027 High Yield Corporate Bond ETF	98,662	416,914	6,085
BulletShares 2028 High Yield Corporate Bond ETF	-	1,400,147	40,581
BulletShares 2029 High Yield Corporate Bond ETF	109,840	345,057	9,902
BulletShares 2030 High Yield Corporate Bond ETF	-	1,032,722	62,169
BulletShares 2031 High Yield Corporate Bond ETF**	-	552,580	9,852
BulletShares 2024 Municipal Bond ETF	1,962,371	99,968	1,676
BulletShares 2025 Municipal Bond ETF	231,594	381,966	(994)
BulletShares 2026 Municipal Bond ETF	230,679	105,735	(555)
BulletShares 2027 Municipal Bond ETF	463,304	180,677	1,869
BulletShares 2028 Municipal Bond ETF	74,831	812,355	3,556
BulletShares 2029 Municipal Bond ETF	-	130,452	1,555
BulletShares 2030 Municipal Bond ETF	-	310,788	3,736
BulletShares 2031 Municipal Bond ETF	25,106	475,292	(62)
BulletShares 2032 Municipal Bond ETF	-	560,605	7,212
BulletShares 2033 Municipal Bond ETF**	134,332	64,378	3,314

* Net realized gains (losses) from securities sold to affiliates are included in net realized gain (loss) from investment securities in the Statements of Operations.

** For the period September 18, 2023 (commencement of investment operations) through February 29, 2024.

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NOTE 5–Additional Valuation Information

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

Level 1 –	Prices are determined using quoted prices in an active market for identical assets.
Level 2 –	Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 –	Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of February 29, 2024, for each Fund (except for BulletShares 2029 Corporate Bond ETF and the BulletShares Municipal Bond ETFs). As of February 29, 2024, all of the securities in BulletShares 2029 Corporate Bond ETF and the BulletShares Municipal Bond ETFs were valued based on Level 2 inputs (see the Schedules of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1			Level 2			Level 3			Total
BulletShares 2024 Corporate Bond ETF
Investments in Securities
U.S. Dollar Denominated Bonds & Notes		$	-		$	3,515,719,881		$	-		$	3,515,719,881
Money Market Funds			159,365,458			95,557,928			-			254,923,386
Total Investments		$	159,365,458		$	3,611,277,809		$	-		$	3,770,643,267
BulletShares 2025 Corporate Bond ETF
Investments in Securities
U.S. Dollar Denominated Bonds & Notes		$	-		$	3,584,093,562		$	-		$	3,584,093,562
Money Market Funds			4,686,966			255,432,212			-			260,119,178
Total Investments		$	4,686,966		$	3,839,525,774		$	-		$	3,844,212,740
BulletShares 2026 Corporate Bond ETF
Investments in Securities
U.S. Dollar Denominated Bonds & Notes		$	-		$	2,738,426,577		$	-		$	2,738,426,577
Money Market Funds			4,870,552			365,510,687			-			370,381,239
Total Investments		$	4,870,552		$	3,103,937,264		$	-		$	3,108,807,816
BulletShares 2027 Corporate Bond ETF
Investments in Securities
U.S. Dollar Denominated Bonds & Notes		$	-		$	1,680,257,733		$	-		$	1,680,257,733
Money Market Funds			373,925			323,607,256			-			323,981,181
Total Investments		$	373,925		$	2,003,864,989		$	-		$	2,004,238,914
BulletShares 2028 Corporate Bond ETF
Investments in Securities
U.S. Dollar Denominated Bonds & Notes		$	-		$	1,445,397,173		$	-		$	1,445,397,173
Money Market Funds			1,667,749			332,177,628			-			333,845,377
Total Investments		$	1,667,749		$	1,777,574,801		$	-		$	1,779,242,550
BulletShares 2030 Corporate Bond ETF
Investments in Securities
U.S. Dollar Denominated Bonds & Notes		$	-		$	615,837,564		$	-		$	615,837,564
Money Market Funds			169,285			103,245,270			-			103,414,555
Total Investments		$	169,285		$	719,082,834		$	-		$	719,252,119

 354 

	Level 1			Level 2			Level 3			Total
BulletShares 2031 Corporate Bond ETF
Investments in Securities
U.S. Dollar Denominated Bonds & Notes		$	-		$	393,991,004		$	-		$	393,991,004
Money Market Funds			111,706			9,439,676			-			9,551,382
Total Investments		$	111,706		$	403,430,680		$	-		$	403,542,386
BulletShares 2032 Corporate Bond ETF
Investments in Securities
U.S. Dollar Denominated Bonds & Notes		$	-		$	365,380,402		$	-		$	365,380,402
Money Market Funds			73,943			14,202,411			-			14,276,354
Total Investments		$	73,943		$	379,582,813		$	-		$	379,656,756
BulletShares 2033 Corporate Bond ETF
Investments in Securities
U.S. Dollar Denominated Bonds & Notes		$	-		$	179,833,814		$	-		$	179,833,814
Money Market Funds			669,642			-			-			669,642
Total Investments		$	669,642		$	179,833,814		$	-		$	180,503,456
BulletShares 2024 High Yield Corporate Bond ETF
Investments in Securities
U.S. Dollar Denominated Bonds & Notes		$	-		$	568,437,317		$	0		$	568,437,317
U.S. Treasury Securities			-			114,162,079			-			114,162,079
Money Market Funds			59,794,271			67,819,501			-			127,613,772
Total Investments		$	59,794,271		$	750,418,897		$	0		$	810,213,168
BulletShares 2025 High Yield Corporate Bond ETF
Investments in Securities
U.S. Dollar Denominated Bonds & Notes		$	-		$	717,068,837		$	-		$	717,068,837
Money Market Funds			84,391,775			105,988,239			-			190,380,014
Total Investments		$	84,391,775		$	823,057,076		$	-		$	907,448,851
BulletShares 2026 High Yield Corporate Bond ETF
Investments in Securities
U.S. Dollar Denominated Bonds & Notes		$	-		$	441,905,928		$	-		$	441,905,928
Money Market Funds			9,950,190			119,492,256			-			129,442,446
Total Investments		$	9,950,190		$	561,398,184		$	-		$	571,348,374
BulletShares 2027 High Yield Corporate Bond ETF
Investments in Securities
U.S. Dollar Denominated Bonds & Notes		$	-		$	172,952,769		$	-		$	172,952,769
Money Market Funds			1,537,942			54,264,692			-			55,802,634
Total Investments		$	1,537,942		$	227,217,461		$	-		$	228,755,403
BulletShares 2028 High Yield Corporate Bond ETF
Investments in Securities
U.S. Dollar Denominated Bonds & Notes		$	-		$	156,958,263		$	-		$	156,958,263
Money Market Funds			1,119,839			36,708,803			-			37,828,642
Total Investments		$	1,119,839		$	193,667,066		$	-		$	194,786,905
BulletShares 2029 High Yield Corporate Bond ETF
Investments in Securities
U.S. Dollar Denominated Bonds & Notes		$	-		$	38,972,361		$	-		$	38,972,361
Money Market Funds			236,579			2,664,590			-			2,901,169
Total Investments		$	236,579		$	41,636,951		$	-		$	41,873,530
BulletShares 2030 High Yield Corporate Bond ETF
Investments in Securities
U.S. Dollar Denominated Bonds & Notes		$	-		$	42,120,785		$	-		$	42,120,785
Money Market Funds			275,165			2,599,194			-			2,874,359
Total Investments		$	275,165		$	44,719,979		$	-		$	44,995,144

 355 

	Level 1			Level 2			Level 3			Total
BulletShares 2031 High Yield Corporate Bond ETF
Investments in Securities
U.S. Dollar Denominated Bonds & Notes		$	-		$	20,340,174		$	-		$	20,340,174
Money Market Funds			88,526			674,284			-			762,810
Total Investments		$	88,526		$	21,014,458		$	-		$	21,102,984

NOTE 6–Tax Information

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

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

The Funds had capital loss carryforwards as of August 31, 2023, as follows:

	No expiration
	Short-Term		Long-Term		Total*
BulletShares 2024 Corporate Bond ETF	$	3,110,056	$	4,190,664	$	7,300,720
BulletShares 2025 Corporate Bond ETF		1,972,407		1,592,141		3,564,548
BulletShares 2026 Corporate Bond ETF		1,656,416		835,500		2,491,916
BulletShares 2027 Corporate Bond ETF		156,556		252,629		409,185
BulletShares 2028 Corporate Bond ETF		259,528		1,220,748		1,480,276
BulletShares 2029 Corporate Bond ETF		45,436		328,807		374,243
BulletShares 2030 Corporate Bond ETF		256,297		320,105		576,402
BulletShares 2031 Corporate Bond ETF		128,899		171,623		300,522
BulletShares 2032 Corporate Bond ETF		86,900		-		86,900
BulletShares 2024 High Yield Corporate Bond ETF		20,511,231		16,664,936		37,176,167
BulletShares 2025 High Yield Corporate Bond ETF		6,802,142		6,954,782		13,756,924
BulletShares 2026 High Yield Corporate Bond ETF		4,338,516		3,800,716		8,139,232
BulletShares 2027 High Yield Corporate Bond ETF		1,383,583		1,009,395		2,392,978
BulletShares 2028 High Yield Corporate Bond ETF		310,881		579,014		889,895
BulletShares 2029 High Yield Corporate Bond ETF		109,218		158,237		267,455
BulletShares 2030 High Yield Corporate Bond ETF		68,412		-		68,412
BulletShares 2024 Municipal Bond ETF		22,745		22,162		44,907
BulletShares 2025 Municipal Bond ETF		143,219		193,431		336,650
BulletShares 2026 Municipal Bond ETF		292,706		172,592		465,298
BulletShares 2027 Municipal Bond ETF		1,153		12,838		13,991
BulletShares 2028 Municipal Bond ETF		131,234		314,468		445,702
BulletShares 2029 Municipal Bond ETF		285,971		312,840		598,811
BulletShares 2030 Municipal Bond ETF		498,082		557,186		1,055,268
BulletShares 2031 Municipal Bond ETF		907,704		-		907,704
BulletShares 2032 Municipal Bond ETF		-		-		-

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

NOTE 7–Investment Transactions

For the six months ended February 29, 2024, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Government obligations, money market funds and in-kind transactions, if any) were as follows:

	Purchases		Sales
BulletShares 2024 Corporate Bond ETF	$	31,830,624	$	527,672,143
BulletShares 2025 Corporate Bond ETF		17,375,718		24,899,352
BulletShares 2026 Corporate Bond ETF		37,944,253		47,332,696

 356 

	Purchases		Sales
BulletShares 2027 Corporate Bond ETF	$	-	$	1,411,914
BulletShares 2028 Corporate Bond ETF		2,557,124		2,531,817
BulletShares 2029 Corporate Bond ETF		-		-
BulletShares 2030 Corporate Bond ETF		1,294,321		1,545,202
BulletShares 2031 Corporate Bond ETF		-		651,156
BulletShares 2032 Corporate Bond ETF		-		435,559
BulletShares 2033 Corporate Bond ETF*		1,468,631		-
BulletShares 2024 High Yield Corporate Bond ETF		188,068,195		364,423,600
BulletShares 2025 High Yield Corporate Bond ETF		357,154,380		413,262,073
BulletShares 2026 High Yield Corporate Bond ETF		55,620,974		55,755,522
BulletShares 2027 High Yield Corporate Bond ETF		8,686,184		9,722,397
BulletShares 2028 High Yield Corporate Bond ETF		4,441,963		5,007,927
BulletShares 2029 High Yield Corporate Bond ETF		1,106,274		1,236,548
BulletShares 2030 High Yield Corporate Bond ETF		2,244,514		2,130,797
BulletShares 2031 High Yield Corporate Bond ETF*		1,432,184		1,343,734
BulletShares 2024 Municipal Bond ETF		28,489,401		22,889,968
BulletShares 2025 Municipal Bond ETF		36,432,148		1,401,966
BulletShares 2026 Municipal Bond ETF		58,735,922		1,974,869
BulletShares 2027 Municipal Bond ETF		31,345,735		280,677
BulletShares 2028 Municipal Bond ETF		32,921,095		2,651,471
BulletShares 2029 Municipal Bond ETF		37,107,345		130,452
BulletShares 2030 Municipal Bond ETF		28,767,766		345,788
BulletShares 2031 Municipal Bond ETF		25,148,982		755,292
BulletShares 2032 Municipal Bond ETF		37,963,934		1,209,305
BulletShares 2033 Municipal Bond ETF*		28,135,363		64,378

* For the period September 18, 2023 (commencement of investment operations) through February 29, 2024.

For the six months ended February 29, 2024, in-kind transactions associated with creations and redemptions were as follows:

	In-kind Purchases		In-kind Sales
BulletShares 2024 Corporate Bond ETF	$	34,703,611	$	266,786,414
BulletShares 2025 Corporate Bond ETF		764,510,422		39,001,957
BulletShares 2026 Corporate Bond ETF		821,973,242		67,616,284
BulletShares 2027 Corporate Bond ETF		617,916,868		5,560,145
BulletShares 2028 Corporate Bond ETF		725,673,744		5,744,230
BulletShares 2029 Corporate Bond ETF		427,821,158		-
BulletShares 2030 Corporate Bond ETF		354,142,936		-
BulletShares 2031 Corporate Bond ETF		205,557,111		9,486,263
BulletShares 2032 Corporate Bond ETF		226,064,897		5,770,748
BulletShares 2033 Corporate Bond ETF*		180,034,227		-
BulletShares 2024 High Yield Corporate Bond ETF		62,185,131		18,254,723
BulletShares 2025 High Yield Corporate Bond ETF		219,921,058		536,010,862
BulletShares 2026 High Yield Corporate Bond ETF		152,771,441		6,721,760
BulletShares 2027 High Yield Corporate Bond ETF		66,654,437		-
BulletShares 2028 High Yield Corporate Bond ETF		91,654,686		-
BulletShares 2029 High Yield Corporate Bond ETF		18,262,849		-
BulletShares 2030 High Yield Corporate Bond ETF		28,935,134		-
BulletShares 2031 High Yield Corporate Bond ETF*		22,613,618		2,600,933
BulletShares 2024 Municipal Bond ETF		-		2,012,830
BulletShares 2025 Municipal Bond ETF		11,830,617		-
BulletShares 2026 Municipal Bond ETF		-		-
BulletShares 2027 Municipal Bond ETF		-		-
BulletShares 2028 Municipal Bond ETF		-		-

 357 

	In-kind Purchases		In-kind Sales
BulletShares 2029 Municipal Bond ETF	$	-	$	-
BulletShares 2030 Municipal Bond ETF		-		-
BulletShares 2031 Municipal Bond ETF		-		-
BulletShares 2032 Municipal Bond ETF		-		-
BulletShares 2033 Municipal Bond ETF*		-		-

* For the period September 18, 2023 (commencement of investment operations) through February 29, 2024.

Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.

As of February 29, 2024, 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 2024 Corporate Bond ETF	$	231,403	$	(29,377,445	)	$	(29,146,042	)	$	3,799,789,309
BulletShares 2025 Corporate Bond ETF		1,936,418		(59,016,308	)		(57,079,890	)		3,901,292,630
BulletShares 2026 Corporate Bond ETF		2,249,385		(66,627,104	)		(64,377,719	)		3,173,185,535
BulletShares 2027 Corporate Bond ETF		2,096,871		(37,516,450	)		(35,419,579	)		2,039,658,493
BulletShares 2028 Corporate Bond ETF		4,304,624		(27,137,089	)		(22,832,465	)		1,802,075,015
BulletShares 2029 Corporate Bond ETF		1,260,812		(18,653,647	)		(17,392,835	)		1,036,889,967
BulletShares 2030 Corporate Bond ETF		1,340,348		(12,068,938	)		(10,728,590	)		729,980,709
BulletShares 2031 Corporate Bond ETF		878,298		(4,242,130	)		(3,363,832	)		406,906,218
BulletShares 2032 Corporate Bond ETF		2,265,179		(860,691	)		1,404,488			378,252,268
BulletShares 2033 Corporate Bond ETF		111,869		(1,782,391	)		(1,670,522	)		182,173,978
BulletShares 2024 High Yield Corporate Bond ETF		579,148		(2,930,572	)		(2,351,424	)		812,564,592
BulletShares 2025 High Yield Corporate Bond ETF		3,279,404		(2,795,433	)		483,971			906,964,880
BulletShares 2026 High Yield Corporate Bond ETF		3,300,089		(6,826,374	)		(3,526,285	)		574,874,659
BulletShares 2027 High Yield Corporate Bond ETF		1,818,860		(1,683,422	)		135,438			228,619,965
BulletShares 2028 High Yield Corporate Bond ETF		1,923,199		(1,935,440	)		(12,241	)		194,799,146
BulletShares 2029 High Yield Corporate Bond ETF		335,389		(679,045	)		(343,656	)		42,217,186
BulletShares 2030 High Yield Corporate Bond ETF		925,918		(68,768	)		857,150			44,137,994
BulletShares 2031 High Yield Corporate Bond ETF		187,484		(128,706	)		58,778			21,044,206
BulletShares 2024 Municipal Bond ETF		122,080		(773,955	)		(651,875	)		212,403,387
BulletShares 2025 Municipal Bond ETF		371,664		(1,825,960	)		(1,454,296	)		213,094,409
BulletShares 2026 Municipal Bond ETF		767,613		(1,625,526	)		(857,913	)		170,647,806
BulletShares 2027 Municipal Bond ETF		763,231		(1,252,489	)		(489,258	)		121,924,600
BulletShares 2028 Municipal Bond ETF		1,108,853		(1,333,875	)		(225,022	)		99,853,105
BulletShares 2029 Municipal Bond ETF		999,164		(1,220,588	)		(221,424	)		85,182,960
BulletShares 2030 Municipal Bond ETF		1,011,121		(713,053	)		298,068			80,606,672
BulletShares 2031 Municipal Bond ETF		1,375,817		(511,876	)		863,941			53,931,814
BulletShares 2032 Municipal Bond ETF		1,701,562		(130,231	)		1,571,331			56,551,080
BulletShares 2033 Municipal Bond ETF		561,286		(128,437	)		432,849			28,042,455

NOTE 8–Trustees’ and Officer’s Fees

The Adviser, as a result of each Fund’s unitary management fee, pays remuneration to the Independent Trustees and an Officer of the Trust on behalf of the Funds. Interested Trustees do not receive any Trustees’ fees.

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

 358 

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 each Fund’s prospectus. Only APs are permitted to purchase or redeem Creation Units from the Funds. For each Fund (except for the BulletShares Municipal Bond ETFs), such transactions are generally in exchange for Deposit Securities. However, for such Funds, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the AP or as a result of other market circumstances. For the BulletShares Municipal Bond ETFs, such transactions are principally in exchange for the deposit or delivery of cash.

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

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

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

 359 

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 extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser). The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period September 1, 2023 through February 29, 2024.

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 transaction 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, if these transaction costs were included, your costs would have been higher.

	Beginning Account Value September 1, 2023			Ending Account Value February 29, 2024			Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month  Period(1)
Invesco BulletShares 2024 Corporate Bond ETF (BSCO)
Actual		$	1,000.00		$	1,028.70		0.10	%		$	0.50
Hypothetical (5% return before expenses)			1,000.00			1,024.37		0.10				0.50
Invesco BulletShares 2025 Corporate Bond ETF (BSCP)
Actual			1,000.00			1,030.20		0.10				0.50
Hypothetical (5% return before expenses)			1,000.00			1,024.37		0.10				0.50
Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)
Actual			1,000.00			1,031.30		0.10				0.51
Hypothetical (5% return before expenses)			1,000.00			1,024.37		0.10				0.50
Invesco BulletShares 2027 Corporate Bond ETF (BSCR)
Actual			1,000.00			1,032.10		0.10				0.51
Hypothetical (5% return before expenses)			1,000.00			1,024.37		0.10				0.50
Invesco BulletShares 2028 Corporate Bond ETF (BSCS)
Actual			1,000.00			1,035.70		0.10				0.51
Hypothetical (5% return before expenses)			1,000.00			1,024.37		0.10				0.50

 360 

Calculating your ongoing Fund expenses–(continued)

 

 

 

 

	Beginning Account Value September 1, 2023			Ending Account Value February 29, 2024				Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month  Period(1)
Invesco BulletShares 2029 Corporate Bond ETF (BSCT)
Actual		$	1,000.00		$	1,036.30			0.10	%		$	0.51
Hypothetical (5% return before expenses)			1,000.00			1,024.37			0.10				0.50
Invesco BulletShares 2030 Corporate Bond ETF (BSCU)
Actual			1,000.00			1,035.50			0.10				0.51
Hypothetical (5% return before expenses)			1,000.00			1,024.37			0.10				0.50
Invesco BulletShares 2031 Corporate Bond ETF (BSCV)
Actual			1,000.00			1,036.40			0.10				0.51
Hypothetical (5% return before expenses)			1,000.00			1,024.37			0.10				0.50
Invesco BulletShares 2032 Corporate Bond ETF (BSCW)
Actual			1,000.00			1,035.80			0.10				0.51
Hypothetical (5% return before expenses)			1,000.00			1,024.37			0.10				0.50
Invesco BulletShares 2033 Corporate Bond ETF (BSCX)
Actual			1,000.00			1,051.40	(2)		0.12				0.55	(3)
Hypothetical (5% return before expenses)			1,000.00			1,024.27	(2)		0.12				0.60	(3)
Invesco BulletShares 2024 High Yield Corporate Bond ETF (BSJO)
Actual			1,000.00			1,039.60			0.41				2.08
Hypothetical (5% return before expenses)			1,000.00			1,022.82			0.41				2.06
Invesco BulletShares 2025 High Yield Corporate Bond ETF (BSJP)
Actual			1,000.00			1,051.70			0.42				2.14
Hypothetical (5% return before expenses)			1,000.00			1,022.77			0.42				2.11
Invesco BulletShares 2026 High Yield Corporate Bond ETF (BSJQ)
Actual			1,000.00			1,042.30			0.42				2.13
Hypothetical (5% return before expenses)			1,000.00			1,022.77			0.42				2.11
Invesco BulletShares 2027 High Yield Corporate Bond ETF (BSJR)
Actual			1,000.00			1,058.00			0.42				2.15
Hypothetical (5% return before expenses)			1,000.00			1,022.77			0.42				2.11
Invesco BulletShares 2028 High Yield Corporate Bond ETF (BSJS)
Actual			1,000.00			1,059.80			0.42				2.15
Hypothetical (5% return before expenses)			1,000.00			1,022.77			0.42				2.11
Invesco BulletShares 2029 High Yield Corporate Bond ETF (BSJT)
Actual			1,000.00			1,066.10			0.42				2.16
Hypothetical (5% return before expenses)			1,000.00			1,022.77			0.42				2.11
Invesco BulletShares 2030 High Yield Corporate Bond ETF (BSJU)
Actual			1,000.00			1,062.60			0.42				2.15
Hypothetical (5% return before expenses)			1,000.00			1,022.77			0.42				2.11
Invesco BulletShares 2031 High Yield Corporate Bond ETF (BSJV)
Actual			1,000.00			1,065.70	(2)		0.43				2.00	(3)
Hypothetical (5% return before expenses)			1,000.00			1,022.73	(2)		0.43				2.16	(3)
Invesco BulletShares 2024 Municipal Bond ETF (BSMO)
Actual			1,000.00			1,017.80			0.18				0.90
Hypothetical (5% return before expenses)			1,000.00			1,023.97			0.18				0.91
Invesco BulletShares 2025 Municipal Bond ETF (BSMP)
Actual			1,000.00			1,020.70			0.18				0.90
Hypothetical (5% return before expenses)			1,000.00			1,023.97			0.18				0.91

 361 

Calculating your ongoing Fund expenses–(continued)

 

 

 

 

	Beginning Account Value September 1, 2023			Ending Account Value February 29, 2024				Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month  Period(1)
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)
Actual		$	1,000.00		$	1,025.50			0.18	%		$	0.91
Hypothetical (5% return before expenses)			1,000.00			1,023.97			0.18				0.91
Invesco BulletShares 2027 Municipal Bond ETF (BSMR)
Actual			1,000.00			1,029.40			0.18				0.91
Hypothetical (5% return before expenses)			1,000.00			1,023.97			0.18				0.91
Invesco BulletShares 2028 Municipal Bond ETF (BSMS)
Actual			1,000.00			1,033.40			0.18				0.91
Hypothetical (5% return before expenses)			1,000.00			1,023.97			0.18				0.91
Invesco BulletShares 2029 Municipal Bond ETF (BSMT)
Actual			1,000.00			1,039.30			0.18				0.91
Hypothetical (5% return before expenses)			1,000.00			1,023.97			0.18				0.91
Invesco BulletShares 2030 Municipal Bond ETF (BSMU)
Actual			1,000.00			1,043.90			0.18				0.91
Hypothetical (5% return before expenses)			1,000.00			1,023.97			0.18				0.91
Invesco BulletShares 2031 Municipal Bond ETF (BSMV)
Actual			1,000.00			1,048.20			0.18				0.92
Hypothetical (5% return before expenses)			1,000.00			1,023.97			0.18				0.91
Invesco BulletShares 2032 Municipal Bond ETF (BSMW)
Actual			1,000.00			1,050.20			0.18				0.92
Hypothetical (5% return before expenses)			1,000.00			1,023.97			0.18				0.91
Invesco BulletShares 2033 Municipal Bond ETF (BSSX)
Actual			1,000.00			1,066.90	(2)		0.18				0.84	(3)
Hypothetical (5% return before expenses)			1,000.00			1,023.97	(2)		0.18				0.91	(3)

⁽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 29, 2024. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 182/366.

⁽²⁾  The actual ending account value is based on the actual total return of the Fund for the period September 18, 2023 (commencement of investment operations) through February 29, 2024, 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 18, 2023 (commencement of investment operations) to February 29, 2024. Actual expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 165/366. 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 182/366.

 362 

Approval of Investment Advisory Contracts

At a meeting held on June 22, 2023, the Board of Trustees of the Invesco Exchange-Traded Self-Indexed Fund Trust (the “Trust”), including the Independent Trustees, approved the Investment Advisory Agreement between Invesco Capital Management LLC (the “Adviser”) and the Trust for Invesco BulletShares 2031 High Yield Corporate Bond ETF, Invesco BulletShares 2033 Corporate Bond ETF and Invesco BulletShares 2033 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 a Fund grows and whether the fee levels reflect any possible economies of scale for the benefit of Fund shareholders, and (iv) any further benefits to be realized by the Adviser or its affiliates from the Adviser’s relationship with each Fund.

Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions to be performed by the Adviser for each Fund, including the identity of the persons who will be responsible for the day-to-day management of the Funds, and they considered the quality of services provided by the Adviser to other exchange-traded funds (“ETFs”). The Trustees noted that the portfolio managers of each Fund also manage other ETFs on behalf of the Adviser that are overseen by the Board and that the Board is familiar with the background and experience of the portfolio managers of each Fund. The Trustees also noted other information the Board received and considered at its March 24, 2023 and April 18, 2023 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 managed by the Adviser 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 Investment Advisory Agreement were expected to be appropriate and reasonable.

Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser on each Fund’s proposed unitary advisory fee, as compared to information compiled by the Adviser from Lipper Inc. (“Lipper”) databases on the median net expense ratios of comparable passive ETFs, open-end (non-ETF) index funds, open-end (non-ETF) actively managed funds and Adviser-identified select peer funds, as applicable. The Trustees noted that the proposed annual advisory fee to be charged to each Fund was a unitary fee, and that the Adviser has agreed to pay all other operating expenses of each Fund except for brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses, costs incurred in connection with proxies (except certain proxies) and other extraordinary expenses. The Trustees noted each Fund’s proposed unitary advisory fee as compared to the median net expense ratio of its Lipper peer groups and select peer group as shown below:

	Passive		Open-End		Open-End
	ETF Peer		Index Fund		Active Fund		Select
	Group		Peer Group		Peer Group		Peer Group
Fund	(Number of Peers)		(Number of Peers)		(Number of Peers)		(Number of Peers)
Invesco BulletShares 2031 High Yield Corporate Bond ETF	Higher than median (36)		N/A (0)		Lower than median (110)		Higher than median (7)
Invesco BulletShares 2033 Corporate Bond ETF	Lower than median (33)		Higher than median (3)		Lower than median (55)		Same as median (10)
Invesco BulletShares 2033 Municipal Bond ETF	Same as median (7)		N/A (0)		Lower than median (58)		Same as median (7)

Based on all of the information provided, the Board concluded that each Fund’s proposed unitary advisory fee was reasonable and appropriate in light of the administrative, operational and management oversight services to be provided by the Adviser and the related costs in providing such services.

In conjunction with their review of the unitary advisory fee, the Trustees considered that the Adviser did not provide a profitability analysis for the Adviser in managing the Funds because the Funds had not yet commenced operations. However, the Trustees

 363 

Approval of Investment Advisory Contracts–(continued)

 

 

 

noted other information the Board received and considered at its March 24, 2023 and April 18, 2023 meetings regarding the Adviser’s overall profitability from its relationship with other ETFs for which it serves as investment adviser.

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

Fall-Out Benefits. The Trustees considered that the Adviser identified no additional benefits that it will receive from its relationship with the Funds and noted that the Adviser will not be a party to any soft dollar, commission recapture or directed brokerage arrangements with respect to the Funds. The Trustees considered benefits to be received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser’s relationship with the Funds, including brokerage fees, advisory fees from affiliated money market cash management vehicles and fees as the Funds’ securities lending agent. The Trustees also considered that Invesco Distributors, Inc. and Invesco Indexing LLC, affiliates of the Adviser, will serve as each Fund’s distributor and index provider and will be paid a distribution fee and a licensing fee, respectively, by the Adviser. The Board concluded that each Fund’s unitary advisory fee was reasonable, taking into account any ancillary benefits to be received by affiliates of the Adviser.

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

 364 

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(This Page Intentionally Left Blank)

Proxy Voting Policies and Procedures

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

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

Quarterly Portfolios

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

Frequency Distribution of Discounts and Premiums

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

©2024 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 29, 2024

POWA	Invesco Bloomberg Pricing Power ETF
IUS	Invesco RAFITM Strategic US ETF

Beginning in July 2024, amendments adopted by the Securities and Exchange Commission will substantially impact the design, content, and delivery of shareholder reports. These newly designed shareholder reports will highlight key fund information in a clear and concise format and must be mailed to each shareholder that has not elected to receive the reports electronically. Other information, including financial statements, will no longer be included in the shareholder report but will be available at invesco.com/reports, delivered upon request, and filed on a semi-annual basis on Form N-CSR.

If you would like to receive shareholder reports and other communications electronically instead of by mail, you may make that request by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery. If you do not make this request or enroll in e-delivery, you will receive future shareholder reports and other communications by mail.

Table of Contents

Schedules of Investments
Invesco Bloomberg Pricing Power ETF (POWA)	3
Invesco RAFITM Strategic US ETF (IUS)	5
Statements of Assets and Liabilities	12
Statements of Operations	13
Statements of Changes in Net Assets	14
Financial Highlights	15
Notes to Financial Statements	17
Fund Expenses	25

 2 

Invesco Bloomberg Pricing Power ETF (POWA)

February 29, 2024

(Unaudited)

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.92%
Communication Services-1.90%
Verizon Communications, Inc		96,695	$	3,869,734
Consumer Discretionary-8.71%
Best Buy Co., Inc.(b)		53,087		4,293,677
Home Depot, Inc. (The)		11,717		4,459,607
Lowe’s Cos., Inc.		18,199		4,379,953
Tractor Supply Co.(b)		18,203		4,629,387
				17,762,624
Consumer Staples-17.39%
Archer-Daniels-Midland Co.		48,588		2,580,509
Coca-Cola Co. (The)		61,825		3,710,736
Costco Wholesale Corp.		6,149		4,574,180
Dollar General Corp.		28,994		4,213,118
Dollar Tree, Inc.(b)(c)		31,252		4,584,043
Hershey Co. (The)		18,848		3,541,916
Kroger Co. (The)		82,419		4,088,807
Sysco Corp.		50,138		4,059,674
Walmart, Inc.		70,047		4,105,455
				35,458,438
Health Care-21.65%
Cardinal Health, Inc.(b)		34,112		3,819,862
Cencora, Inc.(b)		18,143		4,274,491
Humana, Inc.		7,007		2,454,692
IQVIA Holdings, Inc.(c)		17,292		4,273,890
McKesson Corp.		7,919		4,129,046
Mettler-Toledo International, Inc.(c)		3,358		4,188,165
ResMed, Inc.(b)		23,739		4,123,939
STERIS PLC(b)		17,830		4,152,785
Vertex Pharmaceuticals, Inc.(c)		10,227		4,302,908
Waters Corp.(b)(c)		13,071		4,410,417
Zoetis, Inc.(b)		20,136		3,993,573
				44,123,768
Industrials-34.27%
AMETEK, Inc.		23,205		4,181,077
Broadridge Financial Solutions, Inc.(b)		19,343		3,937,848
Dover Corp.		26,066		4,310,795
Fastenal Co.(b)		59,334		4,331,975
Ferguson PLC		21,601		4,567,531
General Dynamics Corp.		14,602		3,989,996
HEICO Corp.(b)		20,809		4,024,461
Illinois Tool Works, Inc.(b)		15,007		3,934,085
J.B. Hunt Transport Services, Inc.(b)		19,999		4,125,994
Lockheed Martin Corp.		8,020		3,434,485

	Shares		Value
Industrials-(continued)
Northrop Grumman Corp.		7,660	$	3,531,413
Otis Worldwide Corp.		42,519		4,052,061
Republic Services, Inc.(b)		22,571		4,144,036
Rollins, Inc.(b)		90,248		3,977,229
Trane Technologies PLC		15,924		4,490,090
Waste Management, Inc.(b)		21,026		4,323,997
Xylem, Inc.		35,437		4,502,271
				69,859,344
Information Technology-10.36%
Accenture PLC, Class A(b)		10,876		4,076,107
Amphenol Corp., Class A		40,212		4,392,759
Autodesk, Inc.(c)		17,872		4,614,014
Lam Research Corp.		5,048		4,736,286
VeriSign, Inc.(c)		16,867		3,293,957
				21,113,123
Materials-3.66%
AptarGroup, Inc.		28,089		3,945,381
DuPont de Nemours, Inc.		50,650		3,504,473
				7,449,854
Real Estate-1.98%
Equinix, Inc.		4,547		4,041,465
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.92% (Cost $181,818,081)				203,678,350
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-11.34%
Invesco Private Government Fund, 5.29%(d)(e)(f)		6,554,865		6,554,865
Invesco Private Prime Fund, 5.49%(d)(e)(f)		16,550,582		16,558,857
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $23,114,924)				23,113,722
TOTAL INVESTMENTS IN SECURITIES-111.26% (Cost $204,933,005)				226,792,072
OTHER ASSETS LESS LIABILITIES-(11.26)%				(22,944,961	)
NET ASSETS-100.00%			$	203,847,111

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

 3 

Invesco Bloomberg Pricing Power ETF (POWA)–(continued)

February 29, 2024

(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 29, 2024.

^(c)  Non-income producing security.

^(d)  Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 29, 2024.

	Value August 31, 2023			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value February 29, 2024			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	3,316,556		$	(3,316,556	)		$	-			$	-			$	-		$	4,290
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			-			25,147,550			(18,592,685	)			-				-				6,554,865			21,101	*
Invesco Private Prime Fund			-			34,929,444			(18,369,000	)			(1,202	)			(385	)			16,558,857			48,480	*
Total		$	-		$	63,393,550		$	(40,278,241	)		$	(1,202	)		$	(385	)		$	23,113,722		$	73,871

* 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 29, 2024.

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

Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of February 29, 2024
Industrials	34.27
Health Care	21.65
Consumer Staples	17.39
Information Technology	10.36
Consumer Discretionary	8.71
Materials	3.66
Sector Types Each Less Than 3%	3.88
Money Market Funds Plus Other Assets Less Liabilities	0.08

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

 4 

Invesco RAFI^TM Strategic US ETF (IUS)

February 29, 2024

(Unaudited)

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.94%
Communication Services-12.69%
Alphabet, Inc., Class A(b)		99,813	$	13,820,108
Altice USA, Inc., Class A(b)(c)		42,754		126,979
AT&T, Inc.		262,617		4,446,106
Atlanta Braves Holdings, Inc., Series C(b)(c)		24		939
Charter Communications, Inc., Class A(b)(c)		3,650		1,072,844
Comcast Corp., Class A		90,389		3,873,169
Electronic Arts, Inc.		2,248		313,551
Fox Corp., Class A		11,961		356,318
Frontier Communications Parent, Inc.(b)(c)		7,156		169,454
IAC, Inc.(b)(c)		1,642		93,265
Interpublic Group of Cos., Inc. (The)		4,747		149,056
Liberty Broadband Corp., Class C(b)		3,989		240,058
Liberty Media Corp.-Liberty Formula One(b)(c)		1,371		99,754
Liberty Media Corp.-Liberty Live, Series C(b)		36		1,433
Live Nation Entertainment, Inc.(b)		1,262		122,389
Lumen Technologies, Inc.(b)(c)		219,278		355,230
Meta Platforms, Inc., Class A		28,401		13,920,182
Netflix, Inc.(b)		1,261		760,282
News Corp., Class A		11,552		310,518
Nexstar Media Group, Inc., Class A(c)		1,016		168,829
Omnicom Group, Inc.		2,712		239,714
Paramount Global, Class B(c)		29,097		321,231
Take-Two Interactive Software, Inc.(b)		714		104,908
Telephone & Data Systems, Inc.		18,336		280,541
T-Mobile US, Inc.		5,854		955,958
Verizon Communications, Inc.		106,042		4,243,801
Walt Disney Co. (The)		18,308		2,042,807
Warner Bros. Discovery, Inc.(b)		44,072		387,393
				48,976,817
Consumer Discretionary-11.20%
Academy Sports & Outdoors, Inc.		2,002		149,589
Adient PLC(b)		3,079		104,501
Advance Auto Parts, Inc.(c)		1,619		109,347
Airbnb, Inc., Class A(b)		2,711		426,901
Amazon.com, Inc.(b)		47,978		8,480,591
Aptiv PLC(b)		2,410		191,571
Aramark		3,773		114,435
Asbury Automotive Group, Inc.(b)(c)		759		158,502
Autoliv, Inc. (Sweden)		1,369		158,845
AutoNation, Inc.(b)(c)		1,687		252,713
AutoZone, Inc.(b)(c)		194		583,168
Bath & Body Works, Inc.		5,071		231,745
Best Buy Co., Inc.		7,241		585,652
Booking Holdings, Inc.(b)		247		856,801
BorgWarner, Inc.		5,035		156,739
Brunswick Corp.(c)		1,385		121,049
Burlington Stores, Inc.(b)		628		128,803
Caesars Entertainment, Inc.(b)		3,075		133,670
Capri Holdings Ltd.(b)		3,760		173,449
CarMax, Inc.(b)(c)		3,691		291,589
Chipotle Mexican Grill, Inc.(b)		78		209,724
Coupang, Inc. (South Korea)(b)(c)		6,478		119,973
D.R. Horton, Inc.		4,032		602,542
Dana, Inc.		7,121		89,012
Darden Restaurants, Inc.		1,458		248,895
Dick’s Sporting Goods, Inc.(c)		1,678		298,499

	Shares		Value
Consumer Discretionary-(continued)
Dillard’s, Inc., Class A(c)		384	$	159,256
DoorDash, Inc., Class A(b)		1,373		171,035
eBay, Inc.		14,269		674,638
Expedia Group, Inc.(b)		3,050		417,301
Foot Locker, Inc.(c)		3,377		116,270
Ford Motor Co.		162,195		2,017,706
Gap, Inc. (The)(c)		12,173		230,557
Garmin Ltd.		1,316		180,753
General Motors Co.		68,018		2,787,378
Genuine Parts Co.		1,643		245,234
Goodyear Tire & Rubber Co. (The)(b)(c)		13,560		161,093
Group 1 Automotive, Inc.		724		195,951
H&R Block, Inc.		3,119		152,675
Harley-Davidson, Inc.		3,368		122,157
Hasbro, Inc.(c)		1,756		88,309
Hilton Worldwide Holdings, Inc.		1,128		230,473
Home Depot, Inc. (The)		9,044		3,442,237
Hyatt Hotels Corp., Class A		965		148,214
Kohl’s Corp.(c)		12,826		357,461
Lear Corp.		1,691		232,259
Lennar Corp., Class A		5,493		870,695
Lithia Motors, Inc., Class A		1,077		322,088
LKQ Corp.		4,704		245,972
Lowe’s Cos., Inc.		9,350		2,250,264
lululemon athletica, inc.(b)		382		178,428
Macy’s, Inc.(c)		21,686		378,204
Marriott International, Inc., Class A		1,634		408,288
Marriott Vacations Worldwide Corp.		762		71,011
McDonald’s Corp.		3,002		877,425
MercadoLibre, Inc. (Brazil)(b)		119		189,841
MGM Resorts International(b)		7,490		324,167
Mohawk Industries, Inc.(b)		1,977		234,512
Murphy USA, Inc.		670		279,397
Newell Brands, Inc.		15,558		116,685
NIKE, Inc., Class B		8,735		907,828
NVR, Inc.(b)		37		282,146
ODP Corp. (The)(b)(c)		2,285		129,057
O’Reilly Automotive, Inc.(b)		415		451,279
PENN Entertainment, Inc.(b)(c)		5,449		99,717
Penske Automotive Group, Inc.(c)		663		101,770
Phinia, Inc.		1,006		34,425
Polaris, Inc.		1,011		93,730
Pool Corp.		290		115,455
PulteGroup, Inc.		4,085		442,732
PVH Corp.		1,806		246,826
Qurate Retail, Inc., Class A(b)		159,405		224,761
Ralph Lauren Corp.		1,266		235,375
Ross Stores, Inc.		2,711		403,831
Service Corp. International(c)		1,978		144,770
Signet Jewelers Ltd.(c)		1,731		176,147
Starbucks Corp.		5,730		543,777
Tapestry, Inc.		4,663		221,632
Taylor Morrison Home Corp., Class A(b)		3,304		187,039
Tempur Sealy International, Inc.		2,672		145,544
Tesla, Inc.(b)		6,460		1,304,145
Thor Industries, Inc.(c)		2,058		263,794
TJX Cos., Inc. (The)		9,421		933,998
Toll Brothers, Inc.(c)		2,801		321,107

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

 5 

Invesco RAFI^TM Strategic US ETF (IUS)–(continued)

February 29, 2024

(Unaudited)

 

	Shares		Value
Consumer Discretionary-(continued)
Tractor Supply Co.(c)		991	$	252,031
Ulta Beauty, Inc.(b)		400		219,424
V.F. Corp.(c)		7,143		116,717
Whirlpool Corp.		2,369		254,407
Williams-Sonoma, Inc.(c)		1,683		396,397
Yum! Brands, Inc.		1,029		142,434
				43,248,534
Consumer Staples-7.50%
Albertson’s Cos., Inc., Class A		17,385		352,568
Altria Group, Inc.		21,479		878,706
Andersons, Inc. (The)(c)		2,458		135,878
Archer-Daniels-Midland Co.		14,660		778,593
BJ’s Wholesale Club Holdings, Inc.(b)(c)		2,298		167,846
Brown-Forman Corp., Class B(c)		1,995		120,159
Bunge Global S.A.		3,523		332,466
Campbell Soup Co.		2,111		90,013
Casey’s General Stores, Inc.		655		199,441
Church & Dwight Co., Inc.		1,418		141,970
Clorox Co. (The)		713		109,310
Coca-Cola Co. (The)		23,114		1,387,302
Colgate-Palmolive Co.		5,356		463,401
Conagra Brands, Inc.		6,862		192,685
Constellation Brands, Inc., Class A		1,771		440,129
Costco Wholesale Corp.		4,030		2,997,877
Darling Ingredients, Inc.(b)		1,729		73,154
Dollar General Corp.		2,588		376,062
Dollar Tree, Inc.(b)		2,246		329,443
Estee Lauder Cos., Inc. (The), Class A		2,125		315,732
General Mills, Inc.		5,703		366,019
Hershey Co. (The)		975		183,222
Hormel Foods Corp.(c)		5,778		204,079
Ingredion, Inc.(c)		927		109,043
J.M. Smucker Co. (The)		1,388		166,796
Kellanova		3,721		205,213
Keurig Dr Pepper, Inc.		11,279		337,355
Kimberly-Clark Corp.		2,368		286,931
Kraft Heinz Co. (The)		23,438		826,893
Kroger Co. (The)		26,064		1,293,035
McCormick & Co., Inc.		1,634		112,517
Molson Coors Beverage Co., Class B		4,435		276,833
Mondelez International, Inc., Class A		11,446		836,359
Monster Beverage Corp.(b)		2,049		121,096
PepsiCo, Inc.		8,326		1,376,621
Performance Food Group Co.(b)		5,773		443,193
Philip Morris International, Inc.		11,553		1,039,308
Procter & Gamble Co. (The)		18,418		2,927,357
Sysco Corp.		8,102		656,019
Target Corp.		9,153		1,399,677
Tyson Foods, Inc., Class A		13,810		749,054
United Natural Foods, Inc.(b)(c)		7,545		117,777
US Foods Holding Corp.(b)		6,198		314,796
Walgreens Boots Alliance, Inc.		35,163		747,565
Walmart, Inc.		67,911		3,980,264
				28,959,757
Energy-10.53%
Antero Resources Corp.(b)(c)		8,813		226,494
APA Corp.		9,823		292,627
Baker Hughes Co., Class A		15,989		473,115
Cheniere Energy, Inc.		3,703		574,706

	Shares		Value
Energy-(continued)
Chesapeake Energy Corp.(c)		3,651	$	302,230
Chevron Corp.		37,118		5,642,307
Chord Energy Corp.		978		158,876
Civitas Resources, Inc.(c)		2,019		138,665
CNX Resources Corp.(b)(c)		6,482		135,798
ConocoPhillips		26,151		2,943,034
Coterra Energy, Inc.		19,235		495,878
CVR Energy, Inc.		4,767		158,169
Delek US Holdings, Inc.		6,714		171,274
Devon Energy Corp.		12,168		536,122
Diamondback Energy, Inc.		4,046		738,476
EOG Resources, Inc.		9,508		1,088,286
EQT Corp.		7,804		289,919
Exxon Mobil Corp.		78,807		8,236,908
Halliburton Co.		9,536		334,428
Hess Corp.		2,146		312,779
HF Sinclair Corp.		8,519		472,804
Kinder Morgan, Inc.		42,447		738,153
Marathon Oil Corp.		22,279		540,266
Marathon Petroleum Corp.		23,385		3,957,444
Matador Resources Co.(c)		2,295		144,929
Murphy Oil Corp.		3,825		151,738
Occidental Petroleum Corp.		19,623		1,189,350
ONEOK, Inc.		7,048		529,446
Ovintiv, Inc.		9,131		451,163
PBF Energy, Inc., Class A		10,132		473,164
Phillips 66		17,640		2,513,876
Pioneer Natural Resources Co.		5,716		1,344,346
Range Resources Corp.(c)		4,049		128,029
Schlumberger N.V.		11,762		568,457
SM Energy Co.(c)		4,069		178,100
Southwestern Energy Co.(b)		32,888		229,229
Targa Resources Corp.		4,673		459,076
Valero Energy Corp.		16,835		2,381,479
Williams Cos., Inc. (The)		16,910		607,745
World Kinect Corp.(c)		13,899		338,580
				40,647,465
Financials-6.44%
Affiliated Managers Group, Inc.(c)		922		144,118
Allstate Corp. (The)		8,075		1,288,124
American Express Co.		9,696		2,127,496
American Financial Group, Inc.		2,001		255,468
Aon PLC, Class A		1,487		469,877
Arch Capital Group Ltd.(b)		5,024		440,052
Assurant, Inc.		1,470		266,731
Berkshire Hathaway, Inc., Class B(b)		6,433		2,633,670
Block, Inc., Class A(b)(c)		4,337		344,661
Bread Financial Holdings, Inc.(c)		3,728		142,708
Brown & Brown, Inc.		1,391		117,136
Cboe Global Markets, Inc.		721		138,432
Chubb Ltd.		7,853		1,976,365
Cincinnati Financial Corp.		2,675		304,950
Everest Group Ltd.		666		245,674
First American Financial Corp.		2,984		174,295
Fiserv, Inc.(b)		6,429		959,657
FLEETCOR Technologies, Inc.(b)		748		208,894
Franklin Resources, Inc.		6,464		177,437
Hanover Insurance Group, Inc. (The)		810		106,491
Hartford Financial Services Group, Inc. (The)		8,226		788,380

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

 6 

Invesco RAFI^TM Strategic US ETF (IUS)–(continued)

February 29, 2024

(Unaudited)

 

	Shares		Value
Financials-(continued)
Janus Henderson Group PLC		4,350	$	135,546
LPL Financial Holdings, Inc.		744		199,310
Markel Group, Inc.(b)(c)		243		362,673
Marsh & McLennan Cos., Inc.		3,126		632,296
Mastercard, Inc., Class A		3,318		1,575,254
Moody’s Corp.		691		262,179
MSCI, Inc.		307		172,218
Nasdaq, Inc.		3,034		170,511
Old Republic International Corp.		8,525		246,884
OneMain Holdings, Inc.		5,833		275,493
PayPal Holdings, Inc.(b)		14,601		881,024
Progressive Corp. (The)		5,784		1,096,415
StoneX Group, Inc.(b)(c)		6,038		418,192
T. Rowe Price Group, Inc.		3,681		417,241
Travelers Cos., Inc. (The)		5,052		1,116,290
Visa, Inc., Class A(c)		9,375		2,649,750
W.R. Berkley Corp.		3,434		287,082
Western Union Co. (The)		9,136		122,514
Willis Towers Watson PLC		2,016		549,582
				24,881,070
Health Care-14.45%
Abbott Laboratories		13,329		1,581,353
AbbVie, Inc.		14,926		2,627,722
Agilent Technologies, Inc.		1,728		237,358
Align Technology, Inc.(b)		400		120,968
Amgen, Inc.		5,719		1,566,034
AMN Healthcare Services, Inc.(b)(c)		974		54,807
Avantor, Inc.(b)		5,748		141,631
Baxter International, Inc.		6,362		260,333
Becton, Dickinson and Co.		2,346		552,600
Biogen, Inc.(b)		1,069		231,962
BioNTech SE, ADR (Germany)(b)(c)		7,176		638,377
Boston Scientific Corp.(b)		5,766		381,767
Bristol-Myers Squibb Co.		29,796		1,512,147
Cardinal Health, Inc.		15,686		1,756,518
Cencora, Inc.		7,717		1,818,125
Centene Corp.(b)		22,970		1,801,537
Cigna Group (The)		9,717		3,266,272
Cooper Cos., Inc. (The)		1,320		123,552
CVS Health Corp.		53,967		4,013,526
Danaher Corp.		4,014		1,016,104
DaVita, Inc.(b)		2,282		289,746
DENTSPLY SIRONA, Inc.		2,758		90,132
DexCom, Inc.(b)		922		106,095
Edwards Lifesciences Corp.(b)		2,437		206,828
Elanco Animal Health, Inc.(b)(c)		14,171		225,177
Elevance Health, Inc.		4,130		2,070,163
Eli Lilly and Co.		2,025		1,526,202
Fortrea Holdings, Inc.(b)(c)		1,752		65,770
Gilead Sciences, Inc.		13,317		960,156
HCA Healthcare, Inc.		3,146		980,608
Henry Schein, Inc.(b)		2,076		158,752
Hologic, Inc.(b)		2,304		170,035
Humana, Inc.		2,061		722,010
IDEXX Laboratories, Inc.(b)		221		127,126
Illumina, Inc.(b)		711		99,419
Intuitive Surgical, Inc.(b)		1,068		411,821
IQVIA Holdings, Inc.(b)		1,578		390,019
Jazz Pharmaceuticals PLC(b)		708		84,181

	Shares		Value
Health Care-(continued)
Johnson & Johnson		20,858	$	3,366,064
Laboratory Corp. of America Holdings		1,752		378,134
McKesson Corp.		5,208		2,715,503
Medtronic PLC		14,913		1,243,148
Merck & Co., Inc.		16,832		2,140,189
Mettler-Toledo International, Inc.(b)		78		97,283
Moderna, Inc.(b)		4,996		460,831
Molina Healthcare, Inc.(b)		1,007		396,667
Perrigo Co. PLC(c)		2,757		72,399
Pfizer, Inc.		89,213		2,369,497
Quest Diagnostics, Inc.		2,320		289,745
Regeneron Pharmaceuticals, Inc.(b)		949		916,819
ResMed, Inc.		378		65,666
STERIS PLC		685		159,543
Stryker Corp.		1,448		505,453
Teladoc Health, Inc.(b)(c)		4,767		71,886
Tenet Healthcare Corp.(b)		2,372		220,596
Thermo Fisher Scientific, Inc.		2,329		1,327,949
UnitedHealth Group, Inc.		9,521		4,699,566
Universal Health Services, Inc., Class B		1,795		299,873
Vertex Pharmaceuticals, Inc.(b)		1,053		443,039
Viatris, Inc.		50,222		621,246
Zimmer Biomet Holdings, Inc.		1,739		216,262
Zoetis, Inc.		1,674		332,004
				55,796,295
Industrials-10.47%
3M Co.		9,380		864,086
A.O. Smith Corp.		1,382		114,568
AECOM		2,046		181,746
AGCO Corp.		1,257		137,893
AMETEK, Inc.		1,271		229,009
Atkore, Inc.(c)		716		121,290
Automatic Data Processing, Inc.		2,320		582,622
Avis Budget Group, Inc.(c)		2,646		285,874
Boeing Co. (The)(b)		1,304		265,651
Boise Cascade Co.		1,586		215,553
Booz Allen Hamilton Holding Corp.		1,322		195,273
Broadridge Financial Solutions, Inc.		630		128,255
Builders FirstSource, Inc.(b)		4,014		783,453
C.H. Robinson Worldwide, Inc.		2,971		220,092
CACI International, Inc., Class A(b)		336		125,950
Carlisle Cos., Inc.		616		215,600
Carrier Global Corp.(c)		8,747		486,158
Caterpillar, Inc.		5,631		1,880,529
Cintas Corp.		456		286,646
Copart, Inc.(b)		2,344		124,584
CSX Corp.		23,673		898,154
Cummins, Inc.		1,956		525,401
Deere & Co.		2,817		1,028,346
Delta Air Lines, Inc.		3,715		157,033
Dover Corp.		1,278		211,356
Eaton Corp. PLC		2,730		788,970
EMCOR Group, Inc.		855		268,060
Emerson Electric Co.		5,546		592,590
Equifax, Inc.		615		168,258
Expeditors International of Washington, Inc.		2,654		317,418
Fastenal Co.		2,958		215,964
FedEx Corp.		5,459		1,359,127
Fluor Corp.(b)		3,700		136,160

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

 7 

Invesco RAFI^TM Strategic US ETF (IUS)–(continued)

February 29, 2024

(Unaudited)

 

	Shares		Value
Industrials-(continued)
Fortive Corp.		3,052	$	259,817
Fortune Brands Innovations, Inc.		2,077		168,943
General Dynamics Corp.		3,734		1,020,316
General Electric Co.		10,736		1,684,371
GXO Logistics, Inc.(b)(c)		1,630		84,369
Hertz Global Holdings, Inc.(b)(c)		6,516		51,151
Honeywell International, Inc.		5,153		1,024,056
Howmet Aerospace, Inc.		2,724		181,282
Hubbell, Inc.		348		132,473
Huntington Ingalls Industries, Inc.		667		194,511
Illinois Tool Works, Inc.		1,853		485,764
Ingersoll Rand, Inc.		3,128		285,680
J.B. Hunt Transport Services, Inc.		990		204,247
Jacobs Solutions, Inc.		1,674		245,492
Johnson Controls International PLC		8,383		496,860
Knight-Swift Transportation Holdings, Inc.		3,114		175,443
L3Harris Technologies, Inc.		3,082		652,336
Landstar System, Inc.(c)		602		114,500
Leidos Holdings, Inc.		2,356		301,238
Lockheed Martin Corp.		3,168		1,356,664
ManpowerGroup, Inc.(c)		2,635		190,142
Masco Corp.		3,069		235,576
Matson, Inc.(c)		1,704		189,229
MDU Resources Group, Inc.(c)		3,430		74,362
Norfolk Southern Corp.		3,025		766,475
Northrop Grumman Corp.		1,451		668,940
Old Dominion Freight Line, Inc.		633		280,090
Oshkosh Corp.		1,675		185,691
Otis Worldwide Corp.		2,019		192,411
Owens Corning		1,969		294,917
PACCAR, Inc.		6,389		708,476
Parker-Hannifin Corp.		1,045		559,545
Paychex, Inc.		1,307		160,264
Quanta Services, Inc.		1,165		281,359
Regal Rexnord Corp.(c)		1,012		173,548
Republic Services, Inc.		1,607		295,045
Robert Half, Inc.		1,658		133,303
Rockwell Automation, Inc.		606		172,758
RTX Corp.		18,383		1,648,404
Ryder System, Inc.		2,644		301,680
Science Applications International Corp.(c)		1,034		144,719
Snap-on, Inc.		574		158,229
Southwest Airlines Co.		3,085		105,723
SS&C Technologies Holdings, Inc.		2,770		176,615
Stanley Black & Decker, Inc.		4,063		362,785
Textron, Inc.		4,099		365,098
Trane Technologies PLC		1,953		550,687
TransDigm Group, Inc.		146		171,950
Uber Technologies, Inc.(b)		7,360		585,120
UFP Industries, Inc.		1,364		156,355
Union Pacific Corp.		6,354		1,611,946
United Airlines Holdings, Inc.(b)		2,442		111,087
United Parcel Service, Inc., Class B		10,378		1,538,642
United Rentals, Inc.		996		690,497
Veralto Corp.		1,338		115,630
Verisk Analytics, Inc.		962		232,708
Vestis Corp.		1,946		36,507
W.W. Grainger, Inc.		298		290,091
Wabtec Corp.		2,346		331,466
Waste Connections, Inc.		1,655		275,458

	Shares		Value
Industrials-(continued)
Waste Management, Inc.		3,042	$	625,587
Watsco, Inc.(c)		283		111,536
WESCO International, Inc.		1,025		153,227
WillScot Mobile Mini Holdings Corp.(b)(c)		2,071		98,890
XPO, Inc.(b)(c)		2,064		248,340
Xylem, Inc.		987		125,398
ZIM Integrated Shipping Services Ltd. (Israel)(c)		24,319		289,639
				40,407,327
Information Technology-19.37%
Accenture PLC, Class A		4,722		1,769,711
Adobe, Inc.(b)		2,596		1,454,487
Advanced Micro Devices, Inc.(b)		8,935		1,720,256
Akamai Technologies, Inc.(b)		1,938		214,963
Amdocs Ltd.		1,397		127,406
Amkor Technology, Inc.		4,739		147,004
Amphenol Corp., Class A		3,767		411,507
Analog Devices, Inc.		4,950		949,509
ANSYS, Inc.(b)		348		116,291
Apple, Inc.		83,046		15,010,564
Applied Materials, Inc.		7,334		1,478,681
Arista Networks, Inc.(b)		833		231,191
Arrow Electronics, Inc.(b)(c)		2,726		320,305
Autodesk, Inc.(b)		1,039		268,239
Avnet, Inc.		4,432		206,487
Broadcom, Inc.		2,936		3,818,239
Cadence Design Systems, Inc.(b)		708		215,501
CDW Corp.		1,428		351,588
Cisco Systems, Inc.		44,347		2,145,064
Cognizant Technology Solutions Corp., Class A		7,241		572,184
Corning, Inc.		12,515		403,484
Dell Technologies, Inc., Class C		21,303		2,016,542
Dropbox, Inc., Class A(b)		4,370		104,661
DXC Technology Co.(b)		9,777		213,725
Flex Ltd.(b)		11,201		315,308
Fortinet, Inc.(b)		2,727		188,463
Gartner, Inc.(b)		423		196,932
Gen Digital, Inc.		6,063		130,294
GoDaddy, Inc., Class A(b)		1,740		198,621
Hewlett Packard Enterprise Co.		43,656		664,881
HP, Inc.		27,520		779,642
Intel Corp.		83,488		3,594,158
International Business Machines Corp.		10,851		2,007,760
Intuit, Inc.		1,345		891,587
Jabil, Inc.		3,817		549,992
Juniper Networks, Inc.		4,150		153,674
Keysight Technologies, Inc.(b)		1,133		174,822
KLA Corp.		1,138		776,457
Kyndryl Holdings, Inc.(b)(c)		11,113		244,153
Lam Research Corp.		983		922,300
Marvell Technology, Inc.		6,056		433,973
Microchip Technology, Inc.		4,087		343,880
Micron Technology, Inc.		19,925		1,805,404
Microsoft Corp.		29,236		12,093,179
Motorola Solutions, Inc.		660		218,057
NetApp, Inc.		2,732		243,476
NVIDIA Corp.		3,963		3,135,209
ON Semiconductor Corp.(b)		2,403		189,645

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

 8 

Invesco RAFI^TM Strategic US ETF (IUS)–(continued)

February 29, 2024

(Unaudited)

 

	Shares		Value
Information Technology-(continued)
Oracle Corp.		9,422	$	1,052,249
Palo Alto Networks, Inc.(b)		994		308,687
Qorvo, Inc.(b)		1,959		224,403
QUALCOMM, Inc.		11,607		1,831,468
Roper Technologies, Inc.		489		266,373
Salesforce, Inc.(b)		5,496		1,697,275
Sanmina Corp.(b)(c)		1,771		111,927
Seagate Technology Holdings PLC		4,081		379,737
ServiceNow, Inc.(b)		406		313,164
Silicon Laboratories, Inc.(b)(c)		685		94,215
Skyworks Solutions, Inc.		2,279		239,113
Synopsys, Inc.(b)		596		341,943
TD SYNNEX Corp.(c)		2,325		241,567
TE Connectivity Ltd.		3,465		497,435
Teledyne Technologies, Inc.(b)		344		146,981
Teradyne, Inc.		1,368		141,711
Texas Instruments, Inc.		6,094		1,019,709
Trimble, Inc.(b)		2,278		139,391
Twilio, Inc., Class A(b)		2,390		142,420
Western Digital Corp.(b)		7,127		423,843
Workday, Inc., Class A(b)		747		220,111
Xerox Holdings Corp.(c)		8,527		159,029
Zebra Technologies Corp., Class A(b)(c)		429		119,897
Zoom Video Communications, Inc., Class A(b)		2,353		166,428
				74,798,532
Materials-4.54%
Air Products and Chemicals, Inc.		1,554		363,698
Albemarle Corp.(c)		725		99,941
Alcoa Corp.		5,469		148,812
Amcor PLC		26,721		242,092
Avery Dennison Corp.		893		193,361
Ball Corp.		4,152		265,811
Berry Global Group, Inc.		3,674		213,864
Celanese Corp.		2,004		304,548
CF Industries Holdings, Inc.		5,386		434,758
Chemours Co. (The)		3,993		78,542
Cleveland-Cliffs, Inc.(b)		23,747		493,938
Commercial Metals Co.(c)		2,696		145,584
Corteva, Inc.		8,772		469,478
Crown Holdings, Inc.		2,372		181,743
Dow, Inc.		21,374		1,194,379
DuPont de Nemours, Inc.		7,906		547,016
Eastman Chemical Co.		3,299		289,454
Ecolab, Inc.		1,436		322,870
FMC Corp.(c)		1,029		58,025
Freeport-McMoRan, Inc.		18,579		702,472
Graphic Packaging Holding Co.(c)		4,372		113,453
Huntsman Corp.(c)		7,114		182,118
International Flavors & Fragrances, Inc.		4,353		328,652
International Paper Co.		12,918		456,781
Linde PLC		4,003		1,796,627
Louisiana-Pacific Corp.(c)		2,624		194,097
LyondellBasell Industries N.V., Class A		8,158		818,084
Martin Marietta Materials, Inc.		387		223,574
Mosaic Co. (The)		12,622		393,302
Newmont Corp.		12,837		401,156
Nucor Corp.		7,388		1,420,712
Olin Corp.		4,340		233,492
Packaging Corp. of America		1,465		265,443

	Shares		Value
Materials-(continued)
PPG Industries, Inc.		1,816	$	257,146
Reliance, Inc.		1,129		362,657
Sherwin-Williams Co. (The)		1,595		529,588
Sonoco Products Co.		1,605		90,971
Steel Dynamics, Inc.		4,643		621,326
Ternium S.A., ADR (Mexico)		8,870		359,590
United States Steel Corp.(c)		19,106		904,478
Vulcan Materials Co.		906		240,860
WestRock Co.		12,916		584,966
				17,529,459
Real Estate-0.68%
CBRE Group, Inc., Class A(b)		5,038		462,942
CoStar Group, Inc.(b)		1,274		110,876
Equinix, Inc.		369		327,974
Host Hotels & Resorts, Inc.		6,108		126,680
Iron Mountain, Inc.		2,357		185,354
Jones Lang LaSalle, Inc.(b)		1,658		315,418
Public Storage		1,553		440,850
SBA Communications Corp., Class A		634		132,652
Weyerhaeuser Co.		11,470		394,339
Zillow Group, Inc., Class C(b)(c)		2,058		115,557
				2,612,642
Utilities-2.07%
AES Corp. (The)		10,231		155,511
Alliant Energy Corp.(c)		2,377		113,502
Ameren Corp.		3,128		222,682
American Electric Power Co., Inc.		7,374		628,191
CenterPoint Energy, Inc.		9,125		250,937
CMS Energy Corp.		3,345		191,903
Consolidated Edison, Inc.		5,405		471,370
DTE Energy Co.		3,072		332,851
Edison International		5,412		368,124
Entergy Corp.		3,518		357,323
Eversource Energy		4,823		283,110
FirstEnergy Corp.		8,535		312,466
NiSource, Inc.		6,186		161,207
NRG Energy, Inc.		8,836		488,808
OGE Energy Corp.		3,070		101,034
PPL Corp.		13,130		346,238
Public Service Enterprise Group, Inc.		5,775		360,360
Sempra.		8,065		569,389
Southern Co. (The)		12,555		844,324
UGI Corp.		6,162		150,846
Vistra Corp.		11,202		610,957
WEC Energy Group, Inc.		3,628		284,762
Xcel Energy, Inc.		7,046		371,254
				7,977,149
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.94% (Cost $353,676,628)				385,835,047
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-3.89%
Invesco Private Government Fund, 5.29%(d)(e)(f)		4,201,714		4,201,714

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

 9 

Invesco RAFI^TM Strategic US ETF (IUS)–(continued)

February 29, 2024

(Unaudited)

 

	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 5.49%(d)(e)(f)		10,801,236	$	10,806,637
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $15,009,971)				15,008,351
TOTAL INVESTMENTS IN SECURITIES-103.83% (Cost $368,686,599)				400,843,398
OTHER ASSETS LESS LIABILITIES-(3.83)%				(14,801,690	)
NET ASSETS-100.00%			$	386,041,708

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 29, 2024.

^(d)  Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 29, 2024.

	Value August 31, 2023			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value February 29, 2024			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	2,988,617		$	(2,988,617	)		$	-			$	-		$	-		$	2,438
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			2,195,569			16,793,176			(14,787,031	)			-				-			4,201,714			80,609	*
Invesco Private Prime Fund			5,653,488			35,637,976			(30,487,938	)			(1,515	)			4,626			10,806,637			217,121	*
Total		$	7,849,057		$	55,419,769		$	(48,263,586	)		$	(1,515	)		$	4,626		$	15,008,351		$	300,168

* 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 29, 2024.

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

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

 10 

Invesco RAFI^TM Strategic US ETF (IUS)–(continued)

February 29, 2024

(Unaudited)

 

Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of February 29, 2024
Information Technology	19.37
Health Care	14.45
Communication Services	12.69
Consumer Discretionary	11.20
Energy	10.53
Industrials	10.47
Consumer Staples	7.50
Financials	6.44
Materials	4.54
Sector Types Each Less Than 3%	2.75
Money Market Funds Plus Other Assets Less Liabilities	0.06

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

 11 

Statements of Assets and Liabilities

February 29, 2024

(Unaudited)

	Invesco Bloomberg Pricing Power  ETF (POWA)				Invesco RAFITM Strategic US   ETF (IUS)
Assets:
Unaffiliated investments in securities, at value(a)		$	203,678,350			$	385,835,047
Affiliated investments in securities, at value			23,113,722				15,008,351
Receivable for:
Dividends			250,380				665,728
Securities lending			1,590				2,907
Fund shares sold			-				2,277,542
Foreign tax reclaims			165				419
Other assets			70,895				-
Total assets			227,115,102				403,789,994
Liabilities:
Due to custodian			99,464				407,287
Payable for:
Investments purchased			-				2,278,966
Collateral upon return of securities loaned			23,114,924				15,009,971
Accrued unitary management fees			53,603				52,062
Total liabilities			23,267,991				17,748,286
Net Assets		$	203,847,111			$	386,041,708
Net assets consist of:
Shares of beneficial interest		$	259,857,357			$	361,027,215
Distributable earnings (loss)			(56,010,246	)			25,014,493
Net Assets		$	203,847,111			$	386,041,708
Shares outstanding (unlimited amount authorized, $0.01 par value)			2,660,000				8,475,001
Net asset value		$	76.63			$	45.55
Market price		$	76.58			$	45.53
Unaffiliated investments in securities, at cost		$	181,818,081			$	353,676,628
Affiliated investments in securities, at cost		$	23,114,924			$	15,009,971
(a) Includes securities on loan with an aggregate value of:		$	22,822,105			$	14,741,333

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

 12 

Statements of Operations

For the six months ended February 29, 2024

(Unaudited)

	Invesco Bloomberg Pricing Power  ETF (POWA)				Invesco RAFITM Strategic US   ETF (IUS)
Investment income:
Unaffiliated dividend income		$	1,472,501			$	2,675,812
Affiliated dividend income			4,290				2,438
Securities lending income, net			1,775				78,156
Foreign withholding tax			-				(432	)
Total investment income			1,478,566				2,755,974
Expenses:
Unitary management fees			389,765				247,996
Less: Waivers			(81	)			(46	)
Net expenses			389,684				247,950
Net investment income			1,088,882				2,508,024
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities			5,252,237				(365,934	)
Affiliated investment securities			(385	)			4,626
In-kind redemptions			1,281,377				1,473,284
Net realized gain			6,533,229				1,111,976
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities			15,653,383				28,845,572
Affiliated investment securities			(1,202	)			(1,515	)
Change in net unrealized appreciation			15,652,181				28,844,057
Net realized and unrealized gain			22,185,410				29,956,033
Net increase in net assets resulting from operations		$	23,274,292			$	32,464,057

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

 13 

Statements of Changes in Net Assets

For the six months ended February 29, 2024 and the year ended August 31, 2023

(Unaudited)

	Invesco Bloomberg Pricing Power ETF (POWA)								Invesco RAFITM Strategic US ETF (IUS)
	Six Months  Ended February 29, 2024				Year Ended August 31, 2023				Six Months  Ended February 29, 2024				Year Ended August 31, 2023
Operations:
Net investment income		$	1,088,882			$	3,825,428			$	2,508,024			$	3,567,091
Net realized gain			6,533,229				8,518,338				1,111,976				14,278,630
Change in net unrealized appreciation			15,652,181				1,748,510				28,844,057				6,266,534
Net increase in net assets resulting from operations			23,274,292				14,092,276				32,464,057				24,112,255
Distributions to Shareholders from:
Distributable earnings			(3,149,107	)			(4,063,244	)			(2,312,454	)			(3,191,512	)
Shareholder Transactions:
Proceeds from shares sold			5,128,322				138,251,132				143,899,199				172,451,669
Value of shares repurchased			(38,723,737	)			(196,076,496	)			(10,229,487	)			(122,753,363	)
Net increase (decrease) in net assets resulting from share transactions			(33,595,415	)			(57,825,364	)			133,669,712				49,698,306
Net increase (decrease) in net assets			(13,470,230	)			(47,796,332	)			163,821,315				70,619,049
Net assets:
Beginning of period			217,317,341				265,113,673				222,220,393				151,601,344
End of period		$	203,847,111			$	217,317,341			$	386,041,708			$	222,220,393
Changes in Shares Outstanding:
Shares sold			70,000				2,060,000				3,350,000				4,500,000
Shares repurchased			(570,000	)			(2,940,000	)			(250,000	)			(3,250,000	)
Shares outstanding, beginning of period			3,160,000				4,040,000				5,375,001				4,125,001
Shares outstanding, end of period			2,660,000				3,160,000				8,475,001				5,375,001

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

 14 

Financial Highlights

Invesco Bloomberg Pricing Power ETF (POWA)

	Six Months Ended February 29, 2024				Years Ended August 31,
	(Unaudited)				2023				2022				2021				2020				2019
Per Share Operating Performance:
Net asset value at beginning of period		$	68.77			$	65.62			$	69.50			$	56.99			$	53.27			$	49.47
Net investment income(a)			0.39				1.03				0.92				0.64				0.75				0.68
Net realized and unrealized gain (loss) on investments			8.63				3.10				(4.02	)			12.66				3.62				3.73
Total from investment operations			9.02				4.13				(3.10	)			13.30				4.37				4.41
Distributions to shareholders from:
Net investment income			(1.16	)			(0.98	)			(0.78	)			(0.79	)			(0.65	)			(0.61	)
Net asset value at end of period		$	76.63			$	68.77			$	65.62			$	69.50			$	56.99			$	53.27
Market price at end of period(b)		$	76.58			$	68.79			$	65.68			$	69.47			$	57.08			$	53.30
Net Asset Value Total Return(c)			13.24	%			6.36	%			(4.54	)%			23.61	%			8.22	%			9.27	%
Market Price Total Return(c)			13.13	%			6.29	%			(4.40	)%			23.36	%			8.34	%			9.20	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	203,847			$	217,317			$	265,114			$	300,920			$	307,735			$	245,052
Ratio to average net assets of:
Expenses			0.40	%(d)			0.53	%			0.54	%			0.55	%			0.53	%			0.55	%
Net investment income			1.12	%(d)			1.54	%			1.35	%			1.05	%			1.42	%			1.37	%
Portfolio turnover rate(e)			52	%			195	%			134	%			121	%			136	%			145	%

^(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. For the year ended August 31, 2023, the portfolio turnover calculation includes the value of securities purchased and sold in the effort to realign the Fund’s portfolio holdings due to the underlying index change.

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

 15 

Financial Highlights–(continued)

Invesco RAFI^TM Strategic US ETF (IUS)

	Six Months Ended February 29, 2024				Years Ended August 31,																For the Period September 10, 2018(a) Through August 31,
	(Unaudited)				2023				2022				2021				2020				2019
Per Share Operating Performance:
Net asset value at beginning of period		$	41.34			$	36.75			$	38.50			$	28.08			$	24.93			$	25.00
Net investment income(b)			0.40				0.69				0.64				0.56				0.54				0.58
Net realized and unrealized gain (loss) on investments			4.21				4.55				(1.72	)			10.40				3.13				(0.26	)
Total from investment operations			4.61				5.24				(1.08	)			10.96				3.67				0.32
Distributions to shareholders from:
Net investment income			(0.40	)			(0.65	)			(0.67	)			(0.54	)			(0.52	)			(0.39	)
Net asset value at end of period		$	45.55			$	41.34			$	36.75			$	38.50			$	28.08			$	24.93
Market price at end of period(c)		$	45.53			$	41.34			$	36.79			$	38.52			$	28.14			$	24.94
Net Asset Value Total Return(d)			11.23	%			14.46	%			(2.84	)%			39.47	%			15.17	%			1.45	%(e)
Market Price Total Return(d)			11.18	%			14.34	%			(2.78	)%			39.25	%			15.38	%			1.50	%(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	386,042			$	222,220			$	151,601			$	180,010			$	143,213			$	117,188
Ratio to average net assets of:
Expenses			0.19	%(f)			0.19	%			0.19	%			0.19	%			0.19	%			0.20	%(g)
Net investment income			1.92	%(f)			1.81	%			1.65	%			1.69	%			2.09	%			2.41	%(g)
Portfolio turnover rate(h)			1	%			13	%			10	%			15	%			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.

 16 

Notes to Financial Statements

Invesco Exchange-Traded Self-Indexed Fund Trust

February 29, 2024

(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 Bloomberg Pricing Power ETF (POWA)	“Bloomberg Pricing Power ETF”
Invesco RAFITM Strategic US ETF (IUS)	“RAFITM Strategic US ETF”

Each portfolio (each, a “Fund”, and collectively, the “Funds”) represents a separate series of the Trust. The shares of the Funds are referred to herein as “Shares” or “Fund’s Shares.” Bloomberg Pricing Power ETF’s Shares are listed and traded on NYSE Arca, Inc. RAFI^TM Strategic US ETF’s Shares are listed and traded on The Nasdaq Stock Market LLC.

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

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

Fund	Underlying Index
Bloomberg Pricing Power ETF	Bloomberg Pricing Power Index
RAFITM Strategic US ETF	Invesco Strategic US Index

NOTE 2–Significant Accounting Policies

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

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

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

A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded or, lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day NAV per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly.

 17 

Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

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

Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

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

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer-specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

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

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

The price a Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, a Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

B. Investment Transactions and Investment Income - Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest income is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Dividend income from REITs is recorded based on the income

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included in the distributions received from the REIT investments using published REIT classifications, including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.

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

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

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

D. Dividends and Distributions to Shareholders - Bloomberg Pricing Power ETF declares and pays dividends from net investment income, if any, to its shareholders annually and records such dividends on the ex-dividend date. RAFITM Strategic US ETF declares and pays dividends from net investment income, if any, to its shareholders quarterly and records such dividends on the ex-dividend date. In addition, the Funds intend to distribute any capital gains to shareholders as capital gain dividends at least annually. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America (“GAAP”). Distributions in excess of tax basis earnings and profits, if any, are reported in such Fund’s financial statements as a tax return of capital at fiscal year or period-end.

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

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

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

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

F. Expenses - Each Fund has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser pays for substantially all expenses of the Funds, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust or the Adviser (an “Interested Trustee”), or (iii) any other matters that directly benefit the Adviser).

Expenses of the Trust that are excluded from a Fund’s unitary management fee and are directly identifiable to a specific Fund are applied to that Fund. Expenses of the Trust that are excluded from a Fund’s unitary management fee and are not

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readily identifiable to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of each Fund.

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

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

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

I. Securities Lending - Each Fund may participate in securities lending and may loan portfolio securities having a market value up to one-third of each Fund’s total assets. Such loans are secured by cash collateral equal to no less than 102% (105% for international securities) of the market value of the loaned securities determined daily by the securities lending provider. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, “affiliated money market funds”) and is shown as such on the Schedules of Investments. Each Fund bears the risk of loss with respect to the investment of collateral. It is the policy of these Funds to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, each Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to each Fund if, and to the extent that, the market value of the securities loaned were to increase, and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or each Fund. Upon termination, the borrower will return to each Fund the securities loaned and each Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. Each Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to each Fund. Some of these losses may be indemnified by the lending agent. Each Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. For Funds that participated in securities lending, dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Securities lending income on the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities.

Invesco Advisers, Inc. (“Invesco”), an affiliate of the Adviser, serves as an affiliated securities lending agent for each Fund participating in the securities lending program. The Bank of New York Mellon (“BNYM”) also serves as a securities lending agent. To the extent a Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended February 29, 2024, each Fund had affiliated securities lending transactions with Invesco. Fees paid to Invesco for securities lending agent services, which are included in Securities lending income on the Statements of Operations, were incurred by each Fund as listed below:

	Amount
Bloomberg Pricing Power ETF		$183
RAFITM Strategic US ETF		918

J. Other Risks

AP Concentration Risk. Only APs may engage in creation or redemption transactions directly with each Fund. Each Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities held by each Fund are traded outside a collateralized settlement system.

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In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to each Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished trading market for Fund Shares, and Shares may be more likely to trade at a premium or discount to a Fund’s NAV and to face trading halts and/or delisting. Investments in non-U.S. securities, which may have lower trading volumes or could experience extended market closures or trading halts, may increase the risk that APs may not be able to effectively create or redeem Creation Units or the risk that the Shares may be halted and/or delisted.

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

Index Risk. Unlike many investment companies that are “actively managed”, each Fund is a “passive” investor and therefore does not utilize an investing strategy that seeks returns in excess of its respective Underlying Index. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its Underlying Index, even if that security generally is underperforming. Additionally, each Fund rebalances its portfolio in accordance with its Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to each Fund’s rebalance schedule. Further, unlike with an actively managed fund, the Adviser does not use techniques or defensive strategies designed to lessen the impact of periods of market volatility or market decline. This means that, based on certain market and economic conditions, a Fund’s performance could be lower than other types of funds with investment advisers that actively manage their portfolio assets to take advantage of market opportunities or defend against market events.

Industry Concentration Risk. In following its methodology, each Fund’s Underlying Index from time to time may be concentrated to a significant degree in securities of issuers operating in a single industry or industry group. To the extent that each Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the corresponding Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, each Fund may face more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which each Fund invests, may include, but are not limited to, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand in a particular industry; competition for resources, adverse labor relations, political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in an industry. In addition, at times, such industry or industry group may be out of favor and underperform other industries or the market as a whole.

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

Non-Correlation Risk. Each Fund’s return may not match the return of its corresponding Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of its corresponding Underlying Index. In addition, the performance of each Fund and its corresponding Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its corresponding Underlying Index resulting from legal restrictions, costs or liquidity constraints.

Portfolio Turnover Risk. Bloomberg Pricing Power ETF may engage in frequent trading of its portfolio securities in connection with the rebalancing or adjustment of its Underlying Index. A portfolio turnover rate of 200%, for example, is equivalent to the Fund buying and selling all of its securities two times during the course of a year. A high portfolio turnover rate (such as 100% or more) could result in high brokerage costs for the Fund. While a high portfolio turnover rate can result in an increase in taxable capital gains distributions to the Fund’s shareholders, the Fund will seek to utilize the in-kind creation and redemption mechanism to minimize the realization of capital gains to the extent possible.

REIT Risk. REITs are pooled investment vehicles that trade like stocks and invest substantially all of their assets in real estate and may qualify for special tax considerations. REITs are subject to certain risks inherent in the direct ownership of real estate, including without limitation, a possible lack of mortgage funds and associated interest rate risks, overbuilding, property

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vacancies, increases in property taxes and operating expenses, changes in zoning laws, losses due to environmental damages and changes in neighborhood values and appeal to purchasers. Further, failure of a company to qualify as a REIT under federal tax law may have adverse consequences to the REIT’s shareholders. In addition, REITs may have expenses, including advisory and administration expenses, and REIT shareholders will incur a proportionate share of the underlying expenses.

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

NOTE 3–Investment Advisory Agreements 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 each Fund’s investments, managing each Fund’s business affairs and providing certain clerical, bookkeeping and other administrative services.

Pursuant to the Investment Advisory Agreement, each Fund accrues daily and pays monthly to the Adviser an annual unitary management fee. Out of the unitary management fee, the Adviser pays for substantially all expenses of the Funds, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser). The unitary management fee is paid by each Fund to the Adviser at the following annual rates:

	Unitary Management Fees (as a % of average daily net  assets)
Bloomberg Pricing Power ETF	0.40%
RAFITM Strategic US ETF	0.19%

Through at least August 31, 2025, the Adviser has contractually agreed to waive the management fee payable by each Fund in an amount equal to the lesser of: (i) 100% of the net advisory fees earned by the Adviser or an affiliate of the Adviser that are attributable to the Fund’s investments in money market funds that are managed by affiliates of the Adviser and other funds (including ETFs) managed by the Adviser or affiliates of the Adviser or (ii) the management fee available to be waived. This waiver does not apply to a Fund’s investment of cash collateral received for securities lending. There is no guarantee that the Adviser will extend the waiver of these fees past that date.

For the six months ended February 29, 2024, the Adviser waived fees for each Fund in the following amounts:

Bloomberg Pricing Power ETF	$	81
RAFITM Strategic US ETF		46

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

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

Fund	Licensor
Bloomberg Pricing Power ETF	Bloomberg Index Services Limited
RAFITM Strategic US ETF	Invesco Indexing LLC

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

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

For the six months ended February 29, 2024, the Funds incurred brokerage commissions with Invesco Capital Markets, Inc. (“ICMI”), an affiliate of the Adviser and Distributor, for portfolio transactions executed on behalf of the Funds, as listed below:

Bloomberg Pricing Power ETF	$	9,986
RAFITM Strategic US ETF		288

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.

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NOTE 4–Additional Valuation Information

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

Level 1 –	Prices are determined using quoted prices in an active market for identical assets.
Level 2 –	Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 –	Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of February 29, 2024. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1		Level 2		Level 3					Total
Bloomberg Pricing Power ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	203,678,350	$	-			$	-		$	203,678,350
Money Market Funds		-		23,113,722				-			23,113,722
Total Investments	$	203,678,350	$	23,113,722			$	-		$	226,792,072
RAFITM Strategic US ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	385,835,047	$	-			$	-		$	385,835,047
Money Market Funds		-		15,008,351				-			15,008,351
Total Investments	$	385,835,047	$	15,008,351			$	-		$	400,843,398

NOTE 5–Tax Information

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

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

The Funds had capital loss carryforwards as of August 31, 2023, as follows:

	No expiration
	Short-Term		Long-Term		Total*
Bloomberg Pricing Power ETF	$	84,466,082	$	-	$	84,466,082
RAFITM Strategic US ETF		5,528,081		3,555,312		9,083,393

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

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NOTE 6–Investment Transactions

For the six months ended February 29, 2024, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Government obligations, money market funds and in-kind transactions, if any) were as follows:

	Purchases		Sales
Bloomberg Pricing Power ETF	$	102,853,815	$	105,088,971
RAFITM Strategic US ETF		3,891,361		2,756,782

For the six months ended February 29, 2024, in-kind transactions associated with creations and redemptions were as follows:

	In-kind Purchases		In-kind Sales
Bloomberg Pricing Power ETF	$	5,126,911	$	38,704,011
RAFITM Strategic US ETF		142,809,480		10,116,445

Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes. As of February 29, 2024, 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
Bloomberg Pricing Power ETF	$	25,184,949	$	(3,553,317	)	$	21,631,632	$	205,160,440
RAFITM Strategic US ETF		45,294,332		(13,347,060	)		31,947,272		368,896,126

NOTE 7–Trustees’ and Officer’s Fees

The Adviser, as a result of each Fund’s unitary management fee, pays remuneration to the Independent Trustees and an Officer of the Trust on behalf of the Funds. Interested Trustees do not receive any Trustees’ fees.

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

NOTE 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 APs are permitted to purchase or redeem Creation Units from the Funds. Such transactions are principally permitted in exchange for Deposit Securities, with a balancing cash component to equate the transaction to the NAV per Share of a Fund on the transaction date. However, for all Funds, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the AP or as a result of other market circumstances.

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

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

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

 24 

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 extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser). The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period September 1, 2023 through February 29, 2024.

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 transaction 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, if these transaction costs were included, your costs would have been higher.

	Beginning Account Value September 1, 2023			Ending Account Value February 29, 2024			Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period(1)
Invesco Bloomberg Pricing Power ETF (POWA) Actual		$	1,000.00		$	1,132.40		0.40	%		$	2.12
Hypothetical (5% return before expenses)			1,000.00			1,022.87		0.40				2.01
Invesco RAFITM Strategic US ETF (IUS) Actual			1,000.00			1,112.30		0.19				1.00
Hypothetical (5% return before expenses)			1,000.00			1,023.92		0.19				0.96

⁽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 29, 2024. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 182/366.

 25 

(This Page Intentionally Left Blank)

Proxy Voting Policies and Procedures

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

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

Quarterly Portfolios

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

Frequency Distribution of Discounts and Premiums

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

© 2024 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 29, 2024
	IIGD	Invesco Investment Grade Defensive ETF

Beginning in July 2024, amendments adopted by the Securities and Exchange Commission will substantially impact the design, content, and delivery of shareholder reports. These newly designed shareholder reports will highlight key fund information in a clear and concise format and must be mailed to each shareholder that has not elected to receive the reports electronically. Other information, including financial statements, will no longer be included in the shareholder report but will be available at invesco.com/reports, delivered upon request, and filed on a semi-annual basis on Form N-CSR.

If you would like to receive shareholder reports and other communications electronically instead of by mail, you may make that request by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery. If you do not make this request or enroll in e-delivery, you will receive future shareholder reports and other communications by mail.

Table of Contents

Schedule of Investments	3
Statement of Assets and Liabilities	7
Statement of Operations	8
Statement of Changes in Net Assets	9
Financial Highlights	10
Notes to Financial Statements	11
Fund Expenses	18

2

Invesco Investment Grade Defensive ETF (IIGD)

February 29, 2024

(Unaudited)

Schedule of Investments^(a)

	Principal Amount			Value
U.S. Dollar Denominated Bonds & Notes-98.95%
Aerospace & Defense-1.36%
General Dynamics Corp., 3.75%, 05/15/2028	$	340,000		$	327,691
RTX Corp., 5.75%, 11/08/2026		320,000			324,683
					652,374
Air Freight & Logistics-0.70%
United Parcel Service, Inc., 3.05%, 11/15/2027		355,000			333,997
Automobile Components-1.30%
BorgWarner, Inc., 2.65%, 07/01/2027		320,000			295,644
ERAC USA Finance LLC, 4.60%, 05/01/2028(b)		335,000			329,399
					625,043
Automobiles-0.64%
PACCAR Financial Corp., 4.60%, 01/31/2029		310,000			306,881
Banks-11.39%
Bank of America Corp., 3.50%, 04/19/2026		305,000			295,733
Citibank N.A., 5.80%, 09/29/2028(c)		320,000			329,800
Fifth Third Bancorp, 2.55%, 05/05/2027		325,000			298,570
Fifth Third Bank N.A., 3.85%, 03/15/2026		350,000			337,238
JPMorgan Chase & Co., 2.95%, 10/01/2026(c)		350,000			332,818
JPMorgan Chase Bank N.A., 5.11%, 12/08/2026		330,000			330,506
KeyBank N.A., 5.85%, 11/15/2027(c)		335,000			330,970
Manufacturers & Traders Trust Co., 4.70%, 01/27/2028		300,000			288,694
Morgan Stanley Bank N.A., 5.88%, 10/30/2026		320,000			325,955
National Securities Clearing Corp., 5.10%, 11/21/2027(b)		330,000			332,366
PNC Bank N.A., 4.05%, 07/26/2028(c)		350,000			331,160
Truist Bank 3.30%, 05/15/2026		350,000			333,958
3.80%, 10/30/2026		345,000			330,774
Truist Financial Corp., 1.13%, 08/03/2027(c)		380,000			331,130
U.S. Bancorp, Series V, 2.38%, 07/22/2026(c)		325,000			304,708
Wells Fargo & Co., 3.00%, 04/22/2026		310,000			295,824
Wells Fargo Bank N.A., 5.25%, 12/11/2026		330,000			331,288
					5,461,492
Beverages-0.68%
PepsiCo, Inc., 3.00%, 10/15/2027(c)		345,000			325,408
Biotechnology-0.68%
Gilead Sciences, Inc., 3.65%, 03/01/2026		337,000			327,297
Broadline Retail-0.69%
Amazon.com, Inc., 3.15%, 08/22/2027		347,000			329,570
Capital Markets-7.92%
Apollo Management Holdings L.P., 4.87%, 02/15/2029(b)(c)		340,000			335,465
Bank of New York Mellon Corp. (The), 3.85%, 04/28/2028(c)		310,000			299,464
BlackRock, Inc., 1.90%, 01/28/2031		400,000			331,011

	Principal Amount			Value
Capital Markets-(continued)
Cboe Global Markets, Inc., 3.65%, 01/12/2027	$	345,000		$	334,191
Charles Schwab Corp. (The), 2.45%, 03/03/2027(c)		320,000			296,763
CME Group, Inc., 2.65%, 03/15/2032		380,000			326,136
FMR LLC, 7.57%, 06/15/2029(b)		300,000			332,797
Goldman Sachs Group, Inc. (The), 3.85%, 01/26/2027		310,000			299,458
KKR Group Finance Co. VI LLC, 3.75%, 07/01/2029(b)		330,000			305,890
Morgan Stanley, 3.13%, 07/27/2026		330,000			314,864
Northern Trust Corp., 4.00%, 05/10/2027		305,000			296,409
State Street Corp., 5.27%, 08/03/2026		325,000			326,255
					3,798,703
Chemicals-1.38%
Ecolab, Inc., 2.70%, 11/01/2026		350,000			332,337
EIDP, Inc., 4.50%, 05/15/2026		335,000			329,934
					662,271
Commercial Services & Supplies-1.38%
Cintas Corp. No. 2, 3.70%, 04/01/2027(c)		340,000			329,808
Veralto Corp., 5.50%, 09/18/2026(b)		330,000			331,552
					661,360
Communications Equipment-0.69%
Cisco Systems, Inc., 2.50%, 09/20/2026		350,000			330,387
Consumer Finance-1.98%
American Express Co., 2.55%, 03/04/2027(c)		355,000			329,594
Discover Bank, 3.45%, 07/27/2026		360,000			341,495
General Motors Financial Co., Inc., 5.40%, 04/06/2026		280,000			280,203
					951,292
Consumer Staples Distribution & Retail-2.71%
Costco Wholesale Corp., 1.60%, 04/20/2030		370,000			308,391
Kroger Co. (The), 2.65%, 10/15/2026		355,000			333,824
Target Corp., 2.50%, 04/15/2026(c)		345,000			329,560
Walmart, Inc., 1.80%, 09/22/2031(c)		400,000			328,175
					1,299,950
Electric Utilities-6.60%
Duke Energy Florida LLC, 2.50%, 12/01/2029		340,000			299,136
Entergy Arkansas LLC, 3.50%, 04/01/2026		297,000			288,183
Fells Point Funding Trust, 3.05%, 01/31/2027(b)		360,000			337,018
Florida Power & Light Co., 2.45%, 02/03/2032		390,000			325,562
MidAmerican Energy Co., 3.65%, 04/15/2029		347,000			327,575
National Rural Utilities Cooperative Finance Corp., 3.40%, 02/07/2028(c)		344,000			325,546
PPL Capital Funding, Inc., 3.10%, 05/15/2026		350,000			333,797
Southern California Edison Co., 5.85%, 11/01/2027		315,000			322,741

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

3

Invesco Investment Grade Defensive ETF (IIGD)–(continued)

February 29, 2024

(Unaudited)

	Principal Amount			Value
Electric Utilities-(continued)
Virginia Electric & Power Co., Series A, 3.50%, 03/15/2027	$	300,000		$	287,374
Virginia Power Fuel Securitization, LLC, Series A-2, 4.88%, 05/01/2031		320,000			319,488
					3,166,420
Electrical Equipment-0.69%
Emerson Electric Co., 2.00%, 12/21/2028(c)		377,000			332,739
Energy Equipment & Services-1.29%
Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc., 3.34%, 12/15/2027		350,000			330,172
Schlumberger Holdings Corp., 3.90%, 05/17/2028(b)		300,000			287,809
					617,981
Financial Services-4.59%
Berkshire Hathaway, Inc., 3.13%, 03/15/2026		343,000			331,480
Equitable Holdings, Inc., 4.35%, 04/20/2028		280,000			269,812
Fidelity National Information Services, Inc., 1.15%, 03/01/2026(c)		360,000			333,026
Mastercard, Inc., 3.35%, 03/26/2030(c)		325,000			300,403
Nuveen LLC, 4.00%, 11/01/2028(b)		304,000			293,949
Visa, Inc., 1.90%, 04/15/2027(c)		360,000			331,815
Western Union Co. (The), 1.35%, 03/15/2026		370,000			340,937
					2,201,422
Food Products-2.62%
Archer-Daniels-Midland Co., 2.50%, 08/11/2026(c)		349,000			328,592
Kellanova, 3.25%, 04/01/2026		310,000			298,131
Mars, Inc., 4.55%, 04/20/2028(b)(c)		335,000			330,550
Mondelez International, Inc., 2.63%, 03/17/2027(c)		320,000			298,670
					1,255,943
Gas Utilities-1.38%
CenterPoint Energy Resources Corp., 5.25%, 03/01/2028		330,000			332,448
Southern California Gas Co., 2.95%, 04/15/2027		350,000			329,296
					661,744
Ground Transportation-1.31%
J.B. Hunt Transport Services, Inc., 3.88%, 03/01/2026(c)		335,000			327,209
Norfolk Southern Corp., 2.90%, 06/15/2026		315,000			300,368
					627,577
Health Care Equipment & Supplies-2.06%
Abbott Laboratories, 3.75%, 11/30/2026		339,000			330,121
Medtronic Global Holdings S.C.A., 4.25%, 03/30/2028		335,000			327,780
Stryker Corp., 3.50%, 03/15/2026		340,000			329,662
					987,563
Health Care Providers & Services-2.05%
Ascension Health, Series B, 2.53%, 11/15/2029		369,000			328,751

	Principal Amount			Value
Health Care Providers & Services-(continued)
Providence St. Joseph Health Obligated Group, Series 19-A, 2.53%, 10/01/2029	$	376,000		$	327,301
Sutter Health, Series 20-A, 2.29%, 08/15/2030		385,000			328,825
					984,877
Household Durables-0.70%
DR Horton, Inc., 1.30%, 10/15/2026		370,000			334,923
Household Products-0.63%
Procter & Gamble Co. (The), 3.00%, 03/25/2030(c)		330,000			302,172
Independent Power and Renewable Electricity Producers-0.70%
NSTAR Electric Co., 3.20%, 05/15/2027		352,000			335,679
Industrial Conglomerates-1.38%
3M Co., 2.38%, 08/26/2029(c)		380,000			330,218
Honeywell International, Inc., 2.50%, 11/01/2026		351,000			330,945
					661,163
Insurance-12.10%
Athene Global Funding, 5.58%, 01/09/2029(b)		330,000			329,171
Berkshire Hathaway Finance Corp., 2.88%, 03/15/2032(c)		370,000			323,538
Chubb INA Holdings, Inc., 3.35%, 05/03/2026		348,000			335,686
Corebridge Global Funding, 5.20%, 01/12/2029(b)(c)		330,000			326,670
Equitable Financial Life Global Funding, 1.80%, 03/08/2028(b)(c)		381,000			334,305
F&G Global Funding, 1.75%, 06/30/2026(b)		335,000			302,706
GA Global Funding Trust, 5.50%, 01/08/2029(b)		340,000			336,184
Jackson National Life Global Funding, 3.05%, 04/29/2026(b)		310,000			291,207
MassMutual Global Funding II, 4.50%, 04/10/2026(b)		330,000			326,292
Metropolitan Life Global Funding I, 3.45%, 12/18/2026(b)		345,000			330,768
New York Life Global Funding, 4.85%, 01/09/2028(b)(c)		335,000			333,246
New York Life Insurance Co., 5.88%, 05/15/2033(b)		287,000			296,999
Northwestern Mutual Global Funding
4.35%, 09/15/2027(b)		310,000			302,371
4.90%, 06/12/2028(b)		335,000			331,724
Pacific Life Global Funding II, 1.38%, 04/14/2026(b)		365,000			337,192
Pricoa Global Funding I, 1.20%, 09/01/2026(b)		365,000			331,333
Principal Life Global Funding II, 3.00%, 04/18/2026(b)		312,000			296,674
RGA Global Funding, 5.50%, 01/11/2031(b)(c)		340,000			335,712
					5,801,778
Interactive Media & Services-0.68%
Alphabet, Inc., 1.10%, 08/15/2030(c)		404,000			327,232

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

4

Invesco Investment Grade Defensive ETF (IIGD)–(continued)

February 29, 2024

(Unaudited)

	Principal Amount			Value
Machinery-3.92%
Caterpillar Financial Services Corp., 4.35%, 05/15/2026	$	300,000		$	296,570
Cummins, Inc., 1.50%, 09/01/2030(c)		405,000			327,512
Deere & Co., 3.10%, 04/15/2030		330,000			300,078
Fortive Corp., 3.15%, 06/15/2026		315,000			300,859
Illinois Tool Works, Inc., 2.65%, 11/15/2026(c)		350,000			332,787
John Deere Capital Corp., 4.95%, 07/14/2028		320,000			321,919
					1,879,725
Media-0.70%
Omnicom Group, Inc./Omnicom Capital, Inc., 3.60%, 04/15/2026		345,000			334,365
Multi-Utilities-1.36%
DTE Electric Co., 2.25%, 03/01/2030		380,000			326,459
WEC Energy Group, Inc., 5.60%, 09/12/2026		320,000			323,249
					649,708
Oil, Gas & Consumable Fuels-6.02%
Chevron Corp., 2.95%, 05/16/2026		345,000			331,523
Chevron Phillips Chemical Co. LLC/Chevron Phillips Chemical Co. L.P., 3.40%, 12/01/2026(b)		300,000			285,974
Chevron USA, Inc., 1.02%, 08/12/2027(c)		375,000			331,760
ConocoPhillips Co., 6.95%, 04/15/2029(c)		300,000			328,921
Exxon Mobil Corp., 3.04%, 03/01/2026		340,000			328,140
Magellan Midstream Partners L.P., 5.00%, 03/01/2026(c)		335,000			332,629
MPLX L.P., 1.75%, 03/01/2026		360,000			335,958
Phillips 66 Co., 4.95%, 12/01/2027		330,000			329,047
Pioneer Natural Resources Co., 5.10%, 03/29/2026		285,000			284,777
					2,888,729
Paper & Forest Products-0.70%
Georgia-Pacific LLC, 0.95%, 05/15/2026(b)		365,000			333,875
Passenger Airlines-0.62%
Southwest Airlines Co., 5.13%, 06/15/2027		300,000			298,913
Personal Care Products-0.62%
Estee Lauder Cos., Inc. (The), 4.38%, 05/15/2028		300,000			295,121
Pharmaceuticals-1.97%
Bristol-Myers Squibb Co., 3.40%, 07/26/2029(c)		325,000			303,148
Johnson & Johnson, 2.45%, 03/01/2026		323,000			309,158
Pfizer, Inc., 3.00%, 12/15/2026		350,000			333,940
					946,246
Professional Services-0.62%
Automatic Data Processing, Inc., 1.70%, 05/15/2028		335,000			298,870
Real Estate Management & Development-0.68%
CBRE Services, Inc., 4.88%, 03/01/2026		330,000			326,442
Residential REITs-0.69%
Mid-America Apartments L.P., 3.60%, 06/01/2027		345,000			329,815

	Principal Amount		Value
Semiconductors & Semiconductor Equipment-2.67%
Applied Materials, Inc., 3.30%, 04/01/2027	$	345,000	$	330,327
Lam Research Corp., 4.00%, 03/15/2029		340,000		328,382
NVIDIA Corp., 2.85%, 04/01/2030		360,000		324,400
QUALCOMM, Inc., 3.25%, 05/20/2027(c)		310,000		295,693
				1,278,802
Software-2.07%
Adobe, Inc., 2.30%, 02/01/2030		380,000		332,052
Microsoft Corp., 2.40%, 08/08/2026		350,000		331,558
Salesforce, Inc., 3.70%, 04/11/2028		340,000		327,947
				991,557
Specialty Retail-2.07%
Home Depot, Inc. (The), 2.95%, 06/15/2029		365,000		333,411
Lowe’s Cos., Inc., 3.10%, 05/03/2027(c)		345,000		326,313
TJX Cos., Inc. (The), 2.25%, 09/15/2026		355,000		333,698
				993,422
Technology Hardware, Storage & Peripherals-1.28%
Apple, Inc., 3.25%, 02/23/2026		345,000		334,885
Hewlett Packard Enterprise Co., 1.75%, 04/01/2026		300,000		278,837
				613,722
Textiles, Apparel & Luxury Goods-0.68%
NIKE, Inc., 2.85%, 03/27/2030(c)		360,000		324,319
Total U.S. Dollar Denominated Bonds & Notes (Cost $48,892,298)				47,448,869
	Shares
Money Market Funds-0.06%
Invesco Government & Agency Portfolio, Institutional Class, 5.24%(d)(e) (Cost $30,170)		30,170		30,170
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.01% (Cost $48,922,468)				47,479,039
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-24.88%
Invesco Private Government Fund, 5.29%(d)(e)(f)		3,339,647		3,339,647
Invesco Private Prime Fund, 5.49%(d)(e)(f)		8,583,371		8,587,663
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $11,928,390)				11,927,310
TOTAL INVESTMENTS IN SECURITIES-123.89% (Cost $60,850,858)				59,406,349
OTHER ASSETS LESS LIABILITIES-(23.89)%				(11,455,342	)
NET ASSETS-100.00%.			$	47,951,007

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

5

Invesco Investment Grade Defensive ETF (IIGD)–(continued)

February 29, 2024

(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)  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 29, 2024 was $8,979,198, which represented 18.73% of the Fund’s Net Assets.

^(c)  All or a portion of this security was out on loan at February 29, 2024.

^(d)  Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 29, 2024.

	Value August 31, 2023			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value February 29, 2024			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	150,154		$	2,298,337		$	(2,418,321	)		$	-			$	-		$	30,170		$	3,397
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			3,313,996			15,515,245			(15,489,594	)			-				-			3,339,647			93,306	*
Invesco Private Prime Fund			8,521,578			40,813,853			(40,751,943	)			(1,344	)			5,519			8,587,663			249,704	*
Total		$	11,985,728		$	58,627,435		$	(58,659,858	)		$	(1,344	)		$	5,519		$	11,957,480		$	346,407

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(e)  The rate shown is the 7-day SEC standardized yield as of February 29, 2024.

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

Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets)  as of February 29, 2024
Financials	37.98
Industrials	11.98
Utilities	10.04
Energy	7.31
Consumer Staples	7.26
Health Care	6.76
Information Technology	6.71
Consumer Discretionary	6.08
Sector Types Each Less Than 3%	4.83
Money Market Funds Plus Other Assets Less Liabilities	1.05

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

6

Statement of Assets and Liabilities

February 29, 2024

(Unaudited)

	Invesco Investment Grade Defensive ETF (IIGD)
Assets:
Unaffiliated investments in securities, at value(a)		$	47,448,869
Affiliated investments in securities, at value			11,957,480
Cash			3,896
Receivable for:
Dividends and interest			508,361
Securities lending			1,464
Investments sold			3,246,620
Total assets			63,166,690
Liabilities:
Payable for:
Investments purchased			3,281,355
Collateral upon return of securities loaned			11,928,390
Accrued unitary management fees			5,938
Total liabilities			15,215,683
Net Assets		$	47,951,007
Net assets consist of:
Shares of beneficial interest		$	53,544,368
Distributable earnings (loss)			(5,593,361	)
Net Assets		$	47,951,007
Shares outstanding (unlimited amount authorized, $0.01 par value)			2,000,001
Net asset value		$	23.98
Market price		$	23.96
Unaffiliated investments in securities, at cost		$	48,892,298
Affiliated investments in securities, at cost		$	11,958,560
(a) Includes securities on loan with an aggregate value of:		$	11,257,351

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

7

Statement of Operations

For the six months ended February 29, 2024

(Unaudited)

	Invesco Investment Grade Defensive ETF (IIGD)
Investment income:
Unaffiliated interest income		$	1,332,253
Affiliated dividend income			3,397
Securities lending income, net			10,669
Total investment income			1,346,319
Expenses:
Unitary management fees			42,039
Less: Waivers			(67	)
Net expenses			41,972
Net investment income			1,304,347
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities			(379,677	)
Affiliated investment securities			5,519
In-kind redemptions			(322,016	)
Net realized gain (loss)			(696,174	)
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities			1,391,630
Affiliated investment securities			(1,344	)
Change in net unrealized appreciation			1,390,286
Net realized and unrealized gain			694,112
Net increase in net assets resulting from operations		$	1,998,459

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

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Statement of Changes in Net Assets

For the six months ended February 29, 2024 and the year ended August 31, 2023

(Unaudited)

	Invesco Investment Grade Defensive ETF (IIGD)
	Six Months Ended February 29, 2024				Year Ended August 31, 2023
Operations:
Net investment income		$	1,304,347			$	2,582,258
Net realized gain (loss)			(696,174	)			(3,758,716	)
Change in net unrealized appreciation			1,390,286				1,226,149
Net increase in net assets resulting from operations			1,998,459				49,691
Distributions to Shareholders from:
Distributable earnings			(1,338,827	)			(2,622,032	)
Shareholder Transactions:
Proceeds from shares sold			2,377,325				127,540,684
Value of shares repurchased			(28,659,991	)			(108,435,431	)
Net increase (decrease) in net assets resulting from share transactions			(26,282,666	)			19,105,253
Net increase (decrease) in net assets			(25,623,034	)			16,532,912
Net assets:
Beginning of period			73,574,041				57,041,129
End of period		$	47,951,007			$	73,574,041
Changes in Shares Outstanding:
Shares sold			100,000				5,300,000
Shares repurchased			(1,200,000	)			(4,550,000	)
Shares outstanding, beginning of period			3,100,001				2,350,001
Shares outstanding, end of period			2,000,001				3,100,001

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

9

Financial Highlights

 

Invesco Investment Grade Defensive ETF (IIGD)

	Six Months Ended February 29, 2024				Years Ended August 31,
	(Unaudited)				2023				2022				2021				2020				2019
Per Share Operating Performance:
Net asset value at beginning of period		$	23.73			$	24.27			$	26.75			$	27.43			$	26.30			$	25.16
Net investment income(a)			0.48				0.80				0.31				0.33				0.53				0.66
Net realized and unrealized gain (loss) on investments			0.26				(0.58	)			(2.30	)			(0.27	)			1.14				1.03
Total from investment operations			0.74				0.22				(1.99	)			0.06				1.67				1.69
Distributions to shareholders from:
Net investment income			(0.49	)			(0.76	)			(0.32	)			(0.33	)			(0.53	)			(0.78	)
Net realized gains			-				-				(0.17	)			(0.41	)			(0.02	)			(0.01	)
Total distributions			(0.49	)			(0.76	)			(0.49	)			(0.74	)			(0.55	)			(0.79	)
Transaction fees(a)			-				-				-				-				0.01				0.24
Net asset value at end of period		$	23.98			$	23.73			$	24.27			$	26.75			$	27.43			$	26.30
Market price at end of period(b)		$	23.96			$	23.73			$	24.20			$	26.76			$	27.41			$	26.37
Net Asset Value Total Return(c)			3.15	%			0.95	%			(7.55	)%			0.21	%			6.50	%			7.81	%
Market Price Total Return(c)			3.07	%			1.24	%			(7.82	)%			0.32	%			6.13	%			8.05	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	47,951			$	73,574			$	57,041			$	97,655			$	83,647			$	65,744
Ratio to average net assets of:
Expenses			0.13	%(d)			0.13	%			0.13	%			0.13	%			0.13	%			0.15	%(e)
Net investment income			4.03	%(d)			3.32	%			1.21	%			1.21	%			1.98	%			2.57	%(e)
Portfolio turnover rate(f)			31	%			84	%			51	%			53	%			74	%			71	%

^(a)  Based on average shares outstanding.

^(b)  The mean between the last bid and ask prices.

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

^(d)  Annualized.

^(e)  Ratios include non-recurring costs associated with a proxy statement of 0.02%.

^(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.

10

Notes to Financial Statements

Invesco Exchange-Traded Self-Indexed Fund Trust

February 29, 2024

(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 portfolio:

Full Name	Short Name
Invesco Investment Grade Defensive ETF (IIGD)	“Investment Grade Defensive ETF”

The portfolio (the “Fund”) represents a separate series of the Trust. The shares of the Fund are referred to herein as “Shares” or “Fund’s Shares.” The Fund’s Shares are listed and traded on NYSE Arca, Inc.

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

The investment objective of the Fund is to seek to track the investment results (before fees and expenses) of the Invesco Investment Grade Defensive Index (the “Underlying Index”).

NOTE 2–Significant Accounting Policies

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

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

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

A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded or, lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day NAV per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but the Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities’ (including foreign exchange contracts’) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the London world markets. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Capital Management LLC (the “Adviser”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the New York Stock Exchange (“NYSE”), closing market quotations may become not representative of market value in the Adviser’s judgment (“unreliable”). If, between the time trading ends on a

11

particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board-approved policies and related Adviser procedures (“Valuation Procedures”). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American depositary receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, the potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

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

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer-specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

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

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

The price the Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

B. Investment Transactions and Investment Income - Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest income is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Dividend income from REITs is recorded based on the income included in the distributions received from the REIT investments using published REIT classifications, including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of

12

capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts. Realized gains, dividends and interest received by the Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.

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

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

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

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

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

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

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

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

F. Expenses - The Fund has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser pays for substantially all expenses of the Fund, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust or the Adviser (an “Interested Trustee”), or (iii) any other matters that directly benefit the Adviser).

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

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

13

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

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

I. Securities Lending - The Fund may participate in securities lending and may loan portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by cash collateral equal to no less than 102% (105% for international securities) of the market value of the loaned securities determined daily by the securities lending provider. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, “affiliated money market funds”) and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the policy of the Fund to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase, and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Securities lending income on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown on the Statement of Assets and Liabilities.

Invesco Advisers, Inc. (“Invesco”), an affiliate of the Adviser, serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon (“BNYM”) also serves as a securities lending agent. To the extent the Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended February 29, 2024, there were no affiliated securities lending transactions with Invesco.

J. Other Risks

AP Concentration Risk. Only APs may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities held by the Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to the Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished trading market for Fund Shares, and Shares may be more likely to trade at a premium or discount to the Fund’s NAV and to face trading halts and/or delisting. Investments in non-U.S. securities, which may have lower trading volumes or could experience extended market closures or trading halts, may increase the risk that APs may not be able to effectively create or redeem Creation Units or the risk that the Shares may be halted and/or delisted.

Call Risk. If interest rates fall, it is possible that issuers of callable securities with high interest coupons will “call” (or prepay) their bonds before their maturity date. If an issuer exercises such a call during a period of declining interest rates, the Fund may have to replace such called security with a lower yielding security. If that were to happen, the Fund’s net investment income could fall.

Changing Fixed-Income Market Conditions Risk. Increases in the federal funds and equivalent foreign interest rates or other changes to monetary policy or regulatory actions may expose fixed-income markets to heightened volatility and reduced

14

liquidity for certain fixed-income investments, particularly those with longer maturities. It is difficult to predict the impact of interest rate changes on various markets. In addition, decreases in fixed-income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed-income markets. As a result, the value of the Fund’s investments and share price may decline. Changes in central bank policies could also result in higher than normal redemptions by APs which could potentially increase the Fund’s portfolio turnover rate and transaction costs.

Fixed-Income Securities Risk. Fixed-income securities are subject to interest rate risk and credit risk. Interest rate risk refers to fluctuations in the value of a fixed-income security resulting from changes in the general level of interest rates. When the general level of interest rates goes up, the prices of most fixed-income securities go down. When the general level of interest rates goes down, the prices of most fixed-income securities go up. Fixed-income securities with longer maturities typically are more sensitive to changes in interest rates, making them more volatile than securities with shorter maturities. Credit risk refers to the possibility that the issuer of a security will be unable and/or unwilling to make timely interest payments and/or repay the principal on its debt. Debt instruments are subject to varying degrees of credit risk, which may be reflected in credit ratings. There is a possibility that the credit rating of a fixed-income security may be downgraded after purchase, which may occur quickly and without advance warning following sudden market downturns or unexpected developments involving an issuer, and which may adversely affect the liquidity and value of the security.

Index Risk. Unlike many investment companies that are “actively managed”, the Fund is a “passive” investor and therefore does not utilize an investing strategy that seeks returns in excess of its Underlying Index. Therefore, the Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its Underlying Index, even if that security generally is underperforming. Additionally, the Fund rebalances its portfolio in accordance with its Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to the Fund’s rebalance schedule. Further, unlike with an actively managed fund, the Adviser does not use techniques or defensive strategies designed to lessen the impact of periods of market volatility or market decline. This means that, based on certain market and economic conditions, the Fund’s performance could be lower than other types of funds with investment advisers that actively manage their portfolio assets to take advantage of market opportunities or defend against market events.

Industry Concentration Risk. In following its methodology, the Fund’s Underlying Index from time to time may be concentrated to a significant degree in securities of issuers operating in a single industry or industry group. To the extent that the Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, the Fund may face more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which the Fund invests, may include, but are not limited to, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand in a particular industry; competition for resources, adverse labor relations, political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in an industry. In addition, at times, such industry or industry group may be out of favor and underperform other industries or the market as a whole.

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

Sampling Risk. The Fund’s use of a representative sampling methodology may result in the Fund holding a smaller number of securities than are in its Underlying Index. As a result, an adverse development with respect to an issuer of securities held by the Fund could result in a greater decline in NAV than would be the case if the Fund held all of the securities in its Underlying Index. To the extent the assets in the Fund are smaller, these risks will be greater.

NOTE 3–Investment Advisory Agreement and Other Agreements

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

Pursuant to the Investment Advisory Agreement, the Fund accrues daily and pays monthly to the Adviser an annual unitary management fee of 0.13% of the Fund’s average daily net assets. Out of the unitary management fee, the Adviser pays for substantially all expenses of the Fund, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation

15

expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser).

Through at least August 31, 2025, the Adviser has contractually agreed to waive the management fee payable by the Fund in an amount equal to the lesser of: (i) 100% of the net advisory fees earned by the Adviser or an affiliate of the Adviser that are attributable to the Fund’s investments in money market funds that are managed by affiliates of the Adviser and other funds (including ETFs) managed by the Adviser or affiliates of the Adviser or (ii) the management fee available to be waived. This waiver does not apply to the Fund’s investment of cash collateral received for securities lending. There is no guarantee that the Adviser will extend the waiver of these fees past that date.

For the six months ended February 29, 2024, the Adviser waived fees of $67.

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

The Adviser has entered into a licensing agreement on behalf of the Fund with Invesco Indexing LLC (the “Licensor”).

The Underlying Index name trademark is owned by the Licensor. This trademark has been licensed to the Adviser for use by the Fund. The Fund is entitled to use its Underlying Index pursuant to the Trust’s sub-licensing agreement with the Adviser. The Fund is not sponsored, endorsed, sold or promoted by the Licensor, and the Licensor makes no representation regarding the advisability of investing in the Fund.

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

NOTE 4–Additional Valuation Information

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

Level 1 –  Prices are determined using quoted prices in an active market for identical assets.

Level 2 –  Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 –  Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of February 29, 2024. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1			Level 2			Level 3			Total
Investments in Securities
U.S. Dollar Denominated Bonds & Notes		$	-		$	47,448,869		$	-		$	47,448,869
Money Market Funds			30,170			11,927,310			-			11,957,480
Total Investments		$	30,170		$	59,376,179		$	-		$	59,406,349

NOTE 5–Tax Information

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

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

16

The Fund had a capital loss carryforward as of August 31, 2023, as follows:

No expiration
Short-Term		Long-Term		Total*
	$1,318,011		$1,931,244	$	3,249,255

* 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 29, 2024, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Government obligations, money market funds and in-kind transactions, if any) were $19,511,651 and $19,833,707, respectively.

For the six months ended February 29, 2024, in-kind transactions associated with creations and redemptions were $2,378,210 and $28,338,264, respectively.

Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.

As of February 29, 2024, 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:

Aggregate unrealized appreciation of investments	$	166,360
Aggregate unrealized (depreciation) of investments		(1,779,812	)
Net unrealized appreciation of investments	$	(1,613,452	)

Cost of investments for tax purposes is $61,019,801.

NOTE 7–Trustees’ and Officer’s Fees

The Adviser, as a result of the Fund’s unitary management fee, pays remuneration to the Independent Trustees and an Officer of the Trust on behalf of the Fund. Interested Trustees do not receive any Trustees’ fees.

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

NOTE 8–Capital

Shares are issued and redeemed by the Fund only in Creation Units consisting of a specified number of Shares as set forth in the Fund’s prospectus. Only APs are permitted to purchase or redeem Creation Units from the Fund. Such transactions are principally permitted in exchange for Deposit Securities, with a balancing cash component to equate the transaction to the NAV per Share of the Fund on the transaction date. However, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the AP or as a result of other market circumstances.

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

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

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

17

Calculating your ongoing Fund expenses

Example

As a shareholder of the Invesco Investment Grade Defensive ETF (the “Fund”), 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 extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser). The expense example below is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period September 1, 2023 through February 29, 2024.

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 transaction 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, if these transaction costs were included, your costs would have been higher.

		Beginning Account Value  September 1, 2023			Ending Account Value  February 29, 2024			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			$1,031.50			0.13	%		$0.66
Hypothetical (5% return before expenses)			1,000.00			1,024.22			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 29, 2024. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 182/366.

18

 

 

 

Proxy Voting Policies and Procedures

A description of the Trust’s proxy voting policies and procedures that the Fund uses 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 the 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 Fund 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 the 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.

©2024 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 29, 2024

IMFL	Invesco International Developed Dynamic Multifactor ETF
OMFL	Invesco Russell 1000® Dynamic Multifactor ETF
OMFS	Invesco Russell 2000® Dynamic Multifactor ETF

Beginning in July 2024, amendments adopted by the Securities and Exchange Commission will substantially impact the design, content, and delivery of shareholder reports. These newly designed shareholder reports will highlight key fund information in a clear and concise format and must be mailed to each shareholder that has not elected to receive the reports electronically. Other information, including financial statements, will no longer be included in the shareholder report but will be available at invesco.com/reports, delivered upon request, and filed on a semi-annual basis on Form N-CSR.

If you would like to receive shareholder reports and other communications electronically instead of by mail, you may make that request by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery. If you do not make this request or enroll in e-delivery, you will receive future shareholder reports and other communications by mail.

Table of Contents

Schedules of Investments
Invesco International Developed Dynamic Multifactor ETF (IMFL)	3
Invesco Russell 1000® Dynamic Multifactor ETF (OMFL)	11
Invesco Russell 2000® Dynamic Multifactor ETF (OMFS)	17
Statements of Assets and Liabilities	25
Statements of Operations	26
Statements of Changes in Net Assets	27
Financial Highlights	28
Notes to Financial Statements	31
Fund Expenses	40

 2 

Invesco International Developed Dynamic Multifactor ETF (IMFL)

February 29, 2024

(Unaudited)

Schedule of Investments

	Shares		Value
Common Stocks & Other Equity Interests-99.87%
Australia-8.56%
Adbri Ltd.(a)		139,529	$	284,374
ALS Ltd.		46,965		364,835
Alumina Ltd.(a)		367,334		252,345
AMP Ltd.		861,632		625,573
Ampol Ltd.		72,535		1,860,908
Ansell Ltd.		39,073		606,292
Aurizon Holdings Ltd.		195,954		486,139
Beach Energy Ltd.		542,604		565,307
Bendigo & Adelaide Bank Ltd.(b)		169,697		1,069,623
BlueScope Steel Ltd.		118,803		1,766,870
Boral Ltd.(a)		32,834		128,065
Challenger Ltd.		137,249		601,458
Charter Hall Group		30,856		251,551
Cleanaway Waste Management Ltd.		160,950		280,871
CSR Ltd.		111,718		642,340
Deterra Royalties Ltd.		52,788		170,490
Domino’s Pizza Enterprises Ltd.(b)		4,543		133,266
Downer EDI Ltd.		206,351		669,140
EBOS Group Ltd.(b)		48,745		1,097,337
Endeavour Group Ltd.		155,304		556,194
Evolution Mining Ltd.		104,101		199,967
Harvey Norman Holdings Ltd.(b)		182,348		587,743
Iluka Resources Ltd.(b)		129,854		579,198
Incitec Pivot Ltd.		591,562		1,040,028
Insignia Financial Ltd.(b)		103,547		159,796
JB Hi-Fi Ltd.		33,275		1,333,822
Magellan Financial Group Ltd.		41,215		217,649
Metcash Ltd.		296,110		715,333
New Hope Corp. Ltd.		163,636		500,793
Nufarm Ltd.		115,002		431,329
Orica Ltd.		30,511		339,929
Orora Ltd.		411,835		718,686
Perpetual Ltd.(b)		10,952		171,296
Pilbara Minerals Ltd.(b)		399,949		1,093,793
Platinum Asset Management Ltd.(b)		160,127		107,395
Qantas Airways Ltd.(a)		257,923		861,566
Qube Holdings Ltd.		148,976		315,269
Ramsay Health Care Ltd.		30,907		1,105,069
Region RE Ltd.		353,536		508,753
Seven Group Holdings Ltd.(b)		15,749		394,919
Steadfast Group Ltd.		68,473		258,154
Tabcorp Holdings Ltd.		373,835		182,567
TPG Telecom Ltd.		22,733		69,424
Whitehaven Coal Ltd.		213,266		960,968
Yancoal Australia Ltd.(b)		50,819		196,890
				25,463,314
Austria-1.59%
ANDRITZ AG		11,388		715,997
Eurotelesites AG(a)		10,439		41,233
Mondi PLC		69,105		1,231,224
OMV AG		15,122		666,681
Raiffeisen Bank International AG		39,470		821,788
Telekom Austria AG(a)		41,389		328,752
voestalpine AG		33,835		924,151
				4,729,826

	Shares		Value
Belgium-1.47%
Ackermans & van Haaren N.V.		6,753	$	1,134,896
Ageas S.A./N.V.		18,927		802,889
Elia Group S.A./N.V.		2,867		318,629
Solvay S.A., Class A		7,173		182,413
Syensqo S.A.(a)		7,173		641,241
Umicore S.A.(b)		62,247		1,299,386
				4,379,454
Brazil-0.39%
Yara International ASA		36,858		1,147,547
Burkina Faso-0.06%
Endeavour Mining PLC		10,908		175,926
Cambodia-0.05%
NagaCorp Ltd.(a)		332,130		151,878
Canada-1.70%
Canadian Tire Corp. Ltd., Class A(b)		16,030		1,632,132
George Weston Ltd.		7,649		1,002,460
IGM Financial, Inc.(b)		10,088		265,151
Power Corp. of Canada		53,664		1,551,344
Saputo, Inc.(b)		28,999		590,307
				5,041,394
China-1.21%
AAC Technologies Holdings, Inc.		205,099		509,813
BOC Aviation Ltd.(c)		25,461		187,653
Kerry Logistics Network Ltd.		81,915		92,077
Lenovo Group Ltd.		1,052,437		1,165,521
MMG Ltd.(a)		686,443		184,132
Nexteer Automotive Group Ltd.		244,658		113,129
SITC International Holdings Co. Ltd.		387,941		638,243
Wilmar International Ltd.		151,872		374,993
Xinyi Glass Holdings Ltd.		312,984		319,828
				3,585,389
Denmark-0.18%
H. Lundbeck A/S		52,752		255,631
ROCKWOOL A/S, Class B		880		281,695
				537,326
Finland-1.13%
Kesko OYJ, Class B		57,792		1,104,763
Orion OYJ, Class B		15,575		613,503
Stora Enso OYJ, Class R(b)		94,949		1,200,109
Valmet OYJ(b)		16,532		433,120
				3,351,495
France-4.43%
ALD S.A.(b)(c)		22,461		137,573
Arkema S.A.		10,518		1,089,946
Bouygues S.A.		25,344		1,002,969
Carrefour S.A.(b)		72,742		1,222,487
Ciede L’Odet SE		123		191,404
Covivio S.A.		9,280		416,959
Eiffage S.A.		15,515		1,689,869
Eurazeo SE		10,235		865,021
JCDecaux SE(a)		21,951		453,707
Rexel S.A.		68,846		1,765,691
SCOR SE		29,646		904,055
SEB S.A.		2,530		299,520

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 29, 2024

(Unaudited)

 

	Shares		Value
France-(continued)
Teleperformance SE		7,322	$	907,637
Unibail-Rodamco-Westfield SE(a)(b)		9,336		682,758
Valeo SE		63,661		737,820
Wendel SE		8,279		810,353
				13,177,769
Germany-1.61%
Deutsche Lufthansa AG(a)		120,885		940,304
Evonik Industries AG		23,848		440,270
Fraport AG Frankfurt Airport Services Worldwide(a)		2,850		158,524
Hella GmbH & Co. KGaA		1,953		172,668
HelloFresh SE(a)		11,327		157,019
HOCHTIEF AG		4,496		533,242
Siemens Energy AG, Class A(a)(b)		37,948		583,335
Sixt SE, Preference Shares		1,850		124,723
Talanx AG		3,778		269,832
Telefonica Deutschland Holding AG(b)		62,574		159,129
thyssenkrupp AG		150,370		768,540
Traton SE		6,666		176,589
Wacker Chemie AG(b)		2,770		302,903
				4,787,078
Hong Kong-2.51%
ASMPT Ltd.		50,674		621,062
Bank of East Asia Ltd. (The)		287,663		359,726
Cafe de Coral Holdings Ltd.		99,671		105,670
Dah Sing Banking Group Ltd.		109,806		69,568
Dah Sing Financial Holdings Ltd.		54,490		113,730
DFI Retail Group Holdings Ltd.(b)		91,819		193,738
Hang Lung Group Ltd.		263,093		306,149
Hang Lung Properties Ltd.		101,803		110,011
Hutchison Port Holdings Trust, Class U		1,529,287		201,866
Jardine Matheson Holdings Ltd.		19,063		798,930
Johnson Electric Holdings Ltd., Class H		109,565		149,468
Kerry Properties Ltd.		149,429		246,223
Man Wah Holdings Ltd.(b)		459,623		298,830
New World Development Co. Ltd.(b)		383,542		483,543
NWS Holdings Ltd.		139,685		164,150
Orient Overseas International Ltd.		33,778		525,084
PCCW Ltd.		946,034		471,277
Swire Pacific Ltd., Class B		79,644		103,767
United Energy Group Ltd.		2,267,053		138,998
Vitasoy International Holdings Ltd.(b)		55,487		50,605
VTech Holdings Ltd.		48,856		282,385
WH Group Ltd.		2,378,939		1,434,267
Yue Yuen Industrial Holdings Ltd.		212,535		222,884
				7,451,931
Indonesia-0.09%
First Pacific Co. Ltd.		692,925		279,691
Ireland-0.71%
AIB Group PLC		133,030		617,006
Glanbia PLC		31,411		569,016
Smurfit Kappa Group PLC(b)		21,646		924,935
				2,110,957
Israel-3.49%
Airport City Ltd.(a)		8,710		146,833
Amot Investments Ltd.		52,607		268,809
Bank Hapoalim B.M.		110,678		1,059,182

	Shares		Value
Israel-(continued)
Bank Leumi le-Israel B.M		129,123	$	1,081,689
Bezeq The Israeli Telecommunication Corp. Ltd.		528,928		714,251
Big Shopping Centers Ltd.(a)		4,226		467,373
Delek Group Ltd.		2,373		319,912
Electra Ltd.(b)		422		183,139
Energix-Renewable Energies Ltd.		20,500		76,855
Fattal Holdings 1998 Ltd.(a)		978		133,627
First International Bank of Israel Ltd. (The)		15,821		682,612
Harel Insurance Investments & Financial Services Ltd.		33,392		331,901
ICL Group Ltd.		179,147		947,499
Israel Corp. Ltd.(a)(b)		1,132		296,946
Israel Discount Bank Ltd., Class A		132,391		690,201
Melisron Ltd.		4,861		375,504
Mivne Real Estate KD Ltd.		189,786		509,270
Mizrahi Tefahot Bank Ltd.		14,237		563,246
Phoenix Holdings Ltd. (The)		49,797		537,204
Strauss Group Ltd.(a)(b)		3,517		69,727
Tower Semiconductor Ltd.(a)		28,040		922,472
				10,378,252
Italy-2.71%
A2A S.p.A.(b)		469,039		852,719
Banca Mediolanum S.p.A.		51,032		549,703
Banco BPM S.p.A.		179,144		1,041,808
Buzzi S.p.A.		7,554		255,373
Hera S.p.A.		236,209		816,941
Italgas S.p.A.		83,141		453,904
Leonardo S.p.A.		73,344		1,567,939
Pirelli & C. S.p.A.(c)		149,540		881,945
Reply S.p.A.(b)		2,197		304,794
Telecom Italia S.p.A.(a)(b)		2,041,138		614,272
Telecom Italia S.p.A., RSP(a)(b)		1,159,491		361,492
UnipolSai Assicurazioni S.p.A.		119,539		344,354
				8,045,244
Japan-33.91%
Activia Properties, Inc.		27		70,265
AEON Mall Co. Ltd.(b)		19,071		222,858
AEON REIT Investment Corp.		67		58,866
AGC, Inc.		11,082		396,352
Aica Kogyo Co. Ltd.		6,168		146,545
Ain Holdings, Inc.		7,105		224,918
Air Water, Inc.		46,091		665,328
Aisin Corp.		18,618		702,451
Alfresa Holdings Corp.		48,938		731,274
Alps Alpine Co. Ltd.(b)		60,093		441,654
Amada Co. Ltd.		16,263		180,646
Amano Corp.		5,041		123,339
ANA Holdings, Inc.(a)(b)		9,366		204,254
Anritsu Corp.		11,987		103,075
As One Corp.		2,320		80,883
ASKUL Corp.		11,907		167,384
Benesse Holdings, Inc.		21,752		376,776
Bic Camera, Inc.(b)		43,100		370,613
BIPROGY, Inc.		6,408		198,401
Brother Industries Ltd.		17,479		293,068
Calbee, Inc.		4,114		88,124
Canon Marketing Japan, Inc.		5,684		169,149
Casio Computer Co. Ltd.(b)		13,736		110,727

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 29, 2024

(Unaudited)

	Shares		Value
Japan-(continued)
Chubu Electric Power Co., Inc.		54,297	$	677,125
Coca-Cola Bottlers Japan Holdings, Inc.		21,098		279,460
COMSYS Holdings Corp.(b)		20,215		446,521
Concordia Financial Group Ltd.		58,593		296,743
Cosmo Energy Holdings Co. Ltd.		24,701		1,100,298
Cosmos Pharmaceutical Corp.(b)		1,110		108,501
CyberAgent, Inc.		45,331		318,168
Dai Nippon Printing Co. Ltd.		13,866		404,576
Daicel Corp.		47,631		450,310
Daido Steel Co. Ltd.		53,136		628,210
Daiichikosho Co. Ltd.		3,772		48,791
Daito Trust Construction Co. Ltd.		3,138		372,463
DeNA Co. Ltd.		9,711		95,053
Denka Co. Ltd.		10,915		179,109
DIC Corp.		24,720		476,827
DMG Mori Co. Ltd.		27,134		627,090
Dowa Holdings Co. Ltd.(b)		13,823		482,932
Ebara Corp.		6,244		526,278
Electric Power Development Co. Ltd.(b)		50,559		831,671
ENEOS Holdings, Inc.		210,154		907,480
EXEO Group, Inc.(b)		14,444		303,800
Ezaki Glico Co. Ltd.		5,192		154,993
Food & Life Cos. Ltd.		6,233		123,540
FP Corp.		4,858		89,179
Frontier Real Estate Investment Corp.		20		57,393
Fuji Electric Co. Ltd.		7,018		426,697
Fuji Media Holdings, Inc.		13,532		162,064
Fuji Oil Holdings, Inc.		11,501		192,375
Fujikura Ltd.		81,023		989,577
Fukuoka Financial Group, Inc.		10,513		272,817
Furukawa Electric Co. Ltd.		18,671		369,815
Fuyo General Lease Co. Ltd.		2,880		263,139
GMO Internet Group, Inc.(b)		8,270		149,382
GS Yuasa Corp.		22,812		429,049
GungHo Online Entertainment, Inc.		9,353		135,793
Hachijuni Bank Ltd. (The)		21,534		131,978
Hakuhodo DY Holdings, Inc.		36,093		335,561
Haseko Corp.		31,866		394,839
Heiwa Corp.		9,340		128,989
Hirogin Holdings, Inc.		11,606		82,856
Hirose Electric Co. Ltd.		1,452		154,397
Horiba Ltd.		6,707		654,478
House Foods Group, Inc.		5,643		118,500
Hulic Co. Ltd.		33,776		336,925
Idemitsu Kosan Co. Ltd.		284,013		1,798,920
IHI Corp.(b)		27,674		609,431
Iida Group Holdings Co. Ltd.		14,468		186,710
Industrial & Infrastructure Fund Investment Corp.(b)		71		59,771
INFRONEER Holdings, Inc.(b)		65,549		672,483
Internet Initiative Japan, Inc.		5,124		95,089
Isetan Mitsukoshi Holdings Ltd.		21,975		310,384
Isuzu Motors Ltd.		44,726		637,107
ITO EN Ltd.		4,256		118,720
Itoham Yonekyu Holdings, Inc.		7,820		214,740
Iwatani Corp.		11,669		580,448
Iyogin Holdings, Inc.		10,555		79,196
Izumi Co. Ltd.(b)		11,653		269,934
J. Front Retailing Co. Ltd.(b)		28,150		279,393
Japan Airlines Co. Ltd.		6,676		124,715

	Shares		Value
Japan-(continued)
Japan Aviation Electronics Industry Ltd.		6,117	$	108,142
Japan Post Insurance Co. Ltd.		18,376		339,109
Japan Prime Realty Investment Corp.		32		70,235
Japan Steel Works Ltd. (The)		4,714		85,905
Jeol Ltd.		3,146		139,507
JFE Holdings, Inc.		63,176		1,036,260
JGC Holdings Corp.		45,110		410,653
JTEKT Corp.(b)		69,363		646,035
JustSystems Corp.		3,288		58,809
Kagome Co. Ltd.		3,146		72,349
Kajima Corp.		23,352		433,355
Kakaku.com, Inc.		5,950		68,278
Kamigumi Co. Ltd.		9,850		230,735
Kandenko Co. Ltd.		20,530		234,421
Kaneka Corp.		18,136		436,102
Kansai Paint Co. Ltd.		13,010		188,626
Kawasaki Heavy Industries Ltd.(b)		27,010		745,856
Kawasaki Kisen Kaisha Ltd.(b)		37,106		1,773,363
KDX Realty Investment Corp.		55		55,085
Keikyu Corp.		14,691		130,596
Kewpie Corp.		12,281		228,971
Kinden Corp.		17,307		295,157
Kintetsu Group Holdings Co. Ltd.		25,340		779,823
Kobe Steel Ltd.(b)		74,058		1,014,852
Koito Manufacturing Co. Ltd.		10,932		138,376
Kokuyo Co. Ltd.		9,399		148,706
Konica Minolta, Inc.(a)		73,501		242,548
K’s Holdings Corp.		43,519		377,269
Kuraray Co. Ltd.		40,747		411,908
Kusuri no Aoki Holdings Co. Ltd.		6,799		142,549
Kyudenko Corp.		5,501		213,983
Kyushu Electric Power Co., Inc.(a)		75,466		616,908
Kyushu Railway Co.		15,441		355,204
Lawson, Inc.		11,802		808,642
Lion Corp.		19,788		174,651
Lixil Corp.		39,081		501,340
Mabuchi Motor Co. Ltd.		5,068		92,576
Macnica Holdings, Inc.		13,976		771,122
Maruichi Steel Tube Ltd.		6,351		166,339
Mazda Motor Corp.		131,898		1,549,253
Mebuki Financial Group, Inc.		76,046		237,685
Medipal Holdings Corp.		44,759		677,501
MEIJI Holdings Co. Ltd.		12,566		283,526
Menicon Co. Ltd.		10,559		125,188
MINEBEA MITSUMI, Inc.		19,930		412,129
Mitsubishi Chemical Group Corp.		164,517		943,662
Mitsubishi Gas Chemical Co., Inc.(b)		44,850		731,169
Mitsubishi Logistics Corp.		11,469		352,108
Mitsubishi Materials Corp.		38,121		666,933
Mitsubishi Motors Corp.(b)		168,403		519,600
Mitsui Chemicals, Inc.		29,388		814,468
Mitsui High-Tec, Inc.		1,452		81,385
Mitsui Mining & Smelting Co. Ltd.		16,615		489,780
Mitsui OSK Lines Ltd.(b)		42,953		1,472,805
Miura Co. Ltd.		3,772		80,395
Morinaga & Co. Ltd.		3,174		57,035
Morinaga Milk Industry Co. Ltd.		16,152		335,407
Nabtesco Corp.		5,325		88,376
Nagase & Co. Ltd.		28,770		479,019
Nagoya Railroad Co. Ltd.		21,496		307,137

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 29, 2024

(Unaudited)

 

	Shares		Value
Japan-(continued)
Nankai Electric Railway Co. Ltd.		8,512	$	166,350
NEC Networks & System Integration Corp.		5,635		92,204
NET One Systems Co. Ltd.		15,783		274,175
NGK Insulators Ltd.		35,678		465,790
NH Foods Ltd.		16,229		568,834
NHK Spring Co. Ltd.		46,741		449,078
Nichirei Corp.		12,597		316,208
Nifco, Inc.		6,109		147,225
Nihon Kohden Corp.		6,484		179,526
Nikon Corp.		22,620		223,752
Nippon Electric Glass Co. Ltd.		23,214		560,846
Nippon Express Holdings, Inc.		20,662		1,093,221
Nippon Kayaku Co. Ltd.		18,644		160,505
Nippon Shinyaku Co. Ltd.		4,842		154,315
Nippon Shokubai Co. Ltd.		9,442		353,972
Nippon Yusen K.K.(b)		36,769		1,172,324
Nipro Corp.		35,406		293,098
Nishi-Nippon Railroad Co. Ltd.		23,016		370,298
Nissan Motor Co. Ltd.		101,768		400,354
Niterra Co. Ltd.		18,084		548,670
NOF Corp.		2,320		104,305
NOK Corp.		23,948		339,291
Nomura Real Estate Holdings, Inc.		4,572		113,727
NS Solutions Corp.		3,198		107,049
NSK Ltd.		103,328		566,036
Obayashi Corp.		108,172		1,047,607
Oji Holdings Corp.		159,105		623,260
OKUMA Corp.(b)		5,045		237,705
Open House Group Co. Ltd.		8,059		254,257
Orient Corp.		17,343		123,754
Osaka Gas Co. Ltd.		33,990		679,936
OSG Corp.		14,715		206,415
PALTAC Corp.		9,487		265,461
Park24 Co. Ltd.(a)		6,192		73,558
Penta-Ocean Construction Co. Ltd.		38,587		199,935
Persol Holdings Co. Ltd.		231,095		333,974
Pigeon Corp.		6,818		69,515
Relo Group, Inc.		6,576		52,944
Rengo Co. Ltd.		63,127		421,311
Resonac Holdings Corp.		54,265		1,310,670
Resorttrust, Inc.		7,886		135,965
Ricoh Co. Ltd.		131,720		1,095,686
Rinnai Corp.		9,124		212,692
Ryohin Keikaku Co. Ltd.		15,281		241,360
Sanken Electric Co. Ltd.		1,694		85,317
Sankyo Co. Ltd.		32,350		369,603
Sankyu, Inc.		13,234		467,837
Sanwa Holdings Corp.		19,354		343,192
Sapporo Holdings Ltd.		3,726		164,106
Sawai Group Holdings Co. Ltd.		9,824		377,023
SBI Holdings, Inc.(b)		52,835		1,420,865
SCREEN Holdings Co. Ltd.		6,724		841,679
Sega Sammy Holdings, Inc.		9,044		113,420
Seibu Holdings, Inc.(b)		40,178		580,913
Seiko Epson Corp.(b)		39,628		641,006
Seino Holdings Co. Ltd.(b)		20,586		291,315
Sekisui Chemical Co. Ltd.		20,527		289,246
Sekisui House REIT, Inc.		165		81,690
Seven Bank Ltd.(b)		41,463		82,887
SG Holdings Co. Ltd.		21,622		271,304

	Shares		Value
Japan-(continued)
Sharp Corp.(a)		12,459	$	67,885
Shikoku Electric Power Co., Inc.(b)		38,970		283,546
SHIMAMURA Co. Ltd.		4,098		218,248
Shimizu Corp.		94,477		548,417
Shinko Electric Industries Co. Ltd.		4,120		149,142
Ship Healthcare Holdings, Inc.		23,555		342,301
Sohgo Security Services Co. Ltd.		25,636		142,217
Sojitz Corp.		68,959		1,750,352
Sotetsu Holdings, Inc.		7,430		134,779
Stanley Electric Co. Ltd.		24,938		426,880
Subaru Corp.		26,248		596,968
Sugi Holdings Co. Ltd.		16,266		255,342
SUMCO Corp.		66,919		1,048,027
Sumitomo Bakelite Co. Ltd.		3,071		176,459
Sumitomo Chemical Co. Ltd.(b)		347,145		704,635
Sumitomo Electric Industries Ltd.		81,554		1,209,933
Sumitomo Forestry Co. Ltd.		21,376		611,130
Sumitomo Heavy Industries Ltd.		18,251		543,494
Sumitomo Metal Mining Co. Ltd.		13,378		348,952
Sumitomo Rubber Industries Ltd.		35,319		411,548
Sundrug Co. Ltd.		6,442		201,132
Suzuken Co. Ltd.		20,985		625,049
Taisei Corp.		9,700		305,057
Taisho Pharmaceutical Holdings Co. Ltd.		2,322		133,111
Taiyo Yuden Co. Ltd.(b)		7,600		166,045
Takara Bio, Inc.		13,978		94,886
Takara Holdings, Inc.(b)		52,247		437,922
Takashimaya Co. Ltd.(b)		24,508		369,086
TBS Holdings, Inc.(b)		3,630		95,388
TechnoPro Holdings, Inc.		5,608		112,276
Teijin Ltd.		44,254		375,510
THK Co. Ltd.		18,427		405,549
Tobu Railway Co. Ltd.		8,512		217,648
Toda Corp.		16,497		102,088
Toho Gas Co. Ltd.		26,806		537,839
Tokai Carbon Co. Ltd.		46,902		309,202
Tokyo Gas Co. Ltd.		55,608		1,218,271
Tokyo Ohka Kogyo Co. Ltd.		4,137		127,341
Tokyo Seimitsu Co. Ltd.		2,178		148,794
Tokyo Tatemono Co. Ltd.		16,237		235,467
Tokyu Fudosan Holdings Corp.		80,022		525,353
TOPPAN Holdings, Inc.		12,404		295,286
Toray Industries, Inc.		80,365		370,763
Toshiba TEC Corp.		2,894		60,521
Tosoh Corp.		20,690		281,866
TOTO Ltd.		7,644		206,792
Toyo Seikan Group Holdings Ltd.		7,794		131,124
Toyo Suisan Kaisha Ltd.		4,712		274,087
Toyo Tire Corp.		25,831		467,709
Toyoda Gosei Co. Ltd.(b)		16,987		349,682
Toyota Boshoku Corp.		17,202		272,448
TS Tech Co. Ltd.		21,005		271,843
Tsumura & Co.		17,169		316,606
Tsuruha Holdings, Inc.		3,311		249,979
Ulvac, Inc.		2,589		159,315
Ushio, Inc.(b)		7,649		101,292
Welcia Holdings Co. Ltd.(b)		15,776		297,875
Yamada Holdings Co. Ltd.		175,956		506,460
Yamaguchi Financial Group, Inc.		22,592		229,286
Yamaha Motor Co. Ltd.		75,039		671,576

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 29, 2024

(Unaudited)

 

	Shares			Value
Japan-(continued)
Yamato Holdings Co. Ltd.		22,216		$	337,686
Yamato Kogyo Co. Ltd.		4,551			253,898
Yamazaki Baking Co. Ltd.		12,436			292,890
Yaoko Co. Ltd.		4,802			276,307
Yokohama Rubber Co. Ltd. (The)		26,602			707,218
Zenkoku Hosho Co. Ltd.		3,556			130,555
Zeon Corp.		7,868			66,763
					100,850,296
Luxembourg-0.09%
RTL Group S.A.		7,329			270,767
Mexico-0.03%
Fresnillo PLC(b)		14,426			83,102
Netherlands-1.02%
Aalberts N.V.		10,357			465,125
ABN AMRO Bank N.V., CVA(c)		52,920			850,421
CTP N.V.(c)		9,223			149,510
OCI N.V.		29,546			778,548
Randstad N.V.(b)		14,284			787,402
					3,031,006
New Zealand-1.00%
a2 Milk Co. Ltd. (The)(a)		61,676			232,972
Air New Zealand Ltd.		464,609			174,084
Fletcher Building Ltd.		239,583			598,460
Mainfreight Ltd.(b)		12,407			512,195
Meridian Energy Ltd.		76,738			279,581
Ryman Healthcare Ltd.(a)		154,559			436,926
SKYCITY Entertainment Group Ltd.(b)		105,550			124,111
Spark New Zealand Ltd.		204,085			630,398
					2,988,727
Nigeria-0.13%
Airtel Africa PLC(c)		328,566			394,215
Norway-0.60%
Aker ASA, Class A		7,243			391,560
Norsk Hydro ASA		200,880			1,033,657
Var Energi ASA		122,340			374,087
					1,799,304
Poland-1.58%
Bank Polska Kasa Opieki S.A.		11,401			494,589
KGHM Polska Miedz S.A.		41,644			1,125,711
ORLEN S.A.(b)		42,784			664,950
Powszechny Zaklad Ubezpieczen S.A.		148,336			1,826,721
Santander Bank Polska S.A.(b)		4,169			574,454
					4,686,425
Portugal-0.49%
Galp Energia SGPS S.A.		91,610	��		1,444,408
Singapore-1.98%
CapitaLand Ascott Trust		257,162			171,174
City Developments Ltd.		103,104			434,776
ComfortDelGro Corp. Ltd.		629,365			631,892
Frasers Logistics & Commercial Trust(c)		704,683			539,806
Jardine Cycle & Carriage Ltd.		19,138			362,236
Keppel DC REIT		112,414			142,127
Keppel REIT		460,139			296,014
NetLink NBN Trust(c)		246,200			153,806
Olam Group Ltd.(b)		349,888			255,013
Sembcorp Industries Ltd.		136,818			518,944

	Shares		Value
Singapore-(continued)
Singapore Airlines Ltd.(b)		124,860	$	600,806
Singapore Post Ltd.(b)		456,339		134,058
StarHub Ltd.		176,015		149,232
Suntec REIT		493,108		425,409
UOL Group Ltd.		53,643		234,982
Venture Corp. Ltd.		80,297		836,054
				5,886,329
South Korea-10.20%
BGF retail Co. Ltd.		2,408		238,883
BNK Financial Group, Inc.		84,871		478,021
Cheil Worldwide, Inc.		15,787		219,330
CJ CheilJedang Corp.		2,417		543,625
CJ Corp.(a)		3,852		280,308
CJ ENM Co. Ltd.(a)		3,074		183,295
CJ Logistics Corp.(a)		2,537		237,010
Coway Co. Ltd.		7,163		291,555
Daewoo Engineering & Construction Co. Ltd.(a)		60,138		179,746
DB Insurance Co. Ltd.(a)		13,568		1,006,697
DGB Financial Group, Inc.		45,282		301,290
DL E&C Co. Ltd.		8,964		249,075
DL Holdings Co. Ltd.(a)		3,638		130,046
Doosan Bobcat, Inc.		5,866		206,825
E-MART, Inc.(a)		5,845		324,820
F&F Co. Ltd.		898		48,825
Fila Holdings Corp.		6,835		197,104
Green Cross Corp.		890		78,801
GS Engineering & Construction Corp.(a)		18,838		225,643
GS Holdings Corp.		13,763		496,630
GS Retail Co. Ltd.		11,694		195,837
Hana Financial Group, Inc.		39,517		1,679,680
Hankook Tire & Technology Co. Ltd.		12,349		502,640
Hanwha Aerospace Co. Ltd.		2,584		363,848
Hanwha Corp.		13,580		299,829
Hanwha Corp., Third Pfd		6,811		76,723
Hanwha Life Insurance Co. Ltd.(a)		108,260		256,097
Hanwha Solutions Corp.		4,719		98,342
HD Hyundai Co. Ltd.		12,865		683,055
HD Hyundai Infracore Co. Ltd.(a)		21,805		131,819
HL Mando Co. Ltd.		7,604		189,300
HMM Co. Ltd.(a)		63,559		872,051
Hyundai Department Store Co. Ltd.		4,414		173,696
Hyundai Engineering & Construction Co. Ltd.(a)		22,265		580,201
Hyundai Glovis Co. Ltd.(a)		4,967		710,584
Hyundai Marine & Fire Insurance Co. Ltd.(a)		17,555		415,277
Hyundai Steel Co.(a)		25,699		693,811
Hyundai Wia Corp.(a)		4,754		214,565
Industrial Bank of Korea(a)		55,966		588,408
KB Financial Group, Inc.		16,031		764,470
KCC Corp.		1,281		255,411
Korea Aerospace Industries Ltd.(a)		4,513		173,864
Korea Gas Corp.(a)		7,795		169,762
Korean Air Lines Co. Ltd.		40,142		693,351
Kumho Petrochemical Co. Ltd.(a)		5,175		574,784
LG Display Co. Ltd.(a)		67,257		574,786
LG Electronics, Inc.		6,868		489,466
LG Innotek Co. Ltd.		4,032		611,643
LG Uplus Corp.		64,945		503,329

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 29, 2024

(Unaudited)

 

	Shares		Value
South Korea-(continued)
LOTTE Chemical Corp.		1,634	$	150,196
LOTTE Chilsung Beverage Co. Ltd.		1,037		97,735
LOTTE Corp.		7,896		179,077
LOTTE Fine Chemical Co. Ltd.		4,302		153,458
LOTTE Shopping Co. Ltd.		3,369		196,331
LS Corp.		5,161		340,682
Meritz Financial Group, Inc.		11,368		709,433
Mirae Asset Securities Co. Ltd.(a)		80,501		545,298
Mirae Asset Securities Co. Ltd., Second Pfd.(a)		41,420		125,666
NCSoft Corp.		772		112,472
NH Investment & Securities Co. Ltd.(a)		40,909		360,673
OCI Holdings Co. Ltd.		3,717		262,390
Orion Corp.		940		65,580
Ottogi Corp.		441		132,803
Pan Ocean Co. Ltd.		73,089		267,031
Posco International Corp.(a)		1,596		67,239
S-1 Corp.		2,557		111,566
Samsung C&T Corp.		3,331		391,985
Samsung Electro-Mechanics Co. Ltd.		2,603		273,671
Samsung Engineering Co. Ltd.(a)		10,151		187,530
Samsung Fire & Marine Insurance Co. Ltd.(a)		2,021		452,281
Samsung SDS Co. Ltd.		1,848		222,049
Samsung Securities Co. Ltd.		19,323		602,937
SD Biosensor, Inc.(a)		10,166		95,812
Seegene, Inc.		7,869		147,145
Shinhan Financial Group Co. Ltd.		29,769		973,596
Shinsegae, Inc.		2,088		274,093
SK Innovation Co. Ltd.(a)		2,986		262,587
SK Networks Co. Ltd.(a)		29,099		143,135
SK, Inc.		7,708		1,110,239
S-Oil Corp.		8,590		492,848
Woori Financial Group, Inc.		122,493		1,370,641
				30,332,337
Spain-1.69%
Acciona S.A.		3,575		400,216
ACS Actividades de Construccion y Servicios S.A.		41,058		1,685,726
Banco de Sabadell S.A.		385,159		498,910
Bankinter S.A.		81,020		514,482
Enagas S.A.(b)		39,094		564,568
Mapfre S.A.		303,938		644,328
Merlin Properties SOCIMI S.A.		20,741		196,505
Redeia Corp. S.A.		32,575		518,190
				5,022,925
Sweden-4.12%
Axfood AB(b)		16,830		470,706
Boliden AB		56,879		1,442,114
Electrolux AB, Class B(a)(b)		66,378		568,361
Fastighets AB Balder, Class B(a)(b)		124,379		772,903
Getinge AB, Class B		46,411		920,375
Holmen AB, Class B(b)		9,377		376,804
Husqvarna AB, Class B(b)		29,801		230,000
Sagax AB, Class D(b)		31,648		88,850
Securitas AB, Class B(b)		147,984		1,592,471
Skanska AB, Class B(b)		102,366		1,889,539
SKF AB, Class B		31,721		692,209
SSAB AB, Class A		13,264		103,831
SSAB AB, Class B		38,046		298,119

	Shares		Value
Sweden-(continued)
Sweco AB, Class B		24,136	$	257,514
Tele2 AB, Class B		105,869		889,314
Trelleborg AB, Class B		36,976		1,343,971
Volvo Car AB, Class B(a)(b)		90,261		329,381
				12,266,462
Switzerland-1.73%
Adecco Group AG		39,975		1,608,443
Avolta AG(a)		15,782		619,953
Baloise Holding AG(b)		4,275		692,311
DKSH Holding AG		9,362		690,548
Emmi AG		144		147,181
Georg Fischer AG		9,005		669,840
Helvetia Holding AG		2,797		396,735
PSP Swiss Property AG		2,538		324,257
				5,149,268
Thailand-0.00%
Kerry Express (Thailand) PCL(a)(c)		41,113		6,305
United Kingdom-8.79%
Aviva PLC		248,408		1,402,381
B&M European Value Retail S.A		85,342		567,619
Barratt Developments PLC		205,803		1,214,443
Beazley PLC		137,885		1,137,204
Berkeley Group Holdings PLC (The)		15,651		919,209
BT Group PLC(b)		607,489		802,640
Centrica PLC		505,778		805,169
DCC PLC		30,073		2,136,375
DS Smith PLC		390,163		1,589,683
Hargreaves Lansdown PLC		25,195		232,144
Hiscox Ltd.		21,689		310,844
Howden Joinery Group PLC		71,611		749,133
IMI PLC		19,969		437,752
International Consolidated Airlines Group S.A.(a)		227,421		423,603
ITV PLC		1,137,841		805,152
J Sainsbury PLC		512,623		1,618,514
JD Sports Fashion PLC		160,882		239,936
Johnson Matthey PLC		54,886		1,070,234
Kingfisher PLC(b)		579,115		1,717,835
Pepco Group N.V.(a)(c)		20,787		104,355
Persimmon PLC		96,802		1,669,603
Renishaw PLC		2,192		119,451
RS Group PLC		69,342		661,014
Smiths Group PLC		48,941		995,480
Tate & Lyle PLC		32,734		248,648
Taylor Wimpey PLC		1,066,971		1,860,515
Wise PLC, Class A(a)		126,984		1,474,249
WPP PLC		93,844		839,503
				26,152,688
United States-0.62%
Samsonite International S.A.(a)(c)		121,505		424,479
Signify N.V.		38,199		1,024,332
Sims Ltd.(b)		47,989		382,476
				1,831,287
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.87% (Cost $281,919,118)				296,990,322

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 29, 2024

(Unaudited)

 

	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-14.81%
Invesco Private Government Fund, 5.29%(d)(e)(f)		12,332,862	$	12,332,862
Invesco Private Prime Fund, 5.49%(d)(e)(f)		31,694,772		31,710,619
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $44,046,286)				44,043,481
TOTAL INVESTMENTS IN SECURITIES-114.68% (Cost $325,965,404)				341,033,803
OTHER ASSETS LESS LIABILITIES-(14.68)%				(43,665,204	)
NET ASSETS-100.00%			$	297,368,599

Investment Abbreviations:

CVA-Dutch Certificates

Pfd.-Preferred

REIT-Real Estate Investment Trust

RSP-Registered Savings Plan Shares

Notes to Schedule of Investments:

^(a)  Non-income producing security.

^(b)  All or a portion of this security was out on loan at February 29, 2024.

^(c)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at February 29, 2024 was $3,830,068, which represented 1.29% of the Fund’s Net Assets.

^(d)  Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 29, 2024.

	Value August 31, 2023					Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)						Realized Gain				Value February 29, 2024					Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class			$	-			$	5,991,942		$	(5,991,942	)			$	-					$	-			$	-			$	4,476
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund				5,071,761				23,372,113			(16,111,012	)				-						-				12,332,862				164,761	*
Invesco Private Prime Fund				13,041,667				51,238,557			(32,575,921	)				(2,717	)					9,033				31,710,619				437,028	*
Total			$	18,113,428			$	80,602,612		$	(54,678,875	)			$	(2,717	)				$	9,033			$	44,043,481			$	606,265

* 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 29, 2024.

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

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

 9 

Invesco International Developed Dynamic Multifactor ETF (IMFL)–(continued)

February 29, 2024

(Unaudited)

 

Portfolio Composition

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

as of February 29, 2024

Industrials	26.42
Materials	15.60
Financials	14.43
Consumer Discretionary	12.95
Consumer Staples	6.69
Information Technology	5.19
Energy	4.55
Real Estate	3.69
Utilities	3.57
Communication Services	3.54
Health Care	3.24
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.

 10 

Invesco Russell 1000^® Dynamic Multifactor ETF (OMFL)

February 29, 2024

(Unaudited)

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.86%
Communication Services-2.16%
Cable One, Inc.(b)		15,456	$	7,047,936
Fox Corp., Class A		301,444		8,980,017
Fox Corp., Class B		151,102		4,137,173
Frontier Communications Parent, Inc.(b)(c).		654,402		15,496,239
Liberty Broadband Corp.(c)(d)		64,295		0
Liberty Media Corp.-Liberty Live, Series A(c)		49,423		1,907,234
Liberty Media Corp.-Liberty Live, Series C(b)(c)		102,659		4,087,882
Liberty Media Corp.-Liberty SiriusXM, Series A(b)(c)		198,315		5,778,899
Liberty Media Corp.-Liberty SiriusXM, Series C(c)		410,637		11,900,260
News Corp., Class A		714,622		19,209,039
News Corp., Class B(b)		228,873		6,406,155
Nexstar Media Group, Inc., Class A(b)		91,486		15,202,229
Paramount Global, Class B(b)		1,563,427		17,260,234
Sirius XM Holdings, Inc.(b)		927,172		4,098,100
TripAdvisor, Inc.(b)(c)		296,934		7,963,770
				129,475,167
Consumer Discretionary-15.75%
ADT, Inc.		561,796		4,078,639
Advance Auto Parts, Inc.(b)		158,814		10,726,298
Aramark(b)		405,628		12,302,697
AutoNation, Inc.(b)(c)		81,361		12,187,878
Bath & Body Works, Inc.		619,595		28,315,492
Best Buy Co., Inc.(b)		478,591		38,708,440
BorgWarner, Inc.		632,543		19,691,064
Boyd Gaming Corp.(b)		196,324		12,982,906
Brunswick Corp.(b)		189,864		16,594,114
Burlington Stores, Inc.(b)(c)		64,212		13,169,881
Capri Holdings Ltd.(c)		326,728		15,071,963
CarMax, Inc.(b)(c)		426,536		33,696,344
Carter’s, Inc.(b)		98,606		7,982,156
Choice Hotels International, Inc.(b)		26,186		2,931,261
Columbia Sportswear Co.		49,080		4,058,425
Crocs, Inc.(b)(c)		105,750		12,927,938
Dick’s Sporting Goods, Inc.(b)		162,271		28,866,388
Expedia Group, Inc.(c)		242,424		33,168,452
Gap, Inc. (The)		519,325		9,836,016
Gentex Corp.(b)		218,322		7,975,303
Grand Canyon Education, Inc.(b)(c)		44,799		6,038,905
H&R Block, Inc.		412,426		20,188,253
Harley-Davidson, Inc.		350,486		12,712,127
Hyatt Hotels Corp., Class A(b)		44,448		6,826,768
Kohl’s Corp.(b)		295,558		8,237,201
Lear Corp.		157,163		21,586,338
Leggett & Platt, Inc.		354,208		7,232,927
Lithia Motors, Inc., Class A		73,187		21,887,304
LKQ Corp.		326,518		17,073,626
Macy’s, Inc.(b)		723,206		12,612,713
Marriott Vacations Worldwide Corp.		97,942		9,127,215
Mattel, Inc.(b)(c)		761,862		15,008,681
MGM Resorts International(c)		446,002		19,302,967
Mister Car Wash, Inc.(b)(c)		132,319		1,096,925
Mohawk Industries, Inc.(b)(c)		141,165		16,744,992

	Shares		Value
Consumer Discretionary-(continued)
Murphy USA, Inc.		53,071	$	22,131,138
Newell Brands, Inc.		1,017,064		7,627,980
Nordstrom, Inc.(b)		305,271		6,401,533
Ollie’s Bargain Outlet Holdings, Inc.(b)(c)		66,748		5,351,187
PENN Entertainment, Inc.(b)(c)		409,900		7,501,170
Penske Automotive Group, Inc.(b)		53,874		8,269,659
Petco Health & Wellness Co., Inc.(b)(c)		219,064		569,566
Phinia, Inc.		124,804		4,270,793
Polaris, Inc.		144,379		13,385,377
PulteGroup, Inc.		405,572		43,955,893
PVH Corp.		162,623		22,225,685
Ralph Lauren Corp.		110,587		20,560,335
RH(b)(c)		42,254		11,594,498
Service Corp. International(b)		146,376		10,713,259
Skechers U.S.A., Inc., Class A(b)(c)		167,874		10,376,292
Tapestry, Inc.		422,661		20,089,077
Tempur Sealy International, Inc.		345,461		18,817,261
Texas Roadhouse, Inc.		72,290		10,797,957
Thor Industries, Inc.(b)		136,979		17,557,968
Toll Brothers, Inc.(b)		298,337		34,201,354
TopBuild Corp.(b)(c)		76,479		30,773,620
Travel + Leisure Co.		198,223		8,858,586
Under Armour, Inc., Class A(b)(c)		503,913		4,515,060
Under Armour, Inc., Class C(b)(c)		495,189		4,228,914
Victoria’s Secret & Co.(b)(c)		208,891		5,965,927
Wendy’s Co. (The)		195,000		3,531,450
Whirlpool Corp.		139,315		14,961,038
Williams-Sonoma, Inc.(b)		175,744		41,392,984
Wyndham Hotels & Resorts, Inc.(b)		90,968		6,963,600
YETI Holdings, Inc.(b)(c)		88,986		3,651,985
				942,189,743
Consumer Staples-4.83%
Albertson’s Cos., Inc., Class A(b)		1,125,011		22,815,223
BJ’s Wholesale Club Holdings, Inc.(c)		360,381		26,322,228
Boston Beer Co., Inc. (The), Class A(c)		9,931		3,060,138
Bunge Global S.A.		201,151		18,982,620
Casey’s General Stores, Inc.		99,549		30,311,675
Darling Ingredients, Inc.(c)		206,311		8,729,018
Flowers Foods, Inc.		377,376		8,460,770
Grocery Outlet Holding Corp.(c)		253,629		6,541,092
Ingredion, Inc.		130,969		15,405,884
Olaplex Holdings, Inc.(b)(c)		348,037		647,349
Performance Food Group Co.(c)		414,067		31,787,924
Pilgrim’s Pride Corp.(b)(c)		110,035		3,503,514
Post Holdings, Inc.(b)(c)		142,719		14,865,611
Reynolds Consumer Products, Inc.(b)		65,532		1,933,194
Seaboard Corp.(b)		731		2,403,228
Spectrum Brands Holdings, Inc.		52,910		4,255,022
Tyson Foods, Inc., Class A		749,015		40,626,574
US Foods Holding Corp.(c)		612,286		31,098,006
Walgreens Boots Alliance, Inc.		811,268		17,247,558
				288,996,628
Energy-6.99%
Antero Midstream Corp.(b)		713,204		9,556,934
Antero Resources Corp.(b)(c)		756,009		19,429,431
APA Corp.		838,723		24,985,558
Chesapeake Energy Corp.(b)		343,224		28,412,083

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 29, 2024

(Unaudited)

	Shares		Value
Energy-(continued)
Coterra Energy, Inc.		1,597,396	$	41,180,869
Diamondback Energy, Inc.		225,532		41,164,101
DT Midstream, Inc.		259,607		14,961,151
EQT Corp.		972,864		36,141,898
HF Sinclair Corp.		382,825		21,246,787
Marathon Oil Corp.		1,675,905		40,640,696
New Fortress Energy, Inc.(b)		71,328		2,507,179
NOV, Inc.		488,925		8,262,833
Ovintiv, Inc.		655,718		32,399,026
Range Resources Corp.(b)		626,070		19,796,333
Southwestern Energy Co.(c)		2,976,572		20,746,707
Targa Resources Corp.		381,903		37,518,151
TechnipFMC PLC (United Kingdom)		898,457		19,487,532
				418,437,269
Financials-21.88%
Affiliated Managers Group, Inc.		95,105		14,865,863
Ally Financial, Inc.		731,025		27,040,615
American Financial Group, Inc.		108,030		13,792,190
Annaly Capital Management, Inc.(b)		1,333,532		25,457,126
Assurant, Inc.		129,397		23,479,086
Assured Guaranty Ltd.		151,739		13,899,292
AXIS Capital Holdings Ltd.		207,698		12,995,664
Bank OZK(b)		294,748		12,909,962
Blue Owl Capital, Inc.(b)		445,841		8,007,304
BOK Financial Corp.		75,978		6,458,890
Brighthouse Financial, Inc.(c)		48,745		2,269,080
Citizens Financial Group, Inc.		1,119,784		35,150,020
CNA Financial Corp.(b)		67,105		2,949,265
Columbia Banking System, Inc.(b)		555,456		10,053,754
Comerica, Inc.		351,943		17,378,945
Commerce Bancshares, Inc.		134,925		7,021,497
Corebridge Financial, Inc.(b)		395,115		9,810,705
Credit Acceptance Corp.(b)(c)		17,045		9,436,112
Cullen/Frost Bankers, Inc.		79,101		8,583,249
Discover Financial Services		172,740		20,849,718
East West Bancorp, Inc.		379,714		27,665,962
Equitable Holdings, Inc.		691,655		23,682,267
Euronet Worldwide, Inc.(b)(c)		104,467		11,432,868
Evercore, Inc., Class A		96,716		18,093,629
Everest Group Ltd.		52,874		19,504,161
F.N.B. Corp.		955,458		12,745,810
Fidelity National Financial, Inc.(b)		700,533		35,432,959
Fifth Third Bancorp		1,093,641		37,555,632
First American Financial Corp.		267,654		15,633,670
First Hawaiian, Inc.(b)		340,176		7,130,089
First Horizon Corp.		1,450,611		20,453,615
Franklin Resources, Inc.		402,340		11,044,233
Globe Life, Inc.		106,550		13,524,391
Hanover Insurance Group, Inc. (The)		94,697		12,449,815
Hartford Financial Services Group, Inc. (The)		231,407		22,178,047
Huntington Bancshares, Inc.		2,298,328		29,970,197
Interactive Brokers Group, Inc., Class A		270,630		29,422,894
Invesco Ltd.(e)		847,566		13,060,992
Janus Henderson Group PLC		252,693		7,873,914
Jefferies Financial Group, Inc.		148,771		6,221,603
KeyCorp		2,514,229		35,878,048
Lazard, Inc.(b)		292,221		11,262,197
Lincoln National Corp.		451,496		12,434,200

	Shares		Value
Financials-(continued)
Loews Corp.		349,685	$	26,271,834
LPL Financial Holdings, Inc.		46,309		12,405,718
M&T Bank Corp.		126,337		17,654,332
MGIC Investment Corp.		769,923		15,313,768
NCR Atleos Corp.(c)		170,587		3,711,973
New York Community Bancorp, Inc.		957,848		4,588,092
Northern Trust Corp.		178,457		14,656,673
Old Republic International Corp.		736,096		21,317,340
OneMain Holdings, Inc.(b)		299,746		14,157,004
Pinnacle Financial Partners, Inc.(b)		201,385		16,658,567
Popular, Inc.		187,843		15,718,702
Primerica, Inc.		41,064		10,071,357
Principal Financial Group, Inc.		427,139		34,538,460
Prosperity Bancshares, Inc.(b)		129,678		8,093,204
Regions Financial Corp.		1,023,969		19,076,542
Reinsurance Group of America, Inc.		163,980		28,999,863
Rithm Capital Corp.(b)		1,287,656		13,958,191
RLI Corp.		43,359		6,349,926
Rocket Cos., Inc., Class A(b)(c)		334,418		4,200,290
Ryan Specialty Holdings, Inc., Class A(c)		69,029		3,615,739
SEI Investments Co.		71,595		4,814,764
SLM Corp.		403,979		8,414,883
Starwood Property Trust, Inc.(b)		589,230		12,014,400
State Street Corp.		319,151		23,531,003
Stifel Financial Corp.		278,537		21,129,817
Synchrony Financial		1,149,590		47,478,067
Synovus Financial Corp.(b)		386,712		14,671,853
TPG, Inc.(b)		171,547		7,608,109
Unum Group		530,888		26,252,412
UWM Holdings Corp.(b)		248,326		1,584,320
Virtu Financial, Inc., Class A		238,932		4,312,723
Voya Financial, Inc.(b)		261,981		17,909,021
W.R. Berkley Corp.		218,158		18,238,009
Webster Financial Corp.		470,454		22,412,429
Western Alliance Bancorporation		288,855		16,675,599
Western Union Co. (The)		1,000,126		13,411,690
WEX, Inc.(b)(c)		39,825		8,750,747
Wintrust Financial Corp.		162,481		15,655,044
Zions Bancorporation N.A.		388,971		15,337,127
				1,308,619,122
Health Care-5.91%
Acadia Healthcare Co., Inc.(c)		83,501		6,968,158
Amedisys, Inc.(b)(c)		81,334		7,565,689
Azenta, Inc.(b)(c)		169,908		11,069,506
Cardinal Health, Inc.		326,127		36,519,701
Catalent, Inc.(c)		339,879		19,488,662
DaVita, Inc.(c)		144,620		18,362,401
Elanco Animal Health, Inc.(c)		1,052,627		16,726,243
Encompass Health Corp.		199,729		14,859,838
Enovis Corp.(b)(c)		140,032		8,375,314
Envista Holdings Corp.(c)		169,580		3,501,827
Henry Schein, Inc.(b)(c)		242,279		18,527,075
Integra LifeSciences Holdings Corp.(b)(c)		155,690		5,746,518
Jazz Pharmaceuticals PLC(c)		54,373		6,464,950
Maravai LifeSciences Holdings, Inc., Class A(c)		293,896		2,271,816
Molina Healthcare, Inc.(c)		84,076		33,118,377
Organon & Co.		683,171		11,894,007
Perrigo Co. PLC		167,107		4,388,230

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 29, 2024

(Unaudited)

	Shares		Value
Health Care-(continued)
Premier, Inc., Class A		317,203	$	6,616,855
Quest Diagnostics, Inc.		107,396		13,412,686
QuidelOrtho Corp.(b)(c)		142,531		6,499,414
Tenet Healthcare Corp.(c)		273,512		25,436,616
United Therapeutics Corp.(c)		39,181		8,840,801
Universal Health Services, Inc., Class B		163,538		27,320,658
Viatris, Inc.		3,227,027		39,918,324
				353,893,666
Industrials-19.04%
Acuity Brands, Inc.		85,539		21,490,818
Advanced Drainage Systems, Inc.		79,775		13,022,471
AECOM		168,454		14,963,769
AGCO Corp.(b)		167,547		18,379,906
Air Lease Corp., Class A		276,460		11,086,046
Alaska Air Group, Inc.(b)(c)		334,969		12,524,491
Allison Transmission Holdings, Inc.		242,713		18,283,570
American Airlines Group, Inc.(c)		1,760,199		27,599,920
Armstrong World Industries, Inc.		91,736		11,064,279
Avis Budget Group, Inc.(b)		54,774		5,917,783
Builders FirstSource, Inc.(c)		343,051		66,956,694
BWX Technologies, Inc.		85,187		8,589,405
C.H. Robinson Worldwide, Inc.		310,856		23,028,213
CACI International, Inc., Class A(b)(c)		60,955		22,848,982
Carlisle Cos., Inc.		71,679		25,087,650
Clean Harbors, Inc.(c)		75,553		13,758,201
CNH Industrial N.V.(c)		1,639,976		19,597,713
Concentrix Corp.(b)		117,211		8,491,937
Core & Main, Inc., Class A(c)		226,765		10,823,493
Curtiss-Wright Corp.		37,783		8,926,989
Delta Air Lines, Inc.		852,693		36,043,333
Dun & Bradstreet Holdings, Inc.		727,859		7,671,634
EMCOR Group, Inc.(b)		113,995		35,739,712
ESAB Corp.		130,541		12,939,224
Expeditors International of Washington, Inc.		182,410		21,816,236
Flowserve Corp.		155,876		6,596,672
Fortune Brands Innovations, Inc.		341,617		27,787,127
Gates Industrial Corp. PLC(c)		316,808		4,663,414
Generac Holdings, Inc.(c)		56,022		6,303,035
Genpact Ltd.		252,786		8,594,724
GXO Logistics, Inc.(b)(c)		288,140		14,914,126
Hayward Holdings, Inc.(b)(c)		261,443		3,866,742
Hertz Global Holdings, Inc.(b)(c)		359,228		2,819,940
Huntington Ingalls Industries, Inc.		105,878		30,876,142
ITT, Inc.		91,039		11,483,660
KBR, Inc.		257,213		15,440,496
Kirby Corp.(b)(c)		88,816		7,790,940
Knight-Swift Transportation Holdings, Inc.		423,385		23,853,511
Landstar System, Inc.(b)		97,053		18,459,481
Leidos Holdings, Inc.		368,068		47,061,175
ManpowerGroup, Inc.		134,801		9,727,240
Masco Corp.		320,627		24,611,329
MasTec, Inc.(b)(c)		76,271		5,755,410
MDU Resources Group, Inc.		540,050		11,708,284
Middleby Corp. (The)(b)(c)		63,819		9,710,699
MSC Industrial Direct Co., Inc., Class A(b)		93,879		9,476,146
nVent Electric PLC		161,200		10,851,984
Oshkosh Corp.		176,875		19,608,363
Owens Corning		242,289		36,290,046

	Shares		Value
Industrials-(continued)
Regal Rexnord Corp.(b)		68,617	$	11,767,129
Robert Half, Inc.		285,216		22,931,366
Ryder System, Inc.		122,838		14,015,816
Saia, Inc.(b)(c)		23,416		13,473,566
Schneider National, Inc., Class B		146,543		3,451,088
Science Applications International Corp.(b).		143,948		20,146,962
Sensata Technologies Holding PLC		229,197		7,888,961
SiteOne Landscape Supply, Inc.(b)(c)		46,189		7,781,923
Southwest Airlines Co.		852,908		29,229,157
Stericycle, Inc.(b)(c)		112,917		6,141,556
Textron, Inc.		339,180		30,210,763
Timken Co. (The)		151,722		12,743,131
U-Haul Holding Co.(b)(c)		23,922		1,540,098
U-Haul Holding Co., Series N(b)		103,476		6,577,969
United Airlines Holdings, Inc.(b)(c)		881,756		40,111,080
Valmont Industries, Inc.		34,565		7,325,360
Vestis Corp.		203,123		3,810,588
WESCO International, Inc.		120,024		17,942,388
XPO, Inc.(b)(c)		307,812		37,035,940
				1,139,027,996
Information Technology-6.79%
Arrow Electronics, Inc.(b)(c)		155,830		18,310,025
Avnet, Inc.		242,773		11,310,794
Cirrus Logic, Inc.(b)(c)		147,642		13,556,488
Coherent Corp.(c)		318,737		18,958,477
Crane NXT Co.		128,452		7,504,166
Dropbox, Inc., Class A(b)(c)		710,047		17,005,626
DXC Technology Co.(b)(c)		607,251		13,274,507
Gen Digital, Inc.		1,260,007		27,077,550
Hewlett Packard Enterprise Co.		3,482,350		53,036,191
HP, Inc.		1,443,336		40,889,709
Jabil, Inc.		348,214		50,174,155
Kyndryl Holdings, Inc.(c)		548,262		12,045,316
Littelfuse, Inc.		29,332		6,988,056
Lumentum Holdings, Inc.(b)(c)		175,492		8,506,097
MKS Instruments, Inc.(b)		96,038		11,789,625
NCR Voyix Corp.(b)(c)		341,174		4,984,552
TD SYNNEX Corp.		111,296		11,563,654
Teradata Corp.(c)		181,971		6,845,749
Viasat, Inc.(b)(c)		192,480		3,766,834
Vontier Corp.		400,367		17,215,781
Western Digital Corp.(c)		861,047		51,206,465
				406,009,817
Materials-10.83%
Alcoa Corp.		474,976		12,924,097
Amcor PLC		1,435,052		13,001,571
Ardagh Group S.A., Class A(c)(d)		16,236		76,431
Ardagh Metal Packaging S.A		383,127		1,256,657
Ashland, Inc.		115,039		10,772,252
Avery Dennison Corp.		57,846		12,525,394
Axalta Coating Systems Ltd.(c)		251,703		8,238,239
Berry Global Group, Inc.		329,071		19,155,223
Celanese Corp.		252,361		38,351,301
CF Industries Holdings, Inc.		527,022		42,541,216
Chemours Co. (The)		397,582		7,820,438
Cleveland-Cliffs, Inc.(b)(c)		1,372,598		28,550,038
Crown Holdings, Inc.		286,521		21,953,239
Eagle Materials, Inc.(b)		64,062		16,242,920
Eastman Chemical Co.		261,533		22,946,905

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 29, 2024

(Unaudited)

	Shares		Value
Materials-(continued)
Element Solutions, Inc.		300,976	$	7,072,936
Graphic Packaging Holding Co.(b)		826,144		21,438,437
Huntsman Corp.(b)		466,966		11,954,330
International Paper Co.		934,817		33,055,129
Louisiana-Pacific Corp.(b)		171,778		12,706,419
LyondellBasell Industries N.V., Class A		209,403		20,998,933
Mosaic Co. (The)		893,812		27,851,182
MP Materials Corp.(b)(c)		159,726		2,429,433
NewMarket Corp.(b)		10,932		7,014,736
Olin Corp.		345,131		18,568,048
Packaging Corp. of America		173,887		31,506,586
Reliance, Inc.		117,236		37,658,548
Sealed Air Corp.		384,022		13,390,847
Silgan Holdings, Inc.		223,006		9,792,194
Sonoco Products Co.		261,466		14,819,893
SSR Mining, Inc. (Canada)		255,253		1,097,588
Steel Dynamics, Inc.		363,044		48,582,548
United States Steel Corp.		607,848		28,775,524
Westlake Corp.		83,237		11,545,804
WestRock Co.		686,791		31,104,764
				647,719,800
Real Estate-3.22%
Apartment Income REIT Corp.		397,926		12,065,116
Boston Properties, Inc.		423,878		27,433,384
Brixmor Property Group, Inc.		379,023		8,569,710
Cousins Properties, Inc.		322,038		7,345,687
EPR Properties		161,171		6,620,905
Highwoods Properties, Inc.(b)		277,960		6,796,122
Host Hotels & Resorts, Inc.(b)		680,733		14,118,403
Howard Hughes Holdings, Inc.(b)(c)		59,560		4,550,384
Jones Lang LaSalle, Inc.(c)		128,210		24,390,670
Kilroy Realty Corp.(b)		311,678		11,809,479
Medical Properties Trust, Inc.(b)		1,586,527		6,679,279
National Storage Affiliates Trust		142,790		5,113,310
Omega Healthcare Investors, Inc.(b)		237,992		7,406,311
Park Hotels & Resorts, Inc.(b)		587,024		9,744,598
Vornado Realty Trust(b)		342,081		8,996,730
Zillow Group, Inc., Class A(b)(c)		144,709		7,822,969
Zillow Group, Inc., Class C(b)(c)		408,479		22,936,096
				192,399,153
Utilities-2.46%
AES Corp. (The)		726,036		11,035,747

Investment Abbreviations:

REIT -Real Estate Investment Trust

		Shares		Value
Utilities-(continued)
Brookfield Renewable Corp., Class A(b)			340,029	$	8,065,488
Clearway Energy, Inc., Class A			92,602		1,876,116
Clearway Energy, Inc., Class C			218,894		4,771,889
Evergy, Inc.			218,279		10,813,542
Hawaiian Electric Industries, Inc.			293,212		3,571,322
IDACORP, Inc.(b)	��		56,170		4,949,139
National Fuel Gas Co.(b)			237,635		11,582,330
NiSource, Inc.			558,834		14,563,214
NRG Energy, Inc.			622,933		34,460,653
OGE Energy Corp.			461,070		15,173,814
Pinnacle West Capital Corp.			181,751		12,419,046
UGI Corp.			558,697		13,676,903
					146,959,203
Total Common Stocks & Other Equity Interests (Cost $5,631,570,386)					5,973,727,564
Money Market Funds-0.01%
Invesco Government & Agency Portfolio, Institutional Class, 5.24%(e)(f) (Cost $927,702)			927,702		927,702
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.87% (Cost $5,632,498,088)					5,974,655,266
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-7.86%
Invesco Private Government Fund, 5.29%(e)(f)(g)			134,541,381		134,541,381
Invesco Private Prime Fund, 5.49%(e)(f)(g)			335,260,670		335,428,300
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $470,018,675)					469,969,681
TOTAL INVESTMENTS IN SECURITIES-107.73% (Cost $6,102,516,763)					6,444,624,947
OTHER ASSETS LESS LIABILITIES-(7.73)%					(462,648,064	)
NET ASSETS-100.00%				$	5,981,976,883

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 29, 2024

(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 29, 2024.

^(c)  Non-income producing security.

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

^(e)  Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 29, 2024.

	Value August 31, 2023				Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)					Realized Gain (Loss)				Value February 29, 2024					Dividend Income
Invesco Ltd.		$	11,736,606			$	19,145,195		$	(15,479,971)			$	(1,301,394	)			$	(1,039,444	)			$	13,060,992			$	187,499
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class			-				61,502,089			(60,574,387	)			-					-					927,702				49,246
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			125,506,582				699,636,133			(690,601,334	)			-					-					134,541,381				3,136,704	*
Invesco Private Prime Fund			322,731,213				1,501,867,236			(1,489,292,168	)			(40,184	)				162,203					335,428,300				8,382,463	*
Total		$	459,974,401			$	2,282,150,653		$	(2,255,947,860	)		$	(1,341,578	)			$	(877,241	)			$	483,958,375			$	11,755,912

* 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 29, 2024.

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

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

 15 

Invesco Russell 1000^® Dynamic Multifactor ETF (OMFL)–(continued)

February 29, 2024

(Unaudited)

 

Portfolio Composition

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

as of February 29, 2024

Financials	21.88
Industrials	19.04
Consumer Discretionary	15.75
Materials	10.83
Energy	6.99
Information Technology	6.79
Health Care	5.91
Consumer Staples	4.83
Real Estate	3.22
Sector Types Each Less Than 3%	4.62
Money Market Funds Plus Other Assets Less Liabilities	0.14

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

 16 

Invesco Russell 2000^® Dynamic Multifactor ETF (OMFS)

February 29, 2024

(Unaudited)

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.90%
Communication Services-5.53%
Advantage Solutions, Inc.(b)(c)		68,935	$	262,642
AMC Networks, Inc., Class A(b)(c)		92,999		1,203,407
ATN International, Inc.		9,742		326,747
Bandwidth, Inc., Class A(b)		70,172		1,441,333
Charge Enterprises, Inc.(b)(c)		169,637		2,494
Clear Channel Outdoor Holdings, Inc.(b)(c)		642,681		1,105,411
Consolidated Communications Holdings, Inc.(b)(c)		225,993		974,030
DHI Group, Inc.(b)(c)		85,194		241,099
E.W. Scripps Co. (The), Class A(b)(c)		125,984		507,716
EchoStar Corp., Class A(b)(c)		65,178		854,484
Emerald Holding, Inc.(b)(c)		47,323		253,651
Entravision Communications Corp., Class A(c)		163,151		628,131
EverQuote, Inc., Class A(b)		21,537		345,023
Gannett Co., Inc.(b)(c)		367,414		782,592
Gray Television, Inc.(c)		167,287		976,956
IDT Corp., Class B(b)		10,627		395,431
iHeartMedia, Inc., Class A(b)(c)		311,469		862,769
Liberty Latin America Ltd., Class A(b)		110,612		711,235
Liberty Latin America Ltd., Class C(b)		76,358		497,854
Marcus Corp. (The)(c)		33,114		485,782
MediaAlpha, Inc., Class A(b)(c)		18,751		389,083
Ooma, Inc.(b)(c)		15,595		159,069
Outbrain, Inc.(b)		120,094		441,946
Playstudios, Inc.(b)(c)		33,352		79,044
QuinStreet, Inc.(b)(c)		37,020		541,603
Sinclair, Inc.(c)		16,360		242,946
Sphere Entertainment Co.(b)(c)		15,535		672,666
Spok Holdings, Inc.		20,034		360,011
Stagwell, Inc.(b)(c)		130,992		699,497
System1, Inc.(b)(c)		34,531		57,667
Telephone & Data Systems, Inc.		172,961		2,646,303
Thryv Holdings, Inc.(b)(c)		22,510		471,359
Tingo Group, Inc.(b)(d)		179,204		0
Townsquare Media, Inc., Class A(c)		35,409		376,752
Urban One, Inc., Class A(b)		20,260		67,061
Urban One, Inc., Class D(b)(c)		37,995		110,565
Vivid Seats, Inc., Class A(b)(c)		15,516		93,406
WideOpenWest, Inc.(b)(c)		26,594		106,376
				20,374,141
Consumer Discretionary-15.58%
1-800-Flowers.com, Inc., Class A(b)(c)		77,051		802,871
Aaron’s Co., Inc. (The)		94,699		733,917
Accel Entertainment, Inc.(b)(c)		33,729		382,150
American Axle & Manufacturing Holdings, Inc.(b)(c)		157,175		1,087,651
America’s Car-Mart, Inc.(b)(c)		4,117		277,239
AMMO, Inc.(b)(c)		156,647		372,820
Arko Corp.		93,711		611,933
Bally’s Corp.(b)(c)		26,238		294,915
Beazer Homes USA, Inc.(b)		53,037		1,661,649
Beyond, Inc.(b)		21,091		707,181
Big 5 Sporting Goods Corp.(c)		65,180		312,864
Biglari Holdings, Inc., Class B(b)(c)		508		87,991
BJ’s Restaurants, Inc.(b)(c)		16,357		572,822
Build-A-Bear Workshop, Inc.(c)		37,225		891,166

	Shares		Value
Consumer Discretionary-(continued)
Caleres, Inc.(c)		65,924	$	2,545,326
Camping World Holdings, Inc., Class A(c)		19,123		510,393
CarParts.com, Inc.(b)(c)		135,147		344,625
Carriage Services, Inc.		19,172		475,849
Carrols Restaurant Group, Inc.		91,149		863,181
Cato Corp. (The), Class A(c)		52,742		348,625
Century Casinos, Inc.(b)(c)		76,186		221,701
Chegg, Inc.(b)(c)		55,641		497,431
Children’s Place, Inc. (The)(b)(c)		36,381		699,970
Chuy’s Holdings, Inc.(b)(c)		7,650		258,800
Clarus Corp.(c)		15,626		90,006
ContextLogic, Inc., Class A(b)(c)		26,208		170,352
Cooper-Standard Holdings, Inc.(b)(c)		6,794		95,524
Cricut, Inc., Class A(c)		89,616		432,845
Denny’s Corp.(b)		35,455		327,250
Designer Brands, Inc., Class A(c)		149,641		1,580,209
Destination XL Group, Inc.(b)(c)		176,674		704,929
Dine Brands Global, Inc.(c)		6,083		295,086
Dream Finders Homes, Inc., Class A(b)(c)		24,129		944,168
Duluth Holdings, Inc., Class B(b)		40,678		193,627
El Pollo Loco Holdings, Inc.(b)		45,781		414,776
Envela Corp.(b)(c)		11,119		47,812
Escalade, Inc.(c)		26,316		390,266
Ethan Allen Interiors, Inc.(c)		23,116		772,768
Full House Resorts, Inc.(b)(c)		19,372		99,378
Funko, Inc., Class A(b)(c)		24,650		173,536
Genesco, Inc.(b)(c)		30,423		971,102
G-III Apparel Group Ltd.(b)(c)		31,514		1,048,471
GoPro, Inc., Class A(b)(c)		110,982		259,698
Guess?, Inc.(c)		18,826		477,804
Haverty Furniture Cos., Inc., (Acquired 07/07/2023 - 02/15/2024;Cost $1,181,936)(e)		35,315		1,211,304
Hibbett, Inc.(c)		32,683		2,678,372
Holley, Inc.(b)(c)		113,471		486,791
Hooker Furnishings Corp.(c)		26,611		652,236
Hovnanian Enterprises, Inc., Class A, (Acquired 07/07/2023 - 02/15/2024; Cost $1,342,378)(b)(e)		13,483		2,112,247
Inspired Entertainment, Inc.(b)(c)		23,196		229,640
J Jill, Inc.(b)(c)		13,782		344,412
JAKKS Pacific, Inc.(b)		22,091		775,615
Johnson Outdoors, Inc., Class A(c)		3,063		140,775
Lands’ End, Inc.(b)(c)		40,249		391,623
Landsea Homes Corp.(b)(c)		40,744		554,933
Latham Group, Inc.(b)(c)		45,270		153,465
La-Z-Boy, Inc.		18,332		696,433
Lazydays Holdings, Inc.(b)		39,120		157,262
Legacy Housing Corp.(b)(c)		7,193		185,004
Lincoln Educational Services Corp.(b)		40,657		409,009
Lovesac Co. (The)(b)(c)		20,901		481,559
Malibu Boats, Inc., Class A(b)(c)		8,750		381,850
Marine Products Corp.(c)		6,397		73,310
MarineMax, Inc.(b)(c)		39,458		1,310,006
MasterCraft Boat Holdings, Inc.(b)(c)		26,983		591,737
Movado Group, Inc.(c)		25,745		739,139
Nathan’s Famous, Inc.(c)		2,264		159,046
Noodles & Co.(b)		121,685		305,429

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

 17 

Invesco Russell 2000^® Dynamic Multifactor ETF (OMFS)–(continued)

February 29, 2024

(Unaudited)

	Shares		Value
Consumer Discretionary-(continued)
ONE Group Hospitality, Inc. (The)(b)(c)		42,289	$	165,350
OneWater Marine, Inc., Class A(b)(c)		32,550		846,625
Patrick Industries, Inc.(c)		8,694		1,042,758
Perdoceo Education Corp.		45,424		809,001
PetMed Express, Inc.(c)		20,856		105,531
PlayAGS, Inc.(b)		106,064		984,274
Potbelly Corp.(b)(c)		51,349		712,724
RCI Hospitality Holdings, Inc.(c)		4,010		226,004
Red Robin Gourmet Burgers, Inc.(b)(c)		44,209		330,683
Revolve Group, Inc.(b)(c)		21,963		481,649
Rocky Brands, Inc.		21,146		527,593
Rush Street Interactive, Inc.(b)(c)		29,725		173,891
Sally Beauty Holdings, Inc.(b)(c)		57,155		721,868
Shoe Carnival, Inc.(c)		29,708		973,531
Sleep Number Corp.(b)(c)		58,818		971,673
Smith & Wesson Brands, Inc.(c)		90,939		1,248,592
Snap One Holdings Corp.(b)(c)		8,995		74,479
Solo Brands, Inc., Class A(b)(c)		42,757		115,444
Sonic Automotive, Inc., Class A(c)		14,566		764,715
Sportsman’s Warehouse Holdings, Inc.(b)(c)		114,768		414,312
Standard Motor Products, Inc.		10,943		347,550
Stitch Fix, Inc., Class A(b)(c)		140,926		455,191
Stoneridge, Inc.(b)(c)		26,884		472,352
Sturm, Ruger & Co., Inc.		6,136		265,812
Tile Shop Holdings, Inc.(b)(c)		49,247		342,267
Tilly’s, Inc., Class A(b)(c)		59,112		454,571
Torrid Holdings, Inc.(b)(c)		36,625		184,224
United Homes Group, Inc.(b)(c)		7,715		53,851
Universal Technical Institute, Inc.(b)		91,311		1,373,317
Vera Bradley, Inc.(b)		21,391		166,850
Vizio Holding Corp., Class A(b)(c)		33,318		366,831
VOXX International Corp.(b)(c)		11,025		93,713
Weyco Group, Inc.(c)		6,524		210,334
Zumiez, Inc.(b)		37,035		652,557
				57,403,991
Consumer Staples-2.85%
Alico, Inc.(c)		8,152		225,892
Andersons, Inc. (The)		16,848		931,357
B&G Foods, Inc.(c)		36,145		417,475
Calavo Growers, Inc.(c)		18,755		541,269
Dole PLC		40,615		479,663
Fresh Del Monte Produce, Inc.		16,191		387,451
Hain Celestial Group, Inc. (The)(b)(c)		35,870		358,700
Herbalife Ltd.(b)(c)		71,193		628,634
HF Foods Group, Inc.(b)		122,037		458,859
Ingles Markets, Inc., Class A		9,593		738,757
Limoneira Co.(c)		14,425		266,286
Medifast, Inc.(c)		10,480		420,143
Natural Grocers by Vitamin Cottage, Inc.(c)		28,303		468,981
Nature’s Sunshine Products, Inc.(b)		23,274		413,114
Oil-Dri Corp.of America(c)		7,259		517,494
Seneca Foods Corp., Class A(b)(c)		15,991		810,104
SpartanNash Co.		44,793		943,789
SunOpta, Inc. (Canada)(b)(c)		41,278		290,184
Turning Point Brands, Inc.		20,031		506,784
Village Super Market, Inc., Class A(c)		25,846		706,888
				10,511,824
Energy-7.98%
Amplify Energy Corp.(b)(c)		109,939		664,031

	Shares		Value
Energy-(continued)
Ardmore Shipping Corp. (Ireland)(c)		83,856	$	1,360,983
Atlas Energy Solutions, Inc.(c)		11,752		221,643
Berry Corp.(c)		207,989		1,466,322
Bristow Group, Inc.(b)		14,938		402,579
Centrus Energy Corp., Class A(b)(c)		9,872		402,679
Crescent Energy Co., Class A(c)		102,467		1,145,581
Delek US Holdings, Inc.		28,066		715,964
DMC Global, Inc.(b)(c)		43,482		725,280
Dorian LPG Ltd.(c)		13,876		501,617
Empire Petroleum Corp.(b)(c)		9,463		56,116
Evolution Petroleum Corp.(c)		55,301		324,064
Excelerate Energy, Inc., Class A		17,724		278,267
Forum Energy Technologies, Inc.(b)(c)		24,558		491,405
FutureFuel Corp.		35,472		210,349
Granite Ridge Resources, Inc.		35,500		218,325
Hallador Energy Co.(b)(c)		54,924		417,422
KLX Energy Services Holdings, Inc.(b)		38,397		311,784
Mammoth Energy Services, Inc.(b)(c)		57,698		210,021
Nabors Industries Ltd.(b)(c)		10,288		806,270
NACCO Industries, Inc., Class A		12,724		422,818
Newpark Resources, Inc.(b)(c)		109,408		703,493
Oil States International, Inc.(b)		81,389		438,687
Overseas Shipholding Group, Inc., Class A(c)		157,433		957,193
Par Pacific Holdings, Inc.(b)		31,827		1,149,591
PrimeEnergy Resources Corp.(b)(c)		2,246		222,017
ProFrac Holding Corp., Class A(b)(c)		50,611		413,998
ProPetro Holding Corp.(b)		106,514		788,204
Ranger Energy Services, Inc.(c)		38,727		406,246
REX American Resources Corp.(b)(c)		15,556		684,153
Riley Exploration Permian, Inc.(c)		8,821		208,617
Ring Energy, Inc.(b)(c)		363,511		519,821
SandRidge Energy, Inc.(c)		73,073		952,872
Select Water Solutions, Inc., Class A		45,536		388,877
SFL Corp. Ltd. (Norway)(c)		62,941		840,892
SilverBow Resources, Inc.(b)(c)		42,599		1,209,386
Solaris Oilfield Infrastructure, Inc., Class A		60,671		513,883
Teekay Corp. (Bermuda)(b)(c)		136,349		1,032,162
Teekay Tankers Ltd., Class A (Canada)		10,885		596,716
TETRA Technologies, Inc.(b)		181,389		707,417
U.S. Silica Holdings, Inc.(b)		68,879		792,108
VAALCO Energy, Inc.		206,517		921,066
Vertex Energy, Inc.(b)(c)		165,542		223,482
Vital Energy, Inc.(b)(c)		29,569		1,488,208
Vitesse Energy, Inc.(c)		24,508		557,067
W&T Offshore, Inc.(c)		223,872		676,093
World Kinect Corp.(c)		26,160		637,258
				29,383,027
Financials-24.71%
1st Source Corp.(c)		4,474		222,716
ACNB Corp.(c)		10,621		374,284
AFC Gamma, Inc.(c)		19,710		226,665
Alerus Financial Corp.(c)		28,423		619,906
AlTi Global, Inc.(b)(c)		16,940		99,268
Amalgamated Financial Corp.(c)		18,384		424,303
A-Mark Precious Metals, Inc.(c)		22,118		568,211
Ambac Financial Group, Inc.(b)		65,196		1,066,607
Amerant Bancorp, Inc.(c)		9,663		204,759
American National Bankshares, Inc.		10,639		480,032
Ames National Corp.(c)		10,944		207,608

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

 18 

Invesco Russell 2000^® Dynamic Multifactor ETF (OMFS)–(continued)

February 29, 2024

(Unaudited)

 

	Shares		Value
Financials-(continued)
Ares Commercial Real Estate Corp.(c)		35,685	$	269,065
Arrow Financial Corp.(c)		16,779		402,360
Atlanticus Holdings Corp.(b)(c)		11,225		372,109
Banc of California, Inc.		134,213		1,963,536
Banco Latinoamericano de Comercio Exterior S.A., Class E (Panama)		21,435		599,537
Bank of Marin Bancorp.		25,578		424,851
Bank7 Corp.		5,477		153,411
BankUnited, Inc.		24,833		666,021
Bankwell Financial Group, Inc.		16,800		427,896
Bar Harbor Bankshares		15,071		380,091
BayCom Corp.		18,796		376,296
BCB Bancorp, Inc.		35,314		370,444
Berkshire Hills Bancorp, Inc.		13,259		284,936
Blue Foundry Bancorp(b)(c)		10,598		99,833
Blue Ridge Bankshares, Inc.(c)		53,373		130,764
Bread Financial Holdings, Inc.(c)		23,956		917,036
Bridgewater Bancshares, Inc.(b)		47,651		564,664
BrightSphere Investment Group, Inc.		10,171		230,475
BrightSpire Capital, Inc.(c)		49,048		338,922
Brookline Bancorp, Inc.		45,922		448,658
Business First Bancshares, Inc.		29,932		671,973
Byline Bancorp, Inc.		20,235		421,697
C&F Financial Corp.(c)		9,597		512,768
Cambridge Bancorp		6,963		440,479
Camden National Corp.(c)		16,169		513,851
Cantaloupe, Inc.(b)(c)		22,229		144,489
Capital Bancorp, Inc.		17,476		359,831
Capital City Bank Group, Inc.		7,534		213,589
Capitol Federal Financial, Inc.		41,343		239,376
CapStar Financial Holdings, Inc.(c)		12,331		231,206
Carter Bankshares, Inc.(b)(c)		30,887		407,708
Cass Information Systems, Inc.		8,636		417,292
Central Pacific Financial Corp.		41,229		769,333
Central Valley Community Bancorp(c)		15,212		284,312
Chemung Financial Corp.(c)		6,708		285,761
Chicago Atlantic Real Estate Finance, Inc.(c)		12,896		210,076
ChoiceOne Financial Services, Inc.(c)		14,769		393,003
Citizens & Northern Corp.(c)		13,236		243,013
Citizens Financial Services, Inc.(c)		3,222		150,629
Civista Bancshares, Inc.		20,897		313,873
CNB Financial Corp.		27,742		554,563
Coastal Financial Corp.(b)(c)		8,932		342,899
Codorus Valley Bancorp, Inc.(c)		15,027		345,922
Colony Bankcorp, Inc.		36,007		408,319
Community Trust Bancorp, Inc.		9,714		386,229
ConnectOne Bancorp, Inc.		47,994		949,801
Consumer Portfolio Services, Inc.(b)(c)		28,089		248,026
Crawford & Co., Class A(c)		15,183		177,793
CrossFirst Bankshares, Inc.(b)		39,821		512,496
Customers Bancorp, Inc.(b)(c)		19,411		1,054,211
Diamond Hill Investment Group, Inc.(c)		1,496		216,441
Dime Community Bancshares, Inc.(c)		42,895		803,852
Donegal Group, Inc., Class A		18,586		260,204
Dynex Capital, Inc.(c)		49,932		616,161
Eagle Bancorp, Inc.		32,306		769,529
Encore Capital Group, Inc.(b)(c)		10,972		526,656
Enova International, Inc.(b)		8,413		532,122
Enterprise Bancorp, Inc.(c)		10,804		292,788
Equity Bancshares, Inc., Class A(c)		20,333		647,199

	Shares		Value
Financials-(continued)
Esquire Financial Holdings, Inc.		4,851	$	246,334
ESSA Bancorp, Inc.(c)		12,547		217,816
Evans Bancorp, Inc.		10,949		325,185
Farmers & Merchants Bancorp, Inc.(c)		13,992		282,638
Farmers National Banc Corp.(c)		33,555		452,321
FB Financial Corp.		13,397		477,469
Federal Agricultural Mortgage Corp., Class C		3,239		579,360
Fidelity D&D Bancorp, Inc.(c)		7,558		377,447
Finance of America Cos., Inc., Class A(b)		161,936		139,977
Financial Institutions, Inc.		43,752		803,287
First Bancorp, Inc. (The)(c)		12,374		292,274
First Bancshares, Inc. (The)		8,518		211,502
First Bank(c)		27,473		368,413
First Busey Corp.(c)		13,590		313,385
First Business Financial Services, Inc.		13,228		466,684
First Community Bankshares, Inc.(c)		9,553		316,586
First Community Corp.(c)		11,418		187,598
First Financial Corp.		14,682		546,611
First Foundation, Inc.(c)		153,995		1,221,180
First Mid Bancshares, Inc.(c)		15,646		474,074
First of Long Island Corp. (The)(c)		40,603		452,317
First Western Financial, Inc.(b)(c)		17,958		254,106
Five Star Bancorp		12,853		305,002
Flushing Financial Corp.		50,145		643,862
FS Bancorp, Inc.(c)		20,087		670,303
FVCBankcorp, Inc.(b)(c)		21,191		256,623
GCM Grosvenor, Inc., Class A		120,074		1,017,027
German American Bancorp, Inc.(c)		9,215		289,904
Granite Point Mortgage Trust, Inc.(c)		34,219		162,198
Great Southern Bancorp, Inc.(c)		5,046		263,098
Green Dot Corp., Class A(b)(c)		33,337		273,697
Greene County Bancorp, Inc.(c)		3,098		88,479
Greenlight Capital Re Ltd., Class A(b)		23,114		291,930
Guaranty Bancshares, Inc.(c)		9,838		282,941
Hanmi Financial Corp.		47,454		717,030
HarborOne Bancorp, Inc.(c)		43,295		440,743
HBT Financial, Inc.		7,108		135,478
HCI Group, Inc.(c)		1,993		194,557
Heartland Financial USA, Inc.		14,632		497,488
Heritage Commerce Corp.		53,398		442,669
Heritage Financial Corp.		23,904		438,638
Hingham Institution for Savings (The)(c)		758		127,329
Home Bancorp, Inc.(c)		10,513		386,353
HomeStreet, Inc.(c)		54,878		765,548
HomeTrust Bancshares, Inc.		12,869		337,811
Hope Bancorp, Inc.		75,678		830,188
Horizon Bancorp, Inc.		66,904		805,524
i3 Verticals, Inc., Class A(b)		9,196		195,967
Independent Bank Corp.		33,052		808,121
Investors Title Co.(c)		1,886		293,122
James River Group Holdings Ltd.		26,597		265,704
John Marshall Bancorp, Inc.(c)		11,256		196,980
Kearny Financial Corp.(c)		54,775		348,369
KKR Real Estate Finance Trust, Inc.		21,284		207,519
Lakeland Bancorp, Inc.		23,009		268,745
LCNB Corp.		17,000		239,360
LendingClub Corp.(b)		89,861		728,773
LendingTree, Inc.(b)		11,028		436,378
Live Oak Bancshares, Inc.		11,622		461,626
Macatawa Bank Corp.		24,056		235,749

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 29, 2024

(Unaudited)

 

	Shares		Value
Financials-(continued)
MainStreet Bancshares, Inc.(c)		12,743	$	229,565
MarketWise, Inc.(c)		27,730		50,191
Mercantile Bank Corp.		20,245		745,826
Merchants Bancorp		10,804		463,059
MetroCity Bankshares, Inc.		24,668		599,432
Metropolitan Bank Holding Corp.(b)		19,046		746,794
Mid Penn Bancorp, Inc.		16,769		352,652
Middlefield Banc Corp.(c)		6,783		166,455
Midland States Bancorp, Inc.		42,241		1,028,568
MidWestOne Financial Group, Inc.		28,818		660,509
MVB Financial Corp.		18,727		400,945
National Bankshares, Inc.(c)		9,405		294,094
NerdWallet, Inc., Class A(b)(c)		29,529		498,154
NewtekOne, Inc.(c)		6,491		74,906
Nexpoint Real Estate Finance, Inc.(c)		11,550		162,162
Nicolet Bankshares, Inc.		3,558		280,833
Northeast Bank		6,755		360,649
Northeast Community Bancorp, Inc.(c)		16,072		250,562
Northfield Bancorp, Inc.		33,726		340,633
Northrim BanCorp, Inc.		12,141		603,772
Norwood Financial Corp.(c)		10,471		289,104
Oak Valley Bancorp(c)		7,771		193,731
OceanFirst Financial Corp.		34,255		520,676
Ocwen Financial Corp.(b)(c)		19,488		508,247
Old Second Bancorp, Inc.		33,645		451,852
Orange County Bancorp, Inc.		7,726		355,241
Orchid Island Capital, Inc.		27,843		239,450
Origin Bancorp, Inc.		9,823		293,118
Orrstown Financial Services, Inc.		16,292		439,069
P10, Inc., Class A(c)		27,345		253,488
Parke Bancorp, Inc.(c)		20,862		359,869
Patria Investments Ltd., Class A (Cayman Islands)		17,234		256,787
Paysafe Ltd.(b)(c)		37,988		547,027
Paysign, Inc.(b)(c)		48,550		148,563
PCB Bancorp		22,439		362,390
Peapack-Gladstone Financial Corp.(c)		18,939		458,892
Penns Woods Bancorp, Inc.		8,580		165,937
PennyMac Mortgage Investment Trust(c)		46,073		651,011
Peoples Bancorp, Inc.(c)		10,573		296,784
Peoples Financial Services Corp.		8,086		326,270
Perella Weinberg Partners		16,087		219,748
Pioneer Bancorp, Inc.(b)		13,252		123,509
Plumas Bancorp(c)		10,084		351,327
PRA Group, Inc.(b)		21,671		553,911
Preferred Bank(c)		9,692		696,370
Premier Financial Corp.		49,055		950,686
Primis Financial Corp.(c)		24,602		303,835
Princeton Bancorp, Inc.(c)		8,418		259,106
Priority Technology Holdings, Inc.(b)		42,514		140,721
ProAssurance Corp.		21,864		269,583
QCR Holdings, Inc.(c)		11,095		632,415
RBB Bancorp		51,164		881,044
Red River Bancshares, Inc.(c)		3,987		198,553
Regional Management Corp.		23,779		556,429
Repay Holdings Corp., Class A(b)(c)		46,561		404,615
Republic Bancorp, Inc., Class A(c)		3,968		195,464
S&T Bancorp, Inc.		11,642		363,114
Sandy Spring Bancorp, Inc.		19,577		430,302

	Shares		Value
Financials-(continued)
Security National Financial Corp., Class A(b)(c)		37,851	$	326,276
Shore Bancshares, Inc.(c)		56,546		642,363
Sierra Bancorp(c)		18,541		345,048
Silvercrest Asset Management Group, Inc., Class A		8,847		148,364
Skyward Specialty Insurance Group, Inc.(b)(c)		3,845		140,689
SmartFinancial, Inc.(c)		16,269		350,109
South Plains Financial, Inc.		18,645		497,449
Southern First Bancshares, Inc.(b)		15,988		526,805
Southern Missouri Bancorp, Inc.(c)		6,954		298,188
Southern States Bancshares, Inc.(c)		13,565		337,226
Southside Bancshares, Inc.		14,891		426,776
Stewart Information Services Corp.(c)		9,908		624,006
Summit Financial Group, Inc.(c)		23,703		639,507
Third Coast Bancshares, Inc.(b)(c)		14,451		277,026
Timberland Bancorp, Inc.(c)		9,218		241,512
Tiptree, Inc.		47,667		834,649
Tompkins Financial Corp.(c)		5,623		270,804
TPG RE Finance Trust, Inc.(c)		27,988		209,350
TrustCo Bank Corp.		13,295		362,821
Two Harbors Investment Corp.		34,719		439,890
United Fire Group, Inc., (Acquired 08/08/2023 - 02/07/2024; Cost $292,004)(e)		14,193		330,555
Unity Bancorp, Inc.		10,976		300,523
Universal Insurance Holdings, Inc.		54,684		1,104,070
Univest Financial Corp.		27,394		548,428
USCB Financial Holdings, Inc., Class A(c)		12,839		140,202
Velocity Financial, Inc.(b)(c)		11,758		192,243
Veritex Holdings, Inc.(c)		20,834		408,971
Virginia National Bankshares Corp.(c)		7,260		220,849
Washington Trust Bancorp, Inc.		21,388		550,527
Waterstone Financial, Inc.(c)		45,980		581,647
West Bancorporation, Inc.(c)		24,005		417,687
World Acceptance Corp.(b)(c)		1,444		172,933
				91,007,623
Health Care-7.28%
Accuray, Inc.(b)(c)		140,716		365,862
Amneal Pharmaceuticals, Inc.(b)(c)		369,986		2,042,323
AngioDynamics, Inc.(b)(c)		31,762		174,373
Anika Therapeutics, Inc.(b)		10,675		259,189
Assertio Holdings, Inc.(b)		167,312		147,887
biote Corp., Class A(b)		34,290		204,026
Brookdale Senior Living, Inc.(b)(c)		276,199		1,579,858
CareMax, Inc.(b)(c)		2,135		16,418
Carisma Therapeutics, Inc.(c)		27,826		71,791
Cartesian Therapeutics, Inc.(b)		188,206		137,673
Codexis, Inc.(b)(c)		66,803		310,634
Collegium Pharmaceutical, Inc.(b)(c)		26,041		955,965
Community Health Systems, Inc.(b)(c)		380,941		1,062,825
Cross Country Healthcare, Inc.(b)(c)		34,412		628,707
Eagle Pharmaceuticals, Inc.(b)(c)		31,366		183,805
Enhabit, Inc.(b)(c)		102,865		925,785
Foghorn Therapeutics, Inc.(b)(c)		49,228		380,532
Harvard Bioscience, Inc.(b)(c)		39,679		171,810
InfuSystem Holdings, Inc.(b)(c)		37,745		349,141
Innoviva, Inc.(b)(c)		70,393		1,075,605
Joint Corp. (The)(b)(c)		23,046		227,234

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 29, 2024

(Unaudited)

 

	Shares		Value
Health Care-(continued)
Kiniksa Pharmaceuticals Ltd., Class A(b)(c)		41,731	$	882,193
KORU Medical Systems, Inc.(b)(c)		24,106		51,105
Merrimack Pharmaceuticals, Inc.(b)(c)		8,522		125,273
ModivCare, Inc.(b)(c)		31,655		887,606
Ocean Biomedical, Inc.(b)(c)		19,501		34,322
OptimizeRx Corp.(b)(c)		16,375		259,216
OraSure Technologies, Inc.(b)		49,253		354,375
Organogenesis Holdings, Inc.(b)(c)		100,070		357,250
Owens & Minor, Inc.(b)(c)		48,012		1,168,132
Pediatrix Medical Group, Inc.(b)(c)		68,723		628,816
Pennant Group, Inc. (The)(b)(c)		56,454		1,052,867
PetIQ, Inc.(b)(c)		77,985		1,420,107
Phibro Animal Health Corp., Class A		61,988		801,505
Quipt Home Medical Corp.(b)(c)		103,829		445,426
Sanara Medtech, Inc.(b)(c)		2,579		98,105
Semler Scientific, Inc.(b)(c)		11,038		520,663
SIGA Technologies, Inc.(c)		72,329		376,834
Tactile Systems Technology, Inc.(b)(c)		15,550		237,138
Theravance Biopharma, Inc.(b)(c)		76,554		724,966
TruBridge, Inc.(b)(c)		31,102		275,564
Utah Medical Products, Inc.		4,224		296,440
Vanda Pharmaceuticals, Inc.(b)		102,061		456,213
Viemed Healthcare, Inc.(b)		42,503		359,575
ZimVie, Inc.(b)		78,280		1,326,846
Zura Bio Ltd. (United Kingdom)(b)		17,598		64,761
Zymeworks, Inc.(b)		162,148		1,947,398
Zynex, Inc.(b)		27,440		372,086
				26,796,225
Industrials-20.21%
ACCO Brands Corp.		228,812		1,276,771
Air Transport Services Group, Inc.(b)(c)		33,007		398,394
Allient, Inc.		7,976		226,678
Alta Equipment Group, Inc.(c)		39,715		455,928
American Woodmark Corp.(b)		11,544		1,157,171
Apogee Enterprises, Inc.		18,364		1,050,604
Argan, Inc.(c)		5,914		277,130
Aris Water Solutions, Inc., Class A(c)		33,128		398,861
Astronics Corp.(b)(c)		10,882		208,608
Asure Software, Inc.(b)(c)		16,372		152,587
AZZ, Inc.(c)		9,134		664,955
Babcock & Wilcox Enterprises, Inc.(b)(c)		44,728		57,252
Barrett Business Services, Inc.		7,551		921,146
BlueLinx Holdings, Inc.(b)(c)		14,137		1,793,278
Bowman Consulting Group Ltd.(b)		7,095		231,084
BrightView Holdings, Inc.(b)(c)		78,183		680,974
Brookfield Business Corp., Class A (Canada)		7,882		180,183
CECO Environmental Corp.(b)		35,897		813,067
Commercial Vehicle Group, Inc.(b)		85,839		561,387
Concrete Pumping Holdings, Inc.(b)(c)		41,780		342,178
Conduent, Inc.(b)		246,805		849,009
CoreCivic, Inc.(b)		73,753		1,123,258
Costamare, Inc. (Monaco)		52,221		593,753
Covenant Logistics Group, Inc., Class A		24,557		1,195,435
CRA International, Inc.(c)		3,860		511,604
Daseke, Inc.(b)		122,812		1,013,199
Deluxe Corp.		75,158		1,458,817
DNOW, Inc.(b)		62,239		880,682
Douglas Dynamics, Inc.		13,934		349,743
Ducommun, Inc.(b)(c)		11,923		568,966

	Shares		Value
Industrials-(continued)
DXP Enterprises, Inc.(b)		19,931	$	707,949
Eagle Bulk Shipping, Inc.(c)		32,421		1,986,435
Ennis, Inc.		24,577		499,405
Enviri Corp.(b)(c)		71,099		558,838
EVI Industries, Inc.(c)		4,955		106,681
Forrester Research, Inc.(b)(c)		8,650		174,471
Franklin Covey Co.(b)		8,094		309,029
Genco Shipping & Trading Ltd.		87,403		1,783,021
Gencor Industries, Inc.(b)		6,849		112,255
GEO Group, Inc. (The)(b)(c)		117,875		1,446,326
Global Industrial Co.		5,135		225,170
Golden Ocean Group Ltd. (Norway)(c)		47,420		610,295
Gorman-Rupp Co. (The)		10,448		390,024
GrafTech International Ltd.(c)		132,131		232,551
Great Lakes Dredge & Dock Corp.(b)(c)		47,543		425,034
Greenbrier Cos., Inc. (The)(c)		21,365		1,105,639
Hawaiian Holdings, Inc.(b)		22,619		319,154
Heidrick & Struggles International, Inc.		43,613		1,482,842
HireQuest, Inc.		3,286		44,032
HireRight Holdings Corp.(b)		12,229		173,285
HNI Corp.		17,344		777,185
Hudson Technologies, Inc.(b)(c)		86,253		1,263,606
Hyster-Yale Materials Handling, Inc.		16,678		982,001
IBEX Holdings Ltd.(b)(c)		17,128		273,363
IES Holdings, Inc.(b)		4,142		455,289
Innodata, Inc.(b)(c)		15,222		112,643
INNOVATE Corp.(b)		83,544		65,524
Insteel Industries, Inc.(c)		21,576		785,582
Interface, Inc.(c)		132,609		2,084,613
JELD-WEN Holding, Inc.(b)		58,160		1,058,512
Kaman Corp.		12,985		594,843
Karat Packaging, Inc.		9,439		279,300
Kelly Services, Inc., Class A		45,388		1,113,368
Limbach Holdings, Inc.(b)		26,439		1,301,856
Liquidity Services, Inc.(b)		18,984		340,383
LSI Industries, Inc.(c)		30,281		436,955
Luxfer Holdings PLC (United Kingdom)		28,982		287,501
Manitowoc Co., Inc. (The)(b)		60,762		847,022
MasterBrand, Inc.(b)		53,223		921,290
Mayville Engineering Co., Inc.(b)(c)		33,490		409,918
Miller Industries, Inc.		16,596		746,986
MillerKnoll, Inc.		46,313		1,414,862
Mistras Group, Inc.(b)(c)		63,119		545,979
MRC Global, Inc.(b)		116,429		1,342,426
National Presto Industries, Inc.		2,609		201,754
Northwest Pipe Co.(b)(c)		21,710		647,609
P.A.M. Transportation Services, Inc.(b)		10,502		194,497
Pangaea Logistics Solutions Ltd.		110,390		925,068
Park Aerospace Corp.(c)		12,963		197,297
Park-Ohio Holdings Corp.(c)		25,156		675,690
Performant Financial Corp.(b)(c)		42,733		124,353
Pitney Bowes, Inc.(c)		375,653		1,513,882
Powell Industries, Inc.		3,315		614,071
Preformed Line Products Co.		1,092		150,128
Quad/Graphics, Inc.		94,237		564,480
Quanex Building Products Corp.		33,377		1,154,177
Radiant Logistics, Inc.(b)(c)		112,878		654,692
Resources Connection, Inc.		44,938		621,493
REV Group, Inc.(c)		58,043		1,198,008
Safe Bulkers, Inc. (Greece)		214,280		994,259

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 29, 2024

(Unaudited)

 

	Shares		Value
Industrials-(continued)
Shyft Group, Inc. (The)		13,052	$	134,566
SP Plus Corp.(b)		13,850		712,029
Steelcase, Inc., Class A(c)		159,025		2,185,003
Thermon Group Holdings, Inc.(b)		12,865		351,086
Titan International, Inc.(b)(c)		102,778		1,311,447
Titan Machinery, Inc.(b)(c)		40,077		1,011,143
TPI Composites, Inc.(b)(c)		27,480		76,669
Triumph Group, Inc.(b)(c)		45,034		625,973
TrueBlue, Inc.(b)		74,301		873,037
Tutor Perini Corp.(b)		128,781		1,459,089
Universal Logistics Holdings, Inc.		11,237		380,148
Viad Corp.(b)		32,989		1,228,180
VSE Corp.(c)		8,551		633,629
Wabash National Corp.(c)		24,535		669,315
Willdan Group, Inc.(b)		20,484		427,706
Willis Lease Finance Corp.(b)(c)		8,574		410,866
				74,447,489
Information Technology-5.17%
8x8, Inc.(b)(c)		85,104		240,844
ADTRAN Holdings, Inc.(c)		31,745		180,629
Alpha & Omega Semiconductor Ltd.(b)(c)		48,012		1,051,463
American Software, Inc., Class A		27,703		310,828
Aviat Networks, Inc.(b)(c)		10,108		358,733
Bel Fuse, Inc., Class B		9,203		478,280
Benchmark Electronics, Inc.		35,958		1,104,270
Brightcove, Inc.(b)		98,747		218,725
Cambium Networks Corp.(b)(c)		7,550		32,087
CleanSpark, Inc.(b)(c)		81,217		1,357,948
Clearfield, Inc.(b)(c)		5,850		176,494
Climb Global Solutions, Inc.(c)		6,498		441,669
CommScope Holding Co., Inc.(b)(c)		103,855		120,991
CompoSecure, Inc.(b)(c)		49,823		241,143
Comtech Telecommunications Corp.		19,567		132,273
Consensus Cloud Solutions, Inc.(b)(c)		15,594		248,256
CoreCard Corp.(b)(c)		10,474		133,648
CPI Card Group, Inc.(b)(c)		8,924		168,664
Daktronics, Inc.(b)(c)		68,800		597,184
Digital Turbine, Inc.(b)(c)		47,685		151,161
Eastman Kodak Co.(b)(c)		55,820		298,079
eGain Corp.(b)		21,224		130,103
Expensify, Inc., Class A(b)(c)		31,431		65,376
FARO Technologies, Inc.(b)		9,442		211,406
Hackett Group, Inc. (The)		28,019		692,630
Ichor Holdings Ltd.(b)(c)		20,570		880,396
Immersion Corp.(c)		73,144		493,722
Information Services Group, Inc.(c)		54,528		236,106
inTEST Corp.(b)(c)		12,061		140,872
Iteris, Inc.(b)(c)		26,529		138,481
Kimball Electronics, Inc.(b)(c)		25,621		576,729
KVH Industries, Inc.(b)(c)		32,724		155,439
Luna Innovations, Inc.(b)(c)		14,696		99,639
Mitek Systems, Inc.(b)(c)		44,052		511,444
NETGEAR, Inc.(b)		21,957		329,135
NVE Corp.(c)		3,476		290,559
PC Connection, Inc.		7,178		476,476
Rackspace Technology, Inc.(b)(c)		238,882		504,041
Red Violet, Inc.(b)(c)		9,667		172,653
Ribbon Communications, Inc.(b)(c)		31,357		93,757
Richardson Electronics Ltd.(c)		26,478		232,742

	Shares		Value
Information Technology-(continued)
Rimini Street, Inc.(b)(c)		64,032	$	206,823
ScanSource, Inc.(b)		47,085		2,035,485
SMART Global Holdings, Inc.(b)		26,800		570,036
SoundThinking, Inc.(b)(c)		5,200		90,428
Tucows, Inc., Class A(b)(c)		9,834		185,863
Unisys Corp.(b)		195,987		1,017,173
Veritone, Inc.(b)(c)		22,771		52,146
Vishay Precision Group, Inc.(b)(c)		11,332		391,521
				19,024,550
Materials-5.20%
AdvanSix, Inc.		25,796		721,772
American Vanguard Corp.		29,059		311,512
Caledonia Mining Corp. PLC (South Africa)		27,061		267,633
Century Aluminum Co.(b)(c)		64,667		677,063
Clearwater Paper Corp.(b)		40,371		1,586,177
Core Molding Technologies, Inc.(b)(c)		23,493		431,566
Haynes International, Inc.		4,661		277,003
Intrepid Potash, Inc.(b)(c)		32,221		679,219
Kaiser Aluminum Corp.		9,672		701,413
Koppers Holdings, Inc.		36,698		2,077,841
Kronos Worldwide, Inc.		14,096		128,133
LSB Industries, Inc.(b)		86,891		639,518
Mativ Holdings, Inc., Class A		53,157		923,337
Metallus, Inc.(b)(c)		42,603		926,615
Myers Industries, Inc.		30,261		581,919
Olympic Steel, Inc.		27,634		1,879,665
Pactiv Evergreen, Inc.		24,788		365,623
Radius Recycling, Inc., Class A		40,342		797,158
Ramaco Resources, Inc., Class A(c)		67,762		1,191,256
Ramaco Resources, Inc., Class B		13,663		163,956
Ranpak Holdings Corp.(b)(c)		26,350		125,163
Rayonier Advanced Materials, Inc.(b)(c)		194,658		659,891
Ryerson Holding Corp.		15,237		481,184
SunCoke Energy, Inc.		183,998		1,970,619
Tredegar Corp.(c)		79,986		347,939
Trinseo PLC		30,368		136,656
Valhi, Inc.(c)		7,329		99,894
				19,149,725
Real Estate-4.86%
Alexander’s, Inc.(c)		720		159,156
Alpine Income Property Trust, Inc.(c)		20,091		313,620
Anywhere Real Estate, Inc.(b)		54,350		340,774
Armada Hoffler Properties, Inc.(c)		40,951		416,881
Braemar Hotels & Resorts, Inc.(c)		198,841		453,357
Brandywine Realty Trust(c)		178,527		767,666
BRT Apartments Corp.(c)		10,645		164,785
CBL & Associates Properties, Inc.		13,799		318,205
Chatham Lodging Trust		41,220		420,444
City Office REIT, Inc.		119,101		545,483
Clipper Realty, Inc.(c)		31,328		146,615
CTO Realty Growth, Inc.(c)		17,118		291,862
Diversified Healthcare Trust(c)		598,552		1,963,251
Douglas Elliman, Inc.		245,737		452,156
Empire State Realty Trust, Inc., Class A(c)		53,185		530,254
Forestar Group, Inc.(b)		10,037		338,448
FRP Holdings, Inc.(b)(c)		2,374		142,915
Gladstone Commercial Corp.		25,919		320,877
Global Medical REIT, Inc.		32,318		289,246
Hudson Pacific Properties, Inc.(c)		200,378		1,270,397

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 29, 2024

(Unaudited)

 

	Shares		Value
Real Estate-(continued)
Newmark Group, Inc., Class A		169,473	$	1,828,614
NexPoint Diversified Real Estate Trust(c)		28,220		178,633
Office Properties Income Trust(c)		137,792		367,905
One Liberty Properties, Inc.(c)		13,534		273,928
Orion Office REIT, Inc.		44,689		156,858
Paramount Group, Inc.(c)		77,089		341,504
Piedmont Office Realty Trust, Inc., Class A		126,094		790,609
Postal Realty Trust, Inc., Class A(c)		13,079		187,291
RE/MAX Holdings, Inc., Class A(c)		28,014		238,959
RMR Group, Inc. (The), Class A(c)		33,093		809,786
Saul Centers, Inc.		4,541		164,339
Stratus Properties, Inc.(b)(c)		7,643		167,000
Summit Hotel Properties, Inc.		75,677		485,846
Tejon Ranch Co.(b)(c)		9,025		150,086
Transcontinental Realty Investors, Inc.(b)(c)		4,259		165,547
Uniti Group, Inc.(c)		214,450		1,256,677
Universal Health Realty Income Trust(c)		5,061		196,266
Whitestone REIT		40,206		495,338
				17,901,578
Utilities-0.53%
Artesian Resources Corp., Class A		4,477		154,322
Consolidated Water Co. Ltd. (Cayman Islands)(c)		10,781		318,686
Genie Energy Ltd., Class B(c)		45,435		828,735
Global Water Resources, Inc.		8,333		107,829
Pure Cycle Corp.(b)(c)		15,630		155,831
RGC Resources, Inc.(c)		3,592		67,386
Unitil Corp.		6,407		326,501
				1,959,290
Total Common Stocks & Other Equity Interests (Cost $365,925,567)				367,959,463

	Shares		Value
Money Market Funds-0.01%
Invesco Government & Agency Portfolio, Institutional Class, 5.24%(f)(g) (Cost $28,221)		28,221	$	28,221
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.91% (Cost $365,953,788)				367,987,684
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-26.66%
Invesco Private Government Fund, 5.29%(f)(g)(h)		27,676,202		27,676,202
Invesco Private Prime Fund, 5.49%(f)(g)(h)		70,504,819		70,540,071
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $98,228,086)				98,216,273
TOTAL INVESTMENTS IN SECURITIES-126.57% (Cost $464,181,874)				466,203,957
OTHER ASSETS LESS LIABILITIES-(26.57)%				(97,863,100	)
NET ASSETS-100.00%			$	368,340,857

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 29, 2024.

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

^(e)  Restricted security. The aggregate value of these securities at February 29, 2024 was $3,654,106, which represented less than 1% of the Fund’s Net Assets.

^(f) Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 29, 2024.

	Value August 31, 2023			Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain			Value February 29, 2024			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-	$	5,011,800	$	(4,983,579	)		$	-		$	-		$	28,221	$	3,158

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 29, 2024

(Unaudited)

 

	Value August 31, 2023					Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)					Realized Gain			Value February 29, 2024					Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			$	19,866,984		$	80,436,730	$	(72,627,512	)			$	-				-			$	27,676,202		$	578,411	*
Invesco Private Prime Fund				51,230,661			179,104,979		(159,820,571	)				(11,798	)			36,800				70,540,071			1,547,368	*
Total			$	71,097,645		$	264,553,509	$	(237,431,662	)			$	(11,798	)		$	36,800			$	98,244,494		$	2,128,937

* 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.

^(g)  The rate shown is the 7-day SEC standardized yield as of February 29, 2024.

^(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 2I.

Portfolio Composition

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

as of February 29, 2024

Financials	24.71
Industrials	20.21
Consumer Discretionary	15.58
Energy	7.98
Health Care	7.28
Communication Services	5.53
Materials	5.20
Information Technology	5.17
Real Estate	4.86
Sector Types Each Less Than 3%	3.38
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.

 24 

Statements of Assets and Liabilities

February 29, 2024

(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)			$	296,990,322		$	5,960,666,572		$	367,959,463
Affiliated investments in securities, at value				44,043,481			483,958,375			98,244,494
Cash				-			71,658			-
Foreign currencies, at value				22,839			-			-
Receivable for:
Dividends				919,299			8,302,945			349,542
Securities lending				5,522			195,954			27,398
Investments sold				-			-			106,274
Fund shares sold				7,730			34,924,689			-
Foreign tax reclaims				330,704			26,462			-
Total assets				342,319,897			6,488,146,655			466,687,171
Liabilities:
Due to custodian				818,538			-			1,087
Payable for:
Investments purchased				7,786			34,822,070			-
Collateral upon return of securities loaned				44,046,286			470,018,675			98,228,086
Accrued unitary management fees				78,540			1,329,027			117,141
Other payables				148			-			-
Total liabilities				44,951,298			506,169,772			98,346,314
Net Assets			$	297,368,599		$	5,981,976,883		$	368,340,857
Net assets consist of:
Shares of beneficial interest			$	303,906,155		$	6,007,729,409		$	450,650,241
Distributable earnings (loss)				(6,537,556	)		(25,752,526	)		(82,309,384	)
Net Assets			$	297,368,599		$	5,981,976,883		$	368,340,857
Shares outstanding (unlimited amount authorized, $0.01 par value)				11,950,001			114,760,001			10,040,001
Net asset value			$	24.88		$	52.13		$	36.69
Market price			$	25.00		$	52.10		$	36.73
Unaffiliated investments in securities, at cost			$	281,919,118		$	5,616,473,650		$	365,925,567
Affiliated investments in securities, at cost			$	44,046,286		$	486,043,113		$	98,256,307
Foreign currencies, at cost			$	22,846		$	-		$	-
(a) Includes securities on loan with an aggregate value of:			$	40,435,314		$	464,317,665		$	96,547,391

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

 25 

Statements of Operations

For the six months ended February 29, 2024

(Unaudited)

	Invesco International Developed Dynamic Multifactor ETF (IMFL)						Invesco Russell 1000®Dynamic Multifactor ETF (OMFL)			Invesco Russell 2000®Dynamic Multifactor ETF (OMFS)
Investment income:
Unaffiliated dividend income			$	3,775,828			$	42,295,374		$	3,356,734
Affiliated dividend income.				4,476				236,745			3,158
Securities lending income, net				39,542				1,054,709			126,193
Foreign withholding tax.				(347,994	)			(52,384	)		(1,708	)
Total investment income				3,471,852				43,534,444			3,484,377
Expenses:
Unitary management fees				431,411				7,438,411			711,138
Less: Waivers				(93	)			(1,024	)		(65	)
Net expenses				431,318				7,437,387			711,073
Net investment income				3,040,534				36,097,057			2,773,304
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities				3,488,319				(188,739,101	)		(24,601,040	)
Affiliated investment securities				9,033				(876,257	)		36,800
Unaffiliated in-kind redemptions				-				259,404,182			31,040,863
Affiliated in-kind redemptions.				-				(984	)		-
Foreign currencies				13,199				-			-
Net realized gain				3,510,551				69,787,840			6,476,623
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities				8,744,429				266,156,605			(5,211,803	)
Affiliated investment securities				(2,717	)			(1,341,578	)		(11,798	)
Foreign currencies				(20,442	)			-			-
Change in net unrealized appreciation (depreciation)				8,721,270				264,815,027			(5,223,601	)
Net realized and unrealized gain				12,231,821				334,602,867			1,253,022
Net increase in net assets resulting from operations			$	15,272,355			$	370,699,924		$	4,026,326

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

 26 

Statements of Changes in Net Assets

For the six months ended February 29, 2024 and the year ended August 31, 2023

(Unaudited)

	Invesco International Developed Dynamic Multifactor ETF (IMFL)									Invesco Russell  1000®Dynamic Multifactor ETF (OMFL)						Invesco Russell 2000®Dynamic Multifactor ETF (OMFS)
	Six Months Ended February 29, 2024						Year Ended August 31, 2023			Six Months Ended February 29, 2024			Year Ended August 31, 2023			Six Months Ended February 29, 2024			Year Ended August 31, 2023
Operations:
Net investment income			$	3,040,534			$	4,214,410		$	36,097,057		$	49,313,623		$	2,773,304		$	4,161,558
Net realized gain (loss)				3,510,551				11,750,777			69,787,840			265,807,292			6,476,623			(3,664,718	)
Change in net unrealized appreciation (depreciation)				8,721,270				10,254,693			264,815,027			94,706,788			(5,223,601	)		7,259,409
Net increase in net assets resulting from operations				15,272,355				26,219,880			370,699,924			409,827,703			4,026,326			7,756,249
Distributions to Shareholders from:
Distributable earnings.				(5,939,950	)			(3,933,666	)		(32,935,635	)		(44,995,732	)		(2,438,298	)		(3,921,465	)
Shareholder Transactions:
Proceeds from shares sold				50,883,834				138,374,719			4,331,885,235			5,540,925,351			276,842,138			524,445,565
Value of shares repurchased				-				(27,225,811	)		(3,462,082,419	)		(3,088,626,586	)		(262,716,159	)		(320,206,649	)
Net increase in net assets resulting from share transactions				50,883,834				111,148,908			869,802,816			2,452,298,765			14,125,979			204,238,916
Net increase in net assets				60,216,239				133,435,122			1,207,567,105			2,817,130,736			15,714,007			208,073,700
Net assets:
Beginning of period				237,152,360				103,717,238			4,774,409,778			1,957,279,042			352,626,850			144,553,150
End of period.			$	297,368,599			$	237,152,360		$	5,981,976,883		$	4,774,409,778		$	368,340,857		$	352,626,850
Changes in Shares Outstanding:
Shares sold				2,100,000				5,950,000			88,160,000			117,840,000			7,580,000			14,520,000
Shares repurchased				-				(1,300,000	)		(70,910,000	)		(66,720,000	)		(7,280,000	)		(8,950,000	)
Shares outstanding, beginning of period				9,850,001				5,200,001			97,510,001			46,390,001			9,740,001			4,170,001
Shares outstanding, end of period				11,950,001				9,850,001			114,760,001			97,510,001			10,040,001			9,740,001

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

 27 

Financial Highlights

Invesco International Developed Dynamic Multifactor ETF (IMFL)

	Six Months Ended February 29, 2024						Years Ended August 31,										For the Period February 22, 2021(a) Through August 31,
	(Unaudited)								2023				2022				2021
Per Share Operating Performance:
Net asset value at beginning of period			$	24.08					$	19.95			$	27.05					$	25.00
Net investment income(b)				0.29						0.67				0.71						0.53
Net realized and unrealized gain (loss) on investments				1.08						4.11				(6.62	)					1.81
Total from investment operations				1.37						4.78				(5.91	)					2.34
Distributions to shareholders from:
Net investment income				(0.57	)					(0.65	)			(0.95	)					(0.29	)
Net realized gains				-						-				(0.24	)					-
Total distributions				(0.57	)					(0.65	)			(1.19	)					(0.29	)
Net asset value at end of period			$	24.88					$	24.08			$	19.95					$	27.05
Market price at end of period(c)			$	25.00					$	24.09			$	19.75					$	27.16
Net Asset Value Total Return(d)				5.78	%					24.43	%			(22.54	)%					9.37	%(e)
Market Price Total Return(d)				6.25	%					25.74	%			(23.63	)%					9.81	%(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)			$	297,369					$	237,152			$	103,717					$	135,253
Ratio to average net assets of:
Expenses				0.34	%(f)					0.34	%			0.34	%					0.34	%(f)
Net investment income				2.40	%(f)					3.02	%			2.98	%					3.76	%(f)
Portfolio turnover rate(g)				36	%					341	%			337	%					73	%

^(a)  Commencement of investment operations.

^(b)  Based on average shares outstanding.

^(c)  The mean between the last bid and ask prices.

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

^(e)  The net asset value total return from Fund Inception (February 24, 2021, the first day of trading on the exchange) to August 31, 2021 was 9.41%. The market price total return from Fund Inception to August 31, 2021 was 7.90%.

^(f)  Annualized.

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

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

 28 

Financial Highlights–(continued)

Invesco Russell 1000^® Dynamic Multifactor ETF (OMFL)

	Six Months Ended
	February 29,																								Two Months Ended
	2024						Years Ended August 31,																	August 31,							Year Ended June 30,
	(Unaudited)						2023				2022				2021				2020					2019							2019
Per Share Operating Performance:
Net asset value at beginning of period			$	48.96				$	42.19			$	48.24			$	32.22			$	29.77						$	29.71					$	26.65
Net investment income(a)				0.34					0.76				0.67				0.52				0.55							0.07						0.54
Net realized and unrealized
gain (loss) on investments				3.15					6.76				(6.18	)			16.10				2.44							(0.01	)					2.99
Total from investment operations				3.49					7.52				(5.51	)			16.62				2.99							0.06						3.53
Distributions to shareholders from:
Net investment income				(0.32	)				(0.75	)			(0.54	)			(0.60	)			(0.54	)						-						(0.47	)
Net asset value at end of period			$	52.13				$	48.96			$	42.19			$	48.24			$	32.22						$	29.77					$	29.71
Market price at end of period(b)			$	52.10				$	48.96			$	42.24			$	48.24			$	32.26						$	29.79					$	29.71
Net Asset Value Total Return(c)				7.19	%				18.05	%			(11.48	)%			52.12	%			10.23	%						0.20	%					13.37	%
Market Price Total Return(c)				7.13	%				17.91	%			(11.37	)%			51.93	%			10.29	%						0.27	%					13.32	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)			$	5,981,977				$	4,774,410			$	1,957,279			$	1,704,452			$	990,733						$	1,052,542					$	998,325
Ratio to average net assets of:
Expenses				0.29	%(d)				0.29	%			0.29	%			0.29	%			0.29	%						0.29	%(e)					0.29	%
Net investment income				1.41	%(d)				1.65	%			1.45	%			1.24	%			1.76	%						1.48	%(e)					1.92	%
Portfolio turnover rate(f)				144	%				350	%			336	%			126	%			321	%						83	%					138	%

^(a)  Based on average shares outstanding.

^(b) The mean between the last bid and ask prices.

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

^(d)  Annualized.

^(e)  Ratios are annualized except for non-recurring costs associated with a proxy statement of less than 0.005%.

^(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.

 29 

Financial Highlights–(continued)

Invesco Russell 2000^® Dynamic Multifactor ETF (OMFS)

	Six Months Ended
	February 29,																						Two Months Ended
	2024				Years Ended August 31,																	August 31,						Year Ended June 30,
	(Unaudited)				2023				2022				2021				2020					2019						2019
Per Share Operating Performance:
Net asset value at beginning of period		$	36.20			$	34.67			$	40.51			$	24.92			$	25.61						$	26.82				$	27.12
Net investment income(a)			0.27				0.59				0.51				0.31				0.31							0.03					0.43
Net realized and unrealized gain (loss) on investments			0.46				1.56				(5.94	)			15.59				(0.64	)						(1.24	)				(0.29	)
Total from investment operations			0.73				2.15				(5.43	)			15.90				(0.33	)						(1.21	)				0.14
Distributions to shareholders from:
Net investment income			(0.24	)			(0.62	)			(0.41	)			(0.31	)			(0.36	)						-					(0.44	)
Net asset value at end of period		$	36.69			$	36.20			$	34.67			$	40.51			$	24.92						$	25.61				$	26.82
Market price at end of period(b)		$	36.73			$	36.28			$	34.68			$	40.50			$	24.94						$	25.65				$	26.82
Net Asset Value Total Return(c)			2.04	%			6.31	%			(13.45	)%			64.12	%			(1.13	)%						(4.51	)%				0.63	%
Market Price Total Return(c)			1.92	%			6.51	%			(13.41	)%			63.95	%			(1.20	)%						(4.36	)%				0.59	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	368,341			$	352,627			$	144,553			$	130,035			$	43,602						$	12,807				$	12,071
Ratio to average net assets of:
Expenses			0.39	%(d)			0.39	%			0.39	%			0.39	%			0.39	%						0.41	%(e)				0.39	%
Net investment income			1.52	%(d)			1.67	%			1.32	%			0.86	%			1.27	%						0.87	%(e)				1.62	%
Portfolio turnover rate(f)			159	%			336	%			265	%			127	%			282	%						64	%				189	%

^(a)  Based on average shares outstanding.

^(b)  The mean between the last bid and ask prices.

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

^(d)  Annualized.

^(e)  Ratios are annualized except for non-recurring costs associated with a proxy statement of 0.02%.

^(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.

 30 

Notes to Financial Statements

Invesco Exchange-Traded Self-Indexed Fund Trust

February 29, 2024

(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 (“APs”), the Shares are not individually redeemable securities of the Funds.

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

Fund	Underlying Index
International Developed Dynamic Multifactor ETF	FTSE Developed ex US Invesco Dynamic Multifactor Index
Russell 1000® Dynamic Multifactor ETF	Russell 1000® Invesco Dynamic Multifactor Index
Russell 2000® Dynamic Multifactor ETF	Russell 2000® Invesco Dynamic Multifactor Index

NOTE 2–Significant Accounting Policies

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

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

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

A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded or, lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day NAV per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value. Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly.

 31 

Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

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

Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

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

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer-specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

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

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

The price a Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, a Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

B. Investment Transactions and Investment Income -Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest income is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Dividend income from REITs is recorded based on the income

 32 

included in the distributions received from the REIT investments using published REIT classifications, including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.

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

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

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

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

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

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

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

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

F. Expenses - Each Fund has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser pays for substantially all expenses of the Funds, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust or the Adviser (an “Interested Trustee”), or (iii) any other matters that directly benefit the Adviser).

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

 33 

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

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

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

I. Securities Lending - Each Fund may participate in securities lending and may loan portfolio securities having a market value up to one-third of each Fund’s total assets. Such loans are secured by cash collateral equal to no less than 102% (105% for international securities) of the market value of the loaned securities determined daily by the securities lending provider. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, “affiliated money market funds”) and is shown as such on the Schedules of Investments. Each Fund bears the risk of loss with respect to the investment of collateral. It is the policy of these Funds to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, each Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to each Fund if, and to the extent that, the market value of the securities loaned were to increase, and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or each Fund. Upon termination, the borrower will return to each Fund the securities loaned and each Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. Each Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to each Fund. Some of these losses may be indemnified by the lending agent. Each Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. For Funds that participated in securities lending, dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Securities lending income on the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities.

Invesco Advisers, Inc. (“Invesco”), an affiliate of the Adviser, serves as an affiliated securities lending agent for each Fund participating in the securities lending program. The Bank of New York Mellon (“BNYM”) also serves as a securities lending agent. To the extent a Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended February 29, 2024, each Fund (except for International Developed Dynamic Multifactor ETF) had affiliated securities lending transactions with Invesco. Fees paid to Invesco for securities lending agent services, which are included in Securities lending income on the Statements of Operations, were incurred by each applicable Fund as listed below:

	Amount
Russell 1000® Dynamic Multifactor ETF	$	39,102
Russell 2000® Dynamic Multifactor ETF		8,053

J. Foreign Currency Translations -Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. Each Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on

 34 

investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statements of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on a Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period-end, resulting from changes in exchange rates.

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

The performance of a Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause a Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that a Fund’s ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value a Fund’s assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statements of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

K. Other Risks

AP Concentration Risk. Only APs may engage in creation or redemption transactions directly with each Fund. Each Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities held by each Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to each Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished trading market for Fund Shares, and Shares may be more likely to trade at a premium or discount to a Fund’s NAV and to face trading halts and/or delisting. Investments in non-U.S. securities, which may have lower trading volumes or could experience extended market closures or trading halts, may increase the risk that APs may not be able to effectively create or redeem Creation Units or the risk that the Shares may be halted and/or delisted.

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

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

Foreign Investment Risk. Investments in the securities of non-U.S. issuers involve risks beyond those associated with investments in U.S. securities. Foreign securities may have relatively low market liquidity, greater market volatility, decreased publicly available information and less reliable financial information about issuers and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice, including recordkeeping standards, comparable to those applicable to domestic issuers. Foreign securities are also subject to the risks of expropriation, nationalization, political instability or other adverse political or economic developments and the difficulty of enforcing obligations in other countries. Investments in foreign securities also may be subject to dividend withholding or confiscatory

 35 

taxes, currency blockage and/or transfer restrictions and higher transactional costs. To the extent a Fund invests in securities denominated in foreign currencies, fluctuations in the value of the U.S. dollar relative to the values of other currencies may adversely affect investments in foreign securities and may negatively impact the Fund’s returns. From time to time, certain companies in which the Funds invest may operate in, or have dealings with, countries subject to sanctions or embargoes imposed by the U.S. Government and the United Nations and/or in countries the U.S. Government identified as state sponsors of terrorism. One or more of these companies may be subject to constraints under U.S. law or regulations that could negatively affect the company’s performance. Additionally, one or more of these companies could suffer damage to its reputation if the market identifies it as a company that invests or deals with countries that the U.S. Government identifies as state sponsors of terrorism or subjects to sanctions.

Geographic Concentration Risk. A Fund may from time to time have a substantial amount of its assets invested in securities of issuers located in a single country or a limited number of countries. Adverse economic, political or social conditions in those countries may therefore have a significant negative impact on a Fund’s investment performance. For example, a natural or other disaster could occur in a geographic region in which a Fund invests, which could affect the economy or particular business operations of companies in that specific country or geographic region and adversely impact the Fund’s investments in the affected region.

Index Risk. Unlike many investment companies that are “actively managed”, each Fund is a “passive” investor and therefore does not utilize an investing strategy that seeks returns in excess of its respective Underlying Index. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its Underlying Index, even if that security generally is underperforming. Additionally, each Fund rebalances its portfolio in accordance with its Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to each Fund’s rebalance schedule. Further, unlike with an actively managed fund, the Adviser does not use techniques or defensive strategies designed to lessen the impact of periods of market volatility or market decline. This means that, based on certain market and economic conditions, a Fund’s performance could be lower than other types of funds with investment advisers that actively manage their portfolio assets to take advantage of market opportunities or defend against market events.

Industry Concentration Risk. In following its methodology, each Fund’s Underlying Index from time to time may be concentrated to a significant degree in securities of issuers operating in a single industry or industry group. To the extent that each Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the corresponding Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, each Fund may face more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which each Fund invests, may include, but are not limited to, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand in a particular industry; competition for resources, adverse labor relations, political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in an industry. In addition, at times, such industry or industry group may be out of favor and underperform other industries or the market as a whole.

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

Momentum Investing Risk. For certain Funds, the momentum style of investing is subject to the risk that the securities may be more volatile than the market as a whole, or that the returns on securities that previously have exhibited price momentum are less than returns on other styles of investing. Momentum can turn quickly, and stocks that previously have exhibited high momentum may not experience continued positive momentum. In addition, there may be periods when the momentum style of investing is out of favor and therefore, the investment performance of a Fund may suffer.

Non-Correlation Risk. Each Fund’s return may not match the return of its corresponding Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of its corresponding Underlying Index. In addition, the performance of each Fund and its corresponding Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its corresponding Underlying Index resulting from legal restrictions, costs or liquidity constraints.

Portfolio Turnover Risk. The Funds may engage in frequent trading of their portfolio securities in connection with the rebalancing or adjustment of their respective Underlying Index. A portfolio turnover rate of 200%, for example, is equivalent to a Fund buying and selling all of its securities two times during the course of a year. A high portfolio turnover rate (such as 100% or more) could result in high brokerage costs for a Fund. While a high portfolio turnover rate can result in an increase in taxable capital gains distributions to a Fund’s shareholders, a Fund will seek to utilize the in-kind creation and redemption mechanism to minimize the realization of capital gains to the extent possible.

Small- and Mid-Capitalization Company Risk. Investing in securities of small- and mid-capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. These companies’ securities may be more volatile and less liquid than those of more established companies. These securities may have returns that vary,

 36 

sometimes significantly, from the overall securities market. Often small- and mid-capitalization companies and the industries in which they focus are still evolving and, as a result, they may be more sensitive to changing market conditions.

NOTE 3–Investment Advisory Agreement and Other Agreements

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

Pursuant to the Investment Advisory Agreement, each Fund accrues daily and pays monthly to the Adviser an annual unitary management fee. Out of the unitary management fee, the Adviser pays for substantially all expenses of the Funds, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser). The unitary management fee is paid by each Fund to the Adviser at the following annual rates:

	Unitary Management Fees (as a % of average daily net  assets)
International Developed Dynamic Multifactor ETF	0.34%
Russell 1000® Dynamic Multifactor ETF	0.29%
Russell 2000® Dynamic Multifactor ETF	0.39%

Through at least August 31, 2025, the Adviser has contractually agreed to waive the management fee payable by each Fund in an amount equal to the lesser of: (i) 100% of the net advisory fees earned by the Adviser or an affiliate of the Adviser that are attributable to the Fund’s investments in money market funds that are managed by affiliates of the Adviser and other funds (including ETFs) managed by the Adviser or affiliates of the Adviser or (ii) the management fee available to be waived. This waiver does not apply to a Fund’s investment of cash collateral received for securities lending. There is no guarantee that the Adviser will extend the waiver of these fees past that date.

For the six months ended February 29, 2024, the Adviser waived fees for each Fund in the following amounts:

International Developed Dynamic Multifactor ETF	$	93
Russell 1000® Dynamic Multifactor ETF		1,024
Russell 2000® Dynamic Multifactor ETF		65

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

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

Fund	Licensor
International Developed Dynamic Multifactor ETF	FTSE International Ltd.
Russell 1000® Dynamic Multifactor ETF	Frank Russell Company
Russell 2000® Dynamic Multifactor ETF	Frank Russell Company

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

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

For the six months ended February 29, 2024, the Funds incurred brokerage commissions with Invesco Capital Markets, Inc. (“ICMI”), an affiliate of the Adviser and Distributor, for portfolio transactions executed on behalf of the Funds, as listed below:

International Developed Dynamic Multifactor ETF	$221
Russell 1000® Dynamic Multifactor ETF	997,353
Russell 2000® Dynamic Multifactor ETF	240,900

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.

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NOTE 4–Additional Valuation Information

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

Level 1 –	Prices are determined using quoted prices in an active market for identical assets.
Level 2 –	Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 –	Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of February 29, 2024. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1		Level 2		Level 3		Total
International Developed Dynamic Multifactor ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	296,990,322	$	-	$	-	$	296,990,322
Money Market Funds		-		44,043,481		-		44,043,481
Total Investments	$	296,990,322	$	44,043,481	$	-	$	341,033,803
Russell 1000® Dynamic Multifactor ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	5,973,651,133	$	-	$	76,431	$	5,973,727,564
Money Market Funds		927,702		469,969,681		-		470,897,383
Total Investments	$	5,974,578,835	$	469,969,681	$	76,431	$	6,444,624,947
Russell 2000® Dynamic Multifactor ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	367,959,463	$	-	$	0	$	367,959,463
Money Market Funds		28,221		98,216,273		-		98,244,494
Total Investments	$	367,987,684	$	98,216,273	$	0	$	466,203,957

NOTE 5–Tax Information

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

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

The Funds had capital loss carryforwards as of August 31, 2023, as follows:

	No expiration
	Short-Term		Long-Term		Total*
International Developed Dynamic Multifactor ETF	$	23,468,720	$	1,265,997	$	24,734,717
Russell 1000® Dynamic Multifactor ETF		449,114,654		-		449,114,654
Russell 2000® Dynamic Multifactor ETF		87,124,667		755,963		87,880,630

* 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.

 38 

NOTE 6–Investment Transactions

For the six months ended February 29, 2024, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Government obligations, money market funds and in-kind transactions, if any) were as follows:

	Purchases		Sales
International Developed Dynamic Multifactor ETF	$	141,598,050	$	93,277,435
Russell 1000® Dynamic Multifactor ETF		7,379,425,322		7,360,954,257
Russell 2000® Dynamic Multifactor ETF		573,209,882		573,527,554

For the six months ended February 29, 2024, in-kind transactions associated with creations and redemptions were as follows:

	In-kind			In-kind
	Purchases			Sales
International Developed Dynamic Multifactor ETF		$	-		$	-
Russell 1000® Dynamic Multifactor ETF			4,228,794,272			3,376,640,736
Russell 2000® Dynamic Multifactor ETF			275,717,498			260,935,984

Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.

As of February 29, 2024, 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	$	27,792,400	$	(13,379,976)		$	14,412,424		$	326,621,379
Russell 1000® Dynamic Multifactor ETF		509,973,050		(170,996,110	)		338,976,940			6,105,648,007
Russell 2000® Dynamic Multifactor ETF		28,600,526		(30,701,088	)		(2,100,562	)		468,304,519

NOTE 7–Trustees’ and Officer’s Fees

The Adviser, as a result of each Fund’s unitary management fee, pays remuneration to the Independent Trustees and an Officer of the Trust on behalf of the Funds. Interested Trustees do not receive any Trustees’ fees.

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

NOTE 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 APs are permitted to purchase or redeem Creation Units from the Funds. Such transactions are principally permitted in exchange for Deposit Securities, with a balancing cash component to equate the transaction to the NAV per Share of a Fund on the transaction date. However, for all Funds, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the AP or as a result of other market circumstances.

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

Certain transaction fees may be charged by the Funds for creations and redemptions, which are treated as increases in capital. Transactions in each Fund’s Shares are disclosed in detail in the Statements of Changes in Net Assets.

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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, 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 extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser). The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period September 1, 2023 through February 29, 2024.

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 transaction 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, if these transaction costs were included, your costs would have been higher.

	Beginning Account Value September 1, 2023			Ending Account Value February 29, 2024			Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period(1)
Invesco International Developed Dynamic Multifactor ETF (IMFL)
Actual		$	1,000.00		$	1,057.80		0.34	%		$	1.74
Hypothetical (5% return before expenses)			1,000.00			1,023.17		0.34				1.71
Invesco Russell 1000® Dynamic Multifactor ETF (OMFL)
Actual			1,000.00			1,071.90		0.29				1.49
Hypothetical (5% return before expenses)			1,000.00			1,023.42		0.29				1.46
Invesco Russell 2000® Dynamic Multifactor ETF (OMFS)
Actual			1,000.00			1,020.40		0.39				1.96
Hypothetical (5% return before expenses)			1,000.00			1,022.92		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 29, 2024. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 182/366.

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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.

©2024 Invesco Capital Management LLC    3500 Lacey Road, Suite 700
Downers Grove, IL 60515	O-FAC-SAR-1	invesco.com/ETFs

(b) Not applicable.

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. Recovery of Erroneously Awarded Compensation.

Not applicable.

Item 14. 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/ Brian Hartigan
Name: Brian Hartigan Title: President

Date: April 25, 2024

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By:	/s/ Brian Hartigan
Name: Brian Hartigan Title: President

Date: April 25, 2024

By:	/s/ Kelli Gallegos
Name: Kelli Gallegos Title: Treasurer

Date: April 25, 2024